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We Solve Electronic Challenges for a Sustainable World

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We Solve Electronic Challenges for a Sustainable World TT Electronics plc We solve electronic Annual report and Accounts 2019 challenges for a sustainable world TT Electronics plc Annual report and Accounts 2019 Strategic report | Contents Strategic report Our purpose 1 Highlights 4 TT in focus 6 Chairman’s statement 8 Chief Executive’s strategic review 10 Our strategic priorities 16 Our business model and strategy 18 Key performance indicators 20 Our capabilities 22 Our markets 24 Divisional review 32 Financial review 38 Risk management 42 Principal risks and uncertainties 44 Our people 46 Our environment 50 Governance and Directors’ report Chairman’s introduction to governance 54 Board of Directors and Company Secretary 56 Executive Management Board 58 Leadership and company purpose 60 Relations with stakeholders 64 Composition, succession and evaluation 66 Nominations committee 68 Audit committee 70 Directors’ remuneration report 74 Future Remuneration Policy overview 78 Remuneration at a glance 80 Remuneration Policy report 81 Annual report on remuneration 91 Other statutory disclosures 99 Statement of Directors’ responsibilities in respect of the Annual Report and Accounts 102 Financial statements Independent auditor’s report to the members of TT Electronics plc 104 Consolidated income statement 111 Consolidated statement of comprehensive income 112 Consolidated statement of financial position 113 Consolidated statement of changes in equity 114 Consolidated cash flow statement 115 Notes to the consolidated financial statements 116 Company statement of financial position 162 Company statement of changes in equity 163 Notes to the Company financial statements 164 Five-year record 171 Additional information 172 Glossary 173 Shareholder information 174 Find out more at www.ttelectronics.com/investors/ Front cover image: Airbus A330neo. TT Electronics plc Annual Report and Accounts 2019 Strategic report Our purpose We solve electronic challenges for a sustainable world. TT engineers advanced electronics which benefit our planet and its people for future generations. We do this by designing, manufacturing and working in a way that is cleaner, smarter and improves wellbeing. Our focus on engineering electronics We help solve our customers’ electronic that work reliably in challenging and challenges by providing solutions that performance critical environments are cleaner, smarter, and improve helps our customers bring advances wellbeing. Our power control solutions that benefit our planet and its people. for aerospace applications contribute to We apply these principles both to lighter and more environmentally friendly ourselves, in the way that we work and aircraft. The industry-wide “Clean Sky” interact with our communities; and initiative and the associated economic through our innovative products and benefits from increased fuel efficiency services with our customers. The result is driving demand for our products. is long-term sustainable value for our We provide smart city infrastructure, customers, our people, communities including power management devices and the planet. for smart metering technology which is driving a greater awareness and We engineer and manufacture power, subsequent reduction in energy usage sensing and connectivity solutions in business and home environments. We which enable a more sustainable also support our customers with a range world. We are working towards of medical solutions including laboratory sensible sustainability targets by the analysis, minimally invasive procedures end of this year to incorporate in our and medical diagnostic equipment Key Performance Indicators to better which helps to improve wellbeing. measure our performance. Read more on page 14–15 TT Electronics plc Annual Report and Accounts 2019 1 Strategic report | Our purpose Our purpose continued We are aligned to the UN’s 17 Sustainable Development Goals and we have set out the areas where our business and values are particularly focused. Each of these areas are closely aligned to our business purpose and where we feel we can have the greatest contribution based on what we do and where we operate. 2 TT Electronics plc Annual Report and Accounts 2019 Strategic report Our operations are closely aligned to the following four Sustainable Development Goals: Good Health and Wellbeing The global challenge TT’s contribution Every two seconds someone aged between Our products and services help to diagnose 30 to 70 years old dies prematurely from and treat disease earlier, contributing to diseases such as cardiovascular disease, better life outcomes for patients. We help chronic respiratory disease, diabetes or cancer. manufacture laboratory equipment which Great progress has been made against several is at the cutting edge of medical innovation leading causes of death and disease.1 and disease prevention for the future, helping future generations live longer, healthier lives. Quality Education The global challenge TT’s contribution Achieving inclusive and quality education for TT supports the need for quality education for all all reaffirms the belief that education is one as this helps to create smarter solutions to enable of the most powerful and proven vehicles for a more sustainable world. We train and develop sustainable development. 