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John Wood Group PLC Annual Report and Accounts 2016 Contents

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John Wood Group PLC Annual Report and Accounts 2016 Contents John Wood Group PLC Annual Report and Accounts 2016 Contents Strategic report Governance Group financial statements Company financial statements Our operations, strategy and Our approach to corporate The audited financial statements of 126 Independent auditor’s report business model and how we have governance and how we have Wood Group for the year ended 31 128 Company balance sheet performed during 2016 applied this in 2016 December 2016 129 Statement of changes in 01 Highlights 29 Letter from the Chair of the 68 Independent auditor’s report equity Board 02 Our vision 74 Consolidated income 130 Notes to the Company 04 Our business 30 Directors’ report statement financial statements 06 Key performance indicators 32 Board of Directors 75 Consolidated statement of 139 Five year summary comprehensive income 07 Chair’s statement 34 Corporate governance 140 Information for shareholders 76 Consolidated balance sheet 08 Chief Executive review 42 Directors’ Remuneration Report 77 Consolidated statement of 10 Segmental review changes in equity 16 Financial review 78 Consolidated cash flow 20 Building a sustainable statement business 79 Notes to the financial 26 Principal risks and statements uncertainties “Despite challenging conditions in our core oil & gas market in 2016 the Group delivered financial performance in line with expectations. Results benefited from the robust management of utilisation and costs and one off benefits. We enter 2017 as One Wood Group, repositioned to enhance customer delivery and we are encouraged by their support for our services, albeit in a competitive pricing environment. The oil & gas market continues to present challenges and we remain cautious on the near term outlook.” Robin Watson, Chief Executive To view and download our Annual Report online: www.woodgroup.com/ar16 Strategic report Governance Financial statements Highlights Financial Summary Operational Highlights Total Revenue1 X Oil & gas markets remained very challenging in 2016; lower oil prices endured and activity fell $4,934m 15.7% (2015: $5,852m) X EBITA of $363m in line with expectations, down 22.8% on 2015. Adjusted EPS of 64.1c down 23.7% Total EBITA1 X Despite lower volumes and pricing pressure, impact on EBITA and margin partly offset by: m 22.8% (2015: $470m) $363 X Robust management of utilisation and decisive action on cost: headcount down 18%, overheads EBITA Margin reduced by a further $96m X Commercial contract close outs on significant and 7.4% 0.6% (2015: 8.0%) legacy projects contributed $29m of EBITA Revenue from continuing operations X Balance sheet remains robust: Net debt, including on an equity accounting basis JVs of $331m. Net debt to EBITDA of 0.8x X Proposed dividend up 10% in line with stated intention. $4,121m 17.6% (2015: $5,001m) Dividend cover of 1.9 times (2015: 2.8 times). Intention is to pursue a progressive dividend policy from 2017, Operating Profit before exceptional items taking into account cash flows and earnings X Exceptional costs of $140m net of tax include $89m $244m 28.4% (2015: $341m) in respect of further impairment and restructuring of EthosEnergy and charges in respect of reorganisation, Profit for the year delayering and back office rationalisation in our core business $34.4m 61.8% (2015: $90.1m) X Oil & gas market continues to present challenges in 2017. Modest recovery anticipated only in selected Basic EPS areas such as US onshore and greenfield offshore projects 7.5 cents 65.0% (2015: 21.4 cents) X One Wood Group reorganisation together with sustainable overhead savings position the Group Adjusted diluted EPS well for the longer term 64.1cents 23.7% (2015: 84.0 cents) Total Dividend cents 33.3 per share 10.0% (2015: 30.3 cents) 1. Total Revenue and Total EBITA are presented based on proportionally consolidated numbers, which is the basis used by management to run the business and includes the contribution from joint ventures. A reconciliation to statutory numbers is provided in note 1 to the accounts. For further detailed footnotes: See page 19 John Wood Group PLC Annual Report and Accounts 2016 01 Strategic report Our vision “We want to be recognised as the best technical services company to work with, work for and invest in, with a relentless focus on excellence.” 