Leighton Fourth Quarter Update 07/08 and Annual

Transcription

LEIGHTON
Q4
Fourth Quarter Update 07/08 and Annual Review
Leighton Holdings Limited
In this issue
Highlights: a year of record performance
A well oiled machine: Chairman and CEO share their thoughts
The CFO on active capital planning and the COO on active risk management
Stories from around the Group: infrastructure, resources and property
WELCOME AND NEW FORMAT
LEIGHTON ANNUAL DVD
Welcome to Leighton’s “Fourth
Quarter Update 07/08 and Annual
Review”, the first in this new
format. Our approach to this Annual
Review is driven by changes in the
Corporations Law which requires
shareholders to opt in if they wish
to receive a printed copy of the
Annual Report.
We believe that many
shareholders still want to receive
a document which showcases the
Leighton Group’s achievements
during the past financial year. This
document – the Fourth Quarter
Update and Annual Review –
attempts to capture the events of
the year in a magazine-like style.
However, for shareholders who are
interested in the statutory elements
of a more traditional annual report –
the Concise Financial Report,
Directors’ Report, Remuneration
Report and the Corporate Governance
Report – these are available in a
simplified 2008 Concise Annual
Report and will be mailed out with
the 2008 Annual Review.
In future, shareholders must elect
to receive printed copies of either
of these documents. To register for
printed documents, please contact
the Share Registry:
Computershare
Investor Services Pty Limited
T: 1300 855 080
The Annual Review and Concise
Annual Report are available online
at www.leighton.com.au
Included with this Annual Review
is a DVD which features: interviews
with the Group’s executives and
senior management, short project
videos and computer accessible
electronic copies of the Fourth
Quarter Update 07/08 and Annual
Review, the 2008 Concise Annual
Report and the Full Financials.
A WELL OILED MACHINE
2
Inside...
FINANCIAL
HIGHLIGHTS
“David Mortimer and
Wal King share their
thoughts on the 2008
year; the Group’s
operating philosophy
and the outlook for
the future.”
7
8
ACTIVE CAPITAL
PLANNING
Scott Charlton CFO
discusses the Group’s
performance in 2008
and describes how the
balance sheet supports
the business.
14
THE MARKETS
OUR COMPANIES
OPERATE IN
Leighton Group
companies operate
in three key markets:
infrastructure,
resources and property.
In this section, we look
at the last year for
each market.
FROM THE
CHIEF OPERATING OFFICER
ER
4
Bill Wild comments on risk management
at the Leighton Group and the importance
of quarterly project reviews.
01
02
L E I G HT O N F O URT H Q UA RT E R UPD A T E
Revenue
– Group
– Joint Ventures and Associates
Total Revenue
New Contracts, Extensions & Variations
Value of Work in Hand#
Profit before tax
Income Tax
Minorities
Profit after tax
Earnings per Ordinary Share
Dividends per Ordinary Share
Total Capital and Reserves*
Total Assets
Cash net of Borrowings†
Undrawn Facilities and Guarantees
* Excludes minority interests
# Includes the Group’s share of Joint Ventures and Associates
† Excludes Leighton Notes and Limited Recourse Borrowings
276
450
608
08
215
05
07
110
04
06
584
371
06
768
299
05
08
161
04
07
21085
16038
30303
15471
06
08
13043
08
05
11891
14542
07
Work in Hand
$million
04
7607
10034
06
6004
04
05
Total Revenue
$million
A year of record performance on most measures
Profit
After Tax and
Minorities
$million
Operating Profit
Before Tax and
Minorities
$million
07
HIGHLIGHTS
30 June 2008
$’000
10,321,705
4,220,513
14,542,218
30 June 2007
$’000
10,011,292
1,880,197
11,891,489
%
Change
3.1%
124.5%
22.2%
22,901,314
30,302,729
16,664,564
21,084,802
37.4%
43.7%
767,948
(158,857)
(1,203)
607,888
584,096
(128,860)
(5,194)
450,042
31.5%
23.3%
(76.8%)
35.1%
218.6¢
145.0¢
162.3¢
110.0¢
34.7%
31.8%
1,350,473
4,745,202
798,674
740,512
10.0%
35.1%
(110.8%)
(68.4%)
1,484,991
6,464,227
(86,439)
234,241
Leighton shareholders can again be proud of the of the company’s excellent
results in 2007/08. The Group has delivered record levels of work in hand, revenue,
profit and dividends. Looking forward, the Group is in a strong position with
continued growth forecast for the next few years.
$
— Work in hand was a record $30.3 billion at 30 June 2008
— New contracts, and extensions and variations were almost $23 billion
— Total revenue was up substantially to $14.5 billion
— Profit after tax increased by 35% to $608 million
— Return on shareholders’ funds averaged 43% up from 37% last year
— Dividends have been increased by 32% to 145 cents per share
80
70
60
50
40
30
20
LEI Share price
AUD$
June 08
June 07
June 06
June 05
Leighton Total
Shareholder Return
10
June 04
ASX 100
Accumulation Index
03
0
04
A WELL OILED
MACHINE
Financial Summary
David Mortimer AO, Chairman, and Wal King AO, Chief Executive,
share their thoughts on the year.
D
AVID MORTIMER (DM): IT HAS BEEN A WONDERFUL YEAR AND WE HAVE
RECORD PROFITS AND RECORD WORK IN HAND. But the thing that’s
driven it, of course, is the people throughout the organisation; their ability
to absorb the burden of growth and to execute those opportunities with a
sharp eye to the risk the company is absorbing on its balance sheet.
WAL KING (WK): Well, we’re very fortunate that we’re in the right
geographies and the right market sectors. We’re in the resource business which has been
driven along by enormous demand out of India and China and various other parts of the
world. We’re in the infrastructure market and there’s been a very large underinvestment in
Australia, so there’s a big catch-up going on here. Of course we’re also in the Middle East
where there’s just huge investment taking place. So in terms of our strategy of geographic
diversity and product diversity we are absolutely in the right place at the right time.
DM: In order for us to remain highly competitive we’ve got to depend very much on
our executive team throughout the world. The way the Leighton Group is structured is
that we have competitive operating companies and those companies keep each other on
their toes. That’s been a great way to ensure our executive team is sharp and ready to meet
any environment they’re faced with. In addition to that, each of those companies is very
focused on renewing their people through a program of succession planning; a program
of retention of their executive team and to ensure their successes are fairly rewarded.
WK: Central to our philosophy is what we call our ‘rules of racing’ which establish how
the companies will operate. Once we’ve set all of our financial, geographic and product
objectives we allow the companies tremendous freedom to operate. In that way we have
a very intelligent company. We distribute our intelligence to all parts of the organisation.
We are not a centrally controlled company and we don’t ever want to be centrally controlled.
Our operating companies can react very quickly to market place changes by diversifying
into new geographic areas or markets. We allow freedom and then we reward our people
for achieving results.
Continued over →
The Group’s broad
spread of work across
its major markets and
geographic regions provides
diversification. Diversity
is a key element of the
Group’s strategy and the
portfolio effect helps to
overcome the cyclical
nature of most markets
whilst still providing
growth for shareholders.
In 2008, revenue from the
Group’s major markets
was: infrastructure $8.2bn,
resources $3.7bn and
property $2.7bn. Total
revenue, including joint
ventures and associates,
was up 22% for 2008 to
$14.5bn. The Group’s work
in hand has increased to
$30.3bn as at 30 June 2008.
This work is broadly spread
across the major markets
with 43% in infrastructure,
41% in resources and
16% in property.
Revenue
by markets
%
Infrastructure
Resources
Property
56%
25%
19%
Work in Hand
by markets
%
Infrastructure
Resources
Property
43%
41%
16%
THE ENVIRONMENT
WATCHING BRIEF ON CARBON TRADING
As the country’s largest contract miner and
developer of infrastructure, the Leighton
Group is a big energy user and emitter
of greenhouse gases. The energy and
emission profile of the Leighton Group’s
activities is dominated by the use of diesel,
primarily on contract mining projects. Given
that protection of the environment is one
of our core values, we actively work to
reduce our carbon footprint by seeking fuel
efficiencies within our clients’ requirements.
New emissions reporting requirements
that came into force from 1 July 2008
require the company to collect and report
greenhouse emission data. Looking
forward, the introduction of the Federal
Government’s planned Carbon Pollution
Reduction Scheme (CPRS) is being
monitored closely as to its practical
implementation and likely cost implications.
As currently proposed, Leighton Holdings
and the operating companies believe
the scheme will impose carbon pollution
reporting and acquittal liabilities that best
rest with our clients.
The most significant impacts would be
on mining projects and owner-operated
waste facilities. Infrastructure projects would
be affected primarily through rising input
costs associated with a carbon price. While
the costs of the CPRS are expected to be
passed through to clients in the longer term,
it could present short-term transitional risks
associated with pass through of costs under
existing contracts. The Group is actively
engaging with Government to ensure
scheme design and transition issues
are addressed.
01
02
01 Area C Iron Ore Mine,
Western Australia,
HWE Mining,
Leighton Contractors
02 7 London Circuit,
Canberra ACT,
Developer: Leighton Properties
Contractor: Thiess
Wal King AO Chief Executive David Mortimer AO Chairman
05
06
L E I G HT O N F O URT H QU A R T ER U PD A T E
A WELL OILED
MACHINE
CONTINUED
DIVERSIFYING IN THE GULF
INVESTING IN AL HABTOOR
DM: Like all companies we face some challenges but we think we can manage these quite effectively. The biggest
at the moment is the uncertain capital markets. I think the world has become much more risk-averse in the last
12 months since the sub-prime experience in the United States which has compounded to other capital markets.
It’s a challenge, particularly for major projects, to see that they’re effectively and practically financed going forward.
There’s also a challenge associated with the resurgence of inflation in Australia and we’re seeing it in our offshore
markets as well. However our management team is well aware of these challenges and being aware is the best way
to solve any problem. So I think we’ll work our way effectively through those but it will be a more challenging year.
WK: You really need to look at the contractual arrangements to see how we’re managing inflation. In some cases
it’s completely passed through to the clients by direct reimbursement. On other contracts it’s done through escalation
formulas. We have fixed price contracts where we try to underwrite the inputs as much as we possibly can at the time
of tender by getting firm prices from various suppliers. We then do calculations and make a judgement to add an
amount of contingency on to the bid as a provision for future costs. Once the job is won we go “all out” to buy out the
risk by placing firm orders with suppliers. In the main we’re dealing with escalation on big projects like Airport Link
in Brisbane, and while there’s been some swings and roundabouts, we’re pretty much achieving our budgets.
DM: I think we’re confident that 2009 will be another exciting year for the Group. While it will be a more difficult
environment that we operate in, we have the fundamentals in place both domestically and internationally, and we’re
well poised for growth. We’ve addressed many challenges such as personnel over the last 12 months. Whilst we’ll
continue to have challenges in the next year we’re confident that we’ve got the structure in place to enable us to
facilitate another good solid year of growth.
WK: In Australia I’d say that the resources and contract mining market will remain extremely strong. Our
infrastructure market, including tollroads, bridges, roads, desalination plants, etc will also remain very strong. The
property market and building construction will weaken somewhat because of uncertainties in the credit market but
overall the aggregate position is very strong in Australia. The Middle East market is a rather unconventional market;
people say that it is unsustainable but they just have an enormous amount of petro dollars. They’re investing that
money around the world but they’re also investing a huge amount of it at home to make the Middle East a financial
centre, an education centre, a tourism centre. So the Middle East market will remain extremely strong. In India, both
Leighton International and Thiess have substantially increased their workloads which should develop into stronger
revenues in the year ahead.
In September 2007, the Group acquired
a 45% stake in Al Habtoor Engineering,
one of the leading construction contractors
in the Gulf region, for $860m. The merged
Al Habtoor Leighton Group immediately
became one of the region’s largest multidisciplined contractors.
Al Habtoor Engineering has undertaken
a substantial number of large-scale
construction projects across the region,
including high-rise commercial and
residential buildings, hotels, airports,
universities and infrastructure projects.
The company built Dubai’s iconic
Burj Al Arab, the world’s tallest hotel, and
currently employs around 33,000 people.
Al Habtoor Engineering provides
Leighton with a significant increase in
capacity to enable both parties to fully
capitalise on the booming market conditions
being experienced in the Arabian Gulf
market, particularly in the United Arab
Emirates. In July, the Middle East Economic
Digest reported that the total value of
projects in planning across the Gulf region
had risen to over US$2 trillion, up 35%
from last year.
The investment brought incremental
work in hand to the Leighton Group of some
$1.5bn and the business is performing ahead
of the acquisition plan for profit and work
in hand. In the longer-term, the Al Habtoor
Leighton Group is keen to further grow the
business into the broader Middle East and
North Africa region.
