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View Annual Report The Weir Group PLC Annual report and financial statements 2010 The Weir Group PLC Annual report and financial statements 2010 Directors report The Weir Group The Weir Way The drivers of growth PLC Annual report and financial statements 2010 Annual report Contents The Group has a strong operating platform to drive growth both through organic development and value enhancing Directors report acquisitions. We also have a clear and focused strategy Inside front cover to build our functional capabilities and prioritise product Financial highlights 1 innovation, collaboration and global capabilities as key Chairman’s statement 2 enablers of growth in our chosen end markets, along with Chief Executive’s review 4 an increased commitment to research and development Driving growth The Weir Way 8 and investment in sales and engineering resources. Key Performance Indicators 14 Operational review 16 Financial review 28 Board of directors 32 INNOVATIVE Principal risks & uncertainties 34 1 SOLUTIONS Corporate governance report 37 Innovation is at the heart of our processes. Our global engineering Remuneration report 44 teams work to ensure that products continually deliver longer plant Sustainability report 52 life, extend maintenance cycles, reduce downtime and lower whole-life Other statutory information 67 operating costs. As well as increasing our research and development spend, we strongly believe that innovation goes beyond technological Financial statements and aspects. Innovation is also about being proactive and creative in other information delivering operational improvement and increasing customer focus. Independent auditors report 69 Consolidated income statement 70 Consolidated statement of comprehensive income 71 COLLABORATIVE Consolidated balance sheet 72 MINDSET Consolidated cash 2 flow statement 73 We believe we can achieve much more when we work together Consolidated statement across businesses, divisions, markets and regions to solve problems of changes in equity 74 and exploit market opportunities. Weir people are willing and able to Notes to the Group work in partnership with each other, as well as with our customers and financial statements 75 partners and during 2010 we further optimised our ability to operate Independent auditors report 122 to best effect across divisions and regions. Company balance sheet 123 Notes to the Company financial statements 124 Principal companies of The Weir Group PLC the Group 134 GLOBAL Clydesdale Bank Exchange Shareholder information 135 3 CAPABILITY 20 Waterloo Street Excellent Glossary 136 We remain committed to going where our customers are, from the Glasgow G2 6DB, Scotland Engineering Inside back cover – Financial calendar most challenging oil production environment, to the emerging and Cautionary statement Telephone: +44 (0)141 637 7111 Solutions power and energy markets and this commitment brings extensive Facsimile: +44 (0)141 221 9789 opportunities for us to further internationalise our products and services. In 2010 we made considerable progress in leveraging our Email: [email protected] presence in some of the fastest growing emerging markets. Website: www.weir.co.uk The Weir Group PLC Annual report and financial statements 2010 The Weir Group PLC Annual report and financial statements 2010 Directors report The Weir Group The Weir Way The drivers of growth PLC Annual report and financial statements 2010 Annual report Contents The Group has a strong operating platform to drive growth both through organic development and value enhancing Directors report acquisitions. We also have a clear and focused strategy Inside front cover to build our functional capabilities and prioritise product Financial highlights 1 innovation, collaboration and global capabilities as key Chairman’s statement 2 enablers of growth in our chosen end markets, along with Chief Executive’s review 4 an increased commitment to research and development Driving growth The Weir Way 8 and investment in sales and engineering resources. Key Performance Indicators 14 Operational review 16 Financial review 28 Board of directors 32 INNOVATIVE Principal risks & uncertainties 34 1 SOLUTIONS Corporate governance report 37 Innovation is at the heart of our processes. Our global engineering Remuneration report 44 teams work to ensure that products continually deliver longer plant Sustainability report 52 life, extend maintenance cycles, reduce downtime and lower whole-life Other statutory information 67 operating costs. As well as increasing our research and development spend, we strongly believe that innovation goes beyond technological Financial statements and aspects. Innovation is also about being proactive and creative in other information delivering operational improvement and increasing