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strategic report
01 highlights
01 financial highlights
02 our business at a glance
04 chairman’s statement 
06 market overview
07 strategy
08 business model
10 chief executive officer’s review
12 key performance indicators
16 operational review
22 financial review
28 principal risks and uncertainties
30 corporate social responsibility report
corporate governance report
37 corporate governance – chairman’s 
introduction 
38  board of directors 
40  tyman management committee 
42  corporate governance 
46 audit committee report 
50 remuneration report letter
52  remuneration policy report
57  remuneration implementation report
65  nominations committee report
66  directors’ report 
financial statements
70 independent auditors’ report
75 consolidated income statement
76 consolidated statement  
of comprehensive income
76 consolidated statement  
of changes in equity
77 consolidated balance sheet
78 consolidated cash flow statement
79 notes to the financial statements
116 independent auditors’ report
118 company balance sheet
119 notes to the company financial statements
122 definitions
122 glossary of terms
123 roundings
123 exchange rates
124 advisers
return back to  
the contents page annual report 
 accounts 2014 about tyman plc
t yman plc is a leading international 
manufacturer and supplier of components to 
the door and window industry the group has 
22 manufacturing sites in eight countries along 
with a further six sourcing and distribution 
sites across the americas europe asia and 
australasia with its products being found in 
homes and buildings worldwide
 contents 
strategic report
01 highlights
01 financial highlights
02 our business at a glance
04 chairman’s statement 
06 market overview
07 strategy
08 business model
10 chief executive officer’s 
review
12 key performance indicators
16 operational review
22 financial review
28 principal risks and 
uncertainties
30 corporate social  
responsibility report
corporate governance report
37 corporate governance 
– chairman’s introduction 
38  board of directors 
40  tyman management 
committee 
42  corporate governance 
46 audit committee report 
50 remuneration report letter
52  remuneration policy report
57  remuneration 
implementation report
65  nominations committee 
report
66  directors’ report 
financial statements
70 independent auditors’ report
75 consolidated income 
statement
76 consolidated statement  
of comprehensive income
76 consolidated statement  
of changes in equity
77 consolidated balance sheet
78 consolidated cash flow 
statement
79 notes to the financial 
statements
116 independent auditors’ report
118 company balance sheet
119 notes to the company 
financial statements
122 definitions
122 glossary of terms
123 roundings
123 exchange rates
124 advisers
wwwtymanplccom 01
tyman plc  annual report and accounts 2014
 highlights financial highlights
  sustained strong trading performance from 
amesburytruth against a backdrop of improving  
market conditions in the united states 
  cumulative amesburytruth synergies delivered in 2014 
of us55 million 2015 guidance confirmed as at least 
us80 million
  next phase of transformation of amesburytruth  
into a world class manufacturing business through 
rationalisation of the north american footprint 
announced
  rebranding of grouphomesafe to era following  
strong performance in 2014 with significant market 
share gains
  acquisition of vedasil and closure of european 
industrial products business in schlegel international
  leverage ratio reduced to 156x despite significant 
investment in the balance sheet
  roce improved by 240 bps to 114 per cent
£3509m
revenue
2013 £2981m  17 7
£461m
underlying
1
 operating profit
2013 £323m 424
1861p
underlying
1
 earnings per share
2013 1371p 357
800p
dividend per share
2013 600p 333
£907m
underlying net debt
1
2013 £809m  120
156x
leverage
1
2013 181x
114
return on capital employed
1
2013 90 240 bps
£119m
profit before taxation
2013 £08m  13992
1 refer to page 122 for definitions
strategic report
corporate  
governance report financial statements 02
 our business at a glance
division description financial data map products
our north american businesses operate as amesburytruth
 
amesburytruth is a prominent manufacturer of window and door 
hardware components extrusions and sealing systems with 
manufacturing and distribution capabilities throughout north america 
amesburytruth is well positioned to offer leading window and door 
manufacturers innovative products and engineered solutions for both 
residential and commercial applications 
 
the amesburytruth product portfolio encompasses a variety of window 
and door products including single and multipoint locking systems 
casement and awning operators handles latches hinges rollers balance 
systems seals and extruded profiles additionally amesburytruth offers 
an experienced and professional staff capable of providing innovative 
solutions that will evolve the fenestration industry 
£2207m
revenue
2013 £1753m 259
pg16
to read more about this
£332m
underlying operating profit
2013 £223m 491 
wwwamesburytruthcom 
our uk building products division operates as era
era is a leader in the design development manufacture and distribution 
of innovative solutions for the residential building and home improvement 
markets
era provides a wide range of innovative locks handles hinges seals and 
gearing from its family of industry recognised brands – balance uk 
crompton era fab  fix and schlegel making it one of the uk’s leading 
component suppliers to the trade
£924m
revenue
2013 £860m 7 4
pg19
to read more about this
£137m
underlying operating profit
2013 £105m 309
wwwerahomesecuritycom 
our international building products division operates as schlegel 
international
schlegel international operates in a number of countries worldwide with 
manufacturing sites in the uk germany spain brazil and australia as 
well as numerous distribution and sourcing operations and employs 
people representing 36 nationalities
schlegel manufactures and supplies sealing systems to the door and 
window industry schlegel seals are sold in more than 80 countries around 
the world
the power of the schlegel brand extends across europe latin america 
australasia and many territories in the rest of the world this gives us a 
unique insight into local markets and offers the potential to sell our 
extensive product range internationally
£378m
revenue
2013 £368m 29
pg20
to read more about this
£08m
underlying operating loss
2013 £04m
wwwschlegelcom  03
tyman plc  annual report and accounts 2014
division description financial data map products
our north american businesses operate as amesburytruth
 
amesburytruth is a prominent manufacturer of window and door 
hardware components extrusions and sealing systems with 
manufacturing and distribution capabilities throughout north america 
amesburytruth is well positioned to offer leading window and door 
manufacturers innovative products and engineered solutions for both 
residential and commercial applications 
 
the amesburytruth product portfolio encompasses a variety of window 
and door products including single and multipoint locking systems 
casement and awning operators handles latches hinges rollers balance 
systems seals and extruded profiles additionally amesburytruth offers 
an experienced and professional staff capable of providing innovative 
solutions that will evolve the fenestration industry 
£2207m
revenue
2013 £1753m 259
pg16
to read more about this
£332m
underlying operating profit
2013 £223m 491 
wwwamesburytruthcom 
our uk building products division operates as era
era is a leader in the design development manufacture and distribution 
of innovative solutions for the residential building and home improvement 
markets
era provides a wide range of innovative locks handles hinges seals and 
gearing from its family of industry recognised brands – balance uk 
crompton era fab  fix and schlegel making it one of the uk’s leading 
component suppliers to the trade
£924m
revenue
2013 £860m 7 4
pg19
to read more about this
£137m
underlying operating profit
2013 £105m 309
wwwerahomesecuritycom 
our international building products division operates as schlegel 
international
schlegel international operates in a number of countries worldwide with 
manufacturing sites in the uk germany spain brazil and australia as 
well as numerous distribution and sourcing operations and employs 
people representing 36 nationalities
schlegel manufactures and supplies sealing systems to the door and 
window industry schlegel seals are sold in more than 80 countries around 
the world
the power of the schlegel brand extends across europe latin america 
australasia and many territories in the rest of the world this gives us a 
unique insight into local markets and offers the potential to sell our 
extensive product range internationally
£378m
revenue
2013 £368m 29
pg20
to read more about this
£08m
underlying operating loss
2013 £04m
wwwschlegelcom 
strategic report
corporate  
governance report financial statements 04
 chairman’s statement
another year of progress for t yman with further market share  
gains in north america and strong performance by era
2014 has been another year of progress for tyman with a good overall 
result delivered against a backdrop of improving market conditions in 
north america and the uk however markets continued to be weak and 
less predictable in continental europe we gained further share in north 
america during the year predominately in canada and our uk business 
grew well ahead of the market
for 2014 we have reported a 177 per cent increase in revenue to  
£3509 million and a 424 per cent increase in underlying operating 
profit to £461 million despite the adverse impact of currency 
movements in the year and acquisitions revenue increased by 74 per 
cent and underlying operating profit by 251 per cent on a constant 
currency like for like basis we demonstrated good dropthrough in 2014 
with underlying operating margins increasing by 220 bps to 131 per 
cent 2013 109 per cent underlying earnings per share increased by 
357 per cent to 1861 pence
the group as a whole has delivered a further material improvement in 
its return on capital employed “roce” of 240 bps to 114 per cent as 
we continue to make progress towards our medium term target of a 
roce of 15 per cent
leverage at the year end of 156x was 025x lower than 12 months ago 
and towards the lower end of our core target range of 150x to 200x from 
the half year peak of 221x this was despite the investments made in the 
balance sheet during the year and the acquisition of vedasil for cash 
the integration of amesbury and truth has now completed and we  
are moving forward with the next phase of the transformation of 
amesburytruth into a world class manufacturing business through 
rationalisation of the north american footprint this will generate at 
least us100 million of incremental profit for amesburytruth by 2020
we have also announced the rebranding of grouphomesafe  
as era leveraging off the market presence and heritage of the uk’s 
longest standing lock brand in 2014 era had another year of strong 
performance growing well ahead of the market and saw its net 
operating margin expand from 122 per cent to 149 per cent
schlegel international again had a challenging year reflecting continued 
difficult markets in europe however vedasil has performed strongly in its 
first 10 months of ownership and provides the group with a platform  
for growth in south america we have made further progress with the 
restructuring of the division and the closure of the european industrial 
products business removes a significant management distraction
dividend
the board is recommending a final dividend for 2014 of 600 pence per 
share 2013 450 pence per share which together with the interim 
dividend of 200 pence per share gives a 333 per cent increase in the 
total dividend for the year to 800 pence per share 2013 600 pence 
per share 
board and corporate governance
we have continued to evolve and refine the board’s approach to 
corporate governance in 2014 we conducted our first independent 
appraisal of the board and its committees and have derived valuable 
insights from the exercise into potential areas for the development of 
the board 
we have continued our established practice of the board holding a 
scheduled meeting in each of the divisions with meetings held in 2014 
in statesville north carolina where we visited two amesburytruth 
facilities and harrogate yorkshire where we visited the ventrolla head 
office and the local schlegel building products facility 
in addition the board attended the group management conference 
hosted by schlegel international in barcelona participated in a number 
of workshops and product demonstrations as well as visiting the 
schlegel international plant in terrassa these visits allow board 
members the opportunity to meet with various levels of local 
management and employees as well as to see first hand group 
products being manufactured 05
tyman plc  annual report and accounts 2014
0
10
20
30
40
50
2013 2012 2014
461
310
242
£m
0
50
100
150
200
250
300
350
400
2013 2012 2014
3509
2870
2222
£m
since the year end we have announced the appointments of mark 
rollins and kirsten english to the board as nonexecutive directors 
joining the audit remuneration and nominations committees of  
the board mark brings to the board his recent and relevant background 
as ceo of a listed company with international manufacturing 
operations and kirsten brings significant international and private 
equity experience as well as her involvement in the investor community  
we look forward to their respective contributions to the board and  
to the group
les tench who has served on the board as a nonexecutive director 
and chairman of the group’s remuneration committee since 
december 2009 has indicated to the board his wish to retire and will 
stand down as a director following the annual general meeting 
following les’ retirement mark rollins will become chairman of the 
remuneration committee
les has made a significant and valued contribution to the board over 
the past five years and on behalf of the board and the shareholders i 
would like to thank him for his input and wish him well in his retirement
new employee share plans
the board believes that it is important to encourage all employees to 
participate in the future growth and development of the group and to 
take an active interest in the performance of the company as a whole  
in particular we want to allow employees to have the opportunity over 
time to build an equity holding in tyman with this in mind we are 
seeking shareholder approval for two broadlybased contributory share 
plans – a uk sharesave plan and a separate plan on similar principles 
for us employees it is intended that each of these will offer the 
potential for favourable tax treatment in accordance with applicable 
local legislation we are also seeking authority to extend plans into 
other jurisdictions on a similar basis with appropriate variations
shareholders will be asked to approve these proposals at the 
forthcoming agm on 15 may 2015 and further details are contained  
in the notice of meeting
health and safety
providing a safe environment in which our employees can work is a  
key priority for tyman and i am pleased to report that we have made 
further progress in developing the group’s safety culture while the 
increase in the number of lost time injuries year on year was 
disappointing the severity of incidents was significantly reduced 
compared with 2013 and the majority of incidents can be categorised 
as slips trips or manual handling injuries all of which should be capable 
of being eliminated
2014 has seen a focus across each of the divisions in developing their 
near miss reporting as we try to prevent those incidents that are 
preventable from occurring in total 3829 near miss incidents were 
reported and dealt with ranging in scope from shortfalls in general 
housekeeping to potentially dangerous practices or processes that could 
lead to physical harm the level of engagement from all employees in the 
development of our near miss reporting has been very encouraging and 
in time should translate into a material reduction in our lost time injuries
in conclusion i would like to thank all of our employees and 
management for their hard work and efforts on behalf of shareholders 
in 2014 and look forward to tyman making further progress in 2015
jamie pike
nonexecutive chairman
10 march 2015
2014 operating profit at constant exchange rates 2014 revenue at constant exchange rates
strategic report
corporate  
governance report financial statements 06
 market overview
north america
united states population forecast 
300
305
310
315
320
325
330
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
3119
3164
3142
3185
3226
3206
3268
3280
3247
source world economic outlook database oct 2014 
millions
united states housing starts
0
500
1000
1500
2000
2500
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013
2014
source united states census bureau
units ‘000
united kingdom
united kingdom population forecast
60
62
64
66
68
70
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
633
641
637
645
654
649
663
667
658
source world economic outlook database  oct 2014 
millions
europe
western european population forecast 
320
325
330
335
340
3305
3295
3315
3324
3343
3334
3358
3365
3350
source world economic outlook database oct 2014 
millions
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
western european housing starts  
 year on year growth
30
25
20
15
10
5
0
5
10
22
11
1
5
1
9
4
5
1
source euroconstruct 
2007 2010 2009
27
2008 2011 2013 2012 2015e 2016e 2014e
canadian population forecast
30
32
34
36
38
40
347
343
351
355
362
358
369
372
365
source world economic outlook database oct 2014 
millions
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
canadian housing starts
0
50
100
150
200
250
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013
2014
source statistics canada
units ‘000
united kingdom housing starts
0
50
100
150
200
250
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013
2014
source wwwgovuk
units ‘000
eastern european population forecast 
60
61
62
63
64
65
644 644
643 643
644 644
643 643 643
source world economic outlook database oct 2014 
millions
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
eastern european housing starts  
 year on year growth
25
20
15
10
5
0
5
10
15
20
21
18
3
5
8
11
7
4
7
2007 2010 2009
1
2008 2011 2013 2012 2015e 2016e 2014e
source euroconstruct  07
tyman plc  annual report and accounts 2014
 stra tegy
our strategy is to create  
shareholder value through being  
a leading international supplier  
of components to the door and 
window industry worldwide
we aim to be the market leader in each of the segments that we serve
our strategy creates value for our shareholders by 
• increasing our revenue through consistent market share gain and 
pricing discipline
• maximising margins by eliminating cost and waste from processes 
and
• a focus on capital allocation and cash generation
we measure our success through a focus on our kpis which are 
measured reported on and challenged at all levels of our business
pg12
to read more about this
revenue
0
100
200
300
400
2662
2416
2163
2288
3509
2981
£m
2009 2011 2010 2012 2014 2013
underlying operating profit and margin 
0
10
20
30
40
50
0
3
6
9
12
15
337
256
222 230
461
323
£m
2009 2011 2010 2012 2014 2013
dividend per share
0
2
4
6
8
10
200p
000p
350p
450p
800p
600p
2009 2011 2010 2012 2014 2013
international
australian population forecast 
20
22
24
26
28
30
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
225
233
229
236
242
239
248
251
245
source world economic outlook database oct 2014 
millions
australian housing starts
0
50
100
150
200
250
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011
2012
2013
2014e
source wwwabsgovau
units ‘000
brazilian population forecast
190
195
200
205
210
215
220
1992
1974
2010
2028
2061
2045
2092
2107
2077
source world economic outlook database oct 2014 
millions
2011 2013 2012 2014e 2016e 2015e 2018e 2019e 2017e
our markets are cyclical in nature and influenced by macroeconomic 
factors such as gdp employment rates population growth rates of 
new build and rmi and consumer confidence
population and household formation
population is expected to grow in most regions of the world and this 
in turn should drive increased housing formation
new housing
recovery in new housing starts in the us and the uk has led to 
increased demand for our products in these markets however build 
rates remain below historic long run averages implying that there 
remains scope for further recovery
rmi
in the uk over 75 per cent of the housing stock was built before 
1980 and the median age of houses in the us is 40 years  
accordingly there is significant latent demand for rmi in the large 
installed base of existing homes
consumer confidence
consumer confidence is key to our markets  when homeowners feel 
confident that the value of their property is likely to appreciate they 
will be more inclined to invest in their home  our customers reported 
consistent quote levels through the downturn giving us confidence 
that as markets recovered so too would demand  repairs are less 
discretionary and so incorporate an element of counter cyclicality
strategic report
corporate  
governance report financial statements 08
flexibility
tailored solutions
quality of products
and services
financial discipline
 business model
our business model is built around our customers the products we sell to 
them and the service we provide to them
flexibility source  
vs manufacture
tailored solutions for 
customers of all sizes
quality of products 
and services
financial 
discipline
where we source or manufacture
in order to provide our customers with the service they need the 
manufacturing decision is key is the customer best served by tyman 
manufacturing the product ourselves or can the product be provided 
more efficiently and effectively through tyman sourcing the 
components the customer needs
we choose to manufacture certain products such as complex balances 
extrusions and seals close to our customer base where flexibility variety 
or complexity are key to the component manufacturing process and to 
the customer 
for products that are less complex have a high labour content or  
more predictable demand levels we may choose to source from lower 
cost and sometimes more remote locations often using third party 
manufacturers to make or assemble components on our behalf 
examples of sourced products would include handles and  
standard locks
as part of the manufacturing decision we aim to ensure that we have 
flexibility in how we make or source the product such that we have  
built in redundancy this may be geographic in the case of our own 
manufacturing plants or may involve certifying and approving more 
than one potential supplier of a sourced product this flexibility allows 
us to respond quickly to changes in product demand levels and to  
move manufacture around depending on capacity levels
our footprint review projects across all our divisions most notably in 
north america will allow us to improve our manufacturing processes 
still further and give us even greater flexibility 
substantially all of the components we supply to our customers – 
whether manufactured by us in our own plants or sourced externally 
– are engineering led value added products made to our designs 
protected where possible and practical by patents and intellectual 
property and manufactured on our own proprietary tooling
where we sell
we aim to optimise the manufacturing decision such that we can 
leverage our scale and geographic footprint in order to supply our 
customer base whether it is our largest north american customers or 
our smaller local customers with innovative solutions that are aligned 
with our quality and service standards
in what remains a very fragmented industry in most markets we 
believe tyman is unique in being able to offer the complete range of 
door and window components to customers and to have a truly 
international offering
who we sell to
our customers include oems fabricators distributors retailers builders’ 
merchants architects house builders and ultimately the homeowner
what we sell
we aim to offer our customers a complete range of components 
ranging from hardware such as handles locks keeps and hinges to  
seals and extrusions for each of our end customers wherever they  
are located we aim to provide a differentiated product offering that  
will in turn allow them to add value to their customer proposition 
we believe we are the only manufacturer of scale that can offer our 
customer base the full range of door and window components 09
united kingdom – 14
far east – 21 
united states – 55
brazil – 2
canada – 2
australia – 1 
europe – 5
r est of the w orld
br azil
austr alia
europe
c anada
uk
usa
canada – 8 
united kingdom – 26
united states – 54
brazil – 1
australia – 2 
rest of the world – 3 
europe – 6 
other industrial – 10
distributors  wholesalers – 14
door  window manufacturers – 76
balances – 13
sealing – 21 
hardware – 38
polymer extrusion – 6
metal forming – 8
industrial  restoration – 4
operators – 10
where we source or manufacture by country
where we sell by country
who we sell to by customer type
what we sell by product
financial discipline
underpinning our business model is a focus on financial disciplines that 
encompasses margin targets for each of our products close scrutiny of 
the cost base optimisation of working capital and a rigorous approach 
to return on capital and its allocation both internally in the form of 
capital investment and externally in the form of ma
quality and service
the manufacturing decision for tyman comes back to our desire to 
differentiate our product offering from that of our competitors by 
providing customers with the highest quality product at the relevant 
price point delivered to specification on time and in full 
this focus on quality and service leads to deeper customer relations 
puts us front of mind as new designs are contemplated by oems and 
allows us to demonstrate our industry leadership credentials
new product development programmes across all of our divisions are 
focused on anticipating future trends within the industry and delivering 
customised engineered solutions to our customers throughout the 
downturn we remained committed as a group to the development of 
our product offering and retained our key teams of designers and 
engineers at a time when many of our competitors were cutting back  
in this area
service is at the heart of what tyman aims to offer its customers for our 
largest customers we deploy our own engineers on their factory floors 
allowing us early notice of product or service issues however small and 
giving us an early insight into future new product development 
for our distribution customers we take care of critical elements of their 
supply chain including inventory management packaging and 
shipment to distribution hubs 
for key manufacturing customers we have developed our processes 
such that we can deliver their component inventory on a just in time 
basis and sequenced in the order that they intend to consume the 
product and at the other end of the scale the jobbing builder or local 
locksmith who uses a tyman product will choose our brands over our 
competitors because they know they can rely on them
strategic report
corporate  
governance report financial statements 10
 chief executive officer’s review
2014 has seen another year of good operational and financial 
progress for t yman with continued top line growth and margin 
expansion in our two largest divisions – amesburytruth and era 
the integration of amesbury and truth has now completed and we  
are moving forward with the next phase of the transformation of 
amesburytruth into a world class manufacturing business through 
rationalisation of the north american footprint
schlegel international has again seen difficult end markets in 
continental europe however we continue to regard europe as a 
significant medium term opportunity for the group and have made 
further progress with the restructuring of the division
the integration of vedasil into our south american business has 
progressed well and the business has performed strongly in the first  
10 months of ownership 
2015 has started with order book levels ahead of 2014 and in line with 
our expectations across each of the divisions we continue to improve 
our manufacturing efficiency and cost base and expect to see further 
growth in our key end markets of the uk and north america enhanced 
by a number of new products that will come to market this year in each 
of the divisions
2015 priorities
our key priorities for 2015 are a continuation of the themes we 
developed in 2014 and include
1 optimisation of our footprint in each of the divisions with a 
particular focus on amesburytruth where we will start the five year 
project to rationalise our north american footprint 
 our aim is to ensure that each division’s footprint is appropriate for 
the medium term needs of the business taking into account 
opportunities for near shoring of those products best made or 
sourced close to the point of consumption
2 continuing to encourage strong communication consistency of 
approach and standards of excellence across each of the divisions 
for our end customer wherever they are located this should mean 
the availability of a differentiated product offering at an 
appropriate price delivered to specification on time and in full 
for 2014 we set ourselves six key priorities to deliver our overall 
strategy  here’s how we did
2014 priority progress
integration of 
amesbury and 
truth
completion of integration and  
launch of amesburytruth
footprint 
evaluation
good progress across each of the 
divisions with evaluation of footprint 
requirements and announced the north 
american footprint rationalisation
consistency and 
communication 
across divisions
formalised processes for sharing best 
practice in terms of supply chain npd 
key account management and 
operations and developed cross selling 
opportunities for group products 
worldwide
financial  
objectives
continued margin improvement 
demonstrated by the group along with 
growth in the group’s roce  
investment in the balance sheet led to 
lower than normal cash conversion 
investment in the 
business
launched a number of new products 
into our markets in the year 
strengthened the operating teams in 
each of the divisions provided greater 
focus to supply chain and continued our 
planned investment in capital projects 
with gross capital expenditure running 
at 143x depreciation
acquisition 
programme
acquisition of vedasil successfully 
completed in the year and a number of 
potential acquisition candidates 
engaged with across a variety of 
markets
  11
tyman plc  annual report and accounts 2014
3 key financial objectives for each of our divisions remain centred on 
sustained margin improvement and cash generation along with 
continued growth in the group’s average return on capital we 
expect developed markets will offer pricing opportunities in 2015  
as markets and volumes recover
4 continued investment in and improvement of the businesses in 
particular in the areas of new product development people supply 
chain – where we intend to consolidate our divisional sourcing 
arrangements in the far east – and capital projects with a focus on 
automation and lean manufacturing to ensure we differentiate 
ourselves from our competitors and continue to take market share
5 supplementing our organic and selfhelp initiatives through our 
active acquisition programme prioritising european markets where 
we currently have a niche seals and limited hardware range and 
emerging markets where market position can best be obtained 
through acquisition
outlook
the current year has started in line with our expectations across each of 
the divisions at the end of february order book levels in each of the 
divisions are running ahead of 2014 currency movements will again 
have a significant impact on reported numbers in 2015 however the 
strengthening of the us dollar relative to international currencies if 
sustained should mean that reported profitability is enhanced relative 
to 2014 
we expect further improvement in our north american markets  
in 2015 with continued growth in new build in the united states 
supported by the sustained gradual acceleration in repair and 
remodelling expenditure we expect the canadian market will contract 
further in 2015 as housing starts continue to moderate however we still 
intend to take additional market share in line with our strategic goal
the uk market is expected to show further growth in 2015 albeit 
probably at a slower rate than we saw in 2013 and 2014 in 2015 we 
have a number of new product introductions for era coming to market 
and we continue to explore opportunities in distribution where we 
remain relatively underweight 
for schlegel international following the closure of the european 
industrial products business and the conclusion of our incremental 
investment programme 2015 should see an improved performance 
material profit improvement however remains dependent on 
significantly increased european volumes which given the 
macroeconomic environment we do not expect to come through  
in 2015 
across europe as a whole we expect to see broadly flat markets in  
2015 with some isolated pockets of growth we expect continued 
improvement in australasia and south east asian markets and while 
the overall brazilian macroeconomic backdrop is subdued construction 
markets are expected to show further growth in 2015 we are well 
positioned in the brazilian market and are developing distribution into 
adjacent geographies
louis eperjesi
chief executive officer
10 march 2015
2015 geographical footprint
north america uk  continental europe asia  australia
manufacturing
sourcingdistribution
201415 developments
sioux falls surplus property sale são paolo exit
covington exit lease to 2019 2015 ontario disposal  exit
european industrial products disposal and exit group  amesburytruth corporate office moves
strategic report
corporate  
governance report financial statements 12
 key performance indicators
the group monitors and measures performance against its kpis  
which are in line with the strategic priorities of the group
kpi definition purpose target  2014 performance
market share gain and pricing discipline
like for like  
revenue growth
year on year revenue 
growth from continuing 
operations  measured on a 
like for like basis 
like for like revenue growth 
measures the directional trend 
in revenue to evaluate the 
ability of the group to grow its 
customer base and improve its 
margins
8
6
4
2
0
2
4
6
8
10
2013 2012 2011 2014
74
58
63
70
target
to grow revenue year on year
performance
revenue has increased by 74 per cent in 
2014 on a constant currency like for like 
basis reported revenue increased by  
177 per cent in large part due to the 
consolidation of truth for a full 12 months 
compared with six months in 2013 
maximising margins and elimination of cost and waste
gross margin
gross profit from continuing 
operations as a percentage 
of revenue from continuing 
operations 
gross margin is a relative 
measure of each gb£ of 
revenue remaining after all 
direct manufacturing costs 
have been incurred 
gross margin is used to 
evaluate the profitability and 
financial health of the group
30
31
32
33
34
35
2013 2012 2011 2014
327 327
333
329
target
to maintain gross margin at greater than 
30 per cent and incrementally increase it 
over time
performance
gross margin decreased slightly by 60 bps 
principally arising from the realignment of 
costs accounted for in sga in 2013 into 
direct overhead in 2014 following the 
integration of amesburytruth on a like for 
like basis after the realignment of these 
costs the group’s ongoing gross margin 
increased by 100 bps
underlying  
operating margin
underlying operating profit 
from continuing operations 
as a percentage of revenue 
from continuing operations
refer to page 122 for 
definition of underlying 
operating profit
underlying operating margin 
is a relative measure of each 
gb£ of operating profit 
remaining after all direct 
manufacturing and 
administrative costs have 
been incurred 
underlying operating margin 
is used to evaluate the 
profitability and financial 
health of the group
0
2
4
6
8
10
12
14
2013 2012 2011 2014
131
100
109
103
target
to maintain and improve operating 
margins through the management  
control of the group’s overhead and 
administrative costs 
performance
operating margins improved by 220 bps 
principally due to the demonstration of 
good dropthrough during the year and 
synergy delivery most notably in 
amesburytruth 
on time in full 
delivery rate
proportion of customer 
orders that are delivered in 
full within the customer 
required time slot
to evaluate the 
manufacturing productivity 
and how efficient the business 
is at meeting delivery 
deadlines
0 20 40 60 80 95
2012
2013
2014
2011 907
815
930
target
908
target
to maintain and steadily improve the on 
time delivery rate to achieve an on time in 
full “otif” delivery performance to 
customer request of over 95 per cent 
performance
the on time delivery rate increased to  
908 per cent from 815 per cent an 
improvement principally driven by the 
integration of amesburytruth and 
operational improvements made within 
schlegel international  13
tyman plc  annual report and accounts 2014
kpi definition purpose target  2014 performance
maximising margins and elimination of cost and waste continued
employee turnover 
rate
last 12 months employees 
terminated voluntarily  
or involuntarily as a 
percentage of the monthly 
average headcount in  
the year
to evaluate the frequency  
of and directional trend in 
employee turnover
the kpi provides an  
indication of the avoidable 
costs associated with 
terminations including 
training inefficiencies etc
00
05
10
15
20
25
30
2013 2012 2011 2014
24
17 17
16
target
to reduce the employee turnover rate  
year on year
performance
the rise in the employee turnover rate is 
principally due to the integrations of 
vedasil and amesburytruth and the 
closure of the european industrial  
products business 
capital discipline and cash generation
leverage
underlying net debt divided 
by adjusted ebitda 
refer to page 122 for 
definitions of underlying net 
debt and adjusted ebitda 
leverage is used to evaluate 
the ability of the group to 
generate sufficient cash flows 
to cover its contractual debt 
servicing obligations 
000x 050x 100x 150x 200x 250x
225x
181x
123x
156x
target
range
2012
2013
2014
2011
target
to maintain a core leverage ratio of 
between 150x to 200x throughout  
the cycle 
performance
leverage strengthened over the year by 
025x to 156x towards the bottom of our 
target range of 150x to 200x and despite 
the levels of investment made in the 
balance sheet during the year 
return on capital 
employed “roce”  
and return on 
controllable capital 
employed “rocce”
roce is defined as 
underlying operating profit 
as a percentage of the 12 
month average capital 
employed 
rocce is defined as 
underlying operating profit 
as a percentage of the 12 
month average controllable 
capital employed 
refer to page 122 for 
definition of controllable 
capital employed and 
underlying operating profit 
roce and rocce are used to 
evaluate how efficiently the 
group’s capital and 
controllable capital are being 
employed to improve 
profitability 
0
2
4
6
8
10
12
2013 2012 2011 2014
114
72
90
73
0
10
20
30
40
50
60
2013 2012 2011 2014
534
414
459
401
target
to maintain and steadily improve roce 
and rocce with a medium term target for 
roce of 15 per cent
performance
the group has again delivered a material 
improvement in its roce and rocce 
strategic report
corporate  
governance report financial statements 14
kpi definition purpose target  2014 performance
capital discipline and cash generation continued
operating cash 
conversion
operational cash flow as a 
percentage of underlying 
operating profit 
refer to page 122 for 
definition of operational 
cash flow and underlying 
operating profit 
operating cash conversion is 
used to evaluate the cash 
flows generated by the 
business operations in order to 
pay down debt return to our 
shareholders and invest in 
acquisitions 
0 25 50 75 100125
target
945
1164
841
718
2012
2013
2014
2011
target
core target is 100 per cent conversion of 
operating profit into operational cash flow 
across a 12 month period 
performance
cash conversion in the 12 months to  
31 december 2014 was 718 per cent 
reflecting higher levels of capital 
expenditure and working capital investment 
an element of the investment in trade 
working capital is due to timing of inventory 
shipments and should reverse in 2015  
since 2011 operating cash conversion has 
averaged 899 per cent and we continue to 
target our divisions on 100 per cent cash 
conversion 
return on acquisition 
investment “roai”
refer to page 122 for 
definitions of roai and 
acquisition enterprise value 
roai is used to evaluate  
the efficiency and returns 
achieved by the group and its 
investments in recent material 
business acquisitions 
0
5
10
15
20
25
30
truth fab  fix overland vedasil
196
284
146
target
166
target
all acquisitions target a run rate return on 
acquisition investment greater than 15 per 
cent in the first two years following 
acquisition
performance
fab  fix 2012 has sustained its  
strong performance for the group  
since acquisition and delivered a return 
significantly in excess of the minimum 
threshold the cost and revenue synergies 
derived from the integration of truth 
2013 means that truth’s run rate roai 
will exceed the threshold prior to its second 
anniversary vedasil 2014 has performed 
strongly for the group in the 10 months 
since acquisition
 key performance indicators continued 15
tyman plc  annual report and accounts 2014
kpi definition purpose target  2014 performance
returns to shareholders
underlying basic eps
underlying operating  
profit divided by the basic 
weighted average number 
of ordinary shares in issue 
during the year excluding 
those held as treasury 
shares
refer to page 122 for 
definition of underlying 
operating profit 
underlying basic eps is used to 
determine the improvement in 
underlying eps for our 
shareholders 
0p
5p
10p
15p
20p
2013 2012 2011 2014
1861p
1031p
1371p
894p
target
to improve underlying eps performance 
performance
underlying earnings per share increased  
by 357 per cent to 1861 pence the 
increase reflects the improvements in 
underlying operating profit seen in the 
amesburytruth and era divisions the 
continued delivery of synergies and the 
slightly lower effective tax rate for the year 
offset in part by the increased finance 
charge and the higher weighted average 
number of shares in issue 
dividend growth
year on year growth in total 
dividends 
dividend growth is used to 
evaluate the delivery of 
consistent and balanced  
returns to shareholders in  
the form of dividends 
0p
2p
4p
6p
8p
10p
2013 2012 2011 2014
800p
450p
600p
350p
target
to grow dividends annually at least in line 
with underlying earnings 
performance
dividends have continued to grow 
consistently and by 333 per cent in 2014 
reflecting a full year of contribution by 
truth 
dividend cover
underlying basic eps 
divided by the dividend  
per share 
dividend growth is used to 
evaluate the delivery of 
consistent and balanced 
returns to shareholders in the 
form of dividends
150x 200x 250x 300x
255x
229x
229x
233x
target
range
2012
2013
2014
2011
target
targeting a dividend cover of between 
200x to 250x 
performance
dividend cover has consistently been within 
the target range 
safe working environment
lost time injuries
lost time injury rate the 
number of lost time 
incidents per 1000000 
hours worked
number of lost time injuries 
the absolute number of lost 
time injuries over the last  
12 months 
to evaluate the frequency of 
and directional trend in 
reported injuries
the kpi provides an indication 
of whether health and safety 
regulations and policies are 
being adhered to by the 
group’s operating units
0
10
20
30
40
50
0
3
6
9
12
15
2013 2012 2011 2014
45
26
31
27
744
671
481
717
target
to reduce the number of injuries and lost 
work time hourly rates year on year 
performance
although further progress was made in 
developing the group’s safety culture the 
increase in both kpis was disappointing 
the severity of incidents was reduced 
compared with 2013 and the majority of 
incidents being slips trips or manual 
handling injuries are preventable
strategic report
corporate  
governance report financial statements 16
 operational review
amesburytruth
revenue at constant  
exchange rates
 