01 Executive Towers at
Business Bay, Dubai,
Al Habtoor Leighton Group
02 Al Sufouh Towers, Dubai,
Al Habtoor Leighton Group
03 Emerald Palace Project,
Dubai, Al Habtoor
Leighton Group
01
02
03
FROM THE CHIEF OPERATING OFFICER
Bill Wild talks about how active risk management
gives the Group a competitive advantage.
THE SCALE AND COMPLEXITY of the Groups’
projects creates a wide range of risks, from potential
injury and loss of life, to loss of shareholder value.
Our Enterprise Risk Management addresses all
risks consistently by identifying then mitigating or
managing them and following up with monitoring
and reporting to provide feedback and assurance.
Leighton Holdings sets minimum requirements
and operating standards – the “Rules of Racing”–
for the operating companies, allowing them
to develop their own specific processes, whilst
maintaining their autonomy and ability to compete
aggressively across the same markets.
What differentiates Leighton in the market place
is the rigour with which we manage financial risk
and particularly project financial risk. Every month
the executives of each operating company review all
of their projects. Every quarter, Leighton Holdings
executives do the same, this time with the relevant
managing director, his executives, and project
managers. This discipline has been effective over
many years and is key to the consistency of Leighton’s operational performance.
For OHS and environmental matters, there is a “Framework” – a set of minimum
standards – to which each operating company must adhere, while it satisfies the statutory
responsibilities of its own Board and its own particular requirements.
People are the Group’s most important asset, and our success is dependent on their
effective management. With nearly 40,000 employees and a market where human resources
are at a premium, the risks of poor HR management are substantial. We have now introduced
benchmarking across the Group’s business to ensure that each operating company is
managing this issue effectively.
Competition issues dictate that we leave training and staff development generally to
the operating companies. However we have recently established, with UNSW, a “Leighton
Masters Degree in Project Management”, which each year will see up to 30 selected Leighton
employees undertake a 4 year course comprising subjects specifically tailored to our business.
We believe this and the operating companies’ own leadership development programs, will
address the risks that would flow from a failure to properly develop our future executives.
As the Group continues to diversify and grow, we will continually review our Enterprise
Risk Management to ensure that it gives the Board and the Shareholders, maximum
assurance that the risks inherent in our business will not impact on Leighton’s success.
Eastlink Tollroad, Melbourne, Victoria Thiess John Holland
07
08
ACTIVE CAPITAL
PLANNING
Scott Charlton CFO discusses the Group’s performance in 2008 and
describes how the balance sheet supports the business.
W
E HAD ANOTHER EXCELLENT RESULT THIS YEAR, reporting
a record profit of $608m, up 35% on last year. The big
contributors included our core infrastructure business here in
Australia which is performing well based on rectifying historical
under-spending by governments. Our mining business also
performed well, particularly iron ore mining in WA which has been
a big contributor through HWE Mining producing record volumes
for our clients. And now we have the contribution from the Al Habtoor Leighton Group
business in the Gulf which, while marginally incremental this year, is expected to produce
more substantial contributions in the next few years.
As a major contracting company one of our competitive advantages is obviously our
balance sheet. It enables us to raise substantial bonds and guarantees that are provided
to clients for infrastructure projects. It also allows us to fund our mining fleet, which is
currently worth some $2.3bn and is a major part of our business. We have a position of
strength given that we have a fairly conservatively geared balance sheet which allows us
to pursue opportunistic acquisitions or major projects whereas others may face difficulties
in the current environment to raise the finances to take advantage of opportunities.
From a capital perspective we’re disciplined and active in our planning. We look at every
opportunity and it has to meet certain return hurdles, both in terms of return on capital and
return on revenue. We try to ensure that we make a significant return from the capital we
invest; one that our shareholders will enjoy but also a return that keeps providing funding
for the Leighton Group to enable us to grow. We are also very conscious about making
sure we have the balance sheet capacity in place to match up to our opportunities and to
facilitate our strategy.
We recently completed a $700m rights issue which was very well received by the market.
The capital continues to position the Group going forward, particularly in the mining sector
where the majority of the new funds will be spent on plant and equipment. We see that
volumes of both coal and iron ore have the potential to double over the next several years
which is consistent with the forecast of both our clients and leading economists. The capital
is going to be put to good use in the mining sector and we expect significant returns in the
next few years from that capital.
Return on
shareholders’ funds
The Group aims to achieve
a high level of return
on shareholders’ funds,
believing this metric rewards
shareholders in the long
run. This year, the return
on shareholders’ funds
averaged 43% over the year,
compared with 37% last year.
We strongly believe that
people perform best when
they have clearly defined
goals and are allowed
to operate – subject to
certain management
guidelines – with freedom
to pursue those goals.
The Group uses return
on shareholders’ funds
to measure performance
throughout the company,
from a project level right
through to each operating
company and up to Leighton
Holdings. If those return
goals are achieved, which
also benefits shareholders,
we reward our people well.
This year
averaged
43%
Last year
averaged
37%
DRIVING THE BUSINESS
INNOVATIVE FINANCIAL PLANNING
Over the years the Group has been
innovative in the way that it utilises its
balance sheet to drive the business.
A $750m operating lease facility was
put in place 2 years ago which de-risked
the balance sheet by freeing up capital
for other investment and allowed some
mining equipment to be passed back to the
financiers in the event of a major resources
downturn. Operating leases such as this
have since been adopted by a number of
other industry competitors. Currently the
Group has some $1bn worth of operating
leases through companies like CBA,
Cat Finance and ANZ. Going forward,
the Group aims to maintain a 50:50 split
between owned and leased equipment
as a risk mitigation strategy.
The Group also uses non-recourse
debt to manage its exposures. In Indonesia,
a US$110m Notes issue was put in place
2 years ago to manage sovereign risk. The
Notes, which are listed on the Singapore
stock exchange, only have recourse to the
Group’s working capital in that country.
When investing in Al Habtoor
Engineering, Leighton used a mix of its
own cash and debt, raising a US$434m
syndicated bank loan. This loan is secured
against the investment in Al Habtoor
Engineering and has no recourse to the
Leighton Group, thereby affording a level
of protection for shareholders.
01
02
01 South Middleback Ranges
Iron Ore Mine, South Australia,
HWE Mining, Leighton Contractors
02 100 Pacific Highway North
Sydney, developed by Leighton
Properties and built by Thiess,
was sold during the year
Scott Charlton Chief Financial Officer
09
10
KEY PEOPLE AND
GROUP STRUCTURE
LEIGHTON BOARD
Directors left to right:
Peter Gregg, Ian Macfarlane AC, David Mortimer AO Chairman, Martin Albrecht AC,
David Robinson, Herbert Lütkestratkötter, Peter Noé Deputy Chairman, Achim Drescher,
Burkhard Lohr, Wal King AO Chief Executive, Robert Humphris OAM, Dieter Adamsas
LEIGHTON HOLDINGS
Wal King AO
Chief Executive Officer
Scott Charlton
Chief Financial Officer
Bill Wild
Chief Operating Officer
Corporate Management
Wal King AO Chief Executive Officer
Scott Charlton Chief Financial Officer
Bill Wild Chief Operating Officer
Ashley Moir Company Secretary
Penny Bingham-Hall Executive General Manager, Strategy
Christof Brixel Executive General Manager, Internal Audit
David Hudson Executive General Manager, Risk Management
Ashley Mason Executive General Manager, Operations
Tom McKay Executive General Manager, Treasury
Mark Wratten Executive General Manager, Investments
Travis Young Executive General Manager, Financial and Administration
Executive Committee
W M King AO Chairman
P Bingham-Hall, L S Charlton, M C Gray,
A T Mason, P J McMorrow, A J Moir, D G Savage,
D K Saxelby, D G Stewart, H G Tyrwhitt, W J Wild
LEIGHTON GROUP COMPANIES
LEIGHTON CONTRACTORS
THIESS
JOHN HOLLAND
LEIGHTON INTERNATIONAL
LEIGHTON PROPERTIES
LEIGHTON ASIA
Peter McMorrow
Managing Director
David Saxelby
Managing Director
David Stewart
Managing Director
David Savage
Managing Director
Mark Gray
Managing Director
Hamish Tyrwhitt
Managing Director
Who we are?
We are focused on
delivering projects and
services that make a
difference in people’s lives
and create lasting value for
future generations. Since
1949, the company has
grown to become one of the
largest and most diverse
contracting and project
development companies in
Australia and New Zealand.
Our ‘can-do’ culture is built
on a common set of values
and a growing commitment
to sustainability across
our business. We directly
employ more than 8,300
highly skilled, passionate
and hard working people.
Their expertise, experience
and innovative thinking
allow us to achieve
outstanding outcomes.
What we do?
Our operations span
construction, resources,
telecommunications,
industrial engineering,
services and facilities
management, infrastructure
development and
investment. In recent
years, our business has
more than trebled in size.
Our diversified footprint
has enabled us to develop
new markets and revenue
streams to support long-term
sustainable growth.
Who are we?
We are a values-driven
organisation employing
more than 15,000 people
in Australia and off shore.
This year marked the
expansion of our mining
operations into India. We
are proud of our ability to
deliver diverse and complex
projects and civil and social
infrastructure of immense
importance to Australia and
to our developing markets.
Founded in 1934 and joining
the Leighton Group in 1983,
Thiess continues to achieve
strong growth as one of the
largest contractors in the
mining, construction, and
services sectors throughout
Australia and in New
Zealand, Indonesia, India
and the Middle East.
What do we do?
As we enter our 75th year in
2009, Thiess
brings together talents
from a range of disciplines,
to provide seamless and
innovative solutions for the
big issues of the future –
the demand for resources,
hospitals, water, transport,
waste management and
reliable, efficient operations
and maintenance.
Who are we?
We are committed to being
Australia’s leading and
most diversified contracting,
engineering and services
provider through our
delivery model of national
specialist skills integrated
with strong regional
businesses. John Holland
is the most diversified
contracting business in
Australia. Our culture is
driven by the legacy of Sir
John Holland, who built
a business focussed on
people. Employing excellent
people and looking after
them has been a key part
of how we do business ever
since our first projects in the
late 1940s. For this reason,
we are committed to being
an ‘Employer of Choice’
in our industry by creating
challenging and flexible
work environments for all
our people.
What do we do?
Across the country, we
are providing roads,
railways, hospitals and
galleries, transmission
lines, telecommunications
systems, tunnels, water
infrastructure, export
facilities, mining services,
aviation maintenance
services and civil
engineering infrastructure
for generations to come.
Who are we?
We are one of the leading
contractors and project
developers in Asia and the
Middle East. Our strength
lies in our ability to develop
innovative, practical
solutions for our clients.
Operating since 1975, our
unique combination of local
knowledge and international
experience has made us an
international contractor of
choice. We operate through
three separate regions:
South-East Asia; India; and
the Gulf region. In the Gulf
region, we operate as the
Al Habtoor Leighton Group,
the leading contractor in
the United Arab Emirates
and one of the largest in the
region. With more than 5,500
employees spread across
Indonesia, Malaysia, India,
UAE, Qatar, Singapore and
Sri Lanka. We are in the
process of expanding further
across the Middle East and
into North Africa.
What do we do?
We are a broad-based
contractor and project
developer offering services
to a range of clients from
both the public and private
sectors. Our focus is on
civil and infrastructure,
building, mining, offshore,
rail and marine.
Who are we?
We are a leading property
development company
founded in Sydney in 1972.
We specialise in large,
complex and sustainable
developments within
Australia. As part of the
Leighton Group, we have
the financial strength
and backing to deliver
successful and timely
development solutions.
Committed to excellence,
we work closely with
clients, financial institutions,
statutory authorities,
specialist consultants and
contractors to achieve quality
developments tailored to their
needs. Our multidisciplinary
team has experience in
architecture, engineering,
law, construction
management, chartered
accountancy, town planning,
research, quantity surveying,
economics and finance .
What do we do?
We offer a wide range of
property development
services to both public and
private sectors with a focus
on commercial, mixed-use,
industrial, residential and
resort sectors. As leaders
in sustainability, we are
committed to providing clients
with solutions that minimise
impact on the built and
natural environment.
Who are we?
We have been operating
across Asia for over
30 years. Our strength
lies in our ability to
develop competitive,
innovative, practical
solutions for our clients
throughout the region.
Our unique combination
of local knowledge and
international experience
sets us apart from our
competition. We are
a general contractor
operating locally
from offices in Hong
Kong, Macau, Beijing,
Ulaanbaatar, Manila,
Bangkok, Guam and
Ho Chi Minh City. From
these offices we cover
the following countries
Hong Kong, Macau,
China, Taiwan, Thailand,
Vietnam, Cambodia,
Lao, Philippines, Guam,
Mongolia and Russia.
What do we do?
We focus our business
in five key market sectorscivil&infrastructure,
mining, marine, industrial
and building and have
a strategy to grow our
business both organically
and inorganically. Our
diverse and talented teams
of people are the heart of
our success and our future.
