AMEC Plc Annual Report and Accounts 2004
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AMEC plc 65 Carter Lane London EC4V 5HF United Kingdom Tel: +44 (0)20 7634 0000 Fax: +44 (0)20 7634 0001 www.amec.com AMEC plc annual report and accounts 2004 AMEC plc A leader in project management annual report and accounts 2004 annual report and accounts and services, we design, deliver and support infrastructure – from local technical services to international landmark projects Contents Financial highlights 1 Why AMEC? 2 Engineering and Technical Services 4 Across the world Oil and Gas 10 Project Solutions 16 Sustainability 20 Our board of directors 22 Responsibly Chairman’s statement 24 Chief executive’s review 26 Operating and financial review 32 For the long term Segmental review 40 Report of the directors 44 Directors’ remuneration report 49 Consolidated profit and loss account 55 Consolidated balance sheet 56 Company balance sheet 57 44,000 people Consolidated cash flow statement 58 Consolidated statement of total 700 locations recognised gains and losses 59 Note of consolidated historical cost profits and losses 59 40 countries Reconciliation of movements in consolidated shareholders’ funds 59 Notes to the accounts 60 Statement of directors’ responsibilities 79 Independent auditors’ report to the members of AMEC plc 80 Five year record 81 Principal group companies 82 Shareholder information 83 Investor relations report 84 AMEC in 2004 85 AMEC plc 65 Carter Lane London EC4V 5HF United Kingdom Tel: +44 (0)20 7634 0000 Fax: +44 (0)20 7634 0001 www.amec.com AMEC plc annual report and accounts 2004 AMEC plc A leader in project management annual report and accounts 2004 annual report and accounts and services, we design, deliver and support infrastructure – from local technical services to international landmark projects Contents Financial highlights 1 Why AMEC? 2 Engineering and Technical Services 4 Across the world Oil and Gas 10 Project Solutions 16 Sustainability 20 Our board of directors 22 Responsibly Chairman’s statement 24 Chief executive’s review 26 Operating and financial review 32 For the long term Segmental review 40 Report of the directors 44 Directors’ remuneration report 49 Consolidated profit and loss account 55 Consolidated balance sheet 56 Company balance sheet 57 44,000 people Consolidated cash flow statement 58 Consolidated statement of total 700 locations recognised gains and losses 59 Note of consolidated historical cost profits and losses 59 40 countries Reconciliation of movements in consolidated shareholders’ funds 59 Notes to the accounts 60 Statement of directors’ responsibilities 79 Independent auditors’ report to the members of AMEC plc 80 Five year record 81 Principal group companies 82 Shareholder information 83 Investor relations report 84 AMEC in 2004 85 AMEC in 2004 AMEC at a glance Engineering and Technical Services Oil and Gas Project Solutions We continued to grow our European We strengthened our international We worked with the UK Highways Agency Multitechnical Services business oil and gas presence with a series of to deliver the Bingley Relief Road three with a series of eight acquisitions important contract wins in the Caspian, months ahead of schedule – and were Kuwait, Western Australia, South East awarded the Prime Minister’s Better We teamed up with Thales to design Asia, Nigeria, Canada and the UK Public Building Award, the UK’s leading Our markets and customers Principal activities and upgrade the entire infrastructure accolade for infrastructure projects security system for the French Ministry We delivered the Cheyenne Plains AMEC has major home markets in the Engineering and Technical of Economy, Finance and Industry pipeline project – over 250 miles of We were selected by two leading natural gas pipeline – the largest US healthcare facility and service providers UK, Continental Europe and the Americas Services (“ETS”) We headed a consortium of companies cross-country pipeline project in 2004 to deliver £33 million worth of new and works internationally from Alaska Specialist services ranging from to provide full site support services patient facilities for the NHS in the north to Australia. environmental consulting to asset to EDF’s Fessenheim nuclear power Over the last 15 months our business and south east of England station in France in the large and growing Canadian About us We work for a wide range of clients maintenance. Oil and Gas Project Solutions oil sands secured a series of important An AMEC joint venture was awarded We helped the French government contracts with clients including Deer the contract to partner with Northern across the public and private sectors, Unlike the rest of AMEC, where we meet AMEC is an international project With market-leading expertise Construction Services improve its road