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Kemira Annual Report 2008

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Kemira Annual Report 2008 Annual Report 2008 Kemira focuses on water and fiber management chemistry, its goal is to be the best in its field. In 2008, Kemira recorded revenue of approximately EUR 2.8 billion and had a staff of 9,405. Kemira operates in 40 countries. Key Changes 2008 Contents We Changed Our Strategy Profile of Kemira We announced our new strategy in June 2008 according to Kemira in Brief which we will focus on the water and fiber management Year 2008 in Brief 1 chemistry. Phase one involves enhancing our profitability, improving our cash flows and strengthening our balance CEO’s Review 2 sheet. Phase two involves pursuing strong organic growth. Strategy 4 Segments We Plan to List Tikkurila Paper 8 We have announced our plan to list Tikkurila on the NASDAQ Water 10 OMX Helsinki Oy which is targeted to take place once market conditions permit. Oil & Mining 12 Tikkurila 14 We Renewed Our Structure Research & Development 16 In 2008, we reorganized our business structure to reflect our Supply Chain Management (SCM) 18 new strategy. Kemira’s water management related operations Corporate Responsibility 20 are now organized into three segments: Paper, Water, and Economic Responsibility 22 Oil & Mining. Tikkurila is responsible for Kemira’s paints and coatings business, and a new Board of Directors was Human Resources 24 appointed to Tikkurila at the beginning of 2009. Our structural Environmental Responsibility 28 reorganization also involved discontinuing the Kemira Corporate Governance Specialty business. Corporate Governance 32 Risk Management 38 We Launched a Savings Program In 2008, we launched a global savings program with the goal Board of Directors 40 of saving more than EUR 60 million in 2009–2010. In addition Group Management 42 Tikkurila aims to save EUR 25 million annually. We booked CEO and Board of Directors, Tikkurila 46 EUR 79,8 million one-time items for the last quarter of 2008. Financial Statements 48 These items are related to cuts in production capacity, closing of sites, termination of unprofitable businesses and headcount Information for Investors 122 reductions. Major Events Map Water is the Connection Kemira offers a comprehensive product range and an extensive knowledge base in fiber treatment chemistry, chemical water treatment and water separation technology. Kemira’s segments focusing on water and fiber management chemistry are Paper, Water and Oil & Mining. Tikkurila is responsible for Kemira’s paints and coatings business. In line with its corporate strategy, Kemira focuses on its core business and has announced its plan to list Tikkurila on the NASDAQ OMX Helsinki Oy once market conditions permit. Paper EUR million 2008 We offer chemical products and Revenue 1,003 integrated systems that support Costs –911 sustainable development and help Depreciation and impairments –95 customers in the pulp and paper industry Operating profit –3 to improve their profitability, as well as Operating profit excluding non-recurring items 42 their raw material and energy efficiency. Capital expenditure 67 Water EUR million 2008 We offer services for municipal and Revenue 584 industrial water treatment. Our strengths Costs –530 are high-level process know-how, a Depreciation and impairments –47 comprehensive range of water treatment Operating profit 7 chemicals, and reliable customer Operating profit excluding non-recurring items 25 deliveries. Capital expenditure 52 Oil & Mining EUR million 2008 We offer a large selection of Revenue 275 groundbreaking chemical solutions for Costs –258 the oil and mining industries, where Depreciation and impairments –16 water plays a central role. Utilizing our Operating profit 1 expertise, our customers are able to Operating profit excluding non-recurring items 8 improve their efficiency and productivity. Capital expenditure 11 Tikkurila EUR million 2008 We provide consumers, professional Revenue 648 painters and industrial customers with Costs –570 branded products and expert services in Depreciation and impairments –19 approximately 40 countries. Our product Operating profit 59 range consists of decorative paints Operating profit excluding non-recurring items 59 and coatings for the wood and metal Capital expenditure 36 industries. All figures adjusted to comply with the new business structure. Share of Operating Share of Share of Profit, Excluding Capital Revenue Non-recurring Items Employed * * * * * * * * * * Other, including ChemSolutions. Year 2008 in Brief In 2008, Kemira recorded revenue of EUR 2,832.7 million and posted an operating profit of EUR 132.6 million*. Earnings per share were EUR 0.29*. On December 31, 2008 the company had a payroll of 9,405 employees and operations in 40 countries. The Board of Directors proposes that a per-share dividend of EUR 0.25 be paid for 2008. * excluding non-recurring items Kemira’s revenue for 2008 totaled Operating profit for 2008, exclud- based on our specific