0
50
100
150
200
250
2013 2012 2014
2207
1667
1140
£m
operating profit and margins  
at constant exchange rates
0
10
20
30
40
2013 2012 2014
332
211
110
£m
£’million except where stated 2014 2013 change cc lfl
revenue 2207 1753 259 96
underlying operating profit 332 223 491 289
underlying operating margin 150 127 230 bps
us’million except where stated 2014 2013 change lfl
revenue 3637 2742 326 96
underlying operating profit 547 348 570 289
underlying operating margin 150 127 230 bps
markets
the housing market in the united states continued to recover through 
2014 with residential private housing starts up 53 per cent in the year 
to 1089000 and completions our most relevant in year new build 
indicator up 196 per cent to 927000 single family housing starts 
increased by approximately 79 per cent across the year and 
completions by 174 per cent repair and remodelling continued to 
grow with the nahb remodelling market index for q4 2014 some  
48 per cent higher than at q4 2013 and we estimate that the 
commercial market grew by approximately 120 per cent in the year
overall we believe the market for our products in the united states 
improved by c 90 – 100 per cent in 2014 
the canadian market continued to weaken in 2014 despite the 
stronger levels of permits and starts seen in the first half of the year 
across the year as a whole housing starts increased only marginally 
and completions contracted by 22 per cent with single family 
completions contracting by some 53 per cent overall we believe  
that the canadian market for our products decreased by approximately 
35 per cent across the year as a whole 
combining the united states and canadian statistics would indicate 
the addressable north american market grew by around 65 – 70 per 
cent over the year
performance
amesburytruth’s reported revenue increased by 326 per cent to 
us3637 million 2013 us2742 million and by 96 per cent on a like 
for like basis we saw consistent gains across the majority of product 
lines and strong performance from our hardware and foam sealing 
products in particular our more structured approach to pricing in north 
america saw us exit from some lower margin pile sealing business and 
meant that overall amesburytruth conceded a small amount of 
uneconomic share in the united states while gaining significant  
share in canada 
underlying operating profit increased by 570 per cent to  
us547 million 2013 us348 million and underlying operating 
margins improved from 127 per cent to 150 per cent due to 
operational gearing automation benefits some incremental  
pricing scrap reduction and synergy delivery 
our tier 1 customers saw good growth in 2015 with the larger higher 
end window manufacturers starting to regain traction in the market 
place and our tier 2 and 3 customers saw significant growth during  
the year as they started to derive benefits from our segmented 
coverage model
we have also seen some further consolidation among the overall 
customer base during the year which should allow amesburytruth 
further opportunities to sell its differentiated product offering 
we made good progress in developing our three strategic priorities with 
door hardware revenue increasing in the year by some 132 per cent 
canadian revenue increasing by some 130 per cent and commercial 
revenue increasing by some 236 per cent in each case growth was 
achieved through a mix of deeper penetration of existing accounts and 
new customer wins 17
tyman plc  annual report and accounts 2014
business developments
2014 saw the completion of the integration of amesbury and truth  
into a single entity structured on a functional basis we announced the 
formal rebranding of the businesses as “amesburytruth” at a leading 
industry trade show in september and the new brand has been well 
received by customers and employees a leadership team comprising 
individuals from both amesbury and truth and complemented by 
external hires has been formed and the corporate office has been 
relocated to minneapolis closer to the division’s principal facilities  
and customer base
integration initiatives have continued at all levels of the business the 
most notable of which was the restructuring of the respective sales 
organisations into a single sales and marketing function 
during 2014 the integration generated approximately us55 million  
of cost and revenue synergies and we expect at least us80 million  
of synergies will be generated in 2015 – an increase of 60 per cent over 
the original synergy target announced at the time of the acquisition
we made good progress in the development of the consolidated 
amesburytruth erp system with a second implementation completed 
at the fremont nebraska plant and preparations made for an 
additional three sites to join the erp system during the course of 2015
during the year we closed the covington georgia facility and moved 
production to our cannon falls minnesota facility reflecting the focus 
of our extrusion business on high value added engineered component 
manufacture since the year end we have announced the exit from the 
ontario california facility with core extrusion manufacturing also 
transferring to cannon falls coupler manufacturing transferring to the 
fremont facility and the disposal of approximately us70 million of 
nonfenestration extrusion business
automation of inefficient manual processes remains a key focus for the 
group and a further five automation projects were delivered in 2014 
with a total investment of approximately us25 million the most 
significant automation project completed was the us10 million 
investment made at our owatonna minnesota facility in a new acrylic 
egard plus process which significantly enhances the quality and 
durability of our painted finish compared with our competitors 
improves efficiency by allowing us to paint components in line and 
eliminates environmentally unfriendly barrel plating processes
new product development initiatives continued in 2014 with a focus on 
the development of the next generation of products across certain key 
segments of our portfolio including foam door and window seals 
window balances and casement operators
100 years of truth
truth hardware now celebrating 100 years of production and 
serving an international market grew from humble beginnings in 
rural minnesota in 1914 truth tool as it was then called began 
as a small blacksmith shop in ellendale minnesota about 20 miles 
south of owatonna by arthur cowden truth soon moved 
operations to mankato minnesota where as times changed the 
hand tools that they were making were being requested by 
mechanics servicing the emerging automotive market 
by the mid1950’s truth began engineering and manufacturing 
products for the window industry and operations were moved  
in 1959 to owatonna minnesota where the business has been 
ever since 
fast forward to july 2013 truth hardware was purchased by 
tyman plc and became part of an international supplier of 
components to the door and window industry with design 
manufacturing and distribution facilities strategically located 
around the world as amesburytruth the business offers best  
in class engineering resources with the broadest portfolio of 
innovative solutions that drive our customer’s success 
many things have happened since 1914 to today but one that has 
not changed is amesburytruth’s commitment to customer service 
and quality this belief is embodied by the word’s first spoken by 
truth’s founder arthur cowden in 1927 and echoed by the 
business today 
“in the very beginning in shaping our policy we decided to stake 
our all our future on truth and its principles to be true to 
ourselves our employees and above all true to our customers – 
and truth has carried us from a small blacksmith shop to our 
present spacious and strictly modern factory which is equipped 
with the latest and most uptodate machinery operated by people 
who are happy and take pride in their work people who believe in 
truth and strive to have that belief reflected in the ‘products’ 
which they produce”
truth celebrated its 100th birthday with a party and open  
house for current and former employees and their families on  
20 september 2014
strategic report
corporate  
governance report financial statements 18
 operational review continued
north american footprint review
at the time of the acquisition of truth the north american footprint 
comprised 14 manufacturing sites and two off site warehouses in 12 
locations the two off site warehouses in owatonna minnesota were 
closed shortly after acquisition and the covington georgia site was 
closed in may 2014 since the 2014 year end the disposal of the 
ontario california site has also been announced
the group believes that there are significant potential benefits to be 
gained from rationalising the number of sites we operate within north 
america while still ensuring that amesburytruth retains sufficient 
flexibility to service its customer base and take share in a market that 
remains some way below its long run average 
accordingly amesburytruth has launched a manufacturing footprint 
review and evaluation with the goal of ensuring that by 2020 our north 
american production and distribution footprint is refined and is 
appropriate for the needs of the business in the future 
this project will bring significant opportunities to drive efficiencies  
and better manage revenue growth for amesburytruth as we combine 
operations and add new capabilities to the portfolio the benefits of the 
rationalisation are expected to include more efficient manufacturing 
processes shorter development times for bringing new products to 
market a reduction in internal freight costs a more efficient 
deployment of personnel and a reduction in divisional overheads  
each of these benefits will improve the amesburytruth business  
and will translate into a tangible improvement in our customers’  
overall experience
footprint considerations
ease 
of access
business
continuity
growing 
market
customer 
dependence
leadership 
position
supply
chain
channel
to market
distribution
channel
product
engineering
customer
logistics
employee
demographics
the footprint rationalisation will centre around creating four 
manufacturing centres of excellence supported by a number of satellite 
manufacturing and distribution facilities the creation of the group’s 
manufacturing centres of excellence is expected to be phased over five 
years as individual sites are appropriately configured and we take 
advantage of lease breaks on surplus facilities the project will be 
executed in two overlapping phases the first beginning now and  
ending in early 2017 and the second phase beginning in 2017 and 
ending by 2020
the cash costs for implementing the footprint rationalisation are 
expected to range from us250 million to us330 million this  
comprises between us150 million and us230 million of net 
incremental capital investment in facilities and equipment and 
approximately us100 million of incremental restructuring costs the 
restructuring costs together with certain noncash costs incurred are 
expected to be accounted for as exceptional items in the income 
statement over the rationalisation period 
we expect that the annualised cost benefits of the successful 
implementation of the footprint restructuring will be not less than 
us100 million per annum with incremental benefits from the 
restructuring starting to flow from 2017 and full benefits from 2020 
the table below presents the estimated total costs both cash and non 
cash associated with the footprint rationalisation the net capital 
expenditure required to execute the plan and the savings expected to 
be realised we will provide further updates as to progress over the 
coming months
us’million 2015 2016 201719 total
pl cash costs 25 25 50 100
pl non cash costs 10 30 40 – 80 80 – 120
total pl costs 35 55 90 – 130 180 – 220
capital expenditure net 20 50 80 – 160 150 – 230
pl saving – – 20  70
1
100
2
1 c us20 million in 2017 rising to c us70 million in 2019
2 annual run rate pl savings from 2020
north american outlook
we expect the recovery in the united states new build market will 
continue into 2015 supported by the continued growth in repair and 
remodelling the canadian market is expected to contract further in 
2015 however we still intend to take additional market share in line 
with our strategic goal
2015 initiatives include the additional erp implementations across a 
number of sites further targeted automation projects to improve our 
manufacturing capabilities investment in training and development 
with the creation of the first amesburytruth training academy which  
we expect will help improve shop floor retention rates further 
enhancements to our customer segmentation model and the start  
of the five year project to rationalise our north american footprint  19
tyman plc  annual report and accounts 2014
market
the uk market saw continued progress during 2014 with significant 
growth in the first half against soft comparative data moderating 
somewhat over the summer and then a strong finish to the year 
new build activity in 2014 increased by approximately 100 per cent 
and we estimate that rmi which comprises substantially all of the uk 
market increased by approximately 60 per cent overall we believe 
that the market for our products grew by approximately 60 per cent in 
the year
rebranding as era
on 10 march 2015 we announced the rebranding of grouphomesafe 
as era leveraging off the market presence and heritage of the uk’s 
longest standing lock brand era will be supported by the strong family 
of product brands that the division goes to market within the uk 
including the era lock brand balance uk ews fab  fix schlegel and 
ventrolla and 2015 will see further development of the era brand
performance
era had another strong year generating market share gains across the 
entire components portfolio these share gains arose from deeper 
penetration of the oem customer base as well as a number of new 
customer wins 
revenue increased overall by 74 per cent to £924 million  
2013 £860 million with our core components business growing  
by 108 per cent year on year underlying operating profit increased  
by 309 per cent to £137 million 2013 £105 million with around  
£13 million of the increase due to the relative strength of sterling  
over the year 
as expected the share gains in the components portfolio have led to  
a margin mix improvement for the division with underlying operating 
margins increasing on a reported basis by 270 bps to 149 per cent 
2013 122 per cent and by c 110 bps once the beneficial impact of 
currency is stripped out 
ews our specialist cold rolled steel reinforcer business increased  
its output in metres and operating profit contribution year on year 
however the continued decline in steel prices meant that its  
overall revenue was broadly flat ventrolla our sash window 
refurbishment business had another strong year with revenue 
increasing some 144 per cent and continues to make good progress  
in developing its domestic and commercial businesses
our routes to market saw particularly strong performance from  
our core oem fabricator customers contrasting with more  
subdued performance from the builders merchants and general 
distribution channels
business developments
our new range of bifold hardware was successfully introduced into  
the market during the year and has seen strong take up from the oem 
systems houses our premium fab  fix product range grew rapidly in 
2014 and took significant share supported by the additional supplier 
capacity that was put in place by the group in 2013 and the inventories 
laid down in 2014
uk outlook
the uk market has now seen seven consecutive quarters of progress 
and appears to be well set for a further year of growth albeit probably 
at a slightly lower rate than that seen in 2013 and 2014 era expects 
that it will be able to take further market share during 2015 through 
growth in both the oem and distribution channels
2015 initiatives include the launch of the division’s full service 
ecommerce platform “era everywhere” for the uk market and the 
further development of the era brand this includes “era expert” to 
bring all of the division’s support functions under a common sub brand 
and the “era 5 star guarantee” that offers consumers a cash sum in 
the event that an era security product fails in the field 
the division also has a number of new products coming to market  
in 2015 including the proprietary invincible
tm
 cylinder lock a new range 
of pvc window hardware and a smartphone enabled cylinder lock as 
well as a new range of electromechanical security related products
era
revenue at constant  
exchange rates 
0
20
40
60
80
100
2013 2012 2014
924
860
733
£m
operating profit and margins  
at constant exchange rates
0
3
6
9
12
15
2013 2012 2014
137
105
90
£m
£’million except where stated 2014 2013 change
revenue 924 860 74
underlying operating profit 137 105 309
underlying operating margin 149 122 270 bps
strategic report
corporate  
governance report financial statements 20
our australian and singapore businesses had good years and  
continued to take share in markets that were stronger than in 2013 
both businesses benefited from the introduction of the truth product 
range to the portfolio the market in brazil recovered somewhat in the 
second half of the year following the world cup and the presidential 
election and our enlarged business was assisted by the addition of the 
established vedasil customer base as well as the proximity to market 
that our new manufacturing capabilities present
profitability in schlegel international at the operational level  
benefited from the initial contributions of vedasil and sale of truth 
products offset by higher levels of overhead as a result of the 
significant investment made in developing the schlegel international 
management team this incremental investment programme is now 
complete and we believe that schlegel international remains well 
positioned for growth as and when european markets recover
business developments
at the end of 2014 we closed our belgian facility and discontinued the 
manufacture of industrial products in europe industrial products are 
not integral to the group’s fenestration component offering and the 
european industrial products business had run at a small operating loss 
for the past two years the closure removes a significant management 
distraction and allows the divisional management team to focus on the 
development of the building products business in europe
efforts to sell the industrial products business as a going concern were 
not successful and accordingly the closure of the facility resulted in  
cash costs of approximately £24 million tangible asset write downs  
of approximately £07 million and intangible asset write downs of  
£38 million 2014 revenue for the industrial products business was  
£17 million 2013 £25 million and the operating loss was 
approximately £07 million 2013 £04 million 
we made good progress with the restructuring of the division and in 
light of the sustained downturn in european markets continue to 
evaluate the size and locations of our european footprint in addition 
we continue to look actively for opportunities in europe to give the 
division the scale it requires remaining mindful of our acquisition 
criteria including our focus on absolute returns 
schlegel international
revenue at constant  
exchange rates 
0
10
20
30
40
50
2013 2012 2014
378
342 348
£m
operating profit and margins  
at constant exchange rates
15
10
05
0
05
10
15
20
25
2013 2012 2014
08
06
22
£m
£’million except where stated 2014 2013 change cc lfl
revenue 378 368 29 32
underlying operating loss 08 04 na na
underlying operating margin 22 11
markets and performance
schlegel reported increased revenue of £37 8 million 2013 £368 million 
however revenue decreased by some 32 per cent on a constant 
currency like for like basis difficult trading in europe was offset in part 
by stronger performances in brazil where the division benefited from its 
increased scale following the acquisition of vedasil and in australia 
assisted by the addition of the full truth product range to the portfolio
quarter by quarter revenue performance in each of schlegel’s key 
geographies is broken out in the table below
country q1 2014 q2 2014 q3 2014 q4 2014
year on 
year
europe 7 – 7 8 2
germany 3 6 7 21 6
france 7 22 12 9 9
italy 17 – 9 2 2
russia 24 45 22 – 8
poland 26 20 8 31 3
norway 2 10 – 9 6
belgium 7 8 1 1 4
spain 10 10 2 1 1
australia
1
12 12 20 15 15
brazil
2
26 7 23 1 2
singapore
3
28 20 15 17 20
1  australia excluding truth product revenue fy 8
2  brazil sal revenue compared with proforma 2013 sal revenue
3  singapore excluding truth product revenue fy 2
europe remained a difficult trading environment with our two largest 
end markets germany and france registering year on year declines 
and demand patterns across the customer base remaining variable  
our significant eastern european markets of russia and poland did see 
improved demand during the first half of the year however this was 
largely due to inventory restocking by distributors and reversed in the 
second half we continued to outperform the market in italy where we 
have benefited from competitors exiting the market in recent years and 
demand in spain has begun to stabilise over the past 12 months
 operational review continued 21
tyman plc  annual report and accounts 2014
brazil australia europe united kingdom north america
60
40
90
10
60
40
20
80
55
45
rmi new build
schlegel international has continued to develop its product portfolio 
during the year as it aims to offer a complete range of sealing solutions 
to the market new product introductions in 2014 included the launch 
at the fensterbau trade show of the high performance novaseal 
range and the introduction of the north american foamtite seal to the 
european market in conjunction with amesburytruth the division is 
also developing a lockable casement operator for the australasian 
market which will come to market in 2015
schlegel américa latina
following the acquisition of vedasil in february we combined the 
businesses of vedasil and our existing brazilian business into a single 
operating entity – schlegel américa latina we closed our são paolo 
distribution centre and consolidated all activities at the vedasil site 
integration has progressed well and the enlarged business has 
performed ahead of our expectations in its first 10 months of  
operation making a meaningful contribution to the division
outlook
following the closure of the european industrial products business  
and the conclusion of our incremental investment programme 2015 
should see an improved performance from the division material profit 
improvement however remains dependent on significantly increased 
european volumes which given the macroeconomic environment we  
do not expect to come through in 2015
across europe as a whole we expect to see broadly flat markets in  
2015 with some isolated pockets of growth we expect continued 
improvement in australasia and south east asian markets and while 
the overall brazilian macroeconomic backdrop is subdued construction 
markets are expected to show further growth in 2015 we are well 
positioned in the brazilian market and are developing distribution into 
adjacent geographies 
fensterbau 2014
schlegel international had their biggest stand for years at 
fensterbau 2014 to place the famous schlegel brand firmly back 
on the fenestration market map
fensterbau a trade show for the window door and façade 
construction sector provided a useful vehicle to exhibit the 
extensive schlegel range across europe 
schlegel who have recently expanded with new materials and 
designs showcased their extruded seals in tpe pp and epdm as 
well as the exciting “new to europe” foamtite specifically 
designed for aluminium and pvc framing
   wwwschlegelcom 
2014 rmi vs new build by end market
diversification across new build  rmi
tyman’s products are offered to both the new build and rmi markets 
ensuring a degree of diversification  even though the markets are 
linked in most countries a greater demand for tyman’s products 
comes from the rmi market
strategic report
corporate  
governance report financial statements 22
 financial review
the continued delivery of synergies and good dropthrough during the year 
contributed to a 424 per cent increase in underlying operating profit
revenue and profit
group revenue increased by 177 per cent to £3509 million  
2013 £2981 million in large part due to the consolidation of truth for 
a full 12 months compared with six months in 2013 and despite the 
adverse impact of currency movements in the year on a constant 
currency like for like basis group revenue increased by approximately 
74 per cent year on year 
reported gross margin decreased slightly to 327 per cent  
2013 333 per cent principally arising from the realignment of costs 
accounted for in sga in 2013 into direct overhead in 2014 following 
the integration of amesburytruth on a like for like basis after the 
realignment of these costs the group’s ongoing gross margin improved 
by 100 bps
underlying administrative expenses increased slightly to £687 million 
2013 £669 million despite the increased levels of trading principally 
reflecting the successful delivery of cost synergy benefits in 
amesburytruth along with tight cost control in the other divisions 
underlying operating profit increased by 424 per cent to £461 million 
2013 £323 million and by 251 per cent on a constant currency like 
for like basis we demonstrated good dropthrough during the year with 
underlying operating margins increasing to 220 bps to 131 per cent 
2013 109 per cent 
underlying profit before taxation increased by 456 per cent to  
£416 million 2013 £286 million and by 234 per cent on a constant 
currency like for like basis
finance costs
interest payable on bank loans and overdrafts increased to £46 million 
2013 £35 million reflecting a full year of interest charges on the 
group’s higher absolute level of indebtedness following the acquisition 
of truth 
capitalised borrowing costs written off through the income statement 
in the year totalled £25 million 2013 £10 million of which £13 million 
related to accelerated amortisation following the repayment and 
cancellation of both the 2011 banking facility and the 2013 truth 
acquisition facility
net finance costs in 2013 were reduced by £13 million as a result of the 
exceptional foreign exchange gain which arose on the conversion of 
equity proceeds into us dollars to finance the acquisition of truth
interest rates 
the group’s average cost of funds and margin payable over the year as 
a whole was approximately 28 per cent 2013 29 per cent the group 
holds interest rate contracts to swap around 709 per cent of the 
group’s outstanding debt under its revolving credit facility at the year 
end from floating rates to a weighted average fixed rate of 12 per cent 
with a range of maturities between 2016 and 2020 
as at 31 december 2014 the group’s portfolio of swap contracts at fair 
value amounted to a liability of £03 million 2013 £08 million any 
changes in fair value until maturity classified as an effective hedge will 
be recognised directly in other comprehensive income with only the 
ineffective portion taken through the income statement
taxation 
the group incurred a tax charge on profit before taxation of  
£26 million 2013 tax credit of £02 million taxation before 
adjustments for deferred tax rate changes amortisation and 
impairment of acquired intangibles and exceptional items amounted  
to £104 million which represents an effective underlying tax rate  
of 250 per cent 2013 267 per cent the group paid £63 million 
2013 £62 million of corporate taxes in the year which equates to a 
cash tax rate of 150 per cent 2013 217 per cent  23
tyman plc  annual report and accounts 2014
0
50
100
150
200
250
300
350
400
2014 ma volume price exchange 2013
143
2981
47
168
456 3509
£ million
0
5
10
15
20
25
30
35
40
45
50
2014 ma utilisation volume materials 
 inﬂation
price exchange 2013
47
20
323
25
13
42
81 461
£ million
the effective underlying tax rate was reduced by approximately  
170 bps due to the impact of the 2010 and 2011 ltip awards both 
vesting in 2014 and the significant share price appreciation over the 
lifetime of those awards
several factors impact the group’s taxation charge or credit including
• the group’s operations are international in nature in 2014 706 per 
cent of the group’s trading profits before central cost allocations 
were generated in the united states 291 per cent generated in the 
uk and 03 per cent in schlegel international’s overseas territories 
depressed in 2014 by the trading losses made in europe the 
group’s effective tax rate is therefore a function of the interaction of 
different country state and local taxation rates and allowances 
• the group has a proactive capital investment programme in each of 
its divisions these investments are amortised for tax purposes in 
accordance with the laws relating to capital allowances in each 
country which may not match with the group’s depreciation policy
• group companies sometimes generate losses in 2014 most notably 
in certain european jurisdictions where these losses can be relieved 
or carried forward to be relieved in future periods the group does so 
in accordance with the relevant laws however this treatment is 
broadly dependent on sufficient eligible taxable profits being 
generated in the relevant jurisdiction 
• certain losses most notably those related to the amortisation and 
impairment of intangible assets and the write off of goodwill arising 
on acquisition cannot be relieved against taxable profits as the 
group has developed through acquisition these charges have a 
material impact on the group’s statutory tax charge as a proportion 
of pretax profits
• group share options and ltips will generate varying levels of tax 
relief to the group dependent on the vesting outcomes of awards 
and the share price as at the date of vesting
• the group does not make material use of special incentive 
arrangements that might impact the tax charge such as research 
and development tax credits or patent box structures 
the group conducts its tax affairs in accordance with the law and 
arranges its tax affairs in line with its commercial activities worldwide 
as such it follows the terms of double taxation treaties and relevant 
oecd guidelines in dealing with issues such as transfer pricing 
repatriation of profits and the establishment of a taxable presence in 
countries where it trades the group seeks to engage proactively with 
tax authorities in each of its key jurisdictions in order to ensure that the 
group’s tax affairs are clearly communicated as far as practical the 
group aims to keep its legal and commercial structures straightforward 
in order to reduce risk and minimise compliance costs 
the group’s key transfer pricing arrangements comprise commercial 
agreements relating to trade between group entities intragroup 
financing and the recharging of sharedservice administrative costs 
where group entities do trade with each other transfer pricing 
arrangements are appropriate for the territories involved and are 
enacted on a consistent basis
earnings per share
underlying earnings per share increased by 357 per cent to  
1861 pence 2013 1371 pence the increase reflects the improvement 
in underlying operating profit the continued delivery of synergies and  
the slightly lower effective tax rate for the year offset in part by the 
increased finance charge and the higher weighted average number  
of shares in issue
basic earnings per share was 556 pence 2013 063 pence
revenue bridge underlying operating profit bridge 
strategic report
corporate  
governance report financial statements 24
dividends
a final dividend of 600 pence per share 2013 450 pence per share 
equivalent to £101 million 2013 £76 million will be proposed at the 
annual general meeting the total dividend declared for the 2014 
financial year is therefore 800 pence per share 2013 600 pence per 
share an increase of 333 per cent over 2013 and which equates to 
dividend cover of 233x 
the exdividend date will be 23 april 2015 and the final dividend  
will be paid on 20 may 2015 to shareholders on the register at close  
24 april 2015
in accordance with ifrs only dividends paid during the year have been 
charged in the 2014 financial statements dividends declared and paid 
in 2014 were the 2013 final dividend of 450 pence per share and the 
2014 interim dividend of 200 pence per share
exceptional items
£’000 2014 2013
redundancy and restructuring costs 4236 1763
inventory obsolescence alignment – 887
ma and integration costs 1718 5949
writeoff of inventory fair value adjustment – 2304
gain on property disposal 398 –
5556 10903
exceptional items of £56 million were incurred during the year  
2013 £109 million 
redundancy and restructuring costs principally concern the closures of 
the manufacturing facilities in belgium gistel and the us covington 
georgia costs of £31 million incurred in respect of the gistel closure 
include tangible asset write downs of approximately £07 million and 
redundancy costs and impairment of other assets of £24 million costs 
of £06 million incurred in respect of the covington closure principally 
relate to an onerous lease provision made during the year the 
remaining £05 million comprises costs incurred across various entities 
as part of redundancy and restructuring programmes primarily in 
schlegel international
ma costs of £04 million reflect directly attributable transaction costs 
and expenses incurred in connection with the acquisition of vedasil 
together with other ma activity in the year integration costs comprise 
£11 million in relation to the ongoing integration of amesburytruth  
and £02 million in relation to the integration of vedasil these costs 
predominantly relate to office closures relocation and redundancy 
costs the costs in 2013 primarily related to the transaction costs and 
expenses directly attributable to the acquisition of truth hardware and 
associated integration costs
the £23 million charge for the year ended 31 december 2013 relates 
to the oneoff write off of the acquisition fair value adjustment to the 
book value of inventories acquired in the truth acquisition
the exceptional costs comprise £22 million of costs cash settled  
in 2014 2013 £60 million and £37 million of non cash costs  
2013 £49 million
offsetting the exceptional costs incurred was the gain of £04 million 
us07 million realised on the disposal of the surplus property in  
sioux falls south dakota sold in february 2014 for £11 million  
us17 million
these items are regarded by the group as exceptional as they are 
significant and nonrecurring in nature 
materials and input costs
we track the pricing of key raw materials closely within the divisions in 
order to ensure we are procuring at the best price for the quantities we 
consume and that we are in a position to secure price increases where 
necessary we were again successful with our continued policy of full 
input cost recovery most notably with zinc in north america where we 
implemented a price surcharge in the fourth quarter
we focus on three key categories of raw material – steel oil derivatives 
and zinc our largest raw material and component purchase is steel 
across a number of different types and grades oil derivatives are used 
in the manufacture of our seal extrusion and injection moulded 
products zinc has increased significantly in importance to the group 
since the acquisition of truth in addition we track closely the pricing of 
a representative basket of those products we source from the far east 
into the uk – which will be influenced by local labour and overhead 
rates raw material price changes and the exchange rate 
the raw material cost price backdrop continued to be relatively benign 
in 2014 although was slightly more volatile than in recent years the 
table below sets out the direction of pricing in 2014 of certain specific 
tracker purchases – galvanised steel in the uk polypropylene in europe 
zinc in north america and the representative uk basket of components 
– which are tracked on a weekly basis at group level each of these 
tracker purchases will also tend to be used in the manufacture of those 
products we source from third parties
overall category
2014 
materials 
cos 
£’m
1
tracker 
purchases
average 
tracker 
price
movement
2
spot 
tracker 
price
movement
3
steel 429 uk galvanised 51 122
oil derivatives 326 euro polypro 39 113
zinc 253 us zinc 74 190
uk far east 
components 357 uk basket 54 39
1 estimated 2014 materials cost of sales for raw materials components and hardware for 
overall category
2  average 2014 tracker price compared with average 2013 tracker price
3  spot tracker price as at 31 december 2014 compared with spot tracker price at  
31 december 2013
 financial review continued 25
tyman plc  annual report and accounts 2014
acquisitions
the group made one acquisition during 2014 which was the acquisition 
of vedasil in brazil roai for the four businesses of size acquired since 
2010 are as follows
date of 
acquisition
original 
acquisition 
investment 
‘000
roai 
in 2014
annualised 
roai since 
date of 
acquisition
overland dec 2011 us16493 166 128
fab  fix aug 2012 £15217 284 192
truth jul 2013 us206437 146 136
vedasil feb 2014 br26639 196 237
the group requires that all acquisitions target a run rate roai  
greater than 15 per cent in the first two years following acquisition 
achievement of this hurdle rate of return should ensure that any 
acquisition delivers a return significantly in excess of the group’s cost  
of capital
fab  fix has sustained its strong performance for the group since 
acquisition and delivered a return significantly in excess of the minimum 
threshold the cost and revenue synergies derived from the integration 
of truth means that truth’s run rate roai will exceed the threshold prior 
to its second anniversary and vedasil has performed very strongly for 
the group in the 10 months since acquisition
goodwill and acquired intangible assets
a goodwill impairment charge of £34 million was taken in the year 
following the decision to close the european industrial products 
business the intangible amortisation charge of £182 million  
2013 £166 million increased principally due to a full year of 
amortisation of the intangible assets created as a result of the truth 
acquisition together with the initial amortisation of the intangible 
assets acquired with vedasil 
in accordance with accounting standards the board has reviewed the 
carrying value of goodwill and other intangible assets across the group 
by cash generating unit “cgu” in the light of current trading and 
prospects and progress towards achieving the divisions’ strategic plans 
the board concluded that the carrying value of goodwill and other 
intangible assets remained appropriate for the continuing businesses 
and that no further impairment had occurred 
the cgu with the lowest headroom remains the schlegel international 
cgu which is a function of the current levels of demand currently seen 
within that division in the event that there was a further material 
contraction in demand for schlegel international’s products that leads 
to an expectation of a future permanent reduction in ebitda levels 
then a further impairment might be required the board will keep this 
under review
during 2014 amesbury and truth were treated as separate cgus the 
two businesses now operate as an integrated division under a common 
leadership team and as product categories start to be consolidated it 
is becoming increasingly difficult to allocate revenue and cash flows to 
the correct cgu accordingly the board intends to combine the 
amesbury and truth cgus into a single amesburytruth cgu during 
2015 and future impairment testing will be conducted on that basis
bank facilities and us private placement notes
maturity currency committed uncommitted
revolving credit 
facility jun 2019
multi
currency £1800m £600m
497uspp 
notes nov 2021 us us550m –
537uspp 
notes nov 2024 us us450m –
on 10 june 2014 the group entered into an enlarged new banking 
facility the “2014 facility” of up to £240 million with six relationship 
banks comprising a £180 million committed revolving credit facility and 
a £60 million uncommitted accordion facility the 2014 facility offers 
the group improved pricing increased flexibility and relaxation or 
removal of certain covenants on completion of the 2014 facility the 
2011 facility was repaid in full and cancelled 
in november 2014 the group raised a total of us100 million through 
its inaugural us private placement offering the us100 million 
acquisition facility put in place in 2013 to acquire truth was repaid  
and cancelled in november 2014
liquidity 
at 31 december 2014 the group had gross outstanding borrowings  
of £1300 million 2013 £1246 million cash balances of £393 million 
2013 £436 million and committed but undrawn facilities of  
£1147 million 2013 £297 million as well as access to the 
uncommitted £600 million accordion facility
underlying net debt at the year end was £907 million  
2013 £809 million with £47 million of the increase due to exchange 
movements year on year under ifrs which reduces gross debt by  
the unamortised portion of finance arrangement fees net debt at  
31 december 2014 was £887 million 2013 £787 million 
the group maintains sufficient cash balances and undrawn borrowing 
facilities to finance all investment and capital expenditure included in its 
strategic plan while retaining sufficient flexibility to be able to react to 
changes in market conditions and complete bolt on acquisitions without 
the need to raise external finance 
covenant performance
at 31 december 2014 test
covenant 
performance
headroom 
£’m
headroom 

leverage  30x 156x 266 481
interest cover  40x 1222x 370 672
at the year end the group had significant headroom on its  
banking covenants leverage calculated on the same basis as our 
banking covenant tests strengthened over the year by 025x to 156x 
2013 181x towards the bottom of our target range of 150x to 200x 
despite the levels of investment made in the balance sheet during the 
year interest cover also strengthened over the year by 049x to 1222x 
2013 1173x
strategic report
corporate  
governance report financial statements 26
shares in issue
the total number of shares in issue at 31 december was 1701 million 
with the basic weighted average number of shares in issue 1678 million 
2013 1528 million and the fully diluted weighted average number of 
shares 1697 million 2013 1551 million 
at 31 december 2014 the group had 06 million shares in treasury 
2013 06 million and the tyman employee benefit trust held  
16 million shares 2013 22 million
cash and conversion
the group made significant investment in the balance sheet during the 
year with capital expenditure running well ahead of depreciation and 
trade working capital increasing an element of the investment in trade 
working capital is due to timing of inventory shipments and should 
reverse in 2015 
reconciliation from net cash generated from operations to operational 
cash flow
£’000 2014
2013 
restated
net cash generated from operations 33805 32643
add pension contributions 1012 909
add income tax paid 6257 6209
less purchases of property plant and 
equipment 9342 7359
less purchases of intangible assets 2122 1286
add proceeds on disposal of property plant 
and equipment 1265 559
30875 31675
exceptional cash costs 2212 5990
operational cash flow 33087 37665
the group generated operational cash flow in the year of £331 million 
2013 £377 million after adding back £22 million 2013 £60 million 
of exceptional costs cash settled in the year operating cash conversion 
of 718 per cent was accordingly lower than in the previous year  
2013 1164 per cent since 2011 operating cash conversion has 
averaged 899 per cent and we continue to target our divisions on  
100 per cent cash conversion
capital expenditure
gross capital expenditure increased to £115 million 2013 £86 million 
or 143x depreciation 2013 131x depreciation as we continued our 
programme of targeted capital investment ahead of depreciation 
across each of the businesses capital expenditure receipts in the year 
benefited from the proceeds of the sioux falls property disposal
of this amount intangible capital expenditure comprised £21 million 
2013 £13 million principally as a result of our continuing investment 
in the amesburytruth erp system
working capital
we retained our strong focus on management of working capital within 
each of the divisions with the aim of achieving an appropriate balance 
between commercial priorities and financial efficiency each division is 
allocated specific cash targets which are monitored throughout the  
year and flexed according to demand levels and the divisions are 
encouraged to seek out opportunities to secure permanent reductions 
in working capital
some investment in working capital was required in 2014 to support  
the increased activity levels in the two largest divisions the overall 
movement of working capital in 2014 was a net cash outflow of  
£109 million 2013 £124 million inflow
inventories on the balance sheet at the year end increased to  
£476 million 2013 £407 million with £20 million of the increase due 
to exchange movements and vedasil the majority of the increase year 
on year was due to targeted investment in inventory at era to support 
the significantly higher levels of trading in fab  fix product in 
addition certain far east shipments of inventory in advance of chinese 
new year fell into 2014 when provisional scheduling had indicated they 
would be shipped in 2015
despite the increased levels of trading our trade receivables increased 
only marginally to £315 million 2013 £299 million with substantially 
all of the increase due to exchange movements and vedasil this 
reflects the continued proactive management of the trade receivables 
book and bad debts written off in the year amounted to only 01 per 
cent of revenue 2013 01 per cent 
our more structured approach to supply chain in each of the divisions 
required some extension of trading terms with key suppliers and 
accordingly trade payables year on year decreased to £268 million 
2013 £312 million the group will benefit in terms of service levels 
and responsiveness from its supplier base from this investment
net trade working capital to revenue at the year end increased by  
170 bps to 149 per cent 2013 132 per cent 
pensions and post retirement medical benefits
the group’s gross pension and post retirement medical benefit 
obligations under ias 19 at 31 december 2014 were £249 million 
2013 £211 million with the majority of the movement over the course 
of the year being due to exchange differences and actuarial losses 
following reassessments of discount rates the principal schemes are 
located in north america where the pension scheme is closed to new 
entrants and post retirement healthcare benefits are capped
cash contributions made to the schemes during the year were  
£10 million 2013 £09 million
summary 2015 guidance
underlying tax rates for the group for 2015 are expected to be slightly 
higher than in 2014 at c 27 – 28 per cent the final underlying tax rate 
for the year will principally depend on the group’s geographical mix of 
taxable profits cash taxation rates are expected to be slightly below 
the group’s underlying tax rate
 financial review continued 27
tyman plc  annual report and accounts 2014
0
50
100
150
200
250
300
350
2014 2015
committed incremental 
liquidity c£1537 million
total incremental liquidity
c £2137 million
£m
tenor ﬁve to ten years
rcf utilisation and uspp 
drawings at 31 december
c £1300 million
2016 2017 2018 2019 2020 2021 2022 2023 2024
rcf accordion uspp 2024 uspp 2021 cash
gross capital expenditure for the year excluding capital expenditure 
associated with the north american footprint project is expected to be 
in the range £120 – £140 million
interest payable on borrowings for the full year under the existing 
facilities is expected to be £60 – £70 million – although the actual 
amount will be dependent on leverage the non cash amortisation  
of capitalised borrowing costs will reduce in 2015 to c £05 million
trade working capital trough to peak for the year is expected to be 
£150 – £200 million
ltip purchases by the employee benefit trust are expected to be  
£30 – £40 million
currency
currency in the consolidated income statement
the principal foreign currencies that impact our results are the  
us dollar the euro the australian dollar and the canadian dollar 
following the acquisition of vedasil the brazilian real has also become 
a more important currency for the group each of these currencies was 
on average weaker versus sterling in 2014 compared with the  
previous year
the net effect of currency translation caused revenue and underlying 
operating profit from ongoing operations to decrease by £152 million 
and £23 million respectively compared with 2013 as shown below
currency us euro aus ca br real total
1
average rate 
2014 16479 12407 18269 18189 38711
average rate 
2013 15646 11780 16224 16117 33798
 movement 53 53 126 129 145
£’m revenue 
impact 115 11 11 05 10 152
£’m profit 
impact
2
19 – 01 01 02 23
1c movement 
impact
3
£218k £2k £6k £2k £3k
1 impact of other currencies is de minimis
2 underlying operating profit impact 
3 defined as the approximate translation impact of a 1c movement in the currency on 
underlying operating profit
in addition there are transactional exposures for those divisions that 
purchase or sell products in currencies other than their functional 
currency these are principally sterlingus dollar or renminbi for 
purchases by era from the far east and aus dollarus dollarrenminbi 
for purchases by schlegel international’s australian business from the 
usa and the far east in 2014 we estimate that the strength of sterling 
benefited era’s reported profitability by approximately £13 million  
and the unhedged impact on era of a 1c movement in the us dollar is 
approximately £02 million other transactional exposures benefit  
from the existence of natural hedges or are de minimis in size
the group’s policy is to recover adverse transactional currency 
movements through price increases or surcharges
currency in the balance sheet
the group aims to mitigate the translational impact of exchange  
rate movements by denominating a proportion of total borrowings in 
those currencies where there is a material contribution to underlying 
operating profit the group’s 2014 facility allows the group to draw 
funds in a number of different currencies
financial reporting
this financial information has been prepared under ifrs and in 
accordance with the group’s accounting policies there have been no 
changes to the group’s accounting policies during the year ended  
31 december 2014
james brotherton
chief financial officer
10 march 2015
group facilities following 2014 financings
strategic report
corporate  
governance report financial statements 28
  p ri n c i p al ri s k s  
and uncertainties
risk
impact on 
strategy trend description mitigation
market 
conditions
1
2
demand in the building products sector is 
dependent on levels of activity in new 
construction and property repair and 
remodelling markets this demand can be 
unpredictable and the group has a low visibility 
of future orders from its customers the 
recovery in the us and uk has reduced risk for 
the group but the risk of further decline in the 
european economies persists 
in recent cyclical downturns management have 
proved effective in responding to such events and 
continue to have similar measures ready to deploy 
such as
• maintaining appropriate headroom and tenor  
in its available borrowing facilities
• the geographic spread of our business 
• our ability to flex our cost base 
• pricing and gross margin management
• planning budgeting and forecasting  
processes and
• offering industry leading customer service
risk
impact on 
strategy trend description mitigation
competitors
1
2
3
the group may face significant competition 
including competition from international 
businesses with large capital resources 
competition in the industry is based on range 
and quality of products offered geographical 
reach product development reputation and 
client relationships the building products 
market has become increasingly competitive 
particularly where overcapacity has been 
exacerbated by the economic recession 
aggressive pricing from our competitors  
could cause a reduction in our revenues  
and margins
some of our markets are relatively concentrated with 
two or three key players while others are highly 
fragmented and offer significant opportunities for 
consolidation and penetration the group continues 
to differentiate itself through its wide range of 
products its investment in new product development 
a focus on setting industry leading standards for 
delivery on time and in full its technical support its 
geographical spread strategic focus and reputation 
we aim to minimise the impact of aggressive pricing 
by competitors through a low cost manufacturing 
strategy supported by our programmes of continuous 
process improvements and building long term 
relationships with our customers based on value 
quality service and added value technical support
risk
impact on 
strategy trend description mitigation
loss of 
major 
customers
1
2
3
the success of the group will to some extent 
be dependent on the continuation  
of satisfactory commercial relationships  
with its major customers
the top 10 customers account for 
approximately 32 per cent of total  
group revenue
the group aims to build long term relationships with 
our customers based on value quality and range of 
products industry leading service and value added 
technical support the group continues to focus on a 
broad range of customers in a number of geographic 
markets the group looks to broaden the addressable 
markets of its key businesses by building customer 
focused capabilities both through organic investment 
and acquisitions 
risk
impact on 
strategy trend description mitigation
key 
executives  
and 
personnel
3
4
6
the group’s future success is substantially 
dependent on the continued services and 
performance of its executive directors and 
senior management and its ability to continue 
to attract and retain highly skilled and qualified 
personnel
the remuneration committee and the tyman 
management committee mitigate the risk of losing 
key personnel through robust succession planning 
strong recruitment processes long term management 
incentives and retention initiatives 29
tyman plc  annual report and accounts 2014
risk
impact on 
strategy trend description mitigation
raw 
material 
costs and 
supply chain 
failures
1
3
4
the raw materials used in the group’s businesses 
include commodities that experience price 
volatility such as oil derivatives steel aluminium 
and zinc caused by changes in supply and 
demand and commodity market fluctuations 
the group’s ability to meet customer demands 
depends in large part on obtaining timely and 
adequate supplies of components and raw 
materials on competitive terms failure by any of 
the group’s suppliers could significantly limit the 
group’s sales and increase its costs the raw 
material cost backdrop was relatively benign  
in 2014
the group continues to invest in and improve its 
sourcing and procurement capability the group 
manages the risks associated with raw material costs 
and supply chain failure through strong long term 
relationships with suppliers economies of purchasing 
multiple suppliers and inventory management in 
addition the group will mitigate this risk by increasing 
selling prices or applying surcharges to recover 
unavoidable input cost increases the group’s  
third party component suppliers typically have 
longstanding relationships with the divisions and 
manufacture product for the group on an exclusive or 
semiexclusive basis to the group’s designs and on 
the group’s tooling this gives the group the balance 
of a committed supplier base with the flexibility to 
change suppliers if quality or service levels decline
risk
impact on 
strategy trend description mitigation
business 
integration
1
5
6
the group will continue to make strategic 
acquisitions in the future which will impact the 
performance and the risk profile of the group 
the subsequent integration of acquisitions 
involves further risks such as the diversion of 
management disruption of operations and the 
retention of key personnel in the acquired 
business 
the group mitigates this risk by extensive due diligence 
prior to the acquisition and the preparation of a 
detailed integration plan following acquisition covering 
all key areas of activity the integration process is led by 
the executive directors and supported by dedicated 
project teams that include specialised management 
from the wider group rolling out our erp investment 
and our internal audit programme post acquisition 
helps to establish best practice in governance and 
control procedures the board regularly reviews post 
acquisition performance and integration
risk
impact on 
strategy trend description mitigation
funding 
and  
financial 
risks
3
5
6
the group operates on a global basis and is 
therefore exposed to transactional and 
translational foreign exchange risk against 
sterling in particular 71 per cent of the group’s 
underlying operating profits are derived from 
us operations the group is also exposed to 
interest rate risks liquidity and credit risks 
the group denominates some of its debt in foreign 
currency to match some of its exposure to the 
translational balance sheet risks associated with 
overseas subsidiaries ancillary bank facilities are 
available to manage some of the foreign exchange 
transactional risks and interest rate exposure through 
the use of derivative financial instruments the group 
maintains adequate cash balances and credit 
facilities with sufficient headroom and tenure to 
mitigate credit availability risk further information on 
these risks is given in note 18 to the group’s financial 
statements the successful refinancing of increased 
and extended bank facilities and the issuance of a 
debut us private debt placement in 2014 has helped 
reduce our funding risk
1 market share gain
2 pricing discipline
3 maximising margins
4 eliminate cost and waste
5 focus on capital allocation
6 focus on cash generation
strategic report
corporate  
governance report financial statements 30
2014 2013
0
5
10
15
20
25
30
35
40
45
167 167
153
226
376
387
366
381
board of directors senior managers other employees total tyman group
  c or p or a t e s o c i al  
responsibility report
employees
diversity and equal opportunity
all tyman employees have the right to work in an environment that 
supports diversity and fosters a culture of dignity and respect the 
group is committed to supporting employment policies and practices 
that make provision for equal opportunities nondiscrimination and 
that comply with relevant local legislation and accepted employment 
practice codes
policies and practices of equal opportunities and nondiscrimination  
will ensure that an individual’s ability aptitude and talent are the sole 
determinants in recruitment training career development and 
progression opportunities rather than on the grounds of age beliefs 
disability ethnic origin gender marital status race religion or sexual 
orientation
in considering appointments to the board and senior management 
positions it is the group’s policy to make an appointment on the basis 
of the candidate’s knowledge skills and experience with due regard for 
the benefit of diversity 
across the group recruitment policies demonstrate a commitment to 
equal opportunities managementlevel employees have participated  
in local diversity programmes and training events any management 
opportunities are advertised internally to provide all employees with  
an equal opportunity for advancement
set out below is an analysis of the number of employees by gender as 
at 31 december 2014
male female
total  total 
board of directors 5 833 1 167
senior managers
1
82 774 24 226
other employees 1728 613 1093 387
total tyman group 1815 619 1118 381
1  senior manager is per the definition in section 414c of the uk companies act 2006
as at 31 december 2014 the group had female representation of 226 
per cent in senior management positions and 167 per cent at the board 
level this proportion is higher across the total workforce with 381 per 
cent of the profile being female
training development and retention
the board recognises that the long term growth and enduring success 
of the group depends on its ability to attract and retain talented and 
skilled employees operational efficiencies across the group are 
enhanced by building and developing the skills competencies and 
motivation of all employees
each of the group’s operating units are encouraged to implement 
comprehensive employment policies designed to attract retain 
appraise and motivate high calibre employees and to determine ways 
of applying their knowledge and skills in a manner that best contributes 
towards the success of the business
the group encourages and supports the continuing professional 
development and training of all its employees employees are  
provided with training to acquire and develop skills that will enable 
them to perform their duties and where appropriate allow for career 
progression the group also invests in a range of development activities 
including in
• north america the tuition reimbursement program whereby 
employees can pursue a university qualification
• united kingdom lmi effective leadership development course and 
coaching for performance training offered to all managementlevel 
employees
the group operates the tyman long term incentive plan “ltip” in 
which senior employees are invited to participate in the long term 
future of the group through share ownership and intends to explore 
other allemployee share plans the conditional annual awards of 
shares under the ltip are at the discretion of the remuneration 
committee
in 2015 we intend to seek shareholder approval for the introduction of a 
group wide employee share save scheme this will facilitate employees 
becoming shareholders of the group and will hopefully encourage 
employee interest and engagement in the broader performance  
of tyman
communication
in order for our employees to gain an understanding of the role they play 
within their local operations and that of the group employees are 
regularly kept informed on matters relating to their employment recent 
business developments and other activities of the group and its divisions 
these communications are effected through management briefings 
internal communications quarterly newsletters as well as external 
announcements and press releases posted on the group’s website
employee gender statistics – female representation 31
tyman plc  annual report and accounts 2014
repetitive strain – 45
manual handling – 33
slipstrips – 20
manual handling
burns
slipstrips
r epetitiv e str ain
repetitive strain – 39
manual handling – 48
slipstrips – 10
2014
45
2013
31
burns – 2 burns – 3
0
2
4
6
8
10
dec nov oct sep aug jul jun may apr mar feb jan
2014 2013
health and safety
management and accountability
providing a safe environment in which our employees can work is a key 
priority for the group the group is committed to ensuring a safe clean 
and healthy working environment for all employees customers and 
other persons with whom the group has contact the group actively 
promotes a strong health and safety culture as well as encouraging the 
collective pursuit of continuous improvement in health and safety 
standards across all operations
the ceo holds the overall responsibility for the group’s health and 
safety performance this responsibility is discharged to local 
management through the tmc
local management are tasked with the responsibility of creating a 
health and safety management system and are held accountable for 
their
• health and safety performance
• adherence to the group’s health and safety policies and
• compliance with local health and safety regulatory requirements
health and safety performance is reviewed at each weekly tmc 
meeting the ceo at each meeting of the board of directors reports 
on the health and safety performance of the group
health and safety management system
all employees are made aware of the importance of health and safety 
in creating a safe and healthy working environment local 
management’s health and safety management systems
• identify assess and take action to reduce risks
• mandate health and safety training and development of all 
employees and
• develop safe working practices
the group requires that all accidents dangerous incidents and near 
miss statistics are promptly and thoroughly investigated the details of 
incidents as well as the remedial and preventative measures taken are 
shared between sites as a means of raising awareness and reducing the 
risk of repetition any incidents involving lost time of greater than one 
working day are reported to the tmc and the board
operations representing 469 per cent of the value of total group 
revenue in 2014 have achieved accreditation for ohsas18001 health 
and safety or for osha sharp the safety  health achievement 
recognition program run by the occupational safety  health 
administration of the united states department of labor most other 
group operations have programmes in place with the objective of 
achieving accreditation
2014 performance
the kpis used to evaluate the group’s health and safety performance 
are the lost time injury rate and the number of lost time injuries
in 2014 there was a strong focus on improving health and safety in  
the workplace across all operating locations although further progress 
was made in developing the group’s safety culture the increase in  
the number of lti in 2014 to 45 incidents 2013 31 incidents was 
disappointing the severity of incidents was significantly reduced 
compared with 2013 and the majority of incidents categorised as slips 
trips or manual handling injuries are preventable 
in 2014 the divisions focused on developing their near miss reporting 
in an effort to limit the frequency of preventable incidents a total  
of 3829 near miss incidents were reported ranging from general 
housekeeping shortfalls to potentially hazardous practices or processes 
with the potential to cause physical harm the high level of employee 
engagement in the development of near miss reporting is expected to 
translate into a material reduction in ltis in the future 
lost time injuries by injury type
1 the rate of occurence of workplace incidents that resulted in an employee’s inability 
to work the next full work day 
lost time injury frequency rate
1
 “ltifr” 
year on year ltifr per million hours worked
strategic report
corporate  
governance report financial statements 32
  corporate social responsibility report continued
ethics anticorruption and compliance
the group is committed to conducting its business with integrity  
and demands high standards of professional and ethical conduct 
throughout its operations this will ensure compliance with the laws and 
regulations in jurisdictions in which the group operates protect the 
business from unforeseen liabilities and maintain a relationship of trust 
between the business and its stakeholders
in all relationships and dealings employees and persons acting on 
behalf of the group are expected to implement the group’s policies and 
procedures such that
• the legitimate interests of the group are advanced having regard to 
the group’s values and standards
• they engage in ethical conduct including the avoidance and 
reporting of any conflicts of interest
• the misuse of confidential information for personal gain is 
prevented
• all applicable laws and regulations in jurisdictions in which the group 
operates are upheld including the prevention of bribery corruption 
and fraud
• there is a zerotolerance culture towards discrimination or 
harassment
• all employees work in an environment that is healthy and safe
• all customers are treated fairly openly and honestly
• business relationships with suppliers are maintained to high 
standards of integrity and
• preferred suppliers are those who operate with the same values and 
standards as those of the group
the group requires that formal and confidential whistleblowing 
procedures are in place and advertised at all its operating locations 
employees are encouraged to report any suspected incidence of 
noncompliance in accordance with local whistleblowing procedures
human rights
human rights is not considered to be a material risk for the business 
owing to the fact that the group’s activities are substantially carried  
out in developed countries that have strong legislation governing 
human rights whilst the group does not have a specific human rights 
policy at present careful consideration will be made as to whether a 
specific human rights policy is required in the future 
the group is considered to be in compliance with appropriate 
legislation in the jurisdictions in which it operates in working with  
and during regular reviews of our suppliers the group always seeks to 
encourage suppliers to operate with values and standards equivalent  
to those of the group
owatonna safety improvements
during 2014 our owatonna minnesota operating facility 
embarked on a project to further develop and improve its health 
and safety culture through the implementation of the following 
safety improvements the facility achieved an approximate 50 per 
cent improvement in its lost time injury rate
storing steel vertically rather than horizontally
• mitigates tripping risk
• reduces forklift traffic by c 90 per cent
the previous die separation process required manual die 
separation with the use of a large hammer the automated die 
separator
• mitigates back strain risk
• improves efficiency through reduction in set up time
the switch from forklift to tugger for material delivery on the 
manufacturing floor
• reduces forklift traffic through the facility by c 50 per cent
• mitigates the risk of inventory losses
• achieves efficiencies through the reduction of put away racks
installation of light curtain safety barriers
• proactively improves machinery safety
• meets osha requirements
steel
storage
50 
ltir 
improvement 
2014 1805
2013 902
die 
separator
tugger
delivery
light curtain
safety barrier
 wwwamesburytruthcom  33
tyman plc  annual report and accounts 2014
941 
product integrity
the group seeks to be honest and fair in its relationships with 
customers and suppliers to source and supply goods and services  
in an efficient manner in accordance with specifications without 
compromising quality and performance
by providing customers with standards of goods and service that have 
been agreed and by paying suppliers and subcontractors on agreed 
terms the group aims to
• maintain and grow market share through customer satisfaction
• achieve cost efficiencies through effective supply chain 
management and
• source and supply goods and services that are reliable safe to use 
for their intended purpose and meet industry standards 
relationships with suppliers
each division is responsible for negotiating the terms and conditions of 
trade with suppliers in north america a significant portion of product 
sourcing is done through domestic suppliers which are frequently 
audited and benchmarked to ensure that the amesburytruth division 
receives the best quality service and pricing on items procured 
a substantial portion of uk and a significant portion of north 
american product sourcing is conducted through the combined activity 
of the group’s chinese operating units through its chinese sourcing 
operations the group conducts annual quality assessments of its asian 
supplier chain these quality assessments are conducted by suitably 
qualified employees and involve the scoring of strategic suppliers’ 
procedures and efficiencies in respect of procurement manufacturing 
quality control health and safety social and environmental 
accountability appropriate actions are taken to address any 
underperformers identified from the annual assessment process
quality management standards
it is group policy to maintain accreditation to the quality management 
standard iso9001 and encourage operating units to gain accreditation 
to any specific standards required by the markets served
iso9001 certification will ensure that operations maintain and adopt 
efficient quality management systems that save time and cost improve 
efficiency and ultimately improve customer relationships
era the 2014 component supplier of the year
in november 2014 era was announced as the uk component 
supplier of the year at the prestigious g14 awards held in london 
in achieving this coveted award era was able to demonstrate 
excellence across a number of disciplines including technical 
customer service product innovation and delivery era’s focus  
is firmly planted in the future with a strategy centred around 
delivering cuttingedge hardware innovation that enables its 
customers to present a unique and compelling door and window 
proposition to the homeowner
darren waters grouphomesafe ceo comments “it’s no secret 
that this industry has been through a tough time but despite 
turbulent economic conditions and the tightening of the home 
improvement economy era has continued to grow and convert a 
great deal of business what we were able to demonstrate in our 
award submission is that despite a tough trading arena our 
approach to business which rests in traditional values  
coupled with our marketleading innovation has resulted in 
significant growth”
“what we’ve seen in the last 12 months is that companies are 
turning to era because they need to differentiate themselves in the 
market and can’t compete with a generic hardware product we’re 
working with our customers to give them security products that 
create real stand out security features and benefits that’s how our 
customers judge us and it’s what propels this business forward”
 
