ALGERIA
ANTIGUA
ARGENTINA
AUSTRIA
AUSTRALIA
BAHAMAS
BAHRAIN
BELGIUM
BERMUDA
BRAZIL
BRITISH VIRGIN ISLANDS
BULGARIA
CANADA
CANARY ISLANDS
CAPE VERDE
CHILE
CHINA
COSTA RICA
CROATIA
CYPRUS
DENMARK
DOMINICAN REPUBLIC
ECUADOR
EGYPT
ESTONIA
FINLAND
FRANCE
GERMANY
GHANA
GIBRALTAR
GRAND CAYMAN ISLANDS
GREECE
HONG KONG
ICELAND
INDIA
INDONESIA
IRAN
ISRAEL
ITALY
JAMAICA
JAPAN
KOREA
KUWAIT
LATVIA
LEBANON
LITHUANIA
MALAYSIA
MALDIVES
MALTA
MEXICO
MOROCCO
NETHERLANDS
NETHERLAND ANTILLES
NEW CALEDONIA
NEW ZEALAND
NORWAY
OMAN
PANAMA
PAPUA NEW GUINEA
POLAND
PORTUGAL
PUERTO RICO
QATAR
ROMANIA
RUSSIA
SAUDI ARABIA
SINGAPORE
SLOVENIA
SOUTH AFRICA
SPAIN
SRI LANKA
ST. LUCIA
ST. MAARTEN
SWEDEN
SWITZERLAND
TAIWAN
TAHITI
THAILAND
TRINIDAD
TUNISIA
TURKEY
TURKS AND CAICOS ISLANDS
UKRAINE
UNITED ARAB EMIRATES
UNITED STATES OF AMERICA
UNITED KINGDOM & IRELAND
USVI ST. THOMAS
URUGUAY
VENEZUELA
VIETNAM
ZIMBABWE
 
World leaders in electronics for the marine industry
Raymarine plc Anchorage Park, Portsmouth, Hampshire, PO3 5TD, England.
Tel: +44 (0)23 9269 3611 / Fax: +44 (0)23 9269 4642
Photography courtesy of:
Joe McCarthy, Sealine International Limited, Malo Yachts,
 Nimbus, Hallberg Rassy, Rick Tomlinson, Shutterstock
| RADAR | NAVIGATION AIDS | INSTRUMENTS | AUTOPILOTS | SATELLITE TV | COMMUNICATIONS | FISHFINDERS | SOFTWARE | SYSTEMS |
2007 ANNUAL REPORT AND ACCOUNTS
2007 RA YMARINE ANNU AL REPOR T AND A CCOUNTS Contents
1  Financial Highlights
2  Chairman’s Statement
5 Chief Executive Ofﬁ cer’s Review
8 Financial Review
14 Board of Directors 
16 Corporate Governance Statement
20  Directors’ Remuneration Report
24 Company History
26 Directors’ Report
28 Statement of Directors’ Responsibilities
29 Independent Auditors’ Report to the Members of Raymarine plc 
30 Consolidated Income Statement
31 Consolidated Statement of Recognised Income and Expense
32 Consolidated Balance Sheet
33 Consolidated Cash Flow Statement
34 Notes to the Financial Statements
68 Independent Auditors’ Report to the Members of Raymarine plc 
69 Company Income Statement
69 Company Statement of Recognised Income and Expense
70 Company Balance Sheet
71 Company Cash Flow Statement
72 Notes to the Company Financial Statements
78 Five Year Summary
79 Shareholder Information and Professional Advisers Financial Highlights
1
  Adjusted measures present the results after adding back restructuring costs of £2.5m (2006: £7.8m) and amortisation of other intangible ﬁ xed assets of £1.0m (2006: £0.7m).
2
  EBITA (earnings before interest, tax and amortisation) comprises operating proﬁ t before amortisation of other intangible ﬁ xed assets of £1.0m (2006: £0.7m).
3
  EBITDA (earnings before interest, tax, depreciation and amortisation) comprises operating proﬁ t before amortisation of other intangible ﬁ xed assets of £1.0m (2006: £0.7m) and depreciation 
of property, plant and equipment of £2.9m (2006: £3.1m).
4  
See Note 12.
Actual 
2007
Adjusted
1
 
2007
Actual 
2006
Adjusted
1
 
2006
Revenue (£m) 140.7 140.7 136.5 136.5
Gross proﬁ t (£m) 63.3 63.3 56.2 56.2
Gross margin 45.0% 45.0% 41.2% 41.2%
EBITA (£m)
2
28.1 30.6 16.8 24.6
EBITA margin 19.9% 21.7% 12.3% 18.0%
EBITDA (£m)
3
31.0 33.5 19.9 27.7
Proﬁ t before tax (£m) 23.4 26.9 14.1 22.6
Dividend (p) 10.0p 10.0p 8.75p 8.75p
Earnings per share
4
Basic (p) 21.3p 24.5p 12.5p 20.0p
Diluted (p) 21.0p 24.1p 12.2p 19.6p
1 Raymarine plc Annual Report 2007  Chairman’s Statement
I am pleased to report that for the ﬁ nancial year 2007, the Group 
achieved its proﬁ t expectations and continues to perform well.
A record adjusted basic EPS* of 24.5p, up 22.5%, is great testimony to 
everyone’s efforts in a year that saw the challenges arising from a slow 
down in certain segments of the leisure marine market in the US. Sales 
to the European markets and the new markets in Asia were extremely 
encouraging, with sales to the Rest of the World (RoW) up 19.5% to 
£80.0m.
The performance demonstrated the beneﬁ ts of a broad geographical 
spread of business. Overall revenues rose by 3.1% to £140.7m (2006: 
£136.5m) and adjusted proﬁ t before tax* was up 18.8% to £26.9m 
(2006: £22.6m).
The proﬁ t was supported by strong margin growth, upheld by the 
outsourcing programme which has now settled into a routine process 
within the Group. The strategy of continuing to acquire a number of 
key market distributors has contributed positively to earnings with new 
wholly-owned subsidiaries in Australia, France and Germany. We are 
delighted to welcome not only these companies and their employees 
into the Group, but also those of our largest European distributor, Deck 
Marine SpA, Italy and of our distributor in Finland, NavSystems Oy, the 
acquisitions which we announced this month.
The markets that have remained as independent distributors have 
collectively performed well and continued to build both OEM and 
aftermarket business. Despite the challenges in the US retail market, 
the OEM revenues with the US boat builders have held up extremely 
well, supported by the stronger demand being on larger vessels where 
Raymarine enjoys greater and more complex levels of equipment.
Of the new product launches in 2007, the G Series was the most 
signiﬁ cant addition to the range. The product fully meets the strategy of 
moving to both larger craft and greater system capability. It is our most 
powerful and comprehensive multi-function display product to date 
with extensive systems networking capacity. When coupled to the new 
digital radar, it creates one of the most complete control systems in 
leisure marine electronics. Presentations of the G Series at recent boat 
shows in Europe and the US have resulted in enthusiastic reviews both 
from the press and marine professionals.
Whilst the Board is mindful of the new pressures in world economies, 
it recognises that the fundamentals of the business remain very strong. 
The brand remains pre-eminent in the marketplace. The strategies 
of continuing to build a growing and comprehensive product range 
and driving new markets are supported by the continuing strength of 
OEM demand on growing large boat order books in Europe and Asia. 
It is the Board’s view that current trading is in line with expectations 
and the outlook for 2008 remains positive. It is therefore with this 
conﬁ dence that the ﬁ nal dividend for 2007 is proposed, subject to 
shareholder approval, at 6.63p per share.
The excellent performance of 2007 was only possible through a great 
deal of effort and commitment by everyone in the Group and the 
Board, on behalf of all the shareholders, express their thanks to all 
employees.
Peter Ward
Chairman
25 February 2008
* Calculation of these measures is explained on page 1.
Raymarine plc Annual Report 2007 2 3 Raymarine plc Annual Report 2007  Raymarine plc Annual Report 2007 4 Chief Executive Ofﬁ cer’s Review
Introduction
In the year to 31 December 2007 Raymarine demonstrated that it could 
continue growing its world-wide business to successfully offset a softer US 
market. Group revenues improved by 3.1% to £140.7m from £136.5m in 
2006. In real terms, accounting for the devaluation of the US dollar and 
on a like for like basis (excluding the beneﬁ t of acquisitions), sales grew by 
4.0%.
Throughout 2007 pricing was maintained. Cost of goods fell as the Group 
started to beneﬁ t from the lower cost of labour, overheads and components 
achieved through outsourcing production to Hungary.
As a result of these activities adjusted EBITDA* grew by 21.0% to £33.5m 
and we are pleased to propose, subject to shareholder approval, an 11.4% 
increase in the ﬁ nal dividend to 6.63p per share.
The market
Raymarine supplies electronic navigation, control, safety, communication 
and entertainment equipment for recreational boats throughout the world. 
It is regarded by boaters in all markets as being the premier brand for such 
equipment. Just under two thirds of its products head for the re-equipping 
and refurbishment of power and sail boats through retail, wholesale and 
dealer channels and the rest is delivered either direct or via dealers to 
boatyards for installation into new boats. 
The market can be characterised in the past year in two ways – regionally, 
between US and the Rest of the World and by boat size, mid to large size 
boats against the market for smaller boats.
During 2007 the market outside of the US continued to be driven by robust 
demand for the supply of equipment across continental Europe and the 
emerging markets of Eastern Europe, the Middle East and Asia Paciﬁ c, which 
have different characteristics to the US markets, were particularly strong. 
Across the US, the retail market weakened dealer channels were soft, but 
sales to OEMs grew by 13%.
By boat size, those companies building larger boats (and that includes those 
based in the US) continued to see strong demand. Above 60ft in length, 
builders were claiming business up 10%, above 80ft market estimates put last 
year’s growth at 18%. However, builders of smaller sized boats, most notably 
those in the US, were in a less upbeat mood, seeing downturns in volume and 
in some cases they were consolidating plants.
Acquisitions
In January Raymarine set up its own subsidiary to serve Australia and South 
East Asia thereby replacing the long standing distributor that had represented 
Raymarine in that region for more than 20 years. This acquisition differed 
from the others in that a new organisation was set up from scratch. In March 
the Group acquired SDM Electronique SAS (“SDM”), the sole distributor for 
France, Monaco and Overseas French Territories and in August acquired its 
German distributorship H.E. Eissing KG (GmbH & Co.) (“Eissing GmbH”). 
These have been trading well on the back of excellent and well established 
relationships with boat builders, retailers and dealers. This has proved to be 
invaluable in getting even closer to the customer base and tapping into a 
proﬁ table supply chain. Whilst these are successful organisations with years of 
experience in the sales, marketing and support of marine products, there are 
opportunities for improvement.
At the time of announcing our interim results I commented that I hoped we 
could add other distributorships in time and I was therefore delighted to 
announce on 4 February 2008 the acquisition of Deck Marine S.p.A., (“Deck 
Marine”), the sole distributor of Raymarine products in Italy. Deck Marine, 
which was founded in 1976, employs 15 staff and is headquartered in Milan. 
Alberto Monfrini, current Managing Director of Deck Marine, will remain with 
the company. In addition to Raymarine products, Deck Marine distributes 
a small number of products manufactured by third party suppliers, and will 
continue to do so following the acquisition. 
Deck Marine is the fourth distributorship to be acquired by Raymarine in 12 
months. In Deck Marine we know we are getting a further strong team of 
people with excellent trading relationships and a leading market share in one 
of Raymarine’s key markets. 
In addition to this, on the 25 February 2008 we announced the acquisition of 
the business and assets of NavSystems Oy the sole distributor of Raymarine 
products in Finland. NavSystems operate from a base near Helsinki and 
employs a total of 4 staff. The current Managing Director will work for us for a 
period of time to effect a smooth transition.
We will continue to seek out appropriate opportunities elsewhere.
Trading
With Raymarine having such a strong market presence, its trading mirrors 
the markets’ trends to an extent, although there are always opportunities in 
certain sectors and regions for greater share.
On a like-for-like basis and excluding the beneﬁ t of the acquisitions of 
distributorships, Raymarine business in regions outside of the Americas grew 
by 12.7% in 2007 over 2006. The emerging markets across Eastern Europe 
and the Middle East provided excellent growth at 21% and 19% respectively. 
It is particularly pleasing to record strong performances in the more well-
established regions – Australia and South East Asia grew year on year by just 
over 20% and Southern Europe showed an improvement of just under 19%. 
UK Domestic revenues climbed by 11.6% reﬂ ecting the strength of UK boat 
builders and most signiﬁ cantly gains created in the retail channel. Northern 
Europe excluding the UK fared less well – Holland and Sweden were weaker 
than they had been in previous years and in total this region advanced by 3%.
In the Americas, sales direct to boat builders, accounting for 22% of 
Raymarine’s Americas business, grew by 13% but retailers (19% of business) 
fell by 20% when compared to the prior year. Dealers and wholesalers, who 
were ﬂ at at the half year, shrank by 2.7% by the year end. Sales in the US 
overall fell by 3.9% year on year at constant exchange rates, just marginally 
worse than we reported at the half year stage. Overseas distributors, which 
includes sales to Canada and South America, fell by 5%. This was particularly 
disappointing and these regions must represent an opportunity for growth in 
the future.
* Calculation of these measures is explained on page 1.
5 Raymarine plc Annual Report 2007  Product development
This area continues to be paramount for Raymarine and during the year the 
engineering division went through a change in structure to deliver improved 
efﬁ ciency. Whilst market trends and strength of distribution have an impact on 
Raymarine’s top line growth, new products are capable of having an equally 
signiﬁ cant effect as customers search for advanced technology that meets 
their growing needs. Consumers are tending to purchase or reﬁ t larger boats 
which require devices that can be networked and give conﬁ dence, safety, 
simplicity and improved functionality at sea.
Each year Raymarine spends a large amount of money and time evaluating 
product opportunities and how best to deliver value to the consumer. 
Raymarine is a premium brand and therefore aims its offering at the upper 
level of each sector. With this in mind the product management group 
thoroughly researches and deﬁ nes the product concept and speciﬁ cation 
before handing it over to the largest group of employees – the engineering 
division. Each project takes between 9 months and 18 months for this division 
to deliver and whilst some of the work is outsourced, most of it is insourced 
at Raymarine’s facilities in Portsmouth, UK. During and after completion, 
products undergo thousands of hours of trials and testing in some of the 
harshest conditions available. Raymarine employs a network of trialists 
operating both in man-made environmental chambers and also the deepest 
and roughest oceans of the world.
Early in 2007 the Group launched a number of new products in different 
sectors and aimed at different sized boats – from the smaller A60 combined 
Chartplotter and Fishﬁ nder for boats with centre consoles and open cockpits, 
to the G170 and G190 marine displays for the larger vessel segment. 
Later in the year Raymarine launched the ﬁ rst colour instrument with eight 
user-deﬁ ned data pages offering speed, depth, heading, wind, engine and 
environmental data modes. Two new class D DSC high performance radios 
were added to the communications range and for larger vessels the G 
Series was introduced to accompany the G170 and G190 displays. G Series 
is a complete multifunction helm solution that offers advanced navigation 
visualisation capabilities and versatility. The system features 3D chartplotting 
with embedded cartography pre-installed on a hard disk drive, high deﬁ nition 
digital radar utilising, digital signal processing for improved target detection, 
networked video for accessing remote cameras, DVD and satellite television 
plus remote dedicated wired and wireless keyboards. All this gives Raymarine 
a distinct edge over its competitors and helps consolidate its global, market 
leading position.
Supply chain 
We continue to reap beneﬁ ts in product cost, yield and manufacturing quality 
from the successfully completed outsourcing project. Whilst we manage and 
own all critical design work from the UK, we commission the manufacture 
of these products to our partners around the world. Approximately 90% of 
products are sourced from Hungary, with most of the remainder coming from 
Mexico and Asia. 
Service levels to our world-wide customer base, measured by the daily 
fulﬁ llment of orders, improved throughout the year but with it inventory levels 
rose. Some of the increases are as a direct result of acquiring distributors, but 
stock turns can be much improved through better forecasting, logistics and 
inventory control and we will be focusing on this in the months ahead. At the 
end of the year we moved to a new warehouse and hub in the Netherlands 
and expect to serve most of Europe direct from this third party controlled 
facility. The Americas have for some time held inventory in a 
single strategically located hub in the US. A new hub has very recently been 
established in Australia to serve South East Asia.
Delivery to our customers, many of whom hold little stock and who are 
refurbishing and building new boats on a ‘just-in-time’ process, is a key metric 
by which we and our competitors are measured. 
People
The strength of Raymarine lies in its people. There are many long serving 
employees who have extensive knowledge within the marine industry and 
also newcomers who bring a wider experience from outside. Together they 
provide Raymarine with a unique ability to focus directly on a single brand 
aimed at one market. This year, as in previous years, they have worked 
tirelessly to deliver exceptional results in a challenging environment. As well 
as wanting to thank everyone for their efforts, I would also like to welcome 
new colleagues in Australia, France, Germany, Italy and Finland.
Outlook
As in previous years, Raymarine has a large number of new products 
scheduled for launch in 2008. Many of those expected to have the largest 
impact will be launched in the ﬁ nal quarter of the year.
We expect trading in the current year to be in line with expectations. We are 
forecasting that the US market will remain ﬂ at and that the regions outside 
the US will continue to grow in much the same way as they did last year. 
Builders of mid to large boats are reporting healthy orders.
Taking together the resilience of our overall spread of markets and the 
introduction of more attractive products to complement the existing, excellent 
range of new products, we are able to look forward to the future with 
conﬁ dence.
Malcolm Miller
Chief Executive Ofﬁ cer
25 February 2008
Raymarine plc Annual Report 2007 6 7 Raymarine plc Annual Report 2007  Year Ended 31 December
2007
(£’000)
2006
(£’000)
Increase 
%
Revenue 140,690 136,490 4.0%**
Gross proﬁ t 63,326 56,232 12.6%
Gross margin 45.0% 41.2% 9.2%
Adjusted EBITA* before foreign exchange 30,604 24,175 26.6%
Adjusted EBITA* margin before foreign exchange 21.7% 17.7% 22.8%
Foreign exchange (losses) / gains (36) 469 n/a
Restructuring costs (Note 5) (2,507) (7,823) n/a
Finance costs (net of ﬁ nance income) (3,670) (2,005) 83.0%
Proﬁ t before taxation 23,411 14,091 66.1%
Adjusted proﬁ t before taxation
*
26,898 22,639 18.8%
Adjusted effective tax rate 25.1% 26.8% n/a
Basic EPS 21.3p 12.5p 70.4%
Adjusted EPS (basic)* (Note 11) 24.5p 20.0p 22.5%
Net debt 59,964 43,632 37.4%
Financial Review
2007 has been a year of success and progress for Raymarine with 
proﬁ ts once again showing a substantial increase on the prior year. 
These results mark the fourth successive year of proﬁ t growth since the 
ﬂ otation of the Company. Earnings per share increased by 22.5% to 
24.5p (adjusted basic EPS*). The Board is proposing a full year dividend 
of 10p per share, an increase of 14.3%, in recognition of the growth in 
earnings. A summary of the 2007 results is set out below.
Results summary and sales
Revenue was £140.7m (2006: £136.5m) a nominal increase of 3.1%. 
Underlying this, however, reported sales have been suppressed by 
the weakness of the US Dollar while having been increased by the 
acquisitions made during the year. Like-for-like sales after adjusting for 
these two factors was 4.0% up on last year. At the time of the interim 
results the Group reported that US sales were not achieving the rate 
of growth that had originally been anticipated for the year. For the 
full year, sales in the Americas were down by 3.9% in Dollars and in 
the US down by 3.6%. Across the Rest of the World sales have been 
strong, offsetting the US weakness, and growing by 19.5% overall or 
by 12.7% when the contribution of the new acquisitions is removed. As 
remarked elsewhere the strength of sales into boat builders has been a 
signiﬁ cant feature of sales in all territories and reﬂ ects the positioning 
of Raymarine’s product portfolio, which is largely focused from the 
mid to upper end of the market where demand is more resilient. Sales 
to the Americas were $120.6m (2006: $125.5m). Sales to the Rest of 
the World were £80.0m (2006: £67.0m) of which the newly acquired 
distributorships contributed £4.6m (2006: £nil). The weakness of the 
Dollar against Sterling, which reduced reported sales by £6.1m 
compared to last year, has not had any negative effect upon the 
reported proﬁ ts of the Group due to its natural hedging of the Dollar 
(see below for more details).
Adjusted EBITA* before foreign exchange was £30.6m (2006: 
£24.2m) an increase of 26.6%. The increase in proﬁ ts is mainly 
attributable to the growth in sales, the reduction in costs resulting 
from the outsourcing project, and the ﬁ rst time contribution from the 
acquisitions.
The outsourcing of production to Hungary, a project that has taken 
up a great deal of management resource since its announcement in 
2005, was successfully completed during the year. The beneﬁ ts are now 
showing through as expected and the project was completed at a cost 
very close to the original estimates.
The Group’s ﬁ nance charges after interest received rose to £3.7m 
(2006: £2.0m), reﬂ ecting the higher average level of net debt 
throughout the year brought about by a number of factors discussed 
below, including the purchase consideration for the acquisitions. 
Adjusted proﬁ t before tax was £26.9m (2006: £22.6m) an increase of 
18.8%. The statutory proﬁ t before tax was £23.4m (2006: £14.1m) 
an increase of 66.1%. Proﬁ ts were charged to tax at an adjusted 
underlying rate of 25.1% (2006: 26.8%). Adjusted basic earnings per 
share* were 24.5p (2006: 20.0p) an increase of 22.5%. 
At 31 December 2007 net debt stood at £60.0m (2006: £43.6m).
* Calculation of these measures is explained on page 1.
** Sales growth adjusted to remove the effect of acquisitions and Dollar exchange rate movements.
Raymarine plc Annual Report 2007 8 Gross margins
Gross proﬁ t was £63.3m (2006: £56.2m) an increase of 12.6%. Gross 
margin percentage increased to 45.0% from 41.2%. The principal gain 
in gross margin has come largely from the lower cost of goods sold 
due to the outsourcing of production to Hungary. This was offset to a 
degree by the need to increase the charge in respect of the provision 
for warranty to reﬂ ect a rise in the running rate of warranty costs to 
3.1% from 2.6%, and also a small increase in inventory provisions 
against a non-outsourced item. Product warranty is a signiﬁ cant cost 
for Raymarine as the Group provides warranties extending up to three 
years and featuring repair or replacement on board. The increase in 
warranty costs is in contrast to a decrease in 2006. However, had it 
not been for the rise in warranty costs and inventory provision, the 
gross margin percentage would have risen to 45.8%. Freight costs 
remained at similar levels to 2006 having been budgeted to reduce. It 
is anticipated that the desired savings in freight will be realised in 2008 
following a review of logistics arrangements and the opening of a new 
distribution hub in Holland. This combined with the full year effect of 
the outsourcing beneﬁ ts should ensure that the Group’s gross margin 
percentage increases further in 2008.
Research and development
Raymarine’s sales and marketing strategy is based upon a signiﬁ cant 
level of new product introductions each year. There is a very strong 
link between the percentage of new products brought to market and 
sales growth. A high level of investment in new product development 
(R&D) is the key to continuing success in this activity and Raymarine 
has been steadily increasing its investment in R&D since its ﬂ otation 
in 2004. Cash expenditure on R&D rose to £15.1m (2006: £12.6m) 
and under IAS 38 the amount capitalised was £9.9m or 65.3% of total 
spend (2006: £7.9m or 63.0%). Capitalised R&D is amortised over 3 
years once development is complete. The amount amortised or impaired 
was £3.6m (2006: £3.6m). The total charge to the income statement 
in respect of R&D was £8.9m (2006: £8.3m). At 31 December 2007 
the amount of capitalised development expenditure held in the 
balance sheet was £18.0m (2006: £11.7m) or 49.8% (2006: 40.0%) 
of the R&D expenditure of the last three years. Amortisation of these 
development costs is charged as part of the expense described on the 
income statement as “Research and Development” and the cost is 
included in EBITA (earnings before interest, tax and amortisation) while 
the amortisation of intellectual property rights (know-how, patents 
and customer relationships) is included within “Amortisation of other 
intangibles” and excluded from EBITA (see Note 6).
