Keller Group PLC Annual Financial Report
26 März 2018 - 4:02PM
UK Regulatory
TIDMKLR
Keller Group plc
26 March 2018
Keller Group plc ("the Company") - Annual Report 2017
In accordance with Listing Rule 9.6.1, copies of the following documents have
been submitted to the National Storage Mechanism:
* Annual Report and Accounts for the year ended 31 December 2017 (the
'Annual Report 2017')
* The notice of Annual General Meeting 2018
* Form of proxy for the Annual General Meeting
These documents will shortly be available for inspection at the National
Storage Mechanism at www.hemscott.com/nsm.do.
The Annual Report 2017 is also available on the Company's website at
www.keller.com and where requested, hard copies of all the documents have been
sent to shareholders.
The Annual General Meeting will be held at 11.00am on Wednesday 23 May 2018 at
IET London, Savoy Place, 2 Savoy Place, London WC2R 0BL.
In accordance with DTR 6.3.5, this announcement contains information in the
attached Appendix of the principal risk factors, the directors' responsibility
statement and a note to the accounts on related party transactions. This
information has been extracted in full unedited text from the Annual Report
2017. References to page numbers and notes in the Appendix refer to those in
the Annual Report 2017. A condensed set of financial statements was appended
to Keller Group plc's preliminary results announcement issued on 26 February
2018.
For further information please contact:
Kerry Porritt
Group Company Secretary
Appendix
Unedited extract from Annual Report 2017
Principal risks and uncertainties
Risk Risk Description Potential Impact Mitigation
Financial risk
Inability to Losing access to the Breach of banking Procedures to
finance our financing facilities covenants or failure monitor the
business necessary to fund the to continue in effective
business. business or meet our management of cash
liabilities. and debt, including
weekly cash reports
and regular cash
forecasting.
Market risk
A rapid downturn Inability to maintain Failure to continue in Diversification of
in our markets a sustainable level of operation or to meet our markets, both
financial performance our liabilities. in terms of
throughout the geography and
construction industry market segment.
market cycle which Strong balance
grows more than many sheet.
other industries Leveraging the
during periods of global scale of our
economic expansion and Group.
falls harder than many Having strong local
other industries when businesses to
the economy contracts. address geographic
markets.
Strategic risks
Failure to procure A failure to continue Failure to achieve Continually
new contracts to win and retain targets for revenue, analysing our
contracts on profit and earnings. existing and target
satisfactory terms and markets to ensure
conditions in our we understand the
existing and new opportunities that
target markets if they offer.
competition increases, Structured bid
customer requirements review processes in
change or demand operation
reduces due to general throughout the
adverse economic Group with
conditions. well-defined
selectivity
criteria that are
designed to ensure
we take on
contracts only
where we understand
and can manage the
risks involved.
Losing our market Inability to achieve Failure to achieve Continually seeking
share sustainable growth, targets for revenue, to differentiate
whether through profits and earnings. our offering
acquisition, new through service
products, new quality, value for
geographies or money and
industry specific innovation.
solutions.
A Business
Development
function focusing
on our customers'
requirements and
understanding our
competitors.
Minimising the risk
of acquisitions,
including getting
to know a target
company in advance,
often working in
joint venture, to
understand the
operational and
cultural
differences and
potential
synergies, as well
as undertaking
these through due
diligence and
structured and
carefully managed
integration plans.
Implementing annual
efficiency and
improvement
programmes to help
us remain
competitive.
Non-compliance Not maintaining high Losing the trust of Having clear
with our Code of standards of ethics our customers, policies and
Business Conduct and compliance in suppliers and other procedures in
conducting our stakeholders with respect of ethics,
business or failing to consequent adverse integrity,
meet legal or effects on our ability regulatory
regulatory to deliver against our requirements and
requirements. strategy and business contract
objectives. management.
Substantial damage to Maintaining
Keller's brand and/or training programmes
large financial to ensure our
penalties. people fully
understand these
policies and
requirements.
Operating and
encouraging the use
of a
'whistleblowing'
facility.
Operational risks
Product and/or Failure of our product Financial loss and Continuing to
solution failure and/or solution to consequent damage to enhance our
achieve the required our brand reputation. technological and
standard. operational
capabilities
through investment
in our product
teams, project
managers and our
engineering
capabilities.
Ineffective Failure to manage our Failure to achieve the Ensuring we
management of our contracts to ensure margins, profits and understand all of
contracts that they are cash flows we expect our risks through
delivered on time and from contracts. the bid appraisal
to budget. process and
applying rigorous
policies and
processes to manage
and monitor
contract
performance.
Ensuring we have
high-quality people
delivering
projects.
Causing a serious Failure to maintain Damage to employee A Board-led
injury or fatality high standards of morale leading to an commitment to
to an employee or Safety and Quality. increase in employee achieve zero
member of the turnover rates, loss accidents.
public of customer, supplier Visible management
and partner confidence commitment with
and damage to our Safety Tours,
brand reputation in an Safety Audits and
area that we regard as Safety Action
a top priority. Groups.
Implementing
management systems
that conform to
Occupational Health
& Safety Assessment
System 18001.
Extensive mandatory
employee training
programmes.
Not having the Inability to attract Failure to maintain Continuing to
right skills to and develop excellent satisfactory develop and
deliver people to create a performance in respect implement
high-quality, vibrant, of our current leadership,
diverse and flexible contracts and failure personal
workforce. to deliver our development and
strategy and business employee engagement
targets for growth. programmes that
encourage and
support all our
people to achieve
their full
potential.
Responsibility statement of the Directors in respect of the Annual Report and
the financial statements
We confirm that to the best of our knowledge:
* The financial statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation as a whole; and
* The Strategic report and Directors' report, including content contained by
reference, includes a fair review of the development and performance of the
business and the position and performance of the Company and the
undertakings included in the consolidation taken as a whole, together with
a description of the principal risks and uncertainties that they face.
The Board confirms that the Annual Report and Accounts, taken as a whole, is
fair, balanced and understandable and provides the information necessary for
shareholders to assess the performance, strategy and business model of the
Company.
26 Related party transactions
Transactions between the parent, its subsidiaries and joint operations, which
are related parties, have been eliminated on consolidation.
The remuneration of the Board and Executive Committee, who are the key
management personnel and related parties of the group, is set out in note 26
(extract below).
2017 2016
GBPm GBPm
Short-term employee benefits 6.3 5.1
Post-employment benefits 0.5 0.4
Termination payments - 0.4
Share-based payments 0.8 0.5
7.6 6.4
END
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