Annual Report 2014 in Good Shape Annual Report 2014
Total Page:16
File Type:pdf, Size:1020Kb
_ AUF EINEN BLICK _ANNUAL REPORT 2014 IN GOOD SHAPE _Annual Report 2014 HOMAG Group AG AG Group HOMAG _ 3 HOMAG GROUP _ Geschäftsbericht 2014 Kapitel _Thema 3 _ CompaNY PROFILE HOMAG GROUP The HOMAG Group is the world’s leading manu facturer of plant and machinery for the wood working industry and for cabinet makers. As a global player, we are present in more than 100 countries and have an estimated world market share of 29.8 percent. In the sales markets for fur niture production, structural element production and timber frame house construction we offer our customers an extensive range of perfectly aligned solutions ranging from standalone machines to complete production lines. The wide range of services we offer for the production machines and lines combined with tailored software solu tions is unparalleled. _ CorporaTE INFORMATION at WWW.homag-GROUP.COM _ LoCATIONS WORLDWIDE PRESENCE _ PRODUCTION CompaNIES _ SALES AND SERVICE CompaNIES _ BENZ GmbH Werkzeugsysteme _ HOMAG Vertrieb- & Service GmbH _ BRANDT Kantentechnik GmbH _ HOMAG Finance GmbH _ FRIZ Kaschiertechnik GmbH _ SCHULER Consulting GmbH _ HOLZMA Plattenaufteiltechnik GmbH _ HOMAG eSOLUTION GmbH _ HOLZMA S. A. _ Homag Automation GmbH _ HOMAG Asia (PTE) Ltd. _ HOMAG Holzbearbeitungssysteme GmbH _ HOMAG Australia Pty. Ltd. _ HOMAG Machinery Bangalore Pvt. Ltd. _ HOMAG Austria Ges.mbH _ HOMAG Machinery (São Paulo) Ltda. _ HOMAG Canada Inc. _ HOMAG Machinery (Shanghai) Co. Ltd. _ HOMAG Danmark A/S _ HOMAG Machinery Sroda´ Sp. z o.o. _ HOMAG España Maquinaria S. A. _ WEEKE Bohrsysteme GmbH _ HOMAG Finance GmbH _ WEEKE Inc. _ HOMAG France S.A.S. _ WEINMANN Holzbausystemtechnik GmbH _ HOMAG GUS GmbH _ HOMAG Italia S.p.A. _ HOMAG India Pvt. Ltd. _ NEW AS OF 2014 _ HOMAG Japan Co. Ltd. _ HOMAG US, Inc. _ HOMAG Korea Co. Ltd. _ Stiles Machinery, Inc.1 _ HOMAG Polska Sp.z o.o. _ HOMAG Equipment Machinery Trading L.L.C _ HOMAG (Schweiz) AG _ HOMAG NEW ZEALAND LIMITED 2 _ HOMAG South America Ltda. _ HOMAG U.K. Ltd. 1 100 % Wholly owned subsidiary of HOMAG US, Inc. 2 100 % Wholly owned subsidiary of HOMAG Australia Pty. Ltd. _ AT A GLANCE GROUP KEY FIGURES _Group Key Figures 2014 2013 2012 2011 Total sales revenue 1 EUR m 914.8 788.8 767.0 798.7 Central Europe (incl. Germany) 1 EUR m 210.9 230.6 261.4 245.6 Western Europe 1 EUR m 169.1 131.8 137.3 157.6 Eastern Europe 1 EUR m 177.9 171.2 151.9 178.1 North America 1 EUR m 168.7 69.9 53.6 56.5 South America 1 EUR m 20.1 37.2 34.1 34.9 Asia/Pacific 1 EUR m 157.6 138.0 117.8 114.8 Africa 1 EUR m 10.5 10.1 10.9 11.2 operative EBITDA 2, 3 EUR m 93.2 75.8 71.0 70.5 operative EBITDA 2, 3 as % of sales revenue 10.2 9.6 9.3 8.8 EBIT 2 EUR m 45.3 41.6 38.4 20.8 EBIT2 as % of sales revenue 4.9 5.3 5.0 2.6 EBT EUR m 32.6 30.9 24.3 6.4 EBT as % of sales revenue 3.6 3.9 3.2 0.8 Net profit after non-controlling interests EUR m 18.9 18.4 12.7 – 4.7 Earnings per share 4 EUR 1.21 1.17 0.81 – 0.30 ROCE 5 after taxes as % 16.9 11.3 10.4 10.5 HVA 6 as % 5.3 1.1 0.8 0.9 Free cash flow 7 EUR m 50.1 28.5 – 2.8 9.3 Equity as of the reporting date EUR m 194.7 177.7 165.8 161.7 Equity ratio as % 31.9 32.7 30.6 29.0 Net liabilities to banks EUR m 28.5 69.2 89.5 80.9 Net debt to EBITDA ratio 8 0.3 0.9 1.3 1.1 Investments/capitalized intangible assets 9 EUR m 19.0 16.7 19.2 18.2 Investments in property, plant and equipment 9 EUR m 13.6 7.6 17.7 15.6 Amortization of intangible assets 9 EUR m 15.2 16.0 11.7 13.3 Depreciation of property, plant and equipment 9 EUR m 13.5 13.3 13.5 15.7 Employees annual average 5,482 5,038 5,075 5,110 thereof trainees annual average 309 334 343 368 Order intake accumulated 10 EUR m 802.6 734.3 702.1 736.0 Order backlog as of the reporting date 10 EUR m 307.3 207.6 188.4 169.1 1 Conversion to allocation of sales revenue by geographical segment similar to order intake 2 Before taking into account employee profit participation 3 Before restructuring/non-recurring expenses 4 Net profit/loss after non-controlling interests, based on 15,668,000 shares 5 (Adjusted EBIT 2, 3 * 70 %)/capital employed (non-current assets + net working capital) (assumed effective tax rate of 30 %) 6 ROCE after taxes less weighted average cost of capital employed 7 Cash flow from operating activities plus cash flow from investing activities 8 Net liabilities to banks/(operative