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Annual Report 2005

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Annual Report 2005 KONE Corporation KONE Annual Report 2005 Head Offi ce Corporate Offi ces Kartanontie 1 Keilasatama 3 P.O. Box 8 P.O. Box 7 FI-00331 Helsinki FI-02151 Espoo Finland Finland Tel. +358 (0)204 751 Tel. +358 (0)204 751 Fax +358 (0)204 75 4309 Fax +358 (0)204 75 4496 www.kone.com Annual Report 2005 KONE Corporation’s Annual Report 2005 comprises three separate parts. KONE’s operations in the calendar year 2005 are presented in the section Review 2005 on pages 2–31. The audited Financial Statements for the post- demerger accounting period 1 June–31 December, 2005 are presented on pages 32–73. Comparable 2005 financial information is presented in the Pro Forma Review on pages 74–84. Annual General Meeting Payment of Dividends Financial Information KONE Corporation’s Annual General The Board of Directors has decided to KONE Corporation publishes fi nancial Meeting will be held on 27 February, propose a dividend of EUR 0.99 per information in Finnish and English. 2006 at 2:00 p.m. at the Finlandia class A share and EUR 1.00 per on All material is available on the KONE Hall, Manner heimintie 13, Helsinki, outstanding class B share for the website www.kone.com, where Finland. accounting period 1 June–31 Decem- requests for e-mail distribution can Shareholders wishing to attend the ber, 2005 to the Annual General also be made. meeting must be registered on the Meeting. The Board of Directors’ The Annual Report is mailed to all KONE shareholder list at the Finnish proposal for the distribution of profi ts shareholders and to all individuals Central Securities Depository no later is set out in the fi nancial statements registered in the company’s mailing than 17 February, 2006 and must on page 72. list. Printed Interim Reports are mailed register for attending the meeting by Only those registered as share- only on request. mail: KONE Corporation, P.O. Box 8, holders at the Finnish Central Financial reports can be ordered by FIN-00331 Helsinki, by fax: Securities Depository by 2 March, mail: KONE Corporation, Corporate +358 (0)204 75 4309, by telephone: 2006, the record date for dividend Communications, P.O. Box 7, +358 (0)204 75 4332 or over the distribution, are entitled to dividends. FI-02151 Espoo, Finland; by e-mail: Internet: www.kone.com/agm no The date of dividend payments is [email protected]; later than 4:00 p.m. Finnish time on 9 March, 2006. by telephone: +358 (0)204 751; 22 February, 2006. Any proxies must or by fax: +358 (0)204 75 4515. be submitted at the same time. KONE’s Financial Statements Publication Schedule in 2006 Financial Statements 2005 27 January, 2006 Annual Report 2005 February 2006 Interim report for 1 January–31 March 25 April, 2006 Interim report for 1 January–30 June 25 July, 2006 Interim report for 1 January–30 September 24 October, 2006 Design Incognito Oy, printing F.G. Lönnberg printing F.G. Design Incognito Oy, Table of Contents 1 Review 2005 KONE in Brief 2 Year in Brief 4 CEO’s Letter 6 President’s Letter 7 Business Review 9 Personnel 16 Environment 19 Corporate Governance 20 Board of Directors 26 Executive Board 28 KONE as an Investment 30 Financial Statements 1 June–31 December, 2005 Board of Directors’ Report 33 Consolidated Statement of Income 37 Consolidated Balance Sheet 38 Consolidated Statement of Changes in Equity 40 Consolidated Statement of Cash Flow 41 Notes on the Consolidated Financial Statements 42 Shares and Shareholders 65 Calculation of Key Figures 70 Summary in Figures 71 Board of Directors’ Dividend Proposal 72 Auditors’ Report 73 Pro Forma Review 2005 Pro Forma Review 75 Pro Forma Consolidated Statement of Income 78 Pro Forma Consolidated Balance Sheet 79 Pro Forma Consolidated Statement of Changes in Equity 80 Pro Forma Consolidated Statement of Cash Flow 81 Pro Forma Notes 82 Pro Forma Quarterly Figures 83 Summary in Figures 2003–2005 84 2 KONE in Brief KONE is one of the world’s leading elevator and escalator companies. It provides its customers with innovative elevators and escalators and versatile solutions for their maintenance and modernization. KONE also provides maintenance of automatic building doors. KONE’s class B shares KNEBV have been listed on the Helsinki Stock Exchange as of 1 June, 2005, following the demerger of Kone Corporation into KONE Corporation and Cargotec Corporation. 3 Strategy Customers Sales, KONE gives a performance edge to its KONE’s most important customer Pro Forma, % customers with innovative services groups are building owners, construc- and solutions. Simultaneously, KONE’s tion companies, and facility manage- products and services are cost- ment companies. Architects, elevator competitive and its processes charac- consultants, construction companies 40 terized by globally aligned operational and designers are key parties in the excellence. decision-making process. 