TIDMTYMN
RNS Number : 5956R
Tyman PLC
02 March 2023
TYMAN PLC
RESULTS FOR THE YEARED 31 DECEMBER 2022
Tyman plc (TYMN.L) announces results for the year ended 31
December 2022.
Summary Group Results
GBPm unless stated 2022 2021 Change LFL(1)
---------------------------------- ------ ------ -------- --------
Revenue 715.5 635.7 +13% +5%
Adjusted operating profit* 94.6 90.0 +5% -3%
Adjusted operating margin* 13.2% 14.2% -100bps -100bps
Operating profit 70.7 73.1 -3%
Adjusted profit before taxation* 85.8 81.5 +5%
Profit before taxation 61.4 64.0 -4%
Adjusted EPS* 34.7p 32.1p +8%
Basic EPS 24.6p 25.4p -3%
Dividend per share 13.7p 12.9p +6%
Leverage (2) 1.0x 0.9x +0.1x
Return on capital employed* 13.3% 14.5% -120bps
---------------------------------- ------ ------ -------- --------
* Alternative performance measures. These "Adjusted" metrics are
before amortisation of acquired intangible assets, impairment of
acquired intangible assets, impairment of goodwill, and adjusting
items. These measures provide additional information to
shareholders on the underlying performance of the business and are
used consistently through the statement. Further details can be
found on page 39.
(1) LFL = constant currency like-for-like (see APMs on page
40).
(2) Leverage is calculated in accordance with the debt covenant
methodology (see APMs on page 42).
Highlights:
-- Performance at upper end of expectations despite challenging macroeconomic backdrop
-- Revenue growth of 13%, with LFL growth of 5% reflecting
successful pricing actions and share gains, partially offset by
lower market volumes, including the exit from Russia
-- Adjusted operating profit growth of 5%, with a LFL decline of
3% reflecting lower volumes, including the exit from Russia;
operating profit decline of 3%
-- Adjusted operating margin decline principally reflects the
dilutive impact of the pass-through of cost inflation
-- Good progress with our strategic initiatives:
-- Share gains, driven by innovation, market expansion and executing well with customers
-- Structural margin enhancement activities, including further
footprint optimisation, ERP upgrade, factory automation and process
enhancement projects
-- Further external recognition of our sustainability credentials; 90% of funding now linked to sustainability performance following successful debt refinancing
-- Full year dividend increase of 6%, reflecting growth in
adjusted EPS of 8% and confidence in the Group's future growth
prospects
Jo Hallas, Chief Executive Officer, commented : " The Group
delivered a solid trading performance in 2022 against increasingly
challenging market conditions. Our continued focus on share gains
and improving our operational platform, together with successful
implementation of pricing actions and strong cost control, enabled
us to deliver full year adjusted operating profit at the upper end
of market expectations.
We made further progress on our sustainability roadmap and the
issuance of new sustainability-linked financing bolsters the
Group's commitments to a more sustainable world. Pleasingly, this
progress has been recognised by external agencies, most recently
with Tyman's inclusion in the FTSE4Good UK Index.
In 2023, pricing carryover, self-help measures and benefits from
strategic initiatives are expected to partially mitigate lower
volumes and ongoing cost inflation as we navigate the near-term
economic challenges. The underlying fundamentals of the markets the
Group operates in remain strong. Building on our portfolio of
differentiated products, market-leading brands, deep customer
relationships and sustainability credentials, together with our
agile and resilient business model, Tyman is well positioned to
take advantage of the positive structural industry growth drivers
as housing market conditions improve."
2 March 2023
Enquiries
Tyman plc 020 7976 8000
Jo Hallas - Chief Executive Officer investor.relations@tymanplc.com
Jason Ashton - Chief Financial Officer
Matt Jones - Head of Investor Relations
MHP 020 3128 8613
Reg Hoare / Rachel Farrington / Matthew Taylor tyman@mhpgroup.com
Analyst and investor presentation
Tyman will host an analyst and investor presentation at 9.00a.m.
today, Thursday 2 March 2023, at the offices of Numis Securities,
45 Gresham Street, London, EC2V 7BF.
The presentation will be webcast at:
https://stream.brrmedia.co.uk/broadcast/63c11b57ddbb3277238ea92c
The audio conference call details are:
Number +44 (0) 33 0551 0200
Confirmation code 7511641
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered fenestration components and access solutions to the
construction industry. The company designs and manufactures
products that enhance the comfort, sustainability, security, safety
and aesthetics of residential homes and commercial buildings.
Tyman's portfolio of leading brands serve their markets through
three divisions: Tyman North America, Tyman UK & Ireland and
Tyman International. Headquartered in London, the Group employs
approximately 3,700 people with facilities in 16 countries
worldwide. Further information is available at www.tymanplc.com
.
Overview of results
Performance in 2022
Tyman delivered a solid trading performance in 2022 against a
strong comparative period and despite increasingly challenging
market conditions. Revenue for the year of GBP715.5 million (2021:
GBP635.7 million) grew by 13% compared to 2021, reflecting
like-for-like (LFL) growth of 5% together with 8% growth from
foreign exchange movements. LFL revenue growth reflected the
benefit of pricing actions implemented to recover cost inflation,
and share gains, partially offset by lower volumes. In addition,
the Group discontinued business with Russia and Belarus from
February 2022 in response to the war in Ukraine, and this impacted
LFL revenue growth by 1 percentage point.
Underlying demand in most of the Group's major markets began the
year strongly, driven by favourable structural industry trends and
a continuation of the post-COVID rebound in RMI activity, some of
which was supported by government fiscal stimulus. Whilst the
positive long-term structural trends remain intact, underlying
demand levels began to moderate in the summer of 2022 as sharp
increases in consumer inflation fed through to rapid rises in
interest rates, the combination of which has caused a
cost-of-living crisis across most major economies and led to a
reduction in residential RMI and housebuilding activity. This
moderation in demand became significantly more pronounced during
the latter part of the year. Nevertheless, our scale and agility
enabled us to win market share, notably in our North American and
International divisions.
Input cost inflation remained a challenge in 2022 as, whilst
many commodity prices and freight rates moderated as the year
progressed, the conflict in Ukraine put upwards pressure on energy
prices and raw material conversion costs. In addition, labour
markets have remained highly competitive for the past 18 months,
especially in the US, which has resulted in wage inflation above
long-term averages. We have reacted with agility to these
challenges and successfully passed on rising input cost inflation
to customers in the form of general price increases and temporary
surcharges, although there is an inevitable lag in recovery due to
the size and frequency of these increases, as well as some
backward-looking customer pricing mechanisms.
The Group responded to the moderation in demand in the second
half of the year with adjustments to production shifts, reductions
in temporary labour and various tactical cost-saving actions. The
improving supply chain environment allowed the Group to implement
inventory reduction plans, although these have been constrained to
some extent by lower shipments. We are continuing to closely
monitor developments in our supply chains, especially given
heightened geopolitical tensions in many parts of the world. The
Group also progressed structural cost-saving initiatives, including
the exit of three manufacturing facilities in the UK and Germany
which will complete in early 2023 and deliver annualised benefits
of c. GBP3 million.
The Group's self-help measures partially mitigated the lower
volumes, including the impact of the exit from Russia and Belarus
(these markets contributed GBP3 million to adjusted operating
profit in 2021). Adjusted operating profit for the year of GBP94.6
million (2021: GBP90.0 million) grew by 5% on a reported basis
compared to 2021, reflecting a LFL decline of 3% and foreign
exchange benefit of 8%. The pass-through of input cost inflation
had a dilutive effect on adjusted operating profit margins due to
the higher revenue base. Inflation and foreign exchange movements,
together with the marked reduction in volumes shipped towards the
end of the year, had a significant impact on inventory levels, in
turn leading to a reduction in return on capital employed by 120bps
to 13.3%. This also resulted in adjusted operating cash conversion
of 64% (2021: 64%) remaining below the target average of 90%.
Health and safety
The health and safety of our people is the Group's top priority
and is being embedded across our culture through our 'Safety is our
First Language' programme. Pleasingly, the Group achieved a lost
time incident frequency rate (LTIFR), excluding COVID-19 cases, of
1.4 in 2022, a 26% improvement on 2021 and a 71% improvement versus
the 2018 baseline LTIFR of 4.8. Specific safety improvement plans
were implemented at four locations with the highest incident rates
in 2021; this led to lost time incidents and other recordables at
these sites more than halving to 20 in 2022 (2021: 42).
Whilst the Group is yet to achieve its ambitious goal of a LTIFR
of less than 1.0, the downward trend in work-related injuries and
positively trending leading indicators give us confidence that the
Group now has the solid foundations in place to deliver world-class
levels of safety performance.
Strategic progress
The Group has continued to progress its Focus, Define, Grow
strategy, which is underpinned by the three sustainability pillars
of Sustainable Operations, Sustainable Culture and Sustainable
Solutions.
The Focus activities seek to improve operational efficiency and
structurally improve the cost base by optimising footprint,
enhancing systems and processes and reducing complexity. Examples
of such activity in 2022 included the exit of three manufacturing
facilities in the UK and Germany, the optimisation of the
distribution network for the western US market, investment in
factory automation in Italy and the UK, and the continuation of a
multi-year programme to roll out a global ERP template. The North
American product portfolio harmonisation project made further
progress, with work moving to the hinged patio door and casement
product groups during the year. The Sustainable Operations
activities included transitioning the Group's largest manufacturing
facility in Europe to use 80% recycled aluminium content and
installing solar panels at a major UK site. The Group has defined
its Science Based Targets and submitted these to the SBTi for
validation, with Scope 1 and 2 targets in line with a 1.5(o) C
pathway and Scope 3 targets in line with a 'well below 2(o) C'
pathway.
The Define strategic pillar, which aims to build cultural
cohesion to facilitate ongoing synergy extraction, has continued to
gain momentum through embedding the 'One Tyman' culture and
expanding the 'Tyman Excellence System' for the development and
deployment of best practice. Under Lean Excellence, the Group held
its first cross-divisional Kaizen week at its Budrio site in Italy,
creating stronger awareness and engagement with lean across site
representatives from around the world, with more such events to be
conducted in 2023. As part of the Sustainability Excellence work, a
database was developed to facilitate groupwide sharing of best
practice for reducing energy, water and waste, designing
sustainable products, and transitioning to sustainable packaging.
This has already helped to drive the development of sustainable
packaging for retail customers seeking to eliminate single-use
plastic.
Under Sustainable Culture, a groupwide employee engagement
survey was conducted, followed up with focus groups to define local
and cross-site action plans. An ethics leadership course was
deployed to provide senior leaders with the skills to create an
environment of psychological safety, further embedding the Group's
Code of Business Ethics.
The Grow activities aim to deliver organic share gains through
excellent customer service, new product development (NPD) and
market expansion. In North America, there were net customer wins of
c. US$9 million in 2022, in part reflecting the recent investment
to expand Q-Lon capacity. In our international markets, strong
progress was made with system houses, growing this channel by 26%,
whilst in the UK there was further market penetration with
innovative commercial access solutions products. The recent
reduction in demand levels and moderation of supply chain
disruption is enabling greater emphasis on innovation and NPD, and
a series of new products were launched in 2022, with a strong
pipeline of launches scheduled for 2023. In the US, shipments have
begun from the new distribution centre in Phoenix which will enable
greater market penetration in the western US, whilst new casement
hardware designed for the Canadian market is aimed at strengthening
share in 2023.
Enabling customers to innovate through more Sustainable
Solutions is a key area of differentiation for the Group. Across
Europe and the Middle East, sustainability is an enabler of share
gains with system houses. In North America, the Group initiated
high-level sustainability workshops with several of its largest
customers during the second half of the year to understand their
sustainability priorities and investigate ways to share insights
and collaborate on new solutions. During 2023, the Group will be
working with at least two of these customers to develop new
returnable packaging solutions to eliminate transit packaging at
their plants, enabling them to enhance their own sustainability
credentials.
Tyman's commitment to achieving its sustainability targets is
now linked to nearly 90% of its funding. During 2022 the Group
successfully completed the refinancing of both US$75 million of US
private placement notes and its syndicated revolving credit
facility (providing GBP210 million of committed funding together
with an accordion option of up to GBP100 million). In both cases,
the financing included economic incentives for the achievement of
sustainability performance targets which align with Tyman's
sustainability roadmap.
