Slide 1: Renishaw plc – 2021 interim results
Renishaw plc – 2021 interim results 04 February 2021
Slide 2: Group revenue analysis
Group revenue analysis Revenue by region Revenue by region 2021 2021 2020 Change at Change at £m £m actual fx % constant fx % EMEA Group revenue 255.1 259.4 -2% -2% 29% APAC Comprising: 49% APAC 125.9 106.8 +18% +16% Americas Americas 54.7 63.6 -14% -9% 22% EMEA 74.5 89.0 -16% -18% Revenue by major
Slide 3: Summary - revenue
Summary - revenue • Metrology revenue was 2% lower at £235.6m • We have seen growth in demand for many of our metrology products, notably in our optical and laser encoder product lines and our machine tool products line • The former have seen good growth due to a continuing recovery in the semicondu
Slide 4: Navigating the pandemic
Navigating the pandemic Our priority continues to be the health and welfare of our employees, their families and our wider communities, and to maintain high levels of service to our customers around the world. • Health: Wide range of COVID-secure working practices to protect against the spread of th
Slide 5: Brexit
Brexit • Warehouses in Ireland and Germany established/expanded • General increase in inventory of certain finished goods and components at sites within the EU and the UK; maintained dynamically in line with required demand • Although some delays at the UK borders for shipments into the EU since 1 J
Slide 6: Fit for the Future strategy
Fit for the Future strategy Our Fit for the Future strategy has been focused on ensuring the business is in good shape for the future, including: Focus and productivity • Additive manufacturing line restructured and focused on multi-laser systems targeted at high potential customers who are taking A
Slide 7: Fit for the Future strategy
Fit for the Future strategy Our Fit for the Future strategy has been focused on ensuring the business is in good shape for the future: Cost control and productivity Headcount • Restructuring and reduction in global headcount Dec 2019 4,871 • Reduced capital expenditure following significant infrastr
Slide 8: Summary (continued)
Summary (continued) • Adjusted profit before tax of £43.4m (2020: £14.3m) • Adjusted operating profit for Metrology of £41.2m (2020: £17.4m); adjusted operating profit of £2.2m for Healthcare (2020: £-1.5m). • Statutory profit was £63.9m (2020: £9.9m). • Our ‘Fit for the Future’ strategy, which comm
Slide 9: Financial summary
Financial summary 2021 2020 Change Revenue £m £m £m % 700 611.5 574.0 600 536.8 510.2 Revenue 255.1 259.4 -2% 500 427.2 332.0 277.3 400 298.7 250.8 300 228.7 Adjusted profit before tax 43.4 14.3 203% 200 279.5 296.7 Restructuring costs 0.0 (2.2) 100 198.5 238.1 259.4 255.1 FV gains/(losses) on ineff
Slide 10: Income statement
Income statement 2021 £m % 2020 £m % Change Adjusted profit before tax bridge Revenue 255.1 100 259.4 100 -2% Cost of sales (90.3) (35) (98.4) (38) -8% Engineering (inc. R&D) (37.7) (15) (46.1) (18) -18% Gross profit 127.1 50 114.9 44 11% Distribution costs (54.3) (21) (65.6) (25) -17% Administrativ
Slide 11: Balance sheet
Balance sheet £m Dec 2020 Dec 2019 June 2020 Property, plant & equipment 257.7 272.3 270.0 Total equity Dec, £m Intangible assets, investments & LT loans 61.6 72.2 62.8 700 625.1 Right of use assets 558.8 589.9 13.5 13.0 12.7 600 Finance leases 490.7 5.3 - 4.8 500 Deferred tax assets 400 370.5 25.8
Slide 12: Cash and bank deposits bridge
Cash and bank deposits bridge Slide 12
Slide 13: Capital expenditure
Capital expenditure 2021 2020 £m £m Capital expenditure £m Capital expenditure 4.8 28.4 40 35 • £4m capital expenditure was spent on plant and equipment to support 30 our manufacturing processes and IT infrastructure. 19.8 25 • The lower spend this year is in line with expectations following signifi
Slide 14: Transforming Tomorrow Together
Transforming Tomorrow Together We make it possible to create the products, materials and therapies that will define our world in the decades to come and touch billions of lives Products Materials Therapies Manufacturing technologies Analytical instruments Medical devices Industrial Position Additive
Slide 15: What will tomorrow look like?
What will tomorrow look like? High-tech solutions for a world of scarce resources Sustainable High-performance Intelligent Personalised Renewable energy, Complex and efficient Electronics, sensors, Customised devices, recycling and reuse, products, delivering ‘big data’ and image-guided ‘net zero’ t
Slide 16: Our Vision
Our Vision To innovate and transform capabilities in manufacturing and healthcare through unparalleled levels of… Precision Productivity Practicality Slide 16
Slide 17: Transforming Tomorrow Together
Transforming Tomorrow Together We make it possible to create the products, materials and therapies that will define our world in the decades to come and touch billions of lives Products Materials Therapies Manufacturing technologies Analytical instruments Medical devices Industrial Position Additive
Slide 18: Technologies for the electronics and semiconductor industries
Technologies for the electronics and semiconductor industries Precision Accurate, intricate production processes, delivering higher product performance and sustainability Photolithography Wafer inspection PCB router Flat panel inspection Application Productivity segment Higher process yields, Front-
Slide 19: Position Measurement Strategy
Position Measurement Strategy Commercial strategy • Focus on winning new accounts with targeted relationship building • Grow the global sales team as necessary to introduce new products Product strategy • Investing to accelerate entry into close- adjacent markets and broaden our product range • Tech
Slide 20: Extensive experience of manufacturing
Extensive experience of manufacturing Shop-floor Robot motion Automated gauging programming control with intelligent process control CMM and In-cycle Multi-sensor gauging probing part verification systems Part and tool setting Machine tool probes Calibration Renishaw Central data connectivity Robust
Slide 21: Key product: FORTiS™ enclosed optical encoder
Key product: FORTiS™ enclosed optical encoder FORTiS™ absolute encoder • Proven absolute encoder technology (RESOLUTE™) within an exceptionally robust enclosed design, providing high-performance measurement in harsh environments • Machining centres; Precision tool grinding; Semiconductor wafer dicin
Slide 22: Outlook
Outlook • The Board remains confident in the long-term prospects for the Group: • strong financial position • high quality of our people • innovative product pipeline • extensive global sales and marketing presence • relevance to high value manufacturing • Whilst the trading environment remains unce
Slide 23: Disclaimer
Disclaimer This document contains statements about Renishaw plc that are or may be forward-looking statements. These forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Renishaw plc. They involve known and unknown risks, uncertainties a