2022 wasn't such a bad year

[hippy]

It's that time of year again when Raspberry Pi accounts are released -

RPL : https://beta.companieshouse.gov.uk/company/08207441
RPF : https://beta.companieshouse.gov.uk/company/06758215

Official filings aren't processed yet but the Raspberry Pi Foundation's 'Annual Review and Accounts' has been published -

https://www.raspberrypi.org/about

Despite the supply chain issues we are all well aware of it seems 2022 wasn't a bad year for Raspberry Pi.

Raspberry Pi Ltd's Turnover was up about 50%, Gross Profit up about 10%, Profit up about 20%, with £3 million gift-aided via Raspberry Pi Mid Co Ltd, to RPF; not that they seem to need it.

Raspberry Pi Foundation's Income was up about 30% and Expenditure up about 50%.

All figures in GBP millions, rounded to nearest 100K.

Code: Select all

       .------------------------.          .-------------------------.
       |    Raspberry Pi Ltd    |          | Raspberry Pi Foundation |
       |------------------------|----------|-------------------------|
       |          Gross         | Gift Aid |  Total   Total    EOY   |
       | Turnover Profit Profit |  to RPF  |  Income  Expend  Funds  |
.------|------------------------|----------|-------------------------|
| 2022 |  150.4    33.8   12.0  |    3.0   |  157.3   151.1   44.8   |
| 2021 |  102.1    30.4   10.1  |   Zero   |  112.7   101.8   46.7   |
| 2020 |   71.7    23.1    7.6  |    3.0   |   95.8    88.7   36.7   |
| 2019 |   39.6    16.3    5.1  |    4.0   |   45.8    44.2   29.0   |
| 2018 |   28.0    16.0    7.3  |    5.0   |   31.5    27.9   25.4   |
| 2017 |   25.5    16.8    9.7  |    7.5   |   28.2    20.7   23.0   |
| 2016 |   16.3    13.1    8.9  |    6.0   |   17.6    10.5   15.0   |
| 2015 |    8.0     6.5    3.7  |    3.5   |    9.1     6.3    7.2   |
| 2014 |    5.4     4.6    1.5  |    1.6   |    5.9     4.2    4.6   |
| 2013 |    5.7     4.4    0.7  |    2.0   |    6.0     3.8    2.9   |
| 2012 |                        |          |    1.2     0.4    0.7   |
`------^------------------------^----------^-------------------------'

And for those for whom a picture is worth a thousand words -

Raspberry Pi Ltd

Code: Select all

     |    Turnover           |     Profit            |    Gift Aid
150 -|             .-.   12 -|             .-.    9 -|
     |             | |       |  _ _      .-| |       |   .-.
100 -|           .-| |    8 -| | | |_   _| | |    6 -| .-| |
     |         .-| | |       | | | | |_| | | |       |_| | |-._
 50 -|        _| | | |    4 -|_| | | | | | | |    3 -| | | | | |-. .-.
     |_ _.-.-| | | | |       | | | | | | | | |       | | | | | | | | |
     `-^-^-^-^-^-^-^-^-      `-^-^-^-^-^-^-^-^-      `-^-^-^-^-^-^-^-^-
      1 1 1 1 1 2 2 2         1 1 1 1 1 2 2 2         1 1 1 1 1 2 2 2
      5 6 7 8 9 0 1 2         5 6 7 8 9 0 1 2         5 6 7 8 9 0 1 2

Raspberry Pi Foundation

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     |    Income    _        |  Expenditure          |   EOY Funds
150 -|             | |  150 -|             .-.   60 -|
     |             | |       |             | |       |            _ _
100 -|          _.-| |  100 -|          _.-| |   40 -|          _| | |
     |         | | | |       |         | | | |       |    _ _.-| | | |
 50 -|      _ _| | | |   50 -|      _ _| | | |   20 -|  _| | | | | | |
     |_.-.-| | | | | |       |_.-.-| | | | | |       |_| | | | | | | |
     `-^-^-^-^-^-^-^-^-      `-^-^-^-^-^-^-^-^-      `-^-^-^-^-^-^-^-^-
      1 1 1 1 1 2 2 2         1 1 1 1 1 2 2 2         1 1 1 1 1 2 2 2
      5 6 7 8 9 0 1 2         5 6 7 8 9 0 1 2         5 6 7 8 9 0 1 2

Edit : Separated out and clarified gift aid. See later post or published accounts for details.

