Annual Report 2008
Managing Director’s statement I am pleased to report that 2008 was an eventful year for the company, with a massive increase in turnover – now standing at € 12.5 million – and some pleasing progress in our internationalisation initiative. Environmental and sustainability issues are still very much a topic on everyone’s lips. Götaverken Miljö, which is a true cleantech company, is also receiving a lot of attention and seeing an increase in demand.
We see an increasing number of energy projects in the initial stages and being planned by potential customers. We have succeeded in capturing a strong market position with our high-performance energy recovery in combination with ADIOX® material with dioxin removal capability. Spiralling energy prices and emphasis on sustainable solutions have led to several customers deciding to invest in energy recovery systems from Götaverken Miljö. Over the year, Halmstads Energi & Miljö and AffaldVarme Århus have ordered flue gas condensation systems.
And last but not least, it removes captured dioxins and furans from the eco-cycle by burning the material once it has fulfilled its purpose.
New technology for reduction of corrosion and dioxin formation in boilers The company is developing a supplementary new product, de signed to use recirculation of sulphur from the gas cleaning back to the furnace to reduce corrosion problems and drastically lower dioxin formation in waste fuelled boilers.
Establishment of international sales network
Götaverken Miljö – a secure partner for the long term
For a long time now, we have been citing the usefulness of ADIOX® material for dioxin removal in connection with the incineration of waste. Since ADIOX® technology was introduced, some 75 incineration lines around the world are now using this solution, with very good results. Using these reference plants as a base, we have established a network of agents and dealers in a number of selected countries such as France, Italy, South Korea and Japan. Our aim is to intensify local sales and marketing of ADIOX® material, but also to implement major undertakings there.
Meeting the demands of our customers and society in general for environmental improvements and energy recovery is what drives us. We aim to develop even more climate smart and energy efficient products and to further reduce adverse environmental impact from our delivery and service operations. We strive to supply solutions fully customised to meet the needs of our customers. Delivering at the agreed time and handing over top quality plants and services has paid off and our customers have a lot of confidence in us. We are extremely proud to be contributing to this work.
ADIOX® material for safety and long service life
Despite economic downturn we believe strongly in the future
We have extensively assessed the dioxin removal qualities and service life of ADIOX® material in varied applications. With this firm foundation, we have come to the conclusion that ADIOX® material is the safest technology for removal of dioxins from gases. It is also considered to be the most competitive solution in most applications. ADIOX® material is installed statically, operates well at low flows when starting and stopping, retains its capacity for dioxin removal for up to seven years, normally requires no maintenance and can be installed in wet, saturated and dry environments.
We continue to strengthen our cleantech product portfolio. We also see more interesting projects than ever in the final planning stages ready to be put out for inquiry by our potential clients. This is really promising.
Lennart Gustafsson Managing Director
Summary – 2008 • Huge increase in turnover
Order intake m€
14.7
• Expansion in the field of energy recovery through
Net sales m€
14.5
Operating profit, EBITDA t€
684
flue gas condensation to Halmstads Energi & Miljö and AffaldVarme Århus, worth € 6.9 million.
Gross profit %
7
• Agents and distributors on hand in most parts of
Profit margin %
6
• Order for gas cleaning forthe Swedish automative
Liquidity ratio %
the world.
industry, worth € 2.7million.
Equity/assets ratio % Number of employees
39 133 26
Cover picture: Fredrik Dahlstedt
Greater interest in energy recovery
Business operations Götaverken Miljö develops, designs and supplies products and facilities for cleaning of environmentally hazardous emissions from air and water. We also supply energy recovery and district/local cooling generation products. Our core operations, presented below, are solely cleantech oriented and are focused on wet flue gas cleaning systems combined with flue gas condensation and absorption heat pumps.
Wet dioxin removal by ADIOX® material
Flue gas cleaning & condensation City Mall
Absorption heat pumps & Chillers
Dry dioxin removal by dry ADIOX® material
District heating network Water treatment
Flue gas cleaning & condensation The patented multiple stage scrubber provides wet flue gas cleaning and the efficient removal of heavy metals, sulphur dioxide, hydrochloric acid, ammonia, dioxin and mercury. ADIOX® and MercOx processes can be included to increase the efficiency of dioxin and mercury removal. Flue gas condensation can be integrated into scrubbers to recover energy to a district heating system.
Water treatment Heavy metals and particles are removed from the water by flocculation. Sulphates can be removed by gypsum precipitation. Condensate is treated by ion exchange or reversed osmosis to allow water reuse.
