REG - Balfour Beatty PLC - Balfour Beatty 2016 half-year results <Origin Href="QuoteRef">BALF.L</Origin> - Part 3
19/08/2016 13:09
- Part 3: For the preceding part double click ID:nRSQ3657Hb
(7) (12) 1 (3) (21)
(11) (12) (2) (3) (28)
(Loss)/profit from operations (71) (1) 68 (19) (23)
Investment income 40
Finance costs (38)
Loss before taxation (21)
^ Presented before non-underlying items for underlying operations (Note 7).
3 Segment analysis continued
3.1 Income statement - performance by activity from continuing operations
For the half-year ended 26 June 2015 unaudited ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m Rail Germany£m Certain legacy ES contracts£m Total£m
Revenue including share of joint ventures and associates 3,177 615 293 - 4,085 81 25 4,191
Share of revenue of joint ventures and associates (559) (13) (142) - (714) (11) - (725)
Group revenue 2,618 602 151 - 3,371 70 25 3,466
Group operating (loss)/profit^ (198) 4 79 (13) (128) (2) (1)
Share of results of joint ventures and associates (11) - 19 - 8 - -
(Loss)/profit from operations^ (209) 4 98 (13) (120) (2) (1)
Non-underlying items
- include results from certain legacy ES contracts within Construction Services (1) - - - (1)
- include results from Rail Germany within Construction Services (2) - - - (2)
- amortisation of acquired intangible assets (2) - (3) - (5)
- other non-underlying items (3) (4) (1) (4) (12)
(8) (4) (4) (4) (20)
(Loss)/profit from operations (217) - 94 (17) (140)
Investment income 26
Finance costs (36)
Loss before taxation (150)
^ Presented before non-underlying items for underlying operations (Note 7).
For the year ended 31 December 2015 audited ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m Rail Germany£m Certain legacy ES contracts£m Total£m
Revenue including share of joint ventures and associates 6,388 1,259 588 - 8,235 179 30 8,444
Share of revenue of joint ventures and associates (1,168) (25) (278) - (1,471) (18) - (1,489)
Group revenue 5,220 1,234 310 - 6,764 161 30 6,955
Group operating (loss)/profit^ (234) 23 91 (33) (153) (3) (8)
Share of results of joint ventures and associates 5 1 41 - 47 1 -
(Loss)/profit from operations^ (229) 24 132 (33) (106) (2) (8)
Non-underlying items
- include results from certain legacy ES contracts within Construction Services (8) - - - (8)
- include results from Rail Germany within Construction Services (2) - - - (2)
- amortisation of acquired intangible assets (4) - (6) - (10)
- other non-underlying items (37) (13) (4) (2) (56)
(51) (13) (10) (2) (76)
(Loss)/profit from operations (280) 11 122 (35) (182)
Investment income 52
Finance costs (69)
Loss before taxation (199)
^ Presented before non-underlying items for underlying operations (Note 7).
3 Segment analysis continued
3.2 Assets and liabilities by activity
As at half-year ended 1 July 2016 unaudited ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m
Due from construction contract customers 246 136 - - 382
Due to construction contract customers (436) (40) - - (476)
Inventories and non-construction work in progress 44 61 22 - 127
Trade and other receivables - current 702 108 132+ 52 994
Trade and other payables - current (1,366) (254) (49) (72) (1,741)
Provisions - current (129) (6) (5) (25) (165)
Working capital excluding net assets held for sale* (939) 5 100 (45) (879)
Net assets classified as held for sale (Note 12) 6 - - - 6
Adjusted working capital* (933) 5 100 (45) (873)
* Includes non-operating items and current working capital.
+ Includes £73m of amounts due on disposal relating to the disposal of the BSF projects (refer to Note 13 and Note 19.2.3)
Total assets 2,154 519 1,359 881 4,913
Total liabilities (2,260) (327) (628) (864) (4,079)
Net (liabilities)/assets (106) 192 731 17 834
As at half-year ended 26 June 2015 unaudited ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m
Due from construction contract customers 281 168 - - 449
Due to construction contract customers (354) (31) - - (385)
Inventories and non-construction work in progress 68 79 - 4 151
Trade and other receivables - current 775 108 45 13 941
Trade and other payables - current (1,568) (280) (79) (42) (1,969)
Provisions - current (111) (17) (1) (23) (152)
Working capital* (909) 27 (35) (48) (965)
* Includes non-operating items and current working capital.
