Final Results
Balfour Beatty PLC
6 March 2002
6 March 2002
BALFOUR BEATTY PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2001
FURTHER GOOD PROGRESS AGAINST KEY OBJECTIVES
• Pre-tax profits* up by 20% at £103 million (2000: £86 million)
• Additional £13 million net exceptional profit from cables disposals
• Earnings per share* up by 32% to 14.4p (2000: 10.9p)
• £63 million year-end net cash - strong operating cashflow
• Record order book of £4.3 billion
• Acquisitions strengthen core businesses and perform to plan
• Total dividend up by 11% to 5.0p (2000: 4.5p)
Building, Building Management and Services
• Operating profits* up 13% to £44 million
• Continuing growth in building management, maintenance and security
systems
Civil and Specialist Engineering and Services
• Operating profits* down 8% to £22 million
• Growing position in road and utility maintenance systems
Rail Engineering and Services
• Operating profits* up by £18 million to £24 million
• New contract structure in place for UK maintenance
• Acquired and UK project businesses perform to plan
Investments and Developments
• Operating profits* up 12% to £46 million
• Three preferred bidder situations expected to reach financial close
in 2002
* before exceptional items and goodwill amortisation
Outlook
'Once again, we start the year with a record order book, a sound financial
position, a clear sense of direction and excellent morale. We have strengthened
the business further through carefully targeted acquisitions.
'I believe that our improving combination of first-class engineering,
construction and service skills applied to our core markets gives us a strong
basis on which to continue to grow shareholder value, this year and in the
future.'
Viscount Weir, Chairman
BALFOUR BEATTY PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2001
Balfour Beatty plc, the international engineering, construction and services
group, today announced pre-tax profits before exceptional items and prior to the
amortisation of goodwill for the 12 months to 31 December 2001 of £103 million
(2000: £86 million). Earnings per share before exceptional items and goodwill
amortisation were 14.4p per share (2000: 10.9p per share).
An additional net exceptional profit of £13 million arose mainly from the sale
of our last remaining cable interests, including our shareholding in the Dubai
Cable Company (Ducab).
Operating profits before goodwill amortisation and exceptional items were £137
million (2000: £114 million).
Year-end net cash stood at £63 million (2000: £104 million) and the order book
stood at the record level of £4.3 billion (2000: £3.3 billion).
Turnover increased to £3,071 million (2000: £2,603 million).
Against this background, the Board recommends an increased final dividend of
2.8p per ordinary share (2000: 2.5p) which, taken with the interim dividend
already announced, would give a total distribution for the year of 5.0p (2000:
4.5p) per ordinary share.
In his statement to shareholders, Chairman, Viscount Weir, said:
'In 2001, our overall results showed a significant and satisfactory improvement
over the previous year. This reflected, at the operating profit level, a strong
recovery in Rail and further growth from Building and Investments, offset to a
degree by a small decline in Engineering.
'Once again, we start the year with a record order book, a sound financial
position, a clear sense of direction and excellent morale. We have strengthened
the business further through carefully targeted acquisitions.
'I believe that our improving combination of first-class engineering,
construction and service skills applied to our core markets gives us a strong
basis on which to continue to grow shareholder value, this year and in the
future.'
CHIEF EXECUTIVE'S REVIEW
Overview
I am pleased to be able to begin my review of 2001 by once again reporting good
progress against Balfour Beatty's key objectives. We have achieved a
substantial uplift in our earnings, underpinned by strong operating cash flow
and further reductions in working capital. Both our current sales and our
record forward order book of £4.3 billion contain an increasing proportion of
long-term contracts with more predictable margins struck with relationship
customers.
Our determination to focus on what we do best has found further expression in
acquisitions which offer geographical and sectoral expansion but rely on our
established core competences.
We have funded these acquisitions by the proceeds of divestment and operating
cash flow improvements. The majority of our acquisitions over the last two
years have been negotiated rather than the subject of price competition.
We aim to strengthen our position in markets in which continuing growth can be
expected. Our expansion in the UK utility services market through the
acquisition of John Kennedy Holdings; our entry into the Italian, Greek and
Portuguese railway electrification markets through the purchase of the business
previously owned by ABB; into the US rail signalling market; and the extension
of our US civil engineering business through buying National Engineering and
Contracting in Cleveland, Ohio, all serve this end.
