ANNUAL REPORT
TABLE OF CONTENTS
Group and Parent Company Managing Director’s Statement............................................... 6 Administration Report . ................................................... 7 – 11 Financial Overview.................................................................. 12 Income Statement................................................................... 13 Balance Sheet................................................................... 14-15 Cash Flow Analysis . .............................................................. 16 Accounting Principles and Notes to the Financial Statements......................................... 17 Notes................................................................................ 18 – 23 Audit Report . ......................................................................... 24 Board of Directors................................................................... 25 Management Group................................................................. 26
WIBAX • 3
MARKET
FICE
WIBAX HEAD OF WIBAX OFFICE
PiTEÅ
L WIBAX TERMINA CTS PRODU D UI LIQ FOR
skellefteå Örnsköldsvik
L WIBAX TERMINA CTS PRODU FOR DRY
Ånge
Borlänge stockholm hallsberg Uddevalla
Norrköping
falköping falkenberg Kalmar
4 • WIBAX
GOOD CHEMISTRY
Business concept Our business concept consists of selling, buying in, processing and distributing chemical products to the base industry in Europe.
Strategy We have specialised expertise and resources in the field of liquid chemical products. Imports take place directly from the producer for our own production of directly-customised products, or to centrally located tanker terminals with our own logistics solution for the end customer. The company’s strategy is also to implement and optimise product performance with the end customer.
$FKLOOHV -46
WIBAX • 5
Managing Director’s Statement Dynamism in the market An eventful business year has passed, with countries in southern Europe contributing to turbulence on the global market during the second half of the year. Despite this, the WIBAX Group has been able to continue to expand and grow further. In addition to a significant increase in turnover, profits have also been delivered. The turbulence on the NaOH market that existed at the start of the year was dealt with, and all the agreements that had previously been entered into were fulfilled, once again demonstrating WIBAX’s strength as a reliable supplier. As a result, we have been able to further strengthen our market position, which in the long term is expected to counterbalance the profit margin that has been achieved. WIBAX’s flexibility, agility and foresight have contributed to this result, despite the global market volatility that has characterised the second half of the year. We have been able to cope with the opening up of new markets, cost awareness and stock optimisation activities, which internally have consistently been important pieces of the puzzle for continued growth. Chemical prices have fluctuated between different product segments during the year, although on the whole an increase in prices has been observed. WIBAX’s global purchases have grown, further safeguarding the company’s competitiveness and delivery reliability.
The logistics system has also been expanded, resulting in a larger fleet of tankers and additional storage capacity in WIBAX’s terminals. Several new products have been introduced onto the market during the financial year, and the products developed in-house in particular are deemed to have an interesting future. A number of investments have been made, including the expansion of the terminal in Norrköping, the increase in production at Piteå, as well as the required expansion of the head office that has resulted in premises that are better adapted to the business. The Group now also includes an additional wholly owned subsidiary, WIBAX Industrial AB, which is further strengthening the company’s strong market presence. The areas of quality and environment, safety and protection have consistently been a high priority. This has helped to ensure the successful acquisition of the necessary permits and peripheral processes, as well as safe and secure operations. This, alongside a well developed, professional organisation, means that WIBAX is meeting the future with confidence and that established objectives can be viewed as interim goals.
Piteå, February 2012
Thomas Sundqvist
6 • WIBAX
Wibax AB 556262-9674
The Board of Directors and the Managing Director hereby submit these annual accounts and group accounts for the financial year 01.01.2011 - 31.12.2011.
ADMINISTRATION REPORT
WIBAX AB
WIBAX LOGISTICS AB
WIBAX TECH AB
WIBAX ENERGY AB
WIBAX INDUSTRIAL AB
Nature and focus of operations The WIBAX Group’s core operations are the import, production, distribution and sale of chemicals, particularly fluid products in bulk. The Group will continue in this way in order to strengthen its market positions with its existing operations. WIBAX AB The parent company was registered in 1986, and the company headquarter is located in the company’s own properties in Piteå. The properties include offices, production premises, warehouses, workshops and wash halls. The parent company is responsible for purchasing, production, warehousing, sales, administration, quality and the environment, as well as safety and protection management. WIBAX LOGISTICS AB WIBAX Logistics’ primary task is to co-ordinate the Group’s land transport requirements. The company’s transport fleets are of a particularly high standard and quality and the personnel are experienced and competent. The company is one of the most comprehensive tanker transport companies in Sweden, with the capacity to transport the most common chemicals to the processing industry. WIBAX Logistics AB is also responsible for the operation and maintenance of the Group’s terminals. WIBAX TECH AB WIBAX Tech is at the forefront of the Group, providing support for new commercial products and technology. The development of new applications is a priority area that enables significant growth for the Group. The company also supports customers with product implementation and equipment for optimising their processes. WIBAX ENERGY AB WIBAX Energy AB is the division within the Group that focuses on renewable fuel alternatives, especially liquid bio fuels. Wibax Energy offers customers the choice of green and costeffective alternatives to fossil fuels.
WIBAX INDUSTRIAL AB WIBAX Industrial AB’s main activities comprise service and maintenance tasks. The company has extensive experience of dealing with high-tech products for material protection, repair and maintenance, as well as a long history of handling different projects relating to a wide range of industrial applications.
