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KUNDFOKUS
Innovation
GOD KEMI Innovation
commitment
ANNUAL REPORT
2016 KVALITET
2 • WIBAX
CONTENTS Statement by the CEO ........................................ 6 Administration Report....................................7–11 Financial Overview........................................12–14 Income Statement .............................................15 Balance Sheet..............................................16–17 Cash Flow Statement ........................................18 Accounting Principles and Notes to the Financial Statements . ............................19 Notes.............................................................20–27 Audit Report . .............................................. 28-29 Board of Directors and Management Team..... 30
WIBAX • 3
MARKET
WIBAX HEAD OFFICE WIBAX OFFICE
Kiruna
WIBAX TERMINAL FOR LIQUID PRODUCTS
PITEÅ
WIBAX TERMINAL FOR DRY PRODUCTS
Skellefteå
Vaasa
Ånge Härnösand Gävle Borlänge Frövi Stockholm
Karlstad Herre Uddevalla
Norrköping Skövde
Falkenberg Alvesta Viborg
4 • WIBAX
Malmö
Pietarsaari Jakobstad
Örnsköldsvik
Östersund
Rauma
Tempere Kotka
GOOD CHEMISTRY GOES ALL THE WAY BUSINESS CONCEPT Our business concept is to sell, purchase, process and distribute chemical products to the basic industries 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 utilisation of the product with the end customer.
$FKLOOHV -46
WIBAX • 5
STATEMENT BY THE CEO
WIBAX CELEBRATES ITS 30TH ANNIVERSARY Wibax celebrated its 30th anniversary this year and our celebrations kicked off with a fantastic party in Piteå in conjunction with SM-veckan. Wibax signed up as an official partner of Destination Piteå and SM-veckan and was the main sponsor of a large service tent in the centre, called ‘Kultur-tältet by Wibax’. We also helped to heat the tent using bio-energy. It was a really successful event, with lots of visitors. Wibax is working to achieve sustainable development, optimum utilisation of resources and the best alternatives from an environmental perspective. Efficient logistics solutions are an important part of this, where we are working actively for fossil-free transportation. In 2016, 25% of our total fuel consumption was based on fossil-free fuel. Fair Transport is also a natural part of our business and provides very safe transportation, as well as good working conditions for our drivers. We continued to invest in our terminals during the course of the year, initiating measures such as conversion to fossil-free heating. This forms part of our sustainable development work and we anticipate converting several more terminals during 2017.
We have also made further investments in our production, significantly improving capacity, quality and delivery performance. Products of a more technologically advanced nature represent an area of particular interest to WIBAX and we have formed a new specialist company within the Group so as to better meet the needs of these customers. Wibax Tech and Wibax Performance Chemicals have merged to form one company, Wibax Performance Chemicals, enabling them to deliver even better products and services. At the beginning of the year, Mikael Kvist took up his post as the new Managing Director of Wibax OY. Mikael has the drive and knowledge that we and our customers need. We have ambitious expansion plans for Finland and we see great potential for success here. Overall, 2016 was a year of strategic investments and organisational changes and we are already beginning to see the effects. All of this, together with the high level of commitment throughout the Group, demonstrates that we are well on the way to achieving our established goals.
Piteå, February 2017
Jonas Wiklund
6 • WIBAX
WIBAX AB 556262-9674
The Board of Directors and the CEO hereby submit the annual accounts and consolidated accounts for the financial year 01/01/2016 – 31/12/2016.
ADMINISTRATION REPORT WIBAX GROUP WIBAX AB
WIBAX Logistics AB
WIBAX Tech AB
WIBAX Industrial AB
WIBAX Performance Chemicals AB
WIBAX Biofuels AB
WIBAX OY
WIBAX AS
WIBAX ApS
NATURE AND FOCUS OF OPERATIONS The Wibax Group’s core operations are the sales, imports, production and distribution of chemicals, particularly liquid products in bulk. The Group will continue to strengthen its market positions with its existing operations. OWNERSHIP The Wibax group is 100 per cent owned by Bo Wiklund, Jonas Wiklund, Andreas Wiklund and David Wiklund. WIBAX AB The parent company was registered in 1986, and the company headquarters are 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, stockholding, sales, administration, quality and the environment, as well as safety and protection. WIBAX Logistics AB Wibax Logistics is a wholly owned subsidiary of Wibax AB, whose main task is to meet the Group’s land transportation needs, but also performs some external logistics operations. The company’s vehicles are of a very high standard and quality and the personnel are experienced and competent. The company is one of the most comprehensive tanker transportation companies in Sweden, with the capacity to transport most common chemicals for 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 a wholly owned subsidiary of Wibax AB and is at the head 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 Industrial AB Wibax Industrial is a wholly owned subsidiary of Wibax AB and complements Wibax’s other operations. Its main mission is to add value to Group sales by offering complete solutions for system cleaning and other cleaning operations. In addition, the company operates as a mechanical and technical partner
for our production and terminals with sound knowledge of mechanics, concrete and surface protection. Wibax Industrial carries out service and maintenance assignments within a wide range of areas in industrial environments and using high-tech products is able to prevent, renovate and protect equipment made from metal and concrete. WIBAX Performance Chemicals AB Wibax Performance Chemicals AB is a wholly owned subsidiary of Wibax AB. The company offers a broad spectrum of special and performance chemicals. The focus is on products for industrial water and process treatment, primarily in the fields of corrosion, deposition and microbiology control as well as self-produced anti-foaming and chemical cleaning products. This is possible in part thanks to our cooperation agreement with GE Water & Process Technologies, as well as through products we have developed ourselves. WIBAX Biofuels AB Wibax Biofuels AB is a wholly owned subsidiary of Wibax AB, offering bio-oils mainly for incineration, technical skills for implementation as well as optimisation. WIBAX OY Wibax OY is a wholly owned subsidiary of Wibax AB and is a sales company that works mostly with the pulp and paper industry, mining and metal industry, as well as with products for water treatment and road maintenance in Finland. WIBAX AS Wibax AS is a wholly owned subsidiary of Wibax AB and was set up in connection with the signing of our cooperation agreement with GE Water & Process Technologies. The company focuses on products for industrial water and process treatment, primarily in the fields of corrosion, deposition and microbiology controls. WIBAX ApS Wibax ApS is a wholly owned subsidiary of Wibax AB and was set up in connection with the signing of our cooperation agreement with GE Water & Process Technologies. The company focuses on products for industrial water and process treatment, primarily in the fields of corrosion, deposition and microbiology controls.
