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Building Progress Together Grafton Group plc Grafton Group Annual Report and Accounts 2020 Building Progress Together Grafton Group plc Annual Report and Accounts 2020 Introduction Building Progress Together Our Business Operating Safely During We demonstrated the strength and resilience Covid-19 of our organisation by responding to the Health and safety is a fundamental priority. challenges of 2020 while continuing to Our branches, stores and manufacturing locations evolve our business and strategy. continue to operate to the highest health and safety standards in line with Covid-19 guidance. More information on page 30 More information on page 29 1 In This Report Overview Grafton Group plc is an 2020 Highlights 2 At a Glance 4 international distributor of Our Top Brands 6 Our Story 8 building materials to trade Our Purpose and Values 10 Investment Case 12 customers and has leading Sustainability Summary 14 Stakeholder Engagement 16 positions in its markets in the Strategic Report UK, Ireland and the Netherlands. Chairman’s Statement 20 Business Model 24 Grafton is also the market Our Strategy 26 Chief Executive Officer’s Review 30 leader in the DIY, Home and Key Performance Indicators 34 Sectoral and Strategic Review 38 Garden market in Ireland and is – Distribution 38 – Retail 48 the largest manufacturer of dry – Manufacturing 50 Financial Review 52 mortar in the UK. Risk Management 56 Sustainability 66 Corporate Governance Board of Directors and Secretary 78 Directors’ Report on Corporate Governance 80 Audit and Risk Committee Report 88 Nomination Committee Report 92 Report of the Remuneration Committee on Directors’ Remuneration 95 – Chair’s Annual Statement 95 – Remuneration Policy Report 99 – Annual Report on Remuneration 105 Report of the Directors 115 Financial Statements Statement of Directors’ Responsibilities 122 Independent Auditor’s Report 123 Group Income Statement 130 Group Statement of Comprehensive Income 131 Group Balance Sheet 132 Group Cash Flow Statement 133 Group Statement of Changes in Equity 134 Notes to the Group Financial Statements 136 Company Balance Sheet 191 Company Statement of Changes in Equity 192 Notes to the Company Financial Statements 193 Sustainability We made good progress during the year on the Supplementary Information Supplementary Financial Information 202 implementation of our sustainability strategy. Grafton Group plc Financial History 212 Corporate Information 214 Financial Calendar 214 Location of Annual General Meeting 214 Glossary of Terms 215 More information on page 66 to 75 Grafton Group plc Annual Report and Accounts 2020 2 Highlights Resilient Performance and Good Progress on Strategic Initiatives Despite the challenges related to the pandemic, the Group has worked hard to strengthen the long term prospects of the business and we are well placed for continued growth. Ambition Acquisition of StairBox, GDC Paints and Daly Brothers Three acquisitions completed during the year in line with our strategy of acquiring specialist high quality businesses with attractive returns. More information on page 27 Innovation Accelerated Investment in E-commerce Capabilities The Group’s businesses accelerated the adoption of digital technologies to create an improved online experience for our customers. More information on page 40 Sustainability Good Progress Advancing the Sustainability Agenda We are working with our businesses to do much more on sustainability and to establish realistic but ambitious goals for the short and medium term. More information on page 66 Grafton Group plc Annual Report and Accounts 2020 Overview 3 Financial Highlights – Continuing Operations Revenue Adjusted Operating Profit(i) Adjusted Operating Profit Margin(i) (ii) -6.1%£2.51bn -5.6%£193.3m +20bps7.6% 20 £2.51bn 20 £193.3m 20 7.6% 19 £2.67bn 19 £204.8m 19 7.4% Cash Generation from Operations Dividend Net Cash (pre-IFRS 16) +29.7%£377.7m -23.7%14.5p +£174.1m£181.9m 20 £377.7m 20 14.5p 20 £181.9m 19 £291.1m 19 19.0p 19 £7.8m Return on Capital Employed (pre-IFRS 16) Adjusted Earnings per Share – Basic (i) Free Cash Conversion -80bps13.6% -9.8%56.7p +42.7%157% 20 13.6% 20 56.7p 20 157.0% 19 14.4% 19 62.8p 19 110.0% (i) The term “Adjusted” means before exceptional items and amortisation of intangible assets arising on acquisitions in both years (ii) Before property profit Statutory Highlights Statutory Operating Profit Net Debt Statutory Operating Profit Margin £159.7m £355.0m 6.4% 20 £159.7m 20 £355.0m 20 6.4% 19 £197.8m 19 £533.8m 19 7.4% Statutory Earnings per Share – Basic Return on Capital Employed 45.1p 10.4% 20 45.1p 20 10.4% 19 60.5p 19 10.8% Grafton Group plc Annual Report and Accounts 2020 4 At a Glance Resilience and Agility Group Performance In 2020, the Group reported revenue from continuing operations of £2.51 billion (2019: £2.67 billion), adjusted profit before tax of £166.4 million (2019: £179.6 million) and adjusted Earnings Per Share (“EPS”) of 56.7p (2019: 62.8p). Revenue Adjusted Operating