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Engineering Solutions to Meet National Needs

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Engineering Solutions to Meet National Needs C o s t a i n G r o u p P L C A nn u a l R Solutions e por t 2 0 1 1 Engineering solutions to meet national needs Costain Group PLC Annual Report 2011 New solutions for new challenges Costain, through insight and innovation, delivers solutions to meet national infrastructure challenges. Our vision Our vision is to be one of the UK’s top engineering solutions providers. We must be the best for technical, innovative expertise and sustainable solutions. Who we are Costain is an international engineering and construction group with a reputation for technical excellence founded on more than 140 years of experience. The Costain name has been at the forefront of many world- famous projects including the Thames Barrier and the Channel Tunnel. What we do We focus on intelligent solutions to meet national needs. As a Tier One engineering solutions provider, we provide front-end engineering consultancy, construction and ongoing care and maintenance services across market sectors including water, waste, power, rail, hydrocarbons and chemicals, highways and nuclear process. How we operate We are committed to operating our business both sustainably and responsibly. We are focused on one simple but powerful message – Costain Cares. This is not a At Costain, we are continually seeking new and better slogan, it’s an attitude of mind. It is integral to everything we do and a touchstone ways to deliver sustainable solutions for our nation’s against which we can evaluate and measure complex infrastructure needs. our performance. Costain Cares about relationships, our environment and the future. Solutions start with insight, the ability to understand fully customer needs and to establish optimum outcomes. How we create value Our ambition is to double profits over the Where insight provides vision, innovation drives medium term. We will do this by focusing on the needs of our major blue-chip customers. execution. We have the capacity to look at old problems Our ‘Choosing Costain’ strategy is designed in new ways and apply new ideas, new technologies, to meet national needs by upgrading and maintaining the UK’s infrastructure and new standards and new procedures. aiding economic recovery and growth. Value is created by our drive for innovation and we are committed to a constant quest Our graphic represents the driving force of inspiration. for change and improvement. We are It encapsulates our drive for innovative solutions. confident that our robust business model and our strategic focus will continue to deliver shareholder value in the years ahead. New solutions for new challenges. 01 Contents Adjusted group operating profit 2 Overview Directors’ Report > £m Corporate Governance 02 2011 highlights 30.0 02 Financial highlights This section explains our Corporate Governance and decision-making processes. We detail 22.5 22.0 24.1 19.5 03 Operational highlights 17.4 the committees and our accountability and 15.0 04 Environmental and audit procedures. 9.7 7.5 social highlights 48 Corporate Governance 0.0 Directors’ Report > 50 Corporate Governance statement 07 08 09 10 11 rview Business review 58 Other statutory information ve 2011 highlights O This section provides greater focus on our 63 Directors’ remuneration report Find out more on pages 02 to 05 strategy and our sustainable investment 71 Directors’ responsibilities proposition. We explain how our strategy is statement underpinned by our commitment to Corporate Independent Auditor’s report Responsibility, how our business is organised 72 and how it has developed over the year, and to the members of Costain we provide details of our financial performance. Group PLC w We also review our strategic objectives, ie principal risks and key performance indicators. Financial statements ev r 06 Chairman’s statement This section contains the detailed financial ss 08 CEO interview statements and other information that our stakeholders find useful inc luding the usine 10 Chief Executive’s review financial calendar and shareholder services. 