Important information Certain statements in this presentation are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events…
Record first-half performance Strong first-half 2010 results Organic growth in each of the three divisions EBITA margin 7.9%, up 40 basis points Order book strengthened further New contract wins Strong customer…
AMEC plc Interim results 2010 Ian McHoul, Chief Financial Officer
Highlights million 6 months ending 30 June 2010 2009 Revenue 1,429.5 1,259.7 +13% EBITA* 113.5 94.5 +20% Operating cash flow** 60.0 74.0 -19% Profit before tax* 115.7 97.5 +19% Earnings per share*** 25.5p 20.8p +23% Dividend per…
Natural Resources million 6 months ending 30 June 2010 2009 Revenue 730.9 631.5 +16% EBITA 81.1 73.0 +11% EBITA margin 11.1% 11.6% -50bps Average employees* 9,616 9,609 in line Order book 1.81bn 1.73bn +5% 2010 Capex/Opex…
Natural Resources Revenue growth (%) EBITA development (m) +16% Prospects continue to look good * Year-on-year impact of material acquisitions ** Year-on-year impact of currency translation from US and Cdn into 9
Power & Process million 6 months ending 30 June 2010 2009 Revenue 448.0 406.4 +10% EBITA 31.4 25.0 +26% EBITA margin 7.0% 6.2% +80bps Average employees* 7,424 7,394 in line Order book 1.36bn 1.27bn +7% 2010 Capex/Opex split:…
Power & Process Revenue growth (%) EBITA development (m) +10% Focus on business mix and margin * Year-on-year impact of material acquisitions ** Year-on-year impact of currency translation from US and Cdn into 11
Earth & Environmental million 2010 2009 6 months ending 30 June Revenue 275.3 243.6 +13% EBITA 21.4 17.4 +23% EBITA margin 7.8% 7.1% +70bps Average employees* 4,732 4,223 +12% Order book 0.31bn 0.22bn +41% Continued…
Earth & Environmental Revenue growth (%) EBITA development (m) +13% Well placed for further expansion * Year-on-year impact of material acquisitions ** Year-on-year impact of currency translation from US and Cdn into 13
Order book billion Jun 10 Dec 09 Jun 09 As at: Natural Resources 1.81 1.71 1.73 Power & Process 1.36 1.17 1.27 Earth & Environmental 0.31 0.29 0.22 3.48 3.17 3.22 Order book has strengthened 14
Tax 2010 FY 2009 FY 2008 FY Estimate Actual Actual Underlying rate* c.31% 32% 31% P&L charge** c.26% 27.5% 30.8% Cash paid (m) down 70.5 73.2 Underlying rate falling Canadian corporate tax rates reducing Charge reducing…
Operating cash flow 2009 million 2010 (re-stated)* EBITA 114 95 JV profit before taxation (12) (9) Statutory PBIT 102 86 JV dividend received 6 4 Non-cash items** 14 11 122 101 Working capital (62) (27) Operating cash flow***…
Cash flow 2009 million 2010 (re-stated)* Operating cash flow 60 74 Acquisitions and disposals** (85) (39) Interest and tax (21) (46) Dividends and share acquisitions (32) (27) Other*** (15) (10) Net cash flow (93) (48) Opening cash…
Cash conversion million Half year comparables Continuing focus on cash conversion * Before amortisation and exceptional items ** Before capital transactions and shareholder returns 18
Net cash 2010 2009 2009 million June Dec June Period-end net cash 670 743 699 Average weekly net cash 666 690 690 Average yield reducing c. 1% in 2009 c. 0.7% in 2010 Balance sheet strength 19
Pensions Accounting status* Surplus at 30 June 2010 30 million (Dec 2009: 27 million) Financing income Est 2010 2009 2008 million Charge on liabilities (71) (64) (61) Return on assets 77 69 79 Contribution to EBITA 6 5 18…
Capital structure Acquisitions Good track record ROIC WACC in year one or two Significant opportunities Half-yearly dividends Progressive policy Satisfied with existing cover Additional distributions Dependent on outlook for…
Outlook Environment gradually improving AMEC well positioned Level of project awards forecast to improve Confident of beating 8.5% margin target for 2010 Efficiency benefits Mitigating margin pressure from customers Financial…
Implementing Vision 2015 Implementation of Vision 2015 has already started Growth in core markets underpins confidence in future Targeted acquisitions bolster capability and geographic footprint Focused on delivering Vision 2015 EPS…
