26
Panta Rhei Annual Report 2014 Coram Annual Report 2014
Panta Rhei
Cora
m Ja
arve
rsla
g 20
14
Jaarverslag 2014
Panta Rhei
Annual Report 2014
Coram A
nnual Report 2014
1Coram Annual Report 2014
Management Report• Preamble 3•Introduction 4•Results2014 4•Objectives 4•CoreActivitiesoftheGroup 6•DevelopmentandInnovation 8•OrganisationandPersonnel 10• CSR 11•MarketsandMarketDevelopments 12•Outlook 14•Expectations 14
Consolidated Annual Report in euro•ConsolidatedBalanceSheetasatDecember31,2014 16•ConsolidatedProfitandLossAccountasatDecember31,2014 18•ScheduleofTangibleFixedAssets 19•ScheduleofConsolidatedReserves 19•ScheduleoftheConsolidationDifferencesafterApplying theNetAssetMethod 20
•ScheduleofDebts 20• Results 21
•5-yearSummary 22
•GroupStructureandContact 24
Contents
2 Coram Annual Report 2014
3Coram Annual Report 2014
Preamble
AstheGreekphilosopherHeraclitussoeloquentlyexpressedit:PantaRhei-‘You cannot step twice into the same river, for other waters and yet others go flowing ever on.’Inlinewiththisin2014Corambroughttheorganisationmoreinlinewiththechangingworldaroundus.
Wealreadytookthefirststepstoimprovingourcashflowinthesummerof2013witharecoveryplantitled‘DesigntheFuture’.Wehadclearobjectivesinoursightsthatwerefurtherrolledoutin2014underthetitle‘PantaRhei’.Ourfirstprioritieswereachievingapositiveoperatingprofit,adefiniteimprovementincashflowandsubsequentlylayingthefoundationforanewgroupstrategy.Furtherinformationaboutthestepstakenareprovidedintheannualreport.Wewerethereforeimmenselypleasedwhenwewereawardedthe‘FinanciallyHealthyAward2014’byGraydon.
Wehavealsorevisedourfocusbycontinuingtofocusonthetwocoreactivitiesthatwearethebestat,andwherewecanprofitfromthelargestpotentialgrowth:bathroomproductsandindustrialsupply.Ourgeographicalareaofoperationsandoursaleschannelshavebeenredefined.ForthefuturewewillmainlyfocusonWestern-Europeandintensifyouruseofthe E-commercechannelsthatarestronglyontheincrease.Wealsorenewedourfocusonthe‘Care’market.
Inordertobeabletofollowthechangedcourseourmanagementstructurewasalsoinneedofchange.Incontrasttotheautonomyofourcompaniesinthepast,itisnow necessarytobundleourknowledgeandstrength.ByfillingkeypositionsinMarketing&DevelopmentandSaleswehavelaidthefoundationsformaximisinggroupsynergy. Wereceivedthefullsupportofourshareholderstodothisandithashadapositiveeffectonthegroup.
Underthecircumstanceswecanlookbackonasatisfactory2014withapositiveoperatingprofit,reductionofworkingcapitalandcostsandarefinancingofthegroupinitsentirety.Iamexceptionallyproudofourpeoplewhowereopentothechangesandappliedthem-selvesoptimallytoachievetheimprovedresults.
In2015Coramisreadytofurtherexpandthestrengthofgroupsynergy,toboostour E-commerceandCareactivitiesandtofurtherstimulateourkeystrength:innovation &design.Wecannotwait.
MarkKooijCEO
Geldrop9april2015
Joha
nnesM
oree
lse:H
erac
litus
4 Coram Annual Report 2014
Introduction2014wasacrucialyearfortheCoramgroup.In2013itbecameclearthatarestructuring ofthegroupwasvitalinachievingasustainablerecoveryofprofitandcashflow. Therestructuring,whichstartedattheendof2013,hashadamajorimpactonour activitiesin2014.Thefirstmajoreffectsoftherestructuringmeasureswereclearlyvisible intheyearunderreviewandformthebeginningofsustainablerecoveryforthegroup.
Results 2014Thepositiveoperatingprofitfor2014amountedto€1.1million,animprovementof €7.1millioninrelationto2013whentherewasaoperatingprofitof-€6million.Thenetprofitforthefinancialyear2014wasa-€5.4million,partlyduetocostsforrestructuringandaone-offwrite-offofparticipatinginterests.Thetotalone-offcostsamounted €6.0million.Thecashpositionimprovedby€3millionandsolvencyremainedata ‘betterthanexcellent’level.
ObjectivesCoramN.V.hadthefollowingthreeobjectivesfor2014:1positiveoperatingprofit;2clearlyimprovedcashflow;3tolaythefoundationsforanewgroupstrategy.
Positive Operating ProfitThebalancein2014wasanoperatingprofitof€1.1million.Animprovementof€7.1millioninrelationto2013whentheoperatingprofitwas-€6million.
