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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -13.00 | -0.65% | 1,980.00 | 1,975.00 | 1,977.00 | 1,984.00 | 1,953.00 | 1,981.00 | 3,616,243 | 16:35:07 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pumps And Pumping Equipment | 2.64B | 227.9M | 0.8759 | 22.56 | 5.14B |
From Apr 2019 to Apr 2024
TIDMWEIR
RNS Number : 1338I
Weir Group PLC
19 March 2018
The Weir Group PLC
LEI Number: 549300KDR56WHY9I3D10
2017 Annual Report and 2018 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 2017 (the "2017 Annual Report");
2. Notice of 2018 Annual General Meeting; and 3. Form of Proxy for the 2018 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 2018 Annual General Meeting will be held at the Company's Head Office, 1 West Regent Street, Glasgow, G2 1RW, on Thursday 26 April 2018 at 2.30pm.
The Company's full year results announcement of 28 February 2018 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards.
The 2017 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 2017 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 2017 Annual Report. Page numbers and cross-references in the following appendices refer to page numbers and cross-references in the 2017 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 50 to 55 of the 2017 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 47, 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 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
Risk Review: Principal risks and uncertainties
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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 2017
The strength of our business is built upon a history of risk The pace of technological
delivering innovative and sustainable Our existing research and innovation continues to
solutions for our customers. If we fail to keep abreast of development initiatives increase as we and our
market needs or to innovate solutions, within the business, at competitors seek
we are at risk of losing market share to our competitors Weir Advanced Research to provide customers with
and lowering margins as demand will Centre, are enhanced solutions that improve the
reduce. through partnerships with efficiency of their
certain leading operations.
universities around the
world. Recognising the strategic
These partnerships are importance of technology
designed to help the Group and innovation we recruited
develop game-changing a Chief Technology
solutions to our Officer during the year to
customers' define the Group's
challenges. Technology Vision and
We devote skilled resource Strategy.
to reviewing and Further information on
responding to developing progress made in this area
technologies, with our is set out in the Products
agreements with specialist and Technology
external parties to section of the
develop Internet of Things Sustainability Review on
(IoT) technology. page 57.
Engineering strategies are
in place at Group and
divisional levels with
strategic innovation
arenas defined as part of
the innovation strategy.
----------------------------------------------------------- --------------------------- ----------------------------
IT security and continuity
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 2017
Up-to-date data allows us to make informed decisions about risk IT security and continuity
our business. Therefore, we require We have an IT Governance continues to be a matter of
reliable and efficient IT systems and infrastructure to Framework with a focus on strategic priority for the
provide our data requirements. Breaches structured change Group in
of our IT security could have serious consequences for our management techniques, an environment of ever
business, including: interruption including setting project increasing cyber security
to business operations; and loss of intellectual property governance levels in line threats. Progress to
and other sensitive data. with risk. strengthen the Group's
The Group is investing in a significant IT transformation defences in this respect is
programme. If this is not managed Policies, procedures and being made through our IT
effectively, the consequences could include interruption baseline standards in Next programme.
to business operations if data is relation to cyber risk and
unavailable due to unsuccessful execution of change, IT security more We continually review the
impacting our ability to compete and generally are continuously effectiveness of our key IT
our reputation in the market. updated and rolled out to security controls in
At present, the Group's principal exposures to cybercrime operations. A programme of consultation with
relate to the misappropriation of user training external experts. There is
cash and data. Our revenue streams are largely protected in relation to cyber risk regular reporting of
as our products are not currently is in place. unplanned outages and
electronic in nature and we do not, as a rule, transact All security related potential security
over the internet. incidents are reported to breaches,
the Group Executive. with lessons learned across
the Group.
