financial statements 2014 - kuusakoski · 2015. 4. 29. · of 2013, we were able to improve our...
TRANSCRIPT
Financial Statements 2014
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Design and layout: Mainostoimisto Queens Oy
Pictures on pages 2 and 32: Havas Oy
Print: Markprint Oy
Photos of the board: Studio Skaala Oy
Translation: Crockford Communications OyPainotuote441 042
VALUEIS AT THE HEART OF EVERYTHING
Knowledge of materials is a skill that has enabled us to develop our expertise, technologies and efficiency . continuously. We cover the entire spectrum of recyc-
ling, from collecting and processing materials to manufactu-ring foundry products that support the business activities of our customers. We give waste materials a new chance. The value that they deserve.
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Financial Statements 2014Recycling and Foundry Operations 4
Report of the Board of Directors 8
Consolidated Income Statement and Balance Sheet 20
Consolidated Statement of Changes in Financial Position 20
Notes to the Consolidated Financial Statements 21
Parent Company Income Statement and Balance Sheet 24
Key Figures 25
Accounting Principles 26
Proposal of the Board 27
Auditor’s Report 27
Boards of Directors, Management and Auditors 28
Contact Information 30
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As a result of the reorganisation measures introduced at the end
of 2013, we were able to improve our profitability and competi-
tiveness despite an extremely challenging market situation in
2014. Following an operating loss in 2013, the recycling group managed to
post an operating profit in 2014 amounting to EUR 4.5 million. The improve-
ment in our result was achieved largely in our domestic markets in Finland
and Sweden.
Falling global market prices and strong fluctuations in the prices of raw
materials had a negative impact on both the availability of recycled me-
tals and Kuusakoski Recycling’s revenues. Despite this, we were able to
increase the amount of deliveries to all our key customers. No significant
price increases are expected in raw material prices in 2015, and this will
impact the earnings performance of our Baltic and Polish operations in
particular in the near future. In our day-to-day operations we have indeed
focussed on managing price risks among raw materials.
Our core business strategy was updated at the start of 2014. Accor-
dingly we concentrated our activities in Finland and Sweden. In Finland we
discontinued our demolition operations at the end of 2014. In Sweden we
are seeking a strategic partner for our demolition subsidiary Borrkompa-
niet Sverige AB.
While updating our strategy we reassessed the opportunities of all
our units in Finland and Sweden to operate profitably in the future. As a
result of this reassessment the decision was taken to discontinue our
units in Rauma and Karjaa, Finland, as well as in Karlstad, Sweden. Their
functions were transferred to larger units within these regions. The posi-
tive effects of concentrating our operations shall be realised in full du-
ring the course of 2015.
BACK TO BASICS
Atte KekkonenPresident and CEO, Kuusakoski Oy
Our operations in Russia achieved profitability in 2014. The ongoing crisis
in Russia is not expected to have a significant impact on our operations
there in 2015, although growth is very unlikely. In the USA we concluded
our investments in Chicago and Peoria. Kuusakoski also redeemed the re-
maining shares in Vinta-
ge Tech, LLC. In Great Bri-
tain, SWEEEP Kuusakoski
Ltd restarted operations
following the fire in 2013.
As a result of the in-
vestments and the mea-
sures that have been taken, we are cautiously positive about our profit
development in all of the above-mentioned markets despite the challen-
ging market situation.
The focus of our continuous R&D work is on improving our processes
and practices, and the aim is to further improve our recovery efficiency,
especially in the processing of electronic equipment. To support our con-
tinuous R&D work, the company’s own material laboratory was completed
in 2014, allowing raw materials and end products to be analysed much
faster than before.
We shall continue to improve our operational efficiency in all our
markets in 2015. Despite the difficult market situation, we believe that
we will be able to improve our relative profitability and competitiveness
over the long term. With the right investments and improvements to our
competitiveness, we are preparing to return to growth during the course
of 2015–2016.
Despite the difficult market situation, we believe that we will be able to improve our relative profitability and competitive-ness over the long term.
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Demand for our products grew rapidly at the start of 2014, especi-
ally in China. Production was increased by hiring more employees
and expanding our network of subcontractors, which saw revenue
develop favourably by Q2.
In August there was an accident in the vicinity of our China plant, which
temporarily halted also our production when the authorities deman-
ded changes in safety regulations. Alteams
reacted quickly in anticipation of the requi-
red changes, and some production processes
were transferred to different production faci-
lities. Compliance with the new safety regula-
tions generated additional costs and increased inventory levels. Towards
the end of the year the decision was taken to initiate a plant expansion
project. This project, once completed, will enable us to relocate all produc-
tion processes, once again, to the same facilities.
Revenues in 2014 increased by approximately 19% compared to the
previous year. Growth was particularly fast in the telecommunications net-
work components segment, while the mechatronics segment also develo-
ped positively. In line with our strategy, our focus continued to be on wor-
king with customers who we can supply with advanced applications using
cast aluminium products.
The Chinese plant continued to account for a significant share of total
production and profits, with deliveries were almost evenly split between
the Asian and European markets. The new Polish plant began deliveries
in February, but additional time is required before the expected volumes
are reached. The project has been delayed, in particular, due to official
permits, product certifications by customers and problems relating to the
ramp-up of our own production processes and our subcontractors. The
A YEAR OF GROWTH
Asko NevalaPresident and CEO, Alteams Oy
at Alteams despite ongoing uncertainty in the global economy
Polish plant will play an extremely important role in the future and these
initial problems are being rectified. The profitability of our Finnish plants
improved significantly compared to the previous year due to dedicated
development work.
The strategic importance of India, as part of our telecommunications
network components segment, was further clarified in 2014. We succee-
ded in attracting several new product projects to
India, with the decision being taken to continue
substantial investments in improving the profitabi-
lity of our Indian operations.
In line with our strategy, the focus of R&D acti-
vities at Alteams is on finding superior technical solutions and produc-
tion methods for customer products. The efficiency of our own processes
is being improved in keeping with the principle of continuous develop-
ment. Several projects were implemented during the year under review.
For example, we have sought to improve the transfer of waste heat from
electronics by developing raw materials, cast components and foundry
processes. In India we expanded our production range by reintroducing
coating. In China the focus has been on improving the efficiency and qua-
lity assurance capabilities of the foundry and its processes, in particular
through the “World Class Foundry” project.
We expect overall demand to remain at a strong level also in 2015. In
particular, we expect volumes in the mechatronics segment to grow furt-
her, making it an even more solid cornerstone of our business. Ongoing
investments in developing the operations of our plants and the ramp-up
of the Polish plant in 2015 will create a good basis for continued success
in the forthcoming years.
We expect overall demand to remain at a strong level also in 2015.
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A YEAR OF GROWTHat Alteams despite ongoing uncertainty in the global economy
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Kuusakoski Group Oy
Group’s operating environment and financial result
No major changes occurred in the Group’s operating environment
compared to the previous year. The uncertainty in the global
economy continued, and competition for recycled metals inten-
sified. It was also a year of strong price fluctuations. The price of scrap iron
fell by 20% during the year under review.
The foundry business enjoyed a year of growth. Demand for Alteams
Oy’s products grew especially in the telecommunications network compo-
nents segment. Revenues for the foundry business increased by 19% over
the previous year.
Kuusakoski Group Oy posted
revenues in 2014 of EUR 655.5
million, which is 7.9% less than in
2013. The consolidated operating
profit was EUR 6.9 million (operating
result -12.3 million in 2013), which
represents 1 .0% of revenues (-1.7% in 2013). The return on investment (ROI)
was 2.0% (-4.3% in 2013). The net result was EUR 2.8 million (-20.0 million
in 2013), which represents 0.4 % of revenues (-2.8% in 2013). The Group’s
operating result in 2013 included non-recurring costs, including the loss
posted by the bioenergy business and the costs related to its discontinua-
tion amounting to approximately EUR 20 million.
Revenues from recycling operations accounted for approximately
83.5% of the Group’s revenues.