Total assets 2,134 517 1,276 870 4,797
Total liabilities (2,323) (390) (528) (702) (3,943)
Net (liabilities)/assets (189) 127 748 168 854
As at year ended 31 December 2015 audited ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m
Due from construction contract customers 234 145 - - 379
Due to construction contract customers (426) (46) - - (472)
Inventories and non-construction work in progress 51 67 26 - 144
Trade and other receivables - current 687 104 59 35 885
Trade and other payables - current (1,343) (240) (59) (58) (1,700)
Provisions - current (92) (7) (7) (20) (126)
Working capital* (889) 23 19 (43) (890)
* Includes non-operating items and current working capital.
Total assets 1,983 524 1,339 755 4,601
Total liabilities (2,141) (326) (586) (718) (3,771)
Net (liabilities)/assets (158) 198 753 37 830
3 Segment analysis continued
3.3 Other information
ConstructionServices£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m
For the half-year ended 1 July 2016 unaudited
Capital expenditure on property, plant and equipment 6 1 29 8 44
Depreciation 7 5 1 4 17
Gain on disposals of interests in investments - - 52 - 52
For the half-year ended 26 June 2015 unaudited
Capital expenditure on property, plant and equipment 7 3 2 - 12
Depreciation 9 6 1 1 17
Gain on disposals of interests in investments - - 84 - 84
For the year ended 31 December 2015 audited
Capital expenditure on property, plant and equipment 14 12 14 - 40
Depreciation 16 16 2 1 35
Gain on disposals of interests in investments - - 95 - 95
3.4 Revenue by geographic destination
UnitedKingdom£m UnitedStates£m Rest ofWorld£m Total£m
For the half-year ended 1 July 2016 unaudited
Revenue including share of joint ventures and associates 1,663 1,686 768 4,117
Share of revenue of joint ventures and associates (100) (56) (638) (794)
Group revenue 1,563 1,630 130 3,323
For the half-year ended 26 June 2015 unaudited
Revenue including share of joint ventures and associates 1,982 1,560 649 4,191
Share of revenue of joint ventures and associates (99) (81) (545) (725)
Group revenue 1,883 1,479 104 3,466
For the year ended 31 December 2015 audited
Revenue including share of joint ventures and associates 3,843 3,238 1,363 8,444
Share of revenue of joint ventures and associates (185) (170) (1,134) (1,489)
Group revenue 3,658 3,068 229 6,955
3.5 Infrastructure Investments
Underlying profit from operations1 Group2016 Share of jointventures andassociates 2016first halfunaudited+£m Total2016 Group2015 Share of jointventures andassociates 2015 Total2015 Group2015yearaudited£m Share of jointventures andassociates 2015yearaudited+£m Total2015yearaudited£m
first half first half first half first half first half
unaudited unaudited unaudited unaudited+ unaudited
£m £m £m £m £m
UK^ 2 7 9 1 14 15 3 30 33
North America 7 7 14 8 4 12 17 8 25
Infrastructure Fund - - - - 1 1 - 3 3
Gain on disposals of interests in investments 52 - 52 84 - 84 95 - 95
61 14 75 93 19 112 115 41 156
Bidding costs and overheads (5) - (5) (14) - (14) (24) - (24)
56 14 70 79 19 98 91 41 132
+ The Group's share of the results of joint ventures and associates is disclosed net of investment income, finance costs
and taxation.
^ Including Singapore and Australia.
