[ annual report 2002
[ financial calendar
[ annual report 2002
[ contents
Annual Meeting of Shareholders
Friday May 30, 2003
1
highlights by division
Announcement of 2003 first quarter results
Friday May 30, 2003
2
Sioen Industries Profile
Announcement of 2003 first semester results
Friday September 12, 2003
3
strategy and mission of Sioen Industries
Announcement of 2003 third quarter results
Friday November 7, 2003
Announcement of 2003 full-year results
March 2004
4/5
important events in 2002
6/7
Statement to the chareholders
8/9
Report of the Board of Directors
10/11 12
Value chain
13
Sioen worldwide
For all further information, institutional investors and financial analysts are advised to contact: Geert Asselman Chief Financial Officer
14/15
Coating Division
16/17
Apparel Division
Fabriekstraat 23 • B-8850 Ardooie T +32(0)51/74.09.80 F +32(0)51/74.09.79 e-mail corporate@sioen.be Internet http://www.sioen.com
18/19
Processing Division
20/23
Corporate Governance
FINANCIAL INFORMATION AND INVESTOR RELATIONS
ANNUAL REPORT/JAARVERSLAG/RAPPORT ANNUEL
24
personnel
25
environmental polis
26/27
This annual report is available in English, Dutch and French. Dit jaarverslag is beschikbaar in het Nederlands, het Frans en het Engels. Ce rapport annuel est disponible en français, en néerlandais et en anglais.
Financial review
57
Financial calendar
Addresses see next page
Realisation: KLIEK CREATIE 02 0425 - 051/40 43 12 - 03/05
57
Highlights see next page
contents
the Sioen Industries share
28
Omslag
Financial calendar
Group structure
Adresses
HIGHLIGHTS 1993 - 2002 (in EUR millions) 20%
41 36
16% 30 25
12%
20 8%
15 10
HIGHLIGHTS
2002
2001
2000
1999
1998
1997
1996
1995
1994 1993(1)
(in millions)
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Turnover Operating profit Financial result Profit from ordinary activities before taxes Net profit from ordinary activities Profit for the group
237,7 226,02 24,6 33,82 (8,7) (6,7) 31,8 27,12 15,9 17,30 10,0 16,95
192,4 32,6 (3,0) 29,6 19,0 18,8
161,1 28,4 (1,3) 27,1 17,6 18,6
141,2 19,6 (1,7) 17,9 12,3 12,2
107,9 15,0 (1,2) 13,8 9,1 9,0
85,1 9,7 (1,1) 8,6 6,8 6,5
66,8 7,7 (1,9) 5,8 4,5 4,3
48,4 4,8 (2,0) 2,7 2,2 2,0
45,1 1,3 (2,3) (1,0) (1,0) (1,3)
Equity Minority interests Long term liabilities(2) Long term financial debt Net financial debt(3) Balance sheet total
125,3 2,0 231,5 95,1 134,6 331,8
123,92 1,53 220,40 83,42 118,44 310,27
112,0 1,3 191,2 66,2 91,6 262,9
97,5 1,1 166,7 57,3 71,1 227,6
79,8 0,8 132,7 42,5 56,7 185,3
33,6 0,6 75,1 35,8 44,7 112,6
25,1 0,4 59,3 30,3 40,6 89,5
18,6 0,4 35,8 14,0 31,1 70,1
14,7 0,3 26,2 8,7 22,2 51,9
12,8 0,2 26,9 11,5 19,9 45,9
Working capital(4)
117,9 116,53
100,9
81,0
73,2
43,4
40,5
30,9
20,6
14,8
Cash-flow(5) Net capital expenditure in fixed tangible assets Fixed tangible assets Depreciation Renumeration, social security costs and pensions Personnel at year end (in units) Ratios Liquidity (current assets/ creditors)
30,2 35,75 30,6 27,09 153,1 138,89 19,8 18,56 47,0 42,84 4.023 3.924
32,5 27,4 115,7 14,1 34,5 3.420
29,5 28,3 99,5 11,6 30,9 2.857
20,7 22,4 73,6 7,1 24,1 2.555
14,2 15,6 40,7 4,7 17,3 1.552
10,8 10,9 29,1 3,2 13,0 1.231
7,6 4,5 21,9 2,8 10,3 930
4,9 0,7 19,0 2,5 7,5 725
2,8 3,2 20,4 3,6 8,6 601
1,78 37,7% 0,96 8,1%
1,91 39,9% 0,96 15,1%
2,05 42,6% 0,82 19,3%
2,11 42,8% 0,73 23,4%
2,12 43,1% 0,71 36,3%
1,92 29,8% 1,33 35,7%
2,00 28,1% 1,62 34,8%
1,40 26,5% 1,68 29,1%
1,28 28,4% 1,51 15,7%
1,34 27,9% 1,55 (6,2%)
9,6% 4,4% 12,7%
15,6% 7,6% 15,8%
18,1% 9,9% 16,9%
19,3% 11,8% 18,3%
23,3% 8,9% 14,6%
21,5% 8,5% 13,2%
18,3% 7,9% 12,7%
19,4% 6,8% 11,4%
13,5% 4,4% 10,1%
4,8% (2,8%) 6,3%