Kuusakoski Group comprises the recycling operations of Kuusakoski Oy, the foundry operations of Alteams Oy and property companies, which are Jokirantakiinteistöt Oy and Kiinteistö Oy Lahden Norokatu 5. The parent company of Kuusakoski Group is Kuusakoski Group Oy, which is owned in its entirety by the Kuusakoski family. Kuusakoski Oy and its subsidiaries form the recycling group and Alteams Oy and its subsidiaries the foundry group.
The Group’s financial result for the year under review was better than for the previous year but remained unsatisfactory.
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Kuusakoski has always wanted to do things better. Everything we do starts with new solutions and .innovativeness, attributes that we have always
valued. Our own R&D activities ensure that our recycling and sorting expertise is the best in the industry. With the competitive advantages offered by technology in our own hands, we are able to react fast and be on the front line in responding to future challenges. Our technological superiority enhances our efficiency, profitability and ability to serve customers.
VALUE FOR INNOVATIONS
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Financing and capital expenditure
Kuusakoski Group Oy’s cash flow from operating activities before invest-
ments totalled EUR 15.1 million (EUR 54.6 million in 2013) and after invest-
ments EUR -5.5 million (EUR 21.6 million in 2013). The amount of working
capital tied to Group activities increased by EUR 13.8 million. Working capi-
tal was added primarily as inventories and current receivables.
The Group’s investments totalled EUR 20.5 million (33.0 million in 2013),
which represents 3.1% of revenues (4.6% in 2013). Kuusakoski Oy’s invest-
ments focused on developing existing processes and recovery efficien-
cy, as well as on strengthening strategic growth areas, particularly waste
electrical and electronic equipment recycling. Geographically investments
in the recycling business focused on the USA. The biggest investment pro-
ject in the foundry business was the new production plant in Poland.
The Group’s liquidity was good. The Group’s long-term financing has
been covered by committed revolving credit facilities issued by banks. At
the end of the year under review the Group had a total of EUR 50 million of
unused revolving credit facilities. The funds required for operating activi-
ties were acquired primarily from the commercial paper markets.
Kuusakoski Oy participated in a bond issue guaranteed by the Garantia
Insurance Company. Kuusakoski Oy’s share of this issue amounted to EUR
10 million.
The Group’s equity ratio at the end of the year under review was 48.0%
(53.4% in 2013). The net gearing ratio was 53.0% at the end of the year
(41.3% in 2013). The amount of net liabilities increased during the year un-
der review by approximately EUR 18 million.
The Finance Department of the Group’s Parent Company manages
centrally the Group’s assets and fund raising.
Personnel
The number of personnel employed by the Group increased by 706 during
the year under review. At the end of the year under review, the Group had
3,275 employees.
Number of personnel employed by Kuusakoski Group at the end of the year
2014 2013 2012In Finland 725 746 846Outside Finland 2,550 1,823 1,946Total 3,275 2,569 2,792
The number of personnel outside Finland increased in both the recycling
and foundry groups. The number of personnel in the recycling group in-
creased in the USA primarily as a result of the acquisition of Vintage Tech,
LLC at the end of the year. The number of personnel in the foundry group
increased in Poland.
The total sum of salaries and rewards paid to personnel during the
year under review in Kuusakoski Group was EUR 74.3 million (69.5 million
in 2013).
Risks and risk management
The purpose of the Group’s risk management is to identify any significant
risk factors considering the special characteristics of its business opera-
tions and business environment and to optimally manage them in such a
way that the Group’s strategic and financial goals are achieved.
The main risks within the recycling business in the current market situ-
ation are connected with the price risk of metals, the credit risk, changes
in demand and production capacity, structural changes in the operating
environment and the group’s own ability to implement the measures re-
quired by the changes in the business environment, as well as by new ac-
quisitions and the start-up of new operations. All of these are protected
against by operational measures.
The risks within the foundry business are the major fluctuations in
demand, price fluctuations among raw materials, unpredictability in the
number of orders and the large dependency on a few large customers, as
well as the challenges related to the start-up of new units.
The Group regularly monitors its insurance cover as part of its risk ma-
nagement. Insurance is used to cover all the risks that are appropriate to
manage for financial or other reasons through insurance policies.
A risk management policy has been defined for the Group and appro-
ved by the Board of Directors that is used to manage risks connected with
the Group’s business operations, personnel and financing. Currency and
metal derivatives that are used to hedge against risks are measured at
their fair value, and the fair value is recorded as a gain or loss.
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Kuusakoski increased its holding in Sweeep Kuusakoski Ltd in Great Britain. .Kuusakoski acquired an additional 11%
shareholding in the joint venture on 28 Janua-ry 2014, increasing its ownership to 61%. The other shareholders are Patrick and Pamela Watts, who continue respectively as Managing Director and Financial Director.
Kuusakoski and the Finnish chapter of the World Wide Fund for Nature (WWF) .signed a co-operation agreement on
28 February 2014 aimed at promoting recycling and reuse in Finland. The agreement makes Kuusakoski one of the main partners of WWF Finland. Plans for 2015 include a campaign to set up recycle bins for small electronic items at companies and offices.
Kuusakoski fully updated its customer extranet service with new functions and a fresh appearance under the
name Kuusakoski eService. The comprehen-sive ordering and information service offers customers real-time reporting and makes it easy for them to order transportation servi-ces and track their orders in real time.
In June, CLEEN Oy kicked off its four-year Material Value Chains Project after receiving a positive financing decision from Tekes, the Finnish Funding Agency for Innovation, in April. Kuusakoski is one of the owners of CLEEN Oy and a key partner in the Material
Value Chains Project. The aim of the project is to enable 20% annual growth in recycling operations and double the revenues of recycling companies by 2020.
In May, Kuusakoski redeemed the remai-ning 20% shareholding in its Danish joint venture Averhoff A/S. The acquisition will
increase co-operation between Denmark, Sweden and Finland.
An audit performed by Bureau Veritas Certifications in November 2013 con-firmed that Kuusakoski’s operations
comply with the requirements of the ISO 9001 quality management system and the ISO 14001 environmental management system. New certificates were issued in January 2014 and are valid until January 2017.
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Recycling operationsKuusakoski Oy and its subsidiaries form the recycling group.
Market situation and business performance
The year under review remained challenging for the recycling bu-
siness. Due to the slowdown in the global economy, particularly
in the Chinese economy, as well as to intense price competition
among ore producers, the prices of iron ore and basic metals decreased
significantly in 2014. The price of scrap iron fell by 20% during the year
under review.
Demand among customers using recycled metals as a raw material re-
mained at a healthy level, especially in Finland.
In accordance with its strategy, Kuusakoski increased deliveries to Fin-
land and Sweden, and it also enhanced its price and material manage-
ment controls.
The revenues of the recycling business amounted to EUR 548.6 million,
which is 1 1.8% less than in 2013. The operating profit from the recycling
business amounted to EUR 4.5 million (operating loss -17.0 million in 2013),
which represents 0.8% of revenues (-2.7% in 2013). The return on invest-
ment (ROI) was 1 .1% (-7.3% in 2013). The net result was EUR 1 .8 million (-21.2
million in 2013), which represents 0.3% of revenues (-3.4% in 2013).
The operating result for the recycling business in 2014 does not include
any significant restructuring costs. In 2013 the recycling business had non-
recurring restructuring costs amounting to approximately EUR 20 million.
The decrease in revenues was due to lower volumes and lower recycled
metal prices.
In addition to the company’s traditional metal recycling operations,
the focus areas continued to be WEEE recycling (Waste Electrical and
Electronic Equipment), sales of recycling services and solutions, and the
construction waste business in accordance with its strategy.
Construction of the new R&D analysis laboratory for recycling technolo-
gy in Lahti, Finland, was completed in the summer, and sampling facilities
including crushers and smelters were completed by the end of the year.
The new R&D centre will allow the company to respond even better to the
growing demands for recycling technology.
At the end of the year under review Kuusakoski Oy took the decision to
discontinue its demolition operations in Finland.
