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NORMA-Group-2019-Annual-Report ANNUAL REPORT 2019 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION Financial Figures 2019 T001 20191 2018 Change in % Order situation Order book (Dec 31) EUR million 358.3 379.2 – 5.5 Income statement Revenue EUR million 1,100.1 1,084.1 1.5 Adjusted gross profit 2 EUR million 630.6 626.6 0.6 Adjusted EBITA 2 EUR million 144.8 173.2 – 16.4 Adjusted EBITA margin 2 % 13.2 16.0 n/a EBITA EUR million 127.9 164.8 – 22.4 EBITA margin EUR million 11.6 15.2 n/a Adjusted profit for the period 2 EUR million 87.8 114.8 – 23.5 Adjusted earnings per share 2 EUR 2.76 3.61 – 23.6 Profit for the period EUR million 58.4 91.8 – 36.3 Earnings per share EUR 1.83 2.88 – 36.5 NORMA Value Added (NOVA) EUR million 17.3 60.8 – 71.5 Return on Capital Employed (ROCE) % 13.4 17.5 n/a Cash flow Cash flow from operating activities EUR million 137.1 130.8 4.8 Cash flow from investing activities EUR million – 57.6 – 129.5 – 55.5 Cash flow from financing activities EUR million – 92.7 31.3 n/a Net operating cash flow EUR million 122.9 124.4 – 1.2 Dec 31, 2019 Dec 31, 2018 Change in % Balance sheet Total assets EUR million 1,514.3 1,471.7 2.9 Equity EUR million 629.5 602.4 4.5 Equity ratio % 41.6 40.9 n/a Net debt EUR million 420.8 400.3 5.1 Employees Core workforce 6,523 6,901 – 5.5 Share data IPO April 2011 Stock exchange & market segment Frankfurt Stock Exchange, Regulated Market (Prime Standard), SDAX ISIN DE000A1H8BV3 Security identification number / Ticker symbol A1H8BV / NOEJ Highest price / Lowest price 2019 3 EUR 49.26 / 26.36 Year-end share price as of Dec 31, 2019 3 EUR 38.00 Market capitalization as of Dec 31, 2019 3 EUR million 1,211 Number of shares 31,862,400 1_Including the effects of the first-time application of IFRS 16. 2_The adjustments are described in the Notes to the Consolidated Financial Statements. NOTES, P. 148 3_Xetra price. NORMA Group SE – Annual Report 2019 2 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION Table of Contents 1 2 3 Introduction Times are Changing To Our Shareholders Financial Figures 2019 2 Guiding Theme 2019 6 The Management Board 25 Table of Contents 3 Our Answers to the Questions of Our Time 7 Letter from the Management Board 26 NORMA Group 4 NORMA Group on the capital market 28 Supervisory Board Report 33 Corporate Governance Report 37 4 5 6 Consolidated Consolidated Financial Management Report Statements Further Information Principles of the Group 46 Consolidated Statement of Glossary 212 Economic Report 58 Comprehensive Income 114 List of Graphics 216 Forecast Report 82 Consolidated Statement of List of Tables 217 Financial Position 115 Risk and Opportunity Report 89 Overview by Quarter 220 Consolidated Statement of Cash Flows 116 Remuneration Report 102 Multi-Year Overview 221 Consolidated Statement of Changes Other Legally Required Disclosures 110 in Equity 117 Financial Calendar, Contact and Imprint 223 Report on Transactions with Notes to the Consolidated Financial Related Parties 112 Statements 118 Appendix to the Notes to the Consolidated Financial Statements 203 Responsibility Statement 205 Independent Auditor’s Report 206 NORMA Group SE – Annual Report 2019 3 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION NORMA Group Two strong distri- Engineered Joining Technology (EJT) The business area of EJT focuses on customized, engineered solutions which meet the specific requirements of original equip- bution channels ment manufacturers (OEM). For these customers, NORMA Group develops innovative, value-adding solutions for a wide range of application areas and various industries in the area of mobility NORMA Group is an international market and technology leader and new energy. No matter whether it’s a single component, a in Engineered Joining Technology (joining, connecting and fluid multi-component unit or a complex system, all products are indi- handling technology) and offers more than 40,000 high-quality vidually tailored to the exact requirements of the industrial cus- products and solutions to around 10,000 customers in more than tomers while simultaneously guaranteeing the highest quality 100 countries. NORMA Group’s joining products are used in 61% standards, efficiency and assembly safety. NORMA Group’s EJT various industries and can be found in vehicles, ships, trains, products are built on the Company’s extensive engineering exper- aircraft, domestic appliances, engines and plumbing systems as EJT tise and proven leadership in this field. well as in applications for the pharmaceutical and biotechnology industry. From its headquarters in Maintal near Frankfurt, Distribution Services (DS) Germany, the Company coordinates