4%
5 0
0% '94
'93
'95
'96
'97
'98
'99
'00
Profit for the group
Consolidated cash flow
EBIT
EBIT/turnover
'01
'02
Cash flow/ turnover
HIGHLIGHTS 1993 - 2002 (in EUR millions) 200
150
100
50
0
0% '94
'93
'95
'96
'97
'98
'99
Added value
Gross margin
Turnover
Gross margin %
CAPITAL EXPENDITURE 1993-2002 (in EUR millions)
'00
'01
'02
Solvability (equity/ balance sheet total) Net financial debt/ equity Return on equity(6) ROCE(7) Net profit margin(8) Cash flow/turnover
EVOLUTION PERSONNEL 1993 - 2002 5.000
(1) (2) (3) (4) (5) (6) (7) (8)
30 4.000 25 3.000
20 15
Accounting year of 18 months. Equity + minority interests + provisions and deferred taxes + long term debt. Financial debt - cash deposits - cash at hand and in bank. Current assets (cash deposits, cash at hand and in bank excluded) - non-financial debts payable within one year - accrued charges and deferred income. Consolidated profit for the year + depreciation of intangible and tangible fixed assets and other amounts written off + provisions for liabilities and charges + written off stocks, contracts in progress and trade debtors. Profit for the group/equity as of December 1999; for 1993 prorated to 12 months. Operating profit/((equity + minority interests + provisions and deferred taxes + net financial debts) as of December 1999). Net consolidated profit for the year/turnover.
2.000
Highlights per share(2)
10 1.000
5 0 '93
'94
'95
'96
'97
'98
'99
'00
'01
'02
0 '93
'94
'95
'96
'97
'98
'99
'00
'01
'02
Workers Employees + management Total
COMPOSITION LIABILITIES 1993-2002 (in %)
SHARE PRICE EVOLUTION (till April 2, 2003) (in EUR millions)
10%
50 45
80%
40 35
60%
30 25 20
40%
15 10
20%
5 0
0% '93
'94
'95
'96
'97
'98
'99
'00
'01
'02
31-12-'97
Short term debt
Sioen
Long term debt
Euro stoxx 50
Provisions Equity/Minority interests
31-12-'98
31-12-'99
31-12-'00
31-12-'01
31-12-'02
Operating profit Net profit from ordinary activities Profit for the group Cash-flow Equity Gross dividend Net dividend Pay-out Highest share price Lowest share price Share price at year end(3) Evolution of share(5) Price/ Earnings Ratio(5) Price/ Cash flow Ratio(5) Average daily transaction volume(4) Average monthly transaction volume(4) Year volume (in millions) Number of shares Sioen Industries issued (000)(2) Market capitalisation (in millions)(5) (1) (2) (3) (4) (5)
2002
2001
2000
1999
1998
1997
1996
1995
1994 1993(1)
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,15 1,58 1,52 1,33 0,92 0,75 0,48 0,38 0,24 0,07 0,74 0,80 0,89 0,82 0,58 0,43 0,32 0,21 0,10 (0,05) 0,47 0,79 0,88 0,87 0,57 0,45 0,32 0,21 0,10 (0,06) 1,41 1,67 1,52 1,38 0,97 0,71 0,54 0,38 0,24 0,14 5,86 5,79 5,24 4,56 3,73 1,68 1,26 0,93 0,74 0,64 0,16 0,16 0,14 0,12 0,09 0,07 0,05 0,12 0,12 0,11 0,09 0,07 0,05 0,04 35,9% 20,2% 15,8% 14,2% 15,7% 15,5% 14,5% 14,95 23,51 33,65 47,5 43,13 10,68 4,02 6,00 10,1 18,4 28,5 9,92 3,92 3,84 7,65 11,50 20,90 33,00 38,18 9,97 3,92 (33,5%) (45%) (36,7%) (14%) 283% 154% 13% 16,4 14,5 23,8 37,9 67,0 22,1 12,1 5,4 6,9 13,8 23,9 39,4 14,0 7,3 5.310 5.104 9.548 13.216 26.671 20.950 43.410 112.837 107.194 199.710 277.530 557.863 434.762 855.860 10,4 20,7 63,7 122,5 162,6 33,9 8,2 21.391 21.391 21.391 21.391 21.391 19.965 19.965 19.965 19.965 19.965 164 246,0 447,1 705,9 816,6 199,0 78,2 -
Accounting year of 18 months. Recalculated after the split in 55 on 13/09/96 and the split in 10 on 05/11/98. As of 5 May 2003, the price for a Sioen Industries share is 7,40 EUR/share. The data relating to 1996 have been strongly influenced by the high volume traded after the IPO of October 18, 1996. Based on the Sioen Industries share price at year end.
