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WORLEY LIMITED — Earnings Release 2014
Aug 17, 2015
66073_rns_2015-08-17_a558871a-5d95-4359-ad1d-8fed58a2c3cf.pdf
Earnings Release
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Level 12, 141 Walker Street North Sydney NSW 2060 Australia Telephone: +61 2 8923 6866 Facsimile: +61 2 8923 6877 worleyparsons.com WorleyParsons Limited ABN 17 096 090 158
18 August 2015
ASX Release
WORLEYPARSONS LIMITED
(ASX: WOR)
Restatement of Operating Segment Information Full Year ended 30 June 2014
On 9 April 2014, WorleyParsons announced that effective 1 July 2014 it would reorganize into three business lines: Services, Major Projects, and Improve , along with the establishment of a new Development Group.
The restated 30 June 2014 Customer Sector Group (CSG) segment results and margin have been reduced by the equivalent and offsetting reduction in previous global support costs that have been embedded into the business lines. Total segment revenue, underlying EBIT, EBIT margin on aggregated revenue for the Group, total underlying profit after income tax and profit after income tax expense per the Statement of Financial Performance remain unchanged.
The reported and restated 30 June 2014 operating segment information by CSG is outlined below.
| Reported segment results | Restated segment results |
|---|---|
| Hydrocarbons Minerals, Metals & Chemicals Infrastructure Total |
Hydrocarbons Minerals, Metals & Chemicals Infrastructure Total |
| June 2014 $’M June 2014 $’M June 2014 $’M June 2014 $’M |
June 2014 $’M June 2014 $’M June 2014 $’M June 2014 $’M |
| Revenue Professional services revenue 4,255.1 1,042.4 869.3 6,166.8 Construction and fabrication revenue 888.7 - - 888.7 Procurement revenue at margin 227.4 23.1 52.4 302.9 Other income 0.3 0.4 4.6 5.3 |
4,255.1 1,042.4 869.3 6,166.8 888.7 - - 888.7 227.4 23.1 52.4 302.9 0.3 0.4 4.6 5.3 |
| Total segment revenue 5,371.5 1,065.9 926.3 7,363.7 |
5,371.5 1,065.9 926.3 7,363.7 |
| Segment result 627.3 131.2 64.0 822.5 Segment margin 11.7% 12.3% 6.9% 11.2% Global support costs (339.4) Interest and tax for associates (9.2) Amortization of acquired intangible assets (21.7) |
517.2 108.0 39.2 664.4 9.6% 10.1% 4.2% 9.0% (181.3) (9.2) (21.7) |
| Total underlying EBIT 452.2 |
452.2 |
| EBIT margin on aggregated revenue for the Group 6.1% |
6.1% |
| Net gain on revaluation of investments previously accounted for as equity accounted associates 11.4 Restructuring costs (35.4) Taxon restructuring costs 9.7 |
11.4 (35.4) 9.7 |
| Net borrowingcosts (59.6) |
(59.6) |
| Income tax expense (109.7) |
(109.7) |
| Profit after income tax expense per the Statement of Financial Performance 268.6 |
268.6 |
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Level 12, 141 Walker Street North Sydney NSW 2060 Australia Telephone: +61 2 8923 6866 Facsimile: +61 2 8923 6877 worleyparsons.com WorleyParsons Limited ABN 17 096 090 158
The Group commenced reporting on the performance of its business lines to reflect the reorganization of the Group in addition to the CSG segments results in the 31 December 2014 interim financial statements. The restated 30 June 2014 operating segment information by business lines is outlined below.
| Restated | segment results | ||||
|---|---|---|---|---|---|
| Major | |||||
| Services | Projects | Improve | Development | Total | |
| June | June | June | June | June | |
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| $’M | $’M | $’M | $’M | $’M | |
| Revenue | |||||
| Professional services revenue | 4,471.5 | 827.1 | 777.0 | 91.2 | 6,166.8 |
| Construction and fabrication revenue | 888.7 | - | - | - | 888.7 |
| Procurement revenue at margin | 252.7 | 35.8 | 8.6 | 5.8 | 302.9 |
| Other income | 5.3 | - | - | - | 5.3 |
| Total segment revenue | 5,618.2 | 862.9 | 785.6 | 97.0 | 7,363.7 |
| Segment result | 547.4 | 67.5 | 48.1 | 1.4 | 664.4 |
| Segment margin | 9.7% | 7.8% | 6.1% | 1.4% | 9.0% |
| Global support costs | (181.3) | ||||
| Interest and tax for associates | (9.2) | ||||
| Amortizationofacquiredintangible assets | (21.7) | ||||
| Total underlying EBIT | 452.2 | ||||
| EBIT margin on aggregated revenue for the Group | 6.1% | ||||
| Net gain on revaluation of investments previously accounted for as equity accounted | |||||
| associates | 11.4 | ||||
| Restructuring costs | (35.4) | ||||
| Tax on restructuringcosts | 9.7 | ||||
| Net borrowing costs | (59.6) | ||||
| Income taxexpense | (109.7) | ||||
| Profit after income tax expenseper the Statement of Financial Performance | 268.6 |
For further information please contact:
Fran van Reyk Investor Relations & Group Communications Ph: +61 2 8456 7256 [email protected]
www.worleyparsons.com
About WorleyParsons: WorleyParsons delivers projects, provides expertise in engineering, procurement and construction and offers a wide range of consulting and advisory services. We cover the full lifecycle, from creating new assets to sustaining and enhancing operating assets, in the hydrocarbons, mineral, metals, chemicals and infrastructure sectors. Our resources and energy are focused on responding to and meeting the needs of our customers over the long term and thereby creating value for our shareholders.
WorleyParsons is listed on the Australian Securities Exchange [ASX:WOR].