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Annual Report 2017 Annual Report 2017 WorldReginfo - 6f10804a-2851-4eee-88eb-5806dd08c0be Leading technology & engineering Group Oerlikon Oerlikon engineers materials, equipment and surfaces to enable customers’ products to have high-perfor- mance functions and an extended lifespan. The Group is committed to continually investing and delivering valued technologies, products and services for customers to meet challenges in their markets. For in- stance, Oerlikon helps cars and airplanes use less fuel, makes tools last longer and saves energy in the manufacturing of textiles. A Swiss company with over 100 years of tradition, Oerlikon operates its business in three Segments – Surface Solutions, Manmade Fibers and Drive Systems. It has a global footprint of around 15 000 employ- ees at 186 locations in 37 countries and sales of CHF 2.8 billion in 2017. Segments Surface Solutions Manmade Fibers Drive Systems A world-leading supplier of advanced A world market leader for solutions A leading global provider of high- materials and surface technologies. and systems used to manufacture precision gear, drives and shifting Over 80 years of know-how in manmade fibers. Over 95 years solutions. Over 95 years of experi- advanced materials and surface of competence in enabling custom- ence in developing power transmis- solutions engineering for compo- ers to produce synthetic fibers, sion solutions for electric, mechani- nents, tools and parts used in a which are processed into clothing, cal and hydraulic drive applications wide range of industrial applications carpets, furnishings, airbags, safety and one of the world’s largest where superior materials and belts, industrial textiles and independent full-service gear surface performance are required. geotextiles. suppliers. Sales (in CHF) EBITDA margin Sales (in CHF) EBITDA margin Sales (in CHF) EBITDA margin 1377 million 20.0 % 740 million 7.7 % 730 million 10.6 % WorldReginfo - 6f10804a-2851-4eee-88eb-5806dd08c0be Contents 2017 at a glance Strong increase in Group orders and sales Improved Group EBITDA margin after offsetting investments in 04 Letter from the Chairman additive manufacturing Growth in surface solutions business: organically and through four 06 Letter from the CEO technology-strengthening acquisitions 08 Key competencies Building up additive manufacturing business: added new production and R&D sites and signed new partnerships 09 Mid-term growth strategy Substantial top-line improvement in manmade fibers business and improved operating profitability 10 Industrial markets Significantly improved top line and operating profitability with double-digit EBITDA margin for drive systems business 14 Geographical regions Group net income: CHF 152 million Raising dividend payout to CHF 0.35 per share 16 Standard and customized solutions 17 Strategic AM business 18.00 FY Q1 Q2 Q3 18 Oerlikon’s investment 730 26 % 16.00 proposition 14.00 1377 21 Oerlikon Group 48 % 12.00 10.00 26 Serving our customers locally 740 Feb. 28 Apr. 30 Aug. 31 Oct. 31 26 % 28 Group business review Sales 2017 by Segment in CHF million Share price development in 2017 32 Segment reports Surface Solutions Segment Oerlikon 38 Corporate governance report Manmade Fibers Segment Drive Systems Segment 53 Remuneration report 66 Information for shareholders Order intake (in CHF) Sales (in CHF) 72 Financial report of the 3.0 billion 2.8 billion Oerlikon Group 24.5 % above prior year 22.1 % above prior year 135 Financial report of the OC Oerlikon Corporation AG, Pfäffikon EBITDA margin Result from continuing operations (in CHF) 150 Glossary 14.6 % 146 million 0.3 % points above prior year 78.0 % above prior year Operating cash flow1 (in CHF) Net cash (in CHF) 1 Before changes in net current assets. 405 million 499 million 50.6 % above prior year 24.4 % above prior year Earnings per share (in CHF) Dividend proposal (in CHF) 0.44 0.35 61.4 % below prior year 16.7 % above prior year WorldReginfo - 6f10804a-2851-4eee-88eb-5806dd08c0be 4 Annual Report 2017 Letter from the Chairman Dear Shareholders 2017 was a successful year with strong results for Oerlikon. The ongoing expansion in global economic activity provided a favor- able backdrop for growth in all our end markets. Our strategy and technology leadership enabled Oerlikon to take advantage of market opportunities by increasing both orders and sales, as well as improving operating profitability. Thanks to our strong performance, we raised our financial guid- ance twice during the year. Our share price positively reflected our progress and development, and we outperformed both Swiss and industrial indices. While we plan to continue investing in our core areas to ensure mid- and long-term growth, we also remain committed to returning value to our shareholders. Based