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Annual Report of the Fiscal Year 2005/2006 140 Years of Voith – Treading New Paths, Shaping the Future Locations and Organization Structure

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Annual Report of the Fiscal Year 2005/2006 140 Years of Voith – Treading New Paths, Shaping the Future Locations and Organization Structure Annual Report of the Fiscal Year 2005/2006 140 Years of Voith – Treading New Paths, Shaping the Future Locations and Organization Structure 1 North America Production locations 16 Service and sales locations 20 Employees 5 304 2 Central and South America Production locations 4 Service and sales locations 11 1 Employees 3 103 3 Europe Production locations 60 Service and sales locations 96 Employees 23 093 4 Africa Service and sales locations 3 Employees 105 5 Asia, Australia, Oceania Production locations 12 Service and sales locations 37 Employees 2 480 Voith Paper Head Organization Voith Paper Holding GmbH & Co. KG, Heidenheim/Germany Divisions Fiber Systems Paper Machines Graphic Grades Paper Machines Board/Packaging Finishing Automation Rolls Fabrics 3 5 4 2 Holding Company Voith AG Corporate Central Functions Voith Siemens Hydro Voith Turbo Voith Industrial Services Head Organization Head Organization Head Organization Voith Siemens Hydro Power Voith Turbo GmbH & Co. KG, Voith Industrial Services Generation GmbH & Co. KG, Heidenheim/Germany Holding GmbH, Heidenheim/Germany Heidenheim/Germany Divisions Divisions Divisions Large Hydro Industry Facility Service Europe Small Hydro Road Facility Service Americas/Asia Automation Rail Process Service Aftermarket Business Marine The Voith Group in Figures* 2005/06 2004/05 2003/04 2002/03 EUR in millions Orders Received 4 096 3 257 3 623 3 278 Export 3 255 2 483 2 814 2 295 in % 79 76 78 70 Sales 3 739 3 465 3 262 3 109 Export 2 839 2 614 2 228 2 353 in % 76 75 68 76 Total output 3 830 3 475 3 266 2 983 Total fixed assets 1 309 1 282 1 051 1 084 Capital expenditures 167 191 112 118 in % of Depreciation 142 171 97 103 Research and development expenditures 182 179 149 135 in % of Sales 4,9 5,2 4,6 4,4 Income before tax 330 162 148 124 in % of Sales 8,8 4,7 4,5 4,0 Net Income 246 97 92 82 in % of Sales 6,6 2,8 2,8 2,6 Total Cash flow -261 -136 273 243 in % of Sales -7,0 -3,9 8,4 7,8 Group capital 1) 742 729 523 465 in % of the Balance sheet total 21,0 19,1 16,0 16,5 Balance sheet total 3 535 3 821 3 272 2 814 Personnel expenses 1 418 1 223 1 144 1 145 Number of employees (without apprentices) 34 085 30 834 24 314 24 246 *) In light of this first-time adoption of IFRS, the figures for fiscal 2005/2006 and fiscal 2004/2005 are presented in compliance with IFRS throughout this entire annual report. However, since the figures for the two preceding fiscal years (2003/2004 and 2002/2003) are still presented in HGB-compliant format, it is possible to compare the numbers in all four periods only to a limited extent. 1) Equity and other non-current capital provided by shareholders. 140 Years of Voith... Original Wording of Sales Contract Between J.M. Voith and his son Friedrich: J. M. Voith in Heidenheim sells to his son Friedrich Voith the machines, tools and inventories listed in the attached document for the sum of fifteen thousand seven hundred and sixty one Guilders subject to the following conditions: 1. The listed objects are transferred to the buyer as seen. 2. The purchasing price is subject to an interest rate of 4% from 1 January 1867; interest has to be paid quarterly. 3. In order to secure the purchasing price and the interest, the seller shall be entitled at any time to insist on an equity pledge for the machines etc. associated with the buildings, and, as far as all other instruments and tools are concerned, to claim a pledge, in which case the present sales contract including attachments (sub II. 3 & 4) shall represent the document required in section 246 of the applicable security pledge law. This contract is authenticated: Heidenheim, 27 Jan./6 August 1867 The Seller J. M. Voith, The Buyer Fr. Voith It all started with paper. In 1869, Voith registered its first patent for a wood In 1873, the first Voith Francis turbine was a genuine milestone in hydro- grinder. Known as the “Raffineur” (refiner), the machine wrote technological power technology. Today, the turbine is on show at the Deutsches Museum history. The picture shows a wood grinder built in 1891. in Munich. The beginning… saw the signing of contracts. The Heidenheim master locksmith Johann Matthäus Voith sells his business to his son Friedrich. The father signs the contract on 27 January 1867; with his signature on 6 August of the same year, the son finalizes the handover. This is the birth of Voith – an international company that is still family-owned today. It can’t have been easy for the then 64-year-old Johann Matthäus to let go. He, a Swabian tinkerer and “man of action” par excellence, is to down tools? Enter