DOCSLIB.ORG

Melrose Industries PLC

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Melrose Industries PLC Melrose Industries PLC Melrose Melrose Industries PLC Annual Report for the year ended 31 December 2012 Annual Report 201 2 Buy Improve Sell WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 Melrose Industries PLC Melrose’s strategy is to acquire manufacturing businesses in sectors it understands, enhance their performance and realise significant value often within a three to five year time frame. The Company is fully committed to investing within the businesses it acquires in order to exploit their operational and strategic strengths. The Group is made up of four distinct operating divisions: Energy, Lifting, Other Industrial and Elster. Pictured above: Cover pictures: Clockwise (L–R) Bridon supplied a variety of cable products for the Olympic Stadium in • Smart meter test bench at Elster Electricity. London; suspension cables and tension ring cables, including spiral strand • High accuracy plastic measuring chambers being moulded at Elster Water, cables and walkway cables, were used within the construction of the for use in both Smart and mechanical residential water meters. stadium roof. • Intermittent shuttle kiln, which has a furnace temperature of approximately 1,000°C. This equipment is used in the process of manufacturing technical ceramics such as isolators. Elster’s Gas Control equipment business supplied eight burners, together with burner control units and gas regulators. • Tubular stranding machine in Bridon’s new state-of-the-art manufacturing facility at Neptune Energy Park, Newcastle upon Tyne, UK. The stranding machine is used in the manufacture of steel wire strands and is equipped with the world’s largest strand compaction units. • A generator stator in the process of construction at the Brush facility in the Czech Republic. WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 www.melroseplc.net Stock code: MRO 1 Contents “Since inception less than 10 years Business performance ago Melrose has created over 2 Timeline of major events Business performance £2 billion of shareholder value. 3 Financial highlights We are very pleased with Elster 4 The Melrose strategy 6 Group operations and are already one year ahead of 8 Group overview our improvement plan, increasing 12 Chairman’s statement margins faster than expected. 14 Chief Executive’s review Existing Melrose businesses 16 Energy business review have performed well and Elster 19 Lifting business review is proving to be another great 22 Other Industrial business review 24 Elster business review opportunity to create more value 27 Finance Director’s review for Melrose shareholders.” 37 Risks and uncertainties Governance Christopher Miller 40 Key performance indicators 42 Board of Directors Executive Chairman 44 Directors’ report Governance 56 Corporate Governance report 62 Remuneration report 68 Statement of Directors’ responsibilities Financials 69 Financial contents 70 Independent auditor’s report — Consolidated statements 71 Consolidated Income Statement Financials 72 Consolidated Statement of Comprehensive Income 73 Consolidated Statement of Cash Flows 74 Consolidated Balance Sheet 75 Consolidated Statement of Changes in Equity 76 Notes to the financial statements 119 Independent auditor’s report — Company statements 120 Company Balance Sheet for Melrose Industries PLC 121 Notes to the Company Balance Sheet Shareholder information 125 Notice of Annual General Meeting 128 Company and shareholder information Shareholder information Shareholder For more information about Melrose Industries PLC view our website at www.melroseplc.net WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 Melrose Industries PLC 2 Annual Report 2012 Timeline of major events Melrose was listed on AIM in October 2003. The timeline of key strategic events below shows how the Group has gone from strength to strength. Completed the acquisition of Elster Group S.E. for an enterprise value of approximately August 2012 £1.8 billion. Disposal of the McKechnie Plastic Components June 2012 business for £31 million. This sale concluded the disposal of all McKechnie/Dynacast businesses from the Group, giving a return on initial equity Returned £373 million to shareholders. of approximately 3.25×. Virtually all of the equity raised from August 2011 shareholders at that time returned. Sold Dynacast for £367 million, generating July 2011 4× original equity investment. Nearly £1 billion in cash generated from McKechnie and Dynacast acquisition. Sold Brush Traction, Logistex UK February 2011 and Madico for £18 million. June/August Sold Logistex for £50 million. 