Financial headlines Total revenue up 8% at 7,616m and Total EBITA up 3% at 550m Adjusted diluted EPS up 1% at 99.6 cents Growth led by strong growth in PSN Production Services Good cash generation; cash generated from operations of…
Operational highlights Safety No fatalities and c.25% improvement in safety statistics Collaboration Success with Exxon Mobil and Tatweer M&A Full year benefit of 2013 acquisitions growth in Elkhorn and Pyeroy Completed five…
Driving competitiveness in a challenging market Customer cost Delivering cost reductions and efficiency solutions for customers Led contractor rate cuts in UK delivering c.20% savings Direct cost Continuing focus on utilisation…
2014 Full Year Results Financial review Alan Semple - CFO
Financial results 2014 m 2013 m Change % Total revenue1 7,616 7,064 7.8% Total EBITA1 550 533 3.1% EBITA margin 7.2% 7.5% (0.3pts) Amortisation (102) (102) Total operating profit pre exceptional items 448 431 3.9% Net finance…
Total revenue and EBITA 2014 m 2013 m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 2,131 232 10.9% 1,985 246 12.4% Wood Group PSN Production Services 4,636 342 7.4% 3,996 262 6.6% Wood Group PSN Turbine JVs 818…
Like for like revenue and EBITA 2014 m 2013 m Revenue EBITA Margin Revenue EBITA Margin Wood Group Engineering 2,020 223 11.0% 1,982 246 12.4% Wood Group PSN Production Services 4,622 341 7.4% 4,410 300 6.8% Wood Group PSN Turbine…
Cash flow 2014 2013 m m Cash generated pre working capital (excl. JVs)4 651 574 Working capital movements (80) (65) Cash generated from operations 571 509 Acquisitions and deferred consideration (263) (290) Capex & intangible…
Net debt and interest cover 2014 2013 m m Average gross debt7 643 436 Average net debt7 416 258 Closing gross debt 559 493 Closing net debt (incl JVs) 296 310 Net Debt:EBITDA 0.5x 0.5x Interest cover 22.7x 28.7x Note 7:…
2014 Final Results Operational review Bob Keiller - CEO
Wood Group PSN 2014 m 2013 m Change % Americas (c.40% of revenue) Production Services Growth led by US shale including Elkhorn US shale c.1bn revenue and c.55%-60% opex across Revenue 4,636 3,996 16.0% multiple basins EBITA 342 262…
Wood Group Engineering 2014 m 2013 m Change % Upstream (c.40% of revenue) Lower contribution as anticipated Revenue 2,131 1,985 7.3% Detailed engineering on Ivar Aasen, Heidelberg, EBITA 232 246 (5.7%) Stampede Margin 10.9% 12.4%…
Relative resilience from our through-cycle model Market with robust long term fundamentals Primarily reimbursable model (c. 95%) Asset light, people business with flexibility Balanced portfolio; revenue weighted towards opex (c.60%)…
Summary Financial performance Performed well in 2014 217m of new acquisitions extends scope Strong cash flow generation and balance sheet Dividend of 27.5 cents, up 25% Competitiveness Helping customers reduce costs and increase…
Appendix 18 18
Reconciliation of operating profit (pre-exceptionals) 2014 m 2013 m Total operating profit before exceptional items per 448 431 proportional consolidation Tax and interest charges on JVs included within (15) (11) operating profit…
Exceptional gain 2014 2013 m m Venezuela Settlement (58) - Integration and restructuring charges 7 16 Onerous contract (10) 28 Lease termination income - (15) Bad debt recoveries - (6) Transaction related costs 24 11 Business…
Amortisation 2014 2013 m m Amortisation on software, development costs 40 44 and licenses Amortisation of intangible assets arising on 62 58 acquisition 102 102 21
Tax 2014 2013 m m Profit from continuing operations before tax 424 412 Tax charge 115 113 Effective tax rate on continuing operations 27.2% 27.5% Tax charge includes 14.0m in relation to joint ventures (2013: 10.9m) Tax rate…
Finance expense 2014 2013 m m Interest on debt 18 10 Other fees and charges 7 10 Total finance expense 25 20 Finance income (1) (1) Net finance expense 24 19 Interest cover was 22.7 times (2013: 28.7 times) Included in the…
ROCE 2014 2013 m m Net operating assets5 2,855 2,726 Net borrowings (296) (310) Net assets 2,559 2,416 Non controlling interests (13) (9) Shareholders funds 2,546 2,407 ROCE6 17.7% 19.4% 24
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