www.hansgrohe.com
Cont ents
Foreword 3 Looking back 4 Strategy 6 Investments 8 Focus Investing in growth 10 Brands and innovations 12 Focus Feel Free to Compose 14 2010 product highlights 16 Focus Germanys most beautiful shower 2010 22
Markets 24 Focus India a market with enormous potential 26 Landmarks in 2010 28 Employees 38 Focus Disseminate knowledge, establish networks 42 Supervisory Board and Executive Board 44 Outlook 45 Group figures, subsidiaries and publishing information 46
Ove r view
KEY FIGURES AND RATIOS Productivity + 3% Working Capital Days 70 Sales revenues per employee + 9%
Ove r v iew
Edi t or ial
Siegfried Gnlen
The global economy returned to growth in 2010. During the first six months of last year especially, economies around the world developed a strong momentum. India and China were the main drivers of the global economy, with the euro zone and the United States recording more moderate gains. One noticeable effect here was that many of the stimulus packages launched in 2009 ran out last year. Other effects dampening expectations and slowing the return to growth were the fluctuations in the euro exchange rate and the excess debt carried by some countries. For the Hansgrohe Group, the first year following the global crisis in the economic and financial markets turned out better than expected. In spite of continuing instability in general economic conditions, we were able to return to growth in all regions. We succeeded in recording growth even in markets that were particularly hard hit by the economic crisis, such as Spain, the United States and Great Britain. The international business, which had suffered most as a result of the crisis, picked up considerably on the back of a slightly weaker euro. However, the signs also pointed to renewed growth in the German market over the last financial year. The Hansgrohe Group accordingly recorded a positive result overall for fiscal 2010. What is particularly encouraging here is that, together with our customers and market partners, we were able to exceed the levels of sales and earnings we had achieved before the crisis struck, and we ended the year recording new record levels for both. The timely implementation of appropriate measures and the intensification of the cooperation with our customers in an effort to counter the impact of the global recession paid off in the end. It is no simple coincidence that the performance of the Hansgrohe Group exceeded the industry average in many markets. As it was, our order receipts for the period under review remained at a high level throughout. Demand for our mixers and showers was in fact so high that we had to introduce additional shifts in virtually all our manufacturing plants. To boost our workforce to the level required, we created a total of 113 new jobs at our German locations alone in 2010. At the same time, we launched a program of expansion for
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our plants in Offenburg and Schiltach in the fourth quarter of 2010. By 2013 we will have invested around 31 million in the expansion of our production. In doing so, we are creating the preconditions for further growth and new jobs as business continues to develop. We are laying the foundations for this growth through the ongoing development of new products that are innovative both in terms of the technology they incorporate and their design like the Raindance range of showerheads, the PuraVida range of bathroom products, the iBox universal, whose 10-year anniversary we celebrated in 2010, and the designer collections from Axor. And we are doing it with some success, as is demonstrated by the string of awards presented to Hansgrohe by independent judging panels again last year. These include the highest recognition for good design there is in Germany, the Design Award of the Federal Republic of Germany, the top spot in the corporate rankings of the International Forum Design, and the Axia-Award 2010 for outstanding entrepreneurial achievements in the category Culture of Innovation. They represent proof of the innovative strength of Hansgrohe, and together they made fiscal 2010 the Year of Awards for us. Schiltach, April 2011
Looking bac k
660
668
700
600
500 520 435 76% 300 79% 531 80% 539 470 77% 78%
400
200
100
569
610
140 23% 2009
134 24%
693
154 22% international national 2010
0 2006
Looking bac k
Contribution to total sales from foreign business 2010: 78% 2009: 77% Net income 2010: 94 million 2009: 82 million
S t r at e gy
S t r at e gy
Innovative technologies and future-oriented design by Hansgrohe were on display no fewer than four times at the World Expo 2010 in Shanghai.
Success through internationalization: Hansgrohe AG opened additional branches in 2010, for example in Abu Dhabi.
Inve s t me nt s
33
35.0
32
26
30.0 10 25.0
6 20.0 4
15.0 22
23
28 29 19 international national
10.0
20
5.0
33
4 * including leasing 2009 2010
Inve s t me nt s
Investing in the protection of resources: At the Offenburg shower plant, new technologies saved more than half a million liters of water in 2010.
Focus
Investments in growth
Still a construction site in 2010: The extension of the mixer plant in Offenburg is going up in an area covering 2,400 m.
