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Keller Group Plc Interim Results 2021

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Keller Group Plc Interim Results 2021 3 August 2021 Keller Group plc Interim Results 2021 Building the foundations for a sustainable future keller.com Cautionary statements This document contains certain ‘forward looking statements’ with For a more detailed description of these risks, uncertainties and respect to Keller’s financial condition, results of operations and other factors, please see the Risk Management approach and business and certain of Keller’s plans and objectives with respect Principal Risks section of the Strategic Report. to these items. All written or verbal forward looking statements, made in this Forward looking statements are sometimes, but not always, document or made subsequently, which are attributable to Keller or identified by their use of a date in the future or such words as any other member of the group or persons acting on their behalf ‘anticipates’, ‘aims’, ‘due’, ‘could’, ‘may’, ‘should’, ‘expects’, are expressly qualified in their entirety by the factors referred to ‘believes’, ‘intends’, ‘plans’, ‘potential’, ‘reasonably possible’, above. Keller does not intend to update these forward-looking ‘targets’, ‘goal’ or ‘estimates’. By their very nature forward-looking statements. statements are inherently unpredictable, speculative and involve Nothing in this document should be regarded as a profits forecast. risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. This document is not an offer to sell, exchange or transfer any securities of Keller Group plc or any of its subsidiaries and is not There are a number of factors that could cause actual results and soliciting an offer to purchase, exchange or transfer such securities developments to differ materially from those expressed or implied in any jurisdiction. Securities may not be offered, sold or by these forward-looking statements. These factors include, but transferred in the United States absent registration or an applicable are not limited to, changes in the economies and markets in which exemption from the registration requirements of the US Securities the group operates; changes in the regulatory and competition Act of 1933 (as amended). frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates. 2 Agenda Summary Financial results Business update, ESG and strategy Summary and outlook Questions and answers Summary Underlying Underlying Underlying operating operating diluted Revenue profit margin EPS Order book Dividend £984.1m £39.5m 4.0% 35.6p £1.2bn 12.6p -5% -18% Down from 4.6% -10% (+11% CC) Flat YoY (flat CC) (-9% CC) (+1% CC) A better than expected H1 despite FX headwinds and anticipated COVID-19 related margin compression Revenue flat on constant currency basis; slow Q1 followed by improved momentum in Q2 Operating profit decrease of 9% on constant currency basis; positive resolution of historical claim in NA more than offset by COVID-19 impact, higher steel prices in Suncoast and suspension of certain contracts in Africa Continued strong cash performance, net debt1 of £113.4m, down 27%. Net debt/EBITDA1 of 0.7x, within 0.5x-1.5x target Continued progress in both conventional and COVID-19 related safety, 27% YoY improvement in AFR2 ESG: On climate action, one of the Group’s four specific SDGs, we have set ambitious net zero targets for all three of our emission scopes, culminating in carbon neutrality by 2050 at the latest Execution of strategy continued; restructuring completed in Europe, acquisition of RECON in North America Payment of interim dividend continues the Group’s 27 year uninterrupted record of dividends Order book increased to a record £1.2bn We expect a continuing increase in trading momentum in H2 with FY performance anticipated to be materially ahead of the Board’s previous expectations, with a modest second half bias CC = Constant currency. 1On a lender covenant basis excluding the impact of IFRS16 . 