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Annual Report 2010 Annual Report 2010 111.04.11 08:32 1 Annual report 2010 Annual report 2010 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. CCOUVERTURE_BOBST_SWP.inddOUVERTURE_BOBST_SWP.indd 1 111.04.111.04.11 008:328:32 Bobst Group Worldwide leading supplier of equipment and services to packaging manufacturers in the folding carton, corrugated board and flexible materials industries. The actors of the packaging market: from equipment to final consumer Bobst Group Customers of Bobst Group Packaging users Distributors, final 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, flexible materials. related to packaging manufacturing in folding carton, corrugated board and flexible materials. 1 Key data In million CHF Sales Operating result Net result 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2000 200 180 1000 0 0 0 -200 -180 1'603.7 1'743.6 1'633.2 1'055.5 1'280.2 120.1 188.1 86.0 -175.2 61.3 103.3 138.1 55.9 -160.7 49.3 7.5% 10.8% 5.3% -16.6% 4.8% 6.4% 7.9% 3.4% -15.2% 3.9% at average exchange rates, current year. as % of sales. as % of sales. Net cash/Net debt Capital expenditures Shareholders’ equity 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 300 100 1000 0 50 500 -300 0 0 -45.3 248.5 -149.7 -174.8 -163.3 23.9 32.2 40.2 26.1 56.8 924.5 1'035.1 725.2 577.8 577.7 Number of employees Market capitalization Earnings per share in CHF 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 6000 2000 10 3000 1000 0 0 0 -10 5'267 5'428 5'939 5'488 5'121 1'187 1'597 565 668 766 5.67 7.59 3.26 -9.73 2.98 as of 31 December. 2 Bobst Group Annual report 2010 Key data Evolution over five years In million CHF Balance sheet (before appropriation of available earnings) 2008 2010 2009 (restated) 2007 2006 Assets Non-current assets 645.8 39% 592.6 34% 598.5 35% 608.1 28% 736.3 35% Current assets 997.6 61% 1'160.1 66% 1'093.4 65% 1'562.8 72% 1'371.1 65% 1'643.4 100% 1'752.7 100% 1'691.9 100% 2'170.9 100% 2'107.4 100% Liabilities Equity 577.7 35% 577.8 33% 725.2 43% 1'035.1 48% 924.5 44% Non-current liabilities 508.2 31% 629.4 36% 433.7 26% 319.5 15% 559.3 26% Current liabilities 557.5 34% 545.5 31% 533.0 31% 816.3 37% 623.6 30% 1'643.4 100% 1'752.7 100% 1'691.9 100% 2'170.9 100% 2'107.4 100% Results 2010 2009 2008 2007 2006 Sales 1'280.2 1'055.5 1'633.2 1'743.6 1'603.7 Operating result 61.3 -175.2 86.0 188.1 120.1 In % of sales 4.8% -16.6% 5.3% 10.8% 7.5% Net result 49.3 -160.7 55.9 138.1 103.3 In % of sales 3.9% -15.2% 3.4% 7.9% 6.4% In % of equity 8.5% -27.8% 7.7% 13.3% 11.2% Share income Share price at the end of the year 43.0 37.5 31.8 80.7 60.0 EPS (note 12) 2.98 -9.73 3.26 7.59 5.67 Price-earnings ratio 14.4 -3.9 9.7 10.6 10.6 Dividend paid: – total, in million CHF 0.0* 0.0 0.0 69.3 37.6 – payout ratio 0.0%* 0.0% 0.0% 50.2% 36.4% – dividend yield 0.0%* 0.0% 0.0% 4.3% 3.2% Number of employees 5'121 5'488 5'939 5'428 5'267 % change compared with previous year -6.7% -7.6% 9.4% 3.1% 5.7% * As per proposal for the appropriation for available earnings (note 29). 3 Contents 5 Letter to our shareholders 8 Anticipate, develop, deliver 14 Mission & vision 16 Strategy 18 Organization 20 Global network 22 Business Unit Sheet-fed 26 Business Unit Web-fed 30 Business Unit Services 34 Sustainability report 42 Corporate governance 58 Milestones of the Group 61 Financial statements 65 Consolidated financial statements 121 Bobst Group SA, statutory accounts 4 Bobst Group Annual report 2010 Contents Letter to our shareholders 2010 marked the return of growth and to a major improvement in profitability. After a difficult year 2009, ending for the first time ever with an operating loss and a large volume decline, we had no alternative but to lead the Group through major changes. Our efforts resulted in a consolidated turnover of CHF 1'280 million, or +21% compared to 2009, and an operating profit of CHF 61.3 million or, on a like for like basis (underlying), a loss of CHF 4.3 million. The Group’s net profit reached CHF 49.3 million or, on a like for like basis (underlying), a loss of CHF 1.8 million, compared to an operating loss of CHF 