Vdl Groep Annual Report 2016 Vdl Groep Annual Report 2016
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VDL GROEP ANNUAL REPORT 2016 VDL GROEP ANNUAL REPORT 2016 VDL GROEP ANNUAL REPORT 2016 VDL Groep bv Hoevenweg 1 5652 AW Eindhoven the Netherlands Phone +31 (0)40 - 292 50 00 [email protected] www.vdlgroep.com 1 CONTENTS 3 Financial highlights 4 Profile of VDL Groep 5 Group structure 7 Report of the Board of Management 45 Report of Supervisory Board 46 Auditor’s report 47 Annual accounts 2016 52 Principles for valuation and determining the result 63 Subsidiaries 2 FINANCIAL HIGHLIGHTS (x 1,000 euro) 2016 2015 2014 2013 2012 Combined turnover 3,208,375 2,686,499 2,545,519 1,812,313 1,756,354 Consolidated turnover 3,032,133 2,522,070 2,342,041 1,632,108 1,628,857 Gross profit 187,688 167,181 117,988 95,610 87,407 Profit before tax 194,213 163,744 120,209 98,027 75,679 Profit before tax / turnover 6.1% 6.1% 4.7% 5.4% 4.3% Net profit 149,571 125,406 104,247 88,582 56,755 Net profit / turnover 4.7% 4.7% 4.1% 4.9% 3.2% Depreciation of (in)tangible fixed assets 66,443 61,198 46,300 47,326 32,490 Cash flow 216,014 186,604 150,547 135,908 89,245 (Dis)investments on tangible fixed assets 112,993 124,259 114,459 82,456 213,072 Equity 1,125,774 1,017,179 924,894 854,350 788,480 Total assets 1,895,179 1,683,108 1,660,407 1,382,879 1,403,669 Equity / total assets 59.4% 60.4% 55.7% 61.8% 56.2% Net profit / equity 13.3% 12.3% 11.3% 10.4% 7.2% Employees as at 31 December 13,356 10,623 10,303 9,216 8,757 2 3 PROFILE OF VDL GROEP Strength through cooperation. That is the cornerstone of VDL Groep, the international industrial family business headquartered in Eindhoven, the Netherlands. The company was founded in 1953 by Pieter van der Leegte. Initially VDL Groep specialised in metalworking. Later the portfolio was expanded to include plastics processing, the development, manufacture and sales of buses and coaches, and high-tech subcontracting for the semiconductor industry and others. Today VDL Groep is a major player in the subcontracting and semi-finished products sectors, produces its own finished products, such as suspension systems, is active in automotive factory automation, builds heat exchangers and container handling systems, and the family business owns VDL Nedcar in Born, the Netherlands' only large passenger car assembly factory, which carries out assembly line production of cars for third parties. VDL Groep innovates through a combination of craftmanship, entrepreneurship and high-quality machinery. The group of companies combines the clout of a multinational with the flat organisation and open, informal working atmosphere of a family business where priority is given to growth opportunities and continuity. VDL Groep operates with allmost 15,000 employees in 19 countries. The group comprises 92 operating companies, each with its own speciality, which work together intensively. The combined annual turnover in 2016 was 3.2 billion euros. In November 2016, after 50 years of entrepreneurship, Wim van der Leegte passed the reins of the family business to the management team, which includes his three children Pieter, Jennifer and Willem. Willem van der Leegte has succeeded his father as President and CEO of VDL Groep. 4 GROUP STRUCTURE VDL Groep VDL Nederland VDL Holding Belgium Subcontracting Car Assembly Buses & Coaches Finished Products VD Leegte Metaal VDL Nedcar VDL Bus & Coach VDL Agrotech VDL Gereedschapmakerij VDL Bus Chassis VDL Industrial Products VDL TIM Hapert VDL Bus Modules VDL Steelweld VDL VDS Technische Industrie VDL Bus Heerenveen VDL Steelweld UK VDL Laktechniek VDL Bus Venlo VDL Steelweld Deutschland VDL Belgium VDL Bus Roeselare VDL Steelweld Sweden VDL Technics VDL Bus Valkenswaard VDL Steelweld Suzhou VDL Kunststoffen VDL Bus & Coach Nederland VDL Steelweld California VDL HMI VDL Bus & Coach France VDL Steelweld Michigan VDL NSA Metaal VDL Bus & Coach Italia VDL Steelweld South Carolina VDL Apparatenbouw VDL Bus & Coach Belgium VDL Hapro VDL MPC VDL Bus & Coach Polska VDL Klima VDL Parree VDL Bus & Coach Deutschland VDL Klima Belgium VDL Staalservice VDL Bus & Coach Suisse VDL Klima France VDL Lasindustrie VDL Bus & Coach Czech Republic VDL KTI VDL RPI Metaal VDL Bus & Coach South Africa (70%) VDL Delmas VDL Rotech VDL Bus & Coach Serbia VDL Containersystemen VDL Systems VDL Bus & Coach Danmark VDL Containersysteme VDL Postma VDL Bus Center Nederland VDL Translift VDL Industrial Modules VDL Bus Center Deutschland VDL Weweler VDL Konings VDL Busland VDL Weweler Parts VDL Wientjes Roden VDL Bus & Coach Service FRY-ZHN VDL Weweler-Colaert VDL Wientjes Emmen VDL Bus & Coach Service Brabant Truck & Trailer Industry VDL Services VDL Bus & Coach Service Limburg VDL PMB-UVA VDL Enabling