In view of the rapid recovery of the global economy starting at the end of 2009, a key task during the period under review was to adapt manufacturing capacities to match the jump in demand within a short time. Because Hansgrohe AG, unlike other companies, had chosen not to cut staff or downsize production during the crisis, it was possible to increase the output of all the manufacturing plants without delay and so keep pace with the market. It was nevertheless necessary to expand the shift structure, and many extra shifts had to be worked in order to meet the increased demand. To lay the foundations for further growth, Hansgrohe AG will be investing a total of 31 million in the expansion of production capacities between now and 2013. Of this, over 21 million will be spent on the German locations. In doing so, the Black Forest-based bathroom and sanitation specialist is counting on the fact that the Made in Germany seal of quality will make a difference in the all-important international market, where German quality and craftsmanship are major selling points. It is no coincidence that, despite an export ratio of nearly 80 percent, the Company generates the bulk of its sales revenue through mixers and showers manufactured in Schiltach and Offenburg. In the various stages in the expansion of capacities started in 2010, the first step is to boost the output of basic brass manufacture by 50 percent, followed by improvements to the production processes in the mixer assembly and the expansion of the plastic electroplating facility. Hansgrohe AG began the expansion of its mixer production facility at the Offenburg location at the end of 2010. The expansion of the manufacturing hall by 2,400 square meters is scheduled for completion in the early summer of 2011. This mixer factory built just three years ago and, with the new extension, covering a total area of
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8,000 square meters is where the highly successful Talis and Metris products are manufactured. State-of-the-art technologies are used here because they make it possible to constantly improve process efficiency. This means the six German manufacturing plants can operate at costs that make them internationally competitive and at the same time they can benefit from the advantage of being located in Germany. The mixer and shower specialist from the Black Forest also plans to expand the manufacturing plant in Shanghai. The reason is the extraordinarily dynamic growth in the economy of the Middle Kingdom. To exploit this impetus for growth, Hansgrohe will be expanding its production of mixers for East and Southeast Asia, with about 9 million earmarked for this purpose over the next three years. At the same time, and provided business performance remains positive, the planned capital spending will lead to the creation of new jobs, especially in Germany. During the last financial year, 113 new jobs were created at Hansgrohes German locations alone, and this despite the fact that no job cuts or short-time work measures were introduced even during the crisis year of 2009.
Production Made in Germany: high-tech manufacturing results in greater efficiency and competitiveness. 11
The growth achieved during the last financial year was driven entirely by gains made by the two main brands of Hansgrohe AG, namely Hansgrohe and Axor. The premium brand Hansgrohe (showers, bathroom and kitchen mixers as well as thermostat and plumbing technology) recorded a particularly large surge in sales, whereas the designer brand Axor (complete designer collections for individually taylored bathrooms) improved only slightly, year-on-year. The environmental brand, Pontos (fully automated grey water recycling and heat recovery technologies), was unable to achieve growth for the first time since it was established nine years ago. The wellness market also failed to benefit from the recovery in the global economy and continued on its downward trend in 2010; this resulted in a contraction of the business volume generated by the wellness brand, Pharo (shower and wellness systems). Within the Group of companies, the Hansgrohe brand profited most from the economic recovery. With an increase in sales of 18 percent, the brand posted an all-time high. Disproportionate growth was recorded in the business volume of the mixer segment. This means that the trend seen in previous years continued and accelerated in 2010: Hansgrohe generates more business with mixers than with showers. As a result, the brand further consolidated its position as the worlds leading manufacturer of quality mixers. Hansgrohe benefited particularly from the success and the positive response to the new PuraVida range of bathroom products. The bestsellers in the shower segment were complete shower systems and overhead showers, recording clear double-digit growth in the last financial year. By offering attractive product ranges with new pricing, the Hansgrohe brand managed to further extend its lead in the market as an innovative supplier of showers. The business performance of the designer brand Axor continued to suffer the effects of the economic and property crisis during the reporting period. An increase in sales of just over five percent only partially compensated for the decline of the previous year, because the trend towards down-trading persisted even as the global economy recovered, especially in the project business. It was therefore difficult for Axor to repeat the successes of previous years in this distribution channel. Gains were achieved, however, with the bestselling classics in the Axor range, Axor Starck and Axor Citterio, as well as with the comparatively recent Axor Urquiola, Axor Citterio M and Axor Massaud collections. With the Axor Bouroullec bathroom collection, created in collaboration with French designer brothers Erwan and Ronan Bouroullec and launched in 2010, the designer brand once again demonstrated its ability to set market trends with innovative concepts.
The decline of the wellness market continued during the last financial year, largely due to the fact that intelligent systems solutions such as showerpipes gained traction as an alternative to whirlpools, steam showers and shower temples, all of which are expensive to install. In contrast, the market niche for traditional wellness products contracted once again. As expected, sales of the Pharo brand continued to decline in 2010. Despite the fact that the trend towards sustainable building continued to gain in importance during the period under review, Hansgrohe AG was unable to benefit from this development to the extent anticipated in the field of grey water recycling. While interest in Pontos AquaCycle systems remained high in 2010 especially since the combination with heat recovery technologies has opened up new areas of deployment the after effects of the global economic crisis and the cost pressures prevailing in the construction sector in many instances meant that tender submissions did not lead to orders. The result was that sales of the environmental brand declined for the first time since it was established.
The bathroom becomes part of the architecture for the living space: With Axor Bouroullec, the designer brand of Hansgrohe AG created a stir on the world stage.
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Successful title defense: For the second time in a row, the Focus Open Design Award in Gold of the German state of Baden-Wrttemberg was won by Hansgrohe AG.