 wwwerahomesecuritycom  
operations with a recognised iso9001 accreditation
aggregated revenue of operations 
with a recognised iso9001 
accreditation as a percentage  
of group revenue
strategic report
corporate  
governance report financial statements 34
environmental
the board recognises its responsibilities as a manufacturing concern  
to continue to reduce the environmental impact of its activities in 
addition the group aims to develop and supply products to help 
customers meet their own environmental objectives and the demands 
of their customers and of government
the most significant areas of environmental impact associated with  
the group’s operations relate to manufacturing processes and the 
consequential environmental impact discussed in the table on page 35
the group is committed to the introduction of environmental 
management systems such as iso14001 currently 15 of the group’s 
manufacturing sites have achieved accreditation to the environmental 
management systems standard iso14001
operations with a recognised iso14001 accreditation
15
number of manufacturing sites that have achieved 
accreditation to the environmental management systems 
standard iso14001
greenhouse gas emissions “ghg”
the group applies the world resources instituteworld business council 
for sustainable development greenhouse gas protocol a corporate 
accounting and reporting standard revised edition as the basis for 
reporting its emissions and includes the facilities over which it has 
operational control this is the internationally recognised standard for 
corporate carbon reporting
scope 1 and scope 2 emissions data has been collected from all 
material locations operated or controlled by the group emission 
sources falling outside the group’s operational control and other  
scope 3 emissions have not been collated and reported emissions data 
for businesses acquired during the year has only been included from the 
date of acquisition
the group has used revenue as its intensity ratio as this is the most 
appropriate and relevant factor associated with our activities and 
should provide an appropriate basis on which to compare trends  
over time
ghg emissions generated by the group’s operations present 
considerable risks to both the group and the environment including
• the agricultural impact of the group’s dependence on extraction 
and use of raw materials
• the potential disruption of the group’s operations and those of its 
customers and suppliers
• changes in the nature or distribution of consumer demand
these risks can be mitigated through the group’s conscious efforts in 
minimising its release of ghg through its environmental initiatives
  corporate social responsibility report continued
our ghg emissions measured as the quantity of co
2
e generated by the 
group’s activities for the year ended 31 december 2014 are presented 
in the table below
scope description
2014 ghg 
emission 
tonnes 
co
2
e
2013 ghg 
emission 
tonnes 
co
2
e
scope 1 emissions that arise directly 
from our operations and 
comprise the combustion of 
fuels and process emissions
11210 8005
scope 2 indirect emissions that arise 
from our use of electricity  
and gas
33132 23939
total direct and indirect emissions 44342 31944
intensity ratio £’000 of revenue  
per tonne co
2
e
791 933 35
tyman plc  annual report and accounts 2014
process development
the group encourages the continuous improvement in the design 
implementation and monitoring of environmentally efficient 
manufacturing processes 
this includes monitoring the developments in alternative material 
sources which may reduce the environmental impact of products 
through internal development and investment operations across the 
group are encouraged to 
• minimise energy consumption
• reduce waste generation through reuse and recycling 
• make use of recycled materials where possible
• reduce transportation and logisticalrelated carbon footprint and
• reduce harmful emissions
energy consumption
the group continues to invest in energy efficient measures such as 
lighting improved heating and cooling systems
other energy saving initiatives implemented during the year include
• installation of energy efficient lighting including motion sensors 
to control lighting
• the upgrade or installation of more energy efficient production 
machinery and
• improvements in thermal insulation efficiencies such as upgrades 
to window and door sealing chiller controls and installation of 
tinted energy efficient windows 
transport and logistics
the group reduces the environmental impact of transport through 
vehicle efficiency measures such as improved load fill reductions in 
empty running and route optimisation
waste to landfill
the group acts to minimise the amount of waste sent to landfill by
• redesigning manufacturing floors to improve material flow and 
minimise waste and
• selling for recycling waste that cannot be used internally 
recycled materials
the group minimises the use of outer packaging where appropriate 
and encourages the use of returnable outer packaging formats 
other initiatives
other green initiatives implemented across our operations include 
• ontario california switching from propane to electricpowered 
forklifts to reduce harmful gas emissions
• owatonna minnesota implementation of egard plus with the 
removal of environmentally unfriendly barrel plating
• cannon falls minnesota planting of trees along perimeter roads 
to create a noise barrier for neighbours 
• schlegel singapore replacement of the diesel forklift with an 
electric forklift to reduce noise and harmful smoke emissions and
• schlegel américa latina brazil remodelling of main electrical 
components in the factory leading to substantial energy savings 
strategic report
corporate  
governance report financial statements 36
  corporate social responsibility report continued
community
the group understands the importance of being a contributing 
member of society and its impact on the long term development and 
sustainability of the business 
each operating unit is tasked with the responsibility of managing its 
relationship with its local community including the support of local 
educational and charitable causes this responsibility involves
• the positive engagement and support of worthwhile local projects 
and programmes as a company and
• the volunteering activities and efforts of its employees
community engagement includes both the provision of financial 
donations and nonfinancial community service and participation 
some examples of group community activities and programmes 
include
in north america
• monetary donations totalling us61000 to local charities and 
community programmes including united way make a wish local 
chamber of commerce programmes and junior achievement 
• each operating site has a wellness activity volunteerism events 
“wave” committee responsible for the planning coordination  
and interaction of employees and operations with their local 
communities 
• participation and involvement with the local chambers of 
commerce in owatonna minnesota sioux falls south dakota 
cannon falls minnesota amesbury massachusetts stateville 
north carolina and canton south dakota 
• collections of winter wear clothing and food supplies for those in 
need during the holiday season and winter months 
• donation by our sioux falls south dakota facility of windows and 
doors used in testing to habitat for humanity
• participation by many of our sites in the march for dimes and 
american cancer society events 
in the uk
• monetary donations totalling £7000 to local charities 
• hosting a “world’s biggest coffee morning” event at all sites to raise 
funds for macmillan cancer support
• donations to various other cancer charities including support of the 
breast cancer campaign though a “wear it pink” day where 
employees across all sites wore anything pink for the day
• supporting “the black country skills factory” initiative an employer
led education and training collaboration which aims to encourage 
young people into engineering our era site located in the uk’s 
black country participated in this initiative hosting a number of 
school visits to the era factory 
in the rest of the world 
• in brazil sponsorship of the remodelling of a local community school 
in valinhos brazil
• various charity raffles in support of cancer charities alzheimer’s 
charities and help the aged
in 2014 the group made charitable donations of £45000 no political 
donations were made
“wear it pink” day at era
amesburytruth wave committee volunteers “the banquet”  
in sioux falls minnesota
“world’s biggest coffee morning” at era 37
tyman plc  annual report and accounts 2014
f emale
male female – 17
male – 83
f emale
male nonexecutive – 67
executive – 33
f emale
male female – 25
male – 75
f emale
male nonexecutive – 75
executive – 25
corporate governance 
– chairman’s introduction
board at 31 december 2014 by gender
board at 31 december 2014 by directorship type
board at 1 april 2015 by gender
board at 1 april 2015 by directorship type
on behalf of the board i am pleased to present the corporate 
governance report for the year ended 31 december 2014 while other 
sections of the annual report cover our financial and operational 
achievements during the year this section demonstrates the effective 
leadership of the board and the commitment throughout the group to 
promoting the highest standards of corporate governance
i am pleased to confirm that tyman plc complies with the uk  
corporate governance code september 2012 “the code” this 
report together with the directors’ report the audit committee report 
the directors’ remuneration policy report the directors’ remuneration 
implementation report and the nominations committee report reviews 
the operation of the company by reference to the code the board 
believes that promoting the highest standards of corporate governance 
and maintaining an efficient challenging and diverse board is essential 
to enable the business to deliver its strategy 
in accordance with the code independent audit limited a firm of 
specialised corporate governance consultants performed an evaluation 
of the board its committees and each individual director during the 
year details of the review and the findings are included in this report i 
confirm that following the evaluation all of the directors continue to 
perform effectively and to demonstrate commitment to their roles 
accordingly all directors other than les tench who is retiring will offer 
themselves for reelection at the annual general meeting to be held on 
15 may 2015 
as referred to in my chairman’s statement mark rollins and kirsten 
english will join the board on 1 april 2015 and will each join the board’s 
audit remuneration and nominations committees in accordance with 
group policy both mark and kirsten will offer themselves for election at 
tyman’s annual general meeting to be held in may the board and i 
look forward to meeting shareholders at the forthcoming agm
jamie pike
chairman
financial statements
corporate 
governance report strategic report 38
board of directors
jamie pike 
nonexecutive chairman  
chairman of the nominations 
committee
date of appointment
november 2009
background and experience
mr pike aged 59 was chief 
executive of foseco plc an 
international business serving the 
foundry and steel making industries 
until its acquisition by cookson 
group plc in april 2008 he led the 
buyout of foseco from burmah 
castrol in 2001 which culminated  
in flotation on the main market  
in 2005
mr pike was educated at oxford 
holds an mba from insead and  
is a member of the institute of 
mechanical engineers his early 
career was as a consultant with bain 
and co and a t kearney before 
joining burmah castrol in 1991 he 
rose to chief executive of burmah 
castrol chemicals before leading the 
foseco buyout he has previously 
been a nonexecutive director of two 
ftse 250 companies rmc group plc 
and kelda group plc he is currently 
chairman of both rpc group plc and 
the lafarge tarmac joint venture 
and a nonexecutive director of 
spiraxsarco plc
committee membership
remuneration committee
nominations committee
louis eperjesi 
chief executive officer
date of appointment
february 2010 
background and experience
mr eperjesi aged 52 has an 
extensive and successful track  
record in the building materials  
and manufacturing sectors most 
recently at kingspan group plc  
the international building products 
business where he was an executive 
director on the main board and 
divisional managing director of 
kingspan insulated panels the 
group’s largest division 
prior to joining kingspan mr eperjesi 
held a range of senior management 
positions at subsidiaries of baxi 
group plc lafarge redland plc  
and caradon plc
committee membership
none
james brotherton
chief financial officer
date of appointment
may 2010
background and experience
mr brotherton aged 45 joined 
tyman as head of corporate 
development in 2004 he was 
previously a director in the 
investment banking division of 
citigroup having also worked for 
hsbc and ernst  young he is a 
chartered accountant
committee membership
none 39
tyman plc  annual report and accounts 2014
martin towers 
nonexecutive director  
and the senior independent 
director and chairman of the 
audit committee
date of appointment
december 2009
background and experience
mr towers aged 62 was chief 
executive of spice plc until its sale to 
cinven in december 2010 previously 
he was group finance director of 
kelda group plc from 2003 until 
february 2008 
mr towers is a fellow of the institute 
of chartered accountants in england 
and wales and began his career  
with coopers  lybrand now 
pricewaterhousecoopers before 
moving to the retailer ward white 
group plc he has served as group 
finance director of mccarthy  stone 
plc the spring ram corporation plc 
and allied textile companies plc he 
was a nonexecutive director of 
homestyle group plc from 2004  
to 2006 
mr towers is currently a non
executive director of kcom group 
plc and rpc group plc and chairman 
of norcros plc
committee membership
audit committee
remuneration committee
nominations committee
les tench 
nonexecutive director  
 chairman of the 
remuneration committee
date of appointment
december 2009
background and experience
mr tench aged 69 has considerable 
experience in building products 
having joined crh plc in 1992 where 
from 1998 until his retirement in 
december 2002 he was managing 
director of crh europe  building 
products he was also a non
executive director of the privately 
owned family business shepherd 
building group limited construction 
and engineering manufacturing and 
property development from 1994 
until 2004 a nonexecutive director 
of norcros plc until 2012 and the 
nonexecutive chairman of sig plc 
from 2004 until january 2011
mr tench retires from the board on 
15 may 2015
committee membership
audit committee
remuneration committee
nominations committee
dr angelika westerwelle 
nonexecutive director
date of appointment
november 2012
background and experience
dr westerwelle aged 52 a german 
national is the managing partner  
of lanax management gmbh an 
investment and consulting company 
she acts as nonexecutive director  
of pinova capital gmbh and is a 
member of the german monopolies 
commission
dr westerwelle has extensive 
operational experience including  
her previous roles in midsized 
engineering companies as ceo  
of rmg regelund messtechnik 
gmbh as managing director of the 
weidemann group and as managing 
director of karlie group gmbh a 
joint venture of five euroasian 
companies in the pet accessory 
market she has also worked as a 
management consultant for several 
years with the boston consulting 
group and alix partners gmbh 
dr westerwelle graduated from  
the university of aachen earned a 
graduate degree from cambridge 
university and a master of public 
administration from harvard 
university she later received her 
doctorate in economics from the 
aachen institute of technology
committee membership
audit committee
remuneration committee
nominations committee
financial statements
corporate 
governance report strategic report 40
tyman management committee
the tyman management committee consists of the executive directors of the company  
together with the following senior management
kevin o’connell
company secretary and group  
financial controller
kevin o’connell joined tyman as 
group financial controller in 
february 2008 and was appointed 
company secretary in 2011 prior to 
this he worked at datamonitor plc 
from july 2005 as group financial 
controller and company secretary 
he has many years’ experience 
working in a plc head office 
environment he is a chartered 
accountant having trained with 
pricewaterhousecoopers
jeff graby
president and chief executive  
officer – amesburytruth
jeff graby was appointed president 
and chief executive officer of 
amesburytruth in january 2014 
following the acquisition and 
integration of truth hardware with 
amesbury he was appointed 
president and chief executive officer 
of truth hardware in april 2012 mr 
graby has an extensive and 
successful background managing 
global manufacturing companies 
and has held various senior positions 
in his career before joining truth 
hardware mr graby was president of 
fes systems a company owned by 
gea group ag and presidentcoo 
of ram industries llc a company 
owned by schneider electric mr 
graby has a bachelor of science in 
mechanical engineering
jeff johnson
vice president – finance and 
chief financial officer – 
amesburytruth
jeff johnson was appointed chief 
finance officer of amesburytruth in 
january 2015 he was recently 
treasurer and vice president of 
investor relations for nyse traded 
deluxe corp mr johnson has 
extensive cfo and controller 
experience and began his career  
at kpmg he is a certified public 
accountant and earned his mba 
from london business school 
darren waters
chief executive officer – era
darren waters joined era in march 
2012 mr waters has a strong 
background in the building products 
sector having graduated in 
chemistry from nottingham 
university he spent the early part of 
his career with mobil oil corporation 
before moving on to senior 
management positions with rmc 
group and tarmac as chief 
executive officer he is responsible for 
developing the group’s brands within 
the uk and irish markets 41
tyman plc  annual report and accounts 2014
peter santo
chief executive officer – 
schlegel international
peter santo joined the group in 
january 2012 as chief executive 
officer of schlegel international mr 
santo has held various management 
positions in manufacturing sales 
marketing and general management 
and developed his career through 
pilkington plc bp chemicals 
sentrachem ltd and kingspan group
prior to joining tyman in 16 years 
with kingspan mr santo held a 
number of senior general 
management roles most recently 
managing director of the door 
components business in belgium 
and head of the benchmark 
architectural facades business in the 
uk mr santo has a masters degree 
in chemical engineering
richard swan
chief financial officer – 
schlegel international
richard swan joined schlegel in 
2007 and is responsible for finance 
and it for schlegel international his 
career has largely been in finance 
and he has many years’ experience 
working in the defence sector  
wines and spirits as well as the 
multinational environment for a 
ftse 100 packaging company  
he is a chartered management 
accountant and has a masters 
degree in finance
mark turner
group finance director – era
mark turner joined era in 2014 a 
graduate of leicester university and 
a qualified chartered accountant he 
has experience in finance director 
and general management roles in 
subsidiaries of caparo and 
associated british foods he was 
previously the finance director at sps 
technologies limited in leicester
financial statements
corporate 
governance report strategic report 42
in accordance with the financial conduct authority uk listing rules a 
statement describing how the company has applied the main principles 
contained in the september 2012 uk corporate governance code the 
“code” issued by the financial reporting council “frc” available at 
wwwfrcorguk and the statements required by sections 71 and 72 of 
the disclosure and transparency rules are set out in this report together 
with the directors’ report business review corporate social 
responsibility report and the remuneration report
statement of compliance
the company has applied the main principles of the code and 
complied with its detailed provisions throughout the period under 
review we detail below how in practice the company has applied 
these principles and complied with the detailed provisions
the board
how the board operates
the board meets regularly and is responsible for the overall leadership 
strategy development and control of the group in order to achieve its 
objectives for continued earnings growth and to enhance shareholder 
value the board sets the group’s strategic aims ensures that the 
necessary financial and human resources are in place for the group to 
meet its objectives reviews management performance and ensures 
that high ethical standards of behaviour are followed the board also 
ensures that there is an effective system of controls to safeguard the 
company’s assets and to enable risks to be properly assessed and 
managed
the board has a formal schedule of matters specifically reserved for it 
and this includes the following
responsibilities of the board 
• responsibility for the overall management of the group 
including monitoring the group’s operating and financial 
performance
• approval of the group’s long term objectives commercial 
strategy and annual budgets
• making changes to the group’s capital legal and corporate 
structure
• approval of the halfyearly report interim management 
statements the preliminary results announcement of the final 
results and the annual report and accounts
• approval of the dividend policy and declaration of any interim 
and final dividends
• approval of accounting and treasury policies the group’s internal 
control systems and risk management strategy
• approval of significant acquisitions and disposals and material 
capital investments
• approval of significant borrowing facilities and other material 
contracts and transactions
• approval of resolutions to be put forward for shareholder 
approval at a general meeting and all communications with 
shareholders and the market
• managing membership and approving adequate succession 
planning for the board
• responsibility for the group corporate governance determining 
the remuneration policy of the group and determining directors’ 
remuneration
• approval of the group’s health and safety and sustainability and 
environmental policies
matters not specifically reserved for the board including the daytoday 
management of the group are delegated to the executive directors
to enable the board to discharge its duties all directors receive 
appropriate and timely information the company secretary distributes 
briefing papers to all directors in advance of board meetings all 
directors have access to the advice and services of the company 
secretary who is responsible for ensuring that board procedures are 
followed and that applicable rules and regulations are complied with 
the appointment and removal of the company secretary is a matter 
for the board as a whole in addition procedures are in place to enable 
the directors to obtain independent professional advice in the 
furtherance of their duties if necessary at the company’s expense
board composition
the board comprises two executive and four nonexecutive directors 
and the names and biographical details of all the current directors are 
set out on pages 38 and 39 all the current directors served throughout 
the year ended 31 december 2014 and there were no changes to the 
board the board members are as follows
board member appointed
james brotherton may 2010
louis eperjesi february 2010
jamie pike chairman november 2009
les tench december 2009
martin towers december 2009
angelika westerwelle november 2012
both mr eperjesi and mr brotherton are engaged exclusively on the 
company’s business and have no outside interests that conflict with 
their responsibilities to the company the board considers all the 
nonexecutive directors to be independent
the nominations committee is responsible for reviewing the structure 
size and composition of the board including skills knowledge 
experience independence and diversity and making recommendations 
to the board with regard to any changes the board actively 
encourages diversity and equal opportunities throughout its business 
and applies the same principles to board appointments diversity in all 
areas be it gender race skills or background is a key part of strong and 
effective achievement there is currently one female director on the 
board and on 1 april 2015 when kirsten english joins the board there 
will be two female directors on the board 
during the year ended 31 december 2014 the attendance record of the 
members of the board was as follows
board meeting attendance
eligible to 
attend attended
james brotherton 8 8
louis eperjesi 8 8
jamie pike chairman 8 8
les tench 8 8
martin towers 8 8
angelika westerwelle 8 8
 
 
corporate governance 43
tyman plc  annual report and accounts 2014
during 2014 the board visited five of the group’s operating units 
namely ventrolla in harrogate and schlegel building products in 
newton aycliffe both in the uk schlegel in spain and two 
amesburytruth operating units in statesville in north carolina in the 
us in addition the board attended the group management 
conference held during 2014
the main areas of business dealt with by the board during the year 
other than routine matters included
board activity during 2014 
• completing a board evaluation with an independent third party 
facilitator
• approving the acquisition of vedasil in brazil
• monitoring the integration of truth with amesbury in the us and 
the realisation of the related synergies
• approval of the refinancing of the 2011 bank facility into a 
revolving credit facility of up to £240m maturing in june 2019
• monitoring the risks faced by the group including the macro
economic environment in the us uk and the eurozone and 
movements in commodity raw material input prices
• continued development of the group’s strategy and objectives 
including exploring opportunities for further organic and 
acquisitive growth
• received and reviewed presentations on updated strategic plans 
from the management of each division
• approval of the issuance of a us100 million us private debt 
placement
• approval of the proposed new employee share plan
• received and reviewed presentations from management on the 
commercial fenestration market in the us schlegel international 
product technologies and customer survey in the seal market in 
europe the use of social networks in the uk the group it 
strategy the group risk management system and the group’s 
ma strategy
chairman and chief executive officer
the roles of the chairman and the chief executive officer are clearly 
defined and approved by the board the chairman is responsible for the 
leadership and effective running of the board and its decisionmaking 
processes for setting the highest standards of corporate governance 
for setting its agenda and the style and tone of board discussions the 
chairman’s role includes
• leading the board in determining the strategy and the overall 
objectives of the group while ensuring that the board determines 
the nature and extent of the significant risks associated with 
implementing this strategy
• creating the conditions to maximise overall board and individual 
director effectiveness
• ensuring effective communication with shareholders and 
safeguarding their interests
• ensuring that directors keep their skills knowledge and familiarity 
with the group up to date while ensuring they receive accurate 
timely and clear information and
• regularly considering succession planning and the composition of 
the board
the chief executive officer is responsible for the daytoday 
management of the group provides leadership for the executive team 
and develops and implements the group’s strategic objectives he is 
assisted by the tyman management committee the chief executive 
officer does not have any external directorships
the chief financial officer
the chief financial officer is responsible for the financial reporting and 
management of the group in addition to the finance audit tax and 
treasury functions he is also jointly responsible with the chief executive 
officer for the group’s ma strategy and investor relations the chief 
financial officer does not have any external directorships
the senior independent director
mr towers was the senior independent director throughout the year 
under review and up to the date of this report the senior independent 
director is available for shareholders to voice any concerns which may 
not be appropriate for discussion through the normal channels of 
chairman chief executive officer or chief financial officer the senior 
independent director also leads the chairman’s appraisal serves as an 
intermediary for the other directors with the chairman as necessary 
and acts as a sounding board for the chairman as required
nonexecutive directors
at the date of this report independent nonexecutive directors 
comprise 60 per cent of the board excluding the chairman the board 
believes that the nonexecutive directors possess strong independent 
character and judgement and bring a wide range of business 
experience in some areas related to and in other areas complementary 
to the activities of the group the board considered that all the 
nonexecutive directors met the criteria for independence set out in 
provision b11 of the code and there were no other relationships or 
circumstances including other common directorships among the 
directors which were likely to affect or could appear to affect the 
directors’ judgement
directors’ insurance cover
the company maintains at its expense a directors’ and officers’ 
liability insurance policy to afford an indemnity in certain circumstances 
for the benefit of group personnel including as recommended by the 
code the directors this insurance policy does not provide cover where 
the director or officer has acted fraudulently or dishonestly
board performance
in accordance with the code an external review of the board’s 
performance was undertaken in 2014 with the help of an external 
facilitator independent audit limited independent audit is a firm of 
specialist board governance consultants and they do not have any 
other connection with the company
the review was based on a combination of questionnaires and 
interviews independent audit’s thinking board questionnaire platform 
was initially used to gauge the views of the directors and certain key 
executives and to provide a benchmark for subsequent reviews 
interviews were subsequently held to follow up this exercise 
independent audit also observed the board meeting held in march 
2014 and considered the quality of board and committee papers
the review covered key areas of board performance including
• the board’s role
• composition skills and dynamics
• the focus of the board’s work
• meetings
• information and decisionmaking and
• internal and external communications
strategic report
corporate  
governance report financial statements 44
the board review was undertaken during february and march 2014 and 
independent audit’s report was considered by the board at its june 
2014 meeting the review concluded that the board displays a good 
mix of skills and that the board dynamics are very good the non
executive directors bring good challenge to the executive directors and 
there is constructive and open working relationships between 
executives and nonexecutives overall independent audit limited 
concluded that the board performs very well
the evaluation highlighted some areas for the board to increase its 
focus on going forward namely succession planning devoting more 
time to longer term strategy and the group’s risk framework and 
processes the board agreed that these recommendations could 
enhance its performance and has responded to these suggestions by 
holding an awayday in june 2014 to discuss strategy and by reviewing 
and discussing presentations on the group’s risk management systems 
at the board meeting in december 2014 greater focus has been given 
to succession planning resulting in the recruitment of two non
executive directors effective 1 april 2015
drawing on the board review and using individual director 
questionnaires the chairman undertook a review of the performance 
of each of the directors the senior independent director undertook a 
review of the performance of the chairman after taking into account 
the views of all the directors the results of these individual reviews and 
any improvements or personal objectives were discussed with the 
relevant directors on a onetoone basis
the board evaluation for 2015 is now underway and is being co
ordinated by the company secretary continuing to utilise independent 
audit’s thinking board questionnaire platform the board intends to 
engage an external facilitator again in 2017 with reviews in the 
intervening years conducted internally
relations with shareholders
we maintain an active engagement with our key financial audiences 
including institutional shareholders and sell side analysts as well as 
potential shareholders during the year the executive directors had 
regular presentations to and meetings with institutional investors and 
analysts to discuss the company’s past performance and strategy the 
board is provided with brokers’ reports surveys on shareholders’ views 
and regular feedback from shareholder meetings the chairman and 
nonexecutive directors have the opportunity to attend meetings with 
major shareholders and expect to attend meetings at their request
the board uses the annual general meeting to communicate with 
private and institutional investors and welcomes their participation 
details of resolutions to be proposed at the annual general meeting 
can be found in the directors’ report the company has set up a 
website wwwtymanplccom which shareholders investors and other 
interested parties may access the website permits users to download 
copies of published financial reports press releases and stock exchange 
announcements
board committees
the board has an audit committee a remuneration committee and a 
nominations committee each comprised of all three nonexecutive 
directors the chairman is also a member of the remuneration and 
nominations committees the existence of the committees ensures 
that time is allocated on a formal basis to consider relevant issues 
terms of reference for the board and each of the board committees are 
available for inspection on the group website
audit committee
the audit committee’s primary responsibilities are to monitor the 
integrity of the financial statements and any formal announcements 
relating to the company’s financial performance to review any changes 
in accounting principles and consider the appropriateness of accounting 
policies adopted by the company review the group’s internal and 
external audit activity and review and monitor the effectiveness of the 
risk management and internal control systems within the business  
the membership and work of the committee during the year ended  
31 december 2014 is described in detail in the audit committee report 
on pages 46 to 49
remuneration committee
the remuneration committee considers and approves the 
remuneration and benefits of the directors in accordance with the 
remuneration policy approved by the shareholders in may 2014 the 
committee also reviews the remuneration of the members of the 
tyman management committee and the company secretary and of 
the service providers contracted to perform executive functions for the 
group as well as long term share incentive and share option schemes 
for all employees
the membership and work of the committee during the year ended  
31 december 2014 and details of the remuneration policy and 
directors’ remuneration packages are set out in the directors’ 
remuneration report on pages 50 to 64
nominations committee
the nominations committee identifies and nominates candidates for 
the office of director of the company it meets as and when required 
and is chaired by mr pike except that mr pike would not chair the 
committee or attend it if it were to consider the appointment of a 
successor chairman 
the membership and work of the committee during the year ended  
31 december 2014 is described in detail in the nominations committee 
report on page 65
internal control
the directors acknowledge that they are responsible for the group’s 
system of internal controls and for reviewing the effectiveness of those 
controls the board including the executive directors reviews the 
internal control framework on an ongoing basis
procedures have been developed to safeguard assets against 
unauthorised use or disposition of assets and to maintain proper 
accounting records to provide reliable financial information both for 
internal use and for publication in accordance with the revised version 
of the turnbull guidance on internal control the procedures are 
regularly reviewed in the light of an ongoing process to identify 
evaluate and manage the significant risks faced by the company the 
process has been in place for the full year under review and up to the 
date of the approval of the annual report and accounts the 
procedures are designed to manage rather than eliminate risk and can 
only provide reasonable and not absolute assurance against material 
misstatement or loss
corporate governance continued 45
tyman plc  annual report and accounts 2014
internal financial controls
the group operates an effective group reporting and consolidation 
system during the year enhancements and updates were made to the 
group reporting and consolidation system which have further 
strengthened the financial reporting and control process in the group
the group has an established system for assessing the effectiveness of 
the group’s systems of internal financial controls this includes strategic 
business planning and monthly monitoring and reporting of financial 
performance 
a detailed annual budget prepared by senior management is reviewed 
and formally adopted by the board the budget and other targets are 
regularly updated and regular business review meetings are held 
monthly involving the tyman management committee to assess 
performance the results of these reviews are in turn reported to and 
discussed by the board at each meeting
going concern
the group’s strategic plan covers the period to 31 december 2018 and 
the group’s banking and private placement facilities are committed 
beyond the period of the strategic plan and contain significant 
covenant headroom the group’s published year end leverage target  
of 15x to 20x is designed to ensure that the group has structural 
headroom on its financial covenants as it comes into each financial year 
such that it could withstand a material downturn in its end markets and 
any normalisation of interest rates 
in order to satisfy themselves that the group has adequate resources 
for the future the board reviewed the group’s committed funding and 
liquidity positions its ability to generate cash from trading activities and 
its ability to raise external funding in the future the operational 
performance as described in the financial review on pages 22 to 27 
the future plans for the group and the risks facing the group described 
on pages 10 and 11 and 28 and 29 were also reviewed in addition 
note 18 to the consolidated financial statements includes the group’s 
policies and processes for managing capital liquidity and credit risks as 
well as details of its financial instruments and hedging strategies
in performing their reviews the board acknowledged the current level 
of growth prospects in global markets and has considered various 
sensitivity analyses when assessing the forecast funding and headroom 
requirements of the group
the directors are therefore confident on the basis of current financial 
projections and the banking facilities available and after considering 
sensitivities that the company and the group has sufficient resources 
for its operational needs that will enable the group to remain in 
compliance with its financial covenants in its bank facilities for at least 
the next 12 months accordingly the directors continue to adopt the 
going concern basis
directors’ responsibilities statement
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 
“eu” and the parent company financial statements in accordance 
with united kingdom generally accepted accounting practice united 
kingdom accounting standards and applicable laws 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
• select suitable accounting policies and then apply them consistently
• make judgements and accounting estimates that are reasonable 
and prudent and
• state whether ifrss as adopted by the eu and applicable uk 
accounting standards have been followed subject to any material 
departures disclosed and explained in the group and parent 
company financial statements respectively
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
the directors are responsible for the maintenance and integrity of the 
company’s website wwwtymanplccom 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 the company’s 
performance business model and strategy
each of the directors whose names and functions are listed on pages 
38 and 39 confirm that to the best of their knowledge
• the financial statements which have been prepared in accordance 
with ifrss as adopted by the eu with respect to the group and uk 
gaap with respect to the company give a true and fair view of the 
assets liabilities financial position and profit of the group and 
company and
• the management report in the strategic report and directors’ report 
of the annual report and accounts 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
by order of the board
jamie pike
chairman
10 march 2015
strategic report
corporate  
governance report financial statements 46
audit committee report
dear shareholder
i am pleased to present to you the committee’s report for the financial year ended 31 december 2014 the priorities for the audit committee in 
2014 are summarised below
audit committee priorities in 2014
 
