Financial Statements - Kuusakoski

Recycling has been revolutionised over the decades,becoming increasingly complex in the process. Thesorting and work methods that were originallyemployed in mining operations have been refined instate-of-the-art technologies. Our own research anddevelopment unit, Recycling Technologies, enablesKuusakoski to continue to develop as a pioneer in thisfield. The latest example of our leading expertise isEkopark Lahti, our new construction and demolitionwaste recycling plant in Finland.CONTENTSRecycling and Foundry Operations 4Report of the Board of Directors 8Consolidated Income Statement and Balance Sheet 20Consolidated Statement of Changes in FinancialPosition 20Notes to the Consolidated Financial Statements 21Parent Company Income Statement andBalance Sheet 24Key Figures 25Accounting Principles 26Proposal of the Board 29Auditor’s Report 29Boards of Directors, Management and Auditors 30Contact Information 32

4 REPORT OF THE BOARD OF DIRECTORS 2012

A year of adjustments and preparingthe ground for the futureFor the foundry business, 2012 proved to be a year of transition.Demand in the first four months was particularly low. After theslow first third of the year, demand grew month by month, and volumesat the end of the year were at satisfactory level. Due to theweak start to the year, our annual revenues were down almost 20%compared to the previous year. The low volume also had an irreparableimpact on profitability for the year, which was significantlyweaker than in 2011.The business environment during the year under review can bedescribed as extremely unstable and difficult to predict. The uncertaintycaused by the global economic situation was very apparent,and customer orders were at a record low level.In our main segment, telecommunications network components,demand was satisfactory with the exception of the first fourmonths of the year. Most of the production in this segment wasagain manufactured in our Chinese plant. However, it was plain tosee that delivery time is an increasingly important factor for customerswhen selecting their suppliers. In the future, the location ofsuppliers on different continents, close to their end customers, willbe an important competitive factor.The geographic focus of demand in the telecommunications networkcomponents segment was for the most part as anticipated.Demand in the Indian domestic market did not pick up in 2012 asexpected. One of the main reasons for the low level of telecommunicationsnetwork investments in India is thought to be the internalpolitical problems related to frequency auctions. Due to the unstableeconomic situation in India, the country’s commercial vehicle industryalso experienced major difficulties, particularly in the lastquarter of 2012.Demand within the telecommunications network componentssegment in 2013 is expected to grow slightly in terms of volumesand to be spread out more evenly throughout the year. We expectthe more stable demand to have a positive impact on profitabilityin 2013. Demand will also be distributed more evenly between Asiaand Europe with production in Europe increasing significantly. Theimportance of India as a manufacturing centre will diminish, whichwill create challenges for the profitability development of our Indianunit.In the mechatronics segment (mechanical engineering, electricalengineering and commercial vehicle industries), volumes increasedsatisfactorily during the year under review. Particularly encouragingwas the growth in demand for our sand cast components,which was also reflected in a clear improvement in the profitabilityof our manufacturing units.In 2012 Alteams succeeded in its strategy in deepening thecooperation with customers, covering everything from the supportin product and manufacturability design to prototypes and massproduction. This was realised in both the telecommunications networkcomponents segment and to an increasing degree also in themechatronics segment. Several new customers in the mechatronicssegment will balance our customer base in the future. In accordancewith our strategy, we will focus on advanced and demanding productsand discontinue certain low value-added customer relationships.A major factor for our business operations in general in 2013 willbe the global economic situation and particularly the performanceof the euro, US dollar and Chinese yuan in comparison to eachother. The unpredictable currency markets may influence the geographicdistribution of customer demand.In 2013 we will focus strongly on strengthening our global position,especially within Europe, and on increasing the number ofnew customer relationships in the mechatronics segment close toour current manufacturing units. As the general uncertainty in theglobal economy and markets remains considerable, 2013 will call forflexibility and the ability to respond rapidly to changes. Alteams isnevertheless more prepared, more motivated and more capable oftackling the challenges.Asko NevalaCEO, Alteams Oy6 REPORT OF THE BOARD OF DIRECTORS 2012

