h lf y r lt 2011 half year result 2011 - worleyparsons.com/media/files/w/worleyparsons/do… ·...
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H lf Y R lt 20111
Half Year Result 2011John Grill
Overview
Improved conditions in second quarter
Improved conditions in a number of key markets
● Upstream hydrocarbons strongp y g
● Canadian oil sands improving
Continued success in long term gcontracts and global relationships
Ongoing demand for EcoNomics services as projects restartservices as projects restart
Numerous “Pit to Port” feasibility studies secured
Developing world providing most project opportunities
Exxon Mobil Arkutun-Dagi, Russia
Challenges
Challenging conditions in some k tmarkets
• US power sector
US d t h d b• US downstream hydrocarbons sector
Continued negative impact ofContinued negative impact of Australian dollar
Queensland, Middle East and North Africa operations interrupted
TVA Hydro power, USA
Financial Overview
Aggregate revenue $2,916.4m up 14.5%
Net profit after tax $128.6m down 6.8%
Operating cash flow $124.7m down 15.5%p g $
Earnings per share 52.4 c/s down 7.7%
Dividend 36 0 c/s fully frankedDividend 36.0 c/s fully franked
Negative FX translation impact of $14.1m
Strong financial capacity
People
32,900 personnel 41 countries
Safety Performance
CATEGORY FY10 1H11
Total Recordable Case (TRC) Frequency Rate* 0.15 0.09
Lost Workday Case (LWC) Frequency Rate* 0.02 0.02* WorleyParsons applies the US OSHA reporting requirements
MAJOR SAFETY ACHIEVEMENTS IN THE PERIOD75 illi h LWC f S di P l NCP j t S di A bi● 75 million hours LWC free on Saudi Polymer NCP project, Saudi Arabia
● 20 million hours LWC free on Singapore Parallel Train, Singapore● 4 million hours LWC free – Tengizchevroil TCO Projects, Kazakhstan● 3 million hours LWC free – ExxonMobil MIPS contract, Nigeria● Six years LWC free at OneSteel, Australia● Crisis response programs - Queensland, Egypt, Bahrain, Libya, ChristchurchCrisis response programs Queensland, Egypt, Bahrain, Libya, Christchurch
Material Award – BP Iraq
Customer(s): BP Iraq, Petrochina(CNPC), Iraq State Oil Marketing(CNPC), Iraq State Oil Marketing Organisation (SOMO)
Scope of Services: Conceptual D i FEED d i t b tDesign, FEED and services to boost production from the super-giant Rumaila Oil Field, Iraq
World’s second largest producing oil field, contributing approximately 10% of Middle East production, 7% of OPEC production and 3% of global production
Support from London & UAE for IraqSupport from London & UAE for Iraq team
Initial revenue > USD100m
Material Award – QGC
Customer: QGC
Project: Queensland Curtis Island LNG facility
S D t il d i i dScope: Detailed engineering and procurement services for the upstream gas field and related infrastructure
Potential Revenue: > $580m
Execution Centre: Brisbane
Material Award – ExxonMobil Hebron
Customer: ExxonMobil Canada
Scope of Services: FEED with option for engineering, procurement and construction services (ExxonMobil’s discretion)
Execution centres – Houston, USA and St John’s in Canadaand St John s in Canada
Estimated revenue for full FEED/EPC services US$285m over 5 years
Reinforcement of our premier position in upstream offshore and arctic marketsmarkets
Additional Material Awards
BP – Global AgreementOnshore Facilities Developments• Onshore Facilities Developments
• Engineering & Project Management Services
ExxonMobil Sakhalin 1 Artukun Dagi Platform –Russia• Increased Scope
$• Est. Rev. – US$500m
MEG Energy – Canada C S G C $• Christina Lake SAGD Facility - Est. Rev.-CAD$20-25m
