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TRANSCRIPT
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IMPORTANT NOTICES
Important notice and disclaimer
• This document is a presentation of general background information about the activities of Spotless Group Holdings Limited (Spotless) current at the date of the
presentation, (23 February 2016). The information contained in this presentation is of general background and does not purport to be complete. It is not intended to be
relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.
These should be considered, with or without professional advice, when deciding if an investment is appropriate. Spotless is not licensed to provide financial product
advice in relation to Spotless securities or any other financial products.
• Accordingly, Spotless, its related bodies corporate and any of their respective officers, directors and employees (Spotless Parties), do not warrant the accuracy or
reliability of this information, and disclaim any responsibility and liability flowing from the use of this information by any party. To the maximum extent permitted by law,
the Spotless Parties do not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document.
Forward looking statements
• This document contains certain forward looking statements and comments about future events, including Spotless’ expectations about the performance of its
businesses.
• Forward looking statements can generally be identified by the use of forward looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’,
‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of,
and guidance on, future earnings or financial position or performance are also forward looking statements.
• Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other
forward looking statements will not be achieved. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or
guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause Spotless’ actual results
to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements and many of these factors are outside
the control of Spotless. As such, undue reliance should not be placed on any forward looking statement. Past performance is not necessarily a guide to future
performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements,
forecast financial information or other forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise,
representation, warranty or guarantee as to the past, present or the future performance of Spotless.
Pro forma financial information
• Spotless uses certain measures to manage and report on its business that are not recognised under Australian Accounting Standards. These measures are referred to
as non-IFRS financial information.
• Spotless considers that this non-IFRS financial information is important to assist in evaluating Spotless’ performance. The information is presented to assist in making
appropriate comparisons with prior periods and to assess the operating performance of the business. Non-IFRS information has not been subject to audit or review in
accordance with Australian Auditing Standards.
• All dollar values are in Australian dollars (A$) unless otherwise stated.
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HIGHLIGHTS
Business
update
• Debt facilities extended on improved terms with an additional $100m
• Strategy reset focused on growth, unlocking value, refining operating model and optimising
service offerings
• Continuing to leverage strong core
• Management team capabilities expanded with new appointments
• Acquisition integrations on track to be completed by 30 June 2016
Results
• Results in line with guidance - EBITDA and NPAT flat and down 20% respectively
• Underlying revenue and EBITDA growth of 23% and 19% respectively
• Operating cash flow used to fund acquisitions working capital requirements of acquired
businesses, work in progress and the exit of a supply contract
• Interim dividend of 3.5 cents representing a payout ratio of 73%
Outlook
• Pipeline strong with visibility through 2H16
• On track to deliver against trading update provided on 2 December
• Contestable market is growing
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CONTENTS
PERFORMANCE UPDATE
MARKET POSITION, STRATEGY AND OUTLOOK
DETAILED FINANCIALS
1
2
3
4
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1H16 FINANCIAL SUMMARYSignificant underlying growth
and guidance achieved
1.1
6
132
156
1H15 1H16
1,302
1,606
1H15 1H16
Reported result
Underlying result
(1) , (2)
Revenue
23% increase
EBITDA
19% increase
57
65
1H15 1H16
NPAT
14% increase
Note (1): Normalised for legacy pass through revenue ($44m).
Note (2): Includes $16.5m of revenue from acquisitions.
Note (3): Normalised for re-measurement of property make good provisions ($5m).
Note (4): Normalised for tender write-off ($9m), small bid costs ($5m), transaction costs ($1m) and acquisition integration costs ($4m).
Note (5): Guidance provided in December 2015 market update.
