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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Imi Plc | LSE:IMI | London | Ordinary Share | GB00BGLP8L22 | ORD 28 4/7P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 30.00 | 1.62% | 1,881.00 | 1,880.00 | 1,882.00 | 1,884.00 | 1,848.00 | 1,853.00 | 326,233 | 16:29:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Manufacturing Industries,nec | 2.2B | 237.3M | 0.9076 | 20.72 | 4.92B |
From May 2019 to May 2024
TIDMIMI
RNS Number : 2969I
IMI PLC
31 March 2020
31 March 2020
Annual Financial Report of IMI plc (LEI: 2138002W9Q21PF751R30)
IMI plc (the "Company") announces that copies of the Annual Report and Accounts for the year ended 31 December 2019 are available on the Company's website www.imiplc.com and may be viewed and downloaded online at www.imiplc.com/investors (click on Annual Reports). The Notice of Annual General Meeting for 2020 will be available from 2 April 2020 on the Company's website as outlined above.
Hard copy documents will be posted to shareholders who have elected to receive them and are also available from the Company Secretary at the Company's registered office at Lakeside, Solihull Parkway, Birmingham Business Park, Birmingham, B37 7XZ.
Copies of the above documents, together with the form of proxy for the 2020 Annual General Meeting will be submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/nsm on 2 April 2020.
The Company's 2020 Annual General Meeting will be held at the Crowne Plaza Hotel, Pendigo Way, Marston Green, Birmingham on Thursday 7 May 2020, commencing at 10am.
The Company's preliminary results announcement of 28 February 2020 contained a management report as well as the audited financial statements which were prepared in accordance with the applicable accounting standards. The Annual Report and Accounts submitted to the National Storage Mechanism today also contains information regarding the Company's principal risks and uncertainties and a responsibility statement relating to the content of the Annual Report and Accounts (from the Directors in office as at 27 February 2020); an extract of this information is provided below as required under paragraph 6.3.5 of the DTR, however this material should be read in conjunction with and is not a substitute for reading the preliminary results announcement of 28 February 2020.
This announcement should be read in conjunction with and is not a substitute for reading the full Annual Report and Accounts.
There are no related party transactions requiring disclosure.
Page and note references in the text below refer to page numbers and notes in the Annual Report and Accounts.
Statement of Directors' Responsibilities
The following statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to and is extracted from page 101 of the Annual Report and Accounts and is signed by order of the Board by John O'Shea, Company Secretary. Responsibility is for the full Annual Report and Accounts and not the extracted information presented in this announcement or the preliminary results announcement.
Directors' responsibility statement under the Disclosure and Transparency Rules
Each of the directors, as at the date of this report, confirms that:
-- the Group and parent company financial statements in this Annual Report, which have been prepared in accordance with applicable UK law and with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the Annual Report (which includes the Directors' Report and the Strategic Report) includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, together with a description of the principal risks and uncertainties that they face.
Our risk management framework
The Board has overall responsibility for ensuring that we manage our risk exposure appropriately to achieve our strategic objectives and build sustainable shareholder value. This involves assessment of principal risks and emerging risks
The Board determines our risk appetite and monitors and reviews the risk management processes we operate. The Board delegates responsibility for implementing and monitoring internal controls and other elements of risk management to the Chief Executive and the Executive Committee. The Board has also tasked its committees with responsibility for key areas of risk, as follows:
>> oversight of financial reporting, internal financial controls and assurance processes - the Audit Committee;
>> talent and succession risk - the Nominations Committee; and >> remuneration and incentive structure risk - the Remuneration Committee
Our risk appetite
In determining the nature and level of risk we are prepared to accept to achieve our strategic objectives, the Board takes into account a number of factors including our strategic opportunities, the risks that could affect our business and our ability to mitigate their impact. During the year we updated our risk appetite ratings as follows:
Hot Features
Premium
Risk appetite Definition
rating
----------------------------- -----------------------------------------------------
Very No/very low tolerance to risk, regardless of the
Prudent cost of the required controls.
----------------------------- -----------------------------------------------------
Prudent A low risk approach via sufficient and proportional
controls and mitigation, in the knowledge this
will limit any potential reward.
----------------------------- -----------------------------------------------------
Balanced Applied in circumstances where there is a high
chance of success, equal consideration is given
to the achievement of strategic objectives and
potential negative risk impact.
Risk reduction not carried out in instances of
disproportional cost.
----------------------------- -----------------------------------------------------
Receptive Elevated levels of risk accepted in the case of
opportunities that offer improved returns.
