Electronics Manufacturing Services Årsrapport 2012/13 Annual Report 2012/13 GPV International A/S CVR 66 94 57 15
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Indhold Contents Hoved- og nøgletal 5 Financial highlights Ledelsens beretning 9 Management Commentary Resultatopgørelse 29 Statement of Income Balance 30 Balance Sheet Egenkapitalopgørelse 32 Statement of Changes in Equity Pengestrømsopgørelse 33 Cash Flow Statement Ledelsens påtegninger 35 Management Statement Den uafhængige revisors erklæringer 36 The independent auditor s report Noter 39 Notes Anvendt regnskabspraksis 54 Accounting Policies Selskabsoplysninger 67 Company details 3
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Hoved- og nøgletal Financial highlights DKK 000 2008/09 2009/10 2010/11 2011/12 2012/13 Hovedtal Key figures Nettoomsætning Revenue Resultat af primær drift før afskrivninger (EBITDA) Operating profit before depreciation and amortization (EBITDA) Resultat af primær drift (EBIT) Operating profit/(loss) (EBIT) Resultat af finansielle poster Net financials Skat af årets resultat Tax on profit/(loss) for the year Årets resultat Profit/(loss) Egenkapital Equity Egenkapital og ansvarligt lån Equity and subordinated loan capital Balancesum Balance sheet total Investeringer i materielle anlægsaktiver Investments in property, plant and equipment Operationelle aktiver Operating assets Investeret kapital inklusive goodwill Invested capital including goodwill Nettorentebærende gæld Net interest-bearing debt 419.456 713.619 814.511 740.443 718.362-57.552 42.627 45.195 38.169 46.203-74.668 22.202 24.956 23.262 30.157-968 -13.305-18.845-15.167-23.704-184 -2.029-5.808-5.346-2.516-75.820 6.868 303 2.749 3.937 27.782 46.604 54.943 61.021 85.601 60.300 79.122 87.461 93.539 119.260 401.295 385.719 412.930 398.230 440.776 10.039 16.634 5.136 15.216 46.146 391.312 364.730 410.385 355.352 399.344 46.240 60.564 87.775 54.507 78.891 175.770 135.256 176.758 134.716 170.549 2008/09 2009/10 2010/11 2011/12 2012/13 Nøgletal Financial ratios EBITDA-margin (%) EBITDA margin (%) EBIT-margin (%) EBIT margin (%) Afkast af investeret kapital inklusive goodwill (%) Return on invested capital including goodwill (%) Nettoomsætning/Investeret kapital inklusive goodwill Revenue/Invested capital including goodwill Finansiel gearing Financial gearing Finansiel gearing inklusiv ansvarligt lån Financial gearing including subordinated loan capital Egenkapitalens forrentning (%) Return on equity (%) Soliditet (%) Solvency ratio Soliditet inklusive ansvarligt lån (%) Solvency ratio including subordinated loan capital Gns, antal medarbejdere Average no, of employees Heraf i udlandet Of which outside Denmark -14 6 6 5 6-18 3 3 3 4-82 80 61 54 69 6 13 11 10 11 6 3 3 2 2 3 2 2 1 1-121 18 1 5 5 7 12 13 15 19 15 21 21 23 27 857 1.094 994 871 934 732 821 789 730 802 Etablering af den nye koncern med tilkøb af selskaberne GPV Electronics A/S, Danmark og GPV Components AS, Norge er sket i umiddelbar forbindelse med afslutningen af regnskabsåret 2008/09. Sammenligningstallene for 2008/09 og tidligere år i resultatopgørelsen omfatter derfor kun GPV International A/S og det oprindelige datterselskab GPV Asia (Thailand) Co. Ltd. Sammenligningstallene for 2008/09 i balancen indeholder de tilkøbte selskaber. The formation of the new Group with the acquisition of the companies GPV Electronics A/S, Denmark and GPV Components AS, Norway was effected in immediate connection with the closing of the financial year 2008/09. The comparitive figures for the year 2008/09 and earlier years in the Income Statement therefore solely include GPV International A/S and the original subsidiary GPV Asia (Thailand) Co. Ltd. The comparative figures for the year 2008/09 in the Balance Sheet include the acquired companies. 5
We will be the most value adding EMS-Partner within high-mix / low-medium volume EMS globally 6 Årsrapport Annual Report 2012/13
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Ledelsens beretning Management Commentary The Thai Bath has been more volatile against the Danish Krone 10% increase during 2012/13 THB / DKK 2012/13 2013/14 Årsrapporten omfatter GPV International A/S, som er moderselskab for GPVs aktiviteter. The Annual Report covers GPV International A/S, which is the Parent Company of GPV s activities. I 2012/13 er der arbejdet på fortsat at optimere og fokusere den stærke platform for kerneforretningen i GPV, der er opbygget igennem de seneste år. Vi har arbejdet med en række strategiske initiativer, der skal øge den fortsatte værdiskabelse for vores kunder, for GPV og for vores ejere. In 2012/13, we continued the efforts to optimize and focus the strong platform for GPV s core business that has been built up in recent years. We have been working with a range of strategic initiatives with the aim of increasing the continued value creation for our customers, for GPV, and for our owners. Resultatet for 2012/13 er tilfredsstillende med en stigning i driftsresultat (EBIT) på 30% i forhold til 2011/12 og med en positiv pengestrøm fra driftsaktiviteterne over det forventede niveau. Med udgangen af 2012/13 står GPV som en sund veludviklet virksomhed med kerneforretningen og skabelse af værdi for vores kunder i centrum samtidig med et positivt perspektiv for yderligere udvikling af forretningen. Årets resultat er fortsat beskedent, men udviser dog en stigning på 43% i forhold til året før, og er specielt i årets sidste måneder blevet negativt påvirket af udsving i valutakursen på THB. GPV s 2012/13 performance is satisfactory and shows an increase in operating profit (EBIT) of 30% on 2011/12 and a positive cash flow from operations above the expected level. At the end of 2012/13, GPV stands as a healthy, well-developed business with our core business and customer value creation at the centre as well as a positive perspective towards further developing the business. Profit for the year continues at a modest level, however showing an increase of 43% on last year. Especially in the last months of the year, the performance was negatively influenced by the fluctuating THB exchange rate. Da en stor andel af selskabets aktiviteter er lokaliseret i Thailand, har stigningen på 10% i valutakursen medført en væsentlig negativ kursregulering lokalt i det Thailandske selskab over de finansielle omkostninger. As a large share of the Company s activities is concentrated in Thailand, the exchange rate increase of 10% resulted in a considerable negative exchange adjustment against financial expenses locally in the Thai company. 9
