Atkins Preliminary Results 2010 FINAL results for the year endedPreliminary results for the year ......
Transcript of Atkins Preliminary Results 2010 FINAL results for the year endedPreliminary results for the year ......
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WS Atki lWS Atkins plcPreliminary results for the year endedPreliminary results for the year ended31 March 2010
17 June 201017 June 2010
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K ith Cl kKeith Clarke Chief ExecutiveChief Executive
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Summary
Results • Continued successful navigation of turbulent markets
Resilience
G th
• End market diversity and quality
Growth • Ongoing investment in skills and capabilities and positioned for opportunities
2
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H th D ttHeath DrewettGroup Finance DirectorGroup Finance Director
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Financial highlights£m 31 Mar 2010 31 Mar 2009
Revenue 1,387.9 m 1,487.2 m (7)%
Operating profit 113.0 m 103.1 m 10 %
Operating margin 8.1 % 6.9 % 120 bpOperating margin 8.1 % 6.9 % 120 bp
Operating margin * 7.9 % 6.8 % 110 bp
Profit before tax * 93.9 m 100.2 m (6)%
N li d f ll dil t d 77 8 82 3 (5)%Normalised fully diluted eps 77.8 p 82.3 p (5)%
Dividend per share 27.5 p 26.0 p 6 %
Cash flow from operations 126.5 m 125.5 m 1 %
Net funds 302.5 m 234.2 m
Headcount 15,601 18,017 (13)%
Work in hand 54 % 54 %
4* Segmental margin excluding JV disposal and pension gain in 2010 and JV disposal in 2009
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Profit before tax
(2 1)
2.6(11.5)7.3(2.5)
(2.1)0.1
102.7 93.9 96.6100.2
PBT2008/09
PBT 2009/10
BusinessUnit
NetFinance
PBT2009/10
Pension gain
PBT2008/09
JV disposal JV JV disposal
5
as reported as reportedPerformance Cost excluding pension gain
and JV disposal
excluding JV disposal
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Restructuring costsTaken above the line
£16m• Redundancy costs of £7m
for 1 300 employeesfor 1,300 employees
• Vacant property costs of p p y£9m as office consolidation continues
Redundancy Vacant property
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Design and Engineering Solutions31 Mar 2010 31 Mar 2009
Revenue (£m) 390.3 435.0 (10)%
Operating profit (£m) 31.3 31.6 (1)%
Operating margin 8.0 % 7.3 % 70 bpOperating margin 8.0 % 7.3 % 70 bp
Work in hand 45 % 43 % Good
Average headcount 4,664 5,133 (9)%
Cl i h d t 4 400 5 167 (15)%
• Water and UK building design businesses restructured
Closing headcount 4,400 5,167 (15)%
• Solid performances from defence and aerospace
• Energy business performed well – significant win with ITER
O ll tl k i d
7
• Overall outlook is good
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Highways and Transportation31 Mar 2010 31 Mar 2009
Revenue (£m) 300.4 308.2 (3)%
Operating profit (£m) 21.4 19.9 8 %
Operating margin 7.1 % 6.5 % 60 bpOperating margin 7.1 % 6.5 % 60 bp
Work in hand 69 % 62 % Good
Average headcount 2,975 3,016 (1)%
Cl i h d t 2 931 3 075 (5)%
• Revenue and margin benefitted from UK Government stimulus and M25
Closing headcount 2,931 3,075 (5)%
• Strong demand in year for higher margin consultancy activities
• Good wins in highways services business – including Oxfordshire County Council
U t i k t tl k ti ll ff t b t t t d
8
• Uncertain market outlook partially offset by recent contract awards
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Rail31 Mar 2010 31 Mar 2009
Revenue (£m) 185.7 196.1 (5)%
Operating profit (£m) 16.8 17.0 (1)%
Operating margin 9.0 % 8.7 % 30 bpOperating margin 9.0 % 8.7 % 30 bp
Work in hand 53 % 61 % Fair
Average headcount 1,483 1,635 (9)%
Cl i h d t 1 420 1 624 (13)%
• Solid performance in year – margin benefitted from project phasing
Closing headcount 1,420 1,624 (13)%
• Signalling business remains busy
• Good wins in design including Crossrail
Ch ll i tl k ith d d k i h d
9
• Challenging outlook with reduced work in hand
