The SFS Group Facts and Figures 2013

Transcription

1 The SFS Group Facts and Figures 2013

2 The SFS Group in the financial year 2013 Ladies and gentlemen: We are pleased to report at the conclusion of an eventful, challenging and overall successful business year Market environment Within Europe, our most important market, we were confronted with stagnating and declining developments in the end markets, which are relevant for us. European automobile production barely reached the previous year s level, while experts determined a 3% decrease in construction volume within the European building industry. In the Swiss market gross domestic product rose more than expected. The building industry was the relevant growth driver for us. The economic performance in the USA showed a pleasant development. The significant recovery of the American automotive industry was surprisingly positive. Thanks to this the number of automobiles produced mounted by roughly 5% to 16.2 million units. Although the economic growth within the emerging Asian markets has slowed down considerably, it still represents an area of growth compared to our traditional markets. In contrast to the previous years, the total impact of exchange rate fluctuations on our sales and profit was not significant in the current year. Development of the SFS Group During the financial year 2013 the SFS Group achieved sales growth of 11.5%. The consolidation of Unisteel Technology for the first time over a twelve-month period as well as the disposal of the business with reinforcement systems for concrete constructions contributed 9.8% of sales growth. Excluding changes in the scope of consolidation sales growth amounted to 1.7%. The positive developments in our Group s profitability was affected by various non-recurring items. Key figures consolidated income statement In CHF million ± PY Sales % EBITDA % as a % of operating revenue EBITA % as a % of operating revenue Operating profit (EBIT) % as a % of operating revenue Net income As a % of operating revenue % New organisational structure In the middle of 2013 SFS announced a new organisational structure. The corresponding organisational and personnel changes have been implemented rapidly, efficiently and with minimal impact on the business. The new reporting lines have been put into place on schedule as of the beginning of The Group is split into three segments: Engineered Components, Fastening Systems and Distribution & Logistics, which comprise a total of six divisions. These divisions bear the full responsibility over the complete value chain from development, manufacturing through marketing and sales to application support and customer care. The cross-segment functions Technology and Services, ensure the utilisation of synergies and the efficient transfer of know how as well as the implementation of common support and control processes. The Group s financial reporting is aligned to this new structure. In order to allow for a meaningful comparison, the changes in segment reporting have been applied retrospectively to the previous years. Focusing of business operations In preparation for the planned initial public offering the Board of Directors decided to dispose of the operations in the field of reinforcement systems for concrete construction with its sites in St. Gallen and Au, Switzerland as well as of the minority investments in stürmsfs and INHAUS Handels GmbH. Investments in future projects During the past business year important initiatives have been launched and investments for future growth have been performed. Various projects for unlocking potential synergies in Asia have been launched. The SFS Group is further benefiting from the additional management expertise and resources of Unisteel Technology. A new production site, which will be put into operation in 2014, has been built near the city of Guangzhou in China.

3 Based on the promising growth prospects for the Engineered Components segment in the USA and an encouraging project pipeline in this market, we decided to double the production area of our site in Medina. As in previous years various measures aimed at improvement of productivity, quality and flexibility in all areas of the SFS Group have been implemented. We consider it positive that the Swiss production sites were able to offset the negative foreign currency related impacts to a large extent in the meantime. Balance sheet development Sales Million Swiss Francs The Group s balance sheet ratios have developed well. The significant increase in operating cashflow (EBITDA), the consistent management of the net working capital as well as the proceeds from the disposal of non-core activities reduced the net financial debt to CHF million. Furthermore, the leverage ratio (ratio of net debt to EBITDA) has been decreased from 1.68 in the previous year to 0.92 as of the end of Consequently, the SFS Group shows very solid balance sheet ratios. Key figures consolidated balance sheet Number of employees at year-end In CHF million Net cash / (debt) Equity as a % of assets Thanks We thank our customers and suppliers for the cooperative collaboration with our company. Very special thanks to all employees in more than 20 countries, who contribute to SFS Group s success with passion, tremendous commitment and outstanding competence. On behalf of the Board of Directors and the Group Executive Board EBITDA Million Swiss Francs EBIT (operating profit) Total assets Million Swiss Francs Equity Heinrich Spoerry Executive Chairman

4 Organisation SFS Group Engineered Components Fastening Systems Distribution & Logistics Technology Automotive Electronics Industrial Construction Riveting Services Europe North America China, S.E. Asia Key figures 2013 Sales by segment Engineered Components 50 % Fastening Systems 25 % Distribution & Logistics 25 % Sales by region Switzerland 25 % Europe 41 % North America 10 % Asia 24 % Employees by segment Engineered Components 64 % Fastening Systems 23 % Distribution & Logistics 9 % Other 4 % Employees by region Switzerland 32 % Europe 22 % North America 5 % Asia 41 %