It has been particularly pleasing that the Group's progress on
its sustainability roadmap is leading to further external
recognition. During 2022 MSCI awarded Tyman an "AA" leader rating
and both S&P Global and Sustainalytics rank Tyman in the top
20% of building products peers globally. Tyman completed its first
Carbon Disclosure Project (CDP) submission in 2022 and in December
2022 Tyman became a constituent of the FTSE4Good UK Index.
The Group is prepared for a disciplined return to M&A and
has a good pipeline of targets that meet our commercial and
strategic objectives. The strengthened platform and Tyman
Excellence System should facilitate greater synergy extraction from
acquired businesses in the future.
Outlook
The underlying fundamentals of the markets the Group operates in
remain strong. For much of the last decade, housing supply has
failed to keep pace with demand in most of the Group's key markets,
causing a structural housing deficit. There are also positive
structural growth drivers for residential RMI spending, including
ageing housing stock, increased focus on the energy efficiency of
buildings, strengthening building codes and a desire for greater
comfort and flexibility of the home. Taken together, these factors
are expected to provide an ongoing stimulus to the replacement and
upgrade of windows and doors.
Nevertheless, the near-term outlook remains challenging, given
high levels of inflation and interest rates are constraining
housing market affordability and activity. The industry has limited
forward visibility and it is difficult to quantify the amount of
customer destocking that took place in the latter half of 2022, but
the weakness in volumes experienced in the second half of 2022 is
expected to continue at least during the first half of 2023, which
will also be particularly impacted by a strong comparator.
The Group will continue to drive market share gains through
executing well with customers, launching innovative new products,
and expanding its channels and markets. In 2023, the Group is
expected to benefit from new product launches in all its core
markets, continued share gains with system houses, greater
penetration of the western US and Canadian markets and pricing
carryover. Activities to strengthen operational efficiency will be
progressed, including supply chain improvements to reduce cost and
enhance resilience. Together with the previously announced c. GBP3
million benefit from the structural cost-savings initiatives in the
UK and Germany, these self-help measures are expected to partially
mitigate lower volumes and ongoing wage and other cost inflation.
Operating margins will remain under pressure given the volume
impact as well as a continuing elevated level of inflation.
Tyman is well positioned to navigate the near-term macroeconomic
challenges and take advantage of the positive structural industry
growth drivers as housing market conditions improve. Our agile and
resilient business model, together with our strategic initiatives,
continues to position Tyman well for future growth, building on our
portfolio of differentiated products, market-leading brands, deep
customer relationships and sustainability credentials. We remain
confident in our ability to deliver our margin targets over the
medium term in a more normalised market environment.
Jo Hallas
Chief Executive Officer
Tyman North America
GBPm except where stated 2022 2021 Change LFL
Revenue 471.9 397.7 +19% +7%
Adjusted operating profit 66.9 65.1 +3% -8%
Adjusted operating margin 14.2% 16.4% -220bps -220bps
--------------------------- ------ ------ -------- --------
Markets
The US residential housing market began 2022 robustly, but as
rising inflation and interest rates took hold in the middle of the
year, demand for both the RMI and new build segments of the market
started to soften. This softening picked up pace towards the end of
the year as 30-year fixed mortgage rates hit 7%, double the level
at the beginning of the year. According to the US Census Bureau, US
housing starts decreased by 3.1% to 1.555 million units in 2022,
whilst single family housing starts, to which the division has
proportionally higher exposure, decreased by 10.6%. The NAHB
forecasts there was a 6.9% reduction (adjusted for inflation) in
private residential improvement spending activity in 2022. In
Canada, single family housing starts declined by 5.9% in 2022, as
the Canadian housing market was also affected by rising inflation
and interest rates.
The US commercial building sector has been more resilient in
2022, driven by domestic manufacturing and commercial building
investment. The recently passed government infrastructure spend
legislation will provide some degree of stimulus to the public
infrastructure market in the coming years.
Business performance and developments
LFL revenue grew by 7% in 2022, despite the strong LFL growth
recorded in the comparative period. Reported revenue growth of 19%
reflected the impact of foreign exchange. LFL revenue growth
benefitted from pricing actions and net customer wins, which more
than offset a decline in volumes in the full-year period resulting
from the challenging market backdrop. Volumes began to decline from
the middle of the year as the US residential housing market slowed,
with the pace of decline quickening as the second half of the year
progressed.
The rapid change in market conditions provided operational
challenges but, nevertheless, the division made good progress
during 2022 with its strategic initiatives aimed at driving share
gains, reducing cost and complexity, and improving operational
resilience. Central to this is the implementation of a new ERP
system to enable more streamlined ordering and logistics processes
for customers, drive further back-office efficiencies and improve
the business's decision support capabilities; this multi-year
programme is progressing well.
Optimisation of the distribution footprint to provide enhanced
service levels is also a key component of the strategy, and this
progressed with the conversion of the Sioux Falls facility
predominantly to distribution, together with the addition of a new
distribution site in Phoenix to service the western US market.
Shipments from Phoenix began in late 2022 as planned.
These enhancements, along with the launch of a new website, the
ongoing portfolio harmonisation activity and new products, are
enabling the business to go to market with an improved service
level and more consistent customer experience. Coupled with ongoing
close customer engagement and customer-specific projects, these
activities have enabled further share gains. During 2022, the
division achieved new net customer wins of c. US$9 million
annualised revenue. Further success with the entry-price point
sliding patio door solution for the US market and a new entry-price
point casement lock solution for the Canadian market are expected
to help drive additional net customer wins in 2023.
Labour availability and retention continued to be a challenge
throughout the US manufacturing sector in 2022, particularly in
certain locations, although the situation steadily improved as the
year progressed. The division implemented a series of actions to
alleviate the situation, including wage increases, recruitment
programmes, retention and hiring incentive schemes, and flexible
working patterns. The resultant workforce stabilisation helped to
drive improvements in operational efficiency and a reduction in
overtime. Across the division there is an emphasis on developing
continuous improvement and lean management capabilities to further
improve efficiency and reduce working capital. A series of supply
chain resiliency projects, aimed at risk mitigation and reducing
cost, were also initiated during 2022, including both dual sourcing
and insourcing initiatives. Collectively, these self-help measures
assisted in offsetting the adverse impact from the challenging
market conditions.
Input cost inflation remained at elevated levels throughout
2022, and whilst there was an easing in the price of certain
commodities and freight during the second half this was largely
offset by an increase in energy conversion costs. The division
successfully implemented a series of price increases and surcharges
during the year to pass on the input cost inflation experienced in
2021 and 2022. Nevertheless, there was a natural lag in the
recovery of input cost inflation via pricing actions given the
quantum and frequency of such actions and reflecting the
backward-looking indexation programmes with some of our largest
customers. Along with the significant volume decline at the end of
the year, this was the primary driver of the 8% decline in LFL
adjusted operating profit (3% increase in adjusted operating profit
on a reported basis, reflecting the impact of foreign exchange).
The self-help measures noted above partially offset the negative
operating leverage effect of lower volumes, administrative cost
inflation and the operational inefficiencies that arose during the
work to optimise the footprint. The pass-through of cost inflation
had a dilutive impact on the adjusted operating margin, leading to
a LFL adjusted operating margin decrease of 220 bps to 14.2%.
Outlook
The underlying fundamentals of the US residential housing market
are strong, with years of supply lagging demand creating a
significant housing deficit. Nevertheless, the near-term outlook
remains challenging given high levels of inflation and interest
rates are continuing to constrain housing market activity. The NAHB
forecasts further double-digit declines in single family housing
starts in 2023 to below 2019 levels. Having shown resilience in
2022, the commercial market is forecast to become more challenging
in 2023, reflecting the more difficult economic environment in the
US.
The division will maintain focus on gaining market share,
notably in the western US, Canada and via its distribution partners
whilst growing its new product pipeline. The benefits of prior-year
pricing actions will help mitigate the adverse impact of lower
volumes and continued cost inflation. Moreover, work to
structurally improve the fixed cost base and return operational
efficiencies across the network to normalised levels will remain a
focus in 2023, through driving procurement benefits and continuous
improvement from lean projects. In addition, a plan has been
developed to consolidate two manufacturing sites into one in
Owatonna, which is also expected to support profitability.
Tyman UK & Ireland
GBPm except where stated 2022 2021 Change LFL
--------------------------- ------ ------ ------- ----
Revenue 103.3 105.8 -2% -2%
Adjusted operating profit 14.5 14.8 -2% -2%
Adjusted operating margin 14.0% 14.0% - -
--------------------------- ------ ------ ------- ----
Markets
Residential RMI, to which the UK&I division is predominantly
exposed, softened as 2022 progressed, as household affordability
was negatively impacted by rising inflation and interest rates.
This was exacerbated by customer destocking, following the
higher-than-normal levels of inventory built during the
post-pandemic rebound and associated supply chain challenges. The
latest CPA forecast expected spending in the residential RMI market
to have shrunk by 4% in 2022 (having begun the year expecting flat
growth), following 17% growth in 2021.
The commercial and public infrastructure segments were more
resilient in 2022, supported by the continued growth in warehousing
and government spending on transport projects such as HS2. The CPA
estimates that spending on infrastructure new build grew by 5% and
non-residential new build spend grew by 2% in 2022.
Overall, having signalled modest growth during the first five
months of the year, the UK construction PMI has been at or around
the neutral 50 level since June, indicating flat activity levels
across the construction sector.
Business performance and developments
Revenue decreased by 2% in 2022 on a LFL and reported basis
against a very strong comparative in 2021. The benefit of pricing
actions to pass on input cost inflation was offset by a decline in
hardware volumes, reflecting the softening in the residential RMI
market.
As customers increasingly require products and solutions that
meet ever more stringent environmental and safety regulations, with
its expertise in certification requirements and in-house testing
capabilities, the hardware business is well placed to benefit from
these trends. In 2022, new business was secured with a major UK
distributor as a result of the division's agility in developing a
retail packaging solution using recyclable cardboard rather than
plastic clam shells. Incremental revenue will flow from this
contract from the middle of 2023.
The business also made good progress on its new product
development plans. A key launch during the second half of 2022 was
Touchkey(R), an innovative smart security door locking system that
can be accessed via fingerprint, Bluetooth, smartphone app, voice
control or by traditional key method. Touchkey(R) is the first
product of this type on the market with multi-operational 'smart'
opening solution, allowing users to access their home without the
need for a key, which is especially beneficial for residents with
restricted mobility or where there is a need to give controlled
temporary access, via encrypted electronic keys. The product is the
only solution on the market whose IoT Kitemark certification
includes fingerprint access.
In Access 360, the division's commercial access solutions
business, sales grew modestly in the first half, reflecting the
return of the two re-certified core product lines suspended in
2021. Work continues to optimise the business, with an integrated
ERP system launched in the first half. A project to consolidate the
three heritage Access 360 brands (Profab, Howe Green and Bilco)
into a single highly automated facility is well-progressed, with
the majority of operations transferred to the new site by the end
of 2022.
LFL and reported adjusted operating profit decreased by 2%,
reflecting lower hardware volumes offset by the benefit of pricing
actions and close control of operating costs.
Outlook
The CPA currently expects the residential RMI segment to decline
a further 9% in 2023, whilst both the industrial and infrastructure
new build segments are expected to continue to be more resilient
and show slight growth, supported by investment in government
transport and warehousing projects. High levels of input cost
inflation, including that caused by adverse foreign exchange
movements, will continue to create headwinds in 2023, albeit to a
lesser extent than those seen in 2022.
The division will continue to implement pricing actions as
required to offset input cost inflation. Other key priorities are
to gain share with the recent new product launches and strong
pipeline of new products in place for launch in 2023.
Tyman International
GBPm except where stated 2022 2021 Change LFL
Revenue 140.3 132.2 +6% +6%
Adjusted operating profit 21.3 19.5 +10% +11%
Adjusted operating profit
margin 15.2% 14.7% +50bps +70bps
--------------------------- ------ ------ ------- -------
Markets
Market demand was strong during the first half of the year
across the division's key geographies. However, momentum slowed in
the middle of the year as the uncertain macroeconomic environment
began to weigh on consumer confidence, most notably in Europe.
Demand levels continued to reduce significantly as the second half
of the year progressed. This was evidenced by the decline in the
Eurozone construction PMI, which began the year at a healthy level
of 56.6 but then faded to 42.6 by the end of the year.
The construction PMI for Italy, the division's largest market,
has remained above the Eurozone average throughout the period and
peaked at a record high of 68.5 in February 2022, boosted by
government fiscal stimulus programmes. However, since May this has
also slowed markedly as the funding for these programmes was
reduced, remaining below 50 for much of the second half of the
year.