----------------------------- -----------------------------------------------------
Very High levels of risk accepted in the case of unproven
receptive or new projects that offer significant returns
or growth potential.
----------------------------- -----------------------------------------------------
How we approach risk management
Across the Group we operate a "top-down, bottom-up approach" to risk management which is illustrated in the graphic below. This approach allows the Board and the Executive Committee to actively assess strategic risks and monitor the measures used to mitigate, transfer or avoid such risks. It also ensures that operational risks are identified and managed at multiple levels and that key risk information is communicated effectively across the Group.
Our risk management process is embedded in all our businesses and is a core element of our strategy review and monthly operational meetings. It provides guidance in relation to the identification, evaluation and management of risks, including emerging risks, which could impact our performance and our ability to implement our strategy.
Strategic risk management Operational risk management process
process
--------------------------------------- ----------- ---------------------------------------
>> Determines risk appetite. Board >> Reviews bi-annually a detailed
>> Reviews principal risks. analysis of the Group's risk profile
>> Monitors and reviews risk including supporting divisional
management processes. data and the actions undertaken.
>> Reviews annually the effectiveness
of the Group's internal controls.
--------------------------------------- ----------- ---------------------------------------
>> Responsible for ensuring Divisional >> Develops bi-annually a detailed
risk management culture is and Group Group and divisional risk profile
integrated across their division Executive which is based on information
and aligned to the Group's uploaded to the Group intranet
objectives. by each manufacturing operation.
>> Determines principal risks This profile analyses each division's
and mitigation strategies. most significant risks and outlines
>> Monitors changes in the mitigation strategies.
risk profile. >> Horizon scans for new emerging
>> Monitors quality and effectiveness risks using a number of mechanisms
of business level risk management including divisional strategic
processes. and monthly reviews and market,
competitor and product developments.
>> Publish risk profiles for each
manufacturing operation to the
Group intranet either once or
twice a year depending on the
operation's risk profile.
--------------------------------------- ----------- ---------------------------------------
>> Operates and monitors an Operating >> Maintains an up-to-date risk
active and effective risk companies profile which identifies the key
management process. risks facing the business, assesses
>> Operates reporting systems mitigating processes and controls,
that increase management ownership operates key performance indicators
and accountability. to validate the effectiveness
of those controls and identifies
areas for improvement.
>> Provides monthly updates on
key risks, mitigation and controls
through incorporation of risk
profile data in monthly management
reporting process.
--------------------------------------- ----------- ---------------------------------------
Our principal risks
The principal risks facing the Group are shown in order of priority in the table below. This analysis covers how each risk could impact our strategy, our risk appetite to the particular risk, how our assessment has changed during 2019 and explains what we are doing to monitor and mitigate each risk area.
Risk, link to strategy Change Risk mitigation including specific
and risk appetite 2019 actions
--------------------------------- ----------------------------- -----------------------------------------
1. Global economic Increased Our divisions ensure their
or political uncertainty IMI Critical continues forecasting processes provide,
The Group operates to face highly whenever possible, early indications
in diverse global markets competitive markets of reduced customer demand
and demand for our and a continued to allow proactive management
products is dependent slow-down in the of plant output.
on economic and sector-specific new construction We have managed the economic
environments. A downturn fossil power sector. instability during the year
in the global or a Whilst still in through restructuring programmes
regional economy, brought a strong position, and footprint changes. IMI
on by economic cycles, IMI Precision has Precision is engaged in a significant
political instability, also seen a decline cost restructuring programme.
health or environmental in markets, particularly IMI Critical is continuing
emergencies, could industrial automation to right-size its business
impact end market demand and predominately and reduce administrative and
and as a result negatively in its largest manufacturing overheads. The
impact revenue and European market. division has also introduced
our ability to deliver IMI Hydronic has a flatter regional management
our strategy and achieve seen some growth structure which will enable
market expectations. opportunities but it to be more efficient and
Link to strategy is operating in agile.
Growth acceleration relatively flat While IMI Hydronic's markets
Commercial excellence markets. are less sensitive to global
Risk appetite Health or climate macro-economic factors, the
Balanced emergencies can division is continuing to challenge
impact regional its cost structure and grow
or global economic market share through commercial
demand and disrupt and technology partnerships
supply and delivery and by focusing on faster growth
chains. adjacent markets (for example
Although the UK radiant heating and control/actuation).
formally exited We maintain a balanced portfolio
the EU in January, operating across a range of
uncertainty remains markets, sectors and geographies
regarding the long-term with no single dependency.
economic arrangements. We undertake enhanced stress
testing and sensitivity analysis
of business plans and regularly
review key market and sector
metrics.
