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Balfour Beatty Plc Annual Report and Accounts 2005 B a L F O U R

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Balfour Beatty Plc Annual Report and Accounts 2005 B a L F O U R EATE ALFOUR BEATTY: B CR CARE Balfour Beatty plc Balfour Beatty plc Annual report and accounts 2005 Annual report and accounts 2005 Balfour Beatty plc Annual report and accounts 2005 130 Wilton Road 130 London SW1V 1LQ Balfour Beatty plc www.balfourbeatty.com Facsimile: 44 (0) 20 7216 6950 Facsimile: 44 (0) 20 7216 Telephone: 44 (0) 20 7216 6800 44 (0) 20 7216 Telephone: Balfour Beatty is a registered trademark of Balfour Beatty plc The year in brief Highlights of the year Strong growth in comparable Balfour Beatty is a world-class pre-tax profits engineering, construction and services Strong operating cash group, well positioned in infrastructure performance Adjusted earnings per share markets which offer significant growth impacted by increased long-term growth potential. We seek tax charge Full year dividend increased to operate safely and sustainably. by 23% Order book at record £7.6bn Financial summary Pro forma† Percentage 2005 2004 Increase/decrease 2004 Three PPP concessions reach Revenue including joint ventures financial close and associates £4,938m £4,239m 16% £4,239m US civil engineering returns Pre-tax profit from continuing operations to profit – before exceptional items £134m £107m 25% £122m – after exceptional items £141m £106m 33% £120m Earnings per share – adjusted* 24.1p 22.1p 9% 22.5p – basic 24.9p 58.7p (58)% 57.4p Financing – net cash before PFI/PPP subsidiaries (non-recourse) £315m £311m £311m – net borrowings of PFI/PPP subsidiaries (non-recourse) £(14)m £(244)m £(244)m Revenue by destination * before exceptional US UK Asia Pacific items and the premium arising on the buy-back £480m £3,728m £258m of preference shares, and including the results Central and Europe of discontinued operations. South America £288m † including the impact £46m Africa, Middle East, of IAS 32 and IAS 39 on 2004 numbers. Near East £138m Contents: 02 National Grid 12 Chairman’s statement 34 Financial review 52 Group income statement 56 Notes to the accounts 04 BAA 14 Chief Executive’s review 38 Board of Directors 52 Group statement 108 Pro forma financial 06 Wake County 18 Our business 40 Directors’ report of recognised income statements 08 Deutsche Bahn 20 Some Balfour Beatty 44 Remuneration report and expense 111 Group five-year summary 10 The Highways Agency customers 51 Independent auditors’ report 53 Company income statement 112 Shareholder information 22 Operating review 54 Balance sheets 32 Directors’ valuation of 55 Cash flow statements PFI/PPP concessions Designed and produced by Radley Yeldar (London) Board photography by Edward Webb Texas Department of Transportation image on page 21 courtesy of TxDot BAA images on pages 4 and 5 courtesy of www.baa.com/photolibrary Helping our customers achieve their aspirations WE WORK IN PARTNERSHIP WITH SOPHISTICATED CUSTOMERS WHO VALUE THE HIGHEST LEVELS OF QUALITY, SAFETY AND TECHNICAL EXPERTISE. OUR SKILLS ARE APPLIED IN APPROPRIATE COMBINATION TO MEET INDIVIDUAL CUSTOMER NEEDS. Balfour Beatty plc Annual report and accounts 2005 Balfour Beatty plc 01 01 Annual report and accounts 2004 Balfour Beatty is a key partner to National Grid in upgrading and enhancing both its electricity and gas infrastructure. We are delivering a complete power capability including design, planning, engineering, construction, erection and commissioning for overhead transmission lines, underground cabling systems and distribution PLAN networks on a range of major network projects. In gas, we are delivering project design, project management and construction, installation and maintenance services as a long-term partner PROGRAMME in National Grid’s 30-year gas mains network UPGRADE replacement and abandonment programme. NATIONAL GRID: National Grid is one of the world’s largest utilities, primarily focused on delivering energy safely, reliably and efficiently. It owns the high voltage electricity transmission system in England and Wales and operates the system across Great Britain. It also owns and operates the high pressure gas transmission system and gas distribution networks. National Grid is currently investing £2bn a year in its infrastructure. BAA: BAA is the world’s leading airport company, owning seven UK airports and having stakes in and management contracts for airports in the US, Australia, Italy, Austria. and Hungary. It plans to spend over £700m per year on new airport facilities for the next decade. Balfour Beatty is a major partner to BAA in developing and maintaining its airport infrastructure and facilities. We are responsible for some £450m engineering work at Heathrow Terminal 5, including the rail systems for the Heathrow Express and the Piccadilly Line extension, the station