We have sustained internal pressure on making our business processes more
efficient and have made further progress in supply chain management, risk
management, e-commerce and knowledge management.
Performance
Our financial performance for the year was satisfactory. Overall, before
goodwill amortisation and exceptional items, operating profits rose 20% to £137
million, pre-tax profits 20% to £103 million and earnings per share 32% to
14.4p. Profits in the Building, Building Management and Services sector
advanced at a rate more sustainable in the long term following the benefits of
restructuring which have contributed to the rapid progress of the last two
years. It was disappointing that profits fell in Civil and Specialist
Engineering and Services, but in Rail Engineering and Services the strong,
predicted recovery was delivered and income from Investments and Developments
progressed well.
During the last two years, we have made eight acquisitions and these have
contributed some £377 million of sales to the Group in 2001. It is pleasing to
be able to report that these sales delivered operating profits, before goodwill
amortisation, of £23 million at a margin of over 6%, which is in line with our
forecasts at the time of acquisition.
Cash
In 2001, Balfour Beatty's operating cash and net cash inflow improved further.
Acquisitions were made at a net cost of £93 million. We ended the year with net
cash of £63 million (2000: £104 million). The £25 million proceeds from the
Ducab disposal were offset by the conversion of a £24 million cash balance held
in our captive insurance company to other forms of investment.
Disposals, Acquisitions and Investments
The sale of our interest in Ducab to its other existing shareholders, together
with some other small transactions, realised an exceptional net profit of £13
million.
Rail
In February, we acquired the Rail Systems Division of ABC NACO in the USA for an
initial consideration of $21 million. This business, which we have renamed
Balfour Beatty Rail Systems Inc, provides signalling, control and communication
services to US rail utilities. The acquisition has broadened the range of rail
development opportunities available to the Group in that market.
In late December, we acquired the rail electrification project business of ABB
for an initial sum of €42 million. This further strengthened Balfour Beatty's
leading worldwide position in rail electrification and power systems by adding a
major presence in the Italian, Greek and Portuguese markets to the existing
strong position created by the acquisition in 2000 of the electrification and
power supply business previously owned by Adtranz.
Following these acquisitions, our annual worldwide rail sales are expected to be
approaching £800 million in 2002. The worldwide market for rail engineering and
services is growing under the influence of rapid traffic growth, the development
of mass transit systems, rail industry restructuring and increased investment
from the private sector.
US Civil Engineering
In August, we bought National Engineering and Contracting, a US regional civil
and specialist engineering contracting company, for an initial sum of $17
million and the assumption of debt. Based in Ohio, this business adds to the
overall strength and geographic market coverage of the Group's existing US civil
and specialist engineering business.
Balfour Beatty is now one of the leading contractors in the US transport sector
and has recently secured a number of major new projects in this market, in which
growth is underpinned by the federal TEA funding programme.
Utility Services
In October, we acquired John Kennedy Holdings, a major UK gas and water utility
services business, for £37 million. This provides the Group with a strong
position in a growing market and augments the support service business portfolio
which forms an increasing component of the Group's activities.
Following gas and water utility privatisation, the outsourcing of asset
management, renewals and other services has continued to grow. Safety
considerations are also driving investment plans for asset renewal, particularly
in the gas sector.
Public Private Partnerships
In May, Metronet, the grouping in which Balfour Beatty has a 20% stake, was
appointed preferred bidder, under the Public Private Partnership for the London
Underground, for the Bakerloo, Central and Victoria Line concession. In
September, Metronet was also named preferred bidder for the Sub-Surface Line
concession. These very substantial bids, when successfully converted to
contracts, will significantly increase the amount we will have committed to
privately financed projects. It will also produce long-term downstream workflow
for the rail and engineering businesses.
We continue to develop proposals for work in several sectors of the private
finance market.
Sector Performance
Profits rose by 13% to £44 million in the Building, Building Management and
Services sector.