Technologies Group VDL Parts VDL USA VDL ETG Eindhoven VDL Enabling Transport Solutions VDL Middle East VDL ETG Projects VDL ETG T&D VDL ETG Almelo VDL ETG Singapore VDL ETG Suzhou VDL ETG Switzerland VDL Network Supplies VDL Fibertech Industries VDL GL Precision (88%) VDL Castings Heerlen VDL Castings Weert 4 5 6 REPORT OF THE BOARD OF MANAGEMENT For VDL Groep, 2016 was an eventful year, in many respects, not least of which was the 50th anniversary celebration of Wim van der Leegte and the handover of the chairmanship of the management team to Willem van der Leegte. Other special moments included a visit to BMW Group in Munich in April, where Wim and Willem accompanied His Majesty King Willem-Alexander and Her Majesty Queen Máxima, in honour of the 100th anniversary of the founding of BMW, and the visit by Prime Minister Mark Rutte to VDL Nedcar on 2 November, to mark the start of production of the MINI Countryman. In commercial terms, too, 2016 was a spectacular year for our 64 year-old family business. Partly as a result of cooperation within the group of companies with its 92 subsidiaries, the group succeeded in again breaking many of the records set in 2015. The combined (accumulated) turnover rose from 2.687 billion euro in 2015 to 3.208 billion euro in 2016. Consolidated turnover amounted to 3.032 billion euro as compared to 2.522 billion euro in 2015. The net result rose by 20 percent, from 125 million euro in 2015 to 150 million euro in 2016. We are enormously proud of this excellent performance. “We are absolutely delighted with the growth that has taken place within our companies,” commented President of the group, Willem van der Leegte. The result offers room for investments in 2017. VDL Groep enjoys a strong asset position and is a financially healthy family business. The balance sheet position remains unabatedly strong, with solvency of more than 59 percent. The same applies to the cash flow, which rose in 2016 by more than 29 million euro, to 216 million euro. The number of employees also rose from 10,623 at year end 2015 to 13,356 at year end 2016. Much of this growth was achieved autonomously. Many of our new colleagues are employed at VDL Nedcar, but our other companies are also showing solid growth. More than 90 percent of our employees work in the Netherlands and Belgium. Remarkably, VDL Groep today employs representatives of 80 different nationalities. CONSOLIDATEDCONSOLIDATED TURNOVER TURNOVER NET PROFITNET PROFIT (in million euro)(in million euro) (in million euro)(in million euro) 3,200 3,200 150 150 2,900 2,900 135 135 2,600 2,600 120 120 2,300 2,300 105 105 2,000 2,000 90 90 1,700 1,700 75 75 1,400 1,400 60 60 1,100 1,100 45 45 800 800 30 30 2012 20132012 20142013 20152014 20162015 2016 2012 20132012 20142013 20152014 20162015 2016 6 7 Turnover Combined turnover for 2016 amounted to 3.208 billion euro. As compared to the 2.687 billion euro in 2015, this represents an increase of more than 19 percent. Internal deliveries rose in absolute terms and our own production capacity was well utilised in 2016. 2016 2015 euro million euro million Combined turnover 3,208 2,687 Internal deliveries -176 -165 Consolidated turnover 3,032 2,522 The balance between international and domestic turnover in 2016 changed fractionally compared to 2015. 78 percent of our turnover is generated outside the Netherlands. 2016 2015 euro million % euro million % International 2,355 78 1,939 77 Domestic 677 22 583 23 3,032 2,522 In 2016, we supplied products worldwide to 105 countries outside the Netherlands. International turnover amounted to a total of 2,355 million euro. Divided among the various continents, the following image emerges: Europe 2,123 million euro, Asia 146 million euro, America 69 million euro, Africa 12 million euro and Oceania 5 million euro. If turnover is broken down country by country, we see that Germany was our largest market. The Netherlands, the United Kingdom, Belgium and Singapore complete the top five. TURNOVER PER COUNTRY Germany 1,583 Italy 25 (in million euro) Netherlands 677 Denmark 24 United Kingdom 100 Finland 23 Belgium 88 Norway 22 Singapore 77 China 14 USA 63 Czech Republic 13 France 61 Iceland 12 Sweden 41 Taiwan 12 Switzerland 40 Spain 10 Poland 37 Others 110 8 Divisions If the combined turnover of VDL Groep is broken down according to the divisions, we see that the growth in turnover in 2016 was achieved by the divisions Car Assembly, Buses & Coaches and Finished Products. 2016 2015 euro million % euro million % Subcontracting 892 28 914 34 Car Assembly 1,368 43 912 34 Buses & Coaches 437 13 386 14 Finished Products 511 16 475 18 3,208 2,687 Subcontracting Turnover in the Subcontracting division fell slightly, from 914 million euro in 2015 to 892 million euro in 2016.