News: NWH NRW Holdings updates on debt rescheduling agreement, page-6

Patience!

I'm guessing the delay in getting ink on paper for the debt renegotiation was assessing the impact of the FAL project. I was wondering why we didn't get this announcement in May. Anyway, no surprises here - Order book of $1Bn and Total Debt for FY16 = $96m lines up with what we know already. With some luck that order book will grow between now and end of 2016. It doesn't include any extra work NRW gets on FAL or any extra RIO work.

No immediate changes in debt for the FAL project too, probably too soon but surely some new machinery is needed over the next 12 months? Any thoughts from the Civil experts on when and how big that will be?

No mention of Net Debt or EBITDA/NPAT for FY2016 which I think we can assume means the last guidance of "EBITDA and NPAT positive" still stand.

The $1m question: Cash flow for H2? (was the good work in H1 real or was it distorted by Samsung payoff? I'm hoping not but I'm not clear).

Now the debt is back in it's box, the main thing the market will care about:
- EPS for 2016 (we're looking for 4c +)
- Any dividends or even strong talk of dividends

Cheers,
pb