REG - Kingspan Group PLC Kingspan Group - KGP - Half-year Report
18/08/2023 07:00
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RNS Number : 7071J Kingspan Group PLC 18 August 2023
KINGSPAN GROUP PLC
HALF-YEARLY FINANCIAL REPORT
for the period ended 30 June 2023
KINGSPAN GROUP PLC
RESULTS FOR THE HALF YEAR 30 JUNE 2023
Kingspan, the global leader in high performance insulation and building
envelope solutions, issues its half-yearly financial report for the six-month
period ended 30 June 2023.
Financial Highlights:
• Revenue down 2% to €4.1bn, (underlying down 8%).
• Trading profit up modestly to €435.5m, (underlying down 3%).
• Group trading margin of 10.7%, an increase of 20bps versus the same period in
2022.
• Acquisitions contributed 7% to sales growth and 4% to trading profit growth in
the period.
• Profit after tax of €324.0m (H1 2022: €319.9m). Effective tax rate of
17.5% (H1 2022: 17.5%).
• Strong free cashflow of €356.9m (H1 2022: €12.9m) reflecting a significant
reduction in working capital year on year.
• Net debt(1) of €1,372.7m (H1 2022: €1,206.6m). Net debt(4) to EBITDA(4) of
1.43x (H1 2022: 1.25x).
• Basic EPS up 3% to 175.2 cent (H1 2022: 170.6 cent).
• Interim dividend up 3% to 26.3 cent (H1 2022: 25.6 cent) in line with policy
guidance.
• ROCE at 15.8% (H1 2022: 18.1%), or 16.3% after annualised impact of
acquisitions.
Operational Highlights:
• Record performance in a testing environment, improving order intake trend
overall in recent months versus a softer comparative.
• Direct GHG emissions reduced by 51% year on year.
• Insulated Panels sales decrease of 10% driven by sluggish volumes particularly
in Central and Eastern Europe with strong activity in France and the US.
• Insulation sales behind by 5%, driven by weak residential markets. Technical
insulation continuing to advance reflecting ongoing demand for district
heating. Extending the full spectrum of insulation offerings with planned
acquisition of 51% of Steico and completion of acquisition of HempFlax in the
period.
• Roofing + Waterproofing sales of €239m (H1 2022: €nil). Further
development step with the acquisition of CaPlast. Business integration plans
fully on track in difficult end markets.
• Significant progress at Light, Air + Water, with broader scale and margins
progressing positively year on year.
• Data + Flooring medium term pipeline is encouraging driven by the data sector
with artificial intelligence applications starting to feature.
• Invested a total of €271m in acquisitions and capex during the period.
Summary Financials:
H1 '23 H1 '22 Change
Revenue €m 4,083.9 4,153.4 -2%
Trading Profit €m(2) 435.5 434.2 -
Trading Margin(3) 10.7% 10.5% +20bps
EBITDA €m(5) 528.4 512.2 +3%
EPS (cent per share) 175.2 170.6 +3%
1 Net debt pre-IFRS16
2 Operating profit before amortisation of intangibles and non trading item
3 Operating profit before amortisation of intangibles and non trading item
divided by total revenue
4 Net debt to EBITDA ratio is pre-IFRS16 per banking covenants
5 Earnings before finance costs, income taxes, depreciation, amortisation and
non trading item.
Gene Murtagh, Chief Executive of Kingspan commented:
"We are pleased with a strong first half performance in a testing environment.
Performance outcomes varied by product and by market, against a backdrop of
higher interest rates and a degree of price deflation.
This year the harsh reality of climate change has become an everyday reality
for many, intensifying the urgency to deliver meaningful and increasingly
smart decarbonisation solutions. Kingspan's Innovation and Planet Passionate
strategies have the firm aim of addressing this challenge through driving
progressively sustainable building envelope solutions. These strategies are
deeply embedded across Kingspan, delivering a reduction of direct GHG
emissions by over 50% in the first half and reinforcing a common goal for our
people globally.
Our expanding spectrum of insulation solutions continues to progress apace.
Since period end, we agreed to acquire 51% of Steico, the world leader in
wood-based insulation, adding to a growing bio-based portfolio including hemp
and wood-wool acoustic insulation. Along with our portfolio of LEC (lower
embodied carbon) products, the first of which launched this year, we are now
firmly established as a leader in the growing market for lower embodied carbon
construction products.
As we look to the remainder of the year, we expect continuing strategic
momentum supported by a strong development pipeline, an increasingly stable
supply chain and pricing environment, and a global decarbonisation drive."
For further information contact:
Murray Consultants Tel: +353 (0) 1 4980 300
Pat Walsh
Business Review
The first half of 2023 has been relatively pleasing for Kingspan given the
somewhat challenging environment we were confronted with. Sales revenue
reached €4.1bn and trading profit amounted to €436m, edging slightly ahead
of the record achieved in the same period of 2022. Our direct GHG emissions
reduced significantly in the first half, by 51%, reflecting ongoing traction
from the many Planet Passionate initiatives underway across the business. In
contrast to recent years, deflation has been a prominent theme, as has been
de-stocking of our inventories which boosted the strong cash generation in the
period.
Similar to the trading backdrop reported in the 2022 full year, conditions
varied considerably by market and by end segment. The Americas, and the US in
particular, has performed exceptionally well for us as Insulated Panels
continued to deliver growth driven by conversion from traditional building
envelope solutions. Europe has been more mixed with predominately weaker
newbuild activity and refurbishment suffering somewhat due to the current
interest rate environment. Broadly, France was strong with Southern and
Eastern Europe weaker. APAC, albeit relatively small for us at present,
performed well as our position in Australia improved and activity in South
East Asia grew.
Planet Passionate and our Impact
Our Planet Passionate agenda, central to our purpose at Kingspan, continues to
build upon the progress of recent years with the implementation of many more
initiatives across the Group. Total Scope 1 & 2 emissions are expected to
reduce by up to 60% since 2020 and direct renewable energy usage increase to
39%. The number of our wholly owned sites with solar PV installations
forecasted to reach 48% and rainwater harvesting expected to double from 2020,
increasing to 42 million litres throughout the year.
The table overleaf provides further detail on the progress within Kingspan by
category:
Underlying Business Whole Business
Planet Passionate Targets Target Year FY2020 FY2023(f) FY2020 FY2023(f)(4)
Carbon Net Zero Carbon Manufacturing - scope 1 & 2 GHG emissions(1) (t/CO2e) 2030 410k(2) 140k 518k(2,3) 206k
50% reduction in product CO2e intensity from primary supply partners (%) 2030 - Not forecast at half year - Not forecast at half year
Zero emission company funded cars (annual replacement %) 2025 11 40 11 40(4)
Energy 60% Direct renewable energy (%) 2030 19.5 40.9 19.5 38.7
20% On-site renewable energy generation (%) 2030 4.9 8.5 4.9 8.0
Solar PV systems on all wholly owned sites (%) 2030 21.7 55.2 21.7 48.5
Circularity Zero Company waste to landfill (tonnes) 2030 18,642 6,000 18,642 8,300
Recycle 1 billion PET bottles into our manufacturing processes annually 2025 573 602 573 602
(million bottles)
QuadCore™ products utilising recycled PET (no. of sites) 2025 1 8 1 8
Water Harvest 100 million litres of rainwater annually (million litres) 2030 20.1 42.1 20.1 42.3
Support 5 Ocean Clean-Up projects (no. of projects) 2025 1 4 1 4
Underlying Business includes manufacturing, assembly and R&D sites within
the Kingspan Group in 2020 plus all organic growth.
Whole Business includes all manufacturing, assembly and R&D sites within
the Kingspan Group, including additions since 2020.
1: Excluding biogenic emissions. Scope 2 GHG emissions calculated using
market-based methodology.
2: Restated figures due to improved data collection and change in calculation
methodologies.
3: GHG emissions were recalculated due to acquisitions in 2021 and 2022.
4: Businesses acquired during the first half may not be fully reflected in the
2023 forecast.
Investing in our future
A total of €271m in capital was deployed in the period, €156m on
acquisitions, and €115m in capex across all the product streams, largely
focused on capacity expansion and new market entry. In addition, the planned
Ukraine Technology Campus is progressing with final site location having been
selected in Lviv. The scope of the development is likely to exceed the €200m
initially indicated when the campus completes, expected around 2026 (subject
to geopolitical developments) reflecting the likely need for increased
capacity in the region.
The largest acquisition investment in the period was CaPlast at €85m, adding
to the growing array of solutions being offered by our emerging Roofing +
Waterproofing segment. Since period end, we agreed to acquire 51% of Steico,
the world leader in natural wood-based insulation for an initial consideration
of €251m.
Innovation at work
A number of LEC (lower embodied carbon) products have been launched, including
QuadCore(™) Insulated Panels, Access Floors and Insulation Boards. All are
being well received by specifiers as the demand for distinctive lower carbon
building solutions gains momentum. We expect to add to this proposition in the
second half.
Our PowerPanel(™) and Rooftricity(™) solutions have been reset after
considerable trial activity as we seek to significantly enhance product
performance and longevity with a completely new design. Meaningful progress
has also been made in recent months with a strengthened and more robust supply
chain. Extensive testing and certification processes point towards market
launch in Q2 2024.