Dry dioxin removal by ADIOX® Plants that generate flue gases with high dioxin levels can install a dry ADIOX® absorber after the scrubber, and through this achieve below 0.1 ng of I-TEQ. The dry system provides even more efficient dioxin removal than the wet application. The technology is very reliable – continuously in place and continuously removing dioxin from the ecocycle.
Absorption heat pumps & chillers Energy recovery can be further extended by installing absorption heat pumps. Absorption chillers provide ‘competitive’ comfort cooling to buildings connected to a district heating system.
Wet dioxin removal by ADIOX® The patented ADIOX® technology is a competitive and cost efficient method for achieving dioxin levels that are well below those stipulated in current EU directives. Dioxins are captured in packings or demisters made from the ADIOX® material. The packings are incinerated at the end of their service lifetimes, so destroying the dioxins. Thereby the dioxins are removed from the ecocycle.
Service On site service and maintenance of flue gas cleaning and energy recovery plants and large absorption and compressor heat pumps. Guaranteed contracted call-out service.
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Sustainable development Götaverken Miljö AB is a true cleantech company, specialising in energy recovery and unique, world leading products for the cleaning of environmentally hazardous emissions. ADIOX® for the removal of dioxins and MercOx for the removal of mercury from flue gases are successful flagship products. The positive environmental impact of our products and their use by our customers is considerably greater than the adverse impact of our business travel, and of our production and supply of products and services. Consequently, our operations make a very large net contribution to the creation of a sustainable society. The positive effects of our commercial products can be summarised as follows • The removal of dioxins from gases and liquids with ADIOX® and the elimination of residual products reduce the quantities of strongly carcinogenic substances in the environment. • The removal of acidic gas components, HCl, SO2 and HF, with our multi-stage scrubbing units, with neutralisation before output of bleed water to a recipient, reduces the acidification of the environment. • The removal of heavy metals such as Hg and Cd with our multi-stage scrubbing units for the safe deposit of concentrated residual products reduces the presence of toxins/nerve toxins in the environment. • Energy recovery with our condensation scrubbing units generates large incomes from the supply of heat and reduces the environmental burden from the energy production it replaces. • Our service and maintenance operations prolong the service life of production facilities and increase their uptime, so reducing costs and the use of limited resources.
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‘Our operations therefore make a very large net contribution to the creation of a sustainable society.’ The adverse effects of our operations are considerably fewer than the positive effects, and arise from: • The production of materials, components and additives and the use of energy and other resources for design, construction and operation of our commercial products, • Business travel and the transportation of materials and products. Meeting the demands of our customers and society in general for environmental imrovements and energy recovery is what
drives us. Therefore, our objective is to develop even more climate smart and energy efficient products and to further reduce adverse environmental impact from our delivery and service operations. It goes without saying that we strive to supply solutions customised fully to meet the needs of our customers, deliver at the agreed time and hand over top quality plants and services. As a result our customers have a lot of confidence in us. As employees of Götaverken Miljö, we are extremely proud to be contributing to this work.
Energy recovery Flue gas condensation supplied to Sønderborg Kraftvarmeværk In early January, two weeks before the agreed deadline, we handed over a flue gas condensation plant, including condensate water cleaning, to Sønderborg Kraftvarmeværk, Denmark.
Sønderborg Kraftvarmeværk, Denmark.
How has the plant worked over the first year? We put this question to Tue Gejl Christensen, Head of Technology at Sonderborg KVV:
”Götaverken has integrated a condensing unit in the existing plant in a really good way, without having to extend the building or add a new flue gas fan. Moreover, the scrubber technology used will allow the plant to be extended later on by adding an absorption heat pump, permitting flexibility and an opportunity for enhanced energy production. We have now been running the condensing system for a year, and its uptime and performance have exceeded our expectations. Heat production exceeded our forecast for 2008. With Götaverken flue gas condensing, which faced stiff international competition, we have limited the gas turbine operation and thereby reduced the plant’s CO2 emissions by 12 000 tonnes a year, while at the same time increasing our profitability. We plan to reuse the condensate from the plant, which is cleaned in a UF/ RO (ultrafiltration and reverse osmosis) system, as dilution water for the existing plant. This will reduce our need for fresh water.
