Annual Report 2012 - Uzin Utz AG

Promote sustainability
Business report 2012
1

Investor Relations Overview
Key-Data in yearly comparison
2012
2011
2010
2009
2008
2007
2006
Group
IFRS
Group
IFRS
Group
IFRS
Group
IFRS
Group
IFRS
Group
IFRS
Group
IFRS
Revenue data
Sales revenues
Mio. EUR
207.3
199.2
184.2
172.2
177.4
166.1
152.1
Sales revenues growth
Result from
ordinary activities
% vs.prev.year
Mio. EUR
4.1
13.5
8.1
12.0
7.0
14.4
-2.9
11.0
6.8
10.5
9.2
12.0
9.8
11.3
Net profit
Mio. EUR
9.5
9.0
9.6
7.1
7.8
8.6
8.3
Financial data
Investments
Mio. EUR
16.3
9.6
6.9
3.2
7.7
14.9
7.3
Deprication
Cash flow from
ordinary activities
Mio. EUR
Mio. EUR
6.8
17.7
7.0
12.5
5.6
14.3
5.4
17.0
5.2
11.0
4.9
9.8
4.9
11.3
Balance sheet data
Total assets
Accounts receivable
Inventories
Fixed assets
Liabilities (incl. provisions)
Equity capital (incl. third parties)
Personnel (average)
Mio. EUR
Mio. EUR
Mio. EUR
Mio. EUR
Mio. EUR
Mio. EUR
178.1
21.4
28.4
109.7
74.1
104.1
919
173.6
23.3
27.9
100.0
75.8
97.7
879
167.3
25.7
25.3
95.5
90.1
77.1
841
154.7
22.7
20.1
91.5
87.0
67.6
859
160.8
24.0
21.7
93.8
97.7
63.0
806
154.0
25.1
22.8
88.9
94.3
59.7
720
136.0
24.4
18.9
79.5
81.7
54.3
659
Performance 2012
turnover of all stock exchanges
closing price
Uzin Utz AG
Shareholder Structure in %
turnover in EUR
closing price in Euro
900
20.0
800
19.8
700
600
19.6
19.4
26 %
Polyshare GmbH
500
19.2
400
19.0
Familie Utz 55 %
300
18.8
19 %
Freefloat
200
18.6
100
18.4
01/12
02/12
03/12
04/12
05/12
06/12
07/12
08/12
09/12
10/12
11/12
12/12
2

The Shares
German securities identification number
ISIN number
Market segment
Share capital
Number of shares outstanding
Issuing price October 1997
755150
DE 000 755150 9
Regulierter Markt , General Standard
15,132,957 Euro
5,044,319 no-par-value-shares
23.01 Euro
Own Shares (per 31.12.)
High (continous trading)
Low (continous trading)
Varation range
Opening price on the first trading day
Closing price on the last trading day
Performance
Average price
Market capitalisation based
on end-of-year-closing price
2012
5,577
20.16 Euro
18.66 Euro
7.71 %
19.35 Euro
19.38 Euro
0.16 %
19.45 Euro
97,758,902 Euro
2011
5,577
26.51 Euro
19.40 Euro
31.83 %
21.47 Euro
19.40 Euro
-9.64 %
22.34 Euro
97,859,789 Euro
Price Earnings Ratio
Year end closing
2012
IFRS
2011
IFRS
2010
IFRS
2009
IFRS
2008
IFRS
2007
IFRS
2006
IFRS
Year end closing (EUR)
19.38
19.40
20.34
17.60
14.70
26.00
23.40
Annual net profit per share (EUR)
1.88
1.78
2.27
1.68
1.84
2.01
1.96
Price earnings ratio
10.3
10.9
9.0
10.5
8.0
12.9
11.9
Proposal to the
Annual General Meeting
2012
2011
2010
2009
2008
2007
2006
Shares
5,044,319
5,044,319
4,268,271
4,268,271
4,268,271
4,268,271
4,268,271
Dividend earned (EUR)
0.80
0.75
1,00 *
0.62
0.62
0.90
0.90
Amount to be distributed (EUR)
4,035,455
3,783,239
4,268,271
2,646,328
2,646,328
3,841,444
3,841,444
Dividend yield based on closing price
4.13%
3.87%
4.92%
3.52%
4.22%
3.46%
3.85%
Dates
Press conference on annual results
Annual general meeting
Six-months’ report
16.04.2013
14.05.2013
28.08.2013
Uzin Utz AG
Investor Relations
Phone +49 (0)731 4097-390
Fax +49 (0)731 4097-169
IR@uzin-utz.com
www.uzin-utz.de
* 0,80 + 0,20 EUR special dividend
3

Brief introduction to the Group
Continuous change in sustainable development – this is how we can best describe what began in 1911 and what
today makes up Uzin Utz AG: In over 100 years a small regional manufacturer of adhesives has developed into
the world‘s only complete supplier of flooring expertise. With the seven brands of UZIN, Wolff, Pallmann, Arturo,
codex, RZ and UFLOOR Systems, Uzin Utz AG offers an extensive range of products, systems and services, encompassing
anything and everything to do with the installation, renovation and maintenance of all types of floor
coverings, wood flooring, ceramic tiles and natural stone floors – all from our own development and production.
The company has its own companies in major markets around the globe and is represented in 39 other countries
besides Germany. The Group‘s clear focus on its core competence of flooring is unique in the world. In this way,
Uzin Utz AG is successfully positioned on an international level to meet the demands of a globalised economy.
The Ulm-based company – which is both a listed company and a third generation family run business – has kept
its feet firmly on the ground. Growth and sustainability always go hand in hand.
A pioneer and industry leader, for more than 30 years the company has been championing the development of
low-emission and healthy living products as well as environmentally friendly production. Thus 13 of Uzin‘s Ökoline
products, 13 of Uzin’s switchTec-Adhesiv-Technology and three of Pallmann‘s products have earned “The
Blue Angel” environmental seall.
The issue of responsibility does not end with our products, but includes the social and ecological aspect. Because
at Uzin Utz AG we know: the best philosophy is of no use unless it is experienced by employees. Therefore
we essentially place the greatest emphasis on a completely different type of quality assurance. It builds on the
six corporate values of reliability, perspectives, balance, respect, internationality and dynamics. And is summarized
in the human resources strategy, “Everything that is important to you.“
We live and breathe floors! Because each of our Group‘s activities expands our expertise in terms of flooring.
4

Contents
Foreword of the CEO
Portrait of
the Management Board
Trademark-Portfolio
Group
Share & Investor Relations
Global markets
Research & development/
Corporate vision
Major challenges,
magnificent reactions
No winning without a purpose
Gain ground with us!
Value-oriented with responsibility
Crisis-proof and stable
Growth with patience and know-how
Power of innovation with value added
6
8
10
12
14
16
18
Summarised management report
of Uzin Utz AG and
of the Uzin Utz Group
for the fiscal year 2012
management report including Corporate Governance report
and remuneration Report
20
Contents
5

6 Foreword of the CEO

Major challenges, magnificent reactions
Sustainability
Our topic – our profile!
The foundations, on which our company
is based, have proven to be absolutely
feasible. We do not just look at our innovative
product contributions to the
healthy housing climate with pride, but
also at the top services of our 919 group
employees and the exceptionally good
working atmosphere. In order for it to
stay this way we consistently promote
your development by high-quality offers
for health and further training as well as
our personnel strategy “everything that
is important for you”. As we know: Motivated
and efficient employees are not
just our most important asset, they are
the pre-requisite for the sustainable success
of the company.
Dear Shareholders, business partners, and employees
»»
It is with pride and satisfaction we look back at the first
year after our 100-year anniversary. When looking back
at the demanding fiscal year 2012 there are a lot of positive
things to report, although not just European companies
had to face major challenges. Despite the continuing
volatile economic and financial markets Uzin Utz AG
was able to expand its head start in the industry and consistently
generate good figures. Thus, the revenue in the
Group was 4.1% higher than in the year of the 100th anniversary
in 2011. In addition, it was possible to improve
the operating results of the ordinary business activities of
Euro 12 million to Euro 13.5 million – an increase of 12.6%.
»»
A further reason to be satisfied was offered by the increase
in the innovation share in the AG from 58.8% to
62.5%, which outperforms the record level of the previous
year and is thus far higher than the customary average
for the industry.
»»
In addition to the continuous further development of
the quality of our products with the parallel aim of to constantly
improve the emission behaviour, we have in particular
started the new century for our company by further
pressing ahead with our efforts at expansion.
»»
What does this mean concretely? We see the futureoriented
potential for growth in revenue in the international
expansion of our corporate activities. We want to take
advantage of this potential in the long-term by a well-considered
global strategy: with excellent products, groundbreaking
technologies and innovative services.
»»
However, that at Uzin Utz AG not just exclusively economic
aims, but also ecological and social responsibility
run like a thread through all company sectors, are impressively
made clear by the examples on the grey boards. The
term sustainability has been an important issue for many
decades already – is however more of significance today
than ever before. As you know this topic has been practised
at Uzin Utz since the 80s already. Sustainability for
us is at the same time a duty, mission statement and an
attitude. As only this way economic activities, which are
fit for the future, can work.
»»
All of this makes it clear: 2012 was a successful year.
With a further example from another sector I would finally
like to share something which is especially pleasing
with you: We are downright overwhelmed by the many
positive responses to our anniversary project “The future
at your feet“. After being distinguished with the red dot
award 2012 and numerous other honours we were recently
also able to accept the German Design Award 2013 from
the Council for Forming in the Category Architecture and
Interior Design. The top-class specialist jury who determined
the award of this international premium prize honoured
the 3D-Corporate-Design of our exhibition as “a
fascinating laboratory room for touching and interactions“.
»»
However, behind all of these successes are our employees!
You deserve our thanks in the first place. With your
abilities and engagement you make the difference to other
companies in the industry.
»»
Uzin Utz AG accordingly once again goes target-oriented
into the fiscal year 2013 with visions and courage.
We cordially invite you, dear shareholders, business partners,
and employees to continue to design the ground for
innovation and sustainability together with us – as a path
into a stable and powerful future!
»»
I would like to thank you, also on behalf of the whole
Management Board, for your trust in our company and
your loyalty in accompanying us on our way.
Warm greetings, your
Dr. H. Werner Utz
Foreword of the CEO
7

No winning, without a purpose
“Environment and society play a supporting
role for us with our entrepreneurial
decisions.“
“Thus there is no strategy for winning
for our company without continuous
and lived sustainability!“
Sustainability
Our topic – our conviction!
Uzin Utz AG sees itself confirmed in its
pioneering role and has set itself the aim
to continue to set new standards for sustainability.
This begins with the consistent
pressing ahead with the development
and production of environmentally
and health-friendly products and certainly
does not stop with the social obligation
towards our fellow human beings.
Since 2009 13 products of the ökoline
of UZIN and three Pallmann products
have been awarded the environmental
seal “Blue Angel “ [Der Blaue Engel]. In
the past year Uzin Utz donated a total of
Euro 127,000 for social and cultural institutions
such as the football department
of the SSV Ulm 1846 or the Friends’ association
for future workers in the floor
laying trade, registered association [Fördervereins
für den Nachwuchs im bodenlegenden
Handwerk e. V.].
»»
Dr. H. Werner Utz
Chief executive officer
born: 1947
member of the general management since 1978
»»
Departments
− Strategy
− Marketing
− Technical product service
− Development and product technology
»»
The top management of Uzin Utz AG is pleased and,
out of conviction, willing to also bear this afore-mentioned
responsibility. Innovative thinking and cost-effective
actions in our company are not only limited to the
“business“. Social values and ecological convictions are
inseparably connected with economic aims for Uzin Utz.
»»
Value added may no longer merely be limited to profit
figures for modern industrial companies today. As the actual
value of our activity is measured by the environmentalcompatibility
of our products, the well-being of our employees
and the quality of life of our social environment.
In this respect Uzin Utz AG can give an all-encompassing
guarantee of quality: We show concern!
»»
»»
Thomas Müllerschön
Member of the executive board
born: 1968
joined the company in 1994
Member of the executive board since 2002
» » Departments
− Sales
− Operations and logistics
− Controlling, finance and accounting
− Group organisation
− Human resources
− Central purchasing
»»
Our statement “We are floors” refers by far not just to
the skilled crafts and trade industry. We also like to prepare
the ground from a social point of view and within the
company for fair and healthy interactions. Only when our
actions mean that everyone wins will we face the central
challenge of our time with courage and virtuosity: the
sustainable protection of resources in all walks of life. Accordingly
floors at Uzin Utz also always mean the basis!
8 Portrait of the Management Board

Portrait of the Management Board
9

Gain ground with trademark – with us!
UZIN
For more than 60 years the established
traditional brand has stood for the embodiment
of professional processing
know-how involving floor care. The
comprehensive product and system
competencies in the UZIN assortment
range have been extended since 2008
by the innovative switchTecR adhesion
technology, which enables particularly
simple and dirt-free floor renovation.
Besides the company‘s centenary celebrations,
in 2011 the UZIN brand also
accomplished a complete withdrawal
from solvents in Germany.
This is unique in the industry and once
again demonstrates the brand‘s sustainable
focus.
WOLFF
The renowned machinery and tool
brand for removing existing flooring,
floor covering installation and subfloor
preparation has been internationally
established as a specialist in this sector.
Wolff supplies a complete program,
which offers a solution for every problem
in floor-laying or renovation.
Pallmann
From the root to the crown – this is the
motto with which Pallmann sumarises
its product range for the new laying,
renovation and value retention of parquet
flooring. The professional in the
area of surface finishing with a tradition
extending back over more than
100 years offers matching products
for every level of the flooring construction
– from the right substrate
preparation to adhesives and equipment,
and on to cleaning and care of
parquet flooring.
10 Portfolio

Arturo
With the new group brand of Arturo
Unique Flooring, the industrial application
area of the former Qeshfloor
brand has been transferred to the level
of a new synthetic resin flooring concept.
As a specialist for synthetic resin
flooring, Arturo offers a broad selection
of mortar flooring, stone coverings,
coatings and floor sealants.
These comply in a unique way with
both the purely practical requirements
and the design possibilities of synthetic
resin flooring – both in the industrial,
commercial and private application
area.
codex
The different demands and requirements,
especially of tiles and natural
stone coverings, are combined in the
high-performance codex network
brand. The codex laying systems offer
their users tile and joint mortars, as
well as special products for substrate
preparation.
RZ
RZ is presented as refreshingly innovative
and non-polluting, the youngest
brand in the group portfolio. The specialist
for cleaning and care systems
offers a comprehensive range of products
for professional care and preservation
of value for all types of floor
coverings. In this way, a bridge is built
for the first time between the purely
professional user and the demanding
end user.
UFLOOR Systems
The flooring expertise brand of Uzin
Utz AG stands for consultation services
providing innovative solutions
for the new laying, value retention
and renovation of floor coverings of
all types. UFloor Systems is the only
brand worldwide which can provide
architects and planners with comprehensive
advice on all questions of
flooring. With a unique range and the
brands of Uzin, Wolff, Pallmann, Arturo,
codex and RZ, UFloor Systems offers
tailor-made solutions for all customer
requirements.
Portfolio
11

12 Group

Value-oriented with responsibility
Sustainability
Our topic – our commitment!
Since the spring of 2013 the Management
Board publishes “proof of sustainability”
in the inhouse Intranet at regular
intervals. Based on products or
projects we thus very concretely illustrate
the numerous results of lived sustainability
at Uzin Utz AG. They are all the
proof that sustainable solutions do not
always have to come from the top, but
from all sectors of the company. However,
they also show that the principle of
sustainable economic operations is more
or less the DNA of our actions. With customized
products we intend to develop
new markets and additional groups of
buyers. And this way create permanent
values – for our shareholders, customers,
employees, and society on the whole.
»»
The fiscal year traditionally begins with the presentation
of the company at the specialist trade fairs BAU and
Domotex. The portfolio of Uzin Utz AG and its company
trademarks was with the in fact most varied and most innovative
range the pacemaker for competence in floors
on the German market in 2012.
»»
As pioneers with regard to sustainable product development
we see it as an incentive and our obligation to
continue our tradition with ground-breaking technologies
and environmentally-friendly products. They are for us
the basis for our claim to be leaders in the floor industry.
»»
With the ÖKOLINE innovations UZIN NC 160 NEW
(2013) and UZIN MK 250 (2012), the solvent-free Magic
Oil parquet care series of Pallmann and further products
with the environmental seals “The Blaue Engel“ and “Emicode“
Uzin Utz AG proved once more that it is a responsible
and committed company in a pioneering role.
»»
We in particular continue to consolidate the latter within
the framework of our partnership with the Sentinel-Haus
Institut in Freiburg (SHI), the leading and demanding research
and consultancy institution relating to the topic of
healthy living [Wohngesundheit] and interior hygiene. A
release according to its strict test criteria certifies tradesmen
and building owners the greatest possible freedom of
emissions and interior air quality. By the end of 2012 73
products of Uzin Utz were included in the Sentinel-Haus
concept, others are in preparation.
»»
Ufloor Systems, the consultant trademark of Uzin Utz
AG also maintains a close cooperation with the SHI. It was
able to present itself in a superior position in the autumn of
2012 at the special exhibition “healthy living construction“
of the Nordbau specialist trade fair: With comprehensive
specialist competence and a large wealth of experience
our team of consultants scored points on the whole line.
»» In order to achieve our demanding targets for growth
we initiated comprehensive measures for efficiency. One
example is the optimisation of our production structures:
The machine and tool trademark Wolff from Vaihingen/
Enz has also announced new developments in this respect:
An amalgamation with Hermann Frank GmbH from Oberderdingen
was decided in the past year and the companies
looked for a new joint production location. We intend
to begin the construction work in Ilsfeld in Baden-Württemberg
in the early summer of 2013 and thus create the
pre-requisites for further growth. An investment volume
of Euro 7 million is planned for this.
»»
Clean balance in the focus of the trademark UZIN: Five
products can now submit a complete ecological balance
– in addition to technical product information and emission
behaviour this also comprises for example the potential
greenhouse potential over the whole life cycle of
the product. UZIN thus succeeded in being admitted into
the DGNB-Navigator of the German Sustainable Building
Council, which should give architects and tradesmen more
product and planning security.
»»
Uzin Utz also opens a new chapter as far as service is
concerned: Pur “Pumptruck“ is a special truck, which for
example delivers the ordered quantity of levelling compound
directly to the customer on the building site, pumps
it down in a qualified manner right there on the site and
thus saves the customer time-consuming and expensive
logistics.
»»
Uzin Utz AG proves that it also always sees its customers
as partners and makes their requirements and wishes
into its own mission, not just by innovative problem
and product solutions, but also by the founding of the
Friends’ association for future workers in the floor laying
trade, registered association.
»»
This way the company management – so to speak the
Spiritus Rector of the project –promotes the loyalty of
the customers as well as an essential networking in the
floor industry.
»»
We are entering new terrain with the 21 per cent participation
in “Arendicom GmbH” from Tutzing/Lake Starnberg.
The company offers a unique and powerful sales concept
in the field of online trade or e-Commerce. From the
spring of 2013 we are intending to digitally form a network
with new target groups with a “customer qualification
platform“and thus open up new sales channels. We
will hereby design a digital sales culture in our industry.
Group
13

Crisis-proof and stable
Sustainability
Our topic – our corporate strategy!
Everyone speaks about sustainability today.
However, for us sustainability is a
part of the corporate strategy in combination
with the social entrepreneurial
responsibility. Therefore, we believe that
competent and conscientious economic
operations, which are fit for the future,
must pursue an integral approach and
ensure the retention of ecological and
social resources.
»»
In view of the so-called “Euro crisis“ and the thus associated,
widespread fears of recession, Uzin Utz AG was
also particularly attentive when observing the developments
in the industry and on the stock markets which
relate to us in 2012. The skilled trades which require authorization
generated revenues in 2012 that were 3.4%
lower than in 2011.
»»
We were all the more pleased in the middle of the year
with the moderate real price of the Uzin Utz share and reports
such as those of the Federal Statistical Office: According
to these reports the incoming orders in the public
building sector increased by um 5.7% in the first half-year.
The figures in the private residential building sector showed
a similar positive development, from which an increase
in orders was announced of approximately 5%. After
by all means positive incoming orders in October commercial
construction with a plus of 26% did in fact lose
in momentum towards the end of the year, nevertheless
the plus in orders from January to December 2012 was
around 5.2%. The first half-year of 2013 is also well covered
with orders in hand of Euro 11 billion.
»»
According to a survey of the German Chambers of
Commerce 80% of the questioned companies are planning
constant or higher investments from which the building
industry should benefit.
»»
Consequently the German building industry confirmed
its highest capacity utilization and customers confirmed
their high level of satisfaction towards our company
in a survey.
»»
If one summarises all of these benchmark data into
one indicator our signs for the expected revenues in 2012
were substantially better than assumed against the background
of the European economic situation.
»»
The Uzin Utz share thus proved to be strong in the past
fiscal year despite the uncertainties about the further development
of the European sovereign debt crisis and the
price with a record price of Euro 20.16 and a low of Euro
18.66 for the year as remarkably stable. The end value
for the year of Euro 19.38, which was very pleasing under
these conditions, was almost identical with the price
increase twelve months previously, however showed an
upwards trend at the beginning of the following stock exchange
year 2013 already.
»»
The annual dividend per share is Euro 0.80 or a total
amount of Euro 4.04 million. The dividend yield is thus
4.1%, which is to be seen as extremely positive against
the background of the current historically low interest rates
on the capital market. The number of shares remained
unchanged.
»»
In order to promote the international perception of
the Uzin Utz share on the trading floor we have assigned
the responsible task of the “Designated Sponsor“ 2012
to Equinet AG for the first time. Albeit the solid work of
LBBW, which had taken over this task in the past few years,
was always to our absolute satisfaction, we are hoping
to have new impulses from the international orientation
of Equinet AG.
»»
We see the nomination of the German Association for
the Protection of Capital Investors, registered association
(SdK) as “company of the year 2012“ as a particular
proof of trust. Companies which provided excellent operative
services in the past years and allowed their investors
a fair participation in the success as well as have excellent
Investor Relations are to be distinguished for 2012.
14 Share & Investor Relations