[pidd]

I'm sure loads of people would love to see the sales figures (quantities) for 2022.

Due to the poor treatment of hobbyists (whatever the justification) I've committed to not buying any more new Raspberry Pi computers, although I will be buying more micro-controllers.

Interesting that RPL registered the IQaudIO trademark in August 2016 but announced in Dec 2020 that they took over the brand and products "late last year" [=2019?], IQAUDIO Limited was formed in February 2015 and the company was wound up this year.

[hippy]

I'm sure loads of people would love to see the sales figures (quantities) for 2022.

"The restricted supply of processors used in the Company's SBC range limited production and sales with the result that the total number of SBC's sold in the year was 28% lower than 2021 at 5.0 million units (2021: 7.0 million units)"

"Gross profit per board - 2022: $6.8, 2021: $4.6, Change: +48%"

"At 31 December 2022, there were outstanding orders of 2.8 million SBC's."

I have to say I greatly approve of the proper apostrophe use in "SBC's" though I am sure many will disagree, will label it incorrect.

[W. H. Heydt]

We now know what was eating up a lot RPT profit for the last few years...

[Gavinmc42]

If all the ducks are in a line now 2024 should be really good.
I am sure those that got their knickers in a knot about lack of maker Pi's will be be out numbered by those that see a decent low cost home PC in the Pi5.

Spent 40 years in the semiconductor market, I have seen shortages a few times before.
What makers have available now is mind blowing, things we used to dream about decades ago.
What is still coming down the pipeline is even more "Spectacular Speculation".

[pidd]

Presumably the profit per device went up because they didn't sell any Pi Zero's [apostrophe intentional].

[hippy]

Presumably the profit per device went up because they didn't sell any Pi Zero's [apostrophe intentional].

"The gross profit per board in the direct channel inceased by 48% from $4.6 per SBC in 2021 to $6.8 per SBC in 2022 due to the higher proportion of compute modules and Pi4 which have a higher ASP [Average Selling Price] and the price increases implemented in Q4 2021. These SBCs also support a higher unit margin. The unit gross profit in the year has also benefitted from increased sales to end users rather than through resellers, together with the price increases effected in Q4 2021 and lower component costs, particularly memory".

Both RPF and RPL accounts made up to 31 December 2022 are now available at the links in the OP.

[hippy]

If all the ducks are in a line now 2024 should be really good.

Indeed. And I am sure the pre-release announcement, and being able to state there were however many pre-orders for Pi 5, will look good in the 2023 accounts as well as being beneficial should there be an Exit in 2024.

[hippy]

with £3 million gift-aided to RPF

I just noticed that could do with some correction or clarification now RPL accounts are public -

"A dividend of $5 million was declared on 24 November 2022 payable to ordinary share holders. The dividend was paid December 2022, the dividend received by Raspberry Pi Mid Co Limited being used to support the objectives of the charity. A dividend of $4 million was paid to Raspberry Pi Mid Co Limited in September 2021. No gift aid was paid to Raspberry Pi Foundation in 2022 or 2021".

So it's no longer direct gift aid from RPL to RPF. As share holders Raspberry Pi Mid Co Limited get their dividend and they gift aid to the Foundation. It is however money RPF get from the operations and success of RPL so effectively the same IMO.

[pinight]

I mean.. that's when the pi shortage happened.

[lurk101]

Due to the poor treatment of hobbyists (whatever the justification) I've committed to not buying any more new Raspberry Pi computers, although I will be buying more micro-controllers.

Same... Having switched to Rockchip I see no compelling reason to revert. I might grab a few of their new PD supplies though.

[jamesh]

Rock and a hard place. We got loads of grief from industrial and commercial customers because of supply problems, we got loads of grief from hobbyists else because of lack of supply. Everyone complaining, no-one coming up with workable alternatives to what we actually did. Which we only did because of silicon supply problems completely out of our control.

[pidd]

Rock and a hard place. We got loads of grief from industrial and commercial customers because of supply problems, we got loads of grief from hobbyists else because of lack of supply. Everyone complaining, no-one coming up with workable alternatives to what we actually did. Which we only did because of silicon supply problems completely out of our control.

I don't see it in alignment of what the foundation said its aims were. The foundation and the Raspberry Pi's were implicitly linked as meeting those objectives but at some point there was a u-turn and the Raspberry Pi separated and became purely a means of funding the foundation.

The foundation is still meeting its objectives but by abandonment of having the Raspberry Pi as an implicit part. That isn't what I bought into, however circumstances do change and opportunities to secure the future in different ways arise and I reluctantly appreciate that, however .......

