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Secureyour
buSineSS
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2005 2006 2007 2008
Balance sheet total (meur) 764 843 824 751
Net debt (meur) 124 210 192 171
Equity ratio (%) 57 51 50 52
EBITDA (meur) 74 114 91 85
Gross investiments (meur) 52 143 56 20
Find more nancial information on:www.rettig./annual-report
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Releasethepressure
“o stg ala sht ad pdtalt havpv attatv t stms…”
Maks Lga, ceo, rttg icc
Thisisatimetostaycool.Theworldwideeconomicsituationhascertainlyaffectedtheheat-emittingsolutionsmarketalso.Manyplayershavebeenhurtbythedramaticdownturninhousingstart-upsorthemanyrenovation-projectsthathavebeenpostponed.Thishashadanimpactoneverybusinesspartnerinthevaluechain,includingwholesalersandinstallers.
Clearly,manycompaniesarefeelingthepressure.Somehavetriedearliertogainmarketsharebyincreasingtheirdiscounts,andnowareconfrontedwithtightermargins.Othersbecamehighlyleveragedtoexpandoperations,andnowmustserviceheavydebtwithshrinkingrevenues.
Our situation is markedly different.Aspartofananciallystable,family-ownedorganisation,wearepreparedtonotjustweatherthestormbuttofurtherconsolidateourpositionasaleader.Ourhealthynancialpositionenablesustomakestrategicacquisitionsandinvestments.Includingnewproductionfacilities,likeourplantinTurkey,thatweboughtend2008.
Ourindependentnancialstatusisastrenghtthatenablesustorealizeourambitions.
Thisnancialstrengthiscomplementedbyourcommitmenttothelong-termsuccessofourbusinesspartners.Acommitmentthatknowsmanydifferentforms.Asavaluablepartner,wewillalwayshelpyoutosecureyourbusiness,especiallyintimeswhenthepressureishigh.
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Whereverthemarket,we’refocusedonprovidingquality,heat-emittingsolutionsthatmeetthespecicneedsofthatmarket.
Ourpresence,andoursuccess,isglobal.Infact,we’rerepresentedinmorethan50countriesworldwide,andhavemanufacturingfacilitiesin17countries.Wearethelargestindependentheatemitterbrandintheworld.Morethan9millionradiatorsareproducedeveryyear.
PurmoispartoftheRettigICC(IndoorClimateComfort)divisionthatisrecognizedasthenumber1supplierofsteelpanelradiatorsinEurope.Wealsohaveastrongpositioninbathroomanddecorativeradiators,aswellasunderoorheating.
Thelong-termstrategyofthecompanyistomaintainthisnumber1position,andtoimproveuponitincrementally.Bydoingso,wehelpensureasolidfoundationforgrowthforallofourpartners.
Toreachthisgoal,theimportanceofadedicatedsalesforceineachcountrycannotbeoverestimated.Localexpertiseprovidestherightinputtodeliver
productsthatmeettheneedsofinstallersandend-users.Wealsocontinuouslyupdateproductmaterialsonacountry-by-countrybasis,bothonwebsitesandinliterature.
Theseeffortsallhelptobuilddemandforourproducts.
Wecansupport yoursaleseverywhere
“W all t f g pat f a stg epaad ad addg lal xp ad kwldgw add val t sals.”
chstph edwads, Sals & Maktg Dt, Pm utd Kgdm
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OverthelastseveralyearswehavecommittedsignicantresourcestothemergersoffacilitiesthroughoutEurope,toimproveourlogisticalefciencies.
Thesestrategicallylocatedsitesensureasteady,reliablesupplyofproductstomeetdemandinlocalterritories.WehavealsomadesignicantinvestmentsinimprovingthesefacilitieswithITandproductiontechnology.Thishasenhanced,simpliedandintegratedourentireEuropeanbusinessprocess.
Theseimprovementsbenetourbusinesspartnersinmanyways.Itensuresmorereliabledeliveryofproducts.Oneexample:Ournewpanelplatformconceptenablesaseamlesscontinuationofproductionfromoneplanttoanother.Soifthereis,bychance,abreakdowninpressingatoneplantinEurope,identicalpanelscanbepressedatanyofourotherlocations.Theproductsthencanbeimmediatelytransferredtotheaffectedlocationforassembly,paintingandpackaging.Thelevelofservicetothecustomerisunaffected.
Ourproductionefciencyalsohelpstostreamlineyourlogisticsandwilldecreasethecostsofwarehousing.
Ourdeliveryperformanceisupto98%orevenmore.Ontime-inll(OTIF),withleadtimesoflessthan5days.Youcanexpectthislevelofefciencyineverycountryinwhichweoperate.
We’reorganisedto
helpyourunamoreefcientoperation
“W val -tm dlv as stms dpd s t hlp thm t maag th wkg aptalftl.”
Js bgs, chf opats of, rttg icc
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WehelpyougrowyourbusinessbyfocusingonimprovingoursWealwaysfocusonimprovingresults.Certainly,wedothisbyexpandingcapacity(whenappropriate)andimprovingourefciencies.
Butwealsoneverlosesightoftheimportanceofraisingawarenessofourbrandsandourbusiness.Forthatweyearlyinvest10%ofourturnoverinmarketing,salesandefcientmarketcommunications.Twiceeveryyearwelaunchmajor,pan-Europeancampaigns,supportedbyongoingmarketactivities.
Theresultshavebeenconsistentlypositive.We’veincreasedmarketsharesignicantlyinmanymarkets,aswellasourbrandawareness.Infact,weenjoyanumberonepositionintopofmindawarenessinmanycountries.