2014 objectives achievements
prepare and implement the regulatory 
changes to audit committee 
governance
the committee considered changes to the code and the guidance on audit committees issued by  
the frc the new narrative reporting regulations and how these should be reflected in the 2013  
and subsequent annual reports the committee also reviewed developments in the regulation of  
audit tendering
monitor the effectiveness of internal 
audit internal controls and risk 
management processes
systems and controls were monitored throughout 2014 and the committee reviewed reports from internal 
audit external audit and management 
review the acquisition accounting for 
the vedasil acquisition
the committee reviewed reports on the vedasil acquisition accounting from external audit and 
management
review the going concern report on behalf of the board the committee reviewed the future funding and liquidity resources operational 
plans and forecasts and the group’s policies and processes for managing capital liquidity credit risks and 
financial instruments
report to the board that the annual 
report is fair balanced and 
understandable
the committee reviewed the annual report to ensure it was fair balanced and understandable and 
provided the information necessary for shareholders to assess the group’s performance business model 
and strategy
committee membership
the members of the committee during the year ended 31 december 
2014 were as follows
audit committee member appointed
martin towers chairman december 2009
les tench december 2009
angelika westerwelle november 2012
all members served on the committee throughout the year and are 
independent nonexecutive directors given his extensive international 
business career including senior finance roles the board is satisfied that 
mr towers chairman of the audit committee has both current and 
relevant financial experience
meetings and attendance
the committee met three times during the financial year ended  
31 december 2014 the meetings were timed to coincide with the 
financial reporting and audit cycles of the company namely the approval 
of the annual report in march the approval of the interim report in july 
and the approval of the audit plan of the external auditors in november 
the attendance record of the members of the committee was
audit committee meeting attendance
eligible to 
attend attended
martin towers chairman 3 3
les tench 3 3
angelika westerwelle 3 3
in order to maintain effective communications between all relevant 
parties the following attended certain meetings of the committee by 
invitation
• the executive directors 
• the group chairman and
• representatives of the external and internal auditors 
the chairman of the committee meets separately with the external 
auditor the internal auditor and the group cfo and his team during the 
course of the year
the committee receives and reviews regular reports from the external 
auditor the internal auditor and the group cfo the committee is 
authorised to seek independent advice should it wish to do so however 
it did not require this in 2014
role and responsibilities
the committee’s terms of reference were reviewed and updated  
during the year a copy of which is available on the company’s  
website wwwtymanplccom under corporate governance the key 
responsibilities of the audit committee are set out below
role of the audit committee 
• monitor the integrity of the financial statements including 
annual and half year reports and interim management 
statements and any formal announcements relating to the 
company’s financial performance 
• review the company’s compliance with legal and regulatory 
requirements
• review any changes in accounting principles and consider the 
appropriateness of accounting policies and judgements adopted 
by the company
• review the content of the annual report and advise the board 
whether taken as a whole it is fair balanced and understandable 
and provides the information necessary for the shareholders to 
assess the company’s performance business model and 
strategy
• review the effectiveness and independence of the group’s 
external auditor audit fees scope and terms of engagement and 
audit plan including the auditors’ audit risk assessment and the 
threshold levels of materiality for the group financial statements
• review the policy for the provision of nonaudit services by the 
external auditor
• recommend to the board for approval by shareholders the 
appointment reappointment or removal of the external auditor
• monitor and review the effectiveness of the company’s internal 
audit function
• review and monitor the effectiveness of the risk management 
and internal control systems within the business 47
tyman plc  annual report and accounts 2014
activities of the committee
an overview of what the committee has done regarding the financial 
year ended 31 december 2014 is set out below
audit committee main activities
july 
2014
nov 
2014
mar 
2015
financial reporting and significant 
judgements
fullyear results and announcement • halfyear results and announcement • going concern report • external audit
review and consideration of pwc report  
on their audit • board representation letter • evaluation of external audit function • reappointment recommendation to board • fees for nonaudit activities • external audit plan • internal audit
risk management review • internal control and internal audit reports • • evaluation of internal audit function • internal audit plan • other
compliance with uk corporate governance code • review of terms of reference • review of committee effectiveness • 1 financial reporting and significant judgements
the committee is responsible for monitoring the integrity of the 
financial statements including significant judgements this includes 
review through the year of the following areas
• the appropriateness of group accounting principles practices and 
policies and changes to and compliance with accounting standards 
on an ongoing basis
• prior to recommending their publication to the board the 
committee reviewed the halfyear results for the six months ended 
30 june 2014 with the external auditor and compared the results 
with management accounts and budgets focusing on key areas of 
judgement
• at the half and full year ends reviewing the group’s committed 
funding and liquidity positions cash flow projections and trading 
performance in order to recommend to the board that the group 
and tyman plc continue to adopt the going concern basis in 
preparing the financial statements
• the review prior to advising the board on whether the committee 
believes the annual report and accounts for the year ended  
31 december 2014 taken as a whole is fair balanced and 
understandable and provides the information necessary for 
shareholders to assess the company’s performance business model 
and strategy 
 
in undertaking this review the following critical accounting policies and 
judgements were discussed with management and the external auditor
carrying value of goodwill and intangibles
as set out in note 10 to the group financial statements at  
31 december 2014 the group had goodwill of £2544 million with 
intangible assets amounting in total to £1013 million in order to satisfy 
itself that these balances were appropriately stated the committee 
considered the impairment reviews carried out by management these 
reviews involve the discounting of the forecasted cash flows of each 
cash generating unit using appropriate discount rates relative to the 
company’s cost of capital these assumptions are then subjected to 
sensitivity analysis the auditor provided the committee with their 
review of the impairment review process and following discussion the 
committee was satisfied that the assumptions used were appropriate 
and that there was sufficient headroom on all calculations thus 
obviating the need for any impairment
the cgu with the lowest headroom remains the schlegel international 
cgu which is a function of the current levels of demand currently seen 
within that division in the event that there was a further material 
contraction in demand for schlegel international’s products that leads 
to an expectation of a future permanent reduction in ebitda levels 
then a further impairment might be required the board will keep this 
under review
exceptional items 
during the year ended 31 december 2014 the group incurred  
£56 million of nonrecurring and exceptional items see note 6 of the 
financial statements which primarily relate to the integration of truth 
the closure of the covington facility and the acquisition of vedasil in 
brazil partly offset by the profit on the sale of surplus property in sioux 
falls the committee considered the accounting treatment and 
disclosure of these costs in the financial statements through a detailed 
review of management’s plans in respect to the related programmes and 
also sought the views of the external auditor as to the appropriateness 
and consistency of the accounting treatment and disclosures on the 
basis of this review the committee concluded that the accounting 
treatment and disclosure of these items were appropriate
provisions
the group has provisions of £122 million at 31 december 2014 as 
outlined in note 19 to the group financial statements which by their 
nature are uncertain and highly judgemental in nature the committee 
considered the nature of the provisions the potential outcomes any 
developments relating to specific claims and the prior history of lease 
obligations provisions and claims in order to assess whether the 
provisions recorded are appropriate and suitably conservative the 
committee discussed with management and with the auditor the key 
elements of judgement to assure themselves as to the adequacy and 
appropriateness of the provisions following this discussion the 
committee was satisfied that the judgements exercised were 
appropriate and that the provisions were fairly stated in the  
annual accounts
strategic report
corporate  
governance report financial statements 48
carrying value of inventory
as set out in note 12 to the group financial statements as at  
31 december 2014 the group had gross inventories of £538 million  
and provisions for slow moving and obsolete inventories of £62 million 
inventories are stated at the lower of cost and net realisable value  
with due allowance for excess obsolete or slowmoving items group 
management exercises judgement in assessing net realisable value and 
provisions for slowmoving and obsolete inventory which is based on 
current assessments of future demand market conditions and new 
product development initiatives the auditor provided the committee 
with their review of inventories and following discussion the committee 
was satisfied that the inventory valuation was consistent with our 
accounting policy and previous practice and that the resultant  
valuation was reasonable
carrying value of trade receivables
as set out in note 13 to the group financial statements at  
31 december 2014 the group had gross trade receivables of  
£336 million and provisions for bad debts of £22 million trade 
receivables are recognised initially at fair value plus transaction costs 
and subsequently measured at amortised cost using the effective 
interest rate method less appropriate allowances for estimated 
irrecoverable amounts provision against trade receivables is made 
when there is objective evidence that the group will not be able to 
collect all amounts due to it in accordance with the original terms of 
those receivables the amount of the writedown is determined as  
the difference between the carrying amount and present value of 
estimated future cash flows group management exercises judgement 
in assessing the amount of any writedowns required which is based on 
current assessments of the creditworthiness of current customers the 
auditor provided the committee with their review of trade receivables 
and following discussion the committee was satisfied that the book 
value of trade receivables was consistent with our accounting policy and 
previous practice and that the resultant valuation was reasonable
acquisition accounting
following the acquisition of vedasil in february 2014 an ifrs 3 fair 
value exercise was undertaken by the group in addition during the 
year the group finalised the fair value accounting for the truth 
acquisition which had completed on 3 july 2013 and the provisional fair 
value exercise completed at 31 december 2013
ifrs 3 requires assets and liabilities acquired to be recorded at fair value 
and to identify intangible assets separately from goodwill initially 
measuring each group of intangible assets at fair value intangible 
assets for vedasil consisted primarily of customer relationships with  
no value being ascribed to the vedasil brand which was abolished  
on completion of the acquisition there is judgement involved in 
estimating fair value particularly in relation to identifiable intangible 
assets which requires the directors to estimate the useful economic life 
of each asset and the future cash flows expected to arise from each 
asset and to apply a suitable discount rate the auditor provided the 
committee with their review of the fair value exercises and following 
discussion the committee was satisfied that the assumptions used were 
appropriate and that the resultant fair values were reasonable details 
of how these fair values have been accounted for are set out in note 21 
to the group financial statements
following discussions with the auditor and the deliberations set out 
above we were satisfied that the financial statements dealt 
appropriately with each of the areas of significant judgement the 
auditor also reported to the committee on any misstatements that 
they had found in the course of their work and confirmed that no 
material amounts remained unadjusted
in accordance with the code we also reviewed the annual report and 
were able to confirm to the board that in our view the annual report 
and accounts taken as a whole was fair balanced and understandable 
and provided the information necessary for shareholders to assess the 
group’s performance business model and strategy
2 external audit
appointment of external auditor
pwc were appointed for the first time as the group’s auditors in 2012 
following a competitive tender process the 2014 year end audit is the 
third full audit that pwc have conducted the committee is satisfied 
with pwc’s performance independence and effectiveness and their 
fees are regularly compared with peer companies by the committee 
accordingly the committee has recommended to the board that pwc 
should be reappointed as the group’s auditors at the agm in 
determining whether to recommend the reappointment of pwc as 
auditors without a formal tender process the committee took into 
account the relatively recent full tender process undertaken by the 
group that resulted in a new external audit firm being appointed in 
2012 given the changes in regulation and best practice that are 
continuing in this area the committee will keep audit firm rotation 
under regular review there are no contractual restrictions on the  
group with regard to pwc’s appointment
external audit effectiveness
the effectiveness of the external audit process is dependent on 
appropriate audit risk identification at the start of the audit cycle in 
november 2014 the committee reviewed a detailed audit plan from 
pwc identifying their assessment of these key risks for the 2014 
financial year the primary risks identified were in relation to the carrying 
value of goodwill and intangibles acquisition accounting and the 
carrying value of provisions the committee reviews the work 
performed by the auditors to test management’s assumptions and 
estimates around these areas and assesses the effectiveness of the 
audit process in addressing these matters when reviewing the audit 
plan prepared by pwc 
the committee’s review of the performance of pwc included 
consideration of the views and opinions of the executive directors and 
senior management on pwc’s effectiveness in a number of areas 
including independence and objectivity audit strategy planning and 
effective execution conduct and communication audit findings and 
feedback and expertise and supporting the work of the committee
for the 2014 financial year the committee was satisfied that there had 
been appropriate focus and challenge on the primary areas of audit 
risk assessed the quality of the audit process to be good and that the 
auditor objectivity and independence is properly safeguarded
the chairman of the committee also meets with the external lead 
audit partner outside the formal committee process during the year to 
provide additional opportunity for open dialogue and feedback from 
the auditor without management being present matters typically 
discussed include the auditor’s assessment of business risks and 
management activity thereon the transparency and openness of 
interactions with management confirmation that there has been no 
restriction in scope placed on them by management independence  
of their audit and how they have exercised professional scepticism
the group audit partner currently simon o’brien is required to rotate 
after a maximum of five years key audit partners after a maximum of 
seven years and all other partners and senior team members after a 
maximum of 10 years simon o’brien has completed three full audits 
and the committee discusses audit partner rotation with pwc on a 
regular basis
audit committee report continued 49
tyman plc  annual report and accounts 2014
nonaudit services
the audit committee reviews any nonaudit services provided by the 
auditors in accordance with best practices and frc guidelines the 
company policy in relation to nonaudit services is kept under regular 
review it outlines which nonaudit services are preapproved which 
services require prior approval of the audit committee and which 
services the auditor is excluded from 
the prohibited nonaudit services include bookkeeping and accounting 
internal audit design or implementation of financial information systems 
payroll actuarial legal and recruitment services permitted nonaudit 
services requiring preauthorisation include due diligence tax planning 
advice on it projects and advice on corporate and reporting structures 
the committee is satisfied that the provision of such services does not in 
any way prejudice the objectivity and independence of the auditors
professional firms other than the auditors also provide tax compliance 
work and tax advice fees for permitted nonaudit services can be 
preauthorised by the cfo for fees up to £100000 and by the cfo 
after consultation with the chair of the committee for fees up to 
£400000 where fees for permitted nonaudit services exceed 
£400000 or where the aggregate of such fees in a financial year 
exceeds 100 per cent of estimated group audit fees for that financial 
year the committee will review and approve these nonaudit services  
in advance
nonaudit fees and services are reported to the committee regularly 
during 2014 total nonaudit fees paid to pwc were 23 per cent of the 
annual group audit fee as outlined in note 4 to the group financial 
statements
external audit independence
pwc as auditor report to the committee on their compliance with  
the fundamental principles of objectivity integrity and professional 
behaviour including independence pwc use a global independence 
system which provides real time identification of independence issues 
they have confirmed to the committee that they have not identified 
any threats to independence that would impact on their ability to 
perform their audit work
the committee reviews the policy on auditor independence and 
nonaudit services annually and takes into consideration of the nature 
scope and appropriateness of nonaudit services annually supplied by 
the external auditor
the committee continued to be satisfied with the external auditor’s 
independence and objectivity
3 internal audit
during 2014 a specialist team from bdo provided internal audit 
services to the group to complete an internal audit programme visiting 
nine operating units in the group the committee reviews reports from 
bdo detailing their audit findings together with divisional management 
responses and action plans progress completing these action plans are 
reviewed by the committee at every meeting 
in november 2014 the committee conducted the annual review of the 
effectiveness of the group’s internal audit function including its terms 
of reference its audit plans its general performance and its relationship 
with the external auditors the committee was satisfied with the overall 
effectiveness of the internal audit function the internal audit 
programme for 2015 was reviewed and approved by the committee 
the programme is structured to ensure that every operating unit will 
have an internal audit visit at least once every three years with the 
largest operating units being audited at least once every two years
4 review the effectiveness of the risk management and internal 
control systems in the group
risk management reports identifying the significant risks to the group 
were submitted to the committee in november 2014 these reports 
summarise submissions from all areas of the business which the tyman 
management committee have reviewed the audit committee 
reviewed the effectiveness of the company’s overall risk management 
framework including the generic procedures for risk identification 
assessment mitigation monitoring and reporting
the board as a whole is responsible for the group’s system of internal 
control however the committee assists the board in meeting its 
obligations in this regard the committee’s review of risk is driven 
primarily by the group’s assessment of its principal risks and 
uncertainties as set out on pages 28 and 29 the tyman risk 
committee assesses the group’s significant business risks identified at 
both operating entity and group levels and how these are managed 
the chief executive officer in turn reports back to the committee who 
discuss and review the work of the tyman risk committee the tyman 
risk committee whose members comprise the tyman management 
committee discuss and review the various risk registers compiled by 
each reporting segment within the group
in order to ensure that the committee fulfils its role relating to the 
adequacy and effectiveness of the group’s internal control system the 
committee receives reports from the internal auditors a major element 
of the current internal audit programme is the assessment of the 
internal control system throughout the group the recommendations 
for improving internal controls are reviewed and the followon action 
plans to implement improvements are monitored on an ongoing basis 
by the committee
audit committee priorities for 2015
the priorities for the committee for 2015 are set out below
• continue to review the effectiveness of the company’s overall 
risk management framework including the generic procedures 
for risk identification assessment mitigation monitoring and 
reporting
• prepare for and implement any relevant regulatory changes to 
audit committee governance including the statutory audit 
services for large companies market investigation mandatory 
use of competitive tender processes and audit committee 
responsibilities order 2014 and the eu audit regulation
• prepare and implement any relevant changes in the 2014 edition 
of the uk corporate governance code in particular disclosures in 
relation to going concern longer term viability risk management 
and controls
• continue to monitor the effectiveness of the internal audit 
function and internal controls
committee effectiveness
the effectiveness of the committee is reviewed on an annual basis by 
both the board and the committee itself and the committee is 
considered to continue to operate effectively and efficiently
on behalf of the audit committee
martin towers
chairman audit committee
10 march 2015
strategic report
corporate  
governance report financial statements 50
remuneration report letter
dear shareholder
it is my pleasure to present the directors’ remuneration report for the 
year ended 31 december 2014
group’s remuneration policy
the group’s remuneration policy the “policy” was approved at  
the agm in 2014 where 998 per cent of votes cast were in support  
of the policy a summary of the policy is set out in the remuneration 
policy report on page 52 and the full detailed policy can be found  
on the tyman website httpwwwtymanplccommedia39270
remunerationpolicyapprovedagm160514pdf no changes to the 
policy are proposed for 2015
activities of the remuneration committee
the main activities of the committee since the last report were as 
follows
• assessed performance of executive directors and determined 
annual bonuses for 2014
• established the executive directors’ bonus arrangements and set 
bonus targets for 2015
• consulted with shareholders and shareholder bodies on the 
following
 – the second phase of a twoyear salary increase for executive 
directors
 – the introduction of malusclawback provisions and a further 
twoyear holding period after the initial threeyear vesting period 
for all future ltip awards
 – the retrospective disclosure of annual bonus targets
• reviewed the malus provisions of the deferred bonus share plan with 
the executive directors who have voluntarily agreed to broader 
malus provisions
• reviewed remuneration benchmarking for nonexecutive directors 
and revised fees with effect from 1 july 2014
• reviewed remuneration benchmarking and set 2015 base salaries 
and benefit packages for some senior executives
• reviewed plans for new employee share plan for employees across 
the group
• considered remuneration market trends and corporate governance 
developments and
• prepared the directors’ remuneration report
remuneration for 2014
details of the remuneration decisions for 2014 are set out in the 
directors’ annual remuneration report
as highlighted in the chairman’s statement tyman saw strong trading 
in both the amesburytruth and era divisions during the year offset in 
part by continued difficult market conditions in the schlegel 
international european businesses 
despite adverse exchange rate movements during the year the  
group delivered a strong underlying profit before taxation “pbta” 
performance in 2014 of £416 million this was ahead of the threshold 
target of £379 million but just below the meets target level of £421 
million resulting in 443 per cent of the bonus relating to underlying 
pbta becoming payable
despite significant investment in the balance sheet the group’s 
leverage decreased further in the year to 156x at the bottom end  
of the target range of 15x to 20x net debt underlying ebitda the 
requirements of our stock build programme responding to short  
term shifts in demand necessitated increased investment in working  
capital at 31 december 2014 such that the cash flow target of  
£331 million achieved in 2014 was slightly below the threshold target  
of £333 million resulting in no bonus relating to operational cash flow 
overall this resulted in the executive directors receiving a bonus equal 
to 310 per cent of 2014 salary for the year 2013 896 per cent of 
which 50 per cent will be deferred until march 2018 under the rules of 
the deferred share bonus plan
the committee has noted carefully institutional shareholder  
feedback around retrospective disclosure of annual bonus targets the 
committee has decided to disclose annual bonus targets once they are 
no longer considered by the board to be commercially sensitive the 
remuneration implementation report now contains full details of the 
targets set for the 2014 bonus
the announcement of the group’s results for the year ended  
31 december 2014 was the trigger event for the vesting of the 2012 
ltip awards cumulative eps over the threeyear period for the 2012 
awards was 4381 pence against a performance range target to 
stretch of 3239 to 4475 pence the remuneration committee is 
satisfied that this underlying eps performance is a genuine reflection  
of the underlying performance of the company over the performance 
period having regard to the company’s total shareholder return 
performance during that time therefore 9428 per cent of the 2012 
awards will vest
to strengthen alignment with shareholders the committee extended 
the time horizon of 2014 ltip awards and all future ltip awards 
granted to executive directors through the introduction of a twoyear 
holding period on vesting ltip shares net of tax this means that the 
2014 ltip awards must be retained until at least march 2019
key remuneration decisions for 2015
as described in the 2013 remuneration report following consultation 
with major shareholders holding c50 per cent of share capital in 
january 2014 the committee decided to phasein executive director 
salary increases closer to median over a twoyear period subject  
to an annual review of each executive’s performance and company 
performance in line with these discussions and following the 
conclusion of the annual review of each executive’s performance and 
company performance the committee set the ceo’s base salary at 
£387000 per annum c 16 per cent increase and the cfo’s base salary 
at £237000 per annum c 5 per cent increase from 1 january 2015 
further background details to this decision are contained in the 
remuneration implementation report
for deferred bonus shares granted in 2014 or earlier malus provisions 
apply during the deferral period in the exceptional circumstance of 
gross misconduct 51
tyman plc  annual report and accounts 2014
during the year the committee considered carefully whether the 
circumstances were sufficient in light of market practice and best 
practice and intends to extend these for future awards to include the 
exceptional circumstances of a material misstatement gross 
misconduct or a material misjudgement of the performance of the 
company whilst not explicitly provided for in the remuneration policy 
the executive directors have voluntarily signedup to these broader 
malus provisions the committee has disclosed these provisions in the 
implementation section of the remuneration report which is subject to 
an advisory vote at the agm the committee also intends to include 
these provisions in a revised remuneration policy at the next formal 
approval of policy which will occur not later than the 2017 agm
new employee share plans
the board believes that it is important to encourage all employees to 
participate in the future growth and development of the group and to 
take an active interest in the performance of the company as a whole in 
particular we want to allow employees to have the opportunity over time 
to build an equity holding in tyman with this in mind at the agm we are 
seeking shareholder approval for two broadlybased contributory share 
plans – a uk sharesave plan and a separate plan on similar principles for 
us employees it is intended that each of these will offer the potential for 
favourable tax treatment in accordance with applicable local legislation 
we are also seeking authority to extend plans into other jurisdictions on a 
similar basis with appropriate variations
shareholders will be asked to approve these proposals at the 
forthcoming agm in may 2015 and further details are contained in the 
notice of meeting
remuneration disclosure
this report complies with the requirements of the large and medium
sized companies and groups regulations 2008 as amended in 2013 
the provisions of the uk corporate governance code september 2012 
and the listing rules
the report contains two sections
• the directors’ remuneration policy report pages 52 to 56 this 
section contains summary details of the remuneration policy that 
was approved at the 2014 agm and
• the directors’ annual remuneration implementation report this 
section sets out details of how our remuneration policy was 
implemented for the year ended 31 december 2014 and how we 
intend the policy to apply for the year ended 31 december 2015
at the agm in may 2015 the directors’ annual remuneration report will 
be put to an advisory shareholder vote
the committee believes that executive remuneration arrangements  
are structured to support the delivery of our strategic priorities we  
will continue to keep the structure of remuneration arrangements  
under review
upon my retirement from the board after the agm in may i will be 
delighted to hand over the chairmanship of the remuneration 
committee to mark rollins who will be joining the board as a non
executive director on 1 april 2015
les tench
chairman remuneration committee
strategic report
corporate  
governance report financial statements 52
remuneration policy report
introduction
the group’s policy is to provide remuneration that reflects the contribution of senior executives to the business the performance of the group the 
size and complexity of the group’s operations and the need to attract retain and incentivise executives of the highest quality
the committee seeks to provide remuneration packages which are straightforward and easily comprehensible and which align the interests of the 
directors with those of the shareholders the general principles underpinning the group’s remuneration policy are that the policy should support 
and incentivise the delivery of the group’s strategy while providing an appropriate balance between fixed and variable rewards
this policy statement was submitted and approved by shareholders at the annual general meeting held on 16 may 2014 and took effect from the 
conclusion of the 2014 agm and remains in effect until the 2017 annual general meeting or earlier if amended by the shareholders the policy has 
remained unchanged from the policy approved at the 2014 agm 
the full remuneration policy is published on the tyman website httpwwwtymanplccommedia39270remunerationpolicyapproved
agm160514pdf a summary of the key components of the remuneration policy and associated arrangements for board members are  
shown below
 
remuneration at a glance
current salary ceo – £387000 and cfo – £237000
pension allowance maximum contribution of 20 per cent of base salary
benefits typically life assurance cover critical illness cover private medical and dental cover car allowance and professional tax 
and financial advice
annual bonus 100 per cent of base salary with 50 per cent in cash and 50 per cent in shares deferred for three years targets are 
usually 100 per cent financial but can have up to 20 per cent targeted on individual personal objectives 
ltip normally nil cost options up to 100 per cent of base salary but exceptionally 150 per cent performance metrics based 
on cumulative underlying eps measured over a threeyear period with a discretionary underpin typically 25 per cent 
vests for threshold performance zero per cent below threshold increasing pro rata to 100 per cent vesting for stretch 
performance from 2014 new ltip awards to be retained for two years after vesting thereby making a fiveyear holding 
period for an ltip award from date of grant to permitted disposal 
executive directors’ remuneration policy
purpose and link to strategy operation and opportunity
base salary
to pay executive directors at a level commensurate with 
their contribution to the company and appropriately 
based on skill experience and performance achieved
the level of salary paid is considered appropriate for 
motivation and retention of the calibre of executive 
required to ensure the successful formation and delivery 
of the group’s strategy and management of its business 
in the international environment in which it operates
salaries are reviewed annually by the committee in normal circumstances annual 
increases in salary will be limited to the general annual salary increase received by 
group employees in the relevant director’s country of residence
the committee may consider it appropriate and necessary to award larger increases 
for example in circumstances where the nature or complexity of the group has 
increased materially or if an individual assumes significantly more responsibility if 
there were a material change in business size or complexity up or down then this 
would be reflected in the market comparability
benefits
to provide a range of market competitive benefits to 
encourage retention and which enable an executive 
director to perform his or her duties
eligible for a range of benefits that may include
• life assurance cover
• critical illness cover
• private medical and dental cover
• car allowances and 
• professional tax and financial advice
pension
to provide a marketcompetitive benefit for retirement 
which rewards sustained contribution and encourages 
retention
the maximum opportunity either by way of a contribution to a group pension 
arrangement or payment of a cash salary supplement is 20 per cent of base salary 53
tyman plc  annual report and accounts 2014
purpose and link to strategy operation and opportunity
annual bonus
to reward achievement of annual financial goals 
consistent with the strategic direction of the business
the maximum annual bonus opportunity is 100 per cent of salary
in normal circumstances the committee would expect to set annual bonus targets 
100 per cent dependent on the achievement of defined financial performance 
targets
any bonus payable under the annual bonus scheme is paid 50 per cent in cash and  
50 per cent in shares deferred for three years under the deferred share bonus plan 
“dsbp” and is not pensionable
long term incentive plans
to align interests of senior executives and those of 
shareholders in developing the long term growth of the 
business and execution and delivery of the group’s 
strategy to facilitate share ownership by executive 
directors and other senior management to provide 
further alignment with shareholders
awards are determined by the committee at its discretion with a maximum annual 
performance share award under the current plan of 100 per cent of salary or 150 per 
cent of salary in exceptional circumstances 
awards are subject to the company meeting underlying eps targets over three 
financial years starting with the financial year in which the grant takes place a 
percentage of the award typically 25 per cent vests for threshold performance  
0 per cent below threshold increasing pro rata to 100 per cent vesting for stretch 
performance
more recent ltip awards have incorporated a discretionary tsr underpin and the 
committee has introduced a two year holding period from the date of vesting this 
will make the aggregate holding period for an ltip award five years from date of 
grant to permitted disposal
minimum shareholding requirement
to require executive directors to retain a minimum 
shareholding in the company to ensure alignment with 
shareholders’ interests as a whole
expected to retain a minimum shareholding equivalent to 100 per cent of basic salary
remuneration outcomes in different performance scenarios
the charts below set out an illustration of the remuneration policy for 2015 the charts provide an illustration of the proportion of total 
remuneration made up of each component of the remuneration policy and the value of each component
three scenarios have been illustrated for each executive director
 
below threshold performance • fixed remuneration
• no annual bonus payout
• no vesting of ltip awards
meets performance • fixed remuneration
• 50 per cent annual bonus payout 
• 25 per cent of ltip awards vest
stretch performance • fixed remuneration 
• 100 per cent annual bonus payout 
• 100 per cent of ltip awards vest
strategic report
corporate  
governance report financial statements 54
the fixed pay element is based on the following elements
• base salary is the base salary effective for the year ended 31 december 2015 as set out on page 52
• benefits are the value of benefits paid in the year ended 31 december 2014 as set out on the table of directors’ remuneration on page 57 
• cash contribution in lieu of pension effective for the year ended 31 december 2015 which is 20 per cent of base salary for the ceo and 15 per 
cent of base salary for the cfo
actual pay delivered will be further influenced by share price appreciation and dividends which the scenarios below do not take into account 
ceo  
stretch performance
meets performance
below threshold
performance
£’000
£1238000
£755000
£464000
0 400 200 600 800 1000 1200 1400
38
61
100
26 13
31 31
n fixed 
n short term incentives annual bonus
n long term incentives ltip
0 100 200 300 400 500 600 700 800 900
cfo  
£’000
£747000
£451000
£273000
37
61
100
26 13
32 31
n fixed 
n short term incentives annual bonus
n long term incentives ltip
stretch performance
meets performance
below threshold
performance
 
