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Millog 20 Nammo 22 2013 Annual Review PATRIA ANNUAL REVIEW 2013 Content Patria briefly 4 Key figures 6 Review by the President and CEO 8 Operating environment 10 The year 2013 at a glance 12 Aviation 14 Land 16 Systems 18 Millog 20 Nammo 22 Corporate responsibility 24 Corporate responsibility as the basis of profitable operations 24 Ethical operator 26 Good employer 28 Good partner 30 Environment 32 Governance 34 Risk management and internal control 34 Corporate governance 36 Group management 38 Board of Directors and Consultative committee 40 GRI-table 42 Contact information 44 Patria’s Annual Review consists of the Annual Report which includes the Corporate Responsibility Progress Report and a separate Financial Statements Report. These parts complement each other. Further information can be found at Patria’s web page www.patria.fi. The Annual Review can also be viewed with smartphones and tablet computers by reading the attached QR code. The Annual Review 2013 will be Patria’s last annual review published in a printed form. In future Patria’s Annual Review will be published only at the company’s web site. PATRIA ANNUAL REVIEW 2013 Patria briefly Patria is a trusted provider of defence, security and aviation life-cycle support services and technology solutions. Patria is owned by the state of Finland (73.2%) and EADS European Aeronautic Defence and Space Company N.V. (Airbus Group) (26.8%). Corporate structure Net sales as a share of Group net sales Aviation and Aerostructures 14% Admin, Finance, Marketing, Extensive life cycle support for aircraft and Business Development and Communication helicopter fleet management including pilot training. The design and manufacture of com- posite structures for aircraft and spacecraft. Aviation, Aerostructures Land 34% Land Armoured wheeled vehicles, mortar systems, ammunition, and life-cycle support services for these products. Systems Systems % Millog 61.8% 10 Systems for situational awareness and applications and services supporting critical infrastructure. Nammo 50% Millog 14% Values Patria’s subsidiary (61,8%) Millog produces life cy- cle support services for the Finnish Army material. WE WANT TO SUCCEED Nammo OUR OPERATIONS ARE CUSTOMER ORIENTED % TOGETHER WE CREATE SUCCESS 28 Patria’s 50% owned Nammo AS focuses on de- velopment and provision of ammunition systems, missile and space propulsion products as well as environmentally friendly demilitarisation services. 4 PATRIA ANNUAL REVIEW 2013 Patria internationally Patria operates internationally and the company has operations and projects in countries such as Finland, Sweden, Norway, Estonia, Poland, Croatia, United Arab Emirates, Saudi Arabia, USA and South Africa Patria’s operational sites in Finland 1. Tervola 2. Kauhava 3. Lapua 4. Vihtavuori 5. Lievestuore 6. Tikkakoski 7. Jäminkipohja Administration 8. Halli Aerostructures 9. Lyly Aviation 10. Orivesi Land 11. Linnavuori Systems 1 12. Tampere Millog 13. Sastamala Nammo 14. Parolannummi 15. Hämeenlinna 16. Utti 17. Riihimäki 18. Malmi 19. Espoo 20. Helsinki 2 3 6 4 5 7 9 8 10 11 12 13 14 15 16 17 18 View the GRI table 19 20 on pages 42–43 5 PATRIA ANNUAL REVIEW 2013 Key figures For Patria, 2013 was a year of growth. There was clear growth in net sales and profitability remained at the previous year’s good level. The growth of the order stock has slowed down and its development will depend on whether export projects now in the tendering stage are launched on the international markets. Net sales EUR million Operating prot EUR million Gross investments in xed assets EUR million Personnel average 824.8 97.1 4000 3,587 3,614 736.1 87.0 87,0 29.7 3,414 3,397 3,430 618,4 3500 26.7 25.8 618.4 3000 2 810 564.3 24.1 539.5 60,3 60.3 2500 16.0 2000 1500 20.0 1000 10.5 500 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Order stock EUR million Equity ratio % Tax footprint on corporate tax EUR million Patria is subject to corporate inco- me tax in the following count- 1,787.2 49.5 ries: Finland, Sweden, Norway, 47.7 1,626.5 43.5 43.5 Slovenia, Germany, Poland, Latvia 40.0 and Estonia. 