Significant underlying growth and guidance achieved
Revenue EBITDA NPAT
1,346 1,606 +19% 137 137 +0% 60 48 (20%)
Guidance achieved (5)
(3)
(4)
Acquisition
contribution311
16Acquisition
contribution
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512
553
1H15 1H16
372
624
1H15 1H16
139
149
1H15 1H16
Underlying Revenue
Health, Education & Gov. Commercial & Leisure Base & Township Laundries & Linen
Revenue growth driven by
increased sales in Health &
Government (organic and new
contracts)
Growth partially offset by
decreased Education revenue
Revenue increase driven by
acquisitions and catering
contract wins
Partially offset by lower
activity within retail and
cleaning (Business and
Industry)
Base & Township delivered a
solid performance in the
Defence sector
Partially offset by reduced
revenue in the Resources
sector
Growth was largely driven by
the Prime Laundry acquisition
which was completed in
August 2015
8% increase 68% increase 0% increase 7% increase
Commentary
Health, Education & Gov. Commercial & Leisure Base & Township Laundries & Linen
280 281
1H15 1H16
1.2
All segments performing strongly
7
PERFORMANCE BY SECTOR AND SEGMENT
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MARGINS
Margins
Facility Services
Laundries
Reported Underlying
Reported Underlying
1.3
Contract margins maintained
9.7%
8.4%
9.6% 9.5%
1H15 1H16 1H15 1H16
29.9%
25.0%
29.5% 27.7%
1H15 1H16 1H15 1H16
Commentary
Margins maintained not withstanding
acquisition of businesses with lower than
Group’s margins
New contract wins on comparable margins to
historical experience
Laundries expected to be adversely affected
by acquisition integration related issues
Better than historical margins expected to be
achieved as integration issues resolved
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WIN AND RENEWAL RATES
BY NUMBERWin
rates
Renewal
rates
By number By revenue
FY14A 34% 27%
FY15A 45% 36%(1)
FY16 - YTD 50% 23%(2)
FY14A 63% 75%
FY15A 78% 91%
FY16 - YTD 84% 79%
Note (1): FY15 benefited from an unusually high number of large renewals, 31% excl. WA housing win.
Note (2) 12% including a key township contract loss.
Renewals strong, win rate
improving with limited risk to 2H16
1.4
Enhancing key account management to focus on renewals
Greater focus on multi-service line contracts
Over $400m of annual revenues in wins/ renewals in 1H16
Renewals strong, with limited risk to 2H16
Win rates and renewal rates
Commentary
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ACQUISITIONS UPDATE AND CONTRIBUTION
Acquisition Date Acquired Integration Update
Aladdin 17 Sep 14 On track
ILS 26 Sep 14 Delivering by 30 June
Prime Laundry 26 Aug 15 On track
TGS 28 Nov 14 Complete and rebuilding
AE Smith 27 Feb 15 Delivering by 30 June
UASG 1 Jul 15 Complete
1.5
Acquisitions remain attractive and will make a strong contribution to group
earnings when they reach their full potential
Total 1H16 revenue and EBITDA contribution of $311m and $16m(1) respectively(2)
10
Note (1): Includes corporate overhead allocation of $8m.
Note (2): 1H15 included $16.5m revenue and nil EBITDA.
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BALANCE SHEET POSITION1.6
11
Net debt position
($m) 1H16 FY15
Cash (40) (105)
Debt 842 669
Net debt 802 564
Impacted by acquisition costs and working capital requirements of
acquired businesses
Credit metrics comfortably within financial covenant requirements
Debt covenants
ND / EBITDA Interest cover
Committed debt facilities maturity profile
Amendment and extension of existing A$638m syndicated
debt facility on more favourable terms
Debt headroom increased via five year A$100m syndicated
facility
Weighted average debt maturity extended from 1.8 to 3
years
1.8x
2.5x
10.1x
8.9x
3.0x
3.5x
535
410
115
200
425
213
100
FY17 FY18 FY19 FY20 FY21
Jun-15 committed facilities Dec-15 committed facilities
Improved debt maturity profile
80
120
AmountDrawn
Fully drawn
Fully drawn
Undrawn
AmountDrawn
FY15 1H16 FY15 1H16
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OPERATING CASH FLOW
Note (1): Please see page 22 for more detail.
