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Renishaw Annual Report 2013

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Renishaw Annual Report 2013 Annual report and accounts 2013 Annual report and accounts 2013 Celebrating years of innovation (1973 – 2013) Renishaw plc Annual report and accounts 2013 Overview Contents Find more information online at www.renishaw.com OVERVIEW GOVERNANCE 01 Introduction 45 Governance 02 Chairman’s statement 46 Board of directors and company secretary 06 Our business sectors 48 Executive Board 08 Our products 49 International Sales and Marketing Board 10 Our markets 51 Directors’ corporate governance report DOWNLOADS 12 Strategy and business model 56 Directors’ remuneration report AND WEBCASTS 58 Other statutory and regulatory disclosures PERFORMANCE You can access the annual and half year 61 Directors’ responsibilities statement reports for the last five years from our 14 Business review 62 Independent auditors’ report website. Also available are recordings of previous webcasts. 17 – Metrology http://www.renishaw.com/financials 22 – Healthcare 25 – Manufacturing FINANCIAL STATEMENTS 26 – The Future – Additive Manufacturing 64 Consolidated income statement 28 – Financial review 65 Consolidated balance sheet 31 – Key performance indicators 66 Consolidated statement 32 – Principal risks and uncertainties of comprehensive income and expense 34 – Corporate social responsibility 67 Consolidated statement of changes in equity 68 Consolidated statement of cash flow 69 Notes to the consolidated financial statements investor information 91 Company balance sheet Information of interest to shareholders 91 Reconciliation of movements and others, such as videos explaining in shareholders’ funds our products and business strategy, 92 Notes to the Company financial statements are provided on our website. http://www.renishaw.com/investor SHAREHOLDER INFORMATION 101 10 year financial record 102 Subsidiary undertakings 103 Shareholder information 105 Notice of meeting CHAIRMAN’S STATEMENT – SUPPLEMENTARY VIDEO You can watch the Assistant Chief Executive expanding on areas of interest in the Chairman’s statement in a video on For more information visit: our website. http://www.renishaw.com/chairmansstatements www.renishaw.com This Annual report has been prepared for the purpose of assisting the Company’s shareholders to assess the strategies adopted by the Company and the potential for those strategies to succeed and no-one, including the Company’s shareholders, may rely on it for any other purpose. The directors owe their duties only to the Company as a whole and they undertake no duty of care to individual shareholders, other stakeholders or potential investors. This Annual report has been prepared on the basis of the knowledge and information available to the directors at the time. Given the nature of some forward-looking information, which has been given in good faith, the Company’s shareholders should treat this information with due caution. Renishaw plc Annual report and accounts 2013 1 Overview INTRODUCTION Renishaw is a world leading metrology company. Overview With our highly experienced team, we are confidently driving our future growth through innovative and patented products and processes, efficient, high-quality manufacturing and the ability to provide local support in our expanding global markets. Performance Our continuing investment in property, plant and equipment and new product development (c.£65m in the last year) is the key to our confidence in our long-term strategic prospects. With in excess of 3,200 skilled and motivated staff, we continue to be at the leading edge of technological innovation. Governance statements Financial information Shareholder CELEBRATING 40 YEARS OF APPLYING INNOVATION Renishaw plc (incorporated as Renishaw Electrical Limited) commenced trading on 4th April 1973 to commercialise the touch trigger probing business founded by Sir David McMurtry and John Deer. Today Renishaw employs over 3,200 people in 32 countries where it has over 70 locations, and operates (1973 – 2013) in two business segments, metrology and healthcare. Renishaw plc 2 Annual report and accounts 2013 Overview CHAIRMAN’S STATEMENT During the year the Group has further consolidated its leading position in its principal markets, as well as investing for future growth and expansion. There is an extensive new product pipeline and strategy for each of our business segments and a number of new product introductions are anticipated in this current financial year. I am pleased to report the Group’s Adjusted earnings per share were results for the year ended 30th June 91.4p compared with last year’s 2013, with record annual revenue in this, earnings per share of 95.6p. Reported the Group’s 40th anniversary, year. earnings per share for the year were Total group revenue for the year 95.4p (2012 95.6p). amounted to £346.9m, 5% ahead of the £331.9m for last year although this was SEGMENTAL ANALYSIS not as high a level as expected earlier METROLOGY in the year. Good growth