geschäftsbericht 2010 report 2011

GESCHÄFTSBERICHT
REPORT 2011 2010
facts & figures
in EUR million
2011
2010 2009
2008
Net sales
528.5
374.6
337.0
446.0
Operating income
549.5
384.7
330.7
453.1
Result from ordinary activities
58.3
29.0
17.3
35.3
Net profit
40.4
25.1
0.3
16.1
Gross cash flow
82.8
41.6
32.7
48.6
165.3
125.7
106.6
113.1
77.4
13.4
18.3
10.3
Fixed assets
171.6
111.4
115.8
117.8
Working Capital**
149.0
139.5
126.6
139.4
Total assets*
405.0
286.6
262.2
304.5
Return on result from ordinary activities
10.6%
7.5%
5.2%
7.8%
Return on gross cash flow
15.1%
10.8%
9.9%
10.7%
Equity ratio*
40.8%
43.9%
40.7%
37.1%
Long term capital ratio**
71.9%
68.2%
70.7%
60.4%
2,364
1,926
2,136
2,383
0.23
0.20
0.15
0.19
Equity
Interest bearing net debt*
Employees
Operating income per employee
* minus cash & marketable securities
** according to company standards
CONTENT
Introduction
page 2
Management Board, Supervisory Board
page 4
Organigramm
page 6
The companies of Berndorf AG
page 8
History
Strategy & positioning
Branches
Milestones
Management report
page 28
Market conditions
Sales
Income
Financial position
Investments
Research & developement
Employees
Opportunity & risk management
Outlook
Interview Norbert Zimmermann
page 36
Financials
page 38
Balance sheet
Income statement
Cashflow statement
Report of the Supervisory Board
Auditor‘s report
Adresses
page 45
INTRODUCTIONS
f.l.t.r.: Dietmar Müller – CFO, Peter Pichler – CEO, Franz Viehböck – CTO
Dear friends of the Berndorf family!
A review of Berndorf Group’s 2011
does, already, support the positive
Beginning with the restructuring
development of the group in many
and privatization of the Berndorf
different ways.
Group nearly a quarter-century
ago, we can already look back on
fiscal year is – in many ways – a
cause for joy. Not only did Bendorf
This improvement program is based
various crisis scenarios from which
achieve a record high with a total
on professional and sporting am-
the company has emerged stronger.
revenue of 530 million Euros, but
bition, using the space we have in
This is also true with our handling
in examining the details of individu-
such a way as to remain true to our
of the 2008/09 crisis. The Berndorf
al areas, most of the Berndorf com-
company culture. Trust is a very im-
Group, without new member stoba,
panies have also achieved record
portant value here. This is true for
had not yet reached the level of
results. These positive numbers
the basis of trust with employees
2008 with its revenue for 2011;
are based, not only on a positive
and clients, but also when it comes
the result is happily already well
economic environment, but also on
to trusting in our own strengths. In
over the 2008 values.
the effective flexibility of produc-
order to become or to stay “best
tion, something that was introduced
in class”, we count on innovation,
Readiness to learn, strength, the
at many international Berndorf
investments, process improvement,
related financial independence of
locations during the last crisis.
efficiency increases, and personnel
the business group, and a stable
development. Today we can say that
ownership structure, will give us the
Current political and economic
some of our companies are already
necessary security in 2012 to fur-
development in Europe nevertheless
very close to their “best in class”
ther pursue this path. We will profit
shows that it would be dangerous
goal. In the case of takeover reorga-
from this in an increasingly insecu-
to consider ourselves secure as a
nization we naturally still have the
re political-economic environment.
result of these numbers. Standing
longest way to go, but, it is through
If 3 years ago it was the high-risk
still is taking a step backwards.
just these challenges that we learn
commercial banks, now it will be
Thus we have already introduced an
the most.
a number of nations with high
governmental budget deficits. The
initiative- under the name “Best in
2
Class”- to all the companies in the
We will have to learn to live with ra-
reluctance of politicians makes the
Berndorf Group; the goal being to
pidly changing scenarios more then
situation even more difficult. Not
become the best company in each
ever in the future. Nevertheless,
only in the Mediterranean nations,
of their own respective markets.
we are able to build on invaluable
but also in Austria the pressing
The drive to achieve this vision
experiences in the Berndorf Group.
topics are government, spending,
pension and education reform.
areas, which all show potential for
the success of the entire company.
Unfortunately, populist politicians
independent and promising growth.
We would especially like to thank
and compliant media distract and
long-standing member of the board
turn the mood against industry and
The variety of branches in which
DDr. Robert Ehrlich, who retired
employers.
Berndorf today represents the
last year. He will follow the Bern-
benchmark for quality and effici-
dorf Group’s further progress with
We will not allow ourselves to be
ency allows us to absorb possible
good will. In view of the continuing
confused and will continue to live
risks easily. The strategic position
development of stable order levels
out our own company culture. The
of the Berndorf Group is additional-
of our subsidiaries on a very high
partnership in open communication
ly strengthened by the fact that all
level, we are able - even in unsure
between leadership and employees
areas of the company firmly anchor
times - to look optimistically into
and the practicing of a ‘constructive
their customer focus in the growing
the year 2012.
criticism’ or ‘error’ culture, puts us
markets of China and India and
in the position to be able to provide
earn a significant portion of total
The members of the Board of
management as a service. The re-
revenue there. The decentralized
Directors
sult is the self-directed cooperation
organization of the groups, as well
between employees across company
as the corporate commitment of the
units and national boundaries and
employees, makes Berndorf today a
this is what sets Berndorf apart.
company with a global outlook. The
board of directors, as strong and
We are very happy to be able to
visionary entrepreneurs, supports
live out this culture in a company
our further development.
which has, since the second quarter
of 2011, once again grown larger.
We thank all employees and mem-
Personally compelling and pro-
bers of the Supervisory Board, with
fessionally excellent people have
Chairman Norbert Zimmermann
recently come on board. Through
at their head, for their successful
the acquisition of stoba, a specia-
teamwork. We also must not forget
list in manufacturing components
the positive contribution of the
for diesel vehicle engines, the
labor representative to the Super-
Berndorf Group is now based in six
visory Board, which is essential for
3
Norbert Zimmermann
Chairman of the
Supervisory Board
Shareholders‘
Representative
MEMBERS OF THE
MANAGEMENT & SUPERVISORY BOARD
Peter Pichler
Franz Viehböck
Chairman of the Management Board
Member of the Management Board
1976 School leaving certificate, Gymnasium BEA
1978 School leaving certificate, Gymnasium
Graz-Liebenau
1981 Graduation from University of Graz
(Mag. rer. soc. oec.)
1983 Doctorate at the University of Vienna
(Dr. rer. soc. oec.)
1979 Banking trainee Caisse Nationale de
Credit Agricole, Paris – London & Continental
Keimgasse, Mödling
1985 Graduation from Technical University
Vienna (Dipl.-Ing.)
1986 University assistant, Electronic Measuring Technology Institute, Technical University Vienna
1990 Cosmonaut training at Yuri Gagarin Cosmonaut
Training Centre
Bankers, London, Banca Nazionale dell‘
1991 Space flight (9 days to the space station Mir)
Agricoltura, Rome
1992 Information and presentation on behalf of the
1983 Relationship Management – Corporate Finance
– M&A, Chase Manhatten Bank (Austria)
1990 Board Member, Berndorf AG
2008 Chairman of the Management Board
Austrian Government
1994 Program Development Manager (Space-SystemsDivision), Rockwell, USA
1996 Director for International Business Development
(Space Systems Group), Boeing, USA
1999 Responsible for Europe (Space & Communications) and Country Manager Boeing Austria,
Boeing
2000 Responsible for engineering of the region Lower
Austria (in addition to Boeing)
2002 Managing Director, Berndorf Band
2008 Member of the Management Board, Berndorf AG
4
Sonja Zimmermann
Wilfried Zimmermann
Thomas Riecker
Josef Herzog
Rainer Koller
Shareholders‘
Shareholders‘
Shareholders‘
Employee
Employee
Representative
Representative
Representative
Representative
Representative
Dietmar Müller
Member of the Management Board
Elementary school in New Delhi, India
1983 School leaving certificate, Gymnasium
Keimgasse, Mödling
1990 Graduation from Vienna University of Economics
(Mag. rer. soc. oec.)
