TABLE OF CONTENTS - Webpackaging · ABSTRACT FROM BOARD OF DIRECTORS’ ANNUAL REPORT Total Coster Group turnover in 2009 amounted to Euro 135 837 000, compared to Euro 147 138 000

TABLE OF CONTENTS

The Coster Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Abstract from Board of Directors’ Annual Report . . . . . . . . . . . . . . . . . 4

Novartis: Coster BOVs and Series 1800 actuator for Lamisil . . . . . . . . 8

20DPH Valve: new metering valve for MDIs . . . . . . . . . . . . . . . . . . . . . 10

Hydra: new spray cap for household products and insecticides . . . . . . . 12

Garnier Deo Mineral: new exclusive spray cap . . . . . . . . . . . . . . . . . . . 14

Gillette’s 3X Deodorant: new exclusive spray cap . . . . . . . . . . . . . . . . . 16

BOV3 Assembly Machine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Automatic Aerosol Filling Line for MDIs . . . . . . . . . . . . . . . . . . . . . . . . 20

Consolidated Balance Sheet: Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Consolidated Balance Sheet: Liabilities . . . . . . . . . . . . . . . . . . . . . . . . 23

Consolidated Statement of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Financial charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Sales Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Production Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

THE COSTER GROUP

100%COSTER S.à.r.l .France

99%COSTER TECNOLOGIE

SPECIALI GmbHGermany

100%ROBERTPACK

ENGINEERING B.V.Holland

100%COSTERTEC

S.A.Spain

100%COSTER

AEROSOLS Ltd.U. K.

100%TECNOCOSTER

S.r.l. I ta ly

100%COSTERPLAST

S.p.A. I ta ly

100%A.C.R. S.r.l .I ta ly

COSTER Tecnologie Speciali

S.p.A.

70%COSTERPACK

MANUFACTURING Sdn. Bhd. Malaysia

100%COSTER ASIA-PACIFIC

Pte. Ltd. Singapore

95%COSTER

PACKAGING S.A.Argentina

100%COSTER USA

Inc.U.S.A

60%COSTER INDIA PACKAGING

Pvt. Ltd. India

100%COSTERPACK

Sdn. Bhd. Malaysia

COSTER GROUP ANNUAL REPORT 20092 COSTER GROUP ANNUAL REPORT 2009 3

pore, from 2003 in the United States of America with the subsidiary Coster U .S .A ., Inc . in South Elgin, Illinois, from 2008 in India with the subsidiary Coster India Pack-aging Pvt . Ltd . in Gurgaon (New Dehli) .

Coster products are also manufactured and distributed through licensees in Iran and Turkey . The remaining areas are managed directly by the Sales Office in Milan .

2009 was not a favourable year for the activities of the Coster Group . The reces-sion, which began in 2008 and worsened in the course of 2009, impacted most of the markets where the Group is active in terms of production and / or sales . With few exceptions, Group companies, including the parent company, saw a drop in turn-over . The subsidiary companies in Germany, Holland, Spain and Malaysia showed the most significant losses in sales . The United Kingdom suffered from the fall of the Pound Sterling exchange rate with respect to the Euro .

Good results in terms of both turnover and profit were achieved by the subsidiary companies in the Americas . In Italy the performance of Tecnocoster and Costerplast was satisfactory .

Overall revenue losses were contained, thanks to a good recovery in the second half of the year . The loss of revenues in the machine sector was significant . With the exception of the Spanish subsidiary, which closed out the year with a modest loss, all Group companies achieved positive results, in some cases better than the previous year .

Prices for raw materials, which had fallen sharply in the fourth quarter of 2008, re-mained low through the first half of 2009 and rose gradually over the remainder of the year . Our selling prices remained stable, with the exception of spray caps and special actuators, which are contractually correlated to the price of polymers .

The financial year 2009 saw continued significant investments at the Coster 2 and Coster 1 facilities in Italy, in the modernisation of the means of production, in auto-mation and in quality improvements .

