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Interactive PDF Interactive PDF User Guide Welcome to the Dialog Semiconductor plc Annual report 2013. This interactive pdf allows you to easily access the information that you want, whether printing, searching for a specic item or going directly to another page, section or website. The different features are explained below. Document controls Use the document controls located in the top margin to navigate through this report, either by or sequential pages or historically by viewed pages. Section navigation Search Use the links on the Contents page to navigate to the start of a statement. Use the Contents button to return to the contents. Print Contents Previous page Next page Previous view Next view Links Throughout this report there are links to pages, other sections and web addresses for additional information. Examples: This is an example of how the links appear within this document. They are recognisable by the pink underline, simply click to go to the relevant page or web URL (www.dialog-semiconductor.com). Annual report and accounts | 2013 The power to be... …personal …portable …connected Section 1 | Overview Section 5 | Consolidated financial 01 Who we are statement and notes 02 Performance highlights 83 Independent Auditors’ report to the 03 Chairman’s statement members of Dialog Semiconductor Plc 85 Consolidated statement of Section 2 | Strategic report financial position 04 Chief Executive’s review 86 Consolidated income statement 06 Introduction 87 Consolidated statement 07 The Dialog business model of comprehensive income 10 Our marketplace 88 Consolidated statement of cash flows 13 Our people 89 Consolidated statement of changes 14 Our strategy in equity 17 Our strategy in action 90 Notes to the consolidated 24 Our performance in 2013 financial statements 26 Operating review 32 Financial review Section 6 | Company financial 40 Corporate responsibility and sustainability statement and notes 44 Managing risk and uncertainty 143 Company statement of financial position Section 3 | Management 144 Company statement of changes 48 Leadership – Dialog Board of Directors in equity 50 Leadership – management team 145 Company statement of cash flows 52 Directors’ report 146 Notes to the Company financial statements Section 4 | Corporate Governance 55 Corporate Governance statement Section 7 | Additional information 65 Directors’ remuneration policy report 147 Glossary of terms 75 Annual report on remuneration 149 Advisers and corporate information 82 Statement of Directors’ responsibilities 150 Group directory 82 Responsibility statement Section 1 | Overview 01 Who we are Dialog Semiconductor creates and markets highly integrated, mixed signal integrated circuits (ICs), optimised for personal portable, low energy short-range wireless, LED solid-state lighting and automotive applications. The Company provides customers with world-class innovation combined with flexible and dynamic support, and the assurance of dealing with an established business partner. With a focus and expertise in energy- enabling faster charging thus enhancing The Company is listed on the efficient system power management and consumers’ multimedia experience. Frankfurt (FWB: DLG) stock exchange a technology portfolio that also includes With world-class manufacturing partners, (Regulated Market, Prime Standard, audio, short-range wireless, AC/DC power Dialog operates a fabless business model. ISIN GB0059822006) and is a member conversion and multi-touch, Dialog brings of the German TecDax index. It also has experience and leadership to the rapid Dialog Semiconductor Plc is headquartered convertible bonds listed on the Euro MTF development of integrated solutions for in London with a global R&D, marketing Market on the Luxemburg Stock Exchange personal portable applications, including and sales organisation. In 2013, we (ISIN XS0757015606). smartphones, tablets, Ultrabooks™ and delivered US$903 million in revenue digital cordless phones. and continued to be one of the fastest growing European public semiconductor Dialog’s processor companion chips companies. We currently have around increase the performance of portable 1,100 employees worldwide. devices by extending battery lifetime, Key products See our strategy in action: See our strategy in action: See our strategy in action: See our strategy in action: Feel the pressure…16-17 Intelligent rapid charging…18-19 Wear your life…20-21 Lighting the way to successful acquisitions…22-23 Dialog Semiconductor Plc | Annual report and accounts 2013 02 Section 1 | Overview Performance highlights 2013 – Delivering on our objectives During 2013, Dialog brought exciting innovation into the market and improved the underlying performance of its business. We laid the foundations for a more diversified business and