WIBAX • 7
GROUP OPERATIONS
PRODUCTION
Wibax Tech and Wibax Performance Chemicals merged during the year to form one company called Wibax Performance Chemicals. The two companies have been working very closely for a long time and this merger gives us a specialist company within the Group that is even better equipped to meet customer requirements for technologically advanced products and services. The company currently has four project engineers and six sales staff.
During the past year, we have invested in the production of our self-produced products to further increase production capacity. These investments have also helped to increase the quality of our end products and improve delivery performance. Wibax has increased its expertise within Lean work, which has brought many positive effects. One of the most important of these is commitment within the organisation, which is often the key to positive change. Commitment triggers a process of suggested improvements, resulting in a good work environment and a cost-effective production organisation.
We have now received an environmental licence for the terminal in Skutskär, which means that the plant will be able to store a range of chemicals. There are 10 storage tanks in total at the terminal in Skutskär where we currently store two different products. We are planning to bring additional storage tanks into use during spring 2017. The terminal is strategically important for Wibax and is situated in a very interesting location from a logistical perspective. Another element of sustainable transport is Fair Transport. This is a natural part of operations for Wibax Logistics, as we work to establish safe and climate-friendly driving, while also emphasising the importance of good working conditions for our drivers. At the beginning of the year, we welcomed Mikael Kvist as the new Managing Director of Wibax OY. Mikael will be responsible for operations in Finland. The expansion plans for Finland are progressing and we have begun the recruitment process for a new Account Manager, who will take up their post in early 2017.
INVESTMENTS We have increased the number of storage tanks at many of our terminals, enabling us to accept several types of products and become even better at meeting our customers’ needs. The investments in our terminals also mean that we will be even better equipped for the future and will be closer to our customers, which is in line with our efforts to achieve sustainable and environmentally friendly logistics. Another step forward in our sustainable development is that we have converted one of our terminals to be heated using bio-oils, with our remaining terminals set to follow suit during 2017. We have also invested in measures to increase capacity in production, which will also strengthen delivery performance and increase quality.
8 • WIBAX
MARKET Looking at the 2016 operating year from a general perspective, demand has been stable and most sectors express optimism for the future. Our largest customer segment, pulp and paper, is making considerable investments in order to increase production volumes. As in previous years, our supply of raw materials has worked well, as we have seen a number of structural changes at our suppliers. During the year, Wibax has succeeded in satisfying market demand and has managed to exploit the opportunities that presented themselves when our customers were looking for competitive alternatives. Price trendshave in general been modest during the operating year, where a slight price increase has been noted and accepted by the market.
EXPECTED FUTURE DEVELOPMENT This year has been marked by strategic investments and decisions that are expected to have an impact in the near future. Licences for our activities, and particularly for terminals, are a factor that has proven to play a significant role in terms of our potential to succeed and develop. We received a number of operating licences during the year, enabling us to commence operations, but there are some we are still waiting for, including for the Malmö terminal. We expect to receive further operating licences during 2017. Aside from licences, we are continuing to invest in sustainability, with a major focus on biofuels in particular.
QUALITY, SAFETY AND ENVIRONMENT Licence issues and communication with the authorities for several of Wibax’s terminals have been an important and significant part of our work in 2016 and will continue to be so during 2017. We had a licence granted for the terminal in Skutskär during the autumn and have delivered products mostly to customers in the local area. We have received a licence for flammable materials in Malmö, enabling us to store flammable products for our customers. The environmental licence process for expanded storage in Malmö is ongoing. There are plans to increase production in Piteå and initial consultations have been held. Wibax is proactive when it comes to safety issues and during the year we have also provided training to our customers in the safe handling of chemicals.
ENVIRONMENTAL IMPACT Wibax’s operations involve a significant amount of transport, both by boat and truck, which has an environmental impact in the form of air emissions. We take active steps on several fronts to reduce our emissions. Wibax currently has eight strategically located sea terminals around Sweden that enable us to store our products as close as possible to the end customer and we are also working on efficient logistics solutions to further reduce our transportation on land. A further measure to reduce our fossil carbon dioxide emissions is the use of renewable fuel in our trucks. During 2016, the proportion of renewable fuel was 25% of total fuel consumption, and the goal is to increase this in the coming years to reduce our environmental impact. Our drivers are given ongoing training in resource-efficient driving, which reduces fuel consumption and environmental impact.
At three of our terminals we store products that require heated storage tanks, which have previously been heated by burning fossil oil and using electricity. In 2016, Wibax applied for and received a grant from Klimatklivet to convert from fossil heating to burning bio-oils. So far the plant in Skelleftehamn has been converted, and the remaining two plants will be converted during 2017.
OPERATING LICENCES Wibax is engaged in the production and storage of chemicals that are subject to licence. The production unit in Piteå is a class A facility and has a licence for the production and storage of chemicals. Our depots in Skellefteå, Örnsköldsvik, Härnösand, Skutskär, Norrköping and Uddevalla are class B facilities where we have licences to handle and store chemicals. Our depot on Haraholmen, Piteå, is a class C facility where we operate under a reporting requirement. In June 2014, Wibax invested in a terminal facility in Malmö where we currently have a reporting requirement (class C facility) and the licence process for a class B facility is in progress. Our licences are of the utmost importance in order to be able to conduct the type of activities that we do.
WIBAX TECH AB Several preliminary studies have been conducted during the year for the purpose of increasing the proportion of our self-produced products. These projects are ready to be activated as soon as market conditions are optimal. Product development of silicone-based anti-foam agents has resulted in new, improved qualities. Wibax Tech has adapted the department in order to offer the best support for the new sales organisations within the Wibax Group.
WIBAX • 9
WIBAX PERFORMANCE CHEMICALS AB
WIBAX LOGISTICS AB
Wibax Energy has during the year changed its name to Wibax Performance Chemicals in preparation for a reorganisation in 2016. From 2016, all bio-oils are transferred to a single company, with Wibax Performance Chemicals restructured into a company with a more exclusive focus on speciality chemicals. Through our cooperation agreement with GE, we can offer our customers a wide range of speciality and performance chemicals. With a focus on growth, we are also working on new commercial products and we are seeing increased interest in most of our self-produced products.
