2012 - SHV

Transcription

2012 - SHV

Overview
2011 Text
Year
Overview
2012Page A4
2012 06 14
Overview 2011 Text Page A4
2012 06 14
Contents
SHV at a glance
4
Report of the Supervisory Board of Directors
6
Five year summary
10
Report of the Executive Board of Directors
12
Corporate Philosophy
48
Major operating companies
SHV Energy
Dyas
Mammoet
ERIKS
NPM Capital
Corporate
50
50
53
55
56
59
63
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Year Overview 2012
SHV at a glance
SHV is a privately-held family company that aims to maintain its strong
position in a number of operational activities and selected investment
activities. We invest for the long term, expand and develop businesses,
and provide our customers with excellent value services. We achieve
all this thanks to a team of people who are proud to be part of SHV.
SHV
The company was founded in the Netherlands in 1896 as a result of the
merger between a number of large coal trading companies. After the
decline of coal as the primary source of energy, halfway through the
twentieth century, SHV moved into other business areas.
Today, SHV is present in 48 countries on all continents and employs
about 56,000 people. We are active in energy distribution, cash-andcarry wholesale, heavy lifting and transport activities, and industrial
services. As an investor we are involved in the exploration,
development and production of oil and gas, primarily in the North Sea,
and we provide private equity to companies in the Benelux.
SHV Energy
Energy distribution
SHV Energy is the leading supplier of LPG in the world. Well-known
brand names include Primagaz, Calor Gas, Liquigas, Super Gas,
Ipragaz, Supergasbras and Gaspol. SHV Energy is also involved in the
distribution of LNG and sustainable biomass, cogeneration technology
and small-scale solar technology.
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Dyas
Oil and gas investments
Dyas invests in joint ventures in the exploration, development and
production of oil and gas. Dyas acts as a non-operator, with a primary
focus on the North Sea.
Makro
Cash-and-carry wholesale
Makro is a focused cash-and-carry wholesaler with 215 Makro stores
in South America and Thailand. It distributes food and non-food
products with excellence in price, quality and variety to professional
customers.
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Year Overview 2012
Mammoet
Heavy lifting and transport
Mammoet is a world-class, leading company specialised in heavy
lifting and transport solutions worldwide. Mammoet provides services
to the petrochemical, power generation, civil and offshore sectors.
ERIKS
Industrial services
ERIKS is engaged in the supply of high-quality mechanical
engineering components and associated technical and logistics
services. ERIKS has a leading position in its markets in Europe and the
USA. The ERIKS Group has a presence in 27 countries.
NPM Capital
Private equity investments
NPM Capital provides private equity to companies with above-average
growth opportunities and focuses mainly on unlisted, medium-sized
businesses in the Benelux. As a reliable and long-term investor, NPM
Capital has built up a strong market position over several decades and
has holdings in 32 companies.
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Year Overview 2012
Report of the Supervisory Board of Directors
In 2012, SHV achieved a solid result in challenging global economic and political circumstances.
The company is fortunate to have a diversified business with a good geographical spread, with
excellent people in all of its businesses. SHV's long-term investment programme in people and
assets, combined with its conservative financing, provides it with considerable resilience which
enables the company to cope with adversity. During the year, the company focused on
strengthening its activities by improving its commercial agility, operational productivity and cash
management. SHV further pursued its strategy to invest in people and embarked on a global
sustainability programme.
During 2012, the Supervisory Board of Directors held five meetings and was in regular contact with
the Executive Board of Directors. At each meeting, the Executive Board informed the Supervisory
Board about the financial position of SHV and its businesses, the main developments in their
markets and the performance of each business and of the group as a whole. The Supervisory
Board is informed in writing of the financial performance of the company on a monthly basis as well
as immediately in the case of any special matters concerning the company.
The Supervisory Board regularly reviews the strategy of each of SHV's activities. In 2012 the
strategy and positioning of Mammoet and NPM Capital were specifically reviewed. On an annual
basis, the Supervisory Board is informed about the outcome of post-investment reviews for larger
investments. In 2012 the major investments made in 2008 were evaluated and the lessons learned
were included in the investment proposal process. The Supervisory Board also approved the
annual plan of the businesses for 2013. After giving its approval in 2011, the Supervisory Board
supported the process of attracting long-term financing through private placements in the USA and
a smaller private placement in the Netherlands. During the course of 2012, the Executive Board
2012 06 14 specific proposals for investments and acquisitions including the private equity
submitted
investments of NPM Capital.
At a meeting in which the auditors were present, the Supervisory Board discussed the findings of
the annual audit and risk management review as well as compliance and the effectiveness of
controls. The Supervisory Board also evaluated its own functioning.
In September 2012 the Supervisory Board visited Houston, where the Board met the management
of Mammoet USA, the Executive Board of ERIKS and the local senior management of ERIKS'
businesses in North America — ERIKS Seals & Plastics, LewisGoetz, Rawson, Industrial Controls
and Newdell — and made site visits to Rawson and Newdell. As always, it is important to visit a
business and meet with local management and to be informed of the local challenges and
opportunities.
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Year Overview 2012
The 2012 Annual Report, drawn up by the Executive Board, has been examined by the auditors
and has been found to be in order. The Supervisory Board of Directors proposes to the General
Meeting of Shareholders that:
– the financial statements be adopted as presented herewith;
– the Executive Board of Directors be discharged of further responsibility in respect of the
management of the company during 2012, and the Supervisory Board of Directors in respect of
the supervision thereof;
– the distribution of income and the manner of dividend distribution, as proposed by the Executive
Board of Directors and approved by the Supervisory Board of Directors, be accepted.
At the end of the General Meeting of Shareholders, held on April 20, 2012, the term of
Mr H.H.F. Wijffels expired. At the same meeting he was re-appointed as member of the
Supervisory Board. The proposal to appoint Mrs P. Mars Wright as member of the Supervisory
Board was adopted in the same General Meeting of Shareholders.
At the end of the General Meeting of Shareholders to be held on April 19, 2013, the term of
Mrs L.A.A. Van den Berghe on the Supervisory Board will expire. Mrs van den Berghe has been
part of the Board for fifteen years, in which she has seen generations come and go, and in which
many changes have taken place in businesses, and in the circumstances that SHV has operated
in. Despite these changes, her contribution has been consistent throughout, with a clear eye for the
essentials of governance and strategy. We sincerely thank her for this.
Mr J.J. de Rooij informed the Supervisory Board and his colleagues on the Executive Board in June
2012 that, after seven years as member of the Executive Board, he has decided to leave SHV for
2012 06 14reasons and pursue his career outside SHV. He resigned from his position on the
personal
Executive Board per October 1, 2012. Mr de Rooij played an essential role in the large acquisitions
as well as divestments made by SHV in recent years, including the sale of The David J. Joseph
Company. His contribution to a better control framework is a solid base for the company in the
coming years. We thank Mr de Rooij for his input, dedication and contribution to SHV.
The Supervisory Board proposes to appoint Mr B.L.J.M. Beerkens and Mr W. van der Woerd to the
Executive Board. Mr Beerkens has decided to join SHV after a long and succesful career at Wolters
Kluwer, most recently in the function of CFO. Mr van der Woerd has been part of SHV for many
years, having started his career in the company with Makro, and is currently responsible for Human
Resources and Management Development within SHV. The proposed appointments will
complement the EBD with both financial and HR expertise. The Executive Board of Directors of
SHV will then comprise of Messrs P.J. Kennedy (Chairman), B.L.J.M. Beerkens, S.R. Nanninga
and W. van der Woerd.
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Year Overview 2012
The outlook for the year ahead is not very favourable for many sectors of the global economy. The
Supervisory Board will continue to focus on strategic opportunities as well as on optimisation of the
current activities, cash generation and staffing the company with excellent people. The
Supervisory Board sincerely thanks the employees and the Executive Board for their valuable
contribution to the company in 2012. In times of rough economic weather, it is a joy to be part of
SHV and its dedicated, inspiring management and employees. All of their continuing efforts make
the results!
March 15, 2013
On behalf of the Supervisory Board of Directors,
A.M. Fentener van Vlissingen
Chairman
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Year Overview 2012
Five year summary
Results, in millions of euros
Net sales
Income from operations *
Net income
Amortisation, depreciation
and depletion
Income taxes
Dividend
Cash flows, in millions of euros
Operational cash flow
Investment cash flow
Financing cash flow
Financial position, in millions of euros
Shareholders’ equity
Equity of the Group
Total assets
(
2008
2009
2010
2011
2012
11,293
809
1,382
11,921
912
541
16,008
977
603
17,362
911
782
20,010
960
714
364
252
205
421
267
216
517
305
227
493
327
238
607
297
254
1,053
192
63)
3,299
3,516
7,851
(
(
1,179
1,686)
310)
(
(
3,169
3,473
8,583
1,149
1,010)
574)
(
1,354
1,666)
370
(
(
1,217
537)
474)
3,530
3,895
9,273
3,513
3,784
10,174
3,829
4,066
10,233
Ratio information
Net income as a percentage of
shareholders’ equity
2012 06
Equity
of 14
the Group as a percentage of
total assets
Current assets in relation to short-term
liabilities
42%
17%
17%
22%
19%
45%
40%
42%
37%
40%
1.82
1.34
1.17
1.01
1.22
Employees, at December 31
Nominal number
38,100
45,800
50,300
54,700
55,800
Amounts per share
Net income
Dividend
190.65
28.25
74.51
29.75
83.10
31.25
107.76
32.75
98.26
35.00
* before exceptional items
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Report of the Executive Board of Directors
General
SHV is a private company operating globally with a diverse range of mostly operational activities. It
has a history of being a long-term investor, decentrally organised complemented with essential
central controls. The company is focused on people, safety, innovation, renewal, growth and
community. The primary objective of the company's businesses is to be competitive and to offer
added value to a growing base of satisfied and loyal customers. The company aims to improve its
profitability by consistently enhancing its performance in meeting this objective.
The overall result for SHV in 2012 was good. As is always the case with such a broad and diverse
range of activities, some activities and businesses performed better than others. This includes
varying performances from companies operating in the same field within individual activities.
Geographical differences in performance were also evident in the year. Some European-based
businesses in particular delivered performances that reflected the economic strain evident in
recent years in the region. NPM Capital, by the very nature of its activity in private equity, tends to
show results that fluctuate widely from time to time when compared with like-for-like results from
SHV's operational activities. Whereas SHV's net income over 2011 included the benefit of an
exceptional performance at NPM Capital, the corresponding results of NPM Capital in the year
under review were more in line with that which may be considered the norm.
