Annual Report SOUDAL 2013 pdf

BELGIUM
PRODUCTS
SAP EUROPE
AQUASWELL
QUALITY
RETAIL AMERICA
DIY
FUTURE
OUTSTANDING
RETAIL
RETAIL
ASIA
PEOPLE
COMMITMENT
SILICONE
WORLDWIDE
Annual Report
EUROPE
BELGIUM
AUTOMOTIVE
SERVICE
SILICONE
GROWTH
FIX ALL
AFRICA
SUCCESSFUL
WORLDWIDE
SOUDAL
FUTURE
BUSINESS
PROFESSIONAL
CUSTOMER
FOAMS
ASIA
SUCCESSFUL
CUSTOMER
DIY
AQUASWELL FAMILY
BELGIUM
PEOPLE
SOUDAFOAM
COMMITMENT
OUTSTANDING
FUTURE
SILICONE
EUROPE
RESPECT
AFRICA
SOUDAFOAM
SWS
ADHESIVES
DIY
SILIRUB
GROWTH
INITIATIVE
AMERICA
BUSINESS
RESPECT
DIY
QUALITY
INITIATIVE
GROWTH
CUSTOMER FAMILY
PU
SWS
SAP
INITIATIVE EUROPE
SOUDAL
OUTSTANDING
PU
COMMITMENT SUCCESSFUL
ADHESIVES
INITIATIVE
SAP
ADHESIVES RETAIL
INNOVATIVE
PRODUCTS
PU SILIRUB
SOUDAL
FIX
ALL
INDUSTRY AFRICA
DIY
FUTURE
AMERICA
ASIA
DIY
BELGIUM
QUALITY
SOUDAL
ASIA
ADHESIVES CUSTOMER
EUROPE
SERVICE
PU
SERVICE COMMITMENT BUSINESS INITIATIVE
WORLDWIDE
OUTSTANDING
FAMILY
WORLDWIDE PU
FOCUS
SILICONE
OUTSTANDING SERVICE
PEOPLE
AFRICA
ASIA
SILICONE SAP
CUSTOMER
BUSINESS
FOCUS
BELGIUM
PEOPLE
PRODUCTS
FOCUS
INNOVATIVE
SWS
AMERICA
FORWARD
COMMITMENT
INNOVATIVE
RESPECT SOUDAL
BELGIUM
SWS
EUROPE
FAMILY
INNOVATIVE
PEOPLE
FUTURE
SAP
SILICONE
FOCUS
GROWTH
FOCUS FUTURE
FOAMS
RESPECTPU
RESPECT SUCCESSFUL RETAIL
2013
Jaarverslag ❘ Rapport Annuel ❘ Jahresbericht
2
Annual Report
2013
Jaarverslag ❘ Rapport Annuel ❘ Jahresbericht
Soudal
Annual Report 2013
4
Soudal
Annual Report 2013
Key Figures 2013
Kengetallen | Chiffres clés | Fakten und Zahlen
(In thousand e | In duizend e | En mille e | In tausend e)
Gross Turnover
Bruto-omzet | Chiffres d’affaires brut | Umsatzerlöse
Operating Result
Bedrijfsresultaat | Résultat d’exploitation | Betriebsergebnis
Net Result
Nettoresultaat | Résultat net | Netto Ergebnis
Cash Flow
Cashflow | Cash flow | Cashflow
Added Value
Toegevoegde waarde | Valeur ajoutée | Mehrwert
Balance Sheet Total
Balanstotaal | Total du bilan | Bilanzsumme
Investments
Investeringen | Investissements | Investitionen
Workforce
Personeelsbestand | Effectifs | Personalbestand
2013
2012
2011
489.395
436.393
402.451
27.518
22.969
20.497
16.580
16.948
10.699
30.701
28.767
19.331
114.751
101.632
91.444
269.119
214.451
196.440
35.700
22.000
21.600
1.843
1.559
1.453
160 MILLION
90 MILLION
SEALANTS & ADHESIVES
PU FOAMS
CARTRIDGES PRODUCED
CANS PRODUCED
5
6
Soudal in the World
Legend
Soudal Office
Production unit
Distributor
Soudal in de wereld | Soudal dans le monde | Soudal rundum die Welt
EUROPE
Pionki (Poland)
•Sealants
•Adhesives
BENELUX
NORTH
AMERICA
Turnhout (Belgium)
•Sealants (Plant1)
Manassas (USA)
•Adhesives (Plant1)
•Foams •Sealants
(Plant2)
•Adhesives
Overpelt (Belgium)
•Foams
Srpenica (Slovenia)
•Sealants
ASIA
•Adhesives
Shanghai (China)
•Foams
•Sealants
•Admixtures
•Aerosols
Istanbul (Turkey)
Weert (Netherlands)
•Sealants
•Foams
•Adhesives
ASIA
Bawal (India)
•Sealants
SOUTH
AMERICA
Santiago (Chile)
•Sealants
•Adhesives
Soudal
Annual Report 2013
Board of Directors
FROM LEFT TO RIGHT
Ajit Shetty Johan Coppens John Dejaeger Jurgen Vandervelden Nel Swerts Vic Swerts Jo Swerts Hans Van Vliet Gerhard Rooze Dirk Coorevits Hans Crijns Former Corporate Vice President Enterprise Supply Chain
Johnson & Johnson
Former CEO Anco nv
CEO Lamifil
Director Benelux Soudal
Master in Arts
Chairman
Lawyer
Former CEO Koninklijke Sphinx bv
Independent banking professional
Managing Director Soudal
