AkzoNobel Strategy Update 2013 Tcm9-78275
AkzoNobel Strategy Update 2013 Tcm9-78275
AkzoNobel Strategy Update 2013 Tcm9-78275
Agenda
1.
Introduction
2.
Market environment
3.
4.
Business Areas
Coffee break
5.
Financial implications
6.
1. Introduction
1. Introduction
2. Market environment
3. Group strategic update
4. Business areas
5. Financial implications
6. Summary and conclusion
AkzoNobel strategy
Return on investment
(Operating income/average
12 months invested capital)
%
Net debt/EBITDA
x
12
16
9.0
5.9 *
12
14.0
8.9 *
0
2012
2015
2.0
1.4
<
0
2012
2015
2012
2015
AkzoNobel today
Revenue by
Business Area
Operating income*
by Business Area
EBITDA** by
Business Area
Performance
Coatings
36%
37%
38%
44%
27%
5.4%
Growth
2012 vs. 2011
48%
8%
5.9%
Return on sales
(operating income/revenue)
*2012 excluding impairment (2.1 billion) **New definition including incidentals and after IAS19
Decorative
Paints
47%
Specialty
Chemicals
15%
10.4%
EBITDA/revenue
2. Market environment
1. Introduction
2. Market environment
3. Group strategic update
4. Business Areas
5. Financial implications
6. Summary and conclusion
~43% of revenues
~16% of revenues
~16% of revenues
Consumer Durables
Consumer Packaged Goods
Automotive Repair
Marine and Air Transport
~25% of revenues
Natural Resource and Energy Industries
Process Industries
Residential housing
completions
Thousand units
BRIC
CAGR 0.0%
BRIC
CAGR 13.3%
2011 = 11,845
2011 = 1,222
2011 = 1,557
2011 = 3,943
2011 = 1,075
2011
12
13
EUR & US
CAGR 4.2%
EUR & US
CAGR 3.1%
14
15
16
BRIC
CAGR 12.3%
2011 = 410
EUR & US
CAGR 0.4%
2011
12
13
14
15
16
2011
12
13
14
15
16
Freight rates
ClarkSea* index $ earnings/day
12
Source: IHS
13
14
15
16
2011
12
13
14
15
16
2006
08
10
12
14
16
* Weighted average of tanker, bulk carrier, containership and gas carrier earnings
Source: Historical data (through 2012) Clarkson
Research Services Limited; management estimates
for forward looking data
6%
3%
8%
Emerging Europe
15%
North America
0%
UK
Eurozone
USA
2013
2%
Middle East
and Africa
Latin
America
2014
China
Developing
Asia
2015
26%
Asia Pacific
11%
Latin America
Our goal: Greater than 50% of revenues from high growth markets
*Source: EIU: GDP year on year growth in local currency at constant prices
2% 15%
25%
58%
Performance Coatings
Decorative Paints
Specialty Chemicals
Other
Performance
Coatings
China
expansion
Decorative
Paints
UK
megaplant
Decorative
Paints
China
expansion
Specialty
Chemicals
Ningbo
multisite
Specialty
Chemicals
Frankfurt
membrane
Specialty
Chemicals
Brazil
Eldorado
Specialty
Chemicals
Brazil
Suzano
2014 2015
Consumer confidence
Q4 2012
150
125
100
75
121
50
111
108
89
87
80
79
76
52
25
0
India
Brazil
China
US
Germany
Source: Nielsen, Consumer confidence figures below 100 demonstrate some degree of pessimism
Sweden
UK
Netherlands
France
Eurozone indicates
further contraction
PMI is a good
indicator for our
Industrial segment
55
50
45
40
Dec-09
Dec-10
Global
Source: JP Morgan
Eurozone
Dec-11
US
China
Dec-12
Brazil
Consumer confidence varies strongly per region and has a clear influence
on significant end user buying decisions (housing, cars, furniture, etc.)