The year 2016 has been marked by continued development. A good example of this is the ongoing investment in the new terminals to create a necessary basis for the Group’s continued growth.
WIBAX BIOFUELS AB Wibax Biofuels continued to grow during the year. Last year’s reorganisation, which saw the company take over the bio-oils previously sold by Wibax Performance Chemicals, has been extremely successful and enabled us to refine the business and focus on bio-oils.
Investments in vehicles continued according to plan and in accordance with our ambition to have a modern vehicle fleet that is well adapted for our activities and offers high efficiency, reliable delivery and the lowest environmental impact possible. An important element of this work has been the adaptation of the vehicle fleet to the new regulatory framework for higher gross weight, conversion work that will continue in 2017. An innovation this year is that we now have our own vehicles based at the terminal in Skutskär.
The market has been affected by the price of fossil oil, however, which has reduced the incentive and led to the postponement of many investments in conversion. We nevertheless remain optimistic about growth, as there is a clear ambition to phase out and replace fossil fuels with biofuels, particularly within the industrial and transport sectors. Silvex, which was acquired in 2015, has been incorporated into the company and we have seen strong growth thanks to increased sales of tall oil pitch. This is an important investment, as we supply bio-oils mainly for incineration and pitch oils are a good fit for our product portfolio. The Wibax terminals in Skutskär and Norrköping are strategically important and we are investing in more storage tanks in 2017 to enable us to store more types of bio-oils. The number of storage sites for bio-oils increased during the year with the addition of Rauma in Finland.
WIBAX INDUSTRIAL AB Wibax Industrial offers complete solutions for service and maintenance, cleaning and surface protection of metals and concrete. Together with Wibax Biofuels, we also offer a complete solution for converting various furnaces from fossil fuel to biofuel. We help with the installation, start-up, optimisation and evaluations. We can also provide project managers for external assignments. During the year we carried out a number of major concrete and maintenance operations and installation work and mechanical maintenance work in the pulp and paper industry. System cleaning operations were performed quickly and effectively in piping systems and plate and tube heat exchangers.
WIBAX OY Wibax OY works primarily with the pulp and paper industry and during the year we conducted the first successful test run in the sulphur dioxide bleaching of mechanical pulp. Other focus areas are the mining and metal industries as well as water treatment and road maintenance. Through our cooperation with GE Water & Process Technologies, we are working with deposition control and corrosion protection for, among others, oil refineries and the metal industry, where our services are highly valued. A new Managing Director was appointed during the year and under his leadership progress has been made in offering customers competitive product concepts based on the Group’s expertise in storage, logistics and customer service and so achieving rapid growth.
10 • WIBAX
Our efforts to have sustainable and efficient transport can be seen clearly in both lower fuel consumption and a reduced environmental impact. Our sustainability work is ongoing, but it is pleasing to note that in 2016 the proportion of fossil-free fuel increased significantly and that the fuel-efficient driving of our drivers once again broke records. We have continued our work with rail transport. Transport takes place using leased carriages and containers. We continue our efforts to implement the railway as an alternative form of transport for Wibax Logistics. Our position as one of Sweden’s largest bulk suppliers has been strengthened further through continued investment in our national network of eight terminals for the storage of liquid products. The terminals are an important strategic investment, necessary to achieve Wibax’s growth objective. A good example is the terminal in Skutskär, where the first storage tank came into operation in February. More storage tanks and embankment work on the area were also completed during the year. In Norrköping we have built several new storage tanks that will be fully operational in 2017. Sustainability work at the depots in 2016 mainly involved converting product heating from electricity/oil to bio-oil, work that is ongoing, although the first terminal, Skelleftehamn, is now operational. Our strength lies in the combination of transportation and storage. A business model that we have developed over the years and which has contributed to our strong position in the market. This makes Wibax Logistics a unique company in the sector, with the range, expertise, flexibility and strength to develop further.
WIBAX • 11
FINANCIAL OVERVIEW
WIBAX GROUP Operating income – Operating profit/loss 1 000 000 900 000
50 000
1992-2016
45 000
WIBAX GROUP KPI 45,0
2016
2015
2014
2013
2012
2011
2010
2009
2008
0 KSEK
2007
5 000 2006
100 000 2005
10 000
2004
200 000
2003
15 000
2002
300 000
2001
20 000
2000
400 000
1999
25 000
1998
500 000
1997
30 000
1996
600 000
1995
35 000
1994
700 000
1993
40 000
1992
800 000
0 KSEK
Operating income Operating profit/loss (EBIT)
1996-2016
40,0 35,0 30,0 25,0 20,0 15,0 10,0
Profit/loss after financial items as % of turnover
5,0
Equity/assets ratio, % Return on capital employed
12 • WIBAX
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
0,0
WIBAX AB Operating income – Operating profit/loss 700 000
35 000
2001-2016
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 2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
KSEK
2001
0
KSEK
Operating income Operating profit/loss (EBIT)
WIBAX LOGISTICS AB Operating income – Operating profit/loss 200 000 180 000
20 000
2001-2016
18 000
160 000
16 000
140 000
14 000
120 000
12 000
100 000
10 000
80 000
8 000
60 000
6 000
40 000
4 000
20 000
2 000 0 2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0 KSEK
KSEK
Operating income Operating profit/loss (EBIT))
WIBAX AB Investments 50 000 45 000
2001-2016
40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0 KSEK
WIBAX • 13
FINANCIAL OVERVIEW MULTI-YEAR COMPARISON, GROUP, KSEK 2016 2015 2014 2013 2012 Operating income 769,963 709,427 628,548 618,473 606,506 Operating profit/loss (EBIT) 50,510 47,139 46,118 39,909 47,821 Operating profit/loss before depreciation (EBITDA) 77,531 70,574 68,690 62,676 61,854 Profit/loss after financial items 44,681 39,256 41,295 32,636 39 ,478 Profit/loss as % of net sales 6.1 5.7 6.8 5.4 6.8 Balance sheet total 534,064 469,879 430,474 367,415 405,232 Equity/assets ratio, % 39.0 39.4 38.2 38.3 30.8 Return on capital employed, % 9.5 9.5 11.4 10.9 12.8 Average number of employees 175 154 162 148 139
MULTI-YEAR COMPARISON, PARENT COMPANY, KSEK Operating income Operating profit/loss (EBIT) Operating profit/loss before depreciation (EBITDA) Profit/loss after financial items Profit/loss as % of net sales Balance sheet total Equity/assets ratio, % Return on capital employed, % Average number of employees
2016 426,412 22,178 35,057 37,021 9.2 434,354 34.8 9.7 48
2015 435,810 20,558 30,911 13,530 3.2 363,514 31.9 5.1 43
2014 2013 2012 406,761 419,813 483,014 29,692 13,788 26,927 39,717 24,401 37,571 25,016 7,709 19,354 6.4 1.9 4.2 342,928 294,897 309,443 29 31 28.4 8.9 5.1 9.2 39 40 44
PROPOSAL FOR APPROPRIATION OF EARNINGS The Board of Directors and the CEO propose that the available remaining profit, 63,715 KSEK be allocated as follows: To be carried forward 63,715 TOTAL 63,715 As regards the company’s profit/loss and financial position in general, please refer to the following income statement and balance sheet with accompanying supplementary disclosures and notes to the financial statements. All amounts are in KSEK unless otherwise stated.
