Change of Perspective 40 Group Management Report
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CONTENTS 1 A CHANGE OF PERSPECTIVE 40 GROUP MANAGEMENT REPORT 40 Economic environment 10 BULLETIN 41 Management reorganization 41 Business development 10 Report of the Advisory Board 42 Sales by region 14 Report of the Central Managing Board 46 The operational units of the Würth Group 16 THE BOARDS Würth Line: 48 The Würth Line divisions 16 Legal and organizational structure CHANGE OF PERSPECTIVE of the Würth Group Allied Companies: 2013 Annual Report of the Würth Group 2013 17 Advisory Board 50 Electrical Wholesale unit 18 Central Managing Board 51 Trade unit 20 Customer Advisory Board 52 Production unit 53 Electronics unit 54 RECA Group unit 21 COMPANY PROFILE 55 Tools unit 56 Screws and Standard Parts unit 57 Financial Services unit 22 COMMITMENT 58 Results of operations, net assets Annual Report of the Würth Group 22 Quo vadis Europe? and fi nancial position 26 Experiencing art and culture 64 Research and development 32 Sharing commitment 67 Risk and opportunities report 36 Shaping education 71 Employees 73 Corporate responsibility 74 Corporate governance report 75 Subsequent events 75 Outlook 79 CONSOLIDATED FINANCIAL STATEMENTS 80 Consolidated income statement 81 Consolidated statement of comprehensive income 82 Consolidated statement of fi nancial position 84 Consolidated statement of cash fl ows 86 Consolidated statement of changes in equity 87 Consolidated value added statement 88 Notes to the consolidated fi nancial statements AT A GLANCE » www.wuerth.com CONTENTS 1 A CHANGE OF PERSPECTIVE 40 GROUP MANAGEMENT REPORT 40 Economic environment 10 BULLETIN 41 Management reorganization 41 Business development 10 Report of the Advisory Board 42 Sales by region 14 Report of the Central Managing Board 46 The operational units of the Würth Group 16 THE BOARDS Würth Line: 48 The Würth Line divisions 16 Legal and organizational structure CHANGE OF PERSPECTIVE of the Würth Group Allied Companies: 2013 Annual Report of the Würth Group 2013 17 Advisory Board 50 Electrical Wholesale unit 18 Central Managing Board 51 Trade unit 20 Customer Advisory Board 52 Production unit 53 Electronics unit 54 RECA Group unit 21 COMPANY PROFILE 55 Tools unit 56 Screws and Standard Parts unit 57 Financial Services unit 22 COMMITMENT 58 Results of operations, net assets Annual Report of the Würth Group 22 Quo vadis Europe? and fi nancial position 26 Experiencing art and culture 64 Research and development 32 Sharing commitment 67 Risk and opportunities report 36 Shaping education 71 Employees 73 Corporate responsibility 74 Corporate governance report 75 Subsequent events 75 Outlook 79 CONSOLIDATED FINANCIAL STATEMENTS 80 Consolidated income statement 81 Consolidated statement of comprehensive income 82 Consolidated statement of fi nancial position 84 Consolidated statement of cash fl ows 86 Consolidated statement of changes in equity 87 Consolidated value added statement 88 Notes to the consolidated fi nancial statements AT A GLANCE » www.wuerth.com THE WÜRTH GROUP AT A GLANCE OPERATIONAL UNITS SHARE IN SALES WÜRTH GROUP Würth Line divisions 2009 2010 2011 2012 2013 2013 2013 2012 Change Sales in millions of EUR 7,522 8,633 9,699 9,985 9,745 in % in millions in millions in % of EUR of EUR Employees 57,882 62,433 66,113 65,169 63,571 Pre-tax operating result * in millions of EUR 235 385 395 415 445 Metal 16.4 1,603 1,658 – 3.3 Return on sales in % 3.1 4.5 4.1 4.2 4.6 EBIT in millions of EUR 267 398 450 448 495 Auto 14.6 1,421 1,451 – 2.1 EBITDA in millions of EUR 549 690 736 762 798 Wood 10.0 971 966 + 0.5 Net income for the year in millions of EUR 111 268 271 279 309 Cash fl ow from operating activities in millions of EUR 800 216 540 618 599 Industry 8.8 858 869 – 1.3 Investments in millions of EUR 263 283 455 465 433 Equity in millions of EUR 2,600 2,867 3,042 3,204 3,399 Construction 6.2 601 598 + 0.5 Total assets in millions of EUR 6,292 6,826 7,771 7,649 7,978 Allied Companies Total 56.0 5,454 5,542 – 1.6 Rating by Standard & Poor’s A/neg.