“2021 was a challenging year for the Group, with the ongoing pressures of the pandemic, mixed market conditions across our businesses and continued challenges in Projects impacting our performance. Despite this, 我们以积极的势头结束了这一年，订单量不断增长(比去年增长19%)，这使我们相信2022年的活动水平将会更高.
我们的建筑环境业务的出售过程进展顺利，我们仍然期望在今年第二季度宣布出售协议. A sale will deliver significant value for our shareholders and help move the Group onto its next chapter.
我们现在专注于此次出售后Wood的未来，以确保我们能够充分利用我们深厚的工程知识和专业知识，在能源安全和可持续性方面抓住未来的增长机会, as we help clients move towards net-zero.
我已经向董事会表示，我认为出售我们的建筑环境业务标志着Wood下一个战略阶段的开始，也是我辞去首席执行官一职的适当时机. 我期待着继续在董事会任职，直到我的继任者到位，我仍然完全致力于我们的业务交付，并实现平稳过渡.”
Key messages
Highlights
Full year results for the year ended 31 December 2021
Revenue
$6,400m
(2020: $7,564m)
15.4%
Revenue (pre-exceptional items)1
$6,426m
(2020: $7,564m)
15.0%
14.2% (like-for-like)2
Adjusted EBITDA3
$554m
(2020: $630m)
12.1%
9.8% (like-for-like)2
Adjusted EBITDA margin
8.6%
(2020: 8.3%)
0.3ppts
Operating profit before exceptional items
$192m
(2020: $214m) 10.3%
Operating profit / (loss)
$32m
(2020: $(33)m)
movement: n/a
Loss for the year
$(136)m
(2020: $(228)m) 42.5%
Basic EPS
(20.6)cents
(2020: (34.1)cents) 41.3%
Adjusted diluted EPS4
17.5 cents
(2020: 23.2cents) 24.6%
Net cash (used in) / generated from operating activities
$(60)m
(2020: $303m)
movement: n/a
Free cash flow (new definition)5
$(398)m
(2020: $(46)m)
movement: n/a
Net debt including leases
$1,843m
(2020: $1,556m) 18.4%
Net debt excluding leases6
$1,393m
(2020: $1,014m) 37.4%
Net debt / adjusted EBITDA (reported basis)7
3.3x
(2020: 2.1x)
movement: n/a
Order book8
$7,748m
(2020: $6,524m) 18.8%
- Revenue down 14% on a like-for-like basis2, with growth in Consulting and Operations more than offset by a significant decline in Projects
- Stronger sequential H2 performance: H2 revenue was 4% higher than H1 with Projects stabilising and growth across Consulting (up 4%) and Operations (up 10%)
- Adjusted EBITDA down 10% on a like for- like basis2咨询业务的EBITDA有所改善，抵消了项目和运营业务EBITDA的下降
- Margin improvement (like-for-like) of 0.4ppts2 包括成本效率，收入组合和改进的整体执行
- Exceptional items 1.6亿美元(2020年:2.47亿美元)包括之前宣布的9900万美元的Aegis波兰合同减记和7800万美元的重组成本
- Adjusted diluted EPS of 17.5c reflects the lower adjusted EBITDA
- Free cash flow (new definition)5 of $(398) million includes a working capital outflow of $306 million and exceptional cash costs of $159 million. 我们对自由现金流的定义包括股息和M之前的所有现金流&A
- Working capital outflow 包括2.65亿美元的项目业务流出，因为今年活动水平明显下降，导致大量营运资金释放
- Net debt of $1.截至2021年12月31日，该年度的自由现金流为负
- Net debt / adjusted EBITDA (reported basis) at 3.3 times at 31 December 2021, within our covenant level for the Group’s borrowings, which are set at 3.5x and measured twice per year
- 我们预计，在订单增长的支持下，我们的业务将获得更高的收入, with revenue in our
2022年的订单总额为46.55亿美元(比去年同期增长6%) - 拟出售建筑环境业务的意愿 have a significant impact on our reported results and, as such, 现阶段我们不提供详细的财务指导
- Cash performance will be impacted by ongoing exceptional cash drags (including SFO payments, restructuring
成本，繁重的租赁和我们的Aegis波兰合同的资金流出). As such we expect any improvement in our net debt to come from the proceeds from the sale of built environment - As usual in our business, we expect a working capital outflow in the first half of the year. As such our net debt
预计2022年6月的利率将高于2021年12月的利率
Adjustments between statutory and underlying information
本集团采用不同的另类业绩衡量标准(apm)，让使用者更了解本集团的业绩及盈利趋势. 董事们认为，apm提供了每年一致的业务绩效衡量标准，管理层使用apm来衡量经营绩效、预测和决策. 本集团相信投资者会利用这些数据分析业务表现. 国际财务报告准则并未定义这些资产保值率，在确定计算这些资产保值率所需的调整时，需要进行一定程度的判断. As the APMs used are not defined under IFRS, 它们可能无法与其他公司使用的类似措施进行比较. 它们不能替代国际财务报告准则下定义的计量.
