REG-Renewi plc Renewi plc: Annual Report and Accounts 2023

RenewiAnnouncement

26/05/2023 10:30

============

Renewi plc (RWI)
Renewi plc: Annual Report and Accounts 2023

26-May-2023 / 10:20 GMT/BST

═════════════════════════════════════════════════════════════════════════════════════

Renewi plc Annual Report and Accounts 2023

Following the release on 25 May 2023 of its preliminary results for the year ended 31
March 2023, Renewi plc announces  that the full Annual  Report and Accounts 2023  are
now available on the Company’s website at  1 www.renewi.com.

The Annual Report will also be submitted to the National Storage Mechanism at:

 2 https://data.fca.org.uk/#/nsm/nationalstoragemechanism

and the AFM register of financial reporting at;

 

 3 https://www.afm.nl/en/sector/registers/meldingenregisters/financiele-verslaggeving

 

 

 

The following additional information,  summarised from the  Renewi plc Annual  Report
and Accounts 2023, is disclosed in  accordance with Disclosure and Transparency  Rule
6.3.5.

 

1. Principal Risks and Uncertainties affecting the Group

 

Product pricing, demand and quality – That the value we receive for recycled  product
falls, that markets contract, reducing demand for our product, or we become unable to
produce to the required quality.

Residue costs,  capacity and  specification  – Lack  of  capacity at  outlets  and/or
inability to produce in specification, resulting in increased price or limitations of
disposal of burnable waste and other residues.

Input volumes – That incoming waste volumes in the market may fall.

Changes in law and policy – Adverse impacts from changes in law and policy, including
environmental, tax  and  similar  legal  and policy  regimes,  including  changes  in
regulatory attitude and behaviours as a result of shifts in public opinion.

Disruptive event –  That a  disruptive event  such as a  pandemic or  war has  severe
consequences for our  incoming waste  streams, market  prices, access  to energy  and
workforce, causing business interruption or loss.

Health and safety – Injury or loss of life. That we incur reputational loss, or civil
and criminal costs.

Digitisation –  That  a  disruptive  technology  or  business  model  deployed  by  a
competitor or new entrant impacts our ability to compete.

Labour availability and  cost –  That there are  shortages of  certain labour  types,
leading to unavailability or severe wage inflation.

Major plant failure  or fire  – Operational  failure and/or  fire at  a key  facility
leading to business interruption and other costs.

Unsustainable debt  – That  funding is  not  available or  that funding  sources  are
available, but that cash generation is insufficient to allow access to funding.

Regulatory compliance –  That we  fail to  comply with  environmental permits  and/or
environmental laws and regulations.

Talent development, leadership and diversity –  That we fail to develop the  required
management capabilities for future needs.

Long-term contracts – That we enter into long-term contracts at disadvantageous terms
or rely on a small number of large contracts.

Input pricing – That market pricing may put pressure on our margins.

ICT failure and cyber threat  – That ICT failure  and/or cyber crime causes  business
interruption or loss.

Climate related physical risks  – extreme heat, water  stress and drought,  flooding,
storms and wind.

Climate related transition risks  – increasing pricing  of greenhouse gas  emissions,
supply chain emissions transparency, lack of developing climate policies, changes  in
waste volume and composition due to reduce and reuse principles.

 

2. Directors' Responsibility, financial information and posting of accounts

The 2023 Annual  Report contains a  responsibility statement in  compliance with  DTR
4.1.12. The Directors confirm that to the best of their knowledge:

  • the Group financial statements,  which have been prepared  in accordance with  UK
    adopted international accounting  standards, give  a true  and fair  view of  the
    assets, liabilities, financial position and profit of the Group: and
  • the Strategic  Report  in  the  Annual  Report includes  a  fair  review  of  the
    development and  performance of  the  business and  the  position of  the  Group,
    together with a  description of  the principal  risks and  uncertainties that  it
    faces.

Statutory accounts for 2021/22 have been delivered to the Registrar of Companies  and
those for 2022/23 will be delivered following the Company's Annual General Meeting on
13 July  2023. The  auditors have  reported  on those  accounts; their  reports  were
unqualified and  did  not contain  statements  under Section  498(2)  or (3)  of  the
Companies Act 2006.