Den positive effekt af stigningen i valutakursen er, at værdien af kapitalandelen i det Thailandske datterselskab er steget og dermed har påvirket den samlede egenkapital positivt. The positive effect of the increase in the exchange rate is that the value of the equity investment in the Thai subsidiary has risen, thereby positively influencing total equity. GPVs solide base af dygtige medarbejdere og en god fordeling af produktionen i Europa og Asien udgør et stærkt fundament for en konkurrencedygtig virksomhed, der danner den fremtidige basis for værdiskabende vækst for vores kunder og for GPV. I slutningen af regnskabsåret påbegyndtes et nybyggeri af en ny og fremtidssikret fabrik i Bangkok i umiddelbar nærhed af de nuværende lokaliteter. Den nye fabrik vil blive opført i to faser, der står færdige henholdsvis til årsskiftet 2013-2014 og i begyndelsen af 2015. Den nye fabrik vil danne rammen om GPVs fremtidige virke i Asien. GPV s solid base of competent employees together with an appropriate distribution of production in Europe and Asia provide a strong platform to secure a competitive business enterprise that creates the future basis for value adding growth for our customers and GPV. During the last part of the financial year, the construction of a new and future-proof factory in Bangkok was initiated in the immediate vicinity of the present localities. The new factory will be erected in two phases, which will be completed at the turn of the year 2013-2014 and the beginning of 2015, respectively. The new plant will frame GPV s future activities in Asia. 10 Årsrapport Annual Report 2012/13
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Den økonomiske udvikling i regnskabsåret 2012/13 Financial developments in the financial year 2012/13 Solid development in EBIT 30% increase compared to 2011/12 DKK m 30 20 10 2009/10 2010/11 2011/12 2012/13 Den samlede omsætning blev som forventet i 2012/13 på DKK 718 mio. mod DKK 740 mio. i 2011/12, hvilket er et fald på 3%. Den begrænsede nedgang i aktivitetsniveauet skal ses i relation til den generelle stagnation/nedgang, der har været i markedet, kombineret med tilgang af nye produkter indenfor GPVs gentagende forretning. GPV har igen i 2012/13 haft fokus på kontrol med kapacitetsomkostninger og en øget effektivitet, hvilket har resulteret i, at vi kommer ud af 2012/13 med et tilfredsstillende resultat. Resultatet af primær drift (EBIT) udgjorde DKK 30,2 mio. sammenlignet med DKK 23,3 mio. i 2011/12. De finansielle poster netto udgjorde i 2012/13 DKK -23,7 mio. indeholdende en udgift på DKK 7,5 mio., der hidrører fra værdiregulering af tilbagekøbsværdien af minoritetsinteresser. De finansielle poster i resultatopgørelsen er desuden negativt påvirket med DKK 6,1 mio. fra valutakursregulering i specielt det Thailandske datterselskab tilsvarende er egenkapitalen styrket. Årets resultat blev DKK 3,9 mio. mod DKK 2,7 mio. i 2011/12. Pengestrømmene fra driftsaktiviteterne udgjorde DKK 50,4 mio. mod DKK 66,5 mio. i 2011/12. De positive pengestrømme fra driften er som planlagt og skal bl.a. ses i relation til et vedvarende fokus på reduktion i arbejdskapitalen, der i 2012/13 er reduceret med DKK 19,2 mio. (DKK 42,2 mio. i 2011/12). As expected, total revenue for 2012/13 came to DKK 718m against DKK 740m for 2011/12, a decrease of 3%. The limited decrease in activity level should be seen in relation to the general stagnation/ downturn in the market combined with the addition of new products within GPV s recurring business. Also in 2012/13, GPV has focused on managing capacity costs and enhancing efficiency with the result that GPV ends 2012/13 with satisfactory results. Operating profit (EBIT) amounted to DKK 30.2m against DKK 23.3m for 2011/12. For 2012/13, net financial income and expenses came to a negative DKK 23.7m, comprising an expense of DKK 7.5m relating to value adjustment of the repurchase value of minority interests. In the Statement of Income, net financial income and expenses were further negatively influenced by DKK 6.1m relating to exchange adjustments in especially the Thai subsidiary however, equity was correspondingly strengthened. Profit for the year was DKK 3.9m against DKK 2.7m for 2011/12. Cash flow from operating activities came to DKK 50.4m against DKK 66.5m for 2011/12. The positive cash flows from operating activities were realized as expected and should be seen in relation to a continued focus on the decrease in working capital, which saw a reduction of DKK 19.2m in 2012/13 (DKK 42.2m for 2011/12). 12 Årsrapport Annual Report 2012/13
Good development in Solvency Ratio Increase by 4 percentage points % 30 20 10 2009/10 2010/11 2011/12 2012/13 De samlede nettoinvesteringer i langfristede materielle anlægsaktiver udgjorde DKK 46,1 mio. mod DKK 15,2 mio. året før. Ud af de samlede investeringer for 2012/13 udgør køb af grunde i Bangkok og igangsætning af nybyggeri tilsammen DKK 33,1 mio. Total net investments in non-current assets of property, plant and equipment amounted to DKK 46.1m against DKK 15.2m for the previous year. Of total investments for 2012/13, the purchase of sites in Bangkok and the launch of new constructions amount at a total of DKK 33.1m. De samlede aktiver udgjorde ultimo 2012/13 DKK 441 mio. mod DKK 398 mio. året før. At year-end 2012/13, total assets amounted to DKK 441m against DKK 398m for the previous year. Den samlede egenkapital og ansvarlige lånekapital udgjorde ved regnskabsårets udgang DKK 119,3 mio. (soliditetsgrad, 27%) mod DKK 93,5 mio. (soliditetsgrad, 23%) ved udgangen af regnskabsåret 2011/12. At the financial year-end, total equity and subordinate loan capital amounted to DKK 119.3m (a solvency ratio at 27%) against DKK 93.5m (a solvency ratio at 23%) at the financial year-end 2011/12. Begivenheder efter regnskabsårets afslutning Der har ikke været væsentlige begivenheder efter regnskabsårets afslutning. Events subsuquent to the financial year-end No material events have occurred after the end of the financial year. 13