Outside of Europe the picture was mixed. Demand across the GCC
territories remained buoyant throughout the year due to the benefit
of high oil prices. However, the Chinese market was significantly
impacted by the regional lockdowns that were in place for most of
the year as the government responded to the resurgence of
COVID-19.
Business performance and developments
Revenue grew by 6% in 2022 on both a LFL and reported basis
against a strong comparative period, driven by pricing actions and
share growth in key markets. During 2022, volumes were broadly
unchanged year over year; however, this masked a significant change
from the first half of the year, when market conditions were
buoyant, to the second half, when the macroeconomic backdrop became
increasingly challenging. As previously reported, business with
Russia and Belarus was discontinued from February 2022 in response
to the war in Ukraine; these markets comprised c. 5% of divisional
revenue in 2021.
Share growth was achieved through continued momentum with both
systems houses and distribution partners, as well as delivery of
the NPD pipeline. Revenue from system houses grew by 26% in 2022,
with this channel now representing 16% of the division's revenue.
Greater penetration has been driven with the system houses by
establishing partnerships to develop solutions incorporating Tyman
products in their custom systems. The Giesse CHIC concealed hinge
range has been a particular success to date and there is a
developing pipeline of system house products employing Tyman's
innovative pull and slide system that will be delivered to the
market from 2023 onwards.
There has been good progress with the strategic initiative to
optimise and enhance the division's seals manufacturing business. A
third Q-Lon urethane line was installed in the UK at the start of
2022 and the German seals manufacturing facility was closed at the
end of 2022, with production moving to the UK. Once commissioning
has been completed at the Aycliffe site, this consolidation will
drive economies of scale and concentration of seals expertise,
delivering structural improvements to profitability and enhanced
customer service levels. Progress has also continued with the
programme to drive greater levels of automation in the Budrio
hardware manufacturing facility, which will lead to improvements in
safety, efficiency and throughput.
Sustainability remains at the core of how the business operates,
and during the year there was further progress with improving the
energy efficiency of the division's own operations and developing a
pipeline of new products with a reduced carbon footprint. Work has
continued towards eliminating the lead content in hinges,
increasing the recycled content of aluminium used across the
hardware range and reformulating the chemical composition of Q-Lon
urethane products. Having the expertise and capability to
demonstrate and deliver strong sustainability credentials is an
increasingly important differentiator for the business in the
marketplace. New sustainable solutions include the Champion Plus
Microvent locking solution for aluminium windows or sliding doors
to help improve the ventilation of living and working spaces, and
fire-retardant Q-Lon urethane seals that are certified to European
standards for use in fire door applications.
Pricing actions were successfully implemented during the year to
recover input cost inflation. Together with the structural actions
to improve margins, the negative effect on fixed cost absorption
from flat volumes and the exit of the business in Russia and
Belarus (which contributed c. GBP3 million to adjusted operating
profit in 2021) was more than offset. As a result, LFL adjusted
operating profit grew 11%. On a reported basis adjusted operating
profit increased by 10%, reflecting the impact of foreign
exchange.
Outlook
The market environment in 2023 is expected to remain
challenging; Globaldata currently forecasts the European
construction sector will decline by 4% in 2023. Prospects for the
GCC markets are more positive, buoyed by high oil prices, but the
near-term outlook for the Chinese market remains highly
uncertain.
The priorities for the division remain to protect and grow
market share through new product launches and further penetration
of system houses in Europe and the GCC. Work will also continue to
optimise margins through completing the seals manufacturing
footprint consolidation and further automation of hardware
manufacturing.
Financial review
Income statement
Revenue and profit
Revenue for the year increased by 12.6% to GBP715.5 million
(2021: GBP635.7 million), reflecting significant price increases of
GBP54.2 million and tariffs and surcharges of GBP25.8 million to
recover input cost inflation, as well as favourable foreign
exchange movements of GBP44.5 million. This was offset by a
decrease in volume and mix of GBP44.7 million driven by a
significant weakening of global macroeconomic conditions in the
second half of the year and the exit of business with Russia and
Belarus. On a LFL basis, which excludes the foreign exchange
benefit, revenue increased 5.2% compared to 2021.
Selling, general and administrative expenses increased to
GBP151.2 million (2021: GBP138.5 million), predominantly due to
foreign exchange movements of GBP7.2 million, and a charge relating
to restructuring programmes of GBP6.3 million (2021: GBP0.6 million
credit), with cost inflation being largely offset by tight cost
management. Adjusted selling, general and administrative costs,
increased to GBP127.3 million (2021: GBP121.7 million), largely due
to of foreign exchange. On a LFL basis, adjusted selling, general
and administrative expenses were broadly flat against 2021.
Operating profit decreased by 3.3% to GBP70.7 million (2021:
GBP73.1 million). This was driven by lower sales volumes
contributing a reduction of GBP14.2 million, and a charge relating
to restructuring programmes of GBP6.3 million (2021: GBP0.6 million
credit), partially offset by productivity improvements of GBP7.1
million due to continuous improvement initiatives and efficiency
gains from better workforce stability, and favourable foreign
exchange movements of GBP7.0 million. Pricing recovered significant
material, freight and other inflation of GBP80.0 million and
further benefits are to be realised in 2023 due to some of the
customer pricing mechanisms being based on a look-back indexation.
Adjusted operating profit, which excludes the restructuring charge
and amortisation of acquired intangibles, increased by 5.1% to
GBP94.6 million (2021: GBP90.0 million). Operating margin decreased
by 162 bps to 9.9% (2021: 11.5%) and adjusted operating margin
decreased by 94 bps to 13.2% (2021: 14.2%), largely as a result of
the lower volumes and dilutive effect of pass-through pricing to
recover cost inflation. On a LFL basis, excluding the benefit of
foreign exchange, adjusted operating profit decreased 3.2%.
Profit before taxation decreased by 4.1% to GBP61.4 million
(2021: GBP64.0 million), as a result of the lower operating profit
and a marginal increase in net finance costs. Adjusted profit
before tax increased by 5.3% to GBP85.8 million (2021: GBP81.5
million), as a result of the higher adjusted operating profit. On a
LFL basis, excluding the foreign exchange benefit, this decreased
by 1.8%.
Materials and input costs
FY 2022
GBPm except where stated Materials(1) Average(2) Spot(3)
------------------------- ------------- ---------- -------
Aluminium 21.5 +42% +3%
Polypropylene 45.2 +1% -26%
Stainless steel 80.2 +45% +38%
Zinc 33.5 +32% +13%
Far East components(4) 41.8 +10% -1%
------------------------- ------------- ---------- -------
(1) FY 2022 materials cost of sales for raw materials,
components and hardware for overall category
(2) Average 2022 tracker price compared with average 2021 tracker price
(3) Spot tracker price as at 31 December 2022 compared with spot
tracker price at 31 December 2021
(4) Pricing on a representative basket of components sourced
from the Far East by Tyman UK & Ireland
Average prices across all categories increased further during
the year, following significant inflation in 2021 and the impact of
the invasion of Ukraine. Commodity prices began to moderate through
the second half, although conversion costs remain high due to
energy prices. Price increases and surcharges were implemented to
recover cost increases, albeit due to customer pricing mechanisms
in North America, there remains an inevitable timing lag in
recovery.
Adjusting items
Certain items that are considered to be significant in nature
and / or quantum have been excluded from adjusted measures, such
that the effect of these items on the Group's results can be
understood and to enable an analysis of trends in the Group's
underlying trading performance.
2022 2021
GBP'm GBP'm
----------------------------------- ------- -------
Footprint restructuring - costs (6.3) -
Footprint restructuring - credits - 0.3
------------------------------------ ------- -------
Footprint restructuring - net (6.3) 0.3
------------------------------------ ------- -------
M&A and integration - credits - 0.6
------------------------------------ ------- -------
M&A and integration - net - 0.6
Impairment charges - (1.9)
Impairment credits - 1.6
------------------------------------ ------- -------
Impairment - net - (0.3)
(6.3) 0.6
----------------------------------- ------- -------
The footprint restructuring costs in 2022 relate to the closure
of the Hamburg facility and the consolidation of the three UK
Access solutions businesses into a single site. These are
considered to be major restructuring programmes which required
Board approval and therefore are drawn out separately as adjusting
items. These programmes were substantially completed in 2022.
The M&A credit in the prior year related to the release of
provisions made as part of the business combination accounting for
previous acquisitions, which are no longer required. The impairment
charge in the prior year related to impairment of certain of the
Group's intangible assets following the commencement of a
multi-year ERP upgrade. The impairment credit related to the
release of a portion of provisions made in 2019 against inventory
and other assets associated with the new door seals product in
North America, which was no longer required.
Finance costs
Net finance costs increased marginally to GBP9.3 million (2021:
GBP9.1 million).
Interest payable on bank loans, private placement notes and
overdrafts increased to GBP6.9 million (2021: GBP5.9 million),
predominantly reflecting higher net debt due to increased working
capital and an unfavourable impact of foreign exchange. The
weighted average interest rate increased to 3.4% (2021: 3.1%), with
the improved coupon rates on the new USPP debt being largely offset
by higher interest rates on the floating RCF debt, due to the
increase in global interest rates. Interest on lease liabilities of
GBP3.0 million increased slightly (2021: GBP2.5 million),
reflecting foreign exchange and higher interest rates.
Net finance costs in the period also benefited from a gain on
revaluation of derivative instruments of GBP0.1 million (2021:
GBP0.1 million loss) due to the movement in foreign exchange rates.
Interest income from short term bank deposits amounted to GBP0.9
million (2021: GBPNil). Non-cash charges included in net finance
costs included amortisation of capitalised borrowing costs of
GBP0.6 million (2021: GBP0.5 million).
Forward exchange contracts
At 31 December 2022, the Group's portfolio of forward exchange
contracts at fair value amounted to a net liability of GBP0.2
million (2021: net liability of GBP0.3 million). The notional value
of the portfolio was GBP19.8 million (2021: GBP24.3 million),
comprising US dollar and Euro forward exchange contracts with
notional values of US$23.3 million and EUR0.7 million respectively
(2021: US$28 million; RMB30 million). These contracts have a range
of maturities up to 31 October 2023. During the year, a gain of
GBP0.1 million (2021: loss of GBP0.1 million) was recognised
directly in the income statement.
Interest rate swaps
During the year, the Group entered into a cross-currency
interest rate swap, swapping US$10 million of the new USPP debt for
GBP3.7 million and EUR5.0 million to fund the Group's UK and
International operations. At 31 December 2022 the fair value of
these swaps amounted to a net asset of GBP0.2 million (2021:
GBPNil), with a fair value gain through OCI of GBP0.2 million
(2021: GBPNil) recognised.
Taxation
The Group reported an income tax charge of GBP13.6 million
(2021: GBP14.4 million), comprising a current tax charge of GBP17.6
million (2021: GBP17.3 million) and a deferred tax credit of GBP4.0
million (2021: credit of GBP2.9 million), reflecting an effective
tax rate of 22.0% (2021: 22.5%). The decrease in the income tax
charge reflects the decrease in profit before tax, and the benefit
of the release of a transfer pricing provision no longer
required.
The adjusted tax charge was GBP18.5 million (2021: GBP18.8
million) representing an adjusted effective tax rate of 21.6%
(2021: 23.1%).
During the period, the Group paid corporation tax of GBP21.5
million (2021: GBP17.7 million). This reflects a cash tax rate on
adjusted profit before tax of 25.1% (2021: 21.7%). The increase
reflects the timing of payments on account.
Earnings per share
Basic earnings per share decreased by 3.0% to 24.6 pence (2021:
25.4 pence), reflecting the decrease in profit after tax, partially
offset by a reduction in the weighted average number of shares due
to the purchase of shares by the EBT in the year. Adjusted earnings
per share increased to 34.7 pence (2021: 32.1 pence), reflecting
the increase in adjusted profit after tax. There is no material
difference between these calculations and the fully diluted
earnings per share calculations.
Cash generation, funding and liquidity
Cash and cash conversion
GBPm 2022 2021
------------------------------------------------- ------ -------
Net cash generated from operations 60.6 57.0
Add: Pension contributions 0.2 2.8
Add: Income tax paid 21.5 17.7
Less: Purchases of property, plant and equipment (19.2) (16.1)
Less: Purchases of intangible assets (4.9) (4.5)
Add: Proceeds on disposal of PPE 0.1 0.8
Add: Adjusting item cash costs 1.8 0.2
------------------------------------------------- ------ -------
Adjusted operating cash flow(1) 60.1 57.9
Less: Pension contributions (0.2) (2.8)
Less: Income tax paid (21.5) (17.7)
Less: Net interest paid (9.5) (8.8)
Less: Adjusting item cash costs (1.8) (0.2)
------------------------------------------------- ------ -------
Free cash flow(1) 27.1 28.4
------------------------------------------------- ------ -------
(1) Alternative performance measures, details of which can be found on page 39.
