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2010

Facts & Figures

The Year of Awards

www.hansgrohe.com

Cont ents

Facts & Figures
2010

Foreword 3 Looking back 4 Strategy 6 Investments 8 Focus Investing in growth 10 Brands and innovations 12 Focus “Feel Free to Compose” 14 2010 product highlights 16 Focus Germany’s most beautiful shower 2010 22

Markets 24 Focus India – a market with enormous potential 26 Landmarks in 2010 28 Employees 38 Focus Disseminate knowledge, establish networks 42 Supervisory Board and Executive Board 44 Outlook 45 Group figures, subsidiaries and publishing information 46

Ove r view

Hansgrohe Group – at a glance
Sales € 693 million EBIT € 129 million Profit for the year € 94 million SUSTAINABLE GROWTH FIVE STRATEGIC APPROACHES 1. Innovation and design Extending our lead in innovation and design 2. Global Speed Expanding our international market presence and further development of the emerging markets business model 3. Quality and productivity Increasing product quality and establishing a ’Global Production Balance’ 4. Lean Business Processes Internationalization and streamlining of business processes to improve customer service Mature markets + 9% Emerging Markets + 26% Sales of new products 27% 5. Organization Further development of corporate organization and international personnel development

KEY FIGURES AND RATIOS Productivity + 3% Working Capital Days 70 Sales revenues per employee + 9%

Ove r v iew

A growth market in 2010: India.

Hansgrohe the industry leader in design again in 2010.

Investing in growth a key strategic component again in 2010.

In focus: Systematic training and advanced qualifications for employees.

Launched in 2010: Axor Bouroullec – “Feel Free to Compose.”

Edi t or ial

2010 – the year of awards

Siegfried Gänßlen

The global economy returned to growth in 2010. During the first six months of last year especially, economies around the world developed a strong momentum. India and China were the main drivers of the global economy, with the euro zone and the United States recording more moderate gains. One noticeable effect here was that many of the stimulus packages launched in 2009 ran out last year. Other effects dampening expectations and slowing the return to growth were the fluctuations in the euro exchange rate and the excess debt carried by some countries. For the Hansgrohe Group, the first year following the global crisis in the economic and financial markets turned out better than expected. In spite of continuing instability in general economic conditions, we were able to return to growth in all regions. We succeeded in recording growth even in markets that were particularly hard hit by the economic crisis, such as Spain, the United States and Great Britain. The international business, which had suffered most as a result of the crisis, picked up considerably on the back of a slightly weaker euro. However, the signs also pointed to renewed growth in the German market over the last financial year. The Hansgrohe Group accordingly recorded a positive result overall for fiscal 2010. What is particularly encouraging here is that, together with our customers and market partners, we were able to exceed the levels of sales and earnings we had achieved before the crisis struck, and we ended the year recording new record levels for both. The timely implementation of appropriate measures and the intensification of the cooperation with our customers in an effort to counter the impact of the global recession paid off in the end. It is no simple coincidence that the performance of the Hansgrohe Group exceeded the industry average in many markets. As it was, our order receipts for the period under review remained at a high level throughout. Demand for our mixers and showers was in fact so high that we had to introduce additional shifts in virtually all our manufacturing plants. To boost our workforce to the level required, we created a total of 113 new jobs at our German locations alone in 2010. At the same time, we launched a program of expansion for
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our plants in Offenburg and Schiltach in the fourth quarter of 2010. By 2013 we will have invested around € 31 million in the expansion of our production. In doing so, we are creating the preconditions for further growth and new jobs as business continues to develop. We are laying the foundations for this growth through the ongoing development of new products that are innovative both in terms of the technology they incorporate and their design – like the Raindance range of showerheads, the PuraVida range of bathroom products, the iBox universal, whose 10-year anniversary we celebrated in 2010, and the designer collections from Axor. And we are doing it with some success, as is demonstrated by the string of awards presented to Hansgrohe by independent judging panels again last year. These include the highest recognition for good design there is in Germany, the Design Award of the Federal Republic of Germany, the top spot in the corporate rankings of the International Forum Design, and the “Axia-Award 2010” for outstanding entrepreneurial achievements in the category “Culture of Innovation.” They represent proof of the innovative strength of Hansgrohe, and together they made fiscal 2010 the Year of Awards for us. Schiltach, April 2011

Siegfried Gänßlen Chairman of the Management Board Hansgrohe AG

Looking bac k

Growth in a volatile environment
In 2010, large sections of the global economy recovered sooner than expected from the dramatic slump of the preceding two years. A range of indicators are pointing towards a sustained upturn, despite the fact that the momentum faded slightly in the second half of the year, and the world’s largest economy, that of the United States, has still not returned to its former strength. The export business, which had suffered the most, recovered lost ground during the period under review. The same is true for the construction sector, which picked up considerably, especially in the BRIC countries. This also benefited Hansgrohe AG (www.hansgrohe.com) over the last financial year. With branches in 37 countries on all the continents, Hansgrohe is one of only a few global players in the sanitation industry. The fittings and shower manufacturer headquartered in Schiltach in the Black Forest was able to increase sales and earnings to new record levels last year. Total net sales of € 693 million (2009: € 610 million) for the last financial year more than offset the drop in business volume suffered the previous year. The increase in sales of 13.5 percent over the previous year – 11.1 percent after adjusting for currency effects – came out of growth in both our domestic and international business, across all distribution channels. In the international project business in particular, it was clearly noticeable that construction activity, which had contracted in many places in the previous year, especially in the boom markets of the Middle and Far East, picked up considerably once again in 2010. It was therefore mainly these so-called emerging markets with their double-digit growth rates that made a major contribution toward the positive business performance outside Germany. Total international sales rose by 14.7 percent during the reporting period, to € 539 million (2009: € 470 million), resulting in an increase in the contribution to total net sales of 78 percent (2009: 77 percent). It is particularly encouraging that the positive performance of the domestic business recorded the previous year continued in 2010. With growth of 10 percent over 2009, net sales in the domestic market rose to € 154 million (2009: € 140 million). The increase in sales generated and the systematic process optimizations all contributed to continued improvement in earnings before interest, taxes, depreciation and amortization for the Hansgrohe Group, in spite of significantly higher prices for materials. At the December 31, 2010 cut-off date, it amounted to € 154 million (2009: € 140 million). The EBITDA margin of 22.2 percent maintained the high level of the previous year (2009: 22.9 percent).

Hansgrohe Group Consolidated Net Sales

660

668

700

600

500 520 435 76% 300 79% 531 80% 539 470 77% 78%

400

200

100

569

610
140 23% 2009

134 24%

140 21% 2007

137 20% 2008

693
154 22% international national 2010

0 2006

4

Looking bac k

Contribution to total sales from foreign business 2010: 78% 2009: 77% Net income 2010: € 94 million 2009: € 82 million

Innovative products ensure success.

Shower pleasure – synonymous with Hansgrohe in over 130 countries.