safety by implementing Creek, Shell Canada and Imperial Ireland Railways on a major renewal ranging from national and local customers’ needs as a national or a system of speed cameras across Oil Canada and upgrade of its coast line between management and services company, working in hostile deepwater AMEC takes a selective approach governments to blue chip companies international business, the Multitechnical mainland France which automatically Belfast and Larne employing 44,000 people in over environments, AMEC provides total life to project delivery for public and private detects and fines traffic offenders In January 2005 we acquired oil and gas on both sides of the Atlantic. and Environmental businesses provide 40 countries around the world. of asset services to clients in the sector clients, in particular markets engineering services company Paragon, We were selected in joint venture as We tested our innovative GeoMelt which strengthens our portfolio of services preferred bidder for a landmark urban Our largest customer accounts for around services locally, to a diverse regional and international oil and gas industry, where where we have expertise, often involving We provide total life of asset services – international client base. With over 50,000 technology for use at the world’s largest and client relationships in Houston – regeneration project in London which six per cent of total turnover. barriers to entry are extremely high. design, maintenance or operations support environmental clean-up project at the establishing us as a Tier One contractor will transform Lewisham town centre designing, delivering and supporting our clients in many different sectors and a high and sometimes equity participation. United States nuclear weapons site in the region into a thriving residential, commercial clients’ investments in capital assets. percentage of repeat business, ETS is In recent years AMEC has successfully in Hanford, Washington and recreation area – and have started generally a highly predictable business. pursued a strategy of international In February 2005 we were awarded an on-site at similar schemes in Reading growth, working closely with long-term Project Equity Investments We were chosen to prepare the eight year alliance contract worth £280 and Durham Design environmental impact assessment million by National Grid Transco – to clients who are developing new sources AMEC has equity participation in We help develop the initial concept, plan Multitechnical Services for the Sydney Tar Ponds in Nova replace gas mains along the M1 corridor In recent months we have been chosen of supply around the world. PPP and urban regeneration projects Scotia – one of Canada’s largest between Sheffield and Leicester, UK as preferred bidder for three major UK funding and add value from the initial In Europe, AMEC SPIE provides a broad where multiple income streams remediation projects PPP projects: Colchester Hospital, the concepts through to detailed designs. range of mechanical, electrical and are typically generated – from Docklands Light Railway extension to Upstream Our joint venture with Fluor worked on Woolwich Arsenal and South Lanarkshire communications services, ranging from the investment, construction work AMEC has leading market positions three major reconstruction contracts in schools, the largest single schools PPP Deliver maintenance of street lighting for local and associated services. Significant Iraq, covering power generation facilities project to date – and are also preferred authorities to design and delivery of fully in the engineering and project and water infrastructure bidder on the Incheon Bridge PPP project We project manage, construct and opportunities also exist for additional automated vehicle assembly lines and management of complex offshore in South Korea take care of commissioning according investment in our Wind Energy business. We were awarded a long-term framework advanced voice and data systems. It has topsides and in operations and to individual client’s requirements. contract by Thames Water to install water a network of offices in over 300 locations maintenance services. In Canada, meters in London and the Thames Valley across Benelux, France, Portugal we have a strong position in the large – which will run for up to ten years and and growing oil sands industry. involve installations at over 200,000 Support and Spain. properties in its first five year period We offer support services, from long-term maintenance to specialist Environmental Services Downstream and Pipelines technical services such as environmental With a network of 100 offices in North In Downstream, AMEC is recognised consulting. And at the end of the asset’s America and beyond, the Environmental for its expertise in gas processing life, we can help shut it down