THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 ("MAR"), AND MAR WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR") 30 May 2024 Renewi plc FY24 Full Year Results, Delivering on Commitments Renewi plc ("Renewi" or the "Group") (LSE: RWI.L: Euronext Amsterdam: RWI.AS), a leading European waste-to-product company, today releases its results for the full-year ended 31 March 2024 ("FY24"). Sale of UK Municipal Following the strategic review of its UK Municipal operations ("UK Municipal") announced in September 2023, Renewi has entered into a binding agreement to sell UK Municipal to Biffa Limited ("Biffa"), a leading UK-wide integrated waste management business (the "Divestment"). Renewi's CEO, Otto de Bont: ""The sale of UK Municipal to Biffa delivers on our commitment to optimise our portfolio and strengthen our core business. This is a transformational moment for Renewi which will enable us to unlock substantial profit and cashflow improvements and improve shareholder value. We will now fully focus on growing in Europe's most attractive and advanced recycling markets. Biffa's financial position, operational expertise, and presence in the UK municipal landscape make them the right new home for our UK Municipal business and we are confident this transaction benefits all stakeholders." See a separate RNS dated 30 May 2024 "Renewi announces sale of UK Municipal business to Biffa" for more information. Transaction Highlights  Supporting Renewi's transformation, the Divestment: will immediately increase Renewi's free cash flow by €15-20m per annum and drive at least c.50bps of EBIT margin expansion.  significantly de-risks the Group's balance sheet as unpredictable UK Municipal liabilities, Onerous Contract Provisions (OCPs), will be replaced by conventional and competitively priced debt financing, enabling increased visibility on future capital outflows.  focuses resources and management time on strategic initiatives for stronger growth and shareholder returns.  The transaction will be effectuated through a combination of a nominal cash consideration payable to Biffa and pre-completion capitalisation of UK Municipal (together, the "Capitalisation"). The Capitalisation ensures UK Municipals' ability to fulfil its future contractual obligations. Capitalisation is expected to be approximately £125m* (€146m**) on completion which, when offset against the reduction of liabilities of €89m, equates to a net cost of c. €57m to Renewi and a total cash impact of €154m, including transaction costs. Core net debt / EBITDA immediately following the transaction is expected to be approximately 2.9x, falling to our target of 2.0x in the medium-term, with improved margins and cash generation driving accelerated deleveraging.  The transaction will be funded through the existing revolving credit facility, supplemented by a €120m bridge facility.  The Divestment provides UK Municipal customers, employees and other stakeholders with strong strategic backing from a respected scale operator in the UK market. The transaction is expected to complete before 31 December 2024, subject to receipt of a limited suite of regulatory and other consents.  * Subject to customary closing adjustments; Capitalisation at completion will be net of any normal course capitalisation provided by Renewi to UK Municipal in the period between 31 March 2024 and completion of the Disposal.** Based on GBP/EUR exchange rate of €1:£0.855.For the purposes of UK Listing Rule 10.4, as at 31 March 2024 the gross assets of UK Municipal (adjusted for the estimated pre-completion Capitalisation) are €348m; and in the financial year ending 31 March 2024, UK Municipal contributed €0.7m to the Group's statutory profit before tax. FY24 Financial Highlights (note all financial results are shown with UK Municipal held for sale) Revenue of €1,689m and underlying EBIT of €105.5m from continuing operations (FY23: revenue of €1,704m and underlying EBIT of €131.7m). Underlying EBITDA from continuing operations of €230.2m: (FY23: €252.4m) Statutory loss of €30.9m: (FY23: profit of €66.6m) reflecting lower profits and an exceptional charge of €64.5m on the UK Municipal divestment Free cash flow of €20.9m (FY23: €25.3m) Core net debt €368.1m: (FY23: €370.6m), representing 2.1x EBITDA Dividend: A final dividend of 5p per share has been recommended for FY24 FY24 Strategic and Operational Highlights Commercial Waste: Solid volume development in Belgium, supported by legislation. Volumes in the Netherlands stabilised in the final quarter of the year, supported by the implementation of a new sales strategy, despite a continued challenging Dutch construction market. Mineralz & Water: Delivered a strong recovery, with increased uptake of new sand, filler and gravel products alongside a strong performance in water-related activities. Specialities: Continued strong momentum at both Maltha and Coolrec, benefitting from their leading positions in high growth niches. Revenue and underlying EBIT growth supported by pricing at Maltha and volumes at Coolrec. Recyclate prices: Prices were stable throughout the year, having returned to pre-Covid historical average levels, albeit plastic prices remain at lower than average levels due to international oversupply of virgin material. Simplify (SG&A efficiency programme): Launched to streamline staff functions and reduce costs, Simplify achieved its €15m run rate at the end of March. Future Fit (Digitisation Project): Accelerated in the second half of FY24, Future Fit aims to enhance operational efficiency, asset utilisation and customer satisfaction. The project will be implemented over the next two to three years and is fully accounted for in the existing medium term high-single digit EBIT target. Commercial momentum: new customer wins include Schiphol and Rotterdam airports, Dutch Ministry of Defense, Custodial Institution Agency, Total Energies, BPost, Nike, and Mouscon Hospital. Recycling rate: was 63.2%, down slightly from 63.7% in FY23 due to lower construction volumes which have a high recycling rate. This was partly compensated by the increase of advanced recycling of plastics and mixed residual waste. Lost Time Injuries Rate: decreased from 9.4 to 6.8, driven by cross-company initiatives including safety trainings and investments in site safety, resulting a safer workplace Outlook FY25 trading expectations include return to revenue growth and significant margin improvement for the continuing Group, in line with current consensus. Commercial Waste expects to continue its strong performance in Belgium and to improve in the Netherlands, building on stabilised volumes, despite the ongoing weakness in the construction sector. Further margin improvement is expected as existing programmes ramp up to their run-rate benefits. Continuing Mineralz & Water turn-around, underpinned by the higher run rate achieved in late FY24 continuing into FY25. Additionally further improvements are expected in the quality and consistency of the materials. Investment in innovative projects within Coolrec and Maltha in progress, with returns expected during the second half of FY25 The UK Municipal