nonexecutive directors’ remuneration policy
purpose and link to strategy operation and opportunity
fees
attract and retain high calibre nonexecutive directors fees are reviewed annually additional fees may be paid to chairmen of board 
committees and to the senior independent director no eligibility to receive bonuses 
retirement benefits or to participate in the group’s long term incentive plans or 
employee share plans
remuneration policy report continued 55
tyman plc  annual report and accounts 2014
nonexecutive directors’ letters of appointment
the chairman and nonexecutive directors do not have service 
agreements but the terms of their appointment including the time 
commitment expected are recorded in letters of appointment
nonexecutive directors are employed for terms of three years’ 
duration terminable on a month’s notice by the company or the 
director all nonexecutive directors are required to undertake that  
they will submit themselves for reelection at each annual general 
meeting occurring during their term of office and no nonexecutive 
director will serve more than three terms of three years without prior 
shareholder approval
nonexecutive directors’ shareholding guidelines
nonexecutive directors do not have a minimum shareholding 
requirement however they are expected to acquire and retain a 
shareholding in the group for the duration of their appointment
other policies
recruitment of nonexecutive directors
nonexecutive directors who are recruited to the board will be 
employed on a letter of appointment of three years’ duration 
terminable on a month’s notice by the company or the director
the remuneration for nonexecutive directors consists of annual fees 
for their services as members of the board and where relevant for their 
work on selected committees new nonexecutive directors recruited  
to the board will be paid the same rates and be subject to the same 
provisions concerning annual reelection and shareholdings as the then 
current nonexecutive directors
recruitment of executive directors
the committee’s general policy on recruitment remuneration is that 
new executive directors should be offered a contract on similar terms to 
the existing executive directors
in exceptional and unforeseen circumstances it may prove necessary 
for the committee to exercise discretion and offer a variable pay 
opportunity excluding buyouts in the first year of employment to a 
new executive director that contains elements of variable remuneration 
which are in excess of the normal maxima stated in the policy table 
however the overall total variable pay opportunity on recruitment 
excluding buyouts would remain within the overall limit on variable 
pay of 250 per cent of base salary
for a new ceo or cfo their annual bonus framework and ltip awards 
will normally be no more than those available to the current ceo or 
cfo as applicable at the date of recruitment the committee may 
agree that the company will meet certain relocation and associated 
expenses of a new executive director subject to circumstances
in circumstances where individuals are promoted to the board from 
within the group the terms and conditions of their existing share  
grants or awards will not normally be amended however any new 
grants or awards would be subject to the same framework as the  
other executive directors
in certain circumstances and in order to secure the services of an 
outstanding candidate it may be necessary to make an award to a new 
executive director to “buyout” unvested performance plan share or 
cash awards forfeited on leaving their previous employment any such 
reimbursement would be subject to independent confirmation of the 
existence forfeiture on departure and probability of these historic 
awards vesting had the new executive director remained in post in 
doing so the committee will seek to do no more than match the fair 
value of the awards forfeited taking account of performance conditions 
attached to these awards the likelihood of those conditions being met 
and the proportion of the vesting period remaining
any such reimbursement would be made in cash or in shares in tyman 
plc and may be subject to performance conditions attached to tyman
no incentives were paid in connection with the recruitment of  
mr eperjesi or for the promotion of mr brotherton to their respective 
roles both of which occurred in 2010
exit payment policy for executive directors
the service agreements of the executive directors entitle them on 
termination of their contract by tyman to payment equal to salary and 
the value of benefits pension benefits including life cover health 
cover dental cover and car allowance but not annual bonus or grants 
under long term incentive plans until the earlier of 12 months from 
notice of termination or the director obtaining full time employment 
with an obligation on the part of the director to mitigate
payments will normally be made monthly although the committee 
retains discretion to agree settlement terms which may include a bonus 
in respect of the period worked by the executive director up until the 
date of termination
executive directors who are categorised as “good leavers” by the 
committee will generally be eligible to receive historic awards under the 
ltip and dsbp the “executive share plans” as they vest in future years 
awards that vest under the ltip postemployment may be prorated to 
reflect the fact that the executive director was not employed for the 
entire period under measurement for ltip awards made after the 2014 
agm the committee retains discretion to waive the extended holding 
period requirement for good leavers depending on circumstances
in the event that an executive director is dismissed for reasons 
constituting gross misconduct no unvested awards under executive 
share plans may vest and the committee retains no discretion in this 
regard
policy on external appointments
executive directors are allowed to accept external appointments as  
a nonexecutive director of one other company subject to board 
approval provided that these are not with competing companies and 
are not likely to lead to conflicts of interest executive directors would 
normally be allowed to retain the fees paid from these appointments 
executive directors may not serve as the nonexecutive chairman of 
another quoted company
as at 10 march 2015 neither louis eperjesi nor james brotherton held 
any external directorships
strategic report
corporate  
governance report financial statements 56
other share plans
the executive directors may participate in any allemployee share plans 
on the same basis as other employees in their country of residence
consultation with employees
although the committee does not consult directly with employees on 
the directors’ remuneration policy the committee does consider the 
general basic salary increase remuneration arrangements and 
employment conditions for the broader employee population when 
determining remuneration policy for the executive directors
consultation with shareholders and shareholder bodies
the committee is committed to regular engagement with shareholders 
and shareholder bodies and enters into extensive consultations in 
advance of implementing any material changes to the executive 
directors’ remuneration as well as on the measures duration and 
targets for each of the annual grants under the ltip
all committee members attend the annual general meeting and may 
also be contacted through the group’s registered office to answer any 
questions shareholders or shareholder bodies may have in relation to 
the group’s remuneration policy
dilution
the general principle that the group operates is that the vesting of 
share awards under executive and employee share plans should be 
satisfied either by the issue of shares out of treasury or subject to 
trustee consent through the issue of shares acquired on the market by 
the tyman employee benefit trust
certain jurisdictions require that new shares are issued to employees to 
settle vesting under share arrangements where new shares are issued 
in these circumstances it is the group’s intention to match the new 
shares issued with an equal purchase of shares on the market either 
into treasury or into the tyman employee benefit trust
remuneration policy report 
continued 57
tyman plc  annual report and accounts 2014
remuneration  
implementation report
remuneration committee
the members of the remuneration committee during the year ended 
31 december 2014 were as follows
remuneration committee member appointed
les tench chairman december 2009
jamie pike november 2009
martin towers december 2009
angelika westerwelle november 2012
the executive directors may by invitation attend meetings and provide 
advice to the committee except when their own remuneration is 
discussed during 2014 the committee was chaired by mr tench and 
the attendance record of the members of the committee was
remuneration committee meeting attendance
eligible to 
attend attended
les tench chairman 4 4
jamie pike 4 4
martin towers 4 4
angelika westerwelle 4 4
role of the remuneration committee 
the remuneration committee is responsible for
• setting reviewing and recommending to the board for approval 
the company’s overall remuneration policy and strategy
• determining and reviewing the terms of appointment and the 
remuneration arrangements of the executive directors of the 
company and the chairman
• determining and reviewing the terms of appointment and the 
remuneration arrangements of the company secretary and the 
members of the tyman management committee of the 
company
• approving any company share share option or cash based 
incentive plan and the grant award allocation or issue of shares 
share options or payments under any such plan
the committee continues to receive advice from kepler associates an 
independent firm of remuneration consultants appointed by the 
committee after consultation with the board
during the year kepler advised the committee on developments in 
market practice corporate governance and institutional investor views 
and in the development of the company’s incentive arrangements 
total fees for advice provided to the committee during the year were 
£52663 kepler are members of the remuneration consultants group 
and as such voluntarily operate under the code of conduct which sets 
out guidelines to ensure that its advice is independent and free of 
undue influence
the committee also took advice from the group’s legal advisers 
pinsent masons llp as well as advice from a number of law firms 
around the world relating to local laws and regulations surrounding the 
granting vesting and exercise of awards made to senior divisional 
management total fees for legal advice provided to the committee 
during the year were £58130
the committee is satisfied that the advice they have received has been 
objective and independent
executive directors’ remuneration 2014
the key components of the remuneration of executive directors are set out below
single figure remuneration table audited
the table below sets out a single figure of remuneration for each director for 2014
salaryfees annual cash bonus
annual bonus settled 
with deferred shares
cash payments  
in lieu of pension non cash benefits ltip awards
1
total remuneration
directors’ remuneration for the 
year ended 31 december 2014
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
2014 
£’000
2013 
£’000
executive directors
james brotherton 226 203 35 91 35 91 34 10 1 1 494 945 825 1341
louis eperjesi 334 266 52 120 52 120 67 54 2 1 649 1260 1156 1821
nonexecutive directors
jamie pike 113 100 – – – – – – – – – – 113 100
les tench
2
45 40 – – – – – – – – – – 45 40
martin towers
3
45 40 – – – – – – – – – – 45 40
angelika westerwelle 40 35 – – – – – – – – – – 40 35
total 803 684 87 211 87 211 101 64 3 2 1143 2205 2224 3377
1 the estimated value of the ltip awards for 2014 which vest on 11 march 2015 is based on the average share price over the five days to 10 march 2015 the date of this report of £323 
the comparative value of ltip awards for 2013 has been truedup using the actual exercise share prices and is different to the value shown in the 2013 remuneration report
2 these fees include £5000 in respect of chairmanship of the remuneration committee
3 these fees include £5000 in respect of chairmanship of the audit committee
strategic report
corporate  
governance report financial statements 58
additional disclosures for single figure total remuneration table
base salary
as explained in the chairman’s remuneration report letter in the 2013 
annual report following consultation with major shareholders the 
committee decided to phasein salary increases to close the substantial 
gap from median levels in the market over two years subject to an 
annual review of each executive’s performance and company 
performance the committee carried out a rigorous review of both 
individual and company performance and completed a further 
consultation with major shareholders in 2014 in its review the 
committee took into account factors including that the integration of 
amesburytruth has progressed well with a strengthened leadership 
team now installed in the north american business and the combined 
north american business on track to deliver synergy benefits of at  
least us5 million in 2014 and us8 million in 2015 some 60 per cent 
ahead of the group’s original expectations era has continued to make  
good progress in 2014 gaining market share and improving net 
margins further restructuring and investment has taken place in 
schlegel international to position schlegel for growth as and when 
markets return
the committee increased the ceo’s base salary by 25 per cent to 
£334000 per annum and the cfo’s base salary by 11 per cent to 
£226000 per annum from 1 january 2014 this was in excess of the 
general level of salary increases of 25 per cent in the group’s uk 
businesses
annual cash bonus
the annual cash bonus for executive directors decreased by 59 per 
cent and reflects the under performance in schlegel in the year and the 
increased investment in working capital at the end of 2014 this was a 
more significant decrease than the 15 per cent decrease in the average 
uk senior management bonus entitlement in the year which is 
considered by the committee to be the most relevant comparator 
group for bonus purposes
non cash benefits
the benefits provided to the executive directors included private 
medical insurance permanent health insurance and life assurance  
the executive directors are not members of any of the group pension 
schemes there were no changes to the benefits policies or levels during 
the year
remuneration implementation report continued
cash payments in lieu of pension
as explained in the chairman’s remuneration report letter in the 2013 
annual report the committee also increased the cash pension 
allowance for the cfo from c 5 per cent of salary to 15 per cent of 
salary the ceo’s cash pension allowance remains 20 per cent of salary 
in 2014 louis eperjesi was paid £67000 2013 £54000 and james 
brotherton was paid £34000 2013 £10000 as a salary supplement 
in lieu of pension these amounts were nonbonusable
performance related remuneration
annual bonus
for 2014 the annual bonus scheme for executive directors was based 
70 per cent on underlying pbta targets and 30 per cent on free cash 
flow 50 per cent of executive director bonuses are delivered in the form 
of nil cost options under the deferred share bonus plan to strengthen 
alignment with shareholders’ interests these awards will normally vest 
together with dividend equivalents in cash or shares after three years 
and are not subject to any performance conditions other senior 
employees are also required to defer a proportion of their bonuses 
pursuant to the deferred share bonus plan
2014 bonus outcome
as highlighted in the chairman’s statement tyman saw strong trading 
in both the amesburytruth and era divisions during the year offset in 
part by continued difficult market conditions in the schlegel 
international european businesses despite adverse exchange rate 
movements during the year the group delivered a strong pbta 
performance in 2014 to achieve pbta of £416 million for 2014 this 
was ahead of the threshold target of £379 million but just below the 
meets target level of £421 million resulting in 443 per cent of the 
bonus relating to pbta becoming payable
despite significant investment in the balance sheet the group’s 
leverage decreased further in the year to 156x at the bottom end of 
the target range of 15x to 20x net debt underlying ebitda the 
requirements of our stock build programme responding to short  
term shifts in demand necessitated increased investment in working 
capital at 31 december 2014 such that the operational cash flow of 
£331 million achieved in 2014 was slightly below the threshold target  
of £333 million resulting in no bonus relating to operational cash flow 
overall this resulted in the executive directors receiving a bonus equal 
to 310 per cent of 2014 salary for the year 2013 896 per cent of 
which 50 per cent will be deferred until march 2018 under the rules of 
the deferred share bonus plan
the actual target ranges for the two bonus components are set  
out below
2014 bonus targets and outcomes
target £’m
measure threshold 0 meets 50 exceeds 100
performance 
£’m
achievement  
over threshold 
of target
bonus as  
 of salary
underlying profit before taxation and amortisation “pbta” – 
70 weighting 379 421 463 416 443 310
operational cash flow – 30 weighting 333 370 407 331 00 00
note targets for both underlying pbta and operational cash flow were increased during the year to take account of the acquisition of vedasil in february 2014 59
tyman plc  annual report and accounts 2014
the current remuneration policy provides that for deferred bonus 
shares malus provisions apply during the deferral period in the 
exceptional circumstance of gross misconduct however the executive 
directors have voluntarily agreed to be bound by broader malus 
provisions covering the exceptional circumstances of a material 
misstatement gross misconduct or a material misjudgement of the 
performance of the company
ltip awards vesting
as the acquisition of truth completed at an early point in the 2012 ltip 
cycle c 15 years into the threeyear performance period ending in 
december 2014 the committee felt it was important for the incentive 
to capture the group’s overall performance over the remainder of the 
performance period rather than ringfence the effects of the 
acquisition in light of this as reported in the 2013 remuneration 
report the committee decided to
• make no adjustment to the existing eps targets 25 per cent vesting 
at 33 pence up to 100 per cent vesting at 456 pence for the truth 
acquisition but
• restate the existing eps targets for the capital raising completed as 
part of the truth acquisition based on the standard theoretical 
exoffer price adjustment factor c 098
the announcement of the group’s results for the year ended  
31 december 2014 was the trigger event for the vesting of the 2012 
ltip awards which were made in july 2012 the awards covered the 
performance period from 1 january 2012 to 31 december 2014 
awards were dependent on the cumulative underlying basic eps from 
continuing operations for the three years measured against a defined 
target range
the underlying basic eps achieved over the threeyear performance 
period ending in december 2014 is set out below
 
performance year
earnings per 
share
2012 1149p
2013 1371p
2014 1861p
underlying cumulative eps 4381p
the percentage of awards vesting for the 2012 awards are set out 
below
award range achievement
 of award 
to vest
2012 awards 3299 – 4475p
1
4381p 9428
1 as stated in the remuneration implementation report in the 2013 annual report 
following the acquisition of truth in july 2013 the original eps targets were restated for 
the capital raising as this was at a discount to the prevailing market price based on the 
standard theoretical exoffer price adjustment factor c098
the remuneration committee has satisfied itself that the recorded 
underlying cumulative eps is a genuine reflection of the underlying 
business performance of the group over the performance period having 
regard to the company’s total shareholder return performance during 
that time and accordingly has approved the vesting of the 2012 awards 
at the calculated percentage of 9428 per cent as a result a total of 
1065719 awards excluding dividend shares vested in march 2015
the number of awards that have vested for the executive directors and 
the senior managers excluding dividend shares where eligible is as 
follows
award
executive 
directors
senior 
managers total
2012 awards excluding 
dividend shares 341154 724565 1065719
in addition dividend shares to the following values were also awarded
award
executive 
directors
£’000
senior 
managers
£’000
total
£’000
2012 award dividend shares 42 89 131
awards will be satisfied in accordance with group policy through the 
issuance of shares from the tyman employee benefit trust shares out 
of group treasury and new shares
ltip awards granted in 2014
on 26 june 2014 the remuneration committee granted nil or nominal 
cost options over 630420 ordinary shares in the company to around 23 
senior managers executives and executive directors “2014 awards” 
vesting of the 2014 awards is based on the company’s three year 
cumulative underlying eps for the financial years 2014 to 2016
if over the three financial years 2014 to 2016 cumulative underlying 
eps is less than 61 pence no 2014 awards will vest 25 per cent of 2014 
awards will vest for cumulative underlying eps of 61 pence rising on a 
straightline basis to full vesting for cumulative underlying eps of 68 
pence or higher to strengthen alignment with shareholders the 
committee extended the time horizon of 2014 awards through the 
introduction of a twoyear holding period on vested ltip shares net of 
tax malusclawback provisions apply during the ltip vesting and 
holding periods in the exceptional circumstances of a material 
misstatement gross misconduct or a material misjudgement of the 
performance of the company
in addition if and to the extent that it considers the recorded eps is not 
a genuine reflection of the underlying business performance of the 
company over the eps performance period the committee may reduce 
the number of vested award shares accordingly the “financial 
underpin”
in applying this financial underpin the committee shall without 
limitation have regard to
• tyman’s tsr relative to the ftse allshare index and the tsr of the 
median company in a list of comparator companies in order of their 
tsr performance over the three calendar years 2014 2015 and 
2016 using such methodology for tsr calculations as the 
committee shall consider appropriate and
• the eps achieved in financial year 2016 and the extent to which this 
exceeds the eps achieved in financial year 2013 and
• whether in the committee’s opinion any inappropriate risk taking 
has occurred and
• whether in the committee’s opinion the three year cumulative eps 
target has been achieved simply through increased and 
inappropriate gearing of the balance sheet
the 2014 awards are expected to vest in march 2017 following the 
announcement of the company’s results for the year ended  
31 december 2016
strategic report
corporate  
governance report financial statements 60
2014 ltip award to cfo
in light of potential changes within the us finance team following the 
truth acquisition whilst also recruiting a new uk fd the committee felt 
that retaining the group cfo was critical in these special 
circumstances the committee decided to increase the 2014 ltip award 
to the group cfo from 100 per cent to 110 per cent of salary the 
remuneration policy approved at the 2014 agm allows the committee 
to determine ltip awards at its discretion with a maximum annual 
performance share award of 100 per cent of salary or 150 per cent of 
salary in exceptional circumstances the committee intends to revert to 
the normal ltip grant size of 100 per cent of salary for 2015
dilution limit
generally it is the intention that ltip awards will be satisfied through 
the transfer of existing shares by the company’s employees’ benefit 
trust unless the remuneration committee in its discretion feels that a 
new issue of shares would be more appropriate in the event that ltip 
awards are satisfied through new issue shares the company will 
operate within the investment association “ia” guideline dilution limit 
of 10 per cent in 10 years for all sharebased incentive schemes 
the remuneration committee has the flexibility to operate outside the 
ia guideline of 5 per cent in 10 years dilution limit for discretionary 
sharebased incentive schemes to accommodate ltip awards for a 
broader employee population in managing dilution the company will 
nevertheless be mindful of the 5 per cent in 10 years guideline and will 
be prudent in managing the flow rates keeping shareholders informed 
of actual and anticipated dilution levels over time the majority of the 
2012 2013 and 2014 ltip awards are likely to be satisfied through the 
transfer of existing shares rather than the issue of new shares
assuming that all performance targets are met in full the 
remuneration committee currently envisages that a maximum of 
688566 of the 2590109 shares subject to all the awards outstanding 
approximately 27 per cent will be satisfied through new issue shares to 
ensure that local trusts tax and securities laws are complied with in 
certain overseas jurisdiction
as at 31 december 2014 shares equivalent to 17 per cent of the 
group’s issued share capital excluding treasury shares would be 
required to settle all outstanding awards under employee and executive 
share plans assuming maximum vesting
tyman employee benefit trust
the ebt held 1596794 tyman ordinary shares at 31 december 2014 
the outstanding ltip awards at 31 december 2014 are as follows
 
ltip awards granted in vesting date
1
number of 
shares
2012 march 15 1120663
2013 march 16 839026
2014 march 17 630420
2590109
1 vesting is conditional upon financial performance targets over a threeyear period being 
met
remuneration implementation report continued
the outstanding dsbp awards at 31 december 2014 are as follows
dsbp awards granted in respect of  
bonuses for the years ended 31 december
 vesting 
date
1
number of 
shares
2011 march 15 51774
2012 march 16 114600
2013 march 17 156217
2014 march 18 79235
401826
1 vesting is not conditional upon any performance targets
summary of directors’ service contracts
the following table shows details of the service contracts for executive 
directors who were in office at 31 december 2014
 
commencement 
date notice period
james brotherton 070314 12 months
louis eperjesi 070314 12 months
for both executive directors their service contracts are terminable on 
12 months’ notice to or from the company and contractual termination 
provisions are limited to salary and benefits over the notice period
the nonexecutive directors have letters of appointment which 
provide a notice period of one month
 
 
commencement 
date notice period
jamie pike 231109 1 month
les tench 171209 1 month
martin towers 171209 1 month
angelika westerwelle 301112 1 month
directors’ shareholdings and interests audited
shares
the interests of each person who was a director of the company as at 
31 december 2014 together with interests held by his or her connected 
persons were
 
 
ordinary 
shares at  
31 dec 2014
ordinary 
shares at  
31 dec 2013 
james brotherton 354133 186898
louis eperjesi 404628 181648
jamie pike 507362 507362
les tench 117445 117445
martin towers 62984 62984
angelika westerwelle 131318 131318
there was no change in the interests of the directors and their 
connected persons between 31 december 2014 and the date of  
this report  61
tyman plc  annual report and accounts 2014
executive directors’ minimum shareholding requirement
the table below sets out the minimum shareholding required by the remuneration policy and the level of shareholding achieved for each executive 
director at 31 december 2014
 
directors’ minimum shareholding
salary
1
 
£’000
value of
shareholding
2
£’000
minimum 
shareholding as 
 of salary
actual 
shareholding as 
 of salary
james brotherton 226 1117 100 494
louis eperjesi 334 1276 100 382
notes to directors’ minimum shareholding table above
1 base salary as at 31 december 2014
2 based on the closing price of a tyman plc ordinary share of £31525 on 31 december 2014
executive directors’ interests in deferred share bonus plan audited
the interests of each person who was a director of the company as at 31 december 2014 in awards made under the deferred share bonus plan are 
set out below
 
deferred share bonus plan award date
market value
1
 
at award date
shares over 
which deferred 
bonus awards 
granted after
the year end
1
normal vesting date expiry date
james brotherton 160312 £123 17580 march 2015
2
160322
080513 £205 32986 march 2016
2
080523
110314 £267 34001 march 2017
2
110324
100315 £323 10865 march 2018
2
100325
louis eperjesi 160312 £123 23132 march 2015
2
160322
080513 £205 43402 march 2016
2
080523
110314 £267 44736 march 2017
2
110324
100315 £323 16057 march 2018
2
100325
1 the number of shares awarded is calculated by dividing onehalf of the gross value of the bonus payable by the market value of a share market value means the average of the daily 
closing prices of a share over a five day dealing period ending on the award date awards are in the form of nilcost options and are granted for nil consideration
2 the exact day in march will be determined by the day the group’s results for the year ended on the previous 31 december are announced
executive directors’ interests in long term incentive plans audited
executive directors’ interests in awards made under the ltip are set out below
 
ltip award date
share price 
at award 
date
shares over 
which ltip 
awards 
held at 1 
jan 2014
shares over 
which ltip 
awards 
granted 
during the 
year
shares over 
which ltip 
awards 
vested 
during the
year
1
shares over 
which ltip 
awards 
lapsed 
during the 
year
shares over 
which ltip 
awards 
held at 31 
dec 2014
market value at 
grant date
market value 
at vesting 
date
normal 
vesting 
date expiry date
james brotherton 101210 £10375 150000 – 150000 – – £155625 £427950 110314 101220
060711 £12300 150000 – 149161 839 – £184500 £465755 230314 060721
030712 £12950 153193 – – 153193 £198385 – march 2015
3
030722
141113 £22800 86302 – – 86302 £196769 – march 2016
3
141123
260614 £27000 – 88508 – 88508 £238972 – march 2017
3
260624
louis eperjesi 101210 £10375 200000 – 200000 – – £207500 £570600 110314 101220
060711 £12300 200000 – 198881 1119 – £246000 £621006 230314 060721
030712 £12950 201570 – – 201570 £261033 – march 2015
3
030722
141113 £22800 113555 – – 113555 £258905 – march 2015
3
141123
260614 £27000 – 118912 – 118912 £321062 – march 2017
3
260624
1 the number of shares over which ltip awards vested during the year above excludes the additional awards made in respect of dividend shares and for the impact of the bonus element of 
the open offer for the truth acquisition the result of these adjustments was the award of 9625 and 12832 additional shares to mr brotherton and mr eperjesi respectively relating to the 
2010 ltip awards and 7958 and 10131 additional shares to mr brotherton and mr eperjesi respectively relating to the 2011 ltip awards
2 the exact day in march will be determined by the day the group’s results for the year ended on the previous 31 december are announced
3 face value is the number of shares awarded multiplied by the market value at the award date
awards are in the form of nilcost options and are granted for nil consideration
strategic report
corporate  
governance report financial statements 62
nonexecutive directors’ fees and chairman fees
during the year the committee reviewed the chairman’s fee in light of the time commitment and fees payable at comparator companies and 
increased this to £125000 from 1 july 2014
with effect from 1 july 2014 the nonexecutive directors received a base fee of £45000 additional fees for the audit and remuneration 
committee chairs are unchanged
the fees for nonexecutive directors were previously increased in june 2011
 
positionrole
annual rate of 
fees payable 
during six 
months ended 
30 june 2014 
£
annual rate of 
fees payable 
during six 
months ended 
31 december 
2014 
£
increase 

chairman 100000 125000 25
nonexecutive director 35000 45000 29
chairman of the audit committee 5000 5000 –
chairman of the remuneration committee 5000 5000 –
tsr performance
the graph below shows the total shareholder return “tsr” of the group and the ftse allshare index over the last six years this index is in the 
opinion of the directors the most appropriate index against which the tsr of the group should be measured
six year historical tsr performance growth in value of hypothetical £100 holding
 
n t yman plc n ftse allshare
02 jan 10 02 jan 09 02 jan 11 02 jan 12 02 jan 13
31 dec 2014 £2175
02 jan 14
0
500
1000
1500
2000
2500
£
historical chief executive remuneration outcomes
the table below summarises the chief executive single figure for total remuneration annual bonus payout and ltip or equivalent for plans in place 
before the approval of the group ltip scheme by shareholders in december 2010 vesting as a percentage of maximum opportunity for the current 
year and previous five years
 
2009 
£’000
2010 
£’000
2011 
£’000
2012 
£’000
2013
1
 
£’000
2014 
£’000
louis eperjesi single figure of remuneration na 394 338 493 1821 1156
annual bonus payout as  maximum opportunity na 100 22 68 90 31
ltip or equivalent na nil nil nil 1260 649
denis mulhall single figure of remuneration na 438 na na na na
annual bonus payout as  maximum opportunity na 0 na na na na
ltip or equivalent na nil na na na na
keith taylor single figure of remuneration 572 73 na na na na
annual bonus payout as  maximum opportunity 100 ne na na na na
ltip or equivalent ne ne na na na na
greg hutchings single figure of remuneration 713 na na na na na
annual bonus payout as  maximum opportunity 0 na na na na na
ltip or equivalent nil na na na na na
notes
1 the comparative value of the ltip awards for 2013 have been truedup using the actual exercise share prices consequently both the single figure of remuneration and the ltip awards 
figure for 2013 are different to the values shown in the 2013 remuneration report
“na”  not applicable – individual was not employed as ceo of the group in the year in question
“ne” not eligible – individual was employed during the year but was not eligible to participate in the bonus or ltip scheme as appropriate that year
remuneration implementation report continued 63
tyman plc  annual report and accounts 2014
louis eperjesi
appointed as chief executive officer on 22 february 2010 eligible to 
participate in annual bonus plans and long term incentive plans from 
the date of his employment
former directors
denis mulhall
appointed as acting chief executive officer for the group for the period 
between keith taylor’s resignation and louis eperjesi’s appointment 
denis mulhall was not paid any incremental salary or benefits for the 
period of time that he was acting ceo and did not receive any bonus or 
long term incentive plan or equivalent in respect of that appointment 
denis mulhall’s single figure of remuneration includes payments made 
for loss of office
keith taylor
appointed as interim chief executive officer on 1 july 2009 and 
resigned from the board on 22 january 2010 keith taylor did not 
participate in any of the group’s long term incentive plans however he 
was eligible for a cash bonus for 2009 tied to certain objectives keith 
taylor’s remuneration was paid to crispins partnership limited
greg hutchings
employed as executive chairman of the group until 1 july 2009 greg 
hutchings’ single figure remuneration for 2009 includes payments 
made for loss of office
there were no payments to past directors during 2014
relative spend on pay
the chart below shows both the total cost of employee remuneration in 
the group as shown on page 84 as well as dividends paid
0
20000
40000
60000
80000
100000
98389
83058
10926
7039
t otal employee remuneration 
for the group excluding sbp
dividends paid in 
the ﬁnancial year
relative spend on pay £’000
n 2014 n 2013
statement of implementation of remuneration policy for the year 
ending 31 december 2015
basic salary
as explained in the remuneration report in the 2013 annual report 
following consultation with major shareholders the committee decided 
to phasein salary increases to close the substantial gap from median 
levels in the market over two years subject to an annual review of each 
executive’s performance and company performance following the 
completion of this performance review and further consultation with 
major shareholders the committee completed the second phase of  
the agreed plan and increased the ceo’s base salary by 16 per cent to 
£387000 per annum and the cfo’s base salary by 5 per cent to 
£237000 per annum from 1 january 2015
pension and benefits
the pension allowance for the ceo remains at 20 per cent of salary and 
for the cfo at 15 per cent of salary for 2015
annual bonus
the maximum opportunity for the two executive directors under the 
annual bonus plan is 100 per cent of basic salary the performance 
measures for 2015 remain 70 per cent profitability pbta and 30 per 
cent free cash flow it is expected that targets for the 2015 annual 
bonus plans will be disclosed in the 2015 annual report provided they 
are not deemed to be commercially sensitive at that time
ltip awards
the maximum opportunity for the two executive directors under the ltip 
is 100 per cent or 150 per cent in exceptional circumstances and further 
awards are expected to be made in 2015 the measurement period for 
the 2015 awards will be from 1 january 2015 to 31 december 2017 
2015 awards are expected to vest to the extent that the performance 
conditions have been satisfied in march 2018 however in line with the 
group’s policy on vesting of ltips executive directors will ordinarily be 
required to hold all vested awards under the 2015 awards for a further 
two years until march 2020
proposed 2015 ltip awards performance measures
as in previous years the committee intends to discuss the awards the 
proposed performance measures and targets with major shareholders  
and shareholder bodies prior to finalising awards the committee will 
report back on the final position for the 2015 awards in its 2015 
remuneration implementation report
new employee share plan
the executive directors may participate in the proposed new employee 
share plan if approved and implemented
strategic report
corporate  
governance report financial statements 64
shareholder votes
the table below summarises the results of the voting at the 2014 agm in respect of remuneration resolutions
 
2014 agm resolution votes for votes at discretion votes against votes cast votes withheld
to approve the directors’ remuneration 
policy 138639668 998 74246 01  237844 02 138951058 100 48878
to approve the directors’ remuneration 
report for the financial year ended  
31 december 2013 117640605 882 73775 01 15749040 118 133462120 100 5537816
share price
the market price of ordinary shares in tyman plc at 31 december 2014 was £31525 and the range during the year was £23025 to £31800
on behalf of the remuneration committee
les tench
chairman remuneration committee
10 march 2015
remuneration implementation report continued 65
tyman plc  annual report and accounts 2014
nominations committee report
dear shareholder
i am pleased to present to you the nominations committee’s report for 
the financial year ended 31 december 2014
committee membership
the members of the nominations committee during the year ended 31 
december 2014 were as follows
nominations committee members appointed
jamie pike chairman november 2009
martin towers december 2009
les tench december 2009
angelika westerwelle november 2012
all members served on the committee throughout the year and are 
independent nonexecutive directors during 2014 the committee  
was chaired by mr pike and met twice during the financial year the 
attendance record of the members of the committee was
nominations committee meeting attendance
eligible to 
attend attended
jamie pike chairman 2 2
martin towers 2 2
les tench 2 2
angelika westerwelle 2 2
responsibilities
role of the nominations committee
the key responsibilities of the committee are as follows
• review and make recommendations to the board on the 
structure size and composition of the board
• succession planning for directors and other senior managers
• evaluate the balance of skills diversity knowledge and 
experience of the board
• prepare a description of the role and capabilities required for a 
particular appointment and lead the recruitment process
• identify and nominate for the approval of the board candidates 
to fill board and senior management vacancies as and when 
they arise
• review the time required from nonexecutive directors and 
evaluate the membership and performance of the board and its 
committees
• recommend the reappointment of nonexecutive directors and 
reelection of directors
activities of the committee during 2014
the following matters were considered by the committee during 2014
• evaluated the balance of skills diversity knowledge and experience 
of the board and recommended a recruitment plan to the board
• recommended the appointment of kirsten english and mark rollins 
as nonexecutive directors korn ferry the external search firm 
which has no connection to the company worked with the 
chairman to devise a long list of candidates a short list was then 
compiled and the committee together with the executive directors 
met with these candidates and was able to formulate its 
recommendation to the board
• reviewed the succession planning for the board and recommended 
to the board that mark rollins should succeed les tench as 
chairman of the remuneration committee after the next agm 
when les tench will retire from the board
diversity of the board
the aim of the committee is to ensure that the board is well balanced 
and appropriate for the needs of the business and the achievement of 
its strategy comprising directors who are appropriately experienced 
and are independent of character and judgement before 
recommending new candidates to the board the nominations 
committee takes account of the balance of skills knowledge 
experience and diversity of psychological type background and gender 
however all board appointments will always be made on merit 
committee effectiveness
the effectiveness of the committee is reviewed on an annual basis by 
both the board and the committee itself and the committee is 
considered to continue to operate effectively and efficiently
on behalf of the nominations committee
jamie pike
chairman nominations committee
10 march 2015
strategic report
corporate  
governance report financial statements 66
directors’ report
principal activities
the principal activities of the group are unchanged from last year the 
group is a leading international supplier of building products to the 
door and window industry the company is a holding company
business review
the directors’ report of tyman plc for the year ended 31 december 
2014 comprises the information and pages referred to in the table 
below all of which are incorporated into this report by reference
information incorporated into the directors’ report
 
information location in annual report
strategic report and business model • strategy page 7
• business model pages 8 to 9
business review including financial performance and future business 
developments
• chief executive officer’s review pages 10 to 11 
• operational review pages 16 to 21
• financial review pages 22 to 27
key financial and nonfinancial performance indicators • key performance indicators on pages 12 to 15
principal risks and uncertainties • principal risks and uncertainties pages 28 to 29
environmental matters employees and social community and human 
rights issues including information about the company’s policies in 
relation to these matters
• corporate social responsibility report on pages 30 to 36
the corporate governance statement on compliance with the uk 
corporate governance code “the code” and information on how the 
company has applied the main principles of the code in accordance  
with the listing rules and section 7 2 of the disclosure and transparency 
rules of the financial conduct authority and other corporate governance 
matters
• corporate governance report on pages 42 to 45
• audit committee report on pages 46 to 49
• remuneration policy report on pages 52 to 56
• remuneration implementation report on pages 57 to 64
• nominations committee report on page 65 
employment policy for disabled persons and employee engagement  
throughout the workforce
• corporate social responsibility report on pages 30 to 36
greenhouse gas emissions • corporate social responsibility report on pages 30 to 36
gender diversity of the board • corporate social responsibility report on pages 30 to 36
results and dividends
the total group profit for the year after taxation amounted to 
£9331000 2013 £956000
the board is recommending a final dividend of 600 pence per ordinary 
share 2013 450 pence to be paid on 20 may 2015 subject to approval 
at the forthcoming annual general meeting “agm” of the company on 
15 may 2015 to shareholders on the register on 24 april 2015 the 
exdividend date will be 23 april 2015 this together with the interim 
dividend of 200 pence per share paid in september 2014 brings the total 
dividends for 2014 to 800 pence per ordinary share 2013 600 pence
directors
the names and biographical details of all the current directors are set out 
on pages 38 and 39 there were no changes to the board up to the date 
of this report and all the directors served throughout the period
except for their shareholdings the nonexecutive directors are entirely 
independent there were no contracts subsisting during or at the end of 
the year in which a director was or is materially interested the company 
maintains a policy of insurance against directors’ and officers’ liabilities
a description of the board’s method of operation its work during  
the year and that of its committees is given in the corporate 
governance report on pages 42 to 45 details of the directors’ 
remuneration notice periods under their service contracts or terms of 
appointment and their interests in the share capital of the company 
are shown in the remuneration implementation report on pages 57  
to 64 the service contracts for executive directors and terms of 
appointment for nonexecutive directors are available for inspection  
at the company’s registered office and at the agm
reelection of directors
in accordance with best practice under the uk corporate governance 
code each director will stand for reelection at each agm accordingly 
mr pike mr eperjesi mr brotherton dr westerwelle and mr towers will 
offer themselves for reelection at the 2015 agm mr tench who has 
served as a nonexecutive director and chairman of the group’s 
remuneration committee since december 2009 has indicated to the 
board his wish to retire and will stand down as a director following the 
agm following their appointment on 1 april 2015 kirsten english and 
mark rollins will retire and seek election at the 2015 agm
share capital
the company’s shares are listed in the premium segment of the official 
list and are traded on the main market of the london stock exchange 
the company had 170104385 ordinary shares of 5 pence each in issue 
at 31 december 2014 full details of the company’s issued share 
capital including the rights obligations and restrictions attaching to the 
shares are set out in note 22 to the financial statements
financing
the group finances its operations through a mixture of retained profits 
equity and borrowings the group does not trade in financial instruments
on 10 june 2014 the group entered into an enlarged new banking 
facility the “new facility” of up to £240 million with six relationship 
banks comprising a £180 million committed revolving credit facility  
and a uncommitted £60 million accordion facility the new facility is 
unsecured and is repayable in june 2019 it offers the group improved 
pricing increased flexibility and relaxation or removal of certain 
covenants on completion of the new facility the september 2011 
facility was repaid in full and cancelled  67
tyman plc  annual report and accounts 2014
on 21 november 2014 the company completed the issuance of a 
debut private debt placement with us financial institutions totalling 
us100 million the debt placement comprises us55 million debt with 
a seven year maturity at a coupon of 497 per cent and us45 million 
with a 10 year maturity at a coupon of 537 per cent the debt 
placement diversifies the group’s sources of debt finance and extends 
the tenor of its overall facilities subsequently the group repaid and 
cancelled the us100 million acquisition facility put in place in order to 
acquire truth in june 2013
full details of the group’s borrowing facilities are set out in note 16 to 
the financial statements
the main risks arising from the group’s borrowings are market risk 
interest rate risk liquidity risk foreign currency risk and credit risk the 
board reviews and agrees policies for managing each of these risks and 
the policies which have been applied throughout the year are set out in 
note 18 to the financial statements
acquisition
on 26 february 2014 the group acquired 100 per cent of the issued 
share capital of vedasil brasil “vedasil” the market leader in the 
manufacture and supply of pile weatherseals in brazil for a net cash 
consideration of £65 million vedasil manufactures and supplies 
polypropylene extruded seals under the ecopdm brand and other seal 
and screen components to the brazilian door and window market full 
details of the vedasil acquisition are set out in note 212 to the financial 
statements 
purchase of the company’s own shares
a resolution concerning the purchase of the company’s own shares was 
approved at the agm on 16 may 2014 the directors believe that the 
company should continue to have an authority to purchase shares of 
the company they will therefore propose a special resolution in 
accordance with best practice at the forthcoming agm to obtain 
authority to make market purchases up to the date of the agm in 2016 
the authority will be limited to 1499 per cent of voting shares in issue 
that is excluding shares held in treasury
allotment of shares
the companies act 2006 “the act” provides that the directors may 
not allot ordinary shares unless authorised to do so by the company in 
general meeting or by its articles at the forthcoming agm the directors 
will seek renewal for a further period expiring at the earlier of the close 
of the next agm or 15 august 2016 of the authority previously granted 
to the directors at last year’s agm held on 16 may 2014
the act gives holders of ordinary shares with limited but important 
exceptions certain rights of preemption on the issue for cash of new 
equity securities the directors believe that it is in the best interests of 
the company that as in previous years the board should have limited 
authority to allot some shares for cash without first having to offer such 
shares to existing shareholders the directors’ current authority expires 
at the close of the forthcoming agm and accordingly will seek to renew 
this authority on similar terms for a further period expiring at the earlier 
of the close of the next annual general meeting or 15 august 2016
substantial shareholders
as at 31 december 2014 the company had been notified of or had 
identified the following direct or indirect interests comprising 3 per cent 
or more of its voting share capital the issued share capital less shares 
held by the company in treasury
ordinary  
shares 
standard life investments 19626202 116
aviva investors 14711726 87
fc asset management uk 10322586 61
schroder investment management 10052479 59
threadneedle investments 8547004 50
blackrock investment management 8111447 48
gvo investment management 7869411 46
gmo 5395926 32
during the period from 1 january to 10 march 2015 the company had 
been notified of or had identified the following direct or indirect 
interests comprising 3 per cent or more of its voting share capital the 
issued share capital less shares held by the company in treasury
ordinary 
shares 
standard life investments 20563126 121
aviva investors 14719089 87
schroder investment management  11227926 66
threadneedle investments 8297381 49
gvo investment management 8211699 48
blackrock investment management 7905057 47
fc asset management uk 7709555 46
gmo 5269294 31
financial risk management
a statement on the financial risk management objectives policies and 
other matters in relation to the use of financial instruments is set out in 
note 18 to the group financial statements
safety health and the environment
the board recognises that the highest standards in safety health and 
environmental issues are an essential part of sound business practice 
the board is committed to improving the impact on the environment 
from any of its operations and to incorporating the principles of 
sustainable development a full description of the group’s policies with 
respect to health and safety and the environment are given in the 
corporate social responsibility report on pages 30 to 36
strategic report
corporate  
governance report financial statements 68
employees
the group’s excellent performance would not be possible without 
employees of the highest calibre with the motivation to perform to  
their full potential the group operates on a decentralised structure 
reflecting the organisation of the group this underscores our belief 
that localised teams operating under common principles are best 
equipped to deal with the varying cultures operating structures and 
geographic locations that exist in the group
each operating entity in the group is encouraged to implement 
comprehensive employment policies designed to attract retain and 
motivate the highest quality of staff and to determine ways in which 
their knowledge and skills can best contribute towards the success of 
the business
we are committed to ensuring that all our employees are treated 
equally regardless of gender age colour nationality ethnic origin  
race disability marital status sexual orientation or religion we are 
committed to regular communication and consultation with our 
employees and we encourage employee involvement in our 
performance each company in the group endeavours to provide 
equality of opportunity in recruiting training promoting and 
developing the careers of disabled people
a full description of the group’s policies with respect to ethics 
communication training and development in respect of the group’s 
employees is given in the corporate social responsibility report on  
pages 30 to 36
disclosure table pursuant to listing rule lr984c
listing rule information required disclosure
9841 interest capitalised by the group none
9842 unaudited financial information 
lr9218
none
9843 smaller related party transactions 
entered into before 16 may 2014
none
9844 long term incentive scheme only 
involving a director lr943
none
9845 directors’ waivers of emoluments none
9846 directors’ waivers of future 
emoluments
none
9847 non prorata allotments for cash 
issuer
none
9848 non prorata allotments for cash 
major subsidiaries
none
9849 parent participation in placing of 
equity securities
not applicable
98410 contracts of significance 
involving a director
none
98411 contracts of significance 
involving a controlling 
shareholder
not applicable
98412 waivers of dividends waiver by tyman plc 
of all dividends held 
in treasury 551435 
shares and by the 
tyman employee 
benefit trust of all 
but £001 total 
dividend for their 
holding of shares 
1596794 shares
98413 waivers of future dividends see above
98414 agreement with a controlling 
shareholder lr922ar2a
not applicable
directors’ report continued 69
tyman plc  annual report and accounts 2014
additional information pursuant to lr986
listing rule information to be included disclosure
9861 directors’ and their connected 
persons’ interests in tyman 
shares at yearend and at not 
more than one month prior to 
date of the agm notice
see page 60
9862 interests in tyman shares 
disclosed under dtr5 at 
yearend and not more than one 
month prior to the date of the 
agm notice
see page 60
9863 the going concern statement see page 45
9864a amount of the authority to 
purchase own shares available at 
yearend
authority available in 
full at yearend
9864b offmarket purchases of own 
shares during the year
none
9864c information equivalent to part 2 
schedule 7 of the large and 
medium sized companies and 
groups accounts and reports 
regulations 2008 in respect of 
offmarket purchases of own 
shares options or contracts to 
make such purchases
none
9864d non prorata sales of treasury 
shares during the year
none
9865 compliance with the main 
principles of the uk corporate 
governance code
see page 42
9866b details of noncompliance with 
uk corporate governance code
see page 42
9867 re directors proposed for 
reelection the unexpired term  
of any director’s service contract 
and a statement about directors 
with no service contracts
details of the 
executive directors’ 
service contracts are 
given in the directors’ 
remuneration report 
on page 60 the 
chairman and the 
nonexecutive 
directors serve  
under letters of 
appointment see 
page 60
 
electronic communications at wwwtymanplccom
in line with a large number of other listed companies and as  
permitted under the company’s articles of association the company 
intends to use its website as its default method of publication to  
provide documentation and communications to shareholders 
“ecommunication” except to those shareholders who elect to  
receive hard printed paper copies by post ecommunication allows 
shareholders faster access to important information about the 
company in line with good environmental policies the board believes 
that it is not in the company’s or the shareholders’ best interests to 
incur the costs or create the adverse environmental impact of 
unnecessarily printing and distributing hard copies of these documents 
the company’s announcements to the stock exchange and press 
releases are available online through the website shareholding details 
and practical help on share transfers and changes of address can be 
found at wwwcapitashareportalcom 
auditors and disclosure of information to auditors
the directors who held office at the date of approval of this  
directors’ report confirm that so far as they are aware there is no 
relevant audit information of which the company’s auditors are 
unaware and each director has taken all the steps that they ought to 
have taken as director to make themselves aware of any relevant audit 
information and to establish that the company’s auditors are aware  
of that information
the auditors pricewaterhousecoopers llp have indicated  
their willingness to continue in office and a resolution that they be 
reappointed will be proposed at the annual general meeting
financial reporting
the annual report and accounts and the interim report are intended 
to provide a balanced and clear assessment of the group’s past 
performance present position and future prospects a statement by the 
directors on their responsibility for preparing the financial statements is 
given on page 45 and a statement by the auditors on their 
responsibilities is given on page 74
annual general meeting
the notice of the company’s agm to be held on 15 may 2015 and 
related explanatory notes accompany this annual report and accounts 
as mentioned above all the directors are submitting themselves for 
reelection the other business to be considered at the agm is to seek 
shareholder approval for the introduction of a new employee share 
plan to renew the directors’ authority to allot shares to disapply 
preemption rights in certain limited circumstances and to purchase its 
own shares and other routine matters
further information on these resolutions is given in the explanatory 
notes to the notice of agm which is also available on the company’s 
website wwwtymanplccom
by order of the board
kevin o’connell
company secretary
10 march 2015
company registration number 02806007
strategic report
corporate  
governance report financial statements 70
independent auditors’ report to the members of tyman plc
report on the group financial statements
our opinion
in our opinion tyman plc’s group financial statements the “financial statements”
• give a true and fair view of the state of the group’s affairs as at 31 december 2014 and of its profit and cash flows for the year then ended
• have been properly prepared in accordance with international financial reporting standards “ifrss” as adopted by the european union and
• have been prepared in accordance with the requirements of the companies act 2006 and article 4 of the ias regulation
what we have audited
tyman plc’s financial statements comprise
• the consolidated balance sheet as at 31 december 2014
• the consolidated income statement and consolidated statement of comprehensive income for the year then ended
• the consolidated cash flow statement for the year then ended
• the consolidated statement of changes in equity for the year then ended and
• 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 
crossreferenced from the financial statements and are identified as audited
the financial reporting framework that has been applied in the preparation of the financial statements is applicable law and ifrss as adopted by 
the european union
our audit approach
overview
materiality
audit scope
areas of  
focus
 