Halmstads Energi & Miljö, Sweden, invests in flue gas condensing
AffaldVarme Århus, Denmark, focuses on enhanced energy recovery
In March, the customer ordered an energy unit for its new waste incineration plant line in Kristinehed. It can recover a further 10 MW of heat and distribute it to district heating customers in the municipality. The energy recovered will replace other energy production and so eliminate its environmental impact. This delivery will mainly comprise a complete condensing scrubber with ADIOX® material, a first stage with direct condensing for the district heating network, and also a second stage with an absorption heat pump. This solution makes the most additional heat. The absorption heat pump is operated using renewable heat from the bio-fuelled boilers instead of using expensive electricity. The direct condensing part was taken over by the customer at the end of the year, and the absorption heat pump part was commissioned as planned in December.
In early July, AffaldVarme Århus ordered a flue gas condensing unit for its waste incineration plant. This delivery involved supplementing the plant so that both incineration lines have a scrubber condenser with tower packings made from ADIOX® material for energy recovery. By condensing the flue gas in scrubber condensers, an additional 6 MW of heat is recovered for delivery to district heating customers in Århus municipality. The energy recovery unit will be commissioned in April 2009.
The plant at AffaldVarme Århus.
The absorption heat pump is prepared for installation at Halmstads Energi & Miljö.
We are very pleased with our investment and are convinced that most wastefired plants in Denmark will follow suit and invest in flue gas condensing.”
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Flue gas cleaning Work continuing at Renova in Gothenburg, Sweden Work has continued over the year on the first stage of the upgrade of the three older flue gas cleaning lines at Renova. A multi-stage scrubber has been installed on line 3, where hydrochloric acid, heavy metals, sulphur dioxide and dioxins are removed. The removed sulphur is converted into gypsum in a separate process, giving a safe, manageable residual product. Dioxin removal is taking place using the tried and tested ADIOX® technology, which results in dioxins being removed from the eco-cycle. This delivery means that Renova can reduce its already low emissions of mainly sulphur in flue gases to levels far below current emissions requirements. With its integral energy recovery, Renova can increase its energy production from waste incineration; a financial gain that will not impact the environment
Monitoring pump startup at Renova. 6
Installing the new scrubber at Renova in Sweden.
Flue gas cleaning for Tecnocasic, Cagliari, Italy In February, Tecnocasic in Cagliari, Sardinia, ordered an ADIOX® scrubber for removing HCl, SO2 and dioxins caused by the incineration of hazardous waste in a rotary furnace. The plant was installed in the autumn by Tecnocasic, and will be commissioned under our supervision in early 2009. This project is a good example of how we can supply key components or package units even outside the Nordic region and how we can work in coop-
The scrubber is installed at the Tecnocasic plant in Cagliari, Italy
eration with plant owners to implement flue gas cleaning/condensing systems based on our ADIOX® technology.
Environmental technology for the Swedish automotive industry We have previously supplied a sulphur dioxide removal plant for a customer in the Swedish automotive industry. In June this year, we entered into a further contract with the same customer for delivery of a new gas cleaning plant. Sulphur dioxide (SO2) is used in the customer’s production. Excess SO2 gas is vented off from the production process and will be removed in a reactor and scrubber installation. This plant will reduce emissions of sulphur – which contributes to acidification of the environment – to levels well below applicable requirements. This plant will be commissioned by the summer of 2009, and is intended to be fully operational by the end of 2009.
ADIOX® now global ADIOX® is a dioxin removal technology which has established itself as a cost-effective way to reduce dioxin emissions to the atmosphere. ADIOX® is a construction material in which carbon particles are dispersed in a polymer such as polypropylene. Traditional structures used in flue gas treatment systems can be produced from this material. ADIOX® is then used to reduce or eliminate the “memory effect” in wet scrubber systems, in combination with other dioxin removal technologies or as the primary dioxin removal system for meeting the EU Waste Incineration Directive. Previously, ADIOX® has been marketed only to a limited extent outside Europe. The main emphasis has been on Scandinavia and on a couple of other European countries. 2008 saw the start of the introduction of the prodct in a more organised form in a fairly large number of countries by the establishment of representatives. Outside Europe, we have entered into distributor agreements with companies in Korea, Taiwan, Japan, India and Russia,
Dioxins in pure plastic
Dioxins in ADIOX®
Absorption-desorption equilibrium: Memory Effect
Absorption in plastic and adsorption at carbon particles
and in Europe we now have agents in Germany, France, Italy, the Netherlands, Belgium and Spain. A first contract was secured in Korea in December, which involves a scrubber at Seo Kwang Hitech waste incineration plant being fitted with both ADIOX® tower packings and ADIOX® droplet separators. By the end of the year, some 75 incineration lines, in 15 countries, for municipal and environmentally hazardous waste had been fitted with ADIOX® systems to varying extents. Many of them were fitted to complement other cleaning methods, while others use ADIOX® as the only technology for dioxin removal; but the purpose of all of them is to meet the requirement for a maximum of 0,1 ng I-TEQ/Nm3 of dioxin in output flue gas
Material analysis for operations optimisation We offer our customers regular analysis of installed materials wit a view to optimising their utilisation of ADIOX® tower packings in terms of service life, while also maintaining satisfactory performance throughout their lifetime. Operators take samples from their installations at regular intervals, normally once a year. These samples are analysed for dioxin content and mechanical properties, and then a statement can be given on the anticipated remaining service life. Where appropriate, we recommend that the operator should switch a specific tower packing bed during the next normal maintenance stoppage, often one year after the latest sample has been taken.
