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John Wood Group PLC Annual Report and Accounts 2015 Contents

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John Wood Group PLC Annual Report and Accounts 2015 Contents John Wood Group PLC Annual Report and Accounts 2015 Contents Strategic report Our operations, strategy and business model and how we have performed during 2015 “Against a backdrop of significantly reduced customer activity, the Group delivered EBITA of $470m in line with expectations and 14.5% lower than 2014. Our continued actions to reduce costs, improve efficiency and broaden our service offering through organic initiatives and strategic acquisitions, position us as a strong and balanced business in both the current environment and for when market conditions recover” Robin Watson, Chief Executive Strategic report Governance Financial statements Highlights Financial Summary Total Total Revenue from Profit before tax Adjusted Total Revenue 1 EBITA 1 continuing and exceptional diluted Dividend operations items EPS cents $5,852m $470m $5,001m $320m 84.0cents 30.3 per share 23.2% 14.5% 23.9% 22.8% 15.7% 10.2% (2014: $7,616m) (2014: $550m) (2014: $6,574m) (2014: $414.5m) (2014: 99.6c) (2014: 27.5 cents) Operational Highlights X Relatively resilient performance. EBITA of $470m in line with expectations; 14.5% lower than 2014 X Management focus on operational utilisation X Delivered overhead cost savings of over $148m which will sustain into 2016 X Underlying headcount reduced by over 8,000 people (c. 20%) X Continued progress on strategic acquisitions including expansion into the US brownfield petrochemical market. Total cash expenditure on new acquisitions of $234m X Strong balance sheet and cash generation. Net debt of $290m (0.5x 2015 EBITDA) and cash conversion of 119% X Dividend up 10%. Dividend cover of 2.8 times. Intention remains to increase the dividend for 2016 by a double digit percentage Wood Group Engineering Wood Group PSN X Falls in activity in Upstream and Subsea Production Services X Growth in Downstream and robust performance X US onshore impacted by significant pressure on in Onshore Pipelines volumes and pricing X Breadth and diversity positions us well to provide X North Sea impacted by reduction in project and project solutions to our clients non-essential maintenance work and efficiency initiatives X Relatively robust activity in our International business X Good opportunities internationally and will benefit from completed acquisitions Turbine Activities X Previously indicated exceptional non-cash impairment of EthosEnergy of $159m 1. Total revenue and Total EBITA include the contribution from joint ventures and, in 2014, activities classified as discontinued. Total EBITA represents operating profit including JVs on a proportional basis before the deduction of amortisation and net exceptional expense and is provided as it is a key unit of measurement used by the Group in the management of its business. John Wood Group PLC Annual Report and Accounts 2015 01 Our business Business model How we create and sustain value attributes Safety first attitude X Wood Group is an international projects, production and specialist technical solutions provider with around $6bn sales and 36,000 employees. Strong core X We are focused primarily on the provision of engineering and production values support solutions on a reimbursable basis to the upstream, midstream and downstream oil & gas sector. X We help customers design, build, maintain and safely operate facilities Unrivalled technical through asset lifecycles. capability and experience X As an asset-light, people focused business, our track record on industry leading projects is driven by our expertise and capability. Talented, flexible and motivated workforce Innovative, efficient and effective processes Operations, Downstream, chemical maintenance & process, automation & Subsea & modifications industrial pipeline Clean energy Low risk commercial model Efficient capital allocation and robust balance sheet 02 John Wood Group PLC Annual Report and Accounts 2015 Strategic report Governance Financial statements Business outputs Strong Wood Group Engineering Wood Group PSN shareholder (c. 30% revenue) (c. 70% revenue) returns (AEPS 2002 to 2015 Through Wood Group Mustang and Wood Group We provide services to the upstream, annualised Kenny, we provide a wide range of specialist engineering midstream,downstream & industrial sectors growth of 13%) services including conceptual studies, engineering, through brownfield engineering and modifications, project & construction management (EPCM) and production enhancement, operations and control systems upgrades to the upstream, subsea & maintenance, facility construction and pipeline, downstream, chemical process, automation & maintenance management, industrial services, Leading industrial and clean energy sectors. training and decommissioning services. engineering and production support solutions Business split: Business split: 35% 40% 25% 40% 40% 20% Upstream Subsea & pipeline North Sea Americas International Unrivalled Downstream, process & industrial track record on industry leading Customer Profile: Customer Profile: projects 