CONSOLIDATED
FINANCIAL STATEMENTS
2013
CHAIRMAN’S
LETTER
The marketing intelligence activity has continued during 2013, along with
investments aiming at an in-depth knowledge and analysis of local and
international scenarios; at the same time focused measures were taken
in the risk management sector, aimed at protecting the stakeholders and
safeguarding the company’s capital.
Specific measures were also taken in the sectors of sustainability, life quality
and well being of workers, which have always been key goals of Calvi’s policy.
Dear Shareholders,
during 2013 the Group showed a substantial stability in spite of the
consequences of a diffuse and persisting crisis. Despite some positive data
(the 6.8% increase in the lifting carriage sector was very comforting), the
ongoing crisis brought the Group policy toward rationalisation, productive
optimisation and an accurate investment selectivity.
This year also marked some very important milestones, such as the 100th
year anniversary of the company Fiav L. Mazzacchera S.p.A., a brand that
is part of the Italian manufacturing history and today, after 100 years, still
reaffirms the value of its tradition and the intangible endowment of knowledge
and abilities.
Only strength and cohesion among each entity made it possible to overcome
without any major consequences the tragic accident that affected the
company’s production site, which was partially destroyed from a fire.
Consolidation and leadership strengthening are today the basis for strong
performances and the recovery of cash flow, which will allow to increase the
Group value.
Calvi Holding S.r.l. restated firmly, even in 2013, its willingness to value
multiculturalism and multiterritoriality, along with culture and the diffusion of
a true Europeanist spirit.
A complex framework, partially obscured by the indicators of the second
semester, yet it does not influence the middle term vision, on which
the Holding has already brought about different projects to redefine and
re-focus on strategic assets, in the view of a further optimisation based on
cost rationalisation, organisational simplification and a complete productive
flexibility.
The special concert which took place in Bergamo in autumn with
the cooperation of the orchestra leader Massimiliano Caldi and the
instrumentalists of the Beethoven Academy Orchestra from Krakow, to
celebrate the bicentenary of Richard Wagner and Giuseppe Verdi’s births,
reminded us how important it is to have a harmonious team, even in the
artistic field.
Our business model has not changed its characteristics of efficacy and
distinctiveness, allowing us to face the market oscillation without losing
confidence in its full competitiveness.
Only by sharing common objectives and goals, is it possible to look at wider
horizons, imagine ambitious results and act concretely to reach them.
It is the case of North America, one of the few growing scenarios of 2013,
where Calvi Holding S.r.l. is optimising its presence thanks to its acquisitions
of companies such as Rathbone Precision Metals, Inc. and Lift Technologies.
We brought about new promotion and trade representation policies which we
deem will turn out to be very useful to the Group.
Chairman of Calvi Holding S.r.l.
Riccardo Chini
EXECUTIVE COMMITTEE
Riccardo ChiniChairman
Davide ChiniDeputy Chairman
Ambrogio Bollini
Board member
Giancarlo BornetoBoard member
Barbara ChiniBoard member
Enrico Chini
Board member
Isabella ChiniBoard member
Vittorio ChiniBoard member
Giacomo Domenighini
Board member
Alain HonnartBoard member
Dino MartinazzoliBoard member
Riccardo Chini Chairman
Davide Chini
Enrico Chini
Alain Honnart
BOARD OF STATUTORY AUDITORS
Giacomo Vogini Chairman
Federico Berruti
Massimo Ghetti
AUDIT FIRM
Mazars S.p.A.
EXPRESS
6000
S.r.l.
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Y
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SIDERVAL
S.p.A.
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33%
H
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FALC
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LIFT GIES
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.
RA
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ET IO E
In ALS N
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,
94
S
NIC
HA
EC
M
ME
TA
L
GOVERNANCE
AND GROUP MAP.
BOARD OF DIRECTORS
81,750
1,453
PROFILES SOLD
(TONS)
146,306,045
NET DEBT
NUMBER OF
EMPLOYEES
285,675,018
18,662,506
EBITDA
9,961,773
INVESTMENTS
VALUE OF
PRODUCTION
21,379,280
6.6%
PROTAGONISTS
ON THE MOST
IMPORTANT STAGES.
284,740,797
NET
REVENUES
IN 2013 CALVI HOLDING PURSUED THE OBJECTIVE TO MAINTAIN
UNCHANGED ITS NETWORK MODEL, THE PRODUCTION AND
OCCUPATIONAL STRUCTURE OF ITS COMPANIES, AND ITS POSITION
ON GLOBAL MARKETS. CALVI HOLDING HAS STRENGTHENED ITS ROLE
OF MAIN PLAYER ON THE MOST IMPORTANT REFERENCE MARKETS,
IN A GENERAL FRAMEWORK OF STABILITY THANKS TO ITS TWO MAIN
DIVISIONS – METALLURGY AND MECHANICS –.