Professor Vlerick Management School
7
CEO Soudal
“ Dream, Reflect, Venture, Act and Persevere. ”
FETY (founder)
Vic ASwerts
“ Dream, Reflect,
Venture, Act and Persevere. ”PU FOAMS
ADHESIVES
Roof finishing & repair
Vic Swerts (founder)
“ Dream, Reflect,
Venture, Act and Persevere. ”PU FOAMS
ADHESIVES
fi r Swertso f (founder)
Vic
e
ERG
EN Y
Dirk Coorevits
CEO Soudal
Dc
Roof finishing & repair
production-sites:Dirk Coorevits
CEO Soudal
220
PRODUCTION
580
NON-PRODUCTION
PRODUCTION
800
employees in Belgium
220
580
800
1.800
worldwide in Belgium
220 employeesemployees
580
NON-PRODUCTION
NON-PRODUCTION
PRODUCTION
PRODUCTION
500
300
200
100
400
Evolution of turnover (in mio €)
200
0
100
500
300
100
+
+
+
Kitchen & sanitary
in
www.wearechemistry.be
SEALANTS
www.wearechemistry.be
SEALANTS
Adhesives & anchors
sealant
PU ofoams
f
e p ro
thermal and
acoustic
insulation
E
SAF TY
fi r PU ofoams
e p ro f
polymer adhesive
vapour- and airtight
ONME
VIR
ONME
VIR
in
n o v a ti o n
Decoration caulk
Adhesives & anchors
Adhesives & anchors
IRONME
i nV
n o v a ti o n
sealant
vapour- and airtight
sealant
Decoration caulk
RONME
i nVI
n o v a ti o n
in
n
Decoration caulk
ion
ovat
vapour- and
airtight
Supplier
of building
solutions
Decoration caulk
sealant
Window/wall
connections, roof, kitchen & sanitary, wood ...
vapour- and airtight
Decoration caulk
polymer adhesive
Supplier
of building solutions
sealant
vapour- and airtight
Window/wall
connections, roof, kitchen & sanitary, wood ...
Supplier of building solutions
Kitchen & sanitary
INNOVATION-TRIGGERS
11
+
INNOVATION-TRIGGERS
+
fi r
s u l a ti o n
Kitchen & sanitary
SEALANTS
Adhesives & anchors
ERGY
thermal
and
polymer
adhesive
EN
acoustic insulation
in
s u l a t i o n fi
PU foams
re p ro o f
ERGY
thermal and
N
E
acoustic insulation
in
s u l a ti o n
PU foams
ERGY
thermal and
EN
polymer
adhesive
acoustic
insulation
in
s u l a ti o n
INNOVATION-TRIGGERS
20132013
2013
1996
1996 1996 1996 199
1.800 employeesemployees
worldwide
1.843
800
in Belgium
220
580
Evolution
of turnover (in mio €)
NON-PRODUCTION
PRODUCTION
Evolution of
turnover worldwide
(in mio €)
1.800
employees
800
employees
in
Belgium
500
500
220
580
Evolution
of
turnover
(in
mio
€)
400
1.800
employees
worldwide
400
800
employees in Belgium
500
300
300
Evolution of turnover (in mio €)
400
200
1.800
employees worldwide
Kitchen & sanitary
www.wearechemistry.be
NT
NON-PRODUCTION
SEALANTS
NT
Roof finishing & repair
Kitchen & sanitary
ERGY
EN
E
SAF TY
fi r
e p ro o f
E
SAF TY
n o v a ti o n
NT
Roof finishing & repair
production-sites:
sulat
ion
in
PU FOAMS
NT
Roof finishing & repair
production-sites:
in
www.wearechemistry.be
PU foams
thermal and
acoustic insulation
ETY
F
A
S
EN
Dc
ADHESIVES
PU FOAMS
RONME
VI
EN
ADHESIVES
EN
p ro
Dc
production-sites:
Adhesives & anchors
S
EN
Dc
Vic Swerts (founder)
NT
Euro, more than 1800 employees in 130 countries and 12 manufacturing sites on 4
innovation
and adjustments to the needs of the local markets laid the basis for these
production-sites:
continents
this 100% Belgian family company, where the founder Vic Swerts is still
excellent
performances
for which Soudalmanufacturer
was rewardedof
the
prize of PUBusiness of and
the
Soudal
Europe's
leading
sealants,
leading isthe
company,
has independent
developed into an international
player andFoams
expert in
year
2011.