- Revenue for FY21 includes an exceptional item of $(25.4) million related to Aegis Poland. 收入(不计特殊项目)是贯穿本报告的APM，因为集团认为它提供了更有用的年度业绩衡量标准.
- Revenue on a like-for-like basis is calculated as revenue less revenue from disposals executed in 2021, and adjusted EBITDA on a like-for-like basis is calculated as adjusted EBITDA less the adjusted EBITDA from those disposals. These amounts are presented as a measure of underlying business performance excluding businesses disposed. 在21财年执行的出售包括我们在Sulzer Wood的合资权益. 比较数据还不包括出售核工业服务业务的收入和调整后的EBITDA, YKK和我们在TransCanada涡轮机(TCT)的合资企业权益于2020年完成. 这些处置在21财年的收入为零(20财年:7600万美元)，21财年调整后的EBITDA为零(20财年:1600万美元). 同类营收增长指营收(不计特殊项目).
- 调整后的EBITDA与营业利润(特殊项目前)的对账表列于财务报表附注1.
- 经调整的摊薄每股收益与基本每股收益的对账表载于财务报表附注8.
- Free cash flow is defined as all cash flows before acquisitions, disposals and dividends. 它包括集团支付的所有强制性款项，如利息和税款, and all exceptional cash flows. It excludes the impacts of leases. A reconciliation of free cash flow to our statutory cash flow is shown in the financial review.
- Net debt excluding leases is total group borrowings, offset by cash and cash equivalents. 借款包括从本集团循环信贷安排(RCF)提取的贷款。, the UKEF, overdrafts and unsecured senior loan notes issued in the US private placement market (USPP). 现金和现金等价物包括存在银行和手中的现金以及短期银行存款. A reconciliation of net debt excluding leases to net debt including leases is show in note 29 to the financial statements.
- 集团的大部分借款都有财务契约(RCF), USPP, UKEF – as shown in note 6). 这两项契约措施是:(i)净债务与调整后的EBITDA之比不超过3.5 times, (ii) adjusted EBITA not less than 3.5 times interest. 这些契约于每年6月30日和12月31日计算. 净债务/ EBITDA比率是在2019年采用IFRS 16之前的现有基础上计算的，并基于扣除租赁的净债务. These measures are presented as they closely aligned to the measure used in our financing covenants.
- 订单簿包括由签署的合同或书面采购订单支持的收入，这些订单是在单一合同授予或框架协议下获得的. Work under multi-year agreements is recognised in order book according to anticipated activity supported by purchase orders, customer plans or management estimates. 如果合同有可选择的延长期限，则只包括确认的期限. 订单披露符合国际财务报告准则对收入的定义，不包括Wood在合资企业订单中的比例份额. 订单簿是未来收入可见性的一个指标.
- Adjusted EBITDA in 2021 benefited from a change in the classification of Aegis Poland contract losses. 此前，这些都包括在调整后的EBITDA(1100万美元)中, 目前已经分类(从2021年下半年开始), including adjusting HY21) as exceptional items.
Measuring our performance
To help the Group assess its performance, our leadership team sets KPI targets and monitors and assesses performance against these targets on a regular basis.
Financial:
Linking our KPIs to our strategy
“Being a premium, 差异化业务为客户带来卓越回报, our team, our investors, and the communities in which we work.”
为客户提供优质、差异化的服务
Delivering for our team 
Delivering for our investors
Delivering for our communities
Safety:
Measuring our sustainability performance
Our goal is to be leaders in our field in environmental, social and governance (ESG) matters and sustainability.
我们的目标是为世界上最严峻的挑战提供解决方案，我们的行动是嵌入一种文化，这种文化热衷于对我们的社会和环境产生积极影响，并以公平和道德的方式获利, 我们相信我们正在建立一个可持续发展和负责任的企业.
In 2020, the Board endorsed a set of targets, 符合联合国可持续发展目标的材料，对我们的可持续发展产生影响, 以可持续发展策略衡量我们的表现. 我们2021年的重点是为成功交付奠定基础, 包括在我们的业务部门内任命可持续发展领导人, 与我们的业务小组合作，制定应对挑战的计划, 审查关键流程和系统，确保它们支持我们的目标.
