Preliminary Results

Carillion PLC 04 March 2008 EMBARGO: NOT FOR PUBLICATION OR BROADCAST BEFORE 7.00am ON WEDNESDAY 5 MARCH 2008 CARILLION PLC Annual Results for the year ended 31 December 2007 22% growth in underlying earnings per share Underlying results(1) â€¢ Total revenue up 13% to Â£3,951.7m (2006: Â£3,512.4m)(2) â€¢ Underlying profit before taxation up 23% to Â£101.8m (2006: Â£82.6m)(2) â€¢ Underlying earnings per share up 22% to 28.9p (2006: 23.7p)(2) Reported results â€¢ Profit before taxation up 39% to Â£94.4m (2006: Â£68.1m)(2) â€¢ Basic earnings per share up 25% to 27.1p (2006: 21.6p)(3) â€¢ Proposed dividend up 22% to 11.0p (2006: 9.0p) â€¢ Net borrowing at 31 December 2007 of Â£44.9m (2006: Â£108.0m) Strategic highlights â€¢ Successful integration of Mowlem earlier than expected - integration savings of at least Â£26m per year achieved, 73% above original expectation â€¢ Strong growth in support services - revenue up 23% â€¢ Construction margins improving - total underlying construction margin up to 2.1% (2006: 1.7%)(4) â€¢ Â£16.0bn order book (2006: Â£16.0bn) - pipeline of probable orders increased to Â£3.6bn (2006: Â£1.6bn) â€¢ Opportunities to increase Middle East revenue substantially - from the 2007 level of Â£337.0m to more than Â£600m over the next two years â€¢ Alfred McAlpine acquisition completed in February 2008 - integration underway â€¢ Overall outlook in main markets remains positive - Support services, Public Private Partnership projects and Middle East activities now represent 89% of the Group's underlying operating profit (1) After Joint Ventures taxation of Â£9.0m (2006: Â£8.1m) and before intangible amortisation, impairment, restructuring costs and non-operating items (see note 3) (2) Continuing operations (3) Continuing and discontinued operations (4) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items (see note 3) Philip Rogerson, Chairman, commented: '2007 was another strong year for Carillion. The Group delivered record profits and continued its strategic development to support sustainable profitable growth. The acquisition of Alfred McAlpine in February 2008 has further strengthened Carillion's position as a leading support services and integrated solutions business and the Board expects the Group to make further strong progress in 2008 and deliver materially enhanced earnings in 2009.' A telephone dial in facility (+44 (0) 208 515 2301) will be available from 08: 45am for analysts and investors who are unable to attend the presentation. The presentation can be viewed on Carillion's website at www.carillionplc.com/ investors/investors_presentations.asp. For further information contact: Richard Adam, Group Finance Director tel: +44 (0) 1902 422431 John Denning, Group Corporate Affairs Director tel: +44 (0) 1902 316426 5 March 2008 Notes to Editors: Carillion plc is one of the UK's leading support services, Public Private Partnership project and construction companies. The Group has annual revenue of around Â£4bn and employs some 50,000 people. The Group operates across the UK, in the Middle East and in Canada and the Caribbean. In the UK, the Group has eight principal market sectors - Defence, Education, Health, Building, Facilities Management and Services, Roads, Rail and Civil Engineering. In the Middle East, the Group's two principal market sectors are Construction and Facilities Management. In Canada and the Caribbean the Group's main sectors are Health, Roads Maintenance and Construction. The Group is a leader in Public Private Partnership projects, particularly in the Defence, Education and Health sectors in the UK and in the Health sector in Canada. On 12 February 2008, the Company acquired Alfred McAlpine plc for a total consideration of Â£554.5m, satisfied by the issue of 112.9m Carillion plc shares, Â£171.7m of cash and Â£1.3m of loan notes. This, and other news releases relating to the Group, can be found at www.carillionplc.com. Photographs: High resolution photographs are available free of charge to the media at www.newscast.co.uk telephone 0207 608 1000. Key financial figures 2007 2006 Change _______________________________________________________________________________ Income statement(1) Total revenue Â£m 3,951.7 3,512.4 +13% Support services underlying operating margin(2) Percentage 4.1% 4.0% n/a Total construction services underlying operating margin(2) Percentage 2.1% 1.7% n/a Underlying profit from operations(3) Â£m 101.2 81.3 +24% Underlying profit before taxation(3) Â£m 101.8 82.6 +23% Profit before taxation Â£m 94.4 68.1 +39% Underlying earnings per share (2) Pence 28.9 23.7 +22% Basic earnings per share - continuing and discontinued operations Pence 27.1 21.6 +25% Dividends Proposed full year dividend per share Pence 11.0 9.0 +22% Underlying proposed dividend cover (2) Times 2.6 2.6 n/a Basic proposed dividend cover - continuing and discontinued operations Times 2.5 2.4 n/a Cash flow statement(1) Cash generated from operations before pension deficit recovery payments and restructuring costs and after dividends Â£m 135.7 99.1 +37% received from Joint Ventures Underlying profit from operations cash conversion Percentage 134.1 121.9 n/a Deficit pension contributions Â£m 46.3 31.8 +46% Balance sheet Net borrowing Â£m 44.9 108.0 -58% Net retirement benefit liability (gross of taxation) Â£m 24.3 112.9 -78% Net assets Â£m 502.9 433.7 +16% _______________________________________________________________________________ (1) Continuing operations unless otherwise stated (2) Before intangible amortisation, impairment, restructuring costs and non-operating items (see note 3) (3) After Joint Ventures taxation of Â£9.0m (2006 Â£8.1m) and before intangible amortisation, impairment, restructuring costs and non-operating items (see note 3) Results 2007 was another strong year for Carillion. The Group delivered record profits and continued its strategic development to support sustainable, profitable growth. In particular, the successful integration of the Carillion and Mowlem businesses has created a stronger, more resilient business, with enhanced positions in selected growth markets. Total revenue, including Joint Ventures, increased by 13 per cent to nearly Â£4 billion (2006: Â£3.5 billion), primarily due to organic growth in support services and Middle East construction services together with and a full twelve months revenue contribution from the businesses acquired with Mowlem in February 2006. Underlying profit before tax from continuing operations increased by 23 per cent to Â£101.8 million (2006: Â£82.6 million) and underlying earnings per share from continuing operations on the same basis rose by 22 per cent to 28.9 pence per share (2006: 23.7 pence). Underlying cash flow from operations of Â£135.7 million (2006: Â£99.1 million) comfortably exceeded underlying operating profit. Net borrowing at 31 December 2007 was Â£44.9 million (2006: Â£108.0 million) and average net borrowing in 2007 was Â£130.3 million (2006: Â£148.0 million post the acquisition of Mowlem). The Group has continued to develop the strong positions it holds in a wide range of growth markets, winning new orders during the year worth Â£4.0 billion. At 31 December 2007 the Group's forward order book stood at Â£16.0 billion (2006: Â£16.0 billion) and its pipeline of probable new orders has increased significantly to Â£3.6 billion (2006: Â£1.6 billion). Given the strength of the Group's performance in 2007 and prospects for 2008 and the medium term, the Board is recommending a final ordinary dividend for 2007 of 7.5 pence per share, making the total full-year dividend for 2007 11.0 pence per share, an increase of 22 per cent on the total paid in respect of 2006 (9.0 pence). The final dividend will be paid on 20 June 2008 to shareholders on the register at close of business on 25 April 2008. Strategy Carillion's success continues to be based on implementing our consistent and successful strategy for sustainable, profitable growth of: â€¢ growing support services and Public Private Partnership (PPP) projects organically and by acquisition â€¢ developing and marketing integrated solutions tailored to the needs of customers, including project finance, design and construction, maintenance and lifetime asset management; and â€¢ maintaining a strong and selective construction capability focused on higher added-value contracts for long term customers. More specifically, in 2007 we said that going forward we will focus on: â€¢ growing revenue in support services at stable margins of between 4 and 5 per cent â€¢ using the strong positions we have established in our chosen sectors of the Private Finance market in the UK and Canada to win projects in which equity investments will create significant value for the Group â€¢ more than doubling Carillion's share of revenues from our Joint Venture businesses in the Middle East from Â£274 million in 2006 to over Â£600 million within the next three years, at margins of some 6 per cent â€¢ improving the combined margins of our construction activities in the UK, Canada and the Caribbean and the Middle East towards 3 per cent over the next three years. We also set seven key performance indicators for 2007 in respect of which Carillion has performed strongly, as we continued to build on the step change in Carillion's development that we achieved in 2006 through the acquisition and successful integration of Mowlem. Our performance against these key objectives is set out below. _______________________________ _______________________________________________ Key performance indicators in What we have achieved 2007 _______________________________ _______________________________________________ Attract, develop and retain Leadership, personal development and employee excellent people by becoming an engagement programmes employer of choice. _______________________________ _______________________________________________ Be a recognised leader in the Accident Frequency Rate in 2007 of 0.14 (2006: delivery of safety and 0.18) ranks with the best in our sector. 'Gold' sustainability ranking in Business in the Community's 2006 Corporate Responsibility Index topped our sector _______________________________ _______________________________________________ Deliver revenue growth of a 2007 revenue increased by 13% minimum of 5 per cent through exceeding our customers' expectations _______________________________ _______________________________________________ Deliver Mowlem integration cost Achieved savings at a running rate of Â£26 million per annum by the end of 2007 _______________________________ _______________________________________________ Deliver materially enhanced Underlying earnings per share(1) in 2007 earnings in 2007 increased by 22% _______________________________ _______________________________________________ Generate cash-backed operating Underlying cash flow in 2007 represented 134% profit of underlying operating profit _______________________________ _______________________________________________ Achieve average net borrowing in Average net borrowing in 2007 was Â£130m the full year of around Â£150 million _______________________________ _______________________________________________ (1) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items Key performance indicators in 2007 1. Attract, develop and retain excellent people by becoming an employer of choice Delighting our customers by meeting or exceeding their expectations depends primarily on the quality of our people. Therefore, our ability to attract, develop and retain excellent people by becoming an employer of choice continues to be our top priority. In 2007, we made further good progress towards this objective through the leadership, personal development and employee engagement programmes we have introduced across the Group to help all our people fulfil their potential and contribute to Carillion's success. Creating a culture of trust and open communication is essential to the success of our people policies and programmes. Our managers and supervisors seek to engage with all our people through regular one-to-one meetings, individual performance and development reviews and monthly team talks, supported by newsletters and our company newspaper, Spectrum that once again received the top national award in 2007 from 'Communicators in Business' as the best UK company newspaper. Listening to what our people tell us and acting upon it is vital to good communication. To that end and to help us monitor and measure our progress, we conduct employee surveys. For example, every year we hold 'The Great Debate', an interactive survey in which our people, selected randomly from across the Group, share their views on a wide range of issues, which are important to their development and satisfaction and to the success of Carillion. In 2007, around 2,500 people took part in 'The Great Debate', the results of which showed that we are making good overall progress on these issues and that our average scores compared favourably with those of other top UK companies. 