adhesives
for experts
and for private
persons.
With ain
turnover
of about
500 vision
millions
chemical building
specialties.
Intensive
investments
R&D, a many
year's
of
Euro,
moreand
than
1800 employees
130 of
countries
12 manufacturing
on 4
innovation
adjustments
to the in
needs
the localand
markets
laid the basissites
for these
continents
this 100% Belgian
family
company,
where thethe
founder
VicBusiness
Swerts is
excellent performances
which
Soudal
was rewarded
prize of
ofstill
the
Dirkfor
Coorevits
leading
the company, has developed into an international player and expert in
year 2011.
CEO
Soudal
chemical building specialties. Intensive investments in R&D, a many year's vision of
innovation and adjustments to the needs of the local markets laid the basis for these
excellent performances
which Soudal was rewarded the prize of Business of the
Dirkfor
Coorevits
year 2011.
CEO Soudal
“ Dream, Reflect, Venture, Act and Persevere. ”
EN
Soudal is
is Europe's
Europe’s leading
leading independent
independent manufacturer of sealants, PU- Foams
Foams and
and
adhesives for
for experts
experts and
and for
adhesives
for private
private persons.
persons. With
With aa turnover
turnover of
of about
about 500
500 millions
millions
Euro, more
more than
Euro,
than 1800
1800 employees
employees in
in 130
130 countries
countries and
and 12
12 manufacturing
manufacturing sites
sites on
on 44
continents this
Belgian
family
where
thethe
founder
Vic Swerts
is still
continents
this 100%
100%
Belgian
familycompany,
company,
where
founder
VicFoams
Swerts
is
Soudal is Europe's
leading
independent
manufacturer
of sealants,
PUand
leading
the the
company,
hashas
developed
into
anan
international
player
and expert
in
still
leading
company,
developed
into
international
player
in
adhesives
for experts
and for
private
persons.
With
a turnover of
aboutand
500expert
millions
chemical building
specialties.
Intensive investments
investments in
in R&D,
R&D, aa many
vision
of
chemical
building
specialties.
Intensive
many year's
year’ssites
vision
Euro, more
than 1800
employees
in 130 countries and
12 manufacturing
on of
4
innovation and
and adjustments to
to the
the needs
of
local
laid
basis for
innovation
needs
of the
the where
local markets
markets
laid the
the
foristhese
these
continents this adjustments
100% Belgian family
company,
the founder
Vicbasis
Swerts
still
Soudal
is performances
Europe's leading
independent
sealants,
PUFoams
excellent
for which
which Soudal
Soudalmanufacturer
was rewarded
rewardedof
the
prize of
of Entrepreneur
Business
of and
the
excellent
performances
for
was
the
prize
of
leading the company, has developed into an international player and expert in
adhesives
year 2011. for experts and for private persons. With a turnover of about 500 millions
the
year 2011.
chemical
building specialties. Intensive investments in R&D, a many year's vision of
polymer adhesive
Window/wall connections, roof, kitchen & sanitary, wood ...
Supplier of building solutions
22
Window/wall connections, roof, kitchen & sanitary, wood ...
Supplier of building solutions
Window/wall connections, roof, kitchen & sanitary, wood ...
