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Quality Reliability Performance

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Quality Reliability Performance QUALITY RELIABILITY PERFORMANCE ANNUAL REPORT 2018 INTRODUCTION OUR VISION INTRODUCTION TO OUR SHAREHOLDERS CONSOLIDATED NORMA GROUP MANAGEMENT REPORT NORMA Group is an international market and technology leader in engineered CONSOLIDATED joining technology (joining, connecting and fluid handling technology) and FINANCIAL STATEMENTS offers more than 40,000 high-quality products and solutions to around 10,000 customers in more than 100 countries. NORMA Group’s joining products are FURTHER INFORMATION used in various industries and can be found in vehicles, ships, trains, aircraft, domestic appliances, engines and plumbing systems as well as in applications for the pharmaceutical and biotechnology industry. From its headquarters in Maintal near Frankfurt, Germany, the Company coordinates a global network consisting of 30 production facilities as well as numerous sales and distribution sites across Europe, the Americas, and Asia-Pacific. 02 NORMA Group 03 Table of Contents 04 Two Strong Distribution Channels 05 Financial Figures 2018 COVER PICTURE PS3 ‘PUSH & SEAL’ QUICK CONNECTOR The plastic PS3 Quick Connectors ‘Push & Seal’ are ideal for the safe and leakage-free connec- tion of coolant and heating hoses as well as charge air systems in automobiles. Thanks to their intelligent design, they can be quickly and automatically assembled even in extremely tight environments. This allows the end customer significant time and cost advantages. WWW NORMA Group SE – Annual Report 2018 ◀ 02 ▶ INTRODUCTION TABLE OF CONTENTS OUR VISION TO OUR SHAREHOLDERS INTRODUCTION CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED NORMA Group 02 Principles of the Group 37 MANAGEMENT REPORT Table of Contents 03 Economic Report 51 CONSOLIDATED Two Strong Distribution Channels 04 Forecast Report 74 FINANCIAL STATEMENTS Financial Figures 2018 05 Risk and Opportunity Report 79 Remuneration Report 91 FURTHER INFORMATION Other Legally Required Disclosures 98 Report on Transactions with Related Parties 101 OUR VISION CONSOLIDATED FINANCIAL STATEMENTS 02 NORMA Group Our Vision 06 Consolidated Statement of Comprehensive Income 106 03 Table of Contents Targets – Results – Outlook 07 Consolidated Statement of Financial Position 107 Quality 08 Consolidated Statement of Cash Flows 108 04 Two Strong Reliability 33 Consolidated Statement of Changes in Equity 109 Distribution Channels Performance 102 Notes to the Consolidated Financial Statements 110 05 Financial Figures 2018 Appendix to the Notes to the Consolidated Financial Statements 197 Responsibility Statement 200 Independent Auditor’s Report 201 TO OUR SHAREHOLDERS FURTHER INFORMATION The Management Board 12 Glossary 207 Letter from the Management Board 13 List of Graphics 211 NORMA Group on the Capital Market 15 List of Tables 212 Supervisory Board Report 20 Overview by Quarter 2018 215 Corporate Governance Report 25 Multi-Year Overview 216 Financial Calendar, Contact and Imprint 218 WWW NORMA Group SE – Annual Report 2018 ◀ 03 ▶ INTRODUCTION TWO STRONG DISTRIBUTION CHANNELS OUR VISION Innovative joining technology and the highest quality standards have secured TO OUR SHAREHOLDERS NORMA Group’s market position for over 70 years now. The Company offers solutions for many different industries with its advanced products. In fact, CONSOLIDATED NORMA Group ranks as one of the world’s market and technology leaders in the MANAGEMENT REPORT area of joining technology thanks to the personal dedication of more than 8,800 CONSOLIDATED employees and an intellectual property rights portfolio that consists of more FINANCIAL STATEMENTS than 1,000 patents. FURTHER INFORMATION 02 NORMA Group 03 Table of Contents 04 Two Strong Distribution Channels 05 Financial Figures 2018 63% 37% ENGINEERED JOINING TECHNOLOGY (EJT) DISTRIBUTION SERVICES (DS) The business area of EJT focuses on customized, engineered solutions which In the area of DS, NORMA Group sells a wide range of high-quality, standardized meet the specific requirements of original equipment manufacturers (OEM). For joining technology products for various applications through different distribu- these customers, NORMA Group develops innovative, value-adding solutions for tion channels. Among its customers are distributors, OEM aftermarket custom- a wide range of application areas and various industries. No matter whether it’s ers, technical wholesalers and hardware stores. In the DS business area, NORMA a single component, a multi-component unit or a complex system, all products Group benefits not only from its extensive geographic presence and global man- are individually tailored to the exact requirements of the industrial customers ufacturing, distribution and sales capacities, but also from its well-known while simultaneously guaranteeing the highest quality standards, efficiency and brands, its customized packaging and the high availability of its