1.7
Operating cash flow movements(1)
Reported
operating cash
flow before
interest and tax
Working capital
injection into
acquired
businesses
WIP – major
contract
Exit of National
food and bev.
supply contract
1H16 1H15
41
63
95
41
22
32
14
109 108
Axis
Tit
le
Operating cash flow utilised to fund acquisitions and large contract wins
Commentary
Unfavourable changes in
working capital driven by
funding provided to recently
acquired businesses
Delays in the receipt of a
number of large debtors and
work in progress relating to
major contract, expected to be
invoiced in 2H16
One-off impact from large
national food and beverage
supply contract
12
41
109 108
A
B
C
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SAFETY
Safety initiatives:
• Sector and work stream risk profiling project to identify risks and to develop targeted programs
to manage the risks
• OHS Management System certification (ANZS4801 & 18001) maintained and expanded to
include newly acquired AE Smith and UASG businesses
• Incident reporting system (IRIM) review project commenced
• Implementation of safety leadership training program
• Strong injury management process
Initiatives translating to improved performance for FY16:
• 40% reduction in lost time injury frequency rate YTD
• 36% reduction in days lost following injury (severity rate) YTD
1.8
Safety of our employees is paramount
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2 Market position, strategy and outlook
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STRATEGY RESET
Spotless has commenced a strategy reset to accelerate growth and deliver attractive
returns. The focus of the developing roadmap includes:
UNLOCK VALUELeading market position and strong core
business
• Delivery excellence & customer
centricity
• Agile operating model & margin
focus
• Deliver returns from acquired
businesses
• Strengthen balance sheet
• Cross-sell into existing contracts
• Optimise service offerings
REPOSITIONEnable and facilitate the growth agenda
• Improve brand recognition
• Prioritise innovation & product
development
• Collaboration
• Extend business development
capability to improve growth rate
• Facilitate a high performance culture
• Strengthen account management &
level & quality of engagement with
customers
EXTENDSector prioritisation and extending
services
• Improve focus on growing areas of
contestable market
• Mobilise PPPs & orient towards
multi-service expandable contracts
• Leverage and extend our services
through adjacencies
• Benefit from economic trends
• Use our scale & footprint to take
market share & benefits from
consolidation
2.1
Strategy reset to accelerate growth
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NEW MANAGEMENT TEAM IN PLACE TO DELIVER STRATEGY2.2
16
CEO & Managing Director
Martin Sheppard
Mergers &
Acquisitions &
Special Projects
Geoff Barnsley
Risk &
Compliance &
Legal
Paul Morris
Chief Financial
Officer
Nigel Chadwick
Chief Operating
Officer
Dana Nelson
Brand, Innovation
& Technology
Julian Fogarty
Markets & Growth
Agi Luczak
People,
Performance &
Culture
John Douglas
Sectors
Government,
Education &
Transport
Infrastructure,
Comms & Utilities
(AES and UASG)
Township
(Resources &
Defence)
PPP’s and Health
Business,
Hospitality,
Leisure & Security
New Zealand Laundries
Subject Matter Experts / Sales Executive / Business Development
Food & Catering CleaningMaintenance /
Construction
PPP /
Government /
Education
ResourcesFacilities
ManagementSecurity
New person Scope increased
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LEVERAGE STRONG CORE2.3
17
c.5 years
c.8%
c.82%
revenue
Largest 200
contracts=
c.78%
revenue
Largest single
contract=
c.4%
revenueAverage contract
tenure=
Gov't backed
contracts(4)=
c.50%
revenue
% of FY16
revenue due for
renewal in 2H
=
Revenue
contracted=
1. Largest Facility Services Provider in ANZ(1),(2) 2. High quality and diverse customer base(3)
94.6%
5.4%
0%
20%
40%
60%
80%
100%
Axis
Tit
le
5.4% with no price growth
mechanism
94.6% with embedded growth
mechanism
Facility Mgt.
Catering &
Food
Cleaning
Laundry &
Linen
Security
3. Favourable end market exposure 4. Embedded price growth mechanism(3)
Source: Company and ASIC filings.