5 Board of Directors as of Hans Brunhart Christian Fiechter Ruedi Huber, Vice Chairman Urs Kaufmann Thomas Oetterli Heinrich Spoerry, Executive Chairman of the Board Karl Stadler, Vice Chairman Honorary Chairman: Hans Huber Group Executive Board as of from left to right Bernard Toh, Head of Division Electronics Thomas Bamberger, Head of Division Riveting Walter Kobler, Head of Division Industrial Arthur Blank, Head of Division Construction Rolf Frei, Chief Financial Officer SFS Group Heinrich Spoerry, Executive Chairman SFS Group Jens Breu, Chief Operating Officer SFS Group Alfred Schneider, Head of Division Automotive George Poh, Head of Region China and Southeast Asia Josef Zünd, Head of Segment Distribution & Logistics Helmut Binder, Head of Region North America and Projects

6 SFS Group Engineered Components Customer-specific precision components, fastening systems and assemblies Automotive The Division Automotive is a global development and manufacturing partner for the automotive industry and its suppliers. Customer-specific precision components under the SFS intec brand are used in the following applications: airbag/restraint systems brake systems body/interior engine/powertrain sensors/electronics These customer-specific solutions are produced in numerous development and manufacturing facilities in Europe, North America and Asia. High customer benefit can be achieved due to many years of experience in the selected core technologies of cold forming, deep drawing and plastic injection moulding. Electronics The Division Electronics is a leading specialist in precision components and miniature screws. Products under the Unisteel brand are used particularly in: smartphones tablets games consoles hard disk drives Facilities in Singapore, Malaysia and China ensure a strong market presence in the Asian region. Comprehensive and needs-based services can therefore be provided for customers in the electronics industry which is concentrated in Asia. Industrial The Division Industrial serves market leaders in different industries and with diverse requirements under the SFS intec brand. Industries benefiting from its extensive know-how include: aerospace electrical hardware cutting tool fastening medical transportation Services ranging from consulting to market supply, as well as many years of technical know-how, enable specific solutions to be realised. These solutions are optimised according to different customer needs.

7 Fastening Systems Application-specific fastening systems Distribution & Logistics Attractive product range and tailored logistics solutions Construction The Division Construction develops, manufactures and distributes application-specific fastening systems, hinge technology and assembly systems for the construction and building supply industry. Products under the SFS intec brand are mainly used in the following areas: building envelope timber structures doors and windows Customers can be served optimally with individually tailored solutions through numerous sales and manufacturing locations in Europe and North America. Riveting The Division Riveting is specialised in fastening solutions based on riveting technology. It is a strong partner for both industry and distributors, serving customers with high-quality fastening systems under the GESIPA brand: blind rivets blind rivet washers installation tools The combination of professional installation tools and blind rivets for specific applications generates maximum customer benefit. Customers also profit from a comprehensive product range and knowhow of technical specialists. Distribution & Logistics The Division Distribution & Logistics is a leading supplier of fasteners, tools, architectural hardware, chemical-technical products as well as innovative logistics solutions throughout Switzerland. Under the SFS unimarket brand this division is a partner for: industrial customers small and medium-sized businesses civil engineering specialist trades, wholesalers and DIY centres Through international procurement expertise, market-oriented product ranges and a proficient sales and service team Distribution & Logistics contributes to the daily success of its customers. Tailored logistics solutions enable substantial savings in process costs and thus contribute significantly to making customers more competitive.

8 SFS Corporate Principles 1. We seek partnership We are committed to providing maximum customer value through innovation and quality. We want to be our customers preferred partner. Better performance and service unites us with customers and suppliers. In those selected market segments we concentrate on a leadership position measured on a global scale. 2. We need commitment Our people are fully committed to fulfilling our customers needs. They are loyal and highly qualified. They promote continuous improvement. As co-entrepreneurs, they assume responsibility and claim the necessary authority. Their career development, compensation and rewards are based on performance. 3. We respect the community We apply ourselves actively for the community and the environment. We promote free enterprise and free-market economy and democracy. SFS products, services, factories and jobs should be models of innovation, safety and efficiency. 4. We seek success Through long-term, above average development, SFS maintains its independence. We achieve this through positive dynamics, adequate earnings and international orientation. Success makes us attractive and reliable to customers, suppliers, people and investors. We want positive change We have a positive attitude towards change and we are quick to imple ment. We are honest and fair teamplayers guided by entrepreneurial spirit, mutual respect and a desire to keep things simple. We measure our performance in order to learn and to improve continuously. SFS Holding AG CH-9435 Heerbrugg T F info@sfs.biz