• Master Services Agreement
Husky Oil – Canada• Sunrise Energy Project – Est. Rev.- CAD$250m• Engineering Procurement Fabrication Construction
Additional Material Awards
Gazprom - Russia• Shtockman Phases 2 & 3• Front End Engineering Services (FEED)
ConocoPhillips – North SeaConocoPhillips North Sea • Jasmine Area Development• Detailed Design and Procurement Services
E M bil C dExxonMobil – Canada• Hebron Project - Est. Rev. - A$285m• Front End Engineering With Subsequent EPC Option
Mobil Producing Nigeria – Nigeria • Satellites Phase 2 Contract Extension• Offshore Facilities Upgrade
Hancock Coal - Australia• Alpha Coal Project – Est. Rev A$285m
P M t S i (JV ith A )• Program Management Services (JV with Ausenco)
Significant Improve Awards & Renewals
SHELLNational Services Agreement
MEG ENERGYMaster Services AgreementSUNCORSupplier of Choice Agreement
SASOL
Multi Regional Agreements
IMPERIAL OILEngineering - Nanticoke
SHELL USAPipeline & terminals services
KPOEngineering Services
SASOLIntegrated Procurement Services
Anglo AmericanRio TintoDupont
PETRONAS
BP CHEMICALSEngineering Services
SARAWAK SHELLMaster Engineering Services
UCLAOperations & Maintenance
Engineering Services
TALISMAN ENERGYOffshore Engineering
USCFParnassus Central Utilities O&M
DUKE ENERGY
PACIFIC NATIONAL
TOTAL BRUNEIEngineering ServicesTOTAL NIGERIA
E i i S i
DUKE ENERGYMaster Service Consulting
PACIFIC NATIONALEngineering & Procurement
Engineering ServicesORYX
Technical Services ANGLO COAL AUSTRALIASix Coal mines
229 Improve contracts – 16 new contracts, 6 renewals
Kv3 Overview
Kwezi V3 Engineers - Leading multi-disciplinary infrastructure engineeringdisciplinary infrastructure engineering consultancy based in South Africa
Investment – A$45.4m
Majority of clients are government bodies, including local and provincial governments and state-ownedgovernments and state owned enterprises
Kv3 – 845 personnel
Total across Africa - 1900 personnel
Fi i l lt14
Financial resultsDavid Housego
Financial Profile
$m HY10 HY11 vs. HY10 vs. 2H10
Aggregated Revenue 2,548.1 2,916.4 14.5% 20.6%
EBIT 209.8 202.5 (3.5%) (6.9%)
EBIT i 8 2% 6 9% (1 3%) (2 1%)EBIT margin 8.2% 6.9% (1.3%) (2.1%)
Net profit 138.0 128.6 (6.8%) (16.0%)
Net profit margin 5 4% 4 4% (1 0%) (1 9%)Net profit margin 5.4% 4.4% (1.0%) (1.9%)
Normalized EPS (cps) 1 62.8 56.6 (9.9%) (13.1%)
Cash flow from operating activities 147.5 124.7 (15.5%) (5.6%)g ( ) ( )
USD:AUD rate 0.869 0.943 (8.5%) (5.6%)
1 Before amortization of intangibles including tax effect of amortization expense
HY11 - refers to the six months ended 31 Dec 2010HY10 - refers to the six months ended 31 Dec 20092H10 - refers to the six months ended 30 Jun 2010
Financial ProfileEBIT Margin %
6,219.4
4 967 1
Revenue1 $m
8 1 9.1
10.7 9.7
8.6 3 256 1 2,916.4
3,525.4
4,882.4 4,967.1
8.1
6.9
1,455.8
2,354.1
3,256.1 2,548.1
St th
2006 2007 2008 2009 2010 2011
343 9
390.5 Net profit $m
2007 2008 2009 2010 2011
Strong revenue growthMargin impacted by United States operations and FX ($14.1m)224.8
343.9
291.1
Effective tax rate down 0.8% to 24.4% due to change in earnings mix
61.894.5
152.7197.5
138.0 128.6
139.1
2006 2007 2008 2009 2010 2011
1 Aggregated revenue
Change In Net Profit HY11 vs. HY10
10 5 (8.4)
1 4 0.51.0
10.5
(1.7)4.4
(3.0)(14.1)
1.4
m
138.0 128 6
$m
128.6
HY10 Hydrocarbons Power Minerals & Metals
Infrastructure &
Environment
Corporate overhead
Net borrowing costs
Income Tax Minority Interest
FX Impact HY11
Hydrocarbons
3,604.8
4,740.1
3 425 4
Revenue 1 $m
