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Annual Report 2014

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Annual Report 2014 Annual Report 2014 We are a professional services business, a partner in delivering sustained economic and social progress, creating opportunities for individuals, companies and communities to find and realize their own futures. We can only do this with the support of our shareholders, earned by delivering earnings growth and a satisfactory return on their investment. ValuesOur Leadership Agility • Energy and excitement • Smallest assignment to world-scale developments • Integrity in all aspects of business • Comprehensive geographic presence • Minimum bureaucracy • Global expertise delivered locally • Committed, empowered and technically • Responsive to customer preferences capable people • Optimum customized solutions • Delivering profitable sustainability Performance Relationships • Industry leadership in health, safety and • Open and respectful environmental performance • A trusted supplier, partner and customer • Delivering on our promises • Collaborative approach to business • People accountable and rewarded for performance • Willing to challenge and innovate • Innovation delivering value for our customers • Seeking enduring customer relationships • Creating sustainable value for our shareholders WorleyParsons delivers projects, provides expertise in engineering, procurement and construction and offers a wide range of consulting and advisory services. We cover the full lifecycle, from creating new assets to sustaining and enhancing operating assets, in the hydrocarbons, mineral, metals, chemicals and infrastructure sectors. Our resources and energy are focused on responding to and meeting Contents the needs of our customers over the long term and thereby creating Group Financial Highlights 1 value for our shareholders. Chairman and CEOs’ Review 2 Group Leadership Team 5 Board of Directors 6 Annual General Meeting Global Operations and 8 Significant Contract Awards WorleyParsons’ 2014 Annual General Meeting will be held on Tuesday Significant Contract Awards 10 28 October 2014 commencing at 2.00pm (AEDT) at The Westin Sydney, Corporate Profile 12 1 Martin Place, Sydney. Operating and Financial Review 44 Corporate Responsibility 50 We have created our 2014 Shareholder results Directors’ Report 56 microsite, which offers our 2014 results Remuneration Report 61 documents and detailed information on our Financial Statements 77 business operations. Shareholder Information 114 Visit us online Corporate Information 116 annualreport2014.worleyparsons.com Glossary IBC Group Financial Highlights FIvE year performance at a glance $’M 2010 2011 2012 2013 2014 % change Aggregated revenue1 4,967.1 5,903.5 7,362.6 7,627.0 7,363.7 (3.5) EBIT 427.4 539.9 537.9 527.0 428.2 (18.7) EBIT margin 8.6% 9.1% 7.3% 6.9% 5.8% net profit after tax 291.1 364.2 353.2 322.1 249.1 (22.7) net profit margin 5.9% 6.2% 4.8% 4.2% 3.4% Cash flow from operations 279.6 293.8 437.5 443.5 550.1 24.0 Return on equity 16.7% 19.8% 18.0% 16.2% 12.5% Basic EPS normalized (cents)2 127.9 159.4 152.7 137.8 108.5 (21.3) Basic EPS (cents) 118.5 148.3 143.7 130.8 101.0 (22.8) Dividends (cents per share) 75.5 86.0 91.0 92.5 85.0 (8.1) 1 Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates less procurement revenue at nil margin, interest income and net gain on revaluation of investments previously accounted for as equity accounted associates. The directors believe the disclosure of revenue attributable to associates provides additional information in relation to the financial performance of the Group. 2 Before amortization of intangibles including tax effect of amortization expense. Aggregated revenue EBIT net profit after tax Cash flow from operations $7,363.7m $428.2m $249.1m $550.1m $539.9m $539.9m $539.9m $539.9m $537.9m $537.9m $537.9m $537.9m $364.2m $364.2m $364.2m $364.2m $550.1m $550.1m $550.1m $550.1m $7,627.0m $7,627.0m $7,627.0m $7,627.0m $527.0m $527.0m $527.0m $527.0m $353.2m $353.2m $353.2m $353.2m $7,362.6m $7,362.6m $7,362.6m $7,362.6m $7,363.7m $7,363.7m $7,363.7m $7,363.7m $322.1m $322.1m $322.1m $322.1m $428.2m $428.2m $428.2m $428.2m $437.5m $437.5m $443.5m $437.5m $437.5m $443.5m $443.5m $443.5m $427.4m $427.4m $427.4m $427.4m $291.1m $291.1m $291.1m $291.1m $5,903.5m $5,903.5m $5,903.5m $5,903.5m $530.3m $530.3m $530.3m $530.3m $249.1m $249.1m $249.1m $249.1m $527.0m $527.0m $527.0m $527.0m $345.6m $345.6m $345.6m $345.6m $322.1m $322.1m $322.1m $322.1m $4,967.1m $4,967.1m $4,967.1m $4,967.1m $474.2m $474.2m $474.2m $474.2m $298.5m $298.5m $298.5m $298.5m $452.2m $452.2m $452.2m $452.2m $293.8m $293.8m $293.8m $293.8m $427.4m $427.4m $427.4m $427.4m $291.1m $291.1m $291.1m $291.1m $279.6m $279.6m $279.6m $279.6m $263.4m $263.4m $263.4m $263.4m The result was earned on EBIT was $428.2m, a The full year result for Cash flow from operations aggregated revenue of decrease of 18.7% on the 2014 was $249.1m, a was $550.1m, an increase $7,363.7m, a decrease of $527.0m reported in 2013. decrease of 22.7% on of 24.0% on the $443.5m 3.5% on the $7,627.0m the $322.1m net profit reported in 2013. Underlying EBIT, reported in 2013. reported in 2013. excluding fair value gain on acquisitions and Underlying nPAT, restructuring costs, for excluding fair value the year was $452.2m, a gain on acquisitions and decrease of 14.2% on the restructuring costs, for $527.0m reported in 2013. 2014 was $263.4m, a decrease of 18.2% on the $322.1m nPAT reported in 2013. WorleyParsons Annual Report 2014 1 CHAIRMAn AnD CEOS’ REvIEW Chairman and CEOs’ Review We have taken decisive action to position the Company to take advantage of market conditions and for future growth. Andrew Wood and John Grill AO The 2014 financial year was a difficult year for WorleyParsons as To address these market conditions and to ensure we maintain an we faced challenges in a number of our key markets. WorleyParsons intense focus on our customers and project delivery, a number of is one of the most globally diverse companies in our international actions were taken during the year. We simplified the corporate peer group, with a network of 157 offices in 46 countries. This structure including a reorganization of the business into three global diversification has been an important factor in assisting business lines, refreshed the leadership team, reduced overhead WorleyParsons to offset challenging conditions in a number of key costs, removed 1,700 overhead positions and initiated programs to markets, particularly Australia, by capitalizing on opportunities in enable our staff to deliver greater customer satisfaction. We have better performing markets. refocused our strategy to more aggressively leverage our broad and deep technical capabilities and diverse geographic presence. 2 WorleyParsons Annual Report 2014 Financial Performance implementing a change program to: The Group reported an underlying net profit after tax of $263.4 • Refocus the organization on having an obsession with making our million, excluding $35.4 million pre-tax restructuring costs and the customers successful net fair value gain on acquisition of associates of $11.4 million, • Capture our knowledge and share that knowledge to find better down 18.2% on our 2013 underlying result. This reduction solutions for our customers’ problems was due primarily to a significant decline in the contribution • Build a strong culture of performance and accountability to from the Australian business across all customer sectors and achieve: “Delivering what we promise”. poor commercial performance on a project in Cord, our Canadian construction and fabrication operation. Margins remained under Strategically, our immediate focus is on getting better at what pressure although they improved significantly in the second half to we do and prudently managing costs. We are more aggressively a three–year high. It is pleasing to note that the Group delivered an pursuing growth from our core, both into new geographies and impressive operating cash flow of $550.1 million and our balance new service offerings. In addition we are developing new ventures sheet remains strong. aligned with and complementary to our existing business. Two new ventures are being developed - our advisory business, Advisian, The Board has resolved to pay a final dividend of 51.0 cents per and Digital Enterprise. We are pleased to announce two key share 20.5% franked, taking the total dividends for the year to 85.0 appointments. Iain Ross has been appointed as the CEO of Digital cents per share, down 8.1% from 92.5 cents per share last year. Enterprise to accelerate and build on the work done by Graeme As the 2014 financial result was below the threshold for vesting, Henderson and his team. As previously announced, Dennis Finn has no Combined Incentive was awarded to Executives. been appointed as the CEO of Advisian. Dennis joins us from PwC Health, Safety and Environment (HSE) and commences on 1 September 2014. There is nothing more important to WorleyParsons than the safety Historically, WorleyParsons has delivered above average total of our people. To this end, the Board and management continue to shareholder returns; however, we recognize that in recent times our strive to achieve the goal of Zero Harm across all countries in which total shareholder returns have declined along with our performance we operate.
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