** A/stable A/stable A/stable A/stable The consolidated fi nancial statements of the Würth Group are prepared in accordance with the International Financial Reporting Standards (IFRSs). * Earnings before taxes, impairment of goodwill and fi nancial assets, and changes recognized in profi t or loss of non-controlling interests disclosed as liabilities ** Negative outlook SHARE IN SALES Allied Companies’ units 2013 2013 2012 Change in % in millions in millions in % of EUR of EUR SALES OPERATING RESULT WÜRTH GROUP in millions of EUR WÜRTH GROUP in millions of EUR Electrical Wholesale 10.0 976 988 – 1.2 Trade 8.9 872 849 + 2.7 Operating result in millions of EUR Return on sales as a percentage Production 6.7 656 591 + 11.0 9,985 9,745 10,000 9,699 600 8,633 Electronics 5.2 504 691 – 27.1 7,522 445 RECA Group 4.9 473 483 – 2.1 7,500 450 415 385 395 Tools 3.5 342 355 – 3.7 Würth Line 5,000 300 6.0 Screws and Standard Parts 2.5 243 265 – 8.3 235 Financial Services 1.1 109 104 + 4.8 2,500 150 3.0 Other 1.2 116 117 – 0.9 Total 44.0 4,291 4,443 – 3.4 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 THE WÜRTH GROUP AT A GLANCE OPERATIONAL UNITS SHARE IN SALES WÜRTH GROUP Würth Line divisions 2009 2010 2011 2012 2013 2013 2013 2012 Change Sales in millions of EUR 7,522 8,633 9,699 9,985 9,745 in % in millions in millions in % of EUR of EUR Employees 57,882 62,433 66,113 65,169 63,571 Pre-tax operating result * in millions of EUR 235 385 395 415 445 Metal 16.4 1,603 1,658 – 3.3 Return on sales in % 3.1 4.5 4.1 4.2 4.6 EBIT in millions of EUR 267 398 450 448 495 Auto 14.6 1,421 1,451 – 2.1 EBITDA in millions of EUR 549 690 736 762 798 Wood 10.0 971 966 + 0.5 Net income for the year in millions of EUR 111 268 271 279 309 Cash fl ow from operating activities in millions of EUR 800 216 540 618 599 Industry 8.8 858 869 – 1.3 Investments in millions of EUR 263 283 455 465 433 Equity in millions of EUR 2,600 2,867 3,042 3,204 3,399 Construction 6.2 601 598 + 0.5 Total assets in millions of EUR 6,292 6,826 7,771 7,649 7,978 Allied Companies Total 56.0 5,454 5,542 – 1.6 Rating by Standard & Poor’s A/neg.** A/stable A/stable A/stable A/stable The consolidated fi nancial statements of the Würth Group are prepared in accordance with the International Financial Reporting Standards (IFRSs). * Earnings before taxes, impairment of goodwill and fi nancial assets, and changes recognized in profi t or loss of non-controlling interests disclosed as liabilities ** Negative outlook SHARE IN SALES Allied Companies’ units 2013 2013 2012 Change in % in millions in millions in % of EUR of EUR SALES OPERATING RESULT WÜRTH GROUP in millions of EUR WÜRTH GROUP in millions of EUR Electrical Wholesale 10.0 976 988 – 1.2 Trade 8.9 872 849 + 2.7 Operating result in millions of EUR Return on sales as a percentage Production 6.7 656 591 + 11.0 9,985 9,745 10,000 9,699 600 8,633 Electronics 5.2 504 691 – 27.1 7,522 445 RECA Group 4.9 473 483 – 2.1 7,500 450 415 385 395 Tools 3.5 342 355 – 3.7 Würth Line 5,000 300 6.0 Screws and Standard Parts 2.5 243 265 – 8.3 235 Financial Services 1.1 109 104 + 4.8 2,500 150 3.0 Other 1.2 116 117 – 0.9 Total 44.0 4,291 4,443 – 3.4 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 DO YOU LIKE TO CHANGE PERSPECTIVE ? PEOPLE WHO WALK IS IT NICER TO DREAM ON THEIR HANDS ALWAYS HAVE WITH YOUR HEAD AT THE TIP OF A VIEW OF THE BLUE SKY. YOUR TOES? EVER EATEN SPAGHETTI IF YOU’RE IN THE SOUTH AND LOOKING NORTH, OFF THE CEILING? YOU’RE BOUND TO SEE THE SUN. SHOULD YOU BUTTER YOUR BREAD FALLING IN LOVE IS A SURE THING WHEN OR BREAD YOUR BUTTER? YOU’RE HEAD OVER HEELS. CAN YOU THINK LATERALLY WHEN YOU’RE STANDING UP? 1 WÜRTH VISIONS PEOPLE WITH FLEXIBLE MINDS CAN ALWAYS FIND THE RIGHT PLACE TO WORK. 2 3 WÜRTH VISIONS NOT EVERY COMPANY CAN SAY THAT THE SKY’S THE LIMIT. 4 5 WÜRTH VISIONS THE POSSIBILITIES ARE ENDLESS FOR PEOPLE WHO ALLOW THEMSELVES TO BE INSPIRED. 6 7 WÜRTH VISIONS 8 WITH A HEAD FULL OF IDEAS, YOU CAN LITERALLY TURN THE WORLD UPSIDE DOWN FOR YOUR CUSTOMERS. 9 BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE ADVISORY BOARD Bettina Würth, Chairwoman of the Advisory Board of the Würth Group Ladies and Gentlemen, “We want to venture towards more democracy”. When the German Chancellor Willy Brandt used this phrase as the guiding principle behind his government statement on 28 October 1969, the German economy was in full bloom.