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Middle East31 Mar 2010 31 Mar 2009
Revenue (£m) 136.6 186.0 (27)%
Operating profit (£m) 14.0 17.3 (19)%
Operating margin 10.2 % 9.3 % 90 bpOperating margin 10.2 % 9.3 % 90 bp
Work in hand 57 % 53 % Good
Average headcount 2,154 2,823 (24)%
Cl i h d t 1 867 2 824 (34)%
• Successful navigation in difficult economic climate
Closing headcount 1,867 2,824 (34)%
• Confidence and liquidity are slowly returning as expected
• We are securing new work but timing of commencement unpredictable
O ll tl k iti
10
• Overall outlook positive
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China and Europe31 Mar 2010 31 Mar 2009
Revenue (£m) 134.1 117.2 14 %
Operating profit (£m) 6.1 4.9 24 %
Operating margin 4.5 % 4.2 % 30 bpOperating margin 4.5 % 4.2 % 30 bp
Work in hand 57 % 54 % Good
Average headcount 1,780 1,675 6 %
Cl i h d t 1 774 1 741 2 %
China• Buoyant Hong Kong rail infrastructure market
Closing headcount 1,774 1,741 2 %
• Prospects for China remain good
Europe• Mixed performance in European portfolio
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• Outlook for Europe overall is good although we expect continuing challenging conditions for parts of the business
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Management and Project Services31 Mar 2010 31 Mar 2009
Revenue (£m) 202.8 230.0 (12)%
Operating profit (£m) 15.9 18.9 (16)%
Operating margin 7.8 % 8.2 % (40) bpOperating margin 7.8 % 8.2 % (40) bp
Work in hand 44 % 44 % Good
Average headcount 2,094 2,405 (13)%
Cl i h d t 1 991 2 294 (13)%Closing headcount 1,991 2,294 (13)%
• Faithful+Gould: competitive market – early action to reduce headcount
• Management Consultants: very good performance
• Stable outlook for the segment
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Asset Management31 Mar 2010 31 Mar 2009
Revenue (£m) 56.0 47.6 18 %
Operating profit/(loss) (£m) 5.0 (6.8)
Operating margin 8.9 % (14.3) %Operating margin 8.9 % (14.3) %
Work in hand 73 % 99 % Fair
Average headcount 613 682 (10)%
Cl i h d t 562 671 (16)%
• Results favourably impacted by one-off benefit arising from exit of legacy PFI maintenance contract
Closing headcount 562 671 (16)%
maintenance contract
• Remainder of business performing in line with expectations
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Cash flow£m 31 Mar 2010 31 Mar 2009
Operating profit 113.0 103.1
Depreciation/amortisation 22.8 33.4
Working capital 29.6 10.9Working capital 29.6 10.9
Pension (36.3) (40.6)
Provisions/other (2.6) 18.7
C h fl f ti ti iti 126 5 125 5Cash flow from operating activities 126.5 125.5
• Strong operating cash flow
• Working capital inflow despite lengthening of debtor days in Middle East
• Provisions/other includes release of residual provisions in Asset Management
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Working capital£m 31 Mar 2010 31 Mar 2009
Trade receivables 229.9 275.4
Amounts recoverable on contracts * 32.6 58.3
Fees invoiced in advance (169.8) (178.7)Fees invoiced in advance (169.8) (178.7)
Lockup 92.7 155.0 62.3
Other receivables/prepayments 38.2 45.0 6.8
T d bl (50 6) (64 4) (13 8)Trade payables (50.6) (64.4) (13.8)
Other payables/accruals (213.9) (235.6) (21.7)
Inventories / other (4.0)
Movement in working capital 29.6
• Material reduction in lockup partially offset by paydown in creditors
15* 31 March 2009 on continuing operations only
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Taxation% 31 Mar 2010 31 Mar 2009
UK taxation at 28.0 28.0
Non-deductible expenses - 0.7
Overseas tax rates (6.4) (4.2)Overseas tax rates (6.4) (4.2)
Share-based payments / other 0.6 3.3
R&D tax credit (2.4) (2.4)
ETR b f ti li f 19 8 25 4ETR before consortium relief 19.8 25.4
Consortium relief - (6.9)
Normalised effective tax rate 19.8 % 18.5 %
• One off benefit of acquired tax losses in 2008/09
16
• ETR benefit from operations in lower tax jurisdictions
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Pension
