INNOVATION · INNOVATION · INNOVATION · INNOVATION · INNOVATION · INNOVA OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY OVATION INNOVATION · INNOVATION · INNOVATION · INNOVATION INNOVATIO TRY GOD ·KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY· GOD KEMI TION · INNOVATION · INNOVATION · KVALITET I ALLA STEG · INNOVATION · IN HEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD INNOVATION · INNOVATION · INNOVATION · INNOVATION · INNOVATION · INNOVA TRY GOD ·KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY· GOD KEMI OVATION INNOVATION · INNOVATION · INNOVATION · INNOVATION INNOVATIO OD CHEMISTRY GOD· KEMI GOOD CHEMISTRY KEMI GOOD CHEMISTRY TION · INNOVATION INNOVATION · INNOVATIONGOD · INNOVATION · INNOVATION ·I EMISTRY GOD KEMI GOOD CHEMISTRY GOD· KEMI GOOD CHEMISTRY GOD · INNOVATION · INNOVATION · INNOVATION INNOVATION · INNOVATION · INK OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY INNOVATION TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI HEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY EMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD K OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GODGOOD KEMI GOOD CHEMISTRY GODGOD KEMI GOOD CHEMISTRY HEMISTRY GOD KEMI CHEMISTRY KEMI GOOD CHEMISTRY GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMIKEMI GOOD CHEMISTRY EMISTRY GOD KEMI GOOD CHEMISTRY GOD GOOD CHEMISTRY GOD K GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY QUALITY TRY GOD KEMI GOOD GODGOOD KEMI GOODGOD CHEMISTRY GOD KEMI GOODCHEMISTRY CHEMISTRY GOD KEMI CHEMISTRY KEMI GODGOOD KEMI GOOD CHEMISTRY GODGOD KEMI GOOD CHEMISTRY HEMISTRY GOD KEMI CHEMISTRY KEMI GOOD CHEMISTRY GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI TRY GOD KEMI GOOD GODGOD KEMI GOOD CHEMISTRY GOD KEMI GOD CHEMISTRY KEMI GOOD CHEMISTRY KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY EMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD K GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GODCHEMISTRY KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD GOODCHEMISTRY CHEMISTRY GOD KEMI CHEMISTRY KEMI TRY GOD KEMI GOOD GODGOOD KEMI GOODGOD CHEMISTRY GOD KEMI GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY HEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI TRY GOD KEMI GOOD GODGOD KEMI GOOD CHEMISTRY GOD KEMI GOD CHEMISTRY KEMI GOOD CHEMISTRY KEMI GOOD CHEMISTRY GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY EMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD K GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI HEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY commitment EMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD K commitment OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY commitment commitment TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI commitment HEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD commitment TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI commitment OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY commitment EMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD K commitment OD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY commitment TRY GOD KEMI GOOD CHEMISTRY GOD KEMI GOOD CHEMISTRY GOD KEMI commitment
GOD KEMI Innovation ANNUAL REPORT
commitment
KUNDFOKUS
Innovation
KVALITET
CONTENTS Managing Director's Statement.......................... 6 Administration Report . ................................ 7-11 Financial Overview....................................... 12-14 Income Statement..............................................15 Balance Sheet............................................. 16-17 Cash Flow Analysis . ......................................... 18 Accounting Principles and Notes to the Financial Statements...............................19 Notes............................................................. 20-27 Audit Report . .................................................... 28 Board of Directors..............................................29 Management Group............................................30
WIBAX • 3
MARKET
WIBAX HEAD OFFICE WIBAX OFFICE WIBAX TERMINAL FOR LIQUID PRODUCTS
Kiruna
WIBAX TERMINAL FOR DRY PRODUCTS
PITEÅ Skellefteå Örnsköldsvik Östersund Ånge Borlänge
Herre
Hallsberg
Uddevalla
Viborg
4 • WIBAX
Kotka Gävle
Stockholm
Skövde Falkenberg Alvesta Malmö
Norrköping
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. Founder Bo Wiklund
$FKLOOHV -46
WIBAX • 5
MANAGING DIRECTOR'S STATEMENT STRATEGY FOR INCREASED GROWTH 2014 has seen a strengthening of the Euro, which has had a positive effect on margins during the year. However, our business was affected by a decline in volumes outtakes, which, along with a negative price effect on the majority of our major products, has had a pronounced impact on us, but thanks to new customers, we have nevertheless been able to finish the year with a somewhat higher turnover. An agreement was signed in April with GE Water & Process Technologies for the Nordic market, giving WIBAX the honour of representing GE as exclusive distributor for the Nordic region. The agreement entails taking over the employment of a number of salespersons, and also that we set up companies in both Denmark and Norway as a complement to our previous subsidiaries. The deal is of major significance as we are now able to offer our customers a broader spectrum of products, as well expand naturally into new markets, the oil industry for example. As the products are largely directed towards our existing groups of customers, in several cases it makes us a unique supplier. It is naturally a great honour to be given this responsibility, and also a great challenge with potential.