2. Be the recognised leader in the delivery of safety and sustainability The Health and Safety of our people and everyone who works with us or is affected by our operations is paramount. In 2005, we set the demanding objective of eliminating reportable accidents by 2010. Known as 'Target Zero', this objective is led by our Board and requires constant vigilance and commitment of everyone in Carillion to ensure that safe working practices are consistently adopted and supported by rigorous reviews, audits and training. We are pleased to report that in 2007 we made further progress towards 'Target Zero'. The Group's Accident Frequency Rate (AFR) reduced by 22 per cent to 0.14 reportable accidents per 100,000 man hours worked (2006 AFR: 0.18), which ranks with the best in our sector. This follows year on year reductions in our AFR of 25 per cent in 2006 and 35 per cent in 2005. Despite a nine per cent increase in the total number of hours worked in 2007 to over 210 million, the total number of reportable accidents under RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995) reduced by 15 per cent to 295 (2006: 347) and also follows year on year reductions of 24 per cent in 2006 and 27 per cent in 2005. We deeply regret that one fatal traffic accident, involving a Joint Venture employee, occurred on one of our international project sites in 2007. One prosecution of Carillion and one of its sub-contractors by the Health and Safety Executive, relating to incidents that occurred in 2004, was concluded in 2007. No other enforcement notices were received by Carillion or any of its sub-contractors in 2007 in respect of work being carried out by Carillion or on the company's behalf. In 2007, Carillion once again submitted information on the Health and Safety performance of all its UK business units to the Corporate Health and Safety Performance Index, having been the first and only major construction company to do so in 2006. This Index, which is sponsored by the Health and Safety Commission, covers all aspects of Health and Safety management and performance. A wide range of industries participate in the Index, which enables us to benchmark our performance beyond our own industry sector. In 2007, we improved our Index score to 7.4 (2006: 6.4), which was well above the mean score of 6.7. Our commitment to sustainability has made Carillion the recognised leader in the development and adoption of responsible business practices, as we demonstrated by topping our sector with a Gold performance ranking in Business in the Community's 2006 Corporate Responsibility Index. More detailed information on Health and Safety and sustainability will be published in our 2007 Sustainability Report on our website at www.carillionplc.com/sustainability in April 2008. 3. Deliver revenue growth of a minimum of five per cent through exceeding our customers' expectations In 2007, revenue increased by 13 per cent, which after allowing for a full year contribution from the businesses acquired with Mowlem in February 2006, means we have achieved organic growth of 8 per cent and ahead of our objective of 5 per cent. Organic growth was driven mainly by a 20 per cent increase in UK support services revenue, particularly in the defence and private sector facilities management sectors, and a 25 per cent increase in Middle East construction services revenue, reflecting our strong markets in both Dubai and Oman. 4. Deliver Mowlem integration cost savings at a run rate of Â£26 million per annum by the end of 2007 We delivered integration cost savings at a run rate of Â£26 million a year, in line with our objective and significantly above the original target run rate of Â£15 million a year, which we announced at the time of the acquisition. These hard, measurable savings were achieved in a number of areas, including eliminating management duplication, the adoption of Carillion's shared services model for central and back office functions, property rationalisation and more efficient and effective supply chain management. 5. Deliver materially enhanced earnings in 2007 Revenue and margin growth resulted in a 23 and 22 per cent increase in underlying profit before tax and underlying earnings per share respectively. Increasing margins, particularly in the businesses acquired with Mowlem, through applying Carillion's strict project selectivity criteria and risk management processes was identified at the time of acquisition as an important opportunity for earnings growth. Overall operating margins increased to 2.6 per cent (2006: 2.3 per cent) with increases in group construction services (excluding the Middle East) to 0.7 per cent (2006: 0.6 per cent) and in Middle East construction services to 7.5 per cent (2006: 5.2 per cent). 6. Generate cash-backed operating profit Underlying cash flow from operations of Â£135.7 million comfortably exceeded underlying profit from operations of Â£101.2 million. Strong cash management is fundamental to delivering sustainable profitable growth and the consistent delivery of cash-backed profit remains a key performance indicator for the Group. 7. Achieve average net borrowing in the full-year of around Â£150 million Average net borrowing was Â£130.3 million and well below our full-year target. Achieving this objective and reducing net borrowing at 31 December to Â£44.9 million (2006: Â£108.0 million) follows our success in delivering a strong cash flow from operations, in line with our continuing focus on cash management. Key performance indicators in 2008 In order to maintain the Group's strong momentum we have set the following key performance indicators for 2008 â€¢ continue to attract, develop and retain excellent people by being an employer of choice â€¢ be the recognised leader in the delivery of safety and sustainability â€¢ deliver revenue growth of a minimum of 5 per cent â€¢ successfully integrate Alfred McAlpine and deliver integration cost savings that put us on track to achieve savings at a run rate of Â£30 million by the end of 2009 â€¢ achieve earnings per share growth that puts us on track to deliver materially enhanced earnings per share in 2009 following the Alfred McAlpine acquisition â€¢ generate cash-backed operating profit â€¢ achieve year-end net borrowing in the region of Â£300 million. Acquisition of Alfred McAlpine In December 2007, we announced the terms of a recommended shares and cash offer for the acquisition of Alfred McAlpine plc. The acquisition, which received the overwhelming support of Carillion and Alfred McAlpine shareholders, was completed on 12 February 2008 and valued Alfred McAlpine's share capital at Â£554.5 million. The acquisition was funded by the issue of 112.9 million new Carillion shares, Â£171.7 million of cash and Â£1.3 million of loan notes. Alfred McAlpine is an excellent strategic fit and the acquisition is expected to deliver significant value for shareholders by generating substantial synergy cost savings and enhanced operational performance. Combining the complementary skills and market strengths of Carillion and Alfred McAlpine will create â€¢ a leading UK support services business with annual support services revenues of some Â£2.6 billion (based on 2007 revenues) â€¢ an enhanced capability to provide integrated solutions, including design, construction, maintenance, facilities management and private finance â€¢ a strong and selective construction business that will continue to target margin improvement through the application of Carillion's project selectivity and risk management processes â€¢ synergy cost savings at a run rate of Â£30 million per annum by the end of 2009 for a one-off cost of Â£30 million â€¢ financial returns well ahead of Carillion's weighted average cost of capital â€¢ materially enhanced earnings in 2009. The integration of the Carillion and Alfred McAlpine businesses has already commenced and is progressing very well. We look forward to working with our 8,500 new colleagues during 2008 and beyond in order to create an even stronger business from which all stakeholders can benefit. Segmental reporting and analysis We have made two changes to the way we report our financial results and how we group together activities of a similar type and risk profile in order to make it easier to value our earnings on a consistent basis. Previously we reported our results in three segments - support services, investments and construction services. We now report our activities in four segments - support services, Public Private Partnership projects, Middle East construction services and construction services (excluding the Middle East). Our Middle East construction activities, which were previously included within construction services, are now being reported separately, because of their higher margins and lower risk profile compared with construction services in the UK. In addition, to provide greater clarity, the investments segment has been re-named Public Private Partnership projects, but there has been no change to the results we report in this segment, namely the equity returns on our investments in Public Private Partnership projects. A summary of operating profit by financial reporting segment is set out in the table below. _______________________________________________________________________________ 2007 2006 Change from 2006 Â£m Â£m % _______________________________________________________________________________ Support services 73.9 58.8 26 Public Private Partnership projects 25.4 26.5 (4) Middle East construction services 25.4 13.9 83 Construction services (excluding the Middle East) 16.0 18.5 (14) ______________________________ 140.7 117.7 20 Group eliminations and unallocated items (20.6) (20.3) (1) ______________________________ Profit from operations before Joint Ventures net financial expense and taxation 120.1 97.4 23 Share of Joint Ventures net financial expense (9.9) (8.0) (24) Share of Joint Ventures taxation (9.0) (8.1) (11) ______________________________ Underlying operating profit(1) 101.2 81.3 24 Intangible amortisation and impairment of goodwill and other investments (21.5) (17.2) (25) Restructuring costs (14.2) (22.6) 37 ______________________________ Reported profit from operations(2) 65.5 41.5 58 _______________________________________________________________________________ (1) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items (2) Continuing operations Support services In this segment we report the results of our facilities