greiner group annual report 2013 - gbo · plastics and packaging for food and consumer goods...

DIVERSIFICATION

INNOVATION

GLOBALIZATION

GREINER GROUPANNUAL REPORT 2013

Key Indicators

Group Structure

ACTUAL in EUR millions or staff numbers (excluding leased personnel), according to the Austrian Commercial Code (UGB), joint ventures pro rated

2013 2012

GHO GBO GHO GBO

Consolidated revenue 947 373 940 364

Cashflow 41 42 52 32

Investments 46 15 35 33

Employees 6,476 1,728 6,420 1,713

Revenue per employee 0.15 0.22 0.15 0.21

GREINER HOLDING AGKremsmünster, AT – Management Board: Axel Kühner, Hannes Moser

GREINER BIO-ONE INTERNATIONAL AGKremsmünster, AT – Management Board: Axel Kühner, Hannes Moser

GREINER PACKAGING INTERNATIONAL GMBHPlastics and packaging for food and consumer goods Divisions: K, Kavo, AssistecHeadquarters: Sattledt, AT – CEO: Willi Eibner

GREINER FOAM INTERNATIONAL GMBHFoams for comfort, sports and technical applications, aircraft seats and boiler insulationDivisions: Eurofoam, Greiner Foam South Africa, Unifoam, MULTIfoam, aerospace, PURtec Headquarters: Kremsmünster, AT – CEO: Manfred Marchgraber

GREINER TOOL.TEC GMBHTools, profile extrusion machines and equipmentDivisions: Window, Non-Window, Greiner Production Network, vendor financeHeadquarters: Nussbach, AT – CEO: Gerhard Ohler

GREINER BIO-ONE GMBHMedical technology, diagnostics, life scienceDivisions: BioScience, Preanalytics, Diagnostics, MediscanHeadquarters: Kremsmünster, AT – CEO: Rainer Perneker

GREINER PERFOAM GMBHInterior parts for automobiles, sound insulationDivisions: Interiors, acousticsHeadquarters: Enns, AT – CEO: Michael Schleiss

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GREINER GROUP ANNUAL REPORT 2013 1

ContentsIntroduction by the Management Board 02

Bodies / Company Profile 04

Management Report 06

Greiner Holding AG 12

Greiner Packaging International GmbH 14

Greiner Foam International GmbH 20

Greiner Perfoam GmbH 26

Greiner Tool.Tec GmbH 32

Greiner Bio-One International AG 38

Social and Sustainability Report 47

Distribution of Ownership 59

DIVERSIFICATION. INNOVATION. GLOBALIZATION.2

Successful Financial Yearand Strategic Steps

In the 146 years of its existence, the Group has used thoughtful, foresighted corporate man-agement in its effort to become a globally op-erating company and one of the market leaders in most of its areas of activity. It also aims to continue this strategy in the future with a con-centration on profit-oriented growth. This goal will be achieved by way of our central strategic building blocks of diversification, innovation and globalization. Diversification is underscored by the further development of individual business fields. Innovation is promoted by bundling the core areas, an idea that was reinforced in 2013

through the integration of Greiner aerospace and Greiner PURtec into Greiner Foam Inter-national. Tapping into new markets, above all in the emerging countries as well as in the US, is another source of growth.

Successful financial yearThe 2013 financial year was a successful one for the Greiner Group and went as planned. The year was marked above all by far-reaching strategic decisions. Greiner Technology & Innovation was faced with considerable challenges in the field of solar activities. The continuously tough general

The focus on the core areas and the restructuring efforts that this entails are preparing Greiner for future growth. The use of synergy effects and processes across divisions enhances the group’s innovative strength and development work. Globalization will remain a central element going forward.

“The strategic steps taken in 2013 strengthen our core areas and form

the basis for future growth.”

Axel KühnerCEO Greiner Holding AG


INTRODUCTION BY THE MANAGEMENT BOARD

Axel KühnerChief Executive Officer

Hannes MoserChief Financial Officer

“We made a significant contribution to long-term profit-oriented growth in 2013. This was our strategic goal.”

Hannes MoserCFO Greiner Holding AG

conditions and subdued outlook resulted in our decision to properly shut down Greiner Renew-able Energy GmbH. The weba Group was sold to the Mubea Group, a family-owned enterprise of similar size to Greiner and a specialist in au-tomotive supply. As a manufacturer of forming tools for the automotive industry, weba was not part of the Greiner Group’s core areas of activity. It would have been difficult to carry out the kind of further development within the Greiner Group that utilizes weba’s potential. A buyer or strate-gic partner for Greiner Perfoam had also been sought out since mid-2012. In the absence of sufficient forward-looking ideas on the part of

the prospects, we halted the sale in May 2013 and made the decision to keep Greiner Perfoam within the Group as a divisional company and to develop it in the field of acoustic parts.

Successful togetherThe success of the Greiner Group is due above all to the high level of commitment shown by its employees. Quick decision-making and corpo-rate culture based on respect, trust and open-ness make us highly innovative and ready for new challenges. We would like to thank all our employees, partners, customers and our share-holders for their commitment and loyalty!


Dr. Ernst BachnerSupervisory Board

Prof. DDr. WolfgangWiesner, PhDChairman of theSupervisory Board

Claus Peter BernhardtDeputy Chairman of theSupervisory Board

Axel Kühner Chief Executive Officer

Hannes MoserChief Financial Officer

Erich GebhardtSupervisory Board

Dr. Tilman SchadSupervisory Board

Gerald SchinaglSupervisory Board

Management Board

SupervisoryBoard

Hans-Jürgen SchirmerSupervisory Board

Dr. René WollertSupervisory Board

Maximilian GressenbauerSupervisory Board(Employee Representative)

Hermann HungerSupervisory Board(Employee Representative)

Roland KönigSupervisory Board(Employee Representative)


BODIES / COMPANY PROFILE

Diversification, Innovation and Globalization: Factors of Success

Carl Albert Greiner opened a grocery store for colonial goods in 1868. The family-owned enter-prise developed into a production facility for cork stoppers. The company expanded to Austria in 1899, where C. A. Greiner’s son Hermann estab-lished the Kremsmünster location. From being a processor of cork, the company also transformed into a foams and plastics business during the 1950s. After the Iron Curtain fell, it was among the first to take advantage of the former Soviet bloc countries opening up. Today the Group has 8,204 employees (Greiner Holding AG and Grein-er Bio-One International AG) at 128 production and sales locations in 31 countries.

People firstThe diversification of products and markets is one of the Greiner Group’s particular strengths. The four operating divisions of Greiner Holding AG as well as Greiner Bio-One International AG are largely independent. The entire corporate Group is thus flexible and is quicker in its reaction to market influences and market opportunities with its decentralized structure. The corporate network also promotes the exchange of new

ideas, which has made Greiner the market lead-er in several areas. However, the Greiner Group, which has remained in the hands of the family for five generations, always centers its activities on people. The company’s cooperation with cus-tomers and partners is based on trust and mutual respect.

Large portfolio of productsTwo materials, plastic and foam, form the core of Greiner’s business activities. Examples of prod-ucts the companies of the Group manufacture are packaging for food and consumables, med-ical technology products and foams for the mat-tress and furniture industries. In addition, equip-ment and tools for profile extrusion as well as trim parts and acoustic components for the automo-tive industry are produced. The focus here is on top quality and innovation. Given its experience in the various fields as well as the synergy ef-fects within the Group, Greiner is able to develop groundbreaking innovations.The international orientation has been a feature of the Group since the 1970s. As a result, new mar-kets have been tapped and further developed.

The Greiner Group, originating in 1868 in the German town of Nürtingen, transformed from a grocery store to a globally operating group. The key factors in its success include the diversification of products and markets, a constant process of innovation and expansion into promising markets.

Greiner has8,204 employees at128 locations in 31countries

Particularly strong diversification


2013 Share PY

GHO 947 100 % +1 %

GPI 513 54 % +5 %

GFI 247 26 % +3 %

GPF 98 10 % +10 %

GTT 80 8 % +6 %

GBO 373 100 % +2 %

Revenue by Company2013 ACTUAL (2013 share of revenue in %) in EURmillions, as per the UGB, joint ventures prorated

2013 PY

Europe GHO 891 0 %

GBO 179 +4 %

North America GHO 26 -8 %

GBO 71 +4 %

Asia GHO 13 -14 %

GBO 85 0 %

South America GHO 2 0 %

GBO 27 +1 %

Rest of the GHO 16 >100 %

World GBO 11 -4 %

Revenue by Region2012 ACTUAL in EUR millions, as per the UGB,joint ventures prorated


MANAGEMENT REPORT

Economic environmentThe global economy performed well on a con-tinued basis in the 2013 financial year with 2.3 percent growth. The first half of the year was marked by uncertainty over fiscal policy, espe-cially in Europe and the US.In Europe, the economy began growing once again in 2013 after a haircut for Greece had been decided upon in 2011 and companies’ reluctance to invest had prompted a recession in Europe. Germany has acted as a growth engine in the eurozone in particular given its strong domestic demand. France and Italy, on the other hand, have slowed the eurozone’s growth due to their political and fiscal policy problems. The economies of Spain and Portu-gal grew slightly year-on-year after nearly two years of recession. This trend can be attribut-ed to the strict austerity measures and reforms carried out. Central and Eastern Europe, in contrast, reported solid economic growth in 2013. On the one hand, the rate of exports in these countries climbed slightly, while on the other hand their own demand for domestic products rose as well.Emerging markets such as the BRIC states

(Brazil, Russia, India and China) performed well despite a slump in growth. Brazil lost momen-tum mainly as a result of the discussion over the US Federal Reserve curbing the supply of liquidity. The interest rate hike was also unset-tling to consumers. India saw a drop in what was previously an enormous annual growth rate of 8.6 percent on average since 2010. A high level of national debt, poor infrastructure and expensive import tariffs on commodities caused a sharp depreciation of the Indian ru-pee. Economic growth in China also declined and the low-point forecast a few years ago had yet to be reached. In order to keep the growth of the Chinese economy in the high double-digits in the future, a comprehensive plan was laid out in 2013 that calls for more economic freedom.The US is looking back on a turbulent year of 2013, characterized by strict austerity and, among other things, the infighting that this brought about between Republicans and Dem-ocrats over lifting the debt ceiling. The road to future economic growth has been paved due to low inflation and a traditionally looser interest rate policy than in the eurozone.