During the spring a transfer agreement was negotiated in respect of a sea terminal in Malmö. The terminal is located in Malmö oil port and has a strategically important significance for us. Moreover, it is in the expansive Öresund area, where we are hoping to be able to grow further. The intention is that the terminal will function as our port to and from Europe and act as a support for the local market. Our staffing was further extended in connection with this. We have continued in our endeavour to be a strong and complete supplier of biofuel to Swedish industry, and have completed an additional storage site during the year. Our intention is naturally to increase our competitiveness and we see major potential for the future. As long as there are cooler winters in the future, I am certain that all our initiatives will bear fruit. Finally, 2014 has been a year in which we have moved our positions forward and created a good basis on which to achieve our objectives. I am also delighted to be able to welcome a number of individuals into the company, who I am convinced will make a strong contribution in our future endeavors.
Piteå, February 2015
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 01.01.2014 - 31.12.2014.
ADMINISTRATION REPORT WIBAX GROUP WIBAX AB
WIBAX LOGISTICS AB
WIBAX TECH AB
WIBAX ENERGY AB
WIBAX INDUSTRIAL AB
WIBAX OY
WIBAX AS
WIBAX ApS
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 ENERGY AB WIBAX Energy is a wholly-owned subsidiary of WIBAX AB and focuses on the trade in liquid biofuels, as well as on products and applications associated with this.
OWNERSHIP STRUCTURE The WIBAX group is 100 per cent owned by Bo Wiklund, Jonas Wiklund, Andreas Wiklund and David Wiklund.
WIBAX INDUSTRIAL AB WIBAX Industrial is a wholly-owned subsidiary of WIBAX and is a complement till WIBAX's other operations. 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 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 is a wholly-owned subsidiary of WIBAX AB, with the primary task of coordinating 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 a wholly-owned subsidiary of WIBAX AB and 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 OY WIBAX OY is a wholly-owned subsidiary of WIBAX AB and is a sales company operating primarily in relation to the pulp and paper industry, the mining and metallurgical 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 within industrial water- and process treatment, primarily within corrosion, sedimentation and microbiological control. 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 within industrial water- and process treatment, primarily within corrosion, sedimentation and microbiological control.
WIBAX • 7
GROUP OPERATIONS
PRODUCTION
A rising Euro rate during the year has had a positive effect on the company, and resulted in higher margins. A lower product withdrawal and a negative effect on prices has curbed our development to some extent, but thanks to several new customers we have nevertheless succeeded in growing.
During the past year production has expanded its product portfolio through developing existing and new production facilities. Improvements are continually taking place in order to enhance quality, finances, security of supply and working environment. During 2014 LEAN was introduced as a concept in production with good results. We are already noting a positive effect on our costs and greater commitment from our staff. Further synergies are that communication between departments has been strengthened, creating greater understanding for our different job assignments. One part of our Lean work is called order and method. An initial result of this is a review of equipment and spare parts, which has in turn delivered increased security of supply and more effective maintenance.
A cooperation agreement was signed with GE Water and Process Technologies during 2014. The deal is an important addition for WIBAX through enhanced expertise, a broader product portfolio and the opportunity to expand in new markets. The mild winter has had a negative effect on our sales of bio-oil in that customers' requirements have been low. However, we have proceeded with our strategic focus on increased competitiveness with an additional storage site. Work within LEAN production has delivered a further increase in quality as well as lower costs. The intention is to proceed with the improvement measures and make the production process even more efficient. Subsidiaries were set up in Norway and Denmark in connection with signing the cooperation agreement with GE. The WIBAX group thus comprises a total of eight companies located in four countries. The aim of the companies in Norway and Denmark is to enhance our prospects of expanding in a larger geographical area. Our logistics are continuing to grow and we can include additional storage capacity in Malmö. The terminal is a strategic and important investment that will improve our prerequisites for growth.
INVESTMENTS We have continued our strategic initiatives by investing in logistics with a new terminal and increased storage capacity and replacement of existing vehicles. We have also invested in a production plant in Piteå to enable us to produce more products.
8 • WIBAX
MARKET Demand has generally been stable throughout the 2014 financial year. The start was characterised by a certain amount of uncertainty in the market, which resulted in caution and demand continuing to be put on hold. The second half of the financial year displayed stronger demand, 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 modest, with a weak price increase being noted and approved by the market.
ANTICIPATED FUTURE DEVELOPMENT Strategic investments and decisions have characterised this year too, and, as thing stand, will produce results in the foreseeable future. Permits for our operations, particularly in relation to terminals, are a factor that plays a significant role in our potential to succeed. Applying for permits is an extensive task, and the time it takes to finalise them can vary substantially, which can mean that some new business operations can take longer than planned.