Korean distributor DK Science with representatives of Götaverken Miljö.
ADIOX® installations in Europe as of December 2008.
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Heat pumps, chillers and service operations Heat pumps and chillers Swedish authority requirements for increased energy recovery and reduced energy consumption have had a strong positive influence on the demand for absorption heat pumps and chillers in the domestic market. In recent years, we have also supplied a number of absorption heat pumps to WTE plants in Denmark. We supply standardised, high performance absorption heat pumps and chillers through our partnership with Indian company Thermax. These are available in a wide range of sizes. Our very first absorption heat pumps were supplied to the Renova WTE plant in Gothenburg, Sweden and commissioned in 1989. This installation is still going strong and has shown remarkably reliability over the years. We specialise in absorption heat pumps for energy recovery in flue gas cleaning systems at waste incineration plants. Our ongoing installation of an absorption heat pump for Halmstad Energi & Miljö, Sweden, is one such application. Absorption chillers are ideal for local comfort cooling systems in commercial properties connected to district heating systems. The chiller is driven by heat supplied by the district heating system. Comfort cooling is only needed during the summer season, when district heating costs are very low. These units require little maintenance and can be installed at industrial sites, hospitals and shopping centres.
One of two absorption heat pumps supplied to Vestforbrænding, Denmark in 2007.
Servicing and maintenance Our service operations include servicing, maintenance and performance optimisation of supplied flue gas cleaning systems, absorption and compressor heat pumps and absorption chillers. Heat pump service contracts include guaranteed call-out and heat exchanger and control system upgrading. We implemented the following main commissions in 2008:
• Replacement of tube packaging of
heat exchangers at Vattenfall Värme, Uppsala, Sweden and at Västhamnsverket/Öresundskraft in Helsingborg, Sweden.
• Delivery of new gas/gas heat ex
changers to I/S Vestforbrænding, Copenhagen, Denmark.
• Dismantling of heat pump plant at Karlstads Energi, Sweden.
• Servicing of heat pumps and chillers at Karlstads Energi, Göteborg Energi, Fortum Värme, Jönköping Energi, Renova, Öresundskraft and Lunds Energi in Sweden, and also at Vestforbrænding in Copenhagen, Denmark.
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• Servicing and replacement of bag-
house filter bags at Sandviken Energi, Sweden.
Other typical tasks for our service operations include:
• Fault rectification and repair • Preventive maintenance and in spection
• Instrument calibration • Performance calculations • Supply and installation of closed loop refrigerant emptying systems
• Supply of refrigerants • Commissioning, training and in spection.
Our employees Our staff are incredibly important to us. This is why we provide them with an attractive place to work, with an efficient, healthy organisation and a good atmosphere in which we always treat our customers, our suppliers and one another with respect and consideration.
Wellbeing breeds profit Healthy, committed employees create a sense of wellbeing in the workplace and are an important basis for success within the company. This is why we endeavour to provide a good physical and psychosocial working environment so as to ensure that our staff enjoy their work. We also offer regular health profile surveys via our occupational health department and encourage physical activity through contributions to keepfit initiatives. This has resulted in low levels of sick leave and staff turnover. For instance, some of our staff have been with us since the company started 20 years ago. Our management and working environment were rated highly in our latest staff wellbeing survey, and we are constantly working to change the things which are less effective.
Challenges and own responsibilities We give our staff challenging work, which inspires them to develop their skills and take extra responsibility. Training and encouragement provide staff with knowledge, motivation and the courage to take on new tasks. These are a good investment in the future of the company.
