Aggreko plc Annual Report 2015

FY2015 Annual Report · Aggreko plc
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AGGREKO PLC  
ANNUAL REPORT AND ACCOUNTS 2015

POWERING  
THE FUTURE

Watch and download the online report:
www.annualreport2015.aggreko.com

2015 contents

1 Overview

Performance highlights
Operational overview
Reorganised to better focus on our customers 
Powering the future of spectator events

Strategic report
2 Our business

Our business today 
Our marketplace
How we create value
Our business priorities
How we performed – our KPIs
Risk factors that could affect business performance
Assessment of prospects and viability
Powering the future of Myanmar
Our investment case
3 Performance review

Performance review 
Financial review
Powering the future of Eritrean mining
4 Sustainability

Building a sustainable business
Powering the future of Romanian oil & gas

5 Governance

Corporate Governance 
Audit Committee report 
Ethics Committee report 
Nomination Committee report 
Remuneration Committee report
Statutory disclosures 
Statement of Directors’ responsibilities 
Powering the future of Russian oil reﬁning

6 Accounts & other information

Independent auditors’ report
Group income statement 
Group statement of comprehensive income 
Group balance sheet 
Group cash ﬂow statement 
Reconciliation of net cash ﬂow to movement  
in net debt 
Group statement of changes in equity 
Notes to the Group accounts 
Company balance sheet 
Company statement of comprehensive income
Company statement of changes in equity
Notes to the Company accounts
Shareholder information 
Deﬁnition and calculation of non GAAP measures
Financial summary 
Glossary

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POWERING THE FUTURE

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

1

We live in a world reliant on power which 
is an essential part of everyday life. 

CORPORATE VIDEO
VISIT OUR WEBSITE TO VIEW OUR 
CORPORATE VIDEO.

www.aggreko.com/about-aggreko

Aggreko is the leading global provider 
of modular, mobile power and related 
solutions, operating in around 100 
countries worldwide.

For over 50 years we have fulﬁlled this 
critical need. We specialise in providing a 
fast and ﬂexible service to our customers 
anywhere in the world, through balancing 
our global scale with local operations. 

We aim to remain the leader in our 
market and we will do so by increasing 
our focus on customers, investing more 
resources in technology and improving 
efﬁciency. Delivering on these areas will 
enable us to grow the business and help 
our customers power their future. 

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2 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

OVERVIEW

PERFORMANCE HIGHLIGHTS

Revenue

£1,561m

2014: £1,577m

Trading proﬁt1, 4

 £270m

2014: £306m

Proﬁt before tax4

 £252m

2014: £289m

Dividend per share2

27.12p

2014: 27.12p

Diluted earnings per share4 EPS

71.68p

2014: 82.49p

Return on capital employed3, 4

16%

2014: 19%

1 

2 

3 

4 

 Trading proﬁt 
represents operating 
proﬁt before gain on 
sale of property, plant 
and equipment.
 The Board is 
recommending a 
ﬁnal dividend of 
17.74 pence per 
Ordinary Share, 
which when added to 
the interim dividend 
of 9.38 pence, gives 
a total for the year 
of 27.12 pence per 
Ordinary Share.
 Calculated by 
dividing operating 
proﬁt for the year 
by the average net 
operating assets as 
at 1 January, 30 June 
and 31 December.
 2015 and 2012 
numbers are pre-
exceptional items. 
Exceptional items are 
explained in Note 7 to 
the accounts. 

Revenue £m 

Trading proﬁt1,4  £m 

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13
12
11

1,561
1,577
1,573
1,583
1,396

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11

Proﬁt before tax4 £m 

Diluted EPS4 pence 

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252
289
333
360
324

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Dividend per share2 pence 

Return on capital employed3,4 % 

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27.12
27.12
26.30
23.91
20.79

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306
352
381
338

71.68
82.49
92.03
100.40
86.76

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OPERATIONAL OVERVIEW

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

3

BUSINESS PRIORITIES
Having undertaken a strategic review, 
in August 2015 we outlined our new 
business priorities for the Group around 
the customer, our technology and our 
efﬁciency. These priorities will deliver 
growth at attractive margins and returns.

Customer

Technology

Efﬁciency

Read more about our business priorities

 Page 22

STRUCTURE OF THE BUSINESS

During the year we reorganised the business 
to better focus on our customers. We have 
two mutually beneﬁcial businesses: Rental 
Solutions operating in developed markets 
and Power Solutions operating in emerging 
markets. Organising the Group in this 
way allows us to improve our customer 
service through better strategic and 
operational execution.
Read more about our business units

 Pages 8 to 17 

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LEADERSHIP TEAM
A Senior Leadership Team was established, 
comprising our top 65 managers. During the year 
Chris Weston, CEO, hosted two off-site brieﬁngs with 
the aim to better engage this level of management 
below the Executive Committee whilst gaining 
their input into developing the Group’s strategy 
and direction.
Read more about our Senior Leadership Team

 Pages 18 to 19 and page 59

POWER SOLUTIONS
In our industrial business we saw 
good growth in our Middle East, 
Russian and African businesses 
and successfully supplied power 
for the European Games in Baku. 
Challenging conditions in our utility 
business resulted in revenues 
being down, however, order intake 
was 640MW and we secured key 
contract extensions in Argentina, 
Ivory Coast, Japan and Bangladesh. 
Read more about Power 
Solutions performance

 Page 39

RENTAL SOLUTIONS
Strong performance across Europe, 
with all countries showing growth 
year on year. In North America, 
the ongoing weakness in the oil 
and gas sector has been offset by 
continued growth in other sectors 
such as petrochemical and reﬁning 
and events. Our Australia Paciﬁc 
business continued to face difﬁcult 
market conditions driven by the 
slowdown in the mining sector.
Read more about Rental 
Solutions performance

 Page 38

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4 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

OVERVIEW

REORGANISED TO  
BETTER FOCUS ON  
OUR CUSTOMERS

 POWER IS AN 

ESSENTIAL PART OF EVERYDAY 
LIFE. WE HAVE MADE GOOD 
PROGRESS OVER THE LAST 
12 MONTHS TO IMPROVE 
OUR COMPETITIVE POSITION 
AND MAKE OUR POWER 
SOLUTIONS MORE ATTRACTIVE 
TO CUSTOMERS.

Chris Weston

Chief Executive Ofﬁcer

Since joining Aggreko in January of 
last year we have had a very busy 
year and, although trading conditions 
have undoubtedly been difﬁcult, I am 
pleased with the progress we have 
made. On a personal note I have 
thoroughly enjoyed my ﬁrst year at 
Aggreko and, having seen the Group in 
action all over the world, I reiterate the 
view that I laid out in August; that we 
have an entirely appropriate business 
model, a great market position and a 
respected brand, all made possible by 
dedicated and skilled people who are 
passionate about the business. 

It is clear that we fulﬁl a critical need, 
we provide modular, mobile power 
wherever it is needed most in the 
world and I believe that if we focus on 
our three priorities: our customers, 
our technology and our efﬁciency, 
then we will drive growth across all 
our businesses in the medium term, 
at attractive margins and returns. 

Trading performance
Overall, 2015 has been a challenging 
year with the impact of lower commodity 
prices and difﬁcult trading conditions 
in a number of our markets having an 
impact on our performance; resulting 
in revenues down 3% and trading 
proﬁt down 14%, on an underlying 
basis. However, as was discussed at 
the Business Priorities presentation 
in August, Aggreko has a number of 
advantages, including scale and sector 
and geographic diversity. This has 
beneﬁted the Group this year and 
despite oil and gas revenue being 
down 14% and Power Solutions Utility 
revenue being down 11%, the Group 
overall is only 3% down.

It is also important, particularly at times 
of volatility, to have the stability of a 
strong balance sheet and core to this, 
ﬂexibility around capital expenditure. 
I am pleased to say that in this regard 
we have maintained our ﬁnancial 
gearing at 0.9 times (net debt to 
EBITDA), within the range that had 
been previously communicated.

BUSINESS 
MODEL
OUR BUSINESS 
MODEL IS STRONG 
AND UNIQUE.

Read more

 Page 14

Business Priorities
In August of last year I laid out the 
priorities for the business for the 
coming years which will deliver growth 
in margins and returns of around 20% 
in the medium term. These priority 
areas are our customer, our technology 
and our efﬁciency.

Against the ﬁrst priority, our 
customers, we have a number of 
initiatives underway, each of which is 
sponsored by one of the Executive 
team. These include reﬁning our 
understanding of our customers’ 
requirements; customer segmentation; 
strategies for key sectors; sales 
training, deployment and incentives. 
In turn these are supported by a plan 
to enhance our CRM systems and 
to provide a digital platform for our 
customers. To date I am pleased with 
our progress.

Under our technology, the objective 
is to reduce the overall cost of 
power for our customers, thereby 
bringing a beneﬁt to our customers 
whilst at the same time making us 
more competitive. 

In terms of our diesel product, we have 
made good progress in the past by 
introducing the G3+ engine into our 
ﬂeet; this requires an in-house retroﬁt 
of our original G3 engines, improving 
both power output and fuel efﬁciency. 
The retroﬁt programme will continue 
and we have plans to further improve 
the efﬁciency of this engine.

Regarding our gas product, the next 
generation gas engine is currently 
undergoing ﬁeld trials and performing 
as we expected. From this point 
forward any gas engine produced will 
be the next generation engine.

Finally, we continue to assess HFO 
product options, particularly proven 
technology that could be adapted to 
our business model, that is mobile, 
modular and able to produce the 
required returns. I will update you 
at the appropriate time in terms of 
our progress.

To manage and drive this we have a 
fully resourced Manufacturing and 
Technology team based in Dumbarton, 
led by Volker Schulte, who is a member 
of my Executive team.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

5

DELIVERING SUSTAINABLE GROWTH
OUR EQUIPMENT IS DESIGNED TO MEET THE TOUGHEST COMPLIANCE 
LEGISLATION AROUND THE WORLD.

Read more about sustainability

 Page 48 

Outlook 
Our Power Solutions Utility business 
has started the year with a strong order 
book; a healthy prospect pipeline; 
140MW of new orders; and the signing 
of a two year extension of our 148MW 
of diesel contracts in Japan. We expect 
the level of contracts off-hiring in the 
year to go back up to a more normal 
level, of around 30%. Due to the timing 
of contract start and end dates there 
will be a reduction in ﬁrst half proﬁts at 
a Group level. We continue to monitor 
the geopolitical situation in Yemen, 
Libya and Venezuela.

In our Power Solutions Industrial 
business we are seeing softer trading 
conditions in Singapore and some of 
our markets that are more exposed 
to the mining sectors. However year 
to date power volumes are up on the 
prior year, driven by continued good 
performances in the Middle East, 
Russia and Africa. 

The Rental Solutions business unit, 
in particular our North American 
business, has had a slow start to 2016 
following a lower run rate exiting 2015 
than we had expected and we are 
cautious on our outlook for this part 
of our business.

At a Group level we anticipate investing 
around £250 million on ﬂeet capex, 
focussing on investment in our more 
fuel efﬁcient gas and diesel engines; 
as ever we will maintain our capital 
discipline and ﬂex this spend according 
to market conditions. Overall, we 
expect proﬁt before tax and exceptional 
items to be slightly lower than the prior 
year on a constant currency basis1, 
in line with current consensus.

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Finally, on efﬁciency, there are a 
number of steps we are taking. 
These are designed to improve our 
competitive position and to help drive 
growth. The most immediate action 
was to reorganise the business, to 
remove duplication and to improve 
the management of our procurement 
function. The reorganisation of 
Aggreko into Rental Solutions and 
Power Solutions was a major step; 
it allowed management to focus on 
unique priorities in each business, in 
turn allowing for more effective and 
efﬁcient delivery. This work is on track 
and will deliver a reduction in our cost 
base (capital and operating costs) of 
£80 million by 2017.

Other initiatives under this last 
priority include assessing our 
depot infrastructure and network; 
site deployment; and the systems 
and processes that underpin 
our operations.

People and Culture
We employ close to 7,300 people in 
around 100 countries. In my ﬁrst year 
I certainly cannot claim to have visited 
all 100 countries. I have, as you would 
expect, visited a number of them 
and I have consistently found a team 
that is committed, very focused on 
delivering for our customers, and doing 
so with great passion and pride for 
the business. In short, I recognise the 
importance of “orange blood” in doing 
what we do so well.

Clearly 2015 has been a difﬁcult year 
for our people, particularly in terms of 
the reorganisation and dealing with 
the removal of over 700 roles from the 
business. I know that we have work to 
do to ﬁnalise and to embed the new 
structure and to enhance and reinforce 
Aggreko’s powerful culture: it is an area 
that we are going to be working on in 
the early part of this year.

Finally, I would like to thank the 
whole team for their hard work and 
commitment in 2015 and also those 
that have left Aggreko for their service 
to the business. It is a great business 
and I am proud to be part of it.

WE HAVE AN ENTIRELY 
APPROPRIATE BUSINESS MODEL, 
A GREAT MARKET POSITION, 
AND A RESPECTED BRAND.

Watch Chris’ video online:
www.annualreport2015.aggreko.com

1  The constant currency impact is a headwind of £16 million applying the end 
of January 2016 spot rates, including the step devaluation of the Argentinian 
peso. In relation to 2016 the Power Solutions Utility contracts in Argentina have 
contractual protection that offsets the impact of the devaluation.

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6 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

POWERING THE FUTURE OF
SPECTATOR EVENTS

1

CHALLENGE

2

SOLUTION

The Red Bull Air Race is the world’s 
fastest motorsport series in the sky. 
Set across multiple continents and differing 
landscapes, the breathtaking race event 
brings with it a series of geographical and 
commercial challenges. Millions of fans rely 
on uninterrupted power supply to big screens 
and broadcasting compounds in order to see 
coverage of the events unfolding in the skies 
above. Meanwhile, the safety of the pilots 
and control of the race require power supply 
to temporary race control towers. In order to 
deliver the events, Red Bull Air Race needs 
a reliable and ﬂexible power solution.

Aggreko has been supporting Red Bull 
events for a number of years; building on this 
relationship we formed a global partnership 
and provided power to four of the 2015 Air 
Race events. Given the geographic diversity of 
the contract, the global events team handled 
the design and project management for each 
race, while local Aggreko teams handled the 
installation and operational phases of the 
project. Design plans were customised to 
provide the most cost-effective solutions for 
each race and this was complemented by the 
standardised ﬂeet which delivered continuity 
and reliability. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

7

3

FUTURE

Looking forward, we hope to further develop 
our global partnership with Red Bull to help 
support the wider family of Red Bull events as 
they continue to delight fans around the world. 

Ascot UK

l a s   U S A

D a l

L a s   V e g a s   U S A

Rovinj Croatia

Producing 
7MW of power

Aggreko provided  
61 generators

Using 35km of 
electrical cables

8 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

OUR BUSINESS TODAY

We are a global business serving customers in around 100 
countries through 204 sales and service centres and with over 
7,300 permanent and temporary employees. 
In August 2015 we reorganised Aggreko into two business units 
to better focus on our customers and enable us to more efﬁciently 
deliver mission critical power and related solutions. 
As part of the reorganisation we also appointed a Group 
Manufacturing and Technology Director, based in Dumbarton, 
to work directly with our strategic partners to develop market 
leading products aimed at reducing the overall cost of power 
for our customers.

Globally organised to serve our customers’ needs

Key

Rental Solutions

Power Solutions

Ofﬁces/service centres

Rental Solutions includes our businesses in North America, Europe, Australia Paciﬁc and Mexico. Power Solutions includes all our other businesses around the world. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

9

Rental Solutions 
(previously Local Business in developed markets)

A transactional business focused on key sectors and operating 
in developed markets, providing power and related solutions to 
a diverse range of customers who need it quickly and typically 
for a short period of time. 

Read more about Rental Solutions

 Pages 11 and 38

Key sector focus

Revenue

Sales and service centres

11

10

9

1

8

7

6

5

2

4

3

Customer type
1. Petrochemical  
& Reﬁning
2. Oil & Gas
3. Events
4. Utilities
5. Manufacturing
6. Services
7. Contracting
8. Construction
9. Mining
10. Shipping
11. Other

%
20

18
11
10
8
8
6
5
5
3
6

£618m

41% of Group

128

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Power Solutions 
(previously Power Projects and the Local Business in emerging markets)

Operating across key sectors in emerging markets, we typically 
serve both industrial and utility customers with larger, longer-term 
and often complex solutions to fulﬁl their power requirements. 

Read more about Power Solutions

 Pages 12 to 13 and 39

Key sector focus

Revenue

Sales and service centres

8

6

5

9

7

4

3

2

Customer type
1. Utilities
2. Oil & Gas
3. Mining
4. Events
5. Construction
6. Manufacturing
7. Petrochemical  
& Reﬁning

8. Military
9. Other

(excluding pass-through fuel)

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%
59
12
6
5
4
3
1

2
8

£883m

59% of Group

76

Supported by a strong infrastructure
Dedicated sales force – Efﬁcient support functions
Established distribution network – Leading technology

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10 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

OUR MARKETPLACE 
STRONG PROSPECTS FOR LONG-TERM GROWTH

Overview 

Our industry delivers electricity to businesses and homes around the world. In developed markets, 
power and related products like temperature control are an essential part of everyday life and are 
taken for granted until they are not there. In emerging markets power helps countries to industrialise 
and grow, hospitals to provide medical care and schools to educate future generations. 
Demand for Aggreko’s services is generally created by events: our customers turn to us when 
something happens which means that they need a fast and ﬂexible solution for power. The nature 
of the demand differs by country and therefore we address the market through our two business 
units, each of which has strong prospects for long-term growth. We are well positioned to help 
our customers meet their energy needs.

EXAMPLES OF 
INFREQUENT EVENTS:

EXAMPLES OF  
FREQUENT EVENTS:

(cid:333)(cid:3) Large-scale power shortage  

South Africa, Bangladesh, Argentina

(cid:333)(cid:3) Major sporting occasions  

Olympic Games, FIFA World Cup, Commonwealth Games

(cid:333)(cid:3) Natural disasters  

Japan post-tsunami, Hurricane Sandy in North America in 2012, 
Brisbane ﬂoods in 2011

(cid:333)(cid:3) An oil reﬁnery needs additional cooling during the Summer 

to maintain production throughput.

(cid:333)(cid:3) A glass manufacturer suffers a breakdown in its plant and 
needs power while its own equipment is being repaired.

(cid:333)(cid:3) A city centre needs chillers to create an ice-rink for the 

Christmas period.

(cid:333)(cid:3) A remote mine needs power to operate as it cannot access 

(cid:333)(cid:3) Post-conﬂict reconstruction and military support 
Democratic Republic of Congo, Iraq and Afghanistan

the grid.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

11

Rental Solutions 
(previously Local Business in developed markets)

The Rental Solutions business is linked to 
local economies and varies in size and nature 
from country to country. The customer base 
is diverse, both geographically and by sector, 
which gives us protection against the vagaries 
of any one particular market. Being global 
allows us to quickly move resources between 
sectors and countries in response to 
customer demand. 

Demand drivers
GDP
As an economy grows, so does demand for 
reliable and ﬂexible power. As businesses 
grow they may choose to rent additional 
power and related solutions rather than lose 
productivity; this is also a more efﬁcient use of 
their capital. 

Propensity to rent
In deciding whether to rent or buy our 
customers take into account issues such 
as the tax treatment of capital assets; 
the growing awareness of outsourcing; 
and the availability and cost of ﬁnance for 
purchasing equipment.

Events
High value/low frequency events change the 
size of a market on a temporary basis; for 
example, in 2015 the Pan-American Games in 
Toronto and the European Games in Baku.

Customers, market size and prospects
Our customers within Rental Solutions tend 
to be more transactional in nature and are 
predominantly operating in the Oil & Gas, 
Mining, Events, Petrochemical & Reﬁning, 
Utilities and Contracting sectors. Whilst overall 
cost is always important to them, they are 
most interested in a solution, in reliability and 
ﬂexibility. Our average contract duration within 
Rental Solutions is 45 days.

We operate in a niche segment of the broader 
rental market across a number of countries. 
Furthermore, major events can inﬂuence 
market size in the short term. As a result it 
is difﬁcult to accurately determine the size 
of the Rental Solutions market; therefore 
our approach is to use a “market potential 
estimation”. From this, we estimate that our 

Estimated worldwide market share 

Rental Solutions competition

25%

market  
potential

£2bn

market share is around 25%, which implies 
Rental Solutions “market potential” of around 
£2 billion based on Aggreko’s 2015 Rental 
Solutions revenue.

Read more about market potential estimation

 Page 159

The Rental Solutions market has historically 
grown in line with GDP. The average GDP 
growth of the countries in which we operate 
is forecast to be around 2% per annum 
over the next few years (Source: IMF, April 
2015). Our strategy is to focus on key 
sectors including Oil & Gas, Petrochemical & 
Reﬁning, Mining and Events, which in many 
cases are expected to grow faster than the 
overall market. 

Competitors
Customers have the choice to either buy or 
rent and therefore our competitors are not 
just rental companies but also equipment 
manufacturers. Where the need is urgent or 
for a short time, customers tend to rent. In the 
Rental Solutions market competitors are either 
privately-owned specialist rental businesses, 
divisions of large plant hire companies or OEM 
dealerships; few provide the sector speciﬁc 
solutions that Aggreko does. We are the only 
company with a global footprint. However, 
in every region there is a large number of 
regional, national and local businesses in 
the market; but few competitors are able 
to compete for large-scale or technically 
demanding work. 

Global
Global
Aggreko
Aggreko

10–15 regional
Hertz, URI, Sunbelt,  
Speedy Hire, CAT

Hundreds of 
national competitors

Thousands of local small businesses

What this means for Aggreko
In our four largest markets, North America, 
Australia, the UK and Germany, we have 
a leading competitive position; however, 
our analysis suggests that we are under-
penetrated in the key sectors which provide 
our opportunity for growth. 

In most of our markets, we have a strong 
market share position and make good returns. 
There is opportunity to increase market share 
in all markets, particularly some of our smaller 
European markets where we have not grown 
as strongly. 

Overall, growth in Rental Solutions will be 
driven by a number of factors: market and 
sector growth, market share accretion and 
sector penetration; and through organic and 
inorganic options, including growth through 
power adjacencies such as temperature 
control and loadbanks. 

Read more about our business priorities

 Pages 22 to 23

Market during the year 
We saw a slowdown in business from the 
Oil & Gas sector from the second quarter of 
2015, which resulted in a signiﬁcant adverse 
impact on our market, particularly in North 
America, but also in our North Sea business. 
The slowdown in the Mining sector, which was 
particularly acute in 2014, has continued, albeit 
at a slower rate of decline. Elsewhere, lower 
oil prices have stimulated demand in other 
sectors, in particular Petrochemical & Reﬁning 
which has grown strongly, enabling us to offset 
the decline in the Oil & Gas sector. 

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12 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

OUR MARKETPLACE 
STRONG PROSPECTS FOR LONG-TERM GROWTH

Power Solutions 
(previously Power Projects and the Local Business in emerging markets)

Power Solutions largely operates in emerging 
markets, serving both utility and industrial 
customers. As populations continue to 
grow and urbanise, and as industrialisation 
drives economic growth, demand for power 
increases. Electriﬁcation rates are typically 
low in many emerging market countries and 
even in those places where power is available 
reliability is often poor. These countries may 
have plans for permanent capacity, but raising 
the signiﬁcant funding that is required can 
take a considerable period of time to realise 
and the amount of investment required can be 
challenging to obtain from traditional sources; 
it typically takes between ﬁve and 10 years for 
a new permanent plant to be commissioned. 
Delays in realising new capacity, ageing 
infrastructure and reliance on intermittent 
hydropower can also exacerbate an existing 
shortfall. Meanwhile, the global population 
is forecast to grow by over 1% per annum 
until 2020, and double this rate in the least 
developed countries according to the United 
Nations; therefore the power shortfall is likely 
to increase. 

In the long term, the drivers of growth 
– increasing demand for electricity and 
insufﬁcient investment in permanent supply – 
are structural. The decision by governments 
to purchase power using ﬂexible solutions 
is usually a political one and given slower 
economic growth in recent years, the 
opportunity cost of not having power is less 
acute; businesses that are growing, but 
that are unable to rely on utility power or 
where it is simply unavailable, are seeking 
alternative sources of power. The structural 
shortfall creates substantial opportunities for 
Aggreko and we will continue to win work 
by understanding the market, customer 
needs and offering solutions that meet 
their requirements.

Demand drivers
Demand
In emerging markets demand is growing, 
driven by population growth, economic 
growth, industrialisation and urbanisation.

Under-investment
Investment in new and replacement 
permanent power infrastructure has not 
kept pace with demand and so frequent 
breakdowns and damaging power cuts have 
resulted, with many regions remaining off-
grid entirely. 

Financing
Capital markets are less willing to support 
long-term infrastructure projects in many 
emerging market countries, particularly when 
de-carbonisation and ageing infrastructure 
in developed countries requires trillions of 
dollars in investment.

Utility customer decision making factors

WHY

(cid:333)(cid:3) Economic growth
(cid:333)(cid:3) Hydro shortage
(cid:333)(cid:3) Social pressure
(cid:333)(cid:3) Permanent capacity delays/shortfall
(cid:333)(cid:3) Ageing infrastructure

OPTIONS

(cid:333)(cid:3) Do nothing
(cid:333)(cid:3) Mobile and modular power
(cid:333)(cid:3) Temporary power

CONSIDERATIONS

(cid:333)(cid:3) Fuel availability
(cid:333)(cid:3) Transmission capacity
(cid:333)(cid:3) Affordability
(cid:333)(cid:3) Opportunity cost

Decision 
making

Flexibility
Speed
Modularity
Pay-as-you-go

Flexible 
power

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

13

Market during the year 
In 2015 our Utility business had order intake 
of 640MW which compared to 757MW in 
the prior year, albeit the prior year included 
170MW of short term peak shaving work 
which didn’t recur. Generally speaking, the 
level of enquiries has stayed up at historic 
levels; however, conversion to new orders has 
been more muted in the last three years, than 
in the preceding 10 years. We attribute this to 
a combination of lower economic growth in 
emerging markets combined with currency 
devaluation in many of these markets, which 
makes the funding of power, both on a 
permanent or temporary basis, more difﬁcult, 
meaning that customers are choosing to 
accept blackouts and load shedding rather 
than allocate scarce funds. That said, for 
many of these markets an oil price that has 
been considerably lower now for over a 
year may act as a catalyst for conversion as 
temporary power becomes relatively more 
affordable, given that the majority of the cost 
to the customer is the fuel. In our Industrial 
business we saw strong growth in Africa 
where mining remains strong, and particularly 
in South Africa where the business is growing 
rapidly on the back of the worsening power 
outages and regular load shedding. In Russia, 
despite the lower oil price, we continue to 
see good growth, particularly with our gas 
product where customers are outsourcing the 
provision of power. The economic environment 
in Brazil remains challenging and elsewhere in 
Latin America the mining sector slowdown has 
impacted our businesses in Chile and Peru.

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Power Solutions market data (Compound Annual Growth Rate) 

140

130

120

110

100

2014

2015

2016

2017

Source: IMF/Aggreko

6%

5%

GDP
Power Gap (adjusted from 2016)
2018

2019

Customers, market size and prospects
Within Power Solutions contracts tend to be 
longer and more complex. For our customers 
reliability and ﬂexibility are important, however, 
cost is a key consideration. In many instances, 
especially within the utility market segment, the 
customers are state owned utilities, who use a 
public tendering process and the overall cost 
of generation is always front of mind.

Power Solutions operates in three 
market segments: 

(cid:333)(cid:3) Industrial – customers that are typically 
looking for power either where the grid 
is unstable and they seek backup, or 
where the grid doesn’t exist and they 
need a primary form of power. The largest 
customers in this segment tend to be 
in Oil & Gas and Mining and are often in 
remote locations. It is extremely difﬁcult 
to accurately determine the size of this 
market given its immaturity. Our focus 
is on increasing rental penetration and 
therefore current market size and share is 
less relevant given the growth prospects. 
In many of these markets we are the market 
leader, but each individually may be small. 

The Industrial market is expected to grow 
in line with GDP. The average GDP growth 
of the countries in which we operate is 
forecast to be around 5% per annum over 
the next few years. (Source: IMF, April 2015)

(cid:333)(cid:3) Utility – this is generally linked to the 

power shortfall in a particular country and 
our customer is normally the state owned 
utility. These customers require base 
load, peaking and in some cases, backup 
power. There are a wide variety of factors 
that inﬂuence the decision to contract with 
us and they vary between countries; our 
analysis suggests that GDP growth typically 
needs to be around 5% for conversion from 
an enquiry into a contract in this segment. 
We estimate that our market share in 2015 
was around 40%, based on the volume 
of contract wins and extensions across 
the industry. 

In our Power Solutions Utility markets, 
demand for power is expected to continue 
to grow faster than supply, and we estimate 
that the shortfall of power generating 
capacity will be around 100GW by 2020, 
almost twice UK peak power demand; this 
implies a compound growth rate of 6% over 
the next ﬁve years. 

(cid:333)(cid:3) Reactive – this demand is caused by 

events that happen infrequently and cause a 
power shortage for a period of time. This is 
impossible to predict, but important work to 
secure; reputation and ﬂeet availability are 
essential to be able to respond to such an 
emergency, for example in Japan where we 
provided power following the Tsunami.

Competitors
The largest competitive force that we 
face in the utility market is for a share of a 
government’s budget. In most emerging 
market countries the utilities are state 
controlled and money spent on power is 
money that cannot be spent elsewhere. 
In addition, we compete with a number of 
companies around the world, we have one 
competitor with whom we compete on a 
global basis and a number of businesses 
compete with us either locally or regionally, 
in particular some of the larger Caterpillar 
dealers. Our key differentiator is our global 
scale and large homogenous ﬂeet, which 
facilitates fast deployment and economies 
of scale. 

What this means for Aggreko
Aggreko operates in each of the market 
segments, which allows us to utilise our 
infrastructure more effectively, improve our 
awareness of business opportunities, and 
improve our proﬁle, all of which maximises 
growth and returns. 

Across Power Solutions we are repositioning 
the business and through the actions that we 
are taking expect to deliver market share gain, 
increased sector penetration and growth from 
new country entry. Overall, we anticipate that 
this will result in growth ahead of the market. 

Read more about our business priorities

 Pages 22 to 23

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14 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

HOW WE CREATE VALUE
OUR BUSINESS MODEL

Our business model is strong and unique. 

Our customers are the focus of everything 
that we do and investing in our resources 
enables us to provide solutions that help 
them to power their future.

Our resources
What sets us apart

People & Culture 

We have a highly skilled, passionate and professional 
workforce of over 7,300 employees worldwide with 
a strong can-do and customer focused culture.

Expertise

Over 50 years of operational experience and 
expertise in sector speciﬁc and complex projects. 
When this is combined with our engineering 
capability it gives us a unique understanding of 
our customer needs and the ability to deliver whilst 
managing risk.

Scale

Our scale and global reach allows us to serve 
customers in around 100 countries today. We have an 
Aggreko presence in all of these markets, meaning 
that we are close to our customers. Our scale also 
provides a capital cost advantage, and to have a large 
ﬂeet available which means we can respond quickly 
whilst also running at good levels of utilisation. Finally, 
our scale means we have a diversiﬁed portfolio and 
an inherent risk management mechanism.

Technology

We aim to have a ﬂeet that is mobile, modular and 
standard in design so that it can serve any customer, 
anywhere in the world. Our Group Manufacturing and 
Technology functions work directly with our strategic 
partners to develop market leading products aimed at 
reducing the overall cost of power for our customers.

Financial

The Group has a strong balance sheet with good 
ﬁnancial ﬂexibility.

Read more about our resources

 Page 18

Why our customers choose Aggreko

Rental 
Solutions 

We operate in developed markets and provide 
solutions for, and rent our equipment to, customers 
who either operate it themselves or contract us to 
provide a full turn-key solution; we retain responsibility 
for servicing and maintaining it. We provide a multi-
product offering with power adjacencies, such as 
temperature control, oil-free air and loadbanks across 
a diverse sector base. Contracts tend to be short term 
and transactional in nature. 

Revenue

Trading  
margin

£ 618m

16% 

ROCE

19%

Our business units are supported by a 

Fleet
Power

 9,818MW
£889m

assets2

Chillers

 1,126MW
£51m

assets2

Maintain and service

204

Sales and service centres worldwide  
operating a hub and spoke model 

 
 
 
AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

15

Our project life cycle is explained on the next page

Understand 
the requirement

Design and 
plan 

Proposal

Mobilise, install 
and commission

Operate

Service 
and maintain

Demobilise

Service 
and refurbish

Power 
Solutions 

We operate in emerging markets serving both Utility 
and Industrial customers. Initial contracts in our 
Industrial business are on average around three months 
and around one year in our Utility business and are 
often complex in nature. For Utility customers we act 
as a power producer, installing and operating modular, 
mobile power plants; we charge both for providing the 
generating capacity, and for the electricity we produce. 
Our Industrial customers are across key sectors such 
as Oil & Gas, Petrochemical & Reﬁning and Mining. 
Here, we develop solutions for and rent our equipment 
to customers who then operate it for themselves.

Revenue1 
excluding pass-
through fuel

Trading1 
margin

£ 883m

19% 

ROCE1

15%

Key outputs
Powering the future

The value we create

Supporting industry and commerce

Providing power for countries and communities

Enabling major events around the world

Innovating to build a sustainable business

shared ﬂeet, a global footprint and logistics

Global employment

Oil-free air

 588CFM
£12m

assets2

Ancillaries

 £97m

assets2

1  Excluding pass-through fuel
2  Net asset value

Strong brand and good reputation

Rewarding careers

Shareholder returns

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16 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

HOW WE CREATE VALUE
ACROSS THE PROJECT LIFE CYCLE

The typical life cycle of a project

Rental Solutions 

> 100,000

> 360 people

2,225MW

quotes  
per year

dedicated  
sales force

of power  
equipment

hours – days
installation  
time

Customers approach us through 
sales channels or existing 
relationships; our sales people 
also offer solutions before 
problems arise. We meet the 
customer, discuss their needs 
and conduct a site survey.

Typically, we meet the production 
manager on-site to get a better 
indication of what is needed. 
Then we draw up a design, taking 
account of any environmental 
or regulatory requirements.

Based on the plan, a quote is 
drawn up using the internal pricing 
model. A proposal is then made 
to the customer and once agreed, 
a contract is signed.

Once the contract is signed, we 
begin mobilising the equipment. 
We install it on-site, test it and 
commission the contract. In most 
cases the customer is responsible 
for providing the fuel.

Understand the  
requirement

1

Design and plan

2

Proposal

3

Mobilise, install 
and commission

4

Power Solutions 

Utility: 225
Industrial: 15,000

> 240 people

Utility: 4,837MW
Industrial: 2,756MW

quotes  
per year

dedicated  
sales force

of power  
equipment

In the case of most Utility 
customers, a tender is 
produced. Our Industrial 
customers approach us through 
sales channels or existing 
relationships. In both cases 
we present solutions to show 
how we can meet their power 
needs. Both involve meeting the 
customer and understanding 
their requirements.

For our Utility customers we 
conduct a site survey and 
additional exploratory work and 
then we draw up a plan to meet 
the customer requirements, 
including all the logistics and 
site civil works, which can vary 
considerably in complexity. 
For our Industrial customers we 
will meet them on-site to better 
understand the brief before 
drawing up a design. 

In both parts of the business, 
a quote is drawn up based on 
the customer speciﬁcation. 
In the Utility business this is 
either presented directly to the 
customer, or in the case of a 
tender, the bid is often opened 
publicly in front of the local press. 
Typically there are then some 
negotiations before a ﬁnal price 
is agreed and a contract signed. 
For our Industrial customers, a 
proposal is made based on the 
quote and once agreement is 
reached, a contract is signed. 

weeks – months
installation  
time

Equipment is shipped from the 
nearest service centre, hub 
or another project which has 
recently demobilised and usually 
travels by sea, rail and road 
to the site. Installing a project 
typically takes from a few days to 
a number of months, depending 
on the size and complexity and 
once this is complete the site is 
commissioned and operational. 
In most instances, the customer is 
responsible for providing the fuel.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

17

45

days average 
contract duration

> 950

dedicated  
engineers

64,000

sets off-hired  
in 2015

After an explanation of operating 
procedures, customers operate 
the equipment themselves and 
call us if there are any issues.

Our service engineers will visit 
the site as necessary. Our remote 
monitoring equipment can alert 
customers and engineers to 
potential problems before they 
occur. For some short contracts, 
servicing may not be needed.

At the end of the initial contract 
duration, the customer retains 
the right to determine whether or 
not to off-hire the equipment or 
extend the contract. When they 
choose to off-hire, we remove our 
equipment and demobilise.

3 days

average time to turnaround 
a diesel generator

Equipment coming off-hire is 
returned to our service centres, 
where it is serviced and made 
available to go back out on-hire.

Operate

5

Service 
and maintain

6

Demobilise

7

Service 
and refurbish

8

Utility: 1 year
Industrial: 3 months

> 1,700

Utility: 870MW
Industrial: 17,700 Sets

240MW

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average contract 
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dedicated  
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off-hired and 
demobilised in 2015

of refurbishments in Utility 
businesses in 2015

Our Industrial customers 
operate the equipment for 
themselves, after an explanation 
of the operating procedures; 
we maintain and service the 
equipment. In the case of our 
Utility customers, we sell them 
power. We own and operate our 
facilities which are run by Aggreko 
employees. These tend to be 
a combination of locally trained 
teams and Aggreko personnel.

The equipment needs regular 
servicing and maintaining, 
the frequency of which 
depends on how hard it is 
running. Our engineers are 
either permanently on-site 
(Utility business) or will visit as 
necessary and will service and 
maintain equipment as required 
(Industrial business).

At the end of the initial contract 
term, customers have the option 
to off-hire or extend the contract. 
In the Utility business, typically 
around a third of contracts on-hire 
at the beginning of the year will 
off-hire during the year. When a 
customer decides to off-hire, we 
remove our equipment and leave 
the site exactly as we found it.

Equipment that is demobilised 
is returned to one of the service 
centres, where it is serviced 
or refurbished.

Our 1MW diesel generators 
that have reached the end 
of their life are refurbished. 
Refurbishment can include an 
upgrade to our more fuel efﬁcient/
higher electrical output engine at 
around 75% of the original cost 
and giving another eight years 
of useful life.

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18 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

HOW WE CREATE VALUE
USING OUR RESOURCES

 People are our 

greatest asset; their 
passion, pace and 
commitment are a critical 
contributor to our success. 
They are highly skilled 
and are used to reacting 
quickly; they respond 
effectively under pressure; 
do a professional job; and 
above all, deliver it in a safe 
manner. These attributes 
underpin the can-do, 
customer focused culture 
for which Aggreko is 
known. We are therefore 
focused on providing an 
environment in which 
our people can ﬂourish 
and make the greatest 
possible difference to the 
Company’s performance. 

HEALTH, SAFETY AND 
ENVIRONMENTAL 
(HSE) MANAGEMENT

Read more about health, safety and 
environmental management

 Page 50

SOCIAL  
CONTRIBUTION

Read more about social contribution

 Page 51

Organisation
During the year we reorganised the 
business, the objective of which was 
to enhance our customer service by 
improving our strategic and operational 
execution through two clearly deﬁned 
business units, Rental Solutions and 
Power Solutions. The reorganisation 
became effective from 1 August 2015; 
Bruce Pool was appointed President 
Rental Solutions in December 2015, 
with Nicolas Fournier appointed 
Managing Director Power Solutions 
in November 2015. In addition we 
appointed Volker Schulte as the new 
Group Manufacturing and Technology 
Director and also appointed a Group 
Director of HSE. 

As part of the change in structure 
we undertook to remove a signiﬁcant 
number of roles from our structure. 
This was completed by the end of 
November 2015 and communication 
with employees on how the 
reorganisation was progressing was 
maintained throughout. Each of the 
new business units now has strong 
management teams in place, and the 
majority have been ﬁlled with existing 
Aggreko employees.

Safety and security
Given that we operate in many areas of 
the world which can be categorised as 
high risk, we consider the safety of our 
employees working in these locations 
to be our most critical issue. During the 
year we have enhanced our Group 
security function which has overseen 
the implementation of standard tools 
and processes to ensure the safety and 
security of our people. We also have 
an ongoing partnership with external 
advisers, who provide us with the on-
the-ground knowledge that we need 
to make decisions on our operations 
in high risk areas. During the year we 
appointed a Group Director of HSE with 
a direct reporting line to the CEO.

Read more about safety and security risk

 Pages 30 to 31

Case study: 

Inaugural Senior Leadership Team brieﬁng

In April 2015, the ﬁrst Senior Leadership Team (SLT) brieﬁng was held 
in London. Held across two days, the event comprised presentations 
on the progress of the business priorities, workshops to develop 
key strategic and cultural ideas and a presentation on how Aggreko 
is perceived by the investment community. Following the event, the 
input from the two days was used in formulating the Group’s Business 
Priorities. A follow up event was held in Amsterdam in November, 
where the strategic priorities were discussed. These events will be 
hosted at least once a year in future to ensure that senior managers are 
kept up to date with business developments. 

THE IDEAS AND CONCERNS RAISED WERE 
TAKEN BACK AND USED IN FORMULATING 
THE GROUP’S BUSINESS PRIORITIES

CRITICAL ISSUE
WE CONSIDER THE SAFETY OF OUR EMPLOYEES 
TO BE OUR MOST CRITICAL ISSUE.

Read more

 Page 50

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

19

LOCAL TALENT
WE ACTIVELY RECRUIT LOCAL TALENT WHEREVER POSSIBLE; AS PART OF OUR 
BUSINESS PRIORITIES WE PLAN TO HIRE AND TRAIN MORE LOCAL EMPLOYEES.

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Talent management
Learning and development continues 
to be an area of focus and is built 
around the core capabilities required 
by the business. We ﬁrmly believe 
that investment in our employees 
has a direct and positive impact on 
our employee retention rates and the 
engagement levels of our staff. It is 
essential that our people are properly 
trained and each part of the business 
has training programmes in place 
to provide our employees with the 
necessary skills to perform their role; 
training is a combination of on-the-job 
learning and speciﬁc skill development 
through training courses.

In 2015 we delivered over two hundred 
thousand hours of training across 
the Group. Many of our training 
programmes are tailored speciﬁcally 
for Aggreko employees and utilise 
case studies and examples taken from 
employee experience. 

During the year we established a 
Senior Leadership Team (SLT), 
comprising our top 65 managers, 
and CEO, Chris Weston hosted two 
off-site brieﬁngs. 

Through these brieﬁngs we engaged 
the level of management below the 
Executive Committee as part of 
their development and also to get 
the SLT’s input into formulating the 
Group strategy. 

We also recognise that localisation of 
talent provides many beneﬁts to the 
Group and to the communities in which 
we operate, which is why we actively 
recruit local people wherever possible 
and use programmes like Aggreko 
University (Ivory Coast), SelecTech 
(USA) and our apprenticeship 
programme at our Dumbarton 
manufacturing facility (UK) to develop 
the skills of school leavers. As part of 
our business priorities, we are also 
looking to improve operational efﬁciency 
by hiring more local employees, 
training them and providing them with 
career opportunities with the Group. 
Across the Group Aggreko employs 
over 100 different nationalities.

Reward for performance
Learning and development is only 
one part of the way we retain our best 
people. It is equally important that 
they are rewarded and incentivised 
appropriately. The Company’s 
remuneration policy is aligned with the 

key objectives of growing earnings 
and delivering strong returns on capital 
employed. These metrics are used 
for the Group’s long-term incentive 
scheme and senior managers’ annual 
bonuses. During the year, following 
shareholder consultation, we reviewed 
the remuneration policy, including the 
LTIP scheme for our top 190 managers, 
and updated it to reﬂect current 
market trends.

We also encourage all employees 
to own shares in the Company and 
currently nearly 2,000 people participate 
in the Sharesave programme.

Read more about remuneration policy

 Page 78

Engagement
We are proud that so many of our 
employees enjoy what they do 
and we seek to increase employee 
satisfaction through more than just 
ﬁnancial incentives. We encourage 
mobility across countries and divisions 
by prioritising internal transfers 
and ensuring that positions are 
advertised internally. 

Our last Global Opinion Survey was 
in 2013 and another one was due 
in 2015. Given the focus on the 
reorganisation and business priorities 
in 2015 we did not conduct a Global 
Opinion survey. However, throughout 
the reorganisation, we actively solicited 
feedback from employees through 
Pulse surveys which measured 
employee sentiment across the 
business. We were pleased to see that 
despite employees naturally feeling 
unsettled during this time of transition, 
the majority of employees who 
responded to the surveys would still 
recommend Aggreko as an employer 
to family and friends.

Read more about employee turnover

 Page 24

During the year we launched 
MyAggreko, a company-wide intranet 
that encourages collaboration 
between employees and enables 
knowledge sharing across the Group. 
Internal Communications continues 
to be an area of focus and we have 
recently appointed a Director of 
Internal Communications in order to 
further develop our communications 
programme and ensure that our people 
are engaged and understand our 
business priorities. 

 
 
 
 
 
 
 
20 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

HOW WE CREATE VALUE
USING OUR RESOURCES

Expertise

Technology

Key attributes of our equipment are:

It has taken over ﬁfty years to 
develop the enormous strength and 
depth of expertise throughout the 
business. Our sales, supply chain and 
commercial teams are highly trained 
and understand the ﬁnancial, regulatory 
and environmental logistics of operating 
in challenging markets; our engineers 
and technicians are trained to problem 
solve in the most difﬁcult situations 
and to keep our equipment operating; 
they are all supported by strong back 
ofﬁce functions. 

Scale

Our scale and global reach, which 
allows us to serve customers in 
around 100 countries, means that 
we are close to, and aware of, 
market opportunities as they arise. 
Our scale also provides a capital cost 
advantage on our equipment and 
enables us to work closely with OEMs 
on technology development. We are 
able to ensure that ﬂeet is always 
available and therefore are able to 
respond quickly, whilst having a large 
and globally mobile ﬂeet enables us 
to run at good levels of utilisation and 
therefore generate strong returns on 
capital. Importantly, given the risk of 
operating in some of our markets, 
our scale means that we have a 
diversiﬁed portfolio and an inherent 
risk management mechanism. 

Technology is an important enabler 
for our business and we have built a 
competitive advantage by designing 
our own equipment that is ﬁt for 
purpose. Our specialist in-house 
teams based in Dumbarton, Scotland, 
understand intimately the requirements 
of the environment in which the 
ﬂeet operates and our customers 
highly value our equipment reliability. 
We operate equipment for its useful 
life; we do not build our equipment to 
sell. This gives a powerful incentive to 
maintain it well, which gives a longer 
life and better reliability.

In recent years we have invested in 
the underlying technology to deliver 
better performance and new capability 
in our 1MW generators. We were 
the ﬁrst company in the world to 
develop and assemble 1MW gas 
generators in 20 foot containers; and 
we have developed a process to 
allow us to refurbish our large diesel 
generators at the end of their useful 
life for signiﬁcantly less than the cost 
of a new generator, whilst at the same 
time increasing the power output by 
15% and improving fuel efﬁciency by 
5 percent. We plan to increase our 
investment in technology with the 
ultimate aim of reducing the overall cost 
of power generation for our customers 
and we have strong relationships with 
many of our suppliers, allowing us to 
create products that are optimised for 
the markets we operate in. 

We currently purchase most of our 
temperature control equipment 
externally to suit the needs of 
local markets. 

Fleet is managed on a real time basis 
across the world and is transferable 
across all sectors and applications, 
which enables us to optimise 
utilisation and therefore its deployment 
and returns.

Read more about technology in our 
business priorities
 Pages 22 to 23

(cid:333)(cid:3)Safe
(cid:333)(cid:3)Durable and mobile – has to be lifted 
and transported hundreds of times 
during its life

(cid:333)(cid:3)Ability to work in extreme conditions, 

both temperature and altitude

(cid:333)(cid:3)Fuel efﬁcient
(cid:333)(cid:3)Quiet 
(cid:333)(cid:3)Reliable
(cid:333)(cid:3)Compliant with environmental and 

safety regulations within the markets 
in which we operate

Fleet is at the heart of any rental business; 
it is the core of the service we offer and 
managing it effectively is necessary to 
ensure the long-term sustainability of our 
business. Designing and assembling our 
own ﬂeet gives us a unique competitive 
advantage:
(cid:333)(cid:3)Optimise equipment to meet our 

particular operational requirements

(cid:333)(cid:3)Design equipment for reliability 

and longevity

(cid:333)(cid:3)Capital cost advantage through 

economies of scale and not paying the 
ﬁnal assembly margin 

(cid:333)(cid:3)React quickly to customer requirements 
with lead times of only a few months 
from engine order to the equipment 
being in the ﬂeet

O
V
E
R
V
E
W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
R
M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

21

Our design and assembly capability

235

20,774

9,818MW

Permanent Dumbarton employees

Power units available

Power in the ﬂeet

Purpose-built facility with the ability 
to ﬂex volume

Flexible employee base

235 permanent staff and 43 contractors

2,225MW of power in Rental Solutions

7,593MW of power in Power Solutions

6,750 units of power that are common 
to both business units

Capital cost advantage on new diesel 
and gas generators

Refurbished and upgraded diesel for 
c.75% of original cost per MW

In the ﬂeet within 10-12 weeks of order

Design and assembly with  
50 years’ experience

Major sub-assembly bought  
in from key strategic suppliers

(cid:333)(cid:3)Engine c.50%

(cid:333)(cid:3)Alternator c.10%

(cid:333)(cid:3)Container c.15%

80%

of cost is major sub-assemblies

£237m

ﬂeet capex in 2015

Financial

The Group has sufﬁcient facilities to meet our funding requirements 
over the medium term. At 31 December 2015 these facilities 
totalled £891 million in the form of private placement notes and 
committed bank facilities arranged on a bilateral basis with a number 
of international banks with whom we have strong relationships. 
These facilities have a range of maturities and are satisﬁed by the 
covenants opposite. 

The Group does not consider these covenants restrictive and under 
normal business conditions looks to operate the business with net 
debt/EBITDA ratio of around one times. The Group believes that this is 
the appropriate level given the characteristics of the Group, including 
the inherently risky nature of where we operate, in particular in the 
Power Solutions Utility business.

G
O
V
E
R
N
A
N
C
E

A
C
C
O
U
N
T
S

&
O
T
H
E
R

I

N
F
O
R
M
A
T
O
N

I

Funding  
source

Lenders 

Covenants

EBITDA ≥4x interest
Net debt/EBITDA ≤3x

Performance  
as at 
December  
2015

EBITDA to interest: 24x 
Net debt/EBITDA: 0.9x

 
 
 
 
 
 
 
22 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

OUR BUSINESS PRIORITIES

Aggreko is a growth business

In the medium term we expect to deliver at the Group level: 

(cid:333)(cid:3) Revenue – growth ahead of our markets
(cid:333)(cid:3) Margins – around 20%
(cid:333)(cid:3) Return on capital – around 20%

Our objective is to be the leading global provider of power and related solutions 
that are modular and mobile. 
During the year, we undertook a comprehensive review of the business and from 
this identiﬁed three clear priorities to provide a framework for implementation 
in each business unit.

Customer

Technology

Efﬁciency

(cid:333)(cid:3)(cid:55)(cid:68)(cid:76)(cid:79)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)
(cid:70)(cid:75)(cid:68)(cid:81)(cid:81)(cid:72)(cid:79)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)
(cid:333)(cid:3)(cid:41)(cid:82)(cid:70)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)
(cid:333)(cid:3)(cid:51)(cid:88)(cid:85)(cid:86)(cid:88)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)
(cid:333)(cid:3)(cid:40)(cid:89)(cid:68)(cid:79)(cid:88)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:69)(cid:82)(cid:79)(cid:87)(cid:16)(cid:82)(cid:81)(cid:3)
(cid:48)(cid:9)(cid:36)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)

(cid:333)(cid:3)(cid:53)(cid:72)(cid:71)(cid:88)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:79)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)

(cid:333)(cid:3)(cid:39)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)
(cid:79)(cid:72)(cid:68)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)

(cid:333)(cid:3)(cid:54)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:72)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:75)(cid:76)(cid:83)(cid:86)(cid:3)

(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:86)

(cid:333)(cid:3)(cid:54)(cid:87)(cid:85)(cid:72)(cid:68)(cid:80)(cid:79)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)
(cid:333)(cid:3)(cid:50)(cid:83)(cid:87)(cid:76)(cid:80)(cid:76)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:71)(cid:72)(cid:83)(cid:79)(cid:82)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)

(cid:82)(cid:73)(cid:3)(cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)

(cid:333)(cid:3)(cid:44)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)

(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80)(cid:86)

Read more about customer service

Read more about our technology

Read more about improved efﬁciency

 Page 23

 Page 23

 Page 23

Case study: 

Acquisition of ICS

Case study: 

Case study: 

Next generation gas engines

Procurement savings

(cid:44)(cid:81)(cid:3)(cid:54)(cid:72)(cid:83)(cid:87)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:44)(cid:38)(cid:54)(cid:15)(cid:3)(cid:68)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:3)
(cid:75)(cid:72)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:38)(cid:68)(cid:81)(cid:68)(cid:71)(cid:68)(cid:17)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)
(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:3)(cid:70)(cid:82)(cid:82)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:3)(cid:75)(cid:72)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:44)(cid:38)(cid:54)(cid:3)
(cid:68)(cid:79)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:88)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:68)(cid:76)(cid:81)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:81)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)
(cid:69)(cid:68)(cid:86)(cid:72)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:68)(cid:81)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:53)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)
(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:81)(cid:72)(cid:87)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:17)(cid:3)

(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:72)(cid:91)(cid:87)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:74)(cid:68)(cid:86)(cid:3)(cid:72)(cid:81)(cid:74)(cid:76)(cid:81)(cid:72)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:73)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:3)(cid:20)(cid:19)(cid:3)(cid:83)(cid:72)(cid:85)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:73)(cid:88)(cid:72)(cid:79)(cid:3)(cid:72)(cid:73)(cid:287)(cid:70)(cid:76)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:74)(cid:68)(cid:86)(cid:3)(cid:72)(cid:81)(cid:74)(cid:76)(cid:81)(cid:72)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)
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Invest for growth

Bolt-on M&A  
opportunities

Sustainable ordinary  
dividend

Return surplus cash  
to Shareholders

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AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

23

Rental Solutions

Power Solutions

Improving customer service

Improving customer service

The actions that we are taking are designed to more effectively 
allocate our resources whilst tailoring the service level to 
different customer requirements 

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The actions that we are taking will improve the way in which we 
go to market and address customer requirements

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Enhancing processes and systems

We are taking actions to leverage our scale and enhance our 
capability in order to reduce the cost of service delivery, provide 
a better service to customers and enable growth

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Reducing the overall cost of power

Customers value reliability and speed of deployment, but the 
total cost of energy is critically important. Technology, and our 
technical capability, have a key role to play and will improve our 
competitive position

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Optimising deployment of resources

Efﬁciency is a critical priority for Power Solutions; the actions 
that we take here will reduce our cost base, improve our 
competitive position and underpin our returns

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(cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:79)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:17)

Read more about Rental Solutions

 Page 11

Read more about Power Solutions

 Page 12

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24 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

HOW WE PERFORMED
(cid:50)(cid:56)(cid:53)(cid:3)(cid:46)(cid:51)(cid:44)(cid:54)

 There 

are ﬁve Key Performance 
Indicators (KPIs) which we 
use to analyse business 
performance. There are 
a large number of other 
performance indicators 
used to measure 
day-to-day operational 
and ﬁnancial activity.