2009 Completed the acquisition of FKI plc for a total consideration including debt, for an July 2008 enterprise value of just under £1 billion. Shareholders received a capital August 2007 return of £220 million. Sold the McKechnie Aerospace business for £428 million and the PSM business for May 2007 £30 million. Acquisition debt repaid. December 2005 Listed on London’s main exchange. Acquired McKechnie and Dynacast for £429 million from private equity group May 2005 Cinven. Raised £244 million in equity. October 2003 Listed on AIM – £13 million. WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 www.melroseplc.net Stock code: MRO 3 Financial highlights(1) Revenue • Acquisition of Elster on 23 August 2012 Business performance £1,551.4m (7) for an enterprise value of £1.8 billion, improvement plan is one year ahead of £411.1m (6) schedule (2) £1,080.4m £986.8m • Headline results £1,140.3m – Revenue of £1,551.4 million (2011: £1,080.4 million) 2010 2011 2012 – Profit before tax of £214.3 million (2011: £154.7 million) Headline(2) profit before tax – Melrose businesses (excluding Elster) Governance £214.3m increased revenue by 7% and operating profit by 9% at constant currency £214.3m – Elster operating margin increased by £154.7m £143.3m 1.9 percentage points to 14.1%, operating profit was up 11% with revenue 2% lower, at constant currency 2010 2011 2012 – Headline(2) diluted earnings per share of 16.1p(3) (2011: 15.8p(3,5)) Headline(2) diluted earnings per share(3) • Results after exceptional items and Financials intangible asset amortisation 16.1p (5) 16.1p (5) 15.8p – Profit after tax of £42.9 million (2011: 13.5p £110.1 million) – Diluted earnings per share of 4.3p (2011: 12.9p) • Net debt of £997.7 million. Net debt 2010 2011 2012 equal to 2.6x EBITDA(4) • Final dividend increased by 4% to 5.0p Shareholder information Shareholder per share (2011: 4.8p(5)) • Full year dividend of 7.6p per share (2011: 7.4p(5)) • Since inception less than 10 years ago Melrose has created over £2 billion of (1) Continuing operations only unless otherwise stated. (2) Before exceptional costs, exceptional income and intangible asset amortisation. shareholder value (3) Calculated using continuing and discontinued operations, before the profit on disposal of businesses, and the diluted weighted average number of shares for the year, adjusted to remove MPC. (4) Headline(2) operating profit before depreciation and amortisation of computer software and development costs, including Elster for eight months pre-ownership. (5) Adjusted to include the effects of the Rights Issue. (6) Relates to existing Melrose for the year ended 31 December 2012. (7) Relates to Elster for the four month period from acquisition to 31 December 2012. WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 Melrose Industries PLC 4 Annual Report 2012 The Melrose strategy The Melrose strategy is to acquire good manufacturing businesses underperforming their potential, improve them by a mixture of investment, operational improvements and changed management focus, then commercially choose the right time to sell, often within a three to five year time frame but this is flexible. The value from significant disposals is then returned to shareholders. Melrose recently entered the next phase of its growth strategy via the acquisition of Elster for an enterprise value of £1.8 billion. Commercially choose the right time to sell, often between three to five years but flexible Set strategy and targets SELL Drive operational improvements Melrose management are substantial Good equity manufacturing investors IMPROVE Return value to businesses shareholders underperforming from significant their potential disposals Invest in the businesses (capex in excess of BUY depreciation) Focus on operating Change cash generation management focus Use public (incentivise well) market leverage WorldReginfo - 703c06e0-f26c-4f6e-b756-1430a24e2b05 22154-04 — 27 March 2013 8:27 AM— Proof 18 www.melroseplc.net Stock code: MRO 5 Strategy in action Business performance Buy • In August 2012 Melrose acquired Elster Group S.E., representing the largest acquisition in Melrose’s history to date. Elster is a world leader in the provision of gas control equipment and related products, gas, electricity and water meters, networking and software solutions. • The Elster division is split into three distinct businesses of Gas, Electricity and Water. They have manufacturing facilities throughout the world and employ nearly 7,000 people in more than 30 countries. A map showing Elster’s key worldwide manufacturing locations can be seen on page 11. Since acquistion several restructuring projects have already been completed within the Elster businesses, Governance with others currently underway. Pictured: Manufacture of high accuracy
Load more

Recommended publications
  • Greensphere Capital
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document you should consult a person authorised for the purposes of FSMA who specialises in advising on the acquisition of shares and other securities. A copy of this document, which comprises a prospectus relating to Greensphere Capital PLC, prepared in accordance with the Prospectus Rules of the FCA made pursuant to section 73A of FSMA, has been delivered to the FCA and has been made available to the public in accordance with Rule 3.2 of the Prospectus Rules. Applications will be made to the London Stock Exchange for all of the Shares currently in issue and issued pursuant to the Issue and the Placing Programme to be admitted to the premium segment of the Official List and to trading on the Main Market. It is expected that Admission in respect of the Issue will become effective, and that dealings in the Ordinary Shares issued pursuant to the Issue will commence, on 20 December 2017. It is expected that Admissions in respect of the Placing Programme will become effective, and that dealings in the Shares issued pursuant to the Placing Programme will take place between 21 December 2017 and 29 November 2018. All dealings in Shares prior to the commencement of unconditional dealings will be at the sole risk of the parties concerned. The Shares are not dealt in on any other recognised investment exchanges and no applications for the Shares to be traded on such other exchanges have been made or are currently expected.
    [Show full text]
  • Annual Report 2018 – Melrose Industries
    Buy Improve Sell Melrose Annual Report 2018 Melrose Industries PLC Melrose Industries PLC Melrose Annual Report 2018 Melrose Industries PLC Acquiring good quality manufacturing businesses, making operational improvements, realising shareholder value at the appropriate time and then returning this value to shareholders, continue to be the fundamentals of the “Buy, Improve, Sell” business strategy that Melrose has followed since it was founded in 2003. Our strategy Financial statements Our strategy and business model 2 Independent auditor’s report to the Strategy in action members of Melrose Industries PLC 114 GKN – Buy 4 Consolidated Income Statement 126 Nortek – Improve 6 Consolidated Statement Elster – Sell 8 of Comprehensive Income 127 Consolidated Statement of Cash Flows 128 Strategic Report Consolidated Balance Sheet 129 Consolidated Statement Shareholder value creation 10 of Changes in Equity 130 Highlights of the year 12 Notes to the Financial Statements 131 Chairman’s statement 14 Company Balance Sheet Chief Executive’s review 16 for Melrose Industries PLC 182 Key performance indicators 18 Company Statement of Changes in Equity 182 Divisional review Notes to the Company Balance Sheet 183 Aerospace 20 Glossary Automotive 24 193 Powder Metallurgy 28 Nortek Air & Security 32 Other Industrial 36 Shareholder information Finance Director’s review 40 Notice of Annual General Meeting 197 Longer-term viability statement 49 Company and shareholder information 202 Risk management 50 Risks and uncertainties 52 Corporate Social Responsibility 59 Governance Governance overview 70 For more information visit Board of Directors 72 melroseplc.net Directors’ report 74 Corporate governance report 78 Audit Committee report 82 Nomination Committee report 90 Directors’ Remuneration report 92 Statement of Directors’ responsibilities 113 Cautionary statement The Strategic Report and certain other sections of this Annual Report and financial statements contain forward-looking statements.