QUALITY AND ENVIRONMENT Quality improvement measures that were implemented during the year comprise development of WIBAX's management by objectives tool, and improvements in our deviation system. Monitoring the quality of bio-oil deliveries has been further improved so that we can meet customer and product requirements. At the start of the year a LEAN project was initiated which entailed reviewing workstations and storage options in Production. Operational processes have been reviewed and a value- flow analysis was performed in conjunction with Luleå University of Technology. In June WIBAX acquired a depot in Malmö where we are currently engaged in an application process and are working to obtain a permit to be able to expand storage of products. Work on a complete embankment has started at our depot in Norrköping. The work of converting safety data sheets to CLP status has continued during the year and will be completed by 1 June 2015. Collaboration with several of the major actors in the network for quality, health, environment and working environment in Norrbotten has progressed and new participants have joined.
SAFETY AND PROTECTION
entire cistern area. The port area that includes our terminal in Malmö now has improved protection with a security gate manned around the clock. Together with RTJ in Skellefteå we have participated in a project to produce a new municipal emergency response plan in Skellefteå. WIBAX Logistics has invested in a total of eight new SO2 containers which are also an element in measures to enhance safety.
ENVIRONMENTAL IMPACT WIBAX's operations involve production and storage of chemicals that require permits. The production unit in Piteå is an A-plant and has a permit for manufacture and storage of chemicals. Our depots in Skellefteå, Örnsköldsvik, Norrköping and Uddevalla are B plants where we have permits to handle and store chemicals. Our depot on Haraholmen, Piteå, is a C plant where operations are conducted that require permits. In June 2014 WIBAX invested in a terminal facility in Malmö where we are currently making an application (C plant) and the permit process has commenced. Our permits are of the utmost importance in enabling us to pursue the type of operations that we do.
Ensuring that we have safe storage of chemicals at our terminals requires continuous maintenance work. Work during the year has included creation of new perimeter protection for the quay area in Norrköping and an embankment for the
WIBAX • 9
In March 2015 WIBAX invested in a terminal facility in Skutskär outside Gävle. The terminal's location is strategically important for WIBAX and in the long-term will lead to increased turnover for the group.
We also focus on boiler and process chemicals that are now available in our range of products thanks to our partnership with GE Water & Process Technologies. WIBAX also works with oil refineries where process chemicals and our service are highly valued. 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 TECH AB
WIBAX LOGISTICS
Having produced a new operational process to prioritise product development, we are hopeful that we will be able to increase production of special chemicals that match the market's requirements and increase future potential. Wibax's silicon-based antifoaming agent for use in pulp mills' fibre lines is the outcome of a development project that resulted in commercial deliveries during 2014.
2014 has been an exciting and eventful year and the company continues to grow. Our ambition to grow, in addition to great commitment to the market, has 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.
IMPORTANT EVENTS AFTER THE END OF THE FINANCIAL YEAR
WIBAX ENERGY AB The past year has been an interesting one, with continued growth within bio-oil through new customers and commissioning of a further storage site in Uddevalla. Our cooperation agreement with GE Water & Process Technologies which was signed during the year means that we are now an exclusive distributor for the Nordic market. It entails us taking over a total of six employees and we are thereby also represented in Denmark and Norway. They are contributing their expertise within water treatment, making Wibax Energy an even more complete supplier to the energy market. The sales companies WIBAX APS and WIBAX AS have a close connection to WIBAX Energy AB and were set up in connection with our take over of staff from Denmark and Norway.
WIBAX INDUSTRIAL AB WIBAX Industrial offers total solutions within service and maintenance, cleaning and surface protection for metal and concrete. During the year we have invested in an additional machine for polyurea, at the same time as we are now also authorised and certified for application of VIP Polyurea. We are seeing increased interest in polyurea, which has many unique properties such as flexibility, durability and chemical resistance. In terms of system cleaning, we can perform cleaning assignments quickly and effectively as we have optimised both equipment and accessories, and we also have products that we have developed ourselves that are adapted to customers' requirements. Our objective is to increase the number of conversions of different boilers from fossil to biofuel. We offer conversions of existing piping and optimise burner equipment and accessories. The conversion is performed by Wibax Energy, which analyses product requirements together with customers and assists with installation, commissioning, optimisation and evaluation, and also offers storage and logistics solutions.
WIBAX OY WIBAX OY works primarily with the pulp and paper industry, the mining and metallurgical industry, as well as with products for water treatment and road maintenance.