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Forventninger til fremtiden Outlook GPV har i 2012/13 fortsat indsatsen med at optimere og fokusere forretningen for at skabe en endnu stærkere platform for en skærpet vision for udviklingen af GPV. In 2012/13 GPV continued the efforts to optimize and focus on our business to create a still stronger platform for an intensified vision of GPV s development. GPV fortsatte i 2012/13 med udviklingen af basisforretningen samtidig med, at der er igangsat en række strategiske initiativer. Disse initiativer vil der forsat blive arbejdet med i 2013/14, samtidig med at yderligere en række initiativer lanceres. Målet med den fokuserede indsats er at øge værdiskabelsen for vores kunder, for GPV og for vores ejere. In 2012/13, GPV continued the development of the basic business at the same time as a range of strategic initiatives have been commenced. The work on these initiatives will continue in 2013/14, just as more strategic initiatives will be launched. The aim of the focused efforts is to increase the value creation for our customers, for GPV, and for our owners. GPV opererer i dag på et globalt marked i relation til konkurrenter, leverandører og ikke mindst vores loyale kunder. Vi skal kontinuerligt optimere vores forretning mod at kunne supportere vores kunders behov globalt. Today, GPV operates in a global market in relation to competitors, suppliers and not least our loyal customers. We must continuously optimize our business to be able to support the needs of our customers globally. 2013/14 ser ud til fortsat at blive præget af den økonomiske usikkerhed der hersker især i Europa, og GPV forventer på denne baggrund kun en beskeden vækst i omsætningen samt et resultat fra primær drift (EBIT) og en positiv pengestrøm fra driften på niveau med 2012/13. FY 2013/14 appears to be characterized by a continuation of the economic instability that prevails especially in Europe, and against this backdrop GPV expects only modest growth in revenue and an operating profit (EBIT) as well as a positive cash flow from operations at level with 2012/13. Selskabet har på sædvanlige vilkår fået stillet de nødvendige kreditfaciliteter til rådighed, som skønnes nødvendige til gennemførelse af de planlagte aktiviteter for 2013/14. The necessary credit facilities for implementing the planned activities for 2013/14 have been provided on usual terms at the Company s disposal. Den ansvarlige lånekapital fra selskabets ejere er med udgangen af 2011/12 blevet forlænget med 5 år, således at lånet står afdragsfrit frem til udgangen af regnskabsåret 2016/17. At the end of 2011/12, the subordinate loan capital from the Company s owners was extended by five years so that the loan remains an interest-only loan until financial year-end 2016/17. Ledelsen vil følge udviklingen i 2013/14 tæt og gennemføre nødvendige tiltag for at sikre den fortsatte konkurrenceevne og det nødvendige likvide beredskab. Der vil fortsat være fokus på at styre og forbedre likviditeten ved optimering af såvel driften, kapitalstrukturen som sammensætningen af arbejdskapitalen. Management will follow developments in 2013/14 closely and will take any steps necessary to secure our future competitiveness and the necessary liquid resources. We will continue to focus on managing and improving our liquidity through optimization of operations, our capital structure and the working capital components. Det er samtidig et væsentligt mål gennem driften yderligere at styrke den finansielle struktur i balancen, således at selskabets soliditet derigennem løbende kan forbedres. Vi er meget tilfredse med at kunne vise en soliditetsgrad pr. 31. marts 2013 på 27 %, når den ansvarlige lånekapital indregnes. At the same time, it is an important objective for us to further strengthen the financial balance sheet structure through operations, and thereby improving the Company s solvency on a current basis. We are very satisfied that we can show a solvency ratio at 27% at 31 March 2013 after recognizing subordinate loan capital. 15
Vores strategi virker Our strategy works Distribution and logistics Partnership Business Performance Management Execution Quality Management Sales Sourcing Implementation Customer Relationship Management GPV Business Concept A well defined Business Management System supporting scalability Ledelsen i GPV introducerede medio 2012 et skærpet strategisk fokus på den fremtidige vækst og differentiering af GPV i markedet for Electronics Manufacturing Service (EMS) i form af strategien COCUS Core & Customers. In mid-2012, GPV s Management introduced a sharpened strategic focus on the future growth and differentiation of GPV in the market for Electronics Manufacturing Service (EMS) in the form of the strategy COCUS Core & Customers. Der er defineret en række strategiske initiativer, til at sikre, at GPV kommer til at stå som den mest værdiskabende EMS partner for vores kunder indenfor det globale marked for high-mix / low-medium volume produktion af EMS og Mechatronics. A range of strategic initiatives have been defined to ensure that GPV will appear as the most value-creating EMS partner for our customers within the global market for high-mix / low-medium volume production of EMS and Mechatronics. En hjørnesten i GPVs forretning har igennem mange år været de langvarige og tætte partnerskaber med vores kunder. I 2012/13 har GPV haft fokus på at udvikle vores kompetencer og kapabilitet yderligere i bestræbelserne på at øge værdiskabelsen for vores kunder i deres udvikling mod større volumener og geografisk spredning. Throughout many years, the long-standing and close partnerships with our customers have represented a cornerstone in GPV s business. In 2012/13, GPV has focused on further developing our competencies and capabilities in our efforts to create further value added for our customers in their progress towards larger volumes and geographic distribution. I 2012/13 er det lykkedes at vinde en række nye forretninger fra eksisterende kunder, hvilket har været med til, at forny den omsætning der danner basis for den fremtidige forretning. Der vil fortsat blive arbejdet fokuseret med at vinde denne type bolt-on business cases. Et af de grundlæggende elementer i den nye strategi er en systematisering af GPVs forretningskoncept med fokus på værdiskabelse for vores kunder, transparens og sikring af en skalerbar organisering af forretningen. Igennem 2012/13 har vi arbejdet med en række af GPVs hovedprocesser, og i starten af 2013/14 In 2012/13, we succeeded in gaining a number of new orders from existing customers, which contributed to a revival of the revenue that forms the basis of our future business. Focused efforts will still be devoted to gain this type of bolt-on business cases. One of the fundamental elements of the new strategy is a systematization of GPV s business concept with focus on creating value added for our customers and transparency, and on securing a scalable organization of our business. Throughout 2012/13, we have been working with a number of GPV s main processes, and the beginning of 2013/14 will see the start of the implementation 16 Årsrapport Annual Report 2012/13