We have fine-tuned our Brexit
mitigation and established,
ahead of the event, Brexit
contingency stock. Developments
are being monitored and further
mitigation actions may be taken
as appropriate.
--------------------------------- ----------------------------- -----------------------------------------
2. Competitive markets Increased We monitor competition risk
Increased competition In 2019 we saw via selected indicators during
in our core markets, a sales downturn the monthly operational reviews
from both existing in the industrial undertaken by each of our businesses.
and new competitors, markets (in particular Our Growth Accelerator programme
including new entrants Industrial Automation (see page 17) aims to create
from markets in decline and Commercial significant customer-pull by
as a result of economic Vehicle) and continued solving industry problems through
slowdown. This could margin pressure applications engineering.
create strong pricing in the Fossil Power Our Value Engineering activities
pressures, potentially sector. in all of our divisions are
resulting in lost sales helping us deliver more competitive
and reduced profits. products.
Link to strategy We continue to develop our
Customer focus market leading applications
Growth acceleration engineering expertise and,
Operational excellence in particular, our Valve Doctors
Commercial excellence in IMI Critical, our Hydronic
Risk appetite College and Engineering Advantage
Receptive teams in IMI Precision.
--------------------------------- ----------------------------- -----------------------------------------
3. Failure to deliver Increased We have deep and extensive
major transformational With the recent restructuring and integration
projects on time and acquisition of expertise.
on budget PBM and the initiation We operate robust and proven
The Group is continually of significant processes to manage and monitor
evolving and taking restructuring programmes, major projects, including setting
opportunities in response project execution clear and measurable milestones
to external conditions risks have increased which are reviewed regularly
and market pressures. in 2019, particularly by our Executive Committee
Our current strategy given the pressure and divisional management teams.
includes large restructuring that these projects Divisional restructuring costs
programmes and complex impose on management and the associated benefits
IT system installations. capacity and resources. are tracked against targets
Failure to deliver on a monthly basis.
the expected objectives Standarised documentation and
on time and on budget, core processes underpin all
could have an adverse IT projects to support efficient
revenue and profit ERP system roll out.
impact on the Group.
Link to strategy
Customer focus
Growth acceleration
Operational excellence
Commercial excellence
Risk appetite
Prudent
--------------------------------- ----------------------------- -----------------------------------------
4. Quality issues leading No change Across our operational platform
to product recall, Inherent risk in we have well embedded Lean
warranty issues, injury, this area has increased Assessment quality improvement
damage or disruption primarily due to programmes, Obeya reviews and
to customers' business the sale of more Advanced Product Quality Planning
Developing innovative products with greater processes. Our most critical
and technologically complexity across projects include extensive
advanced products is a larger geographic testing of the finished product
at the heart of IMI. footprint. If unmanaged and customer sign-off.
The quality and safety this could result IMI Hydronic is focusing on
of our products and in products being developing a smaller number
services is of the sold in territories of new products to ensure its
highest importance without the necessary product development and engineering
and failure to deliver in-depth sales resources are not overburdened.
the quality required support and experience,
could result in negative which could lead
financial and reputational to higher warranty
damage. claims.
Link to strategy However, year on
Customer focus year, the risk
Growth acceleration profile remains
Operational excellence similar due to
Commercial excellence a continuing focus
Risk appetite on product quality
Very prudent and detailed mapping
of our engineering
resources across
our customers and
geographies.
--------------------------------- ----------------------------- -----------------------------------------
5. Failure to integrate No change We have in-house M&A expertise
acquisitions successfully The acquisition and, as highlighted previously,
and deliver the required of PBM (which gives operate a proven structured
synergies us access to the integration process.
Underperforming acquisitions Pharmaceutical The Annual Strategic review
deliver below expectation and Food Processing process helps identify value
synergies and reduced markets) in the enhancing acquisitions which
profit. If material, year was completed would align with the Group's
this can significantly quickly and efficiently. strategy. Once identified,
impact shareholder PBM and divisional a formalised acquisition approval,
value. integration management due diligence and integration
Link to strategy teams are well process is followed. Upon completion,
Growth acceleration resourced and the a detailed 100-day process
Operational excellence integration process is used to ensure adequate
Commercial excellence is progressing resources are in place, progress
Risk appetite well. is on schedule and the identified
Receptive The recent integration synergies (both hard and soft)
of Bimba (which are being realised.
is on track to
deliver its acquisition
case) and the phased
roll out of divisional
ERP systems demonstrates
that we have effective
integration experience
and processes in
place.
