RELIABLE. ECONOMICAL.
A N N UA L REP O R T 20 0 8 / 0 9
TRUMPF Group
www.trumpf.com
Machine Tools and Power Tools
2008 / 09: Sales € 1.33 billion
Employees on June 30, 2009: 5,416
Machine Tools
We support our customers with innovative, cost­effective machines and automation equipment, professional advice and services – a mix
that creates high­quality products. Across a process spectrum of punching, bending, laser cutting and laser welding, our customers
manufacture sheet metal parts and tubes required in almost every industry, from household appliances and fixtures to transportation.
Laser processing
Punching
Combination
processing
Bending
Storage systems
Laser Technology and Electronics
2008 / 09: Sales € 421 million
Employees on June 30, 2009: 1,795
Laser Technology
Whether the job calls for cutting, welding, marking or surface processing, TRUMPF has the right laser to manufacture
products in an energy and cost­efficient manner, in any industry and in all ranges from macro, micro to nano. We provide
our customers with application expertise, advice and system solutions.
CO2-lasers
Solid-state lasers
Marking lasers
Laser systems
Medical Technology
2008 / 09: Sales € 140 million
Employees on June 30, 2009: 544
Medical Technology
Our medical products that equip hospital operating rooms, intensive care units and optimize hospital logistics improve
patient care, simplify workflows and increase efficiency. They create excellent conditions for physicians and nurses so they
can focus on the well­being of the patient.
Power Tools
Professionals in the construction, ventilation and air­conditioning, recycling and demolition industries rely on TRUMPF
power tools to get the job done. Our ergonomic power tools make cutting and joining sheet metal more productive,
safe and environment­friendly.
Cutting
Fastening
Bevelling
Electronics
Process power supplies make advanced technology possible. Our high and medium frequency generators supply
electricity with defined rates and output for induction heating, plasma and laser excitation – with a high level of
reliability and repeat accuracy in industries such as semiconductor manufacturing.
Plasma
generators
Generators for
induction heating
Generators for
CO2-laser excitation
OR tables
Surgical lights
Ceiling pendants
Patient
transport systems
At a Glance
TRUMPF Group
2008 / 09
2007/ 08
Change
in percent
1,662.6
2,280.7
2,144.0
2,941.0
- 22.5
- 22.5
66.8
70.4
Sales*
in million €
in million US$
Overseas share
in percent
Orders received
in million €
in million US$
1,402.1
1,923.3
2,153.4
2,953.8
- 34.9
- 34.9
Income before taxes
in million €
in million US$
52.2
73.7
301.4
425.7
- 82.7
- 82.7
Net income for the year
in million €
in million US$
19.1
27.0
229.4
324.1
- 91.7
- 91.7
Net operating margin before taxes
in percent
3.1
14.1
Cash flow after taxes **
in million €
in million US$
84.5
116.7
272.1
382.2
- 69.0
- 69.5
Expenditure on fixed assets
in million €
in million US$
126.5
178.7
139.0
196.3
- 9.0
- 9.0
Expenditure for
research and development
in million €
in million US$
154.7
212.2
150.6
206.6
+ 2.7
+ 2.7
Balance sheet total
in million €
in million US$
1,518.0
2,144.2
1,489.7
2,104.3
+1.9
+1.9
Equity
in million €
in million US$
801.6
1,132.3
726.8
1,026.6
+10.3
+10.3
Equity ratio
in percent
52.8
48.8
Employees on June 30
number
7,965
7,955
+ 0.1
Personnel expenses
in million €
in million US$
477.0
654.4
516.7
708.8
- 7.7
- 7.7
* For currency translation principles please refer to page 51; closing spot rate of June 30, 2009: € 1.00 = US$ 1.4125,
yearly average exchange rate for 2008 / 09: € 1.00 = US$ 1.3717
** Net income for the year after partners’ taxes plus depreciation and change in accruals for pensions and similar obligations
TRUMPF stands for innovation in production and medical technology. We
are committed to new techniques that make good business sense for our
customers. With our products, services and expertise, we offer our customers
competitive advantages that will make them successful. Especially during
tough times, that is what counts.
We continually work to improve our structures and processes, which allows
us to react quickly to changing situations and elevate our performance. Our
thinking and our actions are focused on the long term. Continuity is what
makes us stand out and remain true to what we are: a financially independent, solid, family-owned company.
Contents
02
Message from the President
41
Consolidated Financial Statements
04
Company Management
42
Consolidated Balance Sheet
06
Supervisory Board Report
43
Consolidated Profit and Loss Account
08
Company Information
44
Statement of Changes in Group Equity
46
Development of the Consolidated Fixed Assets
10
Reliable. Economical.
48
Consolidated Cash Flow Statement
49
Notes to the Consolidated Financial Statements
20
Group Management Report
21
Corporate Structure
59
Audit Opinion
and Business Activities
60
Corporate Social Responsibility
21
Economic Situation
22
Business Development
30
Results of Operations, Net Assets
and Financial Position
36
Important Events since the
End of the Fiscal Year
36
Risk Report
39
Outlook
1
To the Friends of our Company
2
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Further Information
Ladies and Gentlemen,
The last fiscal year saw the world narrowly escape the collapse
of the international financial system. The outcome of the crisis
we now face could determine the course of the 21st century,
and possibly for the better if we learn from the damage that
has been done. When I say “we,” I am primarily referring to all
of us living in developed nations of the industrialized world who
must relearn the concept of moderation. And we also need
a binding set of rules for managing risks to prevent future
excesses in the financial markets. The point is this: We need
to bring freedom and responsibility into balance.
For TRUMPF, there were two sides to the 2008 / 09 fiscal year.
We sensed a downturn in demand during the first four months
of the year, but found our performance remaining at the extra­
ordinarily strong level of the previous year. Important trade
shows also went very well, giving us the opportunity to present
products that would help our clients achieve their business
objectives or open up new markets.
The slump then began in November 2008, hitting all regions
and nearly all of our customers’ industries at the same time.
The dynamics of the situation were extraordinary. We reacted
immediately by adjusting our work capacity and reducing costs.
The tools that allow us to adapt our labor force level with flexi­
bility have proven to be extremely valuable this year. In the past,
they have allowed us to keep up with large numbers of orders.
This year, however, they have helped us to adjust our resources,
including personnel, to reflect the reduced demand for products
and services. At some sites we have agreements in place with
works councils to provide additional flexibility. These work alli­
ance agreements have allowed us to reduce our work capacity
for roughly six months without compromising employee compen­
sation. Where these options have been exhausted, we intro­
duced short-time work. In countries where these flexible tools
are not permitted by law, we had to lay off some employees.
As a family-owned company, this was not an easy decision for
us to make.
Our flexible manufacturing organization allows us to ratchet
up production very quickly or – as was the case in the past
year – slow it down significantly. This option has prevented
inventory buildup.
We have also implemented a group-wide program to improve
profits, and this has already resulted in significant cost reduc­
tions. We are continuing this program in fiscal year 2009 / 10.
The success of our efforts is reflected in our financial figures:
Despite the fact that sales dropped by 22 percent to € 1.66 bil­
lion, we were able to achieve pre-tax earnings of € 52 million.
I am well aware that we have a difficult year ahead of us. The
first signs of recovery are already visible, but no one is yet able
to say if these point to a long-term trend. We have made con­
tingency plans based on a variety of different scenarios so that
we can take appropriate action regardless of how this uncer­
tain situation plays out. Providing our clients with outstanding
service remains our most important goal.
In achieving this aim, we have been able to rely on an excep­
tional team, to whose members I would like to express my
­tremendous gratitude. Our employees have played an active,
responsible role in implementing the steps we have had to
take. They have managed to balance the need to reduce our
capacities with our commitment to providing outstanding
products and services. I am confident that this dedication will
move us forward in the coming year as well.
Ditzingen, October 2009
Dr. phil. Nicola Leibinger-Kammüller
President and Chairwoman of the Managing Board
3
Management of the TRUMPF Group
4
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Dr. phil. Nicola Leibinger-Kammüller
Dipl.-Ing. Peter Leibinger
Born 1959, President and Chairwoman of the
Born 1967, Vice-Chairman of the Managing
Managing Board, responsible for strategic develop­
Board, Head of the Laser Technology and
ment, corporate communication, as well as real
­Electronics ­Division, responsible for group-wide
estate and facilities
research and development, as well as new
Further Information
­business fields
Dr.-Ing. Mathias Kammüller
Dipl.-Ing. Friedrich Kilian
Born 1958, Head of the Machine Tool and ­
Born 1956, responsible for central purchasing and
Power Tool Division, ­responsible for group-wide
research and development in the Machine Tool
production and ­quality manage­ment, as well
Business Field
as machine tool sales
Dr. rer. soc. Gerhard Rübling
Dipl.-Ök. Harald Völker
Born 1954, Labor Director, responsible for
Born 1954, Head of the Medical Technology
­group-wide human resources and services
­Division, responsible for finance, information
in the Machine Tool Business Field
­technology, corporate legal, ­acquisition
­management, and organizational development
From left to right
5
Supervisory Board Report
6
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Further Information
Ladies and Gentlemen,
The manufacturing industry is highly susceptible to ups and
downs. Demand for manufactured goods rises and falls at
unforeseeable intervals but with stubborn repetition. This
has always been the case and the industry has always been
­prepared for it. I have experienced twelve recessions through­
out the course of my career. However, the current situation is
exceptional. We are experiencing a unique economic crisis.
But the company is well prepared to handle it. Since the last
major recession at the beginning of the 1990s, the company
has implemented tools that allow all divisions and departments
to respond flexibly during tough economic times. The Manag­
ing Board has taken advantage of these tools partic­ularly
to adjust personnel capacities and production ­volumes, and
has done so quickly and decisively.
TRUMPF has a solid equity capital basis that was increased
­considerably by the managing partners on July 1, 2009. All
partners share an absolute confidence in the company. Further­
more, the necessary liquidity – even for a long-lasting crisis –
has been secured. I am therefore convinced that TRUMPF will
cope well in this recession.
During the three meetings of the Supervisory Board of Berthold
Leibinger GmbH, the Managing Board kept the Supervisory
Board up-to-date concerning the latest developments in the
TRUMPF Group. The economic crisis was discussed and the
necessary adjustment measures for capacity and structure were
analyzed in detail. Ideas and opinions were also discussed and
exchanged with the Chairman of the Supervisory Board on a
routine basis in between the official meetings. These discussions
were characterized by openness and trust. The Supervisory
Board is convinced that the company is well prepared.
Ernst & Young AG Wirtschaftsprüfungsgesellschaft, Stuttgart,
audited the annual balance of accounts, the consolidated
financial statement and the group management report. Each
section was issued a clean audit certificate. The auditor reported
his findings in detail concerning the annual balance of accounts
and consolidated financial statement to the Supervisory Board
at its most recent meeting. The Supervisory Board has acknowl­
edged and approved the audit reports presented, as well as
the results of the annual balance of accounts and consolidated
financial statement audit. After completing its own audits of
the annual balance of accounts, the proposed appropriation of
earnings, the consolidated financial statement, as well as the
group management report, the Supervisory Board accepted
without objection the annual balance of accounts and the con­
solidated financial statement as presented by the Managing
Board.
This difficult economic situation has required extreme effort
and hard work from everyone. The Supervisory Board would
therefore like to fully recognize and thank the Managing
Board and the employees for their work and high level of
­dedication in this last fiscal year.
Ditzingen, October 15, 2009
The Supervisory Board
Prof. Dr.-Ing. Berthold Leibinger
Chairman
7
Company Information
Management of the
TRUMPF GmbH + Co. KG
Partners
Dr. phil. Nicola Leibinger-Kammüller
President and Chairwoman of the Managing Board,
­responsible for strategic development, corporate
­communication, as well as real estate and facilities
Leibinger Family
96.2 percent
Dipl.-Ing. Peter Leibinger
Vice-Chairman of the Managing Board, Head of the
Laser Technology and Electronics Division, ­responsible
for group-wide research and development, as well as
new business fields
Dr.-Ing. Mathias Kammüller
Head of the Machine Tool and Power Tool Division, ­
responsible for group-wide production and quality
­management, as well as machine tool sales
Dipl.-Ing. Friedrich Kilian
Responsible for central purchasing and research and
­development in the ­Machine Tool Business Field
Dr. rer. soc. Gerhard Rübling
Labor Director, responsible for group-wide
human ­resources and services in the Machine Tool
Business Field
Dipl.-Ök. Harald Völker
Head of the Medical Technology Division, responsible
for finance, information ­technology, corporate legal, ­
acquisition ­management, and organizational development
8
Berthold Leibinger Stiftung GmbH *
3.8 percent
*indirectly via Berthold Leibinger Beteiligungen GmbH
Supervisory Board of the
Berthold Leibinger GmbH
Prof. Dr.-Ing. Berthold Leibinger
Gerlingen
Chairman of the Supervisory Board
Gerd Duffke *
Leonberg
Vice-Chairman of the Supervisory Board, ­
Chairman of the Central Works Council of the
TRUMPF GmbH + Co. KG, as well as of the
Combined Works Council of TRUMPF Werkzeugmaschinen
GmbH + Co. KG in Ditzingen
Hans-Rainer Balbach *
Gerlingen
Quality Management, TRUMPF Werkzeugmaschinen
GmbH + Co. KG
(since December 15, 2008)
TRUMPF Group Reliable. Economical. Group Management Report Johann Baur *
Filderstadt
First Delegate of the IG Metall Trade Union Stuttgart
Managing Director
Werner Bruker *
Lauterbach
Vice-Chairman of the Central Works Council of
the TRUMPF GmbH + Co. KG and Chairman of the
Works Council of TRUMPF Laser GmbH + Co. KG
(until December 15, 2008)
Prof. Dr. Hermut Kormann
Heidenheim
Former Chairman of the Board of Management
of Voith AG
Rupert Kraus *
Gammertingen
Member of the Central Works Council of the TRUMPF
GmbH + Co. KG, Vice-Chairman of the Combined Works
Council of the TRUMPF Werkzeugmaschinen GmbH + Co. KG
and Chairman of the Works Council of the TRUMPF
Werkzeugmaschinen GmbH + Co. KG in Hettingen
Doris Leibinger
Gerlingen
Prof. Dipl.-Ing. / M. Arch. Regine Leibinger
Berlin
Architect, Barkow Leibinger Architects
Monika Lersmacher *
Kornwestheim
Union Secretary of the IG Metall Trade Union
Stuttgart
(since December 15, 2008)
Consolidated Financial Statements Further Information
Prof. Dr. Uwe Loos
Stuttgart
(until December 15, 2008)
Dr. Simone Rehm *
Stuttgart
Head of Information Technology and
Processes, TRUMPF GmbH + Co. KG
(until December 15, 2008)
Joachim E. Schielke
Stuttgart
Chairman of the Board of Management Baden-Württem­
bergische Bank, Stuttgart, Member of the Board of
Management Landesbank ­Baden-Württemberg, Stuttgart
(since December 15, 2008)
Hansjörg Schmierer *
Stuttgart
Managing Director Finance and
Member Relations IG Metall Trade Union Stuttgart
(until December 15, 2008)
Andreas Schulz *
Gerlingen
Plant Manager Ditzingen,
TRUMPF Werkzeugmaschinen GmbH + Co. KG
(since December 15, 2008)
Prof. Dr. Dr. oec. h. c. Walther Zügel
Stuttgart
Former Chairman of the Board of Management
Landesgirokasse Stuttgart
*Employee representatives
9
Buying a new machine –
is that smart ? Will the
investment really open
up new markets? Will it
help me work more
efficiently ? Or conserve
resources? What can
each laser actually do ?