The industries we serve We continue to focus on orders within»high-mix / low-medium volume«production Cleantech Medico Instruments & Industry Marine & Defense vil arbejdet med forankring af GPVs forretningskoncept i samspil med kvalitetsstyringen starte med implementeringen af GPVs fremtidige Business Management System (BMS). of GPV s new future Business Management System (BMS) that is part of our work with embedding GPV s business concept in interaction with our quality management. I alle processer er det sikret, at der sker en synlig værdiskabelse for vores kunder, og at alle i organisationen ved hvad de skal, hvordan og hvornår en given opgave skal løses, således at vores kunder får en ensartet service hver gang. In all processes it has been ensured that visible value creation for our customers takes place and that everybody in the organization knows what must be done and how and when it must be done so that our customers will get uniform service at all times. De værdiskabende processer er forankret i vores kvalitetsstyringssystemer, og det hele holdes sammen af en effektiv styring af GPVs markedsrelationer og en visualisering og løbende forbedring af performance i organisationen. The value creating processes are deeply rooted in our quality management systems, where everything is being held together by an efficient management of GPV s market relations as well as the visualization and continuous improvement of performance in the organization. 17
GPV klarer sig godt i et svært marked GPV performs well in a difficult market GPV har i det forløbne regnskabsår været påvirket af den globale markedssituation, som fortsat er ustabil og uden sikre tegn på vækst. Aktivitetsniveauet hos størsteparten af vores kunder, både indenfor elektronik og mekanik, har været som forventet, og regnskabsåret blev afsluttet med et 4. kvartal som var det stærkeste kvartal i de seneste otte kvartaler. Det har i årets løb været muligt for GPV at udbygge basen af sunde betydende kunder med 8%, samt at implementere en række af nye produkter fra eksisterende kunder. During the past financial year, GPV was affected by the global market situation that remains unstable and without any sure signs of growth. The level of activity by the main part of our customers, both within Electronics and Mechanics, has been as expected, and the financial year ended with a fourth quarter as the strongest of the last eight. During the year, it was possible for GPV to expand the base of sound, important customers by 8% and to implement a range of new products from existing customers. Siden 2009/10 har GPV konsekvent fokuseret salgsindsatsen på langsigtet gentagende forretning. Med den struktur GPVs forretning har som outsourcing partner tager det tid at opbygge nye kunderelationer til et omfang, hvor de bidrager væsentligt til den gentagende forretning, hvorfor udbygning af eksisterende kunderelationer er af stor betydning. Since 2009/10, GPV has consistently been focusing sales efforts on long-term recurring business. Given GPV s business structure as an outsourcing partner it takes time to build up new customer relations to a size and scope where they will contribute considerably to recurring business. Therefore, extension of existing customer relations is of vital importance. Vi har i 2012/13 set positive resultater af denne indsats, og vi forventer, at den positive udvikling vil fortsætte også i 2013/14. Dette underbygges yderligere af fokus på den før omtalte type af bolt-on business cases. GPV vil fortsat have en begrænset bearbejdning af projekter, men forventer ikke, at dette vil bidrage med en væsentlig andel af aktivitetsniveauet. In 2012/13 we saw positive results of these efforts and we expect this positive development to continue also in 2013/14. This is further substantiated by the focus on the above-mentioned bolt-on business cases. GPV will continue to have limited processing of projects, but we do not expect this to contribute with any material share of the level of activity. 18 Årsrapport Annual Report 2012/13
GPV delivers globally In 2012/13 to 30 countries Inden for gentagende forretning har GPV set et øget aktivitetsniveau, både hvad angår omsætning og ordreindgang. GPV forventer også fremover at kunne vokse med denne type kunder, og ordrebeholdningen er siden regnskabsårets afslutning øget betydeligt indenfor EMS-forretningen. Within recurring business GPV has seen an intensified level of activity, both regarding revenue and order intake. In future, GPV also expects to grow business with this type of customers, and since the financial year-end the volume of orders has increased considerably within EMS business. Tendensen til øget outsourcing af produktion på GPVs hovedmarkeder forventes at fortsætte således, at kunderne yderligere kan fokusere på deres kernekompetencer, reducere investeringer i produktionsapparat og varelagre og samtidig via GPV få adgang til en outsourcing partner, der kan håndtere eksekvering af kompleks produktion, test og logistik. The trend to increased outsourcing of production in GPV s main markets is expected to continue so that customers can focus further on their core competencies, reduce investments in capital equipment and inventories, and at the same time via GPV gain access to an outsourcing partner that can handle complex production, tests and logistics. GPVs kunder har generelt en global tankegang, hvor de allerede i dag opererer og leverer globalt, og det er derfor en del af GPVs strategi fortsat at betjene kunderne på nye markeder med samme høje Service Excellence niveau. Generally, GPV s customers have global thinking as already today they operate and supply worldwide, and therefore it is part of GPV s strategy to continue to service customers in new markets at the same high Service Excellence level. GPV tilbyder førnævnte fordele til sine kunder ved at have de efterspurgte kompetencer i et velfungerende produktionsapparat, gode personalekompetencer og produktionssteder tæt på mange kunder i Europa kombineret med produktion igennem mere end 12 år i Thailand. GPV offers these advantages to our customers by having the requested competencies in well-functioning production set-up, good staff competencies and production facilities close to many customers in Europe combined with production throughout more than twelve years in Asia. 19
