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Annual Report 2020 Bodycote Plc Strategic Report Report Governance Financial Statements Additional Information

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Annual Report 2020 Bodycote Plc Strategic Report Report Governance Financial Statements Additional Information Annual Report 2020 Bodycote plc Strategic report report Governance Financial statements Additional information Contents Strategic report Governance 01 Understanding Bodycote 44 Board of Directors 02 Our markets and technologies 46 Corporate governance statement 04 Our global network 54 Directors’ report 06 Highlights 56 Report of the Nomination Committee 08 The investment case 59 Report of the Audit Committee 10 Chair’s statement 64 Board report on remuneration 11 Chief Executive’s review 76 Directors’ responsibilities statement 14 Strategy and objectives 15 Our business model Financial statements 16 Measuring progress 77 Independent auditors’ report 18 Our stakeholders 86 Consolidated income statement 19 Component journey – Dosing device 87 Consolidated balance sheet 20 Section 172 88 Consolidated cash flow statement 22 Business review 89 Consolidated statement of 24 Component journey – changes in equity Luxury watchmaking 90 Group accounting policies 25 Chief Financial Officer’s report 98 Notes to the consolidated 28 Component journey – Pinion gear financial statements 29 Principal risks and uncertainties 134 Five year summary 34 Viability statement 135 Company statement of financial position 35 Component journey – Aluminium dies 136 Company statement of changes 36 Environment, social and governance in equity 137 Company accounting policies 140 Notes to the company financial statements Additional information 145 Subsidiary undertakings 148 Shareholder enquiries 150 Company information www.bodycote.com/investors for more information In preparing this Strategic report, the Directors have complied with s414C of the Companies Act 2006. This Strategic report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Bodycote plc and its subsidiary undertakings when viewed as a whole. Bodycote plc annual report 2020 Strategic report Governance Financial statements Additional information Understanding Bodycote Bodycote is the world’s leading Driving performance with our Core Values provider of thermal processing services. As the partner of choice Honesty and Transparency for many of the world’s most respected manufacturing companies, our purpose is to provide a vital link in the manufacturing process that makes the products our customers manufacture fit for purpose. We cultivate a culture of transparency, where With our breadth of solutions across honesty and integrity are at the foundation of our business and our relationships. Trust is at the heart multiple technologies, we create of everything we do. value through superior customer Respect and Responsibility service for our customers, across aerospace, defence, energy, automotive, and general industrial markets. Our unique business model, expertise, and global infrastructure mean we can adapt to our many customers’ needs and continue to We behave individually and collectively with respect deliver long-term success for our for each other, our stakeholders and the environment, conducting business responsibly, taking ownership shareholders and other stakeholders. of our actions. Creating Value We create value for our employees, customers and shareholders, and this is the very essence of Bodycote. Page 41 for more information Bodycote plc annual report 2020 1 Strategic report report Governance Financial statements Additional information Understanding Bodycote Our markets Bodycote offers materials solutions for virtually every market sector, providing expertise across both classical heat treatment and specialist thermal processes. Bodycote addresses the markets we serve with our superior levels of service and unmatched ability to satisfy customers’ needs. Bodycote supports many market sectors; however, we categorise our business into four major groups: Aerospace and Defence Energy The aerospace market is highly complex; we primarily treat engine Using industry-leading thermal processing, we can extend the components and landing gear that rely on our solutions to improve life of industrial gas turbines, power generation, and oil & gas performance. Our services provide thermal processing solutions components (onshore, offshore, and subsea) by reducing the across a wide range of applications which include commercial, wear caused to them through abrasion, erosion, and corrosion business and military aircraft. thus helping to minimise downtime. Bodycote operates an international network of quality accredited facilities, in support of prime aerospace manufacturers and their supply chains. Automotive General Industrial Focused on key components in the car, light truck, heavy truck, We serve a very broad range of customers across multiple industry and bus markets, thermal processing delivers greater strength segments in our General Industrial business. These customers and durability. range from industrial machinery to agricultural equipment, construction, electronics, and medical equipment. Bodycote has developed strategic partnerships with major automotive original equipment manufacturers (OEMs) and their Our success in this market is due to superior customer service, supply chains by offering comprehensive thermal processing using the breadth of processes available within Bodycote and support on a global basis. extensive technical resources allowing for the development of cost-effective solutions for our customers. 2 Bodycote plc annual report 2020 Strategic report Governance Financial statements Additional information Our technologies Bodycote’s purpose is to support our customers in producing superior components. Our thermal processing services encompass a variety of heat treatment techniques and specialist technologies that improve the properties of metals and alloys and extend the life of components. Bodycote addresses the markets we serve with our superior levels of service and unmatched ability to satisfy customers’ needs. Classical Specialist Heat Treatment Technologies Classical Heat Treatment is the process of A selection of highly differentiated, early- controlled heating and cooling of metals stage processes with high margins, significant in order to obtain the desired mechanical, market opportunities, and good growth chemical, and metallurgical properties during prospects. Bodycote is either the clear market the manufacturing of a product. leader or one of the top players among a small Classical Heat Treatment is an Product life is extended by number of competitors. indispensable set of processes accurately treating products, Hot Isostatic Pressing Surface Technology within the manufacturing carried out in precisely (HIP) Services chain of most of the products controlled industrial furnaces Enhances component life used in daily life. By providing which can heat up to Improves component integrity using ceramic and ceramic/ wear resistance, strength, or temperatures above 1000°C and strength by application metal coatings. of extreme pressure and heat. toughness, depending on the and use quenchants like oil, Low Pressure Carburising application, the components water, or nitrogen gas to cool HIP PF inc. Powdermet® (LPC) we treat last longer and reduce the heated material. During the Additive manufacturing of Obtains a hardened surface downtime for the products process, the microstructure often complex components and a tough core under vacuum our customers manufacture. of the metal transforms into a by combining with HIP. using a cleaner process than Surface hardness can be different structure which results atmospheric carburising, Specialty Stainless Steel controlled by diffusing in hardening or softening of providing improved wear (S³P) Processes elements such as carbon and the material depending on resistance and fatigue life nitrogen into the metal during the process. Engineers can Improves the strength, with less distortion. the heating stages of the design thinner, lighter, but hardness, and wear process. The heat treatment stronger components with resistance of stainless steels. Corr-I-Dur® (CiD) of products impacts lives the help of Classical Heat Standard heat treatments Improves corrosion resistance every day, whether it's the Treatment. The extended life negatively impact corrosion and wear properties, and seat belt buckle to ensure of our customers’ products also resistance of stainless steel, but is primarily used as an that it keeps the passenger has a positive impact on the our proprietary S³P can provide environmentally friendly safe during an accident or a environment by reducing waste. dramatically improved material substitute for hard chrome. turbine blade bringing power properties while maintaining to your neighbourhood. corrosion resistance. Bodycote plc annual report 2020 3 Strategic report report Governance Financial statements Additional information Understanding Bodycote Our global network Delivering quality through our international network of facilities. As the only global provider of subcontract thermal processing Revenue by geography services, Bodycote is able to offer significant advantages to its customers. Through an international network of facilities, Bodycote can effectively utilise a wealth of knowledge, experience and specialist expertise to deliver quality service when and where it is needed. The network operates from more than 165 facilities, with customers able to benefit from Bodycote’s comprehensive range of services across multiple locations. Customers know £598.0m that if their business expands, Bodycote will have the capability to meet their needs. They recognise that
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