Core Competencies Strengthened and Synergy Effects Boosted

The 2013 financial year was as expected. Nearly all divisional companies put up a sound performance. The bundling of skills and the further improvement of processes as well as stronger use of synergy potential yielded further profit-oriented growth.

Europe’s economies returned to growth

More economic freedom in China


Very volatile commodity prices and foreign exchangeIn the 2013 financial year, the prices of all com-modities important to the Greiner Group were at a high level in a long-term comparison. Com-modity producers are keeping their inventories very low, which has led to a much more visibly volatile trend. A barrel of Brent at the beginning of 2013 cost USD 110.9, reached a yearly high of USD 118.8 in the first quarter and fell to the low-point of USD 99.5 in the second quarter. The price then stabilized toward the end of the year and ended 2013 at USD 111.9. While polystyrene bucked the general trend, thereby reaching historical highs, polyolefins fell mar-ginally short of the average price from the pre-vious year.The foreign exchange markets were swayed by the central banks above all in the 2013 fi-nancial year. The EUR/USD exchange rate was very volatile once again. Over the course of the year, the euro continued to gain value over the US dollar. The rate went from USD 1.28/EUR at the beginning of 2013 to USD 1.38/EUR at the end of the year after already having sur-passed this mark at the end of October (+4.5 percent versus the end of 2012). The exchange rate of the euro to the Chinese yuan renminbi (CNY) also proved very volatile. This was CNY 8.25/EUR at the beginning of 2013. In February

2013 the exchange rate reached a high-point of CNY 8.49 before falling to a low of CNY 7.83 in July and climbing back to CNY 8.32 at year-end (+1.2 percent over the end of 2012). A considerable amount of volatility was also seen in the exchange rate of the euro to the Brazilian real (BRL). At its low-point, the euro was worth BRL 2.5. The high-point was reached at BRL 3.25 as at year-end. Revenue increased constantlyIn the 2013 financial year the Greiner Group – consisting of Greiner Holding AG and its divi-sional companies as well as Greiner Bio-One International AG – constantly boosted its rev-enue over the previous year. Greiner Holding AG generated a revenue figure of EUR 947 million, which comes out to a one percent in-crease over the previous year. Greiner Bio-One International AG lifted its revenue to EUR 373 million (+2 percent over the previous year). With these figures, the Greiner Group met the reve-nue targets it had set for itself. The Group also moved one big step closer to meeting its stra-tegic goal of sustainable profit-oriented growth in the 2013 financial year.

Good performance within the divisionsOnce again Greiner Holding AG put up a sound performance in three of its four oper-

Greiner Holding AG and Greiner Bio-One International AG reached their revenue targets in 2013


MANAGEMENT REPORT

ating divisions. Only the Greiner Technology & Innovation (GTI) division faced difficulties. First and foremost, Greiner Renewable En-ergy GmbH, into which the solar companies taken over in 2011 were integrated, showed an unsatisfactory performance. This led to the decision to discontinue the company’s oper-ating activities in the solar sector and to prop-erly shut the company down. Production was carried out for customers at the Eberstalzell location in Austria until December 2013. At the same time, a strategic investor was sought out for another holding of GTI, the weba Group (producer of forming tools for the automotive industry). The intention was to bring in the ex-pertise needed to move forward with the nec-essary further globalization of the weba Group. The most suitable buyer was found in the Mubea Group, a German family-owned enter-prise roughly the size of Greiner. The sale was concluded in September 2013.Another step towards bundling the Group’s core competencies was the search for a buyer for Greiner Perfoam. This search actively got under way in mid-2012. By the second quarter of 2013, the Group was in intense talks with potential investors and buyers. Greiner Hold-ing AG was focused mainly on the further de-velopment of Greiner Perfoam as well as on securing its location and workforce. The ne-

gotiations were all abandoned in May 2013 in the absence of any forward-looking ideas on the part of the potential buyers. While the sale process was going on, a new strategic con-cept for Greiner Perfoam was already in the works, calling for a change in the product mix. It includes greater weighting of the product group of sound insulation for engine interiors, transmissions and differential gears.

Focus still on globalizationAside from diversification and innovation, another strategic focus of the Greiner Group is globalization. The joint ventures set up in 2012 in South Africa (Greiner Foam Inter-national) and India (Greiner Bio-One) were marked by the consolidation and integration into the Greiner Group. The joint venture in South Africa showed a very pleasant perfor-mance in particular, as its activities exceeded expectations in the first year. The markets of the BRIC states were intensively evaluated and analyzed in 2013 in order to identify any market opportunities for the sectors in which the Greiner Group is not yet represented and to prepare for market entry accordingly. The food packaging industry on the Ameri-can market was also analyzed in detail and preparations got under way in 2013 for the entry of Greiner Packaging.

Suitable buyer for the weba Group found

Joint venture in South Africa performed very well in 2013


2013 8,204

GHO 6,476

GBO 1,728

2012 8,133

GHO 6,420

GBO 1,713

2011 7,899

GHO 6,265

GBO 1,634

EmployeesData by site, joint ventures prorated

Use of synergy effectsThe Group took advantage of some synergy effects by bundling its core competencies. In China, for example, a cooperation project was initiated between Greiner Bio-One and Grein-er Foam International. This entails the sale of high-quality mattresses to hospitals and re-

tirement homes via the network of the Greiner Bio-One location in that country. Among other things, this project shows how synergy effects can work when it comes to tapping into new markets within the sense of the globalization strategy. In the area of development, the merg-ing of individual companies into one divisional

Ongoing evaluation of BRIC states with regard to market opportunities for Greiner


MANAGEMENT REPORT

company has already produced positive syn-ergy effects. Additional positive effects will be seen in the future with a network of developers that was brought to life last year and spans the entire Group.

Sustainable business practicesThe actions of global companies set an example with respect to environmental responsibility. As a result of decades of experience in recycling tech-nologies, the Greiner Group is a specialist when it comes to treating the environment and resources with care. In 2013 the company decided to make a revolutionary move in food packaging and only manufacture Bisphenol-A-free (BPA) products in the future. This shows the innovative strength of the Greiner Group – in this case Greiner Pack-aging in particular – as well as the importance of sustainable business practices.

Employees a factor of successAs a family-owned company, the Greiner Group’s interaction with its employees is based on trust and fairness. With this, the company focuses on individual further education and training op-portunities, including those offered through the extensive programs of the Greiner Academy. With the management principle of “challenge and promote”, the necessary leeway for innova-tion is created in all of the Group’s divisions. The

2013 financial year marked the start of the Grein-er Academy’s further development with the aim of better meeting the challenges of the Group. A cooperation with LIMAK, one of the most re-nowned business schools in Austria, was entered into here.

Outlook for the 2014 financial yearAn improvement in the economic environment is assumed in the current financial year. One of the most important factors for the Group’s profitability remains the development of prices of commodities relevant to the Greiner Group. From today’s perspective, prices are not ex-pected to drop on a sustainable basis. The fo-cal points in 2014 will include intense utilization of synergy effects within the Group as well as tapping into new markets, particularly in the BRIC states and the US. Significant investment in 2014 will go to the expansion of Mediscan, the sterilization segment of Greiner Bio-One at the Kremsmünster location in Austria, as well as in the founding of the new Greiner Packag-ing site in the US and the renewal and optimi-zation of equipment and processes. Business has gone according to plan in the first quarter, which means a satisfactory start. From today’s perspective, the Greiner Group will be in a posi-tion to continue its profit-oriented growth in the 2014 financial year.

BPA-free production at Greiner Packaging

As things stand today, profit-oriented growth can be con-tinued in 2014

Diversification. Innovation.

Globalization.

GREINER HOLDING AG


Europe is the largest and, by far, most important market for Greiner Packaging. By opening up the location in Mexico (2010), the company has managed to move into Central and North America. The expansion in the US will be continued in 2014.

Greiner Packaging International GmbH

KEY INDICATORS

BRANDS & PRODUCTSFACT OF THE YEARK division cups and lids for the food and non-food industry, K3®: cardboard-plastic combinations Kavo division bottles and containers for the food and non-food industry, baby bottles Assistec division sourcing partner for plastic parts, toner, blister packaging

GPI is taking on a pioneering role and by

Q1/14will have converted all of its food packaging to BISPHENOL-A-FREE (BPA) prodution.

NORTH AMERICA

2013 2012

Revenue (EUR millions) 513 488

Locations 34 34

Employees 3,426 3,236

€


GREINER PACKAGING INTERNATIONAL

Innovation and Sustainability are the Foundation for Further Success

Greiner Packaging International is one of the world’s leading manufacturers of packaging in the food and non-food sector. In order to make cus-tomer support as efficient as possible, the widest variety of markets are supported by three divisions – K, Kavo and Assistec. The K division entails the production of cups and lids for the food industry, including combinations of cardboard and plas-tic. The Kavo division’s product portfolio includes

packaging solutions such as plastic bottles and containers for the food, cosmetic, pharmaceutical and chemical industries. In the Assistec division, plastic parts and products are manufactured and given an individual finish. Greiner Assistec only supplies customers from the non-food sector. They come from the automotive and office sup-plies industries as well as household and garden accessories and medical technology.

Greiner Packaging International (GPI) set the course for sustainability in 2013 and started implementing standardized processes within the division in order to improve its customer service. New product innovations and the decision to make production exclusively BPA-free are moves that are revolutionizing the food packaging market. Voluntary participation in klima:aktiv pakt2020 (an Austrian climate protection initiative) underscores the sustainable commitment.

“We are able to generate additional growth mostly by tapping into new markets — above all the US and the emerging markets. The focus is always on being a leader in innovation.”

