Final Results
Kingspan Group PLC
09 March 2004
KINGSPAN GROUP PLC
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003
2003 2002 % Change % Change
€million €million Reported In constant
currency *
Turnover 783.9 739.6 +6% +14%
Operating profit before goodwill amortisation 79.4 82.0 -3% +3%
Profit before tax 65.4 63.7 +3% +8%
€ cent € cent
Earnings per share -before goodwill 36.0 35.5 +1%
Earnings per share -after goodwill 31.2 30.2 +3%
Regular Dividend per share 7.2 5.9 +22%
* These percentages compare the 2003 results with the 2003 figures restated at
2002 average exchange rates.
Eugene Murtagh, Chairman and Chief Executive said to-day:
Kingspan delivered a satisfactory performance in 2003 showing strong top line
and pre-tax profit growth in constant currency. This was achieved in a year when
substantial parts of the construction markets in which we operate, showed little
or no growth. On a geographic basis in local currency, all markets, with the
exception of the USA, showed good growth. The strategy of focussing investment
in markets that offer strong growth potential is evidenced by the success of our
Central European operations in 2003. The products continuing to demonstrate
strong growth represent 85% of Kingspan Group plc ('Group') turnover. We are
confident that these products will remain resilient in 2004. The Group is in a
strong financial position to fund its anticipated growth, both organically and
through bolt on acquisitions.
Turnover for the year ended 31 December 2003 was €783.9 million, up 6% compared
to the previous year. Profit before tax was €65.4 million (2002: €63.7 million).
Earnings attributable to ordinary shareholders were €51.4 million (2002: €50.5
million). Cash generation remained strong with earnings before interest, tax,
depreciation and amortisation (EBITDA) of €101.4 million (2002: €103.7 million).
The relative strength of the Euro against Sterling and the other operating
currencies had a negative impact on the translation of turnover of €60.5
million, €4.9 million at the operating profit level before goodwill amortisation
and €2.2 million on earnings. These figures are calculated by comparing the 2003
results with the 2003 figures restated at 2002 average exchange rates.
Goodwill amortisation amounted to €7.9 million (2002: €8.9 million), while
spending on acquisitions and capital investment amounted to €47.3 million in the
year (2002: €37.7 million).
Dividends
Net debt at the year end was €120.8 million, an increase of €3.5 million from
€117.3 million as at 31 December 2002. This was achieved after the payment of a
special dividend of €19.8 million during 2003, capital investment during the
year of €39.7 million and acquisitions of €7.6 million. The gearing ratio as at
31 December 2003 was 49% (2002: 50%).
Given the continued strong cash-flow, it is proposed to pay a final dividend of
4.6 cent per share, an increase of 21% on the 2002 final dividend of 3.8 cent.
This gives a total dividend for the year of 7.2 cent per share, an increase of
22% on 2002. This results in dividend cover of 5.0 times earnings before
amortisation, and 8.5 times earnings before interest, taxation, depreciation and
amortisation.
It is proposed to pay the final dividend on 11 June, 2004, to shareholders on
the register on 19 March, 2004. It is the intention to continue with a
progressive dividend policy for 2004 in a manner compatible with the growth
plans set out later in this statement, so as to bring dividend cover to a level
closer to industry norms.
Market Conditions
The underlying turnover growth in the year in constant currency was 14%. This
was achieved in a year when construction markets showed zero or no growth. This
underlying growth rate reflects an increase in real terms of 21% in insulated
panels and associated components, 37% in insulation boards and 17% in
environmental containers and a decline of 19% in access floors. The products
continuing to demonstrate strong growth represent 85% of Group turnover and can
be expected to remain resilient in the medium term. Performance in all of our
major markets, with the exception of the USA, which declined by 14% in US dollar
terms, showed significant growth. In constant currency Ireland was up 14%,
Britain and Northern Ireland up 13%, Western Europe up 11% and Eastern Europe up
94%.