--------------------------------- ----------------------------- -----------------------------------------
6. Unauthorised access No change We have a well-developed IT
to our IT systems During 2019, we security strategy, which is
Unapproved access to continued to detect, reviewed monthly. We continue
our IT systems could block and remediate to implement improvements to
result in loss of intellectual threats on an ongoing our IT infrastructure to keep
property, fraudulent basis. These included abreast of new threats.
activity, theft and malware, ransomware, We continue to strengthen our
business interruption. attempted data security baseline through the
As the digital and theft, credential enablement of automated global
security threat environment theft, phishing software updates and automatic
is quickly evolving and external hacking lockdown capabilities. We have
we cannot guarantee attempts. also strengthened our digital
that our actions are The complexity forensic capabilities and remediation
keeping pace with the and the frequency processes in the event of a
constantly evolving of the speculative cyber security incident occurring.
threat environment. attacks observed We regularly test our disaster
Link to strategy increased in 2019, recovery plans to ensure we
Operational excellence although we have have stringent system back
Commercial excellence no evidence that up procedures in place.
Risk appetite we were specifically
Very prudent targeted.
To counter the
increase in threat
activity in 2019
we have continued
the significant
investment in our
detective and preventative
IT measures by:
>> further improving
our Group-wide
Security Operations
Centre ("SOC")
monitoring service,
which operates
24 hours a day;
>> rolling out
a wide programme
of new IT security
protocols across
the Group's infrastructure;
and
>> holding security
compliance workshops
and IT security
awareness programmes
--------------------------------- ----------------------------- -----------------------------------------
7. Failure to comply No change Integrity is a cornerstone
with legislation or We continue to of our culture. It is one of
a breach of our own operate in similar our core values and underpins
high standards of ethical markets as last everything we do. Read more
behaviour year, with no significant about our culture on pages
We have established changes in legislation 26 to 35.
a framework which demands Dedicated resources at both
the highest standards the Group and Divisional level
of ethics and regulatory ensure employees are provided
compliance across all with the necessary training,
of our businesses. guidelines and standard operating
As we expand our operations policies to ensure that everybody
to achieve growth, is aware of the conduct expected
it is essential that from them, in particular in
we maintain these standards. relation to the key risk areas
A breach of legislative of anti-bribery & corruption,
requirements in relation anti-trust and economic & trade
to tax, anti-bribery, sanctions. During the year
fraud and competition our Code of Conduct was updated
law could result in (see page 24).
financial and reputational Each division assesses its
damage. The markets own compliance risk and formulates
in which IMI operates, an annual divisional compliance
particularly in IMI plan which is implemented by
Critical, make the each Division's General Counsel,
risk of regulatory who report to the respective
breach an area of focus. Divisional Managing Director.
Link to strategy Due diligence on third parties,
Customer focus trade sanctions and customers
Growth acceleration are the subject of standard
Risk appetite operating procedures and carried
Very prudent out by the divisions using
Group-wide software. In 2019
around half of the entire workforce
- some 5,635 employees - completed
online training modules on
third party risk via eLearning.
In addition, detailed training
is given to staff in more commercial
roles who have significant
autonomy to contract with customers
and suppliers.
We operate a confidential independent
hotline to report concerns
(see page 25).
--------------------------------- ----------------------------- -----------------------------------------
8. New Product Development No change Each division has a New Product
Failure to deliver While we continue Development strategy which
market leading products, to introduce new is regularly reviewed, with
on time and on budget, products, launches divisional engineering teams
could impact our ability are planned to reporting on the performance
to grow. avoid new product of our existing products and
Link to strategy concentration risk new market or competitor developments.
Customer focus and timed to ensure We implement a robust New Product
Growth acceleration relevant teams Development Process which covers
Commercial excellence have the bandwidth market analysis, design, prototyping,
Risk appetite to deliver effectively testing and costing.
Receptive We have established centres
of design and technological
excellence across our businesses.
Our Growth Accelerator programme,
previously mentioned, is enhancing
our innovation and development
capabilities.
Enquiries to:
John O'Shea Company Secretary Tel: 0121 717 3700 John Dean Investor Relations Tel: 0121 717 3700
End.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSJBMATMTIJBJM
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March 31, 2020 11:45 ET (15:45 GMT)
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