EQUITY
GROUP
Share capital
Restricted reserves
Unrestricted reserves
Closing balance according to the previous year’s balance sheet 1,200 111,485 Changes in acquisitions Adjustment between restricted and unrestricted reserves 7,195 Dividend Profit/loss for the year Foreign currency translation differences at foreign companies At end of year 1,200 118,680
72,587 -1,700 -7,195 -10,000 34,530 110 88,332
PARENT COMPANY Share capital Statutory reserve Unrestricted equity Closing balance according to the previous year’s balance sheet 1,200 240 Dividend Profit/loss for the year At end of year 1,200 240 14 • WIBAX
34,285 -10,000 39,429 63,714
INCOME STATEMENT
GROUP
PARENT COMPANY
Note OPERATING INCOME Net sales 1 Capitalised work for own account Other operating income 2
2016
735,092 6,870 28,001 769,963
OPERATING EXPENSES Raw materials and consumables Other external expenses 3, 4 Personnel expenses 5 Depreciation of tangible and intangible assets 6 Other operating expenses 7 Operating profit/loss 8
-519,843 -42,188 -115,406 -27,021 -14,995 50,510
-486,166 -31,184 -109,441 -23,435 -12,063 47,138
-326,334 -24,819 -32,150 -12,879 -8,052 22,178
-344,757 -25,156 -28,567 -10,353 -6,418 20,559
PROFIT/LOSS FROM FINANCIAL ITEMS Dividends from shares in associates Interest income 9 Interest expenses and similar profit/loss items 10 Profit/loss after financial items
- 266 -6,095 44,681
5 -2,636 -5,252 39,255
19,764 123 -5,044 37,021
-2,174 -4,854 13,531
Appropriations 11 Profit/loss before tax 44,681 39,255
8,197 45,218
13,766 27,297
Tax on profit/loss for the year 12 -10,151 -9,206 Profit/loss for the year 34,530 30,049
-5,789 39,429
-6,142 21,155
2015 2016 2015 683,984 402,927 4,296 21,147 23,485 709,427 426,412
418,249 17,561 435,810
WIBAX • 15
BALANCE SHEET
Note
GROUP 31/12/2016
PARENT COMPANY 31/12/2015
31/12/2016 31/12/2015
ASSETS FIXED ASSETS INTANGIBLE ASSETS Expenditure on software 13 Concessions, patents, licences, trademarks and similar rights Goodwill 15 Advances intangible assets
2,112 14
1,583 571
1,770 761
1,083
230 55 2,968
312 2,656
1,770
1,083
76,808 103,398 1,223 63,245 244,674
78,247 108,262 1,821 31,090 219,420
14,842
13,055
14,842
13,055
261,286
233,558
32,593
31,846
32,593
31,846
76,174 63,008
70,701 26,082
15 1,278 140,475
15 1,303 98,101
-
9
TANGIBLE ASSETS Buildings and land 16 76,808 78,247 Plant and machinery 17 139,567 143,976 Equipment, tools, fixtures and fittings 18 34,086 26,137 New construction in progress 19 63,932 31,679 314,393 280,039 FINANCIAL ASSETS Shares in group companies 20 Shares in associates 100 100 Deferred tax assets - 738 100 838 Total fixed assets
317,461
283,533
CURRENT ASSETS INVENTORIES, ETC. Raw materials and consumables 33,253 44,559 Finished goods and goods for resale 33,012 8,385 Work in progress for third-party account 349 16 Advances to suppliers 303 303 66,917 53,263 CURRENT RECEIVABLES Trade receivables 143,235 125,791 Receivables from Group companies Tax receivables 2,584 441 Other receivables 303 1,449 Prepaid expenses and accrued income 21 3,564 5,402 149,686 133,083 Cash and bank balances
22
Total current assets
216,603
186,346
173,068
129,956
TOTAL ASSETS
534,064
469,879
434,354
363,514
16 • WIBAX
Note
GROUP 31/12/2016
PARENT COMPANY 31/12/2015
31/12/2016 31/12/2015
EQUITY AND LIABILITIES
RESTRICTED EQUITY Share capital (12,000 shares) 1,200 1,200 1,200 Restricted reserves 118,680 111,485 240 Statutory reserve 119,880 112,685 1,440 NON-RESTRICTED EQUITY Profit/loss brought forward 53,802 42,538 24,286 Profit/loss for the year 34,530 30,049 39,429 88,332 72,587 63,715 Total equity 208,212 185,272 UNTAXED RESERVES 23 Accumulated additional depreciation Tax allocation reserves PROVISIONS Provisions for deferred tax
1,200 240 1,440 13,131 21,155 34,286
65,155
35,725
83,086 26,907 109,993
84,462 18,328 102,790
35,111 35,111
33,023 33,023
1,759 1,759
1,660 1,660
12,605 130,040 142,645
NON-CURRENT LIABILITIES Bank overdraft facilities 24 Other liabilities to credit institutions 25 CURRENT LIABILITIES Liabilities to credit institutions 25 Advance payments from customers Trade payables Current tax liabilities Other current liabilities Accrued expenses and prepaid income 26
68,024 101,738 169,762
88,656 91,040 179,696
105,448 71,800 177,248
20,157 11,701 101 101 82,767 36,032 17,504 13,066 27,567 20,922 148,096 81,822
16,260 - 46,650 3,064 4,307 7,470 77,751
7,360 9 23,719 3,414 5,106 6,482 46,090
TOTAL EQUITY AND LIABILITIES
534,064
434,354
363,514
469,879
WIBAX • 17
CASH FLOW STATEMENT
GROUP
PARENT COMPANY