20% 25% 15% 40% 45% 40% 5% 10% Independent IOC NOC Other Independent IOC NOC Other Global reach with long-term customer relationships Facility construction Industrial Decommissioning Significant maintenance management services Upstream services contribution to local employment and communities John Wood Group PLC Annual Report and Accounts 2015 03 Measuring performance We want to be recognised as the best technical services company to work with, work for, and invest in, with a relentless focus on excellence. Safety: Total recordable 1.99 Lost work 0.70 1.81 0.65 case frequency (TRCF) 1.54 case frequency (LWCF) 1.39 0.45 per million man hours per million man hours 0.40 2012 2013 2014 2015 2012 2013 2014 2015 We aim to deliver the highest standards of health and safety. Total Lost work case frequency measures lost work cases per million recordable case frequency is the total of lost work cases, restricted man hours. work cases and medical treatment cases, per million man hours. We had no fatalities in 2014 or 2015 and made positive progress We had an 11% increase in our total recordable case frequency (TRCF) in our lost work case frequency (LWCF) with an 11% improvement in 2015; although incidents reduced by 14% in the year, hours worked in 2015. reduced by over 20%. Financial: Cash conversion 119 Net debt: % 104 98 EBITDA ratio 0.5 0.5 0.5 70 times 0.3 2012 2013 2014 2015 2012 2013 2014 2015 The cash conversion ratio is post working capital cash flow divided The Net debt: EBITDA ratio measures our ability to service our debt. by EBITDA. We remain at the lower end of our preferred net debt: EBITDA range of 0.5 to 1.5 times. EBITA margin 8.0 Dividend per 30.3 6.7 7.5 7.2 ordinary share 27.5 % 22.0 cents 17.0 2012 2013 2014 2015 2012 2013 2014 2015 EBITA margin demonstrates our ability to convert revenue into profit. The share of AEPS distributed to shareholders. EBITA margin increased in the year, benefitting from a focus on We delivered in line with our previously stated intention for 2015 utilisation, significant cost savings and non-recurring items which offset of double digit growth. significant volume and pricing pressure. Adjusted diluted EPS Return on capital 98.6 99.6 19.3 19.4 17.7 cents 85.2 84.0 employed 16.3 % 2012 2013 2014 2015 2012 2013 2014 2015 Adjusted diluted EPS represents earnings before exceptional items EBITA divided by average capital employed measures our ability and amortisation, net of tax, divided by the weighted average to generate profits relative to the capital required to support our number of shares during the year. business. AEPS reduced 16% in 2015 reflecting reduced earnings. The reduction in return on capital employed reflects the lower EBITA for the year. 04 John Wood Group PLC Annual Report and Accounts 2015 Strategic report Governance Financial statements Chair’s statement "The Group performed in line with expectations, benefitting from the flexibility of an asset-light model and the delivery of significant overhead cost savings, while continuing to invest in strategic acquisitions and organic growth." Introduction Executive Board changes During 2015, the Board focused on supporting the executive As planned, following the AGM in May, David Kemp assumed the role leadership team in its response to a tough trading environment. of Group CFO following an interim period as deputy CFO. David has Overall, the Group performed in line with expectations, benefitting been with the Group since 2013 in the position of Wood Group PSN from the flexibility of an asset-light model and the delivery of significant CFO. David succeeded Alan Semple who retired from Wood Group on and sustainable overhead cost savings, while continuing to invest in 13 May 2015, following 15 years in the CFO role. Alan was an excellent strategic acquisitions and organic growth. financial leader of the Group and the Board, and we are grateful for his noteworthy contribution. Markets In October, we announced the appointment of Robin Watson as Conditions in the oil & gas markets became increasingly challenging Chief Executive, effective 1 January 2016. Robin has been with the in 2015. During the year, oil prices fell by around a further 30% and Group since 2010 and has served on the Board since 2013, initially global exploration and production (E&P) capital expenditure was as CEO of Wood Group PSN and then, since April 2015, as Group down approximately 20%. The expectation of a lower-for-longer COO. Robin succeeds Bob Keiller who retired from Wood Group commodity price environment has prompted many E&P customers on 31 December 2015. I would like to thank Bob for his significant to reassess capex and opex spending plans. Industry commentators contribution to the Group, both following the acquisition of PSN in are anticipating further spending reductions in 2016, which would 2011, and during his three years as CEO. Robin was identified as represent the first consecutive annual declines in spending in more the stand-out candidate to succeed Bob as part of our succession than 20 years. In other markets we have seen more resilient demand planning process, and his appointment will ensure important for our services.
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