Divestment will increase near term leverage; deleveraging expected at 0.4 – 0.5 turns per annum Reiteration of 3-5 year targets: 8-10% underlying EBIT margin Free cash flow/EBITDA conversion >40% ROCE >15% Organic annual revenue growth >5% Results   FY24  FY23#  % change  UNDERLYING NON-STATUTORY       Revenue from continuing operations  €1,689.2m €1,703.9m -1% Underlying EBITDA1  from continuing operations €230.2m €252.4m -9% Underlying EBIT1  from continuing operations €105.5m €131.7m -20% Underlying EBIT1 margin from continuing operations 6.2% 7.7% -1.5pps Free cash flow1  €20.9m €25.3m   Free cash flow/EBITDA conversion1 9.0% 9.9%   Return on capital employed1 7.7% 10.6%   Core net debt*  €368.1m €370.6m           STATUTORY       Revenue from continuing operations  €1,689.2m €1,703.9m -1% Operating profit from continuing operations €97.6m €141.5m -31% Profit for the year from continuing operations €45.2m €86.0m -47% (Loss) profit for the year €(30.9)m €66.6m   Basic EPS (cents per share) from continuing operations 53c 104c   Cash flow from operating activities €205.0m €209.6m   Total net debt (including IFRS 16 leases)  €616.0m €685.7m   1 The definition and rationale for the use of non-IFRS measures are included in note 18.# Certain March 2023 values have been adjusted to reflect discontinued operations as set out in note 2.* Core net debt used for banking leverage calculations excludes the impact of IFRS 16 lease liabilities and UK PPP net debt. Otto de Bont, CEO Renewi: "We made three important commitments to our shareholders at the Capital Markets Day in October 2023: optimise our portfolio, build a stronger platform with improved margins and shareholder returns, and drive organic growth. Despite a challenging market environment in commercial waste, we made solid progress on these commitments. We completed the strategic review of our UK Municipal business, resulting in a sale of our UK Municipal activities to Biffa, immediately improving our. Mineralz & Water is slightly ahead of schedule and we expect to further increase the production volume and quality of new sand, filler and gravel products. Three key initiatives are focused on strengthening our platform. With the Simplify efficiency programme, we right-sized our SG&A costs. We announced the streamlining of our organisational structure to unlock our growth potential and better utilise our scale by merging Commercial Waste Netherlands and Belgium under single leadership and integrating Mineralz & Water into the Specialities division. Alongside this, we accelerated Future Fit, a multi-year digitisation programme aimed at replacing our legacy IT systems, to give us a strong foundation to improve efficiency and drive growth. To further drive organic growth, we are progressing in the key sectors set out at the Capital Markets Day, including monostreams like glass, plastics and organics, and mixed waste streams from construction & demolition and commercial & industrial. In addition we are expanding our Ecosmart services, offering customers advice and resources to improve their waste management and reduce their carbon footprint. Finally, we are recommencing dividend payment as stated before and will propose a dividend of 5p per share, underlining our commitment to our shareholders and confidence in our future. We celebrated notable client wins across The Netherlands and Belgium, including Schiphol Airport, Rotterdam the Hague Airport, the Ministry of Defence and Custodial Institution Agency, Total Energies, BPost, Limburg and Nike. Partnerships were concluded with Shell Refineries Pernis and Moerdijk for total waste management and Vattenfall for the offtake of Green Gas as of Q1FY25. The wins of SPF Penitentiaire and hospital Mouscron, reflecting our successful approach in the care sector. We operate in a dynamic sector, where the perception of waste is changing and where our customers realise the carbon footprint they create is impacted by the waste they produce and by the raw materials they use. We help them reduce their footprint, by improving their waste management and by offering them circular materials as alternative to the virgin materials they use today. With our scale, resources and expertise, Renewi is well-positioned to grow in this dynamic sector." FY24 results presentation Today we will host a results presentation at 9:30am BST / 10:30am CET. Registrations for the presentation: https://brrmedia.news/RWI_FY For further information:    Renewi plcAnne Metz, Director of Investor Relations+31 6 4167   FTI ConsultingRichard Mountain / Ben Fletcher+44 203 727     Information on Dividend The Board is recommending a dividend of 5 pence per share. Subject to shareholder approval at the 2024 AGM, the final dividend will be paid on the 31July 2024 with an ex-dividend date of 27 June 2024 and a record date of 28 June 2024. Shareholders on the Register of Members or holding shares in Crest will automatically receive their dividends in Pounds Sterling, shareholders who hold shares through Euroclear Nederland will automatically receive their dividends in Euros. For shareholders holding shares trading on Euronext Amsterdam and held via Euroclear Nederland, the Euro equivalent dividend payment will be announced on 25 July 2024, and a Dividend Reinvestment Programme ("DRIP") is available. ABN AMRO provide their DRIP fully on their account and not on behalf of the Company. Contact ABN AMRO at for information. About Renewi Renewi is a pure-play recycling company that focuses on extracting value from waste and used materials rather than disposing of them through incineration or landfill. The company plays an important role in combating resource scarcity by creating circular materials. In giving new life to used materials, Renewi addresses both social and regulatory trends, contributing to a cleaner and greener world. Our vision is to be the leading waste-to-product company in the world's most advanced circular economies. With a recycling rate of 63.2%, one of the highest in Europe, Renewi puts 6.6 million tonnes of circular materials back into use each year. This contributes to mitigating climate change and promotes the circular economy. Our recycling efforts help to protect natural resources and prevent more than 2.5 million tonnes of CO2 emissions annually. Renewi leverages innovation and the latest technology to turn waste into circular materials such as paper, metals, plastics, glass, wood, building materials, compost, and water. We employ over 6,000 people across 154 operational sites in five countries in Europe. Renewi is recognised as a leading waste-to-product company in the Benelux region and a European leader in advanced recycling. Visit our website for more information: www.renewi.com. CEO's review Our strategic ambitions encompass three priorities – optimise our portfolio, build a stronger platform and accelerate our organic growth. While FY24 saw a challenging market environment with limited macroeconomic growth, a fall in recyclate prices and market declines in some of our key end markets, we focused on operational agility and commitments. Our portfolio optimisation is progressing