And how do I stay on top
of day-to-day issues ?
10
8
times more successful
TRUMPF has the answers.
Reliable. Economical.
11
The fascination with sheet metal, pipes and profiles is the variety of applications. The challenge
is to combine ideas, knowledge, techniques and processes to find the best solution possible.
You can do this on your own or consult with a TRUMPF expert.
01
Share expertise
Consulting
Working together for your success
Sales consultation – figuring out what sells
Training – learning how to achieve your goals more quickly
Application workshops – discovering the possibilities
SYNCHRO consulting – analyzing your processes for greater efficiency
12
In order to progress, you need the freedom to change – and a smart concept. That’s why
we developed the TruLaser 3030 Lean Edition, a machine that grows when you need it.
You can expand it one step at a time to create your own, fully automated solution.
Plan a career
TruLaser 3030 Lean Edition – a strategy for equipment updates
02
TruLaser 3030 Lean Edition
+ Automatic pallet changer
+ Conveyor
+ Premium cutting package
= TruLaser 3030 NEW
+ Automatic nozzle changer
+ Additional automation
13
Organization saves time and money. Productivity suffers when sheet pallets are stored in production
facilities or when forklift drivers have to travel far or spend a lot of time looking for pallets. The
TruStore storage system optimizes the flow of materials, makes work easier and increases productivity.
Make a
good living
03
65 pallets:
Floor storage or
storage in TruStore 3000*
292.5 sqm
41.0 sqm
€ / year 35,100.00 **
€ / year 4,920.00 **
*Includes 2 storage towers with 2 expansion modules each;
65 storage compartments and a loading height of 90 mm
**Monthly area cost: 10.00 € / sqm
14
TruTops Fab lets you view your production process from every angle – from costing and nesting
to NC program management, storage management and accounting. Just point and click to review
the capacity of your machine fleet and the order progress. You can optimize your processes, too.
TruTops Fab: Big picture production control
Corporate management
Production management
Calculation
Storage
Production process
Quickjob
handles capacity planning and program management
Production
coordinates production processes, generates work schedules
generates quotes and establishes production times
manages warehouses and containers
Purchasing
performs order processing and vendor management
Customer
processes customer orders
Find buried treasure
04
15
You don’t need a lot of press force to bend very small parts. All you need is an efficient motor
for high dynamic axle and drive performance combined with an ergonomic operating concept,
and only two square meters of space. That’s all it takes for the world’s fastest little press brake
to reduce workpiece times and costs.
05
Speed up
TruBend 7000
Strikingly fast
Sheet metal part dimensions: 215 x 145 mm
Sheet thickness: 1 mm
- 35 %
- 39 %
Seven bends in two steps
Lot size: 100 pieces
*compared to traditional press brakes
16
Workpiece
time *
Workpiece
costs *
If you work with heat-sensitive metal, silicon or glass components and you’re looking
for microprocessing free of melting or burrs, then cold processing with ultra-short pulse
lasers is what you need.
Keep cool
10 µm
06
50 µm
TruMicro Series 5000
Unbelievably short
An ultra-short pulse laser will
process your workpiece in just
0.000 000 000 010 seconds –
an amount of time so short that
light only ­travels three millimeters
and the material stays cold. The
­picosecond pulses of the TruMicro
Series 5000 can be used for drilling,
cutting and ablating thin-layer
­transistors, solar cells or TFT screens.
17
Which laser is the best one for the job? It depends on the application. Disk lasers are the tool
of choice for scanner welding on car bodies, for instance, while fiber lasers are well suited for
­cutting intricate components. That’s why TRUMPF offers the right laser for every job.
Utilize
strengths
CO 2 -lasers TruFlow
Fiber lasers
TruFiber
Diode lasers
TruDiode
18
07
Disk lasers
TruDisk
Laser beam sources
The right laser for every application
TruFlow – maximum process reliability for welding and cutting applications
TruFiber – designed for precision processing of thin sheets
TruDiode – perfect for highly efficient deep welding
TruDisk – all around talent with low operating costs
The TruTops Navigator module is successful because users are able to achieve perfect marking results
without having to spend time immersing themselves in the technology. Even those without specialized
knowledge can quickly find the right settings for a variety of different materials.
08
Make it simple
The Navigator module of the TruTops Mark program
Three intuitive steps to perfect marking
Enter material, technique and text / graphics
Create test matrix
Select desired effect
Start
19
Group Management Report
Contents
21Corporate Structure and
Business Activities
30Results of Operations, Net Assets
and Financial Position
30 Company Situation
21 Economic Situation
33 Results of Operations
34 Net Assets and Financial Position
22 Business Development
35 Investments
22Overview of the Fiscal Year
23Activities in the Markets and
­Product Fields
36Important Events since the
End of the Fiscal Year
24 Research and Development
28 Procurement
36 Risk Report
28 Production
29 Processes and Organization
29 Employees
20
39 Outlook
TRUMPF Group Reliable. Economical. Group Management Report Corporate Structure and
Business Activities
The TRUMPF Group’s business is the production of manufactur­
ing equipment and medical technology. Our corporate goal is to
be a global leader, and, as such, set technology and corporate
standards. Three business divisions – Machine Tools and Power
Tools, Laser Technology and Electronics, as well as Medical
Technology – are combined under the umbrella of the manage­
ment holding company, TRUMPF GmbH + Co. KG. These divi­
sions have five business fields beneath them.
The headquarters of the Machine Tool Business Field is located
in Ditzingen, Germany; the Power Tool Business Field is central­
ized in Gruesch, Switzerland. The Laser Technology Business
Field has three main locations: Ditzingen and Schramberg,
­Germany, and Gruesch, Switzerland. The Electronics Business
Field is managed in Freiburg, Germany. The Medical Technology
Business Division has its main locations in Puchheim and Saal­
feld, Germany.
A global network of production, sales and service companies
spanning all TRUMPF business fields, supports the worldwide
activities. The Group is represented in important markets by
59 subsidiaries – in Europe, the Americas and Asia-Pacific.
Economic Situation
The world economy is mired in a recession
The second half of 2008 was characterized by a major economic
downturn, which has continued into 2009. The economic slow­
down, which was not unexpected, was considerably worsened
by the financial crisis and became a full-blown worldwide
economic crisis, which gradually trickled down to impact almost
all businesses, industries and countries. The positive trends
recorded in the first half of 2008 are what fostered world eco­
nomic growth by 3.1 percent in 2008.
Consolidated Financial Statements Further Information
For the first time since the end of the Second World War, 2009
will go down as a year marked by negative world economic
growth. Current forecasts assume a decline of 1.4 percent.
Economic performance dropped off particularly in the Euro zone,
the USA and Japan. Only a few countries posted growth. In
China, signs of economic recovery increased during the course
of the year. A large amount of stimulus spending kept India’s
gross domestic product from falling less than expected.
In Germany, the decline in overall production has increased.
Current early indicators show a continued drop in production
and rising unemployment figures. While the gross domestic
product rose by 1.3 percent in 2008, a decline of 6.2 percent
can be expected for 2009.
Exchange rates fluctuated dramatically in the year under review.
The Euro exchange rate reached a record high in July 2008,
hitting US$1.60, which was followed by a drop to US$1.25.
On the reporting date, the value of the Euro was US$1.41,
which is 11 percent below its value on last year’s reporting date.
Investment activity varied dramatically by region in 2008. Capital
equipment investments declined in the USA and Japan in 2008.
In Germany, it increased by 5.3 percent. However, in 2009
experts assume this category of investment will fall by 20 per­
cent in Germany. In the Euro zone a drop of 17 percent is
expected. A decline of 12 percent is anticipated in Japan, while
the USA is expecting a 16 percent drop.
Germany is almost even with Japan in the
production of machine tools
The growth period enjoyed by the German machine tool industry
over the last five years reached its peak in 2008, mainly due to
massive order backlogs from 2007. The world economy showed
only a minor slowdown until shortly before the summer break in
2008, though the warning signs from the financial sector were
indeed visible. Machine tool production rose in 2008 in Germany
21
again by 12 percent to € 14 billion. However, orders received
were down 12 percent, particularly influenced by the final
quarter results. World production (excluding spare parts and
maintenance) increased in 2008 by 4 percent to € 52 billion.
Germany maintained its second place international ranking
with a market share of 20.5 percent in 2008. It has, however,
almost caught up to Japan, with a 20.7 percent share of
world production.
Laser industry achieves slight growth
The world market for materials processing laser systems
increased by about 1 percent to € 6.5 billion in 2008. Of that,
€ 5.1 billion was achieved with products in macro processing,
corresponding to a 1 percent growth over last year. The
­strongest growth was recorded in the Asian markets with the
exception of Japan. Most countries in Europe and North
­America experienced declines. In micro processing, the world
market volumes rose by 2 percent to € 1.4 billion. The solar
and flat screen monitor industries were major contributors
to this growth. Experts are predicting considerable declines
in the world market in 2009.
Electronics industry expects difficult year 2009
The electronics industry is a worldwide contributor to growth,
however, it is a cyclical industry with considerable fluctuations.
In 2008, global production may have once again increased
slightly based on a volume of € 2.5 trillion. Sales in Germany’s
electrical industry declined slightly by 0.2 percent to € 182 bil­
lion in 2008. Energy technology, the relevant market for TRUMPF,
sustained positive growth. Production in German energy com­
panies rose by 8.8 percent to € 12 billion. For 2009, analysts
are expecting a considerable decline following an initial four
month slump.
Medical technology continues to grow
In 2008, total sales in the German medical technology industry
reached approximately € 18 billion, a 2.6 percent jump above
last year’s figure. Overseas growth was a major contributing
factor. Sales overseas rose by 3.5 percent to € 12 billion while
domestic sales increased slightly by 0.8 percent to € 6.2 billion.
These figures indicate that the medical technology sector is
developing successfully. The reasons for this are the relatively
constant demand in the health care industry – due to an
aging society and an increasing awareness of health matters –
as well as the high level of innovation that characterizes this
growing sector.
Business Development
Overview of the Fiscal Year
TRUMPF closes out difficult fiscal year with profits
The worldwide economic crisis and the resulting restraint in
investments have left their mark. Sales in the TRUMPF Group
decreased by 22 percent to € 1.66 billion in the 2008 / 09 fiscal
year; orders received fell 35 percent to € 1.40 billion. The crisis is
playing throughout the world simultaneously, in an extraordinary
array of industries and with strikingly high losses. The company
responded very quickly to the changed situation, allowing the
reporting year to close out with a profit. Income before taxes
amounted to € 52 million. Against a backdrop of current market
conditions, this is a success.
The Medical Technology Business Division recorded increases
in orders received and sales. The remaining business divisions
posted declines in all world regions. We were able to mitigate
these declines somewhat through an innovation campaign
across all business fields that was started within the year under
review. Expenditure for research and development increased
by 2.7 percent to € 155 million. The company’s research and
development quota reached 9.3 percent.
22
TRUMPF Group Reliable. Economical. Group Management Report We have adjusted production volumes and the capacity utiliza­
tion of our 21 production facilities to meet demand. This has
enabled us to reduce inventories.
We began a group-wide cost-cutting program in the second
half of the fiscal year. Savings initiatives were implemented
with good results, and we will continue to make investments
that will increase the company’s efficiency in the short term.
TRUMPF implemented a mix of available options in order to
adjust its personnel capacities to the decline in demand, tapping
into opportunities of the individual countries. One of the main
actions was to reduce work time by instituting a short-time
work initiative. On the reporting date, the Group had a work­
force of 7,965 employees based on consolidated subsidiaries.
Job security is a priority for us, and we have addressed it by
reducing flexible capacities wherever possible. As a result, the
number of employees remained the same as last year.
Activities in the Markets and Product Fields
During the 2008 / 09 fiscal year, we implemented important
changes that will support our position as a leading international
technology company and improve our marketability.
TRUMPF expands Ditzingen headquarters
By reporting time, the development center for the Machine
Tool Business Field and the Laser Sales and Application Center
construction projects were nearing completion. Some depart­
ments have already begun to move into the new buildings;
the remaining departments should be settled in by the end of
November 2009. This means that development and production
units, previously housed in leased outlying facilities, can once
again be located in Ditzingen. With the completion of these
projects, TRUMPF will have reached the end of the Ditzingen
headquarters multi-year expansion. During the reporting year,
the company’s new 700-seat cafeteria also opened for business.
Consolidated Financial Statements Further Information
TRUMPF also moved into its new building at the Hettingen
location, where punching machines are assembled. Technical
Customer Services, the production organization and the
apprentice training shop now occupy the expanded facility.
Automobile manufacturer honors
TRUMPF’s innovative laser welding process
Daimler AG has awarded TRUMPF its “Key Supplier Award”
in the category of innovation. The automotive manufacturer
recognized TRUMPF’s achievement in developing the innovative,
robot-operated laser welding method RobScan for mass pro­
ducing the Mercedes Benz E and C class cars. Because of this
process, Daimler was able to considerably increase its welding
speed and the quality of the weld seams while reducing the
weight of the vehicle.