GROUP OPERATIONS WIBAX has continued to expand during the financial year, in line with the previously established company strategy. 2011 has a been a volatile year for the market. A positive outlook and market confidence characterised the beginning of the year. The situation altered relatively rapidly during the summer, when it became clear that the economies of several countries in southern Europe were in a poor state. This resulted in uncertainty on the market, combined with a lower rate of production within several segments. The start of the year was affected by turbulence on the NaOH market. As a strong supplier, WIBAX was able to fulfil all the earlier agreements it had entered into, and despite a temporarily difficult situation in terms of its profit margin, WIBAX was able to live up to its good reputation, a fact that is much appreciated by the market. The railway system has again been affected by the winter climate and this has had a detrimental effect on the lead times for some of our products. Autumn and early winter were generally warm, and this has also had a negative impact on some product segments. During Q3, several production stoppages for maintenance ended up lasting longer than originally planned. Despite these external factors, Wibax managed to position itself successfully in several key product segments, which can be a strong benchmark for Wibax in the future. Overall in the second half of 2011, despite the general market uncertainties, the company maintained its strong position on the market. We have also been able to cope with the competition, safeguarding WIBAX’s potential for continued expansion in the future.
WIBAX • 7
The Group’s market position has been strengthened further with the the addition of WIBAX Industrial AB (registered 01.04.2011) as a wholly owned subsidiary. The aim is to supplement the business with service and maintenance expertise, with e.g. material processing and system cleaning already having been positively received by the market. WIBAX’s infrastructure has continued to develop during the business year. The customer-oriented organisation has been reinforced to achieve greater focus on customers. Purchasing has also been strengthened, resulting in a broader global network that safeguards high-quality supplies of raw materials and products that are demanded by the market. Investments have been completed during the year, and these have run fully in accordance with established calculations. The development projects that have been implemented have lived up to expectations, and the logistics for these have been reinforced and further refined. Production has been expanded and work in relation to quality has consistently been prioritised. The organisation has further evolved, and the intensive value basis work that has been conducted reflects WIBAX’s core company values - “Customer in focus”, “Entrepreneural attitude”, “Quality at every stage” and “Participation”. These are central terms for all of WIBAX’s operations. WIBAX is well equipped to meet the future, and the objective of achieving growth remains for the years ahead!
INVESTMENTS The development of WIBAX’s infrastructure has continued according to plan in 2011, with the company investing a total of SEK 33.5 million during the financial year. The largest projects have been implemented in Norrköping and Piteå. Terminal capacity in Norrköping has been significantly expanded, and the entire property is now well adapted to the needs of the business. The investments in Piteå have focused on expanding production and the production operation’s premises, renovating existing premises and building on an additional storey at WIBAX’s head office. The investments have resulted in well adapted premises, both for today’s operations and to meet the needs of tomorrow.
illustration: mawixart.se
PRODUCTION
8 • WIBAX
WIBAX’s in-house production is growing. In order to meet increased demand, the cold storage space has been expanded primarily to be used for packaged products, for example for the cleaning segment. The production hall has been further expanded to facilitate an expansion of the existing facilities, as well as to provide additional space for new products. A number of new products have been introduced during the year, including WiMAG and WiClean products. Investments have been made to further improve the working environment for production with respect e.g. to the handling of dry chemical products. The expansion of the fire alarm system and sprinklers are an example of activities that have been launched to further safeguard our continued production. In addition, the premises have been adapted for the mechanical and maintenance segment.
MARKET The 2011 financial year began strongly, with considerable demand within all customer segments, resulting in larger market share for several product segments. The second half of the financial year was characterised by financial anxiety and a resulting general weakening of the market.
Furthermore, the Swedish Civil Contingencies Agency has granted WIBAX continued permission to train and examine drivers of vehicles transporting hazardous goods. Internal safety training courses have continued, and we should mention the arduous training programme that tanker drivers undertake with the aim of achieving even greater safety within the operation.
With its well-functioning supplies of raw materials, WIBAX has managed to satisfy the needs of the market and made use of the opportunities that have arisen when our customers have looked for competitive alternatives. For example, WIBAX won the award of Supplier of the Year to the SSAB Group. Rising price levels during the early part of the financial year were accepted, and there has been some divergence within the product segments during the year. On the whole, however, an increase in the price of WIBAX’s major products has been noted, and this has been accepted by the market. In order to meet the market’s increased demands for technical expertise and application knowledge, as well as to create the conditions for continued growth, WIBAX has further strengthened its organisation. WIBAX is well equipped to satisfy our customers’ needs.
ANTICIPATED FUTURE DEVELOPMENT The long-term goals of growing with good control over the key ratios remain. Strategic long-term investments and ventures have been realised. Several key components and collaborations are in place, and the projects that are already under way in the Group mean that the prospects for the future will continue to be deemed good. The product range, along with the infrastructural set-up, skilled personnel and a good reputation in the sector, are some of the components that have contributed to WIBAX’s development.
QUALITY AND ENVIRONMENT The year has been characterised by continued work regarding permit issues for the terminal operation. For Norrköping, it is anticipated that decisions and conditions will be presented by the Environmental Committee during the first half of 2012. For Skelleftehamn, the work in respect of permits for extended operations has commenced. The conversion of safety data sheets to REACH and CLP status has taken place during the year and will continue in 2012. An application for a sustainability decision for bio-oils has been submitted to the Energy Authority. The work on driver training for drivers is continuing, including continued reduced fuel consumption per transport unit. The installation of computers in the vehicles will facilitate and provide even greater potential to follow up transport and emissions. Process control, quality control and following up have been improved for our production processes, and this will continue in the years ahead.
