- Introduction
- Our operations
- Governance and responsibility
-
Our finances
- Consolidated income statements
- Consolidated balance sheets
- Consolidated cash-flow statements
- Notes to the consolidated statements
- Income statements, Parent Company
- Cash-flow statements, Parent Company
- Balance sheets, Parent Company
- Change in equity, Parent Company
- Notes on the Parent Company financial statements
- Proposed treatment of unappropriated earnings
- Audit Report Trelleborg AB
- Ten-year overview
- The Trelleborg share
- Other information
Annual Report 2010
Introduction
Letter from the CEO
To sum up, our efforts resulted in organic
growth of 17 percent, we achieved our EBITDA
margin target of 12 percent and we are close
to achieving our goal of a 12-percent return
on shareholders’ equity.
Peter Nilsson, President and CEO
Welcome to the online version of Trelleborg's Annual Report 2010. For a quick tour of the events of the past year, click the arrows above.
Sales* amounted to SEK 27,196 M (24,769). Our organic growth* was 17
percent. The target annual average organic growth over a business cycle
is 5 percent. Demand continued to improve in most of our segments and
we continued to capture market shares.
* Continuing operations
Operating profit* increased to sek 2,036 m (734). The EBITDA margin increased
to 12.1 percent, which means that we achieved our target. The margin trend proves
that we have become more cost-efficient and have raised productivity at our plants.
We sell more value-creating solutions and fewer products of a more basic nature.
* Continuing operations
Return on shareholders’ equity* increased to 11.9 percent, extremely close to
the target of 12 percent. We successfully focused on cash flow, which remained
strong. Net debt declined by sek 1,960 m to sek 6,409 m. The Group’s debt/
equity ratio was reduced to 53 percent. Our earnings per share* increased to
sek 5.35 (2.70). The Board of Directors and the President propose a dividend
of sek 1.75 (0.50) per share for 2010.
* Continuing operations excluding items affecting comparability
Leading positions in selected, profitable market segments – this is one of the most crucial components of our strategy. During the year, we made acquisitions and took a number of global initiatives to grow in profitable segments. Our actions included signing a letter of intent with Freudenberg to form a joint venture that will become a global leader in antivibration solutions for light and heavy vehicles. In parallel, we divested businesses to focus on more attractive segments for our company.
Where our customers grow, we grow. In 2010, sales increased 23 percent in geographic markets outside Western Europe and North America compared with 2009. Since 2005, we have closed 30 facilities in Western Europe and North America and opened 15 new facilities in other parts of the world where growth is greater. Compared with 2009, sales in 2010 increased in China by 53 percent, in India by 45 percent and in Brazil by 21 percent.
Assuming responsibility for the future is part of our business concept; to seal, damp and protect in demanding environments. Our solutions protect people, the environment and investments. We now have a more efficient organization with high flexibility to address future changes. We continue our shift toward growing geographic markets while we improve and fine-tune our product portfolio.
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