New color concept and website strengthen the brand
New colors for all products were introduced in the year under
review, with the exception of medical technology products
and power tools. This is a logical continuation of the brand
strategy that began with the introduction of descriptive product
names. TRUMPF’s new global website design includes countryspecific websites listing the products available in each country
– across all business fields. This change is in keeping with the
company’s direction as a technology group – operating within
multiple business fields – with the ability to provide detailed
market-specific product information.
TRUMPF is establishing technology competence
centers in Europe
In October, TRUMPF acquired 100 percent of the equity of
the British company SPI Lasers plc, one of the leading manu­
facturers of fiber lasers for industrial applications. SPI Lasers
has a broad product portfolio in the fiber laser sector and is
a solid addition to TRUMPF’s product range. Development and
production take place at SPI Laser’s location in Southampton,
Great Britain.
23
In Austria, TRUMPF expanded its Pasching location. As a com­
petence center for bending technology, TRUMPF Maschinen
Austria produces all bending machines from the TruBend Series
3000, 5000 and 7000, as well as both versions of the Bend­
Master and bending tools. Development also takes place at the
Pasching location.
in response to Taiwan becoming one of the largest producers
of semiconductors and flat screen monitors worldwide. At the
same time, TRUMPF relocated the production of its mediumsized bending machines, the TruBend Series 3000, from Taiwan
to Pasching, Austria.
We expanded our range of services in Spain and Switzerland
by establishing our own sales financing companies.
Research and Development
North America intensifies activities in
the field of diode lasers
In 2009, TRUMPF Inc. celebrates its 40th anniversary. Head­
quartered in Farmington, Connecticut, the first TRUMPF sub­
sidiary in the USA is also the second ­largest TRUMPF subsidiary
worldwide. In addition, TRUMPF Inc. is the ­largest manu­
facturer of machine tools and high-performance lasers in all
of America.
TRUMPF is expanding production at its location in Cranbury,
New Jersey. New product lines in laser diodes, pump modules
and optical components have joined the laser technology
­product portfolio.
Focus and expansion are the order of the day in Asia
The company’s sales and service network in China continues
to undergo expansion. In Dongguan, Southern China, we
operate a production facility where we demonstrate to potential
customers the array of options that sheet metal processing
offers. A laser application center was also built there. In addi­
tion, we have started producing machine tools in Taicang, in
a new ­factory building that also houses sales and service as
well as OR table production. A fabrication ­center for sheet
metal parts is under the same roof.
The innovation campaign continues
Even before the first signs of the economic downturn began to
appear, TRUMPF launched an innovation campaign in all of its
business fields. The focus was on solutions that would offer our
customers distinct competitive advantages during tough eco­
nomic times. On the one hand, new machines can reduce parts
costs and improve product quality, and on the other hand,
machine innovations enable customers to tap into entirely new
application fields. Improved resource efficiency in the entire
production process also plays an important role in lowering
operating costs.
During the last fiscal year, we invested more than ever before
in innovations that will pay off for our customers. Expenditure
for research and development increased by 2.7 percent to
€ 155 million. Our research and development quota rose to
9.3 percent of sales. Worldwide, there were 1,074 research
and development employees on the closing date, representing
13 percent of all employees.
Research and development in million €
107.1
119.8
135.4
150.6
154.7
04 / 05
05 / 06
06 / 07
07 / 08
08 / 09
We have reorganized our Taiwan location. The responsibility
for machine tool, laser technology and power tool sales was
transferred from an external dealer to our own subsidiary there.
We also built a showroom and training center, and increased
service and maintenance offerings in the Electronics Division
24
TRUMPF Group Reliable. Economical. Group Management Report Employees in research and development*
773
04 / 05
849
05 / 06
927
06 / 07
1,070
07 / 08
1,074
08 / 09
*As of balance sheet date
In the year under review, TRUMPF expanded its international
network of development centers. Development centers are not
only located at central locations in Germany, but also in Austria,
Poland, Switzerland, the USA and China. New development
centers are located in Great Britain and Japan. In addition to
market proximity, decisive factors for opening such a center
in a country include the research landscape and the existing
technical expertise.
The Machine Tool Business Field offers business
­solutions for sheet metal processing
More than ever, machine tools that meet the highest efficiency
standards are in demand. Automated machines equipped
with energy-efficient components reduce production costs.
Ergonomic machine design also helps to maximize employees’
efficiency.
The TruLaser 3030 Lean Edition is breaking new ground. This
machine grows along with the customer’s requirements and
can be upgraded as desired – from its space-saving basic model
to a machine with automated pallet changers, or as part of a
flexible production system. As with almost all TRUMPF flatbed
laser machines, due to the single-head cutting design any
sheet thickness can be cut without changing the cutting head.
Consolidated Financial Statements Further Information
With its TruLaser 7040 NEW equipped with a solid-state laser,
TRUMPF has introduced the most productive laser cutting
machine in the world. The high-speed machine is designed for
manufacturing large quantities in the thin sheet range. It has
two cutting heads, a 6 kilowatt solid-state disk laser from the
newest generation and a cross bar made of carbon fiber. Within
this product family, the TruLaser 8000 specializes in extremely
fast sheet metal processing of oversized parts.
The new combined punch-laser machine, the TruMatic 7000,
can laser cut, punch, form, tap threads, deburr and mark. Its
active die prevents surface scratches during processing. When
the sheet is moved onto the machine, the die is lowered and
does not touch the sheet, eliminating scratches to the sheet
underside. This is especially advantageous for sheet metal parts
that call for very high quality. In addition, costly ­finishing treat­
ments such as polishing are made obsolete. Also, due to the
active die, larger and higher formings are possible in sheet metal
of up to 8 millimeters using completely new tools. The new
machine works very quickly because the additional hybrid X and
Y axes for the laser cutting head move concurrently with the
work table. This shortens the processing time considerably.
The newest generation of the TruPunch 5000 also has an active
die. The punching machine works about 5 percent faster and
reaches 1,400 strokes instead of 1,200 without consuming
additional power. It can be automated on a modular basis and
integrated with storage technology.
In the world of TRUMPF bending machines, the market launch
of the small, ergonomic and energy-saving machines from
the TruBend Series 7000 was the most successful ever. These
machines are particularly suited for sheet metal whose blanks
are not larger than a business sized sheet of paper. Bending
blanks of this size using large, heavy press brakes, taking up
space, and wasting energy is not cost effective. Speed is the
primary advantage of the small machine. We also equipped the
TruBend Series 7000 with a completely new kind of ergonomic
design.
25
TRUMPF also introduced a new BendMaster for automated
bending on large press brakes. The machine can process parts
with a bearing load of up to 150 kilograms. This increases the
machine’s run times so that it can also be operated unmanned,
relieving the operator from heavy manual loads lifts.
Laser-supported bending represents a milestone in forming
technology. In cooperation with the Technical University of
Vienna, TRUMPF presented a technique to bend previously
unformable, brittle materials such as magnesium, aluminum
and titanium alloys. For these applications, diode lasers in
the tool apply targeted heat to the bending line.
Power Tools Business Field enhances successful tools
Product development within this business field concentrated
primarily on new nibblers and shears. One result is the fast
­profile nibbler, the TruTool PN 130, which is especially designed
for the needs of roofers and siding contractors. The new
­TruTool S 130 shears – the smallest and lightest battery-­
powered shears in the world – are now available. They can
cut thin sheets of up to 1.3 millimeters.
TRUMPF has enhanced the disk laser in its TruDisk Series. Com­
pared to the 4 kilowatt predecessor generation, it offers double
the output per disk. This laser will initially be available with
an output power of up to 16 kilowatts. The high beam qualities
make scanner welding possible from a great distance and can
be used for applications in the power train segment. Even the
design has become more compact. In the 4 kilowatt class, the
installation space decreased by 60 percent due to a reduction by
half in the number of components. Together with a long service
life and up to 30 percent higher energy efficiency, this disk
laser offers considerably lower investment and operating costs.
TRUMPF is setting new technological standards with its diode
lasers from the TruDiode series. For the first time, diode lasers
are available with an output power of 1 to 3 kilowatts for
industrial use. In the high performance range, they achieve a
beam quality that equals the quality of lamp-pumped highperformance lasers. With its socket output efficiency level of
over 40 percent, the TruDiode laser is much more efficient
than lamp-pumped lasers, making them ideal for welding
applications currently done by the lamp-pumped lasers.
TRUMPF’s TruTool TSC slat cleaner is used by many laser
cutting machine operators. The TruTool TSC 2 launch repre­
sents a new version of this successful tool that can be
operated by a single operator.
Combining more compact design and additional performance
classes, the new fiber laser generation from the TruFiber Series
is opening up new opportunities for welding and precision
contour cutting users. TRUMPF has expanded the series to
include laser outputs of 200 and 400 watts. With their 19-inch
plug-in housing, the machines have also become considerably
more compact.
New laser technologies make for more energy
and cost efficient production
Along with providing the highest process reliability for our
­customers in laser technology, extending the best productivity
at the lowest power costs is also a priority. We have the right
laser for any application to help our customers achieve high
quality parts production at a low cost.
The TruFiber 400 achieves high productivity and short process­
ing times, for example, when combined with the new TruLaser
Cell 3010. This universally applicable laser machine for the
­flexible 2D and 3D processing of small components is extremely
fast, precise and cost efficient because of the highly dynamic
machine axes. A control and programming software standard
for the TruLaser Cell Series 3000 and 7000 increases its flexibility.
Welded edges can be cut even faster now using the TruTool
TKF 1500, the only beveller in the world that is self-powered.
26
TRUMPF Group Reliable. Economical. Group Management Report Whether in the solar industry or in semiconductor technology,
the lasers from the TruMicro Series have proven themselves as
reliable and precise tools. TRUMPF expanded its microprocessing
laser line by adding the TruMicro 7250. Fiber-directed and
with an average output of 400 watts, it is the ideal laser for
manufacturing thin film and high-performance transistors in
semiconductor and flat screen production. The ultra-short
pulse laser TruMicro 5050 was also optimized. The surface area
required for the laser head was reduced by more than 60 per­
cent, making it easier to integrate the laser into production. The
TruMicro 5050 is the most powerful commercial pico second
laser that can evaporate almost any material without heat input.
This capability is required in photovoltaics, for example, where
the materials have to be processed without thermal influences
and at a high level of productivity.
New marking lasers from the TruMark Series are expanding
application options. This is why TRUMPF developed a fiber
laser-based series. The first product from the new series is the
TruMark 5020. It is suitable for applications requiring high
power and short cycle times. The new diode-pumped solid state
laser, the TruMark 3010, is simple to operate and is ideal for all
users with small batch or individual marking needs. TRUMPF
has added technological and ergonomic enhancements to its
marking station, the TruMark Station 5000. The user can now
work on larger components and benefit from higher travel
speeds along the linear axes.
The new software feature Navigator from the TruTops Mark
marking software makes it easier to operate all TruMark
lasers. Users without specific laser expertise can easily mark
workpieces made of metal or plastic using the stored
parameter sets.
High technology applications remain the focus
in the Electronics Business Field
This fiscal year, the Electronics Business Field offered new direct
current and high frequency generators to tap into growth
markets such as the solar industry. These include the TruPlasma
RF 1003. The new high-frequency generator has an output
of up to 3,000 watts and is particularly ideal for coating and
treating surfaces in plasma applications. For the complex
production of semiconductor components and solar cells, the
TruPlasma RF 1003 provides the necessary process energy.
Consolidated Financial Statements Further Information
It can also ­handle large volume production with high reliability
and repeat accuracy. Due to its high efficiency level of more
than 80 percent, customers can save on energy costs while
increasing their production efficiency.
The Electronics Business Field further enhanced its proven
­TruPlasma MF Series 7000 medium frequency generators with
a more powerful arc management system. It responds extremely
quickly to prevent very low energy arcs, i.e. electric flashovers
that can develop in the plasma and damage the material to
be coated. The new generators improve the product quality
because consistently homogeneous ­coatings are created. They
also add more power to the process. This increases productivity,
particularly with arc-­critical materials. TRUMPF is building on
its leading position worldwide with this new product in gener­
ators for power supply, the core in production machines for
semiconductors and flat screen monitors.
Medium frequency generators for induction heating in
the TruHeat Series 7000 were also enhanced to provide
better processing quality. They have a power range of 10 to
300 kilowatts. The generators are suited both for annealing,
­soldering or melting material, as well as for high technology
applications in epitaxy, the artificial growing of crystals.
Medical Technology Business Field develops solutions
for tomorrow’s operating rooms
Like manufacturing, there is a demand for hospitals and clinics
to improve their efficiency. Added to this are requirements for
better patient care and ergonomic work conditions for everyday
hospital routines. The modern operating room relies on inte­
gration and digitalization. It is in these areas that the Medical
Technology Business Division has been focused during this
reporting year.
The TruSystem 7500 is a universal OR table that is perfectly
integrated into the modern hospital world. The OR table,
which was awarded the “iF Product Design Award 2009,” can
be fully integrated into the operating room control system
via WLAN. The business division has expanded its product line
of modular tabletops by adding components to meet special
surgical requirements.
27
With its most recent development, the TruLight Series 5000,
TRUMPF has added a new product to its line of LED-based sur­
gical lights. The new models are compact, lean and especially
easy to maneuver. They offer an entirely new optical lighting
system that allows light intensity distri­bution in three stages
for different working heights above the surgical area. The light
intensity in the surgical area remains constant regardless of
table height.
With AmbientLine, TRUMPF has developed the world’s first
intensive care lighting system that is integrated into ceiling
pendants. The innovative solution improves the nursing staff’s
working conditions. It also supports the patient’s healing process
by simulating day/night light rhythms which many intensive care
patients lose with conventional lighting. AmbientLine received
the well-known “Good Design Award” in 2008.
Procurement
TRUMPF controls capacity fluctuations on the
procurement side
During the last fiscal year, the slump in demand caused addi­
tional problems for purchasing and logistics as many of our
suppliers were clearly feeling the effects of the economic crisis.