water treat- EUR 2,832.7 million (2,810.2). Sales ing non-recurring items, was EUR ment know-how. Our customers’ price hikes increased revenue by 132.6 million (174.6). This decrease diverse water-related needs and the some EUR 153 million and larger was due to the significantly higher development of new water treatment sales volumes increased revenue prices of raw materials and energy. technologies are providing Kemira by some EUR 11 million. Free cash flow after investments with new opportunities. increased. Acquisitions contributed about As part of Kemira’s new strategy, the EUR 38 million to revenue growth Our main focus areas in 2009 are Board of Directors plans to separate while divestments decreased improving profitability, and reinforcing the coatings business, i.e. Tikkurila, revenue by some EUR 130 the cash flow and balance sheet. and list it on the NASDAQ OMX Helsin- million. The currency exchange ki Oy, once market conditions permit. effect had a negative impact on We went through some major revenue of some EUR 63 million. changes in 2008. We announced our We will continue to improve our op- Organic revenue growth excluding new, water-focused strategy and erational efficiency which we started acquisitions and divestments in changed our organization to enable in 2008. The target of our global local currencies was 6%. the implementation of the strategy. savings program is EUR 85 million in Our customer-oriented strategy is 2009–2010. Key Figures EUR million 2008 2007 Revenue 2,832.7 2,810.2 Operating profit 74.0 143.1 Operating profit, excluding non-recurring items 132.6 174.6 Operating profit, % 2.6 5.1 Operating profit, % excluding non-recurring items 4.7 6.2 Profit before tax 1.8 93.3 Net profit 1.8 67.5 EPS, EUR –0.02 0.53 EPS, EUR, excluding non-recurring items 0.29 0.75 ROCE, % * 3.5 7.1 Cash flow after capital expenditure 2.7 –149.1 Equity ratio, % 34 39 Gearing, % 107 92 Personnel at year-end 9,405 10,007 * 12-month rolling average Since all the figures in this Annual Report have been rounded, the sum of individual figures may deviate from the presented sums. 1 CEO’s Review Committed to Clean Water “We have an excellent strategy focusing on water, and we are on the right track with the changes we have initiated. We will make Kemira into a very successful company,” says Kemira’s President and CEO Harri Kerminen. The year 2008 was truly an exceptional year in the business especially in the paints and coatings business, which suf- world. It began with rapidly rising raw material prices. In fered from the downturn in the construction industry, and in the autumn, economic turmoil hit the business world, and pulp and paper chemicals. financing became a high-priority issue for many compa- According to Kemira’s targets, our focus is on improv- nies. Many of our customers were affected, and generally ing profitability, cash flow and balance sheet. During 2008 cautious actions became necessary in adjusting to the rapid we turned our free cash flow after investments positive. changes. All in all, these uncertain times have limited our Strengthening the balance sheet will be one of our key focus insight into our current business environment and its future areas in 2009. development. Water Knowledge is Our Strength Improved Performance During the Second Half of the In June 2008, Kemira’s Board of Directors took the important Year decision that Kemira’s future focus would be on water and Kemira responded to the increase in raw material costs by on those businesses in the portfolio connected with it. increasing sales prices globally. Despite this, the operating Water treatment related technology and know-how in water profit in the first half of the year was weaker than the year chemistry ties our core businesses together. Our water before, and revenue was at the previous year’s level. knowledge, combined with our unique global presence, In the third quarter of the year, price increases and per- presents Kemira with clear competitive advantages. formance enhancement measures began to gain traction. In order to tap all of the water knowledge that has been The third quarter was already clearly better than the first accumulated in Kemira as a result of several acquisitions two quarters of the year. Operating profit excluding non- and intensive research and development, we implemented recurring items as well as sales increased from the second a major reorganization in 2008. We simplified our company quarter, raising operating profit as a percentage of revenue. structure and created a new organization model to support This positive development continued into the last quarter of cross-sales and co-operation between different segments the year. Both sales in continuing businesses and opera- and functions. We closed sites with low profitability and tive results improved from the same period during the year focused our supply chain on fewer logistics terminals and earlier. We are clearly doing the right things and heading in functional hubs.
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