Restructuring costs
Restructuring costs relate to the outsourcing of production from the 
Group’s factory in the UK to a facility of Flextronics in Hungary. This 
large project was commenced in 2005 and was brought to a successful 
conclusion in 2007. It is pleasing to report the total cumulative non-
recurring costs of the project amounted to £21.2m compared to the 
original announced estimate of £21.0m. The restructuring cost in the 
2007 income statement was £2.5m (2006: £7.8m), which was incurred 
on the ﬁ nal engineering costs, the transfer or write-off of residual 
assets, property costs and redundancies as detailed in Note 5 to the 
accounts. Cash expenditure on outsourcing incurred during the year 
was £3.3m (2006: £10m). The Board expects a high proportion of the 
outsourcing costs will be allowable expenses for taxation. Many of the 
beneﬁ ts from the outsourcing were available for part of 2007 only and 
will have full year effect in 2008 providing a further enhancement of 
gross margins.
Finance costs and interest
Net interest payable was £3.7m (2006: £2.0m). The rise reﬂ ects the 
lower level of average net debt in the prior period and the subsequent 
rise in net debt due to the acquisition of three distributorships, the 
completion of the restructuring project, the buying in to treasury of 
Raymarine’s own shares, plus the increases in R&D, dividend payments, 
tax and inventories. The net interest charge after interest income was 
covered 9.1 times (2006: 13.9 times) by adjusted EBITDA* and 8.3 
times (2006: 12.3 times) by adjusted EBITA*. These ratios show the 
liquidity of the Group and its strong underlying cash position.
Current borrowing costs are based on the total level of net debt on a 
ratchet which runs between 50 and 115 basis points over LIBOR for 
the currency in which the borrowings are drawn. Net interest consists 
of interest cost of £4.0m (2006: £2.5m) less interest income of £0.4m 
(2006: £0.1m). In addition there were foreign exchange losses on 
borrowings of £0.1m (2006: gain of £0.4m). Full details are provided in 
Notes 8 and 9 to the accounts. All the Group’s borrowings are currently 
at variable rates of interest.
Taxation
The charge for taxation was £5.9m (2006: £3.8m) giving an adjusted 
effective tax rate before amortisation of intangibles of 25.1% (2006: 
26.8%). The charge has been reduced by £0.9m (2006: £2.3m) for a 
tax credit in respect of the outsourcing costs as detailed in Note 10 to 
the accounts.
Earnings per share
Basic earnings per share (EPS) were 21.3p (2006: 12.5p) an increase of 
70.4%. This comparison is distorted by the effects of the outsourcing 
costs. Adjusted basic EPS increased by 22.5% to 24.5p (2006: 17% 
increase to 20.0p). Adjusted fully diluted EPS was 24.1p (2006: 19.6p) 
an increase of 23%. The small amount of dilution relates to the effect 
of the LTIP management incentive plan by assuming the full vesting of 
these awards.
Dividends
Subject to shareholder approval at the Annual General Meeting a ﬁ nal 
dividend of 6.63p per share (2006: 5.95p) will be paid on 30 May 2008 
to shareholders on the register of members at the close of business on 
2 May 2008. The cost of this ﬁ nal dividend of £5.5m (2006: £4.9m) will 
* Calculation of these measures is explained on page 1.
9 Raymarine plc Annual Report 2007  *  Calculation of these measures is explained on page 1.
not be recognised in the accounts until it is approved by the members. 
Combined with the interim dividend already paid of 3.37p (2006: 2.8p) 
this amounts to a dividend for the full year of 10.0p (2006: 8.75p) an 
increase of 14.3% over the prior year and is intended to reﬂ ect the 
increase in earnings, the Group’s cash position and future prospects. 
The full year dividend is covered 2.4 times by adjusted basic earnings* 
(see Note 11).
Acquisitions
During the year the Group acquired three of its distributors and shortly 
after the year end was successful in acquiring a further two more. 
These acquisitions are not only ﬁ nancially accretive transactions, but 
also facilitate greater control and investment over the marketing of 
Raymarine’s products. In the majority of instances Raymarine has been 
successful in retaining the local management team who have built 
these businesses up.
The inventory, goodwill and undertaking of the Raymarine 
distributorship for Australia and South East Asia was acquired on 23 
January 2007 from Oceantalk Australia Pty. SDM Electronique SAS, the 
distributor of Raymarine for France, Monaco and the Overseas French 
Territories was acquired on 31 March 2007. Raymarine acquired on 17 
August 2007 its German distributorship H.E. Eissing KG (GmbH & Co). 
The activities of these distributorships consist mainly of the distribution 
of Raymarine products augmented by the sale of a limited number of 
other, complimentary, marine products.
The consideration for all these acquisitions has been paid in full in cash 
during the year. The consideration in respect of Raymarine Australia Pty 
was £0.8m before transaction costs of £0.4m. SDM was acquired for an 
enterprise value of £6.4m when taking into account net cash balances 
of £0.7m within the company and before transaction costs of £0.4m. 
Eissing was acquired for £1.5m before transaction costs of £0.5m.
The proﬁ t before tax contributed by the acquisition of SDM for the 
last nine months of the year was £1.4m and the acquisition of Eissing 
contributed £0.2m for the last 4 months. The acquisition of Raymarine 
Australia differed from the others in that a new organisation was set 
up from scratch, which then had the acquired rights to the Raymarine 
distributorship agreement transferred to it. 
On 4 February 2008 Raymarine announced that it had acquired Deck 
Marine SpA for a cash consideration of up to a maximum of €25m 
subject to completion accounts. In its year to 31 December 2006 
Deck Marine’s proﬁ ts before tax were €5m and its gross assets at 31 
December 2006 were €10.7m. The Managing Director of Deck Marine 
joins Raymarine following the acquisition.
On 25 February 2008 Raymarine announced it had agreed to acquire the 
assets and business of NavSystems Oy for a cash consideration of a maximum 
of €5m subject to completion accounts. Turnover for the year to 31 
December 2007 was €4.4m and EBIT for the same period was €1.2m proﬁ t.
Cash ﬂ ow and net debt
The group has a strong balance sheet backed by a 5 year multi-currency 
borrowing facility of $185m committed until November 2009. 
Adjusted EBITDA* before restructuring cost was £33.5m (2006: 
£27.7m), an increase of 21.0% and equivalent to 23.8% (2006: 
20.3%) of sales revenues.
Operating cash ﬂ ow after exceptionals but before movements in 
working capital was £35.8m (2006: £20.7m), an increase of 73.2%. 
Cash generated by operations after exceptionals was £30.3m (2006: 
£15.7m), an increase of 93.0%. Free cash ﬂ ow (before exceptionals, 
share buy-backs, acquisitions and dividends, but after capital 
expenditure, R&D spend, interest and taxation) was £10.6m (2006: 
£8.8m). The increase of £1.8m is accounted for by the increase in 
2007 above 2006 in respect of the operating proﬁ t of £5.7m together 
with the move in provisions of £2.4m, offset by the increase in the 
movement in capitalised R&D held in the balance sheet of £2.0m, 
and increases in the outﬂ ows in respect of capital expenditure £0.6m, 
taxation £1.7m and working capital £1.3m. Operating cash ﬂ ow 
and notes to the cash ﬂ ow statement are detailed in Note 30 to the 
accounts.
Net debt increased during the year to £60.0m from £43.6m, a rise 
of £16.4m against an adjusted EBITDA* of £33.5m. Of this increase 
£10m (2006: £nil) was spent on acquisitions, £5.3m (2006: £nil) on 
buying Raymarine’s own shares, £3.3m (2006: £10m) on non-recurring 
outsourcing costs, and dividend payments of £7.7m (2006: £6.5m) 
were made; capitalised R&D increased £2.0m (2006: £4.3m), capital 
expenditure was £5.0m (2006: £4.2m), tax payments £5.1m (2006: 
£3.4m), interest payments £3.2m (2006: £2.3m), and working capital 
increased by £4.8m (2006: £3.5m). The increase in working capital 
was largely due to an increase in ﬁ nished goods inventories in order 
to ensure high service levels to customers. Net debt was increased by 
£0.7m (2006: £2.5m decrease) by foreign exchange rate movements. 
This increase was on Euro borrowings drawn down to naturally hedge 
the Group’s Euro assets represented by its holdings in its French and 
German subsidiaries.
Net debt consists of bank loans of £68.9m (2006: £45.2m) plus 
obligations under ﬁ nance leases of £0.2m (2006: £0.5m) less cash and 
cash equivalents of £9.1m (2006: £2.1m). 
Capital expenditure
Capital expenditure was £5.0m (2006: £4.2m). This was mainly incurred 
on ﬁ xtures, ﬁ ttings, tools and equipment, as was the case last year, 
plus “assets in the course of construction”, which refers to engineering 
test equipment and IT systems. The Group’s business is not a capital 
intensive one outside the research and development of new products, 
which is the Group’s dominant channel of organic investment. Through 
acquisitions tangible ﬁ xed assets with a net book value of £0.1m 
(2006: £nil) were added to the Group. Disposals and write-offs were 
£0.2m (2006: £1.8m) at net book value.
Raymarine plc Annual Report 2007 10 11 Raymarine plc Annual Report 2007  Raymarine plc Annual Report 2007 12 Financial instruments and risk management
The Group does not enter into speculative ﬁ nancial transactions and 
uses ﬁ nancial instruments for certain risk management purposes only.
The Group’s transactions are entered into in several different currencies. 
The most signiﬁ cant of these by far are in US Dollars and relates to 
sales receipts, disbursements on procurement (including those from its 
outsourcing partner Flextronics) and trading expenses incurred within 
the US. In this way the Group attempts to hedge naturally its exposure 
to the US Dollar. It is Raymarine’s policy to keep under review the 
requirement for covering any remaining currency exposures through 
forward exchange contracts. In 2007 the Group had a net outﬂ ow 
of US Dollars and this exposure was hedged during the year through 
forward contracts. It is expected that in 2008 the Group’s US Dollar 
disbursements will again exceed its US Dollar inﬂ ows.
Following the acquisition of two European distributorships and one 
based in Australia the Group now has a signiﬁ cant net inﬂ ow in Euros 
and to a lesser extent in Australian Dollars. These are also expected to 
continue into 2008. Again the Group covers these exposures well in 
advance through forward foreign exchange contracts. 
The Group keeps under review the appropriateness of ﬁ xing interest 
rates on its borrowings, although at 31 December 2007 all debt was at 
ﬂ oating rates in light of the very high degree of interest cover from cash 
ﬂ ow and earnings.
Foreign exchange
Under the policy described above of hedging its trading exposures 
to foreign currencies the Group had 25 (2006: nil) foreign currency 
forward contracts in place at 31 December 2007. Details are set out in 
Notes 19 and 27 to the accounts.
The results of the Group’s subsidiary in the United States, Raymarine 
Inc, have been translated at an average rate of £1:$1.99 (2006: 
£1:$1.81). The period end rate was £1:$2.00 (2006: £1:$1.96). 
Although the depreciation of the US Dollar has reduced the reported 
sales, it has had no material effect on the reported proﬁ t due to 
Raymarine’s naturally hedged position.
Pensions
The Group does not operate any deﬁ ned beneﬁ t pension plans nor 
does it have any liabilities under any past plans of this type. There is a 
deﬁ ned contribution pension scheme for all the employees in the UK.
Share capital and shareholders’ funds
The Group had 82.8m shares in issue at 31 December 2007 (2006: 
82.8m). During the year the Group bought 1.9m (2006: nil) of its 
own shares and transferred these to be held as treasury shares. The 
weighted average price paid by the Group for these shares was 275p 
per share. The treasury shares will not receive any payments of dividend 
and are excluded from the calculation of earnings per share. Although 
the buying in of these shares recognises the Group’s low level of 
net debt it is the Group’s intention to hold these shares for possible 
future use in the award of management incentive plans which vest in 
Raymarine shares. 
The Company’s shareholders’ funds totalled £33.2m (2006: £20.0m), of 
which £28.3m (2006: £15.4m) are distributable reserves.
Raymarine shares (London Stock Exchange symbol RAY), which were 
listed in December 2004 at 152p, were 292p on 31 December 2007 
(2006: 472p).
Tony Osbaldiston
Finance Director
25 February 2008
*  Calculation of these measures is explained on page 1.
13 Raymarine plc Annual Report 2007  Malcolm has over 25 years 
experience in the consumer 
electronics industry. He was Chief 
Executive Ofﬁ cer of Pace Micro 
Technology plc from 1997 to 2002, 
and was formerly Chief Executive 
Ofﬁ cer of SEGA Europe from 1994 
to 1997. His earlier career was 
with Amstrad plc, culminating in 
appointment as Managing Director. 
Malcolm joined Raymarine as Chief 
Executive Ofﬁ cer in January 2003. 
He is currently a Non-Executive 
Director of Avis Europe plc and Non-
Executive Chairman of Radioscape 
plc. Malcolm has a BA in Business 
Studies from the University of 
Westminster.
Tony is a Chartered Accountant who 
has followed a career in ﬁ nancial 
management with publicly quoted 
companies. He has been Finance 
Director of both Max Factor UK 
Group (cosmetics) where he was 
employed between 1985 and 1989 
and Volvo Car UK Ltd where he 
was employed between 1989 and 
1994. He then joined FirstGroup 
plc in 1995 as Finance Director and 
in 1999 was promoted to Deputy 
CEO and then CEO of FirstGroup 
America. He joined Raymarine as 
Finance Director in August 2004. 
He is currently a Non-Executive 
Director and Chairman of the Audit 
Committee of BSS Group plc. Tony 
has an MSc in Management Sciences 
from Durham University.
Terry started his career with The 
Black & Decker Corporation in 
1984, originally in sales and 
marketing, then moving into general 
management roles. In 1997 he 
joined Vermont American, a joint 
venture of Bosch and Emerson, as Sr. 
Vice President and Corporate Ofﬁ cer. 
In 2000 Terry joined the Polaroid 
Corporation as Vice President 
and General Manager, as well as 
President and Chairman of the 
Canadian company. In December 
2002 Terry was appointed President 
of the Americas (Raymarine Inc.) 
and Head of Global Product 
Management for Raymarine 
worldwide. Terry resigned as a 
director on 1 February 2008.
The Board of Directors
Malcolm Miller 
Chief Executive Ofﬁ cer
(52 years)
Tony Osbaldiston
Finance Director
(55 years)
Terry Carlson 
President of Americas & Head of 
Global Product Management
(45 years)
Raymarine plc Annual Report 2007 14 Jim has over 30 years experience 
developing, manufacturing and 
marketing high technology products 
internationally. At Raychem 
Corporation he held a number 
of senior management positions 
in manufacturing and business 
development, serving high growth 
electronics and transportation 
markets and was General Manager 
of the European Wire and Cable 
business. Since 1993 he has been 
an Executive Director of Spectris 
plc, responsible for a number of the 
Group’s precision instrumentation 
and controls companies. He holds a 
BSc (Hons) in Metallurgy from the 
University of Leeds. 
Peter has over 35 years experience 
working within companies which 
design, manufacture and market 
products, the majority of which have 
been at board level. He has held 
senior management roles at Peugeot 
SA where he was subsequently 
Managing Director of Motorquip 
Limited. He was Chairman and Chief 
Executive Ofﬁ cer for Rolls-Royce and 
Bentley Motor Cars and Managing 
Director Operations for Vickers plc. 
Peter was also Chairman and Chief 
Executive Ofﬁ cer of Cunard Line. 
He is currently Chairman of TG21 
plc and a Non-Executive Director of 
Hartest Holdings plc.
Stephen has 40 years experience 
in the electronics industry. His 
early career was spent in ﬁ nancial 
management with various 
companies including GEC plc. 
He then moved into general 
management gaining extensive 
experience in international 
operations, strategic planning and 
mergers and acquisitions. In 1985 
he became Managing Director of 
Kam Circuits Ltd, a manufacturer of 
printed circuit boards. From 1989 
until 1999 he was Group Chief 
Executive of Kode International 
plc, the computer and electronic 
components group. Stephen was 
the Senior Non-Executive Director 
of Radstone Technology plc from 
1998 to 2006. He is currently a Non-
Executive Director of Belgravium 
Technologies plc.
Paul joined Deloitte Haskin & Sells 
in 1978, where he qualiﬁ ed as a 
Chartered Accountant in 1981. 
Following a further ﬁ ve years at 
Deloitte Haskin & Sells, he moved 
into industry with a variety of 
roles in ﬁ nance and business 
development. Paul is Corporate 
Development Director and currently 
also Finance Director of Consort 
Medical plc, a medical devices 
manufacturer. From 1991 to 2004 he 
was Business Development Director 
of Spectris plc. Paul was also a Non-
Executive Director of London Bridge 
Software Holdings plc from 1999 
to 2004. He has a BSc in Business 
Economics.
Peter Ward
Chairman
(62 years)
Jim Webster
Non-Executive Director
(57 years)
Stephen Day
Senior Independent 
Non-Executive Director
(62 years)
Paul Boughton
Non-Executive Director
(52 years)
15 Raymarine plc Annual Report 2007  Scheduled 
full Board meetings 
attended
Renumeration 
Committee meetings 
attended
Audit
Committee meetings 
attended
Nomination 
Committee meetings 
attended
Number of meetings in the year 10 4 3 2
Malcolm Miller 10 N/A N/A N/A
Tony Osbaldiston 10 N/A N/A N/A
Terry Carlson 
1
8 N/A N/A N/A
Peter Ward 10 4 N/A 2
Nicholas Turner 
2
311 –
Paul Boughton 8 3 3 2
Jim Webster 10 4 3 2
Stephen Day 
3
2111
Corporate Governance Statement
The following section explains how the Group applies the principles 
and supporting principles set out in Section 1 of the Combined Code on 
Corporate Governance issued in June 2006 (the “Combined Code”).
Compliance with the Combined Code
The Board is responsible for the Group’s system of corporate 
governance and is ultimately accountable for the Group’s activities, 
strategy and ﬁ nancial performance. During the 12 months to 31 
December 2007 Raymarine was outside the FTSE 350, and except 
as noted below, met the provisions of the Combined Code set out in 
Section 1, as applied to smaller companies.
Nicholas Turner held the position of senior independent non-executive 
director until his resignation on 1 May 2007. Please see “Independence 
of non-executives” below for further details. The position of senior 
independent non-executive director was vacant from 1 May 2007 until 
the appointment of Stephen Day on 1 November 2007. As a result 
of the process to recruit a suitable candidate for the position, in this 
respect the Group was non-compliant with the Combined Code during 
this period. 
The Board has a process for monitoring and evaluating its own 
performance, that of its committees and individual directors which 
includes setting speciﬁ c objectives for each committee and individual 
directors and the monitoring of how these objectives are met. A formal 
consultation process with each Board member is in operation, with the 
objective of assessing and evaluating the commitment and contribution 
of each member to each of the committees and to the Board. The data 
collection for 2007 is currently ongoing and its evaluation is expected 
to be completed in the ﬁ rst quarter of 2008. The senior independent 
non-executive director is leading the evaluation of the Chairman taking 
into account the views of executive and non-executive directors.
The Chairman is a member of the Remuneration Committee (which 
is now permitted by the June 2006 version of the Code). The Board 
considers that the Chairman should participate in decisions concerning 
remuneration of the executive directors and that his membership of 
the Committee helps to ensure that the Group’s remuneration policy is 
aligned with its strategic objectives.
Independence of non-executives
The Chairman satisﬁ ed the independence criteria of the Combined 
Code on his appointment and Paul Boughton, Jim Webster and Stephen 
Day are considered to be independent according to the principles of the 
Combined Code. 
Nicholas Turner has been a senior employee of a major shareholder 
for the last four years and whilst the Company believes him to 
be independent, he was not so considered under the rules of the 
Combined Code. Consequently, before he was appointed to the position 
of senior independent non-executive director, the Chairman carried out 
a consultation process with all major shareholders, with the objective of 
obtaining consensus for his appointment. These investors supported this 
nomination. Nicholas Turner resigned as a director on 1 May 2007.
Board and Board committees
Board structure
The Board, as at 31 December 2007, comprised a non-executive 
Chairman, three non-executive directors and three executive directors. 
1
 Terry Carlson resigned 1 February 2008
2
 Nicholas Turner resigned 1 May 2007
3
 Stephen Day appointed 1 November 2007
The directors’ attendance at the scheduled 
meetings during the year ended 31 December 
2007 was as follows:
The Board scheduled ten meetings during the year ended 31 December 2007 and an additional ﬁ ve ad-hoc meetings were convened as necessary 
to deal with urgent matters as they arose.
Raymarine plc Annual Report 2007 16 The posts of Chairman and Chief Executive Ofﬁ cer are held by different 
directors. Clear divisions of accountability and responsibility exist and 
operate effectively for these positions. Peter Ward is responsible for 
the leadership of the Board, setting its agenda and monitoring its 
effectiveness. He ensures effective communication between shareholders 
and the Board. He facilitates both the contribution of the non-executive 
directors and constructive relations between the executive and non-
executive directors. Working with the Chief Executive Ofﬁ cer, he ensures 
the development of a strategy which is supported by the Board as a 
whole. Malcolm Miller, the Chief Executive Ofﬁ cer, is responsible for 
executing the strategy once agreed by the Board.
The Remuneration, Nomination and Audit Committees are comprised 
solely of non-executive directors. Biographies of these directors can be 
found on pages 14 and 15.
Board process
The Board is accountable to shareholders for ensuring that the Group is 
appropriately managed and achieves the strategic objectives it sets. The 
Board discharges those responsibilities through an annual programme of 
meetings, which include the approval of overall budgetary planning and 
business strategy. The Board reviews the Group’s internal controls and 
risk management policies and approves its governance structure and 
code of ethics.
The Board appraises and approves major ﬁ nancing, investment and 
contractual decisions in excess of deﬁ ned thresholds. In addition the 
Board evaluates and monitors the performance of the Group as a whole. 
This includes:
• engaging at Board meetings with the Chief Executive Ofﬁ cer and 
the other executive directors as appropriate on the ﬁ nancial and 
operating performance of the Group and external issues material to 
the Group’s prospects;
•  evaluating progress towards the achievement of the Group’s ﬁ nancial 
and business objectives and annual plans; and
•  monitoring all of the material risks facing the Group.
The Board has a procedure through which the directors are able to take 
independent advice at the Group’s expense in the furtherance of their 
responsibilities. The directors have access to the advice and services 
of the Company Secretary. The Company Secretary is responsible to 
the Board and is available to individual directors in respect of Board 
procedures, ensuring that they are complied with. The Group has 
provided the directors and ofﬁ cers of the Group with appropriate 
insurance cover.
The terms and conditions of appointment of non-executive directors are 
available for inspection at the Company’s registered ofﬁ ce during normal 
business hours and at the AGM.
All new directors are submitted for election by the shareholders in their 
ﬁ rst year. All directors have to submit themselves for re-election at least 
every three years if they wish to continue serving and are considered by 
the Board to be eligible.
The appointment of Stephen Day as senior independent non-executive 
director on 1 November 2007 was made following the required process 
as indicated below with the aid of external professional recruitment 
advisors. Stephen Day also became a member of the Nomination, 
Remuneration and Audit Committees upon his appointment to the 
Board.
Upon appointment all directors, executive and non-executive, receive a 
formal induction programme which includes meeting the other directors 
and key senior executives, visiting site locations and attending formal 
presentations on the Group and its activities.
Training for existing directors is provided on an as needed basis and 
includes site visits, discussions with senior executives on speciﬁ c aspects 
of the business and Board presentations covering such aspects as 
pensions, health and safety issues and regulatory changes. The Board 
regularly assesses the need for directors’ training.
In addition, the Board has established an Audit Committee, a 
Remuneration Committee and a Nomination Committee with formally 
delegated duties and responsibilities, each of which has written terms of 
reference. These terms of reference are available on the website www.
raymarine.com or at the AGM.
The executive operational management team, comprising the executive 
directors and other senior managers, meets weekly.
With the exception of the Audit Committee (of which Peter Ward is 
not a member but can attend by invitation), each Board committee is 
composed of all the non-executive directors.
The Audit Committee
The Audit Committee meets formally at least three times per year 
and otherwise as required. The Audit Committee reviews all matters 
relating to ﬁ nancial controls and internal reporting process, the 
internal control system, the scope and results of external audits, the 
independence and objectivity of the external auditors and keeps under 
review the effectiveness of the Group’s controls and risk management. 
