Annual Report 2010 - Alcopa

Annual report
2010 2010

Our geographical footprint
Our Vision Vision Our
Our geographical footprint
“To be a major, independent and international player
at the forefront of mobility and distribution”
Europe
Table of contents
Europe
South Africa
Our Vision 3
Our History 4
Our Values 5
Main events 2010 6
Chairman’s and CEO’s statement 7
Our Business at a glance 8
Key figures 9
Alcadis 10-11
Moorkens Distribution 12-13
Moteo 14-15
EOL 16-17
AlcopaimmO 18-19
Holding 20
AlcoDev 21
Our Governance 23
2 3

History of Alcopa Alcopa of History
Values of the group group the of Values
1937 Albert Moorkens founds a company producing
and distributing motorbikes I 1958 The Group starts
to import BMW and opens a car assembly plant in
Kontich I 1960 Start of the importation and distribution
of Suzuki I 1974 Start of the importation and
distribution of Mitsubishi I 1978 The Group becomes
the first European importer of a Korean brand, Hyundai
I 1981 Following the sudden death of the founder, his
6 children create the Alcopa Holding I 1985 Takeover
of the company Buro Market and creation of the office
furniture division I 1994 Development of international
activities (Switzerland, Portugal, France and South Africa) I
1996 Takeover of a major part of the Renault-Vilvoorde
premises and rehabilitation of the site I 1997 Setting up
of a structured governance and appointment of a Board
of Independent Directors I 2003 Creation of Alcadis
which centralizes 4-wheel activities and takeover of the
importation of Hyundai in Switzerland. I 2007 Creation
of AlcopaimmO which centralizes the various property
activities of the Group I 2008 Takeover of Brevidex
and creation of the group EOL, holding company of the
office furniture division. I 2009 Creation of Moteo which
regroups and develops the 2-wheel activity in Europe and
in Africa I 2010 Creation of Moorkens Distribution, a
company focused on car retail activities I 2010 Creation
of AlcoDev, a division aiming to diversify the activities of the
Group by acquisitions.
Entrepreneurship
Entrepreneurship is the DNA of Alcopa, it determines
its decentralized mode of operation, the spirit of men and
women who work there and its culture of development.
Performance
Performance is a decisive input to Alcopa’s development
as an ambitious level of income will be necessary to finance
growth, spread the feeling of security among employees
and develop pride within managers and satisfaction with
shareholders.
Respect
Respect is a major component of the human dimension
of our family group. It contributes in building long-lasting
relationships with our clients, suppliers, partners and shareholders.
Showing mutual respect is also the prerequisite for
working better together.
More information : www.alcopa.com
4 5

