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Valves Overview John Heasley Capital Markets Day London, June 2013 Agenda Introduction Keith Cochrane Power & Industrial Kevin Spencer Coffee Break Value Chain Excellence Gavin Nicol Conclusion Keith Cochrane Questions & Answers 2 Disclaimer This presentation contains certain forward-looking risk and uncertainty because they relate to events statements. These forward-looking statements can and depend on circumstances that may or may not be identified by the fact that they do not relate only occur in the future. There are a number of factors to historical or current facts. In particular, all that could cause actual results or developments to statements that express forecasts, expectations and differ materially from those expressed or implied by projections with respect to future matters, including these forward-looking statements and forecasts. The trends in results of operations, margins, growth forward-looking statements reflect the knowledge rates, overall market trends, the impact of interest or and information available at the date of preparation exchange rates, the availability of financing to the of this Capital Markets Day Presentation, and this Company, anticipated cost savings or synergies presentation will not be updated during the year. and the completion of the Company's strategic Nothing in this Capital Markets Day Presentation transactions, are forward-looking statements. By should be construed as a profit forecast. their nature, these statements and forecasts involve 3 Weir Group: Providing engineering solutions to the natural resources industries Keith Cochrane, Chief Executive 4 Delivering sustainable growth through the cycle . Divisions with shared characteristics > Serving structural growth markets > Highly engineered equipment > Extreme and remote environments Power & Oil & Gas > Intensive aftermarket demand Industrial . Portfolio benefit > Complementary technologies and footprint Minerals > Diversified end markets > Exposure to different capex cycles > Underpins earnings sustainability Coherent and complementary Group focused on sustainable growth 5 Common growth drivers and strategy Coherent and complementary Group focused on sustainable growth 5 Multiple levers to enhance competitive positioning . Unified approach across the value chain Customer > Customer intimacy > Innovative engineering > Supply chain excellence Sales / Operations / engineering Logistics > Strategic supplier partnerships Planning > Lean philosophy > End to end planning & coordination Supply Procurement chain Coherent and complementary Group focused on sustainable growth 7 Weir Power & Industrial: Developing a platform for revenue and margin growth Kevin Spencer, Divisional Managing Director 8 Agenda Divisional review Kevin Spencer Weir valves overview John Heasley Control valves case study Roger Griffin Operational excellence & concluding remarks Kevin Spencer 9 Power & Industrial division overview Valves Hydro Pumps (52% of input) (14%) (7%) 2012 input: £361m Services (27%) . Provider of valves, pumps, turbines and engineering services . Serving global power generation, industrial and oil & gas sectors . Engineered valves business ca. 60% of divisional profit Three distinct product pillars supported by extensive service capability 10 Overview of P&I business: Financial performance . Strong performance over past 3-years Revenue (£m) > Revenue increase of over 40% 400 > Steady performance through the cycle, 300 underpinned by valves and targeted M&A 200 44% 47% Aftermarket 55% Original equipment . Broadly stable EBITA margins 100 59% 0 41% 45% 56% 53% > Margin reflects high proportion of Services 2009 2010 2011 2012 work (c.8-10%) Book to bill 1.1 1.1 1.0 1.1 > Re-aligning business after Fukushima to expand in non-nuclear end markets Operating profit (£m) and margin (%) 35 16% . High organic returns on capital (30%+) 30 12% EBITA > Low level of invested capital in Services 25 20 8% 15 . Margin and return on funds employed uplift EBITA margin 10 4% after one offs expected as volumes and aftermarket mix 5 increase 0 0% 2009 2010 2011 2012 Strong revenue growth and double-digit margins 11 Overview of P&I business: Product and market split Increasing product contribution (input) Increasing focus on core Weir Group markets (input) 27% 28% Valves 35% 33% Power generation 2012 Hydro 2009 49% 52% 2009 2012 Oil and gas Pumps 56% 7% 12% 60% General industrial +8% 11% Services businesses +5% 11% 5% 14% Increasing emerging markets exposure Growing the installed base (input) (input) 30% 27% 18% Indo Pacific/ Asia 35% 35% OE 9% 2012 Other emerging 43% 43% 2009 2009 2012 Spares North America 54% 7% Service 38% +7% UK and Europe 14% 11% 36% +11% Balanced portfolio with growing emerging markets exposure 12 Developing global presence Key P&I valves