Frequency accident rating 

Staff turnover % 

15
14
13
12
11

0.39
0.40
0.68
0.94
0.98

15
14
13
12
11

11
13
11
12
14

Safety

Staff turnover

Relevance
(cid:44)(cid:81)(cid:3)(cid:68)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:68)(cid:86)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:15)(cid:3)
(cid:76)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:87)(cid:87)(cid:76)(cid:87)(cid:88)(cid:71)(cid:72)(cid:15)(cid:3)(cid:86)(cid:78)(cid:76)(cid:79)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:82)(cid:87)(cid:76)(cid:89)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:73)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)
(cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)(cid:81)(cid:3)(cid:80)(cid:72)(cid:71)(cid:76)(cid:82)(cid:70)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:79)(cid:79)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:17)(cid:3)(cid:54)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:85)(cid:72)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)
(cid:85)(cid:72)(cid:68)(cid:86)(cid:82)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:91)(cid:92)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:75)(cid:82)(cid:90)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)
(cid:73)(cid:72)(cid:72)(cid:79)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)
(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:86)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:87)(cid:88)(cid:85)(cid:81)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)
(cid:90)(cid:75)(cid:82)(cid:3)(cid:79)(cid:72)(cid:73)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:11)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)
(cid:85)(cid:72)(cid:71)(cid:88)(cid:81)(cid:71)(cid:68)(cid:81)(cid:70)(cid:92)(cid:12)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:68)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)
(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)(cid:3)(cid:36)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)
(cid:68)(cid:86)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:87)(cid:88)(cid:85)(cid:81)(cid:82)(cid:89)(cid:72)(cid:85)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)
(cid:70)(cid:68)(cid:85)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:82)(cid:83)(cid:76)(cid:81)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:88)(cid:85)(cid:89)(cid:72)(cid:92)(cid:86)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:72)(cid:89)(cid:72)(cid:85)(cid:92)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:89)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:68)(cid:92)(cid:3)
(cid:90)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)(cid:87)(cid:75)(cid:76)(cid:81)(cid:78)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:17)

Performance
(cid:54)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:87)(cid:88)(cid:85)(cid:81)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:20)(cid:20)(cid:8)(cid:3)(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:86)(cid:79)(cid:76)(cid:74)(cid:75)(cid:87)(cid:79)(cid:92)(cid:3)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:86)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:68)(cid:86)(cid:87)(cid:3)(cid:287)(cid:89)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)
(cid:83)(cid:79)(cid:72)(cid:68)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:82)(cid:70)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:17)(cid:3)(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:90)(cid:72)(cid:3)(cid:76)(cid:81)(cid:87)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:72)(cid:71)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:51)(cid:56)(cid:47)(cid:54)(cid:40)(cid:3)
(cid:86)(cid:88)(cid:85)(cid:89)(cid:72)(cid:92)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:84)(cid:88)(cid:76)(cid:70)(cid:78)(cid:79)(cid:92)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:74)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:86)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3)(cid:72)(cid:81)(cid:74)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)
(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:86)(cid:87)(cid:85)(cid:82)(cid:81)(cid:74)(cid:3)
(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:71)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:17)

Read more about our people

 Page 19

Relevance
(cid:50)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:85)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:80)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:75)(cid:72)(cid:68)(cid:89)(cid:92)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:15)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:72)(cid:86)(cid:3)(cid:79)(cid:72)(cid:87)(cid:75)(cid:68)(cid:79)(cid:3)
(cid:89)(cid:82)(cid:79)(cid:87)(cid:68)(cid:74)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:76)(cid:70)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:82)(cid:88)(cid:86)(cid:68)(cid:81)(cid:71)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:79)(cid:76)(cid:87)(cid:85)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:73)(cid:88)(cid:72)(cid:79)(cid:30)(cid:3)(cid:90)(cid:72)(cid:3)(cid:82)(cid:73)(cid:87)(cid:72)(cid:81)(cid:3)
(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:71)(cid:68)(cid:81)(cid:74)(cid:72)(cid:85)(cid:82)(cid:88)(cid:86)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)
(cid:53)(cid:76)(cid:74)(cid:82)(cid:85)(cid:82)(cid:88)(cid:86)(cid:3)(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)
(cid:68)(cid:69)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:72)(cid:86)(cid:86)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)(cid:76)(cid:73)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:68)(cid:89)(cid:82)(cid:76)(cid:71)(cid:3)(cid:68)(cid:70)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)
(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:70)(cid:68)(cid:88)(cid:86)(cid:72)(cid:3)(cid:76)(cid:81)(cid:77)(cid:88)(cid:85)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:71)(cid:68)(cid:80)(cid:68)(cid:74)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:72)(cid:85)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:83)(cid:88)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)
(cid:54)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:68)(cid:3)(cid:69)(cid:68)(cid:86)(cid:76)(cid:70)(cid:3)
(cid:69)(cid:72)(cid:81)(cid:70)(cid:75)(cid:80)(cid:68)(cid:85)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:76)(cid:83)(cid:79)(cid:76)(cid:81)(cid:72)(cid:17)

(cid:55)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:46)(cid:51)(cid:44)(cid:3)(cid:90)(cid:72)(cid:3)(cid:88)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:86)(cid:68)(cid:73)(cid:72)(cid:87)(cid:92)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:82)(cid:74)(cid:81)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:41)(cid:85)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:36)(cid:70)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:53)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:11)(cid:323)(cid:41)(cid:36)(cid:53)(cid:324)(cid:12)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:79)(cid:82)(cid:86)(cid:87)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:80)(cid:88)(cid:79)(cid:87)(cid:76)(cid:83)(cid:79)(cid:76)(cid:72)(cid:71)(cid:3)
(cid:69)(cid:92)(cid:3)(cid:21)(cid:19)(cid:19)(cid:15)(cid:19)(cid:19)(cid:19)(cid:3)(cid:11)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:20)(cid:19)(cid:19)(cid:3)
(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:23)(cid:19)(cid:3)(cid:75)(cid:82)(cid:88)(cid:85)(cid:86)(cid:3)(cid:83)(cid:72)(cid:85)(cid:3)(cid:90)(cid:72)(cid:72)(cid:78)(cid:15)(cid:3)
(cid:24)(cid:19)(cid:3)(cid:90)(cid:72)(cid:72)(cid:78)(cid:86)(cid:3)(cid:83)(cid:72)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:12)(cid:3)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)
(cid:75)(cid:82)(cid:88)(cid:85)(cid:86)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:72)(cid:71)(cid:17)(cid:3)(cid:36)(cid:3)(cid:79)(cid:82)(cid:86)(cid:87)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:3)(cid:68)(cid:70)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)
(cid:90)(cid:82)(cid:85)(cid:78)(cid:16)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:77)(cid:88)(cid:85)(cid:92)(cid:18)(cid:76)(cid:79)(cid:79)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:68)(cid:81)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:322)(cid:86)(cid:3)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:92)(cid:3)
(cid:68)(cid:73)(cid:87)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:77)(cid:88)(cid:85)(cid:92)(cid:18)(cid:76)(cid:79)(cid:79)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)

Performance
(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)(cid:41)(cid:36)(cid:53)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)
(cid:19)(cid:17)(cid:22)(cid:28)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:85)(cid:72)(cid:86)(cid:3)(cid:73)(cid:68)(cid:89)(cid:82)(cid:88)(cid:85)(cid:68)(cid:69)(cid:79)(cid:92)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:72)(cid:81)(cid:70)(cid:75)(cid:80)(cid:68)(cid:85)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:20)(cid:17)(cid:19)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:56)(cid:54)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:44)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)
(cid:48)(cid:68)(cid:70)(cid:75)(cid:76)(cid:81)(cid:72)(cid:85)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:40)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:53)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:47)(cid:72)(cid:68)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:15)(cid:3)(cid:83)(cid:88)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:56)(cid:54)(cid:3)
(cid:39)(cid:72)(cid:83)(cid:68)(cid:85)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:47)(cid:68)(cid:69)(cid:82)(cid:85)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:21)(cid:19)(cid:20)(cid:23)(cid:17)(cid:3)(cid:44)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:79)(cid:68)(cid:86)(cid:87)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:23)(cid:19)(cid:3)
(cid:47)(cid:82)(cid:86)(cid:87)(cid:3)(cid:55)(cid:76)(cid:80)(cid:72)(cid:3)(cid:44)(cid:81)(cid:77)(cid:88)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:11)(cid:47)(cid:55)(cid:44)(cid:86)(cid:12)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:76)(cid:81)(cid:3)(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:79)(cid:68)(cid:86)(cid:87)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

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 Page 50

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

25

Net promoter score 

Diluted EPS pence 

Return on average capital 
employed % 

15
14
13
12
11

63
58
64
62
60

15
14
13
12
11

71.68
82.49
92.03
100.40
86.76

15
14
13
12
11

16
19
21
24
28

Customer loyalty

Earnings per share (EPS)

ROCE

Relevance
(cid:48)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)
(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:91)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:88)(cid:70)(cid:75)(cid:16)(cid:71)(cid:72)(cid:69)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:87)(cid:82)(cid:83)(cid:76)(cid:70)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:40)(cid:51)(cid:54)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:79)(cid:72)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:73)(cid:72)(cid:70)(cid:87)(cid:15)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)
(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)
(cid:75)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:72)(cid:85)(cid:76)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:82)(cid:82)(cid:71)(cid:17)(cid:3)(cid:54)(cid:82)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:68)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:75)(cid:82)(cid:85)(cid:87)(cid:16)
(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:287)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:71)(cid:76)(cid:79)(cid:88)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:40)(cid:51)(cid:54)(cid:15)(cid:3)(cid:83)(cid:85)(cid:72)(cid:16)(cid:72)(cid:91)(cid:70)(cid:72)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:76)(cid:87)(cid:72)(cid:80)(cid:86)(cid:17)(cid:3)(cid:40)(cid:51)(cid:54)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:3)(cid:68)(cid:87)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:11)(cid:68)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:72)(cid:91)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:76)(cid:87)(cid:72)(cid:80)(cid:86)(cid:12)(cid:3)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:79)(cid:88)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:72)(cid:76)(cid:74)(cid:75)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:50)(cid:85)(cid:71)(cid:76)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)(cid:54)(cid:75)(cid:68)(cid:85)(cid:72)(cid:86)(cid:3)(cid:85)(cid:68)(cid:81)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:72)(cid:81)(cid:71)(cid:3)
(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)

Performance
(cid:40)(cid:51)(cid:54)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:20)(cid:22)(cid:8)(cid:3)(cid:69)(cid:72)(cid:79)(cid:82)(cid:90)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:89)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:79)(cid:92)(cid:3)(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:69)(cid:92)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:50)(cid:76)(cid:79)(cid:3)(cid:9)(cid:3)(cid:42)(cid:68)(cid:86)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:17)

Read more about our earnings per share

 Page 123

Relevance
(cid:44)(cid:81)(cid:3)(cid:68)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)
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(cid:76)(cid:81)(cid:70)(cid:82)(cid:85)(cid:85)(cid:72)(cid:70)(cid:87)(cid:79)(cid:92)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:15)(cid:3)(cid:69)(cid:92)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:53)(cid:50)(cid:38)(cid:40)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:15)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:3)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:88)(cid:81)(cid:76)(cid:87)(cid:3)
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(cid:86)(cid:75)(cid:72)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:82)(cid:86)(cid:86)(cid:3)
(cid:68)(cid:70)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:70)(cid:68)(cid:79)(cid:70)(cid:88)(cid:79)(cid:68)(cid:87)(cid:72)(cid:3)(cid:53)(cid:50)(cid:38)(cid:40)(cid:3)(cid:69)(cid:92)(cid:3)
(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)
(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:72)(cid:87)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:20)(cid:3)(cid:45)(cid:68)(cid:81)(cid:88)(cid:68)(cid:85)(cid:92)(cid:15)(cid:3)(cid:22)(cid:19)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:22)(cid:20)(cid:3)(cid:39)(cid:72)(cid:70)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:17)

Performance
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(cid:82)(cid:73)(cid:3)(cid:53)(cid:50)(cid:38)(cid:40)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:76)(cid:79)(cid:79)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:76)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:71)(cid:3)
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(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:322)(cid:86)(cid:3)(cid:47)(cid:82)(cid:81)(cid:74)(cid:16)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)
(cid:44)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:51)(cid:79)(cid:68)(cid:81)(cid:17)

Read more about our remuneration policy

 Page 78

Relevance
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(cid:86)(cid:68)(cid:80)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:17)

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(cid:70)(cid:68)(cid:79)(cid:79)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:49)(cid:72)(cid:87)(cid:3)(cid:51)(cid:85)(cid:82)(cid:80)(cid:82)(cid:87)(cid:72)(cid:85)(cid:3)(cid:54)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)(cid:11)(cid:49)(cid:51)(cid:54)(cid:12)(cid:17)(cid:3)
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(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)
(cid:87)(cid:75)(cid:76)(cid:81)(cid:78)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:68)(cid:81)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:79)(cid:79)(cid:72)(cid:81)(cid:87)(cid:3)(cid:77)(cid:82)(cid:69)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)
(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:87)(cid:75)(cid:76)(cid:81)(cid:78)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:89)(cid:72)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)
(cid:82)(cid:85)(cid:3)(cid:90)(cid:82)(cid:85)(cid:86)(cid:72)(cid:17)

Performance
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(cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:68)(cid:3)(cid:86)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:3)
(cid:287)(cid:73)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:82)(cid:90)(cid:3)(cid:86)(cid:76)(cid:91)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:85)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:74)(cid:82)(cid:82)(cid:71)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:17)(cid:3)(cid:54)(cid:68)(cid:87)(cid:80)(cid:72)(cid:87)(cid:85)(cid:76)(cid:91)(cid:15)(cid:3)(cid:68)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:80)(cid:72)(cid:86)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:287)(cid:85)(cid:80)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:49)(cid:72)(cid:87)(cid:3)(cid:51)(cid:85)(cid:82)(cid:80)(cid:82)(cid:87)(cid:72)(cid:85)(cid:3)(cid:54)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:83)(cid:3)(cid:84)(cid:88)(cid:68)(cid:85)(cid:87)(cid:76)(cid:79)(cid:72)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:3)(cid:69)(cid:72)(cid:81)(cid:70)(cid:75)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:71)(cid:3)
(cid:90)(cid:82)(cid:85)(cid:79)(cid:71)(cid:90)(cid:76)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:16)(cid:87)(cid:82)(cid:16)
(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)

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26 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

RISK FACTORS THAT COULD AFFECT 
BUSINESS PERFORMANCE

RISKS

 The Group 

recognises the importance 
of identifying and actively 
managing the ﬁnancial and 
non-ﬁnancial risks facing 
the business. We want our 
people to feel empowered 
to take advantage of 
attractive opportunities 
yet we wish them to do 
so within the risk appetite 
set by the Board. It is 
important that we have in 
place a robust, repeatable 
risk management 
framework to facilitate this. 

Managing risk is embedded 
in our culture and how 
we conduct our day-to-
day business activities. 
Whilst the Board retains 
overall responsibility, all 
of our employees have an 
integral part to play.

Approach to managing risk
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(cid:73)(cid:82)(cid:88)(cid:81)(cid:71)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:88)(cid:83)(cid:82)(cid:81)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)
(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:69)(cid:88)(cid:76)(cid:79)(cid:87)(cid:17)(cid:3)
(cid:48)(cid:68)(cid:76)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:44)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:3)(cid:76)(cid:86)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:76)(cid:79)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:88)(cid:83)(cid:82)(cid:81)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)
(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:75)(cid:72)(cid:79)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:37)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:56)(cid:81)(cid:76)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:41)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:83)(cid:88)(cid:87)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)
(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:90)(cid:76)(cid:70)(cid:72)(cid:3)(cid:68)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:79)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:92)(cid:15)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:76)(cid:87)(cid:76)(cid:86)(cid:72)(cid:15)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:68)(cid:85)(cid:76)(cid:86)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:76)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:83)(cid:76)(cid:81)(cid:81)(cid:72)(cid:71)(cid:3)
(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:68)(cid:83)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:72)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)
(cid:76)(cid:86)(cid:3)(cid:71)(cid:72)(cid:287)(cid:81)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:79)(cid:92)(cid:17)(cid:3)

(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:41)(cid:85)(cid:68)(cid:80)(cid:72)(cid:90)(cid:82)(cid:85)(cid:78)

 1.
Identify

 4.
Monitor

Risk 
Appetite

 2.
 Prioritise

 3.
 Assess

1. Identify:(cid:3)(cid:39)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:85)(cid:3)(cid:80)(cid:76)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:80)(cid:82)(cid:86)(cid:87)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:79)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)
(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:3)
(cid:76)(cid:87)(cid:86)(cid:98)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:17)(cid:3)

2. Prioritise:(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:76)(cid:87)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:86)(cid:75)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)(cid:82)(cid:70)(cid:70)(cid:88)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:79)(cid:76)(cid:75)(cid:82)(cid:82)(cid:71)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:82)(cid:70)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:69)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:73)(cid:87)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
(cid:82)(cid:73)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:3)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:44)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:86)(cid:70)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:76)(cid:86)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:73)(cid:68)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)(cid:29)(cid:3)
(cid:41)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:30)(cid:3)(cid:43)(cid:54)(cid:40)(cid:30)(cid:3)(cid:50)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:15)(cid:3)(cid:53)(cid:72)(cid:83)(cid:88)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:30)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:53)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:87)(cid:82)(cid:85)(cid:92)(cid:17)(cid:3)

3. Assess:(cid:3)(cid:40)(cid:68)(cid:70)(cid:75)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:81)(cid:72)(cid:3)
(cid:90)(cid:75)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:79)(cid:92)(cid:3)
(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:68)(cid:83)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:72)(cid:17)(cid:3)
(cid:58)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:81)(cid:72)(cid:70)(cid:72)(cid:86)(cid:86)(cid:68)(cid:85)(cid:92)(cid:15)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:68)(cid:83)(cid:87)(cid:88)(cid:85)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:87)(cid:85)(cid:68)(cid:70)(cid:78)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)

4. Monitor:(cid:3)(cid:50)(cid:81)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:76)(cid:86)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:71)(cid:88)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:46)(cid:51)(cid:44)(cid:86)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:89)(cid:68)(cid:76)(cid:79)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:287)(cid:72)(cid:71)(cid:17)

(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:3)(cid:76)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:16)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)
(cid:87)(cid:90)(cid:76)(cid:70)(cid:72)(cid:3)(cid:68)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:36)(cid:79)(cid:82)(cid:81)(cid:74)(cid:86)(cid:76)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)
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AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

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Oversight
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Management 
& Monitoring
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Ownership
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(cid:69)(cid:68)(cid:86)(cid:76)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:17)

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28 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

RISK FACTORS THAT COULD AFFECT 
BUSINESS PERFORMANCE

Principal risks and uncertainties 

The Directors have carried out a robust assessment of the principal risks and uncertainties facing 
Aggreko, including those which would threaten our business model, our future performance, and our 
solvency and liquidity. These are as set out over the following pages. This list is not exhaustive; our 
operations are large and geographically diverse and the list might change as something that seems 
immaterial today assumes greater importance tomorrow. Risks that have been commented upon  
for the ﬁrst time in this section are indicated with an asterisk.

The order in which they are presented is aligned to our risk categorisation model.

STRATEGIC

Macro-economic activity

Executive responsible: Chris Weston, Chief Executive Ofﬁcer

Risk

Background and impact

Mitigation

Challenging global 
economic conditions 
adversely impact 
revenue and proﬁt 
and hinder growth 
in key markets. 

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(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:44)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:86)(cid:83)(cid:72)(cid:81)(cid:71)(cid:3)(cid:80)(cid:82)(cid:81)(cid:72)(cid:92)(cid:3)(cid:82)(cid:81)(cid:3)(cid:288)(cid:72)(cid:91)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:17)(cid:3)(cid:36)(cid:86)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:72)(cid:86)(cid:3)(cid:86)(cid:79)(cid:82)(cid:90)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:86)(cid:72)(cid:72)(cid:81)(cid:3)(cid:71)(cid:72)(cid:80)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:68)(cid:79)(cid:79)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:79)(cid:92)(cid:17)

(cid:333)(cid:3) (cid:42)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)(cid:73)(cid:82)(cid:82)(cid:87)(cid:83)(cid:85)(cid:76)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:288)(cid:72)(cid:72)(cid:87)(cid:3)(cid:75)(cid:82)(cid:80)(cid:82)(cid:74)(cid:72)(cid:81)(cid:72)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:79)(cid:79)(cid:82)(cid:90)(cid:86)(cid:3)(cid:88)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:82)(cid:89)(cid:72)(cid:3)(cid:288)(cid:72)(cid:72)(cid:87)(cid:3)

(cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)(cid:81)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:39)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:80)(cid:76)(cid:86)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:86)(cid:76)(cid:81)(cid:74)(cid:79)(cid:72)(cid:3)(cid:86)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:3)(cid:82)(cid:85)(cid:3)

(cid:74)(cid:72)(cid:82)(cid:74)(cid:85)(cid:68)(cid:83)(cid:75)(cid:92)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:39)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:55)(cid:72)(cid:80)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:38)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:70)(cid:68)(cid:81)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:73)(cid:73)(cid:86)(cid:72)(cid:87)(cid:3)

(cid:86)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:44)(cid:81)(cid:16)(cid:75)(cid:82)(cid:88)(cid:86)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:88)(cid:73)(cid:68)(cid:70)(cid:87)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:86)(cid:3)(cid:88)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:84)(cid:88)(cid:76)(cid:70)(cid:78)(cid:79)(cid:92)(cid:3)(cid:68)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:3)

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(cid:333)(cid:3) (cid:44)(cid:80)(cid:83)(cid:79)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:85)(cid:72)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)

(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:17)(cid:3)

Changes during 2015: (cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:86)(cid:72)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:86)(cid:15)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)(cid:82)(cid:76)(cid:79)(cid:15)(cid:3)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:53)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)(cid:3)

Market conditions

Executive responsible: Chris Weston, Chief Executive Ofﬁcer

*

Risk

Background and impact

Mitigation

The impact of a major 
project off-hiring 
with no equivalent 
replacement.

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(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:80)(cid:68)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:88)(cid:83)(cid:3)(cid:68)(cid:3)(cid:86)(cid:76)(cid:93)(cid:72)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)

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(cid:74)(cid:72)(cid:82)(cid:74)(cid:85)(cid:68)(cid:83)(cid:75)(cid:92)(cid:17)(cid:3)

(cid:55)(cid:75)(cid:72)(cid:3)(cid:81)(cid:68)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)(cid:79)(cid:76)(cid:80)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:17)(cid:3)(cid:55)(cid:75)(cid:68)(cid:87)(cid:3)(cid:86)(cid:68)(cid:76)(cid:71)(cid:15)(cid:3)(cid:73)(cid:68)(cid:76)(cid:79)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:287)(cid:81)(cid:71)(cid:3)(cid:68)(cid:3)(cid:86)(cid:88)(cid:76)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:85)(cid:72)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:288)(cid:72)(cid:72)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:79)(cid:92)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)
(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:77)(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:73)(cid:16)(cid:75)(cid:76)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:3)
(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:51)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:83)(cid:76)(cid:83)(cid:72)(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:288)(cid:72)(cid:72)(cid:87)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:3)(cid:68)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:82)(cid:81)(cid:87)(cid:75)(cid:79)(cid:92)(cid:3)

(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:98)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:36)(cid:86)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:80)(cid:72)(cid:3)(cid:85)(cid:88)(cid:81)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:287)(cid:70)(cid:3)(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:51)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)
(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:79)(cid:86)(cid:87)(cid:3)(cid:85)(cid:72)(cid:71)(cid:88)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:79)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:79)(cid:79)(cid:82)(cid:90)(cid:3)(cid:88)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:17)(cid:3)

Changes during 2015: (cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:71)(cid:3)(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:80)(cid:68)(cid:77)(cid:82)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:15)(cid:3)(cid:75)(cid:82)(cid:90)(cid:72)(cid:89)(cid:72)(cid:85)(cid:3)(cid:90)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:3)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:83)(cid:75)(cid:68)(cid:86)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:68)(cid:77)(cid:82)(cid:85)(cid:3)
(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:73)(cid:73)(cid:16)(cid:75)(cid:76)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:18)(cid:20)(cid:26)(cid:17)

Change management relating to our new business priorities

*

Executive responsible: Chris Weston, Chief Executive Ofﬁcer and Tom Armstrong, Chief Information Ofﬁcer and Group Programme Director 

Risk

Background and impact

Mitigation

Failure to deliver the 
expected beneﬁts 
from our business 
priorities. 

(cid:44)(cid:81)(cid:3)(cid:85)(cid:72)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)
(cid:75)(cid:68)(cid:86)(cid:3)(cid:69)(cid:72)(cid:70)(cid:82)(cid:80)(cid:72)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)(cid:79)(cid:72)(cid:81)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:85)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:81)(cid:72)(cid:72)(cid:71)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:72)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:82)(cid:88)(cid:87)(cid:79)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:68)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:87)(cid:68)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:85)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:17)

(cid:44)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:73)(cid:88)(cid:79)(cid:79)(cid:92)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:79)(cid:92)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:81)(cid:72)(cid:85)(cid:15)(cid:3)(cid:76)(cid:87)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:69)(cid:72)(cid:3)(cid:68)(cid:3)(cid:79)(cid:82)(cid:86)(cid:87)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)
(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:80)(cid:72)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:86)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:82)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:51)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:80)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:287)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:15)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)
(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)(cid:79)(cid:72)(cid:81)(cid:74)(cid:72)(cid:15)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:51)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:85)(cid:72)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)

(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:17)(cid:3)

Read more about our business priorities

 Page 22

Changes during 2015:(cid:3)(cid:42)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:72)(cid:75)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:87)(cid:68)(cid:78)(cid:72)(cid:81)(cid:3)(cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:15)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:68)(cid:86)(cid:3)(cid:76)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:70)(cid:85)(cid:76)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)
(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:73)(cid:88)(cid:79)(cid:79)(cid:92)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:72)(cid:86)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:17)

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

29

Key

Increased 
risk in 2015

No change 
in 2015

Decreased 
risk in 2015

O
V
E
R
V
E
W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
R
M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

G
O
V
E
R
N
A
N
C
E

A
C
C
O
U
N
T
S

&
O
T
H
E
R

I

N
F
O
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M
A
T
O
N

I

Talent management and succession planning

Executive responsible: Chris Weston, Chief Executive Ofﬁcer

Risk

Background and impact

Mitigation

Failure to attract, 
retain and develop 
key employees 
or to implement 
appropriate 
succession planning.

(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:78)(cid:81)(cid:82)(cid:90)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:76)(cid:87)(cid:3)(cid:76)(cid:86)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:73)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)
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(cid:81)(cid:72)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:87)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:74)(cid:75)(cid:87)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:15)(cid:3)(cid:72)(cid:86)(cid:87)(cid:68)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:80)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:85)(cid:82)(cid:79)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)

(cid:41)(cid:68)(cid:76)(cid:79)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:82)(cid:3)(cid:86)(cid:82)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:79)(cid:82)(cid:86)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:15)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)
(cid:85)(cid:72)(cid:70)(cid:85)(cid:88)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:70)(cid:82)(cid:86)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:86)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:80)(cid:82)(cid:85)(cid:68)(cid:79)(cid:72)(cid:17)

(cid:333)(cid:3) (cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:70)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:86)(cid:82)(cid:88)(cid:74)(cid:75)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:80)(cid:82)(cid:89)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)

(cid:83)(cid:68)(cid:70)(cid:72)(cid:15)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:15)(cid:3)(cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:88)(cid:81)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:88)(cid:87)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:287)(cid:70)(cid:3)(cid:76)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:55)(cid:68)(cid:79)(cid:72)(cid:81)(cid:87)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:80)(cid:72)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)

(cid:83)(cid:82)(cid:83)(cid:88)(cid:79)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:73)(cid:82)(cid:86)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)

(cid:333)(cid:3) (cid:53)(cid:72)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:74)(cid:82)(cid:82)(cid:71)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:68)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:73)(cid:88)(cid:79)(cid:3)

(cid:47)(cid:82)(cid:81)(cid:74)(cid:16)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:44)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:51)(cid:79)(cid:68)(cid:81)(cid:17)

Read more about people

 Page 19

Changes during 2015: (cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:90)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:287)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3)(cid:86)(cid:72)(cid:81)(cid:76)(cid:82)(cid:85)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:86)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:17)(cid:3)(cid:50)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:83)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:79)(cid:82)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:17)

Competition

Executives responsible: Bruce Pool, President – Rental Solutions; Nicolas Fournier, Managing Director – Power Solutions

Risk

Background and impact

Mitigation

Increased 
competition erodes 
market share, 
margins and returns.

(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:85)(cid:85)(cid:76)(cid:72)(cid:85)(cid:86)(cid:3)
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(cid:333)(cid:3) (cid:48)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:68)(cid:70)(cid:87)(cid:76)(cid:89)(cid:76)(cid:87)(cid:92)(cid:17)(cid:3)

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(cid:68)(cid:85)(cid:72)(cid:98)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:71)(cid:17)

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(cid:69)(cid:72)(cid:70)(cid:82)(cid:80)(cid:72)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:17)(cid:3)

Read more about our markets

 Pages 10 to 13

Changes during 2015: (cid:55)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:76)(cid:86)(cid:3)(cid:86)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:86)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:51)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:331)(cid:3)(cid:56)(cid:87)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:53)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)
(cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:81)(cid:87)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:17)

Technology

*

Executive responsible: Volker Schulte, Group Manufacturing & Technology Director

Risk

Background and impact

Mitigation

Ineffective new 
product development 
hinders growth.

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30 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

RISK FACTORS THAT COULD AFFECT 
BUSINESS PERFORMANCE

OPERATIONAL

Cyber security

Executive responsible: Tom Armstrong, Group Programme Director and Chief Information Ofﬁcer

Risk

Background and impact

Mitigation

*

A cyber security 
breach leads to a 
loss of data, a loss 
of data integrity 
or a disruption to 
operations.

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(cid:333)(cid:3) (cid:54)(cid:88)(cid:76)(cid:87)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:82)(cid:79)(cid:82)(cid:74)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:87)(cid:76)(cid:89)(cid:76)(cid:85)(cid:88)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:68)(cid:79)(cid:90)(cid:68)(cid:85)(cid:72)(cid:3)

(cid:86)(cid:82)(cid:73)(cid:87)(cid:90)(cid:68)(cid:85)(cid:72)(cid:15)(cid:3)(cid:287)(cid:85)(cid:72)(cid:90)(cid:68)(cid:79)(cid:79)(cid:86)(cid:15)(cid:3)(cid:72)(cid:80)(cid:68)(cid:76)(cid:79)(cid:3)(cid:86)(cid:70)(cid:68)(cid:81)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:72)(cid:87)(cid:3)(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:48)(cid:82)(cid:81)(cid:87)(cid:75)(cid:79)(cid:92)(cid:3)(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:88)(cid:86)(cid:72)(cid:85)(cid:3)(cid:83)(cid:85)(cid:76)(cid:89)(cid:76)(cid:79)(cid:72)(cid:74)(cid:72)(cid:86)(cid:17)(cid:3)

Changes during 2015:(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:76)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:92)(cid:69)(cid:72)(cid:85)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:69)(cid:85)(cid:72)(cid:68)(cid:70)(cid:75)(cid:72)(cid:86)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:68)(cid:86)(cid:87)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:72)(cid:72)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)
(cid:86)(cid:82)(cid:88)(cid:74)(cid:75)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:81)(cid:3)(cid:44)(cid:55)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:3)(cid:70)(cid:92)(cid:69)(cid:72)(cid:85)(cid:16)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:73)(cid:82)(cid:85)(cid:88)(cid:80)(cid:17)

Service delivery

*

Executives responsible: Bruce Pool, President – Rental Solutions; Nicolas Fournier, Managing Director – Power Solutions

Risk

Background and impact

Mitigation

Major contractual 
failure.

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(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)(cid:85)(cid:72)(cid:83)(cid:88)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:38)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:88)(cid:68)(cid:79)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:87)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:53)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:70)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:79)(cid:92)(cid:3)(cid:72)(cid:91)(cid:83)(cid:82)(cid:86)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)

(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:85)(cid:72)(cid:70)(cid:72)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:82)(cid:73)(cid:73)(cid:17)

(cid:333)(cid:3) (cid:47)(cid:76)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:76)(cid:81)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:80)(cid:76)(cid:87)(cid:76)(cid:74)(cid:68)(cid:87)(cid:72)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:3)(cid:287)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:72)(cid:91)(cid:83)(cid:82)(cid:86)(cid:88)(cid:85)(cid:72)(cid:17)

(cid:333)(cid:3) (cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:16)(cid:75)(cid:82)(cid:88)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:86)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)

(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:91)(cid:3)(cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:86)(cid:17)

Changes during 2015: (cid:58)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

HAZARD

Security

Executive responsible: Chris Weston, Chief Executive Ofﬁcer

Risk

Background and impact

Mitigation

Security threat 
increases in key 
markets.

(cid:55)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:18)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:86)(cid:76)(cid:87)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)
(cid:71)(cid:72)(cid:87)(cid:72)(cid:85)(cid:76)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:86)(cid:15)(cid:3)(cid:68)(cid:71)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:79)(cid:92)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:88)(cid:83)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)
(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:17)

(cid:333)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:54)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:43)(cid:72)(cid:68)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:54)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:79)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:76)(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:85)(cid:68)(cid:89)(cid:72)(cid:79)(cid:3)(cid:76)(cid:81)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:48)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)(cid:89)(cid:72)(cid:85)(cid:92)(cid:3)(cid:70)(cid:79)(cid:82)(cid:86)(cid:72)(cid:79)(cid:92)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:80)(cid:82)(cid:81)(cid:87)(cid:75)(cid:79)(cid:92)(cid:3)(cid:69)(cid:85)(cid:76)(cid:72)(cid:287)(cid:81)(cid:74)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)

(cid:87)(cid:75)(cid:72)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:43)(cid:72)(cid:68)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:54)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:17)

(cid:333)(cid:3) (cid:40)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:72)(cid:75)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:87)(cid:85)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:68)(cid:71)(cid:72)(cid:84)(cid:88)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:83)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:92)(cid:3)
(cid:68)(cid:85)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:39)(cid:76)(cid:86)(cid:68)(cid:86)(cid:87)(cid:72)(cid:85)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:89)(cid:72)(cid:85)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:89)(cid:68)(cid:70)(cid:88)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:86)(cid:87)(cid:3)

(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:58)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:70)(cid:76)(cid:85)(cid:70)(cid:88)(cid:80)(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:86)(cid:3)(cid:71)(cid:76)(cid:70)(cid:87)(cid:68)(cid:87)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:80)(cid:68)(cid:92)(cid:3)(cid:72)(cid:89)(cid:68)(cid:70)(cid:88)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:81)(cid:72)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)

(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:3)(cid:87)(cid:75)(cid:76)(cid:85)(cid:71)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)

Changes during 2015:(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:79)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:75)(cid:82)(cid:90)(cid:72)(cid:89)(cid:72)(cid:85)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:68)(cid:70)(cid:72)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:76)(cid:87)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)(cid:79)(cid:72)(cid:81)(cid:74)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:47)(cid:76)(cid:69)(cid:92)(cid:68)(cid:15)(cid:3)(cid:44)(cid:85)(cid:68)(cid:84)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:60)(cid:72)(cid:80)(cid:72)(cid:81)(cid:17)

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

31

Key

Increased 
risk in 2015

No change 
in 2015

Decreased 
risk in 2015

Health & Safety

Executive responsible: Chris Weston, Chief Executive Ofﬁcer

Risk

Background and impact

Mitigation

Operational 
environment or 
failure to maintain 
compliance with 
health and safety 
standards results 
in serious illness, 
injury or death.

(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:86)(cid:87)(cid:68)(cid:73)(cid:73)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:36)(cid:86)(cid:76)(cid:71)(cid:72)(cid:3)
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COMPLIANCE

Failure to conduct business dealings with integrity and honesty

Executive responsible: Peter Kennerley, Group Legal Director & Company Secretary

Risk

Background and impact

Mitigation

An employee or 
person acting on 
our behalf makes a 
payment which is or 
could be perceived to 
be a bribe.

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(cid:333)(cid:3) (cid:40)(cid:87)(cid:75)(cid:76)(cid:70)(cid:86)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:79)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)

(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:92)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:16)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:40)(cid:87)(cid:75)(cid:76)(cid:70)(cid:86)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:68)(cid:76)(cid:80)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:73)(cid:82)(cid:86)(cid:87)(cid:72)(cid:85)(cid:3)(cid:68)(cid:3)(cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:86)(cid:82)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:15)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:86)(cid:76)(cid:71)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:87)(cid:86)(cid:76)(cid:71)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:15)(cid:3)
(cid:78)(cid:81)(cid:82)(cid:90)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:3)(cid:71)(cid:82)(cid:72)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:72)(cid:81)(cid:74)(cid:68)(cid:74)(cid:72)(cid:3)(cid:76)(cid:81)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:87)(cid:82)(cid:79)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:15)(cid:3)(cid:69)(cid:85)(cid:76)(cid:69)(cid:72)(cid:85)(cid:92)(cid:15)(cid:3)
(cid:70)(cid:82)(cid:85)(cid:85)(cid:88)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:85)(cid:3)(cid:88)(cid:81)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:69)(cid:72)(cid:75)(cid:68)(cid:89)(cid:76)(cid:82)(cid:88)(cid:85)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:68)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)

(cid:87)(cid:75)(cid:72)(cid:98)(cid:83)(cid:82)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:69)(cid:85)(cid:76)(cid:69)(cid:72)(cid:85)(cid:92)(cid:30)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:69)(cid:72)(cid:79)(cid:76)(cid:72)(cid:89)(cid:72)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:98)(cid:74)(cid:85)(cid:72)(cid:68)(cid:87)(cid:72)(cid:86)(cid:87)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:76)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:79)(cid:76)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:85)(cid:71)(cid:16)(cid:83)(cid:68)(cid:85)(cid:87)(cid:92)(cid:3)
(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:98)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:79)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)
(cid:83)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:70)(cid:72)(cid:17)

(cid:333)(cid:3) (cid:39)(cid:88)(cid:72)(cid:3)(cid:71)(cid:76)(cid:79)(cid:76)(cid:74)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:87)(cid:68)(cid:78)(cid:72)(cid:81)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:82)(cid:86)(cid:72)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:71)(cid:82)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:72)(cid:75)(cid:68)(cid:79)(cid:73)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)
(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:73)(cid:85)(cid:72)(cid:86)(cid:75)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:71)(cid:76)(cid:79)(cid:76)(cid:74)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)(cid:79)(cid:72)(cid:68)(cid:86)(cid:87)(cid:3)(cid:72)(cid:89)(cid:72)(cid:85)(cid:92)(cid:3)(cid:87)(cid:90)(cid:82)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:55)(cid:85)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:76)(cid:85)(cid:71)(cid:16)(cid:83)(cid:68)(cid:85)(cid:87)(cid:92)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:79)(cid:87)(cid:68)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:81)(cid:87)(cid:76)(cid:3)(cid:69)(cid:85)(cid:76)(cid:69)(cid:72)(cid:85)(cid:92)(cid:3)

(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:85)(cid:85)(cid:88)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:82)(cid:79)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:71)(cid:88)(cid:85)(cid:72)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:48)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:43)(cid:72)(cid:68)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)

(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:68)(cid:17)

(cid:333)(cid:3) (cid:36)(cid:3)(cid:90)(cid:75)(cid:76)(cid:86)(cid:87)(cid:79)(cid:72)(cid:16)(cid:69)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:86)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80)(cid:3)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:89)(cid:76)(cid:68)(cid:3)(cid:68)(cid:3)(cid:87)(cid:75)(cid:76)(cid:85)(cid:71)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:92)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)
(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:87)(cid:72)(cid:71)(cid:17)(cid:3)

Changes during 2015: (cid:49)(cid:82)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)(cid:72)(cid:87)(cid:75)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:89)(cid:72)(cid:85)(cid:92)(cid:3)(cid:86)(cid:72)(cid:85)(cid:76)(cid:82)(cid:88)(cid:86)(cid:79)(cid:92)(cid:17)

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32 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT OUR BUSINESS

RISK FACTORS THAT COULD AFFECT 
BUSINESS PERFORMANCE

FINANCIAL

Exchange controls

Executive responsible: Carole Cran, Chief Financial Ofﬁcer

Risk

Background and impact

Mitigation

Continuation and 
further tightening 
of exchange controls.

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Changes during 2015:(cid:3)(cid:47)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:82)(cid:71)(cid:76)(cid:87)(cid:92)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:83)(cid:85)(cid:72)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:76)(cid:72)(cid:86)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:87)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:82)(cid:85)(cid:98)(cid:87)(cid:76)(cid:74)(cid:75)(cid:87)(cid:72)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:91)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:82)(cid:79)(cid:86)(cid:17)

Exchange rate ﬂuctuations

Executive responsible: Carole Cran, Chief Financial Ofﬁcer

Risk

Background and impact

Mitigation

The impact of adverse 
foreign exchange 
rate movements.

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(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:3)(cid:86)(cid:88)(cid:69)(cid:86)(cid:76)(cid:71)(cid:76)(cid:68)(cid:85)(cid:92)(cid:3)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:82)(cid:83)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:15)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:17)(cid:3)

Changes during 2015: (cid:44)(cid:81)(cid:3)(cid:21)(cid:19)(cid:20)(cid:24)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:73)(cid:82)(cid:85)(cid:72)(cid:76)(cid:74)(cid:81)(cid:3)(cid:72)(cid:91)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:80)(cid:82)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:3)(cid:86)(cid:88)(cid:69)(cid:86)(cid:76)(cid:71)(cid:76)(cid:68)(cid:85)(cid:92)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:69)(cid:92)(cid:3)(cid:68)(cid:81)(cid:3)
(cid:68)(cid:83)(cid:83)(cid:85)(cid:72)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:56)(cid:54)(cid:3)(cid:71)(cid:82)(cid:79)(cid:79)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:83)(cid:85)(cid:72)(cid:70)(cid:76)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:70)(cid:76)(cid:72)(cid:86)(cid:17)

Taxation

Executive responsible: Carole Cran, Chief Financial Ofﬁcer

*

Risk

Background and impact

Mitigation

Direct and indirect tax 
risks in developing 
countries.

(cid:39)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:36)(cid:74)(cid:74)(cid:85)(cid:72)(cid:78)(cid:82)(cid:322)(cid:86)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:79)(cid:72)(cid:91)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:73)(cid:82)(cid:82)(cid:87)(cid:83)(cid:85)(cid:76)(cid:81)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:82)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)
(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:68)(cid:86)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:86)(cid:29)(cid:3)

(cid:53)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:331)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:73)(cid:68)(cid:76)(cid:79)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:72)(cid:85)(cid:79)(cid:92)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:86)(cid:87)(cid:72)(cid:85)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:68)(cid:91)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)
(cid:68)(cid:98)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:72)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:17)

(cid:53)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:331)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:73)(cid:68)(cid:76)(cid:79)(cid:3)(cid:87)(cid:82)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:85)(cid:72)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:76)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:18)(cid:3)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:82)(cid:85)(cid:85)(cid:72)(cid:70)(cid:87)(cid:79)(cid:92)(cid:3)(cid:68)(cid:86)(cid:86)(cid:88)(cid:80)(cid:72)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:88)(cid:68)(cid:79)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:98)(cid:68)(cid:98)(cid:87)(cid:75)(cid:76)(cid:85)(cid:71)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:92)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:75)(cid:68)(cid:81)(cid:71)(cid:79)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:68)(cid:73)(cid:73)(cid:68)(cid:76)(cid:85)(cid:86)(cid:3)(cid:18)(cid:3)
(cid:80)(cid:68)(cid:78)(cid:72)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:72)(cid:75)(cid:68)(cid:79)(cid:73)(cid:17)

(cid:56)(cid:81)(cid:83)(cid:85)(cid:72)(cid:71)(cid:76)(cid:70)(cid:87)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:331)(cid:3)(cid:53)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:80)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:3)
(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:69)(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:72)(cid:86)(cid:87)(cid:68)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)
(cid:83)(cid:68)(cid:85)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:90)(cid:82)(cid:85)(cid:79)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:86)(cid:88)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:91)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:3)(cid:75)(cid:82)(cid:90)(cid:98)(cid:90)(cid:72)(cid:3)
(cid:68)(cid:81)(cid:87)(cid:76)(cid:70)(cid:76)(cid:83)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:90)(cid:75)(cid:72)(cid:81)(cid:3)(cid:90)(cid:72)(cid:3)(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:81)(cid:70)(cid:72)(cid:71)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:81)(cid:98)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92)(cid:17)

Changes during 2015:(cid:3)(cid:55)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)(cid:81)(cid:82)(cid:3)(cid:80)(cid:68)(cid:77)(cid:82)(cid:85)(cid:3)(cid:70)(cid:75)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:76)(cid:82)(cid:85)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

(cid:333)(cid:3) (cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:55)(cid:68)(cid:91)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:85)(cid:72)(cid:74)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:86)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)

(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:40)(cid:91)(cid:87)(cid:72)(cid:85)(cid:81)(cid:68)(cid:79)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:68)(cid:71)(cid:89)(cid:76)(cid:86)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:79)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:72)(cid:73)(cid:82)(cid:85)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:69)(cid:86)(cid:72)(cid:84)(cid:88)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:72)(cid:81)(cid:87)(cid:85)(cid:92)(cid:3)
(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:68)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:77)(cid:88)(cid:85)(cid:76)(cid:86)(cid:71)(cid:76)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:79)(cid:79)(cid:82)(cid:90)(cid:3)(cid:88)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:92)(cid:3)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:287)(cid:70)(cid:3)(cid:87)(cid:68)(cid:91)(cid:18)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:86)(cid:3)
(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:83)(cid:85)(cid:76)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:68)(cid:73)(cid:73)(cid:68)(cid:76)(cid:85)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:87)(cid:68)(cid:91)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)

(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:76)(cid:81)(cid:89)(cid:82)(cid:79)(cid:89)(cid:72)(cid:3)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92)(cid:17)(cid:3)

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

33

Key

Increased 
risk in 2015

No change 
in 2015

Decreased 
risk in 2015

O
V
E
R
V
E
W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
R
M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

G
O
V
E
R
N
A
N
C
E

A
C
C
O
U
N
T
S

&
O
T
H
E
R

I

N
F
O
R
M
A
T
O
N

I

Failure to collect payments or to recover assets

Executive responsible: Carole Cran, Chief Financial Ofﬁcer

Risk

Background and impact

Mitigation

Non-payment by 
customers or the 
seizure of assets.

(cid:55)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:3)(cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:72)(cid:80)(cid:72)(cid:85)(cid:74)(cid:76)(cid:81)(cid:74)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)
(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)(cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:83)(cid:85)(cid:68)(cid:70)(cid:87)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:70)(cid:68)(cid:81)(cid:3)(cid:69)(cid:72)(cid:3)(cid:88)(cid:81)(cid:83)(cid:85)(cid:72)(cid:71)(cid:76)(cid:70)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:17)(cid:3)
(cid:55)(cid:75)(cid:72)(cid:85)(cid:72)(cid:98)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:72)(cid:3)(cid:71)(cid:82)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)(cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)
(cid:11)(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:86)(cid:12)(cid:3)(cid:68)(cid:81)(cid:71)(cid:18)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:89)(cid:82)(cid:79)(cid:88)(cid:80)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:287)(cid:86)(cid:70)(cid:68)(cid:87)(cid:72)(cid:71)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)(cid:68)(cid:3)(cid:85)(cid:76)(cid:74)(cid:82)(cid:85)(cid:82)(cid:88)(cid:86)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:85)(cid:72)(cid:71)(cid:76)(cid:87)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)
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(cid:55)(cid:75)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:85)(cid:3)(cid:90)(cid:85)(cid:76)(cid:87)(cid:72)(cid:16)(cid:82)(cid:73)(cid:73)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:71)(cid:72)(cid:69)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:72)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:79)(cid:82)(cid:86)(cid:72)(cid:3)(cid:73)(cid:88)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:87)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)

(cid:36)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:76)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:72)(cid:91)(cid:70)(cid:72)(cid:86)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:71)(cid:72)(cid:79)(cid:68)(cid:92)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:288)(cid:82)(cid:90)(cid:86)(cid:17)

(cid:333)(cid:3) (cid:38)(cid:82)(cid:81)(cid:86)(cid:87)(cid:68)(cid:81)(cid:87)(cid:3)(cid:80)(cid:82)(cid:81)(cid:76)(cid:87)(cid:82)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:86)(cid:78)(cid:3)(cid:83)(cid:85)(cid:82)(cid:287)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:69)(cid:87)(cid:82)(cid:85)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:79)(cid:68)(cid:85)(cid:74)(cid:72)(cid:3)

(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:48)(cid:76)(cid:87)(cid:76)(cid:74)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:76)(cid:84)(cid:88)(cid:72)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:89)(cid:68)(cid:85)(cid:92)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:15)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:76)(cid:81)(cid:70)(cid:79)(cid:88)(cid:71)(cid:72)(cid:3)
(cid:82)(cid:69)(cid:87)(cid:68)(cid:76)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:71)(cid:89)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:79)(cid:72)(cid:87)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:85)(cid:72)(cid:71)(cid:76)(cid:87)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:86)(cid:82)(cid:80)(cid:72)(cid:3)(cid:70)(cid:68)(cid:86)(cid:72)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:86)(cid:88)(cid:85)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:86)(cid:87)(cid:3)(cid:79)(cid:82)(cid:86)(cid:86)(cid:72)(cid:86)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:39)(cid:72)(cid:79)(cid:76)(cid:69)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:72)(cid:71)(cid:17)(cid:3)

(cid:333)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3)(cid:86)(cid:70)(cid:68)(cid:79)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:69)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:76)(cid:87)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)
(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:76)(cid:87)(cid:3)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:79)(cid:92)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:69)(cid:68)(cid:71)(cid:3)(cid:71)(cid:72)(cid:69)(cid:87)(cid:3)(cid:82)(cid:85)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:86)(cid:72)(cid:76)(cid:93)(cid:88)(cid:85)(cid:72)(cid:3)
(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:69)(cid:72)(cid:3)(cid:80)(cid:68)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:85)(cid:82)(cid:88)(cid:83)(cid:322)(cid:86)(cid:3)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:75)(cid:72)(cid:72)(cid:87)(cid:17)

Changes during 2015:(cid:3)(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:71)(cid:72)(cid:69)(cid:87)(cid:82)(cid:85)(cid:3)(cid:71)(cid:68)(cid:92)(cid:86)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:51)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:54)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:71)(cid:85)(cid:76)(cid:89)(cid:72)(cid:81)(cid:3)(cid:69)(cid:92)(cid:3)(cid:86)(cid:79)(cid:82)(cid:90)(cid:3)(cid:83)(cid:68)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:69)(cid:92)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:57)(cid:72)(cid:81)(cid:72)(cid:93)(cid:88)(cid:72)(cid:79)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:60)(cid:72)(cid:80)(cid:72)(cid:81)(cid:30)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:98)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:17)(cid:3)

Assessment of prospects and viability
(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:87)(cid:82)(cid:82)(cid:78)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:85)(cid:72)(cid:75)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:79)(cid:76)(cid:74)(cid:75)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:3)(cid:82)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:88)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:81)(cid:72)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:79)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:80)(cid:82)(cid:71)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:82)(cid:69)(cid:76)(cid:79)(cid:72)(cid:15)(cid:3)
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(cid:71)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:72)(cid:71)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:86)(cid:86)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)

 
 
 
 
 
 
 
34 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

(cid:51)(cid:50)(cid:58)(cid:40)(cid:53)(cid:44)(cid:49)(cid:42)(cid:3)(cid:55)(cid:43)(cid:40)(cid:3)(cid:41)(cid:56)(cid:55)(cid:56)(cid:53)(cid:40)(cid:3)(cid:50)(cid:41)
MYANMAR

1

CHALLENGE

2

SOLUTION

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(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:86)(cid:17)(cid:3)

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(cid:74)(cid:68)(cid:86)(cid:3)(cid:85)(cid:72)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:68)(cid:70)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:68)(cid:83)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:79)(cid:3)(cid:74)(cid:68)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:68)(cid:89)(cid:68)(cid:76)(cid:79)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:83)(cid:87)(cid:76)(cid:80)(cid:76)(cid:86)(cid:72)(cid:3)(cid:76)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:88)(cid:86)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)
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(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:16)(cid:86)(cid:76)(cid:87)(cid:72)(cid:17)(cid:3)(cid:39)(cid:72)(cid:86)(cid:83)(cid:76)(cid:87)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:80)(cid:82)(cid:87)(cid:72)(cid:3)
(cid:79)(cid:82)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:88)(cid:81)(cid:71)(cid:72)(cid:85)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:73)(cid:85)(cid:68)(cid:86)(cid:87)(cid:85)(cid:88)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:15)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:71)(cid:72)(cid:79)(cid:76)(cid:89)(cid:72)(cid:85)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:20)(cid:21)(cid:19)(cid:3)(cid:71)(cid:68)(cid:92)(cid:86)(cid:17)(cid:3)

EQUIPMENT SOURCED FROM

12 

COUNTRIES

(cid:54)(cid:83)(cid:72)(cid:70)(cid:76)(cid:68)(cid:79)(cid:76)(cid:86)(cid:87)(cid:3)(cid:74)(cid:68)(cid:86)(cid:3)
(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:56)(cid:46)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:37)(cid:85)(cid:68)(cid:93)(cid:76)(cid:79)

(cid:42)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:82)(cid:85)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)
(cid:36)(cid:88)(cid:86)(cid:87)(cid:85)(cid:68)(cid:79)(cid:76)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:44)(cid:81)(cid:71)(cid:76)(cid:68)

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

35

3

FUTURE

The site provides reliable and constant 
power supply to a district that would normally 
experience intermittent power failure 
during the dry season. This supports local 
community and economic needs, including 
schools and one of the country’s largest 
steel mills which is undergoing signiﬁcant 
expansion. Furthermore, through employing 
local people we are implementing an effective 
knowledge transfer programme to up-skill 
the local workforce, and provide them with 
transferrable skills for the future. 

MYANMAR

PROJECT SITE

YANGON

120 
days to 
deliver

Local workforce on-site

77%

36 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT PERFORMANCE REVIEW

OUR INVESTMENT CASE
Our objective is to be the number one global provider of power 
and related solutions that are modular and mobile.

Market

Competitive advantage

(cid:333)(cid:3)Structural power shortfall in emerging markets 
(cid:333)(cid:3)Increased sector penetration in 

developed markets

(cid:333)(cid:3)Diversiﬁed portfolio by geography and sector

(cid:333)(cid:3)People & culture
(cid:333)(cid:3)Expertise
(cid:333)(cid:3)Scale
(cid:333)(cid:3)Technology
(cid:333)(cid:3)Financial strength

Read more about our markets  
Read more about our markets  
page 10 
(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)(cid:62)(cid:333)(cid:64)(cid:3)

Read more about our competitive advantage  
Read more about our competitive advantage  
page 14 
(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)(cid:62)(cid:333)(cid:64)(cid:3)

Business priorities

Shareholder returns

(cid:333)(cid:3)Clearly deﬁned business priorities – Customer, 

Technology, Efﬁciency
(cid:333)(cid:3)Path to return to growth
(cid:333)(cid:3)Focused on margins and returns

(cid:333)(cid:3)Priority is to invest for long-term growth
(cid:333)(cid:3)Through self-help we will balance revenue 
growth with support to margins and returns
(cid:333)(cid:3)Where opportunities for investment are limited 
we will look to return capital to Shareholders

Read more about our business priorities  
Read more about our strategy  
page 22 
(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)(cid:62)(cid:333)(cid:64)(cid:3)

Useful links for Shareholders  
Useful links for shareholders  
page 154 
(cid:83)(cid:68)(cid:74)(cid:72)(cid:3)(cid:62)(cid:333)(cid:64)(cid:3)

PERFORMANCE REVIEW GROUP

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

37

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Earnings and dividends
The Group delivered proﬁt before tax of £252 million (2014: £289 million). 
Diluted earnings per share (DEPS) was 71.68 pence, 13% lower than 
the prior year. 

Reﬂecting our continued conﬁdence in the strength and prospects of 
the business, the Group is proposing to maintain the ﬁnal dividend at 
17.74 pence per share. Subject to Shareholder approval, this will result 
in a full year dividend of 27.12 pence (2014: 27.12 pence) per Ordinary 
Share; this equates to dividend cover of 2.6 times (2014: 3.0 times). 

Cash ﬂow and balance sheet
During the year, we generated an operating cash inﬂow of £461 million 
(2014: £498 million). We continued to manage our capital expenditure 
tightly and to adjust the amount we spend up or down in response 
to market conditions whilst investing sustainably for the future. 
Fleet capital expenditure was £237 million (2014: £226 million), of which 
£63 million was invested in our gas ﬂeet and £29 million to refurbish 
our diesel ﬂeet to the more fuel efﬁcient, higher output G3+ engine, 
which now represents 13% of our Utility business diesel ﬂeet.

Net debt was £489 million at 31 December 2015; £5 million lower 
than the prior year. This resulted in net debt to EBITDA of 0.9 times, 
maintaining it at the 2014 level. 

Outlook
Our Power Solutions Utility business has started the year with a strong 
order book; a healthy prospect pipeline; 140MW of new orders; and 
the signing of a two year extension of our 148MW of diesel contracts in 
Japan. We expect the level of contracts off-hiring in the year to go back 
up to a more normal level, of around 30%. Due to the timing of contract 
start and end dates there will be a reduction in ﬁrst half proﬁts at a 
Group level. We continue to monitor the geopolitical situation in Yemen, 
Libya and Venezuela.

In our Power Solutions Industrial business we are seeing softer trading 
conditions in Singapore and some of our markets that are more 
exposed to the mining sectors. However year to date power volumes 
are up on the prior year, driven by continued good performances in the 
Middle East, Russia and Africa. 

The Rental Solutions business unit, in particular our North American 
business, has had a slow start to 2016 following a lower run rate exiting 
2015 than we had expected and we are cautious on our outlook for this 
part of our business.

At a Group level we anticipate investing around £250 million on ﬂeet 
capex, focussing on investment in our more fuel efﬁcient gas and diesel 
engines; as ever we will maintain our capital discipline and ﬂex this 
spend according to market conditions. Overall, we expect proﬁt before 
tax and exceptional items to be slightly lower than the prior year on a 
constant currency basis1, in line with current consensus.

Carole Cran
Chief Financial Ofﬁcer

Watch Carole’s video online:
www.annualreport2015.aggreko.com

The trading results for the 12 months to 31 December 2015 are set out 
below. All numbers in this section are pre-exceptional items.

Group trading performance
Underlying Group revenue was down 3% on the prior year. 
Rental Solutions revenue was in line with last year with growth in the 
majority of our key sectors, particularly petrochemical & reﬁning and 
events, offsetting the impact lower commodity prices had on our 
oil & gas and mining revenues. Power Solutions revenue was down 
5%. Within this, our Industrial business grew strongly with revenues 
10% higher driven by growth in our Middle East, Russian and African 
businesses. In contrast, trading conditions in Brazil remain difﬁcult 
given the macro environment and we have taken steps to further 
reduce the cost base as a result. Power Solutions Utility revenue was 
down 11% driven by the renegotiation of our 325MW gas contract in 
Bangladesh and the off-hiring of our 104MW contract in Panama. 

Overall, the Group trading margin was 17% (2014: 19%). Rental 
Solutions margin was down slightly on last year driven by North 
American pricing and volumes in the oil & gas sector. Power Solutions 
margin was down three percentage points overall. Within this, Industrial 
was up four percentage points, reﬂecting the incremental beneﬁt we 
get from major events. Utility margin was down ﬁve percentage points 
due to the contract renegotiation in Bangladesh and a higher debtor 
provision driven by slower payments, particularly in Venezuela and 
Yemen. The lower margin, as well as a slight increase in net operating 
assets, impacted the Group return on capital employed, which was 
16% (2014: 19%). 

The movement in exchange rates in the period had the translational 
impact of increasing revenue by £22 million and trading proﬁt by 
£6 million. This was driven by the strength of the US Dollar against 
Sterling partially offset by the weakness of the majority of our other 
major currencies against Sterling.

1  The constant currency impact is a headwind of £16 million applying the end of January 2016 
spot rates, including the step devaluation of the Argentinian peso. In relation to 2016 the 
Power Solutions Utility contracts in Argentina have contractual protection that offsets the 
impact of the devaluation.

 
 
 
 
 
 
 
38 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT PERFORMANCE REVIEW

BUSINESS UNIT 
PERFORMANCE REVIEW

PERFORMANCE BY  
RENTAL SOLUTIONS

In June 2015 we announced a new organisation structure comprising 
the Rental Solutions and Power Solutions business units. This new 
structure took effect from 1 August 2015. The performance of 
these business units for the year ended 31 December 2015 is 
described below.

Revenue

2015
£ million

2014
£ million

Reported
change
%

Underlying
change1
%

618

616

–

–

299
584
883
60
943
1,561

288
625
913
48
961
1,577

4%
(7)%
(3)%
26%
(2)%
(1)%

10%
(11)%
(5)%
17%
(5)%
(3)%

1,501

1,529

(2)%

(3)%

Trading proﬁt

2015
£ million

2014
£ million

Reported
change
%

Underlying
change1
%

100

107

(7)%

(9)%

45
126
171
(1)
170
270

32
170
202
(3)
199
306

41%
(26)%
(15)%
53%
(14)%
(12)%

44%
(28)%
(17)%
56%
(17)%
(14)%

271

309

(12)%

(14)%

Rental Solutions
Power Solutions
Industrial
Utility excl pass-through fuel

Pass-through fuel

Group
Group excluding  
pass-through fuel

Rental Solutions
Power Solutions
Industrial
Utility excl pass-through fuel

Pass-through fuel

Group
Group excluding  
pass-through fuel

1  “Underlying” is deﬁned as: adjusted for currency movements and pass-through fuel revenue 
from Power Solutions, where we provide fuel to our contracts in Mozambique on a pass-
through basis.

Reported
2015
£ million

Reported
2014
£ million

Reported
change
%

Underlying
change2
%

Revenues
Trading proﬁt
Trading margin

618
100
16%

616
107
17%

–%
(7)%

–%
(9)%

2  Underlying excludes currency.

Rental Solutions

Key messages
(cid:333)(cid:3) Underlying revenue maintained at ﬂat despite oil price pressure; margins and 

returns in high teens

(cid:333)(cid:3) Oil & gas revenue decline offset by growth in majority of other sectors, particularly 

petrochemical & reﬁning and events

(cid:333)(cid:3) Strong performance in TC; successful acquisition of ICS, a specialist 

heating business

(cid:333)(cid:3) On a geographic basis: Europe showed good growth; North America was ﬂat; 
and AUSPAC challenged by commodity prices and impact on mining sector

Despite the considerable impact of a lower oil price, our Rental 
Solutions business delivered a solid performance with underlying 
revenue in line with the prior year and trading proﬁt declining by 9%. 
Trading margin decreased by one percentage point to 16%.

Rental revenue decreased by 3% and services revenue increased by 
6%. Within rental revenue, power decreased by 7% and oil free air was 
down 8%. Offsetting this, we saw good growth in temperature control 
with revenues up 11%, reﬂecting our renewed focus on this adjacent 
product line. 

Overall revenues in our North American business were in line with 
the prior year despite diesel and gas pricing and volume pressure 
in the oil & gas sector, where revenue was down 26% year on year. 
Offsetting this was growth in many of the other key sectors we serve, 
particularly in events, and in petrochemical & reﬁning, now our largest 
sector in North America, where revenue was up 25%, and the lower oil 
price acted as a stimulus. 

Our Australia Paciﬁc business continued to face difﬁcult market 
conditions driven by persistently lower commodity prices and the 
impact this has had on our mining sector revenues. However, the rate 
of decline has slowed, with revenue down 5% in the year compared to 
a decrease of 18% in the previous year. Our business in New Zealand 
grew, driven by emergency response work from the cyclones which hit 
the country and the ICC World Cup. 

Across Europe all countries have seen growth year on year. 
Our Continental European business saw revenues increasing 11% 
aided by good growth in Romania, Germany, Italy and the Netherlands. 
The Northern European business had a solid year with revenue 
increasing 4%. Our business in Northern Europe also felt the impact of 
a lower oil price; however, the reduction in oil & gas revenue was offset 
by increases in the manufacturing, shipping and construction sectors. 

Rental Solutions trading margin was 16% with the slight reduction 
being driven by the pricing pressure on our North American oil & 
gas business, to which we have responded by reducing costs and 
capital expenditure. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

39

PERFORMANCE BY  
POWER SOLUTIONS

Reported
2015
£ million

Reported
2014
£ million

Reported
change
%

Underlying
change3
%

Revenues

Industrial
Utility excl pass-
through fuel
Pass-through fuel
Total
Trading proﬁt

Industrial
Utility excl pass-
through fuel
Pass-through fuel
Total
Trading margin

Total excl pass-
through fuel
Industrial
Utility excl pass-
through fuel

299

584
60
943

45

126
(1)
170

19%
15%

22%

288

625
48
961

4%

10%

(7)%
26%
(2)%

(11)%
17%
(5)%

32

41%

44%

(26)%
53%
(14)%

(28)%
56%
(17)%

170
(3)
199

22%
11%

27%

3  “Underlying” is deﬁned as: adjusted for currency movements and pass-through fuel revenue 
from Power Solutions, where we provide fuel to our contracts in Mozambique on a pass-
through basis.

Power Solutions

Key messages
(cid:333)(cid:3) Strong performance from Industrial markets in Middle East, Russia & Africa

(cid:333)(cid:3) Brazilian market remains difﬁcult

(cid:333)(cid:3) Good progress with key extensions in Argentina, Ivory Coast, Japan 

and Bangladesh

(cid:333)(cid:3) At the year end our order book was over 40,000MW months, highest in 

recent years

(cid:333)(cid:3) Payment challenges; in particular Yemen and Venezuela

Overall, our Power Solutions business saw revenues decline by 5% 
and trading proﬁt decline by 17% on an underlying basis. Our Industrial 
business had a good year with underlying revenue up 10% and 
trading proﬁt increasing 44%. Trading margin increased to 15% 
(2014: 11%). Our Utility business, however, had a challenging year with 
underlying revenue decreasing 11% and trading proﬁt decreasing 28%. 
Trading margin was ﬁve percentage points lower at 22% (2014: 27%). 

Underlying revenue in our Industrial business unit increased 10% with 
rental revenue up 12% and services revenue up 1%. On a geographic 
basis we saw strong growth in Africa where mining remains strong, and 
particularly in South Africa where the business is growing rapidly on 
the back of the worsening power outages and regular load shedding. 
In Russia, despite the lower oil price, we continue to see good growth, 
particularly with our gas product as we beneﬁt from a structural shift 
towards outsourcing. In the Middle East, we saw good growth in Saudi 
Arabia, Qatar, Oman and Turkey. However, revenue decreased in 
Kuwait and the UAE, whilst Iraq is a continued challenge from a security 
perspective. In Brazil, the economic environment remains difﬁcult and 
elsewhere in Latin America the mining sector slowdown has impacted 
our businesses in Chile and Peru, although we did have a strong year in 
Argentina. In our Asia business we had a good performance in South 
Korea; however, we faced more challenging conditions in Singapore 
and India. 

