Annual Report 2009 UK - Bonfiglioli

Management Report
order to satisfy as best as possible the requirements of customers, both at home and abroad. This
continuous improvement process is supported by constant analysis of a series of KPIs, which are
fundamental to maintaining set standards at high levels, in accordance with the strategic and
market requirements defined by upper management.
SQEP Certification (Supplier Quality Excellence Program) received by an important North American
multinational customer. SQEP certification represents prestigious recognition to Bonfiglioli by the
customer after an in-depth assessment of its performance in the fields of sales, manufacturing,
design, logistics and quality. This result was achieved thanks to a thorough process of analysis and
improvement of internal processes. The success of this process is also concrete proof of the com-
pany’s ability to cater for customer requirements and to turn their needs into new opportunities
for growth for the entire Group.
Significant events after year end
With reference to events occurring after the closure of the accounting year, the following comments
are made.
In February 2010 the Parent company gave its approval to a consolidated business plan for the years
2010 - 2014 in which the objectives and industrial actions to be taken by the Group in the mid-term
were set out. This business plan was also used to define agreements reached last March with leading
Italian banks most involved in funding the Group and confirmed the extensive trust that has always
been shown to our Group by the financial system. In fact, in order to maintain the cautious approach
that has always been taken to the financial management of the Group, it was considered advisable,
though not necessary, to sign an agreement with the main banks to regulate indebtedness and credit
facilities used by the Group over the next few years based on the following principal guidelines:
• re-scheduling of due date for mid and long-term debts for a total of 117.4 M€: defining a new
repayment plan up to June 2016;
• remodulation of short-term operating lines for a further 76.3 M€ with due date up to June 2013;
• defining a revolving line of creditor a total of 15 M€ with due date up to June 2013.
Between January and April a number of corporate transactions were completed involving the Turkish
subsidiary (purchase of shares and subsequent increase in share capital) which increased the Group’s
shareholding to 98.01% and was aimed at providing the company with both financial and organi-
sational support.
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Annual Report 2009