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Kier Group Annual Report 2019

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Kier Group plc KIER GROUP PLC ANNUAL REPORT AND ACCOUNTS 2019 Annual Report and Accounts 2019 Kier is a leading UK construction and infrastructure services company. We provide specialist design and build capabilities. The knowledge, skills and intellectual capital of our people ensure we are able to project manage and integrate all aspects of a project. Halfmerke Primary School in East Kilbride STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Financial highlights Total Group Total Group revenue (Loss)/profit from revenue1 – excluding joint ventures1 operations1 £4.5bn £4.1bn £(216.7)m 2018: £4.5bn 2018: £4.2bn 2018: £134.4m Profit from operations – Earnings/(losses) Earnings/per share – before before exceptional items1,2 per share1,3 exceptional items1,2,3 £124.1m (158.5)p 58.2p 2018: £187.0m 2018: 89.3p 2018: 136.8p Order book4 Net debt – 30 June 20195 Net debt – average5 £9.4bn £(167.2)m £(422)m 2018: £9.8bn 2018: £(185.7)m 2018: £(375)m 1 See consolidated income statement on page 112. Exceptional items includes amortisation of acquired intangible assets. 2 Prior year re-presented to reflect the change in the Group’s Alternative Performance Measure, see note 5 to the consolidated financial statements. 3 Prior year restated as a result of the rights issue, see note 11 to the consolidated financial statements. 4 See Financial KPIs on page 18. Excluding HS2: £7.9bn (2018: £8.7bn). FY2018 restated to exclude £0.4m relating to the sale of KHSA Limited (Kier’s Australian Highways business). 5 See note 20 to the consolidated financial statements. Contents Strategic Report Governance Financial Statements 2 At a glance 48 Corporate Governance Statement 101 Independent auditor’s report 4 Chairman’s statement 48 Chairman’s introduction 112 Consolidated income statement 6 Chief Executive’s review 49 Governance in action 113 Consolidated statement of 12 Value creation model 50 Board statements comprehensive income 14 Our markets 52 Leadership 114 Consolidated statement of changes 18 Key performance indicators 54 Board of Directors in equity 20 Sustainability 56 Effectiveness 115 Consolidated balance sheet 30 Risk management framework 59 Nomination Committee report 116 Consolidated cash flow statement 32 Principal risks and uncertainties 62 Accountability 117 Notes to the consolidated financial 38 Business review 64 Risk Management and Audit statements 41 Financial review Committee report 180 Principal operating subsidiaries 73 Safety, Health and Environment and business units Committee report 193 Company balance sheet 75 Relations with shareholders 194 Company statement of changes and other stakeholders in equity 78 Directors’ Remuneration Report 195 Notes to the Company financial 78 Annual statement of the Chair statements of the Remuneration Committee Other Information 80 Remuneration at a glance 83 Annual report on remuneration 199 Financial record 92 Directors’ remuneration policy – 200 Corporate information summary 98 Directors’ Report 100 Statements of Directors’ responsibilities Go online to find out more at www.kier.co.uk Our corporate website has key information covering our capabilities, markets, corporate responsibility and investor relations. Kier Group plc | Report and Accounts 2019 1 Strategic Report At a glance Who we are At Kier we deliver economic and social infrastructure which is vital to the growth of the UK. CONSTRUCTION INFRASTRUCTURE SERVICES The UK’s leading regional builder, With a growing footprint in Kier works on projects of all sizes, infrastructure services, we provide complexities and sectors both capital projects as well as spanning the UK maintenance of infrastructure assets REGIONAL BUILDING MAJOR PROJECTS – HIGHWAYS UTILITIES A UK leading regional BUILDING The UK’s leading highways Providing services to the builder with key positions The business focuses on key service provider with clients water, gas, power, telecoms in education, health and sectors such as commercial, including Highways England and rail sectors through numerous public custodial, defence and science as well as local authorities long-term alliance and sector frameworks framework contracts INTERNATIONAL HOUSING MAINTENANCE MAJOR PROJECTS – Undertaking water, power Providing social housing INFRASTRUCTURE and transport and engineering home repair services to over Delivering civil projects as well as the 200,000 homes a year engineering projects construction of public buildings in the Middle East On 17 June 2019, the Group announced it will simplify its portfolio by selling or substantially exiting the following activities. This process is ongoing. Kier Living Property Facilities Environmental A mixed tenure Providing a range Management Services housebuilder working of property