REPORT OF THE BOARD OF DIRECTORS 20127

Recycling operationsKuusakoski Oy and its subsidiariesform the recycling group.Market situation and business performanceThe year under review began positively for the recyclingbusiness. However, the market situation deteriorated rapidlyafter the first quarter due to increasing global economicuncertainty. Intensifying competition in the supplyof recycled metals, weakening demand in the steelindustry and fluctuations in global iron prices impactedparticularly the profitability of Kuusakoski’s recyclingoperations.The revenues of the recycling business amounted to EUR751.4 million, which is 13.2% less than in 2011. Theoperating profit from the recycling business amounted toEUR 17.2 million (47.5 million in 2011), which represents2.3% of revenues (5.5% in 2011). The return oninvestment (ROI) was 5.8% (16.6% in 2011). The netresult was EUR 3.8 million (25.3 million in 2011), whichrepresents 0.5% of revenues (2.9% in 2011).The decrease in revenues was due to lower volumes andlower recycled metal prices.In addition to the company’s traditional metal recyclingoperations, the focus areas were in accordance with itsstrategy, i.e. WEEE recycling (Waste Electrical and ElectronicEquipment), sales of recycling services and solutions,and the energy and construction waste business.The major service business development project that wasinitiated in 2011 continued during the year under reviewin Finland, Sweden and Estonia.The development and testing phase of the global ERP(Enterprise Resource Planning) project was completed.The system will be phased in globally during the years2013–2015.Finland retained its strong and important position interms of generating results in the recycling business in2012. In Sweden, steps were taken to enhance the efficiencyof processes and operations. In the Baltic markets,operations were reduced due to lower volumes and intensifyingcompetition. At the end of the year the companytook the decision to discontinue operations in Latvia.Operations in Poland continued to develop profitably.The company’s joint ventures in Great Britain remainedstrong within their own sectors. The new WEEE jointventure in Denmark that was acquired in 2011 achievedits targets.The recycling group continued to refine its Russian strategyand restructure its Russian operations to correspondto the prevailing market situation by closing several locations.At the end of the year under review the recyclinggroup had operations only in St. Petersburg, Moscow andVyborg.The USA is the recycling group’s new growth area – particularlyin terms of WEEE recycling. During the yearunder review Kuusakoski Oy strengthened its position inthis sector by investing in new WEEE processing linesand reinforcing its organisation.Kuusakoski Oy’s balance sheet remained strong. Theequity ratio at the end of the year was 55.6%.10 REPORT OF THE BOARD OF DIRECTORS 2012

EnvironmentallyfriendlyThe Finnish Foundation for NatureConservation marked its 50thanniversary by recognising KuusakoskiOy and six other companiesfor supporting the foundation’swork. At the same event, fiveenvironmental projects wereawarded grants from the RafaelKuusakoski Memorial Fund and theBaltic Sea Fund.B-to-B awardin the USAKuusakoski’s associated companyVINTAGE TECH LLC IN ROMEOVILLE, ILLINOIS,WAS ANNOUNCED THE WINNER OF THEBUSINESS-TO-BUSINESS CATEGORY in the15th annual Small Business of the YearAwards organised by the NapervilleArea Chamber of Commerce in Chicago.Vintage Tech LLC is specialised in recyclingwaste electrical and electronicequipment.12 REPORT OF THE BOARD OF DIRECTORS 2012Research and development, environmentalprotection, and occupationalhealth and safetyKuusakoski Oy’s R&D department focused on research intothe value and processing chain of complex materials, primarilymaterials from WEEE (Waste Electrical and ElectronicEquipment) and ELV (End of Life Vehicles), as part of a broaderresearch project being carried out by Tekes, the FinnishFunding Agency for Technology and Innovation. The projectstudied the processing chain of waste electrical and electronicequipment and end-of-life vehicles and equipment, from thecreation and collection of the waste to the end products ofprocessing. One of the focus areas of Kuusakoski’s researchand development was automated sorting equipment.During the year under review a significant number of studieswere carried out regarding the quality of waste fractions, thebalances of material processes, and the quality of productsand process waste. Multiple phases were identified in thechains in which progress was made towards the separate processingof materials and product design. On the basis of thedata and results, new methods and equipment were developmentto achieve better yields of precious metals.In the field of environmental protection, a lot of work continuedto go into permits and notifications, partly due to modificationsand expansions that were carried out. ISO 14001audits were carried out according to plan in Finland, Swedenand Estonia. Soil cleaning operations were carried out at afew Kuusakoski service points in FinlandIn the field of occupational health and safety, systematic trainingwas continued, internal auditing was enhanced, andwork continued on occupational safety plans. The frequencyof accidents was lowered, and work continues on furtherimproving occupational safety.The condition and age of radiation detection equipment wasevaluated. Based on the results, preliminary plans for updatingequipment were drawn up, and the need for additionalequipment was assessed.Changes in group structureThe companies Suomen Hissipurku Oy and KiinteistöOy Lahden Norokatu 5 joined the recycling group in2012. Turun Kierrätysteräs Oy and Rauman Romu Oywere merged with Kuusakoski Oy at the end of the yearunder review.In April, Kuusakoski Sverige AB acquired the remainingshares in SwedeCraft AB and the BRA Group. In theUSA, Kuusakoski Inc acquired the remaining shares inits subsidiary Kuusakoski Philadelphia LLC in May. Followingthe share transactions, Kuusakoski’s ownership inall of these companies is 100%.In Sweden, KS Recycling was named WEEErecycling company of the year in 2012. Thejury of Swedish waste and recycling professionalsrecognised the company for itsenvironmentally friendly, profitable andefficient operations. KS Recycling promotesthe recycling and reutilisation of valuablematerials. KS Recycling is a joint venturebetween Kuusakoski and Sysav that wasestablished in 2008.WEEE awardin Sweden

