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Zumtobel Group ZUMTOBEL GROUP Annual Financial Report 2015/16 1 May 2015 to 30 April 2016 WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 Front cover design: Diller Scofidio + Renfro This year´s art edition of the annual report has been designed by Diller Scofidio + Renfro. Artwork by Diller Scofidio + Renfro in collaboration with Matthew Montieth. Graphic design by Forrest Jessee. DS+R is an interdisciplinary design studio in New York City that integrates architecture, the visual arts, and the performing arts. The New York City-based studio established its identity through independent, theoretical, and self-generated projects, and has realized over 60 art/architecture projects around the world including the High Line and the redevelopment of Lincoln Center for the Performing Arts, both in New York City; The Broad Museum in Los Angeles; and curatorial works and installations exhibited at leading cultural institutions. Following the publication at the Shareholder´s Meeting on July 22 2016, a PDF version of the report and order details will be available at: www.zumtobelgroup.com/en/ordering.htm WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 1 May 2015 to 30 April 2016 WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 Five-Year Overview in EUR million 2015/16 2014/15 2013/14 2012/13 2011/12 Revenues 1,356.5 1,312.6 1,246.8 1,243.6 1,280.3 Adjusted EBIT 58.7 66.5 47.6 35.7 35.0 as a % of revenues 4.3 5.1 3.8 2.9 2.7 Net profit/loss for the period 11.9 11.9 (4.8) 6.1 15.2 as a % of revenues 0.9 0.9 (0.4) 0.5 1.2 Total assets 1,068.6 1,086.3 1,006.6 994.8 1,036.3 Equity 333.2 322.6 327.6 357.4 370.6 Equity ratio in % 31.2 29.7 32.5 35.9 35.8 Net debt 134.8 148.2 126.2 113.2 141.4 Cash flow from operating results 84.8 103.1 79.5 79.8 88.1 Investments 58.4 76.6 65.6 59.5 57.1 as a % of revenues 4.3 5.8 5.3 4.8 4.5 R&D total 87.9 79.0 71.8 69.1 58.7 as a % of revenues 6.5 6.0 5.8 5.6 4.6 Headcount incl. contract worker (full-time equivalent) 6,761 7,234 7,291 7,162 7,456 See section 4. Service – Financial terms for the definition of the above indicators. WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 Contents Five-Year Overview 2 Chief Executive’s Review 4 1. Group Management Report 7 1.1 The Zumtobel Group – An Overview ___________________________________________ 10 1.2 General Economic Environment ________________________________________________ 19 1.3 The Zumtobel Group Share ___________________________________________________ 20 1.4 Significant Events since 30 April 2015 ____________________________________________ 22 1.5 Related Party Transactions _____________________________________________________ 23 1.6 Review of Business Performance ________________________________________________ 23 1.7 Human Resources ___________________________________________________________ 31 1.8 Suppliers __________________________________________________________________ 34 1.9 Quality ____________________________________________________________________ 35 1.10 Environmental Protection _____________________________________________________ 36 1.11 Research and Development ___________________________________________________ 37 1.12 Internal Control System ______________________________________________________ 39 1.13 Risk Management ___________________________________________________________ 41 1.14 Significant Events after the Balance Sheet Date _____________________________________ 46 1.15 Information pursuant to § 243a of the Austrian Commercial Code _____________________ 47 1.16 Outlook and Goals __________________________________________________________ 49 2. Consolidated Financial Statements 51 2.1 Consolidated Income Statement ________________________________________________ 54 2.2 Consolidated Statement of Comprehensive Income _________________________________ 55 2.3 Consolidated Balance Sheet ___________________________________________________ 56 2.4 Consolidated Cash Flow Statement _____________________________________________ 57 2.5 Consolidated Statement of Changes in Equity ______________________________________ 58 2.6 Notes to the Consolidated Financial Statements ____________________________________ 59 2.7 Statement by the Management Board in accordance with § 82 (4) of the Austrian Stock Exchange Act ______________________________________ 120 2.8 Scope of Consolidation ______________________________________________________ 121 Auditor’s Report _________________________________________________________________ 124 3. Corporate Governance Report 127 3.1 Corporate Governance in the Zumtobel Group ___________________________________ 129 3.2 The Austrian Corporate Governance Code ______________________________________ 130 3.3 Risk Management and the Internal Control System _________________________________ 131 3.4 