kvalit valiteet i all llaa ste steg
annual report
CONTENTS 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 Financial Statements.........................................17 Notes . ....................................................... 18 – 23 Audit Report . .................................................... 24 Board of Directors..............................................25 Management Group............................................26
MARKET
FICE
WIBAX HEAD OF
Kiruna
WIBAX OFFICE PITEÅ
WIBAX TERMINAL UCTS FOR LIQUID PROD WIBAX TERMINAL TS FOR DRY PRODUC
Skellefteå Örnsköldsvik Östersund Kotka
Ånge Borlänge Stockholm Hallsberg Skövde Uddevalla Falkenberg Alvesta
4 • WIBAX
Norrköping
ONE STEP CLOSER
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
Managing Director's Statement Challenges and success 2013 began in turbulent fashion, with major currency fluctuations that affected WIBAX and many others. We faced a tough challenge in the first quarter with falling profits and we quickly put measures into action. These consisted mainly of focusing strongly on costs and conducting a minor overhaul of the organisation. This paid off and, with a relatively rapid increase in the value of the krona, the year turned into a good one under the circumstances. Over the course of the year the Group has been strengthened by the addition of another subsidiary, WIBAX OY, which is located in Kotka, at the head of the Gulf of Finland, close to the Russian border. This company is intended to bring our concept to Finland and show the Finnish market what we have to offer. Over the years, we have sold some products to our Finnish neighbours but we hope that this will give us even better penetration on the market. We have continued our growth in the energy sector, where the keyword is quality. We are continuing to grow on an established market thanks to good logistics and high quality. During the course of the year we increased the storage volume at our terminal in Norrköping, which has also been adapted to handle bio-oils. The intention is to continue to evolve and this facility gives us the means to be a competitive supplier to several large consumers.
After the summer, our terminal supplier in Gävle suffered a breakdown at their facility, as a result of which they were no longer able to continue providing storage for WIBAX. Thanks to our logistics, we were still able to deliver quality-assured products as promised, even after this setback. We hope that the terminal will be restored, as it represents an important facility for us. The Group continues its work to achieve the goals we have set, and following the recession in recent years, the Board has brought the sales target of SEK 1 billion forward to 2017. This represents a tough challenge for the company, but is entirely achievable through new ideas, strong suppliers and dedicated staff. The company will continue to target organic growth, where investment in logistics will be a key ingredient. Plans are also in place to increase the number of in-house manufactured products to complement other activities. I still believe that we can achieve the goals we have set ourselves through good relationships, commitment and innovation. I can proudly say that despite its challenges, the past year has been a success, thanks to our hard-working employees.
Piteå, February 2014
Jonas Wiklund
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 01.01.2013 - 31.12.2013.
ADMINISTRATION REPORT WIBAX AB
WIBAX LOGISTICS AB
WIBAX TECH AB
WIBAX ENERGY AB
WIBAX INDUSTRIAL AB
WIBAX OY
Nature and focus of operations The WIBAX Group's core operations are the sale, import, production and distribution of chemicals, particularly liquid 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 headquarters are located in the company's own properties in PiteĂĽ. The properties include offices, production premises, warehouses, workshops and wash halls. The parent company is responsible for purchase, production, warehousing, sales, administration, quality and the environment, as well as safety and protection. WIBAX LOGISTICS AB WIBAX Logistics' primary task is to co-ordinate the Group's land transport requirements, although it also carries out a number of external logistics tasks. 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 focuses on the trade in liquid bio fuels, as well as on products and applications associated with this.
WIBAX INDUSTRIAL AB WIBAX Industrial complements the other operations of WIBAX and its primary task is to add value to the Group's sales through complete solutions for system cleaning and other cleaning tasks. The company also acts as a mechanical and technical partner for our production and terminals by providing expertise in mechanics, concrete and surface protection. WIBAX Industrial carries out service and maintenance assignments within a wide range of areas in industrial environments and with the aid of high-tech products it can prevent, renovate and protect equipment made from metal and concrete. WIBAX OY This newly established company in Kotka, Finland, will make us an even stronger partner to the Nordic market. The intention is to bring our concept to Finland and show the Finnish market what we have to offer. Industries which WIBAX works with include the paper and pulp industry, mining and metallurgical industries, water treatment and road maintenance.
GROUP OPERATIONS The rising Swedish krona in the first quarter had a negative impact on the Group, but our rapid response enabled us to successfully reverse the negative trend. A review of the Group's organisation was implemented and this, combined with a major focus on costs and a change in the currency trend, meant that the year was a good one. As a result of changes to BfR recommendations, one of WIBAX's main in-house manufactured products acquired a very undeserved reputation, bringing a rapid reaction from customers. Despite a large shortfall compared with the projected sales of this product, the Group still managed to deliver sales in excess of the previous year. The energy sector accounts for the strongest growth, with customer interest continually increasing.
