Annual General Meeting 2016 - Aggreko/media/Files/A/Aggreko/agm... · 2017-03-29 · 5 Annual...

1 Annual General Meeting April 2016

Annual General Meeting 201628 April 2016


Ken Hanna, ChairmanIntroduction1


Ken Hanna, ChairmanIntroduction

Chris Weston, CEO

2015 Overview, Business Priorities Update& 2016 Outlook

Ken Hanna ChairmanResolutions

1

Agenda

2

3


Chris Weston, CEO

2015 Overview, Business Priorities Update& 2016 Outlook

2


Group summary

• Full year profit before tax of £252m in line with expectations set out at the half year

• Full year dividend maintained

• New, focused organisational structure and management team in place and working well

• Good progress on our three business priorities: customer, technology and efficiency

A solid performance in face of challenging market conditions


Operational summary

Rental Solutions

• Sector diversity offsets decline in oil & gas

• Strong growth in temperature control; successful acquisition of ICS

Power Solutions Industrial

• Good growth in key markets; challenges persist in Brazil

• Successful delivery of European Games in Baku

Power Solutions Utility

• Revenue down; driven by Bangladesh and Panama

• Order intake in 2015: 640MW


Business priorities on trackConfident that executing will deliver sustainable growth

• Tailor sales and service channels• Focus on key sectors• Pursue adjacencies• Evaluate bolt-on M&A opportunities

PriorityCUSTOMER• Initiatives underway, market / sector specific strategies and

sales expertise• Plan to enhance our CRM and provide a digital platform for

our customer• ICS acquisition completed; building pipeline of M&A

opportunities

Status



• More fuel efficient gas engine in field trial• Plan to further improve efficiency of the G3+ diesel engine• Continue to evaluate HFO product offering• Developing strategic relationships to support product

development

Status


PriorityCUSTOMER

TECHNOLOGY• Work with our strategic partners to develop

market leading products• Strengthen and expand strategic

partnerships• Reduce the overall cost of power for our

customers

Priority

• Initiatives underway, market / sector specific strategies and sales expertise

• Plan to enhance our CRM and provide a digital platform for our customer

• ICS acquisition completed; building pipeline of M&A opportunities

Status



Status

• On track to deliver £80m of cash savings by 2017 • Deploying new systems to optimise fleet utilisation, fleet

planning and allow remote monitoring• Streamlining back office processes • Improving efficiency of sites and project delivery

Status


PriorityCUSTOMER

TECHNOLOGY

EFFICIENCY

• Work with our strategic partners to develop market leading products

• Strengthen and expand strategic partnerships

• Reduce the overall cost of power for our customers

Priority

• Streamlining our cost base• Optimising deployment of resources• Improving processes and systems

Priority

• Initiatives underway, market / sector specific strategies and sales expertise

• Plan to enhance our CRM and provide a digital platform for our customer

• ICS acquisition completed; building pipeline of M&A opportunities

Status

• More fuel efficient gas engine in field trial• Plan to further improve efficiency of the G3+ diesel engine• Continue to evaluate HFO product offering• Developing strategic relationships to support product

development


Solid performance in face of challenging market conditions

• Margins of 17%

• Strong balance sheet,

net debt slightly down

• Dividend maintained in line with 2014

£m (pre-exceptional items) FY15 FY14

Reported

Change

Underlying

Change1

Revenue 1,561 1,577 (1)% (3)%

Revenue excl.

pass-through fuel1,501 1,529 (2)% (3)%

Trading profit 270 306 (12)% (14)%

Operating profit 275 310 (11)%

Net interest expense (23) (21) (8)%

Profit before tax 252 289 (13)%

Tax (69) (74) 7%

Profit after tax 183 215 (15)%

Diluted earnings per share 71.7p 82.5p (13)%

Dividends per share (declared) 27.1p 27.1p -%

Net Debt at period end 489 494

£m (post-exceptional items) FY15

Trading profit 244

Profit before tax 226

Profit after tax 162

Diluted earnings per share 63.5p

1 Underlying excludes pass-through fuel and currency translation


2016 Outlook

Power Solutions Utility

• Strong order book; 486MW of new work; healthy pipeline; expect off hire of around 30%

• 200MW, 3 year diesel contract in Zimbabwe recently announced

Power Solutions Industrial

• Continued good performances in the Middle East, Russia and Africa

• Softer trading in Latin America

Rental Solutions

• Slow start in North America

• Rest of Rental Solutions has had a solid start

• Fully mobilised 108MW in Tasmania

Group

• Investing around £250m in fleet capex; more fuel efficient engines

• Expect PBT to be slightly lower than the prior year on a constant currency basis; in line with current consensus

