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Rotork Annual Report 2006

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Rotork Annual Report 2006 2006 Annual Report & Accounts Rotork 2006 Annual Report & Accounts Rotork p.l.c. Rotork House Brassmill Lane Bath BA1 3JQ www.rotork.com Celebrating fifty years of innovation 2006 Annual Report & Accounts Rotork 2006 Annual Report & Accounts Rotork p.l.c. Rotork House Brassmill Lane Bath BA1 3JQ www.rotork.com Celebrating fifty years of innovation FINANCIAL HIGHLIGHTSRotork Annual Report & Accounts 2006 01. Financial Highlights Order Intake The fifties: page 05 • Order intake up 19% at £223m • Revenue up 18% at £206.7m £223m • Operating profit up 23% at £45.1m up 19% The sixties: page 07 • Recommended final dividend of 11.65p, up 18% • £8m additional interim dividend during 2007 Order book Operational Highlights £76m The seventies: page 08 up 19% • Continued strong growth achieved in Rotork Fluid System The eighties: page 11 • Chinese market still buoyant • New Shanghai manufacturing plant commenced production on schedule in the year • Increased focus on Service and Support with new @ management structure The nineties: page 12 The Noughties: page 15 Financial Highlights 01 Revenue (£m) Chairman’s Statement 02 Business Review 04 Geographical Review 16 206.7 Operating Profit - (£m) (£m) Rotork Marketing 18 continuing operations Board of Directors 20 Order Input 223.4 174.8 45.1 Report of the Directors 21 136.0 146.9 Corporate Governance 23 7.7 133.5 18 36.5 Corporate Social Responsibility 26 Remuneration Report 28 30.4 151.8 28.4 Independent Auditors’ Report 35 136.9 26.6 131.3 Consolidated Income Statement 36 Consolidated Balance Sheet 37 Consolidated Statement of Cash Flows 38 Consolidated Statement of Recognised Income and Expense 39 Notes to the Group Financial Statements 40 02 03 04 05 06 Rotork p.l.c. Company Balance Sheet 73 Notes to the Company Financial Statements 74 02 03 04 05 06 Ten Year Trading History 80 02 03 04 05 06 Corporate Directory 82 Directory 83 Rest of the World Fifty years as Rotork Africa (Pty) Ltd, South Africa Rotork Controls (Singapore) Pte Ltd, Rotork Trading (Shanghai) Co. Ltd, China Rotork Fluid System Pty Ltd, Australia 100% owned by Rotork Overseas Ltd Singapore 100% owned by Rotork Controls Ltd 100% owned by Rotork Overseas Ltd Karl Rautenbach 100% owned by Rotork Overseas Ltd Eric Li Lyndon Dean General Manager Philip Seah General Manager General Manager innovators Tel: +27 11 4539741 General Manager Tel: +86 21 647 85015 Tel: +61 3 9729 8882 Fax: +27 11 4539894 Tel: +65 64571233 Fax: +86 21 647 85035 Fax: +61 3 9729 8884 E-mail: [email protected] Fax: +65 64576011 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Rotork Controls (India) Ltd, India Rotork Controls (Korea) Co. Ltd, 100% owned by Rotork Controls Ltd Rotork Ltd, Hong Kong South Korea Rotork reports record revenue and profits as we celebrate our 50th anniversary. Ashok Jayaram 100% owned by Rotork Overseas Ltd 100% owned by Rotork Overseas Ltd President Eric Li S W Chun Tel: +91 44 2625 4219 General Manager General Manager Fax: +91 44 2625 7108 Tel: +852 2 5202390 Tel: +82 31 701 6793 E-mail: [email protected] Fax: +852 2 5289746 Fax: +82 31 265 1369 E-mail: [email protected] E-mail: [email protected] Rotork (Thailand) Ltd, Thailand 100% owned by Rotork Inc. Rotork Controls (Shanghai) Ltd, China Rotork Japan Co. Ltd, Japan The first electric actuators were little The origins of our current In the 1990s Rotork introduced Chaitawat Chotikawanish 100% owned by Rotork Controls Ltd 100% owned by Rotork Overseas Ltd Manager Eric Li Masaru Sakurai more than an assemblage of motor, non-intrusive actuators can be the World’s first non-intrusive Tel: +66 2 272 7165 General Manager General Manager gearing and rudimentary valve traced back to the 1970s with actuator. Combining this with Fax: +66 2 272 7167 Tel: +86 21 647 85015 Tel: +81 3 5632 2941 position measurement. By the early the development of technology electronic position sensing E-mail: [email protected] Fax: +86 21 647 85035 Fax: +81 3 5632 2942 1960s we had added a self contained for a universal, stockable halved the mechanical E-mail: [email protected] E-mail: [email protected] terminal enclosure that enabled on actuator. The early 1980s saw complexity of the actuator Rotork (Malaysia) Sdn Bhd, Malaysia 100% owned by Rotork Overseas Ltd Rotork Valve Control Technology Rotork Australia Pty Ltd, Australia site installation without compromising the move away from simple and allowed it to be adjusted and London. www.corporateprm.co.uk Edinburgh Aaron Ow (Shanghai) Co. Ltd, China 100% owned by Rotork Overseas Ltd the internally mounted control gear. electro-mechanical controls using a hand held