Clearly improved cash flow Thecashflowimprovedby€3million.NewfinancingwasconcludedwiththeINGand ABNAMRObasedonasset-basedfinancing.ThismadeitpossibletopayoffoutstandingcreditsandtheCoramgroupregainedstrengthforfurthergrowth.
Ourfirsttwoobjectiveswereachievedbywayoftheaboveresults.
To lay the foundations for a new group strategyAsalreadyindicatedintheintroduction,restructuringoftheCoramgroupwascrucial.
Thepointofdepartureforthisrestructuringwas:•thepotentialanddevelopmentofabusinessoractivity;•thecohesionandpossiblesynergywithothergroupcompanies;•cleargeographicalfocusonEurope.
5Coram Annual Report 2014
Thebusinessalsohadtofitintotwoofthefollowingcoreactivities:1bathroomproducts,consolidatedinCoramSanitair2industrialsupply,consolidatedinCoramTec
Asaresultoftherestructuringandfocusonthetwocoreactivities,companiesoractivitiesthatdidnotfittheprofileweredisposedof.ThesaleofDinotecinJune2014wasachievedwithapositivecashbalance.ThedisposalofCoramJapanhadalreadybeenachievedinNovember2013.Whilethefocusin2013wasstillondevelopmentoftheIndianmarket, in2014asaresultofthestrengthenedgeographicfocusonEurope,furtherinvestmentsinIndiawerehalted.Theseactivitiesrepresentedthedefinitebeginningoftherecoverystrategy,andtheCoramgroupcannowfocuscompletelyonitstwocoreactivities,namelyCoramSanitairandCoramTec.
Management StructureWithinthethirdobjectivethemanagementstructureofthegroupwasconsolidated byrecruitmentofaSalesDirectorandaMarketing&ProductDevelopmentDirector. Thisconsolidationwillbefurtherreinforcedin2015withtheplannedrecruitmentofanOperations&SupplyChainDirector.ThisthreesomewillberesponsibleforboththedailyoperationofTigerSealskinaswellasforthecorporaterolewithintheCoramgroup. ThefinancialbackofficeswerealsoplacedunderthemanagementofthecorporateCFO.
Rollingoutgroupsynergiesandexpandingexistingmarketpositionsrepresentsalarge potentialforimprovementforthegroupandactivities.
EggBV
,fullyprodu
cedan
dassembled
byDPI
6 Coram Annual Report 2014
The Group’s Core ActivitiesTheCoramgrouphastwocoreactivities:1CoramSanitair2CoramTec,whichincludesDPI
Coram SanitairCoramSanitairstrivestobecomeasignificantplayerinWesternEuropeinthebathroomproductsbranch.Animportantobjectivehereisthecoherencebetweenthedevelopmentofaccessoriesandintegratedcomprehensivesolutions.Theabilityofourproductsand solutionstostandoutisexplicitlyaresultofdesignandinnovation.OurbrandslikeGeesa,Tiger,Sealskin,EsbadaandImpeyplayanimportant,distinctiverole,inpositioninginthetrade,thedo-it-yourselfandtheE-commercechannels.
Coramrecognisestwodevelopmentsthatarestrategicallyveryimportant:1 Care 2 E-commerce
InordertocreateasstrongacompetitivepositionaspossibletheCoramcompaniesandactivitieswillbeintegratedevenfurther.Thiswillenablemaximumreturnstobeachievedfromthesynergyeffect.TheCoramgroupalsostrivestomaximiseitsbrandpositions.
CareDuetoanagingpopulationthereisanincreasingdemandforproductsandmaterials thatoffercomfortinthebathroomenvironment.Modificationsinthetoiletorbathroomareessentialforpeoplewithphysicaland/ormentalimpediments.Accessibilityremainsimportant.Bathsarethereforereplacedbywideshowerareas.Thedemandforproductslikeshowerseatsandbathorwallsupportsisgrowing.InthisarenaCoramfocussesonthefollowingtargetgroups,forwhomsocietalco-factorsareimportant:•largegroupofelderly;•theelderlyarelivinglonger;•livingself-sufficientlylonger;•moreself-sufficiencynecessaryanddesired;•stigmaonageingandinfirm.ThesefactorsarevalidinmostmarketsinwhichCoramisactive.
7Coram Annual Report 2014
InitsmarketstrategyCoramidentifiestwoimportanttargetgroupsintheareaofCare:
HomeCareTheover-sixtiesgroupisgettingolderandremainslivingindependentlylonger.Fromthepointofviewofsafetyandcomfortanumberofmodificationsaredesirable.Thistargetgrouprequiresnecessarymodificationsinthebathroomenvironmentinordertobeabletocontinuetofulfiltheirgeneraldailysanitaryneeds.Weseeitasourmissioninmakingacontributionhere.
ProfCarePeoplewithphysicaland/ormentalimpedimentsforwhommodificationsinthebathroomenvironmentareessential.
E-commerceThegrouprecognisesthegreatimportanceof(growing)E-commercechannelsandwouldliketofurtherproliferateasapreferredsupplierforthevariousE-commercechannels. Tothisfurtherinvestmentshavebeenmadein,amongstothers,SupplyChainandanactiveanddynamicContentManagementSystem.
