vdl groep annual report 2015 vdl groep annual report 2015

80 Pages·2016·4.12 MB·English

VDL GROEP
ANNUAL REPORT
2015
V
D
L

G
R
O
E
P

A
N
N
U
A
L

R
E
P
O
R
T

2
0
1
5

VDL GROEP
ANNUAL REPORT
2015
VDL Groep bv
Hoevenweg 1
5652 AW Eindhoven, the Netherlands
Phone +31 (0)40 - 292 50 00
Fax +31 (0)40 - 292 50 01
[email protected]
www.vdlgroep.com
CONTENTS
3 Financial highlights
4 Profile
5 Group structure
7 Report of the Board of Management
45 Report of Supervisory Board
46 Auditor’s report
47 Subsidiaries
61 Financial report 2015
66 Principles for valuation and
determining the result
2
FINANCIAL
HIGHLIGHTS
(x 1,000 euro)
2015 2014 2013 2012 2011
Combined turnover 2,686,499 2,545,519 1,812,313 1,756,354 1,718,724
Consolidated turnover 2,522,070 2,342,041 1,632,108 1,628,857 1,574,805
Gross profit 167,181 117,988 95,610 87,407 96,275
Profit before tax 163,744 120,209 98,027 75,679 83,377
Profit before tax / turnover 6.1% 4.7% 5.4% 4.3% 4.9%
Net profit 125,406 104,247 88,582 56,755 66,014
Net profit / turnover 4.7% 4.1% 4.9% 3.2% 3.8%
Depreciation of (in)tangible fixed assets 61,198 46,300 47,326 32,490 30,465
Cash flow 186,604 150,547 135,908 89,245 96,479
(Dis-)investments including acquisitions 124,259 114,459 82,456 213,072 52,100
Equity 1,017,179 924,894 854,350 788,480 577,638
Total assets 1,683,108 1,660,407 1,382,879 1,403,669 1,062,228
Equity / total assets 60.4% 55.7% 61.8% 56.2% 54.4%
Net profit / equity 12.3% 11.3% 10.4% 7.2% 11.5%
Employees as at 31 December 10,623 10,303 9,216 8,757 7,135
3
PROFILE
VDL GROEP
VDL Groep is an international industrial company devoted to the development, production and sales of
semi-finished products, buses & coaches and other finished products as well as the assembly of cars. From
its head office in Eindhoven (The Netherlands) VDL supervises its subsidiaries, which have a high level of
autonomy and responsibility for results.
The establishment in 1953 of ‘Metaalindustrie and Constructiewerkplaats P. van der Leegte’ laid the basis
for what today is VDL Groep. Through targeted acquisition and autonomous growth, this family business has
developed into a group encompassing 87 subsidiaries spread over 19 countries and a workforce of 10,623.
In subcontracting, VDL is a leader in the fields of metalworking, mechatronic systems and system supply,
plastics processing and surface treatment. The car assembly division includes the production of passenger
cars for third parties. The bus & coach division consists of chassis, chassis modules, coaches, public
transport buses, mini & midi buses, special projects and second-hand buses. The finished products division
is extensive: suspension systems for the trailer and truck industry, heating, cooling and air technical
systems, production automation systems, systems for the oil, gas and petrochemical industry, systems for
the agricultural sector, sunbeds and roof boxes, container handling equipment, waste collection system,
cigar-making and packaging machines, components for bulk handling and dust extraction installations,
systems for explosion and fire protection.
VDL Groep strives to achieve controlled growth both through acquisitions and autonomous means. This entails
a focus on making continuous improvements to its products and production processes. Such a vision imposes
a number of preconditions: modern machinery, locations based on good logistics, a critical quality policy
and a high level of expertise amongst its workforce. Investments made by VDL Groep enable the group to
meet customer requirements.
VDL Groep has a flat organisational structure with short policy lines. The company culture is characterised
by the shared VDL philosophy of ‘human added value’. This forms the basis for close cooperation between
companies within the group.
4
GROUP STRUCTURE
VDL Groep
VDL Nederland VDL Holding Belgium
Subcontracting Car assembly Buses & coaches Finished products
VD Leegte Metaal VDL Nedcar VDL Bus & Coach VDL Agrotech
VDL Gereedschapmakerij VDL Bus Chassis VDL Industrial Products
VDL TIM Hapert VDL Bus Modules VDL Steelweld
VDL VDS Technische Industrie VDL Bus Heerenveen VDL Steelweld UK
VDL Laktechniek VDL Bus Venlo VDL Steelweld Deutschland
VDL Belgium VDL Bus Roeselare VDL Steelweld Sweden
VDL Technics VDL Bus Valkenswaard VDL Steelweld Suzhou
