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H2 2012 RESULTS – Amec Plc

Amec Plc · Aug 9, 2012 · 37 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. H2 2012 RESULTS – Amec Plc – slide 1
    AMEC plc Half-year results 2012 9 August 2012
  2. H2 2012 RESULTS – Amec Plc – slide 2
    Agenda Introduction Samir Brikho, Chief Executive Financial performance Ian McHoul, Chief Financial Officer Vision 2015 strategy: mid-point update Samir Brikho 22
  3. H2 2012 RESULTS – Amec Plc – slide 3
    Strong performance continues H1 2012 Strong operating performance Revenue 2,026 million, up 37 per cent Diluted EPS 36.1 pence, up 25 per cent Operating cash flow, up 89 per cent Order intake up over 25 per cent - forward visibility…
  4. H2 2012 RESULTS – Amec Plc – slide 4
    AMEC plc Half-year results 2012 Ian McHoul, Chief Financial Officer
  5. H2 2012 RESULTS – Amec Plc – slide 5
    Highlights million 6 months ending 30 June 2012 2011 Revenue 2,026 1,484 +37% EBITA* 152 122 +25% EBITA margin 7.5% 8.2% -70bps Operating cash flow** 142 75 +89% Profit before tax* 157 126 +24% Earnings per share*** 36.1p 28.8p…
  6. H2 2012 RESULTS – Amec Plc – slide 6
    Highlights Versus million 6 months ending 30 June 2012 2011 Revenue 2,026 +37% Excl. impacts of currency movements +28% and acquisitions Excl. impact of incremental procurement +15% activity in Natural Resources (i) EBITA margin…
  7. H2 2012 RESULTS – Amec Plc – slide 7
    Natural Resources million 6 months ending 30 June 2012 2011 Revenue 1,200 790 +52% EBITA 92 84 +10% EBITA margin 7.6% 10.6% -300bps Average employees* 13,411 11,657 +15% Order book 2.19bn 2.07bn +6% Strong organic growth;…
  8. H2 2012 RESULTS – Amec Plc – slide 8
    Natural Resources Revenue growth (%) EBITA development (m) +23 -15 +26% +52% +25% +1% Strong performance from all sectors * Year-on-year impact of material acquisitions and disposals ** Year-on-year impact of currency…
  9. H2 2012 RESULTS – Amec Plc – slide 9
    Natural Resources H2 2012 outlook Good demand H2 growth expected to be much lower than H1 Incremental procurement 50 per cent of H1 levels Engineering revenue similar to last year Phasing of project execution only Double digit…
  10. H2 2012 RESULTS – Amec Plc – slide 10
    Power & Process million 6 months ending 30 June 2012 2011 Revenue 454 432 +5% EBITA 39 35 +11% EBITA margin 8.5% 8.1% +40bps Average employees* 7,370 6,946 +6% Order book 0.94bn 0.82bn +15% Steady progress * Full time…
  11. H2 2012 RESULTS – Amec Plc – slide 11
    Power & Process Revenue growth (%) EBITA development (m) +4% +5% +2 +2 +1% Strong performance in renewables/bioprocess * Year-on-year impact of material acquisitions and disposals ** Year-on-year impact of currency…
  12. H2 2012 RESULTS – Amec Plc – slide 12
    Environment & Infrastructure million 6 months ending 30 June 2012 2011 Revenue 397 289 +38% EBITA 36 24 +50% EBITA margin 9.1% 8.3% +80bps Average employees* 6,776 5,213 +30% Order book 0.55bn 0.49bn +12% Improving…
  13. H2 2012 RESULTS – Amec Plc – slide 13
    Environment & Infrastructure Revenue growth (%) EBITA development (m) +38% +1% -1% +38% +6 +6 Increasing collaboration with other divisions * Year-on-year impact of material acquisitions and disposals ** Year-on-year…
  14. H2 2012 RESULTS – Amec Plc – slide 14
    Tax 2012 FY 2011 FY 2010 FY Estimate Actual Actual Approximate underlying rate1 29% 29% 30% P&L charge2 24% 24.1% 25.9% Cash paid 30m 36m 38m Underlying rate stable Canadian and UK corporate tax rates reducing Higher profit…
  15. H2 2012 RESULTS – Amec Plc – slide 15
    Operating cash flow million 6 months ending 30 June 2012 2011 EBITA 152 122 JV EBITA (12) (13) Statutory PBIT 140 109 JV dividend received 6 4 Non-cash items* 14 10 160 123 Working capital (18) (48) Operating cash flow** 142 75…
  16. H2 2012 RESULTS – Amec Plc – slide 16
    Cash conversion million Half year comparables Aggregate cash conversion over last 5 years 90% * Before amortisation and exceptional items ** Before capital transactions and shareholder returns 16 16
  17. H2 2012 RESULTS – Amec Plc – slide 17
    Cash flow million 6 months ending 30 June 2012 2011 Operating cash flow 142 75 Acquisitions and disposals* (179) (276) Interest and tax 2 (19) Dividends (34) (25) Share acquisitions (152) (10) Other** (8) (25) Net cash flow (229)…
  18. H2 2012 RESULTS – Amec Plc – slide 18
    Balance sheet Strong balance sheet Cash at 30 June 2012 of 290 million Moving to a more efficient capital structure Return of capital On market share buyback programme of 400m As at 8 August 2012 returned 191m(i) Revolving credit…