New targets
AkzoNobel strategy
2. Reduction of product
and process complexity
3. Focus on cash and return on investment
4. Embedded safety
and sustainability
Process owner
CEO/CFO
Continuous improvement
Innovation
Procurement
Talent management
RDI
Integrated Supply Chain
(Procurement)
HR
Actions
Strategy on a page
Processes
Actions
End-user segmentation
Behavior-based
and process safety
Operational
control cycle
Continuous
improvement
Innovation
Procurement
Talent management
Buildings and
Infrastructure
Transportation
Consumer Goods
Industrial
Deliver dependably
Grow organically
Innovate
Simplify
Standardize
Continuously
improve
Scope 1 and 2
Raw materials
Own operations,
including energy use
Scope 3 downstream
Customer operations
End-user
End of life
Sustainability is business;
Business is sustainability
Resource efficiency
As of 2014 AkzoNobel will report on an innovative new index
measuring how we improve resource efficiency across the
full value chain - compared to the value we generate
End-user segments
Sustainability
Sustainability = Business
Business = Sustainability
Direction of
innovation
spend
(2.5% of 2012 revenue)
Transportation
Aerobase
Coating System
A premium, low-VOC
and low-odor soft-sheen
emulsion for interior walls
A consistently
performing OEM-approved
low VOC base coat/clear
coat system for aerospace
Consumer goods
Biostyle CGP
Industrial
Monochloroacetic
acid (MCA)
A range of sustainable
hybrid polymers for
consumer applications
An asset-light approach
to sustainable chemical
production using proprietary
hydrogenation technology
Operational
Excellence
Functional
Excellence
Business Unit
Adaptations
2013 Plan
Functional
Excellence
IT infrastructure simplification
HR shared service model
Finance shared service centers
Business Unit
Adaptations
Embedding
Decorative Paints
Business Units
Europe
Latin America
Asia
Performance Coatings
Specialty Chemicals
Functional Chemicals
Industrial Chemicals
Surface Chemistry
Pulp and Performance Chemicals
2012 Actions
Announced divestment
of North America Decorative Paints
Completed divestment of
Chemicals Pakistan
AkzoNobel strategy
4. Business Areas
1. Introduction
2. Market environment
3. Group strategic update
4. Business Areas
5. Financial implications
6. Summary and conclusion
Aerospace
Yacht
Packaging
Coil
Marine
Wood
By end-user segment
2011, 100% = 75 billion
Industrial
Decorative
Paints
(43%)
Consumer
Goods
Buildings and
Infrastructure
Vehicle
Refinish
Powder
Transportation
Protective
Performance
Coatings
(57%)
General
Industrial
Automotive
OEM
Decorative
Multiple regions
outside North
America
North America*
Sherwin-Williams
Protective
Sherwin-Williams, Jotun
Powder
Auto refinish
Axalta
PPG, AkzoNobel
Wood
Sherwin-Williams, Valspar
Marine
Jotun, Chugoku
Coil
PPG, Beckers
Mature Europe
8%4%
Maintenance,
renovation and repair
16%
Asia Pacif ic
14%
Latin America
49%
84%
25%
Emerging Europe
Other regions
million
2012*
Revenue
4,297
EBITDA
Operating income
284
94
Return on sales
2.2%
Return on investment
3.0%
# Employees
Branding
Distributor, wholesaler, retail management
Understanding and serving professional painters
Consumer inspiration
Quality management, including product portfolio management
17,020
*After the divestment of Decorative Paints North America, excluding impairment (2.1 billion)
Maintenance,
renovation and
repair
Geographic region
Europe
North America
Asia
Latin America
Europe
North America
Asia
Latin America
Forward
looking trends
Europe
24%
Latin America
14%
62%
Asia
8% 4%
Transportation
14%
36%
23%
Consumer
Goods
11%
27%
Asia Pacific
Buildings and
Infrastructure
Industrial
North America
30%
27%
20%
Emerging
Europe
Latin America
Other regions
Performance Coatings
key figures (new definition)