Ourbrandpositionstandsforinnovation,inspirationandquality.Purmoproductsandsolutionsnotonlyprovidewarmth,theyalsoaddadimensiontoindividuallifestyles.Theymeettheever-changingneedsofinstallersandend-usersineverymarket.
Thisbrandpositioniscontinuallyreinforcedbyourmarketingcommunications,bothonlineandofine.Onaregularbasis,wemonitortheneedsofthemarketandrespondwithnewmarketingmaterialinallmediatofurtherstrengthenourpositions.
“o p mdst ad kwldg f th lalmakt a th ma fats f sss. W allfl slvs tl spsl f stmssss ssss.”
el Dha, bad cmmal Dt, Pm rads
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Ultimately,ourreputationandcontinuedsuccessrestswiththeintegrityofourproducts.Quality,therefore,isthecornerstoneofanorganisationthathasbeenactiveintheradiatorindustryformorethan30years.
Ensuringthisquality,however,callsforsignicantinvestments.
AgoodexampleofourcommitmentisourrecentinvestmentsinnewfacilitiesinBelgium,PolandandtheUK.IntotalRettigGroupinvested250millioneurooverthepastfouryearsinbusinessthey’vecommittedto.Andthey’llcontinuedoingso.Investmentsthatincreasequality,whileenhancingexibility,improvedproductavailabilityandon-timedeliveryatreducedcostlevels.
ExpandingfacilitiesthroughoutEuropealsoreectsourdedicationtolocalmarkets.AsaleadingEuropeancompany,Purmodemonstratesitscommitmenttoitsemployees,tosocialsecurityandtomaintainingahighqualityoflife.
Thisfocusonqualitycertainlyappliestoallofourradiators.EachoneisdesignedandtestedtomakesureitcanwithstandpressureswellabovetherelevantEuropeanandinternationalpressurerequirements.Allourradiatorsareguaranteedtotakethestrain.Eachandeveryoneisbackedwitha10-yearguarantee,anindustrystandard.
Qualityprovidesasecurefoundationthatcanhelpreleasepressureinturbulenttimes.Installersandend-users,whenmakingachoice,willchooseproductsmadeforthelongterm.Youcanpromisetoyourcustomersthebest.Andwewilldeliver.
Built-inquality
thathelpsyoukeep yourpromises
“All adats fm t th mst stgtqalt stadads ad a a mlttd f qalt adappval sals.”
clads Gams, bad Dvlpmt Maag, Pm rads
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Whentimesgetturbulent,it’sgoodtoknowthatyourbusinesspartnerisstableandsufcientlyfundedtowithstandthestrain.PurmoispartoftheRettigGroup,afamily-ownedbusinessthathasover200yearsofhistoryandexperience.
Rettig’sbalancesheetisstrongandthecompanycontinuestoenjoyasteadycashow.Furthermore,ithasalong-standingrelationshipwithbankingpartnersandhassufcientcreditlinesavailable,ifnecessary.Thisenablesustocontinuenancingoperationsandgivesustheopportunitytoexpandouractivities,withoutbeingoverlyinuencedbyanincreasinglyrisk-adversecreditmarket.
Anothercontributingfactortooursolidpositionisthecompany’sfocusonlong-termstrategyinsteadofshort-termdecisions.Beingwellfundedandnanciallystable,ofcourse,givesusthefreedomtothinklongterm.
Clearly,weareabletosupportourbusinesspartners,whateverthemarketconditionmaybe.
We’repreparedto
helpsecureyourbusiness
“i am vd that th tl wll als gsss pptts t mpas, sh as rttg,that hav a halth aal pst.”
bja Mtts, ceo, rttg Gp Ltd
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We’llhelpyoutogetthere
“Th sz f mpa, th stgth f adsad th makt pst lkd t th aalstalt f th rttg Gp wll hlps s vmpmg hallgs.”
Tmasz Taaa, bad Dt, Pm rads
Actually,nowistheidealtimetomakegreatthingshappen.
Tochangeandtobuildabrighterfuturetogether.Yes,theseareturbulenttimes.ButthesearealsotimestostrengthenourpartnershipandtocreatenewopportunitiesforallpartnersworkingwithPurmo.AtPurmowefullyappreciatethemagnitudeofthecurrentcrisisanditseffectonbusinessworldwide.
Asacompanywearepreparednotjusttoweatherthestorm,buttocomeoutstrongerandbetterpositionedthanever.Andwe’rereadytohelpourbusinesspartnersenjoythesamelevelofsuccess.
Firstandforemost,youcanexpectthefreedomthatcomesfromnancialstability.Wehavetheresources,includingcashreservesandsufcientlinesofcredit,tonancecurrentoperationsandtoexpandcautiouslyintonew,promisingmarkets.Wealsohavearangeofqualityproductsthatmeetthespecicneedsofeachmarketweserve.Ournetworkofsalesandproductionfacilitiesmeetcustomerneedsineachspecicmarket.Andwearecommittedtothemarketingactivitiestoraiseawarenessanddemand
inthosemarkets.
Inshort,Purmohastherightcombinationofresources,theorganisation,theproductsandthestrategicvisiontohelpyoureachyourbusinessgoals.Let’scontinuebuildingtogetheronaprotablefutureforallofus.
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“W s rttg icc as a vstmt f th ft.o faml thf s mmttd t a statg f lg tm dvlpmt. i that psptv w appad t tak whatv stps ssa t sth halth f ssss. F gats t m.”
cl v rttg, chama, rttg Gp Ltd
W W
W . P U R M O . C O . U K
Purmo United Kingdom
Rettig Park, Drum Lane, Birtley, County Durham, DH2 1AB
T 0845 070 1090
www.purmo.co.uk