COSTER GROUP ANNUAL REPORT 2009 5

ABSTRACT FROM BOARD OF DIRECTORS’ ANNUAL REPORT

Total Coster Group turnover in 2009 amounted to Euro 135 837 000, compared to Euro 147 138 000 in 2008 . There were no changes in the composition of the Group with respect to the prior year .

The following tables show turnover in thousands of Euros, broken down by product category and geographical area .

Turnover per category of product 2009 2008

Valve and Pump Division 126 742 131 289Machine Division 7 511 11 177Services and others 1 584 4 672

Total turnover 135 837 147 138

Turnover per geographical area 2009 2008

E .U . countries 91 114 102 414Other countries 44 723 44 724

Total turnover 135 837 147 138

Coster Group is headed by Coster Tecnologie Speciali S .p .A ., with fifteen operative subsidiary companies in France, Germany, Holland, Italy, Spain, the UK, Argentina, India, Malaysia, Singapore, the USA .

The Group’s production consists essentially in the following product lines: aerosol valves, spray pumps and dispensers, spray caps and special actuators, machines and lines for aerosol and liquid product filling .

Coster Group has been operating in Europe for more than forty-five years with its own commercial, distribution and production units; from 1997 Coster has operated directly in South America through the subsidiary Coster Packaging S .A . in Buenos Aires, from 2000 in South East Asia with the subsidiary Costerpack Sdn . Bhd . in Johor Bahru (Malaysia), from 2002 with the subsidiary Coster Asia-Pacific in Singa-

COSTER GROUP ANNUAL REPORT 20094

Following these illustrations, an abstract of the Consolidated Financial Statements shows results from operations; a number of charts present the evolution of Group financials over the last five years; overviews of the sales and production organiza-tions complete this section .

The financial statements for both the Group and the parent company, audited by PricewaterhouseCoopers, are available on request .

No significant events have occurred since the closure of the financial year 2009 .

The financial year 2010 began well in terms of orders, particularly with regard to the parent company of the Group . At the same time there has been a marked rise in the cost of raw materials, especially plastics .

The uncertainty regarding the evolution of the recessive cycle remains, above all for Europe, and therefore it is risky to make predictions for the medium term .


Notable investments were also dedicated to new products, enhancement of equip-ment in the laboratories, and the construction of new moulds .

The Technical Office at Calceranica al Lago (Trento) runs the R&D operations for the Aerosol Division, while the Technical Office of the Machine Division in Pero (Milan) is dedicated to filling machines and equipment .

Considerable time and resources were absorbed by intense R&D activity in 2009, as in previous years . New products have been designed and current products im-proved; some of these new products are currently in production, others are sched-uled to go into production shortly .

A high proportion of R&D activities has been focused on tests and trials of new manufacturing processes .

The chemical laboratories in Pero (Milan), Torelló (Barcelona), Stevenage (UK), South Elgin (Illinois) and Buenos Aires are dedicated primarily to formulative re-search and to the provision of technical assistance to customers .

The Quality Systems in the aerosol valves, spray pumps, dispensers, spray-caps and special actuators sectors conform to ISO 9001 / 2000 norms .

The following pages illustrate some of the Group’s new investments in innovation and manufacturing . Lamisil, Novartis’s popular antifungal lotion, which uses Coster BOVs and Series 1800 actuator; the new 20DPH metered dosage valve for MDI ap-plications; Hydra, the new standard spray cap for household products and insec-ticides; the new aerosol spray cap manufactured exclusively for L’Oréal Garnier’s Deo Mineral deodorant; the new aerosol spray cap manufactured exclusively for Procter & Gamble Gillette 3X deodorant serve as examples of Coster production . While the new assembly machine for BOVs 3 equipping Coster 4 facility is an exam-ple of Group investments in automation . Also shown is the new high-performance pharmaceutical filling line for MDIs .