was realised Revenue from our metrology business in the Far East, especially China, where was £317.9m, compared with £305.8m sales were £138.8m, 7% ahead of last last year, an increase of 4%. Operating year’s total of £130.2m. Elsewhere, profit was £84.5m, which compares revenue growth in the Americas was with £91.8m in 2012; this was lower 3% ahead of last year at £79.2m (2012 than expected due to our investment £76.8m) and 9% ahead in the UK at for a higher level of revenue than £20.7m (2012 £18.9m). In Europe, actually achieved. revenue of £96.0m (2012 £95.7m) was at a similar level to last year. Investment in the electronic and semiconductor industries has Adjusted group profit before tax for contributed to increased revenue for our the year was £81.5m, compared with encoder product line during this year, £86.0m last year, which with the whilst our machine tool product line inclusion of an exceptional gain of £2.9m continued to return good growth, reported in our half-yearly financial report particularly in the consumer electronics gives a statutory profit before tax of market in the Far East. £84.4m (2012 £86.0m). Sir David R McMurtry CBE, RDI, FRS, FREng, CEng, FIMechE Chairman and Chief Executive Renishaw plc Annual report and accounts 2013 3 2013 PERFORMANCE Overview 2013 2012 Change STATUTORY 2013 2012 Change Revenue (£m) 346.9 331.9 +5% Profit before tax (£m) 84.4 86.0 -2% Adjusted operating profit (£m)* 79.1 83.2 -5% Basic earnings per share (pence) 95.4 95.6 – Adjusted profit before taxation (£m)* 81.5 86.0 -5% *Adjusted figures are stated after excluding the exceptional item in 2013, a gain on deferred consideration settlement. Performance Adjusted earnings per share (pence)* 91.4 95.6 -4% Dividend per share (pence) 40.0 38.5 +4% We saw good growth in our Limited (MDL) for a cash payment of continues to focus on achieving at least Governance measurement automation product £4.5m; this released an exceptional gain break-even in our healthcare business line which is beginning to gain more of £2.9m compared to the deferred sector over the next two years. widespread acceptance and which consideration liability at 30th June 2012. Spectroscopy sales continued to be the has been augmented by the introduction The MDL business has subsequently main driver in this business segment and of the Equator 300 extended height undergone a reorganisation and from were at a record level. During the year, version. 1st July 2013 has been integrated into this product line launched powerful new Demand for our additive manufacturing Renishaw plc. WiRE4 software for its inVia Raman products continues to grow. This New product releases during the year system and Eclipse filters for improved product line was recently expanded by include the RTS radio toolsetting probe, Raman analysis. statements Financial the £1.6m purchase of certain business the PH10 PLUS probe head and We are continuing to invest in our assets of LBC LaserBearbeitungsCenter controller, new off-axis rotary software neurological products and have seen GmbH (LBC) in Germany. LBC for the XR20-W rotary calibrator, the good progress in this area over the specialises in the field of additive RESOLUTE™ ultra-high vacuum last year. We have had a number of manufacturing for tool and mould encoder readhead and new software successes with sales of our neuromate® making. This purchase will create a new releases, being the UCCsuite 4.5 robot and neuroinspire™ software; new business, LBC Engineering, comprising for the UCC CMM controller and machines being sold in Europe and the former employees of LBC and enables Productivity+™ v1.90 for machine Middle East which assist surgeons with information Shareholder Renishaw to offer additional additive tool applications. a variety of neurological procedures. manufacturing services, including HEALTHCARE We are also supplying devices to deliver design and simulation, and the contract Revenue from our healthcare business therapies directly into the brain and manufacture of metal prototypes and expanding our product range by production parts. for the year was £29.0m, compared with £26.1m last year, an increase of 11%. pursuing development work on devices In November 2012, the Company This year saw a reduced operating loss capable of delivering an expanded range purchased the remaining 34% of £5.4m (2012 £8.6m), as the Board of therapies for treatment of neuro shareholding in Measurement Devices degenerative conditions. ADJUSTED PROFIT ADJUSTED EARNINGS REVENUE £m BEFORE TAX £m PER shARE pence DIVIDEND PER SHARE pence 2013 346.9 2013 81.5 2013 91.4 2013 40.0 2012 331.9 2012 86.0 2012 95.6 2012 38.5 2011 288.7 2011 80.4 2011 88.5 2011 35.0 2010 181.6 2010 28.7 2010 32.3 2010 17.6 2009 171.2 2009 8.8 2009 9.6 2009 7.8 Renishaw plc 4 Annual report and accounts 2013 Overview CHAIRMAN’S STATEMENT CONTINUED Our dental product line has also RESEARCH AND DEVELOPMENT NON-EXEcuTIVE introduced a number of new products During the year the Group continued DIRECTORS during the year.
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