Strategy
The Group aims to differentiate its products in the areas of thermal efficiency,
fire ratings and structural capability. We also have products to address the
trend for the elimination of wet trades in the building industry. Our strategy
is to achieve industry leadership and profitable growth in all our target
markets. We are concentrating our investment in geographical markets that can
generate strong top line growth. In this regard our focus on Central Europe in
the recent past has been very successful, showing growth of 94% in 2003. We are
continuing to invest there to ensure that Kingspan becomes the most recognised
brand in the targeted sectors in the region. Overall our strategy is to win a
high share in large market segments in all targeted geographic markets.
The chemical formulations associated with the development of our insulation
products, including insulated panels, insulation boards and structural panels,
are all developed in-house and are proprietary. In addition, there are various
forms of intellectual property protection involved in our product and process
technology. This gives Kingspan a crucial competitive advantage, allowing us to
manufacture insulated panels and insulation boards with important properties
that our competitors have been unable to achieve. This has been achieved on the
back of a substantial increase in expenditure on product and process development
which has helped to differentiate our products from our competitors'. The added
value that our products offer our target market allows us to defend our margins
and grow our market share at the expense of competing products. This forms the
basis of the Group's business model that should help us achieve high rates of
growth and above average returns on our investments going forward.
Finance
The gross profit margin, being gross profit as a percent of turnover, was 29.6%
in the year, down from 30.3% last year. There was an improvement in the second
half of the year to 30.0% compared to 29.3% in the first half. The operating
margin, being earnings before interest, tax and amortisation as a percent of
turnover, was 10.1% in the year, down from 11.1% last year. Again the trend has
been positive throughout the second half of the year, increasing from 9.4% in
the first half to 10.8% in the second half of the year.
Net interest in the year was €6.0 million compared to €9.4 million in 2002, a
reduction of 35.8%. This reflects a reduction in weighted net debt levels
compared to 2002, the benefit of currency movements against the Euro and a
reduction in interest rates. Interest is covered 13.2 times by earnings before
interest, tax and amortisation (2002: 8.8 times).
The effective tax rate, calculated on earnings before amortisation, was 19.0%,
compared to a rate of 18.3% in 2002.
Operational working capital at the year end was €116.5 million and represented
14.9% of turnover, against a company target of 15.0%. The corresponding figure
at the end of 2002 was €103.2 million and represented 14.0% of turnover.
The return on capital employed, being profit before interest and taxation as a
percentage of shareholder funds plus net debt at the year end, was 19.4%
compared to 20.6% in 2002. If goodwill previously written off of €68.9 million
was still on the balance sheet, the corresponding figures would be 18.1% in 2003
and 19.7% in 2002.
In October 2003 the Group announced the outcome of the arbitration proceedings
provided for under the Purchase and Sale Agreement with the vendors of Tate
Global Corporation. The panel of arbitrators found in favour of Kingspan and
made an award of US$40.1 million plus interest accruing daily from September
2003. The award is currently being challenged in the U.S. District Court in
Harrisburg, PA. The US lawyers advising Kingspan have noted that the grounds for
overturning or modifying awards rendered under binding arbitration are narrow
and limited to points of law. Pending the outcome of the challenge no credit for
any of the award made has been taken into the Kingspan accounts for the year
ended 31 December 2003.
Overall the Group is in a strong financial position going into 2004 and is well
positioned for continued growth. The balance sheet is conservatively geared and
this will enable the Group to comfortably fund its anticipated growth, through
both organic means and bolt on acquisitions.
The table below summarises the Group's funds flow for 2003 and 2002:
2003 2002
Euro Euro
millions millions
Inflows
Profit before taxation 65.4 63.7
Depreciation 21.5 21.2
Amortisation 8.4 9.4
Disposals 3.4 0.7
Share issues in Company 0.6 1.1
--------- ---------
99.3 96.1
--------- ---------
Outflows
Acquisitions 7.6 7.7
Purchase of Treasury shares 0.0 8.0
Capital Expenditure 39.7 30.0
Dividends paid 30.3 8.5
Taxation paid 8.9 10.7
Dividends to minorities 0.3 0.0
Working capital increase 25.1 1.7
Translation (10.6) (23.1)
Other 1.5 0.2
--------- ---------
102.8 43.7
--------- ---------
Decrease/(increase) in net debt (3.5) 52.4
Net debt at start of year (117.3) (169.7)
--------- ---------
Net debt at end of year (120.8) (117.3)
--------- ---------
Operations
The period proved positive for each of the Group's primary business streams,
particularly in the light of the prevailing economic backdrop of 2003. The year
was characterised by:
•embedding large scale capital investments across the Group
•turnover increased by 14% in constant currency
•uplift in the momentum of our new products initiatives
•rationalisation of our access floor businesses to reflect the present
environment.
