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Year end results Year ended 31 December 2014 Adrian Ringrose, Chief - - PowerPoint PPT Presentation

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Year end results Year ended 31 December 2014 Adrian Ringrose, Chief Executive Tim Haywood, Group Finance Director Support Support Services Construction Construction Equipment Summary and Introduction Financials Services UK International UK

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SLIDE 1

Year end results

Year ended 31 December 2014

Adrian Ringrose, Chief Executive Tim Haywood, Group Finance Director

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SLIDE 2

Delivering our strategy

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

g gy

Strategy YE2014 Highlights

Building strong core businesses Strong organic growth (+9%

  • perating profit)

Revenue +33% businesses ) Headline EPS +23% Capturing related expansion opportunities Enhanced operational capabilities Headline EPS +23% £8.1bn future workload (+26% ) Expand internationally Positioned for further growth Dividend +7%

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SLIDE 3

Tim Haywood

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SLIDE 4

Income statement

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Income statement

£ million 2014 2013 Revenue 2,913.0 2,192.6

+33%

Total operating profit 117.2 86.7

+35%

p g p . . Interest (11.0) (5.6) Headline profit 106.2 81.1

+31%

Amortisation of intangible assets (24.5) (8.9) Exceptional items (19.8) (4.1) P fit b f t ti 61 9 68 1 Profit before taxation 61.9 68.1 Taxation (12.0) (13.1) Profit after taxation 49.9 55.0 Profit after taxation 49.9 55.0 Headline EPS 58.8p 47.7p

+23%

Dividend per share 23.0p 21.5p

+7%

Redefining the future for people and places | 4

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SLIDE 5

Segmental analysis

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

g y

£ million 2014 2013 Revenue TOP*

Margin

Revenue TOP*

Margin

%growth Revenue TOP

Margin

Revenue TOP

Margin

%growth in TOP S upport S ervices UK 1 688 0 81 4

4 8%

1 196 6 56 0

4 7% 45%

  • UK

1,688.0 81.4

4.8%

1,196.6 56.0

4.7% +45%

  • International

117.5 7.4

4.8%

57.5 4.1

4.4% +80%

Construction

  • UK

970.7 15.4

1.6%

802.2 14.7

1.8% +5%

  • International
  • 10.8

4.7%

  • 13.1

5.1%

  • 18%

Equipment 195 5 26 6

13 6%

169 6 20 1

11 9% +32%

Equipment S ervices 195.5 26.6

13.6%

169.6 20.1

11.9% +32%

Investments

  • 0.8
  • 0.8

G S i (58 7) (25 2) (33 3) (22 1) Group S ervices (58.7) (25.2) (33.3) (22.1) 2,913.0 117.2 4.0% 2,192.6 86.7 4.0% JVs and 392.3 389.3 associates

3,305.3 2,581.9

*Total operating profit

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SLIDE 6

Drivers of growth

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Drivers of growth

£ million Organic Initial Other 2014 £ million Organic Initial Other acqs* 2014 Revenue

2,412.1

+10%

440.4 60.5 2,913.0

+33%

Operating Profit

94.5

+9%

20.4 2.3 117.2

+35%

Headline EPS (p)**

54.4

+14%

3.0 1.4 58.8

+23%

* Other acq relates to the incremental full year impact of Adyard & Paragon (both acquired during 2013) & post acquisition impact of esg

Redefining the future for people and places| 6

acquisition impact of esg. ** Headline EPS impact of Initial is net of the dilution on the pre-existing Group of the 9.99% equity issue

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SLIDE 7

Exceptional items

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Exceptional items

£ illi 2014 £ million 2014 Transaction costs (8 2) Transaction costs (8.2) Initial integration costs (10.2) Paragon earnout charge (1.4) Exceptional charge (19.8)

Redefining the future for people and places | 7

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SLIDE 8

Taxation

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Taxation

£ million 2014 2013 £ million 2014 2013 Profit Tax Rate Profit Tax Rate S ubsidiary companies 89.7 (18.7) 20.8% 63.9 (15.0) 23.5% Joint Ventures and associates 16.5

  • 17.2
  • Headline profit

106.2 (18.7) 17.6% 81.1 (15.0) 18.5% Amortisation of intangible assets (24.4) 4.5 18.4% (8.9) 1.5 16.9% Other exceptional items (19 9) 2 2 11 1% (4 1) 0 4 9 8% Other exceptional items (19.9) 2.2 11.1% (4.1) 0.4 9.8% Group companies’ effective rate 61.9 (12.0) 19.4% 68.1 (13.1) 19.2% p p ( ) ( )

