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Kone 2008 Financial Statements Information for Shareholders

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Kone 2008 Financial Statements Information for Shareholders 07:45 Shanghai Metro City, China Helping Shanghai, and cities worldwide, create a more functional urban environment. KONE 2008 FINANCIAL STATEMENTS Information for shareholders Annual General Meeting Payment of dividends Trading codes KONE Corporation’s Annual General The Board of Directors proposes to KONE Corporation has two classes of Meeting will be held on February 23, the Annual General Meeting that a shares: the listed class B shares and the 2009 at 11:00 a.m. in Finlandia Hall, dividend of EUR 0.645 per class A share non-listed class A shares. The KONE Mannerheimintie 13, Helsinki, Fin- and EUR 0.65 per outstanding class B class B shares, and the KONE 2005B land. share be distributed for the financial and 2005C stock options are listed on Shareholders wishing to attend year, January-December 2008. All the NASDAQ OMX Helsinki and are the meeting must be registered on the shares existing on the dividend record registered in the Finnish Central Secu- KONE shareholder list at the Finnish date, February 26, are entitled to the rities Depository. The share subscrip- Central Securities Depository no later dividend. The dividend will be paid on tion periods for the 2005B and 2005C than on February 13, 2009, and must March 5, 2009. options will end on March 31, 2009 register for attending the meeting by and April 30, 2010 respectively. mail (KONE Corporation, Share Regis- ter, P.O. Box 7, FI-02151 Espoo), or by fax (+358 (0)204 75 4523), or by More information telephone (+358 (0)204 75 4336), or over the internet (www.kone.com/ • The Board of Directors’ proposal for the distribution of corporate/en/Investors/AGM2009) no profits, page 69 later than 4:00 p.m. Finnish time on • Shares and shareholders, February 18, 2009. Any proxies must be page 65 submitted at the same time. At general meetings each KONE class A share is assigned one vote, as is each block of 10 class B shares, with the proviso that each shareholder is entit- led to at least one vote. KONE’s financial reporting schedule in 2009 Financial statement bulletin and Financial statements for 2008 Friday January 23, 2009 Printed Financial report for 2008 Week 7, February, 2009 Interim report for January 1–March 31, 2009 Thursday, April 23, 2009 Interim report for January 1–June 30, 2009 Tuesday, July 21, 2009 Interim report for January 1–September 30, 2009 Tuesday, October 20, 2009 In 2009, KONE will publish a separate review of its operations in 2008, which will be published in March. The report will be mailed to all shareholders and to all individuals registered in the company’s mailing list. Publication of financial Changes of address information KONE’s shareholders are kindly KONE Corporation publishes financial requested to report written changes information in Finnish and English. of address to the bank where they More information All materials are available on KONE’s have their book-entry account. Those Investor contact, see report’s website at www.kone.com, where shareholders who are registered at the back cover requests for email distribution can also Finnish Central Securities Depository be made. should send a written notice to: The printed Financial report will be mailed to all shareholders and to The Finnish Central all individuals registered in the com- Securities Depository, pany’s mailing list. Printed Interim Customer Account Service, reports are mailed only by request. P.O. Box 1110, Financial reports can be ordered by FI-00101 Helsinki mail (KONE Corporation, Corporate Tel. + 358 800 180 500 Communications, P.O. Box 7, FI-02151 Espoo, Finland), or by email (corporate. In the notice, shareholders should [email protected]), or by mention their name, new address, old telephone (+358 (0)204 751), or by fax address and book-entry account num- (+358 (0)204 75 4515). ber. Contents Board of Directors’ report 2 Consolidated financial statements Consolidated statement of income 7 Consolidated balance sheet 8 Consolidated statement of changes in equity 9 Consolidated statement of cash flow 10 Notes to the consolidated financial statements 11 Calculation of key figures 40 Summary in figures 2006–2008 41 Parent company financial statements 42 Corporate governance Corporate governance principles 56 Board of Directors 60 Executive Board 61 Capital and risk management 62 Internal control principles 64 Shares and shareholders 65 Board of Directors’ dividend proposals and signatures 69 Auditors’ report 70 2 KONE 2008 Board of Directors’ report KONE’s operating environment In the Asia-Pacific region, good tions increased customer demand and As the year progressed, the overall mar- growth driven by urbanization contin- awareness, which has enabled KONE ket situation became increasingly diffi- ued, even though investment decisions to grow in new market segments. In cult in the new equipment markets due were becoming slower in most markets. addition, KONE’s extended geographi- to the financial