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Welcome to the Annual Report 2019 Welcome to the Annual Report 2019 This interactive PDF allows you to find information and navigate around this document easily. It also links you to useful information on the web that is not part of the Annual Report. Go to Search Print Previous Next Previous Go to contents this pdf pdf page page view specific page page Links Dynamic links within the text are indicated when the user rolls over hyperlinks and the mouse cursor changes to a pointed hand. Delivering long-term profitable growth Annual Report 2019 Essentra plc Our purpose is to provide the parts, products and services our customers need to succeed as businesses See more online essentraplc.com Customer-focused Being part of a Q&A with Mary Reilly Operational review sustainable solution Non-Executive Director from page 49 from page 27 on page 76 Contents Strategic Report Directors’ Report Financial Statements Essentra at a glance IFC Chairman’s Corporate Consolidated Income Statement 119 Chairman’s Statement 2 Governance Statement 65 Consolidated Statement of Chief Executive’s Review 4 Board of Directors 66 Comprehensive Income 120 Investment case 8 Corporate Governance Report 68 Consolidated Balance Sheet 121 Our business model 10 Nomination Committee Report 82 Consolidated Statement of Our progress towards Chairman of the Audit and Risk Changes in Equity 122 sustainable growth 12 Committee’s Letter 86 Consolidated Statement of Cash Flows 123 Our journey to a more Report of the Audit and Accounting Policies 124 focused divisional structure 14 Risk Committee 88 Critical Accounting Judgements Key Performance Indicators 16 Chairman of the Remuneration and Estimates 132 Non-Financial Key Committee’s Letter 92 Notes 134 Performance Indicators 18 Remuneration at a glance 94 Essentra plc Company Balance Sheet 169 How we do business 20 Remuneration Report Policy summary 96 Essentra plc Company Statement Financial review 30 Annual Report on Remuneration 101 of Changes in Equity 170 Alternative Performance Measures 32 Other Statutory Information 112 Essentra plc Company Risk management report 34 Statement of Directors’ Accounting Policies 171 Operational review 49 Responsibilities in Respect of Essentra plc Company Notes 173 Group Management Committee 62 the Financial Statements 117 Independent auditors’ report to the members of Essentra plc 180 Independent environmental assurance statement 187 Advisers and investor information 188 ESSENTRA PLC ANNUAL REPORT 2019 Specialist Components This division was dissolved in Q3 2019 following a strategic Essentra review and the sale of four of at a glance its six businesses. See Our progress Made up of three global divisions, towards sustainable Essentra is a leading provider of growth on page 12 See Operational essential components and solutions. review from page 49 Every day we produce and distribute millions of small but essential products Components Packaging A leading global manufacturer and distributor One of very few multi-continental suppliers of of a comprehensive range of components, used in a full range of secondary packaging to the diverse industrial applications and end-markets. pharmaceutical, personal care and beauty sectors. Revenue Adjusted operating profit1 Revenue Adjusted operating profit1 £283.3m £60.3m £ 352.7m £15.1m (2018: £279.8m) (2018: £61.0m) (2018: £342.3m) (2018: £5.4m) 2019 summary 2019 summary • Throughout a year of macroeconomic uncertainty, the • 2019 was Packaging’s best financial and operational business continued to deliver “hassle-free” service provision, performance since 2015 with a record Net Promoter Score (“NPS”) of 41 • Revenue growth well above industry growth rates • Overall performance was boosted by continued market • Encouraging business wins and continued improvement in share gains from access hardware product ranges customer dialogue, underpinned by ongoing stability, key service • The Reid Supply business was reintegrated into the division metrics and organisational improvements • Continued investment in digital capabilities; new website • Expansion of the Design Hub in both the UK and USA, and platform now deployed in ten countries dedicated customer project management to support projects • Continued benefit from Micro Plastics and Hertila • Ongoing product pipeline development, to meet industry trends integration synergies. Integration of Innovative Components and customer needs on track • Board’s confidence in division demonstrated through acquisition • Continued pipeline development to support future inorganic of Nekicesa Packaging, the integration of which is on track growth opportunities • Continued investment targeted at capacity build and efficiency • First-year milestones of the BPR programme delivered improvement to plan 1 Excluding amortisation