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John-Wood-Group-Plc-Annual-Report John Wood Group PLC Annual Report and Accounts 2014 Contents Strategic report Governance Group financial statements Our operations, strategy and business model Our approach to corporate governance and The audited financial statements of Wood Group and how we have performed during 2014 how we have applied this in 2014 for the year ended 31 December 2014 01 Highlights 22 Letter from the Chairman of the Board 46 Independent auditor’s report 02 Our business 23 Statement of Directors’ responsibilities 51 Consolidated income statement and compliance 04 Measuring performance 52 Consolidated statement of 24 Our Board of Directors comprehensive income 05 Chairman’s statement 26 Corporate governance 53 Consolidated balance sheet 06 CEO’s review 32 Directors’ Remuneration Report Consolidated statement of 08 Segmental review 54 changes in equity 10 Financial review 55 Consolidated cash flow statement 14 Our Core Values 56 Notes to the financial statements 18 Principal risks and uncertainties Company financial statements 98 Independent auditor’s report 100 Company balance sheet 101 Notes to the Company financial statements 108 Five year summary 110 Information for shareholders “The Group performed well in 2014, delivering in line with expectations against a backdrop of a steep decline in oil price towards the end of the year. We will continue to help customers increase productivity in their new projects and existing operations. In line with our focus on customer efficiency, we are also implementing internal cost and efficiency measures to ensure we remain competitive. We will remain a reimbursable, asset light business with a balance of opex and capex activities, a broad range of longer term contracts and significant customer and geographic diversification. As we look to 2015, we expect financial performance to demonstrate the relative resilience of our business in a challenging market and we will see the full year benefit from completed acquisitions.” Ian Marchant, Chairman 2 John Wood Group PLC Annual Report and Accounts 2014 John Wood Group PLC Annual Report and Accounts 2014 1 Strategic report Governance Financial statements Highlights Financial summary 7. 8 % 3.1 % 14.3 % 10.9 % 1.0 % 25.0 % Total Revenue Total EBITA Revenue from Profit before tax Adjusted Total dividend of $7,616.4m of $549.6m continuing and exceptional diluted EPS of 27.5 cents (2013: $7,064.2m) (2013: $533.0m) operations items of 99.6 cents per share of $6,574.1m of $414.5m (2013: 98.6 cents) (2013: 22.0 cents) (2013: $5,753.2m) (2013: $373.7m) Operational highlights Group X Performance in line with expectations and up on 2013 led by strong growth in Wood Group PSN Production Services X Safety: no fatalities and c.25% improvement in safety performance X Strong cash generation and robust balance sheet providing security and flexibility X $217.3m invested in strategic M&A X Internal SG&A cost reductions and deferrals of over $30m to be delivered X Anticipate performance in 2015 to demonstrate relative resilience in a challenging market Wood Group Engineering Wood Group PSN X Lower contribution from Upstream as anticipated Production Services X Service offering enhanced through the acquisition X Strong EBITA growth of 30.4% driven by performance of Agility Projects in Norway in US shale, including Elkhorn business acquired in 2013, and growth in the North Sea X Well positioned to unlock value for clients and influence overall project costs through high quality engineering X High contract renewal success rate in UK North Sea providing good visibility into 2015 and beyond X Expanded service offering with acquisitions made in 2014, including Swaggart in US Turbine Activities X Reduction in EBITA reflecting a lack of EPC volumes; reached final settlement agreement on Dorad 2 John Wood Group PLC Annual Report and Accounts 2014 John Wood Group PLC Annual Report and Accounts 2014 1 Our business Who we are Wood Group is an international energy services business with over $7bn sales and around 42,000 employees. The Group is built on Core Values and has two reporting segments - Wood Group Engineering and Wood Group PSN - which provide a range of engineering, production support and turbine services to the oil & gas and power sectors. What we do Wood Group adds value by helping customers safely improve performance from their new and existing oil and gas assets; to produce more, operate more efficiently, spend less and extend asset life. We are differentiated by our focus on Core Values, our relationships, our skills, knowledge and track record of delivery. How we grow Key investment considerations X We have an experienced leadership team and a business underpinned by our Core Values X We are an asset light people business delivering leading solutions focused on oil and gas markets with strong long term fundamentals X Over 90% of our revenues are reimbursable; we operate minimal fixed price or lump sum contracts X We have a broad geographical presence with strong