REG-Keller Group PLC: Annual Financial Report <Origin Href="QuoteRef">KLR.L</Origin>
07/04/2016 15:15
Keller Group plc
7 April 2016
Keller Group plc ("the Company") - Annual Report 2015
In accordance with Listing Rule 9.6.1, copies of the following documents have
been submitted to the National Storage Mechanism:
* Annual Report and Accounts for the year ended 31 December 2015 (the
'Annual Report 2015')
* The notice of Annual General Meeting 2016
* Form of proxy for the Annual General Meeting
These documents will shortly be available for inspection at the National
Storage Mechanism at www.hemscott.com/nsm.do.
The Annual Report 2015 is also available on the Company's website at
www.keller.co.uk. Hard copies of all the documents have been sent to
shareholders.
The Annual General Meeting will be held at 11.00am on Tuesday 24 May 2016 at
the offices of Investec, 2 Gresham Street, London, EC2V 7QP.
In accordance with DTR 6.3.5, this announcement contains information in the
attached Appendix of the principal risk factors, the directors' responsibility
statement and a note to the accounts on related party transactions. This
information has been extracted in full unedited text from the Annual Report
2015. References to page numbers and notes in the Appendix refer to those in
the Annual Report 2015. A condensed set of financial statements was appended
to Keller Group plc's preliminary results announcement issued on 29 February
2016.
For further information please contact:
Kerry Porritt
Company Secretary
Appendix
Unedited extract from Annual Report 2015
Principal risks and uncertainties
Risk Risk Description Potential Impact Mitigation
Market risk
A rapid downturn Inability to Failure to continue Diversification of
in our markets maintain a in operation or to our markets, both
sustainable level of meet our in terms of
financial liabilities. geography and
performance market segment.
throughout the Strong balance
construction sheet.
industry market Leveraging the
cycle which grows global scale of
more than many other our Group.
industries during Having strong
periods of economic local businesses
expansion and falls to address
harder than many geographic
other industries markets.
when the economy
contracts.
Strategic risks
Failure to A failure to Failure to achieve Continually
procure new continue to win and targets for revenue, analysing our
contracts retain contracts on profit and earnings. existing and
satisfactory terms target markets to
and conditions in ensure we
our existing and new understand the
target markets if opportunities that
competition they offer.
increases, customer Structured bid
requirements change review processes
or demand reduces in operation
due to general throughout the
adverse economic Group with
conditions. well-defined
selectivity
criteria that are
designed to ensure
we take on
contracts only
where we
understand and can
manage the risks
involved.
Losing our market Inability to achieve Failure to achieve Continually
share sustainable growth, targets for revenue, seeking to
whether through profits and differentiate our
acquisition, new earnings. offering through
products, new service quality,
geographies or value for money
industry specific and innovation.
solutions. A Business
Development
function focusing
on our customers'
requirements and
understanding our
competitors.
Minimising the
risk of
acquisitions,
including getting
to know a target
company in
advance, often
working in joint
venture, to
understand the
operational and
cultural
differences and
potential
synergies, as well
as undertaking
these through
thorough due
diligence and
structured and
carefully managed
integration plans.
Implementing
annual efficiency
and improvement
programmes to help
us remain
competitive.
Non-compliance Not maintaining high Losing the trust of Having clear
with our Code of standards of ethics our customers, policies and
Business Conduct and compliance in suppliers and other procedures in
conducting our stakeholders with respect of ethics,
business or failing consequent adverse integrity,
to meet legal or effects on our regulatory
regulatory ability to deliver requirements and
requirements. against our strategy contract
and business management.
objectives. Maintaining
Substantial damage training
to Keller's brand programmes to
and/or large ensure our people
financial penalties. fully understand
these policies and
requirements.
Operating and
encouraging the
use of a
'whistleblowing'
facility.
Financial risk
Inability to Losing access to the Breach of banking Procedures to
finance our financing facilities covenants or failure monitor the
business necessary to fund to continue in effective
the business. business or meet our management of cash
liabilities. and debt,
including weekly
cash reports and
regular cash
forecasting.
Operational risks
Product and/or Failure of our Financial loss and Continuing to
solution failure product and/or consequent damage to enhance our
solution to achieve our brand technological and
the required reputation. operational
standard. capabilities
through investment
in our product
teams, project
managers and our
engineering
capabilities.
Ineffective Failure to manage Failure to achieve Ensuring we
management of our our contracts to the margins, profits understand all of
contracts ensure that they are and cash flows we our risks through
delivered on time expect from the bid appraisal
and to budget. contracts. process and
applying rigorous
policies and
processes to
manage and monitor
contract
performance.
Ensuring we have
high-quality
people delivering
projects.
Causing a serious Failure to maintain Damage to employee A Board-led
injury or high standards of morale leading to an commitment to
fatality to an Safety and Quality. increase in employee achieve zero
employee or turnover rates, loss accidents.
member of the of customer, Visible management
public supplier and partner commitment with
confidence and Safety Tours,
damage to our brand Safety Audits and
reputation in an Safety Action
area that we regard Groups.
as a top priority. Implementing
management systems
that conform to
Occupational
Health & Safety
Assessment System
18001.
Extensive
mandatory employee
training
programmes.
Not having the Inability to attract Failure to maintain Continuing to
right skills to and develop satisfactory develop and
deliver excellent people to performance in implement
create a respect of our leadership,
high-quality, current personal
vibrant, diverse and contracts and development and
flexible workforce. failure to deliver employee
our strategy and engagement
business targets for programmes that
growth. encourage and
support all our
people to achieve
their full
potential.
Responsibility statement of the Directors in respect of the annual report and
the financial statements
We confirm that to the best of our knowledge:
* the financial statements, prepared in accordance with the applicable set
of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation as a whole; and
* the Directors' report, including content contained by reference, includes a
fair review of the development and performance of the business and the
position and performance of the Company and the undertakings included in
the consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face.
The Board confirms that the Annual Report and Accounts, taken as a whole,
is fair, balanced and understandable and provides the information necessary
for shareholders to assess the performance, strategy and business model of
the Company.
25 Related party transactions
Transactions between the parent, its subsidiaries and joint operations,
which are related parties, have been eliminated on consolidation.
The remuneration of the Directors, who are the key management personnel and
related parties of the Group, is set out in note 6 (extract below).
2015 2014
£m £m
Short-term employee benefits 2.7 2.0
Post-employment benefits 0.1 0.1
Share-based payments 0.9 0.9
3.7 3.0
END
END
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