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

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THE WEIR GROUPIS A GLOBALENGINEERINGgroupWeir, a FTSE 100 company foundedin 1871 and headquartered in Glasgow,Scotland, is a global provider of engineeringsolutions to the minerals, oil and gasand power sectors. Our commitment toengineering excellence, research and customerfocus extends equipment wear life andoperational capability in some of the world’smost challenging environments.Weir is committed to going where ourcustomers go, with a worldwide networkof around 200 manufacturing facilities andservice centres. The business has a presencein more than 70 countries, with over 14,000staff around the world working in threedivisions: Minerals, Oil & Gas and Power& Industrial. Weir’s customer base includesthe world’s largest mining houses, majoroil services businesses and nuclear andconventional power generation companies.Highlights 2013 .........................................................01Chief Executive’s Comment .....................................02General Overview ......................................................03Financial Highlights ...................................................04Weir Minerals Division ...............................................06Weir Oil & Gas Division .............................................08Weir Power & Industrial Division ...............................10Post Balance Sheet Events.......................................12Risks & Uncertainties ................................................12Outlook ......................................................................13Consolidated Income Statement .............................14Consolidated Statementof Comprehensive Income .......................................15Consolidated Balance Sheet ....................................16Consolidated Cash Flow Statement ........................17Consolidated Statementof Changes in Equity .................................................18Notes to the Financial Statements ...........................20Directors Statement of Responsibilities ...................35Independent Review Report toThe Weir Group PLC .................................................36Shareholder Information ...........................................37Financial Calendar .....................................................37
Highlights2013Results for the 26 weeks ended 28 June 2013• 13% sequential order growth compared to second half of 2012;• Growing aftermarket sales in all three divisions, increasingto 63% of total revenues;• Book to bill of 1.05 and above 1.0 in each division;• Value chain excellence agenda underway: over £15m of procurementsavings achieved;• Good first contribution from Mathena acquisition, integrationprogressing smoothly;• Comminution platform established in Minerals, extendingaddressable market.Continuing Operations26 weeks ended28 June 201326 weeks ended29 June 2012 GrowthOrder input 1 £1,258m £1,328m -5%Revenue £1,198m £1,325m -10%Operating profit 2 £217m £247m -12%Operating margin 2 18.1% 18.7% -60bpsProfit before tax 2 £193m £225m -14%Cash from operations £183m £141m +29%Earnings per share 2 66.4p 75.9p -13%Dividend per share 8.8p 8.0p +10%Return on Capital Employed 3 25.2% 30.5% -530bpsNet debt £950m £689m 4 -£261m1. 2012 restated at 2013 average exchange rates.2. Adjusted to exclude exceptional items and intangibles amortisation. Reported operating profit and profit before tax were £195m(2012: £225m) and £165m (2012: £201m) respectively. Reported earnings per share were 56.6p (2012: 67.9p). 2012 restated toreflect adjustment for pension costs.3. Continuing operations EBIT before exceptional items (excluding Seaboard, Novatech, Mathena and Wales) divided by average netassets (excluding Seaboard, Novatech, Mathena and Wales) excluding net debt and pension deficit (net of deferred tax asset).4. 28 December 2012 net debt.1
Page 1: The Weir Group PLCInterim Report 20
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 and 14: Operational performanceOrder input
Page 15 and 16: OutlookMineralsSupported by the ope
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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