Resultados del período finalizado el 31 de diciembre de 2023
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Grupo Kier plc
Resultados del período finalizado el 31 de diciembre de 2023
Strong operational performance; Material debt reduction; Dividend resumed
Kier Group plc ("Kier", the "Company" or the "Group"), a leading UK infrastructure services, construction and property group, announces its results for the six months ended 31 December 2023 ("HY24" or the "period").
Destacados | |||
(£ m a menos que se indique lo contrario) | Seis meses para 31 diciembre 20231 | Seis meses para 31 diciembre 20221 | Cambios |
Resultados ajustados |
|
| |
Ingresos2 | 1,883 | 1,537 | 23% |
Beneficio operativo ajustado3 | 64.7 | 57.2 | 13% |
Margen operativo ajustado | 3.4% | 3.7% | (30) puntos básicos |
Beneficio ajustado antes de impuestos4 | 49.0 | 45.8 | 7% |
Utilidad básica por acción ajustada (nota 9) | 8.7p | 8.5p | 2% |
Efectivo neto / (deuda)5 | 17.0 | (130.6) | 113% |
Deuda neta promedio a fin de mes
| (136.5) | (242.7) | 44%
|
Informe estatutario |
|
| |
Ingresos del grupo | 1,862 | 1,526 | 22% |
Beneficio de operaciones | 44.1 | 38.3 | 15% |
Beneficio antes de impuestos | 27.0 | 25.4 | 6% |
Utilidad básica por acción (nota 9) | 4.6p | 4.7p | (2)% |
Dividendo a cuenta por acción | 1.67p | - | - |
1 Operaciones continuas
2 Ingresos del Grupo y su participación en los ingresos de negocios conjuntos
3 Indicado antes de elementos de ajuste de 9.5 millones de libras esterlinas (HY23: 9.1 millones de libras esterlinas) y amortización de activos intangibles adquiridos de 11.1 millones de libras esterlinas (HY23: 9.8 millones de libras esterlinas).
4 Indicado antes de elementos de ajuste de 10.9 millones de libras esterlinas (HY23: 10.6 millones de libras esterlinas) y amortización de activos intangibles adquiridos de 11.1 millones de libras esterlinas (HY23: 9.8 millones de libras esterlinas).
5 Se presenta neto del efecto de instrumentos de cobertura y excluye arrendamientos - ver nota 13 a los estados financieros preliminares.
Aspectos destacados del HY24
· Revenue growth and improved profitability driving material deleveraging
o Revenue growth of 23% driven by Infrastructure Services and Construction
o Adjusted operating profit increased 13% to £64.7m (HY23: £57.2m)
o Adjusted operating margin at 3.4%, in-line with the medium-term target
o Adjusted basic EPS: 8.7p (HY23: 8.5p), up 2%
o Reported profit from operations increased 15% to £44.1m (HY23: £38.3m)
o Free Cash Flow of £(7.9)m materially improved over the prior period (HY23 £(87.8)m) following a strong Q1 performance
o Net cash at period-end of £17.0m, significantly higher than prior period-end (HY23: net debt (£130.6m)
o Average month-end net debt materially reduced by £106.2m to £(136.5m)
· Resumption of dividends, with an interim dividend declared of 1.67p per share
· High quality order book, increased 6% to £10.7bn (FY23: £10.1bn) providing significant visibility
o 97% of expected FY24 revenue secured
· Acquisition of Buckingham Group's rail assets fully integrated into the business and performing ahead of expectations as at the time of the transaction
· Successful refinancing post period-end providing long-term debt facilities and a strengthened maturity profile
· Sustainability strategy on track to deliver ESG targets
Andrew Davies, director ejecutivo, dijo:
"The past two and a half years have seen the Group achieve significant operational and financial progress and I am delighted that today marks a return to paying dividends. The first half has seen the Group deliver strong volume and profit growth, increased orders and material deleveraging. This is testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position in line with the objectives set out in our medium-term value creation plan. Our order book remains strong at £10.7bn and provides us with good, multi-year revenue visibility. The contracts within our order book reflect the bidding discipline and risk management now embedded in the business. I am also particularly pleased to report that the Group significantly improved upon its year-end net cash position with significantly lower average month-end net debt and has confidence in sustaining this momentum going forward.
The second half of the financial year has started well, and we are trading in-line with expectations. The Group is well positioned to continue benefiting from UK Government infrastructure spending commitments and we are confident in sustaining the strong cash generation achieved over the last 18 months, allowing us to continue to significantly deleverage the Group. We remain committed to delivering our medium-term value creation plan which will benefit all stakeholders."
Presentación de resultados HY24
Kier Group plc realizará una presentación para analistas e inversores el 9 de marzo de 00 a las 7:2024 a. m. en las oficinas de FTI Consulting, 200 Aldersgate Street, Londres EC1A 4HD.
Los analistas que deseen asistir deben comunicarse con FTI Consulting para registrarse - GME@dhr-rgv.com
Los analistas no pueden asistir en persona podrán unirse al webcast usando los detalles a continuación:
Webcast: https://www.investis-live.com/kier/65c25190d0d52012009b361c/aerz
Reino Unido (local): +44 20 3936 2999
Reino Unido (llamada gratuita): +44 800 358 1035
Contraseña de la conferencia: 010525
Una grabación de audio estará disponible en nuestro sitio web a su debido tiempo.
Más información: Grupo Kier plc |
|
Relaciones con los inversores | +44 0 7933 388 746 |
Oficina de prensa de Kier | +44 0 1767 355 096 |
Consultoría FTI |
+44 0 20 3727 1340 |
Richard montaña |
Declaración de advertencia
Este anuncio no constituye una oferta de valores por parte de la Compañía. Nada en este anuncio pretende ser, ni pretende interpretarse como, un pronóstico de ganancias o una guía sobre el desempeño, financiero o de otro tipo, de la Compañía o el Grupo, ya sea en el año fiscal actual o futuro. Este anuncio puede incluir declaraciones que son, o pueden considerarse, "declaraciones prospectivas". Estas declaraciones prospectivas pueden identificarse mediante el uso de terminología prospectiva, incluidos los términos "cree", "estima", "anticipa", "espera", "pretende", "planes", "objetivo", "objetivo", "puede", "será", "sería", "podría" o "debería" o, en cada caso, sus variaciones negativas u otras o terminología comparable. Pueden aparecer en varios lugares a lo largo de este anuncio e incluir declaraciones sobre las intenciones, creencias o expectativas actuales de los directores, la Compañía o el Grupo en relación, entre otras cosas, con los resultados operativos, la situación financiera, las perspectivas, el crecimiento, las estrategias y política de dividendos del Grupo o de la industria en la que opera. Por su naturaleza, las declaraciones prospectivas implican riesgos e incertidumbres porque se relacionan con eventos y dependen de circunstancias que pueden ocurrir o no en el futuro y pueden estar más allá de la capacidad de control o predicción de la Compañía. Las declaraciones prospectivas no son garantías de desempeño futuro. Los resultados operativos reales, la situación financiera, la política de dividendos o el desarrollo de la industria en la que opera el Grupo pueden diferir materialmente de la impresión creada por las declaraciones prospectivas contenidas en este anuncio. Además, incluso si los resultados operativos, la condición financiera y la política de dividendos del Grupo, o el desarrollo de la industria en la que opera, son consistentes con las declaraciones prospectivas contenidas en este anuncio, esos resultados o desarrollos pueden no ser indicativos. de resultados o evolución en periodos posteriores. Los factores importantes que podrían causar estas diferencias incluyen, entre otros, condiciones comerciales y económicas generales, tendencias de la industria, competencia, cambios en el gobierno y otras regulaciones, cambios en la estabilidad política y económica y cambios en la estrategia comercial o planes de desarrollo y otros riesgos. .
Aparte de de conformidad con sus obligaciones legales o reglamentarias, la Compañía no acepta ninguna obligación de actualizar o revisar públicamente ninguna declaración prospectiva, ya sea como resultado de nueva información, eventos futuros o de otro tipo.
Principales riesgos e incertidumbres
You are advised to read the section headed ''Principal risks and uncertainties' in the Company's Annual Report and Accounts for the year ended 30 June 2023 for a discussion of the factors that could affect the Group's future performance and the industry in which it operates. Following a review by the Board of these risks, the Climate Change principal risk has been replaced with a Sustainability principal risk 'Failure to identify and effectively manage sustainability risks and opportunities' which incorporates climate change and environmental incidents and aligns with Kier's Building for a Sustainable World strategy. Subject to this change the Board believes that these principal risks and uncertainties will continue to apply to the Group in the second half of the financial year.
Sobre Kier
Kier es un grupo inmobiliario, de construcción y de servicios de infraestructura líder en el Reino Unido.
Brindamos capacidades especializadas de diseño y construcción, y el conocimiento, las habilidades y el capital intelectual de nuestra gente garantizan que podamos administrar e integrar todos los aspectos de un proyecto.
Nos enorgullecemos de brindar conocimientos especializados, experiencia líder en el sector y nuevas ideas para crear soluciones viables para nuestros clientes en todo el país.
Juntos, tenemos la escala y la amplitud de habilidades de una empresa importante, al mismo tiempo que conservamos un enfoque local y el orgullo que proviene de nunca estar lejos de nuestros clientes, a través de una red de oficinas que se extiende por Inglaterra, Gales, Escocia e Irlanda del Norte.
Para obtener más información y suscribirse a nuestras alertas de noticias, visite: www.kier.es
Síguenos en X (anteriormente Twitter): @kiergroup
Conéctese con nosotros en LinkedIn: Kier Group
Introducción
The Group has delivered a strong set of results for the six months to 31 December 2023. The material deleveraging is a clear demonstration of the Group's commitment to our medium-term value creation plan launched two and a half years ago.
At the last year end, we committed to recommence dividend payments once we had clear line-of-sight of operating with a sustainable average month-end net cash position, alongside an appropriate longer term debt structure.
Following the period end we completed a Senior Notes issue and combined with an extended Revolving Credit Facility ("RCF"), have secured a long-debt debt structure for the Group. Given the considerable progress Kier has made and the Board's confidence in the Group's prospects, an interim dividend of 1.67p per share has been declared - returning Kier to the dividend list.
The success for future years is underpinned by the year-end order book growing to £10.7bn in HY24, an increase of 6% against the prior year comparative, reflecting a large number of contract wins across Infrastructure Services and Construction as well as providing multi-year revenue visibility. Long-term framework positions, as well as pipeline opportunities and income from the Property division, are excluded from the order book and represent an additional opportunity. Given the order book strength and Kier's framework positioning, approximately 97% of Group revenue for FY24 is already secured which provides us with a high degree of confidence of further progress against a backdrop of wider market uncertainty.
During the period, Kier won new, high quality and profitable work in our markets reflecting the bidding discipline and risk management embedded in the business.
Plan de creación de valor a medio plazo
El Grupo se centra en cumplir sus objetivos a medio plazo durante un período de tres a cinco años:
Ingresos: | 4.0 millones de libras esterlinas - 4.5 millones de libras esterlinas |
Margen de beneficio operativo ajustado: | c.3.5% |
Conversión de efectivo del beneficio operativo: | c.90% |
Hoja de balance: | Posición de caja neta sostenible con capacidad de inversión |
Dividendo: | Política de dividendos sostenible: c.3 x cobertura de beneficios a lo largo del ciclo |
El Grupo pretende alcanzar estos objetivos a medio plazo a través de:
· crecimiento del volumen y mejora de la rentabilidad de los contratos;
· disciplina de gestión continua; y
· desplegar capital adicional en el negocio inmobiliario.
El Grupo continúa logrando buenos avances hacia estos objetivos con una conversión de flujo de caja libre y márgenes de beneficio alcanzados de manera consistente durante el último período del informe. A pesar de las incertidumbres políticas y económicas, nuestros mercados principales se han mantenido favorables. Somos un "proveedor estratégico" del gobierno del Reino Unido y aproximadamente el 93% de nuestros contratos son con el sector público y empresas reguladas.
Clientes y nuevos trabajos ganadores
Seguimos enfocados en ganar trabajo a través de nuestras relaciones duraderas con los clientes y operaciones regionales.
Destacan:
· Servicios de infraestructura: appointed a place on the £3bn SCAPE Utilities Framework aimed at delivering utilities, civil infrastructure and transportation services work
· Construcción: premiado con cinco education projects worth a total of c.£182m, four healthcare projects worth c.£81m, and awarded a new houseblock for the Ministry of Justice at HMP Elmley worth over £100m
· Propiedad: our Kier Property and Housing Growth Partnership ("HGP") joint venture, acquired a development site in Tunbridge Wells, and Kier Property sold its Logistics City scheme in Whiteley, Hampshire for £10.5m
Estrategia
La estrategia del Grupo continúa enfocada en:
· Gobierno del Reino Unido, industrias reguladas y clientes de primer nivel;
· operar en el mercado de empresa a empresa; y
· contratación a través de marcos de largo plazo.
Nuestros negocios principales están bien posicionados para beneficiarse de los compromisos de gasto del gobierno del Reino Unido para invertir en infraestructura y de los importantes planes de inversión anunciados por los propietarios de activos regulados del Reino Unido. Hemos asegurado lugares en los marcos de largo plazo a través de los cuales se implementará gran parte del aumento del gasto.
Esto, combinado con nuestra cobertura regional, relaciones con los clientes y experiencia en gestión de proyectos, permitirá nuestras acciones estratégicas de crecimiento disciplinado, entrega consistente y sólida generación de efectivo.
Resumen financiero
Kier's revenue in the period of £1.9bn (HY23: £1.5bn) reflects strong growth across Infrastructure Services and Construction. In particular, the strong momentum seen towards the end of FY23 in Construction continued into HY24.
The Group's HY24 results reflect a strong performance despite continuing cost inflation relating to materials, wages and other costs. We remain successful in mitigating these pressures through having c.60% of our order book under target cost or cost reimbursable contracts as well as through procurement strategies and negotiations on fixed price contracts. With over 400 live projects at any given time, we are also regularly delivering on existing contracts and pricing new contracts which mitigates against cost pressures. In addition, we have an average order size of c.£20m in our Construction business which given its modest size, limits our risk exposure in the event a project does not go to plan.
