UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 109
Principal Activities
Kingspan is the global leader in high-performance
insulation and building envelope solutions. Kingspan
Group plc is a holding company for the Group’s
subsidiaries and other entities. The Group's principal
activities comprise the manufacture and distribution
of the following product suites as part of the
complete “Building Envelope”:
INSULATED PANELS
Manufacture of insulated panels, structural framing
and metal facades.
INSULATION
Manufacture of rigid insulation boards, technical
insulation and engineered timber systems.
Business Review
The Business & Strategic Report contained in this Annual
Report, including the Chief Executive’s Review and the
Financial Review, sets out management’s review of the
Group’s business during 2021. The key points include:
g Revenue up 42% to €6.5bn, (pre-currency, up 42%).
g Trading profit up 49% to €754.8m, (pre-currency,
up 49%).
g Acquisitions contributed 12% to sales growth and 11%
to trading profit growth in the year.
g Group trading margin of 11.6% (2020: 11.1%).
g Basic EPS up 48% to 305.6 cent (2020: 206.2 cent).
g Final dividend per share of 26.0 cent (2020: 20.6 cent)
giving a total dividend for the year of 45.9 cent (2020:
20.6 cent).
LIGHT & AIR
Manufacture of daylighting, smoke management
and ventilation systems.
g Year end net debt1 of €756.1m (2020: €236.2m). Net
debt to EBITDA2 of 0.88x (2020: 0.40x).
WATER & ENERGY
Manufacture of energy and water solutions and all
related service activities.
g Unprecedented raw material inflation with strong
price recovery effort.
DATA & FLOORING
Manufacture of data centre storage solutions and
raised access floors.
Kingspan’s five key business divisions offer a suite of
complementary building envelope solutions for both
the new build and refurbishment markets.
Results And Dividends
Group turnover for the year ended 31 December
2021 was €6,497m (2020: €4,576m), trading profit
was €754.8m (2020: €508.2m), and earnings
per share were 305.6 cent (2020: 206.2 cent).
The Consolidated Income Statement is set out
later in this Annual Report and a detailed review
of the Group’s performance from a financial and
operational perspective is contained within the
Business & Strategic Report.
The Board has proposed a final dividend, if approved
at the Annual General Meeting, of 26.0 cent (2020:
20.6 cent) per ordinary share payable on 6 May
2022 to shareholders registered on the record date
of 25 March 2022. An interim dividend of 19.9 cent
per ordinary share was declared during the year
(2020: nil). The total dividend for 2021 is 45.9 cent
compared to 20.6 cent for 2020. This is in line with
the previously announced revised shareholder
returns policy.
Kingspan Group plc Annual Report & Financial Statements 2021
g ROCE of 19.5% (2020: 18.4%).
g Strong underlying volume growth of 13% and 11% in
Insulated Panels and Insulation.
g Insulated Panels sales increased by 45%, driven by
strong momentum generally in construction activity,
raw material led price growth further enhanced by
strong demand in high growth sectors. Year end order
backlog volume 28% ahead of the same point in 2020.
66% growth in sales value of QuadCore™.
g Insulation sales increased by 50%, reflecting strong
demand in key markets and inflation recovery on
pricing. Strong development activity during the year
including the acquisition of Logstor Group, a leading
global supplier of technical insulation solutions.
g Light & Air sales grew by 24%, reflecting the acquisition
of Colt Group in Q2 2020 and the acquisition of
Skydôme in 2021. Strong backlog at year end.
g Water & Energy sales increased by 29%, reflecting a
strong performance across all key markets, with the
exception of Australasia.
g Data & Flooring sales increased by 21%, reflecting
strong data centre activity and ongoing development
of the European operations.
g Invested a total of €714m in acquisitions, capex
and financial investments during the period.
g Since period end, approximately €800m committed
on three transactions subject to customary approvals.
1 Net debt pre-IFRS 16 per banking covenants
2 Net debt to EBITDA is pre-IFRS 16 per banking covenants
Report of the Directors