Vi sikrer fremtiden med ny fabrik We secure the future with a new plant Visualization of the future GPV factory in Bangkok We have been extremely satisfied with the facilities that we have rented in Bangkok since 1999, but in the light of the growth we see coming we have concluded that it is necessary for us to expand beyond the scope that is possible within the existing facilities. Therefore we decided to build a new plant that when completed at the start of 2015 will double our EMS capacity. We have decided to remain in Bangpoo Industrial Estate as this is where we find really good operating and logistics conditions, are well protected against risk of flooding and other external events just as this is the home base for quite many of our competent employees. Bo Lybæk, CEO GPV har succesfuldt gennemført den del af strategien der handler om at sikre en stabil, pålidelig og fokuseret forretning. GPV has successfully carried through the part of the strategy that is concerned with securing a stable, reliable and focused business. Vi har i efteråret 2012 besluttet etablering af et nyt og fremtidssikret produktionssted med en ny fabrik i Bangkok i umiddelbar nærhed af de nuværende lokaliteter. In autumn 2012, we decided to establish a new and future-proof production facility with a new plant in Bangkok in the immediate vicinity of the present localities. Den nye fabrik, bliver opført i to faser og vil stå endelig færdig i starten af 2015, og kommer dermed til at danne rammen om GPVs fremtidige operationer i Asien. The new factory will be erected in two phases to be fully completed at the start of 2015, which means that this plant will provide the framework for GPV s future operations in Asia. Med udgangspunkt i de nye rammer vil GPV fortsætte med at servicere vores voksende kundebase med produkter, services og logistikløsninger, der tilfører værdi til vores kunder. With this new setting, GPV will continue to offer our growing customer base products, services and logistics solutions that create value for our customers. 20 Årsrapport Annual Report 2012/13
Vi skaber værdi for vores kunder We create value for our customers GPV s growth strategy as a focused EMS differentiated through Advanced Mechanics C CUS Core & Customers SHARED VALUES FOCUSED EMS BUSINESS CONCEPT STRATEGIC INITIATIVES GPV har en bredt sammensat kreds af blue-chip kunder indenfor Business-to-Business (B-t-B), der generelt er kendetegnet ved, at de opererer globalt og er blandt de allerdygtigste, til det de laver kunder der er grundstenen i GPVs fremadrettede strategi. GPV has a broadly based group of blue chip customers within Business-to-Business (B-t-B) who are generally characterized by operating globally and being among the most competent at what they are doing customers who constitute the foundation stone in GPV s sustainable strategy. I forbindelse med den nye strategi, COCUS Core & Customers, er markedssegmenteringen blevet forenklet og skærpet i profilering for at støtte op om profitabel vækst for GPV som fokuseret EMS leverandør: In connection with our new strategy: COCUS Core & Customers, the market segmentation has been simplified and the profile sharpened to support profitable growth for GPV as a focused EMS provider: Core: Vi tager udgangspunkt i det vi er bedst til i dag, og herfra udvikler vi vores kompetencer Customers: Vi vil til stadighed arbejde på, at styrke partner skabet og forbedre værdiskabelsen for vore kunder Core: Our point of departure is what we are best at and from this we develop our competencies Customers: We will continuously work at strengthening partnerships and improving the value creation for our customers GPV fokuserer fortsat på at supportere vores kunder med leverancer inden for high-mix / low-medium volume -produktion, og har derfor ingen markedsaktiviteter rettet mod kunder inden for f.eks. forbrugerelektronik. GPV continues to focus on supporting our customers with orders within high-mix / low-medium volume production and therefore we have no market activities addressed at customers within e.g. consumer electronics. GPV har etableret langsigtede samarbejdsaftaler med en række store internationalt opererende virksomheder primært i Europa og USA. Denne kundegruppe tager GPV ejerskab for at servicere og supportere, også når de udvikler sig yderligere produktmæssigt, logistikmæssigt og geografisk. Denne kundegruppe udgør en stadig stigende andel af kundeporteføljen. GPV has entered long-term collaboration agreements with several large international businesses, primarily in Europe and the US. GPV takes ownership of servicing and supporting these customers, also when they develop further in terms of products, logistics and geographic position. This customer group accounts for a still increasing share of the portfolio. 21
Vi udnytter vores kompetencer til forretningsudvikling We make use of our competencies for business development GPVs kunder virker i stigende omfang på det globale marked med vækst på de nye markeder, hvilket øger kravene til GPVs evner til i højere grad at operere globalt, når det kommer til indkøb, logistikløsninger, kommunikation og konkurrencedygtighed. Dermed bliver Service Excellence endnu vigtigere, dvs. evnen til at levere den rette kvalitet til den aftalte tid globalt. Øget effektivitet i EMS GPVs kernekompetencer ligger i håndtering af high-mix / low-medium volume -produktion. Alle processer og systemer er koncentreret om håndtering af og værdiskabelse for vores kunder i dette segment. Et væsentligt element i forretningskonceptet er tempoet for indførelse af nye produkter og struktureringen af specifikke forretningsløsninger eller produktions set-ups for den enkelte kunde. GPV har i løbet af 2012/13 gennemført investeringer i en række nye specialdesignede kundeløsninger med dedikerede produktionsceller, der har gjort det muligt at udvide grænserne