Annual Report 2012

WAREMA — THE LEADING

SunLightManager

WAREMA InternationalGmbH

– WAREMA Austria GmbH

– WAREMA France S.a.r.l.

– WAREMA Iberia S.L.

– WAREMA Schweiz GmbH

– WAREMA Sun Shading Systems (Shanghai) Co.,Ltd.

WAREMASonnenschutztechnikGmbH

WAREMAKunststofftechnik und Maschinenbau GmbH

– WAREMA Plastic Technology Hungary Kft.

Wings Professional Project GmbH

WAREMA RENKHOFF SE

External sun shading systems

– External venetian blinds

– Roller shutters

– Awnings

– Sun sails

– Patio roofs

– Large slat systems

– Insect screens

Internal sun shading systems

– Roller blinds

– Venetian blinds

– Pleated blinds

– Vertical louvre blinds

– Curtain panels

– Blackout blinds

Control systems

– EWFS and WMSradio controlsystems

– Central controlsystems

– WAREMA climatronic®

– KNX and LonWorks®technology bus systems

– BAline (roomautomation)

PRODUCT OVERVIEW

(in EUR '000)

Earnings

Revenue

Operating performance

Staff costs

Cost of materials

Result from ordinary activities

EBIT (operating result)

Net income

Assets and financial position

Fixed assets

Current assets*

Equity

Total assets*

Investments (without long-term financial assets)

Depreciation

Net cash from operating activities

Key figures

Return on sales before taxes (%)

EBIT in % of sales

Equity ratio (%)

2008

308,905

319,355

124,706

132,831

9,685

12,611

6,021

70,346

124,716

87,628

196,993

20,396

10,558

11,550

3.1

4.1

44.5

2009

313,192

314,829

135,162

125,346

9,672

5,963

7,652

71,286

121,839

88,412

194,272

12,898

11,482

28,553

3.1

1.9

45.5

2011

375,920

385,275

154,896

150,262

26,715

26,602

18,075

102,020

134,613

108,579

238,630

32,050

11,868

25,458

6.9

7.1

45.5

2012

372,438

384,361

168,334

144,906

11,100

14,148

7,316

115,903

126,420

111,685

243,907

23,208

14,163

13,277

2.8

3.8

45.8

Key figures OF THE WAREMA GROUP

2010

329,163

343,141

143,857

135,735

14,721

17,116

10,300

80,977

117,570

94,580

199,608

11,463

11,809

16,498

4.3

5.2

47.4

* not including prepayments received from customers

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ANNUAL REPORT 2012 MISSION STATEMENT

THE SUN SHADING

experts

CONTENTS

With our broad spectrum of pioneering, energy-efficient sun shading solutions,we are ideally positioned to meet the demands of modern residential and officebuildings. Our sun shading systems utilise the sun’s rays as the largest – andentirely free – source of energy, enabling energy-efficient SunLightManagement.

Group-wide, some 3,400 employees work towards our company’s success. With their know-how, experience and commitment, they satisfy the requirementsand expectations of our German and international customers. Also of centralimportance is the close collaboration of specialists from every part of our companyand the way we work together as partners with our customers and suppliers.

02 Letter from the Executive Board

03 Review 2012

04 Visionary and leading

06 Cooperative and familiar

08 Versatile and clearly thought through

10 Competent and responsible

12 Report of the Supervisory Board

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Ladies and Gentlemen, Dear Friends and Partners,

We began the year 2012 with a real highlight – theflagship global trade fair R+T in Stuttgart. Here, weexhibited our modern sun shading solutions underthe slogan “Let’s talk about the future”. And wealso received a total of three of the twelve covetedprizes for innovation – a confirmation of our positionas a leading SunLightManager.

