Summary of key figuresx € mln <strong>2011</strong> 2010 2009 2008 2007Income 343.3 345.9 415.4 447.5 485.0Value-added 165.8 166.1 192.6 212.9 230.9EBITDA 26.7 19.2 - 2.8 37.2 40.9EBIT 3.1 - 23.9 - 33.0 5.8 6.3Financing costs - 3.7 - 4.2 - 3.7 - 4.3 - 3.7Result associates 0.0 0.0 0.0 0.0 3.7Result before taxation - 0.5 - 28.1 - 36.7 1.5 6.3Income tax - 0.2 5.5 9.2 - 0.2 - 0.9Result discontinued operating activities 0.0 0.0 0.0 0.0 0.0Net Result - 0.7 - 22.5 - 27.5 1.3 5.4BalanceFixed assets 150.8 155.6 172.6 179.7 188.6Current assets 66.5 73.5 89.3 108.9 115.2Total assets 217.3 229.1 261.9 288.6 303.8<strong>Group</strong> equity 81.4 79.1 102.7 130.4 135.2Long-term liabilities 33.7 38.4 35.7 53.8 55.6Current liabilities 102.2 111.6 123.4 104.4 113.0Total liabilities 217.3 229.1 261.9 288.6 303.8CashflowCashflow from operational activities 14.5 - 4.6 29.1 13.3 50.4Net investments 8.9 16.1 23.6 23.0 30.2Ratio’sEBITDA/Income 7.8% 5.6% - 0.7% 8.3% 8.4%EBITDA/Added Value 16.1% 11.6% - 1.5% 17.5% 17.7%Return on Capital Employed 2.7% - 18.7% - 20.5% 3.1% 3.2%Value-added/kton (x € 1) 454 466 492 511 547Production costs/kton (x € 1) 385 457 443 422 459Net debt/EBITDA 2.9 4.4 - 23.0 1.9 1.4EBITDA/interest charges 7.3 4.6 - 0.8 8.6 11.0Solvency 37.4% 34.5% 39.2% 45.2% 44.5%OthersNumber of full time equivalents 1,590 1,616 1,962 2,189 2,257Number of outstanding shares 3,290,275 3,290,275 3,290,275 3,290,275 3,290,275Average number of shares 3,290,275 3,290,275 3,290,275 3,290,275 3,290,275CSR 38 <strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> <strong>2011</strong>
<strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> and the environmentIntroductionSustainability is a matter of great concern for the <strong>Roto</strong> <strong>Smeets</strong><strong>Group</strong>. A sustainable production process maintains a healthy balancebetween the interests of nature, the economy and society. Inrecent years <strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> has steeped itself in sustainabilityissues. Every year we improve our production processes, alwayslooking for environmentally friendly alternatives. This has led tothe realisation that genuine sustainability can only be achievedthrough cooperation. Sustainable solutions just don’t come readymade, off the shelf.Along the graphics chain, sustainability is an issue from the forestto the printed page. A product can only be called sustainable ifit is handled appropriately in all stages of its life cycle, from rawmaterial to separate waste collection for re-use. This requirescooperation with suppliers at one end of the chain to customersat the other. Customers can make choices: when to choose print,which materials to print on, the type of finishing needed, andmethod of dispatch and transport.We also support and encourage a search for sustainable productionmethods in our supply chain and we seek maximum transparencyin all environmental parameters so our customers can make a wellinformedchoice of production method. Our international networkallows us to follow all sustainability initiatives undertaken abroad.ScopeThe data in the financial and social reports relate to all <strong>Roto</strong><strong>Smeets</strong> <strong>Group</strong> operating companies. The exception is formedby the environmental report, which is restricted to the printingplants, i.e., thus those businesses where the environmentalaspects are most acute. This takes nothing from the efforts in theother operating companies to encourage and monitor the sustainableuse of raw materials.<strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> has six printing plants in the Netherlands: <strong>Roto</strong><strong>Smeets</strong> Weert and Senefelder Misset are web offset plants; <strong>Roto</strong><strong>Smeets</strong> Deventer and <strong>Roto</strong> <strong>Smeets</strong> Etten are rotogravure plants.Besides these, <strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> has two sheet-fed offset plants,<strong>Roto</strong> <strong>Smeets</strong> GrafiServices Eindhoven and <strong>Roto</strong> <strong>Smeets</strong> GrafiServicesUtrecht. There is one web offset printing plant abroad, inHungary.In a web printing plant the paper runs off a roll onto the press.The paper web is impressed on both sides with ink as it passesover cylinders holding the printing formes. The paper to be printedin a rotogravure plant also passes from a roll into the press, butthis process uses very wide cylinders, engraved with the text andillustrations, with which the paper is printed after the rolls havebeen served with ink. In sheet-fed offset plants, individual sheetsof paper are inked on the press.Web offset and rotogravure plants serve the national and internationalmarkets for mail order catalogues, retail printing, directories,sponsored and commercial magazines. More than one thirdof all print produced goes abroad, to the UK, Belgium, Sweden,Germany, Denmark and France. Sheet-fed offset plants work mainlyfor the regional and national business market.Prepress activities precede the printing: text and images haveto be made up into pages and the press formes prepared. Afterprinting comes the afterpress process: finishing the printed matterby cutting it to size, folding it, gluing, etc., followed by dispatch.The bulk of the raw materials input to all printing plants comprisespaper, ink and energy. The offset plants also purchase aluminiumplates for the preparation of printing forms, while the rotogravureplants use cylinders. The process also requires a variety of ancillarychemicals, including cleaning materials, and other aids, such asstitching wire, adhesives and packaging.ProductionBesides cross-media services, the <strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> productionplants mainly supply paper products. In the public’s eye, this sortof product is not much associated with sustainability, but paperis the most recycled product we have. Moreover, the bulk of thewood fibre used to make paper comes from sawmill wastes andforest thinnings, mainly from properly managed European productionforests. Systematic reforestation – it is the young trees thatabsorb the most CO2 as they grow – compensates for the CO2emitted further down the line. A printed product contains an averageof 64% recycled paper, which nowadays has been bleached andre-pulped in an environmentally friendly process. Print is steadilyimproving its green image as our knowledge of sustainable forestryadvances.This adds some nuances to the way we view the choice betweenprint production and digital newspapers, magazines and brochures.Research has shown that reading a newspaper causes 20% less CO2emission than being on-line for 30 minutes. So a paper product isnot by definition worse environmentally than a digital one.Today’s paper uses a large percentage of old paper: Holland isone of the leaders in Europe here. More than 70% of the paper isre-used. However, better quality paper always needs a certain percentageof new fibre. <strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> always seeks to purchaseits paper responsibly. We do not work with paper that contains anyproportion of fibre from virgin forests.Ink and solventsAfter paper, ink is the most important component of the printedproduct. Broadly speaking, ink is made up of pigment, solvent andpetroleum products. Innovations in the ink industry have led to aconsiderable decrease in the environmental burden of ink produc-<strong>Roto</strong> <strong>Smeets</strong> <strong>Group</strong> <strong>2011</strong> CSR 39
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