We were also pleased to have successfully supplied power for the ﬁrst 
European Games in Baku. In total, we provided 35MW of temporary 
power across the Games’ ﬁfteen venues and the International 
Broadcast Centre. The prior year comparatives include revenue from 
the World Cup in Brazil; excluding this from last year and revenue from 
the European Games in 2015, the year on year increase in revenue, in 
our Industrial business unit, was 7%.

Our Utility business saw underlying revenue decrease by 11% and 
trading proﬁt by 28%. Trading margin decreased to 22% (2014: 27%). 
The decrease in revenue was driven by the renegotiation of our 325MW 
of gas contracts in Bangladesh where permanent power was brought 
on line; the off-hiring of our contract in Panama; and lower volumes on 
hire in Indonesia, Military and Yemen. The main reasons for the margin 
decline were the Bangladesh extension and a higher debtor provision 
driven by slower payment by a handful of customers, particularly 
in Venezuela and Yemen, partially offset by improved payments 
in Argentina.

Order intake for the year was 640MW (2014: 757MW); last year’s 
comparative includes 170MW of lower rate, summer peak shaving 
work in Saudi Arabia and Oman, which did not repeat in 2015. 
New contracts in 2015 included 150MW in Argentina, 95MW in 
Myanmar and 40MW in each of the Bahamas and Guam. With regards 
to contract extensions, we are pleased to have extended our contracts 
in Argentina, Ivory Coast, Japan and Bangladesh. At the year end, 
our order book was over 40,000MW months, the equivalent of 
14 months’ revenue at the current run-rate (2014: 8 months) and the 
highest level in recent times. 

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40 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT PERFORMANCE REVIEW

FINANCIAL REVIEW

A summarised income statement for 2015 as well as related ratios are 
set out below. 

Revenues
Revenues excl pass-
through fuel
Trading proﬁt 
Operating proﬁt
Net interest expense
Proﬁt before tax
Taxation
Proﬁt after tax
Diluted earnings per  
share (pence)

Trading margin
Underlying Trading margin
ROCE
Revenue (excluding pass-
through fuel) to average 
gross rental assets

2015  
£m

1,561

1,501
270
275
(23)
252
(69)
183

Movement 

2014  
£m

As  
reported

Underlying4 
change

1,577

(1)%

(3)%

2014 – As reported

1,529
306
310
(21)
289
(74)
215

(2)%
(12)%
(11)%
(8)%
(13)%
7%
(15)%

(3)%
(14)%

Currency
2014 pass-through fuel
2015 pass-through fuel
Underlying growth 
2015 – As reported
As reported growth
Underlying growth 

71.68

82.49

(13)%

17%
18%
16%

19%
20%
19%

(2)pp
(2)pp
(3)pp

56%

62%

(6)pp

4  “Underlying” is deﬁned as: adjusted for currency movements and pass-through fuel revenue 
from Power Solutions, where we provide fuel to our contracts in Mozambique on a pass-
through basis.

Currency translation
The movement in exchange rates in the period had the translational 
impact of increasing revenue by £22 million and trading proﬁt by 
£6 million. This was driven by the strength of the US Dollar against 
Sterling, partially offset by the weakness of the majority of our other 
major currencies against Sterling compared to average rates in 2014 
as shown in the table below. Currency translation also gave rise to a 
£68 million decrease in the value of net assets as a result of year on 
year movements in the exchange rates. Set out in the table below are 
the principal exchange rates which affected the Group’s proﬁts and 
net assets. 

(per £ sterling)

Average Year end

Average

Year end

2015

2014

Principal Exchange 
Rates

United States Dollar
Euro
UAE Dirhams
Australian Dollar
Brazilian Reals
Argentinian Peso

(Source: Bloomberg)

1.53
1.38
5.61
2.03
5.10
14.17

1.48
1.36
5.44
2.03
5.87
19.18

1.65
1.24
6.06
1.83
3.87
13.37

1.55
1.27
5.71
1.92
4.18
13.29

Reconciliation of underlying growth to reported growth 
The table below reconciles the reported and underlying revenue and 
trading proﬁt growth rates:

Revenue  
£ million

Trading proﬁt  
£ million

1,577 
22
(48)
60 
(50)
1,561 
(1)%
(3)%

306 
6
3
(1) 
(44) 
270 
(12)%
(14)%

Exceptional items
The deﬁnition of exceptional items is contained within Note 1 of the 
2015 Annual Report & Accounts. An exceptional charge of £26 million 
before tax was recorded in the year to 31 December 2015 in respect of 
the Group’s reorganisation and business priorities review. These costs 
include professional fees, severance costs, relocation costs and travel 
& expenses directly related to the reorganisation. The cash cost in the 
year was £16 million.

Interest
The net interest charge of £23 million was £2 million higher than last 
year reﬂecting higher average net debt year on year, and arrangement 
fees included in the 2015 interest number for facilities reﬁnanced during 
the year. Interest cover, measured against rolling 12-month EBITDA 
(Earnings Before Interest, Taxes, Depreciation and Amortisation), 
remained strong at 24 times (2014: 27 times) relative to the ﬁnancial 
covenant attached to our borrowing facilities that EBITDA should be no 
less than four times interest.

Taxation 

Tax strategy
Aggreko’s tax strategy is approved by the Board and is applicable to all 
taxes, both direct and indirect in all countries in which we operate. 

Our strategy is to ensure that we pay the appropriate amount of tax 
proportionate to the activities performed in each country in which we 
operate. While the tax strategy has remained unchanged for a number 
of years, it is reviewed and revalidated annually and would be revised in 
the light of factors such as material changes to the business strategy, 
our business model or in tax legislation. 

In applying the strategy, we undertake to comply with the applicable 
tax legislation in all countries in which we operate and utilise, where 
appropriate, available legislative reliefs.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

41

Total taxes
In 2015, Aggreko’s worldwide operations resulted in direct and indirect 
taxes of £194 million (2014: £178 million) being paid to tax authorities. 
This amount represents all corporate taxes paid on operations, 
payroll taxes paid and collected, import duties, sales taxes and other 
local taxes. 

The breakdown of the £194 million by type of tax is shown in Figure 1. 

Figure 1: Total taxes paid and collected

Our tax governance framework is laid out in documented policies and 
procedures covering the application of the strategy and operational 
aspects of tax. Ultimate responsibility for tax risk and tax operations 
rests with our CFO while day-to-day responsibility is delegated to the 
Director of Tax and the tax function. To ensure that we fully understand 
our tax obligations and keep up to date with changing legislation across 
the Group we engage advisers as required.

The Group’s appetite for risk is reviewed regularly. Our appetite for 
tax risk is considered to be cautious. Given the risk proﬁle of many 
countries in which we operate, we seek to structure our tax affairs in a 
way that has a low degree of downside risk. Only the Director of Tax is 
permitted to consider any planning opportunities that may bring a tax 
beneﬁt and appropriate permission to implement any planning must 
be obtained from the Board or Finance Committee, comprising our 
Chairman, CEO, CFO and Company Secretary. As a result of this, we 
will not actively seek to implement any tax planning that is not driven by 
commercial aims or the sole aim of which is to deliver tax beneﬁt. 

Corporate 
taxes

Payroll taxes 
– collected

Payroll taxes 
– paid

We seek to deal with the tax authorities in the countries where we 
operate in a transparent and cooperative manner. To this end, where 
possible, we seek to proactively engage, either directly or through local 
advisers, with the tax authorities. Where possible we seek opportunities 
to meet with the tax authorities to ensure that our business and tax 
positions are understood and we aim to conﬁrm our tax positions in a 
timely manner.

Import 
duties

Sales 
taxes

Other 
taxes

We recognise the importance of the tax we pay to the economic 
development of the countries in which we operate, with the geographic 
spread of where we pay corporate tax by geography broken down in 
Figure 2 overleaf. 

Given the uncertain nature of the tax environment in many of the 
countries in which we operate, local compliance and governance is a 
key area of focus. This is particularly so for our Power Solutions Utility 
business, where we will generally be in a country for a relatively short 
period of time. While we will always seek to manage our tax affairs to 
agree and conﬁrm our tax positions in a timely manner, it can often 
take some time to settle our tax position. We therefore create tax 
provisions for signiﬁcant potential uncertain or contentious tax positions 
and these are principally measured using the most likely outcome 
method. Provisions are considered on an individual basis. As at 
31 December 2015 we had tax provisions totalling £61 million covering 
both direct (£48 million) and indirect (£13 million) tax risks (2014: total 
provisions £69 million, £54 million for direct taxes and £15 million for 
indirect taxes).

Through the course of 2015 we continued to closely monitor 
developments in the OECD’s work on Base Erosion and Proﬁt Shifting 
(“BEPS”) and Country-By-Country Reporting (“CBCR”). We do not 
expect that any of our tax arrangements should be materially impacted 
by any legislative changes arising from the BEPS recommendations. 
However, we recognise that the proposals are not ﬁnalised and so we 
continue to closely follow developments. 

£0

£10 £20

£30

£40

£50

£60

£70

£80

£90

£100

GBP millions

2015

2014

The increase of £14 million in corporate taxes paid in 2015 compared 
to 2014 is principally due to an increase in tax paid in the UK. In 2014 
we received refunds of tax, largely as a result of double tax relief and 
closing earlier year tax returns with HMRC which did not reoccur 
in 2015. Figure 2 shows where the £91 million (2014: £77 million) of 
corporate tax was paid. 

Indirect tax payments were broadly in line with the prior year with 
£103 million paid in 2015 (2014: £101 million). The small increase mainly 
relates to sales taxes in the US and Argentina.

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37
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9
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19
18
8
7

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42 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT PERFORMANCE REVIEW

FINANCIAL REVIEW

Corporate taxes paid
During 2015, our business was reorganised into two business units: Power Solutions and Rental Solutions. Figure 2 shows the corporate tax paid 
allocated between the two business units and then split by the geographies that comprise those business units. The 2014 numbers have been 
restated from those originally shown in the 2014 annual report to reﬂect the new business conﬁguration. 

Figure 2 – Corporate taxes paid – Rental Solutions versus Power Solutions

Rental Solutions
Power Solutions

35%
65%

Rental Solutions
Power Solutions

37%
63%

2015

2014

Figure 2a – Corporate taxes paid –  
Rental Solutions

Figure 2b – Corporate taxes paid –  
Power Solutions

Europe
AusPac
North America

AusPac
North America

33%
7%
60%

18%
82%

Africa
Asia
Russia, Caspian  
and Middle East
South America

Africa
Asia
Russia, Caspian  
and Middle East
South America

30%
10%

11%
49%

18%
16%

13%
53%

2015

2014

2015

2014

In 2014 the UK tax authorities closed their review of prior year tax 
returns and agreed claims for Double Tax Relief resulting in repayments 
of tax being made. These repayments in the UK exceeded the amount 
of corporate tax paid by the rest of our European business.

The increase in tax paid in Africa mainly relates to Angolan withholding 
tax and a tax payment following the closure of a tax audit in Senegal. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

43

Tax charge 
The Group’s pre-exceptional effective corporation tax rate for the 
year was 27% (2014: 26%) based on a tax charge of £69 million 
(2014: £74 million) on a pre-exceptional proﬁt before taxation of 
£252 million (2014: £289 million). 

Further information, including a detailed tax reconciliation of the 
current year tax charge, is shown at Note 10 in the Annual Report 
and Accounts.

Reconciliation of income statement tax charge and 
cash tax paid
The Group’s total cash taxes borne and collected were £194 million, 
reﬂecting £103 million of non-corporate taxes and £91 million of 
corporate taxes. This is reconciled to the post exceptional tax charge 
reported in the income statement, of £64 million, in the table below.

Cash taxes paid 
Non-corporate taxes
Corporate tax paid

Movements in deferred tax
Double Tax Relief claimed but not yet received
Differences relating to timing of tax payments – US
Differences relating to timing of tax payments – Australia
Other differences relating to timing of payment of taxes
Post exceptional corporate tax charge per  
income statement

£ million

194
(103)
91

(13)
(5)
(3)
(2)
(4)

64

Capital structure & dividends
The objective of Aggreko’s strategy is to deliver long-term value to 
its Shareholders whilst maintaining a balance sheet structure that 
safeguards the Group’s ﬁnancial position through economic cycles. 
From an ordinary dividend perspective our objective is to provide a 
progressive, through cycle dividend, recognising the inherent lack of 
visibility and potential volatility of our business.

Subject to Shareholder approval the proposed ﬁnal dividend 
of 17.74 pence will result in a full year dividend of 27.12 pence 
(2014: 27.12 pence) per ordinary share, giving dividend cover (Basic 
EPS divided by full year declared dividend) of 2.6 times (2014: 3.0 times). 

Cash ﬂow 
The net cash inﬂow from operations during the year totalled 
£461 million (2014: £498 million). This funded capital expenditure of 
£254 million; in line with the prior year. Of the £254 million, £237 million 
was spent on ﬂeet of which £63 million was invested in our gas ﬂeet 
and £29 million to refurbish our diesel ﬂeet to the more fuel efﬁcient, 
higher output G3+ engine.

Net debt of £489 million at 31 December 2015 was £5 million lower 
than the prior year. Net debt to EBITDA was maintained at 0.9 times, 
in line with our strategy of keeping ﬁnancial leverage around one times. 

There was an £80 million working capital outﬂow in the year 
(2014: £73 million outﬂow) mainly driven by an increase in accounts 
receivable balances, particularly in our Power Solutions Utility business, 
where debtor days increased to 123 days (2014: 110 days) and an 
increase in inventory at our manufacturing facility due to the timing 
of next generation gas engine purchases. The Group monitors the 
risk proﬁle and debtor position of all contracts regularly, particularly 
those in the Power Solutions Utility business, and deploys a variety 
of techniques to mitigate the risk of delayed or non-payment; these 
include securing advance payments, bonds and guarantees. 

The increase in debtor days reﬂects slower payments by our customers 
in Yemen and Venezuela. We have operated in both countries for a 
number of years and although neither customer contests that the 
debt is due the current security situation in the Yemen and the impact 
of a lower oil price in Venezuela has meant that payments have been 
slower. In response to this, the Power Solutions Utility debtor provision 
at 31 December 2015 of £48 million was £10 million higher than at 
31 December 2014. Our teams in both markets are working closely 
with the customers to resolve the issue. 

Net operating assets
The net operating assets of the Group (including goodwill) at 
31 December 2015 totalled £1,707 million, £17 million higher than 2014. 
The main components of net operating assets are:

£ million

Rental Fleet 
Property & Plant 
Inventory
Net Trade Debtors

2015

1,049
90
189
320

2014

1,086
91
163
326

Movement 
headline

Const 
Curr.5 

(3)%
(1)%
16%
(2)%

(3)%
1%
15%
2%

5  Constant currency takes account of the impact of translational exchange movements in 

respect of our businesses which operate in currency other than Sterling.

A key measure of Aggreko’s performance is the return (expressed as 
operating proﬁt) generated from average net operating assets (ROCE). 
The average net operating assets in 2015 were £1,682 million, up 3% 
on 2014. In 2015, the ROCE decreased to 16% compared with 19% 
in 2014. This decrease was mainly driven by the reduction in trading 
margin in our Power Solutions Utility business.

Property, plant and equipment
Rental ﬂeet accounts for £1,049 million, or around 92%, of the net 
book value of property, plant and equipment used in our business. 
The great majority of equipment in the rental ﬂeet is depreciated 
on a straight-line basis to a residual value of zero over eight years, 
with some classes of non-power ﬂeet depreciated over 10 years. 
The annual ﬂeet depreciation charge of £259 million (2014: £243 million) 
relates to the estimated service lives allocated to each class of ﬂeet 
asset. Asset lives are reviewed regularly and changed if necessary to 
reﬂect current thinking on their remaining lives in light of technological 
change, prospective economic utilisation and the physical condition of 
the assets.

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44 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT PERFORMANCE REVIEW

FINANCIAL REVIEW

Acquisition of ICS Group, Inc. (ICS)
On 2 September 2015, the Group acquired substantially all of the 
trade and assets associated with, and used in connection with, 
the equipment rental business of ICS Group, Inc. (ICS), a specialist 
heating business headquartered out of Western Canada. The total 
consideration was £18 million and in the twelve months to July 2015, 
ICS had revenues of £9 million.

Shareholders’ equity 
Shareholders’ equity increased by £37 million to £1,115 million, 
represented by the net assets of the Group of £1,604 million before 
net debt of £489 million. The movements in Shareholders’ equity are 
analysed in the table below:

Movements in Shareholders’ equity

£ million

£ million

As at 1 January 2015

Proﬁt for the ﬁnancial year post exceptional items
Dividend6 
Retained earnings
Employee share awards
Issue of shares to employees under share option 
schemes
Return of value to Shareholders
Remeasurement of retirement beneﬁts
Currency translation 
Movement in hedging reserve
Other
As at 31 December 2015

162
(69)

1,078

93
8

2
(1)
4
(68)
–
(1)
1,115

6   Reﬂects the ﬁnal dividend for 2014 of 17.74 pence per share (2014: 17.19 pence) and the 

interim dividend for 2015 of 9.38 pence per share (2014: 9.38 pence) that were paid during 
the year.

The £183 million of post-tax proﬁt (pre-exceptional items) in the year 
represents a return of 16% on Shareholders’ equity (2014: 20%) which 
compares to an estimated Group weighted average cost of capital 
of 8%. 

Pensions 
Pension arrangements for our employees vary depending on best 
practice and regulation in each country. The Group operates a 
deﬁned beneﬁt scheme for UK employees, which was closed to 
new employees joining the Group after 1 April 2002. Most of the 
other schemes in operation around the world are varieties of deﬁned 
contribution schemes. 

Under IAS 19: ‘Employee Beneﬁts’, Aggreko has recognised a pre-tax 
pension deﬁcit of £2 million at 31 December 2015 (2014: £7 million) 
which is determined using actuarial assumptions. The decrease in the 
pension deﬁcit is primarily driven by an increase in corporate bond 
yields resulting in a higher discount rate which has decreased the value 
placed on the liabilities of the scheme. 

The main assumptions used in the IAS 19 valuation for the previous 
two years are shown in Note 30 of the Annual Report and Accounts. 
The sensitivities regarding these assumptions are shown in the 
table below.

Assumption

Rate of increase in salaries
Rate of increase in pensions 
Discount rate
Inﬂation (0.5% increases on pensions 
increases, deferred revaluation and 
salary increases)
Longevity

Increase/
(decrease)

Deﬁcit (£m) 
change

Income 
statement 
cost (£m) 
change

0.5%
0.5%
(0.5)%

0.5%
1 year

(1)
(7)
(14)

(13)
(3)

–
(1)
(1)

(1)
–

Treasury 
The Group’s operations expose it to a variety of ﬁnancial risks that 
include liquidity, the effects of changes in foreign currency exchange 
rates, interest rates, and credit risk. The Group has a centralised 
treasury operation whose primary role is to ensure that adequate 
liquidity is available to meet the Group’s funding requirements as 
they arise, and that ﬁnancial risk arising from the Group’s underlying 
operations is effectively identiﬁed and managed. 

The treasury operations are conducted in accordance with policies 
and procedures approved by the Board and are reviewed annually. 
Financial instruments are only executed for hedging purposes, and 
transactions that are speculative in nature are expressly forbidden. 
Monthly reports are provided to senior management and treasury 
operations are subject to periodic internal and external review.

Liquidity and funding
The Group maintains sufﬁcient facilities to meet its funding 
requirements over the medium term. At 31 December 2015, these 
facilities totalled £891 million in the form of committed bank facilities 
arranged on a bilateral basis with a number of international banks and 
private placement lenders. The ﬁnancial covenants attached to these 
facilities are that EBITDA should be no less than 4 times interest and 
net debt should be no more than 3 times EBITDA; at 31 December 
2015, these stood at 24 times and 0.9 times respectively. The Group 
does not consider that these covenants are restrictive to its operations. 
The maturity proﬁle of the borrowings is detailed in Note 18 in the 
Annual Report and Accounts.

Net debt amounted to £489 million at 31 December 2015 
(2014: £494 million) and, at that date, undrawn committed facilities 
were £385 million.

Interest rate risk 
The Group’s policy is to manage the exposure to interest rates 
by ensuring an appropriate balance of ﬁxed and ﬂoating rates. 
At 31 December 2015, £321 million of the net debt of £489 million 
was at ﬁxed rates of interest resulting in a ﬁxed to ﬂoating rate net 
debt ratio of 66:34 (2014: 62:38). 

Foreign exchange risk 
The Group is subject to currency exposure on the translation into 
Sterling of its net investments in overseas subsidiaries. In order to 
reduce the currency risk arising, the Group uses direct borrowings 
in the same currency as those investments. Group borrowings are 
predominantly drawn down in the currencies used by the Group, 
namely US Dollar, Canadian Dollar, Mexican Peso, Brazilian Reals 
and Russian Ruble.

The Group manages its currency ﬂows to minimise foreign exchange 
risk arising on transactions denominated in foreign currencies and uses 
forward contracts and forward currency options, where appropriate, 
in order to hedge net currency ﬂows.

Credit risk
Cash deposits and other ﬁnancial instruments give rise to credit risk 
on amounts due from counterparties. The Group manages this risk 
by limiting the aggregate amounts and their duration depending on 
external credit ratings of the relevant counterparty. In the case of 
ﬁnancial assets exposed to credit risk, the carrying amount in the 
balance sheet, net of any applicable provision for loss, represents 
the amount exposed to credit risk.

Insurance 
The Group operates a policy of buying cover against the material 
risks which the business faces, where it is possible to purchase such 
cover on reasonable terms. Where this is not possible, or where the 
risks would not have a material impact on the Group as a whole, 
we self-insure. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

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46 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

POWER THE FUTURE OF
ERITREAN MINING

1

CHALLENGE

2

SOLUTION

Situated in an isolated region of Eritrea, 
the Bisha mine is unable to access the 
Eritrean national grid. Prior to commencing 
construction, the mining company had to 
satisfy its investors that they would be able to 
provide a stable and reliable power supply. 
As the power required would vary throughout 
the construction, commissioning and 
operation of the mine, the customer needed a 
fast and ﬂexible solution. 

Following a number of meetings to better 
understand the power requirement, we 
determined that once operational the mine 
would need 20MW of power. The power 
package that was provided is the only 
source of operational power for the mine. 
Our understanding of the critical nature of 
the power need, combined with experience 
operating at similar sites, speed of deployment 
and modular ﬂexibility was appreciated by 
the customer. 

Power 
provided 24 
hours a day

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

47

3

FUTURE

By contracting with Aggreko, the customer 
was able to include the power costs as part 
of the monthly operating expenses of the 
mine, rather than investing in capital up front. 
This has made the project and the mining 
company more economically viable in the 
long term and it will therefore be able to 
continue to invest in other mines in future. 

ERITREA

BISHA MINE

ASMARA

The Bisha mine is c.300km 
from the Red Sea

Providing 20MW of power, which 
is the only source of operational 
power for the mine

48 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT SUSTAINABILITY

BUILDING A SUSTAINABLE BUSINESS

THE BIGGER PICTURE  
Aggreko’s role in society

 We live in a world 

reliant on power; it is an essential part 
of everyday life. Huge numbers of people 
across the globe do not have access to 
reliable on-demand power and sometimes 
this is forgotten in the developed world. 
Perhaps more importantly, electricity 
helps ensure survival in hospitals and 
educate children in schools, whilst also 
helping to improve people’s quality of 
life through simple appliances such 
as air conditioning units and fridges. 
Our Power Solutions Utility business 
typically provides power to government 
utilities to support a country’s grid 
infrastructure, thus helping to keep the 
lights on.

In our Power Solutions Industrial and Rental Solutions 
businesses, we provide temporary power or adjacent 
products to individual businesses across many sectors, 
including Oil & Gas and Mining, helping them to grow and 
by extension helping economies grow. We service the sport 
and entertainment industry and have powered some of the 
world’s most famous events, such as the Olympics and 
the World Cup. In 2015 we powered the Red Bull Air Race 
Championships, the PanAm/Parapan American Games, 
the inaugural European Games in Baku and Glastonbury, 
the world’s largest music festival. 

Read more about our activities in 2015 at

 www.aggreko.com/media-centre/press-releases

It is important that we conduct ourselves with integrity at 
all times. We are committed to ensuring we conduct our 
business dealings ethically and safely and aim to minimise 
our impact on the environment whilst working to support our 
customers and their communities.

Case study: Panama

Powering a future generation: Helping a local school

Aggreko’s commitment to the communities we operate in continues long after 
a temporary power plant goes online. Aggreko operated at Cerro Azul, Panama 
from March 2014 to June 2015, providing power directly to the grid to support 
Panama’s hydro-electric plants during the dry season. 

The local Aggreko team identiﬁed a need to create a safe, secure learning 
environment for the children attending Vista Hermosa school, a school in 
the village close to the Cerro Azul site. Aggreko provided the materials and 
manpower to build a perimeter fence around the school to protect the children, 
providing a safe and secure learning environment and area to play between 
classes. Aggreko also provided much needed equipment for the school’s 
kitchen and local staff volunteered for a day to clean and decorate classrooms 
to improve the health and wellbeing of over 850 children, aged between ﬁve and 
13 years old attending the school.

Watch the video online:
www.annualreport2015.aggreko.com

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

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Our approach to sustainability

Sustainability reporting is an evolving process and one that we 
plan to develop further; we have recently hired a manager who 
will be responsible for sustainability. The Group is committed 
to ensuring that our success also brings long-term social and 
economic beneﬁts to the communities and countries where 
we operate.

Responding to our customers
The provision of power and temperature control are essential 
activities in our global economy; however, they come with challenges, 
particularly environmental challenges. We are committed to growing 
our business and supporting our customers. As a consequence of the 
products that we use it is inevitable that some of our activities will have 
an impact on the environment. 

Our equipment and solutions are designed to comply with applicable 
laws, regulations and industry standards wherever we operate in 
the world. We innovate both in response to customer demand and 
to improve the efﬁciency of our products and therefore reduce their 
environmental impact where we can. As fuel is the greatest element 
of cost in producing temporary power, particularly diesel, we have 
worked to improve the fuel efﬁciency of our diesel engines and will 
continue to do so under our new business priorities. In the last couple 
of years we have introduced a solution for our customers in the Oil & 
Gas sector whereby we are able to take the gas by-product from wells 
and rather than ﬂare it, use it to run our gas generators. In addition, 
we support low-carbon emissions generation such as wind and 
hydro, and help to make these solutions viable. Renewable energy 
is intermittent and therefore providing support is a core part of 
our business.

There are four areas of sustainability focus within the business:

What matters most

HEALTH, SAFETY AND 
ENVIRONMENTAL 
MANAGEMENT

SOCIAL  
CONTRIBUTION

Priorities

Priorities

Ensure the health and safety of our people at work

Engage with local communities and work in partnership

Minimise our environmental impact

Recruit, train and develop local people

Be accountable and transparent with regards to our 
environmental footprint 

Outcome for the business

Maintain our reputation for consideration of health, safety and 
environmental matters

Gain commercial beneﬁt
Read more about HSE

 Page 50

Participate in activities that make a difference 

Outcome for the business

Build business longevity

Gain new talent for the organisation
Read more about social contribution

 Page 51

ETHICS AND INTEGRITY

OUR PEOPLE

Priorities

Priorities

Ensure we operate with integrity and honesty

Promote equal opportunities

Make sure that we are in compliance with laws and regulations

Provide career and personal development through engagement

Outcome for the business

Maintain our reputation for integrity

Ensure security whilst at work

Operate with due regard for human rights

Outcome for the business

Attract and retain the best people

Read more about ethics and integrity

 Page 74

Read more about our people

 Page 19

 
 
 
 
 
 
 
50 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

STRATEGIC REPORT SUSTAINABILITY

BUILDING A SUSTAINABLE BUSINESS

HEALTH, SAFETY AND 
ENVIRONMENTAL 
MANAGEMENT

Context

Our activities, the generation of 
power, cool air and heat, while 
essential to the global economy, 
produce waste and greenhouse 
gases and pose health and safety 
risks in the ordinary course of 
business. We are committed to 
minimising these wherever possible, 
which not only reduces harm 
to the environment and keeps 
people safe, but helps us to gain 
commercial beneﬁt. 

Our approach
Aggreko’s equipment is designed to 
function in all environments. By careful 
design and use of the most suitable 
technology, we manage all of our 
operations in such a manner to ensure 
minimal negative impact on our people, 
our neighbours and the environment 
in which we operate. We take a 
robust approach, considering each 
element of HSE in our product design, 
system design and client interfaces. 
We complete task and activity risk 
assessments to manage our on-site 
operations during the installation and 
operation of our equipment. The two 
major environmental issues we have to 
deal with are emissions-to-air from our 
generators and the safe handling and 
disposal of fuel and oil.

HSE policy
The Executive Director with overall 
responsibility for HSE is Chris Weston, Chief 
Executive Ofﬁcer, and our commitment to 
HSE is reﬂected in our Global HSE Policy 
Statement. During the year we appointed a 
Group Director of HSE, whose responsibility 
is to ensure that the HSE policy is effective, 
implemented and its operation monitored 
throughout Aggreko. The Board and the 
Executive Committee are committed to 
ensuring that the necessary organisation and 
resources exist to facilitate the achievement 
of our HSE goals and we monitor this through 
monthly reporting.

We recognise our responsibility to understand 
the risks associated with our operations and 
how they could potentially affect people and 
the environment. Aggreko is committed to 
monitoring and ensuring the effectiveness 
of designed control measures and taking 
action as appropriate. Furthermore, Aggreko 
complies with legal requirements as a 
minimum and takes a transparent approach to 
reporting any incidents that may occur.

Safety
Rigorous safety processes are absolutely 
essential if we are to avoid accidents which 
could cause injury to people and damage to 
property and reputation. Leadership on safety 
comes from the Executive Committee and we 
consider safety processes a basic benchmark 
of operational discipline. 

Aggreko monitors safety performance using 
“Frequency Accident Rating” (FAR); this is one 
of our KPIs. 

Read more about FAR

 Page 24

Key HSE actions in 2015 and future 
actions
During 2015, we initiated a number of actions 
to help us further improve our capabilities in 
mitigating HSE risk. 

(cid:333)(cid:3) Appointment of Group Director of HSE: 

Ken Bradley joined in September 2015 and 
reports to the Group Chief Executive, raising 
the proﬁle of HSE.

(cid:333)(cid:3) HSE Review: In January we engaged 

a specialist consultant to undertake an 
independent review of HSE, benchmarking 
our policies and processes against global 
best practice and we are implementing 
the recommendations.

(cid:333)(cid:3) Energy Safety Rules: Controlling worker 
exposure to energy sources, including 
electricity. These were ﬁrst introduced 
in 2014 and are being rolled out across 
the entire group in 2015/16.

(cid:333)(cid:3) HSE Metrics: The new Group Director of 

HSE is undertaking a full review of the HSE 
processes used across the business.

Emissions-to-air
Emissions-to-air are an inevitable by-product 
of hydrocarbon fuelled engines. Over the 
years, as engines have become more efﬁcient 
and legislation to limit emissions has become 
stricter, emissions have reduced sharply. 
Aggreko works in cooperation with the 
manufacturers of engines in order to meet 
new emission requirements. 

It is essential for us to manage emissions-to-air 
and to ensure that we meet new emissions 
requirements in order to enable us to continue 
operating in a number of countries. It is equally 
important that we play our part in helping to 
reduce the global environmental impact of 
burning hydrocarbons. 

Carbon dioxide emissions
We are constantly exploring new ways of 
reducing emissions and have gradually over 
the last few years increased the use of more 
environmentally friendly gas fuelled generators. 
Gas generators now represent 10% of our 
ﬂeet. Natural gas is a fossil fuel, however, 
it is more environmentally attractive, with 
emissions of sulphur dioxide that are negligible 
in comparison to coal or oil and levels of NOx 
and CO2 that are signiﬁcantly lower. Where gas 
fuel is essentially a by-product of production, 
such as in the US shale exploration, or derived 
from a biological source, we can help reduce 
CO2 and greenhouse gas. 

In addition to the work we have undertaken 
developing natural gas-powered generators, 
we are regularly reviewing product 
technologies, looking for advances that we 
can adopt into our product portfolio, including 
bio-fuels, fuel cells and renewables. 

Read more about our greenhouse gas emissions

 Page 98

Exhaust gases and particulates
In an increasing number of countries, 
air quality regulations stipulate emission 
standards for new equipment. Generally, 
countries allow mobile equipment already 
operating to continue to do so for its useful life; 
this is called “grandfathering”. 

All our engine suppliers produce engines 
which comply with the latest emissions 
standards and we gradually introduce these 
new engines to our ﬂeet. Our generator 
range to meet USA engine emissions for the 
Tier 4 Interim level is complete, with 700 units 
in use. The next step in the USA legislation 
programme to reduce emissions is called 
Tier 4 Final and we have now introduced the 
ﬁrst 150 generators into our rental ﬂeet in line 
with this stringent speciﬁcation. The European 
engine emissions regulations are different to 
USA and the current level in EU is referred 
to as Stage 3a. We also have a complete 
product range of generator products to 
meet this standard.

We continue to work closely with engine 
manufacturers and primary technology 
developers to derive appropriate solutions for 
these requirements. 

Minimising noise
Noise pollution is another important 
environmental factor that we take very 
seriously. We aim to provide helpful 
solutions to our customers, minimising the 
noise associated with producing power or 
air solutions. 

We have built a competitive advantage through 
a ﬂeet that minimises external noise. This is 
done through the use of custom-built acoustic 
enclosures as well as high performance 
isolation and attenuation systems. In addition, 
in designing a Power Solutions Utility site, we 
aim to position the equipment such that the 
noise it does produce has the least effect on 
the immediate environment.

Our equipment achieves noise performance 
standards that are within the maximum levels 
permitted by current European legislation. 

Waste and re-cycling
In the normal course of our business, we 
regularly have to replace consumables such 
as engine oil and ﬁlters. If these are not 
appropriately disposed of, they can cause 
environmental damage such as leakage into 
the ground water and contamination of the 
local water supplies. If left unattended they are 
also unsightly and typically not biodegradable. 
Therefore it is imperative that we remove and 
safely dispose of our waste products. 

These are normally returned to our service 
centres where they are safely disposed of, 
or re-cycled where appropriate. On our 
project sites we have procedures in place to 
collect waste on-site and then site-speciﬁc 
arrangements are made for the safe handling 
of these items. We commit to returning our 
project sites to the condition in which we 
found them, and therefore work very hard to 
minimise the impact we have.

To further reduce emissions-to-air for speciﬁc 
projects, we have developed an after-
treatment that can be applied to our existing 
ﬂeet at our customers’ request. In Japan we 
have used a special unit to reduce NOx by 
90%, in order to meet Japanese air quality 
standards. This technology can be readily 
applied globally as an operational bolt on to 
our standard equipment.

Refrigerant emissions
In accordance with the timelines set out 
by the Montreal protocol, Aggreko has 
phased out chloroﬂuorocarbon (CFC) 
plant from its temperature control rental 
ﬂeet and is in the process of phasing out 
hydrochloroﬂuorocarbon (HCFC) plant. 
Hydroﬂuorocarbon (HFC) product, the 
replacement for CFC and HCFC, is available 
across our full equipment range and has been 
adopted as standard for all new ﬂeet.

Pollution incidents
Aggreko and its customers handle a 
considerable quantity of diesel fuel and 
the occurrence of accidental fuel spills 
is an area that we monitor very closely. 
The management of pollution is extremely 
important to Aggreko, both from a safety 
and environmental perspective.

Our equipment is speciﬁcally designed to 
minimise the risk of ﬂuid spillage through 
features such as double-walled storage tanks 
and fail-safe valves. In the event of a fuel 
spill, corrective action is taken immediately 
to reduce any potential impact, with spill kits 
used by trained staff for small-scale spills 
and for large quantity spills the appointment 
of specialist contractors to assist with the 
collection of spilt ﬂuid and ground remediation. 
Following any instances, we review our 
processes and equipment to identify any 
potential improvements. 

Reporting of fuel spills is reviewed monthly by 
the Executive Committee. The performance 
measure used is the “Petroleum Release 
Rating” (PRR), which is calculated as follows:

PRR =

Litres of Diesel/Oil Spilt 
to Ground 
MW on Rent

PRR performance in 2015 was 0.17, which 
is a signiﬁcant improvement over our 2014 
performance and way ahead of our 2015 
target of 0.35.

Statement on United Nations Paris Conference
The United Nations Climate Change 
Conference held at the end of the year 
in Paris resulted in a global agreement to 
pursue efforts to limit the increase in global 
temperature to 1.5°C.

Overall in the energy sector the agreement 
will increase the emphasis on:

(cid:333)(cid:3) Reducing greenhouse gas emissions from 

burning fossil fuels by:

To support this most countries have already 
outlined how they propose to control 
their emissions of greenhouses gasses 
typically for the period up to 2030. For many 
developing countries the commitments made 
are conditional on receiving funding.

 – more efﬁcient generation 

and distribution;

 – the increased use of natural gas (that 
has a lower carbon ratio than diesel 
or coal);

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

51

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SOCIAL  
CONTRIBUTION

Context

Aggreko is fortunate to work in a 
wide variety of countries and our 
social contribution is one way of 
giving back to the community. It’s 
about supporting the communities 
in which we work, whilst being 
respectful of different cultures.

Our approach
Each year, Aggreko engages in a 
number of initiatives which give back 
to the communities in which we work. 
During 2015, Aggreko contributed to 
a range of charitable, community and 
disaster relief organisations. Our policy 
encourages employees to support local 
initiatives, particularly those relating to 
children’s welfare, education and social 
health projects, and is based on giving 
donations to many organisations which 
are involved with the communities in 
which we work.

Community investment
We actively engage in supporting the local 
communities we work in and we do this 
in a number of ways. We are proactive in 
recruiting locally from the community; for 
example, in Medan in Indonesia, 90% of the 
workforce is comprised of local Indonesian 
staff. We provide extensive on-the-job 
training for new recruits and give them the 
skills to become technicians. This beneﬁts 
the business as we are able to train people 
on our equipment. It also helps us build 
relationships in the local community which are 
very important when we might be operating a 
contract for a number of years. Our charitable 
donations are largely focused on the 
education and wellbeing of children. In 2015, 
we contributed to a school and a community 
health centre in the vicinity of our Cerro Azul 
site in Panama.

(cid:333)(cid:3) Renewables including solar, wind and 
biogas as part of the energy mix; and

(cid:333)(cid:3) Stopping highly polluting practices like 
ﬂaring gas and either processing the 
gas for general use or burning it in a 
controlled and therefore cleaner way to 
produce power.

There are likely to be some local legislation 
and incentives to drive these changes, but 
for many developing countries the priority will 
remain providing affordable power.

 
 
 
 
 
 
 
52 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

POWERING THE FUTURE OF
ROMANIAN OIL & GAS

1

CHALLENGE

2

SOLUTION

OMV Petrom is the largest oil and gas group 
in Eastern Europe. During the oil extraction 
process, associated gas is also produced and 
traditionally this is ﬂared as a waste product. 
In Romania, the Group faced environmental 
regulations around greenhouse gas emissions 
across its numerous remote sites and was 
therefore looking for a solution to minimise 
emissions and better exploit the available 
energy sources. 

In order to utilise the associated gas, Aggreko 
installed gas treatment skids which cleaned 
the gas by-product which was then used 
to power gas engines. The resulting excess 
power was then transferred into the national 
power grid enabling the customer to generate 
some additional income. 

Excess power 
is fed into the 
Romanian 
national grid

Aggreko provided  
25 generators

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

53

3

FUTURE

The project has helped to secure the oil 
production in mature-ﬁeld environments 
as a result of reducing operating costs. 
Furthermore, the signiﬁcant reduction in 
greenhouse gas emissions is beneﬁcial to us 
all and helps to protect our environment for 
future generations. 

54 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

A LETTER FROM OUR CHAIRMAN

 This year 

has been about re-organisation 
and creating a strong platform for 
sustainable profitable growth.

Ken Hanna

Chairman

Introduction
2015 has been a challenging year 
for Aggreko with the impact of low 
commodity prices, in particular oil, 
together with slower economic growth 
in many emerging markets resulting in a 
disappointing ﬁnancial performance for 
the Group. 

Board and People
As a result of the difﬁcult environment 
and our focus on efﬁciency, 
approximately 700 employees have 
left the Group. This was unfortunate 
but inevitable, given the impact of 
the external “macro” factors and the 
slowdown in our growth.

I am pleased that our new CEO, Chris 
Weston, has settled in well and despite 
the “macro headwinds”, has quickly 
learnt the business and decisively 
launched a new set of business 
priorities for Aggreko.

During the year, three Executive 
Directors left the business: 

Debajit Das, Regional Director 
Asia Paciﬁc and Australia left in 
October 2015;

PRIORITIES
OUR THREE 
PRIORITIES ARE 
DESIGNED TO 
DELIVER GROWTH 
AT ATTRACTIVE 
MARGINS 

Read more
 Page 4

The strategy review was an extremely 
comprehensive exercise led by 
Chris and the Executive team, 
supplemented by external resources. 
The Non-executive Directors were also 
heavily involved in the process and 
the new priorities were launched in 
August 2015.

As a consequence of our new priorities, 
we reorganised the Group from 
three regions (Americas, EMEA and 
Asia Paciﬁc and Australia) into two 
business units, Rental Solutions and 
Power Solutions. Rental Solutions, 
representing approximately 40% of 
Group revenues, is a transactional 
business operating in developed 
markets providing power to customers 
who need it quickly and typically for a 
short period of time. Power Solutions, 
representing approximately 60% of 
Group revenues, is predominantly 
a “projects” business operating in 
emerging markets providing power 
to customers with larger and more 
complex requirements, typically for 
longer periods. 

The strategic direction of the Group 
will not change dramatically; we will 
still be focused on providing modular, 
mobile power and related solutions 
anywhere in the world. However, 
we have recognised that Aggreko 
needed to evolve in order to maintain 
our clear, market-leading position and 
the increased focus on three priorities 
of our customers, our technology 
and our efﬁciency are designed to 
deliver growth at attractive margins 
and returns.

David Taylor-Smith, Regional Director 
EMEA left in August 2015; and

Asterios Satrazemis, President 
Americas left in December 2015.

Also during the year, Rebecca 
McDonald stepped down as a  
Non-executive Director after serving 
a three-year term. 

I would like to thank all four ex-
colleagues for their service and 
contribution to Aggreko and to wish 
them well.

Bruce Pool, who has been with 
Aggreko in a number of roles over 
17 years, was appointed President 
Rental Solutions in December 
2015 and Nicolas Fournier, who 
brings over 25 years of international 
experience including many years with 
the Lafarge Group, was appointed 
Managing Director Power Solutions 
in November 2015. 

Following the reorganisation of the 
Group into two business units, we 
considered what implications this 
should have for the structure and 
composition of the Board. 

After careful consideration, the Board 
decided that it was not necessary for 
the heads of the two new business 
units to be members of the Board. 
We do however believe that it is 
important for the Board to interact with 
the heads of the Rental Solutions and 
Power Solutions businesses and they 
will regularly attend Board meetings.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

55

OUR PEOPLE
IN A SERVICE BUSINESS SUCH AS AGGREKO, IT IS THE 
ATTITUDE, SKILL AND MOTIVATION OF OUR STAFF WHICH 
MAKES THE DIFFERENCE BETWEEN MEDIOCRE AND 
EXCELLENT PERFORMANCE.

Read more about our people

 Page 19

COMPLIANCE WITH THE UK 
CORPORATE GOVERNANCE CODE

Aggreko is committed to maintaining high 
standards of corporate governance; it is the way 
we do business and it is at the core of everything 
we do. Summarised below and explained in detail 
throughout this report we have described the key 
elements which we believe are essential for good 
corporate governance. We follow the UK Corporate 
Governance Code (the “Code”), as published by the 
Financial Reporting Council in September 2014 and 
are pleased to report that Aggreko has complied 
in full with all relevant provisions of the Code 
throughout the year.

Leadership
Your Board rigorously challenge strategy, performance, 
responsibility and accountability to ensure that every 
decision we make is of the highest quality.

Read more about our leadership on

 Page 59

Effectiveness
Your Board continuously evaluates the balance of skills, 
experience, knowledge and independence of the Directors. 
We ensure that all new Directors receive a tailored induction 
programme and we scrutinise our performance in an annual 
effectiveness review. 

Read more about our effectiveness on

 Page 64

Accountability
All of our decisions are discussed within the context of 
the risks involved. Effective risk management is central to 
achieving our strategic objectives.

Read more about our accountability on

 Page 66

Relations with Shareholders
Maintaining strong relationships with our Shareholders, 
both private and institutional, is crucial to achieving our 
aims. We hold events throughout the year to maintain 
an open dialogue with our investors.

Read more about Shareholders’ relations on

 Page 68

Remuneration
Having a formal and transparent procedure for developing 
policy on remuneration for Executive Directors is crucial. 
Our remuneration policy aims to attract, retain and motivate 
by linking reward to performance.

Read more about our remuneration on

 Page 78

In February 2016 we were delighted 
to appoint Dame Nicola Brewer as 
a Non-executive Director. Nicola is 
currently Vice Provost of University 
College London and has previous 
extensive geopolitical and diplomatic 
experience in a number of roles in 
the UK Foreign and Commonwealth 
Ofﬁce. She has worked all over the 
world and her experience in Africa, 
South America, Middle East and India 
will be of great beneﬁt to Aggreko. 
Nicola will also join the Ethics and 
Nomination Committees. 

Board evaluation
This year, we conducted an external 
Board evaluation and whilst the 
review concluded that the Board was 
performing effectively there were three 
areas that were identiﬁed for increased 
Board focus and attention. More time 
will be allocated in the Board agenda 
for a more comprehensive review of our 
competitors and the market landscape, 
succession planning and talent 
management and a deeper discussion 
on risk and control.

Dividend
The Board is pleased to recommend 
a ﬁnal dividend for the year ended 
31 December 2015 of 17.74 pence 
(2014: 17.74 pence). When added to 
the interim dividend of 9.38 pence this 
results in a full year dividend of 27.12 
pence (2014: 27.12 pence).

Looking ahead
The market for our products and 
services remains large and the global 
“power gap” is forecast to increase. 
However, there is no doubt that 
signiﬁcant external factors are currently 
impacting our customers’ ability to 
invest in our solution. We are however 
fully committed to our business 
priorities and will continue to invest in 
our people to be in a position to take 
advantage of market opportunities.

Finally, I would like to thank our 
employees for all of their hard work 
during 2015.

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56 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

OUR BOARD

Ken Hanna
Chairman

Appointed: 
Non-executive Director in 
October 2010 and Chairman 
in April 2012. 

Chris Weston
Chief Executive Ofﬁcer

Appointed: 
January 2015. 

Experience
Ken has international experience, bringing ﬁnancial and leadership expertise to 
Aggreko. He possesses knowledge of many different business sectors and is an 
experienced senior executive and leader, promoting robust debate and a culture 
of openness in the Boardroom.

Ken is also currently Chairman of Inchcape Plc and Chairman of Shooting Star 
CHASE Charity. Until 2009, Ken spent ﬁve years as Chief Financial Ofﬁcer of 
Cadbury Plc. He has also held positions as Operating Partner for Compass 
Partners, Group Chief Executive at Dalgety Plc, Group Finance Director of 
United Distillers Plc and Group Finance Director of Avis Europe Plc.

Experience
Chris has experience at a senior level in the energy industry, proven leadership 
skills in a large international business and has consistently succeeded in driving 
performance and growth in his career.

Prior to his appointment as Chief Executive Ofﬁcer in January 2015, Chris was 
Managing Director, International Downstream at Centrica plc, where he was the 
Executive Director responsible for the Group’s largest division. In this role Chris 
was operationally responsible for both British Gas in the UK and Direct Energy 
in the USA. He joined Centrica in 2001 after a successful career in the telecoms 
industry, working for both Cable & Wireless and One.Tel. Before that, Chris 
served in the Royal Artillery. He has a BSc in Applied Science, as well as an 
MBA and PhD from Imperial College London.

Carole Cran
Chief Financial Ofﬁcer

Appointed: 
June 2014.

Russell King
Senior Independent Director

Appointed: 
Non-executive Director in 
February 2009 and Senior 
Independent Director in 
April 2014.

Experience
Carole has corporate ﬁnance and accounting experience acquired over a 
number of years in senior ﬁnancial roles with considerable exposure to emerging 
markets. Carole was appointed to the Board as Chief Financial Ofﬁcer on 1 June 
2014, following her appointment as Interim Chief Financial Ofﬁcer on 24 April 
2014. Having joined Aggreko in 2004, her previous roles include Group Financial 
Controller and Director of Finance. A key member of the senior management 
team, Carole has worked to align ﬁnancial strategies with the strategic direction 
of the business. Carole was also appointed as a Non-executive Director of 
Halma plc on 1 January 2016.

Prior to joining Aggreko, Carole spent seven years at BAE Systems, in a range 
of senior ﬁnancial positions, including four years in Australia. Carole is also a 
chartered accountant, having trained at KPMG whilst working in their audit 
divisions in the UK and Australia.

Experience
Russell brings international experience, acquired across a number of sectors 
including mining and chemicals, together with strong experience in strategy. 

An experienced Non-executive Director, Russell currently sits on the boards 
of Spectris Plc as Senior Independent Director and Remuneration Committee 
Chairman and Interserve plc as Senior Independent Director. He is Chairman 
of Hummingbird Resources plc and Sepura plc. He is also a senior adviser to 
Heidrick & Struggles and is a member of the Investment Association’s Executive 
Remuneration Working Group. Prior to this, Russell spent eight years at Anglo 
American Plc, latterly as Chief Strategy Ofﬁcer and spent 20 years in senior roles 
at ICI.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

57

Key to committee membership

Audit

Ethics

Nomination

Remuneration

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Uwe Krueger
Non-executive Director

Appointed: 
February 2015.

Diana Layﬁeld
Non-executive Director

Appointed: 
May 2012.

Experience
Uwe brings expertise of the engineering, services and renewable energy 
sectors. He is a physicist with a PhD and an honorary professorship from the 
University of Frankfurt and an honorary PhD from Heriot-Watt University. Most of 
his career has been spent leading engineering and consulting organisations. 

Uwe is currently Chief Executive Ofﬁcer of WS Atkins plc. He also sits on the 
boards of SUSI Partners AG and Ontex S.A. and lectures at the University of 
Frankfurt on renewable energy. Before joining WS Atkins plc, Uwe was Chief 
Executive Ofﬁcer of Oerlikon, Senior Advisor at Texas Paciﬁc Group, President 
of Cleantech Switzerland, and held various senior leadership positions at 
Hochtief AG. 

Experience
Diana brings extensive international experience and detailed understanding of 
how to operate successfully across emerging markets, particularly in Africa and 
Asia. She also brings experience in sales, technology and strategy.

Diana was formerly Chief Executive, Africa Region for Standard Chartered Plc. 
Previous positions held over 11 years at Standard Chartered include: Chief 
Operating Ofﬁcer for the Wholesale Bank; Group Head of Strategy & Corporate 
Development; and Global Head of Corporate Clients. Prior to Standard 
Chartered, Diana was Chief Executive Ofﬁcer of Finexia Ltd, a technology ﬁrm, 
and spent ﬁve years with McKinsey & Co, an international strategy consulting 
ﬁrm. Diana has a BA from the University of Oxford and a Master’s degree in 
International Economics and Public Administration from Harvard University.

Ian Marchant
Non-executive Director

Appointed: 
November 2013.

Robert MacLeod
Non-executive Director

Appointed: 
September 2007.

Experience
Ian brings knowledge of the domestic and international energy markets, along 
with a substantial understanding of associated strategic, ﬁnancial and regulatory 
issues. Until his retirement in June 2013, Ian spent 21 years at SSE Plc, most 
recently as Chief Executive, and prior to that as Finance Director.

Experience
Robert has corporate ﬁnance, accounting and industrial experience acquired 
over a number of years in senior ﬁnancial roles across the international 
engineering and chemicals sectors; he also has a detailed understanding of 
strategy and business development.

Ian is an experienced Non-executive Director, currently serving as Chairman 
of John Wood Group Plc and former Chairman of Inﬁnis Energy Plc. He is also 
Chairman of Maggies Cancer Charity, a Member of the Prince’s Council of the 
Duchy of Cornwall and former Chairman of Scotland’s 2020 Climate Group.

Dame Nicola Brewer
Non-executive Director

Appointed: 
February 2016.

Experience
Nicola Brewer brings extensive geo-political and diplomatic experience to 
Aggreko, having worked in many of the developing regions in which we 
operate, including Latin America, Asia and Africa. Nicola was a senior diplomat 
at the UK Foreign and Commonwealth Ofﬁce (FCO) and from 2009 to 2013 
was High Commissioner to South Africa, Lesotho and Swaziland. Her FCO 
postings also included Mexico and India. She has served as Director General 
at the Department for International Development where she supervised all UK 
overseas bilateral aid programmes in Africa, Asia, Eastern Europe, the Middle 
East and Latin America. She was also Director General for Europe and on the 
Management Board at the FCO. She is currently the Vice Provost International 
at University College London.

Robert was appointed as Chief Executive of Johnson Matthey Plc in June 2014, 
having served as Group Finance Director for ﬁve years. Prior to this, Robert 
served ﬁve years as Group Finance Director for WS Atkins Plc and one year 
as Group Financial Controller, having previously worked in a variety of senior 
ﬁnancial roles at Enterprise Oil Plc. Robert is also a chartered accountant, 
having trained at KPMG.

Robert will retire as Non-executive Director with effect from the close of 
the 2016 AGM.

Company Secretary

Peter Kennerley
Appointed: 
October 2008.

Peter is our Group Legal Director & Company Secretary.  
Further details appear on page 58.

Other Directors who served during 2015

Debajit Das
Regional Director APAC until 
1 August 2015 and Interim Managing 
Director, Asia until 15 October 2015

David Taylor-Smith
Regional Director EMEA until 
1 August 2015 

Asterios Satrazemis
President, Americas until 1 August 
2015 and President, Rental Solutions 
until 17 December 2015

Rebecca McDonald
Non-executive Director until 
1 December 2015

 
 
 
 
 
 
 
58 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

OUR EXECUTIVE COMMITTEE

 The 

Executive Committee operates 
under the direction and 
authority of the Chief Executive 
Ofﬁcer; it is responsible for 
supporting him in all aspects 
of his role. The Executive 
Committee members have also 
been assigned responsibility 
for each of the principal risks 
and uncertainties outlined 
in the Strategic Report. 
We have decided to introduce 
our Executive Committee 
members in the corporate 
governance report as they 
have played a key role in the 
strategic review undertaken 
this year. The Executive 
Committee also sponsor and 
have overall accountability for 
delivering against the initiatives 
designed to underpin the new 
business priorities of customer, 
technology and efﬁciency 
to enhance our existing 
competitive advantages. 

From left to right:
Tom Armstrong,  
Bruce Pool,  
Nicolas Fournier, 
Chris Weston,  
Carole Cran, 
Volker Schulte, 
Peter Kennerley

Chris Weston
Chief Executive  
Ofﬁcer

Carole Cran
Chief Financial  
Ofﬁcer

Appointed: January 2015.
Tenure with Aggreko: 1 year.

Appointed: June 2014. 
Tenure with Aggreko: 11 years.

Full biography appears on

Full biography appears on

 Page 56

 Page 56

Nicolas Fournier
Managing Director, 
Power Solutions

Appointed: November 2015.
Tenure with Aggreko: less than 
1 year. 

Nicolas has responsibility for the 
leadership of the Power Solutions 
business and overseeing the 
delivery of our new business 
priorities (customer, efﬁciency and 
technology) within Power Solutions. 
The Power Solutions business is 
our Power Projects business and 
our local businesses in developing 
markets: Latin America, Africa, 
Middle East, Russia, Caspian 
and Asia.

Bruce Pool
President, Rental Solutions

Appointed: December 2015.
Tenure with Aggreko: 17 years. 

Bruce has responsibility for the 
leadership of the Rental Solutions 
business, the Global Events team 
and Group Sales & Marketing. He is 
also responsible for overseeing 
the delivery of our new business 
priorities in relation to customer and 
efﬁciency within Rental Solutions. 
The Rental Solutions business is 
our local businesses in developed 
markets: North America, Europe 
and Australia Paciﬁc.

Tom Armstrong
Chief Information 
Ofﬁcer (CIO) and Group 
Programme Director

Appointed: CIO August 2001 
and Group Programme Director 
August 2015.
Tenure with Aggreko: 14 years. 

Tom has responsibility for the 
implementation of our new business 
priorities (customer, technology 
and efﬁciency) programme 
designed to enhance our 
competitive advantage and deliver 
sustainable growth. Tom is also 
responsible for our IT infrastructure, 
cyber security and the Programme 
Management Ofﬁce (PMO).

Peter Kennerley
Group Legal Director & 
Company Secretary

Volker Schulte
Group Manufacturing and 
Technology Director

Appointed: October 2008. 
Tenure with Aggreko: 7 years. 

Peter has overall responsibility for 
the management of legal and ethical 
risk and for supporting the Board in 
setting and maintaining standards 
of corporate governance.

Appointed: August 2015. 
Tenure with Aggreko: less than 
1 year. 

Volker is responsible for building on 
our current engineering capability 
in Dumbarton and focusing on 
enhancing our product strategy, 
product development and product 
management with the objective of 
delivering market leading products 
to our customers.

Group Human 
Resources Director

The Executive Committee also 
includes the role of Group HR 
Director, with responsibility for 
Human Resources and Internal 
Communications. This role is 
currently vacant with a new 
appointee set to take up the 
position in mid 2016.

LEADERSHIP

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

59

Diversity metrics as at 31 December 2015

Executive/Independent Non-executive  
composition of Board

Executive
Non-executive* 

No.

2
5

%

29%
71%

*  As required by Code provision B.1.2, this 
calculation excludes the Chairman when 
looking at the independent Non-executive 
composition of the Board

Building the pipeline for Board diversity

Gender of senior management*

Male
Female

No.

51
14

%

78%
22%

*  We have selected the composition of our Senior 
Leadership Team as we believe this to be a 
better reﬂection of our senior management 
structure than the composition of our subsidiary 
companies, which is made up of 84 males 
and ﬁve females. The Senior Leadership Team 
is made up of direct reports of the Executive 
Committee and other key roles.

Gender of Board

Gender of permanent employees*

Male
Female

No.

6
2

%

75%
25%

Tenure of Non-executive Directors

Nationality diversity

0-3 years
3-6 years
6-9 years

No.

2
1
2

%

40%
20%
40%

Male
Female

No.

5,055
960

%

84%
16%

*  There are 102 nationalities across Aggreko’s 

permanent employees.

European (inc Russia)
Latin American
North American
Asian
African
Australian
Middle Eastern

%

26%
21%
19%
18%
11%
4%
1%

Sector experience of Board

Energy

Rental

Finance

Engineering

75%

13%

International

63%

25%

100%

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How we divide up our responsibilities

Chairman 

Responsible for leading the Board, its effectiveness and governance. Setting the agenda to take full account of the issues 
and concerns of the Directors and ensuring the links between the Shareholders, Board and management are strong. 

Chief Executive Ofﬁcer

Responsible for the day-to-day leadership, management and control of the Group, for recommending the Group strategy 
to the Board and ensuring that the strategy and decisions of the Board are implemented via the Executive Committee. 

Chief Financial Ofﬁcer

Responsible for the day-to-day management of the ﬁnancial risk of the Group and providing general support to the Chief 
Executive Ofﬁcer including the operational performance of the business.

Senior Independent 
Director

Provides a sounding board for the Chairman, acts as an intermediary for the other Directors when necessary and is 
available to meet with Shareholders. 

Independent Non-
executive Directors

Company Secretary

Constructively challenge the Directors and monitor the delivery of the Group strategy within the risk and control 
environment set by the Board. 

Supports the Chairman and Chief Executive Ofﬁcer and is available to all Directors for advice and support. Informs the 
Board and Committees on governance matters and responsible for development of corporate governance policies. 

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60 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

LEADERSHIP

Role of the Board and Committees

The Board is responsible for the long-term success of the Group. 
It sets our strategy and oversees its implementation, ensuring decisions 
made reﬂect our risk appetite. It provides leadership and direction and 
has responsibility for corporate governance and the overall ﬁnancial 
performance of the Group. The Board is supported in this role by its 
principal committees, outlined in the table below. 

To retain control of key decisions, the Board has a schedule of matters 
reserved for the Board that only it can approve, with other matters, 
responsibilities and authorities delegated to its Committees.

Read our schedule of matters reserved for the Board:
www.aggreko.com/pdf/matters_reserved_for_the_board.pdf

Board

Audit  
Committee
Monitors and reviews the 
integrity of Aggreko’s ﬁnancial 
statements, the relationship 
with the external auditor and 
oversight of our systems 
for internal control and risk 
management.

Remuneration 
Committee
Determines the remuneration 
for Executive Directors 
and the Executive 
Committee members and 
oversees Aggreko’s overall 
remuneration policy, strategy 
and implementation.

Nomination  
Committee
Monitors and reviews 
the composition and 
balance of the Board 
and its Committees to 
ensure Aggreko has the 
right structure, skills and 
experience in place for the 
effective management of the 
Group.