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Focus
Axor Bouroullec bathroom collection, designers: Erwan and Ronan Bouroullec, Paris Period of development : 2004 2010
With the development of the bathroom from a purely functional wet cell into an emotionally appealing space for living and wellbeing that is an integral part of the architecture of the living space, the design of the bathroom has taken on much greater importance than it used to have. After all, to feel well and to be at ease is a highly individual matter a matter about which we all have our own ideas. This means the desire for a wide variety of individual, yet harmonious spatial solutions and for a personal touch is given higher priority. Just like the living room or the kitchen, the bathroom becomes an expression of peoples individual tastes, and needs to be adapted to their personal requirements. The Axor Bouroullec collection, developed together with the French designers Erwan and Ronan Bouroullec and introduced to the public in 2010, takes account of this growing trend toward greater individualization in bathroom design. The collection provides much greater scope for individual bathroom designs than has been available up to now. It is not surprising, then, that the leading international design and lifestyle magazine, Wallpaper , chose this new Axor collection as the Bathroom of the Year. True to the collections motto Feel Free to Compose, the various elements of Axor Bouroullec can be combined with the different wash basin models in an almost infinite variety of ways to form functional-aesthetic landscapes of useable surfaces. We trust in peoples own creativity, in their ability to design spaces optimally for themselves without having everything prescribed for them, explains Erwan Bouroullec. The bathroom collection is in fact designed as an open system that gives consumers free choice in the way they combine the approximately 80 elements in the collection, and which of the generously proportioned shelves integrated into the wash tables or available as separate items they want to use for what purpose. Many of the solutions also liberate the mixers from their traditional
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location centered at the back of the wash table. The result: everyone is given the freedom to realize their personal ideal in terms of the functionality, aesthetic appearance and the experience of water in their own bathroom. This also means that advisory services become much more important a great opportunity for planners and sanitation professionals in retail and trade to step up the dialog about the bathroom with their customers. For example, there might be discussions of what is appropriate both functionally and aesthetically, and concerning consumers individual requirements in relation to their bathroom: How do they want to experience water there more as a revitalizing or as a calming element? The increasing individualization of bathroom design also provides our industry partners with the opportunity to score points with their skills and expertise.
Innovation Award Architecture and Technology 2011 Wallpaper Design Award 2011 Best Bathroom iF product design award 2011 red dot design award 2011 ELLE DECO International Design Award 2011
More freedom than ever in the bathroom: Axor Bouroullec provides scope for an infinite number of individual solutions. 15
ranking
2010
with the brothers Erwan and Ronan Bouroullec, caused quite a stir and generated a great deal of commentary in the international media. With a systems-based approach that brings an entirely new dimension to freedom in bathroom design, this collection embodies an approach to innovation that is aimed at increasing the benefit to the customer, and one which measures the quality of an innovation in terms of the extent to which it actually makes peoples lives easier and more enjoyable. In 2010, Hansgrohe AG entered its products in seven different international design competitions. The Company received a total of 24 awards (2009: 22 awards), including seven nominations for the Design Award of the Federal Republic of Germany. The fact that the Company managed to repeat its success of the previous year, both in the competition for the Design Award of the Federal Republic of Germany and the Award of the German federal state of BadenWrttemberg, underscores the continuing role of Hansgrohe AG as one of the leaders in design within the sanitation industry. So does the fact that Hansgrohe AG managed to climb even higher in the corporate rankings published by the International Forum Design in the year under review: it is now number 12 of about 1,900 companies included in these rankings and has further extended its lead in the sanitation industry. In this list of leading design companies, Hansgrohe also surpassed such reputable brands as Daimler, Audi, Hewlett Packard, Nokia and Volkswagen.
Oval instead of round: a new visual language creates even more shower pleasure.
For greater water and energy efficiency: Further improvements to the Hansgrohe EcoSmart technology.
The plumbing professionals favorite: the Hansgrohe iBox universal celebrated its 10-year anniversary. 17
Hansgrohe PuraVida: Pure. Clear. Sensual. And multimedia-based: an integrated on and offline campaign accompanied the market launch of the chrome/white series in 2010. 18
Market position in the shower segment strengthened: Demand for shower systems and overhead showers continued to rise in 2010. 19
More possibilities: Axor Citterio offers new design options with new products. 20
The new collection for creating even more individual bathroom solutions: Axor Bouroullec. 21
Focus
Proud award winners: Tom Schnherr (r.), from Phoenix Design, and Richard Grohe are delighted to receive Germanys highest official design award.
Being nominated is an honor in itself; winning the award even more of one. The Hansgrohe Raindance Connect EcoSmart showerpipe (design: Phoenix Design, Stuttgart) won the Silver Design Award of the Federal Republic of Germany in 2010. Winning this most important official German design award with its very high entry requirements confirms the reputation of Hansgrohe AG as a driving force in product design. The ten-member jury was impressed not only with the showerpipes sleek, clean design; just as important for the judges was the fact that the Raindance Connect EcoSmart succeeds in combining a sensual overhead shower experience with economical water consumption. An additional technical refinement that was applauded by the judges: the shower system can bring this overheadshower experience into any existing bathroom with little effort, since the hand-held shower head simply clicks into place at the bottom of the showerpipe by means of a connector, automatically supplying the overhead shower with water.