1 Before non-underlying items (Note 7).
4 Share of results and net assets of joint ventures and associates
4.1 Income Statement
Continuing operations 2016 2015 first half unaudited£m 2015year
first halfunaudited £m audited£m
Underlying revenue1 790 714 1,471
Underlying profit from operations1 4 1 31
Investment income 84 80 166
Finance costs (64) (68) (138)
Profit before taxation1 24 13 59
Taxation (4) (5) (12)
Profit after taxation before non-underlying items 20 8 47
Share of results within non-underlying items - - (3)
Profit after taxation 20 8 44
1 Before non-underlying items (Note 7).
4.2 Balance Sheet
2016 2015 first half unaudited£m 2015year
first halfunaudited £m audited£m
Intangible assets - goodwill 34 29 30
- Infrastructure Investments intangible 16 27 25
- other 11 11 11
Property, plant and equipment 122 82 103
Investments in joint ventures and associates 6 5 5
PPP financial assets 1,942 2,351 2,236
Military housing projects^ 104 93 94
Other assets recorded under the hypothetical liquidation book value method (HLBV)^ 7 - 7
Infrastructure Fund investment - 33 38
Net (borrowings)/cash - non-recourse (1,372) (1,695) (1,649)
- other 283 255 276
Other net liabilities (585) (492) (514)
Share of net assets of joint ventures and associates 568 699 662
Reclassify net liabilities relating to Dutco+ to provisions 15 - 9
Adjusted share of net assets of joint ventures and associates 583 699 671
+ Represents the combined results of BK Gulf LLC and Dutco Balfour Beatty LLC as both joint ventures have common ownership
and report under the same management structure.
^ Re-presented to show other assets recorded under the HLBV method separately from the Group's military housing projects.
4.3 Infrastructure Fund investment
2016 2015 first half 2015year
first halfunaudited £m unaudited£m audited£m
At beginning of period 38 20 20
Capital calls 8 12 15
Distributions received (3) - (2)
Gain on fair value movements - 2 3
Currency translation differences 5 (1) 2
Disposal (Note 19.2.4) (48) - -
At end of period - 33 38
5 Investment income
2016 2015 first half 2015year
first halfunaudited £m unaudited£m audited£m
Subordinated debt interest receivable 15 13 24
Interest receivable on PPP financial assets 12 12 24
Gain on foreign currency deposits 12 - -
Other interest receivable and similar income 1 1 4
40 26 52
6 Finance costs
2016 2015 first half 2015year
first halfunaudited £m unaudited£m audited£m
Non-recourse borrowings - bank loans and overdrafts 12 9 19
Preference shares - finance cost 6 5 11
- accretion 1 1 2
Convertible bonds - finance cost 3 3 5
- accretion 3 3 6
US private placement - finance cost 6 6 11
Other interest payable - other bank loans and overdrafts 1 - 1
- commitment fees 2 3 6
- other finance charges 2 4 5
Net finance cost on pension scheme assets and liabilities 2 2 3
38 36 69
7 Non-underlying items
2016 2015 first half 2015year
first halfunaudited £m unaudited£m audited£m
Items credited to/(charged against) profit
7.1Continuing operations
7.1.1 Trading results from Rail Germany (including £6m (2015: first half £4m, full-year £13m) of other net operating expenses) 1 (2) (3)
7.1.2 Results of certain legacy ES contracts (4) (1) (8)
7.1.3 Amortisation of acquired intangible assets (4) (5) (10)
7.1.4 Other non-underlying items:
- Build to Last transformation costs (9) (12) (23)
- provision increases resulting from revised legal guidelines and settlements (25) - -
- release of Trans4m provisions on liquidation 9 - -
- gain on sale of Balfour Beatty Infrastructure Partners 3 - -
- impairment of land/goodwill relating to Blackpool Airport (2) - (4)
- gain on disposal of Signalling Solutions Ltd 3 15 16
- restructuring costs relating to Heery and Rail Germany - (8) (9)
- cost of implementing the shared service centre in the UK - (5) (8)
- impairment of assets within Rail Germany - - (7)
-impairment of IT intangible asset - - (17)
- other - (2) -
Total other non-underlying items from continuing operations (21) (12) (52)
(28) (20) (73)
7.1.5 Share of results of joint ventures and associates in respect of Rail Germany - - (3)
Charged against profit/(loss) before taxation from continuing operations (28) (20) (76)
7.1.6 Tax on items above 1 3 4
Non-underlying items charged against profit/(loss) for the period from continuing operations (27) (17) (72)
7.2 Discontinued operations
7.2.1 Other non-underlying items:
- gain on disposal of Parsons Brinckerhoff 2 4 5
- loss on disposal of other businesses - (2) (4)
Total other non-underlying items from discontinued operations 2 2 1
Credited to profit/(loss) before taxation from discontinued operations 2 2 1
7.2.2 Tax on items above - - -
Non-underlying items credited to profit/(loss) for the period from discontinued operations 2 2 1
Charged against profit/(loss) for the period (25) (15) (71)
7 Non-underlying items continued
Continuing operations
7.1.1 Rail Germany's results continue to be presented as part of the Group's non-underlying items within continuing
operations as the Group remains committed to exiting its Mainland European rail businesses and does not consider its
operations part of the Group's underlying activity. In the first-half of 2016, Rail Germany generated a profit before tax
excluding share of joint ventures and associates of £1m (2015: first half £2m loss; full-year £3m loss).
