annual report 2015 · we have expanded the care range in response to this trend. ... , assembly and...

Annual Report 2015

2 3Coram Annual Report 2015

Management Report• 2015 review 5• Business model 6• Markets and developments 10•Productandmarketingdevelopment 12• Investments 14•Management,personnel&organisation 14• Outlook for 2016 15

Consolidated Annual Report in euro•ConsolidatedBalanceSheetasatDecember31,2015 18•ConsolidatedProfitandLossAccountasatDecember31,2015 20•ScheduleofTangibleFixedAssets 21• Schedule of Consolidated Reserves 21•ScheduleoftheConsolidationDifferencesafterApplying theNetAssetMethod 22

• Schedule of Debts 22• Results 23

•5-yearSummary 24

• Group Structure and Contact 26

Contents

4 5Coram Annual Report 2015 Coram Annual Report 2015

Management Report 2015, Coram N.V.

2015 review Theyear2015wasprimarilymarkedbyprofitrecoveryandimprovementofthefinancialposition,whileatthesametimeweworkedonthefurtherrecoveryofourmarketpositions.

Results developmentThegoalfor2015wasachieved,withanetprofitofEUR1.1m.Weachievedthisresult inspiteofthenegativeimpactofthedollar-euroexchangerate.Comparedwith2014 animprovementintheresultsofEUR6.5mwasachieved.Theoperationalresultendedat EUR2.3m.ThisisanimprovementofEUR1.2mascomparedwith2015.

ThecashpositionimprovedbyEUR4mandstayedwellwithinthelimitsofthemarginsandratiossetbythecreditproviders.

Thegroup’skeymarkets,namelytheBeneluxcountries,GermanyandtheUnitedKingdom,haveshownasteadypositivetrend.

Collaboration within the groupThecollaborationbetweenthegroupcompanieswasfurtherintensifiedintheareasofProcurement,IT,FinanceandProductDevelopment.IntheUnitedKingdom,thecompanieshavebeenmoreemphaticallyaccommodatedunderonemanagementstructure.Also,thenewlydefinedinter-companypricingpolicywhichisapplicabletoallcompanieshascon-tributedtothegoodcollaborationbetweenthecompaniesandtheattunementofproductranges.

The Senior Management Conference, June 2015, with representation of all companies within the Coram group

First training day for the content management system, with the key users

Coram UK/Impey


Business modelIn2015,thebusinessmodelwhichhasformedthebasisfortherecoveryofthecompanysince2013waselaboratedingreaterdetailandimplemented.

Inaccordancewiththebusinessmodel,CoramSanitaryemphaticallyfocusesonthemarketsintheBeneluxcountries,theUnitedKingdom,Germany,Poland,Austria,Norway,SwedenandFrance.Thisisduetotheculturalsimilaritiesbetweenthecountriesandthelogisticaladvantagesoftheshortdistances.Thegroupiseitherpresentorisendeavouringtohaveapresenceinthesecountries,withitsownsalesofficesand/orcompanies.Anotherimportanttargetforthegroupisexporttospecificareasandnichemarketssuchasthehospitalitymarket,i.e.hotelsandcruisecompanies.

Asregardsproducts,CoramSanitaryfocusesonaccessories,showercubiclesandfurniture.Theseareelementswhich,inarelativelysimplemanner,cancontributetotheexperience,thecomfort,thesafetyandtheeaseofuseofbathroomsandtoilets.Relateddriverhereis:‘Providing for people’s most common and daily needs’.

