AU_F_EV_Centenary Hospital (172)

2020 in Review

The company’s financial performance in 2020 was robust, with the deep reduction in activity in April and May partly offset by a strong recovery towards the end of the year. Continued cost discipline helped us to deliver a small increase in trading profit despite the decline in revenue, and our organic and acquisition-led expansion of the business remains an ongoing focus.
The role our products can play in helping customers to reduce carbon emissions over the lifetime of a building is growing in importance. We also completed the first year of our ambitious Planet Passionate programme which is tracking 12 targets we have set the business to reduce its own environmental footprint.
2021 has started well, with performance helped by the strong backlog of activity from last year. Raw material price inflation is a significant ongoing issue to manage, but sentiment across our end markets is positive.

Gene M. Murtagh, Chief Executive Officer, Kingspan Group PLC

2020 in a Nutshell


64% Insulated Panels
17% Insulation Boards
10% Light & Air
5% Data & Flooring Technology
4% Water & Energy


85% Energy Efficiency & Conversion
15% Other


36% Western & Southern Europe
22% Central & Northern Europe
20% Americas
16% Britain
7% ROW


68% Commercial & Industrial
18% Residential
14% Office & Data

End Market

76% New Build
24% Refurbishment


70% Direct
30% Via Distribution

Financial & Operational Highlights









Trading Profit*




*Operating profit before amortisation of intangibles and non trading items

Financial Highlights
Operational Highlights
Five Year Financial Summary
  • Revenue down 2% to €4.6bn, (pre-currency, in line with prior year).
  • Trading profit up 2% to €508.2m, (pre-currency, up 5%).
  • Free cashflow up 42% to €479.7m.
  • Group trading margin of 11.1%, an increase of 40bps.
  • Basic EPS up 1% to 206.2 cent.
  • Final dividend per share of 20.6 cent. Total dividend for the year up 58%, compared to 13.0 cent for 2019 (as adjusted for the calculation).
  • Year-end net debt1 of €236.2m (2019: €633.2m). Net debt1 to EBITDA1 of 0.4x (2019: 1.1x).
  • ROCE of 18.4% (2019: 17.3%).

1 Net Debt and EBITDA both pre-IFRS 16

  • Insulated Panels sales decrease of 4% mainly due to second quarter lows. Solid performance with most end markets experiencing recovery in  the second half. Europe positive, particularly Germany and France. Strong finish to the year in the UK. Strong order intake in the Americas in the fourth quarter. 33% growth in QuadcoreTM sales globally in 2020.  
  • Insulation Boards sales decrease of 10% albeit much improved in H2, down 2%. Strong performance in Western Europe, good second half recovery in Ireland and UK, Americas and Australia ahead of prior year. Softer in the Middle East and Southern Europe. 
  • Another year of progress in Light + Air with sales up 36% in the year, acquisition of Colt a key driver. Europe positive overall although softer in North America. Further bolt on acquisition in Europe, Skydome, agreed after year end. 
  • Water & Energy sales down 3% with a resilient performance overall and year on year margin improvement. Water applications particularly positive. 
  • Data & Flooring sales increase by 4%. Strong performance across data centre applications offsetting softer office activity.
  • Steep raw material inflation a key theme as we enter 2021 with a challenging recovery effort underway. 
KPIs 2020 2019 2018 2017 2016
Revenue 4,576.0 4,659.1 4,372.5 3,668.1 3,108.5
Trading Profit 508.2 497.1 445.2 377.5 340.9
Trading Margin 11.1% 10.7% 10.2% 10.3% 11.0%
Profit before Tax 459.7 454.4 404.9 346.5 314.0
Free Cash Flow 479.7 337.1 308.4 198.5 206.6
ROCE 18.4% 17.3% 16.8% 17.8% 17.3%
Balance Sheet 2020 2019 2018 2017 2016
Working Capital of Annualised Turnover as a % of Q4 Sales  8.8% 11.9% 11.5% 13.0% 12.3%
Total Shareholder's Equity 2,397.6 2,120.4 1,788.9 1,568.0 1,471.5
Net Debt 236.2 633.2 728.3 463.9 427.9
Net Debt as a % of Total Shareholder's Equity  9.8% 29.8% 40.7% 29.6% 29.1%
Net Debt / EBITDA 0.4 1.1 1.4 1.05 1.06
Current Assets / Current Liabilities 2.21 1.66 1.59 1.65 1.56
Per Share Data (in euros cent) 2020 2019 2018 2017 2016
Earnings (basic)  206.2 204.6 184.0 159.0 143.8
Dividend  20.6 13.0 42.0 37.0 33.5
Total Shareholder Return % 5.4% 47.2% 3.8% 42.7% 7.4%

