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Annual Report 2008 Annual Reportannual 2008 Annual report 2008 Annual reportAnnual 2008 Bobst Group SA P.O. Box CH-1001 Lausanne Switzerland Tel. +41 21 621 21 11 Fax +41 21 621 20 70 www.bobstgroup.com Investor Relations: Tel. +41 21 621 25 60 Fax +41 21 621 20 69 E-mail: [email protected] SIX SWISS EXCHANGE: BOBNN or 1268465 ISIN: CH0012684657 SIX Telekurs: BOBNN,4 or 1268465,4 Bloomberg: BOBNN SW press equity press enter Reuters: BOBNN.S Disclosure of shareholdings: Bobst Group SA Share Register P.O. Box CH-1001 Lausanne Switzerland Fax +41 21 621 20 37 Bobst Group This cover was hot foil stamped and embossed on a Bobst Expertfoil 104 FR Autoplaten® press. RA08_couverture.indd 1 02.03.2009 08:08:37 Bobst Group Worldwide leading supplier of equipment and services to packaging manufacturers in the folding carton, corrugated board and fl exible materials industries. The actors of the packaging market: from equipment to fi nal consumer Bobst Group Customers of Bobst Group Packaging users Distributors, fi nal consumer Equipment and services supplier Packaging manufacturers Producers of industrial for printing, cutting, folding, folding carton, corrugated and consumer goods. gluing and other processes board, fl exible materials. related to packaging manufacturing in folding carton, corrugated board and fl exible materials. 1 RA08_interieur_IRL.indd 1 18.03.2009 15:24:36 Key data In million CHF Sales Operating profi t Net profi t 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2000 200 150 1000 100 75 0 0 0 1'601.8 1'591.1 1'603.7 1'743.6 1'633.2 79.3 75.1 120.1 177.4 86.0 52.4 46.8 103.3 129.8 55.9 5.0% 4.7% 7.5% 10.2% 5.3% 3.3% 2.9% 6.4% 7.4% 3.4% at average exchange rates, current year. as % of sales. as % of sales. Net cash / Net debt Capital expenditures Shareholders’ equity 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 300 100 1000 0 50 500 -300 0 0 -253.5 -203.7 -45.3 248.5 -149.7 42.9 55.6 23.9 32.2 40.2 792.4 836.4 924.5 1'026.8 716.9 Number of employees Market capitalization Earnings per share in CHF 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 6000 2000 10 3000 1000 5 0 0 0 5'812 5'587 5'267 5'428 5'939 930 1'026 1'187 1'597 565 2.88 2.57 5.67 7.13 3.26 without BHS Corrugated. as of 31 December. 2 Bobst Group Annual report 2008 Key data RA08_interieur_IRL.indd 2 18.03.2009 15:24:37 Evolution over fi ve years In million CHF Balance sheet (before appropriation of available earnings) 2008 2007 2006 2005 2004 (restated) Assets Non-current assets 587.8 35% 597.4 28% 736.3 35% 770.5 36% 771.5 37% Current assets 1'093.4 65% 1'562.8 72% 1'371.1 65% 1'344.8 64% 1'288.7 63% 1'681.2 100% 2'160.2 100% 2'107.4 100% 2'115.3 100% 2'060.2 100% Liabilities Equity 716.9 43% 1'026.8 48% 924.5 44% 836.4 40% 792.4 38% Non-current liabilities 431.3 26% 317.1 15% 559.3 26% 606.4 29% 638.0 31% Current liabilities 533.0 32% 816.3 37% 623.6 30% 672.5 31% 629.8 31% 1'681.2 100% 2'160.2 100% 2'107.4 100% 2'115.3 100% 2'060.2 100% Result 2008 2007 2006 2005 2004 (restated) Sales 1'633.2 1'743.6 1'603.7 1'591.1 1'601.8 Operating profi t 86.0 177.4 120.1 75.1 79.3 In % of sales 5.3% 10.2% 7.5% 4.7% 5.0% Net profi t 55.9 129.8 103.3 46.8 52.4 In % of sales 3.4% 7.4% 6.4% 2.9% 3.3% In % of equity 7.8% 12.6% 11.2% 5.6% 6.6% Share income Share price at the end of the year 31.8 80.7 60.0 51.9 47.0 EPS (note 13) 3.26 7.13 5.67 2.57 2.88 Price-earnings ratio 9.7 11.3 10.6 20.2 16.3 Dividend paid: – total, in million CHF 0.0* 69.3 37.6 25.5 22.8 – payout ratio 0.0%* 53.4% 36.4% 54.5% 43.5% – dividend yield 0.0%* 4.3% 3.2% 2.7% 2.7% Number of employees 5'939 5'428 5'267 5'587 5'812 % change compared with previous year 9.4% 3.1% -5.7% -3.9% – * As per proposal for the appropriation for available earnings (note 29). 