well with the completion of the strategic review of our UK Municipal business, resulting in a sale of our UK Municipal activities to Biffa. This transaction entails a €154m cash outflow for us, but thereafter will unburden our cashflow and free up management focus to realise our growth ambitions for the core business. We are also on track with the turn-around of Mineralz & Water within the envisaged timeframe, through the growing uptake of our new materials. The new Mineralz & Water product line has been created with the specific needs of the concrete and construction industries in mind and we expect to further increase the production volume and quality of our new sand, filler and gravel products. We expect the recovery of Mineralz & Water to continue through FY25. In order to strengthen our systems and processes, we launched three initiatives over the course of FY24. The Simplify programme identified a number of areas for efficiency gains, especially in our SG&A functions, where we were able to make significant savings by combining activities and increasing efficiency. We started the process of streamlining our organisational structure and bringing Commercial Waste Netherlands and Belgium together under a single Commercial Waste leader, to maximise the sharing of best practices, organisational efficiency and economies of scale. We further developed and accelerated the launch of Future Fit, our digitisation programme to replace our legacy IT systems and increase the resilience and agility of our platform. Workday, a comprehensive workforce management solution, was one of the tools we rolled out to manage our human resources functions more efficiently. While the financial results of FY24 were impacted by both recyclate prices largely returning to historical averages and the challenging market in the Commercial Waste Netherlands business, work continued across the organisation to put the right measures in place to return to organic revenue growth and realise higher margins. Within Commercial Waste, a simplified leadership structure, an enhanced sales strategy and investments in high growth projects have set the groundwork for accelerated growth in the future. Mineralz & Water continues to improve its underlying EBIT in line with its recovery programme. Coolrec, while impacted by the low plastics prices, processed record volumes and has started constructing new processing lines which will further contribute to growth in 2025. Maltha showed impressive growth, with refinements in processes and investments in plant improvements combined with strong price dynamics to yield exceptional results. If we look at the higher-growth materials and sectors we set out on our Capital Markets Day, we have made progress on a number of areas of our 5 year commitment to add €275m in revenues in glass, plastics, organics, construction & demolition and zero waste solutions.                     Group Summary   Revenue   Underlying EBIT       FY24 FY23* Variance   FY24 FY23* Variance       €m €m %   €m €m %                       Commercial Waste   1,384.7 1,397.3 -1%   98.5 129.3 -24%   Mineralz & Water   181.6 190.9 -5%   9.6 0.5 n/a   Specialities   175.2 160.2 9%   16.3 15.9 3%   Group central services   - -     (18.9) (14.0) -35%   Inter-segment revenue   (52.3) (44.5)     - -     Continuing Operations   1,689.2 1,703.9 -1%   105.5 131.7 -20%   Discontinued Operations   179.9 188.4 -5%   1.3 1.2 8%   Total   1,869.1 1,892.3 -1%   106.8 132.9 -20%                       The underlying figures above are reconciled to statutory measures in note 3 in the consolidated financial statements.*The FY23 numbers have been reclassified to reflect discontinued operations as set out in note 2 in the consolidated financial statements. Against a background of macroeconomic challenges including lower levels of construction and demolition activities in the Netherlands and high inflation, our financial performance for FY24 was weaker with revenue from continuing operations down 1% and underlying EBIT down 20%. In the last quarter of the year, volumes stabilised or returned to modest sequential growth. The planned divestment of UK Municipal has been reflected as asset held for sale at 31 March 2024 and has resulted in an exceptional charge of €64.5m. We continued to grow our operations and officially opened our Ghent sorting line, which is capable of recycling 125kt of commercial residual waste annually. The facility aligns with VLAREMA 8 legislation which requires that some 24 materials must be removed from commercial waste for recycling before any residual waste can be incinerated. We also opened our new rigid plastics sorting line in Acht, which produces high-quality Post-Consumer Recycled (PCR) materials, focusing on polypropylene (PP) and polyethylene (PE). We are proud to have achieved over 95% purity at the site, ensuring our recycled plastics meet the highest standards. In a ground-breaking achievement, our Coolrec subsidiary in partnership with Electrolux, pioneered the creation of a refrigerator crafted from recycled materials. This collaboration earned us the European Plastic Recycling Award for Automotive, Electrical, or Electronic Product of the Year, recognising our excellence in recycled material processing, innovative product design and cutting-edge manufacturing in the European plastics recycling industry. Maltha installed a new line at the Portugal site for the processing of ceramics, stone and porcelain, a waste stream coming from glass sorting, and made a number of upgrades to improve quality and yields. Looking forward, we expect to see increasing demand for our services, as our offering is even more attractive in light of upcoming regulatory requirements which will affect many of our customers, such as CSRD regulation and will continue to drive higher levels of recycling. We are well-positioned to meet this demand. We continue to focus on customer experience and with the implementation of Future Fit, we expect to see further improvement in customer satisfaction. Ensuring health and safety in our workplace is paramount, we have made excellent progress in maintaining a safe environment. We are proud to report a decrease in Lost Time Injuries overall from 9.4 to 6.8, surpassing our 2025 target of 7. We have proactively implemented enhanced traffic plans across all our sites to mitigate risks. The rollout of safety leadership training is evidence of our commitment to fostering a culture of safety at every level of the organisation. We were pleased that our employee satisfaction levels stayed stable at an eNPS 23 against the backdrop of a strategic review and implementation of our Simplify programme. Group outlook Our strategic focus for the coming year centres around completing the divestment of our UK Municipal business, driving further improvements in Mineralz & Water operations and driving efficiency through digitisation and simplification of our organisation and processes. We aim to achieve further growth through organic expansion and the strengthening of our core commercial waste business with the targeted sales strategy and continuing investment in innovation in