for medium volumen -produktion. Samtidig er der investeret i nyt fleksibelt SMD udstyr med simultan produktion af flere produkter for derigennem ligeledes at øge effektiviteten og fleksibiliteten for produktion af mindre seriestørrelser. Differentiering via specialkompetencer indenfor mekanik GPV håndterer, ud over de traditionelle processer i mekanikproduktion, en bred vifte af specialkompetencer. Mange af GPVs kunder efterspørger produkter hvor der kræves specielle processer i form af såvel forarbejdning som overfladebehandling. To an increasing extent, GPV s customers operate in the global market with growth on emerging markets, which raises the demands for GPV s capabilities to operate globally to a higher extent in terms of purchasing, logistics solutions, communications and competitiveness. This makes Service Excellence all the more important, i.e. the capability to deliver the right quality on time globally. Increased efficiency in EMS GPV s core competencies lie in handling high-mix / low-medium volume production. All processes and systems are concentrated on handling our customers and creating value added for them within this segment. An important element in this business concept is the pace of introducing new products and the structuring of specific business solutions or production set-ups for the individual customer. During 2012/13, GPV made investments in a number of new specially designed customer solutions with dedicated production cells that has made it possible to expand the limits of medium volume production. At the same time, investments have been made in new flexible SMD equipment with simultaneous production of different products, with a view to increasing efficiency and flexibility of the production of small batches as well. Differentiation via special competencies within Mechanics In addition to the traditional processes in mechanics production, GPV handles a broad array of special competencies. A great number of GPV s customers demand products that require special processes in the form of both processing and surface treatment. GPV kan f.eks. efterleve specielle krav til overflade via ekspertkompetencer indenfor våd- og pulverlakering, silke- og tampontryk, korrosionsforbyggende overfladebehandlinger og slyngrensning kompetencer der gør det muligt at tilfredsstille kundernes ønsker om professionel finish på deres produkter. GPV can e.g. comply with special surface requirements via expert competencies within wet painting, powder coating, silk screen and pad printing, corrosion preventive surface treatments and blasting competencies that makes is possible to satisfy customers wishes for a professional finish on their products. 22 Årsrapport Annual Report 2012/13
Et andet eksempel på disse specielle krav er, at GPV igennem årene har opbygget en stor specialviden og kompetence indenfor certifikatsvejsning af såvel stål- som aluminiumkonstruktioner til især tog (certificeret efter DIN EN 15085-2 og DIN EN ISO 3834-3). Disse kompetencer er efterspurgt hos en række store internationalt opererende koncerner med leverancer til såvel det Europæiske som det Nordamerikanske marked. Kontinuerlige forbedringer og nye kompetencer Udover selve produktionen har GPV opbygget en unik viden omkring håndtering og styring af større projekter, certificerede materialer samt sporbarhed af materialer og processer, f.eks. til Medico- og Marinerelaterede produkter. Denne viden er udviklet i samarbejde mellem GPVs elektronik- og mekanikkompetencer og en række af vore internationale kunder. Teknologiindholdet i de færdige produkter, som GPV leverer til sine kunder, øges konstant, og der lægges fra kunderne side stor vægt på evnen til at håndtere kompetencer indenfor såvel elektronik, mekanik samt kombinationen med software/kontrolsystemer (typisk kundeleverede) til færdige mechatronics produkter. Derudover har vi også i 2012/13 set en øget efterspørgsel efter nye services inden for logistik, after sales service samt udvikling af såvel produkter som produktions set-ups. Det er GPVs mål at sikre, at der sker en løbende tilpasning og udvidelse af GPVs samlede viden og kompetencer, således at der er basis for at fastholde og styrke GPVs position. Medarbejderudvikling Det er en forudsætning for den fortsatte udvikling af forretningen, at GPV er i stand til at tiltrække, fastholde, udvikle og motivere medarbejdere, der behersker de nødvendige færdigheder og kompetencer. I denne sammenhæng er uddelegering af ansvar og kompetence samt opgaveløsning på tværs af organisationen vigtige elementer. Another example of these specific requirements is that over the years GPV has built up extensive special knowledge and competencies within certified welding of both steel and aluminium constructions for particularly trains (certified according to DIN EN 15085-2 and DIN EN ISO 3834-3). These competencies are in demand by a number of large internationally operating groups delivering to both the European and the North American markets. Continuous improvements and new competencies Beyond the mere production, GPV has built up unique knowledge about the handling and management of large projects, certified materials as well as traceability of materials and processes, e.g. for Medico- and Marine-related products. This knowledge has been developed in cooperation between GPV and some of our international customers and is based on GPV s electronics and mechanics competencies. The technology content in the finished products that GPV delivers to our customers is continuously being increased, and on the part of customers great importance is attached to the handling of competencies within Electronics, Mechanics as well as the combination with software/control systems (typically delivered from customers) to finished Mechatronics products. Furthermore, in 2012/13, we have also seen increased demand for new services within logistics, after sales services as well as development of both products and production set-ups. It is GPV s goal to ensure an ongoing adjustment and expansion of GPV s global knowledge and competencies to provide a basis for maintaining and growing our position. Employee development and appraisal It is an essential prerequisite for the continued development of our business that in GPV we are able to attract, retain, develop and motivate employees who have the necessary skills and competencies. Important elements to support this include the delegation of responsibility and competencies as well as cross-organizational solutions. 23