Insulated Panels:
Our insulated panels business continued to show a significant growth during 2003
with constant currency growth of 28% (22% reported). This has been the result of
a number of key strategies. These were:
•a determination to achieve leading brand and market share positions
across all key markets
•a commitment to achieve the lowest cost base in our class coupled with an
unparalleled flexibility to service customer needs
•a systematic rollout of our Central and Eastern European activities
•a sustained investment in new and enhanced product solutions
UK building regulations continued to be a positive driver and our solutions
again outperformed traditional built-up systems. This was a contributory factor
in the delivery of 28% growth for Kingspan against a 7% decline in the market as
a whole. 50% of the roofing and cladding market has now been converted to
insulated panels mainly driven by Kingspan. This leaves considerable scope for
growth.
To further capitalise on the opportunities in the UK, Ireland and Benelux, an
additional €12 million manufacturing facility will come on stream by mid 2004.
Our strategy to play a leading role in the insulated panel sector throughout
Central and Eastern Europe took a step forward with the addition of our Polish
facility during Quarter 2, 2003. To further reinforce our position in that
region, a €10 million green-field investment is scheduled for completion by mid
2005.
Insulation:
Representing 20% of total Group turnover, this business performed very strongly
during 2003 and posted constant currency growth of 37% with the focus firmly on
conversion from lesser performing traditional insulants. Our rigid insulation
board business continued its strong penetration of the UK and Irish markets.
This advancement was supported in the latter end of 2003 by a €10 million
capital spend to increase capacity at our Pembridge plant. The Irish and Western
European businesses were also subject to capacity upgrades.
Tek Haus(R), a structural insulated panel system for domestic and low-rise
buildings, was launched in 2002 into the UK and Irish markets. Turnover of the
product grew by 50% in 2003 and the specification of the product by architects
and developers continues to increase. As a business, Tek Haus(R) is now through
its break-even level and is expected to be a profit contributor in 2004.
Environmental Containers:
Encouraging progress was made across all three of this division's core fuel
storage, treatment plant and recycling solutions. Turnover grew by 17% on a
constant currency basis and was under-pinned in the main by increased conversion
to double-skinned domestic oil storage tanks and by a much improved position in
the Irish domestic waste treatment plant market. Both of these trends are driven
by increasing environmental awareness and regulations in the UK and Irish
markets.
The division also posted its strongest performance to date from its Polish
activity, a green-field investment in 1999. That business primarily services
Central European demand and is recently focussing on the nearby Scandinavian
markets.
Access Floors:
Throughout 2003 the environment for our access floor businesses in the UK and
the USA remained challenging. Office starts in the UK and the USA were at their
lowest levels for many years. There are however signs of a recovery in the US
economy and while we are already seeing some improvement in 2004, it will be
2005 before there is a substantial improvement. Although turnover growth was not
achieved in either of these businesses, management continued to work
relentlessly towards achieving the industry's lowest cost base. There has been a
dramatic reduction in the breakeven points of the access floors businesses and
they are currently operating at or above those levels. These breakeven levels
have been achieved through major overhead reduction and improved operating
efficiencies.
We will be well placed for any improvement in market conditions and we should
derive substantial leverage from our much lower cost base.
Structural and Off-Site:
Representing 12% of Group turnover in 2003, the market for this business has in
the past been driven by the level of structural steel construction in the UK and
Ireland. Turnover grew by 2% on a constant currency basis (-6% reported) and was
achieved against a backdrop of a 5% sectoral decline.
There is an increasing demand in the construction industry to reduce the
dependence on wet trades and bring more of the construction process into a
controlled factory environment. To meet this demand, which can broadly be
classified as 'Off-Site', Kingspan has launched a range of products specifically
for this sector; developed exemplar designs for the Public Funding Initiative
(PFI) sector; combined products across the range to meet the structural, thermal
and fire rating demands; and is preparing a 14,000 square metre manufacturing
facility in the UK at an initial capital investment of €6 million. This facility
will be operational by Quarter 4, 2004.