circular materials. We expect Commercial Waste Belgium to continue its strong performance in the second half, and Netherlands to show improvement despite the ongoing weakness in the construction sector. We will see further margin improvement as the existing programmes ramp up to their run-rate benefits. In line with our upgraded capital allocation policy we shared at the Capital Markets Day in October of last year, I am pleased to announce that we will be proposing a dividend of 5p per share. I want to express my gratitude to the diverse group of stakeholders who have been instrumental in supporting us throughout this year. I appreciate our customers for entrusting us with their business, our workforce for their continued dedication, the Board for their valuable guidance and our shareholders for their support of our vision. CFO's review           Financial Performance FY24 FY23* Variance     €m €m %             Continuing operations         Revenue 1,689.2 1,703.9 -1%   Underlying EBIT 105.5 131.7 -20%   Operating profit 97.6 141.5 -31%             Underlying profit before tax 68.0 105.2 -35%   Non-trading & exceptional items (7.9) 9.8     Profit before tax from continuing operations 60.1 115.0     Total tax charge for the year (14.9) (29.0)     Profit for the year from continuing operations 45.2 86.0     Discontinued operations (76.1) (19.4)     (Loss) profit for the year (30.9) 66.6               Organic annual revenue growth -1% 3%     Underlying EBIT margin 6.2% 7.7%     Free Cash Flow/EBITDA conversion 9.0% 9.9%     Return on capital employed 7.7% 10.6%               The underlying figures above are reconciled to statutory measures in notes 3 and 18 in the consolidated financial statements.*The FY23 numbers have been reclassified to reflect discontinued operations as set out in note 2 in the consolidated financial statements. We have continued to deliver against the strategic priorities previously communicated at Renewi's Capital Markets Day in October 2023. However despite these successes, a challenging operating environment for Commercial Waste Netherlands, particularly in the Construction and Demolition sector, adversely impacted the overall Group results in FY24. We achieved a number of goals including further optimisation of the portfolio as Mineralz & Water continued its recovery with its overall performance slightly ahead of the original recovery plan. As announced an exit for the UK Municipal business has been agreed with completion expected before 31 December 2024. Cost reduction and efficiency in both the short and longer term, remains a key focus for the Group. The Simplify programme launched in the third quarter has achieved its targeted full year run-rate impact of €15m in SG&A costs by the end of March. This action will contribute to our medium term objective of delivering high single-digit EBIT margins. Given the status of the UK Municipal strategic review at the end of the financial year, the business is presented as an asset held for sale at 31 March 2024. This has resulted in this business being disclosed as a discontinued operation with the financials now presented on a continuing and discontinued operations basis with a restatement of the prior year comparatives. As a result of this an exceptional charge of €64.5m has been recorded. Revenue from continuing operations fell by 1%, to €1,689.2m driven by slow economic growth and a reduction in recyclate prices. Overall volumes were down year on year albeit stable in the second half and recyclate prices have remained largely stable throughout the year. Underlying EBIT from continuing operations was 20% lower than the prior year driven by volume and recyclate impact of €35m as cost inflation was largely mitigated by pricing discipline and ongoing cost initiatives. In addition, there has also been the impact this year of a higher level of favourable one-off items of c€5m arising from some accrual releases and other settlements. These one-off items do not qualify as non-trading or exceptional in accordance with our accounting policy. The benefit of ongoing cost reductions and execution of strategic initiatives has resulted in an improved underlying EBIT margin performance in the second half of the year of 6.7% compared to 5.8% in the first half of the year. Net finance charges have risen in FY24 as a result of increased costs of borrowing and higher average debt balances across the year. The level of exceptional and non-trading items in continuing operations was higher than last year as described below, resulting in a statutory profit for the year from continuing operations of €45.2m compared to €86.0m last year. Additionally, during FY24, we have embarked on our Future Fit digital programme, a strategic initiative expected to increase operational efficiency, asset utilisation and customer satisfaction, also supporting the Group in achieving its medium-term margin ambitions. Our capital allocation policy was reset during the year to reflect an ongoing disciplined approach to capital, prioritising shareholder returns and investing in profitable growth. In line with this a final dividend of 5 pence per share is proposed which will be subject to approval at the Annual General Meeting. Non-trading and exceptional items excluded from underlying profitsTo enable a better understanding of underlying performance, certain items are excluded from underlying EBIT and underlying profit before tax due to their size, nature or incidence. Total non-trading and exceptional items in continuing operations were a cost of €7.9m (FY23: €9.8m credit) and include the costs of the Simplify restructuring programme, portfolio management activity, amortisation of acquisition related intangibles reduced by profits from property disposals and other items. Further details on all non-trading and exceptional items are provided in note 5 to the consolidated financial statements. Operating profit from continuing operations, after taking account of all non-trading and exceptional items, was €97.6m (FY23: €141.5m). Net finance costsNet finance costs from continuing operations increased by €11.2m to €38.0m (FY23: €26.8m) as a result of the impact of additional fixed rate borrowings in the second half of FY23, increased interest rates, the level of borrowings on the revolving credit facility and a non-cash write off of €1m of unamortised loan fees following the August 2023 renewal of the €400m revolving credit facility. Further details are provided in note 6 to the consolidated financial statements. Profit before taxProfit before tax from continuing operations on a statutory basis, including the impact of non-trading and exceptional items, was €60.1m (FY23: €115.0m). TaxationTotal taxation for the year from continuing operations was a charge of €14.9m (FY23: €29.0m). The effective tax rate on underlying profits was 23.7% at €16.1m, a decrease from 29.3% in the prior year, as a result of tax losses claimed from the UK Municipal entities. A tax credit of €1.2m is attributable to the non-trading and exceptional items of €7.9m as a number of items are not subject to tax. Looking forward, we anticipate the underlying