DOCSLIB.ORG

Investor Handbook April 2012 Investor Handbook April 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investor Handbook April 2012 Investor Handbook April 2012 Investor Handbook April 2012 Investor Handbook April 2012 Disclaimer This Investor’s Handbook is issued by the management of Kardex AG. It is being made available to current Kardex AG shareholders as well as persons who are evaluating the possibility to enter into a shareholder relationship with Kardex AG and thus making their own opinions on the transaction, for which they ultimately hold full responsibility. This document is for information purposes only and does not constitute or form part of, and should not be construed as an offer or invitation to subscribe or purchase any securities of Kardex AG in the Switzerland or in any other jurisdiction. It should, therefore, not form the basis of any investment decision for shares of Kardex AG. This document contains forward-looking statements. These statements are based on information currently available to our management as well as on management‘s current assumptions and forecasts. Various known and unknown risks, uncertainties and other factors could lead to material differences between our actual and future results, financial situation, development or performance and the estimates given in this document. Kardex AG does not assume any liability to update forward-looking statements or other information in this document or to confirm such forward-looking statements or other information to future events or developments. This document does not purport to be inclusive or to contain all the information, which a prospective investor would require. Neither Kardex AG nor any of their officers, directors, employees or agents may guarantee the accuracy or completeness of this Handbook or any part thereof, and each therefore rejects liability concerning such information. The distribution of this document may be restricted by law. Any persons reading this document should inform themselves of and observe any such restrictions. Kardex AG Gerhard Mahrle, CFO Thurgauerstrasse 40 CH-8050 Zürich Tel. +41 44 386 44 72 www.kardex.com [email protected] Version 2.1, 25 April 2012 2 Investor Handbook April 2012 Table of Contents 8 1 Summary 8 1.1 Kardex in brief 8 1.2 Key trends: Increasing automation – with a strong need for reduction of complexity 9 1.3 Business model and strategy 10 1.4 Strategic drivers for growth and profitability 10 1.5 Overview product and service offering 11 1.6 Differentiating factors 12 2 Key figures and share information 12 2.1 Key figures at a glance 13 2.2 Financial highlights 2011 14 2.3 Consolidated Balance Sheet 15 2.4 Consolidated Income Statement 16 2.5 Information on the Kardex share 18 3 Kardex’s ‘Strategic themes’ and the ‘Equity Story’ 18 3.1 Introduction 18 3.2 Group Mission and Strategy 18 3.3 Key trends: Increasing automation – with a strong need for reduction of complexity 19 3.4 An attractive market with long-term potential 20 3.5 Kardex’s three entrepreneurial managed divisions well positioned 20 3.6 Unique existing customer base is a key asset 20 3.7 Six-pillar strategy to exploit growth opportunities 21 3.8 The turnover mix of the divisions will change 22 3.9 Financial Targets (over the cycle) 23 4 Industry Outlook 23 4.1 Material Handling Equipment Manufacturing (MHEM)- Industry 24 4.2 MHEM market fundamentals 24 4.2.1 Sound global demand 26 4.2.2 Increasing role of Asian players 26 4.2.3 Rising warehouse capacity 27 4.2.4 Cyclicality of the MHEM industry 28 4.2.5 Steel price remains volatile 29 4.3 Emerging trends 29 4.3.1 Improvement in efficiency needed due to surging costs 29 4.3.2 New projects, refurbishment and modernization of warehouses 30 4.3.3 Increasing use of automation 32 4.3.4 Specific stand-alone sub-systems getting more important 32 4.3.5 After-sales service and support 33 4.3.6 Technology and product development 4 34 5 Company descriptionand Management 34 5.1 Kardex in brief 35 5.2 Historical evolution 35 5.3 Group structure 36 5.4 Positioning 36 5.5 Business model and strategy 37 5.6 The three Divisions 37 5.6.1 Kardex Remstar 41 5.6.2 Kardex Stow 45 5.6.3 Kardex Mlog 48 5.7 Board of directors 50 5.8 Executive Committee 52 5.9 Capital structure 54 6 Peer Analysis 54 6.1 Competition prevails mostly on division level 55 6.2 Peer Profiles 55 6.2.1 BITO-Lagertechnik Bittmann GmbH 55 6.2.2 Constructor Dexion 55 6.2.3 Daifuku Co Ltd 55 6.2.4 Dematic AG 55 6.2.5 Feralco 56 6.2.6 Handler A/S 56 6.2.7 Hänel GmbH & Co. KG 56 6.2.8 HK Systems, Inc. 56 6.2.9 Jungheinrich AG 56 6.2.10 Knapp Logistics 56 6.2.11 LTW Intralogistics GmbH 57 6.2.12 Mecalux 57 6.2.13 Modula 57 6.2.14 Nedcon 57 6.2.15 SencorpWhite 57 6.2.16 SSI Schäfer 58 