Thecurrentmarketsarechangingatanever-increasingpace;duetoboththeageing populationandalteredconsumerbuyingbehaviourviainternet.TheCoramgroupconsidersthesetobepositivechallengesandisrespondingmoreemphaticallytothesetrends.Anewtrendhasemergedthatwilldevelopfurtherinthefuture:‘Ageless homes’. Theperceptionofsanitaryspacesplaysaprominentrolehere.Inthesehomes,more accountisbeingtakenofthefactthattheelderlycontinuetoliveindependentlyforlonger.Inthisconnection,thinkintermsof(partial)renovationsforsustainable(lifetime)living. WehaveexpandedtheCarerangeinresponsetothistrend.Wehavealsoinvestedheavilyine-commerce,byimplementingadynamiccontentmanage-mentsystem,forinstance.Lifestyleandinnovationsarethestartingpointsforthelargelyin-houseproductdevelopment.

Thegroupisincreasinglybecomingaclosenetworkorganisationofcompanies(Reshore),eachofwhichfulfilsitsownspecifictaskinthelocalmarket.ClosecollaborationinProcure-ment,Production,DevelopmentandITplaysanimportantroleinthis.

WiththeCoramgroup’ssecondarycorebusiness,CoramTec,DPIisincreasinglyprofilingitselfasapartnerfortotalsolutionsinthemarketsforindustrialsupplies,respondingtothe‘Reshore’ trendofpartnersinordertobringbacktheproductioninAsiabacktoEurope. Inadditiontoholdingaleadingpositioninmouldingtechnologyforplasticsemi-manufacturers,DPIalsooffersextensiveopportunitiesforundertakingthedevelopment,assemblyandlogistics.ThisenablestheDPIpartnerstorespondmorequicklytomarkettrends,developmore rapidly,readjustfasterandarrangetheirsupplychainmoreefficiently.

In line with business model as applied in September 2013

Stokke produced by DPI Yepp, produced by DPI

Core elements of current Business model

•GeographicfocusontheBeneluxcountries,UK,DE,PL,AT,CH,NO,SEandFR

•Productfocusonaccessories,shower cubicles and furniture

•GrowthinCare(Ageless homes)and e-commerce

•Strongown-productdevelop-ment,withlifestyletrendsandinnovationaspillars

•Branding:clearbrandand channelspolitics

•Optimalcollaborationbetweencompaniesandsegments

→ strong network organisation•Organicandexternalgrowth•Multi-channel

Objectives 2020

Salestarget €200m.Operatingresult €20m.

•Significantshareofthegrowthfromtargetedacquisitions

•Cohesivegroupthatbringsambienceandfunctionalitytobathrooms and toilets

•DeterminingroleinWesternEuropeanmarkets

•ContinuedDPIdevelopmentastotal industrial supplier

•‘Reshore’importantforsanitaryfittingsandDPI

•Strong, collaborating businesses•Safety,health,environmentandquality


Tiger, Ramos Antado, PolandLjungmann, Norway

TheCoramgroupconsciouslychoosestobeactiveinallrelevantchannelsinresponsetotheevermorerapidlychangingmarkets.Thebuyingbehaviourofbothbusinesscustomersandconsumersshowsincreasinglyfewerfixedpatternssoitpaystobemultifaceted. Thepossibilitiesofgrowingstronglyintherelevantbusinesstoconsumerandbusinesstobusinesse-commercechannelsareconsiderable.Throughflexibility,rapidactionsandadjustmentsinclosecollaborationwiththeimportante-commerceplayers,wearewellpreparedforthisgrowingmarket.

Inadditiontoorganicgrowth,thegroupalsoendeavourstoscaleupthroughtargetedtakeoversthattieinwithCoram’schosenmarketsandbusinessoperations.


Markets and developmentsBeneluxThe Professional Trademarket(PT),whichisimportantforCoramSanitary,perkedupthankstotherecoveryofthehousingmarketandthegrowingnumberofnewbuildingprojects.GeesaandSealskinwereclearlyabletobenefitfromthisrecovery.Ontheotherhand,theDo-It-Yourself-market(DIY)intheNetherlandsshowedaslight decline,whichhadanimpactonturnoverinourDIYactivities.Thiswasonlypartially compensatedforbytheBelgianDIYmarketandthegrowthine-commerceforthegroup.