The Group delivered adjusted operating profit of £64.7m which represents a 13.1% increase on the prior period (HY23: £57.2m). Both our Infrastructure Services and Construction segments performed well in the period supplemented with a contribution from Property. Group adjusted operating profit margin fell by 30 basis points to 3.4% (HY23: 3.7%) due to the growth in volumes of the lower margin Construction business. Reported profit from operations increased 15.1% to £44.1m (HY23: £38.3m).
Adjusted earnings per share increased 2.4% to 8.7p (HY23: 8.5p) and reported earnings per share reduced 2.1% to 4.6p (HY23: 4.7p) due to increased amortisation and corporation tax offsetting profitable volume growth.
The Group generated £(7.9)m of free cash flow in HY24 (HY23: £(87.8)m), a significant improvement over the prior year comparative. The Group's revenue growth in Infrastructure Services and Construction converted to increased profit and cash.
The Group's net cash position at 31 December 2023 was £17.0m (HY23: net debt £(130.6)m) despite reducing supplier payment days by 1 day to 33 as the strong volume growth translates into cash receipts.
Average month-end net debt for the period ended 31 December 2023 was £(136.5)m (HY23: £(242.7)m). As noted above the increased activity seen across the Group which started in Q4 FY23 has translated into cash generation and lower net debt as well as allowing us to deploy cash to our Property business and paying pension deficit obligations.
During the period, the Group repaid £1.4m of its US Private Placement ("USPP") Notes in line with its repayment schedule and the Group's RCF reduced by £20.0m in-line with the facility agreement.
In February 2024, we announced the completion of our £250m 5 year Senior Notes. The proceeds of which were used to further reduce our USPP Notes by £36m and lower the RCF to £261m. These revised long-term debt facilities completed the last stage of the Group's recapitalisation and provides us with both flexibility and optionality going forward whilst we continue to deleverage.
Asignacion de capital
In addition to the medium-term value creation plan, the Group has clear capital allocation priorities. The Group maintains a disciplined approach to capital and continuously reviews capital allocation priorities with the aim of maximising shareholder returns. The Group's capital allocation is underpinned by its commitment to maintain a strong balance sheet. The capital priorities are:
· Capex - inversión para apoyar sus negocios
· Desapalancamiento - mayor desapalancamiento. Tener como objetivo una posición de tesorería neta sostenible a medio plazo y un perfil de financiación adecuado a las necesidades a medio y largo plazo del Grupo
· Propiedades - inversión disciplinada y no especulativa en el segmento inmobiliario
· Dividendo - the reinstatement of the dividend is key to ensuring that shareholders share the benefits of the Group's growth. In the medium-term, the Group is targeting a dividend cover of around three times through the cycle
· Fusiones y adquisiciones - the Group will consider value accretive acquisitions in core markets where there is potential to accelerate the medium-term value creation plan
Dividendo
The importance of dividends to the Group's shareholders has always been Reconocido by the Board and was an important facet of the medium-term value creation plan launched during FY21. Our stated aim is to deliver a dividend, covered c.3x by adjusted earnings over the cycle and in a payment ratio of approximately one-third interim dividend and two thirds final dividend.
The Group has continued to deliver strong operating and financial performance resulting in material deleveraging during the period. This significant improvement, combined with the strength of the order book and future prospects of the Group have resulted in the Board declaring an interim dividend of 1.67p per share. This represents a dividend cover of 4x as we progressively move to the medium-term target. The interim dividend will be paid on 31 May 2024 to shareholders on the register at close of business on 19 April 2024. The shares will be marked ex-dividend on 18 April 2024. Kier has a Dividend Reinvestment Plan ("DRIP"), which allows shareholders to reinvest their cash dividends in our shares. The final election date for the DRIP is 9 May 2024.
Acquisition
On 4 September 2023, Kier agreed to acquire substantially all of the rail assets of Buckingham Group Contracting Limited ("in Administration") and their HS2 contract supplying Kier's HS2 joint venture, Eiffage Kier Ferrovial BAM ("EKFB"), for a total cash consideration of £9.4m.
The Group has previously stated it would consider value accretive acquisitions in core markets where there is potential to accelerate the medium-term value creation plan. This is an excellent example of an acquisition which provides a cultural fit as well as accelerating Kier's broader rail strategy. The rail assets consisted of design, build and project integration contracts for a range of customers including Network Rail.
As part of the acquisition, Kier achieved positions on various frameworks and projects including, the Control Period 6 ("CP6") North West & Central framework for Network Rail, Transport for Greater Manchester ("TfGM") framework, Transport for Wales ("TfW") framework, West Midlands Combined Authority: Willenhall & Darlaston Project, East Midlands Railway: Etches Park Project and Nexus' Whitley Bay Project.
The acquisition has been successfully integrated into the Group's Transportation business and is performing ahead of expectations compared to the time of the transaction.
Excelencia en el desempeño
Through our Performance Excellence culture, which was introduced in 2020, Kier has embedded a strong operational and financial risk management framework across the Group. It is essential to, and embedded into,?Kier's contract selection and delivery processes.
The Group's focus for FY24 is Digital and Simplification as we continuously improve the operational performance of the business. The key tenets are as follows:
· Site set-up - standardisation of site offices and enhancing site connectivity
· Health, safety and wellbeing - simplifying health and safety, data and sharing best practice
· Quality assurance - improving capability and digital tools
· Functions - simplifying processes and enhancing current systems
socios de la cadena de suministro
Seguimos enfocándonos en mantener y hacer crecer las relaciones con nuestras partes interesadas clave, incluida nuestra cadena de suministro. Muchos de nuestros proveedores son socios del Grupo desde hace mucho tiempo y valoramos su contribución.
We were pleased to report that, in our latest Duty to Report on Payment Practices and Reporting submission, covering the period from 1 July 2023 to 31 December 2023, the Group's aggregate average payment days improved to 33 days (H2 FY23: 34 days) and the percentage of payments made to suppliers within 60 days was 88% (H2 FY23: 85%).
We are committed to further improvements in our payment practices and continue to work with both customers and suppliers to achieve this. We are fully committed to complying with the 30-day payment requirements for small and medium-sized firms.
Ambiental, Social y Gobernanza ("ESG")
El objetivo de Kier es ofrecer de forma sostenible una infraestructura que es vital para el Reino Unido. Como "proveedor estratégico" del gobierno del Reino Unido, los criterios ESG son fundamentales para nuestra capacidad de conseguir trabajo y asegurar posiciones en marcos a largo plazo. Los contratos del gobierno del Reino Unido con un valor igual o superior a £5 millones requieren compromisos de valor social y de carbono neto cero.
Our evolved Building for a Sustainable World framework continues to cover sustainability from both an environment and social perspective with a focus on the three key pillars of Our People, Our Places and Our Planet. Our framework follows the guiding principles of the United Nations Sustainable Development Goals ("SDGs").
· Aplicaciones Medioambientales
Under the Group's sustainability framework, Kier has set out our pathway to become net zero carbon across our business operations by 2039 (Scope 1 and 2) and value chain (Scope 3) by 2045.
In February 2024, Kier was provided the London Stock Exchange Green Economy Mark. In order to obtain the Green Economy Mark, Kier was able to demonstrate that over 50% of our revenue was derived from green products and services in-line with the FTSE Russell Green Revenues Classification System. Climate change has led to increased demand in Kier's end markets.
The Group is also pleased that the successful implementation of its Carbon Reduction Plan has been recognised by the Science Based Targets Initiative ("SBTi") including our target to achieve net zero carbon across scopes 1, 2 and 3 by 2045.
In addition, our Infrastructure Services and Construction segments received certification to PAS 2080, the leading standard for carbon management solutions in buildings and infrastructure development. This demonstrates Kier's commitment to designing and managing out carbon from the lifecycle of UK infrastructure projects that we deliver for our customers.
The combined achievements represent a key milestone in the Group's ESG strategy as Kier continues in its aim to deliver sustainable infrastructure which is vital to the UK whilst operating as a responsible business in itself.
· Social
Delivering a legacy of social value continues to be a key priority for our customers and for Kier. We continue to offer apprenticeships as a key means of upskilling employees and bringing in diverse emerging talent to reduce the industry skills gap.
At 31 December 2023, we had over 720 apprentices employed within Kier, which equates to 7% of our workforce. In addition, c.9% of the workforce are on a formal learning programme. These statistics represent an increase of 30% and 17% respectively compared with HY23.
As part of our drive to recruit diverse talent, Kier has placed 23 prison leavers and eight Released on Temporary Licence ("ROTL") candidates in employment either within our business or with our supply chain partners in the first half of the year. Kier also remains committed to offering employment opportunities to those who have served in our armed forces and has hired 24 veterans in the same period.
The Group's 12-month rolling Accident Incident Rate ("AIR") at HY24 of 108 represents a 23% increase on FY23. The 12-month rolling All Accident Incident Rate ("AAIR") at HY24 of 301 represents a 6% reduction compared to HY23. Whilst we are disappointed with the AIR performance, we remain focused on improving it. Accordingly, we are targeting a 10% reduction in this metric and have implemented a series of initiatives to address this including:
· Culture Programme - continued roll out of the programme and alignment of our Behavioural Safety Programmes; and
· Sharing Best Practice - the instigation of regular forums for our project leads, where key safety learnings and initiatives are discussed and shared
Despite the recent AIR performance, we retain a strong overall safety record and maintain highest standards in our industry. Safety remains our license to operate and we continue to share and embed best practice across our divisions.
· Gobierno
Governance remains a core component of the Group's approach to operations. The Group monitors governance matters through our annual audits and operating risk framework.
Resumen y perspectiva
The past two and a half years have seen the Group achieve significant operational and financial progress and I am delighted that today marks a return to the dividend list. The first half has seen the Group deliver strong volume and profit growth, increased orders and material deleveraging. This is testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position in line with the objectives set out in our medium-term value creation plan. Our order book remains strong at £10.7bn and provides us with good, multi-year revenue visibility. The contracts within our order book reflect the bidding discipline and risk management now embedded in the business. I am also particularly pleased to report that the Group significantly improved upon its year-end net cash position with significantly lower average month-end net debt and has confidence in sustaining this momentum going forward.
The second half of the financial year has started well, and we are trading in-line with expectations. The Group is well positioned to continue benefiting from UK Government infrastructure spending commitments and we are confident in sustaining the strong cash generation evidenced over the last 18 months allowing us to significantly deleverage the Group and deliver the medium-term value creation plan which will benefit all stakeholders.
Revisión operacional
Servicios de infraestructura
Seis meses hasta el 31 de diciembre de 2023 | Seis meses hasta el 31 de diciembre de 2022 | Cambios
| |
Ingresos (millones de libras esterlinas) | 944 | 816 | 16% |
Beneficio operativo ajustado (millones de libras esterlinas)6 | 44.0 | 33.8 | 30% |
Margen operativo ajustado (%) | 4.7% | 4.1% | 60bps |
Beneficio operativo declarado (millones de libras esterlinas) | 32.4 | 22.0 | 47% |
Libro de pedidos (miles de millones de libras esterlinas) | 6.7 | 5.8 | 16% |
6 Stated before adjusting items of £(11.6)m (HY23: £(11.8)m).
· Las ganancias de contratos clave incluyen:
o appointed a place on the £3bn SCAPE Utilities Framework aimed at delivering utilities, civil infrastructure and transportation services work
· 96 % de los pedidos asegurados para el año fiscal 24
Infrastructure Services revenue increased 16% against the prior period primarily due to the continued ramp up of capital works on HS2. Adjusted operating profit increased 30% to £44.0m due to higher HS2 volumes. Adjusting items largely relate to acquisition related activity including costs related to the Buckingham acquisition and the amortisation of contract rights from this and previous acquisitions.
El Transporte business division provides design, engineering, delivery and maintenance to support the movement of people, goods and equipment by land, sea and air. It includes our highways business and infrastructure projects business relating to rail, ports and air including our EKFB joint venture which is delivering 80km of HS2. The business has benefited from the start of contracts won in previous periods, the continued successful delivery of assets for HS2 and the delivery of contracts acquired from Buckingham.
El Recursos Naturales, Nucleares y Redes division includes our water, energy, nuclear and networks projects. The business is well positioned to benefit from the anticipated increased opportunities afforded by the new water spending cycle, AMP8 programme as well as opportunities in the energy and environment sectors. During the period, we saw reduced activity and margins in telecoms due to market conditions.
Construcción
Seis meses hasta el 31 de diciembre de 2023 | Seis meses hasta el 31 de diciembre de 2022 | Cambios
| |
Ingresos (millones de libras esterlinas) | 915 | 709 | 29% |
Beneficio operativo ajustado (millones de libras esterlinas)7 | 33.2 | 32.8 | 1% |
Margen operativo ajustado (%) | 3.6% | 4.6% | (100) puntos básicos |
Beneficio operativo declarado (millones de libras esterlinas) | 25.1 | 25.6 | (2)% |
Libro de pedidos (miles de millones de libras esterlinas) | 4.0 | 4.3 | (7)% |
7 Stated before adjusting items of £(8.1)m (HY23: £(7.2)m)
· Las ganancias de contratos clave incluyen:
o Five education projects worth a total of c.£182m,
o Four healthcare projects worth c.£81m; and
o Awarded a new houseblock for the Ministry of Justice at HMP Elmley worth over £100m
· 99 % de los pedidos asegurados para el año fiscal 24
The Construction segment comprises Regional Building, Strategic Projects and Kier Places (including Housing Maintenance, Facilities Management and Environmental Services). Construction has national coverage delivering schools, hospitals, defence, custodial facilities and amenities centres for local authorities, councils and the private sector.
Revenue increased 29% largely due to increased volume in our regional build business.
Adjusted operating profit increased 1% to £33.2m driven by increased revenue. The reduction in margin was driven by mix and increased overheads for site starts, as anticipated. Adjusting items include £7.2m relating to fire and cladding compliance costs.