Coram TecViathecompanyunitDPI,withbranchesinHelmondandGeldrop,thegrouphasalarge(development)capacityandexpertiseintheareaofinjectionmouldingandassembly. ThesetwosuccessfactorsmakeDPI‘morethanplastic’.OurgoalatDPIistoproliferatefurtherasafull-servicepartner,includinglogisticsfunctions.
Structuralcostsavingshavebeenachievedbyfurtherprofessionalisationoftheorganisation.
Care
Non care
Sanitary sales - care
DorelEurop
eb.v.,p
lasticpa
rtsprod
uced
byDPI
Prod
uctio
n
8 Coram Annual Report 2014
Development and Innovation Inthischapterwedescribethedevelopmentsandinnovationsofbothourcoreactivities.
Coram SanitairCoramSanitairaimsforaleadingroleindesignandinnovation.Importantaspectsinthisrespectare:•thechoiceofmaterials;•developmentsinthefieldofnewmaterialsand(production)techniques;•easeofuse;•thespiritoftheage;•unicityandoriginalityindesign;•durabilityandCSRproduction;•associatedtotalsolutions.
Inordertogivemorecontenttothisrole,relationshipswithleadingdesignagenciesanddesignersarebeingstrengthened.Itisimportantthatthedesignanddevelopmentphasebeshortenedfollowedbyreducedproductiontimesinwhichmass-customisation,reducedseriessizesandagileandhybridproductionformsbecomemoreprevalent.Thisisbecausethemarketcyclesanddemandcurveshavebecomemorewhimsicalandindividualistic undertheinfluenceofE-commerce.
9Coram Annual Report 2014
ImportantdevelopmentsforCoramSanitairintheyearunderreviewwere:•ThelaunchingofnewaccessorylinesunderthebrandnamesGeesaandTiger,likeThessa,Ramos,DanteandZapp.
•Theintroductionofnewbathfurniturelines,underboththeAntadoandTigerbrands.•TheexpansionoftheSealskinandTigerseriesintheareaofshowers.•ThedevelopmentinEnglandofanultra-thinshowerfloortosimplifytheinstallationinexistingbuildingstoprovideeasyaccessforpeoplewithdisabilities.
•WellnessgetsanewmeaningwiththeintroductionthisautumnoftheDalice,thenewXtremeWellnesscubicle.
Coram Tec AnimportantdevelopmentforCoramTecwastheimprovementoftheassemblyprocessintheareaofcontrol,qualitycontrolanddeliveryreliability.
Asecondimportantdevelopmentattheendof2014wastherelease,afterextensivetest-ing,ofanewEVAmaterialforproduction.AnewcompoundwasdevelopedinconjunctionwithaDutchpartnerthatgivesmanydegreesoffreedomindevelopment.
Prod
uctio
nlocatio
ninGeldrop
10 Coram Annual Report 2014
Organisation and PersonnelIn2014theorganisationfurtherdevelopedintheareaofpersonnel&organisation.ThepreviouslyinitiatedintegrationofthelogisticsandsupportservicesfortheGerman marketinourservicecentreinOverpelt(Belgium)wascontinued.TheresultwasthatthenumberofjobsinGermanywasfurtherreduced.AsaresultofthecontinuingrationalisationprocessanddisposaloftheDinotecgroup intheyearunderreviewthenumberofFTEsdroppedfrom733to670.
ThemanagementteamoftheholdingwasexpandedwithaSalesDirectoranda Marketing&ProductDevelopmentDirector.Theyfulfilacorporateroletopromote mutualcooperationbetweentheCoramcompaniesandmanagetheSales, Marketing&ProductDevelopmentdepartmentsatTigerSealskin.
AnewManagingDirectorwasappointedforCoramUKandtherecruitmentofa SalesDirectorfortheFrenchmarketwasfinalised.
2009 2010 2011 2012 2013 2014600
650
700
750
800
850
900 Number of FTEs
Senior Management of the Coram groep
11Coram Annual Report 2014
Anewconsultativebodywasinstalled:theGroupExecutiveCouncil(GEC).ThemanagementboardsofTigerSealskin,Geesa,CoramUK,DPIandthemanagementofCoramInternationalplayanactiveroleintheGECwithaviewtopromotinggroupsynergy.Thesemeetingswillcontinuein2015.Atleasttwiceayearconferencesarearrangedwiththeseniormanagementofthegroup.Theirobjectiveistoinvolvetopmanagementcloselyintheexecutionofthestrategy,basedonthematicpresentationsandworkshops.
Companiesanddepartmentsoractivitieswillincreasinglybeintegratedinordertoachievethemaximumsynergyeffectsandtherebyachieveasstrongacompetitivepositionas possible.Thefinancialback-officeshavebeenplacedunderthedirectmanagementoftheCoram InternationalCFOandaremanagedfromamorecentralposition.
