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AVEVA Worldwide AVEVA Group plc Annual report 2008 AVEVA Worldwide 24/7 WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 AVEVA is the world’s leading engineering IT software provider to the Plant, Power and Marine industries. *ADJUSTED PROFIT BEFORE TAX REVENUE (£m) + (£m) + 47.9 70 127.6 34 94.9 28.1 65.9 % 57.2 % 13.8 38.1 10.0 6.7 04 05 06 07 08 04 05 06 07 08 NET CASH + *ADJUSTED BASIC EARNINGS PER SHARE (£m) (PENCE) + 100 74 82.8 55.22 31.71 41.3 % % 23.5 16.15 8.73 9.29 8.7 11.2 04 05 06 07 08 04 05 06 07 08 * Adjusted profit before tax and adjusted basic earnings per share are calculated before amortisation of intangible assets, share-based payments, goodwill adjustments, restructuring costs and past service credit on the defined benefit pension scheme in the relevant year. WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 1 Highlights 2008 Another year of record levels of revenue and profit Revenue up by 34% to £127.6 million (2007 – £94.9 million) Recurring revenue up 25% to £66.1 million (2007 – £52.7 million) Adjusted profit before tax, amortisation, share-based payments and goodwill adjustment up 70% to £47.9 million (2007 – £28.1 million) Adjusted earnings per share up 74% to 55.22p (2007 – 31.71p) Profit before tax up 83% to £45.0 million (2007 – £24.6 million) Basic earnings per share up 91% to 50.80p (2007 – 26.59p) Investment in Research and Development up 21% to £21.3 million (2007 – £17.6 million) Net cash at the year end of £82.8 million (2007 – £41.3 million) Increased final dividend of 5.0p (2007 – 2.94p) bringing the full year dividend to 6.65p (2007 – 4.18p) – an increase of 59% Contents Directors’ report Chairman’s statement 10 Business review 12 Corporate social responsibility report 20 Board of Directors 22 Company information and advisers 24 Other statutory information 25 Corporate Governance statement 29 Directors’ remuneration report 33 Financial statements IFRS Statement of Directors’ responsibilities – IFRS 38 Auditor’s report – IFRS 39 Consolidated income statement 40 Consolidated statement of recognised income and expense 41 Consolidated balance sheet 42 Consolidated cash flow statement 43 Notes to the financial statements – IFRS 44 UK GAAP Statement of Directors’ responsibilities – UK GAAP 72 Auditor’s report – UK GAAP 73 Company balance sheet – UK GAAP 74 Notes to the financial statements – UK GAAP 75 Other information Highlights 2008 1 Group overview 2 Operational overview 4 Five year record 79 Group directory 80 AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 2/3 Group overview AVEVA – the world’s leading engineering software provider, whose vision and commitment have completely re-defined the Plant, Power and Marine Industries. These industries require specialised solutions. The projects are invariably unique; timescales for equipment and material selection are short; construction usually starts before design is complete; execution is often globally dispersed; and a wide variety of software is used, its selection often mandated by the client. AMERICAS REVENUE £17.8m WEMEA REVENUE £26.3m Our timeline 24.04.07 13.06.07 11.07.07 04.09.07 AVEVA celebrates its 40 year anniversary. AVEVA opens a Sales and Support office CHEVRON select AVEVA NET Portal AVEVA launches PDMS 12, the latest in Mexico. This will allow us to better solutions to manage critical information generation of the leading plant design serve our long standing customers for operators of Agbami, which when tool. PDMS 12 takes the technology such as Pemex and IMP. completed will be the largest FPSO in platform to new heights of productivity, the world. not just for end users and designers but the whole project. AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 2/3 Marine Power Oil and Gas 85% of the world’s top 20 80% (21 out of 26) of Class A In the last ten years, over 80% of shipbuilders use AVEVA technology. Certified Chinese Power Design the largest production facilities in the Institutes use AVEVA technology. North Sea and the Gulf of Mexico were designed using AVEVA technology. CES REVENUE £32.7m ASIA PACIFIC REVENUE £50.8m 17.12.07 22.01.08 04.02.08 17.03.08 AVEVA is pleased to announce the AVEVA announces that one of South AVEVA announces that Hyundai Heavy Babcock Marine has selected AVEVA winners of its 2007 “Engineering Korea’s leading shipbuilders, Hanjin Industries (HHI) will be using AVEVA Marine for use on the UK Carrier project Excellence to the Extreme” award: Heavy Industries & Construction-Tech, PDMS in the construction of the Umm because of the proven track record of AMEC Paragon, for delivering Inc. has signed a multi-million USD Shaif gas injection facilities (USGIF) AVEVA technology on global projects both significant project savings as a agreement with AVEVA to equip their project, which lies approximately Naval and Commercial. Babcock