Annual Report and Accounts 2012 - Scapa

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Business Review Electronics Scapa provides the latest technical tape solutions for the ongoing development and improvement of electrical devices from smartphones to home appliances. Working with global OEMs, we create application-specific solutions for enhanced product performance and design. Business highlights – Market entry with first projects in the acrylic foam sector and Optical Clear Adhesives (OCA) to add value to customer products – Maximised market and operational focus on Electronics segment through rationalised product portfolio, closing commodity cloth product line in Korea Market overview Consumer Electronics including telecom and home appliances are continuing to grow globally. While growth in the TV and PC sector is still flat, demand in home appliances, mobile/smartphones and tablet PCs continue to perform strongly, where new product development, process innovation and total cost reduction are leading attributes. New design and functionalities require new assembly methods and thermal solutions that ask for functions beyond traditional tape and bonding technologies. The highly dynamic and fast-changing market environment is continuously making demands on the supply chain to innovate. Scapa is building up strong partnerships, leveraging our global presence and service throughout the value chain. We are helping OEM product design by introducing new products which contribute to the manufacturing process, enhancing re-workability and functionality improvements and adding new functionalities beyond traditional bonding solutions. Strategy Scapa partners with market leading Electronic OEMs, driving innovation through direct and early stage engagement. Our focus is on consumer electronics, mobile phones, tablets and white goods markets. Our product range includes OCA and Electro Magnetically Interference (EMI) solutions, as well as Acrylic Foam Tape (AFT) and Acrylic Film Foam Tape (AFFT). Core to this strategy is getting access into local OEMs and ODM by leveraging local and global reference points and building direct sales capability to local first tier OEMs, ODMs and contract manufacturers. We are positioning Scapa as a full-service supplier providing solutions for bonding, EMI and thermal management solutions to the OEM supply chain covering up to converting in selected areas and products. Early engagement with the OEMs at development stage is a critical success factor; thus investment in application development resources will continue. 8 Scapa Group plc Annual Report and Accounts 2012 – New value-add products added to the portfolio including OCA for use in the touch-panel applications – Obtained first specifications at global mobile phone producer for touch panel – Continued build-up of product range for Electronics Financial performance Electronics accounts for 5.2% of the Group’s revenue. Overall revenue in the year declined 20.9% as we continue to reposition Asia towards the Electronics market and transition away from commodity-based products. The investments we have made in the new production line and R&D laboratory which was commissioned in April 2011 are starting to produce positive results and have enabled us to finally close the legacy cloth line in the latter part of this year. We have achieved a number of design wins which should deliver during the year and we continue to build a pipeline of opportunities in the market.
Revenue £10.2m -20.9% 5.2% of Group revenue Trading profit -£0.8m (-) -7.5% of Group trading profit Trading margin -7.8% -10.9% AFFT/AFT With electronic devices becoming increasingly more compact, manufacturers are constantly striving to reduce the size and weight of their own products. Scapa’s Acrylic Foam Film Tape (AFFT) and Acrylic Foam Tape (AFT) provide electronics manufacturers with a space saving, alternative bonding solution to mechanical fixings within a broad range of products from tablet PCs and smartphones to cameras and home appliances. They are proven to provide considerable protection from external influences by cushioning and absorbing impact and damping vibration. In addition, the product lifetime is extended due to their excellent UV, chemical and moisture resistance, ensuring that the end user enjoys long, uninterrupted performance. 2012 2011 2012 £10.2m -£0.8m 2011 £12.9m £0.4m Scapa Group plc Annual Report and Accounts 2012 9 Overview Business Review Governance Financial Statements
Page 1 and 2: Annual Report and Accounts 2012 Gro
Page 3 and 4: Sector split Electronics Healthcare
Page 5 and 6: Chairman’s Statement A focus on s
Page 7 and 8: “Our goal is to deliver sustainab
Page 9 and 10: Revenue £145.9m +0.2% 74.6% of Gro
Page 11: Revenue £39.5m +16.9% 20.2%of Grou
Page 15 and 16: KPIs Return on sales (*1) 5.5% Trad
Page 17 and 18: Lost Time Accidents (LTAs) FY12 FY1
Page 19 and 20: We take the view that the policies
Page 21 and 22: Introduction At the heart of how Sc
Page 23 and 24: Leadership Team L-R: Ian Marchant,
Page 25 and 26: Scapa has a combination of unionise
Page 27 and 28: Directors’ Remuneration Report Th
Page 29 and 30: Other benefits Purpose Policy for e
Page 31 and 32: Directors’ interests As of 31 Mar
Page 33 and 34: Corporate Governance “ Good gover
Page 35 and 36: Internal control system In accordan
Page 37 and 38: Under its terms of reference, the A
Page 39 and 40: Independent Auditor’s Report to t
Page 41 and 42: Consolidated Balance Sheet As at 31
Page 43 and 44: Consolidated Cash Flow Statement Fo
Page 45 and 46: Consolidation The consolidated fina
Page 47 and 48: Property, plant and equipment (incl
Page 49 and 50: The liability recognised in the Bal
Page 51 and 52: Notes on the Accounts 1. Segmental
Page 53 and 54: 2. Segment assets and liabilities c
Page 55 and 56: 6. Key management compensation and
Page 57 and 58: 9. Taxation continued Movement in u
Page 59 and 60: 13. Goodwill Cost 1 April 34.2 45.8
Page 61 and 62: 16. Assets held for sale During the
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22. Borrowings Amounts due within o
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23. Derivative financial instrument
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24. Provisions continued During the
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25. Retirement benefit liabilities
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27. Share options continued US Stoc
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29. Commitments Capital commitments
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Scapa Group plc Parent Company Fina
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Company Balance Sheet As at 31 Marc
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Foreign currencies Transactions in
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4. Investments Shares in Group unde
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10. Share capital Allotted, issued
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12. Pension schemes continued Five
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