Willi EibnerCEO Greiner Packaging International GmbH


Constant business development The 2013 financial year went according to plan for Greiner Packaging. Revenue rose by five percent versus the previous year from EUR 488 million to EUR 513 million. This increase can be traced back to the continuously strong demand for innovative plastic packaging, espe-cially in the food industry. The optimization of production processes ushered in back in 2012 and various other processes have prompted another earnings improvement over the previ-ous year. The process adjustments carried out in the past year have also brought about an optimization of the working capital. In the 2013 financial year, Greiner Packaging invested EUR 30 million in property, plant and equipment

alone. As at year-end, Greiner Packaging Inter-national had 3,426 employees (190 more than in 2012) at a total of 34 sales and production locations in 16 countries.

Preparation for further growth overseasGreiner Packaging has made the best possible support of customers, regardless of where they are in the world, its mission. For this reason GPI has an international network of locations, thereby establishing stability in its customer support. The company’s success can be at-tributed to the proximity it has to its customers in addition to its uniform quality standards and high degree of innovation. Greiner Packaging therefore moves into new

Innovation is one of the main factors of success for Greiner Packaging. A cup used for in-stant noodles received the WorldStar Packaging Award in 2013.

Constant business development due to high demand



regions together with its customers’ expan-sion steps. In addition, interesting markets are being evaluated and opportunities for market entry are being analyzed. A packaging man-ufacturer in Serbia was acquired in 2012 for example. Most of the products manufactured are from the K division. Serbia offers the ideal location for supplying dairy companies, even in neighboring countries. The Serbian location performed very well after being integrated into Greiner Packaging’s network. The scope of business activities now ranges from Serbia to Macedonia, Bosnia and Croatia.Greiner Assistec is operating the first produc-tion site outside of Europe in Monterrey, Mexico. At this location, the division produces plastic parts for the NAFTA site of a long-term stra-tegic partner. Additional customers were won over in 2013, thus underscoring the location’s significance as a central platform for North and Central America. Air conditioner housings are being produced for one of the new customers. Another focal point in 2013 was the evaluation

and analysis of the North American market for the K division. The US food market is showing growth rates for dairy products in the high sin-gle-digit percentage rate at the moment. In light of this trend, the demand for innovation and sustainable packaging solutions is also on the rise. Greiner Packaging International secured a production site in Pittston, Pennsylvania at the end of the financial year and started adapting this for the construction of a production plant. The production of cardboard-plastic packaging is getting under way. Up to 128 employees will be hired at this location in the next three years.

Sustainable impact from IKAMThe International Key Account Management (IKAM) structure introduced in 2012 was pro-moted further in 2013. With this structure, GPI is pursuing the goal of setting up an effective sales structure, especially with close proximity to its customers. The expectation is that the customer will see GPI not only as a supplier of packaging solutions, but also as a strate-

US a major growth market for sustain-able packaging solutions

Best possible customer support the key to effective cooperation


gic partner for product development. It is im-portant for Greiner Packaging International to recognize market potential and market needs early on and incorporate this into its customer consultation.In connection with this, the division began standardizing its organizational structure and processes at the locations in 2013. The objec-tive here is to obtain and potentially implement the same certification and quality standards at all of Greiner Packaging International’s loca-tions. This ensures that the customer receives the same level of quality at all GPI locations.

Sustainability is the driving force behind further innovationGreiner Packaging has set a sustainable course of production and product development for many years. In 2013 GPI made the decision to produce all of its food packaging from BPA-free raw materials. This makes it the first company in the packaging industry to take this step. By the first quarter of 2014, all production lines were switched to BPA-free products. Back in 2009, two years before the EU directive on polycarbonate-free production of baby bottles, GPI began manufacturing these products free

BPA-free production for food packaging

In 2013 Greiner Packaging International made the decision to produce only BPA-free food packaging. This makes it the first company in the packaging

industry to take this step.



of BPA. The expertise established over the last few years in the processing of BPA-free raw materials is helping the company develop the products further.The raw material used as an alternative to poly-carbonate is Tritan™ copolyester. The material is resistant to breaking and heat and features a crystal clear structure. The material is treated in both an injection stretch blow and an extrusion blow molding process.

Commitment to promoting climate protectionIn 2013 Greiner Packaging Austria partnered up with the klima:aktiv pakt2020 climate ini-tiative by the Austrian Ministry of Life. As a partner company, the Greiner Packaging site in Austria has voluntarily committed to helping meet the 2020 goals set by the government. The obligations, defined in accordance with an international agreement, set the values for reducing emissions as well as for the propor-tion of renewable energy sources to be used and for improving energy efficiency. In concrete terms, these include a 16 percent reduction of greenhouse gas emissions, a 20 percent rise in energy efficiency, raising the share of renew-able energy sources to 34 percent of all en-ergy consumption and lifting the proportion of

renewable sources in transport and mobility to ten percent. The knowledge gained by partici-pating in klima:aktiv pakt2020 is also expected to be implemented in other undertakings by GPI in the long run.

Outstanding innovationInnovation is a central element for Greiner Pack-aging. One of its innovative packaging concepts was given the WorldStar Packaging Award in the category of food in 2013. The prize-winning packaging concept was a new cup for instant noodles made by the Nissin Group.

Constant development in 2014The current financial year has gotten off to a good start. A positive outlook has been given for the further course of the year. Despite the absence of any improvement assumed in com-modity prices, the revenue growth continues. The continuation of the globalization strategy will focus particularly on the establishment and start of operation of the US location. In potential markets, it is worth building bridges and making careful preparations to develop the markets. Other efforts in 2014 will be put towards the further enhancement of customer relationships and the promotion of the compa-ny’s innovative strength.

Expansion continues in 2014


GFI is furthering the Greiner Group’s globalization efforts in the area of foam. The first successful step was taken with a joint venture in South Africa.

Greiner Foam International GmbH

COMPANIES & PRODUCTSFACT OF THE YEAR

Eurofoam mattresses, sound insulation, automotive industry, sports and recreation, living and sleep comfort, healthMULTIfoam shock pads, shoes and sports industry GuKoTech load securing Unifoam living and sleep comfort aerospace aircraft seat cushions PURtec boiler insulation

of foam have been produced by the companies of GREINER FOAM INTERNATIONAL.

SOUTH AFRICA

2013 2012

Revenue (EUR millions)* 247 239

Locations 50 48

Employees* 1,449 1,291

€

120,000 metric tons

KEY INDICATORS

* The joint ventures (Eurofoam, Unifoam) are pro rated to 50 %.


GREINER FOAM INTERNATIONAL

In light of the Greiner Group’s restructuring, Greiner PURtec and Greiner aerospace, formerly managed as subsidiaries of Greiner Technolo-gy & Innovation, have now been integrated into Greiner Foam International (GFI). All of the Greiner Group’s foam activities have thus been bundled and placed under one roof. GFI will now form the umbrella company for Greiner MULTIfoam with its subsidiary GuKoTech, for Greiner PURtec, Grein-er aerospace, Eurofoam, a 50 percent joint ven-

ture with the Belgium-based Recticel Group, and Unifoam (PTY) Ltd., the most recent joint venture in South Africa.In addition to managing the existing holdings, the division’s goal is now to evaluate promising markets beyond Europe and to prepare for mar-ket entry there. The interest mainly still lies in the BRIC states and Asia. The demand for high-qual-ity foams, above all in the upholstery, mattress and automotive industries, is growing with the ris-

“By expanding the company network of GFI, synergies are able to be boosted and used for the development of production.”

Manfred MarchgraberCEO Greiner Foam International GmbH

Bundling of Foam Activities Entails Considerable Synergy Potential

In the 2013 financial year, Greiner Foam International (GFI) focused a great deal of its attention on the integration of Greiner PURtec as well as Greiner aerospace. A positive balance was able to be struck for 2013 through the development of the most recent expansion into South Africa. 2014 will be marked by the consolidation of the network of companies and the analysis of other growth potential beyond Europe.


ing standards of living and the greater purchasing power that this entails in these regions. GFI has expertise in technological and production pro-cesses that dates back decades. This enables it to serve the emerging markets and the respective industries on an individual basis.

Stable performance again in 2013GFI’s growth in the 2013 financial year went ac-cording to plan. Revenue climbed by three per-cent over the previous year to EUR 247 million (50 percent of joint ventures shown, including the revenues of Greiner aerospace and Greiner

PURtec). GFI once again made a positive contri-bution to the Group’s strategy of profit-oriented growth in 2013.Eurofoam, the holding of GFI with the strongest revenue, reported a positive revenue trend in the key markets. The business performance in Po-land, where market growth is still stronger than average, should be highlighted in particular. In 2013 Eurofoam invested some EUR three mil-lion in new long-block storage there in order to raise its productivity, quality and internal logistics to a new level and to meet the corresponding-ly high demand for quality products. In China,

Greiner Foam International brings the foam expertise of the Greiner Group all under one roof.

Sound business performance despite high commodity prices



mattresses and pillows for hospitals and nurs-ing homes were presented in cooperation with Greiner Bio-One China. The application for mar-ket approval of these products has been filed. MULTIfoam and GuKoTech have continued the trend of growth from the previous year. The two niche players boosted their revenue by 13 percent (MULTIfoam) and three percent (GuKo-Tech) versus the previous year. Unifoam (PTY) Ltd., the joint venture set up in South Africa in 2013 together with a local foam manufacturer, showed a pleasant performance. Revenue was increased according to plan. The integration of Greiner PURtec and Greiner aerospace into the GFI network in 2013 went well and is be-ing continued in 2014. Greiner aerospace did well in the hard-fought market of aircraft sup-pliers. The order backlog in the fourth quarter was the highest in the division’s existence. An important step into a future market was taken with the founding of the new site in Shang-hai, China. Greiner aerospace is able to deliver to its customers around the world due to its production locations in the US, Europe and China. It concluded orders in 2013 with Sin-gapore Airlines for its Premium class and with

Korean Airlines for Super First Class as well as with Etihad, Asiana and Air France.Greiner PURtec’s revenue was kept constant despite the tough market environment. The focal points in 2013 were an optimization of transport logistics as well as preparations for the production of acoustic solutions. GFI in-vested some EUR seven million in renewing its machines and equipment as well as in op-timizing processes in 2013.

