Full RSDB annual report for 2008 - Roto Smeets Group

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Contents Annual Report 2008 Annual Report Chairman’s report 2 Report of the Supervisory Board 4 Report of the Management Board 8 Report regarding internal risk management and control systems 19 Corporate Governance 22 Company description 27 Company profile 30 Corporate officers 34 Corporate branches 36 Key Figures 37 Consolidated financial statements Consolidated profit and loss account 39 Consolidated balance sheet 40 Consolidated statement of changes in equity 42 Consolidated cash flow statement 44 Accounting principles 46 Notes to the consolidated financial statements 55 Company financial statements Company profit and loss account 89 Company balance sheet 90 Company statement of changes in equity 92 Notes to the company balance sheet 94 Other information Legal and statutory provisions concerning profit appropriation 97 Auditor’s report 98 Statement by the Management Board 99 Declaration of independence ‘Stichting Preferente Aandelen RSDB NV’ 100
Chairman’s report Dear shareholder and other interested parties, The concept of “Business as usual” does not seem to exist anymore. 2008 again became an exceptional year. I really believed that it would be hard to exceed the adventures of 2007, but nothing proved further from the truth. The deteriorated economic situation, as a result of which marketing budgets were further reduced, directly influences the turnover of our companies. The reduction of marketing budgets also leads to increased excess capacity in our industry. For the first time in the history of the printing industry, the 4th quarter, on a European scale, showed a negative trend with regard to capacity utilisation and profit development. As a result, all efforts for the year 2009 within RSDB will initially be aimed at developing a business plan, based on a stand-alone situation for RSDB. This plan, however, should not stand in the way of any future development. Through 2014, investments will be focused on maintaining a technically fit and competitive company with a reduced capacity, and as a result will be at a substantially lower level than in previous years. The new organisation which will be structured during this period should make RSDB stronger in a weak market, enabling the company to attract new initiatives. In June 2008, RSDB was asked by top level civil servants of the European Commission to organise, during the autumn, a round table conference for the printing industry. Together with Intergraf, the pan-European employers organisation of the Printing industry, RSDB fulfilled this request. On 14 November 2008, customers, suppliers, printers and those responsible for our industry in the European Commission, met for the first time to discuss the Ernst & Young ‘Competitiveness of the European Printing Industry’ survey published in November 2007, which confirmed what the Executive Board of RSDB has been saying for some time now. The theme is now firmly on the European agenda. 2008 Printing companies are among the first companies to feel the signals of a faltering economy. In the second half-year, this translated into order portfolios not equal to what is usual in our industry. The European market of Print Productions, like the RSDB printing companies, for the whole of 2008 showed a decline, in kilotonnes of paper, of more than 1%. The continued difficult market conditions lead to further price erosion and pressure on margins. The year 2008 was again characterised by our efforts to buck the declining trend in the printing market by going for the so very necessary consolidation process within Europe. It looked like this could be realised with the Hombergh/De Pundert Group (HHBV). In the end, much to our disappointment, it became clear in September that HHBV would not be able to raise the money for its intended offer. After the demerger and partial sale of parts of the business line Marketing Communications in 2007, the MediaPartners Group and Leads to Loyals in 2008 both went their own way with the development of their plans. The investigation into the feasibility of a possible divestment of MediaPartners Group has not yet given us a satisfactory solution. Result 2008 The balance between supply and demand in the printing industry has been further disturbed as a result of the deteriorated financial and economical climate. According to the forecast issued in December, turnover from continuing business activities fell by € 37.5 million to € 447.5 million (2007: € 485.0 million), Partly caused by the divestment of 2organize and Logic Use (2007: revenue € 6.6 million) and by declining print runs and sizes of magazines and the discontinuation of titles by customers. The value-added (VA) at continued pressure on margins was € 18.0 million lower, at € 212.9 million (2007: € 230.9 million). This was caused on the one hand by the divestment of 2organize and Logic Use (2207: VA € 4.8 million) on the other hand by lower prices. As a result of the improvement programmes already started in 2007, the sale of 2organize and Logic Use (2007: operating costs € 4.8 million) and the costs in 2007 for the intended acquisition of Quebecor World Europe (€ 7.5 million), the operating costs declined by € 20.6 million to € 207.1 million (2007: € 227.7 million). In addition to this, costs are managed by further and continuous process control / automation. The number of employees on the basis of ftes declined from 2,257 at year-end 2007 to 2,189 at year-end 2008. This efficiency boost was partly undone by the annual wage increase in accordance with the Grafimedia central labour agreement (CAO). EBITDA fell to € 37.2 million (2007 € 40.9 million). The trend of pressure on margins that started some years ago continued in 2008, with an EBITDA / VA marge of 17.5% and a ROCE (return on capital employed) of 0.7%. 2 RSDB Annual Report 2008
Page 1: RSDB in 2008 Annual Report
Page 5: Report of the Supervisory Board The
Page 8 and 9: as other factors that influence cor
Page 11 and 12: Report of the Management Board •
Page 13 and 14: Report of the Management Board shor
Page 15 and 16: Report of the Management Board conf
Page 17 and 18: Report of the Management Board Fina
Page 20 and 21: Report of the Management Board rega
Page 22 and 23: To guard the company culture and to
Page 24 and 25: On appointment of new board members
Page 26: Shareholders. The company has also
Page 29: Company description The present mem
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Page 35 and 36: Corporate officers CURRICULUM VITAE
Page 37 and 38: Corporate branches Roto Smeets De B
Page 39 and 40: EBITDA as % of Added Value in milli
Page 41 and 42: Annual Accounts - Consolidated bala
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Page 45 and 46: Annual Accounts - Consolidated cash
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Annual Accounts - Accounting princi
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Transactions whereby no funds are e
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Auditor’s report To the General M
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Foundation ‘Stichting Preferente
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Full RSDB annual report for 2008 - Roto Smeets Group

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