Annual Report 2011 (5.07 MB, PDF-File) - Oerlikon

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3.0 Operational review Oerlikon Group 1. 2011 saw a breakthrough for Oerlikon’s profitability as a result of a strong operational focus: with an EBIT of CHF 419 million and an EBIT margin of 10 %, the Oerlikon Group achieved the best results ever. 2. This successful development was based on Operational Excellence, innovation and a strong footprint in emerging markets. 3. Oerlikon expects 2012 profitability to remain at a level similar to 2011, with order intake and sales expected to decrease slightly by up to 5 %. Key figures in CHF million 2011 2010 % Order intake 4 043 4 520 –11 Order backlog 1 481 1 702 –13 Sales (to third parties) 4 182 3 601 16 EBIT 419 51 >100 EBIT margin 10 % 1 % – Market presence of Oerlikon Group Food Clothing Transportation Infrastructure Energy Electronics Others End applications based on Oerlikon technologies Agriculture Technical Automotive Glass Wind turbines clothing coatings Touch- screens Formula 1
Achieving a new level of profitability Continuing its positive development in 2011, Oerlikon recorded good results at the end of the reporting period: key financial figures have improved considerably and a new level of profitability was reached with a record EBIT margin of 10 %. Operational Excellence increased significantly. The product range is more competitive than ever, and the organizational structure has been streamlined. Through the systematic execution of the 3-Year Business Plan (3YBP), the Group has made sustainable progress. The company has returned to a sound position that enables active shaping of growth over the long-term. The aim is to tap further potential, continue to improve profitability over the mid-term and become best-in-class across the portfolio. Oerlikon Textile, Vacuum and Coating are operating on a new, record level of profitability and ended the year with record margins, as did Advanced Technologies. Oerlikon Drive Systems made a significant step forward in terms of profitability and laid the foundation for further improvements. Oerlikon Solar was faced with a sharp market downturn, and measures to offset this downturn are being implemented. In 2011, the company rolled out a renewed corporate identity worldwide. The related Core Values – Integrity, Team Spirit, Excellence and Innovation – contributed to the development of a high-performance corporate culture which positively impacted the course of business. Regionally in 2011, the Group sharpened its focus on Asia, and especially China, in order to take full advantage of opportunities in the region. Oerlikon has been doing business in Asia for almost 50 years and can draw on the strong positions it already holds in these key markets. The site in Suzhou, China, is now the Group’s largest location worldwide. Sales in Asia rose strongly, climbing to 49 % in 2011 from 44 % in 2010. Oerlikon also launched initiatives in other growth markets to strike a geographical balance for its business over the mid- and long-term. The Oerlikon Group expects to build on its 2011 performance and generate an EBIT margin of around 10 % in 2012, while order intake and sales are expected to decrease by up to 5 %. The Group’s key figures for 2011 at a glance: Sales increased by 16 % to CHF 4 182 million from CHF 3 601 million in the previous year, fueled by orders received in the first half of the year and a full order book. EBITDA rose to CHF 605 million (previous year: CHF 278 million), reflecting an EBITDA margin of 14 %. EBIT margin reached a record high of 10 %, as EBIT climbed to CHF 419 million from CHF 51 million in 2010. Net profit grew markedly to CHF 224 million (previous year: CHF 5 million). Order intake decreased by 11 % to CHF 4 043 million (previous year: CHF 4 520 million) as market demand continued to normalize as expected. 15 Order backlog decreased by 13 % and totaled CHF 1 481 million (previous year: CHF 1 702 million). The workforce increased 3 % to 17 227, primarily as a result of new hires at Drive Systems and Coating as the Group expanded into Asia. Personnel expenses, however, declined by 3 % to CHF 984 million. Oerlikon is carefully managing the further development of its workforce. Adjusted for currency translation effects, sales would have climbed to 30 % to CHF 4 688 million, and EBIT would have totaled CHF 490 million. As a result of the natural hedging inherent in the global network of production sites and suppliers, effects of the strong Swiss franc had a negligible impact on EBIT margin. Oerlikon’s Swiss franc-denominated cost base amounts to only about 10 % of its total costs and is constantly under review. Improved performance in the Segments At Oerlikon Textile, sales rose by 23 %, climbing to CHF 2 037 million. EBIT totaled CHF 183 million (previous year: CHF 21 million), resulting in a record EBIT margin of 9 %. Order intake decreased as expected, but was nonethless very strong at CHF 1 977 million (previous year: CHF 2 509 million). At Oerlikon Barmag, orders extend in part through 2014. Order backlog decreased slightly to CHF 1 053 million (previous year: CHF 1 197 million). Oerlikon Drive Systems increased sales by 12 % to CHF 821 million. Delivering EBIT of CHF 49 million, the Segment showed significantly improved profitability (previous year: CHF –27 million). Order intake rose to CHF 892 million (an increase of 13 % over the previous year) and continued its recovery. Order backlog totaled CHF 213 million (previous year: CHF 137 million). Oerlikon Vacuum focused on improving profitability and achieved a best-ever EBIT margin of 14 %. EBIT nearly doubled, climbing from CHF 30 million in 2010 to CHF 59 million in 2011. Order intake totaled CHF 400 million and continued to normalize as expected (previous year: CHF 438 million). The Segment’s sales remained stable at CHF 409 million (previous year: CHF 410 million). Oerlikon Solar’s sales grew, through execution of existing orders, by 27 % to CHF 323 million (previous year: CHF 254 million). The Segment was able to improve profitability, but did not reach the level planned. EBIT totaled CHF –10 million (previous year: CHF –59 million). Order intake totaled CHF 202 million, a decline of 12 % over the previous year’s level of CHF 230 million. Order backlog reached CHF 130 million (previous year: CHF 255 million). Oerlikon Coating continued performing strongly in 2011. The Segment achieved a record EBIT margin of 20 % as EBIT climbed to CHF 97 million (an increase of 87 %). Sales climbed by 15 % to CHF 484 million from CHF 422 million in 2010.