6.2.17 Stöcklin Logistik AG 58 6.2.18 Swisslog AG 58 6.2.19 TGW Systems Integration 58 6.2.20 Viastore Systems Inc 58 6.2.21 Zecchetti srl 59 7 Risk analysis 61 8 Scot analysis 5 Investor Handbook April 2012 Table of Figures 9 Figure 1: Kardex Business model 19 Figure 2: The accessable markets and its dynamics 22 Figure 3: Turnover mix divisions 2011–2014E 24 Figure 4: Regional MHEM markets 24 Figure 5: Composition of Material Handling Equipment market in Europe (2009–10) 26 Figure 6: Exports of material handling equipment 27 Figure 7: Warehousing capacity additions across Europe over next 5 years 28 Figure 8: Material handling equipment manufacturers forecast 28 Figure 9: Development of the steel price (2005–2011) 29 Figure 10: European Warehousing Rental Index 30 Figure 11: Willingness to upgrade warehouse systems through organic improvements (like better equipment) 31 Figure 12: Performance of market for S/R and loading machines 31 Figure 13: Automation scope is high given the low level of existing automation 32 Figure 14: Contribution of revenues from after-sales services to the total revenues 34 Figure 15: Production plants 35 Figure 16: Group structure 40 Figure 17: Kardex Remstar: Sales and Service Network 43 Figure 18: Kardex Stow: Sales Network Europe 43 Figure 19: Kardex Stow: Sales Network Asia-Pacific 6 7 Investor Handbook April 2012 1 Summary 1.1 Kardex in brief Kardex is a leading provider of automated and static storage, retrieval and materials handling systems. With three entrepreneurial managed divisions, two of them with a global footprint, the Group developed from a product and sub-system supplier into a global acting industry partner with an attractive product, service and software offering under the Kardex brand name. Kardex is well positioned to grow in a market with strong fundamentals and as such will be able to achieve attractive financial returns. With over 100’000 installed Kardex Remstar machines, 800 Kardex Mlog warehouses and more than 2’000 stacker cranes the Group has a broad existing customer base that needs ongoing after-sales services. This helps to reduce the cyclicality of the business. With five production sites, service centers in all important markets and a workforce of more than 2'100 employees around the globe Kardex can rely on a globalized production and service system which reduces risk and currency exposure and can serve its customers around the clockas well. Kardex is listed on the SIX Swiss Exchange since 1987. 1.2 Key trends: Increasing automation – with a strong need for reduction of complexity Storage and product handling is a key cost and efficiency factor, not only in traditional production and distribution facilities but increasingly also for service providers and in new (e.g. internet-based) business models. Many of them have to invest in modernizing their storage and warehouse facilities in the coming years. Costs can be reduced by further automation of such facilities in order to save space and, increase the availability of the stored goods. Further key functions to operate a warehouse more efficiently are increasing the picking and commissioning speed of the goods as well as overall access time to the goods. Companies with a manufacturing basis in high cost countries in Central Europe were the main drivers of the automation trend. The rest of Europe, North America and increasingly also Asia/Pacific and South America are following this trend. However, even in Central Europa only 30% of all distribution centres and warehouses have been automated so far, the global average is at only about 10%. A second, newer trend follows the crucial requirements for effective logistics: companies have “to deliver in full and on time”. But in the same time they have to cope with increased diversification and complexity: in distribution centres more articles in smaller amounts have to be handled faster, in manufacturing sites production is are more and more individualized (e.g. car industry). For logistics this causes high require- ments regarding storing security, flow tracking, transparency and reliability of delivery. In contradiction, the systems have to be easy to operate. This results in a growing demand for lower complex systems, that can be overseen and managed by local, “normal” skilled workforce. 8 1.3 Business model and strategy The Mission of the Kardex Group is to provide solutions and services in order to increase the efficiency in storing and handling of goods and materials on a global scale. Kardex Remstar and Kardex Mlog Divisions are leading providers of solutions and services for automated storage, retrieval and materials handling , whereas Kardex Stow is a leading provider of solutions for static storage and materials handling .