on the performance we delivered in 2017, the Board of Directors will recommend a dividend payout of CHF 0.35 per share at the upcoming Annual General Meeting of Shareholders (AGM), an increase of 16.7 % over the prior year. Drawing on our unique competencies, we are executing on Strong fundamentals three growth drivers: we target attractive growth markets and Oerlikon has been providing advanced materials, surface tech- industries; we establish Oerlikon as a structural growth compa- nologies and services for more than 80 years. As a technology ny; and we expand our offerings through M&A opportunities. leader with exceptional engineering skills, we are adapting to a broad range of industry and market changes and challenges. Targeting attractive markets and industries The business strategy that we introduced two years ago is start- Over the past two years, we have closely aligned our technolo- ing to pay off, and we are well positioned to serve our key in- gy offerings with our customers’ needs in all identified core dustrial sectors and growth markets, as well as better meet growth industries: aerospace, automotive, tooling, general in- customers' needs. Today, Oerlikon is in good shape with strong dustries, energy, apparel and industrial textiles, and agriculture. financial and market fundamentals and a strategy that will en- able us to sustain performance and profitability over the mid- Our key markets are expected to grow over the next five years. and long-term. But, there are always areas of improvement and The automotive industry, for instance, will be undergoing signif- untapped opportunities that can drive further growth. icant and disruptive changes in the years to come. Worth more than CHF 4 billion at present, the automotive market targeted We are building the future of Oerlikon on its unique competen- by Oerlikon is estimated to have a compounded average growth cies and well-established competence brands. As an industry rate (CAGR) of around 4 % to reach over CHF 5 billion by 2022. leader in surface solutions worldwide, we offer one of the most To seize these growth opportunities, we are partnering closely complete portfolios of surface technology, ranging from stan- with customers to engineer next-generation components and dard to tailored solutions. We have an in-depth understanding solutions to meet the challenges ahead. This industry needs of the properties of materials, such as powders and wires, down advanced materials and coatings to help reduce weight, fuel to the smallest detail. They are used in many industries to consumption and emissions, while facilitating new design solu- strengthen, protect and improve surfaces. We are now bringing tions — all areas where Oerlikon excels. our comprehensive know-how in these fields to the additive manufacturing (AM) market. With many years of experience in In addition to our core markets, we will focus our business de- advanced materials and surface engineering, we thoroughly velopment efforts on eight key geographical regions: We will understand the needs of our customers and enjoy trusted rela- increase our engagement in China, France, Germany, India, tionships with many of the world's largest industrial leaders. All Japan, Russia, South Korea, and the USA. major aero engine manufacturers and over half of the world's largest automotive brands trust Oerlikon’s technologies. Focus on structural growth At Oerlikon, we will generate structural growth through closer Engineering expertise in materials processing is another key collaboration with our customers and markets, enhancing our competence for Oerlikon; that is, in the design and development technology leadership, strengthening regional footholds, ex- of high-performance industrial components and processing sys- panding our value chain, improving operational excellence and tems. For our AM business, we have made important steps to entering new markets such as AM. strengthen our position as a market leader in delivering end-to- end services along the entire value chain — from design and In 2017, we made four acquisitions to add promising technolo- prototyping to production and post processing. We are a market gies to our portfolio and reinforce our position in attractive mar- leader in polymer processing systems used by our customers kets. For instance, Scoperta, a highly innovative materials de- to manufacture, spin and texturize manmade fibers. velopment company. This acquisition enables us to develop new WorldReginfo - 6f10804a-2851-4eee-88eb-5806dd08c0be Business case Business report Corporate governance report Financial report 5 customized industrial materials with proprietary technologies at Building on success drivers for mid-term growth faster speed to market. To further cultivate innovation
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