-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
Revenue
£236.4mUP
5.1%
Full yeardividend
UP
5.9%
ANNUAL REPORT & ACCOUNTS 2016
AdjustedEPSUP
6.7%
Net borrowings
£21.1m
Adjusted opera ng pro t
£42.0mUP
4.7%
ANN
UAL REPORT &
ACCOU
NTS 2016
e2v technologies plc106 Waterhouse LaneChelmsfordEssex CM1
2QUEngland
T +44 (0)1245 493 493F +44 (0)1245 492 492
Investor rela ons enquiries to:[email protected]
e2v.com
STRATEGIC REPORT001 Financial Highlights002 Chairman &
Group
CEO Statement004 Business Pro le0 12 Business Review0 22
Principal Risks and
Uncertain es0 24 Corporate Responsibility Review02 7 Financial
Review0 31 Five Year History
CORPORATE GOVERNANCE0 32 Board of Directors0 34 Directors’
Report03 6 Directors’ Responsibili es
Statement03 7 Corporate Governance Report0 41 Audit Commi ee
Report0 43 Directors’ Remunera on Report
FINANCIAL STATEMENTS06 7 Consolidated Financial
Statements1 06 Company Financial
Statements11 5 Independent Auditor’s
Report
SHAREHOLDER INFORMATION1 19 No ce of Annual General Mee ng12 3
Explana on of AGM Business
“I am delighted with the performance of the business. We have
made solid progress on ‘ Our vision, our future’ and
delivered a good nancial performance, with a strong
nish to the year.”Steve Blair, Group CEO
2016 in Summary
“We are grateful to all our
employees for their hard work during this year and
thank them for their commi ment and success
in growing the Group’s businesses.”
Neil Johnson, Chairman
This report has been printed in the UK using vegetable based
inks. The paper used is FSC cer ed and is completely bio-degradable
and recyclable. When you have nished reading the report and no
longer wish to retain it, please dispose of in your recycled paper
waste. Thank you. Design by Accrue Fulton and produced by Perivan
Financial.
-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
Revenue
£236.4mUP
5.1%
Full yeardividend
UP
5.9%
ANNUAL REPORT & ACCOUNTS 2016
AdjustedEPSUP
6.7%
Net borrowings
£21.1m
Adjusted opera ng pro t
£42.0mUP
4.7%
ANN
UAL REPORT &
ACCOU
NTS 2016
e2v technologies plc106 Waterhouse LaneChelmsfordEssex CM1
2QUEngland
T +44 (0)1245 493 493F +44 (0)1245 492 492
Investor rela ons enquiries to:[email protected]
e2v.com
STRATEGIC REPORT001 Financial Highlights002 Chairman &
Group
CEO Statement004 Business Pro le0 12 Business Review0 22
Principal Risks and
Uncertain es0 24 Corporate Responsibility Review02 7 Financial
Review0 31 Five Year History
CORPORATE GOVERNANCE0 32 Board of Directors0 34 Directors’
Report03 6 Directors’ Responsibili es
Statement03 7 Corporate Governance Report0 41 Audit Commi ee
Report0 43 Directors’ Remunera on Report
FINANCIAL STATEMENTS06 7 Consolidated Financial
Statements1 06 Company Financial
Statements11 5 Independent Auditor’s
Report
SHAREHOLDER INFORMATION1 19 No ce of Annual General Mee ng12 3
Explana on of AGM Business
“I am delighted with the performance of the business. We have
made solid progress on ‘ Our vision, our future’ and
delivered a good nancial performance, with a strong
nish to the year.”Steve Blair, Group CEO
2016 in Summary
“We are grateful to all our
employees for their hard work during this year and
thank them for their commi ment and success
in growing the Group’s businesses.”
Neil Johnson, Chairman
This report has been printed in the UK using vegetable based
inks. The paper used is FSC cer ed and is completely bio-degradable
and recyclable. When you have nished reading the report and no
longer wish to retain it, please dispose of in your recycled paper
waste. Thank you. Design by Accrue Fulton and produced by Perivan
Financial.
-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
e f
AgilityWe are responsive in driving posi� ve change
and challenging complacency.
CourageWe live by our values and help
those who do not.