Ethics  
Committee
Monitors compliance and 
oversees the effectiveness 
of our ethical policies and 
procedures to ensure 
that Aggreko conducts its 
business with integrity and 
honesty and in accordance 
with the law.

Committee report

 Page 70

Committee report

 Page 78

Committee report

 Page 76

Committee report

 Page 74

CEO

Executive Committee
Operates under the direction 
and authority of the CEO. It 
is responsible for supporting 
the CEO in all aspects of his 
role. The Executive Committee 
also sponsors and has overall 
accountability for delivering 
against the initiatives designed 
to underpin the new business 
priorities and enhance our 
existing competitive advantages.

Disclosure Committee
Supports the Board in 
approving the ﬁnal form of any 
announcement or statement 
relating to the performance of 
the Group.

Finance Committee
Responsible for funding and 
treasury decisions.

Allotment Committee
Responsible for decisions 
regarding the allotment of 
shares.

Key to Committees

Non-Board

Board

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

61

Board meetings in 2015

Jan 15

Feb 15

Mar 15

Apr 15

May 15

Jun 15

Jul 15

Aug 15

Sep 15

Oct 15

Nov 15

Dec 15

Board meetings

In 2015, the Board held six scheduled meetings. At each meeting the Board received reports from: 
(cid:333)(cid:3) The CEO on strategic, operational and business developments and health and safety;
(cid:333)(cid:3) The CFO on the performance of the business, capital structure, ﬂeet, budget, treasury and investor relations; and
(cid:333)(cid:3) Each of the Board Committees on matters discussed at their meetings. 
The Board also received reports on our ethics compliance framework and new technology and product updates.

In addition to the regular items, the key areas of focus were: 

Topic

Strategy

Activity/Discussion Actions arising

Progress

Undertake a review 
to analyse the full 
sustainable potential 
for the Aggreko 
business and the 
operating model 
required to deliver 
that potential.

Review was sponsored by the 
CEO, with the support of the 
Executive Committee.

An external adviser was appointed 
to provide analytical support.

A number of workshops were held 
with the Executive Committee and 
a working session with the Senior 
Leadership Team to examine our 
markets, customers, technology, 
competition, operating model, 
cost base, our people and culture.

Agreed three business priorities to deliver sustainable growth: 
customer, technology and efﬁciency. 

Agreed a number of initiatives to underpin the business priorities 
and enhance our existing competitive advantages.

Approved the reorganisation of the business from the regional 
model of Americas, APAC and EMEA to two business units: 
Power Solutions and Rental Solutions.

Appointed a Group Programme Director to lead the Programme 
Management Ofﬁce, to drive delivery of the initiatives underpinning 
the business priorities, provide challenge, assurance, risk 
management and regular reports to the Board on progress.

Monitor opportunities 
for acquisitions.

Reviewed a number of opportunities 
in 2015.

Acquired ICS Group Inc (independent provider of portable climate 
control services in Canada) in September 2015.

Read more about our business priorities

 Page 22

Risk 
management 
and internal 
control

Review the Group risk 
register, risk appetite 
and effectiveness of 
the risk management 
process to ensure we 
have a robust, repeatable 
risk management 
framework which 
delivers an effective 
and efﬁcient approach 
to risk management and 
positively contributes to 
effective decision making 
and business growth.

Clearly articulate our risk appetite, 
review the risk management 
framework, review and update our 
approach to identify and manage 
principal risks.

Deﬁned our risk appetite and agreed a new risk management 
framework, taking account of the new UK Corporate Governance 
Code requirements.

Revised management tool to capture, assess and proactively 
manage the risks facing Aggreko.

Group risk register substantially updated to reﬂect our new 
organisational structure and business priorities.

Robust assessment of our principal risks, risk management 
framework and internal control systems undertaken across 
the year.

Agreed to continue to monitor best practice and reﬁne the risk 
management framework as appropriate.

Read more about our risk management process and principal risks

 Page 26

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62 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

LEADERSHIP

Topic

Activity/Discussion Actions arising

Progress

Leadership and 
employees

Review composition of 
Board and Committees 
to maintain balance 
throughout the review 
of our business priorities. 

The reorganisation of the business 
required a number of changes 
to the structure of our Board and 
Executive Committee.

Initiated a search for a candidate to 
ﬁll the permanent role of Managing 
Director, Power Solutions.

Approved the appointment of Bruce Pool as President, 
Rental Solutions.

Approved the appointment of Nicolas Fournier as Managing 
Director, Power Solutions. 

Discussed employee 
engagement, 
organisational culture 
and structure.

Ensure continued employee 
engagement throughout the 
review of business priorities.

Increased number of PULSE employee surveys to monitor the 
impact of the reorganisation on our employees.

Senior Leadership Team established to feed into review of 
business priorities and improve cascade of communications 
to employees. 

Ongoing training 
and development for 
Board members.

Encourage interaction between 
Board members and employees 
across the Group.

Board visits to Singapore head ofﬁce, Singapore site, Medan site 
in Indonesia and Manufacturing facility in Dumbarton.

Inductions completed by end of Q2 2015.

Read more about our new appointments

Read more about our visit to Singapore

Inductions for new Directors: 
Chris Weston and Uwe Krueger.

 Page 54

Governance 

Discussed format 
for Board evaluation 
in 2015.

Discussed impact 
of the new Market 
Abuse Regulation.

Oversaw external 
audit tender process 
conducted by the 
Audit Committee.

 Page 63

Appointed an external facilitator, 
Boardroom Review, for the 2015 
Board evaluation, discussed the 
outcome of the process and 
reviewed progress against Board 
evaluation actions for 2015.

Ensure existing policies and 
procedures are in line with best 
practice and prepare for regulatory 
changes in 2016.

Implemented all of the action points for 2015 identiﬁed as part 
of our internal evaluation in 2014 and all of the key priorities for 
2015 identiﬁed in our 2014 Annual Report.

Agreed 2016 action plan for the Board. 

Refreshed training for Persons Discharging Managerial 
Responsibilities on their obligations under the existing regime 
and likely impact of the Market Abuse Regulation.

Adopted new share dealing code for employees and procedures 
for listing rules compliance.

Reviewed the recommendations 
made by the Audit Committee.

Appointed new external auditor (KPMG), subject to Shareholder 
approval at our 2016 AGM.

Read more about our Board evaluation

 Page 64

Shareholders

Strong engagement 
with stakeholders 
and investors.

Actively support engagement 
opportunities and understand 
investor views.

Provided a detailed update to the market, Shareholders and 
analysts on the reorganisation and business priorities.

As well as reviewing regular feedback on the updates provided to 
the market and investor roadshows, we have also commissioned 
an investor audit to gather detailed feedback from our 
Shareholders, the results of which will be reviewed in early 2016.

Complete the return 
of capital.

Following Shareholder approval at 
the 2015 AGM, make a second offer 
to purchase B Shares. 

Following completion of the second purchase of B Shares, 
approved the conversion of any remaining B Shares to 
Ordinary Shares.

Read more about our shareholder engagement programme

 Page 68

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

63

GOVERNANCE IN ACTION:  
BOARD MEETING IN SINGAPORE, JUNE 2015

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The Board visiting 
a 40MW diesel 
Power Solutions site 
in Medan, Indonesia, 
June 2015.

Site visits give the Board key 
insights into the business; at least 
one meeting each year is held 
at a location outside London or 
Glasgow to give the Directors an 
opportunity to review operations 
and meet local employees.

In June 2015, the Board met in 
Singapore, the head ofﬁce location 
for our Asia business. During their visit 
the Directors received presentations 
from the Asia Paciﬁc leadership team, 
hosted a dinner with the Asia Paciﬁc 
leadership team to give the Board 
the opportunity to engage with those 
individuals informally and received a 
guided tour of the Singapore facility. 
This is our largest depot in Asia and the 
supply chain hub for Asia, supporting 
all of our Power Solutions sites and 
depots for parts and inventory. It is also 
a dedicated training centre for Asia 
with facilities for both technical and soft 
skills training. The Board also spent 
time with the operations team, learning 
about how they develop the capability 
of their people, operations processes 
and the efﬁciency management 
processes in place for the warehouse 
and ﬂeet to maximise utilisation and 
minimise inventory.

The trip concluded with a visit to 
our 40MW diesel site in Medan, 
Indonesia. The Board learnt about the 
management of the site, the on-site 
project undertaken to convert from 
standard G3 diesel engines to higher 
efﬁciency G3+ diesel engines and 
the process to train and employ local 
Indonesian staff resulting in 90% of the 
site being operated by local Indonesian 
staff. The Board also met the local 
Indonesian team and the customers for 
the Medan site.

Key priorities for 2016

(cid:333)(cid:3) Closely monitor the work of the Programme Management Ofﬁce to ensure 

the initiatives underpinning the business priorities are delivered on time and in 
accordance with the plan.

(cid:333)(cid:3) Review and approve succession plans and talent management to take 
account of the reorganisation to Power Solutions and Rental Solutions.

(cid:333)(cid:3) Implement the key recommendations of the externally facilitated 

Board evaluation.

(cid:333)(cid:3) Plan a Board visit to the Rental Solutions business in North America to review 
the North American business and engage with local employees. We will report 
on this in our 2016 Annual Report.

Board attendance in 2015

Name of Director

Ken Hanna
Chris Weston
Carole Cran
Debajit Das1 
Asterios Satrazemis2
David Taylor-Smith3
Russell King
Uwe Krueger4
Diana Layﬁeld
Robert MacLeod
Ian Marchant
Rebecca McDonald5

Board 
meetings

Percentage 
attended

A

6
6
6
5
6
3
6
6
6
6
6
5

B

6
6
6
5
6
3
6
5
6
6
6
5

100%
100%
100%
100%
100%
100%
100%
83%
100%
100%
100%
100%

A – maximum number of meetings Director could have attended.
B – actual number of meetings Director attended.

1  Debajit Das retired from the Board on 15 October 2015.
2  Asterios Satrazemis retired from the Board on 17 December 2015.
3  David Taylor-Smith retired from the Board on 1 August 2015.
4  Uwe Krueger joined the Board on 1 February 2015 and had a pre-existing commitment for the June meeting.
5  Rebecca McDonald retired from the Board on 1 December 2015.

 
 
 
 
 
 
 
 
64 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

EFFECTIVENESS

GOVERNANCE IN ACTION:  
BOARD VISIT TO  
MANUFACTURING

INDUCTION, DEVELOPMENT 
AND SUPPORT

 We make 

sure that all new Directors receive a 
full, formal and tailored induction on 
joining the Board. We also plan our Board 
calendar to ensure that Directors are 
able to visit different business locations 
and are briefed on a wide range of topics 
throughout the year. These topics range 
from those with particular relevance 
for our business, such as world energy 
demand, to more general matters such as 
developments in corporate governance. 
We recognise that our Directors have 
a diverse range of experience, and so 
we encourage them to attend external 
seminars and brieﬁngs that will assist 
them individually. 

The Board at our 
Manufacturing 
facility in Dumbarton, 
Scotland, April 2015.

Whilst the Board was in Scotland for the AGM in April 2015, 
they took the opportunity to visit our manufacturing facility in 
Dumbarton. As part of the tour the Board attended a number 
of workshops, run by the relevant manufacturing manager. 
The workshops included: health and safety, development of 
a new gas generator, manufacturing developments in 2015, 
future capability and the apprentice programme, where they 
also met a number of current apprentices.

Typical induction programme for  
a Non-executive Director
Our induction programme aims to give new Non-executive Directors a 
thorough grounding in Aggreko’s business and a clear understanding 
of their roles and responsibilities. Each newly appointed Director will 
spend time with the Company Secretary to ensure an understanding 
of directors’ duties, conﬂicts of interest, corporate governance, Board 
procedures, Group policies and the use of our electronic Board packs.

Whilst we do take into account the Directors’ background and 
experience, the induction programme will include a broad introduction 
to our business, on a Group and business unit basis, and areas of 
signiﬁcant risk. Key elements include meeting the Executive Directors, 
senior management in the Group and senior management within 
the business units and visiting our main sites for brieﬁngs on Group 
strategy and the business units. We also arrange for new Non-
executive Directors to meet the External Audit Partner.

This year’s Board evaluation exercise
In line with the UK Corporate Governance Code, we undertake a formal 
and rigorous annual evaluation of our own performance and that of our 
Committees and Directors each year. The evaluation is required to be 
externally facilitated at least every three years. Aggreko’s last externally 
facilitated evaluation took place in 2011, and so we were due another 
one in 2014. However, the Board agreed to postpone the externally 
facilitated evaluation until Autumn 2015, principally as a result of the 
signiﬁcant changes to the Board composition. 

In August 2015, we appointed Dr Tracy Long of Boardroom Review 
Limited to facilitate our 2015 Board evaluation in line with the UK 
Corporate Governance Code. Neither Dr Tracy Long nor Boardroom 
Review Limited has any other connection with Aggreko.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

65

Board evaluation framework

STEP ONE

ONE

Brieﬁng and preparation

(cid:333)(cid:3) The Chairman prepared a comprehensive brief 

(cid:333)(cid:3) The Company Secretary provided copies of 

for Dr Long.

governance materials: policies; Board papers; 
minutes, etc. for review. 

STEP TWO

TWO

Interviews and observation

(cid:333)(cid:3) Dr Long conducted individual interviews 
with each member of the Board and the 
Company Secretary. 

(cid:333)(cid:3) Dr Long attended the October Board meeting 

as an observer.

THREE

STEP THREE

Presentation of ﬁndings 
and discussion

(cid:333)(cid:3) Dr Long prepared a draft discussion 

(cid:333)(cid:3) Dr Long then discussed the document with 

document, identifying strengths, challenges 
and recommendations in the areas of:

 – Strategy;

 – Risk and control;

 – People;

each member of the Board.

(cid:333)(cid:3) Dr Long then presented her ﬁndings at the 

December Board meeting.

(cid:333)(cid:3) The Chairman led a discussion of those 

ﬁndings, and of the views of Directors generally.

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FOUR

Conclusion and actions

 – Board contribution (Chairman, CEO and 

culture); and

 – Board basics (agendas and information).

The main conclusions we drew from the external 
ﬁndings and our internal discussion were that: we 
made efﬁcient use of time; there was an open and 
uninhibited culture and we paid attention to the 
right issues. But there were a number of areas 
where the Board could increase its effectiveness 
and improve the quality of debate and decision 
making. In line with our strategic priorities, we 
agreed we should focus on three main areas: 

(cid:333)(cid:3) Strategic Issues (including competitive and 

market landscape);

(cid:333)(cid:3) Risk and Control; and

(cid:333)(cid:3) Succession and Talent Management.

In addition, there were a series of 
recommendations of a more “housekeeping” 
nature designed to improve Board logistics 
and basics. 

At our March 2016 Board meetings we agreed 
the following priorities for 2016:

Strategic Issues (including 
competitiveness and market landscape)
(cid:333)(cid:3) A comprehensive Strategy update to 

include a review of our major customers 
and competitors.

(cid:333)(cid:3) A regular review of the technology aspects of 

the strategic landscape.

(cid:333)(cid:3) Development of strategic KPIs to report our 
progress against our business priorities.

Risk and Control
(cid:333)(cid:3) Establish a Risk Committee as a sub-

committee of the Executive Committee, chaired 
by Carole Cran, the Chief Financial Ofﬁcer.

(cid:333)(cid:3) Clarify internal responsibility for Risk processes 

under the Group Treasurer.

(cid:333)(cid:3) Continue to review the Risk Register twice 

each year.

Succession and Talent Management
(cid:333)(cid:3) Annual review of Executive Committee 
succession and succession and talent 
management for the Senior Leadership.

(cid:333)(cid:3) Continue to encourage the Board to attend 

events and visit locations in order to meet other 
members of the Senior Leadership Team.

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66 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ACCOUNTABILITY

RISK MANAGEMENT AND 
INTERNAL CONTROL

 The Board 

is responsible for the Group’s 
risk management framework 
and internal control systems. 
The Group operates deﬁned 
internal control systems 
across ﬁnance, operations and 
compliance, with key controls 
identiﬁed and assessed across 
the year. Whilst predominantly 
conducted by Group Internal 
Audit, internal control teams 
operate within the business 
to monitor and assess the 
effective operation of these 
controls. The Board, via the Audit 
Committee, monitors the internal 
control systems on an ongoing 
basis. The process is designed 
to manage rather than eliminate 
risk, and can only provide 
reasonable and not absolute 
assurance against material 
misstatement or loss. 

A full review of the risk register and resulting 
principal risks was completed during June and 
July 2015 for our half year reporting. This exercise 
continued following the announcement of our 
reorganisation to Power Solutions and Rental 
Solutions and was applied again at the year end. 
Details of the process the Board has in place to 
identify, evaluate and manage signiﬁcant risks 
faced by the Group can be found in the risk 
section of the Strategic Report. This process 
has been in place for the period under review 
and up to the date of approval of the Annual 
Report and Accounts. In addition, we monitor the 
effectiveness of the risk management framework 
and internal control systems on an ongoing 
basis. No signiﬁcant failings or weaknesses have 
been identiﬁed. Further detail on the process 
for ﬁnancial controls can be found in the Audit 
Committee Report.

Read about our risk assessment process, risk appetite 
statement, principal risks and viability statement

 Page 26

Read more in our Audit Committee report

 Page 70

In 2015, the Board, with the support of the Audit 
Committee and Group Internal Audit, reviewed 
and updated our approach to identifying and 
managing principal risks. The objective in 
improving our risk management framework 
was to provide the Board, Audit Committee 
and Executive Committee with a more useful 
management tool to capture, assess and 
proactively manage the risks we face. The review 
also ensured that we would be able to comply 
with the new requirement in the UK Corporate 
Governance Code for a viability statement, which 
requires an interconnected approach, taking 
account of our business model and strategy, 
ensuring that they are aligned with our risk 
appetite, our supporting risk framework and 
controls to mitigate risk.

Risk appetite: 
As part of the review of our risk management 
framework, we developed our approach to risk 
appetite in line with the UK Corporate Governance 
Code. By articulating the type and level of risk 
we are willing to take in order to achieve our 
strategic objectives, we aim to support consistent, 
risk-informed decision making across the Group. 
In order to deﬁne our risk appetite, Group 
Internal Audit held a number of sessions with the 
Executive Committee, before presenting a risk 
appetite statement to the Board for approval in 
December 2015. 

Once approved, our risk appetite was 
incorporated into the overall risk management 
framework and used to monitor business activities 
and decision-making. In future the Board and 
Executive Committee will monitor compliance with 
the risk appetite by receiving regular reports on 
our risk appetite against agreed metrics. The risk 
appetite will also be subject to annual review 
and challenge.

Risk management framework: 
A number of improvements were also made to 
the wider risk management framework as part of 
this review. They included: formalising the process 
for compiling the risk register, removing any 
ambiguity; introducing risk categories to aid the 
risk identiﬁcation process; clarifying the notions of 
gross and net risk to assist in focusing assurance 
efforts; improved deﬁnition of impact scoring; 
requiring an assessment of key controls for each 
risk with actions for further risk mitigation captured 
in the register; and updating the overall format of 
the risk register to improve usability.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

67

 The Board 

recognises its responsibility 
to present a fair, balanced and 
understandable assessment of 
Aggreko in all of our reporting 
obligations. This responsibility 
covers the Annual Report 
and extends to the interim 
report and other regulatory 
announcements. The Directors 
consider this Annual Report, 
taken as a whole, to be fair, 
balanced and understandable, 
providing the information 
necessary for Shareholders 
to assess the Company’s 
performance, business model 
and strategy. In arriving at this 
position, the Board asked the 
Audit Committee to review 
and conﬁrm the process 
we have in place to support 
this assessment. The Audit 
Committee conﬁrmed that we 
have a robust approach in place 
to support the fair, balanced and 
understandable assessment. 

GOVERNANCE IN ACTION: FAIR, BALANCED  
AND UNDERSTANDABLE REPORTING

FAIR, BALANCED AND UNDERSTANDABLE REPORTING

For the 2015 Annual Report, this process included:

(cid:333)(cid:3)Comprehensive management and statutory accounts processes, with 
written conﬁrmations provided by the regional senior management 
teams on the “health” of the ﬁnancial control environment;

(cid:333)(cid:3)Detailed reviews of the Annual Report and Accounts undertaken at 

different levels of the Group and by the senior management team that 
aim to ensure consistency and overall balance;

(cid:333)(cid:3)A veriﬁcation process, involving our internal audit team, dealing with the 

factual content of the Annual Report;

(cid:333)(cid:3)A key accounting judgements paper covering contract and tax 

provisions, along with a summary of any changes in our accounting 
policies for 2015; and

(cid:333)(cid:3)Both the Audit Committee and Board received an early draft of the 

Annual Report to enable time for review and comment.

THE DIRECTORS CONSIDER THIS ANNUAL 
REPORT, TAKEN AS A WHOLE, TO BE FAIR, 
BALANCED AND UNDERSTANDABLE.

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68 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

RELATIONS WITH SHAREHOLDERS

Shareholder engagement calendar 2015

March

April

May

June

Roadshows in the 
UK, USA and Canada 
following the preliminary 
results announcement

Citi Business 
Services Conference

Roadshows in France, 
Switzerland, the Netherlands, 
Japan and China

AGM

Bank of America Merrill Lynch 
Business Services Conference

Analyst and investor site visit 
to Dumbarton

Roadshow in the USA

Conference calls and meetings 
with investors following the ﬁrst 
quarter trading update

How our investors can ﬁnd us

Online 2015 Report
www.annualreport2015.aggreko.com

Our Group website
www.aggreko.com/investors

Download the IR app
www.aggreko.com/investors

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

69

Key to committee activities

Half year  
results

Investor 
meetings

Full year 
results

AGM

Trading 
update

Site visit

Shareholder engagement calendar 2015

August

September

October

November

December

Strategic priorities  
announcement

Conference calls and 
meetings with investors 
following the interim 
results and strategic 
priorities announcement

Roadshows in the 
USA, UK and France 
following the interim 
results and strategic 
priorities announcement

UBS Business 
Services conference

Bernstein Strategic 
Decisions Conference

Oil and gas investor site 
visit to Houston with 
Morgan Stanley 

Introductory roadshow in 
Canada and the USA

Conference calls and 
meetings with investors 
following the third quarter 
trading update

Analyst and investor site 
visit to Dumbarton

Morgan Stanley Business 
Services Conference

Credit Suisse European 
Business Services and 
Transport Conference

UBS Equipment 
Rental Conference

During the year, the Head of Investor Relations and senior management 
conducted almost 460 meetings, met or spoke to over 400 institutions 
and participated in seven conferences. Meetings are conducted by 
at least one of the Chairman, Chief Executive Ofﬁcer, Chief Financial 
Ofﬁcer or Head of Investor Relations and these meetings occurred in 
a number of different locations around the world to reﬂect the global 
nature of our Shareholder base; during the year we met investors 
in the UK, USA, Canada, France, Switzerland, the Netherlands, 
Belgium, Italy, China, Hong Kong and Japan. We also aim to include 
broader management in investor meetings throughout the year, to 
allow investors to gain a broader perspective of management and 
the business. 

We also enjoy meeting and engaging in discussion with our private 
Shareholders at the Company’s Annual General Meeting (AGM). 
The 2016 AGM will be held in Glasgow on Thursday 28 April 2016.

What our Shareholders have asked us about this year:

Power Solutions Utility pipeline and prospects

Exposure to oil and gas and emerging markets

Strategic priorities

Performance outlook

Organisational changes and morale

Cash ﬂow, capital expenditure, debt and dividend cover 

Shareholder returns

Understanding what analysts and investors think about us is a key 
part of driving our business forward and we actively seek dialogue 
with the market. This provides us with the opportunity to communicate 
with analysts and investors and to understand their views on the 
Company’s strategy and performance. The Board receives regular 
updates on the views of Shareholders through brieﬁngs and reports 
from the Head of Investor Relations, Directors, Makinson Cowell, our 
retained advisers, and the Company brokers. In addition, our Senior 
Independent Director, Russell King, is available to meet Shareholders 
if they wish to raise any issues separately. Towards the end of the year 
the Board commissioned Makinson Cowell to conduct an independent 
report on investor perceptions of the Group, its management, strategy 
and governance. Concurrently, Makinson Cowell also undertook a 
comprehensive benchmarking exercise on all aspects of the Investor 
Relations programme. The results were presented to the Board in 
early 2016, with suggestions and improvements being taken forward 
by management. 

Results and other news releases such as contract wins and changes 
to our strategy are published via the London Stock Exchange’s 
Regulatory News Service (RNS). Any announcement published via 
RNS is also available on the Group’s Investor Relations website at 
www.aggreko.com/investors; a subscription service is available for 
interested parties to receive these updates by email. We continually 
seek to enhance our communications and in early 2015 we launched 
an Investor Relations and Media App that can be downloaded to tablet 
and smartphone devices; this enables a wider audience to view results, 
announcements, presentations, videos, webcasts and images on 
the move.

The Group has an ofﬁce in London, where the Head of Investor 
Relations is based, and maintains ongoing relations with analysts and 
investors through telephone calls and meetings. Throughout 2015, we 
have continued to maintain open and transparent communication with 
analysts and investors through meetings, presentations, conferences 
and site visits. In August 2015, we announced our new strategic 
priorities with a presentation and networking event in London. 

Read more about our strategy

 Page 22

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70 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

AUDIT COMMITTEE REPORT

Robert MacLeod
Audit Committee Chairman

THE ROLE OF THE AUDIT COMMITTEE IS TO 
MONITOR AND REVIEW THE INTEGRITY OF 
THE GROUP’S FINANCIAL STATEMENTS TO 
DETERMINE WHETHER THE JUDGEMENTS TAKEN 
BY MANAGEMENT ARE APPROPRIATE. WE ALSO 
MONITOR THE INDEPENDENCE AND EFFECTIVENESS 
OF THE EXTERNAL AUDITOR AND OVERSEE THE 
GROUP’S SYSTEMS FOR INTERNAL CONTROL 
AND RISK MANAGEMENT.

2015 Key achievements

(cid:333)(cid:3) Oversaw the external audit tender process, making a recommendation to the 

Board on the appointment of a new external auditor.

(cid:333)(cid:3) Reviewed and ensured compliance with the new UK Corporate Governance 

Code requirements for going concern and viability statements.

(cid:333)(cid:3) Reviewed the effectiveness of the risk management process.

(cid:333)(cid:3) Monitored the changes made to the ﬁnancial control environment following 

the reorganisation.

(cid:333)(cid:3) Provided oversight on the Group’s risk management processes, receiving 
presentations from the Group Financial Controller on ﬁnancial controls 
under the new structure, the Director of Tax on the structure of the tax team, 
strategy and control framework and the Chief Information Ofﬁcer on our cyber 
governance framework.

Areas of focus for 2016

(cid:333)(cid:3) Oversee the transition of responsibilities to the new external auditor.

(cid:333)(cid:3) Continue risk management oversight with presentations scheduled from the 

Directors of Finance for Power Solutions and Rental Solutions.

(cid:333)(cid:3) Managing the transition of responsibilities for the Chairmanship of the Committee 

from Robert MacLeod to Ian Marchant.

Audit Committee terms of reference:

 www.aggreko.com/pdf/audit-committee-terms-of-ref-oct-2014.pdf

Introduction by Robert MacLeod,  
Audit Committee Chairman
The Audit Committee is currently made up of four independent 
Non-executive Directors. I have been Chairman of the Committee 
since December 2008; I am a chartered accountant and, until my 
appointment as Chief Executive of Johnson Matthey in June 2014, 
I served as Johnson Matthey’s Group Finance Director for ﬁve years. 
The members of the Committee, together with my own experience, 
bring an appropriate balance of ﬁnancial and accounting experience 
with a deep understanding of Aggreko’s business and markets. 
Diana Layﬁeld, Ian Marchant and I are the members of the Audit 
Committee identiﬁed with recent and relevant ﬁnancial experience.

At our scheduled meetings we also invite the Chairman, Chief 
Executive Ofﬁcer and Chief Financial Ofﬁcer to attend, together with the 
Group Financial Controller, Director of Internal Audit and the External 
Audit Partner.

In 2015, the Committee held three scheduled meetings and several 
ad hoc meetings. The ad hoc meetings related to agreeing the process 
and decision making criteria for the external audit tender and then 
following the tender process, reviewing the proposals and agreeing on 
a recommendation to make to the Board. The scheduled meetings are 
aligned to the Group’s ﬁnancial reporting timetable and allow sufﬁcient 
time for full discussion of key topics and to enable early identiﬁcation 
and resolution of risks and issues.

To the left there is a summary of the key actions of the Committee in 
2015 and intended areas of focus in 2016. Further detail on our actions 
in 2015 are included in the full Audit Committee report detailed over the 
next few pages.

Role of Audit Committee
(cid:333)(cid:3) Monitor the integrity of the ﬁnancial statements, including reviewing 
signiﬁcant ﬁnancial reporting issues and judgements alongside the 
ﬁndings of the external auditor.

(cid:333)(cid:3) Advise the Board on the effectiveness of the fair, balanced and 

understandable review of the Annual Report.

(cid:333)(cid:3) Oversee the relationship with the external auditor, external audit 
process, nature and scope of the external audit, including their 
appointment, effectiveness, independence and fees.

(cid:333)(cid:3) Oversee the nature and scope of internal audit, ensuring coordination 

with the activities of the external auditor.

Members in 2015

Robert MacLeod – Audit Committee Chairman 

Russell King – Senior Independent Director

Diana Layﬁeld – Non-executive Director

Ian Marchant – Non-executive Director

Meetings attended

control, ﬁnancial reporting and risk management.

(cid:333)(cid:3) Review the effectiveness of the Group’s systems for internal ﬁnancial 

CMA Order on Audit Committee compliance
The Company has complied with the Statutory Audit Services for Large 
Companies Market Investigation (Mandatory Use of Competitive Tender 
Processes and Audit Committee Responsibility) Order 2014 during 
the year.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

71

Main Activities of the Audit Committee during the year

Financial reporting
During the course of the year, the Committee met with the external 
auditors and management as part of the 2015 Annual and Interim 
Report approval process. We reviewed the draft ﬁnancial statements 
and considered a number of supporting papers, including: information 
presented by management on signiﬁcant accounting judgements 
to ensure all issues raised have been properly dealt with; key points 
of disclosure and presentation to ensure adequacy, clarity and 
completeness; external audit reports; documentation prepared to 
support the viability statement and going concern statements given 
on pages 33 and 113; and information presented by management 
on the process underpinning the fair, balanced and understandable 
assessment and conﬁrmation made by the Board on page 67.

The external auditor carried out their work using an overall materiality 
of £12.6 million, as stated in their report on page 102, and conﬁrmed to 
the Committee that there were no material unadjusted misstatements. 
We also agreed with the external auditor that they would inform 
us of any unadjusted misstatements above £1 million, as well as 
misstatements below that amount that warranted reporting for 
qualitative reasons. None were reported to the Committee. 

Following completion of the above steps, we agreed to recommend 
the approval of the 2015 Annual and Interim Reports to the Board.

The primary areas of judgement considered by the Committee in relation to the 2015 Annual Report were:

Signiﬁcant ﬁnancial judgements for 2015

Contract provisions

Direct and indirect tax provisions 

One of the biggest risks facing the Group is non-payment by customers under some 
of the larger contracts in our Power Solutions Utility business (see Principal Risks 
and Uncertainties – Failure to collect payment or to recover assets on page 33). 
Identiﬁed as an area of judgement in our report last year, contract receivables and 
associated provisions within Power Solutions Utility is a key risk for the Group, 
and one of the areas of particular external audit focus. The Group policy is to 
consider each debtor and customer individually, within the relevant environment 
to which it relates, taking into account a number of factors, in accordance with 
accounting standards.

The Group’s tax strategy is to manage all taxes, both direct and indirect, such that 
we pay the appropriate amount of tax in each country where we operate whilst 
ensuring that we respect the applicable tax legislation and utilise where appropriate 
any legislative reliefs available. However, given the varied, complex and often 
uncertain nature of tax rules in certain countries, in particular in those in which we 
have our Power Solutions business, we recognise that it makes sense to carry an 
appropriate level of provision for both direct and indirect taxes. The tax team monitors 
the status of tax risks monthly and in detail at the half and full year. This monitoring 
process together with consideration of any relevant legislative change is then used to 
determine the appropriate level of provisions.

How the Audit Committee addressed those judgements

Contract provisions

Direct and indirect tax provisions 

The Committee addressed contract provisions by considering an accounting 
judgements paper at the August 2015 and March 2016 meetings, which was tabled 
by the Chief Financial Ofﬁcer. This detailed the latest position of debtors outstanding 
at the half year and year end and gave an assessment of the likelihood of collecting 
future payments. It was against this assessment that the Audit Committee assessed 
the adequacy of the provisions. PricewaterhouseCoopers reported on these contract 
provisions at both the August 2015 and March 2016 meetings in the context of the 
half year review and the year end audit respectively. In addition, the Committee 
is aware that the Executive Committee receives a report on contract exposures 
each month and has assessed the Group’s processes for calculating and regularly 
monitoring contract risk provisions. 

We concluded that the judgements and estimates were reasonable and appropriate.

The Committee addressed tax provisions by considering an accounting judgements 
paper at both the August 2015 and March 2016 meetings, which was tabled by 
the Chief Financial Ofﬁcer. PricewaterhouseCoopers reported on these provisions 
at the August 2015 meeting in the context of the half year review, and at both the 
December 2015 and March 2016 meetings in the context of the year end audit. 
We have monitored and assessed the Group’s processes for calculating and regularly 
monitoring tax provisions. 

We concluded that the judgements and estimates were reasonable and appropriate.

More information on Aggreko’s tax strategy and payments in 2015 can be found in 
the ﬁnancial review on page 40.

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External auditor
The Committee is responsible for making recommendations to the 
Board in relation to the appointment of our external auditor. We also 
approve the audit plan, terms of engagement and fees and assess 
their effectiveness.

Audit plan
PricewaterhouseCoopers presented their audit plan at the August 
2015 meeting, setting out the scope and objectives of the audit 
together with an overview of the planned approach, an assessment 
of the Group’s risks and controls and proposed areas of audit 
focus. In setting the audit plan, PricewaterhouseCoopers work with 
Internal Audit and management at a Group and business unit level to 
identify risk areas for the audit to determine where audit effort should 
be focused.

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72 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

AUDIT COMMITTEE REPORT

Effectiveness
The Committee believes that the independence, objectivity and 
effectiveness of PricewaterhouseCoopers and their processes is 
safeguarded and strong. This is displayed through their robust internal 
processes, their continuing challenge, focused reporting and their 
discussions with management and the Committee. During 2015, the 
Committee met with PricewaterhouseCoopers without management 
present and the Committee Chairman also maintained regular 
contact with the audit partner throughout the year. We assess 
PricewaterhouseCoopers through the quality of their audit ﬁndings 
and management responses. We also use an internal questionnaire 
sent to Committee members, the Business Unit Finance Directors 
and Group Functional Heads in December 2015; respondents were 
asked to rate PricewaterhouseCoopers effectiveness in a number of 
areas, including robustness of the audit process, quality of delivery 
and quality of people and services. Results were collated and 
presented at the March 2016 meeting of the Committee for discussion. 
Management concluded that there had been appropriate focus and 
challenge on the primary areas of audit risk and assessed the quality 
of the audit process to be effective. The Committee concurred with 
this view. 

The Committee has identiﬁed the 2016 ﬁnancial year as a potential 
period of increased risk given the transition of the statutory auditor 
and will focus closely on this matter throughout the year.

Non-audit services
To safeguard the objectivity and independence of the external auditor 
from becoming compromised, the Committee has a formal policy 
governing the engagement of the external auditor to provide non-audit 
services. Non-audit services are normally limited to assignments that 
are closely related to the annual audit or where the work is of such 
a nature that a detailed understanding of the Group is necessary. 
Any proposal to use the external auditor for non-audit work requires 
prior approval of the Chief Financial Ofﬁcer and depending on the 
nature of the service and fee involved, authorisation may also be 
required from the Committee Chairman or the Committee. 

The non-audit services policy is available on our website at:

 www.aggreko.com/pdf/Non_audit_service_policy.pdf

Non-audit fees are monitored by the Committee and this year we 
were satisﬁed that all non-audit work undertaken was in line with our 
policy and did not detract from the objectivity and independence of 
the external auditor. The majority of the non-audit work carried out by 
PricewaterhouseCoopers during the year related to tax and minor local 
compliance services. As a percentage of the overall audit fee for the 
year, other assurance services and non-audit fees are 16% (2014: 26%). 
Further details of the fees paid to the external auditor are set out in Note 
6 to the accounts on page 121.

Tender of external audit
PricewaterhouseCoopers have been the Company’s external auditor 
since 1997 when Aggreko plc was incorporated, upon the de-merger 
from the Salvesen Group. The Committee has closely followed 
the legislative developments on audit tendering and rotation from 
the EU and the Competition & Markets Authority and at our March 
2015 meeting we discussed the new requirements. Despite the 
ﬂexibility offered by the transitional arrangements to delay a rotation 
until 2023, we agreed to put the external audit out to tender in 2015, 
given the changes in management and to ﬁt in with the timing of the 
next rotation of the current audit partner, scheduled for 2016. 

The tender process and the Committee’s involvement in that process 
is outlined in the below diagram. Robert MacLeod and Carole Cran 
met with a number of ﬁrms when making the decision as to which 
ﬁrms should be invited to tender. In making that decision a number 
of factors were considered, including: ability and appetite for our 
audit, ability to be independent in time for 1 January 2016, our 
own non-audit services policy and the list of prohibited non-audit 
services under the EU regulations, and whether a joint audit would 
be appropriate for Aggreko. Following that decision we decided not 
to invite PricewaterhouseCoopers to tender in light of the longevity of 
their appointment and not to invite any ﬁrm that would require a joint 
audit due to considerable concerns around audit quality, consistency 
of reporting and day-to-day practicalities.

March

Audit Committee decision to tender.

April

Audit Committee agreed approach to tender, key decision criteria 
and appointed a selection panel, with a majority of Non-executive 
Directors (Robert MacLeod, Ian Marchant and Carole Cran).

Robert MacLeod and Carole Cran met with a number of ﬁrms to 
ascertain ability and appetite for our audit and decide which ﬁrms 
to invite to tender.

May

Invitation to tender sent to KPMG, Deloitte and EY.

Data room opened: contained documentation to allow the ﬁrms 
to gain a better understanding of how the Group is structured 
and operates.

Information gathering meetings between the ﬁrms and Aggreko’s 
ﬁnancial leadership team to obtain information and insight into the 
way the Group operates.

June

Meeting between the ﬁrms engagement partners and Chris Weston 
and Carole Cran to discuss how the ﬁrms would structure their 
audit at an operational level and work with our management team.

Written proposals received outlining the audit team, geographic 
footprint alignment, audit approach, transition approach/
challenges, independence considerations and fee proposal.

Review of the written proposals to shortlist two ﬁrms to present to 
the Audit Committee selection panel.

Shortlisted ﬁrms present on audit approach, with a question and 
answer session to the Audit Committee selection panel.

Audit Committee selection panel meeting to evaluate the ﬁrms 
using agreed key decision criteria.

July

Audit Committee selection panel make recommendation to 
the Board.

Board accepts recommendation of the Audit Committee selection 
panel and announces the decision to the London Stock Exchange.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

73

Viability statement
During the course of 2015, the Committee, along with the Board, has 
received a number of detailed updates in relation to the requirements 
for the new viability statement. Updates included agreeing the 
methodology and approach, length of the assessment period, risks 
and uncertainties to be modelled, qualiﬁcations and assumptions 
made. An early draft of the viability statement was circulated to the 
Committee and Board in late January 2016 for review, to enable timely 
sign off of the viability statement at the March 2016 meeting.

Read our viability statement on page 33.

Internal audit
Internal Audit undertakes ﬁnancial, operational and strategic audits 
across the Aggreko Group using a risk based methodology and 
in accordance with the changing risk proﬁle of the Company. 
The Committee reviewed and agreed the programme of 2015 internal 
audit work, including the proposed approach, coverage, and allocation 
of resources. We also reviewed progress, audit results and remedial 
actions during the year through reports at each meeting. 

The Committee assessed the effectiveness of the internal audit 
function by reviewing their reports, progress against the 2015 plan, 
ensuring implementation of the improvements identiﬁed from the 2014 
internal review and meeting with the Director of Internal Audit without 
management being present. In line with the Institute of Internal Auditors’ 
guidance, we plan to undertake an external evaluation of Internal 
Audit in 2016, with internal evaluations in the intervening years; our last 
external evaluation was undertaken in 2011. 

Speaking up
The Group Ethics Policy, supported by a separate Speaking Up Policy, 
encourages all employees to report any potential improprieties in ethical 
standards via our international whistle-blowing hotline. All matters 
reported are investigated and where appropriate, we ask Internal Audit 
to investigate the issue and report to us on the outcome. We also 
receive reports on hotline call volumes and the general nature and 
location of matters reported. We review these processes each year, 
and can conﬁrm that they are appropriate for the size and scale of 
the Group.

Review of the effectiveness of the Audit Committee
The independent Board evaluation exercise undertaken in 2015 
conﬁrmed that the Audit Committee was working effectively. 

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Having concluded the process in June 2015, the Committee 
recommended to the Board that KPMG be appointed as the Group’s 
statutory auditor for the ﬁnancial year ending 31 December 2016. 
The Board accepted the Audit Committee’s recommendation, 
accordingly, a resolution proposing the appointment of KPMG as our 
auditor will be put to the Shareholders at the 2016 AGM. There are no 
contractual obligations restricting the Committee’s choice of external 
auditor and we do not indemnify our external auditor.

Following the external audit tender process and in line with our non-
audit services policy, Group Finance put our global tax compliance 
work out to tender in August 2015, resulting in a change of ﬁrm from 
KPMG to PricewaterhouseCoopers.

Risk management and internal control
Aggreko’s objective is to have a strong and regularly monitored 
control environment that minimises ﬁnancial risk and, as part of our 
responsibilities, we review the effectiveness of systems for internal 
ﬁnancial control, ﬁnancial reporting and risk management. In 2015, we 
reviewed the risk management process in detail with Group Internal 
Audit and oversaw the implementation of a new risk management 
framework. Further detail on the process for the new risk management 
framework can be found in the accountability section of the Corporate 
Governance Report on page 66 and further details on the new risk 
management framework can be found in the risk section of the 
Strategic Report on page 26. 

We aim to ensure that the same high standards are applied throughout 
the business with the framework set at Group level. Across the Group, 
there is a strong focus on training and development and this helps 
to underline the standards that we require. We then monitor this 
process through regular ﬁnancial control reviews and a ﬁnancial control 
checklist. This also enables us to set targets and identify and monitor 
areas for improvement.

We agreed ﬁnancial control deliverables for 2015, as proposed by 
the Chief Financial Ofﬁcer, including addressing countries with lower 
ﬁnancial control checklist scores and ensuring sufﬁcient support at a 
Group or regional level for our less mature businesses. At the end of the 
year, we reviewed progress for 2015 and agreed proposed priorities for 
2016. Our ﬁnancial control priorities for 2016 have been set after going 
through the following process:

(cid:333)(cid:3) Setting out the key challenges for ﬁnancial control and then reviewing 
the control environment and risk mitigation in place to help address 
these challenges;

(cid:333)(cid:3) Reviewing the 2015 ﬁnancial control checklist scores for all of our 

locations globally and cross referring them against the 2015 internal 
audit reports;

(cid:333)(cid:3) The Financial Leadership team reviewed the above data and analysis 

to set clear priorities for 2016; and

(cid:333)(cid:3) The Chief Financial Ofﬁcer then proposed these priorities to the Audit 

Committee and we have agreed with the approach.

The key priorities for 2016 include a number of speciﬁc actions which 
focus on embedding our ﬁnancial control framework into the new 
business structure, meeting set targets for internal audit gradings and 
providing assurance to the Committee that ﬁnancial controls are in 
place for applicable items on the Group Risk Register.

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74 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ETHICS COMMITTEE REPORT

Introduction by Ken Hanna, Ethics Committee Chairman
Integrity and honesty are core values for Aggreko. We expect all 
Aggreko employees, consultants and those acting on behalf of Aggreko 
to adopt these values at all times. We are proud that we have a 
reputation for conducting business fairly and professionally and we are 
committed to maintaining these values in all of our business dealings.

We recognise that our business is exposed to risks of unethical 
conduct because of the nature and value of many of our contracts; 
standards of integrity are not consistent across all the countries in 
which we operate. However, we have a robust compliance programme 
in place which allows us to manage these risks effectively. 

The effectiveness of the compliance programme is monitored by the 
Ethics Committee. 

The Ethics Committee is currently made up of two independent Non-
executive Directors, with myself as Chairman. I have been a member 
of the Committee since its ﬁrst meeting in February 2011 and became 
Chairman of the Committee in April 2012. In 2015, the Committee met 
three times. 

To the left there is a summary of the key actions of the Committee in 
2015 and intended areas of focus in 2016. 

Role of Ethics Committee
(cid:333)(cid:3) Advise the Board on the development of strategy and policy on 

ethical matters.

(cid:333)(cid:3) Advise the Board on steps to be taken to establish a culture of 
integrity and honesty in all of the Company’s business dealings.

Ken Hanna
Ethics Committee Chairman

THE ROLE OF THE ETHICS COMMITTEE IS TO 
ENSURE THAT AGGREKO CONDUCTS BUSINESS 
WITH INTEGRITY AND HONESTY AND IN 
ACCORDANCE WITH THE LAW.

2015 Key achievements

(cid:333)(cid:3) Reviewed and approved changes to the ethics policies.

(cid:333)(cid:3) Monitored the implementation of an ethics training programme for employees.

(cid:333)(cid:3) Monitored the introduction of a Supplier Code of Conduct and the phased 
implementation of a risk based due diligence programme for suppliers.

(cid:333)(cid:3) Oversee the Company’s policies and procedures for the 

identiﬁcation, assessment, management and reporting of ethical risk.

(cid:333)(cid:3) Monitored the introduction of ethics as a performance factor in 

employee appraisals.

(cid:333)(cid:3) Reviewed the ﬁndings of an independent review of the effectiveness 

of the compliance controls relating to sales consultants and the wider 
compliance programme.

(cid:333)(cid:3) Reviewed the compliance procedures in place to manage sanctions risks.

Members in 2015

Meetings attended

Ken Hanna – Ethics Committee Chairman

Diana Layﬁeld – Non-executive Director

Ian Marchant – Non-executive Director

Areas of focus for 2016

(cid:333)(cid:3) Oversee the full integration of the risk based due diligence into the supply 

chain processes.

(cid:333)(cid:3) Oversee the implementation of the refresher ethics training course for 

all employees.

(cid:333)(cid:3) Oversee the implementation of measures to manage modern slavery risks  

in the supply chain.

(cid:333)(cid:3) Oversee the implementation of the revised ethics policies.

Ethics Committee terms of reference:

 www.aggreko.com/pdf/ethics-committee-terms-of-ref-oct-2014.pdf

(cid:333)(cid:3) Oversee the Company’s policies and procedures to prevent persons 
associated with the Company from engaging in unethical behaviour.

(cid:333)(cid:3) Monitor and review the operation of the Company’s ethics policies 

and procedures.

Main activities of the Ethics Committee during the year

Third-party monitoring
We recognise that the conduct of third-party sales consultants 
remains one of the most signiﬁcant risks to Aggreko. The number 
of third-party sales consultants used by the business has reduced 
over the last few years but there is a continued requirement for third 
parties to help support some areas of the business. We have risk 
management measures in place which require all third-party sales 
consultants engaged by Aggreko to conduct business in compliance 
with the standards set out in our ethics policy and allow us to monitor 
compliance with these requirements. We also have controls in place 
in relation to the remuneration of sales consultants and we monitor all 
payments to sales consultants. At the ﬁrst meeting of each year, we 
receive a brieﬁng on all payments made to sales consultants during the 
prior year to ensure that the payments were appropriate and in line with 
policy requirements.

We recognise that there are also other categories of third-party supplier 
relationships which potentially could also attract risk for the business. 
In response to this risk we received a brieﬁng on the risk based supplier 
due diligence process which is currently in the process of being 
implemented across the business.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

75

Effectiveness of the compliance programme
We reviewed the ﬁndings of two separate reports completed by Internal 
Audit following its independent review of the effectiveness of the 
compliance controls relating to sales consultants and the effectiveness 
of the wider compliance programme. The review provided comfort 
that the programmes are working well to effectively manage risk 
and highlighted some areas where further improvements could be 
introduced to further enhance the compliance programme.

An overview of our compliance programme

Our compliance programme is coordinated by our full-time Head 
of Compliance with support from the business units and the 
central functions. 

Our compliance programme has a number of elements designed 
to ensure that we effectively manage compliance risks:

Ethics policies
In 2015, we approved revised versions of our Gifts, Entertainment 
& Hospitality Policy, Charitable Donations Policy and Sponsorship 
Policy. These policies were amended to reﬂect the structural changes 
to the business following the reorganisation and to take account of 
recommendations made following a risk assessment and review of the 
effectiveness of the ethics policies. Whilst the policies were working well 
in ensuring that all employees comply with the high ethical standards 
expected throughout Aggreko, we introduced certain improvements to 
ensure that the policies remain robust and continue to meet the needs 
of the business. 

Online learning platform
We are committed to providing regular training on ethical issues to 
employees to ensure that employees remain alert to risks and are 
regularly reminded of the standards expected by Aggreko. An online 
training programme was launched in 2013 and has been successfully 
rolled out to all employees. A separate online module was launched in 
January 2015 which required all employees to read and acknowledge 
compliance with Aggreko’s Ethics Policy. The Committee received 
brieﬁngs at each of the meetings of the Committee on the progress 
of the training and the ethics policy acknowledgement throughout 
the business. This training has also been supplemented by additional 
ethics workshops with senior management. The ethics training 
programme has recently been refreshed and will be launched again in 
early 2016 for all employees to complete.

Sanctions review
We received a brieﬁng on the compliance procedures currently in place 
to manage sanctions risks including new measures implemented in 
response to the introduction of sanctions relating to Russia and Crimea. 

Review of the effectiveness of the Ethics Committee
The independent Board evaluation exercise undertaken in 2015 
conﬁrmed that the Ethics Committee was working effectively.

Ethics Policy
Every employee receives a copy of, and is required to sign, the Ethics 
Policy when they join Aggreko. We also require all employees to sign 
an annual compliance statement conﬁrming that they have complied 
with and will continue to comply with our Ethics Policy and the 
relevant laws. 

Training
Every employee receives training, which is refreshed every two years 
via our multi-lingual online ethics compliance training programme. 
This online training is supplemented by additional ethics workshops 
with senior management to ensure they remain alert to risks.

Third-party risks
All of our sales consultants are comprehensively reviewed before 
they are engaged by Aggreko and this exercise is refreshed at least 
every two years. Our sales consultants are contractually required to 
comply with our Ethics Policy and we require our sales consultants to 
conﬁrm compliance with the policy annually. We also provide ethics 
training to our sales consultants to ensure they remain alert to potential 
risks. We also have controls in place in relation to the remuneration 
of consultants and we monitor all payments to sales consultants 
to ensure that the remuneration structure does not incentivise 
unethical behaviour. 

We recognise that some supply chain partners could also 
potentially attract risk for the business owing to the nature of the 
services performed. We have adopted a risk based due diligence 
process for our supply chain partners which is currently being 
implemented globally. 

Gifts, entertainment and hospitality
We have a clear approval process for all gifts, entertainment and 
hospitality offered by or given to Aggreko employees. All gifts, 
entertainment and hospitality above a nominal value are recorded 
centrally and monitored by the Head of Compliance.

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Sponsorship and charitable donations
We have a clear approval process for all sponsorships and charitable 
donations made by Aggreko. All sponsorships and charitable 
donations require senior management approval and are recorded 
centrally and monitored by the Head of Compliance.

Speaking up
We encourage all employees to speak up if they have any concerns. 
We have an independent compliance hotline operated by an external 
agency. This multi-lingual hotline is available to all employees and 
allows any employee who has any concerns to report them on an 
anonymous basis. All reports are followed up, and we regularly 
analyse the types of reports we receive. Where appropriate, our Group 
Internal Audit team is asked to investigate the issue and report on 
the outcome.

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76 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

NOMINATION COMMITTEE REPORT

Introduction by Ken Hanna,  
Nomination Committee Chairman
The Nomination Committee is currently made up of all of the Non-
executive Directors, each of whom is independent, in addition to 
myself as Chairman. I have been Chairman of the Committee since my 
appointment as Chairman of Aggreko in April 2012, although I would 
not chair the Committee when it is dealing with succession to the 
chairmanship of Aggreko.

The main element of focus for the Committee in 2015 was, naturally, 
the changes to the Board and Executive Committee to reﬂect the 
reorganisation of our business and business priorities. You will see from 
the table on the left that the Committee met formally on four occasions. 
In addition, we held a number of informal meetings and discussions 
with the CEO and others on the new organisational structure and 
Executive Committee appointments. 

To the left there is a summary of the key actions of the Committee in 
2015 and intended areas of focus in 2016. Further detail on our actions 
in 2015 are included below.

Role of Nomination Committee
(cid:333)(cid:3) Review the structure, size and composition (including skills, 

knowledge, experience, diversity and balance of Executive and 
Non-executive) of the Board and its Committees and make 
recommendations to the Board with regard to any changes.

(cid:333)(cid:3) Identify and nominate for the approval of the Board, candidates to 

Ken Hanna
Nomination Committee Chairman

THE NOMINATION COMMITTEE’S ROLE IS TO 
MONITOR AND REVIEW THE COMPOSITION AND 
BALANCE OF THE BOARD AND ITS COMMITTEES ON 
A REGULAR BASIS TO ENSURE AGGREKO HAS THE 
RIGHT STRUCTURE, SKILLS AND DIVERSITY FOR THE 
EFFECTIVE MANAGEMENT OF THE GROUP.

2015 Key achievements

(cid:333)(cid:3) Reviewed the structure of the Board and Executive Committee in line with 

ﬁll Board vacancies.

the reorganisation of the business.

(cid:333)(cid:3) Recommended the appointment of Uwe Krueger as Independent  

Non-executive Director.

(cid:333)(cid:3) Recommended the extension of the appointments of the Chairman  

and three other Non-executive Directors.

(cid:333)(cid:3) Reviewed Committee memberships and recommended the appointment of all 
Non-executive Directors as Members of the Nomination Committee with effect 
from March 2015 and recommended the appointment of Ian Marchant to the 
Remuneration Committee with effect from January 2016.

Members in 2015

Meetings attended

(cid:333)(cid:3) Keep under review the time commitment expected from the 

Chairman and the Non-executive Directors.

Main activities of the Nomination Committee 
during the year

Organisational Changes to the Board and 
Executive Committee
The new organisational structure announced on 22 June 2015, 
resulted in some key management changes to the Board and 
Executive Committee. 

The three Regional Director roles for Americas, APAC and EMEA 
were replaced by two new positions: President, Rental Solutions and 
Managing Director, Power Solutions. Following a review of internal 
candidates, we recommended the appointment of Asterios Satrazemis 
as President, Rental Solutions. Meanwhile Debajit Das and David 
Taylor-Smith stepped down from the Board and Chris Weston agreed 
to run the Power Solutions business in the interim whilst the Committee 
initiated an external search to identify a permanent Managing Director 
for Power Solutions.

Asterios Satrazemis subsequently left Aggreko in December 2015.

The Committee also oversaw the process for the appointment of 
Nicolas Fournier as Managing Director, Power Solutions and Bruce 
Pool, President, Rental Solutions.

Ken Hanna – Nomination Committee Chairman

Russell King – Senior Independent Director

Uwe Krueger – Non-executive Director1

Diana Layﬁeld – Non-executive Director

Robert MacLeod – Non-executive Director

Ian Marchant – Non-executive Director1

Rebecca McDonald – Non-executive Director1, 2

1  Uwe Krueger, Ian Marchant and Rebecca McDonald were appointed to the Committee on 3 March 2015
2  Rebecca McDonald retired from the Board on 1 December 2015. Rebecca was absent from one meeting 

convened at short notice owing to a prior engagement, but she was able to share her views with the Committee 
in advance of the meeting.

Areas of focus for 2016

(cid:333)(cid:3) Review succession plans for the Board, Executive Committee and key senior 

management roles.

(cid:333)(cid:3) Complete the appointment and induction of Dame Nicola Brewer as  

Non-executive Director.

(cid:333)(cid:3) Implement outcome of 2015 external Board evaluation.

Nomination Committee terms of reference:

 www.aggreko.com/pdf/nomination-committee-terms-of-ref-oct-2014.pdf

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

77

Russell King has also served on the Board for over six years, and 
again, in line with the UK Corporate Governance Code, we reviewed 
his tenure with particular care. We concluded that his tenure had not 
compromised his independence in any way, and it was important that 
we should retain his experience of Aggreko, both as Senior Non-
executive Director and as Chairman of the Remuneration Committee, 
for at least a further year. We also considered the number and nature 
of Russell’s other commitments – details of which are set out in his 
biography on page 56 – particularly his roles on the boards of four other 
listed companies. We were satisﬁed that Russell’s other commitments 
do not detract from his ability to perform his role at Aggreko. In coming 
to this conclusion, we noted that: ﬁrst, in our view, the companies 
involved are not unusually complex, nor are they in regulated sectors; 
second, his respective positions as chairman, senior independent 
director and remuneration committee chairman of those companies 
strengthen, rather than detract from, the experience he brings Aggreko; 
third, he has not missed a Board or Committee meeting within the 
last two years. Moreover, he has in practice made an invaluable 
contribution to the Board and its commitments during the past two 
years of major change within Aggreko.

The Committee unanimously recommends the re-election of each 
of our Directors at our 2016 Annual General Meeting. In making 
this recommendation, we evaluated each Director in light of their 
performance, commitment to the role, and capacity to discharge their 
responsibilities fully, given their time commitments to other companies. 
The preceding paragraph provides an example of what we take into 
account in this process.

Board composition and diversity
Our policy is to have a broad range of skills, background and 
experience. While we will continue to ensure that we appoint the best 
people for the relevant roles, we recognise the beneﬁts of greater 
diversity and will continue to take account of this when considering any 
particular appointment, although we do not set any particular targets.

As part of the Company’s external evaluation of Board performance, all 
Directors were consulted on the composition of the Board, as to size, 
the appropriate range of skills and balance between Executive and 
Non-executive Directors. 

Review of the effectiveness of the Nomination Committee
The independent Board evaluation exercise undertaken in 2015 
conﬁrmed that the Nomination Committee was working effectively.

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As part of the Company’s review of business priorities, we identiﬁed the 
need for a new organisational structure, based on two new business 
units. In turn, we considered what implications this might have for the 
structure and composition of the Board. We have always stressed the 
advantage of having the managers of the Group’s main businesses 
around the Board table: to hold them to account for business 
performance; to provide visibility; and to beneﬁt from their contribution 
to Board decisions. We still believe this, but as part of our review, we 
came to the conclusion that it is not necessary for the business heads 
to be formal members of the Board to achieve this: their presence 
and participation is more important than formal status. Moreover, 
since the two new business units are now more focused on separate 
business priorities than the former ones, we believe that not having the 
broader responsibilities of Directors helps to increase the accountability 
of the business unit heads for their own respective business units. 
Accordingly, the Committee has agreed that as a matter of general 
policy, future heads of business units should not be appointed to the 
Board, but should still be invited to attend Board meetings.

Appointment of Non-executive Director
During the year, the Committee undertook a broad review of the 
non-executive proﬁle of the Board, including skills, experience, tenure 
and diversity. One of the areas we identiﬁed for further strengthening 
was geopolitical experience in some of the more challenging markets 
in which we operate. We appointed the Inzito Partnership, an 
independent search ﬁrm with no other connection with the Company, 
to assist in identifying suitable candidates and in February 2016, we 
were delighted to appoint Dame Nicola Brewer as a Non-executive 
Director. Nicola is currently Vice Provost of University College London 
and has previous extensive geopolitical and diplomatic experience in a 
number of roles in the UK Foreign and Commonwealth Ofﬁce. She has 
worked all over the world and her experience in Africa, South America, 
Middle East and India will be of great beneﬁt to Aggreko. Nicola will also 
join the Ethics and Nomination Committees. A fuller biography is set 
out on page 57. 

Reappointment of Directors
Since the Committee’s last report, the Company has extended the 
terms of appointment of myself as Chairman, Diana Layﬁeld, Robert 
MacLeod and Russell King. 

As Robert MacLeod has served as a Non-executive Director since 
September 2007, we reviewed his extension with particular care. 
Robert performs a vital role as Chairman of the Audit Committee 
and we wanted to maintain continuity of Audit Committee leadership 
through the external audit tender process and transition period for 
the new external auditor. We were satisﬁed that his length of tenure 
had not compromised his independence in any way, and therefore 
we recommended to the Board that his term of appointment should 
be extended until the conclusion of the 2015 reporting cycle – that is 
until the end of the 2016 Annual General Meeting. Robert will then step 
down from the Board and will not stand for re-election. I am delighted 
to report that Ian Marchant will succeed him as Chairman of the Audit 
Committee. Ian has been an independent Non-executive Director and 
member of the Audit Committee for over two years. He is a chartered 
accountant and his previous roles have included over ﬁve years as 
Finance Director of SSE plc. 

