Main points for me from the call were: - continued strengthening...

Main points for me from the call were:

- continued strengthening of balance sheet in 2015;
- margins impacted by provision for doubtful debts esp. Mongolia (though confident that majority of disputed amount owing will be recovered);
- secured revenue of $700M in 2015 (although Mongolia makes up $60-70M of this) - estimating $750-$1B revenue in 2015 but will be difficult to get to $1B;
- there will continue to be pressure on margins in 2015 but management will not buy the business by shaving margins too much (good!);
- no dividend 2014 - main reasons were to continue strengthening BS, no franking credits, rolling out finances - though stated intention is to provide dividends to 50% of profit after tax;
- share buy-back is an option given lack of franking credits and SP well under asset backing;
- still has clear support of Leighton Group.

Overall, slow and steady recovery in a difficult market.