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Economic contribution

Coats is a global manufacturer of industrial sewing thread and textile crafts products.

Through our activities we make an economic contribution that stretches far beyond the boundaries of our own operations as we buy from local, regional and global suppliers; through the wages we pay our employees; and as we pay interest to financial institutions and taxes and remittances to governments.

We are economically linked with the local communities in which we operate and the markets that we serve around the world.  As our business grows, then so does the positive economic contribution we make.

During the year ending 31st December 2016, we employed 19,000 people across more than 60 countries and source goods from even more countries worldwide.  In total Coats generated $1,470.6 million of economic value, of which the majority was distributed to our suppliers (63%) and employees (23%).    A further 4% was paid in taxes to local and national governments.  The following charts illustrate the regional distribution of our employment and tax payments during 2016.

  2015 2016
  $m %      $m %
Direct economic value generated 1,557.8 100% 1,470.6 100%
Economic value distributed        
Operating costs        
(before exceptional items and excluding depreciation and amortisation and employee remuneration) 1,012.0  65% 926.2 63%
Employee remuneration        
(wages, salaries, social security and other pension costs) 351.6  23% 339.6 23%
Providers of funds        
(interest payable on bank loans and overdrafts and other borrowings) 17.0  1% 14.4 1%
Payments to governments        
(taxes payable in respect of taxable profit and remittances) 52.6  3% 59.6 4%
Other net utilisations 164.0  11% 59.6 4%
Economic value retained / (losses for the year absorbed) -39.4  -3% 71.2 5%

Note: These figures are extracted from the Coats Group plc Annual Report 2016 and have been prepared in accordance with guidance provided by the Global Reporting Initiative (GRI G4), which can be downloaded at  www.globalreporting.org.

For more information on our historical performance download our full data disclosure.

For more information on our tax strategy please refer to our Corporate Tax Strategy Statement.

 

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