5

S t r at e gy

Innovative strength meets internationalization
Thanks to its strategic orientation, when the economy started to pick up again, Hansgrohe AG already had foundations in place allowing it to exploit new opportunities for growth. A contributing factor here was that the Company unswervingly pursued its fundamental strategy even during the crisis year of 2009, employing intelligent cost management in an effort to maintain investments in growth areas. The objectives of boosting its innovative strength, targeted internationalization in developing its markets, and systematic improvements to efficiency and process optimizations were again the decisive factors in returning the enterprise to profitable growth internationally, in further improving its competitive standing, and in strengthening its position in numerous markets during the period under review. The innovative strength of Hansgrohe is the product of a culture of innovation that has been nurtured over decades. The tried-andproven close cooperation continued between manufacturing specialists, developers, product managers and external designers who are also contributing new ideas based on their work for businesses in other industries. In addition, when developing new products the focus at Hansgrohe AG is always on increasing the benefit for customers, out of a conviction that for customers the quality of an innovation depends on the extent to which it makes their life easier, more efficient and more enjoyable. This not only allows new products to be developed and brought to market in a relatively short time, it also ensures that the Company is constantly able to set new trends by launching innovative products that meet market and consumer demand. It is therefore no coincidence that in 2010 over 27 percent of total net sales were again generated by mixers, showers and shower systems that have entered the market within the last three years. In addition, Hansgrohe AG consistently pursued efficiency, productivity and quality improvements in all areas during the last financial year by deploying innovative processes and intelligent technologies. For example, the commissioning of additional hybrid assembly lines and the continued changeover to assembly line production boosted flexibility in manufacturing and increased throughput in production. The use of chip- and sensor-controlled RFID technology simplified and speeded up logistics processes. Electronic connections between customers and suppliers were also enhanced through the creation of special web portals. The strategic IT platform based on the Hansgrohe ERP system provided the prerequisites for standardizing and networking processes within the Group of companies to allow transparency of information along the entire valueadding chain. All essential business transactions for operational procurement are not handled electronically. By fully digitizing the processing of customer orders, which in 2010 accounted for about half of all orders, it was possible to streamline processes for electronically connected customers as well as within the Hansgrohe Group itself, and to further optimize the quality of delivery. These and other measures implemented as part of the “Hansgrohe Plus 21” efficiency enhancement program allowed the Hansgrohe Group to realize savings in the order of more than € 19 million in 2010; at the same time, productivity was improved by 3 percent over the previous year. This gives additional scope for accelerating the development of international markets. At the beginning of 2010 the Company opened a new branch in Abu Dhabi, the second in the Gulf region. The establishment of a subsidiary in Brazil means that the Hansgrohe Group now has representative offices in all the BRIC countries.

Productivity 2010 + 3% Contribution to total sales from new products 27%

6

S t r at e gy

Innovative technologies and future-oriented design by Hansgrohe were on display no fewer than four times at the World Expo 2010 in Shanghai.

Success through internationalization: Hansgrohe AG opened additional branches in 2010, for example in Abu Dhabi.

7

Inve s t me nt s

Expanding potentials, boosting capacities
The investment volume of the Hansgrohe Group for the last financial year amounted to € 33 million (2009: € 23 million), matching the previous all-time high in 2008. As in the preceding years, the bulk of capital spending – € 29 million – went to the German locations, which produce around 80 percent of the entire manufacturing output measured in terms of sales. The priority here was to expand the potential for innovation and increase manufacturing capacities. Accordingly, a large proportion of the investments went first into tools and equipment for new products; and second into the expansion of basic brass manufacturing, the expansion of the mixer plant in Offen burg with the construction phase commencing at the end of 2010, and the increase in electroplating capacities. During the reporting period the Company also implemented numerous modernization and rationalization measures in production and logistics in an effort to streamline processes so as to improve cost structures. A major focus last year was on optimizing the Company’s environmental performance and the sustainable use of resources. For example, in the plastic electroplating facility in Offenburg, the Company was able to completely eliminate the use of perfluoroctylsulfonate (PFOS), and to improve the work flow in such a way as to achieve significant reductions in energy use and in the volume of waste water. Moreover, the installation of UV lamps reduced fresh water consumption by more than half a million liters per year. These measures also helped the German locations renew their certification in accordance with the internationally recognized standards ISO 9001 (Quality), ISO 14001 (Environmental Protection) and OHSAS 18001 (Occu pa tional Health and Safety) in 2010. Thanks to the sound earnings situation, it was possible to fund these investments from cash flow.

Research and development expenses € 16 million

Hansgrohe Group Investments*

33

35.0

32

26

30.0 10 25.0

5

6 20.0 4

15.0 22

23
28 29 19 international national

10.0

20

5.0

33
4 * including leasing 2009 2010

0.0 2006 2007 2008

8

Inve s t me nt s

Investing in the protection of resources: At the Offenburg shower plant, new technologies saved more than half a million liters of water in 2010.

Working Capital Days 2010: 70 days 2009: 65 days 2008: 70 days

Electroplating work flows improved and more sustainable.

9

Focus

Investments in growth

Still a construction site in 2010: The extension of the mixer plant in Offenburg is going up in an area covering 2,400 m².

In view of the rapid recovery of the global economy starting at the end of 2009, a key task during the period under review was to adapt manufacturing capacities to match the jump in demand within a short time. Because Hansgrohe AG, unlike other companies, had chosen not to cut staff or downsize production during the crisis, it was possible to increase the output of all the manufacturing plants without delay and so keep pace with the market. It was nevertheless necessary to expand the shift structure, and many extra shifts had to be worked in order to meet the increased demand. To lay the foundations for further growth, Hansgrohe AG will be investing a total of € 31 million in the expansion of production capacities between now and 2013. Of this, over € 21 million will be spent on the German locations. In doing so, the Black Forest-based bathroom and sanitation specialist is counting on the fact that the “Made in Germany” seal of quality will make a difference in the all-important international market, where German quality and craftsmanship are major selling points. It is no coincidence that, despite an export ratio of nearly 80 percent, the Company generates the bulk of its sales revenue through mixers and showers manufactured in Schiltach and Offenburg. In the various stages in the expansion of capacities started in 2010, the first step is to boost the output of basic brass manufacture by 50 percent, followed by improvements to the production processes in the mixer assembly and the expansion of the plastic electroplating facility. Hansgrohe AG began the expansion of its mixer production facility at the Offenburg location at the end of 2010. The expansion of the manufacturing hall by 2,400 square meters is scheduled for completion in the early summer of 2011. This mixer factory – built just three years ago and, with the new extension, covering a total area of
10

8,000 square meters – is where the highly successful Talis and Metris products are manufactured. State-of-the-art technologies are used here because they make it possible to constantly improve process efficiency. This means the six German manufacturing plants can operate at costs that make them internationally competitive and at the same time they can benefit from the advantage of being located in Germany. The mixer and shower specialist from the Black Forest also plans to expand the manufacturing plant in Shanghai. The reason is the extraordinarily dynamic growth in the economy of the “Middle Kingdom.” To exploit this impetus for growth, Hansgrohe will be expanding its production of mixers for East and Southeast Asia, with about € 9 million earmarked for this purpose over the next three years. At the same time, and provided business performance remains positive, the planned capital spending will lead to the creation of new jobs, especially in Germany. During the last financial year, 113 new jobs were created at Hansgrohe’s German locations alone, and this despite the fact that no job cuts or short-time work measures were introduced even during the crisis year of 2009.

Production “Made in Germany”: high-tech manufacturing results in greater efficiency and competitiveness. 11

B r ands and inn ovat ions

Trends set, sales boosted

The growth achieved during the last financial year was driven entirely by gains made by the two main brands of Hansgrohe AG, namely Hansgrohe and Axor. The premium brand Hansgrohe (showers, bathroom and kitchen mixers as well as thermostat and plumbing technology) recorded a particularly large surge in sales, whereas the designer brand Axor (complete designer collections for individually taylored bathrooms) improved only slightly, year-on-year. The environmental brand, Pontos (fully automated grey water recycling and heat recovery technologies), was unable to achieve growth for the first time since it was established nine years ago. The wellness market also failed to benefit from the recovery in the global economy and continued on its downward trend in 2010; this resulted in a contraction of the business volume generated by the wellness brand, Pharo (shower and wellness systems). Within the Group of companies, the Hansgrohe brand profited most from the economic recovery. With an increase in sales of 18 percent, the brand posted an all-time high. Disproportionate growth was recorded in the business volume of the mixer segment. This means that the trend seen in previous years continued and accelerated in 2010: Hansgrohe generates more business with mixers than with showers. As a result, the brand further consolidated its position as the world’s leading manufacturer of quality mixers. Hansgrohe benefited particularly from the success and the positive response to the new PuraVida range of bathroom products. The bestsellers in the shower segment were complete shower systems and overhead showers, recording clear double-digit growth in the last financial year. By offering attractive product ranges with new pricing, the Hansgrohe brand managed to further extend its lead in the market as an innovative supplier of showers. The business performance of the designer brand Axor continued to suffer the effects of the economic and property crisis during the reporting period. An increase in sales of just over five percent only partially compensated for the decline of the previous year, because the trend towards down-trading persisted even as the global economy recovered, especially in the project business. It was therefore difficult for Axor to repeat the successes of previous years in this distribution channel. Gains were achieved, however, with the bestselling classics in the Axor range, Axor Starck and Axor Citterio, as well as with the comparatively recent Axor Urquiola, Axor Citterio M and Axor Massaud collections. With the Axor Bouroullec bathroom collection, created in collaboration with French designer brothers Erwan and Ronan Bouroullec and launched in 2010, the designer brand once again demonstrated its ability to set market trends with innovative concepts.