CASH FLOW
+
“Calvi has been partner of our Group for more than 30 years now, and the collaboration between
our two entities has always been a guarantee for success. What makes the difference, is the active
cooperation in terms of process and product, the strategic orientation of the supplier in the linear
business – synonym for a continuous relationship – and the reactivity of a fully flexible company, with
which we have constant, straightforward and successful contacts.”
Francis Wantz
Purchasing manager of Schaeffler France
Schaeffler Group, a multinational entity which owns the trademarks INA, FAG and LUK, operates in the linear motion and ball bearings for automotive and
industrial application sectors, has more than 180 locations in 50 countries worldwide and approximately 80,000 employees.
+
“Loyalty, trust and listening skills are keys in every business. HSP GmbH and Calvi Group have helped
us grow during time, protecting our partnership and allowing us to evolve from a small firm to a
company capable of reaching the highest standards and competing with sector leaders.”
Rob Wendt
Founder and Managing Director of PilePro
PilePro Group is specialised in the innovation of sheet pile connectors and owns numerous product patents, such as O-Pile®, Wadit®, iSheelPile® for
connectors and sealants.
AN INFLUENTIAL
VOICE.
CALVI HOLDING IS TODAY AN EXAMPLE AND A REFERENCE POINT FOR ALL THE
STAKEHOLDERS IN THE METALLURGY SECTOR AND FOR OEMS. A LEADERSHIP
WHICH HAS NOT BEEN JEOPARDIZED BY THE CRISIS EVEN IN 2013, THANKS TO
THE COMPETITIVENESS OF ITS OFFER AND TO THE HIGH LEVEL OF KNOW-HOW
AND TECHNOLOGIES THAT CALVI HOLDING HAS BEEN STRENGTHENING SINCE ITS
BEGINNING.
CONDUCTING,
GUIDING, VALUING.
CALVI HOLDING’S ACTIVITIES OF STRATEGICAL COORDINATION AND MANAGING
CONTROL OVER ITS CONSOLIDATED COMPANIES, HELP THEM MAKE THE MOST
APPROPRIATE AND THOUGHT-OUT INDUSTRIAL CHOICES, IN ORDER TO CREATE VALUE
FOR ALL PRODUCTIVE UNITS. THE GROUP GOVERNANCE SETS OUT GUIDELINES IN
TERMS OF BUDGET ALLOCATION AND INVESTMENT INDIVIDUATION, WHICH TURNED
OUT TO BE KEY FACTORS FOR STRENGTHENING THE FINANCING BALANCE IN 2013.
+
The main goal for 2013 has been the consolidation and the productive
rationalisation, which involved all the Group companies.
Nevertheless, this has not prevented the Group from investing for
improving the output’s productivity and quality.
Calvi Holding S.r.l. has continued its commitment in the technological
upgrade, from the enhancement of the hot rolling furnace of Hoesch
Schwerter Profile GmbH, through the revamping of the main plant and
the installation of the new pickling plant in Calvi S.p.A., to the fully selffunded project of the new hot stretching machine for titanium bars of
Siderval S.p.A, developed in partnership with the Politecnico di Milano
University (Lecco Campus).
+
The ITER international project is aimed at the construction of a
huge tokamak to produce energy for commercial purposes based on
nuclear fusion.
Calvi S.p.A. - supported by the French company ABL-Calvi S.A. - and
Fiav L. Mazzacchera S.p.A. have worked together in 2013 earning
therefore Simic’s trust.
Simic is a company specialized in the design of large critical devices,
and produces the radial plates for the 10 big coils which are the
European contribution to the toroidal magnetic field of ITER.
Calvi S.p.A. has contributed with its engineering skills building high
precision drawn tubes for the cover plates, while Fiav L. Mazzacchera
S.p.A. took care of the solubilisation process.
THE HARMONY
OF AN ORCHESTRA.
CALVI HOLDING HAS FOUND ITS FOCUS IN THE NETWORKING ABILITY OF ITS ENTITIES
DURING 2013 AS WELL: SHARING THE TECHNOLOGIES AND CHOOSING THE RIGHT
STRATEGIES GO HAND IN HAND WITH THE IMPLEMENTATION OF MEASURES TO ACHIEVE
THE GROUP’S COMPETITIVENESS, ENABLING AT THE SAME TIME FULL OPERATIONAL
INDEPENDENCE OF EACH SUBSIDIARY COMPANY. THE ORGANISATIONAL MODEL REFERRED
ABOVE ENABLES THE ACHIEVEMENT OF ECONOMIES OF SCALE AND HAS FLEXIBILITY AS
ITS MAIN STABILITY ELEMENT.
A SCORE
TO BE READ.