1990 Assistant to the Management, Berndorf Band
1992 Head of Controlling, Berndorf Band
1996 Managing Director, Berndorf ICB and Berndorf
Belt Systems, Chicago, USA
1999 Managing Director, Hueck Engraving, York, USA
2001 Managing Director, Hueck Engraving, Germany
2004 Managing Director, Berndorf Hueck Band- und
Pressblechtechnik
2008 Member of the Management Board, Berndorf AG
5
THE COMPANIES OF BERNDORF AG
Tool & mould making
Automotives
Process- & surface technology
HASCO Hasenclever GmbH & Co KG
stoba Präzisionstechnik GmbH & Co KG
Berndorf Band GmbH
HASCO Austria GmbH
Joh. Pengg AG
Berndorf Band Engineering GmbH
HASCO Suisse AG
Berndorf Belt Technology Inc.
HASCO form service AB
Beijing Baidefu
Technology Developement Co., Ltd.
HASCO INTERNORM Ltd.
Hueck Rheinische GmbH
HASCO India Pvt., Ltd.
Hueck Engraving GmbH & Co., KG
HASCO Encounter Ltd.
Nippon Belting Co., Ltd.
HASCO Trading (Shenzen) Co., Ltd.
Berndorf Steel Belt Systems Ltd., Co.
HASCO America Inc.
SBS Steel Belt Systems s.r.l.
SBS Steel Belt Systems USA Inc.
OOO Rheinische Technology
6
Heat treatment
Pool construction
Process engineering
Aichelin GmbH
Berndorf Metall- und Bäderbau GmbH
Silica Verfahrenstechnik GmbH
Aichelin Service GmbH
Berndorf Metallwaren GmbH
Silica Anlagenbau GmbH & Co KG
EMA Indutec GmbH
Berndorf Metall- und Bäderbau AG
Berndorf Sondermaschinenbau GmbH
NOXMAT GmbH
Berndorf Bäderbau s.r.o.
Aichelin Heat Treatment Systems
(Beijing) Co., Ltd.
Berndorf Pool GmbH
Joint ventures
Berndorf Bäderbau Polen sp. z o.o.
PC Electric GmbH
Berndorf Bäderbau SK s.r.o.
Lumpi-Berndorf Draht- und
Seilwerk GmbH
SAFED Suisse SA
SAFED France S.A.S.
Berndorf Bäderbau Hungária Kft.
SAFED Industrieöfen GmbH
Berndorf Bäderbau Rumänien s.r.l.
Imagination Computer Services GmbH
Aichelin
Heat Treatment Systems Inc., Ltd.
Online Media Communications
Design GmbH
EMA
Induction Technology Beijing Co., Ltd.
Easyfocus GmbH
FerRobotics GmbH
NOXMAT Energy Technique
Beijing Co., Ltd.
Aichelin Unitherm
Heat Treatment Systems India Pvt., Ltd.
Aichelin Brasil Ltda.
7
HISTORY OF BERNDORF AG
1843
Alfred Krupp and
1932
Alexander Schoeller found
Creditanstalt takes over ownership; due
Berndorfer Metallwerke
to the worldwide economic crisis, plants
are closed and people laid off or put on
short time, 800 employees
1870
More than 1,000 employees
1957
Merger with the Ranshofen
1900
aluminium plant to form
Global market
Vereinigte Metallwerke
leader for tableware,
Ranshofen-Berndorf
approximately 3,000
employees
1945
1924
Company under Soviet
Approximately
administration, removal
6,000 employees
of all machinery
1874
First company in Austria
using electricity
8
1938
1856
Incorporation into
The company makes
the Krupp Group,
its first profits
arms production
1986
Restructuring and reorganisation under
2005
Norbert Zimmermann’s leadership
Capital increase of Schoeller-Bleckmann and reduction of shares to
31%, start of an investment pro-
1995
gramme worth €150 million at
Acquisition of
Schoeller-Bleckmann
Schoeller-Bleckmann
2007
1991
Acquisitions of HASCO,
1999
Participation in
SAFED and Rheinische
Cooperation between
Silica Verfahrens-
Press Pad
Berndorf Band and
technik
Hueck Engraving
2001
2011
Sale of cutlery
Acquisition of stoba
division to
Präszisionstechnik
Guy Degrenne
1988
Management
buyout by
nine-member
management team
1997
2008
Acquisition of Aichelin
New Board of Directors
Flotation of Schoeller-Bleck-
at Berndorf AG
mann on EASDAQ in Brussels,
Participation in Joh. Pengg
2006
1994
Joint venture of Lumpi-Berndorf
Participation in PC Electric
Draht- und Seilwerk
SBO Spin-off
9
STRATEGY & POSITIONING
Medium sized companies,
„Hidden Champions“
Long term perspective
managed decentralized
Our policy of strategically posi-
Acquisitions and restructuring are
The Berndorf Group comprises a
tioning our companies in niche
amongst the core competencies of
number of internationally active
markets enables them to gain a
Berndorf Group. We have shown
companies which are very well
substantial share of their mar-
on a number of occasions that we
positioned in niche markets.
ket and makes each one of them
can act quickly to offer successful
These medium-sized companies
a „hidden champion“ amongst
entrepreneurs, employees, sup-
are managed on a decentralized,
Austrian and German exporters. Our
pliers and customers a partnership
entrepreneurial basis by managing
companies maximise their com-
opportunity with genuine long-term
directors who are fully authorised
petitiveness by carefully targeting
prospects. Indeed, we place great
to take swift, strategic decisi-
their product programmes and
value on a culture of mutual trust
ons. This structure enables us
maintaining an awareness of their
and respect in working towards an
to respond quickly and flexibly
own strengths. We believe that our
optimum solution for all parties. As
to customer and market needs.
efficient innovation processes and
a result of our many years of expe-
Our corporate culture emphasises
global approach to the marketing of
rience with acquisitions, we have
trust and openness. The fact that
products, solutions and services will
grown to understand the nature
managing directors and employees
secure our market-leading position
of both international corporations
own shares and profit participation
and drive our future growth.
and more traditional, family-owned
rights in their own lead companies
businesses.
contributes considerably to the
Group’s success by boosting the
After the management buyout in
entrepreneurial involvement of the
1988, the Berndorf Group elected
entire workforce. This employee
to transform itself into an interna-
shareholding scheme, which was
tionally focused company. Whilst
revised in 2004, has proved a great
only 2% of our employees worked
success. This direct participation
abroad in 1988, by 2010, this
in the success of the company also
figure had increased to two thirds.
strengthens the desire of employees
International and export sales now
to remain with the company.
account for 90% of Group revenues.
0
Tool making and plant construction
Global outlook
Metalworking
The Berndorf Group is an interna-
The companies in the Berndorf
tional concern with more than 60
Group specialise in high-tech
production and service companies
toolmaking, plant engineering and
in over 20 countries, mainly in
construction, and metalworking.
Europe, the USA, China, India and
Our employees are skilled in all of
Brazil.
the production processes involved
in the manufacture of high-tech
Over the past few years, Bern-
niche products, including forging,
dorf Group has turned itself into
drilling and milling using highly
a successful international group.
sophisticated, state-of-the-art
This success will form the basis for
machines, levelling, grinding, po-
further growth, powered equally by
lishing, welding and texturing – all
innovation and a strong desire to
with great precision and to extreme-
shape the future.
ly fine tolerances. We also design
and develop plant and machinery
for innovative process technologies.
THE COMPANIES OF BERNDORF AG
TOOL & MOULD MAKING
With more than 20 locations around
the basic component of injection
of a very successful period. This
the world, HASCO, headquartered in
moulding and punching.
system, which was granted worldwi-
Lüdenscheid in North Rhine-West-
2
de patents, remains state-of-the-art
phalia, is a leading specialist part-
The company was established in
ner to the tool and mould making
1924 and grew from modest begin-
today.
industry.
nings as a small workshop into an
HASCO, the Group‘s largest ac-
international industrial enterprise.
quisition after the 1988 manage-
Its product range includes standard
The invention by Rolf Hasenclever
ment buyout, complements the
mould units, hot runner systems as
in 1959 of the first modular system
other Berndorf Group companies
well as custom designs – all backed
for the production of injection
in several respects. HASCO is a
by extensive technical service and
moulding tools for use with metal
successful B2B niche supplier in
support. Standard mould units are
and plastic marked the beginning
the metalworking industry. It serves
SALES: EUR 105 million
EMPLOYEES: 447
PRODUCTS: Standard mould units, hot runner systems
MARKETS: Germany, Sweden, Denmark, Portugal, Spain
an international customer base and
is well positioned as one of the topthree suppliers in the industry. The
company is known for the exceptionally high quality of its products,
and its steady stream of innovations
has helped it gain an excellent
reputation amongst its customers.