Load more

Recommended publications
  • Annual Report 2011 Norske Skog
    ANNUAL REPORT 2011 NORSKE SKOG NORWEGIAN PAPER TRADITION 2 SUMMARY AND PRESENTATION KEY FIGURES DEFINITIONS 2011 2010 2009 2008 2007 2006 INCOME STATEMENT Operating revenue 18 904 18 986 20 362 26 468 27 118 28 812 Gross operating earnings 1 1 515 1 413 2 185 2 723 3 932 4 704 Operating earnings -2 701 -2 379 -1 325 -1 407 677 -2 527 Net profit/loss for the year -2 545 -2 469 -1 400 -2 765 -683 -3 017 Earnings per share (NOK) -13.36 -12.97 -6.36 -14.33 -3.26 -14.84 CASH FLOW Net cash flow from operating activities 455 397 1 697 1 977 2 166 2 763 Net cash flow from investing activities 470 415 -587 2 289 -1 644 -498 Cash flow per share (NOK) 2.40 2.09 8.95 10.43 11.43 14.60 OPERATING MARGIN AND PROFITABILITY (%) Gross operating margin 2 8,0 7.4 10.7 10.3 14.5 16.3 Return on capital employed 3 -0,9 -3.1 -1.2 0.3 3.0 3.6 Return on equity 4 -28.9 -22.2 -10.9 -18.7 -4.0 -14.6 Return on assets 5 -8.7 -7.5 -3.1 -2.8 1.8 -4.7 PRODUCTION / DELIVERIES / CAPACITY UTILISATION Production (1 000 tonnes) 3 832 3 998 3 895 5 377 6 049 6 078 Deliveries (1 000 tonnes) 3 857 4 013 3 894 5 412 6 027 6 106 Production / capacity (%) 87 89 79 93 95 92 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 BALANCE SHEET Non-current assets 15 803 19 271 23 546 26 980 29 307 37 577 Current assets 6 171 10 027 9 609 18 211 13 953 7 653 Total assets 21 974 29 297 33 155 45 191 43 260 45 230 Equity 7 433 10 183 12 015 13 632 15 957 18 550 Net interest-bearing debt 6 7 863 8 889 9 595 14 047 16 408 17 320 Gearing (net interest-bearing debt / equity) 7 1.06 0.87 0.80 1.05 1.05 0.96 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK 30 000 5 000 18 000 4 500 16 000 25 000 17 320 28 812 4 000 4 704 14 000 16 408 27 118 26 468 20 000 3 500 12 000 3 932 14 047 3 000 10 000 20 362 15 000 18 986 18 904 2 000 8 000 2 723 9 595 10 000 1 500 6 000 8 889 7 863 2 185 1 000 4 000 5 000 1 515 500 1 413 2 000 0 0 0 20062007 2008 2009 2010 2011 20062007 2008 2009 2010 2011 20062007 2008 2009 2010 2011 DEFINITIONS KEY FIGURES 1.