Total sales in 2012, at € 20.0 billion, represented an increase of 15% (€ 2.6 billion) compared with
the preceding year. Income from operations, at € 960 million, compared with € 911 million in 2011
(an increase of 5%). Net income decreased year on year by € 69 million (9%). At constant
exchange rates, sales grew by 15% year on year, income from operations increased by 3%, and
net income decreased by 9%.
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The economic environment in which the businesses are operating is very troubling for all
concerned. The fallout from the 2008-2009 financial and banking crises continues to make itself felt
and remains very much unresolved. It remains a big threat to economic, social and political
stability, especially in major parts of Europe at the present time. The impact of the crises on
business is to be felt in reduced spending power and in cutbacks in investments. Government
deficits are being reined in out of necessity. Increased direct and indirect taxation is a consequence
of this. All of SHV's businesses are feeling the impact of these macroeconomic developments,
whether it is in reduced consumption of LPG in many European countries and even in parts of India
and China, or in the reduced performance of several of NPM's participations, the reduced order
backlog for ERIKS, or the below-average utilisation rates for certain segments of Mammoet's fleet
of cranes in the Benelux. As is well known, some formerly high-growth economies have also
slowed down significantly. Brazil is a notable example in this regard. Such developments inevitably
have an impact on pricing and margins, and call for ever-improving efficiency and productivity to
retain hard-pressed customers.
However, in some respects, the global economy still appears to be a two-speed world with a
number of Asian countries — especially China — still growing at rates that are the envy of the
traditional Westernised economies. It is to be hoped that these growing economies do not also fall
into the recessionary sphere, as they create demand for imports that is critical to maintaining
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employment and social order in the many countries now suffering from depressed internal demand.
Notwithstanding their apparent attractiveness, some of these larger and faster-growing economies
are not necessarily good matches for much of SHV's activities for a variety of reasons. Hence the
majority of SHV's interests are thus far concentrated in Europe, South America and to a lesser
extent in Asia and North America. On an overall scale, the company has a limited presence in Africa
and Australia. What presence there is in these latter two regions is attributable to important project
work being undertaken by Mammoet. Geographical diversification is always a consideration in
SHV's investment strategy. Once the opportunities are there and our defined investment criteria
are met, SHV would be keen to invest in these potential host markets.
All of SHV's activities perform in highly competitive and changing environments. Differentiation in
all of the businesses is encouraged, with a specific focus on innovation where it is at all practical or
possible. Corporate social responsibility has always been exercised by SHV as a basic principle of
doing business. The traditional focus on people and safety is a testament to this. New health and
safety policies were implemented and further safety investments were made in order to keep our
equipment and working environment in compliance with SHV's safety standards. Key Performance
Indicators in health and safety are continuously being refined and measured in all SHV activities.
This allows for benchmarking among the businesses.
SHV believes that sound business is rooted in high ethical standards and full compliance, at a
minimum, with the laws and regulations prevailing in its respective markets. It is always the
intention of SHV to raise standards of compliance and operating practices. In the light of this, SHV
has in recent years increased its focus on sustainability. Not only is this doing what is right from an
ethical and societal point of view, it is also a strategic initiative in general to pursue value-enhancing
2012 06 14
differentiation
in what the company has to offer its customers. In essence, sustainability is a
morally, socially and economically enhancing proposition. In a rapidly changing world with
environmental, demographic, natural resource and other issues, there is a requirement for
businesses to adapt to changing needs and customer demands. Engaging the greatest number
possible of SHV's own people in finding solutions that improve efficiency and productivity — by
doing more with less — is an ambition being pursued by senior management throughout the
organisation. Businesses are being stimulated through specific education programmes and the
sharing of experiences to actively explore all possibilities for the integration of sustainability in the
formulation of strategy. Most of SHV's activities are well advanced in their comprehension of the
sustainability concept, with further application being progressed.
SHV believes in maintaining strong balance sheets and avoiding over-leveraging. This is selfevidently more critical at the present time than it was before the banking and financial crises. As
everyone knows, the refinancing of even quite sound businesses has become extremely difficult in
recent years, as banks have had to first deal with weaknesses in their own balance sheets, either
voluntarily or by regulation. This reality puts the focus on cash management in a very forceful way.
SHV has not been exempt from this reality. Management is monitoring working capital and
investment cash flow at least as critically as at any time in recent decades. SHV’s Treasury was
very successful in 2012 in securing private placement financing totalling USD 533 million in the
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USA as well as financing in the Netherlands. Nevertheless, the relentless focus on cash
management intensified further in the year.
Growth is pursued both organically and by acquisition. Investment cash flow in 2012 amounted to €
537 million compared with € 1,666 million in the previous year. The figure for 2011 included the
acquisition of the remaining 25% in Mammoet as well as a number of significant acquisitions by
ERIKS in the USA. SHV has adopted a strategy to invest in broadening and deepening its presence
in existing activities in recent years.
SHV is intent on being a long-term investor in each of its activities. However, circumstances do
arise in which divestments are pursued. The company's sensitivity in circumstances in which
divestments are made is driven by two factors. One of these is, of course, the practical economic
considerations that must be taken into account. The other is that divestments are also considered
in terms of how they can be explained to SHV's own people, meaning that the market, economic
and strategic arguments favouring a divestment must be apparent and rational to the people in the
organisation. As it happens, there have only been eight minor divestments in 2012. These have
been in the SHV Energy and Dyas activities. Divestments in the NPM Capital portfolio are always
pursued on the basis of what is judged to be optimal in terms of timing and valuation and are a
normal feature for an activity in private equity.
SHV Energy
SHV Energy is amongst the world's leading distributors and marketers of LPG. The business is
active throughout Europe and Asia and also has a substantial presence in Brazil. SHV Energy is an
2012 06 14 management company overseeing the individual LPG business units. Each business
operational
unit operates under its own unique brand identity, reflecting the fact that SHV Energy is the product
of an acquisition strategy conducted over several decades. Follow-on acquisitions in individual
countries are consolidated and, consequently, operate under a single brand name. Many of SHV
Energy's brands are household names in their respective markets. In the course of 2012, SHV
Energy designed and implemented a new organisational structure that is operationally closer to the
businesses and also facilitates more knowledge-sharing among them. Centrally coordinated
knowledge-sharing on growth initiatives has contributed to customer creation even in the current
economic environment. The focus also remains firmly on innovation and the development of new
applications for LPG, one example of which is micro combined heat and power systems.
LPG is a particularly versatile and mobile fuel, with virtually unlimited possibilities for use in the
residential, leisure, commercial, industrial, agricultural and automotive sectors. It is to be found in
varying degrees in all of these markets in both rural and urban settings. However, the greatest
scope for growth in LPG exists beyond the natural gas grid. With this reality as the guiding principle,
the individual businesses engage in promoting LPG as a solution particularly for rural energy
requirements. LPG has the features to contribute positively to solutions to climate change and to
address air quality concerns. LPG emits lower levels of CO2, NOx and black carbon compared with
other liquid and solid fossil fuels. SHV Energy’s lobbying efforts are, as a result, directed towards
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obtaining governmental support for policies that reflects the aforementioned cleanliness of LPG
relative to that of many major competing energy sources.
The global production and supply of LPG is increasing. Product availability is very secure. This
increase in supply is partly a by-product of the increased shale gas and shale oil production that has
sprung up in parts of the world.
SHV Energy has one central LPG procurement organisation called SHV Gas Supply & Risk
Management which is based in Paris, with affiliates in Singapore and Vienna. It is responsible for
global product supply contracts with major traders and producers of LPG as well as all the
associated seaborne supply logistics. It performs this function not only on behalf of SHV-owned
LPG distribution businesses but also for a number of third-party LPG companies in different parts of
the world. The service company also advises on and executes risk management and associated
hedging on behalf of SHV's LPG distribution businesses and manages a number of third-party
terminal contracts.
Volume sales for the sector as a whole were adversely affected in 2012 by a combination of
unfavourable factors. The weather was milder than normal in Europe both at the beginning and at
the end of the year. The poor economic conditions in many of SHV's most important markets also
depressed demand. Domestic consumption was reduced, as householders turned to energy
conservation to make necessary savings to household budgets. The situation was aggravated
further by high and volatile LPG supply prices. However, all of the businesses, without exception,
showed themselves to be capable of strictly managing costs. This was achieved through
productivity enhancements as opposed to any compromise or postponement of necessary
2012 06 14 in safety, maintenance, operational improvements or growth opportunities.
investments
Acquisitions have been focused on consolidation in existing markets. During the year, SHV Energy
signed an agreement to acquire BP's LPG distribution business in China. In Turkey, Ipragaz
acquired the cylinder and commercial bulk business of Shell, while in Poland, Gaspol signed an
agreement to acquire the cylinder business of Orlen Gaz. In Ireland, Calor took a position in
Hamilton Appliance Distributors, thus cementing Calor's commitment to ongoing market
development through appliance sales and marketing. SHV Energy is also eager to pursue
geographical expansion once suitable targets become available. There is a continuous process of
market investigation, but so far none have met acceptable investment criteria. The typical
constraining factors relate to illegal competitive practices, non-enforcement of relevant legislation,
and governmental interference in pricing. The portfolio of LPG activities was refined with the
divestment of the business in Pakistan as well as SHV Energy's business in one of the smaller
regions of China.
The LPG market in Brazil is large and is growing at an average rate of 2% per annum. The
legislative environment has improved significantly over the years, in no small part due to the
leadership and lobbying efforts undertaken by a few players, including especially SHV Energy's
Supergasbras. However, it is also a fiercely competitive market, with intense competition for
market share among the major players in the sector. This in turn lead to pressure on overall
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Year Overview 2012
performance of Supergasbras in the year. The company is revising its organisational structure and
accelerating the transformation of its cylinder business from wholesale to retail.
Calor Gas in Great Britain continues to build on its diverse market spread and considerable
infrastructure. The winter months were very mild and economic conditions remained stagnant,
reducing both consumer and commercial spending. In the face of this, the company continued to
variabilise its cost base to better match fluctuations in demand. Calor has extensive storage,
ensuring security of supply for its customers. This is particularly important at a time when supply
from the inland refineries is becoming increasingly unpredictable. It is most satisfying to report that
Calor GB has produced a very good result in a difficult year for the LPG sector.
Calor Ireland also performed well in a challenging economic environment. Volumes were
negatively impacted by warm weather at the start of the year and during the record-breaking warm
December. However, the Irish operations posted satisfactory financial results thanks to betterthan-expected new customer creation and further productivity improvements. Illegal cylinder filling
remains a serious concern in Ireland, mainly — but not only — in the border area between the
Republic and Northern Ireland. Calor is continuing to seek remedies by lobbying for stricter police
enforcement and via the judicial system.