million
2012
Revenue
5,702
EBITDA
673
Operating income
542
Return on sales
9.5%
Return on investment
21.7%
# Employees
21,310
Performance Coatings
market sectors serving
the segment
Transportation
Consumer
Goods
Buildings and
Infrastructure
Industrial
Forward looking
trends
32%
28%
Automotive and
Aerospace
Coatings
Powder
Coatings
17%
23%
Industrial
Coatings
18%
6%
58%
18%
Buildings and
Infrastructure
Transportation
Consumer
Goods
Industrial
3%
4%
10%
Mature Europe
North America
40%
Asia Pacific
Latin America
22%
Emerging Europe
Other regions
21%
2012
Revenue
5,543
EBITDA
830
Operating income
500
Return on sales
9.0%
Return on investment
13.6%
# Employees
10,750
Industrial
Specialty Chemical
market sectors serving
the segment
Surface Chemistry,
Industrial Chemicals,
Functional Chemicals,
Pulp and Performance
Consumer
Goods
Surfactants, polymers,
chelates, ethylene amines,
silica products
Buildings and
Infrastructure
Redispersable powders,
cellulosic derivatives,
chlorine, surfactants
Transportation
Forward
looking trends
Chlor-alkali, organic
peroxides, metal alkyls
21%
37%
Industrial Chemicals
Surface Chemistry
20%
22%
Pulp and
Performance
Chemicals
16
12.0
12
Return
on
sales
9.5
9.0
7.5
8
2.2
Decorative Paints
Performance Coatings
32
16
8
0
%
Assumption:
Revenue growth
3 year CAGR
Specialty Chemicals
25.0
21.7
24
Return
on
investment
12.0
2012
2015
15.0
13.6
12.0
3.0
Decorative Paints
Performance Coatings
5.0
5.0
Specialty Chemicals
8
3.0
4
0
%
Decorative Paints
Performance Coatings
Specialty Chemicals
5. Financial implications
1. Introduction
2. Market environment
3. Group strategic update
4. Business Areas
5. Financial implications
6. Summary and conclusion
EBITDA margin
billion
2.0
%
14
12
1.5
10
8
1.0
1.8
2.0
1.7
1.8
1.9
6
4
0.5
2
0.0
0
2008
2009
2010
EBITDA margin
*All years excluding National Starch
2011
2012
EBITDA
Strategy Update 2013 52
Source
2012
Use
Source
Use
0
EBITA
Provision
Operating working capital
Pensions
Capital expenditures
Dividends
Old targets
Change driver
Reduce OWC/revenues by
0.5 p.a. towards a 12% level
Shorter term
Defined point in time
Increased focus on delivery
and accountability
Incidentals as reported
2010
2011
(139)
(126)
(32)
(107)
(129)
13
12
40
2,009
1,834
1,901
14.8%
12.6%
12.4%
Restated EBITDA
1,915
1,717
1,597
Restated EBITDA %
14.1%
11.8%
10.4%
Total restated
incidentals
Restated IAS19
incidentals with no
impact on EBITDA
Total incidental
EBITDA adjustment:
IAS19 EBITDA
adjustment
EBITDA as reported
EBITDA %
0.5
0.0
2010
2011
2012*
15%
10%
5%
0%
2010
2011
2012*
2015
Specialty Chemicals
Decorative Paints
Performance Coatings
AkzoNobel
40%
20%
10%
0%
30%
2010
2011
2012*
2015
Specialty Chemicals
Performance Coatings
Decorative Paints
AkzoNobel
EBIT margin
Selling, advertising, administration, R&D costs
Fixed production costs
Raw materials, energy and other variable costs
* Rounded percentages
1.5
1.0
0.5
1.1
0.9
1.0
0.0
2010
2011
2012*
Net debt/EBITDA
x
1.5
0.9
1.0
0.6
0.3
0.5
0
2013 2014 2015 2016
0.0
2010
2011
2012
bonds
2018
$ bonds
2022
bonds
6
4
7.29
6.35
5.62
2011
2012
2
0
2010
2011 IAS19
impact
2012 IAS19
impact
Statement of income
EBITDA
12
40
Financing expenses
25
62
29
77
331
1,486
(28)
(21)
Post-retirement liabilities/(asset)
303
1,465
Incidentals
Balance sheet
Due to changes in IAS 19, the amortization charges in EBITDA will cease and the charges in financing
expenses are significantly lower
The changes in IAS 19 no longer permit corridor accounting. The reported funded status deficit excluding
administration costs previously included in the defined benefit obligation (DBO) liability will become the
new balance sheet liability, with an associated deferred tax impact (not shown on this slide).