Business Review

2020 was a tumultuous year for Kingspan, as it was for many. After a relatively strong start, April and May saw a deep reduction in activity in many markets, followed by a rebound towards mid-year and ultimately a strong finish in the fourth quarter. Full year revenue was down 2% to €4,576m and trading profit was ahead by 2% to €508.2m, after accounting for repayment of all Government COVID supports worldwide. Net debt was €236.2m at year end, the lowest level in a number of years and leaves our balance sheet in an exceptionally strong position. Globally, governments reacted in varying ways to the crisis which resulted in an economic experience which was equally variable. All markets suffered interruption to some degree although in our case it was particularly acute in the UK, Spain, Canada and Ireland. Most other markets recovered to, and in some cases exceeded, the performance of 2019.
Raw material prices moved broadly to our advantage for much of the year but we experienced significant inflation in the fourth quarter. We expect further significant increases in our raw materials in early 2021 and the effort to recover these through price increases is underway and will be a challenge.
The climate action agenda continues to gather pace globally. With energy from buildings accounting for roughly 40% of all emissions, a more thermally efficient building envelope will be vital in curtailing global temperature rises. Insulation will be central to this effort. At Kingspan we aim to provide the broadest possible spectrum of solutions to enable this reduction in emissions. These solutions must be able to stand the test of time, and Kingspan’s warrantied performance should prove to be a compelling advantage to building owners in their quest to achieve emission reductions over the lifetime of the building.  

Planet Passionate

2020 was the first full year of implementing the initiatives of our Planet Passionate programme. The ten-year programme focuses on twelve distinct targets in the categories of Energy, Carbon, Circularity and Water. See below for a full list of our twelve targets: 

  • Maintain our Net Zero Energy status
  • Increase our direct use of renewable energy to 60% by 2030
  • Increase our on-site generation of renewable energy to 20% by 2030
  • Install solar PV systems on all wholly owned facilities by 2030
  • Net zero carbon manufacturing by 2030
  • 50% reduction in product CO2 intensity from our primary supply partners by 2030
  • 100% zero emission company funded cars by 2025
Kingspan_Planet Passionate_Web Spotlight Image 1
  • 1 billion PET bottles upcycled into our manufacturing processes by 2025
  • All QuadCoreTM insulation to utilise upcycled PET by 2025
  • Zero company waste to landfill by 2030
Kingspan Planet Passionate Ocean
  • 5 active ocean clean-up projects by 2025
  • 100 million litres of rainwater harvested by 2030

We use cookies on our website To find out more about the cookies we use, or to change your cookie preferences i.e. to remove your consent to our use of certain categories of cookies, please visit our Cookie Policy & Control page.

Please click "I Accept" to accept the use of cookies on our website. If you do not click "I Accept" but continue to use this website: you thereby consent to the use of all Kingspan's cookies and third party cookies for the purposes of improving performance, improving functionality and audience measurement, in accordance with the terms laid out in our Cookie Policy & Control page; and we will assume that you have read and understood our Cookie Policy & Control page.

The Cookie Policy & Control and Website Privacy Notice were updated on 13 August 2018.