11
12
THE GROUP’S STRENGTH IS ITS
DIVERSITY AND AUTONOMY
THE GROUP’S STRATEGIC FRAMEWORK
Geography
Australia
Asia/Pacific
Gulf Region
Geography
Delivery Systems
Hard Dollar
Design & Construction
Project Management
Alliancing
Negotiated
Development
Privatised Projects/PPPs
Markets
Infrastructure
Resources
Property
Activities
Construction
Contract Mining
Services
Development
Brands
Markets / Activities
Delivery systems
Brands
Thiess
Leighton International
John Holland
Leighton Properties
Leighton Asia
T
HE GROUP’S BUSINESS STRATEGY is based
on diversity. Diversity by markets or products,
by the companies through which it operates,
by geography, and the way in which services
are delivered to clients. Over the years, this has
resulted in a progressive shift away from being a
construction-only entity operating in one market
to being a multi-faceted international contractor.
Diversity has added momentum to the Group’s evolution into
a financially strong and uniquely structured contracting and
project development group with an expanded industry focus.
It has also allowed the Group’s operating companies to utilise
the full depth of their expertise and skills in a range of industries
and market sectors, not just in Australia, but also across the
Asian region. Diversity has allowed the Group to navigate its
way through the cyclical nature of its key markets whilst still
providing growth for shareholders.
Like the industries and economies they operate in, Group
companies also have their own cycles of growth and maturity.
Each has a unique corporate culture and a depth of management
that supports autonomy and competition across a variety of
markets. The companies offer a total value-added service to
clients supported by the financial strength of the Group.
Each maintains individual identities in the marketplace
and has its own advisory board or management committee and
distinct corporate culture. Each company has a high level of
autonomy and responsibility, and each is encouraged to develop
its own markets and client relationships.
Managing Director
Revenue*
Work In Hand #
Established
Area of operations
100% Owned
Peter McMorrow
A$4,562m
A$9,405m
1949
Australia, New Zealand
Thiess
100% Owned
David Saxelby
A$4,468m
A$9,493m
1934
Australia, Indonesia,
India, New Zealand, UAE
John Holland
100% Owned
David Stewart
A$2,895m
A$4,630m
1949
Australia
100% Owned
David Savage
A$1,495m
A$5,222m
1975
Malaysia, Indonesia,
Singapore, Brunei, Sri Lanka,
India, Gulf Region
Leighton Properties
100% Owned
Mark Gray
A$709m
A$847m
1972
Australia
No. of Employees
8,294
15,149
5,319
5,605
51
Leighton Asia
100% Owned
Hamish Tyrwhitt
A$413m
A$706m
1975
Hong Kong, Macau, China,
Taiwan, Philippines,Russia,
Thailand, Vietnam, Mongolia,
Guam, Cambodia, Lao
2,547
Revenue
$million
Revenue
$million
Revenue
$million
Revenue
$million
Revenue
$million
*For year ended 30 June 2008
#
As at 30 June 2008
Revenue
$million
Resources
Infrastructure
Property
Total
32%
53%
15%
$1484
$2405
$673
$4562
Work in Hand
$million
Resources
Infrastructure
Property
Total
Resources
Infrastructure
Property
Total
41%
56%
3%
$1821
$2491
$156
$4468
Work in Hand
$million
45%
43%
12%
$4281
$4037
$1087
$9405
Resources
Infrastructure
Property
Total
Resources
Infrastructure
Property
Total
3%
87%
10%
$94
$2523
$278
$2895
Work in Hand
$million
63%
34%
3%
$6011
$3216
$266
$9493
Resources
Infrastructure
Property
Total
Resources
Infrastructure
Property
Total
14%
37%
49%
$212
$556
$727
$1495
Work in Hand
$million
7%
86%
7%
$340
$3993
$297
$4630
Resources
Infrastructure
Property
Total
Property
Total
100%
$709
$709
Work in Hand
$million
27%
29%
44%
$1415
$1516
$2291
$5222
Property
Total
Resources
Infrastructure
Property
Total
15%
44%
41%
$64
$181
$168
$413
39%
29%
32%
$278
$202
$226
$706
Work in Hand
$million
100%
$847
$847
Resources
Infrastructure
Property
Total
13
14
THE
INFRASTRUCTURE
MARKET
ACROSS AUSTRALIA AND ASIA, Group companies provide services that include
design, operation and maintenance, development and construction with a
strong emphasis on transport-related projects. Group companies are active in
the major sectors within the infrastructure market, including roads, bridges,
railways, airports, harbours, water storage and supply, sewerage and drainage,
electricity generation, transmission and supply pipelines, telecommunications
and heavy industry.
Broadsound to Nebo Transmission Line Alliance Project, Queensland John Holland
15
16
THE YEAR THAT WAS:
INFRASTRUCTURE
Significant catch-up spending on infrastructure by the Federal and
State Governments in Australia, and growth in Asia, has supported
the Group’s activities in the infrastructure market.
I
N QLD, LEIGHTON CONTRACTORS WAS AWARDED THE CONSTRUCTION OF THE
$552M IPSWICH MOTORWAY ALLIANCE and two other road projects. Construction is
progressing well for Leighton Contractors on Brisbane’s $2bn Clem Jones Tunnel with more than
2.5km of tunnels excavated. Work is also well advanced on the $1.3bn Gateway Upgrade Project.
The $265m Inner Northern Busway project was successfully completed.
In Vic, Thiess John Holland opened the $2.6bn EastLink project 5 months ahead of
schedule. Since June 2008, John Holland has been awarded a $240m alliance to strengthen
the West Gate Bridge.
In NSW, Leighton Contractors led alliances commenced a $397m, 35km duplication of the
Hume Highway and the $490m Ballina Bypass. Leighton Contractors also undertook a good level
of O&M services on Sydney’s Eastern Distributor, Cross City Tunnel and M7 tollways. A Thiess
led alliance commenced a $366m upgrade of the Pacific Highway.
In WA, the $655m Perth to Bunbury Highway project proceeded well for a Leighton
Contractors led alliance.
In New Zealand, a Leighton Contractors alliance was awarded a NZ$250m contract to
maintain road infrastructure in Auckland for 5 years. Substantial progress has been made on
two other road projects.
Increased spending on rail infrastructure is supporting activity levels. Thiess is progressing
four rail projects worth some $700m for Qld Rail. John Holland commenced work on a $501m
integrated road and rail link in Brisbane.
In NSW, John Holland commenced upgrading the Mildura Freight rail line, and made good
progress on the Cronulla duplication and the $400m Southern Improvement Alliance. In Sydney,
Thiess substantially completed the $990m Epping-Chatswood Rail Link. Rail maintenance
provided John Holland with a solid level of work and a $175m extension was awarded in WA.
John Holland commenced a series of expansions at Melbourne Airport and the
redevelopment of RAAF Base Pearce in WA.
Leighton Contractors’ Visionstream secured new telecommunications work worth $291m
from Telstra. Leighton Contractors also undertook a good level of telecommunications O&M
work and the Nextgen fibre optic network continued to gain customers and is trading profitably.
Continued over →
Airport Link
Thiess John Holland
has commenced the
design and construction
of the $4bn Airport Link
Project in Brisbane. This
6.7km multi lane toll
road will be constructed
over 47 months. Thiess
John Holland has placed
a $90m order for two of
the largest tunnel boring
machines (TBMs) to
ever operate in Australia.
At 165 metres long and
weighing 3000 tonnes –
equal to the weight of
75 semi-trailers – the
TBMs are expected to
chew through 85 metres
of rock a week as they
excavate the tunnels.
Financial summary
by operating
company
Infrastructure was the
Group’s largest single
market earning $8.2bn
worth of revenue, up 7%
over the year. Work in hand
was up 29% to $13bn as at
30 June 2008. Road, water
and rail projects remained
the major sources of
infrastructure revenue and
a good source of new work.
Revenue
$million
Leighton Contractors 29%
Thiess
31%
John Holland
31%
Leighton International 7%
Leighton Asia
2%
Total
$2405
$2491
$2523
$556
$181
$8156
Work in Hand
$million
Leighton Contractors 31% $4037
Thiess
25% $3216
John Holland
31% $3993
Leighton International 12% $1516
Leighton Asia
1% $202
Total
$12964
Clem Jones Tunnel
In Brisbane, a
consortium including
is designing and
constructing the $2bn
Clem Jones Tunnel
(formerly known as the
North-South Bypass
Tunnel), Brisbane’s
first major road tunnel.
The 4.8km twin,
2-lane tunnels will be
constructed using
2 tunnel boring machines
and 8 road headers.
3.5 million tonnes of
rock will be excavated
and the construction will
use 280,000 cubic metres
of concrete, enough to
fill 112 Olympic
swimming pools.
Clem Jones Tunnel, Queensland Leighton Contractors with joint venture partners Baulderstone Hornibrook and Bilfinger Berger
17
18
THE YEAR THAT WAS:
INFRASTRUCTURE
CONTINUED
Silcar, Thiess Services’ joint venture with Siemens, was awarded O&M work worth $356m
by Telstra. Silcar also progressed a range of infrastructure maintenance projects. Thiess Services
continued with a number of waste collection and recycling projects in Vic, NSW and Qld, and
opened a state-of-the-art waste recycling facility in NSW.
In Hong Kong, Leighton Asia made good progress on the Central Reclamation project, the
Permanent Aviation Fuel Facility and the Kowloon Southern Rail Link, in joint venture with
John Holland. Leighton Asia was awarded the construction of an aircraft maintenance hangar
at Hong Kong airport and successfully completed the Eagle’s Nest Tunnel.
In India, Leighton International commenced construction of over 200km of offshore
petroleum pipelines near Mumbai in a contract worth $812m. Other pipeline work was awarded
in India’s west and work continued on two toll road projects.
In Malaysia, Leighton International completed the 26km Kuala Lumpur to Putrajaya highway.
In Abu Dhabi, good progress has been made on the construction of $609m Saadiyat Island
Expressway.
In Australia, infrastructure investment is forecast to stay at high levels fuelled by funding
commitments from the Federal and State Governments. Spending on transport and water
projects, and a number of major hospitals should provide a solid base of work. The financial
close of the Airport Link project added $4bn to the Group’s 30 June work in hand and supports
the outlook for 2009.
Economic growth in most Asian countries is expected to remain robust but to decelerate
somewhat from the high levels of recent years. Investment to support the Gulf region’s economic
development means government-backed power, water, transport and energy projects will provide
construction opportunities for the Al Habtoor Leighton Group in the coming years.
The Indian government is encouraging private involvement in the construction and operation
of ports and airports, and private involvement in the road sector is increasing. In Hong Kong,
construction levels are likely to pick up as the government is planning to spend HK$29bn per
year on infrastructure projects over the next few years which should support opportunities
for Leighton Asia.
Financial summary
by geography
By revenue, some 93% of
the Group’s infrastructure
work is based in Australia,
reflecting the strong market
conditions. Australia also
makes up a large proportion
of the Group’s work in
hand. In Australia, much
of the current work is
centered on Qld. Overseas,
infrastructure work is
primarily based on the
Group’s projects in Hong
Kong, India and the Gulf.
Revenue
by geography
$million
Australia
Asia
Gulf
Total
93%
4%
3%
$7608
$353
$195
$8156
87%
9%
4%
$11268
$1106
$590
$12964
Work in Hand
by geography
$million
Australia
Asia
Gulf
Total
01
MARKET FOCUS
WATER PROJECTS DRIVING ACTIVITY
The Australian Federal and State
Governments have maintained a focus on
water security with continuing investment
in desalination plants, pipeline upgrades
and sewerage projects. This investment
is providing numerous opportunities for
the Group.
A John Holland/Veolia Water consortium
has commenced work on a $1bn contract
to design and construct the Sydney
Desalination Plant. In the ACT, an alliance
including John Holland was awarded three
dam and pipeline projects aimed at securing
long-term water supplies for the Territory.
On the Gold Coast in Qld, another
John Holland/Veolia consortium has made
substantial progress in delivering a $1bn
desalination plant. John Holland was
also awarded a $148m alliance contract
extension to upgrade a waste water
treatment plant at Murrumba Downs. Also
in Qld, a Thiess led alliance is working on a
$319m contract to raise the Hinze Dam and
more than double storage capacity.
In Vic, a John Holland led alliance
was awarded a $625m contract to construct
the 70km Sugarloaf Pipeline Project, linking
the Goulburn River to Melbourne’s Sugarloaf
Reservoir. John Holland also commenced
Stage 1 and 2 of Melbourne’s Northern
Sewerage Project, worth almost $500m in
total, and was awarded the $148m Melbourne
Main Sewer Replacement project.
Looking forward, more than $6bn is
expected to be spent on desalination alone
over the next few years. This and other
spending should support a good level of
infrastructure work for Group companies
in the future.