COATING DIVISION
APPAREL DIVISION
PROCESSING DIVISION
Sioen Coating nv Fabriekstraat 23 B-8850 Ardooie Belgium Tel: +32 51 74 09 00 Fax: +32 51 74 09 64 sioline@sioen.be HR Brugge 50.741 - BE 402.753.106
Veranneman Technical Textiles nv Fabriekstraat 31 B-8850 Ardooie Belgium Tel: +32 51 24 81 70 Fax: +32 51 22 61 68 info@veranneman.be HR Brugge 94.298 - BE 429.387.623
Sioen nv Fabriekstraat 23 B-8850 Ardooie Belgium Tel: +32 51 74 08 00 Fax: +32 51 74 08 62 customer@sioen.be HR Brugge 96.584 - BE 478.652.141
Vidal Protection sas 20 et 22 rue de l'Artisanat F-81300 Graulhet France Tel: +33 5 63 34 52 46 Fax: +33 5 61 02 80 16 sip-protection@fr.sioen.com Castres B 717 220 222 - TVA FR 82717220222
Sioen Zaghouan sa Zone Industrielle de Zaghouan 1100 Zaghouan Tunesia Tel: +216 2 68 06 60 fax: +216 2 68 26 60 cts@tn.sioen.com B 177132000 - 747023 F / A / M / 000
EMB nv Rijksweg 15 B-2880 Bornem Belgium Tel: +32 3 890 64 00 Fax: +32 3 899 26 03 emb@sioen.be HR Mechelen 75.337 - BE 421.485.289
Sioen Fibres sa - extrusion Zoning Industriel du Blanc Ballot Boulevard Métropole 9 B-7700 Mouscron Belgium Tel: +32 56 48 12 70 Fax: +32 56 48 12 85 extrusion@sioen.be RC Tournai 84.078 - BE 463.789.464
SIOFAB S.A. Indústria de Revestimentos Têxteis Rua da Indústria 4795-074 Vila das Aves Santo Tirso Portugal Tel: +351 252 87 47 14 Fax: +351 252 94 29 68 siofab@net.sapo.pt Santo Tirso SOB O N° 4641 - 505.046.644
Siotec bvba Fabriekstraat 23 B-8850 Ardooie Belgium Tel: +51 74 08 00 Fax: +51 74 08 85 siotec@sioen.be HR Brugge 58.906 - BE 424.304.823
SIOEN UK Ltd Unit 2 Windsor House Ackhurst Business Park Foxhole Road Chorley Lancashire PR7 1NY UK Tel: +44 1257 277 244 Fax: +44 1257 277 245 sales@uk.sioen.com 3761142 - GB 732.4071.62
P.T. Sioen Indonesia Jl. Irian Raya Blok E-26 Nusantara Bonded Zone (Kawasat Berikat Nusantara) Cakung Cilincing Jakarta 14140 Indonesia Tel: +62 21 440 33 88 Fax: +62 21 440 14 28 indonesia@sioen.com 1.068.001.5-052
Inducolor sa Chemin Preuscamps 12 B-7822 Meslin-L'Evêque Belgium Tel: +32 68 25 02 30 Fax: +32 68 55 26 02 inducolor@sioen.be RC Tournai 81.531 - BE 400.685.125
Sioen Fabrics sa Zoning Industriel du Blanc Ballot Avenue Urbino 6 B-7700 Mouscron Belgium Coating Tel: +32 56 85 68 80 Fax: +32 56 34 61 31 sioenfabrics@sioen.be Weaving Tel: +32 56 85 01 40 Fax: +32 56 85 01 47 weaving@sioen.be RC Tournai 81.546 - BE 458.801.684 TIS nv Driehoekstraat 2A B-9451 Haaltert (Kerksken) Belgium Tel: +32 53 85 92 20 Fax: +32 53 85 92 56 tis@sioen.be HR Aalst 66.762 - BE 405.085.064 Saint Frères sas - coating 4 route de Ville BP 1 F-80420 Flixecourt France Tel: +33 322 51 51 45 Fax: +33 322 51 51 49 sfe@sioen.be RCS Amiens B 408 448 850 - TVA FR 76408448850
Sioen Coating Distribution nv Fabriekstraat 23 B-8850 Ardooie Belgium Tel: +51 74 09 00 Fax: +51 74 09 64 sioline@sioen.be HR Brugge 68.454 - BE 436.241.167 Sioen GmbH Johannes-Lau-Hof 8 D-30165 Hannover Germany Tel: +49 511 541 30 80 Fax: +49 511 541 30 82 sioengmbh@sioen.com HR B 53295 - DE 811299457 Sioen Coated Fabrics (Shanghai) Trading Co. Ltd Room O, Floor 15, Hengji Building No. 99 Huaihai Road (East) 200021 Shanghai P.R. of China Tel: +86 21 638 425 21 Fax: +86 21 638 427 39 sioen@online.sh.cn