Chairman and
CEO statement
Main events 2010
events 2010
Main
Chairman’s and
CEO’s statement
January Alcadis launches the ix35, an innovative
SUV model which achieved excellent sales performance
througout 2010. February GMAN acquires 100% of
the garage Vanstechelman located in Deurne; enabling our
subsidiary to add Toyota to its brand portfolio. March
Fidenco acquires a stake in the garages Hergon (Ford)
located in the east of Brussels and in Leuven. April
Moteo establishes a presence in Denmark for the import
and distribution of mobility and leisure products. Given
its geographical location, Denmark is the ideal gateway
to the Scandinavian region. May Moteo starts the
distribution of Tomos in Belgium and Linhai in Germany.
June Hyundai is the main sponsor of the Football
World Cup in South Africa, creating significant visibility
for the brand in all our markets. July AlcopaimmO
acquires more than 60 000m2 in the former site of Renault
Vilvoorde. August Hyundai cars are now distributed
in Antwerpen and Brasschaat by the group Fidenco, a
partner of Alcopa. September Alcadis is selected
as exclusive distributor of SsangYong in 6 European
countries: Belgium, The Netherlands, Luxembourg,
Germany, Switzerland and Poland. October
Buromarket’s remaining stake (49%) is sold to its majority
shareholder. November Moteo makes a significant
investment to develop the distribution of motorcycle parts
and accessories. December Alcadis signs a letter
of intent for the distribution of the Hyundai Commercial
Vehicles product range in Poland, starting in 2011.
2010 has been an intense year for Alcopa
in many areas.
First, we posted good results, significantly above our initial targets. Indeed,
Alcadis (4-wheels import) and Moorkens Distribution (4-wheels retail) delivered
an excellent financial performance in comparison with last year, both in terms
of turnover and cost containment. We also managed to get back to profitability
in our 4-wheels activities in Switzerland. On the other side, the market remains
difficult in 2-wheels although Moteo resisted well, and in the Office Furniture
which still suffered from a very low and tough conjuncture.
Second, an ambitious growth strategy has been developed, and a fast and
powerful start has been achieved in all our activities. For instance, Alcadis
managed to extend its territories by getting the exclusive distribution of
SsangYong in 6 European countries, enabling a diversification of our imported
brands. Moorkens Distribution realized several strategic acquisitions and
is actively looking to further expand its geographical footprint, in Belgium and
abroad. Moteo has significantly invested to develop its parts & accessories
business. AlcopaimmO acquired an additional 60,000m 2 in the former site of
Renault Vilvoorde. Finally, AlcoDev was created in order to further diversify the
activities of the Group through external acquisitions.
Third, the human competences of Alcopa have been strongly reinforced to
cope with this ambitious growth plan. Over the course of 2010, many new managers
have joined the Group and will contribute to achieve our aims of growth
and operational excellence.
Regarding 2011, we will strive to confirm the good performance of 2010. Particularly,
Moorkens Distribution will have to perform several strategic acquisitions
in Retail ; Moteo will continue to deploy its brand portfolio in existing and new
geographies and further develop in the parts and accessories business ; and
Alcadis will invest in the development of Asian truck-import activities. For EOL,
2011 will be a crucial year with new catalogues being released which aim to
enable a return to profitability in 2012.
Finally, we wanted to stress the importance of the values of Alcopa which are
the foundations of our overall strategy. Indeed, we are convinced that fostering
entrepreneurship at all levels is essential to deliver the appropriate performance
in a very respectful manner with regards to our clients, stakeholders and employees
whom we thank deeply for their confidence. And we appreciate enjoying
the full support of our family shareholders.
Dominique Moorkens,
Chairman of the Board
of Directors
François Hinfray,
CEO Alcopa
6 7

Our Businesses at a glance glance a at Businesses Our
Key figures figures Key
100%
Imports automobiles in Belgium, Switzerland,
Luxembourg, The Netherlands, Germany and
Poland.
100%
Owns 20 car Dealers in 2 countries, selling more
than 15 different brands.
97%
Imports powered mobility and leisure products
into European countries and South Africa.
97%
Designs and distributes a wide range of office
furnitures and interiors products across Europe.
100%
Manages the real estate portofolio of the Group
and performs real estate development projects.
8 9

The long-term relationship with our customers, dealers and suppliers is the
keystone of our success. From our strong position in Belgium, the Netherlands,
Luxembourg, Poland and Switzerland, we aim to further develop our automotive
and truck distribution activities within a broader European scope.
Damien Heymans,
CEO Alcadis
Key business indicators
70
years experience
in 4 wheels
30,000+
cars
sold yearly
6
countries
250,000+
unique references
in parts
500+
active
dealers
Hyundai is the 4th biggest automotive
brand worldwide, and still growing thanks
to multiple model launches and impressive
image-building.
Their strong SUV heritage is now
expanded via the new i-series in all major
segments. On the ecological side, Hyundai
is rapidly expanding its green range with
the Blue Drive label that achieves world
class emission performance.
SsangYong: 2010 was marked by the
remarkable revival of SsangYong. The
all new Korando pushes the comeback
of the brand towards a successful 2011.
Promising new derivates and models
are already in the pipeline.
Suzuki is and will remain the specialist
in the compact car-segment. The all
new Swift pushes the brand to the next
level, while the Alto is the reference in its
segment.
Isuzu. Being the pick-up specialist, Isuzu
remains a stable and confident player.
Offering a bold design combined with a
high reliability, Isuzu succeeds in keeping
a strong position in the pick-up market.
On the long term side, expectations are
high in regards to the collaboration with
new partners.
Our markets
5 4
1
6
3
2
Our main subsidiaries
1 - Kontich, Belgium : Hyundai, Suzuki, SsangYong & Isuzu
2 - Zürich, Switzerland : Hyundai & SsangYong
3 - Luxembourg : Hyundai, Suzuki, SsangYong & Isuzu
4 - Warsaw, Poland : SsangYong & Isuzu
5 - Veenendaal, The Netherlands : SsangYong & Isuzu
6 - Kerpen, Germany : SsangYong
Board of Directors of Alcadis
François Hinfray, Chairman
Damien Heymans, CEO Alcadis
Roland Chlapowski, Board member
Paul Mariën, Board member
Dominique Moorkens, Board member
Nicolas Moorkens, Board member
Our captive leasing company
More information : www.alcadis.com
10 11