7.1.2 The Group has continued to present the results of certain external legacy Engineering Services (ES) contracts in
non-underlying items. These contracts were classified as non-underlying items in 2014 as the performance of these contracts
was linked to poor legacy management and in regions where ES has withdrawn from tendering for third-party work. These
contracts resulted in a loss before tax for the Group of £4m in the first-half of 2016 (2015: first half £1m; full-year
£8m). A tax credit of £1m (2015: first half £nil; full-year £nil) has been recognised on this loss.
7.1.3 The amortisation of acquired intangible comprises: customer contracts £3m (2015: first half £3m; full-year £6m);
customer relationships £1m (2015: first half £1m; full-year £3m); and brand names £nil (2015: first half £1m; full-year
£1m).
7.1.4.1 The Group launched its Build to Last transformation programme in February 2015. The transformation programme is
aimed to drive continual improvement across all of the Group's businesses and realise operational efficiencies. As a result
of this programme, restructuring costs of £9m were incurred in the first-half of 2016 relating to: Construction Services UK
£1m; Support Services UK £1m; other UK entities £3m; and non-UK entities £4m. These restructuring costs comprise:
redundancy costs £5m; external advisers £2m; property-related costs £1m; and other restructuring costs £1m.
In the first-half of 2015, the Group incurred restructuring costs of £12m relating to: Construction Services UK £7m;
Support Services UK £2m; and other UK entities £3m. These restructuring costs comprise: redundancy costs £6m; external
advisers £1m; and property-related costs £5m.
In the full-year 2015, the Group incurred restructuring costs of £23m relating to: Construction Services UK £11m; Support
Services UK £6m; other UK entities £3m and non-UK entities £3m. These restructuring costs comprise: redundancy costs £12m;
external advisers £4m; property-related costs £5m and other restructuring costs £2m.
7.1.4.2 In the first-half of 2016, following a reassessment of potential liabilities on historical health and safety
breaches following new sentencing guidelines introduced earlier this year and the settlement of other historical claims
previously treated as non-underlying items, the Group has revised its legal provisioning levels relating to these items
resulting in a £25m expense in the period. This has been presented as non-underlying because its size would otherwise
distort the underlying financial performance achieved by the Group and the events giving rise to these expenses do not
relate to the current financial period.
7.1.4.3 In the first-half of 2016, the Group has released all remaining provisions relating to Trans4m Ltd (Trans4m)
amounting to £9m. Trans4m was an equal joint operation between Balfour Beatty and three other partner shareholders and was
contracted to Metronet as part of the London Underground PPP. The provisions were originally recorded in non-underlying
items in 2007. Trans4m went into creditors' voluntary liquidation on 27 June 2016.
7.1.4.4 In the first-half of 2016, the Group disposed of its interest in Balfour Beatty Infrastructure Partners, which
consists of its 17.8% interest in the Infrastructure Fund and 100% interest in the fund's advisor. Initial consideration of
£48m was received, resulting in a gain of £3m to the Group. Refer to Notes 19.2.4 and 19.2.5.
7 Non-underlying items continued
Continuing operations
7.1.4.5 In the first-half of 2016, an impairment of £2m was recognised on land held at Blackpool Airport. The land was
originally held in connection with the Group's former operation of the airport. In the second-half of 2015, goodwill
amounting to £4m in relation to Blackpool Airport was fully written down.