Overall the Group's operating units are well positioned to capitalise on the
trends and opportunities which it will face in the coming year.
Outlook
We continue to invest in production capacity so that we can meet the growth that
we anticipate in our main product groupings. We see strong potential for these
products on an individual basis or combined to satisfy an ever growing demand
for 'Off-Site' solutions. To compensate for the lack of wet trade skills,
particularly in the UK and Irish markets, our entire range of products and
exemplar designs is geared towards the type of projects that require significant
factory pre-assembled solutions that will allow Government to achieve its
targets for schools, hospitals, single living accommodation and affordable
housing.
We benefit from superior economies of scale through the dedication of plants
that our substantial volumes allow, and by operating these plants at speeds much
greater than our competitors. We continue to reduce operating costs at all
plants by improving manufacturing processes, plant productivity and product
re-engineering.
Efficient low cost manufacturing coupled with our proprietary technologies
should allow us generate good returns on investments through the achievement of
acceptable margins. We expect to be in a position to leverage our superior
chemistry technology and process capabilities to offer differentiated products
and systems to a market that is seeking high performance products with quick
build capabilities.
The proprietary nature of Kingspan's technology, which has been a major factor
in growing market share against traditional systems and against direct
competitors, will continue to be the main platform for profitable growth as the
economic cycle becomes more favourable. The combination of this proprietary
technology, differentiated products and the most efficient manufacturing
facilities in our industries, point to encouraging short and medium term
prospects for the Group.
Contact: Tom Byrne
Murray Consultants
35 Upper Mount Street
Dublin, 2
Ireland
Tel: + (353 1) 4980 300
Fax: + (353 1) 4980 380
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2003
Continuing
Operations Acquisitions Total Total
2003 2003 2003 2002
€'000 €'000 €'000 €'000
Turnover 759,444 24,450 783,894 739,610
Cost of sales (532,513) (19,029) (551,542) (515,236)
--------- ---------- -------- --------
Gross profit 226,931 5,421 232,352 224,374
Distribution costs (47,712) (1,278) (48,990) (41,361)
Administrative expenses (101,589) (2,383) (103,972) (101,014)
--------- ---------- -------- --------
Operating profit before goodwill amortisation 77,630 1,760 79,390 81,999
Goodwill amortisation (7,807) (126) (7,933) (8,887)
--------- ---------- -------- --------
Operating profit 69,823 1,634 71,457 73,112
--------- ----------
Interest payable and similar charges (6,802) (10,972)
Interest receivable and other income 786 1,605
-------- --------
Profit on ordinary activities before taxation 65,441 63,745
Tax on profit on ordinary activities (13,959) (13,276)
-------- --------
Profit on ordinary activities after taxation 51,482 50,469
Minority interest (74) 13
-------- --------
Profit attributable to ordinary shareholders 51,408 50,482
Ordinary dividends (11,896) (29,494)
-------- --------
Profit retained for the year 39,512 20,988
-------- --------
Basic earnings per share 31.2 c 30.2 c
Basic earnings per share (before goodwill amortisation) 36.0 c 35.5 c
Diluted earnings per share 30.9 c 30.0 c
GROUP BALANCE SHEET 2003 2002
AS AT 31ST DECEMBER 2003 €'000 €'000
FIXED ASSETS
Tangible assets 176,140 165,962
Intangible assets 122,487 142,645
Financial assets 49 36
-------- --------
298,676 308,643
-------- --------
CURRENT ASSETS
Stocks 61,708 62,172
Trade and other debtors 175,957 168,600
Cash and term deposits 55,746 71,782
-------- --------
293,411 302,554
-------- --------
CREDITORS
Amounts falling due within one year
Trade and other creditors 139,613 140,215
Bank and other borrowings 46,298 28,375
Deferred consideration 85 311
Dividends 7,608 26,034
-------- --------
193,604 194,935