Como contratista regional, seguimos estando bien posicionados para beneficiarnos del enfoque del gobierno del Reino Unido en el gasto para mejorar los activos subinvertidos, como escuelas, hospitales y servicios de custodia, donde nuestro negocio de Construcción tiene experiencia especializada.
Our Kier Places consists of facilities management and housing maintenance services. The facilities management business specialises in working in occupied properties including residential and offices delivering maintenance, repairs, fire safety and compliance services, predominantly for the Ministry of Justice and central Government. The housing maintenance business delivers repairs and maintenance services for local authorities. We continue to grow our capabilities and customers with a focus on decarbonising social housing through retrofit and other interventions. These have allowed the business to benefit from increased revenue volume and profitability.
Propiedades
Seis meses hasta el 31 de diciembre de 2023 | Seis meses hasta el 31 de diciembre de 2022 | Cambios
| |
Ingresos (millones de libras esterlinas) | 22.1 | 10.8 | 105% |
Beneficio operativo ajustado (millones de libras esterlinas) 8 | 4.6 | 4.7 | (2)% |
Margen operativo ajustado (%) | 20.8% | 42.7% | 2,190bps |
Beneficio operativo declarado (millones de libras esterlinas) | 4.6 | 4.4 | 5% |
Capital empleado (millones de libras esterlinas) | 163 | 148 | 10% |
ROC (%) | 5.9% | 7.0% | (110) puntos básicos |
8 Stated before adjusting items of £nil (HY23: £(0.3)m)
· Our Kier Property and Housing Growth Partnership ("HGP") joint venture, acquired a development site in Tunbridge Wells
· Sold its Logistics City scheme in Whiteley, Hampshire for £10.5m
El negocio inmobiliario invierte y desarrolla principalmente proyectos residenciales y comerciales de uso mixto en todo el Reino Unido. La empresa es un promotor inmobiliario y de regeneración urbana bien establecido y opera en gran medida a través de empresas conjuntas y no realiza inversiones especulativas.
Adjusted operating profit of £4.6m during the period was driven by limited transaction activity as a result of difficult market conditions. Property recognised a fair value gain of £3.8m within other income related to two sites that are held as investment properties.
As previously stated, the Group has focused on the controlled expansion of the Property business through select investments and strategic joint ventures using a disciplined capital approach. We had previously limited the amount of capital employed in our Property segment to £170m, excluding third party debt and fair value gains.
However, the property market is showing tentative signs of recovery and the Group is currently seeing many attractive investment opportunities. As at 31 December 2023, the capital employed in the Property segment was £163m excluding third party debt and fair value gains. Due to the Group's increased operating cash flows, the benefit of building out projects such as 19 Cornwall Street in Birmingham and market conditions, we have reviewed the capital employed in our Property segment and increased the range to between £160m and £225m (previously £140m to £170m).
The Property division targets a return on capital employed of 15%. Property transactions also provide a source of capital for the future as the cash is recycled.
Sector empresarial
Seis meses hasta el 31 de diciembre de 2023 | Seis meses hasta el 31 de diciembre de 2022 | Cambios
| |
|
| ||
Pérdida operativa ajustada (millones de libras esterlinas) 9 | (17.1) | (14.1) | (21)% |
Pérdida operativa declarada (millones de libras esterlinas) | (18.0) | (13.7) | (31)% |
|
9 Stated before adjusting items of £(0.9)m (HY23: £0.4m)
The Corporate segment comprises the costs of the Group's central functions which have increased over the prior period due to investment in people and culture to support the Group's growth.
Financial Review,en
Introducción
The Group performed well through the first half of the year with further improvement in the order book, which has been converted into strong revenue and profit growth in both Construction and Infrastructure Services. The Group's focus on operational delivery and cash management has seen the Group continue to deleverage materially with average month-end net debt improving significantly. In February 2024, the Group completed a refinancing of its principal debt facilities and has secured significant committed funding to support its medium-term value creation plan. Given the strong operational and financial performance, together with continued confidence over further progress in the future, the Board is pleased to reinstate dividends.
The Group delivered strong volume growth of 23% giving total Group revenues of £1,882.9m (HY23: £1,536.6m, FY23: £3,405.4m) and which helped deliver an adjusted operating profit of £64.7m (HY23: £57.2m, FY23: £131.5m).
The continued strong operational performance led to a 15% increase in profit from operations to £44.1m (HY23: £38.3m, FY23: £81.5m) and an increase in profit before tax to £27.0m (HY23: £25.4m, FY23: £51.9m).
Adjusting items were £22.0m (HY23: £20.4m, FY23: £52.9m). The current period charge includes £11.1m of amortisation of intangible contract rights and £7.2m of fire and cladding compliance costs. As expected, the Group's restructuring activities are now complete and no further restructuring costs have been incurred in adjusting items in the period.
Net finance charges, excluding adjusting items, for the period were £15.7m (HY23: £11.4m, FY23: £26.7m), with the benefit of lower average month-end net debt offset by higher interest rates through the period. Net finance charges are expected to increase with the completion of the Group's refinancing in February 2024. Interest on the RCF facility remains at SONIA plus c.2.5%, whilst the USPP notes incur fixed interest at c.5%.
Adjusted earnings per share increased to 8.7p (HY23: 8.5p, FY23: 19.2p).
The Group experienced a free cash outflow of £7.9m during the period, significantly improved from the prior period (HY23: £87.8m outflow, FY23: £132.3m inflow) driven by continued disciplined working capital management and assisted by volume growth, particularly in Construction. Although there was an expected H1 working capital outflow, this was significantly reduced compared with the prior period. The prior period free cash outflow included the repayment of the supply chain facility ("KEPS") of £49.8m.
Out of its free cashflow, the Group paid for the Buckingham acquisition, adjusting items, and pension deficit obligations. Net cash at 31 December 2023 of £17.0m was significantly improved compared to the prior period (HY23: £(130.6)m, FY23: £64.1m).
Average month-end net debt for the period ended 31 December 2023 was £(136.5)m (HY23: £(242.7)m, FY23 £(232.1)m), reduced significantly from the prior period and the prior year end.
The Group continued to win new, high quality and profitable work in its markets on terms and rates which reflect the Group's bidding discipline and risk management.
The order book has increased to £10.7bn, a 6% increase since the year-end (HY23: £10.1bn, FY23: £10.1bn). 97% of revenue for FY24 is already secured which provides certainty for the full year.
Resumen de desempeño financiero
| Equilibrado10 dE TRATAMIENTOS | Resultados notificados por ley | ||||
31 DIC 2023 | 31 DIC 2022 | Cambios % | 31 DIC 2023 | 31 DIC 2022 | Cambios % | |
Ingresos (millones de libras esterlinas) - Total | 1,882.9 | 1,536.6 | 22.5 | 1,882.9 | 1,536.6 | 22.5 |
Ingresos (millones de libras esterlinas): excluidas las empresas conjuntas | 1,862.1 | 1,525.8 | 22.0 | 1,862.1 | 1,525.8 | 22.0 |
Beneficio de operaciones (£ m) | 64.7 | 57.2 | 13.1 | 44.1 | 38.3 | 15.1 |
Beneficio antes de impuestos (£ m) | 49.0 | 45.8 | 7.0 | 27.0 | 25.4 | 6.3 |
Beneficio por acción (p) | 8.7 | 8.5 | 2.4 | 4.6 | 4.7 | (2.1) |
Flujo de caja libre (£ m) | (7.9) | (87.8) | 91.0 |
|
| |
Net cash / (debt) (£m) | 17.0 | (130.6) | 113.0 |
| ||
Deuda neta (£m) - cierre de mes medio | (136.5) | (242.7) | 43.8 |
| ||
Libro de pedidos (miles de millones de libras esterlinas) | 10.7 | 10.1 | 5.9 |
|
10 La referencia a 'Ajustado' excluye elementos de ajuste, consulte la nota 3.
Ingresos
The following table bridges the Group's revenue from the period ended 31 December 2022 to the period ended 31 December 2023.
£ m | |
Revenue for the period ended 31 December 2022 | 1,536.6 |
Servicios de infraestructura | 128.8 |
Construcción | 206.4 |
Propiedad y Corporativo | 11.1 |
Revenue for the period ended 31 December 2023 | 1,882.9 |
The Group grew revenue across all segments, with Construction reporting revenue growth of 29.1% compared to the prior period and Infrastructure Services reporting revenue growth of 15.8% for the same period.
On 4 September 2023, the Group acquired substantially all of the rail assets of Buckingham Group Contracting Limited from administration. The acquisition has been successfully integrated into the Group's Transportation business, within Infrastructure Services.
The Group continues to focus on delivering high quality and high margin work.
Medidas de desempeño alternativas ("APM")
Los Administradores continúan considerando oportuno presentar una cuenta de resultados que muestre únicamente los resultados estatutarios del Grupo.
The Directors, however, still believe it is appropriate to disclose those items which are one-off, material or non-recurring in size or nature. The Group is disclosing as supplementary information an "adjusted profit" APM. The Directors consider doing so clarifies the presentation of the financial statements and better reflects the internal management reporting and is therefore consistent with the requirements of IFRS 8.
Beneficio operativo ajustado
£ m | |
Adjusted operating profit for the period ended 31 December 2022 | 57.2 |
Cambios de volumen / precio / mezcla | 6.1 |
Acciones de manejo | 5.4 |
Inflación de costos | (4.0) |
Adjusted operating profit for the period ended 31 December 2023 | 64.7 |
A reconciliación of reported to adjusted operating profit is provided below:
Beneficio operativo | Beneficio antes de impuestos | |||
31 DIC 2023 | 31 DIC 2022 £ m | 31 DIC 2023 | 31 DIC 2022 £ m | |
Beneficio declarado | 44.1 | 38.3 | 27.0 | 25.4 |
Amortización de activos intangibles adquiridos | 11.1 | 9.8 | 11.1 | 9.8 |
Fire and cladding compliance costs | 7.2 | 4.0 | 7.2 | 4.0 |
Legacy legal claims | 1.1 | 1.5 | 1.1 | 1.5 |
Costos financieros netos | - | - | 1.4 | 1.5 |
Despidos y otros costes relacionados con las personas | - | 1.7 | - | 1.7 |
Professional fees and other non-people initiatives | - | 0.3 | - | 0.3 |
Otro | 1.2 | 1.6 | 1.2 | 1.6 |
Beneficio ajustado | 64.7 | 57.2 | 49.0 | 45.8 |
La información adicional sobre estos elementos es la siguiente:
· Amortisation of acquired intangible assets £11.1m (HY23: £9.8m):
Comprises the amortisation of acquired contract rights primarily through the acquisitions of MRBL Limited (Mouchel Group), May Gurney Integrated Services plc, McNicholas Construction Holdings Limited and the Buckingham Group. The increase compared to prior period is due to the acquisition of the rail assets of the Buckingham Group during the period.
· Fire and cladding compliance costs £7.2m (HY23: £4.0m):
The Group continues to review all of its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings.
The charge incurred in the period is for those projects where the Group has confirmed liability and has a reasonable estimate of the cost to rectify the issues identified.
· Legacy legal claims £1.1m (HY23: £1.5m) and Other £1.2m (HY23: £1.6m):
Legacy legal claims in the period relate to the disposal of Kier Living in May 2021. Included within other are legal fees and implementation costs in respect of the Buckingham acquisition, along with costs associated with the down-sizing of the International business. These were offset by fair value movements and associated costs relating to vacated leased properties.
Ganancias por acción
Earnings per share ("EPS"), before adjusting items, amounted to 8.7p (HY23: 8.5p, FY23: 19.2p). EPS, after adjusting items, from continuing operations amounted to 4.6p (HY23: 4.7p, FY23: 9.5p).
Ingresos y gastos financieros
The Group's finance charges include interest on the Group's bank borrowings and finance charges relating to leases recorded under IFRS 16.
Net finance charges for the period were £15.7m (HY23: £11.4m, FY23: £26.7m) before adjusting items of £1.4m (HY23: £1.5m, FY23: £2.9m).
Interest on bank borrowings amounted to £14.7m (HY23: £11.9m, FY23: £29.0m). Although average month-end net debt has decreased, the impact of this on the interest charge has been more than offset by the higher interest rates throughout the period. The Group was able to partially mitigate the risk of higher interest rates with a fixed interest rate swap of £100m, which expired in September 2023, and an additional 3 year fixed interest rate swap of £100m, taken out in February 2023, which reduces to £75m in its second year and £50m in its third year.
Lease interest was £4.8m (HY23: £4.7m, FY23: £9.5m).
The Group had a net interest credit of £2.8m (HY23: £3.8m, FY23: £7.8m) in relation to the defined benefit pension schemes which has arisen due to the combination of the overall pension surplus and relatively high discount rate (derived from corporate bond yields), at the start of the financial year.
El Grupo continúa excluyendo los pasivos por arrendamiento de su definición de efectivo/(deuda) neto.
Dividendo
The Board recognises the importance of a sustainable dividend policy to shareholders. Given the strong operational and financial performance in FY23 and throughout HY24, together with continued confidence over further progress in the short-term, the Board believes that now is the appropriate time to reinstate dividends.
Over time, the Board's target is to progress to deliver a dividend, covered c.3x by adjusted earnings and in a payment ratio of approximately one-third interim dividend and two thirds final dividend.
As a result, the Board has declared an interim dividend of 1.67p per share.
Hoja de balance
Activos netos
El Grupo tenía activos netos de £ 517.1 millones al 31 de diciembre de 2023 (HY23: £ 482.6 millones, FY23: £ 513.0 millones).
Goodwill
The Group held intangible assets of £645.5m (HY23: £655.3m, FY23: £645.0m) of which goodwill represented £540.9m (HY23: £536.7m, FY23: £536.7m). The increase in goodwill in the period is due to the Buckingham acquisition. No impairment triggers were identified in the period.