02 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements John Wood Group PLC Annual Report and Accounts 2016 03 Strategic report Our business Inputs How we create and sustain value Safety first attitude X We design, modify, construct and Total revenue: Strong shared operate industrial facilities, mainly in values the oil & gas sector $4.9bn See page 20 X We provide our services across the People: Technical asset life cycle and enhance this with capability and experience a wide range of specialist technical solutions 29,000 Talented, flexible and motivated workforce X We employ an asset light, delivery Countries: See page 24 focused business model >40 Innovative, efficient and effective processes X We are differentiated by our range of services, our track record of delivery, Markets and sectors: Low risk the passion of our people and our commercial culture and values 15% model 7% X We look to grow by extending the Efficient capital scale and scope of our services, 15% allocation and robust balance sheet broadening into adjacent industries, 63% and developing smart technologies See page 18 Upstream oil & gas Midstream oil & gas Downstream oil & gas Other sectors Our services During 2016 we repositioned as 'One Wood Group', an organisation defined by service provision, with the intention of ensuring that the breadth of our offering across the asset life cycle is better understood. This will enable efficiency gains as a simpler business with less internal complexity and increase our effectiveness by enabling easier customer engagement. Find out more at: www.woodgroup.com/revisedsegments Digital Operations & Studies solutions maintenance Automation Pipeline Subsea Clean energy 04 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements How we organise our business Outputs Asset Life Cycle Solutions Specialist Technical Solutions Strong shareholder returns Western region Eastern region % of total revenue ($bn) % of total revenue ($bn) % of total revenue ($bn) Leading technical services and 43% 47% 10% solutions $2.1 $2.3 $0.5 Track record on industry leading projects Global People: People: People: reach with long term 10,900 15,300 2,800 customer relationships Significant Service breakdown Service breakdown Service breakdown contribution to local employment and communities 30% 35% 45% See page 25 70% 65% 55% Customer opex driven Customer opex driven Subsea & technology operations & maintenance operations & maintenance Automation Customer capex driven Customer capex driven projects & modifications projects & modifications Asset integrity Projects & Decommissioning solutions Industrial modifications services John Wood Group PLC Annual Report and Accounts 2016 05 Strategic report Key performance indicators To help the Group assess its performance, our leadership team sets KPI targets and monitors and assesses performance against these targets on a regular basis. Safety: Financial: Total recordable case frequency EBITA margin Net debt: EBITDA ratio (TRCF) % times per million man hours 8.0 0.8 1.73 1.79 7.5 7.4 1.56 1.48 7.2 0.5 0.5 0.5 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 We aim to deliver the highest standards of EBITA margin demonstrates our ability to The Net debt: EBITDA ratio measures our health and safety. Total recordable case convert revenue into profit. ability to service our debt. frequency is the total of lost work cases, restricted work cases and medical treatment EBITA margin reduced in the year, due to The Net debt: EBITDA ratio increased in the cases, per million man hours. lower volumes and pricing pressure. This was year; we are still within our preferred range partially offset by management of utilisation, of 0.5 to 1.5 times. We saw a 3% increase in our TRCF. Hours significant cost savings and one off benefits. worked for the year reduced by 12% and case recording across the Group improved, both of which contributed to the rise in our TRCF. Lost work case frequency (LWCF) Adjusted diluted EPS (AEPS) Return on capital employed per million man hours cents % 0.57 99.6 19.4 98.6 17.7 0.46 0.47 0.47 84.0 16.3 64.1 13.0 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Lost work case frequency measures lost work Adjusted diluted EPS represents earnings EBITA divided by average capital employed cases per million man hours. before exceptional items and amortisation, measures our ability to generate profits net of tax, divided by the weighted average relative to the capital required to support We had zero fatalities and our lost work case number of shares during the year. our business. frequency remained static year on year. AEPS reduced 23.7% in 2016 reflecting The reduction in return on capital employed reduced earnings. reflects the lower EBITA for the year. Dividend per ordinary share Cash conversion cents % 33.3 119 30.3 27.5 104 98 22.0 68 2013 2014 2015 2016 2013 2014 2015 2016 The share of AEPS distributed to shareholders. The cash conversion ratio is post working capital cash flow divided by EBITDA. We delivered in line with our previously stated intention for 2016 of double digit growth. Cash conversion reduced to 68% due to the increase in working capital outflow combined with the impact of a net release For more information on For more information on of provisions on contract close outs. our safety performance: our financial performance: See page 21 See pages 16-19 06 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements Chair’s statement Markets 2016 represented a second successive fall in global E&P customer spending which was down over 20% following a similar reduction in 2015.
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