Note 31/12/2016 31/12/2015 31/12/2016 31/12/2015 OPERATING ACTIVITIES Operating profit/loss 50,510 47,138 22,178 20,558 Adjustments for items not included in the cash flow 27,207 23,347 12,879 10,179 Interest received 266 -2,636 123 Interest paid -6,095 -5,252 -5,044 -7,028 Tax paid -8,148 -6,828 -5,690 -6,044 Cash flow from operating activities before changes 63,740 55,769 24,446 17,665 in working capital CASH FLOW FROM CHANGES IN WORKING CAPITAL Increase (-)/Decrease (+) in inventories Increase (-)/Decrease (+) in operating assets Increase (+)/Decrease (-) in operating liabilities Cash flow from operating activities
-13,654 -16,603 66,274 99,757
4,106 -11,341 -48,414 120
-747 -42,374 31,661 12,986
9,826 3,318 -36,489 -5,680
INVESTING ACTIVITIES Acquisition of subsidiaries -1,700 Acquisition of intangible assets -1,619 -1,056 Acquisition of buildings and land -126 Acquisition of tangible assets -60,059 -53,685 Acquisition of financial assets 738 -738 Cash flow from investing activities -62,640 -55,605
-1,787 -1,127 -37,693
-9,487 -703 -126 -33,598
-40,607
-43,914
FINANCING ACTIVITIES Loans and repayments (net) 28,302 10,805 Other liabilities to credit institutions Bank overdraft facilities -55,419 53,680 Dividend paid -10,000 -9,000 Dividends from subsidiaries Group contribution received(+)/made (-) Cash flow from financing activities -37,117 55,485
19,240 -16,792 -10,000 19,764 15,400 27,612
7,640 31,949 -9,000 19,000 49,589
-9 9 -
-5 14 9
Cash flow for the year Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year
18 • WIBAX
0 0 0
0 0 0
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 Swedish Accounting Standards Board 2012:1 (K3).
RECEIVABLES Receivables are reported at the lesser of either the nominal value or the amount at which they are estimated to be received.
CLASSIFICATION Fixed assets, long-term liabilities and provisions essentially only consist of amounts that are expected to be received or paid after twelve months, calculated from the balance sheet date. Current assets and current liabilities essentially only consist of amounts that are expected to be received or paid within twelve months, calculated from the balance sheet date.
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. DEFINITION OF KPIS Return on capital employed Profit/loss after financial items plus interest expenses as a percentage of the balance sheet total.
Equity/assets ratio Equity and untaxed reserves, net of deferred tax (22%), as a percentage of the balance sheet total. LEASING The Swedish Accounting Standards Board’s advice on the accounting of leasing agreements is applied. In the Group, assets that are leased through a finance leasing agreement are recognised as an item of property, plant and equipment, while future lease payments are recognised as a liability. On initial recognition, the asset and liability are recognised at the amount of the future minimum lease payments. In the parent company, all leasing agreements, both financial and operating, are recognised as operating leases. INTANGIBLE AND TANGIBLE ASSETS Tangible assets are reported at their acquisition value less accumulated depreciation and possible write-downs. 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: Product rights 5 years Buildings and land 20–70 years Plant and other machinery 5–20 years Equipment, tools, fixtures and fittings 3–7 years The difference between depreciation according to plan and reported depreciation is recognised as appropriations.
LIQUID FUNDS Liquid funds include cash and bank balances. 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. ACQUISITION ACCOUNTING The consolidated accounts have been prepared in accordance with the Swedish Financial Accounting Standards Council’s recommendations for consolidated 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. 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. EMPLOYEE BENEFITS Employee benefits refer to all kinds of benefits the company provides to its employees. The company’s benefits include salaries, paid holiday, paid absence, bonuses and benefits once employment has ended (pensions). These are reported as they are earned. Employee benefits once employment has ended refer to defined contribution or defined benefit pension plans. Defined contribution plans are those plans where set contributions are paid and there are no legal or constructive obligations to make any other payment over and above these contributions. Other plans are classified as defined benefit pension plans. The company provides no other long-term benefits to employees.
INVENTORIES The inventory is entered at either the acquisition value or the actual value, whichever is the lowest, according to the first in first out principle. As a result, the risk of obsolescence has been taken into account.
