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Annual Report 2011

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Annual Report 2011 ANNUAL REPORT 2 011 ONE IS MORE CARGOTEC ANNUAL REPORT 2011 In this report At a glance 1 CEO’s message 7 Cargotec in brief 3 Highlights 14 Strategy Business 20 Business review 2011 57 Sustainability 34 Customers 77 Research and development 44 People Governance 79 Corporate governance statement 116 Risk management 111 Remuneration statement Financials 123 Board of Directors’ report 189 (25.) Non-current assets held for sale 133 Consolidated financial statements (IFRS) 190 (26.) Equity 134 Consolidated statement of income and 191 (27.) Share-based payments consolidated statement of comprehensive income 193 (28.) Interest-bearing liabilities 135 Consolidated statement of financial position 195 (29.) Employee benefits 137 Consolidated statement of changes in equity 197 (30.) Provisions 138 Consolidated statement of cash flows 198 (31.) Accounts payable and other 139 Notes to the consolidated financial statements non-interest-bearing liabilities 140 (1.) Accounting principles for the consolidated 199 (32.) Commitments financial statements 200 (33.) Derivatives 149 (2.) Management estimates 201 (34.) Group as lessor 151 (3.) Financial risk management 202 (35.) Related-party transactions 156 (4.) Segment information 204 (36.) Subsidiaries 161 (5.) Acquisitions and disposals 207 Financial statements of the parent company (FAS) 164 (6.) Long-term construction contracts 208 Parent company income statement 165 (7.) Other operating income and expenses 209 Parent company balance sheet 166 (8.) Restructuring costs 210 Parent company cash flow statement 167 (9.) Personnel expenses 211 Notes to the parent company financial statements 168 (10.) Depreciation, amortisation and impairment 212 (1.) Accounting principles charges 214 (2.–6.) Notes to the income statement 169 (11.) Financing income and expenses 216 (7.–8.) Intangible and tangible assets 170 (12.) Income taxes 217 (9.) Investments 171 (13.) Earnings per share 218 (10.–11.) Receivables 172 (14.) Goodwill 219 (12.) Equity 174 (15.) Other intangible assets 220 (13.–15.) Liabilities and commitments 176 (16.) Property, plant and equipment 222 (16.) Derivatives 179 (17.) Investments in associated companies 223 Key figures 180 (18.) Investments in joint ventures 224 Key financial figures 181 (19.) Non-current available-for-sale investments 225 Share-related figures 182 (20.) Deferred tax assets and liabilities 226 Calculation of key figures 184 (21.) Inventories 227 Shares and shareholders 185 (22.) Financial instruments by category 236 Signatures for Board of Directors’ report and 187 (23.) Accounts receivable and other non-interest- financial statements bearing receivables 237 Auditor’s report 188 (24.) Cash and cash equivalents For investors 239 Investor information 241 Stock Exchange releases 2011 243 Analysts 244 AGM 2012 CARGOTEC ANNUAL REPORT 2011 Driving performance and delivering value for customers Dear reader, For Cargotec, 2011 was a year of improved performance and agile adaptation to the ever changing market. Our refined strategy proved itself worthy in action – we secured a firm position as a leading solution provider and delivered the financial results we forecasted. Perhaps most importantly, we achieved our goal of growing faster than the market average. A great deal of uncertainty marked 2011 for sad and unfortunate reasons, such as natural disasters in Asia and the euro crisis. Outlooks were mixed and forecasts at times difficult to make. Yet in retrospect, business was fairly good in 2011. The global markets did better than many imagined. Dynamic decision making and substantial orders marked customer relations and many markets showed a healthy hunger for growth. Our global markets As a global business with a strong local presence, the world presents us with diverse opportunities. In 2011, South East Asia was once again an important market for Cargotec with the smaller economies growing in tow of the ever strong China, whose positive ripple effects landed as far as the shores of Australia. Europe followed a clear pattern; the further south the market, the more challenging the business environment. Northern and Central Europe remained strong markets for Cargotec. The markets in the Middle East were also good for us, although there too we have business areas with much room for growth. A number of important deals were made in South America, including, for example, Venezuela and Mexico, and business potential in this market is still increasing. The North American markets have seen better years, but there too the market is looking healthier than many would expect. Notable deals include signing an agreement for Cargotec to deliver ten state-of-the-art Kalmar automatic stacking cranes and a customer-specific automatic horizontal transport system to TraPac, Inc. in Los Angeles, USA. Some positive trends drive our business around the world. Economic growth or decline, the number of containers is going up. This is due to many reasons, with safety, cost efficiency