a global network consisting of 29 production facilities as well as numerous sales and In the area of DS, NORMA Group sells a wide range of high- distribution sites across Europe, the Americas, and Asia Pacific. quality, standardized joining technology products for various applications through different distribution channels. Among its customers are distributors, OEM aftermarket customers, technical wholesalers and hardware stores. In the DS business area, NORMA Group benefits not only from its extensive geographic presence and global manufacturing, distribution and sales capacities, but also from its well-known brands, its customized packaging and the high availability of its products at the point of sale. NORMA Group markets its joining technology products under its well-known brand names: 39% B R A N D DS NORMA Group SE – Annual Report 2019 4 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION MARKET LEADER IN CONNECTING AND FLUID HANDLING TECHNOLOGY FOR EXISTING AND FUTURE MARKETS INCREASE Overall IN VALUE objectives SELECTIVE VALUE-ADDING PROFITABLE ACQUISITIONS TO SUPPLEMENT GROWTH Strategic ORGANIC GROWTH measures to achieve objectives SELECTIVE PRODUCT INCREASE OF MARKET PORTFOLIO SUSTAINABLE ACTIONS SHARE THROUGH FURTHER IN ALL BUSINESS AREAS LOCALIZATION STRONG PERFORMANCE NEW PRODUCT DEVELOPMENTS AND CONTINUOUS FOR STRONG FUTURE MARKETS EFFICIENCY IMPROVEMENTS HIGHEST QUALITY REQUIREMENTS AND STRONG BRAND IMAGE CLIMATE CHANGE AND SCARCITY OF RESOURCES ARE GLOBAL MEGATRENDS WHICH FORM THE BASIS FOR NORMA GROUP’S BUSINESS MODEL NORMA Group SE – Annual Report 2019 5 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION The market environment in which NORMA Group operates is undergoing radical change. We recognized this early on and subsequently began to adapt to the changed conditions. Every change is driven by a multitude of different factors, which in turn have a profound impact on patterns of action and decision-making. On the following pages, you will learn what significance the changed framework conditions have for NORMA Group. We present an overview of the main drivers and factors behind the developments in fiscal year 2019 in a significantly changing environment. “Times are changing” – we have the answers to the questions of our time. NORMA Group SE – Annual Report 2019 6 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION 8 Questions Q 01 Q 02 Q 03 Q 04 The 2019 Annual Report Which developments How can NORMA Group What does the new is entitled “Times are affected NORMA Group’s increase its profitability? “Get on Track” change changing.” What does business in 2019? program include? this mean? PAGE 8 PAGE 10 PAGE 12 PAGE 14 Q 05 Q 06 Q 07 Q 08 What were the positive How will the key markets What growth areas does How does developments in fiscal for NORMA Group develop NORMA Group see in the NORMA Group year 2019? in 2020? coming years? ensure its ability to innovate? PAGE 16 PAGE 18 PAGE 20 PAGE 22 NORMA Group SE – Annual Report 2019 7 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION Q 01 The 2019 Annual Report is entitled “Times are changing.” What does this mean? 1 INTRODUCTION 2 TIMES ARE CHANGING 3 TO OUR SHAREHOLDERS 4 CONSOLIDATED MANAGEMENT REPORT 5 CONSOLIDATED FINANCIAL STATEMENTS 6 FURTHER INFORMATION Markets and technologies are changing – and NORMA Group is right in the middle of it. and began optimizing our production landscape and organizational structures, which had grown rapidly in recent years, and we are harmonizing our processes and systems worldwide. We also started to align our business model even more closely with the The title of our 2019 Annual Report describes the current situation requirements of our strategic growth fields – water management very appropriately: We are experiencing challenging times – times and electromobility. of change. Looking back on 2019, we can conclude that change is ever-present. This is exemplified by how the automotive industry We see an opportunity for NORMA Group in this changing is developing. The industry is experiencing profound technological environment. We want to seize the opportunity and open our upheaval. Electromobility, including hybrid drives, and autonomous eyes to the essentials. For this reason, we are systematically driving are the key factors here. analyzing how current developments affect us and are making adjustments where necessary. We are adapting to the new At the same time, we are repeatedly confronted with geopolitical framework conditions, becoming more agile, more structured and issues such as the never-ending discussion about Brexit and the even more efficient in terms of our processes.
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