The decline of the wellness market continued during the last financial year, largely due to the fact that intelligent systems solutions such as showerpipes gained traction as an alternative to whirlpools, steam showers and shower temples, all of which are expensive to install. In contrast, the market niche for traditional wellness products contracted once again. As expected, sales of the Pharo brand continued to decline in 2010. Despite the fact that the trend towards sustainable building continued to gain in importance during the period under review, Hansgrohe AG was unable to benefit from this development to the extent anticipated in the field of grey water recycling. While interest in Pontos AquaCycle systems remained high in 2010 – especially since the combination with heat recovery technologies has opened up new areas of deployment – the after effects of the global economic crisis and the cost pressures prevailing in the construction sector in many instances meant that tender submissions did not lead to orders. The result was that sales of the environmental brand declined for the first time since it was established.

The bathroom becomes part of the architecture for the living space: With Axor Bouroullec, the designer brand of Hansgrohe AG created a stir on the world stage.

12

B r ands and inn ovat ions

Award-winning culture of innovation: Axia Award 2010 for Hansgrohe AG.

Successful title defense: For the second time in a row, the “Focus Open” Design Award in Gold of the German state of Baden-Württemberg was won by Hansgrohe AG.

13

Focus

“Feel Free to Compose”

Axor Bouroullec bathroom collection, designers: Erwan and Ronan Bouroullec, Paris Period of development : 2004 – 2010

With the development of the bathroom from a purely functional wet cell into an emotionally appealing space for living and wellbeing that is an integral part of the architecture of the living space, the design of the bathroom has taken on much greater importance than it used to have. After all, to feel well and to be at ease is a highly individual matter – a matter about which we all have our own ideas. This means the desire for a wide variety of individual, yet harmonious spatial solutions and for a personal touch is given higher priority. Just like the living room or the kitchen, the bathroom becomes an expression of people’s individual tastes, and needs to be adapted to their personal requirements. The Axor Bouroullec collection, developed together with the French designers Erwan and Ronan Bouroullec and introduced to the public in 2010, takes account of this growing trend toward greater individualization in bathroom design. The collection provides much greater scope for individual bathroom designs than has been available up to now. It is not surprising, then, that the leading international design and lifestyle magazine, Wallpaper , chose this new Axor collection as the “Bathroom of the Year.” True to the collection’s motto “Feel Free to Compose,” the various elements of Axor Bouroullec can be combined with the different wash basin models in an almost infinite variety of ways to form functional-aesthetic “landscapes” of useable surfaces. “We trust in people’s own creativity, in their ability to design spaces optimally for themselves without having everything prescribed for them,” explains Erwan Bouroullec. The bathroom collection is in fact designed as an open system that gives consumers free choice in the way they combine the approximately 80 elements in the collection, and which of the generously proportioned shelves – integrated into the wash tables or available as separate items – they want to use for what purpose. Many of the solutions also “liberate” the mixers from their traditional
14

location centered at the back of the wash table. The result: everyone is given the freedom to realize their personal ideal in terms of the functionality, aesthetic appearance and the experience of water in their own bathroom. This also means that advisory services become much more important – a great opportunity for planners and sanitation professionals in retail and trade to step up the dialog about the bathroom with their customers. For example, there might be discussions of what is appropriate both functionally and aesthetically, and concerning consumers’ individual requirements in relation to their bathroom: How do they want to experience water there – more as a revitalizing or as a calming element? The increasing individualization of bathroom design also provides our industry partners with the opportunity to score points with their skills and expertise.

Innovation Award “Architecture and Technology” 2011 Wallpaper Design Award 2011 “Best Bathroom” iF product design award 2011 red dot design award 2011 ELLE DECO International Design Award 2011

More freedom than ever in the bathroom: Axor Bouroullec provides scope for an infinite number of individual solutions. 15

2 010 pr oduct highlight s

Increasing customer benefits, raising the quality of life

company pos. 12 10.2010

ranking

product design award 2010

communication design award

design award china 2010

2010

24 design awards 43 patents 189 registered designs
During the period under review, Hansgrohe AG filed 43 new patents, in addition to 63 trademarks and 189 registered designs, in order to protect innovative ideas, products and technologies developed in the Company’s own research and development department. In doing so, the Company again created the basis for the growth achieved in 2010 primarily through product innovations. A crucial role here was played by the Hansgrohe PuraVida range of mixers and showers, which has been available in its spectacular white-chrome version since the beginning of 2010. The dual-finish manufacturing process on which these products are based gives Hansgrohe AG yet another unique selling point that serves to underscore the Company’s unique innovative strength. The same can be said about the iBox universal flush-mount installation unit – sold in the millions – which celebrated its ten-year anniversary in 2010; and the next generation of the Hansgrohe EcoSmart technology, available as an off-the-shelf fitting and designed to reduce the flow rate of all wash table mixers made by Hansgrohe and Axor to five liters per minute. The launch of the Axor Bouroullec collection, created over six years of collaboration
16

with the brothers Erwan and Ronan Bouroullec, caused quite a stir and generated a great deal of commentary in the international media. With a systems-based approach that brings an entirely new dimension to freedom in bathroom design, this collection embodies an approach to innovation that is aimed at increasing the benefit to the customer, and one which measures the quality of an innovation in terms of the extent to which it actually makes people’s lives easier and more enjoyable. In 2010, Hansgrohe AG entered its products in seven different international design competitions. The Company received a total of 24 awards (2009: 22 awards), including seven nominations for the “Design Award of the Federal Republic of Germany.” The fact that the Company managed to repeat its success of the previous year, both in the competition for the Design Award of the Federal Republic of Germany and the Award of the German federal state of BadenWürttemberg, underscores the continuing role of Hansgrohe AG as one of the leaders in design within the sanitation industry. So does the fact that Hansgrohe AG managed to climb even higher in the corporate rankings published by the International Forum Design in the year under review: it is now number 12 of about 1,900 companies included in these rankings and has further extended its lead in the sanitation industry. In this list of leading design companies, Hansgrohe also surpassed such reputable brands as Daimler, Audi, Hewlett Packard, Nokia and Volkswagen.

2 010 pr oduct highlight s

Oval instead of round: a new visual language creates even more shower pleasure.

For greater water and energy efficiency: Further improvements to the Hansgrohe EcoSmart technology.

