A hundred-year balance Annual Report 2010 - Uzin Utz AG

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Situation of the Group* * (all figures to IFRS) 52 The asset, financial and revenue situation of the Group developed positively overall in the year 2010. Increasing sales in combination with the continuation of strict cost management led to improvements in most major positions. Sales revenues and the result from ordinary activities increased once again. » In the comparison of the balance sheet values, it must be noted that the correction to the company valuation of BIL Leasing shown in the Appendix had an effect on the previous year’s figures for intangible assets and equity. Financial position The balance sheet total increased by € 12.6 million to €167.3 million (154.7). The share of group non-current assets fell to 55.3% (57.7), and the current assets therefore make up 44.7% (42.3) of the balance sheet total. » Trade receivables rose due to the increased sales from €22.7 million to €25.7 million. » As a result of the improved order situation, inventories rose by €5.2 million from €20.1 million to €25.3 million. » The intangible assets rose slightly from €31.8 million to €31.9 million. » The tangible assets rose by €2.7 million to €59.4 million, as a result of increased investment activities. The exchange rate effect from the conversion of non-Euro balances amounted to around €1.9 million. For the coming year, a total of €15 million in investments is planned within the group. These relate mainly to investments for the extension of the Ulm production location started in previous years. Investments are also planned at Unipro B.V. for 2011, which relate mainly to the purchase of the property currently in use. » The cash and cash equivalents increased by nearly 0.8% or €0.1 million to €14.5 million. » With the exception of investment properties, the complete assets continue to represent the commercially necessary values. » Non-balance sheet financing instruments were used, and refer mainly to rental and leasing contracts. Liquid and capital resources The total equity amounted to €77.1 million (67.6), and at a proportion of 46% (44) of the balance sheet total remains significantly above the sector average. » The short-term financial liabilities fell by a total of €1.6 million to €22.6 million. This reduction results from capital repayments which were possible due to the high cash-flow. Long-term fixed-interest loans were also taken out to take advantage of the favourable interest rate. This reduced the short-term current-account overdrafts. » The liabilities from income tax fell from €1.6 million to €1.2 million. » The reserves increased by €0.4 million to €6.7 million (6.3). » The share of the short-term liabilities in the balance sheet total thereby fell from 27.2% in the previous year to 25.8% in the year 2010. » The long-term due to credit institutions increased by €1.1 million to €35 million (33.9) due to the above-mentioned assumption of long-term, low-interest loans. » The share of the non-current liabilities in the balance sheet total fell slightly from 29.1% in the previous year to 28.0% in the year 2010. In absolute terms, the noncurrent liabilities increased by around €1.9 million from €45.0 million to €46.9 million. » The principle and simultaneous objective of the finance management is to ensure adequate liquidity at all times, while at the same time maintaining a high equity capital ratio well above the sector average. This requirement was also satisfied in the year 2010. Liquidity was insured at all times, and lines of credit were never utilised to the full amount. In 2010, various financing measures were required due to the investments at the Ulm and Haaksbergen locations. The total credit volume in the group in the year 2010 was €57.6 million, slightly down from €58.1 million in the previous year. Of this total, there were around €22.6 million with a remaining term of up to one year (24.2), €31.2 million with a remaining term of between 1-5 years (27.9) and around €3.8 million with a remaining term of over 5 years (6.0). These loans were almost all taken out at a fixed interest rate. The remaining proportion of the credit volume was taken out at variable interest rates. A further capital requirement exists particularly for the investments of Uzin Utz AG, although we do not thereby anticipate any major changes in the interest rate structure. The total credit volume also includes three subordinated capital tranches of Uzin Utz AG in the amount of €6.8 million, which come from the programmes “Capital for work” and “ERP innovation programme” of the Kreditanstalt für Wiederaufbau (Reconstruction Loan Corporation). With its receivables from this loan, the bank stands irrevocably behind all present and future receivables of creditors in