Page 1 and 2: on a new level Annual Report 2011
Page 3 and 4: Vision Oerlikon creates innovative
Page 5 and 6: Oerlikon’s Segments in brief Text
Page 7 and 8: On a new level 2011 was a year of s
Page 9 and 10: I. Operational review We achieved a
Page 11 and 12: Dear Shareholders, 2011 was a break
Page 13 and 14: Solid performance of Oerlikon share
Page 15 and 16: Remuneration Report Risk Management
Page 17: Remuneration Report Risk Management
Page 21 and 22: Remuneration Report Risk Management
Page 23: Remuneration Report Risk Management
Page 26 and 27: Dr. Michael Buscher, CEO Oerlikon G
Page 28 and 29: 3.1 Oerlikon Textile 1. In 2011, Oe
Page 31 and 32: Turnaround time reduced by 40 % The
Page 33 and 34: Turnaround time reduced by 40 %
Page 35: Business development Oerlikon Drive
Page 38 and 39: Gary Lehman, CEO Oerlikon Drive Sys
Page 40 and 41: 3.3 Oerlikon Vacuum 1. Oerlikon Vac
Page 43 and 44: Output improved by 30 % “For a lo
Page 45 and 46: Output improved by 30 %
Page 47: Business development In 2011, the s
Page 50 and 51: Helmut Frankenberger, CEO Oerlikon
Page 52 and 53: 3.5 Oerlikon Coating 1. Oerlikon Co
Page 55 and 56: Productivity gains boost profitabil
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5.0 Compliance 1. In 2011, Oerlikon
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6.0 Corporate Governance Group stru
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54 Letter Information for Investors
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58 Stability and competence The Oer
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60 Composition of the Board of Dire
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62 Composition of Committees of the
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68 Leadership and accountability Th
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70 Composition of the Executive Com
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7.0 Remuneration report In this rem
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78 Compensation of non-executive me
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82 Share options Letter Information
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8.0 Risk management 1. The 2011 enh
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Contents I. Operational review 1.0
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Key Figures Group Notes OC Oerlikon
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102 Expenses included in EBIT Key F
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104 Deferred taxes Key Figures Grou
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106 Financial investments Key Figur
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108 Property, plant and equipment i
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110 Key Figures Group Notes OC Oerl
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112 Intangible assets Previous year
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114 Post-employment benefit provisi
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116 Provisions in CHF million Key F
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118 Liquidity risk Key Figures Grou
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120 Credit risk Key Figures Group N
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122 Market risk Key Figures Group N
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124 Capital management Key Figures
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126 Related Party transactions Key
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128 Related Party transactions Memb
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130 Segment information Key Figures
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132 Companies by country Country Pr
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134 Report of the Statutory Auditor
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Contents I. Operational review 1.0
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9.0 Outlook for global markets Tren
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Remuneration Report Risk Management
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10.0 Research and development In 20
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166 Innovation highlights Oerlikon
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168 Oerlikon Vacuum MAGiNTEGRA: rob
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170 Oerlikon Coating INGENIA: the q
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11.0 Expanding the global footprint
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174 Oerlikon further expands in gro
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176 the greater the opportunity for
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Financial calendar March 5, 2012 An
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AB Applied Biosystems ∙ ABB ∙ A
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Annual Report 2011 (5.07 MB, PDF-File) - Oerlikon

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