Also strengthening this position is our new subsidi-ary, the Lübeck-based Wings Professional ProjectGmbH. This acquisition has extended our productportfolio to include the large slats segment. It is aproduct that is living up to its considerable poten-tial. Besides receiving a number of other rewards in2012, it was also a year in which we celebrated the 20th anniversary of our subsidiary WAREMASonnenschutztechnik GmbH. We combined thisevent with the inauguration of our new office andmanufacturing premises in Limbach-Oberfrohna.This was a gala occasion, attended by around 350employees and their families. For me, this is a fantastic example of the way we emphasise partnerships and an informal atmosphere – not justwithin the company but also of course with our cus-tomers, partners and suppliers – which is so typicalfor WAREMA. We will also continue to prioritise thecareful upkeep of such relationships in the future.After all: people have a key role to play at WAREMA –

they are the foundation of our business. And only by working together with our employees and ourcustomers both at home and abroad can we succeed as a SunLightManager.

In commercial terms, developments last year wereunfortunately not so positive. After the highly successful year 2011, we experienced a slight cool-ing-off to business in 2012 and were unable to meetour ambitious targets. Nonetheless, we are now looking ahead to the challenges that we will be taking on. We will continue to be your reliable partner in the future. That promise, and the fact thatimproving energy efficiency for buildings is a topicthat continues to gain in importance, will let usexperience success together with you in 2013.

I would like to thank you for your confidence andcommitment during the past year. And I wish youevery success in the remainder of 2013 and assureyou of our fullest support in dealing with the challenges that the market presents.

On behalf of the Executive Board and all executivesof the WAREMA Group

Angelique Renkhoff-Mücke, Chief Executive Officer

LETTER FROM THE EXECUTIVE BOARD ANNUAL REPORT 2012

LETTER FROM the Executive Board

The WAREMA Renkhoff SE Executive Board (left to right):Gerhard Mader (Executive Vice President Sales),Angelique Renkhoff-Mücke (Chief Executive Officer), Harald Freund (Executive Vice President Operations).

NovemberW10² wins Performance Award

At the équipbaie 2012,WAREMA France pre-sented the conservatoryawning W10². Two diffe-rent extendable fabricsin a single unit offer either dimming or glareprotection, as needed.The true all-rounder inmatters of functionalityand comfort was grantedthe Performance Awardon the trade fair.

JulyNew subsidiary

To underline our positionas a leading SunLight-Manager, the WAREMAGroup expanded its op-erations on 1 July 2012,adding Wings Profes-sional Project GmbH asits newest subsidiary.This mid-sized companyfrom Lübeck specialisesin the design and manu-facture of hollow andlarge slat systems, aswell as single-walled slatsystems.

JanuaryLaunch of the WAREMA PartnerProgramme

At the turn of the year,the WAREMA ImpulseProgramme was replacedby the new WAREMAPartner Programme,which has a strongfocus on the “give andtake” principle. The pro-gramme requests loyaltyand active participationfrom partners and, inreturn, offers a broadrange of basic, statusand active benefits.

MayCarbon footprint

During its life cycle, anexternal venetian blindunit can save around 8.5 tonnes of CO2 whileitself generating only150 kg of CO2 duringmanufacture, usage anddisposal. That is the CO2

footprint for a standardexternal venetian blind,as determined for WAREMA by the Würz -burg-Schweinfurt Insti-tute for Applied Sci-ences.

June20th anniversary forWAREMA Sonnen-schutztechnik GmbH

Our Limbach-Oberfrohnasubsidiary WAREMASo nnenschutztechnikGmbH held a family celebration to recogniseits achievements in the last 20 years and its recent expansion.Together with their fami-lies and guests fromboth politics and busi-ness, our employees in-augurated the 11,000 m2

of new production, stor-age and office space.

FebruaryR+T Innovation Prize

We scooped no lessthan three innovationprizes in early 2013 atR+T, the flagship globaltrade fair. We won prizesfor our P40 pergolaawning (in the Awningscategory), our vivamatic®daylight technology (inthe External VenetianBlinds category) and thevisionary “OptiControl”room automation sys-tem (in the Drive andControl Systems category).

ANNUAL REPORT 2012 REVIEW 2012

REVIEW 2012

VISIONARY AND

leading

SunLightManagementAgainst a background of dwindlingresources and rising energy prices,the aspects of energy efficiency andsustainability are becoming increas-ingly important for building planning.For WAREMA, the answer to thesetrends is intelligent SunLightManage-ment.