10 • WIBAX
Investments in vehicles have proceeded according to plan and it is our ambition to have a modern fleet of vehicles with a low average age to be able, among other things, to increase our security of supply. 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 2014 with additional employees. We have continued our work on rail transport. The shipments are made partly with rented trucks and partly with containers that are largely transported by rail. 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. Our position as one of Sweden's largest bulk suppliers has been strengthened through investment in an additional terminal located in Malmö. The terminal supplements our nationwide network of storage sites for liquid products. The terminal in Malmö is an important strategic investment, which is necessary for Wibax to achieve its growth target. During the year storage areas for bio-oil have been completed in the depots in Norrköping and Uddevalla. In Norrköping the embankment work has proceeded throughout the year and will be completed in early 2015. The terminals have proven to be incredibly important for our logistics, and Norrköping is now one of our most important terminals. The market for storage of liquid fuels and chemicals has steadily increased, and we think that the development is moving towards several different types of liquid fuels which will require storage in several storage tanks. Our strength lies in the combination between transportation, storage and our wide-ranging knowledge. Knowledge that has been developed over the years, and that 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
1992-2014
45,000
2014
2013
2012
2011
2010
2009
TSEK
2008
0
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 TSEK
Operating income Operating profit/loss (EBIT)
WIBAX GROUP Key ratios 45.0
2001-2014
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
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0.0
WIBAX AB Operating income - Operating profit/loss 800,000
35,000
2001-2014
700,000
30,000
600,000
25,000
500,000
20,000
400,000 15,000 300,000 10,000
200,000
5,000
100,000 2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
TSEK
0 2001
0
TSEK
Operating income Operating profit/loss (EBIT)
WIBAX LOGISTICS AB Operating income - Operating profit/loss 200,000 180,000
20,000
2001-2014
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 2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2004
2003
2002
2001
0 TSEK
TSEK
Operating income Operating profit/loss (EBIT)
WIBAX AB Investments 50,000 45,000
2001-2014
40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2004
2003
2002
TSEK
2001
0
WIBAX • 13
FINANCIAL OVERVIEW MULTI-YEAR COMPARISON, GROUP, TSEK 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
2014 2013 2012 2011 2010 628 548 618 473 606 506 550 322 479 637 46 118 39 909 47 821 29 233 31 297 68 690 62 676 61 854 42 006 41 536 41 295 32 636 39 478 21 603 26 203 6.8 5.4 6.8 4.1 5.9 430 474 367 415 405 232 320 411 325 344 38.2 38.3 30.8 29.7 25.9 11.4 10.9 12.8 9.2 11.5 162 148 139 135 114
MULTI-YEAR COMPARISON, PARENT COMPANY, TSEK 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
2014 2013 2012 2011 2010 406 761 419 813 483 014 468 103 432 905 29 692 13 788 26 927 17 047 20 828 39 717 24 401 37 571 26 944 29 265 25 016 7 709 19 354 10 084 16 004 6.4 1.9 4.2 2.3 4 342 928 294 897 309 443 276 725 278 559 29 31 28.4 26.7 24.8 8.9 5.1 9.2 6.3 8.7 39 40 44 46 47
KEY FIGURES - DEFINITIONS 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 22,131,000 be allocated as follows: Dividend Carried forward in new account TOTAL
9 000 13 131 22 131
Dividend amounts to SEK 750 per share. 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.
14 • WIBAX
INCOME STATEMENT
GROUP
PARENT COMPANY
Note
2014
2013
2014
2013
OPERATING INCOME Net sales 1 Capitalised work for own account Other operating income 2
610 135 5 464 12 949 628 548
601 741 3 430 13 302 618 473
392 739 11 14 011 406 761
405 236 238 14 339 419 813
-425 450 -32 184 -97 158 -22 572
-435 671 -25 003 -86 312 -22 767
-322 322 -18 099 -24 233 -10 025
-345 362 -18 637 -24 162 -10 613
-5 066 46 118
-8 811 39 909
-2 390 29 692
-7 251 13 788
PROFIT/LOSS FROM FINANCIAL ITEMS Interest income 9 Interest expenses and similar profit/loss items 10 Profit/loss after financial items
3 044 -7 867 41 295
1 540 -8 813 32 636
971 -5 647 25 016
1 343 -7 422 7 709
Appropriations 11 Profit/loss before tax
0 41 295
0 32 636
-18 000 7 016
1 627 9 336
Tax on annual profit/loss 12 Profit/loss for the year
-9 443 31 852
-7 782 24 854
-1 560 5 456
-2 272 7 064
OPERATING EXPENSES Raw materials and consumables Other external expenses 3,4 Personnel expenses 5 Depreciation of tangible and 6 intangible assets Other operating expenses 7 Operating profit/loss 8
WIBAX • 15
BALANCE SHEET
GROUP Note
PARENT COMPANY