Share & Investor Relations
15

16 Global markets

Growth with patience and know-how
Sustainability
Our topic – our investment!
Strict ecological building aspects took
first place with the extension of our location
in Ulm in 2010/11 already. The
new research & development building is
undergoing the pilot phase of the DGNB
(German Society for Sustainable Building,
registered association) certificate
for the new building type of the research
and laboratory building. The DGNB has
announced that the results will be published
at the beginning of June 2013. The
Unipro new building in the Netherlands
is also completely in line with the Uzin
Utz corporate philosophy in this respect:
The focus is placed on modern, healthy
working places and a high demand for
sustainability with the CO2-neutral new
building. With the use of natural and recycled
materials as well as regenerative
energies, the storage of process and residual
heat as well as an environmentallyfriendly
lighting and water saving concept
the ambitious building project sets
new benchmarks and is around 30% higher
than the locally required energy efficiency.
»»
On the threshold into a new fiscal year the look back
is also always associated with a look into the future. The
export ratio of Uzin Utz AG is increasing continuously and
our expansion on the international markets offers essential
possibilities for increasing revenues and profits for the
group in the long-term.
»»
This can be clearly seen for example in the most recent
example of the USA. Here we intend to decisively take advantage
of the excellent perspectives offered to us. However,
we also intend to specifically expand our strong position
in established markets such as that of Switzerland,
where we were able to record substantially growth in revenues
parallel to our efforts at expansion.
»»
That we press ahead with our global growth strategies
not just with a pioneering spirit, but also with patience
and a feeling for the right time, is owed to our responsibility
towards the company, its employees and shareholders.
We intend to increase the value of our company in
the long-term.
»»
On the path to the intended market leadership in Switzerland
Uzin Tyro AG, a company of the Uzin Utz Group,
succeeded in taking a significant step in February 2012:
With the take-over of the “floors“ division of Collano Adhesives
AG in Sempach-Station (CH) Uzin Tyro AG has
supplemented its product portfolio to an optimum extent
and will thus increasingly prove its universal competence
in floors.
»»
The fourth generation of our family enterprise, in the
person of Philipp Utz, was able to gain a first impression in
our US distribution company in Aurora, Colorado, in 2011
already and sound out the possibilities of an own production
location. The search for local structures to suit the
purpose was delimited in the past year together with employees
of the development.
»»
The internal planning assumes a production start at
the end of 2014/beginning of 2015. Parallel to this the sales
and distribution organisation will be reinforced in the
USA in order to be able to achieve the target revenue of
more than 10 million US Dollars in 2013.
»»
We have also equipped ourselves for further growth
in the Netherlands: With Unipro BV in Haaksbergen – a
company of the Uzin Utz Group and known for its successful
Arturo-synthetic resin floors – the foundation for
the new administration and production building was laid
in 2012 (see grey table). The completion of the new building
is planned for the beginning of 2014.
»»
Moreover, after the balance sheet key date Uzin Utz
AG was able to increase its shares in various international
subsidiaries or partner companies: With the Unihem
Group with locations in Slovenia, Serbia and Croatia from
50% to 100%, in Norway (Løkken AS) from around 80%
to 100% and in China (Uzin Utz Construction Materials
Co. Ltd.) from 90% to 100%.
Global markets
17

18 Research & development/Corporate vision

Power of innovation with value added
Sustainability
Our topic – our achievements!
In order to act as multiplier with the topic
of “sustainability“ and to further
transport our concern in various ways
we will be publishing the “Manual of
sustainability“ in April 2013 – a trendsetting
compendium, which should especially
animate tradesmen in our industry
on their part to adopt a sustainable
way of thinking. With similar endeavours
Uzin Utz AG supports a project of
the foundation professorship “sustainable
know-how, sustainable education, sustainable
economic activities“ of the University
of Ulm, the aim of which is to
promote Corporate Social Responsibility
(CSR) and to integrate the environmental
management standard ISO 26000 as
voluntary guidelines into existing management
systems.
»»
Power of innovation with value added has a long tradition
with our company.
»»
Our customers expect safe products which are to be
processed in the best possible way, which at the same time
become more and more compatible for the environment.
Both during, as well as after the use low-dust and lowemission
formulations satisfy the strictest requirements
from the room and user health. Our researchers and developers
have consistently kept pace with the times with environmentally-compatible
products for more than 25 years.
»»
In order to continue to take these demands into account
we emphatically press ahead with the work in our
research and development sectors.
»»
Uzin Utz AG was able to secure its position as leader in
the highly competitive environment in the past year, not
least owing to the committed and efficient work of the
employees of the R&D sectors and in addition also lay a
solid foundation for the next few years. On the whole the
R&D employees of all Uzin Utz companies made approximately
20 new products available with partly excellent
properties for the market launch in the near future. They
prove our high power of innovation.
»»
With a record value of 62.5% the innovation ratio of
AG in 2012 (group-wide 55.4%) exceeds both the general
industry average as well as the company-internal top
value of the previous year of 58.4% (group-wide 50.6%).
»»
The following new and further developments can be named
as examples in this respect: the levelling compounds
UZIN NC 160 NEW as well as their “sparring partners“UZIN
NC 150 NEW. Both were launched on the German, French
and Polish markets at the same time in March 2013.
»»
Innovations with high “resistance to the competition“
extended with the tiles and natural stone specialists codex
its successful ecoTec product line: For example the
further developed, self-flowing smooth levelling compound
codex FM 10 NEW or the first low-dust cement
compound codex FM 100.
»»
Whether levelling compounds or adhesive technologies
– such as the patented world innovation UZIN switch-
Tec Remur –, whether liquid or mineral adhesives, fixing
or primer, with the certificates Emicode EC 1 or EC 1 Plus
and/or the “Blaue Engel”, our innovations can show the
best environmental classifications. However, even more:
They also clearly distinguish themselves from customary
rival products by optimised mixing, dust and drying properties,
faster waiting time and full hardening – and secure
the leading places on the market for Uzin Utz with
their broad range of benefits.
»»
However, not just the innovations themselves, also the
pressing ahead with the innovation management was an
expressly formulated aim in 2012: In order to manifest
and usefully structure the systematic path from the first
idea to the market launch the standardised R&D innovation
process was further developed in many partial areas
and thus promises a bundled reinforcement of the Uzin
Utz power of innovation.
»»
Accordingly it is also part of the task of the Research
& Development department to establish process innovations.
An interdisciplinary competence team from the
sectors R&D, Operation & Logistics and Technical Customer
Service accordingly dedicated itself to the optimisation
and rationalisation of the adhesive production in
2012. According to first feasibility and potential analyses
the new, promising modular production process will be
pressed ahead with in 2013.
»»
In order to ensure our financial power for further future
investments corporate visions of Uzin Utz AG are primarily
marked by courageous, however realistic aims. In
the long-term an ambitious growth in revenue and yield
should be achieved by continuous and value-oriented endeavours
at expansion – in particular in the focus countries
such as Benelux, Switzerland and France.
»»
In addition, Uzin Utz will also draw attention to itself
in future with such visionary special projects, which cause
a stir, such as the continuation of “Die Zukunft unter uns”
[The future under us] or the actual Social Media-Project
“Neuland” [new land] (see page 16).
»»
Not least our success is built upon a sustainable foundation:
Our strong and special corporate culture. As how
sustainable we act can above all always be seen in how
motivated our employees are, who will also have a very
decisive influence on the success of our company in the
future. Their excellent willingness to perform and their
abilities are our capital for the future.
Research & development/Corporate vision
19

Summarised Management Report
of Uzin Utz AG and of the Uzin Utz Group
for the fiscal year from 1 January 2012 until 31 December 2012
Profit and Loss Account
Balance Sheet
Statement of changes in equity
Consolidated cash flow statement
Segment Reporting
Equity Holdings
21
22
23
24
25
26
Development of Business
and basic conditions
Position of the Group
and the AG
Opportunities
and Risk Report
Forecast Report
Other Disclosures
including Addendum Report
Development of business, business activity, and their basic conditions
Internal control system
Events, decisions and factors with essential
influence on the further development of the company
Special effects of the closed fiscal year
Net assets
Financial position
Results of operations
Essential risks
Description of the risk management
Internal control and risk management system
with regard to the accounting process
Future basic conditions
Future development of the Uzin Utz Group
Reporting according to § 289 Par. 4 HGB [German Commercial Code]
or § 315 Par. 4 HGB
Remuneration report according to § 289 Par. 2 No. 5 HGB
or § 315 Par. 2 No. 4 HGB
Declaration relating to the company management according to § 289a HGB
Corporate Governance report
Essential events after the close of the fiscal year
Research and development activity
Existing branches, plants, representations
Special features group management report
27
32
32
32
33
34
36
39
40
40
42
44
46
48
49
49
54
55
66
66
20

Uzin Utz Aktiengesellschaft, Ulm (Donau)
Profit and Loss Account 2012
Consolidated Profit and Loss Account 2012
(in KEUR)
Appendix
2012
2011
Sales revenues
1
207.255
199.166
Changes in inventory of finished goods
and work in process
662
1.015
Total output
207.917
200.181
Other operating income
2
4.362
6.222
Income from investment properties
2
221
216
Costs of material
3
90.703
89.961
Personnel expenses
4
55.888
51.305
Depriciation/amortisation
on tangible and intangible assets
6.754
6.995
Other operating expenses
5
44.041
44.410
Operating income
15.113
13.950
revenues from investments in associates (equity method)
6
21
61
Financial result
7
-1.667
-2.166
Result from ordinary activities
13.467
11.845
Taxes on income
8
3.230
2.379
other taxes
9
804
599
Net income for the year
9.434
8.867
Minority interests in profit
10
24
1
Consolidated net income for the year
9.457
8.868
21

Uzin Utz Aktiengesellschaft, Ulm (Donau)
Consolidated Balance Sheet
Assets (in KEUR)
Appendix
2012
2011
Assets
Intangible assets
11
33,828
32,484
Tangible assets
12
69,780
62,846
at equity subsidary
13
607
636
Non-current financial assets
13
1,959
787
Investment Properties
14
3,521
3,278
Income tax receivables
16
436
541
Deferred tax assets
15
1,368
1,913
Other non-current assets
16
621
26
Non- current assets
112,120
102,511
Inventories
17
28,394
27,926
Trade receivables
16
21,442
23,319
Income tax receivables
16
830
300
Other current assets
16
5,476
4,028
Cash and Cash equivalents
18
9,857
15,499
Current assets
65,999
71,071
Balance sheet total
178,120
173,583
Liabilities (in KEUR)
Appendix
2012
2011
Subscribed capital
19
15,133
15,133
Capital reserve
19
26,827
26,827
Revenue reserve
19
62,031
55,733
Minority interests
19
153
134
Own shares
19
-89
-89
Total equity
19
104,056
97,738
Provisions for pensions and
other similar obligations
20
1,689
1,697
Due to credit institutions long-term
21
26,919
31,615
Deferred tax liabilities
15
10,163
10,249
Other non-current liabilities
21
409
416
Non-current liabilities
39,180
43,977
Reserves
20
5,935
5,538
Due to credit institutions short-term
21
14,245
13,590
Advances received
21
45
71
Trade payables
22
8,523
7,184
Income tax liabilities
21
655
549
Other short-term liabilities
21
5,481
4,937
Current liabilities
34,883
31,868
Balance sheet total
178,120
173,583
22

Uzin Utz Aktiengesellschaft, Ulm
Statement of changes in equity
Statement of
changes in equity
(in KEUR)
Subscribed
capital
Capital
reserve
Retained earnings Reserve on
own shares
Other
transactions
Sum Minority
interests
Group net Translation
income differences
Total Equity
Balance as of January 01, 2011
12,805
13,624
53,218
2,122
-235
-4,229
77,306
-164
77,142
Exchange rate-related differences
0
0
-34
-68
0
0
-102
-6
-109
Other changes
0
0
-50
0
0
0
-50
-50
-101
Market valuations
for cash flow hedges
0
0
0
0
0
59
59
0
59
Net Income directly
recognized in equity
0
0
-85
-68
0
59
-94
-56
-151
Net profit of the year
0
0
8,978
0
0
0
8,978
-1
8,977
Total recognized income and expenses
0
0
8,893
-68
0
59
8,884
-57
8,826
Increase of capital
2,328
13,203
0
0
0
0
15,531
16
15,547
Own shares
0
0
0
0
146
0
146
0
146
Dividends payed
0
0
-4,263
0
0
0
-4,263
0
-4,263
Changes in basis of consolidation
0
0
0
0
0
0
0
340
340
31 December 2011 / 01 January 2012
15,133
26,827
57,849
2,054
-89
-4,170
97,604
134
97,738
Exchange rate-related differences
0
0
-61
654
0
0
594
16
609
Other changes
0
0
0
0
0
82
82
0
82
Market valuations
for cash flow hedges
0
0
-56
0
0
0
-56
-53
-109
Net Income directly
recognized in equity
0
0
-116
654
0
82
620
-37
583
Net profit of the year
0
0
9,457
0
0
0
9,457
-24
9,434
Total recognized income and expenses
0
0
9,341
654
0
82
10,077
-61
10,016
Increase of capital
0
0
0
0
0
0
0
80
80
Own shares
0
0
0
0
0
0
0
0
0
Dividends payed
0
0
-3,779
0
0
0
-3,779
0
-3,779
Changes in basis of consolidation
0
0
0
0
0
0
0
0
0
31 December 2012
15,133
26,827
63,411
2,708
-89
-4,088
103,902
154
104,056
23

Uzin Utz Aktiengesellschaft, Ulm
Consolidated cash flow statement
Consolidated cash flow statement
(in KEUR)
2012
2011
Cash inflow and outflow
in the financial year
2012
2011
Net profit for the year
+/- Depreciation and amortisation
of fixed assets
+/- Change in provisions
+/- other non-cash expense and income items
9,434
6,533
358
208
8,977
6,778
-1,931
-1,044
Income taxes payed
Interest payed
Interest received
Dividends payed
2,960
1,821
158
3,779
2,222
2,243
188
4,263
-/+ Gain/loss on disposal of non-current assets
+/- Change in current assets
(inventories, receivables)
27
-353
75
1,855
Cash and cash equivalents
2012
2011
+/- Change in liabilities
Cashflow from operating activities
+ Proceeds from disposal of tangible assets
- Investments in tangible assets
1,541
17,748
193
-12,688
-2,197
12,513
166
-8,932
Cash and cash equivalents
short-term liabilities due to credit institutions
Cash and cash equivalents
9,857
-3,917
5,940
15,499
-3,807
11,692
+ Proceeds from disposal of intangible assets
1
1
- Investments in intangible assets
-493
-282
+ Proceeds from disposal of financial assets
309
225
- Investments in financial assets
- Change from acquisition/
sale of consolidated companies
+ Proceeds from access of cash and cash equivalents
from acquisition of consolidated companies
- Payments from access of short-term liabilities
from acquisition of consolidated companies
-1,483
-1,657
0
0
-397
-941
49
-51
Cashflow from investing activities
-15,817
-10,163
- Proceeds for own shares
0
15,721
- Payments to shareholders and minorities
-3,779
-4,263
+ Proceeds from the issue of bonds
9,439
15,704
- Repayment of bonds
-13,590
-22,601
Cashflow from financing activities
+/- Payment-related change in cash
and cash equivalents
- Exchange-rate-related and other changes in cash
and cash equivalents
+ Cash and cash equivalents at beginning
of the period
-7,929
-5,999
248
11,692
4,561
6,910
-13
4,794
Cash and cash equivalents at the end of the period
5,940
11,692
24

Uzin Utz Aktiengesellschaft, Ulm (Donau)
Segment Reporting
Segment Reporting
(in KEUR)
Germany Western Europe South- / Eastern
Installation surface care
Europe
systems and enhancement
all other segments transition Total Group
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
External sales
91,588
Intercompany sales 30,042
Total sales
121,629
Interest and similar income 227
Interest and
similar expenses
1,094
Profit
4,662
Assets
110,216
Liabilities
39,716
Investments
5,171
Depreciation
2,988
90,298
27,054
117,352
185
1,490
4,215
111,495
42,268
7,010
3,328
15,606
5,422
21,028
2
170
2,656
15,167
6,586
151
463
14,857
5,038
19,895
10
219
797
14,529
7,174
283
466
40,283
10,436
50,719
54
164
5,037
44,950
14,425
8,025
1,618
36,498
11,054
47,551
123
168
5,277
39,025
11,489
1,069
1,465
10,922
772
11,694
43
32
129
9,822
2,232
143
265
12,076
790
12,867
53
22
713
10,738
3,377
105
327
48,857
1,778
50,636
7
518
3,363
36,730
25,892
318
1,420
45,437
1,637
47,074
7
564
2,735
37,329
28,618
748
1,408
207,255
48,450
255,706
333
1,978
15,848
216,885
88,851
13,808
6,754
199,166
45,573
244,738
379
2,464
13,736
213,116
92,925
9,214
6,995
0
-48,450
-48,450
-176
-157
-735
-38,765
-14,787
0
0
0
-45,573
-45,573
-191
-221
213
-39,533
-17,081
0
0
207,255
0
207,255
158
1,821
15,113
178,120
74,064
13,808
6,754
199,166
0
199,166
188
2,243
13,950
173,583
75,845
9,214
6,995
External Sales
according to business area
(in KEUR)
flooring wood flooring ceramic tiles and
natural stone
others
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
159,932 155,979 18,264 17,632 23,180 19,926 5,879 5,629 207,255 199,166
Sum
Geographic segmentation
of external sales
(in KEUR)
Germany Rest Sum
2012 2011 2012 2011 2012 2011
94,283 91,284 112,973 107,882 207,255 199,166
Non-current assets
according to the location of assets
(in KEUR)
Germany Switzerland Rest Sum
2012 2011 2012 2011 2012 2011 2012 2011
72,832 71,123 19,723 15,608 15,631 12,558 108,186 99,289
25

Equity Holdings
(figures according to local GAAP)
Production and sales site
Sales site
Company
Place
Share of
Capital in %
Equity
in KEUR
Net income
in KEUR
Net income
prev. year
* not consolidated
** Aquisation of 100% in 2013
Uzin Dr. Utz Ges. mbH
Unipro-Belgie N.V.
Uzin Tyro AG
AT, Wien
BE, Gent
CH, Buochs
100.00
99.98
100.00
-306
1,166
6,376
79
239
902
22
253
1,372
Sifloor AG
CH, Sursee
100.00
8,320
296
349
DS Derendinger AG
CH, Thörishaus
100.00
1,288
3
131
Uzin Utz Construction
Materials Co.Ltd. **
CN, Shanghai
90.00
-464
-358
-308
Uzin s.r.o.
CZ, Prag
100.00
982
267
137
artiso solutions gmbh
DE, Blaustein
50.00
302
43
117
Artiso AG *
DE, Blaustein
50.00
35
3
3
Genial Produkte GmbH
DE, Meckenheim
100.00
-1,422
56
13
Hermann Frank GmbH &
Co. KG
Hermann Frank Verwaltungs
GmbH *
BIL LEASING Verwaltungs
GmbH & Co 870 KG
Objekteure im Forum
Verwaltungsgesellschaft
mbH *
Utz Beteiligungs GmbH
DE,
Oberderdingen
DE,
Oberderdingen
DE, Pullach
DE, Ulm
DE, Ulm
100.00
100.00
94.00
100.00
100.00
545
32
-982
30
-89
-63
2
931
2
-20
-127
1
884
1
-23
Uzin Utz AG
DE, Ulm
-
63,160
4,760
4,609
JP Coatings GmbH
DE, Würzburg
100.00
6,219
2,127
504
Uzin France SAS
FR, Paris
100.00
2,574
131
246
Uzin Limited
GB, Rugby
100.00
1,869
600
225
Unikem d.o.o **
HR, Zagreb
50.00
182
-39
-41
Uzin Utz Magyarország
Kft.
HU, Budapest
90.00
4
-48
-379
Unipro B.V.
NL, Haaksbergen
100.00
5,901
1,193
1,231
Løkken AS **
NO, Skien
80.40
167
-112
-278
Ufloor Systems NZ Ltd.
NZ, Whangaparaoa
90.00
300
44
13
Uzin Polska Produkty
Budowlane Sp.zo.o.
PL, Legnica
100.00
3,780
266
523
Uzin Polska Sp.zo.o.
PL, Legnica
100.00
2,008
103
146
P.T. Uzin Utz Indonesia
RI, Jakarta
49.00
1,239
43
124
Unihem Trading d.o.o. **
RS, Belgrad
50.00
-238
-100
10
Unihem d.o.o. **
SLO, Ljubljana
50.00
2,635
-391
-23
Utz Inc.
USA, Aurora
100.00
312
0
0
Ufloor Systems Inc.
USA, Aurora
90.00
-492
237
666
Arendicom GmbH *
DE, Tutzing
21.01
114
14
-93
Uzin Utz Manufacturing
North America Inc. *
USA, Delaware
100.00
91
Compotan Polymer B.V. *
NL, Ede
100.00
294
-3
26