Activos por impuestos diferidos
The Group has a deferred tax asset of £128.6m recognised at 31 December 2023 (HY23: £133.7m, FY23: £128.8m) primarily due to historical losses.
En base a las previsiones del Grupo, se espera que el activo por impuestos diferidos se utilice durante un período de aproximadamente 10 años.
An adjusted tax credit of £4.1m (HY23: £3.9m, FY23: £9.1m) has been included within adjusting items, representing the tax impact of adjusting items.
Activos por derecho de uso y pasivos por arrendamiento
At 31 December 2023, the Group had right-of-use assets of £94.8m (HY23: £122.0m, FY23: £105.4m) and associated lease liabilities of £173.9m (HY23: £197.9m, FY23: £182.6m). The movements at each balance sheet date, reflect operational equipment requirements less associated depreciation and lease repayments.
Propiedades de inversión
As at 31 December 2023, the Group had investment properties of £102.2m (HY23: £89.3m, FY23: £98.4m). The Group has long-term leases on two office buildings which were formerly utilised by the Group that have been vacated and are now leased out (or intended to be leased out) to third parties under operating leases, as well as two freehold properties no longer used by the business that are being held for capital appreciation. These are all held as investment properties.
In addition, the Group's Property business invests and develops primarily mixed-use commercial and residential schemes and sites across the UK. Two of these sites are held as investment properties and during the period the Group recognised an overall fair value gain of £3.8m across these sites which has been recognised in Other income.
Activos y pasivos contractuales
Contract assets represents the Group's right to consideration in exchange for works which have already been performed. Similarly, a contract liability is recognised when a customer pays consideration before work is performed. At 31 December 2023, total contract assets amounted to £323.1m (HY23: £336.5m, FY23: £401.9m).
Contract liabilities were £119.2m (HY23: £73.3m, FY23: £90.5m).
Obligación de beneficios de jubilación
Kier operates a number of defined benefit pension schemes. At 31 December 2023, the reported surplus, which is the difference between the aggregate value of the schemes' assets and the present value of their future liabilities, was £96.4m (HY23: £91.1m, FY23: £104.5m), before accounting for deferred tax, with the movement in the period primarily as a result of actuarial losses of £15.1m (HY23: £112.4m losses, FY23: £107.8m losses). The net movement is due to changes in financial assumptions, with lower corporate bond yields, increasing pension schemes' liabilities, which has been partially offset by both higher than assumed asset returns and a change in demographic assumptions, which has led to a decrease in the schemes' liabilities.
In FY23, the Group agreed the triennial valuation for funding six of its seven defined benefit pension schemes. Given the Group's improved covenant and payments made under the existing schedule of contributions, the schemes are in a significantly improved position. Accordingly, deficit payments will decrease from £10m in FY23 to £9m in FY24, £8m in FY25, £5m in FY26, £4m in FY27 and £1m in FY28. Once the pension schemes are in actuarial surplus, they will cover their own administration expenses. In FY23, expenses amounted to £2.9m. The largest of the six schemes is already in surplus.
Flujo de caja libre y Deuda neta
31 DIC 2023 | 31 DIC 2022 | |
£ m | £ m | |
Beneficio operativo | 44.1 | 38.3 |
Depreciación de los activos propios | 3.5 | 2.7 |
Depreciación de activos por derecho de uso | 18.7 | 21.8 |
Amortización | 16.4 | 19.0 |
anual | 82.7 | 81.8 |
Elementos de ajuste que excluyen la amortización y el interés de ajuste | 9.5 | 9.1 |
EBITDA ajustado | 92.2 | 90.9 |
Salida de capital de trabajo | (46.4) | (78.7) |
Gastos de capital netos, incluidos los pagos de capital por arrendamiento financiero | (26.3) | (27.1) |
Dividendos de empresas conjuntas menos ganancias | (5.9) | (2.2) |
Reembolso de KEPS | - | (49.8) |
Otras partidas de flujo de efectivo libre | (1.2) | (2.9) |
Flujo de caja libre operativo | 12.4 | (69.8) |
Intereses e impuestos netos | (20.3) | (18.0) |
Flujo de caja libre | (7.9) | (87.8) |
2023 | 2022 | |
£ m | £ m | |
Net cash at 1 July | 64.1 | 2.9 |
Flujo de caja libre | (7.9) | (87.8) |
Ajustar elementos | (16.1) | (22.7) |
Pagos y cuotas del déficit de pensiones | (5.0) | (6.6) |
Net purchase of own shares | (3.7) | (11.9) |
Acquisition of Buckingham | (9.4) | - |
Otro | (5.0) | (4.5) |
Net cash / (debt) at 31 December | 17.0 | (130.6) |
As expected, the Group experienced a free cash outflow during the period driven by a seasonal working capital outflow, however, this was significantly reduced compared to the prior period assisted by volume growth, particularly in Construction. Working capital is seasonal in the business with summer being a higher period of activity compared to winter months. As a result of the improved free cash flow performance, the Group delivered a net cash position at 31 December 2023 with the Group anticipating this improvement to continue through into H2.
The average month-end net debt position is better than the comparative period at £(136.5)m, (HY23: £(242.7)m, FY23: £(232.1)m). The business generated operating profit and positive working capital which was used to pay adjusting items, tax and interest, pension deficit obligations, invest in our Property business, purchase existing Kier shares on behalf of employees and acquire the rail assets of the Buckingham Group.
The purchase of existing shares relates to the Group's employee benefit trusts which acquire Kier shares from the market for use in settling the Long Term Incentive Plan ("LTIP") share schemes when they vest. The trusts purchased and sold shares at a net cost of £3.7m (HY23: £11.9m, FY23: £11.9m).
Políticas de contabilidad
The Group's annual consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006. There have been no significant changes to the Group's accounting policies during the period.
Facilidades de tesorería
Financiamiento bancario
At 31 December 2023, the Group had committed debt facilities of £548.2m with a further £18.0m of uncommitted overdrafts as at 31 December 2023.
The facilities comprised £475.0m RCF, £73.2m USPP Notes as well as £18.0m of overdrafts.
The Group has a fixed interest rate swap through to February 2026, initially contracted at £100m but which in February 2024 reduced to £75m in its second year, and will reduce further to £50m in its third year.
In February 2024 the Group completed a refinancing of its principal debt facilities. This included the issuance of a 5 Year £250m Senior Notes, maturing February 2029 and an extension of its RCF, with a committed facility of £150m from January 2025 to March 2027.
The proceeds of the Senior Notes were used to reduce the USPP notes by £36m and lower the RCF to £261m. The remainder of its USPP notes and reduction in the RCF of £111m in January 2025 will be met from operating free cash flow.
With £400m of facilities, post January 2025, the Group has secured significant committed funding to support its medium-term value creation plan.
Instrumentos financieros
The Group's financial instruments mainly comprise cash and liquid investments. The Group selectively enters into derivative transactions (interest rate and currency swaps) to manage interest rate and currency risks arising from its sources of finance. The US dollar denominated USPP notes were hedged with fixed cross-currency swaps at inception to mitigate the foreign exchange risk. One non-recourse, project specific, property joint venture loan is hedged using an interest rate derivative to fix the cost of borrowing.
Existen riesgos menores de tipo de cambio derivados de las operaciones del Grupo tanto en el Reino Unido como a través de su número limitado de actividades internacionales. La exposición cambiaria a los activos internacionales se cubre mediante saldos y endeudamiento intercompañía, de modo que los activos denominados en moneda extranjera se correspondan, en la medida de lo posible, con los pasivos. Cuando se identifican exposiciones a fluctuaciones cambiarias, se completan contratos de divisas a plazo para comprar y vender moneda extranjera.
El Grupo no realiza transacciones especulativas.
Preocupación continua
Los Administradores están satisfechos de que el Grupo dispone de los recursos adecuados para hacer frente a sus obligaciones a medida que vencen durante un periodo de al menos doce meses desde la fecha de aprobación de estas cuentas anuales y, por este motivo, continúan adoptando el principio de empresa en funcionamiento en la preparación de las mismas. estos estados financieros.
Further information on this assessment is detailed in note 1 of the condensed consolidated financial statements.
Declaración de responsabilidades de los directores
The Directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting', and the Disclosure Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the consolidated financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
· transacciones importantes con partes relacionadas en los primeros seis meses y cualquier cambio significativo en las transacciones con partes relacionadas descritas en el último informe anual.
The directors of Kier Group plc are as listed on pages 94 and 95 of the 2023 Annual Report and Accounts, with the exception of the following change: Mohammed Saddiq joined the Board as a Non-executive Director on 1 January 2024.
A list of the current directors is also maintained on Kier Group plc's website at: www.kier.co.uk.
Firmado el 6 de marzo de 2024 en nombre de la Junta.
andres davies | Simón Kesterton |
Director | Director Financiero |
Informe de revisión independiente a Kier Group plc
Informe sobre los estados financieros intermedios consolidados condensados
Nuestra conclusión
We have reviewed Kier Group plc's condensed consolidated interim financial statements (the "interim financial statements") in the unaudited results for the half year of Kier Group plc for the 6 month period ended 31 December 2023 (the "period").
Con base en nuestra revisión, nada ha llegado a nuestra atención que nos haga creer que los estados financieros intermedios no están preparados, en todos los aspectos materiales, de acuerdo con la Norma Internacional de Contabilidad 34 adoptada por el Reino Unido, 'Información financiera intermedia' y la Guía de divulgación y Libro de consulta de las Reglas de transparencia de la Financial Conduct Authority del Reino Unido.
Los estados financieros intermedios comprenden:
· the Condensed consolidated balance sheet as at 31 December 2023;
· el estado de resultados condensado consolidado y el estado de resultado integral condensado consolidado para el período que terminó en esa fecha;
· el Estado de flujos de efectivo resumido consolidado por el período terminado en esa fecha;
· el estado de cambios en el patrimonio neto condensado consolidado para el período que terminó en esa fecha; y
· las notas explicativas de los estados financieros intermedios.
The interim financial statements included in the unaudited results for the half year of Kier Group plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
Base para la conclusión
Realizamos nuestra revisión de acuerdo con la Norma Internacional sobre Compromisos de Revisión (Reino Unido) 2410, 'Revisión de Información Financiera Intermedia realizada por el Auditor Independiente de la Entidad' emitida por el Consejo de Información Financiera para uso en el Reino Unido ("ISRE (UK) 2410"). Una revisión de la información financiera intermedia consiste en realizar consultas, principalmente a las personas responsables de los asuntos financieros y contables, y aplicar procedimientos analíticos y de revisión.
Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener la seguridad de que tendremos conocimiento de todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría.
We have read the other information contained in the unaudited results for the half year and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
Conclusiones relativas a la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Bases de la conclusión de este informe, nada ha llegado a nuestra atención que sugiera que los directores hayan adoptado de manera inapropiada la base contable de negocio en marcha o que los directores han identificado incertidumbres materiales relacionadas con la empresa en funcionamiento que no se revelan adecuadamente. Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (UK) 2410. Sin embargo, eventos o condiciones futuras pueden causar que el grupo deje de continuar como un negocio en marcha.
Responsabilidades por los estados financieros intermedios y la revisión
Nuestras responsabilidades y las de los directores
The unaudited results for the half year, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the unaudited results for the half year in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the unaudited results for the half year, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial statements in the unaudited results for the half year based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Contadores Públicos
Londres
6 de marzo de 2024
Estados financieros.
Cuenta de pérdidas y ganancias condensada consolidada
Por los seis meses terminados el 31 de diciembre de 2023
Note | Sin auditar seis meses al 31 de diciembre de 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta 30 junio 2023 | |
Operaciones continuas | ||||
Ingresos | ||||
Grupo y participación de empresas conjuntas1 | 2 | 1,882.9 | 1,536.6 | 3,405.4 |
Menos participación en empresas conjuntas | 2 | (20.8) | (10.8) | (24.7) |
Ingresos del grupo | 1,862.1 | 1,525.8 | 3,380.7 | |
El costo de ventas | (1,715.1) | (1,395.2) | (3,074.4) | |
Beneficio bruto | 147.0 | 130.6 | 306.3 | |
Gastos administrativos | (112.6) | (101.5) | (240.0) | |
Share of post-tax profits of joint ventures | 5.9 | 3.2 | 1.1 | |
Otros ingresos | 4 | 3.8 | 6.0 | 14.1 |
Beneficio de operaciones | 2 | 44.1 | 38.3 | 81.5 |
Ingresos financieros | 5 | 4.0 | 0.6 | 9.4 |
Costos financieros | 5 | (21.1) | (13.5) | (39.0) |
Beneficio antes de impuestos | 2 | 27.0 | 25.4 | 51.9 |
Taxation | 7 | (7.4) | (5.0) | (10.9) |
Beneficio del período | 2 | 19.6 | 20.4 | 41.0 |
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Atribuible a: |
| |||
Propietarios del padre | 19.6 | 20.5 | 41.1 | |
Participaciones no controladoras | - | (0.1) | (0.1) | |
19.6 | 20.4 | 41.0 | ||
| ||||
Utilidad por acción de operaciones continuas |
| |||
- Basic | 9 | 4.6p | 4.7p | 9.5p |
- Diluido | 9 | 4.4p | 4.7p | 9.3p |
| ||||
Información complementaria de operaciones continuadas |
| |||
Equilibrado2 beneficio operativo | 3 | 64.7 | 57.2 | 131.5 |
Equilibrado2 beneficio antes de impuestos | 3 | 49.0 | 45.8 | 104.8 |
Equilibrado2 Earning Per Share (Ganancias Por Acción) | 9 | 8.7p | 8.5p | 19.2p |
Equilibrado2 ganancias diluidas por acción | 9 | 8.5p | 8.5p | 18.8p |
1 Los ingresos del grupo, incluidas las empresas conjuntas, son una medida de rendimiento alternativa.
2 La referencia a 'ajustado' excluye elementos de ajuste, consulte la nota 3. Estas son medidas alternativas de desempeño.
Estados financieros.