14 Business model Sector focus 20 Sector focus 74 Consolidated income statement Find out more on pages 20 to 25 26 Performing responsibly 75 Consolidated statement 28 Divisional performance of comprehensive income 28 Environment and expense 29 Infrastructure 75 Company statement of comprehensive income overnance B 30 Energy & Process G 30 Land Development and expense 31 Costain Cares 76 Consolidated statement 31 Relationships of financial position 35 Our Environment 77 Company statement Corporate 37 The Future of financial position 38 Principal risks 78 Consolidated statement of changes in equity Performing responsibly 40 Key performance indicators 78 Company statement Find out more on pages 26 to 37 42 Group Finance Director’s review 46 Board of Directors of changes in equity 79 Consolidated cash flow statement 80 Company cash flow statement tatements s 81 Notes to the financial statements ial 117 Five-year financial summary nc na Other information Fi 118 Financial calendar and other shareholder information 120 Contact us on ti ma nfor i r he Ot Costain Group PLC Annual Report 2011 02 Overview 2011 highlights Strategy delivering results Financial highlights Revenue1 Adjusted group operating profit 2 Adjusted profit from operations 2, 3 £m £m £m 1,200 30.0 40 1,061.1 996.0 1,022.5 986.3 24.1 900 877.9 22.5 22.0 30 29.4 19.5 17.4 23.6 600 15.0 20 20.8 16.5 18.3 9.7 300 7.5 10 0 0 0 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Net cash balance Adjusted earnings per share 2, 3, 4 Dividends per ordinary share 4 £m Pence Pence 160 40 10.0 10.0 146.6 144.3 36.0 36.4 9.25 132.2 140.1 8.25 120 120.5 30 29.0 31.1 7.5 7.5 23.0 80 20 5.0 5.0 40 10 2.5 0 0 0 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Year ended 31 December 2011 2010 Revenue 1 £986.3m £1,022.5m Group operating profit – Adjusted 2 £24.1m £17.4m – Reported £22.5m £17.4m Profit from operations – Adjusted 2 £23.6m £29.4m 3 – Reported £22.0m £29.4m 3 Profit before tax – Adjusted 2 £25.5m £27.9m 3 – Reported £23.9m £27.9m 3 Basic earnings per share – Adjusted 2 31.1p 36.4p 3 – Reported 29.2p 36.4p 3 Net cash Year-end cash balance £140.1m £144.3m Average month-end cash balance £130.4m £116.0m Dividend per share 10.00p 9.25p Notes 1 Including share of joint ventures and associates. 2 2011 Results stated before amortisation of acquired intangible assets and employment related acquisition consideration. 3 2010 Results include profit of £11.2 million arising from the transfer of PFI assets into Group pension scheme. 4 The figures for 2007 to 2009 have been restated for the 1 to 10 share consolidation. Costain Group PLC Annual Report 2011 03 Find out more: Chairman’s statement on pages 06 and 07 Chief Executive’s Q&A and review on pages 08 to 13 Business model on pages 14 to 19 Group Finance Director’s review on pages 42 to 45 Board of Directors on pages 46 and 47 Operational highlights > Increase of 38% in adjusted Group ClerkMaxwell 2 operating profit to £24.1 million. Costain acquired ClerkMaxwell, an Aberdeen-based front-end engineering > Year-end order book increased to £150m and operations support services £2.5 billion, in excess of 90% from Highways contract provider delivering front-end engineering repeat orders (2010: £2.4 billion). Costain was awarded a contract worth and operations support services to £150 million by the Welsh Government blue-chip customers in the upstream > £140 million year-end net cash oil and gas sector including Chevron, to construct the A465 Heads of the rview balance, no significant debt. BG Group, TAQA, GDF SUEZ, Talisman Valleys road in South Wales. ve Energy and ConocoPhillips. O > Banking and bonding facilities In partnership with Atkins, Halcrow and increased to £465 million and RPS Group, Costain will design and ClerkMaxwell’s full breadth of services extended to September 2015. construct an 8km section between includes feasibility and conceptual Brynmawr and Gilwern. The project engineering, front-end engineering, > Two successful acquisitions detailed engineering, and operations will present significant engineering and w completed in 2011, broadening environmental challenges as the road support for projects in the upstream ie the range of services provided oil and gas sector including topsides, ev passes through a number of Sites of r by the Group. Special Scientific Interest including subsea and pipelines. ss the Clydach Gorge within the Brecon > Support services activities now Beacons National Park. This acquisition provides Costain usine represent 25% of work secured with a full hydrocarbons value chain for 2012. capability from upstream oil and gas, Promanex gas processing, LNG and gas storage > Recommended 8% increase in In August 2011, Costain announced through to downstream. It also provides dividend for the year: fifth successive that it had acquired Promanex, an both companies with access to a larger year of increase. industrial support services business and broader customer base. providing facilities management, overnance B G > On course to achieve our ambition installation, repair and maintenance to double profits in the medium-term. and general asset management in a number of high-growth, specialist markets such as power, Corporate petrochemicals and nuclear. £400m Mark Dixon, Managing Director of Promanex, said: “We are delighted Costain awarded to be joining Costain. Costain rightly Network Rail £400m has an outstanding reputation for applying technological expertise and tatements innovation to add value to customers.
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