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MAKING MORE from WASTE SHANKS GROUP PLC Shanks Group Plc Is a Leading International Waste-To-Product Business

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MAKING MORE from WASTE SHANKS GROUP PLC Shanks Group Plc Is a Leading International Waste-To-Product Business ANNUAL REPORT 2015 MAKING MORE FROM WASTE SHANKS GROUP PLC Shanks Group plc is a leading international waste-to-product business IN THIS REPORT STRATEGIC REPORT Key facts and figures 1 Chairman’s statement 2 Our vision 4 How our divisions have changed 6 Group Chief Executive’s review 8 Waste-to-product 16 Corporate social responsibility 28 1 OUR VISION Group Finance Director’s review 34 To be the most respected waste-to-product company p4 Operating review Solid Waste Benelux 40 NEW DIVISIONAL STRUCTURE Hazardous Waste 44 A new divisional structure to accelerate growth p6 Organics 48 UK Municipal 52 People Developing our people to accelerate growth 56 Risks and uncertainties 2 WASTE-TO-PRODUCT Risk management framework 61 Key risks and mitigations 63 Hazardous Industrial cleaning and treatment of hazardous waste p18 GOVERNANCE The Board of Directors 68 Commercial Chairman’s introduction 70 Collection and treatment of commercial waste p20 Corporate Governance Report 71 Directors’ Remuneration Report 77 Municipal Other Disclosures 92 Operating long-term municipal contracts p22 Independent Auditors’ Report 96 FINANCIAL STATEMENTS Consolidated Income Statement 102 Consolidated Statement of GROUP STRATEGIC PRIORITIES Comprehensive Income 103 3 Balance Sheets 104 Investing in infrastructure Statements of Changes in Equity 105 Expanding the footprint with investment in new Statements of Cash Flows 106 infrastructure where advantaged p24 Notes to the Financial Statements 107 Consolidated Five Year Driving margin expansion Financial Summary 160 Using advantaged capabilities and productivity to drive operational performance p26 ADDITIONAL INFORMATION Shareholder Information 161 Managing the portfolio Company Information 162 Continuing to actively manage the business portfolio to Glossary 163 improve returns p27 Forward-looking statements Certain statements in this Shanks Group plc Annual Report and Accounts 2015 constitute “forward-looking statements”. Forward-looking statements may sometimes, but not always, be identified by words such as “will”, “may”, “should”, “continue”, “believes”, “expects”, “intends” or similar expressions. These forward-looking statements are subject to risks, uncertainties and other factors which, as a result, could cause Shanks Group plc’s actual future financial condition, performance and results to differ materially from the plans, goals and expectations set out in the forward-looking statements. Such statements are made only as at the date of this Report and, except to the extent legally required, Shanks Group plc undertakes no obligation to revise or update such forward-looking statements. 1 KEY FACTS AND FIGURES OVERVIEW WASTE-TO- WHERE WE OUR PRODUCT OPERATE PEOPLE 82 BENELUX % recycling and The average monthly number of recovery rate people by segment employed by the Group during the year was: 63 REPORT STRATEGIC operating sites ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ Recycle Produce commodities recovered fuel Our operations in the ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ Benelux comprise the Solid Waste, Hazardous and Organics Divisions ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ 39 ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ % reduction in our reportable accident rate1 UK ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ over the past five years Produce green energy ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ 20 ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ operating sites ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ Our UK Municipal Division provides recycling and waste management ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ 1.41 services to local authorities, ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ Reduce Treat creating fuel for green million tonnes greenhouse hazardous energy production ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ ♂ of carbon avoided gas emissions waste CANADA 2,062 789 FINANCIAL STATEMENTS Solid Waste Hazardous Benelux Waste + 2 70 Provide highly Reduce operating sites specialised untreatable years of waste experience industrial waste residues 92 543 We process organic waste using from industry leaders Organics UK Municipal cleaning to a minimum tunnel composting within our Group Executive Committee ADDITIONAL INFORMATION GOVERNANCE FINANCIAL HIGHLIGHTS REVENUE UNDERLYING PROFIT BEFORE TAX REVENUE BY DIVISION £m £m 2015601 2015 21.7 49% 2014633 2014 30.1 Total 2013612 2013 30.0 24% £601m 2012672 2012 35.9 2011633 2011 29.8 5% 22% Solid Waste UK Municipal Hazardous Waste Organics 1 Accidents resulting in greater than three-day absence per 100,000 employees. 