In our Data + Flooring division, tremendous progress has been made developing
an advanced HAC (Hot Aisle Containment) offering which has resulted in
expanded long term revenue potential in the data centre market. This
initiative will require a new manufacturing plant in the US which we plan to
commission during the first half of 2024.
Last year we acquired Troldtekt in Denmark, a world leader in acoustic
insulation and largely timber based. We recently added to the 'natural
insulation' category by acquiring HempFlax, an emerging hemp materials
business in Germany. Since period end we announced the acquisition of 51% of
Steico, the world's leading wood-based insulation business based near Munich,
Germany, which will catapult our presence in this growing category.
Product and system integrity
By the end of the first half, 47 of our sites were certified to ISO 37301,
with a plan to have 60 sites certified to the standard by the end of the year.
ISO 37301 is the leading global standard for establishing, developing and
monitoring compliance systems. Our enhanced product integrity programme is now
deeply embedded across the Group. In 2023 to date, 56 of our sites have been
audited by the Compliance Team, with a further 50 scheduled to be audited by
year end. In addition, 346 third party external products and system audits
took place through the first half.
Insulated Panels
H1 '23 H1 '22 Change
Revenue €m 2,386.7 2,665.2 -10%((1))
Trading Profit €m 291.2 299.4 -3%
Trading Margin 12.2% 11.2% +100bps
(1) Comprising underlying -10%, currency -1% and acquisitions +1%.
Like-for-like volume -7%.
Trading in our largest division was relatively positive, albeit reflective of
the regional variability in economic conditions. Global revenue trailed last
year owing to weaker volume in some markets and a degree of price deflation,
particularly in Continental Europe. North America delivered a stellar
performance as conversion continued and the forward project pipeline of large
scale tech and automotive factories is extremely encouraging. Order intake,
which had been very lumpy in recent times due to general economic
unpredictability, improved versus prior year as the months progressed. We
expect quarter three order intake to be ahead of the same period in 2022.
QuadCore(™) sales represented 19% of total Insulated Panel volume as this
unique advanced insulation core continues to advance in the specifier and
end-user market.
Insulation
H1 '23 H1 '22 Change
Revenue €m 798.8 842.0 -5%((1))
Trading Profit €m 75.8 88.2 -14%
Trading Margin 9.5% 10.5% -100bps
(1) Comprising underlying -7%, currency -1% and acquisitions +3%.
Global sales across the various insulation solutions fell back in the first
half with a corresponding reduction in trading profit. The margin performance
progressed during Q2 following a weaker first quarter as we defended prices at
the cost of short term volume.
Demand in Western Europe has been notably weak for the board businesses as the
residential segment in particular feels the pressure. Raw material costs have
been reducing with a consequential pricing impact in many markets. A deep
program of structural operating cost reduction measures is underway in the PIR
board business.
In contrast, the technical insulation segment has powered forward with revenue
in the District Heating product set growing by 17%. The growth rate may ease a
little in the near-term as second half comparatives are more demanding. That
said, the forward project pipeline is significantly ahead of the same point
last year which augurs well for the medium term.
Light, Air + Water
H1 '23 H1 '22 Change
Revenue €m 470.6 474.2 -1%((1))
Trading Profit €m 30.0 24.8 +21%
Trading Margin 6.4% 5.2% +120bps
(1) Comprising currency -1%
Total revenue in this enlarged division was broadly flat for the period, again
reflective of mixed performances by geography and end-market. France, Benelux
and Germany performed well as commercial measures executed during 2022 took
effect with a positive margin performance.
North American performance was in line with prior year and the Middle East was
somewhat weaker.
Water applications continue to perform well with resource scarcity on the
minds of many.
Roofing + Waterproofing
H1 '23 H1 '22 Change
Revenue €m 238.6 - n/a
Trading Profit €m 10.7 - n/a
Trading Margin 4.5% - n/a
We have been assembling this new platform over the past year or so. It is
currently predominately European based and occupies positions in the three key
categories of flat roofing, rigid pitched roofing and flexible pitched
roofing. Rigid pitched roofing performed robustly in the period, as did the
flexible category to which we added the €85m CaPlast acquisition earlier
this year.
Our flat roofing business has been weakest, reflecting a difficult trading
environment in Benelux and Germany in particular. Insulation pull-through,
operational efficiency and product range expansion are the key priorities at
present.
Data + Flooring
H1 '23 H1 '22 Change
Revenue €m 189.2 172.0 +10%((1))
Trading Profit €m 27.8 21.8 +28%
Trading Margin 14.7% 12.7% +200bps
(1) Comprising underlying +11% and currency impact -1%.
The data segment is, and has been, an important end-market for a number of our
businesses given the focus on energy efficiency, emission conservation and
lower carbon in that sector. It represents in excess of 50% of this division
which can be expected to grow meaningfully in the near and medium term as we
expand the internal air management offering in projects across the US, Europe
and South East Asia. Many of these are supporting the world's leading bluechip
data providers.
To support this growth and ambition, we will develop a new manufacturing
facility in the North Eastern US to become operational early 2024.
Financial Review
Overview of results
Group revenue decreased by 2% to €4,083.9m (H1 2022: €4,153.4m) and
trading profit increased modestly to €435.5m (H1 2022: €434.2m). This
represents a 0.7% decrease in sales and a 1.4% increase in trading profit on a
constant currency basis. The Group's trading margin increased by 20bps to
10.7% (H1 2022: 10.5%) primarily reflecting a strong margin performance in
Insulated Panels and the divisional mix of sales. The amortisation charge in
respect of intangibles was €20.6m compared to €12.9m in the first half of
2022 reflecting acquisition activity year on year. Group operating profit
increased by 2% to €414.9m (H1 2022: €405.2m) reflecting a combination of
a higher amortisation charge in H1 2023 and the non trading item of €16.1m
recorded in H1 2022. Profit after tax was €324.0m compared to €319.9m in
the first half of 2022. Basic EPS for the period was 175.2 cent, representing
an increase of 3% on the first half of 2022 (H1 2022: 170.6 cent).
The Group's underlying sales and trading profit performance by division are
set out below:
Sales Underlying Currency Acquisition Total
Insulated Panels -10% -1% +1% -10%
Insulation -7% -1% +3% -5%
Light, Air + Water - -1% - -1%
Data + Flooring +11% -1% - +10%
Roofing + Waterproofing - - +100% 100%
Group -8% -1% +7% -2%
The Group's trading profit measure is earnings before interest, tax,
amortisation of intangibles and non trading item:
Trading Profit Underlying Currency Acquisition Total
Insulated Panels -3% -1% +1% -3%
Insulation -18% - +4% -14%
Light, Air + Water +23% -2% - +21%
Data + Flooring +29% -1% - +28%
Roofing + Waterproofing - - +100% +100%
Group -3% -1% +4% -
Finance costs (net)
Finance costs for the period were higher than the same period last year at
€22.1m (H1 2022: €17.6m). Finance costs include a non-cash charge of
€0.4m (H1 2022: €0.1m) relating to the Group's defined benefit pension
schemes. Finance income includes a dividend received from an equity investment
of €2.5m (H1 2022: €nil). Lease interest of €2.7m was recorded during
the period (H1 2022: €2.3m). The Group's net interest expense on borrowings
(bank and loan notes) in the first half of 2023 was €21.3m compared to
€15.2m in the same period in 2022. This increase was due mainly to the
higher levels of drawn debt year on year as a consequence of the Group's
development activity.
Free cashflow
H1 '23 H1 '22
€m €m
EBITDA* 528.4 512.2
Lease payments (32.8) (27.1)
Movement in working capital ** 84.8 (261.7)
Movement in provisions (3.1) (0.1)
Net capital expenditure (114.7) (117.5)
Pension contributions (2.1) (2.7)
Defined benefit scheme buy in settlement (15.9) -
Net finance costs paid (18.5) (16.2)
Income taxes paid (78.4) (82.4)
Other including non-cash items 9.2 8.4
Free cashflow 356.9 12.9
*Earnings before finance costs, income taxes, depreciation, amortisation and
non trading item. Calculation is set out in Alternative Performance Measures
at the end of the statement
**Excludes working capital on acquisition but includes working capital
movements since that point
Working capital on 30 June 2023 was €1,118.8m (31 December 2022:
€1,195.9m), a decrease of €77.1m (€84.8m excl. acquisitions) in the
period. The decrease was driven by lower levels of inventories compared to
both last year end and June 2022. As highlighted previously, inventory levels
in 2022 were elevated intentionally in an uncertain supply environment at that
time. Supply chains have now more or less returned to normal. The average
working capital to sales percentage was 13.2% compared with 14.5% in H1 2022.
Net Debt
Net debt decreased by €166.9m during the first half of the year to
€1,372.7m (31 December 2022: €1,539.6m). The movement in debt is analysed
in the table below:
Movement in net debt H1 '23 H1 '22
€m €m
Free cashflow 356.9 12.9
Acquisitions and divestments (149.7) (357.2)
Deferred consideration paid (6.6) (46.9)
Dividends paid (43.3) (47.2)
Dividends paid to non-controlling interests (0.8) (2.1)
Cashflow movement 156.5 (440.5)
Exchange movements on translation 10.4 (10.0)
Decrease/(increase) in net debt 166.9 (450.5)
Net debt at start of period (1,539.6) (756.1)
Net debt at end of period (1,372.7) (1,206.6)
Retirement benefits
The primary method of pension provision for current employees is by way of
defined contribution arrangements. The Group has three legacy defined benefit
schemes in the UK which are closed to new members and to future accrual. In
addition, the Group has a number of smaller defined benefit pension
liabilities in Mainland Europe. The net aggregate pension liability in respect
of all schemes and obligations was €32.7m at 30 June 2023 (31 December 2022:
€49.5m). The Group cash-settled a pension buy-in arrangement in respect of a
legacy defined benefit scheme in the period for €15.9m.