Redefining the future for people and places | 8

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SLIDE 9

Balance sheet summary

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Balance sheet summary

£ million 31 Dec 30 June 31 Dec £ million 31 Dec 2014 30 June 2014 31 Dec 2013 Goodwill and intangible assets 524.5 502.4 286.6 Property, plant and equipment 195.3 171.7 155.9 Joint Ventures and associates 119.9 95.9 94.5 Working capital (83.4) (100.3) (136.1) Taxation (4 0) 2 3 13 9 Taxation (4.0) 2.3 13.9 Pension obligations (net of tax) (3.8) (0.4) (5.9) Cash / (net debt) (268 9) (243 1) (38 6) Cash / (net debt) (268.9) (243.1) (38.6) Net assets 479.6 428.5 370.3

Redefining the future for people and places | 9

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SLIDE 10

IAS 19 Pensions

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

IAS 19 Pensions

£ million 2014 2013 £ million 2014 2013 D fi d b fit bli ti (924 9) (826 9) Defined benefit obligations (924.9) (826.9) Buy in asset 360.7

  • Obligations net of buy in asset

(564.2) (826.9) Obligations net of buy in asset (564.2) (826.9) Other assets 559.4 819.2 Total deficit (4.8) (7.7) Deferred tax thereon 1.0 1.8 Net deficit (3.8) (5.9)

  • August 2014 - Pension buy in, reducing volatility of the deficit. Liability

would have been c£35m greater at year end without this*.

Redefining the future for people and places| 10

  • Next triennial valuation due in 2015 on the position as at 31/ 12/ 2014.

* Benchmarked against performance of FTSE100

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SLIDE 11

Investing for growth

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Investing for growth

Trading +£85.0m Growth -£251.7m

Redefining the future for people and places | 11

Financing -£63.6m

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SLIDE 12

Free cash flow

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

£ million 2014 2013 Group JVs and A i t Total Total Associates Total operating profit 100.7 16.5 117.2 86.7 Depreciation & amortisation 39.3 39.3 33.8 Net capital expenditure (54.3) (54.3) (33.7) Dividends in excess / (deficit) of profits 1.3 1.3 (3.6) Other (8.9) (8.9) (7.9) ( ) ( ) ( ) Working capital movement (53.3) (53.3) (19.7) Gross operating cash flow 23.5 17.8 41.3 55.6 Pension deficit payments tax interest (38 9) (38 9) (29 5) Pension deficit payments, tax, interest (38.9) (38.9) (29.5) Free cash flow (15.4) 17.8 2.4 26.1

  • Key cash outflows
  • Equipment services expansion £37m of combined capex & working capital
  • UK Construction market tightening £26m working capital
  • UK defence activities £11m working capital

Redefining the future for people and places | 12

UK defence activities £11m working capital

  • Property development £5m working capital
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SLIDE 13

Financing, a maturing balance

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Financing, a maturing balance sheet

I iti l i iti fi d i 9 99% h l i (£75 i d

  • Initial acquisition financed via a 9.99%

share placing (£75m raised,

  • versubscribed) and a £200m bridge facility

$

  • £200m bridge facility replaced in June by a $350m US

Private Placement with a weighted average maturity of 10 years. Fully hedged into fixed rate sterling repayments.

  • £250m in other combined facilities expiring February 2019

Covenants as previously:

  • Net debt : EBITDA < 3.0x (December 2014: 1.8x)
  • Interest cover > 3.5x (December 2014: 11.3x)

( )

Redefining the future for people and places | 13

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SLIDE 14

S ustainAbilities – delivering business value

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

  • Broader assessment of performance
  • Creation of operational tools & partnerships

What it means

  • Creation of operational tools & partnerships
  • Informed investment decisions
  • Wider conversations with clients

Realising opportunities Realising opportunities

  • Build reputation & relationships
  • New business insights
  • Competitive edge, win more work

Competitive edge, win more work

  • Reduce costs
  • Encourage knowledge sharing &

engagement E l tt ti & t ti

  • Employee attraction & retention
  • Reputation/ license to operate

Addressing risks

p p

  • Long-term skillset to grow the business
  • Integration of new employees
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SLIDE 15