of acquired intangible assets and exceptional and other adjusting items. ESSENTRA PLC ANNUAL REPORT 2019 Our international network 50 principal 7,552 manufacturing employees facilities 34 countries worldwide 4 research and development 34 centres sales and distribution operations Filters Financial highlights FY 2019 FY 2019 The only global independent provider of filters After Before % change % change applying applying Actual Constant and related solutions to the tobacco industry. IFRS 16 IFRS 16 FY 20181 FX2 FX2 Revenue £974m £974m £1,026m -5 -6 Adjusted3 operating profit £88m £85m £91m -4 -5 3 Revenue Adjusted operating profit1 Adjusted pre-tax profit £73m £73m £80m -9 -10 Adjusted3 net income4 £59m £59m £64m -9 -11 Adjusted3 basic earnings £303.6m £36.2m per share 21.3p 21.2p 23.1p -8 -10 (2018: £299.4m) (2018: £35.1m) Dividend per share 20.7p 20.7p 20.7p – n/a Net debt £284.4m £233.7m £240.1m +18 n/a 2019 summary Net debt to EBITDA 2.0x 1.9x 1.8x n/a n/a • The business outperformed the broader tobacco market Free cash flow5 £40.7m £28.6m £50.2m n/a n/a and is well positioned for medium- to long-term growth Reported operating • Operational KPIs continue to improve to ensure world-class profit £80m £78m £47m +69 +66 service provided to our customers Reported pre-tax profit £66m £66m £36m +80 +76 • Deeper understanding of customer needs through Reported net income4 £41m £41m £28m +47 +46 implementation of key account management Reported basic earnings • Refocus of Filters innovations teams to provide greater per share 14.7p 14.6p 9.3p +58 +58 category focus and roll out of structured pipeline processes 1 FY 2018 results are unadjusted for IFRS 16 (see Basis of Preparation) • Integration of the Tear Tapes (TT) business into the division, 2 Year-on-year changes are calculated by comparing data for FY 2019 after applying IFRS 16 with upping the operational performance of TT, whilst further data for FY 2018 (which is unadjusted for IFRS 16) 3 Before amortisation of acquired intangible assets and exceptional and other adjusting items penetrating end-markets such as food and beverage and 4 Net income is defined as profit after tax, before minority interests consumer 5 A reconciliation of free cash flow is set out in the Financial review on page 31 • Joint Venture agreement signed with four Chinese partners for manufacturing and development facilities based in China • Significant outsourcing opportunity agreed with multinational partner • Four patent applications filed for next generation product applications STRATEGIC REPORT STRATEGIC How we have Operational highlights performed this year • Stable revenue base, with underlying growth of 1.5% Revenue Adjusted operating profit • Momentum in financial recovery continues, with underlying growth of 2% in £974.1m £ 87.5m adjusted operating profit (2018: £1,025.6m) (2018: £90.7m) • Maintenance of strong operating cash conversion at 82% REPORT DIRECTORS’ Adjusted operating margin Reported operating profit • Balance sheet gearing retained within target range, 9.0% £80.0m notwithstanding significant business investment (2018: 8.8%) (2018: £47.2m) • All divisions on track against Adjusted earnings per share Reported earnings per share strategic milestones • Stability agenda continues with progress on all metrics across 21.3p 14.7p the Group (2018: 23.1p) (2018: 9.3p) • Business Process Redesign STATEMENTS FINANCIAL (BPR) project progressing well Dividend per share Cash conversion • Well set for similar progress in 2020, strategically and 20.7p 82% financially (2018: 20.7p) (2018: 85%) See Financial review on page 30 Cautionary forward-looking statement Adjusted measures This Annual Report contains forward-looking statements Adjusted results exclude certain items because, based on current expectations and assumptions. Various if included, these items could distort the known and unknown risks, uncertainties and other understanding of Essentra’s performance for the factors may cause actual results to differ from any year and the comparability between periods. future≈results or developments expressed or implied by the forward-looking statement. Each forward-looking In management’s view, such adjusted performance statement speaks only as of the date of this Annual measures (“APMs”) reflect the underlying performance of Report. The Company accepts no obligations to revise the business and provide a more meaningful comparison or update publicly these forward-looking statements or of how the business is managed and measured on a adjust them to future events or developments, whether periodic basis. Our APMs and KPIs are aligned to our as a result of new information, future events or strategy and business segments, and are used to measure otherwise, except to the extent legally required. the performance
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