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Weir: See Things Differently WEIR: SEE THINGS DIFFERENTLY. The Weir Group PLC Annual Report and Financial Statements 2020 CONTENTS FINANCIAL & NON-FINANCIAL SUMMARY Strategic Report ORDERS2 1 Our Business at a Glance 2 £1.9bn 2.9 2.9 Our ‘We are Weir’ Strategic Framework 4 -13% Chairman’s Statement 6 2.3 2.2 150 years of Weir 8 1.9 2.1 Chief Executive’s Strategic Review 10 1.9 Our 2020 Key Performance Indicators 14 Total Group Discontinued Operations Iron Bridge Aftermarket Contract 16 Continuing Operations Our Markets 18 Our Business Model 20 2016 2017 2018 2019 2020 The Global Pandemic 22 Stakeholder Engagement 24 REVENUE Safety in Mining 26 1 Financial Review 28 £2bn 2.8 2.8 Sustainable Society 32 -4% 2.3 2.3 Operational Review 34 1.9 2.0 2.0 Risk Management 39 Principal Risks and Uncertainties 43 Total Group Our Sustainability Review 52 Discontinued Operations Continuing Operations Non-financial Reporting 64 2016 2017 2018 2019 2020 Corporate Governance Introduction from the Chairman 70 ADJUSTED PROFIT BEFORE TAX3 TOTAL STATUTORY LOSS AFTER TAX Governance at a Glance 72 1 Board of Directors 74 £255m (£149m) Group Executive 78 -5% +61% 333 299 Board Statements 79 232 247 Division of Responsibilities 80 269 255 Total Group 171 Board Meetings 81 Discontinued Operations Board Activities and Governance in Action 82 (£23m loss in 2020) Governance in Action - Meet the Board Session 83 Continuing Operations Shareholder Engagement 84 2016 2017 2018 2019 2020 Boardroom Practice 85 Board Effectiveness 86 TOTAL INCIDENT RATE4 Accountability 88 Viability Statement 89 0.37 0.60 Nomination Committee Report 90 + 23% underlying 0.53 0.45 0.48 Audit Committee Report 93 improvement 0.37 Directors’ Remuneration Report 103 Directors’ Report 128 Statement of Directors’ Responsibilities 131 Total Group Financial Statements 2016 2017 2018 2019 2020 Independent Auditors’ Report to the Members of The Weir Group PLC 132 Consolidated Income Statement 141 REVENUES FROM NEW SOLUTIONS5 Consolidated Statement of Comprehensive Income 142 1 Consolidated Balance Sheet 143 180 £94m 168 176 Consolidated Cash Flow Statement 144 0% Consolidated Statement of Changes in Equity 145 110 114 Notes to the Group Financial Statements 147 97 Company Balance Sheet 203 Total Group 94 Company Statement of Changes in Equity 204 Discontinued Operations Notes to the Company Financial Statements 205 Continuing Operations 2016 2017 2018 2019 2020 Additional Information Subsidiary Undertakings 218 EMPLOYEE NET PROMOTER SCORE (eNPS)6 Shareholder Information 226 1 Glossary 229 42 42 7 1 Continuing operations. 24 points ahead of the 34 2 Restated at 2020 average exchange rates. True Benchmark for our 28 3 Before adjusting items (note 2). industry in 2020 4 Total incident rate is an industry standard safety indicator that measures lost time 18 and recordable incidents per 200,000 hours worked. 2018 and prior years exclude ESCO. 5 Defined as revenues from new products introduced in the last three years. Total Group 6 eNPS (Employee Net Promoter Score) is an index used to measure employee satisfaction levels. Continuing Operations 7 True Benchmark removes the effect of external demographic influences that are out of our 2019 (H1)8 2019 (H2) 2020 (H1) 2020 (H2) control but which all affect employee engagement (employee age, tenure, gender, department, job level and office location). 8 Flow Control not included. HIGHLIGHTS FROM 2020 WEIR: SEE THINGS CHIEF DIFFERENT LY. EXECUTIVE’S STRATEGIC The Weir Group’s purpose is to enable the sustainable and efficient delivery of REVIEW READ MORE: PAGES 10-15 the natural resources essential to create a better future for our world. We do this by seeing things differently; challenging the norm with innovative engineering, and delivering excellent outcomes for all our stakeholders. It is what has inspired us for 150 years and why we’re so optimistic about the future. WHAT’S DRIVING OUR MARKETS? READ MORE: PAGES 18-19 CELEBRATING 150 YEARS READ MORE: PAGES 8-9 IRON BRIDGE A HIGHLY RESILIENT CONTRACT WIN PERFORMANCE READ MORE: PAGES 28-31 READ MORE: PAGES 16-17 OUR STRONG GOVERNANCE READ MORE: PAGES 69-140 HOW WE ADAPTED TO THE COVID-19 PANDEMIC READ MORE: PAGES 22-23 For more information visit our website www.global.weir The Weir Group PLC Annual Report and Financial Statements 2020 1 Strategic Report OUR BUSINESS AT A GLANCE A premium mining technology business with strong market positions EXTRACTION: COMMINUTION: MILL CIRCUIT: TAILINGS MANAGEMENT: ESCO® Enduron® Warman® GEHO® #1 in Ground Engaging Tools #1 in High Pressure #1 in Slurry Pumps #1 in