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Build to Last Annual Report and Accounts 2017 Contents Strategic Report Chairman’s introduction 02 The transformation of Group Chief Executive’s review 04 Group at a glance 06 Balfour Beatty is Market review 08 well underway Business model 10 Our priorities 12 What we have been doing in 2017 16 Group Chief Directors’ valuation of the Executive’s review Investments portfolio 26 p04 Building a sustainable business 29 Measuring our performance 38 Chief Financial Officer’s review 44 Risk management framework 48 Performance review Principal risks 51 by segment Viability statement 57 Governance Chairman’s introduction 58 What we have been Leadership 60 doing in 2017 Effectiveness 63 p16 Accountability 67 Directors’ report – other disclosures 72 Remuneration report 76 Acting responsibly to protect Financial Statements and enhance the Independent auditor’s report 88 Financial statements 94 environment and support Notes to the financial statements 102 local communities Other Information Building a sustainable business Unaudited Group five-year summary 174 p29 Shareholder information 175 Front cover images (clockwise): Dorenell wind farm: this £20 million overhead line will connect a key Scottish wind farm to the national grid. Cooper’s Hill retirement development: this luxury facility includes 78 retirement properties, a health club, swimming pool, restaurant and library. The Dallas Horseshoe: following a distinctive U-shaped path, this design-build project upgraded 73 miles of road and 37 bridges to reduce congestion in Dallas, Texas. Balfour Beatty Annual Report and Accounts 2017 Strategic Report Governance Financial Statements Other Information 01 2017 progress Build to Last Lean Today, Balfour Beatty is well placed to drive £335m 2016: £173m sustainable profitable growth, underpinned Net cash excluding by a strong balance sheet. It has strength and non-recourse borrowings* depth in leadership, a new, positive culture Expert 60% is being embedded and the business is well 2016: 58% Average employee positioned in each of its chosen markets.” engagement index score Leo Quinn, Group Chief Executive Trusted 94% 2016: 91% Average customer satisfaction rating Safe Highlights 0.17 The Group has presented financial performance measures which are considered most 2016: 0.22 relevant to the Group and used to manage the Group’s performance. An explanation of Lost Time Injury Rate, these measures and appropriate reconciliations to statutory measures are provided on excluding international JVs pages 38 to 43. Continuing underlying Continuing underlying Continuing underlying Order book1 revenue1 £m (loss)/profit from (loss)/earnings per share £bn operations (PFO) £m (basic) Pence 12.4 8,215 8,234 196 20.9 8,053 11.4 10.5 7.2 69 (74) (15.0) 20154 20164 2017 20154 20164 2017 20154 20164 2017 20154 20164 2017 Statutory revenue Statutory (loss)/profit Statutory (loss)/earnings Dividends per share £m for the year £m per share (basic) Pence Pence 168 24.7 3.6 6,955 6,923 6,916 2.7 3.5 24 (30.1) (206) Nil 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 1 Underlying revenue and order book include share of joint ventures and associates. 4 Re-presented to classify the Group’s 49% interests in Dutco Balfour Beatty LLC and BK Gulf LLC as discontinued operations. * A reconciliation of the Group’s net cash measure to the statutory measure is provided on page 41. Non-recourse net borrowings See page 13 for our KPIs are cash and debt that are ringfenced within certain infrastructure concession project companies. balfourbeatty.com/AR2017 02 Chairman’s introduction Today Balfour Beatty is clearly focused on its chosen markets, winning new business on terms and conditions that balance risk and reward. Projects are monitored rigorously and regularly, with consistent processes and systems. Philip Aiken AM Chairman Balfour Beatty Annual Report and Accounts 2017 Strategic Report Governance Financial Statements Other Information 03 This is the third occasion, as Chairman Markets We are fortunate to work on some of of your Board, that I have written to In the UK, US and the Far East, the most impressive and exciting projects you at the start of our Annual Report. governments are taking action to renew in the world and I am always delighted at When we embarked on the Build to and improve essential infrastructure – the level of passion and pride I find every Last transformation programme our work which Balfour Beatty is well placed time I visit a site. commitment was to make Balfour Beatty to deliver. Safety is at the heart of the culture which a strong and sustainable company and Notably, in the UK we were selected to the leadership team is creating at Balfour the sector’s leading performer. deliver two Lots of the new high speed Beatty. Much of the work we undertake Today Balfour Beatty is clearly focused on railway (HS2) and won orders to construct is inherently dangerous: taking measures its chosen markets, winning new business the marine tunnels at the Hinkley Point C which eradicate risk – or mitigate it where on terms and conditions that balance nuclear power plant. In the US, we secured it cannot be completely removed – is vital risk and reward. Projects are monitored work to reconstruct and improve the if we are to ensure that everyone who rigorously and regularly, with consistent Southern Gateway – an 11-mile stretch comes into contact with Balfour Beatty is processes and systems. The legacy of road in Dallas, Texas – and the 4.7-mile kept safe. contracts, which did so much damage Green Line rail extension in Boston, It is, therefore, with deep regret that I have to your company, are largely completed. Massachusetts. to report that three people died during 2017 This transformation has been The business continues to work whilst working on our projects, two in the achieved whilst maintaining one of the constructively with industry bodies and the US and one in the Far East. As a Board, we strongest balance sheets in the sector, UK Government to identify and manage review each serious accident in detail and maximising value in our Investments any challenges caused by the UK’s exit seek actions to prevent a reoccurrence; portfolio and paying a sustainable and from the European Union. Whilst we have however I realise that this is of little comfort progressive dividend. not seen an impact on our markets, any to the families of those who lost their restrictions on the movement of workers lives and I use this letter to send formal It has been a long road, and we still have a would be likely to exacerbate the current condolences to the bereaved on behalf of distance to go; but returning the Group to shortages of skilled labour in our sector. the Board and everyone in our business. industry-standard margins is now within sight. I am proud of the progress we have We continue to see opportunities for our Every time someone is injured, it reinforces made so far. As we look forward with Investments business to finance and why we must always strive to do more to confidence to the rest of 2018 and beyond, deliver projects. In early 2018 we entered make our industry safer. we will continue to Build to Last and our first major public-private partnership strengthen Balfour Beatty. (P3) in the US civil infrastructure market Dividend for the Los Angeles World Airports The results for 2017 demonstrate further Performance Automated People Mover. progress in restoring Balfour Beatty to Underlying profit from operations more sustainable financial strength and stability. than doubled to £196 million in 2017; The Board As a result, your Board has felt able with all of our earnings-based businesses Barbara Moorhouse and Michael Lucki to recommend an increase in the final reporting improved profitability. joined your Board in the summer of 2017. dividend to 2.4p per share, bringing the total dividend for the year to 3.6p per share. The Group’s cash performance was strong. Barbara has over 30 years of business and During the year we had average net cash management experience in the private, Conclusion of £42 million – compared to £46 million public and regulated sectors. Michael has As we have all been reminded, contracting average net debt in the previous year and worked with construction and infrastructure is a business that demands constant focus reported year end net cash excluding providers for 40 years and has extensive and control. Risks must be managed and non-recourse borrowings of £335 million. knowledge of the US market. processes and governance must be fit Balfour Beatty has a number of outstanding I consider a balanced spread of disciplines, for purpose and continuously applied. debt instruments: as a result of our strong diversity and experience essential to the Delivering this requires quality leadership financial performance we were able to pay Board’s effectiveness and we will continue and a systematic approach to creating a down some debt at the end of 2017 and to take this into account when considering culture which embeds this as our way we intend to reduce gross debt further additional appointments. of working. in 2018. Very sadly, during the year, Steve Marshall, As you read this report, you will see many The Investments portfolio maintained its my predecessor as Chairman, passed away. examples of how Balfour Beatty has learnt Directors’ valuation at £1.2 billion, post I would like to express our condolences to from the past and is embracing these disposals. The partial sale of our holding his family and recognise the leadership he disciplines. Today we look to the future in the M25, London’s orbital motorway, gave Balfour Beatty at a very challenging with confidence and excitement.
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