175.2 million, a net loss of 160.7 million, and a volume decline of 35.4% in 2009. We put all our energy into achieving this successful turnaround. Having started 2010 with a weak backlog, we were helped by a steady increase in order entries during the first semester. Since January 1, 2010, the Group has operated with three Business Units – Sheet-fed, Web-fed and Services. The consolidated turnover of CHF 1'280 million includes the following elements: – an organic growth of CHF 298 million; – the change in the scope of consolidation with a negative impact on sales of CHF 13 million with the sale, in October, of Atlas Converting Equipment Ltd in Bedford/UK and its brands Atlas and Titan; – the negative exchange rate evolution of the Euro, the Dollar and the Pound which put a huge pressure on our Group with a negative impact on sales of CHF 60 million. The folding carton, corrugated board and flexible material industries contributed to the growth in turnover as they recovered from the 2009 crisis. The Business Unit Sheet-fed gained 31% versus 2009, while the Business Unit Web-fed increased by 23%, and the Business Unit Services improved by 6.4%. However, the extreme exchange rate fluctuations which started in July 2010 had a considerable impact on the growth of our turnover and profitability, resulting in price pressure as our competitors fought to keep market share. In 2010, the economic climate has improved globally although the recovery rate was slower than expected. In our markets the investment mood remained volatile and governments were not giving clear signals as to whether they would continue to support the economy. North America has shown strong signs of recovery, while the economic climate was very unbalanced throughout Europe. The growth rate in emerging countries has not compensated the volume reduction in industrialized countries. The operational excellence program, which is part of the “Group Transformation Program”, focused on several aspects: – sales and services activities; – streamlining of development activities; – lean production and right sizing of production footprint or, creating more value for customers with fewer resources; – back office and the rollout of common enterprise resource planning (ERP) system. Although priorities and volume growth slowed down the pace of savings, the major transformation programs we have been pursuing in 2010 are going well. We must, however, keep the momentum and continue to look for additional savings and areas where we can improve our profitability. To achieve this objective, we have developed a Group project management approach to ensure the adequate allocation of resources and priorities, to better focus our efforts, to maximize impact, and to provide clear accountabilities to management. This should allow us in 2011 to reach the target set at the beginning of the program. Knowing that exchange rates will remain quite volatile in the future, it is essential that we continue our Group transformation. 5 Some major events marked 2010. In March, the Board of Directors agreed to invest CHF 180 million in project TEAM (“Tous Ensemble à Mex”, e.g. the move from Prilly to new premises in Mex). In September, the official inauguration of the extension works offered a concrete view of what was still a dream or an abstract idea in the mind of many people. This project, once completed, will be the symbol of Bobst Group technological leadership and a strong motivator for our employees. Our aspiration is to develop a passion for excellence in a highly efficient work environment, fully integrated in a splendid region and respectful of the surrounding nature and of our ecological values. TEAM is deeply linked to project PHOENIX (lean organization in everything we do) whose objectives are to: – systematically eliminate waste from the date we receive the customer order until the equipment is delivered, accepted and paid for; – introduce the lean production concept and have it adopted by all departments; – maximize customer satisfaction by focusing all our efforts on reducing total lead time.
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