01 GCD Alliance, Gold Coast
Desalination Project,
Queensland, John Holland
02 Eagle’s Nest Tunnel,
Hong Kong, Leighton Asia
03 Telstra Access and Associated
Works, Victoria/South
Australia/Western Australia,
Visionstream,
02
03
Permanent Aviation Fuel Facility, Hong Kong Leighton Asia
Bundamba Advanced Water Treatment Plant Stages 1A and 1B, Queensland Thiess
Eastern Distributor Operations and Maintenance, New South Wales Leighton Contractors
19
03
20
THE PURPOSE
IPSUSTO
OF THISEXEROS
QUEENSLAND
NONSEQUAT.
GOVERNMENT
Ut diam,
INITIATIVE
con henisisatin
to help
eu faccum
relieve the
ing et
chronic trafficalit
congestion
currently
experienced
and around
volore tem
nullumbeing
deliqua
mconsenin
isseniam
quisBrisbane.
adip eros The
numcontract
ing
was awarded in
Septemberdolendignit,
of 2006 by Queensland
Motorways
and isvel
toiriuscip
be completed
eliquismod
quatue dolorem
velisit Limited
iustrud eum
et,
by the end of March
2011. The
Gateway
Project
involves
threemolumsan
sections ofercilit
work.ver
The
vel delenibh
euip
eu facilUpgrade
ullan hent
dolum
venismod
southern section
involves
a 12kmlaupgrade
the existing
motorway.
The challenge
here
alisim
dit acidunt
commy to
nostrud
tie magna
ad dipismod
delessed
dois
managing heavy
traffinos
c during
construction
as the existing
Gateway
Motorway
traffiat.
c capacity
dolutat
nis ad
er ilit wis nummy
nonsectem
zzriusc
iliquat. Um
Duis
has reached saturation
The central
section
includes
a second
Gateway
ex ero eropoint.
enit incidunt
vendre
feuguer
sustoconstructing
er sum aliquipit
ullam
eugait
Bridge and itsvelismo
approaches,
with a total
length
about 1.6km.
the north
side
of the
doluptatue
commy
nibhofexerat.
Dui tieOn
dolum
delessi.
Nosto
doproject
is a 7km section
of
new
motorway,
which
will
improve
access
to
the
Brisbane
Airport.
conulla orperci blam zzriusto od tem in hent utpat autpat.
One of the major
fordelit
the project
in thelam
veryinim
competitive
Xerchallenges
adio od estie
in vel dunt
quipsumQueensland
sandre erostrud
construction market
is
securing
resources
in
terms
of
staff
,
major
and ea
pre-cast
concrete
molore dolorpero eummy nonsed dolent lutet ametplant
nostrud
facidunt
la
items. To datefacilis
the Joint
Venture
has
been
very
successful
in
meeting
the
staffi
ng
challenge,
dolut lor aliquatuero commy nonulputatie el utet lute dolorper sisisi
particularly through
project’s
staff
retention
policies,
parthendipis
because etum
of thevulla
iconic
et ulla the
feugue
min ut
doluptat,
con
ulla corbut
at,also
secteinmin
nature of the project.
Major
plant
has
been
purchased
rather
than
hired,
removing
the
risk
facincilit dolorper sumsan euguer adigna facipis dolobor in veros alis et, of
it not being available
at critical
times,minci
with er
most
plant items
on buy-back
agreements
vel ute veriure
molore
sit major
ad eliquatet,
commy
nonsequat,
commy
so they can benonse
sold back
to
the
supplier
at
the
end
of
the
project.
Diffi
culties
in
sourcing
dionseq uatetue tatuerc ipisim er sissecte magnit, vel iusto odolobore
pre-cast concrete
items like
beams,
segments
walls
etc have
been
overcome
by
commolo
bortie
commod
elenitand
alit,noise
quatie
dolore
minim
at. Ut
alis augiat
establishing a large in-house pre-cast manufacturing facility.
dion utatue magna facidunt ulla ad tat. Duis autpat, cortie magna facip
This project has difficult soft soil issues in many locations. Therefore there are
eliquat. Ut praesse quatie tio dunt adit veliqua mconse tem zzrit ilit iniscil
approximately 11,000 piles used on the job and around 1,200km of wick drains to help
incipit alit ad min volorpero doloboreet alisl dio od ea commy nonse mincip
settlement of the embankments. Procuring piling contractors was another area of potential
et amet inci tat vero ercipisl exeros atue facilluptat.
difficulty. This was solved by forming an alliance with the piling contractors which has
Se vel dolore vendrer sed magna facil ilissit autpatio od tem deliquat
resulted in the largest single piling contract ever being awarded in Australia.
praese delit accumsandip euipit inim volorem venim zzrilit augueriure
Safety systems and processes are a priority on this project with its many challenges
vullum
digna feugiat
irilis adit
eummain
iustobridge
dolor construction
ipsustio od exeraessit
including working
at heights,
particularly
on the
which alsovelenis
doluptat
lor
sum
zzrilissenit
prat
acidui
exercin
ulluptat
nullaoreet
lore in the
involves working over water. Additionally there is an intense traffic interface especially
dolor
iniam
dolestrud
tinci
tem
zzrilla
am,
con
velit
dio
od
endre
consecte
south of the project. The Joint Venture is trying to elevate safety to a new level by addressing
facin
utat wis
nulput nos
irit elitthrough
ad et auguero
do odworkshops,
eu feum velent
the behavioural
aspects
of frontline
staffalit
andvel
workers
behavioural
ulla
augiam
iuscilit
iurerit
prat.
Del
utet
la
cor
summolorpero
od diam inim
coupled with surveys to identify areas needing attention.
diametue
doloboreet
nim
ea
faci
tem
vel
ipisisit
nulla
feuisis
am
at with
dignisis
The Joint Venture has a very strong community relations team working closely
dolorperiure
mod
magniam,
velestrud
min
er
senim
ex
enisit
pratio
affected property owners, presenting to community and industry briefing sessions, odigna
and
facipit
la facidui
el dolobor
si.Special
UstrudInterest
te deleniat
venim
commodolorem
holding regular
Community
Liaison
Group,
Group
and et,
Agency
Reference
illaore
facidunt
in utatie
dolore
do dolore
te ex esequat
umsandit
iurero
Group meetings.
Thisfeu
team
distributes
a large
amount
of information
on project
activities
and
ea via
feugiam,
condrops,
ulla faccum
exeraessi.
Duis
nulputeminformation
vullam aliquisit
impacts to theduip
public
letterbox
the internet
and the
community
centre
wisi.
Lorfor
secte
nonullaorero
which has been
open
overminis
a yearnummodignim
and has had just
under 5,000ercillum
visitors.velessim quisi.
Lamcommolore
magnisit
eu feugait
dolore
dolore
The environment
is addressed
just asamcon
seriously
and thelamcortie
Joint Venture
hasdunt
a very
strong
elisis
autpat
la aut at luptatummy
nulputatem dit
ver
environmentaldeliquipis
team whonum
haveipbuilt
a good
relationship
with the Environmental
Protection
sismodo
ad molore
min vent
in heniam,
quam
velit, semitigation
magna
Agency. In terms
of air,lorper
noise and
dust impacts,
theaccum
Joint Venture
takes
all possible
feuguethe
feugiam
consequis nulla
bla conse volupta tumsand reraese te
measures to ensure
local community
is not faci
impacted.
venismo rate
dionsenisi.
With a lostmin
timeullandre
injury frequency
which compares favourably with the industry norm,
Met wisl ute
consequi
tatfor
lore
sum community
dui exer iurerelations
diam dolobor
erilit
an excellent environmental
record,
praise
theetuer
project’s
team and
a
very complimentary
client,alisi
the team
is inad
a good
position to successfully
thisfeuguer
project
praessequis
tat, velit
ea feuguerillum
vent autet at.deliver
Idui bla
on time and within
aessi.budget.
Iquatis molore dolore magna feuis etummodo con vel er iusto ex erilla
HUGH BOYD
PROJECT DIRECTOR
Leighton Contractors has
a very strong cultural
presence with a well defined
vision and set of values
and behaviours. The senior
management team is
very serious about these.
On-site the Joint Venture
engenders team work, cooperation and a sense of
social responsibility in terms
of the community and the
environment, and of course
operating safely is valued
above all else. This creates
a great working environment
where people can be more
productive and flexible in
terms of issues like work/life
balance. Staff surveys have
proven the success of this
environment.
A Leighton Abigroup Joint
Venture has the contract to
design, construct and maintain
the $1.4bn Gateway Upgrade
Projectt including the duplication
of the Gateway Bridge, upgrading
of 20km of the Gateway
Motorway, refurbishment
of the existing Gateway
Bridge and maintenance
of the infrastructure for a
10 year period.
21
e-RECYCLING
A personal passion kick-starts Thiess Services’ new
e-recycling facility at North Wyong on the New South
Wales Central Coast. Thiess Services commenced
operations at the facility in February 2008. Since then
there has been a dramatic increase in the volume of
materials going through the facility and Thiess Services
is offering an increased number of services in response
to the public’s greater environmental awareness and
business’ increasing reporting requirements.
22
WHAT IS e-WASTE?
e-waste arises from the disposal of electrical and
technological assets such as computers and mobile
phones. Australia, despite its relatively small
population, has the highest take-up rate of new
technologies in the world which translates into a high
per capita disposal rate. e-waste can contain heavy
metals such as lead, phosphorus, mercury, selenium
and cadmium along with other potential resources
like ferrous metals, aluminium, brass and plastics that
should not be buried in landfill. e-recycling frees up
landfill space in an environmentally friendly manner.
Thiess Services believes that over the next couple
of years legislation will be introduced such that it will
become illegal to dump e-waste at landfill sites.
The most environmentally hazardous substances
in computers are predominantly in the cathode ray
tubes (CRTs). The recycling of these items has been
investigated very closely by Thiess Services and
unfortunately domestic recycling solutions have not
met the high standards that they require. A Malaysian
solution has been sourced where the glass from
the CRTs will be ground down to 50mm pieces, the
aluminium coating will be taken off and the black grit
will be removed before becoming stockfeed for new
CRT monitor glass.
TONY CALLEJA, THE CENTRAL REGION MANAGER FOR
THIESS SERVICES WASTE MANAGEMENT DIVISION EASTERN,
became passionate about e-recycling while finishing his
waste management studies at Griffith University. Tony was
particularly concerned with the pressures e-waste was placing
on landfill sites. He put together a proposal for Thiess Services’
management on what could be achieved environmentally and
financially by setting up an e-waste recycling facility. Thiess
Services’ management saw that the Waste Management Division
was well placed strategically to trial the recycling of e-waste, and TONY CALLEJA
CENTRAL REGION MANAGER
the project became reality.
FOR THIESS SERVICES
All recoverable commodities from the facility are forwarded
WASTE MANAGEMENT
to markets locally and offshore, for use as raw product in other
DIVISION EASTERN
recycling and manufacturing processes. All the products that
are sent off shore meet the requirements of both the Basel
Convention and the NSW Department of Primary Industries. When e-waste is dismantled
by Thiess Services, all the weights of the recyclable products are recorded and
environmental reports are produced. This gives clients clear data on products recycled
including the percentage of their products that have gone to landfill. Generally after the
process, more than 95% of e-waste is recycled.
The e-recycling service is offered to both commercial/industrial businesses and to
the community at large. For local communities, Thiess Services works closely with local
councils to offer weekend e-recycling collections from numerous collection points. Thiess
Services also offers large 20 foot shipping containers to landfill sites which can be placed
in a recycling area so that local residents have the option of recycling their e-waste when
they dump the remainder of their waste.
For commercial/industrial users Thiess Services provides various collection services
including delivering cages for e-waste to clients who can fill them over time (or Thiess
Services can hand collect the items), or even delivering bulk containers (up to 32 cubic
metres) which clients can load at their leisure. If required, Thiess Services will also ensure
complete destruction of hardware up to, and including, the physical shredding of hard
drives and will provide certificates of destruction.
Organisations such as the Department of Health, the Department of Corrective
Services and the Department of Education have all made use of the service. Thiess
Services is currently collecting redundant computers from every school in New South
Wales – approximately 2,200 schools – and taking away the packaging from
replacement computers.
Thiess Services’ target over the next 18 to 24 months is to process 250,000 e-waste
pieces per annum. Once Thiess Services has the operational model for this first e-recycling
facility in place, options will be investigated for replicating this model in the other eastern
states of Australia and possibly New Zealand.
23
24
THE NSP IS A VERY CHALLENGING
SEWER CONSTRUCTION PROJECT
John Holland has been awarded the $498m Northern Sewerage
Project (NSP) Stages One and Two for construction of new sewer
tunnels in the northern suburbs of Melbourne.
CLEANER AND
GREENER
03
situated some 20 minutes north of
Melbourne’s CBD in Coburg. There are
two main reasons for this new sewer.
One is to virtually eliminate sewer
overflows in severe weather events.
The second reason is that in the
northern suburbs of Melbourne there is
ROB MULEY
a considerable amount of development,
PROJECT DIRECTOR NSP
both residential and commercial, that
will require new sewer systems to take
the expected flows.
