Fluor Financial Analysis

7/23/2019 Fluor Financial Analysis

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Submitted By: Peeyush Angra (10264502)

Course Tite: !inan"ia Anaysis

#e"turer $ame: %nda &ur'hy

&odueSube"t Tite: !inan"ia Anaysis (B*AC106)

Assignment Tite: !inan"ia +e'ort o, !uor

-ord Count: .02/

This Report is a brief review of the Annual Report from Fluor for the nancial

year 2013 – 2014

!eeyush An"ra 102#4$02 !a"e 1



Tabe o, Contents

Page $o:

%ompany &verview 3

Fluor 'trate"ic (rowth 3

Future !lans 4

Financin" )oments 4

Ratio Analysis $

1. Profitability Ratio 52. Efficiency Ratio 63. Liquidity Ratio 64. Financial Ratio 75. Invet!ent Ratio "

%onclusion *

%ompetitor Analysis +

,iblio"raphy 11

Company Overview

Fluor i a fortune 5## co!$any t%at $rovide en&ineerin&' $rocure!ent' contruction'!aintenance (EP)*+' and $ro,ect !ana&e!ent to &overn!ent and client in divere indutrie around




t%e -orld. For over a century' client %ave elected Fluor a t%eir co!$any of c%oice to co!$letec%allen&in& $ro,ect in re!ote $art of t%e -orld. Founded a a contruction co!$any in 112' Fluor quic/ly built a re$utation for a$$lyin& innovative !et%od and $erfor!in& $recie en&ineerin& andcontruction -or/ in t%e e!er&in& oil indutry. Fluor continue to develo$ and i!$le!ent innovativeolution for $ro,ect of co!$le0 $roble! in variou indutrie ' includin& c%e!ical and $etroc%e!ical' co!!ercial and intitutional ( ) I+ ' utilitie ' life cience ' !anufacturin& ' !inin&'

oil and &a' $o-er ' rene-able ener&y' teleco!!unication and tran$ort infratructure.(bout Fluor'2#15+

Fluor )or$oration i one of t%e lar&et $rofeional ervice fir! $roviion of en&ineerin&' $rocure!ent' contruction' fabrication and !odulariation' co!!iionin& and !aintenance and $ro,ect!ana&e!ent ervice on a &lobal bai. It i alo a ervice $rovider for t%e federal &overn!ent' andco!$any carrie out o$eration and -orld-ide !aintenance activitie for !a,or indutrial cuto!er.Fluor buine i co!$ried of five buine &rou$ ervin& divere indutrie. et' on every $ro,ect for every client' co!$any trive to dra- fro! t%e full e0$ertie acro our &rou$ to offer t%e bet olution.Fluor i re-arded -it% additional co$e' and client are re-arded -it% ca$ital efficiency and certainty.(Fluor nnual Re$ort' 2#14+

8il 9a

!ro-ects of &il . (as (roup an/ buil/s some of the lar"est an/ most comple pro-ectsupstream /ownstream an/ petrochemical companies in the worl/ to remote an/challen"in" locations aroun/ the "lobe The "roup provi/es /esi"n en"ineerin"procurement construction manufacturin" an/ pro-ect mana"ement for processin" plantsreneries pipelines oshore installations an/ other ener"y assets

Indutrial Infratructure The "roup serves the metals an/ minin" roa/ an/ rail trac civil eavy 5n/ustries an/ lifesciences in/ustries aroun/ the worl/ provi/in" /esi"n en"ineerin" procurementconstruction manufacturin" operations maintenance an/ pro-ect mana"ement solutions

9overn!ent The (overnment "roup provi/es en"ineerin" operations construction lo"istics base an/facilities an/ maintenance emer"ency response an/ environmental an/ nuclear services tothe 6' "overnment an/ "overnments abroa/

9lobal ervice The "roup oers buil/in" resources 77eet services an/ e8uipment temporary wor9fabrication an/ mo/ulari:ation services an/ supply chain solutions