In France, energy conservation remained the most important focus of the energy debate at the
national government and energy industry levels. New directives on thermal regulations and
obligatory energy diagnoses were introduced with the objective of achieving an annual reduction of
3% of the French domestic energy demand. High energy prices had an additional negative impact
on energy consumption, as consumers voluntarily pursued conservation measures to save on
2012 06 14 budgets. Primagaz’s commercial and operational structures and processes were
household
completely overhauled in response to market maturity and increasing competitive pressures
resulting from the hypermarket private label cylinder gas brands that have been launched in recent
years. The actions taken have led to an improved performance year on year. Liotard, the
manufacturing subsidiary of Primagaz France specialised in cylinder and tank production and
maintenance, has stopped all unprofitable activities and has shown an improvement in both
operational efficiency and financial performance.
Liquigas, the Italian joint venture, had a difficult year. Sales volumes were severely impacted by the
worsening economic crisis and the high cost of product. Consumers are increasingly focusing on
ways to reduce energy consumption while also seeking cheaper alternatives such as wood. The
fragmented Italian LPG market, with more than 500 players, declined by 9% in 2012. Several
market participants are facing financial problems. Further consolidation in the market is, therefore,
expected. An increase in the illegal filling of tanks and cylinders is a feature of the Italian market, as
some companies struggle to survive. In this challenging environment, Liquigas has been focusing
on offering new services to existing customers, improving its operational efficiency, reducing costs
and improving its credit controls. Progress was made with the closure and divestment of
underutilised plants and through the implementation of new route optimisation software.
Management has identified opportunities for efficiency improvement and business development
that will be implemented in 2013. Liquigas Italy also manages the operations in the Balkans and
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Malta. The Slovenian business continues to focus on direct delivery in the cylinder business. The
Croatian market is consolidating, with SHV Energy's Butan Plin participating in the process.
Ipragaz in Turkey continued to perform well. Despite structural market changes in recent years,
including a decline in cylinder and bulk LPG, the Turkish SHV Energy business has delivered
sustainable results through innovation, diversification and rationalisation. In 2012, Ipragaz
acquired the Shell Gas cylinder and commercial bulk business, and the Bizimgaz business was
merged with Ipragaz. Successful steps were undertaken in asset sharing. Ipragaz increased its
market share in all segments. Ipragaz's market share in cylinders reached 25% based not only on
acquisitions but also on solid organic growth in the dealer network. Autogas is a unique segment of
the LPG market that continues to grow in Turkey. With the Ipragaz, Bizimgaz and Exengaz brands
in autogas, SHV Energy Turkey grew its market share in this segment in 2012 and supplied more
than 1,000 autogas stations in the year. Margins in all segments were satisfactory. Ipragaz is also
selling electricity to its existing industrial and commercial customers. Cylinder manufacturing
company Evas is an innovative and entrepreneurial operation and sold more than one million
cylinders to almost 30 different countries around the world in 2012. Evas continues to perform very
well.
Primagas Germany, SHV Energy's joint venture company in Germany, grew its customer base and
increased its market share. Micro combined heat and power systems and other energy-efficient
applications and innovations are the main drivers for this development. Despite very mild weather
conditions, Primagas Germany closed the year with results in line with expectations.
Gaspol in Poland continued to perform well in 2012. This is a good achievement considering that it
2012
06 14
is
active
in a very price-sensitive market with abundant supply from the east available at spot
prices, which were at times below the company's mid to long term contracts. In June 2012, Gaspol
signed an agreement with Orlen Gaz to buy its 16,000 ton cylinder business, strengthening
Gaspol's position in this segment.
The Benelux and Scandinavian businesses were heavily impacted by volume shortfalls which
could not be fully offset by margin management. Excellent cost management in the Benelux
businesses enabled the delivery of a much-improved year-on-year result. Scandinavia is reviewing
the strategy for its business. The Hungarian business developed positively in the year in difficult
market conditions. The Spanish business also performed well. Volumes in the Czech Republic and
Slovakia were satisfactory year on year, but margin pressure was quite severe.
The market in China is changing rapidly due to the government's policy of creating a more
sustainable, lower-carbon economy. This creates challenges owing to the expansion of natural gas
networks but also opportunities for cleaner fuels like LPG. SHV Energy China sees a gradual
improvement in law enforcement in the industry but continues to lobby for the elimination of the
many illegal practices still prevalent in the market. SHV Energy China had a good year and the
results continued to improve thanks to higher margins and a focus on the direct cylinder business.
The 51% stake in the small regional business in Shenzhen was divested to existing partners. In
Shanghai, SHV Energy China bought out the partner in the business. An agreement to acquire
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Year Overview 2012
BP's circa 90,000 ton cylinder LPG business in Shanghai, Jiangmen, Foshan and Zhongshan was
signed in December.
Wholesale results in the Philippines were under pressure, negatively impacting Liquigaz’s overall
result. SHV Energy India delivered another very good result from both its terminal and distribution
activities. The Indian management team continues to focus on innovative market development. Its
scope for rapid development remains limited, owing to the subsidy arrangement for domestic
cylinder gas only being available to the state-owned indigenous oil companies, while non-stateowned and foreign companies are still denied any subsidy. During 2012, some limits were placed
on the amount of this particular subsidy to be paid to each participating household. This holds out
the hope that subsidies will eventually cease, creating a level playing field for all LPG distributors in
the country.
Alongside LPG, SHV Energy has also been exploring possibilities in renewable energies. The
renewable energy sector continues to be driven to a large extent by subsidy programmes that have
been seriously reduced or even withdrawn as governments struggle with budget deficits. SHV's
participations in Balcas (Ireland and Great Britain) and ECB (Germany) both had another difficult
year. Balcas, in which SHV has a 45% participation, operates a sawmill, wood pellet production
and Combined Heat & Power (CHP) plant in Northern Ireland as well as a joint CHP and pellet
production plant in Scotland. Technical problems in the Scottish plant led to unexpected downtime
and lower electricity production levels. Electricity prices and renewable energy subsidies have also
been lower than budget owing to the economic downturn. Margins in the pellets business were
below expectations. A considerable proportion of production is sold through wholesale channels. In
order to improve margins, a higher share of the pellets value chain must be captured. The
2012 06 14
development
of a retail pellets business remains a clear requirement for profitability to improve.
ECB in Germany is addressing the same issues. ECB, in which SHV has a 70% participation, is a
network of energy hubs producing pellets and green electricity. The energy-contracting component
of the business was divested during the year. Start-up costs of the energy hubs are high. There is
also oversupply in the market, which calls for market consolidation. The focus, as in Balcas, is on
developing and implementing commercial strategies while controlling costs to the greatest extent
possible.
In the year, SHV Energy initiated a sustainability approach called "Better – Cleaner – Together”. In
addition to setting the baseline and measuring the sustainability performance of its businesses, this
programme also aims to change the behaviour of SHV Energy’s own people with regard to
sustainability in their private and professional lives.
Dyas
For almost 50 years, Dyas has been actively engaged in exploration, development and production
joint ventures in the oil and gas sector. Dyas acts as a non-operator and has built a solid reputation
as a reliable partner. The company is a joint venture partner in more than 25 producing oil and gas
fields. Nearly all of Dyas's interests, also in exploration licenses, are in offshore projects in the
Netherlands and the United Kingdom.
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Year Overview 2012
Brent oil prices remained largely within a range of USD 95 and USD 125 per barrel in 2012,
averaging USD 112 per barrel compared with an average 2011 Brent oil price of USD 111 per
barrel. Average Dutch gas prices, which are based on a complex formula of energy product prices
and currency rates, increased by 9% year on year, while average United Kingdom gas prices
increased by 7%.
The Dyas strategy is to maintain and, where possible, grow its reserves base through both
acquisitions and an active exploration drilling programme. Acquisitions are usually the result of
negotiated deals and auctions, with a preferance for projects that are in the pre-development
stage.
Volume production of oil and gas in the year, at 7.6 million barrels of oil equivalent, was lower than
expected owing to the below-target performance of a number of key oil and gas fields. This was
attributable for the most part to production interruptions, unscheduled maintenance, some
divestments, and the later than originally planned start-up of one new project. Additional reserves
attributable to new field developments were of a similar amount as production volumes in the year,
leaving reserves more or less unchanged.
Dyas invested heavily in the year in the development of the Golden Eagle field. Investment was
also substantial in the Stella field, for which a Final Investment Decision was taken in May 2012.
The Stella development adds close to 7.8 million barrels of oil equivalent to Dyas's developed
reserves. Exploration results have, overall, been disappointing. Two out of five wells were
successful and added 2.3 million barrels of oil equivalent to the Dyas undeveloped reserves
base.
2012 06 14
In the Netherlands, Dyas sold its onshore assets operated by Northern Petroleum to the Parkmead
Group. Dyas's equity in the Vinkega field was sold to Vermilion Energy, and the companies'
onshore facilities belonging to offshore Block Q8 were acquired by Wintershall. In the UK, a 10%
interest in the Cladhan Field was sold to Taqa. In addition, Dyas sold its 14% stake in the producing
Enoch Field to First Oil Expro. Lastly, Dyas sold part of its interest (15%) in the Athena field to Trap
Oil. In 2012, Dyas acquired a small exploration interest.
Despite lower production volumes, Dyas earned a record net income due to a number of factors,
including better-than-expected oil and gas prices as well as one-off proceeds from divestments and
income on the K4/K5 redetermination cash settlement with Total. Dyas's developed reserves
remain at a healthy level.
In 2012, Dyas continued to strengthen its organisation in the financial and operational areas.
Makro
Makro is a cash-and-carry wholesaler that sells high volumes of food and non-food products. The
target customer is the food professional. These include small and medium-sized food retailers, the
hospitality industry and the institutional market. End consumers may also purchase goods at
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Year Overview 2012
Makro, but they are not the focus of the company. Makro realised a sales increase of 17% in 2012,
and achieved the highest sales level in its history. This was a result of organic growth, new stores,
growth in market share and inflationary and currency effects.
The political and economic situation in much of South America continues to be volatile due to
various degrees of government controls, inflation and currency fluctuations. The pace of economic
growth in South America has slowed down in 2012, affected by global economic uncertainties. The
credit ratings of Argentina and Venezuela were downgraded, while those of Brazil, Peru and
Colombia were upgraded.
In 2012, Makro South America defined a strategic framework to strengthen its focus on food
professional customers and improve its operational excellence through optimising processes and
employing capable and motivated people. The main objective is to improve sales in its existing
stores and increase density with new stores. To further improve performance, Makro South
America focuses on marketing and positioning, assortment and pricing, store format, productivity
and on the supply chain and procurement.
In cooperation with its individual business units, Makro South America reviewed the performance
and local market circumstances of each store, resulting in action plans for selective performance
improvement. Makro's team of customer development managers play a key role in this process.