Strong performance, positioned

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

g p , p for growth

  • Strong performance
  • 35%

growth in Group operating profit (+9%

  • rganic)
  • Positioned for further growth
  • Converting existing capital investments, particularly in Equipment

S ervices S ervices

  • S

ecurity of funding via the US PP

  • Pension risk reduced
  • Year on year growth in EPS of 23%
  • Year on year growth in DPS of 7%

Redefining the future for people and places | 15

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SLIDE 16

Adrian Ringrose g

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SLIDE 17

Strategic growth

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Strategic growth

  • Complementary portfolio of businesses
  • Margin development – investment cost discipline

Margin development investment, cost discipline, volume

  • >£350m invested in m&a delivering ROIC materially

ahead of WACC

  • Extended reach – sectors, geographies, skills
  • Differentiated brand & proposition
  • Underpinned by larger, stronger balance sheet

Underpinned by larger, stronger balance sheet

Redefining the future for people and places | 17

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SLIDE 18

Sector leading performance

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

g p

2010-2014 CAGR

Growth Interserve Peer Group Rank p Average* Revenue +11.6% +5.3% #2 EBIT 12 9% 1 3% #1 EBIT +12.9% ‐1.3% #1 EPS +9.9% ‐5.6% #1 DPS +6.3% ‐2.3% #2 DPS 6.3% 2.3% #2

5% DPS CAGR over the last 10 years

*Peer Group: Capita, Mitie, Kier, Carillion, ISG, Costain, Morgan Sindall, Serco, Balfour Beatty

Redefining the future for people and places | 18

Peer Group: Capita, Mitie, Kier, Carillion, ISG, Costain, Morgan Sindall, Serco, Balfour Beatty

*Peer group 2014 performance based on Numis published estimates

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SLIDE 19

Strong market positioning

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Strong market positioning

S S i C i i S i Support Services Construction Equipment Services UK Top 3 player 50/50 public/private Resilient performance Market share gains #1‐3 in markets Margin development Front‐line services Order book >1x sales Cyclical upturn Cyclical capex peaked Margin development: utilisation & yield Geographic agility International Regional oil services FM growth Front‐line services Resilient performance Record order book Cyclical upturn

Agility Discipline Ambition

Redefining the future for people and places | 19

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SLIDE 20

Continued growth opportunity

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Continued growth opportunity

Growth from strong fundamentals in key markets

Efficiency

–

Efficiency

–

Demographic change

–

Infrastructure

Additional growth platforms in higher value-added segments

–

Front-line services

–

Oil & gas services

–

International FM

Disciplined performance management

–

Contract management

–

Portfolio management

–

Cyclical investment management

–

Differentiate through S ustainAbilities

Redefining the future for people and places | 20

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SLIDE 21

Support Services UK

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

pp

Landmarc, MoD Training Estate Network Rail Interserve Healthcare Technical Services

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SLIDE 22

Strong balanced business

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

g

  • Strong growth
  • Revenue +40%

Revenue +40%

  • Total operating profit +45%

(+9%

  • rganic)
  • Further margin development
  • Further margin development
  • Future workload +21%

to £6.2bn (FY 2013: £5.1bn)

  • Balanced public : private
  • Balanced public : private

business Hi hli ht

Interserve working futures

  • Highlights
  • Integration of Initial
  • Growing frontline services
  • Transforming Rehabilitation
  • Acquisition of esg
  • Defence Training Estate

Defence Training Estate

  • BBC – successful transition

Redefining the future for people and places | 22

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SLIDE 23

£2 0bn new work won

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

£2.0bn new work won

S upport S ervices UK – Key contract wins S upport S ervices UK Key contract wins

  • Purple Futures – probation services
  • DIO – National Training Estate Prime

d (Landmarc)

  • FCO
  • S
  • ny
  • London Underground

g

  • DLR
  • Mercedes Benz
  • BBC
  • English National Opera

English National Opera

  • CBRE
  • Regent’s University
  • Turner Broadcasting

Redefining the future for people and places | 23

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SLIDE 24

A smooth integration

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

A smooth integration

  • Financial performance in line

£ million Initial

  • Financial performance in line
  • Work winning coming through

Revenue

440.4

Operating Profit

20.4

  • London Underground
  • B&Q

DLR

p g Headline EPS (p)*

3.0

  • DLR
  • Rebranding & integration largely

g g g y complete

Redefining the future for people and places | 24

*Headline EPS impact of Initial is net of the dilution on the pre-existing Group of the 9.99% equity issue