The plumbing professional’s favorite: the Hansgrohe iBox universal celebrated its 10-year anniversary. 17

2 010 pr oduct highlight s

Best-selling mixers and showers
Through its Hansgrohe PuraVida range of mixers and showers, developed in cooperation with the long-standing partners from Phoenix Design, the premium brand of Hansgrohe AG expanded its “World of Styles” concept with the addition of the “Avantgarde” style during the last financial year. In addition to the novel and extraordinarily sensual visual style, it is above all the combination of two materials in chrome and white that prompted a sustained positive response from the market and earned the Company new recognition as an innovative manufacturer of bathroom fittings. With about 5,000 placements in showrooms and exhibitions, PuraVida has also created a solid basis for turning the range into a genuine bestseller. Expanding the Metris and Talis fittings ranges with additional variations further boosted the sales potential for Hansgrohe fittings in the medium price segment. This is all the more encouraging because the brand gained a better foothold in rather price-sensitive markets with the Focus class, thus increasing its coverage of international markets. The volume of fittings sold 2010 reached a new all-time high. In the shower segment, the Hansgrohe brand benefited mainly from the rapid growth in sales of shower systems and Raindance overhead showers during the period under review. By offering an expanded range of showerpipes in the Croma 100 and Raindance families, which provide a suitable solution to meet any requirements, the Company was able to increase its market lead. The new generation of the Raindance overhead showers with a new visual style and further improvements in terms of functionality scored points in many markets. This virtual renaissance of the overhead shower owes much to the fact that combining it with the iBox universal has led to a marked reduction in the cost of installation by professional plumbers.

Hansgrohe PuraVida: Pure. Clear. Sensual. And multimedia-based: an integrated on and offline campaign accompanied the market launch of the chrome/white series in 2010. 18

Market position in the shower segment strengthened: Demand for shower systems and overhead showers continued to rise in 2010. 19

2 010 pr oduct highlight s

Complete solutions for the bathroom as a living space
With the launch of the Axor Bouroullec collection in June 2010, the designer brand of Hansgrohe AG demonstrated once again its ability to drive the ongoing development in bathroom design. The collection, developed during a six-year collaboration with the French designer brothers Erwan and Ronan Bouroullec, did indeed mark a milestone in the transformation of the bathroom from a purely functional, largely uniform wet cell into an individually designed living space. It is the first time that individual products have been subordinated to such an extent to a systems-based approach that guarantees the ultimate in freedom to design. In keeping with the collection’s theme “Feel Free to Compose,” the functionality, aesthetics and emotionality of the various elements are part of a use concept that frees up any number of ways to design a bathroom to suit personal needs and preferences. This novel approach prompted a very positive response from architects, interior designers and bathroom planners at various launch events. With this collection consisting of about 80 individual elements, including mixers, showers and accessories as well as wash tables and bathtubs, Axor also succeeded in establishing itself firmly as a manufacturer of complete bathroom solutions. The addition of new products to the classic Axor Citterio collection had already created a stir in the spring of 2010. While consistently carrying through the precise visual style of his existing bathroom collection, the Milan-based architect and designer Antonio Citterio also added innovations and created a new typology for single-lever mixers as well as – to use Citterio’s own expression – a powerful “shower machine.” Axor’s success as a leading manufacturer of complete solutions for the bathroom as a living and wellbeing space is also due to the fact that the brand is now working with no fewer than six of the world’s top designers. No other company in the sanitation industry can lay claim to having as many renowned designers as development partners – partners who continue to drive innovation at Hansgrohe AG by contributing their unique ideas, both in design and in systems- and technology-based approaches.

More possibilities: Axor Citterio offers new design options with new products. 20

The new collection for creating even more individual bathroom solutions: Axor Bouroullec. 21

Focus

Germany’s most beautiful shower 2010

Proud award winners: Tom Schönherr (r.), from Phoenix Design, and Richard Grohe are delighted to receive Germany’s highest official design award.

Being nominated is an honor in itself; winning the award even more of one. The “Hansgrohe Raindance Connect EcoSmart” showerpipe (design: Phoenix Design, Stuttgart) won the Silver Design Award of the Federal Republic of Germany in 2010. Winning this most important official German design award with its very high entry requirements confirms the reputation of Hansgrohe AG as a driving force in product design. The ten-member jury was impressed not only with the showerpipe’s sleek, clean design; just as important for the judges was the fact that the Raindance Connect EcoSmart succeeds in combining a sensual overhead shower experience with economical water consumption. An additional technical refinement that was applauded by the judges: the shower system can bring this overheadshower experience into any existing bathroom with little effort, since the hand-held shower head simply clicks into place at the bottom of the showerpipe by means of a connector, automatically supplying the overhead shower with water.

Despite the fact that to date the Company has won more than 300 awards for its mixers and showers, the Design Award of the Federal Republic of Germany is given a very special place in the collection of trophies in Schiltach. Indeed, the design award, conferred by an independent jury made up of representatives from industry, universities, design studios and the media, is considered the ultimate prize, since only the German Federal Ministry of Economics and Technology and the ministries of economics of the federal states have the right to nominate candidates for the award. Moreover, candidacy is restricted to winners of other national or international design awards. This is reflected in the caliber of the competitors: The jury of experts vetted more than 1,200 nominations before conferring five gold and eighteen silver awards in the category of Product Design. As an award winner, Hansgrohe AG joined a select company of names such as Audi, Bulthaup, Daimler and Lamy.

22

The prize of prizes: The “Raindance Connect EcoSmart” showerpipe combines innovative design with a high level of functionality and sustainable water use.

23

Mar ke t s

Strong at home, compelling abroad
For the Hansgrohe Group, the recovery in the global economy following the dramatic slump in 2009 was noticeable primarily in the resurgence of the international business segment during the reporting period. In fiscal 2010, the Company managed to return to growth in all regions. Rates of growth did vary considerably between the various markets, however. While the young emerging markets in the Middle East and Far East, in Latin America and eastern Europe exhibited dynamic growth, gains in North America and parts of the euro zone were more modest. Business in the United States in particular was still suffering the effects of a weak construction sector from New York to San Francisco. Overall, business outside Germany’s borders had improved by 14.7 percent at the December 31, 2010 cut-off date. The fact that the contribution from the international business to total net sales for the reporting period only increased slightly, to 78 percent (2009: 77 percent), is attributable to the previous year’s strong growth in the German market being carried through into 2010. With a 10 percent increase in domestic sales in 2010 the Company managed to gain additional market share. That the position in the domestic market was further strengthened last year was also documented in a survey conducted among 20,000 German plumbing professionals: Hansgrohe was ranked first in eight out of ten categories. In spite of continuing instability in the general economic conditions, it was possible to increase the volume of business in nearly all European markets. The Hansgrohe distribution companies managed to reverse the trend even in markets such as Great Britain and Spain, where the combination of the economic crisis and a slump in the property market had had a severe impact in 2009. It remains to be seen, however, just how sustained the apparent recovery in the European economy will be once the economic stimulus packages implemented by governments during the crisis begin to run out, and if the euro crisis becomes exacerbated as a result of the excessive levels of debt carried by some members of the European Union. The economic recovery was most evident in India and China, as these countries regained their traditional strength. The engine for economic growth in both markets is mainly the construction sector, which has returned to the boom levels seen before the crisis struck. Accordingly, the project business was an important contributor to growth both on the Indian subcontinent and in the “Middle Kingdom.” The strengthening of the distribution teams and the consistent expansion of the distribution channel have also contributed to the strong growth in the trading segment. The other emerging markets in the Middle East, in Latin America and in eastern Europe also recovered well during the period under review and exceeded expectations with double-digit growth rates.

Central Europe + 10% Emerging Markets + 26%

Design collections like Axor Urquiola are in great demand in Asia. 24

Mar ke t s

One of the factors for success: the international project business picked up again in 2010.

The Hansgrohe Flagship Store opens in Shanghai. 25

Focus

India –a market with enormous potential

Growth market India: leading hotels are equipped with Axor and Hansgrohe products.

