TIDMTYMN
RNS Number : 7276V
Tyman PLC
16 April 2021
TYMAN PLC
("Tyman" or the "Group")
2020 Annual Report & Accounts and 2021 Annual General
Meeting (the "AGM")
Tyman plc, a leading international supplier of engineered
components and access solutions to the construction industry,
announces that the Annual Report & Accounts for the year ended
31 December 2020 ("2020 Annual Report") and the Notice of 2021 AGM
("Notice of Meeting"),which will be held on 20 May 2021, have been
posted or otherwise made available to shareholders today.
In accordance with LR 9.6.1R, electronic copies of each of these
documents have been submitted to the National Storage Mechanism via
the Electronic Submission System and will shortly be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The 2020 Annual Report and Notice of Meeting may also be viewed
on the Group's website at www.tymanplc.com .
The Company's preliminary results announcement published on 4
March 2021 included, in addition to the preliminary financial
results, the text of the Chief Executive's review (including the
Divisional reviews) and Chief Financial Officer's review, in each
case as contained in the 2020 Annual Report.
The appendix to this announcement sets out the disclosures
required pursuant to Disclosure & Transparency Rule 6.3.5R(2),
namely the Directors' Responsibility Statement, Principal Risks and
Uncertainties, and Related Party Transactions, in each case as
contained in the 2020 Annual Report. This information is not a
substitute for reading the full 2020 Annual Report.
Enquiries:
Tyman plc 020 7976 8000
Peter Ho - General Counsel & Company Secretary www.tymanplc.com
16 April 2021
APPIX
Directors' Responsibility Statement
The Directors consider that the 2020 Annual Report, taken as a
whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Group's and
the Company's position and performance, business model and
strategy.
Each of the Directors, whose names and functions are listed in
the Annual report and Accounts, confirms that, to the best of their
knowledge:
-- the Company financial statements, which have been prepared in
accordance with UK GAAP, give a true and fair view of the assets,
liabilities, financial position and profit of the Company;
-- the Group financial statements, which have been prepared in
accordance with IFRSs as adopted by the European Union and
applicable law, give a true and fair view of the assets,
liabilities, financial position and profit of the Group; and
-- the Directors' report includes a fair review of the
development and performance of the business and the position of the
Group and the Company, together with a description of the principal
risks and uncertainties that the Group faces.
Principal Risks and Uncertainties
Risk Risk description Mitigation Changes since
last Annual
report
1. Business The occurrence of an The Group has proactively The most
interruption event that may lead to managed its response significant
(including pandemic) a significant business, to the COVID-19 pandemic impact
supply chain or market throughout the year including throughout the
Trend after interruption. This extensive health measures year has been
mitigation includes at operations; temporary the global
Same events such as natural cost control measures; impact of the
Link to strategy disasters, pandemics ongoing review of demand COVID-19
Market expansion, (including COVID-19), and production levels, pandemic,
sustainable significant IT regular review of supply which was
growth, engaged interruption, chain ability to supply; reported
people, the loss of an operating reviewing stock levels as a watchlist
positive impact location or geo-political and responding; increased risk in
events including contact with remote working the last
significant team members and weekly Annual report
changes in trading COVID-19 case reviews. and then added
relationships More broadly the Group to the
such as Brexit or reviews business continuity Group's
US/China management, IT disaster principal
trade developments. This recovery, IT security risks
results in an inability as appropriate throughout at the half
to operate or meet the year. The Group also year. Given
customer ensures appropriate insurance the duration,
demand, a reduction in cover is maintained. uncertainty
market demand or poses and widespread
a health risk to impact
employees. of COVID-19,
this risk
has been
updated to a
broader
business
interruption
risk.
Risk
assessment
High
-------------------------- ------------------------------------------------------------ ---------------
2. Market conditions Demand in the building Whilst there is a high Markets have
products sector is degree of economic uncertainty, been disrupted
Trend after dependent in previous cyclical throughout the
mitigation on levels of activity downturns Tyman has proved year,
Same in new construction and effective in responding predominantly
Link to strategy RMI markets. This demand to events through: in H1 due
Sustainable growth is cyclical and can be to COVID-19.
unpredictable and the * monitoring of market conditions and macroeconomic The majority
Group has low visibility trends through both annual strategic planning of the Group's
of future orders from processes and regular performance / forecasting core markets
its customers. reviews; have rebounded
strongly
throughout H2
* maintaining appropriate headroom and tenor in the with leading
Group's available borrowing facilities; indicators
remaining
positive.