WIBAX • 19
NOTES NOTE 1 NET SALES GROUP Net sales - Of which transport allowance
2016
2015
735,092 15,816
683,984 17,318
PARENT COMPANY Net sales - Of which transport allowance
402,927 15,816
418,249 17,318
NOTE 2 OTHER OPERATING INCOME GROUP Exchange gains Rental income Other Total
2016
2015
16,321 9,586 2,094 28,001
11,316 9,537 294 21,147
PARENT COMPANY Exchange gains Rental income Other Total
9,770 13,577 138 23,485
5,583 12,191 -213 17,561
2016
2015
404 51 70 525
461 57 110 628
179 51 13 243
121 57 25 203
NOTE 3 FEES AND EXPENSES REMUNERATION TO AUDITORS GROUP Ernst & Young Audit assignment Tax consultancy services Other services Total PARENT COMPANY Ernst & Young Audit assignment Tax consultancy services Other assignments Total
NOTE 4 LEASING AGREEMENTS 2016 PARENT COMPANY Assets held through operational leasing agreements During the year, the company’s leasing expenses amounted to 839 Fees due - within one year 754 - later than one year but within five years 1,483
20 • WIBAX
2015
635 465 988
NOTE 5 EMPLOYEES AND PERSONNEL EXPENSES
2016
2015
28 20 48
26 17 43
108 14
95 11
FINLAND Men Women
2 -
2 -
NORWAY Men Women
1 -
1 -
DENMARK Men Women
2 -
2 -
127 175
111 154
Ratio women as %
Ratio women as %
20 17
20 17
AVERAGE NUMBER OF EMPLOYEES PARENT COMPANY Men Women Total in parent company SUBSIDIARIES SWEDEN Men Women
Total at subsidiaries Group total GENDER DISTRIBUTION IN SENIOR MANAGEMENT PARENT COMPANY Board of Directors Other senior executives
SALARIES, OTHER REMUNERATION AND PAYROLL OVERHEAD COSTS PARENT COMPANY Board of Directors and CEO Other employees Total, 1) Payroll overhead costs (of which pension costs) 2)
1,959 19,236 21,195 9,251 2,190
2,091 17,500 19,591 8,434 1,977
SUBSIDIARIES Board of Directors and Managing Director Other employees Total Payroll overhead costs (of which pension costs)
1,451 56,346 57,797 22,352 3,665
820 54,522 55,342 18,807 3,386
GROUP Board of Directors and CEO Other employees Total Payroll overhead costs (of which pension costs) 3)
3,411 75,582 78,993 31,602 5,855
2,911 72,022 74,933 27,241 5,363
1) Personnel expenses have decreased with the receipt of government support 0 (0). 2) Of the parent company’s pension costs, 334 (prev. yr. 205) refers to company Board of Directors and Managing Director in respect of 2 (2) people. 3) Of the Group’s pension costs, 334 (prev. yr. 205) refers to company management in respect of 2 (2) people.
WIBAX • 21
NOTE 6 DEPRECIATION OF TANGIBLE AND INTANGIBLE ASSETS 2016
2015
902 1,439 15,439 9,241 27,021
228 1,437 12,303 9,467 23,435
440 1,439 10,233 767 12,879
121 1,437 8,069 725 10,352
2016
2015
14,294 701 14,995
12,066 -3 12,063
PARENT COMPANY Exchange losses 8,052 Other Total 8,052
6,421 -3 6,418
GROUP Intangible Buildings Machinery Inventories PARENT COMPANY Intangible Buildings Machinery Inventories
NOTE 7 OTHER OPERATING EXPENSES GROUP Exchange losses Other Total
NOTE 8 PURCHASES AND SALES BETWEEN GROUP COMPANIES 2016
2015
33,164 64,393
49,020 53,050
2016 GROUP Interest income 266 Foreign exchange differences Other Total 266
2015 226 -2,878 16 -2,636
PARENT COMPANY Interest income 123 Foreign exchange differences Other Total 123
167 -2,357 16 -2,174
GROUP Parent company sales in respect of Group companies Parent company purchases in respect of Group companies
NOTE 9 OTHER INTEREST INCOME AND SIMILAR PROFIT/LOSS ITEMS
NOTE 10 INTEREST EXPENSES AND SIMILAR PROFIT/LOSS ITEMS 2016 GROUP Interest expenses 5,600 Foreign exchange differences Other 495 Total 6,095
5,926 -259 -415 5,252
PARENT COMPANY Interest expenses 4,672 Foreign exchange differences Other 372 Total 5,044
4,988 -248 114 4,854
22 • WIBAX
2015
NOTE 11 APPROPRIATIONS
2016
2015
Group contributions received 50,262 Group contribution paid -34,862 Changes in additional depreciation 1,376 Tax allocation reserve, annual provision -8,579 Tax allocation reserve, annual cancellation Total 8,197
19,000 -2,176 -9,158 6,100 13,766
NOTE 12 TAX ON PROFIT/LOSS FOR THE YEAR GROUP Profit/loss reported before tax Tax on profit/loss for the year according to applicable tax rate Tax effect of: - Other non-deductible expenses/non-taxable income Tax reported Effective tax rate
2016
2015
44,681
39,255
-9,830
-8,636
-321 -10,151
-570 -9,206
22.7%
23.5%
PARENT COMPANY Profit/loss reported before tax Tax on profit/loss for the year according to applicable tax rate (22%) Tax effect of: - Other non-deductible expenses/non-taxable income Tax reported
45,218 -9,948
27,297 -6,005
4,159 -5,789
-137 -6,142
Effective tax rate
12.8%
22.5%
2016
2015
2,896 1,478 -567 3,807
1,980 916
-1,313 161 -543 -1,695 2,112
-1,125
NOTE 13 CAPITALISED EXPENDITURE ON DEVELOPMENT WORK AND SIMILAR WORK GROUP Accumulated acquisition value: -At beginning of year -New acquisitions -Disposals Accumulated depreciation according to plan: -At beginning of year -Disposals -Annual depreciation according to plan Reported value at end of year
PARENT COMPANY Accumulated acquisition value: -At beginning of year 2,330 -New acquisitions 1,126 3,456 Accumulated depreciation according to plan: -At beginning of year -1,246 -Disposals -Reclassifications -Annual depreciation according to plan -440 -1,686 Reported value at end of year 1,770
2,896
-188 -1,313 1,583
1,627 703 2,330
-1,125 -121 -1,246 1,084
WIBAX • 23
NOTE 14 CONCESSIONS, PATENTS, LICENCES, TRADEMARKS 2016 GROUP Accumulated acquisition value: -At beginning of year 825 -New acquisitions 825 Accumulated depreciation according to plan: -At beginning of year -64 -Depreciation for the year according to plan -190 -254 Reported value at end of year 571
2015
825 825
-64 -64 761
NOTE 15 GOODWILL 2016 GROUP Accumulated acquisition value: -At beginning of year 721 -New acquisitions 88 -Goodwill that existed at the time of acquisitions of subsidiaries 809 Accumulated depreciation according to plan: -At beginning of year -409 -Goodwill that existed at the time of acquisitions of subsidiaries -Annual depreciation according to plan -170 -579 Reported value at end of year 230
2015
121 600 721
-360 -49 -409 312