Our aims, goals and 2021 progress
Our aim
在解决气候变化和人口发展的挑战方面值得信赖
Our goals
- Consistently ranked in the Top Quartile ESG investment ratings within our sector group by 2025
- Doubling client support aligned to the energy transition and more sustainable infrastructure by 2030
了解我们在实现2021年目标方面取得的最新进展 click here
Our aim
To recognise, welcome and celebrate diversity of thought, experience and background to find our boldest
solutions and nurture our talent
Our goals
- To improve gender balance with 40% female representation in senior leadership roles by 2030
- 到2021年，教育和激励我们100%的同事每天都具有包容性
了解我们在实现2021年目标方面取得的最新进展 click here
Our aim
To take responsibility for the impact of the work we do and how we deliver it on the planet we share
Our goals
- To reduce Wood’s scope 1 and 2 carbon emissions by 40% by 2030 on our journey towards ‘net-zero’, from a baseline of 173,585 tonnes CO2e in 2019
- 确保到2025年，所有Wood办公室都不再使用一次性塑料
了解我们在实现2021年目标方面取得的最新进展 click here
Our aim
通过我们建立的可信赖的伙伴关系，公平、透明和合乎道德地开展工作
Our goals
- 100% of Wood labour suppliers sign up and comply with the Building Responsibly Principles by 2025
- 100% of our suppliers have Building Responsibly Principles embedded into their supply chains by 2030
了解我们在实现2021年目标方面取得的最新进展 click here
Our aim
用我们的能量和专业知识来改善我们周围的社区
Our goal
- 为我们的全球事业贡献1000万美元, energy, resources and funding by 2030
了解我们在实现2021年目标方面取得的最新进展 click here
At a glance
Wood is a global leader in consulting and engineering across energy and the built environment. We provide consulting, projects and operations solutions helping to unlock solutions to some of the world’s most critical challenges.
Three service lines
Consulting
Projects
Operations
Two broad end markets
Energy
Built environment
A global business of breadth and scale
c39k
people
60+
countries
160+
year history
c$6bn
revenue
Our business model
我们通过在能源和建筑环境市场的整个资产生命周期内提供差异化的咨询和10bet十博网址来创造价值.
Inputs
Performance driven and innovative solutions
Capabilities levered to structural 能源转型、工业脱碳和可持续基础设施的增长
Talented, flexible and motivated workforce
Operating structure optimised for sustainability, cross-service line opportunities and growth
Capital structure and allocation
Flexible commercial model with a balanced risk appetite
稳健的风险治理和运营保证政策和流程
Sustainability strategy aligned with UN goals
四个主要趋势塑造了我们的市场并推动了我们的战略:
Energy transition and industrial decarbonisation
Engineering solutions supporting energy delivery, the transition to a low-carbon future and addressing complex industrial decarbonisation challenges.
Sustainable infrastructure
使生活更具可持续性和弹性的能力, including the planning, design, 建设和运营互联和弹性基础设施.
Future skills
Developing inclusive, agile and highperforming teams, with the right skills, in the right place, 在适当的时候保持竞争力，并为增长做好准备，灵活地响应不断变化的客户需求.
Technology and digitisation
Utilising technology to create future-ready industry through optimising asset performance and digital innovation.
Creating value through our differentiated model
Our strategic enablers:
Agile teams
We deploy our most talented people with agility to deliver the right solutions now and in the future. 我们的适应能力使我们与时俱进，并为我们的员工提供了巨大的机会.
Exceptional execution
We are differentiated by our shared commitment to consistently delivering exceptional outcomes that add value and build trust. 我们拥有约90%的回头客业务，并凭借长期提供安全和一流项目的记录，发展了领先的市场地位.
Commercial acumen
We employ an asset light, flexible model allowing us to respond quickly to changes in market conditions and allocate capital where it impacts most. 我们的合同结构在很大程度上是可报销的，有一系列具体的合同结构，在我们衡量的风险偏好范围内与客户的需求保持一致. We have a broad client base with a wide mix across sectors giving us low individual client dependency.
Technological advantage
We deliver greater efficiencies and create new solutions through combining our deep domain knowledge with leading-edge,enabling technology. 我们为一些世界上最复杂的项目提供解决方案，并利用我们广泛的专业知识为这些项目面临的挑战带来新的视角.
Our five medium-term priorities:
Targeting margin improvement
Optimise and standardise
service delivery model to achieve exceptional execution
Optimising our portfolio
服务和市场的组合符合我们的战略目标
Technology differentiation
through internal R&D, strategic partnerships and scalable solutions
Improved risk/reward
on contracts in line with balanced risk appetite
Value outputs
For investors
- Total shareholder return
- Growth and cash generation
For our people
- Rewarding careers and employee retention
- A workplace where different backgrounds, experience and expertise are welcomed and celebrated
For clients
- Best-in-class delivery, consistently
- 通过与客户的长期合作伙伴关系平衡的投资组合，实现全球覆盖
- 领先的技术服务和更智能、更可持续的解决方案
- Track record on industry-leading projects
For communities
- 对当地就业和社区有重大贡献
- Employee matched funding & community support c$1.4m
Effective engagement with our stakeholders
董事会认识到，公司的中长期可持续发展与为我们的利益相关者提供价值息息相关. 为了成功地交付我们的战略并为我们的利益相关者创造价值，了解对他们来说什么是重要的.
Through regular engagement, 我们深入了解不同利益相关者的不同观点, who often represent competing interests. Considering their insights and opinions builds strong, constructive relationships and enables robust and sustainable decision making at both executive and Board level.
- Employees
- Investors and lenders
- Clients
- Suppliers
- Environment
- Community
- Pension plans: Current & deferred workforce and pensioners