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Financial Statements 2010

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Financial Statements 2010 KONE signalization, winner of 2009 Good Design Award Designed for an increasingly urbanizing world. After 100 years in business we still have a challenger’s mindset that drives our continuous improvement and innovation. Financial Statements KONE 2010 KONE 2010 Financial Statements | Information for shareholders Information for shareholders Annual General Meeting Payment of dividends Trading codes KONE Corporation’s Annual General The Board of Directors proposes to the KONE Corporation has two classes of Meeting will be held on February 28, Annual General Meeting that for the shares: the listed class B shares and the 2011 at 11:00 a.m. in the Finlandia Hall, financial year 2010 a dividend of EUR non-listed class A shares. The KONE class Mannerheimintie 13, Helsinki, Finland. 0.895 be paid for each class A share and B shares and 2007 stock options are listed Shareholders wishing to attend the a dividend of EUR 0.90 be paid for each on the NASDAQ OMX Helsinki and are meeting must be registered on the KONE class B share. All shares existing on the registered at Euroclear Finland Ltd. The shareholder register at Euroclear Finland dividend record date, March 3, 2011, are share subscription periods for the 2007 Ltd. no later than on February 16, 2011, entitled to the dividend. The dividend will options will end on April 30, 2012. and must register for attending the meet- be paid on March 10, 2011. ing by mail (KONE Corporation, Share Register, P.O. Box 7, FI-02151 Espoo, Finland), by fax (+358 (0)204 75 4523), by telephone (+358 (0)204 75 4336), or over the internet (www.kone.com/corpo- rate/en/Investors/AGM) no later than by 4:00 p.m. EET on February 23, 2011. The registration must be received by the end of the registration period. Any proxies More information must be submitted at the same time. At general meetings each KONE class The Board of Directors’ A share is assigned one vote, as is each proposal for the distribution block of 10 class B shares, with the pro- of profits, page 67 viso that each shareholder is entitled to at Shares and shareholders, page 63 least one vote. KONE’s financial reporting schedule in 2011 Financial Statement Bulletin and Financial Statements for 2010 Wednesday, January 26, 2011 Printed Financial Statements for 2010 Week 7, February, 2011 Interim report for January 1–March 31, 2011 Wednesday, April 20, 2011 Interim report for January 1–June 30, 2011 Tuesday, July 19, 2011 Interim report for January 1–September 30, 2011 Thursday, October 20, 2011 In the second quarter of 2011, KONE will publish a separate Corporate Responsibility Report of its operations in 2010. The report will be mailed to those registered on the company’s mailing list. Publication of Changes of address financial information KONE’s shareholders are kindly requested More information KONE Corporation publishes financial to report written changes of address to information in Finnish and English. All the bank where they have their book- Investor relations, see materials are available on KONE’s website entry account. Those shareholders who inside of report’s back cover at www.kone.com, where requests for are registered in the shareholders’ register email distribution can also be made. at Euroclear Finland Ltd. should send a The printed Financial Statements will written notice to: be mailed to those on the company’s mailing list. Printed Interim reports are Euroclear Finland Ltd., mailed only by request. Financial reports Customer Account Service, can be ordered by mail (KONE Corpora- P.O. Box 1110, tion, Corporate Communications, P.O. FI-00101 Helsinki Box 7, FI-02151 Espoo, Finland), by email Tel. + 358 800 180 500 ([email protected]), by telephone (+358 (0)204 751), or by In the notice, shareholders should fax (+358 (0)204 75 4515). mention their name, new address, old address and book-entry account number. KONE 2010 Financial Statements | Contents Contents Board of Directors’ report 2 Consolidated financial statements Consolidated statement of income 8 Consolidated statement of financial position 9 Consolidated statement of changes in equity 10 Consolidated statement of cash flows 11 Notes to the consolidated financial statements 12 Calculation of key figures 40 Key figures and financial development 2006–2010 41 Parent company financial statements 42 Corporate governance statement Corporate governance principles 56 Board of Directors 60 Executive Board 61 Financial targets and capital management 62 Shares and shareholders 63 Board of Directors’ dividend proposals and signatures 67 Auditor’s report 68 More information Information for share- holders and Investor relations, see inside of report’s front and back cover KONE 2010 Financial Statements | Board of Directors’ report Board of Directors’ report KONE’s operating environment market activity grew and was at a good order book remained stable. Cancellations In 2010, KONE’s operating environment level throughout the year. The market in of orders remained at a very low level. was twofold. The new equipment markets Mexico recovered gradually during 2010. In the EMEA region, orders received in the Asia-Pacific region developed well The maintenance markets developed were at approximately the same level as in throughout the year, whereas the situa- quite well, but were highly competitive. 