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2011 INTERIM RESULTS – Wood Group

Wood Group · Aug 1, 2011 · 21 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. 2011 INTERIM RESULTS – Wood Group – slide 1
    Wood Group 2011 Interim Results August 2011 E Energy Supporting S ti Energy E
  2. 2011 INTERIM RESULTS – Wood Group – slide 2
    Summary Total Revenue of 2,828.8m (2010: 2,409.7m) Total EBITA of 192.0m (2010: 153.3m) Strategic repositioning acquisition of PSN (1.0bn) disposal p of Well Support pp ( (2.8bn)) return of cash to shareholders of 1.1bn…
  3. 2011 INTERIM RESULTS – Wood Group – slide 3
    Oil & Gas and Power markets Conditions in oil & gas markets continued to improve Forecast E&P spend in 2011 and 2012 up over 10% per annum Market M k t for f production d ti supportt services i expected t d to t expand d with…
  4. 2011 INTERIM RESULTS – Wood Group – slide 4
    Financial results 1H 2011 1H 2010 Change m m % Total revenue 2,829 2,410 17% Revenue from continuing operations 2,482 1,960 27% Total EBITA 192 153 25% EBITA from continuing operations 134 100 34% Amortisation (27) (14) 93% Net…
  5. 2011 INTERIM RESULTS – Wood Group – slide 5
    Pro forma financial results 1H 2011 1H 2010 m m R Revenue EBITA M i Margin R Revenue EBITA M i Margin Engineering 689 73 10.5% 596 58 9.7% Wood Group PSN 1,660 87 5.2% 1,532 90 5.9% GTS 481 23 4.8% 371 20 5.4% GTS (Aero) -…
  6. 2011 INTERIM RESULTS – Wood Group – slide 6
    Amortisation 1H 2011 PSN acquisition m Enterprise value 1,055 Net assets (42) 1,013 Represented by: Goodwill 818 Other intangible assets (to be amortised over 5 years) 195 Amortisation m Amortisation on software etc 10…
  7. 2011 INTERIM RESULTS – Wood Group – slide 7
    Interest 1H 2011 m Interest on debt 5 Non-utilisation fees etc. 3 T t l finance Total fi charge h 8 Finance income (3) Net finance expense 5 7
  8. 2011 INTERIM RESULTS – Wood Group – slide 8
    Tax 1H 2011 1H 2010 m m Underlying y g tax charge g 35 22 Credit in relation to deferred tax on amortisation of other intangibles (5) - Tax on continuing operations 30 22 Profit before tax 102 69 Add other th…
  9. 2011 INTERIM RESULTS – Wood Group – slide 9
    Exceptional items 1H 2011 Pre tax Post tax m m Net gain on disposal of Well Support 2 267 2,267 2 190 2,190 Acquisition and integration costs (23) (19) Libya receivables (23) (17) Exceptional items 2,221 2,154 9
  10. 2011 INTERIM RESULTS – Wood Group – slide 10
    Cash flow 1H 2011 1H 2010 FY 2010 m m m EBITA 192 153 345 Depreciation & other non cash items 26 38 77 Cash generated pre working capital 218 191 422 Working capital movements (excluding Well Support) (88) (80) 24 Working…
  11. 2011 INTERIM RESULTS – Wood Group – slide 11
    Balance sheet 1H 2011 1H 2010 FY 2010 m m m Non current assets 1,957 979 1,059 Net current assets 332 641 541 Long term liabilities (207) (133) (168) Net operating assets 2,082 1,487 1,432 Net cash/(borrowings) 985 (180)…
  12. 2011 INTERIM RESULTS – Wood Group – slide 12
    Share numbers 30 June 2011 FY 2011 FY 2011 Weighted Anticipated Anticipated A Average W i ht d Weighted Cl i Closing Average Ordinary shares opening balance 530 530 530 PSN S acquisition 4 7 11 Tender offer (10) (38) (66)…
  13. 2011 INTERIM RESULTS – Wood Group – slide 13
    Engineering 1H 2011 1H 2010 % change m m Revenue 689 596 16% EBITA 73 58 25% Margin 10.5% 9.7% 0.8% pts Strong revenue growth of 16%, having entered the year with strong order book Growth in activity in upstream and…
  14. 2011 INTERIM RESULTS – Wood Group – slide 14
    Engineering Upstream (40% of revenue) Active on a number of projects Strong recovery in Canadian oil sands Multi year framework secured with Saudi Aramco Good bidding pipeline Subsea & pipelines (40% of revenue) Continues to…
  15. 2011 INTERIM RESULTS – Wood Group – slide 15
    Wood Group PSN 1H 2011 1H 2010 % m m change Revenue 1,297 976 33% Pro forma revenue 1,660 1,532 8% EBITA 65 49 32% Pro forma EBITA 87 90 (3%) Margin 5.0% 5.0% - Pro forma Margin 5.2% 5.9% (0.7% pts) Revenue up 33% and EBITA…
  16. 2011 INTERIM RESULTS – Wood Group – slide 16
    Wood Group PSN North Sea (40% of revenue) Good activity levels Active with a range of clients Contract extensions North America (30% of revenue) Strong demand St d d ffor US onshore h services i Steady performance in Gulf of…
  17. 2011 INTERIM RESULTS – Wood Group – slide 17
    Wood Group PSN - Integration Integration g p progressing g g well and on timetable New organisation in place and operating Good customer support confirmed by contract extensions Encouraging early signs of cross selling…
  18. 2011 INTERIM RESULTS – Wood Group – slide 18
    GTS 1H 2011 1H 2010 % change m m Revenue 481 371 29% EBITA 23 20 12% Margin 4.7% 5.4% (0.7% pts) Maintenance revenue up 4% from 340m to 355m. Power Solutions revenue increased from 31m to 125m reflecting good progress on…
  19. 2011 INTERIM RESULTS – Wood Group – slide 19
    GTS Maintenance Robust demand in oil & gas, but some impact of test cell downtime leading to overhaul delays Good performance on some longer term contracts in power and industrial, despite subdued market conditions Secured longer…
  20. 2011 INTERIM RESULTS – Wood Group – slide 20
    Key Takeaways Strategic repositioning and return of cash Engineering g g Good growth and margin improvement Continued order book strength and good bidding pipeline Wood Group PSN Post acquisition PSN contribution Strong…
  21. 2011 INTERIM RESULTS – Wood Group – slide 21
    Footnotes 1. Total EBITA represents continuing operating profit pre-exceptional of 106.7m (2010: 85.8m) for 2011 before deduction of amortisation of 26.9m (2010: 14.0m) and including Well Support EBITA of 58.4m (2010: 53.4m) and EBITA…

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