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Financial Statements Annual Report & Financial Statements 2020 BETTER BUILDINGS FOR A BETTER Renovation Circularity Changing Lifestyle Carbon in Construction Key to unlocking Kingspan’s Next generation solutions It is vital to reduce carbon WORLD energy efficiency LIFECycle approach for next generation industry at all stages of construction Our Impact 164m tonnes 164 million tonnes of IN 2020 CO2e will be saved over the life of our insulation systems sold in 2020 ULTRA ENERGY- 15 years EFFICIENT Enough to power a major airline for 15 years 1 573m CIRCULAR In 2020 alone MATERIALS we upcycled 573 million waste Our Front Cover features the Goede Doelen Loterijen plastic bottles Building in Amsterdam. A defining element of the design is a canopy of aluminium leaves resting on tree shaped columns. Not visible behind the leaves is the glass roof of Kingspan Light & Air, designed to allow natural daylight into the building and to cast shadows imitating the canopy 800 of the forest. The atrium incorporates Kingspan’s Enough recycled Ventria ventlight to naturally ventilate the bottles to fill over building. A beautiful example of a building which 800 football pitches both emulates and harnesses the power of nature. Photography: Janners Linders OUR PRODUCTS DIRECTLY ENABLE LOW 34bn litres Over 34 billion litres CARBON AND HEALTHY of rainwater will be harvested by our tanks produced in 20202 BUILDINGS NOW AND CONSERVED INTO THE FUTURE WATER 400m Enough water to fill over 400 million baths 9bn lumens The capacity NATURAL to create 9 DAYLIGHT & billion lumens VENTILATION of natural light annually through our daylighting systems 1m Enough to light up 1 million homes3 1 Assumes 60 year product life; based on an EU airline disclosure of 10.5m tonnes The Netherlands Goede of CO2e emissions in 2019 Loterijen Building / 2 Assumes a 20 year product life Light & Air Ventria / 3 Assumes 10 x 60W bulbs Photography Janners Linders per home 1 Through Planet Passionate we will WE ARE reduce carbon and energy in both our manufacturing processes and products, and continue our relentless PLANET pursuit of low-carbon buildings that deliver more performance and value, with clear targets to strive for by 2030. PASSIONATE GENE M. MURTAGH 2020 2025 2030 ENERGY – Maintain our Net Zero Energy status • • • – Increase our direct use of renewable energy to 60% by 2030 - - • – Increase our on-site generation of renewable energy to 20% - - • by 2030 – Install solar PV systems on all wholly owned facilities by 2030 - - • CARBON – Net zero carbon manufacturing by 2030 - - • – 50% reduction in product CO2e intensity from our primary - - • supply partners by 2030 – 100% zero emission company funded cars by 2025 - • • CIRCULARITY – Zero company waste to landfill by 2030 - - • – 1 billion PET bottles upcycled into our manufacturing processes - • • by 2025 OUR COMMITMENTS OUR – QuadCore™ products utilising upcycled PET - • • READ MORE ONLINE ABOUT WATER – 100 million litres of rainwater harvested by 2030 - - • PLANET – 5 active ocean clean-up projects by 2025 - • • PASSIONATE BETTER BUILDINGS Business & Strategic Report Chairman’s Statement 10 FOR A BETTER Business Model & Strategy 12 Chief Executive’s Review 18 6 Financial Review 28 Risk & Risk Management 38 RENOVATION WORLD Sustainability Report 42 Directors' Report The Board 60 Chairman’s Introduction 62 34 Report of the Nomination CIRCULARITY & Governance Committee 64 Report of the Remuneration Committee 72 Report of the Audit & Our mission is to accelerate Compliance Committee 84 a net zero emissions future Report of the Directors 94 built environment with Financial Statements the wellbeing of people Independent Auditor’s Report 104 Financial Statements 112 and planet at its heart. Notes to the Financial Statements 119 Other Information Alternative Performance Measures 158 56 90 Shareholder Information 161 CHANGING CARBON IN Principal Subsidiary Undertakings 163 LIFESTYLES CONSTRUCTION Group 5 Year Summary 168 3 Summary ™ 2 Financials REVENUE EBITDA1 €4.6bn €596.5m -2% +3% 2019: €4.7bn 2019: €579.8m 2 2 TRADING PROFIT2 TRADING MARGIN3 €508.2m 11.1% +2% +40bps 2019: €497.1m 2019: 10.7% USA HALL Arts Hotel, Dallas / Insulated Panels Dri-Design 2 2 Painted Aluminum PROFIT AFTER TAX EPS €384.8m 206.2c +2% +1% 1 Earnings before finance costs, income taxes, depreciation, 2019: €377.8m 2019: 204.6c amortisation and the impact of IFRS 16 2 Operating profit before amortisation of intangibles 3 Trading profit divided by total revenue Kingspan Group plc Annual Report & Financial Statements 2020 4 Our Global 3 BETTER 2 Reach 2 3 3 2 BUILDINGS, 7 2 15 11 6 3 5 5 11 4 1110 3 3 2 GLOBALLY 36 2 8 2 2 2 9 2 2 READ MORE ONLINE 2 ABOUT OUR GLOBAL STRATEGIC PILLAR 2 2 2 4 Sales Manufacturing 2 2 2 2 Americas Uruguay Czech Republic