AME 21%USLAC
18%
HY11 Revenue1 % by Region
1,760.3 2,373.7
1,869.1 1,768.9
2,579.1
, 3,425.4
1,950.3
AME 21%18%
817.3 1,026.0
2006 2007 2008 2009 2010 2011
ANZ 17%E&A 18%
Canada growth in half
Revenue % of Group 71.9% 73.2% 73.8% 76.2% 69.0% 66.9%EBIT Margin 8.9% 9.3% 10.8% 11.2% 11.0% 9.5%
EBIT by Region HY11 vs 2H10 2 $m
Canada 26%
Canada growth in halfEurope and Africa; solid growth off low base in 2010. Project restarts and early work assisting
194.4
181.2 (1.4) (2.2) 4.4
15.7 (2.1)(9.4)
186.2
restarts and early work assistingUnited States operations downstream impact
1 Aggregated revenue
2 Regions in constant currency
HY10 2H10 AME ANZ Canada E&A USLAC FX Impact
HY11
Power
546.3 509.4
Revenue 1 $m
AME 9%
HY11 Revenue1 % by Region
217 7
289.3 303.3 367.8
437.4 465.9
247.3ANZ 21%USLAC 45%
173.2 188.1 217.7
Canada 7%
Revenue % of Group 15.0% 12.4% 9.5% 8.8% 10.3% 10.4%EBIT Margin 13.0% 13.2% 13.0% 12.2% 7.7% 5.7%
2006 2007 2008 2009 2010 2011
E&A 18%
EBIT by Region HY11 vs 2H10 2 $m
4 out of 5 markets upUnited States operations continue to be challenging
18.820.5 1.5
2.0 0.42.1 (7.4)
(1.8)17.3
continue to be challenging
1 Aggregated revenue
2 Regions in constant currency
HY10 2H10 AME ANZ Canada E&A USLAC FX Impact HY11
Minerals & Metals
583.0 562.5
Revenue 1 $mUSLAC
11%
HY11 Revenue1 % by Region
371.8 318.1
200.8
291.4
469.3
239.8
AME 26%Canada
10%
E&A 3%
112.9 129.3
214.1 200.8
2006 2007 2008 2009 2010 2011
Revenue % of Group 8.2% 8.3% 9.6% 9.4% 11.3% 10.9%EBIT Margin 13.8% 14.7% 17.0% 14.2% 13.7% 8.7%
2006 2007 2008 2009 2010 2011
EBIT by Region HY11 vs 2H10 2 $m
ANZ 50%
Number of major projects winding down2nd half 2010 included project27.7
49.3 (12.2)
(11.3)4.4 (0.4) (1.1) (0.9) 2 half 2010 included project
incentivesHigh degree of workshareF ibilit bi t
27.7 ( ) ( ) (0.9)27.8
Feasibility bias on current workload1 Aggregated revenue
2 Regions in constant currency
HY10 2H10 AME ANZ Canada E&A USLAC FX Impact HY11
Infrastructure & Environment
344.7 342.4 350.0
469.8Revenue 1 $m
AME 16%USLAC 9%
HY11 Revenue1 % by Region
221.3 191.9
121 6
214.9
AME 16%
Canada
E&A 10%
31.5 112.4
162.0 121.6
2006 2007 2008 2009 2010 2011ANZ 49%
Canada 16%
Revenue % of Group 4.9% 6.1% 7.0% 5.6% 9.5% 11.8%EBIT Margin 8.0% 9.5% 12.1% 8.6% 10.2% 8.4%
2006 2007 2008 2009 2010 2011
1 5
EBIT by Region HY11 vs 2H10 2 $m
ANZ largest market, Evans & Peck; good startO ll t iti ith
19.0
28.70.4 2.3 1.5 (3.2)
(0.2) (0.6) 28.9
Overall segment positive with a small growth over 2H10
HY10 2H10 AME ANZ Canada E&A USLAC FX HY11
1 Aggregated revenue
2 Regions in constant currency
HY10 2H10 AME ANZ Canada E&A USLAC FX Impact
HY11
Cash Flow
$m HY08 HY09 HY10 HY11EBITDA 263.1 354.5 252.2 249.2
Interest and tax paid (75.0) (102.9) (132.3) (56.0)
Working capital / other (76.5) (17.1) 27.6 (68.5)Working capital / other (76.5) (17.1) 27.6 (68.5)
Net cash inflow from operating activities 111.6 234.5 147.5 124.7
Net cash outflow from investing activities (104 0) (82 4) (51 0) (23 6)g (104.0) (82.4) (51.0) (23.6)Net cash (outflow)/inflow from financing activities 10.2 (110.5) (111.1) (48.2)
Key metrics:
DSO (days) 99.4 87.0 75.3 72.9
Cash from operations / net profit (%) 73.1% 118.7% 106.9% 97.0%
$20.8m paid for increased share of China J.V (80%) and South African J.V.PP&E spend $15.0m in HY11, $28.4m in HY10Dividend declared: 36 c/s fully frankedde d dec a ed 36 c/s u y a ed
Liquidity & Gearing
Key Metrics Jun-09 Jun-10 Dec-10
G i ti 25 5% 25 8% 23 8%
Liquidity Summary $m Jun-09 Jun-10 Dec-10
