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View Annual Report REPORT ANNUAL Konecranes Annual report 2010 www.konecranes.com lifting Businesses™ Corporate Headquarters Konecranes Plc P.O. Box 661 (Koneenkatu 8) FI-05801 Hyvinkää, Finland Tel +358 20 427 11 Fax +358 20 427 2099 Konecranes is an industry shaping, global group of dynamic Lifting Businesses™. Global Business Area Headquarters We have a strong commitment to provide our customers with products Service Equipment Konecranes Service Corporation Konecranes Finland Corporation and services of unrivalled quality, safety and reliability, which results in P.O. Box 135 (Koneenkatu 8) P.O. Box 662 (Koneenkatu 8) improved efficiency and performance of our customers’ businesses. FI-05801 Hyvinkää, Finland FI-05801 Hyvinkää, Finland Tel +358 20 427 11 Tel +358 20 427 11 Fax +358 20 427 4099 Fax +358 20 427 3009 Through applying both our unique knowledge and technology, and responsive service attitude of never letting the customer down, we are able to develop innovative and integrated lifting solutions that our Regional Headquarters customers can trust. Americas Nordic, Eastern Europe and India Konecranes, Inc. Konecranes Region NEI These solutions help increase customers’ productivity and profitability, 4401 Gateway Blvd. P.O. Box 662 (Koneenkatu 8) Springfield, OH 45502, USA FI-05801 Hyvinkää, Finland thus showing that we are not just lifting things, but entire businesses. Tel +1 937 525 5533 Tel +358 20 427 11 Fax +1 937 325 8945 Fax +358 20 427 3009 Western Europe, Middle East and Africa Asia-Pacific Konecranes Region WEMEA Konecranes (Shanghai) Co., Ltd. P.O. Box 662 (Koneenkatu 8) No. 789 Suide Road FI-05801 Hyvinkää, Finland Putuo District Tel +358 20 427 11 Shanghai, 200331, China Fax +358 20 427 2299 Tel +86 21 6662 9999 Fax +86 21 6363 6145 Corporate responsibility For corporate responsibility matters please contact [email protected] This publication is for general informational purposes only. Konecranes reserves the right at any time, without notice, to alter or discontinue the products and/or specifications referenced herein.T his publication creates no warranty on the part of Konecranes, express or implied, including but not limited to any implied warranty or merchantability or fitness for a particular purpose. © 2011 Konecranes. All rights reserved. 1 CONTENTS 2 Konecranes in a snapshot 26 Corporate responsibility 4 2010 highlights 32 GRI 6 CEO’s review 34 Corporate governance Risk management, internal control, and Chairman’s letter 8 44 internal auditing 10 Company cornerstones 50 Group Executive Board 11 Strategy 52 Extended Management Team 12 Business environment 54 Board of Directors 14 Business area Service 57 Financial statement 2010 16 Business area Equipment 122 Investor information 18 Regional overview 125 Shares and shareholders 22 Research and development 127 Information to shareholders 24 Product overview 129 Contact details KONECRANES 2010 2 Konecranes in a snapshot KONECRANES IN A SNAPSHOT Konecranes is a world-leading manufacturer of lifting equipment, serving manufac- turing and process industries, shipyards, ports and power plants, including nuclear plants, with productivity-enhancing lifting solutions and services. Our extensive resources, technologies, and proactive mindset ensure that we always deliver on our customer promise: Lifting Businesses™. MARKET INDUSTRY SALES OF 10,042 LEADING EUR EMPLOYEES LEADER TECHNOLOGY AND IN INDUSTRIAL GLOBAL MODULAR 1,546.3 CRANES AND PRODUCT PLATFORMS CRANE SERVICE MILLION IN 2010 PRODUCTION SALES AND SERVICE HEAD OFFICE IN LISTED ON FACILITIES IN LOCATIONS IN FINLAND THE 12 46 NASDAQ COUNTRIES COUNTRIES OMX HELSINKI 57% 43% 52% 48% 46% 54% SALES EBIT PERSONNEL BY BUSINESS AREA 2010 BY BUSINESS AREA 2010* BY BUSINESS AREA 2010 Service MEUR 707.8 Service MEUR 62.5 Service 5,397 Equipment MEUR 948.6 Equipment MEUR 67.4 Equipment 4,600 *Excluding restructuring costs Group staff 45 KONECRANES 2010 Konecranes in a snapshot 3 Business Areas Service Equipment Business Area Service offers service and maintenance so- Business Area Equipment offers components, cranes, and lutions for all brands of industrial cranes, port equipment, material handling solutions for a wide range of industries, and machine tools. Konecranes has 578 service locations including process industries, the nuclear sector, industries in 46 countries. handling heavy loads, ports, intermodal terminals, ship- yards, and bulk material terminals. Products are marketed Products through a multi-brand portfolio that includes the Konecranes Konecranes offers ve different service levels covering the corporate brand and the STAHL CraneSystems, SWF, Ver- following service products: inspections, preventive mainte- linde, R&M, and Sanma power brands. Konecranes-branded nance programs, repairs