REG - Balfour Beatty PLC - Half Year Results <Origin Href="QuoteRef">BALF.L</Origin> - Part 3
12/08/2015 07:01
- Part 3: For the preceding part double click ID:nRSL7766Vb
- finance leases 18.4 - - 1
Repayments of: - loans - infrastructure concessions6 18.4 (4) (4) (7)
- loans - other6 18.4 - (14) (83)
- finance leases 18.4 - - (3)
Ordinary dividends paid - - (96)
Interest paid - infrastructure concessions6 (9) (14) (21)
Interest paid - other6 (19) (14) (29)
Preference dividends paid (5) (5) (11)
Net cash (used in)/from financing activities (11) 229 (3)
Net (decrease)/increase in cash and cash equivalents (11) (78) 212
Effects of exchange rate changes 6 (13) (12)
Cash and cash equivalents at beginning of period 727 526 526
Net decrease/(increase) in cash within assets held for sale 9 3 (5) 1
Cash previously held within assets held for sale disposed of during the period 19.2 15 - -
Cash and cash equivalents at end of period 18.2 740 430 727
1 Before non-underlying items (Note 7).
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
3 Re-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 7).
4 Re-presented to show the results of certain legacy Engineering Services contracts as non-underlying items (Note 7).
5 Restated to correct prior period error relating to the recognition of contract losses in the UK construction business
(Note 1.7).
6 Re-presented to separately identify cash flows from infrastructure concessions and other.
Notes to the condensed financial statements
1.1 Basis of accounting
The condensed Group financial statements for the half-year ended 26 June 2015 have been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting as adopted
by the European Union. The condensed Group financial statements should be read in conjunction with the financial statements
for the year ended 31 December 2014, which were prepared in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union.
The condensed Group financial statements have been reviewed, not audited, and were approved for issue by the Board on 11
August 2015. The financial information included in this report does not constitute statutory accounts for the purposes of
Section 434 of the Companies Act 2006. A copy of the Company's audited statutory accounts for the year ended 31 December
2014 has been delivered to the Registrar of Companies. The independent auditor's report on those accounts was unqualified,
did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the
report and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
The condensed Group financial statements have been prepared on the basis of the accounting policies set out in the Annual
Report and Accounts 2014 except as described in Note 1.4 below.
1.2 Judgements and key sources of estimation uncertainty
The Group's principal judgements and key sources of estimation uncertainty remain unchanged since the year-end and are set
out in Note 2.27 on pages 101 and 102 of the Annual Report and Accounts 2014.
1.3 Going concern
Having made appropriate enquiries and reviewed medium-term cash forecasts, the Directors consider it reasonable to assume
that the Group has adequate resources to continue for a period of not less than 12 months from the date of this report and,
for this reason, have continued to adopt the going concern basis in preparing the half-year condensed Group financial
statements. Refer to Note 23.
1.4 Adoption of new and revised standards
The following new and revised standards have been adopted in the current period and do not have a material effect on the
Group:
· Amendments to the following standards:
o IAS 19 Employee Benefits: Defined Benefit Plans: Employee Contributions
o Improvements to IFRSs (2010 - 2012)
o Improvements to IFRSs (2011 - 2013).
1.5 Accounting standards not yet adopted by the Group
The following accounting standards, interpretations and amendments have been issued by the IASB but had either not been
adopted by the European Union or were not yet effective in the European Union at 26 June 2015:
· IFRS 9 Financial Instruments
· IFRS 14 Regulatory Deferral Accounts
· IFRS 15 Revenue from Contracts with Customers
· Amendments to the following standards
o IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
o IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the Consolidation Exemption
o IFRS 11 Accounting for Acquisitions of Interests in Joint Operations
o IAS 1 Disclosure Initiative
o IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation
o IAS 16 and IAS 41: Agricultural: Bearer Plants
o IAS 27 Equity Method in Separate Financial Statements
o Improvements to IFRSs (2012 - 2014).
The Group does not expect the above standards to have a material quantitative effect.
1.7 Restatement of prior period result
Given the scale of the losses incurred in 2014 following significant write-downs on contracts resulting from the failure to
apply control processes properly, consideration was given as to whether any of the losses incurred in 2014 should have been
identified and accounted for in previous periods in accordance with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors.
The projects on which there was a significant deterioration in the end margin from tender were examined to identify the
reasons for the change and to identify the time of the root cause for the deterioration.
The results of the exercise showed that the vast majority of the losses were due to operational issues in 2014 and
appropriately accounted for in that year. However, there were certain contracts where there were errors principally due to
unrealistic cost and scope assumptions which were not appropriately accounted for in the first half of 2014. As a
consequence, the comparatives for the half-year ended 27 June 2014 have been restated to reduce profits from UK
construction by £16m, with a corresponding impact to amounts due to construction contract customers on the balance sheet.