The ERP system that was introduced already in 2013 in Sweden was
successfully introduced also in Finland at the beginning of the year un-
der review.
Finland retained its strong and important position in terms of genera-
ting results in the recycling business in 2014.
The operating result in Sweden improved significantly over the pre-
vious year. Steps that were taken in 2013 to adjust to the changed market
situation and focus even more on sourcing and recycling complex metals
that require technological expertise had a positive impact on the Swedish
subsidiary’s operating result.
In the Baltic markets, the operating results of Kuusakoski’s Estonian
and Lithuanian subsidiaries improved significantly. Operations in Poland
were also profitable.
In Great Britain, the joint venture Kuusakoski Ltd that specialises in
processing stainless steel in Sheffield continued to perform strongly.
The WEEE joint venture Sweeep Kuusakoski Ltd in Kent posted a negati-
ve operating result. The production line that was destroyed by fire in sum-
mer 2013 was restarted at the beginning of 2014.
In Denmark, the WEEE joint venture Averhoff A/S posted a negative
operating result. Kuusakoski redeemed all the remaining shares held by
minority shareholders in accordance with the shareholders’ agreement in
spring 2014.
Russia’s importance to the recycling group’s business is currently mi-
nimal. During the year under review, the company had operations only in
Moscow. In accordance with the strategy, the Moscow location focuses on
developing WEEE operations and recycling complex metals. The operating
result of Kuusakoski’s Russian subsidiary improved significantly compa-
red to the previous year.
13
The new ERP system that was introduced already in 2013 in Sweden was success-fully introduced also in Finland at the
beginning of the year. Originally introduced in 2010, the comprehensive ERP project officially concluded on 30 September 2014, but work continues on implementing the changes, mo-nitoring processes and developing efficient work practices.
Kuusakoski acquired a 49% sharehol-ding in Suomen Erityisjäte Oy. The .agreement with former owner Skanska
Infra Oy was signed in August. The remaining shares in Suomen Erityisjäte Oy are owned by LHJ Group (Loimi-Hämeen Jätehuolto).
Kuusakoski Oy opened a unique re-search laboratory and development centre in Lahti, Finland, in the summer
with the aim of finding new material streams. The activities at the new analysis laboratory focus on complex materials and separation technology for precious metals.
In order to strengthen its global position, Alteams established a new production unit in Lebork, Poland, at the end of 2012. The
new plant began deliveries in February 2014. Once production is in full swing, the plant is expected to employ between 200 and 300 people.
Preprocessing operations for waste electrical and electronic equipment were expanded within Finland to La-
pua, Oulu, Turku and Tampere.
Special attention was paid during the year to occupational and fire safety. An extensive fire safety training pro-
gramme began in the summer.
In December, Kuusakoski redeemed the remaining 60% shareholding in Vintage Tech Recyclers in the USA. Vintage Tech
Recyclers had been a joint venture since No-vember 2011 and is now the leading electronics recycling company in the USA operating on the basis of producer responsibility funding.
Kuusakoski celebrated its 100th anni-versary in the autumn. The event was .celebrated among personnel in all
our markets in a festive yet informal manner.
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Even in large corporations, teamwork and trustworthiness are the products of the work put in by numerous individuals. Our activities, from customer service to innovations, demand enthusiastic emplo-
yees who are dedicated to the values of the recycling business. Promises are made and kept among people. Even the best technologies cannot work and produce results without the human factor. In this way, the importance of skilled employees can be felt throughout the entire value chain.
In the USA, Kuusakoski continued investments according to the strategy
and to develop WEEE processes. Construction of the new recycling plant in
Chicago was completed and production began in spring 2014. At the end
of the year Kuusakoski redeemed the remaining shares in Vintage Tech,
LLC. Vintage Tech is the leading electronics recycling company in the USA
operating on the basis of producer responsibility funding. The transaction
strengthened Kuusakoski’s position in the electronics recycling market in
the USA. Kuusakoski’s operating result in the USA remained negative in 2014.
Research and development, environmental protection, and occupational health and safety
Kuusakoski Oy’s R&D department focused on research into the value and
processing chains of various material flows. The aim of the research was
to improve the recovery and sorting efficiency of materials, as well as the
recyclability and usability of waste flows created in processes.
Following a review of the processing chain, the manual dismantling and
preliminary handling processes were harmonised. A new operating model
for projects was introduced within the R&D organisation to facilitate more
organised and systematic operations.
The new R&D analysis laboratory for recycling technology in Lahti, Fin-
land, was completed in the summer, and sampling facilities including crus-
hers and smelters were completed by the end of the year. Other important
projects include the introduction of an electrostatic separator, cyclone se-
paration experiments with several equipment manufacturers, fluff testing
at the Ekopark Lahti recycling plant, and the development of new noble
metal processes at Kauklahti in Espoo, Finland.
During the year under review, research co-operation was undertaken with
several universities and research institutes. Testing began with Poly-XRF
equipment that has been developed in collaboration with the VTT Technical
Research Centre of Finland and that uses X-ray fluorescence technology to
distinguish between different metal fractions. Kuusakoski played a key role
in initiating the nationwide CLEEN Material Value Chains Project in Finland.
Four thesis projects were also initiated at Aalto University.
In the field of environmental protection, a lot of work continued to go into
permits and notifications, partly due to the changes in the company’s ope-
rations. ISO 14001 environmental audits were carried out according to plan.
In the field of occupational health and safety, systematic training was
continued, internal safety auditing was enhanced, and work continued on
occupational safety plans. Kuusakoski’s mission statement and operating
policy were also updated in line with the strategy. The operating policy now
includes a new occupational health and safety policy. Special attention
was paid to occupational safety in connection with the work on updating
the strategy.
The condition and age of radiation detection equipment was evalua-
ted. Based on the results, preliminary plans for updating equipment were
drawn up, and the need for additional equipment was assessed.
Changes in group structure
In January, Kuusakoski Oy acquired an additional 11% shareholding in Swee-
ep Kuusakoski Ltd. As a result of this transaction, Kuusakoski Oy’s ownership
of Sweeep Kuusakoski Ltd increased to 61%.
In May, Kuusakoski Oy redeemed all the remaining shares in Aver-
hoff A/S in accordance with the shareholders’ agreement. In December,
Kuusakoski Oy also redeemed all the remaining shares in VTKK and Vinta-
ge Tech, LLC in the USA. As a result of these transactions, Kuusakoski Oy’s
ownership in these companies increased to 100%.
In September, Kuusakoski Oy acquired a 49% shareholding in Suomen
Erityisjäte Oy, which specialises in processing hazardous solid waste, con-
taminated soils and slag from waste incineration plants.
15
VALUE FOR EMPLOYEES
16
Market situation and business performance
The foundry group’s revenues increased by approximately 19% over
the previous year. Growth was particularly fast in the telecommu-
nications network components segment, while the mechatronics
segment (mechanical engineering, electrical engineering and commer-
cial vehicle industries) also developed favourably. The operating result for
2014 was weaker compared to the previous year mainly due to the start-
up costs in Poland and changes in official regulations in China.
The revenues of the foundry group amounted to EUR 108.4 million,
which is 19.1% more than in 2013. The operating profit amounted to EUR
2.8 million (4.0 million in 2013), which represents 3.7% of revenues (4.4%
in 2013). The return on investment (ROI) was 6.6% (7.7% in 2013). The net
result was EUR 0.9 million (1.2 million in 2013), which represents 0.8% of
revenues (1.4% in 2013).
Production in China was temporarily halted in the autumn due to an ex-
plosion near the production unit and the resulting changes in official regu-
lations. Production costs increased, as some of the production processes
had to be transferred to separate production facilities.
India is considered a strategically important country for production. The
sales volumes and profitability of the group’s joint venture in India develo-
ped favourably during the year under review.
Construction of the new production unit in Poland was completed at
the start of 2014, but the ramp-up to mass production was slower than
anticipated. This subsequently had a negative impact on the group’s ope-
rating result.