Non trading item
The Group recorded a non trading charge of €nil (H1 2022: €16.1m) in the
period. The comparative charge was in respect of the Group's net loss on the
complete divestment of its Russian operations.
Taxation
The tax charge for the first half of the year was €68.8m (H1 2022: €67.7m)
which represents an effective tax rate of 17.5% on profit before tax (H1 2022:
17.5%).
Acquisitions
The Group incurred €156.3m on acquisitions during the period (H1 2022:
€397.7m).
Dividend
The Board has declared an interim dividend of 26.3 cent (H1 2022: 25.6 cent)
payable on 13 October 2023 to shareholders on the register on the record date
of 8 September 2023. This is in line with the previously announced revised
shareholder returns policy.
Capital structure and Group financing
The Group funds itself through a combination of equity and debt. Debt is
funded through a combination of syndicated bank facilities and private
placement loan notes. The principal syndicated facility is a green revolving
credit facility of €800m entered into in May 2021 with a committed term to
May 2026. There were no drawings on this facility at period end.
In addition, as part of the Group's longer-term capital structure, the Group
has total private placement loan notes of €1,594m (H1 2022: €1,392m) which
includes a new private placement issuance of €319m in June 2023 with a 6
year maturity. The weighted average maturity of all outstanding private
placement loan notes as of 30 June 2023 was 5.5 years (H1 2022: 5.8 years).
During the period, the Group repaid part (€319m) of the 2022 acquisition
related financing facility, with the remainder of the facility fully drawn
(€181m).
The weighted average maturity of all drawn debt facilities is 4.4 years (H1
2022: 5.4 years).
As well as ongoing free cashflow generation, the Group has significant
available undrawn committed facilities and cash which provide appropriate
headroom for operational requirements and development funding. Total available
headroom was €1,561m at 30 June 2023 (H1 2022: €1,743m).
Related party transactions
There were no changes in related party transactions from the 2022 Annual
Report that could have a material effect on the financial position or
performance of the Group in the first half of the year.
Principal risks & uncertainties
Details of the principal risks and uncertainties facing the Group can be found
in the 2022 Annual Report. These risks, namely volatility in the macro
environment, failure to innovate, product failure, business interruption
(including IT continuity), climate change, credit risks and credit control,
employee development and retention, fraud and cybercrime, acquisition and
integration of new businesses, health & safety, and laws and regulations
remain the most likely to affect the Group in the second half of the current
year. The Group actively manages these and all other risks through its control
and risk management processes. We will continue to actively assess changes in
the external environment on events which could change our risk assessment and
profile.
Looking Ahead
As we have highlighted previously, our end markets are not uniform with
varying activity levels in different regions and applications. Our overall
performance reflects the diversity and breadth of the Group's proposition and
sectors we serve. Our spectrum of insulation solutions continues to progress
apace with natural and bio-based materials the latest milestone in this
advancement.
In more recent months, our order intake volumes have been trending positively
overall versus the same months last year albeit with less demanding
comparatives as we trade through the second half. Raw material pricing, which
experienced some level of inflation in the second quarter, could see some
deflation in Q3. The Group's balance sheet is strong which is important given
the backdrop of a strong development pipeline.
The evidence of climate change is ever more apparent and the need to
decarbonise is now of hyper-importance. Kingspan's solutions are at the
vanguard of energy efficiency, and driving lower carbon in the built
environment, which ought to position the Group well in the years ahead.
2023 Statement of Directors Responsibilities
for the 6 month period ended 30 June 2023
The Directors are responsible for preparing the half-yearly financial report
in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007,
as amended, (the "Transparency Regulations") and the Transparency Rules of the
Central Bank of Ireland.
Each of the Directors confirm that to the best of their knowledge:
1) the condensed set of consolidated financial statements included within the
half-yearly financial report of Kingspan Group Plc for the six months ended 30
June 2023 (the "interim financial information") which comprises the Condensed
Consolidated Income Statement, the Condensed Consolidated Statement of
Comprehensive Income, the Condensed Consolidated Statement of Financial
Position, the Condensed Consolidated Statement of Changes in Equity, the
Condensed Consolidated Statement of Cash Flows and the related explanatory
notes, have been presented and prepared in accordance with IAS 34, Interim
Financial Reporting, as adopted by the EU, the Transparency Directive and
Transparency Rules of the Central Bank of Ireland;
2) the interim financial information presented, as required by the Transparency
Regulations, includes:
a. a fair review of the important events that have occurred during the first 6
months of the financial year, and their impact on the condensed set of
consolidated financial statements;
b. a description of the principal risks and uncertainties for the remaining 6
months of the financial year;
c. a fair review of related parties' transactions that have taken place in the
first 6 months of the current financial year and that have materially affected
the financial position or the performance of the enterprise during that
period; and
d. any changes in the related parties' transactions described in the last annual
report that could have a material effect on the financial position or
performance of the enterprise in the first 6 months of the current financial
year.
The directors of Kingspan Group plc, and their functions, are listed in the
2022 Annual Report, with the exception of the following changes during the
period:
• Michael Cawley and John Cronin both retired as non-executive directors on 28
April 2023;
• Louise Phelan was appointed as a non-executive director on 28 April 2023.
On behalf of the Board
Gene M Murtagh Geoff Doherty
Chief Executive Officer Chief Financial Officer
18 August 2023 18 August 2023
Kingspan Group plc
Condensed consolidated income statement (unaudited)
for the 6 month period ended 30 June 2023
6 months 6 months
ended ended
30 June 2023 30 June 2022
Note €m €m
Revenue 4 4,083.9 4,153.4
Cost of Sales (2,903.0) (3,044.3)
Gross Profit 1,180.9 1,109.1
Operating Costs (745.4) (674.9)
Trading Profit 4 435.5 434.2
Intangible amortisation (20.6) (12.9)
Non trading item 6 - (16.1)
Operating Profit 414.9 405.2
Finance expense 7 (32.0) (18.0)
Finance income 7 9.9 0.4
Profit for the period before income tax 392.8 387.6
Income tax expense 8 (68.8) (67.7)
Profit for the period 324.0 319.9
Attributable to owners of Kingspan Group plc 318.4 309.5
Attributable to non-controlling interests 5.6 10.4
324.0 319.9
Earnings per share for the period
Basic 13 175.2c 170.6c
Diluted 169.3c
13 174.1c
Kingspan Group plc
Condensed consolidated statement of comprehensive income (unaudited)
for the 6 month period ended 30 June 2023
6 months 6 months
ended ended
30 June 2023 30 June 2022
€m €m
Profit for financial period 324.0 319.9
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (2.1) 49.0
Net changes in fair value of cash flow hedges (0.5) -
Items that will not be reclassified subsequently to profit or loss
Actuarial (losses)/gains on defined benefit pension schemes (0.1) 10.0
Income taxes relating to actuarial losses/(gains) on defined benefit pension - (2.5)
schemes
Equity investments at FVOCI - net change in fair value (8.2) -
Total comprehensive income for the period 313.1 376.4
Attributable to owners of Kingspan Group plc 304.3 358.6
Attributable to non-controlling interests 8.8 17.8
313.1 376.4
Kingspan Group plc
Condensed consolidated statement of financial position
as at 30 June 2023
At 30 June At 30 June At 31 December
2023 (unaudited) 2022 (unaudited) 2022
(audited)
Note €m €m €m
Assets
Non-current assets
Goodwill 14 2,611.6 2,208.4 2,495.5
Other intangible assets 185.3 82.6 191.8
Financial assets 84.8 13.0 93.6
Property, plant and equipment 15 1,518.5 1,285.3 1,437.9
Right of use assets 16 216.4 173.9 205.3
Retirement benefit assets 3.2 29.7 3.3
Deferred tax assets 40.1 35.4 40.1
4,659.9 3,828.3 4,467.5
Current assets
Inventories 1,145.7 1,364.1 1,235.8
Trade and other receivables 1,555.9 1,675.2 1,328.4
Derivative financial instruments 10 - 0.5 0.4
Cash and cash equivalents 9 761.2 392.7 649.3
3,462.8 3,432.5 3,213.9
Total assets 8,122.7 7,260.8 7,681.4
Liabilities
Current liabilities
Trade and other payables 1,582.8 1,732.6 1,368.7
Provisions for liabilities 73.0 68.3 74.0
Lease liabilities 16 41.6 38.1 43.2
Deferred contingent consideration 11 200.1 173.4 174.9
Interest bearing loans and borrowings 9 258.0 133.3 85.0