It is our fundamental policy to work together with our suppliers
during times of crisis. At the same time, we are optimizing our
supply chain to make it more reliable, flexible, faster and cost
efficient.
We work closely with our strategic suppliers to help them
­better handle capacity fluctuations and improve their cost
structure. This is achieved by process optimization workshops
conducted by our organizational development division, along
with technical component specifications that allow for joint
cost reduction through design changes.
We review the economic situation of important suppliers on
an ongoing basis as part of a routine risk monitoring process.
This allows us to keep a close eye on potential problems. For
technologically critical components, we rely on dual sourcing.
28
A flexible logistics network allows us to maintain a guaranteed
material supply for our facilities even with fluctuating demand.
The raw material price situation has eased substantially. Prices
plummeted due to the recession at the end of the year but
began to rise again; however, they are considerably below the
high levels of previous years.
In the year under review, the central purchasing department
set a course for further internationalizing the company’s pro­
curement structure. We have been establishing contact with
local suppliers particularly in Asia. Important suppliers follow
our lead in the markets. We are collaborating with the University
of Karlsruhe, Germany to implement the Q-Sourcing project
whose goal is to identify procurement potential in Asia – above
all, in China.
Production
Production handles capacity decline without
increasing inventories
By the end of the last fiscal year, there was already a noticeable
decline in the number of orders received. Starting in November
2008, orders fell considerably. Concurrently, we adjusted pro­
duction volumes directly to meet the demand. This enabled us
to avoid building up warehouse inventories and consequently
lowered our working capital.
We optimized our flexible production system continually in the
past few years. Its flexibility has proven invaluable in the current
critical market situation. We have set up a central committee
that coordinates the output of all 21 production plants, provid­
ing better control of production capacities even during weak
order phases. We are taking advantage of the opportunities to
reduce work times or implement a temporary capacity exchange
between plants.
Not only did we adjust our production to meet demand, we
also reviewed the current setup of our production network.
Restructuring the Taiwan location was included in this process
and relocating the production of bending machines to Pasching,
Austria, were further actions. In Taicang, China, we combined
work of three existing production plants into one company plant.
TRUMPF Group Reliable. Economical. Group Management Report With the acquisition of SPI Lasers plc, we have welcomed a new
­production location into the company fold. The completion of
our laser technology center and the development center for
machine tools in Ditzingen will allow us to insource previously
outsourced operations.
Processes and Organization
Process optimization is a permanent job
Only those who define, shape and improve processes and struc­
tures can achieve the best results with the greatest efficiency.
TRUMPF has enhanced its process organization at all locations
and across all business divisions to this end. Particularly in
light of changing market conditions, process optimization is
an ongoing job for executives and employees alike.
Organizational development division
supports the departments
The organizational development division optimizes ­processes
and structures throughout the company. Employees within this
division work on production and administration improvements.
Important tasks include designing cross-­divisional processes
and making adjustments to the relevant organizations.
Group-wide earnings improvement program pays off
As a response to the decline in demand, we promptly set up
an earnings improvement program during the reporting year.
All of our subsidiaries worldwide are included in this program,
which has allowed us to achieve savings of € 60 million during
the fiscal year. A central committee collects suggestions for
improvement and routinely monitors their implementation
using key figures to measure results. In addition, an investment
committee reviews capital spending on an ongoing basis.
We will continue to make investments that will amortize on
a short-term basis.
Quality management strengthens process responsibility
For years, the TRUMPF quality standard has been mandatory
at all of our production locations. Essential business processes
undergo an internal audit annually. This allows us to determine
whether process improvements are taking hold. This also makes
it easier to find opportunities for improvement.
Consolidated Financial Statements Further Information
In addition, an external certification offers our customers a
guarantee that the TRUMPF quality standard meets the DIN EN
ISO 9001 and VDA 6.4 certification guidelines. In the Medical
Technology Business Division, we are also complying with addi­
tional legal requirements.
IT supports lean processes
In the year under review, we automated several administrative
processes and consequently were able to achieve considerable
improvements in efficiency. In Germany and in Switzerland, we
automated the logging, analysis and posting of invoices. We
also implemented inter-subsidiary processes into our Enterprise
Resource Planning System so that data input can be performed
from one central location.
We control our worldwide service network with the aid of
our company-wide service information system (SIS). During the
reporting year, we completed the process chain. SIS thus pro­
vides fully integrated control systems and facilitates optimal
service for our customers, in-house and in the field. It also
­supports up-to-date, daily controlling.
Employees
Tools for adjusting capacity prove effective
TRUMPF adjusted its personnel capacities to address the
decline in demand, primarily by decreasing work time. Despite
considerable capacity reductions, the number of employees
remained almost the same in the 2008/09 fiscal year. On
June 30, 2009, TRUMPF had a workforce of 7,965 employees
(previous year 7,955 employees).
In Germany, the number of employees was 4,554 (previous
year 4,571 employees). At our overseas locations, the number
of employees increased slightly by 0.8 percent to 3,411 employ­
ees compared to last year’s 3,384 employees.
In the countries where work alliance agreements exist, TRUMPF
was able to flexibly adjust capacities. These agreements proved
to be extraordinarily successful in this reporting year. We were
able to adapt employee resources to the order situation very
quickly. At the German, Austrian and Swiss locations and at
29
our location in Haguenau, France, we utilized the agreements
with works councils to provide additional flexibility. The flexitime accounts agreed to in the respective agreements – with
large balances as a result of past years’ strong growth – proved
beneficial in these situations. Employees worked fewer hours
without income loss. At the locations where these flexi-time
accounts were depleted during the year under review, we
implemented short-time work.
Training to expand employee qualifications was especially
important during this period of lower demand. TRUMPF
will take advantage of the new legal regulations to provide
employees in short-time work additional training to improve
their qualifications. At our German locations, we will use
the time created by short-time work to further educate our
employees. Our goal is to give each employee an average
of 75 hours of additional training per year.
Not every location offers the opportunity to adapt work
­capacity to general economic conditions using tools like
flexi-time accounts or short-time work. TRUMPF reduced the
number of temporary workers and contract workers in these
cases. In response to the slump in demand, we had to lay
off approximately 150 employees in the USA, Poland, Czech
Republic, France, Great Britain, Japan and Spain.
In addition, the company will benefit from a new government
program that allows the hiring of college graduates from the
scientific and technical programs even during short-time work
periods. We will recruit college graduates from these fields and
offer career paths throughout this tough economic time. In the
coming fiscal year, the company has created 25 positions for
this purpose. The new arrivals will be trained during short-time
work and ultimately be integrated into the company.
The education and continued training of young people as tech­
nicians, engineers and business administrators in dual bachelor
degree programs continued to be a priority at TRUMPF. During
the reporting year, 414 trainees and students worked for
TRUMPF (previous year 371 employees). This represents an
increase of 12 percent. The training quota in the Group was
5.1 percent (previous year 4.8 percent).
Results of Operations,
Net Assets and Financial Position
Company Situation
Worldwide economic crisis reduces TRUMPF sales figures
In the 2008 / 09 fiscal year, TRUMPF sales fell by 22 percent
from last year’s € 2.14 billion to € 1.66 billion. Sales from the
first half of the year were at nearly the same level as the previ­
ous year. Starting in January 2009, a more serious decline in
demand became apparent. Medical technology was the only
business division to post any sales gains. The remaining busi­
ness divisions registered declines.
Employees by region*
Number
in %
Asia -Pacific / Others
558
7.0
America
746
9.4
Europe
(excluding Germany)
2,107
26.4
Germany
4,554
57.2
Total
7,965
100.0
*As of balance sheet date
30
The reasons for this can be found in the worldwide economic
crisis and associated massive investment restraint. The crisis
is playing out all over the world, at the same time everywhere,
in an extraordinary array of industries and with strikingly high
losses. Currency rate fluctuations, however, have not had a
major impact on sales trends.
TRUMPF Group Reliable. Economical. Group Management Report Machine Tool and Power Tool sales decline
Sales in the Machine Tool and Power Tool Business Division
dropped by 29 percent to € 1.33 billion, compared to last
year’s € 1.87 billion.
The machine tool industry worldwide experienced extraordi­
narily high sales declines in the 2009 calendar year. Develop­
ments in our Machine Tool Business Field corresponded to
those of the entire industry. All technologies were affected by
a drop in demand. Service orders also plummeted. In the year
under review, this business field introduced new products
that help customers improve their production efficiency.
In particular, our new bending machine, the TruBend 7036 and
the punch-laser machine, the TruMatic 7000, enjoyed great
market success.
The Power Tools Business Field was also considerably affected
by purchasing restraints.
Sales in Laser Technology and Electronics fall despite
strong first half of the year
Sales in the Laser Technology and Electronics Business Division
fell by 24 percent to € 421 million, compared to last year’s
€ 552 million.
The reporting year for the Laser Technology Business Field began
on a positive note. Large-scale orders for laser systems led to
an economic boom within this field. Starting in January 2009,
orders received dropped in all product areas. At the end of the
fiscal year, the business field introduced numerous new products
that will improve efficiency for customers.
In the 2008 / 09 fiscal year, TRUMPF achieved 58 percent or
€ 958 million of its third-party sales with laser-related products
from the Machine Tool and Laser Technology Business Fields.
The Electronics Business Field had still posted sales gains in the
second half of 2008. The high demand from the solar industry
and manufacturers of flat screen monitors were instrumental in
this success. During the first half of 2009, however, sales for all
generator types fell.
Consolidated Financial Statements Further Information
Medical Technology enjoys double-digit growth
The Medical Technology Business Division achieved sales growth
of 11 percent to € 140 million, up from € 126 million last year.
This means a 7.4 percent sales share within the TRUMPF Group.
All product fields, with the exception of the OEM business,
contributed to sales growth. TRUMPF enjoyed particular success
with the TruSystem 7500 OR table and its LED surgical lights.
Sales by Business Division*
in million €
in %
Medical Technology
139.7
7.4
Laser Technology / Electronics
421.2
22.2
Machine Tools / Power Tools
1,334.9
70.4
Total
1,895.8 100.0
*Consolidated within the business division
TRUMPF sales down in all regions
TRUMPF experienced sales declines in all regions worldwide,
although in varying degrees. The largest single market remains
the German domestic market at 33 percent. Western Europe,
excluding Germany, had a 30 percent share of sales in the Group.
The Central and Eastern European countries posted heavy sales
declines. The share in overall sales dropped to 7.9 percent.
The share of the Americas, Asia and the remaining regions
persevered with 29 percent. Our strategic goal remains – a
geographically balanced distribution of sales.
Europe is the largest market
TRUMPF experienced the least decline in sales in the German
market, which dipped 13 percent to € 553 million, compared
to last year’s € 634 million.
31
Sales by region in million €
1,396.1
1,645.5
1,937.9
2,144.0
1,662.6
Total
634.5
573.2
451.5
421.8
607.2
776.2
891.7
507.2
467.1
04 / 05
586.8
588.5
617.8
05 / 06
06 / 07
07 / 08
Sales in the rest of Western Europe fell by 25 percent to
€ 499 million, compared to last year’s € 663 million. Demand
dropped primarily in Spain, Great Britain and Sweden. In Italy
and France, the declines were not as great. TRUMPF realized
growth in Norway and Greece.
In Central and Eastern Europe, the slump was particularly hard
felt after such outstanding development over the last few years.
Sales plummeted 42 percent to € 132 million, compared to last
year’s € 229 million. During the final quarter of the fiscal year,
however, the Polish market experienced positive growth again.
Americas and Asia show differences
In North, Central and South America sales declined by 18 per­
cent to € 235 million, compared to € 288 million last year.
While the decline in the USA was relatively low and Canada
posted some growth, sales in Brazil slumped heavily. The year
before, Brazil had achieved growth of about 150 percent.
In Asia-Pacific, sales declined by 26 percent to € 238 million,
compared to last year’s € 321 million. Despite this extraordinarily
difficult economic period, our business in Japan was relatively
good, resulting from high growth in the Electronics Business
Field. In China, signs of recovery appeared in the last few
months of the fiscal year.
32
552.6
Germany
630.8
Europe
(excluding Germany)
479.2
America /Asia-Pacific / Others
08 / 09
Orders received slump in November
At € 1.40 billion, orders received in the TRUMPF Group were
35 percent below last year’s € 2.15 billion. The drop-off in
orders received began in November 2008. Until that point, the
number of monthly orders received was only slightly less than
those received the previous year. Since April 2009, orders
received have been showing signs of stabilizing at a low level.
The orders on hand dropped by 46 percent to € 313 million,
compared to last year’s € 574 million.
Orders received in million €
1,468.6 1,758.9 2,038.6 2,153.4 1,402.1
04 / 05
05 / 06
06 / 07
07 / 08
08 / 09
TRUMPF Group Reliable. Economical. Group Management Report Results of Operations
Sales decline leads to reduced earnings
In the 2008/09 fiscal year, income before taxes declined
83 percent from € 301 million to € 52 million.
While in the first months of the reporting year, sales and
earnings were tracking at last year’s levels, the extreme drop
in demand had a disastrous effect on the overall ­earnings
situation. In December 2008, the company initiated a costcutting program in all divisions and fields worldwide. In the
second half of the fiscal year, measures implemented from
this program kicked in and led to savings of € 60 million.
Income before taxes in million €
134.3
Net operating
margin
204.8
266.0
301.4
52.2
04 / 05
05 / 06
06 / 07
07 / 08
08 / 09
9.6 %
12.4 %
13.7 %
14.1 %
3.1 %
The reduction in inventory amounting to about € 58 million
(last year increased by € 35 million) essentially resulted in the
decrease of stocks of finished goods. Also, our internal leasing
company sold machines from last year’s portfolio at the begin­
ning of the reporting year. Equipping our showrooms and
production locations with machines that were produced in the
company’s network led to an increase in TRUMPF’s own work
capitalized amounting to € 5.8 million, compared to last year’s
€ 3 million.
Consolidated Financial Statements Further Information
Other operating income increased by 70 percent to € 102 mil­
lion, compared to last year’s € 60 million. The increase was
mainly attributable to exchange rate gains. The other operating
expenses had the opposite effect. As a result, exchange rate
changes did not impact earnings significantly. External tax
audits led to write-ups in fixed assets and therefore to other
operating income.