Variable raw materials
More stringent legislation & product standards
Innovative building methods & ease of use
2 Variable raw materials
Innovative building methods & ease of use
1
2
1
2
1
INNOVATION-TRIGGERS
INNOVATION-TRIGGERS
powered by
Innovative building methods & ease of use
powered by
powered by
33
3
Variable raw materials
More stringent legislation & product standards
Variable raw materials
More stringent legislation & product standards
www.soudal.com
3
3
Management Team
FROM LEFT TO RIGHT
Bart Moonen Dirk Coorevits Jef Boiy Rudi Leten Vic Swerts Jurgen Vandervelden Group Controller
Managing Director
Finance Director
Operations Director
Chairman of the Board
Director Benelux
9
10
Word from the Chairman
Woord van de Voorzitter | Mot du Président | Wort des Vorsitzenden
I am pleased and proud to see that 2013 was
another Grand Cru year for Soudal. With strong growth
exceeding 12% we achieved a record turnover of EUR 489
million, which can be regarded as outstanding in light
of the challenging market conditions. Mainly due to an
especially long and hard winter, the first quarter of
2013 fell below expectations. Fortunately, this was
turned around during the rest of the year to yield a nice
positive result. However, in 2013 we were confronted with
Soudal is in very good
shape with attractive
growth figures in all
product groups and
regions
year. True to our core corporate values – entrepreneurship, customer orientation, mutual respect and commitment – every day they ensure that our customers receive
what they expect from us: excellent products together
with outstanding service at a fair price.
We therefore look to the future with great confidence.
Our strategic plans for the coming years are very ambitious and are intended to transform Soudal into a world
very disappointing exchange rates for nearly all foreign
player and trend-setter in our field. I am convinced that
currencies. This had a clear negative impact on
we can achieve these goals by working hard with undi-
profitability. Nevertheless, Soudal is basically in very
With this acquisition Soudal not only acquires a strong
good shape with attractive growth figures in all product
brand image in the entire Balkan region, but also access
groups and regions. All financial ratios are under control.
to new capabilities that will be rolled out further within
the Group in the coming years. I am pleased to welcome
Biggest acquisition ever
all of these new employees to our constantly expanding
The most important event during last year was undoubt-
Soudal family.
edly the takeover of TKK in Slovenia. In a single stroke
this “Balkan Soudal” adds nearly EUR 50 million in turn-
This brings me to our most important asset: our employ-
over, 218 employees and another production unit to the
ees. Their unrelenting commitment and innovative spirit
Soudal portfolio. It is the largest takeover in our history.
are the key to the new records set by Soudal year after
Soudal
Annual Report 2013
minished determination.
Vic Swerts, Chairman
EN
I am convinced that we can achieve
our goals by working hard
with undiminished
determination.
11
internationally oriented brand support with our
presence in the Tour de France as co-sponsor of
the World Tour cycling team Lotto-Belisol.
Belangrijkste gebeurtenissen | Principaux événements | Wichtigste Ereignisse
2013 started with the “big bang” of the SAP implementa-
We also made investments in better and larger facilities
underlines Soudal’s ambition to be present in all major
tion, which went very well. After a successful start-up at
in other countries. In this regard we can mention the
markets with its own branch.
the head office in Turnhout and the branches in the UK, the
construction of a brand-new production building at the
Netherlands and Austria, the central system was rolled
Taicang factory in China and the relocation of Soudal
A noteworthy step forward in terms of brand presence
out to Rectavit. SAP will be extended steadily during 2014,
Portugal and Soudal Turkey to larger and newer buildings.
was also taken in 2013. In recent years Soudal has booked
and by the end of 2015 it will encompass the entire Group.
good results at the local level from name sponsoring of
On the 17th of June the largest acquisition in the history of
the Soudal Classics for cross-country cycling and shirt
Major infrastructure investments
implemented
Soudal was announced: TKK, the most important inde-
sponsoring for KVC Westerlo, a top team in the Belgian
pendent manufacturer of polyurethane foam, sealants
Belgacom League. In 2013 we took a major step towards
The official opening of the Operations Centre in late June
and concrete additives in south-eastern Europe, joined the
more internationally oriented brand support with our
2013 was the most prominent event in Turnhout. From
Soudal Group on that date. TKK, located in Sprenica in the
presence in the Tour de France as co-sponsor of the World
now on the brand-new complex will house all training
Republic of Slovenia, has over 218 employees and booked
Tour cycling team Lotto-Belisol. This experience led to a
rooms, changing rooms and social areas for the staff of the
a turnover of nearly EUR 50 million in 2013. TKK will con-
contract as structural co-sponsor for the 2014 season.
adhesives and sealants production unit. The Quality
tinue operating as an independent Soudal company with its
This means that Soudal will be present at all major com-
Control, Health & Safety and Material Planning depart-
own top management, taken over with the company. The
petitions and tours with an eye-catching presence on the
ments, as well as Production Management, also have their
acquisition strengthens the position of Soudal in the Balkan
rear of the cycling shorts.
quarters there.
region and considerably enlarges our product portfolio.
