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Annual Report RENK AG

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Annual Report RENK AG RENK AG Gögginger Str. 73 86159 Augsburg, Germany Phone (+49-821) 5700-0 Fax (+49-821) 5700-573 Annual Report RENK AG www.renk.eu 2010 An MAN Group Company Innovative Power Transmission Annual Report 2010 RENK AG At a glance Products and services • Operating profit of €52 million (down from €66 million) • ROS: 12.9 percent (down from 13.9) Vehicle transmissions • ROCE: 36.9 percent (down from 38.8) Fully automatic power-shift, reverse and steering transmissions with brake systems and final drives for medium and heavy tracked vehicles. • EpS: €5.54 (down from €6.80) • Proposed dividend: €1.80 (unchanged) • Cash flow from operating activities: €81 million (up from €62 million) Industrial gear units Gear units for the cement industry. Spur-wheel and planetary gear units for turbo- machines especially for the petrochemical industry and power generating plants. High- RENK Group speed gear units for the plastics industry. Gear units for wind turbines. € million 2010) 2009) Change in % Marine gear units Order intake 525) 294) +79 Gear units for merchant vessels, ferries, cruise liners and naval craft with diesel engine Sales 403) 474) –15 and/or turbine as well as electric propulsion, marine reversing gear units, reduction gear Order backlog1) 522) 415) +26 units and variable-speed gears for ship generators. Headcount1) 1,882) 1,903) –1 thereof temporary employees1) 68) 35) +94 Slide bearings Change Standard and special versions of horizontal and vertical slide bearings for electrical in € mill. machines, air blowers/fans, compressors, pumps, turbines, and general mechanical Operating profit 52) 66) –14 engineering. Slide bearings for transmissions. Marine shaft bearings and thrust bearings. EBT 52) 65) –13 EAT (net income) 38) 46) –8 Earnings per share (EpS) in € 5.54) 6.80) –1.26 Clutches and couplings Dividend per share in € 1.80) 1.80) –) Curved-tooth couplings for industry, marine and ocean technology, as well as for rail- Return on sales (ROS) in % 12.9) 13.9) –) bound vehicles; multidisk steel clutches for slow- and high-speed industrial duties, dia- Return on capital employed (ROCE) in % 36.9) 38.8) –) phragm couplings for high-speed machinery, safety couplings. Torsionally elastic couplings. Capital expenditures 23) 20) +3 Amortization and depreciation 13) 11) +2 Internally funded R&D expenditures 4) 4) – Testing systems Cash earnings 53) 59) –6 Testing rigs for development and quality assurance in the motor vehicle and aviation Cash flow from operating activities 81) 62) +19 industries as well as for railroad engineering. Cash flow from investing activities (23) (20) –3 Free cash flow 58) 42) +16 Net liquid assets 99) 53) +46 Equity1) 217) 192) +25 1) as of December 31, 2010 vs. 2009 Financial diary Fiscal 2010 annual general meeting April 14, 2011 Q1/2011 interim report May 3, 2011 Semiannual financial report 2011 July 28, 2011 Q3/2011 interim report November 2, 2011 Press release on financial information 2011 February 27, 2012 Fiscal 2011 annual general meeting April 26, 2012 RENK—an MAN Group Company Contents 04 Supervisory Board 05 Executive Board 06 Report of the Supervisory Board 10 Corporate governance at RENK 16 Board compensation report for fiscal 2010 23 RENK stock 24 RENK Group Management Report for fiscal 2010 25 The RENK Group’s business focus 26 Economic environment 30 Business trend and performance 36 Income statement 37 Reconciliation to net income (EAT) 38 Controlling system and shareholder value management 40 Financial position 41 Asset and capital structure 44 Capital-related disclosures 46 Research and development 50 Capital expenditures 52 Employees 56 The situation at the divisions 70 Risk report 81 Corporate governance statement 84 Outlook 89 RENK consolidated financial statements for the fiscal year ended December 31, 2010 90 Consolidated income statement 90 Statement of comprehensive income 91 Consolidated balance sheet as of December 31, 2010 92 Statement of changes in equity 93 Consolidated statement of cash flows for fiscal 2010 95 Notes to RENK’s consolidated financial statements 95 Accounting principles 107 Notes to the consolidated income statement 112 Notes to the consolidated balance sheet 123 Other information 138 Supervisory and Executive Board memberships in other statutory boards or equivalent 141 RENK AG’s shareholdings 142 Management representation 143 Independent auditor’s report and opinion 145 Six-year overview 03 RENK Annual Report 2010 Supervisory Board Dipl.-Kfm. Frank H. Lutz Dr.-Ing. Hans-O. Jeske Munich Wesel Supervisory Board member as from Supervisory Board member as from F eb. 16, 2010 Mar. 11, 2010 Supervisory Board Chairman as from Executive Board member of Mar. 11, 2010 MAN Diesel & Turbo SE Executive Board member of MAN SE Dipl.-Ök. Anton Weinmann Dr.-Ing. Georg Pachta-Reyhofen Landensberg Niederpöcking Supervisory Board member up to Supervisory Board member and Chairman Jan. 25, 2010 up to Mar. 11, 2010 Former Executive Board member of Executive Board Spokesman of MAN SE MAN SE Executive Board Spokesman of Former CEO of MAN Nutzfahrzeuge AG MAN Truck & Bus AG Klaus Ketterle*) Dipl.