Net cash generated from operations increased by 6.3% to GBP60.6
million (2021: GBP57.0 million), reflecting an increase in profit
before tax after adding back non-cash provision movements,
partially offset by a higher net working capital outflow, and
higher income tax payments. Adjusted operating cash flow increased
by 3.8% to GBP60.1 million, reflecting the increase in adjusted
operating profit, partially offset by the higher net working
capital outflow and increased capital expenditure after two years
of deferral due to COVID-19 and the operational intensity of the
recovery.
Adjusted operating cash conversion decreased slightly to 63.5%
(2021: 64.3%), largely due to the working capital outflow. Adjusted
operating cash conversion has been below the target average level
of 90% in the last two years as a result of the significant
investment in working capital made to protect against supply chain
disruption, which has been magnified by inflation, with the
reduction in demand in the second half of the year meaning that
inventory did not reduce to the extent planned. Inventory reduction
initiatives are expected to drive a much stronger cash conversion
in 2023.
Free cash flow in the period was slightly lower than 2021 at
GBP27.1 million (2021: GBP28.4 million), as a result of the higher
adjusted operating cash flow offset by higher income tax payments
on account, higher interest payments and adjusting item cash
costs.
Debt facilities
Bank and US private placement facilities available to the Group
as at 31 December 2022 were as follows:
Facility Maturity Currency Committed Uncommitted
------------- ---------- -------------- --------- -------------
2022 Facility Dec 2026 Multi-currency GBP210.0m GBP100.0m
5.37% USPP Nov 2024 US$ US$45.0m -
3.51% USPP April 2029 US$ US$40.0m -
3.62% USPP April 2032 US$ US$35.0m -
------------- ---------- -------------- --------- -------------
In April 2022, the Group issued US$75 million of
sustainability-linked US Private Placement notes. US$40 million of
the notes have a maturity of 7 years and a base coupon rate of
3.51%, and US$35m have a maturity of 10 years and a base coupon
rate of 3.62%.
In December 2022, the Group secured a new GBP210 million
sustainability-linked revolving credit facility, which may be
increased through an accordion option of up to GBP100 million. The
facility matures in December 2026, with an option to extend for a
further 12 months.
Both the USPP notes and the new RCF incorporate sustainability
performance targets which align with Tyman's sustainability roadmap
(see note 9). These incentive mechanisms result in a modest
reduction or increase in the interest rate depending on performance
against these targets.
Liquidity
At 31 December 2022, the Group had gross debt of GBP250.1
million (2021: GBP222.8 million) and net debt of GBP175.5 million
(2021: GBP145.8 million). Adjusted net debt, which excludes lease
liabilities and capitalised borrowing costs was GBP115.9 million
(2021: GBP91.7 million), with the increase reflecting the
significantly higher working capital and adverse foreign exchange
movements.
The Group had cash balances of GBP74.6 million (2021: GBP77.0
million), bank overdrafts of GBP16.4 million (2021: GBP18.9
million), and committed but undrawn facilities of GBP125.8 million
(2021: GBP123.6 million). This provides immediately available
liquidity of GBP184.0 million (2021: GBP180.8 million). The Group
also has potential access to the uncommitted GBP100.0 million
accordion facility.
Covenant performance
Performance
At 31 December 2022 Test (1) Headroom (2) Headroom (2)
-------------------- ------------ ----------- ------------ ------------
Leverage < 3.0× 1.0x GBP69.7m 65.0%
Interest Cover > 4.0× 18.2x GBP83.3m 78.0%
-------------------- ------------ ----------- ------------ ------------
(1) Calculated covenant performance consistent with the Group's
banking covenant test (banking covenants exclude the effect of IFRS
16). See APMs on page 41 for interest cover and page 42 for
leverage.
(2) The approximate amount by which covenant adjusted EBITDA
would need to decline before the relevant covenant is breached
At 31 December 2022, the Group retained significant headroom on
its banking covenants. Leverage at the year-end was 1.0x (2021:
0.9x), reflecting the higher level of net debt, offset by the
slight increase in covenant adjusted EBITDA. Interest cover at 31
December 2022 was 18.2x (2021: 17.4x).
Balance sheet - assets and liabilities
Working capital
GBPm FY 2021 Mvt FX 2022
---------------------- ------- ----- ----- ------
Inventories 137.8 4.8 10.5 153.1
Trade receivables 69.9 (7.5) 5.1 67.5
Trade payables (78.4) 28.0 (5.4) (55.8)
---------------------- ------- ----- ----- ------
Trade working capital 129.3 25.3 10.2 164.8
---------------------- ------- ----- ----- ------
Trade working capital at the year end, net of provisions, was
GBP164.8 million (2021: GBP129.3 million). The trade working
capital increase at average exchange rates was GBP25.3 million
(2021: GBP28.4 million).
The increase in inventory at average exchange rates was GBP4.8
million (2021: GBP53.9 million), largely reflecting the impact of
inflation on inventory values. Inventory levels remain elevated
following supply chain disruption and the need to de-risk key
material availability early in the year. The Group has implemented
a number of initiatives to bring inventory down to more normalised
levels, whilst maintaining service levels. The planned reduction of
inventory was negatively impacted by the shortfall in volume
shipped towards the end of the year. Trade receivables and trade
payables decreased due lower trading activity towards the period
end, with purchasing significantly lower given the reduced demand
and elevated inventory levels.
Trade working capital increased by a further GBP10.2 million due
to foreign exchange movements.
Capital expenditure
Gross capital expenditure increased to GBP24.1 million (2021:
GBP20.6 million) or 1.7x depreciation (excluding RoU asset
depreciation) (2021: 1.6x), reflecting remaining catch up of
expenditure deferred from 2021, investment in new product
development, operational excellence, and ERP upgrades. Net capital
expenditure was GBP24.0 million (2021: GBP19.8 million).
Goodwill and intangible assets
At 31 December 2022, the carrying value of goodwill and
intangible assets was GBP457.0 million (2021: GBP430.1 million).
The increase in goodwill and intangible assets is driven by foreign
exchange movements, offset by the amortisation of intangible assets
through the income statement of GBP19.6 million (2020: GBP18.8
million).
Provisions
Provisions at 31 December 2022 increased to GBP7.9 million
(2021: GBP6.2 million), with the increase primarily reflecting the
restructuring provision made for the costs of closure of the
Hamburg facility of GBP3.3 million. This provision is expected to
be settled in the first half of 2023.
Balance sheet - equity
Shares in issue
At 31 December 2022, the total number of shares in issue was
196.8 million (2021: 196.8 million) of which 0.5 million shares
were held in treasury (2021: 0.5 million).
Employee Benefit Trust purchases
On 31 December 2022, the EBT held 2.1 million shares (2021: 0.8
million). During the period, the EBT purchased 2.0 million shares
in Tyman plc at a total cost of GBP6.6 million (2021: 0.1 million
shares at a total cost of GBP0.3 million).
Dividends
A final dividend of 9.5 pence per share (2021: 8.9 pence),
equivalent to GBP18.4 million based on the shares in issue as at 31
December 2022, will be proposed at the Annual General Meeting
(2021: GBP17.4 million). The total dividend declared for the 2022
financial year is therefore 13.7 pence per share (2021: 12.9
pence), in line with the Group's progressive dividend policy. This
equates to a Dividend Cover of 2.5x, within the Group's target
range of 2.0x to 2.5x adjusted EPS.
The ex-dividend date will be 27 April 2023 and the final
dividend will be paid on 26 May 2023 to shareholders on the
register at 28 April 2023.
Only dividends paid in the year have been charged against equity
in the 2022 financial statements. Dividend payments of GBP25.4
million were paid to shareholders during 2022 (2021: GBP15.6
million).
Other financial matters
Return on capital employed
ROCE decreased by 120 bps to 13.3% (2021: 14.5%) as a result of
significantly higher average working capital during the year and
the impact of inflation and foreign exchange movements on capital
employed, offset by a reduction in the average carrying value of
intangible assets through amortisation.
Currency
Currency in the consolidated income statement
The principal foreign currencies that impact the Group's results
are the US dollar and the Euro. In 2022, the Sterling was weaker
against the US dollar and slightly stronger against the Euro when
compared with the average exchange rates in 2021.
Translational exposure
Currency US$ Euro Other Total
----------------------- ------- ------- ----- -----
% mvt in average rate (10.1%) 0.9%
GBPm Revenue impact 37.7 (0.7) 0.8 37.8
GBPm Profit impact (1) 4.8 (0.1) 0.1 4.8
1c decrease impact (2) GBP379k GBP101k
----------------------- ------- ------- ----- -----
(1) Adjusted Operating Profit impact
(2) Defined as the approximate favourable translation impact of
a 1c decrease in the Sterling exchange rate of the respective
currency on the Group's Adjusted Operating Profit
The net effect of currency translation caused revenue and
adjusted operating profit from ongoing operations to increase by
GBP37.8 million and GBP4.8 million respectively compared with
2021.
Transactional exposure
Divisions that purchase or sell products in currencies other
than their functional currency will potentially incur transactional
exposures. For purchases by the UK and Ireland division from the
Far East, these exposures are principally Sterling against the US
dollar or Chinese renminbi.
The Group's policy is to recover adverse transactional currency
movements through price increases or surcharges. Divisions
typically buy currency forward to cover expected future purchases
for up to six months. The objective is to achieve an element of
certainty in the cost of landed goods and to allow sufficient time
for any necessary price changes to be implemented.
The gain on foreign exchange derivatives in 2022 is GBP0.1
million (2021: minimal). The Group's other transactional exposures
generally benefit from the existence of natural hedges and are
immaterial.
The Group's gross borrowings (excluding leases) are denominated
in the following currencies:
2021 2021
----------------- ------------- -------------
GBPm Gross % Gross %
----------------- ------- ---- ------- ----
GBP (24.2) 12.8 (18.1) 11.1
US dollars (121.5) 64.5 (105.2) 62.4
Euros (42.7) 22.7 (44.7) 26.5
----------------- ------- ---- ------- ----
Gross borrowings (188.4) (168.0)
----------------- ------- ---- ------- ----
2023 technical guidance
Working capital is expected to reduce from the current elevated
level as supply chain disruption has subsided, with a net cash
inflow of GBP20 - GBP30 million across the year and minimal build
at the half year.
Capital expenditure is expected to be GBP22 - GBP27 million,
reflecting ongoing investment in new product development,
operational excellence, and systems upgrades.
The Group's operating cash conversion target average remains at
90% per annum. Operating cash conversion is expected to be higher
than the target average in 2023, reflecting the expected working
capital inflow.
Leverage is expected to be below the target range of 1.0x to
1.5x covenant adjusted EBITDA absent any M&A activity.
Net interest charge is expected to be GBP9 - GBP10 million,
reflecting higher average interest rates, offset by lower net
debt.
The adjusted effective tax rate is expected to be c. 23.0% -
25.0%.
Jason Ashton
Chief Financial Officer
Consolidated income statement
For the year ended 31 December 2022
2022 2021
Note GBP'm GBP'm
--------------------------------------------- ---- ------- -------
Revenue 3 715.5 635.7
Cost of sales (493.2) (424.0)
--------------------------------------------- ---- ------- -------
Gross profit 222.3 211.7
Selling, general and administrative expenses (151.2) (138.5)
Net impairment losses on financial assets (0.4) (0.1)
--------------------------------------------- ---- ------- -------
Operating profit 70.7 73.1
Analysed as:
--------------------------------------------- ---- ------- -------
Adjusted(1) operating profit 3 94.6 90.0
Adjusting items 4 (6.3) 0.6
Amortisation of acquired intangible assets 7 (17.6) (17.5)
Operating profit 70.7 73.1
--------------------------------------------- ---- ------- -------
Finance income 1.0 -
Finance costs (10.3) (9.1)
--------------------------------------------- ---- ------- -------
Net finance costs (9.3) (9.1)
--------------------------------------------- ---- ------- -------
Profit before taxation 3 61.4 64.0
Income tax charge 5 (13.6) (14.4)
--------------------------------------------- ---- ------- -------
Profit for the year 47.8 49.6
--------------------------------------------- ---- ------- -------
Basic earnings per share 6 24.6p 25.4p
--------------------------------------------- ---- ------- -------
Diluted earnings per share 6 24.5p 25.3p
--------------------------------------------- ---- ------- -------
Non-GAAP alternative performance measures
(1)
Adjusted(1) operating profit 94.6 90.0
--------------------------------------------- ---- ------- -------
Adjusted(1) profit before taxation 6 85.8 81.5
--------------------------------------------- ---- ------- -------
Basic adjusted(1) earnings per share 6 34.7p 32.1p
--------------------------------------------- ---- ------- -------
Diluted adjusted(1) earnings per share 6 34.5p 32.0p
--------------------------------------------- ---- ------- -------
(1) Before amortisation of acquired intangible assets, deferred
taxation on amortisation of acquired intangible assets, impairment
of goodwill, adjusting items, unwinding of discount on provisions,
gains and losses on the fair value of derivative financial
instruments, amortisation of borrowing costs and the associated tax
effect. See definitions and reconciliations on pages 39 to 43 for
non-GAAP Alternative Performance Measures.