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SLIDE 25

Integrated frontline offering

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook Financials Support Services UK Support Services International

Integrated frontline offering

Education & skills Welfare & employment

Education Jobs Dignity S kills Training S tability Independent living

Healthcare Justice

Better

Healthcare Justice

relationships Choice Life

  • pportunities

Quality of life

Redefining the future for people and places | 25

Good healthcare Reduced

  • ffending

Rehabilitation S afety

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SLIDE 26

Probation Services Probation Services

  • Variable
  • Discrete cost base

PBR

Discrete cost base

  • Delivered by partners

Fee for service 3rd party income

National Probation S ervice

Revenue

  • Community

sentences

  • Prison resettlement
  • Licence supervision
  • National Probation S

ervice

  • Victim services
  • Already partly in place
  • Variable cost base

R

1 2 3 4 5 6 7 8 9 10

Y ears

  • 7 year contract, 3 year extension

Redefining the future | 26

y , y

  • PBR income starts year 3, runs for 7 years
  • Local Framework Contract – Police, Local Authorities, Health
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SLIDE 27

Support Services International

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

pp

Refinery maintenance - TOCO Quayside modular fabrication capability –Adyard

Redefining the future for people and places | 27

Muscat Sohar Pipeline –TOCO City Avenue Building FM – UAE

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SLIDE 28

Growing and diversifying

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Growing and diversifying

Profit growth

  • Revenues* increased to £157.2m

(2013: £100.5m)

  • Total operating profit increased to

£7.4m (2013: £4.1m)

  • Future workload +74%

to £286m (FY 2013: £166m) Outlook

  • Growing property services capability
  • KSA market entry
  • Continuing geographic integration of

asset maintenance capabilities

* Incl share of associates results

Redefining the future for people and places | 28

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SLIDE 29

£0 3bn new work won

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

£0.3bn new work won

Support Services International - Key contract wins

  • City Avenue Building FM, Wasl
  • Hyundai
  • Asia Gulf Power Service
  • NABORS
  • ZADCO

G lf P h i l S i & di

  • Gulf Petrochemical Services & Trading
  • Enerflex Middle East
  • Military camp FM services – UAE

T h i

  • Technip
  • Qatar Shell GTL
  • GPS

Redefining the future for people and places | 29

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SLIDE 30

Construction UK

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Paragon Corby Link Road Sandwell College Jaguar Land Rover, West Midlands

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SLIDE 31

Strong volume growth

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Strong volume growth

S

  • lid performance

S

  • lid performance
  • S

trong revenue growth (+21% )

  • Margins in guided range, Total
  • perating profit + 5%
  • Future workload +39%

to £1.4bn (FY 2013: £1.0bn)

  • Continuing supply chain cost

pressures Highlights

  • Growing Energy from Waste presence

g gy p

  • Good growth from Paragon
  • S

trong growth in future workload

Redefining the future for people and places | 31

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SLIDE 32

£1 4bn new work won

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

£1.4bn new work won

  • Construction UK - Key contract wins
  • Highways Agency
  • Derby Waste
  • Royal Opera House
  • Hertfordshire, Luton & Reading Schools
  • BMW
  • Markel
  • University of Wolverhampton
  • Solent University
  • Diamond Light Source
  • Scottish National Blood
  • Proton Beam Therapy Clinic
  • Haribo factory
  • East Kent Hospitals

Redefining the future for people and places | 32

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SLIDE 33

Construction International

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Construction International

Mall of The Emirates expansion UAE Petrofac office building – Oman Mall of The Emirates expansion - UAE Petrofac office building – Oman

Redefining the future for people and places | 33

Muscat City Centre - Oman Qatar Education City.

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SLIDE 34

Growing order book

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Growing order book

V l i t i d ( 1% t t

  • Volumes maintained (+1%

constant currency basis)

  • Markets beginning to upturn with

strong growth in the future workload (+37% in 2014)

  • Medium term drivers for growth

present p

  • Growing populations
  • World Cup 2022 (Qatar)
  • Expo 2020 (Dubai)

Redefining the future for people and places | 34

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SLIDE 35

£0.3bn new work won

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

£0.3bn new work won

Construction International - new clients & contracts:

  • Doha Festival City
  • Taj Hotel Fit Out

j

  • Motiongate Theme
  • S

iemens WLL

  • Petrofac / Daelim Joint Venture
  • Halliburton
  • Al Jazeera 360 Morning S

tudio

  • Dubai Aluminium
  • Msheireb Downtown Doha Proj ect
  • Roads and Transport Authority
  • Meraas Holdings
  • Qatar Islamic Bank
  • BLUU Gulf
  • Muscat City Centre mall
  • Qatar Cool

Redefining the future for people and places | 35

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SLIDE 36

Equipment Services

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Equipment Services

Kudai Bus station , Makkah Hong Kong – Zhuahi – Macau Bridge Dubai Opera House 350 Mission Street, USA

slide-37
SLIDE 37

Volume and margin gains

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Volume and margin gains

Strong performance

  • Operating profit increased to £26.6m

(2013: £20.1m)

  • Volume growth

O ti l i ff t

  • Operational gearing effects

Highlights

  • Continuing investment

(£37 t & ki g it l) (£37m net capex & working capital)

  • Strong Middle East performance
  • Strong Far East performance

Redefining the future for people and places | 37

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SLIDE 38

Outlook

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Outlook

  • Volume-led growth

Volume led growth

–

Improving demand

–

Expanded capacity

–

Differentiation

  • Record £8.1bn future workload
  • Margin development

A ti S t S i i

–

Augmenting Support Services mix

–

Increasing utilisation in Equipment Services

–

Medium term improvement in Construction markets

Redefining the future for people and places | 38

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SLIDE 39

Delivering on our investments

Introduction Financials Support Services UK Support Services International Construction UK Construction International Equipment Services Summary and Outlook

Delivering on our investments

  • Strong organic performance

–

Revenue +10%

–

Operating profit +9%

–

Headline EPS +14%

  • £4.1bn of new contracts won in period
  • Headline EPS +23%
  • Dividend +7%

Redefining the future for people and places | 39

slide-40
SLIDE 40

Questions

slide-41
SLIDE 41

Appendix 1

Workload and revenue

slide-42
SLIDE 42

Substantial future workload

Redefining the future for people and places | 42

slide-43
SLIDE 43

Strong near-term revenue b l visibility

Redefining the future for people and places | 43

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SLIDE 44

Strong platform for growth

Group revenue mix by sector Segmental operating profit - by activity Segmental operating profit – by geography

Redefining the future for people and places | 44

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SLIDE 45

Divisional revenue analysis

Support Services UK Construction UK Equipment Services International

Redefining the future for people and places | 45

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SLIDE 46

Appendix 2

Investments

slide-47
SLIDE 47

Investment portfolio Investment portfolio

£ illi 20 £ million 2014 Addiewell Prison Justice 2 9 Addiewell Prison Justice 2.9 West Yorkshire Police Justice 4.0 Haymarket Property 17.7 Scottish National Blood Transfusion Services Health 1.6 Alder Hey Health 1.7 Invested 27.9 Alder Hey Health 1.6 Derby Waste Waste 17 5 Derby Waste Waste 17.5 Committed 19.1 Committed and invested 47.0

Redefining the future for people and places | 47

slide-48
SLIDE 48

Appendix 3

SustainAbilities

slide-49
SLIDE 49

SustainAbilities Plan 2020 SustainAbilities Plan 2020

Redefining the future for people and places | 49

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SLIDE 50

SustainAbilities metrics1 SustainAbilities metrics1

Metric Capital Target 2014 performance Apprenticeships, trainees, graduates Knowledge 500 by 2018 320 Work placements Knowledge 1,000 / yr 1,076 Sustainable Procurement Strategy Social Policy in Achieved Sustainable Procurement Strategy Social Policy in place by 2014 Achieved Health & Wellbeing programme Social Programme i l b Achieved in place by 2014 Employee volunteering Social 15% by 2016 3.6% UK, 2.4% ROW3 Construction waste2 Natural ‐25% by 2016 ‐1.6% UK, ‐16.6% ROW Water consumption2 Natural ‐20% by 2016 ‐10.0% UK, +4.6% ROW

Redefining the future for people and places | 50

1Represents a sample of captured emerging metrics. See SustainAbilities review for

full set of metrics. Where applicable baselines are 2013 performance

2Relative metrics / £m turnover 3ROW –Rest of world

slide-51
SLIDE 51

Investor relations contacts:

Ian Bell 0118 9602284 Robin O’Kelly 0118 9320123 b ll i Ian.bell@interserve.com Robin.okelly@interserve.com