and improvements, on-call service, products are sold directly to end-users, while power brand spare parts, modernizations, and special services such as products are sold to independent crane builders and dis- operational service, remote services, and consultation. tributors. Market position Products The clear market leader in crane service, with the world’s Industrial cranes, including standard-duty cranes, heavy-duty most extensive crane service network. One of the largest cranes, and workstation lifting systems such as load mani- international providers of machine tool service in the engi- pulators; components including wire rope hoists, crane kits, neering industry. electric chain hoists, manual hoists and accessories; nuc- lear cranes; port cranes; lift trucks and shipyard cranes. Service contract base More than 375,000 units are covered by Konecranes main- Market position tenance contracts, of which approximately 25 percent are The world’s largest supplier of industrial cranes. A world- manufactured by Konecranes. wide leader in explosion-protected crane technology. A global leader in electrical overhead traveling cranes for process industries and shipyard gantry cranes. A global supplier of cranes and lift trucks for container handling and heavy unitized cargo and bulk material unloading. Annual production Tens of thousands of cranes, wire rope hoists, and electric chain hoists, and hundreds of heavy-duty cranes, hoisting trolleys, and heavy-duty lift trucks. KONECRANES 2010 4 2010 Highlights 2010 HIGHLIGHTS Satisfactory pro tability despite lower net sales Major growth investments • Demand for maintenance services was strong through- • Konecranes further strengthened its position in the out the year due to higher capacity utilization within world’s growing emerging markets, both organically and customer industries. Demand for new equipment was through bolt-on acquisitions. low in the rst half of the year, but recovered towards • Konecranes acquired nine companies during 2010. the end of 2010. Geographically, demand improved In addition, Konecranes announced the acquisition of in emerging markets in particular, while demand for Indian-based WMI Cranes Ltd., which is one of India’s new equipment in developed markets suffered from leading manufacturers of heavy-duty cranes. customers’ overcapacity. Order intake totaled EUR • Konecranes acquired two crane service companies: 1,536.0 million, an increase of 13.9 percent compared one in France and one in Morocco. to 2009. • The Machine Tool Service (MTS) business was expand- • 40 percent of new orders came from emerging markets. ed with six acquisitions, two in Denmark, two in the UK, • Konecranes’ order book as of the end of the year stood and two in the US. at EUR 756.2 million. • Konecranes and the Japanese hoist, crane, and mate- • Net sales decreased by 7.5 percent compared to 2009 rial handling equipment company, Kito Corporation, en- and totaled EUR 1,546.3 million. tered into a strategic alliance. Under this, Konecranes • Operating pro t before restructuring costs was EUR will sell Kito manual products and Kito will sell wire 115.1 million, 3.2 percent below the 2009 gure. Oper- rope hoists made by Konecranes. To reinforce the al- ating margin before restructuring costs was 7.4 percent liance, Konecranes purchased 22.0 percent of Kito’s of sales. share capital and now has 24.4 percent of the com- • Operating pro t including restructuring costs was EUR pany’s voting rights. 112.4 million, 14.8 percent above the 2009 gure. • Personnel numbered 10,042 as of the end of 2010, an Operating margin including restructuring costs was 7.3 increase of 260, primarily the result of acquisitions. percent of sales. • R&D investments were 1.4 percent of net sales (2009: • Procurement cost savings and production capacity 1.3 percent) adjustments contributed to pro tability performance. • The SMARTON® heavy industrial crane was launched in January 2010 and orders developed successfully dur- Performance by Business Area ing the year. • Konecranes changed its organizational structure as of • The Konecranes automation and software develop- the beginning of 2010, merging Standard Lifting and ment unit was founded to better utilize the scale of Heavy Lifting into one business area: Equipment. Exter- Konecranes’ business and further develop software nal segment reporting was also changed to match the products for all business lines. Group’s operational structure. • Development continued in remote services to fully • Net sales in the Service business area were 6.1 per- support Konecranes’ advanced maintenance concept cent higher than in 2009, at EUR 707.8 million. Operat- globally. ing pro t was EUR 62.5 million, or 8.8 percent of net sales. • Net sales in the Equipment
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