• IAS 19 deficit increase driven primarily by reduction in 300
350
IAS19 Deficit net of Deferred Tax
p y ydiscount rate and inflation increase
• Strong asset performance over 200
250
£m gthe last year
• £32m deficit funding in line with agreed funding plan50
100
150
£
• Actuarial valuation due as at 1 April 2010 – expected to complete later in FY 2010/11
0
2005
2006
2007
2008
2009
2010
17
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PensionCommitted to deficit and volatility reduction
• Actions already taken• Closed Atkins Plan to new members as of 1 April 2001• Future service accrual terminated in 2007• More than £100m of deficit cash funding since 2007• Volatility hedging programme now in place
• Options for further action under review
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Results summary
• Strong operating margin performance
• Continuing to generate cashContinuing to generate cash
• Dividend increased
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K ith Cl kKeith Clarke Chief ExecutiveChief Executive
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Summary
Results • Continued successful navigation of turbulent markets
Resilience
G th
• End market diversity and quality
Growth • Ongoing investment in skills and capabilities and positioned for opportunities
21
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9% 140
Margin progression
7%
8%
100
120
4%
5%
6%
80
100
2%
3%
4%
40
60
£m
0%
1%
0
20
2004 2005 2006 2007 2008 2009 20102004 2005 2006 2007 2008 2009 2010
Year ended 31 March
Operating profit Operating margin22
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People
3 67 ,909
7,27
8
18,3
22
18,0
17
235
01
c.15,600 staff
Focus on utilisation and efficiency
15,0
03
15,8
6
16,
17 1
16,2
15,6
0and efficiency
Ongoing investment in training and development
Employee survey engagement index: 73
Sep 2006 Mar 2007 Sep 2007 Mar 2008 Sep 2008 Mar 2009 Sep 2009 Mar 2010
engagement index: 73 (2009: 75)
23
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Work in hand
Entering the year with good contracted and committed revenue
2010/11
comparable to last year
54%45% 69%
54%(2009: 54%)
53% 57% 57% 44%
73%
(2009: 54%)ES &T Rai
l
ast
Eur
PS AM
24
D& H R
M E
Chi
na/E
M& A
Approximate percentages are of indicative Group forecast revenue
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Resilience
• Diversified exposure to end markets
• Strong GroupStrong Group• Scale• Breadth• Cash resourcesCash resources• Higher end activity• Adjacencies / skill transfer
• Quality of technical services a key determinant
• Market demands work on existing as well as newMarket demands work on existing as well as new infrastructure
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The Group’s diversified exposure to end markets provides resilience
6%
1%
7%
2%
11%
1%
3% UK Roads
UK Defence
UK Education
2%
3%
1%
10%
3%
2%
2%
2%
1%
UK Rail
UK Power
UK Water
1%
2%
1%
1%
1%
1%
1%
2%
7%
9%
UK Other
UK Asset Mgt
Middle East
Public Sector National Government
Public Sector Local Government
3% 1%
1%
3%
2%
4%
3%
Europe ex UK
US
Asia Pacific
Regulated
Private Sector
26Approximate percentages are of total Group revenue
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UK and Middle East
UK• We are prepared for a period of reduced government spending
• Planning and design will assume greater importance
• Resilience and agility will be required
• Value and quality will remain determinants• Value and quality will remain determinants
Middle East• Market sentiment is improving
• Confidence and liquidity slowly returning as expected
27
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Rest of the World
Europe• Securing significant work and expanding capabilities in Scandinavia
• Ireland remains challenging
USA• Cost consulting business continues to develop
• Oil & Gas activities expanding
Asia Pacific• Buoyant Hong Kong rail market underpinning opportunities in transport
• Improving quality in Mainland China
