Gildemeister AG is a Germany-based
company, engaged in the production of cutting machine tools. It offers
machine technologies, services and software products. The Company’s activities
comprise Machine Tools and Services segments. The Corporate Services segment
constitutes the holding functions. The Machine Tools segment forms the
Company’s machine business with the turning, milling, ultrasonic and laser
technologies, as well as automation and electronics. The Services segment
is operated by DMG Vertriebs und Service GmbH and its subsidiaries, which
offers cross-functional services for the Company’s machines, as well as
for the solar tracking systems of the the SunCarrier division of a+f GmbH.
Gildemeister AG owns 11 production plants located in Germany, Austria,
Poland, Italy and China. Gildemeister operates worldwide through its 69
national and international sales and service locations in 34 countries.
conference on the balance sheet 2010
the Executive Board reports on the financial year 2009 of GILDEMEISTER
Aktiengesellschaft and on the current financial year, we would first of
all like to present the development of the machine tool industry in the
worldwide market of machine tools suffered its worst crisis ever. Global
machine tool consumption decreased in the reporting year 2009 by 31% to
€ 36.1 billion (previous year: € 52.5 billion). Again, China
was the largest sales market by far at €10.5 billion (29%). Far behind
in second place was Germany at € 3.9 billion (11%). Third place was
taken by the USA at € 2.4 billion (7%), followed by Japan and Italy.
These five industrial nations account for 60% of the global consumption
of machine tools.
to calculations of the VDW (German Machine Tool Builders’ Association),
global machine tool production also amounted to €36.1 billion. This
means that production in 2009 declined by 31%. At € 7.5 billion (21%)
Germany still ranks first in the world. For the first time, China proved
to be second of the world‘s largest manufacturers of machine tools at €
7.0 billion (19%). Japan occupied third place with € 5.1 billion (14%).
Italy was in fourth place with € 3.8 billion (10%). South Korea achieved
fifth place with € 1.9 billion (5%). These five countries account
for 69% of the global machine tool production.
Machine Tool Industry
intake of the German machine tool industry slumped by 55% to € 6.2
billion (previous year: € 13.7 billion). Domestic demand fell by 61%
(previous year: -17%). International demand decreased by 50% (previous
fell by 30% to € 9.9 billion and was thus clearly below the previous
year’s figure (€ 14.2 billion). Of the machine tools produced in Germany,
61% were exported.
year 2009 of the GILDEMEISTER Group
financial year 2009 was, due to the economic crisis, was one of the most
difficult years for the machine tool industry and also one of the most
difficult for GILDEMEISTER in its corporate history. This dramatic situation
demanded a lot of us. However, compared to the industry we’ve done well!
Mastering the challenges of the international economic crisis and overcoming
them requires strong alliances. In March 2009, we signed a cooperation
with the leading Japanese builder of machine tools, Mori Seiki (Nagoya),
which has allowed us to combine our resources and to achieve joint efficiency
advantages. Our strategic cooperation covers the areas of production, purchasing,
research and development, sales and services in specific markets, as well
as customer financing.
revenues fell by € 722.8 million (-38%) to € 1,181.2 million
(previous year: € 1,904.0 million); it was possible to avoid a greater
decline through the good order backlog at the start of the year. Domestic
sales revenues fell to € 496.5 million (-40%); international sales
revenues decreased to € 684.7 million (-36%). The export share amounted
to 58% (previous year: 56%).
business activities include the Machine Tool segment with a sales revenue
share of 64% (previous year: 63%) and the Service business with about 36%
(previous year: 38%) and Corporate Services with less than 1%.
Machine Tools segment includes the new machines business. Sales revenues
fell by 36% or € 426.5 million to € 757.7 million (previous year:
€ 1,184.2 million). The milling technology of DECKEL MAHO contributed
42% (previous year: 41%); Ultrasonics / lasering technologies accounted
for 3% (previous year: 2%). The turning technology of GILDEMEISTER totalled
19% (previous year: 20%). The Services segment was also marked by the economic
downturn. Sales revenues decreased by 41% or € 296.3 million to €
423.3 million (previous year: € 719.6 million). The Solar Technology
division – which belongs to the Services segment in the reporting year
– contributed to this with € 88.5 million. The original service business
recorded a decline of 36% or € 185.3 million compared to the previous
intake declined by 39% and reached € 1,145.9 million (previous year:
€ 1,882.0 million). In the first three quarters, order intake developed
analogously to the difficult market environment in that it declined sharply.
In the fourth quarter, order intake reached a turning point at € 327.7
million (previous year: € 289.2 million). The machine tool business
decreased over the entire year by 51% to € 568.0 million. The service
business amounted to € 577.7 million (-21%); in which the solar business
proceeded proportionately positively at
299.8 million (+85%).
Germany, in line with the market environment, orders declined considerably,
by 59% to € 343.9 million (previous year: € 843.4 million). In
Europe, order intake slowed down noticeably yet remained above the trend
in the industry. In America, business declined according to the market
development. In Asia, orders increased slightly. Particular signs of growth
were recorded in China. The export share amounted to 70% (previous year:
of 31 December 2009, the order backlog amounted to € 586.7 million;
it was thus clearly below (19%) the previous year’s figure (€ 727.4
million). This represents a utilisation period of an average of some three
reached our target of achieving positive result (EBT). Despite the massive
losses, by consistently initiating operational and structural measures,
we have been able to achieve overall positive earnings. Net profit in the
group amounted to € 4.7 million (previous year:
81.1 million). EBITDA amounted to € 60.9 million (previous year: €
188.9 million); EBIT totalled € 31.8 million (previous year: €
158.2 million). EBT was positive at € 7.1 million (previous year:
€ 126.7 million).
per share rose to € 0.10 (previous year: € 1.87). The Executive
Board and the Supervisory Board of GILDEMEISTER Aktiengesellschaft will
propose to the Annual General Meeting of Shareholders, to be held on 14
May 2010, that the net profit achieved should be distributed with a dividend
of € 0.10 per share for the financial year 2009....