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Kingspan Group Plc Annual Report & Financial Statements 2015

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Kingspan Group Plc Annual Report & Financial Statements 2015 Kingspan Group plc Annual Report & Financial Statements 2015 Kingspan Group plc Annual Report & Financial Statements 2015 Our 2020 Net-Zero Energy vision Kingspan is the global leader in high performance insulation and building energy solutions. At Kingspan, our commitment to achieving Net-Zero Energy status by 2020 has led to our recognition as a leader for corporate action on climate change by being awarded a position on the CDP’s global Climate ‘A’ List – the only Irish listed company to do so. Our actions and strategies to reduce carbon emissions mean we are currently on track to exceed an interim target of 50% energy usage from renewable sources in 2016. 2 Public Library, Toronto, Canada Business & Strategic Report 4 Chairman’s Statement 6 Business & Strategy Review 10 Chief Executive’s Review 14 Financial Review 24 Risk & Risk Management 30 Corporate Social Responsibility Report 32 Directors’ Report 42 Chairman’s Introduction 43 The Board 44 Report of the Directors 46 Corporate Governance Statement 50 Report of the Remuneration Committee 57 Report of the Audit Committee 66 Financial Statements 70 Independent Auditor’s Report 71 Financial Statements 74 Notes to the Financial Statements 83 Other Information 116 Non-GAAP Information 116 Shareholder Information 116 Principal Subsidiary Undertakings 120 Group Five Year Summary 122 3 Kingspan Group plc Annual Report & Financial Statements 2015 Summary Financials Revenue up 47% EBITDA1 up 67% Trading Profit2 up 72% e2.77bn e316.4m e255.9m 2014: a1.89bn 2014: a189.3m 2014: a148.5m 1 Earnings before finance cost, income taxes, depreciation, intangible amortisation and non trading items 2 Earnings before finance cost, income taxes, intangible amortisation and non trading items Adobe Systems, Utah, USA 4 Trading Margin up 130bps Profit After Tax up 79% EPS up 70% 9.2% e190.6m 106.7c Business & Strategic Report 2014: 7.9% 2014: a106.5m 2014: 62.6 cent 5 Kingspan Group plc Annual Report & Financial Statements 2015 Chairman’s Statement Kingspan delivered a superb performance in 2015, with turnover up 47% to e2.77bn and trading profit increasing by 72% to a record e256m. This has been achieved while maintaining a prudent balance sheet, with net debt of e328m representing 1.04 x EBITDA. This excellent performance is rooted in the strategy we have been pursuing, based on the three pillars of Innovation, Penetration and Geographic reach. In 2015 we took great strides forward based on these three principles. Innovation Penetration Geography In July we launched the revolutionary Organic growth and increased penetration Perhaps most significantly during the IPN-QuadCore™ which is a scientific is a constant theme in all of our businesses. year, we completed two major acquisitions breakthrough that has led to a completely Having first ventured into the North which have greatly transformed Kingspan’s new core material for our insulated panels American insulated panel market in 2008, geographic footprint. The acquisition of which delivers the industry’s highest when penetration levels were at 5%, it is Joris Ide in March not only augments our thermal performance, superior fire very encouraging to report that market Western European presence in Belgium, protection and enhanced environmental penetration has now reached 12%. Whilst France and Germany, but also provides credentials, backed up by a 40 year we continue to increase penetration in our entry into new markets such as Russia. thermal and structural guarantee that is more mature markets, we are also building In May, the acquisition of Vicwest Building unique in the industry. In 2016 we plan to platforms for the future in markets like the Products similarly extended our footprint roll out IPN-QuadCore™ across our many Nordics and South East Asia. in North America, and this market now markets, as well as continuing to invest in represents 20% of total Group revenues. developing the next generation insulation products of the future. 