infra-red General Manager 100% owned by Rotork Controls Ltd Lee Howard With the terminal cover removed this through the introduction of low device. In 2001 Rotork Tel: +60 3 5192 8812 Bruce Wang General Manager compartment was still sealed from the cost, low power electronics launched its second generation Fax: +60 3 5192 8821 General Manager Tel: +61 353 381566 control gear within and the phrase robust enough to survive the of non-intrusive IQ actuators. E-mail: [email protected] Tel: +86 21 6434 8388 Fax: +61 353 381570 corporateprm, “double sealing” was coined. environmental extremes These employed “system on Fax: +86 21 6434 8266 E-mail: [email protected] experienced by the typical chip” technology whereby Rotork (Actuation) Sdn Bhd, Malaysia E-mail: [email protected] 100% owned by Rotork Overseas Ltd actuator. Diagnostic features the processor, control logic, Aaron Ow to indicate the availability interface components and even General Manager of the actuator were introduced. the power supply and infra-red Tel: +60 3 5191 3936 interface were integrated onto Fax: +60 3 5191 3937 a single piece of silicon. E-mail: [email protected] by Designed and produced Rest of the World Fifty years as Rotork Africa (Pty) Ltd, South Africa Rotork Controls (Singapore) Pte Ltd, Rotork Trading (Shanghai) Co. Ltd, China Rotork Fluid System Pty Ltd, Australia 100% owned by Rotork Overseas Ltd Singapore 100% owned by Rotork Controls Ltd 100% owned by Rotork Overseas Ltd Karl Rautenbach 100% owned by Rotork Overseas Ltd Eric Li Lyndon Dean General Manager Philip Seah General Manager General Manager innovators Tel: +27 11 4539741 General Manager Tel: +86 21 647 85015 Tel: +61 3 9729 8882 Fax: +27 11 4539894 Tel: +65 64571233 Fax: +86 21 647 85035 Fax: +61 3 9729 8884 E-mail: [email protected] Fax: +65 64576011 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Rotork Controls (India) Ltd, India Rotork Controls (Korea) Co. Ltd, 100% owned by Rotork Controls Ltd Rotork Ltd, Hong Kong South Korea Rotork reports record revenue and profits as we celebrate our 50th anniversary. Ashok Jayaram 100% owned by Rotork Overseas Ltd 100% owned by Rotork Overseas Ltd President Eric Li S W Chun Tel: +91 44 2625 4219 General Manager General Manager Fax: +91 44 2625 7108 Tel: +852 2 5202390 Tel: +82 31 701 6793 E-mail: [email protected] Fax: +852 2 5289746 Fax: +82 31 265 1369 E-mail: [email protected] E-mail: [email protected] Rotork (Thailand) Ltd, Thailand 100% owned by Rotork Inc. Rotork Controls (Shanghai) Ltd, China Rotork Japan Co. Ltd, Japan The first electric actuators were little The origins of our current In the 1990s Rotork introduced Chaitawat Chotikawanish 100% owned by Rotork Controls Ltd 100% owned by Rotork Overseas Ltd Manager Eric Li Masaru Sakurai more than an assemblage of motor, non-intrusive actuators can be the World’s first non-intrusive Tel: +66 2 272 7165 General Manager General Manager gearing and rudimentary valve traced back to the 1970s with actuator. Combining this with Fax: +66 2 272 7167 Tel: +86 21 647 85015 Tel: +81 3 5632 2941 position measurement. By the early the development of technology electronic position sensing E-mail: [email protected] Fax: +86 21 647 85035 Fax: +81 3 5632 2942 1960s we had added a self contained for a universal, stockable halved the mechanical E-mail: [email protected] E-mail: [email protected] terminal enclosure that enabled on actuator. The early 1980s saw complexity of the actuator Rotork (Malaysia) Sdn Bhd, Malaysia 100% owned by Rotork Overseas Ltd Rotork Valve Control Technology Rotork Australia Pty Ltd, Australia site installation without compromising the move away from simple and allowed it to be adjusted and London. www.corporateprm.co.uk Edinburgh Aaron Ow (Shanghai) Co. Ltd, China 100% owned by Rotork Overseas Ltd the internally mounted control gear. electro-mechanical controls using a hand held infra-red General Manager 100% owned by Rotork Controls Ltd Lee Howard With the terminal cover removed this through the introduction of low device. In 2001 Rotork Tel: +60 3 5192 8812 Bruce Wang General Manager compartment was still sealed from the cost, low power electronics launched its second generation Fax: +60 3 5192 8821 General Manager Tel: +61 353 381566 control gear within and the phrase robust enough to survive the of non-intrusive IQ actuators. E-mail: [email protected] Tel: +86 21 6434 8388 Fax: +61 353 381570 corporateprm, “double sealing” was coined. environmental extremes These employed “system on Fax: +86 21 6434 8266 E-mail: [email protected] experienced by the typical chip” technology whereby Rotork (Actuation) Sdn Bhd, Malaysia E-mail: [email protected] 100% owned by Rotork Overseas Ltd actuator.
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