L & OD f iliti 1 376 1 1 286 1 1 129 2Gearing ratio 25.5% 25.8% 23.8%
Facility utilization 54.2% 60.8% 62.5%
Average cost of debt 5.5% 5.2% 5.0%
Loan & OD facilities 1,376.1 1,286.1 1,129.2
Less: facilities utilized (745.2) (781.5) (705.5)
Available facilities 630.9 504.6 423.7
Average maturity (years) 4.1 3.8 3.5
Interest cover 14.1x 13.3x 12.1x
Plus: cash 178.3 140.5 170.0
Total liquidity 809.2 645.1 593.7
Net Debt/EBITDA * 0.8x 1.2x 1.0x
Bonding facility utilization 52.9% 50.1% 56.0% Bonding facilities 452.5 669.1 633.5
Refinanced Syndicated Facility tranche of US$60m to Feb 2012 Loan and overdraft facilities of $105.5m maturing in calendar year 2011 ($54.3m overdraft)overdraft)Gearing of 23.8%; retain significant financial capacityUnsecured notes payable offered in United States private debt market. USD207m
t i i fi t t ith fi d l Fi i l l dmaturing in five to ten years with a fixed annual coupon. Financial close and funding expected March 2011
S t P f24
Sector Performance & Outlook - John Grill
Hydrocarbons
Strong performance in unconventional gasunconventional gas
Maintaining premier position in upstream offshore market
Continued recovery in oil sands
Onshore oil market strong through Middle East
Leadership in deepwater and subsea marketssubsea markets
Increasing LNG presence in global market
Kashagan Full Field Development, KazakhstanKazakhstan
Hydrocarbons Major Projects SHELL KashaganFull Field Development
SHELLAlliance Contract
SHELL
SAMREF Clean Fuels
EXXONMOBILArkutun-Dagi Platform
Albian Sands Expansion 1
TOTALJoslyn North Mine
EXXONMOBILSingapore Parallel Train
WOODSIDEPluto EPCM
KEY PROJECTKEY PROJECT
Hydrocarbons Projects & Key Awards
SHELL Kashagan Full Field Development
SHELLAlliance Contract
SHELL
SAMREF Clean Fuels
EXXONMOBILArtukun Dagi Platform
HUSKY ENERGYSunrise Energy
CONOCO PHILLIPSJasmine OffshoreAlbian Sands Expansion 1
TOTALJoslyn North Mine
Jasmine OffshoreEXXONMOBILHebron Development
BPRumaila FEED
GAZPROMShtockman Phases 2&3
EXXONMOBILSingapore Parallel Train
CHEVRONGendalo Gehem Subsea
BP Global Onshore Developments
CHEVRONWaffra Enhanced Oil Recovery
WOODSIDEPluto EPCM QGC
Queensland LNG Upstream
MOBIL PRODUCING NIGERIASatellites project
EXXONMOBILPort Stanvac Demolition
KEY PROJECTNEW PROJECTKEY PROJECT
HydrocarbonsOUTLOOK
● Unconventional gas sector● Unconventional gas sector opportunities are being realized in Australia, Oman and Canada
● Ongoing improvement in the Canadian oil sands market
● Strength in the upstream market has● Strength in the upstream market has resulted in a number of significant awards in Canada, Southeast Asia, Middle East and the CaspianMiddle East and the Caspian
● US downstream operations to remain challenging for some time
● We expect improved earnings in the Hydrocarbons sector in the second half of 2011
ExxonMobil Longford Facility, Australia
Power
Strong presence in nuclear market• Feasibility studies and program
management in the developing world
• Operations and maintenance support in developed worlddeveloped world
Air quality control market continues to show positive signs
Networks market showing strong growth in a number of regions
Presence in the operations and maintenance market expanding
Power Operations and Maintenance, USA
Power - Projects
QATAR PETROLEUMHalul Power Supply
NUCLEAR POWER PROGRAMEgypt
TENNESSEE VALLEY AUTHORITYPlant Support contract
NUCLEAR POWER PROGRAMArmenia
Halul Power Supplygyp
NUCLEAR POWER PROGRAMJordan
NEKBelene Nuclear Power
LOY YANG POWER
VERVE ENERGYPower Services