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78 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

REMUNERATION SUMMARY

Annual remuneration statement
Summary Policy report
Annual report on remuneration

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82
84

Our remuneration strategy

Our aim

The aim of Aggreko’s remuneration policy is to reward 
executives for delivering the principal objective – our strategy 
of delivering long-term value to our Shareholders.

Our reward package for Executive Directors comprises:

(cid:333)(cid:3) a ﬁxed element:

 – salary;

 – pension; and

 – beneﬁts; 

generally based on market median.

(cid:333)(cid:3) a variable element:

 – annual bonus, based on demanding annual performance 

targets, both ﬁnancial and personal; and

 – long-term incentives, based on long-term strategic 

ﬁnancial performance.

Balance of elements

We aim to balance these elements so that:

(cid:333)(cid:3) the majority of executive remuneration is linked to Aggreko’s 

ﬁnancial performance;

(cid:333)(cid:3) there is a heavier weighting on long-term performance than 

on short-term performance; and

(cid:333)(cid:3) we use a balanced portfolio of measures which delivers 

long-term value to Shareholders, a safe operating 
environment, outstanding service to customers and 
rewarding careers to our employees.

So for example, the potential future reward opportunities for 
the Chief Executive Ofﬁcer are as follows:

Chris Weston

Minimum
Target
Maximum

100%
45%
22%

£998k
30%
29%

25%

£2,217k
49%

£4,560k

£0

£1 million

£2 million

£3 million

£4 million

£5 million

  Fixed pay    

  Annual bonus    

 LTIP

Read the summary of our Remuneration Policy on

Read the full scenario analysis for all Executive Directors on

 Page 82

 Page 83

Outcome for 2015

Single ﬁgure total pay for Executive Directors

The following table shows a summary of total remuneration for 
2015 for each of the Executive Directors:

Base Salary 
£

Beneﬁts  
£

Annual Bonus  
£

PSP  
£

CIP  
£

Sharesave  
£

Pension  
£

LTIP

Carole Cran
Debajit Das
Asterios Satrazemis
David Taylor-Smith
Chris Weston
Read the full details in the Annual Report on Remuneration on

412,000
239,462
367,794
220,500
750,000

82,475
216,584
51,724
10,362
22,853

 Page 84

–
56,812
–
151,594
–

–
–
–
–
–

16,333
28,101
–
30,016
–

–
–
–
–
4,271

82,400
47,109
63,542
44,100
225,000

Other 
£

–
–
–
–
483,392

Total  
£

593,208
558,068
483,060
456,572
1,485,516

 
  
ANNUAL REMUNERATION STATEMENT

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

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Introduction by Russell King,  
Remuneration Committee Chairman
The Remuneration Committee is made up of ﬁve independent Non-
executive Directors (Ken Hanna was considered by the Board to 
be independent on his appointment as Chairman of the Company). 
Rebecca McDonald retired from the Board in December 2015 and Ian 
Marchant joined the Committee in January 2016. I have been Chairman 
of the Committee since September 2010. Peter Kennerley is secretary 
to the Committee. We also invite the Chief Executive Ofﬁcer and Group 
HR Director to attend our meetings.

In 2015, we held seven meetings of the Committee; we also took a 
number of decisions based on papers circulated outside the context 
of a formal meeting. This greater volume of activity was accounted for 
partly in order to implement the new LTIP and partly to consider issues 
arising from the Group’s reorganisation announced in June 2015. 

To the left there is a summary of the key achievements of the 
Committee in 2015 and intended areas of focus in 2016 and on the 
opposite page there is a quick read summary of some of the key 
elements of remuneration in 2015. Further details of our actions in 2015 
are included in the full Remuneration Committee report detailed over 
the next few pages.

Role of the Remuneration Committee
(cid:333)(cid:3) Determine and agree with the Board the policy for remuneration for 

the Chairman, Executive Directors and Executive Committee.

(cid:333)(cid:3) Within the terms of the remuneration policy, determine the 

total individual remuneration package for the Chairman, each 
Executive Director and each member of the Executive Committee, 
including base salary, pension, beneﬁts, annual bonus and long-
term incentives.

(cid:333)(cid:3) Determine, having taken appropriate legal advice, the level of any 

payment made to the Chairman, Executive Directors or member of 
the Executive Committee by way of compensation for, or otherwise 
in connection with, loss of ofﬁce or employment.

(cid:333)(cid:3) Approve the design of, and determine targets for, performance 

related pay schemes operated by the Company and approve the 
total annual payments made under such schemes.

(cid:333)(cid:3) Review the design of all share incentive plans for approval by the 
Board and Shareholders. For any plan, determine each year the 
overall amount of awards, along with the individual awards to 
Executive Directors and members of the Executive Committee.

(cid:333)(cid:3) Determine the policy for and scope of pension arrangements for 

each Executive Director and members of the Executive Committee.

(cid:333)(cid:3) Oversee any major changes in employee beneﬁts structures 

throughout the Group.

(cid:333)(cid:3) Agree the policy for authorising claims for expenses from 

the Directors.

Russell King
Remuneration Committee Chairman

THE ROLE OF THE REMUNERATION COMMITTEE 
IS TO DETERMINE THE REMUNERATION FOR 
EXECUTIVE DIRECTORS AND EXECUTIVE 
COMMITTEE MEMBERS. WE OVERSEE AGGREKO’S 
OVERALL REMUNERATION POLICY, STRATEGY 
AND IMPLEMENTATION.

2015 Key achievements

(cid:333)(cid:3) Implemented new incentive arrangements following their approval by 

Shareholders at the 2015 Annual General Meeting.

(cid:333)(cid:3) Finalised framework for new incentives.

(cid:333)(cid:3) Agreed remuneration package for the new appointments of Managing Director, 

Power Solutions and President, Rental Solutions.

(cid:333)(cid:3) Agreed the termination arrangements for David Taylor-Smith and Debajit Das.

(cid:333)(cid:3) Undertook a detailed review of base pay for the Chief Financial Ofﬁcer upon her 

becoming fully established in her role.

Members in 2015

Meetings attended

Russell King – Remuneration Committee Chairman

Ken Hanna – Company Chairman

Uwe Krueger – Non-executive Director1

Robert MacLeod – Non-executive Director

Rebecca McDonald – Non-executive Director1, 2

1  The two cases of absence related to two separate telephone meetings convened at short notice to consider 
issues relating to the Group’s reorganisation. In each case the Director concerned had a prior engagement, 
but was able to share his or her views on the issue with the Committee before the call.

2  Rebecca McDonald retired from the Board on 1 December 2015.

Areas of focus for 2016

(cid:333)(cid:3) Set targets for the new Annual Bonus Plan, both ﬁnancial and the new personal/

strategic objectives.

(cid:333)(cid:3) Decide awards under the Long-term Incentive Plan.

(cid:333)(cid:3) Review the ﬁnancial performance measures for the LTIP to ensure they continue 
to be aligned with the Group’s strategy for growth. We will consult shareholders 
before proposing any change.

Remuneration Committee terms of reference:

 www.aggreko.com/pdf/remuneration-terms-of-ref-oct-2014.pdf

 
 
 
 
 
 
 
80 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REMUNERATION STATEMENT

Our remuneration policy
The aim of our remuneration policy is to reward executives for achieving 
the principal objective – our strategy of delivering long-term value to 
our Shareholders.

Directors were not entitled to the 2015 bonus unless they continued 
to be employed, and had not given or been given notice, at the time 
the bonus became payable, although the Committee has discretion 
to relax this requirement, for example by agreeing a payment pro-rata.

Our reward package for Executive Directors is structured such that:

(cid:333)(cid:3) the ﬁxed element of pay – salary, pension and beneﬁts – is around 

the median for companies of similar size and complexity;

(cid:333)(cid:3) the majority of executive remuneration is linked to Aggreko’s 

performance, with a heavier weighting on long-term performance 
than on short-term performance; and

(cid:333)(cid:3) the remuneration packages reward a balanced portfolio of measures 

which deliver long-term value to Shareholders, a safe operating 
environment, outstanding service to customers and rewarding 
careers to our employees, each of which can be independently 
veriﬁed, and which give clear “line-of-sight” to the Executives.

Performance outcomes for 2015

Performance and annual bonus
In line with our remuneration policy, Aggreko operates an annual 
bonus plan with the aim of focussing Executive Directors on achieving 
demanding annual targets relating to company ﬁnancial performance 
and personal/strategic objectives. 

The initial regional ﬁnancial elements of the bonus were to be based 
on the 2015 full year outcome. However, following the reorganisation 
announced in June, the three regions ceased to exist. Moreover, two 
of the three regional Directors would be stepping down from the Board 
as a result of the reorganisation and subsequently leaving the business. 
In these circumstances, the Committee decided that:

(cid:333)(cid:3) regional ﬁnancial performance would be measured based on the 

July full year forecast; and

(cid:333)(cid:3) personal/strategic element performance for Debajit Das and David  

Taylor-Smith would be assessed at the effective date of their ceasing 
to have executive responsibilities.

The ﬁnancial measure which we give most emphasis to is D-EPS. 
The threshold D-EPS, at which level Executive Directors would start to 
receive bonus was set at 83.86 pence, with budget D-EPS at 88.27 
pence. The actual outcome was 69.1 pence (on a constant currency 
basis), which meant that no bonus was payable on that element. 
We have set out the details of all of the 2015 targets and outcomes 
for the ﬁnancial and personal/strategic objectives on page 86, but 
in summary:

(cid:333)(cid:3) as D-EPS fell short of budget, none of that element will be payable; 

In summary, the bonus payout for Executive Directors for 2015 was 
as follows:

(cid:333)(cid:3) as Group operating cash ﬂow fell short of budget, none of that 

element will be payable;

(cid:333)(cid:3) Chris Weston, Chief Executive Ofﬁcer and Carole Cran, Chief 

(cid:333)(cid:3) for APAC and the Americas, both regional trading proﬁt and 

Financial Ofﬁcer received no bonus;

(cid:333)(cid:3) Debajit Das and David Taylor-Smith, both regional Directors received 

part of their bonus; and

(cid:333)(cid:3) Asterios Satrazemis, regional Director received no bonus.

I explain below how the Committee set bonus targets for 2015, how 
we assessed performance against those targets, and how we decided 
on the level of bonus to be paid.

For 2015, annual bonus payments were determined as to 80% 
based on ﬁnancial performance and, for the ﬁrst time, 20% based 
on personal/strategic objectives. 

The 80% ﬁnancial element was measured as follows:

Chris Weston and Carole Cran:

(cid:333)(cid:3) 75% against D-EPS and 25% against operating cash ﬂow. 

Debajit Das, Asterios Satrazemis and David Taylor-Smith:

(cid:333)(cid:3) 50% against Group D-EPS, 40% against regional trading proﬁt 

and 10% against regional ROCE. 

The 20% personal/strategic element was based on personal objectives 
set individually for each Director by the Committee.

All included measurable improvements in safety indicators and agreed 
outcomes for set strategic objectives speciﬁc to their roles. Those for 
Directors with regional responsibilities included improvements in 
customer satisfaction, as measured by Net Promotor Scores, and 
improvements in regional debtor days. If personal/strategic objectives 
are achieved but D-EPS is below threshold performance then the 
Committee has the discretion to reduce the amount that would be paid 
under the personal/strategic element. 

ROCE fell short of budget, and so no element attributable to those 
measures will be payable to Debajit Das or Asterios Satrazemis; 

(cid:333)(cid:3) for EMEA, as the July full year forecast trading proﬁt exceeded 110% 
of budget and July full year forecast ROCE exceeded budget, the 
elements attributable to each of those measures will be payable to 
David Taylor-Smith pro-rata for the period he was a Director;

(cid:333)(cid:3) each of the Executive Directors largely met their personal/strategic 
goals for the year. However, as noted above, if EPS performance 
is below threshold, the Committee has discretion to reduce the 
amount of annual bonus that would be paid under the personal/
strategic element. In deciding whether to exercise that discretion, 
we considered the position of each Director individually. David  
Taylor-Smith and Debajit Das stepped down from the Board as a 
result of the reorganisation. They contributed to the business review 
and assisted in a smooth transmission to the new structure, but will 
not share in Aggreko’s new opportunities. In the circumstances, 
the Committee decided that to the extent that they had achieved 
their personal objectives, it would not be appropriate to reduce the 
amount that would otherwise be payable. But for the remaining 
Directors different considerations applied, and we decided that their 
bonus outcome should more closely reﬂect the underlying ﬁnancial 
performance of the Company, and so exercised our discretion to 
reduce the personal element to zero. In reaching that decision, 
we also took into account the fact other employees whose annual 
bonus was based on the overall performance of the Group would be 
receiving no bonus for the year; and 

(cid:333)(cid:3) Asterios Satrazemis was not entitled to a bonus for 2015, as he 

resigned as a Director in December.

Full details of the performance outcomes for the Annual Bonus are set 
out on page 86.

Read more and see our bonus entitlement and outcome tables

 Page 86

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

81

Executive Directors leaving during the year
As a consequence of the new organisational structure, we also 
announced that David Taylor-Smith, Regional Director for EMEA, and 
Debajit Das, Regional Director for Asia Paciﬁc, would remain with the 
Group for a period of time to assist with the transition and then step 
down from the Board in due course. Asterios Satrazemis resigned  
as a Director on 17 December 2015 and received no compensation 
relating to his departure.

Details of the exit arrangements are set out on page 89. 

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Performance and LTIPs
Based on performance to 31 December 2015, Executive Directors 
will receive only the Minimum Match Award under their 2013 long-
term incentives.

Our LTIPs are designed to align the interests of management with 
those of Shareholders in growing the value of the business over the 
long term. The awards which vest in August 2016 were granted in 
2013, subject to demanding performance conditions based on real 
(i.e. excluding inﬂation) D-EPS annualised growth of 3-10% and return 
on capital employed (ROCE) of 20-25% measured over a three-year 
period to 31 December 2015.

In summary, during that period real D-EPS showed no growth, and as 
a result, none of the shares subject to the D-EPS growth criterion will 
vest; average ROCE was 19% as against a target range of 20-25%, 
and similarly none of the shares subject to the ROCE condition will 
vest. Therefore, none of the performance element of the 2013 awards 
will vest; only the matching element, equivalent in each case to 15% of 
salary at the time of grant will vest. Further details of LTIPs which vested 
in 2015 are included in the table on page 87. 

Pay reviews for 2016
In June 2015, the Company announced a new organisational structure, 
with the appointment of Asterios Satrazemis as President of the Rental 
Solutions business. Given his new responsibilities, the Committee 
reviewed his base salary, taking into account the scope and size of 
the new Rental Solutions business and his global remit for Sales & 
Marketing and Global Events. Having considered comparable roles 
with our advisers, we agreed that the base pay for Asterios Satrazemis 
should be increased from $556,200 to $605,000 (8.8% increase). 
The increase took effect from 1 August 2015. 

Considering the context of a challenging performance year and a 
signiﬁcant cost reduction programme, the Committee decided that it 
would not generally be appropriate for Executive Directors and other 
members of the Executive Committee to receive salary increases as 
part of the December 2015 review, which would usually take effect 
from January 2016. However, as we explained in last year’s Annual 
Remuneration Statement, we committed to undertake a more detailed 
review for Carole Cran, in particular, once she was fully established 
in her role as Chief Financial Ofﬁcer. In view of Carole’s excellent 
performance and this commitment, the Committee conducted an 
external benchmarking exercise and proposed a base salary increase 
of 9.2% – which would have positioned her at the market median in line 
with our policy – and an increase in her maximum bonus opportunity 
for 2016 from 150% to 175% of base salary. However, given the 
challenges of 2015, Carole has said that she does not wish to receive 
the proposed base salary increase. 

The annual bonus for 2016 will operate broadly on the same basis as 
in 2015, with ﬁnancial performance – measured against D-EPS and 
operating cash ﬂow – accounting for 80% of total opportunity and 
the remaining 20% measured against personal/strategic objectives. 
Awards under the Long-term Incentive Plan will be made at the same 
level as the previous year. Further details can be found on page 92.

 
 
 
 
 
 
 
82 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

POLICY REPORT
Summary of Aggreko’s remuneration policy for Executive Directors
This section of our report summarises the key components 
of Aggreko’s remuneration policy for Executive Directors

The table below summarises the main elements of remuneration for Aggreko’s Executive Directors. 

Element of 
remuneration

Base salary

Aim and link to strategy

How it works

To attract and retain talent by ensuring base salaries are 
competitive in the talent market(s) relevant to each individual.

Pension

To provide relevant statutory beneﬁts and be competitive in the 
market in which the individual is employed.

Beneﬁts

To be competitive in the market in which the individual is 
employed. Expatriate and relocation packages designed to 
ensure a geographically mobile management population related 
to business needs.

Annual bonus  
scheme

To focus Executive Directors on achieving demanding annual 
targets relating to Company performance.

Long-term  
Incentive Plan

To align the interests of management with those of Shareholders 
in growing the value of the business over the long term.

Sharesave

To align the interests of employees and Shareholders by 
encouraging all employees to own Aggreko shares.

(cid:333)(cid:3) We aim to pay the market median for standard performance and 

within the market top quartile for top quartile performance, or to recruit 
outstanding candidates.

(cid:333)(cid:3) We generally review base salaries annually; in determining the 

appropriate level of adjustment, we take into account: Company 
performance; the individual’s responsibilities and contribution to the 
business; salary levels for comparable roles at relevant comparators; 
and salary increases more broadly across the Group.

(cid:333)(cid:3) All Executive Directors are entitled to a deﬁned contribution pension. 
They can opt to take a cash payment in lieu of all or part of their 
pension.

(cid:333)(cid:3) Contributions of between 20% and 30% of salary per annum except 

where limited by local practice.

(cid:333)(cid:3) Beneﬁts include healthcare, life assurance, a company car (or 

an allowance in lieu) and expatriate package. Where appropriate 
the Company will bear the cost of any local taxes payable on any 
expatriate beneﬁts. The Company will also bear any UK tax that 
Executive Directors resident overseas incur as a result of carrying out 
their duties in the UK.

(cid:333)(cid:3) The maximum annual bonus opportunity is 175% of salary. 

(cid:333)(cid:3) Performance is assessed annually with 20% of the maximum 

bonus potential based on personal/strategic objectives and 80% on 
challenging budget and stretch targets for the Group.

(cid:333)(cid:3) Bonus payments are typically delivered as to 75% in cash and as to 

25% deferred into shares and released after three years.

(cid:333)(cid:3) The deferred element is subject to clawback.

(cid:333)(cid:3) The Performance Share Plan (PSP) provides for a nil-cost conditional 
award of shares worth up to an aggregate limit of 300% of salary 
per annum.

(cid:333)(cid:3) There are two performance measures for the PSP, 75% of the PSP 

performance is based on three-year cumulative Diluted Earnings per 
Share and 25% against Return on Capital Employed.

(cid:333)(cid:3) A proportion of shares which vest will be subject to a further retention 
period of up to two years, with one-third being released on vesting 
and a further third being released after each of one and two years 
from vesting.

(cid:333)(cid:3) Awards are subject to malus and clawback.

(cid:333)(cid:3) This is an all-employee scheme whereby all employees including 

Executive Directors with at least three months’ continuous service 
may save up to £500 (or local currency equivalent) per month over 
a period of two to ﬁve years.

(cid:333)(cid:3) Options under the Sharesave Option Schemes and the US Stock 

Purchase Plan are granted at a discount of 20% and 15% respectively.

(cid:333)(cid:3) Savings capped at £500 a month (or local currency equivalent), 

reﬂecting the statutory limit for UK schemes.

Aggreko’s current remuneration policy was approved by Shareholders at our Annual General Meeting on 29 April 2015.  
The full policy is set out in the report of the Remuneration Committee on pages 98 to 100 of Aggreko’s Annual Report 2014,  
which can be found at www.aggreko.com/investors. 

Pay-for-performance: scenario analysis
The graphs below provide estimates of the potential future reward 
opportunities for Executive Directors, and the potential split between 
the different elements of remuneration under three different 
performance scenarios: “Minimum”, “Target” and “Maximum”.

Chris Weston

Minimum
Target
Maximum

100%
45%
22%

Carole Cran 

£998k
30%
29%

25%

£2,217k
49%

£4,560k

Minimum
Target
Maximum

£577k
29%25%

100%
46%
23% 28%

£1,246k
49%

£2,534k

£0

£1 million

£2 million

£3 million

£4 million

£5 million

  Fixed pay    

  Annual bonus    

 LTIP

Potential reward opportunities illustrated above are based on the 
remuneration policy applied to the base salary in force at 1 January 
2016. For the annual bonus, the amounts illustrated are those 
potentially receivable in respect of performance for 2016. It should be 
noted that the LTIP awards granted in a year do not normally vest until 
the third anniversary of the date of grant. The projected value of LTIP 
amounts excludes the impact of share price movement. In illustrating 
potential reward opportunities the following assumptions are made:

Fixed pay

Annual bonus

LTIP

Minimum

Target

Maximum

Latest base pay, 
pension and  
ongoing beneﬁts
Latest base pay, 
pension and  
ongoing beneﬁts
Latest base pay, 
pension and  
ongoing beneﬁts

No annual  
bonus

On target  
annual bonus

Maximum  
annual bonus

Threshold not 
achieved, so no 
amount vesting
Performance  
warrants 25% of 
maximum vesting
Performance  
warrants full vesting

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

83

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84 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REPORT ON REMUNERATION

In the following section of our report we explain how we have implemented Aggreko’s remuneration policy during 2015. The policy in place for 
the year was the one which was approved by Shareholders at Aggreko’s 2015 Annual General Meeting. We have given brief details of the policy 
above on page 82, but full details of the policy can be found in Aggreko’s 2014 Report and Accounts, pages 98 to 100, which is available on our 
website at www.aggreko.com/investors.

Single total ﬁgure of remuneration (audited)
The table below sets out a single ﬁgure for the total remuneration received by each Director for the years ended 31 December 2015 and 
31 December 2014. 

Executive Directors
Carole Cran
Carole Cran1
Debajit Das2
Debajit Das3
Asterios Satrazemis4
Asterios Satrazemis5
David Taylor-Smith6
David Taylor-Smith
Chris Weston7

Non-executive Directors

Ken Hanna

Ken Hanna
Russell King

Russell King
Uwe Krueger 8
Diana Layﬁeld

Diana Layﬁeld
Robert MacLeod

Robert MacLeod
Ian Marchant

Ian Marchant
Rebecca McDonald9
Rebecca McDonald

Year
2015

2014
2015

2014
2015

2014
2015

2014
2015

2015

2014
2015

2014
2015
2015

2014
2015

2014
2015

2014
2015

2014

Base Salary/

412,000

Fees £ Beneﬁts £ 
82,475
42,44210

233,333
239,462

296,048
367,794

312,298
220,500

350,000
750,000

340,250

327,244
100,500

93,718
55,500
60,500

60,000
80,500

80,000
60,500

60,000
55,417

60,000

216,584

265,856
51,724

65,308
10,362

19,935
22,853

–

–
–

–
–
–

–
–

–
–

–
–

–

Annual 
Bonus £
–

148,780
56,812

83,897
–

195,007
151,594

169,841
–

–

–
–

–
–
–

–
–

–
–

–
–

–

LTIP

PSP £
–

–
–

–
–

–
–

–
–

–

–
–

–
–
–

–
–

–
–

–
–

–

CIP £
16,333

13,600
28,101

23,618
–

27,670
30,016

Sharesave £
–

Pension £
82,400

Other £
–

–
–

–
–

–
–

46,667
47,109

59,561
63,542

24,984
44,100

–
–

–
–

–
–

Total £
593,208

484,822
588,068

728,980
483,060

625,267
456,572

–
–

–

–
–

–
–
–

–
–

–
–

–
–

–

1,164
4,271

70,000
225,000

–

610,940
483,39211 1,485,516

–

–
–

–
–
–

–
–

–
–

–
–

–

–

–
–

–
–
–

–
–

–
–

–
–

–

–

–
–

–
–
–

–
–

–
–

–
–

–

340,250

327,244
100,500

93,718
55,500
60,500

60,000
80,500

80,000
60,500

60,000
55,417

60,000

1  Carole Cran’s remuneration for 2014 is from date of appointment, 1 June 2014.
2  Debajit Das’s remuneration for 2015 is to date of resignation as a Director, 15 October 2015, was paid in local currency and for the purposes of this table has been converted into Sterling using 

the average exchange rate for 2015 of £1 = SG$ 2.1007.

3   Debajit Das’s remuneration for 2014 was paid in local currency and for the purposes of this table has been converted into Sterling using the average exchange rate for 2014 of £1 = SG$2.0875.
4  Asterios Satrazemis’s remuneration for 2015 is to date of resignation as a Director, 17 December 2015, was paid in local currency and for the purposes of this table has been converted into 

Sterling using the average exchange rate for 2015 of £1 = US$1.5284.

5  Asterios Satrazemis’s remuneration for 2014 was paid in local currency and for the purposes of this table has been converted into Sterling using the average exchange rate for 2014 of  

£1 = US$1.6487.

6  David Taylor-Smith’s remuneration for 2015 is to date of resignation as a Director, 1 August 2015.
7  Chris Weston’s remuneration for 2015 is from date of appointment, 2 January 2015. 
8  Uwe Krueger’s remuneration for 2015 is from date of appointment, 1 February 2015. 
9  Rebecca McDonald’s remuneration for 2015 is to date of resignation as a Director, 1 December 2015.
10 During 2015, a review of Carole Cran’s time spent in the London ofﬁce was undertaken. Owing to the signiﬁcant amount of time spent in London, based on UK tax legislation, Carole has 

established a second place of employment in London. As a result, any home to London ofﬁce travel costs either reimbursed, or paid on Carole’s behalf are taxable. The review identiﬁed £18,126 
of travel costs and £16,074 of associated tax paid by Aggreko that relate to travel undertaken in 2014. This amount was not previously reported in the 2014 Report and Accounts.

11  As set out on page 97 of our Annual Report 2014, Chris Weston received an amount of £483,392 to compensate him for his annual bonus from his previous employer he forfeited as a result of his 

resignation. This was paid as 75% in cash and the balance in Aggreko shares. The shares are shown in the table of Directors’ shareholdings on page 90.

The ﬁgures have been calculated as follows:

(cid:333)(cid:3) Base salary/fees: amount earned for the year. See Base salary below.
(cid:333)(cid:3) Beneﬁts: the taxable value of beneﬁts received in the year. See Beneﬁts below.
(cid:333)(cid:3) Annual bonus: the total bonus earned on performance during the year. See Annual bonus scheme on pages 85 and 86 below.
(cid:333)(cid:3) 2015 remuneration for LTIPs refers to share awards granted on 5 August 2013 subject to a performance period ended 31 December 2015 and which are due to vest on 5 August 2016.  

The value is based on the average share price over the last quarter of 2015 of 967 pence. See Long-term Incentive Plan on page 87 below.

(cid:333)(cid:3) 2014 remuneration for LTIPs refers to share awards granted on 16 April 2012 subject to a performance period ended 31 December 2014 which vested on 16 April 2015.  

The value is based on the share price on 16 April 2015 of 1621 pence.

(cid:333)(cid:3) Sharesave: the value is based on the market price of an Aggreko share on the date of grant, less the option price, multiplied by the number of options.
(cid:333)(cid:3) Pension: the amount of any Company pension contributions and cash in lieu. See Pensions on page 88 below.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

85

Base salary
The base salaries for Executive Directors as at 1 January 2016, 1 January 2015 and 1 January 2014 were as follows:

Executive Director

Position

Carole Cran
Debajit Das

Asterios Satrazemis

David Taylor-Smith
Chris Weston

Chief Financial Ofﬁcer
Former Regional Director, Asia Paciﬁc
Former Regional Director, Americas/President, 
Rental Solutions
Former Regional Director, Europe, Middle East 
& Africa
Chief Executive Ofﬁcer

1 January  
2016  
£

Local currency 
increase  
%

1 January  
2015  
£ 

Local currency 
increase  
% 

412,000
–

0
–

412,000
302,9942

395,8394

8.8

363,9105

–
750,000

–
0

378,000
750,000

3
3

8

8
–

1 January  
2014  
£ 
400,0001
296,0483

312,3676

350,000
–

1  Carole Cran’s salary for 2014 is from date of appointment, 1 June 2014. The Committee conducted an external benchmarking exercise on her salary and proposed to award her an increase of 

9.2% with effect from 1 January 2016, taking her salary to £450,000. However, in view of the challenging trading conditions, Carole decided not to accept this increase.

2  Debajit Das’s salary as at 1 January 2015 was paid in local currency SG$636,500 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2015 of 

£1 = SG$2.1007.

3  Debajit Das’s salary as at 1 January 2014 was paid in local currency SG$618,000 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2014 of 

£1 = SG$2.0875.

4  Asterios Satrazemis’s salary is shown as at date of resignation, 17 December 2015. His salary was increased to US$605,000 on 1 August 2015 on being appointed President, Power Solutions 

and for the purposes of this table has been converted into Sterling using the average exchange rate for 2015 of £1 = US$1.5284.

5  Asterios Satrazemis’s salary as at 1 January 2015 was paid in local currency US$556,200 and for the purposes of this table has been converted into Sterling using the average exchange rate for 

2015 of £1 = US$1.5284.

6  Asterios Satrazemis’s salary as at 1 January 2014 was paid in local currency US$515,000 and for the purposes of this table has been converted into Sterling using the average exchange rate for 

2014 of £1 = US$1.6487.

Beneﬁts
All Executive Directors received healthcare beneﬁts with the exception of Carole Cran. All Executive Directors were also provided with life 
assurance cover, income protection and accident insurance. David Taylor-Smith, Carole Cran and Chris Weston received a car allowance. 
Carole Cran received reimbursement of the cost of travelling to the London ofﬁce and associated taxes. Debajit Das received an overseas 
secondment package to cover housing, travel allowance, Company-funded car, fuel allowance, utilities allowance, a contribution to school 
fees and reimbursement of certain taxes. Asterios Satrazemis received a company car beneﬁt and reimbursement of certain taxes.

The following table shows those beneﬁts that the Committee considers signiﬁcant:

Executive Director

Carole Cran
Debajit Das
Asterios Satrazemis 
David Taylor-Smith
Chris Weston

Car/fuel

£12,000
£17,655
£11,056
£7,000
£12,000

Housing School fees

–
£72,234
–
–
–

–
£21,950
–
–
–

Travel

£40,167
£22,819
–
–
–

Tax

£26,991
£71,772
£29,852
–
–

Other

£3,317
£10,154
£10,816
£3,362
£10,853

Total

£82,475
£216,584
£51,724
£10,362
£22,853

Annual bonus scheme
The maximum bonus opportunity for 2015 for the Chief Executive Ofﬁcer was 175% of salary, for the Chief Financial Ofﬁcer 150% of salary,  
and for Regional Directors 125% of salary. 

Bonus payments are payable as to 75% in cash, and as to 25% deferred into shares for three years unless, at the discretion of the Committee, 
the individual leaves with the Company’s consent. The Committee has discretion to reduce the number of shares that can vest in the event of 
gross misconduct or material misstatement of the accounts.

The targets under the 2015 annual bonus scheme were based as to 80% on ﬁnancial performance measures set against the annual budget 
at the start of the year and as to 20% against personal/strategic objectives.

Financial performance measures
The ﬁnancial objectives for the Chief Executive Ofﬁcer (Chris Weston) and the Chief Financial Ofﬁcer (Carole Cran) were measured as to 75% 
against D-EPS and as to 25% against operating cash ﬂow. The ﬁnancial objectives for Directors with regional responsibilities were based as to 
50% on the performance of the Group, measured against Group D-EPS and as to 50% on the performance of their regions, measured as to 
40% against regional trading proﬁt and 10% against regional ROCE. The initial regional ﬁnancial elements of the bonus were based on the 2015 
full year outcome. However, following the reorganisation announced in June, the three regions ceased to exist and so the Committee decided 
that regional performance would be measured based on the July full year forecast.

For these ﬁnancial measures, Executive Directors would start to earn a bonus at threshold performance, calculated as a percentage below 
budget, increasing to half of the maximum that could be earned under that element at budget on a straight-line basis. The bonus would then 
increase on a straight-line basis to the maximum, calculated as a percentage above budget.

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86 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REPORT ON REMUNERATION

The table below shows the performance against budget of each of the ﬁnancial performance measures used for calculating the Annual Bonus 
for 2015:

Measure

Threshold

Budget

Maximum

Outcome

% budget

% budget

% budget

% maximum 
of element

D-EPS growth
Operating cash ﬂow
Regional trading proﬁt – APAC
Regional ROCE – APAC
Regional trading proﬁt – Americas
Regional ROCE – Americas
Regional trading proﬁt – EMEA
Regional ROCE – EMEA

83.86p
£569.5m
US$90.9m
–
US$251.0m
–
US$221.9m
–

95
90
95
–
95
–
95
–

21.0%

88.27p
£632.8m

97.10p
£696.1m
US$95.7m US$105.3m
–
US$264.2m US$290.6m
–
US$233.6m US$256.9m
–

22.2%

23.5%

110
110
110
–
110
–
110
–

69.1p1
£445.9m1
US$24.5m2
9.6%2
US$104.3m2
16.2%2
US$122.9m2
22.2%2

78
70
51
–
78
–
110
–

0
0
0
0
0
0
100
100

1  The reported D-EPS and operating cash ﬂow have been adjusted to a constant currency basis.
2  The outcome for trading proﬁt and ROCE for each of the three regions is based on July year to date, as shown by the management accounts of the Group.

Personal/strategic performance measures
Each Director was set four personal objectives, against each of which he or she could achieve up to 5% of the maximum bonus entitlement, or 
20% in total. All included measurable improvements in safety indicators and agreed outcomes for set strategic objectives speciﬁc to their roles. 

In addition, Chris Weston’s objectives included the design of an organisational structure to deliver strategy and the creation of a new Executive 
team. Carole Cran’s objectives included creating a constructive and positive feedback from dialogue with Shareholders and identifying 
procurement savings and establishing a new procurement team structure. Those for each of the Directors with regional responsibilities 
included measurable improvements in customer satisfaction, as measured by Net Promoter Scores and improvements in regional debtor days. 
The Committee reviewed performance against these measures for each Director, and the table below shows the Committee’s assessment of 
each personal/strategic objective achieved as a percentage of maximum bonus entitlement and the total also as a percentage of salary.

Executive Director
Carole Cran1 
Debajit Das
Asterios Satrazemis2 
David Taylor-Smith
Chris Weston1

Personal/strategic objective achieved as a percentage of maximum bonus entitlement 

Full  
potential  
work

Investor 
feedback

Procurement 
and cost 
savings

Net  
promoter 
score

Regional 
debtor days

Organisation 
design

Executive 
team

Total

Total % 
achieved 
salary

Total  
payable  
% salary

5%
5%
0%
5%
5%

5%
–
–
–
–

3%
–
–
–
–

–
0%
0%
5%
–

–
5%
0%
0%
–

–
–
–
–
5%

–
–
–
–
3%

18%
0%
27%
15% 18.75% 18.75%
0%
0%
15% 18.75% 18.75%
0%
31.5%
18%

0%

Safety

5%
5%
0%
5%
5%

1  The Committee exercised its discretion to reduce the amount of the personal/strategic element of bonus payable for Carole Cran and Chris Weston to zero, as EPS threshold target had not 

been met. 

2  Asterios Satrazemis was not entitled to a bonus for 2015 as he resigned as a Director on 17 December 2015.

The table below sets out the total bonus entitlement for each Executive Director for 2015:

D-EPS growth

Operating  
cash ﬂow

Regional  
trading proﬁt

Regional ROCE

Personal 
objectives

Total payable

Executive Director

Carole Cran
Debajit Das1
Asterios Satrazemis
David Taylor-Smith2
Chris Weston

Total max 
bonus  
% salary

Max 
bonus  
% salary

Outcome  
% salary

Max 
bonus  
% salary 

Outcome  
% salary

Max 
bonus  
% salary

Outcome  
% salary

Max 
bonus  
% salary

Outcome  
% salary

Max 
bonus  
% salary

Outcome  
% salary % salary

Pro-rata  
% salary 

£

150
125
125
125
175

90
50
50
50
105

0
0
0
0
0

30
–
–
–
35

0
–
–
–
0

–
40
40
40
–

–
0
0
40
–

–
10
10
10
–

–
0
0
10
–

30
25
25
25
35

0
18.75
0
18.75
0

–
18.75
–
68.75
–

–
0
– 56,812
0
–
40.1 151,594
0

–

1  Debajit Das’s bonus for 2015 is payable in local currency SG$119,344 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2015  

of £1 = SG$2.1007. It will be paid in cash.

2  David Taylor-Smith’s bonus as a percentage of salary was pro-rated for the months that he was employed as a Director, that is seven months. It will be paid in cash.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

87

Long-term Incentive Plan

The LTIP awards which are due to vest on 5 August 2016 were granted in 2013 under the old LTIP, which expired in 2014. The old LTIP consists 
of two distinct elements: the Performance Share Plan (PSP) and the Co-investment Plan (CIP). 

The PSP is a nil-cost conditional award of shares which vest depending on performance against the targets; it provides for annual awards of 
performance shares up to an aggregate limit of 100% of salary in normal circumstances and 200% of salary in exceptional circumstances.

The CIP is a Co-investment plan, whose purpose it is to encourage executives to buy and hold shares in the Company. Participants can 
subscribe to purchase Aggreko shares up to a value of 30% of their salary, each year that they are invited to join the CIP; if they hold those shares 
for three years (or, if earlier, the date that their CIP award vests), they will be entitled to receive a minimum award of one share for every two they 
subscribed (the Minimum Match), plus a performance-related award of a further three shares for every two they subscribed. The Minimum Match 
is not subject to performance conditions.

The PSP and CIP are both measured against performance over three ﬁnancial years and they share the same performance criteria. These are 
the real compound annual growth rate of Diluted Earnings per Share (D-EPS), and Return on Capital Employed (ROCE). 

The performance criteria for the LTIP awards granted in 2013 were as follows:

(cid:333)(cid:3) 75% of the award was based on CPI inﬂation-adjusted compound annual growth in D-EPS over the three-year performance measurement 
period in a range of 3% to 10%. No performance shares would be awarded against this element if performance was below 3% and awards 
would increase straight-line to the maximum at 10% growth; and

(cid:333)(cid:3) 25% of the award was based on average ROCE over the performance period in a range of 20% to 25%. No performance shares would be 

awarded against this element if performance was below 20% and awards would increase straight-line to the maximum at 25% ROCE.

In addition to the above, and to reward truly exceptional performance, the number of shares awarded to participants in both elements of the 
2013 LTIP might be increased by between one and two times if the real compound annual growth in D-EPS over the three-year performance 
measurement period was in a range of 10% to 20%.

The performance period for the 2013 LTIP awards ended on 31 December 2015. Over the period:

(cid:333)(cid:3) Aggreko’s aggregate D-EPS was 251.9 pence, which is the equivalent of no growth. Since this was less than the threshold of 3%, no shares 

will vest under this performance measure; and 

(cid:333)(cid:3) Aggreko’s actual average ROCE for the period was 19%. Since this was less than the threshold of 20%, no shares will vest under this 

performance measure. 

Accordingly, only the Minimum Match will vest.

The table below shows:

(cid:333)(cid:3) the resulting vesting of the 2013 LTIP awards. These are due to vest in August 2016; and 

(cid:333)(cid:3) by way of comparison the vesting of the 2012 LTIP awards which vested in April 2015.

Executive Director

Carole Cran
Carole Cran
Debajit Das
Debajit Das
Asterios Satrazemis
Asterios Satrazemis
David Taylor-Smith

Performance Share Plan

Co-Investment Plan

Year of grant

Vested

Market price  
£

Value  
£

Vested

Market price  
£

Value  
£

Total value  
£

2013
2012
2013
2012
2013
2012
2013

–
–
–
–
–
–
–

–
–
–
–
–
–
–

–
–
–
–
–
–
–

1,689
839
2,906
1,457
–
1,707
3,104

967p
1621p
967p
1621p
–
1621p
967p

16,333
13,600
28,101
23,618
–
27,670
30,016

16,333
13,600
28,101
23,618
–
27,670
30,016

Each of the 2013 LTIP awards was granted on 5 August 2013. 

Each of the 2012 LTIP awards was granted on 16 April 2012 and vested on 16 April 2015.

The value of the 2013 LTIP on vesting is based on the average price of Aggreko shares over the last quarter of 2015 of 967 pence.

The value of the 2012 LTIP on vesting is based on the market price of Aggreko shares on date of vesting, 16 April 2015, of 1621 pence.

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88 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REPORT ON REMUNERATION

Pensions
Executive Directors participate in pension schemes or receive cash in lieu with a value appropriate to the median practice in their home countries.

Carole Cran, Debajit Das and David Taylor-Smith are members of the Aggreko Group Personal Pension Plan, which is a deﬁned contribution 
scheme. Chris Weston is entitled to a Company contribution of 30% and other Executive Directors are entitled to a Company contribution 
of 20% of salary, but may elect to take all or part of the Company contribution in the form of a cash payment in lieu. Asterios Satrazemis is 
entitled to participate in the Employees’ Savings Investment Retirement plan and the Supplemental Executive Retirement plan of Aggreko LLC, 
which is governed by the laws of the United States. These plans allowed contributions by the employee and the Group to be deferred for tax. 
Contributions paid by the Company under the deﬁned contribution plans during the year are as follows:

Executive Director

Carole Cran
Debajit Das
Asterios Satrazemis
David Taylor-Smith
Chris Weston 

Paid to pension  
£

37,340
8,301
63,5423
23,333
–

2015

Paid cash  
£

45,060
38,8081
–
20,767
225,000

Total  
£

Paid to pension  
£

82,400
47,109
63,542
44,100
225,000

22,233
10,504
24,9844
47,500
–

2014

Paid cash  
£

24,434
49,0572
–
22,500
–

Total  
£

46,667
59,561
24,984
70,000
–

1  Debajit Das’s entitlement for 2015 was paid in local currency SG$81,523 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2015  

of £1 = SG$2.1007.

2  Debajit Das’s entitlement for 2014 was paid in local currency SG$102,408 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2014  

of £1 = SG$2.0875.

3  Asterios Satrazemis’s entitlement for 2015 was paid in local currency US$97,117 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2015  

of £1 = US$1.5284. 

4  Asterios Satrazemis’s entitlement for 2014 was paid in local currency US$41,191 and for the purposes of this table has been converted into Sterling using the average exchange rate for 2014  

of £1 = US$1.6487.

Non-executive Directors (including the Chairman)
The Board determines the remuneration policy and level of fees for the Non-executive Directors, within the limits set out in the Articles of 
Association. The Remuneration Committee recommends remuneration policy and level of fees for the Chairman of the Board (although the 
Chairman of the Board does not take part in discussions concerning his remuneration). Remuneration comprises an annual fee for acting as a 
Chairman or Non-executive Director of the Company. Additional fees are paid to Non-executive Directors in respect of service as Chairman of 
the Audit and Remuneration Committees and as Senior Independent Director. The Chairman and Non-executive Directors are not eligible for 
bonuses, retirement beneﬁts or to participate in any share scheme operated by the Company. 

The fees for the Chairman and Non-executive Directors as at 1 January 2016 and 1 January 2015 were as follows:

Role
Chairman fee1
Non-executive Director base fee2
Committee Chairman additional fee
Senior Independent Director additional fee

1  The increase in the Chairman’s fee took effect from 1 April 2015.
2   The increase in the Non-executive Directors’ fees took effect from 1 July 2015.

1 January 2016  
£ 

Increase 

1 January 2015  
£

342,000
61,000
20,000
20,000

2.1%
1.7%
 0%
0%

335,000
60,000
20,000
20,000

Share awards granted in 2015 (audited)
In May 2015, Executive Directors were granted awards of shares under the 2015 Long-term Incentive Plan, in each case with a value equivalent to 
300% of salary. The three-year performance period over which D-EPS and ROCE performance will be measured began on 1 January 2015 and 
will end on 31 December 2017. None of the awards granted under the LTIP are eligible to vest until 21 May 2018.

The performance criteria for the LTIP awards granted in 2015 are as follows:

(cid:333)(cid:3) 75% of the award is based on three-year cumulative D-EPS as compared to three-year compound growth in real (RPI-adjusted) D-EPS. 

No performance shares will be awarded against this element if performance is below an equivalent of RPI+3% per annum growth. Awards will 
then start to vest above that level and will increase straight-line to a maximum at an equivalent of RPI+15% per annum growth; and

(cid:333)(cid:3) 25% of the award is based on average ROCE over the performance period in a range of 20% to 25%. No performance shares will be awarded 

against this element if performance is less than 20% and awards will increase straight-line to the maximum at 25% ROCE.

A proportion of shares which vest will be subject to a further retention period of up to two years in accordance with the rules of the LTIP. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

89

In addition, as explained on page 97 of our Annual Report 2014, the Committee agreed to award Chris Weston shares under a restricted stock 
agreement to compensate him for the forfeiture of long-term incentives from his previous employment. The value of the award was determined as 
£2,238,000 and the number of shares to be awarded was based on the closing price of an Aggreko share of 1749 pence on 28 May 2014, being 
the day immediately prior to the date of announcement of his appointment, resulting in an award of 127,958 shares. This award was granted on 
30 March 2015. The shares will be released as to 50% on 1 April 2016 and 50% on 1 April 2017, subject to his continuing employment on vesting 
or otherwise if he leaves the Company as a good leaver.

The table below shows details of interests awarded to Executive Directors during 2015:

Executive Director

Carole Cran
Debajit Das
Asterios Satrazemis
David Taylor-Smith
Chris Weston

LTIP

Face Value1 

£

% vesting 
on minimum 
performance

1,235,998
918,244
1,073,040
1,133,996
2,249,989

–
–
–
–
–

Shares

76,485
56,822
66,401
70,173
139,232

Sharesave

Face Value2 

£

–
–
–
–
4,271

Shares

–
–
–
–
2,168

% vesting 
on minimum 
performance

–
–
–
–
100

Other

Face Value3
£

–
–
–
–
1,957,757

Shares

–
–
–
–
127,958

% vesting 
on minimum 
performance

–
–
–
–
100

1  Face value of LTIP is the maximum number of shares that would vest if all performance targets are met multiplied by the average market price over the ﬁve business days prior to the date of grant 

of 21 May 2015, which was used to determine the number of shares awarded, being 1616 pence.

2  Face value of Sharesave is the market price of Aggreko shares on 13 October 2015, being the date of grant, of 1027 pence, less the option price multiplied by the number of options granted.
3  Face value is the number of shares awarded on 30 March 2015 multiplied by the market price of Aggreko shares on 30 March 2015, being 1530 pence.

Arrangements with past Directors (audited)

David Taylor-Smith
David Taylor-Smith ceased to be a Director on 1 August 2015, but will remain an employee of the Company until 21 June 2016. The Committee 
exercised its discretion to agree that he would be entitled to his 2015 bonus, to the extent the objectives were achieved as outlined on page 80, 
but pro-rated for the months that he was employed as a Director, that is seven months. This will be paid in cash with no deferral in March 2016, 
following the announcement of the Group’s 2015 results. For the period 2 August 2015 to 31 December 2015, the value of his basic salary, 
pension and beneﬁts was £196,350; this amount is not included in the single total ﬁgure of remuneration on page 84. The Company agreed to 
pay for legal expenses and outplacement fees totalling £32,000. He received no compensation for loss of ofﬁce or other payment in connection 
with his leaving. He was treated as a “good leaver” for the purpose of Aggreko’s Long-term Incentive Plans, and accordingly the LTIP Awards 
made in 2013, 2014 and 2015 will remain subject to their terms and to relevant performance conditions being met. Any awards will vest pro-rata 
for the period he was employed by the Company. Full details of any awards vesting will be included in the Annual Report on Remuneration for the 
relevant year.

Debajit Das
Debajit Das ceased to be a Director on 15 October 2015, but will remain an employee of the Company until 15 October 2016. The Committee 
exercised its discretion to agree that he would be entitled to his 2015 bonus, to the extent the objectives were achieved as outlined on page 80. 
This will be paid in cash with no deferral in March 2016, following the announcement of the Group’s 2015 results. For the period 16 October 
2015 to 31 December 2015, the value of his basic salary, pension and beneﬁts was £122,603; this amount is not included in the single total 
ﬁgure of remuneration on page 84. The Company agreed to pay for legal expenses and outplacement fees totalling £28,000. He received no 
compensation for loss of ofﬁce or other payment in connection with his leaving. He was treated as a “good leaver” for the purpose of Aggreko’s 
Long-term Incentive Plans, and accordingly the LTIP Awards made in 2013, 2014 and 2015 will remain subject to their terms and to relevant 
performance conditions being met. Any awards will vest pro-rata for the period he was employed by the Company. Full details of any awards 
vesting will be included in the Annual Report on Remuneration for the relevant year.

Asterios Satrazemis
Asterios Satrazemis resigned as a Director on 17 December 2015 and ceased to be an employee on 31 December 2015. He was paid his basic 
salary and beneﬁts up to 31 December 2015, but will receive no bonus for 2015. For the period 18 December to 31 December 2015 inclusive, 
the value of his basic salary, pension and beneﬁts was £20,411; this amount is not included in the single total ﬁgure of remuneration on page 84. 
He received no compensation for loss of ofﬁce in connection with his resignation. His outstanding LTIPs will lapse, in accordance with the rules 
of the schemes.

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90 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REPORT ON REMUNERATION

Directors’ shareholdings (audited)
As at 31 December 2015, the shareholdings of the Directors were as follows:

Director
Carole Cran
Debajit Das6
Asterios Satrazemis7
David Taylor-Smith8
Chris Weston
Ken Hanna
Russell King
Uwe Krueger
Diana Layﬁeld
Robert MacLeod
Rebecca McDonald
Ian Marchant

(A) Shares 
owned 
outright1

(B) Shares 
held subject 
to deferral 

Shares held 
subject to 
performance 
conditions2

Options held 
not subject to 
performance 
conditions3

Shareholding 
guidelines 
% salary

8,890

39,149

47,367

12,518

4,082

–

–

–

–

135,6949

139,855

161,054

175,781

188,367

139,232

–

–

23

1,363

2,168

200

200

200

200

200

Shares 
counting 
towards 
guidelines  
(A + B)

12,972

39,149

47,367

12,518

135,694

Current 
shareholding 
% salary4

29

118

109

30

165

Date of 
appointment5

1 June 2014

1 January 2013

1 January 2013

11 March 2013

2 January 2015

19,303

3,688

3,000

2,855

18,582

–

3,331

1  This includes shares held by connected persons.
2  Shares held subject to performance comprise LTIP awards over shares. 
3  Options held under the Sharesave Plan.
4  Percentage is calculated using share price of 914 pence as at 31 December 2015.
5  Under the Company’s share ownership guidelines, Executive Directors have ﬁve years from their respective appointments to achieve the shareholding guideline of not less than two times 

base salary.

6  Debajit Das’s holding is as at date of leaving, 15 October 2015. 
7  Asterios Satrazemis’s holding is as at date of resignation, 17 December 2015. The 175,781 shares held subject to performance conditions and the 23 options held not subject to performance 

conditions lapsed on date of leaving. 

8  David Taylor-Smith’s holding is as at date of resignation, 1 August 2015. 
9  Chris Weston’s holding comprises 127,958 shares awarded on 30 March 2015 and 25% of his annual bonus forfeited from his previous employer which was deferred into shares (7,736 shares), 

as set out on page 97 of our 2014 Report and Accounts. 

There have been no changes in the Directors’ interests in ordinary shares between 31 December 2015 and 3 March 2016.

Carole Cran, Debajit Das, Asterios Satrazemis, David Taylor-Smith and Chris Weston, as employees or former employees of the Company, have, 
or had up to their date of resignation, an interest in the holdings of the Aggreko Employee Beneﬁt Trust (the “EBT”) as potential beneﬁciaries. 
The EBT is a trust established to distribute shares to employees of the Company and its subsidiaries in satisfaction of awards granted under the 
Aggreko Long-term Incentive Plans and Sharesave Schemes. At 31 December 2015, the trustees of the EBT held a total of 535,538 Aggreko plc 
Ordinary Shares (2014: 824,036) and the holding at the date of this report is 499,067. The dividend has been waived on these shares.

Comparison of Company performance
The graph below shows the value, at 31 December 2015, of £100 invested in Aggreko’s shares on 31 December 2008 compared with the 
current value of the same amount invested in the FTSE 350 Index. The FTSE 350 Index is chosen because Aggreko has been a constituent 
member of this group over the entire period.

Company performance
500
450
400
350
300
250
200
150
100
50
0

£100

£100

Dec 08

£212

£130

Dec 09

£470

£342

£409

£408

£363

£148

£144

£161

£194

£196

Dec 10

Dec 11

Dec 12

Dec 13

Dec 14

£225

£197

Aggreko
FTSE350 Index
Dec 15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

91

For comparative purposes, the remuneration of the Director undertaking the role of Chief Executive Ofﬁcer for the same ﬁnancial years is set 
out below: 

Year

2009
2010
2011
2012
2013
2014

2015 

CEO

Rupert Soames
Rupert Soames
Rupert Soames
Rupert Soames
Rupert Soames
Angus Cockburn

Chris Weston

Single Figure of  
Total Remuneration  
£

Annual Bonus payout  
against maximum  
%

Long-term incentive  
vesting rates against  
maximum opportunity  
%

2,555,850
5,839,209
8,501,865
2,685,840
1,779,144
1,290,906

1,485,516

63.2
100
82.4
6.4
49.6
42.4

0

100
100
100
100
72.5
5.8

0

Angus Cockburn was Interim Chief Executive from 25 April to 30 September 2014, and his emoluments have been calculated on the assumption 
that he held the role for the full year at the rates of remuneration in place on 30 September 2014.

The ﬁgure for Chris Weston includes an amount of £483,392 to compensate him for his annual bonus from his previous employer he forfeited as a 
result of his resignation.

The data for this table was taken from the Remuneration Reports for the relevant years and adjusted to take account of the actual share price on 
date of vesting for the LTIP.

Percentage change in remuneration of CEO
The table below shows the change in remuneration of the Director undertaking the role of Chief Executive Ofﬁcer for 2014 (Angus Cockburn, 
Interim Chief Executive) and for 2015 (Chris Weston, Chief Executive Ofﬁcer) in comparison to the average change in remuneration of employees 
within the Group central functions over that period.

Percentage change for CEO/Interim CEO

Percentage change for Group central functions

Salary/fees
Beneﬁts
Bonus

25
7.3
–100

6.8
5.6
–100

Angus Cockburn was Interim Chief Executive from 25 April to 30 September 2014, and his emoluments have been calculated on the assumption 
that he held the role for the full year at the rates of remuneration in place on 30 September 2014.

The comparator group relates to the employees within the Group central function in the UK (103 employees), rather than all Group employees. 
As in the previous year, we have chosen this group because the Committee believes that it provides a sufﬁciently large comparator group to 
give a reasonable understanding of underlying increases, based on similar annual bonus performance measures utilised by Group central 
functions, whilst reducing the distortion that would arise from including all of the many countries in which the Group operates, with their different 
economic conditions.

Relative importance of spend on pay
The graph below shows Aggreko’s proﬁt after tax, pre-exceptional items, dividend, and total employee pay expenditure for the ﬁnancial years 
ended 31 December 2014 and 31 December 2015, and the percentage change.

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Proﬁt after tax £m 

Dividend £m 

Total employee pay expenditure £m 

−15%

+1%

+5%

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£215m

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£70m
£69m

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£331m
£314m

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400 

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300 

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0 

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200 

300 

400 

Dividends are the interim and ﬁnal dividends paid in respect of the ﬁnancial year ended 31 December 2014 and the interim dividend paid  
and the ﬁnal dividend recommended in respect of the ﬁnancial year ended 31 December 2015.

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92 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

ANNUAL REPORT ON REMUNERATION

Implementation of Remuneration Policy in 2016
The Committee intends to implement the Remuneration Policy in 2016 as follows:

Base salaries and fees 
Base salaries for Executive Directors were reviewed by the Committee in December 2015; details are set out on page 85. The Committee intends 
to next review the salaries in December 2016. The Chairman’s fee is due to be reviewed in April 2016 and the Non-executive Directors’ fees are 
due to be reviewed in June 2016. The Chairman and the Non-executive Directors have indicated that they will recommend that their reviews be 
deferred until April 2017 and June 2017 respectively.

Pensions and beneﬁts 
Pensions and beneﬁts will continue in line with policy.

Annual bonus 
On 1 March 2016, the Committee set annual bonus targets for the Executive Directors as follows:

Executive Director

Carole Cran
Chris Weston

D-EPS

Operating cash ﬂow

Personal 
objectives

Total max 
bonus 
(% salary)

Max bonus 
% salary

On-budget 
bonus 
% salary

Max bonus 
% salary 

On-budget 
bonus 
% salary

Max bonus 
% salary

175
175

105
105

52.5
52.5

35
35

17.5
17.5

35
35

The personal objectives were set individually for each Director. All include measurable improvements in safety indicators and agreed outcomes for 
set strategic objectives speciﬁc to their roles. 

We have not disclosed full details of all objectives or ﬁnancial targets in this report, as we consider them to be commercially sensitive. It is, 
however, our intention to disclose ﬁnancial budget numbers in next year’s Annual Report on Remuneration.

Long-term Incentive Plan
The Committee proposes to approve the grant of 2016 LTIP awards to Executive Directors with a face value of 300% of salary. 

The performance criteria for the 2016 LTIP will be as follows:

(cid:333)(cid:3) 75% of the award will be based on three-year cumulative D-EPS as compared to three-year compound growth in real (RPI-adjusted) D-EPS. 

No performance shares will be awarded against this element if performance is below an equivalent of RPI+3% per annum growth. Awards will 
then start to vest above that level and will increase straight-line to a maximum at an equivalent of RPI+15% per annum growth; and

(cid:333)(cid:3) 25% of the award is based on average ROCE over the performance period in a range of 20% to 25%. No performance shares will be awarded 

against this element if performance is less than 20% and awards will increase straight-line to the maximum at 25% ROCE.

A proportion of shares which vest will be subject to a further retention period of up to two years in accordance with the rules of the LTIP.

Awards are expected to be granted in April 2016.

Consideration by the Directors of matters relating to Directors’ remuneration
The Committee re-appointed Kepler Associates, a brand of Mercer, and New Bridge Street (which is part of Aon plc) as the principal external advisers 
to the Committee for 2015. The fees paid to advisers in respect of work that materially assisted the Committee in 2015 are shown in the table below:

Adviser

Appointed by

Kepler 
Associates

Appointed by Russell 
King on behalf of the 
Committee

Services provided 
to the Committee

Fees paid by the 
Company for the Services Other Services

Review of LTIP Award Calculations

£31,430 

Management and Reward Data Project

Advice on DRR disclosure

Charged on a time/cost basis

Advice on current market practice

Benchmarking of Executive pay

Advice on design of new incentive 
arrangements

Provided the Board with speciﬁc data on 
Non-executive Director benchmarking

Benchmarking for speciﬁc  
below-Board roles

Advice on RSP Awards

New Bridge 
Street

Appointed by the Group 
HR Director on behalf of 
the Committee

Advice on Notice of Meeting and DRR 
regarding disclosure of new schemes 
and CEO awards

£18,528 

Charged on a time/cost basis

General advice on implementation and 
operation of LTIP and Sharesave Schemes

Allen & Overy

Appointed by the Group 
HR Director on behalf of 
the Committee

Legal advice on employment and 
termination of employment of 
Executive Directors

£27,560 

Charged on a time/cost basis

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

93

Except as provided above, none of these advisers provides any other services to the Group. Kepler Associates and New Bridge Street are 
members of the Remuneration Consultants Group and signatories to its code of conduct and Allen & Overy LLP is authorised and regulated 
by the Solicitors Regulation Authority. Taking these factors into account, the Committee is satisﬁed as to the impartiality and objectivity of their 
advice. The advisers were also chosen because of their existing knowledge of the Group’s remuneration arrangements.

Statement of Shareholder voting
The following table shows the results of the binding vote on the Remuneration Policy and advisory vote on the 2014 Remuneration Report at the 
29 April 2015 AGM.

Total number of votes

% of votes cast

Total number of votes

% of votes cast

Remuneration Policy

Remuneration Report

For
Against
Total votes cast (excluding withheld votes)
Votes withheld1
Total votes cast (including withheld votes)

160,789,038
1,825,548
162,614,586

85,969
162,700,555

98.88
1.12
100
–
–

151,991,882
9,066,467
161,058,349

1,642,206
162,700,555

94.37
5.63
100
–
–

1  A withheld vote is not a vote in law and is not counted in the calculation of the proportion of votes cast for and against a resolution.

Directors’ service contracts
Each of the Directors, other than Robert MacLeod, will be proposed for election or re-election at the Company’s Annual General Meeting to be 
held on 28 April 2016. 

The Executive Directors are employed under contracts of employment with Aggreko plc. The Remuneration Committee sets notice periods for 
the Executive Directors at 12 months or less. The principal terms of the Executive Directors’ service contracts (which have no ﬁxed term) are 
as follows:

Executive Director

Position

Effective date of contract

From Director

From Company

Carole Cran
Chris Weston

Chief Financial Ofﬁcer
Chief Executive Ofﬁcer 

1 June 2014
2 January 2015

12 months
12 months

12 months
12 months

Notice period

Non-executive Directors are appointed for a term of three years, subject to three months’ notice from either party. 