• overall group materiality £2 million which represents approximately 5 per cent of group underlying operating profit 
before tax
• eight operating units subject to full scope audits on the basis of financial significance
• specific procedures over certain transactions and balances at six further operating units and consolidation 
adjustments where the particular balances were financially significant
• specific procedures in an additional operating unit this unit was selected based on it being new to the group and in 
a remote location brazil
• our audit scope addressed 66 per cent of group revenue and 62 per cent of group underlying operating profit 
before tax 
• goodwill and intangible asset impairment assessments particularly in respect of the schlegel international cash 
generating unit “cgu”
• accounting for the acquisition of vedasil brasil including the valuation of intangible assets
• carrying value of provisions particularly property related provisions and warranty provisions
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  71
tyman plc  annual report and accounts 2014
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 how our audit addressed the area of focus
goodwill and intangible assets impairment assessment
refer to page 47 audit committee report page 90 significant 
accounting policies and page 91 notes
there is £2544 million of goodwill and £1013 million of intangibles on 
the balance sheet predominantly arising from past acquisitions the 
group operates in the building products market and therefore future 
results are impacted by fluctuations in the housing market and wider 
economy
we focused on these balances because the determination of whether or 
not an impairment charge was necessary involved significant judgements 
about the future results of the business
in particular we focused on the estimated value in use calculations of the 
schlegel international cash generating unit “cgu” £143 million 
goodwill and £15 million intangibles for which there is limited headroom 
as a result of it having a high degree of exposure to european markets 
where the housing market and wider economic environment continues to 
be difficult the schlegel international cgu has not met budget for the 
last two years predominantly due to market factors
the value in use calculation to support the carrying value of goodwill and 
intangibles in the schlegel international cgu includes the impact of 
some anticipated improvement in european housing markets and 
realisation of the benefits of investment made by the group over the last 
two years in consolidating the manufacturing footprint and 
strengthening the management structure
the group’s other cgus era amesbury and truth operate in the united 
kingdom or united states markets which have experienced positive 
growth and each have headroom greater than 47 per cent of the cgu 
carrying value
for all cgus including schlegel international we evaluated the 
directors’ future cash flow forecasts and tested the underlying value in 
use calculations we agreed the directors’ forecast to the latest board 
approved strategic plan we also compared historic actual results to 
those budgeted to assess the quality of management’s forecasting 
based on this testing we considered the forecasts to be balanced 
the key assumptions in the calculations were growth in revenue and 
ebitda margins in assessing these assumptions we considered 
external construction industry outlook reports and economic growth 
forecasts from a variety of sources as these are the main drivers of 
building product sales where management’s growth assumptions were 
in excess of these external forecasts we evaluated managements 
rationale being the benefit of restructuring completed and investment 
made over the last two years and consider the forecasts to have been 
prepared on a supportable basis
we also challenged
• the directors’ assumption in respect of the long term growth rates in 
the forecasts by comparing them to long term average growth rates 
of the economies in the relevant territories and
• the discount rate by assessing the cost of capital for the company 
and comparable organisations
we were satisfied that these assumptions were appropriate
sensitivity analysis was also performed in respect of the key 
assumptions where we flexed the key assumptions within a reasonable 
range and determined at what level this would eliminate the headroom 
in the model the schlegel international cgu was the only cgu which 
was highly sensitive to changes in the assumptions as outlined in the 
disclosure in note 10 we are satisfied the disclosures in note 10 highlight 
the limited headroom and the sensitivity of schlegel international to 
changes in key assumptions
accounting for the acquisition of vedasil brasil
refer to page 48 audit committee report page 110 significant 
accounting policies and page 111 notes
the group acquired vedasil brasil “vedasil” on 26 february 2014 for 
consideration of £66 million vedasil manufactures purchases and 
supplies pile weather seals in brazil and the acquisition provides the 
group with local manufacturing facilities in this market 
accounting standards require that all acquired assets and liabilities are 
recorded at their fair values on acquisition in the vedasil acquisition the 
identification and subsequent valuation of intangible assets in particular 
the customer relationships intangible asset £38 million required 
significant judgement in estimating the life of customer relationships 
forecast revenue and profit and customer attrition rates 
we evaluated the nature of the intangible assets acquired as part of the 
vedasil acquisition considering the rationale for the acquisition and 
nature of the business the only material intangible asset identified was 
the customer relationship intangible 
we tested the methodology and assumptions used by the directors in 
valuing this asset we evaluated the cash flow forecasts used by 
challenging key assumptions which included the length of the life of the 
relationships the forecast revenue and profit over this period and the 
customer attrition rate these assumptions were compared to historic 
experience with previous acquisitions of businesses in similar industries 
we were satisfied that the value of the intangible asset identified was 
supportable and the assumptions used in valuing the intangible were 
reasonable
strategic report
corporate  
governance report financial statements 72
area of focus how our audit addressed the area of focus
carrying value of provisions
refer to page 47 audit committee report page 104 significant 
accounting policies and page 105 notes
the group holds a number of provisions which are inherently 
judgemental including
property related provisions £54 million
the group has been built up through acquisition and has consolidated 
manufacturing and warehouse facilities as functions have been 
integrated postacquisition consequently there are a number of 
manufacturing and warehouse sites which are no longer used provisions 
have therefore been made in relation to onerous leases in addition a 
number of leasehold properties require the group to reinstate them to 
their original state of repair for which provisions have been made we 
focused on these because there is inherent judgement in assessing the 
likelihood a disused property could be sublet within the lease term and in 
assessing the cost of repairs at the end of a lease term
 
warranty provisions £20 million
the provision is based on the estimated costs of warranty claims on 
products sold we focused on this provision as the estimation and timing 
of costs in respect of future warranty claims requires judgement and as 
such there is a risk that the provision may be understated
property related provisions
onerous lease provisions are based on the residual lease period and 
contractual lease payments discounted for the time value of money 
our approach to onerous lease provision calculations included agreeing 
remaining rental costs to lease agreements and assessing the 
reasonableness of discount rates applied in light of the groups cost of 
capital we were satisfied the onerous lease provisions were made on a 
reasonable basis 
the group has implemented a rolling programme of obtaining updated 
external valuations for costs of reinstating leasehold properties to their 
original state of repair we reviewed available external valuation reports 
assessed the competence of the valuer and agreed the estimate by the 
expert to management’s calculation where no external valuations were 
available we considered the reasonableness of the items included in the 
calculation being the estimated removal costs of equipment and repair 
costs considering the relative size and complexity of work across sites 
we also compared the provisions made by management in prior years 
to the external valuations to assess the accuracy of management’s 
estimations noting that there was no significant difference between 
management’s previous estimate and the external valuation 
based on the work performed we were satisfied that the property 
related provisions had been made on a reasonable basis
warranty provisions
we tested the accuracy of management’s calculation of forecast claims 
which contain a general element based on percentage of claims relative 
to production levels and specific elements for known warranty issues 
and compared the level of historic warranty claims to that forecast 
based on the work performed we were satisfied that the provision was 
made on a reasonable basis
how we tailored the audit scope
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 geographic structure of the group the accounting processes and controls and the industry in which the group operates 
the group is structured along three business lines being amesburytruth schlegel international and era the group financial statements are a 
consolidation of the 69 reporting units for the group’s operating businesses which map into the three business lines and centralised functions which 
include head office functions and consolidation units
of the group’s 69 reporting units we identified eight which in our view required an audit of their complete financial information due to their size 
the units were based in the united kingdom “uk” and united states “us” specific audit procedures on certain balances and transactions were 
performed at a further six reporting units as while overall the units were not financially significant certain transactions and balances were material 
or considered to be higher risk including provisions borrowings cash and interest expense pwc brazil also undertook specific procedures on a small 
reporting unit vedasil in line with our plan of rotating visits to different financially insignificant units to incorporate unpredictability and provide 
comfort over the units not subject to audit of their complete financial information this was selected on the basis that it was new to the group and 
in a remote location 
in establishing the overall approach to the group audit we determined the type of work that needed to be performed at each of the reporting units 
either by us as the group engagement team or the us and brazil pwc network firms operating under our instruction where work was performed by 
the us firm the uk engagement leader visited the us component team and participated in the us component clearance meetings we held 
regular phone calls with the us team and obtained formal reporting the us engagement leader participated in the group audit committee 
meeting we concluded sufficient appropriate audit evidence had been obtained as a basis for our opinion on the group financial statements  
as a whole
our scoping provided coverage of 66 per cent of group revenue and 62 per cent of group underlying operating profit we considered the 
quantitative and qualitative characteristics of the remaining reporting units which comprise a large number of small units in which we consider the 
risk of material misstatement to the group to be low together with additional procedures performed at the group level on balances such as 
goodwill and intangible assets and taxation this gave us the evidence we needed for our opinion on the group financial statements as a whole
independent auditors’ report to the members of tyman plc 
continued 73
tyman plc  annual report and accounts 2014
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 and to evaluate 
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 £2 million 2013 £15 million
how we determined it approximately 5 per cent of underlying operating profit before tax
rationale for benchmark 
applied
underlying operating profit before tax is the key measure used internally by management in assessing the 
performance of the group and is the measure disclosed as a key performance indicator in the annual report this 
measure provides us with a consistent year on year basis for determining materiality and eliminates the impact of 
nonrecurring items underlying operating profit excludes net finance costs exceptional items amortisation of 
acquired intangible assets and impairment of acquired intangible assets and goodwill in 2013 we determined 
materiality based on 05 per cent of revenue as a result of fluctuating profit levels year on year this has been 
reevaluated in the current year in light of changes in the profitability of the business had the equivalent basis 
been applied for the 2013 audit the resulting materiality would have been £16 million
we agreed with the audit committee that we would report to them misstatements identified during our audit above £100000 2013 £75000 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 45 in relation to going concern we have nothing to 
report having performed our review
as noted in the directors’ statement the directors have concluded that it is appropriate to prepare the financial statements using the going concern 
basis of accounting the going concern basis presumes that the group has adequate resources to remain in operation and that the directors intend 
it 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 ability to continue as 
a going concern
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
• 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 
acquired in the course of performing our audit or
 – otherwise misleading
we have no exceptions to 
report arising from this 
responsibility
• the statement given by the directors on page 45 in accordance with provision c11 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 performance 
business model and strategy is materially inconsistent with our knowledge of the group acquired in the course 
of performing our audit
we have no exceptions to 
report arising from this 
responsibility
• the section of the annual report on page 46 as required by provision c38 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 arising from this 
responsibility
strategic report
corporate  
governance report financial statements 74
adequacy of information and explanations received
under the companies act 2006 we are required to report to you if in our opinion we have not received all the information and explanations we 
require for our audit we have no exceptions to report arising from this responsibility 
directors’ remuneration
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 the parent company’s compliance 
with 10 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 directors’ responsibilities statement set out on page 45 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 
• whether the accounting policies are appropriate to the group’s circumstances and have been consistently applied and adequately disclosed 
• the reasonableness of significant accounting estimates made by the directors and 
• 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 nonfinancial 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
other matter
we have reported separately on the parent company financial statements of tyman plc for the year ended 31 december 2014 and on the 
information in the directors’ remuneration report that is described as having been audited
simon o’brien senior statutory auditor
for and on behalf of pricewaterhousecoopers llp
chartered accountants and statutory auditors
london
10 march 2015
   
      
 
    
independent auditors’ report to the members of tyman plc 
continued 75
tyman plc  annual report and accounts 2014
consolidated income statement 
for the year ended 31 december 2014
 note
2014
£’000
2013
£’000
revenue 3 350899 298054
cost of sales 3 236129 198758
gross profit 114770 99296
administrative expenses 95833 94985
operating profit 18937 4311
analysed as 
underlying
1
 operating profit 3 46077 32348
exceptional items 6 5556 10903
amortisation of acquired intangible assets 103 17814 16605
impairment of acquired intangible assets 103 359 529
impairment of acquired goodwill 102 3411 –
operating profit 18937 4311
finance income 7 454 137
finance costs 7 7487 4925
exceptional foreign exchange gain 7 – 1271
net finance costs 7 7033 3517
profit before taxation 11904 794
income tax chargecredit 8 2573 162
profit for the year 9331 956
 
basic earnings per share 9 556p 063p
diluted earnings per share 9 550p 062p
 
nongaap measure 
basic earnings per share 9 1861p 1371p
diluted earnings per share 9 1840p 1351p
underlying
1
 profit before taxation 9 41629 28586
1  before amortisation of acquired intangible assets deferred tax on amortisation of acquired intangible assets impairment of acquired intangible assets impairment of goodwill 
exceptional items unwinding of discount on provisions amortisation of borrowing costs accelerated amortisation of borrowing costs and the associated tax effect
the notes on pages 79 to 115 are an integral part of these consolidated financial statements 
strategic report
corporate  
governance report financial statements 76
consolidated statement of comprehensive income 
for the year ended 31 december 2014
 note
2014
£’000
2013
£’000
profit for the year 9331 956
other comprehensive expenseincome  
items that will not be reclassified to profit or loss 
remeasurements of postemployment benefit obligations 20 1081 2300
total items that will not be reclassified to profit or loss 1081 2300
items that may be reclassified subsequently to profit or loss 
exchange differences on retranslation of foreign operations 11719 10566
effective portion of changes in value of cash flow hedges 17 518 163
total items that may be reclassified subsequently to profit or loss 12237 10729
other comprehensive incomeexpense for the year net of tax 11156 8429
total comprehensive incomeexpense for the year 20487 7473
items in the statement above are disclosed net of tax the income tax relating to each component of other comprehensive income is disclosed in 
note 8
the notes on pages 79 to 115 are an integral part of these consolidated financial statements 
consolidated statement of changes in equity
for the year ended 31 december 2014
share 
capital 
£’000
share 
premium 
£’000
other
reserves
1
£’000
treasury 
reserve 
£’000
hedging 
reserve 
£’000
translation 
reserve 
£’000
retained 
earnings 
£’000
total 
equity 
£’000
at 1 january 2013 6864 101 8920 8161 605 24321 216449 247889
total comprehensive expenseincome – – – – 163 10566 3256 7473
profit for the year – – – – – – 956 956
other comprehensive expenseincome – – – – 163 10566 2300 8429
transactions with owners 1641 63155 – 3314 – – 5586 62524
issue of shares 1641 69390 – – – – – 71031
sharebased payments
2
– – – – – – 1453 1453
dividends paid – – – – – – 7039 7039
sale of treasury shares – 6235 – 6235 – – – –
purchase of own shares for employee benefit trust – – – 2921 – – – 2921
at 31 december 2013 8505 63256 8920 4847 768 13755 214119 302940
total comprehensive income – – – – 518 11719 8250 20487
profit for the year – – – – – – 9331 9331
other comprehensive incomeexpense – – – – 518 11719 1081 11156
transactions with owners – – – 105 – – 14516 14411
sharebased payments
2
– – – – – – 852 852
dividends paid – – – – – – 10926 10926
issue of own shares by employee benefit trust – – – 4442 – – 4442 –
purchase of own shares for employee benefit trust – – – 4337 – – – 4337
at 31 december 2014 8505 63256 8920 4742 250 25474 207853 309016
1  other reserves are nondistributable capital reserves which arose on previous acquisitions 
2 sharebased payments include a deferred tax debit of £51000 2013 deferred tax credit £772000
the notes on pages 79 to 115 are an integral part of these consolidated financial statements 77
tyman plc  annual report and accounts 2014
consolidated balance sheet
as at 31 december 2014
 note
2014
£’000
2013
£’000
assets 
noncurrent assets 
goodwill 102 254375 244740
intangible assets 103 101290 109595
property plant and equipment 11 42854 39869
deferred tax assets 83 15028 12102
413547 406306
current assets 
inventories 12 47579 40668
trade and other receivables 13 36708 34555
cash and cash equivalents 14 39332 43607
derivative financial instruments 17 355 –
current tax assets – 162
123974 118992
total assets 537521 525298
liabilities 
current liabilities 
trade and other payables 15 45563 51393
current tax liabilities 1113 –
borrowings 16 – 6834
provisions 19 5597 2463
 52273 60690
noncurrent liabilities 
borrowings 16 128017 115464
derivative financial instruments 17 250 767
deferred tax liabilities 83 30115 29292
retirement benefit obligations 20 9742 7478
provisions 19 6597 7100
other payables 15 1511 1567
 176232 161668
total liabilities 228505 222358
net assets 309016 302940
equity 
capital and reserves attributable to owners of the company 
share capital 22 8505 8505
share premium 22 63256 63256
other reserves 8920 8920
treasury reserve 4742 4847
hedging reserve 250 768
translation reserve 25474 13755
retained earnings 207853 214119
total equity 309016 302940
the notes on pages 79 to 115 are an integral part of these consolidated financial statements 
the financial statements on pages 75 to 78 were approved by the board on 10 march 2015 and signed on its behalf by
louis eperjesi james brotherton
chief executive officer chief financial officer
tyman plc
company number 02806007
strategic report
corporate  
governance report financial statements 78
consolidated cash flow statement
for the year ended 31 december 2014
 note
2014
£’000
2013
£’000
cash flow from operating activities   
profit before taxation 11904 794
adjustments 25 41207 28802
changes in working capital excluding the effects of acquisition and exchange differences on 
consolidation 
inventories 4922 759
trade and other receivables 818 1275
trade and other payables 5156 10363
provisions utilised 1141 2232
pension contributions 1012 909
income tax paid 6257 6209
net cash generated from operations 33805 32643
cash flow from investing activities 
purchases of property plant and equipment 11 9342 7359
purchases of intangible assets 103 2122 1286
proceeds on disposal of property plant and equipment 1265 559
acquisition of subsidiary undertakings net of cash acquired 21 6535 131244
interest received 101 150
net cash used in investing activities 16633 139180
cash flows from financing activities 
interest paid 4696 2740
dividends paid 24 10926 7039
purchase of own shares for employee benefit trust 4337 2921
proceeds from issuance of ordinary shares 22 – 71031
proceeds from borrowings 63922 65738
repayments of borrowings 126642 8059
refinancing costs paid 2280 1510
proceeds from drawdown of revolving credit facility 91665 2642
repayment of revolving credit facility 29578 2552
net cash used ingenerated from financing activities 22872 114590
net decreaseincrease in cash and cash equivalents 5700 8053
exchange gainslosses on cash and cash equivalents 1425 303
cash and cash equivalents at the beginning of the year 14 43607 35857
cash and cash equivalents at the end of the year 14 39332 43607
the notes on pages 79 to 115 are an integral part of these consolidated financial statements  79
tyman plc  annual report and accounts 2014
notes to the financial statements
1 general information
tyman plc “the company” and its subsidiaries together “the group” is a leading international manufacturer and supplier of components to the 
door and window industry the group has 22 manufacturing sites in eight countries along with a further six sourcing and distribution sites across the 
americas europe asia and australasia with its products being found in homes and buildings worldwide
the company is a public limited company listed on the london stock exchange the company is incorporated and domiciled in england and wales 
the address of its registered office is 29 queen anne’s gate london sw1h 9bu 
2 accounting policies and basis of preparation
the accounting policies in this section relate to the financial statements in their entirety accounting policies including critical accounting 
judgements and estimates used in the preparation of the financial statements that relate to a particular note are described in the specific note to 
which it relates
21 basis of preparation
the consolidated financial statements of tyman plc have been prepared in accordance with international financial reporting standards “ifrs” 
and ifrs interpretations committee “ifric” as adopted by the european union “eu” and the companies act 2006 applicable to companies 
reporting under ifrs 
the consolidated financial statements are principally prepared on the basis of historic cost where other bases are applied these are identified in the 
relevant accounting policy 
the 2013 consolidated balance sheet has been restated for fair value adjustments to the net assets acquired with acquisitions in 2013 see note 21 
22 going concern
refer to the corporate governance report on page 45 for narrative of the board’s review of going concern 
23 accounting judgements and estimates
the preparation of financial statements requires management to exercise judgement in applying the group’s accounting policies it also requires 
the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets liabilities income and expenses 
actual results may differ from these estimates 
the estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the period in 
which the estimate is revised and in any affected future periods 
the areas representing the critical judgements made by management in the preparation of the group’s financial statements are listed below 
and in more detail in the related notes 
• carrying amount of goodwill and intangible assets note 10
• carrying amount of inventories note 12
• carrying amount of trade receivables note 13
• provisions note 19
• business combinations note 21
the areas involving key assumptions concerning the future and other key sources of estimation uncertainty that are significant to the financial 
statements are listed below and in more detail in the related notes 
• deferred tax assets note 8
• defined benefit pension and postretirement benefit schemes  note 20
strategic report
corporate  
governance report financial statements 80
2 accounting policies and basis of preparation continued
24 changes in accounting policy and disclosures
241 new revised and amended eu endorsed accounting standards
the table below represents new or amended eu endorsed accounting standards relevant to the group’s results that are effective in 2014 and are 
considered to have an immaterial impact on the group’s consolidated financial statements
accounting standard requirement
ifrs 10 consolidated financial 
statements
the standard builds on existing principles by identifying the concept of control as the determining factor in 
whether an entity should be included within the consolidated financial statements of the parent company 
additional guidance assists in the determination of control where this is difficult to assess 
ifrs 11 joint arrangements the standard focuses on the rights and obligations of the parties to the arrangement rather than its legal form 
ifrs 12 disclosures of interest in 
other entities
this standard includes the disclosure requirements for all forms of interest in other entities including joint 
arrangements associates structured entities and other off balance sheet vehicles 
ias 32 financial instruments 
presentation
the amendment clarifies that the right to set off must not be contingent on a future event it must also be legally 
enforceable for all counterparties in the normal course of business as well as in the event of default insolvency 
and bankruptcy the amendment also considers settlement mechanisms 
ias 36 impairment of assets the amendments require disclosure regarding the measurement of the recoverable amount of impaired non
financial assets this amendment removed certain disclosures of the recoverable amount of cash generating 
units which had been included in ias 36 by the issue of ifrs 13 
ias 39 financial instruments 
recognition and measurement
the amendment considers the legislative changes to “overthecounter” derivatives and the establishment of 
central counterparties the amendment provides relief from discontinuing hedge accounting when novation of a 
hedge instrument meets specified criteria
ifric 21 levies ifric 21 is an interpretation of ias 37 provisions contingent liabilities and contingent assets the interpretation 
sets out what the obligating event is that gives rise to a levy and when a liability should be recognised 
 
242 new revised and amended accounting standards currently eu endorsed but not yet effective
a number of new revised and amended accounting standards and interpretations are currently endorsed but are effective for annual periods 
beginning after 1 january 2015 and have not been applied in preparing these consolidated financial statements none of these are expected to 
have material impact on the consolidated financial statements of the group
there are no other ifrss that are not yet effective that would be expected to have material impact on the group
25 consolidation
subsidiaries are entities that are directly or indirectly controlled by the group control exists when the group is exposed to or has rights to variable 
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity subsidiaries are fully 
consolidated from the date on which control is transferred to the group they are deconsolidated from the date that control ceases
intercompany transactions balances and unrealised gains on transactions between group companies are eliminated unrealised losses are also 
eliminated where necessary amounts reported by subsidiaries have been adjusted to conform to the group’s accounting policies
26 foreign exchange
261 functional and presentation currency
items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in 
which the entity operates the functional currency the consolidated financial statements are presented in british pounds which is the functional 
currency of the company and the presentation currency of the group
262 transactions and balances
foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions 
foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at yearend exchange rates of 
monetary assets and liabilities denominated in foreign currencies are recognised in the income statement except when deferred in other 
comprehensive income as qualifying cash flow hedges and qualifying net investment hedges these are recognised directly in equity other than the 
ineffective element until the disposal of the net investment at which time they are recognised in the income statement
263 group companies
on consolidation assets and liabilities of group companies denominated in foreign currencies are translated into british pounds at the exchange 
rate prevailing at the balance sheet date income and expense items are translated into british pounds at the average rates throughout the year
exchange differences arising on the translation of opening net assets of group companies together with differences arising from the translation of 
the net results at average or actual rates to the exchange rate prevailing at the balance sheet date are taken to other comprehensive income on 
disposal of a foreign entity the cumulative translation differences recognised in other comprehensive income relating to that particular foreign 
operation are recognised in the income statement as part of the gain or loss on disposal
notes to the financial statements continued 81
tyman plc  annual report and accounts 2014
3 segment reporting
31 accounting policy
311 revenue recognition
revenue is measured at the fair value of the consideration received or receivable revenue represents the amounts receivable for goods supplied 
stated net of discounts returns and value added taxes
revenue is recognised to the extent that it is probable that future economic benefits will flow to the group and when the amount of revenue can 
be reliably measured revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods have been 
substantially transferred to the buyer usually on dispatch of the goods
312 segment reporting
operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decisionmakers the chief 
operating decisionmakers defined as the board of directors are responsible for allocating resources and assessing performance of the 
operating segments
32 segment information
the reporting segments reflect the manner in which performance is evaluated and resources allocated the group operates through three clearly 
defined divisions namely amesburytruth era and schlegel international each division is headed up by a divisional ceo and management team 
and each reporting to the board via the ceo and cfo on a regular basis accordingly the board has concluded that the most appropriate segmental 
analysis for stakeholders is that of the three reporting divisions with an allocation of group central overheads made to each division 
from january 2014 our north american businesses have been managed as a single functional organisation with an integrated management team 
the truth and amesbury operating segments have therefore been combined from the start of 2014 and are no longer included in the segmental 
analysis as distinct operating segments 
each reporting segment broadly represents the group’s geographical focus being the north american the united kingdom and international 
operations respectively the schlegel international segment includes schlegel building products the group’s ukbased manufacturer of pile 
weatherstrip and extrusions in the opinion of the board there is no material difference between the group’s operating segments and segments 
based on geographical splits accordingly the board does not consider geographically defined segments to be reportable
the following tables present group revenue and profit information for the group’s product segments which have been generated using the group 
accounting policies with no differences of measurement applied other than those noted above
321 revenue
 
2014
 £’000
2013
£’000
amesburytruth 220689 175252
era 92406 86047
schlegel international 37804 36755
total revenue 350899 298054
included within the schlegel international segment is revenue attributable to the united kingdom of £5751000 2013 £6401000
no revenue from any single customer exceeds 10 per cent of total revenue from continuing operations 
322 result
 note
2014
£’000
2013
£’000
amesburytruth 33168 22250
era 13739 10496
schlegel international 830 398
underlying operating profit 46077 32348
exceptional items 6 5556 10903
amortisation of acquired intangible assets 103 17814 16605
impairment of acquired intangible assets 103 359 529
impairment of acquired goodwill 102 3411 –
operating profit 18937 4311
net finance costs 7 7033 3517
profit before taxation 11904 794
strategic report
corporate  
governance report financial statements 82
3 segment reporting continued
323 operating profit disclosures
cost of goods sold depreciation
 
2014
 £’000
2013
£’000
2014
£’000
2013
£’000
amesburytruth 153256 119332 5376 4143
era 60199 55966 1394 1374
schlegel international 22674 23460 906 820
total 236129 198758 7676 6337
324 segment assets and liabilities
at 31 december 2014
amesburytruth
 £’000
era
£’000
schlegel 
international
£’000
total  
group
£’000
segment assets 
total segment assets 371980 125115 39308 536403
unallocated assets 1118
consolidated total assets    537521
segment liabilities 
total segment liabilities 59433 27035 10441 96909
unallocated liabilities
1
131596
consolidated total liabilities    228505
noncurrent assets
2
294623 80025 23871 398519
other segment information 
retirement benefit obligations 9742 – – 9742
goodwill 178947 61909 13519 254375
intangible assets 83446 13427 4417 101290
capital expenditure 
property plant and equipment 6993 1543 806 9342
intangible assets 1747 352 23 2122
at 31 december 2013
amesburytruth
 £’000
era
£’000
schlegel 
international
£’000
total  
group
£’000
segment assets
total segment assets 357529 117310 37479 512318
unallocated assets 12980
consolidated total assets   525298
segment liabilities
total segment liabilities 61064 28068 7422 96554
unallocated liabilities
1
125804
consolidated total liabilities   222358
noncurrent assets
2
 287633 83197 23374 394204
other segment information
retirement benefit obligations 7478 – – 7478
goodwill 167797 61910 15033 244740
intangible assets 90464 16708 2423 109595
capital expenditure
property plant and equipment 5470 1271 618 7359
intangible assets 969 233 84 1286
1  included within unallocated segment liabilities are borrowings of £127990000 2013 £122253000 provisions of £1200000 2013 £1200000 and other liabilities of £2406000 
2013 £2351000
2  noncurrent assets exclude amounts relating to deferred tax assets 
noncurrent assets of the schlegel international segment include £3593000 2013 £3650000 attributable to the united kingdom 
notes to the financial statements continued 83
tyman plc  annual report and accounts 2014
4 operating profit
operating profit is stated after chargingcrediting the following 
 note
2014
£’000
2013
£’000
depreciation of property plant and equipment 11 7676 6337
amortisation of intangible assets 103 18151 16605
impairment of intangible assets 103 386 529
impairment of acquired goodwill 102 3411 –
operating lease rentals 4955 4632
foreign exchange gain 14 120
analysis of auditors’ remuneration 
 
2014
 £’000
2013
£’000
audit of parent company and consolidated financial statements 100 97
audit of subsidiaries 425 403
total audit 525 500
auditrelated assurance services 25 27
other assurance services 59 700
total assurance services 609 1227
tax compliance services 23 24
tax advisory services 14 –
total tax services 37 24
corporate finance services – 873
other nonaudit services – 22
total nonaudit services 121 1646
total fees 646 2146
5 employees and employee costs
51 accounting policy
511 wages and salaries
wages and salaries are recognised in the income statement as the employees’ services are rendered 
512 termination benefits
termination benefits are payable when employment is terminated by the group before the normal retirement date or whenever an employee 
accepts voluntary redundancy in exchange for these benefits the group recognises termination benefits at the earlier of the following dates
• when the group can no longer withdraw the offer of those benefits and
• when the entity recognises costs for a restructuring that is within the scope of ias 37 and involves the payment of termination benefits
in the case of an offer made to encourage voluntary redundancy the termination benefits are measured based on the number of employees 
expected to accept the offer benefits falling due more than 12 months after the end of the reporting period are discounted to their present 
value
513 profitsharing and bonus plans
the group recognises a liability and an expense for bonuses and profitsharing based on a formula that takes into consideration the profit 
attributable to the company’s shareholders after certain adjustments the group recognises a provision where contractually obliged or where 
there is a past practice that has created a constructive obligation
strategic report
corporate  
governance report financial statements 84
5 employees and employee costs continued
52 number of employees
the average monthly number of employees including directors of the group during the financial year was 
2014 2013
administration 270 252
operations 2417 1866
sales 210 199
 2897 2317
the number of employees including directors of the group as at 31 december was
2014 2013
administration  276 276
operations 2437 2226
sales 220 221
  2933 2723
53 employment costs
employment costs of employees including directors’ remuneration during the year were as follows 
note
2014
£’000
2013
£’000
wages and salaries 87819 74049
social security costs 7583 7052
sharebased payments 23 903 681
pension costs – defined benefit schemes 20 433 583
pension costs – defined contribution schemes 2339 1153
other postretirement benefits – defined benefit schemes 20 215 221
  99292 83739
full details of directors’ remuneration are set out in the remuneration report on pages 50 and 64
6 exceptional items
61 accounting policy
where certain income or expense items recorded in the period are material by their size or incidence the group presents such items as 
exceptional within a separate line on the income statement except for those exceptional items that relate to net finance costs and tax separate 
presentation provides an improved understanding of the elements of financial performance during the year so as to facilitate comparison with 
prior periods and to assess trends in financial performance
exceptional items include oneoff redundancy and restructuring costs and transactions costs associated with merger and acquisition activity
62 exceptional items
 
2014
£’000
2013
£’000
redundancy and restructuring costs 4236 1763
inventory obsolescence alignment – 887
ma and integration costs 1718 5949
writeoff of inventory fair value adjustment – 2304
gain on property disposal 398 –
 5556 10903
redundancy restructuring inventory obsolescence alignment and warranty costs
redundancy and restructuring costs principally concern the closures of the manufacturing facilities in belgium gistel and the us covington georgia 
costs of £3106000 incurred in respect of the gistel closure include tangible asset writedowns of £694000 and redundancy costs and impairment 
of property and other assets of £2412000 
costs of £562000 incurred in respect of the covington closure principally relate to an onerous lease provision made during the year 
notes to the financial statements continued 85
tyman plc  annual report and accounts 2014
the remaining £568000 comprises costs incurred across various entities as part of redundancy and restructuring programmes primarily in schlegel 
international
ma and integration costs
ma costs of £436000 reflect directly attributable transaction costs and expenses incurred in connection with the acquisition of vedasil brasil  
note 212 together with other ma activity in the year 
integration costs comprise £1112000 in relation to the ongoing integration of amesburytruth and £170000 in relation to the integration of 
vedasil these costs predominantly relate to office closures relocation and redundancy costs 
the costs in 2013 primarily related to the transaction costs and expenses directly attributable to the acquisition of truth hardware note 213 and 
associated integration costs
writeoff of inventory fair value adjustment
the £2304000 charge for the year ended 31 december 2013 relates to the oneoff write off of the acquisition fair value adjustment to the book 
value of inventories acquired in the truth acquisition note 213
gain on property disposal
the gain on property disposal relates to the disposal of surplus freehold property in sioux falls south dakota in february 2014 for a net cash 
consideration of us1770000 £1074000 realising a net profit on disposal of us656000 £398000
7 finance income and costs
 note
2014
£’000
2013
£’000
finance income  
interest income from short term bank deposits 99 137
gain on revaluation of fair value hedge 17 355 –
 454 137
finance costs 
interest payable on bank loans and overdrafts 4601 3494
amortisation of borrowing costs 1260 997
accelerated amortisation of borrowing costs 1283 –
unwinding of discount on provisions 19 42 29
pension interest costs 20 301 405
  7487 4925
exceptional foreign exchange gain – 1271
net finance costs 7033 3517
8 taxation
81 accounting policy
income tax chargecredit comprises current tax 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 equity in which case it is recognised in other comprehensive income or directly in equity
the group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date in the 
countries where the company and its subsidiaries operate and generate taxable income
deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the 
consolidated financial statements no deferred tax liabilities are recognised if it arises from the initial recognition of
• goodwill
• 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 that have been enacted or substantively enacted at 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
strategic report
corporate  
governance report financial statements 86
8 taxation continued
deferred income tax liabilities are provided on taxable temporary differences arising on investments in subsidiaries except for deferred income tax 
liabilities 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
deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries only to the extent that it is 
probable the temporary difference will reverse in the future and there is sufficient taxable profit against which the temporary difference 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 tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same 
tax entity or different taxable entities where there is an intention to settle the balances on a net basis
811 key source of estimation uncertainty deferred tax assets
estimation is required of temporary differences between the carrying amount of assets and liabilities and their tax base deferred tax liabilities 
are recognised for all taxable temporary differences but where deductible temporary differences exist management’s judgement is required as 
to whether a deferred tax asset should be recognised based on the availability of future taxable profits it is possible that the deferred tax assets 
actually recoverable may differ from the amounts recognised if actual taxable profits differ from management’s estimates
82 taxation – income statement and other comprehensive income
821 tax on profit on ordinary activities 
 
2014
 £’000
2013
£’000
current taxation   
current tax on profit for the year 8385 4162
adjustments in respect of prior years 800 373
exceptional adjustments in respect of prior years 1700 –
total current taxation 5885 3789
deferred taxation  
origination and reversal of temporary differences 3404 2273
adjustment due to deferred tax rate change – 1455
adjustments in respect of prior years 92 223
total deferred taxation 3312 3951
income tax chargecredit in the income statement 2573 162
tax creditcharge relating to components of other comprehensive income
deferred tax creditcharge on actuarial gains and losses 982 1313
deferred tax chargecredit on sharebased payments 51 772
income tax creditcharge in the statement of other comprehensive income 931 541
total current taxation 5885 3789
total deferred taxation 4243 3410
total taxation 1642 379
the standard rate of corporation tax in the uk changed from 23 per cent to 21 per cent with effect from 1 april 2014 accordingly the group’s uk 
profits for this accounting period are taxed at an effective rate of 2150 per cent 2013 2325 per cent a tax rate of 20 per cent from 1 april 2015 
was substantively enacted on 2 july 2013 this reduction in the uk corporation tax rate is likely to lead to a further reduction in the future uk current 
tax charge 
the group’s uk deferred tax assets and liabilities have been remeasured at a rate of 20 per cent being the rate applicable during the period the 
deferred tax assets and liabilities are expected to be utilised 
taxation for other jurisdictions is calculated at rates prevailing in those respective jurisdictions 
notes to the financial statements continued 87
tyman plc  annual report and accounts 2014
822 reconciliation of the total tax chargecredit
the tax assessed for the year differs from the standard rate of tax in the uk of 2150 per cent 2013 2325 per cent the differences are explained 
below 
 
2014
 £’000
2013
£’000
profit before taxation 11904 794
rate of corporation tax in the uk of 2150 2013 2325 2559 185
effects of 
expenses not deductible for tax purposes 650 43
overseas tax rate differences 1772 1661
adjustment due to deferred tax rate change – 1455
adjustments in respect of prior years 2408 596
income tax chargecredit in the income statement 2573 162
83 taxation – balance sheet
the analysis of deferred tax assets and deferred tax liabilities is as follows 
 
2014
 £’000
2013
£’000
deferred tax assets 15028 12102
deferred tax liabilities 30115 29292
deferred tax liabilities net 15087 17190
the net movement in deferred tax is as follows 
note
2014
£’000
2013
£’000
at 1 january 17190 1992
acquisition of subsidiary 21 1288 20074
income statement credit 3312 3951
tax creditcharge relating to components of other comprehensive income 931 541
exchange difference 852 1466
at 31 december 15087 17190
the movement in deferred tax assets and liabilities during the year without taking into consideration the offsetting of balances within the same tax 
jurisdiction is as follows
deferred tax assets
accelerated tax 
depreciation
 £’000
postretirement 
benefit 
provisions
£’000
purchased 
goodwill
£’000
other timing 
differences
£’000
total
£’000
at 1 january 2013 101 3830 4721 1122 9774
reclassification to deferred tax liabilities – – 3822 638 4460
income statement chargecredit 70 42 2299 872 1455
tax chargecredit relating to components of other comprehensive income – 1313 – 772 541
exchange difference 17 11 23 119 136
at 31 december 2013 48 2548 6221 3285 12102
reclassification to deferred tax liabilities 9 – – 2146 2137
reclassification between deferred tax categories 22 33 458 403 –
income statement creditcharge 438 6 494 674 736
tax creditcharge relating to components of other comprehensive income – 982 – 51 931
exchange difference 26 218 205 197 594
at 31 december 2014 473 3775 5474 5306 15028
strategic report
corporate  
governance report financial statements 88
8 taxation continued
deferred tax liabilities
accelerated tax 
depreciation
 £’000
intangible 
assets on 
acquisition
£’000
other timing 
differences
£’000
total
£’000
at 1 january 2013 2007 9741 18 11766
reclassification between deferred tax categories – 656 656 –
reclassification from deferred tax assets – 3822 638 4460
acquisition of subsidiary – 19897 177 20074
income statement chargecredit 821 6227 – 5406
exchange difference 82 1507 13 1602
at 31 december 2013 2746 26382 164 29292
reclassification from deferred tax assets 9 – 2146 2137
reclassification between deferred tax categories 898 1013 1911 –
acquisition of subsidiary – 1288 – 1288
income statement chargecredit 150 4607 409 4048
exchange difference 233 1200 13 1446
at 31 december 2014 4018 25276 821 30115
831 factors that may affect future tax charges
the estimated tax losses within the group are as follows 
2014
 £’000
2013
£’000
capital losses 3992 4581
trading losses 16578 11543
20570 16124
as the future use of these losses is uncertain in accordance with the group’s accounting policy only a portion of these losses have been recognised 
as a deferred tax asset the amounts of deferred tax not recognised are as follows 
2014
 £’000
2013
£’000
capital losses 798 916
trading losses 3780 1542
 4578 2458
no deferred tax liability is recognised on temporary differences of £53800000 2013 £49300000 relating to the unremitted earnings of overseas 
subsidiaries as a result of uk legislation which largely exempts from uk tax the overseas dividends received the temporary differences arising on 
unremitted profits are unlikely to lead to additional uk corporate taxes furthermore although the remittance to the uk of those earnings could still 
result in a tax liability arising as a result of withholding taxes levied by the overseas tax jurisdictions in which those subsidiaries operate such 
jurisdictions provide currently for zero dividend withholding tax in their tax agreements with the uk
9 earnings per share
91 nongaap measure accounting policy
the directors believe that the “underlying” profit and earnings per share measures provide additional useful information to shareholders on the 
underlying performance of the business these measures are consistent with how business performance is measured internally the underlying 
profit before tax measure is not recognised under ifrs and may not be comparable with “underlying” profit measures used by other companies 
the adjustments made to reported profit before tax is to derive underlying profit before taxation exclude the following
• exceptional items – these are largely oneoff in nature and therefore create volatility in reported earnings
• amortisation of borrowing costs accelerated amortisation of borrowing costs amortisation of acquired intangible assets impairment of 
acquired intangible assets impairment of goodwill and unwinding of discount on provisions these are noncash in nature and the events 
giving rise to them are expected to be infrequent
notes to the financial statements continued 89
tyman plc  annual report and accounts 2014
92 earnings per share
 