VDL Kunststoffen VDL Bus & Coach Nederland VDL Hapro
VDL HMI VDL Bus & Coach France VDL Klima
VDL NSA Metaal VDL Bus & Coach Italia VDL Klima Belgium
VDL Apparatenbouw VDL Bus & Coach Belgium VDL Klima France
VDL MPC VDL Bus & Coach Polska VDL KTI
VDL Parree VDL Bus & Coach Deutschland VDL Delmas
VDL Staalservice VDL Bus & Coach Suisse VDL Containersystemen
VDL Lasindustrie VDL Bus & Coach Czech Republic VDL Containersysteme
VDL RPI Metaal VDL Bus & Coach South Africa (70%) VDL Translift
VDL Rotech VDL Bus & Coach Serbia VDL Weweler
VDL Systems VDL Bus & Coach Danmark VDL Weweler Parts
VDL Postma VDL Bus Center Nederland Weweler-Colaert
VDL Industrial Modules VDL Bus Center Deutschland Truck & Trailer Industry
VDL Konings VDL Busland VDL PMB-UVA
VDL Wientjes Roden VDL Bus & Coach Service FRY-ZHN VDL USA
VDL Wientjes Emmen VDL Bus & Coach Service Brabant VDL Middle East
VDL Services VDL Parts
VDL Enabling Technologies Group VDL Enabling Transport Solutions
VDL ETG Eindhoven
VDL ETG Research
VDL ETG Projects
VDL ETG T&D
VDL ETG Almelo
VDL ETG Singapore
VDL ETG Suzhou
VDL ETG Switzerland
VDL Network Supplies
VDL Fibertech Industries
VDL GL Precision (84%)
5
6
REPORT
OF THE BOARD
OF MANAGEMENT
For VDL Groep, 2015 was a successful and balanced year in which we achieved further growth. A year in
which the bus and coach division recovered after a number of difficult years, also further strengthening its
position in the field of electrical transport. Another positive development is that a second model, the MINI
Convertible, went into production at our car factory VDL Nedcar.
We can look back on a favourable year, from a financial point of view. Combined turnover rose from
2.546 billion euro in 2014 to 2.687 billion euro in 2015. Consolidated turnover amounted to 2.522 billion
euro as compared to 2.342 billion euro in 2014. The net result also rose from 104 million euro in 2014 to
125 million euro in 2015. This is the best result in our history and a performance we can be proud of.
This offers further room for investments in 2016. The balance sheet position remains unabatedly strong,
with a solvency of more than 60%.
The number of employees also rose from 10,303 at year end 2014 to 10,623 at year end 2015 (of which
81% are employed in the Netherlands). Most of this growth was achieved following the takeovers of
GL Precision in Eindhoven and TEL Mechatronics in Trübbach (Switzerland).
CONSOCLIODNASTOEDLI DTUATRENDO VTUERRNOVER NET PRONEFITT PROFIT
(in million eu(rion) million euro) (in million eu(rion) million euro)
2,600 2,600 130 130
2,400 2,400 120 120
2,200 2,200 110 110
2,000 2,000 100 100
1,800 1,800 90 90
1,600 1,600 80 80
1,400 1,400 70 70
1,200 1,200 60 60
1,000 1,000 50 50
800 800 40 40
2011 22001121 22001123 22001143 22001145 2015 2011 22001121 22001123 22001143 22001145 2015
7
Turnover
Combined turnover for 2015 amounted to 2.687 billion euro. As compared to the 2.546 billion euro in
2014, this represents an increase of 6%. Internal deliveries decreased. Our own production capacity was
well utilised in 2015, as a result of which we outsourced more work.
2015 2014
million euro million euro
Combined turnover 2,687 2,546
Internal deliveries -165 - 204

Consolidated turnover 2,522 2,342
The balance between international and domestic turnover in 2015 remained unchanged as compared
to 2014.
2015 2014
million euro % million euro %
International 1,939 77 1,799 77
Domestic 583 23 543 23

2,522 2,342
In 2015, we supplied products worldwide to 113 countries outside the Netherlands. International turnover,
divided among the various continents, is as follows: Europe 1.666 billion euro (40 countries), Asia 189
million euro (30 countries), America 71 million euro (20 countries), Africa 10 million euro (20 countries)
and Oceania 3 million euro (3 countries). If turnover is broken down country by country, we see that just
like last year, Germany was our largest market. In addition, the Netherlands, Singapore and Great Britain
were important markets.
TURNOVER PER COUNTRY Germany 1,138 Italy 24
(in million euro)
Netherlands 583 Norway 23
Singapore 114 Denmark 21
Great Britain 103 Spain 20
Belgium 85 Finland 16
France 58 Czech Republic 14
Sweden 56 Jamaica 13
USA 52 Oman 12
Poland 33 Taiwan 12
Switserland 33 Others 112
8