The committee is authorised by the Board to seek and obtain any 
information it requires from any ofﬁ cer or employee of the Group and 
to obtain external legal or other independent advice as is deemed 
necessary. At the invitation of the committee, the Chairman, the Chief 
Executive Ofﬁ cer, the Finance Director, other directors, representatives 
from the ﬁ nance function and the external auditors may attend and 
speak at the meetings. Three meetings of the Audit Committee took 
place during the year ended 31 December 2007.
17 Raymarine plc Annual Report 2007  The Audit Committee is also responsible for evaluating the need for 
an internal audit function. The evaluation and assessment is carried 
out considering the size and complexity of the business and other 
circumstances. Management are currently reviewing informal controls 
in place throughout the Group with a view to formalising procedures 
regarding the internal control function, especially in light of its recent 
overseas expansion.
The committee is also responsible for making recommendations to 
the Board in respect of the appointment, or re-appointment, of the 
Group’s external auditors and, subject to the approval of shareholders, 
recommends to the Board the audit fee to be paid to the external 
auditors. The objectivity and independence of the external auditors is 
considered on a regular basis, with particular regard to the level of non 
audit fees.
The Board has satisﬁ ed itself that at least one member of the Audit 
Committee has recent and relevant ﬁ nancial experience. The Audit 
Committee is chaired by Paul Boughton.
The Remuneration Committee
The Remuneration Committee determines the terms of service 
and remuneration of the Chairman, executive directors and senior 
management. Details of the Remuneration Committee, together with 
a statement of the Group’s remuneration strategy, policy and details 
of directors’ remuneration are set out in the Directors’ Remuneration 
Report on pages 20 to 23. 
 
The Remuneration Committee is chaired by Jim Webster.
The Nomination Committee
The Nomination Committee reviews the structure, size and composition 
of the Board and proposes appointments to and retirement of 
members from the Board and other senior positions. In addition, it 
makes recommendations to the Board on these matters as appropriate 
with the objective of maintaining within the Group’s organisation 
the right balance of skills, knowledge and experience necessary to 
achieve the Group’s objectives. The committee meets formally at least 
twice a year and otherwise as required. Detailed job descriptions are 
provided to the committee for all senior roles. Potential candidates 
must pass a rigorous interview process with the Nomination Committee 
members, and also on occasion, with external advisors, before a 
formal recommendation is made to the Board. When appointing 
a non-executive director, a formal notice is sent clearly stating 
the expectations of the Group with respect to time commitments, 
committee membership and other duties. 
The Nomination Committee was chaired by Nicholas Turner until his 
resignation on 1 May 2007, when the role of Chairman was taken by 
Peter Ward.
Other meetings of non-executive directors
In addition to the above Committee structure, the Chairman and other 
non-executive directors meet quarterly without the executive directors 
present.
Going concern
After making enquiries, the directors have formed a judgment, at the 
time of approving the ﬁ nancial statements, that there is a reasonable 
expectation that the Company and the Group have adequate resources 
to continue in operational existence for the foreseeable future. For 
this reason, the directors continue to adopt the going concern basis in 
preparing the ﬁ nancial statements.
Internal controls
1. Framework
The Board has established procedures to meet the requirements of the 
Combined Code and its related guidance. These procedures, which are 
subject to a regular review, provide an ongoing process for identifying, 
evaluating and managing any signiﬁ cant risks faced by the Group. 
The internal control framework includes central direction, resource 
allocation and risk management of the key activities of research and 
development, manufacturing, marketing and sales, legal, human 
resource, information systems and ﬁ nancial practice.
2. Responsibility
The Board has accountability for reviewing and approving the adequacy 
and effectiveness of internal controls operated by the Group, including 
ﬁ nancial, operational and compliance controls and risk management. 
The responsibility for establishing detailed control and risk management 
procedures within each part of the business (and reporting such to the 
Board) lies with the executive directors. 
3. Control environment
The Board is committed to business integrity, high ethical and moral 
values and professionalism in all of the Group’s activities. Managers 
and employees are required to comply with these principles. There is a 
deﬁ ned organisational structure with clear lines of responsibility and 
delegated authority which allows the Board to plan, execute, control 
and monitor the business in a manner consistent with the achievement 
of the Group’s objectives. The day-to-day business management is 
delegated to the executive directors and senior managers under the 
direction of the Chief Executive Ofﬁ cer. As noted above, the Board 
retains certain key decisions to itself, enabling it to maintain control 
over the key business decision-making processes and signiﬁ cant 
transactions in terms of size, type or risk.
4. Monitoring
The Group prepares all ﬁ nancial information in compliance with 
generally accepted accounting practice. As part of this framework there 
is a comprehensive planning system with an annual budget approved 
by the Board. The results of the operating units are reported monthly 
and compared to the budget together with commentary on 
Raymarine plc Annual Report 2007 18 key variances to forecast, budget and prior year. Forecasts are prepared 
regularly throughout the year. The Group has a ﬁ nancial reporting 
manual detailing the key procedures and controls expectations. Reports 
on internal ﬁ nancial controls, including any reports from the external 
auditors, are reviewed by the Audit Committee.
5. Risk assessment
The Board has taken into account the relevant provisions of the 
Combined Code with respect to risk assessment in formulating the 
systems and procedures in operation within the Group. The Board is 
aware of the need to conduct regular risk assessments to identify any 
deﬁ ciencies in the controls currently operating over all aspects of the 
Group’s activities. The Group conducts formal ongoing risk assessments 
covering all aspects of its business. It will also report by exception 
on any material changes. Once a risk has been identiﬁ ed, the Board 
assesses the probability of its occurrence and potential impact of that 
risk. The Board then reviews the effectiveness of, or puts in place, 
mitigating controls to minimise any impact to the Group.
6. Effectiveness of controls
The Board conﬁ rms that they have reviewed the effectiveness of the 
system of internal control, which has been in operation throughout 
the year, and up to the date of this report in line with the Combined 
Code and the Turnbull guidance. The Board continues to take steps to 
embed internal control and risk management procedures further into 
the operations of the business and to deal with areas of improvement 
which come to management’s and the Board’s attention. The system of 
internal controls is designed to manage, rather than eliminate, the risk 
of not achieving business objectives and can only provide reasonable 
and not absolute assurance against material mis-statement or loss.
Health, safety and the environment
The Group is committed to the health, safety and welfare of its 
employees and recognises that safe operations depend not only on 
technically sound equipment and facilities, but also on competent 
people and an active health, safety and environmental culture. The 
Board regularly considers the Group’s values and standards in this area.
The Group seeks to achieve high standards of environmental practice. 
The Group monitors environmental developments and seeks to 
take appropriate action, including committing appropriate levels of 
capital expenditure, where required. Requests for signiﬁ cant capital 
expenditure are submitted to the Board for approval and subsequent 
reviews are carried out on a regular basis.
The Group’s management is accountable for understanding and 
managing health, safety and environmental risks and in meeting 
health, safety and environmental objectives. The Director of Human 
Resources is responsible for co-ordinating the application of such policy 
and provides a regular update to the Chief Executive Ofﬁ cer. Should 
anything arise of a signiﬁ cant nature, the Chief Executive Ofﬁ cer is 
responsible for advising the Board accordingly. It has been conﬁ rmed to 
the Chief Executive Ofﬁ cer that all obligatory requirements are in place 
and that risk assessments are up-to-date.
Relations with shareholders
The Group recognises the importance of regular communication with 
all of its shareholders. The full Annual Report and Financial Statements 
and the Interim Report are issued to shareholders each year, and are 
published on the Group’s website. These reports are intended to provide 
shareholders and other interested parties with a clear and balanced 
understanding of the Group’s operational performance, prospects and 
its ﬁ nancial results and position.
All investors are kept informed of key business activities, decisions, 
appointments etc. via regulatory news, press releases and the Group’s 
website. There is also regular dialogue with institutional shareholders 
throughout the year and general presentations are made by the Chief 
Executive Ofﬁ cer and Finance Director following the announcement of 
the annual and interim results. Other directors, including non-executive 
directors, attend meetings with major shareholders if requested and 
such meetings have taken place during the year ended 31 December 
2007. A monthly broker report is circulated to the Board, and all 
directors are kept updated with analyst notes and relevant press 
coverage.
All shareholders have the opportunity to put questions to the directors 
at the Company’s AGM, following a report which is made on the 
highlights of the key business developments during the ﬁ nancial year 
under review. The Chairmen of each of the Remuneration, Nomination 
and Audit Committees attend the AGM to answer speciﬁ c questions 
from shareholders. Notice of the AGM is circulated to all shareholders 
at least 21 working days prior to the meeting. Separate resolutions are 
proposed at the AGM on each substantially separate issue. Proxy votes 
are counted on all resolutions and, where votes are taken by a show 
of hands, the proxy results are subsequently announced to the meeting 
and made available on www.raymarine.com.
19 Raymarine plc Annual Report 2007  Directors’ Remuneration Report
Introduction
This report has been prepared in accordance with Schedule 7A to the 
Companies Act 1985 (“the Act”). It outlines the membership of the 
Remuneration Committee (“the Committee”) and explains the various 
elements of the Group’s Remuneration policy together with details 
of directors’ remuneration in respect of the year ended 31 December 
2007. In accordance with the Act, a resolution to approve this report 
will be proposed at the Company’s Annual General Meeting to be held 
on 23 May 2008.
The Act requires the auditors to report to shareholders on the 
information contained in part of this report and to state whether, in 
their opinion, that part of the report has been properly prepared in 
accordance with the Act. This report has therefore been divided into 
separate sections of audited and unaudited information.
The Board considers that the Group has complied throughout the year 
with the requirements of the Combined Code in relation to directors’ 
remuneration.
Unaudited information
Remuneration Committee
The Committee comprises solely non-executive directors and is 
chaired by Jim Webster. Other members of the Committee who served 
during the year were Peter Ward, Paul Boughton, Nicholas Turner and 
Stephen Day. All of the Committee members are independent with 
the exception of Peter Ward (who was independent on appointment 
to the Committee). The Board is responsible for implementing the 
recommendations of the Committee. Its terms of reference are available 
on the Company’s website or direct from the Company Secretary. In 
accordance with the Committee’s terms of reference, no director may 
participate in discussions relating to his own terms and conditions of 
remuneration. By invitation, the Chief Executive Ofﬁ cer, the Director of 
Human Resources and external advisors may attend the Remuneration 
Committee, but are not present when matters relating directly to their 
own remuneration are discussed.
The Committee is responsible for recommending to the Board the policy 
for the remuneration of the executive directors and certain other senior 
managers. It determines the individual total remuneration packages 
of the executive directors, and other senior managers, and the fees of 
the Chairman. It also oversees the design and operation of the Group’s 
share incentive arrangements. 
New Bridge Street Consultants LLP (NBSC) has provided independent 
external advice throughout the year to assist the Committee in 
formulating its recommendations to the Board. NBSC were appointed 
by the Committee and only provide advice to the Group in respect of 
senior executives’ remuneration and employee share schemes generally. 
The Committee met four times during the year ended 31 December 
2007 to consider the employment terms and remuneration of the 
Chairman, executive directors and senior management.
Policy
The key policy objective of the Committee is to secure, motivate and 
retain high calibre executives with the skills and experience necessary 
to direct and manage the affairs of the Group. The Committee aims to 
align its remuneration policies with the Group’s medium and long-
term strategy via a signiﬁ cant proportion of reward being linked to 
performance, and takes account of pay and conditions elsewhere in 
the business when determining executive directors’ remuneration. The 
policy can be summarised as follows:
• a package of pay and beneﬁ ts, commensurate with comparable 
packages by reference to a deﬁ ned group of similar companies;
• an annual performance incentive bonus scheme, providing rewards 
which reﬂ ect the Company’s performance and the contribution of 
individual directors in a particular year;
• long-term performance share awards, which encourage executives to 
drive long-term shareholder value by allowing them to participate in 
the increased shareholder value delivered; and
• a payment of 12% of their base salary towards their pension 
arrangements.
The Committee keeps the general policy on remuneration described 
above under annual review. The Committee’s implementation of the 
remuneration policy is described below.
The Remuneration Committee has introduced a formal policy of 
Shareholding Guidelines which encourages all executive directors to 
build and maintain a shareholding in the Company. These guidelines 
will be linked to the vesting of future awards granted under the 2005 
Performance Share Plan and any other executive share-based incentive 
plan that the Company may operate from time to time. Executive 
directors are encouraged to build and maintain a shareholding 
equivalent in value to no less than their base salary. In order to ensure 
that progress is made towards this target, executive directors are 
requested to retain shares to a value of 50% of the post-tax gain 
under all executive share schemes until the threshold is attained. The 
Committee regularly reviews the operation of this policy.
Base salary and beneﬁ ts
When setting base salaries, consideration is given to the director’s 
experience, performance and responsibilities. Salaries are reviewed 
annually with effect from 1 January. The Committee aims to pay base 
salaries at no higher than a market median level in comparison to 
companies of a similar size and nature. In addition to base salaries, 
executive directors receive beneﬁ ts in kind, comprising the provision 
of a company car or a car allowance, expenses in lieu of relocation (if 
applicable) and life, medical and health insurance.
Raymarine plc Annual Report 2007 20 6 Dec 2004
Value (£)
Raymarine plc
This graph shows the value, by 31 December 2007 of £100 invested in Raymarine  on 6 December 2004 compared with the value of £100 invested in the 
FTSE Small Company Index. The other points plotted are the values at intervening financial year ends.
FTSE Small Cap Index
Total shareholder return
Source: Datastream
31 Dec 2004
0
50
100
150
200
250
300
350
31 Dec 2005
31 Dec 2006
31 Dec 2007
Pensions
The Company provided the executive directors with contributions 
towards pension of 12% of basic salary in 2007. In the case of Terry 
Carlson this was paid into his company pension scheme. For Tony 
Osbaldiston and Malcolm Miller this was paid as a salary supplement 
through the payroll. Following a review of the competitiveness of 
pension policy, these contributions will rise to 15% of basic salary in 
2008.
Annual performance incentive bonus
For 2007, the annual bonus potential was up to a maximum of 100% 
of an executive’s base salary. Bonuses are earned primarily on the 
achievement of operating proﬁ t targets (70% of bonus potential), 
with the remainder payable on meeting speciﬁ c personal performance 
objectives. For 2008, maximum annual bonus potential will remain at 
100%, with 70% based upon operating proﬁ t targets and 30% based 
upon personal performance objectives. 
Long-term incentive plans (LTIP)
Shortly before ﬂ otation the Company adopted the Performance Share 
Plan (PSP) and the Executive Share Option Plan (ESOP). No awards 
under the PSP or ESOP were made to executive directors in 2007. 
Under the PSP , executive directors may be granted an award entitling 
them to ﬁ xed numbers of ordinary shares at the end of a three-year 
period, subject to continued employment and performance conditions 
being satisﬁ ed. In any year, except in exceptional circumstances, awards 
will not be granted to an individual with a value of greater than 150% 
of their annual salary. The Company has adopted a phased grant policy 
and whilst no award was made to directors in 2007, in 2008 it is 
expected that awards may be made over shares worth 80% to 100% 
of an executive’s salary (110% of salary for the Chief Executive Ofﬁ cer). 
Awards over lower percentages may be made to less senior executives.
Awards will be subject to performance conditions determined each 
year by the Remuneration Committee. For the awards to be made 
in 2008, performance will continue to be measured by reference to 
the Company’s total shareholder return (TSR) against the companies 
comprising the FTSE Small Cap Index (over a three-year period from 
the start of the ﬁ nancial year in which an award is made). There is no 
provision to retest the performance condition. A quarter of the award 
vests at median TSR performance, with full vesting at upper quartile TSR 
performance. 
TSR was selected so as to align the objectives of the directors with 
those of the shareholders. 
TSR performance is independently calculated by NBSC and veriﬁ ed by 
the Committee.
Total shareholder return
The graph below shows the total shareholder return for the Company 
since the date of listing compared with the FTSE Small Cap Index. 
The Company is a member of the FTSE Small Cap Index and the 
constituents of this index are used to determine vesting under the 
PSP . Therefore, the Committee considers this is the most appropriate 
benchmark against which the relative performance of the Company 
should be measured.
Since 6 December 2004 Raymarine plc shares have outperformed the FTSE Small Cap Index by 178%.
21 Raymarine plc Annual Report 2007  External appointments
Where Board approval is given for an executive director to accept 
an outside non-executive directorship, unless the appointment is in 
connection with Group business, the individual director is entitled to 
retain any fees received. Two executive directors hold outside non-
executive directorships. Malcolm Miller is a non-executive director 
at AVIS Europe plc (2007 fee: £37,500; 2006: £37,500) and non-
executive Chairman of Radioscape plc (2007 fee: £16,667; 2006 £Nil) 
and Tony Osbaldiston is a non-executive director at BSS Group plc 
(2007 fee: £35,000; 2006: £30,125).
Non-executive directors’ remuneration
The remuneration of non-executive directors is determined by the Board 
within the limits set out in the Company’s Articles of Association. The 
non-executive directors do not participate in the bonus scheme, long-
term incentive arrangements, nor do they receive beneﬁ ts in kind or 
compensation on early termination of their appointment. In the event 
that notice to terminate their appointment is given by either party, there 
is a three month written notice period required.
Dates of original appointment of non-executive directors:
Peter Ward  1 December 2004
Paul Boughton 1 December 2004
Nicholas Turner 28 January 2001 (resigned 1 May 2007)
Jim Webster 16 January 2006
Stephen Day 1 November 2007
The terms of appointment of non-executive directors are documented 
in letters of appointment between the Company and the director. Their 
term of appointment does not extend beyond the date on which they 
are next subject to re-election by shareholders. Stephen Day will offer 
himself for election as a director of the Company at the AGM. His 
appointment is terminable if not re-elected.
Audited information
The remuneration of the directors of the Company is set out in the table 
opposite.
Each non-executive director receives £30,000 per annum by way of 
remuneration, with an additional £5,000 per annum for chairing each 
internal committee.
The executive directors’ Bonus Scheme for the year ended 31 December 
2007 was based on operating performance and achievement (subject 
to a minimum level of ﬁ nancial performance) of the personal objectives 
set at the beginning of the year. Under the terms of the 2007 Executive 
Directors’ Bonus Scheme, the required ﬁ nancial performance thresholds 
were not met and as a consequence no payments will be made for the 
year ended 31 December 2007. 
Performance related bonuses and beneﬁ ts in kind are not pensionable. 
Details of the contributions made by the Company in respect of 
directors under deﬁ ned contribution schemes are set out opposite.
Contract date Term Notice by Company Notice by director
Malcolm Miller 6 December 2004 Rolling 12 months 6 months
Tony Osbaldiston 6 December 2004 Rolling 12 months 6 months
Terry Carlson 6 December 2004 Rolling 12 months 6 months
Service contracts
No executive director has a service contract requiring a notice period from the Company of more than one year. The policy on early termination is to 
provide compensation which reﬂ ects the Company’s contractual obligations. In the event that a notice to terminate the service contract is given by 
either party, the Company may use its sole discretion to pay the executive a sum equal to 120% of his basic salary in lieu of any unexpired period 
of notice. This payment relieves the Company of any liability for ﬁ xed emoluments in any potential termination package.
Details of the executive directors’ 
service contracts are:
Raymarine plc Annual Report 2007 22 Scheme
At 31/12/2006 
Number
Awards granted 
Number
At 31/12/07 
Number
Crystallising dates of 
awards
Name of director
Malcolm Miller
LTIP 2005 194,515 – 194,515 3/5/08
LTIP 2006 93,711 – 93,711 1/4/09
Tony Osbaldiston
LTIP 2005 136,502 – 136,502 3/5/08
LTIP 2006 65,762 – 65,762 1/4/09
Terry Carlson
LTIP 2005 105,052 – 105,052 3/5/08
LTIP 2006 54,974 – 54,974 1/4/09
Salary and fees
£’000
Beneﬁ ts in kind
1
£’000
Performance 
related 
annual bonus
£’000
Pension 
contribution
£’000
Total for the 
year ended 31 
December 2007 
£’000
Total for the 
year ended 31 
December 2006 
£’000
Executive
Malcolm Miller 308 28 – 37 373 645
Tony Osbaldiston 238 32 – 29 299 492
Terry Carlson
2
176 17 – 21 215 429
Kieran Breheny
3
––––– 170
Non-executive
Peter Ward 95 – – – 95 88
Paul Boughton 35 – – – 35 30
Stephen Day
4
6– – – 6 –
Nicholas Turner
5
10 – – – 10 30
Jim Webster 35 – – – 35 29
Total 903 77 – 87 1,068 1,913
Notes: 
1
  The beneﬁ ts in kind relate to fully expensed car beneﬁ t, health and life insurance and expenses in lieu of relocation. 
2
  The emoluments for Terry Carlson were designated and paid in US Dollars. The ﬁ gures have been converted at the average rate of 
 US$1.99 (2006: US$1.81). Resigned as director of the Company on 1 February 2008.
3
  Resigned as director of the Company on 22 November 2006. 
4
  Appointed as director of the Company on 1 November 2007.
5
  Resigned as director of the Company on 1 May 2007.
Share options and incentives
The PSP entitles executive directors and other employees of the Group to be granted awards entitling them to a ﬁ xed number of ordinary shares at 
the end of speciﬁ ed periods, subject to conditions relating to total shareholders’ return being satisﬁ ed. Details of directors’ interests in the schemes 
are as follows:
The remuneration of the directors of the Company is set out below: 
The prices of an ordinary share and the date when the awards were 
made were as follows:
LTIP 2005 3 May 2005   £2.15 
LTIP 2006 1 April 2006  £3.45
Both awards are subject to the performance conditions for PSP awards 
as outlined in the policy section. 
The lowest and highest share prices during the year ended 31 
December 2007 were 199.5p and 490p. The mid-market price of the 
Company’s shares were 471.5p (1 January 2007) and 291.75p (31 
December 2007).
Jim Webster
Chairman of Remuneration Committee
25 February 2008
23 Raymarine plc Annual Report 2007  1923  Raytheon launches ﬁ rst Depth Sounder
1958  Raytheon acquires Apelco
1974  Nautech/Autohelm is formed
1975  British Design Award for the ﬁ rst Autohelm tiller autopilot
1984  Launch of Autohelm ‘keyboard micro’ autopilots, the ﬁ rst cockpit autopilots in the world to employ digital control systems
1988  British Design Award for Autohelm 4000 cockpit-installed wheel autopilot
1989  British Design Award and Silk Cut Nautical Award for the SeaTalk digital communications protocol, linking instruments and autopilots
1991  Launch of Autohelm NavCenter, ﬁ rst generation electronic chartplotter
1992  Integration of GPS technology into SeaTalk navigation, instrument and autopilot control systems
1992  DAME Award for ST2000 tiller autopilot
1996  Imtec Award for Apelco L365 entry-level LCD ﬁ shﬁ nder
  DAME Award for the ST80 Instrument system
1997  Launch of the Pathﬁ nder Radar – ﬁ rst leisure marine radar to be designed and built outside Japan for 15 years.
1999  Launch of High Speed Bus (HSB) protocol integrating high resolution radar and chartplotters
2000  Acquisition of Kiwitech and launch of RayTech PC software packages
  DAME Award for RL80C and RL80CRC 10” colour radar and radar/chartplotter
2001 Raymarine acquires Raytheon’s Recreational Marine Division in a management buy-out backed by Hg Capital
  Launch of Advanced Steering Technology (AST) inboard autopilot course computers
2002  Imtec Award for RayTech Version 4 PC Navigation software integrated with onboard navigation systems
2003  NMEA ‘Best in Show’ HDFI – High Deﬁ nition Fish Imaging
2004  DAME Award for C Series multi-function displays
 NMEA Best in Show Award 2004 for C Series multi-function display
 December 6 – Raymarine plc ﬂ oats on the London Stock Exchange
2005 Motor Boating magazine Best of the Year Awards for E Series High Performance multi-function navigation displays and S1000 
autopilot
 NMEA Best in Show Award 2005 for E Series multi-function display
Raymarine begins outsourcing of manufacturing
2006 SAIL Pittman Award for CAM100 night and day video camera 
 RYA Powerboating Gold Award – Sponsor of the Year
 Raymarine completes outsourcing of manufacturing
2007 SAIL Pittman Innovation Award in Electronics category for LifeTag
 Raymarine Asia Pty Ltd founded
 March – SDM Electronique SAS acquired
 August – HE Eissing KG (“GmbH & Co”) acquired
 Final stage of the outsourcing project completed
2008 February – Deck Marine S.p.A. acquired
   – NavSystems Oy acquired
Company History
Raymarine plc Annual Report 2007 24 25 Raymarine plc Annual Report 2007 
Financial Information Raymarine plc Annual Report 2007 26
Interest at end of year Interest at start of year
Name of director
Peter Ward 50,000 40,000
Malcolm Miller 778,192 778,192
Tony Osbaldiston 145,905 145,905
Terry Carlson 100,400 100,400
Paul Boughton 35,000 26,000
Jim Webster 10,000 5,000
Stephen Day – n/a
Directors’ Report
The directors present their annual report on the 
affairs of the Group, together with the ﬁ nancial 
statements and auditors’ report, for the year 
ended 31 December 2007.