LAMISIL

Novartis adopted Coster BOVs and actuators for their popular Lamisil antifungal spray


20 DPH VALVE

New metering valvefor MDIs


HYDRA

New standard spray cap for household products and insecticides


GARNIER DEO MINERAL

The new exclusive spray cap for L’Oréal



GILLETTE 3X DEODORANT

The new exclusive spray cap for Procter & Gamble

BOV 3 ASSEMBLY MACHINE

High quality high throughputassembly machineinstalled in Coster 4 plant

19COSTER GROUP ANNUAL REPORT 2009

AUTOMATIC AEROSOL FILLING LINE FOR MDIs


COSTER GROUP ANNUAL REPORT 200922 COSTER GROUP ANNUAL REPORT 2009 23

COSTER TECNOLOGIE SPECIALI S.p.A.

Consolidated balance sheet as of 31 DecemberAssets

(in millions of Euros)

2009 2008 2007 2006 2005

Cash & Banks 41.8 29.3 38.9 49.5 45.5

Trade & Bills receivables (net of bad debt provision) 31.0 32.2 32.5 29.2 30.4

Other receivables 5.0 7.4 7.3 6.9 6.9

Inventory (net of obsolescence provision) 28.5 30.7 27.4 25.2 22.2

Accrued income and prepaid expenses 0.2 1.6 1.9 2.1 2.4

Current Assets 106.5 101.2 108.0 112.9 107.4

Land and buildings 45.9 32.5 33.3 26.7 22.8

Plant and machinery 123.2 109.0 105.7 98.6 90.9

Mould. patterns and other 98.9 93.9 90.7 85.7 81.5

Property. plant and equipment 268.0 235.4 229.7 211.0 195.2

Less: Depreciation funds (196.4) (184.2) (174.4) (164.7) (155.1)

Property. plant and equipment. net of depreciation 71.6 51.2 55.3 46.3 40.1

Deposits and investments 0.6 0.1 0.1 0.2 0.3

Own shares and affiliated companies 5.7 5.7 5.7 5.7 5.7

Advance to suppliers 1.9 2.6 0.5 2.0 5.6

Deferred charges (net of depreciation) 2.6 3.1 0.9 0.5 0.5

Other Assets 10.8 11.5 7.2 8.4 12.1

Total Assets 188.9 163.9 170.5 167.6 159.6

COSTER TECNOLOGIE SPECIALI S.p.A.

Consolidated balance sheet as of 31 DecemberLiabilities & Shareholders’ equity


2009 2008 2007 2006 2005

Banks 1.4 0.5 0.5 0.5 0.4

Suppliers 22.4 20.5 22.7 23.3 21.3

Provisions for taxes 6.8 5.1 4.5 7.4 8.6

Current portion of loans 3.1 0.4 0.2 0.1 0.1

Other payables & provisions 10.2 8.1 8.9 8.7 7.2

Short-term liabilities 43.9 34.6 36.8 40.0 37.6

Long-term portion of loans 8.9 0.3 0.3 0.3 0.3

Staff severance indemnity provision 5.4 5.8 6.2 6.5 6.5

Other provisions 1.5 1.6 7.6 7.7 8.1

Medium and long-term liabilities 15.8 7.7 14.1 14.5 14.9

Share capital 12.0 12.0 12.0 12.0 12.0

Legal & extraordinary reserves & provisions 89.8 83.7 80.5 75.4 68.1

Reserve for own shares 5.7 5.7 5.7 5.7 5.7

Revaluation balance 12.3 12.3 12.3 12.3 12.3

Net profit for the year 7.8 6.4 8.1 6.8 8.9

Minority interest 1.6 1.5 1.0 0.9 0.1

Shareholders’ equity 129.2 121.6 119.6 113.1 107.1

Total Liabilities and Shareholders’ equity 188.9 163.9 170.5 167.6 159.6

2005 2006 2007 2008 2009

Operating Margin Selling & General Expenses Depreciation & Amortization Investments

0

25

50

75

100

125

150

Euro

Mill

ion

2005 2006 2007 2008 2009

Turnover Gross profit Operating Margin EBTCOSTER TECNOLOGIE SPECIALI S.p.A.

