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2020 Annual Report and Accounts

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2020 Annual Report and Accounts Optare plc Optare ANNUAL REPORT AND ACCOUNTS 2020 ACCOUNTS AND REPORT ANNUAL OPTARE PLC ANNUAL REPORT AND ACCOUNTS 2020 REVIEW OF THE YEAR Performance highlights STRATEGIC REPORT 01 Chairman’s statement Operational highlights 02 CEO’s report 03 Our mission and values • Delivery of 114 Solos to RTA in Dubai. 04 Our key risks • Delivery of 30 Metrodecker EVs to Metroline for one of London’s first zero emission double decker routes commencing service in August 2019. • Delivery of the first of 21 Metrodecker EVs to York. Service to commence in quarter 3 2020. • Roll-out of the next generation Metrocity EV 240kwh. The new CORPORATE GOVERNANCE range is based on the existing platform with the addition of a 05 Board of Directors short derivative for congested urban environments due for 07 Corporate governance launch in late 2020. 09 Directors’ and Senior Officers’ remuneration report 11 Directors’ report Financial highlights 14 Statement of Directors’ responsibilities • Revenue for the period was £37.1m, a drop of 25% over prior year. • Gross loss was £0.9m over the twelve-month period (2018/19: £5.3m gross profit representing 11% of turnover). • Loss after tax was £15.5m (2018/19: £8.9m). • Operating cash outflow before working capital changes was £11.0m (2018/19: £5.8m). FINANCIAL STATEMENTS 15 Independent auditor’s report to the members of Optare plc 17 Consolidated income statement and statement of comprehensive income 18 Consolidated statement of changes in equity 19 Consolidated balance sheet 20 Consolidated cash flow statement 21 Summary of significant accounting policies 26 Notes to the consolidated financial statements 37 Company balance sheet 38 Company statement of changes in equity 39 Summary of significant accounting policies 40 Notes to the Company financial statements 44 Advisers CHAIRMAN’S STATEMENT Continued focus on long-term REPORT STRATEGIC growth and evolution emission technologies and solutions across during the COVID-19 pandemic, we have the product range; explored the online opportunities for blended learning. • ongoing cost reduction and improved business processes to deliver quality A training programme was created for the products with lowest total cost of production floor in 2019/20 to ensure that ownership; everyone on the floor is trained up to the GOVERNANCE CORPORATE same basic level to be able to carry out their • continued focus on quality improvements work safely and effectively. and aftermarket delivery to ensure the best possible service for our customers; Once again, I would like to thank our workforce for its dedication, commitment and • commitment to training and development of support in delivering the strategic objectives skills to support the business strategy; and of the Company in a challenging marketplace. • integration with Ashok Leyland Limited Lastly, I would like to thank our parent Introduction to deliver export opportunities and company, shareholders and bankers for their 2019/20 has seen continued focus on material savings. continuing support. Optare’s long-term growth and evolution. I am pleased to report during the year we Some of the major successes for the year Strategic focus for 2020/21 have made progress on these key objectives In summary our strategy for 2020/21 include: despite a continuingly challenging UK market; will focus on: FINANCIAL STATEMENTS • confirmation of an order of 37 Metrodecker we are starting to see the success of the • increasing sales in the UK of electric EVs for Tower Transit in London, Optare’s investments we have made over the last few vehicles, particularly with the larger groups; largest Metrodecker order to date; years in the form of export sales to Dubai and growing confidence in our Metrodecker EV • leveraging existing products in all markets; • Ashok Leyland Limited infused £11m as with a second order for 37 buses for London equity in Optare; and many more routes being tendered. Whilst • targeted growth of the parts division of the business in the UK; • a continued demand for the Solo, with the PM has committed to funding 4,000 zero the RTA contract accounting for over emission buses during this five-year Parliament • development of products, people and three-quarters of vehicle sales in 2019/20; term and our interaction with the DfT has commercial relationships for the UK confirmed it intends to proceed with this, we and export markets to drive UK and • continued in-service trials of the do expect COVID-19 to delay the announcement international expansion; Metrodecker EV (electric double deck) and on when these buses will actually be funded Metrocity electric bus with an increasingly and this may push the expected increase in • innovation to deliver sustainable zero wide range of leading UK and Irish sales from 2020/21 to 2021/22. emission technology; operators; We applaud the Government’s announcement • cost reduction and integration of business • further development of EV technologies in February pledging substantial investment processes to deliver quality