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Our multi-skill, multi-local strategy has three prioritiesHigh performing businesses
• Exceptional people and management• Focussing on qualityFocussing on quality
Addressing attractive markets• RenewablesRenewables• Nuclear• Mass transit
Taking advantage of opportunities by adding technical/niche skills in good markets
• Organic investment• Organic investment• Acquisitions – cultural fit is paramount
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Conclusion
Results • Continued successful navigation of turbulent markets
Resilience
G th
• End market diversity and quality
Growth • Ongoing investment in skills and capabilities and positioned for opportunities
Strong results in a tough economic environment demonstrate resilience of our strategy
3030
de o st ate es e ce o ou st ategy
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WS Atki lWS Atkins plcPreliminary results for the year endedPreliminary results for the year ended31 March 2010
17 June 201017 June 2010
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A diAppendix
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£m Cash Loan Financial Borrowings Borrowings Leases Leases Net funds
Net funds reconciliation£m Cash notes assets < 1yr > 1yr < 1yr > 1yr Net funds
Operating profit 113.0 113.0Depreciation/amortisation 22.8 22.8Working capital 29.6 29.6Pension (36.3) (36.3)Provisions / other (2.6) (2.6)( ) ( )
Cashflow from operating activities 126.5 126.5
Net interest 2.3 2.3Tax (18.0) (18.0)Net capital expenditure (10.8) (10.8)
100.0 100.0Acquisitions / disposals (0.8) (0.8)Joint Venture loans 2.1 2.1Dividends (25.7) (25.7)
Net cash flow 75.6 75.6
N ti it F i E h 1 4 (5 8)Non-operating items Foreign Exchange 1.4 (5.8)EBT share sales (7.2)
Financing - I Discount unwind - 0.4 (1.5)Transfer - (0.6) 0.6 (1.9) 1.9New leases - (1.9)
Financing - II Investments (7.9) 7.9Financial assets (3.7) 3.7 -Borrowings - short term (2.7) 2.7Leases : principal (4.9) 4.9
Movement 50.6 8.3 3.7 2.1 0.6 1.1 1.9 68.3
Opening balance 209.7 12.9 28.7 (2.8) (0.6) (4.8) (8.9) 234.2
Closing balance 260.3 21.2 32.4 (0.7) - (3.7) (7.0) 302.5
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Design and Engineering Solutions
4%
2%
1%
UK Roads
UK Defence
UK Education
This segment
2% 1%
1%
3%
2%
2%
1%
UK Rail
UK Power
UK Water
contains a mix of complementary
businesses that are ff f
2% 1% 3%
1%
UK Other
UK Asset Mgt
Middle East
at different stages of the economic cycle
1%
Europe ex UK
US
Asia Pacific
34Approximate percentages are of total Group revenue
Public Sector National Government
Public Sector Local Government
Regulated Private Sector
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Management and Project Services
2%
1%
UK Roads
UK Defence
UK EducationThis segment comprises
F ithf l G ldUK Rail
UK Power
UK Water
Faithful+Gouldand our Management Consultants business
1% 4% UK Other
UK Asset Mgt
Middle East
1%
1%
3%
1%
Europe ex UK
US
Asia Pacific
35
Public Sector National Government
Public Sector Local Government
Regulated Private Sector
Approximate percentages are of total Group revenue
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Disclaimer
The information in this presentation pack which does not purport to be comprehensive has been provided by Atkins, and has not been independently verified. While this information has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by Atkins, as to or in relation to the accuracy or completeness of thisor in relation to the accuracy or completeness of this presentation pack or any other written or oral information made available as part of the presentation and any such liability is expressly disclaimed Further whilst Atkins mayliability is expressly disclaimed. Further, whilst Atkins may subsequently update the information made available in this presentation, we expressly disclaim any obligation to do so.
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