We define this as the combination ofour technical sun shading productswith intelligent control systems toprotect against heat and glare whilemaking maximum use of availabledaylight. The aim is to manage andchannel this light and solar energy so that it can make a substantial contribution to energy savings for thebuilding.

SunLightManagement is our mission. A mission to improve thequality of life for people while enhancing the energy efficiencyand value of buildings.

VISIONARY ANNUAL REPORT 2012

Custom solutionsWith our superior level of technicalexpertise, our second-to-none expertknow-how and our decades of expe-rience, we are able to offer individualsun shading solutions tailored toinstallation requirements and theneeds of the building’s users.

Shaping the futureIntelligent control systems coordinatesunshades and other systems totransform the building shell into a climate-controlled façade, which canthen save energy by responding flexibly to diurnal and seasonal varia-tions as well as climatic conditions.As leading SunLightManager, we be-lieve we have a responsibility tochampion this development.

– In Frankfurt’s Tower 185, the sunshading products are one of thefoundations of sustainable buildingconstruction.

– With their expert know-how, ouremployees find the perfect sun shading solution for any on-site installation.

– Keeping the office comfy, thanksto WAREMA sun shading systems.

– A Plus X Award winner – our visionary room automation system OptiControl.

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Interview with Katharina Wallrapp, Climate Friendly Construction

She and her colleagues offer compre-hensive and one-of-a-kind services forclimate friendly construction.

What does climate friendly construction mean?With climate friendly construction, wefocus on people and the environment.In our work, the comfort level insidethe building, human well-being andhealth, economy of resource usageand the reduction of energy consump-tion all take centre stage.

What’s the role of sun shading systems from WAREMA here?Flexible sun shading systems have apositive impact on a building’s visualappeal and its thermal comfort. Inaddition, the right sun shading sys-tems can also reduce a building’senergy needs and thus its CO2 emis-sions.

How is WAREMA helping in this area?The Climate Friendly Construction unit at WAREMA Project Consult-

ing has a hotline that answersquestions from customers andstaff on this topic. In addition,we also offer structural calcula-

tions relating to the building shelland can advise on sustainable building

certification.

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ANNUAL REPORT 2012 LEADING

SunLightManagementoptimises daylight usage while lowering energy consumption.

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COOPERATIVE AND

familiar

COOPERATIVE ANNUAL REPORT 2012

For its employees, customers and suppliers, WAREMA is a strong and reliable partner.

– BAU 2013 trade fair in Munich.– It’s the people that bring our partnerships to life.

– Answers from experts in their field:our customer centre employees.

Fair and reliableThe way we do business all starts bytreating our partners in a fair andfriendly way. And as an owner-man-aged, family-run business we are a steady and reliable partner. Here,

above all, it’s the people that bringour partnerships to life and enablethem to flourish by communicating asequals. Day after day, our regionalsales managers and employees inbranch offices and subsidiaries as well

as our specialists in Marktheidenfeldwork together to ensure that our customers can rely on competent, pro-active advice.

ANNUAL REPORT 2012 FAMILIAR

– At the WAREMA Partner Dialogue 2012.

– A nifty tool for consult-ants: the Online Collection Advisor.

Close to the customerThis is ensured by our employees andthe density of our sales network.

variety of consultancy materials –many of them in digital form – andstructural building calculations are justthe beginning here.

The WAREMA Partner Programmewas launched in 2012. What are theprogramme’s key features?The name reflects the most importantaspect – and that’s the committedpartnership between our customersand WAREMA. This involves a workingsystem of “give and take”: our partnermakes a commitment to WAREMAand vice versa.

What, for you, is the highlight ofthe WAREMA Partner Programme?The WAREMA Partner Dialogue, whichwe hold every year in autumn. Thisopportunity, to take the stage andaddress each and every one of ourCompetence Partners and feel themotivation that this united force radi-ates out into the market – that’s my personal highlight of the WAREMAPartner Programme!

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S Interview with Gerhard Mader, Executive VicePresident Sales

He views shared success with ourcustomers as WAREMA’s biggestopportunity.

