Business Report 2005 - Interseroh

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B. BUSINESS DEVELOPMENT 1. Satisfied with Turnover and Earnings In spite of a sluggish economy and declining demand for scrap steel, INTERSEROH posted satisfactory figures in fiscal 2005. The consolidated group turnover amounted to EUR 946.91 million (previous year: EUR 1,040.15 million). The EBT amounted to EUR 29.85 million (previous year: EUR 44.73 million) and the EBIT to EUR 32.73 million (previous year: EUR 49.06 million). The steel and metal recycling segment once again contributed the largest share to consolidated turnover, accounting for EUR 698.16 million (previous year: EUR 810.49 million). Its share of consolidated turnover: 73.73 percent. The EBT amounted to EUR 11.88 million (previous year: EUR 25.00 million) and the EBIT to EUR 16.01 million (previous year: EUR 29.93 million). The consolidated turnover in the services and raw materials trading segment rose from EUR 229.66 million to EUR 248.75 million, accounting for a share of turnover of 26.27 percent. The EBT amounted to EUR 20.92 million (previous year: EUR 27.81 million) and the EBIT to EUR 19.93 million (previous year: EUR 27.37 million). The net income of the group for the year amounted to EUR 18.97 million (previous year: EUR 29.6 million). The consolidated financial statements were prepared in the year under review according to the International Financial Reporting Standards (IFRS) for the first time. The comparative figures for the previous year were also calculated according to IFRS. Development in turnover in the INTERSEROH Group in million euros Turnover Change relative to previous year 2000 394.7 39.2% 2001 369.5 -6.4% 2002 654.2 77.0% 2003 736.7 12.6% 2004 1,040.2 41.2% 2005 946.9 -9.0% Development in turnover in services and raw materials trading in million euros Turnover Change relative to previous year 2000 269.2 44.2% 2001 211.1 -21.6% 2002 235.6 11.6% 2003 226.2 -4.0% 2004 229.7 1.5% 2005 248.7 8.3% Development in turnover in steel and metal recycling in million euros Turnover Change relative to previous year 2000 125.5 29.5% 2001 158.4 26.2% 2002 418.6 164.3% 2003 510.5 22.0% 2004 810.5 58.8% 2005 698.2 -13.9% 12
2. Business in Services Expanded; Packaging Volume Up INTERSEROH’s service business developed satisfactorily overall. Transport Packaging INTERSEROH organises and coordinates the recycling of transport packaging for its industrial contracting partners, including collection, transport, sorting and recycling. The volume of transport packaging registered for recycling was increased. The reasons for this are the acquisition of new customers in the traditional sectors and services that have been especially developed and successfully marketed in the last few years for new customer groups, such as the sport and fitness industry, the pet industry, the toy industry as well as the manufacturers of products for babies and children. The turnovers were maintained at a steady level in spite of increased competition and ongoing economic problems in some industries for which INTERSEROH has performed these services for years. However, we had to accept significant losses in net income in the extension of contracts from 2006 due to the strong competition in the services sector. Commercial Sales Packaging The INTERSEROH self-disposal solution can be used wherever empty sales packaging accrues in the commercial sector. It is a cost-effective and legally safe solution for the collection and recycling of sales packaging subject to quotas. All members of the INTERSEROH self-disposal community receive all legally required documentation verifying their packaging has been recycled in conformity with regulations. The mass flow verification documentation required in this regard is certified by an independent, publicly appointed expert in accordance with the criteria of the State Working Group for Waste Management (LAGA) and deposited with the German Chamber of Commerce and Industry (DIHK). The INTERSEROH self-disposal community is based on a system in which packaging material is collected from corresponding (branch-specific) collection points. These materials are sorted and recycled in certified plants in accordance with official specifications. The INTERSEROH self-disposal system for the collection