2 AFR = Accident Frequency Rate 4 Financial results Summary income statement H1 2021 H1 2020 Non- Non- £m Underlying Total Underlying Total underlying underlying Revenue 984.1 - 984.1 1,039.1 - 1,039.1 Operating costs (944.9) (6.3) (951.2) (991.4) (18.1) (1,009.5) Amortisation of acquired - (0.4) (0.4) - (2.5) (2.5) intangibles Other operating income - 0.7 0.7 - 0.7 0.7 Share of post-tax profits from JVs 0.3 - 0.3 0.2 - 0.2 Operating profit 39.5 (6.0) 33.5 47.9 (19.9) 28.0 Operating profit margin (%) 4.0% - 3.4% 4.6% - 2.7% Net finance costs (4.3) - (4.3) (7.2) - (7.2) Profit/(loss) before tax 35.2 (6.0) 29.2 40.7 (19.9) 20.8 Taxation (9.5) 0.6 (8.9) (11.8) 1.2 (10.6) Profit/(loss) for the period 25.7 (5.4) 20.3 28.9 (18.7) 10.2 Diluted earnings per share (p) 35.6 28.2 39.5 13.8 Interim dividend per share (p) 12.6 12.6 12.6* 12.6* * Approved at November 2020 Board meeting and announced in November 2020 Trading Statement 6 Summary income statement - underlying Revenue £m H1 2020 1,039.1 FX (57.3) H1 2021 H1 2020 North America (0.3) Non- Non- Europe (9.0) £m Underlying Total Underlying Total underlying underlying AMEA 11.6 Revenue 984.1 - 984.1 1,039.1 - 1,039.1 H1 2021 984.1 Operating costs (944.9) (6.3) (951.2) (991.4) (18.1) (1,009.5) Operating profit Amortisation of acquired - (0.4) (0.4) - (2.5) (2.5) FX (9)% intangibles Organic / constant currency (9)% Other operating income - 0.7 0.7 - 0.7 0.7 Total (18)% Share of post-tax profits from JVs 0.3 - 0.3 0.2 - 0.2 Net financing costs Operating profit 39.5 (6.0) 33.5 47.9 (19.9) 28.0 £2.9m decrease due to reduction in level Operating profit margin (%) 4.0% - 3.4% 4.6% - 2.7% of borrowings and lower interest rates Net finance costs (4.3) - (4.3) (7.2) - (7.2) Taxation Profit/(loss) before tax 35.2 (6.0) 29.2 40.7 (19.9) 20.8 Effective tax rate for 2021 27% Taxation (9.5) 0.6 (8.9) (11.8) 1.2 (10.6) (2020 29%) Profit/(loss) for the period 25.7 (5.4) 20.3 28.9 (18.7) 10.2 Dividend Diluted earnings per share (p) 35.6 28.2 39.5 13.8 Board recommendation 12.6 Interim dividend per share (p) 12.6 12.6 12.6* 12.6* Earnings cover 2.8x * Approved at November 2020 Board meeting and announced in November 2020 Trading Statement 7 Underlying operating profit bridge H1 2020 to H1 2021 £m 55.0 North America Europe AMEA Central items Up £3.7m to £38.4m Down £0.9m to £5.7m Down £5.6m to £0.1m Cost up £1.0m 50.0 to £4.7m 47.9 (4.7) 3.6 (4.1) 45.0 3.9 (3.1) (4.2) 3.7 (0.7) (4.6) 40.0 (1.0) 2.1 6.7 39.5 (6.1) 35.0 30.0 25.0 20.0 2020 2021 8 Summary income statement – non-underlying H1 2021 Non-underlying operating costs £m Europe and KGS restructuring (3.5) Non- £m Underlying Total underlying North America restructuring 0.4 Disposal of operations (1.9) Revenue 984.1 - 984.1 Contingent consideration payment (1.3) Operating costs (944.9) (6.3) (951.2) Total (6.3) Amortisation of acquired intangibles - (0.4) (0.4) Amortisation of acquired intangibles £m Other operating income - 0.7 0.7 Moretrench Industrial (0.4) Share of post-tax profits from JVs 0.3 - 0.3 Operating profit 39.5 (6.0) 33.5 Other operating income £m Business disposal 0.7 Operating profit margin (%) 4.0% - 3.4% Net finance costs (4.3) - (4.3) Taxation Profit/(loss) before tax 35.2 (6.0) 29.2 Tax credit on deductible losses or where a deferred tax asset can be recognised Taxation (9.5) 0.6 (8.9) Profit/(loss) for the period 25.7 (5.4) 20.3 Statutory profit £m Diluted earnings per share (p) 35.6 28.5 Underlying profit 25.7 Interim dividend per share (p) 12.6 12.6 Non-underlying items (5.4) Statutory profit 20.3 Statutory profit in H1 2020 was £10.2m 9 Cash flow £m H1 2021 H1 2020 Depreciation/Capex 2021 2020 Underlying operating profit 39.5 47.9 Net capex/Depreciation 83% 70% Depreciation and amortisation 44.5 47.0 Gross capex/Depreciation 95% 76% Underlying EBITDA 84.0 94.9 Non-cash items (0.7) 0.6 Dividends from joint ventures - 0.5 Working capital 2021 2020 Decrease/(increase) in working capital 3.9 7.9 Increase in inventories (20.3) (2.5) (Decrease)/increase in provisions and retirement benefit (Inc)/dec in receivables (59.5) 82.1 (7.1) 16.7 liabilities Inc/(dec) in payables 83.7 (71.7) Net capital expenditure (26.4) (24.9) Reduction in working capital 3.9 7.9 Additions to right-of-use assets (10.6) (7.9) Operating cash flow 43.1 87.8 Provisions £m Adjusted operating cash flow to adjusted operating profit 109% 183% Retirement benefits (3.0) Other provisions (4.1) Net interest paid (4.3) (7.2) Movement (7.1) Cash tax paid (11.9) (6.5) Free cash flow 26.9 74.1 Dividends paid to shareholders (16.8) - Cash tax Business disposals / acquisitions - (0.1) 2020 Cash tax paid benefitted from COVID-19 deferral measures paid in H2 2020 Non-underlying items (1.7) 2.7 Right-of-use assets and lease liability modifications 0.8 (0.6) Foreign exchange movements 2.5 (18.7) Net debt – Covenant basis £m Movement in net debt 11.7 57.4 Reported net debt 180.8 Opening net debt (192.5) (289.8) Lease liability (excl legacy leases) (67.4) Closing net (180.8) (232.4) Covenant basis 113.4 Leverage ratio 0.7x Net debt - lender covenant definition (113.4) (155.1) 10 Balance sheet Intangibles inc goodwill £m Opening 118.8 Acquisition 0.2 Amortisation acquired (0.4) Amortisation other (0.3) FY 2020 £m H1 2021 H1 2020 FX (1.4) (Audited) Closing 116.9 Intangibles incl.
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