* its geographic spread providing a degree of market There remains
diversification; uncertainty
over medium
to long-term
* the ability to flex the Group's cost base in line market
with demand. conditions
due to wider
macroeconomic
As part of its process conditions.
for assessing the ongoing Risk
viability of the Group, assessment
the Board regularly stress Medium
tests Tyman's financial
and cash flow forecasts
over both a short- and
medium-term horizon.
-------------------------- ------------------------------------------------------------ ---------------
3. Loss of Loss of competitive Some of the Group's markets The overall
competitive advantage are relatively concentrated risk from
advantage may adversely affect with two or three key loss of
the Group financial players, while others competitive
Trend after performance are highly fragmented advantage
mitigation or reputation in the and offer significant across Tyman's
Same short to medium term. opportunities for consolidation global
Link to strategy The Group's ability to and penetration. portfolio
Sustainable growth, maintain its competitive Tyman continues to differentiate remains
market advantage is based on itself through its wide stable.
expansion a wide range of factors range of products, its The disruption
including the strength focus on customer service caused
of the Group's brands, including technical support, by COVID-19
the breadth and depth its geographical coverage, has put
of our portfolio, the innovation capabilities pressure
level of quality and and the reputation of on service
innovation reflected its brands. The Group levels across
in our products, our monitors the status of the industry.
supply chain flexibility, our competitive advantage The
excellent customer through feedback from flexibility
service customers and close review of the Group's
and technical support, of the market positioning manufacturing
and the depth of customer of our products. footprint
relationships we nurture, The Group aims to minimise allowed it
all supported by fair the impact of competitve to respond
and competitive pricing. pricing pressures by quickly to
Failure to perform on competitors through margin closure of
any one of these aspects expansion activities certain
may lead to erosion of including continual sourcing facilities,
competitive advantage review, innovation and delivering
over time, and in turn value engineering, as better service
to loss of customers well as building long-term levels than
to competition. relationships with its some
customers based on value competitors
creation, quality, service and enabling
and technical support. the Group
to take market
share.
Risk
assessment
Medium
-------------------------- ------------------------------------------------------------ ---------------
4. Foreign exchange The Group operates The Group denominates Sterling
risk internationally a proportion of its debt exchange rates
and is therefore exposed in foreign currency to remain
Trend after to transactional and align its exposure to volatile and
mitigation translational foreign the translational balance the
Same exchange movements in sheet risks associated Group
Link to strategy currencies other than with overseas subsidiaries. continues to
Market expansion sterling. In particular Ancillary bank facilities use
the Group's translated are utilised to manage hedging to
adjusted operating profit the foreign exchange mitigate some
is impacted by the transactional risks and of this risk.
sterling interest rate exposure This risk
exchange rate of the through the use of derivative is regarded as
US dollar and the euro. financial instruments. stable.
In 2020, 74% of the Where possible the Group Risk
Group's will recover the impact assessment
adjusted operating profit of adverse exchange movements Medium
was derived from North on the cost of imported
American operations which products and materials
are principally exposed from customers.
to the US dollar. The
Group is also exposed
to interest rate risks
on its bank borrowings.
-------------------------- ------------------------------------------------------------ ---------------
5. Liquidity and The Group must maintain The Group maintains adequate During the
credit sufficient capital and cash balances and credit year, the
risks financial resources to facilities with sufficient Group has made
finance its current headroom and tenor to good progress
Trend after financial mitigate credit availability in achieving
mitigation obligations and fund risk. The Group monitors its new
Down the future needs of its forecast and actual cash medium-term
Link to strategy growth strategy. flows to match the maturity leverage
Sustainable growth profiles of financial target of 1.0x
assets and liabilities. to 1.5x
In the medium term the adjusted
Group aims to operate EBITDA,
within its revised target finishing
leverage range of 1.0x the year at
to 1.5x adjusted EBITDA. 1.1x.
Risk
assessment
Low
-------------------------- ------------------------------------------------------------ ---------------
6. Information Information and data The Group continues to In August
security systems are fundamental develop and test disaster 2020, a Group
to the successful recovery plans for all Head of IT was
Trend after operation sites. The Group undertakes appointed
mitigation of Tyman's businesses. regular penetration testing with
Same The Group's digital of data systems and maintains responsibility
Link to strategy assets up-to-date versions of for
Market expansion, are under increasing software and firewalls. the Group's
sustainable risk from hacking, The Group periodically information
growth, engaged viruses reviews and improves security
people and 'phishing' threats. IT system controls. policies and
Sensitive employee, controls.