Refer to Note 26.
Following the July 2015 Trading Update, a similar exercise was carried out. The results of this exercise showed that the
vast majority of the losses were due to operational issues in 2015, and therefore appropriately accounted for in the first
half of this year.
1.8 Changes in accounting estimates
Following the UK and US construction business contract reviews conducted in the period, and consistent with the approach
adopted in the UK at the 2014 year end to reflect an increased level of prudence in estimating contract completion costs,
further risk-based provisions have been recorded in the UK and US. This is a prospective change in accounting estimate and
has resulted in a £39m expense in the first half of the year (2014: first half £nil; full-year £51m).
1.9 Re-presentation of comparative information
Discontinued operations
The comparative information for the half-year ended 27 June 2014 has been re-presented to classify Parsons Brinckerhoff as
a discontinued operation. Refer to Notes 9 and 26.
Rail Germany was reclassified from discontinued operations in the second half of 2014 and is now being presented as part of
the Group's non-underlying items within continuing operations. The Group has presented Rail Germany outside of underlying
items as it remains committed to exiting its Mainland European rail businesses as soon as possible and does not consider
its operations part of the Group's underlying activity. When initially classified as a discontinued operation in 2013 the
German business was being marketed to be sold as an entire unit. Subsequently it became apparent that this would not be
possible and disposal of part of the business was agreed in November 2014 and completed in January 2015. As a result, Rail
Germany did not satisfy the criteria under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for it to
remain as a discontinued operation at 31 December 2014 and the comparative information for the half-year ended 27 June 2014
has been restated accordingly. Refer to Notes 9 and 26.
Engineering Services
The performance of external Engineering Services (ES) contracts linked to poor legacy management and in regions that ES has
withdrawn from tendering for third-party work were also classified as non-underlying items in the second half of 2014 as
the size and nature of the losses due to the problematic delivery of these contracts are exceptional and distort the
underlying performance of the Group. ES has stopped bidding external work in London, South East and the South West. At 26
June 2015, 10 of these contracts were still active, with the last of these contracts currently scheduled to complete in
March 2016. Separate disclosure of these contracts aids the reader's understanding of the underlying performance of the
remainder of the Group. Performance on these contracts including any claims recovery will be presented in non-underlying
items through to their completion. The comparative information for the half-year ended 27 June 2014 has been restated
accordingly. Refer to Note 26.
Segmental analysis
The Group no longer presents a Professional Services segment following the sale of Parsons Brinckerhoff on 31 October 2014
which constituted the vast majority of this segment. The remaining continuing operations, which were previously reported in
Professional Services and principally comprised the operations of Heery Inc., now report into Construction Services
management and consequently have been re-presented within the Construction Services segment. The comparative information
for the half-year ended 27 June 2014 has been restated accordingly.
2 Exchange rates
The following key exchange rates were applied in these financial statements.
Average rates
£1 buys 2015 first halfunaudited 2014 first halfunaudited 2014 year audited 27 June 2014 - 26 June 2015 % change 31 Dec 2014-26 June 2015 % change
US$ 1.53 1.67 1.65 (8.4)% (7.3)%
Euro 1.36 1.22 1.24 11.5% 9.7%
Closing rates
£1 buys 2015 first halfunaudited 2014 first halfunaudited 2014 year audited 27 June 2014 - 26 June 2015 % change 31 Dec 2014-26 June 2015 % change
US$ 1.57 1.70 1.56 (7.6)% 0.6%
Euro 1.41 1.25 1.28 12.8% 10.2%
3 Segment analysis
Reportable segments of the Group:
Construction Services - activities resulting in the physical construction of an asset.
Support Services - activities which support existing assets or functions such as asset maintenance and refurbishment.
Infrastructure Investments - acquisition, operation and disposal of infrastructure assets such as roads, hospitals,
schools, student accommodation, military housing, offshore transmission networks and other concessions.
Refer to Notes 1.7 and 1.9 for a description of the re-presentations of the comparative information for the half-year ended
27 June 2014.
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)
^ Segments presented before non-underlying items for underlying operations (Note 7).
3 Segment analysis continued
3.1 Income statement - performance by activity from continuing operations continued
For the half-year ended 27 June 2014unaudited ConstructionServices2,3,4,5,7£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total £m RailGermany3£m Certain legacy ES contracts4£m Total2,3,5£m
Revenue including share of joint ventures and associates 3,186 615 271 - 4,072 118 35 4,225
Share of revenue of joint ventures and associates (511) (12) (147) - (670) - - (670)
Group revenue 2,675 603 124 - 3,402 118 35 3,555
Group operating (loss)/profit^ (61) 22 40 (14) (13) (11) (33)
Share of results of joint ventures and associates 10 - 32 - 42 - -
(Loss)/profit from operations^ (51) 22 72 (14) 29 (11) (33)
Non-underlying items
- include results from certain legacy ES contracts within Construction Services (33) - - - (33)
- include results from Rail Germany within Construction Services (11) - - - (11)
- amortisation of acquired intangible assets (2) - (3) - (5)
- other non-underlying items (19) (4) - - (23)
(65) (4) (3) - (72)
(Loss)/profit from operations (116) 18 69 (14) (43)
Investment income 30
Finance costs (45)
Loss before taxation (58)
^ Segments presented before non-underlying items for underlying operations (Note 7).