Security Incident Responder
teams monitor our various
security systems.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
If we fail to improve our value chain management we risk: risk Value chain remains an area
Regular KPI monitoring of of strategic focus for the
* Losing the opportunity to invest capital into the value chain throughout Group. Value chain
alternative value creating opportunities; the organisation. improvements continue
to be recognised year on
The Group's operations are year as the Group realises
* Damaging our reputation and as a consequence losing implementing Value Chain benefits from its focused
customers and market share; Excellence initiatives approach to
amongst other business these matters.
improvement objectives. An updated and more focused
* Losing market position if the Group fails to VCE model has been
demonstrate to customers the value of our products Established Centres of successfully introduced.
and services; Excellence drive cost A programme of Value Chain
savings, efficiencies and Excellence initiatives has
enhance delivery standards been operating throughout
whilst maintaining the Group
* Incurring penalties as a result of late delivery quality. to drive value chain
contractual clauses; improvements.
The Group's forward
purchase commitments are All businesses now complete
* Reducing margins by incurring unnecessary additional being closely monitored to VCE self-assessments,
costs associated with late remedial actions taken to manage inventories including value stream
avoid missing delivery targets; and at levels appropriate to segmentation, model
market conditions. design and improvement
project identification.
* Failing to respond to market upturns or downturns Our credit risk management Initiatives to expand
quickly enough to respond to market demand or manage procedures are under production in best-cost
costs. continuous appraisal and locations are reviewed and
review. the procurement function
We regularly monitor continues to drive cost and
market activity to ensure quality improvements
we remain competitive. through the Group's supply
chain.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
We operate across the globe and therefore have to work risk The US has approved
within a wide range of political and significant corporate tax
social conditions. Adverse events may occur in the reform. The new US tax code
territories in which we operate that may Regular review of market will significantly
require us to act swiftly to protect our people and our attractiveness. change the tax profile of
property and regulatory changes could the Group's US operations
impact our competitiveness. We need to be flexible and Monitoring travel by Weir and provide opportunities
able to anticipate such issues. employees to higher risk for the Group
Expansions into new territories are only undertaken after locations in accordance resulting from a lowering
rigorous assessment of the risks, with the Weir Group of the US Federal Tax rate.
including the social and political situation within the travel policy. We will continue to respond
territory. External expert risk to any further
assessments and regular US tax clarifications this
monitoring in higher risk year.
locations.
Contingency plans and exit We continue to monitor the
strategy planning. direction of Brexit
Our strategic planning negotiations and any
assists in forecasting potential impacts directly
potential political and on our UK manufacturing
social instability in base.
regions.
Proactive monitoring of
evolving policy and
development of contingency
plans as situations
materialise.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
We are unwilling to accept dishonest or corrupt behaviour risk The governance and
from our people, or external parties legislative environment in
acting on our behalf, whilst conducting our business. If which the Group operates
we fail to act with integrity, we The Code of Conduct, continues to evolve
are at risk of: supplemented with Group and become more complex. We
policies on related routinely review operations
* Reputational damage leading to a loss of customers; topics, provides a clear in geographies where
benchmark for how we ethical standards
expect our business will may not be as well
* Increased scrutiny from regulators; be conducted. established as in other
countries.
Regular training is
* Legal action from regulators including fines, provided using a range of The Group has reinforced
penalties and imprisonment; and mechanisms including Town its commitment to high
Hall style sessions, standards of ethics and
online and induction governance through
* Exclusion from markets important for our future training. the Code of Conduct and
growth. completed a programme of
The financial control training for key
framework is continually individuals
We expect all areas of the business to do the right thing monitored for
and conduct business in compliance effectiveness.
with procedures, applicable laws, Weir Group operating Internal Audit's remit
policies and the highest ethical standards. includes regular review of
the anti-bribery and
corruption and financial
controls across the Group.
