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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 : 1703T
Weir Group PLC
18 March 2019
The Weir Group PLC
18 March 2019
2018 Annual Report and 2019 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 2018 (the "2018 Annual Report");
2. Notice of 2019 Annual General Meeting; and 3. Form of Proxy for the 2019 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 2019 Annual General Meeting will be held at the Company's Head Office, 1 West Regent Street, Glasgow, G2 1RW, on Tuesday 30 April 2019 at 2.30pm.
The Company's full year results announcement of 27 February 2019 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards.
The 2018 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 2018 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 2018 Annual Report. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2018 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 51 to 55 of the 2018 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. The Group's risk management and assurance framework is designed to make this less likely by clearly identifying and seeking to mitigate key risks.
The Board has conducted a robust assessment of the principal risks, alongside the Risk Appetite Statement set out on page 49, 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; 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 on pages 51 to 55 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
Principal Risks and Uncertainties
Technology and innovation
Failure to innovate or to react to emerging technology developments, and therefore fail to
ensure that the business continues to deliver sustainable and attractive solutions for our
customers.
Why we think this is important How we are mitigating the Changes during 2018
risk
The strength of our business is built upon a history of
delivering innovative and sustainable Technological innovation
solutions for our customers. If we fail to keep abreast of Our existing research and continues to be at the
market needs or to innovate solutions, development initiatives forefront of the business
we are at risk of losing market share to our competitors within the business, at due to the increasingly
and lowering margins as demand will Weir Advanced Research competitive market and the
reduce. Centre, are enhanced pressure to provide
through partnerships with customers solutions to
certain improve the efficiency
leading universities of their operations.
around the world. These
partnerships are designed Further information on
to help the Group develop progress made in this area
game-changing solutions to is set out in the Products
our customers' challenges and Technology
and respond to their section of the Technology
changing needs. Review on pages 12-13.
We devote skilled resource Continued execution of the
to reviewing and Technology Vision and
responding to developing Strategy through the year.
technologies, with our The Innovation
agreements with specialist Strategy process has been
external parties to defined, organisational
develop Internet of Things structures established,
(IoT) technology. and Group and divisional
engineering strategies are
Engineering strategies are in place.
in place at Group and
divisional levels with The Weir Innovation
strategic innovation Network was developed in
areas defined as part of order to improve knowledge
the innovation strategy. sharing and collaboration
across the Group.
--------------------------- ---------------------------
Market volatility
Changes in key markets, including commodity prices affecting mining and oil and gas, have
an adverse impact on customers' expenditure plans. This may include delaying existing expenditure
commitments. As markets improve we may fail to effectively upscale operations to meet customer
needs.
Why we think this is important How we are mitigating the Changes during 2018
risk
We need to remain sufficiently flexible to allow us to
anticipate downturns, to allow us to Global macroeconomic
adjust our operations accordingly, and equally to meet We maintain regular concerns around demand and
growth in demand when our customers' engagement with our geopolitical concerns
markets are buoyant and therefore capital investment is customers to understand around supply have caused
high. Otherwise, we are at risk of their needs and oil prices to decline
incurring unnecessary costs during downturns, and not challenges, sharply in last quarter of
maximising our potential for growth and ensure our business is 2018.
in buoyant markets. appropriately aligned.
Other commodity markets
In challenging market conditions, our value chain risks are Improved demand planning are showing continued
increased. These are described and forecasting including signs of recovery.
in more detail on page 53. Sales and Operations
Planning within VCE. We continue to focus on
customer relationships,
Our strategic planning technology development and
utilises extensive market Value Chain Excellence
intelligence to assist in to manage this risk.
forecasting opportunities
and dips in markets.
We maintain contingency
plans
for downturns.
--------------------------- ---------------------------
Information Technology and Cyber Security
Failure to maintain business systems or technical infrastructure that serves the business
needs.
Failure to successfully execute changes to these business systems or technical infrastructure;
together with failure to minimise disruption and maintain business as usual activity during
technical infrastructure or business system changes.
Failure to adequately protect the business operations from cybercrime.