Kvalitet og miljø Quality and environment Quality and environmental behaviour matters We have high standards for people and environment, QMS and workmanship People & environment QMS Workmanship GPV arbejder målrettet med kvalitets- og miljøstyring, og der lægges vægt på en ansvarlig adfærd inden for disse områder. Som international leverandør er det vigtigt at sikre, at alle miljø- og kvalitetskrav videreføres til partnere og leverandører, således at der i alle værdikædens led sikres samme høje niveau indenfor kvalitet, miljø, sikkerhed og etik. GPV is determined to ensure quality and environmental management as well as responsible behaviour in these areas. Being an international supplier it is imperative that GPV makes sure that all environmental and quality requirements are channeled to our partners and suppliers to ensure the same high levels of quality, environment, safety and ethics throughout the value chain. De producerede produkter testes i overensstemmelse med kundernes krav, typisk på dedikeret testudstyr, der i mange tilfælde er specialudviklet i tæt samarbejde med GPVs kunder. Alle eventuelle fejl og kvalitetsreklamationer fra kunder registreres og evalueres i en struktureret korrigerende proces. Kvalitetsstyring GPVs kvalitetssystem er baseret på standarden ISO 9001:2000. Herudover har GPV en række væsentlige kvalitetscertificeringer samt fabriks- og produktionsgodkendelser. GPV Electronics i Danmark og Thailand er certificeret efter medico standarden ISO 13485, ligesom GPV Electronics, Thailand har en ATEX certificering og GPV Electronics, Danmark har en NATO certificering vedr. bygninger og systemer. GPV i Thailand er desuden certificering efter OHSAS 18001 vedr. arbejdsmiljø. Our products are tested in accordance with the customers requirements, typically on dedicated test equipment which has in many cases been specially developed in close cooperation with GPV s customers. All probable manufacturing faults and quality complaints that may come from customers are registered and evaluated in a structured process. Quality management GPV s quality system is based on the standard ISO 9001:2000. In addition, GPV has obtained a number of important quality certifications as well as plant and production approvals. GPV Electronics in Denmark and in Thailand have achieved certification with the medical device standard of ISO 13485, just as GPV Electronics, Thailand has received ATEX certification, and GPV Electronics, Denmark has obtained NATO certification concerning buildings and systems. Det overvejes til stadighed om nye certificeringer kan være relevante for GPV for derved at kunne understøtte vores kunder bedst muligt. Furthermore, GPV in Thailand has achieved cerfitication according to OHSAS 18001 in respect of working environment. 24 Årsrapport Annual Report 2012/13
GPV i Bangkok achieves SA8000 certification from Spectris plc In September 2012, GPV in Bangkok was the first Spectris plc supplier in Asia to receive the SA8000 certification from Spectris. SA8000 is an international standard that encourages organisations to conform to specific standards in relation to social issues such as child and forced labour, discrimination, working hours, and pay. GPV s high standards in the workplace will apply regardless of whether the factory in question is located in Europe or in Asia. Along with the OSHAS18001 and TLS8001 (the Thai Labour Standard Certificate), the SA8000 certificate provides evidence for GPV s good business prac tices and ethical conduct. Miljøstyring GPV yder en løbende indsats for at begrænse de miljømæssige påvirkninger af virksomhedens aktiviteter. De væsentligste miljøpåvirkninger i relation til GPVs aktiviteter forekommer i forbindelse med forbrug af energi, råvarer og heraf afledt materialespild. Det er GPVs politik altid at overholde gældende love og regler samt på eget initiativ at gøre fremskridt inden for områderne miljø, sundhed og sikkerhed. GPVs elektronik fabrikker og mekanik fabrikkerne i Thailand og Norge er miljøcertificeret efter ISO 14001. Corporate Social Responsibility (CSR) GPV har en klar politik om, at vi ønsker at opfører os ansvarligt i alle henseender. For en nærmere beskrivelse af politikker og opnåede resultater henvises til selskabets hjemmeside: www.gpv-group.com/csr We continuously consider whether new certifications may be relevant for GPV so that we are able to provide ongoing support in the best possible way for our customers. Environment management GPV makes continuous efforts to mitigate the environmental impact of our business activities. Our largest environmental impact is related to the consumption of energy, raw materials and the derived materials waste. Our policy is to always comply with the rules and regulations that apply and to commit to making progress at our own initiative within environment, health and safety. GPV s Electronics plants and the Mechanics plants in Thailand and Norway are environmentally certified according to ISO 14001. Corporate Social Responsibility (CSR) It is GPV s clear policy that we wish to act responsibly in all respects. For a detailed description of our policies and achieved results we refer to the Company s website at: www.gpv-group.com/csr 25
Vi arbejder på at minimere risici We are working at minimizing risks GPVs virksomhed indebærer en række kommercielle og finansielle risici, som kan have en effekt på virksomhedens fremtidige aktiviteter og resultater. GPV s business activities involve a number of commercial and financial risks which may impact on the Company s future activities and results. GPV arbejder kontinuerligt med at identificere disse risici, og hvor der er mulighed for det, søger virksomheden at imødegå og begrænse risici. Nedenfor er beskrevet de væsentligste identificerede risici. GPV works continuously to identify these risks and seeks to the widest extent possible to counter and mitigate risks where this is possible. The following is a description of the most important risks identified. GPV har ligeledes en fuldt implementeret Business Continuity Plan (BCP), som tillige indenfor visse områder er yderligere afdækket med gensidige kapacitetsaftaler. Markeds- og konkurrenceforhold Udviklingen i GPVs omsætning og resultat er afhængig af såvel konjunkturudviklingen