Paris Moayedi

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(No Transcript)
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Paris Moayedi

• Chief Executive

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Highlights of the year

• Excellent results, with double-digit revenue and
  cash- backed profit growth across our
  continuing businesses
• Confirmed our UK market leadership in both
  RailMaintenance and Rail Renewals
• All our long term Railtrack business now
  converted to alliance basis
• Consolidated our leadership positions in Schools
  PFIand University Partnerships now extending
  our PFI capability into Road and Rail markets
• Systems Technologies business established and
  achieving growth through acquisition and
  organicbusiness development
• Appointed LUL preferred bidder since year end
• Leveraging our core UK expertise for further
  international development (Estonia, Republic of
  Ireland, Hungary)
• Continue to set new records for our order book-
  now stands at 4 billion

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Robert Kendall

• Finance Director

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Financial highlights
Continuing operations
2001
2000
Change
Group turnover m 676.8 577.9 17 Operating
profit 1 m 47.2 42.0 13 Operating cash
inflow 2 m 62.8 9.5 564 Operating
cash/profit 2 133 23 489 EPS 3 pps 19.9 18.8
6 1) Before goodwill amortisation 2) 2000
excluding impact of AFC project (non-recourse
finance) 3) Before goodwill amortisation and
profit/(loss) on sale of business
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Financial highlights (2)
Group
2001
2000
Profit before goodwill, exceptionals and
tax m 39.3 37.5 Goodwill amortisation m (8.3)
(8.4) Profit/(loss) on sale of
business m (0.9) 2.5 Profit before
tax m 30.1 31.6 Final dividend
pps 6.5 6.0 Net debt 1 m 76.5 101.9 Sharehold
ers funds m 184.6 178.7 1) 2000 excluding
non-recourse finance (as reported 118.4m less
non-recourse finance re AFC
project 16.5m 101.9m)
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Segmental analysis - Group turnover
Continuing operations
2001m
2000m
Change
Infrastructure Services - Rail 303.3 280.7 8
- Roads 135.3 123.6 9 438.6 404.3 8 Acco
mmodation Services 236.3 173.6 36 Systems
Technologies 1.9 0.0 676.8 577.9 17
Excluding joint ventures
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Mix of Group turnover
of continuing businesses
Infrastructure Services Roads20
Infrastructure Services Roads21
Accommodation Services30
Accommodation Services35
Infrastructure Services Rail45
Infrastructure Services Rail49
2001
2000
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Segmental analysis - operating profit
Continuing operations
2001
2000
m
m
Margin
Margin
Infrastructure Services - Rail 24.5 8.1 20.2 7.
2 - Roads 5.4 4.0 4.9 3.9 - Pension
credit 7.4 7.6 37.3 8.5 32.7 8.1 Accommodati
on Services 15.6 6.6 9.2 5.3 52.9 7.8 42.0 7.3

• Underlying operating margins improved by 13

Before goodwill amortisation Excluding joint
ventures
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Segmental analysis - operating profit
Continuing operations
2001
2000
m
m
Margin
Margin
Infrastructure Services - Rail 24.5 8.1 20.2 7.
2 - Roads 5.4 4.0 4.9 3.9 - Pension
credit 7.4 7.6 37.3 8.5 32.7 8.1 Accommodati
on Services 15.6 6.6 9.2 5.3 52.9 7.8 42.0 7.3
Systems Technologies / BMT (5.7) 0.0 Total 4
7.2 7.0 42.0 7.3

• Underlying operating margins improved by 13
• Before goodwill amortisation Excluding
  joint ventures

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Operating cash flow
Operating profit to cash conversion
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Summary cash flow
2001
2000
Operating cash inflow - continuing
1 62.8 9.5 - discontinued (4.9) 3.5 Servicing of
finance (10.0) (9.4) Net capital expenditure
2 (16.5) (6.1) Net disposals

2 18.6 34.0 Investments (4.2) (5.6) Tax /
dividends (21.1) (23.4) Increase in
equity 0.7 0.4 Reduction in net
debt 25.4 2.9 1) 2000 excluding non-recourse
finance (as reported 118.4m less non-recourse
finance re AFC project 16.5 101.9m) 2)
2000 proceeds of disposal of investment property
portfolio included within disposals
(14.6m)
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Summary balance sheet
2001
2000
Total fixed assets investments 211.7 219.7 Work
ing capital 1 49.7 61.9 Deferred assets /
liabilities 1 0.2 (0.3) Capital
employed 261.6 281.3 Net assets 2 185.1 179.4 Net
debt 3 76.5 101.9 261.6 281.3 Gearing
41 57 1) Excluding cash / finance debt 2)
Including minorities 3) Excluding non-recourse
project finance (March 2000 as reported
118.4m less non-recourse 16.5m 101.9m)
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Summary

• Strong profitable growth in all
  principalsegments of the group
• Strong, sustainable and increasingly predictable
  margins
• Strong cashflow and profit to cash conversion
• Strong order book will contribute to
  continuedprofitable growth

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Paris Moayedi

• Chief Executive

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The Jarvis vision
Our strategy is to be the leading provider of
services in our chosen business sectors, which
are characterised by four key factors

• Where provision of effective service solutions
  rather than price is the key factor in
  customer choice
• Where our combination of skills and resources
  creates high barriers to entry
• Where there is growing demand for our services
  and low exposure to economic cycles
• Where we can deliver long-term income streams
  with consistent profit margins

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Leading positions for Jarvis

• UK road markings
• European road markings
• UK rail maintenance
• UK track renewals
• University partnerships
• Schools PFI

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Jarvis - leader in Schools PFI
Whole life value, m
No. of schools per contract
2000
1800
1600
1400
1200
1000
800
600
1
400
200
0
31.3.99
31.3.00
Current
No. of Schools
90
80
70
60
1
50
1
1
40
30
20
10
0
Secured
Preferred bidder
31.3.99
31.3.00
Current
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Schools PFI long term demand drivers
DfEE PFI credits for English schools Source DfEE
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Jarvis - leader in Rail infrastructure
Track renewals contracts
Track renewals and maintenance contracts
Jarvis Rail order book, millions
1200
1000
800
600
400
200
0
1999
2000
2001
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Order book growth (secured and preferred bidder)

• Excluding London Underground PPP

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Growing national presence
Schools Universities Other PFIs and term
contracts
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The government remains committed to investment in
our key markets

• 180 billion of investment, split between
  railways,roads and local transport and delivered
  in partnershipwith the private sector
• We plan to expand capacity to boost
  passengerlevels by 50, and freight by more
• We have pledged increased, long-term
  investmentin the Tube to underpin a
  public-private partnershipto upgrade Tube
  infrastructure
• We will invest nearly 8 billion in school
  buildings and equipment over the next 3 years,
  including the constructionof 650 new or
  completely refurbished schools
• Labour is committed to spend 1.8 billion over 6
  yearson equipping our schools for the
  information age

Source Ambitions For Britain Labours
manifesto 2001
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Jarvis.Running services for life.