Estado de resultados integrales condensado consolidado
Por los seis meses terminados el 31 de diciembre de 2023
Note | Sin auditar seis meses al 31 de diciembre de 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta 30 junio 2023 | |
Beneficio del período | 19.6 | 20.4 | 41.0 | |
Partidas que pueden reclasificarse posteriormente a la cuenta de resultados |
| |||
Movimientos del valor razonable de los instrumentos de cobertura de flujos de efectivo | (3.1) | 0.7 | 2.1 | |
Movimientos del valor razonable de los instrumentos de cobertura de flujos de efectivo reciclados a la cuenta de resultados | 5 | 0.1 | (0.9) | 1.2 |
Impuesto diferido sobre los movimientos del valor razonable de los instrumentos de cobertura de flujos de efectivo | 0.8 | - | (0.8) | |
Diferencias de conversión de moneda extranjera | - | 1.2 | 0.3 | |
Movimientos de divisas reciclados a la cuenta de resultados | (2.8) | - | - | |
Total de partidas que pueden reclasificarse posteriormente a la cuenta de resultados | (5.0) | 1.0 | 2.8 | |
Partidas que no se reclasificarán a la cuenta de resultados |
| |||
Nueva medición de activos y obligaciones de beneficios de jubilación | 6 | (15.1) | (112.4) | (107.8) |
Impuesto diferido sobre la nueva medición de los activos y obligaciones por beneficios de jubilación | 3.8 | 28.1 | 26.5 | |
Total de partidas que no se reclasificarán a la cuenta de resultados | (11.3) | (84.3) | (81.3) | |
Otra pérdida integral del período | (16.3) | (83.3) | (78.5) | |
Total utilidad / (pérdida) integral del período | 3.3 | (62.9) | (37.5) | |
| ||||
Atribuible a: |
| |||
Accionistas de la matriz | 3.3 | (62.8) | (37.4) | |
Participaciones no controladoras - operaciones continuas | - | (0.1) | (0.1) | |
3.3 | (62.9) | (37.5) | ||
|
Estados financieros.
Estado de cambios en el patrimonio neto condensado consolidado
Por los seis meses terminados el 31 de diciembre de 2023
Note | Capital social | Compartir | Capital | (Perdidas acumuladas)/ ganancias retenidas | Flujo de fondos | Traducción | Fusión | Patrimonio atribuible a los propietarios de | No- | Total | |
1 Julio 2022 | 4.5 | 684.3 | 2.7 | (494.9) | (0.9) | 8.9 | 350.6 | 555.2 | (0.6) | 554.6 | |
Beneficio / (pérdida) del período | - | - | - | 20.5 | - | - | - | 20.5 | (0.1) | 20.4 | |
Otro resultado integral / (pérdida) | - | - | - | (84.3) | (0.2) | 1.2 | - | (83.3) | - | (83.3) | |
Total utilidad / (pérdida) integral del período | - | - | - | (63.8) | (0.2) | 1.2 | - | (62.8) | (0.1) | (62.9) | |
Transacciones con participaciones no controladoras | - | - | - | (0.9) | - | - | - | (0.9) | - | (0.9) | |
Emisión de acciones propias | - | - | - | - | - | - | - | - | 0.3 | 0.3 | |
Pagos basados en acciones | 16 | - | - | - | 3.4 | - | - | - | 3.4 | - | 3.4 |
Compra de acciones propias | 16 | - | - | - | (11.9) | - | - | - | (11.9) | - | (11.9) |
Al 31 de diciembre de 2022 | 4.5 | 684.3 | 2.7 | (568.1) | (1.1) | 10.1 | 350.6 | 483.0 | (0.4) | 482.6 | |
Beneficio del período | - | - | - | 20.6 | - | - | - | 20.6 | - | 20.6 | |
Otro resultado integral / (pérdida) | - | - | - | 3.0 | 2.7 | (0.9) | - | 4.8 | - | 4.8 | |
Total utilidad / (pérdida) integral del período | - | - | - | 23.6 | 2.7 | (0.9) | - | 25.4 | - | 25.4 | |
Pagos basados en acciones | 16 | - | - | - | 5.0 | - | - | - | 5.0 | - | 5.0 |
Al 30 de junio de 2023 | 4.5 | 684.3 | 2.7 | (539.5) | 1.6 | 9.2 | 350.6 | 513.4 | (0.4) | 513.0 | |
Beneficio del período | - | - | - | 19.6 | - | - | - | 19.6 | - | 19.6 | |
Otra pérdida integral | - | - | - | (11.3) | (2.2) | (2.8) | - | (16.3) | - | (16.3) | |
Total utilidad / (pérdida) integral del período | - | - | - | 8.3 | (2.2) | (2.8) | - | 3.3 | - | 3.3 | |
Emisión de acciones propias | - | 0.1 | - | - | - | - | - | 0.1 | - | 0.1 | |
Reducción de capital | 15 | - | (684.4) | (2.7) | 687.1 | - | - | - | - | - | - |
Pagos basados en acciones | 16 | - | - | - | 4.4 | - | - | - | 4.4 | - | 4.4 |
Compra de acciones propias | 16 | - | - | - | (3.7) | - | - | - | (3.7) | - | (3.7) |
Al 31 de diciembre de 2023 | 4.5 | - | - | 156.6 | (0.6) | 6.4 | 350.6 | 517.5 | (0.4) | 517.1 |
Los números en la tabla anterior se muestran netos de impuestos según corresponda.
Estados financieros.
Balance de situación consolidado condensado
Al 31 de diciembre de 2023
Note | Sin auditar 31 de diciembre 2023 £ m | Sin auditar 31 de diciembre 2022 | 30 junio 2023 | |
Activos no corrientes | ||||
Activos intangibles | 11 | 645.5 | 655.3 | 645.0 |
Propiedad, planta y equipo. | 29.6 | 32.2 | 29.8 | |
Activos por derecho de uso | 94.8 | 122.0 | 105.4 | |
Propiedades de inversión | 12 | 102.2 | 89.3 | 98.4 |
Inversiones y préstamos a empresas conjuntas | 89.4 | 66.7 | 78.6 | |
Costos de movilización capitalizados | 5.0 | 7.7 | 6.3 | |
Activos por impuestos diferidos | 7 | 128.6 | 133.7 | 128.8 |
Activos contractuales | 48.5 | 31.7 | 43.7 | |
Cuentas comerciales y otras cuentas por cobrar | 17.6 | 15.1 | 18.5 | |
Activos por prestaciones de jubilación | 6 | 125.0 | 116.8 | 129.3 |
Otros activos financieros | 0.4 | 8.1 | 9.7 | |
Activos no corrientes | 1,286.6 | 1,278.6 | 1,293.5 | |
Activos circulantes | ||||
Los inventarios | 74.2 | 77.2 | 72.9 | |
Activos contractuales | 274.6 | 304.8 | 358.2 | |
Cuentas comerciales y otras cuentas por cobrar | 216.1 | 206.5 | 189.2 | |
Impuesto sobre sociedades por cobrar | 23.9 | 14.8 | 13.4 | |
Otros activos financieros | 6.2 | 2.7 | 1.0 | |
Efectivo y equivalentes de efectivo | 13 | 327.3 | 316.7 | 376.9 |
Activos circulantes | 922.3 | 922.7 | 1,011.6 | |
los activos totales | 2,208.9 | 2,201.3 | 2,305.1 | |
Pasivo circulante | ||||
Préstamos | 13 | - | (7.9) | - |
Pasivos por arrendamiento | (35.3) | (39.7) | (36.2) | |
Comerciales y otras cuentas a pagar | 14 | (972.5) | (886.4) | (1,075.0) |
Pasivos contractuales | (119.2) | (73.3) | (90.5) | |
Provisiones | (29.7) | (18.8) | (38.2) | |
Pasivo circulante | (1,156.7) | (1,026.1) | (1,239.9) | |
Pasivos no corrientes | ||||
Préstamos | 13 | (316.5) | (448.5) | (319.1) |
Pasivos por arrendamiento | (138.6) | (158.2) | (146.4) | |
Comerciales y otras cuentas a pagar | 14 | (27.4) | (34.1) | (36.9) |
Obligaciones por beneficios de jubilación | 6 | (28.6) | (25.7) | (24.8) |
Provisiones | (24.0) | (26.1) | (25.0) | |
Pasivos no corrientes | (535.1) | (692.6) | (552.2) | |
Pasivos totales | (1,691.8) | (1,718.7) | (1,792.1) | |
Activos netos | 2 | 517.1 | 482.6 | 513.0 |
Equidad | ||||
Capital social | 15 | 4.5 | 4.5 | 4.5 |
Compartir premium | 15 | - | 684.3 | 684.3 |
Reserva de amortización de capital | 15 | - | 2.7 | 2.7 |
Ganancias retenidas / (pérdidas acumuladas) | 156.6 | (568.1) | (539.5) | |
Reserva de cobertura de flujo de efectivo | 15 | (0.6) | (1.1) | 1.6 |
Reserva de traducción | 15 | 6.4 | 10.1 | 9.2 |
Reserva de fusión | 350.6 | 350.6 | 350.6 | |
Patrimonio atribuible a los propietarios de la matriz | 517.5 | 483.0 | 513.4 | |
Participaciones no controladoras | (0.4) | (0.4) | (0.4) | |
Equidad total | 517.1 | 482.6 | 513.0 |
Estados financieros.
Estado de flujos de efectivo condensado consolidado
Por los seis meses terminados el 31 de diciembre de 2023
Note | Sin auditar seis meses al 31 de diciembre de 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta 30 junio 2023 | |
flujos de efectivo por actividades operacionales | ||||
Beneficio antes de impuestos | 27.0 | 25.4 | 51.9 | |
Costo financiero neto | 5 | 17.1 | 12.9 | 29.6 |
Participación en los resultados comerciales después de impuestos de las empresas conjuntas | (5.9) | (3.2) | (1.1) | |
Difference between pension funding contributions paid and the pension cost charge | 0.4 | - | 0.1 | |
Cargo por pagos basados en acciones liquidados con instrumentos de patrimonio | 16 | 4.4 | 3.4 | 8.4 |
Amortización de activos intangibles y costos de movilización | 16.4 | 19.0 | 33.9 | |
Cambio en el valor razonable de las propiedades de inversión | 12 | (3.8) | (6.0) | (11.4) |
Crédito para gastos de investigación y desarrollo | 7 | (11.9) | (9.5) | (22.8) |
Depreciación de propiedades, planta y equipo | 3.5 | 2.7 | 6.1 | |
Depreciación de activos por derecho de uso | 18.7 | 21.8 | 43.7 | |
Recycling of foreign exchange movements to the Income Statement | (2.8) | - | - | |
Utilidad por enajenación de propiedad, planta y equipo y activos intangibles | (0.6) | (0.1) | (1.8) | |
Entradas de efectivo operativas antes de movimientos en capital circulante y aportes al déficit de pensiones | 62.5 | 66.4 | 136.6 | |
Déficit de aportes a fondos de pensiones | 6 | (4.6) | (5.0) | (9.9) |
Incremento de inventarios | (1.3) | (20.4) | (18.8) | |
(Aumento) / disminución de cuentas por cobrar | (22.1) | (1.7) | 12.2 | |
Disminución / (aumento) de los activos del contrato | 78.8 | 61.0 | (4.4) | |
(Disminución) / aumento de las cuentas por pagar | (110.4) | (177.0) | 26.1 | |
Aumento de los pasivos contractuales | 28.7 | 6.0 | 23.2 | |
(Disminución) / aumento de provisiones | (12.7) | (3.1) | 15.2 | |
Entrada / (salida) de efectivo de las actividades operativas | 18.9 | (73.8) | 180.2 | |
Dividendos recibidos de negocios conjuntos | - | 0.7 | 1.8 | |
Interés recibido | 5 | 1.2 | 0.6 | 1.6 |
Impuesto a las ganancias pagado | (3.0) | - | (0.1) | |
Entradas / (salidas) netas de efectivo de las actividades operativas | 17.1 | (72.5) | 183.5 | |
Flujos de efectivo de actividades de inversión |
| |||
Ingresos por venta de propiedades, planta y equipo | 1.0 | 0.3 | 2.6 | |
Compra de propiedad, planta y equipo | (3.4) | (2.8) | (3.9) | |
Compra de activos intangibles | 11 | (4.4) | (0.3) | (2.7) |
Compra de costos de movilización capitalizados | (0.1) | (1.0) | (1.8) | |
Adquisición de deuda de empresa conjunta | - | (0.9) | (0.9) | |
Inversión en empresas conjuntas | (13.0) | (15.6) | (35.7) | |
Reembolso de préstamos y retorno de capital de empresas conjuntas | 8.1 | 12.1 | 17.1 | |
Adquisicion de negocios | 10 | (9.4) | - | - |
Efectivo neto utilizado en actividades de inversión | (21.2) | (8.2) | (25.3) | |
Flujos de efectivo de actividades de financiación |
| |||
Emisión de acciones | 0.1 | - | - | |
Emisión de acciones a la participación no controladora | - | 0.3 | 0.3 | |
Net purchase of own shares | (3.7) | (11.9) | (11.9) | |
Pago interesado | (19.6) | (18.0) | (39.5) | |
Elementos principales de los pagos por arrendamiento | (19.4) | (22.5) | (45.6) | |
Disposición de empréstitos | - | 180.2 | 56.8 | |
Reembolso de préstamos | (2.9) | (32.7) | (43.2) | |
Liquidación de instrumentos financieros derivados | - | 4.0 | 4.7 | |
Transacciones con participaciones no controladoras | - | (0.9) | (0.9) | |
Efectivo neto (utilizado en) / generado a partir de actividades de financiación | (45.5) | 98.5 | (79.3) | |
(Disminución) / aumento de efectivo y equivalentes de efectivo | (49.6) | 17.8 | 78.9 | |
Efecto de la variación de los tipos de cambio de divisas | - | 1.2 | 0.3 | |
Apertura de efectivo y equivalentes de efectivo | 376.9 | 297.7 | 297.7 | |
Cierre de efectivo y equivalentes de efectivo | 13 | 327.3 | 316.7 | 376.9 |
Información suplementaria |
| |||
Adjusted cash flow generated from/(used in) operating activities | 3 (b) | 35.0 | (51.1) | 207.2 |
Estados financieros.
