E2v Technologies Plc: Annual Report and Financial Statements 2009

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E2v Technologies Plc: Annual Report and Financial Statements 2009 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement 10 > Business Review 16 > Board of Directors 17 > Directors’ Report 20 > Corporate Governance e2v technologies plc Report Annual Report and Financial Statements 2009 24 > Corporate Responsibility 30 > Directors’ Remuneration Report 36 > Directors’ Responsibilities 37 > Independent Auditor’s Report 39 > Financial Statements < > 1 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement Who we are 10 > Business Review e2v’s objective is to be a global leader in the 16 > design and supply of specialised components Board of and sub-systems that Directors enable the world’s leading systems 17 > companies to deliver innovative solutions Directors’ for medical & science, aerospace & defence, Report and commercial & industrial markets. 20 > Corporate e2v has four major product groups: Governance Report l Electron devices and sub-systems 24 > l Imaging devices Corporate Responsibility l Specialist semiconductors 30 > l Sensors Directors’ Remuneration Report We offer our customers and partners the ability to satisfy their exacting requirements, 36 > our employees the most exciting of careers, Directors’ Responsibilities our suppliers confidence in the strength of our business, and our shareholders a 37 > portfolio business of world beating products Independent Auditor’s Report and technologies. 39 > Financial Statements < > 2 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement Financial Highlights 10 > Business Review l Sales up 14%, due to the benefit of acquisition l Ongoing business improvement programme and exchange rate movements. delivered annual savings of £3.6m in the year. 16 > Adjusted* profit before tax down 13%. Acquisition of QP Semiconductor completed in Board of l l October 2008 for £41.1m, net of cash acquired. Directors l Adjusted* earnings per share flat at 30.20p. l Adverse exchange rates increased net borrowings l Cash generated from operations up 45% to £43m. by £20m. 17 > l Reported loss before taxation of £28.4m after Directors’ Order book at 31 March, £154m, up 26%. Up 9% – Impairment provisions - £28.6m. l Report at constant currency. – Business improvement programme costs and provision - £6.8m. 20 > – Fair value losses on financial instruments - £4.7m. Corporate Governance Report 24 > Corporate Responsibility 30 > Directors’ Remuneration Report Reported Sales £m Adjusted* ePS pence Adjusted* PBT £m Net Borrowings £m (as restated) (as restated) 36 > Directors’ Responsibilities Year ended Year ended 31 March 2009 31 March 2008 37 > £million £million Independent Revenue 233.2 204.6 Auditor’s Report Adjusted* profit before tax 20.4 23.4 Profit before tax (28.4) 13.7 > 39 Profit after taxation (21.3) 11.8 Financial Statements Total shareholders’ equity 53.7 74.5 Net debt 136.2 (93.2) Earnings per share – basic (34.42)p 19.36p Adjusted* earnings per share – basic 30.2p 30.08p * Adjusted profit is before amortisation of acquired intangibles, impairment of acquired intangibles, plant and equipment, acquisition and integration costs, business improvement programme costs and fair value losses and gains on financial instruments. Adjusted earnings is adjusted profit less tax impacts where applicable. Previously adjusted profits were also before share based payments, comparative figures have been amended to reflect this change. < > 3 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Business Overview Statement Revenue by division 10 > Business Review 16 > Board of Directors 17 > Directors’ Report Electron Devices Imaging Devices Specialist Sensors 20 > and Sub-systems Semiconductors Corporate Governance Report £30.9m 24 > (£28.4m) Corporate Responsibility 30 > Directors’ Remuneration £53.3m Report (£39.8m) 36 > Directors’ Responsibilities 37 > £65.2m Independent Auditor’s Report (£60.6m) 39 > Financial Statements £83.7m (£75.8m) Images courtesy of: Varian Medical Systems, NASA and Northrop Grumman < > 4 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement 10 > Business High Advanced CCD Specialist A wide range Review performance and CMOS semiconductors, of professional electron devices imaging sensors including logic, sensing products 16 > and sub-systems and cameras memory and for applications Board of Directors for applications for applications microprocessors, including: including: including: for applications 17 > including: Directors’ Report l Defence electronic l Space, science and life l High reliability l Environmental safety. countermeasures. science imaging. microprocessor > l X-ray spectroscopy. 