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H2 2013 RESULTS – Amec Plc

Amec Plc · Aug 8, 2013 · 39 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 2013 RESULTS – Amec Plc – slide 1
    AMEC plc Half-year results 2013 8 August 2013
  2. H2 2013 RESULTS – Amec Plc – slide 2
    AMEC plc Half-year results 2013 Samir Brikho, Chief Executive
  3. H2 2013 RESULTS – Amec Plc – slide 3
    Agenda Introduction Samir Brikho, Chief Executive Financial performance Ian McHoul, Chief Financial Officer Progress update Samir Brikho 3
  4. H2 2013 RESULTS – Amec Plc – slide 4
    On track for Vision 2015 and sustainable growth beyond Solid H1 results EPS up 16 per cent Order book at record high Interim dividend up 15 per cent Resilient business model Geographic structure creating new opportunities…
  5. H2 2013 RESULTS – Amec Plc – slide 5
    AMEC plc Half-year results 2013 Ian McHoul, Chief Financial Officer
  6. H2 2013 RESULTS – Amec Plc – slide 6
    Changes to reporting in 2013 New organisation structure announced October 2012 2013 results presented under new geographic structure Restated half year results for 2010 2012 also included in this presentation Rules on pensions…
  7. H2 2013 RESULTS – Amec Plc – slide 7
    Summary million (6 months ended 30 June) 2013 2012 Change Revenue 1,998 2,026 -1% EBITA1 158 152 +4% EBITA margin 7.9% 7.5% +40bps Operating cash flow2 56 142 -60% Profit before tax3 154 151 +2% Earnings per share4 40.4p 34.8p…
  8. H2 2013 RESULTS – Amec Plc – slide 8
    Revenue by geography Versus 2012 million 2013 Headline Underlying Underlying (6 months ended 30 June) (excluding FX and (Excl. procurement) 2 acquisitions)1 Americas 1,154 -5% -7% +1% Europe 596 +7% +2% +2% Growth Regions 265…
  9. H2 2013 RESULTS – Amec Plc – slide 9
    Revenue by market Versus 2012 million 2013 Headline Underlying Underlying (Excl. (6 months ended 30 June) (excl. FX and procurement) 2 acquisitions)1 Oil & Gas 1,001 +5% +3% +14% Mining 249 -25% -26% -26% Clean Energy 474 - -7%…
  10. H2 2013 RESULTS – Amec Plc – slide 10
    EBITA margin1 2013 2012 million Headline Excl. Headline Excl. (6 months ended 30 June) procurement2 procurement2 Americas 9.8% 10.7% 9.1% 10.9% Europe 6.5% 6.5% 7.8% 7.8% Growth Regions 6.1% 6.1% 4.8% 4.8% Total 3 7.9% 8.3% 7.5%…
  11. H2 2013 RESULTS – Amec Plc – slide 11
    Americas million (6 months ended 30 June) 2013 2012 2011 Revenue - Oil & Gas 428 466 258 - Mining 219 272 170 - Clean Energy 293 264 211 - Environment & Infrastructure 214 216 155 Total 1,154 1,218 794 EBITA 113 111 83 EBITA…
  12. H2 2013 RESULTS – Amec Plc – slide 12
    Americas Revenue growth (%) EBITA development (m) +2% -8% +1 +1 -2 +2 1,218m +1% 113m 1,154m 111m 2012 (H1) Net Forex** Incremental Organic 2013 (H1) 2012 (H1) Net Forex** Incremental Organic Margin 2013 (H1)…
  13. H2 2013 RESULTS – Amec Plc – slide 13
    Europe million (6 months ended 30 June) 2013 2012 2011 Revenue - Oil & Gas 398 328 243 - Mining - 3 5 - Clean Energy 172 208 227 - Environment & Infrastructure 26 16 18 Total 596 555 493 EBITA 39 44 43 EBITA margin 6.5% 7.8%…
  14. H2 2013 RESULTS – Amec Plc – slide 14
    Europe Revenue growth (%) EBITA development (m) 2% +5% -11 +5 +1 596m 44m 39m 555m 2012 (H1) Net Forex** Organic 2013 (H1) 2012 (H1) Net Forex** Organic Margin 2013 (H1) acquisitions* acquisitions* revenue…
  15. H2 2013 RESULTS – Amec Plc – slide 15
    Growth Regions million (6 months ended 30 June) 2013 2012 2011 Revenue - Oil & Gas 175 161 128 - Mining 30 59 44 - Clean Energy 9 4 2 - Environment & Infrastructure 51 38 33 Total 265 262 207 EBITA 16 12 16 EBITA margin 6.1%…
  16. H2 2013 RESULTS – Amec Plc – slide 16
    Growth Regions Revenue growth (%) EBITA development (m) +3% +4 -2% 265m 16m 12m 262m 2012 (H1) Net Forex** Organic 2013 (H1) 2012 (H1) Net Forex** Organic Margin 2013 (H1) acquisitions* acquisitions* revenue Cost…
  17. H2 2013 RESULTS – Amec Plc – slide 17
    Tax million 2013 FY 2012 FY Estimate Actual Underlying rate1 29% 29% P&L charge2 23% 22.5% Cash paid 60m 29m Underlying rate stable Charge reducing Prudent management Cash payments normalising Sustainable rate in the mid…
  18. H2 2013 RESULTS – Amec Plc – slide 18
    Pension accounting changes to IAS 19 Return on pension assets to be based on the discount rate (ie AA corporate bond yields) irrespective of the actual asset class Effective 1 January 2013 Profit impact: 2013 2012 million FY…
  19. H2 2013 RESULTS – Amec Plc – slide 19
    Operating cash flow million 6 months ended 30 June 2013 2012 EBITA 158 152 JV EBITA (5) (12) Statutory PBIT 153 140 JV dividend received 5 6 Non-cash items1 13 14 171 160 Working capital (115) (18) Operating cash flow2 56 142…