The project is adjacent to the Merri and Moonee Ponds Creeks
corridors. Both corridors provide habitat for local flora and
fauna and are of great significance to the local communities.
The project involves construction of approximately 13km of
deep tunnelled sewer and the construction of eight shafts. The
tunnelling will be carried out by three tunnel boring machines
(TBMs), and a small amount of drilling and blasting. The NSP
is split into two parts for two different clients. NSP Stage One is
for Melbourne Water and NSP Stage Two is for Yarra Valley
Water. Each stage has its own Project Manager. John Holland
commenced work on the NSP in August 2007 and the scheduled
completion date is June 2012. The project is running according
to program.
The main challenge on this project is the close interaction with
the surrounding community. It is a very sensitive operation with
potential noise and vibration from blasting and the TBMs, as well
as large vehicle movements as the tunnel spoil is hauled away
from the sites near residential areas. The shaft sites at Brearley
Reserve, Vanberg Road, Carr Street, Bass Street and De Chene
Reserve, Jukes Road and L.E Cotchin Reserve have residents in
very close proximity. The main site at Brearley Reserve, which is
the centre shaft for three TBM drives (Stage One) has the nearest
neighbour only 5m away. John Holland and Melbourne Water
have therefore brought forward design and construction of
noise amelioration sheds and installed noise walls to minimise
construction impacts during start-up. Relationships with the
community have, by and large, been very good.
Both clients and John Holland have long pre-construction
relationships with the community and John Holland has a
dedicated community relations department to work on this
01 View inside the acoustic
enclosure at the Brearley
Reserve shaft site. Acoustic
enclosures allow 24hr
construction to occur
02 Aerial view of shaft site in
Coburg, Melbourne
03 Shaft excavation underway at
Brearley Reserve, one of the
eight vertical access shafts
04 Launch chamber excavation
at the De Chene Reserve
shaft site
01
02
project in conjunction with the community relations teams of the clients. As a part of the
community engagement around the project there was a TBM naming competition with
local schools run by Melbourne Water and Yarra Valley Water. John Holland is organising
community forum meetings and briefings where neighbours can ask questions about the
work and find out the status of the project.
This project will have a positive impact on the environment by its very nature. From a
construction perspective the very hard rock that John Holland has to blast through will be
re-processed at a local quarry for likely use as road base. The tunnel sites are all fully sealed
and paved to minimise dust and John Holland engages regularly with the Environmental
Protection Authority with respect to how the works are carried out.
At the end of the project all the sites will be rehabilitated. John Holland will take up all
concrete, take all the construction material away and the sites will be returned to reserves,
car parks, and council land as they were originally. At the end of the project all that will be
left above the shafts will be a gated concrete cover and at one of the sites there will be an
air treatment facility.
The tunnelling culture within John Holland is one of team work and high performance.
The NSP was able to call on specialist assistance from a John Holland tunnelling project
in Hong Kong to help with the commissioning of the TBMs. The NSP also drew on the
experiences of a team from a similar, recently completed tunnel project in Queensland.
This demonstrates the very strong team work culture within the tunnelling group and a
very good transfer of ideas and knowledge between the projects.
This project involves the use of specialist and cutting edge technology when it comes to
the TBMs. The NSP team has been an integral part in the TBM design group working closely
with TBM manufacturers. The TBMs will be state of the art with integrated laser guidance
systems and computer controlled operator stations.
This project’s success is measured by a number of key performance indicators for
safety, time, cost, environment, social and client relationships. The NSP is working very
hard in all areas to ensure that they achieve the best possible outcome in each of their key
performance indicators. Both Melbourne Water and Yarra Valley Water have a number of
projects coming up in Melbourne and John Holland wants to be their contractor of choice
for future projects.
ARRAN MCGHIE
PROJECT MANAGER STAGE 1
NSP Stage One
04
NSP STAGE TWO
KEN MUIR
PROJECT MANAGER STAGE 2
Stage 2 is comprised of three shafts about
30m deep and 4.5km of tunnel. Unlike Stage
One, Stage Two goes through very high
strength basalt rock ranging between 50 and
270 mega Pascals (MPa). Because of this
the team are excavating the shafts, the TBM
launch chamber and 580m of tunnel utilising
drill and blast techniques. The TBM for the
3km of tunnelling is a Robbin’s 3m diameter
double shielded hard rock TBM with a value
of $6.5m. It’s been fabricated in the United
States and was delivered to site in August
2008. Typically small diameter TBM’s such
as the Robbins TBM are fitted with 14 inch
cutters. Robbins has been able to adapt
17 inch cutters for the NSP which will assist
with the very high strength rock expected.
For the final 725m of tunnelling one of the
EPB TBMs from Stage One will be used
because of different ground conditions.
Stage One involves
approximately 8km of
tunnelling and five shafts.
Some of the shafts are up to
65m deep and up to 13m
in diameter. John Holland is
procuring two specially
designed TBMs for
Stage One. These are being
manufactured in Germany by
Herrenknecht. The value of
each TBM is approximately
A$8m. Due to the unique
nature of the geology and
ground water that will be
encountered on Stage One the
TBMs will be ‘earth pressure
balance’ type (EPB) TBMs.
These are designed to
balance the earth and ground
water pressure to reduce
settlement on the surface and
will install a concrete
segmental lining as part of
their excavation support
operation. The TBM’s are
typically some 100m long and
weigh in the order of 250t.
The project team is using
excavators, road headers
and hydraulic hammers to
create the launch chambers
and adopting conventional
loading mechanisms to bring
the spoil from the launch
chamber back through
the shaft.
25
26
THE PURPOSE OF TRACKSTAR’S RAIL INFRASTRUCTURE PROJECTS
MIKE ZAMBELLI
TRACKSTAR ALLIANCE
MANAGER
Working under an Alliance
contract is very exciting.
The focus is on what the
State of Queensland and
the client wants and you’re
all allied to deliver great
outcomes. In my 20 years
of delivering construction
projects this is by far the most
exciting opportunity I’ve ever
been given, and I know a
lot of the people here in the
team are also regarding this
as one of the outstanding
highlights of their careers.
A Thiess United Group Joint Venture, as
part of the TrackStar Alliance
has been awarded $564m of contracts by
Queensland Rail (QR) to construct several
major rail infrastructure projects in south
east Queensland. The projects are part of the
South East Queensland Infrastructure Plan’s
Rail component. TrackStar was set up as a
program alliance to ensure the delivery of
rail infrastructure works for the region.
TAKING IT TO
TRACKSTAR
ALLIANCE
is to expand the Queensland rail network on the Sunshine Coast, Gold
Coast and on the southern and south western sides of Brisbane to cater for
population growth in the region. Up to 60,000 people are moving to South
East Queensland every year.
QR assembled the TrackStar Alliance in June 2006 with Thiess and the
United Group in joint venture appointed as construction partners, and
Connell Wagner and Maunsell AECOM undertaking the design component of
the project, with QR as the owner participant in the Alliance. TrackStar set up
an office in Brisbane as a single base for delivering a fully integrated solution,
supporting each of the rail projects allocated to the Alliance.
A core Alliance team of about 200 people was assembled, identifying some
impressive value adding solutions for QR. Over the last two years, TrackStar
has submitted target cost estimates for projects worth over a billion dollars
and realised a 12% saving to the Queensland Government through innovative
project design and programming.
The first TrackStar project to be completed will be the 13.7km Caboolture
to Beerburrum Track Duplication project later this year. The TrackStar team
totally turned around the design concept from that of the client, changing a
brownfield project (a project on a previously developed site) into a greenfield
project (a project on an undeveloped site) saving approximately nine months
from the project’s program and $52m for the Government.
On the Sunshine Coast, TrackStar’s Beerwah Rail Crossing project started
construction in March 2008. The new 1.2 kilometre crossing, including a
new bridge and road connections, will address traffic congestion and safety
concerns with the existing level crossing.
On the Gold Coast, TrackStar’s greenfield project, the Robina to Varsity
Lakes Rail Extension will extend the Gold Coast rail line by 4.1km from
Robina to Varsity Lakes. A new station at Varsity Lakes, new road bridges
and an innovative 300m long cut-and-cover rail tunnel are being constructed
there. Again the TrackStar team challenged the original design to come up
with a solution using the existing rock as tunnel walls and removing the
requirement for mechanical ventilation by designing an inclined roof that
allows natural ventilation to occur.
In the centre of Brisbane, the Corinda to Darra Rail Upgrade project
involves redeveloping Oxley and Darra stations and increasing rail capacity
from two to four rail lines between Corinda and Darra on one of the oldest
lines in Brisbane. On this project, the team challenged the alignment that
was provided and came up with a solution reducing the amount of land
resumptions, resulting in a significant saving to the client.
TrackStar is also increasing the power systems capability of the rail
network in Central Queensland. The first of these power projects is a new
01
feeder station being constructed to strengthen the power supply to the rail
network and boost capacity between Wandoo and Oonooie on the Goonyella
to Hay Point system. A second power project is being undertaken in the heart
of the Brisbane rail network at Roma Street.
Other projects planned for TrackStar are the Beerburrum to Landsborough
Track Duplication and further power system upgrade studies.
Over the last two years, TrackStar Alliance has achieved no lost time to
injuries, and their recordable injury frequency rates and injury lost time
frequency rates are amongst the best in the industry. This is a remarkable
achievement given that the TrackStar workforce is working in corridors with
frequent train movements, within a couple of metres of operations and with
live high voltage overhead traction lines. Every step in the project has to be
very well planned.
A unique approach has been taken to environmental management.
On the Caboolture to Beerburrum project a strategic relationship with the
neighbouring Australia Zoo was established, utilising their Wildlife Warriors
Wildlife Hospital team as spotter-catchers during site clearing. They are also
helping to build awareness of the environmental impact of infrastructure
projects on wildlife amongst the TrackStar team. At the Robina to Varsity
Lakes Rail Extension a similar relationship with the neighbouring Gold Coast
Currumbin Wildlife Sanctuary has been formed.
Over the next few years, the TrackStar Alliance will be looking to deliver
some outstanding outcomes to Queensland Rail and the Queensland
Government. All of the TrackStar projects are running to program or are
going to finish early, on or just under budget.
Working on a TrackStar’s Caboolture to Beerburrum track duplication project in Queensland
01 Checking progress on TrackStar’s
Corinda to Darra rail improvement project
27
28
THE
RESOURCES
MARKET
GROUP COMPANIES HAVE BEEN INVOLVED IN THE MINING AND RESOURCES
MARKET SINCE THE 1940’S. Contract mining was one of the Group’s earliest
market diversifications. As a result of our work for major resource companies
throughout Australia and Indonesia, the Group is now recognised as the world’s
largest contract miner. Group companies often manage and operate mines for
their lifetime and have been involved in developing new skills to conduct mining,
processing, haulage and train load-out operations of coal, iron ore, gold, nickel
and copper resources. Additionally, Group companies construct resourcesrelated infrastructure and provide services to the oil and gas sector.
South Middleback Ranges Iron Ore Mine, South Australia HWE Mining, Leighton Contractors
29
Sonoma Coal Mine, Queensland Leighton Contractors
30
PROJECT FOCUS
FIRST THIESS WIN IN INDIA
THE YEAR THAT WAS:
RESOURCES
Strong global demand for commodities, particularly coal and
iron ore, continues to support resources-related opportunities
and contract mining activity for the Group.
T
HIESS WAS AWARDED A CONTRACT TO PROVIDE INFRASTRUCTURE AND
MINING SERVICES worth some $650m to the Lake Vermont coal mine near
Dysart in Central Qld. The infrastructure contract includes site civil works,
rail spur formation, workshop and office facilities, and a coal handling and
preparation plant (CHPP). Thiess was also awarded a $345m extension at
the South Walker Creek coal mine and a $500m contract to provide mining
services to the Tarong coal mine near Kingaroy, also in Qld.
In NSW, Thiess was awarded an extension at the Mt Owen coal mine in the Hunter
Valley. Thiess’ other contract coal mining operations in NSW, Vic and Qld performed well
and made a solid contribution.
Leighton Contractors was awarded a five-year contract worth $518m at the Sonoma coal
mine in Qld and an extension at the Broadmeadow coal mine. Other coal mining projects
performed well for Leighton Contractors however wet weather in Qld through January
impacted the operations of both Thiess and Leighton Contractors to some degree.
John Holland continued work on two coal mining contracts at Blackwater in Qld and
Werris Creek in NSW. At Abbott Point in Qld, John Holland was awarded the construction of
a coal ship loader.
Leighton Contractors, through HWE Mining, recorded increased levels of iron ore
contract mining activity, predominantly in WA. New work included a three year extension
worth $1bn at the Yandi mine and a two-year contract extension worth $712m at the Area C
mine, both for BHP Billiton in the Pilbara region. HWE Mining was also awarded a $344m
contract to provide mine development services to Rio Tinto’s Mesa A mine in WA. Other iron
ore work in WA and SA progressed well.