DPI,ourcompanyinplasticsandtotalsolutions,wasabletoexpanditscustomerportfoliofurtherandincreasetheturnoverintheclearlyimprovedeconomicclimate.

United KingdomTheBritishmarketsfornewbuildingandrenovationbothshowedapositivetrend. The Disabled Facilities Grant,asocialprovisionwhichprovidesfinancialsupportfor adaptinghousessothatpeoplecancontinuelivingindependentlyforaslongaspossible,andwhichisextremelyimportantfortheCaresegment,showednogrowth.Nonetheless,CorammanagedtostrengthenitspositioninthissegmentviaImpey.Thegroupwasabletosignificantlyimproveitsmarginsandprofitability,inparticularthroughfurtherintegrationoftheorganisations.

GermanyFortheGermanmarket,Coramfocusedongrowthinthee-commercesegment.ThegrowthinonlinesalesinGermanywasabovetheaveragegrowthrateforthismarket.WithintheDIYchannel,newshelfpositionsforSealskinandTigerproductswereacquiredwithvariouslargerplayers.ThisshouldresultinmoregrowthintheDIYsegmentin2016.

SignificantordersforcruiseshipswereplacedwithGeesabyshipyardsinNorthGermany.

Other markets and exportDespitethelowoilprices,theNorwegianmarketshowedslightgrowth.

ThePolishmarkethasbeenonaconstantgrowthtrajectoryforyearsnow. Unfortunately,theCoramcompaniesinPolandhavenotyetsufficientlybenefitedfromthis.

GeesadidgoodbusinessontheexportmarketintheMiddleEast.TheEastEuropeanmarket,whichinpreviousyearswasveryimportant,hadtocontendwithasteadydeclinedespiteanumberofsuccesses.Thegroup’sexportshareisapproximately10%.

Care and e-commerceThesesegmentsareofstrategicimportanceandareimportantbuildingblocksforour businessmodel.

Asregardse-commerce,thegroupjointlyachievedgrowthofmorethan20%inall countries,inwhichcontextGermany,GreatBritainandtheNetherlandswereparticularlyimportantmarkets.Polandremainedstable.

Agrowthof12.3%wasachievedintheCaresegment.TheUnitedKingdomisthemost importantmarketinthissegment.

Prod

uctie

Care-segment: the “Badwissel”-concept (Bathtub to shower) from SealskinSunborn Gibraltar

E-commerce: collaboration with Bol.com, amongst others


Product and marketing development MarketingAspreviouslyindicated,e-commerceisplayinganever-largerroleinthedailylifeof professionalsandconsumers.Theso-calledcustomer journeyalmostalwaysstarts somewhereontheweb,thenfollowedbythetouchpointsinclicks or bricks.ThevariouscompanieswithintheCoramgrouphaverespondedtothiswithonlineand offlinecampaigns.Forexample,Tiger’ssuccessfulonlinecampaign‘Whichbathtypeareyou?’DPI,GeesaandCoramUKlaunchedupdatedwebsites.

FortheDIYshops,workbeganonmodernisingthePOSmaterial,withtheemphasisonlifestyleandcurrenttrends.

OurgroupintheUnitedKingdomdevelopedaninspiringbrandcampaignforthePTsegments.

AttheISHinFrankfurt–oneoftheworld’sleadingtradefairsforsanitaryware–Coramwasrepresentedwithatotalofapprox.200m²floorspace,exhibitingthemostimportantbrands.

Product developmentThemostsignificantdevelopmentstookplaceinthesphereofaccessories.Geesaintroducedanumberofnewseries:Tone,ToneGoldandNelio.

Withregardtotheproductdevelopmentofourfurniturerange,attentionwaspaidnotonlytorevisingandimprovingourproducts,butalsotoourproductionprocesses,withLeanManagementasthemaindrivingforce.