The company at a glanceWith a dense network of locations, Eurofoam is Central Europe’s leader in the production and processing of flexible polyurethane foams. Eurofoam produces a wide range of foams used in the upholstery and mattress industries as well as in textiles, shoes and automotive supplies. Solution-based products for sound insulation and special packaging are part of its core business.Greiner MULTIfoam specializes in the produc-tion and packaging of recycled foam compos-ites for use as a raw material in the automo-tive, sports, construction, shoe and furniture industries.

GFI performs all of the Greiner Group’s foam activities


The core competencies of Unifoam are the pro-duction of mattresses and dimensionally accu-rate quality foams for the upholstery market in South Africa.Greiner PURtec sets the standards for the pro-duction of insulation for hot water tanks and has established a position as a strategic full-service provider in the market for tank insulation and acoustic solutions. New products and im-proved processes have made Greiner PURtec the market leader.

Greiner aerospace is a globally operating spe-cialist for seat and back cushions as well as seat covers (made of fabric and leather) for the interior cabins of passenger aircraft.

Atmosphere of change for UnifoamThe location has been prepared for the planned growth since the founding of Unifoam. An ex-pansion of the production area and changes to the layout are expected to improve produc-tivity and capacity. A new foam molding plant

Greiner aerospace is able to promptly deliver to its customers around the world due to its production locations in the US, Europe

and China. An important step into a future market was taken with the founding of a new site in Shanghai, China.



has been purchased with the aim of optimizing processes and meeting the division’s own qual-ity requirements. This is scheduled to go into operation before the second half of 2014. The plant should make it possible to produce higher volume weight (meaning better quality). In 2013 Unifoam began concentrating on the develop-ment of new products aimed at meeting the ris-ing demand for high quality.

Considerable synergy potentialas a driving force for further growthBundling all of the Greiner Group’s expertise in foam into Greiner Foam International will now yield more synergies and link the existing exper-tise. New roads were paved in 2013, especially when it came to development activities. Using GFI’s existing expertise in producing and pack-aging foam for the widest variety of demands and industries, the division is now expected to break into new niches. The goal is innovative and high-quality products in new market areas. Position strengthened by numerous developmentsEurofoam has developed a new generation of viscose foam with VISCO+. This is the first tem-perature-sensitive viscose foam, whereby its elasticity remains nearly the same even in the case of significant temperature differences.Molding and drilling technology has been intro-duced for the first time in the field of tailor-made packaging solutions (Eurofoam pactec). MULTI-

foam has developed impact sound insulation, which can be installed under floor tiles. It has received approval in the “extra heavy com-mercial” class. Until now, there was no impact sound insulation technology that met these re-quirements. In Poland MULTIfoam is producing three-dimensionally shaped sole inserts for the shoe industry, which are made of electrically conductive foam composites. The sole inserts are breathable, neutralize unpleasant odors and can be adapted to the necessary anatomical form in the thermopress procedure. The Euro-pean Commission is currently working on pre-paring a guideline for load securing. GuKoTech has followed this trend and started delivering products for this sector in 2013. It has obtained all of the product certifications needed for this.

2014: consolidation and growthCommodity prices are expected to remain high in 2014. The year will also be marked by the consolidation of the new network of com-panies. Processes and procedures are being standardized and synergy management within the division continues to be expanded. In China, opportunities for selling special mattresses are being evaluated. The company is also moving forward with its expansion into new markets. The focus here will be on further talks with po-tential partners in Brazil and India as well as the evaluation of the Turkish market. Greiner Foam International assumes further revenue and profit growth for 2014.

Synergies are being boosted and expertise is being combined


Perfoam

Greiner Perfoam GmbH

A location was built in Shenyang, China in 2012 for premium automobile manufacturers relying heavily on the growth in China. Utilization is clearly on track to improve in 2014.

BRANDS & PRODUCTSFACT OF THE YEARStorage compartment covers rear shelves, fixed bottom storage shelves, convertible top cases acoustic components aggregate housings, engine casings/insulation mats stamp parts, high expansion foam absorbers, absorbers made of secondary materials

40 %of revenue in the future should be generated from ACOUSTIC COMPONENTS.

CHINA

2013 2012


Locations 6 6

Employees 751 660

€KEY INDICATORS


GREINER PERFOAM

Focus on Further Development of the Company

Greiner Perfoam is a company in the automo-tive supply industry and is considered one of the leading manufacturers of interior parts for the premium aircraft industry. Headquartered in Enns, Austria, it specializes in the develop-ment and production of functional trim parts for interiors and luggage compartments. Greiner Perfoam also produces acoustic components specially designed for the interior and engine compartment. Thermally embossed polypro-pylene fleece, polyurethane glass fibers, natural

fibers and new and recycled foams are all used in different material structures.

2013 was a year of decision-makingA strategic partner or a buyer for Greiner Per-foam that would be able to further develop the company according to its potential was sought out until the end of the first half of 2013. The goal was to find an ideal solution that would best serve the interests of the company. The offers provided were examined very closely, but none

The 2013 financial year was a very formative one for Greiner Perfoam. The process of selling the company was halted. New possibilities arose with the growing significance of the second pillar — the production of acoustic components.

“The decision to keep Greiner Perfoam as part of the Greiner Group has once again opened up opportunities for sustainable growth.”

Michael SchleissCEO Greiner Perfoam GmbH


of the concepts proved fully convincing. For this reason, the sale negotiations were halted in May. Until then Greiner Perfoam had been blocked from submitting tenders for new orders from most of its customers. The decision to keep the division as part of the group was well received by customers and Greiner Perfoam was invited for tenders once again. The decision also al-lowed Greiner Perfoam to resume its position as a divisional company directly under the um-brella of Greiner Holding AG. Michael Schleiss, a highly respected manager within the Greiner

Group, returned to the company. Schleiss had managed Greiner Perfoam as its division head from 2004 to 2010. Just recently, he success-fully reorganized the Greiner Tool.Tec divisional company. The decision to successfully devel-op the division further within the Group was strengthened by the new opportunities in the field of acoustic components. In addition to the production of bottom storage shelves and lug-gage compartment systems, another one of the division’s pillars is sound insulation. This field is expected to be systematically enhanced with

In addition to the production of bottom storage shelves and luggage compartment systems, another one of Greiner Perfoam’s pillars is sound insulation.

Michael Schleiss returned to the company


GREINER PERFOAM

engine and transmission encapsulation. Greiner Perfoam put up a better business performance in the 2013 financial year than planned. This was attributable to the initial success of the reorga-nization measures introduced in the autumn of 2013.Revenue rose by ten percent over the previous year to EUR 98 million (previous year: EUR 89 million). Over the last few years, Greiner Perfoam has boosted its annual revenue by an average of around 13 percent. In a sector that requires a very significant expense for every component delivered, this growth is a major challenge. This trend reflects the division’s potential. In the 2013 financial year, Greiner Perfoam had 751 employ-ees at a total of six sites in Austria, Germany, the Czech Republic and China. Acoustic components another pillarAside from its production of interior compo-nents for the premium automotive industry, Greiner Perfoam also manufactures acous-tic parts for vehicles. These components are used, among other areas, in doors, between the engine and passenger compartments, or in the luggage compartment door with the aim of insulating and absorbing noises and vibra-tions while driving. This division was expanded in 2013 to include a technological innovation – the enclosure of engines, transmissions and differential gears. The vehicle parts mentioned are covered with a natural fiber with a polymer

matrix that is compressed onto foam. Encap-sulation of individual vehicle parts had already existed. Greiner Perfoam, however, has a great deal of expertise in combining fleece and foam, given its history. Foam is pressed on natural fi-ber polypropylene mats. Covering the engine, transmission or differential gears has an effect beyond just insulating the noise: The engine and transmission warm up faster and maintain their temperature longer. If configured correct-ly, the engine can also be operated more effi-ciently. The components have been developed together with BMW. The car maker is currently also the only premium manufacturer that uses this type of encapsulation. Other premium au-tomobile manufacturers have already shown interest in using these types of parts in their models as well.The first sound insulation encapsulation was developed together with BMW roughly five years ago and has been delivered ever since. In 2012 Perfoam received a comprehensive order for “dual layer technology” acoustic parts for the smaller engine series. The order was ex-panded in 2013 to include other parts. Volume deliveries of this acoustic package will start in 2014. Perfoam, alongside several of its com-petitors, received an inquiry for numerous en-gine and transmission casings for a major en-gine series at the end of 2013. The result was a great deal of effort being put into finalizing a production, development and logistical con-

Technological ad-vantage in engine casings given the considerable amount of expertise in the area of fleece and foam processing


cept. After some tough, intense negotiations and several development steps, the division won the order for the predominant portion of this very important package for Perfoam in mid-March 2014. Volume deliveries resulting from this will start in 2015.

Market position based on four pillarseGreiner Perfoam is proving to be a reliable part-ner in the hard-fought market of automotive sup-

pliers. The partnerships dating back years are based on four pillars. On the one hand, Greiner Perfoam produces parts with low weight and high load capacity, while on the other hand the company is able to manufacture its products with an appealing design. Another benefit of growing importance to the customer are the innovative, well functioning logistics solutions such as Just in Time and Just in Sequence (the components are delivered to the customer not only on time

The decision also allowed Greiner Perfoam to resume its position as a divisional company directly under the umbrella of Greiner Holding AG.

A highly respected manager in Michael Schleiss has returned to the company.


GREINER PERFOAM

Efficiency the focus in 2014

and in the amount required, but also in the right sequence). The fourth pillar is based on the high quality demands specific to the sector as well as considerable process expertise and the good functionality of the interior parts. This includes, for example, the integration of air conditioner slide rods or small mechanical parts for storage compartment covers and convertible top case covers for convertibles in the premium segment.

2014: improved efficiencyFor the 2014 financial year, the company set the goal of consolidating revenue at around EUR 100 million. After a phase of analysis by Michael Schleiss since the start of his return to the com-pany in September 2013, numerous possible opportunities for improvement were identified at all locations. Major cost-cutting programs are not expected in the 2014 financial year. Improv-ing Greiner Perfoam’s income is very much at the forefront. The profit-oriented growth is being reached through further process optimizations and structural adjustments in particular. The ne-gotiations with customers are back on a solid foundation - as was previously the norm. Some successful negotiations at the end of the 2013 financial year will contribute to the improvement in efficiency in 2014 and the years that follow.