Despite the fact that to date the Company has won more than 300 awards for its mixers and showers, the Design Award of the Federal Republic of Germany is given a very special place in the collection of trophies in Schiltach. Indeed, the design award, conferred by an independent jury made up of representatives from industry, universities, design studios and the media, is considered the ultimate prize, since only the German Federal Ministry of Economics and Technology and the ministries of economics of the federal states have the right to nominate candidates for the award. Moreover, candidacy is restricted to winners of other national or international design awards. This is reflected in the caliber of the competitors: The jury of experts vetted more than 1,200 nominations before conferring five gold and eighteen silver awards in the category of Product Design. As an award winner, Hansgrohe AG joined a select company of names such as Audi, Bulthaup, Daimler and Lamy.
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The prize of prizes: The Raindance Connect EcoSmart showerpipe combines innovative design with a high level of functionality and sustainable water use.
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Mar ke t s
Mar ke t s
One of the factors for success: the international project business picked up again in 2010.
Focus
Growth market India: leading hotels are equipped with Axor and Hansgrohe products.
During the period under review, the only recently established Indian subsidiary was among the foreign subsidiaries of the Hansgrohe Group that managed to generate robust growth, in both absolute and relative terms. After a difficult year in 2009, during which the effects of the economic crisis were felt strongly, Hansgrohe India, headquartered in Pune, and its market partners succeeded in returning to growth, ending the last financial year above the level recorded in 2008. This positive trend was due firstly to the resurgence in Indias construction sector. Numerous projects that had been halted prior to completion as a result of the recession in 2009 resumed during the last financial year. A second factor was that extremely strong demand for housing triggered a new construction boom. Many large-scale projects are to be completed within a short time. An advantage in this context was that changes to the business model resulted in the Indian Hansgrohe distribution company now having direct access to property developers, investors and planners, allowing it to establish itself as a reliable partner in the project business. It is therefore no mere
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coincidence that the biggest single delivery in the Company's history resulted from an order for a large-scale project in Gurgaon in 2010. Other factors were the strengthening of the distribution team, the systematic expansion of the distribution network across the enormous Indian subcontinent and its billion inhabitants, and the establishment of an own service network. All these factors contributed toward achieving improved market coverage in the trading segment as well as ensuring the supply of Hansgrohe products throughout the country. Moreover, with a special product range tailored to suit the means and the desires of the highly brand- and quality-conscious Indian middle class and by employing appropriate marketing measures, the Company succeeded in appealing to this particular group of consumers and engendering an interest in Hansgrohe. As in the high-value project business, the global player from the Black Forest benefited from the good reputation enjoyed by quality products Made in Germany, and from having a customer-oriented services network stretching from the Himalayas to the Indian Ocean.
Construction boom in India: Hansgrohe India also won the contract for the yoopune by Philippe Starck project. 27
Landmarks in 2010
Architects Manfred Hachmeister Architekturbro Principal Kastens Hotel Luisenhof (private hotel)
The international project business, which due to the decline in the construction sector had lost considerable ground during the crisis year of 2009, experienced a renaissance in many parts of the world during the period under review. In the emerging markets especially, the property market and the construction sector recovered strongly. In percentage terms, no other distribution channel in the Hansgrohe Group grew as dynamically as the project business. This is where the targeted expansion of the distribution teams and the ongoing optimization of processes and tools paid off. These measures helped significantly in improving customer service, increasing flexibility and optimizing delivery times. New orders to supply equipment for a number of large, prestigious projects are evidence of the successes achieved in this demanding and very competitive market segment during the last financial year. Some of these projects are the luxury Radisson SAS Yas Island hotel on the Formula 1 track in Abu Dhabi; no fewer than four theme hotels at the Resorts World at Sentosa leisure park in Singapore; the Clock Tower in Mecca, Saudi Arabia; the Donbass Arena in Donetsk in Ukraine, which is one of the stadiums hosting the 2012 European Football Cup; the Yoo Arts Tower in Panama City; the City Star project in Hangzhou; the luxury hotel Tivoli So Paulo Mofarrej; and numerous giant cruise ships like the Norwegian Epic and the AIDA VI. These as well as the projects introduced later in this document demonstrate the capability of the Hansgrohe Group and its leading role in the international project business, which is acknowledged by investors, property developers and architects around the world.
