Skip to main content 2014 INTERIM RESULTS – Wood Group Investor Presentation | Shale Experts
Loading...
Pm

2014 INTERIM RESULTS – Wood Group

Wood Group · Aug 19, 2014 · 24 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. 2014 INTERIM RESULTS – Wood Group – slide 1
    2014 Interim Results 19 August 2014
  2. 2014 INTERIM RESULTS – Wood Group – slide 2
    2
  3. 2014 INTERIM RESULTS – Wood Group – slide 3
    Financial Responsibility Capital investment program - 60m saving Front End Engineering Design for a large onshore plant plant costs reduced by 37% Pipeline project overall costs reduced by 25m WGPSN UK contractor day rates 10%…
  4. 2014 INTERIM RESULTS – Wood Group – slide 4
    First half financial headlines Total revenue up 10% and Total EBITA constant at 244m Adjusted diluted EPS of 44.4 cents Strong growth in PSN Production Services led by US shale Engineering down as anticipated with lower contribution…
  5. 2014 INTERIM RESULTS – Wood Group – slide 5
    Delivering on strategy Performance: Significant growth in strong long term US shale market Strong focus on delivering cost efficiencies and adding value for customers EthosEnergy JV completed in May Fit: Establishing…
  6. 2014 INTERIM RESULTS – Wood Group – slide 6
    2014 Interim Results Financial review Alan Semple - CFO
  7. 2014 INTERIM RESULTS – Wood Group – slide 7
    Financial results H1 2014 m H1 2013 m Change % Total revenue1 3,801 3,447 10.3% Total EBITA1 244 243 - EBITA margin 6.4% 7.1% (0.7pts) Amortisation (50) (49) Total operating profit pre exceptional items 194 194 - Net finance…
  8. 2014 INTERIM RESULTS – Wood Group – slide 8
    Total revenue and EBITA 1H 2014 m 1H 2013 m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 1,020 109 10.7% 982 120 12.2% Wood Group PSN Production Services 2,341 163 7.0% 1,914 111 5.8% Wood Group PSN Turbine JVs…
  9. 2014 INTERIM RESULTS – Wood Group – slide 9
    Pro forma revenue and EBITA 1H 2014 m 1H 2013 m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 1,015 107 10.5% 986 120 12.2% Wood Group PSN Production Services 2,334 162 6.9% 2,168 134 6.2% Wood Group PSN Turbine…
  10. 2014 INTERIM RESULTS – Wood Group – slide 10
    Cash flow H1 2014 H1 2013 FY 2013 m m m Cash generated pre working capital 330 268 574 (excl. JVs)4 Working capital movements (193) (159) (65) Cash generated from operations 137 109 509 Acquisitions & deferred consideration…
  11. 2014 INTERIM RESULTS – Wood Group – slide 11
    ROCE and net debt June 2014 June 2013 m m Net operating assets5 3,011 2,491 Net borrowings (451) (222) Net assets 2,560 2,269 Non controlling interests (10) (9) Shareholders funds 2,550 2,260 ROCE6 16.0% 18.1% Note 5: The…
  12. 2014 INTERIM RESULTS – Wood Group – slide 12
    2014 Final Results Operational review Bob Keiller - CEO
  13. 2014 INTERIM RESULTS – Wood Group – slide 13
    Wood Group PSN Production Services 1H 2014 1H 2013 Change Americas m m % Growth led by US shale including Elkhorn Revenue 2,341 1,914 22% Largest contributing region to EBITA EBITA 163 111 47% Margin 7.0% 5.8% 1.2pts North Sea…
  14. 2014 INTERIM RESULTS – Wood Group – slide 14
    Production Services US shale market US Shale expenditures to 2022 Current annual revenue of c1bn 12,000 M 5000 personnel 10,000 M Maintenance Services Delivering higher margins than in other PSN markets 8,000 M Services…
  15. 2014 INTERIM RESULTS – Wood Group – slide 15
    Wood Group PSN Turbine Activities 1H 2014 1H 2013 Change % Turbine JVs m m Revenue Comprises EthosEnergy, Rolls Wood Group and TransCanada Turbines Turbine JVs 422 441 (4%) Performance reflects low EPC activity and Dorad/GWF 18…
  16. 2014 INTERIM RESULTS – Wood Group – slide 16
    Wood Group Engineering 1H 2014 1H 2013 Change % Upstream m m Lower contribution from offshore and Canada Revenue 1,020 983 4% Working with Agility projects on Ivar Aasen EBITA 109 120 (9%) Slower pace of large offshore greenfield…
  17. 2014 INTERIM RESULTS – Wood Group – slide 17
    Summary and outlook Wood Group Engineering - lower contribution from offshore work in Upstream - good performance in Subsea & Pipelines and Downstream Wood Group PSN Production Services - good growth led by US shale - robust North…
  18. 2014 INTERIM RESULTS – Wood Group – slide 18
    Footnotes 1. Total EBITA represents operating profit including JVs on a proportional basis of 221.5m (2013: 225.7m) before the deduction of amortisation of 50.3m (2013: 48.8m) and exceptional income of 27.9m (2013: 31.3m) and is…
  19. 2014 INTERIM RESULTS – Wood Group – slide 19
    Appendix 19 19
  20. 2014 INTERIM RESULTS – Wood Group – slide 20
    Reconciliation of operating profit H1 2014 m H1 2013 m EBIT 194 194 Impact of JV profit included pre vs post-tax (7) (7) Impact of discontinued activities 4 (21) Operating profit per Group Income Statement 191 166 20
  21. 2014 INTERIM RESULTS – Wood Group – slide 21
    Exceptional gain H1 2014 H1 2013 m m Integration and restructuring charges (30) - Lease termination income - 15 Bad debt recoveries - 2 Business divested in prior years 58 14 Total exceptional gain 28 31 Tax (12) (4) Total…
  22. 2014 INTERIM RESULTS – Wood Group – slide 22
    Amortisation 1H 2014 1H 2013 m m Amortisation on software, development costs 19 21 and licenses Amortisation of intangible assets arising on acquisition - PSN 14 20 - Other 17 8 50 49 Total amortisation charge for 2014 is…
  23. 2014 INTERIM RESULTS – Wood Group – slide 23
    Tax H1 2014 H1 2013 m m Profit from continuing operations before tax 184 187 Tax charge 50 52 Effective tax rate on continuing operations 27.4% 27.5% All the above are pre-exceptional items The tax charge above includes 6m in…
  24. 2014 INTERIM RESULTS – Wood Group – slide 24
    Finance expense 1H 2014 1H 2013 m m Interest on debt 5 4 Other fees and charges 6 5 Total finance expense 11 9 Finance income (1) (1) Net finance expense 10 8 Interest cover was 25.7 times (June 2013: 31.2 times). Total…

From the store

Browse maps, data & reports in the Shale Experts store