REALISING THE POTENTIAL
ANNUAL REPORT AND ACCOUNTS 2011
2 CONTENTS
Financial calendar
2
Results at a glance
3
Chairman’s statement
4
Metrology review
8
Healthcare review
16
Board of directors
20
Management committees
22
Business review
23
Corporate social responsibility
28
Directors’ report
35
Directors' corporate governance report
37
Directors’ remuneration report
39
Notice of meeting
40
Statement of directors’ responsibilities
42
Independent auditors' report
43
Consolidated income statement
44
Consolidated statement of comprehensive income and expense
44
Consolidated balance sheet
45
Consolidated statement of changes in equity
46
Consolidated statement of cash flow
47
Notes
48
Company balance sheet
66
Reconciliation of movements in shareholders' funds
66
Notes to the Company financial statements
67
Shareholders’ profile
74
10 year financial record
74
Focus on the Far East
76
Company secretary and registered office Miss Norma Tang, New Mills, Wotton-under-Edge Gloucestershire, UK. GL12 8JR Registered number: 1106260, England and Wales Telephone: +44 (0)1453 524524 Facsimile: +44 (0)1453 524401 email:
[email protected] Website: www.renishaw.com Auditors KPMG Audit Plc Solicitors Norton Rose LLP Burges Salmon LLP Stockbrokers UBS Principal bankers Lloyds TSB Bank Plc Registrars and transfer office Equiniti Limited, Aspect House, Spencer Road, Lancing West Sussex, UK. BN99 6DA Telephone: 0871 384 2169 (UK callers) +44 121 415047 (international callers) Facsimile: +44 (0)871 384 2100 Website: www.shareview.co.uk UK calls to 0871 numbers are charged at 8p per minute from a BT landline. Other telephony providers’ costs may vary.
Financial calendar Annual general meeting 13th October 2011
Realising the potential
Dividends Final dividend Ex-div date Record date Payment date
Front cover image shows a Renishaw RMP60 probe being fitted to a horizontal machining centre at Shenyang Machine Tool (Group) Co., Ltd (SMTCL). Founded in 1995, SMTCL is one of China’s largest manufacturers of both CNC and conventional machine tools. Over 300 different types of machines and a thousand specifications are distributed domestically and exported to more than 90 regions and countries worldwide. Acclaimed for work in a wide range of global industries, particular local achievements have included keytechnologies R&D, brand-leading work for the Shanghai Maglev train and outright brand leadership for its CNC lathe. Sales volume across SMTCL’s production centres in China at Shenyang and Kunming, and in Europe at Aschersdleben (Germany), topped 30,000 units in 2010. Overseas revenue exceeded US$150 million while mainland sales earned in excess of RMB 14 billion. The overriding goal of SMTCL is to expand its three industrial centres significantly to become a world-beating, international power brand in machine tool manufacture.
14th September 2011 16th September 2011 17th October 2011
Interim dividend (provisional) Ex-div date 7th March 2012 Record date 9th March 2012 Payment date 9th April 2012 Announcement of results Annual results July Half year results January The interim results and the preliminary announcement of the full year’s results are published on our website, which is at www.renishaw.com, promptly after they have b
