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ANNUAL REPORT 2010 S P E C I A L I S T S F O R S U R F A C E T E C H N O L O G I E S S O C I E TA S E U R O PA E A SURTECO SE WORLDWIDE 16 production and sales locations 16 additional sales locations Gislaved Moscow Brampton Burnley Kattowitz Prague Angers Greensboro Venice Istanbul Madrid Tokyo Myrtle Beach Taicang Chihuahua Guatemala Singapore Bintan Curitiba Brisbane Perth Sydney Melbourne Santiago Germany Hüllhorst Sassenberg Bönen Gladbeck Weimar Kassel Buttenwiesen-Pfaffenhofen Dunningen SURTECO SE AT A GLANCE [ € 000s ] 2009 2010 Variation in % Sales revenues 341,145 388,793 +14 Foreign sales in % 64 67 EBITDA 54,317 62,547 +15 EBITDA margin in % 15.9 16.1 Depreciation and amortization -19,892 -20,934 EBIT 34,425 41,613 +21 EBIT margin in % 10.1 10.7 Financial result -16,860 -9,590 EBT 17,565 32,023 +82 Consolidated net profit 9,239 21,705 +135 Earnings per share in € 0.83 1.96 +135 Additions to fixed assets 10,942 19,244 +76 Balance sheet total 481,676 481,544 - Equity 191,815 213,439 +11 Equity ratio in % 39.8 44.3 +11 Net financial debt at 31 December 122,826 123,163 - Gearing (level of debt) at 31 December in % 64 58 -10 Average number of employees for the year 1,979 1,990 +1 Number of employees at 31 December 1,903 2,003 +5 PROFITABILITY INDICATORS IN % Return on sales 5.1 8.2 Return on equity 4.9 10.7 Total return on total equity 6.2 8.9 SURTECO SE GROUP STRUCTURE SURTECO SE SBU PAPER SBU PLASTICS Gislaved Folie Bausch Decor BauschLinnemann W. Döllken & Co. Sweden Saueressig Design Kröning Döllken-Kunststoff- SURTECO SURTECO SURTECO SURTECO SURTECO Studio 30% verarbeitung Australia Asia France Turkey Iberia BauschLinnemann Döllken- UK Profiltechnik BauschLinnemann BauschLinnemann Vinylit South Carolina 70% North America Fassaden SURTECO Döllken- Döllken Döllken China Weimar Poland Czechia SURTECO SURTECO Italy USA Canplast SURTECO SURTECO SURTECO Canplast Canplast Centro Russia Canada Do Brasil Mexico 50% Sud/Chile 55% America 50% 2010 SALES DISTRIBUTION in % SURTECO GROUP Germany 33 Edgebandings 49 Rest of Europe 44 Foils 26 America 12 Skirtings 6 Australia 6 Decorative printing 5 Asia 5 Techn. extrusions 4 DIY 3 Cladding systems 3 Other 4 Percentage of total sales: 58 % STRATEGIC BUSINESS UNIT PLASTICS Germany 31 Edgebandings 59 Rest of Europe 37 Skirtings 11 America 15 Foils 10 Australia 10 Tech. extrusions 7 Asia 7 DIY 5 Cladding systems 4 Other 4 Percentage of total sales: 42 % STRATEGIC BUSINESS UNIT PAPER Germany 35 Foils 48 Rest of Europe 53 Edgebandings 35 America 8 Decorative printing 13 Australia 1 Laminates (CPL) 2 Asia 3 Other 2 2 Plastic edgebandings THE PRODUCT Roller shutter systems R A N G E OF SURTECO SE Edgings and extrusions for cabinet making Technical extrusions for industry Decorative printing Edgebandings based on paper 3 Skirtings and extrusions for professional floor layers E 0 G1 STRATEGIC N0 2 BUSINESS UNIT T RAORT CP UE PLASTICS ODAL R RU PN N A Ranges for building and DIY stores Cladding systems Plastic foils Finish foils based on paper STRATEGIC BUSINESS UNIT PAPER Multilayer laminates TABLE OF S 0 T1 N0 E2 TT CONTENTS NR OO CEP F R OL E UA A N N U A L- ABLNN TA R E P O R T 2010 Foreword by the Board of Management 6 Company Management 8 Executive Officers of SURTECO SE 8 Executive management of Group Companies 9 Report of the Supervisory Board 10 Management Report 15 Group structure and business activity 15 Compensation Report 19 IMAGES IN THIS ANNUAL REPORT Declaration on corporate management 25 SURTECO SE is a leading manufac- Economic framework conditions 25 turer of plastic and paper products Sales and income situation 29 for the construction and furniture industries with international opera- Financial position and net assets 33 tions and a long track record of ex- Research and development 37 pertise. SURTECO has eight German Environmental protection 39 production locations and the same People and training 41 number of international production locations to give the Group manu- Risk and opportunitites report 41 facturing operations in all major Information pursuant to § 289 and markets. The advantages are very § 315 German Commercial Code (HGB) 48 obvious. Regional contacts guar- Follow-up report 49 antee fast response times. Design trends in national markets can be Outlook report 49 taken into account. Short transport links deliver fast availability. Global The SURTECO share 52 integration of research and develop- ment activities guarantees that all Consolidated Financial Statements 55 sites manufacture products to the highest standards of quality. The images in this Annual Report SURTECO SE Annual Financial Statements 108 present the production sites where the SURTECO Group’s multifaceted Glossary 110 product range is manufactured – dis- Financial Calendar 113 tributed across four continents. The cover page shows the admin- Ten year overview 116 istrative building of Bausch Decor GmbH located in Buttenwiesen- SURTECO SE Pfaffenhofen where the SURTECO ISIN: DE0005176903 holding company is based. Ticker symbol: SUR 6 FOREWORD BY MANAGEMENT THE BOARD OF Friedhelm Päfgen Dr.-Ing. Herbert Müller Chairman of the Board of Management Member of the Board of Management Group strategy, Strategic Business Unit Plastics Strategic Business Unit Paper We have an eventful year behind us. At the beginning of 2010, there was a great deal of scepticism about the prospects for the business year 2010, given the economic uncertainties combined with a significant shortage of important raw materials and consequent sharp increase in their price. The dynamic recovery in the global economy as the year progressed was therefore all the more surprising and gratifying at the same time.
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