Consolidated statement of incomefor the years ended 31 December


2009 2008 2007 2006 2005

Production value 135.8 100.0% 147.1 100.0% 147.6 100.0% 150.2 100.0% 138.4 100.0%

Cost of goods & services provided (117.4) 86.4% (129.9) 88.3% (126.1) 85.4% (126.8) 84.4% (114.8) 82.9%

Selling & general expenses (11.1) 8.2% (11.5) 7.8% (10.9) 7.4% (10.5) 7.0% (9.9) 7.2%

Operating Margin 7.3 5.4% 5.7 3.9% 10.6 7.2% 12.9 8.6% 13.7 9.9%

Financial income 0.3 0.2% 1.3 0.9% 1.4 0.9% 1.2 0.8% 2.2 1.6%

Financial charges (2.1) 1.5% (2.1) 1.4% (2.7) 1.8% (1.9) 1.3% (0.4) 0.3%

Provision for risks (0.0) 0.0% (0.1) 0.1% (0.0) 0.0% (0.1) 0.1% (0.7) 0.5%

Other 5.9 4.3% 5.0 3.4% 0.3 0.2% 0.0 0.0% 0.4 0.3%

EBT 11.4 8.4% 9.8 6.7% 9.6 6.5% 12.1 8.0% 15.2 11.0%

Income taxes (3.5) 2.6% (3.4) 2.3% (1.5) 1.0% (5.3) 3.5% (6.3) 4.6%

EAT 7.9 5.8% 6.4 4.4% 8.1 5.5% 6.8 4.5% 8.9 6.4%

COSTER GROUP ANNUAL REPORT 2009 25COSTER GROUP ANNUAL REPORT 200924

Total Assets Property, plant and equipment Depreciation funds Shareholders' equity

Euro

Mill

ion

0

25

50

75

100

125

150

175

2005 2006 2007 2008 2009

200

225

250

275

Total Assets Total Liabilities Current Assets Short-term Liabilities

Euro

Mill

ion

2005 2006 2007 2008 20090

25

50

75

100

125

150

175


Shareholders' equity Total liabilities Short-term liabilities Medium and long-term liabilities

0

25

50

75

100

Euro

Mill

ion

2005 2006 2007 2008 2009

125

Euro

Mill

ion

0

2

4

6

8

2005 2006 2007 2008 2009

14

10

12

16

EBT EAT Distributed EarningsOperating Margin



COSTER GROUP SALES ORGANIZATION

HEAD OFFICES

Address Telephone Fax E - mail

Coster Tecnologie Speciali S.p.A. Corso Como 15 +39 02636161 +39 0229006706 [email protected] Milano (Italy)

BRANCH OFFICES

Area Company / E - mail Address Telephone / Fax

ARGENTINA, Coster Packaging S.A. Ruta 8, Km 60 - Calle 14 y 9 TEL : +54 (2322) 466206

LATIN AMERICA [email protected] B1629MXA Parque Ind. Pilar - Buenos Aires FAX : +54 (2322) 496664

BENELUX, Robertpack Engineering B.V. Pascalweg 3, Industrieterrein Marslanden D TEL : +31 (38) 4652 080

SCANDINAVIA [email protected] 8013 RC - Zwolle, Netherlands FAX : +31 (38) 4657 076

FRANCE, Coster s.à.r.l. ZI Mitry Compans Rue Gay Lussac TEL : +33 (1) 6467 9655

MAGHREB [email protected] 77290 Mitry Mory FAX : +33 (1) 6467 0404

GERMANY, AUSTRIA, Coster Tecnologie Speciali GmbH Siemensstraße 22 TEL : +49 (7243) 5483-0

