16th Jun 2011 07:00
BALFOUR BEATTY REPORTING CHANGE
Balfour Beatty, the international infrastructure group, announces that Balfour Beatty Plant & Fleet Services has been transferred from Construction Services into Balfour Beatty WorkPlace in Support Services as of 1 January 2011. It is recognised that Plant & Fleet Services has a wide-ranging customer base across Balfour Beatty in the UK and that its activities are a complementary strategic fit within the Support Services division.
There is no change to the operating numbers at the Group level; however, the Group's IFRS 8 Operating Segments analysis does require restatement, with a re-allocation of Group revenue (£9 million) and profit from operations (£11 million) for the year ended 31 December 2010 from Construction Services to Support Services. The Group revenue movement is small in relation to profit from operations due to the intercompany nature of the majority of the Plant & Fleet Services revenue.
Unaudited segmental schedules showing the effect of these restatements for Construction Services and Support Services are appended to this press release.
ENDS
Analyst/investor enquiries:
Basak Kotler
Balfour Beatty plc
Tel 020 7216 6924
Media enquiries:
Matt Graydon
Balfour Beatty plc
Tel 020 7216 6911
Notes to Editors:
1. | Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world. |
Appendix
Year ended 31 December 2010 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 1,443 | 1,434 | 1% | 6,734 | 6,743 | - |
Share of revenue of joint ventures and associates | (131) | (131) | - | (616) | (616) | - |
Group revenue | 1,312 | 1,303 | 1% | 6,118 | 6,127 | - |
Group operating profit | 57 | 46 | 24% | 170 | 181 | (5)% |
Share of results of joint ventures and associates | 5 | 5 | - | 31 | 31 | - |
Profit from operations before exceptional items and amortisation | 62 | 51 | 22% | 201 | 212 | (5)% |
Exceptional items | (12) | (12) | - | (6) | (6) | - |
Amortisation of intangible assets | (1) | (1) | - | (18) | (18) | - |
Profit from operations | 49 | 38 | 29% | 177 | 188 | (6)% |
Assets and liabilities | ||||||
Total assets | 472 | 396 | 19% | 2,336 | 2,412 | (3)% |
Total liabilities | (428) | (363) | 18% | (2,454) | (2,519) | (3)% |
Net assets/(liabilities) | 44 | 33 | 33% | (118) | (107) | 10% |
Other information | ||||||
Capital expenditure | 32 | 17 | 88% | 37 | 52 | (29)% |
Depreciation | 26 | 12 | 117% | 34 | 48 | (29)% |
Further information | ||||||
Total revenue | 1,597 | 1,518 | 5% | 6,961 | 7,040 | (1)% |
Intragroup revenue | (154) | (84) | 83% | (227) | (297) | (24)% |
Revenue including share of joint ventures and associates | 1,443 | 1,434 | 1% | 6,734 | 6,743 | - |
Note: there was no significant movement in the order book.
Year ended 31 December 2009 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 1,452 | 1,443 | 1% | 7,482 | 7,491 | - |
Share of revenue of joint ventures and associates | (140) | (140) | - | (673) | (673) | - |
Group revenue | 1,312 | 1,303 | 1% | 6,809 | 6,818 | - |
Group operating profit | 60 | 50 | 20% | 173 | 183 | (5)% |
Share of results of joint ventures and associates | 5 | 5 | - | 24 | 24 | - |
Profit from operations before exceptional items and amortisation | 65 | 55 | 18% | 197 | 207 | (5)% |
Exceptional items | 3 | 3 | - | (16) | (16) | - |
Amortisation of intangible assets | (2) | (2) | - | (20) | (20) | - |
Profit from operations | 66 | 56 | 18% | 161 | 171 | (6)% |
Assets and liabilities | ||||||
Total assets | 456 | 380 | 20% | 2,422 | 2,498 | (3)% |
Total liabilities | (466) | (400) | 17% | (2,699) | (2,765) | (2)% |
Net liabilities | (10) | (20) | (50)% | (277) | (267) | 4% |
Other information | ||||||
Capital expenditure | 30 | 10 | 200% | 35 | 55 | (36)% |
Depreciation | 29 | 13 | 123% | 34 | 50 | (32)% |
Further information | ||||||
Total revenue | 1,592 | 1,509 | 6% | 7,735 | 7,818 | (1)% |
Intragroup revenue | (140) | (66) | 112% | (253) | (327) | (23)% |
Revenue including share of joint ventures and associates | 1,452 | 1,443 | 1% | 7,482 | 7,491 | - |
Note: there was no significant movement in the order book.