Process optimization is the center of focus at the sites in Enns, Austria and Tábor, Czech Re-public. The goal is to concentrate the work on minimizing waste on the one hand and boosting efficiency at the same time. Two new thermo-forming plants are being built at the Linz loca-tion in Austria, at which acoustic parts will be manufactured, for the most part in full automa-tion. Linz will become the center for many new start-up projects in 2014. New products, partic-ularly in the area of acoustic components, will be produced, tested and further optimized. The relocation project at the Wangen location in Ger-many was concluded in 2013. Greiner Perfoam has focused exclusively on the composite form of recycled foam at this site. This technology is also used for sound insulation components. A Greiner Perfoam location was built in Shenyang, China in the 2012 financial year for premium au-tomobile manufacturers relying heavily on the growth in China. There are clear plans in China to improve utilization in 2014. Components for the second series of BMW are currently being produced. The conclusion of negotiations for the follow-up model of the BMW 5 Series and the series of another premium European auto-mobile manufacturer is expected by the end of the second quarter 2014.


2013 2012


Locations 12 11

Employees 781 783

Greiner Tool.Tec GmbH

The realignment into the two divisions of Window and Non-Window has been well received on the market. Following the conclusion of the consolidation, sights are now set on growth.

BRANDS & PRODUCTSFACT OF THE YEAR

Greiner Extrusion (Window) RED.LINE-System RED.TOOLING Complete Profile Extrusion plant construction plastic profiles tools Greiner Tech.Profile (Non-Window) wood-plastic composite profiles roof gutters cable ducts vendor finance

The SPS-controlled flow.control pro makes it possible to save

1-3 %of materials in profile extrusion. In connection with GESS (Greiner Energy Saving System), more than 80% of energy costs can be saved.

AUSTRIA

€KEY INDICATORS


GREINER TOOL.TEC

Transition from Phase of Consolidation to One of Growth

Greiner Tool.Tec is the leading manufacturer of tools and equipment for profile extrusion. The company was split in two in 2012: Window and Non-Window. Greiner Extrusion focuses on its core business of windows and produces tools, machines and equipment for the production of window profiles made of PVC (polyvinyl chlo-ride) in the premium and mid-performance seg-ment. Greiner Tech.Profile was founded as the Non-Window division. This manufactures tools, machines and equipment for the production of

technical profiles. Examples here are cable ducts, roof gutters, profiles for the construction and au-tomotive industries and composite wood-plastic products such as patio decks and fences.

Sound business performance in 2013Greiner Tool.Tec put up a good performance in the 2013 financial year. Revenue increased by six percent year-on-year to EUR 80 million (previous year: EUR 75 million). The improved revenue was mainly attributed to the further boost in support

The split of Greiner Tool.Tec into the two divisions of Window and Non-Window was wrapped up in 2013. Under the new management of Gerhard Ohler, the divisional company is now in a transition from the phase of consolidation over the last few years to one of profit-oriented growth. The company saw growth in 2013 over the previous year and improved its profit situation.

“In addition to the focus on profit-oriented growth, one important task for Greiner Tool.Tec in particular is to offer its customers around the world even more comprehensive solutions and, in addition to this, also tap into new market segments.”

Gerhard OhlerCEO Greiner Tool.Tec GmbH


for regular customers and success with the in-ternational project business. The profit goals set were also reached in 2013. All ten foreign subsid-iaries closed out the financial year at a profit. This was the result of optimization measures put in place in 2012 and 2013. The extrusion business in Europe was consistently stable, with only the exception of France. On the North American mar-ket, Greiner Tool.Tec benefited from the resumed growth of the construction sector, especially in its Window division. The premium market in Asia is still seeing a decline. The mid-performance seg-ment there is currently dominated by Chinese providers. Greiner Extrusion Shanghai has come out of the tough environment a successful pro-

duction location. A pleasant performance was also seen by the newest subsidiary, Greiner Tech.Profile (GTP), which exceeded the planned reve-nue volume in the Non-Window division. Greiner Tool.Tec acquired some well-known customers in the lapsed financial year and further improved its existing customer relationships.

Realignment well receivedThe realignment into the two divisions of Win-dow and Non-Window has been well received on the market. In Europe, the Non-Window division is served by Greiner Tech.Profile with its head-quarters in Pettenbach, Austria, and by France Filières Plastiques, headquartered in Perrignier,

flow.control pro and GESS, the Greiner Energy Saving System, help profile manufacturers save more than 80 percent on their energy costs incurred as a result of cooling and calibration.

Positive performance due to the intense market development


GREINER TOOL.TEC

France. In the US, this segment encompasses a focus on automated extrusion. The Window and Non-Window divisions take advantage of greater synergies both in the form of joint sales channels and through extrusion experts within the sector sharing their specialized knowledge and expe-riences. The realignment resulted in Gruber Ex-trusion being integrated into Greiner Extrusion in 2012. In doing so, the company focused on the successful integration of the employees. The in-tegration of new specialists, who joined the com-pany upon the acquisition of a business field of P-Extrusionstechnik GmbH at the end of 2013, was also a success.

Greiner ExtrusionGreiner Extrusion’s clear commitment to its core business of windows, namely tools, machines and equipment for producing window profiles, has enabled it to focus its activities in an even more targeted way and to speed up delivery to customers since the beginning of 2013. Using its own technical centers as well as the training and innovation programs, the division has widened its technological lead and the existing market shares have been strengthened. The patent strategy of the past has also ensured the protection of indi-vidual technologies.Demand in the core segment of tools is at a con-sistently stable level compared to the previous year. A few major projects were acquired in 2013, but the number of major projects for the Win-

dow division has fallen over the course of the last few years. Against this backdrop, key accounts and regular customers around the world have received even more comprehensive service and the company’s productivity has improved even further. In organizational terms, the tool-mak-ing service was integrated into the optimization group and the innovation management into prod-uct management.Production got under way in 2013 following the presentation of the new RED.TOOLING and RED.LINE product developments, the newest generation of systems for profile extrusion. The new products were introduced successfully on the market and proved very popular. They are the result of constant innovation geared specifically to customers and successful development part-nerships in the network of companies of Greiner Tool.Tec.In addition to the products for the high-perfor-mance segment, an entirely new tool system has been developed for the mid-performance seg-ment in MID.POWER.TOOLING. The first suc-cess has already been achieved. The aim with MID.POWER.TOOLING is to more actively serve the mid-market segment and to regain market share. The Turkish market remains the primary focal point here and is expected to be better en-gaged. One important product for Greiner Extru-sion is the newly developed GESS (Greiner Ener-gy Saving System), which gives customers — in this case profile manufacturers — the opportunity

New tool system for the mid-performance range


to save more than 80 percent of the energy costs they previously incurred for cooling and calibra-tion.Another highlight in 2013 are the operatingprofit improvements seen in connection with the “O2 Change” project, which got under way in 2013. The measures initiated in the previous “O2” project were fleshed out and consistently imple-mented. The results are very positive and a clear trend towards a significant reduction of optimiza-tion costs can be seen.

Greiner Tech.ProfileThe development of Greiner Tech.Profile in its first complete financial year proved a success. The first quarter mostly entailed the process-

ing of Window division orders from the 2012 financial year. One of the focal points here was standardization in the area of construction. Here, success. The first quarter mostly en-tailed the processing of Window division orders from the 2012 financial year. One of the focal points here was standardization in the area of construction. Here, construction programs by Greiner Extrusion were implemented in Greiner Tech.Profile. In addition, tool standards for the production of cable ducts, foam profiles, WPC (wood-plastic composites) profiles and profiles in XXL format are set. Active sales measures were started in 2013, also taking advantage of synergies within the network of companies. The markets in the UK, Ireland and Poland as well as

A pleasant performance was also seen by the newest subsidiary, Greiner Tech.Profile (GTP), which exceeded the planned revenue volume

in the Non-Window division.

Operating profit improvements with “O2” projects


GREINER TOOL.TEC

the Arab world, Africa and Oceania have long been served by sales staff of Greiner Extrusion. The focus of the market development, howev-er, has been on Western European countries, mainly Germany, Austria, Switzerland, the UK and Ireland. Greiner Tech.Profile has defined the following five groups as its main product groups: cable ducts, foam profiles, WPC, XXL formats and technical profiles. GTP appears to be the top performer when it comes to manufacturing tools and equipment for cable ducts. It will be-come the market leader in this segment in 2014. A good performance has also been seen from the product group of foam profiles, which still yields considerable potential. In terms of WPC, all existing contacts have been taken over by Greiner Extrusion and successfully continued, while new customers have also been obtained. In the area of XXL formats, tools for the produc-tion of window sills and fence panels have been manufactured, for example. Various projects in the area of technical profiles were also realized in 2013.

Innovation in all segmentsAll companies within the Greiner Tool. Tec net-work and the company Kappes Environment Technology came together in 2013 to develop the new “Ecolife” window system. Ecolife is an entirely new, high-quality window profile sys-tem based on polyethylene, co-extruded core profiles of wood fibers and recycled plastics as

well as laminated aluminum strips inside and out. The development was successful and was wrapped up on schedule. The first complete set of equipment was delivered to China.One highlight, without a doubt, was the joint appearance of Greiner Extrusion and Greiner Tech.Profile at the world’s largest trade fair for plastics, the K 2013, where they presented all of their innovations. Examples include GESS.tronic, Flow Control, MID.POWER.TOOLING and RED.CUT.

Confident outlook for 2014For 2014 Greiner Tool.Tec has set a goal of turn-ing its focus more towards the customer and its potential. In doing so, it aims to offer even more comprehensive solutions to customers around the world as the Greiner Tool.Tec family and to take the best possible advantage of syner-gies between the locations and technologies of Greiner Tool.Tec. Another area of focus will be on global customer and market analysis as well as the evaluation of potential and of success factors when it comes to expanding the busi-ness volume in the medium term. Coming up with a new vision and division strategy should give the company a new direction to move in heading into the next few years. The compa-ny’s clear focus on profit-oriented growth will be at the forefront here. All of the requirements needed to prepare the company for sustainable growth are expected to be met in 2014.