Why we think this is important How we are mitigating the Changes during 2018
risk
Up-to-date data allows us to make informed decisions about
our business. Therefore, we require IT security and continuity
reliable and efficient IT systems and infrastructure to We have an IT Governance continues to be a matter
support our data requirements. Breaches Framework with a focus on of strategic priority for
of our IT security could have serious consequences for our structured change the Group in
business, including: interruption management techniques, an environment of
to business operations; and loss of intellectual property including setting project increasingly sophisticated
and other sensitive data. governance levels in line cyber security threats.
with risk. Progress to strengthen
The Group is investing in a significant IT transformation the Group's defences in
programme. If this is not managed Policies, procedures and this respect is being made
effectively, the consequences could include interruption to baseline standards in through our IT Next
business operations if data is relation to cyber risk and programme.
unavailable due to unsuccessful execution of change, IT security more
impacting our ability to compete and generally are continuously We continually review the
our reputation in the market. updated and rolled out to effectiveness of our key
operations. A programme of IT security controls in
At present, the Group's principal exposures to cybercrime user training consultation with
relate to the misappropriation of in relation to cyber risk external experts. We
cash and data. Our revenue streams are largely protected as is in place. report upon any unplanned
our products are not currently outages and potential
electronic in nature and we do not, as a rule, transact All security related security breaches, with
over the internet. incidents are reported to lessons learned across the
the Group Executive. Group.
Security Incident Internal Audit coverage
Responder teams monitor has been extended in 2018
our various security to include increased focus
systems. on IT security
and resilience.
--------------------------- ---------------------------
Value Chain Excellence
Failure to achieve Value Chain Excellence improvements and the associated reduction in costs
and enhanced flexibility.
Why we think this is important How we are mitigating the Changes during 2018
risk
If we fail to improve our value chain management, we risk:
* Losing the opportunity to invest capital into Value chain excellence is
alternative value creating opportunities; Regular KPI monitoring of a key area of strategic
the value chain throughout focus for the Group with
the organisation. Value Chain Excellence
* Damaging our reputation and as a consequence losing initiatives continually
customers and market share; All businesses complete developing and the Group
VCE self- assessments, realising the benefits of
including value stream these.
* Losing market position if the Group fails to segmentation, model
demonstrate to customers the value of our products design and improvement The VCE model has
and services; project identification. continued to develop with
audits being performed
Value Chain Excellence across the Group providing
* Incurring penalties as a result of late delivery initiatives have been additional assurance.
contractual clauses; operating throughout the
Group to drive value
chain improvements
* Reducing margins by incurring unnecessary additional including expanding
costs associated with late remedial actions taken to production in best cost
avoid missing delivery targets; and countries.
The Group's forward
* Failing to respond to market upturns or downturns purchase commitments are
quickly enough to respond to market demand or manage being closely monitored to
costs. manage inventories
at levels appropriate
to market conditions.
Our credit risk management
procedures are under
continuous appraisal and
review.
We regularly monitor
market activity to ensure
we remain competitive.
--------------------------- ---------------------------
Safety, Health and Environment (SHE)
Failure to adequately protect our people and other stakeholders from harm associated with
a breach of SHE standards.
Why we think this is important How we are mitigating the Changes during 2018
risk
We operate in hazardous environments, and therefore have a
fundamental duty to protect our The Group continues to set
people and other stakeholders from harm whilst conducting The Weir Behavioural higher benchmarks for SHE
our business. As well as the personal Safety system is in place compliance and roll out
impact on our people resulting from a failure to meet this to reduce the risk of cohesive programmes
obligation, we would also be at safety incidents. to address SHE risks and
risk of: drive safe and sustainable
* Reputational damage leading to a loss of customers; In addition, there are working practices.
initiatives to prevent the
most common accident Onsite SHE audit
* Legal action from regulators, including fines and types. The Weir global assessments have been
penalties; and SHE standards are developed and are now
continually reviewed. operational. Life saving
behaviours
* Exclusion from markets important for our future The SHE Excellence and improved training and
growth. Committee is responsible on boarding is being
for monitoring performance rolled out. The first
and compliance with formal Groupwide
Group objectives, policies recognition
and standards relating to programme delivered in
SHE. 2018.
The Chief Executive's
Safety Committee meets With the creation of a new
monthly and is committed Strategy and
to achieving the highest Sustainability function at
of SHE standards. the Group, there is
increased
There is a formal SHE focus in this area and a
assurance programme with number of new projects
issues escalated as being piloted.
required through the
reporting
structures.
Improved SHE incident
reporting tools which
provide visibility and
responsive action of any
SHE related issues have
now been embedded.
--------------------------- ---------------------------
Political and social
Adverse political action, or political and social instability, in territories in which we
operate may result in strategic, financial or personnel loss to the Group.
Why we think this is important How we are mitigating the Changes during 2018
risk
We operate across the globe and therefore have to work
within a wide range of political and Given the introduction of
social conditions. Adverse events may occur in the Regular review of market tariffs imposed by the
territories in which we operate that may attractiveness. United States, we are
require us to act swiftly to protect our people and our continuing to assess
property and regulatory changes could Monitoring travel by Weir the impact of these on our
impact our competitiveness. We need to be flexible and able employees to higher risk business and implement
to anticipate such issues. locations in accordance mitigating courses of
with the action.
