Eurocell plc Annual Financial Report (0687K)

TIDMECEL

RNS Number : 0687K

Eurocell plc

17 April 2020

17 April 2020

EUROCELL plc

(the 'Company')

PUBLICATION OF 2019 ANNUAL REPORT

AND NOTICE OF 2020 ANNUAL GENERAL MEETING

The Company announces that it has published its full Annual Report for the year ended 31 December 2019 and Notice of the 2020 Annual General Meeting, which is to be held at 3pm on Thursday 14 May 2020 at Fairbrook House, Clover Nook Road, Alfreton, Derbyshire, DE55 4RF.

(Please note:

Under the Stay at Home Measures published by the Government on 23 March 2020, and made law on 26 March 2020, shareholders, proxies and other attendees will not be permitted to attend the AGM in person. Anyone seeking to attend the AGM will be refused entry and therefore shareholders are strongly recommended to vote by proxy. In the event that the AGM arrangements change, the Company will issue a further communication.)

Copies of the documents listed below have been posted to registered shareholders today:

1. Annual Report 2019

2. Notice of 2020 Annual General Meeting

3. Form of Proxy for the 2020 Annual General Meeting

The above documents are also available on the Eurocell plc website at investors.eurocell.co.uk.

In accordance with LR 9.6.1R of the Listing Rules , a copy of each of the above documents has been submitted to the UK Listing Authority via the National Storage Mechanism and are/will be available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism.

Further to the Company's Preliminary Results announcement on 13 March 2020 (RNS number: 0158G), and in accordance with DTR 6.3.5(2)(b), set out below are the following extracts from the Annual Report 2019 in full unedited text form:

   --      Principal Risks 
   --      Statement of Directors' Responsibilities. 

COVID-19 further update

We continue to take steps to protect our business, employees and cash flow from the impact of COVID-19, in order to ensure we are well placed to recommence operations and trading when it is appropriate to do so.

With effect from 1 May 2020 until further notice, the Board has unanimously agreed to take a 20% reduction in its remuneration. The effect of this will be to reduce the annual fees of the Chair and Non-Executive Directors by 20%, and to reduce the salary of the Executive Directors by 20%, including pension contributions and bonus payments which are calculated as a percentage of salary. Other members of senior management have also voluntarily agreed similar reductions.

As announced on 24 March 2020, the recommendation for a final dividend, in respect of the year ended 31 December 2020, has been withdrawn.

The Principal Risks summarised below are those identified in our 2019 Annual Report, which was approved by the Board on 12 March 2020, and was therefore prepared before the full impact of COVID-19 emerged. The Company's internal control systems have adapted effectively to support our response to the pandemic.

PRINCIPAL RISKS

MACROECONOMIC CONDITIONS

 
Principal risk and 
impact               Mitigation                                                   Risk change in reporting period 
Our products are 
used in the           *    Notwithstanding macro conditions, we expect our         *    Political and economic uncertainty as a result of 
residential and            strategic priorities and self-help initiatives to            Brexit is slightly reduced. 
commercial building        support sales and market share growth. 
and construction 
markets,                                                                           *    Construction output and general RMI market contracted 
both within the RMI   *    Initiatives include: growing market share, investment        in 2019. CPA now forecast a broadly flat market for 
sector, for new            in our specifications team (targeting new-build,             2020. 
residential housing        commercial and public sector work), expanding the 
developments and           branch network and increasing recycling. 
for new                                                                            *    New home registrations reduced in 2019 but modest 
construction                                                                            growth is expected in 2020. 
projects.             *    We operate comfortably within the terms of our bank 
Our private RMI            facility and related financial covenants. 
business is                                                                        *    UK base rate remains unchanged since 2018. 
strongly correlated 
to the level of       *    Reducing the pace of branch network expansion should 
household                  improve short-term profit and cash flows.               *    Some expectation of a post-election recovery. 
disposable incomes. 
Our new-build 
business is 
particularly 
influenced by the 
level of activity 
in the 
house-building 
industry. 
As such, our 
business and 
ability to fund 
ongoing operations 
is dependent on the 
level of 
activity and market 
demand in these 
sectors, itself 
often a function of 
general economic 
conditions 
(including interest 
rates and 
inflation) in the 
UK. 
Government economic 
and social policy 
can also have a 
significant impact 
on our business. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
BREXIT 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
Although the UK has  Actions taken include: 
agreed withdrawal     *    Some suppliers for other raw materials have agreed to    *    Withdrawal agreement with the EU now in place. 
terms with the EU,         hold extra stocks (very limited capacity at our 
there remains              manufacturing sites). 
significant                                                                         *    New Government has a clear mandate to agree a Trade 
uncertainty                                                                              Deal with the EU. 
over the nature of    *    Finished goods stock build executed for key lines 
future trading             where possible. 
arrangements. 
The UK leaving the 
EU without agreeing   *    Selective credit insurance now in place. 
a Trade Deal 
remains a realistic 
scenario, and such 
an outcome could 
lead to delays and 
disruption at the 
UK borders. 
Almost all of our 
sales are to 
UK-based 
businesses. 
However, some of 
our key raw 
materials 
originate in 
Europe, so any 
disruption in 
supplies could 
impact on our 
ability to 
manufacture 
our products and 
meet customer 
demand. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
CYBER SECURITY 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
A breach of IT 
security               *    Physical security of servers at third-party off-site   *    This remains a high-profile area and is receiving 
(externally or              data centre, with full disaster recovery capability.        considerable management focus. 
internally) could 
result in an 
inability to           *    Password and safe-use policies in place, internet 
operate                     usage monitored and anti-malware used. 
systems effectively 
(e.g. viruses) or 
the release of         *    External cyber review and internal audit reviews 
inappropriate               conducted in 2019, resulting in significant 
information (e.g.           enhancements in defence. 
hackers). 
 
