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Black Sun Template The Sage Group plc. Annual Report & Accounts 2020 Annual Report and Accounts 2020 Helping businesses thrive Contents Highlights Strategic Report Financial highlights 2 Purpose, vision & strategy Organic recurring Organic operating 4 Chairman’s statement revenue growth margin 8 Market opportunities 10 Our products 12 Our business model 8.5% 22.1% 14 Our investment case FY19: 11.2% FY19: 23.8% 16 Chief Executive’s review 20 Our key performance indicators 22 Our strategy Strategic KPIs 28 Understanding and supporting our stakeholders Renewal by value Subscription penetration 29 Non-financial information statement and Section 172(1) statement 30 Our people 99% 65% 36 Our customers FY19: 101% FY19: 56% 40 Sage Foundation 46 Environment Annualised recurring Sage Business Cloud 52 Financial review revenue (ARR) growth penetration 60 Risk management 65 Principal risks and uncertainties 4.8% 61% Governance FY19: 12.8% FY19: 51% 78 Chairman’s introduction to corporate governance 80 Board of Directors Other key highlights 82 Executive Committee 84 Corporate Governance Report Underlying cash Statutory revenue 120 Directors’ Remuneration Report conversion growth 149 Directors’ Report Financial Statements 123% (1.7%) FY19: 129% FY19: 5.0% 156 Independent auditor’s report to the members of The Sage Group plc. 166 Group financial statements Organic revenue growth Dividend 171 Notes to the Group financial statements 233 Company financial statements 3.7% 17.25p 241 Glossary FY19: 6.0% FY19: 16.91p 244 Shareholder information About our non-GAAP measures and why we use them Throughout the Strategic Report we quote two kinds of non-GAAP measure: underlying and organic. Underlying measures allow management and investors to compare performance without the potentially distorting effects of foreign exchange movements, one-off items or non-operational items. Organic measures allow management and investors to understand the like-for-like performance of the business. Full definitions of underlying and organic can be found within note 2 of the financial statements. Reconciliations of statutory revenue, operating profit and basic earnings per share to their underlying and organic equivalents are in the Financial review starting on page 52. Helping businesses thrive At Sage, everything we do starts with the customer and a deep understanding of their needs. We have a responsibility to our customers that goes beyond the technology we develop, helping Visit our website for further information them to be more productive, about our business www.sage.com more agile and to thrive. About Sage Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. Working alongside our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good and more challenging times. We are here to help, with practical advice, solutions, expertise and insight. Annual Report and Accounts 2020 | The Sage Group plc. 1 Our purpose Our vision is to transform the way is to become a great people think and work SaaS company for so their organisations customers and can thrive. colleagues alike. It’s the reason we exist We do this by serving our as a business. customers on subscription and in the cloud. 2 Annual Report and Accounts 2020 | The Sage Group plc. Our strategy is how we will achieve our vision. It is designed around three strategic lenses: Customer Success Creating enduring subscription relationships and having a customer-centric approach in everything we do. See more on pages 22-23 Colleague Success Building a culture that fosters collaboration, values the individual, and enables colleagues to reach their full potential. See more on pages 24-25 Innovation Solving customer problems by integrating emerging technology and accelerating the availability and adoption of Sage Business Cloud solutions. See more on pages 26-27 Annual Report and Accounts 2020 | The Sage Group plc. 3 Chairman’s statement Here to help customers navigate what is next 4 Annual Report and Accounts 2020 | The Sage Group plc. Background to the year Looking back at FY20 Halfway through 2019-20 life changed in unimaginable The Group entered the pandemic period with the ways for all our colleagues and customers as the Covid-19 momentum of substantial progress accompanied by pandemic affected everyone. Information became key focused execution with the consequence that, despite and management communicated quickly and clearly with the impact of the pandemic, the Group achieved a resilient everyone concerned to ensure that the Group was able to operational and financial performance, as the business maintain focus and adapt to new ways of working quickly continued to transition to cloud-based software services and without an interruption of service to customers. The through a subscription revenue model. Board was involved throughout and fully endorsed the The Group’s purpose and vision