    [Show full text]
  • Proposal for Board of Directors Scandi Standard AB, (2016) Corporate Identity Number 556921-0627
    Proposal for Board of Directors Scandi Standard AB, (2016) Corporate Identity Number 556921-0627 Per Harkjaer Chairman and Member of the Remuneration Committee Elected 2014 Born 1957. Education: Bachelor of Arts, International Marketing, Copenhagen Business School, (Denmark). Chairman of the Board: Make-A-Wish Foundation. Board member: Partner in Pet Foods. Holdings in Scandi Standard: 68,496 shares. Principal work experience: Group CEO, United Coffee, Findus Group and Toms Gruppen A/S. Ulf Gundemark Board member and Member of the Audit and Remuneration Committees. Elected 2013 Born 1951. Education: Master of Science (Electrical Engineering), Chalmers University of Technology (Sweden). Chairman of the Board: Ripasso Energy AB and Nordic Waterproofing Group. Board member: AQ Group AB, Constructor Group AS, Lantmännen, Papyrus Holding AB, Solar AS and Gumaco AB (also owner). Holdings in Scandi Standard: 31,779 shares. Principal work experience: CEO of Elektroskandia/Hagemeyer Nordics, General Manager, IBM, various positions at ASEA/ABB. Chairman in Lindab International, Bridge to China AB and Lönne International AS. Samir Kamal Born 1965. Education: Bachelor of Science (Electrical and Electronic Engineer) Imperial College, University of London (UK). Master of Science (Business and Economics), Stockholm School of Economics (Sweden). Board member: Granngården AB (since 2008), TitanX Engine Cooling AB (since 2012) including Stiftelsen Industrifonden, Save-By-Solar Sweden AB and NCC Housing (since 2015). Holding in Scandi Standard: None. Principal work experience: Dagens Industri and Finanstidningen, journalist. SEB - Enskilda Securities and Enskilda Strategy, analyst. D. Carnegie AB - Investment Banking and Corporate Finance, analyst and project manager. Industri Kapital (IK), partner and head of Swedish Investment Team.
    [Show full text]
  • Annual Report 2015 Contents
    Annual Report 2015 Contents Scandi Standard in brief 1 Vision 2 Superior environmental efficiency 5 CEO statement 6 Strategy 9 Market overview 17 Trends and drivers 18 Our value chain 20 Financial targets 23 Sustainability 25 The Scandi Standard share 30 Report by the Board of Directors 34 Consolidated financial statements 42 Parent Company financial statements 45 Notes to the consolidated financial statements 47 Notes to the Parent Company financial statements 74 Auditor’s report 77 Segment information by quarter 78 Definitions 79 Corporate governance report 80 Auditor’s report on the corporate governance statement 87 Board of Directors 88 Group Management 90 Annual General Meeting 92 Scandi Standard in brief Scandi Standard is the leading supplier of chicken-based and Den Stolte Hane in Norway, as well as for private food products in the Nordic region. We offer a broad label. Our customers are found in the retail, food service NET SALES BY PRODUCT CATEGORY range of chilled and frozen products under well-known and food industry sectors. Our products are exported to brands such as Kronfågel in Sweden, Danpo in Denmark more than 40 countries. SWEDEN DENMARK NORWAY FINLAND GROUP TOTAL 1) NET SALES, MSEK 2,231 2,284 1,178 44 5,423 45% FROZEN PRODUCTS 43% CHILLED PRODUCTS SHARE OF NET SALES, % 39 39 6% EGG 21 ₁ 6% OTHER ADJUSTED OPERATING 2) INCOME, MSEK 160 144 60 −24 292 NET SALES BY SALES CHANNEL MARKET POSITION Niche ₁ ₁ 3 position ₁ MAJOR BRAND 1) After elimination of internal sales. 2) Adjusted for non-comparable items of MSEK −32.0 58% RETAIL and before corporate expenses and amortisation.