 

The changes to the Board of Directors of Renewi plc since the 2022 Annual Report are:

  • Annemieke den Otter joined the Board as Chief Financial Officer on 1 June 2022
  • Marina Wyatt stepped down from the Board after the AGM on 14 July 2022
  • Katleen Vandeweyer joined  the Board as  a Non-Executive Director  on 1  December
    2022

 

A list of current directors is maintained on the Renewi plc website: www.renewi.com.

 

3. Related Party Transactions

Transactions between the Group and its associates and joint ventures

 

The Group  had the  following  transactions on  arm’s  length terms  and  outstanding
balances with associates and joint ventures, in the ordinary course of business:

 

                                          ASSOCIATES JOINT VENTURES
                                           2023 2022    2023   2022
 
                                             €m   €m      €m     €m
Sales                                      49.4 51.5    23.5   20.1
Purchases                                   5.0  4.4     3.9    2.4
Management fees                             0.7  0.8     0.4    0.4
Receivables at 31 March                     4.0  5.0     3.2    2.5
Payables at 31 March                        0.4  0.2     0.3    0.4
Dividends paid to the Group                 0.5  0.8     0.1    0.5
Loans made by Group companies at 31 March   0.7  0.7     0.3    0.2
Loans made to Group companies at 31 March     -    -     0.6    0.6

 

The receivables and payables are due one month after the date of the invoice and are
unsecured in nature and bear no interest.

 

Remuneration of key management personnel

 

Key management personnel comprises the Board of Directors and the members of the
Group’s Executive Committee. The disclosures required by the Companies Act 2006 and
those specified by the Financial Conduct Authority relating to Directors’
remuneration (including retirement benefits and incentive plans), interests in
shares, share options and other interests, are set out in the Directors’ Remuneration
Report on pages 140 to 157 of the 2023 Annual Report and Accounts, and form part of
the consolidated financial statements. The emoluments paid or payable to key
management personnel were:

 

                             2023 2022
 
                               €m   €m
Short-term employee benefits  6.3  6.3
Post-employment benefits      0.3  0.2
Share-based payments          1.0  1.1
                              7.6  7.6

 

 

About Renewi  

Renewi is a pure-play recycling company with  a focus on extracting value from  waste
and used materials rather than disposal through incineration or landfill. The company
also plays a key role in limiting resource scarcity through the creation of secondary
materials,  and  by  so  doing  addresses  both  social  and  regulatory  trends  and
contributes to creating a cleaner, greener world.

 

Renewi’s vision is  to be the  leading waste-to-product company  in the world’s  most
advanced circular economies. With an industry leading recycling rate of 63.6%, Renewi
puts 7m  tonnes  of  low  carbon  secondary materials  back  into  reuse. This  is  a
significant contribution to climate change  mitigation and the circular  economy. Our
recycling protects virgin  resources and avoids  emissions of 2.5  million tonnes  of
CO2.

 

Renewi, which draws on innovation and the latest technology to turn waste into useful
materials - paper,  metals, plastics,  glass, wood, building  materials, compost  and
water - employs  over 6,500 people  who work on  154 operating sites  in 5  countries
across Europe and the UK. Renewi is  recognised as a market  leader in Benelux and  a
European leader in advanced recycling.

Visit our website for more information:  4 www.renewi.com 

 

═════════════════════════════════════════════════════════════════════════════════════

Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

═════════════════════════════════════════════════════════════════════════════════════

   ISIN:           GB00BNR4T868
   Category Code:  ACS
   TIDM:           RWI
   LEI Code:       213800CNEIDZBL17KU22
   OAM Categories: 1.1. Annual financial and audit reports
   Sequence No.:   246706
   EQS News ID:    1643065


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    5 fncls.ssp?fn=show_t_gif&application_id=1643065&application_name=news&site_id=refinitiv2

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c64c172c2310ee172f6fe7581821a142&application_id=1643065&site_id=refinitiv2&application_name=news
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=1e84eb6c3310c93f7fb161c09372521b&application_id=1643065&site_id=refinitiv2&application_name=news
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=b646f7cd74e3898c3a56c3a83ca0aca6&application_id=1643065&site_id=refinitiv2&application_name=news
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c64c172c2310ee172f6fe7581821a142&application_id=1643065&site_id=refinitiv2&application_name=news


============