IntegrityWe do the right thing together
and keep our promises.
Customer FocusExternal and internal customers thriving on
doing business together.
Opera� onal ExcellenceWe focus on delivering value
to customers, opera� ng in an eff ec� ve and effi cient manner
along the value
chain.
Simpli ca� onWe are quality-driven by streamlined,
connected,
common-sense processes.
PeopleEmpowerment
and Accountability. We empower individuals and teams to deliver
results.
FinancialA growing base of loyal and commi� ed stakeholders -
shareholders, customers
and employees.
We partner with our customers to improve, save and protect
people’s lives.
Revenue driven growth Trusted expert partner Resilient nancial
pro le
OUR VISION
OUR STRUCTURE
OUR VALUES
OUR FOUNDATIONS
OUR INVESTMENT PROPOSITION
Imaging
CUSTOMER FOCUSOur customers are at the heart
of everything that we do.
RF Power
INNOVATIONOur innova� on underpins everything that we do –
from
our processes to our customer -focused technologies.
Semiconductor
Group
EXCELLENCE THROUGHOUTWe con� nually improve what we do
and how we do it.
OUR STRATEGIC DRIVERS
FOCUS ON CUSTOMER
SUSTAIN INNOVATION
EMBED NEW CULTURE
GROW ORGANICALLY
Accelerate with acquisi ons
OPERATE WITH EXCELLENCE
Ex-dividend date for nal dividend 7 July 201 6
Record date for nal dividend 8 July 201 6
Payment date for nal dividend 2 August 201 6
Financial calendar
General Informa� on
DirectorsN Johnson (Chairman)S Blair (Group CEO)C HindsonA
WoodDr K RajagopalK Danger eldC C i co
Company SecretaryN Wargent
Registered Offi ce106 Waterhouse LaneChelmsfordEssex CM1 2QU
SolicitorsMacfarlanes LLP20 Cursitor StreetLondon EC4A 1LT
Birke� Long Faviell House1 Coval WellsChelmsfordEssex CM1
1WZ
BankersBarclays Bank plc1 Churchill PlaceLondon E14 5HP
Lloyds Bank plc10 Gresham StreetLondon EC2V 7AE
HSBC Bank plc2 Canada SquareLondon E14 5HQ
AuditorKPMG LLP15 Canada SquareLondon E14 5GL
RegistrarsEquini� The CausewayWorthingWest Sussex BN99 6DA
-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
01e2v technologies plc Annual Report and Financial Statements
201 6
Shareholder Informa onStrategic Report Governance Financials
• Solid year of progress in challenging markets, delivering a
good nancial performance.
• Revenue up 5.1%, including organic growth, acquisi ons and FX
bene t.
• Adjusted(1) opera ng pro t up 4.7%.
• Adjusted( 2) earnings per share up 6.7%.
• Full year dividend increased 5.9%.
• Acquisi on of SP Devices.
£236.4mREVENUE
£40.8mADJUSTED(1) PROFIT BEFORE TAX
£42.0mADJUSTED(1) OPERATING PROFIT
14.59pADJUSTED( 2) EARNINGS PER SHARE
Financial Highlights
1. Adjusted opera ng pro t and adjusted pro t before tax is
before speci c items. 2. Adjusted earnings is pro t before speci c
items less tax where applicable.
-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
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2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
02
We delivered another year of solid progress producing a good
nancial performance
Chairman and Group CEO statement
OverviewWe delivered another year of solid progress producing a
good nancial performance in line with our guidance given in
January. We are embedding ‘Our vision, our future’ and it is
encouraging to see how enthusias� c our people are about ‘Bringing
life to technology™’. We con� nue to focus on our customers and our
opera� onal founda� ons. We are pleased with the progress that has
been made over the last two years.
Year ended 31 March
2016 £m
Year ended 31 March
2015 £m
Revenue 236.4 224.9
Adjusted(1) opera� ng pro t 42.0 40.1
Adjusted(1) pro t before tax 40.8 39.0
Adjusted(3) earnings per share 14.59p 13.68p
Pro t before tax 37.8 30.1
Earnings per share 13.64p 10.94p
Dividend per share 5.4p 5.1p
Net borrowings(2) (21.1) (5.2)
1. Adjusted opera� ng pro t and adjusted pro t before tax are
before speci c items. 2. Net borrowings exclude debt issue costs.