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Products Axor Starck ShowerCollection, Axor Starck ShowerHeaven, Hansgrohe PuraVida, Hansgrohe RainBrain
Landmarks in 2010
AquaBuilding
Chicago / USA
Architects Jeanne Gang, Studio Gang Architects Principal Magellan Development Group LLC 29
Landmarks in 2010
Mosaic House
Prague /Czech Republic
Products Pontos AquaCycle, Pontos HeatCycle, Hansgrohe Raindance, Hansgrohe Crometta, Hansgrohe Talis S, Hansgrohe iBox universal
30
Landmarks in 2010
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Landmarks in 2010
The Savoy
London /Great Britain
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Landmarks in 2010
33
Landmarks in 2010
Estadio Omnilife
Zapopan, Jalisco /Mexico
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Landmarks in 2010
InterContinental
Hangzhou /China
Architects/Interior Designer China United Engineering Co., Hangzhou Guomei Architectural Decoration and Design Institute Co., Ltd., Art and Scenery Architectural Design Institute of China Academy of Art Chentao Design Office Principal Qianjiang Xincheng Real Estate
35
Landmarks in 2010
Hotel Budersand
Sylt /Germany
Architects Patrik Dierks, dko architekten Principal Sdern GmbH & Co. KG
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Landmarks in 2010
Norwegian Epic
Marseille / France
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Em ploye e s
Jobs created
The marked increase in order receipts for the Hansgrohe Group during fiscal 2010 is also reflected in the increase in the size of the workforce. With 3,220 employees worldwide, the total number on December 31, 2010 was greater by 125 than in the previous year. Most of the new jobs were created at locations in Germany. The Hansgrohe Group created a total of 113 jobs here during the period under review. A particularly positive aspect is that it was possible to provide 70 temporary workers with direct employment. At the cut-off date at the end of the year, a total of 2,137 employees worked for the Company in Germany (2009: 2,024) more than at any time since the Company was first established, in 1901. This also meant that the share of employees in Germany rose to 66 percent (2009: 65 percent) of the total workforce. The number of employees determined in accordance with the parameters of 1 and 3 of the Codetermination Act stood at 1,970, slightly higher than the previous year (2009: 1,899). By contrast, the increase in the size of the workforce outside Germany was much more modest. Compared with the cut-off date of the previous year, the number of employees working for one of the international Hansgrohe subsidiaries rose by only 12, to a total of 1,083 (2009: 1,071). To allow the workforce to participate in its positive business performance again in 2010, the Company paid employees a profitsharing bonus of 1.3 million at the end of the year. This is not the only reason why Hansgrohe AG is seen an attractive employer, however. The forward-looking solutions and the commitment demonstrated by Hansgrohe AG in the interests of a workforce whose average age is increasing were recognized last year when the Company was presented with the AARP International Innovative Employer Award.
3253
3094
3,500
2,500
1142
2,000
1,500 2137 international 500 national * Figures correct as at December 31 2006 2007 2008 2009 2010
1,000
1952
2082
2061
38
3095
2024
3152
3220
Em ploye e s
2010
Job creator: Hansgrohe AG created a total of 125 new jobs in 2010; 113 of these are in Germany.
3,220 employees worldwide 2,137 employees in Germany 5.7 million profit-sharing bonus (2006 2010)
Profit-sharing bonus: the Company once again enabled the workforce to share the benefits from the increase in sales in 2010.
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Em ploye e s
Investing in future viability: Given the Companys high manufacturing penetration and dedicated strategy of innovation, Hansgrohe AG relies on junior talent from within its own ranks
40
Em ploye e s
and on systematic further education and the targeted promotion of junior talent.
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Focus
Achieved through cooperation: a shared understanding of management for the Hansgrohe world.
Based on the positive experiences gained with the German junior talent development program and the International Talent Program, the Hansgrohe Group expanded its range of advanced qualification programs during the reporting period to include top-level managers in the international business units. Since February 2010, a total of 15 managing directors and top-level managers working in international distribution have participated in the Executive Development Program (EDO). In the six modules within the program, the participants from Japan, Ukraine, Mexico, France and Singapore and other places learn about central Hansgrohe strategies and tools, staff management and communication, as well as methods for expanding their own personal competences. The objectives being pursued with this program are to
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ensure not only the professional development of managerial staff and their integration into Hans grohe's corporate culture, but also the development of a shared, globally workable management practice and international networking among managerial staff. In consultation with their superiors, EDO participants are able to choose from a range of topics to expand their knowledge in a targeted manner and to develop their personal skills. A core element of the entire program is the mutual exchange of experiences and learning from each other, since this is how useful and reliable networks are created networks that prove their value and resilience even outside the classroom, in the real world of everyday business operations.