103 million young our people and have a progressive approach to people worldwide lack basic literacy skills, and diversity and inclusion. We are passionate about more than 60 per cent of them are women.2 encouraging more young people to consider education and careers in our industry and promote STEM initiatives, apprenticeships and internships (read more on page 46). Industry, Innovation and Infrastructure The global challenge TT’s contribution Investments in infrastructure – transport, TT is a global employer of c.4,800 people irrigation, energy and information including manufacturing and research and communication technology are crucial to development related roles. We provide achieving sustainability. Manufacturing is also electronics that enable smart meters, an important driver of economic development helping global citizens be more efficient and employment.3 and conscientious with their energy usage. Climate Action The global challenge TT’s contribution The climate change emergency is real. Our products and services contribute towards There is no country that is not experiencing a more sustainable world. We provide power the dramatic effects of climate change. solutions that enable aircraft to be lighter Greenhouse gas emissions are more than and more fuel efficient and we are working on 50 per cent higher than in 1990. Global innovative next generation technology that will warming is causing long-lasting changes support the market-wide “Clean Sky” initiative. to our climate system, which threatens We are conscious of our impact on the irreversible consequences if we do not act.4 environment in the way in which we operate and are working to reduce our impact. 1 Source: www.undp.org/content/undp/en/home/sustainable-development-goals/goal-3-good-health-and-well-being.html 2 Source: www.undp.org/content/undp/en/home/sustainable-development-goals/goal-4-quality-education.html 3 Source: www.undp.org/content/undp/en/home/sustainable-development-goals/goal-9-industry-innovation-and-infrastructure.html 4 Source: www.undp.org/content/undp/en/home/sustainable-development-goals/goal-13-climate-action.html TT Electronics plc Annual Report and Accounts 2019 3 Strategic report | Highlights Headline performance Revenue Underlying operating profit1 £478.2m £40.0m 2018: £429.5m 2018: £33.4m +4%2 (9% at constant currency) +17% 3 Underlying EPS1 Operating profit 18.7p £18.8m 2018: 16.2p 2018: £16.5m +13% 3 9%3 EPS Free cash flow5 8.5p £9.7m 2018: 8.0p 2018: £8.5m 1% 3 +14% Operating cash flow Cash conversion £35.9m 98% 2018: £25.1m 2018: 88% 47% +43% Group revenue Net debt4 Dividend from aerospace, £(69.1)m 7.0p defence and 20186: £(41.7)m 2018: 6.5p +8% medical customers Strategic highlights • Strategy continues to drive growth, enhance margin and improve quality of business 4 • Aerospace, defence and medical revenues up 22% New aerospace, organically now 47% of Group revenues • N ew customer wins with multi-year recurring revenues; defence and medical improved order book visibility for the third year in succession customers won • New self-help programme launched to underpin further margin Read more page 14 progression, improved efficiency and reduced carbon footprint • Successful capital deployment: core technology acquisitions with cross-selling success, and continued R&D investment Financial highlights • 4% organic revenue growth; 9% growth at constant currency • Underlying operating profit and PBT both materially increased; underlying EPS CAGR of 21% since 2015 • 8.4% underlying operating margin, +60 basis points • ROIC of 11.3%; up 10 basis points to 11.6% before the impact of IFRS 16 1 star • Strong cash conversion of 98% and ongoing investment for growth TT rated as a • UK pension scheme triennial valuation completed – 1 star great fully funded on an actuarial basis place to work • Full year dividend up 8% to 7.0p Read more page 46 1 Excluding the effect of restructuring and other non-recurring costs and acquisition related costs. 2 Organic growth at constant currency calculated by comparing current year actual results to the prior year results retranslated at current year actual exchange rates. 3 Growth at constant currency calculated by comparing current year actual results to the prior year results retranslated at current year actual exchange rates.
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