                       *    Cyber awareness/IT security campaign active for all 
                            employees. 
 
 
                       *    Financial crime protection and cyber liability 
                            insurance in place. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
RAW MATERIAL PRICES 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
Our manufacturing 
operations depend     *    Where possible we pass through raw material or traded    *    Raw material prices continued to fluctuate in 2019, 
on the supply of           goods price increases to our customers.                       largely as a result of currency changes and the 
PVC resin, a                                                                             impact of other uncertainties surrounding Brexit. 
material derivative 
of ethylene           *    Increasing the use of recycled material in our 
which in turn is a         manufacturing partially mitigates exposure to resin      *    We have elected not to enter into a fixed price 
derivative of crude        prices.                                                       contract for PVC resin in 2020 as the premium 
oil.                                                                                     required by suppliers was prohibitive. 
The price of PVC 
resin can therefore   *    We consider fixed price supply arrangements with 

be subject to              suppliers where it is economic to do so. 
fluctuations based 
on the markets for 
crude                 *    Use of more than one supplier to provide competitive 
oil and ethylene,          pricing for many raw materials and traded goods. 
as well as the 
market for resin 
itself. 
In addition, 
although we pay for 
resin in sterling, 
crude oil and 
ethylene are priced 
in US 
dollars and euros 
respectively. As 
such, the price of 
resin in sterling 
is also impacted by 
international 
currency markets. 
Our ability to pass 
on resin and other 
raw material or 
traded goods price 
increases to our 
customers will 
depend on market 
conditions at the 
time. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
OPERATING CAPACITY CONSTRAINTS 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
A requirement to 
run manufacturing      *    Co-extrusion and foam capacity increased by 30% and    *    Warehousing capacity identified as the key remaining 
facilities at high          15% respectively in 2019 to resolve manufacturing           constraint to efficient operations and future growth. 
levels of                   capacity constraint. 
utilisation in peak 
periods                                                                            *    New warehouse facility secured for 2020. 
(e.g. to meet          *    Recruitment of additional trained labour in our 
customer demand)            foiling plant for 2019 to resolve manufacturing 
can drive down              capacity constraint.                                   *    Risks associated with project to transition. Plan to 
Overall Equipment                                                                       be operational with new warehouse in Q4. 
Effectiveness 
('OEE') and            *    Strengthened management team in critical areas of 
result in other             Chief Operating Officer, production planning and 
operational                 logistics. 
inefficiencies. 
Attempting to 
satisfy 
unexpectedly high 
demand without the 
requisite 
infrastructure in 
place 
may lead to a 
failure of people, 
systems and 
processes to 
perform. 
Together these 
factors can result 
in adverse 
financial 
consequences. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
UNPLANNED PLANT DOWNTIME 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
The business is                                                                    *    No material change 
dependent on the       *    Regular planned maintenance to reduce the risk of 
continued and               plant failure. 
uninterrupted 
performance of our 
production             *    Maintenance capital investment of approximately GBP5 
facilities.                 million per annum across the Group. 
Each of the 
facilities is 
subject to             *    Extrusion facilities spread over 3 manufacturing 
operating risks,            sites. 
such as: industrial 
accidents 
(including             *    Group-wide disaster recovery plans in place. 
fire); extended 
power outages; 
withdrawal of          *    Acquisition of Ecoplas has increased our recycling 
permits and                 capacity and reduced our reliance on a single 
licences (e.g. the          recycling plant. 
regulated operation 
of the recycling 
facility); 
breakdowns in 
machinery; 
equipment or 
information 
systems; prolonged 
maintenance 
activity; strikes; 
natural disasters; 
and other 
unforeseen events. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
RAW MATERIAL SUPPLY 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
There are only a 
limited number of      *    Raw material tests to identify potential alternative    *    Brexit related supply risks decreasing as described 
PVC resin and               suppliers.                                                   above. 
certain other raw 
material suppliers 
and                    *    Spot market for resin often available to access.        *    Potential remains for increased resin supply 
we operate with                                                                          originating from the US to come on line and deliver 
limited material                                                                         into Europe. 
storage capacity.      *    Contractual arrangements for certain key suppliers 
As described above          include liquidated damages for failure to supply. 
(see Brexit risk), 
failure to receive 
raw materials on a     *    Regular reviews to test financial stability of key 
timely basis could          suppliers. 
impact on our 
ability to 
manufacture 
products and meet 
customer demand. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
UNSUCCESSFUL BRANCH NETWORK EXPANSION 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
We have invested     New Building Plastics' management team progressing 
significantly to     initiatives to improve profitability:                         *    Pace of expansion slowed in 2018-20 to allow focus on 
expand the branch     *    More rigid pricing architecture.                             consolidating existing estate. 
network over the 
last 3 years. 
The network,          *    Revised field sales and account management structure. 
including new 
branches, may fail 
to reach the          *    Drive to better stock availability and trials of new 
required scale and         front-of-house and product displays. 
profitability 
within an 
acceptable            *    Enhanced training to ensure all staff have the 
timeframe.                 ability to sell the full range of products. 
Looking further 
forward, good new 
sites may become      *    Profit improvement plan template for lowest 
more difficult to          performing branches. 
find. 
 