Principal activities
The principal activities of the Group comprise 
the manufacture and marketing of navigation 
equipment within the marine market.
The subsidiaries principally affecting the proﬁ ts or 
net assets of the Group in the year are listed in 
Note 45 to the ﬁ nancial statements.
Business review
A review of the business of the Group is set out 
in the Chairman’s statement on page 2, the Chief 
Executive Ofﬁ cer’s review on pages 5 to 8 and 
the ﬁ nancial review on pages 8 to 13. A list of 
principal risks and uncertainties is given below. 
The ﬁ nancial review also contains the Group’s 
policy and objective in respect of the use of 
ﬁ nancial instruments. Information about the use 
of ﬁ nancial instruments by the Company and its 
subsidiaries is given in Note 38 to the ﬁ nancial 
statements.
Details of signiﬁ cant events since the balance 
sheet date are contained in Note 36 to the 
ﬁ nancial statements.
Dividends
The directors recommend a ﬁ nal dividend of 
6.63p per ordinary share to be paid on 30 May 
2008 to ordinary shareholders on the register 
on 2 May 2008 which, together with the interim 
dividend of 3.37p paid on 28 September 2007, 
would make a total of 10.0p for the year (2006: 
8.75p).
Capital Structure
Details of the authorised and issued share 
capital, together with details of any movements 
during the year are shown in Note 23. The 
Company has one class of ordinary shares which 
carry no right to ﬁ xed income.  Each share carries 
the right to one vote at general meetings of the 
Company.  
There are no speciﬁ c restrictions on the size of a 
holding nor on the transfer of shares, which are 
both governed by the general provisions of the 
Articles of Association and prevailing legislation. 
The directors are not aware of any agreements 
between holders of the Company’s shares that 
may result in restrictions on the transfer of 
securities or on voting rights.
Details of employee share schemes are set out in 
Note 33.
No person has any special rights of control over 
the Company’s share capital and all issued shares 
are fully paid.
Acquisition of the Company’s own 
shares
At the end of the year the directors had authority, 
under the shareholders’ resolution of 18 May 2007, 
to purchase through the market 8,280,546 of the 
Company’s ordinary shares at prices per share 
ranging between £0.01 and an amount equal 
to 105% of the average of the middle market 
quotations of the Company’s ordinary shares as 
derived from the London Stock Exchange Daily 
Ofﬁ cial List for the ﬁ ve business days immediately 
preceding the day on which such share is contracted 
to be purchased (exclusive of expenses paid). This 
authority expires on 23 May 2008.
During the year ended 31 December 2007, 
the Company made on-market purchases 
totalling 1,900,000 of its own ordinary shares 
(nominal value £19,000), representing 2.29% 
of the issued share capital, for an aggregate 
consideration of £5,263,257. These shares have 
been purchased to satisfy future LTIP awards.  
During the year, the Company also transferred 
44,613 shares out of treasury.  At the end of the 
ﬁ nancial year, the Company held 1,855,387 of its 
own shares in treasury. 
Directors’ interests
The directors, who held ofﬁ ce at 31 December 2007, had the following interests 
in the ordinary shares of the company according to the register of directors’ 
interests:
These shareholdings are all beneﬁ cial interests and include shares held by directors’ spouses and other connected persons. No changes took place in the 
interests of directors between 31 December 2007 and 25 February 2008.
The interests of the directors under the long-term incentive scheme of the Company are shown in the Directors’ Remuneration Report.
The Company has made qualifying third party indemnity provisions for the beneﬁ t of its directors which were made during the year and remain in force at 
the date of this report. 27 Raymarine plc Annual Report 2007 
Directors
The directors, who served throughout the year 
except as noted, were as follows:
Peter Ward (Non-executive Chairman)
Malcolm Miller (Chief Executive Ofﬁ cer)
Terry Carlson  (Resigned 1 February 2008)
Tony Osbaldiston (Finance Director) 
Paul Boughton (Non-executive)
Nicholas Turner (Non-executive; resigned 
 1 May 2007) 
Jim Webster (Non-executive)
Stephen Day (Senior independent non-
 executive; appointed 
 1 November 2007)
Company Secretary
Terri Howell (Resigned 2 July 2007)
Ian Day (Appointed 2 July 2007)
As a new appointment to the Board of directors, 
Stephen Day will offer himself for election as 
a director of the Company at the AGM. Paul 
Boughton, who was appointed as a director on 
1 December 2004, will retire at the next annual 
general meeting and will not offer himself for 
re-election.
Biographical details of all directors can be found 
on pages 14 and 15.
Supplier payment policy
The Company’s policy, which is also applied 
by the Group, is to ﬁ x terms of payment with 
suppliers when agreeing the terms of business 
transactions. This is to ensure that the supplier is 
aware of those terms and abides by the agreed 
terms of payment when they have satisfactorily 
provided the goods or services in accordance 
with the terms of contract. Trade creditors of the 
Company at 31 December 2007 were equivalent 
to 27 days’ purchases (2006: 18 days), based on 
the average daily amount invoiced by suppliers 
during the year.
Charitable and political contributions
The Group made no political contributions during 
the year (2006: £nil). Charitable donations 
amounted to £959 (2006: £2,373).
Substantial shareholdings
On 25 February 2008, the Company had been 
notiﬁ ed, in accordance with Chapter 5 of the 
Disclosure and Transparency Rules, of the 
following interests in the ordinary share capital of 
the Company:
Name of holder Number %
AXA S.A. 10,943,863 13.43
Scottish Widows 8,130,983 9.98
Standard Life Investments 6,251,840 7.68
Harris Associates LP 4,272,357 5.24
Aberforth Partners LLP 4,268,982 5.16
Legal & General 3,504,159 4.30
Employees
The Group operates regular team brieﬁ ngs on 
the ﬁ nancial performance, business activities and 
related matters to ensure good communication 
across the workforce. An ‘open door’ policy is 
operated under which any employee may seek 
information from senior management on business 
performance.
Group policy with regard to disabled people is to 
provide equal employment opportunities by giving 
full and fair consideration to their applications 
for employment and continuing employment, 
wherever possible, of employees who become 
disabled and providing suitable opportunities for 
their training, career development and promotion.
The employee share scheme has been running 
successfully since its inception in December 
2004.  It is open to all UK employees and allows 
participants the opportunity to buy shares by 
deduction from their pre-tax salary. In addition, all 
employees are eligible for an annual bonus related 
to the overall proﬁ tability of the Group. Bonus and 
share scheme arrangements for staff in the new 
subsidiaries acquired during the year ended 31 
December 2007 are currently under review and are 
expected to be brought into line with the Group’s 
schemes in due course.
Principal risks and uncertainties
The Board has a proactive approach to risk 
management with the aim of protecting its 
employees and customers and safeguarding the 
interests of the Company and its shareholders.
The Company has speciﬁ c policies in place to 
ensure that risks are properly evaluated and 
managed at the appropriate level within the 
business. A risk assessment exercise is carried out 
across the Group regularly and the outcome is 
reviewed by the Board.
Outlined below is a summary of the key risks 
and uncertainties affecting the Group and those 
activities undertaken to mitigate them.
Product reliability and safety
Raymarine products must be robust and reliable to 
withstand the harsh environments they are used in 
and to aid safety on the water where appropriate. 
Products are designed with this in mind and we 
have invested considerable engineering resource 
to this end. All new product introductions must 
undergo extensive testing, both on and off the 
water, before they are launched to meet our 
rigorous standards.
Product development
The Group focuses considerable resources on 
research and development in the belief that sales 
growth is quite signiﬁ cantly dependent on new 
product introduction. The process of product 
development is often lengthy and has to pass 
through a number of milestones before products 
reach the Group’s “approval to ship” status. At 
various milestones senior executives review the 
product’s anticipated market acceptance, return on 
capital employed and expected margin. The Board 
recognises the importance and risks and receives 
a monthly report on project management and key 
tasks to reach completion.
 
Suppliers
The future revenues of the Group could be 
adversely affected by an interruption of supply 
from our electronics manufacturing service (EMS) 
outsourcing partner for a protracted length of time.  
This risk has been mitigated with the inventory 
held in the distribution channel and the extensive 
business continuity plan in place with our EMS 
partner. This includes utilising spare capacity at 
multiple sites around the world.
The Group is reliant on the continuance of supply 
from sole source component suppliers.  There could 
be a risk to revenue if a sole source supplier was 
not able to supply components for a protracted 
length of time. This risk is mitigated by sourcing a 
second supplier for key components wherever this 
is possible.
Technology and systems
The Group is reliant on certain technologies and 
systems. The business process is aligned with these 
systems and any potential failure could have an 
impact on business operations. To mitigate these 
risks we have a disaster recovery plan in place 
with various back-up procedures and third party 
support.  During 2008 the Group will implement a 
new Enterprise Resource Planning system and this 
will further reduce this risk. Raymarine plc Annual Report 2007 28
Statement of Directors’ Responsibilities
The directors are responsible for preparing the 
Annual Report, Directors’ Remuneration Report 
and the ﬁ nancial statements in accordance with 
applicable law and regulations.
Company law requires the directors to prepare 
ﬁ nancial statements for each ﬁ nancial year. The 
directors are required by the IAS Regulation to 
prepare the group ﬁ nancial statements under 
International Financial Reporting Standards 
(IFRSs), as adopted by the European Union 
and have also elected to prepare the parent 
company ﬁ nancial statements in accordance 
with IFRSs, as adopted by the European Union. 
The ﬁ nancial statements are also required by 
law to be properly prepared in accordance with 
the Companies Act 1985 and Article 4 of the IAS 
Regulation.  
International Accounting Standard 1 requires 
that ﬁ nancial statements present fairly, for each 
ﬁ nancial year the Company’s ﬁ nancial position, 
ﬁ nancial performance and cash ﬂ ows.  This 
requires the faithful representation of the effects 
of transactions, other events and conditions in 
accordance with the deﬁ nitions and recognition 
criteria for assets, liabilities, income and expenses 
set out in the International Accounting Standards 
Board’s ‘Framework for the preparation and 
presentation of ﬁ nancial statements’.  In virtually 
all circumstances, a fair presentation will be 
achieved by compliance with all applicable IFRSs.  
However, directors are also required to:
�  properly select and apply accounting policies;
�  present information, including accounting 
policies, in a manner that provides relevant, 
reliable, comparable and understandable 
information; and 
�  provide additional disclosures when 
compliance with the speciﬁ c requirements 
in IFRSs are insufﬁ cient to enable users 
to understand the impact of particular 
transactions, other events and conditions on 
the entity’s ﬁ nancial position and ﬁ nancial 
performance.
The directors are responsible for keeping proper 
accounting records that disclose with reasonable 
accuracy at any time the ﬁ nancial position of the 
company and enable them to ensure that the 
ﬁ nancial statements comply with the Companies 
Act 1985. They are also responsible for 
safeguarding the assets of the Group and hence 
for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
The directors are responsible for the maintenance 
and integrity of the corporate and ﬁ nancial 
information included on the Group’s website. 
Legislation in the United Kingdom governing 
the preparation and dissemination of ﬁ nancial 
statements may differ from legislation in other 
jurisdictions.
Directors’ Report (continued)
People retention and motivation
To develop, support and market its products the 
Group must employ and retain highly skilled and 
motivated employees with particular expertise. 
The Group’s strategic plans could be undermined 
by failure to recruit or retain key personnel. This 
risk has been mitigated by the implementation 
of a management development programme, 
appraisal process, succession planning, appropriate 
remuneration packages and a rigorous recruitment 
process.
Annual General Meeting
The AGM will be held in the Little Ship Club, Bell 
Wharf Lane, Upper Thames Street, London, EC4R 
3TB on Friday 23 May 2008 at 11am. Notice of 
Meeting is contained in a separate letter from the 
Chairman accompanying this report.
Auditors
In the case of each person who is a director of 
the Company at the date when this report is 
approved: 
�  so far as each of the directors is aware, there 
is no relevant audit information of which the 
Company’s auditors are unaware; and 
�  each of the directors has taken all the steps 
that they ought to have taken as a director to 
make themselves aware of any relevant audit 
information (as deﬁ ned) and to establish that 
the Company’s auditors are aware of that 
information.
This conﬁ rmation is given and should be 
interpreted in accordance with the provisions of 
section 234ZA of the Companies Act 1985.
Deloitte & Touche LLP have expressed their 
willingness to continue in ofﬁ ce as auditors of 
the Company and their re-appointment will be 
put to members at the Annual General Meeting.
Raymarine plc    
Robinson Way
Anchorage Park
Portsmouth 
Hampshire     
PO3 5TD
By order of the Board
Malcolm Miller
Chief Executive Ofﬁ cer
25 February 2008 29 Raymarine plc Annual Report 2007 
Independent Auditors’ Report to the Members of Raymarine plc
We have audited the Group ﬁ nancial statements 
of Raymarine plc for the year ended 31 December 
2007 which comprise the Consolidated Income 
Statement, the Consolidated Statement 
of Recognised Income and Expense, the 
Consolidated Balance Sheet, the Consolidated 
Cash Flow Statement and the related Notes 1 to 
38. These Group ﬁ nancial statements have been 
prepared under the accounting policies set out 
therein. We have also audited the information 
in the Directors’ Remuneration Report that is 
described as having been audited.
We have reported separately on the parent 
company ﬁ nancial statements of Raymarine plc 
for the year ended 31 December 2007.
This report is made solely to the Company’s 
members, as a body, in accordance with section 
235 of the Companies Act 1985.  Our audit work 
has been undertaken so that we might state to 
the company’s members those matters we are 
required to state to them in an auditors’ report 
and for no other purpose.  To the fullest extent 
permitted by law, we do not accept or assume 
responsibility to anyone other than the company 
and the company’s members as a body, for our 
audit work, for this report, or for the opinions we 
have formed. 
Respective responsibilities of directors 
and auditors
The directors’ responsibilities for preparing the 
Annual Report, the Directors’ Remuneration 
Report and the Group ﬁ nancial statements in 
accordance with applicable law and International 
Financial Reporting Standards (IFRSs) as adopted 
by the European Union are set out in the 
Statement of Directors’ Responsibilities.
Our responsibility is to audit the group ﬁ nancial 
statements in accordance with relevant legal 
and regulatory requirements and International 
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the 
Group ﬁ nancial statements give a true and fair 
view, whether the Group ﬁ nancial statements 
have been properly prepared in accordance 
with the Companies Act 1985 and Article 4 of 
the IAS Regulation and whether the part of the 
Directors’ Remuneration Report described as 
having been audited has been properly prepared 
in accordance with the Companies Act 1985. 
We also report to you whether in our opinion 
the information given in the Directors’ Report is 
consistent with the Group ﬁ nancial statements. 
The information given in the Directors’ Report 
includes that speciﬁ c information presented in 
the Financial Review that is cross referred from 
the Business Review section of the Directors’ 
Report.
In addition we report to you if, in our opinion, 
we have not received all the information and 
explanations we require for our audit, or if 
information speciﬁ ed by law regarding directors’ 
remuneration and other transactions is not 
disclosed.
We review whether the Corporate Governance 
Statement reﬂ ects the Company’s compliance 
with the nine provisions of the 2006 Combined 
Code speciﬁ ed for our review by the Listing Rules 
of the Financial Services Authority, and we report 
if it does not. We are not required to consider 
whether the board’s statements on internal 
control cover all risks and controls, or form an 
opinion on the effectiveness of the Group’s 
corporate governance procedures or its risk and 
control procedures.
We read the other information contained in 
the Annual Report as described in the contents 
section and consider whether it is consistent 
with the audited Group ﬁ nancial statements. 
We consider the implications for our report if we 
become aware of any apparent mis-statements or 
material inconsistencies with the Group ﬁ nancial 
statements. Our responsibilities do not extend 
to any further information outside the Annual 
Report.
Basis of audit opinion
We conducted our audit in accordance with 
International Standards on Auditing (UK and 
Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, 
of evidence relevant to the amounts and 
disclosures in the Group ﬁ nancial statements and 
the part of the Directors’ Remuneration Report 
to be audited. It also includes an assessment 
of the signiﬁ cant estimates and judgements 
made by the directors in the preparation of the 
group ﬁ nancial statements, and of whether 
the accounting policies are appropriate to the 
Group’s circumstances, consistently applied and 
adequately disclosed.
We planned and performed our audit so as to 
obtain all the information and explanations 
which we considered necessary in order to 
provide us with sufﬁ cient evidence to give 
reasonable assurance that the group ﬁ nancial 
statements and the part of the Directors’ 
Remuneration Report to be audited are free 
from material mis-statement, whether caused by 
fraud or other irregularity or error. In forming our 
opinion we also evaluated the overall adequacy 
of the presentation of information in the 
Group ﬁ nancial statements and the part of the 
Directors’ Remuneration Report to be audited.
Opinion
In our opinion:
�  the Group ﬁ nancial statements give a true 
and fair view, in accordance with IFRSs as 
adopted by the European Union, of the state 
of the Group’s affairs as at 31 December 
2007 and of its proﬁ t for the year then ended;
�  the Group ﬁ nancial statements have been 
properly prepared in accordance with the 
Companies Act 1985 and Article 4 of the IAS 
Regulation; 
�  the part of the Directors’ Remuneration 
Report described as having been audited has 
been properly prepared in accordance with 
the Companies Act 1985; and 
�  the information given in the Directors’ 
Report is consistent with the Group ﬁ nancial 
statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Southampton, United Kingdom
25 February 2008 Raymarine plc Annual Report 2007 30
Note
Before 
restructuring 
costs
£’000
Restructuring
costs
£’000
Year ended 
31 December 
2007
£’000
Year ended 
31 December 
2006
£’000
Revenue 3
Cost of sales
Gross proﬁ t
Distribution costs
Administrative expenses:
– Research and development 6
– Other administrative expenses
– Amortisation of patents and know-how 13
Restructuring costs 5
Other operating income – foreign exchange gains 245
Other operating expenses – foreign exchange losses (281)
Operating proﬁ t 2,6 29,588
Finance income 3,8
Finance costs 9
Proﬁ t before tax
Tax charge 10
Proﬁ t for the year attributable to 
shareholders of the Company
28
Earnings per share (pence)
Basic 12
Diluted 12
Consolidated Income Statement
Year ended 31 December 2007
All results relate to continuing activities.
140,690
(77,364)
63,326
(12,352)
(8,869)
(11,501)
(980)
(21,350)
–
–
–
–
–
–
–
–
–
(2,507)
–
–
(2,507)
140,690
(77,364)
63,326
(12,352)
(8,869)
(11,501)
(980)
(21,350)
(2,507)
245
(281)
27,081
434
(4,104)
23,411
(5,867)
17,544
21.3p
21.0p
136,490
(80,258)
56,232
(10,998)
(8,329)
(12,730)
(725)
(21,784)
(7,823)
474
(5)
16,096
529
(2,534)
14,091
(3,754)
10,337
12.5p
12.2p 31 Raymarine plc Annual Report 2007 
Note
2007
£’000
2006
£’000
Gains on cash ﬂ ow hedges 27 – 18
Exchange (losses) / gains on translation of foreign currency operations 27
Tax on items taken directly to equity
Net (expense) / income recognised directly in equity
Transfers
Transfer of the initial carrying amount of hedged items on cash ﬂ ow hedges 27
Related deferred tax on transfer to the initial carrying amount of hedged items on cash ﬂ ow hedges 27
Transferred to proﬁ t and loss on cash ﬂ ow hedges 27
Related deferred tax on items transferred from equity 27
Vested awards under the Long-term incentive plan (LTIP) 26
Other adjustments
Proﬁ t for the period 17,544
Total recognised income for the year attributable to shareholders of the parent 29 16,543
Consolidated Statement of Recognised Income and Expense
Year ended 31 December 2007
–
(443)
–
(443)
(935)
281
91
(27)
7
25
18
446
(6)
458
–
–
(399)
120
(152)
–
10,337
10,364 Raymarine plc Annual Report 2007 32
Note
2007
£’000
2006
£’000
Non-current assets
Intangible ﬁ xed assets 13 58,648 44,876
Property, plant and equipment 14 9,708 7,809
Deferred tax assets 20 554 320
68,910 53,005
Current assets
Inventories 15 23,524 16,849
Trade and other receivables 16 24,431 21,674
Cash and cash equivalents 9,095 2,068
57,050 40,591
Current liabilities
Bank overdraft 18 4,049 7,035
Trade and other payables 17 17,880 15,640
Tax liabilities 2,038 2,522
Obligations under ﬁ nance leases 18, 21 150 291
Derivative ﬁ nancial instruments 19 390 –
Short-term provisions 22 5,031 4,273
29,538 29,761
Net current assets 27,512 10,830
Non-current liabilities
Trade and other payables 17 – 220
Bank loans 18 64,789 38,156
Derivative ﬁ nancial instruments 19 432 –
Deferred tax liabilities 20 2,457 786
Obligations under ﬁ nance leases 18, 21 71 218
Long-term provisions 22 2,066 1,836
69,815 41,216
Net assets 26,607 22,619
Equity
Share capital 23 828 828
Share premium account 24 3,305 3,255
Own shares 25 (5,263) –
Equity reserve 26 1,200 859
Hedging and translation reserves 27 (652) 381
Retained earnings 28 27,189 17,296
Equity attributable to shareholders of the parent 29 26,607 22,619
Consolidated Balance Sheet
At 31 December 2007
The ﬁ nancial statements were approved by the Board of directors and authorised for issue on 25 February 2008.  They were signed on its behalf by:
Tony Osbaldiston 
(Finance Director) 33 Raymarine plc Annual Report 2007 
Note
2007
£’000
2006
£’000
Net cash from operating activities 31 22,000 10,408
Investing activities
Proceeds on disposal of property, plant and equipment 130 656
Purchases of property, plant and equipment (4,986) (4,245)
Expenditure on product development (9,891) (7,858)
Acquisition of subsidiaries (9,966) –
Net cash used in investing activities (24,713) (11,447)
Financing activities
Dividends paid (7,683) (6,458)
Net proceeds from issue of ordinary share capital 50 48
Purchase of treasury shares 25 (5,263) –
Proceeds from borrowings 25,763 3,000
Repayments of borrowings – (2,000)
Repayments of obligations under ﬁ nance leases (284) (399)
Net cash from/(used) in ﬁ nancing activities 12,583 (5,809)
Net increase/(decrease) in cash and cash equivalents 9,870 (6,848)
Cash, cash equivalents and bank overdrafts at beginning of year (4,967) 2,042
Effect of foreign exchange rate changes 143 (161)
Cash, cash equivalents and bank overdrafts at end of year 5,046 (4,967)
Net debt
1
59,964 43,632
1
Net debt is calculated as cash less bank loans and obligations under ﬁ nance leases. It does not include ﬁ nancial assets or ﬁ nancial liabilities.
Consolidated Cash Flow Statement
Year ended 31 December 2007 Raymarine plc Annual Report 2007 34
Notes to the Financial Statements
Year ended 31 December 2007
1. General information
Raymarine plc is a company incorporated in the 
United Kingdom under the Companies Act 1985. 
The address of the registered ofﬁ ce is given on page 
100. The nature of the Group’s operations and its 
principal activities are set out in Note 4 and in the 
Directors’ Report on pages 26 to 28.
These ﬁ nancial statements are presented in Pounds 
Sterling because that is the currency of the primary 
economic environment in which the Group operates. 
Foreign operations are included in accordance with 
the policies set out in Note 2.