environment. The new Also in China, the new equipment cal network has enabled the company equipment demand declined in most market growth weakened towards the to win projects, especially in the area countries at the end of the year because end of the year. However, at the end of of major projects. In the United States, of financing difficulties and overall 2008 the central and local governments KONE continued to gain market share, increasing uncertainty. Towards the initiated fast supporting actions to exceeding market growth significantly. end of the year, the negative develop- revive the market. In India, the market Simultaneously, KONE was able to con- ment in the world economy somewhat activity suffered somewhat from high tinuously improve its productivity. delayed decision making in moderniza- interest rates and cost inflation dur- In the Asia-Pacific region, KONE’s tion. Maintenance markets continued ing the end of 2008. In Australia, the new equipment order intake continued to develop strongly. market shifted between residential and to develop well in most markets. The In the European, Middle East and commercial demand, ending with some company’s success in further strength- African region (EMEA), the business market growth compared to 2007. ening its position during 2008 was environment was quite favorable in encouraging. During 2008, KONE was most markets with the exception of Orders received and Order book again one of the fastest growing eleva- Southern Europe in the beginning KONE’s market position continued to tor and escalator companies in orders of 2008. The business environment strengthen in 2008 and the company received in China. Because of this, became more and more demanding gained market share in many impor- KONE was yet again able to increase its also in the North European market tant markets. KONE’s orders received market share in a highly competitive towards the end of the year. In the increased by approximately 7 percent market. In South-Asia, India and Aus- United Kingdom, which was a very compared to 2007 and totaled EUR tralia, KONE also continued to perform active market in the beginning of 2008, 3,948 (2007: 3,675) million. At com- well. both the residential and commercial parable exchange rates, the growth markets weakened strongly towards the was approximately 12 percent. The Net sales end of the year. Also in Russia, demand growth in orders was strongest in the KONE’s net sales rose by approximately declined sharply during the second Asia-Pacific region. At the same time, 13 percent, compared to last year, and half of the year. The best demand in orders received growth was good in the totaled EUR 4,603 (4,079) million. 2008 was seen in the Middle East, but Americas, and developed favorably also Growth at comparable currency rates at the end of the year, the situation in the EMEA region. Only new equip- was approximately 17 percent. Net sales in the United Arab Emirates changed ment and modernization orders are growth was almost entirely organic. rapidly. The overall Southern European included in orders received. The amount of sales consolidated from residential market activity continued to The order book increased from the the companies acquired in 2008 did not decline in Italy, France and particularly end of 2007 by 9 percent and stood have a material impact on the Group in Spain. The commercial and hospi- at EUR 3,577 (3,282) million at the sales of the financial period. tal sectors however grew somewhat. end of December 2008. At comparable New equipment sales accounted for Modernization demand continued to exchange rates, the growth was about EUR 2,190 (1,821) million of the total grow, mainly driven by the European 13 percent. As earlier, the margin of the and represented an approximate 20 Safety Norms for Existing Lifts (SNEL) order book continued to be at a good percent growth over the comparison and the need for upgrades, due to the level. period. At comparable currency rates, aging of the equipment base. Demand In the EMEA region, most markets the growth was approximately 25 per- weakened somewhat towards the end continued to contribute positively to cent. New equipment sales accounted of the year due to the uncertainty in KONE’s orders received growth in 2008. for 48 (45) percent of total sales. the economy. KONE performed particularly well in Service sales increased by 7 percent While faced with a broad economic the Middle-East, France as well as in and totaled EUR 2,413 (2,258) mil- slowdown, the Americas market still Central and Eastern Europe during lion. At comparable currency rates the provided growth opportunities for 2008. In the second half of the year growth was approximately 11 percent. KONE. The new equipment market however, many markets deteriorated. KONE’s maintenance base grew rapidly decreased year on year in the United The biggest negative development was during 2008 fed by the company’s States, nevertheless, the deterioration seen in the United Kingdom during the strong order book and a high conver- in the market did not prevent KONE second half of the year.
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