Speech Rainer Mohr Slides AGM 2011

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Vorstandsbericht / Balda AG / Hauptversammlung 2011

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Speech Rainer Mohr Slides AGM 2011

  1. 1. Rainer Mohr (Sole Director) Speech for the12th ordinary General Meeting Bielefeld 27 May 2011 Copyright Balda AG | 53
  2. 2. Report of the Board of Directors Rainer MohrSole Director of Balda AG 2 | 52
  3. 3. Overview | Agenda 1. Important Figures 2010 at a glance 2. Important events 2010 3. Overall economic development and industry situation 4. Earnings-, Assets- and Financial-situation of Balda-Group 5. Business development in the first quarter 2011 6. Forecast/Outlook 2011 7. Sale of TPK-shareholding and Acquisition 8. Balda-share 2010 up to 26 May 2011 9. Balda-Group in the future 10. Commentary on selected items on the agenda of the ordinary general meeting 3 | 52
  4. 4. You will find further figures and information in the interactive Annual Report of Balda AG 2010 under: www.balda.de www.balda-interaktiv.de 4 | 52
  5. 5. 1. Important figures 2010 6 | 52
  6. 6. Figures 2010 (1)   Revenues increased by 7.3 million euros or 5.4 percent   Sales volume slightly above last year 6 | 52
  7. 7. Figures 2010 (2)   EBIT after special items minus 37.4 million euros EBIT before special items minus 8.7 million euros (previous year: plus 4.5 million euros)   EBT reaches positive 93.3 million euros (previous year: 47.3 million euros) 7 | 52
  8. 8. Figures 2010 (3)   Result of the Group significantly increased to 94.4 million euros (previous: 48.9 million euros)   Cash and cash equivalents at the reference date at 48.9 million euros (previous year: 44.2 million euros) 8 | 52
  9. 9. Figures 2010 (4)   Investment of the Group at 10.8 million euros (previous year: 9.3 million euros)   Employees of the Group at 31.12.2010 reduced to 2,445 employees (previous year: 3,713 employees)   Earnings per share at 1.61 euros after 0.90 euros in the previous year, based on dividend-bearing shares on 31.12.2010: 58,890,636 shares (2009: 54,156,672 shares)   Group equity significantly increased to 749.7 million euros (previous year: 159.2 million euros) 9 | 52
  10. 10. Rating of the figures   Operative result (EBIT) slides into minus •  Higher-quality materials •  Increasing pressure on prices at existing projects •  High start up costs for projects for new customers   One time net-result of around 125 million euros and a positive pre- tax profit (EBT) due to revaluation of Balda shares of the Taiwanese Touchscreen-manufacturer TPK   Cash and cash equivalents in the amount of 48.9 million euros due to consistent and careful finance management 10 | 52
  11. 11. 2. Important events 2010 | 52
  12. 12. Important events 2010 (1)   Balda-share in the SDax again   Claim for damages due to incorrect advice for Balda satisfactorily resolved   Significantly better utilization of Bad Oeynhausen site by, amongst others, letting out   Shares in the Indian company Balda Motherson Solution sold   Concentration of production in the MobileCom Segment in Beijing 12 | 52
  13. 13. Important events 2010 (2)   Dr. Michael Naschke – new Chairman of the Supervisory Board   Successful IPO of TPK   Conversion of participation rights in the amount of 34.2 million euros, issued in November 2007. Future interest and repayment obligations reduced significantly   Positive development of three of the four Group-segments with exception of MobileCom 13 | 52
  14. 14. 3. Overall economic development /industry situation 2010 | 52
  15. 15. Overall economic development   Recovery of the global economy in 2010 is continuing. Global gross domestic product (GDP) grows by around 5 percent   Economic performance of developing countries increases by around 7 to 10 percent   Gross domestic product in the Eurozone increases by 1.7 percent in 2010   US economic output in 2010 grows around 2.9 percent   Growth in economic output in Germany in 2010 reaches record high of 3.9 percent 15 | 52
  16. 16. Industry situation   Mobile phone market grows about 33 percent to 1.6 billion units (previous year: 1.2 billion units). Smartphones – mobile phones with mini computer character – increasingly popular   Market for electronic products continues to recover. New technologies like the iPad , HD or 3D-TV-equipment on course of growth   Medical industry recorded in Germany an increase in sales of around 10 percent. Expectations of the experts are also positive for 2011-2012 16 | 52
  17. 17. 4. Earnings-, Assets- and Financial situation | 52
  18. 18. 4.1 Earnings situation | 52
  19. 19. Group Revenues   Revenues of the Group increased slightly in 2010   Targeted sales growth of 10 to15 percent not achieved due to losses in the MobileCom Segment 19 | 52
  20. 20. The Segment MobileCom   Price pressure on suppliers sectors burdens sales and margins further 20 | 52
  21. 21. The Segment Electronic Products   Revenue from new products and customers more than doubled 21 | 52
  22. 22. The Segment Medical   Substantial intermediate inputs for new projects   Manufacturing of new products planned in 2011 22 | 52
  23. 23. The Segment Central Services   The Segment Central Services: •  Comprises Group-internal Holding- and Financial Services •  Generates no significant revenues 23 | 52
  24. 24. Operative Earnings (EBIT) Group   EBIT of the Group without special effects at minus 8.7 million euros (previous year: plus 4.5 million euros)   EBIT of the Group after special effects in the amount of minus 37.4 million euros due to •  advancing realignment in the MobileCom Segment •  capacity adjustments in Malaysia 24 | 52