Strengthening position across sectors and regions Growth in UKCS* asset support Nuclear strategy gaining traction ShellONEgas: 3-year contract extension EDF:11-year architect engineer contract for nuclear new Bluewater: engineering…
Leveraging customer relationships EDF Energy West Burton combined cycle gas turbine power plant UK nuclear new build Isle of Lewis wind farm Hill Top Farm gas storage facility extension BP Master services agreement…
Growth in core markets underpins confidence in future Natural Resources (NR) Oil & Gas: 8-10%* Oil Sands: 5-7%* Capex Investment shows signs of returning Oil and gas market showing sign of recovery Stable oil price raises…
Growth in core markets underpins confidence in future Power & Process (P&P) Renewables & bioprocess: 8-10%* Nuclear: 5-7%* Good growth prospects, but from small base Global demand: 30 countries with nuclear power, US solar market…
Growth in core markets underpins confidence in future Earth & Environmental (E&E) Water/municipal: 5-6%* Federal/state/provincial: 3-5%* Total global market expenditures (opex + capex) Federal facilities to reduce greenhouse gas…
Targeted acquisitions Two acquisitions in H1 2010, both enhanced capability and footprint Currie and Brown (Australia) - January Entec Holdings Ltd (UK) March GRD integration on track Have already applied Step Change, now…
Acquisition targets Capabilities Geographies Natural Resources Up-sizing in selected regions Deepwater/complex upstream projects Australasia Asset support Latin America Duty holder Middle East Pipeline engineering Subsea…
Implementing Vision 2015 100p EPS* Capital Structure More efficient capital structure Increased acquisitions Shareholder distributions Focus on growth Enhancing our capabilities Enhancing our geographic footprint…
AMEC plc Group Management Team Chief Executive Samir Brikho Strategic Communications Chief Operating Chief Financial Human Resources General Counsel Development Director Director Officer Officer Director Francois Champagne Sue…
Implementing Vision 2015 100p EPS* Capital Structure More efficient capital structure Increased acquisitions Shareholder distributions Focus on growth Enhancing our capabilities Enhancing our geographic footprint…
AMEC plc Interim results 2010 Questions
AMEC plc Interim results 2010 Supplementary information
v North American currencies 2010 2009 H1 H1 % Profit & loss Cdn 1.59 1.79 -11% US 1.52 1.48 +3% Balance sheet Cdn 1.59 1.91 -17% US 1.49 1.65 -10% 37
Profit reconciliation Per consol million income JV Per 6 months ending 30 June 2010 statement tax Transfer(iii) presentation Profit before net financing income 101.5 - 12.0 113.5 EBITA Net financing income 2.2 - - 2.2 Share of joint…
Adjusted revenue million 2010 2009 2009 % % 6 months ending 30 June Restated* Natural Resources 730.9 631.5 +16% 703.7 +4% Power & Process 448.0 406.4 +10% 413.7 +8% Earth & Environmental 275.3 243.6 +13% 260.7 +6% 1,454.2…
Tax rate* million Group JVs Total 6 months ending 30 June 2010 companies EBITA per presentation 101.5 12.0 113.5 Net financing income 2.2 - 2.2 103.7 12.0 115.7 Tax (27.9) (2.9) (30.8) PAT per consolidated income statement 75.8 9.1…
Natural Resources data sources Page 27 Oil and Gas 2010 oil price forecasts: Deutsche Bank and Bank of America Merrill Lynch (August 2010) 2010 aggregate organic upstream spending: JPM Cazenove (May 2010) Global opex sees long term…
Power & Process data sources Page 28 Renewables US solar market growth: solarbuzz Wind market : references World Wind Energy Association Report 2009 Biodiesel and biothermal markets growth rates: RNCOS 2008 Nuclear Global demand…
Earth & Environmental data sources Page 29 Federal US federal facilities to reduce gas pollution by 28% by 2020: www.whitehouse.gov UN Navy infrastructure spend: US Naval Facilities Engineering Command US Military munitions response…
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