Consolidated statement of comprehensive income
For the year ended 31 December 2022
2022 2021
GBP'm GBP'm
------------------------------------------------ ------ ------
Profit for the year 47.8 49.6
------------------------------------------------- ------ ------
Other comprehensive income
Items that will not be reclassified to profit
or loss
Remeasurements of post-employment benefit
obligations - 1.6
------------------------------------------------- ------ ------
Total items that will not be reclassified
to profit or loss - 1.6
------------------------------------------------- ------ ------
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translation of foreign
operations(1) 54.1 0.1
Change in fair value of net investment hedge(1) (11.7) 2.3
Effective portion of changes in value of fair
value hedges 0.2 -
------------------------------------------------- ------ ------
Total items that may be reclassified to profit
or loss 42.6 2.4
------------------------------------------------- ------ ------
Other comprehensive income for the year, net
of tax 42.6 4.0
------------------------------------------------- ------ ------
Total comprehensive income for the year 90.4 53.6
------------------------------------------------- ------ ------
(1) Comparatives have been represented to show separately the
change in fair value of net investment hedge for consistency with
current year presentation.
Items in the statement above are disclosed net of tax. The
income tax relating to each component of other comprehensive income
is disclosed in note 5.
Consolidated statement of changes in equity
For the year ended 31 December 2022
Share Treasury Hedging Translation Retained Total
capital reserve reserve reserve earnings equity
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
---------------------------------- -------- -------- -------- ----------- --------- -------
At 1 January 2021 9.8 (3.4) - 46.8 389.9 443.1
Profit for the year - - - - 49.6 49.6
Other comprehensive income - - - 2.4 1.6 4.0
---------------------------------- -------- -------- -------- ----------- --------- -------
Total comprehensive income - - - 2.4 51.2 53.6
Transactions with owners in their
capacity as owners
Share-based payments(1) - - - - 1.6 1.6
Dividends paid - - - - (15.6) (15.6)
Issue of own shares from Employee
Benefit Trust - 1.1 - - (1.1) -
Purchase of own shares for
Employee Benefit Trust - (0.3) - - - (0.3)
---------------------------------- -------- -------- -------- ----------- --------- -------
Total transactions with owners - 0.8 - - (15.1) (14.3)
---------------------------------- -------- -------- -------- ----------- --------- -------
At 31 December 2021 9.8 (2.6) - 49.2 426.0 482.4
Profit for the year - - - - 47.8 47.8
Other comprehensive income - - 0.2 42.4 - 42.6
---------------------------------- -------- -------- -------- ----------- --------- -------
Total comprehensive income - - 0.2 42.4 47.8 90.4
Transactions with owners in their
capacity as owners
Share-based payments(1) - - - - 0.8 0.8
Dividends paid - - - - (25.4) (25.4)
Issue of own shares from Employee
Benefit Trust - 0.5 - - (0.5) -
Purchase of own shares for
Employee Benefit Trust - (6.6) - - - (6.6)
---------------------------------- -------- -------- -------- ----------- --------- -------
Total transactions with owners - (6.1) - - (25.1) (31.2)
---------------------------------- -------- -------- -------- ----------- --------- -------
At 31 December 2022 9.8 (8.7) 0.2 91.6 448.7 541.6
---------------------------------- -------- -------- -------- ----------- --------- -------
(1) Share-based payments include a tax charge of GBP0.2 million
(2021: tax credit of GBP0.3 million) and a credit due to issuance
of shares under the deferred share bonus plan of GBP0.2 million
(2021: GBP0.3 million).
Consolidated balance sheet
As at 31 December 2022
2021 2020
2022 Restated(1) Restated(1)
Note GBP'm GBP'm GBP'm
---------------------------------------------- ---- ------- ------------ ------------
TOTAL ASSETS
Non-current assets
Goodwill 7 399.3 363.3 361.9
Intangible assets 7 57.7 66.8 84.1
Property, plant and equipment 74.6 63.5 60.7
Right-of-use assets 8 57.3 52.0 51.8
Financial assets at fair value through profit
or loss 1.2 1.1 1.1
Derivative financial instruments 0.2 - -
Deferred tax assets 1.7 4.2 5.2
---------------------------------------------- ---- ------- ------------ ------------
592.0 550.9 564.8
Current assets
Inventories 153.1 137.8 84.0
Trade and other receivables 81.4 81.0 72.8
Cash and cash equivalents 74.6 77.0 73.2
309.1 295.8 230.0
---------------------------------------------- ---- ------- ------------ ------------
TOTAL ASSETS 901.1 846.7 794.8
---------------------------------------------- ---- ------- ------------ ------------
LIABILITIES
Current liabilities
Trade and other payables (88.2) (112.8) (84.4)
Derivative financial instruments (0.2) (0.3) (0.2)
Borrowings 9 (15.9) (19.0) (43.8)
Lease liabilities 8 (6.8) (6.0) (5.4)
Current tax liabilities (1.8) (6.0) (6.8)
Provisions (5.0) (1.4) (1.3)
---------------------------------------------- ---- ------- ------------ ------------
(117.9) (145.5) (141.9)
Non-current liabilities
Borrowings 9 (172.5) (149.0) (128.8)
Lease liabilities 8 (54.9) (48.8) (48.4)
Deferred tax liabilities (6.9) (12.1) (15.7)
Retirement benefit obligations (4.3) (4.0) (8.9)
Provisions (2.9) (4.8) (7.6)
Other payables (0.1) (0.1) (0.4)
---------------------------------------------- ---- ------- ------------ ------------
(241.6) (218.8) (209.8)
---------------------------------------------- ---- ------- ------------ ------------
TOTAL LIABILITIES (359.5) (364.3) (351.7)
---------------------------------------------- ---- ------- ------------ ------------
NET ASSETS 541.6 482.4 443.1
---------------------------------------------- ---- ------- ------------ ------------
EQUITY
Capital and reserves attributable to owners
of the Company
Share capital 9.8 9.8 9.8
Treasury reserve (8.7) (2.6) (3.4)
Hedging reserve 0.2 - -
Translation reserve 91.6 49.2 46.8
Retained earnings 448.7 426.0 389.9
---------------------------------------------- ---- ------- ------------ ------------
TOTAL EQUITY 541.6 482.4 443.1
---------------------------------------------- ---- ------- ------------ ------------
(1) See note 2.2 for details regarding reclassification
adjustments to the comparative balance sheets.
Consolidated cash flow statement
For the year ended 31 December 2022
2022 2021
Note GBP'm GBP'm
---------------------------------------------- ---- ------- ------
Cash flow from operating activities
Profit before taxation 3 61.4 64.0
Adjustments 10 53.0 47.4
Changes in working capital:
Inventories (4.8) (54.0)
Trade and other receivables 5.6 (9.1)
Trade and other payables (32.2) 29.2
Provisions utilised (0.7) -
Pension contributions (0.2) (2.8)
Income tax paid (21.5) (17.7)
---------------------------------------------- ---- ------- ------
Net cash generated from operating activities 60.6 57.0
---------------------------------------------- ---- ------- ------
Cash flow from investing activities
Purchases of property, plant and equipment (19.2) (16.1)
Purchases of intangible assets 7 (4.9) (4.5)
Proceeds on disposal of property, plant and
equipment 0.1 0.8
Interest received 0.9 -
---------------------------------------------- ---- ------- ------
Net cash used in investing activities (23.1) (19.8)
---------------------------------------------- ---- ------- ------
Cash flow from financing activities
Interest paid (9.5) (8.8)
Dividends paid (25.4) (15.6)
Purchase of own shares for Employee Benefit
Trust (6.6) (0.3)
Refinancing costs paid (2.1) -
Proceeds from drawdown of borrowings 122.3 40.0
Repayments of borrowings (113.0) (57.8)
Principal element of lease payments (6.2) (6.2)
---------------------------------------------- ---- ------- ------
Net cash used in financing activities (40.5) (48.7)
---------------------------------------------- ---- ------- ------
Net decrease in cash and cash equivalents
and bank overdrafts (3.0) (11.5)
Exchange loss on cash and cash equivalents
and bank overdrafts 3.1 (0.1)
Cash and cash equivalents and bank overdrafts
at beginning of year 58.1 69.7
---------------------------------------------- ---- ------- ------
Cash and cash equivalents and bank overdrafts
at end of year 58.2 58.1
---------------------------------------------- ---- ------- ------
Notes to the financial statements
For the year ended 31 December 2022
1. General information
Tyman plc is a leading international supplier of engineered
fenestration and access solutions to the construction industry. The
Group designs and manufactures products that enhance the comfort,
sustainability, security, safety and aesthetics of residential
homes and commercial buildings. Tyman serves its markets through
three regional divisions. Headquartered in London, the Group
employs approximately 3,700 people with facilities in 16 countries
worldwide.
Tyman plc is a public limited company listed on the London Stock
Exchange, incorporated and domiciled in the United Kingdom. The
address of the Company's registered office is 29 Queen Anne's Gate,
London SW1H 9BU.
2. Accounting policies and basis of preparation
The consolidated financial statements of Tyman plc have been
prepared in accordance with the UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards.
The consolidated financial statements have been prepared on a
historical cost basis, except for items that are required by IFRS
to be measured at fair value, principally certain financial
instruments.
The financial information included in the full year results
announcement does not constitute statutory accounts of the Company
for the years ended 31 December 2022 and 2021. Statutory accounts
for the year ended 31 December 2021 have been reported on by the
Company's auditor and delivered to the Registrar of Companies.
Statutory accounts for the year ended 31 December 2022 have been
audited and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. The report of the
auditors for both years was (i) unqualified, (ii) did not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and (iii) did not
contain a statement under Section 498 (2) or (3) of the Companies
Act 2006. The consolidated financial statements have been prepared
using consistent accounting policies with those of the previous
financial year except as outlined in note 2.2 below.
These results were approved by the Board of Directors on 2 March
2023.
2.1 Going concern
The Group's business activities, financial performance and
position, together with factors likely to affect its future
development and performance, are described in the Chief Executive
Officer's review on pages 3 to 6.
As at 31 December 2022, the Group had net cash and cash
equivalents of GBP58.2 million, and an undrawn RCF available of
GBP125.8 million, giving liquidity headroom of GBP184.0 million.
The Group also has potential access to an uncommitted accordion
facility of GBP100 million.
The Group is subject to leverage and interest cover covenants
tested in June and December and had significant headroom on both
covenants at 31 December 2022, with GBP69.7 million (65%) of EBITDA
headroom on the leverage covenant and GBP83.3 million (78%) of
EBITDA headroom on the interest cover covenant.
The Group has performed an assessment of going concern through
reviewing liquidity headroom and covenant compliance under the
Board approved financial forecasts and modelling several downside
scenarios. In all scenarios modelled, the Group would retain
significant liquidity and covenant headroom throughout the going
concern period.
Reverse stress-testing has also been performed to model a
scenario that would result in elimination of covenant headroom
within the going concern assessment period. Revenue would need to
decrease significantly, to an extent not considered reasonably
possible, for the covenants to be breached. As part of this
assessment, the Group has considered the risks relating to climate
change. As this risk relates to the medium to long term, there is
no impact on the short-term going concern assessment.
Having reviewed the various scenario models, available liquidity
and taking into account current trading, the Directors are
satisfied that the Group has sufficient financial resources to
continue in operation for the foreseeable future, which is
considered to be a period of not less than twelve months from the
date of this report. Accordingly, the consolidated and Company
financial information has been prepared on a going concern
basis.
2.2 Changes in accounting policies and disclosures
2.2.1 New, revised and amended standards and interpretations
adopted by the Group
The accounting standards and interpretations that became
applicable in the year did not materially impact the Group's
accounting policies and did not require retrospective
adjustments.