2 SHANKS GROUP plc ANNUAL REPORT AND ACCOUNTS 2015 We have continued to invest through the cycle to build a business that is well positioned to benefit from market recovery and deliver long-term earnings growth Adrian Auer Group Chairman CHAIRMAN’S STATEMENT Our core waste-to-product business model is increasingly well supported by long-term legislative and environmental drivers. hanks is a leading international conditions, especially in the first half of the waste-to-product business. year. Volumes and prices remained under During the course of the year pressure and there has been further decline the Group has continued to invest in the value of recyclate products. These for sustainable growth from its factors led to a difficult first half, but slight Score divisions and, despite the continuing improvement in the markets combined with difficult market conditions, to protect margins further benefits from our cost and investment and reduce cost in its Solid Waste Division. programmes delivered a stronger underlying The core waste-to-product business model second half. is increasingly well supported by long-term legislative and environmental drivers, and Investment plans underpin our we are uniquely positioned to deliver cost- growth strategy effective alternatives to environmentally As a Board, we continue to balance the harmful landfill sites or capital-intensive short-term demands of cost reduction and incineration plants. tight cash management, with a relentless focus on our strategy to deliver longer term Review of the year sustainable growth opportunities. We have The waste industry, in particular the solid significantly increased our investment in waste market segment, has continued our Hazardous Waste Division, where we to experience very challenging market are increasing capacity in both soil and 3 OVERVIEW water treatment. We have also made good Corporate governance of our industry remain attractive, progress with our UK Municipal portfolio, The Board is committed to the highest and we are well positioned to benefit with major construction programmes standards of corporate governance. Details from a cyclical recovery. nearing completion at Barnsley, Doncaster of our processes and approach, including We will nevertheless continue to improve and Rotherham (BDR) and Wakefield and those relating to the role and effectiveness the underlying quality of our business construction now underway following of the Board, and compliance with the through the commercial effectiveness financial close at Derby. We were also Governance Code, are set out in the and cost reduction programmes, and delighted to win an important long-term Governance section on pages 71 to 76. through selective investments in growth contract to process organic waste in the At last year’s AGM shareholders opportunities in our Commercial, Hazardous City of Surrey, Canada. At the year end overwhelmingly approved our Directors’ and Municipal Divisions, which are expected REPORT STRATEGIC we reorganised our divisional structure to Remuneration policy. Our policy continues to deliver benefits ahead of any enduring exploit more effectively market opportunities, to be to recruit, retain and motivate high market recovery. particularly in Canada. calibre senior management, and to provide On behalf of the Board, I would like a competitive remuneration package once again to thank all the employees of Market conditions looking more linked to performance and the interests Shanks for their continuing passion and promising for consolidation of shareholders. commitment for what is a unique company. In response to the structural overcapacity Finally, to our shareholders, I would like to in certain waste markets, notably Corporate responsibility thank you for your continuing support. in Benelux Solid Waste, there are I am pleased to report that we have encouraging signs of increased M&A achieved the ambitious five year targets activity which may lead to a beneficial we set ourselves in 2010 for carbon reduction in market capacity. We remain avoidance, health and safety, and recycling alert to opportunities which will strengthen and recovery rates. We have therefore our market positions, but in current set ourselves a new series of equally markets we will continue to exercise challenging and broader targets for the next Adrian Auer appropriate caution, consistent with five years, designed to support our vision Group Chairman our determination to improve our return of becoming the most respected waste-to- on capital. product company. Further details are given FINANCIAL STATEMENTS on pages 32 and 33 of this report, and in Financial position our Corporate Responsibility Report which We have worked hard to build a reputation is available on our website. Our ongoing for capital discipline and for good focus in these areas has once again been management of our cash and we have recognised by Shanks’ inclusion in the delivered another year of well controlled independently assessed FTSE4Good Index. We have underlying free cash flow (UFCF). UFCF Shanks continues to have one of the achieved the was £23.4m (2014: £56.5m) and the lowest reported accident figures in the waste UFCF% was 69% (2014: 137%). Core net industry. However, we will not be satisfied
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