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Elcoteq Annual Report 2005

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Elcoteq Annual Report 2005 Annual Report 2005 Elcoteq SE Annual Report 2005 Elcoteq SE is a global electronics manufacturing services company focusing on communications technology. Contents 2 Elcoteq in Brief Financial Statements 72 Quarterly Figures (Unaudited) 3 Growth Year 2005 32 Consolidated Income Statement 75 Corporate Governance 5 CEO’s Review 33 Consolidated Cash 79 Board of Directors Flow Statement 6 Market Review 80 Elcoteq Management Team 34 Consolidated Balance Sheet 8 Vision, Strategy and Values 82 Management Conference 36 Calculation of Changes 11 Service Offering 84 Glossary in Shareholders’ Equity 15 Global Service Network 86 Investor Relations (IR) 37 Accounting Principles 16 Terminal Products Used in the Consolidated 87 Investor Relations Contacts Financial Statements 18 Communications 87 Analysts Covering Elcoteq Network Equipment 41 Notes to the Consolidated 88 Annual General Meeting Financial Statements 20 Geographical Areas 88 Contact Information 54 Parent Company 23 Corporate Responsibility Income Statement 24 Social Responsibility 55 Parent Company 26 Environmental Responsibility Cash Flow Statement 27 Economic Responsibility 56 Parent Company Balance Sheet 28 Report by the Board of Directors 58 Notes to the Parent Company’s Financial Statements 62 Risk Management 65 Shares and Shareholders 69 Formulas for the Calculation of Financial Ratios 70 Five Years in Figures 71 Board’s Proposal to the Annual General Meeting 71 Auditors’ Report ELCOTEQ 2005 1 Elcoteq in Brief Elcoteq SE is an electronics manufacturing services (EMS) company that focuses on communications technology customers and products. Ranging from product development to after-sales, the company’s services cover the whole lifecycle of its customers’ products. Elcoteq is the largest European company in its field and the fourth largest in the world. Serving Global OEMs Communications Network Equipment’s customers are primarily Most of Elcoteq’s customers are globally operating original equip- manufacturers of wireless and wireline infrastructure, as well as en- ment manufacturers (OEMs) of communications technology terprise networks. In this sector Elcoteq manufactures, for example, products. Elcoteq’s focus on communications technology sets the base stations and microwave systems for mobile phone networks, company apart from its competitors. broadband products, routers and switches. In 2005 companies belonging to the Nokia and Ericsson groups accounted for 69% of Elcoteq’s net sales. In addition to these, the Global Service Network top five customers included Siemens, Sony Ericsson and Thomson. Elcoteq has a comprehensive and globally consistent service net- Elcoteq has also other leading communications technology compa- work in altogether 15 countries on four continents. Following its nies among its customers, such as Andrew Corporation, Avocent, most recent expansions, Elcoteq is the only global EMS company Philips and RIM. with operations in the fast-growing BRIC countries i.e. Brazil, Elcoteq’s operations are organized into two business areas: Russia, India and China. Terminal Products and Communications Network Equipment. The company’s service network includes high-volume manu- In 2005 Terminal Products contributed 82.5% and Communications facturing plants, units specializing in smaller series, as well as Network Equipment 17.5% to the Group’s net sales. design units and new product introduction (NPI) centers. All of the The main product group for Terminal Products is mobile phones, company’s high-volume plants are located close to the main end- their parts, modules and accessories. Terminal Products also manu- markets for the products. Other factors influencing the location of factures other terminal devices, such as set-top boxes and PDAs. the plants are the availability of skilled labor and the cost benefits In recent years demand for home communications products has offered by their localities. clearly increased. In addition to set-top boxes Elcoteq also manufac- Elcoteq has built most of its manufacturing plants itself and for tures electronics for flat-screen televisions, for example. this reason the plant network is able to operate worldwide with an extremely high degree of consistency. Having globally consistent working procedures, manufacturing processes and production equipment, Elcoteq is able, for example, to ramp up production simultaneously at different plants, and move manufacturing from one plant to another, fast and efficiently. For customers this trans- . EMS provider since 1984 lates into a consistently uniform, flexible, and high-quality service. Independent company since 1991 Elcoteq’s volume manufacturing plants are located in Estonia, . Largest European company in its field and Hungary, Russia, China, India, Brazil and Mexico. Small and me- the fourth largest in the world dium-volume plants are located in Finland, the USA and Germany. Net sales 4,169 million euros in 2005 In addition, Elcoteq has its own mobile phone design unit, Elcoteq . Approximately 20,000 employees Design Center, that operates in Finland and Russia. Elcoteq also collaborates with various design companies. The company provides . Operations in 15 countries on four continents after-sales services in Hungary, Germany, Mexico, China and India. Listed on the Helsinki Stock Exchange since 1997 . 