Zumtobel Group Annual Financial Report 2016/17

Transcription

1 Zumtobel Group Annual Financial Report 2016/17

2 Front cover design:: Yung Ho Chang, Atelier FCJZ This year s art edition of the annual report has been designed by Yung Ho Chang. Chang and Lijia Lu are principals of the design practice Atelier Feichang Jianzhu (FCJZ) based in Beijing and Shanghai. Chang has also taught at various architecture schools and is presently a professor at Tongji University, Peking University, and MIT. Following the publication at the Shareholder s Meeting on July , a PDF version of the report and order details will be available at:

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4 Five-Year Overview in EUR million 2016/ / / / /13 Revenues 1, , , , ,243.6 Adjusted EBIT as a % of revenues Net profit/loss for the year (4.8) 6.1 as a % of revenues (0.4) 0.5 Total assets 1, , , , Equity Equity ratio in % Net debt Cash flow from operating results Investments as a % of revenues R&D total as a % of revenues Headcount incl. contract worker (full-time equivalent) 6,562 6,761 7,234 7,291 7,162 See section 4. Service Financial terms for the definition of the above indicators

5 Contents Five-Year-Overview 2 Chief Executive s Review 4 1. Group Management Report The Zumtobel Group An Overview General Economic Environment The Zumtobel Group Share Significant Events since April Review of Business Performance Non-financial Performance Indicators Internal Control System Risk Management Significant Events after the Balance Sheet Date Information persuant to 243a of the Austrian Commercial Code Outlook and Goals Consolidated Financial Statements Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Balance Sheet Consolidated Cash Flow Statement Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Statement by the Management Board in accordance with 82 (4) of the Austrian Stock Exchange Act Scope of Consolidation 119 Auditor s Report Corporate Governance Report Corporate Governance in the Zumtobel Group The Austrian Corporate Governance Code Risk Management and the Internal Control System The Corporate Bodies and Committees of Remuneration Report Report by the Supervisory Board Service 153

6 Chief Executive s Review Chief Executive s Review Dear Shareholders, For the Zumtobel Group, the past financial year brought very sound operating development as well as the implementation of key strategic measures to improve our competitive position. We took a number of important steps over the past quarters to strengthen our profitability, which included the adjustment of plant capacity and the steady focus of sales on a multi-brand strategy based on customer-specific sales channels. These results of these efforts are clearly visible in our financial indicators for the reporting year and show that we are on the right course to position the Zumtobel Group for a successful future with the consistent realisation of necessary restructuring measures and our strategic reorientation. Ulrich Schumacher One personal highpoint during the past financial year was the market launch of Zumtobel Group Services (ZGS). One of our strategic goals is to further develop our company into a software-oriented service provider. We continued to pursue this goal during the 2016/17 financial year and with the bundling of our entire service offering under a single roof the new Zumtobel Group Services business division we set an important milestone in this respect. ZGS will position the Group even stronger as a service-oriented company and support our activities to continuously expand our offering in the rapidly growing connected lighting market. A strong team of roughly 240 experts will, in the future, provide services that include consultancy for intelligent light controls and emergency lighting systems, light contracting and design services. This will also address the growing demand for project management in the area of turnkey lighting solutions from a single source. These offerings will be supplemented by new data-based services like building use analyses. With ZGS we are creating one of the most comprehensive integrated service offerings in the entire lighting industry and delivering significant added value to our customers. Substantial profitability improvement in spite of revenue decline The Zumtobel Group recorded a year-on-year decline of 3.9% in revenues to EUR 1,303.9 million for 2016/17 (2015/16: EUR 1,356.5 million) in a lighting industry environment that was challenging and highly volatile. Revenue development was influenced by substantial negative currency translation effects of EUR 39.0 million, above all from the appreciation of the euro versus the British pound. A further negative effect was the loss of revenue which resulted from the sale of signage business in November After an adjustment for currency translation effects, revenues declined by 1.0% for the reporting year. An analysis by region shows a very differentiated picture. Sound revenue growth in the Benelux & Eastern Europe region and in Austria, the USA, Great Britain and Italy was contrasted by clear, in part market-related declines in Australia, France, Switzerland and especially in the Middle East. We are seeing continued dynamic growth in revenues from the sale of LED products, which is underscored by the year-on-year increase of 11.6% to EUR million (2015/16: EUR million). With a period of 12 months, the LED share of Group revenues rose to 73.6% (2015/16: 63.4%). However, the most important highlight of the 2016/17 financial year was the significant improvement in earnings which resulted from the efforts to improve our cost position: Group EBIT adjusted for special effects rose by 23.4% year-on-year from EUR 58.7 million to EUR 72.4 million in spite of the decline in revenues. Consequently, the return on sales improved from 4.3% to 5.6%. Both the Lighting and the Components Segment significantly increased earnings over the previous year.