NOTE 16 BUILDINGS AND LAND 2016 GROUP Accumulated acquisition value: -At beginning of year 92,873 -New acquisitions 92,873 Accumulated depreciation according to plan: -At beginning of year -14,626 -Annual depreciation according to plan -1,439 -16,065 Reported value at end of year 76,808 PARENT COMPANY Accumulated acquisition value: -At beginning of year 92,873 -New acquisitions 92,873 Accumulated depreciation according to plan: -At beginning of year -14,626 -Annual depreciation according to plan -1,439 -16,065 Reported value at end of year 76,808
2015
92,747 126 92,873 -13,188 -1,438 -14,626 78,247
92,747 126 92,873 -13,188 -1,438 -14,626 78,247
NOTE 17 PLANT AND MACHINERY GROUP Accumulated acquisition value: -At beginning of year -New acquisitions -Disposals -Reclassifications Accumulated depreciation according to plan: -At beginning of year -Disposals -Write-downs -Annual depreciation according to plan Reported value at end of year
24 • WIBAX
2016
2015
236,084 8,390 -2,928 4,731 246,277
219,077 13,030 -754 4,731 236,084
-92,108 854 -2,805 -12,651 -106,710 139,567
-80,087 182 -12,203 -92,108 143,976
PARENT COMPANY Accumulated acquisition value: -At beginning of year 172,060 -New acquisitions 637 -Disposals -Reclassifications 4,731 177,428 Accumulated depreciation according to plan: -At beginning of year -63,798 -Disposals -Write-downs -2,000 -Depreciation for the year according to plan -8,232 -74,030 Reported value at end of year 103,398
164,054 3,835 -560 4,731 172,060 -55,903 174 -8,069 -63,798 108,262
NOTE 18 EQUIPMENT, TOOLS, FIXTURES AND FITTINGS 2016 GROUP Accumulated acquisition value: -At beginning of year 51,418 -New acquisitions 19,709 -Acquisition of subsidiaries -Disposals -11,723 59,404 Accumulated depreciation according to plan: -At beginning of year -25,281 -Acquisition of subsidiaries -Disposals 9,136 -Annual depreciation according to plan -9,173 -25,318 Reported value at end of year 34,086 PARENT COMPANY Accumulated acquisition value: -At beginning of year -New acquisitions -Disposals Accumulated depreciation according to plan: -At beginning of year -Disposals -Annual depreciation according to plan Reported value at end of year
2015
45,748 11,047 721 -6,098 51,418 -20,171 -433 4,816 -9,493 -25,281 26,137
6,585 295 -171 6,709
5,800 785
-4,764 45 -767 -5,486 1,223
-4,039
6,585
-725 -4,764 1,821
NOTE 19 CONSTRUCTION IN PROGRESS GROUP At beginning of year Reclassifications New acquisitions Reported value at end of year
2016
2015
31,679 -4,731 36,984 63,932
6,282 -4,731 30,128 31,679
PARENT COMPANY At beginning of year Reclassifications New acquisitions Reported value at end of year
31,090 -4,731 36,886 63,245
6,282 -4,731 29,539 31,090
WIBAX • 25
NOTE 20 SHARES IN GROUP COMPANIES Accumulated acquisition value: -At beginning of year -Purchases Reported value at end of year
2016
2015
13,055 1,787 14,842
3,568 9,487 13,055
Specification of parent company’s shareholdings 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 Subsidiary / Corp. ID. No / Reg. Office/ Number of shares Equity Profit/loss for the year as % of value Wibax Logistics AB, 556375-5080, Piteå, 2,000 shares 27,408 184 100 220 Wibax Tech AB, 556499-9257, Piteå, 1,000 shares 578 -36 100 143 Wibax Perf. Chem. AB, 556547-9705, Piteå, 1,000 shares 1,314 214 100 228 Wibax Industrial AB, 556346-1747, Piteå, 1,000 shares 1,620 93 100 104 Wibax Biofuels AB, 556729-0894, Piteå, 1,000 shares 14,603 7,162 100 11,274 Wibax OY, 2546247-1, Kotka (Finland), 1,000 shares 1,445 145 100 2,644 Wibax AS, 913456300, Skien (Norway), 100 shares 219 45 100 109 Wibax ApS, 35842489, Karlslunde (Denmark), 1,000 shares 251 39 100 120 14,842
NOTE 21 PREPAID EXPENSES AND ACCRUED INCOME GROUP Insurance premiums Advance payments customers/suppliers Other items Total
2016
2015
303 1,627 1,634 3,564
749 1,757 2,896 5,402
PARENT COMPANY Insurance premiums Advance payments customers/suppliers Other items Total
48 447 783 1,278
347 956 1,303
2016 - - 0
2015 9 9
2016
2015
83,086
84,462
500 3,666 2,636 2,368 9,158 8,579 109,993
500 3,666 2,636 2,368 9,158
NOTE 22 CASH AND BANK BALANCES Cash Available balances at banks and other credit institutions Total
NOTE 23 UNTAXED RESERVES Accumulated additional depreciation: Tax allocation reserves: - Provision for tax in 2012 - Provision for tax in 2013 -Provision for tax year 2013 -Provision for tax year 2014 -Provision for tax year 2015 -Provision for tax year 2016 Total
102,790
NOTE 24 CREDIT GRANTED Bank overdraft facilities The granted amount of bank overdraft facilities in the Group amounts to SEK 100 million (SEK 115 million), and in the parent company to SEK 100 million (SEK 115 million).
NOTE 25 OTHER LIABILITIES TO CREDIT INSTITUTIONS GROUP Due date within one year of the balance sheet date Due date one to five years from the balance sheet date Due date more than five years from the balance sheet date PARENT COMPANY Due date within one year of the balance sheet date Due date one to five years from the balance sheet date Due date more than five years from the balance sheet date 26 • WIBAX
2016
2015
20,157 104,040 26,000 150,197
17,331 53,748 42,360 113,439
16,260 65,040 26,000 107,300
7,360 29,440 42,360 79,160
NOTE 26 ACCRUED EXPENSES AND PREPAID INCOME GROUP Personnel-related liabilities Other items Total
2016
2015
18,997 8,570 27,567
16,820 4,102 20,922
4,707 2,763 7,470
4,254 2,229 6,483
The Board of Directors and the CEO propose that the available remaining profit, SEK 63,715,000, be allocated as follows: To be carried forward TOTAL
Amount 63,715 63,715
PARENT COMPANY Personnel-related liabilities Other items Total
NOTE 27 PROPOSED APPROPRIATION OF THE COMPANY’S PROFIT OR LOSS
NOTE 28 PLEDGED ASSETS GROUP Real estate mortgages Chattel mortgages Assets with reservation of title Total
2016
2015
67,240 156,557 49,112 272,909
59,240 122,545 47,102 228,887
PARENT COMPANY Real estate mortgages Chattel mortgages Total
67,240 130,512 197,752
59,240 105,000 164,240
2016
2015
1,362
1,362
None
None
2016
2015
12,000 100
12,000 100
NOTE 29 CONTINGENT LIABILITIES GROUP Contingent liabilities Contingent liability Norway PARENT COMPANY Contingent liabilities
NOTE 30 NUMBER OF SHARES PARENT COMPANY Number of shares Par value (SEK)
Piteå 25/04/2017
Anders Snell Chairman of the Board
Bo Wikund, Board Member
Stina Blombäck, Board Member
Rolf Back, Board Member Lars-Erik Aaro, Board Member
Jonas Wiklund Chief Executive Office
My audit report was submitted on 15/05/2017.