SAFETY AND PROTECTION Significant investments in measures aimed at improving the working environment have been implemented in the Group. The conversion from handling large bags to the bulk handling of aluminium hydrate is a good example, and this measure has entailed both more rational and safer handling in the production process.
WIBAX TECH AB A larger number of customer-related projects have been implemented during the financial year. WIBAX Tech has demonstrated considerable breadth with regards to its technical expertise, as projects have been conducted within several different sectors and process segments with good results. In addition to WiDAQ and water chemicals-related projects, areas such as bio-oils and system cleaning in various positions have also occurred frequently. The development projects have continued according to plan during the year. Entirely new products have been introduced onto the market, and further rationalisation of production from raw material to quality-assured product is safeguarding WIBAX’s position in the future.
WIBAX ENERGY AB With the continued political pressure, and a cold winter at the start of 2011, demand for bio-oils as a replacement for fossil fuels has increased. WIBAX Energy has managed to build on the successful business organisation that has made us a reliable supplier offering total solutions to our customers. This has resulted in increased market share, as well as creating the conditions for continued growth in the bio-energy branch in the years ahead.
WIBAX INDUSTRIAL AB WIBAX Industrial was established in April 2011 as a complement to WIBAX’s other operations. Total solutions are the key – WIBAX can supply from start to finish within system cleaning and other cleaning assignments, and with the aid of high-tech products it can prevent, renovate and protect equipment made in metal and concrete. The company carries out service and maintenance assignments within a wide range of areas in industrial environments, and we have received extremely positive responses from a number of parties during 2011.
The Swedish Transport Agency has granted WIBAX permission to conduct training activities for Professional driver skills.
WIBAX • 9
WIBAX LOGISTICS 2011 has been an exciting and eventful year in every way. Our ambition and desire to grow, in addition to great commitment to the market, have resulted in our sales continuing to increase. At a time when everyone’s focus is on cutting costs, we have had the opportunity to show our versatility and efficient product handling. This has also contributed to the success of the WIBAX Group and shows that we have the right strategy. Investments have continued according to plan, and our fleet of vehicles has been expanded to 32. Our aim is consistently to have modern vehicles with a low average age, partially in order to further improve our delivery reliability. In addition, our growth has provided us with considerable opportunities to adapt the use of our vehicles where they can be of most use, contributing towards higher profitability and reduced environmental impact. The majority of our vehicles are combination vehicles, which entails greater utility through the potential to combine several types of product without this resulting in frequently expensive cleaning. Of course, growth is also accompanied by a need for personnel, and our team of drivers has been expanded by around ten during 2011. We have also implemented a new transport scheduling system during the year, including computers in all our vehicles. As part of this, we can now offer our customers faster feedback and more reliable deliveries – quite simply higher quality at every stage. In addition, safety levels will be increased through the integration of a personal
160 000 140 000
We have continued our work of arranging transport by rail, albeit on a small scale. Changes to our deliveries and a considerable number of problems during the year have meant that we have been forced to change the type of transport in certain areas. We are continuing our work to implement the railway as a more significant form of transport for WIBAX Logistics, although the technical conditions have not really existed, particularly during the winter months. Our position as one of Sweden’s largest bulk suppliers has been strengthened through the expansion of the tank storage space in Norrköping. This position has proved to be incredibly important for our logistics, and is now one of our most important terminals. The market for storing liquid fuels and chemicals has grown steadily, and it is our belief that, at a time characterised by development above all on the fuel side, there will be an ever greater need for storage. Our strength lies in our combination of transport and storage and the extensive knowledge we have built up over the years, contributing to our strong position on the market. This is making WIBAX Logistics a unique company in the sector, with the expertise and strength to develop further.
:,%$; /RJLVWLFV $% Wibax logistics AB 5|UHOVHQV LQWlNWHU 5|UHOVHUHVXOWDW Operating income - Operating profit/loss 2000-2011
16 000 14 000
120 000 110 000 100 000
12 000
80 000
8 000
60 000 50 000 40 000 30 000 20 000 10 000 0
6 000
10 000
4 000 2 000
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0 2000
TSEK
10 • WIBAX
alarm for all vehicle computers, as well as a shared database in which customer-specific information linked to the delivery will be available.
