TABLE OF CONTENTS
The Coster Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Abstract from Board of Directors’ Annual Report . . . . . . . . . . . . . . . . .
4
New High Gamma Radiation compliant Salus actuator . . . . . . . . . . . . .
8
DMF registration for MDI Valves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Coster Air-Q: the portable Clean Room Unit . . . . . . . . . . . . . . . . . . . . . . 12
Coster booth at the Aerosol Congress in Madrid . . . . . . . . . . . . . . . . . 14
Coster new Web Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
New fully automated BOV3 Production Line (USA) . . . . . . . . . . . . . . . 18
Stella Industries Filling Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Consolidated Balance Sheet: Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Consolidated Balance Sheet: Liabilities . . . . . . . . . . . . . . . . . . . . . . . . 23
Consolidated Statement of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Financial charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Sales Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Production Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
THE COSTER GROUP
COSTER
Tecnologie Speciali
S.p.A.
100%
99%
100%
100%
100%
COSTER
S.à.r.l.
France
COSTER TECNOLOGIE
SPECIALI GmbH
Germany
ROBERTPACK
ENGINEERING B.V.
Holland
COSTERTEC
S.A.
Spain
COSTER
AEROSOL Ltd.
U.K.
95%
100%
70%
100%
100%
70%
COSTER
PACKAGING S.A.
Argentina
COSTER USA
Inc.
U.S.A
COSTER INDIA PACKAGING
Pvt. Ltd.
India
COSTERPACK
Sdn. Bhd.
Malaysia
COSTER ASIA-PACIFIC
Pte. Ltd.
Singapore
COSTERPACK
MANUFACTURING Sdn. Bhd.
Malaysia
100%
MANIVEST
Sdn. Bhd.
Malaysia
2
100%
100%
100%
A.C.R.
S.r.l.
Italy
COSTERPLAST
S.p.A.
Italy
TECNOCOSTER
S.r.l.
Italy
COSTER GROUP ANNUAL REPORT 2013
3
ABSTRACT FROM BOARD OF DIRECTORS’ ANNUAL REPORT
Total Coster Group turnover in 2013 amounted to Euro 171 886 000, compared to
Euro 178 890 000 in 2012. The difference is due principally to the rise in the value
of the Euro with respect to other currencies, mainly versus the Argentinean Peso.
As of December 31st, 2013, the Group had 886 employees.
The following tables show turnover in thousands of Euros, broken down by product
category and geographical area.
Turnover per category of product
2013
2012
157 132
160 340
Machine Division
9 304
10 740
Services and others
5 450
7 810
171 886
178 890
2013
2012
E.U. countries
103 355
105 207
Other countries
68 531
73 683
Total turnover
171 886
178 890
Valve and Pump Division
Total turnover
Turnover per geographical area
Coster Group is headed by Coster Tecnologie Speciali S.p.A., with fifteen operative
subsidiary companies in France, Germany, Holland, Italy, Spain, the U.K., Argentina,
India, Malaysia, Singapore, the U.S.A., and a subsidiary in the U.K. which will host,
in its own plant, a part of the production of Coster Aerosols Ltd.
The Group’s production consists essentially of the following product lines: aerosol
valves, spray pumps and dispensers, spray caps and special actuators, machines
and lines for aerosol and liquid product filling.
Coster Group has been operating in Europe for more than fifty years with its own
commercial, distribution and production units; from 1997 Coster has operated
directly in South America through the subsidiary Coster Packaging S.A. in Buenos
Aires, from 2000 in South East Asia with the subsidiary Costerpack Sdn. Bhd.
4
in Johor Bahru (Malaysia), from 2002 with the subsidiary Coster Asia-Pacific in
Singapore, from 2003 in the United States of America with the subsidiary Coster
U.S.A., Inc. in South Elgin, Illinois, from 2008 in India with the subsidiary Coster
India Packaging Pvt. Ltd. in Gurgaon (New Dehli).