  20. H2 2013 RESULTS – Amec Plc – slide 20
    Cash conversion million 350 300 Half year comparables 250 200 150 100 50 0 09 FY 10 FY 11 FY 12 FY 09 H1 10 H1 11 H1 12 H1 13 H1 EBITA* Operating cash flow** Strong cash conversion * Before amortisation and exceptional…
  21. H2 2013 RESULTS – Amec Plc – slide 21
    Cash flow million (6 months ended 30 June) 2013 2012 Operating cash flow 56 142 Acquisitions and disposals* (16) (179) Interest and tax (31) 2 Dividends (36) (34) Share purchases (net) (42) (152) Other** (13) (8) Net cash flow…
  22. H2 2013 RESULTS – Amec Plc – slide 22
    Our approach to growth and returns Cash generation Dividend Leverage Progressive EBITA dividend Up to 2x growth Cover 2-2.5x EBITDA Revenue growth Surplus cash Investment Additional returns to shareholders Focused on…
  23. H2 2013 RESULTS – Amec Plc – slide 23
    Outlook Long term fundamentals positive 2013 revenue H2 underpinned by strong order book Incremental procurement 200m lower FY underlying revenue in line with 2012 Benefit from 2012 acquisitions 2013 margin expansion Strong cash…
  24. H2 2013 RESULTS – Amec Plc – slide 24
    AMEC plc Half-year results 2013 Samir Brikho, Chief Executive
  25. H2 2013 RESULTS – Amec Plc – slide 25
    Positioning AMEC to meet the challenges Balanced Strong customer portfolio relationships Skilled Low risk and flexible business model work force Well-placed to deliver sustainable growth 25
  26. H2 2013 RESULTS – Amec Plc – slide 26
    2015 and beyond Collaborating, improving and growing Building on our track record of delivery Positioning for sustainable growth Resilient and adaptable 26
  27. H2 2013 RESULTS – Amec Plc – slide 27
    2015 and beyond Collaborating Selling and delivering as Prioritising group Coordinated pursuit of One AMEC opportunities opportunities * Including: Including: Including: Removing silos Incentivisation Developing common…
  28. H2 2013 RESULTS – Amec Plc – slide 28
    2015 and beyond Improving Increased efficiencies Efficiencies Stronger focus on reinvested markets Monthly 2013 Dashboard GOR Health, Safety, Security, Environment Headline statistical data Summary Lookahead: YTD YTD number…
  29. H2 2013 RESULTS – Amec Plc – slide 29
    2015 and beyond Growing Sustainable presence Diversifying Developing new in Growth Regions customer base services Including: Including : Including: Middle East: strengthen Maersk (Qatar) QEDI: commissioning position Sempra…
  30. H2 2013 RESULTS – Amec Plc – slide 30
    Strategic priorities remain unchanged Fully integrate markets, sectors and services across region Americas Expand in South America Strengthen and diversify customer base Significantly increase collaboration within Americas and…
  31. H2 2013 RESULTS – Amec Plc – slide 31
    Sustainable growth beyond 2015 Skilled workforce with great customer relationships Collaborating Improving Growing Low risk Investing in skills business model Achieving and geog- raphies 100p EPS ahead of 2015 31
  32. H2 2013 RESULTS – Amec Plc – slide 32
    AMEC plc Half-year results 2013 Q&A
  33. H2 2013 RESULTS – Amec Plc – slide 33
    AMEC plc Half-year results 2013 Supplementary information
  34. H2 2013 RESULTS – Amec Plc – slide 34
    Appendix versus North American currencies 2013 2012 Change (%) Income statement Cdn 1.57 1.59 -1% US 1.53 1.58 -3% Balance sheet Cdn 1.60 1.60 in line US 1.52 1.57 -3% 34
  35. H2 2013 RESULTS – Amec Plc – slide 35
    Appendix Order book billion Jun 13 Dec 12 Jun 12 Americas 1.55 1.27 1.43 Europe 1.62 1.57 1.67 Growth Regions 0.72 0.78 0.58 3.89 3.62 3.68 35
  36. H2 2013 RESULTS – Amec Plc – slide 36
    Appendix Amortisation and exceptional items million (6 months ended 30 June) 2013 2012 Continuing operations Amortisation(i) (22) (19) Disposals & closures(ii) (6) - Other(iii) (8) (10) (36) (29) Tax 11 9 (25) (20) Discontinued…
  37. H2 2013 RESULTS – Amec Plc – slide 37
    Appendix Tax rate* Group million (6 months ended 30 June) companies JVs Total EBITA per presentation 153 5 158 Net financing income (1) (3) (4) 152 2 154 Tax (33) (1) (34) PAT per consolidated 119 1 120 Tax rate 21.5% 68.0%…
  38. H2 2013 RESULTS – Amec Plc – slide 38
    Appendix Restatement of historic results 2012 2011 2010 million (6 months ended 30 June) Revenue EBITA Margin Revenue EBITA Margin Revenue EBITA Margin % % % Americas 1,218 111 9.1% 794 83 10.5% 829 86 10.4% Europe 555 44 7.8% 493…
  39. H2 2013 RESULTS – Amec Plc – slide 39
    Appendix Restatement of historic results Average employees Order book (bn) 2012 2011 2010 2012 2011 2010 6 months ended 30 June Americas 14,566 12,144 10,841 1.43 1.35 1.22 Europe 10,109 9,007 7,947 1.67 1.47 1.67 Growth Regions…

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