precedence before the claims for return of a capital-replacing loan of a shareholder or equivalent claims. » Public subsidy programmes, medium-sized company loans and other low-interest financing were again applied for and used. » An interest rate hedging deal was concluded in 2008 for a variable-interest loan to be taken out in 2010. An interest rate of 4.92% was secured until 30.06.2016 for a nominal value of €5.0 million. » Forward exchange deals and currency options are also used in individual cases for the securitisation of fixed payments or in case of major foreign currency receivables or liabilities. » The detailed development of the liquidity is shown in the group capital flow account. Profitability » The sales revenue of the Group increased in the year 2010 by 7.0% from €172.2 million to €184.2 million. This was due above all to the positive sales developments of Uzin Utz AG, JP Coatings GmbH and sales developments of the companies in Switzerland and the USA. » The total group foreign sales increased to around €100.6 million (92.5). The foreign share increased by around 0.9% to 54.6% (53.7). The share of sales not invoiced in Euro increased to around 25.5% (20.0). The currencies outside the Euro zone relevant for the Group developed as follows: » The total exchange rate effect on the group sales was 1.77% (-1.1). » The sales volumes in the Group were increased by 5.5% in the year 2010. In the reporting year, there were no changes in the product mix which had an effect on major changes in the sales and the result. Sales prices were increased on average by around 1.4%. » Due to the production mainly by batches and the usually very short time between order and delivery, production generally takes place for an anonymous market, with deliveries being made ex-stock, which throughout the Group is sufficient for around 1.5 months sales. Statements on the outstanding order book are therefore not conclusive. » The overall capacity increased by 8.7% to €186.3 million (171.4). » The absolute material expenditure increased by 10.1% from €73.2 million to €80.6 million. The material usage quota within the Group increased from 42.7% to 43.3%. » The share of personnel costs in the overall capacity fell to 25.4% (26.6). In absolute terms, the personnel costs rose as a result of wage and salary increases from €45.5 million to €47.3 million. » Due to the investments made, depreciation increased from €5.4 million to €5.6 million. » The other operating expenditure increased by around €2.6 million from €36.4 million in the previous year to €38.9 million. This results mainly from expenditure which was postponed in the previous year due to the even more difficult market situation. » To determine the revenue situation, different results figures are used in some cases in comparison to the Group financial statements. » The earnings before interest and taxes (EBIT), at €15.8 million, were significantly above the level of the previous year (12.7). » Due to the reduced overall credit and current account volume, the financial result of €-2.1 million was 10.7% above the previous year’s figure (-2.3). » The earnings before taxes (EBT), at €13.7 million, were around 32.8% above the previous year’s figure (10.3). » The annual surplus in the Group, at around €9.6 million was around €2.5 million or 35.2% above the previous year’s figure (7.1). » Details on the sales, annual surpluses and equity capital of the individual shareholdings can be taken from the “Shareholdings” section in the Group Appendix. 53
Page 1 and 2: A hundred-year balance Annual Repor
Page 3: Investor Relations Overview The Sha
Page 6 and 7: Brief presentation of the Group Sin
Page 8 and 9: Values and substance Dear sharehold
Page 10 and 11: Striving for success and stability
Page 12 and 13: »» Were there also possible alter
Page 14 and 15: Dynamism and Sustainability “100
Page 16 and 17: Structure and Direction 1951 1952 1
Page 18 and 19: UZIN For more than 50 years the est
Page 20 and 21: Loyalty to the Location and Growth
Page 22: Wooded area near Heidenheim
Page 25 and 26: TRANs PA RENCY 1976 1977 1978 1979
Page 28 and 29: Adaptation and Synergy Learning fro
Page 30: Banks of the Danube near Elchingen
Page 33 and 34: Ex Pan 1996 Sion 1997 1998 1999 200
Page 36 and 37: Development and Earning Power Prepa
Page 38: Field between Erbach and Ulm
Page 42 and 43: Consolidated Financial Statement of
Page 44 and 45: Uzin Utz Aktiengesellschaft, Ulm (D
Page 46 and 47: Uzin Utz Aktiengesellschaft, Ulm Co
Page 48 and 49: Equity Holdings (figures according
Page 50 and 51: » Other essential requirements - p
Page 54 and 55: Risk Report Main risks Environment
Page 56 and 57: Internal control and risk managemen
Page 58 and 59: the year 2010 was the real crisis y
Page 60 and 61: stone are convincing above all for
Page 62 and 63: for foot traffic and loading. Thank
Page 64 and 65: a complete laying materials system
Page 66 and 67: WOLFF brand The year 2010 also saw
Page 68 and 69: Existing branches The shareholding
Page 70: 2010 Dieselstrasse 3 D-89079 Ulm Ph

A hundred-year balance Annual Report 2010 - Uzin Utz AG

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