Po-er The "roup pro-ects buil/s commissions retrots an/ maintains facilities in all types an/ fueltechnolo"ies inclu/in" fossil renewable an/ nuclear fuels an/ is an epert in

environmental compliance an/ emission retrot wor9 (Fluor nnual Re$ort' 2#14+

Fluor Strategic Growth,ac9lo" at year en/ was ; 42$ billion /riven by an increase in &il . (as se"ment

bac9lo" ; 2*4 billion %ompany is well positione/ to continue to win an/ eecute pro-ects

anywhere in the worl/ At the en/ of 2014 the portfolio of Fluor was 34 percent /omestic

## percent o 6' <ew pro-ect awar/s /urin" the year continue/ to show %ompetitive

a/vanta"es of Fluor "lobal reach an/ resilience Fluor in partnership with =(% was selecte/

by %hevron %ana/a >imite/ to provi/e en"ineerin" procurement an/ construction for the

?itimat >i8uee/ <atural (as @><( pro-ect in ,ish %ove ,ritish %olumbia %ana/a This




important pro-ect announce/ the entry of Fluor in the ><( mar9et B a future protable

"rowth /river for Fluor A//itional awar/s in the ener"y sector inclu/e/ a contract with Fort

ills Cner"y >! to provi/e the framewor9 utilities the /esi"n of oil san/s Fort ills minin" in

Alberta %ana/aD this inclu/es en"ineerin" procurement construction an/ construction

services estimate/ at ; 13 billion

Fluor in partnership with Technip won a contract to supply 'asol with the /etaile/

/esi"n procurement an/ construction of its worl/Bclass crac9er ethane an/ comple

/erivatives Eestla9e >ouisiana an/ en"ineerin" procurement an/ construction

mana"ement contract for the !CTR&<A' Renery an/ !etrochemical 5nte"rate/

evelopment !ro-ect @RA!5 locate/ in !en"eran" =ohor )alaysia !ublicBprivate

partnerships will continue to be an important ways to fun/ vital infrastructure pro-ects in the

public sector urin" 2014 Fluor consortium has been selecte/ to /esi"n create mana"e

maintain an/ nance the A+ motorway between iemen an/ olen/recht <etherlan/s

%ompany also benete/ from the continue/ "rowth of public services not only in America

but also Africa an/ the 6? 5n the 6nite/ 'tates Fluor won contracts from the 6'

epartment of Cner"y for oil operation of the strate"ic reserve of the country an/ also for

the net phase of the "as cleanin" plant in !a/ucah /iusion in !a/ucah ?entuc9y

%ompany also eten/e/ services to the 6' Army in Africa within the eistin" &r/er of (rowth !ro"ram %ompany of %ivil >o"istics @>&(%A! tas9s Fluor is improvin" an/ buil/in"

centers lanes of resi/ential courses airports an/ treatment of Cbola Finally the 6? <uclear

ecommissionin" Authority selecte/ the %aven/ishBFluor partnership to ta9e property

)a"no >t/ an/ Research 'ites Restoration >imite/ B the company website responsible for

/ecommissionin" of nuclear facilities 12 from the 6? (Fluor nnual Re$ort' 2#14+

Future Plans $er :avid';<oday I a! $roud of t%e action ta/en by Fluor leader and e!$loyee over t%e

$at everal year to !ana&e our $ro,ect -it% e0cellence' to be cot=co!$etitive' to erve t%e need of our client' and to &ro- t%e tren&t% and reilience of our -or/force. Eac% of t%ee action %a reinforced

our re$utation in t%e indutry and $oitioned Fluor to be t%e co!$etitive c%oice of our client. Fluor undertand t%eir need for ca$ital efficiency and -ill e0ecute our -or/ to enure quality' cot andc%edule certainty. I a! e0cited about our future' and -e loo/ for-ard to e0ceedin& t%e e0$ectation of our client and invetor.> (:avid <. eaton' 2#15+

Financing Moments

5n 2014 the ,oar/ of irectors authori:e/ the payment of 8uarterly /ivi/en/s ;

021 per share @compare/ to 8uarterly /ivi/en/s of ; 01# per share in 2013 an/ 2012

Guarterly cash /ivi/en/s are normally pai/ in the month followin" the 8uarter in which they

were /eclare/ Het /ivi/en/ /eclare/ in the fourth 8uarter of 2012 was pai/ in ecember

