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Kone Annual Review 2020

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Kone Annual Review 2020 ANNUAL REVIEW KONE 2020 CONTENTS KONE in brief 1 4. Acquisitions and capital expenditure 60 KONE’s strategy 4 4.1 Acquisitions 61 4.2 Goodwill 62 4.3 Intangible assets 63 Board of Director’s report 6 4.4 Tangible assets 64 5. Capital structure 67 Shares and shareholders 30 5.1 Capital management 68 Key figures and financial development 34 5.2 Shareholders’ equity 69 Calculation of key figures 36 5.3 Financial risks and instruments 71 5.4 Shareholdings and other non-current financial assets 75 5.5 Deposits and loans receivable 75 Consolidated financial statements 37 5.6 Commitments 75 5.7 Employee benefits 75 Consolidated statement of income 37 6. Others 79 6.1 Management remuneration 80 Consolidated statement of financial position 39 6.2 Share-based payments 81 Consolidated statement of changes in equity 40 6.3 Related party transactions 81 Consolidated statement of cash flows 41 Notes to the consolidated financial Parent company financial statements 83 42 statements Subsidiaries 95 1. Basis of preparation 42 2. Financial performance 44 Board of Director’s dividend proposal and 99 2.1 Sales 45 signatures 2.2 Costs and expenses 46 2.3 Depreciation and amortization 47 2.4 Foreign exchange sensitivity 48 Auditor’s report 100 2.5 Financing income and expenses 50 2.6 Income taxes 50 2.7 Earnings per share 51 Corporate governance 2.8 Other comprehensive income 52 105 statement 3. Net working capital 53 Corporate governance principles 105 3.1 Inventories 54 Board of Directors 111 3.2 Accounts receivable and contract assets and liabilities 55 Executive Board 112 3.3 Deferred assets 56 3.4 Accruals 57 3.5 Provisions 57 3.6 Deferred tax assets and liabilities 58 KONE IN BRIEF At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization, which add value to the life cycle of any building. Through more effective People Flow®, we make people’s journeys safe, convenient and reliable, in taller, smarter buildings. Together with our partners and customers around the world, we help cities to become better places to live in. Sales MEUR 9,939 >60,000 in 2020 employees We move over ~550,000 >1,400,000 1 billion equipment in KONE’s customers people every day maintenance base Authorized distributors Operations in over 60 and agents in close to countries 100 countries 1 KONE ANNUAL REVIEW 2020 KEY FIGURES KEY FIGURES Change at comparable exchange 1–12/2020 1–12/2019 Change rates Orders received MEUR 8,185.1 8,399.8 -2.6% -0.6% Order book MEUR 7,728.8 8,051.5 -4.0% 0.7% Sales MEUR 9,938.5 9,981.8 -0.4% 1.4% Operating income MEUR 1,212.9 1,192.5 1.7% Operating income margin % 12.2 11.9 Adjusted EBIT* MEUR 1,250.5 1,237.4 1.1% Adjusted EBIT margin* % 12.6 12.4 Income before tax MEUR 1,224.2 1,217.5 0.6% Net income MEUR 947.3 938.6 0.9% Basic earnings per share EUR 1.81 1.80 0.6% Cash flow from operations (before financing items and taxes) MEUR 1,907.5 1,549.6 Interest-bearing net debt MEUR -1,953.8 -1,552.9 Equity ratio % 45.5 46.5 Return on equity % 29.7 30.1 Net working capital (including financing items and taxes) MEUR -1,160.1 -856.0 Gearing % -61.1 -48.6 * In September 2017, KONE introduced a new alternative performance measure, adjusted EBIT, to enhance comparability of the business performance between reporting periods during the Accelerate program. Restructuring costs related to the Accelerate program are excluded from the calculation of the adjusted EBIT. Orders received*, MEUR Sales, MEUR Adjusted EBIT, MEUR and adjusted EBIT margin, % Adjusted EBIT *) Orders received do not include maintenance contracts Adjusted EBIT margin 2 KONE ANNUAL REVIEW 2020 KEY FIGURES Sales by region Sales by business Cash flow*, MEUR Earnings per share, EUR Dividend per class B share, EUR *) Cash flow from operations before financing *) Board’s proposal. Includes proposed items and taxes extraordinary dividend EUR 0.50 per class B share. 3 KONE ANNUAL REVIEW 2020 STRATEGY KONE’S STRATEGY At KONE, our mission is to improve the flow of urban life. We understand urbanization and help our customers make the best of the world’s cities, buildings and public spaces. Our vision is to create the best People Flow experience. We believe our vision can be best achieved by working together with our customers and partners in every step of the process. products and services to create value for customers in new ways. KONE’s strategic phase 2021–2024 is called ▪ Smart and sustainable cities: becoming the ‘Sustainable success with customers’. During the four- preferred partner for smart and sustainable city year strategy period, KONE will focus on increasing the development. value it creates for customers with new intelligent ▪ Service business in China: becoming a clear solutions and will embed sustainability even deeper market leader in this very fast-growing and across all of its operations. fragmented