Summarised Management Report of Uzin Utz AG and of the Uzin Utz Group
for the fiscal year from 1 January 2012 until 31 December 2012
Development of businessand basic conditions
* (numbers related to previous year
in brackets)
Development of business, business activity and
their basic conditions
Development of the industry and macro-economy
The global economy continued to be impaired by the bad
economic situation in the crisis-hit countries in Southern
European in 2012. The growth of the global gross domestic
product (GDP) consequently fell by 0.7 percentage points
compared with the previous year to 3.3%. At the same
time political turbulences in the USA in combination with
the economic slowdown in emerging markets in Asia and
Latin America led to growing uncertainty on the markets
and among investors. With the prices for raw materials
there was pressure to increase prices in the first quarter
still, which however was not implemented. The prices were
stable to falling to a large extent for the rest of the year
and only showed a slight upwards trend in the last quarter.
Due to the high level of uncertainty on the markets it
was however difficult for the companies to find the right
time to make the decision to purchase goods. Despite all
negative factors the German economy was able to show
a positive development in 2012. This was among others
supported by the strong export into third countries. For
the coming year, despite the difficult economic development,
the federal government is also expecting a slight
growth, which will depend on the progress of the Euro crisis.
»»
According to information of the federal government
the German economy grew by around 0.7% in 2012. A
moderate increase in growth of around 0.4% is expected
for this year. This is owed to the difficult situation of the
partner countries in Europe and the mixed global economy.
The development of the crisis of trust prevailing in
the Eurozone is decisive for a positive economic development.
Should this be overcome an increase in the economic
growth by 1.6% is expected for 2014. The estimate for
the German labour market is positive, which despite the
fall in the numbers of persons in gainful employment as of
the end of the year and the crisis in the Eurozone should
remain stable. So many people were in work in Germany
as never before in 2012. On average there were 41.5 million
employees according to the native’s concept. The average
is to increase to 41.6 million employees in the current
year. At the same time the available income of the
households increased. The real income grew by 2.8% in
2012. An increase of 2.6% is expected for 2013. The inflation
rate in 2012 was 2.0% and thus 0.3 percentage points
lower than in the previous year. For 2013 the Ifo-Institute
forecasts an inflation rate of 1.6%, despite the monetary
political support of the crisis-hit countries by the European
Central Bank. For Germany the potential for growth
currently lies above all in the exports to countries outside
of the Eurozone. The weak domestic demand is compensated
for by the stronger German exports. A record year
for exports is expected for 2012. The Federal Association
of the Wholesale Trade, Foreign Trade, and Services
(BGA) is expecting exports with a value of Euro 1,103 billion,
which corresponds with an increase of 4% compared
with the previous year. This is supposed to be increased
by further 5% in 2013.
»»
As in the previous year already the economy of the processing
trade was negatively influenced by the difficult situation
in Europe. Nevertheless, the main building trade
could increase its total revenue from January to December
compared with the same period of the previous year
by a nominal 0.5%. However, the demand fell so sharply
in December 2012 as it had not done for two years and
fell as an average for the year by 6.6%, which is why the
revenue fell by a tenth to Euro 8.5 billion. Nevertheless,
the data concerning the incoming orders allow the hope
of a release of the economic tension. In 2012 it was possible
to record a plus in incoming orders of 6.8%. The numbers
of persons in employment are also positive. In 2012
745,000 people found work in the German building industry,
which corresponds with a plus of 11,000 employees
compared with the previous year. The negative balance
as of the end of the year is above all attributed to
the bad weather conditions which postponed the production
into the current year. The high level of orders on
hand allows 82% of the construction companies to look
positively into 2013. In nominal terms the revenue of the
building industry should grow by around 2% in this year,
after it was able to feature a small plus of 0.5% in 2012.
»»
The public building sector in Germany is continuing to
suffer under the savings efforts of the government. Thus,
the revenue of the whole year was 5.5% below that of the
previous year. Apart from October the figures of the incoming
orders are also more mixed. The two-digit growth
in October however procures the public building sector
a plus in orders of 7.6% seen over the year. The division
is expected to feature a moderate growth of 1.5% in the
coming year, should the mentioned orders become effective
for production.
»»
In 2012 the residential building sector profited from the
crisis on the capital markets and the uncertainty among
the investors. This lead to a plus in orders of 9.2% and a
27

growth in revenue of 4.7%. The investments in tangible
assets are also expected to boost the division in 2013
and remain the driving force of the main building trade.
The residential building sector is additionally promoted by
the good conditions on the labour market and the rising
incomes of the households. The low mortgage rates ensure
growing interest in the new building of rental apartments.
The growth in revenue of the division is expected
to be 3.5% in 2013 and the number of completed apartments
is expected to be 230,000.
»»
The commercial construction lost in momentum towards
the end of the year. After positive incoming orders
in October the revenue fell by 1.7% in the following
month. Over the whole period of time from January to
December the plus in orders was 5.2%. Considering the
revenue in 2012 the building companies only disclose a
slight plus of a nominal 1.4%. Nevertheless, the first halfyear
of 2013 is well covered with orders on hand of Euro
11 billion. In total revenue a plus of 1% is expected this
year. According to a survey of the German Chambers of
Commerce 80% of the questioned companies are planning
constant or higher investments from which the building
industry is to benefit.
»»
The manufacturers of floor coverings can report a new
record high. Coverings in the amount of Euro 3,643 million
were produced in 2012. It was thus possible to beat
the record year of 2007.
»»
The figures of the group were determined based on
the IFRS and the figures of the AG [Aktiengesellschaft =
joint stock company] based on the HGB [German Commercial
Code] below.
Estimate of the company management
The fiscal year 2012 was once again successful for our
company. The year following our 100-year anniversary
thus gives the starting signal for the first successful steps
into the next 100 years. In Germany and in den Netherlands
we were able to consolidate our position as market
leader and in several other European markets we succeeded
in winning additional market shares. The generated
sales revenues of the group of Euro 207.3 million correspond
with a plus of 4.1%. With Euro 121.6 million Uzin
Utz AG was able to improve its revenue by 3.6% compared
with the previous year.
»»
The operative results, which were Euro 14.3 million
and thus 7.2% above the previous year, impressively prove
that the Uzin Utz Group is operating successfully on a
market, which is suffering under a weak global economy.
The Group will continue to focus on its strengths, consisting
of diversification, high quality, proximity to the customer
and the corporate culture. Due to the concentration
on our strengths we have created the pre-requisites in
order to also be able to look back at a successful year in
2012. The operative results of the AG amounted to Euro
4.9 million in the closed year (5.3).
»»
Uzin Utz AG will further expand its commitment for
the future of the floor-laying trade in this and in the coming
years. With the foundation of a Friends’ association
for future workers in the floor-laying trade we have underlined
our objective with a first concrete measure. In
accordance with our sustainable corporate management
we continuously endeavour to generate the enthusiasm
of more young people for this multi-faceted field of work.
»»
On the product level we continue to work on solutions
for environmentally-friendly, low-emission and healthy living
floor systems. In future we intend to take into account
the growing demand for laying materials on a natural and
renewable basis. In order to support the tradesman with
the selection of the products Uzin Utz AG is working on a
sustainability profile, which will provide information about
how sustainable and environmentally-friendly a product is
with regard to the production, processing and application.
»»
Research and development play an important role at Uzin
Utz AG. In the competition “Best Innovator 2012/2013“we
were awarded the third place for excellent services in innovation
management. Over the course of the competition
A.T. Kearney and the “Wirtschaftswoche“[German
business magazine] awarded prizes to companies, which
effectively and sustainably operate the management of
innovation. Among more than 100 participants Uzin Utz
AG was recognised for the high commitment of the Management
Board, the role of the company as a driving force
in innovation for the industry and a marked foresighted
understanding for future requirements.
»»
Finally it remains to be noted that the Uzin Utz Group
was also able to successfully maintain its position in 2012.
We were able to successfully overcome the challenges
through the uncertainties on the markets and further consolidate
our position as a market leader. We have a positive
outlook for the new year and will also assert ourselves
in the competition in future with quality, proximity to th
Company-internal factors for success
“Focussing on the strengths“ is the orientation for 2013. We
28

would like to focus on the following six factors for success
−−
Employees,
−−
Quality of our products,
−−
Marketing and sales,
−−
Proximity to the customer,
−−
Presence on international markets,
−−
Value added chain.
»»
These six cornerstones represent the basis of a stable
and crisis-proof business model. “The core of our creations
are the people“– this is the guiding principle, which has a
decisive influence on our understanding for sustainability.
The nature of sustainability includes a holistic opinion of
entrepreneurial actions. As pillars of our long-term corporate
strategy economic stability, social responsibility and
ecological awareness are inseparably linked to each other.
These three dimensions of sustainability are supported in
our company by people, who represent the foundation of
our economic activities – all groups of demands, however
particularly those of the own employees, as they are
the best ambassadors of the company.
»»
We are flexible and able to adapt. In addition, we continuously
work on new and benefit-oriented products, which
generate enthusiasm among our customers. We have an
effective risk management, that contributes to our sustainable
value added and thus to the long-term success
of the business. Moreover, the Uzin Utz group can rely on
the special commitment of well-established employee and
leadership teams. All of these features and highly-satisfied
customers contribute to the stability and repeatedly
offer new opportunities.
»»
The number of employees in the whole group rose on
average to 919 (879). Thereof 528 (491) worked in the
domestic country and 391 (388) overseas. In addition, 35
(35) young people were able to start an apprenticeship.
Uzin Utz AG offered 391 (363) people a job. In addition,
27 (25) apprenticeship places were filled. The efforts at
training are also to be further continued in the next few
years in order to be able to give young people a perspective
for the future. At the same time the inhouse training
always offers the opportunity to develop very good specialist
personnel ourselves and to prepare them for the upcoming
tasks in the own company. The agvChemie awards
the certificate “training company of the chemical industry
– for special training services“ annually. Companies in
Germany are distinguished, which are particularly worthy
for their sustainable and intensive efforts with future workers.
The apprenticeship of Uzin Utz AG was once again
awarded this certificate for the year 2012/2013.
»»
Over the course of the project “Employerbrand“ with
the subject “Uzin Utz AG – everything that is important
to you“ the communication of the employer brand was
pressed ahead with in 2012. The aim of the employer brand
is to continuously improve the image and the quality of
the Uzin Utz Group as employer in order to thus further
improve the competitiveness of the company. In addition,
the identification with the company and its six values
“reliability, perspective, balance, appreciation, internationality
and dynamism“ are to be promoted. Besides Ulm
the location Vaihingen/Enz with the further and continued
training horizons and a health day was also integrated
into the Employer Branding in the last year. In order
to make the offered courses and training more attractive
the programme was adjusted and expanded according to
the wishes of the employees. The positive response underpins
the success of the programme.
»»
The new career site went online under the same motto
as the project “Employerbrand“ in March 2012. With an
increase in the numbers of applicants by just under 22%
the new portal was able to impressively celebrate its start.
In the interviews it was moreover seen that the website
enables an intensive occupation with Uzin Utz AG and gives
the applicants a more detailed insight into the company
and its values.
»»
Within the framework of the internal further training
programme of Uzin Utz AG a total of 49 (52) courses were
offered for all employees. In total 521 (560) registrations
could be recorded for these possibilities for further training.
Even if a slight fall can be seen in the registrations
the seventh further training season shows a high level of
acceptance and substantial interest on the part of the employees
to further develop themselves and to participate
in further training. The new offers mainly came from the
field of competence in methods & development of the
personality. As in the past few years already the internal
courses comprised areas such as e.g. specialist know-how,
IT courses, product and chemical seminars, legal bases, intercultural
competences, company health management,
etc. Over the course of the company health managements
Uzin Utz AG organised two health days in cooperation
with the AOK statutory health insurance fund. There were
possibilities to take part in various examinations as well
as attend various lectures and workshops. It can be derived
from the evaluation of the questionnaires that more
than 90% of the respondents considered the health day
29

to be very good or good. The results also showed that the
participants among others perceived the selection of the
offers and variety of the topics as particularly positive.
»»
Uzin Utz AG is a member of the employers’ federation
for chemicals, therefore the collective wage agreement of
the industrial union for mining, chemicals, energy applies
in the company.
»»
The certifications according to DIN ISO 9001 and DIN
ISO 14001 were also passed very successfully both internally
as well as externally in 2012. The branch in Vaihingen/
Enz was also certified internally and externally in the period
under review. A comprehensive audit programme guarantees
the compliance with the corresponding standards.
»»
A total of 136 (109) proposals for improvement were
submitted by the employees of the AG in the period under
review. Of those which were assessed so far 29 were
awarded a bonus and implemented, which – after deduction
of the still open proposals – corresponds with a quality
ratio of around 31.5% (44.4). The company is proud
of this active participation of the employees in the continuous
improvement process.
»»
Uzin Utz AG produced at the production locations in
Ulm (trademarks UZIN and codex) and Vaihingen/Enz
(Wolff trademark) in 2012. The total capacity utilization
at the Ulm location was around 96.9% and thus around
1.8% higher than in the previous year (95.2). A total capacity
utilization of 78.0% (74.0) was achieved In Vaihingen/Enz.
On group level the innovation ratio in 2012
amounted to around 55.4% (50.6) and on the level of the
AG to around 62.5% (58.8). The innovation ratio expresses
which share of the total revenue relates to products,
which are younger than five years. For the technical further
and new developments of the product systems reference
is made to the statements in the section “Research & development“
of this report.
»»
Uzin Utz AG has made an effort to combine economic
efficiency with ecological and social responsibility for
many years already. The company takes this demand into
account within the framework of the activity of an own
disposal department and passes these standards onto the
affiliated group companies. The disposal volume at the
Ulm location (without taking sales packaging back) was
1,213 tons in 2012, after 1,146 tons in the previous year.
The disposal costs amounted hereby to KEUR 123 in 2012
after KEUR 121 in 2011.
»»
Uzin Utz AG and Unipro B.V., Haaksbergen, Netherlands,
are companies certified according to the DIN ISO standards.
In the fiscal year 2012 the branch in Vaihingen/Enz
of the Wolff trademark as well as Hermann Frank GmbH
& Co. KG were certified for the third time. Machines for
floor processing are produced at both locations. Comprehensive
internal audit programmes carried out in both
companies. The external audit reports once again confirmed
the certification as well as the successful satisfaction
of the requirements. A clear further development can be
recognised once again compared with the previous year.
»»
Production was carried out in the group at the production
locations in Ulm, Vaihingen/Enz, Oberderdingen, Würzburg,
Meckenheim, Buochs (Switzerland), Sursee (Switzerland),
Haaksbergen (the Netherlands), Legnica (Poland),
Soissons (France), Shanghai (China), Ljubljana (Slovenia)
and Jakarta (Indonesia) in the fiscal year 2012. The total
capacity utilization of all Uzin Utz plants was around
84.6% and thus fell by around 2.5 percentage points compared
with the previous year (87.1).
»»
There were no essential changes relating to the production
programme. Continuous quality controls of each
produced batch guarantee maximum quality. The products
are only delivered directly after the release of the responsible
laboratory. A reference sample per batch also represents
the quality and control process in the past.
»»
In the field of raw materials and packaging the prices in
2012 were below those of the previous year. Whereas the
prices in the first three quarters of the year were stable to
falling slightly there were price increases in the field of raw
materials towards the end of the year. Selective stockpiling
measures were carried out in order to absorb these.
On the whole the supply situation eased compared with
2011. Bottlenecks only occurred rarely still. The risk management
will be further expanded in order to also counteract
the supply risk and the dependencies with price negotiations
in the coming years.
»»
Nothing has changed with regard to the group-wide
principles of the careful scheduling, the long-term contractual
partnerships and the strict and comprehensive
quality controls in the field of procurement in 2012 either.
»»
The financing strategy is explained in the section “financial
position“ of this report.
Internal organisation and decision-making
Both the internal group as well as the AG organisation follow
the principle of direct decision-making channels and
as far as possible flat hierarchies. All essential decisions are
prepared in department and unit bodies and forwarded to
30

the respective managing director or Management Board
with a recommendation for a decision. All essential decisions
are discussed by the respective managing director
or Management Board of the holding company with the
Management Board of Uzin Utz AG. All decisions which
are liable to approval are submitted by the Management
Board of Uzin Utz AG to the Supervisory Board of Uzin
Utz AG for approval.
Important events and developments in the period
under review
As of 31 December 2012 the Uzin Utz Group sold the
furniture varnishes sector operated at the Würzburg location.
It is a conclusion of the strategic development of
our company to concentrate more on the core business
“floor“. This means the focus is placed on the development
and the production of products and machines for the floor
design as well as the supplementary services for the target
groups of the floor laying trade, planners, architects
and the end consumers. Würzburg should permanently remain
a location in the south. Production as well as laboratory
will remain with the subsidiary JP Coatings GmbH.
Reference is made to the disclosures in the group notes.
»»
In the sector of the adhesive production (plant 1) at
the Ulm location measures were continued for improving
processes and efficiency. The stirring unit plants for the
adhesive production were brought up to state-of-the-art
technology. Effective mixing technology in combination
with a very energy-efficient drive technology now leads
here to higher productivity with simultaneously reduced
use of energy. An SAP warehouse management was introduced
for this purpose.
»»
In addition, investments were made in a pilot plant
system for an innovative trend-setting production concept
for adhesives (“modular factory”). Since February
of 2012 tests have been conducted on this system in the
pilot plant scale with so far very promising results. There
is an intensive exchange of experiences and know-how
transfer with well-known companies of related industries
within the framework of this project.
»»
An important implementation of the trademark philosophy
the newly incepted UZIN partner programme
“BOD – the floor designers“. The aim is to provide professional
support for specialist companies of the floor laying
trade on their path. BOD stands on four pillars: Personal
qualifications, network & exchange, marketing & communication
and exclusive VIP experiences. Thus BOD offers
a comprehensive marketing support for example for
the successful presentation of the tradesman towards his
end customer – from the individualised information signs
to the own website.
»»
The “network of the real tile layer“ founded by our codex
trademark has grown to 800 members in the meantime.
Our trademark, which has specialised in tile laying,
actively supports the authorized qualified companies of
this industry. These have been suffering from the abolition
of the enforcement to have a master craftsman qualification
since 2004. With exclusive marketing services and
training in the service portfolio the network logo now applies
as a quality seal in the industry. The network event,
which takes place annually, was able to note a new record
number with 430 participants in 2012. On product
level 21 articles from the codex range satisfy the requirements
of the community of emission-controlled laying
materials (GEV) and are certified according to EC1 Plus
codex thus intensively supports the Uzin Utz Group with
offering sustainable and environmentally-friendly solutions
for the floor.
»»
Our subsidiary Unipro B.V. in the Netherlands can be
pleased about a new state-of-the-art production plant.
After the start of the construction work in the closed year
products of the Uzin and Arturo trademarks will be produced
on the “Stepelerveld“ near Haaksbergen in the “green
factory“ from 2014. The building will be CO2-neutral and
is to use solar energy and rainwater for the self-supply.
In addition Unipro B.V. in the Netherlands took over the
operating activities of Compotan Polymer B.V. in Ede as
of 1 September 2012. The take-over is part of the growth
strategy of Unipro and ensures an extension of the range.
»»
In the USA the expansion of the market presence of the
UZIN and Pallmann trademarks was pressed ahead with
by winning new trading partners. In addition our American
distribution company Ufloor Systems Inc. exclusively
took over the sales and distribution activities of the
WOLFF trademark in the USA and Canada as of 1 September
2012. The sales and distribution of WOLFF products
was carried out by a trading partner in the past. The
trademark has a high degree of awareness on the American
market and has an established, nationwide trading
network. Its integration offers high potential for growth
for Ufloor Systems Inc. – in particular by the use of synergies
between UZIN and WOLFF. Further the Uzin Utz Manufacturing
North America Inc. was founded in the USA
on 3 August 2012. The main task of the newly founded
31

subsidiary in 2013/2014 is the planning and realisation of
a production plant in the USA.
»»
Our English subsidiary, the Uzin Limited, was able to celebrate
its 20th anniversary in 2012. With a special “Road-
Show“ throughout the whole of we aroused the enthusiasm
of the customers for our products. With UZIN L3
Gold Moisture Control and UZIN NC 160 Special Edition
two new products were established on the English market.
The response from the customers was very good. Within
the company Uzin Ltd. was able to successfully implement
the data exchange between its warehouse system
and SAP. The management of orders and the stock management
are decisively optimised hereby.
»»
Our IT subsidiary, artiso solutions GmbH with registered
seat in Blaustein near Ulm, of which we hold 50%
of the shares, succeeded in increasing its revenue as planned
in the period under review. It was further possible
to continue to improve the qualifications of the employees
and the quality of the customer projects. As proof
for this the company may officially use the designations
GOLD Application Lifecycle Management and GOLD Application
Development as Microsoft Core Partners since
December 2012.
Internal control system
The group-wide internal control system is based on a
multitude of mechanisms and key figures, which respectively
depict and make measurable sector-specific processes.
Over all sectors the following financial factors and key
figures stand at the peak of all internal control systems:
Key figures
group
Cash flow
from ordinary
activities
Sales revenues
Result from ordinary
activities Loss
see Profit and
Account
Return
on sales
Return
on equity
Equity ratio
Calculation
see Cash Flow
Statement
see Profit and
Loss Account
Result from
ord. act./sales
revenues
Result from
ord. act. /
equity
Equity / Balance
sheet total
2012
17,748 KEUR
207,255 KEUR
13,467 KEUR
6.5%
13.8%
58.3%
2011
12,513 KEUR
199,166 KEUR
11,955 KEUR
6.0%
15.5%
56.2%
The following values are produced for the AG in this raster:
Key figures
AG
Cash flow
from ordinary
activities
Sales revenues
Result from ordinary
activities Loss
see Profit and
Account
Return
on sales
Return
on equity
Equity ratio
Calculation
see Cash Flow
Statement
see Profit and
Loss Account
Result from
ord. act./sales
revenues
Result from
ord. act. /
equity
Equity / Balance
sheet total
2012
14,598 KEUR
121,629 KEUR
6,465 KEUR
5.3%
10.4%
62.6%
2011
6,209 KEUR
117,352 KEUR
5,785 KEUR
4.9%
12.5%
60.9%
Events, decisions and factors with essential influence
on the further development of the company
All events, decisions and factors with essential influence on
the further development of the group and the AG, which
were already known in 2012, are included in the respective
sections of this report which belong to the topics. All
facts of this kind which have become known between the
end of 2012 and the time when this report was prepared
are explicitly included in the section “essential events after
the close of the fiscal year“.
Special effects of the closed fiscal year
Profits were transferred to Uzin Utz AG once again in 2012.
JP Coatings GmbH specifically transferred KEUR 500, Uzin
Tyro AG KEUR 498, the English distribution company Uzin
Limited KEUR 494, the Polish production company KEUR
200, the Czech company KEUR 198 and Unipro N.V. Belgium
KEUR 150. In total this led to participation income
in the amount of around EUR 2.0 million in the annual financial
statements of Uzin Utz AG.
32

Position of the Group and the AG
Net assets Group
Liquid funds
Customer receivables
Current income
tax receivables
Current assets
Inventories
Other current assets
Capital assets
Intangible assets
plant, property and equipment
Financial assets
Real estate held
as financial investment
Non-current income
tax receivables
Deffered taxes
Other non-current assets
Net assets AG
Intangible assets
Property, plant and equipment
Financial assets
Non-current assets
Inventories
Customer receivables
Receivables from
affiliated companies
Other current assets
Liquid funds
Current assets
Total assets
»»
The net assets, financial position and results of operations
of the group as well as of the AG also developed
very satisfactorily in 2012 – despite the difficult economic
circumstances. Rising revenues and a strategic cost
management led to a growth in the results of the ordinary
business activities.
31.12.2012 31.12.2011
KEUR
% KEUR
9,857
21,442
830
33,870
28,394
5,476
106,173
33,828
69,780
2,566
3,521
436
1,368
621
178,120
5.5
12.0
0.5
19.0
15.9
3.1
59.6
19.0
39.2
1.4
2.0
0.2
0.8
0.3
100.0
15,499
23,319
300
31,954
27,926
4,028
96,752
32,484
62,846
1,423
3,278
541
1,913
26
173,583
31.12.2012 31.12.2011
KEUR
% KEUR
768
26,611
43,152
70,531
13,982
6,175
6,888
3,192
160
30,398
100,929
0.8
26.4
42.8
69.9
13.9
6.1
6.8
3.2
0.2
30.1
100.0
378
24,260
41,388
66,027
14,523
6,163
10,843
3,111
1,509
36,149
102,175
%
8.9
13.4
0.2
18.4
16.1
2.3
55.7
18.7
36.2
0.8
1.9
0.3
1.1
0.0
100.0
%
0.4
23.7
40.5
64.6
14.2
6.0
10.6
3.0
1.5
35.4
100.0
Net assets
Group
The balance sheet total increased by EUR 4.5 million to
EUR 178.1 million (173.6). The share of the group fixed
assets increased to 59.6% (55.7), the residual assets are
thus 40.4% (44.3) of the balance sheet total.
»»
The customer receivables fell from EUR 23.3 million to
EUR 21.4 million owing to the consistent receivables management,
the bonus credits generated by the additional
revenue as well as the booking out of customer receivables.
»»
By the deliberate stockpiling for hedging against rising
prices the inventories increased slightly and rose by EUR
0.5 million from EUR 27.9 million to EUR 28.4 million.
»»
The intangible assets increased from EUR 32.5 million
to EUR 33.8 million. These result to a large extent from
a higher goodwill of Uzin Tyro AG, which is derived from
differences in exchange rates and the take-over of the
floor division of Collano Adhesives AG.
»»
The plant, property and equipment increased by EUR
6.9 million to EUR 69.8 million as a result of further investments
in machines for the production at the Ulm location,
the acquisition of the Swiss location by Uzin Tyro
AG and the building of the new production and administration
building of Unipro B.V. in the Netherlands. Moreover,
the influence of the exchange rate from the conversion
of the non-Euro balance sheets amounts hereby to
around EUR 0.2 million. A total of EUR 31 million in investments
is planned in the group for the coming year.
These primarily relate to investments for the further expansion
overseas.
»»
The liquid funds fell by 36.4% or EUR 5.6 million, to
EUR 9.9 million. The greatest movements also take place
here at Uzin Tyro AG and Unipro B.V. due to the investments
in property, plant and equipment.
»»
Apart from the real estate at Sifloor AG held as a financial
investment the total assets still represent values
which are necessary for the operations.
»»
Off-balance sheet financing instruments were used and
mainly relate to rental and leasing agreements.
Uzin Utz AG
The balance sheet total fell by EUR 1.2 million to EUR 100.9
million (102.2). The share of the fixed assets rose to 70%
(65), the residual assets thus amount to 30% (35) of the
balance sheet total. There are no essential assets, which
are not necessary for the operations, as well as business
transactions which do not affect the balance sheet. All
33