EmployeeDevelopmentremainsakeyfocus.Anewgroupwideappraisaltechniquewasdevelopedandimplementedinordertobeabletofosterthedevelopmentofseniorandtalentedmanagement.Atcompanylevelvariousdevelopmentprogrammesareactiveandsocialactivitiesare stimulated.Well-trainedplastictechniciansareneededatCoramTec.ThishaspromptedstartinganinternalaccreditedtrainingforInjection-MouldingTechnicians.In2014eightpeople successfullycompletedthetraining.
Inallgroupcompaniesandcountriesabsenteeismwasbelowthegenerallyacceptedlevelsandnorms.Therehavebeennoaccidentswithfarreachingeffects.IntheyearsaheadmoreattentionwillbepaidtoEHS(Environment,HealthandSafety).Theageingdemographicofourpeopleinanumberofcompanieswillalsorequireextraattentioninthecomingyears;ontheonehandtokeeptheparticipationofolderwellexperiencedemployeesashighaspossibleandtoretainknowledgeandontheothersidetostimulatesufficientinfluxofyoungeremployees.
IntheframeworkofcomplianceamorestringentfoureyesprinciplehasbeenimplementedandtheCodeofConductrevitalised.
CSRTheCoramgroupstrivestoproduceitsproductswithintheframeworksofinternationalregulations.Ourobjectiveistobebetterthantheimposedminimumrequirements. Thegrouppracticesanactivepolicyinthisandinvestsinpeopleandresources.
IntheareaoflegalandregulatorycompliancewithregardstoReach,CE,FSEandDOP furtherstepshavebeentaken.AlsowithregardstoBSCI,moresuppliersarebeingscreenedtoensurethattheysatisfytheBSCIrulesinthecountriesinquestion.
12 Coram Annual Report 2014
Markets and Market Developments Coram Sanitair ThemostimportantmarketsfortheCoramgroupin2014weretheNetherlands,theUnitedKingdom,Belgium,Norway,Poland,GermanspeakingcountriesandFrance.
InWesternEuropetheproportionalageingofthepopulationisanimportantfactorinthedemandfromthevariousbathroomproductsmarketingchannels.CoramisalreadyplayingameaningfulroleinthisintheUnitedKingdomandwillactivelyrespondtothisdemandinotherWestEuropeancountries.
Theotherexportmarkets,withtheexceptionofRussia,remainstableoraredevelopingasexpected.Themarketforluxurycruiseshipsisalsoshowingapositivetrend.
WecouldnotyetimproveourpositionsinGermany,BelgiumandFrance.Wewillstronglyfocusourattentiononthisintheyearsahead.TherewillalsobeextrafocusonthePolishmarket.
The NetherlandsThegroup’simportantDutchmarketshowedstabilisationin2014forthefirsttimeinyears,followedbylightrecovery.Thiswasinspiteofthenewbuildofhousesstillbeingatan historicallow.TheturnovertrendatTigerandSealskinwaspositiveafteryearsofdecline.Bothorganisationsperformedbetterthanthemarkets(DIYandtrade)inwhichtheyoperate.TheturnoverofGeesaremainedstable.
GermanyTheobjectivefor2014wastostopfurtherturnoverlossesinGermanyandtoatleastachievethebudgettargets.Theturnovertrendremaineddisappointingdespiteabetterthanexpectedgrowthintheonlinesegment.
BelgiumTheBelgiumDIYmarketagainstruggledwithdecliningconsumerexpenditure.Theeffectofthiswasadisappointingturnovertrendandtheinabilitytoachievethetargets.
The Netherlands
Belgium
Other E.U. Members
Other European countries
Outside Europe
13Coram Annual Report 2014
United KingdomIn2014theimportantEnglishmarketcontinuedtogrowevenfurther,afteritsrecoveryin2013.ThepubliccaresectorintheUKremainedstablewithagrowthofcareprojectsintheprivatesector.Wewereabletofurtherimproveourpositioninbothcaresectors.
NorwayInNorwaywewereabletostronglyimproveourpositioninastablemarketwithfocussedandproactivemarketing.Thistrendbeganin2013.
PolandInPolandourpositionintheDIYmarketshowedslightimprovement.Inourothersaleschanneltheturnoverdroppedduetothelossofalargeaccount.
E-commerce TheE-commercechannelsalsoplayanimportantroleinthesaleofbathroomproducts. ThegrouprecognisesthisandhasthereforestrengtheneditstiesintheyearunderreviewwithimportantnationalandEuropeanE-commerceplayers.TheroleofthelargegenericnationalandinternationalE-tailersisbecomingincreasinglyprominentintheEuropeanmarket.Thegrouphasrespondedtothisbyenteringintoneworclosercooperationwithimportantplayers.Requiredchangestocontentmanagement,supplychainandorganisationarebeingprepared.ConspicuousinthissegmentwassalesofthemoretraditionalDIYproductswereontherise,andthissegmentissubsequentlyassuminganincreasinglylargecompetitive positioninrelationtotheofflineDIYsuppliers.