2.2.2 New, revised and amended accounting standards not yet
adopted
Certain new accounting standards, amendments to accounting
standards and interpretations have been published that are not
mandatory for 31 December 2022 reporting periods and have not been
early adopted by the Group. These standards, amendments or
interpretations are not expected to have a material impact on the
Group in the current or future reporting periods and on foreseeable
future transactions.
2.2.3 Prior year restatement
In September 2022, the Group received a letter from the
Financial Reporting Council ("FRC") as part of its regular review
and assessment of the quality of corporate reporting in the UK. The
letter included a request for further information on the Group's
Annual Report and Accounts for the year ended 31 December 2021.
Following completion of the correspondence with the FRC, the Group
undertook to restate the classification in two areas of the 2021
comparative balance sheets. As these reclassifications affected the
information presented in the balance sheet as at the beginning of
the earliest comparative period, a third balance sheet as at 31
December 2020 has been presented.
The review conducted by the FRC was performed solely on the
Group's published 2021 Annual Report and Accounts and does not
provide any assurance that the Annual Report and Accounts are
correct in all material respects. The FRC's review did not benefit
from detailed knowledge of the Company's business or an
understanding of the underlying transactions entered into. The FRC
accepts no liability for reliance on their review by the Company or
any third party.
i. Offsetting of deferred tax assets and liabilities
The Group previously presented deferred tax assets and
liabilities gross on the balance sheet. Certain of these assets and
liabilities arose in the same tax jurisdiction and met the criteria
for offset in IAS 12. These balances have therefore been restated
to offset those that met the criteria. The effect of this was to
reduce deferred tax assets and deferred tax liabilities as at 31
December 2021 by GBP8.4 million (31 December 2020: GBP11.1
million).
ii. Offsetting of bank overdrafts
The Group has cash pooling arrangements that were previously
recorded as part of cash and cash equivalents, with the overdraft
being disclosed in the notes to the financial statements. The
Directors have concluded that the second criterion of IAS 32
paragraph 42 was not met. Consequently, a restatement has been made
with the effect that cash and cash equivalents and current
borrowings as at 31 December 2021 increased by GBP18.9 million (31
December 2020: GBP3.5 million).
These restatements did not affect the Group's income statement,
net assets, cash flows, KPIs or compliance with covenants.
The previously reported and restated financial statement line
items are summarised as follows:
31 December 2021
As previously Impact of
reported restatement Restated
GBPm GBPm GBPm
--------------------------- -------------- ------------- ---------
Cash and cash equivalents 58.1 18.9 77.0
Deferred tax asset 12.6 (8.4) 4.2
Borrowings - current (0.1) (18.9) (19.0)
Deferred tax liability (20.5) 8.4 (12.1)
Net assets 482.4 - 482.4
---------------------------- -------------- ------------- ---------
Total assets 836.2 10.5 846.7
---------------------------- -------------- ------------- ---------
Total liabilities (353.8) (10.5) (364.3)
---------------------------- -------------- ------------- ---------
31 December 2020
As previously Impact of
reported restatement Restated
GBPm GBPm GBPm
--------------------------- -------------- ------------- ---------
Cash and cash equivalents 69.7 3.5 73.2
Deferred tax asset 16.3 (11.1) 5.2
Borrowings - current (40.3) (3.5) (43.8)
Deferred tax liability (26.8) 11.1 (15.7)
Net assets 443.1 - 443.1
---------------------------- -------------- ------------- ---------
Total assets 802.4 (7.6) 794.8
---------------------------- -------------- ------------- ---------
Total liabilities (359.3) 7.6 (351.7)
---------------------------- -------------- ------------- ---------
3. Segment reporting
3.1 Segment information
The reporting segments reflect the manner in which performance
is evaluated and resources are allocated. The Group operates
through three clearly defined divisions: Tyman North America, Tyman
UK & Ireland and Tyman International.
North America comprises all the Group's operations within the
US, Canada and Mexico. UK & Ireland comprises the Group's UK
and Ireland hardware business, together with Access 360 and Tyman
Sourcing Asia. International comprises the Group's remaining
businesses outside the US, Canada, Mexico and the UK (although
includes the two UK seal manufacturing plants that are managed by
the Tyman International leadership team). Centrally incurred
functional costs that are directly attributable to a division are
allocated or recharged to the division. All other centrally
incurred costs and eliminations are disclosed as a separate line
item in the segment analysis.
In the opinion of the Board, there is no material difference
between the Group's operating segments and segments based on
geographical splits. Accordingly, the Board does not consider
geographically defined segments to be reportable.
The following tables present Group revenue and profit
information for the Group's reporting segments, which have been
generated using the Group accounting policies, with no differences
of measurement applied, other than those noted above.
3.2 Revenue
2022 2021
--------------------------------- ---------------------------------
Segment Inter-segment External Segment Inter-segment External
revenue revenue revenue revenue revenue revenue
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
-------------- -------- ------------- -------- -------- ------------- --------
North America 474.9 (3.0) 471.9 400.5 (2.8) 397.7
UK & Ireland 103.5 (0.2) 103.3 106.2 (0.4) 105.8
International 143.4 (3.1) 140.3 135.2 (3.0) 132.2
-------------- -------- ------------- -------- -------- ------------- --------
Total revenue 721.8 (6.3) 715.5 641.9 (6.2) 635.7
-------------- -------- ------------- -------- -------- ------------- --------
Included within the Tyman International segment is revenue
generated from the UK seals plants of GBP24.7 million (2021:
GBP22.3 million). There are no single customers that account for
greater than 10% of total revenue.
3.3 Profit before taxation
2022 2021
Note GBP'm GBP'm
------------------------------------------- ---- ------ ------
North America 66.8 65.1
UK & Ireland 14.5 14.8
International 21.3 19.5
------------------------------------------- ---- ------ ------
Operating segment profit 102.6 99.4
Centrally incurred costs (8.0) (9.4)
------------------------------------------- ---- ------ ------
Adjusted operating profit 94.6 90.0
Adjusting items 4 (6.3) 0.6
Amortisation of acquired intangible assets 7 (17.6) (17.5)
Operating profit 70.7 73.1
Net finance costs (9.3) (9.1)
------------------------------------------- ---- ------ ------
Profit before taxation 61.4 64.0
------------------------------------------- ---- ------ ------
4. Adjusting items
2022 2021
GBP'm GBP'm
------------------------- ------- -------
Footprint restructuring
- costs (6.3) -
Footprint restructuring
- credits - 0.3
-------------------------- ------- -------
Footprint restructuring
- net (6.3) 0.3
-------------------------- ------- -------
M&A and integration
- credits - 0.6
-------------------------- ------- -------
M&A and integration
- net - 0.6
-------------------------- ------- -------
Impairment charges - (1.9)
Impairment credits - 1.6
-------------------------- ------- -------
Impairment - net - (0.3)
-------------------------- ------- -------
(6.3) 0.6
------------------------- ------- -------
5. Taxation
5.1 Taxation - income statement and other comprehensive
income
2022 2021
GBP'm GBP'm
---------------------------------------------------------- ------ ------
Current taxation
Current tax on profit for the year (19.1) (18.8)
Prior year adjustments 1.5 1.5
----------------------------------------------------------- ------ ------
Total current taxation (17.6) (17.3)
----------------------------------------------------------- ------ ------
Deferred taxation
Origination and reversal of temporary differences 4.6 2.2
Rate change adjustment 0.1 0.4
Prior year adjustments (0.7) 0.3
----------------------------------------------------------- ------ ------
Total deferred taxation 4.0 2.9
----------------------------------------------------------- ------ ------
Income tax charge in the income statement (13.6) (14.4)
----------------------------------------------------------- ------ ------
Total (charge)/credit relating to components
of other comprehensive income
Current tax charge on translation (0.3) -
Current tax credit on share-based payments - 0.1
Deferred tax charge on actuarial gains and losses - (0.5)
Deferred tax credit on share-based payments (0.2) 0.2
Deferred tax charge on translation - (0.1)
----------------------------------------------------------- ------ ------
Income tax charge in the statement of other comprehensive
income (0.5) (0.3)
----------------------------------------------------------- ------ ------
Total current taxation (17.9) (17.2)
Total deferred taxation 3.8 2.5
----------------------------------------------------------- ------ ------
Total taxation (14.1) (14.7)
----------------------------------------------------------- ------ ------
The Group's UK profits for this financial year are taxed at the
statutory rate of 19.0% (2021: 19.0%). The deferred tax balances
have been measured using the applicable enacted rates. In the UK,
legislation to increase the standard rate of corporation tax from
19% to 25% from 1 April 2023 was substantively enacted in the
Finance Act 2021 on 24 May 2021, and consequently deferred tax has
been remeasured to reflect this.
Taxation for other jurisdictions is calculated at rates
prevailing in those respective jurisdictions.
5.2 Reconciliation of the total tax charge
The tax assessed for the year differs from the standard rate of
tax in the UK of 19.0% (2021: 19.0%). The differences are explained
below:
2022 2021
GBP'm GBP'm
--------------------------------------------------- ------ ------
Profit before taxation 61.4 64.0
--------------------------------------------------- ------ ------
Profit before taxation multiplied by the standard
rate of corporation tax in the UK of 19.0% (2021:
19.0%) (11.7) (12.2)
Effects of:
Expenses not deductible for tax purposes (0.2) (0.9)
Overseas tax rate differences (2.5) (3.5)
Rate change adjustment 0.1 0.4
Prior year adjustments 0.7 1.8
--------------------------------------------------- ------ ------
Income tax charge in the income statement (13.6) (14.4)
--------------------------------------------------- ------ ------
5.3 Factors that may affect future tax charges
The estimated tax losses within the Group are as follows:
Tax effect of
Gross losses losses
-------------- ---------------
2022 2021 2022 2021
GBP'm GBP'm GBP'm GBP'm
--------------- ------ ------ ------- ------
Capital losses 10.8 3.3 (2.7) (0.6)
Trading losses 14.1 20.2 (4.2) (5.4)
--------------- ------ ------ ------- ------
24.9 23.5 (6.9) (6.0)
--------------- ------ ------ ------- ------
In accordance with the Group's accounting policy, as the future
use of these losses is uncertain, none of these losses have been
recognised as a deferred tax asset.
An assessable temporary difference exists, but no deferred tax
liability has been recognised because the Group is able to control
the timing of any distributions from these subsidiaries and hence
any tax consequences that may arise.
6. Earnings per share
6.1 Earnings per share
2022 2021
------------------------------- ----- -----
Profit for the year (GBP'm) 47.8 49.6
Basic earnings per share (p) 24.6p 25.4p
Diluted earnings per share (p) 24.5p 25.3p
------------------------------- ----- -----
Basic earnings per share amounts are calculated by dividing net
profit for the year attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the
year.
Diluted earnings per share amounts are calculated by dividing
the net profit attributable to ordinary equity holders by the
weighted average number of ordinary shares outstanding during the
year, plus the weighted average number of ordinary shares that
would be issued on the conversion of all the diluted potential
ordinary shares into ordinary shares.
6.1.1 Weighted average number of shares
2022 2021
'm 'm
------------------------------------------------------ ----- -----
Weighted average number of shares (including treasury
shares) 196.8 196.8
Treasury shares (0.5) (0.5)
Employee Benefit Trust shares (2.1) (0.9)
------------------------------------------------------ ----- -----
Weighted average number of shares - basic 194.2 195.4
Effect of dilutive potential ordinary shares - LTIP
awards and options 1.0 0.7
------------------------------------------------------ ----- -----
Weighted average number of shares - diluted 195.2 196.1
------------------------------------------------------ ----- -----
6.1.2 Non-GAAP Alternative Performance Measure: adjusted
earnings per share
The Group presents an adjusted earnings per share measure which
excludes the impact of exceptional items, certain non-cash finance
costs, amortisation of acquired intangible assets and certain
non-recurring items. adjusted earnings per share has been
calculated using the adjusted profit before taxation and using the
same weighted average number of shares in issue as the earnings per
share calculation.
Adjusted profit after taxation is derived as follows:
2022 2021
GBP'm GBP'm
---------------------------------------------------- ------ ------
Profit before taxation 61.4 64.0
Adjusting items 6.3 (0.6)
(Gain)/loss on revaluation of derivative instrument (0.1) 0.1
Amortisation of borrowing costs 0.6 0.5
Amortisation of acquired intangible assets 17.6 17.5
Adjusted profit before taxation 85.8 81.5
Income tax charge (13.6) (14.4)
Add back: Adjusted tax effect(1) (4.9) (4.4)
----------------------------------------------------- ------ ------
Adjusted profit after taxation 67.3 62.7
----------------------------------------------------- ------ ------
1 Tax effect of adjusting items, amortisation of borrowings
costs, amortisation of acquired intangible assets, gain or loss on
revaluation of fair value hedge and unwinding of discount on
provisions.