Notas a los estados financieros condensados consolidados
Por el período terminado el 31 de diciembre de 2023
1 Políticas contables importantes
Entidad que informa
Kier Group plc (la Compañía) es una sociedad anónima que cotiza en la Bolsa de Valores de Londres y está constituida y domiciliada en el Reino Unido. El número de registro de la Compañía es 2708030. La dirección de su domicilio social es 2nd Piso, Optimum House, Clippers Quay, Salford, M50 3XP.
The interim condensed consolidated financial statements (financial statements) for the period ended 31 December 2023 comprise the Company and its subsidiaries (together referred to as the Group) and the Group's interest in jointly controlled entities.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
Base de preparación
The interim condensed consolidated financial statements for the half year ended 31 December 2023 have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
La información financiera no auditada contenida en este anuncio no constituye las cuentas estatutarias de la Compañía al y para los seis meses terminados el 31 de diciembre de 2023. Los estados financieros estatutarios para el año terminado el 30 de junio de 2023 fueron aprobados por el Consejo de Administración el 13 de septiembre de 2023 y entregados al Registro de Sociedades. El informe del auditor sobre estas cuentas no estaba calificado, no contenía un párrafo de énfasis de asunto y no contenía una declaración bajo la sección 498 de la Ley de Sociedades de 2006.
A number of new or amended standards became applicable for the current reporting period, including IFRS 17 'Insurance Contracts'. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.
Preocupación continua
Los Consejeros continúan adoptando el principio de negocio en marcha al preparar los estados financieros intermedios del Grupo.
The Group performed well through the half year ended 31 December 2023 and delivered strong volume and adjusted operating profit growth, with the associated cash generation leading to material deleveraging with an over £106m reduction in average month end debt in the period. The Group continues to win new, high quality and profitable business in its markets on terms and at rates which reflect the bidding disciplines and risk management practices introduced under the Group's Performance Excellence programme and which provides good, multi-year revenue visibility. At 31 December 2023, the order book was £10.7bn (FY23: £10.1bn).
As at 31 December 2023, the Group had £548.2m of unsecured committed facilities and £18.0m of uncommitted overdrafts. In February 2024, the Group completed a refinancing of its principal debt facilities. This included the issuance of 5 Year £250m Senior Notes maturing February 2029; and an extension of its RCF, with a committed facility of £150m to March 2027. With £400m of facilities, post January 2025, the Group has lowered its facilities and secured significant committed funding to support its medium-term value creation plan.
Se han elaborado certificados de convenio financiero para diciembre de 2023 sin que se hayan observado incumplimientos. Los Directores han revisado las previsiones de flujo de efectivo del Grupo para el período hasta el 30 de junio de 2025, que se incluyen en el plan estratégico de tres años del Grupo, sobre la base de ciertos supuestos clave e incluyen una serie de escenarios a la baja estresados pero plausibles.
Estos escenarios incluyeron la consideración de los riesgos que pueden surgir para la liquidez disponible del Grupo y su cumplimiento continuo de convenios financieros dentro de las principales líneas de crédito del Grupo como resultado de o a la luz de los siguientes factores o circunstancias:
· Potential reductions in trading volumes?
· Potential future challenges in respect of ongoing projects?
· Reduced investment/delays in Property transactions and cost of adoption of green legislation?
· Plausible changes in the interest rate environment? and
· La disponibilidad de acciones de mitigación que la administración podría tomar en tal escenario.
The Board also considered the macroeconomic and political risks affecting the UK economy. The Board noted that the Group's forecasts are underpinned by a significant proportion of revenue that is either secured or considered probable, often as part of long-term framework agreements, and that the Group operates primarily in sectors such as road, rail, water, energy, prisons, health and education, which are considered likely to remain largely unaffected by macroeconomic factors. Although inflationary pressures remain a risk, both in the supply chain and the labour market, this is partly mitigated by c.60% of contracts being target cost or cost plus.
The Board has also considered the potential impact of climate change and does not consider the Group's operations are at risk from physical climate-related risks such as hurricanes and temperature changes in the short-term. In the medium-term the Board has concluded that any adverse financial impacts from required changes to operations in line with ESG requirements will be offset by opportunities which present the Group with additional volumes and profits, such as construction of sustainable buildings, climate impact and water management, as well as nuclear infrastructure. As such, the longevity of the Group's business model means that climate change has no material adverse impact on going concern.
Habiendo revisado las previsiones de flujo de efectivo del Grupo, los Directores consideran que se espera que el Grupo continúe teniendo margen de liquidez disponible bajo sus líneas financieras y opere dentro de sus convenios financieros durante el período de empresa en funcionamiento, incluso en un escenario negativo severo pero plausible.
As a result, the Directors are satisfied that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of approving these interim financial statements and, for this reason, they continue to adopt the going concern basis in preparing these interim financial statements.
2 Informes segmentarios
El Grupo opera tres divisiones: Servicios de Infraestructuras, Construcción e Inmobiliario, que es la base sobre la que el Grupo gestiona y reporta su principal información segmentada. Corporativo incluye los gastos generales no recuperados y el cargo por planes de pensiones de beneficios definidos.
La información segmentada se basa en la información que se proporciona al Director Ejecutivo, junto con el Directorio, quien es el Responsable de la toma de decisiones operativas. Los segmentos son unidades comerciales estratégicas con administración separada y tienen diferentes clientes principales y ofrecen diferentes servicios.
Las políticas contables de los segmentos operativos son consistentes en todo el Grupo. El Grupo evalúa la información segmentada sobre la base del resultado de explotación antes de ajustar partidas (ver nota 3), intereses y gastos por impuestos. Los resultados por segmentos informados al Consejero Delegado incluyen elementos directamente atribuibles a un segmento, así como aquellos que pueden asignarse sobre una base razonable.
Seis meses no auditados hasta el 31 de diciembre de 2023
Operaciones continuas | Servicios de infraestructura | Construcción | Propiedades | Sector empresarial | Grupo procesos |
Ingresos1 |
|
|
|
| |
Grupo y participación de empresas conjuntas | 944.4 | 915.4 | 22.1 | 1.0 | 1,882.9 |
Menos participación en empresas conjuntas | - | (1.4) | (19.4) | - | (20.8) |
Ingresos del grupo | 944.4 | 914.0 | 2.7 | 1.0 | 1,862.1 |
|
|
|
| ||
Beneficio del período |
|
|
|
| |
Ganancia / (pérdida) operativa antes de ajustar elementos2 | 44.0 | 33.2 | 4.6 | (17.1) | 64.7 |
Ajustar elementos2 | (11.6) | (8.1) | - | (0.9) | (20.6) |
Beneficio / (pérdida) de operaciones | 32.4 | 25.1 | 4.6 | (18.0) | 44.1 |
Ingresos / (costos) financieros netos3 | 1.8 | 0.2 | (1.0) | (18.1) | (17.1) |
Beneficio / (pérdida) antes de impuestos | 34.2 | 25.3 | 3.6 | (36.1) | 27.0 |
Taxation |
|
|
|
| (7.4) |
Beneficio del período | 19.6 | ||||
|
|
|
| ||
Hoja de balance |
|
|
|
| |
Activos operativos4 | 900.7 | 407.8 | 206.5 | 359.9 | 1,874.9 |
Pasivos operativos4 | (419.2) | (712.6) | (14.5) | (228.9) | (1,375.2) |
Activos / (pasivos) operativos netos4 | 481.5 | (304.8) | 192.0 | 131.0 | 499.7 |
Efectivo, equivalentes de efectivo y empréstitos | 280.8 | 463.1 | (153.8) | (579.3) | 10.8 |
Activos financieros netos | - | - | - | 6.6 | 6.6 |
Activos / (pasivos) netos | 762.3 | 158.3 | 38.2 | (441.7) | 517.1 |
Seis meses no auditados hasta el 31 de diciembre de 2022
Operaciones continuas | Servicios de infraestructura | Construcción | Propiedades | Sector empresarial | Grupo procesos |
Ingresos1 |
|
|
|
| |
Grupo y participación de empresas conjuntas | 815.6 | 709.0 | 10.8 | 1.2 | 1,536.6 |
Menos participación en empresas conjuntas | - | (1.4) | (9.4) | - | (10.8) |
Ingresos del grupo | 815.6 | 707.6 | 1.4 | 1.2 | 1,525.8 |
Beneficio del período | |||||
Ganancia / (pérdida) operativa antes de ajustar elementos2 | 33.8 | 32.8 | 4.7 | (14.1) | 57.2 |
Ajustar elementos2 | (11.8) | (7.2) | (0.3) | 0.4 | (18.9) |
Beneficio / (pérdida) de operaciones | 22.0 | 25.6 | 4.4 | (13.7) | 38.3 |
Ingresos / (costos) financieros netos3 | 0.3 | (2.4) | (0.2) | (10.6) | (12.9) |
Beneficio / (pérdida) antes de impuestos | 22.3 | 23.2 | 4.2 | (24.3) | 25.4 |
Taxation | (5.0) | ||||
Beneficio del período | 20.4 | ||||
Hoja de balance | |||||
Activos operativos4 | 927.6 | 417.6 | 180.1 | 348.5 | 1,873.8 |
Pasivos operativos4 | (417.4) | (594.2) | (14.1) | (236.6) | (1,262.3) |
Activos / (pasivos) operativos netos4 | 510.2 | (176.6) | 166.0 | 111.9 | 611.5 |
Efectivo, equivalentes de efectivo y empréstitos | 267.8 | 342.5 | (133.4) | (616.6) | (139.7) |
Activos financieros netos | - | - | - | 10.8 | 10.8 |
Activos / (pasivos) netos | 778.0 | 165.9 | 32.6 | (493.9) | 482.6 |
Año hasta el 30 de junio de 2023
Operaciones continuas | Servicios de infraestructura | Construcción | Propiedades | Sector empresarial | Grupo procesos |
Ingresos1 | |||||
Grupo y participación de empresas conjuntas | 1,712.3 | 1,652.5 | 37.6 | 3.0 | 3,405.4 |
Menos participación en empresas conjuntas | - | (2.4) | (22.3) | - | (24.7) |
Ingresos del grupo | 1,712.3 | 1,650.1 | 15.3 | 3.0 | 3,380.7 |
Ganancias del año | |||||
Ganancia / (pérdida) operativa antes de ajustar elementos2 | 79.8 | 69.5 | 12.8 | (30.6) | 131.5 |
Ajustar elementos2 | (22.6) | (23.1) | 1.5 | (5.8) | (50.0) |
Beneficio / (pérdida) de operaciones | 57.2 | 46.4 | 14.3 | (36.4) | 81.5 |
Ingresos / (costos) financieros netos3 | 1.4 | (4.3) | (0.6) | (26.1) | (29.6) |
Beneficio / (pérdida) antes de impuestos | 58.6 | 42.1 | 13.7 | (62.5) | 51.9 |
Taxation | (10.9) | ||||
Ganancias del año | 41.0 | ||||
Hoja de balance | |||||
Activos operativos4 | 973.7 | 413.1 | 188.5 | 342.3 | 1,917.6 |
Pasivos operativos4 | (511.7) | (732.7) | (18.5) | (210.2) | (1,473.1) |
Activos / (pasivos) operativos netos4 | 462.0 | (319.6) | 170.0 | 132.1 | 444.5 |
Efectivo, equivalentes de efectivo y empréstitos | 456.6 | 594.5 | (134.1) | (859.2) | 57.8 |
Activos financieros netos | - | - | - | 10.7 | 10.7 |
Activos / (pasivos) netos | 918.6 | 274.9 | 35.9 | (716.4) | 513.0 |
1 Revenue is stated after the exclusion of inter-segmental revenue. 100% of the Group's revenue is derived from UK-based customers (31 December 2022: 90%; 30 June 2023: 100%). 16% of the Group's revenue was received from High Speed Two (HS2) Limited (31 December 2022: 16%; 30 June 2023: 15%). Group revenue including joint ventures is an alternative performance measure.
2 Consulte la nota 3 para conocer los elementos de ajuste.
3 Los intereses fueron (cobrados) / acreditados a las divisiones a una tasa teórica del 4.0%.
4 Los activos/(pasivos) operativos netos representan activos que excluyen efectivo, equivalentes de efectivo, sobregiros bancarios, préstamos, activos y pasivos financieros y préstamos entre empresas que devengan intereses.
3 Ajuste de elementos
Estos elementos se explican en detalle a continuación:
Beneficio operativo | Beneficio antes de impuestos | |||||
Sin auditar seis meses para 31 de diciembre 2023 | Seis meses no auditados hasta el 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2023 | Seis meses no auditados hasta el 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | |
Utilidad reportada de operaciones continuas | 44.1 | 38.3 | 81.5 | 27.0 | 25.4 | 51.9 |
Amortización de activos intangibles adquiridos1 | 11.1 | 9.8 | 19.2 | 11.1 | 9.8 | 19.2 |
Fire and cladding compliance costs2 | 7.2 | 4.0 | 12.6 | 7.2 | 4.0 | 12.6 |
Legacy legal claims3 | 1.1 | 1.5 | 1.5 | 1.1 | 1.5 | 1.5 |
Costos financieros netos4 | - | - | - | 1.4 | 1.5 | 2.9 |
Artículos relacionados con seguros | - | - | 5.3 | - | - | 5.3 |
Redundancia y otros costes relacionados con las personas | - | 1.7 | 4.8 | - | 1.7 | 4.8 |
Honorarios de asesores profesionales y otros costos incurridos en la implementación de iniciativas no personales | - | 0.3 | 4.9 | - | 0.3 | 4.9 |
Otro5 | 1.2 | 1.6 | 1.7 | 1.2 | 1.6 | 1.7 |
Beneficio ajustado de operaciones continuas | 64.7 | 57.2 | 131.5 | 49.0 | 45.8 | 104.8 |
1 Comprises the amortised contract rights relating to previous acquisitions of MRBL Limited (Mouchel Group), May Gurney Integrated Services plc and McNicholas Construction Holdings Limited, along with the amortisation of contract rights acquired as part of the Group's acquisition of the Buckingham Group rail business in HY24.
