Complete Annual Report - Uralita

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In the late 1980s and the 1990s, Uralita’s major strategic move was internationalisation. This process began with the presence of the Group’s flagship products in Portugal (both on an industrial and commercial level) and the strengthening of the export of all ceramic materials (tiles, roof tiles). In 1988 it acquired Poliglas, an Insulation Business, through which it has invested heavily in countries such as Germany, Hungary, France and Italy. In 2002 Uralita acquired the Insulation Business of the German company Pfleiderer AG. This purchase afforded Uralita a leading position in Russia, Poland, Hungary and Slovenia, the last three of which recently joined the European Union, making Uralita Europe’s number three producer of insulators while simultaneously opening up a route for expansion into Eastern Europe. With Nefinsa’s arrival in December 2002, a new era of restructuring and profitable growth began At the end of 2002, the Nefinsa Group, owned by the Serratosa family, acquired 45.7% of the company. The arrival of the new main shareholder led to launch of the Strategic Plan for 2004-2006, designed to significantly increase profitability. The plan’s target was to identify those businesses with better future prospects in terms of growth and profitability on which the Uralita Group should focus. Four main businesses were identified which today are the Group’s backbone: Insulation, Gypsum, Roofing and Pipes. The other business not included in these categories were disposed of between 2003 and 2005. 11
Products and services The main products and services manufactured and marketed by the Group are: • Insulation: Glass wool and extruded polystyrene (XPS) under the brand name Ursa®. • Gypsum: Pladur® plasterboard solutions (dry wall partitions) and powdered gypsum, Algíss® (traditional or wet plaster partitions). • Roofing: Roof Tiles (concrete, mixed and curved ceramic), under the brand name Cobert®, roofing accessories and bricks. • Pipes: manufacture of piping and accessories for building and civil engineering industries, under the brand name Uralita Sistemas de Tuberías. Sales by geographical area Includes building materials only REST OF EUROPE 10.8% REST OF THE WORLD 1.3% REST OF EU 37.1% SPAIN 50.8% 12
Page 1 and 2: Annual Report 2005 CORPORATE SPIRIT
Page 3 and 4: Uralita Group Mejía Lequerica, 10
Page 5 and 6: Letter from the Chairman Dear Share
Page 8 and 9: Uralita Group Overview of the Urali
Page 10 and 11: From left to right: Mr. Javier Eche
Page 12 and 13: Overview of the Uralita Group Urali
Page 16: Main markets The Group embarked on
Page 19 and 20: The Uralita Group in 2005 ECONOMIC
Page 21 and 22: Macroeconomic indicators and constr
Page 23 and 24: Now that all the divestments are co
Page 25 and 26: As a consequence, the organisationa
Page 27 and 28: Respect for and continuous developm
Page 29 and 30: STRATEGIC PRIORITIES FOR 2006 Incre
Page 32 and 33: Uralita Group Management Report by
Page 34 and 35: Annual Report 2005 Uralita Group In
Page 36 and 37: BUSINESS PERFORMANCE IN 2005 Market
Page 38 and 39: Financial highlights Million euros
Page 40 and 41: Annual Report 2005 Uralita Group Gy
Page 42 and 43: Unlike the plasterboard market, the
Page 44 and 45: 2005 Results In 2005 the Gypsum Bus
Page 46 and 47: Annual Report 2005 Uralita Group Ro
Page 50 and 51: Financial highlights Million euros
Page 52 and 53: Annual Report 2005 Uralita Group Pi
Page 56: MILESTONES FOR 2006 The main object
Page 59 and 60: The Uralita Group on the Stock Mark
Page 61 and 62: Annual highs, lows and closing pric
Page 64 and 65:
Uralita Group Corporate Governance
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A. SHARE CAPITAL STRUCTURE A.1. Sha
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A.8. Own shares. During the year 20
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Resignations from the Board of Dire
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B.1.6. Directors who are also execu
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B.1.9. Remuneration of Senior Manag
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Both the aforementioned Committee a
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Number of meetings of the different
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B.1.31. Stakes held by members of t
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Nomination and Remuneration Committ
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C. RELATED PARTY TRANSACTIONS C.1.
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• To obtain the Risk Portfolio so
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In particular, the following measur
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E.12. Address and access to the cor
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The delegation of exclusive powers
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Recommendation 14. AGE OF DIRECTORS
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Uralita’s Board of Directors seek
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In application of the policies of t
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Corporate Social Responsibility 1.
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3. Responsibility for the Environme
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Uralita’s commitment to its share
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5.3. Training 5.3.1. Human Resource
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5.3.4. URSA invests in Human Resour
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) 477 employees from the Group Corp
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6.2. Third-party training The Urali
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Uralita Group Annual Financial Stat
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Translation of consolidated financi
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Translation of consolidated financi
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and Social Measures. Note 4 sets ou
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Equity at 31 December 2004 Attribut
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d. Changes in consolidation scope I
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4. Main accounting principles The m
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Where the carrying amount exceeds t
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• Trade and other payables Trade
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Provisions for guarantees Provision
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4.19. Consolidated cash flow statem
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• The business plans prepared are
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The movement in this heading in the
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The sale of cash-generating units r
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At 31 December 2005, the parent com
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Thousands of euros 2005 2004 Uralit
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The private bond placement was held
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16. Guarantees As of 31 December 20
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Other operating expenses The detail
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• Pipes • Chemicals The busines
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Revenues Profit (loss) before taxes
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In 2004, as profit estimates by the
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2004 Board of Nomination Audit TOTA
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APPENDIX 1 - Subsidiaries - 2005 By
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Results at the Gypsum Business show
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Mejía Lequerica, 10 28004 Madrid (
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Complete Annual Report - Uralita

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