The dates of the Chairman’s and Non-executive Directors’ appointments are as follows:

Non-executive Director

Position

Ken Hanna
Nicola Brewer
Russell King
Uwe Krueger
Diana Layﬁeld
Robert MacLeod
Ian Marchant

1  Replaces earlier contract.

Chairman
Non-executive Director
Non-executive Director
Non-executive Director
Non-executive Director
Non-executive Director
Non-executive Director

Effective date of contract
29 April 20151
29 February 2016
2 February 20151
1 February 2015
1 May 20151
10 September 20151
1 November 2013

Unexpired term as at 31 December 2015

2 years 4 months
n/a
1 month
2 years 1 month
2 years 4 months
4 months
10 months

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External appointments
It is the Board’s policy to allow the Executive Directors to accept directorships of other quoted companies. Any such directorships must 
be formally approved by the Chairman of the Board. Directors are generally permitted to retain any earnings from these appointments. 
During the year, none of the Executive Directors held any such external directorships. Since the year end, Carole Cran has been appointed 
as a Non-executive Director of Halma plc; fees in relation to this appointment will be disclosed in this report next year.

This Report was approved by the Board on 3 March 2016.

Signed on behalf of the Board

Russell King
Chairman of the Remuneration Committee

3 March 2016

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94 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

STATUTORY DISCLOSURES

Material share interests
As at 31 December 2015, the Company had received notiﬁcations 
of the following major shareholdings, representing 3% or more of 
the voting rights attached to the issued Ordinary Share capital of 
the Company:

Shareholder

Black Rock Inc
AKO Capital LLP
Mackenzie Financial Corporation
A E H Salvesen*
Baillie Gifford
Prudential Plc

Number of 
shares

% of total 
voting rights

12,820,770
12,781,545
10,300,485
9,995,283**
12,584,169
9,351,326

5.00
4.99
4.02
3.73
4.91
3.65

Including immediate family and trustee interests

* 
**  Notiﬁcations received prior to the share capital consolidation in June 2014, number of shares 

disclosed relates to Ordinary Shares of 13549/775 pence each

Between 31 December 2015 and 3 March 2016, the Company 
received no notiﬁcations of major shareholdings. 

The Directors are not aware of any other material interests amounting to 
3% or more in the share capital of the Company.

Rights and obligations attached to shares
Subject to applicable statutes (in this section referred to as the 
Companies Acts) and to any rights conferred on the holders of any 
other shares, any share may be issued with or have attached to it such 
rights and restrictions as the Company may by ordinary resolution 
decide or, if no such resolution has been passed or so far as the 
resolution does not make speciﬁc provision, as the Board may decide.

Voting
Subject to any special terms as to voting upon which any shares may 
be issued or may for the time being be held and to any other provisions 
of the Articles of Association for the Company (the Articles), on a 
show of hands every member who is present in person or by proxy or 
represented by a corporate representative at a general meeting of the 
Company has one vote.

On a poll every member who is present in person or by proxy or 
represented by a corporate representative has one vote for every share 
of which he or she is the holder. In the case of joint holders of a share 
the vote of the senior who tenders a vote, whether in person or by 
proxy, is accepted to the exclusion of the votes of the other joint holders 
and, for this purpose, seniority is determined by the order in which the 
names stand in the register in respect of the joint holding.

The holders of the Deferred Shares are not entitled to receive notice of 
any general meeting of the Company or to attend, speak or vote at any 
such meeting.

Directors’ Report and Strategic Report
The Directors’ Report and Strategic Report for the year ended 
31 December 2015 comprise pages 54 to 99 and pages 8 to 53 of this 
report, together with the sections incorporated by reference. We have 
included some of the matters normally included in the Directors’ Report 
which we consider to be of strategic importance in the Strategic Report 
on pages 8 to 53. Speciﬁcally these are:

(cid:333)(cid:3) Future Business Developments on page 22

(cid:333)(cid:3) Risk Information on the Use of Financial Instruments on page 134

Disclosures in relation to Listing Rule LR 9.8.4R, where applicable, are 
included on pages 80 and 81 in relation to long-term incentive plans 
and on page 96 in relation to the dividend waiver arrangements in place 
for our Employee Beneﬁt Trust.

Both the Directors’ Report and Strategic Report have been presented 
in accordance with applicable company law, and the liabilities of the 
Directors in connection with those reports are subject to the limitations 
and restrictions provided. Other information to be disclosed in the 
Directors’ Report is given in this section.

Management report
The Strategic Report and the Directors’ Report together include the 
“management report” for the purposes of Disclosure and Transparency 
Rule (DTR) 4.1.8R.

2016 Annual General Meeting
The Company’s Annual General Meeting will be held at 11.00 am 
28 April 2016 at the Grand Central Hotel, 99 Gordon Street, Glasgow 
G1 3SF. The Notice of Meeting is available on the Shareholder 
information pages of our website.

Dividends
The interim dividend of 9.38 pence per Ordinary Share was paid 
on 2 October 2015. The Directors recommend a ﬁnal dividend of 
17.74 pence per Ordinary Share in respect of the year, making a total 
for the year of 27.12 pence per Ordinary Share (2014: 27.12 pence), 
payable on 24 May 2016 to Shareholders on the register at the close 
of business on 22 April 2016.

Dividend payments and DRIP
In 2015 we introduced a Dividend Reinvestment Plan (DRIP) for 
Shareholders. This allows Shareholders to purchase additional shares 
in Aggreko with their dividend payment. Further information and a 
mandate can be obtained from our Registrars, Capita, whose details 
are set out on page 155 and the Shareholder information pages of 
our website.

Share capital
On 31 December 2015 the Company had in issue 256,128,201 
Ordinary Shares of 4329/395 pence each, 188,251,587 Deferred Shares 
of 984/775 pence each, 18,352,057,648 Deferred Shares of 1/775 pence 
each, 182,700,915 Deferred Shares of 618/25 pence each and 
573,643,383,325 Deferred Shares of 1/306125 pence each comprising 
29.43%, 40.77%, 0.56%, 29.19% and 0.04% respectively of the 
Company’s issued share capital. Details of the changes in issued 
share capital during the year are shown in Note 23 to the accounts 
on page 131.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

95

Variation of rights
Subject to the provisions of the Companies Acts, rights attached to 
any class of shares may be varied either with the consent in writing 
of the holders of not less than three-fourths in nominal value of the 
issued shares of that class (excluding any shares of that class held 
as Treasury Shares) or with the sanction of a special resolution 
passed at a separate general meeting of the holders of those shares. 
The necessary quorum applying to any such separate general meeting 
is two persons holding or representing by proxy not less than one-third 
in nominal value of the issued shares of the class (excluding any shares 
of that class held as Treasury Shares), (but at any adjourned meeting 
one holder present in person or by proxy (whatever the number of 
shares held by him) will constitute a quorum); every holder of shares 
of the class present in person or by proxy (excluding any shares of 
that class held as Treasury Shares) is entitled on a poll to one vote for 
every share of the class held by him (subject to any rights or restrictions 
attached to any class of shares) and any holder of shares of the class 
present in person or by proxy may demand a poll.

Restrictions on transfer of securities in the Company
There are no restrictions on the transfer of securities in the Company, 
except that:

(cid:333)(cid:3) certain restrictions may from time to time be imposed by laws and 

regulations (for example, insider trading laws);

(cid:333)(cid:3) pursuant to the Listing Rules of the Financial Conduct Authority 
certain employees and Directors of the Company require the 
approval of the Company to deal in the Company’s Ordinary Shares; 
and

(cid:333)(cid:3) the Deferred Shares are not transferable except in accordance with 
the paragraph headed “Powers in relation to the Company issuing 
or buying back its own shares” below or with the written consent of 
the Directors.

The Company is not aware of any agreements between holders of 
securities that may result in restrictions on the transfer of securities.

Articles of Association
Our Articles are available on our website at http://www.aggreko.com/
about-aggreko/corporate-governance/articles-of-association. 
Unless expressly speciﬁed to the contrary in the Articles, 
the Articles may be amended by a special resolution of the 
Company’s Shareholders.

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Restrictions on voting
No member is, unless the Board otherwise decides, entitled in respect 
of any share held by him to vote (either personally or by proxy or by a 
corporate representative) at any general meeting of the Company or 
at any separate general meeting of the holders of any class of shares 
in the Company if any calls or other sums presently payable by him in 
respect of that share remain unpaid or if he is a person with a 0.25% 
interest (as deﬁned in the Articles) and he has been served with a 
restriction notice (as deﬁned in the Articles) after failure to provide 
the Company with information concerning interests in those shares 
required to be provided under the Companies Acts.

The Company is not aware of any agreement between holders of 
securities that may result in restrictions on voting rights.

Dividends and other distributions
Subject to the provisions of the Companies Acts, the Company may by 
ordinary resolution from time to time declare dividends in accordance 
with the respective rights of the members, but no dividend can exceed 
the amount recommended by the Board.

Subject to the provisions of the Companies Acts, the Board may pay 
such interim dividends as appear to the Board to be justiﬁed by the 
ﬁnancial position of the Company and may also pay any dividend 
payable at a ﬁxed rate at intervals settled by the Board whenever 
the ﬁnancial position of the Company, in the opinion of the Board, 
justiﬁes its payment. If the Board acts in good faith, it shall not incur 
any liability to the holders of any shares for any loss they may suffer 
in consequence of the payment of an interim or ﬁxed dividend on any 
other class of shares ranking pari passu with or after those shares.

The Deferred Shares confer no right to participate in the proﬁts of 
the Company.

On a return of capital on a winding-up (excluding any intra-Group 
reorganisation on a solvent basis), holders of Deferred Shares are 
entitled to be paid the nominal capital paid up or credited as paid up 
on such Deferred Shares after paying to the holders of the Ordinary 
Shares the nominal capital paid up or credited as paid up on the 
Ordinary Shares held by them respectively, together with the sum of 
£100,000,000 on each Ordinary Share.

The Board may deduct from any dividend or other moneys payable to 
a member by the Company on or in respect of any shares all sums of 
money (if any) presently payable by him to the Company on account 
of calls or otherwise in respect of shares of the Company. The Board 
may also withhold payment of all or any part of any dividends or other 
moneys payable in respect of the Company’s shares from a person 
with a 0.25% interest (as deﬁned in the Articles) if such a person has 
been served with a restriction notice (as deﬁned in the Articles) after 
failure to provide the Company with information concerning interests 
in those shares required to be provided under the Companies Acts.

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96 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

STATUTORY DISCLOSURES

Appointment and replacement of directors
The rules for the appointment and replacement of Directors are 
contained in the Company’s Articles. They include: the number of 
Directors must not be less than two or more than 15, the Board may 
appoint any person to be a Director; any Director so appointed by the 
Board shall hold ofﬁce only until the next general meeting and shall then 
be eligible for election; each Director must retire from ofﬁce at the third 
Annual General Meeting after the Annual General Meeting at which he 
was last elected. However, in line with the UK Corporate Governance 
Code, all Directors will stand for annual election at the 2016 AGM.

A Director may be removed by special resolution of the Company. 
In addition, the ofﬁce of a Director must be vacated if: (i) he resigns 
his ofﬁce by notice in writing delivered to the ofﬁce or tendered at 
a meeting of the Board; or (ii) by notice in writing he offers to resign 
and the Board resolves to accept such offer; or (iii) his resignation is 
requested by all of the other Directors and all of the other Directors are 
not less than three in number; or (iv) a registered medical practitioner 
who is treating that Director gives a written opinion to the Company 
stating that that Director has become physically or mentally incapable 
of acting as a Director and may remain so for more than three months; 
or (v) by reason of a Director’s mental health, a court makes an order 
which wholly or partly prevents that Director from personally exercising 
any powers or rights which that Director would otherwise have; or (vi) 
he is absent without the permission of the Board from meetings of the 
Board (whether or not an alternate Director appointed by him attends) 
for six consecutive months and the Board resolves that his ofﬁce is 
vacated; or (vii) he becomes bankrupt or compounds with his creditors 
generally; or (viii) he is prohibited by law from being a Director; or (ix) he 
ceases to be a Director by virtue of the Companies Acts or is removed 
from ofﬁce pursuant to the Articles.

Directors’ conﬂicts of interest
The Company has procedures in place for monitoring and managing 
conﬂicts of interest. Should a Director become aware that they, or 
their connected parties, have an interest in an existing or proposed 
transaction with Aggreko, they should notify the Board in writing or at 
the next Board meeting. Directors have a continuing duty to update any 
changes to these conﬂicts.

Powers of the Directors
Subject to the provisions of the Companies Acts, the Articles and to 
any directions given by the Company in general meeting by special 
resolution, the business of the Company is managed by the Board, 
which may exercise all the powers of the Company whether relating to 
the management of the business of the Company or not. In particular, 
the Board may exercise all the powers of the Company to borrow 
money and to mortgage or charge all or any part of the undertaking, 
property and assets (present and future) and uncalled capital of the 
Company and to issue debentures and other securities, whether 
outright or as collateral security for any debt, liability or obligation of the 
Company or any third party.

Powers in relation to the Company issuing or buying 
back its own shares
The Directors were granted authority at the last Annual General 
Meeting held in 2015 to allot relevant securities up to a nominal 
amount of £4,125,579 in connection with an offer by way of a rights 
issue. That authority will apply until the earlier of 30 June 2016 and 
the conclusion of the Annual General Meeting for 2016. At this 
year’s Annual General Meeting Shareholders will be asked to grant 
an authority to allot relevant securities up to a nominal amount 
of £4,126,149, such authority to apply until the end of next year’s 
Annual General Meeting (or, if earlier, until the close of business on 
30 June 2017).

A special resolution will also be proposed to renew the Directors’ 
power to make non-pre-emptive issues for cash up to a nominal 
amount of £1,237,844.

The Company was also authorised at the Annual General Meeting 
held in 2015 to make market purchases of up to 25,611,839 Ordinary 
Shares. This authorisation will expire on the earlier of the conclusion 
of the Annual General Meeting of the Company for 2016 and 
30 June 2016.

A special resolution will also be proposed at this year’s Annual General 
Meeting to renew the Directors’ authority to repurchase the Company’s 
Ordinary Shares in the market. The authority will be limited to a 
maximum of 25,612,820 Ordinary Shares and sets the minimum and 
maximum prices which may be paid.

The Company may at any time, without obtaining the sanction of the 
holders of the Deferred Shares:

(a) appoint any person to execute on behalf of any holder of Deferred 
Shares a transfer of all or any of the Deferred Shares (and/or an 
agreement to transfer the same) to the Company or to such person as 
the Directors may determine, in any case for not more than one penny 
for all the Deferred Shares then being purchased from him; and

(b) cancel all or any of the Deferred Shares so purchased by the 
Company in accordance with the Companies Acts.

Securities carrying special rights
No person holds securities in the Company carrying special rights with 
regard to control of the Company.

Rights under the employee share scheme
Appleby Trust (Jersey) Limited, as Trustee of the Aggreko Employees’ 
Beneﬁt Trust, holds 0.19% of the issued share capital of the Company 
as at 3 March 2016 on trust for the beneﬁt of the employees and former 
employees of the Group and their dependents. The voting rights in 
relation to these shares are exercised by the Trustee and there are no 
restrictions on the exercise of the voting of, or the acceptance of any 
offer relating to, the shares. The Trustee is obliged to waive all dividends 
on the shares unless requested to do otherwise by the Company 
in writing.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

97

Equal opportunities
Aggreko is committed to promoting equal opportunities for 
all, irrespective of disability, ethnic origin, gender or any other 
considerations that do not affect a person’s ability to perform their 
job. Our policies for recruitment, training, career development and 
promotion of employees are based on the suitability of the individual 
and give those who are disabled equal treatment with the able bodied 
where appropriate. Employees disabled after joining the Group 
are given suitable training for alternative employment with Aggreko 
or elsewhere. 

Human rights
As we continue to grow our business in developing countries, we 
recognise that human rights are a concern in many regions that we 
operate in. We have a responsibility to all of our stakeholders, to ensure 
that all of our interactions with them meet or exceed the standards 
of compliance set out in our ethics policies, approach to equal 
opportunities, health and safety policies, environmental policies and 
grievance mechanisms, all of which are explained in detail throughout 
this report. We have also identiﬁed safety, emissions and people 
as matters to be considered as part of the principal risks facing the 
business. Whilst all these matters are linked, to a greater or lesser 
extent, to human rights, we prefer to address them as part of our 
operations, rather than as a separate issue. We continue to evaluate 
all potential risks and do not think that human rights present material 
issues for our business.

Pensions
The assets of the UK deﬁned-beneﬁt pension fund are controlled 
by the Directors of Aggreko Pension Scheme Trustee Limited; they 
are held separately from the assets of the Company and invested 
by independent fund managers. These segregated funds cannot be 
invested directly in the Company. Four trustees have been appointed 
by the Company and, in addition, two member-nominated trustees 
have been appointed. This fund was closed to new employees joining 
the Group after 1 April 2002; new UK employees are now offered 
membership of a Group Personal Pension Plan.

Going concern and viability statements
The going concern statement is included on page 113 of the 
ﬁnancial statements.

The viability statement is included on page 33 of the strategic report.

Change of control
The Company has in place a number of agreements with advisers, 
ﬁnancial institutions and customers which contain certain termination 
rights which would have an effect on a change of control. The Directors 
believe these agreements to be commercially sensitive and that their 
disclosure would be seriously prejudicial to the Company; accordingly 
they do not intend disclosing speciﬁc details of these. In addition, all of 
the Company’s share schemes contain provisions which in the event 
of a change of control, would result in outstanding options and awards 
becoming exercisable, subject to the rules of the relevant schemes.

There are no agreements between the Company and its Directors or 
employees providing for compensation for loss of ofﬁce or employment 
that occurs because of a takeover bid.

Disclosure of information to the Company’s auditor
In accordance with Section 418 of the Companies Act 2006 the 
Directors who held ofﬁce at the date of approval of this Directors’ 
Report conﬁrm that, so far as they are each aware, there is no relevant 
audit information (as deﬁned by Section 418(3) of the Companies Act 
2006) of which the Company’s Auditor is unaware; and each Director 
has taken all the steps that he ought to have taken as a Director to 
make himself aware of any relevant audit information and to establish 
that the Company’s Auditor is aware of that information.

Indemnity of ofﬁcers
Under Article 154 of the Articles, the Company may indemnify any 
Director or other ofﬁcer against any liability, subject to the provisions 
of the Companies Acts, and the Articles grant an indemnity to the 
Directors against any liability for the costs of legal proceedings where 
judgement is given in their favour.

Under the authority conferred by Article 154, the Company has 
granted indemnities to Directors and ofﬁcers of the Company and its 
subsidiaries. The indemnities do not apply to any claim which arises out 
of fraud, default, negligence or breach of ﬁduciary duty or trust by the 
indemniﬁed person.

In addition, the Company may purchase and maintain for any Director 
or other ofﬁcer, insurance against any liability. The Company maintains 
appropriate insurance cover against legal action brought against its 
Directors and ofﬁcers and the Directors and ofﬁcers of its subsidiaries.

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98 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

GOVERNANCE

STATUTORY DISCLOSURES

As can be seen from the chart below, relative emissions have 
decreased, with a 1% reduction in the emissions per GBP revenue 
from 2014.

Revenue intensity ratio tCO2e/£

15
14
13
12

11.76
11.84
12.3
9.5

In addition, during the year we undertook an Energy Saving 
Opportunities Scheme (ESOS) assessment in line with the UK 
Environment Agency requirements and can conﬁrm that we are 
compliant with the Regulations.

Branches
Subsidiaries of the Company have established branches in a number 
of different countries in which they operate.

Auditor
Resolutions appointing KPMG as the Company’s and Group’s auditor 
and authorising the Audit Committee to determine their remuneration 
will be proposed at the Annual General Meeting.

Important events since 31 December 2015
There have been no important events affecting the Company or any 
subsidiary since 31 December 2015.

Political donations
No political donations were made during the ﬁnancial year (2014: nil).

Approval of the Strategic Report and Directors’ Report
The Strategic Report set out on pages 8 to 53 and Director’s Report 
set out on pages 54 to 99 were approved by the Board on 3 March 
2016 and have been signed by the Company Secretary on behalf of 
the Board.

Peter Kennerley
Group Legal Director & Company Secretary

3 March 2016

Carbon dioxide emissions
In line with the Companies Act 2006, we are reporting on our 
greenhouse gas (GHG) emissions. We have used the method outlined 
in the GHG Protocol Corporate Accounting and Reporting Standard 
(revised edition), using the location-based scope 2 calculation method, 
together with the latest emission factors from recognised public 
sources including Defra, the International Energy Agency, the US 
Energy Information Administration, the US Environmental Protection 
Agency and the Intergovernmental panel on Climate Change.

The tables below present the principal ﬁndings from GHG analyses 
of the previous two years: 

Total GHG emissions by GHG protocol scope
2015
tCO2e/year

Scope 1
Scope 2
Scope 3
Total

15,486,377
18,987
2,849,565
18,354,928

2014

15,714,575
18,188
2,940,471
18,673,234

Total GHG emissions by ﬂeet/non-ﬂeet
tCO2e/year

2015

2014

Fleet
Non-ﬂeet
Total

18,186,552
168,376
18,354,928

18,523,108
150,126
18,673,234

In line with previous years, the results show that 99% of GHG 
emissions arise from the operation of our ﬂeet when it is out on rent. 
There are three main factors driving our annual GHG emissions: the 
fuel type our customers use; the pattern of their usage; and the fuel 
efﬁciency of the ﬂeet. 

In 2015 we emitted 18,354,928 tonnes of CO2e, a decrease of 2% over 
2014. In line with best practice, our GHG accounting systems include 
an estimate of the upstream GHG emissions associated with fuel 
supply chains; in 2015 this contributed 15.2% of combustion emissions, 
accounting for 97% of scope 3 emissions. 

As a result of a 6.1% decrease in running hours, a recorded decrease 
of 2% in GHG emission is reported for the Aggreko ﬂeet in 2015. 
This disparity is due to a shift in the ratio of running hours, from 
generators with low energy outputs to larger machines. In 2014, 
approximately 71% of ﬂeet running hours were attributed to generators 
of less than or equal to 200 kVA, in 2015 this percentage dropped to 
47%. Accordingly, the larger and more fuel intensive generators with 
an output of over 200 kVA accounted for 53% of global running hours 
in 2015. 

In terms of the non-ﬂeet activities, emissions from activities on our 
premises have decreased. Conversely, emissions from third-party 
vehicle use, company vehicles and business travel have all increased. 
The largest increases are documented in reported travel in company-
owned cars and vans and third-party road freight logistics.

The intensity ratio expresses the GHG impact per unit of physical 
activity or economic output, with a declining intensity ratio reﬂecting 
a positive performance improvement. In 2013 we chose Revenue 
Intensity as the most suitable metric for our business for then and 
future years.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

99

The directors are responsible for preparing the Annual Report, the 
Directors’ Remuneration Report and the ﬁnancial statements in 
accordance with applicable law and regulations.

Company law requires the directors to prepare ﬁnancial statements 
for each ﬁnancial year. Under that law the directors have prepared the 
group ﬁnancial statements in accordance with International Financial 
Reporting Standards (IFRSs) as adopted by the European Union, and 
the parent company ﬁnancial statements in accordance with United 
Kingdom Generally Accepted Accounting Practice (United Kingdom 
Accounting Standards), including FRS 101 “Reduced Disclosure 
Framework” and applicable law. Under company law the directors 
must not approve the ﬁnancial statements unless they are satisﬁed that 
they give a true and fair view of the state of affairs of the group and the 
company and of the proﬁt or loss of the group for that period. 

In preparing these ﬁnancial statements, the directors are required to:

(cid:333)(cid:3) select suitable accounting policies and then apply them consistently;

(cid:333)(cid:3) make judgements and accounting estimates that are reasonable 

and prudent;

The directors are responsible for the maintenance and integrity of the 
company’s website. Legislation in the United Kingdom governing the 
preparation and dissemination of ﬁnancial statements may differ from 
legislation in other jurisdictions.

The directors consider that the annual report and accounts, taken 
as a whole, is fair, balanced and understandable and provides the 
information necessary for shareholders to assess a company’s 
performance, business model and strategy. 

Each of the directors, whose names and functions are listed on pages 
56 to 57 conﬁrm that, to the best of their knowledge:

(cid:333)(cid:3) the group ﬁnancial statements, which have been prepared in 

accordance with IFRSs as adopted by the EU, give a true and fair 
view of the assets, liabilities, ﬁnancial position and proﬁt of the group; 
and

(cid:333)(cid:3) the Management Report contained in the Strategic Report and 
Directors’ Report includes a fair review of the development and 
performance of the business and the position of the group, together 
with a description of the principal risks and uncertainties that it faces.

(cid:333)(cid:3) state whether IFRSs as adopted by the European Union and 

By order of the Board

applicable UK Accounting Standards including FRS101 have been 
followed, subject to any material departures disclosed and explained 
in the group and parent company ﬁnancial statements respectively;

(cid:333)(cid:3) prepare the ﬁnancial statements on the going concern basis unless 

it is inappropriate to presume that the company will continue 
in business.

The directors are responsible for keeping adequate accounting records 
that are sufﬁcient to show and explain the company’s transactions and 
disclose with reasonable accuracy at any time the ﬁnancial position 
of the company and the group and enable them to ensure that the 
ﬁnancial statements and the Directors’ Remuneration Report comply 
with the Companies Act 2006 and, as regards the group ﬁnancial 
statements, Article 4 of the IAS Regulation. They are also responsible 
for safeguarding the assets of the company and the group and hence 
for taking reasonable steps for the prevention and detection of fraud 
and other irregularities.

Chris Weston 
Chief Executive Ofﬁcer 

Carole Cran
Chief Financial Ofﬁce

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100 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

POWERING THE FUTURE OF
RUSSIAN OIL REFINING

1

CHALLENGE

2

SOLUTION

Lukoil’s Nizhegorodnefteorgsintez oil reﬁnery 
has a productive capacity of 17 million tons of 
oil per year. In the course of upgrading their 
equipment the reﬁnery suffered a reduction in 
cooling capacity as a result of damage to heat 
exchange surfaces in the standard cooling 
tower, causing a 9MW cooling shortage. 

Aggreko designed a solution using cooling 
towers which were connected to the main 
power supply using 300 metres of power 
cable. The cooling towers were installed in 
the cooling circuit parallel to the standard 
cooling tower and processed up to 1850m3/ 
hour of water, providing the additional cooling 
the reﬁnery required to maintain production 
levels over the Summer period. Lukoil later 
requested an increase in cooling capacity to 
26MW, enabling one of their cooling towers 
to be shut down for maintenance without 
investment in spare capacity and whilst 
enhancing production reliability.

A reduction of 9MW in the 
standard cooling when 
upgrading equipment

Producing 17 million 
tons of oil per year

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

101

3

FUTURE

The Nizhegorodnefteorgsintez oil reﬁnery is 
Lukoil’s ﬂagship reﬁnery. Looking forward, we 
hope to provide Lukoil with cooling solutions 
to support their repair and maintenance 
programme across Russia, whilst also being 
the supplier of choice in the event of an 
emergency need for additional cooling.

NIZHEGORODNEFTEORGSINTEZ 
OIL REFINERY

RUSSIA

Capable of cooling 
1850m3/ hour of water

Lukoil has requested 
an increase in cooling 
capacity to 26MW

 
102 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF AGGREKO PLC

Report on the ﬁnancial statements

Our opinion
In our opinion:

(cid:333)(cid:3) Aggreko plc’s Group ﬁnancial statements and Company ﬁnancial statements (the “ﬁnancial statements”) give a true and fair view of the state 

of the Group’s and of the Company’s affairs as at 31 December 2015 and of the Group’s proﬁt and cash ﬂows for the year then ended;

(cid:333)(cid:3) the Group ﬁnancial statements have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as 

adopted by the European Union;

(cid:333)(cid:3) the Company ﬁnancial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

and

(cid:333)(cid:3) the ﬁnancial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group 

ﬁnancial statements, Article 4 of the IAS Regulation.

What we have audited
The ﬁnancial statements, included within the Annual Report, comprise:

(cid:333)(cid:3) the Group and Company Balance Sheets as at 31 December 2015;

(cid:333)(cid:3) the Group Income Statement and Group Statement of Comprehensive Income for the year then ended;

(cid:333)(cid:3) the Group Cash Flow Statement for the year then ended;

(cid:333)(cid:3) the Group Statement of Changes in Equity for the year then ended; and

(cid:333)(cid:3) the notes to the ﬁnancial statements, which include a summary of signiﬁcant accounting policies and other explanatory information.

Certain required disclosures have been presented elsewhere in the Annual Report, rather than in the notes to the ﬁnancial statements. These are 
cross-referenced from the ﬁnancial statements and are identiﬁed as audited.

The ﬁnancial reporting framework that has been applied in the preparation of the Group ﬁnancial statements is applicable law and IFRSs as 
adopted by the European Union. The ﬁnancial reporting framework that has been applied in the preparation of the Company ﬁnancial statements 
is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), comprising FRS 101 
“Reduced Disclosure Framework”.

Our audit approach

Context 
As discussed in the Annual Report, during 2015 Aggreko changed business line reporting with Aggreko Power Solutions (Utility and Industrial) 
now encompassing the previous power projects business and local businesses in developing markets and Aggreko Rental Solutions 
encompassing local businesses in developed markets. This change in reporting did not require us to substantively change our Group audit 
process from the previous year. We did, however, focus this year on exceptional items relating to the Group reorganisation and business priorities 
review referred to in the Annual Report. 

Overview

Materiality

(cid:333)(cid:3) Overall Group materiality: £12.6 million which represents 5% of proﬁt before tax and 

exceptional items.

Audit scope

(cid:333)(cid:3) We worked closely with audit teams both within and outside the UK, including visiting 

(cid:333)(cid:3) In terms of Group audit scope, we conducted audit work at 12 reporting units within the 
Group, which together comprised 74% of the Group’s revenues and 81% of the Group’s 
proﬁt before tax.

our team in Houston.

In terms of our Group audit, our principal areas of focus were:

(cid:333)(cid:3) Contract receivables balances and associated provisioning;

Areas of
focus

(cid:333)(cid:3) Tax provisions (Direct and indirect);

(cid:333)(cid:3) Revenue recognition; and

(cid:333)(cid:3) Exceptional items relating to Group reorganisation and business priorities review.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

103

The scope of our audit and our areas of focus
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”).

We designed our audit by determining materiality and assessing the risks of material misstatement in the ﬁnancial statements. In particular, 
we looked at where the Directors made subjective judgements, for example in respect of signiﬁcant accounting estimates that involved making 
assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management 
override of internal controls, including evaluating whether there was evidence of bias by the Directors that represented a risk of material 
misstatement due to fraud. 

The risks of material misstatement that had the greatest effect on our audit, including the allocation of our resources and effort, are identiﬁed as 
“areas of focus” in the table below. We have also set out how we tailored our audit to address these speciﬁc areas in order to provide an opinion 
on the ﬁnancial statements as a whole, and any comments we make on the results of our procedures should be read in this context. This is not 
a complete list of all risks identiﬁed by our audit. 

Area of focus
Contract receivables balances  
and associated provisioning
One of the biggest risks to the Group is non-
payment by customers under some of the larger 
contracts in the Power Solutions Utility business.

Contract receivables provisions are, by their 
nature, highly judgmental, mainly due to the 
unpredictability and volatility of cash receipts in 
higher risk territories.

We focused on this area due to the 
magnitude of both the accounts receivable 
balances £223 million (2014: £208 million) 
and the associated provisions, £48 million 
(2014: £38 million) which are determined 
based on management’s estimates.

How our audit addressed the area of focus

We documented and gained an understanding of the key controls and processes that 
management and the Directors have in place to assess the expected recovery of Power 
Solutions Utility contract receivables balances and associated provisioning.

We checked, on a sample basis, that the pre-contract risk assessment procedures were in 
place in respect of the most signiﬁcant contracts entered into during the year and did not 
identify any where they were not.

We obtained the contract receivables analyses and tested the gross receivables balances, on 
a sample basis, for example by tracing to outstanding invoices or subsequent cash receipt.

We then applied various selection criteria, principally focusing on the largest contract 
balances within each region, to identify 18 contracts for testing (representing 83% of the total 
amount outstanding at 31 December 2015 and 97% of contract provisions at the year end). 
For those contracts selected, we:

(cid:333)(cid:3) tested the relevant associated cover, including deposits and guarantees, to assess the 

residual contract receivable exposure;

(cid:333)(cid:3) considered the contract terms and assessed their accounting impact;

(cid:333)(cid:3) considered the history of cash payments, including post year end cash receipts from the 
customer and compared the consistency of assumptions used in calculating provisions, 
both over time within the contract and as between contracts with similar risk proﬁles; and

(cid:333)(cid:3) used our knowledge and experience to consider the completeness and challenge the basis 

of contract provisioning.

This is an area which requires signiﬁcant management judgement and has a range of 
possible outcomes. However from the evidence we obtained, we did not identify any material 
misstatement in the contract receivables provision.

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104 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

INDEPENDENT AUDITORS’ REPORT

Area of focus

How our audit addressed the area of focus

Tax provisions (Direct and indirect)
The Group’s direct and indirect tax provisions 
are, by their nature, highly judgmental. This is 
due to the complexity of the Group’s operations 
in multiple tax jurisdictions and the changing tax 
environments in which it operates.

We focused on this area due to the magnitude 
of direct and indirect tax provisions which are 
determined based on management’s estimates.

Total direct and indirect tax provisions 
at 31 December 2015 were £61 million 
(2014: £69 million), which is made up of direct 
tax provisions of £48 million (2014: £54 million) 
and indirect tax provisions of £13 million 
(2014: £15 million).

Revenue recognition
Revenue is recognised in accordance with the 
contractual arrangements and is accrued or 
deferred at the balance sheet date, depending 
on the date of the most recent invoice issued 
and other speciﬁc contractual terms.

In the Power Solutions Utility business, we 
focused on adjustments for the accrual of 
income and deferral of revenue. 

In the Power Solutions Industrial and Rental 
Solutions businesses, revenue recognition is 
generally not complex. As a result, we focused 
on non-standard revenue transactions and the 
timing of recognition of transactions around the 
year-end to make sure they were recorded in 
the correct ﬁnancial year.

Power Solutions revenues were £943 million 
(2014: £961 million) and Rental Solutions 
revenues were £618 million (2014: £616 million) 
for the year ended 31 December 2015.

Exceptional item: Reorganisation and 
business priorities costs (£26 million)
As a result of the reorganisation and business 
priorities review, Aggreko have incurred 
£26 million of exceptional costs during the year. 

We focused on this area because inclusion 
of costs not connected with the restructuring 
within exceptional costs could result in 
misstatement of the Group’s underlying proﬁt.

We documented and gained an understanding of the key controls and processes that 
management and the Directors have in place to assess the tax risks and exposures and the 
associated direct and indirect tax provisioning.

We obtained reports showing the components of the tax provisions and used them to identify 
the most signiﬁcant balances for detailed testing.

We then applied various selection criteria, principally focusing on the largest balances and 
identiﬁed 23 provisions for testing (representing 82% of the total direct and indirect tax 
provisions at 31 December 2015).

As appropriate, we tested the completeness, accuracy and valuation of the provisions 
as follows:

(cid:333)(cid:3) understood and tested the provision calculation;

(cid:333)(cid:3) read and considered the implications for our audit of relevant correspondence with 

tax authorities;

(cid:333)(cid:3) used our tax expertise and our knowledge and experience of developments in the relevant 
tax jurisdictions to consider the completeness and challenge the basis of the signiﬁcant 
provision judgements made by management and in house tax specialists; and

(cid:333)(cid:3) utilised our experience of similar situations elsewhere to independently assess the evidence 

supporting those direct and indirect tax provisions.

This is an area which also requires signiﬁcant management judgement and has a range of 
possible outcomes. However from the evidence we have obtained, we did not identify any 
material misstatement in the direct and indirect taxation provisions.

We understood key controls around revenue and receivables and performed testing where 
appropriate. Based on the results of our testing of controls, we did not amend our planned 
approach to auditing revenue for the year (and associated accrued income on deferred 
revenue at year end).

For Power Solutions Utility revenue, we selected a sample of customer contracts and agreed 
that revenue was recognised in line with the contract.

We recalculated, on a sample basis, accrued income and deferred revenue and tested the 
timing of revenue recognition by tracing back to supporting documentation; for example 
contract terms and invoices.

We also considered accrued income and deferred revenue in the context of our work on 
contract receivables and associated provisioning. We analysed accrued income and deferred 
revenue by contract to check that the balances had been appropriately considered in the 
overall assessment of contract provisioning.

For Power Solutions Industrial and Rental Solutions revenue, we used revenue data auditing 
techniques to provide assurance over standard revenue transactions and to check that 
transactions had been correctly recorded. This also enabled us to identify and substantively 
test a sample of non-standard transactions by tracing them to appropriate supporting 
documentation. We also tested a sample of accrued income and deferred revenue balances 
by reference to supporting documentation.

For both businesses, our testing also focused on journals posted to revenue.

From the evidence obtained, we found revenue recognition to be in accordance with 
Aggreko’s accounting policies and did not identify any material misstatements.

We assessed the appropriateness of the accounting policy for exceptional items.

We obtained a listing of the exceptional costs incurred by location and tested a sample to 
supporting documentation. We also considered whether there were other signiﬁcant costs 
which should have been included in exceptional items.

We checked the nature of the costs and conﬁrmed they were treated appropriately as 
exceptional items within the income statement. We reviewed the disclosures in the annual 
report relating to exceptional items.

From the audit work performed, we did not identify any material misstatements.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

105

How we tailored the audit scope
The scope of our audit reﬂected the organisational structure of the Group within the two business units of Power Solutions and Rental Solutions. 
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the ﬁnancial statements as a whole, 
taking into account the structure of the Group, the accounting processes and controls and the areas of greatest audit risk.

In establishing the overall approach to the Group audit, we determined the type of work that needed to be performed at each part of the business 
by the Group engagement team, or component auditors within PwC UK and from other PwC network ﬁrms.

We sent detailed Group instructions to each of those component auditors, in which we identiﬁed and explained the areas where we wanted them 
to focus their work. We then held meetings and calls with them to clarify and discuss their audit approach, materiality and reporting requirements. 
Senior members of the Group audit team visited the component audit team in Houston to direct and supervise their work whilst the team was 
on site.

We received written reports from each component auditor summarising the ﬁnal conclusions from their audit work.

Through a combination of full scope audits and directed scope procedures we performed Group audit work in 12 reporting units across the 
Group which covered 74% of the Group’s revenues and 81% of the Group’s proﬁt before tax.

This, together with additional procedures performed at the Group level, gave us the evidence we needed for our opinion on the Group ﬁnancial 
statements as a whole. 

Materiality
The scope of our audit was inﬂuenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together 
with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on 
the individual ﬁnancial statement line items and disclosures and in evaluating the effect of misstatements, both individually and on the ﬁnancial 
statements as a whole. 

Based on our professional judgement, we determined materiality for the ﬁnancial statements as a whole as follows:

Overall Group materiality

£12.6 million (2014: £14 million).

How we determined it

5% of proﬁt before tax and exceptional items (2014: 5% of proﬁt before tax)

Rationale for benchmark applied

We have historically applied the benchmark of proﬁt before tax, a generally accepted auditing 
practice, in the absence of indicators that an alternative benchmark would be more appropriate. 
This year, we excluded exceptional items so that our overall materiality was not impacted by 
these one off expenses. We applied a lower materiality to the audit of exceptional items.

We agreed with the Audit Committee that we would report to them misstatements identiﬁed during our audit above £1 million 
(2014: £1 million) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

Going concern
Under the Listing Rules we are required to review the Directors’ statement, set out on page 113, in relation to going concern. We have nothing to 
report having performed our review. 

Under ISAs (UK & Ireland) we are required to report to you if we have anything material to add or to draw attention to in relation to the Directors’ 
statement about whether they considered it appropriate to adopt the going concern basis in preparing the ﬁnancial statements. We have nothing 
material to add or to draw attention to. 

As noted in the Directors’ statement, the Directors have concluded that it is appropriate to adopt the going concern basis in preparing the 
ﬁnancial statements. The going concern basis presumes that the Group and parent Company have adequate resources to remain in operation, 
and that the Directors intend them to do so, for at least one year from the date the ﬁnancial statements were signed. As part of our audit we 
have concluded that the Directors’ use of the going concern basis is appropriate. However, because not all future events or conditions can be 
predicted, these statements are not a guarantee as to the Group’s and parent Company’s ability to continue as a going concern.

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106 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

INDEPENDENT AUDITORS’ REPORT

Other required reporting

Consistency of other information

Companies Act 2006 opinion
In our opinion, the information given in the Strategic Report and the Directors’ Report for the ﬁnancial year for which the ﬁnancial statements 
are prepared is consistent with the ﬁnancial statements.

ISAs (UK & Ireland) reporting

Under ISAs (UK & Ireland) we are required to report to you if, in our opinion:

(cid:333)(cid:3) Information in the Annual Report is:

 – materially inconsistent with the information in the audited ﬁnancial statements; or

 – apparently materially incorrect based on, or materially inconsistent with, our knowledge of the Group 

and Company acquired in the course of performing our audit; or otherwise misleading.

We have no exceptions 
to report.

(cid:333)(cid:3) the statement given by the Directors on page 99, in accordance with provision C.1.1 of the UK Corporate 

Governance Code (the “Code”), that they consider the Annual Report taken as a whole to be fair, balanced 
and understandable and provides the information necessary for members to assess the Group’s and 
parent Company’s position and performance, business model and strategy is materially inconsistent with 
our knowledge of the Group and parent Company acquired in the course of performing our audit.

We have no exceptions 
to report.

(cid:333)(cid:3) the section of the Annual Report on pages 70 to 71, as required by provision C.3.8 of the Code, describing 

the work of the Audit Committee does not appropriately address matters communicated by us to the 
Audit Committee.

We have no exceptions 
to report.

The Directors’ assessment of the principal risks that would threaten the solvency or liquidity of the Group and the Company 

Under ISAs (UK & Ireland) we are required to report to you if we have anything material to add or to draw attention to in relation to:

(cid:333)(cid:3) the Directors’ conﬁrmation on page 33 of the Annual Report, in accordance with provision C.2.1 of the 
Code, that they have carried out a robust assessment of the principal risks facing the Group, including 
those that would threaten its business model, future performance, solvency or liquidity.

We have nothing material to 
add or to draw attention to.

(cid:333)(cid:3) the disclosures in the Annual Report that describe those risks and explain how they are being managed 

or mitigated.

(cid:333)(cid:3) the Directors’ explanation on page 33 of the Annual Report, in accordance with provision C.2.2 of the 

Code, as to how they have assessed the prospects of the Group, over what period they have done so and 
why they consider that period to be appropriate, and their statement as to whether they have a reasonable 
expectation that the Group will be able to continue in operation and meet its liabilities as they fall due 
over the period of their assessment, including any related disclosures drawing attention to any necessary 
qualiﬁcations or assumptions.

We have nothing material to 
add or to draw attention to.

We have nothing material to 
add or to draw attention to.

Under the Listing Rules we are required to review the Directors’ statement that they have carried out a robust assessment of the principal risks 
facing the Group and the Directors’ statement in relation to the longer-term viability of the Group. Our review was substantially less in scope 
than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statements; checking that the 
statements are in alignment with the relevant provisions of the Code; and considering whether the statements are consistent with the knowledge 
acquired by us in the course of performing our audit. We have nothing to report having performed our review.

Adequacy of accounting records and information and explanations received
Under the Companies Act 2006 we are required to report to you if, in our opinion:

(cid:333)(cid:3) we have not received all the information and explanations we require for our audit; or

(cid:333)(cid:3) adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches 

not visited by us; or

(cid:333)(cid:3) the Company ﬁnancial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting 

records and returns.

We have no exceptions to report arising from this responsibility.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

107

Directors’ remuneration

Directors’ remuneration report – Companies Act 2006 opinion
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies 
Act 2006.

Other Companies Act 2006 reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of Directors’ remuneration speciﬁed  
by law are not made. We have no exceptions to report arising from this responsibility. 

Corporate governance statement
Under the Listing Rules we are required to review the part of the Corporate Governance Statement relating to ten further provisions of the UK 
Corporate Governance Code. We have nothing to report having performed our review. 

Responsibilities for the ﬁnancial statements and the audit

Our responsibilities and those of the Directors
As explained more fully in the Statement of Directors’ Responsibilities set out on page 99, the Directors are responsible for the preparation of the 
ﬁnancial statements and for being satisﬁed that they give a true and fair view.

Our responsibility is to audit and express an opinion on the ﬁnancial statements in accordance with applicable law and ISAs (UK & Ireland). 
Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of 
Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other 
purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent 
in writing.

What an audit of ﬁnancial statements involves
An audit involves obtaining evidence about the amounts and disclosures in the ﬁnancial statements sufﬁcient to give reasonable assurance that 
the ﬁnancial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: 

(cid:333)(cid:3) whether the accounting policies are appropriate to the Group’s and the Company’s circumstances and have been consistently applied 

and adequately disclosed; 

(cid:333)(cid:3) the reasonableness of signiﬁcant accounting estimates made by the Directors; and

(cid:333)(cid:3) the overall presentation of the ﬁnancial statements.

We primarily focus our work in these areas by assessing the Directors’ judgements against available evidence, forming our own judgements, 
and evaluating the disclosures in the ﬁnancial statements.

We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable 
basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination 
of both. 

In addition, we read all the ﬁnancial and non-ﬁnancial information in the Annual Report to identify material inconsistencies with the audited ﬁnancial 
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired 
by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the 
implications for our report.

Graham McGregor 
(Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Glasgow 
3 March 2016

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108 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

GROUP INCOME STATEMENT
For the year ended 31 December 2015

Revenue
Cost of sales
Gross proﬁt

Distribution costs
Administrative expenses
Other income
Operating proﬁt

Net ﬁnance costs
– Finance cost
– Finance income
Proﬁt before taxation

Taxation
Proﬁt for the year

All proﬁt for the year is attributable to the owners of the Company.

Basic earnings per share (pence)
Diluted earnings per share (pence)

Total before 
exceptional 
items  
2015 
 £ million
1,561
(676)
885
(429)
(186)
5
275

Exceptional 
items  
(Note 7) 
2015 
£ million
–
(1)
(1)
(4)
(21)
–
(26)

(25)
2
252
(69)
183

–
–
(26)
5
(21)

2015 
£ million
1,561
(677)
884
(433)
(207)
5
249

(25)
2
226
(64)
162

2014 
£ million
1,577 
(674)
903 
(407)
(190)
4 
310 

(23)
2 
289 
(74)
215 

71.73
71.68

(8.24)
(8.23)

63.49
63.45

82.57
82.49

Notes
4

2
4
9

5
10

12
12

GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2015

Proﬁt for the year
Other comprehensive (loss)/income
Items that will not be reclassiﬁed to proﬁt or loss

Remeasurement of retirement beneﬁts (net of tax)
Items that may be reclassiﬁed subsequently to proﬁt or loss

Cash ﬂow hedges (net of tax)
Net exchange losses offset in reserves (net of tax)
Other comprehensive loss for the year (net of tax)
Total comprehensive income for the year

2015 
£ million
162

2014 
£ million
215 

3

–
(68)
(65)
97

(3)

(3)
(9)
(15)
200 

GROUP BALANCE SHEET (COMPANY NUMBER: SC177553)
As at 31 December 2015

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

109

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Non-current assets

Goodwill
Other intangible assets
Property, plant and equipment
Deferred tax asset

Current assets

Inventories
Trade and other receivables
Cash and cash equivalents
Derivative ﬁnancial instruments
Current tax assets

Total assets

Current liabilities

Borrowings
Derivative ﬁnancial instruments
Trade and other payables
Current tax liabilities
Provisions

Non-current liabilities

Borrowings
Derivative ﬁnancial instruments
Deferred tax liabilities
Retirement beneﬁt obligation
Provisions

Total liabilities
Net assets

Shareholders’ equity

Share capital
Share premium
Treasury shares
Capital redemption reserve
Hedging reserve (net of deferred tax)
Foreign exchange reserve
Retained earnings
Total Shareholders’ equity

Notes

13
30.A2
15
22

16
17
3
30.A4

18
30.A4
20

21

18
30.A4
22
30.A6
21

23

24

2015  
£ million

2014  
£ million

118
16
1,139
30
1,303

189
476
48
1
33
747
2,050

(31)
(1)
(259)
(64)
(8)
(363)

(506)
(6)
(58)
(2)
–
(572)
(935)
1,115

42
20
(9)
13
(4)
(149)
1,202
1,115

130 
18 
1,177 
22 
1,347 

163 
474 
37 
5 
21 
700 
2,047 

(76)
(1)
(303)
(67)
–
(447)

(455)
(7)
(53)
(7)
–
(522)
(969)
1,078 

42 
20 
(14)
13 
(4)
(81)
1,102 
1,078 

The ﬁnancial statements on pages 108 to 146 were approved by the Board of Directors on 3 March 2016 and signed on its behalf by:

K Hanna 
Chairman 

C Cran
Chief Financial Ofﬁcer

 
 
 
 
 
 
110 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

GROUP CASH FLOW STATEMENT
For the year ended 31 December 2015

Cash generated from operating activities

Cash generated from operations
Tax paid
Interest received
Interest paid
Net cash generated from operating activities

Cash ﬂows from investing activities

Acquisitions (net of cash acquired)
Purchases of property, plant and equipment (PPE)
Proceeds from sale of PPE
Net cash used in investing activities

Cash ﬂows from ﬁnancing activities

Net proceeds from issue of Ordinary Shares
Proceeds from long-term loans
Repayment of long-term loans
Net movement in short-term loans
Dividends paid to Shareholders
Return of capital to Shareholders
Net cash used in ﬁnancing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of the year
Exchange loss on cash and cash equivalents
Cash and cash equivalents at end of the year

Notes

2

29

2

3

2015 
£ million

2014 
£ million

461
(91)
2
(26)
346

(18)
(254)
17
(255)

2
454
(452)
(11)
(69)
(1)
(77)

14
26
(8)
32

498
(77)
2
(22)
401

(4)
(251)
12
(243)

3
448
(335)
10
(70)
(198)
(142)

16
12
(2)
26

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
For the year ended 31 December 2015

Increase in cash and cash equivalents
Cash outﬂow/(inﬂow) from movement in debt
Changes in net debt arising from cash ﬂows
Exchange loss
Movement in net debt in year
Net debt at beginning of year
Net debt at end of year

Notes

18

2015 
£ million
14
9
23
(18)
5
(494)
(489)

2014 
£ million
16
(123)
(107)
(24)
(131)
(363)
(494)

GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2015

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

111

As at 31 December 2015

Balance at 1 January 2015
Proﬁt for the year
Other comprehensive (loss)/income: 
Transfers from hedging reserve to 
revenue
Fair value gains on foreign currency 
cash ﬂow hedge
Fair value gains on interest rate swaps
Currency translation differences (i)
Remeasurement of retirement beneﬁts 
(net of tax)
Total comprehensive (loss)/
income for the year ended 
31 December 2015

Transactions with owners: 
Employee share awards
Issue of Ordinary Shares to 
employees under share option 
schemes
Return of capital to Shareholders
Dividends paid during 2015

Balance at 31 December 2015

Attributable to equity holders of the Company

Notes

Ordinary 
Share 
capital  
£ million
42
–

Share 
premium 
account  
£ million
20
–

Treasury 
shares  
£ million
(14)
–

Capital 
redemption 
reserve  
£ million
13
–

Foreign 
exchange 
reserve 
(translation) 
£ million
(81)
–

Hedging 
reserve  
£ million
(4)
–

Retained 
earnings  
£ million
1,102
162

Total  
equity  
£ million
1,078
162

–

 – 
 – 
 – 

 – 

–

 – 

 – 
 – 
 – 
–
42

–

 – 
 – 
 – 

 – 

 – 

 – 

 – 
 – 
 – 
–
20

–

 – 
 – 
 – 

 – 

 – 

 – 

5
 – 
 – 
5
(9)

–

 – 
 – 
 – 

 – 

 – 

 – 

 – 
 – 
 – 
–
13

(3)

2
1
 – 

 – 

 – 

 – 

 – 
 – 
 – 
–
(4)

–

 – 
 – 
(68)

 – 

–

 – 
 – 
 – 

3

(68)

165

 – 

8

(3)

2
1
(68)

3

97

8

 – 
 – 
 – 
–
(149)

(3)
(1)
(69)
(65)
1,202

2
(1)
(69)
(60)
1,115

30.A5

23
11

(i)  Included in currency translation differences of the Group are exchange losses of £18 million arising on borrowings denominated in foreign currencies designated as hedges of net investments 

overseas, and exchange losses of £50 million relating to the translation of overseas results and net assets.

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112 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2015

As at 31 December 2014

Balance at 1 January 2014
Proﬁt for the year
Other comprehensive (loss)/income: 
Transfers from hedging reserve to 
revenue
Fair value gains on foreign currency 
cash ﬂow hedge
Fair value gains on interest rate swaps
Currency translation differences (i)
Remeasurement of retirement beneﬁts 
(net of tax)
Total comprehensive (loss)/
income for the year ended 
31 December 2014

Transactions with owners: 
Employee share awards
Issue of Ordinary Shares to 
employees under share option 
schemes
Return of capital to Shareholders
Capital redemption reserve
Dividends paid during 2014

Balance at 31 December 2014

Attributable to equity holders of the Company

Notes

Ordinary 
Share 
capital  
£ million
49
–

Share 
premium 
account  
£ million
20
–

Treasury 
shares  
£ million
(24)
–

Capital 
redemption 
reserve  
£ million
6
–

Foreign 
exchange 
reserve 
(translation) 
£ million
(72)
–

Hedging 
reserve  
£ million
(1)
–

Retained 
earnings  
£ million
1,162
215

Total  
equity  
£ million
1,140
215

–

–
–
–

–

–

–

–
–
(7)
–
(7)
42

–

–
–
–

–

–

–

–
–
–
–
–
20

–

–
–
–

–

–

–

10
–
–
–
10
(14)

–

–
–
–

–

–

–

–
–
7
–
7
13

(6)

2
1
–

–

(3)

–

–
–
–
–
–
(4)

–

–
–
(9)

–

(9)

–

–
–
–
–
–
(81)

–

–
–
–

(3)

(6)

2
1
(9)

(3)

212

200

3

3

(7)
(198)
–
(70)
(272)
1,102

3
(198)
–
(70)
(262)
1,078

(i)  Included in currency translation differences of the Group are exchange losses of £29 million arising on borrowings denominated in foreign currencies designated as hedges of net investments 

overseas, offset by exchange gains of £20 million relating to the translation of overseas results and net assets.

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

113

1 Accounting policies
The Company is a public limited company which is listed on the 
London Stock Exchange and is incorporated and domiciled in the UK. 
The address of the registered ofﬁce is 120 Bothwell Street, Glasgow 
G2 7JS, UK.

The principal accounting policies applied in the preparation of these 
consolidated ﬁnancial statements are set out below. These policies 
have been consistently applied to all years presented, unless 
otherwise stated.

Basis of preparation
The Group ﬁnancial statements have been prepared in accordance 
with International Financial Reporting Standards (IFRS) as adopted 
by the European Union, IFRIC interpretations and the Companies Act 
2006 applicable to companies reporting under IFRS. The ﬁnancial 
statements have been prepared under the historical cost convention, 
as modiﬁed by the revaluation of certain ﬁnancial assets and ﬁnancial 
liabilities (including derivative instruments) at fair value.

The preparation of ﬁnancial statements in conformity with IFRS requires 
the use of estimates and assumptions that affect the reported amounts 
of assets and liabilities at the date of the ﬁnancial statements and the 
reported amounts of the revenues and expenses during the reporting 
period. Although these estimates are based on management’s best 
knowledge of the amount, event or actions, actual results ultimately 
may differ from those estimates.

Going concern
Having assessed the principal risks and the other matters discussed 
in connection with the viability statement, the directors considered 
it appropriate to adopt the going concern basis of accounting in 
preparing the ﬁnancial statements. 

Changes in accounting policy and disclosures

(a) New and amended standards adopted by the Group
There are no new IFRSs or IFRICs that are effective for the ﬁrst time 
this year that have a material impact on the Group.

(b) New standards, amendments and interpretations issued but 
not effective for the ﬁnancial year beginning 1 January 2015 and not 
early adopted
IFRS 15, ‘Revenue from contracts with customers’ deals with revenue 
recognition and establishes principles for reporting useful information 
to users of ﬁnancial statements about the nature, amount, timing and 
uncertainty of revenue and cash ﬂows arising from an entity’s contracts 
with customers. Revenue is recognised when a customer obtains 
control of a good or service and thus has the ability to direct the use 
and obtain beneﬁts from the good or service. The standard replaces 
IAS 18 ‘Revenue’ and IAS 11 ‘Construction contracts’ and related 
interpretations. The standard is effective for annual periods beginning 
on or after 1 January 2018. The Group will access the impact of 
IFRS 15 closer to the implementation date.

IFRS 9, ‘Financial instruments’ addresses the classiﬁcation, 
measurement and recognition of ﬁnancial assets and liabilities. 
The standard is effective for accounting periods beginning on 
or after 1 January 2018.

IFRIS 16, ‘Leases’ was issued on 13 January 2016 and applies to 
annual periods beginning on or after 1 January 2019. IFRIS 16 requires 
lessees to recognise a lease liability reﬂecting future lease payments 
and a ‘right-of-use asset’ for virtually all lease contracts. The Group 
will assess the impact of IFRS 16 closer to the implementation date.

There are no other IFRSs or IFRIC interpretations that are not yet 
effective that would be expected to have a material impact on 
the Group.

Basis of consolidation
The Group ﬁnancial statements consolidate the ﬁnancial statements 
of Aggreko plc and all its subsidiaries for the year ended 31 December 
2015. Subsidiaries are those entities over which the Group has 
control. The Group controls an entity when the Group is exposed 
to, or has rights to, variable returns through its power over the entity. 
Subsidiaries are fully consolidated from the date on which control is 
transferred to the Group. They are de-consolidated from the date that 
control ceases.

The Group uses the acquisition method of accounting to account 
for business combinations. The consideration transferred for 
the acquisition of a subsidiary is the fair value of the assets 
transferred, the liabilities incurred and the equity interests issued 
by the Group. The consideration transferred includes the fair value 
of any asset or liability resulting from a contingent consideration 
arrangement. Acquisition-related costs are expensed as incurred. 
Identiﬁable assets and liabilities and contingent liabilities assumed 
in a business combination are measured initially at their fair values 
at the acquisition date.

Inter-company transactions, balances and unrealised gains 
on transactions between Group companies are eliminated. 
Unrealised losses are also eliminated. Accounting policies of 
subsidiaries have been changed where necessary to ensure 
consistency with the policies adopted by the Group.

Revenue recognition
Revenue for the Group represents the amounts earned from the supply 
of temporary power, temperature control, oil-free compressed air and 
related services and excludes sales taxes and intra-Group revenue. 
Revenue can comprise a ﬁxed rental charge and a variable charge 
related to the usage of assets or other services. In all cases, revenue is 
recognised in accordance with the contractual arrangements, for ﬁxed 
rental charges, over the rental period and for variable elements as the 
asset is utilised or service is provided. Revenue is accrued or deferred 
at the balance sheet date depending on the date of the most recent 
invoice issued and the contractual terms.

Segmental reporting
Operating segments are reported in a manner consistent with the 
internal reporting provided to the chief operating decision maker. 
The chief operating decision maker has been identiﬁed as the plc 
Board of Directors.

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114 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

1 Accounting policies continued
During 2015 Aggreko reorganised into two business units: Rental 
Solutions and Power Solutions, to better focus on our customers. 
Within Power Solutions we serve both Utility and Industrial customers. 
Aggreko therefore has three segments comprising: Rental Solutions, 
Power Solutions – Industrial and Power Solutions – Utility. A description 
of these business units is contained on pages 8 to 17. This is reﬂected 
by the Group’s divisional management and organisational structure and 
the Group’s internal ﬁnancial reporting systems.

Central administrative costs are allocated between segments based 
on revenue.

Exceptional items
Exceptional items are items which individually or if of a similar type, 
in aggregate, need to be disclosed by virtue of their size or incidence 
if the ﬁnancial statements are to be properly understood. To monitor 
our ﬁnancial performance we use a proﬁt measure that excludes 
exceptional items. We exclude these items because, if included, these 
items could distort understanding of our performance for the year 
and comparability between periods. The income statement has been 
presented in a columnar format, which separately highlights exceptional 
items. This is intended to enable users of the ﬁnancial statements to 
determine more readily the impact of exceptional items on the results 
of the Group.

Exceptional items for the year ended 31 December 2015 were 
£26 million before taxation (2014: £nil) and they relate to the Group 
reorganisation and business priorities review. They comprise employee 
related costs, professional fees and property related costs. These costs 
are explained in Note 7 to the Accounts.

Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated 
depreciation and impairment losses. Cost includes purchase price, 
and directly attributable costs of bringing the asset into the location 
and condition where it is capable for use. Borrowing costs are not 
capitalised since the assets are assembled over a short period of time.

Freehold properties are depreciated on a straight line basis over 25 
years. Short leasehold properties are depreciated on a straight line 
basis over the terms of each lease.

