REG - Balfour Beatty PLC - Full Year Results <Origin Href="QuoteRef">BALF.L</Origin> - Part 3
25/03/2015 07:12
- Part 3: For the preceding part double click ID:nRSY3723Ib
5,429 1,247 274 - 6,950 252 62 7,264
Group operating (loss)/profit^ (217) 49 81 (26) (113) (22) (88)
Share of results of joint ventures and associates 8 1 46 - 55 (1) -
(Loss)/profit from operations^ (209) 50 127 (26) (58) (23) (88)
Non-underlying items
- include results from certain legacy ES contracts within Construction Services (88) - - - (88)
- include results from Rail Germany within Construction Services (23) - - - (23)
- amortisation of acquired intangible assets (5) - (6) - (11)
- other non-underlying items (66) (27) (3) (5) (101)
(182) (27) (9) (5) (223)
(Loss)/profit from operations (391) 23 118 (31) (281)
Investment income 64
Finance costs (87)
Loss before taxation (304)
^ Presented before non-underlying items for underlying operations (Note 8).
^ £10m of costs relating to the acceleration of the completion of construction works has been included within
Infrastructure Investments. Refer to page 13.
Income statement - performance by activity from continuing operations ConstructionServices SupportServices InfrastructureInvestments Corporateactivities Total RailGermany Certain legacy ES contracts Total
20132,3,4,7£m 2013£m 2013£m 2013£m 20132,3,4£m 20133£m 20134£m 20132,3£m
Revenue including share of joint ventures and associates 6,594 1,265 608 11 8,478 298 76 8,852
Share of revenue of joint ventures and associates (971) (33) (356) - (1,360) (4) - (1,364)
Group revenue 5,623 1,232 252 11 7,118 294 76 7,488
Group operating (loss)/profit^ (19) 54 69 (29) 75 (22) -
Share of results of joint ventures and associates 37 1 33 - 71 - -
Profit/(loss) from operations^ 18 55 102 (29) 146 (22) -
Non-underlying items
- include results from Rail Germany within Construction Services (22) - - - (22)
- amortisation of acquired intangible assets (10) - (7) - (17)
- other non-underlying items (89) (15) - (36) (140)
(121) (15) (7) (36) (179)
(Loss)/profit from operations (103) 40 95 (65) (33)
Investment income 63
Finance costs (79)
Loss before taxation (49)
^ Presented before non-underlying items for underlying operations (Note 8).
2Re-presented to classify Parsons Brinckerhoff and Rail Italy as discontinued operations (Note 10).
3Re-presented to include results of Rail Germany, which no longer meets the definition of a discontinued operation, as
non-underlying items within continuing operations (Note 8).
4Re-presented to show the results of certain legacy Engineering Services contracts as non-underlying items (Note 8).
7Re-presented to include Heery Inc. which was previously included in Professional Services.
Assets and liabilities by activity ConstructionServices SupportServices InfrastructureInvestments Corporateactivities Total
2014^,+£m 2014£m 2014£m 2014£m 2014£m
Due from construction contract customers 406 156 - - 562
Due to construction contract customers (317) (33) - - (350)
Inventories and non-construction work in progress 82 84 - 4 170
Trade and other receivables - current 807 104 55 - 966
Trade and other payables - current (1,596) (278) (75) (10) (1,959)
Provisions - current (89) (15) - (16) (120)
Working capital from continuing operations* (707) 18 (20) (22) (731)
Classified as net assets held for sale (Note 10) (2) - - - (2)
Adjusted working capital* (709) 18 (20) (22) (733)
* Includes non-operating items and current working capital.
Total assets 2,419 491 1,530 804 5,244
Total liabilities (2,274) (365) (701) (674) (4,014)
Net assets 145 126 829 130 1,230
^ Includes net assets held for sale of £13m relating to the Rail disposal group (Note 10).
+ Includes Heery Inc. representing net assets of £11m.
