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Annual Report: 2019

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Annual Report: 2019 Annual Report 2019 Our business, purpose and value creation +Our business Renishaw is a global, high-precision metrology and healthcare technology group. Our purpose To design, develop and deliver solutions and systems that provide unparalleled precision, control and reliability. By pursuing our purpose, we can continue to be a worldwide leader in precision technology: an insatiable innovator, a trusted partner, an inspiring employer and a responsible business. How we create value At Renishaw, we have spent nearly 50 years engineering change. Our unique blend of pioneering science and product innovation helps customers push the boundaries of what is possible. From transport to agriculture, electronics to healthcare, our breakthrough technology transforms product performance and touches billions of lives around the world. We work closely with our customers to solve complex challenges and improve products and processes. Our disruptive thinking and manufacturing excellence help customers increase innovation, improve quality, expand output and enhance efficiency. We underpin this with long-term investments in people, innovation and infrastructure. This nurtures a powerful pipeline of measurement technology and manufacturing techniques that advance the development of diverse products and address pressing real-world problems. We thrive through our collaborative team of 5,000 people. They bring fresh thinking, relentless rigour and an obsession with quality to every aspect of their work. Their thirst for innovation and commitment to continuous improvement informs the drive, determination and energy that mean we keep moving forward, every day. For more about the value we generate for our stakeholders see page 11 For more about how we engage with our stakeholders see pages 12 to 15 Investing globally for the long term For more information visit: www.renishaw.com Strategic report Financial highlights Strategic reportStrategic Revenue Contents Strategic report £574.0m IFC Our business, purpose and value creation 1 Financial highlights (2018: £611.5m) 2 Renishaw at a glance 4 Chairman’s statement 6 Chief Executive’s review Governance Adjusted* profit before tax 10 Our business model 12 Our stakeholders 16 Our markets £103.9m 18 Our strategy 22 Key performance indicators 24 Performance – financial review (2018: £145.1m) 28 Global investment 30 Metrology 34 Healthcare Financial statements Statutory profit before tax 38 Risk and risk management 40 Principal risks and uncertainties £109.9m 44 Corporate social responsibility Governance (2018: £155.2m) 52 Directors’ corporate governance report 54 Board of Directors 58 Executive Board Total dividend for the year 59 International Sales and information Shareholder Marketing Board 65 Nomination Committee report 66 Audit Committee report 60.0p 70 Directors’ remuneration report 83 Other statutory and regulatory disclosures (2018: 60.0p) 86 Directors’ responsibilities 87 Independent auditor’s report Adjusted* earnings per share Financial statements 95 Financial statements contents 96 Consolidated income statement 119 . 9 p 97 Consolidated statement of comprehensive income and expense (2018: 170.5p) 98 Consolidated balance sheet 99 Consolidated statement of changes in equity 100 Consolidated statement of cash flow Statutory earnings per share 101 Notes (forming part of the financial statements) 130 Company balance sheet 131 Company statement of changes 126.7p in equity 132 Notes to the Company (2018: 181.8p) financial statements Shareholder information 142 10-year financial record 143 Additional information 143 Significant charitable donations 143 TCFD statement 144 Greenhouse gas emissions data 145 Independent assurance statement 146 Glossary and Trade marks We use a number of abbreviations 147 Shareholder information * Note 25, Alternative performance measures, and trade marks within this document. defines how Adjusted profit before tax For brevity, we do not define or identify is calculated. these every time that they are used; please refer to the glossary on page Dates within this document refer to financial years 146 for this information. unless otherwise stated. Renishaw plc Annual Report 2019 1 Strategic report Renishaw at a glance What we do Where we operate Renishaw is a global, high-precision APAC (Asia Pacific) 7% 93% metrology and healthcare technology Locations group. We market our products 32 Metrology revenue through our subsidiaries in 36 £223.7m countries and 81 locations. Healthcare revenue Metrology products £16.4m EMEA (Europe, 8% Middle East and 92% Africa) Locations 27 Our technology solutions help manufacturers to Metrology revenue maximise production output, to significantly reduce the £153.0m time taken to produce and