John Wood Group PLC
Annual Report and Accounts 2018
Revenue including joint ventures2
78.9% $11,036 m
% Movement vs proforma: 11.7% (Proforma 20171: $9,882m)
69.4% $630 m
% Movement vs proforma: 5.4% (Proforma 20171: $598m)
Adjusted EBITA Margin
% Movement vs proforma: 0.3% (Proforma 20171: 6.0%)
Revenue (statutory revenue which excludes joint ventures)
85.7% 10,014 m
Operating Profit before exceptional items
68.4% 357 m
(Loss) for the period
74.7% $(7.6) m
82.4% (1.3) cents
(2017: (7.4) cents)
Adjusted diluted EPS
7.7% 57.4 cents
(2017: 53.3 cents)
2.0% 35.0 cents per share
(2017: 34.3 cents)
5.9% $1,548.2 m
1 Proforma 2017 results are unaudited. They include 12 months of AFW’s results but exclude the results of businesses disposed; principally the AFW North Sea upstream business, the AFW North American nuclear operations and the disposed elements of GPG. It also excludes the results of other, less material disposed interests including the Aquenta consultancy, an interest in Incheon Bridge and interests in two Italian windfarms.
2 See detailed footnotes following the Financial Review. ‘Revenue including joint ventures’, ‘Adjusted EBITA’ and ‘Adjusted EBITDA’ are presented based on a proportionally consolidated basis and includes the contribution from joint ventures. A reconciliation to statutory numbers is provided in note 1 to the accounts.
3 Company compiled publicly available consensus 2018 Adjusted EBITA is $624mm and AEPS is 55.9c. Adjusted EBITA on a proportionally consolidated pre IFRS 16 adoption basis for 2019 is $716m and AEPS is 67.6c. Consensus EBITDA on the same basis is estimated to be $764m. (https://www.woodplc.com/investors/analystconsensus- and-coverage)
4 Order book comprises revenue that is supported by a signed contract or written purchase order for work secured under a single contract award or frame agreements. Work under multiyear agreements is recognised in order book according to anticipated activity supported by purchase orders, customer plans or management estimates. Where contracts have optional extension periods, only the confirmed term is included. Order book includes Wood’s proportional share of joint venture order book.
5 Operating profit before exceptional items is stated after non cash amortisation charges of $249m, including $126m of amortisation of intangibles arising on the acquisition of AFW.
6 Loss for the period is stated after exceptional costs net of tax of $183m, including $42m of costs to deliver synergies, $30m relating to restructuring and onerous leases, $41m related to an impairment in the carrying value of EthosEnergy and $10m of other write-offs related to EthosEnergy, investigation support costs of $26m, $10m relating to an arbitration settlement provision and a $32m defined benefit pension scheme charge related to guaranteed minimum pensions.
7 Our previously stated target net debt : Adjusted EBITDA range of 0.5x to 1.5x is based on an existing “frozen GAAP” basis