Stock management and supplier financing is receiving additional attention in line with cash
generation targets.
Makro South America is further investing in people. Training is delivered to all store general
2012 06 14 in the region, offering them new tools and techniques with regard to managing people,
managers
achieving customer satisfaction and improving store operations. Commercial training programmes
were re-designed and rolled out to the commercial teams in each of the countries. E-learning tools
were launched to facilitate the roll-out of these training modules. New organisational structures
were implemented, and management teams were strengthened with both internal promotions and
external recruitments.
The main development in the own-brand category was the renewal of the important ARO brand
throughout the region. ARO-branded products are substitutions for A-brands, with equivalent
quality at lower prices. Having standard regional own-brands facilitates increased joint buying
initiatives. Several e-business pilot projects were launched, including "Click & Collect” in Colombia
and mobile messaging promotions in Peru.
With respect to sustainability, Makro has been actively measuring its footprint and defining plans to
achieve short and long-term targets. Makro South America's own people are actively contributing
with ideas and actions to achieve its sustainability targets. In this context, Makro South America
started the "Sunny Stores" initiative, a study to use solar energy for electricity in its stores.
In Argentina, the overall economic situation continued to worsen due to several factors, including
increased foreign exchange controls, restrictions on imports and the threat of expropriation. These
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Year Overview 2012
measures resulted in shortages of goods, higher inflation and a slowdown in economic activity. The
results of Makro Argentina for 2012 were positive but below the previous year, having been
adversely affected by the interference of governmental measures as mentioned above. Costs,
especially those relating to personnel, are increasing at a higher pace than inflation and sales. In
the difficult and disappointing Argentinian environment, management is doing everything possible
to improve performance. There were 20 Makro stores in Argentina at year-end. The 2012 results at
Basualdo, a wholesaler of cleaning and perfumery products, were better than expected,
attributable to good margin management and rigorous cost control. At Tarquino, a wholesale cash
and carry business in Cordoba, sales in 2012 were below expectations, affecting the trading profit.
At the end of the year the Tarquino operations were renamed Mamut, as the right to the use of the
Tarquino brand name expired.
Economic growth in Brazil slowed down in 2012. The government took measures to stimulate
growth, such as providing tax incentives for the purchase of cars and white goods and a reduction
in taxes on electricity for all consumers. The interest rate has been gradually reduced from 11% at
the end of 2011 to 7% at year-end 2012. The continued growth of the proportion of the middle class
in the population, and increased investments in infrastructure for hosting the World Cup in 2014
and the Olympics in 2016, are expected to drive economic growth in the country in the coming
years. The 2012 results of Makro Brazil improved significantly as a consequence of initiatives to
improve price competitiveness and product assortment and reduce overdependence on a limited
number of suppliers and products. The strategy is to continue focusing on assortment, pricing,
supply chain and stock management processes so as to accelerate the existing healthy
improvement in the performance of the business. Makro Brazil, with 76 stores at year-end, has
secured sites for new store construction in 2013. A major store renewal programme is in the course
2012
06 14
of
implementation
at existing stores.
The Colombian economy grew at a slower pace than originally expected in 2012, due both to the
deterioration of the global economy and to the effects of the monetary tightening in the country
implemented at the beginning of 2012. Increased public spending in the second half of the year did,
however, positively stimulate demand somewhat. The operational results at Makro Colombia for
2012 lagged expectations. A strategy was adopted to reduce or discontinue loss-making highvolume sales in the non-food area. The company is re-focusing on the wholesale cash-and-carry
concept. This includes a redefinition of the non-food assortment and an improvement in price
positioning. Makro presently has 16 stores throughout Colombia. Idle assets were divested in order
to secure additional funds for further expansion.
The Peruvian economy continued to grow at an annual rate of over 5%. Makro first entered Peru in
a greenfield development in 2009 and ended 2012 with nine stores, of which five are in Lima and
four in the key provincial cities. The results at Makro Peru in 2012 developed ahead of expectations
with a positive net profit in the year. The non-food area was restructured with a focus on
professional customers, and this produced positive results. The main expansion focus continues to
be in Lima. Preparing the organisation to support further growth is a priority.
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Year Overview 2012
The business environment in Venezuela deteriorated further during 2012. Again, many new laws
were implemented which restrict business. One such law — on costs and fair prices — establishes
control over prices and margins at all stages in the value chain for a large array of product
categories. It has significantly affected the availability of products, as manufacturers stop
producing at pre-set prices which deny them a return on their investment. This is affecting stock
levels and margins and hence reducing sales levels at Makro, too. Also, a new labour law affected
Makro’s operations in many areas in addition to increasing personnel costs. Newly imposed
increased pension obligations with retrospective effect had a negative impact on the results of 2012
and will impact personnel costs in the coming years. Despite this very difficult environment, Makro
Venezuela achieved good results, which is a tribute to excellent management. At year-end, Makro
had 37 stores in Venezuela, which included an additional two new stores in the year. The
performance of the small Mikro retail stores has been affected by a combination of external and
internal factors. Government interference in the business also severely affected the results of
Mikro. Several commercial and operational actions have been planned to improve performance
store by store, with the immediate objective being to achieve breakeven at the operational
contribution level. At year-end, there were 19 Mikro stores in Venezuela.
The economy in Thailand recovered from the severe 2011 flooding disaster, supported by lower
interest rates and fiscal stimulus to increase consumers' purchasing power and thus household
consumption. On the regulatory side, the major development has been the reduction in corporate
income tax from 30% to 23% in 2012, with a further reduction to 20% in 2013. This is to compensate
for the significant increase in minimum wages which was introduced in 2012 and which will have its
full impact in 2013. Moreover, the government also issued new legislation to control the size of
commercial buildings and increase food safety standards for fresh and frozen products.
2012 06 14
In 2012, Makro Thailand achieved another remarkable result, breaking all previous records in sales
value and overall performance. Projects and initiatives launched during the year contributed
positively to this performance and supported the company's goal to be the "first-choice supplier to
food professional customers". For instance, the company hired specialists in major ethnic cuisines
to develop a wider and deeper assortment to serve more diverse food service customers. Also,
own-brand gained both in sales value and sales participation. Makro Thailand's commercial
organisation has been adapted to ensure the highest possible service level to the different
segments in the food industry sector. A new frozen food distribution centre was established in the
northeast of the country to supply stores located in that region. This is to cope with significant
volume growth and is also part of Makro Thailand's business continuity management initiative.
With the launch of the campaign "Reduce, Reuse, Recycle", an increasing focus is placed on
sustainability. This includes initiatives in the area of energy consumption management for
refrigeration and lighting. New stores are constructed with new standards that include
computerised energy management systems.
Makro Thailand consists of a number of formats aimed at different categories of customers. The
company opened five new Makro stores in 2012, bringing the total number of stores to 57 at the end
of the year. This included a new food service store opened in Hua Hin, dedicated to food service
customers in that popular higher-end tourist region. Also, Makro now has five Siam Frozen stores,
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Year Overview 2012
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Year Overview 2012
a smaller store specialising in frozen food only. In order to pursue a multi-channel strategy, Makro
Thailand — similar to a number of the South American operations — launched an e-commerce
portal called "Makro Click and Collect" on a trial basis.
Siam Food Services (SFS), the fresh and frozen foods distribution business in Thailand, also
achieved record sales in 2012. SFS expanded its operation with the opening of a branch in Phuket
to tap into this high potential market as well. Makro Thailand has established a subsidiary in
Vietnam, Vina Siam Food, to operate a food service business similar to SFS.
Mammoet
In its first full year as a wholly owned subsidiary of SHV and with a newly composed Executive
Board of Management, Mammoet again succeeded in growing and expanding its activities. The
company is firmly established as the world's leading tailor-made heavy lifting and multimodal
transport solutions specialist. The company's core business is the transport, shipping, installation
and removal of heavy or large objects to and from any location, onshore and offshore. Mammoet's
activities are focused on the petrochemical industry, civil engineering projects, the power
generation sector, and offshore and marine projects. The company's engineering skills,
experience, its thousands of highly skilled professionals and its vast fleet of state-of-the-art
equipment, combined with high quality and safety standards, have made Mammoet a market
leader, setting trends and records around the world.
During 2012 the new management team initiated a strategic shift towards a business model that
continues to reap the benefits of a strong asset base but increasingly focuses on providing
2012 06 14 with engineering solutions. Mammoet’s global presence and the scale and width of its
customers
equipment fleet allow the company to quickly mobilise the required capacity to any place in the
world. The long-standing expertise, engineering resources and entrepreneurial spirit of the
company allow for new and innovative approaches that create added value in response to
challenging customer requests. This historical strength of Mammoet will continue to be
emphasised in the future. In this context, "Mammoet Solutions", a special engineering department
dedicated to delivering innovative solutions for complex engineering assignments, was
established. Through this approach, Mammoet aims to further deepen its relationship with its
customers for the purpose of getting a better understanding of the challenges they face and, with
this knowledge, be in a position to contribute to solutions to technical and logistical problems at the
earliest possible stage in project design and formulation. With this aim in mind, a new CRM system
has been implemented throughout the organisation.
Mammoet serves industries that are sensitive to economic volatility. In this respect, 2012 was a
more difficult year in some parts of the world than in others. The volume of work in the
petrochemical maintenance markets in Europe and the USA declined. Reduced investments in the
power sector as a consequence of the global economic downturn, and much depressed business
in the euro zone, further tightened demand for smaller cranes in particular. A continued focus on
costs, combined with further restructuring to align the company with the changed market
circumstances, have helped to reduce the impact on overall results from these business segments.
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At the same time, Mammoet experienced a growth in demand for its services in several very large
projects in LNG, oil sands and mining-related activities. Mammoet managed to realise significant
sales growth. Mammoet also managed to grow its order book in 2012 and was able to secure a
number of large-scale projects in many different parts of the world. The salvage operation also
improved substantially, both year-on-year and against expectations. However, as a general
statement it can be said that there is overcapacity of the less specialised equipment in the market,
which has had a dampening effect on pricing and hence margins. Fortunately, owing to the
company's range and the quality of its fleet as well as its technical skills and the competency of its
people, Mammoet's equipment utilisation rates have been satisfactory across all segments in the
year.
During 2012 the organisation grew further due to the hiring of personnel to meet the staffing
requirements for projects in Canada and Australia. In addition, a number of initiatives to further
strengthen the commercial and operational departments were executed. The restructuring of
Mammoet Wind in North America led to the relocation of staff and some reduction in staff numbers.
The availability and growth of a pool of skilled and experienced people are essential for the further
development of the company. The strengthening of management in the field of human capital at
both the holding and regional levels signifies the increased emphasis on the recruitment,
development and retention of qualified Mammoet staff.