TSEK
Operating income Internal sales Operating profit/loss (EBIT)
:,%$; .RQFHUQ
Wibax Group 5|UHOVHQV LQWlNWHU ± 5|UHOVHUHVXOWDW Operating income - Operating profit/loss 800 000
40 000
1991-2011
700 000
35 000
600 000
30 000
500 000
25 000
400 000
20 000
300 000
15 000
200 000
10 000
100 000
5 000
0 2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
0 1991
TSEK
Operating income Operating profit/loss (EBIT)
TSEK
:,%$; .RQFHUQ
Wibax Group 1\FNHOWDO Key ratios 35,0
Profit/loss after financial items as % of net turnover
1995-2011 30,0
Equity/assets ratio, % Return on capital employed
25,0 20,0 15,0 10,0 5,0
:,%$; $% Wibax ab 5|UHOVHQV LQWlNWHU 5|UHOVHUHVXOWDW Operating income - Operating profit/loss 35 000
2000-2011
30 000
600 000 500 000
45 000
2011
2010
2009
2008
2007
2000-2011
40 000
25 000
35 000
20 000
30 000
400 000
25 000
2011
2010
2009
2008
0 TSEK
2007
TSEK
5 000 2006
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
0
2005
0
10 000
2004
5 000
100 000
15 000
2003
10 000
200 000
20 000
2002
15 000
300 000
TSEK
50 000
2001
700 000
Wibax ab Investments
2000
800 000
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0,0
Operating income Operating profit/loss (EBIT)
WIBAX • 11
FINANCIAL OVERVIEW Comparison over several years, Group, TSEK Operating income Operating profit/loss (EBIT) Operating profit/loss before depreciation (EBITDA) Profit/loss after financial items Profit/loss as % of net turnover Balance sheet total Equity/assets ratio, % Return on capital employed Average number of employees
2011 550 322 29 233 42 006 21 603 4,1 320 411 29,7 9,2 135
2010 479 637 31 297 41 536 26 203 5,9 325 344 25,9 11,5 114
2009 433 170 37 892 45 327 35 028 9,0 220 804 31,8 17,0 87
Comparison over several years, Parent company, TSEK 2011 2010 2009 Operating income 468 103 432 905 422 004 Operating profit/loss (EBIT) 17 047 20 828 28 924 Operating profit/loss before depreciation (EBITDA) 26 944 29 265 35 209 Profit/loss after financial items 10 084 16 004 25 993 Profit/loss as % of net turnover 2,3 4,0 6,9 Balance sheet total 276 725 278 559 199 555 Equity/assets ratio 26,7 24,8 31,2 Return on capital employed 6,3 8,7 13,9 Average number of employees 46 47 42
Key figures - definitions
2008 419 078 27 218 33 811 21 040 5,4 229 110 20,7 12,9 83
2008 408 455 21 997 27 481 16 094 4,2 217 776 18,9 10,8 43
Equity/assets ratio Adjusted equity as percentage of balance sheet total. Return on capital employed Profit/loss after financial items plus interest expenses as a percentage of average balance sheet total.
Proposal for allocation of profit The Board of Directors and Managing Director propose that the available remaining profit, TSEK 22 515, be allocated as follows: Dividend 3 500 Carried forward in new account 19 015 Total 22 515 Dividend amounts to SEK 291,7 per share. The Board of Directors proposes that the payment date for the dividend be determined as the day of the annual general meeting. The Board of Directors considers the proposed dividend to be justifiable in view of the requirements that the type of business, scope and risks place on the equity, as well as the company’s need to strengthen the balance sheet, liquidity and general position. Consideration has also been given to the requirements that the Group’s type of business, scope and risks place on the Group’s equity as well as any need to strengthen the balance sheet, liquidity and general position. As regards the company’s financial position and results of operations, please see the following income statement and balance sheet with the attached supplementary disclosures and notes to the financial statements. All amounts are in TSEK unless otherwise stated.
12 • WIBAX
INCOME STATEMENT Note Operating income Net turnover Activated work for own account Other operating income 1 Operating expenses Raw materials and consumables Other external expenses 2,3 Personnel expenses 4 Depreciation of tangible and intangible assets 7 Other operating expenses 5 Operating profit/loss 8
TSEK GROUP
PARENT COMPANY
2011 2010 2011 2010 526 405 2 491 21 426 550 322
445 433 226 33 978 479 637
444 269 219 23 615 468 103
397 272 0 35 633 432 905
-392 788 -24 392 -73 175
-348 012 -15 826 -58 081
-384 526 -14 080 -26 417
-356 066 -9 866 -22 651
-12 773 -17 961 29 233
-10 239 -16 182 31 297
-9 897 -16 136 17 047
-8 437 -15 057 20 828
Profit/loss from financial items Interest income Interest expense and similar profit/loss items 6 Profit/loss after financial items
429 -8 059 21 603
97 -5 191 26 203
357 -7 320 10 084
81 -4 905 16 004
Appropriations 9 Profit/loss before tax
0 21 603
0 26 203
-5 360 4 724
-11 267 4 737
Tax on profit for the year 10 -5 890 -7 088 -1 439 -1 568 Profit/loss for the year 15 713 19 115 3 285 3 169
WIBAX • 13
BALANCE SHEET Note
TSEK GROUP 2011-12-31
PARENT COMPANY 2010-12-31
2011-12-31 2010-12-31
ASSETS Fixed assets Intangible assets Product rights 11 0 225 0 225 0 225 0 225 Tangible assets Land and buildings 12 74 222 49 199 74 222 49 199 Plant and machinery 13 111 355 104 634 83 955 86 714 Equipment, tools, fixtures and fittings 14 4 139 3 159 2 844 2 376 Construction in progress 15 6 734 5 702 6 734 5 702 196 450 162 694 167 755 143 991 Financial assets Shares in Group companies 16 0 0 695 591 Shares in subsidiaries 100 100 0 0 Total fixed assets 196 550 163 019 168 450 144 807 Current assets Inventories, etc. Raw materials and consumables 32 292 41 776 27 671 32 292 41 776 27 671 Current receivables Accounts receivable - trade 87 087 100 441 77 138 Income tax recoverable 71 0 1 002 Other receivables 593 949 461 Prepaid expenses and accrued income 17 3 769 4 270 1 976 91 520 105 660 80 577 Cash and bank balances 21 49 14 889 27