20 requirements, in Corporate l Radiotherapy cancer l Industrial process partnership with l Automotive alarm Governance treatment machines. control. Freescale Semiconductor, and security systems. Report Radar systems. Intra-oral and panoramic l l and MRAMs in l Microwave radar and l Stellar satellite dental x-ray systems. partnership with safety and arming 24 > amplifiers. l Military surveillance. Everspin. devices. Corporate Responsibility l Digital television l Automotive imaging. l Mission-critical avionics l Fire, rescue and security transmitters. and defence programs thermal imaging. requiring high reliability l Industrial heating. 30 > integrated circuits with Directors’ continuity of supply over Remuneration programme lifetimes. Report l High speed data conversion. 36 > l Sensor data Directors’ Responsibilities acquisition utilising mixed signal application specific devices. 37 > Independent Auditor’s Report 39 > Financial Statements Space and scientific imaging sensors < > 5 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement George Kennedy Keith Attwood Chairman Chief Executive 10 > Business Review Chairman’s and 16 > Board of Directors Chief Executive’s Statement e2v’s objective is to be a global leader in the design and supply of > 17 specialised components and sub-systems that enable the world’s leading Directors’ systems companies to deliver innovative solutions for aerospace & defence, Report medical & science, and commercial & industrial markets. The Group specifically targets markets that exhibit long term growth, high 20 > barriers to entry, require a significant proportion of bespoke design and have a limited number of competitors. e2v does not seek to compete in Corporate commoditised markets. To achieve this, e2v’s business strategy has four Governance key elements: Report l To focus our resources on product opportunities with sustainable growth and margins in current 24 > and adjacent niche market sectors; Corporate Responsibility l To extend our scope of supply, where appropriate, thereby maximising revenues from established market positions as well as developing new market positions; > 30 l To continue our internal focus on productivity Directors’ improvements; and Remuneration Report l To acquire complementary businesses and technologies to accelerate growth. 36 > This has been a further year of expansion for the Group with the acquisition in The Group Directors’ October 2008 of QP Semiconductor Inc. (QP) for a consideration of £41.1m, net of cash acquired, substantially increasing our reach into the US defence market Responsibilities specifically and strengthening our portfolio of specialist semiconductor products. We have continued with the “Fit for the Future” programme during the year, targets markets 37 > incurring costs in the year of £2.2m and taking a further provision of £4.6m, that exhibit long Independent as we launched a further phase of the programme, principally in the UK and Auditor’s Report France, with the continued combined objectives of improving customer service term growth, whilst also improving productivity through greater efficiency and strengthened processes. This programme delivered savings of £3.6m in the year. high barriers to 39 > entry, require Financial Statements a significant proportion of bespoke design and have a limited number of competitors. < > 6 03 > Financial Highlights 04 > Business Overview 06 > Chairman and Chief Executive’s Statement 10 > Business Review 16 > Board of Directors Market Overview Business Structure e2v serves three key market sectors, medical & science, The Group is organised into four divisions that are supported by aerospace & defence and commercial & industrial. Group functions: > 17 The largest of these market sectors is aerospace & defence, where l electron devices and sub-systems – high performance Directors’ the e2v addressed market is estimated to be £1.1bn, which is relatively electron devices and sub-systems for applications including Report stable but subject to programme timings. e2v has participated in this defence electronic countermeasures, radiotherapy cancer treatment market for more than 60 years establishing a strong, and in some niches, machines, radar systems, satellite communications amplifiers, digital a market leading position and further strengthened this position with the television transmitters. 20 > acquisition of QP. At this time, the defence market is deferring spend on l Imaging devices – advanced CCD and CMOS imaging sensors and many programmes and, although the programmes e2v will participate Corporate cameras for applications including space, science and life science in are known, contract awards are occurring more slowly. In the space Governance imaging, industrial process control, intra-oral and panoramic dental
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