Financial position Group
Current liabilities
Financial liabilities
Trade liabilities
Income tax liabilities
Short-term provisions
Other short-term liabilities
Non-current liabilities
Financial liabilities
Deferred tax liabilities
Provisions for pensions
Other non-current liabilities
Equity
(incl. holdings of other shareholders)
34
trademarks are protected under copyright law. Depreciation
principles were not changed.
»»
The intangible assets increased from KEUR 378 to KEUR
768 among others owing to the capitalization of further
CRM licences, investments in the employer brand as well
as software and trademarks.
»»
The property, plant and equipment increased by EUR
2.4 million to EUR 26.6 million as a result of the expansion
of various plants in the field of production and IT. Uzin
Utz AG invested a total of EUR 6.4 million (8.1) in 2012.
Thereof EUR 4.7 million related to the field of the property,
plant and equipment.
»»
A total of EUR 9.7 million in investments is planned in
the AG for the coming year. These primarily relate to investments
for the expansion of the production location
in Ulm which was already started in the previous years.
Thereof around EUR 4.3 million relate to the sector of
operations & logistics, around EUR 2 million to the branch
Vaihingen/Enz and approx. EUR 1 million to the SAP
and IT sector.
»»
The financial assets increased to EUR 43.2 million (41.4).
The increase was above all produced from the increase in
the participation book values of the participating interests
in Shanghai by KEUR 406, in Hungary by KEUR 403,
at Utz Inc. in the USA by KEUR 98 as well as of Arendicom
in Tutzing in the amount of KEUR 305.
»»
The inventories fell owing to the better supply situation,
as opposed to in parts of the other group, by EUR 0.5
31.12.2012 31.12.2011
KEUR
% KEUR
34,883
14,245
8,523
655
5,935
5,526
39,180
26,919
10,163
1,689
409
104,056
178,120
19.6
8.0
4.8
0.4
3.3
3.1
22.0
15.1
5.7
0.9
0.2
58.4
100.0
31,868
13,590
7,184
549
5,538
5,007
43,977
31,615
10,249
1,697
416
97,738
173,583
%
18.4
7.8
4.1
0.3
3.2
2.9
25.3
18.2
5.9
1.0
0.2
56.3
100.0
million from EUR 14.5 million to EUR 14.0 million.
»»
The customer receivables remained almost identical
compared with the previous year, despite an increase in
revenue and amounted to EUR 6.2 million (6.2). This is
also due to the consistent receivables management and
the bonus credits generated by the additional revenue as
of the balance sheet key date.
»»
The liquid funds fell from EUR 1.5 million to EUR 0.2
million. The funds were used to redeem loans in order to
reduce the interest expenses.
»»
The development of the financial funds based on the
cash flow statement is presented below in the section “financial
position“.
Financial position
Group
The equity is EUR 104.1 million (97.7), which corresponds
with a share of the balance sheet total of 58.4% (56.3).
This could thus be further increased and is still substantially
higher than the average for the industry.
»»
The current liabilities increased by a total of EUR 3.0
million to EUR 34.9 million.
»»
The liabilities from tax on income increased as a result
of the higher operating results compared with the previous
year from 0.5 to EUR 0.7 million.
»»
The short-term provisions increased, primarily owing
to higher tax provisions as well as provisions for bonuses
and royalties, by EUR 0.4 million to EUR 5.9 million (5.5).
»»
In total the share of current liabilities in the balance
sheet total increased from 18.4% in the previous year to
19.6% as of 31 December 2012.
»»
The non-current financial liabilities fell by EUR 4.7 million
to EUR 26.9 million (31.6). The reduction results on the
one hand from the fact that there were less new admissions
compared with the previous year and a part of the
non-current financial liabilities became current financial
liabilities. On the other hand scheduled redemptions took
place of the non-current financial liabilities.
»»
The share of the total non-current liabilities in the balance
sheet total fell from 25.3% in the previous year to
22.0% in 2012. In absolute terms the total non-current
liabilities fell by around EUR 4.8 million, from EUR 44.0
million to EUR 39.2 million.
»»
It is the principle and equally the aim of the financial
management to guarantee sufficient liquidity at all times,
with a simultaneously high equity ratio which by far exceeds
the average for the industry. It was also possible to

Financial position AG
Equity
Provisions for pensions
Non-current bank loans
Non-current liabilities
Remaining provisions
Current bank loans
Trade liabilities
liabilities against affiliated companies
Other current liabilities
Current liabilities
Total Capital
satisfy this requirement in 2012. The liquidity was always
guaranteed, credit lines were never used in full. The total
credit volume in the Group as of 31 December 2012
amounted to EUR 41.2 million, after EUR 45.2 million in
the previous year. Of this amount around EUR 14.2 million
had a residual term of up to one year (13.6), EUR 21.2
million had a residual term between 1-5 years (26.6) and
around EUR 5.8 million had a residual term of more than
5 years (5.0). These loans are almost exclusively concluded
with a fixed interest rate.
»»
In addition, forward exchange contracts and currency
operations are concluded case by case in order to hedge
fixed payments or with significant foreign currency receivables
or liabilities.
»»
The most detailed development of the liquidity is presented
in the consolidated cash flow statements in the
consolidated financial statements.
Uzin Utz AG
The equity of AG is EUR 63.2 million (62.2). This corresponds
with a share of the balance sheet total of around
62.6% (60.9).
»»
The provisions increased in total by EUR 0.3 million to
EUR 3.7 million (3.4). The tax provisions increased hereby
by EUR 0.2 million and the provisions for pensions by EUR
0.1 million compared with the previous year.
»»
The trade liabilities were with EUR 3.5 million, EUR 0.5
million slightly above the value of the previous year (3.0).
The other current liabilities were also with EUR 3.3 million
above the previous year (2.7). The liability and leasing re-
31.12.2012 31.12.2011
KEUR
% KEUR
63,160 62.6 62,179
824
0.8
750
17,035 16.9 22,949
17,859
17.7 23,699
2,841
2.8 2,660
7,486
7.4 6,314
3,518
3.5 2,980
2,806
2.8 1,648
3,259
3.2 2,695
19,910 19.7 16,297
100,929 100.0 102,175
%
60.9
0.7
22.5
23.2
2.6
6.2
2.9
1.6
2.6
16.0
100.0
lationships are disclosed in the notes. There are and wear
no off-balance sheet financing instruments beyond this.
»»
It is the principle and equally the aim of the financial
management to guarantee sufficient liquidity at all times,
with a simultaneously high equity ratio which by far exceeds
the average for the industry. It was also possible to
satisfy this requirement in 2012. The liquidity was always
guaranteed, credit lines were never used in full. The total
credit volume as of 31 December 2012 amounted to EUR
24.5 million, after EUR 29.3 million in the previous year. Of
this amount around EUR 7.5 million had a residual term of
up to one year (6.3), EUR 14.1 million had a residual term
between 1-5 years (18.6) and around EUR 2.9 million had
a residual term of more than 5 years (4.3). In total noncurrent
loans were drawn from three different banks (BW
Bank, Unicredit and IKB). These loans are almost exclusively
concluded with a fixed interest rate. A further need
for capital exists for the investments, through which however
we are not expecting any essential changes to the
interest structure. Included in the total credit volume are
also three subordinate capital tranches in the amount of
EUR 6.3 million (6.8), which stem from the programme
“capital for work“ of the Reconstruction Loan Corporation.
The bank irrevocably subordinates with its receivables
from this loan behind all current and future receivables of
the creditors in the rank before the receivables for refunding
of a possible capital-substituting loan of a shareholder
or equivalent receivables.
»»
An interest rate hedge was already concluded in 2008
for a loan raised with variable interest rates in 2010. A interest
rate of 4.92% was hedged for a nominal value of
EUR 5.0 million until 30 June 2016. Valuated according to
the mark-to-market method as of 31 December 2012 a
negative fair value is produced of KEUR 219 (283). An impending
loss provision was formed for this.
»»
The more detailed development of the liquidity is presented
in the cash flow statement in the financial statements
of Uzin Utz AG.
35

Results of operations Group
Sales revenues
Changes in inventory
Aggregate results
Material expenses
Gross yield
Other operating income
Personnel costs
Wages and salaries
Social contributions
Depreciation
Other expenses
Other operating expenses
Other taxes
Earnings before interest and tax (EBIT)
Financial results
Earnings before taxes (EBT)
Tax on income
Net income before minority interests
Holdings of other shareholders
Net income
36
Results of operations
Group
2012 2011
KEUR
% KEUR
207,255 99.7 199,166
662
0.3 1,015
207,917 100.0 200,181
90,703 43.6 89,961
117,214 56.4 110,221
4,582
2.2 6,439
46,336
9,552
6,754
44,041
804
14,309
-1,646
12,663
3,230
9,434
-24
9,457
22.3
4.6
3.2
21.2
0.4
6.9
-0.8
6.1
1.6
4.5
0.0
4.5
42,794
8,510
6,995
44,410
599
13,350
-1,995
11,356
2,379
8,977
-1
8,978
%
99.5
0.5
100.0
44.9
55.1
3.2
21.4
4.3
3.5
22.2
0.3
6.7
-1.0
5.7
1.2
4.5
0.0
4.5
The sales revenues of the group increased in 2012 by 4.1%
from EUR 199.2 million to EUR 207.3 million. This was above
all due to the positive revenue developments of Uzin
Utz AG, JP Coatings GmbH, Unipro B.V., Tyro AG, Ufloor
Systems USA and Løkken AS.
»»
Included in the other operating income is the oneoff
effect from the sale of the business unit varnish products
for the skilled processing trade in the amount of
EUR 1.4 million.
»»
The total group foreign revenue increased to around
EUR 113.0 million (107.9). The overseas share increased by
around 0.6% to 54.5% (54.2). The share of the revenues,
which are not invoiced in Euro, increased to around 26.2%
(24.3). The currencies outside of the Eurozone, which are
relevant for the group, developed as follows:
Average prices
(rates in € per unit national
currency)
England GBP
Switzerland CHF
Norway NOK
USA USD
Poland PLN
Czech Republic CZK
China CNY
New Zealand NZD
Hungary HUF
2012 2011
1.2356
0.8308
0.1338
0.7756
0.2397
0.0397
0.1226
0.6299
0.0035
1.1477
0.8138
0.1283
0.7130
0.2424
0.0407
0.1106
0.5697
0.0036
Deviation
absolute
0.0879
0.0170
0.0055
0.0626
-0.0027
-0.0010
0.0120
0.0603
-0.0001
relative
7.66%
2.09%
4.30%
8.78%
-1.11%
-2.45%
10.88%
10.58%
-3.36%
»»
The total influence of the exchange rates on the group
revenue was 0.77% (2.89).
»»
It was possible to increase the sales volumes in the
group by 0.2% in 2012. There were no shifts in the product
mix in the period under review, which had an influence
on essential changes in the revenue and the operating
results. It was possible to increase the sales prices on
average by around 2.4%.
»»
Owing to the production which is oriented to batch
production and the usually very short space of time between
the order and delivery production is generally carried
out for an anonymous market. The delivery is carried
out from the warehouse stocks, which owing to the current
conditions as a rule amounts to around 1.6 monthly
revenues group-wide. An attempt is always made to adjust
the warehouse stocks to the basic conditions. Statements
concerning the orders on hand are therefore not
of informative value.
»»
The aggregate results increased by 3.9% to EUR 207.9
million (200.2).
»»
The absolute material expenses only increased slightly
by 0.8% from EUR 90.0 million to EUR 90.7 million. It
was possible to reduce the material use ratio in the group
from 44.9% to 43.6%.
»»
The share of the personnel costs in the aggregate results
increased to 26.9% (25.6). In absolute terms the per-

sonnel costs increased as a result of the collective wage
agreement increases and the newly consolidated company
from EUR 51.3 million to EUR 55.9 million.
»»
The depreciation volume fell from EUR 7.0 million to
EUR 6.8 million.
»»
The other operating expenses fell by around EUR 0.4
million from EUR 44.4 million in the previous year to EUR
44.0 million.
»»
Partial deviating results factors were chosen below
compared with the consolidated financial statements in
order to determine the results of operations.
»»
The earnings before interest and tax (EBIT) were with
EUR 14.3 million above the previous year (13.4).
»»
The financial results are owing to the fallen total credit
volume with EUR -1.6 million 17.5% above the value
of the previous year (-2.0).
»»
The earnings before taxes (EBT) are with EUR 12.7 million
around 11.5% above the value of the previous year (11.4).
»»
The net income for the year in the group was with
around EUR 9.5 million, around EUR 0.5 million or 5.3%
above the value of the previous year (9.0).
»»
Details concerning the net incomes for the year and
equities of the individual participating interests can be
seen from the presentation “shareholdings“ in the consolidated
notes.
Added value Group
Company‘s performance
Material expenses
Depreciations
Other expenses
Added value
In favour of:
Employees
Public sector
Companies
Shareholders
Creditors
2012 2011
KEUR
212,500
90,703
6,754
44,041
71,001
55,888
4,034
5,222
4,035
1,821
%
100.0
42.7
3.2
20.7
33.4
78.7
5.7
7.4
5.7
2.5
KEUR
206,620
89,961
6,995
44,410
65,254
51,305
2,979
4,945
3,783
2,243
%
100.0
43.5
3.4
21.5
31.6
78.6
4.6
7.6
5.8
3.4
37

Results of operations AG
Sales revenues
Changes in inventory
Aggregate results
Material expenses
Gross yield
Other operating income
Personnel costs
Wages and salaries
Social contributions
Depreciation
Other expenses
Other operating expenses
Other taxes
Earnings before interest and tax
Financial results
Operating result after interest
Extraordinary result
Tax on income
Net income
38
Uzin Utz AG
2012 2011
KEUR
% KEUR
121,629 100.1 117,352
-154 -0.1
632
121,475 100.0 117,984
64,277 52.9 64,259
57,198
47.1 53,725
2,394
2.0 4,058
22,917
4,098
2,412
24,944
326
4,895
1,244
6,139
0
1,379
4,760
18.9
3.4
2.0
20.5
0.3
4.0
1.0
5.1
0.0
1.1
3.9
21,045
3,651
2,071
25,603
73
5,340
372
5,712
0
1,103
4,609
%
99.5
0.5
100.0
54.5
45.5
3.4
17.8
3.1
1.8
21.7
0.1
4.5
0.3
4.8
0.0
0.9
3.9
The revenue of Uzin Utz AG in the period under review
was with EUR 121.6 million, 3.6% above the level of the
previous year (117.4). The revenues within Germany were
above the value of the previous year. With around EUR
79.3 million the growth amounted to 2.9% compared with
the previous year (77.1). The foreign revenues also increased
with EUR 42.3 million above the level of the previous
year (40.2). The share of revenues, which are not invoiced
in Euro was in 2012 with EUR 11.2 million (9.3), around
9.2% (7.9). Swiss Francs, British Pounds, US Dollars and
Polish Zloty account for the largest share.
»»
The sales volumes increased by around 1.1%, it was possible
to increase the sales prices by around 2.8%. Owing
to the production which is oriented to batch production
and the usually very short space of time between the order
and delivery production is generally carried out for
an anonymous market. The delivery is carried out from
the warehouse stocks, which owing to the current conditions
as a rule amounts to around 1.4 monthly revenues
at Uzin Utz AG. An attempt is always made to adjust
the warehouse stocks to the basic conditions. Statements
concerning the orders on hand are therefore not of informative
value.
»»
The aggregate results rose by 3.0% to EUR 121.5 million
(118.0). The material use ratio fell from 54.5% to
52.9%. The absolute material expenses remained with
around EUR 64.3 million almost identical compared with
the previous year (64.3).
»»
The share of the personnel costs in the aggregate results
increased from 20.9% to 22.2%. In absolute terms
the personnel costs increased by around EUR 2.3 million,
from EUR 24.7 million in the previous year to EUR 27.0
million in 2012.
»»
The depreciation volume was with EUR 2.4 million slightly
above the level of the previous year (2.1) due to the investments
in property, plant and equipment.
»»
The share of the other operating expenses in the aggregate
results only fell slightly with 20.5% (21.7). In absolute
terms the other operating expenses fell by EUR 0.7
million from EUR 25.6 million to EUR 24.9 million. This
primarily results from the optimised cost management.
»»
The earnings before depreciations, interest and tax
(EBITDA) were with EUR 7.3 million only around EUR 0.1
million below the previous year (7.4). The earnings before
interest and tax (EBIT) were around EUR 0.4 million
below the value of the previous year and amount to EUR
4.9 million (5.3).
»»
The net interest income was with EUR -0.8 million above
the level of the previous year (-1.2). The already described
transfers of profits of various holding companies led
at Uzin Utz AG within the financial results to a result from
transfers of profits from holding companies in the amount
of around EUR 2.0 million (2.2). The total financial results
increased to EUR 1.2 million (0.4).
»»
Thus, results of the ordinary business activities, which
are EUR 0.7 million above the previous year, are produced
of EUR 6.5 million (5.8).
»»
The net income for the year was with EUR 4.8 million
around EUR 0.2 million above the value of the previous
year (4.6).
»»
The Management Board of the AG proposes to the Supervisory
Board and the Annual General Meeting the distribution
of a dividend in the amount of EUR 0.80 (0.75)
per share.

Opportunities and Risk Report
The following statements apply both to Uzin Utz AG as
well as for the whole group.
Essential risks
Environment and industry risks
The macro-economic risks, which are essential for the
group, are above all to be seen in the economic development,
especially the development of the building economy.
The sovereign debt crisis currently represents the
greatest economic risk so that a stronger upswing is prevented.
Especially the public building sector in Germany
has to fear falling revenues due to expiring economic stimulus
packages. Further risks are associated with Europe,
a further principle market. Constant reports of highly financially
stricken EU countries continue to give a reason
for increased vigilance especially in these regions. However,
these uncertainties can also be found on other markets.
By an active dialogue with our customers as well as
intensive internal analyses and research relating to the
market environment, the wishes of the customers and the
competition it is possible to react to new developments
and needs of the industry at an early stage.
Product risks
The future development of the group depends to a very
substantial extent on developing innovative products and
optimising existing recipes. Therefore, all efforts will be
made to press ahead with the development work and to
recognise product needs and trends in time. With high development
expenses, continuous own developments and
internal quality assurance controls an attempt is made
to take this demand into account. Nevertheless, possible
occurring damages are covered by extensive cross-country
insurance cover, which also includes corresponding
product liability insurance. The usual operative risks are
covered by corresponding provisions formed by cautious
commercial estimates.
»»
Not just the requirements of our customers change,
but new laws are constantly put forward especially in the
chemical industry. By the ban or the restricted use of certain
chemicals or hazardous substances it is essential for
the Uzin Utz Group to develop new recipes according to
these requirements and to hereby retain or even improve
the quality of the products. Since 1 December 2010 a
notification obligation applies within the framework of
REACH (Registration, Evaluation, Authorisation and Restriction
of Chemicals) for importers of raw materials from
the non-EU overseas countries, which import hazardous
substances or substances which are liable for registration.
»»
In order to enable the supply security and greater independence
from suppliers in future we continue to conduct
research for substitution raw materials. The quality
of the products should not be impaired hereby.
Loss risks in the field of production and essential
IT-based processes
In the production sectors of the individual plants the probability
of a non-optimum operation of the production
plants is reduced to a large extent by permanent maintenance,
fire prevention and other contingency measures.
Corresponding insurances were concluded for losses
by natural hazards and possible thus resulting interruptions
to operation.
»»
The business and production processes as well as the
internal or external communication of the Uzin Utz Group
are increasingly based on information technologies. A substantial
interference or even a failure of the global and
regional business systems can lead to a loss of data and
an impairment of the business and production processes.
The probability of a failure of information systems
which are critical for the processes is reduced to a minimum
by corresponding technical, structural and organisational
measures.
Financial management risks
The volume of financial management risks continues to
be difficult to estimate in the current situation. Owing to
the continuing uncertainties on the financial markets the
aim is to carry out useful hedges of the revenues with an
exchange rate risk, by always weighing up the costs and
benefits. The development of the currencies which are relevant
for the group is presented in the section “results of
operations“ of this report. An optimisation of the freely
available funds is ensured by a group-wide, tight receivables
and liquidity management. The focus is placed hereby on
a permanent credit rating of the customers. In addition a
large part of the customer receivables are covered by credit
insurance. All essential liabilities due to credit institutions
are principally financed in the medium- to long-term with
fixed interest rates or hedged against risks due to changes
in interest rates by an interest rate swap. The essential financing
instruments used by the Uzin Utz Group comprise
bank loans and overdraft facilities, financing leasing relationships
and trade liabilities. The main purpose of these
39

financing instruments is to secure or maintain the business
activity. In addition, the group has various financial
assets, such as e.g. trade receivables as well as cash and
cash equivalents and short-term deposits, which contribute
to improving or reinforcing the liquidity position. In
order to hedge interest and exchange rate risks the Uzin
Utz Group has concluded derivative hedging instruments
to a low extent, which result from the business activity
of the Uzin Utz Group and its financing sources. Future,
possibly sharp fluctuations in exchange rates and interests
always have a certain residual risk.
Investment risks
Risks, which result from essential investments, are valuated
by standard investment appraisals and must be released
by the Management Board of Uzin Utz AG. External
advisers are used hereby if required. Possible acquisitions
are principally analysed with external support, evaluated
by the Management Board and released by the Supervisory
Board.
Risks which endanger the existence
None of the risks listed above currently represent a danger
to the existence. Other risks which endanger the existence
are currently not recognisable.
Description of the risk management
The group has a system for recording and controlling current
and future business and financial risks. This risk management
was implemented in the group many years ago
already. Essentially nothing has changed in this respect.
Nevertheless, it hereby concerns a living system, which is
subjected to a permanent optimisation process within the
framework of the continuous improvement.
»»
The elements of the risk management system are
−−
the risk control,
−−
the risk controlling and
−−
the risk reporting.
»»
They are all based on a multitude of individual evaluations,
analyses, reports as well as project groups, which
due to the situation analyse individual processes and facts
in detail. The responsibility for tasks lies with the responsible
head of department or sector of each holding company.
He reports directly to the respective managing director
or Management Board of the company, which on
the other hand communicates with the Financial Director
of Uzin Utz AG, who had the joint responsibility, in all essential
concerns. The “Central Controlling (CO)“ department
of the parent company hereby coordinates the risk
management elements group-wide. Documents distributed
to the Financial Director of Uzin Utz AG are support by
him if required into the joint Management Board as well as
the Supervisory Board of Uzin Utz AG and other groups of
persons. The whole risk management system is oriented
to recognising risks which endanger the existence at an
early stage and if applicable to counteract these as well
as to secure the achievement of the business targets. The
principles, guidelines, processes and responsibilities of the
internal control and risk management system are defined
and established. The risk management system essentially
comprises the risk groups described above. In addition to
measures for coping with individual risks a security-oriented
cautious commercial company management, reasonable
insurance cover and guidelines and instructions
which are valid throughout the company apply as a basis
of the actions for the risk awareness.
»»
The statements in the sections “financial position“ and
“financial management risks“ of this report apply to the
field of financial instruments. In addition, the risks with
operating results and liquidity of the financial assets are
depicted in the form of an early recognition system. The
main elements hereby are a more detailed monthly reporting
system about all essential balance sheet and profit
and loss positions, quarterly risk management report,
regular audit talks on site in the holding companies, an
organisation manual which is valid group-wide as well as
obligatory, direct communication channels of the managing
directors of the holding companies with the Management
Board of Uzin Utz AG in all essential matters.
Internal control and risk management system
with regard to the accounting process
An essential point for the avoidance of risks, particularly
in the accounting and financial reporting, is the internal
control system. This comprises the following features:
−−
The management and corporate structures are clearly
defined in the Uzin Utz Group. Cross-sector key functions
are controlled centrally through Uzin Utz AG,
whereby the individual subsidiaries have at the same
time a high level of independence.
−−
The essential functions in the accounting process –
bookkeeping, financial accounting and accounting as
well as controlling – are clearly separated. Areas of responsibility
are clearly allocated hereby.
40