construction, project management and electrical and mechanical services and the track transit system. We also maintain BAA’s Scottish airports and the Heathrow Express and have made major contributions to the expansion of airports at Glasgow, Edinburgh, Stansted and Aberdeen. INTEGRATE INTEGRATEDESIGN DESIGNMANAGE MANAGE Heery has been a partner to Wake County Public Schools system for almost 20 years, delivering 61 new schools and undertaking 375 extensions, renovations and replacement projects as part of a $2.3bn building programme. Heery’s contribution includes full-scope programme management, facility master planning and facility move management. The relationship has now expanded to include construction management services for one new and one renovated high school in projects with a combined value of over $70m. DEVELOP INNOVATE BUILD WAKE COUNTY: The Wake County Public School system in Raleigh, North Carolina is experiencing a massive population boom. Student numbers have doubled since 1985 and will double again in the next 20 years. Despite the pressures of growth it is a US national role model, aiming for 95% of its students to perform at or above grade level. DEUTSCHE BAHN: Deutsche Bahn is Europe’s largest railway company, running 30,000 passenger trains and 5,500 cargo trains every day. It is expected to invest £3.5bn in network maintenance and new infrastructure in 2006. Balfour Beatty is a strategic partner to Deutsche Bahn in developing and upgrading its fixed infrastructure. We deliver system studies and design, product supply, project management, system installation and commissioning for catenary systems, power supply systems, network controls, signalling and auxiliary power systems. ENGINEER Recent projects include the high speed line between Nuremberg and Ingolstadt, the Berlin North – South connection and multi-disciplinary project management for the Rostock to Berlin line. INSTALL COMMISSION Balfour Beatty is a partner to the Highways Agency in a number of its key programmes. It is responsible for motorway and trunk road management and maintenance across the South of England from the Kent Coast to the West Country. It is a leading road builder, with a successful track record in major project works, including public private partnerships in Devon, Dorset, Derbyshire and Yorkshire. It is also the UK’s leading specialist road widener. With six awarded projects, Balfour Beatty is the leader in helping the Agency to pioneer the concept of Early Contractor Involvement, through which the benefits of innovation, better risk management and effective forward planning of work programmes and resources are maximised. CONSTRUCT ENHANCE MAINTAIN THE HIGHWAYS AGENCY: The Highways Agency is responsible for operating, maintaining and improving the strategic road network in England. Its current business plan indicates expenditure of more than £5bn on capital investment and maintenance over the next three years. Chairman’s statement Sir David John The Company continued to make very satisfactory progress during 2005. We remain committed to the continuous improvement of all aspects of our performance as a business. Balfour Beatty plc 12 Annual report and accounts 2005 The Company in 2005 We continued to make progress in the quality of Steven Marshall joined the Board as a non-executive I am pleased to say that the Company continued our risk management. Our everyday currency is in Director on 1 November 2005. Steven has held board to make very satisfactory progress during 2005. identifying, mitigating, pricing and managing risks positions in three major PLCs and has extensive senior Profits and earnings moved ahead. Operating cash of all shapes and sizes. We continue to improve in management experience at three others. He brings flows were strong and fully backed our profits. this respect. comprehensive experience both as an executive and Our balance sheet is strong. Our order books It was gratifying to be voted the most admired non-executive director and is thoroughly familiar with continued to expand. contruction company in the 2005 Management Today construction and support services. The proportion of our business deriving survey and to be the 20th most admired quoted The particular areas of expertise of each of from long-term partnerships and alliances with company overall in the UK. the Directors is shown on pages 38 and 39 and in major customers who rely on us for an increasing the Directors’ Report. Strategy range and depth of expertise continued to grow. We service markets which are largely conditioned People As a result, our revenues and profits are becoming by GDP growth rates. In order to grow our business Our continued leadership in infrastructure markets more sustainable and have better long-term at rates acceptable to our shareholders, we need depends on our ability to recruit, retain and motivate forward
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