DevelopmentsTheintroductionofnewshowercubicles,modernisingtherangeofshowercurtainsandbathmats,expandingtheofferingoftoiletseats,newseriesofaccessoriesandmanysalescampaignswithbuyers,aimedatstimulatingconsumerstobuy,willhaveapositiveeffectontheturnover.
Coram Tec2014startedslowlyforCoramTec(DPI).Inthe2ndhalfoftheyearhigherturnoverledasyettotheyearclosingwitharecordturnover.Afteraclearlyweakstartthenumberof applicationsfornewprojectsgrewinthesecondhalfoftheyear
14 Coram Annual Report 2014
OutlookInthischapterwewillprovideinformationabouttherestructuringandwewilllookaheadat2015.
Organisational Restructuring, Cooperation and IntegrationTherestructuringthatwasstartedin2013,andlargelycompletedin2014,willbegiven furthershapein2015bywayofplannedintegrationsoforganisationsandclosercoopera-tionbetweenbusinessunits.Thepremiseistoachieveeconomiesofscaleintherelevantactivitiesandprocessesinordertoimprovethecompetitivepositionoftheentiregroup.Importantareasofattentionareback-offices,supplychain,sales,marketingandproductdevelopment.DeliverytoourGermanbuyerswasfullyintegratedintoourlogisticscentreinOverpeltin2014.InordertomakemoreuseofthepotentialofthePolishmarketitwillbeimportantto devotemoreattentiontoeffectingfurtherintegrationofourcompaniesandactivities.
Outlook 2015For2015theemphasiswillbeon:
E-commerceTheimplementationofadynamiccontentmanagementsystem:PIM(ProductInformationManagementSoftware).InaPIMallproductdatawillberecordedinauniformandaccessiblelayoutandenhanced.ThiswillmakeitpossibletoeffectivelyandefficientlyprovidewebshopswithcontentinordertofurtherexpandourpositionsontheE-commercemarketandwithlargeE-tailers.
Design & InnovationRenewedproductsandconceptswillbelaunchedthataddnewvaluesfortheconsumer.Therewillbeextraattentionfortheageingconsumerwhoremainsself-sufficientforlongerandwhorequiresmodificationstothebathroomfittingsinordertobeabletoremainself-sufficient.
BrandsOurbrandportfoliowillbeanalysedandredefined,afterwhichtheremainingbrandswillbere-positionedstrongerandcommunicatedwithrenewedvigour.
ExpectationsWithanunchangingstablemacro-economicclimateinWesternEuropeapositivenetresultcanbeexpectedin2015;irrespectiveoffurthercostsforrestructuring.Theinvestmentsin2015willremainatthesamelevelasin2014.Thecooperationwithinthegroupwillcontributetotherecoveryofprofits.
InspiteofsomewhatshakyeconomiesinWesternEurope,Coramconsidersthedevelop-mentsinthemarkettobelightlypositive.
Currencyswingsposelargerisks.
15Coram Annual Report 2014
16 Coram Annual Report 2014
Consolidated Balance Sheet as at December 31, 2014*
Assets 31 December 2014 31 December 2013
Fixed assets 25,717,733 28,721,501
Intangible fixed assets 0 0
Consolidation differences 4,842,630 5,447,767
Tangible fixed assets 20,875,103 23,267,954
Landandbuildings 14,467,381 15,418,937
Installations,machineryandequipment 4,978,159 5,687,304
Furnitureandautomotiveequipment 1,239,270 1,869,765
Leasingandrelatedrights 63,603 77,931
Othertangiblefixedassets 3,420 3,420
Assetsunderconstructionandassetsordered 123,270 210,597
Financial fixed assets 0 5,780
Companiesvaluedatequitymethod 0 5,780
Participations 0 5,780
Current assets 45,969,105 49,273,319
Receivables of more than one year 160,882 172,085
Otherreceivables 160,882 172,085
Inventories and work in progress 18,995,757 23,123,734
Inventories 18,995,757 23,123,734
Rawmaterialsandancillarymaterials 3,975,107 4,314,299
Semi-manufacturedproductsandwork
inprogress 822,363 776,830
Finishedproducts 2,655,786 2,905,077
Tradeproducts 11,542,501 15,127,529
Workinprogress 0 0
Receivables of maximum one year 21,271,962 23,216,385
Tradereceivables 17,973,303 19,389,348
Otherreceivables 3,298,659 3,827,037
Cash in banks and on hand 4,974,398 2,126,831
Prepayments 566,106 634,284
Total assets 71,686,838 77,994,820
17Coram Annual Report 2014
Equity and liabilities 31 December 2014 31 December 2013
Stockholders’ equity 30,144,463 35,303,040
Capital 11,920,473 11,920,473
Capitalstock 11,920,473 11,920,473
Share premium 5,714,782 5,714,782
Consolidated reserves 14,934,529 20,326,750
Translation differences -2,425,320 -2,658,964
Minority interest -0 -7,598
Minority interest -0 -7,598
