Annual Report 2010 - Frauenthal Holding AG

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16 Annual Report 2010 Corporate Governance Russia is the prime target, because of the massive forecast demand for western-style trucks. We’re looking closely at a number of approaches to helping our customers to continue their push into this highly promising market. Sailer: Industrial Honeycombs is confronting a number of major challenges. One of our top priorities will be improving capacity utilisation at the plate catalyst plant that started up early last year. We’ve already won some orders, but full capacity utilisation is not yet assured. The second big test is to consolidate our position on the European diesel catalyst market, with the Euro 6 emission standard just around the “but the most important goal of all is to break into the new growth markets that are being created by the global spread of environmental legislation.” corner. But the most important goal of all is to break into the new growth markets that are being created by the global spread of environmental legislation. This is mainly about selling catalysts to the commercial vehicle industries of South America, China and – further out – India. For example, an emission standard on a par with Euro 5 is due to come into force in Brazil in 2012. Catalysts for marine engines are a particularly exciting opportunity. We’re already active in this market, but it will only really come into its own when there’s an international standard for ship emissions. This could be the case in a few years’ time, so there are big growth opportunities ahead for our division. the backbone of the Frauenthal group’s borrowing is the bond. that is due in June 2012. how does the board plan to finance the growth strategy? Sailer: A long-term bond is the right form of finance for our growth projects. We intend to go to the capital market if the demand for corporate bonds remains strong as a result of low interest rates. Moser: The Frauenthal Group stands for responsible business practices, predictability and solidity. We want manageable growth. That means avoiding experiments, and implementing soundly financed projects with a good risk-reward ratio wherever we have sufficient management resources to see them through. thank you for talking to me.
produCt SHT now operates six logistics centres, seven sales outlets, 40 pick-up stores and 12 up-market Bäderparadies bathroom showrooms. A new integrated service, logistics and sales centre opened in Innsbruck in July. taSk Serfettin Boynuince, 43, works in the batching department at the pick-up store at Perchtoldsdorf. At every distribution centre, customers have the option of collecting urgently needed materials. These orders are given priority by staff, and are processed within minutes. 17
Page 1 and 2: ANNUAL REPORT 2010 Strength through
Page 3 and 4: CONSOLIDATION AND SOLID EARNINGS PE
Page 5 and 6: JuMp in earningS at induStrial hone
Page 7 and 8: taSk Franz Haring, 47, testing and
Page 9 and 10: Senior leadership team (Slt) The se
Page 11 and 12: CORPORATE GOVERNANCE Corporate gove
Page 13 and 14: volume in the automotive Components
Page 15: in 2012, and we’re confident that
Page 19 and 20: CorPorate governanCe PoliCy Frauent
Page 21 and 22: Honeycombs Division). He is also a
Page 23 and 24: indePendenCe oF the SuPerviSory Boa
Page 25 and 26: Governance, and monitored by the au
Page 27 and 28: ut the market still has much ground
Page 29 and 30: key Share ratioS Investor Relations
Page 31 and 32: Strength through diverSitY
Page 33 and 34: in Toruń, Poland, from Necks Inves
Page 35 and 36: 8 1 2 3 4 5 6 7 Linnemann-Schnetzer
Page 37 and 38: „in the frauenthal group, pioneer
Page 39 and 40: solid stabilisers, but up to 15kg l
Page 41 and 42: FaC has developed a new strategy -
Page 43 and 44: taSk Bernd Eichelberger, 49, Lothar
Page 45 and 46: SHT Haustechnik AG is Austria’s l
Page 47 and 48: positions. This is particularly cru
Page 49 and 50: operating revieW Operating Review 4
Page 51 and 52: Business performance All three divi
Page 53 and 54: taSk Monika Burian, 46, sorting fi
Page 55 and 56: evenue by geographical markets Prof
Page 57 and 58: 2010 2009 aSSetS EUR ’000 EUR ’
Page 59 and 60: Shareholder value Operating Review
Page 61 and 62: produCt SHT Haustechnik AG has six
Page 63 and 64: eference entity. This indicator imp
Page 65 and 66: Market riSk Economic conditions in
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In 2010 the impairment review resul
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indicator system supports internal
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at all stages of the goods flow. Th
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Die HR development is crucial to th
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In the power station catalyst busin
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ConSolidated finanCial StateMentS C
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Note 9,27 16 18 19 16 Consolidated
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Note 19 19 19 7,19 19 19 13,20,22 2
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Statement of changes in equity tota
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ChangeS in Carrying valueS Carrying
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ChangeS in Carrying valueS Carrying
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Automotive Components Wholesale Plu
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new interpretations 1) Consolidated
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Consolidated Financial Statements F
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IFRIC 19 Extinguishing Financial Li
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The following companies are fully c
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[21] Short-term provisions Changes
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Liabilities at 31 Dec. 2009 in EUR
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Sundry other income Consolidated Fi
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Change in deferred tax Consolidated
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e. StateMent oF CaSh FloWS Consolid
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EUR ’000 Consolidated Financial S
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2000 1800 1600 1400 1200 1000 800 6
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Liabilities EUR ’000 non-current
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opinion on the group operating revi
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CoMpanY finanCial StateMentS
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taSk Kamel Navarro, 31, aligning pa
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income statement Company Financial
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gloSSarY
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p.a. Poa PoC PoFa Pln reg. no. roCe
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Frauenthal Liegenschaftsverwaltung
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impressum Financial calender 2011 1
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Annual Report 2010 - Frauenthal Holding AG

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