What I further see is that when RPL is sold, the foundation will make a lot of money which will sustain its work for a considerable time, but also others within the organisation will make some personal fortunes out of the sale. That is not the way I like to see charities work.

[plugwash]

So it's no longer direct gift aid from RPL to RPF. As share holders Raspberry Pi Mid Co Limited get their dividend and they gift aid to the Foundation. It is however money RPF get from the operations and success of RPL so effectively the same IMO.

While I don't know the full details, I suspect that raspberry "Pi Mid Co" exists for tax reasons, to allow them to continue to structure the payment to the foundation as a "donation" while paying regular dividends to other shareholders of Raspberry Pi LTD.

[hippy]

RPL could still gift aid to RPF (or any charity) if it chose to, RPF will gain the gift aid advantage of not paying tax on that no matter who is providing it. That the gift aid is coming from a wholly owned subsidiary, as RPL used to be, probably does simplify things in there being 'no change' there but I would have said the creation of Mid Co was mostly to facilitate an RPL Exit which was anticipated in 2022 and is now anticipated in 2024 according to RPF filings.

[hippy]

Given the increasing relevance of Raspberry Pi Mid Co Limited it's worth including a link to their filings as well as RPL and RPF -

Mid Co : https://beta.companieshouse.gov.uk/company/13603843

There's not much to say about such a structural entity. The most pertinent thing in the accounts made up to the end of 2002 is -

Raspberry Pi Mid Co Limited was incorporated on 6 September 2021 as a holding company. The company received £6.8m of dividend income from its subsidiary, Raspberry Pi Limited, in the period to 31 December 2022. The company paid gift aid of £3m to its charitable parent company, Raspberry Pi Foundation.

Not sure why they hung on to more money than they handed out as gift aid. Most appears to have ended up as "cash at bank and in hand".

[Burngate]

...... while paying regular dividends to other shareholders of Raspberry Pi LTD.

Though we're not entitled to that sort of information, it would be interesting to find out who those other shareholders are.
Broadcom?
The CIA?
THe Chinese Communist party?
Conspiracies abound

[jamesh]

https://www.cnbc.com/2023/04/12/sony-ba ... old%20CNBC.

[hippy]

Though we're not entitled to that sort of information, it would be interesting to find out who those other shareholders are.
Broadcom?
The CIA?
THe Chinese Communist party?
Conspiracies abound

It's all public knowledge, in the filings. Approximate percentage ownership of RPL today AIUI -

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 89% Raspberry Pi Mid Co Ltd
  5% Lansdowne Developed Markets Master Fund
  4% Ezrach Charitable Trust
  2% Sony Semiconductor Solutions Inc

[plugwash]

Presumably the filings only tell you the ownership at the time of filing, not what the ownership is right now.

[hippy]

Presumably the filings only tell you the ownership at the time of filing, not what the ownership is right now.

That's correct. But it would be surprising if someone bought shares in RPL without there being some publicity surrounding that.

The figures above are based on the Confirmation Statement from the 10th of September 2023. I added the number of 'Ordinary' shares up and calculated what percentage each held. That tallies with RPF full accounts for 2022 when they say they owned 91% of RPL through Mid Co at the end of 2022 which is before Sony bought their shares.

https://find-and-update.company-informa ... download=0

The "B Ordinary" shares held by Raspberry Pi Trading Employee Benefit Trust are the mechanism by which some employees will get their windfalls when RPL Exits but don't grant voting rights and whatnot so don't appear to be classed as owners; I couldn't get numbers to add up and match what RPF were claiming if they were included.

For 'Ordinary' shares as of 10th September 2023 -

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 89.07% Raspberry Pi Mid Co Ltd
  4.97% Lansdowne Developed Markets Master Fund
  3.98% Ezrach Charitable Trust
  1.99% Sony Semiconductor Solutions Inc

For 'Ordinary' and 'B Ordinary' shares as of 10th September 2023 -

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 76.69% Raspberry Pi Mid Co Ltd
 13.89% Raspberry Pi Trading Employee Benefit Trust
  4.28% Lansdowne Developed Markets Master Fund
  3.42% Ezrach Charitable Trust
  1.71% Sony Semiconductor Solutions Inc

It is however possible that entities have bought shares since 10th September which haven't been publicly announced yet.

[AkulaMD]

Not bad at all. In fact it is some of the best in history.