Mats Lundin, uthorised Public Accountant
WIBAX • 27
AUDIT REPORT To the annual general meeting of
WIBAX AB
Corporate Identity Number 556262-9674 REPORT ON THE ANNUAL ACCOUNTS AND THE CONSOLIDATED ACCOUNTS Opinions I have audited the annual accounts and consolidated accounts of Wibax AB for the financial year 01/01/2016 – 31/12/2016. In my opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company and the Group as of 31 December 2016 and their financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. I therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the Group. Basis for Opinions I conducted my audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. My responsibilities under those standards are further described in the Auditor’s responsibilitiessection. I am independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled my ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinions. Responsibilities of the Board of Directors and the Chief Executive Officer The Board of Directors and the Chief Executive Officer are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and the Chief Executive Officer are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, the Board of Directors and the Chief Executive Officer are responsible for the assessment of the company’s and the Group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Chief Executive Officer intend to liquidate the company, to cease operations, or have no realistic alternative but to do so.
28 • WIBAX
Auditor’s responsibilities My objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. As part of an audit in accordance with ISAs, I exercise professional judgement and maintain professional scepticism throughout the audit. I also: • Identify and assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of the company’s internal control relevant to my audit 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Chief Executive Officer. • Conclude on the appropriateness of the Board of Directors’ and the Chief Executive Officer’s use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts. I also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the Group’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify my opinion about the annual accounts and consolidated accounts. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause a company and a group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated accounts. I am responsible for the direction, supervision and performance of the Group audit. I remain solely responsible for my opinions. I must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. I must also inform of significant audit findings during my audit, including any significant deficiencies in internal control that I identified.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Opinions In addition to my audit of the annual accounts and consolidated accounts, I have also audited the administration of the Board of Directors and the Chief Executive Officer of Wibax AB for the financial year 01/01/2016 – 31/12/2016 and the proposed appropriations of the company’s profit or loss. I recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year. Basis for Opinions I conducted the audit in accordance with generally accepted auditing standards in Sweden. My responsibilities under those standards are further described in the “Auditor’s responsibilities” section. I am independent of the parent company and the Group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled my ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinions. Responsibilities of the Board of Directors and the Chief Executive Officer The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the Group’s type of operations, size and risks place on the size of the parent company’s and the Group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organisation and the administration of the company’s affairs. This includes among other things continuous assessment of the company’s and the Group’s financial situation and ensuring that the company’s organisation is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner.
The Chief Executive Officer shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfil the company’s accounting in accordance with law and handle the management of assets in a reassuring manner.
Auditor’s responsibilities My objective concerning the audit of the administration, and thereby my opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Chief Executive Officer in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. My objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby my opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, I exercise professional judgement and maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on my professional judgement with a starting point in risk and materiality. This means that I focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s situation. I examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to my opinion concerning discharge from liability. As a basis for my opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss I examined whether the proposal is in accordance with the Companies Act.
Mats Lundin Auktoriserad revisor
Uppsala, 15 May 2017
WIBAX • 29
BOARD OF DIRECTORS FOR WIBAX GROUP ANDERS SNELL Chairman of the Board since 2011. MSc Engineering Chairman of the Board, ÅFORSK. Board Member, Ångpanneföreningen. Previous positions: Technical Director, Assi Domän; Technical Director, Billerud. Site Manager Gruvöns bruk, Skärblacka Bruk, Karlsborgs Bruk, CEO Grycksbo, Norrsundet Bruks AB, Production Manager and Operations Engineer Skutskärsverken.
STINA BLOMBÄCK Board Member since 2015. MSc Engineering in Chemistry from the Swedish Royal Institute of Technology. CEO, Senior Consultant for Brännbacken Projekt AB. Other directorships, including at Luleå Energi AB and Part Construction AB. Previous positions: Sustainability and Energy Director, BillerudKorsnäs AB, CEO Billerud Karlsborg AB.
ROLF BACK Board Member since 1995. Doctor of Economics. Previous positions: A number of CEO positions, including at Ahlsell, Åhlens and Wasa Försäkringar. Head of Research GI – IHR, Stockholm University, Professor, Luleå University of Technology. Board Member of Royal Swedish Academy of Engineering Sciences and Chairman of the Board, Noak.
LARS-ERIC AARO Board Member since 2016. MSc Mining Engineering from Luleå University of Technology. Previous positions: Sales Director of the ÅF Group and member of the Group management, CEO and Group President of LKAB, senior executive positions at Secoroc, Boliden and AssiDomän. Member of the Royal Swedish Academy of Engineering Sciences (IVA) and honorary doctorate from LTU.
MANAGEMENT TEAM
JONAS WIKLUND CEO Wibax Group
MAGNUS SUNDSTRÖM Managing Director Logistics
DAVID WIKLUND Managing Director Biofuels
FREDRIK NORDSTRÖM COO Industrial
ANDREAS WIKLUND COO Production
DAVID ÖQUIST CCO
ANNICA PETTERSSON Chief of HR
CAROLINE HÄGGSTRÖM Chief of SEQ
KRISTOFFER ÖVERHEM CFO
HANS HENRIKSSON CPO
BO WIKLUND Board Member Engineer Founder and Owner. 55% shareholding in WIBAX Group.
30 • WIBAX
URBAN HAUGEN COO Tech
WIBAX • 31
production: mawix art · photos: magnus sundström and others
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