Market leadership in cable ducts in 2014

Gearing towards profit-oriented growth

Your Powerfor Health

GREINER BIO-ONE INTERNATIONAL AG


Greiner Bio-One International AG

Greiner Bio-One established a production location in Thailand in 2013 in order to serve the entire Asia region. North America is still the second-largest unit sales market after Europe.

BRANDS & PRODUCTSFACT OF THE YEAR

BioScience CELLSTAR® ThinCertTM CheckExtractor™ PapilloCheck®

VACUETTE® Preanalytics GENSPEED® Diagnostics Holdex Minicollect Snapcaps SCS H i g h - T h r o u g h p u t - S c r e e n i n g

> 50 %of revenue is generatedOUTSIDE OF EUROPE.

NORTH AMERICA ASIA

2013 2012


Locations 23 24

Employees 1,728 1,713

€KEY INDICATORS


GREINER BIO-ONE INTERNATIONAL

Business Field Expanded to Include Diagnostics

The company is among the leaders in the areas of preanalytics, life science and diagnostics. It is now divided into three business units: Greiner Bio-One Preanalytics, based in Kremsmünster, Austria, develops systems for sampling blood, urine and saliva for safe and easy use in clinics, diagnostic laboratories and medical practices. Greiner Bio-One BioScience, based in Frick-enhausen, Germany, is a leading international technology partner for universities and research institutes, as well as for the pharmaceutical and biotechnology industries. A new business unit was also spun off from Greiner Bio-One Science.

Located in Rainbach, Austria, Greiner Bio-One Diagnostics develops (among other things) in-novative biochips for genotyping, which can be used for example to determine infectious agents. Another company of Greiner Bio-One is Medis-can GmbH & Co KG, a service provider for the sterilization of medical products and food pack-aging.

Good performance due to high demandThe business development of Greiner Bio-One in 2013 was marked by continuously high com-modity prices. On average, the price of polysty-

Business went according to plan in 2013. The demand for high-quality safety products in the area of medical technology continued to climb, especially in the European Union. Greiner Bio-One boosted its revenue share beyond Europe as well, thereby underscoring its international presence.

“2013 went according to plan. New customers, new business fields and a

continuous process of innovation are the basisfor further growth.”

Rainer PernekerCEO Greiner Bio-One GmbH


rene was ten percent higher than in the previous year. This raw material is used primarily in the field of bioscience. Despite the challenges on the market and continuously high commodity prices, Greiner Bio-One has been able to con-tinue growing. Revenue in the 2013 financial year rose by two percent from EUR 364 million to EUR 373 million despite distinctly negative currency effects.This is attributable to new customers being won over as well as the demand for safety products in medical technology, which is hovering at a high level. The EU directive 2010/32/EU taking effect is a critical factor for the latter develop-

ment in particular. The directive helps avoid in-juries from sharp or pointy instruments through-out the healthcare sector. All EU member states were given until May 2013 to implement the di-rective into their national worker protection regu-lations. In order to meet the higher demand that this will produce in the future, new production equipment was installed in Rainbach, Austria and the existing equipment was optimized. The market environment in the field of bioscience is getting tougher given that the distribution of research grants is becoming more restrictive. Greiner has countered this trend by developing new products and continuing to specialize in

High-quality laboratory products such as Multiwell plates, cell culture bottles and pipettes by Greiner Bio-One were used in the production of the first stem cell burger.

Higher demand as a result of the EU directive



niches. Greiner Bio-One’s considerable exper-tise in the high-end segment is being sought after by customers on a growing scale. The de-cades of experience and high level of technol-ogy have translated into new orders from OEM (original equipment manufacturer) customers. One example here is an order from Siemens for the production of a rotor. The OEM business has become an important factor in the further devel-opment of GBO. This is where the company’s full degree of expertise shows through. Its abil-ity to compete is demonstrated by the satisfied customers. In the 2013 financial year, Greiner Bio-One invested approximately EUR 15 million (previous year: EUR 33 million) and employed 1,728 people at 23 locations in Europe, North and South America and Asia.

Diagnostics another business segmentThe market for diagnostics has become increas-ingly more significant in the last few years. Grein-er Bio-One has operated successfully in this field for many years now. Given the stronger de-mand and the potential it sees in this segment, its own business unit of Greiner Bio-One Diag-nostics, headquartered in Rainbach, has been formed. Up to now, Diagnostics was a unit of Greiner Bio-One BioScience in Frickenhausen; the operating site in Rainbach is the compe-tence center. With Diagnostics, Greiner Bio-One serves customers of both Greiner Bio-One Pre-

analytics - for example hospitals - and Greiner Bio-One BioScience, such as the pharmaceu-tical industry and major diagnostic laboratories. More emphasis will be placed on the further de-velopment of (rapid) tests in this segment in the future. The technology gives Greiner Bio-One’s Diagnostics division the possibility of serving the segment of tests for small and medium capacity (GENSPEED test, random checks). In Diagnos-tics, Greiner Bio-One also develops software for the automated application of tests. Business at Mediscan, where all Greiner Bio-One products are sterilized, performed well in 2013. The busi-ness with third parties also proved very positive.

Focus still on globalizationIn addition to the focus on the development of innovative products, globalization is also a ma-jor component of Greiner Bio-One’s business growth. The largest single market outside of Eu-rope is the US. Greiner Bio-One has been repre-sented in the US since the end of the 1990s with its site in Monroe (North Carolina). Greiner Bio-One North America improved its revenue in the past financial year by three percent year-on-year. This trend can be traced back to the consistent development of the market. The production site in Monroe doubled in size in 2012 in order to ac-commodate the planned development. Products not yet manufactured in Monroe at this time are expected to go into production there in the future.

OEM business an important component for the company’s further development


The 2014 financial year has started off well for Greiner Bio-One. The focus is clearly centered on further growth. This goal will be reached on the one hand through consistent market development and on the other hand as a result of

enhancing existing products and presenting new ones.

Another technology transfer is also in the works.The business development in Brazil was stable. The loss of customers and thus of the revenue they brought in was offset by new customers. With another corresponding development, Grein-er Bio-One will reach its capacity limits in Brazil. The earnings trend was also influenced by the currency fluctuations of the Brazilian real to the euro. The joint venture in India, founded in 2012, underwent a phase of consolidation in 2013, mostly as a result of the introduction of standards and the evaluation of the market and customers. Preparations for future growth were thus made. The joint venture in China also put up a good per-

formance in the past year. In addition to winning over new customers, attention was also turned to the implementation of internal standards such as the introduction of SAP. A production location was set up in Thailand in 2013 to serve the entire Asian market.

Innovative productsGreiner Bio-One introduced a few innovative products to the market again in the 2013 finan-cial year. At the end of the year the company presented the CheckExtractor™ for automated DNA extraction. This was another step in the direction of automated detection of the human



papillomavirus (HPV), which can trigger cervical cancer. The device replaces the process steps of DNA extraction from the patient samples, which were previously carried out manually, and the preparation steps for the subsequent analy-sis using PapilloCheck®. The latter allows a to-tal of 24 virus types to be detected and typed. Greiner Bio-One is currently working on the next generation of GENSPEED readers for the de-tection of Methicillin-resistant Staphylococcus aureus bacteria (MRSA), the world’s most fre-quent cause of nosocomial infections in patients during their stay in a hospital. The work steps in the laboratory are able to be reduced due to the automated pipetting and dosing. With the space-saving Cryo.s™ Biobank tubes, Greiner Bio-One has just come up with an innovative solution for the frozen storage of biological sam-ples in automated storage systems.The EU Cosmetics Directive went into effect in July 2013. Cosmetics tested on animals may no longer be distributed in the EU member states. Greiner Bio-One offers a real alternative to ani-mal testing for the diagnostic and pharmaceuti-

cal industry with ThinCert™ cell culture inserts. Made by Greiner Bio-One, these inserts present an ideal artificial environment for the reconstruc-tion of human skin cells and are best suited for cultivating such cells. High-quality laboratory products such as Multiwell plates, cell culture bottles and pipettes by Greiner Bio-One were used in the production of the first stem cell burg-er. This made Greiner Bio-One a contributor to one of the most revolutionary developments in 2013.

Positive prospects for 2014The 2014 financial year has started off well for Greiner Bio-One. The focus is clearly centered on further growth. This goal will be reached on the one hand through consistent market de-velopment and on the other hand as a result of enhancing existing products and presenting new ones. One of the focal points will be the expansion of Mediscan in Kremsmünster. The planning phase is already under way, while the groundbreaking ceremony is scheduled for the third quarter.

Numerous innova-tions supporting revolutionary develop-ments in medicine


NOTES


SOCIAL AND SUSTAINABILITY REPORT

PERFORMANCE AND RESPONSIBILITY

SOCIAL AND SUSTAINABILITY REPORT 2013



In joining the klima:aktiv pakt2020 Austrian climate protection initiative, Greiner Packaging Austria has positioned itself as a pioneer in

climate-friendly business operation.



Greiner Sets New Standards in Climate Protection

Greiner Packaging Austria (GPA), with its loca-tions in Kremsmünster, Wartberg and Wern- berg, is the largest operating company of Greiner Packaging International (GPI). The company published a manifesto of sustain-ability in 2012, which addresses central topics such as commodities and resources, products and infrastructure. In this manifesto, Greiner Packaging expresses in words what it has al-ready been putting into action for roughly a decade. More than 30 ambitious projects in nearly all areas of technology in the production process, including lighting, have enabled GPA to reduce its annual energy consumption by more than 3,000 megawatt hours (MWh) since 2005. The illuminants in several stages were switched to LED for example. This measure alone can reduce energy consumption for light by up to 70 percent. The installation of heat recovery equipment as well as the optimization of cooling systems and heating circuits have

also made significant contributions to cutting back on energy consumption. When it comes to purchasing a machine, energy consumption plays a key role. When it comes to its products,

Greiner Packaging in Austria was officially named a part of theklima:aktiv pakt2020 initiative in October 2013. The distinction once again underscores the Greiner Group’s commitment to sustainable, environmentally conscious business practices.