Equal opportunities Three-quarters of our staff are male, all of them engineers. Six of our staff are female; three of whom are engineers and the others work with finance and administration. When we take on new staff, we try to locate female applicants in order to even out the gender distribution. We feel it goes without saying that men should also use their entitlements to parental leave and we plan matters so that such leave does not impact on the rest of the company.
‘Healthy, committed employees create a sense of wellbeing in the workplace and are an important basis for success within the company A safe, secure place to work Fortunately, we have very few accidents and near-misses. Near-misses are reported, investigated and followed up, and measures are implemented to prevent a repetition in future. Several of our staff are trained as safety representatives so that they can effectively prevent accidents and near-misses. Our systematic attention to our working environment allows us to detect any shortcomings, and assistance is offered to help staff to deal with stress-related issues, for example. Consideration and a management team that is receptive and modest in respect of change are all part of our work ethic. We also feel it is important for us all to enjoy teambuilding activities together. This creates a greater sense of solidarity, which in turn helps to promote respect and stability within the company.
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Financial Report General information on the business Götaverken Miljö AB is a true cleantech company, specialising in unique, world leading products for energy recovery and the cleaning of environmentally hazardous emissions. ADIOX® for the removal of dioxins and MercOx for the removal of mercury from flue gases are successful flagship products.
Halmstad Energi & Miljö, worth around SEK 40 000 thousand; removal of sulphur dioxide for a customer in the Swedish automotive industry, worth around SEK 30 000 thousand; ADIOX® scrubber condensers for AffaldVarme Århus, worth around SEK 36 000 thousand; continuing expansion of ADIOX® dioxin removal and a massive increase in service operations.
We develop, design and supply complete systems, and we perform servicing and engineering and consultancy tasks.
New technology for reduction of corrosion and dioxin formation in boilers
Plants, consultancy services and other services are supplied directly to customers in the Nordic region. Unique products such as ADIOX® tower packings and scrubbers are supplied either directly or via agents and partners in ten or so strategically selected countries to customers all over the world. ADIOX® technology, for isolation of dioxin from flue gases, has been installed on 75 incineration lines covering most parts of the world. The company also offers servicing and conversion operations, aimed mainly at plants supplied, large heat pumps and chillers. The company employs 26 people, of whom six are female, and its head office is in Gothenburg.
Strong increase in turnover and profitability Our targeted focus and concentration on unique products within our core operations – gas cleaning, energy recovery and service – has continued to enjoy success. In 2008 we received orders worth approx. SEK 139 000 thousand, of which 40% involved exports. Our net sales amounted to SEK 137 807 thousand (50 957 thousand) and generated an operating profit of SEK 6 683 thousand (3 485 thousand). Of net sales, 23% involved export. Gross profit amounted to 7.2%. Over the last four months of the year, the company repaid its convertible loan of SEK 18 000 thousand to the owner. As the company is now entirely self-financed, the return on capital employed has increased to 19.9%. The strong order intake was made up of flue gas condensing for
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The company is working on development of a supplementary new product, designed to use primary technical incineration methods to reduce dioxin formation and corrosion problems in waste fuelled boilers. This technology is being developed at the Waste Refinery competence centre, which is a centre for optimal waste resource management. It has 20 stakeholders and an annual budget of SEK 15 million. Development subsidies have also been awarded by ProEnviro. The ProEnviro programme is an initiative focusing on innovative research ideas for environmentally friendly product manufacture and enhanced competitiveness for small and medium-sized enterprises. The Foundation for Strategic Environmental Research is responsible for this initiative.