What makes WAREMA so uniquefor our customers? At WAREMA, we are well aware thatwe will enjoy success only if our cus-tomers are successful. Accordingly,everything we do is designed to offersupport to our partners as they striveto achieve success in their business.This partnership is based on sharedgoals. Our customers thus becomepart of the WAREMA family.

What support do you offer WAREMA customers?Our complete portfolio in terms of Sun-LightManagement includes not justproducts but is geared to all-in-onesolutions. And these include a wholehost of services addressing every pos-sible need: dedicated support foradvertising and marketing, a wide

VERSATILE AND

clearly thought throughWe have developed our leading position in the market thanks to versatile and inno-vative product design, our high standards of quality and our skill in manufacturingcustom products.

SpecialisedWhether in product design, manufac-turing, distribution or out on the con-struction site – all WAREMA employ-ees are experts in their fields and

contribute both their know-how andtheir ideas. The combined expertise ofour employees enables us to deliverthe first-class work that our partnersexpect from us.

VERSATILE ANNUAL REPORT 2012

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– Regular audits are used to verifythe quality of our products.

– The latest technology optimises thecut of the material.

– In the product design workshop.– Hand finishing in external Venetianblind production.

– Our P40 pergola awning – winnerof the red dot award: product design 2013.

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A product is bornWAREMA can offer a varied range of customised products in different shapes, colours and materials. To doso requires a high level of precisionfrom everyone involved along thevalue chain, combined with flexibilityand process reliability in logistics. It allstarts with high-quality raw materials.Our central purchasing unit cooper-ates closely with our suppliers toensure quality and delivery reliability

while keeping prices competitive. Wemanufacture many of our productcomponents in-house.

Customised productionIf manufacturing involves made-to-order products, we use a mix of cut-ting-edge production machinery andtraditional manual work. For any proc-ess, the topics of sustainability andresource conservation are especiallyimportant.

Premium qualityOur customers are aware of thehigh standards we set for ourselves and know they canrely on our proven quality. Forexample, the useful life of aproduct’s moving parts istested before its marketlaunch. Such endurancetesting runs can involveup to 10,000 usagecycles and last for threeto four months.

ANNUAL REPORT 2012 CLEARLY THOUGHT THROUGH

Expert know-how drives our development of productsthat set new standards.

Interview with Herbert Fischer, Research & Development

He has been designing complex tech-nical products at WAREMA for nearly20 years.

How does WAREMA manage to keep designing innovativeproducts?It’s important that the departmentswork closely together. From Purchas-ing to Production to Sales, we all have a common goal: to design a unique product capable of inspiringour customers.

What was your latest developmentproject?My most recent development workwas on the secudrive® guidance tech-nology. This is also the technologybehind the P40 pergola awning. Weare pleased to have won the innova-tion prize at the 2012 R+T and the reddot 2013 product design award for thisproduct.

What keeps your work interesting?I’ve had the pleasure of working onmany design projects, but no productdesign process was ever the same asthe next. There are always new chal-lenges to be faced, so there’s alwayssomething for me to tinker with. Andthat, for me, is the fun of it!

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COMPETENT AND

responsibleWe set ourselves the target of becoming even better at everything we do. Accordingly, it’s in our interests togive our employees the chance to develop themselves personally and professionally – each and every day.

COMPETENT ANNUAL REPORT 2012

Learning from the beginningWorking at WAREMA means acquir-ing, expanding and passing on yourknowledge. This starts from day one,when new employees are thoroughlyfamiliarised with their work. Or – fortrainees and students – with the startof their professional career.

Professional developmentAll employees are offered a variety ofopportunities for continued internaland external training. This enablesthem to enhance the skill set theyacquired or adjust it to changed con-ditions. We first introduced career-integrated training for long-serving

employees without typical industryqualifications in 2012. By so doing,WAREMA gave key employees a newperspective.

ResponsibilityAs a family-run business, we take ourresponsibilities to society and the

– At WAREMA, on-the-job instructionforms an integral part of an apprenticeship.

– WAREMA offers long-serving employees the opportunity to qualify as plant and machinery supervisors.

– Employees discuss their work regu-larly to pass on their know-how.

ANNUAL REPORT 2012 RESPONSIBLE

community very seriously. That is whytopics such as balancing a family and a career, health management or managing demographic change are anchored in our employee andmanagement guidelines.