The decline in the sales volume also affected the cost of
materials and services purchased. This fell 25 percent to
€ 769 million, compared to last year’s € 1.02 billion. The mate­
rial expenditure ratio associated with overall performance
increased one percentage point to 48 percent compared to
last year. A changed product mix is responsible for this increase.
Although the number of employees remained nearly constant,
personnel expenses dropped by 7.7 percent to € 477 million,
compared to € 517 million last year. Reducing personnel capac­
ity by scaling back flexible capacities and working time took
effect in the second half of the year. The decrease in flexi-time
accounts caused accruals disolution. The variable compensation
and profit-sharing of employees fell due to reduced earnings.
Finally, a pay-scale increase planned for early 2009 in Germany
was postponed for seven months.
Other operating expenses increased slightly by 0.5 percent
to € 345 million, compared to last year’s € 343 million. Savings
from our cost reduction program reduced sales-related costs
and lower reserve allocations than last year resulted in lower
expenditures. On the other hand, exchange rate losses, options
expenditures and increases in value adjustments to a few
accounts receivables increased the expenses, causing a counter
near-balance effect.
The financial and investment results were further strained by
the measurement date of current and capital assets. All in
all, there resulted a negative financial result of € 9.8 million,
compared to last year’s € 3.8 million.
33
Taxes on income of € 29 million comprise current year tax pay­
ments of € 14 million and deferred taxes of € 15 million. In the
year under review, voting rights on activating deferred taxes in
accordance with § 274 section 2 of the HGB (German Code of
Commercial Law) were not exercised.This resulted in an addi­
tional expenditure of deferred taxes amounting to € 10 million.
The Group’s net income for the year totaled € 19 million,
compared to last year’s € 229 million.
Net Assets and Financial Position
Partners increase equity
During the course of the reporting year, the balance sheet total
increased by 1.9 percent to € 1.52 billion compared to last
year’s € 1.49 billion.
Fixed assets rose 20 percent to € 583 million, compared to
€ 485 million last year. The increase in tangible assets totaling
€ 76 million is due to company investment projects in Ditzingen
and Hettingen (Germany), Pasching (Austria), Cranbury (USA),
and Taicang (China).
The increase in financial assets by € 20 million resulted primarily
from the acquisition of the English laser company SPI lasers plc.
The first-time inclusion of three Chinese subsid­iaries and the
valuation of a holding in a German company had a negative
impact.
Current assets, including prepaid expenses, declined by 6.9 per­
cent to € 936 million compared to last year’s € 1.01 billion.
Inventory fell by € 36 million, actually € 49 million when adjusted
for payments on account. We were successful in quickly reduc­
ing inventories on a massive scale. Because our production
organization is very flexible, we were able to respond imme­
diately to the prevailing market demand. The sales decline also
impacted the amount of down payments received.
Receivables and other assets dropped by € 67 million to
€ 405 million. The percentage decline in the trade receivables
from goods and services approximates that of sales. The pay­
ment behavior of our customers has not changed significantly.
The increase in receivables from affiliated enterprises can be
traced back to a short-term loan.
Balance sheet structure in million €
Assets
1,489.7 1,518.0
Equity and liabilities
Equity
Fixed assets
32.5 %
38.4 %
48.8 %
52.8 %
Current assets
67.5 %
61.6 %
1.0 %
0.7 %
18.8 %
15.3 %
Accruals
31.4 %
31.2 %
Liabilities
07 / 08
34
1,489.7 1,518.0
08 / 09
07 / 08
08 / 09
Special reserves
TRUMPF Group Reliable. Economical. Group Management Report Cash and securities rose by € 39 million to a total of € 164 mil­
lion. We began early on to build up sufficient financial reserves
to guarantee the company’s liquidity. This was done by taking
out loans with terms ranging from three to five years. We
invested these liquid resources short-term in the money market.
Cash and cash equivalents increased by 18 percent to
€ 203 million, compared to last year’s € 172 million.
Consolidated Financial Statements Further Information
59 percent of the investment total went to real estate acquisi­
tions and construction expansion projects. The Group invested
19 percent in production resources and 22 percent flowed to
office and business equipment.
Equity rose 10 percent to € 802 million, compared to € 727 mil­
lion last year. To reinforce the already strong equity level, the
partners converted loans into liable equity. The equity ratio rose
to 52.8 percent, compared to last year’s 48.8 percent.
54 percent of the investments were in Germany, primarily to
complete the building expansion at our corporate headquarters.
This was followed by 17 percent in Europe, excluding Germany,
and 18 percent in America. 11 percent of investments were
made in the Asia-Pacific region. Both new construction and
furnishing of a production and office building in Taicang, China,
were the primary beneficiaries of this capital.
The accruals fell by 17 percent to € 232 million, compared
to last year’s € 280 million. This essentially resulted from lower
sales-related and personnel accruals.
Investments by region
At 1.1 percent, liabilities increased only slightly, totaling
€ 461 million compared to last year’s € 456 million. A reduc­tion
in trade payables due to the drop in material purchases was
offset by higher bank liabilities for assuring liquidity.
Working capital decreased by 5.6 percent to € 469 million,
compared to last year’s € 497 million.
Investments
Investments remain high
For the 2008 / 09 fiscal year, investments in tangible and
­intangible assets were € 126 million, compared to last year’s
€ 139 million. The completion of building projects started
in the last years was a priority.
in million €
in %
Asia-Pacific / Others
13.8
10.9
Europe
(excluding Germany)
21.0
16.6
America
23.2
18.3
Germany
68.5
54.2
Total
126.5 100.0
Due to lower sales figures, the investment ratio increased to
7.6 percent of sales, compared to last year’s 6.5 percent.
­Furthermore, the TRUMPF Group invested considerably in the
research and development of new products. The overall quota
for future investments rose to 17 percent of sales (previous
year 14 percent).
Investments in tangible and intangible assets considerably
exceeded depreciation as in previous years. These totaled
€ 59 million, compared to last year’s € 55 million.
35
Important Events since the
End of the Fiscal Year
Structural changes strengthen the Group
In the Laser Technology Business Field, TRUMPF improved the
structure of the international sales and marketing organization.
The business field has introduced a comprehensive country
and industry management approach with the goal of further
expanding global sales. To this end, all central sales and mar­
keting functions will be concentrated in Ditzingen. Almost
50 employees from the Schramberg, Germany and Gruesch,
Switzerland locations will transfer to Ditzingen starting on
October 1, 2009.
On July 1, 2009, TRUMPF transferred 50 percent of its holding in
the joint company PT. Duta Laserindo Metal in Bekasi, Indonesia,
to its long-term business partner PT Guna Electro in Jakarta,
Indonesia. Operational since 1998, the model job shop produces
high quality sheet metal parts for the local market. A separate
sales and service company in Indonesia is to be founded.
TRUMPF uses short-time work for qualification
TRUMPF introduced short-time work at the Ditzingen, Gerlingen,
Hettingen and Schramberg locations on July 1, 2009. The
Neukirch and Freiburg locations introduced it earlier, in March
and June, respectively. This measure is initially set to expire by
December 31, 2009. It affects about 3,000 German employees.
TRUMPF had already adapted its capacities to the decrease in
demand several months earlier. This reduction was subsidized
by individual employee flexi-time accounts which had the
added benefit of preventing wage loss.
For years, TRUMPF has offered employees extended opportu­
nities to improve their qualifications. In September 2009, the
company will start taking advantage of the new legal require­
ments in Germany to further train employees during short-time
work. This will also serve to improve and expand ongoing edu­
cation and training programs in place. The goal is to provide
each employee an average of 75 hours of training per year.
To support this initiative, we launched a training campaign that
is geared to all employees.
36
Risk Report
Risk management increases transparency
As a global technology company, TRUMPF is exposed to a multi­
tude of risks. The company has a sophisticated risk manage­
ment system integrated into the corporate organization. We
use it to identify, measure, monitor and control our risk fields.
The Group’s Managing Board and heads of Business Divisions
consider key figures in the permanent analysis and assessment
of risks. They are recorded each month by the Group Information
System (GIS) for all business divisions and subsidiaries. A daily
report supplements the GIS. In addition, monthly and quarterly
reports provide information on the results of operations, net
assets and financial position. A newly introduced liquidity
reporting system makes it possible to obtain a primarily auto­
mated up-to-the-minute report on the Group’s liquidity. An
interest rate and currency committee meets on a monthly basis
to carry out the controlling of risks associated with payments,
currency and interest rate development at the Group level.
Market and competition analyses also enhance risk transparency.
The substantial risks that considerably impact our results of
operations, net assets and financial position are presented in
the following.
Market risks
TRUMPF is exposed to both sales and procurement risks.
Sales risks are a result of a considerable drop in demand in
important world regions. No region on earth has been spared
the effects of the economic crisis. For the first time since the
end of the Second World War II, the year 2009 will be marked
by negative world economic growth. Current forecasts are
estimating a decline of 1.4 percent. This downturn could be
intensified by political factors. A rapid recovery is currently
not predicted.
TRUMPF Group Reliable. Economical. Group Management Report In addition, risks for market access could result from a weakening
in international free trade due, in turn, to a rise in protectionist
tendencies. This applies particularly to Southeast Asia where
Japan increasingly attempts to establish preferred market access
for its own companies. Even in the USA and in France, there are
tendencies to encourage the purchase of local products. Among
the indirect potentials for risk is the threat of international
terrorism in various parts of the world.
Also for procurement, the weakened economy has also pro­
duced risks. We have minimized these. All processes in selecting
and working with our suppliers are defined and documented.
General supplies delivered to us by third parties are largely
guaranteed by dual sourcing. For suppliers who deliver core
components, there are de-escalation processes and downtime
strategies that include an on-site audit at the supplier’s location.
We routinely assess our important suppliers and review their
liquidity. However, there are circumstances where several key
components that are strategic to our business are purchased
from only one manufacturer. In these cases, we are in direct
contact with the suppliers and have implemented the appro­
priate measures to guarantee the supply line.
The purchase of raw materials such as steel and copper is
­currently guaranteed. The prices for many raw materials have
fallen considerably. Yet, it remains to be seen how the raw
material markets will continue to develop.
Financial risks
In the year under review, assuring the liquidity of the TRUMPF
Group became increasingly significant. We responded early on
and implemented medium and long-term measures. First of
all, sufficient liquidity reserves were built up. This was done by
taking out loans with terms ranging from three to five years.
We invested these liquid resources short-term in the money
market. Secondly, we signed contractual agreements with our
house banks for credit lines lasting several years so that our
liquidity supply is also sufficient for a long economic downturn.
Consolidated Financial Statements Further Information
In investing our liquidity reserves, we distribute the risks by
splitting investments up between several financial institutions
and investment instruments. We only work with banks that
have a good credit rating.
A special reporting tool allows us to generate up-to-the-minute
reports on the liquidity of all of our subsidiaries. Internal audits
performed by our Group Controlling create further transparency
about the financial conditions at our subsidiaries.
Our Leasing and Sales Financing Business currently meets the
risk management requirements of the German Federal Financial
Supervisory Authority (BaFin).
The risk of losing business partners has increased in these diffi­
cult economic times. Our accounts receivable management
ensures the necessary transparency with regard to our customer
payment practices. Defined escalation stages ensure that pay­
ment shortfalls remain low. We rely on cooperation with our
customers in this process. We reduce counterpart and country
risks with appropriate contracts with prudent payment terms.
Currency exchange and interest rate risks are also significant
for us. Because the Euro zone represents our main sales market
at around 65 percent, and as we are often able to counter
payments made in foreign currency with our international pro­
duction network and our global purchasing, we regard our
exchange rate risk as limited. Our ongoing currency hedging
activities are regulated. They are handled centrally by the hold­
ing company of the Group. Closing and controlling activities
are subject to the Group treasury department and the currency
committee. Derivative financial instruments are used solely
for hedging, not for the purpose of speculation. The hedging
takes place within the TRUMPF Group companies to cover
foreign currency risks resulting from posted, pending and
anticipated underlying transactions. However, hedging trans­
actions are also executed externally with banks of excellent
credit ratings, according to the internal forward exchange
transactions while factoring in net exposures.
37
We systematically hedge against net exposures in the following
currencies: US dollars, Japanese yen, British pounds and Swiss
francs. To this end, we use standardized foreign currency hedging
instruments such as forward contracts and options with banks.
Other currencies are hedged against based on project locations.
There is a risk in the market value fluctuation of forward
exchange transactions, but it is usually countered by contrary
market value trends for the underlying transactions. In the Euro
zone we concentrate our liquidity on a daily basis using a cash
pooling system that ensures an international liquidity balance.
A multilateral netting of receivables and liabilities increases
transparency and facilitates the processing of payments within
the Group.
Other risks
We continually review all internal company processes for
potential risks. Our quality management system supports us in
countering these. Annual internal and external audits confirm
the sustainability of this system. TRUMPF production locations
are certified according to DIN EN ISO 9001; six of those also
have VDA 6.4 certification. Newly founded subsidiaries are
directly included in the certification process.
The requirements for environmental protection and resource
savings have increased. Employing appropriate measures, we
are committed to protecting our world to every extent possible
and mitigating environmental hazards. We design our products
and production processes to be energy and resource efficient.
Whether renovating old buildings or constructing new ones,
energy saving is an important criterion for us.
38
In research and development, we introduced a streamlined
Quality Gate Management system used for both, product
development and market introduction. A product must pass
through seven quality stages before it is approved for serial
production. This allows problems detected early in development
to be corrected. The process of the market introduction is
­carefully screened.
We have defined the business interruption risks for production
and taken steps to counter them. Critical production processes
have been examined and assessed. Production failures can be
avoided by increasing the flexibility of our production locations
or by short-term relocations. Extensive emergency scenarios
exist to avoid production stoppages as well.
Property and fire damage, business interruptions and commer­
cial and product liability risks are covered by an international
umbrella and local insurance policies. Together with our insur­
ance brokers, we have analyzed and audited the majority of
our production locations. In the year under review, we imple­
mented the measures that resulted from the audit.
We use key figures to regularly monitor the quality of our
products and processes. This allows us to make immediate
improvements. In addition, we have established product care
teams for all machine building series. The teams analyze
­quality-related factors and take the necessary steps for con­
tinuous development in the relevant areas. This further improves
our products and processes.