3
THE COMPANIES OF BERNDORF AG
AUTOMOTIVE SECTOR
In 2011, the Berndorf Group
strategic activities are aimed at pro-
Following a large expansion,
expanded its worldwide involvement
ducing major improvements in the
together with key customers like
in the automotive sector with the
efficiency and the environmental
Bosch and Delphi, in the 1980’s,
acquisition of a majority stake in
friendliness of combustion engines.
the company made large shifts in
stoba Precision Technology, based in
Backnang near Stuttgart, Germany.
4
its orientation in the 1990’s. stoba
The current company’s foundation
moved from a “supermarket for
was laid in 1961, when business-
parts” to a specialized producer of
Producing high-quality components
man Kurt Stockenberger began
high-precision fuel injection compo-
for fuel injection systems in perso-
trading in precision parts. The
nents for combustion engines. Due
nal vehicles, trucks, and commer-
company’s name, stoba, sprang
to the amount of diesel engines in
cial vehicles, stoba now forms the
from the last name of the founder
the European automotive market
sixth main business division of the
and the name of the company loca-
having tripled in the following
Berndorf Group. The company’s
tion in Backnang.
years, stoba was able to secure a
SALES: EUR 114 million
EMPLOYEES: 484
PRODUCTS: Components for fuel injections, wires
MARKETS: Germany, France, United Kingdom, Czech Republic,
Romania, India
lasting position in the automotive
Joh. Pengg AG specializes in high
industry.
specification wire products for use
in springs and spring assemblies.
Today, stoba Precision Technology
The advanced specialist wire pro-
is one of the world’s most impor-
ducts made at its production plants
tant suppliers in its markets, and
in Austria, the Czech Republic and
is considered a permanent fixture
India meet the highest quality stan-
in the highly specialized automo-
dards of the automotive, electrical
tive supply industry. The company
and engineering industries. The
created a good basis for future
company produces drawn wire, oil
and long-term positioning with the
tempered or coated spring wire, and
2011 expansion of its investment
shaped wire.
program located in Backnang.
15
THE COMPANIES OF BERNDORF AG
PROCESS- & SURFACE TECHNOLOGY
Berndorf Band
thick, the belts must be insensitive
world leader in the optimization
Berndorf Band produces endless
to pressure and temperature fluctu-
of production processes in which
steel belts and press plates which
ations. The quality of the belts de-
steel belts play a key role. It helps
are used primarily by the wood,
pends greatly on the quality of their
companies in the plastic, paper
food and chemical industries.
surface finish, and Berndorf Band is
and food industries develop and
These belts are incorporated into
able to achieve a mirror-finish even
optimize their processes.
complex industrial machines
after welding. These highly polished
and systems as well as into more
belts are used, for example, in the
Hueck Rheinische
straightforward belt conveyor sy-
production of optical films for LCD
The Hueck Rheinische group of
stems. Materials used for the belts
screens.
companies, headquartered in
Viersen, Germany, is the world‘s
include stainless steel, carbon steel
6
and titanium. Up to 200 metres in
Berndorf Band Engineering
leading specialist in surface tex-
length and just a few millimetres
Berndorf Band Engineering is the
tured press plates and in surface
SALES: EUR 111 million
EMPLOYEES: 488
PRODUCTS: Belts, press plates
MARKETS: Germany, Spain, Turkey, Great Britain, France, Belgium,
Poland, Brasil, USA
decoration technology for HPL
sheets, short cycle press plates
and press pads. Hueck Rheinische
products are used in the wood and
wood laminating industries, where
the company‘s advanced technologies have earned it an unrivalled
reputation. Press plates are used in
the production of laminated timber
products to produce the kind of
surface textures that are popular for
furniture and flooring.
7
THE COMPANIES OF BERNDORF AG
HEAT TREATMENT
Aichelin is a world leading manuf-
multi-purpose chamber, pusher
and controllers. These are used in
acturer of industrial plants for the
type, conveyor belt, ring hearth,
furnaces for preheating and heat
heat treatment of metal componen-
rotary hearth and roller hearth
treating ferrous and non-ferrous
ts. Most of the plants are deployed
furnaces.
metals.
nent industry, in hardening shops,
Aichelin’s subsidiary EMA Indutec
SAFED, headquartered in Switzer-
in the screw fastener and roller
is a technology leader in induction
land, has been complementing the
bearings industries, as well as by
hardening plants and frequency
Aichelin Group product portfolio
manufacturers of high volume, high
converters.
since 2007. The Safed group of
in the automotive and auto compo-
companies, which has decades
tolerance parts. The company pro-
8
duces electrically- and gas-heated
NOXMAT is a specialist manuf-
of experience in the manufacture
furnaces including, for example,
acturer of industrial gas burners
of heat treatment plants for parts
SALES: EUR 138 million
EMPLOYEES: 640
PRODUCTS: Industrial plants for heat treatment
MARKETS: Germany, Italia, Netherlands, Switzerland, France, China
made of steel and non-ferrous
not only save money by using less
branch offices in China, the USA
metals, is highly specialized in
energy; they also help protect the
and Brazil.
the production of conveyor belt
environment and our valuable
furnaces.
resources. These energy-saving
improvements offer major tech-
The future of the heat treatment
nological benefits, particularly to
sector relies, as in many other
operators of plants with high energy
sectors, on the deployment of new
consumption.
and energy-efficient technologies.
The Aichelin heat treatment plants,
The Aichelin Group owns com-
whose efficiency has been improved
panies in Austria, Switzerland,
by a variety of innovative measures,
Germany, France and Italy, and has
9
THE COMPANIES OF BERNDORF AG
POOL CONSTRUCTION
Berndorf Bäderbau specializes in the
well as in public swimming pools.
Besides the Austrian base further
construction of turnkey swimming
They are made at the company‘s
production sites in the Czech
pools and associated equipment. It
site in Berndorf as well as at the
Republic, Slovakia and Poland have
also acts as general contractor for
company‘s new production facility
been focussed on for the extension
year-round pools – all of advanced
in the Czech Republic.
of market shares in Eastern Europe.
The production in the Czech city
stainless steel construction – and
offers tailor-made solutions for a
With branch offices in Germany,
Bystrice started ten years ago as a
wide variety of applications, from
Switzerland, the Czech Republic,
one-man-firm; 80 staff members
planning through to a ready-to-use
Slovakia, Poland, Hungary and
work for Bäderbau Czech Republic
pool installation. The company‘s
Romania, Berndorf Bäderbau is the
today. They produce private pools
stainless steel pools are suitable
leading supplier of stainless steel
and attraction devices, such as
for installation in private swim-
pools in Central Europe.
splash showers, water cannons,
ming pools, in hotels and spas, as
20
benches, sun loungers and whirl-
SALES: EUR 37 million
EMPLOYEES: 242
PRODUCTS: Public swimming pools, stainless steel pools, pool management
MARKETS: Germany, Czech Repubkic, Poland, Slovakia
pools – for the entire Berndorf
pools. Berndorf Bäderbau‘s activi-
Bäderbau-group.
ties are not limited to the installati-
The Berndorf Pool GmbH was foun-
on of swimming pools: the company
ded in Graz (Styria) and focusses
also provides financing and pool
on the markets for private pools and
management under public/private
after sales services.
partnership models.