31/12/2014
31/12/2013
31/12/2014 31/12/2013
ASSETS FIXED ASSETS INTANGIBLE ASSETS Expenses for software 13
855 855
120 120
502 502
120 120
TANGIBLE ASSETS Land and buildings 14 Plant and machinery 15 Equipment, tools, fixtures and fittings 16 Construction in progress 17
79 559 138 989 25 578 6 282 250 408
72 876 112 911 28 108 13 728 227 623
79 559 108 151 1 761 6 282 195 753
72 876 81 329 1 499 13 728 169 432
FINANCIAL ASSETS Shares in group company 18
100 100
100 100
3 568 3 568
1 998 1 998
Total fixed assets
251 363
227 843
199 823
171 550
INVENTORIES, ETC. Raw materials and consumables Capitalised work for own account
57 369 0 57 369
28 407 383 28 790
41 672 0 41 672
25 473 0 25 473
CURRENT RECEIVABLES Trade receivables Shares in group company Tax receivables Other receivables Prepaid expenses and accrued income 19
116 007 0 1,273 21 4 441 121 742
99 583 0 0 34 11 165 110 782
76 716 22 457 1,199 2 1 045 101 419
78 183 16 630 0 604 2 436 97 853
20
0
2 521
14
21
Total current assets
179 111
139 572
143 105
123 347
TOTAL ASSETS
430 474
367 415
342 928
294 897
CURRENT ASSETS
CASH AND BANK BALANCES
16 • WIBAX
GROUP 31/12/2014
31/12/2013
RESTRICTED EQUITY 21 Share capital (12,000 shares) Statutory reserve Restricted reserves
1 200 0 102 756 103 956
1 200 0 86 540 87 740
1 200 240 0 1 440
1 200 240 0 1 440
NON-RESTRICTED EQUITY Profit/loss brought forward Profit/loss for the year
28 677 31 852 60 529
28 077 24 854 52 931
16 675 5 456 22 131
17 611 7 064 24 675
Total equity
164 485
140 671
23 571
26 115
UNTAXED RESERVES 22 Accumulated additional depreciation Tax allocation reserves
82 286 15 270 97 556
66 404 17 102 83 506
EQUITY AND LIABILITIES
Note
PARENT COMPANY 31/12/2014 31/12/2013
PROVISIONS Provisions for deferred tax
30 476 30 476
25 805 25 805
1 562 1 562
1 464 1 464
NON-CURRENT LIABILITIES Bank overdraft facilities 23 Other liabilities to credit institutions 24
14 344 90 933 105 277
21 201 90 828 112 029
73 499 64 160 137 659
79 203 56 610 135 813
CURRENT LIABILITIES Liabilities to credit institutions Advance payments from customers Trade payables Current income tax liability Other current liabilities Accrued expenses and prepaid income 25
12 201 650 85 953 0 10 514 20 918 130 236
10 534 1 132 45 111 4 007 12 606 15 520 88 910
7 360 0 66 298 0 3 695 5 227 82 580
5 360 0 31 573 2 578 3 864 4 624 47 999
TOTAL EQUITY AND LIABILITIES
430 474
367 415
342 928
294 897
58 940 113 045 45 081 217 066
58 940 103 045 47 584 209 569
58 940 100 000 0 158 940
58 940 90 000 0 148 940
PLEDGED ASSETS For own liabilities and provisions Real estate mortgage Floating charges Assets with reservation of title Total securities Contingent liabilities Contingent liability Norway
1 362
WIBAX • 17
CASH FLOW ANALYSIS OPERATING ACTIVITIES Operating profit/loss Adjustments for items not included in the cash flow Interest received Interest paid Income tax paid Cash flow from operating activities before changes in working capital
GROUP
PARENT COMPANY
31/12/2014
31/12/2013
46 118 26 151 3 044 -7 867 -4 772 62 674
39 909 26 456 1 540 -8 813 -4 746 54 346
29 692 11 052 971 -5 647 -1 462 34 606
13 788 14 332 1 343 -7 422 -2 171 19 870
CASH FLOW FROM CHANGES IN WORKING CAPITAL Change in inventories Change in operating assets Change in operating liabilities Cash flow from operating activities
-28 579 -10 960 41 326 64 461
23 515 10 976 -73 462 15 375
-16 199 - 3 566 34 580 49 421
13 432 1 232 -84 756 -50 222
INVESTMENT OPERATIONS 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 investment operations
0 -735 -7 670 -41 304 0 -49 709
0 -120 0 -26 944 137 -26 927
-1 569 -382 -7 670 -29 703 0 -39 324
-1 303 -120 0 -13 158 137 -14 444
FINANCING OPERATIONS Loans and repayments Other liabilities to credit institutions Bank overdraft facilities Dividend paid Group contribution received Group contribution paid Cash flow from financing activities
105 0 -6 857 -8 000 0 0 -14 752
18 031 0 0 -9 000 0 0 9 031
0 7 550 -5 704 -8 000 0 -3 950 -10 104
65 310 0 0 -9 000 10 267 -1 904 64 673
Cash flow for the year Liquid funds at beginning of year Liquid funds at end of year
0 0 0
-2 521 2 521 0
-7 21 14
7 14 21
18 • WIBAX
31/12/2014 31/12/2013
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). 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 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
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. 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.
5 years 20-70 years 5-20 years 3-7 years
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.
The difference between depreciation according to plan and booked depreciation is reported as appropriations.
INCOME Income is reported to the extent that it is likely that the financial advantages will be credited to the company and the income can be calculated in a reliable manner.