−−
There are adequate guidelines (e.g. group accounting
guidelines, travelling expenses guidelines, etc.), which
are updated regularly.
−−
The used financial systems are protected by corresponding
authorization concepts and entry restrictions
against unauthorized accesses as far possible.
−−
The used financial systems are essentially based on the
SAP standard. The user programme Excel from the MS
Office package as well as Business Warehouse from
the SAP package are used for the presentation and for
further evaluations.
−−
Received or forwarded bookkeeping data are examined
regularly for completeness and accuracy. Programmed
plausibility checks take place by the used software.
»»
The control system with regard to the accounting process
is designed to the extent that a correct entry of all
business processes or transactions in the bookkeeping is
guaranteed in real time. Changes to the laws, accounting
standards and other publications are continuously analysed
with regard to the relevance and implications on the
consolidated financial statements and the thus resulting
changes adjusted in the group-internal guidelines and systems.
The process of the group accounting is controlled
by the central sector group controlling at Uzin Utz AG.
»»
The group companies prepare their financial statements
locally and send these through a group-wide standard
defined data model. The group companies are responsible
for the compliance with the guidelines and processes
which are valid group-wide as well as the proper and
timely flow of their accounting-related processes and
systems. In the whole accounting process the local companies
are supported by central contacts. Based on the
data of the subsidiaries included in the group of consolidated
companies the consolidated arithmetic units are
created centrally. Manual audits are regularly carried out
by the group controlling during this process in order to
ensure the plausibility of the transmitted as well as the
consolidated data.
»»
Business processes both of the subsidiaries as well as
the central units are regularly audited for appropriateness,
cost-effectiveness, efficiency and security by internal
audits. The audit results are reported directly to the
Management Board.
»»
The aim of our risk management and our internal control
system is to ensure the effectiveness of the business
activity and appropriateness with the corresponding statutory
regulations.
»»
The majority of the described risks also offer the group
opportunities at the same time. Owing to its size, the market
position and the already described internal factors
for success the group can and will also continue to take
advantage of commercially useful market opportunities
which offer themselves in order to win further market shares.
The opportunities, which are offered by strategically
useful company take-overs, are hereby of course also examined
thoroughly and if applicable realised.
»»
In particular the
−−
environment and industry risks,
−−
the product risks,
−−
the financial risks and
−−
the investment risks
»»
offered and offer excellent possibilities owing to their
validity for all market players in conjunction with the high
standards of the group in the fields of product quality, service
and logistics concept. Unique selling propositions in
these sectors are offered to the group owing to its competences
in the field of floors, which are not available to
the competition in this extent. Thus, the Uzin Utz Group
can position itself on the market with a high quality and
innovation. The group will take advantage of these opportunities
in order to expand the relationships to existing customers
and additionally win new customers. Unique technical
consultancy competences as well as deliveries almost
throughout Europe within 48 hours are in addition to the
mentioned high quality of the produced products the cornerstones
of a sustainable success and an optimum use of
opportunities which are offered. With regard to concrete
opportunities and risks of Uzin Utz AG or the Uzin Group
reference is also made to the following forecast report.
41

Forecast Report
Future basic conditions
The plus in demand in the building industry of 4.2% in the
closed year proves that the industry is growing despite the
crisis. The building industry did in fact substantially lose in
momentum towards the end of the year – the incoming
orders fell by 6.6% in December on a comparison of the
year – seen throughout the year the building industry can
however look back at a plus in revenue of 0.5%. Despite
the downturns towards the end of the year the mood of
the companies towards 2013 is optimistic. This is above
all a result of the eased position with orders, with which
the first months in the new year are already covered. The
central association of the German building trade considers
a growth in revenue in this year of 2% to be possible.
»»
The building industry in Germany is looking ahead optimistically
after a difficult fourth quarter in 2012. We intend
to continue to focus on our strengths in future and
to thus further expand our edge compared with the competition.
The geographical diversification and our intensive
research will further reduce our dependency on certain
markets and secure rising operating results for us in
future. With our unique quality and the proximity to our
customers we have powerful unique selling propositions
on our side. This way we concur with the opinion of the
building industry and look full of expectations and optimistically
to 2013 and beyond.
»»
Below we will look in more detail at the development
of the most essential segments for the Uzin Utz Group.
»»
The forecasts for the Eurozone for 2013 can be seen
as follows: France’s GDP has not changed in the last three
quarters. Throughout the whole year of 2012 it remained
at 0.1% economic growth. As despite a high level of national
debt and budget deficit the recession has not occurred
so far France can look with cautious optimism at 2013.
The interest for our neighbours is low despite the reduction
in the creditworthiness. Problematic in France are the
development of the labour market and the competitiveness
of French products both on a national as well as international
level. The building industry is suffering under the
economic problems and the savings measures from Paris.
Should the government successfully be able to assert the
planned economic stimulus packages after the phase of
re-orientation and the inactivity an increase in the GDP
beckons of 0.3%. A recovery in demand is expected from
2014. Austria’s economy cooled down further and further
over the course of the year. Nevertheless, a forecast economic
growth of 0.8% can be expected in 2012. From the
second half-year of 2013 the Austrian economy should
get back on track again and feature economic growth of
1.0%. Opportunities exist in any case in the building industry
by a growth of 10% in structural engineering and
2% in civil engineering. Italy is stuck in a deep recession.
A fall in the GDP by 2.3% is expected for 2012. This will
also have implications on the building investments, which
are currently at the level of the 70s. According to forecasts
of Istat the GDP will also shrink in the coming year
(-0.5%). As of the end of the year the Netherlands also had
to struggle with the recession. However the prospects are
positive for 2013 and economic growth of 1.3% is expected.
The potential for the building industry also lies above
all in energy-efficient building in the Netherlands. The
domestic market in Spain is also paralysed owing to the
high unemployment and the policies of economic measures
for saving of the government. The GDP is expected
to shrink by 1.6%. The building volume is expected to fall
by 8% in 2013. A change in the trend is expected in 2014
at the earliest. Belgium can only expect slight growth in
2013. On the other hand the country remains one of the
most stable economies in Europe. Impulses for growth in
the building sector are above all forecast with renovation
and restoration. Possibilities are offered here above all
for German small- and medium-sized enterprises. Portugal
continues to be stuck in a deep recession. The country
is not expected to record moderate economic growth
again until 2014. The World Bank forecasts for 2013 a fall
in the economy in the Eurozone by 0.1%. In 2014 the economy
is expected to then grow by 0.9%. The climax of
the financial crisis is thus overcome. The annual inflation
rate in the Eurozone in December 2012 was 2.2% and
thus 0.5% lower than in the previous year. According to
the Director of the European Central Bank, Jörg Asmussen,
the inflation rate in this year is expected to be less
than 2%. The financial crisis is thus not expected to have
any implications on the currency devaluation.
»»
Great Britain is also suffering under the financial crisis,
however was able to feature a growth of 1% in the
3rd quarter of the closed year, after a recession which lasted
for two quarters. Nevertheless the best grade of AAA
of Moody’s was withdrawn from Great Britain in February
2013 and the credit rating of the country reduced to
AA1. This was due to the bad prospects for growth of the
economy. The English economy is only expected to find
its way back to the level of before the crisis in 2014. This
will also have implications for the building industry, which
42

is suffering under the savings programme of the government.
Oxford Economics nevertheless considers a growth
of 3% to 4% to be possible.
»»
Switzerland distinguishes itself positively from its neighbours
in the EU. The GDP grew by 1% in 2012 and is expected
to grow by 1.4% this year. The industry and tourism
however are suffering under the strong currency. 2012 was
a successful year for the building industry. It profits above
all from the strong domestic economy and the good
financing conditions. The new residential building sector
is also expected to grow strongly in 2013, due to the second
residence initiative.
»»
Both Norway as well as Sweden were able to record economic
growth for 2012. Norway’s GDP grew by 3%, that of
Sweden by 1%. The strong export dynamics of Norway will
slow down in 2013 due to the paralysing global economy,
and the economic growth is expected to be between 2%
to 3%. Sweden’s economy is expected to grow stronger
again this year and follow on from the years 2011/2012.
Norway can hope for a growth in all building segments
in 2013. The building investments are expected to grow
by 4.5 to 5.5 per cent. The new residential building sector
in Sweden fell sharply in 2012. It is expected to recover
again this year and feature a weak plus.
»»
In the segment Western Europe we are hoping for a
further easing of the tension of the crisis. The optimistic
attitude and the upwards trends at the beginning of the
year offer the opportunity to take advantage of the slowly
occurring economic growth and allow the hope for increasing
investments. We intend in future to increasingly show
engagement in Western European neighbouring countries
in order to thus press further ahead with the diversification
and to reduce the dependency on the German market.
Should the crisis have already bottomed out rising sales
can be expected in these countries.
»»
Poland’s economy also grew by 2% in 2012 and is also
expected to grow between 1.5 and 2% this year. The foreign
trade continues to be the carrier of this positive development
and compensates for the weakening private
consumption. Unfortunately the positive economic
growth does not have an effect on the building industry,
which since the end of the European Championships has
to struggle with a fall in building permits. This is above
all due to the strict regulations for the granting of loans
and problems on the labour market. After a difficult year
in 2012 the Czech Republic cannot hope for any improvement.
Low public investments and consolidation measures
of the government are slowing the domestic economy
down and having negative effects on the building industry.
The GDP fell by 1% in 2012 and is expected to just
rescue itself in positive regions this year. Hungary is continuing
to suffer under an increased tax burden for companies
and banks as well as a weak domestic demand due
to the low purchasing power of the population. The OECD
doubts economic growth for Hungary in 2013. At the same
time the high inflation rate and the high wage unit costs
are having a negative influence on economic growth. The
building industry in Hungary is in a crisis and no improvement
can be seen so far. Hardly any major building projects
are available. A small ray of light is the residential real estate
index and the new building plans of private persons,
which have recovered slightly. The Slovakian economy is
supported by the automotive industry. A growth in GDP
of2.5% was thus possible in 2012 and the economy is also
expected to grow by 2.1% in 2013. However, new statutory
decisions are inhibiting the willingness to make investments
in the country. At the same time many industries
are also suffering from a crisis. Thus, also the building industry,
which could no longer record any growth for four
years. A recession in the industry is also expected in 2013.
Greece is suffering from a deep recession just as Portugal.
A fall in the economy from 4.5% for 2012 is forecast for
Greece. Economic growth is also expected in 2014 again
at the earliest here. Slovenia is also struggling with the
crisis. A fall in the GDP in 2012 of 2% and in 2013 of approx.
1.5% speak in favour of a longer recession. If the initiated
reforms of the country begin to show an effect an
aggravation of the crisis could be avoided. The building industry
is suffering under a surplus in offers of apartments
and insolvencies of construction companies. Romania is
the beacon of hope for many German trading companies.
The GDP did in fact grow with around 0.3% in 2012 less
than forecast, however there is a need for investments
throughout all industries. The GDP is thus expected to
grow by 1.5% in 2013. Many opportunities are offered in
the building sector by the building of infrastructure and
major projects such as the airport building in Brasov and
the expansion of the underground in Bucharest.
»»
In the segment South Eastern Europe an improvement
in the economic situation is foreseeable from 2014. In Romania
there is potential, which we would like to take advantage
of by increased sales and distribution activities.
The investments in the segment are supported by opportunities
for yield in the longer term.
43

»»
According to the forecasts the Baltic States (Latvia, Estonia,
Lithuania) will also successfully defend themselves
against the financial crisis this year and according to Germany
Trade & Invest (Gtai) can expect a growth in the
GDP of more than 3%.
»»
The budget dispute between the Republicans and Democrats
in the USA ensured drastic cuts with the state
spending of the country as of the first of March owing to
an automatism in the law. Nevertheless, a real growth in
the economy of around 2% is expected for 2013, as well
as for 2012. However, due to the economic uncertainty the
investments of the private sector are sluggish. Nevertheless
the building investments in the USA will increase again
for the first time since 2006. Above all the private residential
building is blooming and is having the effect as driving
force of the building industry. The group sees possibilities
and potential in the USA to decisively expand its revenues.
The environment for building investments is favourable
and the Uzin Utz Group position itself by the higher
quality of the products compared with the competition.
»»
The Chinese economic growth slowed down in the last
year. A growth in the GDP of 7.7% is expected for 2012.
The growth is expected to exceed 8% again in 2013. China
is and thus remains one of the most important markets
for the German suppliers. The building industry is impaired
by the cooling economy. Nevertheless, the growth
of the industry is expected to be 10% in the last year. In
2013 the growth depends on the realisation of the infrastructure
projects of the government. China still offers
unique pre-requisites and massive possibilities in the building
sector worldwide.
»»
On the whole the business forecast which is expected
for the building trade is positive for 2013. Decisive is however
the further development of the Euro crisis. Should the
trend continue the crisis could have bottomed out already
and slow growth occur both in the EU as well as worldwide
in 2013. The building projects in Europe are expected
to fall by 0.4% in 2013. A stable employment level is
forecast with possibilities for growth of 2% in the main
German building trade. Increased investments in assets
such as for example real estate, result from lower interest
rates, threatened price increases and major uncertainties
owing to the development in the Euro-Zone. The increased
willingness to invest of the companies in Germany
and a high overseas demand also contribute to a favourable
environment, from which almost all skilled trade
group can profit.
Future development of the Uzin Utz Group
The focus on our strengths should secure our future success.
Our orientation with the concentration on the 4 Cs:
Core customers, core competence, core benefits and core
market continues to form the strategic framework. We
feel obliged to act in the interest of our core customer,
the professional tradesman, and to assume responsibility
for him. We see our special strength in the daily, close
relationship to our tradesmen. We learn from this and it
helps us to continue to further improve our core competence
and thus, according to our conviction, offer the best
solutions for our customers. The quality of our products
and the service for the customer account for the core benefits
for us. The core market is defined as a market for
premium solutions all relating to floor laying with the focus
on Europe and North America.
»»
Money is still being spent for renovations and building
projects in Germany. The continued existing uncertainty on
the investment markets and the low interest rates should
also favour the building trade in future. However, in view
of the weak economies in several neighbouring European
countries the group continues to remain cautious and attentive.
Nevertheless the Uzin Utz Group actively operates
on the market with target-oriented investments creates
the pre-requisite for a successful future of the group.
»»
From today’s point of view and according to today’s
status of knowledge the following estimate of the future
development of the company appears realistic:
»»
Supported by the slowly recovering economic development
the group is expecting two further successful fiscal
years in 2013 and 2014. Within the framework of the
long-term growth strategy the international expansion
will continue to be pressed ahead with. The efforts to sell
and distribute our products in America are to be reinforced
and focussed by the building of a production location. At
the same time we see good opportunities to increase the
sales of existing trademarks in order to thus reduce the
dependency on the UZIN trademark. Western Europe and
Germany continue to represent the core markets. Stability
and further growth are forecast here. In Southern and
Eastern Europe the situation remains critical. An economic
upswing is expected in 2014 at the earliest here.
»»
The year 2013 will be marked by investments for the
group. In addition to the already mentioned projects in the
Netherlands and the USA the WOLFF trademark and Hermann
Frank GmbH will be amalgamated at one location.
The new production plant will be built in Ilsfeld, Bustadt-
44

East, Baden-Württemberg. The aim of the building is to
amalgamate the company and the trademark at one location
and to thus create synergy effects in the production
and development of machines for the professional floor
layer. This will result in a faster production and better logistics.
In the end the customer will therefore profit from a
faster delivery. 65 jobs will be created in the region by the
complex with a size of 6,000 square metres. 10 of which
are places for apprenticeships. In addition more space is
available by the new building for the further expansion of
our machine sector for floor laying work.
»»
The motto for 2013 is the focus on growth, profitability
and on our suppliers. We intend to focus on our strengths
and concentrate on the aspects which are important and
valuable for our company. The training and further training
of our employees will continue to play a supportive role.
»»
In order to satisfy our ambitious growth targets we
additionally intend to continue the diversification – both
on a regional as well as on product level. We will achieve
this by the expansion overseas and the reinforcement
of the trademarks codex, Pallmann and WOLFF. We will
this way counteract the dependency on a few markets and
trademarks. The financial crisis has shown that strong dependencies
means risks. From a regional point of view we
see major potential for our company in France, Asia and
the USA in future.
»»
We could not yet fully satisfy our demand to transfer
increasing revenues into higher results. With a structural
and focussed cost management we begin at this point with
concrete measures in 2013 and 2014. The prices for raw
materials were stable in the period under review. There
were indications of price increases at the end of the year.
Owing to the expected recovery in the world economy
the prices for raw materials should also increase slightly
again in 2013. Therefore, the focus for us is placed on the
maintenance of generally permanent and reliable relationships
to the existing suppliers. In order to guarantee a
substantial increase in the supply security and a better basis
for negotiations towards suppliers we begin at the adjusting
lever of a deliberate setting up of alternative procurement
sources.
»»
The Uzin Utz Group is equipped with a comfortable
liquidity. The overdraft facilities were increased in the
group in 2012 despite hardly being used. With this very
good starting position and the further improved pre-requisites
the group is in the position to make future-oriented
investments in 2013 and to take advantage of entrepreneurial
leeway. The professional financial and risk
management optimises the cash flows and limits and monitors
the existing financial risks, which arise by interest
rates, currencies and raw materials. Both financing as well
as processing costs are reduced and the permanent solvency
thus ensured.
45

Other Disclosures
including addendum Report
Reporting according to § 289 Par. 4 HGB [German
Commercial Code] or § 315 Par. 4 HGB
Composition of the subscribed capital
The subscribed capital of Uzin Utz AG in the amount of
KEUR 15,133 is divided into 5,044,319 individual share certificates
denominated in the holder’s name (ordinary shares),
which respectively grant the same rights, in particular
the same voting rights. There are no different classes
of shares. An individual share certificate corresponds with
a calculable share of the capital stock of EUR 3.00 each.
Restrictions to voting rights and assignment
There are neither statutory provisions, nor provisions according
to the statutes, which restrict the voting rights or
the assignment of shares. The Management Board is not
aware of any restrictions, which relate to the voting rights
or the assignment of shares.
Participations of more than 10% of the capital
Direct or indirect participations in the capital stock, which
exceed 10% of the voting rights exist in the capital stock
of Uzin Utz AG according to the knowledge of the Management
Board and based on the notifications under securities
law received by the company. Further details in
this respect are explained in the notes under “disclosures
according to § 160 Par. 1 AktG“ [German Companies Act].
Shares with special rights
There are no shares with special rights, which grant control
authorizations.
Voting right control with employees’ participation
The Management Board is not aware that employees participate
in the capital of the company, who do not directly
exercise their control rights.
Appointment and recall of Management Board
members and amendments to the statutes
The Management Board of Uzin Utz AG consists of one
or several persons; this applies irrespective of the amount
of the capital stock. The number of members of the Management
Board is determined by the Supervisory Board.
The appointment and recall of the members of the Management
Board are carried out according to the statutory
provisions of §§ 84 and 85 AktG. With the exception
of a substitute appointment by the court the Supervisory
Board is solely responsible for the appointment and recall
of Management Board members. It shall appoint Management
Board members for a maximum of 5 years. A
repeated appointment or extension to the period of office,
respectively for a maximum of 5 years, is permitted.
The Supervisory Board can appoint a chairman and a deputy
chairman of the Management Board.
»»
In line with the regulations of the German Corporate
Governance Code the maximum possible duration of appointment
of 5 years is not the rule with first appointments.
The amendment to the statutes will comply with
the regulations of § 179 AktG as well as of § 18 of the
statutes. Accordingly the Supervisory Board is entitled to
make amendments to the statutes, which only refer to the
version. The passing of a resolution by the Annual General
Meeting is not required. This shall in particular apply
to amendments to statutes after the full or partial execution
of the increase in the capital stock.
Authorizations of the Management Board to issue
and repurchase shares
The Management Board is authorized to increase the capital
stock of the company one-time or several times by
up to a total of KEUR 3,000 by issuing new ordinary shares
without a nominal value, which are entitled to vote, and
are denominated in the holder’s name (individual share
certificates) (approved capital I) during the time until 11
May 2014 with the approval of the Supervisory Board. The
capital increases can be carried out against cash contributions
and/or contributions in kind.
»»
The Management Board is further authorized to increase
the capital stock of the company one-time or - in
partial amounts – several times by up to a total of KEUR
3,400 – by issuing new ordinary shares without a nominal
value, which are entitled to vote, and are denominated in
the holder’s name (individual share certificates) (approved
capital II) during the period of time until 16 May 2016 with
the approval of the Supervisory Board. The capital increases
can be carried out against cash contributions and/or
contributions in kind.
»»
The Management Board is further authorized, with the
approval of the Supervisory Board, to exclude the statutory
subscription right of the shareholders for the following
cases:
−−
for the top amounts produced owing to the subscription
relationship;
−−
for a capital increase against contributions in kind for the
acquisition of companies or of participations in compa-
46

nies if the acquisition of the company or the participation
is in the well-understand interest of the company;
−−
if the capital increase is carried out against cash contributions
and the issue amount of the new shares does
not substantially within the meaning of §§ 203 Par. 1
and 2, 186 Par. 3, S. 4 AktG fall short of the stock exchange
price of the already listed shares of the same
class and provisions at the time of the final stipulation
of the issue amount by the Management Board and on
the pro rata amount of the capital stock, relating in total
to the new shares issued under the exclusion of the
subscription right according to § 186 Par. 3, S. 4 AktG,
or neither at the time when this authorization becomes
effective, nor at the time when it is exercised exceeds
10% of the capital stock of the company. Those shares
are to be offset against this limitation, which during
the term of this authorization by exploiting another
authorization applicable or decided at the time
when this authorization becomes effective are sold or
submitted as own shares under the simplified exclusion
of subscription right according to §§ 71 Par. 1, No.
8, 186 Par. 3, S. 4 AktG.
»»
The Management Board is further authorized with regard
to the approved capitals I and II, with the approval of
the Supervisory Board, to determine a start of the profit
entitlement deviating from the law as well as the further
details of a capital increase and its execution, in particular
to fix the issue amount and the remuneration which
is to be paid for the new shares.
»»
It further applies to the approved capital I that the
Management Board is authorized, with the approval of
the Supervisory Board, to determine the granting of the
subscription right by way of an indirect subscription right
according to § 186 Par. 5 AktG.
»»
The Annual General Meeting of the company authorized
the company on 11 May 2010 to acquire own shares
by 10 May 2015 with a total scope of up to 10% of
the capital stock existing at the time when the resolution
is passed for other purposes than the trade in own
shares. The acquisition may only be carried out through
the stock exchange or by means of a public purchase offer
directed at all shareholders and only exercised in line
with § 71 AktG. Further statements in this respect can be
seen from the notes.
»»
The authorizations of the Management Board presented
above for the issue of new shares from the approved
capitals I and II should place the Management Board in the
position to cover a possible arising need for capital flexibly,
at a reasonable price and in real time and depending on
the market position to use attractive financing possibilities.
By the possibility in an individual case to all pay for
the acquisition of companies or of participations in companies
by issuing shares of the company to the seller, the
company can carry out an expansion without encumbering
its liquidity. The authorization for the acquisition and
for the use of own shares made it possible for the company
to in particular also offer institutional or other investors
shares of the company and/or to extend the group of
shareholders of the company as well as to issue the acquired
own shares as consideration for the acquisition of
companies, company participations or within the framework
of company amalgamations. The approved capitals
and the authorization for acquisition of own shares concern
regulations, which are customary at listed companies
which are comparable with the company and do not
serve the purpose of making possible attempts at takeover
more difficult.
Essential agreements of the company with socalled
Change-of-Control clauses
There are no agreements of the company, which are subject
to the condition of a change in control as a result of
a take-over offer.
Compensation agreements of the company
There are no compensation agreements of the company,
which have been reached for the event of a take-over offer
with the members of the Management Board or the
employees.
»»
During the period under review there was no reason
for the Management Board to deal with questions of a
take-over or with special features with the disclosures
which are to be made according to the take-over guidelines
– implementation act. Further explanations beyond
the afore-mentioned disclosures and the disclosures in the
management report or consolidated management report,
are therefore not necessary from the point of view of the
Management Board.
47