Sales partners in Europe and
Russia provide support for projects,
which have so far been completed
in some 20 countries. Since it was
founded in 1960, the company
has installed over 5,000 swimming
2
THE COMPANIES OF BERNDORF AG
PROCESS ENGINEERING
22
Silica Verfahrenstechnik
Berndorf Sondermaschinenbau
key advantage to customers is that
Silica Verfahrenstechnik, based in
Berndorf Sondermaschinenbau,
engineering, single-part production,
Berlin, supplies adsorption techno-
headquartered in Berndorf, is a
switch box manufacture and control
logy from design through to turnkey
specialist in the rapid manufac-
engineering are all under one roof.
installations. Silica plans and
ture and servicing of machine
manufactures complete adsorption
components. Thanks to its modern
installations for natural gas storage
production facilities, the compa-
facilites and other applications
ny is ideally equipped to produce
such as the drying and purification
single units and prototypes as well
of air and gases, purification of pro-
as high volume components. The
cess gases, waste air purification,
design, manufacture and assembly
solvent recovery and natural gas
of complete manufacturing instal-
processing.
lations is undertaken in-house. The
SALES: EUR 21 million
EMPLOYEES: 40
PRODUCTS: Adsorption installations, special machinery
MARKETS: Germany, Croatia, Slovakia, Japan
23
THE COMPANIES OF BERNDORF AG
JOINT VENTURES
The Berndorf Group‘s joint ventures
subsidiaries in Poland, Germany
Imagination Computer Services provi-
include PC Electric, Joh. Pengg,
and Sri Lanka are well placed to
de virtual reality services for culture
Lumpi-Berndorf, Imagination Com-
supply local markets flexibly and
and economy, marketing and
puter Services, FerRobotics Compli-
quickly.
sales as well as for the industrial
ant Robot Technology and several
products by Imagination Computer
GmbH is one of Europe‘s leading
Services includes multimedia and
PC Electric GmbH produces industri-
suppliers of wire cables and over-
virtual reality solutions for interac-
al connectors, earthed plugs, swit-
head cables. At its plants in Linz
tive 3D cinemas, showrooms and
ches and plastic distribution boxes.
and Berndorf, the company manuf-
front-projections for virtual produc-
With exports accounting for 80%
actures aluminium clad steel wires
tion cycles in the industrial field.
of its sales, the company is one of
and special electric power transmis-
the world‘s leading suppliers of CEE
sion cables.
connectors. Its branch offices and
24
planning process. The wide range of
Lumpi-Berndorf Draht- und Seilwerk
companies in the services sector.
The company has been awarded
multiple times with the Austrian
multimedia- and E-business award.
situated in the automotive industry
The headquarters are located in
as well as in the therapeutic medi-
Vienna.
cine technology.
FerRobotics Compliant Robot Technology is located in the capital of
upper Austria, Linz. The high-tech
company stands out for its unique
know-how about the serial production of innovative robotic arms and
is the international market leader
in producing pneumatic, compliant
robots. The areas of application of
FerRobotics-Robot-Technology are
25
MILESTONES IN 2011
HASCO:
and forms a basis to the success-
faster exchange of information will
Growth
fully expand into international
further strengthen innovation.
In 2011, the Berndorf Group’s tool
markets.
New Welding Process
and mold construction specialist
achieved their best business results
Joh. Pengg:
A new length-wise welding process
since the restructuring. To meet the
Entrenchment in India
allows Berndorf Band to produce
growing technological demands and
When production started in Ranchi
polished endless belts over 2
a burgeoning order book, HASCO
in 2008, the Berndorf Joint Venture
meters wide for the first time. The
invested in the expansion of its
was finally able to establish itself
bands, which have nano-polished
Lüdenscheid production site, as
successfully on the Indian subcon-
surfaces, are used in the LCD in-
well as in new technologies. The
tinent. The steel wire production,
dustry and are free of scratches to a
construction of a new production
operated jointly with partner Usha
depth less than 100 nanometers.
hall began in 2011 and will be
Martin, already employs more than
completed in summer 2012.
50 workers. Since 2011, Joh.
Hueck Rheinische:
Pengg has also invested in a suc-
Success through Product Innovation
stoba:
cessful social project in Ranchi for
2011 was a strong convention
New Addition Strengthens Berndorf
the improvement of health services
year for Hueck Rheinsiche. The
With the acquisition of the majority
and drinking water supply, as well
company‘s newly developed sur-
of shares in stoba Precision Techno-
as support for rice cultivation.
face-treatment processes, grouped
in the so-called “Helio family”,
logy GmbH & Co. KG, the Berndorf
26
Group expanded its activities in the
Berndorf Band:
received positive feedback from cu-
automotive sector. The company,
Increased Efficiency through New
stomers in the wood composite in-
located in Backnang, Germany, pro-
Construction
dustry. With these new processes,
duces high-quality components in
The company used the vitality of
wood surfaces are simulated in two
fuel injection systems for personal
the 2011 financial year to con-
to four deceptively realistic gloss
vehicles, trucks, and commercial
centrate know-how at its Berndorf
levels. Capital investments in the
vehicles.
location.The construction of a new
amount of 2.5 million Euros secure
commercial building is already
the company’s leading technologi-
The investment program, launched
underway and will, by 2013, unite
cal position.
by stoba in 2011, modernizes its
all the previously separate areas of
production facilities, in Backnang,
Berndorf Band under one roof. The
Hueck Engraving:
Berndorf Bäderbau:
New Applications for Hydrogen
Successful Employee Participation
New Company Management
Purification
In 2011, employees of Hueck
The leadership of the company was
Silica saw a rise in demand for its
Engraving signed profit-partici-
reorganized in the fall 2011. Karl
hydrogen purification process. The
pation certificates for their own
Narbeshuber succeeded the duo of
Silica purification process makes it
company. Employees from eight
Karl Angerer and Florian Schram
possible to recycle the unpurified
companies, within the Berndorf
as the new managing director. As
hydrogen that is created by photo-
Group, are already participating in
a result of the stressed financial
voltaic production. So as result of
the success of their company. With
situation of many central European
the photovoltaic boom, the number
just a minimum fee of 500 Euros,
communities the market situation
of systems sold doubled between
active employees can sign profit-
for swimming pool construction
2009 and 2011.
participation certificates with their
had dramatically changed. The
respective Berndorf businesses.
company’s current restructuring
Berndorf Sondermaschinenbau:
Asset preservation is guaranteed for
measures aim to promote future ex-
Change in Management
the first two years.
pansion of Berndorf pool construc-
At the end of the year 2011, Otto
tion in the EU and in the distant
Stadler took over management of
Aichelin:
markets of Eastern Europe such as
the company from Martin Barger.
Success in Europe
Ukraine or Russia.
Barger is preparing for new respon-
Aichelin, in 2011, was able to
sibilities outside of the Berndorf
follow their successful past at their
New Subsidiary for Private Customers
Group. The stable workload of the
Mödling location. Contracts for
Berndorf Pool GmbH deliberately
2011 year opened a new window for
clients such as BMW, Daimler and
addresses the growing market for
Berndorf Sondermaschinenbau in
Mannesmann brought Aichelin a
private swimming pools. The firm,
the acquisition of project business.
workload that nearly reached the re-
founded in April 2011, is already
cord level of 2008. The production
the eighth member of the Berndorf
structure, made far more flexible
Bäderbau Group. In addition to pool
during the crisis years, passed the
construction, after-sales services
test at European Aichelin locations.
like winterizing, repairs, and accessory sales are also of great impor-
Aichelin’s Swiss subsidiary, SAFED,
tance to Berndorf Pool GmbH’s
impressed with innovation. The
business model.
recycling process developed by the
company for carbon-fiber reinforced
Silica:
plastics won first prize in the Bern-
Energy Storage System
dorf Group’s group-wide innovation
Silica Process Engineering, a
competition, carried out for the first
subsidiary of Berndorf’s in Berlin,
time in 2011.
constructed new plants for the
drying and purifying of natural gas
Vitality of Asia
and they became operational in
In 2011, Aichelin’s development
2011.
in China remains a success story.
The current largest challenge in
These plants are now one of the two
Asia is the competition for qualified
most important Central European
employees. However, Aichelin has
natural gas storage systems. The
been able to meet this challenge,
projects, Haidach II and 7 Fields in
with success. In 2011, Aichelin
Upper Austria, use former natural
achieved annual sales and revenue
gas reservoirs to stockpile the im-
that was twenty times higher than
portant energy source.
those 10 years ago in China. All
of these activities were essential
Furthermore, Silica was able to
in China’s total earnings for the
complete Nafta, the natural gas sto-
Aichelin group.
rage project in the Czech Republic.
27
MANAGEMENT REPORT
MARKET CONDITIONS, SALES
Strong Growth with Decreasing
inflation rate as the biggest chal-
ourselves secure as a result of these
Vitality
lenge for positive development of
numbers.
The Austrian economy was able
private consumption. Despite strong
Thus an initiative was introduced at
to expand drastically in the year
job growth, the unemployment rate
the end of 2010- under the name
2011. The Austrian National Bank
in Austria was reduced only slightly
“Best in Class”- to all the compa-
(OeNB) predicts 3.3% real GDP
in 2011.
nies in the Berndorf Group; the goal
being to become the best company
growth for Austria in the year 2011.