Equialization accounts 0 0
Provisions and deferred taxes 2,752,345 3,288,107
Provisions and deferred taxes 2,752,345 3,288,107
Provisionsforrisksandexpenses 2,752,345 3,288,107
Pensionsandcomparableobligations 1,766,633 1,728,743
Otherrisksandexpenses 985,712 1,559,364
Deferredtaxes 0 0
Debts 38,790,030 39,411,270
Debts of more than one year 6,991,642 7,011,481
Financialdebts 6,991,642 7,011,481
Subordinatedloans 6,947,603 6,947,603
Leasingdebtsandsimilardebts 44,039 63,878
Creditinstitutions 0 0
Debts of maximum one year 31719510 32360108
Debtsofmorethanoneyearthatare
currentwithinoneyear 1,740,400 1,740,400
Financialdebts 11,097,787 11,177,186
Creditinstitutions 11,097,787 11,177,186
Accountspayabletrade 7,623,035 8,102,698
Suppliers 7,623,035 8,102,698
Receivedprepaymentsonorders 0 0
Debtsrelatedtotaxes,remunerationsand
socialsecuritycharges 6,187,281 6,386,039
Taxes 3,594,214 3,752,683
Remunerationsandsocialsecuritycharges 2,593,067 2,633,356
Otherpayables 5,071,007 4,953,785
Accruals 78,878 39,682
Total equity and liabilities 71,686,838 77,994,820
*allamountsineuro
18 Coram Annual Report 2014
Consolidated Profit and Loss Account as at December 31, 2014*
31 december 2014 31 december 2013
Operating Income 121,212,370 129,597,701
Netsales 120,810,122 130,083,452
Changeofsemi-manufacturedproductsworkinprogress,
finishedproductsandproductsordered(increase+,decrease-) -269,864 -1,341,317
Otheroperatingincome 672,112 855,567
Operating expenses -120,091,938 -135,615,051
Costofgoodssold,rawandancillarymaterials 60,054,160 66,514,124
Purchases 64,249,099 73,538,776
Changeofinventory(increase-,decrease+) -4,194,939 -7,024,652
Servicesandothergoods 26,459,320 30,444,593
Remunerations,socialsecuritychargesandpensions 30,179,917 33,026,137
Depreciationanddecreaseinvalueofformationexpenses,
ontangibleandintangiblefixedassets 3,287,409 3,947,216
Decreaseinvalueofinventories,workinprogressandtradereceivables -1,006,123 255,058
Provisionsofrisksandexpenses(addition+,expenditureandreverse-) -173,318 -195,075
Otheroperatingexpenses 375,138 381,731
Depreciationonpositiveconsolidationdifferences 915,436 1,241,268
Operating result before financial income and expenses 1,120,432 -6,017,350
Financial income 634,819 261,864
Financialincomefromfixedassets 971 0
Financialincomefromcurrentassets 126,859 261,864
Otherfinancialincome 506,989 0
Financial expenses -890,171 -1,020,537
Financialexpensesfromcurrentassets 655,645 614,059
Otherfinancialexpenses 234,526 406,478
Operating result before income taks 865,080 -6,776,022
Extraordinary charges -5,985,431 -3,675,148
Extraordinarydepreciationchargeonpositiveconsolidationdifferences 0 822,806
Provisionsforextraordinarylliabilitiesandcharges:
additions(expenditure) 1,048,570 862,444
Lossesondisposaloffixedassets 4,936,861 1,989,898
Result of the year before income taks -5,120,351 -10,451,170
Change in deferred taxes 0 48,758
Income tax -276,388 166,726
Incometax 276,388 -166,726
Net result -5,396,739 -10,235,686
Consolidated result
Shareofthirdparties -4,518 -35,550
Share of the group -5,392,221 -10,200,136
19Coram Annual Report 2014
Schedule of Tangible Fixed Assets*
Schedule of Consolidated Reserves*
Assets under
Installations, Furniture and Leasing Other construction
Land and machinery and automotive and related tangible and advanced
buildings equipment equipment rights fixed assets payments
Purchase price
Asasttheendofpreviousfinancialyear 35,701,754 38,271,816 14,236,999 89,405 14,757 210,597
Changesduringthefinancialyear
Additions 19,597 705,108 381,160 0 0 14,286
Transferanddisposals -65,847 -554,848 -2,317,450 -12,419 0 -14,164
Reclassifications 0 17,000 72,257 0 0 -89,257
Exchangeratedifferences 92,808 460,419 113,772 -2,227 0 1,809
Otherchanges 0 0 0 0 0 0
As at the end of the financial year 35,748,312 38,899,494 12,486,739 74,759 14,757 123,270
Excess value 0 0 0 0 0 0
Depreciation and decrease in value
Asattheendofpreviousfinancialyear 20,282,817 32,584,512 12,367,228 11,474 11,337 0
Changesduringthefinancialyear
Posted 989,633 1,504,799 792,979 0 0 0
Writtenoffaftertransferanddisposals -21,343 -523,094 -2,003,182 0 0 0