    [Show full text]
  • The Nomination Committee's Proposal to the Annual General Meeting
    To the Board of Directors of Scandi Standard AB (publ) The Nomination Committee’s proposal to the Annual General Meeting 2017, including explanations The Nomination Committee of Scandi Standard hereby presents its proposals and information regarding the Board of Directors. 1. Description of the Nomination Committee’s work ahead of the Annual General Meeting 2017 The composition of the Nomination Committee was made public by Scandi Standard AB (publ) (”Scandi Standard”) on 13 September, 2016. The Nomination Committee consists of the following members: • Per Harkjaer (Chairman of Scandi Standard’s Board of Directors) • Hans Hedström (Carnegie Fonder), Chairman of the Nomination Committee • Gustav Lindner (Investment AB Öresund) • Knut Pousette (Kvalitena AB) • Ulf Zenk (Lantmännen Kycklinginvest AB) The Nomination Committee started its work by reviewing the tasks incumbent on it under the Swedish Corporate Governance Code and the Instruction for the Nomination Committee adopted at the Annual General Meeting 2016. A time plan was set for the Nomination Committee’s work going forward and the Chairman of the Board of Directors presented his views on the company’s position and strategy. The Committee reviewed the results of the external evaluation of the Board work and procedures, including the performance of the Chairman of the Board and the CEO. On this basis, the Nomination Committee has assessed what competence and experience is required of Scandi Standard’s Board members and evaluated the need for increased diversity on the board in terms of age, gender, cultural/geographic background and ownership representation and has talked with candidates for nomination as Board members. The Nomination Committee also had contacts with the Chairman of the Audit Committee to familiarize itself with the assessments made by the company and the Audit Committee of the quality and efficiency of external auditor work.
    [Show full text]
  • We Create Thriving Farming
    We create thriving farming Lantmännen Annual Report including2015 Sustainability Report Lantmännen 2015 Contents About Lantmännen Lantmännen 2015 2 page 2 Lantmännen’s structure and business 4 2015 has been a very good year for Lantmännen and our Lantmännen’s annual overview 6 operations. The results show a significant improvement The year’s events in brief 2015 8 compared with the previous year, with all Sectors increasing Chairman’s comments 10 their operating income. President’s overview 12 Our responsibility builds trust 14 Farmer-owned and governed 15 Owner value for over 100 years 16 Targets and target monitoring 18 Market and external trends 20 page 15 Strategy 2020 – Our long-term Group strategy 22 Our assignment is to contrib- Our responsibility from field to fork 24 ute to the profitability of the Sustainable business development that gives owners’ farms and optimize profitable added values 26 the return on their capital Product quality from field to fork 28 in the association. As busi- Dialogue for sustainable development 29 ness partners and owners Our employees 30 of Lantmännen, they share Our Sectors and businesses the Group’s profit through dividends. Agriculture Sector 32 Machinery Sector 37 Energy Sector 43 Food Sector 47 Acquisition of Vaasan 49 Lantmännen Real Estate 56 Lantmännen’s international ownership 58 page 24 Annual Report Throughout the chain from field to fork, Table of contents 60 we work to take responsibility for the impacts of the operations on people and Corporate Governance Report the environment, and to continue the Table of contents 131 development of sustainable business. Board of Directors and auditors 138 One example is our new wheat flour, Group Management 140 produced according to the Climate & Nature cultivation concept which gives Financial overview, GRI and facts a 20 percent lower carbon footprint.
