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Stronger Together Annual Report 2007/ 08 the NA Group

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Stronger Together Annual Report 2007/ 08 the NA Group Stronger together Annual Report 2007/ 08 The NA Group Norddeutsche Affi nerie is the leading integrated copper group in Europe. Our core competence lies in the production and processing of copper, the material of the future. We are excellently represented all along the value added chain of copper from raw material processing and cathode production through to the production of copper products. We are also outstandingly positioned worldwide in the recycling of copper and other metals. Copper Production Copper Processing Cathodes, precious Shapes, wire rod, wires, metals and by-products strips and profi les In the Copper Production Segment we produce As an integrated copper group, we process our copper copper cathodes from copper concentrates and recy- cathodes into a variety of copper products, fi rst and cled raw materials. Both types of raw materials are foremost electrolytic copper wire rod for the cable and sourced internationally; recycled raw materials are wire industry. In addition, we produce continuous also procured in Germany. Our earnings are primarily cast shapes from cathodes for the market and for pro- determined by treatment and refi ning charges that cessing internally into pre-rolled strip as well as strips, are agreed with the raw material suppliers as the pro- shaped wires and profi les. Our revenues are deter- cessing fee. Our copper cathodes fulfi l the very high mined inter alia by processing fees that refl ect the quality requirements of the metal exchanges. The value added. Copper Production Segment also includes the produc- tion of precious metals, sulphuric acid, iron silicate products and other metal and chemical products from the by-elements of copper in the raw materials. The Group in fi gures Change NA Group (IFRS) 2006 / 07 1) 2007/ 08 1) 2) in % Copper price LME settlement (average) US$/t 7,088 7,785 + 9.8 Results Revenues € million 6,469 8,385 + 29.6 EBITDA € million 318 475 + 49.4 EBIT € million 260 383 + 47.3 EBT € million 251 341 + 35.9 Net income € million 159 237 + 49.1 Gross cash flow € million 231 403 + 74.5 Balance sheet Total assets € million 1,940 2,966 + 52.9 Non-current assets € million 610 920 + 50.8 Capital expenditure € million 94 114 + 21.3 Depreciation and amortisation € million 58 92 + 58.6 Equity € million 654 947 + 44.8 NA shares Market capitalisation 3) € million 1,146 1,232 + 7.5 Earnings per share € 4.24 5.82 + 37.3 Dividend per share € 1.45 1.60 + 10.3 Human resources Number of employees (30 September) 3,284 4,764 + 45.1 Personnel expenses € million 215 266 + 23.7 Production Cathodes 1,000 t 572 852 + 49.0 Continuous cast wire rod 1,000 t 451 740 + 64.1 Continuous cast shapes 1,000 t 232 222 – 4.3 Pre-rolled strip 1,000 t 120 108 – 10.0 Strips 1,000 t 46 44 – 4.3 Shaped wires 1,000 t 15.5 16.3 + 5.2 Special profiles t - 2,540 - Gold t 33 34 + 3.0 Silver t 1,255 1,280 + 2.0 1) before revaluation of LIFO inventories using the average cost method 2) including Cumerio as of 29 February 2008 3) at fi scal year-end on 30 September The NA Group 2007/ 08 As a result of the acquisition of the Belgian competitor, Cumerio, in fi scal year 2007/08, NA has strengthened its core competence in the production and processing of copper and enhanced its position geographically. As a future-oriented and fi nancially strong copper group, we now cover the main stages of the copper value chain at twelve production sites in seven European countries. The NA Group is now the third largest producer of marketable copper worldwide and the global leader in copper recycling. Leading positions are also held in Europe in the production of copper products. Each one of our about 4,800 employees makes a specifi c contribution each day to the success of the group as a whole. With the newly created corporate basis, we are in an excellent position to grow, not just in Europe, but even beyond Europe’s borders, and to develop NA further into a top player in the international copper industry. Established 1866 2005 (after demerging from Umicore) Main production sites Germany Belgium, Bulgaria, Italy, Switzerland Cathode output FY 2006 / 07 and 2007resp. 572,000 t 414,000 t Employees approx. 3,400 approx. 1,400 Group revenues * in € million Earnings before interest and taxes (EBIT) in € million 8,385 383 6,469 260 5,753 3,022 2,481 99 111 58 03 / 04 04 / 05 05 / 06 06 / 07 07/ 08 03 / 04 04 / 05 05 / 06 06 / 07 07/ 08 The NA Group continued the prior year’s positive trend in revenues EBIT was increased by 47%. Apart from an at times very good in fi scal year 2007/ 08. The about 30% growth was mainly due to the ope ra ting performance, this was infl uenced by positive price effects increased copper price and the full consolidation of Cumerio as of and stable profi t contributions from the subsidiaries and Cumerio. 