During the period under review, the only recently established Indian subsidiary was among the foreign subsidiaries of the Hansgrohe Group that managed to generate robust growth, in both absolute and relative terms. After a difficult year in 2009, during which the effects of the economic crisis were felt strongly, Hansgrohe India, headquartered in Pune, and its market partners succeeded in returning to growth, ending the last financial year above the level recorded in 2008. This positive trend was due firstly to the resurgence in India’s construction sector. Numerous projects that had been halted prior to completion as a result of the recession in 2009 resumed during the last financial year. A second factor was that extremely strong demand for housing triggered a new construction boom. Many large-scale projects are to be completed within a short time. An advantage in this context was that changes to the business model resulted in the Indian Hansgrohe distribution company now having direct access to property developers, investors and planners, allowing it to establish itself as a reliable partner in the project business. It is therefore no mere
26

coincidence that the biggest single delivery in the Company's history resulted from an order for a large-scale project in Gurgaon in 2010. Other factors were the strengthening of the distribution team, the systematic expansion of the distribution network across the enormous Indian subcontinent and its billion inhabitants, and the establishment of an own service network. All these factors contributed toward achieving improved market coverage in the trading segment as well as ensuring the supply of Hansgrohe products throughout the country. Moreover, with a special product range tailored to suit the means and the desires of the highly brand- and quality-conscious Indian middle class and by employing appropriate marketing measures, the Company succeeded in appealing to this particular group of consumers and engendering an interest in Hansgrohe. As in the high-value project business, the “global player from the Black Forest” benefited from the good reputation enjoyed by quality products “Made in Germany,” and from having a customer-oriented services network stretching from the Himalayas to the Indian Ocean.

Construction boom in India: Hansgrohe India also won the contract for the yoopune by Philippe Starck project. 27

Landmarks in 2010

Architects Manfred Hachmeister Architekturbüro Principal Kastens Hotel Luisenhof (private hotel)

Kastens Hotel Luisenhof
Hanover /Germany

The international project business, which due to the decline in the construction sector had lost considerable ground during the crisis year of 2009, experienced a renaissance in many parts of the world during the period under review. In the emerging markets especially, the property market and the construction sector recovered strongly. In percentage terms, no other distribution channel in the Hansgrohe Group grew as dynamically as the project business. This is where the targeted expansion of the distribution teams and the ongoing optimization of processes and tools paid off. These measures helped significantly in improving customer service, increasing flexibility and optimizing delivery times. New orders to supply equipment for a number of large, prestigious projects are evidence of the successes achieved in this demanding and very competitive market segment during the last financial year. Some of these projects are the luxury Radisson SAS Yas Island hotel on the Formula 1 track in Abu Dhabi; no fewer than four “theme hotels” at the Resorts World at Sentosa leisure park in Singapore; the Clock Tower in Mecca, Saudi Arabia; the Donbass Arena in Donetsk in Ukraine, which is one of the stadiums hosting the 2012 European Football Cup; the Yoo Arts Tower in Panama City; the City Star project in Hangzhou; the luxury hotel Tivoli São Paulo Mofarrej; and numerous giant cruise ships like the “Norwegian Epic” and the “AIDA VI.” These as well as the projects introduced later in this document demonstrate the capability of the Hansgrohe Group and its leading role in the international project business, which is acknowledged by investors, property developers and architects around the world.
28

Products Axor Starck ShowerCollection, Axor Starck ShowerHeaven, Hansgrohe PuraVida, Hansgrohe RainBrain

Landmarks in 2010

Products Axor Citterio, Hansgrohe Talis S, Hansgrohe Metris S

AquaBuilding
Chicago / USA

Architects Jeanne Gang, Studio Gang Architects Principal Magellan Development Group LLC 29

Landmarks in 2010

Architect Tereza Koucká Principal Bohemian Hostel Group

Mosaic House
Prague /Czech Republic

Products Pontos AquaCycle, Pontos HeatCycle, Hansgrohe Raindance, Hansgrohe Crometta, Hansgrohe Talis S, Hansgrohe iBox universal

30

Landmarks in 2010

Kapama Private Game Reserve
Johannesburg / South Africa

Products Axor Citterio, Hansgrohe Talis S, Hansgrohe Raindance

Principal Bernard Roode

31

Landmarks in 2010

The Savoy
London /Great Britain

Products Axor Montreux

Interior Designer Pierre-Yves Rochon Principal Fairmont Hotels & Resorts

32

Landmarks in 2010

Architects Foster + Partners Principal Emirate Abu Dhabi

Masdar Institute of Science and Technology
Abu Dhabi / United Arab Emirates

Products Hansgrohe Metris S Electronic, Hansgrohe Raindance EcoSmart

33

Landmarks in 2010

Architects Jean-Marie Massaud, Daniel Pouzet Principal Jorge Vergara Madrigal

Estadio Omnilife
Zapopan, Jalisco /Mexico

Products Axor Massaud, Hansgrohe Talis S, Hansgrohe Raindance Royale AIR

34

Landmarks in 2010

InterContinental
Hangzhou /China

Products Axor Urquiola, Hansgrohe Raindance AIR, Hansgrohe iBox universal

Architects/Interior Designer China United Engineering Co., Hangzhou Guomei Architectural Decoration and Design Institute Co., Ltd., Art and Scenery Architectural Design Institute of China Academy of Art – Chentao Design Office Principal Qianjiang Xincheng Real Estate

35

Landmarks in 2010

Hotel Budersand
Sylt /Germany

Products Axor Citterio, Axor Starck ShowerCollection, Hansgrohe Raindance Rainfall

Architects Patrik Dierks, dko architekten Principal Südern GmbH & Co. KG

36

Landmarks in 2010

Principal Norwegian Cruise Line

Norwegian Epic
Marseille / France

Products Axor Starck, Hansgrohe Raindance

37

Em ploye e s

Jobs created
The marked increase in order receipts for the Hansgrohe Group during fiscal 2010 is also reflected in the increase in the size of the workforce. With 3,220 employees worldwide, the total number on December 31, 2010 was greater by 125 than in the previous year. Most of the new jobs were created at locations in Germany. The Hansgrohe Group created a total of 113 jobs here during the period under review. A particularly positive aspect is that it was possible to provide 70 temporary workers with direct employment. At the cut-off date at the end of the year, a total of 2,137 employees worked for the Company in Germany (2009: 2,024) – more than at any time since the Company was first established, in 1901. This also meant that the share of employees in Germany rose to 66 percent (2009: 65 percent) of the total workforce. The number of employees determined in accordance with the parameters of §§ 1 and 3 of the Codetermination Act stood at 1,970, slightly higher than the previous year (2009: 1,899). By contrast, the increase in the size of the workforce outside Germany was much more modest. Compared with the cut-off date of the previous year, the number of employees working for one of the international Hansgrohe subsidiaries rose by only 12, to a total of 1,083 (2009: 1,071). To allow the workforce to participate in its positive business performance again in 2010, the Company paid employees a “profitsharing bonus” of € 1.3 million at the end of the year. This is not the only reason why Hansgrohe AG is seen an attractive employer, however. The forward-looking solutions and the commitment demonstrated by Hansgrohe AG in the interests of a workforce whose average age is increasing were recognized last year when the Company was presented with the “AARP International Innovative Employer Award.”

Employment trend for the Hansgrohe Group*

3253

3094

3,500

3,000 1171 1091 1071 1083

2,500

1142

2,000

1,500 2137 international 500 national * Figures correct as at December 31 2006 2007 2008 2009 2010

1,000

1952

2082

2061

0

38

3095
2024

3152

3220

Em ploye e s

2010

Job creator: Hansgrohe AG created a total of 125 new jobs in 2010; 113 of these are in Germany.

3,220 employees worldwide 2,137 employees in Germany € 5.7 million profit-sharing bonus (2006 – 2010)

Profit-sharing bonus: the Company once again enabled the workforce to share the benefits from the increase in sales in 2010.