Positive Grinding Rolls Displacement Pumps FOCUSED ON ATTRACTIVE MARKETS HIGHLY RESILIENT THROUGH THE CYCLE 80% OF REVENUES ARE FROM MINING APPLICATIONS 75% OF REVENUES FROM RECURRING AFTERMARKET Mining applications 80% Aftermarket (AM) 75% Infrastructure & Other 20% Original Equipment (OE) 25% BROAD GLOBAL CUSTOMER BASE BIASED TOWARDS FUTURE-FACING COMMODITIES REVENUES BY GEOGRAPHY % REVENUES BY COMMODITY North America 29% Copper 22% South America 21% Iron Ore 16% Australasia 19% Gold 12% Asia Pacific 11% Oil Sands 7% Middle East & Africa 11% Coal 6% Europe 9% Other 37% 2 The Weir Group PLC Annual Report and Financial Statements 2020 Strategic ReportStrategic WEIR MINERALS WEIR ESCO WHAT WE DO WHAT WE DO Weir Minerals’ products and technology are used in mining ESCO provides highly engineered ground engaging tools (G.E.T) and infrastructure markets around the world. The Division which are used in global mining and infrastructure markets. produces highly engineered original equipment and provides Its equipment is mission-critical to the efficient extraction and comprehensive aftermarket support for mining and minerals transport of materials. processing, slurry transportation and mine dewatering. MARKET POSITIONS MARKET POSITIONS ESCO has market-leading positions in G.E.T tooth systems for Minerals has a number of market-leading brands including surface mining and construction, lip systems for hydraulic mining Warman® Centrifugal Slurry Pumps, GEHO® Positive excavators and cable shovel buckets and cutterheads for hard Displacement Pumps, Enduron® High Pressure Grinding Rolls, rock dredging. Cavex® Hydrocyclones and Linatex® Resistant Rubber. READ MORE IN THE ESCO OPERATIONAL REVIEW: READ MORE IN THE MINERALS OPERATIONAL REVIEW: SEE PAGES 36-37 SEE PAGES 34-35 ADDRESSABLE MARKET ADDRESSABLE MARKET c.£7.5bn c.£2.5bn 2020 REVENUE1 2020 REVENUE1 £1,469m £496m +4% -13% 2020 ADJUSTED OPERATING PROFIT1 2020 ADJUSTED OPERATING PROFIT1 £260m £81m 0% -3% 1 2019 restated at 2020 average exchange rates. The Weir Group PLC Annual Report and Financial Statements 2020 3 Strategic Report OUR ‘WE ARE WEIR’ STRATEGIC FRAMEWORK Our ‘We are Weir’ strategic framework is a simple guide to our purpose, distinctive competencies and values. We are a global family. We are proud of our unique blend of talent, technology and culture. We are here to inspire our people to do the best work of their life. PEOPLE T E E C C H N A We shape the next N We deliver excellence here to enable the generation of smart, efficient, O for all of our stakeholders, sustainable and efficient M L sustainable solutions with R through strong leadership, O delivery of the natural cutting-edge science and O performance culture F G resources essential to tradition of innovation. and rigorous standards R Y create a better future E of governance. for the world. P TOM CUS ER We will be the most admired business in our sector. Working in partnership, we deliver distinctive solutions and compelling value. READ MORE ON OUR STRATEGY AND BALANCE SCORECARD: SEE PAGES 10-15 4 The Weir Group PLC Annual Report and Financial Statements 2020 Strategic ReportStrategic WE BELIEVE IN Y A R D O D I S T E E U R M E A H O S L I A F I R I G I IN P N G N C E E K C H H G G H T U T C Y IN T T H O T G S IN T H IG T IN FI T G H E H H G RS OM IN E T ER G R TO UNDERSTAND MORE ABOUT HOW WE LIVE OUR VALUES: SEE PAGES 20-21 WE WORK THIS WAY • We always seek to improve and innovate. • We care for, challenge and encourage each other. • We’re passionately, authentically ourselves. • We work together to enhance our global communities. • We speak up and take ownership for our shared success. • We can’t wait. TO UNDERSTAND MORE ABOUT HOW WE OPERATE AS A BUSINESS: SEE PAGES 36-38 WE DELIVER L HIG ICA HL IT Y R S EQ EN C N U G - IO IP N T M IN IO U E E N S L E R S O T I S E D M A E F T V T I I E N R S R T N O M E E P A N H P R S E U K IV R S E E MP L T CO BA CA LO TO UNDERSTAND MORE ABOUT RE G THE VALUE WE DELIVER: SEE PAGES 20-21 The Weir Group PLC Annual Report and Financial Statements 2020 5 Strategic Report CHAIRMAN’S STATEMENT A year of challenge and transformation. DEAR SHAREHOLDER, Thank you for your support in 2020. It was an extraordinary year and while it is still too early to fully assess the impact of Covid-19, there are lessons I think we can draw upon, even as we continue to navigate the pandemic. TAKING CARE OF OUR PEOPLE AND WIDER STAKEHOLDERS The most significant lesson is to always be guided by your values and at Weir, that means thinking safety first and taking care of our people and wider stakeholders.
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