2012 Annual Report - Spirax-Sarco Engineering plc

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Deliver solutions to reduce energy usage through innovative engineering and comprehensive energy audits
Strategies for growth We provide our customers with innovative engineering solutions and products that save energy, improve plant efficiencies and product quality, and achieve regulatory compliance. The Group considers its commitment to new product development as critical to its long-term success. In the last four years, the Group has nearly doubled its R&D investments to accelerate the flow of new products, to extend our current range of products and applications, and open new markets. In 2011, we completed construction of what we believe is the world’s largest and most capable live steam testing facility, with the capacity to generate flows of up to 30,000 kg/hour of saturated steam and work at pressures of up to 110 bar (1,595 psig) – this facility enables us to accelerate product development and comprehensively test new product designs at elevated operating temperatures and pressures. Although we operate R&D development and test centres at several locations around the world, the bulk of our development activities for both steam system products and peristaltic pumps are centred in the UK. This year we introduced our new range of EasiHeat pre-fabricated, hot water delivery systems incorporating our unique SIMS software technology for local and remote monitoring and configuration. The EasiHeat units deliver hot water instantaneously on demand and save significant energy by eliminating the need for our customers to supply continuous heating to maintain a high temperature of large volumes of stored hot water. Our Watson-Marlow pump business launched the Qdos pump containing revolutionary new pumping technology. This new technology significantly extends the lifetime operation of our Qdos peristaltic pumps and improves plant efficiency by eliminating costly downtime and repair of other positive displacement pump types that are being replaced by the Qdos pump. Our highly trained sales and service engineers are increasingly called upon to assist our customers in more comprehensive plant-wide energy audits to reduce their energy and water usage, lower plant emissions and improve overall energy efficiency. Although these audits typically cover the thermal aspects of plant energy usage, we also have capabilities to cover a broader range of energy consumption, including boiler efficiency, plant compressed air usage and HVAC efficiency. Investments made by our customers to improve their energy efficiency typically result in payback periods of less than two years. R&D expenditure £m 2008 5.4 2009 2010 2011 2012 6.7 7.4 9.9 10.1 A reliable solution Spirax Sarco recently supplied two further EasiHeat steam-to-hotwater systems to Doncaster Royal Infirmary, bringing its total to 12, underscoring the hospital’s confidence in the technology’s superior reliability and energy efficiency.
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 and 20: The Business of Solutions We are a
Page 21: Strategies for growth Our understan
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
Page 71 and 72: 57 Overview Important developments
Page 73 and 74:
59 Overview There may be other risk
Page 75 and 76:
61 Overview Appointment of new Exec
Page 77 and 78:
63 Overview 2.1.2 Variable elements
Page 79 and 80:
65 Overview 2.3 Directors’ servic
Page 81 and 82:
67 Overview 3.2 Annual bonus The an
Page 83 and 84:
69 Overview 3.3.2 Awards made for 2
Page 85 and 86:
71 Overview 3.6 Total remuneration
Page 87 and 88:
73 Overview 4.1.2 Spirax-Sarco Engi
Page 89 and 90:
Statement of compliance 75 Overview
Page 91 and 92:
77 Overview COMPLIANCE WITH THE UK
Page 93 and 94:
79 Overview COMPLIANCE WITH THE UK
Page 95 and 96:
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
Page 103 and 104:
Cash flow statements for the year e
Page 105 and 106:
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
Page 117 and 118:
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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