                      *    Improved new site selection using location analysis 
                           tools. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
ABILITY TO ATTRACT AND RETAIN KEY PERSONNEL AND HIGHLY SKILLED INDIVIDUALS 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
Our success depends 
inter alia, on the    *    Clear strategic direction provides an attractive         *    Continued focus on improving employee engagement and 
efforts and                backdrop to working at Eurocell.                              communication (e.g. new Group-wide Vision and Values 
abilities of                                                                             launched in 2018.) 
certain key 
personnel and         *    Market rate compensation for all personnel, including 
our ability to             leadership team. 
attract and retain 
such people. 
The senior team       *    Equity-based long-term incentive plans in place for 
have significant           senior team. 
experience in the 
relevant sectors 
and markets and are 
expected 
to make an 
important 
contribution to our 
growth and success. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
SHORTAGES OR INCREASED COSTS OF APPROPRIATELY SKILLED LABOUR 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
We are subject to                                                                  *    Fourth SAYE scheme planned for 2020. 
supply risks           *    Market level or better salaries and good benefits 
related to the              package. 
availability and 
cost of labour, 
both in our            *    Induction and training programme. 
manufacturing 
operations and in 

our branch             *    Annual SAYE share-save scheme available to all 
business. Our               personnel. 
headquarters are 
located in an area 
of generally full      *    Progressing strategy to improve retention and 
employment.                 recruitment, leadership and development, employee 
We may also                 engagement and communication. 
experience labour 
cost increases 
(including those 
related to the 
Minimum Wage) 
or disruptions in 
circumstances where 
we have to compete 
for employees with 
the necessary 
skills and 
experience in tight 
labour markets. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
CUSTOMER CREDIT 
RISK 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
There is an 
inherent risk that     *    In-depth credit review for new and ongoing customer     *    Increased economic uncertainty and falling consumer 
default by a large          accounts.                                                    confidence may lead to more business failures. 
customer could 
result in a 
material bad           *    Experienced Credit Manager (over 15 years with the      *    No individually material bad debts in 2019, but some 
debt.                       Group) and strong credit control team.                       extension of credit terms and overdues on large 
                                                                                         accounts. Inherent risk remains. 
 
