Financial highlights H1 EBITA bridge (m) Revenue up 3% and EBITA1 up 19% to 250 3 (1) 243 21 240 243m 230 EBITA margin up by 100bps from 6.1% to 16 220 7.1% 210 205 Adjusted diluted EPS2 of 44.5 cents 200 (2012: 37.4…
Update on priorities and outlook Progress on increasing collaboration Developing Group strategy and tactics through 2013 Acquisitions remain part of strategy Healthy activity levels; positioned for future growth 3
Wood Group 2013 Interim Results Financial Review Alan Semple - CFO
Financial results H1 2013 H1 2012 Change m m % Revenue from continuing operations 3,447 3,346 3% EBITA from continuing operations1 243 205 19% Amortisation (49) (39) Net finance expense (7) (6) Profit from continuing operations…
Pro forma financial results H1 2013 H1 2012 m m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 982 120 12.2% 876 104 11.9% Wood Group PSN 1,914 111 5.8% 1,864 106 5.7% Wood Group GTS 551 40 7.4% 703 39 5.5%…
Tax H1 2013 H1 2012 m m Profit from continuing operations before tax and exceptional items 187 160 Tax charge per financial statements 52 46 Effective tax rate on continuing operations 27.5% 29.0% 7 Forecasting effective tax…
Cash flow H1 2013 H1 2012 m m Cash generated pre working capital 281 227 Working capital movements (148) (173) Cash generated from operations 133 54 Acquisitions & deferred consideration (17) (26) Capex & intangible assets (65)…
ROCE and net debt June 2013 June 2012 m m Net operating assets 2,487 2,182 Net borrowings (218) (107) Net assets 2,269 2,075 Non controlling interests (9) (9) Shareholders funds 2,260 2,066 ROCE4 18.1% 17.8% Average gross…
Wood Group 2013 Interim Results Operational Review Bob Keiller - CEO
Wood Group Engineering H1 2013 H1 2012 % change m m Revenue 983 872 13% EBITA 120 104 15% Margin 12.2% 11.9% 0.3pts Growth across all areas and EBITA up 15% on H1 2012 Headcount up 400 to 10,500; increases in Saudi and…
Wood Group Engineering Subsea & pipelines (c.45% of revenue) onshore pipelines benefitting from US shale strong activity across subsea hubs acquisition of Intetech Upstream (c.40% of revenue) Ichthys and Mafumeira Sul to complete…
Wood Group PSN H1 2013 H1 2012 % m m change Revenue 1,914 1,774 8% Pro forma Revenue 1,914 1,864 3% EBITA 111 90 23% Pro forma EBITA 111 107 4% Margin 5.8% 5.1% 0.7pts Pro forma Margin 5.8% 5.7% 0.1pts Growth includes…
Wood Group PSN Americas (c.30% of revenue) - strong growth in US, particularly oil shale - offshore Gulf of Mexico performing well North Sea (c.40% of revenue) - multiple renewals reinforce leading position - acquisition of…
Wood Group GTS H1 2013 H1 2012 % change m m Revenue 551 700 (21)% EBITA 41 38 7% Margin 7.4% 5.4% 2.0pts Maintenance revenues broadly in line with H1 2012, reduction in Power Solutions as anticipated EBITA benefitted from a…
Wood Group GTS Maintenance - strength in oil & gas - engine deferrals coming through - cost reduction initiatives Power Solutions - NRG and Pasadena well progressed - confident of change orders on Dorad - conditional agreement…
Summary and outlook An unsafe company cannot be a successful company Progress on increasing collaboration Good growth in H1 and confident of full year performance in line with expectations - Engineering : strong H1 performance,…
Q&A 18
Footnotes 1. EBITA from continuing operations represents operating profit from continuing operations pre exceptional items of 194.4m (2012: 166.1m) before the deduction of amortisation of 48.8m (2012: 39.0m) and is provided as it is a…
Appendix 20
Amortisation H1 2013 H1 2012 m m Amortisation on software etc. 21 12 Amortisation of intangible assets arising on acquisition - PSN 20 23 - Other 8 4 49 39 Total amortisation charge for full year 2013 anticipated to be around…
Finance expense H1 2013 H1 2012 m m Interest on debt 4 5 Other fees and charges 4 2 Total finance charge from continuing operations 8 7 Finance income (1) (1) Net finance expense from continuing operations 7 6 Total finance…
Exceptional items H1 2013 H1 2012 m m Lease termination income 15 - Gain on disposals 14 21 Provision for doubtful debts 2 (9) Total exceptional items 31 12 Tax (4) (2) Total exceptional items after tax 27 10 23
Share numbers Weighted average Ordinary shares 373 Shares held by employee trusts (10) Basic shares for EPS purposes 363 Effect of dilutive shares 12 Fully diluted shares for EPS purposes 375 24
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