Annual report 2011 - Trelleborg

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OUR BUSINESS CONCEPT PROFITABLE GROWTH Portfolio management for leading positions in selected segments Trelleborg’s main strategy is to achieve long-term and profi table growth by commanding leading positions in selected segments. The focus of the Group is on organic growth and the target is 5 percent over an economic cycle. Key drivers include innovation and excellence – the ambition to continuously improve. Acquisitions complement our business and can further increase the pace of growth. Leading positions in selected segments Trelleborg has a structured methodology for its growth strategy, which ensures leading positions in selected segments in global and regional markets. The Group’s market positions and product portfolio are continuously evaluated. We select and focus on segments in which the Group can attain leading positions and which offer long-term growth in value. As this work is carried out, the business structure is continuously streamlined. This methodology also ensures that areas and segments that do not meet profi tability criteria are phased out. Organic growth Trelleborg’s total sales increased 7 percent during the year, while organic sales rose 11 percent. Over the past fi ve years, the Group has grown an average of 5 percent per year. Organic sales have increased by about 3 percent per year. Prioritized growth segments can be found in offshore oil & gas, the aerospace and chemicals industries, mines, infrastructure, life science, biotechnology, 24 Annual Report 2011 Trelleborg AB pharmaceutical production and food processing. Priority areas have signifi cantly increased their share of consolidated sales over the past fi ve years. Acquisitions and divestments Trelleborg continuously seeks acquisition candidates that add technology, create added value, support the build-up of critical mass in attractive segments, have solid organic growth potential or provide consolidation opportunities. The acquisitions made contributed signifi cantly to shifting the focus of the Group to high-growth countries outside Western Europe and North America. In 2011, six operations were acquired with total sales of SEK 660 M and three were divested with total sales of SEK 1,150 M. The agreement to form a joint venture between Trelleborg and German Freudenberg represented a major strategic transaction. When the company becomes a reality, Trelleborg Automotive’s production of antivibration products will be transferred to the new company. Acquisitions Sales, SEK M No. of employees PPL Polyurethane Products Ltd. (offshore oil & gas and infrastructure), Trelleborg Engineered Systems 90 90 Watts Tyre Group (industrial tires), Trelleborg Wheel Systems 300 230 Subsidiary of US-based Main Industrial Tire LLC (agricultural tires in Xingtai, Hebei, China), Trelleborg Wheel Systems – 180 Veyance Technologies do Brasil Produtos de Engenharia Ltda (oil hoses, offshore oil & gas), Trelleborg Engineered Systems – 100 Silcotech Group (precision seals), Trelleborg Sealing Solutions 200 150 Bloch S.A. (60%) (industrial hoses), Trelleborg Engineered Systems 70 20 Total 660 770 Divestments Roofi ng operation (Waterproofi ng), Trelleborg Engineered Systems 900 230 Brake hose operation, Trelleborg Automotive 140 200 Gas spring operation, Trelleborg Automotive 110 110 Total 1,150 540 GRI: 4.8, Governance (EC), EN, LA, HR, SO, PR
EXCELLENCE – CONTINUOUS IMPROVEMENT For a number of years now now, Trelleborg has conducted a Group Group-wide wide excellence program to effectively and uniformly implement improvement measures. Operational, commercial and fi nancial excellence are attained in a constant work circle of continuous improvement, from purchasing to the fi nished solution in operation at our customer’s site. Manufacturing Streamlining of production processes and material management, but also improvement of energy and environmental awareness throughout the value chain. Purchasing Selective coordination of direct and indirect purchasing of raw materials and components. Operational, commercial and fi nancial excellence Quality Optimized operational structure Production and capital effi ciency Optimized processes Sales Intensifi ed efforts primarily aimed at improving the business units’ interaction with existing and potential customers. Programs also encompass increased coordination in selected geographic markets and segments. OUR BUSINESS CONCEPT Working capital Focus on continuous improvements in capital utilization aimed at reducing the capital base and thus releasing capital. The program includes specifi c rationalization measures for inventories, accounts receivables, accounts payable and other working capital. GRI: 4.8, Governance (EC), EN, LA, HR, SO, PR Annual Report 2011 Trelleborg AB 25
Page 1 and 2: ANNUAL REPORT WE SEAL, DAMP AND PRO
Page 3 and 4: TRELLEBORG IN BRIEF GLOBAL LEADER I
Page 5 and 6: sek 29,106 m Demand was significant
Page 7 and 8: Trelleborg will be able to allocate
Page 9 and 10: FURTHER DEVELOPMENT OF ANTIVIBRATIO
Page 11 and 12: Continuing operations Net sales and
Page 13 and 14: KEY FIGURES Market position, no. 1-
Page 15 and 16: KEY FIGURES 2011 2010 Net sales, se
Page 17 and 18: KEY FIGURES Net sales and ROS* 2011
Page 19 and 20: KEY FIGURES 2011 2010 Net sales, se
Page 21 and 22: About the material’s properties N
Page 23 and 24: WE ARE GROWING IN PACE WITH GLOBALI
Page 25 and 26: INCREASED GLOBAL PRESENCE +11% Nort
Page 27: OUR FINANCIAL TARGETS Trelleborg sh
Page 31 and 32: Turcon® M12 is the name of a new p
Page 33 and 34: Moreover, because selected parts of
Page 35 and 36: The elevated risk level has been de
Page 37 and 38: Financial risks, cont. Maturity ter
Page 39 and 40: CORPORATE GOVERNANCE Trelleborg is
Page 41 and 42: Independence of the Board The Board
Page 43 and 44: Name Nina Udnes Tronstad Heléne Vi
Page 45 and 46: Name Maurizio Vischi Sören Anderss
Page 47 and 48: President and Group Management The
Page 49 and 50: Control staff function works in acc
Page 51 and 52: As part of the infrastructure proje
Page 53 and 54: TARGET INDICATORS OUTCOME AND PROGR
Page 55 and 56: GOVERNANCE AND CODE OF CONDUCT Gove
Page 57 and 58: ACTIVE STAKEHOLDER DIALOG Trellebor
Page 59 and 60: in the voluntary reporting process
Page 61 and 62: workplaces globally. Trelleborg’s
Page 63 and 64: RESPONSIBILITY FOR SOCIETY AND THE
Page 65 and 66: ASSURANCE REPORT Auditor’s Report
Page 67 and 68: Our finances ......................
Page 69 and 70: CONSOLIDATED INCOME STATEMENTS sek
Page 71 and 72: Operating profit In addition to dis
Page 73 and 74: Income statement per quarter Contin
Page 75 and 76: CONSOLIDATED BALANCE SHEETS Decembe
Page 77 and 78: COMMENTS ON THE CONSOLIDATED CASH-F
Page 79 and 80:
Note 1 General information The Pare
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Dividend income Dividend income is
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loss. If the loan, and consequently
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Assets and liabilities by business
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Note 4 Auditor’s remuneration sek
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Note 15 Intangible assets Buildings
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Note 18 Deferred tax assets/tax lia
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Note 26 Equity Specification of oth
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At December 31, 2010 Assets at fair
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Note 36 Events after the closing da
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PARENT COMPANY, TRELLEBORG AB Chang
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Note 45 Property, plant and equipme
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Proposed treatment of unappropriate
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TEN-YEAR OVERVIEW Trelleborg Group
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Swedish and foreign ownership, base
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Spain Production: Burgos, Cascante,
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FINANCIAL DEFINITIONS AND GLOSSARY
Page 113 and 114:
ADRESSES Head offices Trelleborg AB
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Annual report 2011 - Trelleborg

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