Research and development
The group’s R&D activities were based on its strategy of meeting custo-
mer needs. Research activities focused on heat transfer projects. Rese-
arch into die-casting processes focused on developing special processes,
as well as on studying and improving heat transfer in aluminium alloys.
Development activities focused on introducing metal coatings in India
and Poland. Several R&D projects related to heat transfer were also car-
ried out with customers during the year under review.
Our ERP system is based on international standards (ISO 9001 and TS
16949), and our environmental management system is based on the ISO
14001 standard.
Changes in group structure
There were no changes in the structure of the Alteams group during the
year under review.
Foundry operationsAlteams Oy and its subsidiaries form the foundry group.
17
Group prospects
Regarding the recycling business, no significant changes are ex-
pected in the market situation. The general economic uncertainty
will continue to have an impact on the availability of and demand
for recycled metals. Volumes are expected to be lower than in the year
under review.
The company shall continue to focus attention on operational efficien-
cy in all its markets, on increasing value added and on risk management.
Revenues for the recycling business are expected to decrease slightly,
while the operating result is expected to improve compared to 2014.
Regarding the foundry business, revenues are expected to be slight-
ly higher and profitability to be better than in 2014. Growth in demand is
expected in both the telecommunications network components segment
and in the mechatronics segment. Geographically we expect demand to
be distributed more evenly between Asia and Europe with the importance
of production in Europe increasing.
The Board expects Kuusakoski Group’s revenues for 2015 to decrease
slightly from the level in 2014.
Dividend proposal
The Board proposes to the Annual General Meeting that a dividend of EUR
10,500,000 be paid from the total distributable funds and that the remain-
der be retained in shareholders’ equity.
for 2015
18
VALUE FOR THE ENVIRONMENT
19
Through our own activities we demonstrate how we value nature and the environment. Just as the efficient reco-very of recycled materials improves profitability, it also
lessens environmental loads. A vanishingly small percentage of waste these days is sent to landfills for final disposal, while the amount of waste that is sent for recycling and energy utilisation is growing all the time thanks to state-of-the-art technology and the introduction of new methods.
VALUE FOR THE ENVIRONMENT
20
EUR MILLION 2014 2013
REVENUES 1) 655.5 712.0
Production for own use 1.8 3.8
Other operating income 2) 4.6 4.7
Materials and services 3) 451.1 531.6
Personnel expences 4) 88.9 86.7
Depreciation and writedowns 5) 31.7 37.3
Other operating expenses 83.4 77.2
655.0 732.8
OPERATING PROFIT 6.9 -12.3
Financial income and expenses 7) -1.7 -6.5
PROFIT BEFORE TAXES 5.2 -18.8
Income taxes 8) -2.6 -1.5
Minority interest 0.2 0.3
NET PROFIT FOR THE FINANCIAL YEAR 2.8 -20.0
EUR MILLION€ 2014 2013
ASSETS
Non-current assets 9)
Intangible assets 9.0 4.3
Goodwill 11.7 10.4
Tangible assets 165.0 175.5
Investments 2.7 2.7
188.4 193.0
Current assets
Inventories 10) 80.1 69.2
Current receivables 11) 118.5 104.2
Cash and cash equivalents 10.3 10.0
209.0 183.4
Total 397.4 376.4
SHAREHOLDERS´ EQUITY AND LIABILITIES
Equity and reserves 12)
Share capital 0.1 0.1
Share premium fund 0.2 0.2
Retained earnings 183.0 215.6
Net profit for the financial year 2.8 -20.0
186.1 195.8
Minority interest 3.2 4.3
Obligatory provisions 13) 12.1 13.0
Liabilities 14)
Non-current liabilities 44.9 26.7
Current liabilities 151.0 136.5
195.9 163.2
Total 397.4 376.4
EUR MILLION€ 2014 2013
CASH FLOW FROM OPERATIONS
Profit before extraordinary items 5.2 -18.8
Adjustments:
Depreciation according to plan 31.7 37.3
Unrealised exchange rate profits and losses -3.4 1.6
Other non-cash items 0.0 -0.1
Financial income and expenses 3.3 4.9
Cash flow before change in working capital 36.9 24.9
Change in working capital::
Increase (-), decrease (+) in current trade receivables -4.4 12.0
Increase (-), decrease (+) in loans receivable 0.0 1.3
Increase (-), decrease (+) in inventories -10.0 28.2
Increase (+), decrease (-) in current liabilities 0.5 -4.0
Cash flow from operations before financial items and taxes 23.0 62.4
Interest paid and other financial expenses -4.6 -5.5
Interest received 0.2 0.2
Taxes -3.5 -2.6
Cash flow from operations 15.1 54.6
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets, net -11.3 -26.6
Subsidiaries acquired -4.0 -6.0
Associated companies acquired -4.4 -0.4
Increase (+), decrease (-) in other investments -0.8 0.0
Cash flow from investments -20.5 -33.0
CASH FLOW FROM FINANCING
Increase (+), decrease (-) in current liabilities 14.8 7.2
Increase (+), decrease (-) in non-current liabilities 3.0 -14.7
Dividend distribution -12.0 -12.1
Cash flow from financing 5.8 -19.5
Change in cash and cash equivalents 0.4 2.0
Cash and cash equivalents 1 Jan 10.0 7.9
Cash and cash equivalents 31 Dec 10.3 10.0
Consolidated Income Statement Consolidated Balance Sheet Consolidated Statement of Changes in Financial Position
21
EUR MILLION€ 2014 2013
INCOME STATEMENT
1. Revenues by business sector and market area Revenues by business sector:
Recycling 547.1 621.0
Foundries 108.4 91.0
Total 655.5 712.0
Revenues by market area Finland 153.7 169.5
Other Europe 278.4 286.8
Asia 202.5 244.1
Other areas 20.9 11.6
Total 655.5 712.0
2. Other operating income Gains on sale of fixed assets 1.8 0.4
Other operating income 2.8 4.3
Total 4.6 4.7
3. Materials and servicesMaterials, goods and supplies
Purchased during the financial year 350.4 383.1
Increase(-),decrease (+) in inventories -11.6 26.2
338.8 409.3
Outside services 112.3 122.3
Total 451.1 531.6
4. Personnel expencesWages and salaries 74.3 69.5
Pension expenses 8.8 9.0
Other personnel expences 5.7 8.2
Total 88.9 86.7
Salaries and remuneration to senior management
Managing Directors and Members of the Board of Directors 2.7 2.8
The Group has a supplementary pension insurance affecting one person. Group management had no loans from the parent company.