market. Urbanization, sustainability and technology are three megatrends which continue to be key drivers in In addition, the following Ways to Win are KONE-wide the development of the elevator and escalator industry. transformation and development initiatives which will Against this backdrop, ‘Sustainable success with enable us to create ‘Sustainable success with customers’ will address the needs of a digitally enabled customers’: world, where the ways people live, work and commute continue to change. KONE will focus on developing smart and sustainable solutions that adapt to future ▪ Empowered people: having the most capable needs, together with its customers and partners. By and engaged team of professionals who doing this, KONE will enable customers’ facilities to succeed in a changing world and are able to function more effectively and to deliver an improved develop with continuous learning opportunities. user experience. ▪ Marketing and sales renewal: creating a seamless, unified customer experience across multiple channels. KONE MISSION AND VISION ▪ Lean KONE: leveraging Lean skills, practices KONE’s mission is to improve the flow of urban life. and leadership to eliminate waste and ensure This means understanding urbanization and helping continuous improvement. customers make cities better and more sustainable ▪ Digital + physical enterprise: having future- places to live. proof technology infrastructure, building the capabilities to use data and analytics and KONE’s vision is to create the best People Flow further developing the efficiency and resilience experience. The best experience can be created by of our supply chain. working together with customers and partners in every step of the process, from early engagement to upgrading equipment. KONE’S STRATEGIC AND FINANCIAL TARGETS CLEAR FOCUS AREAS FOR SUCCESS KONE measures progress against five strategic targets: In order to bring clear direction to our strategy, KONE ▪ Great place to work has defined four Where to Win areas, representing the ▪ Most loyal customers biggest opportunities for profitable growth and ▪ Faster than market growth differentiation: ▪ Best financial development ▪ Leader in sustainability ▪ Core products and services, matching customer specific needs for a seamless The company’s long-term financial targets are: experience through connectivity and adaptability. All products and services will be ▪ Growth: Faster than the market optimized for cost efficiency and sustainability. ▪ Profitability: To reach an EBIT margin of 16% ▪ New solutions for customer value, which ▪ Cash flow: Improved working capital rotation are developed and integrated with core 4 KONE ANNUAL REVIEW 2020 STRATEGY 5 KONE ANNUAL REVIEW 2020 BOARD OF DIRECTORS’ REPORT | KONE’S BUSINESS MODEL BOARD OF DIRECTORS’ REPORT KONE’s Business model KONE provides value for the customers during the entire lifespan of the building. In the new equipment business, we offer innovative, intelligent and sustainable elevators, escalators, automatic building doors and integrated access control solutions to deliver the best people flow experience. In maintenance, we ensure the safety and availability of the equipment in operation, and in modernization we offer solutions for aging equipment ranging from the replacement of components to full replacements. CREATING VALUE BY IMPROVING THE FLOW OF URBAN LIFE INPUTS BUSINESS MODEL SUSTAINABLE SUCCESS PEOPLE AND LEADERSHIP PARTNERING WITH CUSTOMERS >60,000 employees of 147 different Co-creation with customers nationalities, ca. half of employees in Partnering to develop new technologies the field Collaboration with >300 universities and Personnel voluntary turnover rate 5.5% educational institutes Wide development opportunities on all Distributors and agents important part organizational levels around the world of go-to-market >6,000 courses in 40 different languages Management systems and certificates (e.g. ISO 14001, ISO 9001, OHSAS MANUFACTURING AND 18001) DELIVERY CHAIN Governance structures, ethical business 12 manufacturing units in 8 countries practices and compliance, 96% of ~2,000 component suppliers and employees completed our Code of thousands of installation suppliers Conduct training Logistics network Supplier Sustainability Maturity Assessment INNOVATIONS, PROCESSES AND SYSTEMS >5,000 granted or pending patents FINANCIAL globally Equity EUR 3.2 billion R&D spend 1.8% of sales, 8 global Interest-bearing net debt EUR -2 billion R&D units Net working capital EUR -1.2 billion ~1,400 technology professionals in Capital expenditure 2.0% of sales R&D Global KONE way processes and systems Safe and efficient maintenance and NATURAL RESOURCES* installation methods Materials used 1,514,500 tonnes Heating and vehicle fleet fuels 428,700 MWh BRAND AND REPUTATION Electricity and district heat 85,300 MWh Water consumption 325,600 m3 One of the leading brands in the elevator and escalator industry *2019 figures.
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