Other property, plant and equipment are depreciated on a straight 
line basis at annual rates estimated to write off the cost of each asset 
over its useful life from the date it is available for use. Assets in the 
course of construction are not depreciated. Non-rental ﬂeet assets 
which are contract speciﬁc are depreciated over the life of the contract. 
The periods of depreciation are reviewed on an annual basis and the 
principal periods used are as follows:

Rental ﬂeet 
Vehicles, plant and equipment 

8 to 10 years 
4 to 15 years

Intangibles
Intangible assets acquired as part of a business combination 
are capitalised, separately from goodwill, at fair value at the date 
of acquisition if the asset is separable or arises from contractual 
or legal rights and its fair value can be measured reliably. 
Amortisation is calculated on a straight-line method to allocate the fair 
value at acquisition of each asset over their estimated useful lives as 
follows: customer relationships: 10 years; non-compete agreements: 
over the life of the non-compete agreements.

Acquired computer software licences are capitalised on the basis of 
the costs incurred to acquire and bring to use the speciﬁc software. 
These costs are amortised on a straight line basis over their estimated 
useful lives, which is currently deemed to be four years.

The useful life of intangible assets is reviewed on an annual basis.

Goodwill
On the acquisition of a business, fair values are attributed to the 
net assets acquired. Goodwill arises where the fair value of the 
consideration given for a business exceeds the fair value of such 
assets. Goodwill arising on acquisitions is capitalised and is subject to 
impairment reviews, both annually and when there are indicators that 
the carrying value may not be recoverable.

For the purpose of the impairment testing, goodwill is allocated to 
each of the Group’s cash generating units expected to beneﬁt from 
the synergies of the combination. Cash generating units to which 
goodwill has been allocated are tested for impairment annually, or 
more frequently when there is an indication that the unit may be 
impaired. If the recoverable amount of the cash generating unit 
is less than the carrying amount of the unit, then the impairment 
loss is allocated ﬁrst to reduce the carrying amount of any goodwill 
allocated to the unit and then to the other assets of the unit pro-rata 
on the basis of the carrying amount of each asset in the unit.

An impairment loss recognised for goodwill is not reversed in a 
subsequent period. Any impairment of goodwill is recognised 
immediately in the income statement.

Impairment of property, plant and equipment  
and other intangible assets (excluding goodwill)
Property, plant and equipment and other intangible assets are 
amortised/depreciated and reviewed for impairment whenever events 
or changes in circumstances indicate that the carrying amount may 
not be recoverable. An impairment loss is recognised for the amount 
by which the asset’s carrying amount exceeds its recoverable amount. 
The recoverable amount is the higher of an asset’s fair value less costs 
to sell and value in use. Value in use is calculated using estimated cash 
ﬂows. These are discounted using an appropriate long-term pre-tax 
interest rate. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately identiﬁable 
cash ﬂows (cash-generating units).

Foreign currencies
Items included in the ﬁnancial statements for each of the Group’s 
entities are measured using the currency of the primary economic 
environment in which the entity operates (functional currency). 
The Group’s consolidated ﬁnancial statements are presented in 
Sterling, which is the Group’s presentational currency.

At individual Company level, transactions denominated in foreign 
currencies are translated at the rate of exchange on the day the 
transaction occurs. Assets and liabilities denominated in foreign 
currency are translated at the exchange rate ruling at the balance sheet 
date. Non-monetary assets are translated at the historical rate. In order 
to hedge its exposure to certain foreign exchange risks, the Group 
enters into forward contracts and foreign currency options.

On consolidation, assets and liabilities of subsidiary undertakings 
are translated into Sterling at closing rates of exchange. Income and 
cash ﬂow statements are translated at average rates of exchange for 
the period. Gains and losses from the settlement of transactions and 
gains and losses on the translation of monetary assets and liabilities 
denominated in other currencies are included in the income statement.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

115

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1 Accounting policies continued

Derivative ﬁnancial instruments
This accounting policy is included in Note 30 – Notes to the Group 
Accounts – appendices.

Taxation

Deferred tax
Deferred tax is provided in full, using the liability method, on temporary 
differences arising between the tax base of assets and liabilities and 
their carrying amounts in the ﬁnancial statements. In principle, deferred 
tax liabilities are recognised for all taxable temporary differences and 
deferred tax assets are recognised to the extent that it is probable that 
taxable proﬁts will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are not 
recognised if the temporary difference arises from goodwill, negative 
goodwill nor from the acquisition of an asset, which does not affect 
either taxable or accounting income. Deferred tax is determined using 
tax rates (and laws) that have been enacted or substantively enacted 
by the balance sheet date and are expected to apply when the related 
deferred tax asset is realised or the deferred tax liability is settled. 
Deferred tax is charged or credited in the income statement, except 
when it relates to items credited or charged directly to equity, in which 
case the deferred tax is also dealt with in equity.

Deferred tax is provided on temporary differences arising on 
investments in subsidiaries, except where the timing of the reversal of 
the temporary difference is controlled by the Group and it is probable 
that the temporary difference will not reverse in the foreseeable future.

Provision for income taxes, mainly withholding taxes, which could 
arise on the remittance of retained earnings, principally relating to 
subsidiaries, is only made where there is a current intention to remit 
such earnings.

Current tax
The charge for the current tax is based on the results for the year 
as adjusted for items, which are non-assessable or disallowed. It is 
calculated using taxation rates that have been enacted or substantially 
enacted by the balance sheet date.

Inventories
Inventories are valued at the lower of cost and net realisable value, 
using the weighted average cost basis. Cost of raw materials, 
consumables and work in progress includes the cost of direct materials 
and, where applicable, direct labour and those overheads that have 
been incurred in bringing the inventories to their present location 
and condition.

Inventory is written down on a case by case basis if the anticipated net 
realisable value declines below the carrying amount of the inventories. 
Net realisable value is the estimated selling price less cost to 
completion and selling expenses. When the reasons for a write-down 
of the inventory have ceased to exist, the write-down is reversed.

Employee beneﬁts
Wages, salaries, social security contributions, paid annual leave 
and sick leave, bonuses and non-monetary beneﬁts are accrued 
in the year in which the associated services are rendered by the 
employees of the Group. Where the Group provides long-term 
employee beneﬁts, the cost is accrued to match the rendering of 
the services by the employees concerned.

The Group operates a deﬁned beneﬁt pension scheme and a number 
of deﬁned contribution pension schemes. The cost for the year for the 
deﬁned beneﬁt scheme is determined using the attained age method 
with actuarial updates to the valuation being carried out at each 
balance sheet date. Remeasurements are recognised in full, directly 
in retained earnings, in the period in which they occur and are shown 
in the statement of comprehensive income. The current service cost 
of the pension charge, interest income on scheme assets, interest on 
pension scheme liabilities and administrative expenses are included in 
arriving at operating proﬁt.

The retirement beneﬁt obligation recognised in the balance sheet is 
the present value of the deﬁned beneﬁt obligation at the balance sheet 
date less the fair value of the scheme assets. The present value of the 
deﬁned beneﬁt obligation is determined by discounting the estimated 
future cash ﬂows using interest rates of high-quality corporate bonds.

Contributions to deﬁned contribution pension schemes are charged to 
the income statement in the period in which they become chargeable.

Trade receivables
Trade receivables are recognised initially at fair value (which is the same 
as cost). An impairment is recorded for the difference between the 
carrying amount and the recoverable amount where there is objective 
evidence that the Group will not be able to collect all amounts due. 
Signiﬁcant ﬁnancial difﬁculties of the debtor, probability that the debtor 
will enter bankruptcy or ﬁnancial reorganisation and default, or large 
and old outstanding balances, particularly in countries where the 
legal system is not easily used to enforce recovery, are considered 
indicators that the trade receivable is impaired. When a trade receivable 
is uncollectible it is written off against the provision for impairment of 
trade receivables.

Trade payables
Trade payables are recognised initially at fair value (which is the same 
as cost).

Provisions
Provisions are recognised where a legal or constructive obligation has 
been incurred which will probably lead to an outﬂow of resources that 
can be reasonably estimated. Provisions are recorded for the estimated 
ultimate liability that is expected to arise, taking into account the time 
value of money where material.

As at 31 December 2015 provisions totalled £8 million (2014: £nil) and 
they relate to the Group reorganisation and business priorities review. 
The provisions are generally in respect of employee related costs, 
professional fees and property related costs. These provisions are 
detailed in Note 21.

A contingent liability is disclosed where the existence of the obligation 
will only be conﬁrmed by future events, or where the amount of 
the obligation cannot be measured with reasonable reliability. 
Contingent assets are not recognised, but are disclosed where an 
inﬂow of economic beneﬁts is probable.

 
 
 
 
 
 
 
116 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS 
For the year ended 31 December 2015

Further information is shown at Notes 10 and 22 to the Annual Report 
and Accounts.

Financial risk management

Financial risk factors
The Group’s operations expose it to a variety of ﬁnancial risks that 
include liquidity, the effects of changes in foreign currency exchange 
rates, interest rates and credit risk. The Group has a centralised 
treasury operation whose primary role is to ensure that adequate 
liquidity is available to meet the Group’s funding requirements as 
they arise, and that ﬁnancial risk arising from the Group’s underlying 
operations is effectively identiﬁed and managed.

The treasury operations are conducted in accordance with policies 
and procedures approved by the Board and are reviewed annually. 
Financial instruments are only executed for hedging purposes and 
transactions that are speculative in nature are expressly forbidden. 
Monthly reports are provided to senior management and treasury 
operations are subject to periodic internal and external review.

Liquidity, funding and capital management
The intention of Aggreko’s strategy is to deliver long-term value to 
its Shareholders whilst maintaining a balance sheet structure that 
safeguards the Group’s ﬁnancial position through economic cycles. 
Total capital is equity as shown in the Group balance sheet.

Given the proven ability of the business to fund organic growth from 
operating cash ﬂows, and the nature of our business model, we believe 
it is sensible to run the business with a modest amount of debt. We say 
‘modest’ because we are strongly of the view that it is unwise to run a 
business which has high levels of operational gearing with high levels of 
ﬁnancial gearing. Given the above considerations, we believe that a Net 
Debt to EBITDA ratio of around one times is appropriate for the Group 
over the longer term. This is well within our covenants to lenders which 
stand at three times Net Debt to EBITDA. 

At the end of 2015, Net Debt to EBITDA was 0.9 times (31 December 
2014: 0.9 times).

The Group maintains sufﬁcient facilities to meet its normal funding 
requirements over the medium term. At 31 December 2015 these 
facilities totalled £891 million in the form of committed bank facilities 
arranged on a bilateral basis with a number of international banks and 
private placement notes. The ﬁnancial covenants attached to these 
facilities are that EBITDA should be no less than four times interest and 
net debt should be no more than three times EBITDA; at 31 December 
2015, these stood at 24 times and 0.9 times respectively. The Group 
does not consider that these covenants are restrictive to its operations. 
The maturity proﬁle of the borrowings is detailed in Note 18 in the 
Annual Report and Accounts. Net debt amounted to £489 million at 
31 December 2015 and, at that date, un-drawn committed facilities 
were £385 million.

1 Accounting policies continued

Share-based payments
This accounting policy is included in Note 30 – Notes to the Group  
Accounts – appendices.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and deposits with 
a maturity of three months or less.

Borrowings
Borrowings are recognised initially at fair value, net of transaction 
costs incurred. Borrowings are subsequently stated at amortised cost. 
Any difference between the proceeds, net of transaction costs, and 
the redemption value is recognised in the income statement over the 
period of the borrowings using the effective interest rate.

Key assumptions and signiﬁcant judgements
The Group uses estimates and makes judgements in the preparation 
of its Accounts. The most sensitive areas affecting the Accounts are 
discussed below.

Trade receivables
The trade receivables accounting policy is on page 115. 

The majority of the contracts the Group enters into are small relative 
to the size of the Group and, if a customer fails to pay a debt, this is 
dealt with in the normal course of business. However, some of the 
contracts the Group undertakes in developing countries are very large, 
and are in jurisdictions where payment practices can be unpredictable. 
The Group monitors the risk proﬁle and debtor position of all such 
contracts regularly, and deploys a variety of techniques to mitigate 
the risks of delayed or non-payment; these include securing advance 
payments and guarantees. As a result of the rigorous approach to 
risk management, historically the Group has had a low level of bad 
debt write-offs although the risk of a major default is high. When a 
trade receivable is uncollectible it is written off against the provision for 
impairment of trade receivables. At 31 December 2015 the provision for 
impairment of trade receivables in the balance sheet was £64 million 
(2014: £55 million).

Taxation
Aggreko’s tax charge is based on the proﬁt for the year and tax rates in 
force at the balance sheet date. As well as corporation tax, Aggreko is 
subject to indirect taxes such as sales and employment taxes across 
various tax jurisdictions in the approximately 100 countries in which 
the Group operates. The varying nature and complexity of the tax law 
requires the Group to review its tax positions and make appropriate 
judgements at the balance sheet date. Due to the uncertain nature 
of the tax environment in many of the countries in which we operate, 
it can take some time to settle our tax position. We therefore create 
appropriate tax provisions for signiﬁcant potential uncertain or 
contentious tax positions and these are principally measured using the 
most likely outcome method. Provisions are considered on an individual 
basis. As at 31 December 2015 we had tax provisions totalling 
£61 million, £48 million for direct taxes and £13 million for indirect taxes 
(2014: £69 million, £54 million for direct taxes and £15 million for indirect 
taxes). In addition the recognition of deferred tax assets is dependent 
upon an estimation of future taxable proﬁts that will be available 
against which deductible temporary differences can be utilised. In the 
event that actual taxable proﬁts are different, such differences may 
impact the carrying value of such deferred tax assets in future periods. 

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

117

Credit risk
Cash deposits and other ﬁnancial instruments give rise to credit risk 
on amounts due from counterparties. The Group manages this risk 
by limiting the aggregate amounts and their duration depending on 
external credit ratings of the relevant counterparty. In the case of 
ﬁnancial assets exposed to credit risk, the carrying amount in the 
balance sheet, net of any applicable provisions for loss, represents 
the amount exposed to credit risk.

Management of trade receivables
The management of trade receivables is the responsibility of the 
operating units, although they report monthly to Group on debtor 
days, debtor ageing and signiﬁcant outstanding debts. At an 
operating unit level a credit rating is normally established for each 
customer based on ratings from external agencies. Where no 
ratings are available, cash in advance payment terms are often 
established for new customers. Credit limits are reviewed on a 
regular basis. Some of the contracts undertaken in our Power 
Solutions Utility business are substantial, and are in jurisdictions 
where payment practices can be unpredictable. The Group 
monitors the risk proﬁle and debtor-position of all such contracts 
regularly, and deploys a variety of techniques to mitigate the risks 
of delayed or non-payment; these include securing advance 
payments, bank guarantees and various types of insurance. On the 
largest contracts, all such arrangements are approved at Group 
level. Contracts are reviewed on a case by case basis to determine 
the customer and country risk.

Insurance
The Group operates a policy of buying cover against the material 
risks which the business faces, where it is possible to purchase such 
cover on reasonable terms. Where this is not possible, or where 
the risks would not have a material impact on the Group as a whole, 
we self-insure.

1  Trading proﬁt represents operating proﬁt before gain on sale of property, plant and equipment.

1 Accounting policies continued

Interest rate risk
The Group’s policy is to manage the exposure to interest rates 
by ensuring an appropriate balance of ﬁxed and ﬂoating rates. 
At 31 December 2015, £321 million of the net debt of £489 million 
was at ﬁxed rates of interest resulting in a ﬁxed to ﬂoating rate net 
debt ratio of 66:34 (2014: 62:38). The Group monitors its interest rate 
exposure on a regular basis by applying forecast interest rates to the 
Group’s forecast net debt proﬁle after taking into account its existing 
hedges. The Group also calculates the impact on proﬁt and loss of a 
deﬁned interest rate shift for all currencies. Based on the simulations 
performed, the impact on proﬁt or loss of a +/– 100 basis-point 
shift, after taking into account existing hedges, would be £2 million 
(2014: £2 million). The sensitivity analysis is performed on a monthly 
basis and is reported to the Board.

Foreign exchange risk
The Group is subject to currency exposure on the translation of its net 
investments in overseas subsidiaries into Sterling. In order to reduce 
the currency risk arising, the Group uses direct borrowings in the same 
currency as those investments. Group borrowings are predominantly 
drawn down in the currencies affecting the Group, namely US Dollar, 
Canadian Dollar, Mexican Peso, Brazilian Real and Russian Ruble.

The Group manages its currency ﬂows to minimise foreign exchange 
risk arising on transactions denominated in foreign currencies and 
uses forward contracts where appropriate in order to hedge net 
currency ﬂows.

The positive impact of currency increased our revenues by 
£22 million (2014: decreased by £126 million) and trading proﬁt 
by £6 million (2014: decreased by £40 million) for the year ended 
31 December 2015. The Group monitors the impact of exchange 
closely and regularly carries out sensitivity analysis. For every 
5% movement in the US Dollar to GBP exchange rate there is an 
approximate impact of £7 million (2014: £11 million) in trading proﬁt1 
in terms of translation.

Currency translation also gave rise to a £68 million decrease in reserves 
as a result of year-on-year movements in the exchange rates (2014: 
decrease of £9 million). For every 5% movement in the Dollar, there 
is an approximate impact in equity of £23 million (2014: £23 million) 
arising from the currency translation of external borrowings which are 
being used as a net investment hedge. However, this will be offset 
by a corresponding movement in the equity of the net investment 
being hedged.

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118 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

2 Cash generated from operating activities

Proﬁt for the year
Adjustments for:
Exceptional items (Note 7)
Tax
Depreciation
Amortisation of intangibles
Finance income
Finance cost
Proﬁt on sale of PPE (see below)
Share-based payments (i)
Changes in working capital (excluding the effects of exchange differences on consolidation):

Increase in inventories
Increase in trade and other receivables
Decrease in trade and other payables
Cash ﬂows relating to exceptional items
Cash generated from operations

2015 
£ million
162

2014 
£ million
215

26
64
277
4
(2)
25
(5)
6

(25)
(29)
(26)
(16)
461

–
74
259
3
(2)
23
(4)
3

(11)
(57)
(5)
–
498

(i)  This relates to the employee share awards within the Statement of Changes in Equity excluding £2 million included as exceptional items (note 7).

In the cash ﬂow statement, proceeds from sale of PPE comprise:

Net book amount
Proﬁt on sale of PPE
Proceeds from sale of PPE

Proﬁt on sale of PPE is shown within other income in the income statement.

3 Cash and cash equivalents

Cash at bank and in hand
Short-term bank deposits

2015 
£ million
12
5
17

2014 
£ million
8
4
12

2015 
£ million
29
19
48

2014 
£ million
30
7
37

The effective interest rate on short-term bank deposits was 29% (2014: 19%); these deposits have a maturity of less than 90 days. Cash is only 
held in banks which have been approved by Group Treasury.

Cash and bank overdrafts include the following for the purposes of the cash ﬂow statement:

Cash and cash equivalents
Bank overdrafts (Note 18)

2015 
£ million
48
(16)
32

2014 
£ million
37
(11)
26

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

119

4 Segmental reporting

(A) Revenue by segment

Power Solutions
Industrial
Utility

Rental Solutions
Group

External revenue

2015 
£ million

2014 
£ million

299
644
943
618
1,561

288
673
961
616
1,577

(i)  Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third parties. All inter-segment revenue was 

less than £1 million. 

(ii)  In June 2015 the Group announced a new organisational structure comprising: Power Solutions – Industrial, Power Solutions – Utility and Rental Solutions. This new structure took effect from 

1 August 2015. All prior year numbers have been restated in accordance with the new structure. 

(iii) Trading proﬁt in table 4(B) below is deﬁned as operating proﬁt pre-exceptional items of £275 million (2014: £310 million) excluding gain on sale of property, plant and equipment of £5 million 

(2014: £4 million). 

(B) Proﬁt by segment

Power Solutions
Industrial
Utility

Rental Solutions
Operating proﬁt pre-exceptional items

Exceptional items (Note 7)
Operating proﬁt post-exceptional items

Finance costs – net
Proﬁt before taxation

Taxation
Proﬁt for the year

(C) Depreciation and amortisation by segment

Power Solutions
Industrial
Utility

Rental Solutions
Group

Trading proﬁt

Gain on sale of PPE

Operating proﬁt

2015 
£ million

2014 
£ million

2015 
£ million

2014 
£ million

2015 
£ million

2014 
£ million

45
125
170
100
270

32
167
199
107
306

1
2
3
2
5

–
2
2
2
4

46
127
173
102
275
(26)
249
(23)
226
(64)
162

32
169
201
109
310
–
310
(21)
289
(74)
215

2015 
£ million

2014 
£ million

67
128
195
86
281

63
119
182
80
262

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120 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

4 Segmental reporting continued

(D) Capital expenditure on property, plant and equipment and intangible assets by segment

Power Solutions
Industrial
Utility

Rental Solutions
Group

2015 
£ million

2014 
£ million

50
124
174
90
264

76
78
154
102
256

Capital expenditure comprises additions of property, plant and equipment (PPE) of £254 million (2014: £251 million), acquisitions of PPE of 
£6 million (2014: £2 million), and acquisitions of intangible assets of £4 million (2014: £3 million).

(E) Assets/(liabilities) by segment

Power Solutions
Industrial
Utility

Rental Solutions
Group

Tax and ﬁnance payable
Derivative ﬁnancial instruments
Borrowings
Retirement beneﬁt obligation
Total assets/(liabilities) per balance sheet

(F) Average number of employees by segment

Power Solutions
Industrial
Utility

Rental Solutions
Group

(G) Reconciliation of net operating assets to net assets

Net operating assets
Retirement beneﬁt obligation
Net tax and ﬁnance payable

Borrowings and derivative ﬁnancial instruments
Net assets

Assets

Liabilities

2015 
£ million

2014 
£ million

2015 
£ million

2014 
£ million

435
891
1,326
660
1,986
63
1
–
–
2,050

487
872
1,359
640
1,999
43
5
–
–
2,047

(16)
(182)
(198)
(81)
(279)
(126)
(7)
(521)
(2)
(935)

(44)
(170)
(214)
(95)
(309)
(125)
(8)
(520)
(7)
(969)

2015 
Number

2014 
Number

1,621
2,297
3,918
2,515
6,433

2015 
£ million
1,707
(2)
(63)
1,642
(527)
1,115

1,612
2,000
3,612
2,500
6,112

2014 
£ million
1,690
(7)
(82)
1,601
(523)
1,078

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

121

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A
N
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S
T
A
N
A
B
L
T
Y

I

I

G
O
V
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R
N
A
N
C
E

&
O
T
H
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I

N
F
O
R
M
A
T
O
N

I

A
C
C
O
U
N
T
S

5 Proﬁt before taxation
The following items have been included in arriving at proﬁt before taxation:

Staff costs (Note 8)
Cost of inventories recognised as an expense (included in cost of sales)
Depreciation of property, plant and equipment
Amortisation of intangibles (included in administrative expenses)
Gain on disposal of property, plant and equipment
Trade receivables impairment (included in administrative expenses)
Operating lease rentals payable

6 Auditors’ remuneration

Audit services

Fees payable to the Company’s auditor for the audit of the Company’s annual accounts and consolidated ﬁnancial 
statements
Fees payable to the Company’s auditor and its associates for other services:

– The audit of the Company’s subsidiaries
– Other assurance related services
– Tax compliance
– Tax advice

2015 
£ million
331
91
277
4
(5)
13
37

2014 
£ million
314
78
259
3
(4)
(4)
38

2015 
£000

2014 
£000

283

672
70
76
3

262

616
147
54
27

In addition to the above services, the Group’s auditors acted as auditor to the Group’s deﬁned beneﬁt pension scheme. The appointment of 
auditors to this pension scheme and the fees paid in respect of the audit and for any other services are agreed by the Trustee of the scheme, 
who act independently from the management of the Group. The aggregate fees paid to the Group’s auditors for audit and non-audit services 
to the pension scheme during the year were £10k (2014: £8k).

7 Exceptional items 
The deﬁnition of exceptional items is contained within Note 1 of the 2015 Annual Report & Accounts. The exceptional charge in the year of 
£26 million before taxation relates to the Group reorganisation and business priorities review and comprises £15 million of employee related costs, 
£8 million of professional fees, £1 million of property related costs and £2 million of other costs. On a business unit basis this exceptional charge 
can be split into Rental Solutions £10 million, Power Solutions – Industrial £5 million and Power Solutions – Utility £11 million. Out of the £26 million 
the cash outﬂow in the year was £16 million with a provision of £8 million at 31 December 2015 and £2 million included within Employee Share 
awards within the Statement of Changes in Equity. 

8 Employees and Directors
Staff costs for the Group during the year:

Wages and salaries
Social security costs
Share-based payments
Pension costs – deﬁned contribution plans
Pension costs – deﬁned beneﬁt plans (Note 30.A6)

Full details of Directors’ remuneration are set out in the Remuneration Report on page 78.

The key management comprises Executive and Non-executive Directors.

Short-term employee beneﬁts
Termination beneﬁts
Post-employment beneﬁts
Share-based payments

2015 
£ million
277
34
8
10
2
331

2015 
£ million
4
–
1
1
6

2014 
£ million
260
38
3
11
2
314

2014 
£ million
4
1
–
–
5

 
 
 
 
 
 
 
122 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

9 Net ﬁnance charge

Finance costs on bank loans and overdrafts
Finance income on bank balances and deposits

10 Taxation

Analysis of charge in year

Current tax expense:

– UK corporation tax
– Double taxation relief

– Overseas taxation

Adjustments in respect of prior years:

– UK
– Overseas

Deferred taxation (Note 22):

– temporary differences arising in current year
– movements in respect of prior years

Tax on exceptional items (i)

2015 
£ million
(25)
2
(23)

2014 
£ million
(23)
2
(21)

2015 
£ million

2014 
£ million

6

–
6
78
84

(5)
3
82

(16)
3
69
(5)
64

4
–
4
77
81

–
(4)
77

(4)
1
74
–
74

(i)  Exceptional items are explained in Note 7 and comprise costs of £26 million relating to the Group reorganisation and business priorities, 

£24 million of which are tax deductible and result in an exceptional credit of £5 million.

During the year the UK corporation tax rate reduced from 21% to 20% with effect from 1 April 2015. This results in a UK corporation tax rate 
for the year ended 31 December 2015 of 20.3%. 

The tax (charge)/credit relating to components of other comprehensive income is as follows:

Deferred tax on hedging reserve movements
Deferred tax on retirement beneﬁts
Current tax on exchange movements

The tax (charge)/credit relating to equity is as follows:

Current tax on share-based payments

Deferred tax on share-based payments

2015 
£ million
–
(1)
–
(1)

2014 
£ million
–
–
–
–

2015 
£ million
–

2014 
£ million
–

–
–

–
–

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

123

10 Taxation continued
Variances between the current tax charge and the standard 20.3% (2014: 21.5%) UK corporate tax rate when applied to proﬁt on ordinary 
activities for the year are as follows:

Proﬁt before taxation 

Tax calculated at 20.3% (2014: 21.5%) standard UK corporate tax rate
Differences between UK and overseas tax rates
Permanent differences
Impact of deferred tax rate changes
Deferred tax assets not recognised
Tax on current year proﬁt
Prior year adjustments – current tax
Prior year adjustments – deferred tax
Total tax on proﬁt 

Effective tax rate

11 Dividends

Final paid
Interim paid

Total before 
exceptional 
items  
2015  
£ million
252

Exceptional 
items  
2015  
£ million
(26)

2015 
£ million
226

2014 
£ million
289

51
20
(3)
–
–
68
(2)
3
69

(5)
–
–
–
–
(5)
–
–
(5)

46
20
(3)
–
–
63
(2)
3
64

62
18
(3)
(1)
1
77
(4)
1
74

27%

20%

28%

26%

2015 
£ million
45
24
69

2015 
per share (p)
17.74
9.38
27.12

2014 
£ million
46
24
70

2014 
per share (p)
17.19
9.38
26.57

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W

I

O
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B
U
S
N
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S
S

I

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F
O
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M
A
N
C
E
R
E
V
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W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

In addition, the Directors are proposing a ﬁnal dividend in respect of the ﬁnancial year ended 31 December 2015 of 17.74 pence per share which 
will absorb an estimated £46 million of Shareholders’ funds. It will be paid on 24 May 2016 to Shareholders who are on the register of members 
on 22 April 2016.

12 Earnings per share
Basic earnings per share have been calculated by dividing the earnings attributable to ordinary Shareholders by the weighted average number of 
shares in issue during the year, excluding shares held by the Employee Share Ownership Trusts which are treated as cancelled.

Proﬁt for the year (£ million)

Weighted average number of Ordinary Shares in issue (million)
Basic earnings per share (pence)

2015
162

256
63.49

2014
215

261
82.57

For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially 
dilutive Ordinary Shares. These represent share options granted to employees where the exercise price is less than the average market price of 
the Company’s Ordinary Shares during the year. The number of shares calculated as above is compared with the number of shares that would 
have been issued assuming the exercise of the share options.

Proﬁt for the year (£ million)
Weighted average number of Ordinary Shares in issue (million)
Adjustment for share options and B Shares (million)
Diluted weighted average number of Ordinary Shares in issue (million)
Diluted earnings per share (pence)

2015
162
256
–
256
63.45

2014
215
261
–
261
82.49

G
O
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E
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N
A
N
C
E

&
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I

N
F
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A
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O
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Aggreko plc assesses the performance of the Group by adjusting earnings per share, calculated in accordance with IAS 33, to exclude 
items it considers to be non-recurring and believes that the exclusion of such items provides a better comparison of business performance. 
The calculation of earnings per Ordinary Share on a basis which excludes exceptional items is based on the following adjusted earnings.

 
 
 
 
 
 
 
124 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

12 Earnings per share continued

Proﬁt for the year
Exclude exceptional items
Proﬁt for the year pre-exceptional items

An adjusted earnings per share ﬁgure is presented below.

Basic earnings per share pre-exceptional items (pence)
Diluted earnings per share pre-exceptional items (pence)

13 Goodwill

Cost

At 1 January
Acquisitions (Note 29)
Exchange adjustments
At 31 December

Accumulated impairment losses

Net book value

Goodwill impairment tests
Goodwill has been allocated to cash generating units (CGUs) as follows:

Power Solutions
Industrial
Utility

Rental Solutions
Group

2015 
£ million
162
21
183

2014 
£ million
215
–
215

71.73
71.68

82.57
82.49

2015 
£ million

2014 
£ million

130
7
(19)
118

–

118

133
1
(4)
130

–

130

2015 
£ million

2014 
£ million

41
2
43
75
118

57
2
59
71
130

Goodwill is tested for impairment annually or whenever there is an indication that the asset may be impaired. Goodwill is monitored by 
management at an operating segment level. The recoverable amounts of the CGUs are determined from value in use calculations. The key 
assumptions for value in use calculations are those relating to expected changes in revenue and the cost base, discount rates and long-term 
growth rates. The discount rate used for business valuations was 8.2% after tax (2014: 8.8%), based on the weighted average cost of capital 
(WACC) of the Group. Before tax the estimated discount rate was 10.6% (2014: 12.1%). The WACC was calculated using the market capitalisation 
basis as at 31 December 2015 (i.e. equity valued basis).

On the basis that the business carried out by all CGUs is closely related and assets can be redeployed around the Group as required, a 
consistent Group discount rate has been used for all CGUs. Values in use were determined using current year cash ﬂows, a prudent view of 
future market trends and excludes any growth capital expenditure. A terminal cash ﬂow was calculated using a long-term growth rate of 2%.

As at 31 December 2015, based on internal valuations, Aggreko plc management concluded that the values in use of the CGUs exceeded their 
net asset value.

The Directors consider that there is no reasonably possible change in the key assumptions made in their impairment calculations that would 
give rise to an impairment.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

125

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O
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S
N
E
S
S

I

P
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R
F
O
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M
A
N
C
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R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

Freehold 
properties  
£ million

Short 
leasehold 
properties  
£ million

Rental  
ﬂeet  
£ million

Vehicles, 
plant and 
equipment  
£ million

Total  
£ million

77
1
3
–
–
81

23
1
3
–
27

54

54

20
(1)
1
–
(1)
19

13
(1)
2
(1)
13

6

7

2,599
14
237
5
(77)
2,778

1,513
23
259
(66)
1,729

1,049

1,086

89
1
13
1
(7)
97

59
1
13
(6)
67

30

30

2,785
15
254
6
(85)
2,975

1,608
24
277
(73)
1,836

1,139

1,177

Freehold 
properties  
£ million

Short 
leasehold 
properties  
£ million

Rental  
ﬂeet  
£ million

Vehicles, 
plant and 
equipment  
£ million

Total  
£ million

63
2
12
–
–
77

19
2
2
–
23

54

44

19
–
2
–
(1)
20

12
–
2
(1)
13

7

7

2,373
68
226
2
(70)
2,599

1,291
42
243
(63)
1,513

1,086

1,082

G
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N
A
N
C
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&
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F
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A
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O
N

I

A
C
C
O
U
N
T
S

2,539
70
251
2
(77)
2,785

1,374
44
259
(69)
1,608

1,177

1,165

84
–
11
–
(6)
89

52
–
12
(5)
59

30

32

2015 
£ million
184
5
189

2014 
£ million
158
5
163

14 Other intangible assets
Refer to Note 30.A2.

15 Property, plant and equipment
Year ended 31 December 2015

Cost

At 1 January 2015
Exchange adjustments
Additions
Acquisitions (Note 29)
Disposals
At 31 December 2015
Accumulated depreciation

At 1 January 2015
Exchange adjustments
Charge for the year
Disposals
At 31 December 2015
Net book values:
At 31 December 2015

At 31 December 2014

Year ended 31 December 2014

Cost

At 1 January 2014
Exchange adjustments
Additions
Acquisitions
Disposals
At 31 December 2014
Accumulated depreciation

At 1 January 2014
Exchange adjustments
Charge for the year
Disposals
At 31 December 2014
Net book values:
At 31 December 2014

At 31 December 2013

16 Inventories

Raw materials and consumables
Work in progress

 
 
 
 
 
 
 
126 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

17 Trade and other receivables

Trade receivables
Less: provision for impairment of receivables
Trade receivables – net
Prepayments
Accrued income
Other receivables
Total receivables

The value of trade and other receivables quoted in the table above also represent the fair value of these items. 

The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies:

Sterling
Euro
US Dollar
Other currencies

Movements on the Group’s provision for impairment of trade receivables are as follows:

At 1 January
Net provision for receivables impairment
Receivables written off during the year as uncollectible
Exchange
At 31 December

2015 
£ million
384
(64)
320
26
96
34
476

2015 
£ million
20
54
248
154
476

2015 
£ million
55
13
(3)
(1)
64

2014 
£ million
381
(55)
326
32
82
34
474

2014 
£ million
14
55
168
237
474

2014 
£ million
61
(4)
(3)
1
55

Credit quality of trade receivables
The table below analyses the total trade receivables balance per operating segment into fully performing, past due and impaired.

31 December 2015

Power Solutions
Industrial
Utility

Rental Solutions
Group

31 December 2014

Power Solutions
Industrial
Utility

Rental Solutions
Group

Fully 
performing  
£ million

Past  
due  
£ million

Impaired  
£ million

Total  
£ million

34
32
66
42
108

22
143
165
47
212

9
48
57
7
64

65
223
288
96
384

Fully 
performing  
£ million

Past  
due  
£ million

Impaired  
£ million

Total  
£ million

30
50
80
46
126

30
120
150
50
200

8
38
46
9
55

68
208
276
105
381

Trade receivables are classiﬁed as impaired if they are not considered recoverable. 32% of the amounts past due are less than 30 days past 
due (2014: 40%).

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

127

17 Trade and other receivables continued
The Group assesses credit quality as explained below:

Power Solutions – Industrial
This is a high transaction intensive business and the majority of the contracts in this business are small relative to the size of the Group. There is 
no concentration of credit risk in this business and there are a large number of customers who are unrelated and internationally dispersed.

The management of trade receivables is the responsibility of the operating units, although they report monthly to Group on debtor days, debtor 
ageing and signiﬁcant outstanding debts. At an operating unit level a credit rating is normally established for each customer based on ratings 
from external agencies. Where no ratings are available, cash in advance payment terms are often established for new customers. Credit limits are 
reviewed on a regular basis. The effectiveness of this credit process has meant that the Group has historically had a low level of bad debt in this 
business. Receivables written off during the year as uncollectible as a percentage of total gross debtors was 1% (2014: 2%).

Power Solutions – Utility
This business concentrates on medium to very large contracts. Customers are mainly state owned utilities in emerging markets.

In many instances the contracts are in jurisdictions where payment practices can be unpredictable. The Group monitors the risk proﬁle and 
debtor position of all such contracts regularly, and deploys a variety of techniques to mitigate the risks of delayed or non-payment; these 
include securing advance payments, bonds and guarantees. On the largest contracts, all such arrangements are approved at a Group level. 
Contracts are reviewed on a case by case basis to determine the customer and country risk. To date the Group has also had a low level of bad 
debt in the Power Solutions – Utility business although the risk of a major default is high.

The total trade receivables balance as at 31 December 2015 for our Power Solutions – Utility business was £223 million (2014: £208 million). 
Within this balance, receivable balances totalling £59 million (2014: £83 million) had some form of payment cover attached to them. This payment 
cover guards against the risk of customer default rather than the risk associated with customer disputes. The risk associated with the remaining 
£164 million (2014: £125 million) is deemed to be either acceptable or payment cover is not obtainable in a cost effective manner.

Rental Solutions
This business is similar to the Power Solutions Industrial business above and the management of trade receivables is similar. Again the 
Group has historically had a low level of bad debt in the Rental Solutions business. Receivables written off during the year as uncollectible as 
a percentage of total Gross Debtors was 3% (2014: 1%).

O
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V
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W

I

O
U
R
B
U
S
N
E
S
S

I

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F
O
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M
A
N
C
E
R
E
V
E
W

I

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U
S
T
A
N
A
B
L
T
Y

I

I

18 Borrowings

Non-current

Bank borrowings
Private placement notes

Current

Bank overdrafts
Bank borrowings

Total borrowings

Short-term deposits
Cash at bank and in hand
Net borrowings

Overdrafts and borrowings are unsecured. 

2015 
£ million

2014 
£ million

253
253
506

16
15
31
537
(19)
(29)
489

214
241
455

11
65
76
531
(7)
(30)
494

G
O
V
E
R
N
A
N
C
E

&
O
T
H
E
R

I

N
F
O
R
M
A
T
O
N

I

A
C
C
O
U
N
T
S

 
 
 
 
 
 
 
128 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

18 Borrowings continued

(i) Maturity of ﬁnancial liabilities
The maturity proﬁle of the borrowings was as follows:

Within 1 year, or on demand
Between 1 and 2 years
Between 2 and 3 years
Between 3 and 4 years
Between 4 and 5 years
Greater than 5 years

2015 
£ million
31
–
195
70
56
185
537

2014 
£ million
76
191
–
71
16
177
531

(ii) Borrowing facilities
The Group has the following undrawn committed ﬂoating rate borrowing facilities available at 31 December 2015 in respect of which all conditions 
precedent had been met at that date:

2015 
£ million
30
–
117
78
160
–
385 

2014 
£ million
189
128
–
50
–
–
367

Expiring within 1 year
Expiring between 1 and 2 years
Expiring between 2 and 3 years
Expiring between 3 and 4 years
Expiring between 4 and 5 years
Expiring after 5 years

(iii) Interest rate risk proﬁle of ﬁnancial liabilities 
Refer to Note 30.A3.

(iv) Interest rate risk proﬁle of ﬁnancial assets 
Refer to Note 30.A3.

(v) Preference share capital 
Refer to Note 30.A3.

19 Financial instruments
Refer to Note 30.A4.

(i) Fair values of ﬁnancial assets and ﬁnancial liabilities 
Refer to Note 30.A4.

(ii) Summary of methods and assumptions 
Refer to Note 30.A4.

(iii) Derivative ﬁnancial instruments 
Refer to Note 30.A4.

(iv) The exposure of the Group to interest rate changes when borrowings reprice 
Refer to Note 30.A4.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

129

20 Trade and other payables

Trade payables
Other taxation and social security payable
Other payables
Accruals
Deferred income

The value of trade and other payables quoted in the table above also represent the fair value of these items.

21 Provisions

At 1 January 2015
New provisions
Utilised
At 31 December 2015

Analysis of total provisions

Current
Non-current
Total

2015 
£ million
77
8
63
97
14
259

2014 
£ million
82
8
78
113
22
303

Reorganisation 
£ million
–
8
–
8

8
–
8

O
V
E
R
V
E
W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
R
M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

The provision for reorganisation comprises the estimated costs of the Group reorganisation and business priorities. The provisions are generally in 
respect of employee related costs, professional fees and property related costs. The provision is expected to be fully utilised by the end of 2016.

22 Deferred tax
31 December 2015

Fixed asset timing differences
Retirement beneﬁt obligations
Overseas tax on unremitted earnings
Tax losses
Derivative ﬁnancial instruments
Other temporary differences

31 December 2014

Fixed asset timing differences
Retirement beneﬁt obligations
Tax losses
Derivative ﬁnancial instruments
Other temporary differences

At 1 January 
 2015  
£ million

Credit/(debit)  
to income  
statement  
2015  
£ million

Debit to other 
comprehensive 
income  
2015  
£ million

Exchange 
differences 
 2015  
£ million

At 31 December  
2015  
£ million

(71)
1
–
18
1
20
(31)

11
–
(1)
1
 – 
2
13

–
(1)
–
–
–
–
(1)

(9)
–
–
–
–
–
(9)

(69)
–
(1)
19
1
22
(28)

At 1 January  
2014  
£ million

Credit/(debit)  
to income  
statement  
2014  
£ million

Exchange 
differences  
2014  
£ million

Impact of rate 
reduction  
2014  
£ million

Deferred tax  
on acquisition  
2014  
£ million

At 31 December 
2014  
£ million

(62)
1
13
1
19
(28)

(9)
–
5
–
6
2

–
–
–
–
(5)
(5)

1
–
–
–
–
1

(1)
–
–
–
–
(1)

(71)
1
18
1
20
(31)

G
O
V
E
R
N
A
N
C
E

&
O
T
H
E
R

I

N
F
O
R
M
A
T
O
N

I

A
C
C
O
U
N
T
S

 
 
 
 
 
 
 
130 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

22 Deferred tax continued

During the year, further changes to the UK corporation tax rate were substantively enacted as part of Finance (No 2) Bill 2015 on 26 October 2015. 
These include reductions in the main rate of corporation tax from 20% to 19% from 1 April 2017 and to 18% from 1 April 2020. The relevant 
deferred tax balances have been remeasured accordingly. 

A deferred tax liability of £1 million (2014: £nil) has been recognised in respect of unremitted earnings. The deferred tax relates to non-recoverable 
withholding tax which will be suffered on dividends to be paid in 2016. 

No other deferred tax liability has been recognised in respect of unremitted earnings of subsidiaries. It is likely that the majority of the overseas 
earnings will qualify for the UK dividend exemption and the Group can control the distribution of dividends by its subsidiaries. In some countries, 
local tax is payable on the remittance of a dividend. Were dividends to be remitted from these countries, the additional tax payable would be 
£15 million.

The movements in deferred tax assets and liabilities (prior to off setting of balances within the same jurisdiction as permitted by IAS 12) during 
the period are shown below. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an 
intention to settle the balances net.

Deferred tax assets are recognised to the extent that the realisation of the related deferred tax beneﬁt through future taxable proﬁts is probable. 
The Group did not recognise deferred tax assets of £6 million (2014: £6 million) of which £6 million (2014: £6 million) relates to carried forward tax 
losses as our forecasts indicate that these assets will not reverse in the near future.

Deferred tax assets of £18 million (2014: £18 million) have been recognised in respect of entities which have suffered a loss in either the current 
or preceding period. Deferred tax assets have been recognised on the basis it is probable there will be future taxable proﬁts against which they 
can be utilised. The majority of these assets can be carried forward indeﬁnitely. 

Deferred tax assets and liabilities

Fixed asset timing differences
Retirement beneﬁt obligations
Overseas tax on unremitted earnings
Tax losses
Derivative ﬁnancial instruments
Other temporary differences
Total
Offset of deferred tax positions
Net deferred tax

31 December 2015

31 December 2014

Assets  
£ million

Liabilities  
£ million

Net  
£ million

Assets  
£ million

Liabilities  
£ million

Net  
£ million

9
–
–
19
1
22
51
(21)
30

(78)
–
(1)
–
–
–
(79)
21
(58)

(69)
–
(1)
19
1
22
(28)
–
(28)

7
1
–
18
1
20
47
(25)
22

(78)
–
–
–
–
–
(78)
25
(53)

(71)
1
–
18
1
20
(31)
–
(31)

The net deferred tax liability due after more than one year is £28 million (2014: liability of £31 million).

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

131

O
V
E
R
V
E
W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
R
M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

G
O
V
E
R
N
A
N
C
E

&
O
T
H
E
R

I

N
F
O
R
M
A
T
O
N

I

A
C
C
O
U
N
T
S

23 Share capital

(i) Ordinary Shares
At 1 January (2015: Ordinary Shares of 4329/395 pence; 2014: Ordinary Shares  
of 13549/775 pence)
Share conversion (1 Ordinary Share for every 21.4 B Shares as at 28 May 2015) (Note (ii))
Employee share option scheme
Share consolidation (79 for 83 shares as at 27 May 2014)
Share split:

Deferred Ordinary Shares
B Shares

Transfer to capital redemption reserve
At 31 December (2015 and 2014: Ordinary Shares of 4329⁄395 pence)

(ii) Deferred Ordinary Shares of 618⁄25 pence (2014: 618⁄25 pence)
At 1 January and 31 December

(iii) Deferred Ordinary Shares of 1⁄775 pence (2014: 1⁄775 pence)
At 1 January and 31 December

2015  
Number of  
shares

2015  
£000

2014  
Number of  
shares

2014  
£000

256,118,395
9,806
–
–

–
–
–
256,128,201

12,378
–
–
–

–
–
–
12,378

269,029,545
–
56,870
(12,968,020)

–
–
–
256,118,395

36,880
–
8
–

(17,147)
(181)
(7,182)
12,378

182,700,915

12,278

182,700,915

12,278

18,352,057,648

237 18,352,057,648

237

(iv) Deferred Ordinary Shares of 984⁄775 pence (2014: 984⁄775 pence)
At 1 January and 31 December

188,251,587

17,147

188,251,587

17,147

(v) B Shares of 984⁄775 pence (2014: 984⁄775 pence)
At 1 January
Transfer to capital redemption reserve (Note (i))
Share conversion (Note (ii))
Share split 
At 31 December

(vi) Deferred Ordinary Shares 1⁄306125 pence
At 1 January
Share conversion (Note (ii))
At 31 December

1,989,357
(1,778,422)
(210,935)

–

–
573,643,383,325
573,643,383,325

181
(162)
(19)

–

–
19
19

–
–
–
1,989,357
1,989,357

–
–
–

–
–
–
181
181

–
–
–

Following the return of capital using a B Share structure in June 2014, the Group made a further purchase of B Shares on 5 May 2015 and 
completed a conversion of B Shares into Ordinary Shares and Deferred Shares on 28 May 2015.

The main terms of the further purchase and subsequent conversion of the B Shares were:

(i) 

(ii) 

 On 18 March 2015 an offer was made to the holders of the 1,989,357 B Shares to purchase the B Shares for 75 pence each. This resulted 
in the purchase and subsequent cancellation of 1,778,422 B Shares on 5 May 2015 resulting in a cash payment from the Company of 
£1.3 million. As a result of this transaction £162k was transferred from B Shares to the capital redemption reserve being 1,778,422 shares 
at par value 984⁄775 pence. This left a total of 210,935 B Shares in issue.

 On 28 May 2015 the Group converted all outstanding B Shares into 9,806 Ordinary Shares and 573,643,383,325 Deferred Shares of 1/306125 
pence each. The ratio used for the conversion of B Shares to Ordinary Shares was 1 Ordinary Share for every 21.4 B Shares. This ratio was 
calculated on the basis of 1 Ordinary Share for every (M/75) B Share (Where M represents the average of the closing mid-market quotations 
in pence of the Ordinary Shares on the London Stock Exchange, as derived from the Ofﬁcial List for the ﬁve business days immediately 
preceding the Conversion Date). Fractional entitlements were disregarded and the balance of the aggregate nominal value of such shares 
were constituted by reclassifying B Shares as Deferred Shares of 1/306125 pence each, which have the same rights and restrictions as the 
Deferred Shares of 984⁄775 pence.

(iii)   The B Share Continuing Dividend accrued in respect of the period between 28 May 2014 and 27 May 2015 was paid to holders of B Shares 

on 28 May 2015.

Share options
Refer to Note 30.A5.

 
 
 
 
 
 
 
132 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

24 Treasury shares

Treasury shares

2015 
£ million
(9)

2014 
£ million
(14)

Interests in own shares represents the cost of 535,538 of the Company’s Ordinary Shares (nominal value 4329/395 pence). Movement during the 
year was as follows:

1 January
Shares received from Aggreko plc
Long-term Incentive Plan Maturity
Sharesave maturity
UK Deferred bonus plan
Share consolidation (79 for 83 shares)
31 December

2015  
Number of  
shares
824,036
–
(78,430)
(210,068)
–
–
535,538

2014  
Number of  
shares
1,331,750
15
(183,306)
(273,892)
(6,105)
(44,426)
824,036

These shares represent 0.2% of issued share capital as at 31 December 2015 (2014: 0.3%).

These shares were acquired by a Trust in the open market using funds provided by Aggreko plc to meet obligations under the Long-term 
Incentive Arrangements and Aggreko Sharesave Plans. The costs of funding and administering the scheme are charged to the income 
statement of the Company in the period to which they relate. The market value of the shares at 31 December 2015 was £5 million (31 December 
2014: £12 million).

25 Capital commitments

Contracted but not provided for (property, plant and equipment)

26 Operating lease commitments – minimum lease payments

Commitments under non-cancellable operating leases expiring:
Within one year
Later than one year and less than ﬁve years
After ﬁve years
Total

27 Pension commitments
Refer to Note 30.A6.

2015 
£ million
10

2014 
£ million
18

2015 
£ million

2014 
£ million

22
37
12
71

24
40
11
75

28 Investments in subsidiaries
The subsidiary undertakings of Aggreko plc at the year end, and the main countries in which they operate, are shown on the next page. 
All companies are wholly owned and, unless otherwise stated, incorporated in UK or in the principal country of operation and are involved 
in the supply of temporary power, temperature control and related services.

All shareholdings are of Ordinary Shares or other equity capital.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

133

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I

O
U
R
B
U
S
N
E
S
S

I

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F
O
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M
A
N
C
E
R
E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

Papua New Guinea
Peru
Philippines
Poland
Romania
Russia
Rwanda
Senegal
Singapore

South Africa
South Korea
Spain
Sweden
Thailand
The Netherlands
The Netherlands
The Netherlands
The Netherlands
The Netherlands
The Netherlands
Tanzania
Republic of  
Trinidad & Tobago

Turkey
UAE
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
Uruguay
USA
USA
USA
Venezuela

G
O
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N
A
N
C
E

&
O
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I

N
F
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N

I

A
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U
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T
S

Aggreko Generator Rentals (PNG) Limited++++
Aggreko Peru S.A.C.
Aggreko Energy Rental Solutions Inc
Aggreko Polska Sp. z o. o.
Aggreko South East Europe S.R.L.
Aggreko Eurasia LLC
Aggreko Rwanda Limited
Aggreko Senegal S.A.R.L.
Aggreko (Singapore) PTE Limited
Aggreko Energy Rental South Africa 
  (Proprietary) Limited
Aggreko South Korea Limited
Aggreko Iberia SA
Aggreko Sweden AB
Aggreko (Thailand) Limited
Aggreko Americas Holdings B.V.+
Aggreko Euro Holdings B.V.+
Aggreko Rest of the World Holdings B.V.+
Aggreko (Investments) B.V.++
Aggreko Nederland B.V.
Aggreko International Power Projects B.V.
Aggreko Energy Rentals Tanzania Limited
Aggreko Trinidad Limited

Aggreko Enerji ve Isi Kontrol Ticaret 
  Anonim Sirketi
Aggreko Middle East Limited FZE
Aggreko Finance Limited
Aggreko Holdings Limited+
Aggreko International Projects Holdings Limited+ 
Aggreko International Projects Limited***
Aggreko Pension Scheme Trustee Limited++++
Aggreko UK Limited
Aggreko US Limited
Aggreko Generators Limited++++
Aggreko Luxembourg Holdings++++
Dunwilco (680) Limited++++
Golden Triangle Generators Limited
Aggreko Uruguay S.A.
Aggreko Holdings Inc+
Aggreko USA LLC+
Aggreko LLC
Aggreko de Venezuela C.A.

28 Investments in subsidiaries continued

Algeria
Angola
Argentina
Australia
Belgium
Brazil
Cameroon
Canada
Cayman Islands
Chile

Aggreko Algeria SPA*
Aggreko Angola Lda
Aggreko Argentina S.R.L.
Aggreko Generators Rental Pty Limited
Aggreko Belgium NV
Aggreko Energia Locacao de Geradores Ltda
Aggreko Cameroon Ltd
Aggreko Canada Inc
Aggreko Financial Holdings Limited+
Aggreko Chile Limitada
Aggreko (Shanghai) Energy
  Equipment Rental Company Limited
Aggreko Colombia SAS
Aggreko Costa Rica S.A.++++
Aggreko Cote d’lvoire S.A.R.L.
Aggreko (Middle East) Limited
Aggreko DRC S.P.R.L.  
Aggreko Dominican Republic S.R.L.
Aggreko Energy Ecuador CIA. LTDA
Aggreko Finland Oy
Aggreko France S.A.R.L.
Aggreko Gabon S.A.R.L.
Aggreko Deutschland GmbH
Aggreko Hong Kong Limited
Aggreko Energy Rental India Private Limited+++
PT Aggreko Energy Services (Indonesia)
Aggreko Ireland Limited
Aggreko Italia S.R.L.
Aggreko Japan Limited
Aggreko Kenya Energy Rentals Limited
Aggreko Malaysia SDN BHD
Aggreko Africa Limited
Aggreko Energy Mexico SA de CV
Aggreko Services Mexico SA de CV
Aggreko SA de CV++++
Aggreko Mocambique Limitada
Aggreko Myanmar Co Limited
Aggreko Namibia Energy Rentals (Pty) Ltd
Aggreko (NZ) Limited
Aggreko Projects Limited
Aggreko Gas Power Generation Limited++++
Aggreko Norway AS
Aggreko Energy Rentals Panama SA

China
Colombia
Costa Rica
Ivory Coast
Cyprus**
Democratic Republic of the Congo
Dominican Republic
Ecuador
Finland
France
Gabon
Germany
Hong Kong
India
Indonesia
Ireland
Italy
Japan
Kenya
Malaysia
Mauritius
Mexico
Mexico
Mexico
Mozambique
Myanmar
Namibia
New Zealand
Nigeria
Nigeria
Norway
Panama

*  Aggreko ownership is 49%, remainder is held by RedMed.
**  Registered in Cyprus.
*** Administered from Dubai and registered in the UK.
+ 
++  Finance Company.
+++  The ﬁnancial year end of Aggreko Energy Rental India Private Limited is 31 March due to local taxation requirements.
++++ Dormant Company. 

Intermediate holding companies.

 
 
 
 
 
 
 
134 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

29 Acquisitions

ICS Group Inc
On 2 September 2015 the Group completed the acquisition of the 
business and assets of the equipment rental business of ICS Group 
Inc. The purchase consideration, paid in cash was C$37 million 
(£18 million).

The revenue and operating proﬁt included in the consolidated income 
statement from 2 September 2015 to 31 December 2015 contributed 
by ICS was £2 million and £nil respectively. Had ICS been consolidated 
from 1 January 2015, the consolidated income statement for the year 
ended 31 December 2015 would show revenue and operating proﬁt 
of £10 million and £2 million respectively.

The acquisition method of accounting has been adopted and 
the goodwill arising on the purchase has been capitalised. 
Acquisition related costs of £1 million have been expensed in the 
period and are included within administrative expenses in the 
income statement.

The details of the transaction and fair value of assets acquired are 
shown below:

Intangible assets
Property, plant & equipment
Inventories
Net assets acquired
Goodwill
Consideration per cash ﬂow statement

Fair value 
£ million

4
6
1
11
7
18

Goodwill represents the value of synergies arising from the integration 
of the acquired business. Synergies include direct cost savings and 
the reduction of overheads as well as the ability to leverage Aggreko 
systems and access to assets.

30 Notes to the Group Accounts – appendices

30.A1 Accounting policies 

Derivative ﬁnancial instruments
The activities of the Group expose it directly to the ﬁnancial risks of 
changes in forward foreign currency exchange rates and interest 
rates. The Group uses forward foreign exchange contracts, foreign 
currency options and interest rate swap contracts to hedge these 
exposures. The Group does not use derivative ﬁnancial instruments for 
speculative purposes.

Derivatives are initially recorded and subsequently measured at fair 
value, which is calculated using standard industry valuation techniques 
in conjunction with observable market data. The fair value of interest 
rate swaps is calculated as the present value of estimated future cash 
ﬂows using market interest rates and the fair value of forward foreign 
exchange contracts is determined using forward foreign exchange 
market rates at the reporting date. The treatment of changes in fair 
value of derivatives depends on the derivative classiﬁcation. The Group 
designates derivatives as hedges of highly probable forecasted 
transactions or commitments (‘cash ﬂow hedge’).

In order to qualify for hedge accounting, the Group is required to 
document in advance the relationship between the item being hedged 
and the hedging instrument. The Group is also required to document 
and demonstrate an assessment of the relationship between the 
hedged item and the hedging instrument, which shows that the hedge 
will be highly effective on an ongoing basis. This effectiveness testing 
is re-performed at each period end to ensure that the hedge remains 
highly effective.

Cash ﬂow hedges
Changes in the fair value of derivative ﬁnancial instruments that 
are designated, and effective, as hedges of future cash ﬂows are 
recognised directly in equity and any ineffective portion is recognised 
immediately in the income statement. If the cash ﬂow hedge is of a 
ﬁrm commitment or forecasted transaction that subsequently results 
in the recognition of an asset or a liability, then, at the time the asset or 
liability is recognised, the associated gains or losses on the derivative 
that had previously been recognised in equity are included in the 
initial measurement of the asset or liability. For hedges of transactions 
that do not result in the recognition of an asset or a liability, amounts 
deferred in equity are recognised in the income statement in the same 
period in which the hedged item affects net proﬁt and loss.

Changes in the fair value of derivative ﬁnancial instruments that do not 
qualify for hedge accounting are recognised in the income statement 
as they arise.

Hedge accounting is discontinued when the hedging instrument no 
longer qualiﬁes for hedge accounting. At that time any cumulative gain 
or loss on the hedging instrument recognised in equity is retained in 
equity until the forecasted transaction occurs. If a hedged transaction 
is no longer expected to occur, the net cumulative gain or loss 
recognised in equity is transferred to the income statement.

Overseas net investment hedges
Certain foreign currency borrowings are designated as hedges of 
the Group’s overseas net investments, which are denominated in 
the functional currency of the reporting operation.

Exchange differences arising from the retranslation of the net 
investment in foreign entities and of borrowings are taken to equity 
on consolidation to the extent the hedges are deemed effective. 
All other exchange gains and losses are dealt with through the 
income statement.

Share-based payments
IFRS 2 ‘Share-based Payment’ has been applied to all grants of 
equity instruments. The Group issues equity-settled share-based 
payments to certain employees under the terms of the Group’s various 
employee-share and option schemes. Equity-settled share-based 
payments are measured at fair value at the date of the grant. The fair 
value determined at the grant date of equity-settled share-based 
payments is expensed on a straight line basis over the vesting period, 
based on an estimate of the shares that will ultimately vest. Fair value 
is measured using the Black-Scholes option-pricing model.

Own shares held under trust for the Group’s employee share 
schemes are classed as Treasury shares and deducted in arriving 
at Shareholders’ equity. No gain or loss is recognised on disposal of 
Treasury shares. Purchases of own shares are disclosed as changes 
in Shareholders’ equity.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

135

30.A1 Accounting policies continued

Leases
Leases where substantially all of the risks and rewards of ownership are not transferred to the Group are classiﬁed as operating leases. 
Rentals under operating leases are charged against operating proﬁt on a straight line basis over the term of the lease.

Dividend distribution
Dividend distribution to the Company’s Shareholders is recognised as a liability in the Group’s ﬁnancial statements in the period in which 
the dividends are approved by the Company’s Shareholders. Interim dividends are recognised when paid.

30.A2 Other intangible assets

Cost

At 1 January
Acquisitions (Note 29)
Exchange adjustments
At 31 December
Accumulated amortisation

At 1 January
Charge for the year
Exchange adjustments
At 31 December
Net book values 
At 31 December

2015 
£ million

2014 
£ million

42
4
(4)
42

24
4
(2)
26

16

39
3
–
42

21
3
–
24

18

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V
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W

I

O
U
R
B
U
S
N
E
S
S

I

P
E
R
F
O
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M
A
N
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E
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E
V
E
W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

Amortisation charges in the year mainly comprised amortisation of assets arising from business combinations and have been recorded in 
administrative expenses.