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However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to orking led to strong positive below EUR In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future wly created s of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences. We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of 6/1 for the full 2017/18 financial year. term We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to orking c led to strong positive f below EUR In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future wly created s of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of /17. We will therefore remain term We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to orking capital free below EUR 100 In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future wly created s of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of 7: We will therefore remain term. 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My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to apital ree 100 In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future wly created service of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of EUR We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to apital ree 100 In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future ervice of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of EUR We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and in the previous financial year to apital m ash million for the first In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication Zumtobel Group also on massive investments in future ervice of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of 1 We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and EUR management flow o million for the first In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication s cost position also on massive investments in future division of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will conti but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of 303 We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and EUR anagement flow o million for the first In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication s cost position also on massive investments in future division of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences We will continue to benefit from the but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of 303. 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My colleagues and I would also like to thank suppliers and shareholders for their confidence, support and EUR 25.2 anagement flow o million for the first In view of these developments, the will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth intend to pursue this strategic reorientation with our full commitment and dedication s cost position also on massive investments in future division of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of.9 We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank open dialogue. million anagement EUR million for the first anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth during the coming s cost position also on massive investments in future We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in in the Components Segment Against this backdrop and in spite of the limited visibility, the Management Board of million We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank open dialogue. million anagement, EUR million for the first anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth during the coming s cost position also on massive investments in future We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in in the Components Segment a Against this backdrop and in spite of the limited visibility, the Management Board of million) We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank open dialogue. million lower capital EUR million for the first anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth during the coming s cost position, also on massive investments in future We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in and Against this backdrop and in spite of the limited visibility, the Management Board of ) and adjusted We will therefore remain We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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My colleagues and I would also like to thank open dialogue. million lower capital EUR 69.4 million for the first anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth during the coming, for example also on massive investments in future We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in nd Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted We will therefore remain on track to We have set ambitious goals and are convinced that we can meet them after the implementatio necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. 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However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank open dialogue. A further lower capital 69.4 time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth during the coming for example also on massive investments in future-oriented We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to We have set ambitious goals and are convinced that we can meet them after the implementation of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank open dialogue. 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However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank A further lower capital million time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the foundation for profitable growth. during the coming for example oriented We will also work of a trend reversal from the longer period of declines to slight market growth were confirmed during the reporting year, but with substantial regional differences. nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to n of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank A further lower capital million time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the. We during the coming for example oriented We will also work of a trend reversal from the longer period of declines to. This nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to n of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank A further lower capital million time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the We during the coming for example oriented We will also work of a trend reversal from the longer period of declines to This nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to n of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank A further lower capital million time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the We during the coming for example oriented We will also work of a trend reversal from the longer period of declines to This nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to n of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group how and high flexibility of our employees want to specifically thank. My colleagues and I would also like to thank A further lower capital million time since anagement Board will make a recommendation to the Supervisor Board and, subsequently, to the annual general meeting on per share for the 2016/17 financial year sures implemented in recent years have significantly strengthened the We during the coming for example oriented We will also work of a trend reversal from the longer period of declines to This nue to benefit from the but also see additional negative factors in extensive Against this backdrop and in spite of the limited visibility, the Management Board of and adjusted on track to n of the necessary restructuring measures for the strategic reorientation of the Zumtobel Group and with the support of our outstanding market and technology positions. However, the success of the Zumtobel Group want to specifically thank. 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