Current income tax liabilities 39.6 50.1 54.9
2,195.1 2,195.8 1,800.7
Non-current liabilities
Retirement benefit obligations 35.9 45.5 52.8
Provisions for liabilities 112.8 78.5 107.5
Interest bearing loans and borrowings 9 1,875.9 1,466.0 2,103.9
Lease liabilities 16 171.5 134.6 153.6
Deferred tax liabilities 51.7 39.1 55.2
Deferred contingent consideration 11 13.4 13.8 12.2
2,261.2 1,777.5 2,485.2
Total liabilities 4,456.3 3,973.3 4,285.9
3,395.5
Net Assets 3,666.4 3,287.5
Equity
Share capital 23.9 23.9 23.9
Share premium 122.6 93.2 112.4
Capital redemption reserve 0.7 0.7 0.7
Treasury shares (55.9) (56.1) (56.9)
Other reserves (314.3) (204.4) (288.0)
Retained earnings 3,797.2 3,356.0 3,527.6
Equity attributable to owners of Kingspan Group plc 3,574.2 3,213.3 3,319.7
Non-controlling interests 92.2 74.2 75.8
Total Equity 3,666.4 3,287.5 3,395.5
Kingspan Group plc
Condensed consolidated statement of changes in equity (unaudited)
for the 6 month period ended 30 June 2023
Share Share Capital Treasury Translation Cash flow Share Revaluation Put option liability reserve Retained Total Non- controlling interests Total
capital premium redemption shares reserve hedging based reserve earnings attributable equity
reserve reserve payment to owners
reserve of the parent
€m €m €m €m €m €m €m €m €m €m €m €m €m
Balance at 1 January 2023 23.9 112.4 0.7 (56.9) (137.2) 0.6 55.1 0.7 (207.2) 3,527.6 3,319.7 75.8 3,395.5
Transactions with owners recognised directly in equity
Employee share based compensation - - - - - - 10.2 - - - 10.2 - 10.2
Exercise or lapsing of share options - 10.2 - 1.0 - - (14.0) - - 2.8 - - -
Dividends - - - - - - - - - (43.3) (43.3) - (43.3)
Transactions with non-controlling interests:
Arising on acquisition - - - - - - - - (3.1) - (3.1) 8.4 5.3
Dividends paid to non-controlling interests - - - - - - - - - - - (0.8) (0.8)
Fair value movement - - - - - - - - (13.6) - (13.6) - (13.6)
Settlement of put option - - - - - - - - - - - - -
Transactions with owners - 10.2 - 1.0 - - (3.8) - (16.7) (40.5) (49.8) 7.6 (42.2)
Total comprehensive income for the period
Profit for the period - - - - - - - - - 318.4 318.4 5.6 324.0
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Cash flow hedging in equity
- current year - - - - - (0.5) - - - - (0.5) - (0.5)
- tax impact - - - - - - - - - - - - -
Exchange differences on translating foreign operations - - - - (5.3) - - - - - (5.3) 3.2 (2.1)
Items that will not be reclassified subsequently to profit or loss
Actuarial loss on defined benefit pension scheme - - - - - - - - - (0.1) (0.1) - (0.1)
Income taxes relating to actuarial loss on defined benefit pension scheme - - - - - - - - - - - - -
Equity investments at FVOCI - net change in fair value - - - - - - - - - (8.2) (8.2) - (8.2)
Total comprehensive income for the period - - - - (5.3) (0.5) - - - 310.1 304.3 8.8 313.1
Balance at 30 June 2023 23.9 122.6 0.7 (55.9) (142.5) 0.1 51.3 0.7 (223.9) 3,797.2 3,574.2 92.2 3,666.4
Kingspan Group plc
Condensed consolidated statement of changes in equity (unaudited)
for the 6 month period ended 30 June 2022
Share Share Capital Treasury Translation Cash flow Share Revaluation Put option liability reserve Retained Total Non- controlling interests Total
capital premium redemption shares reserve hedging based reserve earnings attributable equity
reserve reserve payment to owners
reserve of the parent
€m €m €m €m €m €m €m €m €m €m €m €m €m
Balance at 1 January 2022 23.9 94.4 0.7 (57.3) (108.5) 0.6 57.3 0.7 (227.8) 3,108.1 2,892.1 67.2 2,959.3
Transactions with owners recognised directly in equity
Employee share based compensation - - - - - - 9.1 - - - 9.1 - 9.1
Exercise or lapsing of share options - (1.2) - 1.2 - - (6.0) - - 6.0 - - -
Dividends - - - - - - - - - (47.2) (47.2) - (47.2)
Transactions with non-controlling interests:
Dividends paid to non-controlling interests - - - - - - - - - - - (2.1) (2.1)
Fair value movement - - - - - - - - (8.0) - (8.0) - (8.0)
Settlement of put option - - - - - - - - 36.6 (27.9) 8.7 (8.7) -
Transactions with owners - (1.2) - 1.2 - - 3.1 - 28.6 (69.1) (37.4) (10.8) (48.2)
Total comprehensive income for the period
Profit for the period - - - - - - - - - 309.5 309.5 10.4 319.9
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Cash flow hedging in equity
- current year - - - - - - - - - - - - -
- tax impact - - - - - - - - - - - - -
Exchange differences on translating foreign operations 41.6 - - - - - 41.6 7.4 49.0
- - - -
Items that will not be reclassified subsequently to profit or loss
Actuarial gains on defined benefit pension scheme - - - - - - - - - 10.0 10.0 - 10.0
Income taxes relating to actuarial gains on defined benefit pension scheme - - - - - - - - - (2.5) (2.5) - (2.5)
Total comprehensive income for the period - - - - 41.6 - - - - 317.0 358.6 17.8 376.4
Balance at 30 June 2022 23.9 93.2 0.7 (56.1) (66.9) 0.6 60.4 0.7 (199.2) 3,356.0 3,213.3 74.2 3,287.5
Kingspan Group plc
Condensed consolidated statement of changes in equity (audited)
for the year ended 31 December 2022
Share Share Capital Treasury Translation Cash flow Share Revaluation Put option liability reserve Retained Total Non- controlling interests Total
capital premium redemption shares reserve hedging based reserve earnings attributable equity
reserve reserve payment to owners
reserve of the parent
€m €m €m €m €m €m €m €m €m €m €m €m €m
Balance at 1 January 2022 23.9 94.4 0.7 (57.3) (108.5) 0.6 57.3 0.7 (227.8) 3,108.1 2,892.1 67.2 2,959.3
Transactions with owners recognised directly in equity
Employee share based compensation - - - - - - 18.4 - - - 18.4 - 18.4
Tax on employee share based compensation - - - - - - (11.4) - - 2.5 (8.9) - (8.9)
Exercise or lapsing of share options - 18.0 - 1.8 - - (9.2) - - (10.6) - - -
Repurchase of shares - - - (1.4) - - - - - - (1.4) - (1.4)
Dividends - - - - - - - - - (93.7) (93.7) - (93.7)
Transactions with non-controlling interests:
Settlement of put option - - - - - - - - 36.6 (28.3) 8.3 (8.3) -
Purchase of NCI - - - - - - - - - (0.4) (0.4) (1.6) (2.0)
Dividends to NCI - - - - - - - - - - - (3.5) (3.5)
Fair value movement - - - - - - - - (16.0) - (16.0) - (16.0)
Transactions with owners - 18.0 - 0.4 - - (2.2) - 20.6 (130.5) (93.7) (13.4) (107.1)
Total comprehensive income for the year
Profit for the year - - - - - - - - - 598.0 598.0 18.0 616.0
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations - - - - (28.7) - - - - - (28.7) 4.0 (24.7)
Items that will not be reclassified subsequently to profit or loss
Actuarial losses on defined benefit pension scheme - - - - - - - - - (20.3) (20.3) - (20.3)
Income taxes relating to actuarial losses on defined benefit pension scheme - - - - - - - - - 4.9 4.9 - 4.9
Equity investment at FVOCI - net change in fair value - - - - - - - - - (32.6) (32.6) - (32.6)
Total comprehensive income for the year - - - - (28.7) - - - - 550.0 521.3 22.0 543.3
Balance at 31 December 2022 23.9 112.4 0.7 (56.9) (137.2) 0.6 55.1 0.7 (207.2) 3,527.6 3,319.7 75.8 3,395.5
Kingspan Group plc
Condensed consolidated statement of cash flows (unaudited)
for the 6 month period ended 30 June 2023
6 months 6 months
ended ended
30 June 2023 30 June 2022
€m €m
Operating activities
Profit for the period 324.0 319.9
Add back non-operating expenses:
Income tax expense 68.8 67.7
Depreciation of property, plant and equipment 92.9 78.0
Amortisation of intangible assets 20.6 12.9
Impairment of non-current assets 0.9 -
Loss on divestment of subsidiary - 16.1
Employee equity-settled share options 10.2 9.1
Finance income (9.9) (0.4)
Finance expense 32.0 18.0
Profit on sale of property, plant and equipment (0.7) (0.7)
Movement of deferred contingent consideration (1.2) -
Changes in working capital:
Inventories 114.4 (181.2)
Trade and other receivables (225.1) (367.9)
Trade and other payables 195.5 287.4
Other:
Change in provisions (3.1) (0.1)
Defined benefit pension scheme buy in settlement (15.9) -
Pension contributions (2.1) (2.7)
Cash generated from operations 601.3 256.1
Income tax paid (78.4) (82.4)
Interest paid (28.4) (16.5)
Net cash flow from operating activities 494.5 157.2
Investing activities
Additions to property, plant and equipment (115.2) (131.5)
Additions to intangible assets (2.5) -
Proceeds from disposals of property, plant and equipment 3.0 14.0
Purchase of subsidiary undertakings (including net debt/cash acquired) (149.7) (350.8)
Payment of deferred contingent consideration in respect of acquisitions (6.6) (46.9)
Divestment of subsidiary - (6.4)
Finance income 9.9 0.3
Net cash flow from investing activities (261.1) (521.3)
Financing activities
Drawdown of interest bearing loans and borrowings 319.0 185.6
Repayment of interest bearing loans and borrowings (370.3) -
Payment of lease liabilities (32.8) (27.1)
Dividends paid to non-controlling interests (0.8) (2.1)
Dividends paid (43.3) (47.2)
Net cash flow from financing activities (128.2) 109.2
Increase/(decrease) in cash and cash equivalents 105.2 (254.9)
Effect of movement in exchange rates on cash held 6.7 6.2
Cash and cash equivalents at the beginning of the period 649.3 641.4
Cash and cash equivalents at the end of the period 761.2 392.7
Kingspan Group plc
Notes
forming part of the financial statements
1 Reporting entity
Kingspan Group plc ("the Company") is a public limited company registered and
domiciled in Ireland.