POLAND [email protected] 76275 Ettlingen FAX : +49 (7243) 5483-54

INDIA Coster India Packaging Pvt. Ltd. C-021-A Super Mart Commercial Complex-1 TEL : +91 (124) 404 3701

[email protected] DLF Phase IV - Gurgaon-122016 Haryana FAX : +91 (124) 404 3704

MALAYSIA Costerpack Sdn. Bhd. 5, Jalan Firma 3 Kawasan Perindustrian TEL : +60 (7) 357 3351

[email protected] Tebrau IV - 81100 Johor Bahru, Johor FAX : +60 (7) 357 3349

SINGAPORE Coster Asia-Pacific Pte. Ltd. 92, Hillview Ave., # 06 -12 Hillbrooks TEL : +65 9139 1468

[email protected] 669592 Singapore FAX : +65 6891 3687

SPAIN, PORTUGAL Costertec, S.A. Besalú, 4 TEL : +34 (93) 859 1038

[email protected] 08570 Torelló - Barcelona FAX : +34 (93) 859 3510

UNITED KINGDOM Coster Aerosols Limited Babbage Road, Stevenage TEL : +44 (1438) 367 763

[email protected] Herts SG1 2EQ FAX : +44 (1438) 728 305

U.S.A. Coster USA Inc. 1625 Shanahan Drive, South Elgin Illinois TEL : +1 (847) 760 6040

[email protected] 60177 USA FAX : +1 (847) 760 6035

LICENSEES


IRAN Padine Co. Ltd. No. 24, 8th Ave. Ahmad Ghassir Ave. TEL : +98 (21) 8873 8833

[email protected] Tehran 15147 FAX : +98 (21) 8873 7686

TURKEY Aerosol Valf Sanayi A.S. Geposb-Gebze Plastikçiler Organize Sanayi TEL : +90 (262) 751 2713

[email protected] Bölgesi Inönü mahallesi 7, Cadde Gebze/Kocaeli FAX : +90 (262) 751 2180

AGENTS AND DISTRIBUTORS


BALTIC COUNTRIES, Sun Spray Packaging Ltd. Bolshaya Spaskaya St. - House 12, Office 50 TEL : +7 (495) 956 3218

RUSSIA, C.I.S. [email protected] 129010 Moscow FAX : +7 (495) 956 3259

CANADA Norlimar Canada Inc. 4279, rue Juneau, Pierrefonds TEL : +1 (514) 696 2947

[email protected] Québec H9H 2C6 FAX : +1 (514) 620 9933

EGYPT, YEMEN, Cesam Engineering & Trading Co. I.Z. # 2, Str. # 81 btw. Rd # 18 & Rd # 20 TEL : +20 (2) 3833 9896

GCC [email protected] POB 153 October VI City - Giza 12573 Egypt FAX : +20 (2) 3833 5197

GREECE, CYPRUS Paneuropean S.A. N. 24, Souri street TEL : +30 (210) 574 141417

[email protected] 121 31 Peristeri Athens FAX : +30 (210) 574 1418

GUATEMALA Representaciones del Caribe S.A. 14 Avenida 7-12 Zona 14 Bodega # 8 TEL : +502 2421 0300

[email protected] Guatemala C.A. 01014 FAX : +502 2421 0301

HUNGARY Turi Jolan Bukkfa u. 12 TEL : +36 (1) 325 5062

[email protected] 1028 Budapest FAX : +36 (1) 325 5062

ISRAEL Maydan Representatives Ltd. Kehilat Saloniki str. 13 TEL : +972 (3) 540 3710