37 253 37 253 86 246 0 366 3 312 89 924 6 575
Total current assets 123 861 162 325 108 275
133 752
TOTAL ASSETS
278 559
14 • WIBAX
320 411
325 344
276 725
Note
GROUP 2011-12-31
PARENT COMPANY 2010-12-31
2011-12-31 2010-12-31
EQUITY AND LIABILITIES
Equity 18 Restricted equity Share capital (12,000 shares) 1 200 1 200 1 200 Statutory reserve 0 0 240 Restricted reserves 59 890 49 841 0 61 090 51 041 1 440
1 200 240 0 1 440
Non-restricted equity Profit/loss brought forward Profit/loss for the year
18 232 15 713 33 945
14 165 19 115 33 280
19 230 3 285 22 515
21 061 3 169 24 230
Total equity
95 035
84 321
23 955
25 670
Untaxed reserves 19 Accumulated additional depreciation 0 0 52 886 Tax allocation reserves 0 0 14 700 0 0 67 586 Provisions Provisions for deferred tax 22 970 18 514 1 683 Total provisions 22 970 18 514 1 683 Long-term liabilities Bank overdraft facilities 21 5 047 0 11 684 Other liabilities to credit institutions 20 77 923 65 786 66 626 Total long-term liabilities 82 970 65 786 78 310 Current liabilities Liabilities to credit institutions 14 563 12 497 10 673 Advance payments from customers 2 051 0 75 Accounts payable - trade 26 228 58 471 17 989 Liabilities to Group companies 0 0 12 721 Current income tax liability 0 1 553 0 Factoring credit 21 54 190 66 744 53 516 Other current liabilities 8 488 5 304 5 239 Accrued expenses and prepaid income 22 13 916 12 154 4 978 Total current liabilities 119 436 156 723 105 191 325 344 276 725 TOTAL EQUITY AND LIABILITIES 320 411
44 025 14 800 58 825 814 814
0 60 366 60 366 10 740 0 50 191 2 876 24 62 169 2 182 4 702 132 884 278 559
MEMORANDUM ITEMS tsek Pledged assets For own liabilities to credit institutions Real estate mortgage 57 140 48 000 57 140 48 000 Floating charges 62 855 53 225 50 000 50 000 Assets with reservation of title 19 001 9 581 0 0 Pledged accounts receivable 81 109 92 554 77 138 86 246 Total securities 220 105 203 360 184 278 184 246 Contingent liabilities Rural aid, conditions for repayment 66 165 66 Total contingent liabilities 66 165 66
165 165
WIBAX • 15
cash flow analysis
TSEK GROUP
PARENT COMPANY
2011-12-31 2010-12-31 2011-12-31 2010-12-31 Operating activities Payments from customers 530 118 438 249 453 178 401 896 Payments to suppliers and employees -502 217 -408 882 -433 904 -379 424 Interest received 430 97 357 81 Interest paid -8 060 -5 191 -7 320 -4 905 Group contribution received 0 0 3 400 500 Paid income tax -3 058 -6 338 -1 596 -5 626 Cash flow from operating activities 17 213 17 935 14 115 12 521 Investing activities Acquisition of land and buildings -20 839 -7 111 -20 839 -7 111 Acquisition of plant and machinery -17 388 -44 225 -5 182 -33 606 Acquisition of equipment, tools, fixtures and fittings -2 393 -1 866 -1 271 -1 337 Sale of equipment, tools, fixtures and fittings 737 643 262 443 Loss on disposal of machinery 212 296 225 0 -6 734 -5 702 Acquisition of construction in progress -6 734 -5 702 Sale of associated companies 101 0 0 0 Cash flow from investment operations -46 304 -57 965 -33 539 -47 313 Financing operations Long-term borrowings 19 251 28 700 17 877 34 134 Dividend paid -5 000 -5 000 -5 000 -5 000 Cash flow from financing operations 14 251 33 700 12 877 29 134 Cash flow for the year -14 840 -6 330 -6 548 -5 657 Liquid funds at beginning of year 14 889 21 219 6 575 12 232 Liquid funds at year end 49 14 889 27 6 575
16 • WIBAX
Accounting principles and notes to the financial statements
General accounting principles The annual accounts have been prepared in accordance with the Swedish Annual Accounts Act and the general advice of the Swedish Accounting Standards Board. The Group contribution is reported on the income statement regardless of the underlying transaction.
Inventories The inventory has been valued using the lowest value principle, i.e. either the acquisition value or the actual value, whichever is the lowest. In determining the acquisition value, the FIFO (first-in-first-out) principle is applied.
Classification Fixed assets, long-term liabilities and provisions essentially only consist of amounts that are expected to be recovered or paid after more than twelve months, calculated from the balance sheet date. Current assets and current liabilities essentially only consist of amounts that are expected to be recovered or paid within twelve months, calculated from the balance sheet date.
Receivables Receivables are reported at the lesser of either the nominal value or the amount at which they are estimated to be received. Receivables and liabilities in foreign currency Receivables and liabilities in foreign currency have been calculated using the exchange rate as at the balance sheet date.
Valuation principles etc. Assets, provisions and liabilities have been valued at their acquisition value, unless otherwise stated below.
Liquid funds Liquid funds include cash and bank balances.
Leasing The Swedish Accounting Standards Board’s advice BFNAR 2000:4 on the accounting of leasing agreements are applied. All leasing agreements are reported as operational in accordance with these rules. This means that the leasing fee is written off in the income statement linearly over the leasing period.
Group accounts The consolidated income statement and balance sheet include all companies in which the parent company directly or indirectly holds more than half of the shares’ number of votes, as well as companies in which the Group has a controlling influence in other ways, and a more significant portion of the profit from operations.