Coster products are also manufactured and distributed through licensees in Iran
and Turkey. The subsidiary companies located in Germany, France and Singapore
handle commercial and logistics support activities in their respective territories. The
remaining areas are managed by the Sales Office in Milan, directly and through
agents and distributors.
The economic-financial situation in the USA and UK is improving more rapidly
than in Europe and the developing countries. In Argentina, difficulties associated
with local conditions are having a negative impact on our operations.
In general, the mass consumer product sector, Coster Group’s main market,
is subject to considerable pressure on prices due to aggressive competition
worldwide, which reduces profit margins.
Prices for raw materials, in particular plastics, have remained relatively stable
in the mid- to high range.
For the parent company, the results of the financial year show a moderate
improvement with respect to the prior ear, despite having been negatively affected
by the country’s lack of competitiveness.
Appreciable increase in turnover for Tecnocoster and ACR; good result in terms of
net profit for all the Italian subsidiaries.
The German and U.K. subsidiaries showed appreciable growth both in terms of
turnover and profit. Confirmed turnover and increased profits for Spanish and Dutch
subsidiaries.
The Argentinian subsidiary, Coster Packaging S.A., registered a substantial fall
in turnover in Euros due to the devaluation of the Peso; the financial results for
the year show a loss. Coster India showed a good increase in turnover in local
currency, with profits on the rise.
5
The financial year 2013 saw continued significant investments at the Coster Group
facilities in Italy, in the modernisation of production equipment, automation and
quality improvements. Investments were also made in the production facilities in
the U.S.A. and in Argentina.
The facilities in the U.S.A. and in Spain are certified to ISO 14001 environmental
standard.
The following pages illustrate some of the Group’s new investments in innovation
and manufacturing.
In the new production facility built on company runned property in Lakeside
Barlborough Links (Derbyshire, U.K.), installation of production machinery will be
completed in 2014.
The new Salus Pharma Nasal Actuator for sea-water solutions High Gamma
Radiation Compliant is shown as an example of Coster’s production.
Notable investments were also dedicated to new products, enhancement of
equipment in the laboratories, and the construction of new moulds.
A presentation of DMF Registration for MDI Coster Valves and the images of the
new Coster AIR-Q portable Clean-Room Unit give evidence of the ongoing commitment of Coster Group to the pharma market.
The Technical Office at Calceranica al Lago (Trento) runs the R&D operations for
the Aerosol Division, while the Technical Office of the Machinery Division in Pero
(Milan) is dedicated to filling machines and equipment.
Considerable time and resources were absorbed by intense R&D activity in 2013,
as in previous years. New products have been designed (pumps, dispensers,
actuators) and current products improved; some of these new products are currently
in production, others are scheduled to go into production shortly.
A high proportion of R&D activities has been focused on tests and trials of new
manufacturing processes.
The chemical laboratories in Pero (Milan), Torelló (Barcelona), Stevenage (UK),
South Elgin (Illinois) and Pilar (Buenos Aires) are dedicated primarily to formulative
research and to technical assistance to customers.
Coster pays increasing attention to environmental sustainability: new products
are being designed to allow compressed air filling, avoiding the use of liquid
propellants.
Coster also continues to reduce the amount of manufacturing waste sent to landfills,
and carries out important investments for energy conservation, adopting means of
production with low electricity consumption.
6
In the following pages: a report on the presence of Coster at the 28th FEA
International Aerosol Congress & 17th Exhibition in Madrid; a presentation of
the brand new Coster Web Site.
Also shown are the new, fully-automated BOV 3 production line installed in the
Coster USA facility in South Elgin, Illinois, which boosts production of the lowcost version of Coster Bag-On-Valves, and the new high-performance 300 pcm
aerosol filling lines manufactured for Stella Industries, installed in India.
Following these illustrations, an abstract of the Consolidated Financial Statements
shows results from operations; a number of charts present the evolution of
Group financials over the last five years; overviews of the sales and production
organizations complete this section.