EBITDA 2, 3 9 Excluding leases 10 Order intake and order backlog only contain own machines without merchandise, spare parts and services _ HOMAG GROUP _ Annual Report 2014 _ HOMAG GROUP IN GOOD SHAPE Technical excellence, partnership and reliability are what drive our operations. The Company we have shaped in this way sets standards. We are the world’s leading manufacturer of plant and machinery for the woodworking industry and for cabinet makers. Getting things in good shape is our business. Thanks to employees that work every day with passion, commitment and exper- tise, we have systematically advanced our Group. And through our clearly defined strategy, we aim to continue our course for profitable growth in the future. We stand for groundbreaking tech- nological competence, have efficient processes in place and we are a global player – and every day we work on getting our Company into even better shape. 1 CONTENT 18_CUSTOMER-ORIENTED 22_SOLUTION-ORIENTED 26_MARKET-ORIENTED 28_FUTURE-ORIENTED _ 2 HOMAG GROUP _ Annual Report 2014 TO OUR SHAREHOLDERS _ 4 Message from the Management Board _ 8 Report of the Supervisory Board _ 14 The HOMAG Group AG Share IN GOOD SHAPE _ 18 Customer-oriented _ 22 Solution-oriented _ 26 Market-oriented _ 28 Future-oriented _ 32 Interview FINANCIAL STATEMENTS _ 36 Combined Management Report _ 80 Consolidated Financial Statements _ 160 Separate Financial Statements AG FURTHER INFORMATION _ 185 Review _ 186 Company Structure HOMAG GROUP _ 188 Glossary _ 191 Graphs and Tables _ 193 Contact/Imprint/Financial Calendar _ HOMAG GROUP _ Annual Report 2014 3 _ TO OUR SHAREHOLDERS MEssAGE FROM THE MANAGEMENT BOARD JÜRGEN KÖPPEL HARALD BECKER-EHMCK RALPH HEUWING HANS-DIETER SCHUMACHER CEO Sales, Service, Production, Materials Corporate Development, Finance, IT, Marketing Management, Quality Research and Development, Human Resources Management and Affiliates Communication and Executives CONSOLIDATED FINANCIAL SEPARATE FINANCIAL TO OUR SHAREHOLDERS COMBINED MANAGEMENT REPORT STATEMENTS STATEMENTS AG FURTHER INFORMATION MESSAGE FROM THE MANAGEMENT BOARD LADIES AND GENTLEMEN, DEAR SHAREHOLDERS, At the HOMAG Group, we look back on a fiscal year that was as successful as it was eventful. Successful because we generated the highest sales revenue in the Company’s history and saw a very good order intake in 2014. Also, we once again succeeded in improving our key opera- tive performance indicators. Eventful because we acquired the leading sales and service orga- nization for machines and production lines for the US woodworking industry, because we are gearing our efforts to growth in the project business and in networking plant and machinery, and because Dürr has been our new majority shareholder since October 2014. The central event in the past fiscal year was the takeover of the majority of our shares by Dürr as of October 10, 2014. Our belonging to a financially sound, high-performance machine building and plant engineering group creates many opportunities. Beyond the use of specific synergies in purchasing, in IT or in financing, we can also benefit from an exchange with Dürr and make use of the experience and proven expertise that Dürr has, for example in the project business. The project business is becoming more and more important as our customers are attaching greater value to networked production plants and integrated data flows. We are ready for the further growth anticipated in this area; for example we repositioned ourselves in the field of automation and robotics with the formation of HOMAG Automation in 2014. Great opportunities also arise from our acquisition of Stiles Machinery, Inc. Effective as of February 3, 2014, we increased our holding of voting shares from 29.4 to 100 percent. This takeover has given us direct access to the US market and already enabled us to profit directly from the good market development in 2014. Our success in fiscal year 2014 is illustrated among other things by our sales revenue, which we raised by around 16 percent, thereby setting a record in the history of the Company. Even after deducting the share attributable to Stiles, the increase is around 7 percent and shows that we developed slightly better than the industry. Order intake, which is not impacted by the Stiles acquisition, was even up by more than 9 percent, and our order backlog reached a new historic year-end high.