39

Em ploye e s

Finding and promoting talent
In the competition to find staff with the right skills, Hansgrohe AG has been relying consistently on promoting junior talent from within its own ranks for years and has implemented a special training concept for this purpose. Including the 30 young women and men who started their training with the Black Forest-based industrial company on September 1, the total number of trainees now stands at 130. This figure corresponds to a training quota of 6.6 percent, again well above the average for the metalworking industry in Germany. Also above average is the number of trades for which Hansgrohe AG offers apprenticeships: the mixer and shower specialist has apprentices in 23 different trades. Together with the dual-studies universities of the state of Baden-Württemberg, a further two training courses will be offered in 2011. In providing apprenticeships and courses, the Company is living up to its strong commitment to training and consolidating its reputation as a leading provider of vocational training among German SMEs. At a time when as many as 70 percent of businesses have problems finding suitably skilled workers to fill vacant positions according to the German Chamber of Commerce and Industry, the number of applicants for apprenticeships at Hansgrohe is encouragingly high, with 816 applications received by December 31, 2010. Aside from the wide range of training courses on offer, this positive response also reflects the many career and further-education opportunities open to junior talent working at Hansgrohe. Indeed, the majority of managerial positions are filled from within the Company’s own ranks – even at the level of the Executive Board, as was shown with the appointment of Frank Semling to the Company’s management team in June 2010. He began his career with Hansgrohe AG in 1987 as a Vocational Academy student specializing in business computer science.

130 apprentices 23 trades

Investing in future viability: Given the Company’s high manufacturing penetration and dedicated strategy of innovation, Hansgrohe AG relies on junior talent from within its own ranks …

40

Em ploye e s

Working together to extend the lead
The Hansgrohe Group has a policy of attempting to fill attractive and responsible positions largely from within its own ranks. The Company also wants to be able to manage its succession processes proactively and systematically. The “Hansgrohe Business School” was established as a facility designed to provide employees with the opportunity to gain additional, relevant qualifications and to promote junior talent in a comprehensive manner. These educational measures – ranging from basic training in project management via language classes to courses in creative techniques – took up more than 2,900 working days in the period under review. The existing national and international junior talent promotion programs went into their second or third round in 2010 and will carry through until 2011. While the national junior talent development program, NEP, is limited to seven participants from the trades and technical areas, the International Talent Program (ITP) is more broadly based, with a total of 13 candidates including colleagues from other companies within the Masco Group. What these programs have in common is the objective of preparing candidates with high potential for future leadership roles. To this end, internal and external trainers – supported by supplementary eLearning units – teach an extensive set of skills, ranging from general management know-how through the handling of project orders right through to concrete strategic issues in relation to the Hansgrohe Group. Both programs serve as a platform for exchanging experiences, examples of best practice, and for general knowledge transfer; at the same time, they provide junior talent with the basis for establishing their own quality networks. Added to these junior talent development measures in 2010 was the new Executive Development Program, EDO, for top-level managers from international locations.

2,900 advanced education days

… and on systematic further education and the targeted promotion of junior talent.

41

Focus

Disseminate knowledge, establish networks

Achieved through cooperation: a shared understanding of management for the Hansgrohe world.

Based on the positive experiences gained with the German junior talent development program and the International Talent Program, the Hansgrohe Group expanded its range of advanced qualification programs during the reporting period to include top-level managers in the international business units. Since February 2010, a total of 15 managing directors and top-level managers working in international distribution have participated in the Executive Development Program (EDO). In the six modules within the program, the participants from Japan, Ukraine, Mexico, France and Singapore and other places learn about central Hansgrohe strategies and tools, staff management and communication, as well as methods for expanding their own personal competences. The objectives being pursued with this program are to
42

ensure not only the professional development of managerial staff and their integration into Hans grohe's corporate culture, but also the development of a shared, globally workable management practice and international networking among managerial staff. In consultation with their superiors, EDO participants are able to choose from a range of topics to expand their knowledge in a targeted manner and to develop their personal skills. A core element of the entire program is the mutual exchange of experiences and learning from each other, since this is how useful and reliable networks are created – networks that prove their value and resilience even outside the “classroom,” in the real world of everyday business operations.

The learning never stops: at Hansgrohe even international top-level managers go back to school. 43

Gr oup

Boards
Supervisory Board

Thomas Voss (President Masco Europe S.à.r.l.), Manfred Hübner (Elected Employee Representative), Klaus Grohe (Chairman), Stefan Krischak (Elected Employee Representative), Lau Frandsen (Deputy Chairman), Graham Balls (Vice President – Controller, European Operations Masco Europe S.à.r.l.), left to right

Executive Board

Marc Griggel (Deputy Member), Karl-Heinz Hammann, Siegfried Gänßlen (Chairman), Otto Schinle, Richard Grohe (Deputy Chairman), Frank Semling (Deputy Member), left to right 44

Gr oup

Outlook
The positive trend recorded by the Hansgrohe Group over the last financial year carried seamlessly into the first few months of 2011. The signs are pointing to growth virtually everywhere. On the other hand, economic commentators are predicting reduced growth for national economies for this year and the next. This has largely to do with the fact that in 2011 the last of the economic stimulus packages implemented during the crisis will be running out; at the same time, the disproportionate build-up of inventories recorded during the period under review will be completed in the not so distant future. In the euro region, the crisis has opened up large discrepancies between the various national economies. While Germany has become a model of a flourishing economy, the southern European countries and Ireland in particular are faced with excessive government debt burdens – with unforeseeable consequences for the exchange rate regime. Even for Germany’s resurgent national economy, the German Institute for Economic Research predicts a growth rate of only just over two percent for this year, with a further slow-down expected next year. On balance – and this is one of the lessons we at Hansgrohe have learned from this crisis – we are currently operating in a highly volatile environment. In addition to instabilities in the economy, we are also confronting increased currency risks and strong fluctuations in the prices for raw materials and energy. An added factor is that even supposedly stable political regimes can erode in no time at all – as we found out most recently during the upheavals in North Africa. Right now we are still reeling from the three-fold disaster in Japan – the earthquake, the tsunami and the nuclear accident, with no one in a position today to predict what the effects may be – not just in Japan, but also in the rest of the world, and on economies everywhere. The big challenge for our market partners and for ourselves is to hold a steady course, despite the instability in the underlying economic conditions, and continue to grow. Against this backdrop, it is all the more important that we continue to increase the benefits to our customers, that we continue to offer compelling products, and that we keep ahead of our competitors. The positive responses from our customers from around the world to the innovations we presented at the world’s biggest sanitation technology fair, the ISH held in Frankfurt in March 2011, give us reason to be confident. As it happens, our innovations are right in line with the two most important current trends in the sanitation industry. On the one hand, Hansgrohe AG is helping to improve the water and energy balance for showering and hand washing with the Pontos HeatCycle technology as well as with the EcoSmart products. On the other, the concept of the Hansgrohe ComfortZone, and even more so the Axor Bouroullec designer collection, are the systems solutions capable of opening up the new scope for development in bathroom design demanded by the increasing individualization of the bathroom as a living space. It is therefore no coincidence that Axor Bouroullec was the only product of its type to
45

receive the Innovation Award in Architecture and Technology at the Frankfurt Fair. To boost our innovative strength as well as the speed of innovation yet further, we will again be investing in growth in 2011. Based on our very good equity ratio and the earnings generated in 2010, we will boost our capital spending again in the current financial year, to a total of more than € 40 million – more than at any time during our 110-year history. We will continue to pursue our internationalization strategy and expand our distribution network. Now that the Hansgrohe Group is successfully represented with its own branches in the particularly high-growth BRIC countries and in the Middle East, the next challenge is to prepare for the entry into the highly promising markets of the so-called ‘Next 11’ countries. We are confident that with our quality mixers and showers “Made in Germany,” we will succeed there as well. This means that in spite of the unstable environment, the conditions are right for ourselves and our customers and partners to continue on our course for growth in the current financial year.