Note (1): The market is defined by reference to the services Spotless currently provides to the four end-market customer sectors
that Spotless currently serves – Health, Education & Government; Commercial & Leisure; Base & Township; and Laundry &
Linen – and includes both Facility Services and Laundries services. It does not include potential revenue from adjacent customer
sectors that Spotless does not currently serve but that may be regarded as part of a broader facility services industry.
2.8
2.0
1.4
1.2
0.8 0.8 0.8
0.5
Axis
Tit
leLate
st A
ustr
alia
and
New
Zeala
nd R
evenue,
A$bn
(FY15) (2014) (FY15) (2014) (2014) (2015)(FY15)
Compass
Group
Broad-
spectrumSerco ProgrammedISS Sodexo
(FY15)
Skilled
34%
39%
17%
9%
Health, Educ.,Gov't
Commercial &Leisure
Base & Township
Laundry & Linen
Only 8% resource Exposure
Note (2): Estimate of revenue derived from Australian and New Zealand public filings – Compass (FY Sept 2014, ANZ); Broadspectrum (FY 2015, ANZ,
Revenue from Logistics and Facilities Management segment only); Serco (FY Dec 2014, ANZ); ISS (FY Dec 2014, ANZ); Programmed (FY 2015, ANZ,
Revenue from Property and Infrastructure segment only, does not include contribution from Skilled merger.; Skilled (FY 2015, ANZ), Revenue from Workforce
Services segment only; Sodexo (FY Aug 2015, ANZ). New Zealand Dollar revenues have been converted to Australian Dollars using the RBA daily rate of
1.0734 as of 19 February 2016.
Note (3): Based on identified contracts greater than $1 million annual revenue.
Note (4): Based on top 200 identified contracts by FY16 Forecast revenue.
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GROWING AND CONTESTABLE MARKET2.4
Spotless is well positioned in growth markets across all its segments
Health, Education
& Gov.Commercial & Leisure Base & Township Laundries & Linen
Growth
Extent
outsourcedMedium High High High
Spotless
presenceMedium Medium Low High
Key
opportunities
Current low level of
outsourcing in health
Low Spotless
presence in Education
Low penetration of
Integrated Facilities
Management (IFM)
Large market with
growth
Moderate Spotless
footprint
Low IFM penetration
Low IFM penetration
High growth with
further scope to
increase market share
Government desire to
extend defence
outsourcing
Government owned
laundries
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Source: Frost & Sullivan – Facilities Management Market in Australia Nov 14.
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3 Market position, strategy and outlook3 Detailed financials
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REPORTED P&L RESULTS
Commentary
Revenue growth underpinned by stable
existing business performance and acquisition
contribution
Underlying EBITDA growth reflects strong
performance from Defence contract,
Government contracts (new and existing) and
contribution from acquired businesses
Acquired revenue and EBITDA of $311m and
$16m respectively
Underlying profit growth affected by increased
depreciation, largely due to impact of
acquisitions, impact of the new Defence
contract and FY15 capex spend
Depreciation reflects increases from:
– Acquired businesses
– Mobilisation costs
– Bid cots
Amortisation reflects increases from:
– IT platform
– Customer contracts
$m 1H16 1H15 % Var
Reported Sales Revenue 1,606 1,346 +19%
Underlying Revenue 1,606 1,302 +23%
Reported EBITDA 137 137 +0%
Underlying EBITDA 157 132 +19%
Depreciation (41) (29) +41%
Amortisation (8) (6) +33%
Net finance costs (20) (16) +25%
Income tax expense (21) (26) (19%)
Reported NPAT 48 60 (20%)
Underlying NPAT 65 57 +14%
3.1
20
(1) (1)
Note (1): ) Numbers rounded to nearest $m.