-------- --------
NET CURRENT ASSETS 99,807 107,619
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 398,483 416,262
-------- --------
CREDITORS
Amounts falling due after more than one year
Bank and other borrowings 126,116 156,138
Deferred consideration 4,067 4,264
-------- --------
130,183 160,402
PROVISIONS FOR LIABILITIES AND CHARGES 17,605 17,156
CAPITAL GRANTS 999 1,145
-------- --------
249,696 237,559
-------- --------
CAPITAL AND RESERVES
Called-up share capital 21,711 21,631
Share premium account 18,761 18,214
Revaluation reserve 891 891
Profit and loss account 239,965 200,453
Other reserves (32,896) (5,285)
-------- --------
Shareholders' funds 248,432 235,904
-------- --------
MINORITY INTERESTS
1,264 1,655
-------- --------
249,696 237,559
-------- --------
GROUP CASH FLOW STATEMENT 2003 2002
FOR THE YEAR ENDED 31ST DECEMBER 2003 €'000 €'000
Net cash inflow from operating activities 75,698 102,979
-------- --------
Returns on investments and servicing of finance
Interest received 794 1,597
Interest paid (7,294) (12,555)
Interest element of finance lease rental payments (3) (11)
-------- --------
Net cash outflow from returns on investments
and servicing of finance (6,503) (10,969)
-------- --------
Taxation
Corporation tax paid (8,909) (10,713)
-------- --------
Capital expenditure and financial investment
Purchase of tangible fixed assets (39,690) (30,029)
Proceeds on sale of tangible fixed assets 3,374 673
-------- --------
Net cash outflow for capital expenditure and financial investment (36,316) (29,356)
-------- --------
Acquisitions and disposals
Purchase of subsidiary undertakings (7,478) (7,855)
Net cash acquired with acquisitions 728 552
Payment of deferred consideration in respect of acquisitions (734) (1,069)
Disposal of subsidiary undertakings - 1,204
Net cash disposed with disposals - (839)
-------- --------
Net cash outflow for acquisitions and disposals (7,484) (8,007)
-------- --------
Equity dividends paid (30,322) (8,456)
-------- --------
Cash (outflow)/inflow before use of liquid resources and financing (13,836) 35,478
-------- --------
Management of liquid resources
Decrease/(Increase) in bank deposits 3,400 (5,505)
-------- --------
Financing
Issue of shares 627 1,091
Increase/(Decrease) in term debt 1,212 (31,745)
Capital element of finance lease repayments (37) (106)
Acquisition of own shares - (8,006)
Capital grants received 7 6
Acquisition of shares held by minorities (418) (16)
Dividends paid to minorities (288) -
-------- --------
Net cash inflow/(outflow) from financing 1,103 (38,776)
-------- --------
(Decrease) in cash for the year (9,333) (8,803)
-------- --------
GROUP CASH FLOW STATEMENT 2003 2002
FOR THE YEAR ENDED 31ST DECEMBER 2003 €'000 €'000
Reconciliation of net cash flow to movement in net debt
(Decrease) in cash for the year (9,333) (8,803)
(Decrease)/Increase in liquid resources (3,400) 5,505
Cash flow from movement in debt, lease
finance and deferred consideration (441) 32,920
-------- --------
Change in net debt resulting from cash flows (13,174) 29,622
Loans and finance leases acquired with subsidiaries (246) (51)
Deferred consideration arising on acquisitions during the year (646) (311)
Translation adjustment 10,552 23,121
-------- --------
Movement in net debt in the year (3,514) 52,381
Net debt at start of year (117,306) (169,687)
-------- --------
Net debt at end of year (120,820) (117,306)
-------- --------
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2003 2002
FOR THE YEAR ENDED 31ST DECEMBER 2003 €'000 €'000
Profit for financial year attributable to Group shareholders 51,408 50,482
Exchange adjustments (27,611) (9,153)
-------- --------
Total gains and losses recognised since last annual report 23,797 41,329
-------- --------
SUPPLEMENTARY INFORMATION
1 REPORTING CURRENCY
The financial statements are presented in Euro. Results and cash flows of
foreign subsidiary undertakings have been translated into Euro at the
average exchange rates, and the related balance sheets have been translated
at the rates of exchange ruling at the balance sheet date.