The Corporate Bodies and Committees of Zumtobel Group AG _____________________ 132 3.5 Remuneration Report _______________________________________________________ 141 3.6 Report by the Supervisory Board ______________________________________________ 146 4. Service 151 WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 Chief Executive’s Review Zumtobel Group AG 1 May 2015 to 30 April 2016 Chief Executive’s Review Dear Shareholders, For the Zumtobel Group, the past two financial years were characterised by a fundamental strategic reorientation and the implementation of necessary restructuring measures. The first successful results from the adjustment of production capacity, the merger of the previously separate Zumtobel and Thorn sales organisations and the Group-wide bundling of purchasing activities in the previous year were followed by the insight in 2015/16 that the full implementation of the restructuring – and, consequently, the expected improvement in our cost structures – would take longer than originally planned. As a result, we were unable to fully meet our ambitious growth and earnings targets for the reporting year. We are still convinced that this course is correct, but it will take more time and efforts to meet our goals. Ulrich Schumacher Highest revenues in the Group’s history The Zumtobel Group generated the highest revenues in its history at EUR 1,356.5 million in 2015/16. That represents a year-on-year increase of 3.3%. After an adjustment for positive currency translation effects of EUR 26.2 million, the growth in revenues equalled 1.3%. Our LED business again served as the main driver for this development. With an increase of 31.7% to EUR 860.3 million, the LED share of Group revenues rose to 63.4% (2014/15: 49.8%). The Lighting Segment passed the one billion mark for the first time in 2015/16 with an increase of 3.9% in revenues to EUR 1,028.4 million (2014/15: EUR 989.9 million). Despite sound development in the Benelux and Eastern Europe regions and in Germany, the overall growth in revenues remained below our expectations. This reflected the ongoing market weakness in France, Australia and the Middle East as well as a difficult market climate towards year-end in Great Britain, the most important market for the Zumtobel Group, and in Switzerland. Developments in the Components Segment were similar with an increase of 4.2% in revenues to EUR 410.4 million (2014/15: EUR 393.8 million). The slowdown during the second half- year resulted, above all, from the sale of the signage business to the US AgiLight, Inc. in November 2015. Group EBIT negatively affected by future-oriented investments and delays in cost savings Group EBIT adjusted for special effects fell by 11.7% to EUR 58.7 million in 2015/16 (2014/15: EUR 66.5 million). This decline is attributable, above all, to a significant increase in research and development expenses (plus EUR 8.9 million to EUR 87.9 million, R&D as a per cent of revenues rose to 6.5%) to strengthen the innovation power of the Zumtobel Group and its brands. These investments are a requirement for our future success because we see the far-reaching transformation process in the lighting industry as an important opportunity for the expansion of innovative business models and a chance to differentiate the Zumtobel Group from the competition. Operating results for the reporting year were also negatively influenced by delays in the forecasted realisation of cost savings from the plant restructuring as well as continuing price pressure and negative currency transaction effects (US dollar, Swiss franc). In contrast, the positive effects from the extensive cost savings throughout the year are clearly noticeable in the development of selling expenses. WorldReginfo - 4e5c70b8-c9cb-4751-95c2-27753cc4b324 Chief Executive’s Review Zumtobel Group AG 1 May 2015 to 30 April 2016 Net profit at the prior year level and sound development of cash flow In spite of higher negative special effects of EUR 34.9 million from the restructuring measures, net profit recorded by the Zumtobel Group totalled EUR 11.9 million in 2015/16 and matched the prior year level. Another very positive factor was the development of free cash flow: strict working capital management and a reduction in capital expenditure led to clearly positive free cash flow of EUR 49.8 million (2014/15: minus EUR 15.2 million). Net liabilities therefore declined by EUR 13.4 million to EUR 134.8 million as of 30 April 2016 (2014/15: EUR 148.2 million). Against the backdrop of these developments, the Management Board will make a recommendation to the Supervisory Board and subsequently to the annual general meeting on 22 July 2016 to distribute a dividend of EUR 0.20 per share for the 2015/16 financial year (2014/15: EUR 0.22). Development
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