Adjusted earnings per share is summarised as follows:
2022 2021
------------------------------------------- ------- ------------- ------
Basic Adjusted earnings per share 34.7p 32.1p
Diluted Adjusted earnings per share 34.5p 32.0p
---------------------------------------------------------- ------- ------
7. Goodwill and intangible assets
7.1 Carrying amount of goodwill
GBP'm
--------------------- ------
Net carrying value
At 1 January 2021 361.9
Exchange difference 1.4
----------------------- ------
At 31 December 2021 363.3
Exchange difference 36.0
At 31 December 2022 399.3
----------------------- ------
Goodwill is monitored principally on an operating segment basis
and the net book value of goodwill is allocated by CGU as
follows:
2022 2021
GBP'm GBP'm
--------------- ------- -------
North America 302.7 268.5
UK & Ireland 60.2 60.2
International 36.4 34.6
399.3 363.3
--------------- ------- -------
7.2 Carrying amount of intangible assets
Computer Acquired Customer Other
software brands relationships intangibles Total
GBP'm GBP'm GBP'm GBP'm GBP'm
----------------------------- ---------- --------- --------------- ------------- --------
Cost
At 1 January 2021 13.2 85.8 252.7 - 351.7
Additions 4.4 0.1 - - 4.5
Disposals (2.0) (3.0) - - (5.0)
Exchange difference (0.1) (0.8) (0.2) - (1.1)
------------------------------ ---------- --------- --------------- ------------- --------
At 31 December 2021 15.5 82.1 252.5 - 350.1
Additions 4.7 - - 0.2 4.9
Disposals (0.4) - - - (0.4)
Transfer between categories 0.1 (0.1) - - -
Exchange difference 1.8 7.8 24.3 - 33.9
At 31 December 2022 21.7 89.8 276.8 0.2 388.5
------------------------------ ---------- --------- --------------- ------------- --------
Accumulated amortisation
At 1 January 2021 (7.1) (57.4) (203.1) - (267.6)
Amortisation charge for
the year (1.3) (5.4) (12.1) - (18.8)
Disposals 2.0 3.0 - - 5.0
Impairment - - - (1.9)
Exchange difference (0.1) 0.4 (0.3) - -
------------------------------ ---------- --------- --------------- ------------- --------
At 31 December 2021 (8.4) (59.4) (215.5) - (283.3)
Amortisation charge for
the year (2.0) (5.4) (12.2) - (19.6)
Disposals 0.4 - - - 0.4
Impairment (0.1) (0.1) - - (0.2)
Exchange difference (0.9) (5.9) (21.3) - (28.1)
At 31 December 2021 (11.0) (70.8) (249.0) - (330.8)
------------------------------ ---------- --------- --------------- ------------- --------
Net carrying value
At 1 January 2021 6.1 28.4 49.6 - 84.1
------------------------------ ---------- --------- --------------- ------------- --------
At 31 December 2021 7.1 22.7 37.0 - 66.8
------------------------------ ---------- --------- --------------- ------------- --------
At 31 December 2022 10.7 19.0 27.8 0.2 57.7
------------------------------ ---------- --------- --------------- ------------- --------
The amortisation charge for the year has been included in
selling, general and administrative expenses in the income
statement and comprises GBP17.6 million (2021: GBP17.7 million)
relating to amortisation of acquired intangible assets and GBP2.0
million (2021: GBP1.3 million) relating to amortisation of other
intangible assets.
8. Leases
8.1 Carrying value of right of use assets
Set out below are the carrying amounts of right-of-use assets
recognised and the movements during the year.
Land and Plant
buildings and machinery Total
GBP'm GBP'm GBP'm
------------------------ ----------- --------------- -------
At 1 January 2021 50.0 1.8 51.8
Additions 1.4 0.9 2.3
Lease extensions 4.7 - 4.7
Change in indexation 0.1 - 0.1
Disposals (0.1) - (0.1)
Depreciation charge (6.1) (0.9) (7.0)
Exchange difference 0.2 - (0.2)
------------------------- ----------- --------------- -------
At 31 December 2021 50.2 1.8 52.0
Additions 6.8 1.5 8.3
Change in indexation 0.1 - 0.1
Disposals (0.1) - (0.1)
Depreciation charge (6.1) (1.0) (7.1)
Revaluation impairment (0.2) - (0.2)
Exchange difference 4.3 - 4.3
------------------------- ----------- --------------- -------
At 31 December 2022 55.0 2.3 57.3
------------------------- ----------- --------------- -------
8.2 Carrying value of lease liabilities
Set out below are the carrying amounts of lease liabilities
(included under interest-bearing loans and borrowings) and the
movements during the year:
2022 2021
GBP'm GBP'm
------------------------- ------- -------
At 1 January (54.8) (53.8)
New leases (8.3) (2.3)
Lease extensions - (4.7)
Change in indexation (0.1) (0.2)
Lease disposals 0.1 0.2
Interest charge (3.0) (2.5)
Lease payments 9.2 8.6
Foreign exchange (4.8) (0.1)
-------
At 31 December (61.7) (54.8)
-------------------------- ------- -------
Current liabilities (6.8) (6.0)
Non-current liabilities (54.9) (48.8)
At 31 December (61.7) (54.8)
-------------------------- ------- -------
8.3 Amounts recognised in profit or loss
The following are the amounts recognised in profit or loss:
2022 2021
GBP'm GBP'm
---------------------------------------------- ------- -------
Depreciation of ROU assets (7.1) (7.0)
Interest expense (included in finance
cost) (3.0) (2.5)
Expense relating to short-term and low-value
assets not included in lease liabilities
(included in cost of sales and selling,
general and administration expenses) (2.3) (1.3)
Expense relating to variable lease payments
not included in lease liabilities (included
in cost of sales and selling, general
and administration expenses) (0.7) (0.5)
(13.1) (11.3)
---------------------------------------------- ------- -------
9. Borrowings
9.1 Carrying amounts of borrowings
2022 2021
GBP'm GBP'm
--------------------------------- -------- --------
Unsecured borrowings at amortised cost:
Bank borrowings (74.9) (116.5)
Bank overdraft (16.4) (18.9)
Senior notes (99.2) (33.3)
Capitalised borrowing costs 2.1 0.7
---------------------------------- -------- --------
Borrowings (188.4) (168.0)
Analysed as:
Current liabilities (15.9) (19.0)
Non-current liabilities (172.5) (149.0)
(188.4) (168.0)
--------------------------------- -------- --------
There were no defaults in interest payments in the year under
the terms of the existing loan agreements. Non-cash movements in
the carrying amount of interest-bearing loans and borrowings relate
to the amortisation of borrowing costs.
The carrying amounts of interest-bearing loans and borrowings
(excluding lease liabilities) are denominated in the following
currencies:
2022 2021
GBP'm GBP'm
------------ -------- --------
Sterling (24.2) (18.1)
US dollars (121.5) (105.2)
Euros (42.7) (44.6)
Other - (0.1)
(188.4) (168.0)
------------ -------- --------
9.1.1 Bank borrowings
Multi-currency revolving credit facility
In December 2022, the Group refinanced its revolving credit
facility, securing a new GBP210 million sustainability-linked
Revolving Credit Facility, which may be increased through an
accordion option of up to GBP100 million. The facility matures on
13 December 2026, with an option to extend by a further year. The
banking facility is unsecured and is guaranteed by Tyman plc and
its principal subsidiary undertakings. A portion of the loan margin
is now linked to the performance of the Group on three
sustainability metrics, which align with Tyman's immediate
sustainability priorities and its 2030 sustainability roadmap:
-- Reduction in Scope 1 and 2 emissions from the 2019 baseline.
-- Year-on-year increase in percentage of revenue from
positive-impact solutions that contribute to the United Nations
Sustainable Development Goals.
-- Reduction in the Total Recordable Incident Rate per one
million hours worked (excluding the impact of COVID-19).
Progress against these sustainability metrics will be
independently verified on an annual basis. If Tyman achieves some,
or all of these metrics, then the loan pricing will be reduced for
the following year; a shortfall against the metrics will result in
Tyman paying a similar premium to a nominated charity.
As at 31 December 2022, the Group has undrawn amounts committed
under the multi-currency revolving credit facility of GBP135.1
million (2021: GBP123.6 million). These amounts are floating rate
commitments which expire beyond twelve months.
9.1.2 Private placement notes
The Group's private placement notes of US$120 million are notes
issued to US financial institutions. These comprise:
-- US$45.0 million issued in November 2014, with a 10-year
maturity from inception at a coupon of 5.37%, due for repayment in
November 2024.
-- US$75 million issued in April 2022. US$40 million of these
notes have a term of seven years maturing in April 2029, with a
coupon rate of 3.51%, and US$35 million have a term of ten years
maturing in April 2032, with a coupon rate of 3.62%. These notes
incorporate three sustainability performance targets, which align
with Tyman's sustainability roadmap. This incentive mechanism
results in a modest reduction or increase in the coupon rate
depending on performance against these targets. The targets
are:
o Reduction in Tyman's Scope 1 and 2 emissions by a series of
milestones, including a reduction of 50% by 2026 and carbon
neutrality by 2030 (relative to 2019 baseline).
o Submission of Tyman's Scope 3 target to the Science Based
Target initiative (SBTi) for verification by February 2023.
o Participation in CDP in 2022 and annually thereafter.
9.2 Net debt
9.2.1 Net debt summary
2022 2021
GBP'm GBP'm
------------------- -------- --------
Borrowings (188.4) (149.1)
Lease liabilities (61.7) (54.8)
Cash 74.6 58.1
-------------------- -------- --------
At 31 December (175.5) (145.8)
-------------------- -------- --------
9.2.2 Net debt reconciliation
Liabilities from financing Other
activities(2) assets(2)
----------------------------------------- ----------- --------
Borrowings(1) Lease Sub total Net cash Total
liabilities and bank
overdraft
--------------------------------- -------------- ------------- ---------- ----------- --------
At 1 January 2021 (169.1) (53.8) (222.9) 69.7 (153.2)
Financing cash flows (excluding
interest) 17.8 6.2 24.0 (11.5) 12.5
Interest expense (5.9) (2.5) (8.4) - (8.4)
Interest payments 6.3 2.5 8.8 8.8
Disposals - 0.2 0.2 - 0.2
New leases - (2.3) (2.3) - (2.3)
Lease modifications - (0.2) (0.2) - (0.2)
Lease extensions - (4.7) (4.7) (4.7)
Foreign exchange adjustments 2.3 (0.2) 2.1 (0.1) 2.0
Amortisation of borrowing
costs (0.5) - (0.5) - (0.5)
---------------------------------- -------------- ------------- ---------- ----------- --------
At 31 December 2021 (149.1) (54.8) (203.9) 58.1 (145.8)
Financing cash flows (excluding
interest) (9.3) 6.2 (3.1) (2.9) (6.0)
Interest expense (6.9) (3.0) (9.9) - (9.9)
Interest payments 6.5 3.0 9.5 - 9.5
Disposals - 0.1 0.1 - 0.1
New leases - (8.3) (8.3) - (8.3)
Lease modifications - (0.1) (0.1) - (0.1)
Foreign exchange adjustments (14.7) (4.8) (19.5) 3.0 (16.5)
Financing costs capitalised 2.1 - 2.1 - 2.1
Amortisation of borrowing
costs (0.6) - (0.6) - (0.6)
---------------------------------- -------------- ------------- ---------- ----------- --------
At 31 December 2022 (172.0) (61.7) (233.7) 58.2 (175.5)
---------------------------------- -------------- ------------- ---------- ----------- --------
(1) Borrowings exclude bank overdraft of GBP16.4 million (2021:
GBP18.9 million).
(2) Comparatives have been represented for consistency with current year presentation.
10. Adjustments to cash flows from operating activities
The following non-cash and financing adjustments have been made
to profit before taxation to arrive at operating cash flow:
2022 2021
Note GBP'm GBP'm
---------------------------------------------- ----- ------- -------
Net finance costs 9.3 9.1
Depreciation of PPE 12.4 11.5
Depreciation of right of use assets 7.1 7.0
Amortisation of intangible assets 7 19.6 18.8
Impairment of intangible assets 7 0.2 1.9
Impairment of property, plant and equipment 0.7 0.2
Impairment of right of use assets - 0.2
Loss on disposal of property, plant and equipment 0.2 0.1
Pension service costs and expected administration
costs 0.1 0.3
Non-cash provision movements 2.1 (2.4)
Share-based payments 1.0 1.0
53.0 47.4
---------------------------------------------- ----- ------- -------
11. Events after the balance sheet date
There were no events after the balance sheet date.