tax rate to be approximately 27%. Due to items disallowed for tax in both the Netherlands and Belgium, our effective tax rate is higher than the nominal rates in the countries where we operate. Our Group tax strategy remains unchanged and is fully documented on the Group website. The Group statutory profit for the year from continuing operations, including all non-trading and exceptional items, was €45.2m (FY23: €86.0m). Discontinued operationsThe loss for the year from the disposal group was €76.1m including the re-measurement impact in reflecting the business as asset held for sale. Further details on the performance of the UK Municipal business and the implications of the transaction are provided in note 12 to the consolidated financial statements. Earnings per share (EPS)Underlying EPS from continuing operations excluding non-trading and exceptional items was 61 cents per share, a decrease of 28 cents given the lower profits. Basic EPS from total operations was a loss of 43 cents per share compared to earnings of 79 cents per share in the prior year. DividendThe Board is recommending a final dividend of 5 pence per share. Subject to shareholder approval at the 2024 AGM, the final dividend will be paid on 31 July 2024 to shareholders on the register at close of business on 28 June 2024. Cash flow performanceThe funds flow performance table is derived from the statutory cash flow statement including both continued and discontinued operations and reconciliations are included in note 18 in the consolidated financial statements. The table shows the cash flows from an adjusted free cash flow to total cash flow. The adjusted free cash flow measure focuses on the cash generation excluding the impact of historical liabilities relating to Covid-19 tax deferrals, settlement of ATM soil liabilities, spend relating to the UK PPP onerous contracts and other items including exceptional cash spend. Free cash flow represents the cash available to fund growth capital projects, pay dividends and invest in acquisitions.         Funds flow performance FY24 FY23     €m €m           Underlying EBITDA 232.3 255.6   Working capital movement 25.7 (5.8)   Movement in provisions and other (8.5) (0.2)   Net replacement capital expenditure (57.2) (87.3)   Repayments of obligations under lease liabilities (55.3) (47.5)   Interest and loan fees (31.1) (20.7)   Tax (36.3) (21.2)   Adjusted free cash flow 69.6 72.9   Deferred Covid taxes (19.9) (19.7)   Offtake of ATM soil (2.5) (1.2)   UK Municipal contracts (15.8) (12.2)   Renewi 2.0 and other exceptional spend (5.3) (4.1)   Other (5.2) (10.4)   Free cash flow 20.9 25.3   Growth capital expenditure (22.0) (30.8)   Acquisitions net of disposals 0.2 (59.4)   Total cash flow (0.9) (64.9)           Free cash flow/EBITDA conversion 9.0% 9.9%           All numbers above contain both continued and discontinued operations. Free cash flow conversion is free cash flow as a percentage of underlying EBITDA. The non-IFRS measures above are reconciled to statutory measures in note 18 in the consolidated financial statements. Adjusted free cash flow was only slightly lower than last year at €69.6m (FY23: €72.9m) despite the lower EBITDA, which was offset by improved working capital management, increased utilisation of invoice discounting and disposal proceeds. Replacement capital expenditure of €57.2m was significantly lower than last year following the disposal of the Hemweg site in Amsterdam. The disposal of this site was anticipated as part of the overall business plan for the Renewi Westpoort acquisition in 2022. Stripping out proceeds from this and other exceptional property disposals, replacement capital expenditure was €77m, a decrease of €17m on the prior year which included a number of catch up projects delayed during Covid. In addition, €66.6m of new leases or modifications have been entered into which are reported as right-of-use assets with a corresponding lease liability. These leases include the continuation of the truck replacement programme, property lease renewals or extensions and others. Growth capital expenditure of €22.0m includes further spend on the VLAREMA 8 advanced sorting investments in Belgium and the newly commissioned rigid plastics sorting line at Acht in the Netherlands. As previously communicated, this level of growth spend is lower than originally planned given delays at further sites for advanced sorting in Belgium, as full enforcement of the new regulation ramps up. The higher cash outflow relating to interest includes the settlement of €2.6m of fees relating to the August 2023 renewal of the Group revolving credit facility along with the impact of higher financing costs. Tax payments were higher in the current year given the timing of settlements with some items falling into FY24. Looking at the three legacy components that are shown below adjusted free cash flow, there has been a further €19.9m repayment on Dutch Covid-19 tax deferrals as expected. The remaining balance of €10m will be settled by the end of September 2024. Cash spend for placement of TGG soil stocks has been limited in the period. Cash outflow on UK PPP contracts was €15.8m. Following completion of the UK Municipal divestment, we do not expect any further cash outflows in respect of UK PPP contracts. The acquisitions net of disposals inflow included the sale of an entity acquired with the Renewi Westpoort acquisition in September 2023, net of the acquisition of the Meeus rockwool business in Belgium. Other cash flows include funding for the closed UK defined benefit scheme and the funding of the Renewi Employee Share trust. Net cash inflow from operating activities decreased from €188.4m in the prior year to €168.7m in the current year. A reconciliation to the underlying cash flow performance as referred to above is included in note 18 in the consolidated financial statements and further details on cash flows from discontinued operations in note 12. Moving forward, our focus is on enhancing our capacity to generate free cash flow and achieving a conversion rate of 40% of EBITDA by the end of FY26. We will achieve this by eliminating legacy cash outflows, reducing exceptional costs and optimising asset utilisation to decrease capital expenditures. By bolstering our ability to generate cash, we can adopt a capital allocation strategy that balances growth-oriented investments with enhanced returns for our shareholders. Investment projects Expenditure in FY25Asset optimisation is a key objective to improve our cash flow generation and deliver a cash conversion rate of 40% of EBITDA in the coming years. As such replacement capital expenditure will continue to be tightly controlled and is expected to be between €70m and €80m in FY25. In addition, c.