The CareprogrammewasexpandedtoincludeLibraaccessoriesfromTigerandacompletelynewbath-interchangingconceptfromSealskin.TheRadiatetray,GBshowerenclosures,OptimaandanupgradeoftheSlimfoldseatwereintroducedintheUnitedKingdom.

Inaddition,DPIhastakenpromisingstepsinthedevelopmentofitsownEVAcompounds,whichcanbeusedfortheproductionofso-calledsoft touch flexiblematerials.

Antado, Poland

Tiger on Pintrest

Nelio, Geesa

Linear Tiled Insert

Tone, Geesa


InvestmentsTheinvestmentsamountedtoEUR1.4m.Inparticular,asubstantialinvestmentwasmadeinthesoftwareforanewdataandcontentmanagementsystem,PIM.Otherinvestmentsincludedmouldsandvariousmachinery.

Management, personnel & organisationIntheUnitedKingdomandtheNetherlands,themanagementwasfurtherreinforcedwiththeappointmentstokeypositionsinOperations,MarketingandSales.

Theoutflowinthegroupwashigherthantheinflow.ThenumberofFTEsasat 31December2015was629.2.In2014,thenumberofFTEswas648.9.

Absenteeism and occupational safetyAbsenteeismwasnormalascomparedwithlocalbenchmarks,withtheexceptionofDPI.ThehighabsenteeismatDPIwastackledbymeansofanactionplanandsubprojects. Theriseintheaverageageandworkinginafive-shiftrosterwereincludedtherein.

Nonoteworthyoccupationalincidentswererecorded.

Training, development and collaborationVariousinternalandexternaltrainingprojectswereimplementedatlocalcompanylevel.

Itisimportanttopromotethemutualcollaborationsbetweenthegroupcompaniesinallcountries.TheSeniorManagementConference,whichwasheldinRotterdaminJune2015,wasfullyorientedtowardsthis.

CSRTheCoramgroupstrivestoproduceitsproductswithintheframeworksofinternationallegislation.Ourobjectiveherebyistobebetterthanthesetminimumrequirements.Inthisconnection,thegroupconductsanactivepolicyandinvestsinpeopleandresources.

InthesphereofcompliancewiththelegislationandregulationsrelatingtoReach,CE,FSEandDOP,furtherstepshavebeentaken.AlsoinrelationtoBSCI,moresupplierswerescreenedconcerningwhethertheycomplywiththeregulationssetbyBSCIinthecountriesconcerned.

Sponsoring activitiesTheCoramcompaniesselecttheirlocalsponsoringactivitiescarefully.Thus,GeesahasasponsoringagreementwiththeRonaldMcDonaldHouseCharitiesforsupplyingsanitaryproductsfortheRonaldMcDonaldhouses,andCoramUKandImpeyhavesponsoringagreementsforsupplyingCare products to the ‘disability’sector.

Outlook for 20162016isonceagainexpectedtoshowanimprovementintheresults,partlyduetoasteadily-increasingsharefore-commerceanddevelopmentintheProfessionalTradechannels.Themostimportantexternaldriversarecontinuedeconomicgrowthandconsumerconfidence,inwhichconnectionapossibleBrexitwillhaveconsequencesfortheBritishmarket.

Weshallexpresslyseekoutinterestingpartiesforacquisitionwhichfitwithinthebusinessmodel,inorderthustoreinforcethepositionofthegroupinitschosenmarkets.

