Complete Annual Report - Uralita

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BUSINESS PERFORMANCE IN 2005 Market growth The infrastructure market in Spain and Portugal grew by 5% 1 compared with 2004. In building construction, performance varied considerably in different countries: Spain and France registered growth of 5% and 10% respectively, whilst in Portugal the market declined by around 7.5% 2 . Main initiatives Disposal of non-core businesses, specialisation of factories and headcount reductions The Pipes Business continued to implement an ambitious restructuring plan in 2005: • Withdrawal from unprofitable businesses: sale of filters, production and sale of cable and gas piping. • Disposal of businesses with a weak competitive position: Lusofane (Portugal); Uracan (Canary Islands); Aquatecnic (Spain) and a joint venture with STF. • Completion of specialisation process at all factories with the aim of optimising production costs and maximising production capacity: Getafe (PVC for drainage), Alcázar (polyester), Antequera (PVC for high-pressure pipes), Cerdanyola (PVC for drainage) and Alovera and San Vicente (pieces). • Finally, adaptation of the Pipes Business to the new organisational structure entailed 76 job cuts in 2005 (excluding the staff of the businesses sold). 1 Euroconstruct figures including Energy and Hydroelectric works 2 New residential construction figures from Euroconstruct 51
2005 Results Improved EBITDA despite the significant reduction in sales due to disposals The Pipes Business reported sales of €163.7 million in 2005, 23.1% below the 2004 figure. However, EBITDA rose to €3.6 million. The significant decline in sales was due to the disposal of non-core assets, whilst the withdrawal from unprofitable businesses and the implementation of restructuring and reorganisational measures increased profitability. The challenging situation of the polyester pipes market, where competitive pressure has triggered a sharp fall in prices, meant that profits were lower than expected. Financial highlights Million euros 2001 2002 2003 2004 2005 Sales* 206.8 214.5 227.6 212.7 163.7 EBITDA 16.2 21.4 7.4 2.2 3.6 EBITDA margin 7.8% 10.0% 3.2% 1.0% 2.2% Capital expenditure 4.9 4.8 6.7 7.3 5.0 Year-end workforce 835 849 970 793 585 * Business sales include intra-group sales. 52
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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 14 and 15: In the late 1980s and the 1990s, Ur
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 48 and 49: BUSINESS PERFORMANCE IN 2005 Market
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
Page 66 and 67: A. SHARE CAPITAL STRUCTURE A.1. Sha
Page 68 and 69: A.8. Own shares. During the year 20
Page 70 and 71: Resignations from the Board of Dire
Page 72 and 73: B.1.6. Directors who are also execu
Page 74 and 75: B.1.9. Remuneration of Senior Manag
Page 76 and 77: Both the aforementioned Committee a
Page 78 and 79: Number of meetings of the different
Page 80 and 81: B.1.31. Stakes held by members of t
Page 82 and 83: Nomination and Remuneration Committ
Page 84 and 85: C. RELATED PARTY TRANSACTIONS C.1.
Page 86 and 87: • To obtain the Risk Portfolio so
Page 88 and 89: In particular, the following measur
Page 90 and 91: E.12. Address and access to the cor
Page 92 and 93: The delegation of exclusive powers
Page 94 and 95: Recommendation 14. AGE OF DIRECTORS
Page 96 and 97: Uralita’s Board of Directors seek
Page 98: In application of the policies of t
Page 101 and 102: Corporate Social Responsibility 1.
Page 103 and 104: 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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