As icing on the cake, 2013 was also a remarkable year for
Vic Swerts on a personal level. On the 21st of July 2013,
We additionally commissioned 10,000 square metres of
In the first quarter of 2014 a majority share was acquired
King Albert II was pleased to raise Vic Swerts to the ranks
extra warehouse space, along with new access roads, at
in Soudis, the exclusive dealer for Soudal in Australia. The
of the nobility, and since then he bears the title of Baron.
our central distribution centre in Turnhout.
resulting Soudal Ptl Ltd is the 44th branch worldwide and
He chose Per laborem ad salutem as his motto.
13
EN
Key events in 2013
In 2013 we took a major step towards more
16
Annual Report 2013
ANNUAL REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS SOUDAL GROUP
Jaarverslag | Rapport Annuel | Jahresbericht
1. Comment on the financial statements
The consolidated financial statements for 2013, closed with a balance sheet
As presented, the financial statements are consolidated
at the level of Soudal Holding NV. It includes the compa-
d269,118,927, compared with € 214,451,263
as per 31.12.2012, an increase of d54,667,664
nies associated with the public limited company Soudal
The consolidated profit for 2013 reached € 16,579,871.
total of
NV, producer of silicones, polyurethane foams, adhesives
and various other chemical construction specialties and
automotive products.
Investments of e 35.7 mio were recorded.
Consolidated turnover increased with 12.33% from
2. Significant events
e 410,649,726 to e 461,298,973.
No significant events after balance sheet date that will
4. Information concerning Research and
Development activities
Consolidated equity rose from e 101,049,201 to
have a substantial impact on the results or financial
The Group and Soudal NV a company governed by Bel-
e 119,078,573.
position of the company are to be reported.
gian law, in particular are making considerable efforts
in the area of Research and Development. To this end,
THE KEY FIGURES OF THE GROUP CHANGED AS FOLLOWS
2013
2012
2011
Liquidity
1.60
1.62
1.53
Solvency
44.2
47.1
42.6
8.9
8.4
7.6
Gross margin
Soudal
Annual Report 2013
3. Information about circumstances that
might have a substantial influence on the
development of the Group
the company employs a number of highly qualified
No circumstances are known that might have a substan-
specifications. Significant efforts are also being made to
tial impact on the development of the Group.
improve production methods and logistic processes.
research scientists. The main objective is to develop higher quality that meets the highest standards and technical
The group’s average workforce
1,843.
1,559 to
EN
increased from
5. Information concerning the use of
financial instruments
The Group uses a number of specific financial instruments to cover foreign exchange and interest rate risks.
The use of such instruments does not have any major
influence on the financial position of the group.
6. Risk management by the company
The members of the Board of Directors and the
management are aware that business also entails risk.
Significant efforts have been made in the area of risk
management.
The Board of Directors, 30.04.2014
Statutory auditor’s report to the general meeting of shareholders of Soudal
Holding on the consolidated financial statements for the year ended on the
31st of December 2013.
The statutory auditor Vyvey & Co, Certified Public Accountants, represented by
Steven Vyvey has given an unqualified audit opinion on the consolidated financial
statements for the year ended on the 31st of December 2013 of the company
Soudal Holding NV and confirms that the included financial statements are in
accordance with the audited financial statements of the company Soudal Holding NV.
17
18
Social Report
Sociaal Verslag | Rapport social | Sozialbericht
The strong growth and persistent success of Soudal are
internationalisation is illustrated by the fact that ap-
Team spirit is also held in high esteem at Soudal. The
only possible thanks to the efforts and commitment of
proximately 60% of the employees are outside Belgium.
renowned Soudal Trophy, where Soudal employees from
all employees.