Notes to the Consolidated Financial Statements
M€€ 2014 2013
Average number of personnelWage earners 2,189 1,927
Salaried employees 701 748
Total 2,889 2,675
5. Depreciation and writedownsPlanned depreciation, intangible 1.5 0.7
Planned depreciation, goodwill 4.2 4.5
Planned depreciation, tangible 26.1 27.1
Writedowns 0.0 4.9
31.7 37.3
6. Auditor’s feesAuditing 0.3 0.4
Other services 0.1 0.1
Total 0.4 0.4
7. Financial income and expences Income from associated companies -1.3 -1.5
Other interest and financial income, from others 0.2 0.2
Total financial income 0.2 0.2
Other interest and financial expenses, to others 0.6 5.3
Total financial expenses and expenses -1.7 -6.5
Foreign currency exchange differences included in total financial income and expenses
2.4 -1.6
8. Income taxes
Income taxes payable from current and previous tax years 5.3 3.4
Change in deferred tax liability -2.7 -1.9
2.6 1.5
22
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EUR MILLION€
BALANCE SHEET, ASSETS
9. Non-current assets
Intangible assets
Intangible rights 3.2 0.0 0.4 0.0 -1.5 0.0 0.0 -0.2 0.0 1.8
Other long-term expenditure 11.0 0.1 4.6 -1.4 -8.4 0.0 1.4 -1.2 0.0 6.0
Capital work in progress 0.0 0.1 1.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1
Total intangible assets 14.2 0.2 6.0 -1.4 -9.9 0.0 1.4 -1.5 0.0 9.0
Goodwill 68.3 0.4 5.3 0.0 -57.9 -0.2 0.0 -4.2 0.0 11.7
Tangible assets
Land 9.7 -0.2 0.3 -1.4 0.0 0.0 0.0 0.0 0.0 8.4
Buildings and structures 93.4 0.8 17.9 -4.7 -44.3 -0.3 3.5 -5.2 0.0 61.1
Machinery and equipment 258.1 4.2 14.8 -13.2 -165.2 -2.2 10.8 -20.3 0.0 87.0
Other tangible assets 6.5 0.5 0.7 -0.1 -3.6 -0.2 0.0 -0.6 0.0 3.3
Capital work in progress 21.7 0.2 11.7 -28.3 0.0 0.0 0.0 0.0 0.0 5.2
Total tangible assets 389.4 5.5 45.4 -47.7 -213.1 -2.8 14.3 -26.1 0.0 165.0
Investments
Shares in associated companies 2.5 -0.8 4.4 -3.6 0.0 0.0 0.0 0.0 0.0 2.5
Other shares and shareholdings 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2
Total investments 2.7 -0.8 4.4 -3.6 0.0 0.0 0.0 0.0 0.0 2.7
Total non-current assets 474.7 5.2 61.1 -52.7 -280.9 -3.0 15.7 -31.7 0.0 188.4
23
EUR MILLION€ 2014 2013
10. Inventories
Materials and supplies 32.5 38.1
Finished goods 47.4 30.5
Advance payments 0.2 0.7
80.1 69.2
11. Current receivables
Short-term receivables
Trade receivables 94.6 86.3
Loan receivables 0.1 0.1
Deferred tax liabilities 7.6 0.0
Other receivables 7.5 5.7
Accured income 8.8 12.2
118.5 104.2
BALANCE SHEET, ASSETS
12. Shareholders´equity
Share capital 0.1 0.1
Share premium fund 0.2 0.2
0.3 0.3
Retained earnings 1 Jan 195.5 228.4
Dividends paid -10.5 -10.5
Translation adjustment -2.0 -2.3
Retained earnings 31 Dec 183.0 215.6
Net profit for the financial year 2.8 -20.0
Total retained earnings 185.8 195.5
Total 186.1 195.8
13. Provisions
Environmental provisions 4.9 4.8
Other provisions 7.3 8.3
Total 12.1 13.0
EUR MILLION€ 2014 2013
14. Liabilities
Non-current liabilities
Deferred tax liabilities and receivables
Deferred tax receivables 3.7
Deferred tax liabilities
From accruals 1.1 1.1
From appropriations 6.8 5.6
Total 7.8 6.6
Net deferred tax liabilities 2.9
Loans from financial institutions 36.1 20.3
Other non-current liabilities 0.9 3.5
Total non-current liabilities 44.9 26.7
Loans maturing after 5 years or more
Loans from financial institutions 0.0 0.0
Current liabilities
Loans from financial institutions 62.8 55.1
Advances received 2.9 1.8
Trade payables 51 .1 46.7
Other interest bearing debt 10.8 13.8
Other non-interest bearing debt 4.5 1.7
Accrued expenses 18.9 17.3
Total current liabilities 151.0 136.5
Main items in accrued expenses
Salaries and social security costs 9.3 8.8
Taxes 0.3 0.4
Accrued financial expenses 0.2 0.2
Other 9.0 7.9
18.9 17.3
EUR MILLION€ 2014 2013
OTHER NOTES
15. Collateral given
Liabilities for which collateral given
Loans from financial intitutions 29.8 34.5
Mortgages given as collateral
Mortgages on property 9.3 12.7
Business mortgages 57.1 53.7
Total mortgages 66.4 66.4
16. Contingent liabilities
Leasing and rental liabilities
Payable within one year 6.4 9.1
Payable after one year 31.6 24.6
Total leasing and rental liabilities 38.0 33.6
Other guarantees 4.0 4.7
Total contingent liabilities 42.0 38.4
17. Derivative instruments
Open derivative intruments 31 Dec 2014
Currency options
Fair value 0.0 0.1
Change in value marked to the Income Statement -0.1 0.1
Metal options
Fair value 0.1 0.1
Change in value marked to the Income Statement 0.0 -0.2
Electricity derivatives
Fair value -0.6 -0.7
Contract amounts 3.0 3.8
Forward foreign exchange contracts have been made for hedgign purposes, and they have been booked in the financial statements at their fair value. Exercised and terminated electricity derivatives have been booked in the income statement upon their termination. The values of open agreements are not booked in the balance sheet but are instead listed here. At the end of the financial year the Group had open currency option, forward foreign exchange contracts and electricity derivatives.
24
CountryShare-
holding %
18. Group holdings in other companies
GROUP COMPANIES
Alteams Oy Finland 100
Jokirantakiinteistöt Oy Finland 100
Kiinteistö Oy Lahden Norokatu 5 Finland 100
Kivikolmio Oy Finland 100
Kuusakoski Oy Finland 100
Suomen Hissipurku Oy Finland 100
Alteams Dispensing AB Sweden 100
Alteams Eesti Oü Estonia 100
Alteams Poland Sp. Z o.o Poland 100
Alteams Stilexo AB Sweden 100
Alteams Suzhou Co. Ltd. China 100
Averhoff A/S Denmark 100
Bjästa Återvinning AB Sweden 100
Borrkompaniet Sverige AB Sweden 100
Crown Works Ltd Great Britain 50
KS Recycling AB Sweden 50
Kuusakoski AS Estonia 100
Kuusakoski Glass Recycling LLC USA 100
Kuusakoski Inc USA 100
Kuusakoski Ltd Great Britain 50
Kuusakoski Philadelphia LLC USA 100
Kuusakoski SIA Latvia 100
Kuusakoski Spolka Zo.o Poland 100
Kuusakoski Sverige AB Sweden 100
Kuusakoski UAB Lithuania 100
Kuusakoski US LLC USA 100
Petromax ZAO Russia 100
SWEEEP Kuusakoski Ltd Great Britain 61
Vintage Tech LLC USA 100
VTKK LLC USA 100
ASSOCIATED COMPANIES
Suomen Erityisjäte Oy Finland 49
Sähkö-Saarnikannas Oy Finland 20
Ashley Alteams India Private Limited
India 50
EUR MILLION 2014 2013
Revenues 1.6 1.6Other operating income 0.7 0.7
Personnel expenses 1.0 1.0
Other operating expenses 1.6 1.6
Operating profit -0.4 -0.3
Financial income and expenses 13.7 15.6
Profit before extraordinary items 13.3 15.3
Extraordinary expenses 0.0 -0.1
Group contribution 0.2 0.0
Profit before taxes 13.5 15.2
Income taxes 0.0 0.0
Net profit for the financial year 13.5 15.2
Note To Parent Company Financial Statement
Specification of shareholders´ equity
Share capital 0.1 0.1
Share premium fund 0.2 0.2
Retained earnings on 1 Jan 87.2 82.5
Dividends paid -10.5 -10.5
Retained earnings on 31 Dec 76.7 72.0
Net profit for the financial year 13.5 15.2
Total retained earnings on 31 Dec 90.2 87.2
Total 90.5 87.5
Parent company´s distributable funds 90.2 87.2
EUR MILLION 2014 2013
ASSETS
Fixed assets and other long-term investments
Non-current assets 0.3 0.0
Tangible assets 1.2 1.4
Investments 72.9 72.9
74.4 74.3
Current assets
Long-term receivables 9.1 9.5
Short-term receivables 26.7 24.1
35.8 33.6
SHAREHOLDERS´EQUITY AND LIABILITIES
110.2 107.9
Shareholders´equity
Share capital 0.1 0.1
Share premium fund 0.2 0.2
Retained earnings 76.7 72.0
Netprofit for the year 13.5 15.2
90.5 87.5
Liabilities
Non-Current liabilities 5.9 6.4
Current liabilities 13.9 14.0
19.7 20.4
110.2 107.9
Parent Company Balance SheetParent Company Income Statement
25
EUR MILLION 2014 2013 2012 2011 2010
Group key financial indicators
Revenues, MEUR 655.5 712.0 842.2 977.8 809.9
Exports and sales outside Finland, MEUR 501.8 542.5 672.8 778.3 639.6
% of revenues 76.6 76.2 79.9 79.6 79.0
Operating profit, MEUR 6.9 -12.3 19.1 56.1 62.1
% of revenues 1 .0 -1 .7 2.3 5.7 7.7
Net financing expences (excluding exhange rate differences), MEUR
3.0 3.7 5.4 5.2 5.1
% of revenues 0.5 0.5 0.6 0.5 0.6
Profit berore taxes, MEUR 5.2 -18.8 9.6 46.9 56.4
% of revenues 0.8 -2.6 1 .1 4.8 7.0
Return on equity (ROE), % 1.3 -9.3 2.5 14.3 20.9
Return on investment (ROI), % 2.0 -4.3 5.4 14.2 21.6
Equity ratio, % 48.0 53.4 55.7 56.4 52.0
Interest-bearing debt, MEUR 110.7 92.7 100.6 88.0 102.5
Net Gearing, % 53.0 41.3 39.5 26.5 42.4
Investments, MEUR 20.5 33.0 35.1 37.2 41.5
% of revenues 3.1 4.6 4.2 3.8 5.1
Number of personnel (average) 2,889 2,675 2,996 3,222 2,953
Information per share
Number of shares 60,000 60,000 60,000 60,000 60,000
Net profit per share, EUR 46.6 -334.1 69.7 500.8 665.2
Equity per share, EUR 3,102.1 3,263.6 3,799.3 3,887.8 3,522.2
Dividend per share, EUR 1 75.0 1 75.0 1 75.0 1 75.0 1 75.0