The highest growth rates were achieved in building management and maintenance
and in security management systems as we continued to grow our businesses in
these expanding markets. Performance in Andover Controls was affected by the
immediate impact of the events of September 11th, but has subsequently
recovered.
A key feature of the year was the successful on-time, on-budget delivery of
large-scale, multidisciplinary projects under the Public Private Partnership
regime, most particularly North Durham Hospital. The first phase of Edinburgh
Royal Infirmary also came on stream in January 2002. In these two instances,
the majority of our operating companies collaborated around the core leadership
of Balfour Beatty Construction.
Despite some tightening in our UK and US markets, order intake in all our
businesses has remained strong. This reflects the success of our policies in
alliancing, our strong involvement in public sector and PPP markets and the
increasing impact of business process improvements.
In Civil and Specialist Engineering and Services, profits of £22 million were 8%
down on 2000. This arose partly from the impact of foot-and-mouth disease on
our Power Networks business in the UK, to which reference was made at the
interim results.
Results in our major civil engineering projects businesses were similar to 2000
overall. Balfour Beatty Major Projects improved its profits, as settlements on
conservatively accounted, completed projects were finalised and current
performance improved. Results were, however, significantly impacted in Balfour
Beatty Construction Inc as, in line with our normal accounting approach, certain
projects were written down without taking account of any potential future
settlements.
UK markets were generally unexciting, pending the impact of the anticipated
upturn in infrastructure investment. A number of new projects were secured in
the USA.
In Rail Engineering and Services, profits recovered strongly from £6 million in
2000 to £24 million in 2001, though in the first quarter of 2001, we continued
to lose money in maintenance as the five-year contracts let in 1996 drew to a
close. The new-form IMC maintenance contracts, which began in April 2002, are
already profitable and their operation is developing well. The businesses which
were acquired in the USA in trackwork and in continental Europe in
electrification performed up to expectations and delivered their first full
year's profit contribution. Our order book for rail has been substantially
improved by new project wins and the acquisition of the rail electrification
project business from ABB.
The administration regime in Railtrack has had no short-term impact on our
business. Early clarification of Railtrack's future would offer greater
certainty in respect of the industry's long-term development.
In Investments and Developments, profits rose by 12% to £46 million as
underlying concession income continued to grow and new concessions produced
income for the first time. Barking Power's profits moved forward strongly after
2000's planned maintenance outages. Bidding costs were around the level of
previous years as we continued to pursue roads, hospitals, schools and other
schemes, most significantly the Public Private Partnership for the London
Underground.
Pensions
Our 2001 annual report and accounts will include the first disclosures required
under FRS 17. It is our current intention to adopt FRS 17 in full from 2003.
Based on 31 December 2001 market values, we have small surpluses in both of our
main Pension Schemes. As a result, net of existing SSAP 24 assets and deferred
tax, adoption of this standard in the current year would have increased net
assets by around £25 million.
Business Process Improvements
The construction sector continues to offer great scope for the creation of
competitive advantage through the effective management of costs and the
introduction of improved business processes. The programmes which we have
initiated in this regard progressed further during the year.
Supplier numbers were further reduced and the proportion of our goods and
services procured through preferred supplier and subcontractor relationships
grew. We have now completed the first full year of operation of our enhanced
risk management system, which covers commercial, safety, environmental and
reputational risk issues. We have selected a partner for the development of
e-commerce and a growing number of our projects now use their market-leading
system.
We have also designed and are in the process of introducing a knowledge
management system to better utilise the vast reservoir of expertise which exists
amongst our staff and within our businesses, worldwide.
Safety and the Environment
Early this year, Balfour Beatty appointed Sally Brearley as director of Safety
and the Environment. Our performance in safety is already well ahead of sector
norms and we are now developing key performance indicators for our environmental
impacts. These and other relevant items will be covered in more detail in our
Environmental and Social Report. We aim to achieve continuous improvement and,
where possible, step changes in performance in future years, particularly in
respect of safety.
Outlook
In UK infrastructure, spending plans are ambitious and we believe that the
market will strengthen. Rail expenditure is on an upward trend in many of the
national markets in which we have established positions. Building markets have
tightened in the UK and USA, although currently our order intake remains strong.
