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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Weir Group Plc | LSE:WEIR | London | Ordinary Share | GB0009465807 | ORD 12.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -22.00 | -1.09% | 1,990.00 | 1,995.00 | 1,996.00 | 2,014.00 | 1,985.00 | 2,014.00 | 441,573 | 16:35:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pumps And Pumping Equipment | 2.64B | 227.9M | 0.8759 | 22.78 | 5.19B |
From Apr 2019 to Apr 2024
TIDMWEIR
RNS Number : 3002Z
Weir Group PLC
13 March 2017
The Weir Group PLC
2016 Annual Report and 2017 Annual General Meeting
The following documents have today been posted or otherwise made available to shareholders:
1. Annual Report and Financial Statements for the period ended 31 December 2016 (the "2016 Annual Report");
2. Notice of 2017 Annual General Meeting; and 3. Form of Proxy for the 2017 Annual General Meeting.
In accordance with Listing Rule 9.6.1, a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM.
The documents (except the Form of Proxy) are also available on the Company's website at www.global.weir and in hard copy to shareholders upon request to Investor Relations, The Weir Group PLC, 1 West Regent Street, Glasgow, G2 1RW.
The Company's 2017 Annual General Meeting will be held at the Company's Head Office, 1 West Regent Street, Glasgow, G2 1RW, on Thursday 27 April 2017 at 2.30pm.
The Company's full year results announcement of 22 February 2017 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The 2016 Annual Report submitted to the National Storage Mechanism today also contains information regarding the Company's principal risks and uncertainties and a responsibility statement relating to the content of the 2016 Annual Report; an extract of this information is provided below as required under paragraph 6.3.5 of the DTR, however this material should be read in conjunction with and is not a substitute for reading the full 2016 Annual Report. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2016 Annual Report.
APPICES
Appendix A: Principal risks and uncertainties
A description of the principal risks and uncertainties that the Company faces is extracted in full and unedited form from pages 40 to 45 of the 2016 Annual Report.
As in any business, there are risks and uncertainties which could impact the Group's ability to achieve its objectives in the future. However, we believe the Group's risk management and assurance framework makes this less likely.
The Board has conducted a robust assessment of the principal risks, alongside the Risk Appetite Statement set out on page 37, meeting the Board's responsibilities in connection with Risk Management and Internal Control detailed in the UK Corporate Governance Code. Each of the principal risks is assigned an owner from amongst the Board or Group senior management team and is either a standing agenda item at each Board meeting or subject to formal periodic review by the Board. A summary of principal risks and the Group's mitigating controls is presented at every Board meeting.
The Directors reviewed the Group's risk register, reassessed the validity of the principal risks identified in the prior year and considered whether any new principal risks have emerged or a risk is no longer considered a principal risk. The identified principal risks were subjected to a detailed assessment based on the following considerations:
-- Severity of each risk;
-- Existence and effectiveness of actions and internal controls which serve to mitigate the risk;
-- The overall effectiveness of the Group's control environment, including assurance and any identified control weaknesses or failings; and
-- The extent to which each of the principal risks could impact upon the Group's viability, in financial or operational terms, due to their potential effects on the business plan, solvency or liquidity.
The principal risks set out below are those which we believe to have the greatest potential to impact our ability to achieve the Group's strategic objectives or which have the greatest potential impact on the Group's solvency or liquidity.
Hot Features
Premium
Risk How we are Changes during
Why we think mitigating 2016
this is important the risk
------------------ ----------------------------------------------------------- ------------------ -----------------
TECHNOLOGY AND INNOVATION
(Risk unchanged; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
We fail to The strength Continual The pace
drive innovation of our business investment of technological
or to react is built in research innovation
to emerging upon a history and development, continues
technology of delivering including to increase
developments, innovative the Weir as we and
and therefore and sustainable Advanced our competitors
fail to ensure solutions Research seek to provide
that the for our customers. Centre (WARC) customers
business If we fail in conjunction with solutions
continues to keep abreast with the that improve
to deliver of market University the efficiency
sustainable needs or of Strathclyde. of their
and attractive to innovate We have a operations.
solutions solutions, dedicated To ensure
for our we are at governance we continue
customers. risk of losing team (Engineering to retain
market share Excellence competitive
to our competitors Committee) advantage
and lowering focused on in this area,
margins as the delivery our existing
demand will of our strategic research
reduce. objectives and development
for technological initiatives
advances within the
and innovation business,
to meet the at WARC,
needs of are enhanced
our customers. through
Weir Technical partnerships
Advisory with certain
Board comprising leading
highly regarded universities
experts to around the
ensure Weir world. These
continues partnerships
to be at are designed
the leading to help the
edge of Group develop
technology game-changing
development solutions
in our chosen to our
industries. customers'
challenges.
During 2016,
the Weir
Technical
Advisory
Board met
four times.