som den overordnede tendens til brug af outsourcing hos GPVs eksisterende og potentielle kunder. Furthermore, GPV has implemented a Business Continuity Plan (BCP) which within certain areas has been further hedged by mutual capacity agreements. Markets and competition The development in GPV s revenue and results depends on economic trends and the general tendency towards use of outsourcing for GPV s existing and potential customers. Som outsourcing partner afspejler GPVs konjunkturfølsomhed de enkelte kunders konjunkturfølsomhed og enkeltprodukters produktlivscyklus, der er af forskellig grad. Bredden i GPVs kundekreds gør, at GPV ikke påvirkes specielt inden for enkeltsegmenter, og GPV arbejder kontinuert på at sikre tilgang af nye kunder og produkter til erstatning af omsætning på produkter der nærmer sig slutningen på deres livscyklus. Produktion og kvalitet GPV har veludbyggede og velfungerende produktionsenheder i Danmark, Thailand og Norge. En forudsætning for succes er evnen til at tiltrække kvalificerede medarbejdere, skabe gode arbejdsforhold og et godt arbejdsklima, hvilket prioriteres højt. GPV opdaterer løbende selskabets Business Continuity Plan (BCP) for derigennem at sikre, at alle væsentlige kritiske situationer er velovervejede, og at forebyggende aktiviteter er implementeret. Ligeledes er der udarbejdet detaljerede planer for minimering af forretningsmæssige konsekvenser for vores kunder og for GPV i tilfælde af, at en kritisk situation skulle opstå. Kundeforhold GPV samarbejder med en lang række kunder, primært i Europa og sekundært i USA og Asien, som arbejder inden for forskellige industrier. De 20 største kunder udgør mere end 80% af omsæt- As GPV is an outsourcing partner, our cyclical movements mirror those of our customers as well as the life cycles of individual products, which are of varying degrees. The breadth of GPV s customer base means that GPV is not seriously affected by fluctuations in individual segments, and GPV works continuously at ensuring growth of the customer base and additions of products to replace sales of products that are approaching the end of their life cycles. Production and quality GPV has well-established and well-functioning production units in Denmark, Thailand and Norway. A prerequisite for success is the ability to attract qualified employees, to create good working conditions and safety and health at work, which are given a high priority. On a current basis, GPV updates the Company s Business Continuity Plan (BCP) to ensure that all substantial, critical situations have been well considered and that preventive action has been implemented. Furthermore, detailed plans for minimizing business consequences to our customers and to GPV have been prepared in cased that a critical situation may arise. Customers GPV cooperates with many customers from many different industrial sectors, first and foremost in Europe, and second in the USA 26 Årsrapport Annual Report 2012/13
ningen, og bortfald af omsætningen med en eller flere af de største kunder vil kunne få væsentlig betydning for selskabets samlede omsætning og indtjening. GPV har altid søgt og haft store kunder, ligesom enkeltkunder fortløbende har aftaget en væsentlig del af produktionen. Dette forventes også at være tilfældet fremover, idet indgåelse af aftaler med store kunder er en væsentlig del af GPVs forretningsmodel. Miljøforhold GPV opfylder alle gældende miljøbestemmelser og har arbejdsgrupper, der løbende varetager virksomhedens miljømæssige forhold. GPV har ingen væsentlige udestående miljøforhold. Valuta- og renterisici GPV foretager en aktiv overvågning og styring af rente- og valutarisici med henblik på minimering af den samlede risiko. Dette sker med henblik på at opnå en høj budgetsikkerhed og beskyttelse af egenkapitalen under hensyntagen til forventninger til og vurderinger af rente- og valutamarkedet. Der foretages ikke aktiv spekulation i finansielle instrumenter. Renterisikoen udgøres primært af rentebærende gældsposter, idet GPV ikke ved regnskabsårets slutning havde væsentlige rentebærende aktiver. Debitorrisici Den største del af GPVs produktion leveres til kunder, der anvender GPV som fast samarbejdspartner. Disse kunder er oftest større, velrenommerede internationale selskaber. Debitorernes kreditværdighed følges løbende, og der foretages en grundig kreditvurdering af nye kunder samt løbende vurdering af eksisterende kunder. Der har ikke i de seneste år været væsentlige tab på debitorer. Endvidere foretages der debitorforsikring løbende på både eksisterende og nye kunder. and Asia. The 20 largest customers represent more than 80% of revenue, and loss of revenue from one or more of the largest customers could impact the Company s total revenue and earnings considerably. GPV has always sought and obtained the business of large customers, just as individual customers have always bought a considerable part of our production. This is expected to continue in the future, as entering contracts with large customers is an important element of GPV s business model. Environment GPV operates in compliance with all existing environmental rules and regulations and has set up task forces to handle the Company s environmental affairs. GPV has no material outstanding environmental issues. Foreign exchange and interest rate risks GPV actively monitors and manages interest rate and foreign exchange risks with the purpose of minimizing overall risk. This is to achieve a high level of budget certainty and protection of equity with due consideration to the expectations and assessments in respect of interest rate and foreign exchange markets. GPV does not engage in active speculation in financial instruments. The interest rate risk primarily stems from interest-bearing debt items, since GPV had no significant interest-bearing assets at the financial year-end. Debtor risk The major part of GPV s production is delivered to customers that use GPV as a regular partner. Such customers are often large, well-reputed international companies. Debtor creditworthiness is monitored on an ongoing basis, and we perform an in-depth credit assessment of new customers and ongoing assessment of existing customers. In recent years, no material debtor losses have been recorded. Furthermore, debtor insurance with regard to the existing and new customer portfolio is being reviewed on a current basis. 27