The learning never stops: at Hansgrohe even international top-level managers go back to school. 43
Gr oup
Boards
Supervisory Board
Thomas Voss (President Masco Europe S..r.l.), Manfred Hbner (Elected Employee Representative), Klaus Grohe (Chairman), Stefan Krischak (Elected Employee Representative), Lau Frandsen (Deputy Chairman), Graham Balls (Vice President Controller, European Operations Masco Europe S..r.l.), left to right
Executive Board
Marc Griggel (Deputy Member), Karl-Heinz Hammann, Siegfried Gnlen (Chairman), Otto Schinle, Richard Grohe (Deputy Chairman), Frank Semling (Deputy Member), left to right 44
Gr oup
Outlook
The positive trend recorded by the Hansgrohe Group over the last financial year carried seamlessly into the first few months of 2011. The signs are pointing to growth virtually everywhere. On the other hand, economic commentators are predicting reduced growth for national economies for this year and the next. This has largely to do with the fact that in 2011 the last of the economic stimulus packages implemented during the crisis will be running out; at the same time, the disproportionate build-up of inventories recorded during the period under review will be completed in the not so distant future. In the euro region, the crisis has opened up large discrepancies between the various national economies. While Germany has become a model of a flourishing economy, the southern European countries and Ireland in particular are faced with excessive government debt burdens with unforeseeable consequences for the exchange rate regime. Even for Germanys resurgent national economy, the German Institute for Economic Research predicts a growth rate of only just over two percent for this year, with a further slow-down expected next year. On balance and this is one of the lessons we at Hansgrohe have learned from this crisis we are currently operating in a highly volatile environment. In addition to instabilities in the economy, we are also confronting increased currency risks and strong fluctuations in the prices for raw materials and energy. An added factor is that even supposedly stable political regimes can erode in no time at all as we found out most recently during the upheavals in North Africa. Right now we are still reeling from the three-fold disaster in Japan the earthquake, the tsunami and the nuclear accident, with no one in a position today to predict what the effects may be not just in Japan, but also in the rest of the world, and on economies everywhere. The big challenge for our market partners and for ourselves is to hold a steady course, despite the instability in the underlying economic conditions, and continue to grow. Against this backdrop, it is all the more important that we continue to increase the benefits to our customers, that we continue to offer compelling products, and that we keep ahead of our competitors. The positive responses from our customers from around the world to the innovations we presented at the worlds biggest sanitation technology fair, the ISH held in Frankfurt in March 2011, give us reason to be confident. As it happens, our innovations are right in line with the two most important current trends in the sanitation industry. On the one hand, Hansgrohe AG is helping to improve the water and energy balance for showering and hand washing with the Pontos HeatCycle technology as well as with the EcoSmart products. On the other, the concept of the Hansgrohe ComfortZone, and even more so the Axor Bouroullec designer collection, are the systems solutions capable of opening up the new scope for development in bathroom design demanded by the increasing individualization of the bathroom as a living space. It is therefore no coincidence that Axor Bouroullec was the only product of its type to
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receive the Innovation Award in Architecture and Technology at the Frankfurt Fair. To boost our innovative strength as well as the speed of innovation yet further, we will again be investing in growth in 2011. Based on our very good equity ratio and the earnings generated in 2010, we will boost our capital spending again in the current financial year, to a total of more than 40 million more than at any time during our 110-year history. We will continue to pursue our internationalization strategy and expand our distribution network. Now that the Hansgrohe Group is successfully represented with its own branches in the particularly high-growth BRIC countries and in the Middle East, the next challenge is to prepare for the entry into the highly promising markets of the so-called Next 11 countries. We are confident that with our quality mixers and showers Made in Germany, we will succeed there as well. This means that in spite of the unstable environment, the conditions are right for ourselves and our customers and partners to continue on our course for growth in the current financial year.
