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2013 Annual Report (Pdf) Costain Group PLC Engineering Visit www.costain.com Tomorrow... today Annual Report 2013 Report Annual Costain Group PLC Costain Group PLC Costain House Annual Report 2013 Vanwall Business Park Maidenhead Berkshire SL6 4UB United Kingdom This report has been printed on Cocoon recycled papers. By using this material rather than non-recycled papers, we have reduced the environmental impact by: 2,525 kg of landfill 53,981 litres of water 4,966 kWh of electricity 309 kg CO2 and greenhouse gases 4,104 kg of wood Source: Carbon footprint data evaluated by Labelia Conseil in accordance with the Bilan Carbone® methodology. Calculations are based on a comparison between the recycled paper used versus a virgin fibre paper according to the latest European BREF data (virgin fibre paper) available. Results are obtained according to technical information and are subject to modification. Contents Strategic report Governance Financial statements 01 The spirit of innovation... 47 Chairman’s statement on corporate 86 Consolidated income statement 02 The history of Costain spans governance 87 Consolidated statement of a period of nearly 150 years 48 Board of Directors comprehensive income and expense 04 2013 highlights 50 Corporate Governance statement 88 Consolidated statement 06 Chairman’s statement 55 Audit Committee report of fi nancial position 08 Chief Executive’s review 58 Nomination Committee report 89 Company statement of fi nancial position 11 Business model 59 Directors’ remuneration report 90 Consolidated statement of changes 12 Business model – The Costain difference 77 Directors’ report in equity 24 Principal risks and uncertainties 81 Directors’ responsibilities statement 90 Company statement of changes in equity 26 Performing responsibly 82 Independent Auditor’s report to the 91 Consolidated cash fl ow statement 26 Divisional performance members of Costain Group PLC 92 Company cash fl ow statement 28 Engineering Tomorrow... ‘in action’ 93 Notes to the fi nancial statements 34 Corporate Responsibility 132 Five-year fi nancial summary 34 Costain Cares 35 Relationships Other information 39 Our Environment 134 Financial calendar and other shareholder 41 The Future information 43 Finance Director’s review 136 Contact us Designed and produced by Instinctif Partners www.instinctif.com Costain photographers: Ian Routledge pages 6, 8, 43, 47, 48, 49 (Costain Board Directors); Ed Tyler pages 49, 136 (Jane Lodge, Graham Read); and Mike Doherty pages 49, 136 (Tracey Wood, Catherine Warbrick). Additional photography: Courtesy of Thinkstock (front cover images and page 30); artist impression courtesy of Network Rail, page 2 (London Bridge Station); courtesy of Highways Agency, page 31 (Smart Motorways case study); courtesy of Network Rail, page 33 (BIM case study); and courtesy of Port Studio, page 40 (Harbour Way case study). KPI Brunel illustration: Gilly Lovegrove This icon has been used throughout the report and This report has been printed on Cocoon 50% Gloss and Cocoon references our key performance indicators (‘KPIs’). 100% Offset – both are recycled papers. They contain 50% recycled waste and 100% recycled waste respectively, are FSC-certifi ed and produced at a mill with ISO 14001 certifi cation. Recycled fi bres used Throughout the Annual Report, are process chlorine free. we have used the following icons to direct you to further information PAS2020 either in the report or elsewhere. ENVIRONMENTALLY SENSITIVE Links to further information CERTIFIED Find us online CERTIFYING BODY Our Annual Report 2013 is available in both in this report. printed form and within the ‘Investors’ section If you have fi nished reading the Annual Report and no longer wish of the Costain website at www.costain.com/ to retain it, please pass it on to other interested readers, return it investors. Effective communication with our to Costain Group PLC or dispose of it in your recycled paper waste. shareholders is vital to our continued success Links to further information and we would welcome feedback on either or within our website. Thank you. both versions of this Annual Report – email us at [email protected] This Annual Report is available at: www.costain.com Strategic report 01-45 report Strategic The spirit of innovation... 