This is a distinctly better outcome
Vitality and Expansion Bring Company
in each of their own respective
than was expected just a year
Records
markets.
ago; however it does not represent
The Berndorf Group was able to
the beginning of a longer-lasting,
follow the successful 2010 econo-
The drive to carry this vision out
stronger economic upturn. In 2011,
mic year with an even stronger year
has already begun to show positive
surveys among businessmen at
2011. Even without new additions
results in 2011 and further sup-
home and abroad already hinted
to the company, the revenue level
ports the overall positive develop-
at an impending slowdown of the
would have been close to that
ment of the group. The Berndorf
growth momentum.
of the last economic boom year,
Group’s free liquidity opens up
2008; the result achieved was a
maneuvering room to make the
Global Economic Prospects Weaker
new historic peak. The contributi-
necessary investments in the future
The prospects of the global econo-
on of stoba Precision Technology,
that arise from this process.
my have dimmed significantly since
newly acquired in 2011, raised the
the summer of 2011. According to
total revenue of the Berndorf Group
Ongoing High Volume of Orders
further analysis from the OeNB, ini-
to 530 million Euros in all. This is
Despite weaker overall economic
tiatives from abroad were especially
a new company record. The Asian
momentum in the second half of
lacking. The cycle of investment
markets, as in the previous years,
the year, almost all companies of
which first gained momentum in
grew in importance for Berndorf
the Berndorf Group recorded order
2010 had already begun to weaken
Group.
volumes at the same high levels of
the year before. What contributed to
by the middle of 2011. Export
28
growth, after a very good first quar-
Nevertheless, global political and
this - besides a positive economic
ter in 2011, cooled off noticeably.
economic developments show that
environment - was the successful
The OeNB saw the sharp rise in the
it would be dangerous to consider
flexibility in production, which was
SHARE OF BUSINESS AREAS
OF TOTAL CONSOLIDATED TURNOVER
TOTAL CAPITAL YIELD
in per cent
15%
22%
22%
12%
9%
11%
26%
6%
21%
3%
Heat treatment
Tool & mould making
0%
2007
2008
2009
2010
2011
Automotive industry
Process & surface technology
Pool construction,
process engineering
introduced during the last crisis
new product to private consumers
a prepayment penalty paid by stoba
in many international Berndorf
in distant European markets.
for the redemption of loans. The
locations.
annual net profit therefor amounts
Emerging Markets
The emerging uncertainty about
Nearly all of the Berndorf Group’s
future economic development was
six major divisions already have pro-
initially limited to the banking
duction locations in China or India.
industry. At least until the end of
This is reflected in the continually
the 2011 year, far-reaching critical
increased contribution of the Asian
developments could be maintained.
based firms to the total develop-
The Berndorf Group, supported
ment of the Berndorf Group.
to 40.4 million.
by its financial independence and
autonomy, expects to ward off any
Record results
possible impact of the financial
The result from ordinary activities
crisis on its own companies in the
in 2011 was 58.3 million and
intermediate term.
therefore the highest in Berndorf’s
history. Compared to 2010 this is
The market development for swim-
an increase of 101%. This reflects
ming pool construction displayed an
the Berndorf Group’s excellent posi-
unusual situation. As a result of the
tioning and the effectiveness of the
stressed financial situation in many
quality and efficiency improvements
Central European communities,
implemented in all divisions during
the markets drastically changed.
the last crisis.
Therefore Berndorf Bäderbau, made
changes among the leadership team
The extraordinary result of 2011
and introduced a restructuring pro-
consists of accruals and provisions
gram to open up new fields of busi-
for restructuring measures that will
ness for the company. The focus, of
be done in 2012 (mainly in the
this program, is on swimming pool
pool construction division), acqui-
operator models and marketing this
sition cost for the stoba group and
29
MANAGEMENT REPORT
FINANCIAL POSITION, INVESTMENTS
As of December, 31st of 2011, the
enables us to take full advantage
backed securities. We prefer to
Berndorf Group’s total assets had
of any opportunities that present
follow our previous path of prudent
increased by EUR 96.4 to EUR
themselves without warning.
accounting without resorting to any
473.9. We are also very pleased to
financial manoeuvring.
report that our equity capital rose
The financial position above means
by EUR 40 million to EUR 161.4
that the Berndorf Group is well po-
million.
sitioned even in times of volatility.
Investments
Our net dept increased to EUR 77.4
In Berndorf, the project to build the
High equity ratio
million (previous year: EUR 13.4
Berndorf Band Group’s new main
The equity ratio slightly improved
million).
office building successfully began.
from 33.3% in 2010 to 34.9%
The construction project at the
in 2011. The net equity ratio was
Long-term financing liabilities
Berndorf location will be completed
reduced from 43.9% in 2010 to
In the previous year, the takeover
according to plan in 2013 and will
40.8% mainly due to the acquisiti-
of stoba Precision Technology, and
unite all the company’s divisions
on of stoba.
a dedicated investment program in
under one roof.
it’s the automotive business, could
Gross cash flow from operations
be entirely internally sustained.
amounted to EUR 84.3 million in
115, in Berndorf, has continued
2011 compared to 41.6 million in
In addition, our encouraging per-
to improve the energetic situation
the previous year.
formance in 2011 allowed us to
in the Berndorf Group’s property
replenish our reserves. Our long-
portfolio.
Flexibility through liquidity
term financing needs are also well
Even after the acquisition of stoba
secured by our bond. There is still
The acquisition of the majority
Precision Technology the Berndorf
no need to negotiate lines of credit
stake in of stoba Precision Tech-
Group’s liquidity stands at EUR 69
from the banks.
nology GmbH & Co KG, a sixth
million, which can be used for in-
30
The renovation of Hall Property
major business field was added
vestments at any time. This liquidity
Our precise, forward looking liqui-
to the Berndorf Group’s economic
gives us great flexibility: it not only
dity-planning also enables us to
priorities. The company, located
allows us to take appropriate and
remain self-sufficient over the long
in Backnang Backnang, Germany,
timely action whenever needed in
term. We are not currently making
produces high-quality components
difficult economic times, but it also
use of debt factoring or of asset
for fuel injection systems in combu-
in Euro million
INCOME FROM
ORDINARY ACTIVITIES
75
50%
60
40%
45
30%
30
20%
15
10%
0
2007
2008
2009
2010
EQUITY RATIOnet
in per cent
2011
stion engines in personal vehicles,
Additionally, all Group companies
trucks, and commercial vehicles.
continued to invest in the equip-
In the 4th quarter, a long-term
ment and machinery needed to
investment program was introdu-
maintain the high standard of their
ced to modernize and expand the
modern production facilities and to
production facilities, which lays the
strengthen the Group’s innovative
foundation for stoba’s upcoming
capabilities.
0%
2007
2008
2009
2010
2011
international campaign.
At EUR 52 million the Berndorf
Modernization and technological
Group’s investment activity corre-
investments in Hueck Engraving,
sponded to approximately 61% of
located in Viersen, have been
its gross cash flow; year-on-year in-
successfully completed. The quality
vestment increased to the 2.5 fold
of endless band surface treatment
(previous year: EUR 15 million).
obtained through new technical
possibilities received a positive
Investments in intangible and
reaction from the market. The total
tangible fixed assets totaling
investments amount to 2.5 million
EUR 40.8 million are set against
Euros.
depreciation and amortization of
BALANCE SHEET STRUCTURE*
EUR 24.9 million. Approximately
HASCO invested in expanding the
EUR 11.1 million was invested in
production area at the Lüdenscheid
financial assets.
59%
58%
56%
61%
41%
42%
44%
39%
site as well as in new technologies.
This should help to successfully
manage the good order situation after the best year since the
reorganization of the company. The
construction of a new production
hall, begun in 2011, will be completed in summer 2012.
