pathetic SBB, page-11

thebeautifulstyle, the 2013 annual report indicates 2012 total revenue of 1.87B (880M mining and 990M construction) and 2013 revenue of 1.65B (1.17B mining and 581M construction) with an order book value of 3.2B. Last revenue guidance provided, at the November AGM I believe, was for 285M with the possibility of increasing to early 300M with project wins.

It is unclear how much of the 285M is locked in and whether any value is attributable to successful extension of contracts due to expire in the reporting period and what the timing of revenue generated from new projects is (invariably revenue ramps up a little more slowly than forecast).

Of course, it is project profit that pays the bills and it is yet to be seen what profit will be derived from the new work. I'll make the point again that the new work has been won in a very, very competitive environment.