    [Show full text]
  • FBM-02-01-2008.Pdf
    FORUM BIBLIOTEK MEDYCZNYCH – Medical Library Forum: półrocznik / red. nacz. Ryszard Żmuda. Łódź: Uniw. Med., 2008 (Łódź: Druk. i Introlig. „Oprawa”). – 2008 R. 1 nr 2 s. 534, il., portr., tab., wykr., bibliogr., Sum., 24 cm, 300 egz., 25 zł. Rada Programowa: prof. dr hab. Leszek Bablok (Warszawa), prof. dr hab. Michał Karasek – przewodniczący (Łódź), prof. dr hab. Maria Mazurkiewicz (Lublin) Członkowie Redakcji : mgr Renata Birska (Lublin), mgr Dagmara Budek (Szczecin), mgr Danuta Dąbrowska-Charytoniuk (Białystok), dr Jerzy Dyrda (Katowice), mgr inż. Anna Grygorowicz (Gdańsk), dr Krzysztof Nierzwicki (Bydgoszcz), mgr Aniela Piotrowicz (Poznań), mgr Renata Seweryniak (Warszawa) – sekretarz Redakcji, mgr Renata Sławińska (Wrocław), mgr Irmina Utrata (Warszawa), mgr Anna Uryga (Kraków), dr Ryszard Żmuda (Łódź) – redaktor naczelny Recenzent: prof. dr hab. Hanna Ta d e u s i e w i c z Projekt okładki: lic. Agnieszka Gwoździńska Skład komputerowy: mgr Monika Opioła Wersja on-line: Piotr K o ł o d z i e j s k i Korekta: mgr Barbara M i k u l s k a ISSN 1899-5829 Wydawca: Uniwersytet Medyczny w Łodzi 90–419 Łódź, al. Kościuszki 4 Dział Wydawnictw i Poligrafii Uniwersytetu Medycznego w Łodzi 90–153 Łódź, ul. Kopcińskiego 22 tel. 042 678 70 25, e-mail: [email protected] Druk: Drukarnia i Introligatornia OPRAWA Sp. z o.o 90–019 Łódź, ul. Dowborczyków 17, tel. 607270411, e-mail: [email protected] Adres Redakcji: Biblioteka Główna Uniwersytetu Medycznego w Łodzi 90-151 Łódź, ul. Muszyńskiego 2, tel. 042 677 92 62, fax 042 679 06 56 e-mail : [email protected]; http://www.bg.umed.lodz.pl SPIS TREŚCI Forum Bibliotek Medycznych Małgorzata Sznitowska: Przedmowa Prorektora ds.
    [Show full text]
  • Annual Report 2010 Norske Skog Norwegian Paper Tradition 2 Summary and Presentation – Norske Skog
    annual report 2010 norske skog norwegian paper tradition 2 Summary and preSentation – norske skog KEY FIGURES DEFINITIONS 2010 2009 2008 2007 2006 2005 INCOME STATEMENT operating revenue 18 986 20 362 26 468 27 118 28 812 25 726 gross operating earnings 1 1 413 2 185 2 723 3 932 4 704 3 957 operating earnings -2 379 -1 325 -1 407 677 -2 527 630 net profit/loss for the year -2 469 -1 400 -2 765 -683 -3 017 -848 earnings per share (nok) -12.97 -6.36 -14.33 -3.26 -14.84 -5.98 CASH FLOW net cash flow from operating activities 397 1 697 1 977 2 166 2 763 3 061 net cash flow from investing activities 415 -587 2 289 -1 644 -498 -6 014 Cash flow per share (nok) 2.09 8.95 10.43 11.43 14.60 21.42 OPERATING MARGIN AND PROFITABILITY ( %) gross operating margin 2 7.4 10.7 10.3 14.5 16.3 15.4 return on capital employed 3 -3.1 -1.2 0.3 3.0 3.6 2.8 return on equity 4 -22.2 -10.9 -18.7 -4.0 -14.6 -4.1 return on assets 5 -7.5 -3.1 -2.8 1.8 -4.7 -0.1 PRODUCTION / DELIVERIES / CAPACITY UTILISATION production (1 000 tonnes) 3 998 3 895 5 377 6 049 6 078 5 503 deliveries (1 000 tonnes) 4 013 3 894 5 412 6 027 6 106 5 437 production / capacity ( %) 89 79 93 95 92 93 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 BALANCE SHEET non-current assets 19 271 23 546 26 980 29 307 37 577 43 740 Current assets 10 027 9 609 18 211 13 953 7 653 8 293 total assets 29 297 33 155 45 191 43 260 45 230 52 033 equity 10 183 12 015 13 632 15 957 18 550 22 679 net interest-bearing debt 6 8 889 9 595 14 047 16 408 17 320 19 063 gearing 7 0.87 0.80 1.05 1.05 0.96 0.84 OPERATING REVENUE GROSS OPERATING EARNINGS NET INTEREST-BEARING DEBT MNOK MNOK MNOK AS OF 31 DECEMBER 30 000 5 000 20 000 25 000 4 000 16 000 20 000 3 000 12 000 15 000 2 000 8 000 10 000 5 000 1 000 4 000 0 0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 DEFINITIONS KEY FIGURES 1.
