Results for the year ended 31 December 2013

24 February 2014 Kingspan Insulation
Lion Eye



Kingspan, the global leader in high performance insulation and building envelope solutions, reports its preliminary results for the year ended 31 December 2013.

 

 
Overall Kingspan has experienced a strong start to the year with Continental Europe showing Highlights:
 

Financial Highlights:

  • Sales up 10% to €1.79bn.
  • Trading profit up 14% to €122.8m.
  • Group trading margin of 6.9%, an increase of 30bps. Underlying trading margin before the impact of acquisitions increased by 40bps.
  • Basic EPS up 18% to 51.7 cent.
  • Final dividend per share of 8.5 cent. Total dividend for the year up 14% to 14.0 cent (2012: 12.25 cent).
  • A decrease in net debt to €107.6m (2012: €165.5m). Net debt to EBITDA of 0.66x (2012: 1.12x).
  • Increase in ROCE by 160bps to 12.3% (2012:10.7%).

Operational Highlights:

  • Insulated Panels sales up 23% and trading profit up 23%, with significant contributions from the ThyssenKrupp Construction and Rigidal Industries LLC acquisitions. Underlying sales pre-currency and acquisitions were up 2%.
  • Solid performance in Insulation Boards where sales were down 3% (flat pre-currency), albeit improving in the UK in the second half with markets stabilising in Continental Europe.
  • Improving UK office activity and resilient data centre related construction led to a positive year for Access Floors with sales in line with previous year (+5% pre-currency).
  • Trading in Environmental proved tough with sales down 12% (H2 –5%) in a year of tight markets and internal consolidation.


Summary Financials:


  2013 €m - 2012 €m % Change

Sales
1,790.3 1,628.7 +10%

EBITDA
162.9 147.9 +10%

Trading Profit
122.8 107.7 +14%

Trading Margin
6.9% 6.6% +30bps

Profit after tax
89.2 74.7 +19%

EPS (cent)
51.7 43.8 +18%


Gene Murtagh, Chief Executive of Kingspan commented:
Kingspan saw an improved momentum during 2013, despite various demanding market conditions, which has helped to deliver a strong operational performance including increased profitability, a higher return on capital and an improved dividend.

 With some tentative signs of improved economic stability and sentiment, Kingspan remains focused on its core strategy of delivering innovation, prudent management and a widening global footprint that leaves the company well positioned to take advantage of any recovery that may take place in individual markets.

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