    [Show full text]
  • New Melrose Industries PLC Rothschild Investec
    THIS PROSPECTUS IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek your own personal financial advice as soon as possible from your stockbroker, bank, solicitor, accountant, fund manager or other appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. The distribution of this Prospectus and the accompanying documents and the allotment and issue of New Melrose Ordinary Shares in jurisdictions other than the United Kingdom may be restricted by law. No action has been taken by New Melrose to obtain any approval, authorisation or exemption to permit the allotment or issue of New Melrose Ordinary Shares or the possessing or distribution of this Prospectus and the accompanying documents in any jurisdiction, other than the United Kingdom. Persons outside the United Kingdom into whose possession this Prospectus comes should inform themselves about, and observe, any applicable restrictions and legal, exchange control or regulatory requirements in relation to the distribution of this Prospectus and the Proposals. Any failure to comply with such restrictions or requirements may constitute a violation of the securities laws of any such jurisdiction. In particular, such documents should not be distributed, forwarded to or transmitted in or into any Scheme Restricted Jurisdiction. No New Melrose Ordinary Shares have been marketed to, or are available for purchase in whole or in part by, the public in the United Kingdom or elsewhere in connection with the Admission.
    [Show full text]
  • 2014 Annual Report
    Buy Improve Sell Melrose Melrose Industries PLC Annual Report for the year ended 31 December 2014 Melrose Industries PLC A year of improvement Throughout 2014 we have focused on improving performance across the Group. Elster businesses continue to perform strongly, with profits increased by two-thirds in the two full years of ownership. Chairman’s statement More information p12 Transformational growth The management team has a successful track record in creating substantial value for shareholders, as shown below. This has been delivered over a number of deals since 2003. Improving shareholder value More information p02 £3.0bn Market capitalisation as at 4 March 2015 £170m Net shareholder investment as £13m at 4 March 2015 Listed on AIM 2003 2003 2015 2015 Cautionary statement The Strategic Report has been prepared solely to provide additional information to shareholders to assess the Company’s Download the latest Annual Report at strategies and the potential for those www.melroseplc.net/investors/reports strategies to succeed. The Strategic Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information. Melrose Industries PLC Annual Report 2014 01 Contents Strategic Report Improving shareholder value 02 Strategic Report
    [Show full text]
  • Melrose Industries PLC Annual Report for the Year Ended 31 December 2013 Melrose Industries PLC
    Buy Improve Sell Melrose Melrose Industries PLC Annual Report for the year ended 31 December 2013 Melrose Industries PLC Business strategy Melrose buys good manufacturing businesses with strong fundamentals, whose performance can be improved. Melrose finances its acquisitions using a low level of leverage, improves the businesses by a mixture of investment and changed management focus, sells them and returns the proceeds to shareholders. Read more about the p.14 Melrose business strategy Measuring success During the 10 year period since first listing, Melrose has grown its market capitalisation from £13 million to £3.9 billion and has created £3 billion of shareholder value.* The average annual return on investment during this period is 27%.** Read more about how p.32 Melrose measures success * October 2003 to 31 December 2013 ** Since the first acquisition in 2005 Download the latest Annual Report at www.melroseplc.net/investors/reports Melrose Industries PLC Annual Report 2013 01 Contents Market overview Strategy in action Strategic Report Strategic Report Melrose business strategies Proven ‘Buy-Improve-Sell’ Highlights 02 Melrose at a glance 04 reflect an in-depth knowledge track record. Market overview 06 and understanding of its markets Chairman’s statement 10 Chief Executive’s review 12 and of the current and emerging Business strategy 14 trends and regulations. Strategy in action 16 Elster Gas business review 22 Elster Electricity business review 24 Elster Water business review 26 Energy business review 28 Lifting business review 30 Key performance indicators 32 p.06 p.16 Risk management 34 Risks and uncertainties 36 Governance Finance Director’s review 40 Review of operations Board of Directors Corporate Social Responsibility 48 The Group is made up of five The Board has ultimate distinct operating segments: responsibility for the overall Governance Overview 54 Elster Gas, Elster Electricity, leadership of the Company.
    [Show full text]
  • Online Company Credit Reports. Speedy, Reliable and Competitively Priced!