By taking advantage of our successful experiences of partnerships, we intend
to extend our unique model to become a leading force in the European retail
automotive landscape.
Benoît Dejean
CFO Moorkens Distribution
Key business indicators
17,000
new cars
sold each year
20
brands
represented
650
employees
380,000
hours worked
in our workshops
20
integrated
dealerships
Automotive Distribution, Products & Services
Fidenco has a long-standing partnership
between the family Denayer and Alcopa.
It has become in a few years of rapid
expansion the leading Ford dealer in
Belgium, serving mainly the Antwerp and
Mechelen markets. It also has flourishing
Volvo franchises and has made a
successful fresh start with the Hyundai
and Land Rover brands.
Executive Directors: Christophe & René
Denayer
GMAN. For more than 10 years, the
family Gaspar and Alcopa are working
together in developing the GMAN
group. Today, GMAN is one of the
leading historic Opel dealers in Belgium,
rooted in Antwerpen and gradually
expanding to new territories and brands,
adding recently a Toyota franchise to
its operations with a well deserved
reputation in services.
Executive Director: Alex Gaspar
Autopolis is a unique concept in Europe,
selling and servicing more than 12
different brands with the same dedication
to each one of them in an unique and
impressive facility in the outskirts of the
city of Luxembourg.
Executive Director: Ed Goedert
Our markets
FIDENCO NV
Deurne
Wilrijk
Brasschaat
Lier
Willebroek
Kontich
Mechelen
Herent
Sterrebeek
Overijse
Kapellen
Berchem
GMAN
Antwerpen
Deurne
Mortsel
Wilrijk
Reet
Brasschaat
Mechelen
Kontich
Autopolis
Luxembourg
Ettelbruck
Board of Directors of Moorkens Distribution
François Hinfray, Chairman
Benoit Dejean, CFO Moorkens Distribution
Damien Heymans, Board member
Paul Mariën, Board member
Dominique Moorkens, Board member
12 13