Overpelt,June2016ManagementCommittee,CoramN.V.MarkKooij,CEOChristianWouters,CFO

The Senior Management Conference, June 2015, with representatives of all the companies within the Coram group Sealskin, Brilliance collection - City Chic Sealskin, Brilliance collection - Timeless Classics


Sealskin, Brilliance collection - Modern CraftSealskin, Brilliance collection - Timeless Classics

Tiger, Caddy corner basket Tiger, Caddy shower basket


Consolidated Balance Sheet as at December 31, 2015*

Assets 31 December 2015 31 December 2014

Fixed assets 23,607 25,718

Consolidation differences 4,124 4,843

Tangible fixed assets 19,483 20,875

Landandbuildings 13.758 14,468

Installations,machineryandequipment 4,364 4,978

Furnitureandautomotiveequipment 1,069 1,239

Leasingandrelatedrights 52 64

Othertangiblefixedassets 6 3

Assetsunderconstructionandassetsordered 234 123

Current assets 46,490 45,969

Receivables of more than one year 119 161

Other receivables 119 161

Inventories and work in progress 20,137 18,996

Inventories 20,137 18,996

Rawmaterialsandancillarymaterials 4,267 3,975

Semi-manufactured products and work

inprogress 763 822

Finishedproducts 3,222 2,656

Tradeproducts 11,885 11,543

Receivables of maximum one year 22,251 21,272

Tradereceivables 19,153 17,973

Otherreceivables 3,098 3,299

Cash in banks and on hand 3,565 4,974

Prepayments 418 566

Total assets 70,097 71,687

Equity and liabilities 31 December 2015 31 December 2014

Stockholders’ equity 31,716 30,144

Capital 11,920 11,920

Capitalstock 11,920 11,920

Share premium 5,715 5,715

Consolidated reserves 16,059 14,934

Translation differences - 1.978 -2,425

Provisions and deferred taxes 2,314 2,752

Provisions and deferred taxes 2,314 2,752

Provisionsforrisksandexpenses 2,314 2,752

Pensionsandcomparableobligations 1,807 1,766

Otherrisksandexpenses 507 986

Debts 36,067 38,790

Debts of more than one year 7,712 6,992

Financialdebts 7,712 6,992

Subordinatedloans 7,687 6,948

Leasingdebtsandsimilardebts 25 44

Debts of maximum one year 28,282 31,719

Debtsofmorethanoneyearthatare

currentwithinoneyear 1,014 1,740

Financialdebts 5,646 11,098

Creditinstitutions 5,646 11,098

Accountspayabletrade 9,129 7,623

Suppliers 9,129 7,623

Debtsrelatedtotaxes,remunerationsand

socialsecuritycharges 6,422 6,187

Taxes 4,159 3,594

Remunerationsandsocialsecuritycharges 2,263 2,593

Otherpayables 6,071 5,071

Accruals 73 79

Total equity and liabilities 70,097 71,687

* all amounts in thousands of euros


Consolidated Profit and Loss Account as at December 31, 2015*

31 december 2015 31 december 2014

Operating Income 123,442 121,212

Netsales 122,552 120,810

Changeofsemi-manufacturedproductsworkinprogress,

finishedproductsandproductsordered(increase+,decrease-) 297 -270

Otheroperatingincome 593 672

Operating expenses -121,101 -120,092

Costofgoodssold,rawandancillarymaterials 62,575 60,055

Purchases 62,629 64,249

Changeofinventory(increase-,decrease+) -54 -4,194

Servicesandothergoods 25,657 26,459

Remunerations,socialsecuritychargesandpensions 29,566 30,180

Depreciationanddecreaseinvalueofformationexpenses,

ontangibleandintangiblefixedassets 3,015 3,287

Decreaseinvalueofinventories,workinprogressandtradereceivables -1,079 -1,006

Provisionsofrisksandexpenses(addition+,expenditureandreverse-) 62 -173

Otheroperatingexpenses 298 375

Depreciationonpositiveconsolidationdifferences 1,007 915

Operating result before financial income and expenses 2,341 1,120

Financial income 1,022 635

Financialincomefromfixedassets 0 1

Financialincomefromcurrentassets 836 127

Otherfinancialincome 186 507

Financial expenses -1,032 -890

Financialexpensesfromcurrentassets 722 656

Otherfinancialexpenses 310 234

Operating result before income taks 2,331 865

Extraordinary charges 0 -5,985

Provisionsforextraordinarylliabilitiesandcharges:

additions(expenditure) 0 1,048

Lossesondisposaloffixedassets 0 4,937

Result of the year before income taks 2,331 -5,120

Change in deferred taxes 0 0

Income tax -1,207 -277

Incometax 1,207 277

Net result 1,124 -5,397

Consolidated result

Shareofthirdparties 0 -5

Share of the group 1,124 -5,392

Schedule of Tangible Fixed Assets*

Schedule of Consolidated Reserves*

Assets under

Installations, Furniture and Leasing Other construction

Land and machinery and automotive and related tangible and advanced

buildings equipment equipment rights fixed assets payments

Purchase price

Asasttheendofpreviousfinancialyear 35,748 38,899 12,487 75 15 123

Changesduringthefinancialyear

Additions 69 782 474 0 3 111

Transfer and disposals -45 -241 -350 0 0 0

Reclassifications 0 0 0 0 0 0

Exchangeratedifferences 186 477 121 0 0 39

Otherchanges 0 0 0 0 0 0

As at the end of the financial year 35,958 39,918 12,732 75 18 234

Excess value 0 0 0 0 0 0

Depreciation and decrease in value

Asattheendofpreviousfinancialyear 21,280 33,921 11,248 11 12 0


Posted 909 1,479 614 12 0 0

Writtenoffaftertransferanddisposals -45 -220 -298 0 0 0

Reclassification 0 0 0 0 0 0

Exchangeratedifferences 56 373 99 0 0 0

Otherchanges 0 0 0 0 0 0

Asattheendofthefinancialyear 22,200 35,554 11,663 23 12 0

Net book value as at the end of

the financial year 13,758 4,364 1,069 52 6 234

Consolidated reserves as at the end of previous financial year 14,934

Changesduringthefinancialyear:

Thisyears’consolidatednetresult 1,125

Otherchanges

Paymentofdividend 0

Consolidated reserves as at the end of the financial year 16,059



Schedule of the Consolidation Differences after Applying the Net Asset Method*

Schedule of Debts*Breakdownofthedebtswithanoriginaltermofmorethanoneyear,accordingtotheirremainingterm

Differences after applying

Consolidation differences the net asset method

1.Positive 2.Negative 3.Positive 4.Negative

Net book value as at the end of the financial year 4,843 0 0 0


Increasepercentageofparticipation 0 0 0 0

Depreciation -1,007

Otherchanges 288 0 0 0

Net book value as at the end of the financial year 4,124 0 0 0

Debtswitharemainingtermof

Maximum More than one year More than

one year and maximum five years five years Total

Financial debts

Subordinatedloans 1,001 7,687 0 8,688

Leasingdebtsandsimilardebts 13 25 0 38

CreditInstitutions 0 0 0 0

Otherlongtermdebts 0 0 0 0

Total 1,014 7,712 0 8,726

Results*

Net sales Financial year Previous financial year

Total net sales of the group within Belgium 7,172 7,963

Average number of employees and personnel expenses Financial year Previous financial year

Average number of employees 610 670

Workers 279 299

Clerks 323 359

Managingboard 8 12

Others 0 0

Personnel expenses

Remunerationandsocialsecuritycharges -27,221 -27,688

Pensions -2,345 -2,492

Average number of Belgian employees 44 50

Financial relations with the managing board of the consolidated companies (in euro) Financial year

Totalamountofthepaidremunerationfortheirworkattheconsolidatedcompanies,

subsidiariesandaffiliatedcompanies,includingtheamountconcerningtheretiringpension

forthemanagingboard. 119

Totalamountoftheadvancedpaymentsandgrantedcreditbytheconsolidatedcompany,

subsidiaryoraffiliatedcompany. 0



5- year Summary*

Consolidated balance sheet

Key figures

Consolidated profit and loss accounts

CoramN.V.

