2005 - The Weir Group

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Financial Highlights 2005 Group results - continuing operations Revenue £789.4m Up 14.4% Operating profit (1) £66.3m Up 12.3% Pre-tax profit (2) £62.2m Up 11.2% Order input (3) £893.7m Up 8.1% Earnings per share (2) 23.5p Up 8.3% Dividend 13.2p Up 3.1% Net debt £76.4m 24 16 18 12 6 2004 21.7p 2005 23.5p 12 8 4 2004 12.8p 2005 13.2p (1) Profit from continuing operations before restructuring costs, net finance costs and tax (2) Excluding restructuring costs (3) Excluding Joint Ventures and Associates; calculated at constant 2005 exchange rates Contents: The Reports 1 2005 Highlights 2 Chairman’s Statement 4 Chief Executive’s Review 6 Operational Review 18 Financial Review 20 Board of Directors 22 Directors Report 23 Corporate Governance Statement 26 Audit Committee Report 27 Nomination Committee Report 28 Remuneration Committee Report 34 Corporate Social Responsibility Report Group Financial Statements 40 Directors Statement of Responsibilities 41 Independent Auditors Report 42 Consolidated Income Statement 43 Consolidated Balance Sheet 44 Consolidated Cash Flow Statement 45 Consolidated Statement of Recognised Income & Expense 46 Notes to the Financial Statements Company Financial Statements 91 Directors Statement of Responsibilities 92 Independent Auditors Report 93 Company Balance Sheet 94 Notes to the Company Financial Statements 103 Principal Companies of the Group 104 Shareholder Information The Weir Group has a strong reputation for engineering excellence in the manufacture of specialist equipment and the deliveryof through-life engineering solutions. Weir is recognised as best in class, backed by superior design, project management and technical expertise applied to customer support and asset management. Weir employs almost 8,000 people worldwide, focused on our key markets. These range from mining and minerals processing to the defence and nuclear industry, from oil and gas exploration to power generation and water treatment. In all these areas, we provide solutions that meet the engineering and operational challenges facing our customers. For further information about The Weir Group PLC, visit www.weir.co.uk Inside back cover - Financial Calendar
2005 Highlights The Group made significant progress in 2005. During the year we refocused the Group, added the specialist pump manufacturer Gabbioneta to our portfolio and exited the Techna water businesses. We enter 2006 with a more robust portfolio of businesses. The benefits of our restructuring activities, strong end markets and continued operational improvement will provide the platform for further progress. 2005 Highlights (continuing operations): • Order input (1) up 8.1% to £893.7m • Revenue up 14.4% to £789.4m • Pre-tax profit (2) up 11.2% to £62.2m • Dividend increase of 3.1% to 13.2p • Successful integration of Pompe Gabbioneta • Disposal of Techna water treatment businesses • UK restructuring virtually complete and delivering improved results • Refocused business operating in strong end markets (1) Excluding joint ventures and associates; calculated at constant 2005 exchange rates (2) Excluding restructuring costs 1
Page 1: The Weir Group PLC Annual Report 20
Page 5 and 6: Chairman’s Statement Strategy & s
Page 7 and 8: Chief Executive’s Review Our Mine
Page 9 and 10: Operational Review Mining On a comm
Page 11 and 12: Case Study Ravensthorpe Nickel Proj
Page 13 and 14: Case Study Weir Gabbioneta: integra
Page 15 and 16: Case Study Zaporozhye nuclear power
Page 17 and 18: Case Study Colonial Pipeline, USA C
Page 19 and 20: Operational Review Defence Despite
Page 21 and 22: Financial Review Profits from conti
Page 23 and 24: Board of Directors Operations Execu
Page 25 and 26: Corporate Governance Statement The
Page 27 and 28: As part of these procedures, each G
Page 29 and 30: Nomination Committee Report During
Page 31 and 32: on normal retirement date, currentl
Page 33 and 34: Salary Benefits Total Total & Fees
Page 35 and 36: Shares Shares subject to subject to
Page 37 and 38: Lost time accidents 2001 - 2005 350
Page 39 and 40: Manufacturing industry and engineer
Page 41 and 42: The Weir Group PLC Financial Statem
Page 43 and 44: Independent Auditors Report Indepen
Page 45 and 46: Consolidated Balance Sheet at 30 De
Page 47 and 48: Consolidated Statement of Recognise
Page 49 and 50: On consolidation, the results of fo
Page 51 and 52: Cash & cash equivalents Cash and ca
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Treasury shares The Weir Group PLC
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3. Segment information (continued)
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4. Revenues & expenses The followin
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6. Net finance costs (a) Finance co
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8. Discontinued operations On 8 Jul
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9. Earnings per share (continued) 2
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12. Intangible assets Customer Purc
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14. Investments in joint ventures &
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16. Equity settled share-based paym
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16. Equity settled share-based paym
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17. Pensions & other post-employmen
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17. Pensions & other post-employmen
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23. Interest-bearing loans & borrow
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26. Share capital & reserves 2005 2
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27. Additional cash flow informatio
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30. Financial risk management objec
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31. Financial instruments (continue
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32. Transition to International Fin
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Directors Statement of Responsibili
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Company Balance Sheet 30 December 2
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Derecognition of financial assets &
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5. Debtors 2005 2004 £’000 £’
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9. Retirement benefits (continued)
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11. Reserves Capital Share Treasury
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Principal Companies of the Group Th
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Financial Calendar Ex-dividend date
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2005 - The Weir Group

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