1、Annual Report 2004TM18 OF THE 26 CHINESEPOWER DESIGN INSTITUTES30 MILLION TONNESOF SHIPS PER YEAR AND A MASSIVE 7 OF THE TOP 10SHIPBUILDERS INCLUDING THE TOP 3A PLANT THAT PRODUCES ENOUGH TEXTILE TO CARPET AN AREA THE SIZE OF SWITZERLAND EVERY 36 MONTHSA FLOATING PRODUCTIONFACILITY BIGGER THAN LONDO
2、NS CANARY WHARFA HISTORY OF INNOVATION THATDOMINATES TODAYS ENGINEERING ITTERMINOLOGY AND PRODUCTIONMETHODSNO NONSENSE:ITS AN AVEVA PROJECTFINANCIAL HIGHLIGHTSContentsiChairmans statementiiChief Executives reviewviFinancial review1Directors report5Board of directors6Corporate governance statement8Di
3、rectors remuneration report15Statement of directors responsibilities16Auditors report18Consolidated profit and loss account19Consolidated statement of total recognised gains and losses20Consolidated balance sheet21Company balance sheet22Consolidated cash flow statement23Notes to the financial statem
4、ents47Five year record48Company information and advisors31-Mar-0431-Mar-03Growth000s000sProfit and loss account highlightsTurnoverRecurring revenues23,00020,946 10%Initial licence fees10,0609,196 9%Other sales5,0535,866-14%Total38,11336,008 6%Europe,Middle East&Africa19,53117,375 12%Asia Pacific8,72
5、08,531 2%Americas9,86210,102-2%Total38,11336,008 6%Gross profit25,52522,961 11%Gross margin67.0%64.0%Amortisation of intangible assets267267 software rights352352 Operating profit6,1375,618 9%Operating margin16.1%15.6%Profit before taxation6,1095,580 Earnings per share pence22.6321.46Total dividend
6、per share,paid and proposed pence5.85.6Balance sheet highlightsIntangible assets and software rights(net)3,2903,909 Cash and liquid resources8,7134,930 Shareholders funds:all equity21,57018,582 CHAIRMANS STATEMENTI am pleased to reportanother year of goodperformance withincreased revenue,profitand c