5.1 Total Group
Assets and liabilities by activity ProfessionalServices ConstructionServices SupportServices InfrastructureInvestments Corporateactivities Total
2013+£m 2013^,+£m 2013£m 2013#£m 2013#£m 2013£m
Due from construction contract customers 179 316 136 - - 631
Due to construction contract customers (115) (192) (53) - - (360)
Inventories and non-construction work in progress 1 62 71 - 1 135
Trade and other receivables - current 285 703 142 50 10 1,190
Trade and other payables - current (234) (1,445) (283) (58) (26) (2,046)
Provisions - current (4) (58) (10) (2) (26) (100)
Working capital from continuing operations* 112 (614) 3 (10) (41) (550)
Classified as net assets held for sale (Note 10) - (17) - - - (17)
Adjusted working capital* 112 (631) 3 (10) (41) (567)
* Includes non-operating items and current working capital.
Total assets 776 2,190 486 1,278 982 5,712
Total liabilities (453) (2,102) (458) (613) (1,051) (4,677)
Net assets/(liabilities) 323 88 28 665 (69) 1,035
^ Includes net assets held for sale of £12m relating to the Rail disposal group (Note 10).
+Re-presented to include Heery Inc. within Construction Services, representing negative working capital of £27m and net
assets of £11m.
# Re-presented to include the net non-recourse borrowings directly attributable to Infrastructure Investments which were
previously included within Corporate activities.
Other information - continuing operations ConstructionServices SupportServices InfrastructureInvestments Corporateactivities Total
2014£m 2014£m 2014£m 2014£m 2014£m
Capital expenditure on property, plant and equipment 15 11 23 - 49
Depreciation 25 15 2 1 43
Gain on disposals of interests in investments (Note 21.3) - - 93 - 93
20132,3,7£m 2013£m 2013£m 2013£m 20132,3,7£m
Capital expenditure on property, plant and equipment 19 11 11 7 48
Depreciation 18 18 2 1 39
Gain on disposals of interests in investments - - 82 - 82
2 Re-presented to classify Parsons Brinckerhoff and Rail Italy as discontinued operations (Note 10).
3Re-presented to include results of Rail Germany, which no longer meets the definition of a discontinued operation, as
non-underlying items within continuing operations (Note 8).
7 Includes Heery Inc. which was previously included in Professional Services.
Performance by geographic destination - continuing operations UnitedKingdom UnitedStates Rest ofWorld Total
2014£m 2014£m 2014£m 2014£m
Revenue including share of joint ventures and associates 4,271 3,123 1,399 8,793
Share of revenue of joint ventures and associates (329) (180) (1,020) (1,529)
Group revenue 3,942 2,943 379 7,264
Non-current assets excluding financial assets and deferred tax assets 1,135 709 128 1,972
2013£m 20132£m 20132,3£m 20132,3£m
Revenue including share of joint ventures and associates 4,452 3,174 1,226 8,852
Share of revenue of joint ventures and associates (436) (167) (761) (1,364)
Group revenue 4,016 3,007 465 7,488
Non-current assets excluding financial assets and deferred tax assets 1,057 854 215 2,126
Classified as assets held for sale (Note 10) - - 52 52
Adjusted non-current assets excluding financial assets and deferred tax assets 1,057 854 267 2,178
2 Re-presented to classify Parsons Brinckerhoff and Rail Italy as discontinued operations (Note 10).
3Re-presented to include results of Rail Germany, which no longer meets the definition of a discontinued operation, as
non-underlying items within continuing operations (Note 8).
5.2 Infrastructure Investments
Underlying profit from operations1 Group2014£m Share of jointventures andassociates+(Note 15)2014£m Total2014£m Group2013£m Share of jointventures andassociates+(Note 15)2013£m Total2013£m
UK ^ 2 40 42 2 27 29
North America 15 6 21 21 6 27
Infrastructure Fund - - - (2) - (2)
Infrastructure (2) - (2) (3) - (3)
Gain on disposals of interests in investments 93 - 93 82 - 82
108 46 154 100 33 133
Bidding costs and overheads (27) - (27) (31) - (31)
81 46 127 69 33 102
+ 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 iRecent news on Balfour Beatty
See all newsREG - Balfour Beatty PLC - Balfour Beatty disposes of Foundry Courtyard
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
Announcement