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Annual Report and Accounts Annual Report Annual report and accounts 2015 Annual report and accounts 2015 Renishaw plc Annual report and accounts 2015 Aerial view of the New Mills site, showing the new 153,000 sq ft Renishaw Innovation Centre building (top left) which was officially opened in July 2015 by HRH The Princess Royal. CONTENTS Strategic report Governance Financial statements 1 Introduction 60 Introduction 91 Consolidated income statement 2 Chairman’s statement 62 Board of directors and company secretary 92 Consolidated statement of comprehensive 6 Our business model 64 Executive Board income and expense 7 Our strategy 65 International Sales and Marketing Board 93 Consolidated balance sheet 8 Our strategy in action 66 Directors’ corporate governance report 94 Consolidated statement of changes in equity 10 Our business sectors – Metrology 72 Nomination committee report 95 Consolidated statement of cash flow 18 Our business sectors – Healthcare 73 Audit committee report 96 Notes (forming part of the financial statements) 24 Our markets – Delivering solutions globally 76 Directors’ remuneration report 119 Company balance sheet 26 Performance – Overview 84 Other statutory and regulatory disclosures 120 Reconciliation of movements 28 Performance – Metrology 87 Directors’ responsibilities in shareholders’ funds 32 Manufacturing overview 88 Independent auditor’s report 121 Notes to the Company financial statements 34 Performance – Healthcare 38 Performance – Financial review 42 Key performance indicators Shareholder information 44 Principal risks and uncertainties 130 10 financial year record 46 Corporate social responsibility 131 Shareholder information 1 Renishaw plc Annual report and accounts 2015 Strategic report Strategic INTRODUCTION Renishaw is a world-leading metrology company. 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 a growing number of geographies and markets. Governance 95% of our sales are outside the UK. Our continuing investment in new product development, plant and equipment, and facilities (c.£90m in the last year) is the key to our confidence in the Group’s long-term strategy and prospects. With around 4,100 skilled and motivated people, we continue to be at the leading edge of technological innovation. statements Financial FIND MORE INFORMATION ONLINE Downloads Investor and webcasts information Shareholder information Shareholder You can access the annual and half year Information of interest to shareholders and others, reports for the last five years from our such as videos explaining our products and website. Also available are recordings business strategy, are provided on our website. of previous webcasts. www.renishaw.com/investor www.renishaw.com/financials 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 For more information visit: 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. www.renishaw.com All dates within this document refer to financial years unless stated otherwise. 2 Renishaw plc Annual report and accounts 2015 STRATEGIC REPORT CHAIRMAN’S STATEMENT “ I am delighted to present our 2015 annual results, representing an exceptional year with record revenue and profit.” Sir David R McMurtry Chairman and Chief Executive I am delighted to present our 2015 material difference between revenue last year. Statutory profit before tax for annual results, representing an at actual exchange rates and last year was £96.4m, which included exceptional year with record revenue revenue restated at previous year’s the exceptional gain of £26.3m on and profit. exchange rates. the disposal of our shareholding in Delcam plc. Revenue for the year ended 30th June Geographic analysis shows growth 2015 was £494.7m, compared with of 91% in the Far East, 13% in the This year’s tax charge amounts to £355.5m for last year, an increase Americas, 3% in Europe and 7% in the £22.8m (2014: £10.7m) representing a of 39%. As highlighted in our Interim UK. More specifically, revenue in the tax rate of 15.8% (2014: 15.3% adjusted). results, we had further large orders Far East increased from £134.6m to The patent box and research and from Far East customers in the £257.7m, in the Americas from £85.6m development tax credit amounted to consumer electronics markets, which to £96.3m, in Europe from £100.2m to £5.7m compared to £2.9m last year. generated exceptionally good growth £103.1m, and in the UK from £23.8m Earnings per share were 167.5p, in our metrology business sector. to £25.5m. compared with an adjusted 82.3p Adjusting for these large orders we The Group’s profit before tax for the last year, an increase of 104%. experienced underlying revenue growth year more than doubled to £144.2m, Statutory earnings per share were of 11% for the year. There was no compared with an adjusted £70.1m 167.5p and last year were 118.4p. 2015 performance 2015 2014 Change Statutory 2015 2014 Change Revenue (£m) 494.7 355.5 +39% Profit before tax (£m) 144.2 96.4 +50% Operating profit (£m) 143.9 70.4 +104% Basic earnings per share (pence) 167.5 118.4 41% Adjusted profit before tax (£m)* 144.2 70.1 +106% Adjusted earnings per share (pence)* 167.5 82.3 +104% Dividend per share (pence) 46.5 41.2 +13% *Adjusted results are for 2014 and exclude the gain on disposal of the shareholding in Delcam plc (£26.3m). 