Strategy Update 2013 61
353
2012 actual*
355
2013 estimated
~300
~330/year
2018 estimated
~100
Regular contributions
million 2013 estimated
Defined benefit
110
Defined contribution
180
*Excludes one-off cash transfer of 239 million to ICI Pension Fund in the UK being termination of a contingent asset structure.
Revenue
EBITDA
Depreciation,
amortization
Restated
incidentals
Operating
income
EBITDA
margin
Return on
sales
Invested
capital**
Return on
investment
2010
2011
2012*
2015
Target
1,717
1,597
(590)
(563)
(625)
(32)
(64)
1,293
1,157
908
14.1%
11.8%
10.4%
9.5%
7.9%
5.9%
9.0%
10.0%
8.9%
14.0%
*2012 excluding impairment (2.1 billion) ** Average 12 month invested capital excluding full year impairment
Dividends
1.05
1.12
1.12
An interim and final dividend will be paid in
cash unless shareholders elect to receive a
stock dividend
0.30
0.32
0.33
0.33
2009
2010
2011
2012
Final dividend
Interim dividend
Spelling and *
*With effect from the Annual General Meeting on April 26, 2013 **Until June 2013
Metric
20%
Return on investment
20%
Operating income
30%
30%
Alignment of priorities
Return on investment
(Operating income/average
12 months invested capital)
%
Net debt/EBITDA
x
12
16
9.0
5.9 *
12
14.0
8.9 *
0
2012
2015
2.0
1.4
<
0
2012
2015
2012
2015
Summary
Clear end-user segment focus providing forward looking indicators
and direction for our market initiatives and innovation spend
Challenging market conditions expected in the near future
Operational strategy on the basis of:
Well defined strategic focus areas
Core processes
Clear set of actions aimed at continuous efficiency improvements
Clear sustainability strategy and sustainability targets
Guidance and targets defined
A number of new management team members
Focus on operating income, return on investment and cash generation:
remuneration aligned
Appendices
Furniture production
+7.9% p.a.
CAGR 2.6%
+2.2%
-1.2%
CAGR 1.8%
2011
12
13
14
15
16
2011
12
13
14
15
16
2011
12
13
14
15
16
Chemical production
$ billion, output
2011 = 690
CAGR
3.8%
CAGR
9.4%
100
0
2011
12
13
14
15
16
2011
12
13
14
15
16
2011
12
13
14
15
16
Scope 1 and 2
Raw materials
Own operations
Scope 3 downstream
Customer operations
End-user
End of life
Scope 4
Energy/resource benefits in use
Sustainable
business
Cost savings
Cost savings
Improve revenue
and margin
Resource
efficiency
Reduced material
and energy use
Reduced
energy used
Reduced material
and energy use in
customer processes,
application
Capable,
engaged
people
Engaged suppliers
Engaged
employees
