Weir Group 2013 Interim Report (PDF, 0.59 MB) - The Weir Group

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Post Balance Sheet EventsRisks & UncertaintiesIn July 2013 the Group completed the negotiation of aUS$800m 5-year Revolving Credit Facility with a syndicateof 12 banks. This replaces an existing facility of US$800mmaturing in September 2014.The principal risks and uncertainties affecting thebusiness activities of the Group remain those detailedon pages 44 and 45 of the Annual Report 2012,a copy of which is available on the Group websiteat www.weir.co.uk. The Board considers that theseremain a current reflection of the risks and uncertaintiesfacing the business for the remaining 26 weeks of thefinancial year.Weir Minerals Chile12 The Weir Group PLC Interim Report 2013
OutlookMineralsSupported by the opening order book we expectsequential growth in both aftermarket and originalequipment revenue in the second half, assuming nofurther project and commissioning slippages. Divisionalrevenue growth is expected to be slightly lower than ourprevious expectations, reflecting revised project deliveryand commissioning schedules. Following the strongfirst half performance, second half margins are expectedto be in line with the first half and ahead of our priorexpectations, such that full year profit expectationsremain unchanged.Oil & GasFull year divisional revenues are anticipated to be slightlybetter than previous expectations, supported by higherpressure pumping sales, although still down on 2012.Operating margins are expected to be slightly loweryear on year, below prior expectations, with secondhalf margin improvement supported by the benefitsof first half restructuring actions and increased salesof new higher margin products, offset by the impactof additional sales of lower margin product lines.Divisional profit expectations remain unchanged.SummaryWe expect the Group to continue to benefit from its globalpresence and diverse exposure, despite challengingmarket conditions. The Group is well positioned to takefull advantage of the range of opportunities across itsend markets in the second half of the year.We anticipate good sequential revenue and profit growthin the second half, assuming a continued recovery inupstream Oil & Gas and no further deterioration, or projectdelays, in our mining end markets. As a result we remainon track to meet our full year expectations and continueto expect to deliver low single digit revenue growth andbroadly stable margins on 2012.Power & IndustrialFull year divisional revenue, profit and operating marginexpectations remain unchanged, with strong sequentialsecond half revenue and margin growth supported bythe strong opening order book, and first half investmentin operational capabilities.13
Page 1 and 2: The Weir Group PLCInterim Report 20
Page 3 and 4: Highlights2013Results for the 26 we
Page 5 and 6: General OverviewOverall Group first
Page 7 and 8: Earnings per share from continuing
Page 9 and 10: Strategic progressThe Minerals divi
Page 11 and 12: Strategic progressThe integration o
Page 13: Operational performanceOrder input
Page 17 and 18: Consolidated Statement of Comprehen
Page 19 and 20: Consolidated Cash Flow Statementfor
Page 21 and 22: Capitalredemptionreserve£ming of t
Page 23 and 24: 2. Segment informationFor managemen
Page 25 and 26: 52 weeks ended 28 December 2012Mine
Page 27 and 28: 5. Earnings per shareBasic earnings
Page 29 and 30: 7. Property, plant & equipment & in
Page 31 and 32: 9. Interest-bearing loans and borro
Page 33 and 34: The Group enters into derivative fi
Page 35 and 36: The following tables summarise the
Page 37 and 38: Directors Statement of Responsibili
Page 39 and 40: Shareholder InformationFinancial Ca

Weir Group 2013 Interim Report (PDF, 0.59 MB) - The Weir Group

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