We consider the IT risks low because we work with an Enter­
prise Resource Planning System group-wide. This is permanently
monitored and the associated security standards are improved
on an ongoing basis. We are continually enhancing the security
requirements for our remaining IT infrastructure standards at
regular intervals. The corporate computer center is state of the
art and meets all technical and building standards and require­
ments.
TRUMPF Group Reliable. Economical. Group Management Report At 3.7 percent, our Group employee turnover rate is low. It is
2.7 percent in Germany. The demographic change and inter­
national competition to employ highly qualified specialists and
managers pose challenges to the human resources personnel.
In Germany, we have set up a program where we are able to
hire and train graduates from the natural and engineering
sciences even during the short-time work initiative. This enables
us to cover some of our long-term demand for skilled workers.
In addition, we are taking advantage of the short-time work to
train our own employees.
Assessment of the company’s risk situation
Currently, there are no identifiable risks that could endanger
the continued existence of the Group. The risk management
system introduced makes it possible to detect risks in near real
time in order to introduce adequate measures. Activities will
focus on managing financial and market risks.
Outlook
All signs indicate that the world economy is on
the slow road to recovery
There are early indications of a possible easing in the world
economy, even if this has not yet become apparent in the
number of orders received in the manufacturing sector. The
worldwide stock indexes have recovered considerably from
their low point in March 2009. Even the Business Climate Index
and Purchasing Managers’ Index have improved in many coun­
tries. In Germany, progress has been felt since April 2009. In
developing and emerging markets, world trade tendencies are
already moving slightly upwards. At the same time, the prices
for raw materials have bottomed out and are beginning to
recover.
Consolidated Financial Statements Further Information
However, there are important factors that may impede a rapid
recovery. Real estate prices, mainly in the USA, for example,
are still down, and unemployment is rising in most countries.
Dampened by job losses, private consumption will take a while
to make a comeback. New federal debt loads are rising rapidly
in all major economies.
In the past, strong recoveries have generally been observed
after a recession. Because the current recession is associated
with a financial crisis, experts from the International Monetary
Fund anticipate only a gradual recovery in the world economy.
As of July 2009, they are estimating growth of 2.5 percent
for 2010. For the United States, they are expecting growth of
0.8 percent; Japan’s economy should grow at 1.7 percent.
The Eurozone is expected to shrink again by 0.3 percent and
a decline of 0.6 percent is being forecast for Germany.
In industrialized countries, a noticeable increase in production
will set in probably around the end of this year. Against a
backdrop of extremely low capacity utilization and increased
financing difficulties, investments of companies could be limited
again in the coming fiscal year.
In German machine and plant construction, the dry spell con­
tinues. According to the most recent estimates, production will
probably decline as much as 20 percent in 2009. The German
Engineering Federation is refraining from further forecasts. That
medium-term growth rates will be considerably flatter than
before the crisis is certainly foreseeable.
TRUMPF has a difficult year ahead of it
As the 2009 / 10 fiscal year begins, the world economy faces
uncertainty, even though individual markets are showing the
first signs of a recovery. We are, therefore, still hopeful that
the situation will improve in the second half of 2009.
39
Due to the high level of uncertainty worldwide, we cannot give
any valid sales forecasts at this time. If the demand does not
increase considerably, we will not be able to prevent a loss.
We have therefore prepared ourselves for different scenarios.
In the Electronics Business Field, TRUMPF has to deal with
new and also volatile markets. This business is dominated
by large projects. Considered together, these could be good
prerequisites for a recovery.
In the coming months, we can compensate for lower capacities
initially through our flexible tools that structure work-time. Even
during a difficult year, we want to invest in our future. There­
fore, research and development as well as investment spending
will remain high relative to sales because we are preparing
­ourselves for the recovery.
Medical Technology is planning for growth again in 2009 / 10.
Hospital renovations and the construction of new hospital
wings are underway and federal stimulus programs are sup­
porting sales. In Germany and the USA, the Medical Technology
Business Division is expecting strong growth despite increas­
ingly difficult financing conditions.
Business Fields are confronting challenges
with innovative products
The Machine Tool Business Field is expecting an improvement
in the economy by the end of the 2009 calendar year. The
Asian markets, in particular, show promise for recovery. For the
customers in the Machine Tool Business Field, the cost-effec­
tiveness of the products is an essential factor. Energy efficiency
also plays a decisive role. When evaluating all factors related
to efficiency, TRUMPF leads the way. By the end of 2009,
TRUMPF will launch two new products on the market that
highlight this claim.
TRUMPF remains a reliable partner
The 2009 / 10 fiscal year will be a difficult year for the Group.
The Power Tools Business Field will benefit from an easing in
the economy as these products do not represent major invest­
ments. TRUMPF expects a faster end to purchasing restraint
for power tools.
Because of the addition of fiber and direct diode lasers to its
product portfolio, the Laser Technology Business Field has a
strategically broader base than before. Future markets such as
photovoltaics or micro processing will probably recover more
quickly, and laser technology has good prospects in these
industries. The change in the sales and marketing structure
will also create new opportunities.
40
We responded quickly, massively and globally to the weak
demand in four ways: in the market, through cost savings
initiatives, and through our capacities and structures. Our
flexible tools have proven reliable. We have reduced working
time everywhere and adjusted production to demand. We will
continue to concentrate on implementing measures to adapt
to the situation at hand.
Thanks to our dedicated employees, the flexible structures,
our high liquidity, and the strong equity ratio, we are prepared
for the potential challenges of a long-lasting drought. We are
better equipped than many of our competitors.
We will, therefore, continue to be a reliable partner for
our customers and support them through their own market
­challenges with our innovative and efficient products.
Consolidated Financial Statements
Contents
42 Consolidated Balance Sheet
43 Consolidated Profit and Loss Account
44 Statement of Changes in Group Equity
46 Development of the Consolidated Fixed Assets
48 Consolidated Cash Flow Statement
49 Notes to the Consolidated Financial Statements
41
Consolidated Balance Sheet
ASSETS in € ’000s
as of June 30, 2009
Notes
6 / 30 / 2009
6 / 30 / 2008
Fixed assets
Intangible assets
1
13,734
11,701
Tangible assets
2
520,123
444,444
Financial assets
3
48,656
28,470
582,513
484,615
Current assets
Inventories
4
350,419
386,515
Receivables and other assets
5
404,555
471,853
Securities
6
29,450
1
Cash
7
134,838
125,059
919,262
983,428
Prepaid expenses
16,240
21,698
1,518,015
1,489,741
6 / 30 / 2009
6 / 30 / 2008
98,500
27,250
Revenue reserves
693,178
682,894
Minority interests
9,916
16,676
801,594
726,820
10
11,157
14,888
87,844
81,127
11
144,358
198,653
232,202
279,780
EQUITY AND LIABILITIES in € ’000s
Equity
8
Notes
9
Fixed capital and subscribed capital
Special reserves
Accruals
Accruals for pensions and similar obligations
Other accruals
Liabilities
12
461,471
456,252
Deferred income
13
11,591
12,001
1,518,015
1,489,741
42
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Profit and Loss Account
in € ’000s
Consolidated Financial Statements Further Information
for fiscal year 2008 / 09
Notes
2008 / 09
­2007/ 08
Sales
16
1,662,647
2,144,038
Changes in inventories and own work capitalized
17
- 52,407
37,653
1,610,240
2,181,691
Other operating income
18
101,925
60,076
Cost of materials
19
- 769,342
-1,021,876
Personnel expenses
20
- 477,041
- 516,714
- 58,900
- 54,825
Amortization and depreciation
on intangible assets and tangible assets
Other operating expenses
21
- 344,940
- 343,242
Financial and investment result
22
- 9,764
- 3,755
52,178
301,355
- 29,175
- 68,010
- 3,367
- 3,646
- 515
- 260
19,121
229,439
-189
- 3,117
18,932
226,322
- 5,944
- 33,515
12,988
192,807
Results from ordinary business activities
Taxes on income
23
Other taxes
Expenses for compensation payments
Group net income for the year
Results allocable to minority interests
9
Group net income for the year excluding
results allocable to minority interests
For information purposes:
Partners’ taxes
Group net income for the year after
partners’ taxes and minority interests
23
43
Statement of Changes in Group Equity
for fiscal year 2008 / 09
Parent company
Fixed capital
and subscribed
capital
­­Equity
earned by
the Group
Exchange rate
differences
in € ’000s
As of June 30, 2007
27,250
658,437
- 27,392
Dividends paid
–
–
–
Allocations to partners’ accounts
–
-123,479
–
Changes in consolidated group
–
–
–
Transfers to special items pursuant to sec. 264 c (4) sentence 3 HGB
–
- 616
–
Group net income for the year
–
226,322
–
Other changes
–
- 2,476
- 4,824
As of June 30, 2008
27,250
758,188
- 32,216
Capital contribution
71,250
–
–
Dividends paid
–
–
–
Allocations to partners’ accounts
–
- 40,601
–
Changes in consolidated group
–
–
–
Transfers to special items pursuant to sec. 264 c (4) sentence 3 HGB
–
2,416
–
Group net income for the year
–
18,932
–
Other changes
As of June 30, 2009
–
- 427
27,800
98,500
738,508
- 4,416
€ 701,642,000 of the equity earned by the Group is available for distribution to partners on balance sheet date. An amount of € 3,704,000 is subject to a legally
prescribed limitation on distribution, and a further € 27,104,000 is subject to a limitation on distribution prescribed by the statutes and partnership agreements respectively.
44
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Further Information
Minority interests
Accumulated
other
comprehensive
income
­Equity
Minority
capital
Other ­recognized
income and
expense
- 42,245
616,050
Accumulated
other
comprehensive
income
Exchange rate
differences
Other ­recognized
income and
expense
18,296
- 96
–
­Equity
Group equity
18,200
634,250
–
–
- 950
–
–
- 950
- 950
–
-123,479
-1,486
–
–
-1,486
-124,965
- 833
- 833
2,456
–
–
2,456
1,623
–
- 616
–
–
–
–
- 616
–
226,322
3,117
–
–
3,117
229,439
–
- 7,300
3
-116
- 4,548
- 4,661
-11,961
- 43,078
710,144
21,436
- 212
- 4,548
16,676
726,820
–
71,250
3,000
–
–
3,000
74,250
–
–
- 250
–
–
- 250
- 250
–
- 40,601
–
–
–
–
- 40,601
2,164
2,164
-1,133
–
–
-1,133
1,031
–
2,416
–
–
–
–
2,416
–
18,932
189
–
–
189
19,121
–
27,373
-13,347
233
4,548
- 8,566
18,807
- 40,914
791,678
9,895
21
–
9,916
801,594
45
Development of the Consolidated Fixed Assets
for fiscal year 2008 / 09
in € ’000s
Acquisition costs
7 / 1 / 2008
Changes in
­consolidated
group
Additions
36,782
- 810
5,261
34
37
1,096
36,816
- 773
6,357
Land and buildings
388,853
406
39,353
Technical equipment and machines
169,755
2,173
20,316
Other equipment, factory and office equipment
203,956
-1,074
24,539
Intangible assets
Concessions, industrial and similar rights and assets and licenses
Payments on account
Tangible assets
Payments on account
57,838
2,728
35,887
820,402
4,233
120,095
7,653
- 7,653
35,792
Financial assets
Shares in affiliated enterprises
42
2,412
515
10,915
–
21
9,296
–
–
Long-term investments
358
–
–
Other loans
881
–
–
29,145
- 5,241
36,328
886,363
-1,781
162,780
Shares in associated enterprises
Participations
Loans due from participations
46
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Further Information
Transfers
Write-ups
Accumulated
­depreciation
Book value
6 / 30 / 2009
Book value
6 / 30 / 2008
Depreciation
for the year
-1,722
32
517
- 27,461
12,599
11,667
4,456
–
- 32
–
–
1,135
34
–
-1,722
–
517
- 27,461
13,734
11,701
4,456
-1,966
35,188
869
-134,424
328,279
261,888
13,291
Disposals
- 4,837
8,208
–
-122,720
72,895
57,956
16,115
-11,656
1,970
359
-147,780
70,314
69,425
25,038
- 2,452
- 45,366
–
–
48,635
55,175
–
- 20,911
–
1,228
- 404,924
520,123
444,444
54,444
–
–
–
–
35,792
7,653
–
-1,423
–
–
–
1,546
42
–
- 76
–
–
- 2,249
8,611
10,839
2,249
- 6,894
–
–
–
2,402
9,296
–
–
–
–
- 358
–
–
–
- 335
–
–
- 241
305
640
–
- 8,728
–
–
- 2,848
48,656
28,470
2,249
- 31,361
–
1,745
- 435,233
582,513
484,615
61,149
47
Consolidated Cash Flow Statement
for fiscal year 2008 / 09
in € ’000s
2008 / 09
2007/ 08
Group net income for the year
19,121
229,439
+
61,149
54,825
Depreciation for the year on non-current assets
+ / -Increase / decrease of accruals for pensions and similar obligations
+ / - Increase/decrease of other accruals
+ / - Other non-cash expenses / income
- / + Profit / loss on disposals of tangible assets
6,670
21,489
- 57,768
17,046
6,088
2,638
261
- 886
- / +Increase / decrease in inventories, trade receivables and other assets
not related to investing or financing activities
139,511
-101,203
+ / -Increase / decrease in trade payables and other liabilities not related
to investing or financing activities
- 49,399
46,667
=
125,633
270,015
Cash flow from operating activities
+
Proceeds from disposal of tangible assets
-
Purchase of tangible assets
+Proceeds from disposal of intangible assets
-
Purchase of intangible assets
+
Proceeds from disposal of non-current financial assets
-
Acquisition of non-current financial assets
+
Proceeds from investment subsidies
-
Acquisition of subsidiaries
=
Cash flow from investing activities
+Cash received from capital contributions by partners and minority shareholders
-
Cash payments made to partners and minority shareholders
5,805
7,570
-120,095
-133,048
98
595
- 6,357
- 5,904
335
467
- 36,328
-14,492
391
1,769
–
- 7,066
-156,151
-150,109
74,250
2,503
- 91,216
- 4,624
+
Proceeds from long-term loans
106,395
9,108
-
Cash repayments of long-term loans
- 28,930
- 32,346
=
Cash flow from financing activities
60,499
- 25,359
Change in cash and cash equivalents
29,981
94,547
488
252
+ / -Change in cash and cash equivalents due to exchange rate movements,
changes in group structure and in valuation procedures for cash funds
+
Cash and cash equivalents at the beginning of fiscal year
172,255
77,456
=
Cash and cash equivalents at the end of fiscal year
202,724
172,255
Composition of cash and cash equivalents
+
Cash and securities
224,762
182,905
-
Short-term bank loans (current account)
- 22,038
-10,650
=
Cash and cash equivalents at the end of fiscal year
202,724
172,255
48
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Notes to the Consolidated Financial Statements
Further Information
for fiscal year 2008 / 09
Shortened presentation
Principles and Methods
The consolidated financial statements have been prepared in
euro (€). They are based on the provisions of the 3rd book
of the German Commercial Code (HGB). The accounting and
valuation principles of the HGB for large corporations have
been applied while taking into account the regulations for
partnerships. The consolidated profit and loss account has
been prepared using the method of total costs.