  25. 25. EBIT of the Segments   MobileCom (after special effects): minus 23.5 million euros after plus 7.3 million euros in 2009   Electronic Products: minus 18.1 million euros (previous year: minus 3.4 million euros)   Medical: 1.9 million euros (previous year: 5.2 million euros)   Central Services: plus 2.3 million euros (previous year: minus 4.2 million euros) 25 | 52
  26. 26. Revaluation of TPK-shares   Revaluation of TPK-shares to market values   With a unique net effect on earnings of around 125 million euros   Positive effect on pre-tax profit (EBT) of the Group due to the revaluation of TPK 26 | 52
  27. 27. Pre-tax profit (EBT) and earnings of the total Group   EBT Group 2010: 93.3 million euros (previous year: 47.3 million euros)   Group result: 94.4 million euros (previous year: 48.9 million euros) 27 | 52
  28. 28. Earnings per share   Share volume at 31 December 2010: 58,890,636 shares (Reference date 2009: 54,156,672 shares)   Earnings per share at 31 December 2010: 1.61 euros (previous year: 0.90 euros)   Total earnings of the business year 2010 – under consideration of TPK-share to market values – at 559.7 million euros compared to 58.4 million euros in 2009 28 | 52
  29. 29. Dividends   No distribution of dividend for the business year 2011   Distribution of a dividend in 2012 planned 29 | 52
  30. 30. 4.2 Asset situation- Balance Sheet Structure | 52
  31. 31. Group balance sheet profit   Significantly increased balance sheet relations in 2010   Revaluation of TPK shares at market values 31 | 52
  32. 32. Group equity   Equity of the Group: 749.7 million euros (previous year: 159.2 million euros)   Significant increase of equity ratio to 92.5 percent due to high annual surplus and the revaluation of TPK-shares 32 | 52
  33. 33. Group Net-Gearing   Interest bearing liabilities clearly reduced   Net-Gearing improved to minus 3.5 percent (previous year: plus 1.5 percent) 33 | 52
  34. 34. 4.3 Financial situation | 52
  35. 35. Group Cash Flow   Cash Flow clearly improved due to sale of shareholdings 35 | 52
  36. 36. Group Investments   Investments into the new plant in Bejing worth 5.8 million euros 36 | 52
  37. 37. Dividend capacity of the Group   Distribution of a dividend only possible through the Balda AG   Profits in fiscal 2011 can be passed on 100 percent to the shareholders 37 | 52
  38. 38. 5. First Quarter 2011 | 52
  39. 39. Important events Q1/2011   CEO Michael Sienkiewicz resigned / CFO Rainer Mohr appointed to Sole Member of the Board of Directors   New Management structure established   Special Analysis in the MobileCom Segment undertaken •  Current business is stabilized •  Search for strategic partners begun   Acquisition in Medical Segment in 2011 is on the way 39 | 52
  40. 40. Turnover / Operative Earnings   Group sales revenues increased slightly in Q1/2011   Operative earnings (EBIT) to minus 1.9 million euros improved (previous year: minus 2.3 million euros)   Segments Medical and Electronic Products are on target, the MobileCom Segment remains under pressure 40 | 52
  41. 41. 6. Forecast | Outlook 2011 | 52
  42. 42. Positive expectations for 2011   MobileCom Segment: Search for strategic partner implemented/ End of the Cash-charge in the third quarter 2011 expected   Electronic Products Segment: Balanced earnings targeted by continuous optimization of the cost situation   Medical Segment: Double-digit growth planned   Balda-Group: Planned turnover at last year s level with slightly positive operative earnings / steady turnover growth of at least 5 percent for 2012 and 2013 planned 42 | 52
  43. 43. 7. TPK-sale and Acquisition | 52
  44. 44. TPK-Sale and Acquisition   Share price of TPK develops positively / Value of Balda-shareholding at 31.03.2011 at around 700 million euros   Intention to sell TPK-shares   Acquisition in Medical Segment on focus / Funding from own resources possible 44 | 52
  45. 45. 8. Balda-Share | 52
  46. 46. Balda-share 2010 46 | 52
  47. 47. Balda-share 2010 up to 26 May 2011   Positive development of Balda-share / The paper increases in 2010 by around 92 percent   Average daily turnover on the Frankfurt stock exchange in 2010 at 558,205 shares   Share price in the first quarter 2011 further increased   Strongest sales in SDax in the first four months in 2011 47 | 52
  48. 48. 9. Balda-Group in the future | 52
  49. 49. Perspectives for the development of the Group (1)   Realignment of the Group   Concentration on core competence plastic solutions   Increase synergies between the segments Electronic Products and Medical   Stronger engagement in growth markets   Clear core competences on a high technological level   In future, products with product life-cycles of several years 49 | 52
  50. 50. Perspectives for the development of the Group (2)   Less dependence on customers in less volatile markets targeted   Reduced pressure on prices by innovations expected   Highly competitive ability with clear competitive advantage intended   Revenue size of around 250 to 350 million euros with a margin of around 15 percent in the next 2 to 4 years expected 50 | 52
  51. 51. 10. Annual General Meeting Agenda TOPs | 52
  52. 52. Agenda-TOPs / Corporate Actions   Agenda for today s AGM:   Points 6 and 7 on the agenda: Consent to future corporate actions   Point 11 on the agenda: Remuneration of the Board of Directors 52 | 52
  53. 53. Thank you for your interest and your attention | 52

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