60 KONE has approximately 250,000 Strategy Implementation customers, of which the majority are KONE has forcefully endeavored to maintenance customers. Customer implement its strategy, which was segments and maintenance contracts New equipment revised in the spring of 2005. Key vary from one-elevator residential Service initiatives in the successful implemen- buildings with yearly contracts to tation of the strategy are: increasing large international accounts with customer focus, broadening and long-term extensive maintenance improving product and service agreements. portfolio, improving business pro- Sales by Market, cesses and productivity, utilizing Pro Forma, % sourcing power, and strengthening market position in Asia. 12 Market Position 22 The annual size of the global market for elevator installation, maintenance, repair and modernization is approxi- 66 mately EUR 30 billion. The market for new escalators is approximately EUR 1.5 billion, and the market for door Europe, Middle East, service amounts to roughly EUR 5 Africa (EMEA) billion annually. Americas KONE has operations in all key Asia-Pacifi c markets through some 800 service centers worldwide. KONE’s share of the global elevator and escalator market is approximately 10 percent. 4 Year in Brief Key Releases 17 March 30 March Development and Kone to Acquire Thai Lift Industries of Thailand 11 February Restructuring Kone Acquires Program for Kone 20 April U.K. Lift Company Elevators & Escalators Kone and Toshiba Establish a Joint Venture for Escalator Production 1 2 3 4 5 6 4 February 14 April 19 April Kone to Strengthen Kone to Deliver Elevators for Kone Strengthens Its 1 June Its Presence in China Trump Tower, the Second Position in Russia (joint Listing of (joint venture with Tallest Building in the venture with Karacharovo KONE Shares Giant Elevator) United States Mechanical Factory) Begins A yearly summary of all Orders and Sales Increased KONE’s releases in 2005 is available on the Internet KONE’s order intake rose signifi cantly KONE continued its active acquisi- at www.kone.com. in 2005. Revenue also increased, and tion policy during the year and KONE achieved its 2005 profi tability strengthened its market position, target. particularly in the growing Asian In the beginning of 2005, KONE markets, through acquisitions and realigned its strategy and initiated joint-venture agreements. several development projects to be On 1 June, 2005, Kone Corpor- able to respond even better to the ation demerged into two separately requirements of global competition. listed corporations – KONE Corpor- Change programs to improve ation and Cargotec Corporation. The customer focus, the product offering, operations and fi nancial performance productivity and cost competitiveness for the calendar year of post- progressed as planned. The main demerged KONE Corporation are actions of the development and presented on pages 2–31 in this restructuring program that was Annual Report and in the pro forma announced in March were completed review on pages 74–84. The audited by the end of 2005. Financial Statements of KONE Corporation for the accounting period 1 June–31 December, 2005 after the demerger are presented on pages 32–73. 5 17 June 24 October 23 November Decisions of KONE Corporation’s KONE’s Board of Directors KONE to Deliver First Extraordinary Shareholders’ Meeting Proposes the Awarding of Double-Deck Elevators (Reino Hanhinen elected member of Option Rights and with Destination KONE’s Board of Directors, approval of Approves Share-Based Control System share buy-back authorization) Incentive Plan 7 8 9 10 11 12 28 November 8 September 21 October 26 October KONE Wins KONE Wins Major KONE’s Board of KONE Wins Major Elevator Orders in the Directors Proposes Beijing Airport Order for Royal U.K. and Russia Two-for-One Share Split Extension Order Caribbean Ship Key Figures (Pro Forma) 2005 2005 2004 2) Change % Sales MEUR 3,242 2,895 12 Orders received “ 2,639 2,136 24 Order book as of 31 December “ 2,327 1,796 30 Operating income “ 272 1) 235 16 Income before taxes “ 178 233 -24 Net income “ 109 164 -34 Total assets “ 2,145 2,065 4 Basic earnings per share 3) EUR 0.87 1.33 -35 Equity/share 3) EUR 5.24 5.53 -5 Return on equity 3) % 15.6 24.3 Return on capital employed 3) % 18.3 23.1 Total equity/total assets 3) % 31.2 35.2 Gearing 3) % 14.8 -8.4 Number of employees as of 31 December 27,238 25,262 8 1) Excluding MEUR 89.2 provision for the development and restructuring program 2) Disregarding MEUR 15.3 non-recurring income due to a provision reversal regarding disability pensions 3) The principles of calculating key fi gures can be found on page 70 6 CEO’s Letter The year under review was a remarkable one for KONE and its shareholders.
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