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Challenge Accepted SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2018 SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2018 CHALLENGE STATUS QUO SUFFICIENCY OURSELVES ACCEPTED Scapa Group is a leading global manufacturer of bonding products and adhesive components for applications in the Healthcare and Industrial markets. CHALLENGE We strive to continuously create value for all our stakeholders, including shareholders, customers, employees and our communities. We recognise that there are many challenges, internal and external, that we must overcome to achieve our goals. We believe this is attainable if we continue to follow The Scapa Way and our Ten Guiding Principles. We accept the challenges that lie ahead. ACCEPTED STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 1 Financial Highlights 37 Chairman’s Introduction to 69 Independent Auditor’s Report 2 Our Business at a Glance Corporate Governance 77 Consolidated Income Statement 4 Chairman’s Letter 38 Board of Directors and Company Secretary 77 Consolidated Statement 6 Chief Executive’s Strategic Review 40 Corporate Governance of Comprehensive Income 10 Key Performance Indicators 46 Report of the Audit and 78 Consolidated Balance Sheet 12 Risk Management Risk Committee 79 Consolidated Statement of Changes 15 Principal Risks and Uncertainties 50 Report of the Nomination Committee in Equity 19 Viability Statement 52 Report of the Remuneration Committee 80 Consolidated Cash Flow Statement 20 Business Review: Healthcare 54 Directors’ Remuneration Policy 81 Group Accounting Policies 24 Business Review: Industrial 59 Directors’ Annual Remuneration Report 90 Notes on the Accounts 28 Finance Director’s Review 66 Directors’ Report 121 Five Year Summaries 32 Sustainability Report 68 Directors’ Responsibilities 122 Parent Company Financial Statements 123 Company Balance Sheet 124 Company Statement of Changes in Equity 125 Statement of Accounting Policies 127 Notes on the Accounts COMPANY INFORMATION 136 Company Information Chairman’s Letter Chief Executive’s Strategic Review Visit our websites: www.scapa.com www.scapahealthcare.com “ My first full year as Chairman “ The year has been successful www.scapaindustrial.com has seen continued progress ... both financially and I remain confident of Scapa’s strategically. We continue ability to deliver increased to improve on our record returns to our shareholders.” performance in both Healthcare and Industrial.” Larry Pentz Heejae Chae Turn to page 4 Turn to page 6 Financial Highlights Group revenue Trading profit* • Revenue, trading profit and trading margin increased for the eighth £291.5m £34.5m consecutive year with improvements 2017: £279.6m 2017: £29.2m in both Healthcare and Industrial REPORT STRATEGIC 300 40 • Revenue increased 4.3% to £291.5m 279.6 291.5 34.5 after the benefits of the Markel 236.0 246.7 30 200 226.1 29.2 acquisition, the full year impact of 20 21.3 100 18.6 EuroMed and some currency tailwinds 10 15.5 • Trading profit increased 18.2% 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 to £34.5m with both business units contributing Profit before tax Adjusted earnings per share** • Both business units saw increases in trading margins, with Industrial £28.8m 18.2p showing significant improvement, 2017: £21.8m 2017: 14.8p as overall margins reached 11.8% 30 20 • Profit before tax increased 32.1% 28.8 25 16 18.2 • Dividend increased by 20% to 2.4p 20 21.8 12 14.8 15 from 2.0p, reflecting the 23% increase 8 10.6 10 13.7 9.1 in Adjusted EPS and ongoing 11.2 9.8 7.2 5 4 confidence in the business 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 • Net debt £3.8m (2017: £16.1m) Healthcare REVENUE TRADING PROFIT MARGIN • Technology transfers signed with global Advanced Wound Care and Consumer Wellness companies £112.8m 15.4% • Acquired BioMed Laboratories LLC adding capabilities beyond adhesives (2017: £108.7m) (2017: 15.3%) • New ultra-flexible silicone gel and low trauma hydrocolloid technologies launched • Introduced new hydrogel product TRADING PROFIT*** for advanced wounds and burns • Positive outlook for FY19 with good sales pipeline • Broke ground on a new built-for- £17.4m purpose healthcare manufacturing facility in Knoxville, Tennessee (2017: £16.6m) Turn to page 20 Industrial REVENUE TRADING PROFIT MARGIN • Improved trading margins by over 20% to 12.6% as we continue to improve margins to industry average of mid-teens £178.7m 12.6% • Korean closure and China sales office consolidation well executed with (2017: £170.9m) (2017: 10.4%) expected profit improvement of approximately £1m p.a. • Acquired Markel Industries resulting in improved ROCE through increased TRADING PROFIT*** site and equipment utilisation while generating top line revenue growth • Good progress on reshaping our cost to serve our customer base £22.5m in specific regions • Continued top line growth in key (2017: £17.8m) segments of Cable and Construction with further margin improvements * Profit before tax, before net finance costs, amortisation of intangible assets, exceptional items and pension in Automotive administration costs • Completed sale of Swiss property ** Adjusted