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View Annual Report Delivering the transformation ANNUAL REPORT AND ACCOUNTS for the year ended 31 December 2018 Welcome SIG is a leading supplier of specialist building materials to trade customers across Europe. Our strategic focus is the transformation of our businesses to deliver significantly improved operational and financial performance. Investment case ■ Strong positions in our core markets: as a specialist distributor of insulation and interiors products, a merchant of roofing and exteriors products and a pan-European specialist provider of air handling solutions ■ Partner of choice: we add value as the supply chain partner of choice for specialist building materials across Europe ■ Experienced and passionate workforce: we have a capable and Read more online at www.sigplc.com experienced team, committed to partnership with our customers and suppliers and with a strong focus on health and safety Navigating the report For further information within ■ this document and relevant Creating long term value: through delivery of the operational and page numbers financial transformation of our businesses Highlights Contents Business overview 2,716.4 2,683.2 2,878.4 Like-for-like sales 2,534.1 2,845.2 2,741.9 Welcome IFC Highlights 01 Chairman’s statement 04 BUSINESS OVERVIEW -2.1% SIG at a glance 06 (2017: +3.5%) Strategic report Medium term target: Our markets 10 Growth in line with market Our business model 2016 2017 2018 2016 2017 2018 12 Underlying revenue (£m)* Total revenue (£m)* Our strategy 14 Strategy in action 16 28.5 Return on sales 75.3 Our KPIs 18 69.4 66.2 Performance 22 2016 2017 2018 Transformation in action 27 3.3% Financial review 28 (2017: 2.7%) (54.7) Establishment of pan-European Air Handling business 42 Medium term target: c.5% Principal risks and uncertainties 44 (110.8) 2016 2017 2018 Sustainability 48 Underlying profit Statutory profit/(loss) before tax (£m)* before tax (£m)* Governance Board of Directors 279.7 60 Return on capital 258.7 employed Introduction to governance 62 Corporate Governance report 64 189.4 2.6× 2.3× 1.7× Audit Committee report 76 10.3% Nominations Committee report 81 Directors' remuneration report 84 (2017: 9.3%) 2016 2017 2018 Statement of Directors’ responsibilities 106 Medium term target: c.15% 2016 2017 2018 Financials Net debt (£m)* Headline financial leverage (£m)* Consolidated Income Statement 108 Consolidated Statement of Comprehensive Income 109 Financial highlights Consolidated Balance Sheet 110 Consolidated Statement of ■ Underlying revenue down 1.2% due to challenging market conditions and focus on Changes in Equity 111 profitability over volume Consolidated Cash Flow Statement 112 ■ Underlying gross margin up 50bps and operating costs down Statement of Significant Accounting Policies 113 ■ Underlying PBT (excluding property profits) up 25% to £72.7m (2017: £58.1m) Critical accounting judgements and ■ Return on sales (excluding property profits) up to 3.3% (2017: 2.7%) key sources of estimation uncertainty 124 ■ Net debt sharply lower at £189.4m (2017: £258.7m) and headline financial leverage Notes to the Financial Statements 126 down to 1.7x (2017: 2.3x) Independent Auditor’s Report 183 ■ ROCE up 100bps to 10.3% (2017: 9.3%). EPS up to 3.0p (2017: loss per share 10.2p) Five-Year Summary 193 ■ Final dividend of 2.5p, bringing the total for the year to 3.75p (2017: 3.75p) Company Statement of Comprehensive Income 195 Operational highlights Company Balance Sheet 196 Company Statement of ■ Significant operational and financial progress in the year as the transformation starts Changes in Equity 197 to deliver Company Statement of Significant ■ Strengthened senior leadership team and enhanced capability providing the platform Accounting Policies 198 for the business to build on its potential Notes to the Company Financial Statements 200 ■ Improvement in operational efficiency reflected in reduced costs and working capital Group companies 2018 206 ■ Refocus of portfolio businesses largely complete; Air Handling fully integrated as pan- Company information 208 European business ■ Improved IT and management information helping to sustain the transformation for the longer term * Before results attributable to businesses identified as non-core and Other items as disclosed in Notes 1 and 2 of the Read more on our Performance on page 22 Financial Statements. Prior years have been restated for the restatements noted on page 34 and businesses identified as and in our Financial Review on page 28 non-core since signing of the 2017 Annual Report and Accounts. www.sigplc.com Stock code: SHI 01 Chairman’s statement We have made good progress this year with the transformation of the Group, as we seek to deliver significantly improved operational and financial performance for the BUSINESS OVERVIEW benefit of all our stakeholders. Andrew Allner Chairman Our vision is to be the supply Dear Shareholder, a result of measures to focus on profitability over volume, manage pricing structures I am pleased to present the Group’s Annual chain partner of choice for more effectively and control operating costs. Report for the year ended 31 December Our initial focus on this business leading to specialist building materials 2018, a year of rapid change as we moved the step change in its performance during forward with the transformation of our across Europe. 