Of course, the company is still very strongly anchored
all over the world compete with each other in serious
in the Benelux in general and in Turnhout in particular.
and playful events, was organised for the eighth time
The staff level rose sharply in 2013 to 1.843, with 284
in late May 2013. With representatives from Poland, the
more employees than in 2012. This mainly resulted
Year after year, Soudal invests substantially in training
Baltic countries, the UK and China, among others, this
from the acquisition of TKK, which boosted the size of
and supplementary education, so that the most efficient
Trophy had a very international flavour.
the Soudal family by 218 people in a single stroke. But
work processes can be introduced in every domain. In
even without this takeover, the staff level grew by more
part due to implementation of SAP, we registered a re-
Finally, Soudal aims to be an employer that is involved
than 4%, spread over all parts of the company. Further
cord of 11.478 training hours in 2013.
in the community in which the company operates. Along
with a wide variety of social activities for Soudal em-
Employees per geographic area
ployees, we actively supported a number of local initiatives in 2013, such as the event centres De Warande in
Turnhout and De Singel in Antwerp and the youth sides
of KV Turnhout.
SOUDAL EMPLOYEES PER YEAR
Benelux
46,2%
Soudal
Annual Report 2013
Western Europe,
Middle East & Africa
12,7%
Eastern Europe
Americas
Asia & Pacific
30,9%
2,2%
8%
2009
1.204
2012
1.559
2010
1.326
2013
1.843
2011
1.453
EN
19
52
You can always do more
than is expected from you
Vic Swerts, Chairman
Soudal
Annual Report 2013
Consolidated income statement
Geconsolideerde resultatenrekening | Compte de résultats consolidé | Gewinn und Verlustrechnung
CONSOLIDATED INCOME STATEMENT (in d 1.000)
2013
2012
Operating income
469.133
418.203
Turnover
461.299
410.650
Variation in stocks of FP and work in progress
3.933
2.509
Other operating income
3.901
5.044
Operating charges
441.615
395.234
Raw materials, consumables and goods for resale
294.298
261.994
Services and other goods
60.084
54.577
Remuneration, social security costs and pensions
71.867
66.060
Depreciation tangible and intangible fixed assets
12.586
11.201
1.183
287
-58
314
1.655
801
Operating result
27.518
22.969
Financial income
4.009
5.110
Financial charges
10.534
8.117
Variation in write-downs of stocks, WIP and trade debtors
Variation in provisions for liabilities and charges
Other operating charges
Result of ordinary activities before taxation
20.993
19.962
Extraordinary income
184
251
Extraordinary charges
1.030
112
20.147
20.101
-161
-348
3.728
3.501
16.580
16.948
143
214
16.437
16.734
Result for the period before taxation
Transfer from and to deferred taxes
Income taxes
Consolidated result
Share of third parties
Share of the group
53
54
Consolidated balance sheet
Geconsolideerde balans | Bilan consolidé | Bilanz
CONSOLIDATED BALANCE SHEET (in d 1.000)
2013
2012
100.370
82.910
8.912
5.540
88.942
75.095
Land and buildings
52.782
48.974
Plant, machinery and equipment
18.144
17.988
Furniture and vehicles
4.314
3.179
Provisions for liabilities and charges
Leasing and other similar rights
1.203
1.880
862
Fixed assets
Equity
122.559
104.933
Equity attributable to the Group
119.079
101.049
3.480
3.884
42.600
29.425
4.160
3.472
Deferred taxes
825
5
1.079
Financial debts
37.614
25.922
11.637
1.995
Others
7
26
2.516
2.275
103.954
80.093
168.749
131.541
Current portion of amounts payable after 1 year
10.434
6.734
Amounts receivable after one year
2.724
1.456
Financial debts
37.851
28.355
Stocks and contracts in progress
63.682
51.692
Trade debtors
78.186
62.734
Trade debts
39.241
27.122
8.500
5.756
126
45
358
394
12.451
9.879
13.700
7.586
744
4.775
1.598
1.923
3.107
3.183
269.119
214.451
269.119
214.451
Intangible assets
Tangible assets
Other tangible assets
Assets under construction
Financial assets
Minority Interests
Non-current liabilities
Current liabilities
Current assets
Other amounts receivable
Investments
Cash and cash equivalents
Deferred charges and accrued income
Total assets
Soudal
Annual Report 2013
Advances received on contracts in progress
Employee benefit obligations and tax payables
Other amounts payable
Accrued charges and deferred income
Total liabilities
KVC WESTERLO CHAMPION
2013-2014 IN BELGIUM’S
BELGACOM LEAGUE
55
www.soudal.com
Everdongenlaan 18-20 | B-2300 Turnhout | Belgium | Tel : +32 14 42 42 31 | Fax : +32 14 42 65 14