3 Renishaw plc Annual report and accounts 2015 Strategic report Strategic Metrology Healthcare In our medical dental products line we entered into an agreement with Revenue from our metrology business Revenue from our healthcare business DENTSPLY Implants, one of the for the year was £467.0m, compared for the year was £27.7m, compared world’s leading companies in implant with £326.6m last year, an increase of with £28.9m last year. We experienced dentistry, which will see them purchase 43%. Metrology revenue in the Far East growth in both our medical dental and Renishaw additive manufacturing increased by 100%, from £124.8m to neurological product lines, but, as noted technology for the manufacture of £249.9m, and in the Americas, there in our Interim report, spectroscopy dental products. This product line has was growth of 12% from £80.1m last sales were adversely affected in the first also started to supply custom-made year to £89.4m. half due to delayed academic research craniomaxillofacial implants that support Governance funding in some territories and the Along with our good growth in our reconstructive surgery, where we act strength of Sterling. Spectroscopy has machine tool products line, we also as a subcontractor to hospitals and a however seen very strong second half experienced increased demand for university design centre. growth and much improved order intake. our measurement automation, additive In our diagnostics products line, manufacturing and encoder products. In our neurological products line, we following completion of performance made further sales of our neuromate® Operating profit was £150.7m evaluation studies to verify the Fungiplex surgical robot, including first sales in (2014: £74.4m). assay system, the product is expected the USA following FDA authorisation at to be available with a CE mark later in The significant growth has been the end of last year. We also released this calendar year. supported by the sustained investment neuroinspire™ V4.0 surgical planning in our manufacturing facilities, processes software, which includes significant new There was an operating loss of £6.8m, and latest plant and machinery in the functionality, is CE marked and now compared with a loss of £4.0m last UK, Ireland and India. available for sale in the EU. This software year. We remain focused on moving now integrates with our neuromate this business into profit. We have continued to invest in research robot. We also launched neurolocate™, Financial statements Financial and development with total engineering a CE marked frameless patient costs in this business segment of registration system for the neuromate £55.0m, net of capitalised costs stereotactic robot. (2014: £45.3m) with a number of new product launches during the year. Revenue £m Adjusted profit Adjusted earnings Dividend per share pence before tax £m per share pence Shareholder information Shareholder 494.7 144.2 167.5 46.5 41.2 355.5 40.0 346.9 38.5 331.9 82.3 79.2 70.1 88.9 35.0 86.0 95.6 288.7 80.4 88.5 2015 2015 2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 2012 2012 2011 2011 2011 2011 4 Renishaw plc Annual report and accounts 2015 STRATEGIC REPORT CHAIRMAN’S STATEMENT CONTINUED Continued investment for In Spain, we acquired additional offices During the year we have appointed long-term growth adjacent to our existing premises, William Lee to the Executive Board. He is providing space for future growth. the Director and General Manager of the The Group strategy to invest for the long machine tool and laser and calibration term, expanding our global marketing Working capital products lines and responsible for the and distribution infrastructure, along spatial measurement products line. with increasing manufacturing capacity Group inventory increased to £77.7m from £63.0m at the beginning of the In June, Clive Martell, previously the and research and development chief executive of Delcam plc, joined activities continues.
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