Engaged customers
Revenue
EBITDA
Depreciation,
amortization
Restated
incidentals
Operating
income
EBITDA
margin
Return on
sales
Invested
capital**
Return on
investment
2010
2011
2012*
3,933
4,201
4,297
541
389
284
(205)
(152)
(176)
(2)
(14)
336
235
94
13.8%
9.3%
6.6%
8.5%
5.6%
2.2%
4,908
5,032
3,121
6.8%
4.7%
3.0%
2015
Outcome
7.5%
Key assumption
Revenue CAGR of 5% to 2015
12.0%
*2012 excluding impairment (2.1 billion) ** Average 12 month invested capital excluding full year impairment
Revenue
EBITDA
Depreciation,
amortization
Restated
incidentals
Operating
income
EBITDA
margin
Return on
sales
Invested
capital*
Return on
investment
2010
2011
2012
2015
Outcome
4,786
5,170
5,702
610
572
673
(107)
(116)
(131)
(16)
487
458
542
12.7%
11.1%
11.8%
10.2%
8.9%
9.5%
2,063
2,267
2,499
23.6%
20.2%
21.7%
25.0%
Revenue
EBITDA
Depreciation,
amortization
Restated
incidentals
Operating
income
EBITDA
margin
Return on
sales
Invested
capital*
Return on
investment
2010
2011
2012
4.943
5.335
5.543
915
909
830
(260)
(281)
(306)
(51)
(6)
(24)
604
622
500
18.5%
17.0%
15.0%
12.2%
11.7%
9.0%
3,464
3,406
3,678
17.4%
18.3% 13.6%
2015
Outcome
15.0%
2010
2011
2012
Restructuring costs
(104)
(129)
(324)
(2,106)
(49)
(9)
(36)
33
10
(45)
(19)
(9)
(139)
(126)
(2,520)
Restructuring costs
Impairment Deco
(2,106)
(49)
(9)
(20)
33
10
(30)
(16)
(14)
(32)
(2,170)
(107)
(129)
(350)
(107)
(129)
(344)
EBITDA as reported
2,009
1,834
1,901
(107)
(129)
(344)
13
12
40
1,915
1,717
1,597
Impairment Deco
Results related to major legal,
anti-trust and environmental cases
Results of acquisitions and divestments
Other incidental results
Total Incidentals as reported
Total difference
Of which IAS 19 impact on incidentals
Solvents
6%
7%
30%
Chemicals and
intermediates***
16%
3%
Additives
9%
7%
3%
Pigments
14%
Resins
5%
Titanium
dioxide
Coatings specialties
* Other variable costs include variable selling costs (e.g. freight) and products for resale ** Other raw materials include cardolite, hylar etc.
*** Chemicals and intermediates include caustic soda, acetic acid, tallow, ethylene, ethylene oxide, sulfur, amines etc.
$ bonds
bonds
825
800
750
622
44
379
306
15
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
13.605
14.604
2.009
1.834
438
577
-435
-155
-419
-144
-114
-39
-115
-40
1.419
1.271
285
422
367
202
-139
-126
-52
-44
-2.229
-195
Operating Income
1.280
1.145
233
378
-1.862
-1.244
1.280
1.145
233
378
244
862
-327
25
-336
24
-65
4
-82
5
-66
5
-54
-1
-267
13
-302
-312
-61
-77
-61
-55
978
-174
-83
33
833
-233
-64
-59
172
-61
-14
-26