Project operations The order from Renova, worth around SEK 85 000 thousand including options for flue gas cleaning from incineration lines 1-3, has gone according to plan and stage 1 test operation was approved by the customer in early January 2009. This delivery means that Renova is reducing its already low emissions of mainly sulphur in flue gases from the plant to levels far below current emissions requirements. The improvement in cleaning also means that Renova can increase energy production from waste incineration, which will replace other energy production and hence reduce emissions from other sources in the region. Flue gas condensing for Halmstads Energi & Miljö AB was commissioned in the autumn of 2008, and handover of stage 1 direct condensing has gone according to plan. This delivery consists of energy recovery in the form of an ADIOX® scrubber condenser together with an absorption heat pump in order to recover an additional 10 MW of heat from waste incinera-
tion for delivery to district heating customers in the municipality. This delivery will be completed in early 2009 with the commissioning of the absorption heat pump. For the project for sulphur dioxide removal taking place at the premises of a customer in the Swedish automotive industry, the engineering work is largely completed and all primary components have been supplied. The installation of the project has been postponed by the customer and erection work will be starting in March 2009. The supply of ADIOX® scrubber condensers to AffaldVarme Århus is the third order in a short time for energy recovery at waste incineration plants in Denmark. By condensing the flue gas in scrubber condensers, an additional 3 MW of heat per line is recovered from waste incineration for delivery to district heating customers in the municipality. This project is progressing on schedule and start-up will take place in early April. The installation of new district heating pipes for connection is complete, and most of the components have been supplied in the early part of 2009. A new plastic stack pipe, 100 m tall, will be installed at the end of March. In addition, there are other smaller projects of varying kinds such as an ADIOX® scrubber for waste incineration in Italy, a scrubber for HCl removal for the Norwegian engineering industry and a quench for the Norwegian petrochemical industry. .
Continuing focus on service
Götaverken Miljö is developing its service operations. This includes servicing of flue gas cleaning and water purification plants, absorption heat pumps/chillers, heat exchangers and service systems, and – not least – compressor heat pumps. Orders for replacement ADIOX® material for earlier installations are on the increase. Of the major servicing projects, it is worth mentioning the supply of large heat exchangers to I/S Vestforbrænding in Copenhagen and heat exchanger retubing for heat pumps at Öresundskraft, Helsingborg, and Vattenfall, Uppsala.
Five-year overview 2008 2007 2006 2005 2004 137 807 50 957 84 135 86 625 102 439 Net sales, SEK th. Profit after net financial income/expense, SEK th. 6 668 3 561 6 983 7 670 9 515
Equity/assets ratio (%)
39
37
29
22
15
Ownership Götaverken Miljö AB is wholly owned by AP Partnerinvest Miljö AB, the principal owner of which is the Sixth Swedish National Pension Fund.
Proposed distribution of unappropriated earnings The following profit is available for distribution by the Annual General Meeting (in SEK). Profit brought forward 21 206 555 Profit for the year 4 755 234 Total SEK 25 961 789 The Board proposes that the profit brought forward be distributed as follows: Dividend, SEK 600 per share 3 000 000 To be carried forward 22 961 789 Total SEK 25 961 789
Key figures Equity/assets ratio % Liquidity ratio % Profit margin % Gross profit % Return on equity (ROE) %
2008
2007
39 133 6 7 20
37 304 11 13 12
Staff resources The increase in order intake at Götaverken Miljö and the company’s focus on creating an international sales network has led to the company taking on additional staff.
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Balance sheet
Income statement Current operations
Note
2007 50 957
-108 237
-30 853
29 570
20 104
-14 692
-9 029
Equipment and tools
Research and development
-2 505
-2 056
Total fixed assets
Administrative expenses
-4 213
-3 235
Current assets, Stocks etc.
Depreciation
-3 184
-2 991
Stocks
1 707
692
-22 887
-16 619
6 683
3 485
Cost of goods sold Gross profit
Operating costs
13
Other operating income Total operating costs Operating profit
Note
2008
2007
5
0
2 600
Fixed assets Intangible assets Goodwill Tangible assets
Sales expenses
1,2,3,4
Projects in progress
Profit from financial investments
Accounts receivable
2 064
1 973
Prepaid expenses and accrued income
Interest expense
-2 079
-1 897
-15
76
6 668
3 561
Profit after financial items
6
7
887
499
887
3 099
92
923
14 098
2 155
14 190
3 078
30 674
5 399
3 502
1 526
879
1 422
Current receivables
Interest income
