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Meeting the Challenge Together Kier’S Purpose Is to Sustainably Deliver Infrastructure Which Is Vital to the UK

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Meeting the Challenge Together Kier’S Purpose Is to Sustainably Deliver Infrastructure Which Is Vital to the UK Kier Group plc Kier Group plc Annual Report and Accounts 2020 Annual Report and Accounts 2020 Meeting the challenge together Kier’s purpose is to sustainably deliver infrastructure which is vital to the UK. In challenging times, Kier has continued to work closely with its partners to deliver many of the decisive cost reduction actions in its strategic plan The refreshed senior leadership team is embedding a culture of Performance Excellence and growing demand from the public sector has resulted in a strong pipeline. Kier has continued to provide essential support to communities across the UK during these unprecedented times. Contents Strategic Report Governance Financial Statements 2 At a glance 72 Corporate Governance Statement 126 Independent auditor’s report 4 Chairman’s statement 72 Chairman’s introduction to governance 137 Consolidated income statement 6 Chief Executive’s review 73 Governance in action 138 Consolidated statement of 10 Operational review 74 Board statements comprehensive income 12 Delivering vital infrastructure 77 Board leadership and company purpose 139 Consolidated statement of changes in equity 22 Marketplace 80 Division of responsibilities 140 Consolidated balance sheet 24 Business model 83 Composition, succession and evaluation 141 Consolidated cash flow statement 26 Strategic framework (including the Board of Directors) 87 Nomination Committee report 142 Notes to the consolidated 30 Key performance indicators 90 Audit, risk and internal control financial statements 32 Delivering when it matters 92 Risk Management and Audit 205 Principal operating subsidiaries 42 Sustainability Committee report and business units 56 Section 172 statement 99 Safety, Health and Environment 214 Company balance sheet 58 Risk management framework Committee report 215 Company statement of changes 60 Principal risks and uncertainties 101 Directors’ Remuneration Report in equity 64 Financial review 101 Annual statement of the Chair 216 Notes to the Company of the Remuneration Committee financial statements 103 Remuneration at a glance 105 Directors’ remuneration policy Other Information 113 Annual report on remuneration 220 Financial record 122 Directors’ Report 221 Corporate information 125 Statements of Directors’ responsibilities Go online to find out more at www.kier.co.uk Images in this Annual Report Our corporate website has key information covering were taken before the COVID-19 pandemic and the our capabilities, markets, latest news, corporate need for social distancing. responsibility and investor relations. Strategic Report Financial highlights Total Group Total Group revenue – (Loss)/profit revenue1,3 excluding joint ventures1,3 from operations1,3 £3.5bn £3.4bn £(195.6)m 2019: £4.1bn 2019: £4.0bn 2019: £(203.5)m Governance Adjusted operating profit Earnings/(losses) Earnings/per share from operations1,2,3 per share1,3 – before adjusting items1,3 £41.4m (106.2)p 15.3p 2019: £85.7m 2019: (146.9)p 2019: 30.9p Order book Net debt – 30 June 20204 Net debt – average4 £7.9bn £(310.3)m £(436)m Financial Statements 2019: £7.9bn 2019: £(167.2)m 2019: £(422)m 1 See consolidated income statement on page 137. 2 See note 5 to the consolidated financial statements. 3 Prior year re-presented to classify the Kier Living division as a discontinued operation. See note 23 to the consolidated financial statements. 4 See note 22 to the consolidated financial statements. Strategic highlights Refreshed senior management team Performance Excellence › Appointed a new Chief Financial Officer, Simon Kesterton, › Launched the new Performance Excellence culture to in September 2019 introduce a consistent approach in how we develop and › Strengthened the executive team with new Group Managing manage our people, as well as manage our processes, Directors for the Construction and Highways businesses projects, costs and address future ways of working › Central support functions have been enhanced through the › Published our new governance structure document – appointment of new HR, IT, Commercial and Procurement the Operating Framework. Directors and a new Group Financial Controller. Focus on core businesses and cash generation Simplification of the Group › Our Construction business has been awarded places › Reduction in the capital allocated to Property to £145m on 16 frameworks worth up to £38bn › Substantially exited the Environmental services business › Regulated sector wins including Openreach and and rationalised the Facilities Management business Virgin Media within our Utilities business › Reorganised the Kier Living business into a smaller, more › National and local contracts were awarded