Year in Review 2020/21
Working together to create a greener, circular world
Highlights
Revenue
€1,694
(FY20: €1,697m)
Underlying EBIT
€73.0m
(FY20: €75.5m)
Underlying profit before tax
€47.4m
(FY20: €42.5m)
Statutory profit for the year
€11.0m
(FY20: €77.1m loss)
Chairman statement
Ben Verwaayen
I am pleased to report that Renewi has performed with resilience during this Covid-19-impacted year. We maintained full services to our customers, kept our people safe from the worst effects of the pandemic and our financial performance was significantly more robust than we had originally expected. This performance is due to the dedication of the women and men of Renewi in ensuring that we could meet all our commitments. I would like to thank them all.
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CEO Review
Otto de Bont
Our performance improved as the year progressed, despite the pandemic. I am pleased to report final results are significantly better than we had anticipated in early 2020. This is due to the determined efforts of our people as they delivered seamless service to our customers and communities in the most challenging environment. These results also reflect our swift actions on cost and cash, our resilient business model and the strengthening recyclate prices in the second half.
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CFO review
Toby Woolrych
In FY21 we were able to demonstrate the resilience of our evolving business model. The Group has traded well and reduced debt. The outlook in the recovery phase is positive.
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Our enhanced strategy
We have enhanced our business strategy – strengthening our vision to be the leading waste-to-product company in the world’s most advanced circular economies
Market-facing strategies
1. Leader in recycling
Recycling is central to our waste-to-product mission, and also answers market demand.
2. Leader in secondary material production
Improving the quality and ‘spread’ of the products we produce increases the value of what we recycle.
3. Selectively gain market share
This strategy helps us grow the total volume of waste treated.
Internal Improvement Strategies
Our internal improvement strategy – delivered through a programme called Renewi 2.0 – is expected to make our company leaner and more efficient. Over the next 3 years, we will introduce simplicity, strengthen our customer focus and create a better place to work through:
- The digitisation of our business - providing a fully digital solution for our customers to deliver a better 24/7 customer experience while reducing our cost to serve, and
- Simplification and harmonisation of processes. Simplifying and standardising across divisions to reduce cost and errors and to improve customer, supplier and employee experiences.
Our new sustainability strategy
Renewi’s future-facing plan addresses the climate crisis and makes everything we do sustainable – from helping to drive the circular economy to minimising carbon emissions
Enable the circular economy
We want to be a driving force in the transition towards a circular economy, in which waste is no more and instead is turned into new products and materials.
- Turn our customers’ waste into new products
Reduce carbon emissions and waste
We understand the need not only to reduce our own carbon footprint, but also to decrease the negative impact of carbon emissions and waste on wider society.
- Be a leader in clean and green waste collection
- Reduce the carbon impact of our operations
Care for people
We have a responsibility to deliver our employees home safe and well, to create a rewarding, equal and inclusive working environment, and to have a positive effect on our communities.
- Positively impact our communities
- Deliver people home safe and well, every day
- Make Renewi a rewarding, diverse and inclusive working environment
Stakeholders
From customers to communities, lenders to lawmakers, and of course our employees, we constantly strive to create value for stakeholders by understanding and addressing their priorities and concerns.
Waste-producing customers:
We improve their sustainability by specialist collections and enhanced separation.
Communities:
We use low-emission collection vehicles to limit the impact of operations on communities.
Governments:
We engage with them on the effects of changes in regulatory regime on sustainable operations.
Product customers:
We collaborate with them to innovate and create new products from waste streams.
Employees:
We invest in safety and wellbeing, career development and leadership programmes.
Investors:
We address market trends and have processes to reduce the impact of adverse events.
Capex and opex suppliers:
We enter long-term supply contracts and work to ensure fair treatment in the supply chain.
Regulators:
We engage with them and give expert advice on processing difficult waste streams.
Lenders:
We have regular, ongoing discussions with the relationship banking group.
Bringing Sustainability to life
A Q&A with…
Professor Peter Hopkinson
Professor Peter Hopkinson is Co-Director of the UK Research and Innovation Council’s National Interdisciplinary Research Programme and the Exeter Centre for Circular Economy at the University of Exeter Business School.
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