Total profit from financial investments
9
Tax asset Other current receivables
237
680
35 292
9 027
Appropriations
Cash and bank balances
17 878
43 267
Additional depreciation
0
680
Total current assets
67 360
55 372
Change, tax allocation reserve
0
0
Total assets
68 247
58 471
6 668
4 241
-1 912
-1 249
4 756
2 992
Share capital, 5 000 shares at a nominal value of SEK 100
500
500
Statutory reserve
100
100
600
600
21 207
18 215
Profit before tax Tax Net profit for the year
Cash flow statement Current operations
2008
2007
Operating profit before financial items
6 683
3 485
Depreciation
3 184
2 991
0
0
210
-2 496
10 077
3 980
2 064
1 973
Interest paid
-2 079
-1 897
Tax paid
-1 369
-3 248
8 693
808
Increase/decrease, stocks
-11 112
-2 578
Increase/decrease, current receivables
-26 808
6 913
9 252
-737
Increase/decrease, current operating liabilities
13 558
-7 245
Cash flow from current operations
-6 417
-2 839
Loss, sale of equipment Provision, guarantee commitments
Interest received
Increase/decrease, accounts payable
Investment operations
Equity and liabilities Equity Restricted equity
Non-restricted equity Profit brought forward
4 756
2 992
8
26 563
21 807
10
1 678
1 468
Profit for the year Total equity Provisions Provisions for guarantee commitments Long-term liabilities Convertible subordinated debenture
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Total long-term liabilities
0
18 000
0
18 000
Current liabilities
13 651
4 399
12
9 566
5 372
7
12 914
5 610
3 875
1 815
Total current liabilities
40 006
17 196
Total liabilities
40 006
35 196
Total equity and liabilities
68 247
58 471
42 000
42 000
17 820
13 336
Accounts payable Accrued expenses and prepaid income Advance payments from customers Other current liabilities
Investments in tangible assets
-972
-141
Cash flow from investment operations
-972
-141
Loans raised/Amortisation of liability
-18 000
0
Cash flow from financing operations
-18 000
0
Cash flow for the period
-25 389
-2 980
Liquid funds at the beginning of the period
43 267
46 247
Contingent liabilities
Liquid funds at the period-end
17 878
43 267
Guarantee undertakings
Financial operations
12
ASSETS
2008 137 807
Net sales
Memorandum items Pledged assets Floating charges
Notes to the accounts Note 6 - Equipment and tools
Accounting and valuation principles Götaverken Miljö AB’s accounting and valuation principles are in compliance with the Swedish Annual Accounts Act and the general recommendations of the Swedish Accounting Standards Board.
Note 1 - Salaries, other remuneration and social security expenses Average number of employees Men Women Total
2008
2007
20
18
6
4
26
22
Board and President
2008
2007
1 770
1 629
972
141
0
0
Closing accumulated acquisition value
2 742
1 770
Opening depreciation
1 272
881
584
391
Opening acquisition value Purchases Sales and disposals
Depreciation for the year Sales and disposals Closing accumulated depreciation
Salary costs
2 554
1 654
Social security expenses
1 390
978
403
413
3 944
2 632
14 261
9 310
6 158
5 268
Of which pension costs Total, Board and President Other employees Salary costs Social security expenses Of which pension costs
1 288
1 723
Total, other employees
20 419
14 578
128
104
Remuneration to auditors Audit assignment Gratuity The profit has been affected by a gratuity of SEK 4 646 thousand to employees, including social security contributions, which is included in the figures above.
Note 2 - Absence due to sickness 2008
2007
All employees
0.32%
1.71%
Age group 30 - 49 years
0.47%
3.14%
Age group 50 -
0.15%
0.36%
Men, age group 30 - 49 years
0.49%
3.44%
Men, age group 50 -
0.17%
0.40%
years years
The percentage for employed women, in total or in each age group, is not reported due to the exception rule in the legislation, which states that information should not be furnished if the number of employees in each group is less than 10 or if the information can be traced to a specific individual.
Note 3 - Gender distribution, executive management 2008
2007
Men
Board members
4
4
Women
0
0
Total
4
4
Men
1
1
Women
0
0
Total
1
1
2008
2007
2 600
2 600
President and other officers of the Company
Note 4 - Breakdown of depreciation Intangible assets Tangible assets Total
584
391
3 184
2 991
0 1 272
886
498
Residual value according to plan
Note 7 - Work in progress Contract expenses at the period-end Advance payment from customers
2008
2007
14 098
2 155
-12 914
-5 610
1 184
-3 455
Work in progress at a fixed price is reported in accordance with the Swedish Accounting Standards Board main rule in BFNAR 2003:3 at the rate at which the work is completed, the so-called ‘gradual revenue recognition’ principle.
Note 8 - Equity
Amount at the beginning of the year
Share capital
Statutory reserve
Non-res. equity
500
100
21 207
0
0
100
25 963
2008
2007
1 500
1 500
2008
2007
320
303
786
446
Profit allocation as decided at the AGM Non-restricted equity Amount at the year-end
Absent due to sickness as a percentage of the total normal working hours for each group.