The Company and its subsidiaries (together referred to as "the Group") are
primarily involved in the manufacture of high performance insulation and
building envelope solutions.
The financial information presented in the half-yearly report does not
represent full statutory accounts. Full statutory accounts for the year ended
31 December 2022 prepared in accordance with IFRS, as adopted by the EU, upon
which the auditors have given an unqualified audit report, are available on
the Group's website (www.kingspan.com (http://www.kingspan.com) ).
2 Basis of preparation
This half-yearly financial report is unaudited and has not been reviewed by
the Company's auditor.
IFRS does not define certain Income Statement headings. For clarity, the
following are the definitions as applied by the Group:
- 'Trading profit' refers to the operating profit generated by the
businesses before intangible asset amortisation and gains or losses from non
trading items.
- 'Non trading items' refer to certain items, which by virtue of their
nature and amount, are disclosed separately in order for the user to obtain a
proper understanding of the financial information. Non-trading items include
gains or losses on the disposal or acquisition of businesses and material
related acquisition and integration costs, and material impairments to the
carrying value of intangible assets or property, plant and equipment. It is
determined by management that each of these items relate to events or
circumstances that are non-recurring in nature.
- 'Operating profit' is profit before income taxes and net finance costs.
(a) Statement of compliance
These condensed consolidated interim financial statements ("the Interim
Financial Statements") have been prepared in accordance with IAS 34 Interim
Financial Reporting, as adopted by the EU, and do not include all of the
information required for full annual financial statements.
The Interim Financial Statements were approved by the Board of Directors on 18
August 2023.
(b) Significant accounting policies and new standards, interpretations and
amendments adopted by the Group
The significant accounting policies applied by the Group in the Interim
Financial Statements are the same as those applied by the Group in its
consolidated financial statements as at and for the year ended 31 December
2022.
The following amendments to standards and interpretations are effective for
the Group from 1 January 2023 and do not have a material effect on the results
or financial position of the Group:
Effective Date - periods beginning on or after
Amendments to IAS 12 Income Taxes - Deferred Tax related to Assets and
Liabilities arising from a single transaction
1 January 2023
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2 - Disclosure of Accounting Policies
1 January 2023
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and
Errors - Definition of Accounting Estimates
1 January 2023
IFRS 17 Insurance Contracts; including amendments to IFRS 17 Insurance 1 January 2023
Contracts: Initial Application of IFRS 17 and IFRS 9
There are a number of new standards, amendments to standards and
interpretations that are not yet effective and have not been applied in
preparing these Interim Financial Statements. These new standards, amendments
to standards and interpretations are either not expected to have a material
impact on the Group's financial statements or are still under assessment by
the Group. The principal new standards, amendments to standards and
interpretations are as follows:
Effective Date - periods beginning on or after
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: 1 January 2024*
Disclosures: Supplier Finance Arrangements
Amendments to IAS 1 Presentation of Financial Statements - Classification of
Liabilities as Current or Non-current Date, Classification of Liabilities as
Current or Non-current - Deferral of Effective Date and Non-current 1 January 2024*
Liabilities with Covenants
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback 1 January 2024*
Amendments to IAS 12 Income Taxes: International Tax Reform - Pillar Two Model 23 May 2023*
Rules
* Not EU endorsed
(c) Estimates and judgements
The preparation of Interim Financial Statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these estimates.
In preparing the Interim Financial Statements, the significant judgements made
by management in applying the Group's accounting policies and the key sources
of estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 31 December
2022. The Interim Financial Statements are available on the Group's website
(www.kingspan.com (http://www.kingspan.com) ).
(d) Going concern
The directors have reviewed forecasts and projected cash flows for a period of
not less than 12 months from the date of these Interim Financial Statements,
and considered its net debt position, available committed banking facilities
and other relevant information including the economic conditions currently
affecting the building environment generally. On the basis of this review, the
directors have concluded that there are no material uncertainties that would
cast significant doubt over the Group's ability to continue as a going
concern. For this reason, the directors consider it appropriate to adopt the
going concern basis in preparing the financial statements.
3 Reporting currency
The Interim Financial Statements are presented in Euro which is the functional
currency of the Company and presentation currency of the Group.
Results and cash flows of foreign subsidiary undertakings have been translated
into Euro at the average exchange rates for the period, as these approximate
the exchange rates at the dates of the transactions. The related assets and
liabilities have been translated at the closing rates of exchange applicable
at the end of the reporting period.
The following significant exchange rates were applied during the period:
Average rate Closing rate
H1 2023 H1 2022 FY 2022 H1 2023 H1 2022 FY 2022
Euro =
Pound Sterling 0.876 0.842 0.853 0.864 0.861 0.886
US Dollar 1.081 1.093 1.054 1.092 1.045 1.067
Canadian Dollar 1.456 1.389 1.370 1.449 1.348 1.444
Australian Dollar 1.600 1.520 1.517 1.650 1.518 1.569
Czech Koruna 23.679 24.647 24.562 23.681 24.738 24.143
Polish Zloty 4.625 4.636 4.685 4.455 4.663 4.680
Hungarian Forint 380.240 375.38 391.09 370.970 394.50 400.190
Brazilian Real 5.479 5.553 5.442 5.293 5.412 5.632
4 Operating segments
In identifying the Group's operating segments, management based its decision
on the product supplied by each segment and the fact that each segment is
managed and reported separately to the Chief Operating Decision Maker. These
operating segments are monitored, and strategic decisions are made on the
basis of segment operating results.
The Group established a new operating segment, Roofing + Waterproofing, during
the second half of 2022. This encompasses the Group's waterproof membrane
roofing solutions activities which has resulted from the acquisition of
Derbigum (acquired June 2022), Ondura Group (acquired September 2022) and
CaPlast (acquired April 2023). As Derbigum (acquired at the end of June 2022)
was reported within the Insulation operating segment in the 2022 half year
report, the prior period comparatives have been restated.
The Group also established a new operating segment, Light, Air + Water
effective 1 January 2023. This encompasses the Group's previously reported
operating segments "Light + Air" and "Water + Energy". The prior period
comparatives have been restated to reflect this.
The Group has the following five reportable segments:
Insulated Panels Manufacture of insulated panels, structural framing and metal facades.
Insulation Manufacture of rigid insulation boards, technical insulation and engineered
timber systems.
Light, Air + Water Manufacture of energy and water solutions, daylighting, smoke management and
ventilation systems.
Data + Flooring Manufacture of data centre storage solutions and raised access floors.
Roofing + Waterproofing Manufacture of roofing and waterproofing solutions for renovation and new
construction of buildings.