Many of Mammoet's customers see the company’s safety culture and its safety performance as a
key differentiator in choosing to work with it. For Mammoet, it is essential to ensure a safe working
environment for all persons employed with and for the company. This extends also to increased
attention to sustainability both within the company and with customers. Overall, the safety
2012 06 14
performance
over 2012 was in line with expectations. A programme developed to further promote a
positive safety culture was initiated in 2012 and is expected to support further improvement over
the coming years.
ERIKS
ERIKS is a leading innovative industrial products and services provider with a focus on high-end
technology for industrial applications. Its activities are concentrated around flow technology
(valves, instrumentation, industrial hoses and gaskets), sealing technology, machined industrial
plastics, power transmission (hydraulics, pneumatics, bearings and electro-mechanical power
transmission), and tools and maintenance products. ERIKS' product and application know-how
and its long industrial experience are incorporated in the design of its own products and private
branded products.
Through its passion for technology, ERIKS offers its clients different value propositions:
technological advice-driven proposition, total cost of ownership proposition, and value-added
project business proposition. This is driven by ERIKS' philosophy that "know-how makes the
difference". ERIKS has been at the forefront of developing and implementing a sustainability
strategy that is at the heart of concretely delivering on these different value propositions. The
sustainability strategy is, in turn, driven by innovation in equipment design that sets clear goals for
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2012 06 14
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Year Overview 2012
reductions in energy, waste, pollution and risk associated with the application in practice of the
goods and services manufactured and distributed by ERIKS. Through this approach to its
business, ERIKS creates sustainable growth and value for both shareholders and society while
reducing the environmental footprint of both its value chains and of its customers.
ERIKS provides solutions to two industrial segments: Original Equipment Manufacturers (OEM)
and Maintenance Repair and Overhaul (MRO). The focus in the OEM market is on co-engineering
and the sharing of product and application know-how with customers. In the MRO market, ERIKS
products and expertise are used directly in the servicing of machines and industrial plants.
Econosto, which includes most of the project oriented business of ERIKS, is active in providing
technical solutions for projects in selective markets such as the oil and gas, chemicals,
petrochemicals, power generation, and shipbuilding and repair sectors.
Among the ERIKS range of activities, the sealing and rubber technology product group, in which
the company originally started out, is active in a very innovative and technology-driven business.
The knowledge built up over decades as a distributor of standard sealing products (O-rings, oil
seals, vibration dampers and standard rubber moulded products like bellows and profiles) has
gradually turned ERIKS into a sealing and rubber technology specialist. Sealing and rubber
technology sales continued to grow in 2012, especially in the USA.
ERIKS is investing in rapid prototyping facilities in the Netherlands, including 3D printing and smallscale production equipment to enable the company to rapidly produce testing models, prototypes
and small initial series of bespoke seals and rubber moulded products. Laboratory company
Elastomer Research Testing was acquired in the Netherlands during the second half of the year to
2012 06strengthen
14
further
ERIKS' position in this segment.
The flow technology product group, comprising valves, instrumentation, gaskets and hoses,
represents the biggest share of ERIKS' total sales. This activity is also ERIKS' most international
and diversified business. Over the last decade, ERIKS has transformed itself from a local
distributor for valves, instrumentation and piping in only a few countries into a globally respected
industrial service provider with sizeable activities in Europe, North America, the Middle East and
South East Asia. To further strengthen its position in this product group, ERIKS acquired the
commercial activities of Valves Enterprise in Spain, a manufacturer of specialised valves, serving
leading industrial companies in the fields of tank storage, refining, bulk loading, and naval and
aviation refuelling and metering systems.
Acquisitions that strengthened ERIKS' position in North America during 2012 included Carolina
Controls Depot and IEC Control Shop, strengthening the heating, ventilation and air conditioning
offering of Industrial Controls. In Canada, valve distributor Quantum Supply was added to the
group. The assets of Industrial Rubber & Supply of Savannah, USA were acquired to further
complete the distribution network of LewisGoetz. Finally, Regal Brown, offering measurement
control and instrumentation products to a broad array of markets and customers, was added to the
Rawson organisation.
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Year Overview 2012
The 2012 results were satisfactory. In a market experiencing an economic downturn, ERIKS
achieved sales growth in excess of 30%. Although this growth was mainly driven by acquisitions
made in 2011, organic growth also contributed. The company was also successful in maintaining
margins at healthy levels. ERIKS now generates over one-third of its sales from its North American
operations. There is still very substantial development potential for all of ERIKS’ activities within all
geographical regions in which the company is present.
NPM Capital
NPM Capital positions itself as the private equity partner of choice for successful entrepreneurs
and is focused mainly on medium-sized companies in the Benelux. NPM determines preferred
sectors from time to time in which to seek investment opportunities. This is in addition to
concentrating on consolidation investment opportunities in existing participations. NPM's
investment philosophy is to help businesses to grow towards long-term sustainable performance.
While NPM Capital prefers majority buy-outs with management participation, it is also open to
minority positions once there is clear alignment with partners on the strategy, corporate
governance, investment for growth, and the eventual exit mechanism. Because it is not a fund,
NPM can operate more like a strategic investor or partner and be more flexible with the timing of
divestment, allowing it to choose for the optimum circumstances being in place. This implies that
the company is never under pressure to secure an exit, unlike conventional private equity funds.
The market for private equity in the Benelux in 2012 was marked by relatively low deal activity. The
depressed economic conditions, which have adversely affected margins in many businesses, have
had a knock-on effect on company valuations. Simply put, this is not a great time to sell in the minds
2012
06 entrepreneurs,
14
of
most
who prefer to wait for better times. It is also the case that financing is difficult
and this, in general, negatively impacts business valuations as well. The banking sector is subject
to new and stricter reserve ratios, which limit liquidity and hence debt financing. Breaches in bank
covenants are no longer easily waived in any circumstances, calling for balance sheet repair
through cash injections from shareholders.
It is against this background that NPM Capital is seeking to perform and grow. As can be gathered,
the challenge to source attractive investment opportunities has intensified. Growth capital towards
existing participations has become more prevalent.
While remaining opportunistic, NPM continues to aim at deepening its knowledge and network in a
number of specific sectors, including the food, energy services, technology and health care
sectors. NPM also strengthened its engagement with the management of the companies in its
portfolio. This is intended to be constructive at a time when the risk of underperformance — or
worse — has heightened considerably. NPM also continues mentoring its participations in a
number of strategic development themes, specifically sustainability, e-commerce and operational
excellence.
NPM Capital invested a total of € 148 million in 2012, the vast majority of which has been growth
capital in existing participations. These included Continental Bakeries, Medux (the holding
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Year Overview 2012
company for the earlier acquired Harting Bank and Emcart companies in the mobility aids segment
of the health care sector) and Kiwa. Medux added a further two bolt-on acquisitions, namely Ciran
and Vitalis. Ciran is a network of clinics throughout the Netherlands offering a full range of physical
and mental rehabilitation treatment programmes for patients with physical injuries and other
traumas. Vitalis offers a wide package of home and institutional care products and services for
people suffering from physical disabilities. Kiwa, the testing, inspection and certification company
originally acquired in 2011, added several bolt-on acquisitions to its portfolio in 2012 and continues
to expand internationally. Kiwa's buy-and-build strategy included investments in the Netherlands,
the United Kingdom, Turkey and Denmark.
NPM Capital acquired a 60% equity stake in VSI in the fourth quarter of 2012. VSI is an R&Dintensive producer of functional bars for the dieting, sports and health and wellness markets in
Europe. In the health care sector, NPM acquired a 71% stake in Dermicis, a chain of dermatology
clinics, and a 97% stake in Medinova, a chain of independent treatment centres active in
orthopaedic surgery and eye care. An interest was acquired in the e-commerce and physical
bicycle business Hans Struijk Fietsen which offers buy-and-build opportunities.
Hertel, the industrial services company whose core business is providing scaffolding, painting and
insulation services to industry in several regions of the world, was supported with capital injections
to facilitate a restructuring of the business. The additional capital was also used to acquire
additional shares from a smaller shareholder.
There were three successful exits in the year. These included NPM's 44% stake in bol.com
(acquired by the Ahold group), NPM's 53% stake in Independer.nl (acquired by Achmea) and
2012 0660%
14 stake in Plasticum (acquired by Lindsay Goldberg). All exits exceeded NPM's
NPM's
minimum return target of 15%.
Financial developments
Sales
Sales grew by € 2.6 billion, or 15%, from € 17.4 billion in 2011 to a record level of € 20.0 billion in
2012. This sizeable growth was fuelled by two main business drivers: growth initiatives, mainly
consisting of acquisitions and the opening of new Makro stores, and organic growth. The net effect
of exchange rate developments in foreign currencies was limited.
Acquisition spending was moderate in 2012, as a result of which the sales increase from growth
initiatives (€ 0.7 billion) was mainly a spillover effect of the significant acquisitions made by ERIKS
in 2011 (Industrial Controls and LewisGoetz) and the opening of ten new Makro stores in 2011, as
well as the opening of nine new Makro stores in 2012. Organically, excluding the impact of currency
movements, sales increased by € 1.9 billion (11%) compared with last year. Each operational
activity contributed to this organic growth. The net positive effect of movements in foreign
currencies on SHV’s net sales was € 0.1 billion, driven in particular by the appreciation of the Thai
baht and the British pound and offset by the devaluation of the Brazilian real.
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Income from operations
Like-for-like sales of SHV Energy, excluding growth initiatives and exchange rate effects, were 8%
above the level of 2011. Despite a relatively mild winter, fierce competition in a number of important
markets, increased energy efficiency (especially in Europe), and divestments of the business in
Pakistan and a regional business in China, volumes were only slightly below the level of 2011. The
year started out with extremely high product prices. There followed a brief but significant respite in
these prices in the second quarter before they surged again to new record highs for most of the
latter half of the year. Fortunately, several of SHV Energy's European businesses, especially those
with good storage infrastructure, organised longer-term supply arrangements during the period
when prices had softened. This proved invaluable in maintaining margins at acceptable levels,
which offset the structural weather and economy-related volume shortfall. As a result, the total
gross margin in 2012 was slightly above the level of 2011. With constant pressure on volumes,
especially in Europe, SHV Energy continued its focus on operational excellence and cost control.
Despite the inflationary effects on cost in Brazil and Turkey, total operating costs only showed a
slight increase of 0.5% compared with 2011. Overall, SHV Energy reported income from
operations in 2012 in line with the previous year.