– WAREMA Competence Centre,Marktheidenfeld.

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GProfessional development

enables us to become betterevery day.

Interview with DanielaBätz, Corporate Product Training

The mother of three children passes on her know-how to employees andcustomers.

Family and career – does that workat WAREMA?With a combination of part-time hours,flexitime and home office I can organ-ise my work so that I still have plentyof time for the children. And WAREMAalso gives me a lot of support both athome and in the office. The companyalways stays closely in touch with itsstaff, so it can see where potential lies.It’s one of the secrets of successful HRmanagement – arranging things sothat people enjoy the work they dowhile also fulfilling their potential.

What keeps your work interesting?I view my job in Corporate ProductTraining as a valuable service forour partners. Despite the shortspace of time involved, we alwaysaim to maximise the benefit andgive people the expertise thatthey need.

The Supervisory Board of WAREMA Renkhoff SE(left to right): Günther Bachmann (chairman),Thomas Benz (vice chairman), Dr. Axel Bauer, Dr. Klaus Kocher,Helmut Nürnberger (employee representative), Bernd Ruppert (employee representative).

Ladies and Gentlemen,

In the past fiscal year, the Supervisory Board regularlyadvised the Executive Board and monitored the run-ning of the business. In four regular meetings and onthe basis of monthly reports by the Executive Board,the Supervisory Board was informed thoroughly ofthe economic situation of the companies within theWAREMA Group and their areas of responsibility.

The Supervisory Board regularly kept itself informedabout the economic situation of the company and itsdivisions, the development of business and corporateplanning, and it consulted with the Executive Boardwith regard to the company’s business situation andstrategic orientation.

During the course of these meetings and in a writtenprocedure, the Supervisory Board examined in detailand discussed urgent matters requiring approval basedon written reports prepared by the Executive Board.The Supervisory Board agreed with the decisions

proposed by the Executive Board in all cases. TheChairman of the Supervisory Board also held regulardiscussions with the Executive Board.

The company has taken the opportunity to combinethe management report and the notes to the consoli-dated financial statements for WAREMA Renkhoff SEand the Group.

The financial statements and consolidated financial statements of WAREMA Renkhoff SE for the year ended31 December 2012, and the management report,which is combined with the Group managementreport, were audited by Max Zimmermann, certifiedauditor in Augsburg, and were issued an unqualifiedaudit opinion. The Supervisory Board also examinedthese documents submitted by the Executive Board.

The reports prepared by the auditor were made available to all members of the Supervisory Board.The Supervisory Board agrees with the results of thefinal audit and approves the financial statements for

the 2012 fiscal year. The annual financial statementsare thus formally adopted and final.

The Executive Board’s proposal for the use of theunappropriated profit available for distribution wasexamined by the Supervisory Board. The SupervisoryBoard endorses the Executive Board’s proposal. Afterhaving examined them, it raises no objections to theauditor’s findings.

The Supervisory Board wishes to thank the ExecutiveBoard and the management of the WAREMA Group andits employees for their great personal commitment andexcellent performance throughout the past fiscal year.

Marktheidenfeld, 12 April 2013

Günther Bachmann, Chairman of the Supervisory Board

REPORT of the Supervisory Board

REPORT OF THE SUPERVISORY BOARD ANNUAL REPORT 2012

PUBLISHINGINFORMATION

PUBLISHED BY

WAREMA Renkhoff SEHans-Wilhelm-Renkhoff-Straße 297828 Marktheidenfeld, GermanyTelephone +49 9391 20-0 | Fax +49 9391 20-2009www.warema.com | E-mail: info@warema.de

CONTACT

Sandra AchstetterTelephone +49 9391 20-2420 | Fax +49 9391 20-162420E-mail: sandra.achstetter@warema.de

DESIGN AND REALISATION

CAT Consultants, Hamburgwww.cat-consultants.de

WAREMA Renkhoff SE Hans-Wilhelm-Renkhoff-Straße 2 97828 Marktheidenfeld, Germany

Telephone +49 9391 20-0 Fax +49 9391 20-2009www.warema.com