earnings per share is calculated by dividing the trading profit less cash interest less tax for £13.3m on operating activities by the weighted average number of ordinary shares in issue during the year *** Trading profit for the Group is £34.5m after charging £5.4m of corporate costs Turn to page 24 N.B. Alternative performance measure definitions can be found on page 29 SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2018 1 Our Business at a Glance Scapa is organised into two business units serving the Healthcare and Industrial markets, primarily in Europe and REVENUE BY GEOGRAPHY North America. Each business unit has a strategy specific North America £113.0m to its market situation. Healthcare continues to build its Europe (2017: £116.4m) relationships with key market leading customers as the Asia turn-key partner of choice, as they leverage our know-how £162.7m in manufacturing processes and materials, in a market (2017: £148.8m) with favourable demographic and outsourcing trends. Industrial has further opportunities to drive improved margins through consolidation and efficiency, and is also £15.8m focused on growth in selected areas where we have a (2017: £14.4m) competitive advantage. WHAT WE DO REVENUE Scapa Healthcare is a global strategic outsource partner of skin friendly turn-key solutions for the Advanced Wound Care, Consumer Wellness and £112.8m Medical Device markets. We partner TRADING PROFIT with market leaders to develop and manufacture innovative skin friendly Healthcare medical supplies and devices. Our global footprint allows us to offer a £17.4m full range of services that support customers around the world. Turn to page 20 WHAT WE DO REVENUE Scapa Industrial manufactures an extensive portfolio of adhesive bonding solutions in our key sectors of Cable, Automotive, Construction and £178.7m Specialty products. We partner with TRADING PROFIT leading companies with multiple and established paths to our select Industrial markets. We service our partners with our broad product portfolio, which £22.5m accelerates our position as a leading provider of global solutions. Turn to page 24 2 STRATEGIC REPORT CHALLENGE STRATEGIC REPORT STRATEGIC Status Quo HEALTHCARE Turn to page 20 Sufficiency INDUSTRIAL Turn to page 24 Healthcare Industrial Ourselves OUR GLOBAL LOCATIONS • Scapa Americas Brazil – São Paulo Canada – Renfrew USA – Dallas, Inglewood, Knoxville, Liverpool, Orangeburg, Windsor SUSTAINABILITY Turn to page 32 • Scapa Europe France – Valence Italy – Ghislarengo UK – Dunstable, Manchester, Luton, Ramsbury • Scapa Asia ACCEPTED China – Shanghai India – Chennai Malaysia – Shah Alam SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2018 3 Chairman’s Letter DEAR SHAREHOLDER My first full year as Chairman has seen “ There is still much continued progress for Scapa, with good performance in both business units. Healthcare continues to challenge the to do to achieve status quo of the healthcare markets we serve by expanding our position as the turn-key partner of choice to our market the full potential of leading global customers. The acquisition of BioMed Laboratories LLC (‘BioMed’) expanded our capability beyond the adhesive value chain into formulations the business, and of liquids, powders and gels. As our customers review the strategic rationale of their integrated structure, our position I remain confident is to provide an alternative to their strategy. Industrial is overcoming the internal challenges, which has resulted in its margin of the Group’s expanding from loss-making towards mid-teens. Through our self-help journey, we have developed significant competence ability to continue in operational excellence to optimise the return on assets. We recognise that the pressure sensitive materials market in which Industrial competes is extremely to deliver.” fragmented and inefficient. We want to challenge the dynamics of sufficiency in the market. We made our first Industrial business unit acquisition in Markel Industries (‘Markel’) which provides our first opportunity to validate our self-help strategy externally. Whilst we are faced with many challenges, there is still much to do to achieve the full potential of the business, and I remain confident of the Group’s ability to continue to deliver. GREAT PROGRESS AND POTENTIAL The healthcare sectors in which we participate are undergoing significant change. The status quo of the integrated model of our healthcare customers is being challenged by the changing market dynamics. We are seeing increasing evidence of our customers in wound care, consumer and medical devices evaluating their strategy and operating models. In the LARRY PENTZ near term, we have benefited from their Chairman need to outsource products to reduce their costs and accelerate time to market. We have built a healthy project pipeline that should continue to support our organic growth. Furthermore, we are seeing our involvement moving further up in the product lifecycle including development and innovation. Today, 80% of our pipeline is turn-key solution with Scapa’s proprietary technology or manufacturing 4 STRATEGIC REPORT know-how.
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