Intangible and tangible assets Tangible assets are reported at their acquisition value less accumulated depreciation and possible writedowns. Land does not depreciate. Straight line depreciation takes place on depreciable amounts (the acquisition value less the calculated remaining amount) during the lifetime of the asset, according to the following:
Acquisition accounting The group accounts have been prepared in accordance with the Swedish Financial Accounting Standards Council’s recommendations regarding group accounts. All company acquisitions have been reported in line with acquisition accounting. Untaxed reserves are reported in the individual group companies, divided in the group balance sheet into a capital portion and a tax portion. The capital portion has been supplied to restricted reserves. The tax portion is reported as provisions under the heading Deferred Tax Liability.
Product rights Land and buildings Plant and machinery Equipment, tools, fixtures and fittings
5 years 20-25 years 7-20 years 4-7 years
The difference between depreciation according to plan and booked depreciation is reported as appropriations.
Rental income Rental income for buildings held for investment purposes is reported on a linear basis in accordance with the conditions stated in the applicable rental agreement. Income Income is reported to the extent that it is likely that the financial advantages will be credited to the company and the income can be calculated in a reliable manner.
WIBAX • 17
Notes Note 1 Other operating income GROUP Exchange gains Rental income Other Total
2011
2010
16 411 4 531 484 21 426
16 305 7 381 10 292 33 978
Parent company Exchange gains Rental income Other Total
14 841 8 455 319 23 615
15 706 7 381 12 546 35 633
Note 2 Fees and expenses remuneration to auditors Group Ernst & Young Audit assignment Auditing activities besides audit assignment Tax advice Other services Total Parent company Ernst & Young Audit assignment Auditing activities besides audit assignment Tax advice Other tasks Total
2011
2010
152 0 7 30 189 89 0 7 30 126
105 0 0 70 175
75 0 0 50 125
Note 3 Leasing agreements 2011 Group Assets held through operational leasing agreements During the year, the company’s leasing expenses amounted to 8 332 Agreed future leasing fees 24 174 Parent company Assets held through operational leasing agreements During the year, the company’s leasing expenses amounted to 1 453 Agreed future leasing fees 2 745
2010
5 549 17 838
1 137 2 468
Note 4 Employees and personnel expenses
Average number of employees Parent company Men Women Total in parent company Subsidiaries Men Women Total in subsidiaries Group total
18 • WIBAX
2011 2010 36 10 46
39 8 47
75 14 89
57 10 67
135
114
Gender distribution within company management 2011 2010 Proportion of Proportion of women as a % women as a % Parent company Board of Directors 0 0 Other company officers 0 0 Salary, other remuneration and payroll overhead costs 2011 Parent company Board of Directors and Managing Director 2 083 Other employees 16 826 Total 18 909 Payroll overhead costs 7 613 (of which pension costs) 1) 1 498 Subsidiaries Board of Directors and Managing Director 633 Other employees 32 939 Total 33 572 Payroll overhead costs 12 098 (of which pension costs) 1 573 Group Board of Directors and Managing Director 2 716 Other employees 49 765 Total 52 481 Payroll overhead costs 19 711 (of which pension costs) 2) 3 071 1) Of the parent company’s pension costs, 189 (prev. yr. 193) refers to company management in respect of 2 (2) people. 2) Of the Group’s pension costs, 361 (prev. yr. 355) refers to company management in respect of 3 (3) people.
2010 1 812 14 242 16 054 6 453 1 333
783 24 762 25 545 9 802 1 280
2 595 39 004 41 599 16 255 2 613
Sickness absence
2011 2010
Total sickness absence as a proportion of normal working hours
1,4%
2,4%
0%
0%
1,3% 1,6%
1,7% 5,5%
Proportion of the total sickness absence that refers to related sickness absence of 60 days or more Sickness absence per gender: Men Women
Sickness absence per age category: 29 or under 0,5% 30-49 years 1,7% 50 or above 1,1% The total sickness absence is stated as a percentage of the employees’ combined normal working hours. Long-term sickness absence is the proportion of sickness absence that relates to absence over a combined length of 60 days or more.
1,6% 3,2% 0,3%
The total working hours have been defined as the working hours according to the collective agreement or other agreement with the employees. Holiday absence and sabbaticals are not included in ordinary working hours.