WIBAX • 7
The focus on costs and cost control continued during the course of the year, with plans to implement key performance indicators throughout the organisation. The aim is to achieve greater transparency and obtain quicker feedback in order to increase commitment and understanding. We are already seeing the effect of the measures we have taken, and these effects are expected to increase over the next year. During May, we established another subsidiary, this time in Finland. The intention is to make inroads into the Finnish market in a clear and efficient manner. Jan-Pekka Korhonen has been appointed manager of the company and is based in Kotka, in the south-east corner of Finland, where the company has its registered office. Jan-Pekka has many years of experience in the chemicals industry and is a great addition to the WIBAX organisation.
INVESTMENTS As in previous years, this year's investments have focused on logistics. These investments consisted of adaptations for new products and customers, and we are continuing our efforts to improve safety in our terminals by preparing new embankments. The vehicle fleet has been expanded somewhat and we have also replaced some older tanker trucks.
PRODUCTION In 2013, we implemented a number of initiatives to improve the working environment, including investing in new floor coverings for parts of the production area and a new ventilation system in the office area. The production facility for WiAL (aluminium sulphate solution) has a new control system, which has doubled production and brought further improvements in product quality. We have expanded our storage capacity for most products and employed technology to improve communication between Production and the Logistics department.
8 โ ข WIBAX
MARKET As with the previous year, the start of the 2013 financial year was characterised by a certain amount of uncertainty on the market, which resulted in caution and continued low demand for our customers. During the second half of the year there was a more optimistic tone, which resulted in continued good growth in several product segments. 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. On the whole, the price trend during the financial year has been stable, with a weak price increase being noted and approved by the market.
ANTICIPATED FUTURE DEVELOPMENT Planned investments will play a key role in achieving the Group's ongoing growth ambitions. We intend to continue to develop our own in-house manufactured products and our logistics, which over time have proved to be very positive. Overall, the coming year looks set to be an important step towards achieving our future targets.
QUALITY AND ENVIRONMENT In 2013, we submitted an application to the county council for the renewal of our licence to operate in Skelleftehamn, including the expansion of our oil handling operations. In Norrkรถping, we have redeveloped the loading sites to enable better handling of any spills, while at the same time, additional preventive overfill protection devices have been installed. We have continued to develop our driver training initiative with even more dedicated staff, resulting in lower fuel consumption per transport unit and a reduced environmental impact, which this year has also attracted attention outside the company.
We have continued to develop and implement the processoriented management system during the course of the year. A new overall approach to governance, monitoring and assessment of operational objectives has also been put in operation. We have invested in laboratory equipment, which gives us a tool to develop products and production processes, while at the same time providing the conditions for instantaneous product quality control.
WIBAX ENERGY AB
We have been instrumental in launching a collaborative networking group for quality, health, environmental and safety issues, together with several of the major players in northern Norrland (such as Boliden, SSAB, LKAB and Smurfit Kappa)
WIBAX Industrial complements WIBAX's other operations, offering total solutions within service and maintenance, cleaning and surface protection and reinforcement. During the course of the year, we have invested in a polyurea machine and have achieved good results with the surface coating of large-area floors, roofs and cisterns. We are seeing increased interest in polyurea, which has many unique properties and is suitable for many different environments. In terms of system cleaning, we have optimised both our equipment and our accessories and we are able to carry out cleaning assignments quickly and effectively.
SAFETY AND PROTECTION Operating secure storage facilities for chemicals at our depots requires extensive maintenance. To make sure this takes place, we have implemented a new maintenance programme at all terminals during the year. Risk assessments form a natural part of our day-to-day operations and this year we have introduced new methods and procedures in order to achieve a uniform standard for these assessments. New personal alarms with GPS positioning for drivers and others who work alone are under test.
WIBAX TECH AB Market-related projects have been the main focus during the year, resulting in several test runs, which have provided a good foundation for the continued growth of speciality chemicals. Product development work has resulted in new production facilities for chemicals, strengthening WIBAX's competitiveness and enabling increased sales of in-house manufactured products.
Over the past year, we have invested in new tanks for the storage of bio-oils in southern Sweden, which gives us good conditions for growth in this region. Our strategic efforts to convert users of fossil oils in northern Sweden continue, and we expect to see the impact of this in 2014.
WIBAX INDUSTRIAL AB
WIBAX OY WIBAX has expanded its operations by adding a further subsidiary, WIBAX OY, which is based in the port city of Kotka on Finland's south coast, 130 km east of Helsinki. This newly established company in Finland can make us an even stronger partner to the Nordic market. WIBAX OY has been received with great interest and potential customers have a lot of expectations. As anticipated, the first customers are from the pulp and mining industries and road maintenance. WIBAX OY will be driving sales with new products and new customers during 2014. Kotka's role as a chemicals port will provide good opportunities for WIBAX OY to develop its logistics position within the WIBAX Group as a whole.