    Online company credit reports. Speedy, reliable and competitively priced! Simon Antony Peckhan 910574064 Director Information Title Mr Honours Name Simon Antony Peckhan Number 910574064 Postcode W8 4SG Address Pavilion Penthouse Floor 96 Kensington High Street London United Kingdom Date of birth August 1962 Nationality British Total current 22 directorships List of Current Directorships Company Name Number Company Status App. Date Res. Date Position GREENSPHERE ADVISORS LIMITED 11019811 Company is dissolved 22/11/2017 Director MELROSE INDUSTRIES PLC 09800044 Active - Accounts Filed 29/09/2015 Director ZEBRA 123 LIMITED 09792342 Company is dissolved 23/09/2015 Director MCKECHNIE EMPLOYEE SERVICES 08081388 Company is dissolved 31/07/2012 Director LIMITED MELROSE PFG COMPANY NUMBER 01668314 Company is dissolved 16/07/2008 Director 1 LIMITED BRUSH TRAINS OLDCO 03265088 Company is dissolved 01/07/2008 Director FKI MINING LIMITED 00108274 Company is dissolved 01/07/2008 Director HAMSARD 2386 LIMITED 04287995 Company is dissolved 01/07/2008 Director HAMSARD 2364 LIMITED 04254554 Company is dissolved 01/07/2008 Director FISHER-KARPARK HOLDINGS 00646714 Company is dissolved 01/07/2008 Director LIMITED FKI ASTRAEUS LTD 04225698 Company is dissolved 01/07/2008 Director FKI HELIOS LTD 04225689 Company is dissolved 01/07/2008 Director FKI HERACLES LTD 04225686 Company is dissolved 01/07/2008 Director HAMSARD 2291 LIMITED 04179373 Company is dissolved 01/07/2008 Director HAMSARD 2273 LIMITED 04145638 Company is dissolved 01/07/2008 Director HAMSARD
    [Show full text]
  • View Annual Report
    Melrose PLC PLC Melrose Melrose PLC Annual Report 2010 Annual Report 2010 Report Annual Making acquisitions Driving performance www.melroseplc.net Realising value Contents How we performed Business performance “ These are excellent results from businesses 01 Financial highlights well positioned to enjoy superior growth in the 02 Group at a glance years to come. We are proud of the fact that 04 Chairman’s statement overall group profits have not declined through 06 Chief Executive’s review this sharp recession and at the current share 08 Energy business review price Melrose has created over £1 billion of 11 Lifting business review shareholder value since flotation in 2003. 14 Dynacast business review 16 Other Industrial business review We are considering the sale of Dynacast and 19 Finance Director’s review looking for our next acquisition but will only 26 Board of Directors proceed if we believe it creates shareholder 28 Directors’ report value. Looking ahead, we are confident of further progress in 2011 and beyond.” Governance 36 Corporate Governance report 40 Remuneration report Christopher Miller 44 Statement of Directors’ responsibilities Chairman Financials 45 Financial contents 46 Independent auditor’s report – consolidated statements 47 Consolidated Income Statement 48 Consolidated Statement of Comprehensive Income 49 Consolidated Statement of Cash Flows 50 Consolidated Balance Sheet 51 Consolidated Statement of Changes in Equity 52 Notes to the accounts 88 Independent auditor’s report – Company statements 89 Company Balance Sheet for Melrose PLC 90 Notes to the Company Balance Sheet Shareholder information 97 Notice of Annual General Meeting 100 Company and shareholder information Designed and produced by Merchant www.merchant.co.uk The cover of this report is printed on Taffeta Ivory Board and the text pages on Heaven 42 paper.