2012 The payment an/ level of future /ivi/en/s are sub-ect to the /iscretion of the ,oar/ of

/irectorIs /ivi/en/ ; 12# million ; J+ million an/ ; 12+ million were pai/ /urin" 2014 2013an/ 2012 respectively 5n <ovember 2014 the company issue/ ; $00 million of 3$K 'enior

<otes @ the LL 2014 <otes LL /ue ecember 1$ 2024 an/ amounts receive/ of ; 4+1 million

net of un/erwritin" /iscounts 5nterest on 2014 <otes is payable semiBannually on =une 1$

an/ ecember 1$ of each year commencin" on =une 1$ 201$ ,efore 1$ 'eptember 2024

the company may re/eem the 2014 <otes at a re/emption price e8ual 100 percent of the

principal amount plus a LL ma9e whole L L premium /escribe/ in the in/enture &n or after




'eptember 1$ 2024 the %ompany may re/eem the 2014 <otes at 100 percent of the

principal amount plus accrue/ an/ unpai/ interest if any to the /ate of purchase

5n the rst 8uarter of 2013 the company re/eeme/ its $#2$K )unicipal ,on/s for

;1* million or 100K of their principal amount an/ also pai/ ;+ million on the remainin"

balances of various notes payable that were assume/ in connection with the 2012

ac8uisition of an e8uipment company istributions pai/ to hol/ers of nonBcontrollin"

interests represent cash out7ows to partners of consoli/ate/ partnerships or -oint ventures

create/ primarily for the eecution of sin"le contracts or pro-ects istributions pai/ were

;13* million ;12$ million an/ ;101 million in 2014 2013 an/ 2012 respectively

istributions in 2014 primarily relate/ to two transportation -oint venture pro-ects in the

6nite/ 'tates an/ a minin" -oint venture pro-ect in Ar"entina istributions in 2013 an/ 2012

primarily relate/ to an iron ore -oint venture pro-ect in Australia %apital contributions by

-oint venture partners

were ;3 million ;2 million an/ ;3 million in 2014 2013 an/ 2012 respectively (Fluor nnual

Re$ort' 2#14+

Ratio Analysis1. Profitaility Ratios!"

<%e balance %eet of a $rivate li!ited co!$any or a $ublic li!ited co!$any %ould be able to tell

u all about t%e co!$any financial tructure and liquidity (avies . %rawfor/ 2011 p" *4 . In

Fluor !ana&e!ent are al-ay ee/in& to e0$and electively t%rou&% $artner%i$ or acquiition t%at add

lon& ter! value for %are%older. ?it% t%i ai! t%e $rofitability of t%e co!$any i i!$ortant for

%are%older atifaction. <%e $rofitability ratio belo- u!!arie t%e $rofitability $erfor!ance of t%e

co!$any.

<%e Gross Margin ratio reflect t%e !ar&in of $rofit t%at an or&aniation i able to earn on it

tradin& and !anufacturin& activitie. <%e 9ro *ar&in $ercenta&e of 2#14 for Fluor a- a li&%t rie at

6.5#@ a co!$ared to 4.@ of 2#13. <%e de$reciation of /ey currencie a&aint t%e dollar %ad a

i&nificant ne&ative i!$act on t%e tranlation of re$orted reult. <%e total revenue %a fallen do-n fro!

A27.4 billion to A21.5 billion in 2#14 in co!$arion to $reviou year. <%e !a,or reaon for t%i bein&

driven $ri!arily by a reduction in !inin& and !etal activity.

!eeyush An"ra 102#4$02 !a"e $



Li/e-ie a $er t%e )%ief Financial 8fficer revie-' t%ere i an increae of B1.2@ in t%e #et

Profit $efore %a& for 2#14 -%en co!$ared to 2#13 a a reult of increaed volu!e' i!$roved contant

currency revenue' cot efficiencie and lo-er finance cot' $artly offet by t%e i!$act of currency

de$reciation. <%i c%an&e in t%e rate reulted fro! a co!bination of factor includin&C beneficial forei&n

e0c%an&e deduction on refinancin&D t%e reolution of variou uncertain ta0 $oitionD and a $oitive

&eo&ra$%ic !i0 of $rofit.

