Financial highlights Total revenue up 3% and Total EBITA1 up 16% to 2012 - 2013 EBITA bridge (m) 560 533m 57 -8 -1 540 533 Adjusted diluted EPS2 of 98.6 cents up 16% 520 Engineering: growth in Upstream, Subsea & 500 26 480…
CEO review: risk, performance and fit Risk: Reduced fixed price exposure…
CEO review: M&A, capital structure, collaboration M&A : 276m invested in 2013 including 215m on Elkhorn Capital Structure Debt:EBITDA typically < 1.0x Reinvest cashflow in organic and acquisitive growth Progressive dividend…
2013 Final Results Financial review Alan Semple - CFO
Financial results 2013 m 2012 m Change % Total revenue 7,064 6,828 3% Total EBITA 533 459 16% EBITA margin 7.5% 6.7% 0.8pts Amortisation (102) (86) Exceptional items 1 1 Total operating profit 432 374 15% Net finance expense (19)…
Pro forma financial results 2013 m 2012 m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 1,981 244 12.3% 1,767 217 12.3% Wood Group PSN 3,887 255 6.6% 3,724 223 6.0% Wood Group GTS 1,083 81 7.5% 1,339 88 6.6%…
Exceptional items 2013 m 2012 m Integration, restructuring, acquisition and JV formation charges (26) (14) Onerous contract in Oman (28) - Lease termination income 15 - Bad debt recoveries/(write off) 6 (10) Business divested in…
Tax 2013 m 2012 m Profit before tax 413 361 Tax charge 112 103 Effective tax rate 27.5% 28.6% 10 Forecasting effective tax rate of c27.5%
Cash flow 2013 m 2012 m Cash generated pre working capital 598 521 Working capital movements (62) (193) Cash generated from operations 536 328 Acquisitions & deferred (290) (189) consideration Capex & intangible assets (142)…
Balance sheet December 2013 December 2012 m m Net operating assets 2,726 2,390 Net borrowings (310) (155) Net assets 2,416 2,235 Non controlling interests (9) (8) Shareholders funds 2,407 2,227 ROCE4 19.4% 19.3% Average…
2013 Final Results Operational review Bob Keiller - CEO
Wood Group Engineering 2013 m 2012 m Change % Upstream (c40% of revenue) Revenue 1,985 1,787 11% good contribution from Mafumeira Sul and Ichthys active on offshore projects but slower pace of new EBITA 246 220 12% awards Margin…
Wood Group PSN 2013 m 2012 m Change % Americas (c30% of revenue) Revenue 3,996 3,691 8% good growth led by US onshore shale business Acquisition of Elkhorn, Wyoming based construction EBITA 262 205 28% services provider Margin 6.6%…
Wood Group GTS 2013 m 2012 m Change % Maintenance Revenue 1,083 1,343 (19)% strength in power plant services; deferrals in aero derivative activities EBITA 81 89 (9)% Margin 7.5% 6.6% 0.9ptsPower Solutions final settlement on GWF;…
Summary and outlook Good growth in 2013; EBITA and AEPS up 16% Strategy remains sound and positions us well for the longer term 276m on strategic acquisitions with further M&A anticipated GTS:Siemens JV to address underperformance…
Footnotes Footnotes 1. Total EBITA includes continuing and discontinued operations and represents total operating profit of 431.4m (2012: 374.3m) before exceptional income of 0.5m (2012: 0.7m) and the deduction of amortisation of…
Appendix 19
Amortisation 2013 m 2012 m Amortisation on software, 44 28 development costs and licenses Amortisation of intangible assets arising on acquisition - PSN 39 46 - Other 19 11 102 85 Total amortisation charge for 2014 is…
Finance expense 2013 m 2012 m Interest on debt 9 10 Other fees and charges 11 5 Total finance expense 20 15 Finance income (1) (2) Net finance expense 19 13 21
Share numbers Weighted average Ordinary shares 374 Shares held by employee trusts (11) Basic shares for EPS purposes 363 Effect of dilutive shares 10 Fully diluted shares for EPS purposes 374 22
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