    [Show full text]
  • Melrose Industries PLC – Annual Report 2016
    Buy Improve Sell Melrose Melrose Industries PLC Melrose Industries PLC Annual Report Annual Report 2016 for the year ended 31 December 2016 Melrose Industries PLC This has been a tremendous year for Melrose and we are delighted with the performance of Nortek, which is exceeding expectations. All aspects of the business are being improved and its prospects are better than originally thought. Buy Improve Sell Acquiring good quality manufacturing businesses, making operational improvements, realising shareholder value at the appropriate time and then returning this value to shareholders continues to be the fundamentals of the “buy, improve, sell” business strategy that Melrose has followed since being founded in 2003. Melrose Industries PLC Annual Report 2016 01 Strategic Report P02 Performance summary 02 Track record 04 Chairman’s statement 06 Chief Executive’s review 07 Market overview 08 Our strategy and business model 12 Strategy in action 14 Key performance indicators 18 Divisional review 20 Finance Director’s review 30 Longer-term viability statement 37 Risk management 38 Risks and uncertainties 40 Corporate Social Responsibility 46 Essential reading Governance P54 Governance overview 54 Board of Directors 56 p.02 Directors’ report 58 Corporate governance report 62 Strategic Report Audit Committee report 66 Nomination Committee report 70 p.20 Directors’ remuneration report 72 Statement of Directors’ responsibilities 85 Divisional review Financials P86 p.30 Independent auditor’s report to the 87 members of Melrose Industries PLC Finance
    [Show full text]
  • Melrose PLC Annual Report 2011
    Melrose PLC Melrose Melrose PLC Annual Report 2011 Annual Report for the year ended 31 December 2011 Buy Improve Sell 21012-04 Proof 6 26/3/2012 21012-04 Proof 6 26/3/2012 Melrose PLC Annual Report 2011 Welcome to Melrose PLC Melrose’s strategy is to acquire manufacturing businesses in sectors it understands, enhance their performance and realise significant value often within a 3 to 5 year time frame. The Company is fully committed to investing within the businesses it acquires in order to exploit their operational and strategic strengths. The Group is made up of three distinct operating divisions: Energy, Lifting and Other Industrial. Cover pictures: Clockwise (L–R) Pictured above: l Exciter end of a slip ring generator at Brush Transformers. Winding process being carried out to a DAX designed stator generator l Heat treatment process being carried out on Crosby’s forged shackle by engineers at the Brush Turbogenerators facility in Loughborough, UK. bows, which are used in overhead lifting applications. l Bridon Hydra 5500 rope being spooled onto a customer transporter reel prior to delivery. l Connecting and insulating stator coils at Brush Turbogenerators. l Ultra sonic welding of plastic parts at McKechnie Plastic Components for use on the Range Rover Evoque. l Medium voltage outdoor switchgear manufactured by Hawker Siddeley Switchgear. 21012-04 Proof 6 26/3/2012 www.melroseplc.net Stock code: MRO 1 Contents “This is another set of excellent results. Business performance We continue to be confident that there is 2 Group performance 3 Financial highlights more improvement to come driven by the 4 Group operations 6 The Melrose strategy positive momentum of our order books Business performance 8 Group at a glance and strong end markets.
    [Show full text]
  • 2011 Annual Report), Divided by the Diluted Weighted Average Number of Ordinary Shares in Issue
    Melrose PLC Melrose Melrose PLC Annual Report 2011 Annual Report for the year ended 31 December 2011 Buy Improve Sell 21012-04 Proof 6 26/3/2012 21012-04 Proof 6 26/3/2012 Melrose PLC Annual Report 2011 Welcome to Melrose PLC Melrose’s strategy is to acquire manufacturing businesses in sectors it understands, enhance their performance and realise significant value often within a 3 to 5 year time frame. The Company is fully committed to investing within the businesses it acquires in order to exploit their operational and strategic strengths. The Group is made up of three distinct operating divisions: Energy, Lifting and Other Industrial. Cover pictures: Clockwise (L–R) Pictured above: l Exciter end of a slip ring generator at Brush Transformers. Winding process being carried out to a DAX designed stator generator l Heat treatment process being carried out on Crosby’s forged shackle by engineers at the Brush Turbogenerators facility in Loughborough, UK. bows, which are used in overhead lifting applications. l Bridon Hydra 5500 rope being spooled onto a customer transporter reel prior to delivery. l Connecting and insulating stator coils at Brush Turbogenerators. l Ultra sonic welding of plastic parts at McKechnie Plastic Components for use on the Range Rover Evoque. l Medium voltage outdoor switchgear manufactured by Hawker Siddeley Switchgear. 21012-04 Proof 6 26/3/2012 www.melroseplc.net Stock code: MRO 1 Contents “This is another set of excellent results. Business performance We continue to be confident that there is 2 Group performance 3 Financial highlights more improvement to come driven by the 4 Group operations 6 The Melrose strategy positive momentum of our order books Business performance 8 Group at a glance and strong end markets.
