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ULMA INFORME 2014 Ing.Indd ANNUAL 2014REPORT m Wer are WWWE ARE INDEX P04 P12 P23 01. MANAGEMENT REPORT 04.MANAGEMENT ACTIVITY 07. BUSINESS ADDRESS AND AFFILIATES P06 P18 02.GROUP DEVELOPMENT 05.SOCIAL RESPONSIBILITY P08 P22 03.AUDIT REPORT 06.SOCIAL ORGANS AND DIRECTORS 01. MANAGEMENT REPORT The global GDP for the year 2014 grew 3.4%, non-strategic international subsidiaries. International and in accordance with the cooperative solidarity with a change in the situation for emerging and sales of the ULMA Group grew 2% to €513 million commitment, there were 87 people relocated within developed economies in relation to the previous and they represent 77% of total product and service the ULMA Group. The majority of these people were year. Emerging economies performed worse than sales. from structural unemployment records at Fagor expected therefore, in relation to the ULMA Group, Electrodomésticos. highlighting the negative impact of the development Without a doubt, this huge effort we have been making of Latin America and Brazil in particular (due to the year after year with regards to the improvement of From a financial point of view, the ULMA GROUP, problems it is undergoing) and Mexico (as it did not our international position and the diversification of with a Debt/EBITDA ratio of 1.7, is in a healthy manage to meet the expectations that were set for risk has served to compensate the reduction in the position, affording it significant power when facing this market). Considering developed economies, the contribution of the interior market. Interior market future challenges. good performance of the USA and the national market sales reached €152 million, which means a decrease is underlined. Other important markets for the ULMA of 15% on the previous year’s figures and which For 2015, ULMA Group businesses would like to Group that have not behaved as expected are Poland amounts to seven years of decline from €376 million commence an expansion and growth plan based (which has suffered delayed growth) and Russia and in 2007, prior to the beginning of the crisis. on international expansion, innovation and new its surrounding area (due to political problems and promotional activities, in addition to being as the effects of the price of oil). The results compiled by the ULMA Group show prepared as possible in order to take advantage of the a profit of €19.2 million, significantly improving opportunities that will certainly present themselves The national market continues to shrink although the on the €8.6 million noted in 2013. With this latest in the market. In order to do this, discussions with rate at which it was shrinking has slowed. Market figure, the ULMA Group has enjoyed four years of financial entities have commenced for the purpose uncertainty and credit access problems have improved continued positive results. The extensive commitment of achieving the necessary financial support for this and is being noted in investment decisions. Turnover to internationalisation along with a boost to expansion project in the coming years. is improving but the existing excess capacity in the competitiveness through cost reduction, innovative majority of sectors means that margins have still not development and the adaptation of our products and Nevertheless, the ULMA Group has planned to recovered. services to the demands of the customer have resulted increase the 2015 sales levels to €719 million, where in a significant improvement in business margins. international sales will amount to around 80% of Considering all these circumstances when evaluating the Group’s total sales. However, for the first time in the business performance of the ULMA Group, we At the close of the tax year, the number of individuals in the last eight years, a decrease in the contribution of must say that 2014 has been very satisfactory. During the employment of the ULMA Group increased to 4324 interior market sales is not expected. An improvement the tax year, the ULMA Group achieved consolidated people, which is a decrease of 29 people in relation in these results is expected due to a rise in activity as sales of €664 million, which is practically a repetition to 2013 due to the aforementioned disinvestments. well as a slight increase in the level of employment. of the previous year’s figures, and this is despite the The percentage of cooperative partners of the total negative impact derived from the disinvestments number of individuals employed in cooperatives in performed by the business of ULMA Construction in 2014 was ranked at 86%. On 31 December 2014, Iñaki Gabilondo. General Director of the ULMA Group 4 5 TOTAL SALES INTERNATIONAL SALES 02.GROUP DEVELOPMENT MILLIONS OF EUROS TOTAL INTERNATIONAL 2011 704 476 2012 675 492 2013 680 502 2014 665 513 2015 719 565 PREVISION INVESTMENTS CASH FLOW MILLIONS OF EUROS MILLIONS OF EUROS 2011 60 2011 102,5 2012 57,7 2012 100,3 2013 49,5 2013 85,7 2014 29,9 2014 88,3 2015 40 2015 91,0 PREVISION PREVISION PORTFOLIO OF