Details on the goals of klima:aktiv pakt2020

As pioneers in operational climate protec-tion, the partners of the pact voluntarily commit to working towards the goals set out by the Austrian government by 2020, but in a way that is binding. The obligations, defined in accordance with an internation-al agreement, set the values for reducing greenhouse gas emissions as well as for the proportion of renewable energy sources to be used and for improving energy efficiency:

• Reduction of greenhouse gas emissions by 16 percent

• 20 percent increase in energy efficiency• Renewable energy sources making up

34 percent of all energy consumption• Renewable energy sources making up

ten percent of transport



Greiner Packaging also places the utmost val-ue on using resources efficiently and constantly reducing its environmental impact. Cups made of combinations of cardboard and plastic (K3® cups) and the company’s newest innovation, a cup made entirely of renewable raw materials, are evidence of this commitment.

Largest climate protection networkklima:aktiv pakt2020 is an initiative by the Aus-trian Ministry of Life and is Austria’s biggest climate protection network. Greiner Packaging Austria is one of only twelve companies cho-sen to take part in this pact. In order to meet the goals of klima:aktiv pakt2020 (see info box on page 49), Greiner Packaging must come up

Former environment minister Nikolaus Berlakovich (r.) presents Kenneth Boldog, Head of Divi-sion K, with the certificate of participation in klima:aktiv pakt2020.



with a detailed plan through 2020 and formulate annual intermediate goals, which will be moni-tored to ensure they are met. One of the many benefits here is that the company is already best prepared for the introduction of the European Union’s energy efficiency directives, which are expected to be implemented in summer 2014.

Focus on sustainabilityGreiner Packaging is not the only company tak-ing on a pioneering role when it comes to energy efficiency and sustainability. Greiner Extrusion, a company of Greiner Tool.Tec, has also worked in close cooperation with its customers to de-velop a groundbreaking complete extrusion sys-tem called RED.LINE. The company has once again succeeded in increasing the quality of profile extrusion with the RED.LINE system and, at the same time, making this more econom-ical for the extruder. Compared to its predecessor, the system contains a number of innova-tions that increase the product quality while at the same time reducing waste. With the flow control function, profile sections are slowed down or sped up – vari-ably and precisely, with hot and cold air. The PDC (post dry calibration) tank achieves an improved profile quality and simultaneously scores with shorter cleaning and setup times while minimizing any sources of errors. The

vacuum tank runs quietly and combines high transparency with maximum rupture safety. It reduces water consumption by up to 50 percent and also cuts back energy costs significantly in conjunction with the GESS (Greiner Energy Saving System). Using GESS, more than 80 per cent of energy is saved while halving the noise level. The closed water circuit uses less water and improves performance. A filter system that automatically rewinds ensures the cold water is filtered and the filter is cleaned during ongoing production operation. The control makes it pos-sible to record, monitor and evaluate production data acquisition from a central point. If required, it can be connected to the respective company network. It is operated via a touch screen.

The costs of energy and raw materials have continued to rise in the last few years. The companies in the Greiner Group recognized this trend early on and have developed product solutions that help their customers save on energy and raw material costs.



Greiner Academy: New Direction, New Program

The Greiner Academy has been the Greiner Group’s solution for high-quality professional development for more than ten years. The institution underwent a detailed evaluation in 2013 and was subsequently overhauled. The Academy is now geared even more towards the company’s strategic direction and implements the guiding ideas of diversification, innovation and globalization in terms of both organization and content. In addition, the program has been optimized in coordination with the Management Board and divisional companies with regard to the Group’s thematic needs.



Highly qualified specialists and managers form the basis of the Greiner Group’s existence and are responsible for its success. As an institution within the Group, the Greiner Academy has of-fered employees and managers support in their further development since 2000. Together with its open and esteemed corporate culture, an environment is created in which all employees can optimally develop their abilities and grow in their scope of functions.

Promoting the ability to innovate and compete on a sustainable basisInnovation requires continuous learning and expertise-building. At the same time, every em-ployee bears the potential for creativity, which is waiting to be fostered and applied. Greiner’s goal is to use this treasure buried in the heads of its employees to develop new ideas and op-timize their own products and processes.

Learning from and with one another – across the globeGlobal expertise and intercultural leadership capabilities are critical factors of success for an internationally operating and growing group. Training offerings across segments and coun-tries not only ensure the appropriate technical expertise and knowledge of methods, but also allow people to broaden their cultural horizons.

New programs: Business Basics and Business AdvancedUntil now the Greiner Academy offered two dif-ferent programs for employees and managers: the Basic Business Program and the General Management Program. The former is being re-placed at the new Academy by the offerings ofBusiness Basics and Business Advanced. With these two focal points, the Greiner Academy gives all of its employees the opportunity for



further training in various areas relevant to the company and to prepare for new challenges. The offer includes training sessions for all ar-eas of social, technical and method expertise, which includes among other things the mod-ules of the previous Basic Business Program.The Business Advanced Program entails both the standard modules and regularly alternat-ing supplementary and advanced seminars. Events to address a current key aspect are held using the slogan “One day – one topic”. Anoth-er addition are the special programs aimed at individual support for the target or professional groups regularly identified. These tailor-made offerings round off the Greiner Academy’s pro-gram in the areas of Business Basics and Busi-ness Advanced.

General Management Program for specialists and managers The international General management Pro-gram (GMP) has also undergone an overhaul. It is directed at specialists and managers of the Greiner Group with professional experi-ence, who are gearing up to take on generic

management tasks or have recently assumed this kind of position. The comprehensive pro-gram focuses on building up profound spe-cialized and managerial knowledge as well as on the individual development and support of its participants. The management training across sectors and cultures is supplemented by a sustainable exchange of knowledge and learning through joint project work, develop-ment discussions and coaching. The GMP has been offered since last year in cooperation with the LIMAK Austrian Business School in Linz, Austria. This allows the Greiner Academy to secure its scientific and educational expertise. Internationally renowned lecturers guarantee excellence in professional development.The contents of the General Management Pro-gram are split into two main topics: manage-ment facts (business management, finance, control, etc.) and leadership skills (staff man-agement, communication, conflict manage-ment, change management, etc.). The pro-gram includes 26 training days organized into six blocks for a duration of approximately 18 months. English is the language of instruction.

Global expertise and intercultural leadership capabilities are critical factors of success for an internationally operating and growing group.



Innovative Apprentice Training a Key Component of the Company’s Success

For a manufacturing company like the Grein-er Group, the well-founded development of apprentices in becoming skilled workers is a key factor of success. Apprentices are incor-porated into the internal processes from the start and learn their trade from scratch. Giv-ing them open and even-handed access to topics and assignments has the potential to

enrich the company in many ways. Greiner is currently training 115 apprentices in Austria. More than 25 young people are taken in every autumn. At Greiner’s training workshop “grein-er industrial training (git)” more than ten train-ing series for teaching professions are offered in total. However, the focus is clearly on the occupations of plastics engineer, metal tech-

Dual training at companies and vocational schools has been a model of success at the Greiner Group for decades. This type of training used mainly in the German-speaking region has now been applied in the US for the first time at Greiner Bio-One since summer 2013 with the aim of countering the threat of a shortage of qualified skilled labor.



nician and electrical engineer. Depending on the occupation, the training program takes up to four years.

git training guarantees the highest levelThe “git” training workshop located in Krems-münster, Austria ensures the highest quality of training. Technical training is adapted to meet the company’s requirements, but when it comes

to additional offerings is heavily geared towards the individual needs of the young person. Per-sonality and presentation training, team-building events and seminars on various other current topics make up a key component of the com-prehensive training methodology.The quality of the training is regularly evaluated and ensured with supporting measures. Nu-merous success stories from apprentice com-

The “git” training workshop located in Kremsmünster, Austria ensures the highest quality of training. In addition to the technical training,

individual personality training sessions are also an important part of the comprehensive methodology.



petitions, in which the young people must apply their full theoretical and practical expertise, also demonstrate the outstanding training work done at greiner industrial training. At git, considerable value is also placed on the satisfaction of the pro-gram’s graduates. From the lessons and voca-tional training of skilled workers to employee train-ing, the capabilities of the modern training center range far and wide. Specially trained experts offer instruction in the technical areas of plastics, met-al, electrical systems and production.

Apprentice training in the US under way The Greiner Group would now like to extend the success of the dual training system in Europe to the US. One would be hard-pressed to find a comparable level of training for skilled workers in the US. As is also the case in Europe, a shortage of qualified skilled workers in the United States is becoming more of a challenge for companies. Modern production facilities like that of Greiner Bio-One in Monroe, North Carolina require em-ployees with the right qualifications. The compa-ny also believes that the labor market situation will be increasingly strained by the retirement of baby boomers in the next ten years. GBO Mon-roe is therefore addressing this head-on by es-

tablishing a worker training program using the Austrian model.In doing so, the company is relying on the exper-tise of the Greiner training workshop as well as on the positive experience of the Austrian com-pany Blum, which had started a similar training program in North Carolina back in 1995.

8,000 hours of training in four years The program is spread out over four years, in which a total of 8,000 hours must be complet-ed. The training program has been certified by the North Carolina Department of Labor (NC-DOL). The South Piedmont Community College (SPCC) in Monroe acts as a program partner for the schooling part of the training. The apprentic-es receive an associate degree upon successful completion.

Starting with two apprenticesThe apprentice training in Monroe officially got under way on 15 August 2013 with two appren-tices and one instructor. The program has been very well received. A number of employees have already expressed interest in joining in on the dual training. The plan is to bring in one or two apprentices every year.



Fully Committed to Worker Safety and Health

The 2013 – 2017 Worker Protection Strategy has set the goal of meeting the legal require-ments on the one hand and of aligning business interests with the interests of employees on the other hand. The center of attention here is the considerable potential for savings (for example through fewer absences and through synergy effects) as well as the creation and maintenance of safe and healthy workplaces in the sense of securing employees’ physical, psychological and social well-being.

Safety and health as a management conceptOne major requirement for meeting the goals is the management’s commitment to protecting employees and maintaining health within the Greiner Group. Safety and health are considered to be managerial responsibilities. These should be carried out for example in the staff functions for worker and environmental protection. How-ever, the employees should also take it upon themselves and should be motivated to create a new culture in which errors are dealt with (for

example reporting of dangerous situations). The establishment of information platforms is intended to allow for a direct, uncomplicated exchange of topics addressing health issues. In connection with this, training and awareness measures for employees are to be stepped up, especially for trainees, instructors and prospec-tive managers.

