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Annual Report and Accounts 2006

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Annual Report and Accounts 2006 ANNUAL REPORT AND ACCOUNTS 2006 MAKING TOMORROW A BETTER PLACE Report Section 01 Our Mission, Vision, Values and Strategy Section 02 A Year of Good Progress 02 Financial Highlights 03 Chairman’s Statement Section 03 What We Do 04 At a glance Section 04 Operating and Financial Review 06 Chief Executive’s Review 10 Markets and Outlook Defence/Education/Health Facilities Management and Services/Building Roads and Civil Engineering/Rail Middle East/Canada and the Caribbean 18 Financial Review 22 Corporate Social Responsibility Section 05 A Strong Team 24 Board of Directors Section 06 Accountability 26 Corporate Governance Report 31 Remuneration Report 39 Report of the Directors 42 Statement of Directors’ Responsibilities in Respect of the Annual Report and Financial Statements 43 Independent Auditors’ Report to the Members of Carillion plc Section 07 Financial Statements 44 Consolidated Income Statement 45 Consolidated Statement of Recognised Income and Expense 46 Consolidated Balance Sheet 47 Consolidated Statement of Cash Flows 48 Notes to the Consolidated Financial Statements 82 Company Balance Sheet 83 Notes to the Company Our mission Financial Statements Making tomorrow a better place. Section 08 Further Information Our vision 89 Five Year Review To be the leader in delivering integrated 91 Principal Subsidiary Undertakings, Jointly Controlled Entities and solutions for infrastructure, buildings Jointly Controlled Operations and services. 92 Shareholder Information IBC Advisers For the latest information, including Investor Relations and Sustainability, visit our website any time. www.carillionplc.com Cover – Restoration art The Ikon Gallery, Birmingham is now housed in a former neo-gothic school restored by Carillion to its former architec- tural glory. This page A view from Tate Modern, one of our many award winning projects. 01 Carillion plc Section 01 Annual Report and Accounts 2006 Our Mission, Vision, Values and Strategy Our values Our strategy is to deliver sustainable, profitable > Openness growth through > Collaboration > Mutual dependency > growing support services and Public Private > Professional delivery Partnerships (PPP) organically and by acquisition > Sustainable, profitable growth > maintaining a strong and selective construction > Innovation capability focused on higher added-value contracts for long-term customers > developing and marketing integrated solutions tailored to the needs of customers, including project finance, design and construction, maintenance and lifetime asset management. FINANCIAL HIGHLIGHTS 02 Carillion plc Section 02 Annual Report and Accounts 2006 A Year of Good Progress 06 3,593.4 06 23.5 05 2,284.2 05 20.4 04 1,985.1 04 18.6 03 1,972.7 03 17.2 02 1,975.2 02 14.1 Revenue £m Earnings per share pence 06 82.1 06 9.0 05 55.5 05 8.0 04 48.1 04 7.5 03 47.2 03 6.75 02 44.3 02 4.8 Profit £m Dividend per share pence Revenue +57% Final dividend £3.6bn2005: £2.3bn 5.2005: 5.2p 9p Profit before tax* +48% Total dividend +12.5% £82.2005: £55.5m 1m 92005: 8.0p.0p Earnings per share† +15% Order book +£9bn 23.5p2005: 20.4p £16bn2005: £7bn *Net of tax on profit from joint ventures (2006: £8.1m; 2005: £5.0m) †Excluding restructuring costs, non-operating items and amortisation and excluding restructuring costs, non-operating items and amortisation of intangible assets related to acquisitions. of intangible assets related to acquisitions (2006: £14.5m charge; 2005: £3.6m charge). CHAIRMAN’S STATEMENT 03 Carillion plc Section 02 Annual Report and Accounts 2006 A Year of Good Progress I am pleased to report that Carillion The strength of the enlarged Group is also clearly evident in the value of its order book, which more than doubled to £16 billion made good progress in 2006 and at the year-end (2005: £7 billion). Mowlem’s order book at either achieved or exceeded all our acquisition was approximately £2.5 billion, therefore most of key financial and strategic objectives. this increase came from new orders won during the year. The good progress we have made in 2006, particularly with the In particular, the benefits of acquiring Mowlem plc in integration of the Carillion and Mowlem businesses, is due to February 2006 have been greater than expected at the time the leadership of our management team and the commitment of acquisition: integration cost savings have increased, new and professionalism of our people. On behalf of the Board order intake has moved strongly ahead and the acquisition I should like to thank all our employees for the contributions has been significantly earnings enhancing in 2006, rather than they have made to the integration process and to Carillion’s earnings neutral. success in 2006. In 2006, revenue increased by some 57 per cent to £3,593 With an order book of £16 billion and strong positions in million, including joint ventures (2005: £2,284 million), which a wider range of growth