Continued over →
During the year, Thiess was awarded
its first resources project, worth $1bn over
20 years, to develop the mine infrastructure
and also operate the Chitarpur open cut
coal mine in north-eastern India for Abhijeet.
The mine is expected to produce more than
115 million tonnes of coal over its life which
will be used to fuel a nearby power station.
In order to meet India’s enormous
demands for coal, the government body,
Coal India, is awarding concessions
to private companies like Abhijeet to
encourage increased production. While
India is currently the third largest coal
producer and consumer in the world, its
coal production is expected to need to
rise from 433 million tonnes in 2006 to
around 680 million tonnes in 2011 as new
generating capacity is added. Thiess
has established offices in New Delhi and
Calcutta to focus on some of the emerging
coal opportunities in mine logistics,
planning and servicing projects in India.
Financial summary
by operating
company
Resources was the Group’s
second largest market
earning $3.7bn of revenue,
up 6% over the previous
year. The contract mining
of iron ore and coal in
Australia, and coal in
Indonesia were the major
sources of revenue. Work
in hand was up by 34% to
$12.3bn as at 30 June 2008
with new work awarded in
Australia, Indonesia, India
and the Philippines.
Revenue
$million
Thiess
50% $1821
John Holland
2%
$94
Leighton Asia
2%
$64
Total
$3675
Work in Hand
$million
Thiess
49% $6011
John Holland
3% $340
Leighton Asia
2% $278
Total
$12325
31
32
THE YEAR THAT WAS:
RESOURCES
CONTINUED
At Newman in WA, Thiess was awarded civil works by BHP Billiton. John Holland was
also awarded the design and construction of the Newman Hub by BHP Billiton Iron Ore.
A number of other resources projects including gold and nickel continue to provide
opportunities for the Group. Thiess’ mining work at the Prominent Hill copper-gold mine
in SA progressed well with the pre-strip completed and the first ore mining commenced.
Leighton Contractors was awarded a 4-year extension worth $101m at the Challenger
underground gold mine, also in SA.
In WA, Leighton Contractors secured a $174m contract to undertake site preparation
bulk earthworks for the Pluto LNG Project on the Burrup Peninsula.
The Indonesian resources market, based primarily on the contract mining of coal,
again provided a substantial level of revenue and made a solid contribution to the Group’s
Asian result in 2008. Thiess’ operations at the Satui, Senakin and KPC coal mines again
performed well. New work to remove overburden and deliver mine services was awarded
at the Samboja mine and for the construction of infrastructure at the Tabang Coal Project,
both in Kalimantan.
Leighton International was awarded extensions worth $475m at the MSJ coal mine in
Kalimantan and progressed well on a number of other contract mining projects including
the $964m Wahana project.
In the Philippines, Leighton Asia secured a six year relationship-based contract valued
at US$170m to design and construct a gold processing plant at the Masbate gold mine and
to undertake mining operations.
The resources boom has led to increases in the demand for contract mining and
maintenance. BIS Shrapnel forecast that the Australian contract mining market should grow
at 8% per annum over the next five years and the resources-related contract maintenance
market is forecast to grow at 13% per annum over the same period. The Group is well positioned
to grow its contract mining business in line with the expected growth in this market.
Export volumes are likely to continue to expand and increased work in hand, from new
work awarded to the Group over the last 12 months, should see contract mining revenues
increase versus the prior period.
Financial summary
by geography
The Australian resources
market provided $2.9bn of
revenue, down 2% relative
to the corresponding period
last year due to the impact
of wet weather in Qld.
Australia work in hand
was up by 30% to almost
$9bn as at 30 June. Revenue
from Asia was up 57% to
$723m based primarily on
Indonesia. Work in hand
from Asian resources was
up strongly to $3.4bn with
the awarding of new work
across Indonesia, India and
the Philippines.
Revenue
by geography
$million
Australia
Asia
Total
80%
20%
$2952
$723
$3675
Work in Hand
by geography
$million
Australia
Asia
Total
73%
27%
$8968
$3357
$12325
RESOURCES OUTLOOK
CHINA AND INDIA THE DRIVERS
The industrialisation and urbanisation
of China and India is underpinning
unprecedented growth in energy and
minerals consumption. Structural changes in
these countries should continue to support
sustained demand for energy and mineral
commodities in the medium term.
Capital investment in resources-related
projects is at record highs and is forecast
to stay at or around these levels. These
expenditures should fuel further growth
in production of most commodities. In the
longer term, Australia’s iron ore production
is forecast to grow on average by 10% per
year to over 500 million tonnes by 2012.
Australian production of black coal is
forecast to increase at a similar rate.
In Indonesia, high export prices have
encouraged a number of companies to
expand production or to develop coal
resources that were previously uneconomic.
Thermal coal exports are forecast to
continue to grow in 2008 and 2009, albeit
at a slower rate than in previous years.
Contract mining should underpin a good
level of work for Thiess and Leighton
International in this market.
The mining sector continues to grow in
the Philippines, with strong global demand
for nickel, copper and coal lifting production,
supported by expanded gold mining which
is providing Leighton Asia with some
opportunities.
01 South Walker Creek Coal
Mine, Queensland, Thiess
02 Sonoma Coal Mine,
Queensland,
03 South Middleback Ranges
Iron Ore Mine,
South Australia,
HWE Mining,
01
02
03
South Walker Creek Coal Mine, Queensland Thiess
Duralie Coal Mine, New South Wales Leighton Contractors
Wahana Coal Mine, Indonesia Leighton International
33
34
SOUTH MIDDLEBACK RANGES (SMR) IS
LOCATED APPROXIMATELY 390 KILOMETRES
FROM ADELAIDE in South Australia on the Eyre
JARROD SEYMOUR
PROJECT MANAGER
I’ve had 15 years
experience in the mining
industry. I started on
the shop floor as a plant
operator then undertook
studies in metalliferous
mining and business
management to reach my
current position. To keep my
team motivated, we sit down
and talk about operational
goals and milestones that
are achievable and we set
timeframes that we can
achieve them in. Once
they’re achieved we ensure
that the guys are rewarded
for their successes.
Peninsula. The closest towns of Whyalla and
Cowell are 50km away and are home to the
majority of the employees on site.
As a reasonably remote site, it can be difficult to
source skilled employees for the mine operation,
which is why HWE Mining has developed a trainee
program for local residents. Under this program,
successful applicants are trained in a variety of
areas to become part of the SMR workforce. This
may be in areas such as equipment servicing, mine
operation, and drill and blast. Being locally based
and trained on-site, the 230-strong workforce
has a potent team spirit which helps to ensure
production and client targets are met.
HWE Mining has an outstanding relationship
with the client, OneSteel Manufacturing, at SMR.
HWE Mining takes an open-book approach to
operations at the mine, with all information shared
between client and contractor as a team. This team
approach extends to solving any issues that may
arise on site.
There are currently three operational pits
at SMR, one of which has both haematite and
magnetite ore reserves. HWE Mining handles
over 9 million tonnes of iron ore per year at SMR
using conventional truck and shovel mining
methods. Once mined, the ore is loaded by front
end loaders or excavators into dump trucks which
take the raw material to the crushing plant where
it is reduced to 32mm product. The magnetite ore
gets put through a concentration process and is
then pumped by pipeline to OneSteel’s Whyalla
steelmaking operation. The haematite ore is loaded
directly from the crusher stockyard onto trains and
delivered to Whyalla for export.
The fleet at the operation consists of
14 Caterpillar and Komatsu dump trucks,
two Hitachi excavators, one Liebherr excavator,
three Caterpillar and Komatsu dozers, a Komatsu
wheel dozer and seven Komatsu and Caterpillar
wheel loaders. It is the strength of the relationships
between HWE Mining and large-equipment
suppliers which allows the maintenance and
supply requirements of the site to be met, even
though the resources boom in Australia places
very high demands on suppliers.
HWE Mining’s health and safety program at
SMR is managed by a highly efficient team. This
safety team is encouraged to speak up if they come
across any potential issues and they are very active
in the mining operations. In December 2006, the
safety team introduced the ‘Safety – The Way
Forward’ initiative which has produced some great
results. The initiative recognises employee safety
achievements on a monthly basis with a reward for
their involvement in the program.
HWE Mining is proud to be involved in the
community and sees this as beneficial to the spirit
of the team at SMR. Recent local sponsorships
have included the South Australian Go-kart
Titles, football teams in Cowell and Whyalla, and
the Whyalla Show. In the last year, two schools
have visited the site, one from Whyalla and the
other from Cowell. HWE Mining representatives
escorted the students around the site, showing
them the blasting, mining and processing at the
concentrator and crushers. The site tours formed
the basis of school projects.
SMR has gone from a 600,000 bank cubic metre
(bcm) per month operation to a 1.1 million bcm per
month operation. The expansion program for SMR
in the last twelve months has been extremely steep
and there are further ramp-ups on the horizon.
HWE Mining will continue to rely on the team
effort of its locally based workforce to meet
these new demands.
HWE Mining, part of Leighton Contractors has
been undertaking mining operations for OneSteel
Manufacturing at the South Middleback Ranges iron
ore mine (SMR) since 1998. The length of the existing
$499m contract at SMR for OneSteel Manufacturing is
five years and involves commercialising the mine’s vast
magnetite iron ore resource. The success of HWE Mining’s
operations at SMR is powered by local team spirit.
35
36
01
02
03
04
SANGATTA
01 Overburden removal in
Angel area Melawan pit
02 Hauling overburden in
Angel area Melawan pit
03 Loading and hauling
overburden in Ambalat
area Melawan pit
04 Refuelling an excavator
in Melawan pit
Thiess was awarded a life of mine contract
at Sangatta Coal Mine in October 2003
which is renegotiated every five years with
Thiess’ client - PT
T Kaltim Prima Coal (KPC
C).
The scope of works included in Thiess’
contract provides a total mine solution for
the pits allocated to Thiess by KPC. Thiess
looks after everything from mine planning
and establishment, mine operation and
the delivery of coal to the designated stock
piles, to the rehabilitation of mined out
areas and waste dumps.
DIGGING IN AT
ABOUT 90 MILLION BANK CUBIC METERS (BCM) OF OVERBURDEN WERE MOVED AND 12.2 MILLION
TONNES OF COAL WERE MINED at the Sangatta Coal Mine last year, about 200,000 tonnes of coal above
Thiess’ target. This year the target is 105 million BCM of overburden and 15 million tonnes of coal. By
May 2008 the scheduled production target, for that point in time, had already been exceeded by about
284,000 tonnes of coal, despite the challenges presented by the site’s unpredictable weather.
The Thiess workforce at Sangatta numbers more than 2,000 employees divided into crews, each
working 12-hour shifts, to keep the project running around the clock. The Indonesian component
of Sangatta’s workforce is composed of largely unskilled locals and skilled non-locals, who Thiess
accommodates in nearby Swarga Bara and Tanjung Bara. Thiess was awarded its first contract at
Sangatta in 1989 and at that time it was a very remote area and it was difficult to get local employees.
Twenty years on and Sangatta is one of Indonesia’s fastest growing centres with about 200,000 people
currently living there.
Thiess is one of the most highly visible sub-contractors of KPC in the Sangatta area and, as such, has
an obligation to offer support to the surrounding community. Of course employment opportunities at the
mine are limited, but in an attempt to accommodate locals, Thiess has introduced a recruitment system
that gives preference to locals with local schooling. This recruitment system is mainly for unskilled
labour, but in conjunction with the technical high school at Sangatta, Thiess also annually recruits
about 20-30 high potential students to undertake Australian standards trades apprenticeships in either
mechanical, electrical or welding trades.
Thiess engages with the local community in many different ways. Through
a local business program Thiess utilises the support of three local tailors
to manufacture uniforms for Sangatta Coal Mine employees. Other local
companies supply survey pegs and a variety of goods and services to the
project. Thiess, in a program with KPC, also provides some infrastructure to
the surrounding villages, such as road improvements, clean water and repair
of school buildings. Additionally, the mine staff offer a voluntary English
teaching program in local primary schools for over 150 students each week.
With so many people working at the mine, and the difficult character of
the site, safety performance at Sangatta has been a key focus for the Thiess
SJAMSI JOSAL
team. As a result, safety levels attained have been exceptionally good, with
PROJECT MANAGER
Coal mining in Indonesia the project having just reached 2.5 years lost time injury free. One of the safety
is booming, driven by initiatives rolled out last year by Thiess was “Kerja Bugar” training, which
international demand for means “fit for work” training. It’s about managing life style to maintain a fit
coal. A lot of new mines
are opening as a result body and reduce fatigue.