Various items on the consolidated balance sheet and the con­
solidated profit and loss account have been combined. These
are disclosed separately in the notes to the consolidated financial
statements. The balance sheet was supplemented by the posi­
tion “Other financial liabilities” in addition to those prescribed
by law.
Accounting and Valuation
The financial statements of the companies included in the con­
solidated financial statements have been prepared according to
uniform accounting and valuation principles. Any adjustments
required to conform with local regulations to ensure uniform
group accounting have been made in a “Handelsbilanz II”
­(balance sheet for consolidation purposes).
Normal amortization and depreciation is generally based on
the following useful lives: 3 to 5 years for software, 25 to
50 years for buildings, 6 to 8 years for technical equipment
and machinery, 3 to 14 years for other equipment, factory
and office equipment.
Financial assets are stated at acquisition cost or the net
­realizable value as of the balance sheet date. For accounting
and valuation of shares in associated enterprises, please refer
to the explanations of the consolidation principles.
Inventories of raw materials, consumables and supplies as
well as merchandise are stated at the lower of cost or market.
Finished goods and work in progress are valued at manu­
facturing cost, which includes direct material and production
expenses, and appropriate material and production overheads.
Inventories are adjusted to the attributable value at the balance
sheet date if this is lower than the acquisition or manufacturing
cost due to lower replacement prices, excess inventories or
unsaleability.
Payments on account received are deducted from inventories.
Receivables and other assets are stated at their nominal values
or the net realizable value as of the balance sheet date. The
general credit risk inherent in trade receivables is covered by
lump-sum bad debt allowances.
Intangible and tangible assets are stated at acquisition or
manufacturing cost, net of normal amortization or depreciation.
Depreciation of tangible assets is according to the declining
balance method if the resulting amounts exceed those that
would result from applying the straight-line method. Additions
made in the calendar year 2008 were depreciated by using the
straight-line method.
49
Securities are stated at acquisition cost or the net realizable
value as of the balance sheet date.
Debt discount is capitalized and amortized over the scheduled
term of the loan. With regard to deferred taxes please refer
to the explanations of the consolidation principles.
The special reserves include investment subsidies and grants
for fixed assets. These are released over the economic life of
the subsidized assets. In the previous year this item included a
special reserve in accordance with sec. 264 c (4) sentence 3 HGB
which corresponded to the deferred tax assets recorded for
­differences between the commercial and the tax balance sheet
for partnerships. In the reporting year this special reserve was
dissolved related to the capitalization of deferred tax assets in
accordance with sec. 274 (2) HGB.
Accruals for pensions mainly relate to German subsidiaries.
These are calculated according to actuarial principles and with
the use of the projected unit credit method and are based on
the Prof. Dr. Klaus Heubeck’s 2005 G mortality tables. They are
calculated with an interest rate of 5.7 percent (previous year
5.7 percent).
Other accruals are established on the basis of prudent com­
mercial judgement. They cover all known risks and uncertain
liabilities as of the balance sheet date. Concerning accruals for
obligations relating to phased retirement programs, additions
are made proportionately over the period of the phased retire­
ment contract according to the jurisdiction of the Federal
Finance Court. Potential phased retirement agreements are not
considered.
Futures, options and other derivatives are used to cover
foreign currency and interest rate risks from posted, pending and
planned underlying transactions. Hedging transactions in place
as of the balance sheet date are grouped as one valuation unit
together with basic transactions, e.g. the sale of machines. The
financial investments are not used for speculative purposes
but exclusively for hedging purposes. For fair values and accruals
please refer to the explanations to the consolidated balance
sheet, note 11 (Other accruals).
Ownership of Shares and Companies
included in Consolidation
Prof. Dr.-Ing. Berthold Leibinger and his family and Berthold
Leibinger Stiftung GmbH hold all shares, directly and indirectly,
in TRUMPF GmbH + Co. KG and Berthold Leibinger GmbH,
Ditzingen (Germany). Together, the two companies exercise
control over all domestic and foreign subsidiaries of the
TRUMPF Group. The consolidation process treats these two
companies as joint parent companies.
The consolidation group consists of 23 (previous year 26)
­German and 50 (previous year 46) subsidiaries outside of
­Germany in addition to the parent companies. A complete
list of shareholdings in accordance with sec. 313 (4) HGB is
­outlined separately and published together with the notes to
the consolidated financial statements in the “elektronischer
Bundesanzeiger” (electronic Federal Gazette).
There was no significant impact on the net assets, the financial
position and the results of operations of the Group resulting
from the change of the consolidation group.
Liabilities are stated at the repayment amount.
Four (previous year three) subsidiaries are not included in the
consolidated financial statements for reasons of immateriality
for the fair presentation of the net assets, financial position
and results of operations of the Group, in accordance with
sec. 296 (2) HGB. Three (previous year one) companies are
included in the consolidated financial statements as associated
enterprises, in accordance with sec. 311 et sequentes HGB.
For five (previous year five) additional companies, the applica­
tion of the equity method has been waived for reasons of
immateriality in accordance with sec. 311 (2) HGB.
50
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Further Information
Consolidation Principles
Foreign Currency Translation
Capital consolidation is carried out in accordance with the
book value method pursuant to sec. 301 (1) HGB by offsetting
acquisition cost against the pro rata owner’s equity of the
­subsidiaries at the time of first-time consolidation, foundation
or acquisition. Any debit difference arising is – to the extent
possible – then allocated to the carrying values of the assets of
the subsidiaries and written off over the useful life of the asset.
A residual debit difference is treated as goodwill and is offset
against the revenue reserves and minority interests without
affecting income.
In the individual financial statements, foreign currency receiv­
ables and liabilities are translated at the selling rate and buying
rate respectively. Losses from translation at the exchange rate
on the balance sheet date are taken into account.
If a credit difference results from capital consolidation, it is
­disclosed under revenue reserves provided it does not represent
an equalization item for anticipated future losses.
Investments in associated enterprises have been consolidated
at equity in accordance with sec. 312 (1) no. 1 HGB according
to the book value method. The first-time inclusion of these
associated enterprises in the consolidated financial statements
is the reference date.
Any intercompany profits arising from intercompany sales or
services are eliminated with effect on income. Accounts receiv­
able and payable between companies included in the consoli­
dation are offset against each other. Any differences arising
from this are included in the profit and loss account. Revenues
from intercompany sales and intercompany income are offset
against the corresponding expenses or reclassified as own work
capitalized or changes in inventories.
Bank balances in foreign currency are translated at the selling
rate prevailing on the balance sheet date. Acquisition costs
for shares in foreign subsidiaries or participations – with the
exception of other participations – are valued at historical rates.
­Figures disclosed in the notes to the financial statements are
translated at the average exchange rate on the balance sheet
date.
In the consolidated financial statements, the balance sheet
items of subsidiaries with non-euro accounting are translated
at the average rate on the balance sheet date. An exception
to this are equity and acquisition costs for shares in subsidiaries
or participations, which are translated at historical rates. Trans­
lation differences are offset without effect on income against
the ­revenue reserves or the minority interests respectively.
The items in the profit and loss accounts of subsidiaries with
non-euro accounting are translated at the average exchange
rate for the fiscal year, while taxes and annual results are
­calculated at the average rate on the balance sheet date. Any
­resulting differences are shown as other operating income or
expenses. Contingent liabilities and other financial commit­
ments of subsidiaries with non-euro accounting are translated
at the average rate on the balance sheet date.
The deferred taxes shown in the consolidated balance sheet
under tax accruals (in the previous year under prepaid expenses)
are the balance of consolidation measures with an effect on
income and differences between the commercial and the tax
balance sheet at the parent companies and subsidiaries. In the
reporting year the disclosure of deferred taxes was waived for
the first time in accordance with sec. 274 (2) HGB. Tax expenses
of € 9,965,000 result from this.
51
Explanations to the Balance Sheet
4. Inventories
The numbers given refer to the corresponding items in the
consolidated balance sheet or consolidated profit and loss
account.
in € ’000s
The development of the consolidated fixed assets is presented
separately. Here, differences resulting from currency translation
have been taken into account in the opening balance.
1. Intangible assets
This mainly relates to software and expertise acquired from
third parties. Additions mainly result from application-specific
software for sales and development departments as well as
from a revised internet presence within the entire corporation.
Disposals refer to the replacement of application-specific soft­
ware. Write-ups are based on tax audits.
2. Tangible assets
Additions to land and buildings are predominantly due to
­factory construction and land purchases with respect to several
German and foreign subsidiaries. The other additions, disposals
and transfers with respect to tangible assets relate to machines
and equipment for newly constructed or rented buildings and
replacement investments. This especially relates to Germany,
the USA, China and Austria. The additions to payments on
account are mainly for new factory buildings or expansions in
Ditzingen (Germany) and Taicang (China).
3. Financial assets
The shares in affiliated enterprises relate to subsidiaries not
included in the consolidation. The changes result basically from
the first-time consolidation of three subsidiaries in China and
from the acquisition of a company in Great Britain. The shares
in associated enterprises changed due to the usage of the
equity-method for investments in two German companies,
which were fully consolidated in the previous year.
52
6 / 30 / 2009
6 / 30 / 2008
Raw materials, consumables and supplies
95,800
96,242
Work in progress
80,711
90,825
198,806
236,952
4,936
14,176
380,253
438,195
- 29,834
- 51,680
350,419
386,515
6 / 30 / 2009
6 / 30 / 2008
325,792
413,658
13,521
14,134
8,417
3,107
Finished goods and merchandise
Payments on account
less: payments on account received
5. Receivables and other assets
in € ’000s
Trade receivables
of which with a residual term
of more than one year
Receivables from affiliated enterprises
of which with a residual term
of more than one year
Receivables from participations
of which with a residual term
of more than one year
Other assets
of which with a residual term
of more than one year
–
–
22,604
238
150
150
47,742
54,850
7,968
7,303
404,555
471,853
The receivables from participations in the reporting year
result mainly from short-term loans for the funding of con­
struction activities. Other assets include tax refund claims.
In the previous year, other assets included receivables from
partners of € 4,967,000.
TRUMPF Group Reliable. Economical. Group Management Report 6. Securities
The securities include investment products traded at the capital
market which are used for short-term investment as well as
certified shares in one company.
7. Cash
This relates to checks, cash on hand and bank balances. A
­partial amount of € 5,221,000 (previous year € 4,371,000) is
pledged in favor of benefit plans financed by the employees
and claims from phased retirement contracts.
8. Prepaid expenses
in € ’000s
Debt discount pursuant
to sec. 250 (3) HGB
Deferred taxes pursuant
to secs. 274, 306 HGB
Other
6 / 30 / 2009
6 / 30 / 2008
23
29
–
6,651
16,217
15,018
16,240
21,698
Other prepaid expenses include vacation allowances, insurance
premiums, rent, dues and other prepaid costs caused by the
divergent fiscal year. For deferred taxes in the previous year, refer
to the explanations of the consolidation principles.
9. Equity
The fixed capital and subscribed capital position corresponds
to the compulsory contributions of the limited partners of
TRUMPF GmbH + Co. KG and the subscribed capital of the
general partner. The compulsory contributions of the limited
partners and the risk capital are identical. In the reporting year
capital was increased by € 71,250,000 to € 98,500,000.
The profit allocation for the fiscal year 2008 / 09 is in accor­
dance with the regulations of the partnership agreement and
has been considered in the preparation of the consolidated
financial statements.
Consolidated Financial Statements Further Information
Other revenue reserves contain profits and losses generated by
the general partner and the domestic and foreign subsidiaries
after allocation of goodwill of € - 44,816,000 (previous year
€ - 44,697,000), credit difference from capital consolidation of
€ 3,902,000 (previous year € 1,619,000) and after differences
from currency translation. Where capital increases have been
made from company funds at subsidiaries since foundation or
acquisition, the amounts concerned (€ 13,429,000, previous year
€ 13,429,000) have been retransferred to the revenue reserves.
Minority interests mainly relate to investments in TRUMPFHomberger s.r.l., TRUMPF Sachsen GmbH and HÜTTINGER
Elektronik GmbH + Co. KG. The result allocable to minority
interests comprises profit shares of € 666,000 (previous year
€ 4,578,000) and loss shares of € 477,000 (previous year
€ 1,461,000). The development of the Group’s equity is shown
separately in the statement of changes in group equity.
10. Special reserves
in € ’000s
Investment gains and allowances
Special reserves in acc. with
sec. 264c (4) sent. 3 HGB
6 / 30 / 2009
6 / 30 / 2008
11,157
12,472
–
2,416
11,157
14,888
6 / 30 / 2009
6 / 30 / 2008
11. Other accruals
in € ’000s
Tax accruals
Other accruals
24,414
36,516
119,944
162,137
144,358
198,653
The tax accruals include tax deferrals in accordance with
secs. 274, 306 HGB of € 9,743,000 (previous year € 0).
53
Other accruals mainly relate to obligations in the personnel
and welfare area, warranty obligations, outstanding purchase
invoices and other contingent liabilities and accruals for deriva­
tive financial activities. As of June 30, 2009, the company
had concluded forward exchange transactions and options
for USD 103,400,000 (€ 74,614,000), JPY 8,112,600,000
(€ 60,821,000), and CHF 58,365,000 (€ 44,817,000) with a
market value of € 3,852,000, € 1,806,000 and € - 343,000
respectively. Furthermore, the company had interest hedges
of € 30,000,000 with a market value of € - 2,346,000.