Expansions into new territories are only undertaken after Weir Group travel policy.
rigorous assessment of the risks, We will continue to
including the social and political situation within the External expert risk monitor Brexit
territory. assessments and regular negotiations and risk
monitoring in higher risk assess the potential
locations. impacts on our
UK manufacturing base.
Contingency plans and exit
strategy planning.
Our strategic planning
assists in forecasting
potential political and
social instability in
regions.
Proactive monitoring of
evolving policy and
development of contingency
plans as situations
materialise.
--------------------------- ---------------------------
Staff recruitment, development and retention
Failure to recruit, develop or retain key management and staff may lead to disruption to the
Group's operations, functions and processes.
Why we think this is important How we are mitigating the Changes during 2018
risk
Our people represent our biggest asset and failure to
attract, develop and retain key management Senior Leadership
and staff would have a detrimental impact on the Group's Promotion of the Weir Conference was held during
ability to deliver our key strategic Group Values & Behaviours, 2018 to build on the
objectives. Code of Conduct and HR understanding of current
Policies sets the priorities.
As markets improve we need to continue to recruit high standards and expectations
quality staff building on existing for all our staff, The Talent Development and
capability while recruiting skilled expertise in the right reinforcing our stated Succession Planning
areas of the business and at the commitment to attracting process is developed and
right time. and retaining the very implementation underway.
best people.
The People Strategy was
High performer assessments approved in February 2018.
are undertaken to identify
and develop our very best The inaugural global
talent. employee engagement survey
Succession plans are in was launched in December
place and periodically 2018.
reviewed for all of our
key management.
Personal Development Plans
are set and reviewed for
the effective development
of all of our
staff.
We 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.
--------------------------- ---------------------------
Ethics, governance and control
Interactions with our people, customers, suppliers and other stakeholders are not conducted
with the highest standards of integrity which devalues our reputation.
Why we think this is important How we are mitigating the Changes during 2018
risk
We are unwilling to accept dishonest or corrupt behaviour
from our people, or external parties The governance and
acting on our behalf, whilst conducting our business. If we The Code of Conduct, legislative environment in
fail to act with integrity, we supplemented with Group which the Group operates
are at policies on related continues to evolve
risk of: topics, provides a clear and become more complex.
* Reputational damage leading to a loss of customers; benchmark for how we We routinely review
expect our business will operations in geographies
be conducted. where ethical standards
* Increased scrutiny from regulators; may not be as well
Regular training is established as in other
provided using a range of countries.
* Legal action from regulators including fines, mechanisms including Town
penalties and imprisonment; and Hall style sessions, With the introduction of
online and induction General Data Protection
training. Regulation (GDPR), we have
* Exclusion from markets important for our future taken proportionate
growth. The financial control measures to ensure
framework is continually compliance with the
monitored for regulations.
* Failure to meet required social standards to maintain effectiveness.
licence to operate in our communities. Compliance "sub-function"
Internal Audit's remit within Group Legal created
includes regular review of to enhance global focus on
the anti-bribery and compliance
We expect all areas of the business to do the right thing corruption and financial
and conduct business in compliance controls across the Group.
with procedures, applicable laws, Weir Group operating The Group Legal team is
policies and procedures, and the highest responsible for monitoring
ethical standards. compliance with
the Code of Conduct.
A Whistleblower hotline is
available to all members
of staff. Reports are
investigated on
a timely basis and summary
reports provided to Group
Executive and Board.
--------------------------- ---------------------------
Contract risk
Failure to adequately manage contract risk and, as a result, commit to obligations which the
Group is unable to meet without incurring significant unplanned costs.
In addition, failure to follow Group policies and procedures may lead to commitments without
the desired level of contractual protections.
Why we think this is important How we are mitigating the Changes during 2018
risk
We operate in an increasingly complex and competitive
environment where customers are not Given the competitive
only highly focused on price and service but are also more The Group has policies and environment in which the
challenging in contract negotiations. procedures for contract Group operates contact
Business models are also changing, reflecting these acceptance and approval. management continues to be
developments. a key area of focus.
These are under continuous Existing policies and
As we offer a broader range of products and services to our review and improvement to procedures are continually
customers, including those that ensure they are adequate reviewed and refreshed to
are more technologically advanced, we risk exposing the for current provide employees with
Group to reputational and financial and future circumstances. improved tools to assist
loss should our contract acceptance, negotiation and them in their contract
approval processes fail to protect the The tools and training training and management
Group accordingly. available to employees activities.
responsible for contract
management are similarly
under continuous review.
--------------------------- ---------------------------
Appendix B: Directors' statement of responsibilities
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 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSDMGMFGRVGLZM
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March 18, 2019 06:49 ET (10:49 GMT)
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