7.1.4.6 On 27 May 2015, the Group disposed of its 50% interest in Signalling Solutions Ltd (SSL) for a cash consideration
of £18m, resulting in a £16m gain in 2015. In the first-half of 2016, additional consideration received resulted in a
further gain of £2m being reported. In addition to this, a £1m pension settlement gain arose as a result of transferring
pension liabilities relating to the employees of SSL to the new employer.
7.1.6 The non-underlying items charged against Group operating profit from continuing operations gave rise to a tax credit
of £1m comprising: £2m charge on the results of Rail Germany and £1m credit on certain legacy Engineering Services
contracts; £1m credit on amortisation of acquired intangible assets; and £1m credit on other non-underlying items (2015:
first half £3m credit comprising: £2m credit on amortisation of acquired intangible assets and £1m credit on other
non-underlying items, full-year tax credit of £4m comprising: £2m charge on the results of Rail Germany; £4m credit on
amortisation of acquired intangible assets; and £2m credit on other non-underlying items).
Discontinued operations
7.2.1.1 During the first-half of 2016, further additional cash consideration relating to historical tax matters was
received for the sale of Parsons Brinckerhoff amounting to £2m.
7.2.2 The non-underlying items charged against profit from discontinued operations gave rise to a tax credit of £nil.
8 Taxation
Underlyingitems2016 Non-underlyingitems(Note 7)2016first halfunaudited£m Total2016first halfunaudited£m 2015 first half unaudited£m 2015 year audited£m
first halfunaudited1 £m
Total UK tax 12 - 12 (10) (15)
Total non-UK tax (5) 1 (4) 9 8
Total tax credit/(charge)x 7 1 8 (1) (7)
UK current tax - - - - 2
Non-UK current tax - (1) (1) (1) 1
Total current tax - (1) (1) (1) 3
UK deferred tax 12 - 12 (10) (17)
Non-UK deferred tax (5) 2 (3) 10 7
Total deferred tax 7 2 9 - (10)
Total tax credit/(charge)x 7 1 8 (1) (7)
x Excluding joint ventures and associates.
1 Before non-underlying items (Note 7).
In addition to the Group tax charge above, tax of £11m is credited (2015: first half £50m credit, full-year £49m credit)
directly to other comprehensive income, comprising: a deferred tax charge of £nil (2015: first half £26m credit, full-year
£16m credit) and a deferred tax credit in respect of joint ventures and associates of £11m (2015: first half £24m credit,
full-year £33m credit).
9 Earnings per ordinary share
2016 first half unaudited 2015 first half unaudited 2015 year audited
Earnings Basic£m Diluted£m Basic£m Diluted£m Basic£m Diluted£m
Continuing operations
Loss (13) (13) (151) (151) (206) (206)
Amortisation of acquired intangible assets net of tax 3 3 3 3 6 6
Other non-underlying items net of tax 24 24 14 14 66 66
Underlying earnings/(loss) 14 14 (134) (134) (134) (134)
Discontinued operations
Profit 2 2 1 1 - -
Other non-underlying items net of tax (2) (2) (2) (2) (1) (1)
Underlying loss - - (1) (1) (1) (1)
Total operations
Loss (11) (11) (150) (150) (206) (206)
Amortisation of acquired intangible assets net of tax 3 3 3 3 6 6
Other non-underlying items net of tax 22 22 12 12 65 65
Underlying earnings/(loss) 14 14 (135) (135) (135) (135)
Basicm Dilutedm Basicm Dilutedm Basicm Dilutedm
Weighted average number of ordinary shares 680 680 684 684 682 682
Earnings per share Basicpence Dilutedpence Basicpence Dilutedpence Basicpence Dilutedpence
Continuing operations
Loss per ordinary share (2.0) (2.0) (22.0) (22.0) (30.2) (30.2)
Amortisation of acquired intangible assets net of tax 0.5 0.5 0.5 0.5 0.8 0.8
Other non-underlying items net of tax 3.5 3.5 2.1 2.1 9.7 9.7
Underlying earnings/(loss) per ordinary share 2.0 2.0 (19.4) (19.4) (19.7) (19.7)
Discontinued operations
Earnings per ordinary share 0.4 0.4 0.1 0.1 0.1 0.1
Other non-underlying items net of tax (0.4) (0.4) (0.2) (0.2) (0.2) (0.2)
Underlying loss per ordinary share - - (0.1) (0.1) (0.1) (0.1)