Thiess is conscious of the environmental impact of the Sangatta project.
and competition for plant,
equipment and workers For the last five months in this year Thiess has rehabilitated in excess of
is therefore running
high. Thiess’ successful 56 hectares of land. Thiess also monitors all water discharges and dust, noise,
strategy in this competitive waste and hydro carbon emissions on a daily or weekly basis to ensure that
environment has been acceptable national standards are met.
to establish and maintain
Thiess measures performance at Sangatta using a broad range of key
good long-term relationships
with suppliers and the performance indicators (KPIs) including equipment productivity, equipment
local community. reliability and lost time due to injuries, just to name a few. As well as meeting
all of these KPIs, Thiess must ensure that production is delivered as requested
by their client to maintain their harmonious relationship.
37
38
THE
PROPERTY
MARKET
THE GROUP’S COMPANIES ARE HIGHLY REGARDED CONSTRUCTORS IN THE
NON-RESIDENTIAL PROPERTY MARKET, which includes commercial,
manufacturing and processing, defence, correctional, health, retail, hotels,
entertainment and sporting facilities. The Group has been active in the residential
market in Asia for many years and, more recently, in Australia through its stake
in the listed residential developer Devine Limited. Additionally, the Group is
increasingly providing property development and project management services
in Australia which uniquely positions it to take on significant developments
across the country.
Doha City Centre Expansion Stages 1, 2 & 3, Qatar Al Habtoor Leighton Group
39
Emerald Palace Project, Dubai, Al Habtoor Leighton Group
40
THE YEAR THAT WAS:
PROPERTY
Until the recent credit crisis the non-residential property market
was on a very strong upward path. While the drivers for property
have remained robust in the Australian cities of Perth, Brisbane
and Adelaide, the rise in funding costs has hampered sentiment.
L
EIGHTON PROPERTIES SOLD ITS HALF SHARE IN A BRISBANE CBD
DEVELOPMENT FOR $210M. Good progress was made by Thiess on the
construction of this 34-storey office tower.
Leighton Contractors neared completion on Leighton Properties’ Green
Square development in Brisbane, the North Tower of which is expected to be
Brisbane’s first 6 Star Green Star building.
Leighton Properties and Devine commenced the $416m Hamilton Harbour
mixed-use development in Brisbane’s inner-north. The development will comprise
approximately 142 residential units and 30,000m2 of office space. Leighton Properties
and Devine have commenced a second joint venture project, a potential $1bn inner-city
development in Townsville, featuring up to 1,800 residential dwellings, retail space and an
office and entertainment precinct.
In Sydney, construction is underway at Leighton Properties’ industrial site in Matraville.
At Parramatta, a Leighton Properties joint venture acquired a site where they will develop a
19 storey A-grade office tower. In North Sydney, Leighton Properties sold their 50% share in
a commercial office tower.
In Canberra, Thiess successfully completed two commercial projects for Leighton
Properties. In a joint venture with Mirvac, Leighton Properties acquired a large commercial
development site near Parliament House.
In Vic, Leighton Properties sold its land subdivision in Ravenhall and civil works
continue at the $40m Hallam development.
In other building work, Leighton Contractors was awarded construction of a $336m
44-storey office tower in Brisbane. After successfully delivering 2 stages of the Lavarack
Barracks Redevelopment in Townsville, Qld, Thiess was awarded a $207m management
contract for Stage 4. John Holland continued to perform well on the Southbank TAFE
in Brisbane.
In Sydney, Thiess was awarded the construction of a 21-storey, $101m commercial office
in North Sydney. Thiess also completed the Westmead Hospital redevelopment on time.
At Bungendore, near Canberra, Leighton Contractors successfully completed on
schedule the new Australian Defence Force headquarters PPP.
Continued over →
PROJECT HIGHLIGHT
NEW TDIC JOINT VENTURE IN ABU DHABI
A long-term joint venture agreement has
been signed with Tourism Development &
Investment Company (TDIC) in Abu Dhabi.
The JV will undertake contracting and
provide management services for TDIC as
they develop billions of dollars of real estate
and infrastructure over the next few years.
One of TDIC’s showcase projects is
Saadiyat Island, a 27 square kilometre
island lying offshore Abu Dhabi city which
is being transformed into a US$27bn
master planned leisure, cultural and
residential destination. Saadiyat Island will
be developed in three phases with total
completion scheduled for 2018.
The masterplan envisages six highly
individual districts and includes 29 hotels,
including an iconic 7-star property, three
marinas with combined berths for
around 1,000 boats, museums and cultural
centres, two golf courses, civic and leisure
facilities, sea-view apartments and elite
villas. Saadiyat Island is expected to be
home to a community of more than 150,000
people and will feature, as part of its
cultural precinct, the first Louvre museum
outside of France. The initial contract under
the JV was the construction of a $609m
highway on Saadiyat Island. Some $470m
of new work was awarded by TDIC during
the year including a golf course and hotel,
two resorts, an office block and a labour
accommodation village.
Financial summary
by operating
company
Property was again a
major market for the Group
earning $2.7bn of revenue,
up 254% from the previous
year. Leighton International
was the largest single
contributor due to the new
work from the Al Habtoor
Leighton Group in the Gulf
region. Work in hand has
increased by 177% to $5.0bn
with Leighton International,
and Leighton Properties
representing most of the
work load.
Revenue
$million
Thiess
John Holland
Leighton Asia
Leighton Properties
Total
25%
6%
10%
27%
6%
26%
$673
$156
$278
$727
$168
$709
$2711
Work in Hand
$million
Thiess
5% $266
John Holland
6% $297
Leighton Asia
4% $226
Leighton Properties
17% $847
Total
$5014
41
42
THE YEAR THAT WAS:
PROPERTY
CONTINUED
John Holland made good progress on the new National Portrait Gallery in Canberra and,
in Sydney, on a rail maintenance facility and defence facilities at Holsworthy.
In WA, John Holland was awarded the construction of a performing arts centre and
Leighton Contractors’ subsidiary Broad, commenced construction on two office towers.
In Macau, a Leighton Asia/John Holland led joint venture made good progress on
the US$2bn plus City of Dreams gaming and entertainment resort. Construction has also
proceeded well on a $400m 40-storey hotel for Wynn Resorts.
The Al Habtoor acquisition has substantially increased the Group’s presence in
the Gulf region. In Dubai, new work includes the construction of the $826m, 62-storey
Trump International Hotel and Tower, the $552m JAFZA convention centre and other
substantial developments.
In Abu Dhabi, the Al Habtoor Leighton Group has been awarded construction of the
$344m Paris Sorbonne University campus and three hotels. Other new work includes a
major mixed-use development featuring four high rise towers and new work by TDIC.
Since June, the Al Habtoor Leighton Group has been awarded a $645m contract for the
Al Bustan mixed-use development in Abu Dhabi. The project comprises five 17-storey towers.
In Qatar, reasonable progress was made on the construction of the $568m
Al Shaqab Equestrian Centre and on a number of other high rise towers.
In August 2008, Leighton Asia was awarded the construction of a Conrad resort and
residential development on Koh Samui Island in Thailand.
Australian property fundamentals remain sound however credit tightening is having
an effect on investor confidence. The impact on the construction sector is expected to be
mixed, with pent-up non-residential demand expected to be absorbed gradually over the
next 2-3 years and resources likely to move into the residential sector. Despite the cautious
outlook, Leighton Properties is progressing developments worth around $5bn in total
and expect to make another solid contribution. The Group is keen to pursue residential
and mixed use opportunities as they emerge through Leighton Properties and Devine.
Fuelled by high oil prices, the Gulf is enjoying a construction boom which should
continue to offer the Al Habtoor Leighton Group numerous opportunities. Hong Kong and
Macau have a reasonable level of work which will underpin a modest property contribution
over the next few years.
Financial summary
by geography
Revenue from Australian
property development
and building construction
increased to $1.8bn in 2008,
while work in hand was up
by 55% to $2.2bn as at
30 June 2008. The
development activities of
Leighton Properties again
made a strong contribution
to the Group’s performance
for the year.
Revenue
by geography
$million
Australia
Asia
Gulf
Total
67%
9%
24%
$1822
$229
$660
$2711
51%
4%
45%
$2555
$226
$2233
$5014
Work in Hand
by geography
$million
Australia
Asia
Gulf
Total
SUSTAINABLE DEVELOPMENTS
GREEN STAR RATING
Leighton Properties is driving Australia’s
leadership in environmentally sustainable
developments with their most recent
project, the Green Square North Tower,
becoming Queensland’s first completed
6 Star Green Star Office Design-rated
building. Tenants have embraced green
buildings, evidenced by Leighton Properties’
success in 100% leasing of the project prior
to its practical completion.
The building features a number of
innovative environmental initiatives including
Australia’s first Selective Catalytic System
which reduces harmful emissions including
nitrogen oxide, carbon monoxide and volatile
organic compounds. The building will also
produce an estimated annual water saving of
1.7 million litres and includes a 160,000 litre
water storage facility for landscape irrigation
and non-potable water uses. It will achieve a
60% reduction in CO2, the carbon equivalent
of more than 4,100 trees, and provide annual
savings in energy of 530,000 kWh, equivalent
to the usage of approximately 80 houses.
Sustainable developments are viewed
favorably by organisations which are
increasingly looking for ways to attract and
retain staff, and environmentally friendly
building aligns with the corporate ethos of
a growing number of businesses. Leighton
Properties is keen to tap into this market
and is preparing for further expansion of its
portfolio of sustainable developments.
01 7 London Circuit,
Australian Capital Territory
Contractor: Thiess
02 400 George Street,
Queensland
Contractor: Thiess
01
02
Lavarack Barracks Redevelopment Stage 4 Queensland Thiess
Al Sufouh Towers, Dubai, Al Habtoor Leighton Group
City of Dreams, Macau Leighton Asia /John Holland
43
44
THE SOUTHBANK INSTITUTE OF TECHNOLOGY REDEVELOPMENT INCLUDES demolition
John Holland keeps Southbank Institute up
and running during construction work
as part of the $550m major redevelopment
of Brisbane’s Southbank Education and
Training Precinct for the Queensland
Government. It is the State Government’s first
Public Private Partnership (PPP).
of existing buildings and services, and construction of four new buildings, the largest of
which will be seven storeys and will form the centre-piece of the project. Also under the
contract four existing buildings are being refurbished. Extensive services infrastructure,
landscaping and carparking are included in the scope which will transform two city blocks
into an interactive educational precinct that not only the staff and students can enjoy, but
the local public are encouraged to utilise as well. It’s a fully master planned project with
access routes right through the campus’ retail precincts.
The project is being delivered by the Axiom Education Queensland Consortium
comprised of John Holland (as the design and construction contractor,) ABN Amro (as
the financier supported by Pyramid Pacific) and Spotless Facilities Management (as the
operations and maintenance contractor for 34 years).
Staffing on the project peaked at about 45 and the workforce peaked at about 450.
Being a three and a half year project, a number of staff, particularly the younger members,
have been able to progress their careers from cadet positions at the start of the project to
fully qualified engineers and contract administrators. More experienced team members
have been able to act as mentors to coach the young people coming through. That’s provided
a great deal of satisfaction and has been a great motivator for everyone.
The main health and safety issues encountered at Southbank Institute related to
construction of this project while the campus remained fully operational. For that reason
there was a very tight focus on directing pedestrians around
construction activity zones without being affected by the
construction, noise, dust or vibration. The primary safety
initiatives implemented on the project were linked to the
“Passport to Safety Excellence Program,” which is a business
wide initiative to ensure the safe delivery of projects and aims to
assist John Holland in reaching their vision of “No Harm.”
This project was the first to run key subcontractors through
the first module of the “Passport to Safety Excellence Program,”
helping to bridge cultural divides and allowing an holistic
ADRIAN JONES
safety approach to be taken.
PROJECT DIRECTOR
While this project is being constructed in an operational
The culture on this project
is very positive, largely
campus the project site is also closely bounded by residents in
because the entire consortium
nearby apartment buildings. During the course of the project
team including the State of
John Holland carried out a number of community reference
Queensland – the ultimate
client, embraced the
group meetings, and also engaged a public relations consultant
partnership model. John
to help in keeping the local residents and businesses informed
Holland has also extended
about activities on site which may have affected them.
its partnerships to include
key subcontractors, which
Environmental issues on the project, such as noise, dust
is helping to deliver the
and vibration were proactively tackled by three full time
project on time and with
environmental employees. Their input was sought right from
very little impact on the
teaching institute.
the design stage of the project. One of the great environmental
01
01 Building E (Creative Industries) is the new flagship faculty
for the Southbank Institute
02 Demolition of Building X progressing towards completion
of the project, to be replaced by a 2400m2 sports field
02
outcomes for the project has been
SOUTHBANK PPP PROJECT
JUDGED BEST IN THE WORLD
the removal of all asbestos from
In May 2007, Southbank
the two city blocks encompassing
TAFE was judged ‘Best
this project, which is a very positive
Global Project’ in a
outcome for the State Government
prestigious international
awards competition.
of Queensland and the Institute.