WIBAX • 19
NOTES NOTE 1 NET SALES Net sales - Of which transport allowance
2014 392 739 13 256
2013 405 236 11 729
NOTE 2 OTHER OPERATING INCOME GROUP Exchange gains Rental income Other Total
2014
2013
3 711 7 724 1 514 12 949
4 787 6 182 2 333 13 302
PARENT COMPANY Exchange gains Rental income Other Total
2 661 10 921 429 14 011
3 339 10 357 643 14 339
2014
2013
261 96 276 633
227 49 89 365
163 96 136 395
163 49 83 295
2014
2013
0 0
0 0
1 117
1 553
383 1 173
694 684
NOTE 3 FEES AND EXPENSES REMUNERATION TO AUDITORS GROUP Ernst & Young Audit assignment Tax advice Other services Total PARENT COMPANY Ernst & Young Audit assignment Tax advice Other assignments Total
NOTE 4 LEASING AGREEMENTS GROUP Assets held through operational leasing agreements During the year, the company's leasing expenses amounted to Agreed future leasing fees PARENT COMPANY Assets held through operational leasing agreements During the year, the company's leasing expenses amounted to Fees which are due - within one year - later than one year but within five years
20 • WIBAX
NOTE 5 EMPLOYEES AND PERSONNEL EXPENSES AVERAGE NUMBER OF EMPLOYEES
2014
2013
23 16 39
27 13 40
110 13 123 162
96 13 109 149
Proportion women in % 0 15
Proportion women in %
PARENT COMPANY Board of Directors and Managing Director Other employees Total, 1) Payroll overhead costs (of which pension costs) 2)
1 758 15 209 16 967 7 036 1 604
1 856 15 102 16 958 7 076 1 604
SUBSIDIARIES Board of Directors and Managing Director Other employees Total Payroll overhead costs (of which pension costs)
800 51 409 52,209 19 230 3 223
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)
2 558 66 619 69 177 26 266 4 827
2 654 58 489 61 143 23 925 4 514
PARENT COMPANY Men Women Total in parent company SUBSIDIARIES Men Women Total in subsidiaries Group total
GENDER DISTRIBUTION WITHIN COMPANY MANAGEMENT PARENT COMPANY Board of Directors Other company officers
0 9
SALARY, OTHER REMUNERATION AND PAYROLL OVERHEAD COSTS
1) Personnel expenses have fallen with the receipt of government support 0 (47). 2) Of the parent company's pension costs, 205 (prev. yr. 257) refers to company Board of Directors and Managing Director in respect of 2 (2) people. 3) Of the Group's pension costs, 205 (prev. yr. 257) refers to company management in respect of 2 (2) people.
WIBAX • 21
NOTE 6 DEPRECIATION OF TANGIBLE AND INTANGIBLE ASSETS GROUP Buildings Machinery Equipment Total
2014
2013
1 364 11 551 9 657 22 572
1 257 12 202 9 308 22 767
PARENT COMPANY Buildings Machinery Equipment Total
1 364 8 066 595 10 025
1 258 8 683 672 10 613
NOTE 7 OTHER OPERATING INCOME GROUP Exchange losses Other Total
2014
2013
4 280 786 5 066
4 975 3 836 8 811
PARENT COMPANY Exchange losses Other Total
2 319 71 2 390
3 421 3 830 7 251
2014
2013
49 018 71 419
20 792 77 215
NOTE 8 PURCHASES AND SALES BETWEEN GROUP COMPANIES GROUP Parent company sales in respect of Group companies Parent company purchases in respect of Group companies
NOTE 9 OTHER INTEREST INCOME AND SIMILAR PROFIT/LOSS ITEMS GROUP Interest income Exchange rate differences Other Total
2014
2013
692 2 351 1 3 044
518 1 022 0 1 540
PARENT COMPANY Interest income Exchange rate differences Total
588 383 971
398 945 1 343
NOTE 10 INTEREST EXPENSES AND SIMILAR PROFIT/LOSS ITEMS GROUP Interest expenses Exchange rate differences Other Total
2014
2013
7 022 618 227 7 867
6 795 731 1 287 8 813
PARENT COMPANY Interest expenses Exchange rate differences Other Total
5 315 160 172 5 647
5 920 386 1 116 7 422
22 • WIBAX
NOTE 11 APPROPRIATIONS Group contribution received Group contribution paid Changes in additional depreciation Tax allocation reserve, annual provision Tax allocation reserve, annual cancellation Total
2014
2013
0 -3 950 -15 882 -2 368 4 200 -18 000
10 267 -1 904 -6 000 -2 636 1 900 1 627
2014
2013
41 295
32 636
NOTE 12 TAX ON ANNUAL PROFIT/LOSS GROUP Profit/loss reported before tax Tax on the year's profit/loss according to applicable tax rate Tax effect of: - Other non-deductible expenses/non-taxable revenues Tax reported
-9 085
-7 180
-358 -9 443
-602 -7 782
Effective tax rate
22.9%
23.8%
7 016
9 336
PARENT COMPANY Profit/loss reported before tax Tax on the year's profit/loss according to applicable tax rate (22%) Tax effect of: - Other non-deductible expenses/non-taxable revenues Tax reported
-1 544
-2 054
-16 -1 560
-218 -2 272
Effective tax rate
22.2%
24.3%
2014
2013
1 245 735 1 980
1 125 120 1 245
-1 125
-1 125
Reported value at end of year
855
120
PARENT COMPANY Accumulated acquisition value: -At beginning of year -New acquisitions
1 245 382 1 627
1 125 120 1 245
-1 125
-1 125
502
120