Gr oup f igur e s

Hansgrohe Group
Balance Sheet

Actual Assets in € k Dec. 31, 2009

Actual Dec. 31, 2010

A. Fixed assets I. Intangible assets II. Tangible assets III. Financial assets

4,562 108,267 1,524 114,353

4,397 113,327 1,530 119,254

B. Current assets I. Inventories
1. Raw materials and supplies 2. Semi-finished goods 3. Finished goods and merchandise goods

21,098 14,269 34,991 70,358

24,762 17,178 44,947 86,887

II. Accounts receivable and other assets
1. Accounts receivable for goods and services 2. Accounts receivable from affiliated companies 3. Other assets

68,993 423 15,397 84,813 258,395 413,567

75,532 508 13,789 89,829 319,687 496,404

III. Cash and cash equivalents Total current assets C. Deferred charges and prepaid taxes
1. Dept discount 2. Prepaid expenses

33 2,481 2,514 3,184 0

26 2,709 2,735 2,844 154

D. Deferred taxes E. Debit due to netting of assets assigned to accruals

533,618

621,391

46

Gr oup f igur e s

Hansgrohe Group
Balance Sheet

Actual Total equity and liabilities, in € k Dec. 31, 2009

Actual Dec. 31, 2010

A. Shareholders’ equity I. Subscribed capital II. Capital reserves III. Retained earnings IV. Net income Total shareholders’ equity B. Accruals
1. Pensions reserves 2. Accrued taxes 3. Other reserves and accrued liabilities

61,156 11,735 194,097 81,904 348,892

61,156 11,735 245,888 93,782 412,560

37,902 10,312 59,575 107,789

40,641 13,806 63,899 118,346

C. Liabilities
1. Liabilities to financial institutions 2. Accounts payable, trade 3. Accounts payable due to affiliated companies 4. Loans from support fund 5. Other liabilities

7,000 26,944 3,520 58 39,387 76,909 28 533,618

7,518 39,295 4,885 42 38,730 90,470 15 621,391

D. Deferred items

47

Gr oup f igur e s

Hansgrohe Group
Consolidated Statement of Income in € k

Actual 2009

Actual 2010

Germany Subsidiaries Exports Net sales Total performance Cost of materials Personnel expenses Other operating expenses EBITDA in % of net sales Depreciation of fixed assets EBIT (operating profit) in % of net sales Financial results Result from ordinary activities in % of net sales Extraordinary result Income taxes Net Income in % of net sales

140,580 370,922 98,896 610,398 635,528 219,802 148,059 128,155 139,512 22.9 24,863 114,649 18.8 814 115,463 18.9 0 (33,559) 81,904 13.4

154,020 410,020 129,065 693,105 720,379 265,986 157,015 143,711 153,667 22.2 24,598 129,070 18.6 580 129,649 18.7 284 (36,151) 93,782 13.5

48

Gr oup f igur e s

Hansgrohe Group
Key figures 2006 – 2010

Results Net sales > from foreign sales Total performance EBITDA > in % of net sales EBIT > in % of net sales Result from ordinary activities (EBT) > in % of net sales Net income > in % of net sales > Depreciation (incl. goodwill) > Change in (pension) reserves > Change in special items Cash flow > in % of net sales Cost of materials > in % of total performance Balance sheet total Capital employed (CE) Return on CE (ROCE) Gross investments in fixed assets €m % €m €m % €m % €m % €m % €m €m €m €m % €m % €m €m % €m

2006

2007

2008

2009

2010

569.2 76.4 590.2 109.6 19.3 92.0 16.2 92.1 16.2 59.3 10.4 17.6 1.6 0.0 78.5 13.8 227.2 38.5 403.3 374.9 24.5 29.5

660.5 78.8 682.0 130.7 19.8 110.5 16.7 112.4 17.0 73.7 11.2 20.1 1.4 0.0 95.2 14.4 271.3 39.8 458.5 426.5 26.2 23.9

667.8 79.5 670.0 131.4 19.7 109.9 16.5 114.0 17.1 78.3 11.7 21.5 2.1 0.0 101.9 15.3 238.2 35.6 475.3 445.9 24.5 30.8

610.4 77.0 635.5 139.5 22.9 114.6 18.8 115.5 18.9 81.9 13.4 24.9 2.4 0.0 109.2 17.9 219.8 34.6 533.6 500.0 22.9 23.9

693.1 77.8 720.4 153.7 22.2 129.1 18.6 129.6 18.7 93.8 13.5 24.6 2.7 0.0 121.1 17.5 266.0 36.9 621.4 574.2 22.5 28.8

Employees Employees according to § 267 (5) of HGB (German Commercial Code) (average of the last 4 quarters incl.apprentices) Personnel expenses Productivity €m Factor persons

2,947

3,176

3,184

3,092

3,129

135.0 2.688

142.2 2.888

147.7 2.923

148.1 2.808

157.0 2.894

49

Locat ions

The world of Hansgrohe

Publisher Hansgrohe AG, Public Relations, P. O. Box 1145, 77757 Schiltach, Tel. +49 7836 51 1231, Fax +49 7836 51 1170, E-Mail: [email protected] Concept & Editorial Dr. Carsten Tessmer Design & Production Kolle Rebbe GmbH, Hamburg Printing Straub Druck, Schramberg Photos Francis Amiand, Braxart, Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft, Design Center Stuttgart, jana-ebert.de, Serge Guerand, Kapama Private Game Reserve (www.kapama.com), Kastens Hotel Luisenhof, Ola Lindal, Uli Maier, Masdar City, Mike Crews, Mosaic House Prague, Rat für Formgebung, Star Gong, (www.mediaserver.hamburg.de) Hamburg Liaison Office Shanghai, Hector Velasco, Yoo Panama, Yovohagrafie Deutscher Pavillon Facts & Figures 2010 is available in German and English. It is available for download from the Internet at hansgrohe.com

50

Locat ions

Hansgrohe AG Auestraße 5–9 77761 Schiltach Phone: +49 7836 51 0 Fax: +49 7836 51 1300 [email protected] www.hansgrohe.com Argentinia Hansgrohe S. A. Av del Libertador 14323 B1640APB Martínez Buenos Aires Phone: +54 11 4733 2400 Fax: +54 11 4733 2499 [email protected] www.hansgrohe.com.ar Australia Hansgrohe Pty Ltd Level 1, 123 Camberwell Rd East Hawthorn, Victoria 3123 Phone: +61 3 9811 9971 Fax: +61 3 9804 0042 [email protected] www.hansgrohe.com.au Austria Hansgrohe Handelsges. mbH Sanitärtechnische Produkte Industriezentrum N. Ö.–Süd Straße 2d/M18 2355 Wiener Neudorf Phone: +43 223 66 28 30 Fax: +43 223 66 19 05 [email protected] www.hansgrohe.at Belgium Hansgrohe S. A. Internationalelaan 55 Building K 1070 Bruxelles Phone: +32 2 543 01 40 Fax: +32 2 537 94 86 [email protected] www.hansgrohe.be Brazil Temporary office: Rua Tabapuã, 145, 6° andar, sala 66, Itaim Bibi, 04533-010 São Paulo, SP Phone: +55 11 3296 4065 [email protected] www.hansgrohe.com.br China Hansgrohe Sanitary Products (Shanghai) Co., Ltd. No. 2999 Shenggang Road 201612 Songjiang Industrial Zone (East) Shanghai Phone: +86 21 3774 2200 Fax: +86 21 3774 2202 [email protected] www.hansgrohe.com.cn Croatia Hansgrohe d.o.o. Horvatova 82, 10010 Zagreb Phone: +385 1 5630 800 Fax: +385 1 5630 899 [email protected] www.hansgrohe.hr

