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Financial Statements KONE 2012 KONE 2012 Financial Statements | Information for Shareholders

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Financial Statements KONE 2012 KONE 2012 Financial Statements | Information for Shareholders Nouveau Glamour design for global landmark buildings. Striking, bold interiors that deliver a wow effect every time. Cool colors and bold design elements are brought together in the Nouveau Glamour collection to create a stunning visual impact. Financial Statements KONE 2012 KONE 2012 Financial Statements | Information for shareholders Information for shareholders Annual General Meeting Payment of dividends Listing of KONE securities KONE Corporation’s Annual General The Board of Directors proposes to the KONE Corporation has two classes of Meeting will be held on February 25, Annual General Meeting that for the shares: the listed class B shares and the 2013 at 11:00 a.m. in the Finlandia Hall, financial year 2012 a dividend of EUR non-listed class A shares. The KONE class Mannerheimintie 13, Helsinki, Finland. 1,745 be paid for each class A share and B shares are listed on the NASDAQ OMX Shareholders wishing to attend the a dividend of EUR 1,75 be paid for each Helsinki and are registered at Euroclear meeting must be registered on the KONE class B share. All shares existing on the Finland Ltd. The share subscription period shareholder register at Euroclear Finland dividend record date, February 28, 2013 for the listed 2007 options ended on April Ltd. no later than on February 13, 2013, are entitled to the dividend. The dividend 30, 2012. and must register for attending the meet- will be paid on March 7, 2013. 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)20 770 6873), or over the internet (www.kone.com/corpo- rate/en/Investors/AGM) no later than by 3:00 p.m. EET on February 20, 2013. The registration must be received by the end of the registration period. Any proxies must be submitted at the same time. More information At general meetings each KONE class A share is assigned one vote, as is each The Board of Directors’ proposal for block of 10 class B shares, with the pro- the distribution of profit, page 67 viso that each shareholder is entitled to at Shares and shareholders, page 63 least one vote. KONE’s financial reporting schedule in 2013 Financial Statement Bulletin and Financial Statements for 2012 Thursday, January 24, 2013 Printed Financial Statements for 2012 week 7, February, 2013 Interim report for January 1–March 31, 2013 Tuesday, April 23, 2013 Interim report for January 1–June 30, 2013 Friday, July 19, 2013 Interim report for January 1–September 30, 2013 Tuesday, October 22, 2013 In the second quarter of 2013, KONE will publish a separate Corporate Responsibility Report on the year 2012. 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 Investor relations, see inside of information in Finnish and English. All the bank where they have their book- report’s back cover materials are available on KONE’s website entry account. Those shareholders who 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 2012 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 2008–2012 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 KONE 2012 Financial Statements | Board of Directors’ report Board of Directors’ report KONE’s operating environment from a lower level in South Europe. The declined somewhat. The Southeast Asian In 2012, the overall market situation was maintenance market continued to grow markets grew throughout the year driven challenging due to the general economic in the EMEA region, although with clear primarily by the residential segments, but environment and overall uncertainty. The variation between countries. Price competi- the growth rate slowed slightly down in the new equipment demand weakened in tion in the maintenance markets was very second half of the year. The fastest growth many markets outside of Asia-Pacific. Price intense throughout the year as a result of was seen in Malaysia, Indonesia and Thai- competition intensified in both new equip- the decline in volumes in the new equip- land. Maintenance markets in Asia-Pacific ment and service. In new equipment, in ment and modernization markets. grew throughout the year. The pricing the Europe, Middle East and Africa (EMEA) In the Americas region, the gradual environment remained challenging in all region, the market declined slightly in Cen- recovery of the new equipment demand markets, and the price competition in the tral and North Europe, but remained at a continued. The recovery in the United new equipment market in China intensified relatively good level. In South Europe, the States progressed throughout the year and towards the end of the year. market declined further from an already was driven primarily by small and mid- weak level. In the Americas region, the sized projects in the residential and office Orders received and order book gradual recovery from a low level contin- segments. The infrastructure segment and In 2012, KONE’s orders received increased ued. The market in Asia-Pacific continued other publicly funded projects were at a by 23.1% and totaled EUR 5,496 (2011: to grow, although at a clearly lower rate low level. Vacancy rates in the office seg- 4,465) million. Excluding GiantKONE, than in 2011. Market growth in Asia-Pacific ment developed favorably, particularly on which was consolidated as a subsidiary slowed down gradually during the first the West Coast and in Texas. During the as of December 2011, orders received three quarters before picking up again year market conditions started to improve grew by 13.7%. At comparable exchange in the last quarter of the year. The major also in markets such as Florida and the rates, KONE’s orders received increased by projects segment was active, particularly Midwest following a prolonged period of 17.4%. Excluding GiantKONE, the increase in Asia-Pacific and the Middle East, but decline. The new equipment market in both at comparable exchange rates was 8.5%. towards the end of the year lead times in Canada and Mexico grew slightly, although Maintenance contracts are not included in decision-making became longer, which the slight growth seen in Mexico in the orders received. impacted the growth. The global modern- beginning of the year leveled off as the year Orders received grew in Asia-Pacific ization market declined slightly, although progressed, and also in Canada growth and the EMEA region, and was stable in with regional variations. Maintenance mar- slowed down during the last quarter of the Americas. KONE’s order intake grew kets continued to develop favorably in most the year. The modernization activity in the strongly in the new equipment business countries. Price competition intensified fur- Americas grew slightly. Price competition and declined somewhat in the moderniza- ther in all businesses, particularly in regions in the maintenance markets was highly tion business. New equipment order intake where the new equipment market has been intense, particularly in the non-residential grew in Asia-Pacific and the EMEA region, weak for a prolonged period of time. segments. In the new equipment market, and was stable in the Americas. Moderniza- In the EMEA region, the new equip- the pricing environment was particularly tion orders received declined slightly in all ment market declined slightly in Central challenging in major projects. regions. and North Europe, but remained at a In the Asia-Pacific region, the new The order book grew from the end of relatively good level. Compared with the equipment markets continued to grow 2011 by 16.1% and stood at EUR 5,050 previous year, the residential segment was from the high level of 2011, although the (Dec 31, 2011: 4,348) million at the end stable at a good level. Most non-residential growth rate was clearly lower than in the of 2012. At comparable exchange rates, segments declined moderately, except for previous year. The new equipment market the increase was 16.5%. The margin of the the infrastructure segment, which grew in China grew clearly, although at a slower order book was at a healthy level, and the significantly. The new equipment market rate than in 2011 as a result of Chinese orders received margins improved slightly grew in Germany, Austria and Switzerland government decisions aiming to manage over the course of the year. Cancellations of before stabilizing towards the end of the the development of housing prices and orders remained at a very low level.
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