€50m of IFRS 16 lease investments are anticipated, as further deliveries on the replacement truck programme continue. Our medium-term ambition is to earmark c. 30% of free cash flow annually to growth capital projects with return hurdle rates of at least 16% on a pre-tax basis. Total growth capital spend in FY25 is expected to be around €30m on a number of projects across the divisions. Return on assetsThe Group return on operating assets on a continuing basis, excluding debt, tax and goodwill, decreased to 19.9% at 31 March 2024 down from 30.0% at 31 March 2023 given the lower profits in FY24. The Group post-tax return on capital employed on a total operations basis was 7.7% (FY23: 10.6%). Treasury and cash management Core net debt and leverage ratiosCore net debt excludes IFRS 16 lease liabilities and the net debt relating to the UK PPP contracts which is non-recourse to the Group and secured over the assets of the special purpose vehicles. Given the UK Municipal planned exit and classification as asset held for sale all cash and borrowings relating to the disposal group at 31 March 2024 are now shown in assets and liabilities held for sale. Core net debt at 31 March 2024, excluding any core cash held in UK Municipal, was €368.1m (FY23: €370.6m). Cash performance in the last half resulted in lower net debt and a closing net debt to EBITDA ratio of 2.14x. Liquidity headroom including cash and undrawn facilities remained sufficient at €307m. Debt structure and strategyAll our core borrowings of bonds and loans are green financed. As at 31 March 2024, 78% of our core net debt was on a fixed rate. Most borrowings are long term with the exception of the €75m Belgian green retail bonds due for repayment in July 2024.           Debt Structure Mar 24 Mar 23* Variance     €m €m €m             Belgian Green retail bonds (200.0) (200.0) -   Green RCF (155.0) (102.5) (52.5)   Other Green loans (90.0) (105.0) 15.0   Gross borrowings before lease liabilities (445.0) (407.5) (37.5)   IAS 17 lease liabilities and other (5.2) (9.1) 3.9   Loan fees 3.1 2.3 0.8   Core cash 79.0 43.7 35.3   Core net debt (368.1) (370.6) 2.5   IFRS 16 lease liabilities (247.9) (245.8) (2.1)   Net debt continuing operations (616.0) (616.4) 0.4             *The FY23 numbers have been reclassified to reflect discontinued operations as set out in note 2 in the consolidated financial statements. In August 2023, the Group completed the renewal of its revolving credit facility, part of its Euro denominated multicurrency green finance facility. The size of the revolving credit facility ("RCF") remains unchanged at €400m and is for an initial five-year term to 2028 with two one-year extension options to 2030 together with a €150m accordion option to increase the facility subject to lender approval at that time. Interest remains based on Euribor plus a margin grid based on leverage and green sustainability metrics performance. Financial covenants remained unchanged and are now tested semi-annually at September and March. The introduction of IFRS 16 on 1 April 2019 brought additional lease liabilities onto the balance sheet with an associated increase in assets. Covenants on our main bank facilities remain on a frozen GAAP basis and exclude IFRS 16 lease liabilities. The Group has complied with its banking covenants during the period. The Group operates a committed invoice discounting programme. The cash received for invoices sold at March 2024 was €116.4m (March 2023: €84.7m). Provisions and contingent liabilitiesFurther to the recognition of the UK Municipal business as asset held for sale all associated long-term onerous contracts are included in the liabilities for disposal group held for sale and outside of the total provisions value in the balance sheet. Looking at provisions in continuing operations around 88% of the Group's provisions are long-term in nature relating to landfill provisions. The provisions balance classified as due within one year amounts to €21m, including €5m for restructuring, €1m for onerous contracts, €10m for landfill related spend and €5m for environmental, legal and others. Further details are provided in note 14 to the consolidated financial statements. Retirement benefitsThe Group has a closed UK defined benefit pension scheme and at 31 March 2024, the scheme had an accounting deficit of €7.6m (FY23: €4.3m). The change in the year was due to lower returns on pension scheme assets which were only partly offset by an increase in the discount rate assumption on scheme liabilities. The triennial actuarial valuation of the scheme as at 5 April 2024 is underway. The Group's funding plan has been maintained at the current level of €3.5m per annum until December 2024. There are also several defined benefit pension schemes for employees in the Netherlands and Belgium which had a retirement benefit deficit of €5.3m at 31 March 2024, a €0.3m increase from 31 March 2023. Going concernThe Directors have adopted the going concern basis in preparing these consolidated financial statements after assessing the Group's principal risks. Further details of the modelling and scenarios prepared are set out in note 2 of the consolidated financial statements. The key judgement in both scenarios is the possibility of weaker macroeconomic conditions, delivery of the year on year profit enhancements together with the Group's ability to finance the funding of the UK Municipal exit through its existing RCF and €120m bridge facilities and settle all other funding repayments as they fall due. Having considered all the key judgements around the financial projections, including the availability of financing and the achievability of mitigating actions included and other levers not included, the Directors confirm they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to meet all banking covenants. Divisional operating review Commercial waste                     Commercial Waste Revenue   Underlying EBIT   Operating profit     FY24 FY23   FY24 FY23   FY24 FY23                       Netherlands Commercial 911.5 932.0   52.9 76.9   53.2 69.4   Belgium Commercial 476.2 468.4   45.6 52.4   42.9 65.3   Intra-segment revenue (3.0) (3.1)   - -   - -   Total (€m) 1,384.7 1,397.3   98.5 129.3   96.1 134.7                       Year on year variance %                   Netherlands Commercial -2%     -31%     -23%     Belgium Commercial 2%     -13%     -34%     Total -1%     -24%     -29%                               Underlying   Return on         EBIT margin   operating assets           FY24 FY23   FY24 FY23                       Netherlands Commercial       5.8% 8.3%   12.0% 19.3%   Belgium Commercial       9.6% 11.2%   27.9% 47.3%   Total       7.1% 9.3%   16.3% 25.4%                       The return on operating assets excludes all landfill related provisions. The underlying figures above are reconciled to statutory measures in notes 3 and 18 in the consolidated financial statements. Commercial Waste revenues were lower over FY24 at €1,385m (FY23 €1,397m) versus prior year due to lower recyclate prices and a weaker construction and demolition market in the Netherlands. Underlying EBIT declined to €98.5m (FY23 €129.3m) and operating profit was €96.1m (FY23 €134.7m). Recyclate prices normalised following a sharp peak due to supply-chain disruption during and directly after the Covid pandemic. In the second half of the year, recyclate prices had largely stabilised around pre-covid levels, with the exception of plastics which continued to be lower due to excess supply of low-cost