Alternative performance measures
The Group uses adjusted figures as key performance measures in
addition to those reported under IFRS, as management believe these
measures enable management and stakeholders to assess the
underlying trading performance of the businesses as they exclude
certain items that are considered to be significant in nature
and/or quantum, foreign exchange movements and the impact of
acquisitions and disposals. The alternative performance measures
("APMs") are consistent with how the businesses' performance is
planned and reported within the internal management reporting to
the Board and Operating Committees. Some of these measures are used
for the purpose of setting remuneration targets. The key APMs that
the Group uses include like-for-like ("LFL") performance measures
and adjusted measures for the income statement together with
adjusted financial position and cash flow measure. Explanations of
how they are calculated and how they are reconciled to an IFRS
statutory measure are set out below.
Limitations of APMs
APMs should not be viewed in isolation and are designed to
provide supplementary information. These may not be comparable to
similarly labelled measures used by other companies. Other
limitations of the Group's adjusted measures are that they exclude
the amortisation of intangibles acquired in business combinations,
but do not similarly exclude the related revenue and profits, and
they exclude the cost of major restructuring programmes but do not
similarly exclude the financial benefits derived from these.
Adjusted operating profit and adjusted operating margin
Definition
Operating profit before amortisation of acquired intangible
assets, impairment of acquired intangible assets, impairment of
goodwill, and adjusting items.
Adjusted operating margin is adjusted operating profit divided
by revenue.
Purpose
This measure is used to evaluate the trading operating
performance of the Group.
Adjusting items are excluded from this measure to provide an
understanding of the elements of financial performance during the
year to facilitate comparison with prior periods and to assess the
underlying trends in financial performance.
Adjusting items include significant one-off redundancy and
restructuring costs, transaction costs and integration costs
associated with merger and acquisition activity, any impairment
charges for intangible asset upgrades, as well as credits relating
to profit on disposal of businesses, and property provision
releases. These items are not considered to be a part of the
ordinary course of the Group's business.
Amortisation of acquired intangible assets is excluded from this
measure as this is a significant non-cash fixed charge that is not
affected by the trading performance of the business, but does not
similarly exclude the related revenue and profits generated from
the business acquisition.
Impairment of acquired intangible assets and goodwill is
excluded, as this can be a significant non-cash charge.
Reconciliation/calculation
Adjusted operating profit is reconciled on the face of the
Income Statement on page 22.
Like for like or LFL revenue and operating profit
Definition
The comparison of revenue or adjusted operating profit, as
appropriate, excluding the impact of any acquisitions made during
the current year and, for acquisitions made in the comparative
year, excluding from the current year result the impact of the
equivalent current year pre-acquisition period. For disposals, the
results are excluded for the whole of the current and prior period.
The prior period comparative is retranslated at the current period
average exchange rate. The Group considers these amendments provide
shareholders with a comparable basis from which to understand the
organic trading performance in the year.
Purpose
This measure is used by management to evaluate the Group's
organic growth in revenue and adjusted operating profit year on
year, excluding the impact of M&A and currency movements.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
---------------------------------- ------- -------
Reported revenue 715.5 635.7
Effect of exchange rates - 44.5
Like-for-like revenue 715.5 635.7
------------------------------------ ------- ---------
Adjusted operating profit 94.6 90.0
Effect of exchange rates - 7.0
Like-for-like adjusted operating
profit 94.6 97.0
------------------------------------ ------- ---------
Adjusted profit before tax and adjusted profit after tax
Definition
Profit before amortisation of acquired intangible assets,
deferred tax on amortisation of acquired intangible assets,
impairment of acquired intangible assets, impairment of goodwill,
adjusting items, unwinding of discount on provisions, gains and
losses on the fair value of derivative financial instruments,
amortisation of borrowing costs, accelerated amortisation of
borrowing costs and the associated tax effect.
Purpose
This measure is used to evaluate the profit generated by the
Group through trading activities. In addition to the items excluded
from operating profit above, the gains and losses on the fair value
of derivative financial instruments, amortisation of borrowing
costs and the associated tax effect are excluded. These items are
excluded as they are of a non-trading nature.
Reconciliation/calculation
A reconciliation is included in note 6.1.
Adjusted earnings per share
Definition
Adjusted profit after tax divided by the basic weighted average
number of ordinary shares in issue during the year, excluding those
held as treasury shares.
Purpose
This measure is used to determine the improvement in adjusted
EPS for our shareholders.
Reconciliation/calculation
A reconciliation of adjusted profit after tax and the number of
shares can be found in note 6.
Covenant EBITDA and covenant adjusted EBITDA
Definition
Covenant EBITDA: Adjusted operating profit with depreciation,
amortisation of computer software, and share-based payments
expenses added back, less RoU depreciation and interest payable on
lease liabilities.
Covenant adjusted EBITDA: EBITDA plus the pre-acquisition EBITDA
of businesses acquired during the year covering the relevant
pre-acquisition period less the EBITDA of businesses disposed of
during the year.
Purpose
This measure is used as the numerator in calculating covenants
under the terms of the Group's revolving credit facility.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
---------------------------------------------- ------ ------
Adjusted operating profit 94.6 90.0
Depreciation of property, plant and equipment 19.5 11.5
Amortisation of computer software 2.0 1.3
Interest payable on lease liabilities (3.0) (1.2)
ROU depreciation (7.1) -
Share-based payments expense - equity settled 0.8 1.0
Covenant EBITDA and covenant adjusted EBITDA 106.8 102.6
---------------------------------------------- ------ ------
Interest cover
Definition
Covenant EBITDA divided by the net interest payable on bank
loans, private placement notes and overdrafts and interest income
from short-term bank deposits.
Purpose
This measure is used to evaluate the profit available to service
the Group's interest costs. This is one of the covenants the Group
is subject to under the terms of its revolving credit facility.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
------------------- ------ ------
Covenant EBITDA 106.8 101.4
Net interest 5.9 5.8
------------------- ------ ------
Interest cover (x) 18.2x 17.4x
------------------- ------ ------
Gross Debt and Adjusted gross debt
Definition
Gross debt is borrowings and lease liabilities. Adjusted gross
debt is gross debt, with capitalised borrowing costs added
back.
Purpose
This gives a measure of the gross amount owed to lenders,
without the effect of unamortised borrowing costs for which cash
outflow has already occurred.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
---------------------------- ------- -------
Borrowings (188.4) (203.9)
Lease liabilities (61.7) (54.8)
---------------------------- ------- -------
Gross Debt (250.1) (258.7)
Capitalised borrowing costs (2.1) (0.7)
---------------------------- ------- -------
Adjusted gross debt (252.2) (259.4)
---------------------------- ------- -------
Adjusted net debt and covenant net debt
Definition
Borrowings, net of cash and cash equivalents, plus capitalised
borrowing costs and lease liabilities added back. For the purposes
of bank covenants net debt used in the leverage calculation is
calculated based on the weighted average exchange rates in line
with the banking agreements.
Purpose
This gives a measure of the gross amount owed to lenders,
without the effect of unamortised borrowing costs.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
--------------------------------------------- ------- -------
Net debt (175.5) (145.8)
Lease liabilities 61.7 54.8
Capitalised borrowing costs (2.1) (0.7)
--------------------------------------------- ------- -------
Adjusted net debt (115.9) (91.7)
--------------------------------------------- ------- -------
Adjustment to weighted average exchange rate 4.4 0.7
--------------------------------------------- ------- -------
Covenant net debt (111.5) (91.0)
--------------------------------------------- ------- -------
Leverage
Definition
Adjusted net debt translated at the average exchange rate for
the year divided by covenant adjusted EBITDA, as defined in the
banking agreements.
Purpose
This measure is used to evaluate the ability of the Group to
generate sufficient cash flows to cover its contractual debt
servicing obligations.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
------------------------------------------------ ------ --------
Covenant adjusted net debt (at average exchange
rate) 111.5 91.0
Covenant adjusted EBITDA 106.8 102.6
------------------------------------------------ ------ ------
Leverage (x) 1.0x 0.9x
------------------------------------------------ ------ ------
Return on Capital Employed (ROCE)
Definition
Adjusted operating profit as a percentage of the last
thirteen-month average capital employed.
Purpose
This measure is used to evaluate how efficiently the Group's
capital is being employed to improve profitability.
Reconciliation/calculation
2022 2021
GBP'm GBP'm
-------------------------- ------ ------
Adjusted operating profit 94.6 90.0
Average capital employed 710.7 619.4
-------------------------- ------ ------
ROCE 13.3% 14.5%
-------------------------- ------ ------
Average capital employed can be reconciled to the balance sheet
as follows:
2022 2021
GBP'm GBP'm
------------------------------- ------- --------
Inventories 153.1 137.8
Trade and other receivables 81.4 81.0
Intangible assets 57.7 66.8
Property, plant & equipment 74.6 63.5
Right-of-use asset 57.3 52.0
Goodwill 399.3 363.3
Deferred tax asset 14.9 4.2
Trade and other payables (88.2) (112.8)
Tax liabilities (1.8) (6.0)
Provisions - current (5.0) (1.4)
Provisions non - current (2.9) (4.8)
Deferred tax liabilities (20.1) (12.1)
Financial asset at FV through
P&L 1.2 1.1
---------------------------------- ------- --------
Total capital employed 721.5 632.6
---------------------------------- ------- --------
Adjustment to 13-month
average (10.8) (13.2)
---------------------------------- ------- --------
Average capital employed 710.7 619.4
---------------------------------- ------- --------
Adjusted operating cash conversion and adjusted operating cash
flow
Definition
Adjusted operating cash flow
Net cash generated from operations before income tax paid,
adjusting item costs cash settled in the year and pension
contributions, and after proceeds on disposal of property, plant
and equipment, payments to acquire property, plant and equipment
and payments to acquire intangible assets.
Adjusted operating cash conversion
Adjusted operating cash flow divided by adjusted operating
profit.
Purpose
These measures are used to evaluate the cash flow generated by
operations in order to pay down debt, return cash to shareholders
and make further investment in the business.
Reconciliation/calculation
A reconciliation is included in the financial review on page
16.
Definitions and glossary of terms
APM Alternative Performance Measure
bps Basis points
CGU Cash Generating Unit
CHIC Concealed hardware innovative components
CPA Construction Products Association
EB Trust (EBT) The Tyman Employees' Benefit Trust
EBITDA Earnings before Interest, Taxation, Depreciation and
Amortisation
EPS Earnings per Share
ERP Enterprise resource planning
GAAP Generally accepted accounting principles
GCC Gulf Cooperation Council
IoT Internet of Things
IFRS International Financial Reporting Standards
KPI Key performance indicator
LFL Like-for-like
LTI Lost time incident
LTIFR Lost time incident frequency rate - a core safety
metric expressing the number of lost time incidents
as a ratio per 1 million hours worked
LTIP Long term incentive plan
M&A Mergers and acquisitions
NAHB The National Association of Home Builders
NPD New Product Development
OEM Original equipment manufacturer
PMI Purchasing Managers' Index
PPE Property, plant and equipment
RCF Revolving credit facility
RMI Renovation, maintenance and improvement
ROCE Return on capital employed
ROU Right of use
SBTi Science Based Target initiative
USPP US private placement
Exchange rates
The following foreign exchange rates have been used in the
financial information to translate amounts into Sterling:
Closing Rates: 2022 2021
-------------------- ------- -------
US dollars 1.2097 1.3512
Euros 1.1298 1.1912
Australian dollars 1.7743 1.8607
Canadian dollars 1.6386 1.7159
Brazilian Real 6.3937 7.5285
-------------------- ------- -------
Average Rates: 2022 2021
-------------------- ------- -------
US dollars 1.2370 1.3757
Euros 1.1732 1.1631
Australian dollars 1.7795 1.8321
Canadian dollars 1.6078 1.7244
Brazilian Real 6.3857 7.4216
-------------------- ------- -------
Roundings
Percentage numbers have been calculated using unrounded figures,
which may lead to small differences in some figures and percentages
quoted.
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END
FR NKDBKBBKBANK
(END) Dow Jones Newswires
March 02, 2023 02:00 ET (07:00 GMT)
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