2009. As compared to the previous year, tion in the Europe, Middle East and Africa In the Asia-Pacific region, the positive orders received declined during the first (EMEA) region as well as the Americas market development continued through- quarter of 2010, but were relatively stable was mixed with some markets recovering out the year with the markets in China for the rest of the year. In new equipment, and others having a low level of activity. and Southeast Asia growing the strongest. KONE’s development in orders received The size of the modernization market was Urbanization continued to drive growth varied from country to country. KONE approximately at the prior year’s level. in China, where all segments grew. The performed particularly well in Sweden, Maintenance markets continued to grow fastest growth was seen in the residential Finland, Austria, Belgium and the Middle supported by continued good new equip- segment, affordable housing in particular, East. The most negative development ment delivery volumes. Price competition and in the infrastructure segment. The during 2010 as compared to the previous remained intense in all businesses. strongest growth moved increasingly year was seen in Ireland and Russia. Mod- In the EMEA region, the new equip- from the metropoles on the east coast to ernization orders received declined slightly ment markets were mixed. Good develop- other cities in the eastern parts of China despite a good order intake in many ment was seen in the residential markets and towards the central parts of the coun- northern and central European markets. in Finland, Sweden and Norway. The new try. The government tightened reserve The decline was due to the weakness in equipment market in the United Kingdom requirements for banks in 2010 in order some southern European markets, France showed signs of modest recovery in the to manage the development and moder- in particular. second half of the year. The market in Ger- ate the growth of the real estate market. In the Americas, KONE’s orders many remained at a good level through- In India, the markets grew strongly in the received declined during the first nine out the year. The new equipment markets first half of the year. Towards the end of months, but grew strongly during the in southern Europe were challenging. The the year the growth declined clearly due last quarter as compared to the previous markets in France and Italy weakened in to increasing interest rates, which resulted year. The overall order intake was nega- the beginning of the year but stabilized in a more challenging funding environ- tive compared to 2009 despite Canada to a low level towards the end of the year. ment. The affordable housing segment and Mexico growing. Order intake grew The market in Spain declined throughout and the infrastructure segment were strongly also in the United States during the year. The commercial segments in the most active ones. The new equip- the last quarter of 2010. Price competi- southern Europe were burdened by high ment market in Australia grew strongly tion in the United States was aggressive, vacancy rates. The market in Russia was in the beginning of the year, but slowed in major projects in particular. challenging and uncertain, whereas the down due to the tightening of financial In the Asia-Pacific region, new equip- development of the markets in the Middle conditions towards the end of 2010. The ment orders grew strongly throughout East, in Abu Dhabi and Saudi Arabia markets in Southeast-Asia started to pick the year and KONE’s orders received in particular, was positive throughout up during the first quarter of the year and increased in all markets. All main markets the year. The modernization markets in grew strongly thereafter driven by growth in Asia-Pacific grew significantly with Europe declined slightly as a result of the in the residential markets. The mainte- China, Southeast Asia and India showing a decline in France. Most North and Central nance markets in Asia-Pacific developed particularly strong performance. In China, European markets developed positively. well. where KONE is one of the four leading Despite the implementation deadline companies in the industry, KONE suc- in December 2010 for the national first Orders received ceeded to further strengthen its position phase requirements of the European and Order book in the highly competed new equipment Safety Norms for Existing Lifts (SNEL) in During 2010, KONE’s orders received market.
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