LOY YANG POWERMine and Power Station Maintenance
KEY PROJECTKEY PROJECT
Power - Projects & Key Awards
QATAR PETROLEUMHalul Power Supply
NUCLEAR POWER PROGRAMEgyptBRUCE POWER
TENNESSEE VALLEY AUTHORITYPlant Support contract
NUCLEAR POWER PROGRAMArmenia
Halul Power Supplygyp
NUCLEAR POWER PROGRAMJordan
TENNESSEE VALLEY AUTHORITYFossil and Hydro Services
INTER RAO UESNuclear Bankable feasibility study
NEKBelene Nuclear Power
New water demineralising plant
ENMAXEngineering Services
TUAS POWERTenbusu Cogeneration
SINGAPORE POWEREast West Cable Tunnel
SP POWERGRDGas Transmission Pipelines
VERVE ENERGYUNIVERSITY OF CALIFORNIA LA
LOY YANG POWERMine and Power Station Maintenance
Power ServicesUNIVERSITY OF CALIFORNIA LAParnassus Central Utilities
PETROBRASNew Diesel Hydrotreating Plant
ALUPAR INVESTIMENTOFerreira Gomes Hydropower plant
KEY PROJECTNEW PROJECTKEY PROJECT
Power Outlook
OUTLOOK
Contin ed foc s on s pport for● Continued focus on support for projects across the developing world
● Attractive market for nuclear services across almost all geographies
● Improve services in developed world markets remains a prioritymarkets remains a priority
● Focus on air quality projects should see an improved operational performance in the United States
● We expect improved earnings in the Power sector in the second half of
Bruce Power, Ontario Canada
Power sector in the second half of 2011
,
Minerals & Metals
Expanding presence with Tier 1 customers worldwide
Significant number of studies underway as the new phase of industry investment commencesindustry investment commences
“Pit to Port” solutions being well received by the market for stranded iron ore and coal
Revival of iron ore and base metals marketsmarkets
Ma'aden Beneficiation Plant, Saudi Arabia
Minerals & Metals Projects
US STEELContinuous Annealing Line
MA’ADEN PHOSPHATE Phosphate development
MA’ADEN ALUMINAAlumina developmentAlumina development
ALMATISPhase III project
FORTESCUE METALS GROUP
SASOLShondoni project
2nd Port Outloader Circuit
VALES11D Iron Ore
KEY PROJECT
GINDALBIE METALS Karrara iron ore project
Shondoni project
KEY PROJECT
Minerals & Metals Projects & Studies
US STEELContinuous Annealing Line
MA’ADEN PHOSPHATE Phosphate development
MA’ADEN ALUMINAAlumina development
KCM BULGARIALead Smelter projectAlumina development Lead Smelter project
ALMATISPhase III project
EVONIKQDCC Carbon Black plant
ORICAPrill PlantFORTESCUE METALS GROUP
SASOLShondoni project
2nd Port Outloader Circuit WICETCoal TerminalHANCOCK COALAlpha Coal
VALES11D Iron Ore
Shondoni project
GINDALBIE METALS Karrara iron ore project
KEY PROJECT
NEW STUDY
ANGLO AMERICANChagres Smelter BHPB URANIUM
Process Plant studyALCOA REFINERY
Residue projects KEY PROJECTResidue projectsCSPB
AN Plant expansion NEW PROJECT
Minerals & Metals OutlookOUTLOOK● China and India remain the pre-eminent
demand drivers● Conditions in the sector have improved with
strong evidence of additional capital spending by customers
● Trend towards regional and global service agreements with major tier 1 customers is g jexpected to continue
● Strong focus on developing-world projects, particularly in Latin America and Africaparticularly in Latin America and Africa
● The opportunities for ‘pit to port’ projects are particularly strongW t i d i i th Mi l● We expect improved earnings in the Mineral & Metals sector in the second half of 2011
EMAL, Abu Dhabi
Infrastructure & Environment
Good performance by Evans & Peck• Enhancing I&E capability in front end and
feasibility evaluation stage of major resource projects