[email protected] 69513 Tel Aviv FAX : +972 (3) 549 2524

JAPAN Koike Chemical Co. Ltd. 3-2-1, Kinshi, Sumida-Ku TEL : +81 (3) 5610 5169

Tokyo 130-0013 FAX : +81 (3) 5610 5171

LEBANON Jean Zakka Fils S.a.l. P.O. Box 90360 TEL : +961 (1) 870 942

[email protected] Jdeidet El-Maten FAX : +961 (1) 895 654

ROMANIA Pluritrade S.r.l. Sos. Panduri, 7 TEL : +40 (21) 410 6706

[email protected] 050651 Bucuresti Romania FAX : +40 (21) 411 1172

SWITZERLAND Pack-Part GmbH Kraftwerkstraße, 24 TEL : +41 (61) 811 1109

[email protected] CH 4303 Kaiseraugst FAX : +41 (61) 811 2166

PHARMA AGENTS AND DISTRIBUTORS


BALTIC COUNTRIES, VA Intertrading AG Kantemirovskaya Street 58 TEL : +7 (495) 651 9335

RUSSIA, C.I.S. [email protected] Office 7038 Moscow 114577

BANGLADESH Orbit Corporation 89/ka, P.C Culture Housing Society TEL : +88 (02) 81 58 805

[email protected] Shamoli, Mohammadpur, Dhaka - 1207 FAX : +88 (02) 81 59 957

INDIA Mascot Universal Private Limited. 4, Shah and Nahar Industrial Estate, TEL : +91 22 66546819

[email protected] Off. Dr. E. Moses Rd, Worli Naka. Mumbai 400018 FAX : +91 22 40640311

IRAN IMA Darou Afzar Co. Unit 8, 3rd Floor, N. 30 TEL : +98 21 88214976

[email protected] 37th Street Yousefabad Ave. Tehran-Iran FAX : +98 21 88210931

SYRIA, JORDAN Fourat Technical Center FTC. P.O.Box 34988 TEL : +963 11 446 711 67

[email protected] Damascus FAX : +963 11 447 3940


PRODUCTION ORGANIZATION


COSTER 2, Calceranica (TN), Italy:Spray and Dispensing Pump Manufacturing .

COSTER 1, Calceranica (TN), Italy:Plastic Component Manufacturing .

COSTER 3, Caldonazzo (TN), Italy:Aerosol Valve Manufacturing .

COSTER 4, Caldonazzo (TN), Italy:Bag-On-Valve Manufacturing .

TECNOCOSTER s .r .l ., Castelnuovo (TN), Italy:Special Actuator Manufacturing .

COSTERPLAST S .p .A ., Caldonazzo (TN), Italy:Spray Cap and Special Actuator Manufacturing .


COSTERTEC S .A ., Torelló, Spain: Perfumery Pump Manufacturing, Aerosol Valve Manufacturing and Distribution Center .

COSTER AEROSOLS Ltd, Stevenage, UK:Aerosol Valve Manufacturing .

ROBERTPACK B .V ., Zwolle, Holland:Aerosol Valve and Spray Cap Manufacturing .

COSTER USA Inc, Illinois, USA: Bag-on-valve and Special Actuator Manufacturing .

COSTER PACKAGING S .A . - Buenos Aires:Aerosol Valve and Special Actuator Manufacturing .

COSTERPACK, Johor Bahru, Malaysia: Aerosol Valve, Standard and Special Actuator and Spray Cap Manufacturing .


COSTER 1, Calceranica (TN), Italy: Technical and Research & Development Headquarters .

ACR, Caldonazzo (TN), Italy: Productionof Special Assembly Machinery .

COSTER s .à .r .l ., Mitry Mory, France:Sales Office and Distribution Center .

COSTER INDIA PACKAGING Pvt Ltd, Bhiwadi, India: Perfumery Pump Manufacturing .

COSTER GmbH, Ettlingen, Germany:Sales Office and Distribution Center .

COSTER Machinery Division, Pero (MI), Italy:Aerosol Filling Machine .

Documents

TABLE OF CONTENTS - Webpackaging · ABSTRACT FROM BOARD OF DIRECTORS’ ANNUAL REPORT Total Coster Group turnover in 2009 amounted to Euro 135 837 000, compared to Euro 147 138 000