Analysis by class of business
Segment revenue and disaggregation of revenue
Insulated Insulation Light, Air + Water Data + Roofing + Total
Panels €m Flooring Waterproofing €m €m
€m €m €m
Total revenue - H1 2023 2,386.7 798.8 470.6 189.2 238.6 4,083.9
Total revenue - H1 2022 2,665.2 842.0 474.2 172.0 - 4,153.4
Disaggregation of revenue H1 2023
Point in Time 2,385.6 785.9 327.7 172.8 238.6 3,910.6
Over Time 1.1 12.9 142.9 16.4 - 173.3
2,386.7 798.8 470.6 189.2 238.6 4,083.9
Disaggregation of revenue H1 2022
Point in Time 2,638.1 828.9 341.2 152.7 - 3,960.9
Over Time 27.1 13.1 133.0 19.3 - 192.5
2,665.2 842.0 474.2 172.0 - 4,153.4
Insulated Insulation Light, Air + Water Data + Roofing + Waterproofing €m Total
Panels €m Flooring €m
€m €m €m
Trading profit - H1 2023 291.2 75.8 30.0 27.8 10.7 435.5
Intangible amortisation (5.4) (5.5) (1.7) (0.1) (7.9) (20.6)
Non trading item - - - - - -
Operating result - H1 2023 285.8 70.3 28.3 27.7 2.8 414.9
Net finance expense (22.1)
Profit for the period before income tax 392.8
Income tax expense (68.8)
Profit for the period - H1 2023 324.0
Insulated Insulation Light, Air + Water Data + Roofing + Waterproofing €m Total
Panels €m Flooring €m
€m €m €m
Trading profit - H1 2022 299.4 88.2 24.8 21.8 - 434.2
Intangible amortisation (7.0) (2.4) (3.4) (0.1) - (12.9)
Non trading item (16.1) - - - - (16.1)
Operating result - H1 2022 276.3 85.8 21.4 21.7 - 405.2
Net finance expense (17.6)
Profit for the period before income tax 387.6
Income tax expense (67.7)
Profit for the period - H1 2022 319.9
Segment assets and liabilities
Insulated Insulation Light, Air + Water €m Data + Total Total
Panels Flooring Roofing + Waterproofing 30 June 30 June
€m €m €m €m 2023 2022
€m €m
Assets - H1 2023 3,541.0 1,714.1 948.3 231.9 886.1 7,321.4
Assets - H1 2022 3,763.2 1,703.7 986.2 259.7 119.4 6,832.2
Derivative financial instruments - 0.5
Cash and cash equivalents 761.2 392.7
Deferred tax asset 40.1 35.4
Total assets 8,122.7 7,260.8
Liabilities - H1 2023 (1,273.2) (382.2) (339.1) (68.5) (168.1) (2,231.1)
Liabilities - H1 2022 (1,427.4) (422.3) (346.1) (68.6) (20.4) (2,284.8)
Derivative financial instruments - -
Interest bearing loans and borrowings (current and non-current) (2,133.9) (1,599.3)
Income tax liabilities (current and deferred) (91.3) (89.2)
Total liabilities (4,456.3) (3,973.3)
Other segment information
Insulated Insulation Light, Air + Water Data + Roofing + Waterproofing €m Total
Panels €m Flooring €m
€m €m €m
83.3 33.8 8.5 2.4 32.1 160.1
Capital Investment - H1 2023 *
Capital Investment - H1 2022 * 92.5 68.6 9.1 2.5 17.2 189.9
Depreciation included in segment (46.1) (22.3) (13.7) (3.8) (7.0) (92.9)
result - H1 2023
Depreciation included in segment (41.1) (20.7) (13.3) (2.9) - (78.0)
result - H1 2022
Non cash items included in segment result - H1 2023 (5.4) (2.0) (1.5) (0.9) (0.4) (10.2)
Non cash items included in segment result - H1 2022 (5.3) (1.8) (1.1) (0.9) - (9.1)
* Capital investment also includes fair value of property, plant and equipment
and intangible assets acquired in business combinations.
Analysis of segmental data by geography
Western & Southern Europe Central & Northern Europe
€m €m Rest of World
Americas €m Total
€m €m
Income Statement Items
Revenue - H1 2023 1,933.6 979.2 916.5 254.6 4,083.9
Revenue - H1 2022 2,019.2 1,022.1 846.6 265.5 4,153.4
Non-current assets - H1 2023 * 2,340.2 1,206.0 798.6 275.0 4.619.8
Non-current assets - H1 2022 * 1,678.6 1,056.4 787.2 270.7 3,792.9
Capital Investment - H1 2023 76.7 47.1 19.3 17.0 160.1
Capital Investment - H1 2022 89.6 75.2 13.3 11.8 189.9
* Total non-current assets excluding deferred tax assets.
The Group has a presence in over 80 countries worldwide. Foreign regions of
operation are as set out above and specific countries of operation are
highlighted separately below on the basis of materiality where revenue exceeds
15% of total Group revenues.
Revenues, non-current assets and capital investment (as defined in IFRS 8
Operating Segments) attributable to France were €672.2m (H1 2022:
€677.3m), €730.4m (H1 2022: €263.8m) and €24.6m (H1 2022: €15.4m)
respectively.
Revenues, non-current assets and capital investment (as defined in IFRS 8
Operating Segments) attributable to USA were €593.2m (H1 2022: €532.0m),
€488.7m (H1 2022: €496.7m) and €6.7m (H1 2022: €6.9m) respectively.
Revenues, non-current assets and capital investment (as defined in IFRS 8
Operating Segments) attributable to the country of domicile (Ireland) were
€124.9m (H1 2022: €131.0m), €165.2m (H1 2022: €91.0m) and €5.2m (H1
2022: €9.1m) respectively.
The country of domicile is included in Western & Southern Europe. Western
& Southern Europe also includes France, Benelux, Spain and Britain while
Central & Northern Europe includes Germany, the Nordics, Poland, Hungary,
Romania, Czech Republic, the Baltics and other South Central European
countries. Americas comprises the US, Canada, Central Americas and South
America. Rest of World is predominantly Australasia and the Middle East.
There are no material dependencies or concentrations on individual customers
which would warrant disclosure under IFRS 8. The individual entities within
the Group each have a large number of customers spread across various
activities, end-uses and geographies.
5 Seasonality of operations
Activity in the global construction industry is characterised by cyclicality
and is dependent, to a significant extent, on the seasonal impact of weather
in some of the Group's operating locations.
6 Non trading item
6 months 6 months
ended ended
30 June 2023 30 June 2022
€m €m
Loss on disposal of subsidiary - 16.1
During the prior period the Group's Russian operations were divested in full
which resulted in a loss on disposal of €16.1m.
7 Finance expense and finance income
6 months 6 months
ended ended
30 June 2023 30 June 2022
€m €m
Finance expense
Bank loans 15.7 3.1
Private placement loan notes 13.0 12.5
Lease interest 2.7 2.3
Defined benefit pension scheme, net 0.4 0.1
Other interest 0.2 -
32.0 18.0
Finance income
Interest earned (7.4) (0.4)
Equity investments at FVOCI - dividend income (2.5) -
(9.9) (0.4)
Net finance cost 22.1 17.6
€0.8m of borrowing costs were capitalised during the period (H1 2022:
€0.9m).
8 Taxation
Taxation provided for on profits is €68.8m (H1 2022: €67.7m) which
represents 17.5% (H1 2022: 17.5%) of the profit before tax for the period.
The full year effective tax rate in 2022 was 17.5%. The taxation charge for
the six month period is accrued using the estimated applicable rate for the
year as a whole.
9 Analysis of net debt
At At At
30 June 2023 30 June 2022 31 December 2022
€m €m €m
Cash and cash equivalents 761.2 392.7 649.3
Derivative financial instruments - - -
Current borrowings (258.0) (133.3) (85.0)
Non-current borrowings (1,875.9) (1,466.0) (2,103.9)
Total net debt (1,372.7) (1,206.6) (1,539.6)
Net debt, which is an Alternative Performance Measure, is stated net of
interest rate and currency hedge asset of €nil (at 31 December 2022: asset
of €nil) which relate to hedges of debt. Foreign currency derivative assets
of €nil (at 31 December 2022: €0.4m), which are used for transactional
hedging, are not included in the definition of net debt. Lease liabilities
recognised due to the implementation of IFRS 16 and deferred contingent
consideration have also been excluded from the calculation of net debt which
is consistent with the terms and conditions of the covenants as set out in the
Group's external borrowing arrangements.
10 Financial instruments
The following table outlines the components of net debt by category:
Derivatives designated as hedging instruments
Financial assets/ (liabilities) at amortised cost Liabilities in a fair value hedge relationship €m
€m €m Total net debt by category
€m
Assets:
Foreign exchange and interest rate swaps - - - -
Cash at bank and in hand 761.2 - - 761.2
Total assets 761.2 - - 761.2
Liabilities:
Private placement notes (1,594.1) - - (1,594.1)
Other loans (539.8) - - (539.8)
Total liabilities (2,133.9) - - (2,133.9)
At 30 June 2023 (1,372.7) - - (1,372.7)
Derivatives designated as hedging instruments
Financial assets/ (liabilities) at amortised cost Liabilities in a fair value hedge relationship €m
€m €m Total net debt by category
€m
Assets:
Foreign exchange and interest rate swaps - - - -
Cash at bank and in hand 649.3 - - 649.3
Total assets 649.3 - - 649.3
Liabilities:
Private placement notes (1,322.0) - - (1,322.0)
Other loans (866.9) - - (866.9)
Total liabilities (2,188.9) - - (2,188.9)
(1,539.6) - - (1,539.6)
At 31 December 2022
Financial assets/ (liabilities) at amortised cost Liabilities in a fair value hedge relationship Derivatives designated as hedging instruments
€m €m €m Total net debt by category
€m
Assets:
Foreign exchange and interest rate swaps - - - -
Cash at bank and in hand 392.7 - - 392.7
Total assets 392.7 - - 392.7
Liabilities:
Private placement notes (1,392.0) - - (1,392.0)
Other loans (207.3) - - (207.3)
Total liabilities (1,599.3) - - (1,599.3)
At 30 June 2022 (1,206.6) - - (1,206.6)
The Group's private placement loan notes of €1,594.1m (at 31 December 2022:
€1,322.0m) have a weighted average maturity of 5.5 years (at 31 December
2022: 5.7 years).
Included in cash at bank and in hand are overdrawn positions of €1,483.4m
(30 June 2022: €1,323.9m). These balances form part of a notional cash pool
arrangement and are netted against cash balances of €1,515.1m (30 June 2022:
€1,375.9m). There is legal right of offset between these balances and the
balances are physically settled on a regular basis.
