Annual report - Viscofan

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VISCOFAN ANNUAL REPORT 2006Human resources: a global structureThe Viscofan Group constantly strives to improve itsperformance, and the Group's people are a key assetin its new global structure. Viscofan ended 2006with a staff of 4,213 versus 3,443 at year-end 2005;this rise was the outcome of consolidating Teepak’soperations.In the wake of this major increase in size, Viscofan isnow focusing its human resources policy on bringingtogether the range of companies acquired in the pastfew years and their distinctive corporate cultureswithin a single Group identity.Viscofan benefits from a wide-ranging repository ofproduction and management know-how at itstwelve manufacturing sites and its sales offices.2006 was a year of major labour-relatedagreements with union leaders toenhance competitivenessand business stability.Team effort, coordination and cooperationfacilitates knowledge transfer within the Group. Thesearch for talent is hence another key goal ofmanaging the Group’s new global structure.In 2006, one reflection of this philosophy was thesecondment of staff based in Spain and Brazil to themanufacturing sites acquired from Teepak in theUnited States and Mexico to improve operatingefficiency ratios and implement Viscofan’s standardproduction processes, on which customers place ahigh value for the better quality of the cellulosecasings they produce. In parallel, staff were postedfrom Spain and Germany to Serbia to set in motionthe production of collagen at the plant acquired in2005; and staff from Germany travelled to the CzechRepublic to support the implementation of plasticsmanufacturing there.Employee training is a key process at Viscofan for theCompany to achieve its goals and maintain the highquality of its products and services.In 2006, general and specific training programmeswere run for a combined total of 32,031 teachinghours, 12% more than in the previous year as aconsequence of increased training at newly acquiredcompanies.2006 was also a year of major labour-relatedagreements with union leaders to assure andenhance competitiveness and business stability overthe long term and into this new stage of theCompany's development.In the first quarter Viscofan signed a range of labouragreements with the unions at the plant in Danville,Illinois, USA. Among other points, the agreements:reduced post-retirement benefit liabilities; extendedthe collective bargaining agreement to March 2010,26
Workforce evolution4.2132.9863.44420042005 2006with an annual increase of by-the-hour labour costsof US$0.25 (below inflation as at 2006); andallowed for streamlining plant staff down by up to25% in accordance with efficiency and productivitygains.In Spain, a collective bargaining agreement wasreached for the 2005-2009 period with the 680employees of the Cáseda and Urdiain plants inNavarre (Spain). This wage deal stipulates payincreases beyond annual real inflation of 0.3 to 0.75points. The same working time laid down by theprevious agreement remains effective throughoutthe term of the new agreement.A collective bargaining agreement was signed inDecember 2006 with the employees of NaturinGmbH & Co KG in Germany, effective to 2011, toenhance competitiveness, maintain the site’sbenchmark status in the artificial casings market andbe in a better situation to face the challenges of thecoming years. The deal stipulates increases in annualworking time and allows the layoff of up to 5.6% ofcompany staff for operational reasons.Long-term collective bargaining deals wereconcluded in 2005 in both Serbia and the CzechRepublic to assure suitable stability at those sites.The efforts made to bring the structure ofsubsidiaries into line with the Group's new sizecontained personnel expenses in 2006, whichtotalled €128.3 million.At the year-end, staff by category broke down asfollows:2006 2005 % ChangeManagement 97 72 34.7Technitians and Department Heads 609 531 14.7Administrative staff 293 236 24.2Specialized personnel 950 970 -2.1Specialized labors 2,264 1,635 38.54,213 3,444 22.327
Page 1: Annual Report 2006
Page 4 and 5: VISCOFAN ANNUAL REPORT 2006Letter f
Page 7 and 8: In 2006, our initiatives, results a
Page 9 and 10: Milestones of Company history1975 1
Page 11 and 12: Financial highlightsViscofan’s pe
Page 13 and 14: Board of DirectorsChairmanDirectors
Page 15 and 16: Corporate strategyThe market in art
Page 17 and 18: consistent with the value our produ
Page 19 and 20: 497.220052006374.783.657.446.626.7
Page 21 and 22: CasingsThe casings market showed a
Page 23 and 24: Performance bygeographical regionRe
Page 25 and 26: Preserved vegetables (IAN Group)In
Page 27: Today, Viscofan has twenty strategi
Page 31 and 32: programme of control and monitoring
Page 33 and 34: applied throughout the production p
Page 35 and 36: Registro Mercantil de Navarra (Regi
Page 37 and 38: Directors' payThe articles of assoc
Page 39 and 40: Share price performance in 20061701
Page 41: CellulosePlastic casingsCellulose c
Page 44 and 45: VISCOFAN 2006 ANNUAL REPORTAnnual c
Page 50: VISCOFAN 2006 ANNUAL REPORTAnnual c
Page 53 and 54: B.1.10. Disclose, in aggregate term
Page 55 and 56: B.1.16. Indicate whether the role o
Page 57 and 58: If applicable, name the person(s) c
Page 59 and 60: B.1.31. Disclose any holdings of co
Page 61 and 62: The Audit Committee was created und
Page 63 and 64: company and company directors or ex
Page 65 and 66: With regard to market risk and risk
Page 67 and 68: Article 22(c) of the Rules and Regu
Page 69 and 70: 1.- There were approved the balance
Page 71 and 72: E. 11. Indicate if the company is a
Page 73: Viscofan’s business andfinancial
Page 77 and 78: Consolidated income statements for
Page 79 and 80:
Consolidated statements of changes
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3.2. Comparison of informationThe c
Page 83 and 84:
Potential tax benefits from tax los
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Replacements of property, plant and
Page 87 and 88:
4.7. Leases(a) Finance leases:The G
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Derivative financial instruments ar
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Recoverable amounts are calculated
Page 93 and 94:
the accrued expense, an asset is re
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Current and deferred tax is recogni
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At 31 December 2006 the Group compr
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Amounts recognised at the date of a
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8. Other Intangible AssetsDetails o
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Details of non-current deferred tax
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Spain have open to inspection by th
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(b) Merger reservesThese reserves d
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At 31 December 2006 and 2005 detail
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The Group also contracts exchange r
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Pension liabilities comprise define
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19. Trade payables, Other Payables
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Canadian Pound Czech PolishUS Dolla
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The table below shows interest accr
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The average headcount of the Group
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Details of remuneration by director
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30. Subsequent EventsOn 30 January
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The Viscofan Group ends 2006 with f
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Operations with the board of direct
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ActivityRegistered officesManufactu
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Geographical segments Europe North
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Changes inTranslationconsolidated31
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IncorporacionesTranslationconsolida
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Retained earningsLegal Special Volu
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Viscofan’s business andfinancial
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Shareholders’ Equity and Liabilit
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Income 2006 2005Operating incomeNet
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4. Significant Accounting Principle
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(h) Compensation for termination of
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5. Intangible AssetsDetails and mov
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At 31 December 2006 plant and machi
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9. DebtorsDetails at 31 December 20
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During 1999 this revaluation was in
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The Company has credit and discount
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16. Other CreditorsDetails at 31 De
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During the year deductions of Euros
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22. Information Relating to the Dir
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The legally required cash flow stat
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Furthermore, the installation of ne
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Reserves1996Special Merger Voluntar
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Sources 2006 2005Funds generated fr
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United StatesVISCOFAN USA Inc.50 Co
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www.viscofan.com
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Annual report - Viscofan

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