20,526,577 listed A shares and 10,577,000 non-listed K shares (Dec. 31, 2005) 2 ELCOTEQ 2005 Growth Year 2005 2005 was a year of strong growth for Elcoteq. Net sales rose 43% on the previous year to 4,169.0 million euros (2,921.8) and operating income increased 34% to 76.5 million euros (57.3). Net sales increased in all geographical areas. Main Events April 11 New plant in Bangalore, India Key Figures 2005 2004 Change, % May 30 The headquarters for Elcoteq’s geographical Net sales, MEUR 4,169.0 2,921.8 43 area Europe established in Budapest, Hungary Operating income, MEUR 76.5 57.3 34 % of net sales 1.8 2.0 August 26 10th anniversary of the Gunnarla plant Income before taxes, MEUR 59.3 44.9 32 in Lohja, Finland Net income, MEUR* 41.3 30.7 35 September 20 Foreign Investor 2005 award for Capital employed, MEUR 495.6 414.3 20 the Tallinn unit in Estonia Return on capital employed (ROI/ROCE), % 17.6 19.5 September 28 Subordinated notes issued, Cash flow, MEUR 24.4 -80.3 totaling 50 million euros Interest-bearing net debt, MEUR 90.3 98.2 -8 Gearing 0.3 0.4 October 1 Elcoteq was the first large industrial Solvency ratio, % 26.0 30.5 corporation in Europe to become a European company and was renamed Elcoteq SE Earnings per share, EUR 1.34 1.01 33 October 7 New plant in St. Petersburg, Russia Gross capital expenditures, MEUR 123.6 128.3 -4 Personnel on December 31 19,802 19,480 2 November 22 Customer Service Leadership award from Frost & Sullivan * Net income for the equity holders of the parent company. The comparison figures for the income statement and earnings per share are the figures December 13 Elcoteq selected for the Red Herring Small for continuing operations in the same period of 2004. The other comparison figures include the impact of the discontinued operation. Cap 100 list as the only Finnish company December 31 Divestment of the Überlingen plant in Germany All Elcoteq’s releases are posted in full on the company’s website at www.elcoteq.com. Net Sales and Operating Net Sales by Net Sales by Income in 2001–2005 Business Area in 2005 Geographical Area in 2005 5,000 5 4,000 4 3,000 3 2,000 2 1,000 1 0 0 MEUR % % % -1,000 -1 01 02 03 04 05 Operating income, as % of net sales Terminal Products 82.5% Europe 56.2% Communications Network Asia-Pacific 25.7% Equipment 17.5% Americas 18.1% ELCOTEQ 2005 3 “If we succeed in meeting our customers’ needs in an innovative and timely manner, we will also succeed in reaching our main goals — creating added value for our customers and raising the company’s shareholder value,” Jouni Hartikainen says. 4 ELCOTEQ 2005 CEO’s Review Dear Reader, A good example of this is the strategic management process 2005 was another year of real growth for Elcoteq. Our net sales rose we started in 2004. We began by setting clear targets which we to a new record level, and exceeded four billion euros, and earnings have since worked systematically to achieve. Our growth and finan- per share improved on the previous year by more than 30%. Most of cial success in 2005 are largely the result of this work. Despite the this growth was organic and I am particularly pleased that growth increase in competition we achieved a good result by taking care of took place in all geographical areas. The new manufacturing plants our competitive strength and its development. we opened in India and Russia in 2005 provide a solid platform for Financial success on its own, however, is not enough. It is vitally growth in the future. Furthermore, our status as a European com- important for us, how the results are achieved. The company’s oper- pany has already attracted a lot of attention and interest among ations must be blameless and ethically acceptable in every respect. both our customers and other stakeholders. This is why we have founded our operations on compliance with The goals we set at the beginning of 2004 — balancing our legal provisions, international treaties, the SA8000 standard and the customer base, broadening the service offering and improving the requirements of our customers. profitability of the Communications Network Equipment business In my view Elcoteq has outstanding growth potential in the — are just as relevant today. future. We have every means of growing profitably and faster than The emergence of original design manufacturing services has the average for the EMS sector. The communications electronics been an especially lively discussion topic in recent years. In Elcoteq and outsourcing markets are in a constant state of flux as equip- we view these services as a natural extension of the traditional ment manufacturers prepare themselves for a new type of com- electronics manufacturing services (EMS).
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