products; exploring different battery technologies to in zero emission buses. £3.5bn of the £5bn • focus on quality improvements and achieve increased range on a single charge announced is for buses and infrastructure aftermarket delivery to deliver lowest whole without compromising passenger capacity; within this current five-year Parliamentary life cost for our customers; • additional investment in the demonstration term. Optare is well placed to take advantage • training and development of skills to fleet with 2 new Metrodecker EVs added to of this opportunity. support the business strategy; and our demo fleet to cope with demand. We Our customers plan to add 2 Metrocity 240kwh derivatives • continued integration with Ashok Leyland We remain focused on delivering a high to our fleet in 2020 to provide more Limited to deliver export opportunities and quality, innovative, lightweight and efficient vehicles for long-term evaluation by material savings. product with class-leading support that customers and accelerate sales; and delivers the best possible whole life cost for Our strategy for 2020/21 includes the need • we continue to work closely with our our customers and enhances the bus travel to continue to manage the impact of parent, Ashok Leyland Limited, to improve experience for passengers. Our work in the COVID-19 for the health and safety of our business efficiencies. aftermarket continues to strengthen our workforce and for any impact it may cause on relationships both in the UK and overseas. delaying production and thus planned output. Strategic development Our strategy remains consistent and is Our people outlined below: A well trained and skilled workforce remains key to supporting Optare’s business strategy; • increasing sales in the UK with Solo, in 2019/20 we continued to invest in our Metrocity and Metrodecker with a specific Dr Andrew Palmer apprenticeship programmes in production and focus on electric product; vehicle maintenance and in addition invested Non-executive Chairman • continued development of products and in an extensive programme of NVQ level 3, 4 7 October 2020 commercial relationships in the UK and and 5 qualifications open to work colleagues export markets to drive expansion; in administration and managerial roles across the business. Whilst some college-based • delivery of sustainable green bus learning and development has been restricted, technology, with a focus on efficient zero Optare plc Annual report and accounts 2020 01 CEO’S REPORT Our growth and profitability will come through increased demand for zero emission buses 2019/20 saw extensive investment in product manufacturing in the Northern Power House, development for the Metrocity EV 240kWh we see a strong future for the business. to deliver improved range, without Group confidence in the Optare brand in the compromising passenger capacities or UK continues to grow with a second order decreasing the efficiencies afforded by the from London for the Metrodecker EV. This reduced weight Optare space frame design. order from Tower Transit is for 37 buses and Following customer feedback, we have is a confirmed order for 2020/2021 delivery. developed a sub 9 metre variant of this vehicle for service on congested and tortuous We start 2020/21 with a strong order book routes. Again, Optare believes that this unique including the completion of the York and vehicle will deliver significant volume in years Translink orders and the Tower Transit order to come. with several tenders also in progress. At the end of March 2020, we formed a The first of a 21 Metrodecker EV order for relationship with Arcola Energy to develop a First York has been delivered with more to The market Fuel Cell EV derivative of the Metrodecker EV. follow in the coming months. Four of a 25 2019/20 was another challenging year for Solo order have been shipped to Translink. the UK bus industry with continued cuts to Optare retained its international quality subsidy funding for bus services seeing ISO 9001:2015 status for the fourth We also continue to develop dealer relations overall sales in the UK contract by 23%. consecutive year. in the Middle East and Australasia and the Company’s integration with our parent This reduction was felt both in the double The period also saw continued development company, Ashok Leyland Limited, continues deck (21% decrease from the previous year) of dealer relations in the Middle East and to support sales opportunities in international and single deck segments (27% decrease in Australasia and the Company’s integration markets. In Australia we have been approved 2019/20). with our parent company, Ashok Leyland to supply buses to New South Wales Limited, continued to support sales Optare’s performance following a five-year panel review. opportunities in international markets. Despite a challenging UK market, investment Optare’s EV strategy is also aligned with the in 2018/19 and 2019/20 has paved the way Financial performance potential opportunities for an all-electric bus for the success Optare is now enjoying with The financial results for the year show a net town.
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