2 Fire and cladding compliance costs consist of costs incurred in complying with the updated fire and cladding compliance regulations on legacy projects.
3 Legacy legal claims related to the disposal of Kier Living in May 2021. The prior period charge of £1.5m relates to a HSE fine for historical safety issues.
4 Los costos financieros netos se relacionan con los cargos por intereses de la NIIF 16 sobre propiedades de inversión arrendadas anteriormente utilizadas como oficinas.
5 Other costs consist of charges in respect of the re-sizing of the International business and costs incurred on the acquisition of Buckingham Group's rail division.
(a) Impuestos
The tax impact of the above adjusting items was a credit of £4.1m (seis meses terminados el 31 de diciembre de 2022: £3.9m; year ended 30 June 2023: £9.1m). In addition, a credit of £2.0m was recognised in the year ended 30 June 2023 relating to the change in tax rate to 25%.
(b) Adjusted cash flow
Note | Sin auditar seis meses al 31 de diciembre 2023 | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | |
Reported cash inflow/(outflow) from operating activities | 18.9 | (73.8) | 180.2 | |
Más: Salida de efectivo de actividades operativas (elementos de ajuste) | 3 (c) | 16.1 | 22.7 | 27.0 |
Adjusted cash inflow/(outflow) from operating activities | 35.0 | (51.1) | 207.2 |
(c) Cash outflow from operating activities (adjusting items)
Sin auditar seis meses al 31 de diciembre de 2023 | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | ||
Elementos de ajuste informados en el estado de resultados | 22.0 | 20.4 | 52.9 | |
Less: non-cash items incurred in the period | (14.8) | (12.9) | (39.0) | |
Más: pago de provisiones y devengos de ejercicios anteriores | 8.9 | 15.2 | 13.1 | |
Salida de efectivo de las actividades operativas (elementos de ajuste) | 16.1 | 22.7 | 27.0 |
4 Otros ingresos
Sin auditar seis meses al 31 de diciembre de 2023 | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | |
Cobro del seguro de Planta de Reciclaje | - | - | 2.7 |
Ganancia de valor razonable en propiedades de inversión | 3.8 | 6.0 | 11.4 |
Otros ingresos | 3.8 | 6.0 | 14.1 |
5 Ingresos y costos financieros
Sin auditar seis meses al 31 de diciembre de 2023 | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | |
Ingresos financieros Depósitos bancarios |
1.2 |
0.1 | 0.5 |
Intereses por cobrar sobre préstamos a partes relacionadas | - | 0.5 | 1.1 |
Net interest on net defined benefit assets | 2.8 | - | 7.8 |
4.0 | 0.6 | 9.4 | |
Costos financieros | |||
interés bancario | (14.7) | (11.9) | (29.0) |
Intereses pagaderos por arrendamientos | (4.8) | (4.7) | (9.5) |
Ganancias/(pérdidas) cambiarias sobre préstamos denominados en moneda extranjera | 0.2 | (1.2) | 2.5 |
Fair value (losses)/gains on cash flow hedges recycled from other comprehensive income1 | (0.1) | 0.9 | (1.2) |
Net interest on net defined benefit assets | - | 3.8 | - |
Otro | (1.7) | (0.4) | (1.8) |
(21.1) | (13.5) | (39.0) | |
Costos financieros netos | (17.1) | (12.9) | (29.6) |
1 El valor razonable (pérdidas)/ganancias surgen de movimientos en swaps de divisas que cubren el riesgo cambiario de préstamos denominados en moneda extranjera.
6 Retirement benefit assets and obligations
Los principales supuestos utilizados por los actuarios independientes calificados se muestran a continuación.
Sin auditar 31 de diciembre 2023 | Sin auditar 31 de diciembre 2022 | 30 de junio de 2023 % | |
Tasa de descuento | 4.60 | 4.95 | 5.30 |
Tasa de inflación (índice de precios minoristas) | 3.05 | 3.10 | 3.20 |
Tasa de inflación (índice de precios al consumidor) | 2.20 - 2.65 | 2.60 | 2.30 - 2.75 |
Los importes reconocidos en los estados financieros de los planes de prestaciones definidas del Grupo son los siguientes:
Sin auditar seis meses para 31 diciembre 2023 | Sin auditar seis meses para 31 diciembre 2022 | Año hasta 30 junio 2023 | |||||||
Kier £ m | esquemas adquiridos | Total | Kier | esquemas adquiridos | Total | Kier | esquemas adquiridos | Total | |
Superávit/(déficit) neto inicial | 117.5 | (13.0) | 104.5 | 170.2 | 24.5 | 194.7 | 170.2 | 24.5 | 194.7 |
Crédito / (cargo) a la cuenta de resultados | 2.8 | (0.4) | 2.4 | 3.3 | 0.5 | 3.8 | 6.6 | 1.1 | 7.7 |
Contribuciones del empleador | - | 4.6 | 4.6 | 0.2 | 4.8 | 5.0 | 0.4 | 9.5 | 9.9 |
Pérdidas actuariales | (4.2) | (10.9) | (15.1) | (64.4) | (48.0) | (112.4) | (59.7) | (48.1) | (107.8) |
Superávit/(déficit) neto de cierre | 116.1 | (19.7) | 96.4 | 109.3 | (18.2) | 91.1 | 117.5 | (13.0) | 104.5 |
Que comprende: | |||||||||
Valor razonable de los activos del plan | 886.6 | 416.1 | 1,302.7 | 888.7 | 413.2 | 1,301.9 | 850.9 | 396.8 | 1,247.7 |
Valor presente neto de la obligación por beneficios definidos | (770.5) | (435.8) | (1,206.3) | (779.4) | (431.4) | (1,210.8) | (733.4) | (409.8) | (1,143.2) |
Superávit / (déficit) neto | 116.1 | (19.7) | 96.4 | 109.3 | (18.2) | 91.1 | 117.5 | (13.0) | 104.5 |
Presentación del superávit/(déficit) neto en el Balance de situación consolidado: | |||||||||
Activos por prestaciones de jubilación | 116.1 | 8.9 | 125.0 | 109.3 | 7.5 | 116.8 | 117.5 | 11.8 | 129.3 |
Obligaciones por beneficios de jubilación | - | (28.6) | (28.6) | - | (25.7) | (25.7) | - | (24.8) | (24.8) |
Superávit / (déficit) neto | 116.1 | (19.7) | 96.4 | 109.3 | (18.2) | 91.1 | 117.5 | (13.0) | 104.5 |
Pension scheme contingent liabilities
In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments made to the Virgin Media scheme were invalid because they were not accompanied by the correct actuarial confirmation. If upheld, the High Court's decision could have wider ranging implications, affecting other schemes that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. There is still further uncertainty with a Court of Appeal hearing for the case set for 25 June 2024, as well as the potential for overriding government legislation to be introduced. As a result, the Group and the Trustees of the Group's pension schemes have not yet investigated the potential implications for the Group's accounts in detail. The Group considers the amount of any potential impact on the schemes' defined benefit obligation cannot yet be measured with sufficient reliability and therefore no allowance for this case has been made in calculating the defined benefit obligations at the reporting date.
Impuestos 7
Sin auditar seis meses al 31 de diciembre de 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2022 | Año hasta el 30 de junio 2023 £ m | |
Beneficio antes de impuestos | 27.0 | 25.4 | 51.9 |
Less: (Loss)/profit from joint venture companies | 0.9 | (3.6) | (3.6) |
Profit before tax excluding income from joint ventures | 27.9 | 21.8 | 48.3 |
Impuesto corriente | (3.8) | (2.0) | (7.3) |
Impuesto diferido | (3.6) | (3.0) | (3.6) |
Cargo fiscal total en el estado de resultados | (7.4) | (5.0) | (10.9) |
Tasa efectiva de impuestos | 26.5% | 22.9% | 22.6% |
As at 31 December 2023, the Group had a deferred tax asset of £128.6m, which includes £107.3m in relation to tax losses (31 December 2022: £104.6m; 30 June 2023: £106.2m), and £21.3m of other temporary differences (31 December 2022: £29.1m; 30 June 2023: £22.6m).
At 31 December 2023, the Group had unused tax losses of £175.4m (six months ended 31 December 2022: £203.6m; year ended 30 June 2023; £187.7m). There were no other temporary differences (six months ended 31 December 2022: £nil; year ended 30 June 2023; £nil) on which deferred tax had not been recognised.
Al considerar la recuperabilidad de los activos por impuestos diferidos netos, los pronósticos de ganancias imponibles se basan en la misma información aprobada por la Junta que se utiliza para respaldar las evaluaciones de deterioro de negocio en marcha y crédito mercantil.
La siguiente evidencia se ha considerado al evaluar si estos pronósticos son alcanzables y realistas:
· The business traded in line with Board expectations so far in 2024;
· The Group has substantially completed its restructuring activities and is focusing on the achievement of the medium-term value creation plan; and
· Los negocios principales del Grupo están bien posicionados para beneficiarse de los planes de gasto anunciados y comprometidos del gobierno del Reino Unido para invertir en infraestructura, descarbonización y gasto.
When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that only 50% of taxable profits in each year can be offset by brought forward losses, after the annual £5m deductions allowance.
En base a estas previsiones, se espera que el Grupo utilice su activo por impuesto diferido durante un período de aproximadamente 10 años.
Income tax expense is recognised based on management's estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 30 June 2024 is 26.5%, compared to 22.9% for the six months ended 31 December 2022. The estimated average annual tax rate was higher largely due to the increase in UK corporation tax to 25% which was effective from 1 April 2023.
The Research and Development Expenditure Credit ("RDEC") of £11.9m was included in operating profit during the period (31 December 2022: £9.5m; 30 June 2023: £22.8m). Included in the corporation tax asset at 31 December 2023 were RDEC receivables of £23.9m (31 December 2022: £16.9m; 30 June 2023: £16.1m).
On 20 June 2023, Finance (No2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group applied the exception under the IAS12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes.
8 Dividendos
The proposed interim dividend for the year ending 30 June 2024 of 1.67p pence per share (2023: nil p) has not yet been paid and so has not been included as a liability in these financial statements. The dividend totalling approximately £7m will be paid on 31 May 2024 to shareholders on the register at the close of business on 19 April 2024.
9 Beneficio por acción
a) Reconciliation of earnings used in calculating earnings per share
Beneficio atribuible a los accionistas ordinarios de la sociedad utilizado en el cálculo del beneficio básico por acción.
Note | Sin auditar seis meses para 31 de diciembre 2023 £ m | Sin auditar seis meses al 31 de diciembre de 2022 £ m | Año hasta el 30 de junio 2023 £ m | |
Operaciones continuas |
|
| ||
Beneficio del período | 19.6 | 20.4 | 41.0 | |
Menos: participación de participación no controladora | - | 0.1 | 0.1 | |
Utilidad (después de impuestos e intereses minoritarios), siendo las ganancias netas atribuibles a los accionistas de la controladora (A) |
19.6 |
20.5 | 41.1 | |
Elementos de ajuste (excluyendo impuestos) | 3 | 22.0 | 20.4 | 52.9 |
Impacto fiscal de las partidas de ajuste | 3 | (4.1) | (3.9) | (11.1) |
Beneficio ajustado después de impuestos (B) | 37.5 | 37.0 | 82.9 |
b) Promedio ponderado del número de acciones utilizadas como denominador
Sin auditar seis meses al 31 de diciembre de 2023 millones | Sin auditar seis meses al 31 de diciembre de 2022 millones |
Año hasta el 30 de junio 2023 millones | ||
Número medio ponderado de acciones utilizadas como denominador para calcular el beneficio básico por acción (C) | 429.8 | 433.0 | 431.2 | |
Ajustes para el cálculo de las ganancias por acción diluidas: |
| |||
Impacto de las opciones sobre acciones | 11.5 | 4.2 | 10.3 | |
Número promedio ponderado de acciones utilizadas como denominador para calcular las ganancias por acción diluidas (D) | 441.3 | 437.2 | 441.5 |
El número promedio ponderado de acciones es menor que el número de acciones emitidas (según la nota 15), principalmente debido a las acciones que están en manos de los fideicomisos de beneficios a los empleados del Grupo (ver nota 16), que están excluidas del cálculo.
Options granted to employees under the Sharesave, Conditional Share Awards Plan ("CSAP") and Long Term Incentive Plan ("LTIP") schemes are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required performance obligations would have been met based on the Group's performance up to the reporting date, and to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share. Details relating to the share option schemes are set out in note 16.
c) Ganancia básica por acción
Sin auditar seis meses al 31 de diciembre de 2023 | Sin auditar seis meses al 31 de diciembre de 2022 penique | Año hasta el 30 de junio 2023 penique | ||
From continuing operations attributable to the ordinary equity holders of the company (A/C) | 4.6 | 4.7 | 9.5 | |
Adjusted from continuing operations attributable to the ordinary equity holders of the company (B/C) | 8.7 | 8.5 | 19.2 |
d) Ganancias diluidas por acción
Sin auditar seis meses al 31 de diciembre de 2023 | Sin auditar seis meses al 31 de diciembre de 2022 penique | Año hasta el 30 de junio 2023 penique | ||
De operaciones continuadas atribuibles a los accionistas ordinarios de la empresa (A/D) | 4.4 | 4.7 | 9.3 | |
Ajustado de operaciones continuas atribuibles a los accionistas ordinarios de la empresa (B/D) | 8.5 | 8.5 | 18.8 |
10 Adquisición
On 4 September 2023, the Group acquired the rail assets of the Buckingham Group, primarily consisting of 180 employees and a number of customer contracts.