Defining of a standardfor the entire Greiner GroupOnce the rules and agreements within the di-visions are drawn up and defined, all activities of the individual divisions are to be incorporat-ed into a safety and health protection program spanning the entire Greiner Group. These mea-sures should be accompanied by the develop-ment of preventive figures, making it possible to measure and thus implement preemptive mea-sures. The findings from this are to be published in an annual safety and health protection report. The preparation of a binding handbook rounds off the measures of the 2013 – 2017 Worker Protection Strategy at the Greiner Group.

Safety and health in the workplace are a central topic at the moment. From the perspective of the employee, personal well-being is the primary focus. In business and economic terms, costs resulting from missed work due to accidents and illness come at an enormous financial expense. Employees and employers alike must therefore take an interest in ensuring that the workplace is both safe and healthy. Greiner is also committed to this issue with its new Worker Protection Strategy.

100%

50%

9

0%

Greiner Real Estate GmbHAustria 100 %

greiner packaging slusovice s.r.o.Czech Republic 100 %

Greiner Packaging GmbHAustria 100 %

greiner packaging s.r.o.Czech Republic 40.09 %

GREINER PACKAGING Sp. z o.o.Poland 37.7 %

Greiner Packaging LimitedUK 50 %

Greiner Packaging Kft.Hungary 56.05%

Greiner Packaging S.R.LRomania 100 %

OOO Greiner PackagingRussia 51 %

TOV Greiner PackagingUkraine 100 %

Greiner Real Estate Vermietung St. Gallen GmbH Austria 0.8 %

Greiner Assistec GmbHAustria 100 %

greiner assistec s.r.o.Czech Republic 10 %

greiner packaging holding agSwitzerland 100 %

Mould & Matic Solutions GmbHAustria 50 %

AS Greiner PackagingEstonia 100 %

Greiner Assistec S.R.L.Romania 100 %

Greiner Packaging d.o.o.Serbia 100 %

greiner packaging agSwitzerland 100 %

greiner packaging S.A.S.France 100 %

Mould & Matic Solutions s.r.o.Czech Republic 100 %

Rundpack AGSwitzerland 100 %

Greiner Packaging GmbHGermany 100 %

Greiner Packaging Distribution SARLFrance 100 %

Watertek A.S. Turkey (in liquidation) 50 %

Greiner Packaging B.V.The Netherlands 100 %

Greiner Real Estate s.r.o.Czech Republic 100 %

Greiner Real Estate Sp. z o.o.Poland 100 %

Greiner Real Estate VermietungSt. Gallen GmbH · Austria 99.2 %

SCI Greiner Real EstateFrance 100 %

GPFGreiner Perfoam GmbHAustria 100 %

Greiner Perfoam spol. s r.o.Czech Republic 100 %

Greiner Perfoam GmbHGermany 100 %


Greiner Perfoam Automotive Interior SystemsShenyang Co., Ltd. · China 100 %

GPIGreiner Packaging International GmbHAustria 100 %

GREINER GMBH Germany

GHOGreiner Holding AG Austria

GREINER K.G. Austria

OOO Weidenhammer PackagingRussia 50 %

OOO Greiner Real EstateRussia 100 %

59.91%

62.3%

4

3.95

%

Cardbox Packaging Slusovice s.r.o.Czech Republic 49 %

THRACE GREINER PACKAGING S.R.L.Romania 50 %

TOV Greiner Real EstateUkraine 100%

Greiner Assistec, S. A. de C. V.Mexico 100 %

Greiner Assistec Sourcing Services SCMexico (in liquidation) 100%

Calix d.o.o. Croatia (in liquidation) 70 %

Greiner i JP Packaging d.o.o.Serbia 51 %

Greiner Packaging d.o.o.Slovenia 51.84 %

Greiner Packaging Corp.USA 100%

Greiner Packaging Vertriebs GmbHGermany 100%

Under the management of GFI since September 1, 2013, under GTI in accordance with company law.

GFIGreiner Foam International GmbHAustria 100 %

EUROFOAM Bohemia s.r.o.Czech Republic 100 %

EUROFOAM Polska Sp. z o.o.Poland 100 %

Eurofoam GmbHAustria 50 %

EUROFOAM Hungary Kft.Hungary 100 %

EUROFOAM B.V.The Netherlands 100 %

BPP spol. s.r.o.Czech Republic 51.37 %

SINFO spol. s.r.o.Czech Republic 51 %

EUROFOAM TP spol. s.r.o.Czech Republic 80 %

Poly spol. s.r.o.Slovakia 100 %

Eurofoam BG oodBulgaria 100 %

Porolon TzOVUkraine 95 %

S.C. EUROFOAM S.R.L.Romania 100 %

S.C. EUROFOAM S.R.L.Romania 100 %

S.C. FLEXI MOB TRADING S.R.L.Romania 50 %

Caria Sp. z o.o.Poland 51 %

EUROFOAM Sunderi d.o.o.Serbia 100 %

PPHiU „Kerko“ Sp. z o.o.Poland 51.72 %

UAB LITFOAMLithuania 60 %

„EUROFOAM-KALININGRAD“ LLC Russia 100 %

KFM-Schaumstoff GmbHGermany 100 %

Eurofoam Industry s.r.o.Czech Republic 100 %

EUROFOAM Deutschland GmbH SchaumstoffeGermany 100%

Greiner MULTIfoam GmbHAustria 100%

Greiner Foam South Africa (Pty) Ltd.South Africa 100%

Greiner MULTIfoam Sp. z o.o.Poland 100 %

Unifoam (Pty) Ltd.South Africa 50 %

GuKo Tech GmbHGermany 100 %

Parabel J.V.Belarus (in liquidation) 58 %

Greiner PURtec CZ spol. s.r.o.Czech Republic 100 %

Greiner PURtec GmbHGermany 100 %

Greiner Purtec GmbHAustria 100 %

Greiner aerospace CZ spol. s.r.o.Czech Republic 100%

Greiner aerospace Inc.USA 100 %

Greiner Aerospace (Shanghai) Co., Ltd.China 100 %

Greiner aerospace GmbHAustria 100 % *

*

Greiner Real Estate GmbHAustria 100 %

Greiner Group Services s.r.o.Czech Republic 100 %

Greiner Bio-One Hungary Kft.Hungary 100 %

Greiner Bio-One North America, Inc.USA 100 %

Greiner Bio-One North America Sales Corp.USA 100 %

Greiner Bio-One France S.A.S.France 100 %

Greiner Bio-One Brasil Produtos Medicos Hospi-talares Ltda. · Brazil 100 %

Greiner Bio-One VACUETTE Schweiz GmbHSwitzerland 100 %

Greiner Bio-One Brasil Service Tech Sistemas, Produ-tos E Servicos para saude Ltda. · Brazil 100 %

Greiner Bio-One (Thailand) Ltd.Thailand 100 %

Greiner Bio-One Ltd. UK 100 %

Greiner Bio-One Co. Ltd.Japan 98.33 %

Greiner Bio-One B.V.The Netherlands 100 %

LAMBDA Labor für molekularbiologische DNA-Analsysen GmbH · Austria 100 %

Greiner Real Estate s.r.o.Czech Republic 100 %

Greiner Real Estate Sp. z o.o.Poland 100 %

Greiner Real Estate VermietungSt. Gallen GmbH · Austria 99.2 %

SCI Greiner Real EstateFrance 100 %

GPFGreiner Perfoam GmbHAustria 100 %

Greiner Perfoam spol. s r.o.Czech Republic 100 %



Greiner Perfoam Automotive Interior SystemsShenyang Co., Ltd. · China 100 %

Greiner Bio-One GmbHAustria 100 %

Greiner Bio-One GmbHGermany 100 %

Mediscan GmbHAustria 100%

Greiner Bio-One BVBABelgium 100 %

Date: 12/31/2013

GHOGreiner Holding AG Austria

GBOGreiner Bio-One International AG Austria

OOO Greiner Real EstateRussia 100 %

11.16 %

Greiner Bio-One Suns Co., Ltd.China 51 %

Greiner Bio-One India Private LimitedIndia 51 %

Mediscan GmbH & Co. KGAustria 100%

2

8%

10%

GTTGreiner Tool.Tec GmbHAustria 100 %

Greiner Extrusion GmbHAustria 100 %

GPN GmbHAustria 100 %

GPN Lichtenau GmbH Germany (in liquidation) 100 %

Greiner Extrusion US, Inc. USA 100 %

Greiner Extrusion Technology [Shanghai] Co., Ltd.China 100 %

Greiner Tech.Profile GmbHAustria 100 %

GPN strojirna s.r.o.Czech Republic 90 %

OOO Gruber & Co Extrusion TechnologyRussia (in liquidation) 100 %

France Filières Plastiques S.A.S.France 90 %

Solufip S.A.S.France 24 %

Automated EDM, Inc.USA 100 %

vendor finance GmbHAustria 49 %

Greiner Technology & Innovation GmbHAustria 100 %

SOLution Italia SrlItaly (in liquidation) 100 %

Sun Master Energy Systems Inc.USA (in liquidation) 100 %

Greiner Renewable Energy GmbHAustria 100 %

XOLAR GmbH Germany (in liquidation) 100 %

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Owner, editor and publisher:Greiner Holding AGGreinerstraße 70, 4550 Kremsmünster, AustriaConcept, layout, editing: Group Communications Image material: Greiner Group, iStockphoto.com, Jürgen Lippert, Michael Mayr, Tom Mesic, Singapore Airlines, Weinfranz Phone +43 75 83/72 51-60 301Fax +43 75 83/63 [email protected]

Note: The commercial rounding of numbers may lead to slight calculation differences. The actual development of future-related statements may deviate from the expectations they present.

Greiner GroupGreinerstraße 70

4550 Kremsmünster, AustriaPhone +43 75 83/72 51-60 301

Fax +43 75 83/63 [email protected]

www.greiner.atVisit us at www.facebook.com/greiner.group

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