Fair value of financial instruments carried at fair value
Financial instruments recognised at fair value are analysed between those
based on quoted prices in active markets for identical assets or liabilities
(Level 1), those involving inputs other than quoted prices that are observable
for the assets or liabilities, either directly or indirectly (Level 2), and
those involving inputs for the assets or liabilities that are not based on
observable market data (Level 3).
The following table sets out the fair value of all financial instruments whose
carrying value is measured at fair value:
Level 1 Level 2 Level 3
30 June 2023 30 June 2023 30 June 2023
€m €m €m
Financial assets
Equity investments 67.8 17.0 -
Foreign exchange swaps - - -
Foreign exchange contracts for hedging - - -
Financial liabilities
Deferred contingent consideration - - (14.7)
Put option liabilities - - (198.8)
Foreign exchange contracts for hedging - - -
At 30 June 2023 67.8 17.0 (213.5)
Level 1 Level 2 Level 3
31 December 2022 31 December 2022 31 December 2022
€m €m €m
Financial assets
Equity investments 76.0 17.6 -
Foreign exchange swaps - 0.4 -
Foreign exchange contracts for hedging - - -
Financial liabilities
Deferred contingent consideration - - (15.7)
Put option liabilities - - (171.4)
Foreign exchange contracts for hedging - - -
At 31 December 2022 76.0 18.0 (187.1)
Level 1 Level 2 Level 3
30 June 2022 30 June 2022 30 June 2022
€m €m €m
Financial assets
Equity investments - 13.0 -
Foreign exchange swaps - - -
Foreign exchange contracts for hedging - 0.5 -
Financial liabilities
Deferred contingent consideration - - (16.1)
Put option liabilities - - (171.1)
Foreign exchange contracts for hedging - - -
At 30 June 2022 - 13.5 (187.2)
All derivatives entered into by the Group are included in Level 2 and consist
of foreign currency forward contracts, interest rate swaps and cross currency
interest rate swaps.
Where derivatives are traded either on exchanges or liquid over-the-counter
markets, the Group uses the closing price at the reporting date. Normally, the
derivatives entered into by the Group are not traded in active markets. The
fair values of these contracts are estimated using a valuation technique that
maximises the use of observable market inputs, e.g. foreign exchange and
interest rates.
Deferred contingent consideration is included in Level 3. The valuation
methodology for estimating the fair value of deferred contingent consideration
is consistent with 31 December 2022 and is set out in notes 19 and 20 of the
2022 Annual Report. The contingent element is measured on a series of trading
performance targets and is adjusted by the application of a range of outcomes
and associated probabilities.
During the period ended 30 June 2023, there were no significant changes in the
business or economic circumstances that affect the fair value of financial
assets and liabilities, no reclassifications and no transfers between levels
of the fair value hierarchy used in measuring the fair value of the financial
instruments.
Fair value of financial instruments at amortised cost
Except as detailed below, it is considered that the carrying amounts of
financial assets and financial liabilities recognised at amortised cost in the
Interim Financial Statements approximate their fair values.
Private placement notes Carrying amount Fair value
€m €m
At 30 June 2023 1,594.1 1,549.7
At 31 December 2022 1,322.0 1,455.7
At 30 June 2022 1,392.0 1,383.6
The fair value of the private placement notes, which are Level 2 financial
instruments, is derived by using observable market data, principally the
relevant interest rates.
11 Deferred contingent consideration
At At At
30 June 30 June 31 December 2022
2023 2022 €m
€m €m
At the beginning of the period 187.1 202.3 202.3
Deferred contingent consideration arising on acquisitions 7.2 - -
Put liabilities arising on acquisitions 3.1 - -
Movement in deferred contingent consideration arising from fair value movement (1.2) - -
Movement in put liability arising from fair value movement 13.6 8.0 16.0
Amounts paid (6.6) (46.9) (45.4)
Effect of movement in exchange rates 10.3 23.8 14.2
Closing balance 213.5 187.2 187.1
Split as follows:
Current liabilities 200.1 173.4 174.9
Non-current liabilities 13.4 13.8 12.2
213.5 187.2 187.1
For each acquisition for which deferred contingent consideration has been
provided, an annual review takes place to evaluate if the payment conditions
are likely to be met. For the purposes of the fair value assessments all of
the put option liabilities are valued using the option price formula in the
shareholder's agreement and the most recent financial projections. These are
classified as unobservable inputs. The significant unobservable inputs used in
the fair value measurements and the quantitative sensitivity analysis are
shown in the table below:
Type Valuation technique Significant unobservable inputs Sensitivity of the input to the fair value
Deferred contingent consideration Discounted cashflow method · EBITDA multiples of between 2.7 and 7.5. · A 5% increase in the assumed profitability of the acquired entities
would result in an increase in the fair value of the deferred contingent
The net present value of the expected payment is calculated by using a risk consideration of €0.4m.
adjusted discount rate where material. Discounting has not been applied in the
current period as it is not deemed to be material. The expected payments are
valued using the earn out formula in the shareholder's agreement and the most
recent financial projections.
Put option liabilities Discounted cashflow method · Risk adjusted discount rates of between 4.4% and 6.1%. · A 10% decrease in the risk adjusted discount rate would result in an
increase in the fair value of the put option liabilities of €0.1m.
The net present value of the expected payment is calculated by using a risk · EBITDA multiples of between 6.5 and 8.57.
adjusted discount rate. The expected payments are valued using the option · A 5% increase in the assumed profitability of the acquirees would
price formula in the shareholder's agreement and the most recent financial result in an increase in the fair value of the put option liabilities of
projections. €9.3m.
12 Dividends
A final dividend on ordinary shares of 23.8 cent per share in respect of the
year ended 31 December 2022 (2021: 26.0 cent) was paid on 9 May
2023.
The directors have declared an interim dividend in respect of 2023 of 26.3
cent (2022: 25.6 cent) which will be paid on 13 October 2023 to shareholders
on the register on the record date of 8 September 2023.
13 Earnings per share
6 months 6 months
ended ended
30 June 2023 30 June 2022
€m €m
The calculations of earnings per share are based on the following:
Profit attributable to owners of the Company 318.4 309.5
Number of Number of
shares ('000) shares ('000)
6 months 6 months
ended ended
30 June 2023 30 June 2022
Weighted average number of ordinary shares for
the calculation of basic earnings per share 181,691 181,437
Dilutive effect of share options 1,213 1,412
Weighted average number of ordinary shares
for the calculation of diluted earnings per share 182,904 182,849
€ cent € cent
Basic earnings per share 175.2 170.6
Diluted earnings per share 174.1 169.3
At 30 June 2023, there were no anti-dilutive options (30 June 2022: Nil).
14 Goodwill
At At At
30 June 2023 30 June 2022 31 December 2022
€m
€m €m
At beginning of period 2,495.5 1,908.6 1,908.6
Acquired through business combinations 116.7 262.8 578.7
Effect of movement in exchange rates (0.6) 37.0 8.2
At end of period 2,611.6 2,208.4 2,495.5
At end of period
Cost 2,679.3 2,276.1 2,563.2
Accumulated impairment losses (67.7) (67.7) (67.7)
Net carrying amount 2,611.6 2,208.4 2,495.5
15 Property, plant and equipment
At At At
30 June 2023 30 June 2022 31 December 2022
€m
€m €m
3,112.4 2,723.4
Cost or valuation 2,942.6
Accumulated depreciation and impairment charges (1,593.9) (1,438.1) (1,504.7)
Net carrying amount 1,518.5 1,285.3 1,437.9
Opening net carrying amount 1,437.9 1,155.8 1,155.8
Acquired through business combinations 33.9 55.9 144.9
Divested - (5.3) (5.3)
Additions 111.9 133.1 276.3
Disposals (2.3) (13.3) (18.2)
Depreciation charge (65.7) (56.4) (117.9)
Impairment charge (0.9) - -
Effect of movement in exchange rates 3.7 15.5 2.3
Closing net carrying amount 1,518.5 1,285.3 1,437.9
The disposals generated a profit in the period of €0.7m (H1 2022: €0.7m).
16 Leases
Right of use asset
At At At
30 June 2023 30 June 2022 31 December 2022
€m
€m €m
At beginning of period 205.3 155.5 155.5
Additions 24.6 21.1 41.3
Arising on acquisitions (7.1) 7.0 36.2
Remeasurement 25.7 8.5 19.6
Terminations (3.4) (0.8) (1.7)
Depreciation charge for the year (27.2) (21.6) (47.2)
Effect of movement in exchange rates (1.5) 4.2 1.6
Closing net carrying amount 216.4 173.9 205.3
Lease liability
At At At
30 June 2023 30 June 2022 31 December 2022
€m
€m €m
At beginning of period 196.8 158.0 158.0
Additions 22.6 20.5 39.7
Arising on acquisitions 3.7 6.9 25.3
Remeasurement 25.5 8.4 19.6
Terminations (3.7) (0.8) (1.7)
Payments (32.8) (27.1) (50.6)
Interest 2.7 2.3 4.7
Effect of movement in exchange rates (1.7) 4.5 1.8
Closing net carrying amount 213.1 172.7 196.8
Split as follows:
Current liability 41.6 38.1 43.2
Non-current liability 171.5 134.6 153.6
Closing net carrying amount 213.1 172.7 196.8
17 Business combinations
During the period, the Group made six acquisitions for a combined total
consideration of €156.9m.