and recycling of commercial sales packaging again enjoyed increasing popularity in the year under review, both in traditional industries and among new customer groups – for example from the food industry – for which INTERSEROH has developed and successfully marketed customised solutions in the last few years. Household Sales Packaging Rulings allowing the Dual System INTERSEROH for the collection of household sales packaging were passed in the year under review by the relevant environment ministries in Saarland, Berlin, North Rhine-Westphalia, Lower Saxony, Bremen, Schleswig-Holstein and Saxony-Anhalt. Together with the permits already granted in Hamburg and Bavaria in 2004, the Dual System INTERSEROH reached 61 percent of the German population as of 31 December 2005. All applications still outstanding were submitted by the end of 2005. The new INTERSEROH service has met with a great deal of interest from the distributors of sales packaging. The first contracts were still signed in 2005. Strong competition is exerting pressure on profit margins especially in this sector. Recycling Management The field of recycling management underwent stable development with moderate growth. In this field we conclude full-service contracts for nationwide or regional services with commercial and food companies, petroleum companies, leisure parks, hospitals and railway stations. INTERSEROH organises the recycling of all their waste and prepares the data on volumes and costs on a sitespecific basis. Within the framework of this service INTERSEROH has assumed logistical and recycling services for the stand-alone solutions in the retail sector since introduction of the mandatory deposit system, for example the collection of disposable PET packaging and the associated documentation. Deposits on Disposable Drink Packaging INTERSEROH has taken over the Westpfand deposit system, i.e. Westpfand Clearing GmbH and Deutsche Pfand-Konzept GmbH, completely. Following complete acquisition, the deposit system now operates as “INTERSEROH Pfand-System GmbH” and is a subsidiary of ISD INTERSEROH Dienstleistungs GmbH. As a provider of a full range of services, INTERSEROH wants to offer all the 13
Page 1 and 2: 2005 BUSINESS REPORT INTERSEROH AG
Page 3 and 4: KEY GROUP FIGURES Group 2005 * 2004
Page 5 and 6: CONTENTS Key Figures 3 The Manageme
Page 7 and 8: undiminished resolve and work with
Page 9 and 10: Corporate Governance The Supervisor
Page 11: financial year and years before who
Page 15 and 16: 3. Raw Materials Trading Under One
Page 17 and 18: Secondary raw materials 2004/2005 i
Page 19 and 20: INTERSEROH Wins Top Job Third Time
Page 21 and 22: Praetorium 61. VV GmbH currently ho
Page 23 and 24: Formation of New Companies Formatio
Page 25 and 26: 2. Financial Position 31.12.2005 31
Page 27 and 28: 3. Key Consolidated Ratios in % Bal
Page 29 and 30: • organisational manual as bindin
Page 31 and 32: Since the services segment will con
Page 33 and 34: ANNUAL FINANCIAL STATEMENTS OF THE
Page 35 and 36: CONSOLIDATED NOTES FOR THE FINANCIA
Page 37 and 38: Current cash in banks or bank liabi
Page 39 and 40: According to IAS 39 (Financial Inst
Page 41 and 42: Notes on the Income Statement The c
Page 43 and 44: (8) Result from investment in assoc
Page 45 and 46: Notes on the Balance Sheet (12) Int
Page 47 and 48: The leased and capitalised assets i
Page 49 and 50: (15) Financial assets 2005 EUR mill
Page 51 and 52: The amounts named contain the follo
Page 53 and 54: The net liabilities developed as fo
Page 55 and 56: to the passage of time, the discoun
Page 57 and 58: Of the other liabilities, EUR 0.04
Page 59 and 60: The segments performed as follows i
Page 61 and 62: 2005 EUR million 2004 EUR million W
Page 63 and 64:
(36) Management Board and Superviso
Page 65 and 66:
Mr. Friedrich Merz, Arnsberg (since
Page 67 and 68:
(39) Events after the closing date
Page 69 and 70:
The book values of property, plants
Page 71 and 72:
In addition to this - and in contra
Page 73 and 74:
4. Praetorium 61. VV GmbH, Berlin,
Page 75 and 76:
Annex 1 Statement of Equity Changes
Page 77 and 78:
Annex 2 Consolidated Cash Flow Stat
Page 79:
Published by: INTERSEROH Aktiengese
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Business Report 2005 - Interseroh

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