In the current year , the Group has adopted IFRS 7 
Financial Instruments: Disclosures which is effective 
for annual reporting periods beginning on or after 1 
January 2007, and the related amendment to IAS 1 
Presentation of Financial Statements. The impact of the 
adoption of IFRS 7 and the changes to IAS 1 has 
been to expand the disclosures provided in these 
ﬁ nancial statements regarding the Group’s ﬁ nancial 
instruments and management of capital (see Note 
38). Four Interpretations issued by the International 
Financial Reporting Interpretations Committee are 
effective for the current period. These are: IFRIC 7 
Applying the Restatement Approach under IAS 29, 
Financial Reporting in Hyperinﬂ ationary Economies; 
IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of 
Embedded Derivatives; and IFRIC 10 Interim Financial 
Reporting and Impairment. The adoption of these 
Interpretations has not led to any changes in the 
Group’s accounting policies.
At the date of authorisation of these ﬁ nancial 
statements, the following Standards and 
Interpretations, which have not been applied in 
these ﬁ nancial statements, were in issue but not yet 
effective:
�  IFRS 8 Operating segments
�  IAS 23 (Revised) Borrowing Costs 
�  IFRIC 11 IFRS 2 – Group and Treasury Share 
Transactions
�  IFRIC 12 Service Concession Arrangements
�  IFRIC 13 Customer Loyalty Programmes 
�  IFRIC 14 IAS 19 – The Limit on a Deﬁ ned 
Beneﬁ t Asset, Minimum Funding Requirements 
and their Interaction
The directors anticipate that the adoption of these 
Standards and Interpretations in future periods will 
have no material impact on the ﬁ nancial statements 
of the Group except for any additional segment 
disclosures when IFRS 8 comes into effect for 
periods commencing on or after 1 January 2009.
The EU Directive on Waste Electrical and Electronic 
Equipment (“WE&EE”) requires the Group to 
assume responsibility for proper disposal of such 
equipment, sold after 13 August 2005, when it has 
become waste. 
The cost of verifying compliance of source 
components which are used in the Group’s products 
has been charged to the income statement as 
incurred, in particular where new sources have been 
switched to new low cost suppliers as part of the 
outsourcing project.  
In the UK the DTI is responsible for transposing 
the WE&EE Directive into UK law, working in 
partnership with the Devolved Administrations.  
This legislation has not had a material impact on 
our business due the nature of our current product 
portfolio.  
2. Signiﬁ cant accounting policies 
Basis of accounting
The ﬁ nancial statements have been prepared in 
accordance with International Financial Reporting 
Standards (IFRSs). The ﬁ nancial statements have 
also been prepared in accordance with IFRSs 
adopted by the European Union and therefore the 
Group ﬁ nancial statements comply with Article 4 of 
the EU IAS Regulation.
The ﬁ nancial statements have been prepared on 
the historical cost basis, except for the revaluation 
of ﬁ nancial instruments. The principal accounting 
policies adopted are set out below.
Basis of consolidation
The consolidated ﬁ nancial statements incorporate 
the ﬁ nancial statements of the Company and 
entities controlled by the Company (its subsidiaries) 
made up to 31 December each year . Control is 
achieved where the Company has the power to 
govern the ﬁ nancial and operating policies of an 
investee entity so as to obtain beneﬁ ts from its 
activities.
On acquisition, the assets, liabilities and contingent 
liabilities of a subsidiary are measured at their fair 
values at the date of acquisition. Any excess of 
the cost of acquisition over the fair values of the 
identiﬁ able net assets acquired is recognised as 
goodwill. Any deﬁ ciency of the cost of acquisition 
below the fair values of the identiﬁ able net assets 
acquired (i.e. discount on acquisition) is credited to 
proﬁ t and loss in the period of acquisition.
Where necessary, adjustments are made to the 
ﬁ nancial statements of subsidiaries to bring the 
accounting policies used into line with those used 
by the Group.
All intra-group transactions, balances, income and 
expenses are eliminated on consolidation.
Goodwill
Goodwill arising on consolidation represents the 
excess of the cost of acquisition over the Group’s 
interest in the fair value of the identiﬁ able assets 
and liabilities of a subsidiary, associate or jointly 
controlled entity at the date of acquisition.
Goodwill is recognised as an asset and reviewed 
for impairment at least annually. Any impairment 
is recognised immediately in proﬁ t or loss and 
is not subsequently reversed. Goodwill arising 
on acquisitions before the date of transition to 
IFRSs has been retained at the previous UK GAAP 
amounts subject to being tested for impairment at 
that date.
On disposal of a subsidiary, associate or jointly 
controlled entity the attributable amount of 
goodwill is included in the determination of the 
proﬁ t or loss on disposal.
Revenue recognition
Revenue is measured at the fair value of the 
consideration received or receivable and represents 
amounts receivable for goods and services provided 
in the normal course of business, net of discounts, 
VAT and other sales-related taxes.
Sales of goods are recognised when goods are 
delivered and title has passed.
Other income
Interest income is accrued on a time basis, by 
reference to the principal outstanding and at the 
effective interest rate applicable, which is the rate 
that exactly discounts estimated future cash receipts 
through the expected life of the ﬁ nancial asset to 
that asset’s net carrying amount.
Dividend income from investments is recognised 
when the shareholders’ rights to receive payment 
have been established. 35 Raymarine plc Annual Report 2007 
All other sundry income, including royalty income, is 
recognised in the period to which it relates.
Leasing
Leases are classiﬁ ed as ﬁ nance leases whenever 
the terms of the lease transfer substantially all 
the risks and rewards of ownership to the lessee. 
All other leases are classiﬁ ed as operating leases.  
Assets held under ﬁ nance leases are recognised as 
assets of the Group at their fair value or , if lower , at 
the present value of the minimum lease payments, 
each determined at the inception of the lease. The 
corresponding liability to the lessor is included in the 
balance sheet as a ﬁ nance lease obligation. Lease 
payments are apportioned between ﬁ nance charges 
and reduction of the lease obligation so as to 
achieve a constant rate of interest on the remaining 
balance of the liability. 
Finance charges are charged directly against 
income, unless they are directly attributable to 
qualifying assets, in which case they are capitalised 
in accordance with the Group’s general policy on 
borrowing costs (see below).
Rentals payable under operating leases are charged 
to income on a straight-line basis over the term of 
the relevant lease.  Beneﬁ ts received and receivable 
as an incentive to enter into an operating lease are 
also spread on a straight-line basis over the lease 
term.
Foreign currencies
Transactions in functional currencies are recorded 
at the rates of exchange prevailing on the dates 
of the transactions.  At each balance sheet date, 
monetary assets and liabilities that are denominated 
in foreign currencies are retranslated at the rates 
prevailing on the balance sheet date. Non-monetary 
assets and liabilities carried at fair value that are 
denominated in foreign currencies are translated 
at the rates prevailing at the date when the fair 
value was determined. Gains and losses arising on 
retranslation are included in net proﬁ t or loss for 
the period, except for exchange differences arising 
on non-monetary assets and liabilities where the 
changes in fair value are recognised directly in 
equity.
In order to hedge its exposure to certain foreign 
exchange risks, the Group enters into forward 
contracts (see below for details of the Group’s 
accounting policies in respect of such derivative 
ﬁ nancial instruments). 
On consolidation, the assets and liabilities of the 
Group’s overseas operations are translated at 
exchange rates prevailing on the balance sheet 
date. Income and expense items are translated at 
the average exchange rates for the period unless 
exchange rates ﬂ uctuate signiﬁ cantly. Exchange 
differences arising, if any, are classiﬁ ed as equity 
and transferred to the Group’s translation reserve 
per Note 27.
Operating proﬁ t
Operating proﬁ t comprises proﬁ t from operations 
and is stated after charging restructuring costs but 
before ﬁ nance income and ﬁ nance costs.
Retirement beneﬁ t costs 
Payments to deﬁ ned contribution retirement beneﬁ t 
schemes are charged as an expense as they fall 
due. Payments made to state-managed retirement 
beneﬁ t schemes are dealt with as payments to 
deﬁ ned contribution schemes where the Group’s 
obligations under the schemes are equivalent to 
those arising in a deﬁ ned contribution retirement 
beneﬁ t scheme.
Taxation
The tax expense represents the sum of the tax 
currently payable and deferred tax.
The tax currently payable is based on taxable 
proﬁ t for the year . Taxable proﬁ t differs from 
net proﬁ t as reported in the income statement 
because it excludes items of income or expense 
that are taxable or deductible in other years and 
it further excludes items that are never taxable or 
deductible. The Group’s liability for current tax is 
calculated using tax rates that have been enacted or 
substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying 
amounts of assets and liabilities in the ﬁ nancial 
statements and the corresponding tax bases used in 
the computation of taxable proﬁ t, and is accounted 
for using the balance sheet liability method. 
Deferred tax liabilities are generally recognised 
for all taxable temporary differences and deferred 
tax assets are recognised to the extent that it is 
probable that taxable proﬁ ts will be available 
against which deductible temporary differences 
can be utilised. Such assets and liabilities are not 
recognised if the temporary difference arises from 
goodwill or from the initial recognition (other than 
in a business combination) of other assets and 
liabilities in a transaction that affects neither the tax 
proﬁ t nor the accounting proﬁ t.
Deferred tax liabilities are recognised for taxable 
temporary differences arising on investments in 
subsidiaries, except where the Group is able to 
control the reversal of the temporary difference and 
it is probable that the temporary difference will not 
reverse in the foreseeable future.
The carrying amount of deferred tax assets is 
reviewed at each balance sheet date and reduced 
to the extent that it is no longer probable that 
sufﬁ cient taxable proﬁ ts will be available to allow all 
or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are 
expected to apply in the period when the liability 
is settled or the asset is realised. Deferred tax is 
charged or credited in the income statement, except 
when it relates to items charged or credited directly 
to equity, in which case the deferred tax is also dealt 
with in equity.
Deferred tax assets and liabilities are offset when 
there is a legally enforceable right to set off current 
tax assets against current tax liabilities and when 
they relate to income taxes levied by the same 
taxation authority and the Group intends to settle 
its current tax assets and liabilities on a net basis.
Property, plant and equipment
Fixtures and equipment are stated at cost less 
accumulated depreciation and any recognised 
impairment loss.
Depreciation is charged so as to write off the cost or 
valuation of assets, other than land and properties 
under construction, over their estimated useful lives, 
using the straight-line method, on the following 
basis:
Leasehold land and buildings Life of the lease
Plant and machinery 7 years
Furniture, ﬁ xtures and ﬁ ttings 7 years
Tools and equipment 4 years
Non-recurring engineering 4 years
Boats 10 years
Computer equipment & software 3 years
Technology licences 4-5 years
Assets held under ﬁ nance leases are depreciated 
over their expected useful lives on the same basis as 
owned assets or , where shorter , over the term of the 
relevant lease.
The gain or loss arising on the disposal or retirement 
of an asset is determined as the difference between 
the sales proceeds and the carrying amount of the 
asset and is recognised in income. Raymarine plc Annual Report 2007 36
Assets in the course of construction represents 
costs directly associated with the development by 
the Group of new test equipment and a new ERP 
system (Enterprise Resource Planning software). 
These assets are not depreciated until they are 
brought into use.
Internally-generated intangible assets – 
research and development expenditure
Expenditure on research activities is recognised as 
an expense in the period in which it is incurred.
Development expenditure, where it meets certain 
criteria (given below), is capitalised and amortised 
on a straight-line basis over its useful life which 
is estimated to be three years.  Asset lives are 
subject to regular review and an impairment 
exercise is carried out at least once a year .  Where 
no internally-generated intangible asset can be 
recognised, development expenditure is expensed 
in the period in which it is incurred. An asset is 
recognised only if all of the following conditions 
are met:
� the product is technically feasible and 
marketable;
� the Group has adequate resources to complete 
the development of the product;
� the development cost of the asset can be 
measured reliably; and 
� it is probable that the asset created will generate 
future economic beneﬁ ts.
Patents and trademarks
Patents and trademarks are measured initially at 
purchase cost and are amortised on a straight-line 
basis over their estimated useful lives which is 
determined to be ten years. 
Impairment of tangible and intangible 
assets excluding goodwill
At each balance sheet date the Group reviews the 
carrying amounts of its tangible and intangible 
assets to determine whether there is any indication 
that those assets have suffered an impairment loss. 
If any such indication exists, the recoverable amount 
of the asset is estimated in order to determine 
the extent of the impairment loss (if any). Where 
the asset does not generate cash ﬂ ows that are 
independent from other assets, the Group estimates 
the recoverable amount of the cash-generating unit 
to which the asset belongs. An intangible asset with 
an indeﬁ nite useful life is tested for impairment 
annually and whenever there is an indication that 
the asset may be impaired.
Recoverable amount is the higher of fair value less 
costs to sell and value in use. In assessing value in 
use, the estimated future cash ﬂ ows are discounted 
to their present value using a pre-tax discount rate 
that reﬂ ects current market assessments of the time 
value of money and the risks speciﬁ c to the asset for 
which the estimates of future cash ﬂ ows have not 
been adjusted.
If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than its 
carrying amount, the carrying amount of the asset 
(cash-generating unit) is reduced to its recoverable 
amount. An impairment loss is recognised as an 
expense immediately, unless the relevant asset is 
carried at a revalued amount, in which case the 
impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, 
the carrying amount of the asset (cash-generating 
unit) is increased to the revised estimate of its 
recoverable amount, but so that the increased 
carrying amount does not exceed the carrying 
amount that would have been determined had 
no impairment loss been recognised for the asset 
(cash-generating unit) in prior years. A reversal 
of an impairment loss is recognised as income 
immediately, unless the relevant asset is carried 
at a revalued amount, in which case the reversal 
of the impairment loss is treated as a revaluation   
increase.
Inventories
Inventories are stated at the lower of cost and net 
realisable value. Cost comprises direct materials 
and, where applicable, direct labour costs and those 
overheads that have been incurred in bringing the 
inventories to their present location and condition. 
Cost is calculated using the ﬁ rst in ﬁ rst out (FIFO) 
basis. Net realisable value represents the estimated 
selling price less all estimated costs of completion 
and costs to be incurred in marketing, selling and 
distribution.
Financial instruments
Financial assets and ﬁ nancial liabilities are 
recognised on the Group’s balance sheet when the 
Group becomes a party to the contractual provisions 
of the instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand 
and demand deposits. 
Trade receivables
Trade receivables do not carry any interest and 
are stated at their nominal value as reduced by 
appropriate allowances for estimated irrecoverable 
amounts. 
Derecognition of ﬁ nancial assets
The Group derecognises a ﬁ nancial asset only when 
the contractual rights to the cash ﬂ ows from the 
asset expire; or it transfers the ﬁ nancial asset and 
substantially all the risks and rewards of ownership 
of the asset to another entity. If the Group neither 
transfers nor retains substantially all the risks and 
rewards of ownership and continues to control the 
transferred asset, the Group recognises its retained 
interest in the asset and an associated liability for 
amounts it may have to pay. If the Group retains 
substantially all the risks and rewards of ownership 
of a transferred ﬁ nancial asset, the Group continues 
to recognise the ﬁ nancial asset and also recognises 
a collateralised borrowing for the proceeds received.
Financial liabilities and equity
Financial liabilities and equity instruments are 
classiﬁ ed according to the substance of the 
contractual arrangements entered into. An equity 
instrument is any contract that evidences a residual 
interest in the assets of the Group after deducting 
all of its liabilities.
Bank borrowings
Interest-bearing bank loans and overdrafts are 
recorded at the proceeds received, net of direct 
issue costs. Finance charges, including premiums 
payable on settlement or redemption and direct 
issue costs, are accounted for on an accruals basis 
to the proﬁ t and loss account using effective interest 
method and are added to the carrying amount 
of the instrument to the extent that they are not 
settled in the period in which they arise.
Trade payables
Trade payables are not interest-bearing and are 
stated at their nominal value.
Derecognition of ﬁ nancial liabilities
The Group derecognises ﬁ nancial liabilities when, 
and only when, the Group’s obligations are 
discharged, cancelled or they expire. 
Derivative ﬁ nancial instruments and 
hedge accounting
The Group’s activities expose it primarily to the 
ﬁ nancial risks of changes in foreign currency 
exchange rates and interest rates. The Group uses 
foreign exchange forward contracts to hedge these 
foreign exchange exposures. The Group does not 
use derivative ﬁ nancial instruments for speculative 
purposes.
The use of ﬁ nancial derivatives is governed by 
the Group’s policies approved by the Board of 
directors, which provide written principles on the 
use of ﬁ nancial derivatives.  The purpose for which 
a derivative is used is identiﬁ ed at inception. To 
qualify for hedge accounting, the contract must be 
in accordance with established guidelines which 
require that the hedging relationship is documented, 
ensure it is highly effective in achieving its objective, 
and require that its effectiveness can be reliably 
measured throughout its duration/term.
Changes in the fair value of derivative ﬁ nancial 
instruments that are designated and effective as 
hedges of future cash ﬂ ows are recognised directly 
in equity and the ineffective portion is recognised  37 Raymarine plc Annual Report 2007 
immediately in the income statement. If the cash 
ﬂ ow hedge of a ﬁ rm commitment or forecasted 
transaction results in the recognition of an asset or 
a liability, then, at the time the asset or liability is 
recognised, the associated gains or losses on the 
derivative that had previously been recognised in 
equity are included in the initial measurement of 
the asset or liability. For hedges that do not result 
in the recognition of an asset or a liability, amounts 
deferred in equity are recognised in the income 
statement in the same period in which the hedged 
item affects net proﬁ t or loss.
For an effective hedge of an exposure to changes 
in the fair value, the hedged item is adjusted for 
changes in fair value attributable to the risk being 
hedged with the corresponding entry in proﬁ t 
or loss.  Gains or losses from re-measuring the 
derivative, or for non-derivatives the foreign currency 
component of its carrying amount, are recognised in 
proﬁ t or loss.
Changes in the fair value of derivative ﬁ nancial 
instruments that do not qualify for hedge 
accounting are recognised in the income statement 
as they arise. 
Hedge accounting is discontinued when the 
hedging instrument expires or is sold, terminated, 
or exercised, or no longer qualiﬁ es for hedge 
accounting. At that time, any cumulative gain or loss 
on the hedging instrument recognised in equity is 
retained in equity until the forecasted transaction 
occurs. If a hedged transaction is no longer expected 
to occur , the net cumulative gain or loss recognised 
in equity is transferred to net proﬁ t or loss for the 
period.
Hedges of net investments in foreign 
operations
Hedges of net investments in foreign operations are 
accounted for similarly to cash ﬂ ow hedges.  Any 
gain or loss on the hedging instrument relating to 
the effective portion of the hedge is recognised in 
equity in the foreign currency translation reserve. 
The gain or loss relating to the ineffective portion 
is recognised immediately in proﬁ t or loss, and is 
included in the ‘other gains and losses’ line of the 
income statement.
Gains and losses deferred in the foreign currency 
translation reserve are recognised in proﬁ t and loss 
on disposal of the foreign operation.
Provisions
Provisions for warranty costs are recognised at 
the date of sale of the relevant products, at the 
directors’ best estimate of the expenditure required 
to settle the Group’s liability.  Provisions for 
restructuring costs are recognised when the Group 
has a detailed formal plan for the restructuring that 
has been communicated to affected parties.
Share-based payments
The Group has applied the requirements of IFRS 
2 Share-based payments. In accordance with the 
transitional provisions, IFRS 2 has been applied to 
all grants of equity instruments after 7 November 
2002 that were unvested as of 1 January 2005.
The Group issues equity-settled share-based 
payments to certain employees. Equity-settled share-
based payments are measured at fair value at the 
date of grant. The fair value determined at the grant 
date of the equity-settled share-based payments is 
expensed on a straight-line basis over the vesting 
period, based on the Group’s estimate of shares that 
will eventually vest.  Fair value is measured by use 
of a stochastic model. The expected life used in the 
model has been adjusted, based on management’s 
best estimate, for the effects of non-transferability, 
exercise restrictions, and behavioural considerations.
Restructuring costs
Costs are treated as restructuring costs when 
they are associated with normal activities, are of 
a non-recurring nature and are of an exceptional 
magnitude that if they were not shown separately 
the accounts would not present a true and fair 
view. This includes costs incurred in relation to the 
outsourcing of all UK manufactured Raymarine 
products.
Critical accounting judgements and key 
sources of estimation uncertainty
In the process of applying the Group’s accounting 
policies, which are described above, management 
has made the following judgements and estimations 
about the future that have the most signiﬁ cant 
effect on the amounts recognised in the ﬁ nancial 
statements.  We regularly review these estimates 
and update them when required.
       
Warranty reserve
Determination of the warranty provision is based 
on historical failure rates, warranty return periods 
and the estimated cost of the repairs.  The latter is 
a function of the warranty given, up to three years 
from the point of sale to the end customer , and the 
period products are within the distribution channel.  
       
Capitalisation of development costs
Capitalisation of development expenditure is a 
requirement of IAS 38.  All capitalised and ongoing 
projects are reviewed regularly to ensure they meet 
the criteria for capitalisation.
Revenue assumptions are made for new products 
based on our market knowledge, historical sales and 
competition. For projects to be authorised they must 
achieve a high internal rate of return.  Research and 
development expenditure is incurred up front and 
capitalised before any revenue has been earned 
from them. Actual revenue will vary from the 
original estimates, however due to the high internal 
rates of return assumed, any risk of impairment is 
considered to be minimal.  
Development expenditure is amortised over three 
years, our best estimate of the useful life of the 
projects, the period over which the assets will 
generate revenue.  
Goodwill
The carrying value of goodwill at the year end is 
£37.6m (2006: £30.2m). An annual impairment 
review is required under IFRS 3 ‘Business 
combinations’ involving judgement of the future 
cash ﬂ ows for cash-generating units. Management 
prepare such cash ﬂ ow forecasts derived from the 
most recent budgets approved by the Board for 
the next three years. Further details of the other 
assumptions used are given above.
Taxation
In arriving at our tax obligations we make 
judgements on appropriate tax law within the 
relevant tax jurisdictions that we have a taxable 
presence.  We seek professional tax advice, as 
appropriate, before making judgements on tax 
matters.  Deferred tax liabilities are generally 
recognised for all taxable temporary differences and 
deferred tax assets are recognised to the extent that 
it is probable that taxable proﬁ ts will be available 
against which deductible temporary differences can 
be utilised.  The carrying value of deferred tax assets 
is reviewed at each balance sheet date and reduced 
to the extent that it is no longer probable that 
sufﬁ cient taxable proﬁ ts will be available to allow all 
or part of the asset to be recovered.
In arriving at the tax charge for the period a 
judgement has been made on the appropriate level 
of expenditure which will qualify for the research 
and development tax credits. A prudent view has 
been taken at this stage on the level of qualifying 
spend due to the uncertainty over the ﬁ nal quantum 
of the claim, which is currently near completion. The 
accounts currently include a tax beneﬁ t of £250k 
per annum between the years 2005 and 2007 
inclusive.
Fair value of derivatives and other 
ﬁ nancial instruments
As described in Note 38, the directors use their 
judgement in selecting an appropriate valuation 
technique for derivative ﬁ nancial instruments. 
Assumptions are made based on quoted market 
rates adjusted for speciﬁ c features of the instrument. Raymarine plc Annual Report 2007 38
RoW 
2007
£’000
RoW
2006
£’000
Americas
2007
£’000
Americas
2006
£’000
Total
2007
£’000
Total
2006
£’000
Revenue
Total sales 117,278 115,590 61,107 69,727
Inter-segment sales* (37,237) (48,618) (458) (209)
Sales to third parties 80,041 66,972 60,649 69,518 140,690 136,490
2007
£’000
2006
£’000
Sale of goods 140,462 136,119
Royalty income 228 371
140,690 136,490
Interest revenue 434 529
141,124 137,019
4. Business and geographical segments
Geographical segments
For management purposes, the Group currently has two geographical areas of operation – RoW (United Kingdom, Europe, Middle East, Africa and Asia-
Paciﬁ c) and the Americas. The geographical areas are the basis on which the Group reports its primary segment information which is presented below.