management, facilities services, rail infrastructure, road maintenance and consultancy businesses. _______________________________________________________________________________ 2007 2006 Change from 2006 Â£m Â£m % _______________________________________________________________________________ Revenue(1) - Group 1,569.4 1,314.8 - Share of Joint Ventures 224.2 143.9 ________________________________ 1,793.6 1,458.7 23 _______________________________________________________________________________ Underlying operating profit(2) - Group 62.4 51.5 - Share of Joint Ventures 11.5 7.3 ________________________________ 73.9 58.8 26 _______________________________________________________________________________ (1) Continuing operations (2) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items. Revenue in support services increased by 23 per cent to Â£1,793.6 million of which some 20 per cent was due to organic growth, with the remainder attributable to having a full 12 months' contribution from the businesses acquired with Mowlem in February 2006. Organic growth was due primarily to increased revenues from facilities management and services, both for public and private sector customers, notably the Ministry of Defence, BT, Virgin Media and Norwich Union, and from highways maintenance in the UK and Canada, partially offset by lower volumes in rail infrastructure. Underlying operating profit increased by approximately 26 per cent to Â£73.9 million, reflecting 23 per cent revenue growth, particularly in the Defence sector, including Joint Venture contracts, and in the facilities management and roads maintenance sectors. Overall, new order intake in support services has remained healthy and the value of our order book for this segment at 31 December 2007 was Â£8.4 billion (2006: Â£8.4 billion). The outlook in this segment continues to be very positive with forecast real growth in the UK support services market of between two and three per cent per annum over the next five years. Outsourcing by public and private sector customers is expected to continue to provide significant opportunities for growth in facilities management and services and roads maintenance. This is already evident in the number of major new orders won by Carillion and its Joint Venture partners in the first two months of 2008 for established 'blue chip' customers, including BT, AXA and Phillips, worth around Â£0.9 billion. We also expect modest growth in our UK rail infrastructure activities as a result of planned increases in expenditure on network and station enhancement projects. We expect to achieve growth despite the effects of ceasing to provide track renewal services to Network Rail from the beginning of 2008 and the sale of our rail operations in Scandinavia, which together generated around Â£100 million of revenue in 2007. In addition, growth in the outsourcing of roads maintenance in Canada and in our facilities management markets in the Middle East and in Canada continue to offer opportunities for our businesses in these regions to increase the contributions they make to this segment. Public Private Partnership projects In this segment we report the equity returns on our investments in Public Private Partnership (PPP) projects in our chosen sectors of Defence, Health, Education, Transport, Secure and other Government accommodation. _______________________________________________________________________________ 2007 2006 Change from 2006 Â£m Â£m % _______________________________________________________________________________ Revenue(1) - Group 0.9 1.3 - Share of Joint Ventures 153.2 146.7 ________________________________ 154.1 148.0 4 _______________________________________________________________________________ Underlying operating profit(2) - Group 0.7 7.1 - Share of Joint Ventures 24.7 19.4 ________________________________ 25.4 26.5 (4) _______________________________________________________________________________ (1) Continuing operations (2) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items. At 31 December 2007, we had a portfolio of 23 equity investments (2006: 24) in financially closed PPP projects in which we had already invested some Â£78 million of equity and commitments to invest a further Â£97 million, which will bring our total equity investment in these projects to Â£175 million. The Directors' valuation of our portfolio at 31 December 2007 increased by 12 per cent to Â£266 million (2006: Â£238 million), based on discounting the cash flows from these investments and commitments at 8 per cent. As expected, underlying operating profit in this segment reduced slightly to Â£25.4 million, with growing returns from our maturing portfolio of investments offset by two principal factors. First, the sale of eight equity investments in September 2006 at an exceptional profit of Â£25.6 million, reduced operating profit in 2007 by some Â£7 million. Second, Group operating profit in 2006 benefited from a one-off fee as a result of achieving financial close on the Â£12 billion Allenby Connaught project for the Ministry of Defence in April 2006. We also sold investments in a further three mature PPP projects, namely the Great Western Hospital, Swindon, Harplands Hospital, North Staffordshire and Glasgow Southern General Hospital, in December 2007. The sale generated proceeds of Â£21.5 million and an exceptional profit of Â£23.6 million. The proceeds reflected a net present value for the cash flows from these investments based on a discount rate of under 5.5 per cent. Once again the sale of equity in mature projects has demonstrated the substantial value being generated for the Group through our ability to win and deliver PPP projects successfully through integration of our skills in project finance, design, construction, maintenance and facilities management. During the year, Carillion Joint Ventures achieved financial close on the Â£200 million Sault Area Hospital in Ontario, Canada in which we will invest Â£3.5 million of equity, and on the Â£175 million South Tyneside and Gateshead Building Schools for the Future (BSF) project, in which we will invest Â£0.9 million of equity. Since the year end, a Carillion Joint Venture has been appointed preferred bidder for the Â£208 million Nottingham BSF project, in which we expect to invest approximately Â£2.0 million of equity. We are also the preferred bidder for two NHS Independent Sector Treatment Centre projects - London North and Hertfordshire - in which we expect to invest up to Â£6 million of equity. In addition, we are shortlisted for a further 10 projects with a potential equity requirement of up to Â£96 million. Beyond that we expect continuing opportunities to bid for further PPP projects in the UK and in Canada. Overall, the outlook in our chosen sectors of the PPP market, both in the UK and Canada remains positive and we expect further opportunities in 2008 and over the medium term to continue to build a portfolio of good quality investments that will generate significant value for the Group. Middle East construction services In this segment, we report the results of our building and civil engineering activities in the Middle East. _______________________________________________________________________________ 2007 2006 Change from 2006 Â£m Â£m % _______________________________________________________________________________ Revenue(1) - Group 100.0 42.3 - Share of Joint Ventures 237.0 226.4 ________________________________ 337.0 268.7 25 (3) _______________________________________________________________________________ Underlying operating profit(2) - Group 9.6 1.3 - Share of Joint Ventures 15.8 12.6 ________________________________ 25.4 13.9 83 (3) _______________________________________________________________________________ (1) Continuing operations (2) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items. (3) Like for like growth rates in local currency for revenue and profit of 36% and 98%, respectively Revenue from our businesses in the Middle East increased by 25 per cent and underlying operating profit by 83 per cent as a result of continuing strong organic growth in our existing markets in Dubai and Oman, with operating margins improving from 5.2 per cent to 7.5 per cent. Carillion and its Joint Venture partners have continued to use their strong market positions and reputation for high quality services to negotiate substantial new work in our existing markets in Dubai and Oman and also in Abu Dhabi and Egypt, where we will begin construction work on major new projects in 2008. At 31 December 2007, our Middle East order book stood at Â£0.7 billion (2006: Â£0.3 billion) and we had a pipeline of probable new orders worth over Â£1.0 billion (2006: Â£0.1 billion). There were a number of notable successes in 2007. These included a Â£120 million contract for Carillion Alawi to build the House of Musical Arts for the Oman Royal Court Affairs and the appointment of Al Futtaim Carillion as the preferred bidder for two major contracts - a Â£250 million, 24-month contract for the first phase of the Â£10 billion Al Raha Beach development in Abu Dhabi and a Â£220 million, 30-month contract for the first phase of the Â£2 billion Cairo Festival City development. Al Futtaim Carillion also signed a six-year framework agreement for a further Â£3.5 billion of work on the Dubai Festival City development. The outlook in our markets in the Middle East is for continuing strong growth. Current opportunities include the remainder of the Cairo Festival City development, worth around Â£1.8 billion, further contracts in Dubai worth up to Â£700 million, a Â£250 million contract for the Racetrack Hotel on Yas Island in Abu Dhabi and contracts in Qatar worth in the region of Â£300 million. Given the major contracts, preferred bidder positions and framework agreements already secured, together with numerous opportunities for further work in this region, we remain confident that we will substantially increase our share of revenues from the Middle East from Â£337 million in 2007 to over Â£600 million over the next two years, at margins of around 6 per cent. Construction services (excluding the Middle East) In this segment, we report the results of our UK building, civil engineering and developments businesses and our construction activities in Canada and the Caribbean. _______________________________________________________________________________ 2007 2006 Change from 2006 Â£m Â£m % _______________________________________________________________________________ Revenue(1) - Group 1,660.4 1,625.5 - Share of Joint Ventures 6.6 11.5 ________________________________ 1,667.0 1,637.0 2 _______________________________________________________________________________ Underlying operating profit(2) - Group 12.3 10.1 - Share of Joint Ventures 3.7 8.4 ________________________________ 16.0 18.5 (14) _______________________________________________________________________________ (1) Continuing operations (2) Continuing operations before intangible amortisation, impairment, restructuring costs and non-operating items. Revenue in construction services increased by 2 per cent to Â£1,667 million, due primarily to having a full 12 month's contribution from the businesses acquired with Mowlem in February 2006. The substantial organic growth we achieved in the UK defence and roads sectors was offset by the reduced activity in UK building, where our focus is on increasing margins ahead of revenue. Underlying operating profit reduced by 14 per cent, because the contribution from Joint Ventures was substantially lower than in 2006, which benefited from a number of contract settlements not repeated in 2007. Underlying Group operating profit increased by 22 per cent reflecting revenue growth and improved margins, in line with our selective approach to the projects we undertake. While overall opportunities for new orders in this segment have remained strong, we have maintained our focus on long term customers and projects that enable us to improve margins rather than simply growing revenue. Notable new contracts in 2007 included a pre-construction contract for the Â£300 million second satellite at Heathrow Terminal 5 and a Â£90 million contract for the first phase of the Kings Cross Central regeneration project. This disciplined approach to project selectivity was reflected in our order book for construction services (excluding the Middle East), which stood at Â£1.8 billion at 31 December 2007 (2006: Â£2.6 billion). The outlook in our construction markets is for continuing growth. In the UK the non-housing new build market is forecast to grow in real terms by over two per cent per annum over the next three years. However, we shall continue to focus on using these buoyant market conditions to improve margins, ahead of revenues. In Canada, there are also prospects for further healthy growth, primarily from the construction of PPP projects, particularly hospitals. Intangible amortisation and impairment of goodwill and other investments Intangible amortisation and impairment of Â£21.5 million (2006: Â£17.2 million including goodwill impairment) continues to predominantly reflect the acquisition of Mowlem in 2006. Restructuring costs A summary of restructuring costs is provided in the table below. 