Assets 2015 2014 2013 2012 2011

Intangiblefixed

assets 4,124 4,843 5,448 7,826 8,889

Tangiblefixedassets19,483 20,875 23,268 26,343 25,096

Current assets

Inventories 20,137 18,996 23,124 30,969 33,421

Receivables 22,788 21,999 24,029 29,130 31,327

Cash in banks and

onhand 3,565 4,974 2,127 3,285 7,119

70,097 71,687 77,995 97,553 105,852

CoramN.V.

Equity and liabilities 2015 2014 2013 2012 2011

Capitalstock 11,920 11,920 11,920 11,920 11,920

Reserves 18,671 23,616 33,583 37,795 42,065

Unallocatedprofit 1,124 -5,392 -10,200 -3,293 -4,878

Stockholders’equity 31,716 30,144 35,303 46,422 49,107

Minorityinterests 0 0 -8 28 583

Provisions and

Equialization

accounts 2,314 2,752 3,288 2,669 4,223

Longtermdebts 7,712 6,992 7,011 8,686 6,011

Accountspayable 28,355 31,798 32,400 39,746 45,928

70,097 71,687 77,995 97,553 105,852

CoramN.V.

2015 2014 2013 2012 2011

Equity/totalassetsration 0,45 0,42 0,45 0,48 0,46

Returnoninvestment(afterincometax) 4% 2% -19% -7% -10%

Return on total investment

(beforeinterest,incometaxandextraordinaryresult) 3% 2% -8% -3% -3%

Netresultin%ofoperatingincome

(operatingincomeexclusivetheitemchangeininventories) 0,9% -4,4% -7,8% -2,3% -3,2%

Grossoperatingresultin%ofoperatingincome

(operatingincomeexclusivetheitemchangeininventories) 2% 1% -5% -2% -2%

Operatingincomeperemployee(euro)

(operatingincomeexclusivetheitemchangeininventories) 202 181 179 183 187

Personnelexpensesperemployee(euro) 48 45 45 44 46

Inventoriesin%operatingincome

(operatingincomeexclusivetheitemchangeininventories) 16% 16% 18% 21% 22%

CoramN.V.

2015 2014 2013 2012 2011

Operating Income 123,442 121,212 129,598 143,018 153,920

Costofgoodssold,

purchase value of raw and

ancillarymaterials 61,676 59,717 65,994 72,582 75,553

Personnelexpenses 29,566 30,180 33,026 34,232 37,638

Depreciaton 3,003 3,287 3,947 4,061 4,353

Otherexpenses 26,856 26,906 32,648 35,000 39,778

Operating expenses 121,101 120,091 135,615 145,875 157,322

Gross operating result 2,341 1,121 -6,017 -2,857 -3,402

Interestexpenes 9 256 759 804 820

Operating result before income tax 2,331 865 -6,776 -3,661 -4,222

Incometax 1,207 276 -215 -352 618

Operating result after income tax 1,124 589 -6,561 -3,309 -4,840

Extraordinaryresultafterincometax 0 -5,985 -3,675 0 0

Net result 1,124 -5,397 -10,236 -3,309 -4,840

Shareofthirdparties 0 -5 -36 -16 38

Shareofthegroup 1,124 -5,392 -10,200 -3,293 -4,878


2626

Group Structure and Contact

Coram Group CEODrs.M.G.Kooij CFOC.T.Wouters Coram International B.V. - Geldrop (The Netherlands) BoardofDirectors:Drs.P.Verveen,Ir.D.Boers100%subsidiaryCoramN.V. CEODrs.M.G.Kooij CFOC.T.Wouters Coram N.V. - Overpelt (Belgium) CEODrs.M.G.Kooij parentcompany CFOC.T.Wouters(fromapril1,2015) B.Speijers(untilMarch31,2015)

Coram SanitaryBelgiumCoram Belgium N.V.

