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Annual Report 2018

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Annual Report 2018 Annual Report 2018 Overview Market review/outlook 2019 Business updates Financial performance Financial statements Overview 04 ROCKWOOL Group 36 Business integrity at a glance 38 Our people 08 Message from the Chairman and CEO 40 Risk management 10 The ROCKWOOL purpose and strategy 42 Corporate governance 14 Our business model 46 Remuneration report 16 Market review, outlook 2019 and trends over the 54 Shareholder business cycle information 22 Business updates 58 Financial performance 32 Sustainability 65 Financial statements Section 3 Overview Market review/outlook 2019 Business updates Financial performance Financial statements ROCKWOOL Group at a glance We release the natural power of stone to enrich modern living 5 45 Brands: Manufacturing facilities 39 Countries where we are present 61 Employees by Nationalities worldwide region Russia: 37% 1,300 Women in white-collar positions Europe: 8,000 Asia: 1,100 11,600 North America: Highly-skilled 1,200 individuals 4 ROCKWOOL Group Annual Report 2018 Overview Market review/outlook 2019 Business updates Financial performance Financial statements Austria Korea The Netherlands World leader with Belarus Latvia Turkey local presence Belgium Lithuania Ukraine Bulgaria Malaysia United Arab Emirates Canada Mexico United Kingdom We create sustainable China Norway United States of America solutions to protect Croatia Philippines Vietnam life, assets, and the Czech Republic Poland environment today Denmark Romania and tomorrow. Germany Russian Federation Estonia Singapore Finland Slovakia France Spain Hungary Sweden India Switzerland Manufacturing facilities Italy Thailand Sales offices Sales growth Net sales (EURm) 14.7% In local currencies 3,000 2,500 EBIT 2,000 341 EURm 1,500 Up 33% compared to last year 1,000 500 0 2014 2015 2016 2017 2018 ROCKWOOL Group Annual Report 2018 ROCKWOOL Group at a glance 5 Overview Market review/outlook 2019 Business updates Financial performance Financial statements Five-year overview 2018 2018 2017 2016 2015 2014 (DKKm) EURm EURm EURm EURm EURm Income statement items Net sales 19,911 2,671 2,374 2,202 2,208 2,180 EBITDA 3,776 507 417 389 *322 312 Depreciation, amortisation and write-downs 1,233 166 159 160 187 150 EBIT 2,543 341 258 229 *135 161 Financial items -48 -7 -11 -7 -4 -6 Profit before tax 2,500 335 275 225 133 157 Profit for the year 1,975 265 214 166 91 113 Balance sheet items Non-current assets 10,963 1,468 1,383 1,409 1,446 1,431 Current assets 7,189 963 781 591 559 560 Total assets 18,153 2,431 2,164 1,999 2,005 1,991 Equity 14,012 1,877 1,684 1,536 1,367 1,303 Non-current liabilities 903 121 122 128 119 121 Current liabilities 3,234 433 358 336 519 566 Net interest-bearing cash / (debt) 2,800 375 241 116 -93 -175 Net working capital 1,479 198 190 175 162 173 Invested capital 11,515 1,542 1,452 1,433 1,467 1,484 Gross investment in plant, property and equipment 1,640 220 123 92 167 234 Cash flow Cash flow from operating activities 3,044 408 332 326 297 206 Investments and acquisitions 1,577 212 165 89 201 257 Free cash flow 1,467 196 167 237 97 -52 Others R&D costs 284 38 32 32 32 32 Number of patents granted 268 268 201 280 165 98 Number of full time employees (year-end) 11,511 11,511 11,046 10,414 10,601 11,031 Ratios EBITDA margin 19.0% 19.0% 17.6% 17.7% *14.6% 14.3% EBIT margin 12.8% 12.8% 10.8% 10.4% *6.1% 7.4% Pay-out ratio 33.3% 33.3% 33.3% 33.3% 37.1% 29.7% ROIC 22.8% 22.8% 17.9% 15.8% *9.1% 11.3% Return on equity 14.9% 14.9% 13.3% 11.5% 6.8% 8.7% Equity ratio 77.2% 77.2% 77.5% 76.8% 68.2% 65.5% Leverage ratio -0.74 -0.74 -0.58 -0.29 0.28 0.56 Financial gearing -0.20 -0.20 -0.14 -0.08 0.07 0.13 * Adjusted with redundancy costs of EUR 15 million from the Business Transformation Programme and write-downs in Asia of EUR 21 million, EBITDA for 2015 was EUR 337 million with an EBITDA margin of 15.3%, EBIT for 2015 was EUR 172 million with an EBIT margin of 7.8% and ROIC amounted to 11.6%. For definitions of key figures, ratios and exchange rates see pg. 112. 