Gr oup f igur e s
Hansgrohe Group
Balance Sheet
A. Fixed assets I. Intangible assets II. Tangible assets III. Financial assets
III. Cash and cash equivalents Total current assets C. Deferred charges and prepaid taxes
1. Dept discount 2. Prepaid expenses
533,618
621,391
46
Gr oup f igur e s
Hansgrohe Group
Balance Sheet
A. Shareholders equity I. Subscribed capital II. Capital reserves III. Retained earnings IV. Net income Total shareholders equity B. Accruals
1. Pensions reserves 2. Accrued taxes 3. Other reserves and accrued liabilities
C. Liabilities
1. Liabilities to financial institutions 2. Accounts payable, trade 3. Accounts payable due to affiliated companies 4. Loans from support fund 5. Other liabilities
D. Deferred items
47
Gr oup f igur e s
Hansgrohe Group
Consolidated Statement of Income in k
Actual 2009
Actual 2010
Germany Subsidiaries Exports Net sales Total performance Cost of materials Personnel expenses Other operating expenses EBITDA in % of net sales Depreciation of fixed assets EBIT (operating profit) in % of net sales Financial results Result from ordinary activities in % of net sales Extraordinary result Income taxes Net Income in % of net sales
140,580 370,922 98,896 610,398 635,528 219,802 148,059 128,155 139,512 22.9 24,863 114,649 18.8 814 115,463 18.9 0 (33,559) 81,904 13.4
154,020 410,020 129,065 693,105 720,379 265,986 157,015 143,711 153,667 22.2 24,598 129,070 18.6 580 129,649 18.7 284 (36,151) 93,782 13.5
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Gr oup f igur e s
Hansgrohe Group
Key figures 2006 2010
Results Net sales > from foreign sales Total performance EBITDA > in % of net sales EBIT > in % of net sales Result from ordinary activities (EBT) > in % of net sales Net income > in % of net sales > Depreciation (incl. goodwill) > Change in (pension) reserves > Change in special items Cash flow > in % of net sales Cost of materials > in % of total performance Balance sheet total Capital employed (CE) Return on CE (ROCE) Gross investments in fixed assets m % m m % m % m % m % m m m m % m % m m % m
2006
2007
2008
2009
2010
569.2 76.4 590.2 109.6 19.3 92.0 16.2 92.1 16.2 59.3 10.4 17.6 1.6 0.0 78.5 13.8 227.2 38.5 403.3 374.9 24.5 29.5
660.5 78.8 682.0 130.7 19.8 110.5 16.7 112.4 17.0 73.7 11.2 20.1 1.4 0.0 95.2 14.4 271.3 39.8 458.5 426.5 26.2 23.9
667.8 79.5 670.0 131.4 19.7 109.9 16.5 114.0 17.1 78.3 11.7 21.5 2.1 0.0 101.9 15.3 238.2 35.6 475.3 445.9 24.5 30.8
610.4 77.0 635.5 139.5 22.9 114.6 18.8 115.5 18.9 81.9 13.4 24.9 2.4 0.0 109.2 17.9 219.8 34.6 533.6 500.0 22.9 23.9
693.1 77.8 720.4 153.7 22.2 129.1 18.6 129.6 18.7 93.8 13.5 24.6 2.7 0.0 121.1 17.5 266.0 36.9 621.4 574.2 22.5 28.8
Employees Employees according to 267 (5) of HGB (German Commercial Code) (average of the last 4 quarters incl.apprentices) Personnel expenses Productivity m Factor persons
2,947
3,176
3,184
3,092
3,129
135.0 2.688
142.2 2.888
147.7 2.923
148.1 2.808
157.0 2.894
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Locat ions
Publisher Hansgrohe AG, Public Relations, P. O. Box 1145, 77757 Schiltach, Tel. +49 7836 51 1231, Fax +49 7836 51 1170, E-Mail: public.relations@hansgrohe.com Concept & Editorial Dr. Carsten Tessmer Design & Production Kolle Rebbe GmbH, Hamburg Printing Straub Druck, Schramberg Photos Francis Amiand, Braxart, Deloitte & Touche GmbH Wirtschaftsprfungsgesellschaft, Design Center Stuttgart, jana-ebert.de, Serge Guerand, Kapama Private Game Reserve (www.kapama.com), Kastens Hotel Luisenhof, Ola Lindal, Uli Maier, Masdar City, Mike Crews, Mosaic House Prague, Rat fr Formgebung, Star Gong, (www.mediaserver.hamburg.de) Hamburg Liaison Office Shanghai, Hector Velasco, Yoo Panama, Yovohagrafie Deutscher Pavillon Facts & Figures 2010 is available in German and English. It is available for download from the Internet at hansgrohe.com
50
Locat ions
Hansgrohe AG Auestrae 59 77761 Schiltach Phone: +49 7836 51 0 Fax: +49 7836 51 1300 info@hansgrohe.com www.hansgrohe.com Argentinia Hansgrohe S. A. Av del Libertador 14323 B1640APB Martnez Buenos Aires Phone: +54 11 4733 2400 Fax: +54 11 4733 2499 info@hansgrohe.com.ar www.hansgrohe.com.ar Australia Hansgrohe Pty Ltd Level 1, 123 Camberwell Rd East Hawthorn, Victoria 3123 Phone: +61 3 9811 9971 Fax: +61 3 9804 0042 info@hansgrohe.com.au www.hansgrohe.com.au Austria Hansgrohe Handelsges. mbH Sanitrtechnische Produkte Industriezentrum N. .Sd Strae 2d/M18 2355 Wiener Neudorf Phone: +43 223 66 28 30 Fax: +43 223 66 19 05 info@hansgrohe.at www.hansgrohe.at Belgium Hansgrohe S. A. Internationalelaan 55 Building K 1070 Bruxelles Phone: +32 2 543 01 40 Fax: +32 2 537 94 86 info@hansgrohe.be www.hansgrohe.be Brazil Temporary office: Rua Tabapu, 145, 6 andar, sala 66, Itaim Bibi, 04533-010 So Paulo, SP Phone: +55 11 3296 4065 info@hansgrohe.com.br www.hansgrohe.com.br China Hansgrohe Sanitary Products (Shanghai) Co., Ltd. No. 2999 Shenggang Road 201612 Songjiang Industrial Zone (East) Shanghai Phone: +86 21 3774 2200 Fax: +86 21 3774 2202 info@hansgrohe.com.cn www.hansgrohe.com.cn Croatia Hansgrohe d.o.o. Horvatova 82, 10010 Zagreb Phone: +385 1 5630 800 Fax: +385 1 5630 899 info@hansgrohe.hr www.hansgrohe.hr