WIBAX • 9
WIBAX LOGISTICS
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.
10 • WIBAX
ϮϬϬ ϬϬϬ 200,000 ϭϴϬ ϬϬϬ 180,000
ZƂƌĞůƐĞƌĞƐƵůƚĂƚ ϮϬ ϬϬϬ 20,000 ϭϴ ϬϬϬ 18,000
ϭϲϬ ϬϬϬ 160,000
ϭϲ ϬϬϬ 16,000
ϭϰϬ ϬϬϬ 140,000
ϭϰ ϬϬϬ 14,000
120,000
ϭϮ ϬϬϬ 12,000
100,000
ϭϬ ϬϬϬ 10,000
ϭϮϬ ϬϬϬ
ϭϬϬ ϬϬϬ
ϮϬϬϰ
ϮϬϬϱ
Operating income Operating profit/loss (EBIT)
ϮϬϬϲ
ϮϬϬϳ
ϮϬϬϴ
ϮϬϬϵ
ϮϬϭϬ
ϮϬϭϭ
ϮϬϭϮ
2013
ϮϬϬϯ
2012
ϮϬϬϮ
2011
ϮϬϬϭ
2010
ϮϬϬϬ
2009
<^ <
KSEK
2008
Ϯ ϬϬϬ 2,000
0Ϭ
2007
ϰ ϬϬϬ 4,000
ϮϬ ϬϬϬ 20,000
2006
ϲ ϬϬϬ 6,000
ϰϬ ϬϬϬ 40,000
2005
ϴ ϬϬϬ 8,000
ϲϬ ϬϬϬ 60,000
2004
ϴϬ ϬϬϬ 80,000
2003
Our position as one of Sweden's largest bulk suppliers has been strengthened through the expansion of the tank storage space in Norrköping, the completion of embankment protection in Örnsköldsvik and the upgrading of cisterns in Uddevalla. The depots have proven to be incredibly important for our logistics, and Norrköping is now one of our most important terminals. The market for storing liquid fuels and chemicals has grown steadily, and we believe that the trend is towards several different types of liquid fuel, which need to be stored in separate tanks.
Wibax Logistics AB Operating income - Operating profit/loss 2000-2013
ZƂƌĞůƐĞŶƐ ŝŶƚćŬƚĞƌ
2002
We are continuing our work to implement the railway as an alternative form of transport for WIBAX Logistics, although the technical conditions have not really existed, particularly during the winter months.
In May, the company won the Stora Åkeripriset award. The prize was awarded by the Swedish Association of Road Transport Companies with the following reason given: "Being awarded the Stora Åkeripriset is proof of being one of the best among equals. The company that has been awarded the Stora Åkeripriset 2013 is not out of place with the previous winners of the award: Nybro Transport, Alfredsson Transport, Kimor and JanOlof Sundbergs Åkeri. What makes these companies stand out is a high level of professionalism, a strong customer focus, and significant employee influence. Receiving this award also means that you are an example to all other haulage companies. The haulage company that is awarded the Stora Åkeripriset 2013 has created a platform which has enabled it, by pursuing conscious strategies, to create the logistical conditions that generate opportunities for good business at many different levels. The company is in a class of its own in many areas, with a clear focus and an eye for detail and an obvious desire to do things properly".
2001
Investments have continued according to plan, and our fleet of vehicles has been expanded to 38 heavy vehicles. Our aim is consistently to have modern vehicles with a low average age, partially in order to further improve our delivery reliability and to reduce our environmental impact through lower fuel consumption. 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 during 2013.
This makes WIBAX Logistics a unique company in the sector, with the range, expertise and strength to develop further.
2,000
2013 has been an exciting and eventful year and the company continues to grow. Our ambition and desire to grow, in addition to great commitment to the market, have resulted in our sales continuing to increase. This has also contributed to the success of the WIBAX Group and shows that we have the right strategy.