29 February 2008. * before revaluation of LIFO inventories 4 Stronger together Two major companies in the European copper industry have become one. The integra- tion process commenced in March 2008 was organised in a cooperative manner and is well advanced. Our aim is to create a company that is an international leader in perfor- mance, technology and adaptability. Our employees make an important contribution to this thanks to their considerable competence and skills. We can only achieve our goals together. Employees have endorsed with their signatures that they want to continue NA’s and Cumerio’s copper-driven success story in a joint company. Strategically growing Anyone wanting to exist in future in markets that are growing together globally must act now. We see our future in the concentration of the existing core competences as an integrated copper company. NA has completed an extensive fi tness programme in recent years and created a tailor-made starting basis by expanding the business activities. As a result, a solid foundation has been built up that is eminently suitable for enhancing the internationalisation of our suc- cessful business model. The acquisition of the Belgian competitor Cumerio in fi scal year 2007/ 08 was a logical step for NA to extend its activities into Europe which had formerly been concentrated in Germany. As a result of the new additions of the production sites in Belgium, Bulgaria, Italy 2 Dr Bernd Drouven, Chief Executive Offi cer and Switzerland, we are now much more widely represented in our markets. The production plant in Pirdop, Bulgaria, is also an ideal platform to assist us in opening up the fast-growing Southeast Euro- pean markets for copper. But we will not rest on our laurels. Copper demand is increasing, par ticularly in the non-European emerging markets. Our strategic goal is therefore to be represented there as well in future. We are thus pur suing further external growth in our traditional business sectors to secure the future of the NA Group long-term. 3 Combining strengths The enlarged NA com- Enhancing bines the technical and ope rating strengths of our position two successful companies in the core business of copper. We are well positioned Creating through out Europe thanks to the integration of the basis Cumerio and have signi- fi cantly enhanced our market position in pro- We have created a wider curement and sales. basis for further growth by acquisitions in the recycling and copper product business sectors. 4 Shaping the future We are developing NA Assuming further by targeted action within the context of our responsibility growth strategy and are therefore securing its future in international The integration process competition. Improving is all about our responsi - bility towards employees, performance the environment and the community. The continuous and steady improvement of all pro- cedures and pro cesses in the Group follows the strategy of achieving a sus tained increase in corporate value. Our aim is clear: We want to grow internationally from a wider European basis and develop further into a top player in the copper industry. 5 Dr Franz-Josef Westhoff, Plant Manager Recycling Lunen Creating the basis Since its beginnings, NA has specialised in the production of copper and precious metals and has written a very long success story thanks to this orientation of its core business. Hamburg was our central production site until the year 2000. The key activities were the processing of copper concentrates into cathodes and processing them further into continuous cast wire rod and shapes. While giving particular regard to environmental requirements, considerable capital expenditure was invested in the modernisation of the on-site plant technology, and the capa cities expanded. We gave our business a wider basis by acquisitions made in 2000 and 2001. The important future sector of metal recycling was added when the recycling specialist Huttenwerke Kayser in Lunen, Westphalia, was amalgamated. Greater proximity to the end customer was achieved as a result of the acquisition of Prymetall and Schwermetall Halbzeugwerk (50%) in Stolberg. Customer orientation was strengthened further by taking over and developing two slitting centres in Great Britain and Slovakia. 6 7 Angela Wehrt, Vice President ROD + SHAPES Enhancing our position NA took the next major strategic steps into the future in fi scal year 2007/ 08. The Belgian copper producer Cumerio was taken over to make our organisation more international. Cumerio’s activities had been anchored in the Umicore group until 2005. This acquisition has strengthened NA, particularly, in the production of copper cathodes, wire rod and profi les and at a stroke signifi cantly improved its position in the European product markets.
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