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REPORTED TO UNDERLYING RECONCILIATION
Commentary
1H15 Revenue impacted by legacy pass
through revenue in Facility Services which has
discontinued
1H16 EBITDA negatively impacted by a
number of significant items including
– Large tender bid costs on two unsuccessful
bids ($9m)
– Treatment change on bid costs ($5m)
– Transaction costs associated with the USG
and Prime Laundry acquisitions ($1m)
– Acquisition integration costs relating to
Laundries and AE Smith ($4m)
1H15 was impacted by the positive impact of
the $5m remeasurement of property make
good provisions
$m 1H16 1H15
Reported Sales Revenue 1,606 1,346
Legacy pass through - (44)
Underlying Sales Revenue 1,606 1,302
Reported EBITDA 137 137
Tender write-off 9 -
Small bid costs 5 -
Transaction costs 1 -
Acquisition integration costs 4 -
Re-measurement of property make good provisions - (5)
Underlying EBITDA 156 132
NPAT 48 60
Significant items 19 (5)
Income tax on significant items (3) 2
Underlying NPAT 65 57
3.2
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CASH FLOW
$m 1H16 1H15 % Var
Underlying operating cash flow
before interest and tax109 108 +1%
Working capital injection into
acquired businesses(22) (5) >100%
Work in progress – major contract (32) - n/a
Exit of national food and beverage
supply contract(1) (14) - n/a
Net interest and tax (24) (14) +64%
Operating cash flow 18 89 (80%)
Investing Activities
Acquisition of businesses (103) (53) +95%
Net investments for PP&E, IT
systems and pre-contract costs(79) (63) +26%
Free Cash Flow (165) (27) >100%
Underlying operating cash flow higher than
previous year
However operating cash flow lower than
previous year after taking into account:
– Significant items
– Unfavourable changes in working capital
driven by funding provided to recently
acquired businesses
– Timing in the receipt of a number of large
debtors
– Work in progress relating to major contract,
expected to be invoiced in 2H16
Note (1): During the half year the consolidated entity exited a national food and beverage supply contract which resulted in a one-off $14m net outflow of cash during the half year
ended 31 December 2015.
Commentary
3.3
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NET DEBT MOVEMENT3.4
23
All balances impacted by acquisition
accounting
Goodwill largely relates to PEP
acquisition ($827m), with remainder
relating to recent acquisitions
Working capital impacted by:
– Effect of acquisitions
– Increase in contract WIP
– Timing of debtor receipts
Commentary
Net debt bridge
564 694 754 786 796
564
130
60 32 10 6
802
30 Jun 2015net debt
Impact frominvestment in
businessacquisitions
Full yeardividend
New contractWIP
Increasedinterest cost
Other Total
Axis
Tit
le
Summary balance sheet
$m 1H16 FY15 % Var
Current assets 514 536 (4%)
Non-current assets 1,690 1,519 +11%
Goodwill 1,027 911 +13%
PP&E and other 663 608 +9%
Current liabilities 435 450 (4%)
Non-current liabilities 977 794 +23%
Net current assets 80 86 (7%)
Net assets 793 810 (2%)
Net debt 802 564 +42%
Gearing 50% 41%
Net debt as at 31 December of $802m
– 2.5x Net debt / EBITDA vs. 1.8x at 30
June 2015
Change since FY15 results driven by:
– Final dividend of $60m
– Acquisition related funding of c.$130m
– Working capital investment of c.$32m
partly relating to large contracts
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FY16 GUIDANCE REAFFIRMED3.5
• Revenue will materially exceed FY15
• Reported EBITDA – flat year on year
• EBITDA excluding significant items to exceed FY15 by approx. 5%
• Reported NPAT – approx. 10% below FY15 (including tax-effected significant items and increased
depreciation)
• NPAT excluding significant items expected to be flat year on year
ALL GUIDANCE SUBJECT TO ECONOMIC CONDITIONS
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4 Summary
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Summary4.1
26
• Results in line with guidance
• Underlying business performance strong
• Integration of acquired businesses progressing well
• Management team strengthened
• Strategy reset to deliver growth
• Contestable market and pipeline growing
Spotless is the largest, most diversified essential services
provider in Australia and New Zealand, with a strong pipeline
of opportunities in a growing market
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5 Appendices
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SIGNIFICANT CONTRACT WINS AND RENEWALS
Customer Services Quarter won / renewed
Ren
ew
als
SA Health Integrated 1Q16
NAB Catering 2Q16
Clipsal 500 Integrated 1Q16
NSW Land and Housing
Corporation Maintenance 2Q16
Virgin Brisbane Domestic Terminal Cleaning / Food 2Q16
BHP Billiton FM / Maintenance 2Q16
Win
s
WA Schools PPP 1Q16
Rio Tinto Hail Creek Township management 1Q16
Vic Schools PPP 2Q16
GSK Integrated 2Q16
Greater than $30m.