  19. H2 2012 RESULTS – Amec Plc – slide 19
    2012 outlook Revenue growth Double-digit underlying growth for full year H2 2012 growth significantly lower than H1 2012 Boosted by H1 acquisitions Full-year margin stable, excluding incremental procurement Financial strength…
  20. H2 2012 RESULTS – Amec Plc – slide 20
    AMEC plc Half-year results 2012 Strategy: mid-point review
  21. H2 2012 RESULTS – Amec Plc – slide 21
    Vision 2015 strategy update Mid-point review Strategic priority Delivering Strengthen customer relationships Expand existing customers and win new Deliver excellence consistently Deliver assured growth Expand geographic…
  22. H2 2012 RESULTS – Amec Plc – slide 22
    Strengthening customer relationships Delivering excellence consistently Goal Expand positions with existing customers, win new customers By continually delivering excellence inspire trust and loyalty in customers Progress…
  23. H2 2012 RESULTS – Amec Plc – slide 23
    Delivering assured growth Building the best team Goal Attract, develop, retain the best people Progress Average number of employees up 30% since 2009 Acquisition-led growth Average number of employees1 2012: (156 million2): Serco…
  24. H2 2012 RESULTS – Amec Plc – slide 24
    Delivering assured growth Expanded geographic footprint Goal Upsizing in select geographies: Australasia, South America, Middle East Progress Revenue ROW2 up 100% Australasia Middle East South America Key contracts1 Key…
  25. H2 2012 RESULTS – Amec Plc – slide 25
    Delivering assured growth Expanded geographic footprint (continued) Goal Continued growth in North America and UK/Europe Progress Revenue up UK +39%, Canada +67%, US +60% North America UK/Europe Key contracts1 Key contracts1 MWCC…
  26. H2 2012 RESULTS – Amec Plc – slide 26
    Delivering assured growth Enhanced capability Deepwater / complex upstream projects; asset support, duty holder, subsea Goal engineering, pipeline engineering, underground mining Progress Building market share and delivering integrated…
  27. H2 2012 RESULTS – Amec Plc – slide 27
    Delivering assured growth Enhanced capability (continued) Improve and extend service offering: nuclear, renewable energy, environmental Goal consultancy, water Progress Building market share and delivering integrated services Clean…
  28. H2 2012 RESULTS – Amec Plc – slide 28
    Strong financial performance Managing four levers Goal EPS 100p by 2015 Progress Expect to deliver EPS target ahead of schedule Revenue1 m Balance sheet1 m Diluted FY EPS2 p CAGR: 17.2% Share buyback*: 158 million (+33 million)…
  29. H2 2012 RESULTS – Amec Plc – slide 29
    Mid-point strategy update Summary Strategy on track Good progress to date delivering ahead of schedule Next 2.5 years about taking performance to next level Expect to deliver EPS target of greater than 100p ahead of 2015 Vision…
  30. H2 2012 RESULTS – Amec Plc – slide 30
    AMEC plc Half-year results 2012 Questions
  31. H2 2012 RESULTS – Amec Plc – slide 31
    AMEC plc Half-year results 2012 Supplementary information
  32. H2 2012 RESULTS – Amec Plc – slide 32
    Dividend Interim dividend declared at 11.7p, up 15% Progressive policy Dividend cover in range 2 to 2x Interim ; final Reflects confidence in business performance and outlook 32 32
  33. H2 2012 RESULTS – Amec Plc – slide 33
    v North American currencies 2012 2011 H1 H1 % Income statement Cdn 1.59 1.58 +1% US 1.58 1.63 -3% Balance sheet Cdn 1.60 1.55 +3% US 1.57 1.61 -2% 33 33
  34. H2 2012 RESULTS – Amec Plc – slide 34
    Profit reconciliation Per consol income Joint(ii) Per million 6 months ending 30 June 2012 statement ventures presentation Natural Resources 92 Power & Process 39 Environment & Infrastructure 36 Investments & other 3 Corporate costs…
  35. H2 2012 RESULTS – Amec Plc – slide 35
    Order book billion As at: Jun 12 Dec 11 Jun 11 Natural Resources 2.19 2.19 2.07 Power & Process 0.94 1.04 0.82 Environment & Infrastructure 0.55 0.48 0.49 3.68 3.71 3.38 35 35
  36. H2 2012 RESULTS – Amec Plc – slide 36
    Tax rate* Group million 6 months ending 30 June 2012 companies JVs Total EBITA per presentation 140 12 152 Net financing income 7 (2) 5 147 10 157 Tax (36) (2) (38) PAT per consolidated income statement 111 8 119 Tax rate 24.3% 18.7%…
  37. H2 2012 RESULTS – Amec Plc – slide 37
    Revenue by markets and geography (H1 2012) By market By geography Environment & Infrastructure Government services: 4% Industrial/Commercial: 3% Transport/Infrastructure: 3% Water/Municipal: 3% Oil & Gas Clean Energy Oil & Gas:…

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