solutions Offering a range of Providing refuse in joint venture and including regeneration hard and soft facilities collection services to partnerships with projects for local management services to one million UK homes Government, local councils authorities and property over 400 buildings across and housing associations development schemes the UK, primarily in the public sector 2 Kier Group plc | Report and Accounts 2019 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS What we deliver The Group is transitioning the reporting of its activities. For FY2019, the Group reported by three market segments: Buildings, Infrastructure Services and Developments & Housing. Following the conclusions of the strategic review, the Group is focused on four core businesses; Regional Building, Highways, Utilities and Infrastructure under two market segments: Construction and Infrastructure Services, as shown below. For further information see page 41. CONSTRUCTION INFRASTRUCTURE SERVICES › No 1 regional builder › No 1 highways maintenance provider › >70% of awards on frameworks › Long-term alliances › <£10m average project size › Delivery of both capital and maintenance projects Revenue Operating profit Revenue Operating profit £1.86bn £67.2m £1.67bn £56.4m Revenue by business Revenue by sector Revenue by business Revenue by sector Regional Building Public sector Highways Public sector M P Private sector Utilities Private sector Building M P International Infrastructure Housing Maintenance DELIVERED IN 2019 DELIVERED IN 2019 › 200-250+ construction projects › 31,000km of roads maintained › 199 education projects › 225km of smart motorways › 69 health projects developed › 200,000 social housing repairs › 20.5m properties provided with water and power › 440,000+ broadband connections Kier Group plc | Report and Accounts 2019 3 Strategic Report Chairman’s statement A year of challenge Introduction As a result, our focus going forward is on simplifying our business, This has been a challenging year for Kier. As a Board, we take improving cash generation, and reducing debt through divestments our responsibilities to all our stakeholders very seriously, and I want and cost reduction. to express my personal regret that we have disappointed this year. We announced the planned sale of Kier Living, our housing During the year we had to revise our forecasts. We have now moved development business, and the downsizing of our Property decisively to address the issues which caused us to do so and are business, as well as the sale of our Facilities Management (FM) in a good position to start the financial year. business and closure of our loss-making Environmental Services As announced on 19 September, having overseen the appointment business. We also completed the disposal of Kier Highways of a new management team, I have announced my intention to Services Australia in the year. We anticipate that these actions will retire as Chairman and will step down from the Board once a strengthen our balance sheet and reduce both our working capital successor has been appointed. volatility and cost base. Business review Rights issue The Group’s revenue was £4.5bn (2018: £4.5bn) and operating During 2018, the banking sector indicated its intention to reduce its profit1 decreased by 34% to £124m (2018: £187m). The Group’s exposure to the construction and related sectors. In addition, the order book2 at 30 June 2019 was £9.4bn (2018: £9.8bn). Net debt focus on service providers’ balance sheets and the pressure to at 30 June 2019 was £167m (2018: £186m) and average improve the Group’s supply chain payment terms increased. As a month-end net debt was £422m (2018: £375m). result, the Group undertook a rights issue in December 2018, which raised net proceeds of £250m, a significant proportion of In June 2019, we announced the results of a strategic review, which was used to accelerate payments to the supply chain; as a which identified the need to further simplify the Group, increase the result, the Group reported average payment days to its supply chain focus on cash generation and reduce net debt. We are making good partners of 41 for H2 FY2019 (H1 FY2019: 57 days). progress against our strategic priorities. In part, as a result of this, the Group has reported £341m of exceptional charges, including Future Proofing Kier programme in respect of the costs of preparing to exit or sell businesses, In 2018, we launched the Future Proofing Kier programme with restructuring costs and significant contract losses. The exceptional the aim of reducing costs, simplifying the Group and creating items led us to reporting a loss before tax of £245m. The net cash operational efficiencies. Approximately 650 people left the Group outflow associated with these charges in FY2019 was £34m, with in FY2019, the costs for which
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