3. Adjusted earnings is pro t before speci c items less tax where
applicable.
Customers remain our key focus; the two of us have visited over
27 during the past year. Our annual customer survey ra� ngs have
improved and we are increasingly being seen as a key partner. We
have con� nued to improve our opera� onal eff ec� veness
demonstrated by margin improvements in all three divisions. The
divisions are demonstra� ng ownership and responsibility for their
individual businesses and are being agile in responding to the
challenges they face. We have recon rmed our strategy, maintaining
our investment in the areas where we are seeing the greatest poten�
al for growth. It was pleasing to complete the acquisi� on of SP
Devices, a step forward in our strategy to provide customers with
board-level solu� ons and specialist applica� ons exper� se.
The year ended 31 March 2016 represents our third consecu� ve
year of revenue growth in markets with slow overall growth. Our
investment priori� es remain Industrial Vision, Space, Radiotherapy
and Semiconductors, whilst con� nuing to support customers across
our other ac� vi� es. We are seeing the bene ts of this disciplined
approach. We have seen slower growth in many of our markets this
year, so our innova� on is allowing us to make new markets and to
take market share to support our growth.
Performance The Group delivered reported revenues of £236.4m, an
increase of 5.1% (2015: £224.9m), and maintained the adjusted(1)
opera� ng pro t margin at 17.8%, which resulted in adjusted(3)
earnings per share increasing 6.7% from 13.68p last year to 14.59p
this year.
The culture change within the business over the past two years
is improving how we operate. We saw strong revenue growth in
Imaging, both in Professional Imaging and Space Imaging, driven by
innova� on and improving opera� onal performance. We have delivered
a signi cant margin improvement in Imaging and Semiconductors. In
RF Power we saw modest margin improvement despite lower revenue,
demonstra� ng the bene ts of reorganisa� on and good cost
control.
Adjusted(1) opera� ng pro t increased from £40.1m to £42.0m, a�
er absorbing a £5.5m swing in foreign exchange, represen� ng growth
of 4.7%. These results re ect a good performance through the year,
with a par� cularly strong fourth quarter. Comparing year on year
performance, we saw organic growth in our Industrial Vision, Space,
Radiotherapy, Commercial and Industrial businesses, with lower
revenues in RF defence. We also bene ted from the acquisi� on of
AnaFocus and SP Devices, par� ally off set by the disposal of our
Thermal Imaging business.
The nancial posi� on of the Group remains strong with net
borrowings of £21.1m (2015: £5.2m). In terms of working capital
movements this is in line with our working capital model, and
decisions that we consciously made in the second half. Inventory
and trade receivables have increased in Imaging to support growth.
We made progress on our reorganisa� ons and had lower accruals for
incen� ve payments in the year. We completed our programme to
reduce concentra� on in our supply chain in RF Power and have u�
lised advanced payments as we have delivered on Space programmes.
This was in part supported by reduc� ons in planned capital
expenditure in the later part of
-
001Financial Highlights
002Chairman & Group CEO Statement
004Business Profile
012Business Review
022Principal Risks and Uncertainties
024Corporate Responsibility Review
027Financial Review
031Five Year History
032Board of Directors
034Directors’ Report
036Directors’ Responsibilities Statement
037Corporate Governance Report
041Audit Committee Report
043Directors’ Remuneration Report
067Consolidated Financial Statements
106Company Financial Statements
115Independent Auditor’s Report
119Notice of Annual General Meeting
123Explanation of AGM Business
coverFinancial Highlights
02Key Performance Indicators (KPIs)
03Chairman’s & Chief Executive Officer’s Statement
05Business Review
14Board of Directors
16Five Year Financial Review
17Corporate Responsibility Review
22Directors’ Report
28Corporate Governance Report
31Directors’ Remuneration Report
39Consolidated Financial Statements
78Company Financial Statements
87Notice of Annual General Meeting (AGM)
90Explanation of AGM Business
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k le2v technologies plcAnnual Report & Financial
Statements
2012
coverFinanci
