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    FAN   GB00BN3ZZ526

VOLUTION GROUP PLC

(FAN)
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Volution : Annual Report and Accounts 2021

10/18/2021 EST

Volution Group plc Annual Report 2021

Healthy air, sustainably

Our energy efficient indoor air quality solutions are part of the global green economy

Strategic Report

  1. At a Glance
  2. 2021 Highlights
  1. Delivering Sustainable Growth
  1. Our Purpose
  2. Our Values
  3. Our Strategy
  4. Our Investment Case
  5. Our Business Model
  1. Chairman's Statement
  1. Chief Executive Officer's Review
  1. ClimaRad Acquisition
  1. Global Megatrends
  1. Regulatory Shifts
  1. Innovation in our DNA
  1. Stakeholder Engagement
  1. Sustainability
  1. Finance Review
  1. Key Performance Indicators
  1. Risk Management and Principal Risks
  1. Non-FinancialInformation Statement

Governance Report

  1. Chairman's Introduction
  1. Board of Directors
  1. Governance Framework
  1. 2021 Board Activities
  2. Governance Report
  1. Nomination Committee Report
  1. Audit Committee Report
  1. Directors' Remuneration Report
  1. Directors' Report
  1. Directors' Responsibility Statement

Financial Statements

121 Independent Auditor's Report

130 Consolidated Statement of Comprehensive Income

131 Consolidated Statement

of Financial Position

132 Consolidated Statement

of Changes in Equity

133 Consolidated Statement of Cash Flows

134 Notes to the Consolidated Financial Statements

  1. Parent Company Statement of Financial Position
  2. Parent Company Statement of Changes in Equity
  3. Parent Company Statement of Cash Flows
  4. Notes to the Parent Company Financial Statements

Additional Information

183 Glossary of Technical Terms

184 Shareholder Information

At a Glance

We are market leaders in residential and commercial ventilation solutions

Our regional coverage

United Kingdom

Continental Europe

Australasia

Report Strategic

• New Build Residential, RMI (Public and

• Nordics, Germany, Belgium

New Zealand and Australia

Private), Commercial, Export and OEM

and the Netherlands

New Build Residential and RMI

    • Bosnia and Herzegovina (production facilities only)
    • New Build Residential, RMI, Commercial and OEM
  • of Volution Group revenue by region

United Kingdom 49.9%

Continental Europe 35.0%

Australasia 15.1%

£135.9m

£95.5m

£41.2m

Annual Report 2021 Volution Group plc

1

with significant achievement adjusted operating

target and delivering agenda.

Operational highlights

growth up £56.0 million to £272.6 million 2019: £235.7 million) including organic (20.5% at cc) and inorganic growth from the

in the year of 3.8% (3.9% at cc)

20% adjusted operating margin target six months with adjusted operating margin of 20.9%

2019: 17.8%) despite ongoing supply chain and inflationary pressures faced by the Group

profit before tax £30.0 million (2020: £14.6 million)

remains highly cash generative with operating up 31.2% to £56.9 million (2020: £43.4 million),

cash conversion of 97%, as a result of our asset model

.2 million invested in three acquisitions in the Netherlands, and Finland further enhancing our product range and

-carbon credentials

debt (excluding lease liabilities) stable at £53.8 million (2020: £51.1 million) with leverage (measured as net debt excluding lease liabilities divided by adjusted EBITDA) ending the year at 0.9x (2020: 1.3x)

  • Adjusted earnings per share of 21.0 pence and delivering a compounded annual growth rate of 13.2% since IPO in 2014
  • Dividends resumed, with total dividend for the year of
    6.3 pence per share reflecting strong profitability, free cash generation and confidence in our business model to deliver continued growth
  • The safety and wellbeing of our employees through the ongoing Covid-19 pandemic remains our number one priority with some of our regions still experiencing local 'lockdowns'
  • Three acquisitions completed in the year, ClimaRad in the Netherlands, Klimatfabriken in Sweden, and Rtek in Finland with a fourth transaction to acquire ERI Corporation signed during the year with completion in early FY22
  • Relocated our principal factory in Sweden to a more energy efficient and well-invested facility in Växjö with considerable capacity headroom to support our ambitions for growth
    in the region
  • Continued investment in the most innovative and energy efficient ventilation solutions for our markets to meet the growing needs and awareness of how ventilation in buildings is critical to health and the reduction of Covid-19 transmission risks

Healthy air, sustainably

  • Awarded the LSE Green Economy Mark - our products save energy, reduce carbon emissions and help to build healthy, sustainable homes and buildings
  • Our business is committed to a net zero roadmap and is carbon neutral for scope 1 and 2 emissions this year
  • Good progress against our key sustainability targets with 59.7% of plastic used in our own manufacturing facilities from recycled sources and 62.1% of our revenue from low-carbon, energy saving products
  • £150 million Sustainability Linked Revolving Credit Facility established, further underlining our commitment to delivery of ESG targets

2 Volution Group plc Annual Report 2021

Revenue £m

£272.6m

2021

272.6

2020

216.6

2019

235.7

2018

205.7

2017

185.1

Adjusted operating profit and adjusted operating profit margin £m (% of revenue)

£56.9m (20.9%)

2021

56.9

20.9%

2020

33.7

15.6%

2019

42.1

17.8%

2018

37.1

18.0%

2017

35.6

19.3%

Report Strategic

Reported profit before tax £m

Adjusted operating cash flow £m

£30.0m

£56.9m

2021

30.0

2021

56.9

2020

14.6

2020

43.4

2019

23.1

2019

36.9

2018

16.7

2018

34.4

2017

17.9

2017

35.9

Net debt £m

£79.2m

202153.8279.21

202051.1274.21

2019

74.6

2018

77.2

2017

37.0

  1. IFRS 16 basis.
  2. Excluding lease liabilities.

Adjusted EPS pence

21.0p

2021

21.0

2020

12.1

2019

16.0

2018

14.5

2017

13.6

Reported EPS pence

Dividend per share pence

10.5p

6.30p

10.5

2021

2021

6.30

2020

4.9

2020

0

2019

9.2

2019

4.90

2018

6.7

2018

4.44

2017

7.0

2017

4.15

The Group uses some alternative performance measures to track and assess the underlying performance of the business. These measures include adjusted operating profit, adjusted profit before tax, adjusted EPS, adjusted operating cash flow and net debt. For a definition of all the adjusted and non-GAAP measures, please see the glossary of terms in note 35. A reconciliation to reported measures is set out in note 2.

Key performance indicators pages 54 to 57

Annual Report 2021 Volution Group plc

3

Disclaimer

Volution Group plc published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 13:33:06 UTC.


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Financials
Sales 2022 302 M 409 M 409 M
Net income 2022 28,3 M 38,4 M 38,4 M
Net Debt 2022 64,2 M 87,1 M 87,1 M
P/E ratio 2022 34,1x
Yield 2022 1,41%
Capitalization 968 M 1 312 M 1 312 M
EV / Sales 2022 3,42x
EV / Sales 2023 3,16x
Nbr of Employees 1 555
Free-Float 97,2%
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Mean consensus BUY
Number of Analysts 7
Last Close Price 4,89 GBX
Average target price 555,00 GBX
Spread / Average Target 11 261%
EPS Revisions
Managers and Directors
Ronald Arthur George Chief Executive Officer & Executive Director
Andrew O'Brien Chief Financial Officer & Executive Director
Paul Robert Hollingworth Non-Executive Chairman
Claire Tiney Independent Non-Executive Director
Amanda Jane Mellor Senior Independent Non-Executive Director
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