ϮϬϭϯ
0Ϭ
<^ <
KSEK
Wibax Group Operating income - Operating profit/loss ZƂƌĞůƐĞŶƐ ŝŶƚćŬƚĞƌ ϭ ϬϬϬ ϬϬϬ 1,000,000 ϵϬϬ ϬϬϬ 900,000
ZƂƌĞůƐĞƌĞƐƵůƚĂƚ
ϰϱ ϬϬϬ 45,000
ϴϬϬ ϬϬϬ 800,000
ϰϬ ϬϬϬ 40,000
ϳϬϬ ϬϬϬ 700,000
ϯϱ ϬϬϬ 35,000
ϲϬϬ ϬϬϬ 600,000
ϯϬ ϬϬϬ 30,000
ϱϬϬ ϬϬϬ 500,000
Ϯϱ ϬϬϬ 25,000
ϰϬϬ ϬϬϬ 400,000
ϮϬ ϬϬϬ 20,000
ϯϬϬ ϬϬϬ 300,000
ϭϱ ϬϬϬ 15,000
ϮϬϬ ϬϬϬ 200,000
ϭϬ ϬϬϬ 10,000
ϭϬϬ ϬϬϬ 100,000
ϱ ϬϬϬ 5,000
0Ϭ
Wibax Group Key ratios ϰϱ͕Ϭ 45.0
ϰϬ͕Ϭ 40.0
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
Ŭ^ < ϭϵϵϭ ϭϵϵϮ ϭϵϵϯ ϭϵϵϰ ϭϵϵϱ ϭϵϵϲ ϭϵϵϳ ϭϵϵϴ ϭϵϵϵ ϮϬϬϬ ϮϬϬϭ ϮϬϬϮ ϮϬϬϯ ϮϬϬϰ ϮϬϬϱ ϮϬϬϲ ϮϬϬϳ ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ
KSEK
Operating income Operating profit/loss (EBIT)
ϱϬ ϬϬϬ 50,000
1991-2013
0Ϭ
Ŭ^ <
KSEK
Profit/loss after financial items as % of turnover
2000-2013
Equity/assets ratio, % Return on capital employed
35.0 ϯϱ͕Ϭ
ϯϬ͕Ϭ 30.0
Ϯϱ͕Ϭ 25.0
ϮϬ͕Ϭ 20.0
ϭϱ͕Ϭ 15.0
ϭϬ͕Ϭ 10.0
5.0
ϱ͕Ϭ
0.0
Ϭ͕Ϭ
Wibax AB Operating income - Operating profit/loss
ZƂƌĞůƐĞŶƐ ŝŶƚćŬƚĞƌ
ϯϬ ϬϬϬ 30,000
Ϯϱ ϬϬϬ 25,000
ϮϬ ϬϬϬ 20,000
ϱϬ ϬϬϬ 50,000 ϰϱ ϬϬϬ 45,000
ϮϬϭϯ
2013
ϮϬϭϮ
2012
ϮϬϭϭ
2011
2010
ϮϬϭϬ
2009
2008
ϮϬϬϵ
Wibax AB Investments 2000-2013
ϰϬ ϬϬϬ 40,000 ϯϱ ϬϬϬ 35,000 ϯϬ ϬϬϬ 30,000 Ϯϱ ϬϬϬ 25,000
ϮϬϬϯ
ϮϬϬϰ
ϮϬϬϱ
ϮϬϬϲ
ϮϬϬϳ
ϮϬϬϴ
ϮϬϬϵ
ϮϬϭϬ
ϮϬϭϭ
ϮϬϭϮ
ϮϬϭϯ
2013
ϮϬϬϮ
2012
ϮϬϬϭ
2011
ϮϬϬϬ
2010
0Ϭ
<^ <
KSEK
2009
<^ <
KSEK
ϱ ϬϬϬ 5,000
2008
ϮϬϭϯ
2013
ϮϬϭϮ
2012
ϮϬϭϭ
2011
ϮϬϭϬ
2010
ϮϬϬϵ
2009
ϮϬϬϴ
2008
ϮϬϬϳ
2007
ϮϬϬϲ
2006
ϮϬϬϱ
2005
ϮϬϬϰ
2004
ϮϬϬϯ
2003
ϮϬϬϮ
2002
ϮϬϬϭ
2001
2000
ϮϬϬϬ
0Ϭ
2007
Ϭ
ϭϬ ϬϬϬ 10,000
2006
ϱ ϬϬϬ 5,000
ϭϬϬ ϬϬϬ 100,000
ϭϱ ϬϬϬ 15,000
2005
ϭϬ ϬϬϬ 10,000
ϮϬϬ ϬϬϬ 200,000
ϮϬ ϬϬϬ 20,000
2004
ϯϬϬ ϬϬϬ 300,000
2003
ϭϱ ϬϬϬ 15,000
2002
400,000 ϰϬϬ ϬϬϬ
KSEK
2007
2006
ϯϱ ϬϬϬ 35,000
2000-2013
ϱϬϬ ϬϬϬ 500,000
0
ϮϬϬϴ
ZƂƌĞůƐĞƌĞƐƵůƚĂƚ
ϲϬϬ ϬϬϬ 600,000
<^ <
ϮϬϬϳ
2001
ϳϬϬ ϬϬϬ 700,000
ϮϬϬϲ
2000
ϴϬϬ ϬϬϬ 800,000
ϮϬϬϱ
2005
ϮϬϬϰ
2004
ϮϬϬϯ
2003
ϮϬϬϮ
2002
ϮϬϬϭ
2001
2000
ϮϬϬϬ
Operating income Operating profit/loss (EBIT)
WIBAX • 11
FINANCIAL OVERVIEW Multi-year comparison, Group, 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 total capital employed Average number of employees
2013 2012 2011 2010 2009 618 473 606 506 550 322 479 637 433 170 39 909 47 821 29 233 31 297 37 892 62 676 61 854 42 006 41 536 45 327 32 636 39 478 21 603 26 203 35 028 5.4 6.8 4.1 5.9 9.0 367 415 405 232 320 411 325 344 220 804 38.3 30.8 29.7 25.9 31.8 10.9 12.8 9.2 11.5 17.0 148 139 135 114 87
Multi-year comparison, parent company, kSEK 2013 2012 2011 2010 Operating income 419 813 483 014 468 103 432 905 Operating profit/loss (EBIT) 13 788 26 927 17 047 20 828 Operating profit/loss before depreciation (EBITDA) 24 401 37 571 26 944 29 265 7 709 19 354 10 084 16 004 Profit/loss after financial items Profit/loss as % of net sales 1.9 4.2 2.3 4 Balance sheet total 294 897 309 443 276 725 278 559 Equity/assets ratio 31 28.4 26.7 24.8 5.1 9.2 6.3 8.7 Return on total capital employed Average number of employees 40 44 46 47
Key figures - definitions
2009 422 004 28 924 35 209 25 993 6.9 199 555 31.2 13.9 42
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, SEK 24,675,000 be allocated as follows: Dividend 8 000 Carried forward to new account 16 675 Total 24 675 Dividend amounts to SEK 667 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 SEK thousands unless otherwise stated.