2007 2006 Â£m Â£m ______________________________________________________________________________ Mowlem integration costs 9.5 18.4 Operational structure review costs 4.5 - Rail activities review costs 0.2 4.2 _________________________ 14.2 22.6 ______________________________________________________________________________ The integration of the Carillion and Mowlem businesses was completed earlier that expected in 2007, at a total one off cost of Â£27.9 million, of which Â£18.4 million was incurred in 2006 and Â£9.5 million in 2007. This will generate annual savings of at least Â£26 million per year from the beginning of 2008 - substantially more than the Â£15 million that was originally envisaged at the time of the Mowlem acquisition. Following the Group's rapid growth, both organically and by acquisition we reviewed and rationalised our operational structure at the end of 2007 at a cost of Â£4.5 million. This will produce further operational efficiencies and increase the Group's profitability in 2008 and beyond. Non-operational items Non-operational items amounted to Â£28.3 million in 2007 (2006: Â£25.3 million) and primarily related to the disposal of investments in mature PPP projects. Net financial income The Group had a net financial income of Â£0.6 million (2006: Â£1.3 million). This comprised a net expense of Â£11.1 million in respect of borrowings, interest received in respect of loans to Special Purpose Companies for Public Private Partnership projects of Â£4.9 million and a net interest credit from retirement benefit schemes of Â£6.8 million. Taxation The effective tax rate on the Group's and Joint Venture's underlying profit was 25 per cent and we currently expect to maintain this rate over the medium term. Our effective tax rate reflects the agreement of certain prior year tax issues with the tax authorities, together with a mechanism for the use of certain tax losses acquired with Mowlem plc, both in 2007 and in future years. At 31 December the Group had Â£232 million of corporate tax losses in the UK that are available to reduce future tax liabilities. Earnings per share Underlying earnings per share from continuing operations increased by 22 per cent to 28.9 pence (2006: 23.7 pence). This substantial increase reflected strong organic growth in the Group's operations and the benefits of successfully integrating the Carillion and Mowlem businesses earlier than originally expected, in particular the delivery of integration cost savings at a run rate of Â£26 million by the end of 2007. The 22 per cent increase in underlying earnings per share from continuing operations achieved in 2007 also comfortably exceeded the profit forecast made by the Group on 21 December 2007, as part of the process of acquiring Alfred McAlpine plc, when the Group forecast that its 2007 growth in underlying earnings per share from continuing operations would be at least 20 per cent compared to 2006. Discontinued operations Three non-core businesses were sold in 2007 and treated as discontinued namely Pall Mall, Sovereign Soft Services and the Group's rail activities in Sweden and Denmark. These sales generated a net loss of Â£6.2 million together with Â£1.4 million of trading losses in 2007 up to the dates of sale. Dividend Carillion has a progressive dividend policy of increasing the dividend paid to shareholders broadly in line with earnings growth, after taking account of the investment needs of the business. Consistent with the policy, the Board has recommended a final dividend in respect of 2007 of 7.5 pence, making the full year dividend 11.0 pence, an increase of 22 per cent on the total paid in respect of 2006 (9.0 pence). Underlying dividend cover was 2.6 times and similar to that in 2006. Cash flow A summary of the Group's cash flows is provided in the table below. 2007 2006 Â£m Â£m ______________________________________________________________________________ Underlying Group operating profit 64.4 49.7 Depreciation and other non-cash items 15.9 18.5 Working capital 31.7 15.2 Dividends received from Joint Ventures 23.7 15.7 ____________________ Total underlying cash inflow from operations 135.7 99.1 Deficit pension contributions (46.3) (31.8) Restructuring costs (6.5) (18.2) Interest, tax and dividends (30.4) (25.7) Net inflow/(outflow) from assets/capital expenditure 4.4 (28.2) Acquisitions and disposals 9.6 (190.9) Other - including discontinued operations (3.4) (3.1) ____________________ Change in net borrowing 63.1 (198.8) Net (borrowing)/cash at 1 January (108.0) 90.8 ____________________ Net borrowing at 31 December (44.9) (108.0) ______________________________________________________________________________ ______________________________________________________________________________ Average net borrowing (130.3) (148.0) ______________________________________________________________________________ (1) Restated to exclude discontinued operations (2) Post acquisition of Mowlem plc Carillion's focus on cash management and the delivery of cash-backed profit was again reflected in our underlying cash flow from operations of Â£135.7 million, which was significantly ahead of underlying profit from operations of Â£101.2 million. Additional cash payments to the Group's pension schemes increased to Â£46.3 million in line with our pension deficit recovery plan. There was a net cash inflow from assets of Â£4.4 million, because capital expenditure of Â£25.1 million was more than offset by income from the sale of assets, including rail plant and property. The substantial cash outflow in respect of acquisitions and disposals in 2006 was due to the acquisition of Mowlem; the net inflow in 2007 reflected proceeds from the disposal of businesses, including the three mature Public Private Partnership projects disposed of during the year, partially offset by investments in Public Private Partnership projects and a Joint Venture business in Canada. Balance sheet Carillion's balance sheet remains strong and is summarised below. December December 2007 2006 Â£m Â£m ______________________________________________________________________________ Property, plant and equipment 131.5 146.6 Intangible assets 555.8 596.1 Investments in Joint Ventures 185.9 178.8 ____________________ 873.2 921.5 Inventories, receivables and payables (286.5) (282.0) Net retirement benefits liability (net of tax) (13.8) (75.8) Other (25.1) (22.0) ____________________ Net operating assets 547.8 541.7 Net borrowing (44.9) (108.0) ____________________ Net assets 502.9 433.7 ______________________________________________________________________________ The reduction in property, plant and equipment was due to asset disposals, including rail plant and property. Intangible assets reduced, reflecting amortisation and the disposal of Pall Mall. The increase in investments in Joint Ventures reflected an increase in the Group's investments in Public Private Partnership projects. The substantial reduction in the Group's net retirement benefits liability, reflected the substantial improvement in equity values during the year, together with the additional cash payments made to our pensions schemes under our deficit recovery plan. Retirement benefits The Group's ongoing pensions charge against profit in 2007 was Â£29.3 million (2006: Â£35.1 million) calculated on the basis of International Accounting Standard 19. After the additional cash payments of Â£46.3 million that were made to the Group's pensions schemes in line with our pension deficit recovery plan, the Group's pension schemes had a deficit net of tax at 31 December 2007 of Â£13.8 million (2006: Â£75.8 million). Committed bank facilities In September 2007, Carillion renegotiated and increased its main corporate borrowing facility from Â£239 million to Â£590 million to support the ongoing development of the Group. This new five year facility, which is repayable on 30 September 2012, was over-subscribed and secured on attractive terms. Syndication of the new facilities was led by four core banks; The Royal Bank of Scotland, Bank of Scotland plc, Bayerische Landesbank, London Branch, and Lloyds TSB Bank plc. It was particularly pleasing to secure these facilities during the challenging conditions of the global debt markets, which demonstrated the banking community's strong support for, and confidence in, the Carillion Group. These new facilities also proved to be more than adequate to finance the Â£171.7 million cash element of the total Â£554.5 million consideration for the acquisition of Alfred McAlpine plc that completed in February 2008. Outlook and prospects Through the acquisition of Mowlem we have created a stronger, more resilient business, with enhanced positions in a wide range of growth markets. At 31 December 2007 we had a Â£16 billion order book, of which Â£13.5 billion is for support services and Public Private Partnership projects, and a pipeline of probable new orders worth Â£3.6 billion. The overall outlook in our principal market sectors in the UK and international regions is expected to remain positive. In summary â€¢ the UK support services market is forecast to grow in real terms by between two and three per cent per annum over the next five years from Â£115 billion in 2007 to Â£130 billion by 2012. â€¢ we expect continuing opportunities for Public Private Partnership projects in 2008 and over the medium term in both the UK and Canada and to continue to build a portfolio of good quality investments â€¢ the UK non-housing new-build construction market is forecast to grow in real terms by over two per cent per annum over the next three years â€¢ in the Middle East we expect our markets to remain very strong and we are confident of growing revenues from this region to over Â£600 million, from the 2007 level of Â£337 million within the next two years at margins of some 6 per cent â€¢ in Canada and the Caribbean we expect continuing healthy growth driven by Public Private Partnership projects and roads maintenance services. The acquisition of Alfred McAlpine in February 2008 has further strengthened Carillion's position as a leading support services and integrated solutions business and the Board expects the Group to make further strong progress in 2008 and deliver materially enhanced