1,315.6 1,229.9 9 Patria has a dormant company, 998.2 Vammas Corporation, in Delawa- 18 re, US, which has never been operative and is in liquidation. Nammo Finland, others 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Net sales outside Finland % NET SALES EUR 824.8 million 62 63 OPERATING PROFIT 2009 2010 65 EUR 97.1 million 63 59 PERSONNEL AVERAGE 2013 2011 2012 3,614 6 PATRIA ANNUAL REVIEW 2013 Personnel statistics Proportion of women 2010 2011 2012 2013 Board of Directors 2/6 2/6 1/5 1/5 Board of Management 0/7 0/7 1/8 1/8 All personnel, % 17 17 17 17 Personnel figures Personnel, on average 3,397 3,430 3,587 3,614 Personnel in Finland 2,414 2,474 2,567 2,592 Blue collar, % 42 41 41 41 Salaried, % 20 21 22 22 Senior salaried, % 38 38 37 37 Education level University, % 18 18 17 17 University of applied sciences, % 33 33 34 33 Vocational/upper secondary school, % 47 46 46 47 Basic education, % 2 3 3 3 Employment Average age 42.9 43.4 43.7 43.8 Length of services, yrs 13.7 13.8 13.9 13.9 Permanent employees, % 95 94 95 92 Part-time employees, % 2.6 2.2 2.2 2.6 Accidents at work Accident at work, qty 28 38 21 29 New permanent disability pensions granted, % of those insured 0.31 0.47 0.38 0.08 Employer image Technology students, Universum 14 20 25 31 Working people (technical education) Universum 13 15 29 52 The figures cover Patria and the employees of companies of which Patria owns more than 50%. Stakeholders-specific capital flows (MEUR) Direct economic value, EUR million 2010 2011 2012 2013 Consolidated net sales 564.3 618.4 736.1 824.8 Other operating income 6.4 5.0 7.9 5.5 Financial income 1.1 1.3 1.3 0.8 Customers Sales Income, total 571.8 624.7 745.3 831.1 Goods, materials, Operating costs exlcuding depreciation Suppliers 384.0 338.2 411.0 481.5 and services and personnel expenses Personnel Wages, salaries, and fees Personnel expenses 190.8 203.4 224.7 226.3 Public sector Taxes Payments to government (taxes) 3.7 6.5 6.1 14.8 Not-for-profit organisations Support and donations Donations and other charitable payments 0.0 0.1 0.0 0.0 Payments made to shareholders and loan providers Shareholders Dividends Dividends 0.0 0.0 10.3 19.0 Investors Financial costs Interest and other financial expenses 4.4 4.0 3.7 4.3 Expenses Distributed, total 546.9 552.2 655.8 745.9 Sales–expenses = added value Economic value retained for opertional development 24.9 72.5 89.5 85.2 Investments in tangible and intangible assets Investments Acquisitions 17.0 28.9 31.4 36.3 as well as acquisitions In the beginning of 2014, Nammo Group will be reclassified as joint venture and consolidated using the equity method instead of the proportionate method. This will have a material impact on the illustration of the Group’s consolidated net sales. The Consoli- dated Financial Statements of Patria have been prepared in accordance with International Financial Reporting Standards (IFRS). 7 PATRIA ANNUAL REVIEW 2013 A year of strong growth For Patria, 2013 was a year of growth. There fence Forces signed an agreement for life cycle the overall investigation initiated by Finland’s was clear growth in net sales and profitabili- upgrades of XA-180 personnel carriers, also National Bureau of Investigation in 2008. The ty remained at the previous year’s good level. known as ’Pasis’, with Patria; this modernisa- matter will proceed in the manner and ac- However, overall growth in orders remained tion project will secure the vehicle’s life cycle cording to the schedule decreed by the court. subdued. Naturally, this will affect our de- and usability long into the future. The project In the autumn, legal proceedings at the Kan- velopment over the next few years. In our will have a major employment effect on both ta-Häme District Court in relation to the Slove- home and other important markets, defence companies. At the year end, we also complet- nian vehicle project ended in the dismissal of budget cuts are driving the defence industry ed the Rauma Class Fast Attack Craft life-cycle all bribery charges, after the period under re- into a transition in which solutions that are upgrade project. This was an important project view, in a decision published in January 2014. more cost effective are being sought on the for Patria, in which it demonstrated its ability basis of decreased resources. In addition, also to succeed in a Navy project demanding procurements already prepared and decided integration expertise of a very high order. ETHICAL AND RESPONSIBLE PRACTICES on are being postponed and reduced in size, Other noteworthy events included the Continuous development of ethical practic- which is also affecting the order book. contract signed with the Finnish Defence es is particularly important to companies like Forces on a research project related to the pro- ours, which operate in the defence materi- tection of data networks. This project is one of el industry. During the year gone by, we at PROJECTS PROGRESSED AS PLANNED the Defence Forces’ technology programmes.
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