The financial statements for both the Group and the parent company, audited by
PricewaterhouseCoopers, are available on request.
No significant events have occurred since the closure of the financial year 2013.
The year 2014 started regularly; the level of orders is good.
7
SU ITAB LE FO R HI GH
G A M M A R A D I AT IO N :
(M A X 40 K G y)
SALUS
HIGH GAMMA RADIATION
COMPLIANT
New versions
of the popular nasal actuator
for sea-water solutions
9
DMF REGISTRATION
FOR MDI VALVES
Released
by the U.S.A. Department
of Health & Human Services
11
COSTER AIR-Q:
THE PORTABLE
CLEAN ROOM UNIT
The system is suitable
for both semi and fully
automated lines
13
COSTER BOOTH
AT 28 TH FEA INTERNATIONAL
AEROSOL CONGRESS
& 17 TH EXHIBITION
MADRID 2013
The traditional triennial meeting
for aerosol people
15
NEW COSTER
WEB SITE
Coster launches
its new global website
17
NEW FULLY-AUTOMATED
HIGH CAPACITY PRODUCTION
LINE IN THE U.S.A.
For BOV3 low cost
Bag-On-Valve version
19
STELLA INDUSTRIES
300 PCM AEROSOL
FILLING LINE (INDIA)
21
COSTER TECNOLOGIE SPECIALI S.p.A.
Consolidated balance sheet as of 31 December
Assets
Consolidated balance sheet as of 31 December
Liabilities & Shareholders’ equity
(Euro Million)
(Euro Million)
2013
2012
2011
2010
2009
Cash & Banks
36.0
35.9
36.7
45.4
41.8
Banks
Trade & Bills receivables (net of bad debt provision)
42.8
44.9
40.2
35.7
31.0
Suppliers
6.8
6.6
6.7
4.7
5.0
Inventory (net of obsolescence provision)
31.8
32.9
32.5
32.4
28.5
Accrued income and prepaid expenses
0.5
0.5
0.5
0.2
0.2
Other receivables
Current Assets
Land and buildings
117.9 120.8 116.6 118.4 106.5
48.4
47.7
47.0
46.6
45.9
2013
2012
2011
2010
2009
0.7
2.2
2.3
2.1
1.4
22.3
22.7
22.3
25.8
22.4
Provisions for taxes
9.9
8.6
7.9
7.5
6.8
Current portion of loans
2.3
4.2
4.3
2.9
3.1
Other payables & provisions
11.0
11.8
10.4
9.9
10.2
Short-term liabilities
46.2
49.5
47.2
48.2
43.9
Long-term portion of loans
4.1
5.5
6.1
8.0
8.9
Plant and machinery
159.0 151.5 142.4 132.6 123.2
Staff severance indemnity provision
5.3
5.4
5.4
5.5
5.4
Mould, patterns and other
115.8 111.4 107.6 103.5
Other provisions
0.7
1.1
1.2
1.4
1.5
10.1
12.0
12.7
14.9
15.8
12.0
12.0
12.0
12.0
12.0
108.5 106.2 102.0
98.7
89.8
Property, plant and equipment
Less: Depreciation funds
Property, plant and equipment, net of depreciation
98.9
323.2 310.6 297.0 282.7 268.0
(250.7) (236.8) (223.4) (210.5) (196.4)
Medium and long-term liabilities
Share capital
Legal & extraordinary reserves & provisions
72.5
73.8
73.6
72.2
71.6
Deposits and investments
0.8
0.7
0.6
0.5
0.6
Reserve for own shares
Own shares and affiliated companies
5.7
5.7
5.7
5.7
5.7
Advance to suppliers
2.9
3.4
2.0
1.1
Deferred charges (net of depreciation)
1.1
1.1
1.5
10.5
10.9
9.8
Other Assets
Total Assets
22
5.7
5.7
5.7
5.7
5.7
Revaluation balance
12.3
12.3
12.3
12.3
12.3
1.9
Net profit for the year
4.3
5.7
6.0
5.9
7.8
1.9
2.6
Minority interest
1.8
2.1
2.1
2.1
1.6