6 Aldar Headquarters, Abu Dhabi, UAE Business & Strategic Report 7 Kingspan Group plc Annual Report & Financial Statements 2015 Chairman’s Statement Management and employees and corporate planning to the Board. I look forward to his on-going contribution On behalf of the Board, I want to thank the to Kingspan. management team, and each and every one of the 8,732 employees across Kingspan, for their dedicated hard work in delivering these Looking ahead results, and I know that they have already Whilst the start of 2016 has been beset by started into the challenges of 2016 with the lingering political and fiscal uncertainty in same commitment and enthusiasm. some of our core markets, momentum in the early months of the year for Kingspan Dividend has been positive. The Board is recommending a final dividend of 17 cent per share, which if approved at Looking ahead through the Annual General Meeting, will give a 2016 and beyond, Kingspan total dividend for the year of 25 cent, an increase of 54% on prior year. This will be is well positioned to the sixth consecutive year of growth in the continue developing shareholders’ dividend, and demonstrates the board’s confidence in the long-term the business and take sustainability of the profitability and growth of the business. advantage of new If approved, the final dividend will be paid opportunities as they arise. (subject to Irish withholding tax rules) on I remain confident that 13 May 2016 to shareholders on the register at close of business on 22 April 2016. management’s sustained focus on the three strategic Board changes pillars will continue Following last year’s Annual General to deliver enhanced Meeting, Kieran Murphy retired from the Board and once again I’d like to thank him shareholder value over for his contribution to Kingspan over the the longer term. previous three years. In June we were very pleased to welcome Bruce McLennan as Eugene Murtagh a non-executive director, who brings his Chairman broad experience in investment banking, international capital markets and strategic 22 February 2016 Te Papa Tongarewa Museum, Wellington, New Zealand 8 Geelong Library & Heritage Centre, Geelong, Australia Business & Strategic Report 9 Kingspan Group plc Annual Report & Financial Statements 2015 Business & Strategy Review The Business ■ Kingspan is a global leader in high performance insulation and building envelopes ■ Kingspan has market leading positions in UK, Mainland Europe, North America and Australasia ■ Kingspan’s proprietary technology drives differentiation in product performance 6% 6% Access Floors Environmental Products Percentage of 2015 total revenue 24% 64% Insulation Boards Insulated Panels 10 Business & Strategy Review Business & Strategic Report Brand > Specification > Differentiation 3% 10% 8% Ireland Office & Data ROW 20% 18% North America Residential Drivers Geography Sector 39% Mainland Europe 85% 30% Energy Efficiency United Kingdom 72% & Conversion Commercial & Industrial 30% 25% Refurbishment Via Distribution End Market Channel 70% 75% Newbuild Direct Strategic Goals ■ To lead the field in high performance insulation globally with proprietary and differentiating technologies ■ To become the world’s leading provider of low energy building solutions – Insulate & Generate ■ To achieve greater geographic balance, primarily focusing on the Americas, Europe and appropriate developing markets 11 Kingspan Group plc Annual Report & Financial Statements 2015 Business & Strategy Review The 3 Pillars Innovation Penetration Geography to achieve an average Differentiated & Structural Globalisation of annual return on proprietary growth of high primary product investment of ca. performance set buildings 15% Strategy in Action Innovation Penetration Geography ■ Launch of IPN-QuadCore™ ■ Specification teams continue ■ Increasingly diversified in Q4 representing a game to build globally. geography base. UK sales changing step forward in the ■ Further progress recorded comprised 30% of Group thermal and fire performance in penetration gains in all sales during 2015 compared of the insulated panel. Global major markets. A particular to 49% in 2008. roll-out planned for 2016. highlight was the 12% market ■ North American sales reached ■ Kooltherm ®. Dedicated penetration threshold 20% of Group sales during research effort underway reached during 2015 for 2015 as a consequence of with a targeted launch of next insulated panels in North organic growth but also the generation by 2017. America. This has grown acquisition of Vicwest building ■ Continuing growth during strongly from the level of 5% products during the year. 2015 in specification for when Kingspan first entered ■ Acquisitions made during Optim-R™ in space the market in 2008. the year further extend the constrained applications. ■ Platform acquisition made geographic reach of Kingspan. in the Nordics to advance For example Joris Ide gives and drive penetration of an initially small presence in Kingspan’s high performance Russia from which to develop proposition against traditional over time. Our business in the alternatives over time. Middle East continues to develop strongly from initially acquired positions in the region. Sales by Geography 2008 Sales by Geography 2015 3% 8% 11% Other 10% Other 3% North Republic of Ireland 20% Republic of Ireland America North America 49% 30% Great Great Britain & Britain & 27% Northern Northern Mainland Ireland Ireland Europe 39% Mainland Europe 12 Business & Strategic Report Dr. Chau Chak Wing, University of Technology, Sydney, Australia Photo: Andrew Worssam
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