<%e Return on '(uity !eaure t%e return to t%e o-ner on t%e boo/ value of t%eir invet!ent in

a co!$any. In 2#13 t%e ratio -a 4#.7"@ but in 2#14 t%e ratio ecalate to 5#.#7@. nalyin& t%e trend

t%i increae -a $ri!arily o-in& to $rofit for t%e year and %are baed $ay!ent credit $artly offet by

advere currency tranlation !ove!ent and dividend $ay!ent. (Fluor nnual Re$ort' 2#14' P6+

). 'fficiency Ratios!"

<%e re&ular !onitorin& of efficiency ratio by co!$anie i crucial becaue t%ey relate directly to %o-

effectively buine tranaction are bein& converted to ca%.

<%e *etor *ays fro! 2#13 to 2#14 i increaed by 4.3"@. <%e Cre+itor *ays fro! 2#13 to 2#14 %a

decreaed by 1.#7@.

<%e Stoc, *ays or inventory ee an increae fro! 24 day in 2#13 to 2 day in 2#14 t%i

i an indicator of t%e recent rate of ua&e. Inventory to revenue ratio deter!ine t%e ability of a co!$any

to !ana&e t%eir inventory level. It !eaure t%e $ercenta&e of Inventorie t%e co!$any currently %a on

%and to u$$ort t%e current a!ount of Revenue. ( Fluor )or$ Inventory <urnover' 2#15+

<%e et <urnover !eaure t%e $erfor!ance of t%e co!$any in &eneratin& ale revenue

fro! t%e aet under it control. Fluor !eaure!ent in 2#14 and 2#13 %ad a !inute rie' but in 2#14

t%ere %a been a decreae in net ale and total aet a co!$ared to $reviou year. <%e total aet in t%e

for! of current liabilitie for 2#14 tand at A333#."53 !illion $lu t%e non=current liabilitie tand at

A64".#61 !illion. <%e net aet for Fluor are at a value of A"14.42 !illion -%ic% %o- a A12.421

!illion $lun&e fro! 2#13. (Fluor nnual Re$ort' 2#14' P11#+

!eeyush An"ra 102#4$02 !a"e #

http://www.gurufocus.com/term/inventory2rev/FLR/Inventory%2Bto%2BRevenue/Fluor%2BCorp

http://www.gurufocus.com/term/inventory2rev/FLR/Inventory%2Bto%2BRevenue/Fluor%2BCorp



-. i(ui+ity Ratios!"<%e ratio bet-een t%e liquid aet and t%e liabilitie of a intitution. <%e de&ree to -%ic%

aet are %eld in a ca% of near for! i deter!ined by t%e level of obli&ation t%at need to be !et by t%e

buine. Liquidity ratio illutrate t%e %ealt% or t%e ca% ituation of t%e buine and it ability and

ca$ability to !eet it %ort ter! obli&ation.

<%e Current Ratio for Fluor %o- t%at in 2#14 t%e ratio -a at 172."7@ in co!$arion to t%e

2#13 ratio of 176.21@. <%e current ratio !eaure t%e liquidity of t%e buine' notably different

indutrie -ill %ave different liquidity ratio de$endin& on t%e buine. <%ere i an increae in )urrent

liabilitie fro! A333#."53 !illion in 2#14 to A34#7.16# in 2#13 i!$acted on t%e current ratio.

<%i ratio i acce$table but i do-n fro! t%e $reviou year.

<%e Aci+ %est Ratio or /uic, Ratio indicate t%e ability of t%e co!$any to $ay it trade

$ayable out of it trade receivable in t%e %ort ter!. <%ere i a decreae of A153.546 !illion in

inventorie fro! 2#13 to 2#14. <%e quic/ ratio for 2#14 i 125.23@ in co!$arion to 2#13 -%ere t%i

ratio 125.11@. &reater c%an&e in t%e quic/ ratio fro! t%e current ratio i!$lie t%at t%ou&% t%e fir! are

liquid' t%ere i a %i&%er inventory built u$. <otal aet decreaed to A"323."5#!illion fro! t%e $rior year A"14.42 !illion $ri!arily a a reult of t%e i!$act of currency tranlation' $artly offet by t%e