Makro realised a sales increase of 17%. This was the result of sales generated by the ten stores
opened in 2011 and nine stores opened in 2012 (4%) as well as organic growth (13%) coming from
healthy economic circumstances in Thailand, Colombia and Peru, growth in market share driven by
initiatives to improve price competitiveness and assortment, and high inflation in Venezuela and
Argentina. Overall, Makro continued to improve its gross margin as a percentage of sales, but its
performance varied widely from country to country. Despite the impact from the severe 2011 floods
on the first half of 2012, Makro Thailand achieved a remarkable result, breaking all previous
2012 06 14
records
in sales value and overall performance. The results of Makro Brazil in 2012 have shown a
healthy improvement as a result of fundamental changes to the company’s organisational structure
and commercial strategy, offset somewhat by the inflationary pressure on costs. Despite regulated
prices, the import restrictions on certain products and a general scarcity of product, the
performance of Makro Venezuela remained satisfactory. The results for Makro Argentina were
below last year, driven by worsening economic circumstances and increasing government
controls, with related scarcity of products and high inflation. For Makro Colombia, performance was
in line with 2011. Makro Peru realised a healthy growth in sales and performance and reported for
the first time since the start of the Makro business in Peru in 2009 a positive net result, which
exceeded expectations given the continuing expansion programme.
Total overall sales at Dyas increased by 17% compared with 2011, mainly driven by the
strengthening of the US dollar against the Euro and the income on the K4/K5 redetermination cash
settlement with Total. The 2012 production level of 7.6 million barrels of oil equivalent compares to
7.7 million in 2011. This slight decline in production was mainly the result of production
interruptions, unscheduled maintenance and some divestments, while the Athena field only came
on stream in the course of the year. While the average oil price per barrel remained stable at the
level of 2011 (USD 112 in 2012 versus USD 111 in 2011), the increase in the average Dutch gas
price (€ 0.26 euro per m3 in 2012 versus € 0.23 per m3 in 2011) had a positive impact on the overall
result. Despite the lower volumes, total production costs increased as result of some accelerated
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2012 06 14
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Year Overview 2012
depreciation charges and higher exploration activities. Overall, Dyas’s net result was at a very
satisfactory level.
Mammoet’s results reflect an increase in overall activity levels, albeit with big regional differences.
Canada, in particular Canada West, and the Asia-Pacific region experienced a considerable
increase in activity mainly attributable to a number of large long-standing time- and materialsbased projects. In Europe, however, there was a significant negative trend in terms of the level of
activity and results. This is due to very poor market conditions in the Benelux, Germany and the UK.
Overall, equipment utilisation rates remained at a satisfactory level, but the overcapacity in a
number of markets, especially within Europe, is exerting pressure on margins. Income from
operations and net income experienced a healthy improvement compared with 2011. Net income
to SHV was also supported by SHV’s acquisition of the remaining 25% minority interest in
Mammoet in the middle of 2011.
ERIKS’ results for 2012 were above 2011, with overall sales up by 32% including acquisitions and a
4% organic growth. Most of the countries in which ERIKS is active enjoyed favourable market
conditions until the middle of 2012, with healthy organic growth developments. In the second half of
the year, the economic climate in Europe deteriorated. In this market environment, ERIKS is
experiencing increasing pressure on margins, with a downward trend towards the end of the year.
ERIKS’ results were positively affected by the acquisition of Industrial Controls and LewisGoetz in
2011. As these sizeable 2011 acquisitions were finalised only in the last quarter of the year, they
had a significant spillover impact on the 2012 results.
Exceptional items
20122012,
06 14 exceptional items included an impairment loss on an investment in renewable energy,
For
restructuring costs and the costs associated with recovery plans for UK pension funds offset by
gains on the sale of oil and gas fields, idle land and subsidiaries.
Financial results
Despite the satisfactory capital gains realised by NPM Capital on the exits of bol.com, Plasticum
and Independer, income from private equity investments in 2012 decreased compared with the
year before, as 2011 included an exceptionally high capital gain on the exit of the Van Oord
company. Private equity income further consisted of interest on loans to participations and dividend
income, which was partly reduced by some mark-to-market adjustments on publicly traded
investments.
In the beginning of 2012, SHV raised € 0.5 billion from US and Dutch private placements with a
duration between five to fifteen years. These funds were used to repay the short-term stand-by
facilities that were drawn to finance the US acquisitions of ERIKS at the end of 2011. Since longterm facilities are more expensive than short-term facilities, net interest expenses increased
slightly from € 61 million in 2011 to € 70 million in 2012.
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Year Overview 2012
Taxes
The average tax burden decreased from 28.2% in 2011 to 28.0% in 2012. The development of the
effective tax rate is the result of a number of specific matters which, on balance, had little effect. The
2011 results included a high tax-exempt capital gain in NPM Capital. At the same time, 2011 tax
charge was impacted by an increase in the deferred tax liability of Dyas by € 33 million. This was
due to an increase in the United Kingdom supplementary tax rate of 12%. Changes in nominal tax
rate, on balance, had a positive effect. This was mainly a result of the reduction in the corporate
income tax rate in Thailand from 30% to 23%. The recognition of deferred tax assets also had a
reducing impact on the effective tax rate.
Net income
Net income in 2012 was € 714 million, which translates into a return on shareholders’ equity of 19%
(2011: 22%). Eliminating the effect of goodwill charged against shareholders’ equity, the return on
economic equity in 2012 was 10% (2011: 11%).
Foreign currency exchange
Many of SHV’s businesses operate in non-euro countries. Converting the results of these
businesses from their respective currencies to euro leads to negative or positive currency effects.
The net positive effect of all currency fluctuations on SHV’s 2012 net income amounted to
€ 5 million.
Investments and divestments
In 2012, total spending on investments amounted to € 911 million, of which € 18 million was spent
on acquisitions, € 723 million on investments in operational fixed assets and € 170 million on
2012 06 14 in financial fixed assets (including € 148 million on private equity participations by
investments
NPM Capital). SHV Energy invested € 256 million in operational fixed assets such as filling plants,
logistics, autogas stations and IT as well as in cylinders and tanks both for replacements for endof-life equipment and for the development of new businesses. Makro invested € 146 million on
operational fixed assets and in new stores. Dyas and Mammoet invested a total of € 326 million in
operational fixed assets. Dyas invested in exploration and oil and gas field development, while
Mammoet invested largely in conventional cranes as well as crawler and hydraulic cranes.
Investment in operational fixed assets by ERIKS was at a moderate level. Investments in financial
assets included spending on growth of the private equity portfolio of NPM Capital, including a
participation in Medinova, Dermicis, Hans Struijk Fietsen and VSI, and further investments in
existing participations to support their continuing growth.
In 2012, total divestments amounted to € 374 million. These came mainly from the divestments of
the participations in bol.com, Plasticum and Independer by NPM Capital and of interests in oil and
gas fields by Dyas as well as the sale of some smaller regional businesses by SHV Energy, the sale
of idle land by Makro and the sale of operational equipment in the normal course of business at
SHV Energy, Makro and Mammoet.
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2012 06 14
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Working capital
The increased focus on the management of working capital has resulted in improved working
capital positions at almost all businesses, with further improvement potential, especially at
Mammoet. The working capital situation at SHV Energy, Makro and Dyas generated a healthy cash
flow. The project-related increase of working capital at Mammoet offset the positive working capital
effect on operational cash flow from the other businesses.
Financing and liquidity
At December 31, 2012, total liquidity amounted to € 980 million (2011: € 838 million) and the net
debt position was € 785 million (2011: € 1,077 million). This improvement in net debt is a result of
careful investment spending, whereby the total expenditures excluding growth investments was
equal to 70% of depreciation. Short-term payables to banks further declined as a result of the
issuance of the US and Dutch private placements, which were used to repay short-term debt. SHV
has two credit facilities in place as at December 31, 2012: a facility of € 600 million, which is
available to SHV until 2015, and a second stand-by facility of € 600 million, which is extended to
2017, with a further option for extension of one year. As of the end of 2012, no drawdowns had been
made on these facilities. In addition to the available cash, the undrawn amount of the stand-by
facilities gives SHV the necessary flexibility to finance further investments.
Solvency
At December 31, 2012, SHV’s group equity amounted to € 4,066 million, an increase of
€ 282 million. A large part of shareholders’ equity is invested in countries with currencies other than
the euro. In 2012, the total negative effect of converting these currencies into euro amounted
to € 113 million. This amount has been debited to shareholders’ equity. The solvency ratio at the
2012of
062012,
14
end
defined as group equity as a percentage of total assets, was 40% (2011: 37%).
Business risk
Risks and uncertainties define all business environments. Risk-taking is an essential part of
business and a precondition for achieving adequate returns.
The risk environment in which SHV companies create value and generate income is determined by
both manageable risks and a number of external risks that are beyond the control of SHV. The
manageable risks are of different natures and include commercial, operational, financial, tax,
compliance and regulatory risks, the reliance on information technology and the ability to recruit
and retain employees.
Risks change constantly as the internal and external dynamics of the operating environments of
SHV companies change, especially in the current uncertain and volatile global economic
environment. This can have an impact of an unpredictable nature on SHV's business. Also taking
into account the competitive environment, it is essential for SHV management to continue to devote
attention, and take a proactive approach, to market developments and their consequences for the
businesses in which SHV operates. Furthermore, an area requiring constant attention from all the
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Year Overview 2012
businesses remains the challenge of recruiting, developing and retaining qualified and talented
people to ensure sustainable successful performance.
The main business risks for the various SHV activities that require management attention include
the following:
– Management of health and safety risks is of paramount importance in the LPG business. The
results of SHV Energy are further influenced by the weather. A mild or cold winter will determine
heating-related demand. The purchase price of LPG fluctuates and is dependent on supply and
demand situations in the applicable LPG supply markets, the price of oil and movements in
exchange rates, particularly in the US dollar. Government policies also affect results, for
example on pricing or in connection with illegal filling of cylinders.
– The results of Dyas are influenced by the price of crude oil, the price of natural gas and by the
exchange rates of the US dollar and the British pound. As a non-operator, Dyas relies on the
various operators with whom it co-operates for the safety aspects of its oil & gas production.
– The results of Makro depend largely on customer generation, retention and spending, which is
also influenced by the development and stability of the economies in which Makro operates.
Hygiene and product safety are also vital to the success of Makro.
– At Mammoet, managing health and safety risks is of crucial importance. Mammoet's heavy
lifting and transport activity relies for its profitability on the overall investment climate and, more
specifically, on the dynamics in sectors such as civil engineering, power and the oil & chemical
industry. Cyclical risks are mitigated by operating in both the project and rental market and also
through Mammoet's presence in various market segments and regions. With a global tendency
of growing order size, the profitability of especially larger projects is increasingly dependent on
project management capabilities.