Year ended 31 December 2008 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 1,558 | 1,548 | 1% | 7,085 | 7,095 | - |
Share of revenue of joint ventures and associates | (130) | (130) | - | (702) | (702) | - |
Group revenue | 1,428 | 1,418 | 1% | 6,383 | 6,393 | - |
Group operating profit | 62 | 48 | 29% | 132 | 146 | (10)% |
Share of results of joint ventures and associates | 4 | 4 | - | 21 | 21 | - |
Profit from operations before exceptional items and amortisation | 66 | 52 | 27% | 153 | 167 | (8)% |
Exceptional items | - | - | - | (6) | (6) | - |
Amortisation of intangible assets | (2) | (2) | - | (15) | (15) | - |
Profit from operations | 64 | 50 | 28% | 132 | 146 | (10)% |
Assets and liabilities | ||||||
Total assets | 513 | 429 | 20% | 2,514 | 2,598 | (3)% |
Total liabilities | (434) | (364) | 19% | (2,534) | (2,604) | (3)% |
Net assets/(liabilities) | 79 | 65 | 22% | (20) | (6) | 233% |
Other information | ||||||
Capital expenditure | 32 | 11 | 191% | 58 | 79 | (27)% |
Depreciation | 27 | 13 | 108% | 34 | 48 | (29)% |
Further information | ||||||
Total revenue | 1,699 | 1,612 | 5% | 7,281 | 7,368 | (1)% |
Intragroup revenue | (141) | (64) | 120% | (196) | (273) | (28)% |
Revenue including share of joint ventures and associates | 1,558 | 1,548 | 1% | 7,085 | 7,095 | - |
Note: there was no significant movement in the order book.
Year ended 31 December 2007 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 1,372 | 1,359 | 1% | 5,519 | 5,532 | (0)% |
Share of revenue of joint ventures and associates | (113) | (113) | - | (566) | (566) | - |
Group revenue | 1,259 | 1,246 | 1% | 4,953 | 4,966 | - |
Group operating profit | 49 | 36 | 36% | 107 | 120 | (11)% |
Share of results of joint ventures and associates |
- |
- |
- | 24 | 24 | - |
Profit from operations before exceptional items and amortisation | 49 | 36 | 36% | 131 | 144 | (9)% |
Exceptional items | - | - | - | (33) | (33) | - |
Amortisation of intangible assets | - | - | - | (9) | (9) | - |
Profit from operations | 49 | 36 | 36% | 89 | 102 | (13)% |
Further information | ||||||
Total revenue | 1,508 | 1,423 | 6% | 5,634 | 5,719 | (1)% |
Intragroup revenue | (136) | (64) | 113% | (115) | (187) | (39)% |
Revenue including share of joint ventures and associates | 1,372 | 1,359 | 1% | 5,519 | 5,532 | - |
Note: there was no significant movement in the order book.
The effect on the 2010 half-year accounts represented in the 2011 half-year report will be as follows:
Half-year ended 26 June 2010 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 739 | 735 | 1% | 3,278 | 3,282 | - |
Share of revenue of joint ventures and associates | (64) | (64) | - | (275) | (275) | - |
Group revenue | 675 | 671 | 1% | 3,003 | 3,007 | - |
Group operating profit | 23 | 19 | 21% | 65 | 69 | (6)% |
Share of results of joint ventures and associates | 2 | 2 | - | 14 | 14 | - |
Profit from operations before exceptional items and amortisation | 25 | 21 | 19% | 79 | 83 | (5)% |
Exceptional items | - | - | - | (1) | (1) | - |
Amortisation of intangible assets | (1) | (1) | - | (8) | (8) | - |
Profit from operations | 24 | 20 | 20% | 70 | 74 | (5)% |
Assets and liabilities | ||||||
Total assets | 482 | 414 | 16% | 2,617 | 2,685 | (3)% |
Total liabilities | (489) | (425) | 15% | (2,797) | (2,861) | (2)% |
Net liabilities | (7) | (11) | (36)% | (180) | (176) | 2% |
Other information | ||||||
Capital expenditure | 13 | 9 | 44% | 18 | 22 | (18)% |
Depreciation | 12 | 5 | 140% | 18 | 25 | (28)% |
Further information | ||||||
Total revenue | 830 | 792 | 5% | 3,381 | 3,419 | (1)% |
Intragroup revenue | (91) | (57) | 60% | (103) | (137) | (25)% |
Revenue including share of joint ventures and associates | 739 | 735 | 1% | 3,278 | 3,282 | - |
Note: there was no significant movement in the order book.