2014
 £’000
2013
£’000
profit for the year 9331 956
basic earnings per share 556p 063p
diluted earnings per share 550p 062p
basic earnings amounts are calculated by dividing net profit for the year attributable to ordinary equity holders by the weighted average number of 
ordinary shares outstanding during the year 
diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number 
of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all 
the diluted potential ordinary shares into ordinary shares 
921 weighted average number of shares
the weighted average number of shares was 
 
2014
 ‘000
2013
‘000
weighted average number of shares including treasury shares 170104 157337
treasury and employee benefit trust shares 2276 4492
weighted average number of shares – basic 167828 152845
effect of dilutive potential ordinary shares – ltip awards and options 1896 2229
weighted average number of shares – diluted 169724 155074
922 nongaap measure underlying earnings per share
the group presents an underlying earnings per share measure which excludes the impact of exceptional items certain noncash finance costs 
amortisation of acquired intangible assets impairment of acquired intangible assets and certain nonrecurring items underlying earnings per share 
has been based on underlying earnings for each financial year and on the same weighted average number of shares in issue as the earnings per 
share calculation 
underlying profit after taxation is derived as follows
 note
2014
£’000
2013
£’000
profit before taxation 11904 794
exceptional items 6 5556 10903
exceptional foreign exchange gain 7 – 1271
amortisation of borrowing costs 7 1260 997
accelerated amortisation of borrowing costs 7 1283 –
unwinding of discount on provisions 7 42 29
amortisation of acquired intangible assets 103 17814 16605
impairment of acquired intangible assets 103 359 529
impairment of acquired goodwill 102 3411 –
underlying profit before taxation 41629 28586
income tax chargecredit 8 2573 162
add back adjustment due to deferred tax rate change 8 – 1455
add back adjustment due to exceptional prior year adjustments 8 1700 –
add back tax effect of exceptional items exceptional foreign exchange gain amortisation of borrowing 
costs accelerated amortisation of borrowing costs amortisation of acquired intangible assets 
impairment of acquired intangible assets and unwinding of discount on provisions 6132 6345
underlying profit after taxation 31224 20948
underlying earnings per share is summarised as follows 
  2014 2013
basic earnings per share 1861p 1371p
diluted earnings per share 1840p 1351p
strategic report
corporate  
governance report financial statements 90
10 goodwill and intangible assets
101 accounting policy
1011 goodwill
goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the group’s interest in the net 
fair value of the identifiable assets liabilities and contingent liabilities of the acquiree
for the purpose of impairment testing goodwill acquired in a business combination is allocated to each of the cash generating units “cgus” 
that are expected to benefit from the synergies of the combination each unit or group of units to which the goodwill is allocated represents the 
lowest level within the entity at which the goodwill is monitored for internal management purposes goodwill is monitored at the operating 
segment level
goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment 
the carrying amount of goodwill is compared to the recoverable amount which is the higher of value in use and the fair value less costs of 
disposal any impairment is recognised immediately as an expense and is not subsequently reversed
1012 intangible assets
intangible assets are stated at cost less accumulated amortisation and impairment on acquisition of businesses by the group the group 
recognises any separately identifiable intangible assets separately from goodwill initially measuring the intangible assets at fair value
purchased intangible assets acquired through a business combination including purchased brands customer relationships trademarks and 
licences are initially measured at fair value and amortised on a straightline basis over their estimated useful economic lives as follows
• acquired brands – 5 to 20 years
• customer relationships – 9 to 15 years
• internally developed computer software – 10 years
• purchased computer software – 3 to 4 years
development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group 
are recognised as intangible assets when the following criteria are met
• it is technically feasible to complete the software product so that it will be available for use
• management intends to complete the software product and use it or sell it
• there is an ability to use or sell the software product
• it can be demonstrated how the software product will generate probable future economic benefits
• adequate technical financial and other resources to complete the development and to use or sell the software product are available and
• the expenditure attributable to the software product during its development can be reliably measured
directly attributable costs capitalised as part of the software product include the software development employee costs and an appropriate 
portion of relevant overheads other development expenditures that do not meet these criteria are recognised as an expense as incurred 
development costs previously recognised as an expense are not recognised as an asset in a subsequent period computer software development 
costs recognised as assets are amortised when the intangible assets are in the location and condition necessary for it to be capable of operating 
in the manner intended by management 
the estimated useful lives of acquired intangible assets are reviewed whenever events or circumstances indicate that there has been a change in 
the expected pattern of consumption of the future economic benefits embodied in the asset any amendments to the estimated useful lives of 
intangible assets are recorded as a change in estimate in the period the change occurred
1013 impairment of goodwill and intangible assets
intangible assets including goodwill that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and 
are tested annually for impairment assets that are subject to amortisation are reviewed for impairment whenever events or 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 the asset’s fair value less costs of disposal and value in use for 
the purposes of assessing impairment assets are grouped at the lowest levels for which there are largely independent cash inflows cgus prior 
impairments of nonfinancial assets other than goodwill are reviewed for possible reversal at each reporting date goodwill previously impaired 
cannot be reversed at a later date
1014 critical accounting estimates and judgements carrying amount of goodwill and intangibles
as at 31 december 2014 the group had goodwill of £254375000 with intangible assets amounting in total to £101290000 an impairment 
review using a value in use calculation has been performed for each cgu there is significant judgement involved in determining appropriate 
assumptions to use in the calculations including the forecasted cash flows of each cgu and appropriate discount rates relative to the 
company’s cost of capital these assumptions have been subjected to sensitivity analyses details of estimates used and sensitivities in the 
impairment reviews are set out in this note
notes to the financial statements continued 91
tyman plc  annual report and accounts 2014
102 carrying amount of goodwill
  note £’000
cost and net carrying value 
at 1 january 2013 184896
acquisition of subsidiary 213 68873
exchange difference 9029
at 31 december 2013 restated 244740
impairment charge for the year 3411
acquisition of subsidiary 212 2782
exchange difference 10264
at 31 december 2014  254375
goodwill is monitored principally on an operating segment basis and the net book value of goodwill is allocated by cgu as follows 
 
2014
 £’000
2013
£’000
amesbury 112622 104397
truth hardware 66325 63400
amesburytruth 178947 167797
era 61909 61910
schlegel international 13519 15033
  254375 244740
1021 impairment tests for goodwill
assumptions
the recoverable amounts of cgus are determined from value in use calculations value in use is determined by discounting the future pretax cash 
flows generated from the continuing use of the cgu using a pretax discount rate 
cash flow projections are derived from financial plans approved by the board and cover a five year period they reflect management’s expectations 
of revenue growth operating cost and margin for each cgu based on past experience cash flows after the five year forecast period were 
extrapolated using a long term growth rate of 150 per cent in order to calculate the terminal recoverable amount 
discount rates are estimated using pretax rates that reflect current market assessments of the time value of money and the risk profiles of the cgus 
the key assumptions used in the value in use calculations in each of the group’s cgus at 31 december 2014 are as follows 
average pretax discount rate
average revenue growth for 
years one to five
 2014 2013 2014 2013
amesbury 133 141 48 125
truth hardware 132 137 68 45
era 94 102 60 60
schlegel international 127 126 59 100
impairment review results 2014
the closure of the belgium industrial products operations has given rise to a £3411000 impairment of goodwill previously forming part of the 
schlegel international cgu impairment of goodwill is included in administrative expenses in the income statement
a review of the carrying amount of goodwill and intangibles assets across the group has been carried out at year end in light of current trading 
conditions and future prospects the annual impairment review did not result in any further impairment losses being recognised in the 2014 year 
whilst economic conditions in european markets continue to be challenging the carrying amounts of goodwill and intangible assets in schlegel 
international are considered to be sustainable based on current projections if markets continue to deteriorate this could give a further impairment 
charge at a future date 
impairment review results 2013
no impairment arose from the impairment review process in 2013 
strategic report
corporate  
governance report financial statements 92
10 goodwill and intangible assets continued
sensitivity of assumptions
a sensitivity analysis was conducted on the basis of lowering the forecast ebitda margin the assumption the model was most sensitive to by a 
constant percentage each year from year one onwards in perpetuity until the excess of value in use over the carrying amount of the cgu’s assets 
was reduced to zero the ebitda margin would need to be lower by 154 percentage points for each year from year one onwards in perpetuity 
before any impairment would arise in respect of the cgu with the lowest impairment headroom given the strengthened management structure 
and significant investment made in this cgu it is considered unlikely that such a sustained deterioration in ebitda margins will occur 
103 carrying amount of intangible assets
 note
computer 
software
£’000
acquired 
brands
£’000
customer 
relationships
£’000
total
£’000
cost 
at 1 january 2013 1910 29514 121213 152637
additions 1178 108 – 1286
acquisition of subsidiary 213 56 15108 41419 56583
exchange difference 217 1649 5200 7066
at 31 december 2013 2927 43081 157432 203440
additions 2112 10 – 2122
transfers to property plant and equipment 11 301 – – 301
acquisition of subsidiary 212 8 14 3778 3800
exchange difference 276 1670 6699 8645
at 31 december 2014 5022 44775 167909 217706
accumulated amortisation
at 1 january 2013 347 17055 61401 78803
amortisation charge for the year 262 3293 13050 16605
impairment charge for the year – – 529 529
exchange difference 117 460 1515 2092
at 31 december 2013 492 19888 73465 93845
amortisation charge for the year 337 3653 14161 18151
impairment charge for the year 27 173 186 386
exchange difference 90 889 3055 4034
at 31 december 2014 946 24603 90867 116416
net book value
at 1 january 2013 1563 12459 59812 73834
at 31 december 2013 2435 23193 83967 109595
at 31 december 2014 4076 20172 77042 101290
the amortisation charge for the year comprises £17814000 relating to amortisation of acquired intangible assets and £337000 relating to 
amortisation of other intangible assets 
the charge for the year has been included in administrative expenses in the income statement 
1031 impairment of intangible assets
2014 impairment charge
the closure of the belgian industrial products operations part of the schlegel international division has given rise to a £359000 impairment of 
acquired intangible assets and a £27000 impairment of computer software in 2014
2013 impairment charge
the impairment charge on customer relations of £529000 relates to intangibles acquired as part of the unique acquisition in 2012 the impairment 
was necessitated by the transfer and integration of the unique business and assets to the group’s statesville facility part of the amesburytruth 
division 
notes to the financial statements continued 93
tyman plc  annual report and accounts 2014
11 property plant and equipment
111 accounting policy
property plant and equipment are stated at cost less accumulated depreciation and impairment cost includes expenditure that is directly 
attributable to the acquisition of the assets subsequent costs are included in the asset’s carrying amount or recognised as a separate asset as 
appropriate only when it is probable that future economic benefits associated with the specific asset will flow to the group and the cost of the 
item can be measured reliably the carrying amount of the replaced part is derecognised all other repairs and maintenance are charged to the 
income statement during the financial period in which they are incurred
freehold land is not depreciated depreciation is provided on all other property plant and equipment at rates calculated to write off the cost less 
estimated residual value of each asset on a straightline basis over its expected useful life at the following annual rates
• freehold buildings – 2 per cent to 5 per cent
• plant and machinery – 75 per cent to 33 per cent
the carrying amounts of property plant and equipment are reviewed for impairment periodically if events or changes in circumstances indicate 
that the carrying amount may not be recoverable the assets’ residual values useful lives and method of depreciation are reviewed and 
adjusted if appropriate at the end of each reporting period
gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement
112 carrying amount of property plant and equipment
 note
freehold land 
and buildings
£’000
plant and 
machinery
£’000
total
£’000
cost    
at 1 january 2013 15603 59326 74929
additions 144 7215 7359
disposals 593 3257 3850
transfers between fixed asset type 66 66 –
acquisition of subsidiary restated 213 4338 6605 10943
exchange difference 459 6059 6518
at 31 december 2013 restated 19099 63764 82863
additions 59 9283 9342
disposals 828 10604 11432
transfers from intangible assets 103 – 301 301
acquisition of subsidiary 212 – 514 514
exchange difference 590 4342 4932
at 31 december 2014 18920 67600 86520
accumulated amortisation
at 1 january 2013 4044 41100 45144
depreciation charge for the year 617 5720 6337
disposals 264 2985 3249
exchange difference 42 5196 5238
at 31 december 2013 4355 38639 42994
depreciation charge for the year 684 6992 7676
disposals 339 10018 10357
exchange difference 97 3256 3353
at 31 december 2014 4797 38869 43666
net book value
at 1 january 2013 11559 18226 29785
at 31 december 2013 14744 25125 39869
at 31 december 2014 14123 28731 42854
depreciation of £7676000 2013 £6337000 is included in administrative expenses in the income statement 
 
strategic report
corporate  
governance report financial statements 94
12 inventories
121 accounting policy
inventories are valued at the lower of cost and net realisable value cost is determined in accordance with the firstin firstout method cost 
includes the cost of materials determined on a purchase cost basis direct labour and an appropriate proportion of manufacturing overheads 
based on normal levels of activity it excludes borrowing costs net realisable value is the estimated selling price in the ordinary course of 
business less the estimated costs of completion and the estimated costs necessary to make the sale
where necessary a provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory 
as well as its anticipated saleability
1211 critical accounting estimates and judgements carrying amount of inventories
the carrying amounts of inventories are stated with due allowance for excess obsolete or slowmoving items group management exercises 
judgement in assessing net realisable value and provisions for slowmoving and obsolete inventory which is based on current assessments of 
future demand market conditions and new product development initiatives
122 carrying amount of inventories
 
2014
 £’000
2013
£’000
raw materials and consumables 15189 14921
work in progress 3189 2987
finished goods 29201 22760
  47579 40668
the cost of materials charged to the income statement during the year was £153616000 2013 £134958000 
inventories are stated net of an allowance for excess obsolete or slowmoving items of £6217000 2013 £6294000
an impairment charge of £741000 2013 £1077000 was recognised in respect of inventories during the year 
there were no borrowings secured on the inventories of the group 2013 £nil
13 trade and other receivables
131 accounting policy
trade receivables are amounts due from customers for goods sold in the ordinary course of business if collection is expected in one year or less 
or in the normal operating cycle of the business if longer they are classified as current assets otherwise they are presented as noncurrent 
assets
trade receivables are recognised initially at fair value plus transaction costs and subsequently measured at amortised cost using the effective 
interest rate method less appropriate allowances for estimated irrecoverable amounts provision for impairment
1311 critical accounting estimates and judgements carrying amount of trade receivables
provision against trade receivables is made when there is objective evidence that the group will not be able to collect all amounts due to it in 
accordance with the original terms of those receivables the amount of the write down is determined as the difference between the carrying 
amount and present value of estimated future cash flows group management exercises judgement in assessing the amount of any write downs 
required which is based on current assessments of the creditworthiness of current customers
132 carrying amount of trade and other receivables
2014
 £’000
2013 
restated
£’000
trade receivables 33645 32012
less provision for impairment of trade receivables 2179 2139
trade receivables – net 31466 29873
other receivables – net 2025 1571
prepayments and accrued income 3217 3111
 36708 34555
notes to the financial statements continued 95
tyman plc  annual report and accounts 2014
all trade and other receivables are current the net carrying amounts of trade and other receivables are considered to be a reasonable 
approximation of their fair values
the ageing of net trade receivables is as follows 
within normal payment terms past due
 
fully 
performing
 £’000
not fully 
performing
£’000
within three 
months
£’000
three to twelve 
months
£’000
over twelve 
months
£’000
at 31 december 2014
trade receivables 29123 34 1932 278 99
at 31 december 2013
trade receivables 24546 – 5282 45 –
all of the group’s trade and other receivables have been reviewed for impairment at 31 december 2014 net trade receivables of £2309000  
2013 £5327000 were past due but not impaired these relate to customers for whom there is no recent history of default trade receivables of 
£2179000 2013 £2139000 were determined to be specifically impaired and provided for the individually impaired receivables mainly relate to 
customers affected by difficult economic circumstances 
movement in the provision for impairment of trade receivables is as follows 
2014
 £’000
2013
£’000
at 1 january 2139 1855
provision for receivables impairment 646 555
receivables written off during the year as uncollectible 493 208
unused amounts reversed 321 175
acquisition of subsidiary 200 142
exchange difference 8 30
at 31 december 2179 2139
the creation of provision for impairment of trade receivables is included in administrative expenses in the income statement 
ageing of impaired trade receivables is as follows 
2014
 £’000
2013
£’000
trade receivables within normal terms not fully performing 192 1493
trade receivables past due date and aged up to three months from invoice date 1092 453
trade receivables past due date and aged between three and twelve months after invoice date 328 193
trade receivables past due date and aged beyond twelve months after invoice date 567 –
 2179 2139
the carrying amount of trade and other receivables are denominated in the following currencies 
2014
 £’000
2013 
restated
£’000
british pounds 13051 12618
us dollars 17907 16630
euros 2806 3391
other currencies 2944 1916
 36708 34555
 
strategic report
corporate  
governance report financial statements 96
14 cash and cash equivalents
141 accounting policy
in the consolidated statement of cash flows and balance sheet cash and cash equivalents includes cash in hand deposits held at call with banks 
other short term highly liquid investments with original maturities of three months or less and bank overdrafts
142 carrying amount of cash and cash equivalents
 
2014
 £’000
2013
£’000
cash at bank and in hand 54165 58430
short term deposits 134 2369
bank overdrafts 14967 17192
cash and cash equivalents 39332 43607
the carrying amount of cash and cash equivalents are denominated in the following currencies 
 
2014
 £’000
2013
£’000
british pounds 11089 13989
us dollars 21089 23648
euros 2923 3026
other currencies 4231 2944
  39332 43607
15 trade and other payables
151 accounting policy
trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers accounts 
payable are classified as current liabilities if payment is due within one year or less or in the normal operating cycle of the business if longer if 
not they are presented as noncurrent liabilities
trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method
152 carrying amount of trade and other payables
 
2014
 £’000
2013 
restated
£’000
trade payables 26758 31235
other taxes and social security costs 2295 1146
accruals and deferred income 18021 20579
  47074 52960
analysed as 
current liabilities 45563 51393
noncurrent liabilities 1511 1567
  47074 52960
the carrying amounts of trade and other payables are considered to be a reasonable approximation of their fair values 
the carrying amount of trade and other payables are denominated in the following currencies 
 
2014
 £’000
2013 
restated
£’000
british pounds 17012 18068
us dollars 24765 28539
euros 2706 4117
other currencies 2591 2236
  47074 52960
notes to the financial statements continued 97
tyman plc  annual report and accounts 2014
16 interestbearing loans and borrowings
161 accounting policy
interestbearing loans and borrowings are recognised initially at fair value net of transaction costs incurred interestbearing loans and 
borrowings are subsequently carried at amortised cost using the effective interest method
162 carrying amount of interest bearing loans and borrowings
 
2014
 £’000
2013
£’000
unsecured borrowing at amortised cost  
bank borrowings 65603 124509
senior notes 64379 –
capitalised borrowing costs 1993 2256
  127989 122253
secured borrowing at amortised cost
bank borrowings 28 45
  128017 122298
analysed as 
current liabilities – 6834
noncurrent liabilities 128017 115464
  128017 122298
there were no defaults in interest payments in the year under the terms of the existing loan agreements
the carrying amount of interest bearing loans and borrowings are denominated in the following currencies 
 
2014
 £’000
2013
£’000
british pounds 33610 21247
us dollars 94407 101051
  128017 122298
1621 bank borrowings
on 10 june 2014 the group entered into a new banking facility of up to £240000000 comprising a £180000000 committed multicurrency 
revolving credit facility and a £60000000 uncommitted accordion facility on completion of the new facility the september 2011 facility was 
repaid in full and cancelled the new banking facility extends to 10 june 2019 is unsecured and guaranteed by tyman plc and its principal  
subsidiary undertakings 
the proceeds from the private debt placement see 1622 were used to repay and cancel the 2013 us100000000 acquisition facility put in place 
in order to acquire truth hardware note 213
the group has the following undrawn committed multicurrency revolving credit facility
 
 
2014
 £’000
2013
£’000
floating rate 
expiring beyond 12 months 114742 29674
1622 private placement notes
on 19 november 2014 the group completed the issuance of a debut private debt placement with us financial institutions totalling 
us100000000
the debt placement is unsecured and comprises us55000000 debt with a seven year maturity at a coupon of 497 per cent and us45000000 
with a 10 year maturity at a coupon of 537 per cent 
the debt placement successfully accomplishes the group’s objectives of diversifying its sources of debt finance along with extending the tenor of its 
overall facilities
strategic report
corporate  
governance report financial statements 98
17 derivative financial instruments
171 accounting policy
derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are 
subsequently remeasured at fair value derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative
the group designates certain derivatives as either
• hedges of the fair value of recognised assets or liabilities or a firm commitment fair value hedge
• hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction cash flow hedge or
• hedges of a net investment in a foreign operation net investment hedge
for those instruments designated as hedges the group documents at the inception of the transaction the relationship between hedging 
instruments and hedged items as well as its risk management objectives and strategy for undertaking various hedging transactions the group 
also documents its assessment both at hedge inception and on an ongoing basis of whether the derivatives that are used in hedging 
transactions are highly effective in offsetting changes in fair values or cash flows of hedged items
the full fair value of a hedging derivative is classified as a noncurrent asset or liability when the remaining hedged item is more than 12 months 
and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months
for derivatives that do not qualify for hedge accounting any gains or losses arising from changes in fair value are recognised immediately in the 
income statement
1711 fair value hedges
changes in the fair value of derivatives designated and qualifying as fair value hedges are recorded in the income statement together with any 
changes in fair value of the hedged asset or liability that are attributable to the hedged risk 
1712 cash flow hedges
the effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges are recognised in other 
comprehensive income the gain or loss relating to the ineffective portion is recognised immediately in the income statement
amounts accumulated in equity are reclassified to the income statement in the period in which the hedged item affects profit or loss when a 
hedging instrument expires or is sold or when a hedge no longer meets the criteria for hedge accounting any cumulative gain or loss existing in 
equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement when a 
forecast transaction is no longer expected to occur the cumulative gain or loss that was reported in equity is immediately transferred to the 
income statement
1713 net investment hedge
hedges of net investments in foreign operations are accounted for similarly to cash flow hedges any gain or loss on the hedging instrument 
relating to the effective portion of the hedge is recognised in other comprehensive income the gain or loss relating to the ineffective portion is 
recognised in the income statement gains and losses accumulated in equity are included in the income statement when the foreign operation is 
partially disposed of or sold
172 carrying amount of derivative financial instruments
2014 2013
 
 assets 
£’000
liabilities 
£’000
assets 
£’000
liabilities 
£’000
forward exchange contracts – fair value hedges 355 – – –
interest rate swaps – cash flow hedges – 250 – 767
total 355 250 – 767
less noncurrent portion 
interest rate swaps – cash flow hedges – 250 – 767
noncurrent portion – 250 – 767
current portion 355 – – –
notes to the financial statements continued 99
tyman plc  annual report and accounts 2014
1721 fair value hedges
the notional principal amounts of the outstanding forward foreign exchange contracts at 31 december 2014 were £5973000 2013 £nil 
during the year a gain of £355000 2013 £nil was recognised in the income statement for the changes in value of the fair value hedges 
the hedged highly probable forecast transactions denominated in foreign currency are expected to occur at various dates during the next  
12 months 
1722 cash flow hedges
the notional principal amounts of the outstanding interest rate swap at 31 december 2014 were £46501000 2013 £51100000 
during the year a profit of £518000 2013 loss of £163000 was recognised in the statement of comprehensive income and £nil 2013 £nil in the 
income statement for the ineffective portion of changes in the value of cash flow hedges 
details of the interest rate swaps are as follows 
 
notional 
amount
 ‘000
fixed 
interest
rate paid
floating 
interest rate
received
fair 
value
‘000
at 31 december 2014
british pound swaps £16500 12075 06609 £97
us dollar swaps 46600 11357 03373 238
at 31 december 2013
british pound swaps £18800 11682 06266 £277
us dollar swaps 53200 10950 04573 809
the maximum exposure to credit risk at the reporting date is the fair value of the derivative assets on the balance sheet 
refer to note 184 for the fair value measurement methodology 
1723 net investment hedges
the group uses foreign currency denominated debt to hedge the value of its foreign currency denominated net assets due to movements in foreign 
exchange rates at 31 december 2014 the value of the net investment hedge was £94380000 2013 £101007000 this hedge is considered 
highly effective and no ineffective portion has been recognised in the income statement 
18 financial risk management and financial instruments
181 accounting policy
financial assets and liabilities are recognised on the group’s balance sheet when the group becomes a party to the contractual provisions of the 
instrument and are generally derecognised when the contract that gives rise to it is settled sold cancelled or expires
1811 loans and receivables
loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active market they are 
included in current assets except for maturities greater than 12 months after the end of the reporting period these are classified as noncurrent 
assets the group’s loans and receivables comprise “trade and other receivables” note 13 and “cash and cash equivalents” note 14 in the 
balance sheet
1812 financial liabilities held at amortised cost
financial liabilities held at amortised cost comprise “trade and other payables” note 15 and “interestbearing loans and borrowings” note 16
strategic report
corporate  
governance report financial statements 100
18 financial risk management and financial instruments continued
182 financial instruments by category
assets as per balance sheet 
2014
 £’000
2013
£’000
loans and receivables 
trade and other receivables
1
31466 29873
cash and cash equivalents 39332 43607
derivative financial instruments 355 –
total 71153 73480
liabilities as per balance sheet
31 december 2014 31 december 2013
 
derivatives 
used for 
hedging
 £’000
other 
financial 
liabilities at 
amortised 
cost
£’000
total
£’000
derivatives 
used for 
hedging
£’000
other financial 
liabilities at 
amortised cost 
restated
£’000
total 
restated
£’000
borrowings
2
– 130010 130010 – 124554 124554
derivative financial instruments 250 – 250 767 – 767
trade and other payables
3
– 44779 44779 – 51814 51814
total 250 174789 175039 767 176368 177135
1  excludes nonfinancial assets
2  excludes capitalised borrowing costs of £1993000 2013 £2256000
3  excludes nonfinancial liabilities 
183 financial instruments risk profile
1831 capital risk management
the group manages its capital structure to ensure that it will be able to continue as a going concern the capital structure of the group consists of 
cash and cash equivalents note 14 interestbearing loans and borrowings note 16 and equity attributable to the shareholders of the parent as 
disclosed in the consolidated statement of changes in equity
1832 financial management
the group’s principal financial instruments comprise bank loans private debt and cash and short term deposits the group has various other 
financial instruments such as trade receivables and trade payables that arise directly from its operations no trading in financial instruments is 
undertaken
the board reviews and agrees policies for managing each financial instrument risk and they are summarised below
1833 liquidity and credit risk
the group maintains sufficient cash and marketable securities and the availability of funding through an adequate amount of credit facilities 
management monitors rolling forecasts of the group’s liquidity on the basis of expected cash flow 
the group manages liquidity risk by the pooling of cash resources and depositing funds available for investment in approved financial instruments 
with financial institutions counterparty risk with respect to cash and cash equivalents is managed by only investing in banks and financial 
instruments with independently assessed credit ratings of at least a2 as published by standard and poor’s individual risk limits are assessed by 
management based on the external ratings management does not expect any losses from the nonperformance of these counterparties 
credit risk is also attributable to the group’s exposure to trade receivables due from customers management assesses the credit quality of 
customers taking into account their financial position past experience and other factors in order to mitigate credit risk the group utilises credit 
insurance in those areas of its operations where such insurance is available in areas where such insurance is not available management monitors 
the utilisation of credit limits by customers identified either individually or by group and incorporates this information in credit risk controls there 
are no significant concentrations of credit risk due to the diverse nature of the group’s client base 
trade receivables are presented in the balance sheet net of allowances for doubtful receivables estimated by the group’s management based on 
prior experience and their assessment of the current economic environment 
the group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at the balance sheet date management considers 
all financial assets that are not impaired for each of the reporting dates under review are of good credit quality including those that are past due 
during the year ended 31 december 2014 the group operated within its borrowing facilities
notes to the financial statements continued 101
tyman plc  annual report and accounts 2014
the table below analyses the present value of the group’s financial liabilities into relevant maturity groupings based on the remaining period at the 
balance sheet date to the contractual maturity date
 
not later than 
one year
 £’000
later than one 
year but not 
later than two 
years
£’000
later than two 
years but not 
later than five 
years
£’000
over 
five years
£’000
total
£’000
borrowings
1
– – 65631 64379 130010
derivative financial instruments – 109 – 141 250
trade and other payables
2
43268 1511 – – 44779
at 31 december 2014 43268 1620 65631 64520 175039
borrowings
1
8134 68777 47643 – 124554
derivative financial instruments – – 402 365 767
trade and other payables
2
 restated 50247 1567 – – 51814
at 31 december 2013 58381 70344 48045 365 177135
1  excludes capitalised borrowing costs of £1993000 2013 £2256000
2  excludes nonfinancial liabilities 
1834 interest rate risk
the interest rate profile of the group’s borrowings as at 31 december 2014 was as follows 
floating rate
borrowings
1
£’000
fixed rate 
borrowings
£’000
total 
£’000
at 31 december 2014 
british pounds 35603 – 35603
us dollars 30028 64379 94407
total 65631 64379 130010
at 31 december 2013
british pounds 23503 – 23503
us dollars 101051 – 101051
total 124554 – 124554
1  excludes capitalised borrowing costs of £1993000 2013 £2256000
the interest rate on the floating bank loans are linked to libor the group has used interest rate swaps to fix the cost of a proportion of these 
floating rate borrowings 
floating rate
borrowings
1
 £’000
covered by 
swaps
£’000
swap fixed
 rate

at 31 december 2014 
british pounds 35603 16500 12075
us dollars 30028 30001 11357
total 65631 46501 
at 31 december 2013
british pounds 23503 18800 11682
us dollars 101051 32262 10950
total 124554 51062 
1  excludes capitalised borrowing costs of £1993000 2013 £2256000
interest rate sensitivity
the impact of a 50 basis point movement in floating interest rates on borrowings would have a c £500000 2013 £500000 impact on profits 
this impact would be reduced by the tax effect on such a change
strategic report
corporate  
governance report financial statements 102
18 financial risk management and financial instruments continued
interest rate risk of financial assets
the board periodically reviews any exposure the group may have to interest rate fluctuations the weighted average interest rate received on 
deposited funds was 03 per cent during the year 2013 03 per cent
1835 foreign currency risk
the group operates internationally and is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the  
us dollar and the euro foreign exchange risk arises from future commercial and financing transactions recognised assets and liabilities 
denominated in a currency that is not the group’s functional currency and net investments in overseas entities
the group has a number of overseas subsidiaries whose net assets are subject to currency translation risk the group borrows in local currencies as 
appropriate to minimise the impact of this risk on the balance sheet
foreign currency exchange rate sensitivity
foreign currency financial assets and liabilities translated into british pounds at the closing rate are as follows 
 
british pounds
 £’000
us dollars
£’000
euros
£’000
other
£’000
total
£’000
at 31 december 2014
financial assets
trade and other receivables
1
11637 15132 2305 2392 31466
cash and cash equivalents 11089 21089 2923 4231 39332
derivatives used for hedging – 239 – 116 355
total 22726 36460 5228 6739 71153
financial liabilities
borrowings
2
35603 94407 – – 130010
derivative financial instruments 97 153 – – 250
trade and other payables
3
15468 24594 2532 2185 44779
total 51168 119154 2532 2185 175039
potential impact on profit or loss – lossgain
10 increase in functional currency 1035 843 86 278
10 decrease in functional currency 1002 456 94 640
potential impact on other comprehensive income – lossgain
10 increase in functional currency 5002 196 115 4691
10 decrease in functional currency 5690 229 124 5337
 
 
notes to the financial statements continued 103
tyman plc  annual report and accounts 2014
 
british pounds
 £’000
us dollars
£’000
euros
£’000
other
£’000
total
£’000
at 31 december 2013
financial assets
trade and other receivables
1
11097 14632 2739 1405 29873
cash and cash equivalents 13989 23648 3026 2944 43607
  25086 38280 5765 4349 73480
financial liabilities
borrowings
2
23503 101051 – – 124554
derivative financial instruments 277 490 – – 767
trade and other payables
3
 restated 17198 28505 4017 2094 51814
  40978 130046 4017 2094 177135
potential impact on profit or loss – lossgain
10 increase in functional currency 911 212 117 816
10 decrease in functional currency 1114 259 143 998
potential impact on other comprehensive income – lossgain
10 increase in functional currency 537 144 214 895
10 decrease in functional currency 656 176 261 1093
1  excludes nonfinancial assets
2  excludes capitalised borrowing costs of £1993000 2013 £2256000
3  excludes nonfinancial liabilities 
the movements in exchange rates are considered to be indicative of the historic average movements in exchange rates 
1836 capital management
the group’s capital management objectives are to safeguard the group’s ability to continue as a going concern so as to provide returns to 
shareholders and benefits to stakeholders the group defines its capital as total equity plus net debt 
in maintaining the capital structure the group may adjust the amount paid as dividends to shareholders issue new shares or dispose of assets to 
reduce debt
the group monitors its financial capacity by reference to financial covenant ratios including leverage and interest cover if the group fails to meet 
its key financial ratios required by its lenders this could impact the group’s average interest rate of borrowings and the future availability of credit to 
the group
the group is in compliance with its financial covenants within its committed bank credit facilities and has been in compliance throughout the 
financial year
 note
2014
£’000
2013
£’000
total borrowings
1
130010 124554
less cash and cash equivalents 14 39332 43607
90678 80947
total equity 309016 302940
total capital 399694 383887
1  excludes capitalised borrowing costs of £1993000 2013 £2256000
strategic report
corporate  
governance report financial statements 104
18 financial risk management and financial instruments continued
184 fair value estimation
the group’s derivative financial instrument used for hedging is measured at fair value the group uses the following hierarchy for measuring fair value
• level 1 quoted prices unadjusted in active markets for identical assets or liabilities
• level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly
• level 3 inputs for the asset or liability that is not based on observable market data
derivatives shown at fair value in the balance sheet have been valued by reference to level 2 techniques described above
there were no transfers between levels during the year
1841 valuation techniques used to derive level 2 fair values
level 2 hedging derivatives comprise interest rate swaps fair valued using forward interest rates extracted from observable yield curves the effects 
of discounting are generally insignificant for level 2 derivatives the fair value of the derivative financial instruments at 31 december 2014 is a net 
asset of £105000 2013 net liability of £767000
there were no changes in valuation techniques during the year
1842 group’s valuation process
the group has a team that performs the valuations of financial assets required for financial reporting purposes this team reports to the chief 
financial officer and the audit committee
1843 fair value of financial assets and liabilities measured at amortised cost
the fair values of borrowings are as follows
2014
 £’000
2013
£’000
noncurrent 129272 116421
current – 7300
 129272 123721
the fair values of the following financial assets and liabilities approximate their carrying amounts
• trade and other receivables
• cash and cash equivalents
• trade and other payables 
19 provisions
191 accounting policy
provisions are recognised when
• the group has a present legal or constructive obligation as a result of a past event
• it is probable that an outflow of resources will be required to settle the obligation and
• a reliable estimate can be made of the amount of the obligation
the amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet 
date taking into account the risks and uncertainties surrounding the obligation where a provision is measured using the cash flows estimated to 
settle the present obligation its carrying amount is the present value of those cash flows using a pretax rate that reflects current market 
assessments of the time value of money and the risks specific to the obligation 
the increase in the provision due to the passage of time is recognised in the income statement within net finance costs provisions are not 
recognised for future operating losses
1911 critical accounting estimates and judgements carrying amount of provisions
provisions by their nature are uncertain and highly judgemental provisions are measured at the directors’ best estimate of the expenditure 
required to settle the obligation at the balance sheet date based on the nature of the provisions the potential outcomes any developments 
relating to specific claims and previous experience
notes to the financial statements continued 105
tyman plc  annual report and accounts 2014
192 carrying amounts of provisions
 note
property 
related
£’000
restructuring
£’000
warranty
£’000
other
£’000
total
£’000
at 1 january 2013 6468 14 1836 1651 9969
acquisition of subsidiary 213 – – 1292 393 1685
chargedcredited to the income statement
– additional provision in the year 69 613 718 200 1600
– unused amounts reversed 322 – 127 650 1099
utilised in the year 649 262 1321 – 2232
unwinding of discount 29 – – – 29
reclassification to other payables – – 256 – 256
exchange difference 1 20 68 46 133
at 31 december 2013 restated 5596 345 2074 1548 9563
acquisition of subsidiary 212 – – 76 151 227
chargedcredited to the income statement
– additional provision in the year 392 3074 196 – 3662
– unused amounts reversed – 16 157 – 173
utilised in the year 685 27 234 195 1141
unwinding of discount 42 – – – 42
exchange difference 12 72 70 4 14
at 31 december 2014 5357 3304 2025 1508 12194
analysed as 
2014
 £’000
2013 
restated
£’000
current liabilities 5597 2463
noncurrent liabilities 6597 7100
 12194 9563
current liabilities are those aspects of provisions that are expected to be utilised within the next 12 months 
1921 property related
property provisions include provisions for onerous leases of £3951000 2013 £4210000 and leasehold dilapidations of £1406000  
2013 restated £1386000 property provisions are expected to be utilised by 2018
for onerous leases the group has provided for the rental payments due over the remaining term of existing operating lease contracts where a 
period of vacancy is ongoing the provision has been calculated after taking into account both the periods over which properties are likely to remain 
vacant and any likely sublease income on a propertybyproperty basis the provision covers potential transfer of economic benefit over the full 
range of current lease commitments disclosed in note 27
the provision for leasehold dilapidations relates to contractual obligations to reinstate leasehold properties to their original state of repair 
the transfer of economic benefits will occur at the end of the leases set out in note 27 
1922 restructuring
restructuring provisions include provisions for employee redundancy costs at restructured business units and are expected to be utilised by 2016
1923 warranty
warranty provisions are calculated based on historical experience of the ultimate cost of settling product warranty claims and potential claims 
warranty provisions are expected to be utilised by 2017
1924 other
other provisions relate to the tax consequences of international intragroup transactions for which the fiscal authorities may be expected to adopt 
opposing treatments in respect of revenue and cost recognition other provisions are expected to be utilised by 2016
 
strategic report
corporate  
governance report financial statements 106
20 retirement benefit obligations
201 accounting policy
the group operates both defined contribution and defined benefit pension plans and postemployment medical plans
2011 pension obligations
defined contribution plans
a defined contribution plan is a pension plan under which the group pays fixed contributions into publicly or privately administered pension 
insurance plans on a mandatory contractual or voluntary basis the group recognises contributions as an employee benefit expense when they 
are due and has no further payment obligations once the contributions have been paid the group has no legal or constructive obligation to pay 
further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or 
prior periods prepaid contributions are recognised as an asset to the extent that a cash refund in the future is available
defined benefit plans
a defined benefit plan is a pension plan that is not a defined contribution plan typically defined benefit plans define an amount of pension 
benefit an employee will receive on retirement this amount is usually dependent on one or more factors such as age years of service and 
compensation
the liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at 
the end of the reporting period less the fair value of plan assets the defined benefit obligation is calculated annually by independent actuaries 
using the projected unit credit method
the present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of 
highquality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity 
approximating to the terms of the related pension obligation in countries where there is no deep market in such bonds the market rates on 
government bonds are used
actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other 
comprehensive income in the period in which they arise
pastservice costs are recognised immediately in income
2012 other postemployment obligations
some group companies provide postretirement healthcare benefits to their retirees the entitlement to these benefits is usually conditional on 
the employee remaining in service up to retirement age and the completion of a minimum service period the expected costs of these benefits 
are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans
actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other 
comprehensive income in the period in which they arise these obligations are valued annually by independent qualified actuaries
2013 key source of estimation uncertainty defined benefit pension and postretirement benefit schemes
the defined benefit obligations are calculated using a number of assumptions including future salary increases increases to pension benefits 
mortality rates and in the case of postemployment medical benefits the expected rate of increase in medical costs the plan assets consist 
largely of listed securities and their fair values are subject to fluctuation in response to changes in market conditions effects of changes in the 
actuarial assumptions underlying the benefit obligation effects of changes in the discount rate applicable to the benefit obligation and effects 
of differences between the expected and actual return on the plan assets are classified as actuarial gains and losses and are recognised directly 
in equity further actuarial gains and losses will be recognised during the next financial year an analysis of the assumptions that will be used by 
management to determine the cost of defined benefit plans that will be recognised in the income statement in the next financial year is 
presented in this note
202 defined contribution pension schemes
the group operates a number of defined contribution pension schemes the assets of which are held externally to the group in separate trustee 
administered funds the costs of the group’s defined contribution pension schemes are charged to the income statement in the period in which they 
fall due the group had no unpaid pension contributions included within employee benefit liabilities 2013 £nil 
 
notes to the financial statements continued 107
tyman plc  annual report and accounts 2014
203 defined benefit pension schemes and postemployment medical benefit schemes
the table below outlines where the group’s postemployment amounts and activity are included in the financial statements 
2014
 £’000
2013
£’000
balance sheet obligation for  
defined pension benefits 6495 3564
postretirement medical benefits 3247 3914
net liability on the balance sheet 9742 7478
income statement charge for
1

defined pension benefits 433 583
postretirement medical benefits 215 221
 648 804
remeasurements for 
defined pension benefits 3020 3252
postretirement medical benefits 958 361
 2062 3613
1 the income statement charge is included within profit before taxation includes current service cost interest cost and past service costs 
the group’s principal defined benefit pension scheme and postemployment medical benefit scheme are operated in the united states the defined 
benefit schemes provide benefits to members in the form of guaranteed level of pension payable for life the level of benefits provided depends on 
members’ length of service and their salary in the final years leading up to retirement 
for us plans pensions in payment do not receive inflationary increases the benefit payments are from trusteeadministered funds plan assets held 
in trusts are governed by local regulations and practice in the us as is the nature of the relationship between the group and the trustees and their 
composition 
responsibility for governance of the plans including investment and contribution schedules lies jointly with the group and the board of trustees 
the board of trustees must be composed of representatives of the company and plan participants in accordance with the plan’s regulations
the current service cost past service costs and expenses relating to the administration of the defined benefit schemes are included in the income 
statement within administrative expenses net expense is included within net finance income and costs 
actuarial gains and losses from participant experience changes in demographic assumptions changes in financial assumptions and net return on 
plan assets are recognised net of the related deferred tax in the consolidated statement of comprehensive income
2031 balance sheet disclosures
amounts recognised on the balance sheet are as follows 
2014
 £’000
2013
£’000
present value of funded obligations 24944 21090
fair value of plan assets 15202 13612
net liability on the balance sheet 9742 7478
strategic report
corporate  
governance report financial statements 108
20 retirement benefit obligations continued
the movement in the defined benefit obligation over the year is as follows 
present value of 
obligations
£’000
fair value of 
plan assets
£’000
total
£’000
at 1 january 2013 24159 12929 11230
current service cost 298 – 298
interest expenseincome 910 505 405
administrative expenses – 101 101
1208 404 804
remeasurements 
return on plan assets excluding amounts included in interest income – 521 521
loss from change in demographic assumptions 57 – 57
gain from change in financial assumptions 2780 – 2780
experience gain 369 – 369
3092 521 3613
exchange difference 342 308 34
contributions 
employers – 909 909
plan participants 57 57 –
payments from plans
benefit payments 900 900 –
at 31 december 2013 21090 13612 7478
current service cost 233 – 233
interest expenseincome 958 657 301
administrative expenses – 114 114
1191 543 648
remeasurements 
return on plan assets excluding amounts included in interest income – 11 11
loss from change in demographic assumptions 997 – 997
loss from change in financial assumptions 1326 – 1326
experience gain 249 – 249
2074 11 2063
exchange difference 1447 882 565
contributions 
employers – 1012 1012
plan participants 49 49 –
payments from plans
benefit payments 907 907 –
at 31 december 2014 24944 15202 9742
plan assets comprise the following asset classes 
 