Exchange rates used were as follows: Average rate Year end rate
Euro = 2003 2002 2003 2002
Pound Sterling 0.692 0.629 0.705 0.650
US Dollar 1.132 0.946 1.240 1.043
Czech Koruna 31.894 30.912 32.500 31.404
Polish Zloty 4.400 3.849 4.640 3.998
Hong Kong Dollar 8.816 7.376 9.644 8.134
2 TURNOVER 2003 2002
€'000 €'000
The analysis by class of activity is as follows:
Insulated panels 292,530 240,240
Raised access flooring 115,681 160,716
Insulation boards 155,768 123,170
Environmental containers 128,413 118,610
Building components 91,502 96,874
-------- --------
783,894 739,610
-------- --------
2003 2002
€'000 €'000
The analysis by geographical area is as follows:
Republic of Ireland 105,799 94,179
Britain and Northern Ireland 494,743 475,542
Mainland Europe 126,410 97,678
United States of America 36,825 49,006
Other 20,117 23,205
-------- --------
783,894 739,610
-------- --------
3 DIVIDENDS 2003 2002
Ordinary dividends
Paid: Interim dividend 2.60c per share
(2002: 2.10c per share) on
164,911,415 shares 4,288 3,460
Payable: Final dividend 4.60c per share
(2000: 3.80c per share) on
165,387,495 shares 7,608 6,261
Payable: Special dividend nil per share
(2002: 12.00c per share) - 19,773
-------- --------
11,896 29,494
-------- --------
The Board is recommending the payment of a final dividend of 4.60c per
share, subject to shareholder approval, to shareholders registered at close
of business on 19 March 2004.
4 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2003 2002
€'000 €'000
Profit for the financial year attributable to Group shareholders 51,408 50,482
Dividends (11,896) (29,494)
-------- --------
39,512 20,988
Exchange adjustments (27,611) (9,153)
Purchase of treasury shares - (8,006)
New share capital subscribed 627 1,091
-------- --------
Net addition to shareholders' funds 12,528 4,920
Opening shareholders' funds 235,904 230,984
-------- --------
Closing shareholders' funds 248,432 235,904
-------- --------
5 RECONCILIATION OF OPERATING PROFIT TO 2003 2002
NET CASH FLOW FROM OPERATING ACTIVITIES €'000 €'000
Operating profit 71,457 73,112
Depreciation charges 21,511 21,227
Amortisation of intangible assets 8,407 9,370
(Profit)/Loss on sale of tangible assets (426) 1,147
(Profit) on sale of operation - (10)
Government grants amortised (102) (152)
(Increase) in stocks (4,685) (3,183)
(Increase) in debtors (17,749) (6,802)
(Decrease)/Increase in creditors (2,715) 8,270
-------- --------
75,698 102,979
-------- --------
6 EARNINGS PER SHARE 2003 2002
€'000 €'000
The calculations of earnings per share are based on the following:
Profit attributable to ordinary shareholders 51,408 50,482
-------- --------
Number Number
of shares of shares
('000) ('000)
Weighted average number of ordinary shares for the calculation of
basic earnings per share 164,984 167,121
Dilutive effect of share options 1,425 1,304
-------- --------
Weighted average number of ordinary shares for the calculation of
diluted earnings per share 166,409 168,425
-------- --------
€ Cent € Cent
Basic earnings per share 31.2 c 30.2 c
-------- --------
Diluted earnings per share 30.9 c 30.0 c
-------- --------
Basic earnings per share before goodwill amortisation 36.0 c 35.5 c
-------- --------
7 ABBREVIATED ACCOUNTS
The 2003 financial information is an abridged version of the Group's
financial statements which have not yet been filed with the Registrar of
Companies but upon which the auditors have given an unqualified audit
report. The 2002 figures are an extract from the Group's statutory accounts
for the year ended 31 December 2002 which have been filed with the Registrar
of Companies and audited and reported upon without qualification.
8 DISTRIBUTION OF THIS PRELIMINARY ANNOUNCEMENT
These results are available on the Group's website at www.kingspan.com. A
printed copy is available to the public at the Company's registered office
or from the Company's Registrars: Computershare Services (Ireland) Limited,
Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18.
This information is provided by RNS
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Friday, 5th July 2024
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