12 â&#x20AC;˘ WIBAX
INCOME STATEMENT Note Operating income Net sales Capitalised work for own account Other operating income 1 Operating expenses Raw materials and consumables Other external expenses 2,3 Personnel expenses 4 Depreciation of property, plant and equipment and intangible assets 5 6 Other operating expenses Operating profit/loss 7
KSEK GROUP
PARENT COMPANY
2013
2012 2013 2012
601 741 3 430 13 302 618 473
578 906 1 906 25 696 606 508
405 236 238 14 339 419 813
459 238 0 23 776 483 014
-435 671 -25 003 -86 312
-417 051 -29 557 -78 772
-345 362 -18 637 -24 162
-385 078 -20 308 -25 445
-22 767 -8 811 39 909
-14 033 -19 274 47 821
-10 613 -7 251 13 788
-10 644 -14 611 26 928
Profit/loss from financial items Interest income Interest expenses and similar profit/loss items 8 Profit/loss after financial items
1 540 -8 813 32 636
233 -8 576 39 478
1 343 -7 422 7 709
152 -7 725 19 355
Appropriations 9 Profit/loss before tax
0 32 636
0 39 478
1 627 9 336
-9 185 10 170
10 Tax on annual profit/loss Profit/loss for the year
-7 782 -9 646 -2 272 -2 573 24 854 29 832 7 064 7 597
WIBAX â&#x20AC;˘ 13
BALANCE SHEET kSEK
Note
GROUP 31/12/2013
PARENT COMPANY 31/12/2012
31/12/2013 31/12/2012
ASSETS Non-current assets Intangible assets Expenditure on software 11 120 0 120 0 120 0 120 0 Property, plant and equipment Land and buildings 12 72 876 74 133 72 876 74 133 Plant and machinery 13 112 911 121 457 81 329 91 338 14 28 108 28 638 1 499 2 197 Equipment, tools, fixtures and fittings Construction in progress 15 13 728 3 074 13 728 3 074 227 623 227 302 169 432 170 742 Financial assets Shares in subsidiary
100 100
100 100
1 998 1 998
695 695
Total non-current assets
227 843
227 402
171 550
171 437
Inventories, etc. Raw materials and consumables Capitalised work for own account
28,407 383 28 790
52,305 0 52 305
25,473 0 25 473
38,905 0 38 905
Current receivables Trade receivables Shares in group company Tax receivables Other receivables Prepaid expenses and accrued income 17
99 583 0 0 34 11 165 110,782
118 705 0 62 1 124 3 113 123,004
78 183 16 630 0 604 2 436 97,853
96 409 0 0 567 2 110 99,086
18
0
2 521
21
14
Total current assets
139 572
177 830
123 347
138 005
TOTAL ASSETS 367 415 405 232
294 897
309 442
Current assets
Cash and bank balances
14 â&#x20AC;˘ WIBAX
Note
GROUP 31/12/2013
PARENT COMPANY 31/12/2012
31/12/2013 31/12/2012
EQUITY AND LIABILITIES
Equity 19 Share capital (12,000 shares) 1 200 1 200 Statutory reserve 0 0 Restricted reserves 86 540 76 128 87 740 77 328
1 200 240
1 200 240
1 440
1 440
Non-restricted equity Profit/loss brought forward Profit/loss for the year
28 077 24 854 52 931
17 688 29 832 47 520
17 611 7 064 24 675
19 015 7 597 26 612
Total equity
140 671
124 848
26 115
28 052
Untaxed reserves 20 Accumulated additional depreciation Tax allocation reserves
0 0 0
0 0 0
66 404 17 102 83 506
60 404 16 366 76 770
Provisions Provisions for deferred tax
25 805 25 805
22 768 22 768
1 464 1 464
1 364 1 364
Non-current liabilities Bank overdraft facilities 21 Other liabilities to credit institutions 22
21 201 90 828 112 029
0 93 998 93 998
79 203 56 610 135 813
12 738 57 765 70 503
Current liabilities Liabilities to credit institutions Advance payments from customers Trade payables Liabilities to group companies Current income tax liability Factoring credit Other current liabilities Accrued expenses and prepaid income 23