virgin plastic from abroad. Costs increased in line with inflation, with higher labour costs across the division. Throughout Commercial Waste there was a strong focus on cost savings, with headcount reduction and improved asset utilisation helping to offset the exceptionally high inflation. Cash performance was also a top priority, with improvements in working capital management and a phased approach to capital expenditure timing. Commercial Waste Netherlands Market developmentsOverall economic activity was subdued in the Netherlands over the period, with GDP growth over 2023 of 0.1% with most growth in the services sector leading to lower volumes overall. In the Construction & Demolition segment, nitrogen deposition caps limited new construction activities across the country, resulting in decreased construction volumes and thus increased competition for the remaining volumes. A fire at AVR, one of the main incinerators in the Netherlands, took significant incineration capacity out of the market. Operational developmentsThrough the period, Commercial Waste Netherlands retained its client base of large construction companies, differentiating itself from competitors with its circular offering, high safety standards and geographic footprint. In order to meet customer demands and achieve its own green ambitions, Renewi purchased a number of electric vehicles which have the added benefit of not contributing to nitrogen deposition. Decreased inbound Construction & Demolition volumes also resulted in decreased outbound recyclate volumes. Over H2, Commercial Waste Netherlands saw a stabilisation of the volumes from this segment. The reduced construction activity is expected to persist until late 2024 or early 2025, after which large residential construction projects currently backlogged around major cities are expected to pick up. The rigid plastics line in Acht was commissioned in the last quarter of FY24, and will ramp up over the course of FY25. Commercial Waste Netherlands had some notable client wins, with zero waste contracts for Schiphol Airport, Rotterdam the Hague Airport, University of Twente and the Ministry of Defence and Custodial Institution Agency. Partnerships were concluded with Shell Refineries Pernis and Moerdijk for total waste management and Vattenfall for the offtake of Green Gas as of Q1FY25. Financial resultsCommercial Waste Netherlands revenues were €911.5m, down 2% year on year driven by weaker volumes from the Construction & Demolition sector and lower recyclate prices. Underlying EBIT was €52.9m, down 31% year on year due to lower recyclate prices and underlying EBIT margin was 5.8%, down from 8.3% in FY23. In order to protect margins through the period of reduced activity, Commercial Waste Netherlands downscaled variable costs in line with the decrease in volumes. Savings were achieved by increasing route density, measures included in the Simplify programme, and a reduction in SG&A. Operating profit was €53.2m, down 23% from €69.4m in FY23. Return on operating assets was 12.0%. Commercial Waste Belgium Market developmentsOver the course of FY24, the new VLAREMA 8 legislation was introduced which requires a much more extensive sorting to limit the amount of material going to incineration. This is a positive development for our business and the introduction of this legislation was an important part of the investment case for Renewi's commissioning of an advanced sorting line in Ghent. As is often the case, the implementation of this regulation had a delay between its effective date and actual enforcement, initially enabling some waste collecting companies to bypass the new sorting and recycling obligation. During the course of the year, Renewi worked with the authorities to find efficient ways of enforcing VLAREMA 8 resulting in increased compliance with the new law and increased volumes to Commercial Waste Belgium's recycling facilities. Electricity prices were lower than anticipated in FY24, and labour costs increased. Operational highlightsCommercial Waste Belgium commissioned its new advanced sorting line in Ghent in August, ramping up to 83kt of throughput by the end of FY24. A similar advanced sorting line was to be commissioned in Puurs, but was postponed until the enforcement of VLAREMA 8 corresponded with management expectations. Commercial Waste Belgium had some notable client wins, including Total Energies, BPost, Limburg.net, Nike, Puurs-St Amands (public), Infra group, Molnlycke, VRT, Exel Composites (LA) and Sciensano (Haz Waste), Total (Feluy) and the wins of SPF Penitentiaire and hospital Mouscron, reflecting our successful approach in the care sector. In terms of new commercial offerings, Commercial Waste Belgium introduced the Zero Waste Container which allows customers to mix 5 waste streams into one container and is fully VLAREMA 8 compliant, which is particularly attractive to customers who have limited space. Commercial Waste Belgium's food waste offering was also an area of focus over FY24. Financial ResultsCommercial Waste Belgium revenues were €476.2m, up 2% year on year driven by strong volumes helped by the enforcement of the VLAREMA 8 legislation in Flanders. Despite cost measures, underlying EBIT was €45.6m down 13% year on year due to lower recyclate prices and underlying EBIT margin was 9.6%, down from 11.2% in FY23. Operating profit was €42.9m, 34% lower year on year. Return on operating assets was 27.9%. Mineralz & Water           Mineralz & Water FY24 FY23 Variance     €m €m %             Revenue 181.6 190.9 -5%   Underlying EBIT 9.6 0.5 n/a   Underlying EBIT margin 5.3% 0.3%     Operating profit 7.3 1.0 n/a   Return on operating assets 15.9% 0.8%               The return on operating assets excludes all landfill related provisions. The underlying figures above are reconciled to statutory measures in notes 3 and 18 in the consolidated financial statements. Market developmentsDue to further product quality improvements and positive long term environmental impact analysis, first signs of recovery in the civil engineering market in which Mineralz & Water is active are visible. Although the concrete and construction markets have shown low momentum, concrete producers have increased interest in the use of recycled materials, following the Dutch "Beton-akkoord" and the EU-directive regarding the use of recycled materials. Developments regarding the presence of PFAS, the emergence of possible new regulations and best available removal techniques continue to be an important topic in the wastewater purification and soil cleaning market. In both markets, these developments can introduce both significant opportunities as well as challenges to meet emerging regulatory requirements. Operational highlightsM&W recovery continued on track over the course of FY24, with the re-design of the production line to produce sand, gravel and filler for use in the concrete and construction industry, rather than the previous unsorted product: Thermally Treated Soil (TGG). As part of this turnaround, adjustments were made to improve the quality and consistency of the sand and filler in order to meet the technical requirements