WIBAX • 19
Note 5 Other operating income Group Exchange losses Other Total
2011
2010
17 327 634 17 961
15 792 390 16 182
Parent company Exchange losses Other Total
15 733 403 16 136
14 963 94 15 057
Note 6 Interest expense and similar profit/loss items Group Interest expenses, other Other Parent company Interest expenses, other Other
2011
2010
6 856 1 203 8 059
3 352 1 839 5 191
6 235 1 085 7 320
3 140 1 765 4 905
Note 7 Depreciation of tangible and intangible assets Group Product rights Buildings Machinery Equipment Parent company Product rights Buildings Machinery Equipment
2011
2010
225 1 440 9 915 1 193 12 773
225 1 142 7 912 960 10 239
225 1 440 7 429 803 9 897
225 1 142 6 339 731 8 437
2011
2010
9 455 78 982
7 973 83 408
2011
2010
3 400 -8 860 -500 600 -5 360
500 -12 267 0 500 -11 267
2011
2010
1 435 4 455 5 890
2 734 4 354 7 088
Note 8 Purchases and sales between Group companies Group Parent company sales in respect of Group companies Parent company purchases in respect of Group companies
Note 9 Appropriations Group contribution received Changes in additional depreciation Tax allocation reserve, annual provision Tax allocation reserve, annual cancellation Total
Note 10 Tax on annual profit/loss Group Current tax Deferred tax Parent company Current tax
Deferred tax
20 • WIBAX
570
992
869 1 439
576 1 568
Note 11 Product rights Parent Group company Accumulated acquisition value: -At beginning of year 1 125 1 125 1 125 1 125 Accumulated additional depreciation -At beginning of year -900 -900 -Annual depreciation according to plan -225 -225 -1 125 -1 125 Reported value at end of year 0 0
Note 12 Land and buildings Parent Group company Accumulated acquisition value: -At beginning of year 56 427 56 427 -New acquisitions 20 839 20 839 -Disposals -78 -78 -Reclassifications 5 702 5 702 82 890 82 890 Accumulated additional depreciation -At beginning of year -7 228 -7 228 -Annual depreciation according to plan -1 440 -1 440 -8 668 -8 668 Reported value at end of year 74 222 74 222
Note 13 Plant and machinery Parent Group company Accumulated acquisition value: -At beginning of year 148 973 118 224 -New acquisitions 17 388 5 182 -Disposals -2 764 -1 612 163 597 121 794 Accumulated additional depreciation -At beginning of year -44 339 -31 510 -Annual depreciation according to plan -9 914 -7 428 -Disposals 2 011 1 099 -52 242 -37 839 Reported value at end of year
111 355
83 955
Note 14 Equipment, tools, fixtures and fittings Parent Group company Accumulated acquisition value: -At beginning of year 7 536 5 932 -New acquisitions 2 393 1 271 -Disposals -1 296 -991 8 633 6 212 Accumulated additional depreciation -At beginning of year -4 377 -3 556 -Disposals 1 076 991 -Annual depreciation according to plan -1 193 -803 -4 494 -3 368 Reported value at end of year
4 139
2 844
WIBAX • 21
Note 15 Construction in progress Parent Group company At beginning of year Reclassifications Annual investments Reported value at end of year
5 702 -5 702 6 734
5 702 -5 702 6 734
6 734
6 734
2011
2010
591 104
591 0
Note 16 Shares in Group companies Accumulated acquisition value: -At beginning of year -Purchases
Reported value at end of year 695 591 Specification of parent company’s holding of shares and participations in Group companies This refers to the participating interest in the capital, which is also in agreement with the number of votes for the total number of shares. Reported Subsidiaries / Corp. Id. No / Headquarters Equity Profit/loss for the year in % value WIBAX Logistics AB, 556375-5080, Piteå 10 065 1 775 100 WIBAX Tech AB, 556499-9257, Piteå 312 61 100 Wibax Energy AB, 556547-9705, Piteå 1 177 75 100 Wibax Industrial AB, 556346-1747, Piteå 571 468 100
220 143 228 104 695
Note 17 Prepaid expenses and accrued income Parent Group company Accrued transport support 366 366 Other 3 403 1 610 3 769 1 976
Note 18 Equity Share capital Restricted reserves Non-restricted reserves Group Closing balance according to the previous years’ balance sheet 1 200 49 841 33 280 Adjustment between restricted and non-restricted reserves 10 049 -10 049 Dividend -5 000 Profit/loss for the year 15 713 At year end 1 200 59 890 33 945 Share capital Statutory reserve Non-restricted equity Parent company Closing balance according to the previous years’ balance sheet 1 200 240 24 230 Dividend -5 000 Profit/loss for the year 3 285 At year end 1 200 240 22 515
Note 19 Untaxed reserves 2011 Tax allocation reserves: Tax allocation reserve tax 2006 Tax allocation reserve tax 2007 2 000 Tax allocation reserve tax 2008 1 900 Tax allocation reserve tax 2009 4 200 Tax allocation reserve tax 2010 6 100 Tax allocation reserve tax 2011 500 Accumulated additional depreciation 52 886 Total 67 586
22 • WIBAX
2010 600 2 000 1 900 4 200 6 100 0 44 025 58 825
Note 20 Long-term liabilities due date Parent Group company Due date, within one year from balance sheet date Due date, 1-5 years from balance sheet date Due date, more than five years from balance sheet date
14 563 44 353 33 570 92 486
10 673 33 279 33 347 77 299
Note 21 Credit granted Bank overdraft facilities The granted amount of bank overdraft facilities in the Group amounts to MSEK 21.3 (MSEK 13.3), and in the parent company to MSEK 21.3 (MSEK 13.3). Factoring credit The granted amount of factoring credit in the Group amounts to MSEK 110 (MSEK 110), and in the parent company to MSEK 100 (MSEK 100).
Note 22 Accrued expenses and prepaid income Parent Group company Personnel-related liabilities Prepaid rental Other
12 044 594 1 278 13 916
4 090 594 294 4 978
Piteå, 12.03.2012
Anders Snell Chairman of the Board
Rolf Back Board Member
Bo Wiklund Thomas Sundqvist Board Member Managing Director
Håkan Jöves Board Member
Jan
My audit report was submitted on 13.03.2012
Curt Marklund Approved Public Accountant FAR/SRS
WIBAX • 23
Audit report To the annual general meeting of
Wibax AB Corporate Identity Number 556262-9674
Report on the annual accounts and the group accounts
Report on other requirements according to laws and other statutes
I have audited the annual accounts and the group accounts for Wibax AB for the period 01.01.2011 – 31.12.2011.
In addition to my audit of the annual accounts and the group accounts, I have also audited the proposed allocation of the company’s profit or loss, as well as the Board of Directors’ and the Managing Director’s administration of Wibax AB for the period 01.01.2011 – 31.12.2011.