Remuneration report according to § 289 Par. 2
No. 5 HGB or § 315 Par. 2 No. 4 HGB
Remuneration of the Management Board:
The remuneration system of Uzin Utz AG is based on the
principles of the service- and results orientation and represents
a corporate culture of service and consideration.
The total remuneration of the Management Board comprises
components which are not dependent on performance
and performance-based components. The remuneration
which is not dependent on performance consists of
a fixed amount and payments in kind. The performancebased
remuneration components include annually recurring
components, tied to the operating results of the
ordinary business activities (EGT) according to IFRS consolidated
financial statements of the company and variable
components oriented to the long-term.
»»
Criteria for the appropriateness of the remuneration are
in particular formed by the tasks of the respective Management
Board member, his personal performance, the performance
of the whole Management Board, the economic
position, the success and the future prospects of the company
by taking the market environment into consideration
as well as the customary nature of the amount of the
remuneration and the remuneration structure based on
the wage and salary structure in the company as well as
other companies of a comparable size and industry. The
remuneration structure is oriented to a sustainable corporate
development. The employment contracts of the
Management Board members include with regard to an
essential part of the variable remuneration components
a multi-year computation base and regulations according
to which a reasonable reduction in the salaries is permitted
the position of the company deteriorates to such an
extent that a continued granting of the salaries would be
inequitable. The variable remuneration components are
moreover capped at a maximum amount.
»»
The total remuneration of the Management Board in
the fiscal year 2012 amounted to a total of KEUR 1,223;
thereof fix KEUR 601 and KEUR 622 performance-based.
Included in the total salaries of the Management Board
are KEUR 25 for the benefit of a contribution-oriented retirement
pension plan.
»»
An individualised publication of the Management Board
salaries is waived according to the resolution of the Annual
General Meeting of 17 May 2011 up to and including
the fiscal year 2015.
»»
The other salaries essentially consist of the reimbur-
sement of expenses, the provision of a company car and
of insurance premiums for a legal protection and financial
loss liability insurance (D&O insurance). An excess within
the meaning of § 93 Par. 2 AktG has been agreed for the
D&O insurance of the Management Board members.
»»
In order to maintain a reasonable standard of provisions
during retirement a Management Board member receives
a retirement pension after attaining the age of 65,
however no earlier than after the termination of his activity
on the Management Board. With a premature start
of the pension payments the amount will be reduced accordingly.
The entitlement exists life-long. The pension
adjustment is oriented to the salary collective wage agreement
for employees of the chemical industry in Baden-Württemberg.
A provision in the amount of KEUR
936 (880) was formed for future pension obligations towards
the Management Board.
»»
For the other Management Board member parts of his
total salaries will be paid into a benevolent fund within the
framework of the conversion of remuneration. Moreover,
a former Management Board member shall receive payments
from a benevolent fund, which were endowed by
remuneration conversions during his active work. In 2012
a retirement pension was paid of KEUR 8 (8).
Remuneration of the Supervisory Board:
The remuneration for the Supervisory Board members is
regulated in § 11 of the statutes of Uzin Utz AG, which was
changed for the last time by resolution of the Annual General
Meeting of 6 May 2008. The remuneration is accordingly
composed of a fixed and two variable components.
»»
The fixed annual remuneration amounts to EUR 6,000,
the chairman shall receive 2.5 times the amount. In addition,
each member of the Supervisory Board receives a bonus
of EUR 100 for each EUR 0.01 dividend, which is distributed
to the shareholders in excess of EUR 0.50 per individual
share certificate for the closed fiscal year as well as an annual
remuneration based on the long-term success of the
company in the amount of EUR 100 per EUR 50,000 of the
results of the ordinary business activities (EGT) according
to the IFRS consolidated financial statements of the company,
which on average of the closed and the two previous
fiscal years (“comparable period of time“) exceeds an
EGT of EUR 10,000,000.
»»
Supervisory Board members, who did not belong to the
Supervisory Board during a full fiscal year, shall receive the
remuneration in line with the duration of their member-
48

ship on the Supervisory Board. The fixed remuneration is
respectively payable after expiry of a fiscal year, the variable
remuneration is payable on the day after the resolution
for the appropriation of the profits of the Annual General
Meeting for the respective fiscal year.
»»
Further the company grants the Supervisory Board members
reasonable insurance cover against assertion of a claim
under civil and criminal law including the respective costs of
the legal defence in connection with exercising their mandates;
corresponding legal protection and financial loss liability
insurance (D&O insurance) will be concluded in this
respect for the benefit of the Supervisory Board members.
»»
The members of the Supervisory Board further receive
reimbursement of all expenses as well as reimbursement
of the value added tax which is possibly to be paid on their
remuneration and expenses.
»»
Neither the Management Board, nor Supervisory Board
has received stock options or comparable remuneration
components.
»»
The Supervisory Board chairman and the Supervisory
Board member Dr. Rainer Kögel belong to the law firm
Hennerkes, Kirchdörfer & Lorz as partners. The law firm
was paid a total of KEUR 63 for consultancy services in
the fiscal year 2012.
Declaration relating to the company management
according to § 289a HGB
The Management Board and Supervisory Board of Uzin
Utz AG have submitted the compliance statement for
the Corporate Governance Code according to § 161 AktG.
The statement can be called in the Corporate Governance
report or on our homepage www.uzin-utz.de (Investor
Relations – Corporate Governance – compliance
statement 2013).
»»
The Management Board of Uzin Utz AG runs the company
and the group at its own responsibility. It is hereby
bound to the interests of the company and has to act in
the interests of the companies. In addition, it is oriented
to the aim of the sustainable increase in the corporate value.
As an international company Uzin Utz AG is aware of
the responsibility to operate in line with legal, social and
ethical concerns from an entrepreneurial point of view. In
addition, a system of values exists, which is valid both for
the Management Board of Uzin Utz AG as well as for the
employees. You can refer to our homepage www.uzin-utz.
de (the group – our values) for the corresponding contents
of this system of values.
»»
In addition, the statements relating to the Corporate
Governance report are part of the declaration relating to
the company management. For these you can refer to our
homepage www.uzin-utz.de (Investor Relations – declaration
relating to the company management).
»»
The declaration relating to the company management
which is to be submitted according to § 289a HGB is presented
in the following Corporate Governance report.
The Corporate Governance report is part of the declaration
relating to the company management. You can find
these on our homepage www.uzin-utz.de (Investor Relations
– declaration relating to the company management)
Corporate Governance report
Since 2002 the German Corporate Governance code
(DCGK) has set itself the aim to make the regulations of
the company management and monitoring, which apply
in Germany, transparent for national and international
investors as well as to regulate the cooperation between
the Management Board and Supervisory Board, in particular
under the aspect of the protection of the shareholders’
interests. The following Corporate Governance report
serves to summarise the essential Corporate Governance
principles, which are decisive for the company management
of Uzin Utz AG. In compliance with the statutory
regulations Uzin Utz AG has in addition submitted a declaration
relating to the management of the company according
to § 289 a HGB.
»»
The Management Board and Supervisory Board have
submitted the statutory compliance statement according
to § 161 AktG, according to which Uzin Utz AG complies
with the recommendations of the German Corporate
Governance Code, with a few exceptions, which are
explained in the compliance statement. The compliance
statement is a part of the declaration relating to the company
management. The Management Board and Supervisory
Board monitor the compliance with the code. The
compliance statement is submitted annually and permanently
made accessible to all shareholders in the Internet.
It can be found under www.uzin-utz.de in the heading Investor
Relations. The compliance statements of the past
5 years are also deposited there.
49

System of values
As an international company the Uzin Utz Group is aware
of the responsibility to operate in line with legal, social
and ethical concerns from an entrepreneurial point of
view. In addition a system of values exists which is valid
both for the Management Board of the Uzin Utz Group
as well as for the employees. You can find the corresponding
contents of this system of values on our homepage
www.uzin-utz.de (the group – our values).
Management and corporate structure
Uzin Utz AG with registered seat in Ulm is the parent
company of the Uzin Utz group. The group is composed
of 23 fully consolidated, four pro rata consolidated companies
and a company consolidated at equity. The legally
independent companies operate with own business and
results responsibility.
»»
The Management Board of Uzin Utz AG maintains regular
contact with the managements of the individual
companies. The group companies are supported by Uzin
Utz AG partly by financing and currency management as
well as by other cross-group services.
Cooperation of Management Board and
Supervisory Board
Cooperation on a trustworthy basis exists between the
Management Board and the members of the Supervisory
Board. The Management Board regularly reports to the Supervisory
Board about the development of the business. A
constructive and continuous exchange is also carried out
with regard to strategy, corporate planning and the profitability
of the company. The deviations of the development
of business from the installed plans and targets will
be looked at in detail by stating the reasons. Documents
which are necessary for decisions, in particular the annual
financial statements, the consolidated financial statements
and the audit report, will be forwarded to the members
of the Supervisory Board in time before the meeting.
»»
You can receive more detailed information concerning
the cooperation in the report of the Supervisory Board.
»»
The Supervisory Board met for four ordinary meetings
in the past fiscal year. You can also refer to the report of
the Supervisory Board for more detailed information relating
to the Supervisory Board meetings.
Management Board
The Management Board of Uzin Utz AG, consisting of:
»»
Dr. H. Werner Utz, CEO, departments:
−−
Strategy
−−
Marketing
−−
Technical product service
−−
Development and product technology
»»
Mr Thomas Müllerschön, departments:
−−
Sales and distribution
−−
Operations and logistics
−−
Controlling, financial accounting and accounting
−−
Group organisation
−−
Human Resources
−−
Central purchasing
»»
runs the company and manages its business. It is
bound to the interest of the company by taking into
consideration the concerns of the shareholders, its employees
and the other groups affiliated with the company
(stakeholder), and obliged to increase the sustainable
enterprise value. It develops the strategic orientation of
the company, coordinates it with the Supervisory Board
and ensures its implementation. The Management Board
ensures the compliance with the statutory provisions
and company-internal guidelines and points out their
compliance by the group companies. It is further responsible
for the annual and multi-year planning of the
company as well as for the preparation of the reports
which are required by law, such as annual or consolidated
financial statements, interim reports and interim
notifications.
»»
The Management Board further ensures a reasonable
risk management and risk controlling as well as a regular
and comprehensive reporting in real time about the
corporate planning, the business development as well
as the risk situation and the risk management to the Supervisory
Board. It pays attention to diversity when filling
management functions in the company and endeavours
to achieve a reasonable consideration of women.
»»
Rules of procedure regulate the distribution of the
business and the cooperation in the Management Board.
»»
Measures and business of fundamental importance
and relevance for the price are reported to the shareholders
and the capital market in time in order to make
the decision-making processes transparent also during
the year and to keep the capital market players sufficiently
informed. Essential business transactions require
the approval of the Supervisory Board.
50

»»
The total remuneration of the individual Management
Board members is stipulated by the Supervisory Board.
It decides upon the remuneration system and checks it
regularly. The total remuneration of the individual Management
Board members is stipulated by the Supervisory
Board based on a performance appraisal. You can find
all other disclosures concerning the Management Board
remuneration in the remuneration report from page 41.
Supervisory Board
The Supervisory Board, consisting of three members, advises
and monitors the Management Board with the management
of the company. The members of the Supervisory
Board are elected by the Annual General Meeting.
It discusses the interim reports and interim notifications,
checks and approves the annual as well as the consolidated
financial statements of Uzin Utz AG.
»»
The rules of procedure of the Supervisory Board, as
part of the monitoring and control process, envisage clear
and transparent processes and structures. The Supervisory
Board has hereby stipulated the information and reporting
obligations of the Management Board in more detail. The
rules of procedure of the Supervisory Board reflect the
recommendations of the German Corporate Governance
code for the Supervisory Board. An intensive, continuous
dialogue between the Supervisory Board and Management
Board is the basis for an efficient company management.
»»
Owing to the size of the Supervisory Board it was so
far not useful to form committees (audit committee, nomination
committee, etc.). Uzin Utz AG does not see any
need for this in future either. The joint Supervisory Board
is active itself in all factual questions and its members
also maintain constant contact outside of the Supervisory
Board meetings, both among each other as well as
with the Management Board, and can react flexibly to all
factual questions.
»»
The Supervisory Board is composed to the extent that
the members have the necessary knowledge, skills and
specialist experience. Training and further training measures
are – insofar as necessary – performed at own responsibility.
The Supervisory Board members are hereby
reasonably supported by the company.
»»
With its proposals for the election of Supervisory Board
members the Supervisory Board orientates itself in addition
to the statutory regulations exclusively to the specialist
and personal suitability of the candidates as well as
to appropriate considerations of usefulness – which pro-
mote the function of the Supervisory Board. This includes
for example the affiliation of members, who have relevant
entrepreneurial experience (cf. in this respect the
statements in the compliance statement relating to code
Subclause 5.4.1). The Supervisory Board refrains from naming
more concrete targets for its composition, especially
as the mere naming of such concrete targets is not necessarily
associated with an improvement in the quality
of the Supervisory Board activity.
»»
With its proposals for election to the Annual General
Meeting the Supervisory Board discloses the relationships
of the candidate to the company, the executive bodies of
the company and the essential shareholders involved in
the company if this is considered to be decisive for the
election decision.
»»
Elections to the Supervisory Board last took place in
the Annual General Meeting of 6 May 2008. The period
of office of the Supervisory Board is five years, the current
period of office will end with the ordinary Annual General
Meeting 2013.
Annual General Meeting
The shareholders exercise their rights in the Annual General
Meeting and exercise their voting right in this meeting.
Uzin Utz AG only has shares which are fully entitled
to voting. One vote is granted for each share. The Annual
Ordinary General Meeting shall take place within the first
five months of each fiscal year. The agenda for the Annual
General Meeting including the reports and documents
which are necessary for the Annual General Meeting are
published on the website of the company.
»»
The Annual General Meeting shall among others decide
about the appropriation of the profits, the discharge
of the Management Board and the Supervisory Board as
well as about the election of the auditor of the financial
statements. Amendments to statutes and capital-changing
measures are exclusively decided by the Annual General
Meeting and implemented by the Management Board.
Mere changes to the version of the statutes can be decided
by the Supervisory Board. Shareholders can file countermotions
to proposals for resolutions by the Management
Board and Supervisory Board and contest resolutions of
the Annual General Meeting.
»»
In order to facilitate the personal exercising of their
rights Uzin Utz AG makes representatives of voting rights
available to the shareholders who are bound to instructions
for the ordinary Annual General Meeting. In the invi-
51

Accounting and risk management, audit of the financial
statements
The consolidated financial statements of the Uzin Utz
Group are prepared according to the principles of the International
Financial Reporting Standards (IFRS), the management
report (which is summarised with the consolidated
management report) and the annual financial
statements of Uzin Utz AG are prepared according to the
regulations of the Commercial Code (HGB).
»»
The existing risk management of Uzin Utz AG is designed
to discover, record, valuate and control business and
financial risks, to which the company is exposed within the
framework of its activity. The individual elements of the
monitoring system provide reliable information relating
to the actual risk position and support the documentation,
risk examination and remedying of weak points. They
thus contribute to a minimisation of the costs potentially
incurred from the risks. You can find more detailed information
relating to the risk management of the Uzin Utz
Group in the risk report from page 25.
»»
Before submitting the proposal for the election of the
auditor of the financial statements to the Annual General
Meeting the Supervisory Board will obtain a confirmatitation
to the Annual General Meeting it is explained how
instructions may be given voting the exercising of the voting
rights in the run-up to the Annual General Meeting. In
addition, the shareholders are at liberty to be represented
by an authorized agent of their choice. The registration
and legitimation procedures shall comply with the “Record
Date“ procedure, stipulated by law and which is customary
on an international level. The 21st day before the Annual
General Meeting is deemed as the decisive key date
for the legitimation and registration of the shareholders.
Remuneration of Management Board and Supervisory
Board
The remuneration of the Management Board and the Supervisory
Board is presented in a more detailed remuneration
report, which according to Subclause 4.2.5 of the
code was included as a part in the management report and
to which reference is made at this point (from page 41).
Principles of conduct
Transparency
Uzin Utz AG uses for the information of its shareholders
and investors in real time the homepage of the company:
www.uzin-utz.de. In addition to the consolidated and annual
financial statements as well as the semi-annual reports
and interim notifications shareholders and third parties
are also informed about actual developments in the
form of Ad-hoc notifications and press releases.
»»
Members of the Management Board and the Supervisory
Board as well as other persons, who perform management
tasks at Uzin Utz AG within the meaning of § 15a
Securities Trading Act (WpHG) as well as natural persons
and legal entities closely associated with these persons according
to § 15a WpHG are obliged by law to disclose the
acquisition or the sale of shares of Uzin Utz AG insofar as
the value of the business transactions conducted within a
calendar year reaches or exceeds the total of EUR 5,000.
»»
The company further publishes notifications about the
acquisition or the sale of significant voting right shares immediately
after their receipt according to § 21 WpHG or
concerning the holding of corresponding financial instruments
according to § 25 WpHG. This means that as soon
as it becomes known that someone achieves, exceeds or
falls short by acquisition, sale or in any other manner of
3, 5, 10, 15, 20, 25, 30, 50 or 75 % of the voting rights in
the company, this will be published immediately.
»»
As of 31 December 2012 the shareholdings of the whole
Management Board comprised 1,759,314. The Supervisory
Board possessed 395 shares in the company.
»»
The shareholdings are specifically distributed as follows:
Shareholdings of the Executive Board
and the Supervisory Board
(total number of shares issued: 5.044.319)
Executive Board
Dr. H. Werner Utz
Supervisory Board
Dr. Rainer Kögel
Total Executive Board and
Supervisory Board
Number of
shares
1,759,314
395
1,759,709
% of the
total number
of shares
issued
34.88%
0.01%
34.88%
»»
No financial instruments exist which refer to the shares
of Uzin Utz AG.
»»
Uzin Utz AG publishes a financial calendar relating to
all essential dates and publications of the company with
sufficient advance time.
»»
All information about the company published by the
company is available for calling at www.uzin-utz.de under
the heading Investor Relations/share.
52

on of autonomy of the proposed auditor. The auditor of
the financial statements is requested by the Supervisory
Board to report on all findings and incidents occurring
during the audit act and which are in the broadest sense
essential for the tasks of the Supervisory Board immediately
if these cannot be remedied immediately.
Deviations from the German Corporate Governance
code
The Management Board and Supervisory Board submitted
an updated compliance statement according to § 161
AktG in March 2013. The substantiation of the deviations
from the recommendations of the code, which is necessary
according to § 161 AktG and Subclause 3.10 of the
German Corporate Governance code is included in the
compliance statement, which is a part of this Corporate
Governance report.
»»
The Management Board and Supervisory Board of Uzin
Utz AG submitted the last compliance statement according
to § 161 AktG in March 2012. The following declaration
refers for the period of time from March 2012 to
the recommendations of the code in its version of 26 May
2010, which was published in the electronic Bundesanzeiger
[Federal Gazette] on 2 July 2010. For the period of
time from 15 June 2012 the following declaration refers to
the recommendations of the code in its version of 15 May
2012, which was published in the electronic Bundesanzeiger
on 15 June 2012.
»»
The Management Board and Supervisory Board of Uzin
Utz AG declare that the recommendations of the “government
commission German Corporate Governance Code“
were and are complied with apart from the following exceptions:
1. With regard to 4.2.3:
The variable remuneration components of the Management
Board do not envisage any stock options
or similar instruments. A long-term incentive effect
for the Management Board should further primarily
be achieved by such variable remuneration components,
which can be assessed based on the generated
corporate result. The remuneration of the individual
Management Board is thus solely composed of
fixed and performance-oriented components as the
Supervisory Board is of the opinion that stock option
models are only suitable as incentives for the Management
Board to a limited extent. The Management
Board employment contracts do not contain either
regulations with regard to a settlement and its computation
base with a premature termination of the
Management Board activity, nor with regard to a termination
of the Management Board activity as a result
of a change in control. This way in the event of a
premature termination of a Management Board activity
the necessary flexibility is safeguarded in order to
achieve reasonable results of the negotiations which
correspond with the respective concrete situation.
2. With regard to 4.2.4./4.2.5:
An individualised disclosure of the total remuneration
of each Management Board member is not carried
out as the Annual General Meeting decided on 17 May
2011 not to disclose the remuneration of the Management
Board members of Uzin Utz AG individualised
in the notes of the annual financial statements. This
resolution applies to the fiscal year which started on
1 January 2011 and the four following fiscal years, thus
until 31 December 2015. In the Corporate Governance
report the remuneration system for the Management
Board members is however explained in detail in a generally
understandable form.
3. With regard to 5.3:
The Supervisory Board currently consists of three members.
The formation of committees (audit committee,
nomination committee, etc.) was not useful so far
owing to the size of the Supervisory Board. Uzin Utz
AG does not see any need in future either as the joint
Supervisory Board is active itself in all factual questions
and its members also maintain constant contact
outside of the Supervisory Board meetings both
among each other as well as with the Management
Board and can react flexibly to all factual questions.
4. With regard to 5.4.1:
The Supervisory Board is oriented with its proposals
to the election of Supervisory Board members in addition
to the statutory regulations exclusively to the
specialist and personal suitability of the candidates as
well as to appropriate considerations of usefulness –
which promote the function of the Supervisory Board.
This includes for example the affiliation of members,
who have relevant entrepreneurial experiences. The Supervisory
Board refrains from naming more concrete
targets for its composition, especially as the mere naming
of such concrete targets is not necessarily associated
with an improvement in the quality of the Supervisory
Board activity.
53

