STENA METALL AB - Stena Metall Group

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Financial review | The Group Notes to the financial statements | The Group 1 Personnel Average number of employees 2004/2005 2003/2004 Total Of whom men Total Of whom men Parent Company Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 36 55 33 Subsidiaries and representative offices Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 1,035 1,188 969 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 249 235 197 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 80 87 80 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 77 70 68 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 30 — — Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 — — Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532 364 351 239 Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 185 138 119 USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 5 4 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 2 1 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 4 2 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 Group total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,561 2,071 2,136 1,713 The average number of employees has been calculated based on the company’s paid working hours during the year in relation to the normal number of annual working hours in the company. The Board of Directors consists exclusively of men. Of Stena Metall’s senior executives, 14 percent are women. Salaries, remuneration and 2004/2005 2003/2004 social insurance contributions Social Social Salaries insurance Salaries insurance and other contributions and other contributions remuneration (of which pensions) remuneration (of which pensions) Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.6 31.8 41.9 29.0 (15.1) (14.7) Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708.4 245.3 617.7 230.8 (65.7) (65.2) Group total 757.0 277.1 659.6 259.8 (80.8) (79.9) Salaries and other 2004/2005 2003/2004 remuneration by country Board and Of which Other Board and Of which Other President bonuses employees President bonuses employees Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 3.4 37.7 9.3 2.1 32.6 Subsidiaries and representative offices Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 4.7 431.1 10.7 2.5 401.6 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 — 118.7 6.1 — 99.5 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 0.2 41.5 1.6 0.2 35.9 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 0.3 26.2 2.0 0.2 21.3 Germany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 — 1.8 — — — Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 — 0.1 — — — Poland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 0.2 34.6 2.2 0.4 18.6 Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 — 10.0 0.3 — 6.8 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 1.8 1.9 0.9 0.9 2.2 USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 1.6 4.5 3.1 1.3 3.5 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1.3 — — 1.3 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.1 — — 0.1 Group total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.5 12.2 709.5 36.2 7.6 623.4 64 Salaries and other remuneration paid to the President of the Parent Company and the Board of Directors amounted to 10.9 (9.3) during the year. Corresponding pension costs amounted to 7.3 (3.1), while outstanding pension commitments totaled 18.5 (18.6). An agreement has been reached with the President entitling him to 24 months’ severance pay. Pension commitments to the company’s founder amount to 5.0 (5.4). The Stena Metall Group is covered by the collectively negotiated ITP plan (a Swedish pension plan), including an alternative ITP pension for salaried employees with salaries exceeding ten times the income base amount. Alternative ITP applies the alternative Alecta premium, with the exception of senior executives in Executive Management positions, where the premium is 30 percent of pensionable salary.
Financial review | The Group 2 Fees to auditors 2004/2005 2003/2004 Audit fees KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 5.7 Revisionstjänst i Falkenberg AB 0.1 0.1 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 1.5 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 7.3 Other services KPMG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 1.9 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 0.6 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 2.5 Audit assignments refer to the review of the annual report and accounts and the administration by the Board of Directors and the President. Also included are other duties that are the responsibility of the company’s auditors as well as consulting or other assistance resulting from observations during such reviews or the implementation of such other duties. All other work is considered other services. 3 Net sales per business area and geographic market Net sales per business area 2004/2005 2003/2004 Ferrous and Non-Ferrous Metals 6,011.9 5,002.4 Aluminium . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897.1 773.3 Recovered Paper . . . . . . . . . . . . . . . . . . . 954.3 963.3 Environmental Services . . . . . . . . . . 368.0 423.8 Electronics Recycling . . . . . . . . . . . . . . 206.5 190.5 Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450.1 1,809.4 Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844.3 601.1 Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,146.7 5,613.6 Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963.2 1,771.5 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9 58.5 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,879.0 17,207.4 Net sales per geographic market 2004/2005 2003/2004 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,407.4 5,671.8 Rest of Nordic region . . . . . . . . . . . . . 1,817.0 1,627.3 Europe, excl. Nordic region . . . . . 6,403.9 4,500.2 Rest of world . . . . . . . . . . . . . . . . . . . . . . . . 6,250.7 5,408.1 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,879.0 17,207.4 Excise duties of 0.7 (4.3) are included in sales. 4 Operating expenses 2004/2005 2003/2004 Amortization/depreciation according to plan by item Cost of goods sold . . . . . . . . . . . . . . . . . –298.6 –229.8 Sales expenses . . . . . . . . . . . . . . . . . . . . . –55.0 –37.0 Administrative expenses . . . . . . . . . –29.3 –23.0 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –382.9 –289.8 Amortization/depreciation according to plan by asset Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –43.3 –28.6 Other intangible assets . . . . . . . . . . –0.5 –0.5 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.5 –31.9 Land improvements . . . . . . . . . . . . . . . –4.3 –3.9 Plant and machinery . . . . . . . . . . . . . . –221.3 –182.2 Vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –38.0 –14.8 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –37.0 –27.9 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –382.9 –289.8 Operating expenses include a provision of 16.4 (23.6) to cover future expenses for soil remediation. The provision, which was allocated in accordance with the requirements of the Environmental Code, was made to an environmental insurance policy. 5 Other operating income 2004/2005 2003/2004 Lease income from vessels . . . . 63.0 24.6 Gain on sale of tangible fixed assets . . . . . . . 0.4 10.1 Rental income . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.8 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 4.7 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.3 40.2 6 Income from investments in associated companies 2004/2005 2003/2004 Stena E Automotive Services AB 1.6 1.7 Svensk Freonåtervinning AB . . . . 3.0 1.9 Returpapperscentralen i Uppsala HB . . . . . . . . . . . . . . . . . . . . . . . 1.5 2.7 Recodan Papirsortering A/S . . . . –0.1 0.0 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.3 65
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STENA METALL AB Annual Report 2004/
Page 4 and 5:
Chief Executive Officer’s comment
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Chief Executive Officer’s comment
Page 8 and 9:
Stena Metall Group Operations in 23
Page 10 and 11:
Advances in recycling More recyclin
Page 12 and 13:
Examples of recycling Recycling pro
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Competence development We are const
Page 16 and 17: Research and development Efforts to
Page 18 and 19: Recycling 16
Page 20: Recycling | Sweden Ferrous and Non-
Page 23 and 24: Recycling | Sweden ees in sorting t
Page 25 and 26: Recycling | Sweden drain cleaning a
Page 28 and 29: Recycling | Sweden Smelt aluminium
Page 30 and 31: Recycling | Denmark Recycling | Den
Page 33 and 34: Recycling | Denmark ▲ During the
Page 35: Recycling | Denmark tighten require
Page 38 and 39: Recycling | Norway Ferrous and Non-
Page 40 and 41: Recycling | Finland Recycling | Fin
Page 42 and 43: Recycling | Finland WEEE New legisl
Page 44 and 45: Recycling | Poland Recycling | Pola
Page 46 and 47: Recycling | Poland WEEE In autumn 2
Page 48 and 49: Trading 46
Page 50 and 51: Steel 48
Page 52 and 53: Olja | Stena Oil Oil 50
Page 54 and 55: Finance | Stena Metall Finans Stena
Page 57 and 58: Financial review Directors’ repor
Page 59 and 60: Financial review | The Group Income
Page 61 and 62: Financial review | The Group August
Page 63 and 64: Financial review | The Group Accoun
Page 65: Financial review | The Group Invent
Page 69 and 70: Financial review | The Group 12 Oth
Page 71 and 72: Financial review | The Group 20 Oth
Page 73 and 74: Financial review | The Group 30 Ass
Page 75 and 76: Financial review | The Group Invent
Page 77 and 78: Financial Review | Parent Company B
Page 79 and 80: Financial review | Parent Company 8
Page 81 and 82: Financial review | Parent Company 1
Page 83 and 84: Financial review | Parent Company S
Page 85 and 86: Auditors’ report To the Annual Ge
Page 87 and 88: Addresses Sweden Stena Metall AB Fi
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