3 Evolution_sur_cinq_ans.indd sec13 18.03.2009 15:36:58 4 Bobst Group Annual report 2008 RA08_interieur_IRL.indd 4 18.03.2009 15:24:39 Contents 6 Letter to our shareholders 14 Mission & vision 16 Strategy 18 Organization 22 Business areas 34 Sustainability report 42 Corporate governance 58 Milestones 61 Financial statements 63 Consolidated fi nancial statements 112 Bobst Group SA, holding company 5 RA08_interieur_IRL.indd 5 25.03.2009 10:30:21 Letter to our shareholders The year 2008 has seen historic changes in the fundamentals by which business is done worldwide. The crisis, which started in the real estate market in the USA, has spread very quickly to the “real economy”. All major economies suddenly entered into recession. Companies considered as strong, and capable of weathering any storm, ran into diffi culties. The high uncertainty created has affected the behavior of the Group’s customers. Indeed, since September 2008, all products in the extensive Bobst Group offering have been subject to a sudden decrease in order bookings, in all geographic regions of the world. In previous slowdown periods, the evolution of the various regional economies and the width of the product range dampened the decrease in the Group’s activity. This crisis will undoubtedly infl uence the way economies will function in the future. However, today, it is still diffi cult to anticipate these changes. The positioning of Bobst Group is resting on very solid fundamentals. The basic role of packaging, which is to protect, to transport, and to sell goods, will remain. Certainly, environmental considerations will continue to infl uence the packaging of the future. The Group is well armed to participate in this transformation and will undoubtedly emerge from this recession stronger than it entered, and more so than the competition. The turnover of the Group has decreased by 6.4% to reach CHF 1'633 million as a result of the decrease in volume (-7.1%) and the negative infl uence of the evolution of exchange rates (-4.6%), partially compensated by the acquisition of the German company Fischer & Krecke. This transaction was strategically important to continue building the strong presence of the Group in the fl exible materials industry. The integration of this new member within the Group was successfully implemented within the costs budgeted. The growth strategy adopted entering the fl exible materials industry clearly confi rmed itself in 2008. The most profi table Business Area, Folding Carton, has experienced the biggest decrease in turnover, therefore signifi cantly changing the product mix in the Group. Due mainly to this, the Group’s overall profi tability has decreased to a net profi t in 2008 of CHF 55.9 million (2007: CHF 129.8 million). Reacting very quickly to the dramatic changes experienced in the fall of 2008, management designed and immediately started implementing a set of actions. On the one hand, costs have to be signifi cantly reduced. On the other hand, the key competences among the personnel of the Group have to be maintained in order to continue to serve the Group’s customers, and to be able to leverage these competences as a differentiating factor compared to the competition. The market evolution in the months to come will show how this balance between cost reduction and maintaining competences can be managed. Mid- to long-term, the well defi ned strategy recently adopted (see pages 14-17) will be actively pursued. The severe economic crisis will however slow down the speed of implementation and reposition the adopted fi nancial targets (see page 16) to a later date than initially planned. For example, the project to consolidate all the activities in the Lausanne area onto one unique site will be re-evaluated in due course and may have to be delayed if appropriate. 2009 will undoubtedly be a very challenging and diffi cult year for the Group. Management already announced in its December 2008 conference for fi nancial analysts and the media that if order entries do not improve in the fi rst quarter of 2009, the probability of a loss in the fi rst half of the year is quite high. The second half of the year will also be challenging. Even if the level of bookings improves in the second half of 2009, the effect on income will only take place in 2010. The persistent economic situation and the costs for the Group to adapt itself to the estimated mid- to long-term evolution will result in a loss for the full year 2009. The “conservative fi nancial management“ of the balance sheet over the past years (equity greater than 40% of total balance sheet) will allow the Group to successfully navigate through the storm.
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