The growth in outsourcing in the building, road, rail and utility markets
seems set to continue.
We have succeeded in creating profit growth momentum in Building, Building
Management and Services. Our business mix in this sector is undoubtedly unique.
If we stick to our disciplines, I believe that we are well placed to exploit
the increasing demand for efficient construction, outsourcing and service
integration. We aim for continuing steady growth in this sector.
In Civil and Specialist Engineering and Services, we have an essentially stable
long-term business. Inevitably, given the average project size and duration,
profits come in less predictable patterns than in other sectors, but we believe
that in 2002 we should make progress.
Rail Engineering and Services is a growth industry and we have established
Balfour Beatty as a leading player to participate in this growth.
The portfolio of PFI/PPP concessions which we have built in Investments and
Developments will generate stable and growing profits and cash flows over a long
period, even were we to never win another concession. We are, however, building
further on the existing base. We believe that PFI/PPP has been, and will
continue to be, a successful way to procure public infrastructure.
I believe that we will be able to make further overall progress in 2002.
ENDS
Enquiries to:-
Mike Welton, Chief Executive
Ian Tyler, Finance Director
Tim Sharp, Head of Corporate Communications
Tel: 020 7216 6800
www.balfourbeatty.com
* * * * * * * *
High resolution photographs are available to the media free of charge at
www.newscast.co.uk (+44 (0)20 7608 1000).
BALFOUR BEATTY PLC
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2001
Notes 2001 2000
£m £m
TURNOVER INCLUDING SHARE OF JOINT VENTURES AND ASSOCIATES 2 3,071 2,603
Share of turnover of joint ventures (130) (83)
Share of turnover of associates (207) (178)
GROUP TURNOVER 2,734 2,342
Continuing operations 2,671 2,300
Acquisitions 60 -
Discontinued operations 3 42
GROUP OPERATING PROFIT 62 57
Share of operating profit of joint 40 30
ventures
Share of operating profit of associates 23 24
OPERATING PROFIT INCLUDING SHARE OF JOINT VENTURES AND ASSOCIATES 2 125 111
Operating profit before goodwill 137 114
amortisation
Goodwill amortisation (12) (3)
Continuing operations 124 107
Acquisitions - -
Discontinued operations 1 4
Net profit on sale of operations 3 13 11
PROFIT BEFORE INTEREST 138 122
Net interest payable and similar
charges:
Group (1) 2
Share of joint ventures' interest (25) (20)
Share of associates' interest (8) (10)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 104 94
Taxation 4 (27) (23)
PROFIT FOR THE FINANCIAL YEAR 77 71
Dividends:
Preference 8 (16) (17)
Ordinary 8 (21) (19)
TRANSFER TO RESERVES 40 35
p p
ADJUSTED EARNINGS PER ORDINARY SHARE 14.4 10.9
Goodwill amortisation (2.9) (0.6)
Exceptional items after attributable taxation 3 3.0 2.5
BASIC EARNINGS PER ORDINARY SHARE 5 14.5 12.8
DILUTED EARNINGS PER ORDINARY SHARE 5 14.3 12.8
DIVIDENDS PER ORDINARY SHARE 8 5.0 4.5
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2001 2001 2000
£m £m
Profit for the financial year:
Group 58 54
Share of joint ventures and associates 19 17
Exchange adjustments (3) 1
TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR 74 72
GROUP BALANCE SHEET 2001 2000
At 31 December 2001 £m £m
FIXED ASSETS
Intangible assets - goodwill 250 168
Tangible assets 138 124
Investments 26 -
Investments in joint ventures:
Share of gross assets 560 503
Share of gross liabilities (502) (444)
58 59
Investments in associates 28 39
500 390
CURRENT ASSETS
Stocks 86 81
Debtors - due within one year 663 554
- due after one year 79 85
Cash and deposits 177 192
1,005 912
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Borrowings (20) (71)
Other (1,073) (927)
NET CURRENT LIABILITIES (88) (86)
TOTAL ASSETS LESS CURRENT LIABILITIES 412 304
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Borrowings (94) (17)
Other (31) (48)
PROVISIONS FOR LIABILITIES AND CHARGES (99) (82)
188 157
SHAREHOLDERS' FUNDS 188 156
MINORITY EQUITY INTERESTS - 1
188 157