of concrete producers. Further important milestones for entering the concrete market have been reached, including the End of Waste (EOW) certification for gravel and filler. EOW for sand is expected in FY25. Offtake of the remaining inventory of legacy TGG stock is proceeding and in FY24 another 100kton was transferred to buyers. Investments in the efficiency of the packed chemical waste pyrolysis plant have resulted in a new production throughput record. Financial resultsMineralz & Water revenue was down 5% year on year mainly driven by termination of unprofitable activities, including soil washing and bottom ash treatment Underlying EBIT increased to €9.6m from €0.5 for FY23, primarily driven by the turnaround related to soil treatment in H2 FY24, underlying market pricing and efficiency improvements, also resulting in operating profit of €7.3m up from €1m for FY23. Specialities Division           Specialities FY24 FY23* Variance     €m €m %             Revenue 175.2 160.2 9%   Underlying EBIT 16.3 15.9 3%   Underlying EBIT margin 9.3% 9.9%     Operating profit 15.4 17.1 -10%   Return on operating assets 28.6% 35.4%               The underlying figures above are reconciled to statutory measures in notes 3 and 18 in the consolidated financial statements.*The FY23 numbers have been reclassified to reflect discontinued operations as set out in note 2 in the consolidated financial statements. Maltha Prices for glass cullet increased over the period as demand for recycled glass continued to grow against a scarcity of glass shards. Maltha showed continued excellent performance over FY24, benefitting from price increases, partially offset by increased sourcing costs and cost inflation. Volumes were slightly lower over FY23. An investment in Polyvinyl butyral (PVB) was approved for the Lommel site in Belgium in collaboration with several companies with the objective of being able to recycle this material during FY24/25. The Portugal site has been transformed over recent years, adding a roof, solar panels and more recently installing an improvement in 2024 of an additional external line for processing CSP (ceramics, stone & porcelain) material, large volumes of which would normally be sent to landfill. The focus in the next financial year will be to continue to expand the site to process more material, improving the profitability through increased sales. Maltha's aim is to become the producer of the best quality cullet in Europe and the supplier of choice to all glass producers. The technology upgrades have also had positive effects on CO2 emissions, as they are more energy efficient, which supports our clients' and our own sustainability targets and vision. CoolrecThe market for e-waste continues to provide interesting opportunities for growth. In addition to market growth from increased use of electrical appliances, Extended Producer Schemes continue to up their efforts to increase collection rates and regulators increase requirements for compliant recycling. For instance, in the Netherlands a stimulus campaign aimed to improve compliant treatment of cooling and freezing appliances yielded significant results. In France, the regulator announced the requirement for electrical boilers to be recycled starting January 2025. On the back of these market developments, as well as continued commercial success (e.g. contract extensions with the same or higher volumes), Coolrec saw record volumes (up c.10% vs FY23). Coolrec is building a new boiler treatment line in the North of France on the back of the new French boiler regulation, operational Q4 of FY25, expecting to add 15kt of volumes over the course of the coming three years. Plastics prices, however, remained significantly depressed as international plastics producers continued to supply virgin plastic at prices below recycled to the European market, as a result of significant increases in production capacity coming online, mostly in Asia. This will remain a point of attention in FY25, and possibly beyond, as the supply/demand balance restores. UK MunicipalAt the Capital Markets Day in October 2023, Renewi announced its intention to conduct a strategic review of the UK municipal business to evaluate divestment due to the drag on cash, poor profit profile and lack of strategic fit. Renewi has announced the divestment of UK Municipal, to be completed before 31 December 2024. As such, UK Municipal's financial results are held as an asset for sale throughout the financial statements. UK Municipal's performance over FY24 was in line with expectations. Financial resultsRevenue from Specialities excluding UK Municipal (now disclosed as discontinued operations) was up 9% year on year to €175.2m and underlying EBIT was up 3% to €16.3m with margin falling slightly. Operating profit was €15.4m compared to €17.1m in FY23. Consolidated Income StatementFor the year ended 31 March 2024       2024   Restated*2023   Note   Underlying€m Non-trading & exceptional items€m Total€m   Underlying€m Non-trading & exceptional items€m Total€m                     Revenue 3,4   1,689.2 - 1,689.2   1,703.9 - 1,703.9 Cost of sales 5   (1,351.2) (4.6) (1,355.8)   (1,352.6) (7.3) (1,359.9) Gross profit (loss)     338.0 (4.6) 333.4   351.3 (7.3) 344.0 Administrative expenses 5   (232.5) (3.3) (235.8)   (219.6) 17.1 (202.5) Operating profit (loss) 3   105.5 (7.9) 97.6   131.7 9.8 141.5 Finance income 5,6   1.5 - 1.5   0.9 - 0.9 Finance charges 5,6   (39.5) - (39.5)   (27.7) - (27.7) Share of results from associates and joint ventures     0.5 - 0.5   0.3 - 0.3 Profit (loss) before taxation 3   68.0 (7.9) 60.1   105.2 9.8 115.0 Taxation 5,7   (16.1) 1.2 (14.9)   (30.8) 1.8 (29.0) Profit (loss) for the year from continuing operations     51.9 (6.7) 45.2   74.4 11.6 86.0 Discontinued Operations                   (Loss) profit for the year from discontinued operations 12   (3.5) (72.6) (76.1)   1.2 (20.6) (19.4) Profit (loss) for the year     48.4 (79.3) (30.9)   75.6 (9.0) 66.6 Attributable to:                   Owners of the parent     45.2 (79.3) (34.1)   71.9 (9.0) 62.9 Non-controlling interests     3.2 - 3.2   3.7 - 3.7       48.4 (79.3) (30.9)   75.6 (9.0) 66.6   Note 2024cents 2023cents Earnings per share – total (loss) profit attributable to owners of the parent       Basic and diluted 8 (43) 79 Underlying basic and diluted 8 57 90         Earnings per share – profit from continuing operations attributable to owners of the parent       Basic and diluted 8 53 104 Underlying basic and diluted 8 61 89 * The 2023 comparatives have been restated to reclassify discontinued operations and details are given in note 2 Basis of preparation and note 12. Consolidated Statement of Comprehensive IncomeFor the year ended 31 March 2024   2024€m Restated*2023€m Items that may be reclassified subsequently to profit or loss:     Exchange differences on translation of foreign subsidiaries 5.6 (8.0) Exchange differences on translation of discontinued operations (7.8) 10.5 Fair value movement on cash flow hedges 3.1 (8.6) Fair value movement on cash flow hedges of discontinued operations 1.1 12.3 Deferred tax on fair value movement on cash flow ...