9.2
10.8
200.9 205.5 200.0 199.8 188.9
Shareholders’ equity
144.6 144.0 140.1 136.7 129.2
Total Liabilities and Shareholders’ equity
200.9 205.5 200.0 199.8 188.9
23
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2013
2012
2011
2010
2009
Production value
171.9 100.0% 178.9 100.0% 168.0 100.0% 167.6 100.0% 135.8 100.0%
Cost of goods &
services provided
(137.7) 80.1% (146.2) 81.7% (134.9) 80.3% (132.9) 79.3% (107.3) 79.0%
Selling & general
expenses
(8.1)
EBITDA
26.1 15.2%
Depreciations &
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(13.2)
4.7%
(8.6)
4.8% (10.3)
24.1 13.5%
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0.3
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0.3
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(0.8)
0.5%
(1.0)
0.6%
(1.1)
0.7%
(1.3)
0.8%
(1.1)
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(5.1)
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(1.9)
1.1%
(0.3)
0.2%
0.5
0.3%
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10.1 6.0%
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27
COSTER GROUP SALES ORGANIZATION
AGENTS AND DISTRIBUTORS
HEAD OFFICES
Address
Coster Tecnologie Speciali S.p.A. Corso Como 15
20154 Milano (Italy)
Area
Telephone
Fax
E - mail
+39 02636161
+39 0229006706
[email protected]
BRANCH OFFICES
Area
Company / E - mail
Address
Telephone / Fax
BENELUX,
Robertpack Engineering B.V.
Pascalweg 3, Industrieterrein Marslanden D
TEL : +31 (38) 4652 080
SCANDINAVIA
[email protected]
8013 RC - Zwolle, Netherlands
FAX : +31 (38) 4657 076
FRANCE,
Coster s.à.r.l.
ZI Mitry Compans Rue Gay Lussac
TEL : +33 (1) 6467 9655
MAGHREB
[email protected]
77290 Mitry Mory
FAX : +33 (1) 6467 0404
GERMANY, AUSTRIA, Coster Tecnologie Speciali GmbH Siemensstraße 22
TEL : +49 (7243) 5483-0
POLAND, CZECH REPUBLIC [email protected]
76275 Ettlingen
FAX : +49 (7243) 5483-54
INDIA
Coster India Packaging Pvt. Ltd.
C-021A, 2nd Floor, Super Mart Commercial Complex-1 TEL : +91 (124) 404 3701
[email protected]
DLF Phase IV - Gurgaon-122016 Haryana
FAX : +91 (124) 404 3704
Coster Packaging S.A.
Ruta 8, Km 60 - Calle 14 y 9
TEL : +54 (0230) 4466206
[email protected]
B1629MXA Parque Ind. Pilar - Buenos Aires
FAX : +54 (0230) 4496664
Costerpack Sdn. Bhd.
5, Jalan Firma 3 Kawasan Perindustrian
TEL : +60 (7) 357 3351
LATIN AMERICA
MALAYSIA
SINGAPORE
SPAIN, PORTUGAL
UNITED KINGDOM
U.S.A.
[email protected] Tebrau IV - 81100 Johor Bahru, Johor
FAX : +60 (7) 357 3349
Telephone / Fax
Bolshaya Spaskaya St. - House 12, Office 50 TEL : +7 (495) 956 3218
129010 Moscow
FAX : +7 (495) 956 3259
Norlimar Canada Inc.
[email protected]
104, Rue Des Oblats, Lasalle
Québec H8R 3K8
TEL : +1 (514) 696 2947
EGYPT, YEMEN,
GCC
Cesam Engineering & Trading Co.
[email protected]
I.Z. # 2, Str. # 81 btw. Rd # 18 & Rd # 20
TEL : +20 (2) 3833 9896
POB 153 October VI City - Giza 12573 Egypt FAX : +20 (2) 3833 5197
GREECE, CYPRUS
Paneuropean S.A.