-Wirtsch.-Ing. Klaus Stahlmann Neusäss Kempen Technical clerk, RENK AG Supervisory Board member from Feb. 16, 2010, to Feb. 22, 2011 Supervisory Board Vice-Chairman from Mar. 11, 2010, to Feb. 22, 2011 Herbert Köhler*) Augsburg Executive Board member of MAN SE Supervisory Board member as from Executive Board Spokesman of Apr. 1, 2010 MAN Diesel & Turbo SE Foreman, RENK AG Prof. Dipl.-Ing. (FH) Gerd Finkbeiner Neusäss Robert Strixner*) Augsburg CEO of manroland AG Supervisory Board member up to Mar. 31, 2010 Foreman, RENK AG *) elected by the employees As of March 3, 2011 04 Executive Board Ulrich Sauter Dipl.-Ing. (FH) Florian Hofbauer Wertingen Landsberg Spokesman 05 RENK Annual Report 2010 Report of the Supervisory Board Frank H. Lutz Ladies and Gentlemen: In fiscal 2010, the Supervisory Board periodically and thoroughly dealt with RENK’s situation and development and throughout performed the tasks and duties incumbent on it under law and the Company’s bylaws. We provided the Executive Board members with advice on the conduct of business and oversaw their activities. The Supervisory Board convened in 2010 at six scheduled meetings (including two conference calls), attendance averaging 92 percent. Detailed Executive Board reports (oral and written) informed the Supervisory Board on business trends, transactions of relevance, the corporate plan and any variances and their causes, RENK’s performance and financial trends, as well as on the present risk situation and strategic focus. Another key subject: efforts to reduce in the long-term certain warranty risks associ- ated with the manufacture of large gear units. In August 2010, the Supervisory Board redefined the compensation system for Execu- tive Board members, aligning it with the recommendations of the German Corporate Governance Code. The Supervisory Board’s Presidential Committee met once in fiscal 2010; no other com- mittees exist within the Supervisory Board. The Supervisory Board was involved as advisory body in all issues and decisions of import to RENK. 06 As part of its management monitoring functions, the Supervisory Board satisfied itself of the installation by the Executive Board of an effective and efficient compliance man- agement system for the RENK Group. German Corporate Governance Code In December 2010, RENK AG’s Executive and Supervisory Boards issued the declaration of conformity on the current recommendations of the German Corporate Governance Code Government Commission (as amended up to May 26, 2010). This declaration is published on RENK AG’s website. The Supervisory Board approved the corporate gov- ernance report 2010 at its meeting on March 3, 2011. Annual audits 2010 The separate financial statements and management report of RENK AG, as well as the consolidated financial statements and group management report, for the fiscal year ended December 31, 2010, were all examined by PricewaterhouseCoopers AG, Wirt- schaftsprüfungsgesellschaft (“PwC”), Munich, the statutory auditor duly elected by the annual general meeting; PwC issued its unqualified opinion on both sets of financial statements. Besides the focal audit areas defined by the Supervisory Board (revenue recognition, transfer pricing, and enactment of the German Act on the Modernization of Accounting Law—“BilMoG”), PwC also examined the early risk identification system (ERIS) and concluded that the Executive Board took appropriate action and, in particu- lar, set up a monitoring system to ensure that trends jeopardizing the Company’s con- tinued existence as a going concern are identified early on, all as required by Art. 91(2) German Stock Corporation Act (“AktG”). The statutory auditor attended, and reported on its key audit conclusions at, our annual accounts meeting today. We took approving note of the audit results. According to the final results of our own review of RENK AG's separate and consoli- dated financial statements and the management reports, we do not raise any objec- tions either. We approve the separate financial statements as prepared by the Execu- tive Board, which are thus adopted, as well as the consolidated financial statements. After thorough discussion of the RENK Group’s financial budget and capital expendi- ture plan, we agree with the Executive Board's proposal (also reviewed by us) for the appropriation of net earnings. After reviewing the final results of our own examination, we found no reasons for objections to the Executive Board's concluding statement in the dependency report on affiliations. Changed Supervisory Board membership At the beginning of 2010, the Supervisory Board had only 5 members. In January 2010, Dipl.-Ök. Anton Weinmann stepped down from this Board. In February 2010, the Augsburg Local Court appointed Dipl.-Wirtsch.-Ing. Klaus Stahl- mann and me as further Supervisory Board members. Dr.-Ing. Georg Pachta-Reyhofen stated in February 2010 that he would step down from RENK AG’s Supervisory Board (both as chairman and member) with effect from the opening of the March 11, 2010 07 RENK Annual Report 2010 Supervisory Board meeting.
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