earnings in 2009. Carillion plc Consolidated income statement for the year ended 31 December 2007 Note 2007 2006(1) Â£m Â£m ______________________________________________________________________________ Continuing operations Total revenue 2 3,951.7 3,512.4 Less: Share of jointly controlled entities revenue 2 (621.0) (528.5) ______________________________________________________________________________ Group revenue 2 3,330.7 2,983.9 Cost of sales (3,092.0) (2,789.3) ______________________________________________________________________________ Gross profit 238.7 194.6 Administrative expenses (219.5) (186.6) Other operating income 9.5 1.9 ______________________________________________________________________________ Group operating profit 28.7 9.9 ______________________________________________________________________________ Analysed between: Group operating profit before intangible amortisation, impairment of goodwill and other investments and restructuring costs 2 64.4 49.7 Intangible amortisation and impairment of goodwill and other investments (21.5) (17.2) Restructuring costs 3 (14.2) (22.6) ______________________________________________________________________________ Share of results of jointly controlled entities 2 36.8 31.6 ______________________________________________________________________________ Analysed between: Operating profit 55.7 47.7 Net financial expense (9.9) (8.0) Taxation (9.0) (8.1) ______________________________________________________________________________ Profit from operations 65.5 41.5 ______________________________________________________________________________ Analysed between: Profit from operations before intangible amortisation, impairment of goodwill and other investments and restructuring costs 101.2 81.3 Intangible amortisation and impairment of goodwill and other investments (21.5) (17.2) Restructuring costs 3 (14.2) (22.6) ______________________________________________________________________________ Non-operating items 3 28.3 25.3 Net financial income 4 0.6 1.3 ______________________________________________________________________________ Analysed between: Financial income 99.8 87.0 Financial expense (99.2) (85.7) ______________________________________________________________________________ Profit before taxation 94.4 68.1 ______________________________________________________________________________ Analysed between: Profit before tax, intangible amortisation, impairment of goodwill and other investments, restructuring costs and non-operating items 101.8 82.6 Intangible amortisation and impairment of goodwill and other investments (21.5) (17.2) Restructuring costs 3 (14.2) (22.6) Non-operating items 3 28.3 25.3 ______________________________________________________________________________ Taxation 5 (8.3) (7.2) ______________________________________________________________________________ Profit from continuing operations 86.1 60.9 Discontinued operations (7.6) (0.5) ______________________________________________________________________________ Analysed between: Trading loss from discontinued operations 6 (1.4) (0.5) Loss on disposal of discontinued operations 6 (6.2) - ______________________________________________________________________________ Profit for the year 78.5 60.4 ============================================================================== Profit attributable to: Equity holders of the parent 76.0 58.2 Minority interests 2.5 2.2 ______________________________________________________________________________ Profit for the year 78.5 60.4 ============================================================================== Earnings per share 7 From continuing operations Basic 29.8p 21.8p Diluted 29.5p 21.5p ______________________________________________________________________________ From continuing and discontinued operations Basic 27.1p 21.6p Diluted 26.8p 21.3p ============================================================================== Total dividend declared for the year 8 11.0p 9.0p (1) Restated in respect of discontinued operations (see note 6) Carillion plc Consolidated balance sheet as at 31 December 2007 2007 2006 Note Â£m Â£m ______________________________________________________________________________ Assets Non-current assets Property, plant and equipment 131.5 146.6 Intangible assets 555.8 596.1 Retirement benefit assets 17.3 10.9 Investments in jointly controlled entities 185.9 178.8 Other investments 14.5 15.0 Deferred tax assets 9.3 55.4 ______________________________________________________________________________ Total non-current assets 914.3 1,002.8 ============================================================================== Current assets Inventories 30.5 38.5 Trade and other receivables 858.7 875.3 Cash and cash equivalents 327.5 144.5 Income tax receivable 2.2 0.2 Derivative financial instruments - 0.8 ______________________________________________________________________________ Total current assets 1,218.9 1,059.3 ============================================================================== Total assets 2,133.2 2,062.1 ============================================================================== Liabilities Current liabilities Borrowing (13.9) (12.6) Derivative financial instruments (0.7) - Trade and other payables (1,175.7) (1,195.8) Provisions (6.9) (2.4) Income tax payable (2.3) (13.0) ______________________________________________________________________________ Total current liabilities (1,199.5) (1,223.8) ============================================================================== Non-current liabilities Borrowing (358.5) (239.9) Retirement benefit liabilities (41.6) (123.8) Deferred tax liabilities (24.0) (37.4) Provisions (6.7) (3.5) ______________________________________________________________________________ Total non-current liabilities (430.8) (404.6) ============================================================================== Total liabilities (1,630.3) (1,628.4) ============================================================================== Net assets 2 502.9 433.7 ============================================================================== Equity Issued share capital 11 140.6 140.6 Share premium 11 8.6 8.6 Reserves 11 150.0 172.7 Retained earnings 11 202.4 110.8 ______________________________________________________________________________ Equity attributable to shareholders of the parent 501.6 432.7 Minority interests 11 1.3 1.0 ______________________________________________________________________________ Total equity 502.9 433.7 ============================================================================== Carillion plc Consolidated cash flow statement for the year ended 31 December 2007 Note 2007 2006(1) Â£m Â£m ______________________________________________________________________________ Continuing operations Cash flows from operating activities Group operating profit 28.7 9.9 Depreciation, amortisation and impairment 46.8 36.4 Profit on disposal of property, plant and equipment (9.5) (1.9) Share-based payment expense 2.8 1.3 Other non-cash movements (2.7) (0.2) Restructuring costs 14.2 22.6 ______________________________________________________________________________ Operating profit before changes in working capital and provisions 80.3 68.1 Decrease in inventories 7.2 - Increase in trade and other receivables (2.9) (58.0) Increase in trade and other payables 27.4 73.2 Increase in provisions - 0.1 ______________________________________________________________________________ Cash generated from operations before pension deficit recovery payments and restructuring costs 112.0 83.4 Deficit recovery payments to pension schemes (46.3) (31.8) Restructuring costs (6.5) (18.2) ______________________________________________________________________________ Cash generated from operations 59.2 33.4 Financial income received 13.7 15.3 Financial expense paid (19.9) (17.4) Taxation 4.4 1.9 ______________________________________________________________________________ Net cash flows from operating activities 57.4 33.2 ============================================================================== Cash flows from investing activities Disposal of property, plant and equipment 29.5 12.1 Disposal of investments in jointly controlled entities 22.0 47.3 Dividends received from jointly controlled entities 23.7 15.7 Disposal of businesses, net of cash disposed of 8.2 30.4 Acquisition of subsidiary, net of cash acquired - (122.3) Acquisition of intangible assets (1.6) (1.8) Acquisition of property, plant and equipment (23.5) (38.5) Acquisition of equity in, and loan advances to, jointly controlled entities (19.6) (19.7) Acquisition of other non-current asset investments (1.0) (0.5) ______________________________________________________________________________ Net cash flows from investing activities 37.7 (77.3) ============================================================================== Cash flows from financing activities Proceeds from the issue of share capital - 0.4 Draw down of bank and other loans 309.8 321.3 Repayment of bank loans (193.3) (276.6) Payment of finance lease liabilities (10.9) (9.6) Dividends paid to equity holders of the parent (26.4) (23.2) Dividends paid to minority interests (2.2) (2.3) ______________________________________________________________________________ Net cash flows from financing activities 77.0 10.0 ============================================================================== Net increase/(decrease) in cash and cash equivalents 172.1 (34.1) Discontinued operations Increase in cash and cash equivalents from discontinued operations 6 12.4 6.9 ______________________________________________________________________________ Net increase/(decrease) in cash and cash equivalents 184.5 (27.2) Cash and cash equivalents at 1 January 141.4 169.7 Effect of exchange rate fluctuations on cash held (2.1) (1.1) ______________________________________________________________________________ Cash and cash equivalents at 31 December 9 323.8 141.4 ============================================================================== (1) Restated in respect of discontinued operations (see note 6) Carillion plc Reconciliation of net cash flow to movement in net borrowing for the year ended 31 December 2007 2007 2006(1) Â£m Â£m ______________________________________________________________________________ Increase/(decrease) in cash and cash equivalents 184.5 (27.2) Drawdown of bank and other loans (309.8) (321.3) Repayment of bank loans 193.3 276.6 Payment of finance lease liabilities 10.9 9.6 ______________________________________________________________________________ Decrease/(increase) in net borrowing resulting from cash flows 78.9 (62.3) Net borrowing in subsidiaries acquired - (126.1) Finance lease additions (5.5) (13.3) Currency translation differences (10.3) 2.9 ______________________________________________________________________________ Change in net borrowing during the year 63.1 (198.8) Net (borrowing)/cash at 1 January (108.0) 90.8 ______________________________________________________________________________ Net borrowing at 31 December (44.9) (108.0) ============================================================================== (1) Restated in respect of discontinued operations (see note 6) Statement of recognised income and expense for the year ended 31 December 2007 2007 2006 Note Â£m Â£m ______________________________________________________________________________ Net (loss)/gain on hedge of net investment in foreign operations (2.7) 4.1 Currency translation differences for foreign operations 2.6 (7.0) Actuarial gains on defined benefit pension schemes 30.2 34.6 ______________________________________________________________________________ 30.1 31.7 Taxation in respect of the