E N i bilit i ti thEcoNomics capability assisting the award of new projects across the world“Pit t P t” t di idi“Pit to Port” studies providing optimal positioning for the business Remediation services in Canada and Australia showing growth
FMG Pilbara Iron Ore, Australia
Infrastructure & Environment Projects
IVANHOEOyu Tolgoi Copper Mine Infrastructure
AGIPErskine West Rail Project
MA’ADENInfrastructure
ORIGIN ENERGYEnvironmental Impact Services
ELECTRONORTEBelo Monte Environmental Services
KEY PROJECT
HANCOCK COALBankable Feasibility Study
OAKAJEE PORT AND RAILProgram Management
KEY PROJECT
Infrastructure & Environment Projects & Awards
IVANHOEOyu Tolgoi Copper Mine Infrastructure
AGIPErskine West Rail ProjectGASCO
Sulphur Handling Station
PNG ENERGYMA’ADEN
Infrastructure
ORIGIN ENERGYEnvironmental Impact Services
KUWAIT OIL COMPANYKOC Hospital
PNG ENERGYEnvironmental Services
EXXONMOBILWest Qurna 2 Environmental
ASHGHALWaste Water Treatment Plants
FMGPort Hedland 155mt Feasibility Study
WOODSIDEBrowse Geotechnical
OAKAJEE PORT AND RAILProgram Management
ELECTRONORTEBelo Monte Environmental Services
FMGAnketell Port Feasibility Study KEY PROJECT
HANCOCK COALBankable Feasibility Study
NEW STUDYAnketell Port Feasibility Study KEY PROJECT
NEW PROJECT
Infrastructure & EnvironmentOUTLOOK
● Continued development across key● Continued development across key sectors and regions particularly pit-to-port capability throughout Australia, Africa and Latin AmericaAfrica and Latin America
● Increased demand for remediation and decommissioning of spent facilities
● Acquisition of KV3 in South Africa, provides strong support for further project success across Africap j
● The prospects for our Infrastructure & Environment services remain positive for the second half of 2011 and we expectthe second half of 2011 and we expect earnings growth
FMG “Pit to Port”, Australia
Group Outlook
“Following a challenging first half that was impacted by a strong Australian dollar and tight margins we expect the markets for our services to improve through theand tight margins, we expect the markets for our services to improve through the second half of the financial year. Based on stable currency markets and market conditions remaining positive, we expect to report increased earnings for the full yearyear.
“Recent flooding in Queensland will have some effect on the results of our Australian operations. The current unrest and resultant instability in parts of the p y pMiddle East and North Africa is of concern, with the impact difficult to estimate at this stage.
“Based on our competitive position, our diversified business operations and our strong financial capability, we are confident that WorleyParsons’ medium and long-term prospects remain positive.“The company continues to evaluate opportunities for new business growth that add to our existing capabilities and provide value for shareholders.”
Appendices
FX Translation Impact
FX Translation Impact
125.0
130.0
Movement in Major Currencies
AME 19%USLAC 19%
HY11 Revenue1 % by Region
110.0
115.0
120.0
95.0
100.0
105.0
ANZ 25%
E&A 16%
FX translation impact ~$14.1m net profit HY11 vs. HY10
Jun-
09
Aug-
09
Oct-0
9
Dec-
09
Feb-
10
Apr-1
0
Jun-
10
Aug-
10
Oct-1
0
Dec-
10
USD GBP CAD
Canada 21%
Currency Annualized AUD $m NPAT translation impact of 1c ∆
AUD:USD 1 0
Currency HY10 HY11 FY09 ∆
AUD:USD 86 9 94 3 (8 5%)AUD:USD 1.0
AUD:GBP 0.5
AUD: CAD 1.0
AUD:USD 86.9 94.3 (8.5%)
AUD:GBP 53.0 60.2 (13.6%)
AUD: CAD 93.7 96.8 (3.3%)1 Aggregated revenue