Annual Report Samas NV 2008 2009 Annual ... - Alle jaarverslagen

compensate with a positive effect from workingcapital. This has led to an increasingly tight respectivelyuntenable financial household.Discontinued operations – Af ter balance sheet dateSwiss operations ( SITAG )Pension liabilitiesSamas in the Netherlands has a defined contributionplan. Pension contributions in the Netherlandsamount to 18% of the total payroll per annum.Moreover, we have undertaken to contribute anadditional €1.0 million to the pension fund annuallyfor six years, effective 1 January 2005. This amounthas been increased to €1.2 million per annum for theremaining years to cover a one-off issue which arosefrom the final administrative disentanglement of thepension administration.SITAG is a leading Swiss player in the of fice chair sector.The company develops and produces both of fice seatingand furniture. SITAG is the only company in Switzerlandthat produces chairs and furniture in low, mid and highendmarkets. It is renowned for its strong brand nameand recognised for its high quality of fice seating designsand ergonomics. Revenues were generated throughdirect sales outlets and of ficial dealers in Switzerlandand Austria, as well as through a wide network ofpar tners via Samas Germany, Samas Benelux and otherEuropean countries.S a m a s2 0 0 82 0 0 918Discontinued operations –Before balance sheet dateOn 31 March 2009, the assets and liabilities of allbusinesses mentioned below, with exception of thedivestments of Samas France and Erco Interieurbouwalready completed at financial year-end, were transferredto assets and liabilities held for sale.French operations ( Samas France )On 30 September 2008, Samas reached agreementwith local management on a management buy-out(MBO) of the French operations. Therefore, as of thestart of the second half of the financial year(1 October 2008), Samas France has been operatingas a standalone company. The figures includedrepresent the results up to 30 September 2008.Turnover in the first half year of the financial year(April – September 2008) increased by 9% to€49.8 million. The French operations represented25% of group sales in the first half of 2008/2009.The divestment related to 90% of the shares andinvolved the transfer of all assets, external debt andother liabilities of the French business at no consideration,reducing debt by approximately €18 millionand lowering Samas’ cost base. Samas’ participation(10%) in Samas France is valued at nil. With regard toto the divestment of Samas France, Samas booked a(non-cash) one-off loss amounting to €3.7 million inthe financial year 2008/2009.Switzerland(in thousands of euros)2008/2009 2007/2008Revenue* 25,874 28,814Gross profit 14,181 15,572Operating result 1,045 807Operating resultnormalised** 1,045 3,327FTE (average) 146 149* Revenues include inter-segment revenues** Operating result normalised is exclusive ofnon-recurring itemsConsistent with its corporate plan of approach,which was introduced in the previous financial year,the Swiss operations have sought to reduce complexityby optimising its product portfolio. In addition,SITAG announced the development of two innovativecontemporary office chairs last year. Both chairs,the SITAG Prime and the SITAG Wave, were awardedthe Red Dot Award. SITAG has also successfullychanged its corporate identity to SITAG style at work,which was awarded a prestigious European prize.The commercial organization has been furtherrestructured in the year under review.