Ann: Half Year Results, page-32

Hi pb and Pioupiou..... FAL was the project empowering NRW to leapfrog it’s way into rapid good health so I don’t think it will ever be viewed as a skeleton in the closet...however I would like to know if possible lower profit margins from FAL, (however benignly these might be viewed) would be the reason the margins for the civil division are less than half of those of the mining contracts?
Or is it just that civil wotk is less valuable? (Pioupiou has spoken before about the lesser financial value of a ‘grunt’ company mainly doing earthworks.)
Or am I just not understanding the way the numbers work ?


With reference to NRW and FAL I also don’t understand the sub-contractor status you were just speaking of vs it’s other connections to the JV and would appreciate more explanation.
From reading the statement in the report it seems to me the limited liability /limited gain gives clear boundaries around a high profile contract that is a hot bed of political, union, media and public concerns.
(This containment also highlights how heinous was the calculated shorting attack in December that was pinned on FAL issues to do with the time extension and insurance concerns around the sink holes.)

Thanks for talking about this stuff !

Cheers