Queensland’s Education
The environmental impacts of
and Training Minister Rod
demolition, particularly with
Welford said the honour in
the Public Private Finance
noise, dust and vibration can be
Awards confirmed the
considerable. John Holland utilised
Southbank Education and
“munchers” instead of “rock breakers” to undertake the
Training Precinct was setting
new standards for education
demolition. Munchers break down the buildings with less noise
and training facilities around
and dust than the rock breakers, reducing the impact
the globe.
on the Institute and the local community.
“The Public Private
Finance Awards celebrate
The new Southbank Institute has a sustainability focus. The
industry best practice in
project incorporates a number of design elements which reduce
public private partnerships,
the amount of water the redevelopment will require, including
attracting entries from around
the world. This award is a
the use of waterless urinals and the incorporation of water
cant achievement for
tanks to collect rainwater for irrigation. A building management signifi
the Southbank Institute of
system was also chosen for the project which identifies when
Technology, the Government
and our partners in this
rooms are unoccupied and shuts down the airconditioning
Axiom Education,”
system and turns off lights. Solar modelling in the façade design project,
Mr Welford said.
was undertaken as well. A number of the buildings incorporate
“In bestowing the honour
on the Southbank project,
various types of sunshading of either a horizontal or vertical
the judges recognised it
nature as a result. These sun shades are supplemented by
met the criteria best with its
internal solar roller blinds on all windows in the northern and
innovation, design quality
and sustainability, financial
western elevations.
efficiency and effective
The material removed during the demolition process was
risk assessment and
also recycled. Roof sheeting, large timbers, and a lot of the old
management.”
“When completed,
internal fitout which could be salvaged was initially demolished
these new facilities will
by hand before removal for recycling. The remaining concrete
allow Southbank Institute
structure was then broken down and taken to a nearby concrete
of Technology to deliver
world-class training in
recycling plant to be processed into road base.
some of the most
The measurement of success on a project like this is linked
technologically advanced
to the ability of the client, Southbank Institute, to operate at all
buildings in Australia,”
Mr Welford concluded.
times and be impacted as little as possible by the construction
activities. Through the good relationship that has developed
with the Institute, John Holland was able to schedule their
construction activities around class timetables and, in particular, exams, when noisy
construction activities had to be kept to a minimum. The process of design and program
review between John Holland and Southbank Institute was, therefore, of great importance.
John Holland is very proud to have been associated with this first PPP building project
in Queensland, currently being delivered ahead of time and on budget.
45
46
The $250m Green Square
Development project is
drawing to conclusion with
the recent completion of
the 6 Star Green Star–Office
Design v2 rated North Tower.
The development is a mixed
use corporate office park
incorporating over 45,000m2
of A-Grade office space
over two tower buildings,
set on a two hectare site in
Fortitude Valley. The site,
on the corner of St Paul’s
Terrace and Constance
Street, is less than 2km
north of the Brisbane
CBD and only 250m from
the Brunswick Street
Railway Station.
NORTH TOWER
LINKING FORTITUDE VALLEY, BOWEN HILLS AND THE ROYAL BRISBANE HOSPITAL,
THE GREEN SQUARE DEVELOPMENT PROJECT
T has been a catalyst for the Brisbane
ANDREW BORGER
EXECUTIVE DIRECTOR AND
QUEENSLAND MANAGER
LEIGHTON PROPERTIES
When the Green Square
Development began,
Leighton Properties was a
very large and dominant
office developer in the
Australian marketplace but
at that point in time it had no
green building development
experience. Now Leighton
Properties is one of the
largest green developers
in the country.
City Council’s Urban Renewal Plan in what is becoming one of Brisbane’s most prosperous
new fringe areas. The Green Square Development project started in mid 2004. Last year,
Green Square South Tower achieved the first 5 Star Green Star – Office Design v2 rating in
Queensland. The new 24,000m2 North Tower is the only completed 6 Star Green Star – Office
Design v2 rated building in Queensland. As Australia is now faced with complying with an
emissions trading scheme from 2010, Leighton Properties’ management decided that reducing
the energy consumption requirements of the North Tower was a way of preparing for this
objective. The future owner of the development, ISPT, was also very keen to come on board
and achieve a 6 Star Green Star rating.
Upgrading to the 6 Star Green Star – Office Design v2 rating for the North Tower was
the equivalent of moving from an existing Australian environmental excellence standard
to a world excellence standard. The first challenge encountered in the upgrading was to
identify the appropriate technology required and to bring it to Australia. Leighton Properties
worked closely with their design team and importantly their construction partner, Leighton
Contractors, to identify all of the opportunities for taking that significant step. In the end, the
decision was made to utilise a cogeneration (or combined heat and power) system, where gas
is used to create energy on site as an alternative to using coal powered energy sources.
Once the technology was identified, the project team sourced plant and equipment from
offshore suppliers and underwent training overseas to be able to use this equipment in the
best possible way. Identifying the gas supplier was the next task along with the drafting of
a long term gas supply agreement for the project.
Another challenge was that Brisbane City Council, the local authority, had not approved
any form of cogeneration system before, so Leighton Properties worked alongside them in
formulating a policy framework to approve the project. Leighton Properties then worked with
the Green Building Council because, again, cogeneration was a new technology to them and
their assessment system had to be reviewed in order to evaluate the North Tower.
The application of this cogeneration technology has resulted in a 71% reduction in
the North Tower’s day-to-day greenhouse emissions compared to a normal building. The
Leighton Properties team regards this as a major achievement and believes that it will have a
large impact on the environment’s future and will hopefully benefit future generations. Green
Square North Tower has become a benchmark for Leighton Properties - a basis for improving
the environmentally friendly nature of future developments.
Green Square is more than a couple of sustainable buildings. The development, through
the acquisition of the site by Leighton Properties from the Brisbane City Council, has funded
a high tech utility building (delivered in 2006) and, in the next 12 months, will also see the
delivery of a two unit child care centre, a community building and an affordable housing
building. Additionally Green Square provides a very important pedestrian link between the
new $35m upgrade at the Brunswick Street railway station and the $2bn expansion of the
Royal National Association (RNA) Showgrounds.
47
48
KEY STATISTICS
A summary of key financial indicators for the last 5 years
Summary of Financial Position
Share capital
Total equity attributable to equity holders of the parent
Total equity
Total liabilities
Total assets
Summary of Financial Performance
Revenue - Group and joint ventures
Profit before finance costs and tax
Profit before tax
Income tax expense
Profit for the year
Profit for the year attributable to members of the parent entity
Financial Statistics
Dividends per ordinary share
Earnings per ordinary share
– basic
– diluted
Return on equity attributable to equity holders of the parent
Return on total assets
Profit before finance costs and tax to total revenue
Profit for the year attributable to members of the
parent entity to total revenue
Dividend times covered
Dividend payout ratio
Interest times covered
Net tangible assets per ordinary share
Current ratio
Total equity to total assets
Total equity to total liabilities
Gross borrowings to total equity
Number of employees
2008
$’000
2007
$’000
2006
$’000
2005
$’000
2004
$’000
480,988
1,484,991
1,485,214
4,979,013
6,464,227
480,988
1,350,473
1,354,599
3,390,603
4,745,202
479,744
1,102,901
1,103,269
2,700,019
3,803,288
421,851
893,207
894,495
2,111,197
3,005,692
421,851
844,267
855,915
1,888,968
2,744,883
14,542,218
902,684
767,948
158,857
609,091
607,888
11,891,489
618,351
584,096
128,860
455,236
450,042
10,033,594
396,710
371,153
93,764
277,389
276,069
7,607,344
325,732
299,380
82,176
217,204
215,191
6,003,824
179,476
161,358
39,296
122,062
110,031
145.0¢
110.0¢
66.0¢
50.0¢
45.0¢
218.6¢
216.1¢
40.9%
9.4%
6.2%
162.3¢
162.0¢
33.3%
9.5%
5.2%
100.2¢
100.0¢
25.0%
7.3%
4.0%
78.9¢
78.9¢
24.1%
7.2%
4.3%
40.4¢
40.4¢
13.0%
4.0%
3.0%
4.2%
1.5
66.3%
6.7
$4.91
0.8
23.0%
29.8%
103.6%
37,112
3.8%
1.5
67.8%
18.1
$4.56
1.0
28.5%
40.0%
26.7%
27,834
2.8%
1.5
65.9%
15.5
$3.77
1.2
29.0%
40.9%
35.5%
25,405
2.8%
1.6
63.4%
12.4
$3.17
1.1
29.8%
42.4%
28.8%
21,270
1.8%
0.9
111.5%
9.9
$3.04
1.2
31.2%
45.3%
26.5%
15,768
DIRECTORY AND OFFICES
LEIGHTON HOLDINGS
LIMITED DIRECTORY
PRINCIPAL REGISTERED
OFFICE IN AUSTRALIA
KEY SUBSIDIARIES
Board of Directors
David Allen Mortimer AO
Wallace MacArthur King AO
Dieter Siegfried Adamsas
Martin Carl Albrecht AC
Achim Drescher
Peter Allan Gregg
Robert Douglas Humphris OAM
Burkhard Lohr
Herbert Hermann Lütkestratkötter
Ian John Macfarlane AC
Peter Michael Noé
David Paul Robinson
Leighton Holdings Limited
Leighton Contractors Pty Limited
Leighton International FZ LLC
ABN 57 004 482 982
ABN 98 000 893 667
Head Office
472 Pacific Highway
St Leonards NSW 2065
Australia
T: +61 2 9925 6666
F: +61 2 9925 6005
www.leighton.com.au
E: [email protected]
Head Office
Level 8, Tower 1
495 Victoria Avenue
Chatswood NSW 2067
Australia
T: +61 2 8668 6000
F: +61 2 8668 6666
www.leightoncontractors.com.au
Head Office
Correspondence Address
PO Box 502656, DMC #14
Dubai, United Arab Emirates
Alternate Director
Robert Leslie Seidler
Associate Directors
Louis Scott Charlton
Mark Charles Gray
Peter John McMorrow
David George Savage
David King Saxelby
David Graeme Stewart
Hamish Gordon Tyrwhitt
William Joseph Wild
Secretary
Ashley John Moir
Produced by Communications, Leighton Holdings Limited
Designed by Frost Design, Sydney
Project Photography by Kraig Carlstrom
People Photography by Karl Schwerdtfeger
Print Management by MIXinc
Printing by Geon Group NSW
Principal Bankers
Commonwealth Bank of Australia
48 Martin Place
Sydney NSW 2000 Australia
National Australia Bank Limited
255 George Street
Auditor
KPMG
The KPMG Centre
10 Shelley Street
Thiess Pty Ltd
ABN 87 010 221 486
Head Office
Thiess Centre
179 Grey Street
South Bank Qld 4101
Locked Bag 2009
South Brisbane Qld 4101 Australia
T: +61 7 3002 9000
F: +61 7 3002 9009
www.thiess.com.au
John Holland Group Pty Ltd
Share Registrar Office
Computershare Investor
Services Pty Limited
GPO Box 7045
T: 1300 855 080
ABN 37 050 242 147
Head Office
70 Trenerry Crescent
Abbotsford Vic 3067
Australia
T: +61 3 9934 5209
F: +61 3 9934 5275
www.johnholland.com.au
Dubai Internet City
Office No. G01
Ground Floor
EIB Building No. 05
Alfa Building {Opposite GE Building}
Dubai, United Arab Emirates
T: +9714 423 0300
F: +9714 427 8145
www.leightonint.com
Leighton Properties Pty Limited
ABN 41 009 765 379
Head Office
472 Pacific Highway
St Leonards NSW 2065
Australia
T: +61 2 9925 6666
F: +61 2 9925 6152
www.leightonproperties.com.au
Leighton Asia Limited
Head Office
39th Floor
Sun Hung Kai Centre
30 Harbour Road
Hong Kong
T: +852 2823 1111
F: +852 2528 6119
www.leightonasia.com
49
GATEWAY
UPGRADE
PROJECT IN
QUEENSLAND
In Brisbane, a joint venture
between Leighton Contractors
and Abigroup is designing
and constructing the largest
bridge and road project in
Queensland’s history, the
$1.4bn Gateway Upgrade
Project. The project involves
the construction of a
second Gateway Bridge,
the refurbishment of the
existing Gateway Bridge,
upgrading of 12km of the
Gateway Motorway and
construction of a new
7km Gateway Motorway.
The new Gateway Bridge
will equal the existing bridge
as one of the 10 longest
cantilever box girder bridges
in the world when completed
in late 2010. Standing on
17 piers of varying heights
– the shortest at 17m and the
tallest at 54m – the bridge
requires 150,000 tonnes of
concrete and 11,600 tonnes
of steel, and has a design
life of 300 years.

Leighton Fourth Quarter Update 07/08 and Annual

Transcription

Similar documents

Contra dance - Maple Leafs Regroup

October 2015 - Leighton Village

Corbetts Hill Farm

C:\Documents and Settings\Chris\Desktop\Anne

Voice 8th March 2010 - Vandyke Upper School

Mortgage Services complaints procedure

February 5, 2016 Dear MEDICHEM Board Colleagues, dear