2006 Interim Results. 16 August 2006

Transcription

1 2006 Interim Results 16 August 2006

2 Sir David John

3 Anthony Rabin

4 Headline numbers First half 2005 First half 2006 Revenue 2,308m 2,773m +20% Pre-tax profit* 52m 60m +15% Adjusted eps* 9.3p 11.4p +23% Interim dividend 3.5p 3.9p +11% Net cash (excluding 100% PFI) Order book 299m 7.4bn 353m 8.8bn +19% * Before exceptional items

5 Performance by sector Full year 2005 m First half 2005 First half Building, Building Management and Services 8 17

6 Building, Building Management and Services Full year 2005 m First half 2005 First half Good progress in building construction Profits improve in building services Satisfactory performance in programme and facilities management Charter acquisition complements Heery

7 Building, Building Management and Services Programme & Facilities Management 206m +33% Building Construction 616m Building Services 190m +8% +20% Revenue 1,012 million 2006 first half Order book 3.2 billion (Dec. 2005: 2.4 billion)

8 Performance by sector Full year 2005 m First half 2005 First half Building, Building Management and Services Civil and Specialist Engineering and Services 17 24

9 Civil and Specialist Engineering and Services Full year 2005 m First half 2005 First half Civil and specialist engineering Services Good performance in Hong Kong and Dubai, offset by US Central division performance Excellent progress in utilities contracting and road maintenance Birse acquisition completed since half-year

10 Civil and Specialist Engineering and Services UK Civil Engineering 299m +5% +26% UK Utilities & Services 378m International 401m +37% Revenue 1,078 million first half Order book 4.4 billion (Dec 2005: 4.0 billion)

11 Performance by sector Full year 2005 m First half 2005 First half Building, Building Management and Services Civil and Specialist Engineering and Services Rail Engineering and Services 20 11

12 Rail Engineering and Services Full year 2005 m First half 2005 First half UK businesses 26 7 (5) Overseas businesses (6) Substantial fall in UK profits after 2005 s s one-off off settlements Good progress on Heathrow T5 and Metronet contracts Steady performance in Europe and the US Edgar Allen acquisition strengthens BBR Track Systems

13 Rail Engineering & Services Other 175m +3% +2% UK 202m Revenue 377 million 2006 first half Order book 1.2 billion (Dec 2005: 1.2 billion)

14 Performance by sector Full year 2005 m First half 2005 First half Building, Building Management and Services Civil and Specialist Engineering and Services Rail Engineering and Services Investments and Developments 8 15

15 Investments and Developments First half 2005 First half 2006 Full year (10) m Share of results of JVs & associates* Group operating loss* I & D operating profit PFI JVs & Assocs Group net finance income 8 Barking 12 Subordinated debt interest income 3 3 I & D net result 4 Total (4) PFI JVs & Assocs 17 Barking 6 Total 23 (8) * Including Property and excluding exceptional items

16 Investments and Developments Good progress in BB Capital Financial close for Birmingham Hospital and Birmingham Schools projects Metronet profits in line with first half 2005 Barking Power profits improve Strong bidding pipeline, including overseas opportunities

17 Performance by sector Full year (21) m * Before exceptional items Building, Building Management and Services Civil and Specialist Engineering and Services Rail Engineering and Services Investments and Developments Corporate costs Profit from operations* Net finance income* Pre-tax profit* First half (10) First half (11)

18 Operating profit v operating cash flow m Group operating profit Depreciation Impairment charge Other items Working capital decrease Cash generated from operations PFI subsidiaries - adjustment Cash generated from operations First half First half Treating PFI subsidiaries as associates/joint ventures

19 Balance sheet cash movement m Opening net cash Cash generated from operations Dividends from JVs and associates Capital expenditure and financial investment Acquisitions and disposals Buy-back of preference shares Dividends, interest and tax paid Other items Closing net cash PFI subsidiaries net debt Closing net cash Treating PFI subsidiaries as associates/joint ventures First half (33) (6) (9) (55) (2) 299 (247) 52 First half (40) (21) (17) (19) (5) 353 (17) 336

20 Acquisitions and disposals m Edgar Allen Charter Other (11) (9) (1) (21)

21 Exceptional items m Profit from operations: Hatfield fine reduction Goodwill impairment 2 (17) (15) Finance costs: Premium on buy-back back of preference shares (6) (21) Tax on exceptional items Net exceptional post-tax tax charge - (21)

22 Pensions Full year 2005 m First half 2005 First half P&L charge Employer contributions Balance sheet liability

23 Group balance sheet m Goodwill Net cash (excluding PFI) Preference shares liability Retirement benefit obligations PFI / PPP subsidiaries Non-current assets + working capital Non-recourse net debt Other assets / liabilities Shareholders funds Dec (98) (280) - 14 (14) June (90) (237) 2 19 (17) 6 326

24 Summary Continuing growth in profits Strong cash flow Strong cash position to support future growth

25 Ian Tyler

26 Major Public Sector Projects

27 Birmingham Hospital 553m

28 Birmingham Hospital 553m

29 Birmingham Schools 74m

30 Pinderfields Hospital 250m

31 Northern Batch Hospitals 190m

32 Victoria and Stobhill Hospitals 180m

33 Major Public Sector Projects

34 Long Term Frameworks

35 Northern Gas Networks 700m

36 Central Electricity Networks 160m

37 National Grid Electricity Alliances

38 New road maintenance contracts & extensions 470m

39 Long Term Frameworks

40 Hong Kong and Dubai

41 Venetian Casino 205m

42 Venetian Casino 205m

43 One Island East 150m

44 West Kowloon Station 140m

45 Burj Mall 400m

46 Dubai Roads 100m

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48 US

49 Metronet

50 Strategy for growth Medium-term - Regional infrastructure

51 Birse Balfour Beatty Civil Engineering Adds regional coverage Adds new disciplines North, Midlands, South-East Rail, Coastal, Process Engineering Mansell Adds regional coverage Educational Building in Yorkshire Revenue Order book circa 350m circa 500m

52 Strategy for growth Medium-term - Regional infrastructure - Private Finance

53 Private Finance opportunities US - Oakland Airport Connector - State Highway Healthcare and other building Gammon Capital - University of Singapore Germany UK - Non PFI Assets

54 Strategy for growth Medium-term - Regional infrastructure - Private Finance - Professional Technical Services

55 Strategy for growth Medium-term - Regional infrastructure - Private finance - Professional technical services Longer-term -US - Asia - Western Europe

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