NOTE 13 CAPITALISED EXPENDITURE ON DEVELOPMENT AND SIMILAR ACTIVITIES GROUP Accumulated acquisition value: -At beginning of year -New acquisitions Accumulated depreciation according to plan -At beginning of year
Accumulated depreciation according to plan -At beginning of year Reported value at end of year
WIBAX • 23
NOTE 14 LAND AND BUILDINGS GROUP Accumulated acquisition value: -At beginning of year -New acquisitions -Reclassifications Accumulated depreciation according to plan -At beginning of year -Annual depreciation according to plan Reported value at end of year PARENT COMPANY Accumulated acquisition value: -At beginning of year -New acquisitions -Reclassifications Accumulated depreciation according to plan -At beginning of year -Annual depreciation according to plan Reported value at end of year
2014
2013
84 700 7 670 377 92 747
84 700 0 0 84 700
-11 824 -1 364 -13 188 79 559
-10 567 -1 257 -11 824 72 876
84 700 7 670 377 92 747
84 700 0 0 84 700
-11 824 -1 364 -13 188 79 559
-10 567 -1 257 -11 824 72 876
2014
2013
183 275 27 301 -4 673 13 174 219 077
184 302 6 513 -9 957 2 416 183 274
-70 364 2 038 -11 761 -80 087 138 990
-62 845 4 684 -12 202 -70 363 112 911
131 033 22 767 -2 920 13 174 164 054
137 043 1 531 -9 957 2 416 131 033
-49 704 1 867 -8 066 -55 903 108 151
-45 705 4 684 -8 683 -49 704 81 329
NOTE 15 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 -Annual depreciation according to plan Reported value at end of year PARENT COMPANY Accumulated acquisition value: -At beginning of year -New acquisitions -Disposals -Reclassifications Accumulated depreciation according to plan -At beginning of year -Disposals -Annual depreciation according to plan Reported value at end of year
24 • WIBAX
NOTE 16 EQUIPMENT, TOOLS, FIXTURES AND FITTINGS 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 -New acquisitions -Disposals Accumulated depreciation according to plan -At beginning of year -Disposals -Annual depreciation according to plan Reported value at end of year
2014
2013
41 719 7 933 -3 904 45 748
33 083 8 977 -340 41 720
-13 612 2 886 -9 445 -20 171 25 577
-4 445 142 -9 309 -13 612 28 108
4 970 866 -36 5 800
5 132 166 -328 4 970
-3 471 27 -595 -4 039 1 761
-2 935 136 -672 -3 471 1 499
NOTE 17 CONSTRUCTION IN PROGRESS GROUP At beginning of year Reclassifications -New acquisitions Reported value at end of year
2014
2013
13 728 -13 552 6 106 6 282
3 074 -2 416 13 070 13 728
PARENT COMPANY At beginning of year Reclassifications New acquisitions Reported value at end of year
13 728 -13 552 6 106 6 282
3 074 -2 416 13 070 13 728
1 998 1 570 3 568
695 1 303 1 998
NOTE 18 SHARES IN GROUP COMPANIES Accumulated acquisition value: -At beginning of year -Purchases Reported value at end of year
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. Subsidiaries / Corp. Id. No / Headquarters/ Number of shares Equity
Profit/loss for the year in %
Wibax Logistics AB, 556375-5080, Piteå, 2 000 27 135 3 534 100 Wibax Tech AB, 556499-9257, Piteå, 1 000 446 98 100 Wibax Energy AB, 556547-9705, Piteå, 1 000 12 728 7 479 100 Wibax Industrial AB, 556346-1747, Piteå, 1 000 1 113 363 100 Wibax OY, 2546247-1, Kotka (Finland), 1 000 206 -1 400 100 Wibax AS, 913456300, Skien (Norway), 100 108 54 100 Wibax ApS, 35842489, Karlslunde (Denmark), 1 000 231 44 100
Reported value
220 143 228 104 2 644 109 120 3 568
WIBAX • 25
NOTE 19 PREPAID EXPENSES AND ACCRUED INCOME GROUP Insurance premiums Accrued transport support Advances to customers Other items Total
2014
2013
334 0 1 161 2 946 4 441
0 531 0 10 634 11 165
PARENT COMPANY Insurance premiums Accrued transport support Other items Total
328 0 717 1 045
0 531 1 905 2 436
14 0 14
21 0 21
NOTE 20 CASH AND BANK BALANCES Cash Balances available at banks and other credit institutions Total
NOTE 21 EQUITY Share capital Restricted reserves GROUP Closing balance according to the previous year's balance sheet - 1 200 86 540 Adjustment between restricted and non-restricted reserves 16 215 Dividend Profit/loss for the year Foreign currency translation differences foreign companies At end of year 1 200 102 755
Non-restricted reserves
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 equity
52 933 -16 215 -8 000 31 852 -40 60 530
24 675 -8 000 5 456 22 131
NOTE 22 UNTAXED RESERVES Accumulated additional depreciation:
2014
2013
82 286
66 404
Tax allocation reserves: -Provision in the 2009 tax year -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 -Provision in the 2014 tax year 2 368 Total 97 556
4 200 6 100 500 3 666 2 636 83 506
NOTE 23 CREDIT GRANTED Bank overdraft facilities The granted amount of bank overdraft facilities in the group amounts to SEK 100 million (SEK 100 million), and in the parent company to SEK 100 million (SEK 100 million).