Dividend as % of net profit 375.3 -52.4 251.0 34.9 26.3
Key Figures
26
Consolidated Financial StatementsThe consolidated financial statements and those of the parent company Kuusakoski Group Oy have been prepared in accordance with the Finnish Accounting Act. The consolidated financial statements include the parent company, as well as companies in which the parent company directly or indirectly held more than 50 percent of the voting rights at the end of the financial year or in which the parent company has the power to exercise control. All inter-company receivables and liabilities, internal margins and the effects of other internal transac-tions have been eliminated. Share ownership has been eliminated using the acquisition cost method. The difference between the acquisition cost and the equity of subsidiary companies at the time of acquisition is presented as goodwill. Goodwill is depreciated on a straight-line basis over 5 years. Minority interests are separated from the Group’s result and shareholders’ equity and presented as se-parate items in the consolidated income statement and balance sheet. The financial information of associated companies is included in the consolidated financial state-ments using the equity method. The Group’s share of the results in associated companies is presented in the financial items. Similarly, the Group’s share of the shareholders’ equity of associated companies is presented in the balance sheet as the value of the shares and any possible goodwill. Associated compa-nies are companies in which the parent company held 20 to 50 percent of the voting rights at the end of the financial year.
Foreign Currency ItemsForeign currency receivables, liabilities and commitments are valued according to the European Central Bank’s average exchange rates on the closing date. Foreign currency receivab les and liabilities in curren-cies hedged with forward exchange agreements on the closing date are valued at the forward rate. Foreign exchange profits and losses are charged to the appropriate items in the income statement. The balance sheets of non-Finnish subsidiaries are translated into euros at the average exchange rate on the closing date and their income statement at the average of the monthly average exchange rates for the financial year. Exchange rate differences arising from translating shareholders’ equity are presented in retained earnings.
Research and Development CostsResearch and development costs are charged to the income statement as annual costs.
InventoriesInventories are presented in the balance sheet at the lower of cost or net realisable value; they are calcu-lated using the FIFO method as the amount of the variable costs arising from acquisition and manufactu-ring, or the probable sales price. In addition to variable costs, the value of inventories includes fixed costs arising from acquisition and manufacturing.
Fixed Assets and DepreciationThe balance sheet values of tangible and intangible fixed assets are based on their original acquisition costs, less accumulated depreciation. The acquisition cost of assets manufactured by the company inclu-des variable manufacturing costs. Straight-line depreciation is made according to the plan for depreciation, which is based on the estima-ted useful economic life of the assets.
Estimated useful economic life of fixed assets: Intangible asset 3 – 5 years Goodwill 5 – 10 years Other long-term expenditure 5 years
Buildings and structures 10 – 30 years Machinery and equipment 5 – 12 years Other tangible assets 5 – 20 years
Financial AssetsFinancial assets are valued according to their acquisition cost or the probable sales price.
Recognition of ProjectsThe revenues of long-term projects are entered according to the percentage of completion, which in turn is calculated according to costs incurred and total estimated costs. The anticipated loss from unprofitab-le projects is entered in total as a cost.
Pension ArrangementsPension costs for Group companies outside Finland are calculated in accordance with local legislation and practice and recorded in the consolidated financial statements. Pension obligations for Group per-sonnel in Finland are covered through payments to pension insurance institutions.
Deferred TaxesDeferred tax liabilities and assets in the consolidated financial statements are calculated for temporary differences between the tax basis of assets and liabilities and their carrying amounts for financial repor-ting purposes using the official tax rate confirmed on the balance sheet date for the following financial periods. In the financial statements for 2014, the method of presenting deferred taxes has been changed. Previously, the balance sheet presented the deferred tax liabilities and assets as net deferred tax liabilities.Now, the deferred tax liabilities and assets are presented separately. The comparative information for the-se has not changed. Deferred tax liabilities are recorded in full, whereas deferred tax assets are entered at their estimated realisable amounts.
Taxation requirements in Finland and certain other countries allow companies to reduce or increase their taxable income through appropriations. Any increase or reduction in these is recorded in the income statement as a change in appropriations, with the counter-entry in the balance sheet appropriations. In the consolidated financial statements, appropriations are divided between the result for the year, accumula-ted reserves and deferred tax liability.
Recognition and Measurement of Derivative InstrumentsDerivative instruments include currency options, forward foreign exchange contracts, interest rate swaps and commodity derivatives as part of an overall risk management policy. Currency options and forward foreign exchange contracts are used to reduce anticipated foreign currency risks related to sales and purchases. Currency-based receivables and liabilities in the balance sheet are valued at the forward rate of the forward foreign exchange contracts. Commodity derivatives and interest rate swaps are valued at market prices on the closing date.
Environmental ProvisionsWhen acquiring new areas of land, an environmental provision is recorded with mandatory provisions about any possible contaminated soil of which the company is aware.
Kuusakoski Oy’s location-specific environmental permit regulations are complied with closely and mo-nitored continuously throughout the financial year. Upcoming environmental investments and any pos-sible soil cleaning provisions for land on which operations are to be discontinued are recorded in the fi-nancial statements as mandatory provisions.
Accounting Principles
27
We have audited the accounting records, the financial statements, the report of the Board of Directors, and the administration of Kuusakoski Group Oy for the year ended 31 December 2014. The financial state-ments comprise the consolidated balance sheet, income statement and cash flow statement and notes to the consolidated financial statements, as well as the parent company’s balance sheet, income statement, cash flow statement and notes to the financial statements.
Responsibility of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of financial statements and report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Bo-ard of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the report of the
Board of Directors are free from material misstatement, and whether the members of the Board of Directors of the parent company or the Managing Director are guilty of an act or negligence which may result in liability in damages towards the company or have violated the Limited Liability Compa-nies Act or the articles of association of the company. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material mis-statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements and report of the Board of Directors that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting po-licies used and the reasonableness of accounting estimates made by management, as well as eva-luating the overall presentation of the financial statements and the report of the Board of Directors.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
OpinionIn our opinion, the financial statements and the report of the Board of Directors give a true and fair view of both the consolidated and the parent company’s financial performance and financial posi-tion in accordance with the laws and regulations governing the preparation of the financial state-ments and the report of the Board of Directors in Finland. The information in the report of the Board of Directors is consistent with the information in the financial statements.