Marine result of using AVEVA’s integrated new shipyard in the Philippines with 150km north-west of Abu Dhabi, will execute their portion of the carrier suite of applications; and DuPont, AVEVA Marine solutions and AVEVA NET. United Arab Emirates. project as part of a distributed engineering for its rapid design of a new world-class workforce across three locations. DTT (DuPont Titanium Technologies) plant in Dongying, Shandong Province, China. AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 4/5 Operational overview Power: CES CES REVENUE GROWTH TOTAL REVENUE (2007 – £22.8 MILLION) 43% £32.7m AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 4/5 GMT 12:00 +1.00 Case study – AVEVA Power AVEVA has a long history in the power industry One of AVEVA’s longest-standing power industry and plays a major role in supporting the global customers, EDF is the world’s largest operator of investment in generating capacity. AVEVA software nuclear plant. Today they are using AVEVA solutions is currently being used at over 200 customer sites in on a new nuclear installation at Flamanville, Northern more than 30 countries, on power projects ranging France, scheduled to begin supplying the grid in 2012. from life extensions of conventional plant to the Meanwhile, they continue to use AVEVA PDMS to operate world’s first third generation nuclear plant. and maintain older generation plant, using data laid down as long as 25 years ago. Mirroring China’s rapid industrialisation, AVEVA has become the dominant engineering software AVEVA solutions protect our customers’ valuable supplier to its rapidly growing power industry, engineering data for the entire life of a project – serving 21 of the 26 Class A Electric Power Design a vital consideration in the nuclear power industry. Institutes, all three national boiler suppliers and much of the Chinese nuclear industry. LOCATION: France CLIENT: EDF AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 6/7 Operational overview continued Oil and Gas: ASIA PACIFIC ASIA PACIFIC REVENUE GROWTH TOTAL REVENUE (2007 – £36.9 MILLION) 38% £50.8m AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 6/7 GMT 12:00 +7.00 Case study – AVEVA Oil and Gas Oil and Gas projects are continually increasing centres, with fabrication and construction completed in size and complexity. This demands not only the somewhere entirely different.’ WorleyParsons use most powerful engineering IT and efficient working a standard PDMS project template to achieve rapid methods but also, increasingly, the development start-up, maximum standardisation and the ability of collaborative, multi-site projects. to run projects across multiple locations. McPherson continued, ‘As a result, we can deploy extremely quickly, WorleyParsons is a global provider of professional move people between projects more effectively and services to the energy, resource and process reduce levels of administration. A new project can be industries. They make extensive use of AVEVA set up in less than two days at any of our offices. PDMS and AVEVA Global, the only proven solutions This has resulted in considerable financial savings.’ for collaborative working. AVEVA solutions provide the most productive platform Grant McPherson, Piping Design Department Head, at for oil and gas projects of all sizes, from the biggest WorleyParsons explained, ‘It is now common practice new installations to the smallest upgrades. for us to perform engineering and design in multiple LOCATION: Malaysia CLIENT: WorleyParsons AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 8/9 Operational overview continued Marine: South Korea: supporting the future by working closely with 12 educational institutions AVEVA Group plc Annual report 2008 Other information WorldReginfo - a3767af0-bf74-4c24-9ed5-b2463a061a85 8/9 GMT 12:00 +8.00 Case study – AVEVA Marine With the launch of AVEVA Marine 12 series products, they launched the 7,650 tonne AEGIS destroyer AVEVA provides the world’s most powerful engineering Sejongdaewang-Ham (Sejong the Great), designed IT environment for creating vessels and floating and built using AVEVA Marine solutions. structures of any type, size or complexity. Thanks to the efficiencies provided by AVEVA To meet booming world demand, shipbuilders in the Marine’s single design database system and Asia Pacific region are vigorously ramping up their datacentric environment, HHI completed this capacities. They increasingly invest in AVEVA Marine state-of-the-art warship in 30 months. All Korean solutions to maximise their productivity. Hyundai naval shipbuilders now subscribe to AVEVA Marine Heavy Industries (HHI) in South Korea is the most solutions; HHI itself has worked closely with AVEVA productive shipbuilder in this dynamic industry, in the final development and user testing of the with around 15% market share.
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