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
3 Re-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 7).
4 Re-presented to show the results of certain legacy Engineering Services contracts as non-underlying items (Note 7).
5 Restated to correct prior period error relating to the recognition of contract losses in the UK construction business
(Note 1.7).
7 Re-presented to include Heery Inc. which was previously included in Professional Services.
For the year ended 31 December 2014audited ConstructionServices+£m SupportServices£m InfrastructureInvestments+£m Corporateactivities£m Total £m RailGermany£m Certain legacy ES contracts£m Total£m
Revenue including share of joint ventures and associates 6,597 1,273 570 - 8,440 291 62 8,793
Share of revenue of joint ventures and associates (1,168) (26) (296) - (1,490) (39) - (1,529)
Group revenue 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)
^ Segments presented before non-underlying items for underlying operations (Note 7).
+ £10m of costs relating to the acceleration of the completion of construction works is included within Infrastructure
Investments.
3 Segment analysis continued
3.2 Assets and liabilities by activity
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
+ Includes Heery Inc. representing negative working capital of £6m and net assets of £8m.
As at half-year ended 27 June 2014 unaudited ProfessionalServices+£m ConstructionServices5,^,+£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total5£m
Due from construction contract customers 179 354 188 - - 721
Due to construction contract customers (105) (223) (30) - - (358)
Inventories and non-construction work in progress 1 75 81 - 4 161
Trade and other receivables - current 305 760 155 113 2 1,335
Trade and other payables - current (225) (1,422) (335) (58) (88) (2,128)
Provisions - current (3) (65) (17) (2) (6) (93)
Working capital from continuing operations* 152 (521) 42 53 (88) (362)
Classified as net assets held for sale (Note 9) - (6) - - - (6)
Adjusted working capital* 152 (527) 42 53 (88) (368)
* Includes non-operating items and current working capital.
Total assets 796 2,459 559 1,185 629 5,628
Total liabilities (424) (2,265) (477) (444) (1,069) (4,679)
Net assets/(liabilities) 372 194 82 741 (440) 949
5 Restated to correct prior period error relating to the recognition of contract losses in the UK construction business
(Note 1.7).
^ Includes net assets held for sale of £26m relating to the Rail disposal group (Note 9).
+ Re-presented to include Heery Inc. within Construction Services, representing negative working capital of £7m and net
assets of £12m.
As at year ended 31 December 2014 audited ConstructionServices^,+£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£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 9) (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 9).
+ Includes Heery Inc. representing negative working capital of £1m and net assets of £11m.
3 Segment analysis continued
3.3 Other information - continuing operations
ConstructionServices7£m SupportServices£m InfrastructureInvestments£m Corporateactivities£m Total£m
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 half-year ended 27 June 2014 unaudited2,3
Capital expenditure on property, plant and equipment 7 8 15 - 30
Depreciation 7 8 1 1 17
Gain on disposals of interests in investments - - 51 - 51
For the year ended 31 December 2014 audited
Capital expenditure on property, plant and equipment 15 11 23 - 49
Depreciation 25 15 2 1 43
Gain on disposals of interests in investments - - 93 - 93
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
3 Re-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 7).
7 Re-presented to include Heery Inc. which was previously included in Professional Services.
3.4 Revenue by geographic destination - continuing operations
UnitedKingdom£m UnitedStates£m Rest ofWorld£m Total£m
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 half-year ended 27 June 2014 unaudited2,3
Revenue including share of joint ventures and associates 2,072 1,556 597 4,225
Share of revenue of joint ventures and associates (171) (94) (405) (670)