above (8.3) (11.5) Share of change in fair value of effective cash flow hedges within jointly controlled entities (net of taxation) 11 (5.3) 0.2 ______________________________________________________________________________ Income and expense recognised directly in equity 16.5 20.4 Profit for the year 78.5 60.4 ______________________________________________________________________________ Total recognised income and expense for the year 95.0 80.8 ============================================================================== Attributable to: Equity holders of the parent 92.5 78.6 Minority interests 2.5 2.2 ______________________________________________________________________________ 95.0 80.8 ============================================================================== Carillion plc Notes to the preliminary announcement 1 Basis of preparation Carillion plc (the 'Company') is a Company domiciled in the United Kingdom (UK). The consolidated financial statements of the Company for the year ended 31 December 2007 comprise the Company and its subsidiaries (together referred to as the 'Group') and the Group's interest in jointly controlled entities and have been prepared in accordance with International Financial Reporting Standards. The financial information set out herein (which was approved by the Board on 5 March 2008) does not constitute the Company's statutory accounts for the years ended 31 December 2007 and 2006 but is derived from the 2007 statutory accounts. The statutory accounts for the year ended 31 December 2006 have been reported on by the Company's auditors and delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 2007 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their report was unqualified, did not include references to any matter which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under section 237(2) or (3) of the Companies Act 1985. Presentational changes have been made to the income statement, cash flow statement and segmental reporting note compared to the presentation in the annual report for the year ended 31 December 2006, in order to facilitate a greater understanding and improve the transparency of the Group's reported results. 2 Segmental reporting Segment information is presented in respect of the Group's business segments, which are the primary basis of segment reporting. The business segment reporting format reflects the Group's management and internal reporting structure. Inter-segment pricing is determined on an arm's length basis. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Business segments The Group is comprised of the following main business segments: â€¢ Support services: Rail infrastructure, roads maintenance, facilities management and other support services â€¢ Public Private Partnership projects: Equity returns on investments in Public Private Partnership (PPP) projects â€¢ Construction services: UK building, development and civil engineering activities and international regional construction. Segmental revenue and profit Year ended 31 December 2007 Operating profit before intangible amortisation, impairment and restructuring Revenue costs UK, Canada and Middle East Total UK, Canada and Middle East Total the the Caribbean(1) Caribbean(1) Â£m Â£m Â£m Â£m Â£m Â£m Support services(2) Group 1,569.4 - 1,569.4 62.4 - 62.4 Share of jointly controlled entities 218.8 5.4 224.2 11.0 0.5 11.5 ____________________________________________________________________________________________ 1,788.2 5.4 1,793.6 73.4 0.5 73.9 Inter-segment 64.7 - 64.7 - - - ____________________________________________________________________________________________ Total 1,852.9 5.4 1,858.3 73.4 0.5 73.9 ============================================================================================ Public Private Partnership projects Group 0.9 - 0.9 0.7 - 0.7 Share of jointly controlled entities 153.2 - 153.2 24.7 - 24.7 ____________________________________________________________________________________________ 154.1 - 154.1 25.4 - 25.4 Inter-segment - - - - - - - ____________________________________________________________________________________________ Total 154.1 - 154.1 25.4 - 25.4 ============================================================================================ Construction services Group 1,660.4 100.0 1,760.4 12.3 9.6 21.9 Share of jointly controlled entities 6.6 237.0 243.6 3.7 15.8 19.5 ____________________________________________________________________________________________ 1,667.0 337.0 2,004.0 16.0 25.4 41.4 Inter-segment 32.0 - 32.0 - - - ____________________________________________________________________________________________ Total 1,699.0 337.0 2,036.0 16.0 25.4 41.4 ============================================================================================ Group eliminations and unallocated items (96.7) - (96.7) (20.6) - (20.6) ============================================================================================ Consolidated Group 3,230.7 100.0 3,330.7 54.8 9.6 64.4 Share of jointly controlled entities 378.6 242.4 621.0 39.4 16.3 55.7 ____________________________________________________________________________________________ Total 3,609.3 342.4 3,951.7 94.2 25.9 120.1 ============================================================================================ Year ended 31 December 2006 Operating profit before intangible amortisation, impairment and restructuring Revenue costs UK, Canada and Middle East Total UK, Canada and Middle East Total the the Caribbean(1) Caribbean(1) Â£m Â£m Â£m Â£m Â£m Â£m Support services(2) Group 1,314.8 - 1,314.8 51.5 - 51.5 Share of jointly controlled entities 138.3 5.6 143.9 7.1 0.2 7.3 ____________________________________________________________________________________________ 1,453.1 5.6 1,458.7 58.6 0.2 58.8 Inter-segment 30.2 - 30.2 - - - ____________________________________________________________________________________________ Total 1,483.3 5.6 1,488.9 58.6 0.2 58.8 ============================================================================================ Public Private Partnership projects Group 1.3 - 1.3 7.1 - 7.1 Share of jointly controlled entities 146.7 - 146.7 19.4 - 19.4 ____________________________________________________________________________________________ 148.0 - 148.0 26.5 - 26.5 Inter-segment - - - - - - - ____________________________________________________________________________________________ Total 148.0 - 148.0 26.5 - 26.5 ============================================================================================ Construction services Group 1,625.5 42.3 1,667.8 10.1 1.3 11.4 Share of jointly controlled entities 11.5 226.4 237.9 8.4 12.6 21.0 ____________________________________________________________________________________________ 1,637.0 268.7 1,905.7 18.5 13.9 32.4 Inter-segment 4.0 - 4.0 - - - ____________________________________________________________________________________________ Total 1,641.0 268.7 1,909.7 18.5 13.9 32.4 ============================================================================================ Group eliminations and unallocated items (34.2) - (34.2) (20.3) - (20.3) ============================================================================================ Consolidated Group 2,941.6 42.3 2,983.9 48.4 1.3 49.7 Share of jointly controlled entities 296.5 232.0 528.5 34.9 12.8 47.7 ____________________________________________________________________________________________ Total 3,238.1 274.3 3,512.4 83.3 14.1 97.4 ============================================================================================ (1) Includes Rest of the World (2) Support services for 2007 and 2006 excludes the results of discontinued operations as disclosed in note 6. 2007 2006 Â£m Â£m ______________________________________________________________________________ Group and share of jointly controlled entities operating profit before intangible amortisation, impairment of goodwill and other investments and restructuring costs 120.1 97.4 Net financial income/(expense) - Group 0.6 1.3 - Share of jointly controlled entities (9.9) (8.0) Share of jointly controlled entities taxation (9.0) (8.1) ______________________________________________________________________________ Underlying profit before taxation from continuing operations 101.8 82.6 Intangible amortisation and impairment of goodwill and other investments (1) (21.5) (17.2) Restructuring costs (1) (14.2) (22.6) Non-operating items (1) 28.3 25.3 ______________________________________________________________________________ Profit before taxation from continuing operations 94.4 68.1 Taxation (8.3) (7.2) ______________________________________________________________________________ Profit from continuing operations 86.1 60.9 Discontinued operations Loss from discontinued operations (7.6) (0.5) ______________________________________________________________________________ Analysed between: Trading loss from discontinued operations (1.4) (0.5) Loss on disposal of discontinued operations (6.2) - ______________________________________________________________________________ Profit for the year 78.5 60.4 ============================================================================== (1) Intangible amortisation and impairment, restructuring costs and non-operating items arise in the following segments: 2007 2006 _____________________________________ ___________________________________________ Intangible Intangible amortisation Non- amortisation Non- and Restructuring operating and Restructuring operating impairment costs items impairment costs items Â£m Â£m Â£m Â£m Â£m Â£m _____________________________________ ___________________________________________ Support services (13.9) (0.5) - (11.9) (6.0) (0.3) Public Private Partnership projects (1.9) - 24.1 (0.4) (0.2) 25.6 Construction services (4.2) - 4.2 (3.6) (1.5) - Unallocated Group items (1.5) (13.7) - (1.3) (14.9) - _________________________________________________________ ___________________________________________ Total (21.5) (14.2) 28.3 (17.2) (22.6) 25.3 ========================================================= =========================================== Depreciation, amortisation and impairment and capital expenditure arise in the following segments: 2007 2006 _____________________________________ ___________________________________________ Depreciation, Depreciation, amortisation Capital amortisation Capital and impairment(2) expenditure and impairment(2) expenditure Â£m Â£m Â£m Â£m _____________________________________ ___________________________________________ Support services 28.3 15.0 23.5 28.9 Public Private Partnership projects 1.9 - 0.4 - Construction services 7.5 4.2 7.0 4.7 Unallocated Group items 9.1 11.2 5.5 19.7 _________________________________________________________ ___________________________________________ Total 46.8 30.4 36.4 53.3 ========================================================= =========================================== (2) Includes impairment of goodwill and other investments within Public Private Partnership projects of Â£1.9 million (2006: Â£0.4 million). Carillion plc The share of results of jointly controlled entities arises in the following segments: 2007 2006 Â£m Â£m ______________________________________________________________________________ Support services 8.5 5.2 Public Private Partnership projects 9.4 7.3 Construction services 18.9 19.1 ______________________________________________________________________________ 36.8 31.6 ============================================================================== Segmental net assets 2007 2006 _________________________________________ ________________________________________ Operating Operating Net operating Operating Operating Net operating assets liabilities assets/ assets