30.A3 Borrowings

(i) Interest rate risk proﬁle of ﬁnancial liabilities
The interest rate proﬁle of the Group’s ﬁnancial liabilities at 31 December 2015, after taking account of the interest rate swaps used to manage the 
interest proﬁle, was:

Currency:
US Dollar
Canadian Dollars
New Zealand Dollars
South African Rand
Mexican Pesos
Russian Rubles
Brazil Reals
Indian Rupees
Singapore Dollars
Romanian Lieu
Colombian Peso
Other currencies
As at 31 December 2015

Floating 
rate 
£ million

Fixed 
rate 
£ million

Total 
£ million

Fixed rate debt

Weighted 
average 
interest rate 
%

Weighted 
average period 
for which 
rate is ﬁxed 
Years

124
25
2
5
10
9
10
8
6
7
4
6
216

321
–
–
–
–
–
–
–
–
–
–
–
321

445
25
2
5
10
9
10
8
6
7
4
6
537

4.3
–
–
–
–
–
–
–
–
–
–
–

4.9
–
–
–
–
–
–
–
–
–
–
–

G
O
V
E
R
N
A
N
C
E

&
O
T
H
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I

N
F
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M
A
T
O
N

I

A
C
C
O
U
N
T
S

 
 
 
 
 
 
 
136 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A3 Borrowings continued

(i) Interest rate risk proﬁle of ﬁnancial liabilities continued

Currency:
US Dollar
Canadian Dollars
New Zealand Dollars
South African Rand
Mexican Pesos
Russian Rubles
Brazil Reals
Indian Rupees
Singapore Dollars
Romanian Lieu
Colombian Peso
Chinese Renminbi
Other currencies
As at 31 December 2014

Floating 
rate 
£ million

Fixed 
rate 
£ million

Total 
£ million

Fixed rate debt

Weighted 
average 
interest rate 
%

Weighted 
average period 
for which 
rate is ﬁxed 
Years

144
10
6
4
11
6
13
8
7
9
3
4
1
226

305
–
–
–
–
–
–
–
–
–
–
–
–
305

449
10
6
4
11
6
13
8
7
9
3
4
1
531

4.3
–
–
–
–
–
–
–
–
–
–
–
–

5.9
–
–
–
–
–
–
–
–
–
–
–
–

The ﬂoating rate ﬁnancial liabilities principally comprise debt which carries interest based on different benchmark rates depending on the currency 
of the balance and are normally ﬁxed in advance for periods between one and three months.

The weighted average interest rate on ﬁxed debt is derived from the ﬁxed leg of each interest rate swap and coupons applying to ﬁxed rate private 
placement notes.

The effect of the Group’s interest rate swaps is to classify £67 million (2014: £64 million) of borrowings in the above table as ﬁxed rate.

The notional principal amount of the outstanding interest rate swap contracts at 31 December 2015 was £67 million (2014: £64 million).

(ii) Interest rate risk proﬁle of ﬁnancial assets

Currency:
US Dollar
Euro
Brazilian Real
Argentinian Peso
Australian Dollar
Other currencies
At 31 December 2015

Currency:
US Dollar
Euro
Brazilian Real
Argentinian Peso
Australian Dollar
Chilean Peso
Other currencies
At 31 December 2014

Cash at bank 
and in hand  
£ million

Short-term 
deposits  
£ million

Total  
£ million

6
5
1
3
1
13
29

9
2
3
1
1
3
11
30

–
–
2
17
–
–
19

–
–
–
6
–
–
1
7

6
5
3
20
1
13
48

9
2
3
7
1
3
12
37

All of the above cash and short-term deposits are ﬂoating rate and earn interest based on relevant LIBID (London Interbank Bid Rate) equivalents 
or market rates for the currency concerned.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

137

30.A3 Borrowings continued

(iii) Preference share capital

Authorised:
Redeemable preference shares of 25p each

2015  
Number

2015  
£000

2014  
Number

2014  
£000

199,998

50

199,998

50

No redeemable preference shares were allotted as at 31 December 2015 and 31 December 2014. The Board is authorised to determine the 
terms, conditions and manner of redemption of redeemable shares.

30.A4 Financial instruments
As stated in our accounting policies Note 30.A1 on page 134 the activities of the Group expose it directly to the ﬁnancial risks of changes in 
foreign currency exchange rates and interest rates. The Group uses forward foreign exchange contracts and interest rate swap contracts to 
hedge these exposures. The movement in the hedging reserve is shown in the Statement of Changes in Equity.

(i) Fair values of ﬁnancial assets and ﬁnancial liabilities
The following table provides a comparison by category of the carrying amounts and the fair values of the Group’s ﬁnancial assets and ﬁnancial 
liabilities at 31 December 2015. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date. Market values have been used to determine fair values.

Primary ﬁnancial instruments held or issued to ﬁnance the Group’s operations:
Current borrowings and overdrafts
Non-current borrowings
Short-term deposits
Cash at bank and in hand
Derivative ﬁnancial instruments held:
Interest rate swaps
Foreign currency options
Forward foreign currency contracts

(ii) Summary of methods and assumptions

2015

2014

Book value  
£ million

Fair value  
£ million

Book value  
£ million

Fair value  
£ million

(31)
(506)
19
29

(6)
–
–

(31)
(506)
19
29

(6)
–
–

(76)
(455)
7
30

(7)
–
4

(76)
(455)
7
30

(7)
–
4

Interest rate swaps and foreign currency derivatives
Fair value is based on market price of these instruments at the balance sheet date. In accordance with IFRS 13, interest rate swaps are 
considered to be level 2 with fair value being calculated at the present value of estimated future cash ﬂows using market interest rates. 
Forward foreign currency contracts and currency options are considered to be level 1 as the valuation is based on quoted market prices 
at the end of the reporting period.

Current borrowings and overdrafts/short-term deposits
The fair value of short-term deposits and current borrowings and overdrafts approximates to the carrying amount because of the short 
maturity of these instruments.

Non-current borrowings
In the case of non-current borrowings, the fair value approximates to the carrying value reported in the balance sheet.

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A
N
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A
B
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O
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A
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S

 
 
 
 
 
 
 
138 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A4 Financial instruments continued

(iii) Derivative ﬁnancial instruments
Numerical ﬁnancial instruments disclosures are set out below. Additional disclosures are set out in the ﬁnancial review and accounting policies 
relating to risk management.

Current:

Interest rate swaps – cash ﬂow hedge
Forward foreign currency contracts – cash ﬂow hedge
Currency options – cash ﬂow hedge
Non-current:

Interest rate swaps – cash ﬂow hedge
Currency options – cash ﬂow hedge

2015

2014

Assets  
£ million

Liabilities  
£ million

Assets  
£ million

Liabilities  
£ million

–
1
–

–
–
1

–
(1)
–

(6)
–
(7)

–
5
–

–
–
5

–
(1)
–

(7)
–
(8)

Net fair values of derivative ﬁnancial instruments
The net fair value of derivative ﬁnancial instruments that are designated as cash ﬂow hedges at the balance sheet date was:

Interest rate swaps
Currency options
Forward foreign currency contracts

2015  
£ million

2014  
£ million

(6)
–
–
(6)

(7)
–
4
(3)

The net fair value gains at 31 December 2015 on open forward exchange contracts that hedge the foreign currency risk of future anticipated 
revenues are £nil (2014: gains of £4 million) and that hedge the foreign currency risk of future anticipated expenditure are £nil (2014: £nil). These will 
be allocated to revenues when the forecast revenues occur. The net fair value liabilities at 31 December 2015 on open interest swaps that hedge 
interest risk are £6 million (2014: liabilities of £7 million). These will be debited to the income statement ﬁnance cost over the remaining life of each 
interest rate swap. Currency options are ﬁnancial assets which are considered to have two components (intrinsic element and time element). 
The intrinsic element hedges the foreign currency risk of future anticipated revenues and this will be allocated to revenues when the forecast 
revenues occur. The time element is expensed to the income statement in line with the life of the options.

Hedge of net investment in foreign entity
The Group has designated as a hedge of the net investment in its overseas subsidiaries foreign currency denominated borrowings as detailed in 
the table below. The fair value of these borrowings were as follows:

US Dollar
Canadian Dollars
New Zealand Dollars
Mexican Pesos
Singapore Dollars
Russian Rubles

2015  
£ million

2014  
£ million

440
25
2
–
6
9

449
10
6
11
7
6

A foreign exchange loss of £18 million (2014: loss of £29 million) on translation of the borrowings into Sterling has been recognised in 
exchange reserves.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

139

30.A4 Financial instruments continued

(iv) The exposure of the Group to interest rate changes when borrowings reprice is as follows: 
As at 31 December 2015

Total borrowings
Effect of interest rate swaps and other ﬁxed rate debt

As at 31 December 2014

Total borrowings
Effect of interest rate swaps and other ﬁxed rate debt

<1 year  
£ million

1-5 years  
£ million

>5 years  
£ million

Total  
£ million

31
–
31

321
(136)
185

185
(185)
–

537
(321)
216

<1 year  
£ million

1-5 years  
£ million

>5 years  
£ million

Total  
£ million

76
–
76

278
(128)
150

177
(177)
–

531
(305)
226

As at 31 December 2015 and 31 December 2014 all of the Group’s ﬂoating debt was exposed to repricing within three months of the balance 
sheet date. The Group’s interest rate swap portfolio is reviewed on a regular basis to ensure it is consistent with Group policy as described on 
page 117.

The effective interest rates at the balance sheet date were as follows:

Bank overdrafts
Bank borrowings
Private placement

2015

7.5%
2.1%
4.2%

2014

9.9%
2.4%
4.2%

Maturity of ﬁnancial liabilities
The table below analyses the Group’s ﬁnancial liabilities and net-settled derivative ﬁnancial liabilities into the relevant maturity groupings based 
on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash ﬂows.

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E
S
S

I

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A
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I

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U
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T
A
N
A
B
L
T
Y

I

I

As at 31 December 2015

Borrowings
Derivative ﬁnancial instruments

Trade and other payables

As at 31 December 2014

Borrowings
Derivative ﬁnancial instruments
Trade and other payables

<1 year

1-2 years

2-5 years

>5 years

31
1

78
110

–
–

–
–

321
6

9
336

185
–

49
234

<1 year

1-2 years

2-5 years

>5 years

76
1
84
161

191
–
–
191

87
7
10
104

177
–
54
231

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M
A
T
O
N

I

A
C
C
O
U
N
T
S

No trade payable balances have a contractual maturity greater than 90 days.

Derivative ﬁnancial instruments settled on a gross basis
The table below analyses the Group’s derivative ﬁnancial instruments which will be settled on a gross basis into relevant maturity groupings 
based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash ﬂows.

 
 
 
 
 
 
 
140 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A4 Financial instruments continued
As at 31 December 2015

Forward foreign exchange contracts – cash ﬂow hedges
Outﬂow
Inﬂow

As at 31 December 2014

Forward foreign exchange contracts – cash ﬂow hedges
Outﬂow
Inﬂow

<1 year

(91)
91
–

<1 year

(89)
93
4

All of the Group’s forward foreign currency exchange contracts are due to be settled within one year of the balance sheet date.

30.A5 Share capital 

Share options
The options under the Savings-Related Share Option Schemes have been granted at a discount of 20% on the share price calculated over the 
three days prior to the date of invitation to participate, mature after three to ﬁve years and are normally exercisable in the six months following the 
maturity date. The options under the US Stock Purchase Plan have been granted at a discount of 15% to the share price on the date of grant, 
mature after two years and are normally exercisable in the three months following the maturity date. These schemes are explained in more detail 
in the Remuneration Committee Report on page 82.

A summary of movements in share options in Aggreko shares is shown below:

Outstanding at 1 January 2015
Granted
Forfeited
Exercised
Lapsed
Outstanding at 31 December 2015
Weighted average contractual life (years)

Sharesave 
schemes 
Number of 
Shares
1,159,056
1,180,940
–
(210,068)
(669,926)
1,460,002
3

Weighted 
average 
exercise 
price 
(pence)
13.22
8.30
–
10.98
13.18
9.59

US Stock 
option plans 
Number of 
Shares
241,793
233,798
–
–
(130,477)
345,114
1

Weighted 
average 
exercise 
price 
(pence)
13.89
8.98
–
–
14.63
10.26

Long-term 
Incentive 
Plans 
Number of 
Shares
793,682
329,057
(333,066)
(16,086)
(220,965)
552,622
3

Weighted 
average 
exercise 
price 
(pence)
nil
nil
nil
nil
nil
nil

Deferred 
shares and 
restricted 
shares 
Number of 
Shares
–
1,135,832
–
(11,000)
(38,316)
1,086,516
2

Weighted 
average 
exercise 
price  
(pence)
nil
nil
nil
nil
nil
nil

The weighted average share price during the year for options exercised over the year was £10.98 (2014: £8.46). The total charge for the year 
relating to employee share-based payment plans was £8 million (2014: charge of £3 million), all of which related to equity-settled share-based 
payment transactions.

The fair value of Sharesave and US Stock Options granted during the period was determined using the Black-Scholes option-pricing model.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

141

30.A5 Share capital continued

The signiﬁcant inputs into the model are detailed below:

Grant type
Grant date
Option price (£)
Number granted
Risk free rate (%)
Fair value per option (£)

Grant type
Grant date
Option price (£)
Number granted
Risk free rate (%)

Sharesave  
UK
13-Oct-15
8.3
466,232
0.9
2.7

Sharesave  
Australia
13-Oct-15
8.6
16,847
1.9
2.7

Sharesave  
Canada
13-Oct-15
8.5
19,780
0.6
2.6

Sharesave  
France
13-Oct-15
8.5
15,237
–
2.5

Sharesave  
Germany
13-Oct-15
8.5
6,714
–
2.5

Sharesave  
Ireland
13-Oct-15
8.5
4,512
0.1
2.5

Sharesave  
Netherlands
13-Oct-15
8.5
38,503
–

Sharesave 
UAE
13-Oct-15
8.4
575,513
1.0

Sharesave 
Mexico
13-Oct-15
8.5
2,974
4.7

Sharesave 
New Zealand
13-Oct-15
8.9
2,260
2.6

Sharesave 
Singapore
13-Oct-15
8.4
9,834
1.5

Sharesave 
Panama
13-Oct-15
8.4
2,374
1.0

Fair value per option (£)

2.5

2.7

3.2

2.7

2.8

2.7

Grant type
Grant date
Option price (£)
Number granted
Risk free rate (%)

Fair value per option (£)

Sharesave 
Norway
13-Oct-15
8.5
3,074
0.8

Sharesave 
Kenya
13-Oct-15
8.6
13,890
16.2

Sharesave 
Kenya GBP
13-Oct-15
8.3
1,075
0.9

Sharesave 
South Africa
13-Oct-15
8.4
2,121
7.7

Sharesave 
US Stock 
Plan
13-Oct-15
9.0
233,798
0.7

2.6

4.7

2.7

3.6

2.0

For all grants the share price at date of grant was £10.27, the expected volatility was 31% (US Stock Plan: 28%), dividend yield was 2.6% and the 
expected term is 3.5 years (US Stock Plan: 2.2 years).

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S

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A
N
C
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I

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A
N
A
B
L
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Y

I

I

G
O
V
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N
A
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C
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&
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N
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O
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S

 
 
 
 
 
 
 
142 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A5 Share capital continued

The expected volatility is based on the volatility of the total return from the Company’s shares over the period to grant equal in length to the 
expected life of the awards. The expected life is the average expected period to exercise. The risk free interest rate is the expected return  
on UK Gilts of a similar life.

Options outstanding over Ordinary Shares as at 31 December 2015 (including those of the Executive Directors), together with the exercise prices 
and dates of exercise, are as follows:

Sharesave UK 5 year – Oct 2009
Sharesave International 5 year – Oct 2009

Sharesave French 4 year – Oct 2010
Sharesave UK 5 year – Oct 2010
Sharesave International 5 year – Oct 2010

Sharesave French 5 year – Oct 2010
Sharesave UK 3 year – Oct 2011
Sharesave International 3 year – Oct 2011

Sharesave French 4 year – Oct 2011
Sharesave UK 5 year – Oct 2011
Sharesave International 5 year – Oct 2011

Sharesave French 5 year – Oct 2011
Long-term Incentive Plan – Apr 2012
US Stock Option Plan – Oct 2012
Sharesave UK 3 year – Oct 2012
Sharesave International 3 year – Oct 2012

Sharesave French 4 year – Oct 2012
Long-term Incentive Plan – Aug 2013
US Stock Option Plan – Oct 2013
Sharesave UK 3 year – Oct 2013
Sharesave International 3 year – Oct 2013

Sharesave French 4 year – Oct 2013
Long-term Incentive Plan – Apr 2014
US Stock Option Plan – Oct 2014
Sharesave UK 3 year – Oct 2014

Price per 
share
£5.53
US$8.77
€6.02
€14.52
£12.39
US$19.57
CA$20.21
AU$20.21
€14.39
€14.52
£12.60
US$19.43
CA$20.38
AU$20.23
€14.60
€15.52
£12.60
US$19.43
AU$20.23
€14.60
€15.52
–
US$31.15
£19.11
US$31.00
CA$30.26
AU$29.61
€23.74
€23.74
–
US$20.14
£13.03
US$20.60
CAD$21.29
AU$22.12
NZ$25.53
SG$26.12
MXN269.78
CLP10377.02
€15.49
€15.49
–
US$20.63
£13.36

Earliest 
exercise 
date
Jan 2015
Jan 2015
Jan 2015
Jan 2015
Jan 2016
Jan 2016
Jan 2016
Jan 2016
Jan 2016
Jan 2016
Jan 2015
Jan 2015
Jan 2015
Jan 2015
Jan 2015
Jan 2016
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Apr 2015
Nov 2014
Jan 2016
Jan 2016
Jan 2016
Jan 2016
Jan 2016
Jan 2017
Aug 2016
Nov 2015
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2017
Jan 2018
Apr 2017
Nov 2016
Jan 2018

Latest 
exercise 
date
Jun 2015
Jun 2015
Jun 2015
Jun 2015
Jun 2016
Jun 2016
Jun 2016
Jun 2016
Jun 2016
Jun 2016
Jun 2015
Jun 2015
Jun 2015
Jun 2015
Jun 2015
Jun 2016
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Oct 2015
Jan 2015
Jun 2016
Jun 2016
Jun 2016
Jun 2016
Jun 2016
Jun 2017
Feb 2017
Jan 2016
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2017
Jun 2018
Oct 2017
Jan 2017
Jun 2018

2015 
Number
–
–
–
–
3,069
4,240
296
3,602
416
1,279
–
–
–
–
–
4,646
2,380
10,991
2,378
615
4,836
–
–
6,941
33,344
236
5,079
837
3,398
20,040
51,175
35,171
42,866
5,528
4,737
1,437
13,690
924
917
6,327
2,678
269,926
67,994
36,885

2014 
Number
26,770
20,207
1,295
1,996
7,263
9,383
296
3,602
416
2,435
57,328
89,514
3,795
2,394
12,833
5,829
10,328
24,377
2,378
684
4,836
18,449
41,762
13,845
58,221
710
6,093
2,422
5,700
469,481
75,895
112,971
148,717
9,324
7,110
1,789
18,888
2,123
1,090
12,060
2,987
305,7522
124,136
164,163

Market  
 price (£)1
7.60
7.60
7.60
16.85
16.85
16.85
16.85
16.85
16.85
16.85
17.28
17.28
17.28
17.28
17.28
17.28
17.28
17.28
17.28
17.28
17.28
21.86
22.78
22.78
22.78
22.78
22.78
22.78
22.78
16.42
14.72
14.72
14.72
14.72
14.72
14.72
14.72
14.72
14.72
14.72
14.72
15.02
15.09
15.09

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

143

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A
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C
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R
E
V
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W

I

I

S
U
S
T
A
N
A
B
L
T
Y

I

I

G
O
V
E
R
N
A
N
C
E

&
O
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H
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I

N
F
O
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M
A
T
O
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I

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C
O
U
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T
S

30.A5 Share capital continued

Sharesave International 3 year – Oct 2014

Restricted Stock – Mar 2015

Deferred Share Bonus Plan – Mar 2015
Restricted Stock – Apr 2015

Restricted Stock – Apr 2015

Restricted Share Plan – May 2015
Restricted Share Plan – May 2015
Long-term Incentive Plan – May 2015
US Stock Option Plan – Oct 2015
Sharesave UK 3 year – Oct 2015
Sharesave International 3 year – Oct 2015

Restricted Share Plan – Nov 2015
Restricted Share Plan – Nov 2015
Restricted Share Plan – Nov 2015

Earliest 
Price per 
exercise 
share
date
Jan 2018
US$21.58
Jan 2018
CAD$23.66
Jan 2018
AU$23.57
Jan 2018
NZ$26.20
Jan 2018
SG$27.27
Jan 2018
MXN285.01
Jan 2018
NOK136.95
Jan 2018
€16.71
Mar 2016
–
Mar 2017
–
Mar 2018
–
Mar 2018
–
Apr 2016
–
Apr 2017
–
Apr 2016
–
Apr 2017
–
–
Dec 2016
– May 2017
– May 2018
Nov 2017
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Jan 2019
Dec 2017
Dec 2018
Apr 2018

US$13.78
£8.30
US$12.88
CAD$16.97
AU$17.90
NZ$20.22
SG$18.00
MXN213.22
NOK104.73
KES1,364.88
ZAR171
£8.30
€11.40
–
–
–

Latest 
exercise 
date
Jun 2018
Jun 2018
Jun 2018
Jun 2018
Jun 2018
Jun 2018
Jun 2018
Jun 2018
Sep 2016
Sep 2017
Sep 2018
Sep 2018
Oct 2016
Oct 2017
Oct 2016
Oct 2017
Jun 2017
Nov 2017
Nov 2018
Jan 2018
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2019
Jun 2018
Jun 2019
Oct 2018

2015 
Number
53,194
6,150
4,362
1,948
1,762
2,636
5,469
10,962
11,227
11,227
11,228
11,818
63,979
63,979
12,000
19,000
17,017
298,884
262,656
225,945
464,283
537,259
19,780
14,681
2,260
9,034
2,721
3,074
13,890
2,016
1,075
63,703
33,342
33,342
499,473
3,444,254

2014 
Number
238,273
8,398
7,512
2,359
4,834
3,393
6,913
31,202
–
–
–
–
–

–

–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
2,194,531

Market  
 price (£)1
15.09
15.09
15.09
15.09
15.09
15.09
15.09
15.09
16.25
16.25
16.25
15.30
15.30
15.30
17.08
17.08
16.11
16.11
16.11
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
10.27
9.45
9.45
9.45

1  Market price as at the date of grant.

2  Maximum number of shares that could vest on the maturity of the Long-term Incentive Plan 2013.

30.A6 Pensions

Overseas
Pension arrangements for overseas employees vary, and schemes reﬂect best practice and regulation in each particular country.  
The charge against proﬁt is the amount of contributions payable to the deﬁned contribution pension schemes in respect of the accounting  
period. The pension cost attributable to overseas employees for 2015 was £8 million (2014: £9 million).

United Kingdom
The Group operates pension schemes for UK employees. The Aggreko plc Pension Scheme (‘the Scheme’) is a funded, contributory,  
deﬁned beneﬁt scheme. Assets are held separately from those of the Group under the control of the Directors of Aggreko Pension Scheme 
Trustee Limited. The Scheme is subject to valuations at intervals of not more than three years by independent actuaries.

 
 
 
 
 
 
 
144 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A6 Pensions continued
The Trustee of the Scheme has control over the operation, funding and investment strategy of the Scheme but works closely with the Company 
to agree funding and investment strategy.

A valuation of the Scheme was carried out as at 31 December 2014 using the Attained Age method to determine the level of contributions to be 
made by the Group. The actuaries adopted a valuation basis linked to market conditions at the valuation date. Assets were taken at market value. 
The major actuarial assumptions used were:

Return on investments 
Growth in average pay levels 
Increase in pensions 

3.6% 
4.8% 
3.2%

At the valuation date, the market value of the Scheme’s assets (excluding AVCs) was £92 million which was sufﬁcient to cover 92% of the beneﬁts 
that had accrued to members, after making allowances for future increases in earnings.

As part of the valuation at 31 December 2014, the Company and the trustees agreed upon a Schedule of Contributions and a Recovery Plan. 
Company contributions for beneﬁts building up in the future increased from 35.9% to 41.0% on 1 February 2016. To address the Scheme deﬁcit 
the Company has already made an additional contribution of £1.25 million in January 2015 and plans to make further additional contributions 
of £1.25 million each year until 2022. Employee contributions are 6% of pensionable earnings.

The Scheme closed to all new employees joining the Group after 1 April 2002. New employees are given the option to join a deﬁned contribution 
scheme. Contributions of £2 million were paid to the scheme during the year (2014: £2 million). There are no outstanding or prepaid balances 
at the year end.

An update of the Scheme was carried out by a qualiﬁed independent actuary using the latest available information for the purposes of this 
statement. The major assumptions used in this update by the actuary were:

Rate of increase in salaries
Rate of increase in pensions in payment
Rate of increase in deferred pensions
Discount rate
Inﬂation assumption
Longevity at age 65 for current pensioners (years)
Men
Women
Longevity at age 65 for future pensioners (years)
Men
Women

The assets in the Scheme were:

Equities
– UK Equities
– Overseas Equities
– Diversiﬁed Growth
– Absolute Return
Property
Index-linked Bonds
Fixed interest Bonds
Bonds
Cash
Total

31 Dec  
2015

31 Dec  
2014

4.9%
3.3%
3.4%
3.9%
3.4%

24.0
26.7

26.7
29.4

4.8%
3.2%
3.3%
3.8%
3.3%

24.0
26.6

26.7
29.4

Value at 
31 Dec  
2015 
£ million

Value at 
31 Dec  
2014 
£ million

Value at 
31 Dec  
2013 
£ million

8
12
7
8
–
37
–
17
1
90

8
11
7
7
1
34
5
16
2
91

8
10
7
7
4
22
6
13
1
78

There is a risk of asset volatility leading to a deﬁcit in the Scheme. Working with the Company, the Trustee has agreed investment derisking 
triggers which, when certain criteria are met, will decrease corporate bond and ﬁxed interest gilt holdings and increase the holding of index linked 
bonds. Over time, this will result in an investment portfolio which better matches the liabilities of the Scheme thereby reducing the risk of asset 
volatility. However, there remains a signiﬁcant level of investment mismatch in the Scheme. This is deliberate and is aimed at maximising the 
Scheme’s long-term investment return whilst retaining adequate control of the funding risks.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

145

30.A6 Pensions continued
The amounts included in the balance sheet arising from the Group’s obligations in respect of the Scheme are as follows:

Fair value of assets
Present value of funded obligations
Liability recognised in the balance sheet

2015 
£ million

2014 
£ million

2013 
£ million

90
(92)
(2)

91
(98)
(7)

78
(84)
(6)

An alternative method of valuation is the estimated cost of buying out beneﬁts at 31 December 2015 with a suitable insurer. This amount 
represents the amount that would be required to settle the Scheme liabilities at 31 December 2015 rather than the Company continuing to 
fund the ongoing liabilities of the Scheme. The Company estimates the amount required to settle the Scheme’s liabilities at 31 December 2015 
is around £137 million which gives a Scheme shortfall on a buyout basis of approximately £47 million.

The components of the deﬁned beneﬁt cost as follows:

Current service costs
Net interest cost
– Interest expense on liabilities
– Interest income on assets
Administrative expenses and taxes

The majority of the £2 million cost was included within administrative expenses in the income statement. 

Changes in the present value of the deﬁned beneﬁt obligation are as follows:

2015 
£ million

2014 
£ million

2

4
(4)
–
2

2

4
(4)
–
2

2015 
£ million

2014 
£ million

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Present value of obligation at 1 January
Service cost
Interest cost
Beneﬁts paid
Remeasurements
– Effect of changes in demographic assumptions
– Effect of changes in ﬁnancial assumptions
– Effect of experience adjustments
Present value of obligation at 31 December
Deﬁned beneﬁt obligation by participant status
Actives
Deferreds
Pensioners

98
2
4
(5)

–
(1)
(6)
92

37
35
20
92

84
2
4
(1)

–
9
–
98

49
31
18
98

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146 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE GROUP ACCOUNTS
For the year ended 31 December 2015

30.A6 Pensions continued
The measurement of the deﬁned beneﬁt obligation is particularly sensitive to changes in key assumptions as described below: 

(cid:333)(cid:3) The discount rate has been selected following actuarial advice and taking into account the duration of the liabilities. A decrease in the discount 

rate of 0.5% per annum would result in a £14 million increase in the present value of the deﬁned beneﬁt obligation. The weighted average 
duration of the deﬁned beneﬁt obligation liabilities is around 28 years. 

(cid:333)(cid:3) The inﬂation assumption adopted is consistent with the discount rate used. It is used to set the assumptions for pension increases, salary 

increases and deferred revaluations. An increase in the inﬂation rate of 0.5% per annum would result in a £13 million increase in the present 
value of the deﬁned beneﬁt obligation. 

(cid:333)(cid:3) The longevity assumptions adopted are based on those recommended by the Scheme Actuary advising the Trustee of the Scheme and reﬂect 
the most recent mortality information available at the time of the Trustee actuarial valuation. The increase in the present value of the deﬁned 
beneﬁt obligation due to members living one year longer would be £3 million.

There is a risk that changes in the above assumptions could increase the deﬁcit in the Scheme. Other assumptions used to value the deﬁned 
beneﬁt obligation are also uncertain, although their effect is less material.

Present value of Scheme assets are as follows:

Fair value of Scheme assets at 1 January
Interest income
Employer contributions
Beneﬁts paid
Remeasurements – return on plan assets (excluding interest income)
Fair value of Scheme assets at 31 December

Analysis of the movement in the balance sheet

At 1 January
Deﬁned beneﬁt cost included in income statement
Contributions
Beneﬁts paid
Total remeasurements
At 31 December

Cumulative actuarial gains and losses recognised in equity

At 1 January
Actuarial losses recognised in the year
At 31 December

The actual return on Scheme assets was £nil million (2014: £11 million).

2015 
£ million

2014 
£ million

91
4
3
(5)
(3)
90

78
4
4
(1)
6
91

2015 
£ million

2014 
£ million

(7)
(2)
3
–
4
(2)

(6)
(2)
4
–
(3)
(7)

2015 
£ million

2014 
£ million

38
(4)
34

35
3
38

Expected cash ﬂows in future years
Expected employer contributions for the year ended 31 December 2016 are £3 million. Expected total beneﬁt payments: approximately £3 million 
per year for next 10 years.

COMPANY BALANCE SHEET (COMPANY NUMBER: SC177553)
As at 31 December 2015

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

147

Fixed assets

Property, plant and equipment
Investments

Current assets

Other receivables
Cash and cash equivalents
Derivative ﬁnancial instruments
Deferred tax asset
Current tax asset

Creditors: amounts falling due within one year

Borrowings
Other payables
Provisions
Net current assets
Total assets less current liabilities

Creditors: amounts falling due after one year

Borrowings
Derivative ﬁnancial instruments
Retirement beneﬁt obligation
Net assets

Shareholders’ equity

Share capital
Share premium
Treasury shares
Capital redemption reserve
Hedging reserve
Retained earnings
Total Shareholders’ equity

Notes

2015 
£ million

2014 
£ million

36
37

38

42

39
40
41

39

43

7
684
691

610
5
–
2
14
631

(3)
(351)
(1)
276
967

(506)
(6)
(2)
453

42
20
(9)
13
(4)
391
453

6
671
677

570
5
2
3
12
592

(47)
(333)
–
212
889

(455)
(7)
(7)
420

42
20
(14)
13
(5)
364
420

The ﬁnancial statements on pages 147 to 153 were approved by the Board of Directors on 3 March 2016 and signed on its behalf by:

K Hanna 
Chairman 

C Cran
Chief Financial Ofﬁcer

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148 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

COMPANY STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2015

Proﬁt for the year
Other comprehensive (loss)/income
Items that will not be reclassiﬁed to proﬁt or loss

– Remeasurement of retirement beneﬁts (net of tax)
Items that may be reclassiﬁed subsequently to proﬁt or loss

– Cash ﬂow hedges (net of tax)
Other comprehensive income/(loss) for the year (net of tax)

Total comprehensive income for the year

2015  
£ million

89

2014  
£ million

134

3

1
4

(3)

1
(2)

93

132

COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2015

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

149

As at 31 December 2015

Balance at 1 January 2015
Proﬁt for the year
Other comprehensive (loss)/income: 
Fair value gains on interest rate swaps
Remeasurement of retirement beneﬁts (net of tax)
Total comprehensive (loss)/income for the 
year ended 31 December 2015

Transactions with owners: 
Employee share awards
Issue of Ordinary Shares to employees under share 
option schemes
Return of capital to Shareholders
Dividends paid during 2015

Balance at 31 December 2015

As at 31 December 2014

Balance at 1 January 2014
Proﬁt for the year
Other comprehensive (loss)/income: 
Fair value gains on interest rate swaps
Remeasurement of retirement beneﬁts (net of tax)
Total comprehensive (loss)/income for the 
year ended 31 December 2014

Transactions with owners: 
Employee share awards
Issue of Ordinary Shares to employees under share 
option schemes
Return of capital to Shareholders
Capital redemption reserve
Dividends paid during 2014

Balance at 31 December 2014

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Attributable to equity holders of the Company

Ordinary 
Share 
capital  
£ million
42
–

Share 
premium 
account  
£ million
20
–

Treasury 
shares  
£ million
(14)
–

Capital 
redemption 
reserve  
£ million
13
–

Hedging 
reserve  
£ million
(5)
–

Retained 
earnings  
£ million
364
89

Total  
equity  
£ million
420
89

–
–

–

–

–
–
–
–
42

–
–

–

–

–
–
–
–
20

–
–

–

–

5
–
–
5
(9)

–
–

–

–

–
–
–
–
13

1
–

1

–

–
–
–
–
(4)

–
3

92

8

(3)
(1)
(69)
(65)
391

1
3

93

8

2
(1)
(69)
(60)
453

Attributable to equity holders of the Company

Ordinary 
Share 
capital  
£ million
49
–

Share 
premium 
account  
£ million
20
–

Treasury 
shares  
£ million
(24)
–

Capital 
redemption 
reserve  
£ million
6
–

Hedging 
reserve  
£ million
(6)
–

Retained 
earnings  
£ million
505
134

Total  
equity  
£ million
550
134

–
–

–

–

–
–
(7)
–
(7)
42

–
–

–

–

–
–
–
–
–
20

–
–

–

–

10
–
–
–
10
(14)

–
–

–

–

–
–
7
–
7
13

1
–

1

–

–
–
–
–
–
(5)

–
(3)

1
(3)

131

132

3

3

(7)
(198)
–
(70)
(272)
364

3
(198)
–
(70)
(262)
420

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150 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE COMPANY ACCOUNTS
For the year ended 31 December 2015

31 Company accounting policies

31.1 Basis of preparation
These ﬁnancial statements have been prepared in accordance with 
Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ 
(FRS 101). The ﬁnancial statements have been prepared under the 
historical cost convention, as modiﬁed by the revaluation of certain 
ﬁnancial assets and liabilities (including derivative instruments) at fair 
values in accordance with the Companies Act 2006.

The preparation of ﬁnancial statements in conformity with FRS 101 
requires the use of certain critical accounting estimates. It also requires 
management to exercise its judgment in the process of applying the 
Company’s accounting policies.

(cid:333)(cid:3) Paragraph 17 of lAS 24, ‘Related party disclosures’ (key 

management compensation)

(cid:333)(cid:3) The requirements in lAS 24, ‘Related party disclosures’ to disclose 

related party transactions entered into between two or more 
members of a group.

31.1.1 Going concern
Given the going concern disclosures in the Group Accounts on 
page 113 the Directors consider it appropriate to adopt the going 
concern basis of accounting in preparing these ﬁnancial statements.

31.1.2 Changes in accounting policy and disclosures

The following exemptions from the requirements of IFRS have been 
applied in the preparation of these ﬁnancial statements, in accordance 
with FRS 101:

New and amended standards adopted by the Company
There are no new standards that are effective for the ﬁrst time this year 
that have a material impact on the Company.

(cid:333)(cid:3) Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ 
(details of the number and weighted-average exercise prices of 
share options, and how the fair value of goods or services received 
was determined)

(cid:333)(cid:3) IFRS 7, ‘Financial Instruments: Disclosures’

(cid:333)(cid:3) Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure 
of valuation techniques and inputs used for fair value measurement 
of assets and liabilities)

(cid:333)(cid:3) Paragraph 38 of lAS 1, ‘Presentation of ﬁnancial statements’ 

comparative information requirements in respect of:

 – Paragraph 79(a)(iv) of lAS 1;

 – Paragraph 73(e) of lAS 16 ‘Property, plant and equipment’

 – Paragraph 188(e) of lAS 38 ‘Intangible assets’ (reconciliations 
between the carrying amount at the beginning and end of 
the period)

(cid:333)(cid:3) The following paragraphs of lAS 1, ‘Presentation of 

ﬁnancial statements’:

 – 10(d) (statement of cash ﬂows)

 – 10(f)(a) (statement of ﬁnancial position as at the beginning  

of the preceding period)

 – 16 (statement of compliance with all IFRS)

 – 38A (requirement for minimum of two primary statements, 

including cash ﬂow statements)

 – 38B-D (additional comparative information) 

 – 40A-D (requirements for a third statement of ﬁnancial position)

 – 111 (cash ﬂow statement information), and

 – 134-136 (capital management disclosures)

(cid:333)(cid:3) lAS 7, ‘Statement of cash ﬂows’

(cid:333)(cid:3) Paragraph 30 and 31 of lAS 8, ‘Accounting policies, changes in 

accounting estimates and errors’ (requirements for the disclosure 
of information when an entity has not applied a new IFRS that has 
been issued but is not yet effective)

Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated 
depreciation and impairment losses. Cost includes purchase price, 
and directly attributable costs of bringing the assets into the location 
and condition where it is capable for use. Borrowings costs are 
not capitalised.

Property, plant and equipment is depreciated on a straight line basis 
at annual rates estimated to write off the cost of each asset over its 
useful life from the date it is available for use. The principal period 
of depreciation used is as follows:

Vehicles, plant and equipment 

4 to 8 years.

Impairment of property, plant and equipment
Property, plant and equipment is depreciated and reviewed for 
impairment whenever events or changes in circumstances indicate 
that the carrying amount may not be recoverable. An impairment 
loss is recognised for the amount by which the asset’s carrying 
amount exceeds its recoverable amount. The recoverable amount is 
the higher of an asset’s fair value less costs to sell and value in use. 
Value in use is calculated using estimated cash ﬂows. These are 
discounted using an appropriate long-term pre-tax interest rate.  
For the purposes of assessing impairment, assets are grouped at 
the lowest levels for which there are separately identiﬁable cash ﬂows 
(income-generating units).

Foreign currencies
At individual Company level, transactions denominated in foreign 
currencies are translated at the rate of exchange on the day the 
transaction occurs. At the year end, monetary assets and liabilities 
denominated in foreign currencies are translated at the rate of 
exchange ruling at the balance sheet date. Non-monetary assets 
are translated at the historical rate. In order to hedge its exposure 
to certain foreign exchange risks, the Company enters into forward 
foreign exchange contracts. The Company’s ﬁnancial statements are 
presented in Sterling, which is the Company’s functional currency.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

151

31 Company accounting policies continued

Derivative ﬁnancial instruments
The accounting policy is identical to that applied by the consolidated 
Group as set out on page 115.

Employee beneﬁts
The Company operates both a deﬁned beneﬁt pension scheme and a 
deﬁned contribution pension scheme. The accounting policy is identical 
to that applied by the consolidated Group as set out on page 115.

Borrowings
Borrowings are recognised initially at fair value, net of transaction 
costs incurred. Borrowings are subsequently stated at amortised 
cost. Any difference between the proceeds, net of transaction costs, 
and the redemption value is recognised in the income statement over 
the period of the borrowings using the effective interest rate.

Taxation
The tax expense for the period comprises current and deferred 
tax. Tax is recognised in the income statement, except to the 
extent that it relates to items recognised in other comprehensive 
income or directly in Shareholders’ funds. In this case, the tax 
is also recognised in other comprehensive income or directly 
in Shareholders’ funds, respectively. 

The current income tax charge is calculated on the basis of the 
tax laws enacted or substantively enacted at the balance sheet 
date in the countries where the Company operates and generates 
taxable income. Management periodically evaluates positions 
taken in tax returns with respect to situations in which applicable 
tax regulation is subject to interpretation. It establishes provisions 
where appropriate on the basis of amounts expected to be paid 
to the tax authorities. 

Deferred income tax is recognised on temporary differences 
arising between the tax bases of assets and liabilities and their 
carrying amounts in the ﬁnancial statements. However, deferred tax 
liabilities are not recognised if they arise from the initial recognition 
of goodwill; or arise from initial recognition of an asset or liability in 
a transaction other than a business combination that at the time of 
the transaction affects neither accounting nor taxable proﬁt or loss. 
Deferred income tax is determined using tax rates (and laws) that 
have been enacted or substantively enacted by the balance sheet 
date and are expected to apply when the related deferred income 
tax asset is realised or the deferred income tax liability is settled. 

Deferred income tax assets are recognised only to the extent that 
it is probable that future taxable proﬁt will be available against 
which the temporary differences can be utilised. 

Deferred income tax assets and liabilities are offset when there 
is a legally enforceable right to offset current tax assets against 
current tax liabilities and when the deferred income taxes assets 
and liabilities relate to income taxes levied by the same taxation 
authority on either the same taxable entity or different taxable 
entities where there is an intention to settle the balances on a 
net basis.

Investments
Investments in subsidiary undertakings are stated in the balance sheet 
of the Company at cost, or nominal value of the shares issued as 
consideration where applicable, less provision for any impairment in 
value. Share-based payments recharged to subsidiary undertakings 
are treated as capital contributions and are added to investments.

Leases
Leases where substantially all of the risks and rewards of 
ownership are not transferred to the Company are classiﬁed as 
operating leases. Rentals under operating leases are charged 
against operating proﬁt on a straight line basis over the term of 
the lease.

Share-based payments
The accounting policy is identical to that applied by the consolidated 
Group as set out on page 116 with the exception that shares issued 
by the Company to employees of its subsidiaries for which no 
consideration is received are treated as an increase in the Company’s 
investment in those subsidiaries.

Dividend distribution
Dividend distribution to the Company’s Shareholders is recognised  
as a liability in the Company’s ﬁnancial statements in the period in 
which the dividends are approved by the Company’s Shareholders.

32 Critical accounting estimates and assumptions 

Taxation
This is explained in Note 1 to the Group Accounts on page 116.

33 Transition to IFRS
The Company’s ﬁnancial statements for the year ended 31 December 
2015 are the ﬁrst annual ﬁnancial statements that comply with FRS 101 
– Reduced Disclosure Framework. These ﬁnancial statements have 
been prepared as described in Note 31.

The Company’s transition date is 1 January 2014. The Company 
prepared its opening IFRS balance sheet at that date. The reporting 
date of these ﬁnancial statements is 31 December 2015. 
The Company’s IFRS adoption date is 1 January 2015.

The comparative ﬁgures for 2014 have been restated accordingly. 
No adjustments were required to either proﬁt or net assets for the year. 

34 Dividends
Refer to Note 11 of the Group Accounts.

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152 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES TO THE COMPANY ACCOUNTS
For the year ended 31 December 2015

35 Auditors’ remuneration

39 Borrowings

Fees payable to the Company’s auditor for the 
audit of the Company’s annual accounts
Fees payable to the Company’s auditor and 
its associates for other services:
 – Other assurance related services
 – Tax advising

36 Property, plant and equipment

Cost

At 1 January 2015
Additions
Disposals
At 31 December 2015

Accumulated depreciation

At 1 January 2015
Charge for the year
Disposals
At 31 December 2015

Net book values:
At 31 December 2015

At 31 December 2014

37 Investments

Cost of investments in subsidiary undertakings:
At 1 January 2015
Additions
Net impact of share-based payments
At 31 December 2015

2015 
£000

2014 
£000

283

262

36
–

112
–

Non-current

Bank borrowings
Private placement notes

Current

Bank overdrafts
Bank borrowings

Total 
£ million

Total borrowings

2015 
£ million

2014 
£ million

253
253
506

2
1
3
509

214
241
455

–
47
47
502

11
3
(2)
12

5
2
(2)
5

7

6

The bank overdrafts and borrowings are all unsecured.

(i) Maturity of ﬁnancial liabilities
The maturity proﬁle of the borrowings was as follows:

Within 1 year, or on demand
Between 1 and 2 years
Between 2 and 3 years
Between 3 and 4 years
Between 4 and 5 years
Greater than 5 years

2015  
£ million

2014 
£ million

3

–

195

70

56

185

509

47

191

–

71

16

177

502

(ii) Borrowing facilities
The Company has the following undrawn committed ﬂoating rate 
borrowing facilities available at 31 December 2015 in respect of which 
all conditions precedent had been met at that date:

£ million

671
12
1
684

Expiring within 1 year
Expiring between 1 and 2 years
Expiring between 2 and 3 years
Expiring between 3 and 4 years
Expiring between 4 and 5 years
Expiring after 5 years

The property, plant and equipment of the Company comprise vehicles, 
plant and equipment.

Details of the Company’s subsidiary undertakings are set out in Note 
28 to the Group Accounts. The Directors believe that the carrying value 
of the investments is supported by their underlying net assets.

38 Other receivables

Amounts due from subsidiary undertakings
Other receivables

2015  
£ million

2014  
£ million

608
2
610

569
1
570

40 Other payables

Amounts owed to subsidiary undertakings
Accruals and deferred income

2015 
£ million

2014 
£ million

30
–
117
78
160
–
385

189
128
–
50
–
–
367

2015  
£ million

2014  
£ million

343
8

351

319
14

333

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

153

41 Provisions

At 1 January 2015
New provisions
Utilised 
At 31 December 2015
Analysis of total provisions

Current
Non-current
Total

Reorganisation  
£ million

–
1
–
1

1
–
1

The provision for reorganisation comprises the estimated costs of the Group reorganisation and business priorities. The provisions are generally 
in respect of professional fees directly related to the reorganisation. The provision is expected to be fully utilised by the end of 2016.

42 Deferred tax

At 1 January
Debit to the Income Statement
Debit to statement of comprehensive income
At 31 December

Deferred tax is provided in the accounts as follows:

Deferred tax assets

At 1 January 2014

Deferred tax debit in the income statement
At 1 January 2015

Deferred tax debit in statement of comprehensive income
At 31 December 2015

2015  
£ million

2014  
£ million

3
–
(1)
2

4
(1)
–
3

Other timing 
differences 
£ million

Derivative 
ﬁnancial 
liabilities 
£ million

Relating to 
retirement 
beneﬁt 
obligation 
£ million

1
(1)
–
–
–

2
–
2
–
2

1
–
1
(1)
–

Total 
£ million

4
(1)
3
(1)
2

The net deferred tax asset due after more than one year is £2 million (2014: asset of £3 million).

The UK corporation tax rate reduced from 21% to 20% with effect from 1 April 2015 and results in a UK corporation tax rate for the  
year ended 31 December 2015 of 20.3%.

During the year, further changes to the UK corporation tax rate were substantively enacted as part of Finance (No 2) Bill 2015  
on 26 October 2015. These include reductions in the main rate of corporation tax from 20% to 19% from 1 April 2017 and to 18%  
from 1 April 2020. The relevant deferred tax balances have been remeasured accordingly.

43 Share capital
Refer to Note 23 of the Group Accounts.

44 Proﬁt and loss account
As permitted by Section 408 of the Companies Act 2006, the Company has not presented its own income statement and related notes. 
The proﬁt for the ﬁnancial year of the Company was £89 million (2014: £134 million).

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154 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

SHAREHOLDER INFORMATION

Financial calendar

21 April 2016

22 April 2016

28 April 2016

28 April 2016

24 May 2016

3 August 2016

Ex-dividend date – Final dividend

Record date to be eligible for the ﬁnal dividend

Annual General Meeting

Q1 Trading Update for the year to 31 December 2016

Final dividend payment for the year to 31 December 2015

Half Year Results announcement for the year to 31 December 2016

early September 2016

early September 2016

Ex-dividend date – Interim dividend

Record date to be eligible for the interim dividend

late September/early October 2016

Interim dividend payment for the year to 31 December 2016

mid November 2016

Q3 Trading Update for the year to 31 December 2016

Our website
Our corporate website provides access to share price and dividend 
information as well as sections on managing your shareholding 
online, corporate governance and other investor relations information. 
To access the website, please visit www.aggreko.com/investors.

Managing your shares online
Shareholders can manage their holding online by registering to use 
our Shareholder portal at https://shares.aggreko.com. This service is 
provided by our Registrar, Capita, giving quick and easy access to your 
shareholding, allowing you to manage all aspects of your shareholding 
online, with a useful FAQ section.

Electronic communications
We encourage Shareholders to consider receiving their 
communications electronically. Choosing to receive your 
communications electronically means you receive information quickly 
and securely and allows us to communicate in a more environmentally 
friendly and cost-effective way. You can register for this service online 
using our share portal at https://shares.aggreko.com.

Payment of dividends
Shareholders whose dividends are not currently paid directly into 
their bank accounts may wish to consider setting this service up. 
We encourage Shareholders to have dividends paid direct to their 
bank accounts as this has a number of advantages, including ensuring 
efﬁcient payment to receive cleared funds on the payment date. 

If Shareholders would like to receive their dividends directly to their 
bank account, they should call the Registrar, Capita, using the 
details opposite. 

UK Shareholders may also register using the share portal at 
https://shares.aggreko.com. 

Overseas Shareholders may also be able to have the dividend 
converted to local currency before payment to your bank account 
using the international payment service. Please call the Registrar, 
Capita, using the details opposite, or visit www.capitaregistrars.com/
international.

Dividend Reinvestment Plan
In 2015 we introduced a Dividend Reinvestment Plan (DRIP) for 
eligible Shareholders. This allows Shareholders to purchase additional 
shares in Aggreko with their dividend payment. Further information 
and a mandate can be obtained from our Registrars, Capita, 
using the contact details opposite, or by using the share portal at  
https://shares.aggreko.com.

Duplicate documents
Some Shareholders ﬁnd that they receive duplicate documentation 
and split dividend payments due to having more than one account 
on the share register. If you think you fall into this group and would 
like to combine your accounts, please contact our Registrar, Capita.

Changes of address
To avoid missing important correspondence relating to your 
shareholding, it is important that you inform our Registrar, Capita, 
of your new address as soon as possible.

Investor Relations App
We have recently published an Investor Relations and Media App, 
which is available for both Apple and Android devices. This allows 
you to easily access all our ﬁnancial publications, including the 
2015 Annual Report. The online report and a link to download the 
App can be found at www.aggreko.com/investors.

Sharegift
If you have a very small shareholding that is uneconomical to sell, 
you may want to consider donating it to Sharegift (Registered Charity 
no.10526886), a charity that specialises in the donation of small, 
unwanted shareholdings to good causes. You can ﬁnd out more 
by visiting www.sharegift.org or by calling +44 (0) 207 930 3737.

Shareholder queries
Our share register is maintained by our Registrar, Capita. 
Shareholders with queries relating to their shareholding should 
contact Capita directly using one of the methods listed opposite. 
For more general queries, Shareholders can look at our website at 
www.aggreko.com/investors.

USEFUL CONTACTS

Registrar
Capita Asset Services, Shareholder Solutions
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
United Kingdom
Telephone  0871 664 0300

+44 (0) 20 8639 3399
Website www.capitaregistrars.com
Email ssd@capitaregistrars.com

Stockbrokers
Bank of America Merrill Lynch – London
Citigroup Global Markets – London

Auditors 
PricewaterhouseCoopers – Glasgow
Chartered Accountants

Aggreko’s registered ofﬁce
8th Floor, 120 Bothwell Street
Glasgow G2 7JS
Scotland, United Kingdom
Telephone +44 (0) 141 225 5900
Email investors@aggreko.com
Registered in Scotland No. SC177553

Group Legal Director & Company Secretary
Peter Kennerley

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

155

Additional documents
An interactive summary version of our Annual Report is available online 
at www.aggreko.com/investors.

Additionally the Annual Report is available for download in pdf format at 
www.aggreko.com/investors.

Unsolicited mail and Shareholder fraud
Shareholders are advised to be wary of unsolicited mail or 
telephone calls offering free advice, to buy shares at a discount or 
offering free company reports. To ﬁnd more detailed information 
on how Shareholders can be protected from investment scams 
visit www.fca.org.uk/consumers/scams/investment-scams/ 
share-fraud-and-boiler-room-scams.

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156 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

DEFINITION AND CALCULATION  
OF NON GAAP MEASURES

Return on average capital employed (ROCE)

DEFINITION:
Calculated by dividing operating proﬁt pre-exceptional items for a period by the average net operating assets at 1 January, 30 June and 
31 December.

CALCULATION:

Operating proﬁt pre-exceptional items
Average net operating assets

1 January
30 June
31 December
Average (i.e. total of 1 Jan, 30 June and 31 Dec divided by 3)

ROCE (operating proﬁt pre-exceptional items divided  
by average operating assets)

Note (a):
Per June 2015 Interim Accounts
Note 5(e)
Assets
Liabilities
Net operating assets

Accounts reference

Income statement

Note 4(g) of 2015 & 2014 Accounts
Refer to Note (a) below
Note 4(g) of 2015 & 2014 Accounts

December 
2015 
£ million

December 
2014 
£ million

275

310

1,690
1,650
1,707
1,682

1,598
1,616
1,690
1,635

16%

19%

1,976
(326)
1,650

1,948
(332)
1,616

Ratio of revenue to average gross rental assets

DEFINITION:
Revenue for the period (excluding pass-through fuel) divided by the average gross rental assets at 1 January, 30 June and 31 December.

CALCULATION:

Revenue

Less pass-through fuel (Note 1)
Revenue excl. pass-through fuel

Average gross rental assets

1 January
30 June
31 December
Average (i.e. total of 1 Jan, 30 June and 31 Dec divided by 3)

Revenue/gross rental assets

Accounts reference

Income statement

Note 15
Note 9 of June 15 Interim Accounts
Note 15

December 
2015 
£ million

December 
2014 
£ million

1,561
(60)
1,501

2,599
2,639
2,778
2,672

1,577
(48)
1,529

2,373
2,388
2,599
2,453

56%

62%

Note 1: Pass-through fuel relates to our Power Solutions contracts in Mozambique where we provide fuel on a pass-through basis.

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

157

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

CALCULATION:

Operating proﬁt pre-exceptional items (Earnings Before Interest and Taxation)
Depreciation
Amortisation
EBITDA

Interest cover: EBITDA divided by net ﬁnance costs

CALCULATION:

EBITDA (£ million)
Net ﬁnance cost (£ million)
Interest cover (times)

Net debt to EBITDA

CALCULATION:

Net debt (£ million)
EBITDA (£ million)
Net debt/EBITDA (times)

Dividend cover

Accounts reference

Income statement
Note 5
Note 5

Accounts reference

Per above
Income statement

Accounts reference

Cash ﬂow statement
Per above

DEFINITION:
Basic earnings per share (EPS) pre-exceptional items divided by full year declared dividend.

CALCULATION:

Basic EPS pre-exceptional items (pence)
Full year declared dividend
Interim dividend (pence)
Final dividend (pence)

Dividend cover (times)

Accounts reference

Income statement

Note 11
Note 11

December 
2015 
£ million

December 
2014 
£ million

275
277
4
556

310
259
3
572

December 
2015

December 
2014

556
23
24

572
21
27

December 
2015

December 
2014

489
556
0.9

494
572
0.9

December 
2015

December 
2014

71.73

82.57

9.38
17.74
27.12

9.38
17.74
27.12

2.6

3.0

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158 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

FINANCIAL SUMMARY

Revenue £m 

Trading Proﬁt1, 3 £m

15
14
13
12
11

1,561
1,577
1,573
1,583
1,396

15
14
13
12
11

Trading Margin3 %

Dividend per Share Pence

15
14
13
12
11

17
19
22
24
24

15
14
13
12
11

Proﬁt Before Tax3 £m

Diluted EPS3 Pence

15
14
13
12
11

252
289
333
360
324

15
14
13
12
11

Average Number of Employees

Net Operating Assets £m

15
14
13
12
11

6,433
6,112
5,749
5,316
4,262

15
14
13
12
11

Return on Average Capital Employed3 %

Capital Expenditure £m

15
14
13
12
11

16
19
21
24
28

15
14
13
12
11

Net Debt £m

Shareholders’ Funds £m

15
14
13
12
11

489
494
363
593
365

15
14
13
12
11

1  Trading proﬁt represents operating proﬁt before gain on sale of property, plant and equipment.
2  The Board is recommending a ﬁnal dividend of 17.74 pence per Ordinary Share, which, when added to the interim dividend of 9.38 pence,  

gives a total for the year of 27.12 pence per Ordinary Share.

3  2015 and 2012 numbers are pre-exceptional items.

270
306
352
381
338

27.122
27.122
26.30
23.91
20.79

71.68
82.49
92.03
100.40
86.76

1,707
1,690
1,598
1,708
1,354

254
251
228
440
418

1,115
1,078
1,140
1,045
881

GLOSSARY

AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

159

CEO
Chief Executive Ofﬁcer.

CFO
Chief Financial Ofﬁcer.

CFM
Cubic feet per minute. A unit of 
volumetric capacity.

CO2
Carbon dioxide.

DILUTED EARNINGS PER SHARE
Proﬁt after tax divided by the diluted weighted 
average number of Ordinary Shares ranking 
for dividend during the relevant period, 
i.e. including the impact of share options.

EPA
Environmental Protection Agency.

GHG
Greenhouse gas emissions.

g/kWh
Emissions in grams per kilowatt hour.

HFO
Heavy fuel oil.

kVA
A thousand volt amperes.

LOAD SHEDDING
Load shedding is an intentional power 
shutdown, where electricity is stopped for 
a period of time over different parts of the 
distribution region. They are a last-resort 
measure to avoid a total blackout of 
the power system and are a demand response 
where the demand for electricity exceeds the 
supply capability of the network.

LWA
Sound power level at source.

MARKET POTENTIAL ESTIMATION 
CALCULATION
1.  In a market (say, oil-reﬁning in the US) 
in which we are well-established and 
have high market share, calculate 
our rental revenues (a known number) 
in the sector as a proportion of the total 
economic output of oil reﬁneries in the US 
(another known number). This produces 
a very small number, like 0.00001.

2.  Make the assumption that if we can achieve, 

say, 0.00001 of the economic output of 
reﬁneries in the US as revenues, we should, 
in theory, be able to achieve the same in 
oil reﬁneries everywhere else. Therefore if 
we take the total economic output of oil 
reﬁneries in, say China, and then apply the 
same multiple to that which we achieve in 
the US, that tells us how big the potential 
market is. 

3.  Take this same technique, and apply 
it to about 20 segments in around 
30 countries, and we have an estimate for 
the market potential and a number for our 
revenues in the sector (an accurate number), 
and therefore an estimate of our share 
of “market potential”.

MW
Megawatt – a million watts of electricity.

NOx
Oxides of nitrogen.

ON-HIRE & OFF-HIRE
When a contract is put out on rent, the 
equipment is referred to as on-hire. When  
a contract comes off rent, the equipment is 
referred to as off-hiring. The on and off-hire 
rates are calculated as the number of MW 
of equipment that either on or off-hire in 
the period, divided by the MW of equipment 
on-hire at the beginning of that period.

OPERATING PROFIT 
(ALSO KNOWN AS EBIT)
Proﬁt from operations after gain on sale of 
property, plant and equipment but before 
interest and tax.

PARTICULATE
In general this term relates to visible smoke.

POWER SOLUTIONS BUSINESS
The part of our business which operates in 
emerging markets. It has two divisions, Utility 
which handles very large power contracts, 
typically for utilities and Industrial which offers 
solutions from our local service centres to 
industrial customers. 

pp
Percentage points.

PROFIT AFTER TAX
Proﬁt attributable to equity Shareholders.

RENTAL SOLUTIONS BUSINESS
The part of our business operating in North 
America, Europe and Australasia, looking after 
customers local to our service centres. 

tCO2e
Tonnes of carbon dioxide equivalent.

Temperature Control
The temperature control ﬂeet includes 
chillers, air conditioners, cooling towers, 
boilers, heat exchangers, heaters, and 
the required ancillary products. It provides 
HVAC and moisture control equipment that 
helps customers minimise losses, manage 
risks and capture windows of economic 
opportunity. Applications include seasonal 
limitations or catastrophic failure of critical 
cooling equipment, planned and unplanned 
maintenance, process improvements, 
and temporary structures.

Tier 1, Tier 2, Tier 3, Tier 4
US Federal Government target emission 
reduction levels.

TRADING PROFIT
Operating proﬁt before gain on sale 
of property, plant and equipment.

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160 AGGREKO PLC ANNUAL REPORT AND ACCOUNTS 2015

ACCOUNTS & OTHER INFORMATION

NOTES

Design and production Radley Yeldar | www.ry.com
Board photography George Brooks
Print Park Communications on FSC® certiﬁed paper. Park is an EMAS certiﬁed company and its Environmental Management 
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Find us online 
www.aggreko.com

Head ofﬁce 
Aggreko plc 
8th Floor 120 Bothwell Street  
Glasgow G2 7JS  
United Kingdom  
T: +44 (0)141 225 5900  
F: 0141 225 5949  
www.aggreko.com

Watch and download the 2015 report: 
www.annualreport2015.aggreko.com