are clear, and the new approach taken by management. Steve Hare, as CEO, operating model, organised around meeting the needs ensured that his messages were not only clear but also of small and medium businesses in Sage’s key software authentic, and by putting the welfare of our colleagues first, categories, has been firmly embedded. he knew that if we looked after them, they would look after our customers. It is not a surprise that Glassdoor has named As a result, subscription revenues grew by 21% to him as the highest rated CEO in the UK during the crisis. almost £1.14bn. 65% of Group revenue is now from subscription, up from 56% last year; while Sage Business At the heart of the setting of priorities during this year has Cloud penetration is now 61%, up from 51% last year, been the Sage Business Cloud vision which has enabled an supported by the continued roll-out of cloud applications alignment of purpose and execution and a prioritisation of and services. While recurring revenue grew significantly investments. As digital working has increased throughout during the year, up 8.5%, the economic slowdown caused the economies we serve, this clarity of vision has ensured by Covid-19 resulted in annualised recurring revenue (ARR) that the Group has responded appropriately. It involves not growth at the end of the year being 4.8%. merely a portfolio of attractive products, but also a set of powerful cloud capabilities, equipping customers to thrive A relentless focus on innovation has enabled the Group in this era of digital transformation. Innovation is, and will to achieve a number of strategic milestones. Sage Intacct continue to be, a clear driver of success. is now live in five markets following its launch in the UK and South Africa during FY20, while Sage Accounting I am pleased that the Group did not resort to taking Plus was launched as the cloud native solution for small government support through this period and maintained business accounting in the UK. The portfolio has been its colleague base, whilst at the same time ensuring it had further enhanced through the integration of AutoEntry a strong financial framework. and CakeHR, resulting in a strong cloud native platform to drive the future growth of the business. I strongly believe that Sage’s true character has been revealed in dealing with the Covid-19 pandemic, which continues to affect families, businesses, and communities worldwide. Colleagues throughout the Group have risen “The Sage Group has achieved to the challenge – going above and beyond to support customers and each other through difficult times – a resilient performance in and, above all, showing Sage to be a company that cares. I am proud of their professionalism and dedication, and FY20. The impact of Covid-19 am certain that this customer-centric approach will help is accelerating the shift to the Group continue to flourish in the future. the cloud and Sage is well positioned to capture these future growth opportunities.” Annual Report and Accounts 2020 | The Sage Group plc. 5 Chairman’s statement continued Atlanta. The Board has set itself the objective of ensuring that the role assists in improving its decision making further. One gain from our Board Associate concept has been The Board’s commitment to matters pertaining the increased visibility of other candidates who sought the to section 172(1) of the Companies Act 2006 is role. As a result, an Associates’ Council has been formed, set out on page 29 consisting of past and present Board Associates and selected candidates from the Board Associate appointment process. The Board intends to meet with the Council twice a year to hear a wider range of colleague views and sentiment. Further insight into the activities of the Board for FY20 can be found on pages 101 to 104 There has been much discussion about Environmental, Social and Corporate Governance (ESG) metrics in general in the past few months, with increased emphasis on the “S” part. The role of the Sage Foundation has been important in this respect. The Group has been particularly alert to the wider consequences of the pandemic for colleagues and The Board in FY20 customers alike. During the year, three Directors stepped down from the Looking forward to FY21 Board: Blair Crump as President and Executive Director, and Soni Jiandani and Cath Keers as Non-executive Looking ahead, while the near-term economic environment Directors. I thank them on behalf of the Board for their for small and medium businesses is uncertain, the longer- considerable contributions during their tenure. Cath Keers term opportunity for Sage remains undiminished. As I has been appointed Chief Marketing Officer and a member have said, there is a clear acceleration among businesses of the Executive Team and was, of course, able to bring towards digitisation and migration to cloud-based services.
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