$rofit earned and ca% &enerated in t%e year. (Fluor nnual Re$ort' 2#14' P"+

0. Financial Ratios!"Financial ratio quantify !any a$ect of a buine and are an inte&ral

$art of t%e financial tate!ent analyi. )o!$any financin& i concerned -it% t%e lon& ter! olvency of

t%e co!$any' it i aeed by t%e ue of t%e follo-in& ratio' and t%ey conit of t%e :ebt Ratio' :ebt

Equity Ratio and t%e interet )over. I!$ortantly t%e %i&%er $ro$ortion on debt to equity in t%e ca$ital

tructure t%e &reater t%e ri/ to t%e %are%older $lu it !a/e co!$any le attractive for invet!ent.

!eeyush An"ra 102#4$02 !a"e J



<%e Gearing Ratio %a increaed to 23.52@ in 2#14D a co!$any -it% a %i&% $ro$ortion of debt ca$ital to

%ared ca$ital i %i&%ly &eared' and a co!$any -it% a lo- $ro$ortion of debt ca$ital i lo- &eared'

9earin& %a i!$lication on t%e lon& ter! tability of t%e co!$any (:avie )ra-ford' 2#11' $&. 55+.

9earin& ($reented a a ratio of net debt to equity+ %a increaed to 23.52@ fro! 11.34@ in 2#13. <%e

increae in equity -a $ri!arily o-in& to $rofit for t%e year and %are baed $ay!ent credit $artly offet

by advere currency tranlation !ove!ent and dividend $ay!ent.

<%e *et'(uity Ratio in 2#14 tand at 3#.76@ co!$ared to 2#13 of 12."#@. *ar/et condition

and !ana&e!ent deciion -ill i!$act on t%i ratio. <%e e0tent to -%ic% t%e debt equity i %i&% or lo-

&eared %a an effect on t%e earnin& $er %are of t%e co!$any' if $rofit are increain&' t%en %i&%er

&earin& i $referable' if $rofit are decreain&' t%en lo-er &earin& or no &earin& i $referred (:avie

)ra-ford' Prentice all' 2#11' $&. 55+. Fluor o$eratin& $rofit and $rofit before ta0 for 2#11 are all

%i&%er t%an t%e quoted 2#13 fi&ure. (Fluor nnual Re$ort' 2#14' P"+

2. 3nvestment Ratios!"Invet!ent Ratio &enerally indicate t%e e0tent to -%ic% t%e buine i underta/in& ca$ital

e0$enditure to enure it urvival and tability' and it ability to utain current revenue and &enerate

future increaed revenue. (:avie )ra-ford' 2#11' $&. 247+

Fluor ac%ieved ad,uted EP &ro-t% in t%e year 2#14 of 3.2@' a a reult of %i&%er o$eratin& $rofit' lo-er

finance cot and a lo-er ta0 c%ar&e' and after reflectin& t%e advere i!$act of forei&n e0c%an&e rate

!ove!ent.

!eeyush An"ra 102#4$02 !a"e *



<%e 'arnings per Share for Fluor i 3.2# and t%e Price'arnings of 1#.1. <%e ado$tion of

t%ee ne- tandard' inter$retation and a!end!ent %a reulted in t%e c%an&e. (Fluor )or$ PE Ratio'

2#15+

Conclusion

FluorG financial reult for 2#14 %o- t%e $ro&re !ade in $rovidin& added value to our

cuto!er and %are%older. He- a-ard increaed to A2"." billion' -it% net inco!e attributable to Fluor

fro! continuin& o$eration of A715 !illion' &ivin& %are%older a record A4.4" $er diluted %are.

)o!$any 8il 9a buine led t%e -ay' i!$rovin& $rofitable &ro-t% co!$ared to 2#13. FluorG

revenue -a A21.5 billion' do-n fro! A27.4 billion t%e $reviou year' !ainly driven by a reduction in

!inin& and !etal activity. ac/lo& at t%e end of t%e year i a %ealt%y 425######## A. FluorG balance

%eet re!ain very tron& -it% A2.4 billion in ca% and !ar/etable ecuritie at t%e end of t%e year. 8ver

t%e year co!$any returned over A1 billion to %are%older t%rou&% t%e re$urc%ae A#6 !illion of Fluor