5. With regard to 7.1.2:
The company prepares the annual or consolidated financial
statements, interim report and interim notifications
in real time. The prime requirement hereby is
a careful preparation of all business incidents in the
group and not in the first place the adherence to certain
deadlines. The thus associated quality requirements
can in an individual case, owing to the international
structure of the group and the thus associated
complexity, lead to the fact that the deadlines recommended
by the Corporate Governance code are exceeded
slightly.
»»
The compliance statements of the last 5 years are
available on the homepage of Uzin Utz AG.
Uzin Utz AG, Ulm, in March 2013
On behalf of the Management Board:
Dr. H. Werner Utz
Thomas Müllerschön
On behalf of the Supervisory Board:
Prof. Dr. Dr. h. c. Brun-Hagen Hennerkes
(Chairman)
Essential events after the close of the fiscal year
The Unihem Group was owned 100% by Uzin Utz AG since
1 January 2013. Unihem d.o.o., Slovenia, generated a revenue
of around Euro 6 million with its distribution companies
Unikem d.o.o., Croatia and Unihem Trading d.o.o,
Serbia in 2012. The acquisition underpins the strategic orientation
of Uzin Utz AG to reinforce the engagement on
international markets. At the same time the forming of a
unit by the subsidiaries in South Eastern Europe enables the
use of synergy effects in marketing, technology and sales.
»»
As of 1 January 2013 Uzin Utz AG acquired the remaining
19.6% of the shares of Løkken AS in Skien and since
this time has held 100% of the Norwegian subsidiary. The
distribution company was able to generate around Euro 6
million revenue on the Norwegian market last year. With
the purchase we are intensifying our presence on the North
European market and reinforcing our efforts to take advantage
of the potential in Scandinavia even more. The
North European states were able to successfully elude the
economic crisis so far and Norway was able to show impressive
growth in the GDP of 3% in 2012. The purchase
of the remaining shares enables Uzin Utz AG the opportunity
to use this economic growth and to further diversify
and therefore reduce the risk by expansion in crisisproof
countries.
»»
Our Chinese subsidiary in Shanghai, the Uzin Utz Construction
Materials Co. Ltd., was also acquired by us in
full in the meantime. The take-over was carried out subject
to a condition precedence with the granting of the
necessary approval of the acquisition of the share by the
responsible Chinese authority. After the purchase price
had been paid in 2012 already, this approval and entry in
the register of companies was carried out on 19 February
2013. With GDP growth of 7.7% the Chinese did in fact
slowdown more than expected however is thus still far
above the level of western industrial nations. Due to the
complete take-over of our Chinese subsidiary Uzin Utz AG
can take advantage of the possibilities of the Asian market
in full. A lot of money is still invested in the building
sector in China and the sector also grew by 10% in 2012.
»»
There were no further essential events after the balance
sheet key date.
54

Research and development activity
The expenses for research and development in the group
amounted to EUR 6.6 million (5.2) in 2012. On average
79 (78) employees were working in the field of R&D, who
jointly contributed to a product innovation ratio of all Uzin
Utz development locations of 55.4% (50.6). Broken down
according to the most important European R&D locations
the following can be reported:
»»
The expenses for research and development in the
AG amounted to EUR 4.1 million (3.5) in 2012. On average
47 (43) employees were working in the whole sector
of Research & Development, who jointly contributed
to a product innovation ratio at the development location
of 62.5% (58.8).
»»
Broken down according to trademarks the following
can be reported:
Trademarks UZIN & codex
In order to not just accompany the success with innovations
from an operative point of view, but also regularly
monitor it strategically, important indicators such as the
innovation ratio were introduced for several years ago already
in order to examine the effectiveness and efficiency
of the R&D activities. Explicitly the 47 (43) employees
employed in the AG on average in the period under review
2012 increased the AG innovation ratio compared
with the previous year to the new record value of 62.5%
and a volume which by far exceeded the average for the
industry was thus achieved.
»»
In the highly competitive environment the success of
a company stands and falls with its power for innovation.
The pressure for performance on the R&D departments
is consequently and accordingly high. Profit bringing products
should be produced from innovative ideas as soon as
possible. The creativity of the developers is hereby often
limited by the reality with economic policies. For example
on the one hand rising prices for raw materials have to
be taken into consideration with the development of the
recipes and on the other hand regulatory conditions such
as REACH must be complied with. In addition, the R&D
specialist departments must take the increased demands
of the customers into consideration – also with regard to
the sustainability of the products and their production. For
this reason innovations are an important basic pre-requisite
for the fitness for the future of the company. Against
the background of more and more complex development
processes and a shortage in resources option innovation
approaches are increasingly gaining in importance hereby.
This way risks can be substantially reduced and the development
and commercialisation of new products or applications
be accelerated. The most important feature is
the efficient cooperation with various partners along the
value added chain, also by including academic expertise.
»»
The close connection effects a whole new quality in
the cooperation. Alliances form the basis for the open
communication, which in particular regulate the reciprocal
secrecy of sensitive data. The success of Uzin Utz AG
with regard to this open innovation approach, which has
been initiated for several years, is also reflected with the
win of a renowned prize in the Best Innovator competition
2012 / 2013. The invitation to tender with this year’s
focus topic “use of the ability for innovation of suppliers“
was organised by WirtschaftsWoche magazine as well as
the management consultants, which is specialised in the
segment of innovation management, A.T. Kearney and
the Federal Ministry for Economic Affairs and Technology.
The ability for innovation could be proven by qualitative
performance features and selected quantitative performance
key figures. In addition, particularly innovative
approaches were presented and evaluated. A high ranking
jury, represented among others by the President of the
Fraunhofer Society Mr Hans-Jörg Bullinger and the parliamentary
state secretary of the Federal Ministry for Economic
Affairs and Technology Mr Ernst Burgbacher, determined
fifteen finalists nationwide from far more than
one hundred participating companies. The pre-qualified
companies were visited in this cross-industry competitive
environment by representatives of the jury on site in order
to thus determine the best innovators. With the help
of a structured evaluation system Uzin Utz AG was chosen
as one of three winners and the very convincing innovation
management performance of the company confirmed.
Uzin Utz AG, which performed excellent services in
individual disciplines, is presented in the WirtschaftsWoche
and the corresponding prize will be presented within
the framework of a festive event in Berlin on 7 February
2013. The target definition of the global innovation strategy
of the company, which primarily consists of consistently
increasing the technical and financial success of
the customers, was an integral part and basis of the success
achieved here. That the products developed by Uzin
Utz AG enjoy maximum recognition in the industry is underpinned
by the survey among publishers “products of
the year”, which was conducted by magazine Fussboden
55

Technik [flooring technology] for the second time already
after 2010. For this purpose more than 1500 German
property managers were questioned about their favourite
products in 35 categories from the flooring industry. It
concerned a non-supported survey, this means no product
names were stipulated and the processors would instead
have to name manufacturers and products themselves.
During the survey Uzin Utz AG was able to win the first
place in all categories which are relevant for the field of
installation materials. In the segments “best primer“, “best
levelling compound“, “best dispersion adhesive“ and “best
dry adhesive“ the products UZIN PE 280, UZIN NC 170
LevelStar, UZIN KE 2000 S and UZIN SIGAN 1-3 respectively
secured the first place. In a further assessment the
specialist magazine BTH Heimtextil as a recognised barometer
in the now fourth edition conducted the wholesale
trade survey “installation materials“.40 wholesalers also
cast their vote this time once again for providers of precoats,
levelling compounds and adhesives and assessed
the corresponding manufacturers in 18 individual categories.
As in last surveys in 2007, 2009 and 2011 already
Uzin Utz AG, in addition to seven first places in corresponding
individual categories, both in the overall assessment,
as well as in the special discipline “power of innovation“,
climbed the highest step of the winner’s platform. These
prizes are the best proof for the fact that Uzin Utz AG
does not just develop excellent products, but these also
deliver value added from the point of view of the customers
and are accepted. These continuously good survey
results are clear proof for the fact that Uzin Utz AG does
not rest on the laurels of the past. The most important
activities are described in more detail below:
I) Product developments
On the whole 20 products with partly excellent properties
were prepared cross-trademark in 2012 for the launch
on the market and the worldwide use:
1) Dry mortar
a) Self-levelling cement compounds UZIN NC 160
New and UZIN NC 150 New as well as codex FM
10 New
In the department R&D dry mortar the focus in 2012 was
above all placed on the new developments of the established
levelling compounds UZIN NC 160 and UZIN NC 150,
which have been successful for many years. Due to its high
commitment the team of R&D dry mortar succeeded in
creating completely newly formulas for both products and
preparing these for the simultaneous launch on the market.
UZIN NC 160, which has been successfully used in the
object field for many years was completely newly developed
by the specialist department R&D dry mortar. It was
possible to further improve the previous product properties
by the created special formula. Special attention was
given to the increased market requirements for pump applications
during the development phase. UZIN NC 160
New shows improved mixing properties and an even better
run. This way a smooth surface with a standard appearance
and colour is produced in the hardened condition.
It is also important for the practical building use that the
drying times could be further optimised with the new development,
the readiness for covering is thus achieved after
20 hours already. As with all new developments the focus
is placed, in addition to the technical aspects, on the
requirements from healthy living construction. The specialists
of the dry mortar development implemented this
to a special extent in UZIN NC 160 New. It goes without
saying that the new C30 levelling compound satisfies the
maximum requirements of the Emicode class EC 1 R Plus.
By a careful selection of the raw materials the UZIN NC
160 New can in addition be distinguished with the “Blauer
Engel“ and will thus become a part of the UZIN ÖKO-
LINE family. At the same time as with the levelling flooring
compound UZIN NC 160 New the newly developed C25
levelling cement flooring compound UZIN NC 150 New is
also available for layer thicknesses up to 10 millimetres and
thus rounds off the UZIN levelling compound programme.
The special requirements with pump applications were also
taken into consideration with this further development. An
even better run as well as a homogeneous surface appearance
mark the new development. Further UZIN NC 150
New with EC 1 R Plus has been advertised and thus satisfies
the maximum Emicode-requirements. In addition, a parallel
and simultaneous localisation of both development
products UZIN NC 150 New and UZIN NC 160 New were
realised for the production locations in France and Poland
for the first time. A special intensive cooperation between
the head office of research and development in Ulm and
the development departments at our production locations
in France (Soissons) and Poland (Legnica) was the pre-requisite
for this. By an extensive exchange of development
know-how both products were prepared for the joint crosscountry
product conversion in March 2013. Thus, corresponding
new developments were simultaneously available
56

for a launch on the market for the first time at three European
production locations of the Uzin Utz Group. Based
on this extremely successful development strategy for the
UZIN trademark the R&D dry mortar team derived by corresponding
activities the self-levelling smooth compound
codex FM 10 New in order to also be able to retain the pioneering
role in the field of tiles and natural stone in future.
Over the course of this successful technology implementation
the focus was hereby placed, in addition to the
selection of particularly low-emission raw materials, above
all on a further decisive improvement of technical properties
compared with the codex-competitive products. The
benefits of the new quality can be clearly seen. The new
C25-cement compound can be consistently entered in the
successful ecological codex product line ecoTec owing to
the satisfaction of the strictest requirements with regard
to room air quality without any problems. In addition to
the described attributes the new levelling compound for
layer thicknesses up to 10 millimetres above all develops
its strength by an improved run as well as a more homogeneous
surface appearance. The new product by far exceeds
the very high application requirements which can
be found in practice.
b) Self-levelling hybrid compounds UZIN L3 Gold/
UZIN L3 Gold Moisture Control
So-called Bag & Bottle – levelling compounds are especially
very popular in Great Britain. These systems consist
of a mostly dispersion-based liquid component and a
cementitious power component, which are mixed directly
before the processing. Increasing demands for a longer
processing time with at the same time faster accessibility
were taken into consideration by the R&D dry mortar
department in the newly developed UZIN L3 Gold powder
component. Together with the revision of the liquid component,
which has become necessary at the same time,
the market launch was carried out in 2012. By this new
development the specialists in the development departments
dry mortar and liquid products succeeded in also
realising substantial advantages compared with competitive
products. UZIN L3 Gold is distinguished by a faster
accessibility and a faster readiness for covering. In addition
the specialists succeeded in substantially improving
the spreading properties and in decisively increasing the
compressive strengths. As UZIN L3 Gold Moisture Control
in combination with a further liquid component, which
was especially developed for this purpose, the system can
now also be used in areas with a high burden from damp.
c) Steady cement levelling turbo compound UZIN
NC 880 New
In the period under review UZIN NC 880, which has been
used for many years as a repair compound for the fine
smoothing and filling work before floor covering work, was
successfully launched on the market in a completely new
formula. By a new, innovative bonding system the company
succeeded in improving the properties of the product
even further. Besides easier mixing properties and
a further refined surface structure with finish character
UZIN NC 880 New is distinguished by an even quicker full
hardening, in particular on dense substrates. The special
highlights of the new development are the freedom from
marking and the classification into the best Emicode classification
EC 1 R Plus.
d) Quick setting flex-bonding mortar codex Power
RX 6 Turbo
Codex Power RX 6 Turbo was prepared for the launch
on the market for demanding installation requirements.
Thanks to the newly developed special formula the laid
tile areas are accessible and available after two to three
hours already. Even with low temperatures the product
hardens fully very quickly and allows the tile layer sufficient
outstanding time for the processing. In addition the
consistency of the smooth flexible mortar, which can be
easily processed, can be set variable owing to its broad
water window and adapts to the individual needs. This
way unevenness up to 10 mm can be compensated for
and large-scale tiles and slabs can be laid both in the thin
bed as well as in the flow bed procedure. The new quick
bonding mortar codex Power RX 6 Turbo satisfies according
to DIN EN 12004 the increased requirements C2 FT
S1 and owing to its high flexibility is marked with the flex
mortar diamond. Great importance was attached to the
emission behaviour during the new development already.
By the qualification and the use of suitable raw materials
a classification into the best Emicode-class EC 1 R
Plus could be achieved. According to the demand of codex
from healthy living products this bonding mortar can
be advertised for healthy living construction according to
the SHI-Standard (Sentinel-Haus concept). In its unique
overall performance the new product which can be adjusted
variably gives the processor quickness and security
at the same time.
57

e) Overseas support for the Polish Production Company
and localisation of codex Power Plus and
UZIN NC 182
In order to receive contact to new customers and create
even better access to important international markets it
is all the more important to make harmonised properties
available for certain products worldwide. For this reason,
in addition to the activities described above for the localisations
UZIN NC 150 New and UZIN NC 160 New the
holding laboratory in Legnica is additionally and actively
supported by the parent company in Ulm. Thus the installation
materials UZIN NC 182 and codex Power Plus
could be adapted to the high quality standard of the respective
corresponding German product performance and
both recipes set with local raw materials for the market
launch in 2013.
2) Liquid products
a) Universal dispersion adhesive UZIN KE 16
Tighter emission requirements required a re-formulation
of the tried and tested product UZIN KE 15 in the period
under review. The result of an extensive development activity
is UZIN KE 16, a thread-forming dispersion adhesive
with short open time for the universal application on
absorbent substrates. In addition to textile and PVC/CV
coverings linoleum coverings can also be securely glued in
widths up to a thickness of 2.5 millimetres. The new product
thus has an extremely broad range of applications.
UZIN KE 16 complies with the strictest ecological requirements
Emicode EC 1 Plus and is convincing both with a
very good initial strength as well as a moderate consumption
and a balanced price-performance ratio. Compared
with universal adhesives of the competition UZIN KE 16
offers much better properties with regard to processing,
binding properties and final strength.
b) UZIN universal fixture New
A very high share of the range of products of Uzin Utz
AG do in fact have the environmental seals Emicode EC
1 and EC 1 Plus, which is highly esteemed in the laying
trade and distinguishes the products as having very low
emissions, however among the population the degree of
awareness of the Blaue Engel is considerably higher. For
this reason the recipe of the UZIN universal fixture was
completely revised in order to be able to market the product
both with the mark Emicode EC 1 Plus as well as with
the Blaue Engel in future. UZIN universal fixture New is
a product which is soluble with water again for PVC and
textile coverings, it can be used on new substrates and directly
on coverings, such as for example on PVC, Linoleum,
Terrazzo and stone. The new development is distinguished
compared with the competitor products above all
by a consistently better ability for processing and a very
good resolubility with water. Compared with the predecessor
version it additionally has benefits with regard to
subsequent adhesive ability as well as a broader range of
applications. The resoluble fixation in a new quality is at
the same time a member of the ÖKOLINE family and for
this reason does not just satisfy all pre-requisites in particular
for the use in the private sector.
c) Two-component (2-K-) epoxy-resin primer UZIN
PE 460 New
By the selection of particularly low-emission raw material
and the implementation of a new future-oriented
binding technology the recipe of the product, which has
been reliable for more than two decades, Uzin PE 460 was
brought to the lowest possible emission level. The new
epoxy-resin primer thus belongs to the few epoxy-resin
primers on the market, which satisfy the new and tightened
VOC requirements according to Emicode EC1 R Plus.
The field of application and the properties were additionally
improved. UZIN PE 460 New is above all convincing
by the very good ability for processing, an excellent wetting
of the substrate, an excellent adhesion on all relevant
substrates, a secure full hardening also under unfavourable
climatic conditions – up to 5 °C - and by an excellent
water-vapour-proof effect. Compared with the customary
epoxy-resin-primers on the market UZIN PE 460 New
features a substantially reduced smell during the processing
and has practically no smell after the full hardening.
The new primer is further above all distinguished compared
with competitive products on the epoxy-resin basis
with the same marking by a much smoother and faultfree
surface, this means without pinholes, and this also
under unfavourable climatic conditions.
d) Two-component (2-K-) epoxy-resin adhesive
UZIN KR 421 New
The special adhesion UZIN KR 421 was set by a fundamental
new formula to the extent that in future it can
on the one hand be sold with the general licence under
building supervision law, which is obliged for the German
market, and on the other hand additionally and ex-
58

cellently satisfies the requirements of the Emicode EC 1
R Plus. The new 2-K-epoxy-resin adhesive is distinguished
by its highly varied application properties and is predestined
for the laying of all customary elastic floor coverings
in internal, external and wet areas with high use.
UZIN KR 421 New is in particular suitable for the laying
of design coverings on laying underlays. The new formula
is distinguished compared with competitor products
on epoxy-resin basis above all by the much easier ability
for spreading and substantially more versatile adhesive
properties.
e) Two-component (2-K-) silicate casting resin
UZIN KR 516
Pseudo-joints and cracks in screeds may not simply be
levelled and filled with compound; otherwise by the movements
of the screed the floor covering above this can
partly be substantially damaged. Typical damaging patterns
are cracks in ceramic tiles or so-called “worm creases“,
which appear as bulging-type elevations above the
cracks, which have not been sealed in a qualified manner
for example with PVC or rubber floor coverings. An interdisciplinary
solution to the problem was jointly drawn up
in this respect with the specialist units technical customer
service and product management cross-sector and
with the injection and casting resin UZIN KR 516 the range
of products was extended by a new, low-odour silicate
resin. The new product does not just seal cracks and
pseudo-joints with widths up to five millimetres in mineral-based
screeds, also with underfloor heating, securely
and permanently, but is additionally still particularly
easy to handle. In addition it hardens very quickly to
form a tight bond. For mixing the component B is poured
into the component A and briefly shaken hard. The material
begins to react with each other during this mixing
process already and after around 45 minutes the silicate
casting resin hardened so much already that further
work can be carried out on this such as the application
of levelling compounds. By the mixing ratio of 1:1 the
initially mixing of partial quantities is also easy. In addition
to the easy handling the new product also has the
benefit that it represents a pleasant low-odour alternative
on the building site to the still widely used variants
with the intensive smells such as methacrylate and polyester
casting resins. The new product is solvent-free
and has a very low-emission and satisfies the maximum
VOC requirements with regard to Emicode EC 1 R Plus.
3) Raw material substitutions
Raw material projects were also among the time-consuming
tasks of both development departments which were
not to be neglected in 2012. By production relocations of
raw material suppliers and no longer available raw materials
numerous products of the trademarks UZIN and codex
had to be adjusted by the two development teams
to alternative raw material qualities in the period under
review. In close cooperation with the suppliers the developers
are in addition always searching for new innovative
raw materials. The aim hereby is the consistent further
development of the products in order to be ahead of the
market. In addition, economic aspects and issues of supply
security and of the risk management are also constantly
taken into consideration.
II) Further development of the R&D innovation
process
An important aspect which the R&D specialist departments
are permanently working on is the benchmark “time
to market“ for new products. The focus is placed on the
question here: How can product ideas be implemented into
successes on the market as far as possible? For this reason
the standardised R&D innovation process was further developed
in the past year which guarantees that the ideas
are assessed even more systematically still with immediate
effect. It is very decisive here to trigger off the corresponding
innovations even quicker whereby these can
be initiated in very different ways. Important triggers for
innovations are scientific or technological breakthroughs,
also called technology push. No doubt the R&D departments
are in particular demanded here. Only this way is
it possible to keep up the high speed, in which groundbreaking
innovations are demanded and admitted by the
market and above all to avoid setbacks by the absolute
orientation to the market and customers. All of these generated
ideas, which are put on the shortlist, must be subjected
to further extensive examinations, for example an
ability for patent protection. A good idea only becomes
an innovation if this can be successfully implemented into
a concrete marketable product. In order to implement in
real terms and to make the R&D innovation process even
more successful a whole bundle of measures was initiated.
Project teams, innovation workshops as well as “spinning
corners“ were established and the path from the generation
of the idea to interdisciplinary forums to the market
launch was manifested. Further the pre-requisites were
59