Czech Republic Hansgrohe CS s.r.o. Dornych 47, 617 00 Brno Phone: +42 05 11 12 05 50 Fax: +42 05 11 12 05 99 [email protected] www.hansgrohe.cz Denmark Hansgrohe A/S Jegstrupvej 6, 8361 Hasselager Phone: +45 86 28 74 00 Fax: +45 86 28 74 01 [email protected] www.hansgrohe.dk Finland Hansgrohe AG Kavallinmäki 15, 02710 Espoo Phone: +358 207 931 340 Fax: +358 207 931 349 [email protected] www.hansgrohe.fi France Hansgrohe S. A. Parc d’activités les Pins 67130 Wasselonne Phone: +33 3 88 04 21 60 Fax: +33 3 88 04 21 61 [email protected] www.hansgrohe.fr Hansgrohe S.à.r.l. Parc de Haute Technologie 27, rue Georges Besse 92182 Antony Cedex Phone: +33 1 46 11 45 00 Fax: +33 1 46 11 45 39 [email protected] www.hansgrohe.fr Germany Hansgrohe Deutschland Vertriebs GmbH Auestraße 5–9 77761 Schiltach Phone: +49 7836 51 0 Fax: +49 7836 51 1141 [email protected] www.hansgrohe.de Hungary Hansgrohe Kft. Forgách utca 11–13 1139 Budapest Phone: +36 1 236 9090 Fax: +36 1 236 9098 [email protected] www.hansgrohe.hu India Hansgrohe India (pvt.) Ltd. Office Nos. 601–604 Sky Station, Viman Nagar 411016 Pune, Maharashtra Phone: +91 20 6625 9511 Fax: +91 20 6625 9599 [email protected] www.hansgrohe.in

Italy Hansgrohe S.r.l. S.S. 10 km, 24,4 14019 Villanova d’Asti Phone: +39 0141 93 11 11 Fax: +39 0141 94 65 94 [email protected] www.hansgrohe.it Japan Hansgrohe Japan K.K. Ono Bldg. 6F 2-15-21 Takanawa Minato-ku Tokyo 108-0074 Phone: +81 3 5424 1956 Fax: +81 3 3449 9651 [email protected] www.hansgrohe.co.jp Kazakhstan Hansgrohe AG Nauryzbai Batyr street 1 part A3, Microdistrict „Keremet“ 50013, Almaty city Phone: +7 727 3150916 Fax: +7 727 3150917 [email protected] www.hansgrohe.kz Malaysia Penthouse (Level 27) Centrepoint South The Boulevard, Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Phone: +603 2096 9581/9582 Fax: +603 2096 9782 [email protected] www.hansgrohe.com.sg Mexico Hansgrohe S.de R.L. De C.V. German Centre 0-2-02 Av. Sante Fe #170 Col. Lomas de Santa Fe 01210 México, D.F. Phone: +52 55 5261 4190 Fax: +52 55 5261 4199 [email protected] www.hansgrohe.com.mx Middle East & Africa Hansgrohe Middle East & Africa Ltd. Artemisia Business Center Office 20114 Charalambou Mouskou 2015 Strovolos, Nicosia, Cyprus Phone: +357 22 441 370 Fax: +357 22 441 374 [email protected] www.hansgrohe-int.com The Netherlands Cleopatra B.V. Handelsweg 45 1525 RG Westknollendam Phone: +31 756 47 82 00 Fax: +31 756 47 85 00 [email protected] www.cleopatra.nl Hansgrohe B.V. Handelsweg 45 1525 RG Westknollendam Phone: +31 756 46 1400 Fax: +31 756 46 1700 [email protected] www.hansgrohe.nl

Norway Hansgrohe A/S Åsveien 2, 3475 Sætre Phone: +47 32 79 54 00 Fax: +47 32 79 54 01 [email protected] www.hansgrohe.no Poland Hansgrohe Sp.zo.o. ul. Sowia 12 62080 Tarnowo Podgórne Phone: +48 61 816 86 02 Fax: +48 61 816 86 09 [email protected] www.hansgrohe.pl Russia Hansgrohe O.O.O. Semenovskaya Square 1A Business-Center „Sokolinaya Gora“ 21st floor 107023 Moscow Phone: +7 49 56 47 07 35 Fax: +7 49 56 47 07 45 [email protected] www.hansgrohe.ru Sweden Hansgrohe AB Ridspögatan 10 21377 Malmø Phone: +46 40 51 91 50 Fax: +46 40 13 05 92 [email protected] www.hansgrohe.se Switzerland Hansgrohe AG Industriestrasse 9 5432 Neuenhof Phone: +41 56 416 26 26 Fax: +41 56 416 26 27 [email protected] www.hansgrohe.ch Singapore Hansgrohe Pte. Ltd. 69 Mohamed Sultan Road 239015 Singapore Phone: +65 6884 5060 Fax: +65 6884 5070 [email protected] www.hansgrohe.com.sg Slovak Republic Hansgrohe CS s.r.o., organizačná složka Galvániho 7/A 821 04 Bratislava Phone: +421 2 436 376 70 2 Fax: +421 2 436 376 75 [email protected] www.hansgrohe.sk Spain Hansgrohe S. A. Riera Can Pahissa, 26 B 08750 Molins de Rei Phone: +34 93 680 39 00 Fax: +34 93 680 39 09 [email protected] www.hansgrohe.es

South Africa Hansgrohe South Africa Pty Ltd, P.O. Box 2912, 136 Walton Road, Carlswald Midrand 1685 Halfway House/ Johannesburg Phone: +27 11 468 11 50 Fax: +27 11 468 11 52 [email protected] www.hansgrohe.co.za South Korea No. 931 Hyundai Parisian 907-10 Mok-dong Yangcheon-gu Seoul 158-050 Phone: +82 2 2061 1900 Fax: +82 2 2061 1901 [email protected] www.hansgrohe.com.sg Taiwan No. 25 4F Suite 620 Sec. 1 Dun Hua S. Road, Taipei Phone: +886 2 2570 1820 [email protected] www.hansgrohe.com.sg Ukraine Hansgrohe Ukrainian Office ul. Ilinskaja, Block 8 04070 Kiev Phone: +38 44 392 2040 Fax: +38 44 392 2069 [email protected] www.hansgrohe.ua United Arab Emirates Hansgrohe AG Regional Office Dubai Holiday Centre – Commercial Tower, No. 1203, 12th Floor, Sheikh Zayed Road AE – P.O. Box 34216 Dubai UAE Phone: +971 4 332 6565 Fax: +971 4 331 0065 [email protected] www.hansgrohe-int.com Hansgrohe AG, Abu Dhabi Marina Office Park, Breakwater Villa B02, P.O. Box 42345 Abu Dhabi UAE Phone: +971 2 419 2430 Fax: +971 2 419 2499 [email protected] www.hansgrohe-int.com United Kingdom Hansgrohe Ltd. Units D1 and D2, Sandown Park Trading Estate, Royal Mills KT10 8BL Esher, Surrey Phone: +44 1372 465 655 Fax: +44 1372 470 670 [email protected] www.hansgrohe.co.uk USA Hansgrohe Inc. 1490 Bluegrass Lakes Parkway 30004 Alpharetta, GA Phone: +1 770 360 98 80 Fax: +1 770 360 98 87 [email protected] www.hansgrohe-usa.com

51

Official Supplier of the German Olympic Team.

London 2012

www.facebook.com/hansgrohe www.facebook.com/axor.design

www.twitter.com/hansgrohe_pr

Hansgrohe AG · P. O. Box 1145 · D - 77757 Schiltach Fax + 49 7836 51 - 1300 · info @ hansgrohe.com

· Phone + 49 7836 51 - 0 · hansgrohe.com

HG Facts & Figures 2010 en · Subject to technical changes and variations in color for printing reasons · Form-Nr. 84 090 341 · 05/11/2.0 · Printed in Germany · Printed on 100% chlorine-free paper

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