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  • Business & Strategic Report Directors' ReportSustainability Report Financial Statements Other Information

    — Annual Report &

    Financial Statements 2019

    Kingspan Group plc

    IKON Global Innovation Centre Kingscourt, Ireland

    We believe we have to challenge building industry traditions through innovating advanced materials and digital technologies to achieve a net zero emissions future.

    IKON, our new Global Innovation Centre, empowers us to continue to thrive in a changing world, while asking the big questions that will lead us to a more sustainable, circular and healthy future.

    Our Planet Passionate sustainability vision is driving everything that we do. IKON embodies this, being a high-performance, low-carbon building envelope.

    Climate change is the single most important issue facing the world today and our most urgent priority. At Kingspan, we are committed to driving a more sustainable approach to our business in response to these issues. Energy conservation has always been at the core of our products, and how we run our business. Through Planet Passionate we will reduce carbon and energy in both our manufacturing processes and products, and continue our relentless pursuit of low-carbon buildings that deliver more performance and value, with clear targets to strive for by 2030.

    Gene M. Murtagh CEO, Kingspan

  • Business & Strategic Report Directors' ReportSustainability Report Financial Statements Other Information

    Business & Strategic Report Chairman’s Statement 10 Business Model & Strategy 12 Chief Executive’s Review 20 Financial Review 30 Risk & Risk Management 36 Sustainability Report 42

    Directors' Report The Board 58 Chairman’s Introduction 60 Report of the Nomination & Governance Committee 62 Report of the Remuneration Committee 70 Report of the Audit Committee 82 Report of the Directors 88

    Financial Statements 96 Independent Auditor’s Report 98 Financial Statements 102 Notes to the Financial Statements 109

    Other Information Alternative Performance Measures 148 Shareholder Information 151 Principal Subsidiary Undertakings 153 Group Five Year Summary 156


    Project Case Studies: Madison Fire Station #14 USA 8-9 Haus Gables USA 40-41 Western Australia Museum Australia 56-57 Studley Castle Hotel UK 68-69 Aico UK 80-81 Holiday Inn USA 94-95

    IKON is our new Global Innovation Centre, dedicated to advanced material science and the digitalisation of construction. It has been built to the highest standards of sustainable design and is a showcase for high-performance building envelope design using 18 Kingspan products and systems. The building itself is a living research project, providing a foundation for future value creating innovation.

    The value we create Within our 2019 Annual Report we highlight a number of case studies which demonstrate the many ways in which Kingspan creates superior value for building owners and building occupants, utilising innovative products that can meaningfully contribute to a more sustainable future.



    Energy/ Carbon Saving @

    Space/ Dimensions


    Health & Wellbeing


    Speed/ Ease of build




    Planet Passionate/ Sustainability @

    Awards/ Certifications


    18 Kingspan products and systems have been utilised on IKON, from across each of our five businesses.

    IKON’s high-performance building envelope and optimised lighting contribute to an expected 50% outperformance versus the ASHRAE 90.1-2010 baseline.

    QuadCore™ panels enabled us to reduce insulation thickness by over 50% versus mineral wool, increasing useable space and ultimately the value of the asset.

    IKON uses sensors to measure light, noise, temperature, air quality and air pressure to enhance indoor comfort for occupants and as research for future innovation.

    Kingspan’s unitised systems and coordinated supply chain delivered a significantly faster build time when compared with a built-up system.

    IKON is a finalist for Project of the Year, Irish Construction Excellence (ICE) Awards 2020.

    The QuadCore™ panels used on IKON are made using renewable energy and contain over 15% recycled content.

    IKON is targeting LEED V.4 Gold Certification.

    Sustainable Development Goals (SDGs) At Kingspan we recognise that action, at scale, is urgently needed to avert a climate emergency. As a business leader we are committed to contributing toward the UN’s Sustainable Development Goals through our products, our processes, our partnerships and our people.






    @Find out more in our Sustainability Report

    Reader note: Please cross reference this information panel with the case study pages throughout the report.


    Our cover design is inspired by the facade design at our IKON Global Innovation Centre, Kingscourt, Ireland. The photos on this page are also from IKON.

    Product: Dri-Design Perforated with QuadCore™ Karrier

  • Business & Strategic Report Directors' ReportSustainability Report Financial Statements Other Information 3

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    Kingspan G roup plc —

    Annual Report & Financial Statem ents 2019

    With its geometric exterior resembling a crystal-like structure, the venue has already become a Yas Island landmark, significantly adding to the integrated leisure, lifestyle and entertainment experiences available to visitors.

    CLYMB Abu Dhabi Abu Dhabi, UAE

    1bn We are committed to recycling 1 billion ocean recovered plastic bottles per annum from 2025.

    — Find out more in our Sustainability Report

    400 Our wind turbine at Holywell in Wales, will save over 800 tonnes of CO₂ emissions per year. This is roughly the equivalent to the combined annual emissions from 400 average petrol cars.

    35,000 Our manufacturing facility at Castleblayney will use nearly 100% energy generated by solar panels. We will save over 35,000 tonnes of CO₂.


    Africa Egypt Morocco

    Asia India Indonesia Singapore Thailand Vietnam

    Australasia Australia New Zealand

    Europe Austria Azerbaijan Belgium Bosnia Croatia Czech Republic Denmark Estonia Finland France Germany Hungary Ireland Kazakhstan

    Latvia Lithuania Netherlands Northern Ireland Norway Poland Portugal Romania Russia Serbia Slovakia Slovenia Spain Sweden Switzerland United Kingdom

    Middle East Qatar Turkey UAE

    Americas Brazil Canada Chile Colombia Costa Rica Mexico Panama Peru USA

    Kingspan Locations

    Insulated Panels: KingZip® Linea Standing Seam Roof System Kingspan Karrier Panel

    Sales Manufacturing

  • Business & Strategic Report Directors' ReportSustainability Report Financial Statements Other Information Kingspan G

    roup plc — Annual Report & Financial Statem

    ents 2019 5

    4 —

    Lower Mill Estate Cotswolds, UK

    The Lower Mill Estate, a development of sustainable holiday homes in the Cotswolds, is offering holiday homemakers the best in bespoke, energy efficient properties. The Kingspan TEK System has enabled a high level of design flexibility and exceptional out-of-the-box building fabric performance, as well as maximising construction efficiency and minimising site waste.



    The total projected energy savings* over the lifetime of the Kingspan insulation systems, sold worldwide in 2019, is equivalent to:


    79m Taking seventy- nine million cars off the road annually

    18.1 Up to 18.1 times the the annual electricity consumption of Greater London

    441m Over four hundred and forty-one million barrels of oil

    259 The annual output of 259 gas-fired power stations

    Insulation: Kingspan TEK Building System

    Credit: Habitat First Group *figures are based on savings of insulation systems in use for 60 years.

    2020 2025 2030

    ENERGY - Maintain our Net Zero Energy status - Increase our direct use of renewable energy to 60% by 2030 - Increase our on-site generation of renewable energy to 20% by 2030 - Install solar PV systems on all wholly owned facilities by 2030

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    CARBON - Net zero carbon manufacturing by 2030 - 50% reduction in product CO₂ intensity from our primary

    supply partners by 2030 - 100% zero emission company funded cars by 2025

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    CIRCULARITY - 1 billion PET bottles upcycled into our manufacturing processes by 2025 - All QuadCore™ insulation to utilise upcycled PET by 2025 - Zero company waste to landfill by 2030

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    WATER - 5 active ocean clean-up projects by 2025 - 100 million litres of rainwater harvested by 2030

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  • Business & Strategic Report Directors' ReportSustainability Report Financial Statements O