26 • WIBAX
NOTE 24 OTHER LIABILITIES TO CREDIT INSTITUTIONS GROUP Due date, within one year from balance sheet date Due date, more than five years from balance sheet date Due date, more than five years from balance sheet date Total
2014
2013
19 137 49 277 34 720 103 134
18 155 41 967 41 240 101 362
PARENT COMPANY Due date within one year from balance sheet date Due date, more than five years from balance sheet date Due date, more than five years from balance sheet date Total
7 360 29 440 34 720 71 520
5 360 21 440 35 170 61 970
NOTE 25 ACCRUED EXPENSES AND PREPAID INCOME GROUP Personnel-related liabilities Other items Total
2014
2013
16 357 4 561 20 918
14 116 1 402 15 518
PARENT COMPANY Personnel-related liabilities Other items Total
3 801 1 426 5 227
3 291 1 332 4 623
Piteå 18/02/2015
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 31/03/2015.
Mats Lundin Authorised 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 GROUP ACCOUNTS I have carried out an audit of the annual accounts and the consolidated accounts of Wibax AB for the financial year 01/01/2014 - 31/12/2014. The Board of Directors' and the Managing Director's responsibility for the annual accounts and the group accounts. The Board of Directors and the Managing Director are responsible for preparing annual accounts and group accounts that give a true and fair view in accordance with the Swedish Annual Accounts Act, as well as for the internal checks that the Board of Directors and the Managing Director deem necessary to prepare annual accounts and group accounts that are free from material misstatement, irrespective of whether this is due to irregularities or errors. THE AUDITOR'S RESPONSIBILITY My responsibility is to express my opinion on the annual accounts and the group accounts based on my audit. I have conducted the audit in accordance with the International Standards on Auditing and generally accepted auditing standards in Sweden. These standards require that I comply with demands for professional conduct and carry out the audit in order to achieve reasonable assurance that the annual accounts and group accounts are free from material misstatement. An audit entails obtaining audit evidence through various measures regarding amounts and other information in the annual accounts and group accounts. The auditor selects which measures are to be carried out, for example by assessing the risks of material misstatement in the annual accounts and consolidated 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 2014 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
28 • WIBAX
the other sections in the annual accounts and group accounts. I therefore recommend to the general meeting of shareholders that the income statement and the balance sheet for both the parent company and the Group be adopted. REPORT ON OTHER STATUTORY AND REGULATORY REQUIREMENTS AND OTHER STATUTES In addition to my audit of the annual accounts and the group 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 01.01.2014 – 31.12.2014. The Board of Directors' and the Managing Director's responsibility The Board of Directors is responsible for the proposed allocation of the company's profit or loss, and the Board of Directors and the Managing Director are responsible for the administration of the company in accordance with the Swedish Companies Act. THE AUDITOR'S RESPONSIBILITY My responsibility is, with reasonable assurance, to express my opinion on the proposed allocation of the company's profit or loss, as well as on the administration of the company, based on my audit. I have carried out the audit in accordance with generally accepted auditing standards in Sweden. As a basis for my opinion concerning the Board of Directors' proposed allocation of the company's profit or loss, I have examined the Board's reasons as well as a selection of the evidence supporting these, in order to assess whether the proposal is in agreement with the Swedish Companies Act. As a basis for my opinion concerning discharge from liability, I have, in addition to my audit of the annual accounts and the group accounts, examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any Board Member or the Managing Director. I 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 31/03/2015
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 • 29
MANAGEMENT GROUP
30 • WIBAX
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 Director WIBAX AB
ANDREAS WIKLUND Production Director
ANNICA PETTERSSON Human Resources Director
KRISTOFFER ÖVERHEM Financial Director
URBAN HAUGEN Operations Director WIBAX Tech AB
GREGER SOHLMAN Marketing Director WIBAX Industrial AB
CAROLINE HÄGGSTRÖM Quality, Safety and Environment Manager.
FREDRIK NORDSTRÖM Operations Director WIBAX Industrial AB
production: mawix art · printing: rc tryck · photos: magnus sundström and others
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