2014
 £’000 
2013
£’000 
equity instruments 3697 243 3318 244
large us equity 2243 1996 
smallmid us equity 550 483 
international equity 904 839 
balancedasset allocation 738 49 682 50
fixed income 10767 708 9612 706
total 15202 1000 13612 1000
 
notes to the financial statements continued 109
tyman plc  annual report and accounts 2014
through its defined benefit pension plans and postemployment medical plans the group is exposed to a number of risks the most significant of 
which are detailed below 
asset volatility the plan liabilities are calculated using a discount rate set with reference to corporate bond yields if plan assets 
underperform this yield this will create a deficit the us plans hold a significant proportion of fixed income 
investments comprising a mixture of government and corporate bonds and provides an acceptable level of 
investment risk to better match liabilities the group believes that given the long term nature of plan liabilities and 
the strength of the supporting group a level of continuing equity investment is an appropriate element of the 
group’s long term strategy to manage the plans efficiently equities are expected to outperform corporate bonds 
in the long term while providing volatility and risk in the short term as the plans mature the group intends to 
reduce the level of investment risk by investing more in assets that better match the liabilities
changes in bond yields a decrease in corporate bond yields will increase plan liabilities although this will be partially offset by an increase 
in the value of the plans’ bond holdings
inflation risk some of the group’s pension obligations are linked to inflation and higher inflation will lead to higher liabilities 
although in most cases caps on the level of inflationary increases are in place to protect the plan against extreme 
inflation the majority of the plans’ assets are either unaffected by fixed interest bonds or loosely correlated with 
equities inflation meaning that an increase in inflation will also increase the deficit in the us plans the pensions 
in payment are not linked to inflation so this is a less material risk
life expectancies the majority of the plans’ obligations are to provide benefits for the life of the member so increases in life 
expectancy will result in an increase in the plans’ liabilities
the significant actuarial assumptions were as follows 
2014 2013
discount rate 38 45
inflation 23 23
salary growth rate na na
pension growth rate 00 00
health care cost trend
1
70 to 45 70 to 45
1 the level of healthcare contributions are capped and adopting a higher trend rate does not materially affect the liability 
assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and experience in each jurisdiction 
these assumptions translate into an average life expectancy in years for a pensioner retiring at age 65
 2014 2013
retiring at the end of the reporting year 
male 213 196
female 229 215
retiring in 20 years after the end of the reporting year
male 226 196
female 241 215
the sensitivity of the defined benefit obligation to changes in the weighted principal assumption is 
impact on defined benefit obligation
  change in assumption increase in assumption decrease in assumption
discount rate 025 decrease by 320 increase by 340
the above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant in practice this is unlikely to 
occur and changes in some of the assumptions may be correlated when calculating the sensitivity of the defined benefit obligation to significant 
actuarial assumptions the same methodology has been applied as when calculating the pension liability recognised within the statement of 
financial position
the methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the previous year
the pension scheme is closed to new entrants as a result the service costs to the group will rise in future years the expected level of contributions 
to the defined benefit pension scheme and postemployment medical benefits in the year to december 2015 is £1128000
the weighted average duration of the defined benefit obligation is 131 years
strategic report
corporate  
governance report financial statements 110
20 retirement benefit obligations continued
the expected maturity analysis of undiscounted postemployment pension and medical benefits are as follows
 
no later than 
one year
 £’000
between one to 
two years
£’000
between two to 
five years
£’000
later than  
five years
£’000
total
£’000
defined pension benefits 876 921 3032 5929 10758
postretirement medical benefits 219 219 644 1049 2131
total 1095 1140 3676 6978 12889
2032 amounts recognised in the consolidated income statement
the amounts recognised in the consolidated income statement are as follows 
2014
 £’000
2013
£’000
current service cost 233 298
expected administrative expense 114 101
net interest expense 301 405
 648 804
of the total charge £347000 2013 £399000 and £301000 2013 £405000 were included in administrative expenses and finance costs 
respectively  
2033 amounts recognised in the consolidated statement of comprehensive income
the amounts recognised in the consolidated statement of comprehensive income are as follows 
2014
 £’000
2013
£’000
net return on plan assets 11 521
loss from change in demographic assumptions 997 57
lossgain from change in financial assumptions 1326 2780
experience gain 249 369
 2063 3613
a deferred tax credit of £982000 2013 deferred tax charge £1313000 has been recognised in other comprehensive income in respect of 
remeasurements of the defined benefit obligation 
21 business combinations
211 accounting policy
the group applies the acquisition method to account for business combinations the consideration transferred for the acquisition of a subsidiary 
is the fair values of the assets transferred the liabilities incurred to the former owners of the acquiree and the equity interest issued by the group 
the consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement identifiable 
assets acquired liabilities assumed and contingent liabilities assumed in a business combination are measured initially at their fair values at the 
acquisition date
acquisitionrelated costs are expensed as incurred
any contingent consideration to be transferred is recognised at fair value at the acquisition date subsequent changes to the fair value of the 
contingent consideration that is deemed to be an asset or liability is recognised in accordance with ias 39 either in profit or loss or as a change to 
other comprehensive income contingent consideration that is classified as equity is not remeasured and its subsequent settlement is 
accounted for within equity
the excess of the consideration transferred and the acquisitiondate fair value of any previous equity interest in the acquiree over the fair value 
of the identifiable net assets acquired is recorded as goodwill note 102 if the total of consideration transferred is less than the fair value of the 
net assets of the subsidiary acquired in the case of a bargain purchase the difference is recognised directly in the income statement
2111 critical accounting estimates and judgements acquisition accounting
ifrs 3 requires assets and liabilities acquired to be recorded at fair value and to separately identify intangible assets from goodwill initially 
measuring each group of intangible assets at fair value groups of intangible assets include purchased brands and customer relationships there 
is judgement involved in estimating fair value particularly in relation to identifiable intangible assets which requires the directors to estimate the 
useful economic life of each asset and the future cash flows expected to arise from each asset and to apply a suitable discount rate
notes to the financial statements continued 111
tyman plc  annual report and accounts 2014
212 acquisition of vedasil brasil
on 26 february 2014 the group acquired 100 per cent of the issued share capital of vedasil brasil “vedasil” the market leader in the manufacture 
and supply of pile weatherseals in brazil vedasil manufactures and supplies polypropylene extruded seals under the ecopdm brand and other seal 
and screen components to the brazilian door and window market this acquisition provides the group with a market leading position and local 
manufacture in brazil
recognised amounts of identifiable assets acquired and liabilities assumed 
£’000
intangible assets 3800
property plant and equipment 514
inventories 496
trade and other receivables 903
cash and cash equivalents 20
trade and other payables 408
current tax liabilities 37
deferred tax liabilities 1288
provisions 227
total identifiable net assets 3773
goodwill arising on acquisition 2782
total consideration 6555
satisfied by 
£’000
cash 6555
net cash flow arising on acquisition 
£’000
cash consideration 6555
less cash and cash equivalents acquired 20
6535
the fair value of financial assets includes trade receivables with a fair value of £866000 and a gross contractual value of £1066000 the best 
estimate at the acquisition date of the contractual cash flows not recoverable is £200000
the group incurred acquisitionrelated costs of £138000 for professional fees paid and legal advice these costs have been included in exceptional 
costs in the group’s consolidated income statement note 6 
revenue included in the consolidated income statement since 26 february 2014 contributed by vedasil was £4702000 vedasil also contributed 
£1246000 to the profit before taxation over the same period
had the acquisition of vedasil been completed on the first day of the financial year an additional £1041000 of revenue and £379000 of profit 
before taxation would have been contributed to the group
fair values remain provisional in relation to this acquisition and the group will complete this review by early 2015 any adjustment to the carrying 
amount is unlikely to be significant to the individual acquisition the fair values of identifiable intangible assets recognised at acquisition include 
customer relations of £3778000 and other intangible assets of £22000 no value was ascribed to the vedasil brand which was withdrawn shortly 
after the completion of the acquisition
goodwill arising on acquisition is attributable to the expected profitability of the acquired business arising from
• savings and benefits including shorter supply chains associated with the enhanced local manufacturing capability
• acquired market and technical production process knowledge and
• the market growth potential and opportunities to develop the schlegel international business across southern and latin america 
the estimated value of intangibles including goodwill deductible for tax purposes is £nil
213 acquisition of truth hardware
on 3 july 2013 the group acquired 100 per cent of the issued share capital of truth hardware at 31 december 2013 the fair values in relation to 
this acquisition were provisional the group has completed its review and the fair value adjustments below relate to adjustments between the 
provisional fair values at 31 december 2013 and final fair values at 2 july 2014
strategic report
corporate  
governance report financial statements 112
21 business combinations continued
at 2 july 2014 the recognised amounts of identifiable assets acquired and liabilities assumed were as follows
 
provisional fair 
value to  
the group  
31 december 
2013
 £’000
fair value 
adjustments
£’000
final fair 
value to  
the group  
31 december 
2014
£’000
intangible assets 56583 – 56583
property plant and equipment 11016 73 10943
inventories 15539 – 15539
trade and other receivables 9564 82 9646
cash and cash equivalents 3289 – 3289
trade and other payables 8708 45 8753
current tax assets 209 37 172
deferred tax liabilities 20074 – 20074
provisions 1863 178 1685
total identifiable net assets 65555 105 65660
goodwill arising on acquisition 68978 105 68873
total consideration 134533 – 134533
satisfied by 
£’000
cash 134533
net cash flow arising on acquisition 
£’000
cash consideration 134533
less cash and cash equivalents acquired 3289
131244
the fair values of identifiable intangible assets recognised at acquisition include customer relations of £41419000 acquired brands of £15108000 
and computer software of £56000 
22 share capital and share premium
221 accounting policy
ordinary shares are classified as equity incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity 
as a deduction net of tax from the proceeds
where any group company purchases the company’s equity share capital treasury shares the consideration paid including any directly 
attributable incremental costs net of income taxes is deducted from equity attributable to the company’s owners until the shares are cancelled 
or reissued where such shares are subsequently reissued any consideration received net of any directly attributable incremental transaction 
costs and the related income tax effects and is included in equity attributable to the company’s owners
222 share capital and share premium
 
number of 
shares
 ‘000
ordinary 
shares
£’000
share 
premium
£’000
at 1 january 2013 137287 6864 101
proceeds from shares issued 32817 1641 69390
sale of treasury shares – – 6235
at 31 december 2013 and 31 december 2014 170104 8505 63256
the total authorised number of ordinary shares is 180000000 2013 180000000 with a par value of 500 pence per share  
2013 500 pence per share all issued shares are fully paid up 
on 23 may 2013 the group completed the fully underwritten firm placing and open offer of ordinary shares as part of the funding for the 
acquisition of truth hardware see note 213 net proceeds of £71031000 were raised through the sale of 6864000 treasury shares and the issue 
of 32816904 new ordinary shares at the issue price of 185 pence per share the sale of treasury shares resulted in a transfer of £6235000 from the 
treasury reserve against share premium  
notes to the financial statements continued 113
tyman plc  annual report and accounts 2014
23 sharebased payments
231 accounting policy
the group operates an equitysettled sharebased compensation plan long term incentive plan “ltip” for certain employees under which the 
entity receives services from employees as consideration for equity instruments share options of the group the fair value of the employee 
services received in exchange for the grant of options is expensed on a straightline basis over the vesting period based on the group’s estimate 
of shares that will eventually vest
the total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted excluding the 
impact of any nonmarket vesting conditions nonmarket vesting conditions are included in assumptions about the number of options that are 
expected to vest at each balance sheet date the entity revises its estimates of the number of options that are expected to vest with any 
changes in estimate recognised in the income statement with a corresponding adjustment in equity the fair value of awards granted under 
ltip is measured using a probability model to predict target eps levels
the proceeds received net of any directly attributable transaction costs are credited to share capital nominal value and share premium when 
the options are exercised
232 ltip
in 2014 the group operated the ltip the charge to the income statement in 2014 was £903000 2013 £681000 
conditional annual awards of shares are granted under the ltip to certain executive directors and senior managers at the discretion of the 
remuneration committee provided the participant remains an employee of the group and the performance conditions are met awards will vest 
three years after the date of the grant at no cost to the employee to strengthen the alignment with shareholders the remuneration committee 
extended the time horizon to 2014 ltip awards and all future ltip awards granted to executive directors through the introduction of a two year 
holding period on vested ltip shares net of tax this means that the 2014 ltip awards must be retained until march 2019 the percentage of 
shares that will actually vest is dependent upon the group’s earnings per share growth over a three year measurement period the remuneration 
committee also has the discretion to adjust the number of shares vesting depending on the tyman performance during the vesting period further 
information on the ltip and the performance conditions is given in the remuneration report
the fair value of the awards granted under the ltip and the assumptions used in the calculation of the sharebased payment charge are as follows
valuation model probability model to predict eps levels
date of grant 26 june 2014
number granted 630420
share price at date of award 270 pence
fair value pence 126 pence
exercise price pence nil pence
expected life of award three years
vesting conditions continuous service and cumulative underlying eps  
over three years 2014 to 2016 in range of 610 to 680 pence
movements in the number of outstanding conditional awards of shares currently exercisable are as follows 
 
2014
 ‘000
2013
‘000
at 1 january 3815 2994
exercised 1908 –
granted 737 925
lapsed 54 104
at 31 december 2590 3815
granted awards include the ltip awards granted in 2014 together with adjustments made to the amount of ltip awards vesting in 2014 to take 
account of dividends and the bonus element of the truth open offer
details of treasury shares purchased 
 
2014
 ‘000
2013
‘000
number of ordinary shares 1460 1279
cost to company £4337 £2921
strategic report
corporate  
governance report financial statements 114
24 dividends
 
2014
 £’000
2013
£’000
amounts recognised as distributions to owners in the year 
final dividend for the year ended 31 december 2013 of 450p per share 2012 350p 7558 4511
interim dividend for the year ended 31 december 2014 of 200p per share 2013 150p 3368 2528
total amounts recognised as distributions to owners in the year 10926 7039
amounts not recognised in the financial statements 
final dividend proposed for the year 31 december 2014 of 600p per share 2013 450p 10070 7546
the proposed final dividend is subject to approval by the shareholders at the annual general meeting and has not been included as a liability in the 
financial statements for the year ended 31 december 2014 
25 adjustments to cash flows from operating activities
the following noncash and financing adjustments have been made to profit before taxation to arrive at operating cash flow
 note
2014
£’000
2013
£’000
net finance costs 7 7033 3517
depreciation 11 7676 6337
amortisation of intangible assets 103 18151 16605
impairment of intangible assets 103 386 529
impairment of acquired goodwill 102 3411 –
disposal of property plant and equipment 190 42
noncash adjustments 3837 1091
sharebased payments 23 903 681
  41207 28802
26 contingent liabilities
there are no contingent liabilities
27 financial commitments
271 capital commitments
2014
£’000
2013
£’000
property plant and equipment 1546 3551
272 operating lease commitments
the group has entered into commercial leases on certain properties there are no restrictions placed upon the lessee by entering into these leases
the present values of future minimum rentals payable under noncancellable operating leases are as follows
land and buildings other
 
2014
 £’000
2013
£’000
2014
£’000
2013
£’000
no later than one year 4610 4265 633 655
later than one year but no later than five years 12861 12539 747 927
later than five years 493 2298 – –
  17964 19102 1380 1582
28 events after the reporting year
on 25 february 2015 the group announced its exit from the ontario california facility and entered into a definitive agreement to sell its non
fenestration custom extrusion business based in ontario california to vip rubber and plastic products for approximately us70 million the 
remaining core extrusion manufacturing will be transferring to cannon falls minnesota and the coupler manufacturing will be transferring to the 
fremont nebraska facility 
the sale of the custom extrusion nonfenestration business is expected to complete on 13 april 2015
notes to the financial statements continued 115
tyman plc  annual report and accounts 2014
29 principal subsidiaries
details of the principal subsidiaries of the group all of which are wholly owned are as follows
name country of incorporation nature of business
corporate
jasper acquisition holdings limited united kingdom holding company
octroi group limited united kingdom holding company
schlegel acquisition holdings limited united kingdom holding company
tyman finance sà rl luxembourg holding company
tyman management limited united kingdom management services
uk operations
balance uk limited
1
united kingdom building products
era products limited
1
united kingdom building products
ews manufacturing limited
1
united kingdom building products
era limited
1
united kingdom building products
linear limited
1
united kingdom building products
schlegel uk 2006 limited
1
united kingdom building products
ventrolla limited
1
united kingdom building products
window fabrication and fixing supplies limited
1
united kingdom building products
north american operations
amesbury acquisition holdings no2 inc
1
united states holding company
amesbury canada inc
1
canada holding company
amesbury door hardware inc sd
1
united states building products
amesbury finance holdings llc
1
united states holding company
amesbury group inc
1
united states holding company
amesbury group plastic profiles inc
1
united states building products
amesbury holdings limited
1
united kingdom holding company
amesbury industries inc
1
united states holding company
atlas holdings company limited
1
canada building products
balance systems inc
1
united states building products
bandlock corporation inc
1
united states building products
fastek products inc
1
united states building products
jasper acquisition limited
1
united kingdom holding company
overland products company inc
1
united states building products
schlegel systems inc
1
united states building products
truth hardware corporation
1
united states building products
tyman investments
1
united kingdom holding company
other international operations
schlegel américa latina – vedação esquadrias e extrusão ltda
1
brazil building products
schlegel australia pty limited
1
australia building products
schlegel belgium bvba
1
belgium building products
schlegel gmbh
1
germany building products
schlegel srl
1
italy building products
schlegel taliana sl
1
spain building products
1 held by subsidiary
30 related party transactions
the following transactions were carried out with related parties of tyman plc
301 subsidiaries
transactions between the company and its subsidiaries which are related parties are eliminated on consolidation there were no transactions 
between the company and its subsidiaries apart from intercompany loans
302 key management compensation
compensation for directors who have the sole responsibility for planning directing and controlling the group are set out in the remuneration report 
on pages 50 to 64
full details of individual directors’ remuneration are given in the remuneration report on pages 50 to 64
strategic report
corporate  
governance report financial statements 116
independent auditors’ report to the members of tyman plc
report on the parent company financial statements
our opinion
in our opinion tyman plc’s parent company financial statements the “financial statements”
• give a true and fair view of the state of the parent company’s affairs as at 31 december 2014 and of its cash flows for the year then ended
• have been properly prepared in accordance with international financial reporting standards “ifrss” as adopted by the european union and as 
applied in accordance with the provisions of the companies act 2006 and
• have been prepared in accordance with the requirements of the companies act 2006
what we have audited
tyman plc’s financial statements comprise
• the company balance sheet as at 31 december 2014
• the parent cash flow statement for the year then ended and
• 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 
crossreferenced from the financial statements and are identified as audited
the financial reporting framework that has been applied in the preparation of the financial statements is applicable law and ifrss as adopted by 
the european union and as applied in accordance with the provisions of the companies act 2006
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 international standards on auditing uk and ireland “isas uk  ireland” we are required to report to you if in our opinion 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 company acquired in the course of performing 
our audit or
• otherwise misleading
we have no exceptions to report arising from this responsibility
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
• we have not received all the information and explanations we require for our audit or
• adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received from 
branches not visited by us or
• the 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
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  117
tyman plc  annual report and accounts 2014
responsibilities for the financial statements and the audit
our responsibilities and those of the directors
as explained more fully in the directors’ responsibilities statement set out on page 45 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
we conducted our audit in accordance with isas uk  ireland 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 
• whether the accounting policies are appropriate to the parent company’s circumstances and have been consistently applied and adequately 
disclosed 
• the reasonableness of significant accounting estimates made by the directors and 
• 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 nonfinancial 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
other matter
we have reported separately on the group financial statements of tyman plc for the year ended 31 december 2014
simon o’brien senior statutory auditor
for and on behalf of pricewaterhousecoopers llp
chartered accountants and statutory auditors
london
10 march 2015
strategic report
corporate  
governance report financial statements 118
company balance sheet
as at 31 december 2014
 note
2014
£’000
2013
£’000
fixed assets 
investments 4 293252 284849
 
current assets 
debtors 5 69672 21607
cash at bank and in hand 11023 17284
80695 38891
creditors amounts falling due within one year 6 6458 6297
net current assets 74237 32594
total assets less current liabilities 367489 317443
creditors amounts falling due after more than one year 6 71810 7876
net assets 295679 309567
 
capital and reserves 
called up share capital 9 8505 8505
share premium account 9 63256 63256
other reserves 9 8920 8920
treasury reserve 9 4742 4847
profit and loss account 9 219740 233733
total shareholders’ funds 9 295679 309567
the notes on pages 119 to 121 are an integral part of these financial statements
the financial statement on page 118 was approved by the board on 10 march 2015 and signed on its behalf by
louis eperjesi james brotherton
chief executive officer chief financial officer  119
tyman plc  annual report and accounts 2014
notes to the company financial statements
1 accounting policies
11 basis of preparation
the separate financial statements of the company are presented as required by the companies act 2006 as permitted by that act the financial 
statements have been prepared in accordance with applicable uk accounting standards “uk gaap”
the financial statements are prepared on the going concern basis under the historical cost convention the principal accounting policies which 
have been applied consistently throughout the year are set out below
12 operating leases
rentals payable under operating leases are charged to profit and loss on a straightline basis over the lease term
13 investments in subsidiaries
investments in subsidiaries are stated at cost less any provisions for impairment
14 financial instruments
financial assets and liabilities are recognised on the company’s balance sheet when the company becomes a party to the contractual provisions of 
the instrument
trade debtors are stated at their nominal value as reduced by appropriate allowances for estimated recoverable amounts
trade creditors are stated at their nominal amount
15 borrowings
interestbearing loans and overdrafts are recorded at the proceeds received all borrowing costs are expensed as incurred on an accruals basis to 
the company profit and loss account using the effective interest rate method
16 sharebased payments
the company has applied the requirements of frs 20 “sharebased payments” the company issues equitysettled sharebased payments to 
certain employees equitysettled sharebased payments are measured at fair value at the date of grant
the fair value of the employee services received in exchange for the grant of options is expensed on a straightline basis over the vesting period 
based on the group’s estimate of shares that will eventually vest
the total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted excluding the impact of 
any nonmarket vesting conditions nonmarket vesting conditions are included in assumptions about the number of options that are expected to 
vest at each balance sheet date the entity revises its estimates of the number of options that are expected to vest with any changes in estimate 
recognised in the income statement with a corresponding adjustment in equity the fair value of awards granted under ltip is measured using a 
probability model to predict eps levels
the proceeds received net of any directly attributable transaction costs are credited to share capital nominal value and share premium when the 
options are exercised
the grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital 
contribution the fair value of employee services received measured by reference to the grant date fair value is recognised over the vesting period 
as an increase to investment in subsidiary undertakings with a corresponding credit to equity in the parent entity accounts
the social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself and the 
charge will be treated as a cashsettled transaction
2 profit attributable to the shareholders of the company
the company is an investment holding company it receives dividend income from subsidiaries and bank interest it pays loan interest to a 
subsidiary the majority of administrative expenses are paid by the company’s subsidiary tyman management limited including the whole 
amount of relevant auditors’ remuneration and operating lease costs
as permitted by section 408 of the companies act 2006 the company has elected not to present its own profit and loss account for the year the 
company reported a profit for the financial year ended 31 december 2014 of £523000 2013 loss of £4242000 
3 employees
other than the directors there were no employees of the company during the year 2013 nil directors’ emoluments are set out in the directors’ 
remuneration report in the group’s financial statements on pages 50 to 64
strategic report
corporate  
governance report financial statements 120
4 investments
  £’000
cost
at 31 december 2013 290445
additions 7500
capital contribution relating to sharebased payments 903
at 31 december 2014 298848
impairment
at 31 december 2013 5596
charge for the year –
at 31 december 2014 5596
net book value
at 31 december 2013 284849
at 31 december 2014 293252
the 2014 additions relates to the subscription of shares in schlegel acquisition holdings limited of £7500000
details of the principal subsidiaries of the company all of which are wholly owned are as follows
principal subsidiary country of incorporation nature of business
jasper acquisition holdings limited united kingdom holding company
octroi group limited united kingdom holding company
schlegel acquisition holdings limited united kingdom holding company
tyman management limited united kingdom management services
the directors believe that the carrying values of the investments are supported by their underlying net assets
5 debtors
 note
2014
£’000
2013
£’000
amounts receivable after more than one year  
amounts owed by group undertakings 68433 20514
corporation tax asset 336 –
deferred tax asset 7 903 1093
  69672 21607
the amounts owed by subsidiary undertakings are unsecured interest free and recoverable on demand but are unlikely to be repaid within one year
6 creditors
 
2014
£’000
2013
£’000
amounts falling due within one year  
amounts owed to group undertakings 6062 5276
other creditors 396 451
corporation tax liability – 570
 6458 6297
amounts falling due after more than one year  
private placement notes 63934 –
amounts owed to group undertakings 7876 7876
 71810 7876
the amounts owed to group undertakings falling due within one year are interest free repayable on demand and unsecured
the amounts owed to group undertakings falling due after more than one year are between the company and octroi group limited a subsidiary 
and interest is charged at a fixed rate of two per cent per annum 
notes to the company financial statements continued 121
tyman plc  annual report and accounts 2014
6 creditors continued
the senior notes relate to the issuance of a debut private debt placement with us financial institutions totalling us100000000 refer to note 
1622 of the group financial statements 
details of the private placement notes which are unsecured are as follows 
  £’000
fixed 
interest 
rate 
repayable in 2021 35408 497
repayable in 2024 28971 537
total 64379 
7 deferred tax asset
 
2014
 £’000
2013
£’000
at 1 january 1093 218
deferred tax chargedcredited to profit and loss account 139 103
deferred tax chargedcredited to the statement of total recognised gains and losses 51 772
at 31 december 903 1093
deferred tax comprises 
timing differences 903 1093
8 called up share capital
the share capital of the company is as set out in note 22 of the group financial statements
9 reconciliation of movements in shareholders’ funds
 
called up share 
capital
 £’000
share premium 
account
£’000
other 
reserves
£’000
treasury 
reserve
£’000
profit and loss 
account
£’000
total
£’000
at 1 january 2013 6864 101 8920 8161 243561 251285
loss for the year – – – – 4242 4242
issue of shares 1641 69390 – – – 71031
purchase of own shares for employee benefit trust – – – 2921 – 2921
sale of treasury shares – 6235 – 6235 – –
dividends paid – – – – 7039 7039
sharebased payments – – – – 1453 1453
at 31 december 2013 8505 63256 8920 4847 233733 309567
profit for the year – – – – 523 523
issue of own shares by employee benefit trust – – – 4442 4442 –
purchase of own shares for employee benefit trust – – – 4337 – 4337
dividends paid – – – – 10925 10925
sharebased payments – – – – 851 851
at 31 december 2014 8505 63256 8920 4742 219740 295679
details of sharebased payments are provided in note 23 of the group financial statements
10 financial commitments
at 31 december 2014 the company had future annual lease commitments on land and buildings under noncancellable operating leases as stated 
below these commitments were met on the company’s behalf by tyman management limited
 
2014
 £’000
2013
£’000
no later than one year 190 212
later than one year but no later than five years 761 –
  951 212
11 related party transactions
the company has taken advantage of the exemption in financial reporting standard 8 “related party disclosures” as a wholly owned subsidiary 
not to disclose details of related party transactions required by this standard
strategic report
corporate  
governance report financial statements 122
definitions
 “underlying” where appropriate is defined as before amortisation of acquired intangible assets deferred tax on amortisation of acquired 
intangible assets impairment of acquired intangible assets impairment of goodwill exceptional items unwinding of discount on provisions 
amortisation of borrowing costs accelerated amortisation of borrowing costs and the associated tax effect
“underlying administrative expenses” is defined as administrative expenses before exceptional items amortisation of acquired intangible assets 
impairment of acquired intangible assets and impairment of acquired goodwill
“underlying net debt” is defined as interestbearing loans and borrowings net of cash and cash equivalents with unamortised capitalised borrowing 
costs added back
“underlying operating profit” is defined as operating profit before exceptional items amortisation of acquired intangible assets impairment of 
acquired intangible assets and impairment of acquired goodwill
“operational cash flow” is defined as net cash inflow from operating activities before income tax paid exceptional costs cash settled in the year and 
pension contributions and after proceeds on disposal of property plant and equipment payments to acquire property plant and equipment and 
payments to acquire intangible assets
“operating cash conversion” is defined as operational cash flow divided by underlying operating profit
“controllable capital employed” is defined as capital employed before tax balances current deferred and sales taxes interest accruals purchased 
goodwill and intangible assets
“return on acquisition investment” is defined as annualised underlying operating profit attributable to the acquired business divided by the 
acquisition enterprise value less the fair value of controllable capital employed as at the date of acquisition plus the value of controllable capital 
employed at the date of measurement the denominator is also adjusted for seasonality where appropriate
“acquisition enterprise value” is defined as the gross consideration paid to the seller less any cash left in the acquired business plus debt acquired 
with the acquired business plus the expenses of the acquisition excluding financing expenses plus any integration expenses booked as exceptional 
items
“return on capital employed” is defined as underlying operating profit as a percentage of the 12 month average capital employed
“leverage” is defined as underlying net debt divided by adjusted ebitda underlying net debt is translated at the average rate for the year adjusted 
ebitda is underlying operating profit with depreciation and sharebased payments expenses added back plus the preacquisition ebitda of 
businesses acquired during the year covering the relevant preacquisition period less the ebitda of businesses disposed of during the year
“like for like” is defined as the comparison of revenue or operating profit as appropriate excluding the impact of any acquisitions made during the 
current year and for acquisitions made in the comparative year excluding from the current year result the impact of the equivalent current year 
preacquisition period
glossary of terms
“rmi” is defined as renovation maintenance and improvement
“oem” is defined as original equipment manufacturer 123
tyman plc  annual report and accounts 2014
roundings
percentage numbers have been calculated using figures rounded to the nearest thousand from the financial statements which may lead to small 
differences in some figures and percentages quoted
exchange rates
2014 2013
closing rates 
us dollar 15533 16490
euro 12779 11978
australian dollar 19043 18583
average rates
us dollar 16479 15646
euro 12407 11780
australian dollar 18269 16224
strategic report
corporate  
governance report financial statements 124
advisers
registered office
29 queen anne’s gate
london sw1h 9bu
website
wwwtymanplccom
independent auditors
pricewaterhousecoopers llp
1 embankment place
london wc2n 6rh
registrar
capita registrars limited
the registry
34 beckenham road
beckenham
kent br3 4tu
corporate broker
canaccord genuity limited
88 wood street
london ec1v 7qr  tyman plc 
29 queen anne’s gate
london
sw1h 9bu
e enquiriestymanplccom
wwwtymanplccom


Summary:
 10
 chief executive officer’s review
2014 has seen another year of good operational and financial 
progress for t yman with continued top line growth and margin 
expansion in our two largest divisions – amesburytruth and era 
the integration of amesbury and truth has now completed and we  
are moving forward with the next phase of the transformation of 
amesburytruth into a world class manufacturing business through 
rationalisation of the north american footprint
schlegel international has again seen difficult end markets in 
continental europe however we continue to regard europe as a 
significant medium term opportunity for the group and have made 
further progress with the restructuring of the division
the integration of vedasil into our south american business has 
progressed well and the business has performed strongly in the first  
10 months of ownership 
2015 has started with order book levels ahead of 2014 and in line with 
our expectations across each of the divisions we continue to improve 
our manufacturing efficiency and cost base and expect to see further 
growth in our key end markets of the uk and north america enhanced 
by a number of new products that will come to market this year in each 
of the divisions
2015 priorities
our key priorities for 2015 are a continuation of the themes we 
developed in 2014 and include
1 optimisation of our footprint in each of the divisions with a 
particular focus on amesburytruth where we will start the five year 
project to rationalise our north american footprint 
 our aim is to ensure that each division’s footprint is appropriate for 
the medium term needs of the business taking into account 
opportunities for near shoring of those products best made or 
sourced close to the point of consumption
2 continuing to encourage strong communication consistency of 
approach and standards of excellence across each of the divisions 
for our end customer wherever they are located this should mean 
the availability of a differentiated product offering at an 
appropriate price delivered to specification on time and in full 
for 2014 we set ourselves six key priorities to deliver our overall 
strategy  here’s how we did
2014 priority progress
integration of 
amesbury and 
truth
completion of integration and  
launch of amesburytruth
footprint 
evaluation
good progress across each of the 
divisions with evaluation of footprint 
requirements and announced the north 
american footprint rationalisation
consistency and 
communication 
across divisions
formalised processes for sharing best 
practice in terms of supply chain npd 
key account management and 
operations and developed cross selling 
opportunities for group products 
worldwide
financial  
objectives
continued margin improvement 
demonstrated by the group along with 
growth in the group’s roce  
investment in the balance sheet led to 
lower than normal cash conversion 
investment in the 
business
launched a number of new products 
into our markets in the year 
strengthened the operating teams in 
each of the divisions provided greater 
focus to supply chain and continued our 
planned investment in capital projects 
with gross capital expenditure running 
at 143x depreciation
acquisition 
programme
acquisition of vedasil successfully 
completed in the year and a number of 
potential acquisition candidates 
engaged with across a variety of 
markets
  11
tyman plc  annual report and accounts 2014
3 key financial objectives for each of our divisions remain centred on 
sustained margin improvement and cash generation along with 
continued growth in the group’s average return on capital we 
expect developed markets will offer pricing opportunities in 2015  
as markets and volumes recover
4 continued investment in and improvement of the businesses in 
particular in the areas of new product development people supply 
chain – where we intend to consolidate our divisional sourcing 
arrangements in the far east – and capital projects with a focus on 
automation and lean manufacturing to ensure we differentiate 
ourselves from our competitors and continue to take market share
5 supplementing our organic and selfhelp initiatives through our 
active acquisition programme prioritising european markets where 
we currently have a niche seals and limited hardware range and 
emerging markets where market position can best be obtained 
through acquisition
outlook
the current year has started in line with our expectations across each of 
the divisions at the end of february order book levels in each of the 
divisions are running ahead of 2014 currency movements will again 
have a significant impact on reported numbers in 2015 however the 
strengthening of the us dollar relative to international currencies if 
sustained should mean that reported profitability is enhanced relative 
to 2014 
we expect further improvement in our north american markets  
in 2015 with continued growth in new build in the united states 
supported by the sustained gradual acceleration in repair and 
remodelling expenditure we expect the canadian market will contract 
further in 2015 as housing starts continue to moderate however we still 
intend to take additional market share in line with our strategic goal
the uk market is expected to show further growth in 2015 albeit 
probably at a slower rate than we saw in 2013 and 2014 in 2015 we 
have a number of new product introductions for era coming to market 
and we continue to explore opportunities in distribution where we 
remain relatively underweight 
for schlegel international following the closure of the european 
industrial products business and the conclusion of our incremental 
investment programme 2015 should see an improved performance 
material profit improvement however remains dependent on 
significantly increased european volumes which given the 
macroeconomic environment we do not expect to come through  
in 2015 
across europe as a whole we expect to see broadly flat markets in  
2015 with some isolated pockets of growth we expect continued 
improvement in australasia and south east asian markets and while 
the overall brazilian macroeconomic backdrop is subdued construction 
markets are expected to show further growth in 2015 we are well 
positioned in the brazilian market and are developing distribution into 
adjacent geographies
louis eperjesi
chief executive officer
10 march 2015
2015 geographical footprint
north america uk  continental europe asia  australia
manufacturing
sourcingdistribution
201415 developments
sioux falls surplus property sale são paolo exit
covington exit lease to 2019 2015 ontario disposal  exit
european industrial products disposal and exit group  amesburytruth corporate office moves
strategic report
corporate  
governance report financial statements