The Board
provided
guidance
and advice
which positively
influenced
our digital
and advanced
manufacturing
technology
strategies.
We are also
devoting
additional
resources
to reviewing
and responding
to developing
technologies,
with our
agreements
with Microsoft
and Dell
Corporations
to develop
Internet
of Things
(IoT)
technology.
Recognising
the strategic
importance
of technology
and innovation,
the recruitment
process of
a Chief
Technology
Officer began.
Further
information
on progress
made in this
area is set
out in the
Products
and Technology
section of
the
Sustainability
Review on
page 57.
------------------ ----------------------------------------------------------- ------------------ -----------------
POLITICAL AND SOCIAL RISK
(Risk increasing; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
Adverse political We operate Regular review In response
action, or across the of market to increased
political globe and attractiveness. security
and social therefore Monitoring risks, arising
instability, have to work travel by from changes
in territories within a Weir employees in the political
in which wide range to higher environment
we operate of political risk locations. in certain
may result and social External countries
in strategic, conditions. expert risk where the
financial Adverse events assessments Group has
or personnel may occur and regular operations,
loss to the in the territories monitoring enhancements
Group. in which in higher have been
we operate risk locations. made to the
that may Contingency Group's access
require us plans and to expert
to act swiftly exit strategy risk assessments
to protect planning. and plans
our people Our strategic to respond
and our property planning to adverse
and regulatory assists in events in
changes could forecasting higher risk
impact our potential locations.
competitiveness. political The Weir
We need to and social Group travel
be flexible instability policy was
and able in regions. updated in
to anticipate Proactive November
such issues. monitoring and designed
Expansions of evolving to provide
into new policy and a consistent
territories development Group wide
are only of contingency approach
undertaken plans as to ensure
after rigorous situations that travel
assessment materialise. risks are
of the risks, managed
including appropriately.
the social From a security
and political perspective
situation the environment
within the in which
territory. a number
of the Group's
businesses
operate
continued
to be
challenging
and uncertain
during the
year.
Material
changes in
the policy
environment
in the UK
and USA
following
the EU
referendum
and Presidential
election
could have
an impact
on our trade
and taxation
position
and continue
to be monitored.
------------------ ----------------------------------------------------------- ------------------ -----------------
GLOBAL ECONOMIC CONDITIONS
(Risk decreasing; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
Changes in We need to We maintain Market
key markets, remain sufficiently regular conditions
including flexible engagement have remained
commodity to allow with our challenging
prices affecting us to anticipate customers during 2016.
mining and downturns, to understand Necessary
oil and gas, to allow their needs adjustments
have an adverse us to adjust and challenges, have been
impact on our operations and ensure made to our
customers' accordingly, our business operations
expenditure and equally is appropriately to accommodate
plans. This to meet growth aligned. our customers'
may include in demand Our strategic responses
delaying when our planning to these
existing customers' utilises market
expenditure markets are extensive conditions.
commitments. buoyant and market There have
As markets therefore intelligence been signs
improve we capital investment to assist through the
fail to is high. in forecasting latter part
effectively Otherwise, opportunities of the year
upscale we are at and dips that our
operations risk of incurring in markets. core markets
to meet customer unnecessary We maintain have started
needs. costs during contingency to improve,
downturns, plans for with customers
and not maximising downturns. starting
our potential to plan for
for growth higher activity
in buoyant levels next
markets. year.
In challenging
market conditions,
our supply
chain risks
are increased.
These are
described
in more detail
on page 43.
------------------ ----------------------------------------------------------- ------------------ -----------------
SAFETY, HEALTH AND ENVIRONMENT (SHE)
(Risk unchanged; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
Failure to We operate The Weir The Group
adequately in hazardous Behavioural is never
protect our environments, Safety system complacent
people and and therefore is in place in relation
other have a fundamental to reduce to SHE matters.
stakeholders duty to protect the risk During 2016
from harm our people of safety a new Chief
associated and other incidents. Executive's
with a breach stakeholders In addition, Safety Committee
in SHE standards. from harm there are was established.
whilst conducting initiatives Committed
our business. to prevent to achieving
As well as the most the highest
the personal common accident of standards,
impact on types. The the Group
our people Weir global continues
resulting SHE standards to set higher
from a failure are continually benchmarks
to meet this reviewed. for SHE
obligation, The SHE compliance
we would Excellence and roll
also be at Committee out cohesive
risk of: is responsible programmes
* Reputational damage leading to a loss of customers; for monitoring to address
performance SHE risks
and compliance and drive
* Legal action from regulators, including fines and with Group safe and
penalties; and objectives, sustainable
policies working
and standards practices.