manufacturing plant P&I non-valves manufacturing plant P&I sales / service facility Divisional HQ Vendin Le Vieil, France Montréal, Canada Saint Victoret, France Ipswich, MA USA Madrid, Spain Beijing, China Seoul, S. Korea Salt Lake City, UT, USA York, PA, USA Ansan, S. Korea Sharjah, UAE Suzhou, China Hubli, India Bangalore, India Manila, Philippines Alloa East Kilbride Singapore Sao Paulo, Brazil Teesside Elland Johannesburg, S. Africa Gosford, Australia Barton on Humber Warwick Bedford A global business with ambitions to continue geographical expansion 13 Product and market positioning (excluding valves) Services Industrial pumps Hydro (27% of 2012 input) (7% of 2012 input) (14% of 2012 input) . Services – overhaul, repair and . Products – speciality pumps and . Products – rehabilitation/ upgrade of upgrade of pumps, valves, pumping systems medium to large hydro turbine turbomachinery and hydro/ wind . Key end markets – municipal runners; site services turbines; outage management wastewater, O&G/ power, food & . Key end market – hydro rehabilitation . Key end markets – nuclear and beverage, general industrial . Key customers – Ameren, Seattle conventional power, renewables, . Key customers – General Electric, City Light, Rochester Gas & Electric O&G, general industrial Daelim, BOS . Geographical strengths – North . Key customers – EDF, SSE, Rolls . Geographical strengths – North America Royce, Gamesa America . Project lifecycle – delivery: 6 months . Geographical strengths – UK & . Project lifecycle – delivery: 2 weeks to to 3 years Ireland, Spain, South East Asia 6 months; time to spares: 2 to 4 years . Project lifecycle – delivery: 1 week to 18 months Application-critical products and services 14 Key end markets aligned to structural growth drivers Mega trends Resource Ageing Globalisation Sustainability scarcity population . Increased demand for energy, power and Emerging Climate efficiency markets Urbanisation Water security change growth Addressable market CAGR 2012-17, % Addressable market CAGR 2012-17, % Market growth (products and services) (end markets) Valves Nuclear Hydro Fossil . Markets growing at or faster than GDP Ind. pumps O&G growth Services (incl. Industrial wind O&M) 0% 2% 4% 6% 8% 0% 2% 4% 6% 8% Addressable market growing at c.4%-5% p.a. 15 Strategic framework underpins revenue growth End markets/ Valves Hydro Industrial pumps Services niches . ~£5.6bn addressable . ~£0.3bn addressable . ~£0.6bn addressable . ~£1.8bn addressable market market market market . ~4% market share . ~13% market share . ~6% market share . ~5% share Niche leadership: Niche leadership: Niche leadership: Niche leadership: . Nuclear safety valves . North America hydro . North America . UK Services overhaul, (~40% share) turbine/ pump-turbine specialty industrial repair and upgrade . China coal-isolation rehab (~26% share) pumps (~11% share) (~13% UK share) valves (~10% share) Capabilities & Highly engineered Service presence Best-cost Operational excellence differentiators products/ unique . Global footprint manufacturing . Margin enhancement technology . Aftermarket capability . Cost-competitiveness . Increased volumes . Customer intimacy Strategy to grow revenues faster than end-markets . Expand in and beyond niches . Align with growth markets . Leverage global network Strategic platform established to grow revenues faster than end-markets 16 P&I strategy and priorities Geographical . Extend product businesses globally expansion . Expand Services presence in Asia and South America Best-cost . Expand Valves and Industrial pumps best-cost sourcing sourcing . Utilise Group wide procurement resources and expertise Product . Extend range of applications for Valves, Hydro and Industrial Pumps development . Further develop hydro turbine runner technologies . Maximise return from installed base, leveraging Services and Weir Group Aftermarket footprint enhancement . Extend range and scope of Services and Hydro offering Underpinned by operational excellence, customer intimacy, quality and safety Platform to sustain revenue growth and transform margins 17 Valves: Growth and profit engine of the division John Heasley, Valves Managing Director 18 Weir valves timeline 1989 1998 Weir acquired Weir opened 1871 1964 2008 Hopkinsons sales office in G & J Weir Batley Valve Atwood & Morrill and China established in established in Tricentric Sebim acquires Glasgow, Scotland Batley, England manufacturing moved to Sarasin Weir acquired Sebim Ipswich, USA 1843 1975 1995 2003 2011 J Hopkinson began Tricentric Weir acquired Sarasin-RSBD Weir acquired 60% manufacturing in designed by Tricentric product line share in HIM Tech (now Huddersfield, England Adams created Weir International South Korea) 1800 1900 1960 1980 1990 2000 2010 1848 1900 1966 1988 1996 2010
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