2018 emphasises the potential for improved businesses. Following the appointment performance across the Group’s other of the new leadership team last year, the operating companies, where transformation Board set a medium term strategy for the plans are now being implemented. Increased Group focused on the delivery of significantly focus and improved controls around improved operational and financial inventory management have also seen performance. This report demonstrates the structural levels of working capital begin to good progress made towards meeting these fall, and, as a result, net debt and headline strategic aims, against the backdrop of an financial leverage are sharply lower. increasingly challenging trading environment across the Group’s major markets. In line with our strategic approach to simplify the business, the Group has brought the last Review of strategy of its air handling businesses formally into the The medium term strategy set last year Air Handling division, which now additionally refocused the Group on its core strength, incorporates Ouest Isol Ventil in France and the supply of specialist building materials to SK Sales in the UK. This creates an integrated trade customers in the construction industry. pan-European air handling solutions platform, The vision of the Board is for SIG to be the better able to leverage its scale, share best supply chain partner of choice for specialist practice and deliver an enhanced customer building materials across Europe, building proposition. As a result, we have initiated a on the Group’s three lines of business as strategic review of our Air Handling division, a specialist distributor of insulation and focused on demonstrating the value of this interiors products, a merchant of roofing integrated platform and its leading positions and exteriors products and a pan-European across Europe, as well as exploring other specialist provider of air handling solutions. strategic options for the division. In that context, the Group has continued to The transformation of the Group will continue exit from non-core businesses during the in 2019, where further operational and year, including the disposal of VJ Technology, financial benefits will be seen from the step Proteus and Roofspace, and the closure of changes made in the UK Distribution business its operations in the Middle East. during 2018 and the strategies implemented In the specialist distribution and roofing to deliver that step change will be rolled out merchanting lines of business, the Group in other businesses. In particular, the Board has made progress with the transformation expects to see further substantial increase of its operating model and the creation in profit from actions already delivered or of a genuine performance management in progress in the UK Exteriors business, in culture. New leadership is driving material France and in Germany. performance improvement, focused on the In addition, we are starting to turn our key levers of margins, costs and capital. The attention to the development of a longer benefits of the transformation are showing up term vision and strategy for the Group which most notably in the UK Distribution business, will drive top line growth beyond the current where profitability has improved by £17.4m, phase of business transformation. principally in the second half of the year, as 02 SIG plc Annual Report and Accounts for the year ended 31 December 2018 8,000+ Employees 538 BUSINESS OVERVIEW Branches 85% Revenue from UK, France and Germany www.sigplc.com Stock code: SHI 03 Chairman’s statement I am pleased to be able to report that the People review fundamentally concluded that this The Board is confident I would like to thank all employees of SIG has been a much more functional and for their commitment and resilience in that the Group will continue to effective Board in the last year and that it what has been a year of significant change. comprises committed, experienced and deliver improving operational and I believe that their efforts have delivered perceptive individuals. financial performance as a result a step change in operational and financial of its ongoing transformation. Further details of the evaluation, including performance as the year progressed and BUSINESS OVERVIEW areas for improvement, are set out on pages they have laid a strong foundation for the 68 to 89 of the Corporate Governance report. further development of the Group in 2019 and beyond. Chris Geoghegan stepped down early in 2018, and Mel Ewell also retired after Following the appointment of Meinie many years of service. I would like to thank Oldersma and Nick Maddock in 2017, we both Chris and Mel for their significant have worked to strengthen the senior Delivering shareholder contributions over a challenging period.
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