301
-82
-22
4
-1.923
-58
-9
-392
-48
29
-18
-22
Net Income
754
477
71
201
-2.382
-59
912
790
162
259
234
EPS
3,23
2,04
0,30
0,85
Adjusted EPS
3,91
3,10
0,69
1,09
14,8%
10,4%
12,6%
8,7%
11,8%
7,7%
9,4%
9,4%
7,8%
7,8%
12,1%
EBITDA
Depreciation
Amortisation
EBIT
Incidentals
EBITDA Margin%
EBIT Margin %
Return on Sales %
Return on Sales % (excl. impaired goodwill)
Moving Average ROI%
Moving Average ROI% (excl. impaired goodwill)
Capex
Invested Capital average (12M)
Invested Capital average (12M) (excl. impaired goodwill)
OWC
OWC%
3.707
4.044
3.966
FY2012
FY2010
FY2011
New Format
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
3.707
3.966
3.673
15.390
3.673
15.390
13.605
14.604
4.044
523
363
1.901
-94
-117
-28
-23
-95
-158
-304
1.915
1.717
410
554
428
205
1.597
-115
-41
-119
-42
-463
-162
-435
-155
-419
-144
-114
-39
-115
-40
-115
-41
-119
-42
-463
-162
1.276
-94
-117
-28
-23
-95
-158
-304
1.325
1.154
257
399
272
44
972
-2.520
107
129
31
33
99
187
350
-32
-21
-11
-2.130
-8
-2.170
13
12
10
29
46
1.293
1.157
236
388
-1.858
36
-1.198
1.293
1.157
236
388
248
36
908
-2
-
25
-
15
-
15
-
16
-
16
-
62
-
-329
25
-311
24
-50
4
-67
5
-50
5
-38
-1
-205
13
-254
-2
25
15
15
16
16
62
-304
-287
-46
-62
-45
-39
-192
-1.498
-172
-63
-436
11
-2
25
37
-8
-
18
-5
-
25
-7
-
20
-6
-
45
-13
-
108
-31
-
989
-176
-83
58
870
-241
-64
-59
190
-66
-14
-26
326
-89
-22
4
-1.903
-64
-9
-392
-3
16
-18
-22
-1.390
-203
-63
-436
-2.169
34
29
13
18
14
32
77
788
506
84
219
-2.368
-27
-2.092
119
774
-66
-157
-10
-7
-57
-95
-169
846
633
152
252
177
24
605
-10,00
-0,25
-9,14
0,15
0,12
0,06
0,07
0,06
0,14
0,32
3,38
2,16
0,36
0,92
-9,94
-0,11
-8,82
0,98
0,50
3,26
-0,28
-0,27
-0,04
-0,03
-0,24
-0,40
-0,71
3,63
2,83
0,65
1,06
0,74
0,10
2,55
14,3%
10,4%
13,2%
9,3%
9,9%
5,5%
12,4%
8,3%
14,1%
9,7%
11,8%
7,9%
11,1%
6,9%
13,7%
9,9%
10,8%
6,9%
5,6%
1,2%
10,4%
6,3%
6,3%
6,3%
9,3%
9,3%
-46,9%
6,2%
0,2%
0,2%
-8,1%
5,6%
9,5%
9,5%
7,9%
7,9%
6,4%
6,4%
9,6%
9,6%
-46,8%
6,3%
1,0%
1,0%
-7,8%
5,9%
10,5%
10,2%
9,9%
9,7%
10,0%
10,0%
11,3%
11,3%
10,0%
10,0%
9,4%
8,7%
-9,2%
-10,1%
-10,1%
8,9%
492
658
135
166
195
330
826
492
658
135
166
195
330
826
11.721
11.721
12.088
12.088
12.447
12.882
13.107
12.781
12.781
-254
-551
-642
-763
-865
-964
-964
11.467
11.467
11.537
11.537
11.805
12.119
12.242
11.817
11.817
10.238
1.839
1.891
2.259
2.314
2.178
1.659
1.659
-147
-57
-62
-87
-76
-87
-87
1.692
1.834
2.197
2.227
2.102
1.572
1.572
13,5%
13,2%
15,1%
14,1%
13,6%
11,2%
11,2%
12,4%
12,9%
14,8%
13,8%
13,3%
10,7%
10,7%
Q3-12
Q4-12
FY2012
4.201
974
1.187