The purchase has been accounted for as a business combination in accordance with IFRS 3. The provisional fair value amounts recognised in respect of the identifiable assets acquired and liabilities assumed are set out in the table below:
Sin auditar Fair value total | |
| £ m |
Activos intangibles | 7.5 |
Cuentas comerciales y otras cuentas por cobrar | 0.9 |
Provisiones | (3.2) |
Total identificable activos y pasivos | 5.2 |
Goodwill | 4.2 |
Consideración pagadero | 9.4 |
Adjustments to the acquired balance sheet primarily relate to intangible assets in relation to customer contracts along with the recognition of necessary provisions.
The goodwill recognised includes certain intangible assets that cannot be separately identified and measured due to their nature. This includes control over the acquired business and the skills and experience of the assembled workforce. Goodwill also represents the opportunity for Kier's Infrastructure segment to grow its business within the rail market.
Consideration consisted of £9.4m cash.
11 Activos intangibles
Sin auditar Goodwill | Sin auditar Intangible | Sin auditar Módulo software £ m | Sin auditar Total | |
Cost | ||||
Al 1 de julio de 2022 | 538.8 | 252.2 | 132.6 | 923.6 |
Adiciones | - | - | 0.3 | 0.3 |
Al 31 de diciembre de 2022 | 538.8 | 252.2 | 132.9 | 923.9 |
Adiciones | - | - | 2.4 | 2.4 |
Disposiciones | - | (16.5) | (9.6) | (26.1) |
Al 30 de junio de 2023 | 538.8 | 235.7 | 125.7 | 900.2 |
Adiciones | - | - | 4.4 | 4.4 |
Que surgen en la adquisición | 4.2 | 7.5 | - | 11.7 |
Disposiciones | - | - | (0.6) | (0.6) |
Al 31 de diciembre de 2023 | 543.0 | 243.2 | 129.5 | 915.7 |
Amortización acumulada | ||||
Al 1 de julio de 2022 | (2.1) | (168.2) | (84.2) | (254.5) |
Cobrar por el período | - | (9.8) | (4.3) | (14.1) |
Al 31 de diciembre de 2022 | (2.1) | (178.0) | (88.5) | (268.6) |
Cobrar por el período | - | (9.4) | (3.3) | (12.7) |
Disposiciones | - | 16.5 | 9.6 | 26.1 |
Al 30 de junio de 2023 | (2.1) | (170.9) | (82.2) | (255.2) |
Cobrar por el período | - | (11.1) | (3.9) | (15.0) |
Al 31 de diciembre de 2023 | (2.1) | (182.0) | (86.1) | (270.2) |
Valor neto contable | ||||
Al 31 de diciembre de 2023 | 540.9 | 61.2 | 43.4 | 645.5 |
Al 30 de junio de 2023 | 536.7 | 64.8 | 43.5 | 645.0 |
Al 31 de diciembre de 2022 | 536.7 | 74.2 | 44.4 | 655.3 |
12 Propiedades de inversión
Sin auditar Activos propios | Sin auditar Activos por derecho de uso | Sin auditar Total | |
Al 1 de julio de 2022 | 13.0 | 47.4 | 60.4 |
Adiciones | 22.9 | - | 22.9 |
Ganancia de valor razonable | 5.7 | 0.3 | 6.0 |
Al 31 de diciembre de 2022 | 41.6 | 47.7 | 89.3 |
Mudanzas | 2.7 | - | 2.7 |
Adiciones | - | 1.1 | 1.1 |
Ganancia / (pérdida) de valor razonable | 8.6 | (3.3) | 5.3 |
Al 30 de junio de 2023 | 52.9 | 45.5 | 98.4 |
Ganancia de valor razonable | 3.7 | 0.1 | 3.8 |
Al 31 de diciembre de 2023 | 56.6 | 45.6 | 102.2 |
13 Net cash/(debt)
Sin auditar 31 de diciembre 2023 £ m | 31 de diciembre de 2022 sin auditar | Año hasta el 30 de junio 2023 £ m | |
Efectivo y equivalentes de efectivo: saldos bancarios y efectivo en caja | 327.3 | 316.7 | 376.9 |
Préstamos que vencen dentro de un año | - | (7.9) | - |
Préstamos vencidos después de un año | (316.5) | (448.5) | (319.1) |
Impacto de la cobertura de divisas cruzadas | 6.2 | 9.1 | 6.3 |
Efectivo neto / (deuda) | 17.0 | (130.6) | 64.1 |
Average month-end net debt for the six months ended 31 December 2023 was £136.5m (six months ended 31 December 2022: £242.7m; year ended 30 June 2023: £232.1m). Net debt excludes lease liabilities.
14 Acreedores comerciales y otras cuentas a pagar
Sin auditar 31 de diciembre 2023 £ m | Sin auditar 31 de diciembre 2022 | 30 junio 2023 £ m | |
Actual: | |||
Comercio a pagar | 303.1 | 274.5 | 310.0 |
Acumulaciones | 484.7 | 439.1 | 585.1 |
Retenciones de subcontratos | 33.1 | 26.7 | 22.5 |
Otros impuestos y seguridad social | 134.8 | 127.4 | 138.4 |
Otras cuentas por pagar e ingresos diferidos | 16.8 | 18.7 | 19.0 |
972.5 | 886.4 | 1,075.0 | |
No corriente: | |||
Comercio a pagar | 3.9 | 9.4 | 5.1 |
Retenciones de subcontratos | 23.5 | 24.7 | 31.8 |
27.4 | 34.1 | 36.9 |
15 Capital social y reservas
Capital social
El capital social de la Sociedad está compuesto por:
Sin auditar 31 diciembre 2023 | Sin auditar 31 diciembre 2022 | 30 junio 2023 | ||||
Número | £ m | Número | £ m | Número | £ m | |
Acciones ordinarias autorizadas, emitidas y totalmente pagadas de 1 penique cada una | 446,416,044 | 4.5 | 446,305,548 | 4.5 | 446,314,435 | 4.5 |
Los tenedores de acciones ordinarias tienen derecho a recibir dividendos según se declaren de vez en cuando y tienen derecho a un voto por acción en las reuniones de la Compañía.
During the six months to 31 December 2023, 101,609 shares were issued under the Sharesave Scheme (six months to 31 December 2022: 63,866; year ended 30 June 2023: 72,753).
Compartir cuenta premium
On 22 December 2023, the Company completed a capital reduction exercise, resulting in £684.4m of share premium being cancelled and transferred to retained earnings.
Reserva de amortización de capital
On 22 December 2023, the Company completed a capital reduction exercise, resulting in £2.7m of capital redemption being cancelled and transferred to retained earnings.
Reserva de cobertura de flujo de efectivo
Esta reserva comprende la porción efectiva del cambio neto acumulado en el valor razonable de los instrumentos de cobertura de flujos de efectivo relacionados con transacciones cubiertas que aún no han ocurrido, neto de cualquier impuesto diferido relacionado.
Reserva de traducción
This reserve comprises the cumulative difference on exchange arising from the retranslation of net investments in overseas subsidiary undertakings.
16 Pagos basados en acciones
The Group has an established long-term incentive plan (LTIP) under which directors and senior employees can receive awards of shares subject to the Group achieving certain performance targets. Participants are entitled to receive dividend equivalents on these awards. Awards made to members of the Board are subject to a two-year holding period post vesting. Further details of the LTIP schemes were disclosed in the 2023 annual financial statements. 8,695,601 shares vested under the LTIP schemes during the six months to 31 December 2023 (six months to 31 December 2022: 8,339,894; year ended 30 June 2023: 8,432,381). 9,088,937 new awards were granted under the LTIP during the six months to 31 December 2023 (six months to 31 December 2022 and year ended 30 June 2023: 15,492,751).
The Group also has an established Sharesave (SAYE) scheme. Options to acquire shares in the capital of Kier Group plc are granted to eligible employees who enter into a Sharesave contract, saving a regular sum each month. Participation in the scheme is offered to all employees of the Group who have been employed for a continuous period determined by the Board. 6,841,037 options were granted under the Sharesave scheme during the six months to 31 December 2023 (six months to 31 December 2022 and year ended 30 June 2023: 8,730,264). 101,609 Sharesave options were exercised during the six months to 31 December 2023 (six months to 31 December 2022: 63,866; year ended 30 June 2023: 72,753).
Se utilizaron los siguientes supuestos para calcular los valores razonables de las subvenciones realizadas bajo los esquemas de pagos basados en acciones durante los seis meses hasta el 31 de diciembre de 2023:
LTIP | LTIP sujeto a un período de espera | Compartir Guardar | |
Fecha de concesión | 17 de noviembre 2023 | 17 de noviembre 2023 | 31 October 2023 |
Acciones concedidas | 6,740,256 | 2,348,681 | 6,841,037 |
Precio de la acción en el momento de la concesión | 107.8p | 107.8p | 100.8p |
Precio de ejercicio | cero | cero | 90.0p |
Plazo esperado | 3 años | 3 años | 3.3 años |
Período de espera | n / a | 2 años | n / a |
Volatilidad esperada | 37.9% | 32.9% | 43.7% |
Tasa de interés libre de riesgo | 4.23% | 3.97% | 4.50% |
Rentabilidad por dividendo | n / a | n / a | 0.0% |
Valor por opción: |
| ||
LTIP - Market condition (25%)1,3 | 88.8p | 83.0p | - |
LTIP - Non-market conditions (75%)2,3 | 107.8p | 100.8p | - |
Compartir Guardar 2 | - | - | 40.7p |
1 Basado en un modelo estocástico.
2 Basado en el modelo de Black-Scholes.
3 Las adjudicaciones de LTIP otorgadas a los directores de la Junta están sujetas a un período de tenencia posterior a la adquisición de derechos de 2 años. Se ha utilizado el modelo de Finnerty para estimar un descuento por la falta de comerciabilidad de estas acciones durante el período de tenencia.
The value per option represents the fair value of the option less any consideration payable. The fair value of the proportion of the awards subject to performance conditions that are market conditions under IFRS 2 'Share-based Payments' (the total shareholder return 'TSR' element) incorporates an assessment of the number of shares that will vest.
Performance conditions linked to adjusted earnings per share, free cash flow and carbon reduction are non-market conditions under IFRS 2. Therefore, the fair value of these elements do not include an assessment of the number of shares that will vest. Instead, the amount charged is based on the fair values factored by a 'true-up' for the number of awards that are expected to vest.
The expected volatility is based on historical volatility over the period of time commensurate with the expected award term immediately prior to the date of grant. The risk-free rate of return is the yield on UK Government securities over a term consistent with the expected term.
The share-based payment charge recognised in the Group's income statement for the six months to 31 December 2023 was £4.4m (six months to 31 December 2022: £3.4m; year ended 30 June 2023: £8.4m).
Acciones mantenidas en fideicomisos
Los fideicomisos de beneficios a los empleados del Grupo adquieren acciones del Grupo del mercado, que están destinadas a ser utilizadas en la liquidación de adjudicaciones de LTIP en el futuro. Las acciones en poder de los fideicomisos se contabilizan como una deducción del patrimonio dentro de las ganancias retenidas.
Shares acquired by the trusts during the six months to 31 December 2023 at a cost of £4.1m (six months to 31 December 2022 and year ended 30 June 2023: £12.4m), net of shares transferred to deferred bonus recipients for proceeds of £0.4m (six months to 31 December 2022 and year ended 30 June 2023: £0.5m), are reflected in the statement of changes in equity as a net purchase of own shares of £3.7m (six months to 31 December 2022 and year ended 30 June 2023: £11.9m).
At 31 December 2023, a total of 11,804,281 shares were held by the trusts (31 December 2022: 17,001,979 shares; 30 June 2023: 16,952,961 shares), with an historic cost value of £9.0m (31 December 2022: £11.2m; year ended 30 June 2023: £11.2m).
17 Guarantees and contingent liabilities
The Company has given guarantees and entered into counter-indemnities in respect of Senior Notes relating to certain of the Group's own contracts. The Company has also given guarantees in respect of certain contractual obligations of its subsidiaries and joint ventures, which were entered into in the normal course of business, as well as certain of the Group's other obligations (for example, in respect of the Group's finance facilities and its pension schemes). Financial guarantees over the obligations of the Company's subsidiaries and joint ventures are initially measured at fair value, based on the premium received from the joint venture or the differential in the interest rate of the borrowing including and excluding the guarantee. Subsequent to initial recognition, financial guarantee contracts are measured at the higher of the initial fair value measurement (adjusted for any income amounts recognised) and the amount determined in accordance with the expected credit loss model. Performance guarantees are treated as a contingent liability until such time as it becomes probable that payment will be required under its terms.
Se establecen provisiones para la mejor estimación de los Consejeros de reclamaciones legales conocidas, investigaciones y acciones legales relacionadas con el Grupo que se considera más probable que no den lugar a una salida de beneficios económicos. Si los Consejeros consideran que es poco probable que prospere una reclamación, investigación o acción relacionada con el Grupo, no se realiza ninguna provisión. Si los Consejeros no pueden hacer una estimación fiable de una obligación material potencial, no se hace ninguna provisión, pero se divulgan los detalles de la reclamación.
Fire and cladding compliance review
The Group monitors the position on all of its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion.
En la preparación de los estados financieros se ha considerado la información disponible actualmente, incluida la mejor estimación actual de la extensión y los costos futuros del trabajo requerido, con base en las revisiones e inspecciones físicas realizadas.
Cuando se ha establecido una obligación y se dispone de una estimación fiable de los costes de rectificación, se ha constituido una provisión. No se ha hecho ninguna provisión donde no se ha establecido una obligación.
These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group's insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the recognition of assets and liabilities.
18 Partes relacionadas
El Grupo tiene relaciones con partes relacionadas con sus negocios conjuntos, personal clave de la gerencia y planes de pensiones en los que participan sus empleados.
No ha habido cambios significativos en la naturaleza de las transacciones con partes relacionadas desde los últimos estados financieros anuales para el año terminado el 30 de junio de 2023.
El detalle de las aportaciones realizadas por el Grupo a los planes de pensiones se detalla en la nota 6.
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