inspect components, and to keep their machines running reliably. In the fields of Healthcare revenue industrial automation and motion systems, our position £14.2m measurement and calibration systems allow machine builders to manufacture highly accurate and reliable products. We are a world leader in the field of metal additive manufacturing (3D printing) with machines that 5% produce parts from metal powder. Americas 95% Locations Healthcare products 9 Metrology revenue £126.6m Healthcare revenue £6.0m Our technologies are helping within applications such as UK 13% craniomaxillofacial surgery, dentistry, neurosurgery, and Locations tissue and biofluid analysis. These include engineering 87% solutions for stereotactic neurosurgery, analytical 13 systems that identify and assess biochemical changes Metrology revenue associated with disease formation and progression, the supply of specially configured metal additive £29.6m manufacturing (AM) systems for medical and dental Healthcare revenue applications, the supply of implants to hospitals and specialist design centres for craniomaxillofacial surgery, £4.5m and products and services that allow dental laboratories to manufacture high-quality dental restorations. 2 Renishaw plc Annual Report 2019 Strategic reportStrategic Our principal markets 2019 in numbers Revenue Aerospace Agriculture New aircraft production to meet Increasing global demand for £574.0m growing global demand for civil food products due to growing air transport population and rising incomes Governance New fuel-efficient engines Greater investment in with complex parts requiring machinery for intensive Adjusted* profit before tax faster measurement farming capabilities and new technology to increase Improvements to fuel efficiency yields and reduce input and by minimising airframe weight. £103.9m environmental costs Smart farming techniques and Financial statements greater automation. Automotive Statutory profit before tax Increasing investment in hybrid and electric vehicles with reduced investment in Construction internal combustion engines £109.9m Major infrastructure projects Improved fuel efficiency drive heavy equipment sales requires tighter tolerances on Drive to improve efficiency of powertrain components information Shareholder large diesel engines used for Total dividend for the year Cost efficiencies and vehicles in the sector automated processes required Skills shortages requiring throughout the supply chain. more automation in 60.0p equipment manufacturers. Consumer products Number of employees at 30 June 2019 Ever shorter product life Healthcare cycles require flexible Life expectancy increasing manufacturing systems Neurological disorders require 5,041 New generations of electronic faster and highly precise devices and household surgical therapies appliances demand precision manufacturing systems for form Growing demand for and function cosmetic dentistry with Patents – continual innovation in new technologies superior aesthetics 5G mobile products require significant investments in more Growing demand for complex integrated circuits. orthopaedic implants and 1, 9 70 patient-specific implants. Power generation Resource Manufacture of components for civil nuclear, wind and exploration solar energy Global population growth and urbanisation drive long-term Increasing focus on maximising demand for fossil fuels output from machinery used in power generation Non-renewable resources require exploration in Increasing research into demanding terrains or more energy storage. research into optimal extraction from existing sites Equipment manufactured to stringent safety requirements requires accurate, cost-effective and traceable processes. * Note 25, Alternative performance measures, defines how Adjusted See pages 16 and 17, Our markets, for further details. profit before tax is calculated. Renishaw plc Annual Report 2019 3 Strategic report Chairman’s statement Introduction I am pleased to report our 2019 results. We achieved a turnover for the year of £574.0m (2018: £611.5m) with a decrease in revenue of 7% at constant exchange rates*, against a backdrop of challenging economic conditions. Adjusted* profit before tax amounted to £103.9m (2018: £145.1m), a decrease of 28%. Following the appointment of Will Lee as Chief Executive last year, I have been delighted to see his progress and strong leadership during the year. He is driving change in key areas of the business, including a focus on the skills development of our people, to continue to improve productivity. Innovation drives our business, from the generation of new technologies to new manufacturing processes. In my role as Executive Chairman, I have enjoyed the opportunity to focus on Group innovation and product strategy, supporting our Sir David McMurtry talented engineering teams.
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