10 534 1 132 45 111 0 4 007 0 12 606 15 520 88 910
17 080 1 642 45 023 0 2 975 67 962 13 585 15 351 163 618
5 360 0 31 573 0 2 578 0 3 864 4 624 47 999
12 376 0 25 998 20 140 1 442 62 659 5 427 4 712 132 754
TOTAL EQUITY AND LIABILITIES
367 415
405 232
294 897
309 443
Pledged assets
For own liabilities and provisions Real estate mortgage 58 940 57 140 58 940 57 140 Floating charges 103 045 63 045 90 000 50 000 Assets with reservation of title 47 584 21 508 0 0 Pledged accounts receivable 0 104 316 0 96 409 Total securities 209 569 246 009 148 940 203 549
WIBAX â&#x20AC;˘ 15
statement of cash flows kSEK
GROUP
PARENT COMPANY
31/12/2013 31/12/2012 31/12/2013 31/12/2012 Operating activities Operating profit 39 909 47 821 13 788 26 928 Adjustments for non-cash items 26 456 15 752 14 332 10 900 1 540 234 1 343 152 Interest received Interest paid -8 813 -8 577 -7 422 -7 725 -4 746 -3 383 -2 171 -2 893 Income tax paid Cash flow from operating activities before 54 346 51 847 19 870 27 362 changes in working capital Cash flow from changes in working capital Change in inventories Change in operating assets Change in operating liabilities Cash flow from operating activities
23 515 10 976 -73 462 15 375
-20 013 -31 483 39 134 39 485
13 432 1 232 -84 756 -50 222
-11 234 -18 439 25 860 23 549
Investing activities Acquisition of subsidiaries Acquisition of intangible non-current assets Acquisition of land and buildings Acquisition of property, plant and equipment Sale of property, plant and equipment Cash flow from investing activities
0 -120 0 -26 944 137 -26 927
0 0 -1 379 -20 665 25 -22 019
-1 303 -120 0 -13 158 137 -14 444
0 0 -1 379 -12 605 26 -13 958
Financing activities Loans and repayments (net) Repayment of loans Dividend paid Group contribution received Group contribution paid Cash flow from financing activities
18 031 0 -9 000 0 0 9 031
-11 494 0 -3 500 0 0 -14 994
66 465 -1 155 -9 000 10 267 -1 904 64 673
0 -6 104 -3 500 0 0 -9 604
Cash flow for the year Liquid funds at beginning of year Liquid funds at end of year
-2 521 2 521 0
2 472 49 2 521
7 14 21
-13 27 14
16 â&#x20AC;˘ 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 annual accounts have been prepared in accordance with BFNAR 2012:1 (K3) for the first time. 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. Valuation principles etc. Assets, provisions and liabilities have been valued at their acquisition value, unless otherwise stated below. Leasing The Swedish Accounting Standards Board's advice BFNAR 2000:4 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. At the parent company, 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 Land and buildings Plant and other machinery Equipment, tools, fixtures and fittings
5 years 20-70 years 5-20 years 3-7 years
The difference between depreciation according to plan and booked depreciation is reported as appropriations.
Inventories The inventory, valued according to the Swedish Accounting Standards Board's advice BFNAR 2000:3, 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. 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. 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 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. 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.