Group revenue 1,901 1,462 192 3,555
For the year ended 31 December 2014 audited
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
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
3 Re-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 7).
3 Segment analysis continued
3.5 Infrastructure Investments
Underlying profit from operations1 Group2015 Share of jointventures andassociates 2015first halfunaudited+£m Total2015 Group2014 Share of jointventures andassociates 2014 Total2014 Group2014yearaudited£m Share of jointventures andassociates 2014yearaudited+£m Total2014yearaudited£m
first half first half first half first half first half
unaudited unaudited unaudited unaudited+ unaudited
£m £m £m £m £m
UK ^ 1 14 15 1 29 30 2 40 42
North America 8 4 12 7 3 10 15 6 21
Infrastructure Fund - 1 1 (1) - (1) - - -
Infrastructure - - - (1) - (1) (2) - (2)
Gain on disposals of interests in investments 84 - 84 51 - 51 93 - 93
93 19 112 57 32 89 108 46 154
Bidding costs and overheads (14) - (14) (17) - (17) (27) - (27)
79 19 98 40 32 72 81 46 127
+ 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 2015 2014 first half 2014year
first halfunaudited £m unaudited2£m audited£m
Underlying revenue1 714 670 1,490
Underlying profit from operations relating to:- equity accounted joint ventures and associates1 1 20 30
Investment income 80 102 179
Finance costs (68) (70) (139)
Profit before taxation1 13 52 70
Taxation (5) (10) (15)
Profit after taxation before non-underlying items 8 42 55
Share of results within non-underlying items - (1) (2)
Profit after taxation 8 41 53
1 Before non-underlying items (Note 7).
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
4.2 Balance Sheet
2015 2014 first half 2014year
first halfunaudited £m unaudited£m audited£m
Intangible assets - goodwill 29 27 29
- Infrastructure Investments intangible 27 24 24
- other 11 6 6
Property, plant and equipment 82 52 61
Investments in joint ventures and associates 5 4 5
PPP financial assets 2,351 2,295 2,359
Military housing projects 93 84 91
Infrastructure Fund investment 33 10 20
Net (borrowings)/cash - non-recourse (1,695) (1,593) (1,520)
- other 255 189 250
Other net liabilities (492) (419) (566)
Share of net assets of joint ventures and associates 699 679 759
4.3 Infrastructure Fund investment
2015 2014 first half 2014year
first halfunaudited £m unaudited£m audited£m
At beginning of period 20 11 11
Capital calls 12 - 9
Distributions received - (1) (1)
Gain on fair value movements 2 - -
Currency translation differences (1) - 1
At end of period 33 10 20
5 Investment income
Continuing operations 2015 2014 first half 2014year
first halfunaudited £m unaudited£m audited£m
Subordinated debt interest receivable 13 13 29
Interest receivable on PPP financial assets 12 14 26
Other interest receivable and similar income 1 3 9
26 30 64
6 Finance costs
Continuing operations 2015 2014 first half 2014year
first halfunaudited £m unaudited2,3£m audited£m
Non-recourse borrowings - bank loans and overdrafts 9 11 20
Preference shares - finance cost 5 5 11
- accretion 1 1 2
Convertible bonds - finance cost 3 3 5
- accretion 3 3 6
US private placement - finance cost 6 5 10
Other interest payable - loans under committed facilities - 3 6
- other bank loans and overdrafts - 1 -
- commitment fees 3 2 5
- other finance charges 4 3 6
Net finance cost on pension scheme assets and liabilities 2 8 16
36 45 87
2 Re-presented to classify Parsons Brinckerhoff as a discontinued operation (Note 9).
3 Re-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 7).
7 Non-underlying items
2015 2014 first half 2014year
first halfunaudited £m unaudited2,3,4,5£m audited£m
Items (charged against)/credited to (loss)/profit
7.1Continuing operations
7.1.1 Trading results from Rail Germany (including £4m (2014: first half £1m, full-year £15m) of other net operating expenses and £nil (2014: first half £1m, full-year £1m) of finance cost) (2) (12) (23)
7.1.2 Results of certain legacy ES contracts (1) (33) (88)
7.1.3 Amortisation of acquired intangible assets (5) (5) (11)
7.1.4 Other non-underlying items:
- Build to Last transformation costs (12) - -
- cost of implementing the shared service centre in the UK (5) (6) (14)
- restructuring and reorganisation costs relating to continuing businesses (11) (6) (23)
- gain on disposal of Signalling Solutions Limited 15 - -
- pension fund settlement gain 1 - 2
- impairment of assets within Rail Germany - (10) (30)
- Rail Germany regulatory matters - - (6)
- cost incurred in relation to the aborted merger discussions with Carillion plc - - (7)
-impairment of Oracle R12 intangible asset - - (21)
- cost associated with the liquidation of Blackpool Airport - - (1)
Total other non-underlying items from continuing operations (12) (22) (100)
(20) (72) (222)
7.1.5 Share of results of joint ventures and associates - goodwill impairment in respect of Middle East - (1) (1)
7.1.6 Share of results of joint ventures and associates - trading results from Rail Germany - - (1)
Charged against (loss)/profit before taxation from continuing operations (20) (73) (224)
7.1.7 Tax on items above 3 8 1
Non-underlying items charged against (loss)/profit for the period from continuing operations (17) (65) (223)
7.2 Discontinued operations
7.2.1 Amortisation of acquired
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