THE GLOBAL CONTEXT IN WHICH CALVI HOLDING HAS BEEN OPERATING SINCE ITS START,
REQUIRES, TODAY MORE THAN EVER, THE ABILITY TO READ MARKET’S INPUTS, INTERPRET
ITS FLOWS AND TENDENCIES AND ANTICIPATE ITS EVOLUTION. A CAREFUL, CONSTANT AND
PUNCTUAL MONITORING OF THE VARIOUS REFERENCE CONTEXTS ALONG WITH A PRECISE
ANALYSIS OF THE ACQUIRED DATA ARE KEY FACTORS IN ORDER TO CREATE VALUE AND
BRING CONCRETE ADVANTAGES TO THE GROUP’S ACTIVITIES.
+
MARKETING INTELLIGENCE
In order to gain a deeper understanding of certain marketplaces and
their business development dynamics, marketing intelligence operations
took place in 2013: the first phase of the project dealt with precision
mechanics sector, where the Group has always operated successfully
and is in the position to have further growth margins.
+
USA
USA market proved to be one of the few marketplaces with a positive and
concrete outlook in the short and middle term. The acquisition of Rathbone
Precision Metals, Inc. which took place in 2008, proved therefore to be a
good decision. Nowadays the Palmer-based company (MA-USA) is the main
player to promote the Group competencies overseas, focusing in particular
in the cold deformation process.
+
ENERGY AND ENVIRONMENT
The Energy sector is one of the most dynamic economic sectors
worldwide. The change in the use of fossil fuels, the constant growth
of renewable energy sources and the decreased importance of the
Middle East as energy supplier for the USA, define a precise scenario
that Calvi Holding has been monitoring carefully, in order to expand
its market quotas.
THE RHYTHM
OF EVOLUTION.
CALVI HOLDING HAS BUILT ITS INDUSTRIAL PATH ON ITS ABILITY TO RESPOND FAST
AND PROACTIVELY TO COMPLY THE REQUIREMENTS OF OTHER STAKEHOLDERS.
INNOVATION AND EVOLUTION MEAN ABOVE ALL REACTIVE RESPONSES AND LOOKING
AHEAD: IN 2013 CALVI GROUP NOT ONLY FOLLOWED THE MARKET’S RHYTHM BUT WAS
ALSO CAPABLE OF PROVIDING DIRECTIONS AND SOLUTIONS WITH EXPERTISE AND
PROACTIVENESS.
+
The Group companies stood out during 2013 for their ability to
provide clients from all over the world and from different divisions
with an effective service. It is noted the significant innovation
process that involved the mechanics division.
Elettric 80, one of the main clients of Lift-Tek Elecar S.p.A.,
provided Barilla with the carriages for its new logistic site,
restating the excellence of the technologies deployed by the
Group companies.
Production development of Lift-Tek Elecar S.p.A. concerned other
sectors as well, bringing to the upgrade and diversification of the
solutions provided by the company.
LIFTING MASTS 15M
LIFTING MASTS WITH AUTO-FRETTAGE SYSTEM
FIVE STAGE LIFTING MASTS
AUTOMATIC VEHICLES (AGV/LGV)
FULLY ELECTRIC LIFTING MASTS
HOMAGE
TO VIRTUOSITY.
COMPETENCE, EXPERTISE AND HISTORY ARE SOME OF THE MOST IMPORTANT VALUES
REPRESENTING THE CORE OF CALVI HOLDING AND ITS CONSOLIDATED COMPANIES:
MANY OF THESE COMPANIES ARE LANDMARKS OF MANUFACTURE IN THEIR AREA –
AND BEYOND - , PROTAGONIST OF ITS HISTORY AND INDUSTRY. PEOPLE WHO HAVE
IMPLEMENTED THEIR ACTIVITY ALONG THE YEARS, REAL MASTERS OF THEIR CRAFT
AND GUARDIANS OF ANCIENT KNOWLEDGE, WHICH HAS NOW BECOME A CULTURE,
MUST BE CELEBRATED AS GREAT ARTISTS.
+
FIAV L. MAZZACCHERA: A CENTURY OF QUALITY
Founded in 1913 by Luigi Mazzacchera, the Agrate Brianza-based company
is one of the oldest factories in Italy and boasts a unique tradition in cold
pickling of special pipes; since the beginning of its manufacturing history, the
company has produced more than 20 thousands pipes of different shape with
all types of steel, focusing then on the management of smaller commission.
In 2013, on its hundredth anniversary, the company had to face the
consequences of a severe fire, from which it has recovered rapidly.
+
MUSIC AND MULTICULTURALISM
In the occasion of the annual Calvi Network Meeting, the
Holding organized a special concert in October to celebrate the
bicentenary of Richard Wagner and Giuseppe Verdi’s births. It
was an outstanding event, which took place in the evocative
setting of the Teatro Sociale of Bergamo, where the orchestra
leader Massimiliano Caldi and the instrumentalists of the
Beethoven Academy Orchestra from Krakow interpreted amazingly
some of the most famous pieces written by the two masters. A
proof of the multicultural approach and the active presence in the
territory, main strengths of the Group.