    [Show full text]
  • Norske Skog Annual Report 2013
    SUMMARY AND PRESENTATION ANNUAL REPORT 2013 We believe in the company, the products and the future ANNUAL REPORT 2013 I NORSKE SKOG B CONTENTS 3 SUMMARY AND PRESENTATION 3 Key figures 3 Norske Skog 2013 4-5 CEO’s comments 6 Successful TMP project at Norske skog Saugbrugs 8 Short stories 10-11 Board of Directors 12 Corporate Management 13 15 CORPORATE SOCIAL RESPONSIBILITY 15 Norske Skog and local communities 17 Key figures - employees 2013 18 Paper production 21 Production capacity 21 Evaluation of our environmental performance 21 Investment in coated paper will open new markets in Australia 22-23 Sustainable raw materials 24 Energy consumption 26 Norske Skog’s greenhouse gas emissions 27 Our carbon footprint 28 Continuously improving our production processes 29 Water consumption 31 Water profile 31 Emissions to air and discharge to water 32 Environment-related investments, operating costs and transport 33 Mill figures 34 Independent auditor’s report 36 Environment and corporate social responsibility reporting 36 38 REPORT OF THE BOARD OF DIRECTORS 38 Organisation 40 42 CONSOLIDATED FINANCIAL STATEMENTS 42 Notes to the consolidated financial statements 50 96 Financial statements NorsKE SKOGindustrier ASA 96 Notes to the financial statements 102 Independent auditor’s report 116 Declaration from the board of directors and CEO 118 120 CORPORATE GOVERNANCE 120 Shares and share capital 124 126 SUMMARY AND PRESENTATION 126 Key figures related to shares 126 Articles of Association for Norske Skogindustrier ASA 128 Design and layout: Pan2ne Design // Tone Strømberg Print: 07 Aurskog Paper: Norcote Trend 90 g/m2 - Norske Skog Photo and editor: Carsten Dybevig.
    [Show full text]
  • Et Språkpolitisk Perspektiv På Norsk Selskapsrett Særlig Om Regnskapsloven § 3-4 Tredje Ledd
    Et språkpolitisk perspektiv på norsk selskapsrett Særlig om regnskapsloven § 3-4 tredje ledd Kandidat: 233 Innlevering: 10.11.2016 Antall ord: 33 795 Innholdsfortegnelse LISTE OVER TABELLER .................................................................................................. III LISTE OVER FIGURER ..................................................................................................... III SAMMENDRAG .................................................................................................................... IV 1 INTRODUKSJON ......................................................................................................... 1 1.1 Næringslivet som språkpolitisk arena .............................................................................. 1 1.2 Oppgavens problemstilling .............................................................................................. 2 1.3 Oppgavens struktur .......................................................................................................... 4 2 LITTERATUR OG RETTSKILDEBILDE ................................................................ 6 2.1 Språkpolitikk i forskningslitteraturen .............................................................................. 6 2.1.1 Flerspråklighet i Norge – bokmål–nynorsk ........................................................ 6 2.1.2 Flerspråklighet i Norge – norsk–engelsk ............................................................ 9 2.1.3 Hvilken rolle spiller retten? .............................................................................