3. Revenue
An analysis of the Group’s revenue is as follows:
* Inter-segment sales are charged at prevailing market rates. 39 Raymarine plc Annual Report 2007 
RoW
2007
£’000
RoW
2006
£’000
Americas
2007
£’000
Americas
2006
£’000
Elim
2007
£’000
Elim
2006
£’000
Total
2007
£’000
Total
2006
£’000
Operating proﬁ t before 
restructuring costs
31,041 24,741 1,899 2,191 (3,352) (3,013) 29,588 23,919
   Restructuring and non-recurring costs (2,507) (7,823)
Operating proﬁ t 27,081 16,096
 Investment income 434 529
 Finance costs (4,104) (2,534)
Proﬁ t before tax 23,411 14,091
 Tax (5,867) (3,754)
Proﬁ t after tax 17,544 10,337
RoW
2007
£’000
RoW
2006
£’000
Americas
2007
£’000
Americas
2006
£’000
Elim
2007
£’000
Elim
2006
£’000
Total
2007
£’000
Total
2006
£’000
Other information
Capital additions 25,521 11,872 448 460 – – 25,969 12,332
Depreciation and amortisation 6,989 6,875 380 313 – – 7,369 7,188
Impairment losses / (reversals) recognised 
in income
244 (1,061) – – – – 244 (1,061)
Balance sheet
Assets
Segment assets 108,470 77,629 25,854 28,967 (8,918) (13,320) 125,406 93,276
Unallocated assets 
1
554 320
Total consolidated assets 125,960 93,596
Liabilities
Segment liabilities (26,047) (26,454) (10,500) (13,384) 7,521 10,834 (29,026) (29,004)
Unallocated liabilities 
2
(70,327) (41,973)
Total consolidated liabilities (99,353) (70,977)
Business segments
The Group’s revenue is derived from one class of business, that of marine electronics. It is not possible to disaggregate the products beyond the core 
marine electronics products as they all operate through the same markets and are considered to have the same risks and rewards associated with them.
1
 Unallocated assets includes taxation assets.
2
 Unallocated liabilities includes bank borrowings, ﬁ nance lease liabilities, derivative ﬁ nancial liabilities and taxation liabilities.
4. Business and geographical segments (continued)
Geographical segments (continued) Raymarine plc Annual Report 2007 40
2007
£’000
2006
£’000
Net foreign exchange gains (495) (24)
Research and development costs:
   Research and development costs expensed 5,259 4,779
   Amortisation of capitalised development costs 3,413 3,391
   Impairment of capitalised development costs 197 159
Warranty costs for the year 4,357 3,718
Warranty provision increase / (release) 1,171 (1,177)
Amortisation of other intangible assets 980 725
Depreciation and other amounts written off property, plant and equipment:
   Owned 2,697 2,671
   Leased 279 401
Impairment charge of property, plant and equipment 47 427
Loss / (proﬁ t) on disposal of ﬁ xed assets 39 (334)
Rentals payable under operating leases:
   Property 1,110 1,384
   Hire of other assets 229 290
Staff costs (Note 7) 23,346 25,598
Abortive acquisition costs – 355
Cost of inventories recognised as an expense 54,657 58,580
Amounts written off inventories 6 39
Impairment loss recognised on trade receivables 87 177
Auditors’ remuneration for audit services (see opposite) 206 154
2007
£’000
2006
£’000
Redundancy costs 393 530
Property costs 655 (40)
Consultancy and other staff related costs 151 4,057
Loss  / (proﬁ t) on disposal of ﬁ xed assets 14 (711)
Transfer costs 969 3,636
WE&EE  costs 325 351
2,507 7,823
In July 2005, the Group agreed to outsource the majority of its manufacturing function to Flextronics, a provider of electronics manufacturing services. 
Under the agreement, Flextronics provides vertically integrated manufacturing services to the Group, initially through its facility in western Hungary. To the 
extent that workers can not be redeployed, termination terms have been agreed and the related costs, together with the expected costs of exiting properties 
which will become vacant as part of the restructuring, and costs of transferring stocks and assets to Hungary, have been included in the restructuring 
provision (Note 22).  The balance of the charge comprises incremental costs incurred in the period which are associated with the project. The tax effect of 
the restructuring costs in 2007 was a credit of £856,000 (2006: £2,316,000), as explained further in Note 10.  Following the conclusion in 2006 of the 
initial transfer phase of the outsourcing project, 2007 represented the ﬁ rst full year for Flextronics Hungary as Raymarine’s primary manufacturer of ﬁ nished 
product. The second phase of the outsourcing project, the transfer of the supply of materials and components to Flextronics suppliers, was also concluded 
successfully during 2007 in line with expectations.
5. Administrative expenses – restructuring costs
6. Operating proﬁ t
Operating proﬁ t before restructuring costs is stated after charging or (crediting): 41 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 12 9
Fees payable to the Company’s auditors and their associates for other services to the Group
   The audit of the Company’s subsidiaries pursuant to legislation 156 113
   Other assurance work 38 32
Total audit fees 206 154
Other services pursuant to legislation:
   Tax services related to:
      Compliance 84 114
      General advisory 102 104
      Restructuring 70 125
   Corporate ﬁ nance services – 25
Total non-audit fees 256 368
A description of the work of the Audit Committee is set out in the Corporate Governance Statement on page 16 and includes an explaination of how 
auditor objectivity and independence is safeguarded when non-audit services are provided by the auditors.
6. Operating proﬁ t (continued)
The analysis of auditors’ remuneration is as follows: Raymarine plc Annual Report 2007 42
2007
Number
2006
Number
Production and Supply Chain 78 201
Research and Development 182 131
Technical Support 121 84
Sales and Marketing 104 65
Administration 80 58
565 539
2007
£’000
2006
£’000
Their aggregate remuneration comprised:
Wages and salaries 14,062 15,747
Redundancy 1,461 604
Social security costs 540 1,913
Other pension costs (Note 34) 475 364
16,538 18,628
Leased employees (see below) 6,808 6,970
23,346 25,598
2007
£’000
2006
£’000
Interest receivable 434 139
Foreign exchange gains – 390
434 529
7. Staff costs
The average monthly number of employees (including Executive Directors) was:
The average number of persons employed by the Group includes 133 (2006: 133) at Raymarine Inc., which leased its employees from ADP TotalSource. 
Pension contributions included above in the Raymarine Inc. – payroll costs were £364,000 (2006: £393,000).
The ﬁ gures above include a charge for redundancy provision of £393,000 (2006: £530,000), as detailed in Note 5.
8. Finance income 43 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Current tax:
UK corporation tax:
   Current year 4,042 3,390
   Adjustment recognised in period for current tax of prior periods (259) 37
Foreign tax:
   Current year 662 20
   Adjustment recognised in period for current tax of prior periods 189 –
Current tax charge for year 4,634 3,447
Deferred tax (Note 20):
   Current year 2,022 875
   Adjustment recognised in period for deferred tax of prior periods (789) (568)
1,233 307
Total tax charge 5,867 3,754
2007
£’000
2006
£’000
Interest payable on bank loans 4,006 2,505
Interest payable on ﬁ nance leases 22 29
Total borrowing costs 4,028 2,534
Foreign exchange losses 76 –
4,104 2,534
9. Finance costs
10. Tax charge
The adjusted effective rate (after adjusting proﬁ t before tax for restructuring costs of £2.5m (2006: £7.8m), and amortisation of other intangible ﬁ xed 
assets of £1.0m (2006: £0.7m)) is calculated at 25.1% (2006: 26.8%) for the year. The charge for the year has been reduced by £0.9m (2006: £2.3m) 
for a tax credit in respect of restructuring costs.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
On 22 November 2004, Raymarine Inc., a 100% subsidiary of Raymarine plc, was migrated to be resident in the United States. Under UK tax rules, 
there is a deemed disposal of the Company’s assets for UK tax purposes on the date of emigration from the UK which gives rise to a held-over 
chargeable gain. The gain would crystallise if Raymarine Inc. were to sell its chargeable asset (goodwill) before 22 November 2010 or cease to be a 
75% subsidiary of the Group at any time.  The estimated tax charge that would arise is £4.4m. In accordance with IAS 12, no provision has been made 
for this. Raymarine plc Annual Report 2007 44
  2007 2006
£’000 % £’000 %
Proﬁ t before tax 23,411 14,091
Tax at the UK corporation tax rate of 30% (2006: 30%) 7,023 4,227
Tax effect of expenses that are not deductible in determining taxable proﬁ t 216 269
Prior year adjustments (859) (531)
Tax effect of utilisation of tax losses not previously recognised (469) (235)
Effect of different tax rates of subsidiaries operating in other jurisdictions 153 24
Deferred tax rate difference (177) –
Withholding tax (20) –
Tax charge and effective tax rate for the year 5,867 25.1% 3,754 26.6%
2007
£’000
2006
£’000
Amounts recognised as distributions to equity holders in the period:
Final dividend paid in the year ended 31 December 2005 of 5p per share – 4,140
Interim dividend paid for the year ended 31 December 2006 of 2.8p per share – 2,318
Final dividend paid in the year for the year ended 31 December 2006 of 5.95p per share 4,927 –
Interim dividend paid in the year for the year ended 31 December 2007 of 3.37p per share 2,756 –
7,683 6,458
Proposed ﬁ nal dividend for the year ended 31 December 2007 of 6.63p (2006: 5.95p) per share 5,491 4,927
2007 2006
Basic EPS 21.3p 12.5p
Diluted EPS 21.0p 12.2p
10. Tax charge (continued)
The charge for the year can be reconciled to the proﬁ t per the income statement as follows:
11. Dividends
The proposed ﬁ nal dividend is subject to approval by shareholders at the Annual General Meeting and accordingly has not been included as a liability in 
these ﬁ nancial statements.
12. Earnings per share
EPS (pence) 45 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Earnings
Earnings for the purposes of basic earnings per share being net proﬁ t attributable to equity shareholders of the parent 17,544 10,337
Add:     Exceptional restructuring costs (Note 5) net of tax 1,651 5,507
             Amortisation of other intangible assets (Note 13) 980 725
Earnings for the purposes of adjusted earnings per share 20,175 16,569
2007
Number
2006
Number
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share 82,196,739 82,802,408
Effect of dilutive potential ordinary shares:
   Share options 18,691 64,950
   Directors bonus shares 37,303 –
   Long-term incentive plan 1,313,487 1,527,851
Weighted average number of ordinary shares for the purposes of diluted earnings per share 83,566,220 84,395,209
2007 2006
Basic EPS 24.5p 20.0p
Diluted EPS 24.1p 19.6p
Adjusted EPS (pence)
The calculation of the basic and diluted earnings per share is based on the following data: Raymarine plc Annual Report 2007 46
Goodwill
£’000
Development 
expenditure
£’000
Other
£’000
Total
£’000
Cost
At 1 January 2006 31,174 11,323 7,254 49,751
Exchange differences (1,007) – – (1,007)
Additions – 7,858 – 7,858
At 1 January 2007 30,167 19,181 7,254 56,602
Exchange differences (72) – 8 (64)
Additions – 9,891 – 9,891
Acquisitions (Note 30) 7,440 – 1,097 8,537
At 31 December 2007 37,535 29,072 8,359 74,966
Amortisation
At 1 January 2006 3,885 3,566 7,451
Charge for the year 3,391 725 4,116
At 1 January 2007 – 7,276 4,291 11,567
Exchange differences – – 2 2
Charge for the year – 3,413 980 4,393
At 31 December 2007 – 10,689 5,273 15,962
Impairment
At 1 January 2006 ––––
Charge for the year – 159 – 159
At 1 January 2007 – 159 – 159
Charge for the year – 197 – 197
At 31 December 2007 – 356 – 356
Net book value
At 31 December 2007 37,535 18,027 3,086 58,648
At 31 December 2006 30,167 11,746 2,963 44,876
13. Intangible ﬁ xed assets
Other intangible ﬁ xed assets comprise intellectual property (patents and licences) and customer relationships arising on acquisitions. 47 Raymarine plc Annual Report 2007 
Short 
leasehold land 
and buildings
£’000
Plant and 
machinery
£’000
Fittings, 
ﬁ xtures, tools 
and equipment
£’000
Assets in the 
course of 
construction
£’000
Total
£’000
Cost
At 1 January 2006
Exchange differences
Additions
Disposals and write-offs
Transfers
At 1 January 2007
Exchange differences
Additions
Acquisitions
Disposals and write-offs
Transfers
At 31 December 2007
Accumulated depreciation
At 1 January 2006
Exchange differences
Charge for the period
Disposals and write-offs
At 1 January 2007
Exchange differences
Charge for the period
Acquisitions
Disposals and write-offs
At 31 December 2007
Impairment
At 1 January 2006
Charge for the period
At 1 January 2007
Charge / (credit) for the period
Disposals and write-offs
At 31 December 2007
Net book value
At 31 December 2007
At 31 December 2006
The carrying amount of the Group’s ﬁ xtures, ﬁ ttings, tools and equipment included £221,000 (2006: £509,000) 
in respect of assets held under ﬁ nance leases.
14. Property, plant and equipment
1,418
(28)
305
(14)
–
1,681
2
312
116
(53)
–
2,058
625
(8)
269
(12)
874
5
343
89
(41)
1,270
–
85
85
124
–
209
579
722
6,786
–
280
(4,179)
–
2,887
5
78
12
(979)
–
2,003
4,318
–
457
(2,928)
1,847
1
285
14
(780)
1,367
–
252
252
(92)
(71)
89
547
788
18,657
(271)
2,886
(4,589)
68
16,751
29
2,062
978
(1,124)
208
18,904
13,128
(186)
2,346
(4,091)
11,197
23
2,348
898
(1,088)
13,378
–
90
90
15
–
105
5,421
5,464
26,861
(299)
4,374
(8,782)
–
22,154
36
4,986
1,106
(2,156)
–
26,126
18,071
(194)
          3,072
(7,031)
13,918
29
2,976
1,001
(1,909)
16,015
–
427
427
47
(71)
403
9,708
7,809
–
–
903
–
(68)
835
–
2,534
–
–
(208)
3,161
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,161
835 Raymarine plc Annual Report 2007 48
2007
£’000
2006
£’000
Raw materials and consumables 273 1,430
Work-in-progress 97 148
Finished goods and goods for resale 23,154 15,271
23,524 16,849
2007
£’000
2006
£’000
Trade receivables (i) 21,555 19,305
Allowance for doubtful debts (ii) (399) (271)
21,156 19,034
Other debtors 800 1,027
Prepayments and accrued income 2,475 1,613
24,431 21,674
15. Inventories
16. Other ﬁ nancial assets
Trade and other receivables
(i)  The average credit period taken on sales of goods in the UK, Europe, Middle East, Africa and Asia-Paciﬁ c (RoW) is 64 days (2006: 58 days). In the 
Americas the credit period is 41 days (2006: 31 days).  Management review overdue balances on a case by case basis to determine if interest should be 
charged from the date of the invoice until payment is received on those receivables that are past due. Amounts receivable for sale of goods of £399k 
(2006: £271k) were fully impaired and mainly relate to customers experiencing difﬁ cult economic situations. The directors consider that the carrying 
amount of trade and other receivables approximates to their fair value.
(ii) Included in the Group’s trade receivables balance are debtors with a carrying amount of £3,681k (2006: £2,599k) which are 1 to 30 days overdue and 
£479k (2006: £240k) which are over 30 days past due at the reporting date for which the Group has not provided as there has not been a signiﬁ cant 
change in the credit quality and the Group believes that these amounts are still recoverable. The Group does not hold any collateral over these balances.
The Group does not experience signiﬁ cant bad debt write-offs, 2007: £38k (2006: £27k), and no movement schedule for the allowance for doubtful debts 
has been provided due to its immaterial level, 1.8% of trade receivables (2006: 1.4%).
In determining the recoverability of trade receivables the Group considers any change in the credit quality of the trade receivable from the date the credit 
was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated with only a few 
exceptions. Accordingly, the directors believe that there is no further credit provision required in excess of the allowance for doubtful debts and that the 
carrying amount of trade and other receivables approximates to their fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. The carrying 
amount of these assets approximates to their fair value.
Credit risk
The Group’s principal ﬁ nancial assets are bank balances, cash, trade and other receivables which represent the Group’s maximum exposure to credit risk 
in relation to ﬁ nancial assets. The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net 
of allowances for doubtful receivables, estimated by the Group’s management based on prior experience, the circumstances of speciﬁ c customers and their 
assessment of the current economic environment.
The credit risk on liquid funds and derivative ﬁ nancial instruments is limited because the counterparties are banks with high credit-ratings assigned by 
international credit-rating agencies.  
The Group has no signiﬁ cant concentration of credit risk, with exposure spread over a large number of counterparties and customers with only a few 
exceptions.
Inventory of work-in-progress and raw material has been sold to the outsourcing partner as part of the outsourcing plan. Final inventories of work-in-
progress and raw materials will be transferred by the end of 2008. 49 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Unsecured – at amortised cost
Current
Bank overdrafts 4,049 7,035
Non-current
Bank loans 64,789 38,156
Secured - at amortised cost
Current
Finance lease liabilities (i) 150 291
Non–current
Finance lease liabilities (i) 71 218
69,059 45,700
The borrowings are repayable as follows:
On demand or within one year 4,199 7,326
In the second to ﬁ fth years inclusive 64,860 38,374
69,059 45,700
2007
£’000
2006
£’000
Current liabilities
Trade payables 12,744 8,156
Accruals and deferred income 5,136 7,484
17,880 15,640
Non-current liabilities
Trade payables – 220
17,880 15,860
18. Borrowings
17. Trade and other payables
Trade creditors comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases in the United 
Kingdom, Europe, Middle East, Africa and Asia-Paciﬁ c (RoW) is 32 days (2006: 32 days). In the Americas the credit period is 30 days (2006: 30 days). No 
interest is charged on trade payables.
The Group has ﬁ nancial risk management policies in place to ensure that all payables are paid within the credit timeframe.
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
(i) Secured by the assets leased. Raymarine plc Annual Report 2007 50
2007
£’000
2006
£’000
Forward foreign exchange contracts 37,785 –
2007
%
2006
%
The weighted average interest rates paid were as follows:
Bank overdrafts 5.9% 6.3%
Bank loans 6.1% 5.5%
2007
£’000
2006
£’000
Bank overdrafts 4,049 7,035
Bank loans 65,006 38,388
69,055 45,423
Sterling
£’000
US Dollars
£’000
EUR
£’000
AUD
£’000
Total
£’000
Analysis of borrowings by currency:
31 December 2007
Bank overdrafts – 1,302 2,747 – 4,049
Bank loans 27,964 20,069 11,029 5,727 64,789
27,964 21,371 13,776 5,727 68,838
31 December 2006
Bank overdrafts 2,988 4,047 – – 7,035
Bank loans 18,969 19,187 – – 38,156
21,957 23,234 – – 45,191
19. Derivative ﬁ nancial instruments
Currency derivatives
The Group utilises currency derivatives to hedge signiﬁ cant future transactions and cash ﬂ ows. There were 25 foreign currency forward contracts in place at 
31 December 2007 (2006: Nil). 
The total notional amount of outstanding forward foreign exchange contracts that the Group has committed to at the end of each year is shown below:
Bank loans of £65.0m (2006: £38.4m) relate to a facility under a $185m (2006: $135m) syndicated revolving credit arrangement set up on 6 December 
2004, and amended on 18 October 2007.  The loan carried a charge of 50 basis points over Dollar and Sterling LIBOR (2006: 50 basis points) at 31 
December 2007.
The directors estimate the fair value of the Group’s borrowings as follows:
Bank overdrafts are repayable on demand. The average effective interest rate on bank overdrafts approximates 5.9% (2006: 6.3%) per annum and is 
determined based on 1 per cent plus prime rate.
At 31 December 2007, the Group had available £32.5m (2006: £25.5m) of undrawn committed borrowing facilities in respect of which all conditions 
precedent had been met.
18. Borrowings (continued)
The directors consider that the carrying amount of the bank loans and overdraft approximates their fair value. 51 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Derivatives
Derivatives that are designated and effective as hedging instruments carried at fair value:
Current
Foreign currency forward contracts 390 –
Derivatives that are designated and effective as hedging instruments carried at fair value:
Non-Current
Foreign currency forward contracts 432 –
Total 822 –
Following the acquisition of two European distributorships and one based in Australia the Group now has a signiﬁ cant net inﬂ ow in Euros and to a lesser 
extent in Australian Dollars. These are also expected to continue into 2008. Again the Group covers these exposures well in advance through forward foreign 
exchange contracts. 
The arrangements are designed to address signiﬁ cant exchange exposures covering the period until the fourth quarter of 2010. The foreign exchange 
exposure of the Group is monitored on an ongoing basis and the requirement for future derivative ﬁ nancial instruments is kept under review. 
At 31 December 2007, the fair value of the Group’s currency derivatives is a liability of £822k (2006: £Nil). The 2007 amounts are based on quoted market 
values of equivalent instruments at the balance sheet date. The fair value of currency derivatives that were designated and effective as cash ﬂ ow hedges, 
amounting to a liability of £0.8m in 2007, were deferred in equity.
For further details of foreign currency forward contracts see Note 38. Included in other operating income is a £0.1m loss (2006: £0.4m gain) which has been 
transferred from reserves in respect of foreign currency forward contracts that have matured during the period.
Hedge of net investment in foreign entity
The Group has US Dollar denominated borrowings which it has designated as a hedge of the net investment in its subsidiary in the US. The fair value of 
the Dollar borrowings hedging the net investment as at 31 December 2007 was £10.9m (2006: £3.1m). Foreign exchange losses of £0.2m (2006: gains of 
£0.3m) on translation of the borrowings into Pounds Sterling have been recognised in the Statement of Recognised Income and Expense.
The Group has Euro denominated borrowings which it has designated as a hedge of the net investment in its subsidiaries in France and Germany. The fair 
value of the Euro borrowings hedging the net investment as at 31 December 2007 was £10.1m (2006: £Nil). Foreign exchange losses of £0.8m (2006: £Nil) 
on translation of the borrowings into Pounds Sterling have been recognised in the Statement of Recognised Income and Expense.
The Group has Australian Dollar denominated borrowings which it has designated as a hedge of the net investment in its subsidiary in Australia. The fair 
value of the Australian Dollar borrowings hedging the net investment as at 31 December 2007 was £1.3m (2006: £Nil). Foreign exchange gains of £Nil 
(2006: £Nil) on translation of the borrowings into Pounds Sterling have been recognised in the Statement of Recognised Income and Expense. Raymarine plc Annual Report 2007 52
Minimum lease payments Present value of lease payments
2007
£’000
2006
£’000
2007
£’000
2006
£’000
Amounts payable under ﬁ nance leases:
Within one year 164 313 150 291
In the second to ﬁ fth years inclusive 81 242 71 218
245 555 221 509
Less: future ﬁ nance charges (24) (46) N/A N/A
Present value of lease obligations 221 509
Less:
Amount due for settlement within 12 months (shown under current liabilities) 150 291
Amount due for settlement after 12 months 71 218
2007
£’000
2006
£’000
Deferred tax liabilities 2,457 786
Deferred tax assets (554) (320)
1,903 466
2007
£’000
2006
£’000
Accelerated 
tax 
depreciation
£’000
Deferred 
development 
costs 
£’000
Revaluation 
of ﬁ nancial 
assets 
£’000
Share 
based 
payment
£’000
Tax 
Losses
£’000
Other
£’000
Total
£’000
At 1 January 2006 (913) 2,227 – – – (872) 442
Charge / (credit) to income 321 1,293 – (246) – (1,061) 307
Charge to equity – – – (232) – (114) (346)
Exchange differences (38) – – – – 101 63
At 1 January 2007 (630) 3,520 – (478) – (1,946) 466
Charge / (credit) to income (Note 10) 348 1,787 – (121) (71) (533) 1,410
Charge / (credit) to equity – – – 178 – (254) (76)
Acquisition of subsidiaries – – 225 – – 39 264
Exchange differences 9 – (2) – – 9 16
Effect of change in tax rate- Income statement (Note 10) 54 (239) – – – 8 (177)
At 31 December 2007 (219) 5,068 223 (421) (71) (2,677) 1,903
21. Obligations under ﬁ nance leases
Leases are classiﬁ ed as ﬁ nance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. The 
average lease term, weighted by asset cost, is 14 months (2006: 42 months).
The effective interest rate, weighted by asset cost, is 2.6% (2006: 2.9%).
The Group has ﬁ nance leases denominated in Pounds Sterling, Euros and US Dollars. The fair value of the Group’s lease obligations approximates their 
carrying amount. The Group’s obligations under ﬁ nance leases are secured by the lessors’ charges over the leased assets.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax 
balances (after offset) for ﬁ nancial reporting purposes:
20. Deferred tax
The following are the major deferred tax liabilities 
and assets recognised by the Group and movements 
thereon during the current and prior reporting period.