Auditor’s report
Helsinki, 24 March 2015KPMG OY ABJukka Rajala, Authorized Public Accountant
The distributable funds of the Kuusakoski Group Oy amount to EUR 90.2 million, of which
the net profit for the financial year accounts for EUR 13.5 million.
The Board of Directors proposes to the Annual General Meeting that the distributable
funds be used as follows:
• for payment of a divided of EUR 175.00 per share or total of EUR 10.5 million
• to be retained in shareholders´ equity EUR 79.7 million
• Total EUR 90.2 million
No significant changes have occurred in the company´s financial position after the end of
the financial year. The company´s liquidity is good, and in the view of the Board of the pro-
posed distribution of finds does not risk the company´s financial standing.
Proposal of the Board
We submit these financial statements and the report of the
Board of Directors for the financial period 1 January – 31 December
2014 for the approval of the Annual General Meeting.
Espoo, 24 March 2015Veikko Kuusakoski, Chairman of the Board, President
Mariella Kuusakoski-ToivolaArno PelkonenOlli VaartimoOssi VirolainenPetteri Walldén
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28
Boards of Directors, Management and Auditors
Board of Directors of Kuusakoski Group OyVeikko Kuusakoski, Chairman of the BoardMariella Kuusakoski-ToivolaArno PelkonenOlli VaartimoOssi VirolainenPetteri Walldén
Deputy members:Timo KuusakoskiMikko KuusakoskiTiina ToivolaMarianne KuusakoskiLauri PeltonenRisto Kuusakoski
President of Kuusakoski Group OyVeikko Kuusakoski, MSc (Law)
Management Group of Recycling operations Atte Kekkonen ........... President and CEOLeena Salo ................... CFOPetri Virtanen ............. Vice President, North Europe (until 31 Jan 2015)Ville Pasanen ............. Vice President, Business ControllingJyri Talja ......................... Vice President, Technology Timo Kuusakoski ...... Vice President, WEEE and Precious Metals
Board of Directors of Kuusakoski OyVeikko Kuusakoski, Chairman of the Board Olli VaartimoMariella Kuusakoski-ToivolaArno PelkonenOssi VirolainenMikko Kuusakoski
President and CEO of Kuusakoski OyAtte Kekkonen, M.Sc. (Econ)
Board of Directors of Alteams OyArno Pelkonen, Chairman of the BoardMariella Kuusakoski-ToivolaPetteri WalldénTapio KuusakoskiMarianne KuusakoskiTimo Kuusakoski
President and CEO of Alteams OyAsko Nevala, MSc (Eng)
Management Group of Foundry Operations Asko Nevala .................President and CEO Petteri Kiili .....................Financial Director Susanne van Tol ........Executive Vice President, MET CBU (until 28 Feb 2015)Kimmo Pesonen ........Executive Vice President, Technology and Global Accounts Matti Huttunen ...........President and CEO, Alteams Poland Sp. z.o.o. Daniel Eklund ..............Vice President, Global Accounts, NET CBU David Twomey ............President and CEO, Alteams (Suzhou) Ltd., Co. Stephan Krieg .............Executive Vice President, Quality and Management Processes
AuditorsKPMG OY AB
Jukka Rajala, APA
29
Board of Directors of Kuusakoski Group Oy
MSc (Econ), LL.M
Ossi VirolainenMSc (Law), Chairman of the Board
Veikko Kuusakoski
Commercial College Graduate
Mariella Kuusakoski-Toivola
Petteri WalldénMSc (Eng)
Chairman of the Board of Nokian Tyres Plc,Vice President of the Board of Tikkurila Oy,Member of the Board of SE Mäkinen Logistics Oy,Teleste Oyj,StaffPoint Oy
Olli VaartimoMSc (Econ)
Vice Chairman of the Board ofOutokumpu OyjMember of the Board ofValmet Automotive Inc.
Arno PelkonenMSc (Econ)
Partner: Taito Capital Partners OyPresident and CEO of Valucast Oy
Timo Kuusakoski MSc (Econ)Member of the Board ofKS Recycling AB,Suomen Erityisjäte Oy
Mikko KuusakoskiMsc (Eng), MRICS
Tiina Toivola BBA
Members
Deputy membersMarianne KuusakoskiLL.M, BBA
Lauri Peltonen MD, PhDVice Chairman of theBoard of Music InstituteNurmijärvi
Risto KuusakoskiMA (Education)
30
Group management
Kuusakoski Group OyP.O. Box 25 / Metsänneidonkuja 12FI-02131 EspooT +358 20 781 781F +358 20 781 [email protected]
Recycling operations
Kuusakoski OyHead OfficeP.O. Box 25 / Metsänneidonkuja 12FI-02131 EspooT +358 20 781 781 /switchboardT +358 800 3 0880 /customer serviceF +358 20 781 [email protected]
Finland
EspooEkopark EspooÄmmässuonkuja 1FI-02820 EspooT +358 20 781 781F +358 20 781 7371
Espoo - KauklahtiP.O. Box 6 / Lasihytti 4FI- 02781 EspooT +358 20 781 781F +358 20 781 7335
HeinolaP.O. Box 96 / Kuusakoskentie 5FI-18101 HeinolaT +358 20 781 781F +358 20 781 7411
HeinolaRecycling Technologies (RecTec)P.O. Box 97 / Kymintie 1FI-18101 HeinolaT +358 20 781 781F +358 20 781 7741
Helsinki - KivikkoP.O. Box 205 / Kivikonlaita 5FI-00941 HelsinkiT +358 20 781 781F +358 20 781 7302
HyvinkääUudenkyläntie 28FI-05950 HyvinkääT +358 20 781 7368
IisalmiParkatinkuja 8FI-74120 IisalmiT +358 20 781 7530F +358 20 781 7531
ImatraPilarikuusenkatu 5FI-55610 ImatraT +358 20 781 7540
JoensuuLylykoskentie 35FI-80130 JoensuuT +358 20 781 7550F +358 20 781 7551
JyväskyläRuokomäentie 50FI-40530 JyväskyläT +358 20 781 7560F +358 20 781 7561
KajaaniNuaskatu 6FI-87400 KajaaniT +358 20 781 7580F +358 20 781 7581
KalajokiSatamatie 422FI-85180 RahjaT +358 20 781 7590F +358 20 781 7591
KotkaJänskäntie 9FI-48310 KotkaT +358 20 781 7622F +358 20 781 7060
Kuopio Romulantie 75FI-71490 AirakselaT +358 20 781 7500F +358 20 781 7501
LahtiEkopark Lahti Norokatu 5FI-15170 LahtiT +358 20 781 7144
LahtiSapelikatu 8FI-15160 LahtiT/F +358 20 781 7699
LapuaKalliotie 1FI-62100 LapuaT 020 781 7718
OuluRuskonniityntie 4FI-90630 OuluT +358 20 781 7640F +358 20 781 7641
PoriMäntyluotoFI-28880 PoriT +358 20 781 7660F +358 20 781 7661
TampereLastikankatu 10FI-33730 TampereT +358 20 781 7700F +358 20 781 7701
TurkuRavurinkatu 32FI-20380 TurkuT +358 20 781 7720
VantaaHanskalliontie 3FI-01760 VantaaT +358 20 781 781F +358 20 781 7341
Kivikolmio OyTuotekatu 8 b FI-21200 Raisio
Suomen Erityisjäte OyKiimassuontie 127FI-30420 ForssaT +358 440 242 700 F +358 3 424 2630
Suomen Hissipurku OyHylliläntie 14FI-33730 Tampere
China