Shareholders' funds include non-equity shareholders' funds of £166m (2000: £170m)
GROUP CASH FLOW STATEMENT 2001 2000
For the year ended 31 December 2001 Notes £m £m
Net cash inflow from operating activities 7 117 105
Dividends from joint ventures and associates 14 14
Returns on investments and servicing of finance (12) (17)
Taxation (9) (5)
Capital expenditure and financial investment (55) (38)
Acquisitions and disposals of businesses (64) (11)
Ordinary dividends paid (19) (17)
Net cash (outflow)/inflow before use of liquid resources and financing (28) 31
Management of liquid resources 12 (7)
Financing - buy-back of ordinary and preference shares (5) (15)
- repayment of minority interests (1) -
- new loans 84 46
- repayment of loans (67) (23)
(Decrease)/increase in cash in the period (5) 32
NOTES
1. BASIS OF PRESENTATION
The accounts have been prepared under the historical cost convention, modified
for the revaluation of certain land and buildings, and comply with all
applicable accounting standards and the Companies Act 1985. There have been no
changes in accounting policies since the previous year.
2. SEGMENT ANALYSIS
Operating
profit
before
Turnover exceptional items Capital employed
2001 2000 2001 2000 2001 2000
£m £m £m £m £m £m
TOTAL GROUP, INCLUDING SHARE OF
JOINT VENTURES AND ASSOCIATES
Building, building management and 1,074 1,013 44 39 (93) (141)
services
Civil and specialist engineering and 1,150 986 22 24 (52) (16)
services
Rail engineering and services 698 439 24 6 6 (6)
Investments and developments 135 99 46 41 56 70
3,057 2,537 136 110 (83) (93)
Discontinued operations 14 66 1 4 - 8
3,071 2,603 137 114 (83) (85)
Goodwill amortisation (12) (3)
Operating profit 125 111
Net interest payable (34) (28)
Profit before tax and exceptional items 91 83
Net cash 63 104
Goodwill (including share of joint
ventures and associates) 255 175
Tax and dividends (47) (37)
188 157
The Group's interest in Dubai Cable Company (Pte) Ltd sold in July 2001 and
Emform Ltd sold in November 2001 and the Brand-Rex cable businesses sold in
March 2000 have been classified as discontinued. Goodwill amortisation arises
in Building, building management and services £ 1.5m (2000: £ 0.7m), Civil and
specialist engineering and services £ 3.3m (2000: £ 0.3m) and Rail engineering
and services £ 7.4m (2000: £ 1.8m). Goodwill arises in Building, building
management and services £ 28m (2000: £29m), Civil and specialist engineering and
services £ 66m (2000: £7m), Rail engineering and services £ 160m (2000: £ 138m)
and Investments and developments £ 1m (2000: £ 1m).
3. EXCEPTIONAL ITEMS
In 2001, the net profit on sale of operations of £15m arose on the disposal of
the Group's remaining interests in the cable businesses, including the Dubai
Cable Company (Pte) Ltd, and related costs. Additionally, a £2m loss was
recorded on the sale of the trade and assets of Emform Ltd.
In 2000, the net profit on sale of operations arose on the disposal of the
Brand-Rex cable businesses (£20m after charging goodwill of £53m, previously
written off to reserves) less further losses arising from the disposal in 1999
of the Energy Cable businesses and related costs (£9m).
Exceptional items had no effect on the Group's tax charge in 2001 and 2000.
4. TAXATION
2001 2000
£m £m
UK current tax
Corporation tax on profits of the period at 30% (2000: 30%) 14 9
Double tax relief (1) (1)
Adjustments in respect of previous periods 1 -
14 8
Share of joint ventures' taxation 4 1
Share of associates' taxation 6 4
24 13
Foreign current tax
Foreign tax on profits of the period 1 2
Adjustments in respect of previous periods 2 -
3 2
Share of joint ventures' taxation 1 2
4 4
Total current tax 28 17
Deferred tax
UK 2 12
Foreign - 1
Adjustments in respect of previous periods (3) (7)
Total deferred tax (1) 6
Taxation charge 27 23
5. EARNINGS PER ORDINARY SHARE
The calculation of earnings per ordinary share is based on the profit for the
financial year, after charging preference dividends, divided by the weighted
average number of ordinary shares in issue during the year of 414.2m (2000:
419.3m).