The effect on the other half-year accounts previously reported will be as follows:
Half-year ended 27 June 2009 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 730 | 726 | 1% | 3,781 | 3,785 | - |
Share of revenue of joint ventures and associates | (62) | (62) | - | (359) | (359) | - |
Group revenue | 668 | 664 | 1% | 3,422 | 3,426 | - |
Group operating profit | 31 | 27 | 15% | 56 | 60 | (6)% |
Share of results of joint ventures and associates | 1 | 1 | - | 11 | 11 | - |
Profit from operations before exceptional items and amortisation | 32 | 28 | 15% | 67 | 71 | (6)% |
Exceptional items | - | - | - | (6) | (6) | - |
Amortisation of intangible assets | (1) | (1) | - | (10) | (10) | - |
Profit from operations | 31 | 27 | 15% | 51 | 55 | (7)% |
Assets and liabilities | ||||||
Total assets | 524 | 451 | 16% | 2,529 | 2,602 | (3)% |
Total liabilities | (523) | (454) | 15% | (2,742) | (2,811) | (2)% |
Net assets/(liabilities) | 1 | (3) | 133% | (213) | (209) | 2% |
Other information | ||||||
Capital expenditure | 20 | 8 | 150% | 21 | 33 | (36)% |
Depreciation | 15 | 7 | 114% | 18 | 26 | (31)% |
Further information | ||||||
Total revenue | 800 | 759 | 5% | 3,894 | 3,935 | (1)% |
Intragroup revenue | (70) | (33) | 112% | (113) | (150) | (25)% |
Revenue including share of joint ventures and associates | 730 | 726 | 1% | 3,781 | 3,785 | - |
Note: there was no significant movement in the order book.
Half-year ended 28 June 2008 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 762 | 757 | 1% | 3,212 | 3,217 | - |
Share of revenue of joint ventures and associates | (61) | (61) | - | (315) | (315) | - |
Group revenue | 701 | 696 | 1% | 2,897 | 2,902 | - |
Group operating profit | 28 | 22 | 27% | 43 | 49 | (12)% |
Share of results of joint ventures and associates | 1 | 1 | - | 11 | 11 | - |
Profit from operations before exceptional items and amortisation | 29 | 23 | 26% | 54 | 60 | (10)% |
Exceptional items | - | - | - | (1) | (1) | - |
Amortisation of intangible assets | (1) | (1) | - | (7) | (7) | - |
Profit from operations | 28 | 22 | 27% | 46 | 52 | (12)% |
Further information | ||||||
Total revenue | 834 | 791 | 5% | 3,289 | 3,332 | (1)% |
Intragroup revenue | (72) | (34) | 112% | (77) | (115) | (33)% |
Revenue including share of joint ventures and associates | 762 | 757 | 1% | 3,212 | 3,217 | - |
Note: there was no significant movement in the order book.
Half-year ended 30 June 2007 | Support Services | Construction Services | ||||
Performance by activity: | Restated£m | As previously reported£m |
% change | Restated£m | As previously reported£m |
% change |
Revenue including share of joint ventures and associates | 685 | 670 | 2% | 2,428 | 2,443 | (1)% |
Share of revenue of joint ventures and associates | (54) | (54) | - | (285) | (285) | - |
Group revenue | 631 | 616 | 2% | 2,143 | 2,158 | (1)% |
Group operating profit | 19 | 12 | 58% | 31 | 38 | (18)% |
Share of results of joint ventures and associates |
- |
- |
- | 7 | 7 | - |
Profit from operations before exceptional items and amortisation | 19 | 12 | 58% | 38 | 45 | (16)% |
Exceptional items | - | - | - | (37) | (37) | - |
Amortisation of intangible assets | - | - | - | (3) | (3) | - |
Profit from operations | 19 | 12 | 58% | (2) | 5 | (140)% |
Further information | ||||||
Total revenue | 741 | 698 | 6% | 2,494 | 2,537 | (2)% |
Intragroup revenue | (56) | (28) | 104% | (66) | (94) | (30)% |
Revenue including share of joint ventures and associates | 685 | 670 | 2% | 2,428 | 2,443 | (1)% |
Note: there was no significant movement in the order book.
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