2011
Equity
Liabilities
2010
Fixed assets
current assets
* minus cash & marketable securities
3
MANAGEMENT REPORT
RESEARCH & DEVELOPEMENT,
EMPLOYEES,
OPPORTUNITY & RISKMANAGEMENT
Research & Developement
Employees
Opportunity & Riskmanagement
In terms of their research and deve-
In 2011 the folly consolidated
Employees throughout the Group
lopment work, the companies in the
companies employed anaverage of
have a highly developed and deeply
Berndorf Group cooperate with uni-
2,363 people – 1,226 operative
ingrained awareness of the potenti-
versities, research establishments
workers and 1,137 office workers.
al risks in procurement, distribution
and customers. Our ongoing close
and customer relations, and an
relationship with our customers
The Berndorf Group sees itself as
ability to assess the risks involved
plays an important role in the crea-
a global company with a European
in new product development. Mea-
tion of new developments, because
character. Although more than 90%
sures were taken to further improve
our customers provide us with the
of all revenue is generated abroad
their risk awareness.
valuable practical knowledge that
and/or for foreign clients, around
often stimulates innovation. Even in
a fourth of the group’s workforce
To formally define this awareness,
difficult times, we have maintained
is still employed in Austria, the
and to make it easy for everyone
our research budgets in order to
historical heartland of the company.
to understand, there is an Internal
maintain the technological lead that
Berndorf AG has a clear commit-
Control System (ICS) as part of
gives us our competitive edge in the
ment to Austria, and particularly
the Enterprise Risk Management
market.
to Lower Austria. Just over every
System in virtually every part of
second employee is employed in
the company. This issue is also
Germany.
addressed in each individual mana-
Swiss Aichelin subsidiary, SAFED
was honored as the first annual win-
ging director‘s rules of procedure.
ner in the Berndorf Innovation Competition for a recycling process for
With a further focus on the flexi-
carbon-fiber reinforced plastics that
ble availability of working capital
it developed. The competition, car-
in mind, a new general financial
ried out yearly, should strengthen
guideline, applicable group-wide,
the awareness of the importance of
was developed in 2011. Continu-
innovation in the Berndorf Group
ing this, in 2012, a total of four
in a lasting way, independent of
detailed guidelines detailed will
short-term economic trends, as well
be carried out by the daughter
as honor the achievements of the
companies.
companies’ development teams.
32
Our varied production portfolio acts
No significant events that would
as a buffer against cyclical fluctu-
change the conclusions drawn
ations, whilst our broad customer
about 2010 have occurred since
base minimizes our exposure to
the balance sheet date.
serious individual losses.
We control financial risk by fixing
interest rates and, where it makes
sense to do so, by hedging against
exchange rate fluctuations and
manufacturing locally. We maintain
a degree of flexibility in passing on
fluctuations in prices and in the
cost of raw materials to our customers. Thanks to our healthy equity
capital base (equity capital 34.9%
gross, 40.8% net) and available
liquidity of EUR 69 million, there
are no reasons to fear liquidity
risks. Credit risks are minimized by
WORKFORCE
insurance and the diversified customer base of the Berndorf Group‘s
companies.
2,500
2,000
The risks to which the Berndorf
Group are exposed remain manageable and do not therefore pose a
1,500
1,000
threat to the continued existence of
the company.
500
0
2007
2008
2009
2010
2011
33
MANAGEMENT REPORT
OUTLOOK
Outlook 2012
perform well under these economic
a sustainable and positive outcome
Economic researchers believe that
conditions and on their diversified
in the next year seems realistic.
a possible expansion of the current
product portfolio.
Persistence on this path of autonomous organizational and financial
national debt crisis into a real
economic crisis within the next two
Active Strategies for Handling Current
capability will further strengthen
years could happen. Nevertheless,
Challenges
the independent, growth-oriented
the effects should be sufficiently
The public debate during the
market position of the Berndorf
cushioned and/or delayed so as to
lowering of many European national
Group.
make the development of a crisis
economies’ ratings does bring the
situation like that of 2008 impro-
chance for effective reforms in
We are working to keep these pro-
bable.
EU nations; however at the same
gnoses achievable. Broad support
time it leads to uncertainty about
for innovative processes, the moti-
WIFO, the Austrian Institute of Eco-
the future path of the monetary
vation of group companies to draw
nomic Research, predicts growth of
union. The market’s psychological
on the “Best in Class” program to
only about.4% in Austria in 2012,
ramifications of this situation mean
create a “winner’s mentality” and
as well as 1.6% in 2013. Even
that no certain mid- to long-term
the increase of international efforts
then, the average value shows no
prognoses can be made at the
in both the traditional and new
general economic boom in sight. In
moment.
company areas will support us in
this goal.
WIFO’s intermediate-term prognosis for future development of until
The Berndorf Group is therefore
2016, it remains a modest econo-
consistently operating with vari-
Growth through Internationalization
mic recovery with average growth
ous scenarios that can be adapted
China and India - according to
rates of 1.6% per year. However,
to any situation. In this way, the
WIFO - will continue to record the
the Austrian economy will profit
company is able to enter the chal-
highest economic growth per year,
from the favorable development of
lenging 2012 year optimistically
with +8.6% and +8.4% respective-
international trade. WIFO calculates
and with confidence. The consistent
ly. Growth rates over 4 percent are
an average yearly export growth of
application of risk policies, good
also expected for the other develo-
5.5% over the years 2012-2016.
liquidity situation and proactive
ping and emerging nations.
role of management in directing the
34
We expect that the export-oriented
companies of the Berndorf Group
At the crest of this development,
areas of the Berndorf Group will
guarantees this outlook. Achieving
the Berndorf Group’s companies
have been active in these emerging
declared growth goal. Reaching this
forward to working together in the
markets for several years now. The
goal will strengthen the strategi-
future, confident that we are equip-
expected – and even stronger - es-
cally independent position of the
ped to meet whatever challenges
tablishment of a customer focus in
Berndorf Group even further for the
the next few years have in store.
the growth markets of China, India
years 2012-2016. The decentra-
and Brazil will place the companies
lized organization of the group, and
in the position to earn an even lar-
the corporate commitment to its
ger percentage of their total revenue
employees, makes Berndorf today a
in these regions.
company with a global view.
Individual growth in the now six
We would like to take the opportuni-
major company areas, differenti-
ty to thank all of our employees for
ated according to industry, is our
their hard work in the past and look
Berndorf, March 29th, 2012
Franz Viehböck
Peter Pichler
Dietmar Müller
10 years at Berndorf
22 years at Berndorf
23 years at Berndorf
35
“Concentrating on the Essentials Opens up
Room to Maneuver and Brings Security”
INTERVIEW NORBERT ZIMMERMANN
Many observers will remember 2011
that I act as a sensitive seismo-
time yet to become “spoiled” and
ambivalently. Natural disasters and
graph for future developments.
“overweight” again.
lines much of the year; while the eco-
What expectations do you have for
Someone who isn’t spoiled, gets
nomic outlook darkened in the second
2012 and the years to follow? Do you
through uncertain times better?
half of the year. What does Berndorf
see more danger or greater opportu-
That alone would not be enough.
AG take away from this year?
nity?
Our operations have also gained
From the perspective of the board
At the moment it is not possible to
the confidence knowing that they
and the owners’ representative,
make any definite mid- to long-
are prepared to handle the worst.
2011 was a very good year for Bern-
term prognoses. Anything can be
It’s the right training and proper
dorf. The management and emplo-
possible, even long-established
preparation to handle various sce-
yees brought in record results. It’s
indicators are not always reliable.
narios that makes the difference.
a pleasure to see where the entire
In 2008 the so-called ‘real econo-
Good management can then make
group now stands. From the figures
my’ had not recorded an economic
the right decisions - even when
we have available, there is no major
slump in a very long time. But this
uncertain.
crisis to be seen as of yet, although
supposed calm was followed by one
the strength of the order situation
of the greatest collapses that we
Take for example, the current future
weakened.
have ever experienced. Neverthe-
of the Euro: the likelihood that it
less, I believe the situation today is
will break apart is 20 percent; the
incomparable to then.
likelihood that it partially breaks
political crises dominated the head-
What is happening at the head of the
company to maintain this course?
36
apart is 50 percent, and so on.
The structures are well established.
Why - what is the difference?