to deliver disciplined organisation, with a focus on cash generation. Highways services across the UK. Cost-saving programme › Annualised run rate cost savings of at least £100m by 30 June 2021 › Identified additional cost reduction initiatives and rationalisation opportunities. Turn to pages 6 to 11 for the Chief Executive’s review Turn to pages 26 to 29 for the Strategic framework Kier Group plc Report and Accounts 2020 1 Strategic Report At a glance Our business At Kier, we sustainably deliver infrastructure which is vital to the UK. Construction Revenue As the country’s leading regional builder, we work £1.6bn collaboratively with clients on Adjusted operating profit projects of all sizes, complexities and sectors, spanning across £36.1m the whole of the UK. Regional Building As a strategic supplier to UK Government, Kier is a leading Delivered over 200 healthcare provider of education facilities in the UK and has delivered projects in the past 10 years £2.5bn of projects for the Department for Education since 2007. Within the health sector we have delivered over Every day Kier is on call 200 healthcare projects in the past 10 years working to provide repairs to collaboratively with 83 NHS Trusts. Each year, we deliver c.150 projects for governmental 25,000 homes departments, with projects ranging in value from £150k to £200m. A leading provider of education Strategic Projects facilities in the UK Delivering major projects across the infrastructure and building environments our work focuses on the defence, science, custodial and aviation sectors. We have a longstanding relationship with the Ministry of Justice and are a key partner on national and regional Defence Infrastructure Organisation frameworks. Using Modern Methods of Construction, the new build prison at Wellingborough is being delivered 22% faster than traditional construction. Housing Maintenance We specialise in working in occupied properties, delivering maintenance, repairs, fire safety and compliance services. Every day we are on call to provide repairs to 25,000 homes. International With over 50 years of international experience we undertake major water, power and transport infrastructure projects and construct major public buildings such as schools and Turn to page 10 for more information on our Construction business hospitals in the United Arab Emirates. 2 Kier Group plc Report and Accounts 2020 Strategic Report Infrastructure Services Revenue We deliver capital projects as well as the maintenance of £1.5bn infrastructure services through Adjusted operating profit partnerships with strategic Governance clients and long-term alliances. £31.3m Highways We manage, maintain and improve more than 30,000km Manage, maintain and improve of local authority and strategic roads working in partnership over 30,000km of the UK’s roads with longstanding clients such as Transport for London and Highways England. With over 90 years’ experience, we deliver highways services Delivering 80km of railway to 4.2m people across 20 local authorities. for HS2 Financial Statements Infrastructure We undertake a range of major and complex infrastructure We are a key partner in and civil engineering projects across the UK. We are delivering 80km of rail for HS2, including supplying water to c.17m 81 overbridges and 15 viaducts. properties across the UK Utilities We provide a range of services, including repair, maintenance and emergency response services in the water, energy, gas and telecommunications sectors in the United Kingdom, as well as design and construction services for the United Kingdom’s waterways network and the rail sector. We are a key partner in supplying water to c.17m properties across the UK as well as keeping the lights on for 37.5% of the UK population. Turn to page 10 for more information on our Infrastructure Services business Other and Corporate As part of our strategic review we continue the sale process of Kier Living (our housebuilding business), the management of capital deployed to Kier Property, the substantial exit of Environmental Services and rationalisation of our Facilities Management business. Turn to page 11 for more information on our Other and Corporate segments Kier Group plc Report and Accounts 2020 3 Strategic Report Chairman’s statement Meeting the challenge together Introduction Kier is in need of a turnaround. Important Kier is in need of a I would like to welcome you to Kier’s steps have been taken and progress has 2020 Annual Report. I am honoured to been seen. COVID-19 has, however, had turnaround. Important have been appointed as the Chairman of a material impact on our business. Kier. I joined the business because I believe As set out in the Chief Executive’s review steps have been taken in our refreshed purpose: ‘To sustainably on pages 6 to 11, the year can be divided and progress has been deliver infrastructure which is vital to the into two separate
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