Over $400m of contract wins and renewals in 1H16
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5.1
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MOST DIVERSIFIED OFFERING
SERVICE Facility
management
Venue
management
Accommodati
on
management
Fleet
management
Car park
management
Concierge &
mailroom
Event
management
Patient
management
Security
services
Venue
management
Food service
solutions
Cleaning &
hygiene
solutions
Laundry,
linen &
uniforms
Security
services
Asset and
building
maintenance
Waste
management
Grounds &
garden care
services
Pest control
services
Concierge
HVAC
services
Refrigeration
BIM (Building
Information
Modelling)
Prefabrication
/
Modularisatio
n
Engineering
design
Commissioni
ng (NEBB
Certified)
Electrical,
plumbing,
drainage
Asset
maintenance
Mechanical &
electrical
services
Retail fitouts
Building
trades
services
Painting
services
Grounds &
gardens
Pest control
Building
management
systems
Fire &
emergency
services
Energy &
water
management
Handyman
services
Asset
installation &
maintenance
Meter
installation &
replacement
Meter reading
Energy
conservation
Pole
reinstatement
Asset
inspection &
monitoring
Street light
maintenance
& globe
replacement
Electrical
construction
&
maintenance
Vegetation
management
Stadia, venue
& event
catering
Dining rooms
& cafés
Functions
Corporate
hospitality
Retail food &
beverage
Venue
management
Cafeterias
Canteens,
cafés
Retail food &
beverage
Resident
dining
Aged care
Schools &
colleges
Mining camps
& defence
sites
Hospital
patient meals
Functions &
boardrooms
Meals on
wheels
Venue, event
& precinct
cleaning
Waste
management
& recycling
Commercial,
retail &
industrial
cleaning
Waste
management
& recycling
Hygiene &
washroom
services
Window
cleaning
Concierge &
mailroom
Crowd control
Event
management
Close circuit
television
(CCTV)
Alarm
systems
Access
control
24 hour alarm
monitoring
People
tracking
Risk
management
screening
Duress
systems
First aid
response
Patrols
Concierge
services
Linen supply,
laundering &
management
Accommodati
on
Hospitality
Healthcare
Sterilising
Workwear
laundering,
rental &
management
Workwear
supply &
design
Floor care &
washroom
services
SECTORS Business &
Industry
Defence
Education
Government
Health
Laundries
Leisure,
Sports &
Entertainment
PPP
Resources
Utilities
Leisure,
Sports &
Entertainment
Business &
Industry
Defence
Education
Government
Health
Laundries
Leisure,
Sports &
Entertainment
PPP
Resources
Business &
Industry
Defence
Education
Health
Government
Leisure,
Sports &
Entertainment
Resources
Business &
Industry
Defence
Education
Government
Health
Laundries
Leisure,
Sports &
Entertainment
PPP
Resources
Utilities
Business &
Industry
Leisure,
Sports &
Entertainment
Business &
Industry
Defence
Education
Health
Government
Resources
Leisure,
Sports &
Entertainment
Business &
Industry
Defence
Education
Health
Government
Resources
Business &
Industry
Education
Government
Health
Leisure,
Sports &
Entertainment
Resources
Business &
Industry
Defence
Education
Government
Health
Laundries
Leisure,
Sports &
Entertainment
Resources
SERVICE
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ENGINERING SERVICES AND
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UTILITIES
SERVICESFOOD SOLUTIONS CLEANING SECURITY LAUNDRY
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5.2
For
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