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Annual Report 2015 Annual Report 2015 S.A.B.C.A. ANNUAL REPORT 2015 ANNUAL REPORT ANNUAL 2015 2015 report of the board of directors Annual General Meeting, 26 May 2016 MANAGEMENT REPORT Group profile ........................................................................................................................................................................................................................................................................... 3 Statutory bodies ................................................................................................................................................................................................................................................................. 4 Message of the Chairman and the Chief Executive Officer ............................................................................................................................ 6 1. Principal activities in 2015 ........................................................................................................................................................................................................................ 9 2. Business Environment and Outlook ............................................................................................................................................................................................ 21 3. Research and Development ..................................................................................................................................................................................................................... 31 4. Human Resources .................................................................................................................................................................................................................................................... 39 5. Corporate Governance ...................................................................................................................................................................................................................................... 43 6. Financial aspects ........................................................................................................................................................................................................................................................ 52 The detailed annual accounts are inserted hereafter 1 Annual Report SABCA 2 Airbus A350XWB-900 (MSN 002) Group profile Now approaching its 100th anniversary, the SABCA Group FOCUS ON NEW TECHNOLOGIES (made up of SABCA – Société Anonyme Belge de Constructions Investment in new technologies and modern infrastructures Aéronautiques – and its subsidiaries SABCA Limburg and ASM is part of the strategic plan drawn up by the Group. This Aéro) is continuing to make its presence felt in its 3 markets, investment policy is a way of giving added momentum to the aerospace, civil aviation and defence. The SABCA corporate Group’s operations and of strengthening customer relations. culture focuses on synergy and complementarity between these three fields at the level of products and services supplied, and THE IMPORTANCE OF STAFF TRAINING in particular within its engineering offices and production lines. Skill development is a key topic within the Group, as reflected by the many training courses held throughout the year for all A NATIONAL AND INTERNATIONAL MARKET departments. The high level of qualifications demanded from SABCA activities are spread over four production plants, one staff and the upgrading of skills are the subject of training in each of Belgium’s three regions and one in Morocco. Its plans compiled by the HR department. participation in Belgian and international programs as prime contractor, partner or subcontractor is also relevant. Exports ROBUST PARTNERSHIP AGREEMENTS account for nearly 85% of total sales. Over the years, the Group has evolved in a globalised market, establishing stable international partnerships. This has allowed COMPLETE COVERAGE OF A PROJECT it to build up a network of international ties benefiting the In all three fields, realising a project covers all steps, from study proper management of the Group’s operations and projects. and design to the manufacture of such components as metal In Belgium, given the specific nature of its operations and and composite structures, servo-systems and fully equipped the indispensable role of the public authorities, the Group is sub-assemblies. dedicated to being an active industrial player at both federal and regional levels. MODERNISATION OF EQUIPMENT As part of its defence support business, it handles the maintenance CUSTOMER SATISFACTION, A PRIORITY and modernisation of military aircraft, as well as the production The Group is characterised by its functional flexibility and its of kits and replacement parts. The Group has always been able effectiveness when working in team with its customers, from to contribute to the realization of special customised products the design phase to the certification phase, via production, meeting the needs of its customers. delivery and after-sales service, all of the time listening to what its customers are saying. Customer satisfaction is one INNOVATION, AT THE HEART OF ITS OBJECTIVES of the Group’s top priorities and is part of the Group’s policy In order to best contribute to the technological development of maintaining long-term and personal relationships with its of the aircraft and space launcher programs in which it customers. participates, the Group is boosting the development of its innovative technologies and efficient manufacturing processes FUTURE-ORIENTATED such as additive manufacturing (3D printing), and composite The Group is constantly looking out for ways of optimising its and microcontroller manufacturing. Mastering the requisite resources, especially via controlling costs. This involves not skills remains one of the main objectives, particularly in the just enhancing control of suppliers and subcontractors in the context of research and development. long term, but also permanently increasing the effectiveness and quality of the services provided. RESPECT OF THE ENVIRONMENT The Group pays particular attention to environmental norms and respect thereof via appropriate investments. This respect Annual Report of national and international norms applies to both civil and military projects. SABCA Airbus A350XWB-900 (MSN 002) 3 Statutory bodies SABCA BOARD OF DIRECTORS (AND EXPIRY DATE OF THE CURRENT TERM OF OFFICE) Chairman SPRL Gestime, represented by its managing director, Remo Pellichero (2016) Directors Benoît Berger, Executive Vice-President Charles Edelstenne, Industrial Operations and Purchasing Chief Executive Officer - Groupe Industriel Dassault Aviation 1 (2016) Marcel Dassault 1 (2016) Hans Büthker, Chairman and Chief SPRL PASTEC-MIT, represented Executive Officer - Fokker Technologies by its Manager, Michel Martin, 2 Group B.V. (2016) independent director (2017) Olivier Costa de Beauregard, Loïk Segalen, Chief Executive Officer - Groupe Industriel Chief Operating Officer - Marcel Dassault 1 (2016) Dassault Aviation 1 (2018) SA C.G.O., represented by its managing director, Philippe Delaunois, Remco Smit, Chief Financial Officer - 2 independent director (2016) Fokker Technologies Group B.V. (2016) Chief Executive Officer SA Gefor, represented by its managing Jean-Marie Lefèvre director, Jacques de Smet, Statutory auditor independent director (2018) Mazars Réviseurs d’Entreprises SCRL, represented by Lieven Acke, company auditor SABCA LIMBURG ASM AÉRO Board of directors (and expiry date of the current term of office) Board of directors (and expiry date of the current term of office) Chairman Chairman, responsible for day-to-day management SPRL Gestime, represented by its managing director, SA SABCA, represented by its Chief Executive Officer Remo Pellichero (2016) Jean-Marie Lefèvre (2018) Chief Executive Officer Vice-Chairman Jean-Marie Lefèvre (2016) S.A.S. AAA, represented by its Chairman, Gilles Chauby (2018) Directors Directors Loïk Segalen, Chief Operating Officer - Dassault Aviation 1 (2019) Pierre De Graef, Director of SABCA’s Brussels plant (2018) Annual Report Remco Smit, Chief Financial Officer - Fokker Technologies Cédric Nouvelot, Vice-President - AAA (2018) Group B.V. 2 (2016) Commissaire SABCA Statutory auditor Mazars Audit et Conseil SARL, represented by Adnane Mazars Réviseurs d’Entreprises SCRL, represented Loukili, company auditor by Lieven Acke, company auditor 4 1 Elected on the proposal of the Dassault Group • 2 Elected on the proposal of the Fokker Technologies Group B.V. Group B.V. Annual Report SABCA Airbus A400M 5 R. Pellichero J-M. Lefèvre Message of the Chairman and the Chief Executive Officer As a result of the impending retirement of SABCA’s CEO, Jean-Marie Lefèvre, at the end of 2016, the Board of Directors has appointed Thibauld Jongen as CEO as of 1 June 2016. Mr Jongen is currently a executive or executive director Techspace Aero Group. One of his main missions will be to finalise and implement SABCA’s strategic plan. The difficulties encountered in several programs in 2014 continued On the positive side, a contract was concluded with ASL (Airbus in 2015, negatively impacting results. While the strategic plan aimed Safran Launchers) for the development of the Ariane 6 thrust at ensuring SABCA’s long-term prospects made progress in 2015, control systems, a new F16 maintenance contract was gained, and the
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