We can’t influence what happens
The bodies of the company - the
The main difference, in my opinion,
around us. But the better we
management and the Board of
is that we are quite simply better
prepare for various scenarios, the
Directors - are able to concentrate
prepared for uncertain situations
better we’re able to hit upon the
on their duties and practice good
today. The crash of 2008/2009
right things to do.
teamwork in their interactions with
came out of the blue, after six
the generations and the employees.
uninterrupted years of growth. That
Speaking of “hitting upon” some-
This is important, because it gives
was a shock. But many well-run
thing, the “Innovation Emperor” was
us enough time to prepare for diffe-
companies, including Berndorf,
awarded for the first time in 2011.
rent scenarios.
have come out of this crisis trim
It recognizes those companies and
I try to carry out my role as Chair-
and athletic and remain in this
employees that do exceptionally
man of the Board in such a way
condition today. There has been no
forward-looking work in the Berndorf
Group. What importance does innova-
institutions cooperate with one ano-
Construction, Silica and Berndorf
tion have as a stimulus for growth in
ther. I hardly notice communication
Joint Ventures, there are six exciting
Berndorf?
issues. This is true not only for the
centers from which new individual
Innovation is the fundamental ener-
management and Board of Direc-
growth can emerge. I don’t current-
gy that drives a company forward. It
tors, but also for the owners and
ly foresee an expansion to another,
needs time and space, but also ap-
labor representatives on the Board
seventh center.
preciation. Efficient structures in an
of Directors. We don’t waste any
organization allow the employees to
time on marginal issues, but rather
The roughly 2000 employees, loca-
concentrate on the essentials giving
use our energy on truly important
ted in the German-speaking world,
innovation the ability to thrive.
things.
give our company a very strong
The innovation prize in Berndorf
These included in particular the
The variety of branches makes us
brought gratifying projects to light
establishment of event-based
crisis-proof and opens up room to
and showed how much imagination
financial planning and the success-
maneuver which should be exploi-
there is in the company. The fact
ful acquisition and integration of
ted. We still have much to do not
that the road from visionary idea to
stoba. Both of these were examples
only in Europe but particularly out-
practical implementation is often
of good cooperation for the Manage-
side of Europe. Eight billion people
a rocky one has not deterred our
ment and the Board of Director.
in total are waiting with needs and
operations from pursuing it. All
The Berndorf Group now stands on
desires that need to be fulfilled. If
the nominated projects are already
six pillars and can continue to grow
we are creative enough and willing
being implemented by clients. In
independently under its own power.
to approach these people - from
foundation in the center of Europe.
Europe to Asia, to North and South
this way, innovation becomes a long
term strength.
From the perspective of the owners
America, or even to Africa - we will
and the Board of Directors, what
continue to succeed.
You mentioned efficient structures
growth-oriented development steps do
that facilitate innovation. The
you see coming to Berndorf AG?
innovation prize was developed by
After the major expansion with
the Berndorf AG management and
stoba and the resulting anchorage
financed by the owners through the
in the automotive supply industry,
SAX foundation. Is this an example of
the Berndorf Company, as a whole,
what you mean by that?
has reached a great width. With
From my perspective, it’s a testa-
Berndorf Band & Hueck, stoba,
ment to how well Berndorf AG’s
Aichelin, HASCO, Berndorf Pool
37
FINANCIALS
BALANCE SHEET (ASSETS)
IN TEUR
2011
2010
A. Fixed assets
I. Intangible asset 1. Concessions, copyrights and other rights 2. Goodwill 3. Advance payments
171,577
2,690
1,193
1,429
68
111,387
2,089
999
1,090
0
II. Property, plant and equipment
1. Land, buildings and improvements on leasehold property
2. Machinery, plant and equipment
3. Other machinery, plant and equipment
4. Advance payments and assets under construction 130,571
36,090
56,972
20,993
16,517
76,857
37,875
26,724
8,657
3,601
III. Financial assets
1. Investments in affiliated companies (not consolidated) 2. Investments
a) Investments in associated companies (consolidated)
b) Investments in associated companies (not consolidated)
c) Other investments
3. Loans to affiliated companies (not consolidated)
4. Marketable securities and rights
5. Other loans
38,316
6,610
11,793
7,733
3,740
319
218
18,591
1,104
32,441
7,476
12,525
7,440
4,755
330
218
11,000
1,222
B. Current assets
I. Inventories
1. Raw materials and supplies
2. Work in progress less prepayments from customers
3. Finished goods and trading stock less prepayments from customers
4. Service not yet invoiced less prepayments from customers
5. Advance payments less prepayments from customers
300,268
85,846
32,987
27,175
16,401
3,636
5,647
264,476
60,737
22,426
19,214
10,602
3,190
5,305
II. Receivables and other assets
1. Trade accounts receivable
2. Accounts receivable from affiliated companies (not consolidated) 3. Accounts receivable from associated companies 4. Other receivables and assets
145,509
96,587
7,601
6,192
35,130
112,784
68,743
9,829
2,442
31,770
III. Marketable securities
16,863
45,463
IV. Cash on hand and in banks
52,050
45,492
2,062
1,669
473,906
377,532
C. Prepaid Expenses
(incl. deferred taxes of TEUR 1,055; prev. year TEUR 602)
TOTAL ASSETS
38
BALANCE SHEET (LIABILITIES)
IN TEUR
A. Shareholders‘ equity
I. Capital stock
II. Participation certificate
III. Capital surplus
IV. Reserves
V. Translation component
VI. Minority interests
VII.Unappropriated retained earnings
(thereof retained earnings TEUR 62.359; prev. year TEUR 51.663)
B. Untaxed reserves 1. Reserve from accelerated depreciation and other special write-off
2. Other untaxed reserves
C. Grants
Grants, § 3 Abs 1 Z 6 EStG
2011
2010
161,437
11,000
1,222
1,778
21,914
3,107
33,347
89,069
121,492
11,000
1,222
1,778
19,977
2,160
14,866
70,489
3,907
3,444
464
4,196
3,746
450
674
837
D.
1.
2.
3.
4.
Accrued liabilities Accrual for serverence payments
Accruals for pensions
Tax accruals
Other accruals
87,342
7,683
18,501
9,720
51,438
75,011
7,343
17,644
5,017
45,007
E.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Liabilities
Loans
ERP loans (subsidised)
Bank loans and overdrafts
Advance payments
Trade accounts payable
Liabilities due to drawn drafts and issued promissory notes
Accounts payable to affiliated companies (not consolidated)
Accounts payable to associated companies Other liabilities
219,440
45,000
4,014
97,259
22,351
25,784
0
1,936
1,187 21,909
173,592
45,000
5,689
53,701
33,591
17,334
51
210
6,822
11,194
F. Deferred income
1,106
2,404
TOTAL LIABILITIES
473,906
377,532
Contingent liabilities
39,190
17,352
39
FINANCIALS
INCOME STATEMENT
IN TEUR
2011
2010
528,532
374,602
2. Decrease/increase in finished and unfinished goods and work in progress
3. Own work capitalized
12,384
8,607
7,454
2,656
4. Other operating income
a) Income from sale of property, plant and equipment
b) Income from reversal of accruals
c) Other
11,648
415
2,745
8,488
9,243
917
1,546
6,780
-250,167
-213,740
-36,427
-185,009
-154,249
-30,760
-138,757
-40,824
-69,744
-1,993
-1,886
-98,529
-21,382
-56,797
-1,309
-1,409
-22,667
-1,643
-16,919
-713
-24,444
-12,607
-84,170
-800
-83,370
-66,214
-588
-65,626
1. Net sales
5. Costs of materials and purchased services
a) Cost of raw materials, supplies and trading stock
b) Cost of purchased services
6. Personnel expenses
a) Wages
b) Salaries
c) Allocation of accrual for severance payments
d) Expenses for pensions
e) Expenses for statutory social security and payroll related contributionse
f) Other social benefit
7. Amortization on intangible and depreciation on tangible assets
8. Other operating expenses
a) Taxes
b) Other
9. OPERATING INCOME
40
63,633
31,596
IN TEUR
2011
2010
10. Income from investments
a) Associated companies
b) Other
2,348
2,348
0
1,663
1,663
0
11. Income from other longterm securities and loans
288
143
12. Other interest and similar income 1,911
(thereof affiliated companies TEUR 279; prev.year TEUR 263)
1,622
13. Income from retirements and writeup of financial assets and marketable securities
1,581
14. Expenses related to financial assets and marketable securities
-1,734
a) Amortization
-1,509
b) Other
-225
15. Interest and similar expenses -9,693
(thereof affiliated companies TEUR 6; prev.year TEUR 4)
16. RESULT FROM FINANCIAL ACTIVITIES
-5,298
17. RESULT FROM ORDINARY ACTIVITIES
163
-465
-321
-144
-5,768
-2,642
58,335
28,954
541
6,001
19. Extraordinary expense
-7,919
-4,356
20. EXTRAORDINARY RESULT
-7,378
1,645
-10,526
-5,508
40,430
25,091
346
868
-14,067
-6,872
0
-261
62,359
51,663
89,069 62,359
18. Extraordinary income
21. Income taxes
22. NET PROFIT
23. Transfer from untaxed reserves
24. Minority interests
25. Transfer to untaxed reserves
26. Retained earnings/accumulated losses
27. DIVIDENDS DECLARED AND PAYABLE
41
FINANCIALS
CASH FLOW STATEMENT
IN TEUR
Result from ordinary activities
Transition to the net cash flow from operating activities:
Depreciation/write-back of depreciation of fixed assets Write-ups of investment assets
Profit/loss on the sale of fixed assets Release of investment grants
Other non-cash transactions
Changes in inventories, receivables and other assets Changes in provisions and accruals, excluding corporate income tax
Changes in trade and other liabilities Net cash flow from ordinary activities
2011
2010
58,335
28,954
25,733 0
-1,890 -163
1,030
-22,514
3,859
-6,336
58,054
12,926
-1
-1,079
-218
0
-26,856
462
10,114
24,302
Net cash flow from extraordinary activities
Payments for corporate income taxes
Net cash flow from operating activities
-4,069
-6,395
47,590
-4,822
-3,710
15,770
Cash received from the sale of fixed assets (excl. financial assets)
Cash received from the sale of financial assets and other financial investments
Payments from first-time consolidated companies and associated companies
and other payments from additionally bought shares
Payments from deconsolidation of subsidiaries
Payments for fixed assets (excl. financial assets) purchased during the year
Payments for financial assets purchased during the year
Net cash flow from investment activities
33,476
3,691
6,938
2,297
-1,515
0
-39,956
-11,131
-15,435
11
0
-11,383
-4,830
-6,967
Capital contribution from shareholders
Repayments of loans
Payments from participation certificates
Net cash flow from financial activities
-9,641
-46,906
468
-56,079
-4,519
-27,148
189
-31,478
-23,924
623
1,260
90,954
68,913
-22,041
-22,675
812
0
112,817
90,954
-21,862
Effective payment changes in cash and cash equivalents
Changes arising from exchange rates or other changes
Erstkonsolidierung verbundene Unternehmen, nicht konsolidiert
Liquid funds at the beginning of the year/period
Liquid funds at the end of the year/period
Cash (+) increase/ (-) decrease
Composition of liquid funds
Cash on hand and in banks
52,050
45,492
Marketable securities (current assets)
16,863
45,462
42
REPORT OF THE SUPERVISORY BOARD
In the 2011 financial year, the Supervisory Board held
ments did not reveal any material grounds for objection
six meetings and performed its duties in accordance
and were thus awarded an unqualified opinion.