The Board of Directors’ and the Managing Director’s responsibility for the annual accounts and the group accounts The Board of Directors and the Managing Director are responsible for preparing annual accounts and group accounts that give a true and fair view in accordance with the Swedish Annual Accounts Act, as well as for the internal checks that the Board of Directors and the Managing Director deem necessary to prepare annual accounts and group accounts that are free from material misstatement, irrespective of whether this is due to irregularities or errors. The auditor’s responsibility My responsibility is to express my opinion on the annual accounts and the group accounts based on my audit. I have conducted the audit in accordance with the International Standards on Auditing and generally accepted auditing standards in Sweden. These standards require that I comply with demands for professional conduct and carry out the audit in order to achieve reasonable assurance that the annual accounts and group accounts are free from material misstatement. An audit entails obtaining audit evidence through various measures regarding amounts and other information in the annual accounts and group accounts. The auditor selects which measures are to be carried out, for example by assessing the risks of material misstatement in the annual accounts, irrespective of whether these are due to irregularities or errors. During this risk assessment, the auditor gives consideration to those aspects of the internal checks that are of relevance to the way the company prepares the annual accounts and group accounts, in order to give a true and fair view with the aim of formulating auditing measures that are appropriate bearing in mind the circumstances, although not with the aim of making a pronouncement on the effectiveness of the company’s internal checks. An audit also includes an evaluation of the appropriateness of the accounting principles that have been used, and of the reasonableness of the Board of Directors’ and the Managing Director’s estimates in the accounts, as well as an evaluation of the overall presentation of the annual accounts and the group accounts. I consider that the audit evidence I have gathered is sufficient and appropriate to provide grounds for my opinion. Opinion In my opinion, the annual accounts and the group accounts have been prepared in accordance with the Swedish Annual Accounts Act, and in all essential respects they provide a true and fair view of the parent company’s and the Group’s financial position as at 31 December 2011 and of their financial results and cash flows for the year according to the Swedish Annual Accounts Act. The administration report is in agreement with the other sections in the annual accounts and group accounts. I therefore recommend to the general meeting of shareholders that the income statement and the balance sheet for both the parent company and the Group be adopted.
24 • WIBAX
The Board of Directors’ and the Managing Director’s responsibility The Board of Directors is responsible for the proposed allocation of the the company’s profit or loss, and the Board of Directors and the Managing Director are responsible for the administration of the company in accordance with the Swedish Companies Act. The auditor’s responsibility My responsibility is, with reasonable assurance, to express my opinion on the proposed allocation of the company’s profit or loss, as well as on the administration of the company, based on my audit. I have carried out the audit in accordance with generally accepted auditing standards in Sweden. As a basis for my opinion concerning the Board of Directors’ proposed allocation of the company’s profit or loss, I have examined the Board’s reasons as well as a selection of the evidence supporting these, in order to assess whether the proposal is in agreement with the Swedish Companies Act. As a basis for my opinion concerning discharge from liability, I have, in addition to my audit of the annual accounts and the group accounts, examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any Board Member or the Managing Director. I also examined whether any Board Member or the Managing Director has, in any other way, acted in contravention of the Swedish Companies Act, the Swedish Annual Accounts Act or the Articles of Association. I consider that the audit evidence I have gathered is sufficient and appropriate to provide grounds for my opinion. Opinion I recommend to the general meeting of shareholders that the profit be dealt with in accordance with the proposal in the administration report and that the Members of the Board of Directors and the Managing Director be discharged from liability for the financial year.
Piteå, 13.03.2012
Curt Marklund Approved Public Accountant FAR/SRS
Board of Directors for WIBAX Group
Anders Snell Chairman of the Board since 2011 MSc Engineering Senior Development Manager – Billerud, Chairman of the Board, ÅFORSK Board Member Ångpanneföreningen Previous employment: Technical Director, Assi Domän; Technical Director, Billerud Local Manager, Gruvöns Bruk, Skärblacka Bruk, Karlsborgs Bruk Managing Director, Grycksbo, Norrsundet Bruks AB Production Manager and Industrial Engineer, Skutskärsverken
Jan Ringström Board Member since 2011, Chairman of the Board 1995 - 2010 MSc Engineering Previous employment: Local Manager, Ncb Dynäs Manager, Sack Paper Division, Ncb Dynäs Manager, Sack Paper and Packaging, Ncb Deputy VD Ncb AB Technical Director and Senior Advisor, AssiDomän Kraft Products
Rolf Back Håkan Jöves Board Member since 1995 Board Member since 2005 PhD (Econ.) B.Sc., M.Sc. Previous employment: Previous employment: A number of MD positions, Director of R&D, Korsnäs AB including Ahlsell, Åhlens and Wasa Försäkringar. Research Manager GI – IHR, Stockholm University Professor, Luleå University of Technology Board Member of IVA and Chairman of the Board of Noak
Bo Wiklund Board Member Engineer Founder and Owner Owns 100% of shares in the WIBAX Group
WIBAX • 25
Management group
Thomas Sundqvist Bo Wiklund Jonas Wiklund Managing Director, Group Founder, Owns 100% Managing Director, WIBAX Logistics AB Deputy Managing Director, Group
Tomas Sandstrรถm Andreas Wiklund Purchasing Director, Production Director Environment & Quality Director
ANNICA PETTERSSON Human Resources Director
26 โ ข WIBAX
Eiron johansson Controller
Production: mawix art · Printing: rc tryck · Images: magnus sundström, lennart jönsson, mauritz magnusson, maria fäldt
Head office: Batterigatan 12, SE-941 47 Piteå · Tel switchboard. +46(0)911- 250 200 · Fax +46(0)911-250 299 www.wibax.se