2012
06 14 business depends on the level of industrial production, especially among ERIKS' OEM
–
ERIKS’
customers. The MRO-related market is less cyclical, although it is still exposed to the general
economic climate. The distribution of ERIKS' activities between OEM and MRO, in combination
with a healthy geographical spread, mitigates these business risks.
– NPM Capital's results are mainly determined by the sale of companies in which it has invested
and by potential impairments of carried investments. Sales opportunities and price, as well as
impairments, depend largely on the economic and financial climate in any given period.
Therefore, NPM's results can fluctuate considerably over the years. In the longer term, NPM's
success depends on its capacity to identify profitable investment opportunities, initiate
improvement in performance by pursuing operational excellence and innovation, and ensure
that good corporate governance is in place to monitor the investments adequately until the
moment of divestment.
SHV's profitability is further influenced by several other external risk factors. Political risks exist, for
instance, where the company owns assets in politically unstable countries, which are further
compounded by potential problems related to terrorism, social unrest and the scarcity of vital
resources. Governmental interference in business, the continuing inequitable enforcement of
regulations, and the more recent phenomenon of sudden increases in taxation and levies in several
jurisdictions, which is currently especially noticeable in Europe, further add to risk and related
costs. Populist government measures bear down on business also. External risk factors also
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Year Overview 2012
include economic factors such as inflation, interest rates, the euro, the sovereign debt crisis,
exchange rate policies and stock market returns (in so far as they have a negative impact on
companies’ pension liabilities).
The measures taken to mitigate the risks — to the extent possible and economically feasible — are
further described in the risk management paragraph included in the basis for consolidation,
valuation of assets and liabilities and determination of income of this report.
Special thanks
In 2012, the number of people in SHV reached 55,800 at year-end. It is to these 55,800 people that
SHV owes deep respect and gratitude for all of the success enjoyed by the company. SHV is deeply
committed to providing a safe and stimulating environment for all of its people. This is in return for
the loyalty, dedication and passion to serve that SHV people demonstrate daily throughout all the
activities of the company, spread over most of the major regions of the world.
It is the ambition of SHV that those who want and strive to develop and grow within the company will
get the chance to do so. Above all else, SHV wants its people to be happy and motivated in their
work in the many different businesses that together comprise the company. To all who live the
values of SHV and who are proud of "being part of SHV", your company says thank you and wants
you to know that you are deeply appreciated for all that you do to serve the company and its several
millions of customers around the world.
March 15, 2013
2012 06 14
On behalf of the Executive Board of Directors
P.J. Kennedy
Chairman
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Year Overview 2012
2012 06 14
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Corporate Philosophy
Being part of SHV
SHV is a privately-held company and wishes to remain so.
SHV is a decentralised company. Great trust is placed in our people in the field.
This decentralisation provides an excellent opportunity for individual development.
Mutual respect and trust provides the basis for happiness at work.
SHV’s most important values are integrity and loyalty. Integrity means being honest, genuine and
totally open in communications about all matters that concern the company. Good news may travel
slowly, bad news should travel quickly. Loyalty means putting your best effort into your work for the
company and its development.
Based on the integrity and loyalty of our people, SHV wishes to continue to grow both for the benefit
of our shareholders, our employees and for the well-being of the society in which we live and
work.
Growth through performance
We optimise our business and keep an eye open for opportunities. We work as a team for better
results. We keep hierarchy and bureaucracy to a minimum.
Shareholders are not looking for "puffed up" quarterly or annual results, but for sustainable profit
growth.
Shareholders accept the risks of new endeavours.
2012 06 14
Go for niche and market share
In looking for niche markets, we will not dabble in general trends or fashions.
We will establish ourselves as a leading participant in our markets.
Invest in people
Success comes through our people.
Investing in people means:
– trusting our people
– giving our people responsibility
– stimulating creativity and own initiative
– coaching and training our people
– rewarding excellence
Motivate by example, smile and find happiness in your work. It is important not to blame people. We
all make mistakes. To blame is to be negative. If integrity and loyalty are undisputed, a mistake
might be the start of better management.
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Year Overview 2012
Manage change
Change is all around us always. Do not be blind or deaf to change. Change creates
opportunities.
Analyse change, discuss it with others, evaluate and challenge your own thoughts.
See change as oxygen for our company and manage it with understanding and wisdom.
Look for the unusual
The unusual is interesting. The unusual challenges our intellect and our creative spirit. At all levels
our people are invited to look for the unusual and see how it can help our business. This is essential
to our success. The unusual may be exactly what can differentiate us.
Listen, learn and react
No one knows everything, we all know something. By listening to other people’s ideas and thoughts
we widen our horizon. To listen before speaking is to learn. The wise man or woman will benefit
from the knowledge of others.
After listening and learning we should decide to react. Never forget that to do nothing is also a
decision.
Keep things simple
Life only seems to be complicated. Technicalities are complicated, good business is not. Choices
and decisions are difficult at times, not complicated. Put your thoughts on any subject on a single
piece of paper – it helps clarify the mind.
2012 06 14
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Year Overview 2012
Major operating companies
Between [ ] ownership percentage
at December 31, 2012
SHV Energy
SHV Energy
Zuidtoren
Taurusavenue 19
2132 LS Hoofddorp
Telephone 31 23 5555700
Fax 31 23 5555701
e-mail [email protected]
the Netherlands
P.H. Zekhuis
J.H. Wakkerman
L.M.M. Barretto Cotta
S.M. Franken
M. Kossack
S. Siper
J.K. Wilson
SHV Energy includes the following companies:
(in alphabetical order by country)
Primagaz Central Europe GmbH [100%]
Vienna
[email protected]
Austria
E. Brandstätter
Clean Energy Austria GmbH [100%]
Kirchbichl
www.primaenergie.at
Austria
K. Büdel
Belgium
J.M. Medoš
Primagaz Belgium N.V. [100%]
Tessenderlo
www.primagaz.be
2012 06 doo
14 [66.5%]
Liquivex
Usora
www.liquivex.tel.net.ba
Bosnia and Herzegovina
A. Arzà
Supergasbras Energia Ltda [100%]
Rio de Janeiro
www.shvgas.com.br
Brazil
L.M.M. Barretto Cotta
SHV (China) Investment Company Limited [100%]
Guangzhou
www.xiweigas.com
China
F.J.C. van Lede
Butan Plin d.o.o. [70%]
Novigrad
www.butanplin.hr
Croatia
A. Arzà
Primagas s.r.o. [100%]
Prague
www.primagas.cz
Czech Republic
J. Karlik
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Year Overview 2012
Primagaz Danmark A/S [100%]
Køge
www.primagaz.dk
Denmark
S. Bhalla
Compagnie des Gaz de Pétrole Primagaz S.A. [100%]
Paris
www.primagaz.fr
France
M. Niazi
SHV Gas Supply & Risk Management SAS [100%]
Paris
France
E. Brandstätter
Primagas Energie GmbH & Co. KG [72.7%]
Krefeld
www.primagas.de
Germany
J.D. Diercks
EC Bioenergie GmbH [70%]
Heidelberg
www.ec-bioenergie.de
Germany
T.A. Bischof
Prímagáz-Hungária Zrt. [100%]
Budapest
www.primagaz.hu
Hungary
Z. Szirmai
SHV Energy India Private Ltd. [100%]
Hyderabad
www.supergas.com
India
Liquigas
[70%]
2012 06 S.p.A.
14
Milan
www.liquigas.it
Italy
S.M. Franken
Liquigas Malta Ltd. [35%]
Birzebbuga
www.liquigasmalta.com
Malta
R. Capelluto
Primagaz Nederland B.V. [100%]
Zutphen
www.primagaz.nl
the Netherlands
J.M. Medoš
Calor Gas Northern Ireland Ltd. [100%]
Belfast
www.calorgas.ie
Northern Ireland
M. Kossack
Balcas Ltd. [45%]
Enniskillen
www.balcas.com
Northern Ireland
E. Smith Kidney
A. Kumar
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Year Overview 2012
Primagaz Norge AS [100%]
Køge
www.primagaz.no
Norway
S. Bhalla
Liquigaz Philippines Corporation [100%]
Manila
www.liquigaz.com
the Philippines
S. Guha
Gaspol S.A. [97.8%]
Warsaw
www.gaspol.pl
Poland
S. Smigiel
Calor Teoranta [100%]
Dublin
www.calorgas.ie
Republic of Ireland
M. Kossack
Probugas a.s. [50%]