Adjustments to the income statement and balance sheet for comparison year, as well as the opening balance sheet. The only reclassification made in connection with the transition to K3 is that leasing is classified as financial leasing for the Group. This affects property, plant and equipment and non-current liabilities. Equity remains unchanged. Property, plant, equip. in Group Non-current liabilities in Group
Closing BS 31/12/2011 196 450 82 970
Adj. to BFNAR 2012:1 +27 597 +27 597
Opening BS 01/01/2012 224 047 110 567
Property, plant, equip. in Group Non-current liabilities in Group
Closing BS 31/12/2012 202 262 68 958
Adj. to BFNAR 2012:1 +25 040 +25 040
Conv. BS 31/12/2012 227 302 93 998
WIBAX â&#x20AC;˘ 17
Notes Note 1 Other operating income GROUP Exchange gains Rental income Other Total
2013
2012
4 787 6 182 2 333 13 302
16 237 6 042 3 417 25 696
Parent company Exchange gains Rental income Other Total
3 339 10 357 643 14 339
13 406 9 777 593 23 776
Note 2 Fees and expenses remuneration to auditors Group EY Audit assignment Tax advice Other services Total Parent company EY Audit assignment Tax advice Other assignments Total
2013 227 49 89 365 163 49 83 295
2012
154 15 29 198
121 15 29 165
Note 3 Leasing agreements 2013 Group Assets held through operational leasing agreements During the year, the company's leasing expenses amounted to 0 Agreed future leasing fees 0 Parent company Assets held through operational leasing agreements During the year, the company's leasing expenses amounted to Agreed future leasing fees
1 553 1 378
2012
8 961 19 820
1 562 1 391
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 â&#x20AC;˘ WIBAX
2013 27 13 40
96 13 109 149
2012
32 12 44
81 14 95 139
Gender distribution within company management 2013 Proportion women in % Parent company Board of Directors 0 Other company officers 9
2012 Proportion women in % 0 9
Salary, other remuneration and payroll overhead costs Parent company Board of Directors and Managing Director Other employees Total, 1) Payroll overhead costs (of which pension costs) 2) Subsidiaries Board of Directors and Managing Director Other employees Total Payroll overhead costs (of which pension costs)
2013 1 856 15 102 16 958 7 076 1 604 798 43 387 44 185 16 849 2 910
Group Board of Directors and Managing Director Other employees Total Payroll overhead costs (of which pension costs) 3)
2 654 58 489 61 143 23 925 4 514
2012 1 593 15 883 17 476 7 304 1 465
1 087 36 169 37 256 14 230 2 062
2 680 52 052 54 732 21 534 3 527
1) Personnel expenses have fallen with the receipt of government support 47 (0). 2) Of the parent company's pension costs, 257 (prev. yr. 154) refers to company Board of Directors and Managing Director in respect of 2 (2) people. 3) Of the Group's pension costs, 257 (prev. yr. 281) refers to company management in respect of 2 (2) people.
WIBAX â&#x20AC;˘ 19
Note 5 Depreciation of tangible and intangible assets Group Software Buildings Machinery Equipment Parent company Software Buildings Machinery Equipment
2013
2012
0 1 257 12 202 9 308 22 767
0 1 899 10 925 1 209 14 033
0 1 258 8 683 672 10 613
0 1 899 7 941 804 10 644
2013
2012
4 975 3 836 8 811
17 140 2 134 19 274
3 421 3 830 7 251
14 322 289 14 611
2013
2012
20 792 77 215
10 729 89 917
Note 6 Other operating income Group Exchange losses Other Total Parent company Exchange losses Other Total
Note 7 Purchases and sales between group companies Group Parent company sales in respect of Group companies Parent company purchases in respect of Group companies
Note 8 Interest expense and similar profit/loss items Group Interest expense, other Other
2013
2012
7 526 1 287 8 813
7 431 1 145 8 576
Parent company Interest expense, other Other
6 306 1 116 7 422
6 789 936 7 725
2013
2012
10 267 -1 904 -6 000 -2 636 1 900 1 627
0 0 -7 519 -3 666 2 000 -9 185
2013
2012
4 746 3 036 7 782
6 366 3 280 9 646
2 172 100 2 272
2 893 -320 2 573
Note 9 Appropriations Group contribution received Group contribution paid Change in additional depreciation Tax allocation reserve, annual provision Tax allocation reserve, annual reversal Total
Note 10 Tax on annual profit/loss Group Current tax Deferred tax Parent company Current tax Deferred tax
20 â&#x20AC;˘ WIBAX
Note 11 Capitalised expenditure on development and similar activities Accumulated acquisition value: -At beginning of year -New acquisitions Accumulated depreciation according to plan -At beginning of year Reported value at end of year
Group
Parent company
1 125 120 1 245
1 125 120 1 245
-1 125 -1 125 120
-1 125 -1 125 120
Group
Parent company
84 700 0 84 700
84 700 0 84 700
-10 567 -1 257 -11 824
-10 567 -1 257 -11 824
72 876
72 876
Note 12 Land and buildings Accumulated acquisition value: -At beginning of year -New acquisitions Accumulated depreciation according to plan -At beginning of year -Annual depreciation according to plan Reported value at end of year
Note 13 Plant and machinery Accumulated acquisition value: -At beginning of year -New acquisitions -Disposals -Reclassifications
Group
Parent company
184 302 6 513 -9 957 2,416 183 274
137 043 1 531 -9 957 2,416 131 033
Accumulated depreciation according to plan -At beginning of year -Disposals -Annual depreciation according to plan
-62 845 4 684 -12 202 -70 363
-45 705 4 684 -8 683 -49 704
Reported value at end of year
112 911
81 329
Group