46 Governance Isambard Kingdom Brunel was the celebrated engineer of his era. -84 His vision and pursuit of innovative engineering ideas revolutionised infrastructure in the nineteenth century. In the twenty-fi rst century, Costain is driven by a similar passion to build a better world. We seek new ways to meet the complex challenges of today’s infrastructure programmes; engineering solutions that will benefi t the UK for generations to come. 85-132 statements Financial Brunel had a fundamental impact on the world in which he lived and on the world in which we live today. At Costain, we share the Brunel spirit by Engineering Tomorrow. How we create value Focusing on six strategic priorities Our strategy for Our Engineering Tomorrow strategy sustainable growth can is designed to meet national needs by Operate safely, effi ciently upgrading and maintaining the UK’s and responsibly be found on pages 11-23. infrastructure and aiding economic recovery 133-136 information Other and growth. Value is created by our drive Our vision... Continue to enhance is to be one of the UK’s top engineering solutions providers. for innovation and we are committed to customer insight We must be the best for technical, innovative and sustainable solutions. a constant quest for improvement. We are confi dent that our robust business model Behaviour... and our strategic focus will continue to Grow by broadening and we are committed to operating our business both sustainably and responsibly. We are focused on one simple but powerful message – integrating our services ‘Costain Cares’. This is not a slogan: it is an attitude of mind. It is integral deliver shareholder value in the years ahead. to everything we do and a touchstone against which we can evaluate and measure our performance. Costain Cares about relationships, our environment and the future. Additional information concerning our Engineering Tomorrow strategy can Develop best-in-class team be found at key locations in this report, Operations... specifi cally on pages 6, 8-9, 12-23, 28-33, we focus on intelligent solutions to meet national needs. As a Tier One 35, 40 and 42. engineering solutions provider, we provide front-end engineering consultancy, construction and ongoing care and maintenance services across market Create and deliver innovative sectors. We have two core operating and reporting divisions within our sustainable solutions business, Infrastructure and Natural Resources. Costain Cares and Our Values Infrastructure Natural Resources Rail Water We care about all our stakeholders. Highways Nuclear Process Power Waste Our set of values drives our behaviour and Working in collaboration Airports Oil & Gas provides the basis for all our decisions. Everyone at Costain is committed to being: Services Advisory and concept development • Customer focused Specialist design Programme management Complex project delivery • Open and honest Technology integration Asset optimisation and support • Safe and environmentally aware More detailed information about our strategic priorities can be found • Team players on pages 13-19 of this report. Delivering value to all our stakeholders Delivering a sustainable business through the development • Accountable of a strong and profi table forward order book. • Innovative – improving continuously and therefore the... • Natural choice Costain Group PLC Annual Report 2013 01 Strategic report The history of Costain spans a period of nearly 150 years Costain continues to be one of the UK’s leading engineering solutions providers, working to improve people’s lives by focusing on the issues you care about. The Group was Mulberry Harbours founded in Liverpool Wartime work included in 1865 by Richard 26 aerodromes, part of the Mulberry Harbours Costain, aged 26, and munitions factories. a jobbing builder from the Isle of Man. Festival of Britain Costain was the fi rst UK contractor to win the Queen’s Award for Export Achievement, in 1971. Costain built the London Bridge Station Skylon and Dome A list of 101 interesting facts about Costain can of Discovery for the be found on its website: www.costain.com/ 1951 Festival of news Britain. 02 Costain Group PLC Annual Report 2013 01-45 report Strategic o r t Costain regularly announces key stakeholder information on the ‘News’ section of its website: Costain voted www.costain.com/ news Top 100 company The Thames Barrier 4 December 2013 One of the UK’s leading engineering solutions providers, Costain, was placed 55th (joint place with Virgin Trains) in Britain’s ‘Most Admired’ league table, climbing up from last year’s 61st position. The table, comprising 247 top names including Rolls-Royce, Unilever, Marks & Spencer, Royal Dutch Shell, J Sainsbury and Coca-Cola Enterprises, was organised by Management Today magazine and sponsored by BSI. Costain was a founder member The league table was compiled by asking Britain’s largest of the Channel public companies in 26 sectors to evaluate their peers. Tunnel joint venture. Contract fi nalised with EDF CostainC awarded M6 – Heysham The 1,377 metre Tsing for Hinkley Point Nuclear LinkL Road contract. Ma suspension bridge Power Station. built in consortium in Hong Kong is the world’ss longest combined road CostainCostain awardedaward fi ve-year framework and rail bridge. contract for Network Rail. Costain
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