At the balance sheet date, the Group has unused tax losses of £7.3m (2006: £8.8m) available for offset against future proﬁ ts. A deferred tax asset has been 
recognised in respect of £0.2m (2006: £Nil) of such losses. No deferred tax asset has been recognised in respect of the remaining £7.1m (2006: £8.8m) due 
to the unpredictability of future proﬁ t streams and uncertainty over the level of eligible losses due to ongoing HM Revenue and Customs enquiries. Included 
in unrecognised tax losses are losses of £2.8m (2006: £3.2m) that will expire in 2023. Other losses may be carried forward indeﬁ nitely. 53 Raymarine plc Annual Report 2007 
Warranty 
provision
£’000
Restructuring 
provision
£’000
Other
£’000
Total
£’000
At 1 January 2007 4,504 1,605 – 6,109
Exchange difference 6 – 2 8
Acquisitions 305 – 25 330
Additional provision in the year 5,509 586 – 6,095
Write-back in the year – (56) – (56)
Utilisation of provision (4,353) (1,036) – (5,389)
At 31 December 2007 5,971 1,099 27 7,097
Included in current liabilities 5,031
Included in non-current liabilities 2,066
7,097
2007
£’000
2006
£’000
Authorised:
Equity: 1,000,000,000 (2006: 1,000,000,000) ordinary shares of £0.01 each 10,000 10,000
Issued and fully paid:
Equity: 82,818,130 (2006: 82,803,530) ordinary shares of £0.01 each 828 828
Number £’000
At the beginning of the year 82,803,530 828
Allotment of shares to share incentive plan 14,600 –
Balance at 31 December 2007 82,818,130 828
22. Provisions
The warranty provision reﬂ ects the best estimate of future claims under product warranties, which are given to the end user for up to three years from date 
of sale.
The restructuring provision relates to the implementation of outsourcing manufacturing to Flextronics in Hungary, which began in 2005. The remaining 
balance reﬂ ects anticipated property costs associated with cessation of manufacturing at our Anchorage Park facility.
23. Share capital
Changes in the issued share capital during the year were as follows:
The Company has one class of ordinary shares which carries no right to ﬁ xed income. Raymarine plc Annual Report 2007 54
£’000
Balance at 1 January 2006 3,207
Premium arising on issue of equity shares 48
Balance at 1 January 2007 3,255
Premium arising on issue of equity shares 50
Balance at 31 December 2007 3,305
£’000
Balance at 1 January 2007 155
Vested awards under the LTIP 152
Awards under the LTIP 313
Share option plan 7
Deferred tax on the above items 232
Balance at 1 January 2007 859
Vested awards under the LTIP (7)
Awards under the LTIP 562
Share option plan (36)
Deferred tax on the above items (178)
Balance at 31 December 2007 1,200
24. Share premium account
26. Equity reserve
During the year the Group entered into further LTIP’s for three new members of staff.  These plans are all being accounted for as equity settled schemes 
and operate over three years with any award being linked to performance related targets which reﬂ ect the Group’s performance during the period.  The 
maximum award under the schemes is shown in Note 33. A credit to the income statement of £17,000 (2006: charge of £270,000) arises in the year in 
respect of National Insurance contributions.
£’000
Balance at 31 December 2006 and 1 January 2007 –
Acquired in the period (5,263)
Balance at 31 December 2007 (5,263)
25. Own shares
Own shares represents shares in Raymarine plc purchased in the market. During the year ended December 2007, the Company made on-market purchases 
totalling 1,900,000 of its own ordinary shares (nominal value £19,000), representing 2.29% of the issued share capital, for an aggregate consideration of 
£5,263,257. These shares have been purchased to satisfy future LTIP awards.  During the year, the Company also transferred 44,613 shares out of treasury. 
At the end of the ﬁ nancial year, the Company held 1,855,387 of its own shares in treasury.  55 Raymarine plc Annual Report 2007 
£’000
Balance at 1 January 2006 13,569
Net proﬁ t for the year 10,337
Dividends paid (Note 11) (6,458)
Vested awards under the LTIP (152)
Balance at 1 January 2007 17,296
Net proﬁ t for the year 17,544
Dividends paid (Note 11) (7,683)
Vested awards under the LTIP 7
Other 25
Balance at 31 December 2007 27,189
Hedging 
reserve
£’000
Translation 
reserve
£’000
Total
£’000
Balance at 1 January 2006 267 (65) 202
Exchange differences on translation of overseas operations – 446 446
Transfer to income on cash ﬂ ow hedges (399) – (399)
Foreign exchange gains on hedging derivatives maturing during the year 18 – 18
Related deferred tax on above items 114 – 114
Balance at 1 January 2007 – 381 381
Exchange differences on translation of foreign currency operations – (443) (443)
Transfer of the initial carrying amount of hedged items on cash ﬂ ow hedges (935) – (935)
Transfer to income on cash ﬂ ow hedges 91 – 91
Related deferred tax on above items 254 – 254
Balance at 31 December 2007 (590) (62) (652)
28. Retained earnings
27. Hedging and translation reserves
The hedging reserve reﬂ ects the fair value of the unrealised exchange gains and losses on unmatured foreign exchange contracts at the year end. The 
cumulative currency translation adjustment for the Group is held in the translation reserve and both reserves are considered to be undistributable. Raymarine plc Annual Report 2007 56
2007
£’000
2006
£’000
Total recognised income for the year 16,543 10,364
Dividends paid (7,683) (6,458)
Purchase of treasury shares (5,263) –
Increase in equity reserve 341 704
Increase in share capital and premium 50 48
3,988 4,658
Shareholders’ equity brought forward 22,619 17,961
Shareholders’ equity carried forward 26,607 22,619
Acquiree’s 
carrying 
amount before 
combination
£’000
Fair value 
adjustments
£’000
Fair value
£’000
Net assets acquired:
Intangible assets – 806 806
Property, plant and equipment 30 – 30
Financial assets –2222
Inventories 566 (132) 434
Trade and other receivables 4,779 – 4,779
Cash and cash equivalents 716 – 716
Trade and other payables (3,815) (79) (3,894)
Current tax asset 53 – 53
Deferred tax liabilities – (197) (197)
Provisions for liabilities (241) (26) (267)
2,088 394 2,482
Goodwill arising on acquisition 5,015
Total consideration 7,497
Consideration
Cash 7,089
Directly attributable costs 408
7,497
29. Consolidated statement of changes in equity
30. Acquisitions
(i)  On 31 March 2007, the Group acquired 100 per cent of the issued share capital of 
SDM Electronique SAS (“SDM”) for cash consideration of £7,089,000. The principle 
business activity of SDM is the distribution of marine electronics. This transaction 
has been accounted for using the acquisition method of accounting. The net assets 
acquired in the transaction and the goodwill arising, are as follows:
(i) Valuation of customer relationships asset
(ii) Write down for slow moving and obsolete stock
(iii) Provision for dilapidations on buildings
The goodwill arising on the acquisition of SDM is attributable to the anticipated proﬁ tability of the distribution of the Group’s products in the French market 
and the anticipated future operating synergies from the combination.
The proﬁ t before tax contributed by SDM in the period between the date of acquisition and the balance sheet date was £1.4m.
It is difﬁ cult to determine what the additional turnover and proﬁ t before tax to the Group would have been had this company been acquired on 1 January 
2007 due to the fact that these acquisitions are vertical and the extent of intercompany transactions which would have to be eliminated are unknown.
(i)
(ii)
(iii) 57 Raymarine plc Annual Report 2007 
Acquiree’s 
carrying 
amount before 
combination
£’000
Fair value 
adjustments
£’000
Fair value
£’000
Net assets acquired:
Intangible assets – 200 200
Property, plant and equipment 75 – 75
Inventories 1,264 (285) 979
Trade and other receivables 690 (6) 684
Cash and cash equivalents 525 – 525
Trade and other payables (1,299) (62) (1,361)
Current tax asset (121) 68 (53)
Provisions for liabilities (14) (34) (48)
Bank Loans (287) – (287)
833 (119) 714
Goodwill arising on acquisition 1,547
Total consideration 2,261
Consideration
Cash 1,776
Directly attributable costs 485
2,261
30. Aquisitions (continued)
(ii)  On 17 August 2007, the Group acquired 100 per cent of the issued share capital 
of H.E. Eissing KG (GmbH & Co), (“Eissing”) for cash consideration of £1,776,000. 
The principle business activity of Eissing is the distribution of marine electronics. This 
transaction has been accounted for using the acquisition method of accounting. The 
net assets acquired in the transaction and the goodwill arising, are as follows:
(i) Valuation of customer relationships asset
(ii) Write down for slow moving and obsolete stock
The goodwill arising on the acquisition of Eissing is attributable to the anticipated proﬁ tability of the distribution of the Group’s products in the German 
market and the anticipated future operating synergies from the combination.
The proﬁ t before tax contributed by Eissing in the period between the date of acquisition and the balance sheet date was £0.2m.
It is difﬁ cult to determine what the additional turnover and proﬁ t before tax to the Group would have been had this company been acquired on 1 January 
2007 due to the fact that these acquisitions are vertical and the extent of intercompany transactions which would have to be eliminated are unknown.
(i)
(ii) Raymarine plc Annual Report 2007 58
Acquiree’s 
carrying 
amount before 
combination
£’000
Fair value 
adjustments
£’000
Fair value
£’000
Net assets acquired:
Intangible assets –91 91
Inventories 236 – 236
Deferred tax liabilities – (28) (28)
Provisions for liabilities – (15) (15)
236 48 284
Goodwill arising on acquisition 878
Total consideration 1,162
Consideration
Cash 789
Directly attributable costs 373
1,162
30. Aquisitions (continued)
(iii) On 23 January 2007, the Group acquired assets from Oceantalk Australia Pty for 
cash consideration of £789,000. The principle business activity of Oceantalk was the 
distribution of marine electronics. This transaction has been accounted for using the 
acquisition method of accounting. The assets acquired in the transaction and the 
goodwill arising, are as follows:
(i) Valuation of customer relationships asset
The goodwill arising on the acquisition of these assets is attributable to the anticipated proﬁ tability of the distribution of the Group’s products in the 
Australian and Asian markets and the anticipated future operating synergies from the combination.
The loss before tax contributed by these acquired assets in the period between the date of acquisition and the balance sheet date was £0.3m.
The Group proﬁ t for the period would not have been materially different from that which has been reported had the assets been acquired at 1 January 
2007.
(i) 59 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Operating proﬁ t 27,081 16,096
Adjustments for:
   Foreign exchange 48 823
   Depreciation of property, plant and equipment 2,976 3,072
   Impairment charge / (reversal) on ﬁ xtures and equipment 47 (93)
   Amortisation and impairment of intangible assets 4,590 4,275
   Loss / (proﬁ t) on disposal of property, plant and equipment 39 (334)
   Increase  / (decrease) in provisions 471 (3,179)
   Equity settled share based transactions 527 –
Operating cash ﬂ ows before movements in working capital 35,779 20,660
   (Increase) / decrease in inventories (4,875) 802
   Increase in receivables (923) (5,958)
   Increase in payables 347 209
Cash generated by operations 30,328 15,713
Interest received 432 138
Interest paid (3,604) (2,434)
Foreign exchange (76) 392
Tax paid (5,080) (3,401)
Net cash from operating activities 22,000 10,408
Reconciliation of net debt Reconciliation of net debt
1 January
2007 
£’000
Foreign 
exchange 
£’000
Cash ﬂ ow
£’000
Non-cash
£’000
31 December 
2007
£’000
Cash in hand and at bank 2,068 145 6,882 – 9,095
Overdrafts (7,035) (2) 2,988 – (4,049)
(4,967) 143 9,870 – 5,046
Debt due after 1 year (38,156) (856) (25,689) (88) (64,789)
Finance leases (509) 4 284 – (221)
Net debt (43,632) (709) (15,535) (88) (59,964)
31. Notes to the cash ﬂ ow statement
Additions to ﬁ xtures and equipment during the year amounting to £Nil (2006: £0.1m) were ﬁ nanced by new ﬁ nance leases. 
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term 
highly liquid investments with a maturity of three months or less, less the bank overdraft. Raymarine plc Annual Report 2007 60
LTIP Share options
Maximum 
number of 
shares
Weighted 
average fair 
value per 
share (£)
Number of 
shares
Weighted 
average fair 
exercise 
price (£)
Outstanding at beginning of period 1,678,098 1.63 450,000 3.74
Lapsed during the period (349,906) 1.65 (450,000) 3.74
Granted during the period 64,232 2.10 – –
Vested during the period (60,374) 1.50 – –
Outstanding at the end of the period 1,332,050 1.68 – –
LTIP
03/05/07 23/08/07 01/04/06 03/05/05
Weighted average fair value per share £2.47 £1.27 £2.50 £1.14
Expected volatility 30.2% 34.6% 28.4% 26.0%
Expected life 3 years 3 years 3 years 3 years
Expected dividend yield 2% 3% 2% 3%
2007
£’000
2006
£’000
Within one year 1,853 1,704
In the second to ﬁ fth years inclusive 3,366 4,549
After ﬁ ve years 562 1,093
5,781 7,346
33. Share based payments
Operating lease payments represent rentals payable by the Group for the entire duration of the lease for certain cars and properties. Average lease terms, at 
ﬁ xed rates, for cars and vending equipment are 39 months and 32 months respectively. The average lease term for properties is 85 months. Operating lease 
payments for some of the properties are subject to a rent review.
32. Operating lease arrangements
At the balance sheet date, the Group had outstanding commitments for future minimum lease 
payments under non-cancellable operating leases, which fall due as follows:
Expected volatility was determined by calculating the historical volatility of the Group’s share price from the date of listing, 6 December 2004, to the date 
of the grant. The expected life used in the model is management’s best estimate allowing for the effects of non-transferability, exercise restrictions and 
behavioural considerations.
LTIP
In 2005, and again in 2006 the Company entered into two plans which are being accounted for as equity settled schemes. They both operate over three 
years, with any award being linked to performance related targets which reﬂ ect the Group’s performance during the period. The current maximum award 
under the scheme is 801,555 shares and 475,411 shares respectively.
During the current period the Group again entered into the additional LTIP’s, for some of its staff. The plans are also being accounted for as equity settled 
schemes and operate over three years with any award being linked to performance related targets which reﬂ ect the Group’s performance during the period. 
The current maximum award under the scheme is 55,084 shares.
A charge to the income statement of £598,000 (2006: £791,000) in respect of all three schemes arises in the period. 
Equity-settled share option plan
All of the share options issued under the ESOP lapsed on 1 May 2007. Consequently a credit of £68,000 has been released to the income statement in the 
period.
The inputs into the Black-Scholes model are as follows: 61 Raymarine plc Annual Report 2007 
34. Retirement beneﬁ t schemes
Deﬁ ned contribution scheme
The Group operates a deﬁ ned contribution pension scheme for Raymarine UK Limited. The assets of the scheme are held separately from those of the Group 
in funds under the control of trustees. Where there are employees who leave the scheme prior to vesting fully in the contributions, the contributions payable 
by the Group are reduced by the amount of forfeited contributions.
The cost charged to income in respect of this pension scheme, of £475,000 (2006: £364,000), represents contributions payable to the scheme by the Group 
at rates speciﬁ ed in the rules of the plan. As at 31 December 2007, contributions of £75,000 (2006: £65,000) due in respect of the current reporting period 
had not been paid over to the scheme and are included in payables.
The Group leased its Raymarine Inc. employees from ADP TotalSource during the entire year of 2007.  ADP TotalSource operates a deﬁ ned contribution 
scheme. 
35. Capital commitments
On 31 December 2007 the Group had commitments for capital expenditure contracted for, but not provided, of £1.8m principally relating to the purchase of 
test equipment and tooling for use in the business.
In addition on 31 December 2007, the Group was committed to spending £0.5m on its replacement ERP (Enterprise Resource Planning) system, the initial 
stage of which is due to be implemented in April 2008.
The Group signed a contract in April 2007 with a developer to provide a new site with new ofﬁ ces and an engineering, research and development, service, 
repair and test centre in Portsmouth to be occupied from the second quarter 2009. The new building located to the north of Portsmouth will unite the 
operations in the UK. The new site will be taken on under a 15 year lease commencing late in 2008. A portion of the expected cash cost of £0.3m was 
committed at 31 December 2007.
36. Events after the balance sheet date
On 4 February 2008 the Group announced the acquisition of the shares representing 100% of the outstanding capital and voting rights of Deck Marine 
S.p.A., (“Deck Marine”), the sole distributor of Raymarine products in Italy, for a consideration up to a maximum of €25m (£18.8m) Deck Marine was 
founded in 1976, employs 15 staff and is headquartered in Milan. The current Managing Director of Deck Marine will remain with the company. In addition 
to Raymarine products, Deck Marine distributes a small number of products manufactured by third party suppliers, and will continue to do so following the 
acquisition. For the year ended 31 December 2006, Deck Marine reported proﬁ t before tax of €5m (£3.8m) and had gross assets of €10.7m (£8m).
On 25 February 2008 the Group further announced the acquisition of the business and assets of NavSystems Oy, the sole distributor of Raymarine products 
in Finland, for a consideration up to a maximum of €5m (£3.7m). NavSystems operates from a base near Helsinki and employs a total of 4 staff. For the year 
ended 31 December 2007, NavSystems reported a turnover of €4.4m (£3.0m).
The ﬁ nal consideration for both of these acquisitions is still subject to work currently being carried out on the opening fair values for the balance sheet as at 
the date of the acquisition, therefore no further information regarding these can be provided at this time.
37. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.  
Remuneration of key management personnel
Details of the remuneration of the directors, who are the key management personnel of the Group, is provided in aggregate for each of the categories 
speciﬁ ed in IAS 24 Related Party Disclosures in the audited part of the Directors’ remuneration report on pages 20 to 23, along with further information 
about the remuneration of individual directors.
38. Financial instruments
(a) Capital risk management
The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern while maximising the return to 
stakeholders through the optimisation of the debt and equity balance.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in Note 18, cash and cash equivalents, and equity attributable 
to shareholders of the parent, comprising issued share capital, reserves and retained earnings as disclosed in Notes 23 to 29. Raymarine plc Annual Report 2007 62
2007
£’000
2006
£’000
Financial assets:
At amortised cost:
Cash 9,095 2,068
Trade receivables 21,155 19,305
Financial liabilities:
At amortised cost:
Bank overdrafts 4,049 7,035
Trade payables 12,744 8,156
Bank loans 64,789 38,156
Finance lease obligations 221 509
Derivative instruments in designated hedge accounting relationships 822 –
2007
£’000
2006
£’000
Debt 69,059 45,700
Cash and cash equivalents (9,095) (2,068)
Net debt 59,964 43,632
Equity 26,607 22,619
Net debt to equity ratio 69% 66%
38. Financial instruments (continued)
(b) Gearing ratio
The Group regularly reviews the capital structure.  As part of this review, it considers the cost of capital and the risks associated with each class of capital. 
The gearing ratio at the year end is as follows:
Debt is deﬁ ned as long and short-term borrowings, as detailed in Note 18.
Equity includes all capital and reserves of the Group attributable to equity holders of the parent.
(c) Signiﬁ cant accounting policies
Details of the signiﬁ cant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which 
income and expenses are recognised, in respect of each class of ﬁ nancial asset, ﬁ nancial liability and equity instrument are disclosed in Note 2 to the 
ﬁ nancial statements.
(d) Categories of ﬁ nancial instruments
(e)   Financial risk management objectives
The Group’s treasury function, overseen by senior management, provides services to the whole of the business. It also monitors and manages the ﬁ nancial 
risks relating to the operations of the Group including market risk, credit risk, liquidity risk and interest rate risk.
The Group seeks to minimise the effects of these risks by using, where deemed appropriate, derivative ﬁ nancial instruments to hedge these risk exposures. 
The use of ﬁ nancial derivatives is governed by the Group’s policies approved by the Board of Directors. The Group does not enter into or trade ﬁ nancial 
instruments, including derivative ﬁ nancial instruments, for speculative purposes. 63 Raymarine plc Annual Report 2007 
Liabilities Assets
2007
£’000
2006
£’000
2007
£’000
2006
£’000
USD 28,497 27,529 8,427 9,323
EUR 14,361 39  6,126 1,810
AUD 5,954 – 2,068 –
Other 22 28 343 1
Total 48,834 27,596 16,964 11,134
2007
£’000
2006
£’000
US Dollar impact 1,277 1,159
Euro impact 524 –
Australian Dollar impact 247 –
Increase in proﬁ t 2,048 1,159
Effect of foreign exchange movements on investments in foreign subsidiaries (1,754) (1,050)
294(
i
) 109 (
ii
)
Hedging reserve impact 
(iii)
(2,264) –
(f)   Market risk
The Group’s activities expose it primarily to the ﬁ nancial risks of changes in foreign currency exchange rates (see below) and interest rates (see section g). 
Changes in foreign currency exchange rates
As noted in the Financial review, the exchange rate risk associated with sales made in US Dollars (approx 43% of total sales) is signiﬁ cantly mitigated by the 
outsourcing arrangement with Flextronics, with the supply contract being denominated in US Dollars.
With the acquisitions made during the year, the Group now has exposure to sales made in Euros and Australian Dollars. To mitigate this exposure, the Group 
has entered into a number of forward foreign exchange contracts (see below) to hedge the exchange rate risk associated with these future cash ﬂ ows.
Changes in interest rates
The current borrowing costs are based on the total level of net debt on a ratchet which runs between 50 and 115 basis points over LIBOR for the currency 
in which the borrowings are drawn. After reviewing all relevant factors, including monitoring the level of interest cover from cash ﬂ ow and earnings, the 
treasury function has ascertained the appropriateness of maintaining all of the Group’s borrowings at variable rates of interest.
Foreign currency sensitivity
The carrying amount of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date is as follows:
In 2007 the Group was mainly exposed to US Dollars, Euros and Australian Dollars.
In 2006 the Group was mainly exposed to US Dollars.
The following table details the Group’s sensitivity to a 10 per cent change in Pounds Sterling against the respective foreign currencies. 10 per cent has 
been used as this has been deemed as a reasonably possible movement. A positive number indicates an increase in proﬁ t or loss where Pounds Sterling 
strengthens against the respective currency.
(i)
 The gain in 2007 is mainly attributable to the foreign currency borrowings.
(ii)
 The gain in 2006 is mainly attributable to the USD denominated payables (offset by USD denominated receivables).
(iii)
 This is a result of the changes in fair value of derivative instruments designated as cash ﬂ ow hedges. Raymarine plc Annual Report 2007 64
Outstanding contracts Outstanding contracts Average 
exchange rate
Foreign 
Currency
’000
Contract value
£’000
Fair value
£’000
Current
Buy USD / Sell Euro 2.038 $6,000 2,899 45
Buy GBP / Sell Euro 1.354 €15,112 10,884 278
Buy GBP / Sell AUD 2.294 $11,244 4,834 67
390
Non-current
Buy GBP / Sell Euro 1.348 €18,650 13,617 216
Buy GBP / Sell AUD 2.312 $13,048 5,427 216
432
2008
£’000
2009
£’000
2010
£’000
Total
£’000
Foreign currency forward contracts 18,740 12,226 6,819 37,785
Following the acquisition of two European distributorships and one based in Australia, the Group now has a signiﬁ cant net inﬂ ow in Euros and to a lesser 
extent Australian Dollars. These are also expected to continue into 2008. Again the Group covers these exposures well in advance through forward foreign 
exchange contracts.
As at the reporting date the aggregate amount of unrealised losses net of tax under forward foreign exchange contracts deferred in the hedging reserve 
relating to the exposure on the anticipated future transactions is £575k (2006: £Nil). These contracts are due to mature on various dates through to the 
fourth quarter of 2010.
Foreign currency forward contracts
The Group utilises currency derivatives to hedge signiﬁ cant future transactions and cash ﬂ ows. There were 25 foreign currency forward contracts in place at 
31 December 2007 (2006: Nil).
The total notional amount of outstanding forward foreign exchange contracts that the Group has committed to, by maturity year, are shown below:
The fair value of currency derivatives that are designated as effective cash ﬂ ow hedges was a liability of £822k (2006: £Nil).
The fair value of the foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted rates 
matching maturities of the contracts. 
The directors believe that the fair value of the foreign currency forward contracts approximates the carrying value. 
Included in other operating income is £0.1m (2006: £0.4m) which has been transferred from reserves in respect of foreign currency forward contracts that 
have matured during the period.