PBT slightly lower than prior year


Ken Hanna, ChairmanResolutions3


Resolution 1Ordinary resolution

To receive the reports of the Directors and Auditors and to adopt

the Company’s accounts for the year ended 31 December 2015



To receive the reports of the Directors and Auditors and to adopt

the Company’s accounts for the year ended 31 December 2015

Total votes cast

Votes withheld

% of issuedshare capital

67.97%

0.10%

In favour

Against

% of votes cast

99.91%

0.09%

VOTES

174,085,760

245,748



To approve the Annual Statement and Report on Remuneration

for the year ended 31 December 2015



To approve the Annual Statement and Report on Remuneration

for the year ended 31 December 2015

Total votes cast

Votes withheld


67.47%

0.59%

In favour

Against

% of votes cast

98.94%

1.06%

VOTES

172,811,918

1,519,590



To declare a final dividend on the Company’s Ordinary Shares of

17.74 pence per share



To declare a final dividend on the Company’s Ordinary Shares of

17.74 pence per share

Total votes cast

Votes withheld


68.06%

0.00%

In favour

Against

% of votes cast

99.91%

0.09%

VOTES

174,329,920

1,588



To elect Dame Nicola Brewer as a Director of the Company



To elect Dame Nicola Brewer as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.69%

0.31%

VOTES

174,261,692

69,816



To re-elect Ken Hanna as a Director of the Company



To re-elect Ken Hanna as a Director of the Company

Total votes cast

Votes withheld


67.75%

0.31%

In favour

Against

% of votes cast

99.15%

0.85%

VOTES

173,531,342

800,166



To re-elect Chris Weston as a Director of the Company



To re-elect Chris Weston as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.18%

0.82%

VOTES

174,263,258

68,250



To re-elect Carole Cran as a Director of the Company



To re-elect Carole Cran as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.17%

0.83%

VOTES

174,264,270

67,238



To re-elect Russell King as a Director of the Company



To re-elect Russell King as a Director of the Company

Total votes cast

Votes withheld


67.77%

0.29%

In favour

Against

% of votes cast

86.90%

13.10%

VOTES

173,576,099

755,409



To re-elect Uwe Krueger as a Director of the Company



To re-elect Uwe Krueger as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.07%

0.93%

VOTES

174,263,820

67,688



To re-elect Diana Layfield as a Director of the Company



To re-elect Diana Layfield as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.82%

0.18%

VOTES

174,259,540

71,968



To re-elect Ian Marchant as a Director of the Company



To re-elect Ian Marchant as a Director of the Company

Total votes cast

Votes withheld


68.04%

0.03%

In favour

Against

% of votes cast

99.82%

0.18%

VOTES

174,263,005

68,503



To appoint KPMG LLP as auditor of the Company



To appoint KPMG LLP as auditor of the Company

Total votes cast

Votes withheld


68.03%

0.03%

In favour

Against

% of votes cast

99.97%

0.03%

VOTES

174,247,652

83,856



To authorise the Audit Committee of the Board to determine

the remuneration of the Company’s auditor



To authorise the Audit Committee of the Board to determine

the remuneration of the Company’s auditor

Total votes cast

Votes withheld


68.06%

0.00%

In favour

Against

% of votes cast

99.98%

0.02%

VOTES

174,322,182

9,326



To authorise the Board to allot shares and to grant rights

to subscribe or convert security into shares



To authorise the Board to allot shares and to grant rights

to subscribe or convert security into shares

Total votes cast

Votes withheld


68.06%

0.00%

In favour

Against

% of votes cast

96.22%

3.78%

VOTES

174,320,682

10,826


Resolution 15Special resolution

Disapplication of statutory pre-emption rights



Disapplication of statutory pre-emption rights

Total votes cast

Votes withheld


67.79%

0.27%

In favour

Against

% of votes cast

88.17%

11.83%

VOTES

173,631,020

700,488



To authorise the Company to purchase Ordinary Shares in

the capital of the Company



To authorise the Company to purchase Ordinary Shares in

the capital of the Company

Total votes cast

Votes withheld


68.06%

0.01%

In favour

Against

% of votes cast

99.28%

0.72%

VOTES

174,311,868

19,640



That a general meeting of the Company (other than an AGM)

may be called on not less than 14 clear days’ notice



That a general meeting of the Company (other than an AGM)

may be called on not less than 14 clear days’ notice

Total votes cast

Votes withheld


67.33%

0.74%

In favour

Against

% of votes cast

86.95%

13.05%

VOTES

172,439,249

1,892,257


Annual General Meeting 201628 April 2016

Annual General Meeting 2016 - Aggreko/media/Files/A/Aggreko/agm... · 2017-03-29 · 5 Annual...

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Transcript of Annual General Meeting 2016 - Aggreko/media/Files/A/Aggreko/agm... · 2017-03-29 · 5 Annual...