Profit £2.51bn £193.3m* UK 60.5% UK 44.6% Ireland 28.5% Ireland 41.5% Netherlands 11.0% Netherlands 13.9% * after central activities of £11.4 million in 2020 (2019: £11.5 million), including property profit Distribution Number of Branches 487 Grafton Group plc Annual Report and Accounts 2020 Overview 5 UK Number Revenue Adjusted Operating Adjusted Operating Market Positions of Branches Profit* Profit Margin 335 £1,517.1m £88.6m 5.8% 3rd 1st 60.5% 44.6% Building Materials Mortar Distribution manufacturing IRELAND Number Revenue Adjusted Operating Adjusted Operating Market Positions of Branches Profit* Profit Margin 86 £715.4m £85.0m 11.9% 1st 1st 28.5% 41.5% Building Materials DIY, Home and Distribution Garden NETHERLANDS Number Revenue Adjusted Operating Adjusted Operating Market Positions of Branches Profit* Profit Margin 113 £276.6m £28.5m 10.3% 1st 11.0% 13.9% Ironmongery, Tools and Fixings Segment of Distribution Market * Pre property profit and central activities of £11.4 million Retailing Manufacturing Number of Branches Number of Plants 35 12 Grafton Group plc Annual Report and Accounts 2020 6 Our Top Brands Revenue by Sector Adjusted Operating Profit by Sector* Distribution Distribution Retailing87.7% Retailing73.0% * £2.51bn Manufacturing9.8% £193.3m Manufacturing20.5% 2.5% 6.5% * after central activities of £11.4 million in 2020 (2019: £11.5 million), including property profit Distribution The Distribution segment distributes building materials from 487 branches in the UK, Ireland, and the Netherlands. Distribution Revenue Chadwicks Group Chadwicks Group operates from 50 branches in the Republic of Ireland where it is the number one distributor of building materials. -7.£2.2bn 8% 20 £2.2bn 19 £2.4bn chadwicks.ie Selco Buildbase Leyland SDM Trading from 69 branches, including 39 in Buildbase is the UK’s third largest distributor of Leyland SDM is one of the most London. Selco is a trade and business only building materials trading from 149 branches recognisable and trusted decorating distributor of building materials that operates a with a strong presence in the South East, and DIY brands in Central London where retail style self-select format. Its unique Midlands and North of England. it distributes paint, tools, ironmongery products and service model is primarily and accessories from 29 branches. focused on customers engaged in small residential RMI projects. selcobw.com buildbase.co.uk leylandsdm.co.uk MacBlair Isero Polvo MacBlair is the leading distributor of building Isero is the leading specialist distributor of Polvo is the third largest distributor of materials in Northern Ireland where it trades tools, ironmongery and fixings in the ironmongery, tools, fixings and related from 17 branches. The business supplies the Netherlands. Isero trades from 62 branches products in the Netherlands. Polvo trades trade, DIY and self-build markets with building and offers a comprehensive range of quality from 51 branches located in the Southern, materials, timber, doors and floors, plumbing products to trade professionals supported by Western and Eastern regions where Isero and heating, bathrooms and landscaping an exceptional level of customer service. is under represented. products. macblair.com isero.nl polvo.nl Grafton Group plc Annual Report and Accounts 2020 Overview 7 Retailing Manufacturing The Group is the largest DIY, Home and The Manufacturing segment is Garden retailer in Ireland trading from comprised of dry mortar and wooden 35 branches and online. staircase manufacturing businesses. Retailing Revenue Manufacturing Revenue +20.0%£246.6m -22.7%£61.3m (up 17.5% in constant currency) 20 £61.3m 20 £246.6m 19 £79.4m 19 £205.5m Woodie’s CPI Mortars Woodie’s is Ireland’s market leading DIY, CPI Mortars is the market leader in dry mortar Home and Garden retailer with 35 stores manufacturing in the UK, operating from nationwide and online offering an extensive ten strategically located factories that provide range of DIY products, paints, lighting, almost national coverage. homestyle, housewares, bathroom products and kitchens. Woodie’s is also a leading retailer cpieuromix.com of seasonal categories including gardening and Christmas ranges. woodies.ie StairBox StairBox is an industry leading UK manufacturer and distributor of bespoke wooden staircases operating from a state-of- the-art production facility in Stoke-on-Trent. stairbox.com Grafton Group plc Annual Report and Accounts 2020 8 Our Story Our Story So Far 1902 1930 1981 1988 William Thomas Chadwick William Thomas Chadwick The Chadwicks branch network Grafton makes its first UK establishes his first business acquires control of a small firm throughout Ireland increases to 14. acquisition, Williams (Southwest), called Chadwicks (Dublin) Limited engaged in the manufacture of a small heating and plumbing to supply builders’ merchants concrete blocks and roof tiles, in business which gives the Group and major building contractors Dolphins Barn, Dublin.
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