0 1 856
4 756 500
Conditional shareholders’ contribution
Note 9 - Prepaid expenses and accrued income Prepaid rent Other prepaid rental costs Accrued income
2 396
777
Total
3 502
1 526
Note 10 - Other provisions Provisions for guarantee commitments
2008
2007
1 678
1 468
2008
2007
0
18 000
Note 11 - Convertible subordinated debenture
The annual interest rate is based upon the 3 months Stockholm Interbank Offered Rate with an addition of 6.5 percentage points. Interest is paid quarterly.
Note 12 - Accrued expenses and prepaid income 2008
2007
Accrued social security contributions
2 524
1 052
Accrued holiday pay
2 206
1 880
Accrued salaries
4 342
432
494
2 008
9 566
5 372
Other accrued costs Total
Note 5 – Goodwill Opening acquisition value Investments for the year Opening accumulated depreciation Depreciation for the year Closing accumulated depreciation
2008
2007
13 000
13 000
0
0
10 400
7 800
2 600
2 600
0
2 600
13
Gothenburg, May 7, 2009.
Stefan Holmgren
Christer Sjölin
Åke Pettersson
Sven Brantebäck
Lennart Gustafsson Managing Director
Audit Report To the annual meeting of the shareholders of Götaverken Miljö AB, Corporate identity number 556652-2743 I have audited the annual accounts, the accounting records and the administration of the board of directors and the managing director of Götaverken Miljö AB for the year 2008-01-01– 2008-12-31. These accounts and the administration of the company and the application of the Annual Accounts Act when preparing the annual accounts are the responsibility of the board of directors and the managing director. My responsibility is to express an opinion on the annual accounts and the administration based on my audit. I conducted my audit in accordance with generally accepted auditing standards in Sweden. Those standards require that I plan and perform the audit to obtain reasonable assurance that the annual accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the board of directors and the managing director and significant estimates made by the board of directors and the managing director when preparing the annual accounts as well as evaluating the overall presentation of information in the annual accounts. As a basis for my opinion concerning discharge from liability, I examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member or the managing director. I also examined whether any board member or the managing director has, in any other way, acted in contravention of the 14
Companies Act, the Annual Accounts Act or the Articles of Association. I believe that my audit provides a reasonable basis for my opinion set out below. The annual accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company’s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The statutory administration report is consistent with the other parts of the annual accounts. I recommend to the general meeting of shareholders that the income statement and balance sheet be adopted, 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 2008-01-01 – 2008-12-31. Gothenburg, May 7, 2009
Mats Olsson Authorized Public Accountant
Members of the board and auditor Employee representative Stefan Holmgren
Sven Brantebäck
Born 1961. Elected 2002. Chairman of the Board. Lawyer, The Sixth Swedish National Pension Fund.
Born 1968. Representative of the Swedish Association of Graduate Engineers. Board member since 2008.
Åke Pettersson
Auditor Mats Olsson
Born 1946. Elected 1999. Sociologist. Senior advisor, The Sixth Swedish National Pension Fund.
Born 1960. Auditor of the Company since 2003. Corporate lawyer and authorised public accountant. Partner in Adrian & Partners AB.
Board secretary Susanne Tibratt
Christer Sjölin
Born 1952. Secretary since 2008. Director’s secretary, Götaverken Miljö AB.
Born 1943. Elected 2004. Doctor of Engineering. Owner CSJ-konsult.
Management
From the left: Anders Lorén, Per Lindgren, Lennart Gustafsson, Ulf Hägg and Erland Astorsson.
Anders Lorén
Ulf Hägg
Born 1960. Manager, Projects. Employed since 2001.
Born 1955. Manager, Process. Employed since 1988.
Per Lindgren
Erland Astorsson
Born 1956. Manager, Sales. Employed since 1989.
Born 1961. Manager, Service. Employed since 1998.
Lennart Gustafsson Born 1953. Managing Director. Employed since 2001. 15
Götaverken Miljö is located in Gothenburg and has its origin in the Götaverken companies, a large industrial group comprising, among other things, shipyards and boiler manufacturing with a history dating back to 1841. Our office has an attractive location on Hisingen, on the banks of the river, the Göta Älv, where Götaverken previously ran its shipbuilding operations. The company was founded in 1988 as a spin-off from Götaverken Energy.
Götaverken Miljö AB Visiting address: Anders Carlssons gata 14 Postal address: Box 8876, SE-402 72 Göteborg, Sweden Telephone: +46-31-50 19 60, Fax: +46-31-22 98 67 www.gmab.se