Reclassification 0 0 0 0 0 0
Exchangeratedifferences 29,825 355,119 90,444 -318 0 0
Otherchanges 0 0 0 0 0 0
Asattheendofthefinancialyear 21,280,932 33,921,335 11,247,469 11,156 11,337 0
Net book value as at the end of
the financial year 14,467,381 4,978,159 1,239,270 63,603 3,420 123,270
Consolidated reserves as at the end of previous financial year 20,326,750
Changesduringthefinancialyear:
Thisyears’consolidatednetresult -5,392,221
Otherchanges
Paymentofdividend 0
Consolidated reserves as at the end of the financial year 14,934,529
*allamountsineuro
20 Coram Annual Report 2014
Schedule of the Consolidation Differences after Applying the Net Asset Method*
Schedule of Debts*Breakdownofthedebtswithanoriginaltermofmorethanoneyear,accordingtotheirremainingterm
Differences after applying
Consolidation differences the net asset method
1.Positive 2.Negative 3.Positive 4.Negative
Net book value as at the end of the financial year 5,447,767 0 0 0
Changesduringthefinancialyear
Increasepercentageofparticipation 0 0 0 0
Depreciation -915,436
Otherchanges 310,298 0 0 0
Net book value as at the end of the financial year 4,842,630 0 0 0
Debtswitharemainingtermof
Maximum More than one year More than
one year and maximum five years five years Total
Financial debts
Subordinatedloans 1,740,400 6,947,602 0 8,688,003
Leasingdebtsandsimilardebts -0 44,040 0 44,039
CreditInstitutions 0 0 0 0
Otherlongtermdebts 0 0 0 0
Total 1,740,400 6,991,642 0 8,732,042
21Coram Annual Report 2014
Results*
Net sales Financial year Previous financial year
Total net sales of the group within Belgium 7.962.647 9.820.110
Average number of employees and personnel expenses Financial year Previous financial year
Average number of employees 670 733
Workers 299 319
Clerks 359 397
Managingboard 12 17
Others 0 0
Personnel expenses
Remunerationandsocialsecuritycharges -27,687,653 -30,765,640
Pensions -2,492,264 -2,260,498
Average number of Belgian employees 50 47
Financial relations with the managing board of the consolidated companies (in euro) Financial year
Totalamountofthepaidremunerationfortheirworkattheconsolidatedcompanies,
subsidiariesandaffiliatedcompanies,includingtheamountconcerningtheretiringpension
forthemanagingboard. 119,256
Totalamountoftheadvancedpaymentsandgrantedcreditbytheconsolidatedcompany,
subsidiaryoraffiliatedcompany. 0
*allamountsineuro
22 Coram Annual Report 2014
5- year Summary
Consolidated balance sheet in thousands of euros
Key figures
CoramN.V.
Assets 2014 2013 2012 2011 2010
Intangiblefixed
assets 4,843 5,448 7,826 8,889 9,898
Tangiblefixedassets20,875 23,268 26,343 25,096 27,275
Current assets
Inventories 18,996 23,124 30,969 33,421 30,685
Receivables 21,999 24,029 29,130 31,327 34,454
Cashinbanksand
onhand 4,974 2,127 3,285 7,119 5,622
71,687 77,995 97,555 105,851 107,934
CoramN.V.
Equity and liabilities 2014 2013 2012 2011 2010
Capitalstock 11,920 11,920 11,920 11,920 11,920
Reserves 23,616 33,583 37,795 42,065 37,864
Unallocatedprofit -5,392 -10,200 -3,293 -4,878 5,663
Stockholders’equity 30,144 35,303 46,422 49,107 55,447
Minorityinterests 0 -8 28 583 561
Provisionsand
Equialization
accounts 2,752 3,288 2,669 4,223 2,632
Longtermdebts 6,992 7,011 8,686 6,011 9,832
Accountspayable 31,798 32,400 39,746 45,928 39,462
71,687 77,995 97,553 105,852 107,934
CoramN.V.
2014 2013 2012 2011 2010
Equity/totalassetsration 0.42 0.45 0.48 0.46 0.51
Returnoninvestment(afterincometax) 2% -19% -7% -10% 10%
Returnontotalinvestment
(beforeinterest,incometaxandextraordinaryresult) 2% -8% -3% -3% 9%
Netresultin%ofoperatingincome
(operatingincomeexclusivetheitemchangeininventories) -4.4% -7.8% -2.3% -3.2% 3.4%
Grossoperatingresultin%ofoperatingincome
(operatingincomeexclusivetheitemchangeininventories) 1% -5% -2% -2% 6%
Operatingincomeperemployee(euro)
(operatingincomeexclusivetheitemchangeininventories) 181,290 178,573 183,313 187,479 211,230
Personnelexpensesperemployee(euro) 45,038 45,041 44,227 45,844 44,241
Inventoriesin%operatingincome
(operatingincomeexclusivetheitemchangeininventories) 16% 18% 21% 22% 18%
23Coram Annual Report 2014
Consolidated profit and loss accounts in thousands of euros
CoramN.V.