6 ROCKWOOL Group Annual Report 2018 Overview Market review/outlook 2019 Business updates Financial performance Financial statements Highlights Sales growth EBIT 14.7% 341 EURm in local currencies Up 33% compared to last year Net sales & sales growth EBIT & EBIT margin (EURm) (EURm) 14% 13% 3,000 400 12% 12% 350 2,500 11% 10% 300 2,000 10% 8% 250 9% 1,500 6% 200 8% 150 1,000 4% 7% 100 2% 500 6% 50 0% 5% 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Net sales Growth (reported) EBIT EBIT margin ROIC Investments in new capacity 22.8% Up from 17.9% last year 108 EURm ROIC & Invested Capital Investments (EURm) (EURm) 24% 1,600 300 21% 1,550 250 18% 200 1,500 150 15% 1,450 100 12% 1,400 50 9% 1,350 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 Invested Capital ROIC Maintenance Capacity Acquisitions ROCKWOOL Group Annual Report 2018 ROCKWOOL Group at a glance 7 Overview Market review/outlook 2019 Business updates Financial performance Financial statements Reshaping tomorrow, today Dear stakeholders, According to the UN, 4.2 billion people or 55 percent Together we achieved a great deal in 2018. Our of the world's population live in cities today, a number company is financially solid, expanding operations that is expected to rise to 6.7 billion or 68 percent by to meet customer demand, and benefiting from 2050, putting enormous pressure on urban infrastruc- strong brand awareness and reputation. ture, services and energy requirements. To accom- modate our growing numbers and simultaneously Rock solid financials meet climate goals, society will need to build more The attractive mix of high organic growth and pro- intelligently, ensuring the highest energy efficiency ductivity has contributed to a financial result in which possible in both the new and existing building stock. net sales increased close to 15 percent in local cur- rencies; EBIT margin grew by two percentage points, Smarter building and renovation reaching almost 13 percent; and net profit reached For the same investment, the world can achieve the EUR 265 million, a EUR 51 million improvement over largest carbon emissions reductions in the building 2017. Importantly, we remain net debt free with net sector – 40 percent more than the next most cost-ef- positive cash position of EUR 375 million. fective sector, according to the UN Intergovernmental Panel on Climate Change (IPCC). Our customer satisfaction scores are up eight percent this year, indicating that we continue to serve our cus- The savings can only come if we do two things: tomers’ business needs with quality products and ser- require new buildings to meet the highest energy vices. This is good news and important for us to reach efficiency requirements such as those set by the short- and long-term ambitions for the company. nearly Zero Energy Building (nZEB) standard; and renovate existing buildings to meet the same high Also in 2018, we formally launched two innovative standards. new products – the Rockzero wall system, a pioneer- ing way to build nearly zero-energy buildings; and Since more than half the global building stock will be Rockflow, a groundbreaking urban water manage- standing in 2050 (more in the OECD countries), reno- ment product that helps cities and towns deal with vating for energy efficiency is an absolute prerequisite excessive rainfall that can result from extreme weather to reduce CO2 emissions sufficiently to meet the 2015 events. Following their positive reception, we expect COP21 climate goals agreed to in Paris to keep global demand for both to grow. temperature rise to well below two degrees Celsius, according to the International Energy Agency. Install- Climate change and the future of cities ing proper insulation alone achieves a lot, reducing What we do as a company and how we do it go energy consumption for heating and cooling by 70 well beyond our balance sheet and share price. Our percent. responsibility to our shareholders extends to our em- ployees, to the communities where we operate, the The cities and communities that lead these efforts partners with whom we work, and the world in which will benefit directly, with lower energy consumption we live. and related pollution and greater job creation, put- ting qualified construction people to work, also in Climate change is one of the most sobering chal- times of economic volatility when new build activity lenges facing humanity, and buildings are on the slows down. front lines. ROCKWOOL has an important role to play in improving the energy efficiency in buildings, By building smarter and renovating existing build- which matters greatly as buildings already account for ings to be highly energy efficient, fire resilient, and around 30 percent of global energy consumption and acoustically comfortable, we can make urban envi- CO2 emissions – a figure that is much higher in OECD ronments healthier, safer, more sustainable and more countries. attractive places to live and work, for the benefit of everyone. 8 ROCKWOOL Group Annual Report 2018 “The seriousness of climate change cannot be overstated.
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