­Combined interest and currency hedges of USD 75,000,000
(€ 62,762,000) had a market value of € - 5,796,000. The
­market values result from generally accepted actuarial valuation
methods e.g. present value method, Black-Scholes and HeathJarrow-Morton. The accruals set up as of June 30, 2009 relate
to interest hedges and forward exchange transactions of
€ 2,586,000 for which no valuation unit could be established.
12. Liabilities
Term
in € ’000s
Liabilities to banks
Term
6 / 30 / 2009
Total
up to
1 year
1 to
5 years
over
5 years
6 / 30 / 2008
Total
up to
1 year
126,832
14,412
112,420
–
16,035
3,402
Other financial liabilities
63,876
1,115
–
62,761
89,444
26,682
Trade payables
62,993
62,856
137
–
104,729
104,729
Liabilities on bills accepted and drawn
Liabilities to affiliated companies
Liabilities to partners
Payables to participations
91
91
–
–
336
336
175
175
–
–
–
–
111,381
15,723
95,658
–
153,679
11,040
528
528
–
–
298
298
Other liabilities
95,595
75,559
16,944
3,092
91,731
74,294
of which taxes
20,458
20,458
–
–
23,313
23,313
of which relating to social security
54
1,945
1,945
–
–
2,513
2,513
461,471
170,459
225,159
65,853
456,252
220,781
TRUMPF Group Reliable. Economical. Group Management Report Consolidated Financial Statements Trade payables are subject to the customary retention of title.
15. Other financial commitments
Other financial liabilities relate to a private placement on the
US stock market in the unchanged amount of € 62,762,000
and the accrued interest accounted for this.
in € ’000s
Liabilities to partners relate to liabilities of TRUMPF GmbH +
Co. KG and HÜTTINGER Elektronik GmbH + Co. KG to their
limited partners.
Other liabilities include funds lent to the Group by employees
in connection with the company profit participation plan. This
position also contains commissions, customer credits and other
loans. Loans of the indirect stockholder Berthold Leibinger
­Stiftung GmbH, also contained in this position, amount to
€ 12,066,000 on the balance sheet date.
13. Deferred income
This item includes mainly the deferral of already received
­revenues or payments for maintenance services, trainings or
leasing contracts.
Rent, lease and leasing agreements
as well as other commitments
Purchase obligations relating to
capital expenditures
Further Information
6 / 30 / 2009
6 / 30 / 2008
169,198
174,292
18,087
78,954
187,285
253,246
The amounts are due as follows:
within
1 year
49,086
118,844
2 to 4 years
47,393
43,717
5 years and thereafter
90,806
90,685
187,285
253,246
In addition, there are obligations from master agreements
and regular purchase commitments on a scale customary for
the company as well as obligations to purchase the remaining
shares in affiliated companies.
14. Contingent liabilities
Explanations to the Profit and Loss Account
in € ’000s
6 / 30 / 2009
6 / 30 / 2008
Discounted bills of exchange
1,845
3,282
Warranty agreements and guarantees
1,404
590
3,249
3,872
16. Sales
Of sales, 33 percent (previous year 30 percent) were generated
in Germany and 67 percent (previous year 70 percent) abroad.
For sales per business division please refer to the group man­
agement report.
in € ’000s
Sales in Germany
Sales outside Germany
2008 / 09
2007/ 08
552,634
634,450
1,110,013
1,509,588
1,662,647
2,144,038
55
17. Changes in inventories and own work capitalized
in € ’000s
2008 / 09
2007/ 08
Changes in inventories of finished goods
and work in progress
- 58,211
34,638
Own work capitalized
5,804
3,015
- 52,407
37,653
18. Other operating income
Other operating income mainly relates to income from exchange
rate gains, the reversal of accruals, income from exercise of
options and proceeds from cost transfers.
Other operating income totaling € 12,472,000 is allocable to
other fiscal years (previous year € 10,995,000).
19. Cost of materials
in € ’000s
2008 / 09
2007/ 08
21. Other operating expenses
Other operating expenses mainly contain administrative and
selling expenses including sales representative commission, third
party services, maintenance costs, training and travel expenses,
freight out, exchange rate losses, advertising expenses as well
as rent and lease expenses.
Other operating expenses of € 872,000 (previous year € 0) are
allocable to other financial years.
22. Financial and investment result
in € ’000s
Income from associated enterprises
Cost of purchased services
714,247
948,643
55,095
73,233
769,342
1,021,876
2008 / 09
2007/ 08
20. Personnel expenses
in € ’000s
Wages and salaries
Social security and other welfare costs
Pension costs
393,539
418,628
69,760
70,429
13,742
27,657
477,041
516,714
Personnel expenses also contain remuneration and pension
expenses for our partners.
56
2007/ 08
-1,423
-18
462
464
Income from securities and loans
62
77
Other interest and similar income
Investment income
12,529
12,996
of which from affiliated companies
168
–
Amortization of financial assets
and securities of the current assets
- 5,698
–
-15,696
-17,274
- 9,764
- 3,755
Interest and similar expenses
Cost of raw materials, consumables
and supplies and of purchased goods
2008 / 09
23. Taxes on income
Net of deferred taxes, taxes on income include the trade tax
and corporate income tax payable by TRUMPF GmbH + Co. KG,
the general partner and the domestic and foreign subsidiaries.
Partners’ taxes were presented, for information purposes only,
after the figure for the consolidated net income for the year
according to sec. 264 c (3) HGB. They are not included in the
calculation of deferred taxes either.
TRUMPF Group Reliable. Economical. Group Management Report Notes to the Cash Flow Statement
24. Composition of cash and cash equivalents
Cash and cash equivalents includes cash, highly-liquid securities
and short-term liabilities to banks. The difference between the
cash and cash equivalents reported here and the cash and liquid
securities reported in the balance sheet is due to offsetting
­current liabilities to banks. For the same reason, there is a dif­
ference between the short-term bank loans (current account)
reported here and the liabilities to banks with a term of less
than one year reported in the notes to the financial statements.
Other Disclosures
25. Employees
Annual average headcount:
Germany
Employees
Trainees
Abroad
Employees
Trainees
2008 / 09
2007/ 08
4,352
4,208
296
270
3,417
3,137
118
101
8,183
7,716
26. Management
The persons stated below are responsible for the management
of the company. The management remuneration has not been
disclosed in accordance with sec. 286 (4) HGB.
Consolidated Financial Statements Further Information
The management repaid € 6,000,000 of the loans granted,
resulting in a total of € 200,000 on the balance sheet date.
Repayments are due within two years. The interest rate of the
loans drawn is 5.0 percent.
Pension commitments of € 10,917,000 were made to former
members of management. In the fiscal year 2008 / 09, former
general managers or their surviving dependents received
­benefits of € 1,189,000.
27. Exemption in accordance with HGB
The following corporations made use of the exemption from
sec. 264 (3) HGB: TRUMPF Werkzeugmaschinen BeteiligungsGmbH, TRUMPF Werkzeugmaschinen Deutschland Vertrieb +
Service Beteiligungs-GmbH, TRUMPF International BeteiligungsGmbH, TRUMPF Laser- und Systemtechnik GmbH, HÜTTINGER
Verwaltung GmbH, Laser Verwaltungs-GmbH, TRUMPF Medizin
Systeme GmbH, Celtia Verwaltungs-GmbH, TRUMPF Leasing +
Service Beteiligungs-GmbH, TRUMPF Medizin Systeme Beteili­
gungs-GmbH, TRUMPF Capital GmbH, TRUMPF Finance GmbH,
TRUMPF Med Beteiligungen GmbH, Berthold Leibinger Immo­
bilien GmbH, TRUMPF Kapitalbeteiligungen GmbH.
The following commercial partnerships within the meaning
of sec. 264 a (1) HGB made use of the exemption from the
preparation of annual financial statements provided for in sec.
264 b HGB in accordance with the commercial law provisions
applicable to corporations: TRUMPF GmbH + Co. KG, TRUMPF
Werkzeugmaschinen GmbH + Co. KG, HÜTTINGER Elektronik
GmbH + Co. KG, TRUMPF Laser GmbH + Co. KG, TRUMPF
Medizin Systeme GmbH + Co. KG, TRUMPF Leasing + Service
GmbH + Co. KG, TRUMPF Immobilien GmbH + Co. KG,
TRUMPF Werkzeug­maschinen Deutschland Vertrieb + Service
GmbH + Co. KG.
57
28. Supervisory Board /Administrative Board
Sec. 1 (1) no. 2 of the German Codetermination Law (MitbestG)
provides that a company which exceeds a certain size classifi­
cation must appoint a supervisory board. In accordance with
sec. 7 (1) no. 1 MitbestG, Berthold Leibinger GmbH met this
requirement effective in fiscal year 1998 / 99. The Supervisory
Board has twelve members.
The stockholder representatives of the Supervisory Board are
identical to the members of the Administrative Board.
The Supervisory Board remuneration and the Administrative
Board remuneration have not been disclosed according to
sec. 286 (4) HGB.
Ditzingen, August 25, 2009
TRUMPF GmbH + Co. KG
Berthold Leibinger GmbH
Dr. phil. Nicola Leibinger-Kammüller (President)
Dipl.-Ing. Peter Leibinger (Vice President)
Dr.-Ing. Mathias Kammüller
Dipl.-Ing. Friedrich Kilian
Dr. rer. soc. Gerhard Rübling
Dipl.-Ök. Harald Völker
58
TRUMPF Group
Reliable. Economical.
Group Management Report
Consolidated Financial Statements
Further Information
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, issued the following audit opinion on the
consolidated financial statements and the group management report as published in the „elektronischer Bundesanzeiger“
(electronic Federal Gazette):
Audit Opinion
We have audited the consolidated financial statements pre­
pared by TRUMPF GmbH + Co. KG, Ditzingen, and Berthold
Leibinger GmbH, Ditzingen, comprising the balance sheet,
the profit and loss account, cash flow statement, statement
of changes in Group equity and the notes to the consolidated
financial statements, together with the group management
report for the fiscal year from July 1, 2008 to June 30, 2009.
The preparation of the consolidated financial statements
and the group management report in accordance with
German commercial law as well as the additional provis­
ions of partnership agreements are the responsibility of the
companies’ management. Our responsibility is to express
an opinion on the consolidated financial statements and on
the group management report based on our audit.
We conducted our audit of the consolidated financial state­
ments in accordance with sec. 317 HGB (“Handelsgesetz­
buch”: German Commercial Code) and German generally
accepted standards for the audit of financial statements
promulgated by the Institut der Wirtschaftsprüfer (IDW,
Institute of Public Auditors in Germany). Those standards
require that we plan and perform the audit such that
misstatements materially affecting the presentation of the
net assets, financial position and results of operations in
the consolidated financial statements in accordance with
German principles of proper accounting and in the group
management report are detected with reasonable assurance.
Knowledge of the business activities and the economic
and legal environment of the Group and expectations as
to possible misstatements are taken into account in the
determination of audit procedures. The effectiveness of the
accounting­related internal control system and the evidence
supporting the disclosures in the consolidated financial
statements and the group management report are examined
primarily on a test basis within the framework of the audit.
The audit includes assessing the annual financial statements
of those entities included in consolidation, the determination
of the entities to be included in consolidation, the accounting
and consolidation principles used and significant estimates
made by management, as well as evaluating the overall
presentation of the consolidated financial statements and
the group management report. We believe that our audit
provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the con­
solidated financial statements comply with the legal require­
ments as well as the additional provisions of partnership
agreements and give a true and fair view of the net assets,
financial position and results of operations of the Group in
accordance with German principles of proper accounting.
The group management report is consistent with the conso­
lidated financial statements and as a whole provides a
suitable view of the Group’s position and suitably presents
the opportunities and risks of future development.
Stuttgart, August 28, 2009
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Skirk
German Public Auditor
Heubach
German Public Auditor
59
Corporate Social Responsibility of TRUMPF
TRUMPF as a family company considers itself part of society and takes over responsibility
for its activities. We seek an open and objective dialogue with relevant opinion makers.
We focus on issues involving education, development, employees, sustainable economic
activities and family­owned companies. These topics are closely connected to our
corporate objectives and to our company principles.
All companies of the TRUMPF Group assume corporate responsibility – according to
the strategy and standards of the headquarters in Ditzingen. Regional and cultural
characteristics are taken into account.
TRUMPF supported the project Learning 360°, a joint initiative with the Theodor­Heuglin­
School in Ditzingen, Germany. It aims to enhance job opportunities for pupils from
secondary schools. Students improve their social competence as well as their technical
and business skills. They receive orientation and support about their career choices and
improve their chances for apprenticeships.
Learning 360° TRUMPF is an active partner in education projects. Two pupils of the Theodor­Heuglin­School, Ditzingen
presented their project Learning 360° to German Federal President Horst Köhler. The presentation also aimed to
convince other companies or federal countries to support the project.
60
Imprint
Editorial
Press and Public Relations
TRUMPF GmbH + Co. KG
Page 10 to 19
Text and Graphics: pr + co. gmbh, Stuttgart, Germany
Concept and Design
HGB Hamburger Geschäftsberichte GmbH & Co. KG,
Hamburg, Germany
Photographs
Armin Brosch, Munich, Germany
KD Busch, Fellbach, Germany
Michael Haegele, Duesseldorf, Germany
Udo Loster, Leonberg, Germany
Andreas Pohlmann, Munich, Germany
T RU MP F A N N U A L RE P ORT 2 0 0 8 / 0 9
TRUMPF
TRUMPF
GmbH
GmbH
+ Co.+KG
Co. KG
Johann­Maus­Straße
Johann­Maus­Straße
2
2
71254
71254
Ditzingen
Ditzingen
GERMANY
GERMANY
PhonePhone
+ 49 (0)
+ 4971(0)567130563030 30
Fax Fax
+ 49 (0)
+ 4971(0)56713056333003330903 09
info@de.trumpf.com
info@ de.trumpf.com
www.trumpf.com
www.trumpf.com