The Group Legal team is
responsible for monitoring
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.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
risk A new Chief People Officer
Our people represent our biggest asset and failure to was appointed during the
attract, develop and retain key management year and tasked with the
and staff would have a detrimental impact on the Group's Promotion of the Weir identification
ability to deliver our key strategic Group Values & Behaviours, of key strategic priorities
objectives. Code of Conduct and HR for Weir's go-forward
As markets improve we need to continue to recruit high Policies sets the people strategy for the
quality staff building on existing standards and expectations Group.
capability while recruiting skilled expertise in the right for all our staff, Senior Leadership and
areas of the business and at the reinforcing our stated Regional Conferences were
right time. commitment to attracting held during 2017 focused on
and retaining the very the delivery of
best people. the four strategic pillars.
High performer assessments Our new ENERGY performance
are undertaken to identify development framework was
and develop our very best introduced during the year.
talent.
Succession plans are in
place and periodically
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.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
risk Our core markets have seen
We need to remain sufficiently flexible to allow us to continued improvements
anticipate downturns, to allow us to during the year, with
adjust our operations accordingly, and equally to meet We maintain regular customers planning
growth in demand when our customers' engagement with our for higher activity levels.
markets are buoyant and therefore capital investment is customers to understand We continue to focus on
high. Otherwise, we are at risk of their needs and technology development,
incurring unnecessary costs during downturns, and not challenges, customer relationships
maximising our potential for growth and ensure our business is and Value Chain Excellence
in buoyant markets. appropriately aligned. to meet increasing demand
In challenging market conditions, our value chain risks from our key sectors.
are increased. These are described Improved demand planning
in more detail on page 52. and forecasting including
Sales and Operations
Planning within VCE.
Our strategic planning
utilises extensive market
intelligence to assist in
forecasting opportunities
and dips in markets.
We maintain contingency
plans for downturns
----------------------------------------------------------- --------------------------- ----------------------------
Safety, Health and Environment (SHE)
Failure to adequately protect our people and other stakeholders from harm associated with
a breach in SHE standards.
----------------------------------------------------------------------------------------------------------------------
Why we think this is important How we are mitigating the Changes during 2017
We operate in hazardous environments, and therefore have a risk The Group continues to set
fundamental duty to protect our higher benchmarks for SHE
people and other stakeholders from harm whilst conducting compliance and roll out
our business. As well as the personal The Weir Behavioural cohesive programmes
impact on our people resulting from a failure to meet this Safety system is in place to address SHE risks and
obligation, we would also be at to reduce the risk of drive safe and sustainable
risk of: safety incidents. working practices.
Improved SHE incident
* Reputational damage leading to a loss of customers; In addition, there are reporting tools have been
initiatives to prevent the piloted and rolled out
most common accident across the Group to
* Legal action from regulators, including fines and types. The Weir global provide visibility and
penalties; and SHE standards are responsive actioning of any
continually reviewed. SHE related issues.
* Exclusion from markets important for our future The SHE Excellence
growth. Committee is responsible
for monitoring performance
and compliance with
Group objectives, policies
and standards relating to
SHE.
The Chief Executive's
Safety Committee met 12
times during the year,
committed to achieving
the highest of SHE
standards.
There is a formal SHE
assurance programme with
issues escalated as
required through the
reporting
structures.
----------------------------------------------------------- --------------------------- ----------------------------
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 2017
We operate in an increasingly complex and competitive risk Contract management
environment where customers are not continues to be an area of
only highly focused on price and service but are also more focus for the Group, given
challenging in contract negotiations. The Group has policies and the competitive
procedures for contract environment. Group policies
As we offer a broader range of products and services to acceptance and approval. and procedures continue to
our customers, including those that These are under continuous be reviewed and refreshed
are more technologically advanced, we risk exposing the review and improvement to to provide
Group to reputational and financial ensure they are adequate employees with improved
loss should our contract acceptance, negotiation and for current tools to assist them in
approval processes fail to protect the and future circumstances. their contract training and
Group accordingly. management activities.
The tools and training
available to employees
responsible for contract
management are similarly
under continuous review.
----------------------------------------------------------- --------------------------- ----------------------------
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 119 of the 2017 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 2017 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 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
ACSFMGMFGLRGRZM
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March 19, 2018 07:02 ET (11:02 GMT)
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