1.141
995
4.297
3.933
4.201
974
1.187
1.141
995
4.297
593
479
90
158
130
47
425
-52
-90
-22
-3
-33
-83
-141
541
389
68
155
97
-36
284
-124
-81
-91
-61
-27
-16
-26
-17
-26
-18
-27
-19
-106
-70
-124
-81
-91
-61
-27
-16
-26
-17
-26
-18
-27
-19
-106
-70
388
327
47
115
86
249
-52
-90
-22
-3
-33
-83
-141
336
237
25
112
53
-82
108
Incidentals
-52
-92
-22
-3
-2.144
-92
-2.261
52
90
22
33
83
141
-2
-2.111
-9
-2.120
Operating Income
336
235
25
112
-2.058
-91
-2.012
336
235
25
112
-2.058
-91
-2.012
336
235
25
112
48
-91
94
336
235
25
112
48
-91
94
15,1%
9,9%
11,4%
7,8%
9,2%
4,8%
13,3%
9,7%
11,4%
7,5%
4,7%
0,1%
9,9%
5,8%
13,8%
8,5%
9,3%
5,6%
7,0%
2,6%
13,1%
9,4%
8,5%
4,6%
-3,6%
-8,2%
6,6%
2,5%
Return on Sales %
Return on Sales % (excl. impaired goodwill)
8,5%
8,5%
5,6%
5,6%
2,6%
2,6%
9,4%
9,4%
-180,4%
4,2%
-9,1%
-9,1%
-46,8%
2,2%
8,5%
8,5%
5,6%
5,6%
2,6%
2,6%
9,4%
9,4%
-180,4%
4,2%
-9,1%
-9,1%
-46,8%
2,2%
7,2%
5,9%
5,9%
5,2%
4,7%
4,8%
4,8%
6,8%
6,8%
4,7%
4,7%
4,4%
3,7%
-37,4%
-42,7%
-42,8%
3,0%
127
155
29
41
44
92
206
127
155
29
41
44
92
206
5.407
5.500
5.614
5.738
5.658
5.151
5.151
-499
-468
-463
-463
-459
-450
-450
4.908
4.908
5.032
5.032
5.151
5.275
5.199
4.701
4.701
3.121
474
434
654
661
587
353
353
-71
403
434
654
661
587
353
353
OWC %
12,7%
11,2%
16,8%
13,9%
12,9%
8,9%
8,9%
10,8%
11,2%
16,8%
13,9%
12,9%
8,9%
8,9%
Number of Employees
16.865
17.120
17.320
17.430
17.220
17.020
17.020
16.685
17.120
17.320
17.430
17.220
17.020
17.020
EBITDA
Depreciation
Amortisation
EBIT
EBITDA Margin %
EBIT Margin %
Capex
Invested Capital average (12M)
Invested Capital average (12M) (excl. impaired goodwill)
OWC
FY2010
FY2011
New Format
Q1-12
Q2-12
3.933
Revenues
FY2012
As Reported
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
5.170
1.369
1.472
1.467
1.394
5.702
647
611
164
213
202
190
769
-37
-39
-5
-9
-39
-81
-26
-86
-30
-23
-9
-25
-8
-23
-10
-24
-9
-95
-36
540
495
132
180
169
157
638
-37
-39
-5
-53
-37
-5
-9
-39
-43
-96
37
39
FY2010
FY2011
4.786
New Format
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
5.170
1.369
1.472
1.467
1.394
5.702
610
572
159
204
163
147
673
-81
-26
-86
-30
-23
-9
-25
-8
-23
-10
-24
-9
-95
-36
-43
-96
503
456
127
171
130
114
542
39
43
96
-16
FY2010
FY2011
4.786
-43
-96
-9
-39
487
458
127
171
130
114
542
487
458
127
171
130
114
542
EBITDA Margin %
EBIT Margin %
13,5%
11,3%
11,8%
9,6%
12,0%
9,6%
14,5%
12,2%
13,8%
11,5%
13,6%
11,3%
13,5%
11,2%
12,7%
10,5%
11,1%
8,8%
11,6%
9,3%
13,9%
11,6%
11,1%
8,9%
10,5%
8,2%
11,8%
9,5%
Return on Sales %
10,2%
8,9%
9,3%
11,6%