[email protected]
N. 17, Souri street
121 31 Peristeri Athens
TEL : +30 (210) 574 141417
FAX : +30 (210) 574 1418
GUATEMALA
Representaciones del Caribe S.A.
[email protected]
14 Avenida 7-12 Zona 14 Bodega # 8
Guatemala C.A. 01014
TEL : +502 2421 0300
FAX : +502 2421 0301
HUNGARY
Turi Jolan
[email protected]
Bukkfa u. 12
1028 Budapest
TEL : +36 (1) 325 5062
FAX : +36 (1) 325 5062
ISRAEL
Maydan Representatives Ltd.
[email protected]
Kehilat Saloniki str. 13
69513 Tel Aviv
TEL : +972 (3) 540 3710
FAX : +972 (3) 549 2524
JAPAN
Koike Chemical Co. Ltd.
3-2-1, Kinshi, Sumida-Ku
Tokyo 130-0013
TEL : +81 (3) 5610 5169
FAX : +81 (3) 5610 5171
LEBANON
Jean Zakka Fils S.a.l.
[email protected]
P.O. Box 90360
Jdeidet El-Maten
TEL : +961 (1) 870 942
FAX : +961 (1) 895 654
ROMANIA
Pluritrade S.r.l.
[email protected]
Sos. Panduri, 7
050651 Bucuresti
TEL : +40 (21) 410 6706
FAX : +40 (21) 411 1172
SWITZERLAND
Pack-Part GmbH
[email protected]
Kraftwerkstraße, 24
CH 4303 Kaiseraugst
TEL : +41 (61) 811 1109
FAX : +41 (61) 811 2166
TURKEY
Metpak Temsilcilik Diş Ticaret Ltd. Şti
[email protected]
Merdivenköy Mh. Şair Arşi Cd.
TEL : +90 216 411 87 87
Nazenin Sk. Karadeniz Apt. 9/7 - 34732 Kadiköy Istanbul FAX : +90 216 478 53 53
Coster Asia-Pacific Pte. Ltd.
92, Hillview Ave., # 06 - 12 Hillbrooks
TEL : +65 9139 1468
[email protected]
669592 Singapore
FAX : +65 6891 3687
Costertec, S.A.
Besalú, 4
TEL : +34 (93) 859 1038
[email protected]
08570 Torelló - Barcelona
FAX : +34 (93) 859 3510
Coster Aerosols Limited
Babbage Road, Stevenage
TEL : +44 (1438) 367 763
[email protected]
Herts SG1 2EQ
FAX : +44 (1438) 728 305
BANGLADESH
Coster USA Inc.
1625 Shanahan Drive, South Elgin Illinois
TEL : +1 (847) 760 6040
[email protected]
60177 USA
FAX : +1 (847) 760 6035
CHINA, TAIWAN, KOREA Anomatic (Suzhou) Metal Packaging Co. Ltd. 1999, LinHu Avenue, Fenhu Economic Development Zone TEL : +86 (512) 6326 9696
[email protected]
Wujiang, Jiangsu Province 215211, China FAX : +86 (512) 6301 6756
LICENSEES
Area
Company / E - mail
IRAN
28
Address
CANADA
PHARMA AGENTS AND DISTRIBUTORS
Area
Company / E - mail
BALTIC COUNTRIES, VA Intertrading AG
RUSSIA, C.I.S.
[email protected]
INDIA
TURKEY
Company / E - mail
BALTIC COUNTRIES, Sun Spray Packaging Ltd.
RUSSIA, C.I.S.
[email protected]
Orbit Corporation
[email protected]
Mascot Universal Private Limited
[email protected]
Borna Khooshe Co.
IRAN
(PACKAGING COMPONENTS) [email protected]
IMA Darou Afzar Co.
