Ann: Preliminary Final Report-WOR.AX, page-11

To release result in middle of mkt open was tricky. I didn't post any estimates reFY16 as it was so murky but here are first observations:
They've left till FY16 yr end to 'restate' the figures for Fy15??
Margins are low. At 2.6% there is (excuse the pun) very little margin for error.
FY16 has zero impairment of goodwill v 198m last yr. Yet company is worse shape than a yr ago.
Order book stretching over next 36months is only 4.2B!! Yet rev of 7.2B in FY15. (p.43 a must read)
Paying 90m less tax in fy16 helped bottom line.
Zero div whereas i thought 12c was possible.

Infrastructure wk up substantially to 60m but small % overall.
Europe and ME are bright lights.
Debt has dropped slightly but with interest rate of 4.8% it needs to.
Outlook statement is murky (as usual) and non-committal. But overall the language is negative.
The small amount of future work locked in makes me believe very hard times lie ahead for WOR.

SP has covered a big range in the first 75mins and is currently down 2cents. I expect it to drift lower throughout the day and over next couple of weeks.

What do other readers reckon?

disclosure: Hold short position in WOR.