ORDERS AVERAGE HEADCOUNT MILLIONS OF EUROS NO OF PERSONS 2011 106 2011 4.211 2012 117 2012 4.229 2013 135 2013 4.353 2014 136 2014 4.318 2015 148 2015 4.308 PREVISION PREVISION 6 7 03.AUDIT REPORT 8 9 03. AUDIT REPORT GRUPO COOPERATIVO ULMA GRUPO COOPERATIVO ULMA COMPILED BALANCE SHEETS AT 31 DECEMBER 2013 AND 2012 COMPILED BALANCE SHEETS AT 31 DECEMBER 2014 AND 2013 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) the Spanish-language version prevails) ASSETS 2014 2013 EQUITY 2014 2013 Property, plant and equipment 342,531 375,881 Members’ contributions 155,024 157,622 Goodwill 22,028 24,200 Subordinated financial contributions 25,486 24,601 Other intangible assets 8,164 8,713 Reserves 164,802 172,136 Investment property 4,695 6,456 Other comprehensive income (12,588) (14,721) Non-current financial assets 36,964 33,873 Retained earnings 18,900 6,282 Derivative financial instruments 486 1,406 Deferred tax assets 26,335 27,703 Equity attributed to equity holders of the Parent 351,624 345,920 TOTAL NON-CURRENT ASSETS 441,203 478,232 Non-controlling interests 24,030 24,769 Unpaid calls on members’ contributions 123 448 Inventories 139,429 114,243 TOTAL EQUITY 375,654 370,689 Derivative financial instruments 495 1,212 Trade and other receivables 228,299 219,945 LIABILITIES 2014 2013 Other current financial assets 9,606 8,649 Cash and cash equivalents 38,266 32,641 Financial liabilities - members 6,659 6,283 Bonds, loans and other interest-bearing liabilities 141,302 180,072 TOTAL CURRENT ASSETS 416,218 377,138 Associates 810 1,526 Derivative financial instruments 1,237 4,240 TOTAL ASSETS 857,421 855,370 Government grants 6,270 7,332 Provisions 7,840 8,271 Deferred tax liabilities 13,885 13,704 TOTAL NON-CURRENT LIABILITIES 178,003 221,428 Financial liabilities - members 8,521 8,537 Loans and other interest-bearing liabilities 115,041 95,059 Associates 3,807 2,810 Trade and other payables 163,783 144,762 Derivative financial instruments 3,337 1,834 Current tax liabilities 4,247 2,363 Provisions 5,028 7,888 TOTAL CURRENT LIABILITIES 303,764 263,253 TOTAL LIABILITIES 481,767 484,681 TOTAL PATRIMONIO NETO Y PASIVO 857,421 855,370 10 11 04.MANAGEMENT ACTIVITY TECHNOLOGY INNOVATION AND DEVELOPMENT – We continue to advance in the development of the fleet manager along with other companies, within the TREX programme of the European Union. ULMA AGRÍCOLA – The G12 model has been developed. This is a greenhouse model of greater width, free of obstacles, and with ULMA CONSTRUCTION greater air volume. After the relevant load calculation – New vertical LGW formwork. studies (wind, snow and farming) were carried out, the – Improved heights for better options in self-climbing prototype was designed and set up. The first sale was formwork. made in the Mexican market and the client, after the – Important progress in the development of CVS carriages first farming cycle, notified us of an improvement in and MK carriages for tunnels in construction work. the interior climate of the greenhouse by around 3-4 – The new corporate website is available on the new degrees in comparison with 9-metre models. platform along with five websites of subsidiaries (Spain, Brazil, Poland, Peru, Mexico). ULMA ARCHITECTURAL SOLUTIONS – SPF: ULMA CONVEYOR COMPONENTS Development of Creaktive range. – HDC Product: Improvement in Gel-Coat application during manufacturing. New HDA seal industrialised. Achievement of DIT Facades certificate. – MDC Product: – SPC: Tube axle developed to improve weight. Development of ULMABlock range. – Painting Process: Achievement of KOMO quality certificate. Painting processes developed for high corrosion – SPE: resistance with providers. SPE resin standardisation. Formulation alternatives. ULMA HANDLING SYSTEMS – Creation of Technological Factories (SGA, Set-up, OTP, Automatic, JdT). ULMA FORKLIFT TRUCKS – Strengthening of the innovation structure: PM of – We should highlight the change in business model in Vehicles, Software Technologies Product Manager, battery regeneration activity, having left workshop Innovation Technician and Netherlands subsidiary. activity and focussed on the development and – SAT: commercialisation of equipment such as the Battery Full cover of the built-in AUTO 38. Regeneration System and pulses. – IK Pal Patent: Product launch plan. 12 13 04. MANAGEMENT ACTIVITY ULMA PACKAGING INTERNATIONALISATION ULMA CONSTRUCTION May. – Market launch of traysealing machines TSA 680 and – The active sale operation in Canada should be - USA: Decision regarding opening of own commercial TSA 875. highlighted along with the positive development of office in Houston. – In the vertical wrappers line, interesting applications have ULMA AGRÍCOLA business in markets such as Chile, Brazil, Mexico and - Standardisations: Plan to approach Exxon, Chevron, been developed such as an empty bell and air extraction – Intensification of efforts to hire a salesperson in the the USA, and the strong increase in direct sales from the BP and Shell.
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