2014 2013 2012 2011 2010
Operating Income 121,212 129,598 143,018 153,920 168,423
Rawmaterialsetc. 59,717 65,994 72,582 75,553 79,059
Personnelexpenses 30,180 33,026 34,232 37,638 35,437
Depreciaton 3,287 3,947 4,061 4,353 4,224
Otherexpenses 26,906 32,648 35,000 39,778 40,155
Operating expenses 120,091 135,615 145,875 157,322 158,875
Gross operating result 1,121 -6,017 -2,857 -3,402 9,548
Interestexpenes 256 759 804 820 164
Operating result before income tax 865 -6,776 -3,661 -4,222 9,384
Incometax 276 -215 -352 618 3,640
Operating result after income tax 589 -6,561 -3,309 -4,840 5,744
Extraordinaryresultafterincometax -5,985 -3,675 0 0 0
Net result -5,397 -10,236 -3,309 -4,840 5,744
Shareofthirdparties -5 -36 -16 38 81
Shareofthegroup -5,392 -10,200 -3,293 -4,878 5,663
24 CoramAnnualReport2014
Coram International B.V.
P.O.Box11,5660AAGeldrop
www.coram.nl
Tel. +31-(0)40-2809804
Fax +31-(0)40-2809899
Coram N.V.
Stuifzandstraat38,3900Overpelt
Tel. +32-(0)11-665005
Fax +32-(0)11-640853
Coram Sanitair
BelgiumCoram België N.V.
Stuifzandstraat38,3900Overpelt
Tel. +32-(0)11-665005
Fax +32-(0)11-640853
FranceParalux S.A.S.
1,RuedelaForet
77140Saint-Pierre-les-Nemours
Tel. +33-(0)16-4455290
Fax +33-(0)16-4780915
Nouvelle Societe Jedo S.A.S.
26ruedelaCourbe,BP66
88162LeThillotCedex
www.jedo.com
Tel. +33-(0)3-29257196
Fax +33-(0)3-29257195
Group Structure and Contact
Coram Group CEODrs.M.G.Kooij CFOC.Wouters Coram International B.V. - Geldrop (The Netherlands) BoardofDirectors:Drs.P.Verveen,Ir.D.Boers100%subsidiaryCoramN.V. CEODrs.M.G.Kooij CFOC.T.WoutersQC Coram N.V. te Overpelt (Belgium) CEODrs.M.G.Kooij parentcompany B.Speijers(till1April2015) Allcompaniesarea100%subsidiaryofCoramInternationalB.V.,exceptforCoramBelgium.
GermanyCoram Deutschland GmbH
Ravenstrasse38,41334Nettetal
Tel. +49-(0)2157-12090
Fax +49-(0)2157-132271
Great-BritainCoram Showers Ltd.
StanmoreInd.Estate,Building3
Bridgnorth,Shropshire
WV155HP
www.coram.co.uk
Tel. +44-(0)1746-766466
Fax +44-(0)1746-764140
Impey Showers Limited
ConquestBusinessPark
Ilton,Somerset
TA199EA
www.impeyshowers.com
Tel. +44-(0)1460-256080
Fax +44-(0)1460-259800
Coram Shower Pods Limited
32MileEndRoad
Colwick,Nottingham
NG42EE
www.coramshowerpods.co.uk
Tel.+44-(0)1159-400644
Fax+44-(0)1159-400655
NorwayLjungmann Engros A/S
Industriveien19,1481Hagan
www.ljungmann.no
Tel. +47-67077470
Fax +47-67060678
PolandCoram Poland Sp.zo.o.
ul.Beldan4,PL-02-695Warschau
www.coram.pl
Tel. +48-(0)22-8991540
Fax +48-(0)22-8991539
BartDeko Sp.zo.o
Beldan4,PL-02-695Warschau
www.planbd.pl
Tel. +48-(0)22-8991540
Antado Sp.zo.o
Ul.Mlynska1/3,PL-83-010Straszyn
www.antado.pl
Tel. +48-(0)586910111
Fax +48-(0)586820427
The NetherlandsGeesa B.V.
Vanadiumweg2,3812PZAmersfoort
www.geesa.nl
Tel. +31-(0)33-4633214
Fax +31-(0)33-4637186
Tiger Products B.V.
P.O.Box11,5660AAGeldrop
www.tiger.nl
Tel. +31-(0)40-2809803
Fax +31-(0)40-2809889
Tiger Nederland B.V.
P.O.Box11,5660AAGeldrop
www.tiger.nl
Tel. +31-(0)40-2809803
Fax +31-(0)40-2809889
Van Loon/Sealskin B.V.
P.O.Box6,5140AAWaalwijk
www.sealskin.nl
Tel. +31-(0)416-672672
Fax +31-(0)416-672600
Coram Tec
The NetherlandsDPI B.V.
P.O.Box111,5660ACGeldrop
www.dpi.eu
Tel. +31-(0)40-2809808
Fax +31-(0)40-2809849
