Annual Report 2010 - Frauenthal Holding AG

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AUTOMOTIVE COMPONENTS DIVISION IN GOOD SHAPE Automotive Components made signifi cant progress in consolidating and expanding customer relationships during the year. Multi-year supply contracts were concluded or extended for around 75 % of output. The Division also capitalised on the cross-selling opportunities presented by its extensive product portfolio, and also acquired new orders for additional components from existing customers. The headway made on enhancing lightweight products, which will go into producing new vehicle classes that comply with the Euro 6 emission standard from 2013, will also open up a series of major growth opportunities. The Division’s production network is geared towards meeting these new requirements, and the process of consolidating the network continued with the relocation of tubular stabiliser bar manufacturing to the stabiliser plant in Douai, France. “THANKS TO THE COMMITMENT OF OUR EMPLOYEES IN 2010, WE WERE ABLE TO CREATE THE BASE FOR A SUCCESSFUL FUTURE OF THE FRAUENTHAL GROUP.“ MARTIN SAILER AND HANS-PETER MOSER, MEMBERS OF THE EXECUTIVE BOARD WHOLESALE PLUMBING SUPPLIES RECORDS STEADY GROWTH AND EXPANDS NETWORK The Wholesale Plumbing Supplies Division (SHT) again defi ed a stagnant market to post respectable growth of 3.5 %. This was once more primarily due to robust private renovation demand. In contrast, sales slumped in the fi ercely competitive contract business. The integrated services, logistics and sales centre in Innsbruck became fully operation in mid-2010 and has already helped to boost SHT’s market share in western Austria, although it is still heavily underrepresented in the region. Rising volumes and specifi c measures aimed at improving logistics service quality were refl ected in a moderate increase in costs of EUR 8.6 m. Nevertheless, EBIT jumped to EUR 8.1 m – its highest level in the Division’s history. This was almost entirely due to a hike in output, and gross margins virtually unchanged year on year owing to fi erce and unrelenting price competition.
JuMp in earningS at induStrial honeYCoMbS The Industrial Honeycombs Division posted disproportionately strong growth as the rebound in the commercial vehicles market took hold. Revenue from catalysts for diesel motors jumped by 174 %, resulting in signifi cantly improved EBIT of EUR 10.9 m. Full capacity utilisation served to boost revenue by 13 % to EUR 79.4 m. Demand for power station catalysts also remained buoyant, and new projects in Europe and replacement orders from the USA were particularly encouraging. The Chinese business again played a signifi cant part in the Division’s growth, accounting for 35 % of the total. However, order intake from China slipped sharply owing to persistent uncertainty surrounding further amendments in the country’s environmental legislation. The Industrial Honeycombs Division’s plate catalyst plant started operations at the beginning of the year. At fi rst the new product will be installed by one customer for testing purposes. The long lead times involved in the project meant that the initial orders for the plate catalysts were only placed towards the end of last year. eQuitY poSition ConSolidated high lightS 2010 All four divisions made solid contributions to the annual profi t of EUR 17.4 m. The decision taken in 2009 to withhold dividend payments in an effort to shore up the Group’s equity position resulted in a growth in equity to EUR 17.4 m. This offset nearly 60 % of the loss recorded that year. Owing to a restrictive investment strategy and tight working capital policies, total assets rose by a mere 14 %. Consequently, the equity ratio went up by 2.5 percentage points to 30.8 %.
Page 1 and 2: ANNUAL REPORT 2010 Strength through
Page 3: CONSOLIDATION AND SOLID EARNINGS PE
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 and 16: in 2012, and we’re confident that
Page 17 and 18: produCt SHT now operates six logist
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
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evenue by geographical markets Prof
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2010 2009 aSSetS EUR ’000 EUR ’
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Shareholder value Operating Review
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produCt SHT Haustechnik AG has six
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eference entity. This indicator imp
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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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