made good progress on each of the four key strategic pillars. Four strategic pillars Dialog’s objective is to sustain and build on its position as a leading provider of highly integrated innovative power management, audio, AC/DC and short-range wireless technologies. Our approach to achieve this is based on four key strategic pillars which are set out below. During 2013, Dialog has made good progress on each of these pillars. Further details are set out under “Our Strategy in action” starting on page 17. Strategic pillar Delivery in 2013 Diversify product portfolio Development of SmartWave™ Multi-Touch Integrated Circuit (MTIC™), the world’s first chip to enable touch technology from FlatFrog in high volume consumer devices. A number of ODMs are currently evaluating product designs using this technology. Extend global customer base Increased our focus with Asia-based customers outside of our existing Tier 1 customers. The acquisition of iWatt Inc. in Q3 2013 brought in new customers such as Nokia, htc, Motorola, Osram, GE, Philips and IKEA. Continuous innovation Development of SmartBond™ – the world’s lowest power and smallest Bluetooth® smart chip which more than doubles the battery life of an app-enabled smartphone accessory or computer peripheral in comparison to competing solutions on the market. It’s designed to connect keyboards, mice and remote controls wirelessly to tablets, laptops or smart TVs and enables consumers to use innovative new apps on their smartphones and tablets – connected with watches, wristbands and smart tags. Acquisition and strategic cooperation Acquisition of iWatt Inc., a leading provider of digital power management integrated circuits (ICs). The acquisition enhances Dialog’s leadership in power management for tablets and smartphones and diversifies Dialog’s product portfolio, adding two high-growth product families: AC/DC charger adaptor ICs and a broad range of LED solid-state lighting ICs. Key financial metrics Dialog is a growth business and has a track record of delivering profitable growth which, +18% 40.4% in turn, is the basis of value creation for our Revenue growth* Gross margin* Shareholders. In 2013, Dialog has delivered (2012: US$774m) (2012: 38.0%) against all of the key performance measures for the business. To provide a more accurate reflection of business performance in 2013, measurement is on an underlying basis, +30% US$1.49 eliminating the impact from accounting EBIT growth* Basic EPS* adjustments including those arising from the acquisition of iWatt in July 2013. (2012: US$107.5m) (2012: US$1.24) Full reconciliation table is included in the Financial Review on page 33. *Underlying Our performance against each of these key financial metrics, together with a range of other performance measures, is set out in greater detail under “Our performance in 2013” on page 24. Dialog Semiconductor Plc | Annual report and accounts 2013 Section 1 | Overview 03 Chairman’s statement The Company’s revenue growth was exceptional, and underlying profit improvement was similarly impressive. Rich Beyer, Chairman This is my first letter to Shareholders This year’s annual report has evolved following my appointment as Chairman in in line with the changing disclosure July 2013. I am pleased to note that 2013 regulations. was a year that continued Dialog’s record of performance significantly ahead of the These updated requirements involve performance of our industry. The Company’s ensuring that annual reports provide the revenue growth was exceptional, and information necessary for Shareholders underlying profit improvement was similarly to assess the Company’s performance, impressive. We grew our underlying business model and strategy. In line with revenues by 18% while the semiconductor good corporate governance standards we industry grew less than 5%. have ensured that the annual report is “fair, balanced and understandable”. The Dialog team’s execution on its strategic initiatives in 2013 again demonstrated the Dialog has consistently strived to ensure high degree of talent and commitment of our annual reports communicate our the management team and the entire body performance and prospects clearly and of Dialog employees. The high level of focus comprehensively to our Shareholders. and the consistent execution are apparent in To further assist our Shareholders in this the results we achieved in the four pillars of annual report, we have created a slightly our strategy: different structure and have provided additional detail and disclosure. • Diversification of our product portfolio I would like to record our appreciation • Extension of our global customer base to Greg Reyes who retired as Chairman during 2013 and who will retire as a Director • Continuous innovation at the 2014 AGM. He joined
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