By acting as a reliable and flexible partner to our suppliers and customers,
we aim to remain the leading independent pan-European player in powered
vehicles and parts & accessories distribution for leisure and mobility needs.
Jean-Roger de Bandt,
CEO Moteo
Key business indicators
70+
years experience
in two wheels
80,000+
vehicles distributed
each year
200+
suppliers and brands
represented
230,000+
Parts & Accessories
references
8,000+
active
dealers
Suzuki is a global
powersports company
specialized in the
manufacturing of heavy
displacement motorcycles,
ATV and marine outboard
engines. Moteo was the
very first importer of Suzuki
in Europe, and has been
its exclusive importer in
Belgium for more than 50
years. Today, Moteo also
represents Suzuki in other
European and African
countries.
SYM (SanYang Motor) has
recently become a world leading
manufacturer of scooters, small
displacement motorcycles and
ATV.
Moteo started importing SYM
vehicles in Switzerland more
than 10 years ago. Today, SYM
products are also distributed
through Moteo branches in other
European and African countries.
Peugeot is a leading
European manufacturer of
scooters.
Moteo has over 30 years
experience in the import
of Peugeot scooters
and currently distributes
its products in several
European countries.
Spare parts and
accessories
Moteo distributes a multitude
of premium and house branded
parts & accessories, acting as
a reliable partner to European
2 Wheels distribution networks.
Moteo is active in this segment
in most of its territories.
Derbi is a historical brand of
small displacement gearbox
and scooter vehicles, now
part of the Piaggio group.
Moteo distributes Derbi in
several European countries
Tomos is a leading European
manufacturer of small
displacement mopeds. Moteo
distributes Tomos products in
several European countries.
6
Our main subsidiaries
Our markets
10
7
1
5
2
4 3 9
8
1 - Kontich, Belgium & Luxembourg
2 - Lille, France
3 - Mulhouse, France
4 - Paris, France
5 - Cologne, Germany
6 - Copenhagen, Denmark
7 - Utrecht, The Netherlands
8 - Neuchâtel, Switzerland
9 - Zürich, Switzerland
10 -Aveiro, Portugal
Johannesburg, South Africa
Board of Directors of Moteo
François Hinfray, Chairman
Jean-Roger de Bandt, CEO Moteo
Frédéric Heymans, Board member
Olivier Kauffmann, Board member
Dominique Moorkens, Board member
Other brands
More information : www.moteogroup.com
14 15

Our target is to be a leading European office furniture operator working
closely with the manufacturers. As such, we focus our efforts in combining
innovation, close customer and supplier relationship, measured sustainability
and operational excellence.
Emmanuel Corron,
PDG EOL
Key business indicators
30
years of experience
in Office Furniture
520,000
catalogues and
795 000 flyers
released
80,000
unique
references
2,000
active dealers
100%
alignment with
ecological
REACH label
GDB Design is a network of professional
interiors specialists. Benefiting from a
powerful marketing support, GDB Design
proposes a range of high value conceptual
products and turnkey solutions delivered
in a very competitive offer. Ergonomics is
one of the products’ main development
axes, together with the search for
the user’s best possible comfort. The
elegance and shape is also an essential
parameter in the design of the products.
Burodial is the network for multiproduct
specialists and furniture
resellers.
Burodial proposes a complete and
coherent furniture range targeting
the core office furniture market. Very
competitive pricing and the quality of
the products and services provide a
superior quality price ratio.
Referencia and Office Live form the same
distribution network. The Referencia brand
is present exclusively on the French and
Swiss markets. The Office Live brand is
present in the rest of Europe. Referencia/
Office Live proposes core office furniture
products through a network of general
office product resellers.
Our markets
4 5
3
6
2 1
7
Our main subsidiaries
1 - Rosny sous Bois, France
2 - Gennevilliers, France
3 - Strépy, Belgium
4 - London, England
5 - Veenendal , The Netherlands
6 - Stiring Wendel, France
7 - Genlis, France
Supervisory Board of Eol
François Hinfray, President
Emmanuel Corron, PDG EOL
Emmanuel Bonnaud, Member
Paul Mariën, Member
Pierre Moorkens, Member
Benoît Stoop, Member
More information : www.eol-group.net
16 17

We focus our development activities towards flexible and creative real estate
projects within the industrial, logistical and commercial field. At the same time,
we dynamically manage the real estate portfolio of the group, both on the
commercial and technical side.
Matthijs de Wit,
General Manager AlcopaImmO
Key business indicators
44
locations in
5 countries
638,000
m 2 of land
415,000
m 2 of buildings
250,000
m 2 of warehouses
6
countries
Vilvoorde: the former site of the
Renault Vilvoorde factory is located
in the North of Brussels and is
currently in development. Our current
tenants are active in the automotive,
logistical and office furniture industry.
Several areas of the sites are still in
development, with ambitious plans
in the pipeline. The site stretches to
1.3km, and represents more than
200.000m 2 at the entrance of Brussels,
actively managed by AlcopaimmO.
Zaventem Airport Ring Center:
Located along the Brussels, a few
hundred meters of Brussels Airport,
the Zaventem Airport Ring Center
consists of 16 semi-industrial units.
This exceptional location enables our
tenants to enjoy flexible stocking units
close close to important circulation
areas.
Kontich: Ideally located along the
E19, between Brussels and Antwerp,
AlcopaimmO owns within the industrial
area of Satenrozen 10.000m 2 of
ground, together with multiple office
buildings and a large warehouse.
GMAN Antwerpen: The historical
garage of GMAN, located in Antwerp
has been completely renovated in
2010. AlcopaimmO coordinated the
development of the site, by leveraging
its extensive expertise in Automotive
retail acquired along the years.
Our markets
12 3
4 5
6
Our main subsidiaries
1 - Kontich, Belgium
2 - Vilvoorde, Belgium
3 - Bertrange/Strassen, Luxembourg
4 - Mulhouse, France
5 - Dietlikon, Switzerland
6 - Warsaw, Poland
More information : www.alcopaimmo.be
18 19