liabilities assets/ (liabilities) (liabilities) Â£m Â£m Â£m Â£m Â£m Â£m _________________________________________ ________________________________________ Support services Operating assets 716.3 - 716.3 761.5 - 761.5 Investments in jointly controlled entities 4.4 - 4.4 2.1 - 2.1 ______________________________________________________________ ________________________________________ Total operating assets 720.7 - 720.7 763.6 - 763.6 Total operating liabilities - (392.4) (392.4) - (420.2) (420.2) ______________________________________________________________ ________________________________________ Net operating assets 720.7 (392.4) 328.3 763.6 (420.2) 343.4 ============================================================== ======================================== Public Private Partnership projects Operating assets 7.8 - 7.8 7.0 - 7.0 Investments in jointly controlled entities 134.9 - 134.9 130.9 - 130.9 ______________________________________________________________ ________________________________________ Total operating assets 142.7 - 142.7 137.9 - 137.9 Total operating liabilities - (10.0) (10.0) - (22.0) (22.0) ______________________________________________________________ ________________________________________ Net operating assets 142.7 (10.0) 132.7 137.9 (22.0) 115.9 ============================================================== ======================================== Construction services Operating assets 750.4 - 750.4 832.0 - 832.0 Investments in jointly controlled entities 46.6 - 46.6 45.8 - 45.8 ______________________________________________________________ ________________________________________ Total operating assets 797.0 - 797.0 877.8 - 877.8 Total operating liabilities - (678.2) (678.2) - (709.9) (709.9) ______________________________________________________________ ________________________________________ Net operating assets 797.0 (678.2) 118.8 877.8 (709.9) 167.9 ============================================================== ======================================== Consolidated Operating assets 1,474.5 - 1,474.5 1,600.5 - 1,600.5 Investments in jointly controlled entities 185.9 - 185.9 178.8 - 178.8 ______________________________________________________________ ________________________________________ Total operating assets 1,660.4 - 1,660.4 1,779.3 - 1,779.3 Total operating liabilities - (1,080.6) (1,080.6) - (1,152.1) (1,152.1) ______________________________________________________________ ________________________________________ Net operating assets/ (liabilities) before Group items 1,660.4 (1,080.6) 579.8 1,779.3 (1,152.1) 627.2 Group items Deferred tax assets/ (liabilities) 9.3 (24.0) (14.7) 55.4 (37.4) 18.0 Net borrowing 327.5 (372.4) (44.9) 144.5 (252.5) (108.0) Retirement benefit assets/(liabilities) (gross of taxation) 17.3 (41.6) (24.3) 10.9 (123.8) (112.9) Income tax payable 2.2 (2.3) (0.1) 0.2 (13.0) (12.8) Other net assets/ (liabilities) 116.5 (109.4) 7.1 71.8 (49.6) 22.2 ______________________________________________________________ ________________________________________ Net assets 2,133.2 (1,630.3) 502.9 2,062.1 (1,628.4) 433.7 ============================================================== ======================================== Geographic segments 2007 2006 Â£m Â£m ______________________________________________________________________________ United Kingdom Total revenue from external customers 3,385.4 2,991.6 Less: share of jointly controlled entities revenue (334.7) (260.6) ______________________________________________________________________________ Revenue from external customers 3,050.7 2,731.0 ============================================================================== Total operating assets 1,361.9 1,515.5 ============================================================================== Capital expenditure 22.1 31.7 ============================================================================== Middle East Total revenue from external customers 342.4 274.3 Less: share of jointly controlled entities revenue (242.4) (232.0) ______________________________________________________________________________ Revenue from external customers 100.0 42.3 ============================================================================== Total operating assets 75.6 38.9 ============================================================================== Capital expenditure 2.2 1.3 ============================================================================== Canada and the Caribbean Total revenue from external customers 186.0 163.5 Less: share of jointly controlled entities revenue (7.5) (7.3) ______________________________________________________________________________ Revenue from external customers 178.5 156.2 ============================================================================== Total operating assets 146.9 117.2 ============================================================================== Capital expenditure 5.9 20.2 ============================================================================== Rest of the World Total revenue from external customers 37.9 83.0 Less: share of jointly controlled entities revenue (36.4) (28.6) ______________________________________________________________________________ Revenue from external customers 1.5 54.4 ============================================================================== Total operating assets 76.0 107.7 ============================================================================== Capital expenditure 0.2 0.1 ============================================================================== Consolidated Total revenue from external customers 3,951.7 3,512.4 Less: share of jointly controlled entities revenue (621.0) (528.5) ______________________________________________________________________________ Revenue from external customers 3,330.7 2,983.9 ============================================================================== Total operating assets 1,660.4 1,779.3 ============================================================================== Capital expenditure 30.4 53.3 ============================================================================== 3 Restructuring costs and non-operating items Restructuring costs 2007 2006 Â£m Â£m ______________________________________________________________________________ Mowlem integration costs (9.5) (18.4) Operational structure review costs (4.5) - Rail activities review costs (0.2) (4.2) ______________________________________________________________________________ (14.2) (22.6) ============================================================================== Mowlem integration costs in 2007 primarily relate to property exit costs arising from a review of the Group's requirements following the acquisition of Mowlem plc in 2006. Following a period of rapid growth, the Group undertook a rationalisation of its operating structure at the end of 2007 at a cost of Â£4.5 million. An income tax credit of Â£2.7m (2006: Â£5.0m) relating to the above restructuring costs has been included within income tax in the income statement. Non-operating items 2007 2006 Â£m Â£m ______________________________________________________________________________ Profit on disposal of investments in jointly controlled 24.5 26.0 entities Profit/(loss) on disposal of businesses 3.7 (0.7) Other 0.1 - ______________________________________________________________________________ 28.3 25.3 ============================================================================== In December 2007 the Group disposed of equity investments in three Public Private Partnership jointly controlled entities. The disposal generated a cash consideration of Â£21.5m and a non-operating profit of Â£23.6m. Other investment disposals during 2007 generated a non-operating profit of Â£0.9m. In September 2007 the Group also disposed of Sovereign Harbour Marina Limited, generating cash consideration of Â£10.7m and a non-operating profit of Â£3.7m. The loss on disposal of businesses in 2006 of Â£0.7 million relates to the closure of a small rail business in Norway. There is no income tax associated with any of the non-operating items in either 2007 or 2006. 4 Financial income and expense 2007 2006 Â£m Â£m ______________________________________________________________________________ Financial income Bank interest receivable 5.1 8.0 Other interest receivable 8.6 7.3 Expected return on pension scheme assets 86.1 71.7 ______________________________________________________________________________ 99.8 87.0 ============================================================================== Financial expense Interest payable on bank loans and overdrafts (15.4) (13.3) Other interest payable and similar charges (4.5) (4.2) Interest cost on pension scheme liabilities (79.3) (68.2) ______________________________________________________________________________ (99.2) (85.7) ============================================================================== Net financial income 0.6 1.3 ============================================================================== 5 Income tax The Group's underlying income tax rate (including the Group's share of jointly controlled entities income tax) for the year ended 31 December 2007 is 25% (2006: 27%). This underlying rate differs to the UK standard corporation tax rate of 30% (2006: 30%) due to items such as the effect of tax rates in foreign jurisdictions, non-deductible expenses, the effect of tax losses utilised and over provisions in previous years. 6 Discontinued operations The Group disposed of non-core rail activities in Sweden and Denmark in July 2007 and Pall Mall Holdings Limited and Sovereign Soft Services Limited in September 2007. The disposal of rail businesses in Sweden and Denmark marks the Group's exit from activities in the region. The disposal of Pall Mall Holdings Limited and Sovereign Soft Services Limited reflects the divestment of non-core activities acquired with Mowlem plc in 2006. On this basis, these operations have been classified as discontinued and the income statement and cash flow statement for 2006 have been restated accordingly. The results of these operations in total, which were previously reported in the support services segment were as follows: 2007 2006 Â£m Â£m ______________________________________________________________________________ Revenue 64.9 81.0 Cost of sales (59.5) (72.9) ______________________________________________________________________________ Gross profit 5.4 8.1 Administrative expenses (6.6) (8.7) ______________________________________________________________________________ Operating loss (1.2) (0.6) Net financial income - 0.1 ______________________________________________________________________________ Loss before tax (1.2) (0.5) Taxation (0.2) - ______________________________________________________________________________ Trading loss for the year (1.4) (0.5) Loss on disposal (6.2) - ______________________________________________________________________________ Loss from discontinued operations (7.6) (0.5) ============================================================================== The disposal of discontinued operations had the following effect on the financial position of the Group: Net assets and liabilities disposed Carrying value 2007 Â£m ______________________________________________________________________________ Property, plant and equipment (1.3) Intangible assets (19.6) Deferred tax assets (0.3) Inventories (0.3) Trade and other receivables (18.2) Cash and cash equivalents (2.9) Current borrowing 1.2 Trade and other payables 15.0 Income tax payable 0.4 ______________________________________________________________________________ Net assets disposed of (26.0) Consideration receivable (net of disposal costs of Â£5.4m) 19.8 ______________________________________________________________________________ Loss on disposal (6.2) ============================================================================== The consideration receivable of Â£19.8m was satisfied in cash and has been reflected in the cash flow statement within net cash flows from investing activities of discontinued operations as follows: 2007 Â£m ______________________________________________________________________________ Cash received 24.8 Disposals costs paid (1.1) ______________________________________________________________________________ 23.7 Cash and cash equivalents disposed of (1.7) ______________________________________________________________________________ Net cash inflow on disposal of discontinued operations 22.0 ============================================================================== The net cash flows relating to discontinued operations during the year are as follows: 2007 2006 Â£m Â£m ______________________________________________________________________________ Net cash (outflow)/inflow from operating activities (9.3) 7.5 Net cash inflow/(outflow) from investing activities 21.7 (0.6) ______________________________________________________________________________ Increase in cash and cash equivalents from discontinued operations 12.4 6.9 ============================================================================= 7 Earnings per share (a) Basic The calculation of earnings per share for the year ended 31 December 2007 is based on the profit for the year of Â£76.0 million (2006 : Â£58.2 million) and a weighted average number of ordinary shares in issue of 280.6 million (2006: 269.5 million), calculated as follows: In millions of shares 2007 2006 ______________________________________________________________________________ Issued ordinary shares at 1 January 281.2 214.9 Effect of own shares held by Employee Share Ownership Plan and Qualifying Employee Share Ownership Trust (0.6) (1.9) Effect of shares issued in the year - 56.5 ______________________________________________________________________________ Weighted average number of shares 280.6 269.5 ============================================================================== (b) Underlying performance A reconciliation of profit before taxation and basic earnings per share, as reported in the income statement, to underlying profit before taxation and earnings per share is set out below. The adjustments made in arriving at the underlying performance measures are made to illustrate the impact of non-trading and non-recurring items. 2007 2006 _________________ ____________________ Profit Tax Profit Tax before Â£m before Â£m tax tax Â£m Â£m ________________________________________________________ ___________________ Profit before taxation - continuing operations Profit before taxation as reported in the income statement 94.4 8.3 68.1 7.2 Restructuring costs 14.2 2.7 22.6 5.0 Amortisation of intangible assets arising from business combinations 19.6 7.3 16.8 4.4 Impairment of goodwill and other investments 1.9 - 0.4 - Profit on disposal of investments and businesses (28.3) - (25.3) - ________________________________________________________ ___________________ Underlying profit before taxation - continuing operations 101.8 18.3 82.6 16.6 ======= ========== Underlying taxation (18.3) (16.6) Minority interests (2.5) (2.2) _______________________________________________ _______ Underlying profit attributable to shareholders - continuing operations 81.0 63.8 Underlying loss attributable to shareholders - discontinued operations (7.6) (0.5) _______________________________________________ _______ Underlying profit attributable to shareholders - continuing and discontinued operations 73.4 63.3 =============================================== ======= 2007 2006 Pence per Pence per share share ______________________________________________________________________________ Earnings per share Basic earnings per share - continuing and discontinued operations 27.1 21.6 Restructuring costs 4.1 6.5 Amortisation of intangible assets arising from business combinations 4.4 4.6 Impairment of goodwill and other investments 0.7 0.2 Profit on disposal of investments and businesses (10.1) (9.4) ______________________________________________________________________________ Underlying basic earnings per share - continuing and discontinued operations 26.2 23.5 Discontinued operations 2.7 0.2 ______________________________________________________________________________ Underlying basic earnings per share - continuing operations 28.9 23.7 ============================================================================== Diluted earnings per share - discontinued operations (2.7) (0.2) ============================================================================== (c) Diluted earnings per share The calculation of diluted earnings per share is based on profit as shown in note 7(b) and a weighted average number of ordinary shares outstanding calculated as follows: In millions of shares 2007 2006 _____________________________________________________________________________ Weighted average number of ordinary shares 280.6 269.5 Effect of share options in issue 3.0 3.1 _____________________________________________________________________________ 283.6 272.6 ============================================================================= 8 Dividends The following dividends were paid by the Company: 2007 2006 _________________________ _________________________ Â£m Pence per share Â£m Pence per share _________________________ _________________________ Previous period final dividend 16.6 5.9 14.5 5.2 Current period interim dividend 9.8 3.5 8.7 3.1 ___________________________________________________ _________________________ Total 26.4 9.4 23.2 8.3 =================================================== ========================= The following dividends were proposed by the Company: 2007 2006 _________________________ _________________________ Â£m Pence per share Â£m Pence per share _________________________ _________________________ Interim 9.8 3.5 8.7 3.1 Final 29.6 7.5 16.6 5.9 ___________________________________________________ _________________________ Total 39.4 11.0 25.3 9.0 =================================================== ========================= The final dividend for 2007 of 7.5 pence per share was approved by the Board on 5 March 2008 and will be paid on 20 June 2008 to shareholders on the register on 25 April 2008. The amount expected to be paid in respect of the 2007 final dividend of Â£29.6m includes the dividend payable on 112.9m new Carillion shares issued following the acquisition of Alfred McAlpine plc on 12 February 2008. 9 Cash and cash equivalents and net borrowing Cash and cash equivalents and net borrowing comprise: 2007 2006 Â£m Â£m ______________________________________________________________________________ Cash and cash equivalents 327.5 144.5 Bank overdrafts (3.7) (3.1) ______________________________________________________________________________ Cash and cash equivalents 323.8 141.4 Bank loans (306.6) (190.7) Finance lease obligations (48.1) (47.9) Other loans (14.0) (10.8) ______________________________________________________________________________ Net borrowing (44.9) (108.0) ============================================================================== 10 Pension commitments The following expense was recognised in the income statement in respect of pension commitments: 2007 2006 Â£m Â£m ______________________________________________________________________________ (Charge)/credit to operating profit Current service cost relating to defined benefit schemes (27.2) (29.1) Past service cost relating to defined benefit schemes (0.4) (0.5) Settlements and curtailments 3.7 - Defined contribution schemes (5.4) (5.5) ______________________________________________________________________________ Total (29.3) (35.1) ============================================================================== Credit/(charge) to other finance income Expected return on pension scheme assets 86.1 71.7 Interest cost on pension scheme liabilities (79.3) (68.2) ______________________________________________________________________________ Net finance return 6.8 3.5 ============================================================================== The actuarial valuation of the Group's main defined benefit pension schemes at 31 December 2007 on an International Accounting Standard 19 basis produced a net deficit (gross of taxation) for the schemes of Â£24.3m, representing a Â£88.6m reduction since 31 December 2006. 11 Reserves and statement of changes in total equity Equity Trans- Fair share- Share Share lation Hedging value Merger Retained holders Minority Total capital premium reserve reserve reserve reserve earnings funds interests equity Â£m Â£m Â£m Â£m Â£m Â£m Â£m Â£m Â£m Â£m ________________________________________________________________________________________________________________ At 1 January 2007 140.6 8.6 (3.4) (9.6) 0.9 184.8 110.8 432.7 1.0 433.7 Total recognised income and expense - - 0.7 (5.3) - - 97.1 92.5 2.5 95.0 Share options exercised by employees - - - - - - 0.9 0.9 - 0.9 Equity settled transactions (net of deferred tax) - - - - - - 2.0 2.0 - 2.0 Transfer to income statement - - (0.1) - - - - (0.1) - (0.1) Transfer between reserves - - - 0.6 - (18.6) 18.0 - - - Dividends paid - - - - - - (26.4) (26.4) (2.2) (28.6) ________________________________________________________________________________________________________________ At 31 December 2007 140.6 8.6 (2.8) (14.3) 0.9 166.2 202.4 501.6 1.3 502.9 ================================================================================================================ At 1 January 2006 107.4 8.2 0.7 (10.8) 0.9 8.2 34.1 148.7 1.1 149.8 Total recognised income and expense - - (4.1) 0.2 - - 82.5 78.6 2.2 80.8 New share capital subscribed 33.2 0.4 - - - 191.3 - 224.9 - 224.9 Share options exercised by employees - - - - - - 2.8 2.8 - 2.8 Equity settled transactions (net of deferred tax) - - - - - - 0.9 0.9 - 0.9 Transfer between reserves - - - 1.0 - (14.7) 13.7 - - - Dividends paid - - - - - - (23.2) (23.2) (2.3) (25.5) ________________________________________________________________________________________________________________ At 31 December 2006 140.6 8.6 (3.4) (9.6) 0.9 184.8 110.8 432.7 1.0 433.7 ================================================================================================================ The merger reserve increased on the acquisition of Mowlem plc on 23 February 2006 whereby the consideration included the issue of 66.2m Carillion shares. The Group has credited the merger reserve as permitted by the Companies Act 1985 and the prior year information has been restated accordingly. 12 Post balance sheet event On 12 February 2008, the Company acquired 100 per cent of the issued share capital of Alfred McAlpine plc for a total consideration of Â£554.5m. The total consideration was satisfied by the issue of 112.9m Carillion plc shares valued at the quoted mid-market price at the close of business on the day preceding the effective date of acquisition of 337.75p and Â£171.7m in cash and Â£1.3m of loan notes. In addition, attributable costs are estimated to be Â£9.2m. 13 Company Information This preliminary announcement was approved by the Board of directors on 5 March 2008. The 2007 Annual Report will be posted to shareholders on 1 April 2008 and both this statement and the 2007 Annual Report will be available via the Internet at www.carillionplc.com or on request from the Company Secretary, Carillion plc, Birch Street, Wolverhampton, WV1 4HY. This information is provided by RNS The company news service from the London Stock Exchange

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