AI assistant
WORLEY LIMITED — Earnings Release 2016
Aug 23, 2016
66073_rns_2016-08-23_f06e42e5-2d66-4adc-affe-994978565a67.pdf
Earnings Release
Open in viewerOpens in your device viewer
==> picture [147 x 49] intentionally omitted <==
APPENDIX 4E
YEAR ENDED 30 JUNE 2016
RESULTS FOR ANNOUNCEMENT TO THE MARKET [1]
| Consolidated | |||
|---|---|---|---|
| 30 June | 30 June | ||
| 2016 | 2015 | Change | |
| $’M | $’M | % | |
| STATUTORY RESULT | |||
| Revenue and other income | 7,790.1 | 8,757.5 | (11.0) |
| Earnings before interest and tax (EBIT) | 128.9 | 87.1 | 48.0 |
| Profit before income tax expense | 68.9 | 31.7 | 117.4 |
| Profit/(loss)after income tax expense attributable to members of WorleyParsons Limited | 23.5 | (54.9) | 142.8 |
| EBIT margin on aggregated revenue | 2.2% | 1.2% | 1.0pp |
| Basic earnings/(loss) per share (cents) | 9.5 | (22.2) | 142.8% |
| Diluted earnings/(loss) per share(cents) | 9.5 | (22.2) | 142.8% |
RECONCILIATION OF STATUTORY PROFIT/(LOSS) AFTER INCOME TAX EXPENSE TO UNDERLYING PROFIT AFTER INCOME TAX[2 ]
| Consolidated | Consolidated | |
|---|---|---|
| 30 June | 30 June | |
| 2016 | 2015 | |
| $’M | $’M | |
| Profit after income tax expense attributable to members of WorleyParsons Limited | 23.5 | (54.9) |
| Add: staff restructuring costs | 76.8 | 38.3 |
| Add: onerous lease contracts | 86.4 | 20.2 |
| Add: onerous engineering software licenses | 14.3 | - |
| Add: other restructuring costs | 4.6 | 3.8 |
| Add: write-down of investment in equity accounted associates | 12.1 | - |
| Add: impairment of goodwill | - | 198.6 |
| Add: Arkutun-Dagi project settlement costs | - | 70.0 |
| Add: tax arising on reorganisation of business in China | - | 5.9 |
| Less: certain functional currency related foreign exchange gains | (15.9) | - |
| Less: net gain on revaluation of investments previously accounted for as joint operations | (4.5) | - |
| Less: net tax expense on staff and other restructuring costs, onerous lease contracts, | ||
| onerous engineering software licenses and certain functional currency related foreign | ||
| exchange gains | (44.2) | (38.8) |
| Underlying profit after income tax expense attributable to members of WorleyParsons | 153.1 | 243.1 |
| Limited |
1 The International Financial Reporting Standards financial information contained within this Appendix 4E has been derived from the 30 June 2016 Annual Financial Report, which has been audited by Ernst & Young. However, this Appendix 4E has not been audited. 2 The directors consider underlying profit information is important to understand the sustainable performance of the company by excluding selected signficant items.
WORLEYPARSONS LIMITED ABN 17 096 090 158 APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2016
1
==> picture [147 x 49] intentionally omitted <==
APPENDIX 4E
YEAR ENDED 30 JUNE 2016
| Consolidated | |||
|---|---|---|---|
| 30 June | 30 June | ||
| 2016 | 2015 | Change | |
| $’M | $’M | % | |
| UNDERLYING RESULT | |||
| EBIT | 302.7 | 418.0 | (27.6) |
| EBIT margin on aggregated revenue | 5.1% | 5.8% | (0.7pp) |
| Profit after income tax expense attributable to members of WorleyParsons Limited | 153.1 | 243.1 | (37.0%) |
| Basic earningsper share(cents) | 61.8 | 98.4 | (37.2%) |
| AGGREGATED REVENUE RESULT |
Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates less procurement revenue at nil margin, interest income and net gain on revaluation of investments previously accounted for as joint operations. The directors believe the disclosure of the revenue attributable to associates provides additional information in relation to the financial performance of the Group.
| Consolidated | |||
|---|---|---|---|
| 30 June | 30 June | ||
| 2016 | 2015 | Change | |
| $’M | $’M | % | |
| Revenue and other income | 7,790.1 | 8,757.5 | (11.0) |
| Less: procurement revenue at nil margin (including share of revenue from associates) | (2,226.4) | (2,038.0) | 9.2 |
| Revenue excluding procurement revenue at nil margin | 5,563.7 | 6,719.5 | (17.2) |
| Add: share of revenue from associates | 342.5 | 514.6 | (33.4) |
| Less: net gain on revaluation of investments previously accounted for as joint operations | (4.5) | - | |
| Less: interest income | (8.8) | (6.6) | 33.3 |
| Aggregated revenue | 5,892.9 | 7,227.5 | (18.5) |
WORLEYPARSONS LIMITED ABN 17 096 090 158 APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2016
2
==> picture [147 x 49] intentionally omitted <==
APPENDIX 4E
YEAR ENDED 30 JUNE 2016
| Amount | Franked amount | |
|---|---|---|
| pershare | pershare | |
| DIVIDEND | ||
| Interim dividend (cents per share) | 0 cents | 0 cents |
| Proposed final dividend (cents per share) | 0 cents | 0 cents |
| Record date for determining entitlement to final dividend | Not applicable | |
| Date dividend is to bepaid | Not applicable |
The directors have resolved to pay no final dividend (2015: 22.0 cents per share, unfranked). The Company will make the total dividend payments of nil per share for the financial year (2015: 56.0 cents per share including the half year (interim) dividend).
| Consolidated | ||
|---|---|---|
| 30 June | 30 June | |
| 2016 | 2015 | |
| $ | $ | |
| NET ASSETS PER SHARE | ||
| Net assets per share | 7.58 | 8.16 |
| Net tangible liabilitiesper share | (0.80) | (0.29) |
Further information on the results of operations is in the media release dated 24 August 2016 accompanying this Appendix 4E.
WORLEYPARSONS LIMITED ABN 17 096 090 158 APPENDIX 4E FOR THE YEAR ENDED 30 JUNE 2016
3