Finance
Since its creation, Alcopa has never made
an annual loss. This achievement, together
with our extremely solid balance sheet,
has enabled Alcopa to build a very solid
reputation across the financial industry in
Belgium and abroad.
Paul Mariën,
CFO Alcopa
Key business indicators
10%
turnover growth
in 2010
1,5
Net Debt/EBITDA
ratio
AlcoDev contributes to keep Alcopa at the forefront of its existing businesses
and to develop new activities into adjacent markets in order to fuel additional
growth opportunities for the group.
Nicolas De Ridder,
Chief Business Development Officer
3 areas of focus Objectives
Human
Resources
People will make the difference in realizing
our ambitious growth strategy. All our
competitive advantage resides in people
and their competences, as the nature of
our businesses is creating value through
relationships and service. We will therefore
continuously invest in acquiring top market
competences and the right entrepreneurial
spirits.
Steven Vinken,
HR Manager Alcopa
Key business indicators
7
new divisions
launched in 2010
11
countries,
with regular job
opportunities
1
Explore the future
development around
mobility and
distribution
2
Initiate the launch of
new activities within the
group through external
acquisitions
Be at the forefront of
our existing activities
Contribute to group
profit while diversifying
overall risk
Audit
Alcopa group has a strong interest in
good corporate governance and solid risk
management, the internal audit function
is deeply engaged in supporting both
through a risk based audit process.
Key business indicators
15+
Audits performed
every year
2
fully dedicated
Audit professionals
3
Act as an incubator for
high potential projects
for family members or
employees
Foster entrepreneurship,
a core value of Alcopa
Pieter Peremans,
Internal Audit Manager
Investment Committee
François Hinfray, President
Nicolas De Ridder, Member
Damien Heymans, Member
Paul Mariën, Member
Axel Moorkens, Member
Dominique Moorkens, Member
20 21

Governance Governance
Thanks Thanks
Board of Directors
We cannot end this report without thanking very warmly our colleagues and their
families, as well as our suppliers and partners. Their trust and support at all times
have been precious in this particularly unstable environment. They have shown a
capacity to adapt to exceptional market circumstances, which has enabled our
group to overcome the crisis. We wish to assure of our highest respect not only
those who have been following us for a long time, but of course also those who
have recently joined us. All contribute to the strengthening of our group and allow
it to look forward to the future with optimism.
First row from left to right : Dominique Moorkens, Chaiman I Pierre-Alain De Smedt, Board member I
Second row from left to right : Benoît Stoop, Board member I Bruno Colmant, Board member I Axel
Moorkens, Board member I Philippe Vlerick, Board member I François Hinfray, C.E.O. Alcopa
Board of the Family Shareholding
Useful contact information
First row from left to right : Philippe Moorkens, Member I Lionel Wauters, Member I
Second row from left to right : Dominique Moorkens, Chaiman I Jean-Albert Moorkens, Member I
Frédéric Heymans, Member I Axel Moorkens, Member I Pierre Moorkens, Member I
Alcopa nv
Pierstraat 231
B-2550 Kontich
T +32 3 450 03 11
F +32 3 450 03 14
VAT BE 421.837.162
www.alcopa.com
22 23

More information : www.alcopa.com