with the law and the articles of association.
The Supervisory Board agrees with the result of the
The Board of Directors informed the Supervisory Board
audit, with the financial statements including the
at regular intervals verbally and in writing about the
management report and proposal for the appropriation
course of business and about the situation of the Group
of net income submitted by the Board of Directors, and
and the Group companies. The Supervisory Board dis-
approves the financial statements in accordance with §
cussed in detail all transactions and measures requiring
125 par. 3 of the Austrian Stock Exchange Act (Aktien-
its approval.
gesetz), which are thus considered adopted.
The Board also agrees with the consolidated financial
At the meetings of the Supervisory Board, members
statements prepared in accordance with § 246 of the
particularly discussed acquisitions, the economic
Austrian Corporate Code (Unternehmensgesetzbuch).
situation of the Group companies and their outlook,
measures to improve competitiveness and market po-
We would like to express our sincere thanks to the
sition, as well as the Group’s investment and financial
members of the Board of Directors and to all employees
planning.
for their dedication and outstanding performance.
The 2011 financial statements and consolidated finan-
Berndorf, March 2012
cial statements of Berndorf AG prepared by the Board
of Directors, and the consolidated management report
summarised in the management report, were audited by
Deloitte Wirtschaftsprüfungs GmbH. Examination of the
Norbert Zimmermann,
financial statements and consolidated financial state-
Chairman of the supervisory board
43
AUDITOR‘S REPORT
We have audited the consolidated financial statements
of the accounting standards applied and the principal
of Berndorf Aktiengesellschaft, Berndorf, for the finan-
estimates made by the legal representatives, as well as
cial year from 1 January to 31 December 2011. The pre-
an evaluation of the general import of the consolidated
paration and the contents of these consolidated financial
financial statements. We believe that the audit evidence
statements, as well as the consolidated management
we have obtained is sufficient and appropriate to provide
report prepared in accordance with Austrian company
a basis for our audit opinion.
law, are the responsibility of the legal representatives
of the company. It is our responsibility to issue an audit
Our audit did not give rise to any objections. In our opi-
opinion on said consolidated financial statements based
nion, based on the findings of our audit, the consolida-
on our audit and to issue a statement as to whether the
ted financial statements of Berndorf Aktiengesellschaft
consolidated management report is consistent with the
comply with the legal provisions and give a true and fair
consolidated financial statements.
view, in accordance with generally accepted Austrian accounting principles, of the net assets and financial posi-
We carried out our audit in accordance with the statutory
tion as at 31 December 2011, as well as the results of
provisions applicable in Austria and with the principles
operations and cash flow of the Group for the financial
of proper auditing. These principles require that we plan
year from 1 January to 31 December 2011. The consoli-
and perform the audit in a way that enables us to issue
dated management report is consistent with the consoli-
a sufficiently confident opinion on whether the consoli-
dated financial statements.
dated financial statements are free of substantial misrepresentations and to make a statement as to whether
the consolidated management report is consistent with
the consolidated financial statements. In determining
the auditing procedures, we took into account our understanding of the Group‘s business activities and its
economic and legal environment, as well as our evaluation of possible misstatements.
Vienna, March 2012
Deloitte Wirtschaftsprüfungs GmbH
Michael Heller
Gudrun Dorner
Auditors
During the audit, the documentary evidence of amounts
and other figures in the consolidated financial statements is predominantly evaluated on the basis of random inspections. The audit also includes an assessment
44
Publication or dissemination of the financial statements in a form that
deviates from the approved version requires our prior consultation if our
report is quoted or referenced.
Berndorf AG / Consolidated financial statements.
ADRESSES
Berndorf AG
Berndorf Band GmbH
Joh. Pengg AG
Leobersdorfer Str. 26
Leobersdorfer Str. 26
A-8621 Thörl – Austria
A-2560 Berndorf – Austria
A-2560 Berndorf – Austria
T: +43 / 3861 / 5090
T: +43 / 2672 / 829 00
T: +43 / 2672 / 800
F: +43 / 3861 / 2318
F: +43 / 2672 / 834 26
F: +43 / 2672 / 84 176
www.wire-pengg.com
www.berndorf.at
www.berndorf-band.at
PC Electric GmbH
HASCO Hasenclever GmbH + Co KG
HUECK Rheinische GmbH
Diesseits 145
Im Wiesental 77
Helmholtzstr. 9
A-4973 St. Martin – Austria
D-58513 Lüdenscheid – Germany
D-41747 Viersen - Germany
T: +43 / 7751 / 61 220
T: +49 / 2351 957 / 0
T: +49 / 2162 / 94694-0
F: +43 / 7751 / 69 69
F: +49 / 2351 957 / 237
F: +49 / 2162 / 94694-51
www.pcelectric.at
www.hasco.de
www.hueck-rheinische.com
stoba Präzisionstechnik GmbH + Co KG
Berndorf Metall- und Bäderbau GmbH
Seilwerk GmbH
Lange Äcker 8
Leobersdorfer Str. 26
Binderlandweg 7
D-71522 Backnang – Germany
A-2560 Berndorf – Austria
A-4030 Linz – Austria
T: +49 / 7191 806 / 115
T: +43 / 2672 / 836 40
T: +43 / 732 / 381 271-0
F: +49 / 7191 806 / 169
F: +43 / 2672 / 836 40-49
F: +43 / 732 / 383 848-20
www.berndorf-baederbau.com
www.lumpi-berndorf.at
Lumpi-Berndorf Draht- und
Aichelin GmbH
Fabrikgasse 3
Silica Verfahrenstechnik GmbH
A-2340 Mödling – Austria
Wittestr. 24
T: +43 / 2236 / 236 46-200
D-13509 Berlin – Germany
F: +43 / 2236 / 222 291
T: +49 / 30 / 435 73 5
www.aichelin.at
F: +49 / 30 / 435 73 300
www.silica.de
Publisher
Berndorf AG
Leobersdorfer Straße 26
A-2560 Berndorf, Austria
Company Reg. Number: FN117391i
Company Registrar: LG as HG Wr. Neustadt
VAT-Nr.: ATU14689005
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