    [Show full text]
  • Západočeská Univerzita V Plzni Fakulta Ekonomická
    ZÁPADOČESKÁ UNIVERZITA V PLZNI FAKULTA EKONOMICKÁ Diplomová práce Analýza a následná optimalizace materiálových toků a souvisejících procesů Analysis and following optimization of material flow and related processes Bc. Jan Kulišan Plzeň 2017 Čestné prohlášení Prohlašuji, že diplomovou práci na téma „Analýza a následná optimalizace materiálových toků a souvisejících procesů“ jsem vypracoval samostatně pod odborným dohledem vedoucího diplomové práce za použití pramenů uvedených v přiložené bibliografii. V Plzni dne 24. 4. 2017 ……………....……………. podpis autora Poděkování Tímto bych rád poděkoval Ing. Martinu Januškovi Ph.D. za odborné vedení, rady, trpělivost a ochotu, kterou mi v průběhu zpracování diplomové práce věnoval. Dále bych rád poděkoval panu Ing. Petru Prokopovi a panu Zdeňku Benešovi ze společnosti BRUSH SEM s. r. o. Zároveň bych rád poděkoval rodině a přátelům za podporu během studia. Obsah Úvod ................................................................................................................................ 10 1 Procesy a procesní řízení ........................................................................................ 11 1.1 Procesní řízení .................................................................................................. 11 1.2 Hierarchie procesů ........................................................................................... 14 1.3 Členění procesů ................................................................................................ 15 1.4 Pozitiva procesního řízení
    [Show full text]
  • Driving Growth FKI Plc Annual Report 2007
    Driving Growth 2007 FKI plc Annual report FKI plc Annual report 2007 plc +44 (0)1509 612837 +44 (0)1509 +44 (0)1509 612339 +44 (0)1509 ww.fki.co.uk KI alcon Works alcon Works F w F F PO Box 7713 Meadow Lane Loughborough Leicestershire 1ZF LE11 T 01 Group at a glance Financial highlights 02 Chairman’s statement £1,330.9m Turnover (2006: £1,273.4m) Operating and financial review 04 Chief Executive’s introduction £100.6m Operating profit before special items 06 Lifting Products and Services 08 Energy Technology (2006: £100.0m) 10 FKI Logistex 12 Hardware £65.3m Profit before taxation from continuing operations 14 Outlook (2006: £70.5m) 15 Financial review Corporate social responsibility report £38.6m Cash flow from operating activities 21 Introduction (2006: £122.6m) 22 Social and ethical policy and practice 24 Health and Safety policy and practice £329.9m Net debt (2006: £304.7m) 27 The environment Governance 8.7p Adjusted earnings per share1 (2006: 9.7p) 32 Board of Directors 34 Corporate governance 4.5p Proposed dividend per share (2006: 4.5p) 37 Directors’ report 40 Remuneration report Group financial statements 51 Independent auditor’s report 52 Consolidated income statement 53 Consolidated balance sheet 55 Consolidated cash flow statement 56 Consolidated statement of recognised income and expense 57 Notes to the consolidated financial statements Company financial statements 107 Independent auditor’s report 108 Company balance sheet 109 Notes to the Company financial statements Other information 121 Five year record under IFRS 122 Five year record under UK GAAP 123 Key dates 123 Principal subsidiary undertakings 124 Corporate information 124 Shareholders’ information 1Adjusted earnings per share is calculated by dividing the operating profit/loss for the period, before special items, profit/losses on disposal of discontinued operations, fair value gains/losses on financial instruments and exchange gains/losses included within net finance costs and income and taxation related to those items by the weighted average number of shares in issue during the period.
    [Show full text]