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  • Acquisition Net Revenue Growth

    Acquisition Net Revenue Growth in any period represents the Net Revenue Growth in the relevant period from (i) acquisitions completed in the relevant period and (ii) acquisitions completed in the 12 months ended to the start of the relevant period up to the 12 month anniversary of the relevant acquisition date (to the extent such Net Revenue falls in the current period). Acquisition Revenue Growth is calculated on the same basis, using revenue in place of Net Revenue

  • Anaerobic Digestion

    Anaerobic digestion, a process that generates renewable electricity using biogas created from biodegradable waste material (primarily food waste) in the absence of oxygen
  • Admission

    The Company’s admission of its shares to the UK Listing Authority’s Official List and listing on the Main Market of the London Stock Exchange on 20 October 2016
  • APM

    Alternative Performance Measures


  • CO2e

    Carbon dioxide equivalent is a standard unit in carbon accounting to quantify greenhouse gas emissions, emissions reductions and carbon credits


  • EfW

    Energy from waste, typically from the incineration of RDF
  • ERF

    Energy recovery facility
  • ESG

    Environmental, Social and Governance
  • ESOS

    Energy Savings Opportunity Scheme – a mandatory energy assessment scheme for organisations in the UK that meet the qualification criteria
  • EV

    Electric Vehicle
  • EVP

    Engineered into the void permanently, related
    to the use of certain material at a landfill site,
    placed at specified depths immediately below
    the geomembrane layer at the top of a landfill
    cell, for use in capping the site


  • FTSE

    Financial Times Stock Exchange
  • FY

    Financial Year


  • GDPR

    General Data Protection Regulation
  • GHG

    Greenhouse gas


  • HDPE

    High-density polyethylene


  • I&C

    Industrial and commercial business
  • IPO

    Initial Public Offering


  • KPIs

    Key Performance Indicators
  • ktns or kt

    Thousand tonnes


  • Leverage Ratio

    Ratio of Reported Net Debt to Underlying EBITDA
  • LTI

    Lost Time Injury Frequency rate, a safety
    benchmarking measure calculated as the
    number of lost time injuries occurring in
    a workplace per 100,000 hours worked


  • M&A

    Mergers & acquisitions
  • MBT

    Mechanical and biological treatment
  • MRF

    Materials recycling facility
  • MW

  • MWh

    Megawatt hour


  • National Grid

    High-voltage electric power transmission
    network in the UK
  • Net Capex

    Cash capex less proceeds from disposal of
    tangible assets
  • Net Revenue

    Statutory Revenue excluding landfill tax,
    unless stated otherwise, ‘revenue’ refers
    to Statutory Revenue


  • Organic Net Revenue Growth

    The increase/(decrease) in net revenue in the period excluding net revenue from acquisitions completed in the period and net revenue from acquisitions completed in the prior period up to the anniversary of the relevant acquisition date, to the extent such net revenue falls in the current period. Organic net revenue growth can be expressed both as an absolute financial value and as a percentage of prior period revenue


  • PET

    Polyethylene terephthalate
  • PSP

    Performance Share Plan


  • RCF

    Revolving credit facility
  • RDF

    Refuse-derived fuel, produced by processing solid waste to segregate largely combustible components for incineration
  • Recyclate

    Raw material sent to, and processed in, a waste recycling plant or materials recycling facility
  • Reported Net Debt

    Net Debt excluding the EVP preference instrument
  • Return on Capital Employed (ROCE)

    Operating Profit excluding exceptional items and impact of real discount rate changes to landfill provisions divided by the average of opening and closing shareholders’ equity plus Net Debt (including finance leases), pensions and environmental provisions
  • Return on Operating Assets (ROOA)

    Underlying Operating Profit divided by the average of opening and closing Tangible Fixed Assets plus net working capital

    Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013
  • ROC

    Renewable Obligations Certificate


  • SDGs

    Sustainable Development Goals – a collection of 17 global goals (set by the UN) designed to be a “blueprint to achieve a better and more sustainable future for all”
  • Section 172 or s172

    Section 172 of the Companies Act 2006
  • SHEQ

    Safety, health, environment and quality
  • SIP

    Share Incentive Plan
  • SWR

    Specialist Waste Services


  • UN

    United Nations
  • Underlying Earnings per Share

    Underlying Earnings per Share is expressed as underlying profit after tax dividend by the weighted average number of shares in the year
  • Underlying EBITDA

    Profit before depreciation and amortisation, exceptional items, impact of real discount rate changes to landfill provisions, finance costs and taxation. Divisional underlying EBITDA is stated after allocation of shared services costs
  • Underlying Free Cash Flow

    The net increase/(decrease) in cash and cash equivalents excluding dividends, restructuring and exceptional items, acquisitions, movement in financial assets and movements in borrowings or share capital (but including finance lease principal payments)
  • Underlying Operating Profit

    Profit before exceptional items, amortisation of acquisition intangibles, impact of real discount rate changes to landfill provisions, finance costs and taxation. Divisional underlying operating profit is stated after allocation of shared service costs
  • Underlying Operating Profit Margin

    Underlying Operating Profit margin is expressed as Underlying Operating Profit as a percentage of Statutory Revenue
  • Underlying Profit after Tax

    Underlying Profit after tax is the profit or loss for the period as adjusted for non-underlying operating items (exceptional items, amortisation of acquisition intangibles and impact of real discount rate changes to landfill provisions), non‑underlying net interest items and non‑underlying taxation


  • vlogs

    Video blogs
  • Void

    Measure of potential capacity of a landfill site in cubic metres


  • WEEE

    Waste Electronic and Electrical Equipment
  • Working Capital Movement

    Working Capital Movement represents the movement from the previous period in relation to inventories, trade and other receivables, trade and other payables and provisions adjusted for the impact of acquisitions on these balances