positions in long-term growth areas X We have a balanced portfolio of customer opex and capex driven earnings giving us relative through-cycle resilience X We have a broad, diversified portfolio of customers and geographies with our top ten customers accounting for <40% of revenue and our top customer <10% X We have a proven track record of delivering growth both organically and through acquisition X Our balance sheet provides security and flexibility and we target net debt to EBITDA between 0.5x and 1.5x Read more about our Core Values on pages 14-17 2 John Wood Group PLC Annual Report and Accounts 2014 John Wood Group PLC Annual Report and Accounts 2014 3 Strategic report Governance Financial statements Wood Group Engineering* Through Wood Group Mustang and Wood Group Revenue: People: Typical project months Kenny, we provide a wide range of engineering duration: 3-24 services to the upstream, subsea & pipeline, % downstream, chemical process & industrial and 28 11,200 Typical order clean energy sectors. These include conceptual months studies, engineering, project and construction of total revenue 2013: 10,600 book visibility: 6-9 management and control system upgrades. 2013: 28% Capex vs opex: Business split: Customer Profile: 80% 20% 40% 40% 20% 25% 30% 10% 35% Capex Opex Upstream Subsea & pipeline Independent IOC Downstream, process & industrial NOC Other Wood Group PSN* Production Services Revenue: People: Typical project years We are a market leader in production facilities duration: 3-5 support focused on optimising production and % extending asset life safely. We provide life of field 61 28,100 services to producing assets through brownfield Typical order months engineering and modifications, production of total revenue 2013: 29,000 book visibility: 12-18 enhancement, operations and maintenance, 2013: 57% facility construction and maintenance management, training and abandonment services. Capex vs opex: Business split: Customer Profile: 25% 75% 40% 40% 20% 45% 40% 5%10% Capex Opex North Sea Americas International Independent IOC NOC Other Turbine Activities Revenue: People: Typical project duration:7% Through three joint venture arrangements, we provide industrial gas turbine and rotating % EPC Maintenance equipment repair, maintenance, overhaul and power plant EPC services to the oil & gas and 11 2,600 1-3 years 3-12 years power sectors. of total revenue 2013: 3,100 2013: 15% Capex vs opex: Business split: Customer Profile: 20% 80% 75% 25% 65% 10% 10%5%10% Capex Opex Maintenance EPC Power Independent IOC NOC Other *Our business data contains a number of management estimates and approximations which will change over time 2 John Wood Group PLC Annual Report and Accounts 2014 John Wood Group PLC Annual Report and Accounts 2014 3 Measuring performance Safety: total recordable We aim to deliver the highest standards Safety: lost work case We aim to deliver the highest standards case frequency (TRCF) of health and safety. Total recordable frequency (LWCF) of health and safety. Lost work case per million man hours case frequency is the total of lost work per million man hours frequency measures lost work cases cases, restricted work cases and per million man hours. medical treatment cases, per million We had positive man hours. Progress in the year: progress in our lost work case frequency 0.70 (LWCF) with a 36% improvement. 1.99 1.81 Progress in the year: We had positive 0.65 progress in our total recordable 1.39 case frequency (TRCF) with a 23% 0.45 improvement. 2012 2013 2014 2012 2013 2014 Total revenue $m Total revenue includes the contribution Cash generated from Cash inflows post working capital from joint ventures and activities operations $m movements on an equity accounting classified as discontinued. basis which we use to maintain and grow our operations. Progress in the year: Revenue increased 8% in 2014 reflecting growth Progress in the year: We delivered in Wood Group Engineering and strong cash generation up 12% on 2013. 7,614 Wood Group PSN Production Services, 571 7,064 509 6,828 partly offset by a reduction in Turbine Activities. 327 2012 2013 2014 2012 2013 2014 Total EBITA $m Total EBITA (earnings before interest, Total EBITA margin % EBITA margin demonstrates our ability tax and amortisation) includes the to convert revenue into profit. contribution from joint ventures and activities classified as discontinued. Progress in the year: EBITA margin decreased slightly in the year, with the Progress in the year: The Group increase in Wood Group PSN Production performed well in 2014, delivering Services margin being more than offset 550 EBITA of $550m up 3% against a 7.5 by a reduction in the Wood Group 533 7.2 459 backdrop of increased focus on 6.7 Engineering and Turbine Activities margin. efficiency by operators. 2012 2013 2014 2012 2013 2014 Adjusted diluted EPS Earnings before exceptional items and Dividend per ordinary The share of AEPS distributed to cents amortisation, net of tax, divided by the shares cents shareholders.
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