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Independent Auditor's Report to the Members of Kier Group

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Independent Auditor's Report to the Members of Kier Group Independent auditor’s report to the members of Kier Group plc Report on the financial statements What we have audited Our opinion Kier Group plc’s financial statements comprise: In our opinion: • The Consolidated balance sheet as at 30 June 2015; • Kier Group plc’s Group financial statements and parent • The Company balance sheet as at 30 June 2015; company financial statements (‘the financial statements’) give • The Consolidated income statement and Consolidated a true and fair view of the state of the Group’s and of the parent statement of comprehensive income for the year then ended; company’s affairs as at 30 June 2015 and of the Group’s profit • The Consolidated cash flow statement for the year then ended; and cash flows for the year then ended; • The Consolidated statement of changes in equity for the year • The Group financial statements have been properly prepared in then ended; and accordance with International Financial Reporting Standards • The notes to the financial statements, which include a summary (‘IFRSs’) as adopted by the European Union; of significant accounting policies and other explanatory information. • The parent company financial statements have been properly The financial reporting framework that has been applied in the prepared in accordance with United Kingdom Generally preparation of the Group financial statements is applicable law and Accepted Accounting Practice; and IFRSs as adopted by the European Union. The financial reporting • The financial statements have been prepared in accordance framework that has been applied in the preparation of the parent with the requirements of the Companies Act 2006 and, as company financial statements is applicable law and United regards the Group financial statements, Article 4 of the Kingdom Accounting Standards (United Kingdom Generally IAS Regulation. Accepted Accounting Practice). Our audit approach Overview • Overall Group materiality: £4.3m which represents 5% of consolidated profit before tax excluding non-underlying items. Materiality • We conducted audit work across all four of the Group’s divisions, and paid particular attention to the accounting for the acquisition on 8 June 2015 of Mouchel. The divisions where we performed our audit work accounted for Audit scope 95% of Group revenues. • Acquisition accounting for Mouchel. • Valuation of land and properties. Areas of focus • Accounting for long-term contracts – including profit recognition, work in progress and provisioning. • Accounting for adjustments to underlying profit. • Assessment of carrying value of goodwill. The scope of our audit and our areas of focus We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’). We designed our audit by determining materiality and assessing the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. The risks of material misstatement that had the greatest effect on our audit, including the allocation of our resources and effort, are identified as ‘areas of focus’ in the table below. We have also set out how we tailored our audit to address these specific areas in order to provide an opinion on the financial statements as a whole, and any comments we make on the results of our procedures should be read in this context. This is not a complete list of all risks identified by our audit. Annual Report and Accounts 2015 Kier Group plc 112 Area of focus How our audit addressed the area of focus Acquisition accounting for Mouchel Fair value adjustments Refer to page 80 (Risk Management and Audit Committee Report), We assessed the completeness and quantum of adjustments page 123 (significant accounting policies) and page 158 (notes). made by management against our own expectations, formed from review of the due diligence reports prepared during the acquisition. The Group acquired Mouchel on 8 June 2015 for £260.6m consideration, funded through a rights issue. Accounting for We determined that management’s analysis appropriately reflects the acquisition required a fair value exercise to assess the the fair value exercise based on our understanding of Mouchel’s assets and liabilities acquired, including valuing any separately particular circumstances and our knowledge and experience of identifiable intangible assets, both of which can be a particularly the industry. 112–168 Statements Financial subjective process. Valuation of identifiable intangible assets Fair value adjustments We reviewed the work performed on the purchase price allocation Management recorded £15.1m of fair value adjustment provisions by management’s external expert. following its analysis of net assets acquired. These reflect its best In doing so we evaluated the professional competence and estimate of certain exposures in Mouchel identified during the due objectivity of that expert and challenged the following: diligence process that were not previously recognised in the balance sheet. • In relation to the customer contracts, we obtained third-party documentation for significant contracts and checked that Valuation of identifiable intangibles Governance Report 60–111 these were either existing agreements or sufficiently firm Management identified £141.0m of intangible assets in respect of future orders. Mouchel’s customer contracts, based on the work performed by an • We challenged senior operational, commercial and financial external expert. management on the contract assumptions and judgements, The value of these is calculated by discounting the income stream such as profitability, claims and cash flow timings, used to from Mouchel’s contractual customers. determine the carrying amount of the fair value adjustments. • We sensitised the discount rate and other key inputs and The determination of the discount rate applied to the contractual assumptions to ascertain the extent of change that would Strategic Report 1–59 customer income was particularly judgemental, as it requires the be required for the fair value to be materially misstated. calculation of a risk adjusted weighted average cost of capital. Based on the work done we have determined that the relevant intangible assets had been identified and valued appropriately. Valuation of land and properties We reviewed the property-specific development appraisals Refer to page 80 (Risk Management and Audit Committee Report), supporting the carrying values and challenged the key assumptions page 126 (significant accounting policies) and page 146 (notes). underlying these appraisals as follows: Inventory is stated at the lower of cost and net realisable value • We reviewed management’s expected build cost per square foot (ie the forecast selling price less the remaining costs to build and by comparing to the build costs for similar units on other sites sell). An assessment of the net realisable value of inventory is and where there were differences, validating explanations carried out at each balance sheet date and is dependent upon against third-party confirmations including quantity surveyor management’s estimate of forecast selling prices and build costs cost estimates, correspondence with suppliers or comparable (by reference to current prices), which may require significant properties on other sites; judgement. • We challenged management on their intention to develop these sites; and The Group holds inventory of £284m within the Residential • We challenged management’s forecast sales prices to division, which comprises the Group’s land held for residential supporting third-party evidence from management’s external development (£117m) and residential work in progress (£167m) sales agents and by comparing the forecast sales price of a where building work has commenced. sample of sales prices achieved and the list prices of comparable We focused our work on those sites where there is no immediate assets as published by estate agents. intention of development as there is a risk that they are valued We did not encounter any issues through our audit procedures that above their recoverable amount. Therefore a change in the Group’s indicated the land or properties tested were impaired. forecast estimate of sales price and build cost could have a material impact on the carrying value of inventories in the Group’s financial statements. Annual Report and Accounts 2015 Kier Group plc 113 Independent auditor’s report to the members of Kier Group plc continued Area of focus How our audit addressed the area of focus Accounting for long-term contracts – including profit We focused our work on those contracts with the greatest recognition, work in progress and provisioning estimation uncertainty over the final contract values and therefore Refer to page 81 (Risk Management and Audit Committee Report) profit outcome. These in particular included the forecast positions and page 124 (significant accounting policies). on major infrastructure projects such as Crossrail in the UK and MTR in Hong Kong. The Group has significant long-term contracts in both the Construction and Services divisions. The recognition of profit on We challenged the
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