* Exclusion from markets important for our future relating Improvements
growth. to SHE. have been
There is made throughout
a formal the year
SHE assurance to our SHE
programme Board reporting
with issues and assurance
escalated activities
as required and our key
through the performance
reporting indicators
structures. in place
to measure
our success
in mitigating
SHE risks
continue
to show
improvement.
------------------ ----------------------------------------------------------- ------------------ -----------------
IT SECURITY AND CONTINUITY
(Risk increasing)
----------------------------------------------------------------------------------------------------------------------
Failure to Up-to-date We continually IT security
maintain data allows review the and continuity
business us to make effectiveness continues
systems or informed of our key to be a matter
technical decisions IT security of strategic
infrastructure about our controls priority
that serves business. in consultation for the Group
the business Therefore, with external in an
needs. we require experts. environment
Failure to reliable There is of ever
successfully and efficient regular reporting increasing
execute changes IT systems of unplanned cyber security
to these and infrastructure outages and threats.
business to provide potential Progress
systems or our data security to strengthen
technical requirements. breaches, the Group's
infrastructure; Breaches with lessons defences
together of our IT learned across in this respect
with failure security the Group. is being
to minimise could have We have an made, including
disruption serious consequences IT Governance the Weir
and maintain for our business, Framework Cloud programme
business including: with a focus which aims
as usual interruption on structured to rationalise
activity to business change management our IT
during technical operations; techniques, infrastructure
infrastructure and loss including and service.
or business of intellectual setting project
system changes. property governance
Failure to and other levels in
adequately sensitive line with
protect the data. risk.
business The Group External
operations is investing assurance
from cybercrime. in a significant being obtained
IT transformation on the Tier
programme. 1 IT
If this is transformation
not managed projects.
effectively, Policies,
the consequences procedures
could include and baseline
interruption standards
to business in relation
operations to cyber
if data is risk and
unavailable IT security
due to unsuccessful more generally
execution are continuously
of change, updated and
impacting rolled out
our ability to operations.
to compete A programme
and our reputation of user training
in the market. in relation
At present, to cyber
the Group's risk is in
principal place.
exposures
to cybercrime
relate to
the misappropriation
of cash and
data. Our
revenue streams
are largely
protected
as our products
are not currently
electronic
in nature
and we do
not, as a
rule, transact
over the
internet.
------------------ ----------------------------------------------------------- ------------------ -----------------
SUPPLY CHAIN MANAGEMENT
(Risk decreasing; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
Failure to If we fail Regular KPI Supply chain
achieve supply to improve monitoring remains an
chain management our supply of the supply area of
improvements chain management, chain throughout strategic
and the we risk: the organisation. focus for
associated * Losing the opportunity to invest capital into The Group's the Group.
reduction alternative value creating opportunities; operations Supply chain
in costs are implementing improvements
and enhanced Value Chain continue
flexibility. * Damaging our reputation and as a consequence losing Excellence to be recognised
customers and market share; initiatives year on year
amongst other as the Group
business realises
* Losing market position if the Group fails to improvement benefits
demonstrate to customers the value of our products objectives. from its
and services; Established focused approach
Centres of to these
Excellence matters.
* Incurring penalties as a result of late delivery drive cost A programme
contractual clauses; savings, of Value
efficiencies Chain Excellence
and enhance initiatives
* Reducing margins by incurring unnecessary additional delivery has been
costs associated with late remedial actions taken to standards operating
avoid missing delivery targets; and whilst throughout
maintaining the Group
quality. to drive
* Holding excess inventory in the event of a market The Group's supply chain
downturn. forward purchase improvements.
commitments Initiatives
are being to expand
closely monitored production
to manage in best-cost
inventories locations
at levels are reviewed
appropriate and the
to market procurement
conditions. function
Our credit continues
risk management to drive
procedures cost and
are under quality
continuous improvements
appraisal through the
and review. Group's supply
We regularly chain.
monitor market
activity
to ensure
we remain
competitive.
------------------ ----------------------------------------------------------- ------------------ -----------------
ETHICS AND GOVERNANCE
(Risk increasing)
----------------------------------------------------------------------------------------------------------------------
Interactions We are unwilling The Code The governance
with our to accept of Conduct, and legislative
people, dishonest supplemented environment
customers, or corrupt with Group in which
suppliers behaviour policies the Group
and other from our on related operates
stakeholders people, or topics, provides continues
are not conducted external a clear benchmark to evolve
with the parties acting for how we and become
highest standards on our behalf, expect our more complex.
of integrity whilst conducting business The Group
which devalues our business. will be has further
our reputation. If we fail conducted. developed
to act with Regular training and grown
integrity, is provided its operations
we are at using a range in geographies
risk of: of mechanisms where ethical
* Reputational damage leading to a loss of customers; including standards
Town Hall may not be
style sessions, as well
* Increased scrutiny from regulators; online and established
induction as in other
training. countries.