                       *    Credit insurance implemented for large Profiles 
                            accounts. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
COMPETITOR ACTIVITY 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
We have a number of 
existing               *    Strong market and customer awareness, with good         *    We continued to gain market share in both divisions 
competitors who             intelligence around competitor activity.                     in 2019. 
compete on range, 
price, quality and 
service.               *    Focus on customer proposition and points of             *    The more uncertain market environment may have 
Increased                   differentiation in product and service offering.             weakened some of our competitors. 
competition could 
reduce volumes and 
margins on 
manufactured and 
traded products. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
CORPORATE AND REGULATORY RISKS 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
We may be adversely                                                               Recent developments widen the scope and increase the 
affected by the        *    We have procedures and policies in place to support   penalty regime for breaches in these 
crystalisation of           compliance with regulations.                          areas. For example: 
unexpected                                                                         *    Corporate Criminal Offence of Failure to Prevent the 
corporate or                                                                            Facilitation of Tax Evasion ('CCO') legislation came 
regulatory risks.      *    Regular communication and training on policy                into force on 30 September 2017. 
These could include         compliance. 
health and safety, 
data, reputational                                                                 *    General Data Protection Regulations ('GDPR') came 
and environmental      *    Monitoring procedures in place, including near miss         into effect in May 2018. 
risks (including            and potential hazard reporting for health and safety 
regulations related         matters. 
to our recycling 
operations), or 
other legal,           *    Internal and third-party site audits to test 
taxation and                compliance with our policies. 
compliance 
matters. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
FAILURE TO DEVELOP NEW PRODUCTS 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
Failure to innovate 
could reduce our      *    We invest continuously in research and development       *    Recent successes include: Coastline (a lightweight 
growth potential or        through our in-house team.                                    composite cladding for use on coastal properties), 
render existing                                                                          and extensions to the Modus and Skypod ranges. 
products obsolete. 
The launch of new     *    The team is highly focused on new ways to develop 
products and new           existing products and to be innovative with new ones. 
variants of 
existing products 
is an inherently      *    We have a strong product pipeline with more than 25 
uncertain                  projects in development. 
process. We cannot 
guarantee that we 
will continuously 
develop successful 
new products or 
new variants of 
existing products. 
Nor can we predict 
how customers and 
end-users will 
react to new 
products or how 
successful 
our competitors 
will be in 
developing products 
which are more 
attractive than 
ours. 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
FAILURE TO IDENTIFY, COMPLETE AND INTEGRATE BOLT-ON ACQUISITIONS 
--------------------------------------------------------------------------------------------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
Exploring potential 
bolt-on               *    Public communication of bolt-on acquisitions being a    *    Some delays with project to expand Ecoplas. 
acquisitions is one        strategic priority.                                          Performance is now improving, but significant value 
of our strategic                                                                        at stake until acceptable plant reliability achieved. 
priorities. 
We may not be able    *    Good knowledge of companies operating in our sector 
to identify                and related sectors. 
appropriate bolt-on 
acquisitions. 
Any future            *    Ecoplas and Kent Building Plastics acquired in 2018 
acquisition we do          and Trimseal in 2019. 
make poses 
integration and 
other risks which     *    Tried and tested procedure for the integration of new 
may affect our             acquisitions and a good track record of recent 
results                    success. 
or operations. 
The acquisition and 
integration of 
companies is a 
complex, costly and 
time-consuming 
process 
involving a number 
of possible risks. 
These include 
diversion of 
management 
attention, failure 
to retain 
personnel, failure 
to maintain 
customer service 
levels, disruption 
to relationships 
with various third 
parties, system 
risks and 
unanticipated 
liabilities 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
 
 
CORONAVIRUS 
-------------------  -----------------------------------------------------------  ----------------------------------------------------------- 
Principal risk and   Mitigation                                                   Risk change in reporting period 
impact 
                     -----------------------------------------------------------  ----------------------------------------------------------- 
A significant                                                                      *    New risk in 2020 
proportion of          *    We placed extra orders for window and door hardware 
window and door             in January 2020. 
hardware is sourced 
in China. We may be 
adversely 
affected by a 
disruption to the 
hardware supply 
chain which impacts 
our business (Vista 
Panels 
and Security 
Hardware) or that 
of our window 
fabricator 
customers. 
We may also be 
impacted if the 
virus results in 
the unavailability 
of our workforce or 
has 
a significant 
impact on the macro 
economic 
environment. 

                     -----------------------------------------------------------  ----------------------------------------------------------- 
 

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group and Company for that period. In preparing the financial statements, the directors are required to:

   --       select suitable accounting policies and then apply them consistently; 

-- state whether applicable IFRSs as adopted by the European Union have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 101, have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements;

   --       make judgements and accounting estimates that are reasonable and prudent; and 

-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.

The Directors are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the group financial statements, Article 4 of the IAS Regulation.

The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' confirmations

The Directors consider that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's position and performance, business model and strategy.

Each of the Directors, whose names and functions are listed in the corporate governance section on pages 54 and 55 confirm that, to the best of their knowledge:

-- the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company;

-- the Group financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and

-- the Directors' Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces.

In the case of each Director in office at the date the Directors' Report is approved:

-- so far as the Director is aware, there is no relevant audit information of which the Group and Company's auditors are unaware; and

-- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group and Company's auditors are aware of that information.

The Directors' Responsibility Statement was approved by the Board on 12 March 2020.

   Mark Kelly                        Michael Scott 
   Chief Executive Officer     Chief Financial Officer 

Enquiries:

Paul Walker

Group Company Secretary

01773 842100

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