created for the introduction of a “sabbatical for innovation“.
This means R&D employees could exclusively look
into a certain innovation in future for a certain period of
time, disconnected from the daily business. The support
of the creative search for ideas by formal structures and
systematic processes should serve in addition to generated
optimum results with ideas with a high potential.
These activities were accompanied by a new conceptual
design of the corresponding invention report process.
On the one hand innovations thus become a quality task
internally and the employees develop themselves at the
same time to become innovators thus reinforce the power
of innovations of Uzin Utz AG in the long-term. On
the other hand important signals are set externally hereby
extern for the marketing for innovative and imagepromoting
unique selling propositions.
III) Quality control
The production and provision of high-quality products
by Uzin Utz AG is an important pre-requisite in order to
enable a secure and as high as possible efficiency with the
processing by the tradesmen. Ideal test conditions for the
corresponding quality assessment are provided in this respect
by the test laboratories in Ulm. The requested product
and raw material properties are intensively tested for
their functional capability under constant and different
conditions as the requirements from modern products
are manifold as known. The product quality of Uzin Utz
AG which is esteemed worldwide is above all also the result
of the extremely cautiously working employees of the
quality control specialist department, who localise possible
deviations from the plan in the finished product inspection
and in the incoming inspection of raw materials
in order to intervene and correct such faults and to implement
recognised improvements immediately by instructions
for action. This means that by very many systematic
measures the quality level is raised in determined,
large and also valuable small steps and hereby a very high
contribution is made to the quality leadership in the segment
of installation materials. This also includes the consistent
compliance with stipulated test conditions so that
the raw materials which are to be tested and finished products
are assessed under strict equal pre-requisites. The
project, which was already initiated in the past few years
together with the specialist department R&D International
and which is extremely important for the international
expansion “to produce corresponding product groups,
which are produced at various locations within the Uzin
Utz Group, worldwide according to identical standards and
to monitor these identically everywhere “, was implemented
to a large extent in the period under review. Further
product and raw material groups were effectively integrated
into the project. The appropriateness and efficiency
of the harmonisation of test methods and specifications
at the various production locations is currently being examined
by internal audits under the management of the
specialist department quality control of the parent company
within the Uzin Utz Group. The results in this respect
will be assessed centrally and further potentials for improvement
identified by coordination with the responsible
persons for quality assurance of the subsidiaries. A further
project at the Ulm location deals with the tightening of
the spent costs and the complexity of the projects in the
incoming goods from components supplies in cooperation
with the suppliers without neglecting the process security.
In the known and strict annual intervals the certification
company EQ-Zert also examined Uzin Utz AG in
the period under review with regard to the requirements
of the quality standard ISO 9001 and the environmental
standard ISO 14001. In its report the auditors came to the
conclusion that both the quality management – as well
as the environmental management system have achieved
a high degree of maturity and perfection. The certifications
for the Ulm location could therefore be extended
once again to an unlimited extent and without determination
of any deviations. Uzin Utz AG has now been using
the ISO 9001-Logo without interruption since 1994 and
thus the longest in the direct comparison with other installation
material manufacturers.
IV) Sustainability
Since 2009 Uzin Utz AG has been in the position, with the
help of the individualised environmental product declarations
(EPDs), published by it as the first company in the
industry - and still with unique selling propositions -, to
provide the quantified proof of the environmental-friendliness
of developed products. The aim of EPDs is to assess
buildings under sustainability aspects from a quantitative
point of view, an aspect, which within the framework of
building certifications, e.g. according to DGNB criteria, is
increasingly gaining in significance. The basis of an EPD is
a full product ecological balance, which is created based
on European standards (ISO 14040 as well as ISO 14025).
The ecological balance supplies data concerning certain
60

environmental implications of the product, such as for
example the CO2-balance (“Carbon-Footprint“) as well
as other parameters. The EPDs themselves do not make
an assessment, however owing to the standard structure
render various products comparable with each other. Moreover,
they allow the architects and planners to calculate
a total balance for the building from the multitude
of individual products. In order to facilitate the planning
of sustainable buildings the German Society for Sustainable
Building (DGNB) has developed the DGNB navigator.
The online database makes the necessary information
about sustainable building products available in
a bundled manner. The first products, which met these
strict criteria of the list, include all products of Uzin Utz
AG with EPDs. Without a great deal of research work the
deposited data supply comprehensive information relating
to these installation materials to architects and planning
with full ecological balances. The ecological dimension of
the sustainability of the products of Uzin Utz AG is thus
impressively proven and documented in an understandable
manner for outsiders. The next step was initiated in
the period under review in order to make ecological quality
of the corresponding products more understandable
for the user in future than described in the EPDs. Two
different approaches were pursued for this purpose. On
the one hand a sustainability profile was created, which
shows the user at one glance whether he is dealing with
a particularly environmentally-friendly, sustainable product,
which during its production, processing and application
encumbers the climate as little as possible. It is to
be emphasised that no additional product seal is created
with the sustainability profile. Merely differences in the
range of products of Uzin Utz AG are to be demonstrated
with the profile. This gives interested customers the
possibility for the first time to be able to assess and choose
products not exclusively under technical or health aspects,
but also under the aspects of sustainability. In addition,
the aim is consistently pursued to harmonise the
requirements from technical performance and sustainability
and to create an “actual sustainability value“. On
the other hand the conceptual design and implementation
were prepared in accordance with sustainability datasheets.
The fact that building owners, tradesmen, planners
as well as increasingly also end customers make enquiries
more and more frequently for data concerning the environmental
performance, the sustainability and regarding
the interior hygiene of products, gave the reason to crea-
te a product-related information sheet, that makes these
data available in a compressed, however nevertheless
transparent form. This sustainability datasheet does not
just provide information about the emission behaviour of
a product, it additionally also provides information about
the shares of natural or renewable raw materials in the
product and it provides information about the ecological
balance, such as for example relating to the CO2-greenhouse
potential. Finally it makes the product-related building
certification data available according to DGNB, LEED
or BREEAM which are also very important for the planner
of sustainable buildings. This datasheet which is unique
in its kind thus provides comprehensive sustainability information
for the various target groups. The document is
available for downloading on the homepage of Uzin Utz
AG with the respective product.
»»
In a further project Uzin Utz AG supports the foundation
professorship “sustainable know-how, sustainable education,
sustainable economic activities“ at the University
of Ulm. In cooperation with the initiative committee of
Ulm sustainable business development the research project
“network of responsibility in small- and medium-sized
enterprises in Ulm“ was started, the topic of which is the
social responsibility of small- and medium-sized enterprises
(Corporate Social Responsibility - CSR). Within the
framework of the project the environmental management
standard ISO 26000 is to be transferred into an understandable
concept and implemented in small- and medium-sized
enterprises.
61

UZIN – switchTec
World innovation & application for patent
Contact adhesives which contain solvents are usually used
today for gluing soft PVC-base boards and profile sections
as well as PVC cavity grooves. These pose both a burden
on the processor, the living climate and the environment
in general. Moreover, there are big disadvantages with
this installation method: Plasticiser flow leads to a high
dimension change conduct of these base boards, the result
in shrinking up to detachment. Moreover, discolouring
often occurs with the covering surfaces.
»»
Modern, water-based contact adhesives only offer a
practical solution to a limited extent as these are often
awkward in the application and require long drying times.
Dry adhesive solutions also failed so far due to the low dimension
stability of the based boards and the impairment
to the adhesive caused by the migration of the material.
»»
With the revolutionary new development Uzin Remur,
for which a patent has been applied for soft PVC base
boards and profile sections as well as PVC cavity grooves
can now be glued quickly, clean and by stabilising the dimensions.
Remur is a metal-reinforced adhesive system,
in the widths 45, 55 and 95 mm, which permanently resists
dimension changes and effectively prevents migration
of material. The base boards and coverings made of
soft -PVC thus retain – guaranteed – their stated dimensions.
In interaction with soft PVC Remur is not impaired
and has a dimension-stabilising effect, this way detachments
can be excluded. Typical covering discolouring as
connected with neoprene adhesives which contain solvent
are also prevented effectively.
»»
Uzin Remur complies with the TRGS 610 and makes
both a contribution to the health of the processor as well
as with the eco-label EMICODE EC1 PLUS: “very lowemission
PLUS“ a contribution to the living health and
interior hygiene.
»»
The patent protection allows us to protect the many
years of research and development investments and to
expand the unique market position.
Further improvement of the surface area adhesives
Sigan 123
After the Blue Engel (Der Blaue Engel) and EC1 plus the
switchTec-products Sigan 1, 2 and 3 were further developed
for the surface area adhesion of floor coverings and
their range of applications was substantially extended.
With Sigan 1, 2 and 3 rubber floor coverings of renowned
manufacturers, Enomer coverings as well as coverings with
sensitive dimensions such as Flotex or woven vinyl can
now also be glued quickly, clean and permanently. Sigan
thus meets to an even higher extent the requirements
of the customers and market and offers worldwide the
best possible alternative to customary laying methods.
switchTec-socket solutions & Blauer Engel
With regard to the Uzin Ökoline [ecoline] our dry adhesive
solutions were designed even more environmentally-friendly
for socel solutions. The new systems Contact,
Goman 50/90 and Goman 240 as well as Steptec
150/220 satisfy the requirements for the Blauer Engel.
Uzin thus offers as so far the first manufacturer of dry
adhesives on the market socket and staircase systems,
which are distinguished with the Blauer Engel. The list
of the switchTec-adhesive technology could thus be extended
for the market. Also with the status 4 February
2013 the Uzin switchTec- adhesive solutions are the
only dry adhesive products with “Blaue Engel“ according
to RAL-UZ 113.
switchTec-socket soluctions & general licensing
under building supervisory law
After all dry adhesives for the surface area adhesion of
floor coverings were granted the licence under building
supervisory law the systems for the dry adhesion of wall
sockets and staircase coverings were also applied for.
The environmentally-friendly formulas with regard to
interior hygiene and healthy living room climate enable
the licensing for the use in recreation rooms. The offer
of dry adhesive solutions with the Ü-sign is thus extended
and rounded down.
switchTec-socket solutions & EMICODE
environmental seal
The systems Toptac, Bullran, Goman, Contact and Steptec
were designed even more environmentally-friendly
and now also feature the environmental seal EMICODE
EC1 PLUS: “very low-emission PLUS“.
»»
After the surface area products Sigan1, Sigan2 and Sigan3
as well as Sigaway the dry adhesives Supertape7900,
Remur and the afore-mentioned socket and staircase products
now already satisfy the requirements of the highest
EMICODE class. Uzin thus offers as the sole provider such
a comprehensive and in itself conclusive range of environmentally-friendly
distinguished dry adhesive systems.
62

Wolff trademark
The parquet slot milling machine was developed for the
parquet machine range. The machine subsequently mills
in the event of renovation the chamfers from country style
planks in order restore the typical rustic appearance.
The parquet grinding machines Cobra 09 and Gecko Star
were subjected to a dust test and successfully substantially
fell short of the threshold value.
»»
A new groove cutter was developed for the Wolff range.
The EF135 is designed for cutting mineral-based materials.
With an output of 1400W, a cutting depth of 35mm
and an undercarriage it is oriented to the needs of the
professional floor layer. It is impressive by very low-dust
working and handy ergonomics. The product design of
the new EF135 was already distinguished by winning the
Good Design Award 2012 in Chicago.
»»
In the field of manual tools for elastic floor coverings
the newly developed Rail-Cut supplements the range of
products of the Wolff trademark. The cutting device, guided
on a rail, enables exact double seam cuts of soft floor
coverings. It was launched on the market in March 2013.
»»
The new stripper generation was presented at the trade
fairs Bau in Munich and Domotex in Hanover under the
working title Turbo VR. The special features of the electrically
operated machine are a high surface area performance
and effective working with high operating comfort.
This is achieved with the 2-hand-joystick remote control.
The machine drives forwards and backwards, can be steered
and is very mobile. Due to the remote control it is absolutely
vibration-free for the operator. Various aids facilitate
the change in knives, the effective separation cut
of the coverings and the transport on the building site.
»»
The innovation ratio of the Wolff company (share of
the products of the total revenue, which are younger than
three years) amounted to 11.5% in 2012 (13.2).
Pallmann trademark
The replacement of raw materials which was started in
2010 due to the REACH regulations also continued in
2012, which led to new development in the aqueous or
oil-based sector with the objective to achieve improvements
in the optical properties as well as in the application
of the systems.
»»
Floorings in a wooden appearance currently dominate
the German residences. If the customer invests in real
wood parquet the focus is mostly placed on the natural
appearance. In order to underpin this, the new solventfree
oil-based primer PALL-X 333 can be used. It ensures
a strong wooden grain accentuation and thus emphasises
the characteristic grain and colour of the wood. The
parquet can be seen in natural, intensive and at the same
time warm colours. PALL-X 333 can be easily applied with
a spatula on the prepared parquet surface. The hardener
component of the primer favours a quick drying so that
the layer can paint the primed surface with a Pallment
wood flooring lacquer after 12 hours already. To be emphasised
for this technology is the short drying time. The
oil-based primer is suitable for all ground and cemented
parquet floors as well as for parquet on underfloor heating.
»»
A further important key word is flexibility, which the
parquet layer wishes to have both in the application as
well as in the warehousing. Thanks to the new Pallmann
Variotec technology PALL-X Extreme can be used as onecomponent
or two-components. The water-based wood
flooring lacquer can be used in all places where parquet
floors are exposed to normal loads up to very high loads.
As 1K-Version PALL-X Extreme can be used for normal to
highly used parquet floors with a good resistance against
mechanical and chemical loads. As 2K-Version – with the
hardener component B – a use is also possible in areas
subjected to a very high load, such as frequently visited
shops or pubs and restaurants. The new technology was
developed in cooperation with selected customers, who
were involved in detailed practical tests and gave valuable
feedback to the developers.
»»
Further research activities were carried out in the adjustment
of the products to the markets outside of Germany.
The products were further developed for the various
requirements, albeit owing to statutory stipulations in
the countries or various application techniques. One example
for this is the launch of PALL-X Zero on the Dutch
market. In order to satisfy or exceed requirements of the
market with regard to the solvent content the new water-
63

ased, solvent-free 2K-System PALL-X Zero was developed.
Its solvent-free formula underpins the environmental
aspect demanded by many private users and thus distinguishes
itself from all systems currently on the market.
Jordan trademark
It can still be observed that the trend towards natural oiled
furniture surfaces, which are distinguished by a special emphasis
of the colour and structure of the wood, continues
unimpeded. In order to take this into account the focus
was placed on the research activities at Jordan lacquers
in the development of new colour systems, which open
up completely new possibilities for the carpenter and joiner
trade in the design of wooden surfaces.
»»
With the first coloured and VOC-free oil, DECO-OIL-
COLOR 662 from the Jordan lacquers DECOLINE, completely
new possibilities are offered in the design of items of
furniture. With only 7 different basic colours (white, yellow,
green, red, blue, brown, black) a multitude of colour
settings is possible. The basic colours can of course be
mixed with each other for the creative design of the furniture
surfaces! The structure pattern of the wood types
is retained and it prevents an unwanted raising of wood
grain. The surface is given a satin-like shine and is convincing
by excellent light-resistance. The DECO-OIL-COLOR
662 can be used both with and without hardener component.
The mixing ratio with the DECO-OIL-Hardener is
10:1. The addition of the hardener improves the resistance
against damp and customary household dirt.
»»
The design possibilities of the transparent lacquers
were also decisively improved by an additive. CLASSIC-
COLOR-CONCENTRATE (8 basic colours) are very lightresistant,
transparent colour solutions for the self-colouring
of our transparent lacquers which contain solvent.
They are mostly added in additional quantities of approx.
0.3 to 0.5% to the corresponding primers, lacquer layers
or finish lacquers.
»»
A further focus of the research activities at Jordan lacquers
was placed on the continuation of the reduction in
solvent contents in the product systems. The share could
partly be reduced without limiting the optical properties.
RZ trademark
In the field of the RZ trademark the Turbo Protect concept,
a low-solvent 2K- sealing was further improved and
optimised for the high-quality long-term protection of
elastic floor coverings (RZ Turbo Protect Plus as low-solvent
product for the professional user and RZ Turbo Protect
Zero as a completely solvent-free product also suitable
for the private user). The degrees of matting of the
systems were thus revised and the spreading improved.
The surface above all with the RZ Turbo Protect Plus now
appears fully matt and is very durable so that the product
would also be suitable for other applications.
»»
Newly launched this year was the product RZ initial
cleaner, a special product for satisfying the VOB DIN
18365 for the use by the tradesman /specialist at the end
of the laying work of elastic or sealed floor coverings. The
RZ initial cleaner is ready for application and can be used
directly on the building site without thinning or mixing.
»»
Also new is the RZ Refresher, a 2-component synthetic
resin which one can use for remedying small tears and
scratches in the surface of floor coatings. The resin fills
the cavities with a transparent material and has the damages
disappear optically. After the hardening of the 2Kresin
the repaired place has an extremely high load bearing
capacity.
»»
A further focus was placed on the optimisation of existing
recipes. The range was improved and tightened and
several products were optimised with regard to the application
in the European markets.
Arturo trademark
Arturo guarantees unique coatings, as each room makes
other demands from the floor. Our range of products
extends from self-levelling floor coating to coloured or
transparent sealings up to pebble floors, mortar floors
and slurries. A floor must be safe, wear-resistant, durable,
representative or even fascinating, depending on the
function of the rooms and individual wishes. Particularly
where people spend time nothing may be left to chance.
Arturo offers these securities.
»»
The focus is of course placed on health in the working
and living environment. Therefore, our whole range of products
is completely solvent-free. By external and own monitoring
it is ensured that no harmful substances are released
as required according to the VOC-guidelines. Since
the middle of the year there is the licensing for two systems
under building supervision law according to AgBB.
64

It concerns the PU2030 system and the PU2060 system.
Both systems are certified and licensed for the use in recreation
rooms.
»»
The focus of the research activities for supplements
to the range at Arturo was placed in the development of
Arturo products for the German market. There were also
improvements with existing products.
»»
Newly developed was Arturo Ballotini, transparent full
glass balls for achieving slip-resistant sealing surfaces,
mixed with Arturo EP3950. The product is tested with
slip-resistant class R10.
»»
A further new development is Arturo thixotropic agent,
a high-quality thixotropic agent based on polyethylene.
With this additional product self-levelling floor coatings
can be made thixotropic in order to repair small damages.
»»
The new Arturo matting agent is used in order to matt
the epoxy self-levelling coating in large industrial halls
and to make it slip-resistant. It is tested in the system
EP2500 with matting agent and received the result slip
resistance class R9.
»»
Arturo EP6601 construction resin is a new and quicker
primer.
»»
Arturo has had a robust structural floor coating in the
range since 1 November 2012. With this product based on
epoxide old industrial floors can be renovated relatively
reasonably priced and easily. The product Arturo EP3280
has been developed and launched for this application. The
Arturo EP3280 structured floor is located with regard to
the condition between a roller coating and a self-levelling
floor coating. The 2-component product is thicker
and therefore more abrasion resistant than a sealing. It
has a knob-structure and shiny appearance. This product
is among others low-odour which represents a major benefit
compared with the competition.
»»
With Arturo EP2480 self-levelling floor coating, electrically
conducting (2-K, EP) and Arturo EP6400 electrically
conducting primer (2-K, EP) Arturo offers the new
floor system Arturo EP2480, for self-levelling electrically
conducting floor coating, which among others are used in
technical rooms and explosion-protected areas. This system
replaces the previous system Arturo EP2400. The surface
of Arturo EP2480 self-levelling floor coating is smoother
and tighter by the use of carbon fibres. The carbon fibres
are added in the new self-levelling floor coating in addition
to the coloured A-components, this facilitates the
processing of the product. The Arturo floor system consists
of a primer of Arturo EP6200 scratch coat. Conduc-
ting belts made of copper are affixed to this scratch coat.
After this the new Arturo EP6400 electrically conducting
primer and as final layer the Arturo EP2480 for self-levelling
electrically conducting floor coating are applied. The
Arturo EP2480 floor system satisfies the standards DIN
EN 61340-5-1 and DIN EN 1081.
»»
The Arturo PU2030 for self-levelling floor coating has
been further developed and now has an even better ventilation.
It is currently one of best products on the market.
65

Existing branches, plants, representations
The participation structure and the locations of the holding
companies in the group can be seen from the presentation
“shareholdings“ in the notes.
»»
The AG has in addition to the location in Ulm a further
production plant still in Vaihingen/Enz. Exclusively machines
of the WOLFF trademark are produced here.
»»
Moreover there is a representation in Minsk, Belarus.
»»
In addition Uzin Utz AG has throughout Germany two
service centers still. These are training and communication
centers for tradesmen, the trade and object managers at
strategically important locations in Dresden und Munich.
»»
The French holding company with registered seat in
Soissons moreover operates a sales and distribution office
in Paris.
Special features group management report
»»
All companies now included in the consolidated financial
statements are of insignificance of the consolidated
financial statements.
Ulm, 14 March 2013
The management board
66

Visit us at:
www.uzin-utz.com
Investor Relations Internet Service
Uzin Utz AG financial report for the year 2012 is available as
PDF-file for download.
Please visit www.uzin-utz.com, category “Investor Relations”.
Imprint
Published by
Uzin Utz Aktiengesellschaft
D-89079 Ulm
Investor Relations
Produced by
Uzin Utz Aktiengesellschaft
Barbara Lang, Ulm
büro ballweg, ulm
Designed by
büro ballweg, ulm
Photography
Sebastian Copeland, Los Angeles
Photography (Portraits)
Miriam Groener - Photography, Ulm
Text
Uzin Utz Aktiengesellschaft
Barbara Lang, Ulm
67

2012
»»
Sebastian Copeland, born 1964 in
France, worked in advertising for many
Dieselstrasse 3
D-89079 Ulm
Phone +49 (0)731 4097-0
Fax +49 (0)731 4097-110
www.uzin-utz.de
years before he exclusively dedicated
himself to the environmental protection
and art photograph. In 1987 he
graduated as Bachelor of Arts (Film)
at UCLA University of California, Los
Angeles.
»»
His work appears among others in
National Geographic, USA Today, Cosmopolitan,
Elle, GQ, Marie Claire und
Vanity Fair and is shown in international
galleries and museum exhibitions.
»»
Sebastian Copeland is one of the
most well-known environmental activists
worldwide with the focus on
the climate change. He is a member
of the Management Board of „Global
Green Organisation“, which belongs to
Green Cross International, founded by
Mikhail Gorbachev. Sebastian Copeland
runs expeditions to the arctic sea,
Greenland and the Antarctic, where he
stipulated new routes and set up four
polar records.
»»
The depicted photographs of the
award-winning photographer were
made within the framework of his last
expedition to the Antarctic. During the
eighty two day discovery trip Copeland
took photos of places which no
person has ever seen or entered before.
The surreal gigantic landscape features
abstracted organic forms, which
remind of paintings or graphical illustrations.
The borders between nature
and art created by people appear to
disappear. The expansive, untouched,
white and blue areas of the most varied
forms convey clarity, peace and
quiet.
»»
Sebastian Copeland lives and works
in Bel Air near Los Angeles.
68