Overview Key strengths Key risks Vertically integrated waste service provider. High leverage in a weak operating environment increases reliance on shareholder support. Landfill and recycling assets provide advantages over competitors. Exposed to cyclical demand via infrastructure, residential, and non-residential construction markets Strong market presence in Sydney and growing presence in Melbourne and southeast Queensland. Moderate scale in a fragmented market limits pricing power. Highly regulated industry, with inherent environmental risks. This follows the provision of a A$100 million shareholder loan and the company's steps to manage its Eastern Creek land purchase obligation. The shareholder loan alleviates risks surrounding the availability of funds from the company's existing A$75 million revolver. The revolver facility is likely to be limited to A$30 million
