2012 Annual Report - Spirax-Sarco Engineering plc

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Create strong market positions through local expertise and customer insight
Strategies for growth Our understanding of customer processes and applications enables our local skilled engineers to deliver leading edge solutions for sustainable efficiencies in plant operations, ensuring a strong market position. It is not our products alone that provide value to our customers – it is the application of our extensive knowledge in systems design, operations and maintenance. Our direct sales approach accounts for about 70% of total revenues and is fundamental to our growth. Working directly with our customers in close, long-term relationships, Spirax Sarco sales engineers around the world apply our deep applications and systems knowledge, breadth of products and expertise in offering the most extensive range of engineered solutions. Our customers value the opportunity to source their steam system needs from a competent single source, and rely increasingly on Spirax Sarco. Today we employ nearly 1,300 local sales and service engineers who are focused on assisting steam and pump users to meet their challenges. The heart of our business lies in our ability to improve the operating and energy efficiency of existing steam systems, increase the throughput of our customers’ processes, improve their product quality and assist them in meeting more stringent environmental legislation. This demands that our sales and service people are intimate with the operating issues of individual customers’ manufacturing plants and facilities. We train our sales engineers in our 42 training centres located around the world, most of which are equipped with live steam or pumping installations that facilitate hands-on training. These centres are also used to train our customers’ technical and maintenance staff. We have developed internet-based tools to improve the technical training of our sales engineers around the world and to speed their development. Additionally, we have installed information collection and sharing software to improve our ability to diffuse application knowledge and provide a common platform to share application knowledge amongst work groups across our global sales network. Number of sales and service engineers by region Hungary for heat 2008 2009 2010 2011 2012 549 445 279 Percentage of sales by geographic region 2008 2009 2010 2011 2012 44% 27% 29% EMEA Asia Pacific Americas An understanding of processes and applications at the Tiszai Vegyi Kombinat petrochemical plant in Hungary enabled Spirax Sarco engineers to design and implement a solution to solve the problem of a freezing water supply. The efficient and innovative solution, injecting steam directly into the supply pipe, has ensured a constant supply of water in the coldest months.
Page 1 and 2: The Business of Solutions 2012 Spir
Page 3 and 4: Performance highlights Revenue £m
Page 5 and 6: 3 Overview Chairman’s statement p
Page 7 and 8: Our businesses We comprise two worl
Page 9 and 10: 7 Overview Group structure Spirax-S
Page 11 and 12: 9 Overview EMEA 44% 2011: 48% Emerg
Page 13 and 14: 11 Overview Foods Brewing and disti
Page 15 and 16: 13 Overview Customer value Customer
Page 17 and 18: Aligning results and reward 15 Over
Page 19: The Business of Solutions We are a
Page 23 and 24: Strategies for growth We provide ou
Page 25 and 26: Strategies for growth We have stron
Page 27 and 28: Strategies for growth We see furthe
Page 29 and 30: Strategies for growth We create con
Page 31 and 32: Business review 17 Overview We have
Page 33 and 34: 19 Overview Revenue £232.8m 2011:
Page 41 and 42: 27 Overview Strategy and performanc
Page 43 and 44: 29 Overview Return on capital emplo
Page 47 and 48: 33 Overview UK Supply factory reduc
Page 49 and 50: 35 Overview Saving energy and preve
Page 51 and 52: 37 Overview Watson-Marlow sponsors
Page 53 and 54: 39 Overview Engaging with our staff
Page 55 and 56: 41 Overview Employment practices Th
Page 59 and 60: 45 Overview The Boardroom Chairman
Page 61 and 62: 47 Overview David Meredith FCMA, CG
Page 63 and 64: 49 Overview Approach to governance
Page 65 and 66: 51 Overview Governance structure Th
Page 67 and 68: 53 Overview To assess the effective
Page 69 and 70: Risk management and principal risks
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57 Overview Important developments
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59 Overview There may be other risk
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61 Overview Appointment of new Exec
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63 Overview 2.1.2 Variable elements
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65 Overview 2.3 Directors’ servic
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67 Overview 3.2 Annual bonus The an
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69 Overview 3.3.2 Awards made for 2
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71 Overview 3.6 Total remuneration
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73 Overview 4.1.2 Spirax-Sarco Engi
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Statement of compliance 75 Overview
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77 Overview COMPLIANCE WITH THE UK
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79 Overview COMPLIANCE WITH THE UK
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81 Overview Share capital As at 28t
Page 97 and 98:
Statement of Directors’ responsib
Page 99 and 100:
Statements of financial position at
Page 101 and 102:
Consolidated statement of comprehen
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Cash flow statements for the year e
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91 Overview 1 Accounting policies c
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93 Overview 1 Accounting policies c
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95 Overview 2 Segmental reporting 2
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97 Overview 4 Staff costs and numbe
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99 Overview 10 Earnings per share P
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101 Overview 13 Goodwill and other
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103 Overview 13 Goodwill and other
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105 Overview 17 Deferred tax assets
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107 Overview 21 Obligations under f
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109 Overview 27 Employee benefits P
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111 Overview 27 Employee benefits c
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119 Overview 30 Purchase of busines
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121 Overview 31 Derivatives and oth
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127 Overview 2006 £000 2007 £000
Page 143 and 144:
Spirax Sarco worldwide Steam specia
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2012 Annual Report - Spirax-Sarco Engineering plc

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