customer focus. Independent auditors report 69 Consolidated income statement 70 Consolidated statement of comprehensive income 71 COLLABORATIVE Consolidated balance sheet 72 MINDSET Consolidated cash 2 flow statement 73 We believe we can achieve much more when we work together Consolidated statement across businesses, divisions, markets and regions to solve problems of changes in equity 74 and exploit market opportunities. Weir people are willing and able to Notes to the Group work in partnership with each other, as well as with our customers and financial statements 75 partners and during 2010 we further optimised our ability to operate Independent auditors report 122 to best effect across divisions and regions. Company balance sheet 123 Notes to the Company financial statements 124 Principal companies of The Weir Group PLC the Group 134 GLOBAL Clydesdale Bank Exchange Shareholder information 135 3 CAPABILITY 20 Waterloo Street Excellent Glossary 136 We remain committed to going where our customers are, from the Glasgow G2 6DB, Scotland Engineering Inside back cover – Financial calendar most challenging oil production environment, to the emerging and Cautionary statement Telephone: +44 (0)141 637 7111 Solutions power and energy markets and this commitment brings extensive Facsimile: +44 (0)141 221 9789 opportunities for us to further internationalise our products and services. In 2010 we made considerable progress in leveraging our Email: [email protected] presence in some of the fastest growing emerging markets. Website: www.weir.co.uk The Weir Group PLC Annual Report & Financial Statements 2010 Directors report 01 Financial highlights 2010 Group results • Original equipment input up 54% on a like-for-like Continuing operations basis; Revenue • Strong aftermarket contributed 58% of revenues; £1,635m Up 18% Operating profit2 • Operating profit up 51%; £309.7m Up 51% • Record margins benefiting from aftermarket mix and operating leverage; Profit before tax2 £294.7m Up 58% • Good progress made on strategic initiatives Order input1 including five value enhancing acquisitions; £1,904m Up 39% • Full year dividend increased 29% reflecting Earnings per share2 confidence in outlook; 100.4p Up 57% • US$40m investment plan to expand upstream 110 100.4p 100 Oil & Gas capacity. 90 80 64.1p 70 59.3p 60 50 40 30 20 10 2008 2009 2010 Dividend per share 27.0p Up 29% 30 27.0p 25 21.0p 18.5p 20 15 10 5 2008 2009 2010 Net debt £283.6m Up 138% 1 2009 restated at 2010 average exchange rates 2 Continuing operations adjusted to exclude intangibles amortisation Annual report and financial statements 2010 Directors report Market overview Market overview Market overview The Weir Group PLC Market conditions improved in 2010 The North American upstream mar- Demand for original equipment for the con- Financial underpinned by strong demand for com- ket experienced a substantial rebound ventional power market was strong in Asia Operational excellence This map is illustrative, but not fully definitive of our locations. modities, particularly from emerging mar- in on-shore horizontal drilling with sig- but weak in Europe and North America. Calendar kets and a growing sector confidence. nificant investment in existing and new The Chinese nuclear market represented Most mothballed mines were re-started shale fields, requiring more intensive the majority of global nuclear new build, and increased activity was evident in the fracturing techniques. Average horizon- although procurement began for the first two Canadian oil sands. Increases in capital tal rig counts increased 81% on 2009. new US nuclear plants in 25 years. Hydro expenditure were announced by some International shale opportunities started and wind markets grew as demand for customers with a number of “mega- to gain momentum in China, Europe and renewable power increased. Existing fossil projects” likely to get underway in 2011/12 Australia. Downstream customer activity and nuclear plants postponed non-essential Ex-dividend date for final dividend principally across South America and the remained low while Middle East services maintenance, although new build delays will 4 May 2011 Asia-Pacific region. market rebounded off 2009 lows in the increase potential for life extension projects. second half. Industrial markets remained weak. Record date for final dividend 6 May 2011 Shareholders on the register at this date will receive the dividend Annual general meeting 4 May 2011 Weir Minerals is the global leader in the Weir Oil & Gas designs and manufac- Weir Power & Industrial designs, manufac- provision of slurry handling equipment tures pumps and ancillary equipment for tures and provides aftermarket support for and associated spare parts for abrasive the global upstream and downstream
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