and green values as evident drivers of the container trend. To Cargotec, increasing container numbers are good news: ultimately this trend translates into larger ships, larger ports and terminals, and larger cranes. Creating value for our customers For us, 2011 was the year of the customer. It was a year of making every effort to work hand in hand with our customers and deliver the solutions they seek. Finding out how we can create value for our customers is the core of our operations as a solution provider. We took many steps to enhance our ability to create value. Acquiring Navis at the beginning of 2011 enabled the development of automation in ports, and the London Gateway deal is a concrete stepping stone on our route to becoming the world's leading solutions provider. Also, our joint venture with Jiangsu Rainbow Heavy Industries, the competence centres we set up in Singapore and Tampere, our Port 2060 initiative through which we are envisioning the port of the future – all these actions were motivated by our aspiration to create unparalleled value for our customers. Put together, they give a clear message: we aim to change the market. New operating model from 2012 From the beginning of 2012, Cargotec has implemented a new operating model. Our operations are now divided into four business areas: Marine, Terminals, Load Handling and Services. The prospects for all four are good, although their starting points are substantially different. 1 This page is generated from Cargotec's online annual report 2011. You can find the complete report at www.cargotec.com/annualreport CARGOTEC ANNUAL REPORT 2011 In 2011, Marine continued to be strong. These very good results have largely been due to merchant shipping, but in the upcoming years offshore will also enjoy better prospects than it has had in a long time. Terminals is heading in the right direction. Automation projects and our solution-driven business approach, together with product sales, have benefitted this business area. We have done a lot to develop our terminals business, and it has paid off. Load Handling is facing a year of many changes due to reorganising and development activities and, as a new business area, will be well equipped for improved performance. Load Handling has set a long-term goal of achieving a leading position globally in truck-mounted equipment. We are expecting urbanisation to act as a strong market driver for this area in the coming years. Just as for Marine, Terminals and Services, the key to growth lies in deep customer knowledge. Services was in a good position to compete. Given the nature of this line of business, we acknowledge that larger scale growth will take time. During 2012, we intend to complete the creation of our unified Services organisation and to continue developing a global network of high quality on-call and contract services that support our customers’ operations. As Cargotec realises its new operating model, the company continues to support the ten principles of the UN Global Compact. This initiative asks companies to embrace, support and enact, within their sphere of influence, a set of internationally defined core values in the areas of human rights, labour standards, the environment, and anti- corruption. Prepared for tomorrow At Cargotec, we envision a future where true partnerships are at the heart of customer relations. Our customers, both in the shipbuilding and terminal businesses, have already experienced a notable trend towards consolidation. They want a strong relationship from a provider that matches them in size and geographic presence. A partner who wishes to build the future together with them – a partner who knows what ships, ports, cranes and trucks will look like 30 years into the future and beyond. Yet most of all, big or small, our customers want a partner who listens to their wishes, so that they can make future dreams a reality. Providing sustainable solutions is for Cargotec the most efficient way to support a more sustainable future. Our customers are gradually facing the depletion of critical raw material resources to society, such as oil and metals. As the move to new energy sources continues, demand for electric and automation technology becomes higher. Cargotec is prepared to support its customers in this change. Strong global growth is what everyone is hoping for. To Cargotec, 2012 looks positive whichever way the markets turn. We have transformed our business to reach our vision. Our refined strategy is built upon the notion of agility and staying in tune with our customers. Come what may, we are prepared to grow faster than the market. Cargotec has worked hard to become the company we aspire to be. We have built a unified organisation, complete with shared processes around the globe. This task has been far from easy for our employees, but the outcome is deserving of praise. 2011 demonstrated beyond doubt that One is More. I wish to thank our personnel for a good year. I would like to finish by thanking our customers and business partners for their trust and support.
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