The calculation of diluted earnings per ordinary share is based on the profit
for the financial year, after charging preference dividends, divided by the
weighted average number of ordinary shares in issue, adjusted for the conversion
of share options by 5m (2000: 1m). As in 2000, no adjustment has been made in
respect of the conversion of the cumulative convertible redeemable preference
shares, which were antidilutive throughout the year.
Adjusted earnings per ordinary share before goodwill amortisation and
exceptional items have been disclosed to give a clearer understanding of the
Group's underlying trading performance.
6. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2001 2000
£m £m
Profit for the financial year 77 71
Dividends (37) (36)
40 35
Other recognised gains and losses (net) (3) 1
Goodwill - on businesses sold - 53
Buy-back of ordinary and preference shares (5) (15)
32 74
Opening shareholders' funds 156 82
Closing shareholders' funds 188 156
7. NOTES TO THE CASH FLOW STATEMENT
2001 2000
£m £m
(a) Net cash inflow from operating activities comprises:
Group operating profit before exceptional items 62 57
Depreciation 35 32
Goodwill amortisation 10 3
Profit on disposal of fixed assets (1) (5)
Provision against own shares held 1 -
Exceptional items - cash expenditure (4) (20)
Working capital decrease 14 38
Net cash inflow from operating activities 117 105
Cash and Borrowings
deposits (including
and Term finance Tota1 Total
overdrafts deposits leases) 2001 2000
£m £m £m £m £m
(b) Analysis of movement in net cash
Opening net cash 149 38 (83) 104 84
Cash flow (5) (12) (17) (34) 16
Acquisitions of business - debt at date of - - (4) (4) -
acquisition
Disposals of businesses - debt at date of - - - - 6
disposal
Exchange adjustments (5) - 2 (3) (2)
139 26 (102) 63 104
2001 2000
£m £m
(c) Reconciliation of cash flow movement to movement in net cash
(Decrease)/increase in cash in the period (5) 32
Cash inflow from increase in borrowings (17) (23)
Cash (inflow)/outflow from decrease/increase in term deposits (12) 7
Change in net cash resulting from cash flows (34) 16
Acquisitions of business - debt at date of acquisition (4) -
Disposals of businesses - debt at date of disposal - 6
Exchange adjustments (3) (2)
Movement in net cash (41) 20
8. DIVIDENDS
Per share Amount Per share Amount
2001 2001 2000 2000
pence £m pence £m
On preference shares:
Paid 4.8375 8 4.8375 9
Payable 4.8375 8 4.8375 8
9.6750 16 9.6750 17
On ordinary shares:
Interim payable 2.20 9 2.00 8
Final proposed 2.80 12 2.50 11
5.00 21 4.50 19
An interim dividend of 2.20p (2000:2.00p) per ordinary share was paid on 2
January 2002. Subject to approval at the Annual General Meeting on 16 May 2002,
the final dividend of 2.8p (2000: 2.5p) per ordinary share will be paid on 1
July 2002 to ordinary shareholders on the register on 3 May 2002 by direct
credit or, where no mandate, by warrants posted on 28 June 2002.
A preference dividend of 5.375p gross (4.8375p net) per preference share will be
paid in respect of the six months ending 30 June 2002 on 1 July 2002 to
preference shareholders on the register on 31 May 2002 by direct credit or,
where no mandate, by warrants posted on 28 June 2002.
*************************************
The financial information set out above (which was approved by the Board on 5
March 2002) does not constitute the Company's statutory accounts. The statutory
accounts for the year ended 31 December 2001 (from which this financial
information has been extracted) will be filed with the Registrar of Companies
following the Annual General Meeting. The auditors' report on these accounts
was unqualified and did not contain any statement under section 237(2) or (3) of
the Companies Act 1985.
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