Sioen Fibres sa - distribution Zoning Industriel du Blanc Ballot Boulevard Métropole 9 B-7700 Mouscron Belgium Tel: +32 56 85 54 30 Fax: +32 56 34 66 10 distribution@sioen.be RC Tournai 84.078 - BE 463.789.464 Sioen nv - Baleno Antwerpen Korte Leemstraat 3 2018 Antwerpen Belgium Tel: +32 3 213 99 80 Fax: +32 3 227 17 39 baleno@sioen.be Sioen France sas Pavillon Hermès 110 avenue Gustave Eiffel ZI La Coupe F-11100 Narbonne France Tel: +33 4 68 42 35 15 Fax: +33 4 68 42 27 43 cin@fr.sioen.com Narbonne B 300 774 767 - TVA FR 49300774767 Sioen Deutschland Auf Bösselhagen 14 31515 Wunstorf Germany Tel: +49 5031 94 11 40 Fax: +49 5031 94 11 450 SIP Protection sas Z.U.P. De Labarre F-09000 Foix France Tel: +33 5 61 65 44 44 Fax: +33 5 61 02 80 16 sip-protection@fr.sioen.com Foix B 394 215 511 - TVA FR 41394215511
Sioen Industries nv • Fabriekstraat 23 • B-8850 Ardooie - Belgium Tel: +32 51 74 09 00 • Fax: +32 51 74 09 64 • corporate@sioen.be • HR Brugge 72.476 • BE 441.642.780
Sioen Ireland (Gairmeidi Caomhnaithe Dhun Na nGall Teoranta Ltd) Industrial Estate Bunbeg Co. Donegal Ireland Tel: +353 75 311 69 Fax: +353 75 315 91 ireland@sioen.ie 78212 - IE 4621355M Mullion Manufacturing Ltd 44 North Farm Road South Park Industrial Estate Scunthorpe North Lincolnshire DN17 2AY UK Tel: +44 172 428 0077 Fax: +44 1257 277 245 mullion@sioen.com 1871440 - GB 365.1873.34 Confection Tunisienne de Sécurité (C.T.S) sa 5 Impasse N°2 Rue 8612 - (Z.I.) La Charguia 2035 Tunis Tunesia Tel: +216 1 77 34 77 Fax: +216 1 78 40 47 cts@tn.sioen.com B 133171996 - 03030V/A/M/000
Sioen Tunisie sa 7 Impasse N°2 Rue 8612 - (Z.I.) La Charguia 2035 Tunis Tunesia Tel: +216 1 80 75 47 Fax: +216 1 80 92 62 cts@tn.sioen.com B 19711998 - 614715 S / A / M / 000
P.T. Sungin Tex Jalan Raya Narogong Km 12,5 Pangkalan IV Desa Cikiwul Kec. Bantar Gebang Bekasi Barat 17310 Indonesia Tel: +62 21 825 2222 Fax: +62 21 825 4444 indonesia@sioen.com 1.068.012.2-407 Sioen Scandinavia- Denmark Pilestraede 50,2 DK-1112 Copenhagen K Denmark Tel: +45 70 26 70 36 Fax: +45 46 15 25 03 scandinavia@sioen.com Sioen Scandinavia- Finland Branch Nicewear Agency Säästäjäkuja 1 FIN-33840 Tampere Finland Tel: +358 3 265 24 93 Fax: +358 3 265 24 93 Scandinavia@sioen.com
Coatex nv Industriezone Sappenleen Sappenleenstraat 3-4 B-8970 Poperinge Belgium Tel: +32 57 34 61 60 Fax: +32 57 33 35 23 coatex@sioen.be HR Ieper 31.633 - BE 434.140.425 Sioen Nordifa sa Rue Ernest Solvay 181 B-4000 Liège Belgium Tel: +32 4 252 21 50 Fax: +32 4 253 04 25 nordifa@sioen.com RC Liège 208.057 - BE 474.276.154 Saint Frères Confection sas 2 route de Ville BP 37 F-80420 Flixecourt France Tel: +33 322 51 51 70 Fax: +33 322 51 51 79 sfc@sioen.be Amiens B 408 449 098 - FR 44408449098 Bacam sas Avenue Raspail 42 94250 Gentilly France Tel: +33 322 51 51 70 Fax: +33 322 51 51 79 bacam@sioen.be Creteil B 443 613 310 TVA FR 39443613310