Latvia Serbia Africa Asia Australasia Brazil USA Denmark Lithuania Slovakia Egypt China Australia Canada Estonia Netherlands Slovenia Morocco India New Zealand Chile Europe Finland N. Ireland Spain Indonesia KINGSPAN LOCATIONS LOCATIONS KINGSPAN Colombia Austria France Norway Sweden Middle East Singapore Costa Rica Azerbaijan Germany Poland Switzerland Qatar Thailand Mexico Belgium Hungary Portugal UK Saudi Arabia Vietnam Panama Bosnia Ireland Romania Turkey Peru Croatia Kazakhstan Russia UAE Our Global Reach 5 MEGATRENDS READ OUR RENOVATION INTERACTIVE STORY ONLINE RENOVATION IS KEY TO UNLOCKING EFFICIENCY The energy consumption of the building stock is a leading contributor to carbon emissions and therefore, global warming. Deep energy renovation is a vital weapon in the fight against climate change. France Office Refurbishment, Rennes / Insulated Panels JI Ponant M & W Kingspan Group plc Annual Report & Financial Statements 2020 6 THERE WILL BE NO ‘WELL BELOW 2°C’ LIMIT ON THE INCREASE IN THE AVERAGE TEMPERATURE OF THE PLANET WITHOUT MASSIVE RENOVATION OF EXISTING BUILDINGS Green renovation measures are widely recognised to be amongst the most cost-effective options TAKING THE to achieve emission reductions. EU AS AN 75% However, the pace of renovation in all countries concerned is insufficient, staying well behind EXAMPLE 75% of buildings in potential. Indeed, annual renovation rates globally the EU are energy should reach 4% by 2050 and 3% by 2030. inefficient Next to the pace, the depth of renovation needs to pick up with deep energy renovations that reduce energy consumption of existing buildings by 50% or more in developed economies and 30% or more in 1% developing economies (GlobalABC/IEA/UNEP 2020 85% and UNEP/IEA 2019), and achieve the highest energy 85-95% of today’s EU Today’s building stock efficiency potential to prevent lock-in. If a single buildings will still be in is being renovated at a deep retrofit is not financially viable, a step-by-step use in 2050 rate of 1% per annum retrofitting should be mapped out. LEARN MORE ONLINE FROM THE 34m 65% GLOBAL ALLIANCE FOR BUILDINGS 34 million Europeans Almost 65% of EU AND CONSTRUCTION cannot afford to household energy keep their homes consumption is for adequately heated space heating Megatrends Renovation 7 KINGSPAN BREAKING DOWN Ireland, Irish Rail / Kingspan’s insulated roof panel and BARRIERS TO daylighting system RENOVATION ENABLING MINIMUM DISRUPTION SAVING COST IN Ireland, Irish Rail TRANSPORT AND The Running Shed at Irish Rails HQ in Dublin is a hive of activity, located directly beside the main Dublin to INSTALLATION Cork rail line. Therefore, when it came to replacing its 10,000m2 twin skin asbestos roof and 2,000m2 of side Germany, Hameln / sheeting, it was vital that the project was completed as Kingspan’s QuadCore™ quickly and safely as possible to minimise disruption to KS 1000 RW Germany, Hameln Irish Rail’s operations. The German Energy Agency supervises the ‘Energiesprong’ initiative in Germany with Kingspan’s technical team worked closely with the objective of reaching climate targets. Gravity Construction to specify an upgraded new Renovating the building stock is a key element purlin system as well as a new insulated panel of this objective. However deep energy roof system solution. The lightweight panels The narrow measurement of renovations can be expensive and disruptive. achieved a faster on-site build time than would have been possible with heavier built-up systems. the prefabricated QuadCore™ The Dutch initiative ‘Energiesprong’ developed This facilitated the rapid weatherproofing of the sandwich panels allow costs to a new principle, to attach pre-cast facades and building and a swift project completion. be saved in both transport and roof elements to existing homes, this helps to installation. This is an important renovate homes quickly and cost-effectively while allowing the occupants to remain in situ. part of the NetZero modernisation. Kingspan’s QuadCore™ roof panel was Ronald Meyer the ideal solution for an efficient and cost Technical Consultant, Ecoworks effective renovation with long-term results. Kingspan Group plc Annual Report & Financial Statements 2020 8 As it was also the one that insulated best, we chose to use Kingspan again when we were going to start with Ryesgade 25, where Kingspan is used both for internal insulation PRESERVING in the existing homes and to minimise the SPACE AND DETAIL thickness of the construction around. Leif Røndby Röndby.dk Denmark, Ryesgade 25 Ryesgade 25 is a typical Copenhagen property and an example of how a renovation, with great respect for conservation, can be combined both with the addition of new qualities and with energy and indoor climate optimisation. The thickness of the insulation
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