Stuifzandstraat38,3900Overpelt

Tel. +32-(0)11-665005

Fax +32-(0)11-640853

E-mail [email protected]

Websitewww.coram.be

FranceParalux S.A.S.

89,rueduFaubourgSaintAntoine

75011 Paris

Tel. +33(0)144679904


Nouvelle Societe Jedo S.A.S.

89,rueduFaubourgSaintAntoine

75011 Paris

Tel. +33(0)144679904


Websitewww.jedo.com

GermanyCoram Deutschland GmbH

Ravenstrasse38,D-41334Nettetal

Tel. +49-(0)2157-12090

Fax +49-(0)2157-132271


Websitewww.coram.de

Coram International B.V.P.O.Box11,5660AAGeldropTel. +31-(0)40-2809804Fax +31-(0)40-2809899E-mail [email protected]

HongkongTiger Products Hong Kong Ltd.

Unit2207,22/F.,LemmiCentre

No.50HoiYuenRoad,KwunTong

Kowloon,Hongkong


The NetherlandsGeesa B.V.

Vanadiumweg2,3812PZAmersfoort

Tel. +31-(0)33-4637186

Fax +31-(0)33-4333214


Websitewww.geesa.nl

Tiger Products B.V.

P.O.Box11,5660AAGeldrop

Tel. +31-(0)40-2809803

Fax +31-(0)40-2809889


Websitewww.tiger.nl

Tiger Nederland B.V.

P.O.Box11,5660AAGeldrop

Tel. +31-(0)40-2809803

Fax +31-(0)40-2809889


Websitewww.tiger.nl

Van Loon/Sealskin B.V.

P.O.Box6,5141AAWaalwijk

Tel. +31-(0)416-672672

Fax +31-(0)416-672600


Websitewww.sealskin.nl

NorwayLjungmann Engros A/S

Industriveien19,1481Hagan

Tel. +47-67077470

Fax +47-67060678


Websitewww.ljungmann.no

PolandCoram Poland Sp.zo.o.

ul.Beldan4,PL-02-695Warschau

Tel. +48-(0)22-8991540

Fax +48-(0)22-8991539


Websitewww.coram.pl

BartDeko Sp.zo.o

ul.Beldan4,PL-02-695Warschau

Tel. +48-(0)22-8991540


Websitewww.planbd.pl

Antado Sp.zo.o

Ul.Mlynska1/3,PL-83-010Straszyn

Tel. +48-(0)58-6910111

Fax +48-(0)58-6820427


Websitewww.antado.pl

United KingdomCoram Showers Ltd.

StanmoreInd.Estate,Building3

Bridgnorth

ShropshireWV155HP

Tel. +44-(0)1746-766466

Fax +44-(0)1746-764140


Websitewww.coram.co.uk

Impey Showers Ltd.

Conquest Business Park

Ilton

SomersetTA199EA

Tel. +44-(0)1460-256080

Fax +44-(0)1460-259800


Websitewww.impeyshowers.com

Coram Shower Pods Ltd.

32MileEndRoad

Colwick

NottinghamNG42EE

Tel. +44-(0)1159-400644

Fax +44-(0)1159-400655


Websitewww.coramshowerpods.co.uk

Coram TecThe NetherlandsDPI B.V.

Spaarpot23,5667KVGeldrop

Tel. +31-(0)40-2809808

Fax +31-(0)40-2809849


Websitewww.dpi.eu

Coram N.V.Stuifzandstraat38,3900OverpeltTel. +32-(0)11-665005Fax +32-(0)11-640853E-mail [email protected]

CoramAnnualReport2015

Coram International B.V.Winde 3 • 5667 AX GeldropP.O. Box 11 • 5660 AA GeldropT +31 (0)40 280 98 04E [email protected]

annual report 2015 · we have expanded the care range in response to this trend. ... , assembly and...

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