Total operations
Loss per ordinary share (1.6) (1.6) (21.9) (21.9) (30.1) (30.1)
Amortisation of acquired intangible assets net of tax 0.5 0.5 0.5 0.5 0.8 0.8
Other non-underlying items net of tax 3.1 3.1 1.9 1.9 9.5 9.5
Underlying earnings/(loss) per ordinary share 2.0 2.0 (19.5) (19.5) (19.8) (19.8)
10 Dividends on ordinary shares
2016 first half unaudited
Per sharepence Amount£m
Proposed dividends for the period
Interim 2016 0.9 6
0.9 6
There were no proposed or recognised dividends for 2015. The Board took the decision to suspend the dividend in 2015, to
ensure balance sheet strength was maintained during the initial stages of the transformation programme. The Board
recognises the importance of dividends to its shareholders. Following the demonstrable progress made by the Group over the
last 18 months and the expectation of further solid and measurable progress, it has decided to reinstate the dividend at an
appropriate level.
The Board is therefore declaring an interim dividend of 0.9p, with a ratio of interim to final dividend to be approximately
1:2. The Board anticipates a progressive dividend policy going forward.
The interim 2016 dividend will be paid on 5 December 2016 to holders on the register on 7 October 2016 by direct credit or,
where no mandate has been given, by cheque posted on 1 December 2016 payable on 2 December 2016. The ordinary shares will
be quoted ex-dividend on 6 October 2016.
11 Intangible assets - goodwill
Cost £m Accumulatedimpairmentlosses£m Carryingamount £m
At 1 January 2015 audited 977 (151) 826
Currency translation differences (13) 11 (2)
At 26 June 2015 unaudited 964 (140) 824
Currency translation differences 33 (9) 24
Impairment charges in respect of Blackpool Airport - (4) (4)
At 31 December 2015 audited 997 (153) 844
Currency translation differences 72 (20) 52
At 1 July 2016 unaudited 1,069 (173) 896
As at 1 July 2016, the Group performed an assessment to identify indicators of impairment relating to goodwill allocated to
cash-generating units (CGUs). This included a review of internal and external indicators of impairment and consideration of
the year-to-date performance of the relevant CGUs and any changes in key assumptions. The result of this assessment did not
identify any indicators of impairment which could reasonably be expected to eliminate the headroom computed at 31 December
2015 and therefore no impairment charges were recorded in the first-half of 2016 (2015: first half £nil; full-year £4m).
The stabilisation and recovery of Construction Services UK to more normal levels of performance remains a key assumption
underpinning the cash flow forecasts used to assess the recoverable amount of the related goodwill at the previous
financial year end.
A full detailed impairment review will be conducted at 31 December 2016.
12 Assets and liabilities held for sale
Following an agreement to sell parts of Rail Germany to Tianjin Keyvia Electric Co Ltd in December 2015 and the
satisfaction of various approvals in the first-half of 2016, the completion of this sale is now deemed to be highly
probable. Accordingly, assets and liabilities of the parts which are subject to sale have been classified as held for sale
at 1 July 2016.
Parts of Rail Germany2016first half unaudited £m
Non-current assets
Intangible assets - other 1
Property, plant and equipment 1
2
Current assets
Inventories and non-construction work in progress 6
Due from construction contract customers 25
Trade and other receivables 9
Cash 14
54
Total assets classified as held for sale 56
Current liabilities
Due to construction contract customers (8)
Trade and other payables (26)
(34)
Non-current liabilities
Retirement benefit liabilities (6)
(6)
Total liabilities classified as held for sale (40)
Net assets of disposal group 16
13 Trade and other receivables
2016first halfunaudited£m 2015first halfunaudited£m 2015yearaudited£m
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