surteco se

122 Pages·2011·4.77 MB·English

by  Günter Schneller

ANNUAL REPORT 2010
S P E C I A L I S T S F O R S U R F A C E T E C H N O L O G I E S
S O C I E TA S E U R O PA E A
SURTECO SE
WORLDWIDE
16 production and sales locations
16 additional sales locations
Gislaved Moscow
Brampton
Burnley
Kattowitz
Prague
Angers
Greensboro Venice Istanbul
Madrid Tokyo
Myrtle Beach
Taicang
Chihuahua
Guatemala
Singapore
Bintan
Curitiba
Brisbane
Perth
Sydney
Melbourne
Santiago
Germany
Hüllhorst
Sassenberg
Bönen
Gladbeck
Weimar
Kassel
Buttenwiesen-Pfaffenhofen
Dunningen
SURTECO SE
AT A GLANCE
[ € 000s ] 2009 2010 Variation in %
Sales revenues 341,145 388,793 +14
Foreign sales in % 64 67
EBITDA 54,317 62,547 +15
EBITDA margin in % 15.9 16.1
Depreciation and amortization -19,892 -20,934
EBIT 34,425 41,613 +21
EBIT margin in % 10.1 10.7
Financial result -16,860 -9,590
EBT 17,565 32,023 +82
Consolidated net profit 9,239 21,705 +135
Earnings per share in € 0.83 1.96 +135
Additions to fixed assets 10,942 19,244 +76
Balance sheet total 481,676 481,544 -
Equity 191,815 213,439 +11
Equity ratio in % 39.8 44.3 +11
Net financial debt at 31 December 122,826 123,163 -
Gearing (level of debt) at 31 December in % 64 58 -10
Average number of employees for the year 1,979 1,990 +1
Number of employees at 31 December 1,903 2,003 +5
PROFITABILITY INDICATORS IN %
Return on sales 5.1 8.2
Return on equity 4.9 10.7
Total return on total equity 6.2 8.9
SURTECO SE
GROUP STRUCTURE
SURTECO SE
SBU PAPER SBU PLASTICS
Gislaved Folie
Bausch Decor BauschLinnemann W. Döllken & Co.
Sweden
Saueressig Design Kröning Döllken-Kunststoff- SURTECO SURTECO SURTECO SURTECO SURTECO
Studio 30% verarbeitung Australia Asia France Turkey Iberia
BauschLinnemann Döllken-
UK Profiltechnik
BauschLinnemann BauschLinnemann Vinylit
South Carolina 70% North America Fassaden
SURTECO Döllken- Döllken Döllken
China Weimar Poland Czechia
SURTECO SURTECO
Italy USA
Canplast
SURTECO SURTECO SURTECO Canplast Canplast
Centro
Russia Canada Do Brasil Mexico 50% Sud/Chile 55%
America 50%
2010
SALES DISTRIBUTION
in %
SURTECO GROUP
Germany 33 Edgebandings 49
Rest of Europe 44 Foils 26
America 12 Skirtings 6
Australia 6 Decorative printing 5
Asia 5 Techn. extrusions 4
DIY 3
Cladding systems 3
Other 4
Percentage of total sales: 58 %
STRATEGIC BUSINESS UNIT PLASTICS
Germany 31 Edgebandings 59
Rest of Europe 37 Skirtings 11
America 15 Foils 10
Australia 10 Tech. extrusions 7
Asia 7 DIY 5
Cladding systems 4
Other 4
Percentage of total sales: 42 %
STRATEGIC BUSINESS UNIT PAPER
Germany 35 Foils 48
Rest of Europe 53 Edgebandings 35
America 8 Decorative printing 13
Australia 1 Laminates (CPL) 2
Asia 3 Other 2
2
Plastic edgebandings
THE PRODUCT Roller shutter systems
R A N G E
OF SURTECO SE
Edgings and extrusions for cabinet making
Technical extrusions for industry
Decorative printing
Edgebandings based on paper
3
Skirtings and extrusions for professional floor layers E 0
G1
STRATEGIC N0
2
BUSINESS UNIT T RAORT
CP
UE
PLASTICS ODAL R
RU
PN
N
A
Ranges for building and DIY stores
Cladding systems
Plastic foils
Finish foils based on paper
STRATEGIC
BUSINESS UNIT
PAPER
Multilayer laminates

TABLE OF S 0
T1
N0
E2
TT
CONTENTS NR
OO
CEP
F R
OL
E UA
A N N U A L- ABLNN
TA
R E P O R T
2010
Foreword by the Board of Management 6

Company Management 8
Executive Officers of SURTECO SE 8
Executive management of Group Companies 9
Report of the Supervisory Board 10

Management Report 15
Group structure and business activity 15
Compensation Report 19
IMAGES IN THIS ANNUAL REPORT Declaration on corporate management 25
SURTECO SE is a leading manufac- Economic framework conditions 25
turer of plastic and paper products
Sales and income situation 29
for the construction and furniture
industries with international opera- Financial position and net assets 33
tions and a long track record of ex- Research and development 37
pertise. SURTECO has eight German
Environmental protection 39
production locations and the same
People and training 41
number of international production
locations to give the Group manu- Risk and opportunitites report 41
facturing operations in all major Information pursuant to § 289 and
markets. The advantages are very
§ 315 German Commercial Code (HGB) 48
obvious. Regional contacts guar-
Follow-up report 49
antee fast response times. Design
trends in national markets can be Outlook report 49
taken into account. Short transport
links deliver fast availability. Global
The SURTECO share 52
integration of research and develop-

ment activities guarantees that all
Consolidated Financial Statements 55
sites manufacture products to the
highest standards of quality.
The images in this Annual Report SURTECO SE Annual Financial Statements 108
present the production sites where
the SURTECO Group’s multifaceted
Glossary 110
product range is manufactured – dis-
Financial Calendar 113
tributed across four continents.
The cover page shows the admin- Ten year overview 116
istrative building of Bausch Decor
GmbH located in Buttenwiesen- SURTECO SE
Pfaffenhofen where the SURTECO
ISIN: DE0005176903
holding company is based.
Ticker symbol: SUR
6
FOREWORD BY
MANAGEMENT
THE BOARD OF
Friedhelm Päfgen Dr.-Ing. Herbert Müller
Chairman of the Board of Management Member of the Board of Management
Group strategy, Strategic Business Unit Plastics
Strategic Business Unit Paper
We have an eventful year behind us. At the beginning
of 2010, there was a great deal of scepticism about
the prospects for the business year 2010, given the
economic uncertainties combined with a significant
shortage of important raw materials and consequent
sharp increase in their price. The dynamic recovery
in the global economy as the year progressed was
therefore all the more surprising and gratifying at the
same time.