annual report - Kendrion

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Kendrion N.V. Utrechtseweg 33 3704 HA Zeist P.O. Box 931 3700 AX Zeist The Netherlands Telephone +31 (0)30 699 72 50 Fax +31 (0)30 695 11 65 E-mail info@kendrion.com www.kendrion.com Registered in Zeist, Netherlands Kendrion N.V. Euronext code 0000383511 Fondscode 38351 ISIN code 0000383511 Chamber of Commerce 30113646 A digital version of this report is available on the website (www.kendrion.com) along with other publications such as press releases, presentations as well as the Annual Magazine 2011. It all started in 1911 when the company’s founder, Wilhelm Binder, barely twenty years old, had a vision: to create his own company, Binder und Mook Werkzeuge GmbH in Villingen, Germany. In 1938, his son, Dr. Wilhelm Binder Jr, joined the company and in 1953, after his father’s death, he took over management of the company. Dr. Wilhelm Binder has had no problems filling his father’s shoes. The company has thrived under his leadership, expanding its operations and initiating new research and development, and acquiring more than 40 patents. In 2011, under the banner ‘100 years of electromagnetism’, Kendrion celebrated its origin. A portrait of Dr. Wilhelm Binder features on the cover of this Annual Report.
Contents 3 Profile 4 Organisation 5 Preface 6 Kendrion at a glance 6 Key figures 8 Mission, strategy and financial objectives 11 Information on Kendrion N.V. shares 14 Report of the Supervisory Board 14 Members of the Supervisory Board 15 Report of the Supervisory Board 63 Financial statements 135 Other information 135 Independent auditor’s report 136 Profit appropriation 136 Post-balance sheet events 137 Principal subsidiaries 139 Five-year summary 140 Glossary 19 Report of the Board 19 Members of the Board 20 Highlights 21 Organisational structure 22 Targets and objectives 25 Corporate Social Responsibility 27 Human Resources 30 Risks and risk management 39 Financial review 47 Developments in each business unit 47 Industrial Magnetic Systems 49 Industrial Drive Systems 51 Passenger Car Systems 53 Commercial Vehicle Systems 55 Corporate governance 61 Prospects 1
Page 1: annual report
Page 5 and 6: Profile Kendrion’s activities ken
Page 7 and 8: Preface To all our shareholders and
Page 9 and 10: Realisation of targets Organic grow
Page 11 and 12: Organic growth in the current opera
Page 13 and 14: Kendrion at a glance Movements in t
Page 15 and 16: Voting by proxy Shareholders can be
Page 17 and 18: Report of the Supervisory Board >>
Page 19 and 20: The regulations of both Committees
Page 21 and 22: Report of the Board Members of the
Page 23 and 24: Report of the Board Organisational
Page 25 and 26: of its Eastern European activities
Page 27 and 28: Report of the Board Corporate Socia
Page 29 and 30: Report of the Board Human Resources
Page 31 and 32: managers and interest them in filli
Page 33 and 34: Kendrion’s approach to the compan
Page 35 and 36: Planning and control cycle Insight
Page 37 and 38: Internal Innovation Kendrion might
Page 39 and 40: z z z the requirements to be met by
Page 41 and 42: Report of the Board Financial revie
Page 43 and 44: Growth was evident in all regions.
Page 45 and 46: Net income, earnings per share and
Page 47 and 48: Net debt EUR million 2011 2010 Cred
Page 49 and 50: Report of the Board Developments in
Page 51 and 52: Report of the Board Developments in
Page 53 and 54:
Report of the Board Developments in
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Report of the Board Developments in
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Report of the Board Corporate gover
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In addition, the Executive Board ha
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leaves Kendrion as a ’bad leaver
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Report of the Board Prospects Apart
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Financial statements Contents 64 Co
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Consolidated statement of comprehen
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Consolidated statement of changes i
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Notes to the consolidated financial
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When the excess is negative, a barg
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(ii) Leased assets Leases under whi
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Recognised interest-bearing loans a
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An impairment loss is reversed if t
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The calculation is performed annual
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(m) >> Income tax Income tax for th
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z IFRS 3: Business combinations. Th
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(iii) (iv) (v) (vi) (vii) (viii) (i
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(ii) (iii) (iv) Credit risk concent
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The Group is mainly indirectly expo
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Translation differences are calcula
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The expected growth in cash flows a
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Deferred tax assets and liabilities
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7 >> Cash and cash equivalents EUR
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Restrictions Certain subsidiaries a
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Banking syndicate credit facility P
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Movement in plan assets EUR million
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The greater part of the defined ben
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15 >> Financial instruments Credit
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Within the scope of the Group’s r
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The following table shows the inter
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Fair values of financial instrument
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The following table shows a reconci
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Sales segmented by customer locatio
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No contingent liabilities are appli
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24 >> Net finance costs EUR million
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The incentive plan, introduced in 2
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Estimated impairment of goodwill Th
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Company income statement Note EUR m
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1.4 Receivables EUR million 2011 20
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1.7 Loans and borrowings (current)
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1.13 Remuneration of and share owne
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Other information To: The General M
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Principal subsidiaries At 31 Decemb
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Five-year summary 1 The reader shou
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Kendrion N.V. Utrechtseweg 33 3704
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annual report - Kendrion

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