customer, Training and
banking and other data IT controls
may be stolen and improvements
distributed have continued
or used illegally. GDPR to be
increases the cost of implemented
any failure to protect during the
the Group's digital year.
assets. Risk
assessment
High
-------------------------- ------------------------------------------------------------ ---------------
7. Raw material Raw materials used in The Group continues to The Group has
costs the Group's businesses invest in and improve been
and supply chain include commodities that its sourcing and procurement successful
failures experience price capability with dedicated at recovering
volatility supply chain resources. input cost
Trend after (such as oil derivatives, The Group manages supply inflation and
mitigation steel, aluminium and chain risk through developing foreign
Up zinc). The Group's strong long-term relationships exchange
Link to strategy ability with its key suppliers, volatility.
Market expansion, to meet customer demands regular risk assessment The Group
sustainable depends on obtaining and audit of suppliers continues to
growth timely supplies of including logistics providers, proactively
high-quality review of make or buy manage supply
components and raw strategies, dual-sourcing chain risks,
materials where appropriate and with current
on competitive terms. maintaining adequate focus in
Products or raw materials safety stocks throughout particular on
may become unavailable the supply chain. Where global
from a supplier due to commodity and other material shipping
events beyond the Group's cost increases materialise, bottlenecks
control. the Group seeks to recover and UK/EU
the incremental cost supply chain
through active price disruption.
management. Risk
assessment
Medium
-------------------------- ------------------------------------------------------------ ---------------
8. Key executives The Group's future The Group mitigates the Significant
and success risk of losing key personnel attention
personnel is substantially through robust succession has been paid
dependent planning, strong recruitment to employee
Trend after on the continued services processes, employee engagement wellbeing and
mitigation and performance of its and retention initiatives, engagement
Same senior management and and long-term management through the
Link to strategy its ability to continue incentives. COVID-19
Sustainable growth, to attract and retain pandemic,
engaged highly skilled and recognising
people qualified the additional
personnel at Group, strains
divisional this has put
and site level. on our
workforce
and in
particular on
management
teams.
Risk
assessment
Low
-------------------------- ------------------------------------------------------------ ---------------
9. Compliance with A lack of understanding Key mitigations include: Whilst added
laws or non-compliance with as a Group
and regulations laws and regulations * A comprehensive and engaging Code of Business Ethics principal
in any jurisdiction in and associated training risk, there
Trend after which the Group operates is no
mitigation could lead to significant year-on-year
Same financial penalty and/or * Supporting policies and standards that set out the change
Link to strategy severe damage to the compliance requirements in detail in the level
Market expansion, Group's reputation. Legal of unmitigated
sustainable and regulatory risk. A Group
growth, engaged requirements * A group-wide 'SpeakUp' whistleblowing mechanism General
people, can be complex and are Counsel was
positive impact constantly evolving, appointed
requiring ongoing * Risk framework to identify, assess and monitor for the first
monitoring business and compliance risks time in
and training. 2020. The
General
* Specific legal and compliance matters reviewed by the Counsel
Group General Counsel as required led a process
to develop
a new Code of
Business
Ethics which
will be
deployed in a
series
of discussion
sessions
to all
employees in
H1
2021.
Risk
assessment
Low
-------------------------- ------------------------------------------------------------ ---------------
10. Execution of The Group has a range Oversight mechanisms Whilst added
major of change management to track the progress as a Group
programmes programmes and strategic of all strategic programmes principal risk
initiatives underway takes place on a monthly there
Trend after to support our 'Focus, basis at Group and divisional remains no
mitigation Define, Grow' Strategy. levels. In addition, year-on-year
Same Failure to effectively each programme has established change in the
Link to strategy execute these programmes project governance disciplines level of
Market expansion, could adversely affect in place including project unmitigated
sustainable the Group's ability to managers for each programme. risk.
growth, engaged deliver on key elements Risk
people, of our strategy. assessment
positive impact Medium
-------------------------- ------------------------------------------------------------ ---------------
Related Party Transactions
The following transactions were carried out with related parties
of Tyman plc (please see Note 30, on page 174 of the 2020 Annual
Report):
Subsidiaries
Transactions between the Company and its subsidiaries, which are
related parties, are eliminated on consolidation. There were no
transactions between the Company and its subsidiaries made during
the year other than intercompany loans.
Key management compensation
The Group considers its Directors to be the key management
personnel. Compensation for Directors who have the sole
responsibility for planning, directing and controlling the Group
are set out in the Remuneration report on pages 100 to 121.
Full details of individual Directors' remuneration are given in
the Remuneration report on page 105.
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END
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