IRAN
[email protected]
(MACHINERY)
Address
Telephone / Fax
Kantemirovskaya Street 58
Office 7038 Moscow 114577
TEL : +7 (495) 651 9335
89/ka, P.C Culture Housing Society
Shamoli, Mohammadpur, Dhaka - 1212
TEL : +88 (02) 81 58 805
FAX : +88 (02) 81 59 957
317, Shaha & Nahar I. E., Off. Dr. E. Moses Rd. TEL : +91 22 4064 0333
Worli. Mumbai 400018 Maharashtra
FAX : +91 22 4064 0311
Flat 1, No.26, Souri Str. Ati Saz
1997657653 Tehran
TEL : +98 21 2234 5737
FAX : +98 21 2234 5737
Unit 8, 3rd Floor, N. 30
37th Street Yousefabad Ave. Tehran
TEL : +98 21 88214976
FAX : +98 21 88210931
TEL : +963 93 340 3370
FAX : +971 15 660 3267
Address
Telephone / Fax
Padine Co. Ltd.
No. 24, 8th Ave. Ahmad Ghassir Ave.
TEL : +98 (21) 8873 8833
[email protected]
Tehran 15147
FAX : +98 (21) 8873 7686
SYRIA, JORDAN
Aerosol Valf Sanayi A.S.
Geposb-Gebze Plastikçiler Organize Sanayi
TEL : +90 (262) 751 2713
Gulf - Alfourat FZC
[email protected]
P.O.Box: 16670
RAK-UAE
[email protected]
Bölgesi Inönü mahallesi 7, Cadde Gebze/Kocaeli FAX : +90 (262) 751 2180
TURKEY
Metpak Temsilcilik Diş Ticaret Ltd. Şti
[email protected]
Merdivenköy Mh. Şair Arşi Cd.
TEL : +90 216 411 87 87
Nazenin Sk. Karadeniz Apt. 9/7 - 34732 Kadiköy Istanbul FAX : +90 216 478 53 53
29
PRODUCTION ORGANIZATION
COSTER AEROSOLS Ltd, Stevenage, UK:
Aerosol Valve Manufacturing.
COSTER 1, Calceranica (TN), Italy:
Plastic Component Manufacturing.
COSTER 4, Caldonazzo (TN), Italy:
Bag-On-Valve Manufacturing.
COSTER PACKAGING S.A. - Buenos Aires:
Aerosol Valve and Special Actuator Manufacturing.
ROBERTPACK B.V., Zwolle, Holland:
Aerosol Valve and Spray Cap Manufacturing.
COSTER 2, Calceranica (TN), Italy:
Spray and Dispensing Pump Manufacturing.
TECNOCOSTER s.r.l., Castelnuovo (TN), Italy:
Special Actuator Manufacturing.
COSTER 3, Caldonazzo (TN), Italy:
Aerosol Valve, Plastic Component
and Standard Actuator Manufacturing.
COSTERPACK, Johor Bahru, Malaysia:
Aerosol Valve, Standard and Special actuator
and Spray Cap Manufacturing.
COSTERTEC S.A., Torelló, Spain:
Perfumery Pump Manufacturing, Aerosol Valve
Manufacturing and Distribution Center.
COSTER USA Inc, Illinois, USA: Bag-on-valve
and Special Actuator Manufacturing.
COSTERPLAST S.p.A., Caldonazzo (TN), Italy:
Spray Cap and Special Actuator Manufacturing.
30
31
COSTER INDIA PACKAGING Pvt Ltd, Bhiwadi,
India: Perfumery Pump Manufacturing.
COSTER 1, Calceranica (TN), Italy: Technical
and Research & Development Headquarters.
COSTER s.à.r.l., Mitry Mory, France:
Sales Office and Distribution Center.
COSTER Machinery Division, Pero (MI), Italy:
Aerosol Filling Machine.
COSTER GmbH, Ettlingen, Germany:
Sales Office and Distribution Center.
ACR, Caldonazzo (TN), Italy: Production
of Special Assembly Machinery.
32

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