    [Show full text]
  • Lantmännen Annual Report Including Sustainability Report
    2017 Lantmännen Annual Report including Sustainability Report Lantmännen’s Annual Report 2017 a Contents About Lantmännen Annual Report Annual overview 2 Table of contents 68 Lantmännen in figures 4 Board of Directors’ Report 69 Key figures 5 Financial statements and notes 96 Lantmännen’s structure 6 Auditor’s Report 142 Business overview 8 Description of financial performance measures 145 Significant events 10 Chairman’s comments 12 Corporate Governance Report President’s overview 14 Table of contents 146 Owner dialogue that involves 16 Corporate Governance Report 147 The dividend makes a difference 17 Board of Directors’ report on internal control Lantmännen has a clear mission 19 over financial reporting 153 Market and trends 20 Organization and structure 154 Strategy 2020 22 Our corporate functions 155 Our financial targets 24 Board of Directors and Auditors 156 Our sustainability targets 25 Group Management 158 Our responsibility from field to fork 26 Sustainability for profitable businesses 28 Financial overview and facts Innovation for future demand 30 Table of contents 160 Climate work leading to 2030 31 Risk facts and risk analysis 161 Active dialogue and cooperation 32 The Group’s ten-year overview 165 Our employees 33 How to read the income statement 167 2 – Digital tool for farmers 36 LM How to read the statement of financial position 168 How to read the statement of cash flows 169 Our Sectors and businesses About sustainability reporting 170 Agriculture Sector 38 Statutory sustainability report 170 Machinery Sector 44 Materiality analysis 171 Energy Sector 50 Glossary 172 Food Sector 54 Lantmännen’s new structure 173 Lantmännen Real Estate 62 Addresses 176 Lantmännen’s international ownership 64 Lantmännen’s Annual General Meeting Distribution & Ordering The Annual General Meeting will be held at Hilton Stockholm Lantmännen’s complete Annual Report including Sustainability Slussen, Guldgränd 8, Stockholm, on Monday, May 7, 2018 Report can be downloaded from lantmannen .com/financial- information or ordered by calling +46 10-556 00 00 .
    [Show full text]
  • Annual Report 2016 English April 4, 2017
    NORDIC WATERPROOFING HOLDING A/S, CVR: 33395361 Nordic Waterproofing Group is one of Europe’s leading producers 2016 HOLDING A/S ANNUAL REPORT NORDIC WATERPROOFING and suppliers of waterproofing products and services for buildings and infrastructure. We are known in the market through brands ANNUAL REPORT such as AL-Katot, Hetag Tagmaterialer, Kerabit, KerabitPro, Mataki, Nortett, Phønix Tag Materialer, SealEco and Trebolit. 2016 Our production facilities are located in Denmark, Finland and Sweden. In 2016, the Group had revenues of SEK 1,813 million, with more than 630 employees and operations in nine countries. NORDIC WATERPROOFING HOLDING A/S. COMPANY REG. NO. 33395361 DROTTNINGGATAN 11, SE252 21 HELSINGBORG, SWEDEN PHONE +46 42 36 22 40. WWW.NORDICWATERPROOFING.COM We make waterproofing easy Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2016 Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2016 85 CONTENTS 2016 in brief ...............................................1 Management’s review ........................... 2-9 CEO statement ........................................2 Results and outlook ............................... 4-9 TOP PLAYER NORDIC WATERPROOFING Financial review ......................................4 Seasonal variations .................................8 Five-year overview................................. .9 IN THE NORTHERN ON THE INTERNET, IN YOUR Strategy and business ....................... 10-27 The business and our targets ...............10 Our strategies .......................................12 EUROPEAN
    [Show full text]
  • UN Global Compact COP
    May 2018 UN Global compact COP Statement by the CEO Nordic Waterproofing is one of Europe's leading suppliers of membranes for roofing and environmental buildings and we develop solutions for public and commercial buildings and constructions. I am pleased to confirm that Nordic Waterproofing supports of the United Nations Global Compact in the areas of human rights, labor rights, environment protection and anti-corruption. Our sustainability program is based on the Ten Principles of the United Nations Global Compact. We have identified our prioritized sustainability issues and follow our performance on these issues on a yearly basis. Our Communication on Progress describes our actions to continually anchor and integrate the Global Compact and its principles into our business strategy and daily operations. We are committed to share this information with our customers, employees, suppliers and other stakeholders mainly through our individual company brands. Martin Ellis Nordic Waterproofing Group, CEO NORDIC WATERPROOFING HOLDING A/S, CVR no: 33395361 ANNUAL REPORT 2017 Waterproofing products and services for buildings and infrastructure We make waterproofing easy Nordic Waterproofing Holding A/S | ANNUAL REPORT | 2017 CONTENTS 2017 in brief .......................................................... 1 Statement by the President and CEO Martin Ellis ............................................................ 2 LEADING Business concept, targets and target achievement .......................................................... 4 Strategies
    [Show full text]