markets, we have created a more reflects both organic growth and the acquisition of Mowlem. resilient business, capable of accelerating our strategy for Profit before tax, non-operating items and amortisation growth. This positive outlook for the Group confirms the increased by 48 per cent to £82.1 million (2005: £55.5 million). Board’s view that Carillion is firmly on track to deliver Earnings per share on the same measure rose by 15 per cent materially enhanced earnings in 2007. to 23.5 pence per share (2005: 20.4 pence). Chris Girling retires from the Board on 30 April 2007, having Cash flow from operations was again strong and average net served as Finance Director since shortly after Carillion was debt in 2006 was £110 million, well below the £200 million we launched as an independent company in 1999. Chris has expected at the time of acquiring Mowlem. At 31 December played a major role in Carillion’s development and he 2006 the Group had net debt of £108 million. leaves with the Board’s grateful thanks for his outstanding contribution to the Company’s success and with our very best wishes for the future. Our new finance director, Richard Adam, joins the Board on 2 April from Associated British Ports where he has been Group Finance Director since 1999. Richard is an experienced and successful Finance Director with strong operational and business management skills and we are delighted to welcome him to the Board. As I announced in my interim report to shareholders, we strengthened the Board during the year with the appointment in September 2006 of Don Kenny as an executive director and Steve Mogford as a non-executive director. Don is a Managing Director responsible for six Carillion business units and brings to the Board extensive experience not only of Carillion’s business, but also our industry sector, having held a number of senior positions in Carillion and in other major UK support services and construction companies. Steve has been a main Board director of BAE Systems for over six years and is currently BAE’s Chief Operating Officer responsible for Programmes. With his considerable experience as a senior business leader and also in managing major capital projects, Steve will make a valuable contribution to the development of our business. In view of the Group’s performance in 2006 and prospects for 2007, the Board is recommending a final ordinary dividend for 2006 of 5.9 pence per share, making the total full-year dividend 9.0 pence per share, an increase of 12.5 per cent on the total paid in respect of 2005 (8 pence per share). The final dividend for 2006 will be paid on 22 June 2007 to shareholders on the register at close of business on 27 April 2007. Philip Rogerson Chairman 7 March 2007 Philip Rogerson Chairman AT A GLANCE 04 Carillion plc Section 03 Annual Report and Accounts 2006 What We Do In the UK, Carillion has eight principal market sectors – Defence, Education, Health, Building, Facilities Management and Services, Roads, Rail and Civil Engineering. In the Middle East, our two principal market sectors are Construction and Facilities Management. In Canada and the Caribbean, our main market sectors are Health, Roads Maintenance and Construction. Carillion is a leader in Public Private Partnership (PPP) projects, particularly in the Defence, Education and Health sectors in the UK and in the Health sector in Canada. Defence Education Health We deliver integrated We design, build, maintain We provide a range of solutions including design, and provide facilities integrated service solutions construction, maintenance management services for for the NHS, from Public and facilities management schools and universities, Private Partnership hospitals services to the Ministry of particularly through Public to community-based clinical Defence and security sector. Private Partnership projects. facilities. Roads Rail Civil Engineering We provide road construction We provide rail infrastructure We provide a variety of civil and maintenance services to services for Network Rail the engineering services focused the Highways Agency and a Channel Tunnel Rail Link, mainly on the transport, number of Local Highway Transport for London and marine, water and industrial Authorities. Passenger Transport sectors. Executives. 05 Carillion plc Section 03 Annual Report and Accounts 2006 What We Do Financial Reporting Order book segments We report our financial £16 billion results in three segments – Investments, Support Services and Construction Services – £16bn Facilities Management Middle East in which we group together and Services We have well-established joint activities of a similar type and We provide integrated venture businesses based in risk profile to make it easier service solutions for building Dubai and Oman providing maintenance, facilities construction and facilities to value our earnings on a management and other management services for consistent basis. support services for public high quality developments and private sector customers.
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