8,9%
8,2%
9,5%
10,2%
8,9%
9,3%
11,6%
8,9%
8,2%
9,5%
26,3%
22,0%
22,0%
22,9%
23,9%
25,6%
25,6%
23,6%
20,2%
20,4%
20,5%
20,6%
21,7%
21,7%
Capex
87
116
18
25
23
57
123
87
116
18
25
23
57
123
2.054
2.253
2.326
2.397
2.471
2.488
2.488
14
10
11
11
2.063
2.267
2.336
2.406
2.480
2.499
2.499
714
772
852
871
857
742
742
-23
691
772
852
871
857
742
742
OWC %
14,4%
14,6%
15,6%
14,8%
14,6%
13,3%
13,3%
14,0%
14,6%
15,6%
14,8%
14,6%
13,3%
13,3%
Number of Employees
21.020
21.960
21.910
21.920
21.650
21.310
21.310
21.020
21.960
21.910
21.910
21.640
21.310
21.310
As Reported
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
5.335
1.399
1.431
1.393
1.320
5.543
939
906
235
255
227
172
889
-24
-20
-19
-214
-46
-228
-53
-61
-13
-63
-15
-62
-13
-65
-14
-251
-55
679
625
161
177
152
93
583
-24
-75
-3
-21
-23
-19
-20
-83
24
-3
FY2010
FY2011
4.943
New Format
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
5.335
1.399
1.431
1.393
1.320
5.543
915
909
235
235
208
152
830
-214
-46
-228
-53
-61
-13
-63
-15
-62
-13
-65
-14
-251
-55
-20
-59
655
628
161
157
133
73
524
19
20
59
-51
-6
-21
-3
-24
FY2010
FY2011
4.943
-20
-59
-20
-19
20
604
622
140
154
133
73
500
604
622
140
154
133
73
500
EBITDA Margin %
EBIT Margin %
19,0%
13,7%
17,0%
11,7%
16,8%
11,5%
17,8%
12,4%
16,3%
10,9%
13,0%
7,0%
16,0%
10,5%
18,5%
13,3%
17,0%
11,8%
16,8%
11,5%
16,4%
11,0%
14,9%
9,5%
11,5%
5,5%
15,0%
9,5%
Return on Sales %
12,2%
11,7%
10,0%
10,8%
9,5%
5,5%
9,0%
12,2%
11,7%
10,0%
10,8%
9,5%
5,5%
9,0%
19,2%
17,8%
17,3%
17,6%
16,8%
15,6%
15,6%
17,4%
18,3%
16,9%
16,7%
15,5%
13,6%
13,6%
273
365
87
95
125
177
484
273
365
87
95
125
177
484
3.545
3.521
3.528
3.615
3.693
3.735
3.735
-81
-115
-54
-55
-57
-57
-57
3.464
3.406
3.474
3.560
3.636
3.678
3.678
651
685
754
783
734
564
564
-14
637
685
754
783
734
564
564
OWC %
12,9%
13,3%
13,5%
13,7%
13,2%
10,7%
10,7%
12,6%
13,3%
13,5%
13,7%
13,2%
10,7%
10,7%
Number of Employees
11.080
11.510
11.860
11.980
11.950
10.750
10.750
11.080
11.510
11.860
11.980
11.950
10.750
10.750
Capex
Invested Capital average (12M)
OWC
FY2012
FY2010
FY2011
New Format
Q1-12
Q2-12
Q3-12
Q4-12
FY2012
-57
-102
-35
-46
-35
-36
-152
-57
-102
-35
-46
-35
-36
-152
-170
-162
-51
-49
-36
-46
-182
19
-1
-4
-12
-8
-151
-153
-52
-40
-40
-58
-190
-16
-2
-14
-
-3
-1
-1
-
-4
-
-3
-
-11
-1
-16
-2
-14
-
-3
-1
-1
-
-4
-
-3
-
-11
-1
-188
-176
-55
-50
-40
-49
-194
19
-1
-4
-12
-8
-169
-167
-56
-41
-44
-61
-202
41
-4
-9
-27
-40
-80
-6
41
54
35
-8
-19
-26
-147
-170
-59
-59
-67
-89
-274
13
12
10
29
46
-134
-158
-56
-49
-63
-60
-228
22
13
22
13