Parent company
33 083 8 977 -340 41 720
5 132 166 -328 4 970
-4 445 142 -9 309 -13 612
-2 935 136 -672 -3 471
28 108
1 499
Group
Parent company
At beginning of year Reclassifications Annual investments
3 074 -2 416 13 070
3 074 -2 416 13 070
Reported value at end of year
13 728
13 728
Note 14 Equipment, tools, fixtures and fittings 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
Note 15 Construction in progress
WIBAX â&#x20AC;˘ 21
Note 16 Shares in Group companies Accumulated acquisition value: -At beginning of year -Purchases Reported value at end of year
2013
2012
695 1 303 1 998
695 0 695
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 23 592 5 314 100 Wibax Tech AB, 556499-9257, Piteå 348 9 100 Wibax Energy AB, 556547-9705, Piteå 5 249 3 009 100 Wibax Industrial AB, 556346-1747, Piteå 750 2 100 Wibax OY, 2546247-1, Kotka (Finland) 316 -987 100
220 143 228 104 1 303 1 998
Note 17 Prepaid expenses and accrued income Group Accrued transport support 531 Other 10 634 11 165
Parent company 531 1 905 2 436
Note 18 Cash and bank balances Cash Balances available at banks and other credit institutions Total
2013
2012
21 0 21
14 0 14
Share capital Restricted reserves Group Closing balance according to the previous year's balance sheet 1 200 76 128 Adjustment between restricted and non-restricted reserves 10 412 Dividend Profit/loss for the year Translation differences Wibax OY At end of year 1 200 86 540 Share capital Statutory reserve Parent company 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
Non-restricted reserves
Note 19 Equity
47 521 -10 412 -9 000 24 854 -30 52 933 Non-restricted equity 26 611 -9 000 7 064 24 675
Note 20 Untaxed reserves Accumulated additional depreciation:
2013
2012
66 404
60 404
Tax allocation reserves: Provision in the 2008 tax year Provision in the 2009 tax year 4 200 Provision in the 2010 tax year 6 100 Provision in the 2012 tax year 500 Provision in the 2013 tax year 3 666 Provision in the 2013 tax year 2 636 Total 83 506
22 • WIBAX
1 900 4 200 6 100 500 3 666 76 770
Note 21 Credit granted Bank overdraft facilities The granted amount of bank overdraft facilities in the Group amounts to SEK 100 million (SEK 13.3 million), and in the parent company to SEK 100 million (SEK 13.3 million).
Note 22 Other liabilities to credit institutions
Group
Parent 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
18 155 41 967 41 240 101 362
5 360 21 440 35 170 61 970
Group
Parent company
14 116 1 402 15 518
3 291 1 332 4 623
Note 23 Accrued expenses and prepaid income Personnel-related liabilities Other
Piteå 25/04/2014
Anders Snell Chairman of the Board
Bo Wiklund Board Member
Jonas Wiklund Managing Director
Rolf Back Board Member
Håkan Jöves Board Member
Tore Persson Board Member
My audit report was submitted on 06/05/2014.
Mats Lundin Authorised Public Accountant
WIBAX • 23
Audit report To the annual general meeting of Corporate Identity Number 556262-9674
Report on the annual accounts and the group accounts I have carried out an audit of the annual accounts and the consolidated accounts of Wibax AB for the financial year 01/01/2013 - 31/12/2013. The Board of Directors’ and Chief Executive Officer’s responsibility for the annual accounts and consolidated financial statements
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 2013 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.
24 • WIBAX
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. Report on other statutory and regulatory requirements In addition to my audit of the annual accounts and the consolidated accounts, I have also carried out an audit of 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 01/01/2013 – 31/12/2013. 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 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 consolidated 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 have 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 06/05/2014
Mats Lundin Authorised Public Accountant
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 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
Tore Persson Board Member since 2012 MSc Engineering Previous employment: Vice President, Biorefinery Development, Smurfit Kappa Group, Managing Director, Smurfit Kappa Kraftliner Piteå, Plant Manager, Assi Domän Kraftliner Development, processing and industrial engineer
Rolf Back Board Member since 1995 PhD (Econ.) Previous employment: A number of MD positions, 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
Håkan Jöves Board Member since 2005 B.Sc., M.Sc. Previous employment: Director of R&D, Korsnäs AB
Bo Wiklund Board Member Engineer Founder and Owner Owns 55% of shares in the WIBAX Group
WIBAX • 25
Management group
Jonas Wiklund MD Group
Magnus Sundström MD WIBAX Logistics AB
David Wiklund Marketing Director WIBAX Energy AB
Tomas Sandström Purchasing Director, Environment & Quality Director
David Öqvist Sales Manager WIBAX AB
Andreas Wiklund Production Director
ANNICA PETTERSSON Human Resources Manager
KRISTOFFER ÖVERHEM Financial Director
Robert Bergvall Technical Manager
Greger Sohlman General Manager WIBAX Industrial AB
26 • WIBAX
production: mawix art · printing: rc tryck · photos: magnus sundström and others
Head office: Batterigatan 12, SE-941 47 Piteå · Tel switchboard. +46(0)911- 250 200 · Fax +46(0)911-250 299 www.wibax.se