Bratislava
www.probugas.sk
Slovakia
J. Karlik
Butan Plin d.d. [70%]
Ljubljana
www.butanplin.si
Slovenia
T. Grm
Spain
J.P. Korver
Prímagas Energía S.A.U. [100%]
Barcelona
www.primagas.es
2012 06 14
Primagaz Sverige AB [100%]
Køge
www.primagaz.se
Sweden
S. Bhalla
Ipragaz A.S. [100%]
Istanbul
www.ipragaz.com.tr
Turkey
S. Siper
Ipra Enerji A.S. [100%]
Istanbul
www.bizimgaz.com.tr
Turkey
S. Siper
Calor Group Ltd. [100%]
Warwick
www.calor.co.uk
United Kingdom
S. Rennie
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Year Overview 2012
Dyas
Dyas B.V. [100%]
Rijnkade 1
3511 LC Utrecht
Telephone 31 30 2338434
Fax 31 30 2338418
the Netherlands
E.N. Veenhof
P.J. Waaijer
E.F.G. Zielinski
Dyas UK Ltd. [100%]
Warwick
United Kingdom
E.N. Veenhof
2012 06 14
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Year Overview 2012
Makro
Siam Makro Public Company Limited* [49%]
2nd Floor, 3498 Lard Prao Road
Klongchan, Bangkapi
Bangkok 10240
Telephone 66 2 7231000
Fax 66 2 3752789
Thailand
S. Ithijarukul
J.M. de Geyer
T.L. Hammer
L. Lin
S. Thithapant
Makro South America
Rua Carlos Lisdegno Carlucci, 519
05536-900 São Paulo-SP
Telephone 55 11 37452814
Brazil
R. Kandelman
G.K. Agarwal
A. Voogd
Makro includes the following companies:
Supermercados Mayoristas Makro S.A. [100%]
Buenos Aires
www.makro.com.ar
Argentina
A.J. van Wingerde
Brazil
Makro Atacadista S.A. [99.9%]
São Paulo
www.makro.com.br
2012 06 14
R. Laughlin
Makro Supermayorista S.A. [100%]
Bogotá
www.makro.com.co
Colombia
N. Davila
Makro Supermayorista S.A. [100%]
Lima
www.makro.com.pe
Peru
D.Y.J.F. Poussier
Siam Makro Public Company Limited [49%]
Bangkok
www.siammakro.co.th
Thailand
S. Ithijarukul
Siam Food Services Limited [49%]
Bangkok
www.siamfoodservices.com
Thailand
L. Lin
Makro Comercializadora S.A. [75%]
Caracas
www.makro.com.ve
Venezuela
A.A.H. Alonzo
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Year Overview 2012
Mammoet
Mammoet Holding B.V. [100%]
van Deventerlaan 30-40
3528 AE Utrecht
Telephone 31 886502300
Fax 31 886502340
the Netherlands
J.A. Kleijn
S. Kranenburg
E.M. Rave
H. Smit
Mammoet includes the following companies:
Mammoet Canada Eastern Ltd. [100%]
Cambridge
www.mammoet.com
Canada
T. Sittler
Mammoet Canada Western Ltd. [100%]
Edmonton
www.mammoet.com
Canada
J. van Vlierden
Mammoet Wind [100%]
Nørresundby
www.mammoet.com
Denmark
J.H. Larsen
CMK Mammoth Gulf B.V. [100%]
Jebel Ali Free Zone (South)
2012 06 14
www.mammoet.com
Dubai
W.J.J.M. Dekkers
Mammoet Europe B.V. [100%]
Schiedam
www.mammoet.com
the Netherlands
S.G.S. Splinter
Mammoet Salvage B.V. [70%]
Schiedam
www.mammoet.com
the Netherlands
F.R. Ringersma
Mammoet Singapore Pte. Ltd [100%]
Singapore
www.mammoet.com
Singapore
R. Koenis
Mammoet Southern Africa (Pty) Ltd [100%]
Johannesburg
www.mammoet.com
South Africa
S.K. Eikelenboom
Mammoet USA South, Inc. [100%]
Rosharon
www.mammoet.com
USA
R.T.M. Miller
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Year Overview 2012
ERIKS
ERIKS N.V. [99.4%]
Robonsbosweg 7D
1816 MK Alkmaar
Telephone 31 72 5475888
Fax 31 72 5475889
the Netherlands
J.M.G.E.L. Sleebus
M.T.A. Beckers
L.N. Epskamp
H.J. Maier
ERIKS includes the following companies:
ERIKS + Baudoin N.V. [100%]
Hoboken
www.eriks.be
Belgium
J. Mouton
Vemoflex N.V. [100%]
Asse
www.vemoflex.be
Belgium
J. Mouton
Econosto Shanghai Ltd. [100%]
Shanghai
www.econosto.com.sg
China
N.Y. Chen
Valtor Offshore A/S [100%]
Esbjerg
2012 06 14
www.valtor.dk
Denmark
J. Grabaek
Dansk Ventil Center A/S [100%]
Vejle
www.dvcas.dk
Denmark
H.A. Svendsen
Econosto Mideast B.V. [100%]
Dubai
www.econosto-mideast.com
Dubai
C. Frietman
ERIKS sas [100%]
Coigniéres
www.eriks.fr
France
J. Mouton
ERIKS Holding Deutschland GmbH [100%]
Bielefeld
www.eriks.de
Germany
O. Hoppe
Fischer GmbH Kunststoff Präzision [100%]
Laupheim
www.fischer-kunststoff.de
Germany
G. Sixl
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Year Overview 2012
AMG-Pesch GmbH Armaturentechnik [100%]
Köln
www.amg-pesch.com
Germany
A. Giese
Siekmann-Econosto GmbH & Co. KG. [100%]
Dortmund
www.siekmann-econosto.de
Germany
D. Pokorny
ERIKS sdn bhd [100%]
Kuala Lumpur
www.eriks.com.my
Malaysia
C.Lim
ERIKS B.V. [100%]
Alkmaar
www.eriks.nl
the Netherlands
J. Bruggenthijs
Econosto Nederland B.V. [100%]
Cappelle a/d IJssel
www.econosto.nl
the Netherlands
P. Vos
Passerotti Sp z.o.o. [100%]
Bielsko-Biala
www.passerotti.com.pl
Poland
J. Wròbel
Singapore
C. Lim
ERIKS Singapore Pte. Ltd. [100%]
Singapore
www.eriks.com.sg
2012 06 14
Econosto Singapore Pte. Ltd. [100%]
Singapore
www.econosto.com.sg
Singapore
C. Lim
Econosto Ibérica S.A. [100%]
Barcelona
www.econostoiberica.com
Spain
J.F. Boatella
ERIKS UK Ltd. [100%]
Halesowen
www.eriks.co.uk
United Kingdom
M.T.A. Beckers
Econosto UK Ltd. [100%]
Leicester
www.econosto.uk.com
United Kingdom
C. Gamble
Revolvo Ltd. [100%]
Dudley
www.revolvo.com
United Kingdom
N. Dent
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Year Overview 2012
ERIKS Seals & Plastics, Inc. [100%]
Fort Worth
www.eriksusa.com
USA
S. Courtney
LewisGoetz, Inc. [100%]
Pittsburgh
www.lewis-goetz.com
USA
J.T. Crane
Newdell / Diamond Gear Company, Inc. [100%]
Houston
www.newdellco.com
USA
D. Scott
Rawson, Inc. [100%]
Houston
www.rawsonlp.com
USA
T. Comstock
Industrial Controls Distributors, LLC [100%]
Eatontown
www.industrialcontrolsonline.com
USA
J. Eichelberger
2012 06 14
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Year Overview 2012
NPM Capital
NPM Capital N.V. [100%]
Breitnerstraat 1
1077 BL Amsterdam
Telephone 31 20 5705555
Fax 31 20 4706454
the Netherlands
J.W. Baud
B.P. Coopmans
S.W.M.M. Maassen
L.F.M.M. Mes
J.K. Terpstra
NPM Capital België N.V.
13 rue de Ligne
B- 1000 Brussels
Telephone 32 2 2106090
Fax 32 2 2196719
Belgium
P. Ghekiere
NPM Healthcare Holding B.V.
Hilversum
the Netherlands
D. de Groot van Embden
A. den Hartog
NPM Capital participates in the following companies:
(in alphabetical order by company)
the Netherlands
W. Oorschot
ABIRD Holding B.V. [66%]
Botlek
www.abird.nl
2012en
06Zorg
14 [52%]
Arts
Utrecht
www.artsenzorg.nl
the Netherlands
A. van den Borg
Belgische Distributiedienst N.V. [94%]
Nossegem
www.beldi.be
Belgium
G. Schoenmaekers
Blauwhoed Holding B.V. [49%]
Rotterdam
www.blauwhoed.nl
the Netherlands
P. Smits
Continental Bakeries Holding B.V. [100%]
Dordrecht
www.continentalbakeries.com
the Netherlands
R. van Henten
De Boer Structures Holding B.V. [100%]
Alkmaar
www.deboer.com
the Netherlands
A.T. de Hair
Page
59 / 65
Year Overview 2012
N.V. Deli Maatschappij [41%]
Rotterdam
www.deli-maatschappij.nl
the Netherlands
R.H.J. Bosch
Dermicis [71%]
Haarlem
www.dermicis.nl
the Netherlands
R. Beljaards
P. de Koning
Dujardin Foods N.V. [23%]
Ardooie-Koolskamp
www.dujardin-foods.com
Belgium
R. Jacob
HAK B.V. [100%]
Giessen
www.hak.nl
the Netherlands
T. Hoogeboom
Hans Struijk Fietsen B.V.
Amsterdam
www.hansstruijkfietsen.nl
the Netherlands
B.F.R. Hagenouw
T. Rutten
Helvoet Holding B.V. [58%]
Hellevoetsluis
www.helvoet.com
the Netherlands
P.A. Rijkoort
the Netherlands
P.L. Broekhuijsen
Hertel Holding B.V. [47%]
Rotterdam
www.hertel.com
2012 06 14
Kiwa N.V. [56%]
Rijswijk
www.kiwa.nl
the Netherlands
P. Hesselink
Koninklijke Auping B.V. [21%]
Deventer
www.auping.nl
the Netherlands
A. Roos
Kramp Groep B.V. [40%]
Varsseveld
www.kramp.com
the Netherlands
E.J. Perdok
LMS International N.V. [16%]
Leuven
www.lmsintl.com
Belgium
U. Vandeurzen
Medinova N.V. [97%]
Haarlem
www.medinova.com
the Netherlands
F. Arnoldy
Page
60 / 65
Year Overview 2012
MediQuest B.V. [24%]
Utrecht
www.mediquest.nl
the Netherlands
J.R. Schaefer
Medux B.V. [100%]
Utrecht
www.medux.nl
the Netherlands
M.A. Jungschlager
Nile Dutch Holding B.V. [35%]
Rotterdam
www.niledutch.com
the Netherlands
W.J. van Aalst
Oogziekenhuis Zonnestraal [58%]
Hilversum
www.oogziekenhuiszonnestraal.nl
the Netherlands
C. van Angelen
Optelec Holding B.V. [49%]
Barendrecht
www.optelec.com
the Netherlands
M.J. van Schaik
Prins Autogassystemen Holding B.V. [83%]
Eindhoven
www.prins.eu
the Netherlands
B. van Aerle
the Netherlands
B. Bakker
Royaan B.V. [95%]
Wijk bij Duurstede
www.royaan.nl
2012 06 14
Samenwerkende Tandartsen Nederland [67%]
Kaatsheuvel
www.samenwerkendetandartsen.nl
the Netherlands
C. Borgers
A. Melis
Smartwares B.V. [25%]
Amsterdam
www.smartwares.nl
the Netherlands
V.P.H. Braams
Stern Groep N.V. [29%]
Amsterdam
www.stern.nl
the Netherlands
H.H. van der Kwast
Synbra Holding B.V. [13%]
Etten-Leur
www.synbra.com
the Netherlands
R. Dobbelaere
Vanderlande Industries B.V. [87%]
Veghel
www.vanderlande.com
the Netherlands
M. Peters
Page
61 / 65
Year Overview 2012
VSI B.V. (Vurense Snack Industrie) [60%]
Leerdam
www.vsi.nl
the Netherlands
G. Janssens
Workfox B.V. [35%]
Hoofddorp
www.workfox.nl
the Netherlands
K. Cordia
2012 06 14
Page
62 / 65
Year Overview 2012
Corporate
SHV Interholding A.G. [100%]
Aspermontstrasse 24
7000 Chur
Telephone 41 81 3549070
Fax 41 81 3549061
Switzerland
M.A. Baselgia
2012 06 14
Page
63 / 65
Year Overview 2012
2012 06 14
SHV Holdings N.V.
Rijnkade 1
3511 LC Utrecht
The Netherlands
T +31 30 2338833
F +31 30 2338304
www.shv.nl
[email protected]
www.shv.nl

2012 - SHV

Transcription

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