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SAGE GROUP PLC the Sage Group PLC THE SAGE GROUP PLC PLC GROUP THE SAGE The Sage Group PLC Annual Report and Accounts 2015 — ANNUAL REPORT AND ACCOUNTS 2015 AND ACCOUNTS REPORT ANNUAL RE-IMAGINING BUSINESS Strategic report Performance highlights 2015 Financial highlights 02 Our business at a glance 04 Our business model 06 Company fundamentals Organic revenue growth Organic operating margin 08 Chairman’s statement 10 Chief Executive’s review 6% 27.1% 14 Our market 6% 16 Our strategy 27.1% 28 Key performance indicators 5% 26.5% 30 Our strategy applied 36 Principal risks and uncertainties 44 Financial and operating review 50 Corporate Responsibility Governance 59 Chairman’s introduction to Governance 60 Board of directors 62 Executive committee 14 15 14 15 64 Corporate governance report 74 Directors’ remuneration report Underlying basic EPS growth Underlying cash conversion 92 Directors’ report Financial statements 12.6% 106% 99 Independent auditors’ report to the members of The Sage Group plc 104 Group financial statements 106% 101% 110 Notes to the Group financial statements 12.6% 157 Company financial statements 163 Shareholder information 8.2% Discover more about Sage online www.sage.com 14 15 14 15 All images used within this Annual Report and Accounts are those of real customers and colleagues. About our non-GAAP Organic – in addition to measures and why we the adjustments made use them to underlying measures, Strategic progress Throughout the strategic organic measures exclude report we quote two kinds part-year contributions from – Winning in the market with global products: of non-GAAP measure: acquisitions, disposals and underlying and organic. products held for sale in the We use these measures in current and/or prior years. – Increased paying subscriptions for Sage One monitoring performance This allows management to 173,000 (FY14: 86,000) and incentivising and investors to understand management. the like-for-like performance of the business. Underlying – underlying – Increased Sage X3 organic revenue by 11% measures exclude certain Reconciliations of statutory one-off and non-operational revenue, operating profit items, and prior year and basic earnings per – Sage Live developed in 26 weeks from idea to launch underlying measures are share to their underlying retranslated at the current and organic equivalents year exchange rates to are in the Financial and – Growing software subscription revenues organically neutralise the effect of operating review starting by 29%, demonstrating traction in our transition to currency fluctuations. on page 44. Underlying measures allow During the year we have higher quality, sustainable revenue growth management and investors made several revenue to compare performance reporting changes. without the potentially You can read about these – Supporting customers for life with the distorting effects of foreign changes and non-GAAP exchange movements. definitions on pages 44 contract renewal rate increasing to 84% and 163 respectively. STRATEGIC REPORT STRATEGIC GOVERNANCE FINANCIAL STATEMENTS WE ENERGISE THE SUCCESS OF BUSINESSES supporting the ambitions of the world’s entrepreneurs as they power the global economy. Read our feature on product strategy on page 30 to discover how we meet business needs The Sage Group plc | Annual Report & Accounts 2015 1 Our business at a glance What we do and where As a global technology company we energise the success of businesses and their communities around the world through the use of smart technology and the imagination of our people. We work with a thriving community of accountants, partners, developers and entrepreneurs, the engine room of economies around the world. OUR PRODUCT FOCUS The “Golden Triangle” represents the strong value proposition Developing ever closer integration of our growth products is a we can provide to our customers in three mission critical key focus of our investment. We are also investing in products areas – Accounting, Payroll & HR and Payments – through with open application programming interface (“API”), such as solutions that are seamlessly integrated to automate Sage Live, so that independent software vendors (“ISVs”) can workflow and the movement of money. Our ecosystem develop their applications to integrate with our core product enables integration with our other applications, including as standard, maximising customer choice and driving mobile applications and features as a service so that customer experience. customers can tailor our offering to their needs. More information online at sage.com/products Payroll & HR Payments Our Payroll & HR solutions are simple, The Golden Our payments offerings enable secure and efficient, helping our Triangle our customers to take payments customers to remain compliant, pay their through their websites, in person employees accurately and on time, and to using a card reader, or directly deliver a great employee experience. from electronic invoices. Accounting Our range of desktop or cloud accounting solutions allows customers to issue invoices, analyse business performance and manage cashflow, taxes, stock, budgets and more. 2 The Sage Group plc | Annual Report & Accounts 2015 STRATEGIC REPORT STRATEGIC GOVERNANCE SMALL & MEDIUM BUSINESSES We are focused on delivering a consistently exceptional experience to all of our four million customers, working to provide the most appropriate products and services to suit their needs. We don’t believe in labelling customers but we do think it is helpful to understand the characteristics of different sizes of business in order to better serve them: 0 to 9 employees 10 to 200 employees 200+ employees FINANCIAL STATEMENTS Ranging from sole traders to small employers, Ranging from small owner managed Larger businesses, where their scale and these entities constitute the vast majority of all businesses to larger entities with multiple organisational complexity mean they businesses in our top geographies, numbering layers of organisational structure, adoption practically all use business management around 68 million. It is estimated that only of software to manage finances is much solutions in some form. The packaged around one in ten of these businesses uses more common in this size range where the solutions used by these entities may be more a packaged software solution to manage population of entities is around four million extensive, performing additional functions their business. Adoption of software in this in our top geographies. Businesses typically of business management and potentially size range is being driven by affordable, rely on software to maintain appropriate required to deal with cross-border operations. mobile ready, easy-to-use cloud solutions records and to perform multiple functions Sage X3 is our global product for businesses like Sage One. with a number of packaged solutions being with these characteristics where modules run, either independently or integrated. Data can be used to perform everything from sharing between functions can be particularly monitoring the sales pipeline and customer powerful in organisations of this size and relationships to managing inventory. Sage Live is designed with that in mind. OUR GLOBAL REACH Our established market positions and presence in 23 countries around the world 53% provides a platform to bring products and services to both new and existing customers. Our investment focuses on our growth product portfolio which consists of our cloud Europe deployable global products and our local growth products (see page 30 for more on product Total revenue £745m portfolio management). Recurring revenue mix 75% 46% 15% 32% North America International Total revenue £450m Total revenue £206m Recurring revenue mix 58% Recurring revenue mix 65% * Charts represent regional proportion of group organic revenue The Sage Group plc | Annual Report & Accounts 2015 3 Our business model The model we apply to create value Our business model is the means by which we can deliver on our strategic objectives. As with everything we do, the customer is at the heart of our business model which aligns with the customer journey and experience. KEY INPUTS TO OUR BUSINESS MODEL Our business model operates effectively utilising key inputs that are fundamental to our success as follows: Talented people Trusted brand Market and Resource allocation Local knowledge We rely on the collaboration Small & Medium technology insight Focusing our resources on Our deep knowledge of and technology expertise of Businesses are at the heart Our constant focus growth products enriches the regulatory landscapes over 13,000 of our people of our economies and Sage on technology over the the functionality of our we operate in not only around the world. is their champion. last 30 years has developed flagship products and ensures our customers a deep understanding maximises the technology remain compliant but lets of what is important to opportunity. us plan for new legislation our customers. on the horizon. VALUE CREATED FROM OUR BUSINESS MODEL Group Organic Revenue Growth Organic Revenue Organic Operating Profit £1,400m £380m Revenue streams: Shareholder Returns – Recurring: Revenue on a contract basis predominantly for maintenance and support services or bundled subscription Dividends and share repurchases services – Software and related services (SSRS): Software licences and related £146m products and services (e.g. training, implementation or hardware) – Processing: Revenue for processing services which is volume driven (e.g. payments or payroll processing) Society
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