* Legal action from regulators including fines, The financial The Group
penalties and imprisonment; and control framework has reinforced
is continually its commitment
monitored to high
* Exclusion from markets important for our future for standards
growth. effectiveness. of ethics
Internal and governance
Audit's remit through the
We expect includes Code of Conduct
all areas regular review and completed
of the business of the a programme
to do the anti-bribery of training
right thing and corruption for key
and conduct and financial individuals.
business controls Compliance
in compliance across the procedures
with procedures, Group. The adopted for
applicable Group Legal Market Abuse
laws, Weir team is Regulations
Group operating responsible with training
policies for monitoring given to
and the highest compliance the Board
ethical standards. with the and Group
Code of Conduct. Executive.
A new Disclosure
Committee
is now in
place.
A number
of unprovided
liabilities
were identified
in the China
business
during the
year. This
followed
an Internal
Audit report
in October
2016 and
local management
reorganisation.
Further
information
is set out
in the Corporate
Governance
Report on
page 72.
------------------ ----------------------------------------------------------- ------------------ -----------------
STAFF RECRUITMENT, DEVELOPMENT AND RETENTION
(Risk unchanged)
----------------------------------------------------------------------------------------------------------------------
Failure to Our people Promotion We continue
recruit, represent of the Weir to focus
develop or our biggest Group Values on these
retain key asset and & Behaviours, key areas
management failure to Code of Conduct including
and staff attract, and HR Policies obtaining
may lead develop and sets the feedback
to disruption retain key standards through staff
to the Group's management and expectations surveys and
operations, and staff for all our measuring
functions would have staff, the success
and processes. a detrimental reinforcing of our
impact on our stated Leadership
the Group's commitment and Development
ability to to attracting Programmes.
deliver our and retaining Recognising
key strategic the very the importance
objectives. best people. of effective
High performer ongoing staff
assessments communication
are undertaken we continue
to identify to provide
and develop information
our very and updates
best talent. through our
Succession Global Intranet,
plans are Town Hall
in place meetings
and periodically and team
reviewed briefings.
for all of Recruitment
our key of a Group
management. Head of Reward
Personal and Recognition
Development complete.
Plans are
set and reviewed
for the effective
development
of all of
our staff.
Continue
to offer
competitive
compensation
and benefits
packages.
Personal
development
programmes
including
Weir University
and the Weir
Leadership
Programme
are open
to participation
by high potential
staff members
and these
continue
to attract
high calibre
individuals.
------------------ ----------------------------------------------------------- ------------------ -----------------
CONTRACT RISK
(Risk unchanged; Considered as part of Viability
Statement assessment)
----------------------------------------------------------------------------------------------------------------------
We fail to We operate The Group Contract
adequately in an increasingly has policies management
manage contract complex and and procedures continues
risk and competitive for contract to be an
as a result environment acceptance area of focus
commit to where customers and approval. for the Group,
obligations are not only These are given the
which the highly focused under continuous competitive
Group is on price review and environment.
unable to and service improvement Group policies
meet without but are also to ensure and procedures
incurring more challenging they are continue
significant in contract adequate to be reviewed
unplanned negotiations. for current and refreshed
costs. As we offer and future to provide
In addition, a broader circumstances. employees
failure to range of The tools with improved
follow Group products and training tools to
policies and services available assist them
and procedures to our customers, to employees in their
may lead including responsible contract
to commitments those that for contract management
without the are more management activities.
desired level technologically are similarly
of contractual advanced, under continuous
protections. we risk exposing review.
the Group
to reputational
and financial
loss should
our contract
acceptance,
negotiation
and approval
processes
fail to protect
the Group
accordingly.
------------------ ----------------------------------------------------------- ------------------ -----------------
Appendix B: Directors' statement of responsibilities
The following statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 114 of the 2016 Annual Report and is signed on behalf of the Board of Directors by Charles Berry, Chairman and Jon Stanton, Chief Executive Officer. Responsibility is for the full 2016 Annual Report and not the extracted information presented in this announcement or the full year results announcement.
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Company financial statements in accordance with UK Accounting Standards and applicable law.
In preparing those financial statements, the Directors are required to:
-- Select suitable accounting policies and then apply them consistently. -- Make judgements and estimates that are reasonable and prudent.
-- State that the Group financial statements have complied with IFRS as adopted by the European Union, subject to any material departures being disclosed and explained.
-- State for the Company financial statements whether the applicable UK Accounting Standards have been followed, subject to any material departures being disclosed and explained.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that the Group financial statements comply with the 2006 Act and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
The Directors confirm that they have complied with the above requirements in preparing the financial statements.
The Directors consider that the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Each of the Directors, as at the date of this report, confirms to the best of their knowledge that:
-- The financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group.
-- The Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSGMGMFDFNGNZM
(END) Dow Jones Newswires
March 13, 2017 12:00 ET (16:00 GMT)
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