Czech Republic Hansgrohe CS s.r.o. Dornych 47, 617 00 Brno Phone: +42 05 11 12 05 50 Fax: +42 05 11 12 05 99 info@hansgrohe.cz www.hansgrohe.cz Denmark Hansgrohe A/S Jegstrupvej 6, 8361 Hasselager Phone: +45 86 28 74 00 Fax: +45 86 28 74 01 info@hansgrohe.dk www.hansgrohe.dk Finland Hansgrohe AG Kavallinmki 15, 02710 Espoo Phone: +358 207 931 340 Fax: +358 207 931 349 info@hansgrohe.fi www.hansgrohe.fi France Hansgrohe S. A. Parc dactivits les Pins 67130 Wasselonne Phone: +33 3 88 04 21 60 Fax: +33 3 88 04 21 61 info@hansgrohe.fr www.hansgrohe.fr Hansgrohe S..r.l. Parc de Haute Technologie 27, rue Georges Besse 92182 Antony Cedex Phone: +33 1 46 11 45 00 Fax: +33 1 46 11 45 39 contact-fr@hansgrohe.com www.hansgrohe.fr Germany Hansgrohe Deutschland Vertriebs GmbH Auestrae 59 77761 Schiltach Phone: +49 7836 51 0 Fax: +49 7836 51 1141 info@hansgrohe.de www.hansgrohe.de Hungary Hansgrohe Kft. Forgch utca 1113 1139 Budapest Phone: +36 1 236 9090 Fax: +36 1 236 9098 info@hansgrohe.hu www.hansgrohe.hu India Hansgrohe India (pvt.) Ltd. Office Nos. 601604 Sky Station, Viman Nagar 411016 Pune, Maharashtra Phone: +91 20 6625 9511 Fax: +91 20 6625 9599 info@hansgrohe.in www.hansgrohe.in
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Norway Hansgrohe A/S sveien 2, 3475 Stre Phone: +47 32 79 54 00 Fax: +47 32 79 54 01 info@hansgrohe.no www.hansgrohe.no Poland Hansgrohe Sp.zo.o. ul. Sowia 12 62080 Tarnowo Podgrne Phone: +48 61 816 86 02 Fax: +48 61 816 86 09 info@hansgrohe.pl www.hansgrohe.pl Russia Hansgrohe O.O.O. Semenovskaya Square 1A Business-Center Sokolinaya Gora 21st floor 107023 Moscow Phone: +7 49 56 47 07 35 Fax: +7 49 56 47 07 45 info@hansgrohe.ru www.hansgrohe.ru Sweden Hansgrohe AB Ridspgatan 10 21377 Malm Phone: +46 40 51 91 50 Fax: +46 40 13 05 92 info@hansgrohe.se www.hansgrohe.se Switzerland Hansgrohe AG Industriestrasse 9 5432 Neuenhof Phone: +41 56 416 26 26 Fax: +41 56 416 26 27 info@hansgrohe.ch www.hansgrohe.ch Singapore Hansgrohe Pte. Ltd. 69 Mohamed Sultan Road 239015 Singapore Phone: +65 6884 5060 Fax: +65 6884 5070 info@hansgrohe.com.sg www.hansgrohe.com.sg Slovak Republic Hansgrohe CS s.r.o., organizan sloka Galvniho 7/A 821 04 Bratislava Phone: +421 2 436 376 70 2 Fax: +421 2 436 376 75 info@hansgrohe.sk www.hansgrohe.sk Spain Hansgrohe S. A. Riera Can Pahissa, 26 B 08750 Molins de Rei Phone: +34 93 680 39 00 Fax: +34 93 680 39 09 info@hansgrohe.es www.hansgrohe.es
South Africa Hansgrohe South Africa Pty Ltd, P.O. Box 2912, 136 Walton Road, Carlswald Midrand 1685 Halfway House/ Johannesburg Phone: +27 11 468 11 50 Fax: +27 11 468 11 52 sales@hansgrohe.co.za www.hansgrohe.co.za South Korea No. 931 Hyundai Parisian 907-10 Mok-dong Yangcheon-gu Seoul 158-050 Phone: +82 2 2061 1900 Fax: +82 2 2061 1901 info@hansgrohe.com.sg www.hansgrohe.com.sg Taiwan No. 25 4F Suite 620 Sec. 1 Dun Hua S. Road, Taipei Phone: +886 2 2570 1820 info@hansgrohe.com.sg www.hansgrohe.com.sg Ukraine Hansgrohe Ukrainian Office ul. Ilinskaja, Block 8 04070 Kiev Phone: +38 44 392 2040 Fax: +38 44 392 2069 info@hansgrohe.ua www.hansgrohe.ua United Arab Emirates Hansgrohe AG Regional Office Dubai Holiday Centre Commercial Tower, No. 1203, 12th Floor, Sheikh Zayed Road AE P.O. Box 34216 Dubai UAE Phone: +971 4 332 6565 Fax: +971 4 331 0065 nicosia@hansgrohe.com www.hansgrohe-int.com Hansgrohe AG, Abu Dhabi Marina Office Park, Breakwater Villa B02, P.O. Box 42345 Abu Dhabi UAE Phone: +971 2 419 2430 Fax: +971 2 419 2499 nicosia@hansgrohe.com www.hansgrohe-int.com United Kingdom Hansgrohe Ltd. Units D1 and D2, Sandown Park Trading Estate, Royal Mills KT10 8BL Esher, Surrey Phone: +44 1372 465 655 Fax: +44 1372 470 670 info@hansgrohe.co.uk www.hansgrohe.co.uk USA Hansgrohe Inc. 1490 Bluegrass Lakes Parkway 30004 Alpharetta, GA Phone: +1 770 360 98 80 Fax: +1 770 360 98 87 info@hansgrohe-usa.com www.hansgrohe-usa.com
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HG Facts & Figures 2010 en Subject to technical changes and variations in color for printing reasons Form-Nr. 84 090 341 05/11/2.0 Printed in Germany Printed on 100% chlorine-free paper
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