In April 2023, the Group acquired 100% of the share capital of CaPlast and
subsidiaries Now Contec and AerO Coated Fabrics, enhancing our roof &
façade underlayment and vapour control offerings in the DACH region. The
total consideration, including net debt acquired amounted to €84.8m.
The Group also made a number of smaller acquisitions during the period for a
combined consideration of €72.1m:
• The Insulated Panels division acquired 100% of the share capital of Alaço in
Portugal in January 2023, 100% of the share capital of LRM in France in May
2023 and 51% of the share capital of Montfrio in Uruguay in June 2023.
• In June 2023, the Insulation division acquired 80% of the share capital of
HempFlax Building Solutions in Germany and 100% of the share capital of Thor
Building Products in Australia.
The provisional fair values of the acquired assets and liabilities in respect
of these acquisitions at their respective acquisition dates, along with fair
value adjustments to certain 2022 acquisitions, are set out below:
CaPlast Other* Total
€m €m €m
Non-current assets
Intangible assets 8.2 3.6 11.8
Property, plant and equipment 17.2 16.7 33.9
Right of use assets 1.9 (9.0) (7.1)
Deferred tax assets - 6.0 6.0
Current assets
Inventories 11.0 11.0 22.0
Trade and other receivables 6.6 3.2 9.8
Current liabilities
Trade and other payables (6.8) (7.2) (14.0)
Provisions for liabilities (1.1) (5.6) (6.7)
Lease liabilities (0.4) (0.3) (0.7)
Non-current liabilities
Retirement benefit obligations - (0.1) (0.1)
Lease liabilities (1.6) (1.4) (3.0)
Deferred tax liabilities (1.8) (1.5) (3.3)
Total identifiable assets 33.2 15.4 48.6
Non-controlling interests arising in acquisition (8.4) (8.4)
-
Goodwill 51.6 65.1 116.7
72.1 156.9
Total consideration 84.8
Satisfied by:
Cash (net of cash/debt acquired) 84.8 64.9 149.7
Deferred contingent consideration - 7.2 7.2
Total consideration 84.8 72.1 156.9
*Other includes the remaining acquisitions completed during the period
together with certain immaterial remeasurements of prior year accounting
estimates.
The goodwill is attributable principally to the profit generating potential of
the businesses, together with a strong workforce, new geographies and
synergies expected to be achieved from integrating the businesses into
Kingspan's existing structure.
In the post-acquisition period to 30 June 2023, the businesses acquired in the
current period contributed total revenue of €19.1m and trading profit of
€2.2m to the Group's results.
The valuation of the fair value of the assets and liabilities recently
acquired is still in progress due to the relative size of the acquisitions and
the timing of the transactions. The initial assignment of fair values to
identifiable net assets acquired has therefore been performed on a provisional
basis.
18 Capital and reserves
No new ordinary shares (H1 2022: Nil) were issued as a result of the exercise
of vested options arising from the Group's share option schemes.
During the period, 179,042 (H1 2022: 201,980) treasury shares were re-issued
as a result of vested options arising from the Group's share options schemes
(see the 2022 Annual Report for full details of the Group's share option
schemes).
Options were exercised at an average price of €0.13 per option.
19 Significant events and transactions
Other than the acquisitions referenced in note 17, there were no individually
significant events or transactions in the period which contributed to material
changes in the Statement of Financial Position.
20 Related party transactions
There were no changes in related party transactions from the 2022 Annual
Report that could have a material effect on the financial position or
performance of the Group in the first half of the year.
21 Subsequent events
In July 2023, the Group reached agreement, subject to customary approvals, to
acquire 51% of the shares of Steico SE ("Steico") from Schramek GmbH. Steico
is the world leader in natural insulation and wood-based building envelope
products, based in Germany and listed on the unofficial markets of several
German Stock Exchanges.
There have been no other material events subsequent to 30 June 2023 which
would require disclosure in this report.
Alternative Performance Measures (APMs)
The Group uses a number of metrics, which are non-IFRS measures, to monitor
the performance of its operations.
The Group believes that these metrics assist investors in evaluating the
performance of the underlying business. Given that these metrics are regularly
used by management, they also give the investor an insight into how Group
management review and monitor the business on an ongoing basis.
The principal APMs used by the Group are defined as follows:
Trading profit
This comprises the operating profit as reported in the Income Statement before
intangible asset amortisation and non trading item. This equates to the
Earnings Before Interest, Tax and Amortisation ("EBITA") of the Group. Trading
profit is used by management as it excludes items which may hinder year on
year comparisons.
30 June 2023 30 June 2022
Financial Statements Reference €m €m
Trading profit Note 4 435.5 434.2
Trading margin
Measures the trading profit as a percentage of revenue.
30 June 2023 30 June 2022
Financial Statements Reference €m €m
Trading Profit Note 4 435.5 434.2
Total Group Revenue Note 4 4,083.9 4,153.4
Trading margin 10.7% 10.5%
EBITDA
The Group's definition of EBITDA is earnings before finance expenses, income
taxes, depreciation, amortisation and non trading item.
30 June 2023 30 June 2022
Financial Statements Reference €m €m
Trading profit Condensed Consolidated Income Statement 435.5 434.2
Depreciation Consolidated Statement of Cash Flows 92.9 78.0
EBITDA 528.4 512.2
Free cash flow
Free cash flow is the cash generated from operations after net capital
expenditure, interest paid, income taxes paid and lease payments and reflects
the amount of internally generated capital available for re-investment in the
business or for distribution to shareholders.
30 June 2023 30 June 2022
Financial Statements Reference €m €m
Net cash flow from operating activities Consolidated Statement of Cash Flows 494.5 157.2
Additions to property, plant, equipment and intangible assets Consolidated Statement of Cash Flows (117.7) (131.5)
Proceeds from disposals of property, plant and equipment Consolidated Statement of Cash Flows 3.0 14.0
Lease payments Consolidated Statement of Cash Flows (32.8) (27.1)
Finance income Consolidated Statement of Cash Flows 9.9 0.3
Free cash flow
356.9 12.9
Return on capital employed (ROCE)
ROCE is the operating profit before interest and tax for the previous 12
months expressed as a percentage of the net assets employed. The net assets
employed reflect the net assets, excluding net debt, at the end of each
reporting period.
30 June 2023 30 June 2022 31 December 2022
Financial Statements Reference €m €m €m
Net Assets Consolidated Statement of Financial Position 3,666.4 3,287.5 3,395.5
Net Debt Note 9 1,372.7 1,206.6 1,539.6
4,935.1
5,039.1 4,494.1
Operating profit before interest and tax 794.0 814.0 784.3
Return on capital employed 15.8% 18.1% 15.9%
Net debt
Net debt represents the net total of current and non-current borrowings,
current and non-current derivative financial instruments, (excluding foreign
currency derivatives which are used for transactional hedging), and cash and
cash equivalents as presented in the Statement of Financial Position. Lease
liabilities recognised due to the implementation of IFRS 16 and deferred
contingent consideration have also been excluded from the calculation of net
debt. This definition is in accordance with the terms and conditions of the
covenants as set out in the Group's external borrowing arrangements.
30 June 2023 30 June 2022 31 December 2022
Financial Statements Reference €m €m €m
Net Debt Note 9 1,372.7 1,206.6 1,539.6
Net debt: EBITDA
Net debt as a ratio to 12-month EBITDA. EBITDA is solely adjusted for the
impact of IFRS 16 Leases which is in accordance with the terms and conditions
of the covenants as set out in the Group's external borrowing arrangements.
30 June 2023 30 June 2022
Financial Statements Reference
€m €m
H1 EBITDA EBITDA calculation 528.4 512.2
Lease liability payments Note 16 (32.8) (27.1)
H1 EBITDA (adjusted for the impact of IFRS 16) 495.6 485.1
30 June 2023 30 June 2022 31 December 2022
Financial Statements Reference
€m €m €m
Net Debt Note 9 1,372.7 1,206.6 1,539.6
12 month EBITDA (adjusted for the impact of IFRS 16) 958.2 966.3 947.7
Net Debt : EBITDA times 1.43 1.25 1.62
Working capital
Working capital represents the net total of inventories, trade and other
receivables and trade and other payables, net of transactional foreign
currency derivatives excluded from net debt.
30 June 2023 30 June 2022 31 December 2022
Financial Statements Reference €m €m
€m
Trade and other receivables Consolidated Statement of Financial Position 1,555.9 1,675.2 1,328.4
Inventories Consolidated Statement of Financial Position 1,145.7 1,364.1 1,235.8
Trade and other payables Consolidated Statement of Financial Position (1,582.8) (1,732.6) (1,368.7)
Foreign currency derivatives excluded from net debt Consolidated Statement of Financial Position - 0.5 0.4
Working capital 1,118.8 1,307.2 1,195.9
Working capital ratio
Measures working capital as a percentage of the previous three months turnover
annualised. The annualisation of turnover reflects the current profile of the
Group rather than a partial reflection of any acquisitions completed during
the period.
30 June 2023 30 June 31 December 2022
2022
€m €m
€m
Working capital 1,118.8 1,307.2 1,195.9
Annualised turnover 8,474.8 9,033.8 8,272.2
Working Capital ratio 13.2% 14.5% 14.5%
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