products at the assembly safety. NORMA Group’s EJT products are built on the Company’s point of sale. NORMA Group markets its joining technology products under its extensive engineering expertise and proven leadership in this field. well-known brand names: B R A N D WWW NORMA Group SE – Annual Report 2018 ◀ 04 ▶ INTRODUCTION FINANCIAL FIGURES 2018 OUR VISION T 001 2018 2017 change in % TO OUR SHAREHOLDERS Order situation Order book (Dec 31) EUR millions 379.2 329.1 15.2 CONSOLIDATED Income statement MANAGEMENT REPORT Revenue EUR millions 1,084.10 1,017.10 6.6 CONSOLIDATED Adjusted gross profit ¹ EUR millions 626.6 601.3 4.2 FINANCIAL STATEMENTS Adjusted EBITA ¹ EUR millions 173.2 174.5 – 0.8 Adjusted EBITA margin ¹ % 16.0 17.2 n/a FURTHER INFORMATION EBITA EUR millions 164.8 166.8 – 1.2 EBITA margin EUR millions 15.2 16.4 n/a Adjusted profit for the period ¹ EUR millions 114.8 105.0 9.3 Adjusted earnings per share ¹ EUR 3.61 3.29 9.6 Profit for the period EUR millions 91.8 119.8 – 23.4 Earnings per share EUR 2.88 3.76 – 23.4 02 NORMA Group NORMA Value Added (NOVA) EUR millions 60.8 54.8 10.9 03 Table of Contents Return on Capital Employed (ROCE) % 17.5 18.9 n/a 04 Two Strong Cash flow Distribution Channels Cash flow from operating activities EUR millions 130.8 146.0 – 10.4 Net operating cash flow EUR millions 124.4 132.9 – 6.4 05 Financial Figures 2018 Cash flow from investing activities EUR millions – 129.5 – 70.8 83.0 Cash flow from financing activities EUR millions 31.3 – 77.7 n/a Dec 31, 2018 Dec 31, 2017 change in % Balance sheet Total assets EUR millions 1,471.7 1,312.00 12.2 Equity EUR millions 602.4 534.3 12.7 Equity ratio % 40.9 40.7 n/a Net debt EUR millions 400.3 344.9 16.1 Employees Core workforce 6,901 6,115 12.9 Share data IPO April 2011 Stock exchange & Market segment Frankfurt Stock Exchange, Regulated Market (Prime Standard), MDAX ISIN DE000A1H8BV3 Security identification number/Ticker symbol A1H8BV/NOEJ Highest price/Lowest price 2018 ² EUR 70.15/40.44 Year-end share price as of Dec 31, 2018 ² EUR 43.18 Market capitalization as of Dec 31, 2018 ² EUR millions 1,376 Number of shares 31,862,400 1_The adjustements are described in the Notes to the Consolidated Financial Statements. ▶ NOTES, P. 141 2_Xetra price WWW NORMA Group SE – Annual Report 2018 ◀ 05 ▶ INTRODUCTION OUR VISION G 001 OUR VISION TO OUR SHAREHOLDERS MARKET LEADER IN CONNECTING AND FLUID HANDLING TECHNOLOGY FOR EXISTING AND FUTURE MARKETS CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS FURTHER INFORMATION VISION Overall 2025 objectives SELECTIVE VALUE-ADDING 06 Our Vision INCREASE OF MARKET SHARE ACQUISITIONS TO SUPPLEMENT THROUGH FURTHER LOCALIZATION 07 Targets – Results – ORGANIC GROWTH Strategic Outlook measures to achieve 08 Quality objectives 33 Reliability DIVERSIFICATION OF PRODUCT PORTFOLIO 102 Performance INCREASE OF COMPANY VALUE SUSTAINABLE ACTIONS THROUGH PROFITABLE GROWTH IN ALL BUSINESS AREAS STRONG PERFORMANCE NEW PRODUCT DEVELOPMENTS FOR AND CONTINUOUS 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 WWW NORMA Group SE – Annual Report 2018 ◀ 06 ▶ INTRODUCTION TARGETS – RESULTS – OUTLOOK T 002 OUR VISION TO OUR SHAREHOLDERS CONSOLIDATED MANAGEMENT REPORT 1 CONSOLIDATED TARGETS 2018 RESULTS 2018 OUTLOOK 2019 FINANCIAL STATEMENTS Organic sales growth Organic sales growth FURTHER INFORMATION solid organic growth of around 5% to 8%, 7.7% organic growth, moderate organic growth of around 1% to 3%, additionally around EUR 17 million from acquisitions 2 additionally EUR 16.5 million from acquisitions additionally around EUR 13 million from acquisitions Adjusted EBITA margin Adjusted EBITA margin between 16% and 17% 3 16.0% between 15% and 17% NORMA Value Added NORMA Value Added (NOVA) n/a 4 EUR 60.8 million between EUR 50 million and EUR 60 million 06 Our Vision Financial results Financial result 07 Targets – Results – up to EUR – 15.0 million EUR – 11.7 million up to EUR – 15.0 million Outlook Adjusted earnings per share Adjusted earnings per share 08 Quality strong increase EUR 3.61 moderate increrase 33 Reliability Net operating cash flow Net operating cash flow around EUR 130 million3 EUR 124.4 million around EUR 100 million 102 Performance Dividend Dividend approx. 30% to 35% of adjusted EUR 1.10 resp. 30.5% of adjusted approx. 30% to 35% of adjusted net profit for the period net profit for the period5 net profit for the period Number of invention applications per year Number of invention applications per year more than 20 32 more than 20 Parts per million (PPM)6 Parts per million (PPM) below 20 7 below 20 Number of quality-related complaints per month Number of quality-related complaints per month below 8 7 below 8 1_ The definition and the underlying assumptions for the calculation of the KPIs listed in the table are explained in the Management Report. ▶ CONTROL SYSTEM AND CONTROL PARAMETERS, P. 45 Changes in key figures resulting from the first-time application of IFRS 16 are not taken into account in the forecast.
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