retirement? After a life of hard work that was exclusively dedicated to the success of his company? Throughout his life, he never regarded himself as a mere locksmith. As a passion- ate technician, a “mechanicus”, he wants to design and build machines and Milestones at Voith 1867 1869 1873 1881 1903 1922 Foundation of the 1st Voith patent 1st Voith Francis 1st Voith paper Niagara (at that Kaplan turbine present Voith Group (refiner) turbine machine time the world’s largest turbines) Voith supplied these 7000-hp Francis spiral turbines to Hamilton Cataract Power Light and Traction Co. Ltd. in 1903. Large orders like this one established Voith’s reputation worldwide. The young Hanns Voith is pictured (second from the right). put his ideas and inventions into practice. As early as 1855, he applies for a travel subsidy from the King of Württemberg to visit the world exhibition in Paris. He is one of five hand-selected individuals that the King eventually sends to this forum of international industries. The investment will pay off for the country. Later. Since 1864, father and son have been working jointly in the family business. This period marks the company’s first great successes. The “Raffineur” (refiner), a pioneering invention by the father, begins to conquer the paper industry. The future global player gathers momentum. Yet this success is not without its problems. Sources talk about increasing disagreements between father and son as far as the future direction of the company is concerned. On the one hand, there is the father, conservative, cautious and anxious to preserve the fruits of his hard work. 1927 1929 1952 1952 1960 1961 Voith Schneider Voith turbo Voith Water Tractor Voith automatic Flow brake, 1st Voith Turbo Propeller transmission transmission flotation deinking variable speed (DIWA) process coupling Voith delivered its first complete paper machine to Raithelhuber, Bezner & Cie. in Gemmrigheim, Germany, as early as 1881. The company did not have to wait long for further orders. This picture, taken in 1905, shows a Voith paper machine bound for Zanders – a loyal Voith customer to this day. On the other hand, there is the son, a hands-on character, bold enough to take entrepreneurial risks and keen to embrace the opportunities of a new era. The company experiences the age-old conflict faced by family enterprises. Eventually, the father sells the business: sources do not reveal whether this takes place on his own account or under gentle duress. He continues to live in the joint household and helps the young businessman whenever he can. With the new proprietor, a fresh wind blows in the company. Friedrich quickly modifies the place in line with his own ideas and plans. He is a gifted engineer and a brilliant entrepreneur – a rare combination at the time – but, as is still the case today, a guarantee for economic success. 1965 1968 1975 1978 1985 1995 1st turbo reversing Voith Retarder for High-power cardan Itaipu (largest hydro- 1st Voith Vorecon Fish-friendly transmission for motor coach shaft for locomo- electric power station turbine shunting locomotives tives in the world) The first large diesel-hydraulic locomotive in the world to be fitted with a Voith transmission in 1935. Voith began building gear units in 1922, and soon developed the first hydrodynamic transmissions and couplings. This new line quickly became one of the company’s central pillars. Ground-breaking inventions soon make the name Voith world famous. New business fields are opened up. Orders from all over the world and the first over- seas subsidiaries mark the start of internationalization. The sons of Friedrich Voith – Walther, Herrmann and Hanns – successfully continue their father’s work and lead Voith into the 20th century. These are, in a few words, the beginnings of Voith. A great deal has changed since then. But one important thing has remained: Voith is still owned by the Hanns Voith family. The Voithians live the legacy that they inherited from the founder fathers: innovative spirit, a passion for engineering, a sense of responsi- bility, entrepreneurial courage, fairness, a down-to-earth approach and reliability. This is the basis on which we build the future of Voith and keep the heritage of our founder fathers alive. 2002 2002 2003 2004 2005 2006 Aquatarder T 111, lowest Voith Cycloidal Curtain Coater Wavegen Paper Technology turbo transmis- Rudder Center sion for railcars Annual Report of the Fiscal Year 2005/2006 140 Years of Voith – Treading New Paths, Shaping the Future 6 1 Introduction 2 Treading New Paths, 3 Reports of the Shaping the Future Group Divisions 10 A Word from the 20 Treading New Paths, 30 Voith Paper Board of Management Shaping the Future 34 Voith Siemens Hydro 14 The Board of Management Power Generation 16 The Supervisory Board 38 Voith Turbo 42 Voith Industrial Services 46 Markets 56 Employees 7 4 Management Report 5 Financial Report 62 I.
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