%are and ditributin& A126 !illion in dividend. (Fluor nnual Re$ort' 2#14+

Competitor Analysis

<%e bi&&et co!$etitor of Fluor in ter! of !ar/et %are and volu!e i Loc/%eed *artin.bbreviated a L*<' it i a &lobal ecurity and aero$ace co!$any $rinci$ally en&a&ed in t%e reearc%'dei&n' develo$!ent' !anufacture' inte&ration and utain!ent of advanced tec%nolo&y yte!' $roductand ervice. )o!$any alo $rovide a broad ran&e of !ana&e!ent' en&ineerin&' tec%nical' cientific'lo&itic and infor!ation ervice. Loc/%eed *artin erve bot% .. and international cuto!er -it% $roduct and ervice t%at %ave defene' civil and co!!ercial a$$lication' -it% co!$any $rinci$alcuto!er bein& a&encie of t%e .. 9overn!ent. In 2#14' 7@ of A45.6 billion in net ale -ere fro!t%e .. 9overn!ent' eit%er a a $ri!e contractor or a a ubcontractor (includin& 5@ fro! t%e:e$art!ent of :efene (:o:+' 2#@ -ere fro! international cuto!er (includin& forei&n !ilitary ale(F*+ contracted t%rou&% t%e .. 9overn!ent+ and 1@ -ere fro! .. co!!ercial and ot%er

cuto!er. (Loc/%eed *artin )or$oration toc/ Juote u!!ary :ata' 2#15+

Stoc, PerformanceC=

<%e $erfor!ance c%art belo- $rovide a co!$arion of cu!ulative total return for %are%olderof co!!on %are ' au!in& reinvet!ent of dividend' -it% total return accrued to t%e tandard andPoorG ( P+ 5## Inde0 and t%e P ero$ace and :efene durin& t%e five year ended :ece!ber 31'2#14. <%e $erfor!ance &ra$% au!e A 1## -a ori&inally inveted in eac% of our co!!on %are andt%e indice on :ece!ber 31' 2##. (Loc/%eed *artin )or$oration toc/ Juote u!!ary :ata' 2#15+

!eeyush An"ra 102#4$02 !a"e +



Shoul+ Fluor uy 14 5 sta,e in oc,hee+ Martin6

uyin& 1#@ ta/e in t%i co!$any -ill &ive Fluor a tron& foot%old in and ot%er &lobal!ar/et. Loc/%eed *artin %old 11537 nu!ber of !ar/et %are. lo' -it% t%e continuou rie in t%e

%are $rice -ould in return %i&% $rofit !ar&in. $er t%e trend of $at fe- year Loc/%eed *artin %a

$aid annual dividend of A6 $er %are.

8n t%e fli$ ide' fir! i overvalued and t%e $re!iu! $aid -ill be %i&% reultin& in a %it to t%e

liquidity of t%e fir!. It !i&%t be ri/ $rone invet!ent ince it e0$oe t%e co!$any !ore to t%e

fluctuatin& ta&e. If -e loo/ at all t%e /ey financial vector of Loc/%eed *artin' t%ey all are on a contant

$oitive rie and in cae of Fluor t%e !ar/et value i %avin& %u&e ocillation in t%e lat 5 year.

7er+ict

:o not buy 1# @ ta/e in Loc/%eed *artin' diverify to reduce buine ri/.




$iliography

bout Fluor' 2#15C cce at ---.fluor.co!aboutKfluor$a&edefault.a$0 on 2" 8ct 2#15

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Fluor )or$ Inventory <urnover' Access atMB---.&urufocu.co!ter!Inventory<urnoverFLRInventory@2<urnoverFluor@2)or$' 2 Hov 2#15

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Fluor )or$ PE Ratio' cce atC= ---.&urufocu.co!ter!$eFLRP@252FE@2RatioFluor

@2)or$' 4 Hov 2#15


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http://www.gurufocus.com/term/InventoryTurnover/FLR/Inventory%2BTurnover/Fluor%2BCorp







Loc/%eed *artin )or$oration toc/ Juote u!!ary :ata' 2#15' cce atC=

%tt$C---.nadaq.co!y!boll!t ' on 2#15


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Fluor Financial Analysis

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