ANNUAL REPORT 2010 Innovations for the future. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd U1U1 113.04.113.04.11 112:042:04 KEY FIGURES Rosenbauer Group 2010 2009 2008 Revenue m€ 595.7 541.8 500.3 thereof Austria m€ 42.8 53.7 54.1 thereof international m€ 552.9 488.1 446.2 EBIT before one-off eff ects m€ 46.2 43.5 39.9 after one-off eff ects m€ 49.7 29.4 39.9 EBIT margin 8.3% 5.4% 8.0% EBT m€ 49.1 26.4 32.3 Consolidated profi t m€ 40.0 17.6 25.1 Cash fl ow from operating activities m€ 34.8 17.5 20.4 Investments m€ 8.9 15.8 12.2 Order backlog as at Dec 31 m€ 394.5 487.2 459.2 Order intake m€ 496.9 575.9 556.7 Employees (average) 2,014 1,895 1,722 Employees as at Dec 31 2,046 1,946 1,795 Key balance sheet data Total assets m€ 301.6 306.8 251.0 Equity in % of total assets 42.9% 32.5% 36.7% Capital employed (average) m€ 179.7 159.8 139.0 Return on capital employed 27.6% 18.4% 28.7% Return on equity 42.8% 27.6% 39.2% Net debt m€ 26.1 41.8 31.3 Working capital m€ 100.2 75.0 77.3 Gearing ratio 20.2% 41.9% 34.1% Key stock exchange fi gures Highest share price € 39.8 32.5 35.4 Lowest share price € 28.4 18.0 16.6 Closing price € 37.5 29.0 22.0 Number of shares m units 6.8 6.8 6.8 Market capitalization m€ 255.0 197.2 149.6 Dividend m€ 8.21) 5.4 5.4 Dividend per share € 1.21) 0.8 0.8 Dividend yield 3.2% 2.8% 3.6% Earnings per share € 4.7 1.5 2.9 Price/earnings ratio 8.0 19.3 7.6 1) Proposal to Annual General Meeting For more information, please contact: Gerda Königstorfer Phone: +43 732 6794-568 [email protected] www.rosenbauer.com rrbibi llagebericht_1304agebericht_1304 E.inddE.indd U2U2 113.04.113.04.11 112:042:04 ANNUAL REPORT 2010 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1 113.04.113.04.11 112:042:04 02 CONTENT 04 Group profi le 31 GROUP SITUATION REPORT 2010 16 Executive Board 18 Foreword from the President 32 Economic environment 20 Investor relations 33 Developments in the 22 Corporate governance report fi re fi ghting sector 26 Sustainability 34 Revenues, orders and income situation 30 Compliance 37 Financial position, asset and capital structure 38 Investments 39 Research and development 41 Employees 44 Opportunity and risk management 47 Internal control system (ICS) 48 Procurement, logistics and production 49 Disclosure pursuant to §243a Sect. 1 UGB 50 Supplementary report 51 Disclosures relating to anticipated developments 54 Segment reports 54 Operating segments (by region) 59 Information on business units (by product) 64 Report of the Supervisory Board rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 2 113.04.113.04.11 112:042:04 CONTENT 03 65 CONSOLIDATED FINANCIAL 108 STATEMENT OF ALL STATEMENTS 2010 LEGAL REPRESENTATIVES 66 Consolidated balance sheet 109 Audit certifi cate as at December 31, 2010 (independent auditor’s report) 67 Consolidated income statement 2010 67 Presentation of the consolidated 111 Index statement of comprehensive income 112 Glossary 68 Changes in equity 114 Ten-year comparison 70 Consolidated cash fl ow statement 116 Imprint 71 Schedule of provisions 72 Movement in the consolidated assets 74 Segment reporting 76 Notes 76 General remarks 79 Consolidation principles 81 Reporting and valuation methods 88 Notes to the consolidated balance sheet and income statement rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 3 113.04.113.04.11 112:042:04 04 GROUP PROFILE Rosenbauer is the fi re protection and civil defence sector’s leading manufacturer of fi re fi ghting vehicles. With its wide range of municipal fi re fi ghting vehicles and aerials built to both European and US standards, its extensive series of Aircraft Rescue Fire Fight ing vehicles (ARFF) and industrial fi re fi ghting vehicles, advanced fi re fi ghting com ponents and fi re & safety equipment, Rosenbauer is the industry’s full-liner. Rosenbauer is the international group with the strongest sales and distribution network. With its worldwide sales and customer service organization, Rosenbauer has a perma nent presence in more than 100 countries. Rosenbauer supplies its products to all target groups: Professional and volunteer fi re departments, indus- trial and airport fi re departments. The Group’s technological leadership is underpinned by a tradition of innovational strength, and by a system of institutionalized design management. Its central know-how lies in complex, custom-built fi re fi ghting systems and vehicles. All the processes needed in this connection are united under one roof: design and produc- tion of all fi re fi ghting systems, fi re engineering superstructures and the adequate control of the overall systems. At the Group’s eleven production facilities and seven sales companies, in 2010 its workforce of around 2,050 generated revenues of nearly 600 m€. TRADE/SERVICE PRODUCTION FACILITY rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 4 113.04.113.04.11 112:042:04 GROUP PROFILE 05 Rosenbauer International AG AUSTRIA Rosenbauer Österreich GmbH AUSTRIA 100% Rosenbauer Management Services GmbH AUSTRIA 100% Rosenbauer Holdings Inc. Rosenbauer America LLC. Minnesota Division USA 100% USA 50% General Safety Equipment LLC. USA 100% Rosenbauer Holding GmbH & Co. KG Metz Aerials Management GmbH GERMANY 100% GERMANY 100% South Dakota Division Central States Fire Apparatus LLC. USA 100% Rosenbauer Finanzierung GmbH Metz Aerials GmbH & Co. KG GERMANY 100% GERMANY 100% Aerials Division RK Aerials LLC. Rosenbauer Española S.A. Rosenbauer Feuerwehrtechnik GmbH USA 50% SPAIN 62.11% GERMANY 100% Rosenbauer Motors LLC. Rosenbauer Ciansa S.L.1) Rosenbauer Deutschland GmbH USA 100% SPAIN 50% GERMANY 100% Rosenbauer AG SWITZERLAND 100% SK Rosenbauer PTE Ltd. Eskay Rosenbauer Sdn Bhd SINGAPORE 100% BRUNEI 80% Rosenbauer South Africa (PTY) Ltd. SOUTH AFRICA 100% PRODUCTION FACILITY PA “Fire-fi ghting special technics” LLC.1) TRADE/SERVICE RUSSIA 34% HOLDING/MANAGEMENT 1) At equity consolidated company rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 5 113.04.113.04.11 112:042:04 06 THE AT – GEARED UP FOR THE FUTURE With the new AT – the vehicle concept of the future – Rosenbauer is pursuing its vision of making fi refi ghters’ work safer, easier and more ergonomical. Innovations are the basis of this success. Ultimately, it is the smooth teamwork of specialists and professionals, working together to make ideas happen in practice, that is behind the new AT’s success in the market. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 6 113.04.113.04.11 112:042:04 07 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 7 113.04.113.04.11 112:042:04 08 T-REX – BREAKING DOWN BOUNDARIES When diff erent technologies and systems are harmonized, this opens up scope for giving products radically new attributes. Like with the T-Rex platform, the fruit of close co-operation between Rosenbauer America and Metz Aerials. It combines the very best of European and American fi re fi ghting engineering. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 8 113.04.113.04.11 112:042:04 09 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 9 113.04.113.04.11 112:042:04 10 FIRE FIGHTING SYSTEMS – WE HAVE THE TECHNOLOGY Fire fi ghting innovations are based on an optimized inter- play of various components such as the pump, propor- tioning system, turret and electronic control system. The com ponents of this integrated system are developed and manufactured in-house – because at Rosenbauer, fi re fi ghting systems are one of the core competences. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1010 113.04.113.04.11 112:042:04 11 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1111 113.04.113.04.11 112:042:04 12 NAUTILUS – NEW DISCOVERIES It may only be small, but there is a lot more to the compact NAUTILUS submersible pump than you might think: It is the result of leading-edge research and decades of experience in the development of complex systems. The initiative behind the development of this new submersible pump originated in Rosenbauer’s innovation management system. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1212 113.04.113.04.11 112:052:05 13 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1313 113.04.113.04.11 112:052:05 14 EMEREC – AHEAD OF ITS TIME Rosenbauer products stand apart not only for their out- standing performance but also for the many extra benefi ts they give to users. EMEREC is a giant step into the digital future, bringing together many very diff erent mission- related data streams in a unifi ed information system that can be accessed from mobile terminals. rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1414 113.04.113.04.11 112:052:05 15 rrbibi llagebericht_1304agebericht_1304 E.inddE.indd 1515 113.04.113.04.11 112:052:05 16 EXECUTIVE BOARD Julian Wagner (President and CEO) Born 1950 Joined Rosenbauer: 1968 Date of fi rst appointment: 1992 End of current period of tenure: 2012 FUNCTIONS WITHIN Corporate strategy, marketing and advertising, THE GROUP personnel and social management, corporate communications, internal audit Gottfried Brunbauer (Member of the Executive Board) Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current period of tenure: 2014 FIELDS OF BUSINESS Municipal vehicles, Aerials and Fire fi ghting components FUNCTIONS WITHIN Technical Group coordination, logistics, THE GROUP innovation management, quality management, environmental management Robert Kastil (Member of the Executive Board) Born 1949 Joined Rosenbauer: 1983 Date of fi rst appointment: 1993 End of current period of tenure: 2013 PORTFOLIO Finance FUNCTIONS WITHIN Financial accounting and controlling,