The foreign exchange exposure of the Group is monitored on an ongoing basis and the requirement for future derivative ﬁ nancial instruments is kept under 
review.
Forward foreign exchange contracts
It is the policy of the Group to review the need for and where deemed appropriate to enter forward foreign exchange contracts to cover speciﬁ c foreign 
currency payments and receipts.
The following table details the forward foreign currency contracts outstanding as at the reporting date: 65 Raymarine plc Annual Report 2007 
2007 2007
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Non-interest bearing 0.0% 12,381 363 – – 12,744
Finance leases 2.6% 21 81 62 81 245
Variable interest rate instruments
Bank overdrafts 5.9% 4,049 – – – 4,049
Bank loans 6.1% 65,006 – – – 65,006
Sub total 81,457 444 62 81 82,044
Less bank loans* (65,006) – – – (65,006)
Total 16,451 444 62 81 17,038
(g) Interest rate risk management
The Group is exposed to interest rate risk as entities in the Group borrow funds at ﬂ oating interest rates. The Group keeps under review the appropriateness 
of ﬁ xing interest rates on its borrowings.
Interest rate sensitivity
The sensitivity analysis below has been determined based on the exposure to interest on the ﬁ nancial instrument balances at the reporting date and the 
stipulated change taking place at the beginning of the ﬁ nancial year and held constant throughout the reporting period.
At the reporting date, if interest rates had been 100 basis points higher/lower and all other variables were held constant, the Group’s net proﬁ t would 
increase/decrease by £423k (2006: £321k). This is mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings.
100 basis points have been used as this has been deemed as a reasonably possible movement.
The Group’s sensitivity to interest rates has increased during the current period mainly due to the increase in variable rate debt instruments.
(h)  Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in ﬁ nancial loss to the Group. The Group’s policy is to only 
deal with creditworthy counterparties, carrying out signiﬁ cant background checks before any new accounts are opened so as to mitigate the risk of ﬁ nancial 
loss from defaults. The Group’s exposure and the credit ratings of its counterparties are continuously monitored with no signiﬁ cant concentration of credit 
risk with a single counterparty. Credit exposure is controlled by counterparty limits that are reviewed and approved by senior management as and when 
necessary, but at a minimum annually.
The carrying amount of ﬁ nancial assets recorded in the ﬁ nancial statements, net of any allowances for losses, represents the Group’s maximum exposure to 
credit risk.
(i) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which reviews and manages the Group’s short, medium and long 
term funding and liquidity requirements on a regular basis. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve 
borrowing facilities by regularly monitoring forecast and actual cash ﬂ ows whilst attempting to match the maturity proﬁ les of ﬁ nancial assets and liabilities. 
As at 31 December 2007 the Group had £32.5m (2006: £25.5m) of undrawn facilities that the Group has at its disposal to further reduce liquidity risk (see 
Note 18).
The following table details the Group’s remaining contractual maturity for its non-derivative ﬁ nancial liabilities. The table has been drawn up based on the 
undiscounted contractual maturities of the ﬁ nancial liabilities including interest that will accrue to those liabilities.
* Note: Although the bank loans have a contractual 1 month maturity date, the Group also has a contractual right to draw down up to £92.5m ($185m) 
under the terms of the syndicated revolving credit arrangement set up on 6 December 2004 and amended on 18 October 2007. The current credit 
arrangement facility is due to expire on 12 November 2009. There is therefore no liquidity risk for the Group attached to the bank loans. Raymarine plc Annual Report 2007 66
2006 2006
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Non-interest bearing 0.0% 8,012 144 – 220 8,376
Finance leases 2.9% 30 140 141 244 555
Variable interest rate instruments
Bank overdrafts 6.3% 7,035 – – – 7,035
Bank loans 5.5% 38,388 – – – 38,388
Sub total 53,465 284 141 464 54,354
Less bank loans* (38,388) – – – (38,388)
Total 15,077 284 141 464 15,966
*   Note: Although the bank loans have a contractual 1 month maturity date, the Group also had a contractual right to draw down up to £68.9m ($135m) 
under the terms of the syndicated revolving credit arrangement set up on 6 December 2004. The current credit arrangement facility is due to expire on 
12 November 2009. There is therefore no liquidity risk for the Group attached to the bank loans.
  The following table details the Group’s expected maturity for its non-derivative ﬁ nancial assets. The table has been drawn up based on the undiscounted 
contractual maturities of the ﬁ nancial assets including interest that will be earned on those assets except where the Group anticipates that the cash ﬂ ow 
will occur in a different period.
2007 2007
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Cash 3.3% 9,095 – – – 9,095
Non-interest bearing trade receivables 0.0% 6,327 14,827 2 – 21,156
Total 15,422 14,827 2 – 30,251
2006 2006
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Cash 2.5% 2,068 – – – 2,068
Non-interest bearing trade receivables 0.0% 4,545 14,489 – – 19,034
Total 6,613 14,489 – – 21,102 67 Raymarine plc Annual Report 2007 
1 to 6 months 6 months to 1 year 1 to 5 years
Payable Receivable Payable Receivable Payable Receivable
£’000 £’000 £’000 £’000 £’000 £’000
(11,881) 11,644 (7,249) 7,097 (19,476) 19,044
The following table details the Group’s expected maturity for its derivative ﬁ nancial instruments. The table has been drawn up based on the undiscounted 
gross cash inﬂ ows/(outﬂ ows) on the derivative instruments.
Forward foreign exchange contracts
There were no forward foreign exchange contracts as at 31 December 2006. Raymarine plc Annual Report 2007 68
We have audited the parent company ﬁ nancial statements of Raymarine plc for the year ended 31 December 2007 which comprise the Income Statement, 
the Balance Sheet, the Cash Flow Statement, the Statement of Recognised Income and Expense and the related Notes 39 to 54. These parent company 
ﬁ nancial statements have been prepared under the accounting policies set out therein.
We have reported separately on the group ﬁ nancial statements of Raymarine plc for the year ended 31 December 2007 and on the information in the 
directors’ remuneration report that is described as having been audited. 
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies Act 1985.  Our audit work has been 
undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report and for no other 
purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members 
as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the parent company ﬁ nancial statements in accordance with applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent company ﬁ nancial statements in accordance with relevant legal and regulatory requirements and International 
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company ﬁ nancial statements give a true and fair view and whether the parent company ﬁ nancial 
statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given 
in the Directors’ Report is consistent with the parent company ﬁ nancial statements. The information given in the Directors’ Report includes that speciﬁ c 
information presented in the Financial Review that is cross referred from the Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information speciﬁ ed by law regarding directors’ remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is consistent with the 
audited parent company ﬁ nancial statements. We consider the implications for our report if we become aware of any apparent misstatements or material 
inconsistencies with the parent company ﬁ nancial statements. Our responsibilities do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes 
examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company ﬁ nancial statements. It also includes an assessment 
of the signiﬁ cant estimates and judgments made by the directors in the preparation of the parent company ﬁ nancial statements, and of whether the 
accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufﬁ cient evidence to give reasonable assurance that the parent company ﬁ nancial statements are free from material misstatement, whether caused by 
fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the parent company 
ﬁ nancial statements.
Opinion
In our opinion:
�  the parent company ﬁ nancial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the 
company’s affairs as at 31 December 2007 and of its proﬁ t for the year then ended;
�  the parent company ﬁ nancial statements have been properly prepared in accordance with the Companies Act 1985; and
�  the information given in the Directors’ Report is consistent with the parent company ﬁ nancial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Southampton, United Kingdom
25 February 2008
Independent Auditors’ Report to the Members of Raymarine plc 69 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Note
Administrative expenses:
 – Other administrative expenses (628) (606)
Operating loss 40 (628) (606)
Finance income 42 26,445 13,305
Proﬁ t before tax 25,817 12,699
Taxation 43 (55) (179)
Proﬁ t for the year attributable to equity shareholders of the Company 50 25,762 12,520
2007
£’000
2006
£’000
Note
Transfers
Other 25 –
Vested awards under the LTIP 48 7 (152)
Proﬁ t for the period 25,762 12,520
Total recognised income and expense for the year attributable to shareholders 
of the Company
51 25,794 12,368
Company Income Statement
Year ended 31 December 2007
Company Statement of Recognised Income and Expense
Year ended 31 December 2007 Raymarine plc Annual Report 2007 70
2007
£’000
2006
£’000
Note
Non-current assets
Intangible assets 44 274 274
Current assets
Trade and other receivables 46 14 39
Amounts owed by Group undertakings 46 27,517 17,185
Current tax assets 100 2,637
Cash and cash equivalents 5,538 10
33,169 19,871
Current liabilities
Trade and other payables 47 215 129
Amounts owed to Group undertakings – 27
215 156
Net current assets 32,954 19,715
Net assets 33,228 19,989
Equity
Share capital 23 828 828
Share premium account 24 3,305 3,255
Own shares 25 (5,263) –
Equity reserve 48 1.200 859
Hedging and translation reserve 49 (382) (382)
Retained earnings 50 33,540 15,429
Equity attributable to equity shareholders of the Company 51 33,228 19,989
Company Balance Sheet
At 31 December 2007
The ﬁ nancial statements were approved by the Board of directors and authorised for issue on 25th February 2008. They were signed on its behalf by:
Tony Osbaldiston
(Finance Director) 71 Raymarine plc Annual Report 2007 
2007
£’000
2006
£’000
Note
Net cash inﬂ ow / (outﬂ ow) from operating activities 52 3,935 (308)
Investing activities
Dividends received 24,500 12,908
Net cash from investing activities 24,500 12,908
Financing activities
Issue of ordinary shares 50 48
Purchase of treasury shares (5,263) –
Increase in intercompany loans (10,111) (6,127)
Increase / (repayments) of intercompany borrowings 100 (255)
Dividends paid (7,683) (6,458)
Net cash used in ﬁ nancing activities (22,907) (12,792)
Net increase / (decrease) in cash and cash equivalents 5,528 (192)
Cash and cash equivalents at beginning of year 10 202
Cash and cash equivalents at end of year 5,538 10
Company Cash Flow Statement
Year ended 31 December 2007 Raymarine plc Annual Report 2007 72
2007
£’000
2006
£’000
Auditors’ remuneration for audit services (see below) 23 9
The analysis of auditors’ renumeration is as follows:
2007
£’000
2006
£’000
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 12 9
Total audit fees 12 9
Other services pursuant to legislation:
   Tax services related to:
      Compliance 8 10
      General advisory 10 43
Total non-audit fees 18 53
2007
£’000
2006
£’000
Dividends received 24,500 12,908
Interest received 1,945 395
Foreign exchange gains – 2
26,445 13,305
40. Operating loss
Operating loss is stated after charging:
A description of the work of the Audit Committee is set out in the Corporate Governance Statement on page 16 and includes an explanation of how auditor 
objectivity and independence is safeguarded when non-audit services are provided by the auditors.
41. Staff costs
There were no employees of the Company during the year ended 31 December 2007 (2006: Nil). Emoluments of the Non-Executive Directors can be found 
in the Directors’ Remuneration Report on page 20.
42. Finance income
39. Signiﬁ cant accounting policies
The separate ﬁ nancial statements of the Company are presented as required by the Companies Act 1985. As permitted by that Act, the separate ﬁ nancial 
statements have been prepared in accordance with International Financial Reporting Standards (IFRSs).
The ﬁ nancial statements have been prepared on the historical cost basis. The principal accounting policies adopted are the same as those set out in Note 2 
to the consolidated ﬁ nancial statements except as noted below.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
Notes to the Company Financial Statements
Year ended 31 December 2007 73 Raymarine plc Annual Report 2007 
Goodwill
£’000
Cost and net book value
At 1 January 2006, 1 January 2007 and 31 December 2007 274
Name of subsidiary
Place of 
incorporation 
(or registration)
Principal 
activity
Class and 
percentage 
shares held
Method used 
to account for 
investment
Raymarine Holdings Limited Great Britain Holding company Ordinary 100% Purchase
Raymarine 2002 Limited* Great Britain Non-trading Ordinary 100% Purchase
Raymarine Inc.* US Marine Electronics Ordinary 100% Purchase
Raymarine UK Limited* Great Britain Marine Electronics Ordinary 100% Purchase
Raymarine Asia Pty Limited* Australia Marine Electronics Ordinary 100% Purchase
SDM Electronique SAS* France Marine Electronics Ordinary 100% Purchase
H.E. Eissing KG (GmbH & Co.)* Germany Marine Electronics Ordinary 100% Purchase
Goodwill
2007 2006
£’000 % £’000 %
Proﬁ t before tax 25,817 12,699
Tax at domestic income tax rate of 30% (2006: 30%) 7,745 3,810
Tax effect of expenses that are not deductible in determining taxable proﬁ t 5 7
Dividend income not taxable (7,350) (3,872)
Adjustment to tax charge in respect of previous periods 55 234
Tax effect of utilisation of tax losses not previously recognised (400) –
Tax charge and effective tax rate for the year 55 0.2% 179 1.4%
2007
£’000
2006
£’000
Current tax:
Domestic – Current – (55)
               – Prior year 55 234
55 179
43. Taxation
Domestic income tax is calculated at 30% (2006: 30%) of the estimated assessable proﬁ t for the year.
The charge for the year can be reconciled to the proﬁ t per the income statement as follows:
44. Intangible assets
45. Subsidiaries
Details of the Company’s subsidiaries at 31 December 2007 are as follows:
*Investment held by a subsidiary company. Raymarine plc Annual Report 2007 74
£’000
Balance at 1 January 2006 155
Vested awards under the LTIP 152
Awards under the LTIP 313
Share option plan 7
Deferred tax on the above 232
Balance at 1 January 2007 859
Vested awards under the LTIP (7)
Awards under the LTIP 562
Share option plan (36)
Deferred tax on the above items (178)
Balance at 31 December 2007 1,200
2007
£’000
2006
£’000
Other receivables 14 39
Amounts owed by Group undertakings 27,517 17,185
27,531 17,224
2007
£’000
2006
£’000
Current liabilities
Trade and other payables 215 129
46. Financial assets
Trade and other receivables
48. Equity reserve
Amounts owed by Group undertakings are recoverable on demand and earn interest at an arms length rate.
Cash and cash equivalents
These comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these 
assets approximates their fair value.
47. Financial liabilities
Trade and other payables
Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 27 
days (2006: 18 days).
The Company has ﬁ nancial risk management policies in place to ensure that all payables are paid within the credit timeframe.
The directors consider that the carrying amount of trade payables approximates to their fair value. 75 Raymarine plc Annual Report 2007 
£’000
Balance at 1 January 2006 13,304
Total recognised income and expense for the year 12,368
Dividends paid (6,458)
Increase in share capital and premium 48
Increase in equity reserves 704
Other adjustments 23
Balance at 1 January 2007 19,989
Total recognised income for the year 25,794
Dividends paid (7,683)
Increase in share capital and premium 50
Increase in equity reserves 341
Treasury shares (5,263)
Balance at 31 December 2007 33,228
Translation 
reserve
£’000
Balance at 1 January 2006 (405)
Exchange differences on translation of Employee Beneﬁ t Trust 23
Balance at 1 January 2007 and 31 December 2007 (382)
£’000
£’000
Balance at 1 January 2006 9,519
Net proﬁ t for the year 12,520
Dividends paid (6,458)
Other adjustments (152)
Balance at 1 January 2007 15,429
Net proﬁ t for the year 25,762
Dividends paid (7,683)
Vested awards under the LTIP 7
Other 25
Balance at 31 December 2007 33,540
Equity comprises share capital, share premium, hedging and translation reserve and retained earnings.
51. Statement of changes in equity
49. Hedging and translation reserve
50. Retained earnings Raymarine plc Annual Report 2007 76
2007
£’000
2006
£’000
Operating loss (628) (606)
Adjustments for:
 Foreign exchange – 23
Operating cash ﬂ ows before movements in working capital (628) (583)
    Decrease / (increase) in receivables 25 (12)
    Increase /  (decrease) in payables 111 (110)
Cash used in operations (492) (705)
Interest received 1,945 395
Foreign exchange – 2
Tax paid 2,482 –
Net cash inﬂ ow / (outﬂ ow) from operating activities 3,935 (308)
2007
£’000
2006
£’000
Financial assets:
At amortised cost:
Cash 5,538 10
Amounts owed by Group undertakings 27,517 17,185
Financial liabilities:
At amortised cost:
Trade payables 215 129
Amounts owed to Group undertakings – 27
52. Notes to the cash ﬂ ow statement
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term 
highly liquid investments with maturity of three months or less.
53. Share based payments
The Company currently operates three share based payments schemes. All costs are recharges to Group subsidiaries. For further information see Note 33.
54. Financial instruments
The Company follows the same accounting policies and manages its capital and risks in the same way as the Group. Please see Note 38 for further details.
(a) Categories of ﬁ nancial instruments
(b) Market risk
The Company’s activities expose it primarily to the risks of changes in interest rates. The Group has no foreign exchange exposure as all balances are in 
Pounds Sterling.
Changes in interest rates
Amounts owed by/to Group undertakings carry interest at a rate of 2% (2006: Royal Bank of Scotland savings rate +0.5%) above the respective territories 
LIBOR rate.
Interest rate sensitivity
The sensitivity analysis below has been determined based on the exposure to interest on the ﬁ nancial instrument balances at the reporting date and the 
stipulated change taking place at the beginning of the ﬁ nancial year and held constant throughout the reporting period.
At the reporting date, if interest rates had been 100 basis points higher/lower and all other variables were held constant, the Company’s net proﬁ t 
would increase/decrease by £330k (2006: £172k). This is mainly attributable to the Company’s exposure to interest rates on its amounts owed by Group 
undertakings. 100 basis points have been used as this has been deemed as a reasonably possible movement.
The Company’s sensitivity to interest rates has increased during the current period mainly due to the increase in amounts owed by Group undertakings. 77 Raymarine plc Annual Report 2007 
2007 2007
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Non-interest bearing 0.0% 215 – – – 215
2006 2006
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Non-interest bearing 0.0% 129 – – – 129
Variable interest rate instruments:
    Amounts owed to Group undertakings 5.3% 27 – – – 27
Total 156 – – – 156
2007 2007
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Cash 4.5% 5,538 – – – 5,538
Amounts owed by Group undertakings 8.1% 27,517 – – – 27,517
Total 33,055 – – – 33,055
2006 2006
Weighted 
average 
effective rate
%
Less than 
1 month
£’000
1 to 6 months
£’000
6 months 
to 1 year
£’000
1 to 5 years
£’000
Total
£’000
Cash 3.6% 10 – – – 10
Amounts owed by Group undertakings 5.3% 17,185 – – – 17,185
Total 17,195 – – – 17,195
54. Financial instruments (continued)
(c) Liquidity risk management
The following table details the Company’s remaining contractual maturity for its non-derivative ﬁ nancial liabilities. The table has been drawn up based on 
the undiscounted contractual maturities of the ﬁ nancial liabilities including interest that will accrue to those liabilities.
The following table details the Company’s expected maturity for its non-derivative ﬁ nancial assets. The table has been drawn up based on the undiscounted 
contractual maturities of the ﬁ nancial assets including interest that will be earned on those assets except where the Group anticipates that the cash ﬂ ow 
will occur in a different period. Raymarine plc Annual Report 2007 78
IFRS UK GAAP
2007
£’000
2006
£’000
2005
£’000
2004
£’000
2003
£’000
Results
Revenue 140,690 136,490 121,851 106,268 93,616
Operating proﬁ t 27,081 16,096 11,077 11,385 5,967
Proﬁ t before tax 23,411 14,091 8,062 5,257 990
Proﬁ t attributable to equity shareholders of Raymarine plc 17,544 10,337 8,367 2,492 306
Assets employed
Non-current assets 68,910 52,713 49,459 51,156 45,020
Current assets 57,050 40,563 37,761 42,349 35,425
Current liabilities (29,538) (29,761) (25,108) (26,106) (18,559)
Non-current liabilities (69,815) (40,896) (44,151) (56,885) (57,261)
Net assets 26,607 22,619 17,961 10,514 4,625
Financed by
Equity 26,607 22,619 17,961 10,514 4,625
Key statistics
Basic earnings per share 21.3p 12.5p 10.1p 3.3p 0.4p
Diluted earnings per share 21.0p 12.2p 10.0p 3.0p 0.4p
Five Year Summary
The amounts disclosed before 2004 are stated on the basis of UK GAAP because it is not practicable to restate amounts for periods prior to the date of 
transition to IFRS. 
 
The Company was incorporated on 22 August 2000 and the Group began to trade on 29 January 2001. 79 Raymarine plc Annual Report 2007 
Shareholder Information and Professional Advisers
Report and accounts
Copies of the 2007 report and accounts will be sent to shareholders and will be available after 23 May 2008 from the Company Secretary at the registered 
ofﬁ ce. Raymarine ﬁ nancial information is also available at our website www.raymarine.com
Registered ofﬁ ce
Raymarine plc, 
Anchorage Park, 
Robinson Way, 
Portsmouth, 
Hampshire 
PO3 5TD
Shareholder enquiries
Equiniti Limited maintain the Company’s share register. Enquiries about standings should be addressed to the Registrars at The Causeway, Worthing, West 
Sussex BN99 6DA (telephone 0870 600 3970).
Annual General Meeting
The AGM will be held at the Little Ship Club, Bell Wharf Lane, Upper Thames Street, London EC4R 3TB on Friday 23 May 2008 at 11am.
Professional advisers
Financial adviser
Hawkpoint Partners Limited
41 Lothbury
London 
EC2R 7AE
Broker
JPMorgan Cazenove Limited
20 Moorgate
London
EC2R 6DA
Auditors
Deloitte & Touche LLP
1 Grosvenor Square
Mountbatten House
Southampton
SO15 2BZ
Principal bankers
Lloyds TSB plc
25 Gresham Street
London 
EC2V 7HN Raymarine plc Annual Report 2007 80 ALGERIA
ANTIGUA
ARGENTINA
AUSTRIA
AUSTRALIA
BAHAMAS
BAHRAIN
BELGIUM
BERMUDA
BRAZIL
BRITISH VIRGIN ISLANDS
BULGARIA
CANADA
CANARY ISLANDS
CAPE VERDE
CHILE
CHINA
COSTA RICA
CROATIA
CYPRUS
DENMARK
DOMINICAN REPUBLIC
ECUADOR
EGYPT
ESTONIA
FINLAND
FRANCE
GERMANY
GHANA
GIBRALTAR
GRAND CAYMAN ISLANDS
GREECE
HONG KONG
ICELAND
INDIA
INDONESIA
IRAN
ISRAEL
ITALY
JAMAICA
JAPAN
KOREA
KUWAIT
LATVIA
LEBANON
LITHUANIA
MALAYSIA
MALDIVES
MALTA
MEXICO
MOROCCO
NETHERLANDS
NETHERLAND ANTILLES
NEW CALEDONIA
NEW ZEALAND
NORWAY
OMAN
PANAMA
PAPUA NEW GUINEA
POLAND
PORTUGAL
PUERTO RICO
QATAR
ROMANIA
RUSSIA
SAUDI ARABIA
SINGAPORE
SLOVENIA
SOUTH AFRICA
SPAIN
SRI LANKA
ST. LUCIA
ST. MAARTEN
SWEDEN
SWITZERLAND
TAIWAN
TAHITI
THAILAND
TRINIDAD
TUNISIA
TURKEY
TURKS AND CAICOS ISLANDS
UKRAINE
UNITED ARAB EMIRATES
UNITED STATES OF AMERICA
UNITED KINGDOM & IRELAND
USVI ST. THOMAS
URUGUAY
VENEZUELA
VIETNAM
ZIMBABWE
 
World leaders in electronics for the marine industry
Raymarine plc Anchorage Park, Portsmouth, Hampshire, PO3 5TD, England.
Tel: +44 (0)23 9269 3611 / Fax: +44 (0)23 9269 4642
Photography courtesy of:
Joe McCarthy, Sealine International Limited, Malo Yachts,
 Nimbus, Hallberg Rassy, Rick Tomlinson, Shutterstock
| RADAR | NAVIGATION AIDS | INSTRUMENTS | AUTOPILOTS | SATELLITE TV | COMMUNICATIONS | FISHFINDERS | SOFTWARE | SYSTEMS |
2007 ANNUAL REPORT AND ACCOUNTS
2007 RA YMARINE ANNU AL REPOR T AND A CCOUNTS