Office in Hong KongRowena ZhangLeval 18, Wheelock House,20 Pedder Street, Central, Hong KongT +86 1350 180 [email protected]
Denmark
Averhoff A/SVejlbjergvej 5-15 DK-8240 RisskovT +45 86 24 38 44F +45 86 24 38 54
Estonia
Kuusakoski ASMain OfficeBetooni 12EE-11415 TallinnT +372 625 8600 /officeT +372 625 8666 /customer serviceF +372 601 [email protected]
JõhviKaasiku 32Jõhvi valdEE-41533 Ida-VirumaaT +372 33 27 977F +372 33 27 [email protected]
NarvaPuuvilla 21EE-20207 NarvaT +372 356 2211F +372 356 [email protected]
PaideMündi 49 (Paide jäätmejaam)EE-72719 PaideT +372 53 027 [email protected]
PaldiskiRae põik 14 Paldiski LõunasadamEE-76806 PaldiskiT +372 674 1090F +372 674 [email protected]
PärnuSavi 30EE-80010 PärnuT +372 443 7748F +372 443 [email protected]
RakvereRaua 2EE-44317 RakvereT +372 322 5310F +372 322 [email protected]
RaplaMäepere jäätmejaamÜlejõe küla, Rapla valdT +372 57 501 [email protected]
TartuTeguri 53EE-51013 TartuT +372 736 7772F +372 736 [email protected]
Viljandi Vaksali 44EE-71012 ViljandiT +372 43 49 665F +372 43 49 [email protected]
VõruJaama 22EE-65604 VõruT +372 78 200 74F +372 78 20 [email protected]
Great Britain
Kuusakoski LtdCrown WorksFaraday RoadUK-S9 3XZ SheffieldT +44 114 244 8448F +44 114 242 5930
Sweeep Kuusakoski LtdGas RoadSittingbourneKentUK-ME10 2QBT +44 1795 434 125F +44 1795 420 339
Lithuania Kuusakoski UABMain OfficeMinijos g. 162LT- 93263 KlaipėdaT +370 46 397 040F +370 46 397 [email protected]
Alytus Pramonės g. 15LT-62175 AlytusT/F +370 315 77981
KaunasT. Masiulio g. 18LLT-52460 KaunasT/F +370 37 380 267
KėdainiaiS.Dariaus ir S.Girėno g. 21B LT-57153 KėdainiaiT/F +370 347 54 325
PanevėžysTinklų g. 33LT-35115 PanevėžysT/F +370 455 81 878
ŠiauliaiPramonės g. 26LT-78151 ŠiauliaiT/F +370 414 50 020
VilniusPramonės g. 97LT-11115 VilniusT/F +370 5 267 2897
Poland
Kuusakoski Sp. z o.o. Ul. Polska 1dPL-81339 GdyniaT +48 58 660 7043F +48 58 660 [email protected]
Russia
Petromax ZAO, Moscow Ulitsa Industrialnaja 9RUS-141730 LobnjaMoscovskaya oblastT +7 495 995 4754F +7 495 995 [email protected]
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Sweden
Kuusakoski Sverige ABMain Office StockholmSpånga CenterStormbyvägen 2-4SE-163 29 SpångaT +46 20 566 [email protected]
Administrative OfficeSvedjevägen 6SE-931 36 SkellefteåT +46 20 566 566F +46 910 771 [email protected]
GällivareExportvägen 8SE-982 38 GällivareT +46 970 137 61F +46 970 130 [email protected]
GävleGävle hamn, FredriksskansSE-805 95 GävleT +46 26 123 702F +46 26 123 [email protected]
KirunaLastvägen 39SE-981 38 KirunaT +46 980 144 60F +46 980 144 [email protected]
LuleåCementvägen 3SE-973 45 LuleåT +46 920 248 240F +46 920 250 [email protected]
LyckseleSandåsvägen 3SE-921 45 LyckseleT +46 950 104 75F +46 950 145 [email protected]
OxelösundStegeluddenSE-613 31 OxelösundT +46 155 296 226F +46 155 296 [email protected]
SkelleftehamnJärnvägsleden 91SE-932 33 SkelleftehamnT +46 020 566 566F +46 910 711 [email protected]
Skellefteå Svedjevägen 6SE-931 36 SkellefteåT +46 020 566 566F +46 910 711 [email protected]
Spånga, Stockholm Bromstensvägen 176 SE-163 55 SpångaT +46 8 564 722 40F +46 8 564 722 [email protected]
Timrå, SundsvallÅrvältsvägen 11SE-861 36 TimråT +46 60 515 580F +46 60 572 [email protected]
Umeå Tegelbruksvägen 5SE-907 42 UmeåT +46 90 708 890F +46 90 708 [email protected]
Vetlanda/KorsbergaStockatorpSE-570 10 KorsbergaT +46 383 202 08F +46 383 202 [email protected]
Örnsköldsvik/Bjästa Sales officeT +46 660 294 730 [email protected]
Borrkompaniet Sverige AB Elektravägen 10SE-126 30 HägerstenT +46 8 744 50 65F +46 8 744 50 [email protected]
KS Recycling ABSvartögatan 2SE-211 24 MalmöT +46 40 680 66 40F +46 40 937 [email protected]
Taiwan
Alfred Huang6F-3, No. 26, Lane 296, Section 6, Ming Chuen East Road, Taiwan, ROC.T+886 2 2632 8402F +886 2 2632 [email protected]
USA
Kuusakoski, Inc235 West 48th St # 42BNY 10036, USA
Kuusakoski US, LLC13543 U.S. 30Plainfield, IL 60544, USAT +1 815 782 7125
VTKK, LLC13543 U.S. 30Plainfield, IL 60544, USAT +1 815 782 7125
Kuusakoski Philadelphia, LLC 3150 Orthodox Street Philadelphia, PA 19137, USAT +1 215 533 8323F +1 215 533 8325
Kuusakoski Glass Recycling, LLC2022 W. Townline RdPeoria, IL 61615, USAT +1 309 691 5015
Vintage Tech, LLC1105 Windham ParkwayRomeoville, IL 60446, USAT +1 866 435 9223
Foundry operations
Alteams GroupHead Office/ Sales & Engineering OfficeP.O. Box 91 / Yritystie 1FI-40351 JyväskyläT +358 201 339 500F +358 201 339 [email protected]@alteams.com
Finland
Alteams Oy
LaihiaLänsitie 61FI-66400 LaihiaT +358 201 339 500F +358 201 339 401
LoppiP.O. Box 55 / Valutie 2FI-12701 Loppi T +358 201 339 500F +358 201 339 351
OuluLogistics CenterSälpätie 8FI-90620 OuluT +358 201 339 500F +358 201 339 471
RuovesiTeollisuuskuja 3FI-34600 RuovesiT +358 201 339 500F +358 201 339 381
China
Alteams (Suzhou) Co., Ltd.Pressure Die CastingsNo. 388, Chao Hong RoadFengqiang Industrial ParkSuzhou New DistrictP.R. China 215129T +86 512 6665 8400F +86 512 6665 [email protected]
Alteams Hitech ToolsBuilding 12, 369 Lushan RoadSND NEPSuzhou, JiangsuP.R. China 215129T +86 512 6662 7500F +86 512 6662 7501
Estonia
Alteams Eesti OÜ, Logistics CenterPeterburi tee 75AEE-11415 TallinnT +372 6 209 570F +372 6 209 [email protected]
India
Ashley Alteams India Limited, OfficeAD-61, New No. 3First Floor, 3rd StreetAnna NagarChennai - 600 040T +91 44 4261 5323F +91 44 2620 [email protected]
FactoryNo.8, SIPCOT Industrial ParkChellaperumpulimedu VillageSozhavaram Post, Akkur (via)Cheyyar Taluk - 631 701Thiruvannamalai DistrictT +91 4182 221 500F +91 4182 221 512
Poland
Alteams Poland Sp. z.o.o.ul. Abrahama 1084-300 LęborkT +48 59 714 [email protected]
Sweden
Alteams Stilexo ABSales and Engineering OfficeP.O. Box 50 / Fabriksgatan 49-51SE-56822 SkillingarydT +46 370 79570 F +46 370 [email protected]
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COMES FROM WORKING TOGETHERWhat is problem waste to one may be a valuable raw material to another. Kuusakoski offers services and solutions for both.
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