LME-SPOT PRICES FOR ALUMINIUM AND COPPER USD/MT AND EUR/MTHMS1 80:20 PRICES FOR RECYCLED STEEL USD/MT AND EUR/MT9500600850075005006500400550045003003500250020015005002005 2006 2007 2008 2009 2010 2011 20121002005 2006 2007 2008 2009 2010 2011 2012LME-SPOT PRICES FOR NICKEL USD/MT AND EUR/MT540004900044000390003400029000240001900014000900040002005 2006 2007 2008 2009 2010 2011 201213

Everyone understood that there was no going backKuusakoski seeks to find a solution for reutilising each and everypiece of electrical and electronic equipment, vehicle tyre, plasticcomponent and piece of wood. Our sorting processes ensure thatnothing that can be reutilised ends up discarded in dumps. The fewerdumps, the better it is for both nature and society.14 REPORT OF THE BOARD OF DIRECTORS 2012

Foundry operationsAlteams Oy and its subsidiariesform the foundry group.Market situation andbusiness performanceResearch and developmentChanges in group structureThe foundry business had a year of adjustments and preparingthe ground for the future in 2012. The result in2012 was significantly weaker than in the previous year.The revenues of the foundry business amounted to EUR92.9 million, which is 19.0% less than in 2011. The operatingprofit amounted to EUR 2.3 million (9.3 millionin 2011), which represents 2.5% of revenues (8.1%in 2011). The return on investment (ROI) was 5.8%(17.4% in 2011). The net result was EUR 0.3 million(5.0 million in 2011), which represents 0.3% of revenues(4.4% in 2011).The weakening in demand that began at the end of 2011continued for the first third of the year under review, afterwhich demand improved and was at a satisfactory level atthe end of the yearMost components were again manufactured in thegroup’s Chinese plant, although during the year underreview there were clear signals that production closeto end customers will be one of the most importantcompetitive factors in the future. This change will meanthe partial transfer of production from Asia back to lowcostmarkets in Europe. Volumes in India failed to growsufficiently, so the operations of the Indian joint venturecontinued to post a loss.Alteams Oy’s balance sheet remained strong. The equityratio at the end of the year was 47.2%.The focus of R&D activities within foundry operationswas on managing casting processes and upgrading phases.The development of product manufacturing togetherwith customers was also prioritised. The company participatedactively in the research programmes of the FinnishFoundry Group within the Technology Industries ofFinland (TT) association.Kuusakoski Oy was one of THE sevenfounder members of a new environmentalinterest group in Finland. YTP is an environmentalindustry and services associationthat aims to increase and promotematerial efficiency and sustainabledevelopment. The new association is partof the Yleinen Teollisuusliitto generalindustry association, a member of theConfederation of Finnish Industries (EK).The company Alteams Poland Sp. Z o.o. joined thefoundry group in 2012.Alteams announced theexpansion of its foundryoperations to Poland inorder to serve more ofits European customerslocally. Construction ofthe new foundry willbegin in early 2013, andproduction will be phasedin during summer 2013.REPORT OF THE BOARD OF DIRECTORS 201215

The machinery was running non-stop,but still they kept on coming…The number of cars in the world is increasing at alarmingspeed. Over the past 40 years Kuusakoski has crushedover 2.5 million end-of-life vehicles. When inauguratedin 1972, our crushing plant in Heinola, Finland, introduceda new method for sorting materials. While the crushingtechno logy remains the same, sorting technologies havedeveloped considerably.16 REPORT OF THE BOARD OF DIRECTORS 2012

REPORT OF THE BOARD OF DIRECTORS 201217

Group prospects for 2013No significant changes are expected in the market situationfor recycling operations. The general economic uncertaintywill still have an impact on the availability of anddemand for recycled metals. Volumes are expected to belower than in the year under review. The WEEE recycling(Waste Electrical and Electronic Equipment) businesswill continue to develop. The limited supply of recycledmetals is expected to support metal prices, although significantand rapid changes in market prices are still possible.The company continues to focus attention on operationalefficiency and risk management, as well as to systematicallydevelop new business areas alongside its traditionalbusiness based on metals.Within the foundry business, demand is expected to remainat the same level as at the end of 2012. The globaleconomic uncertainty is expected to continue, and thepredictability of the markets will continue to pose a challenge.Adapting to the rapidly changing fluctuations indemand continues. In order to respond to the changes indemand, Alteams has taken the decision to construct anew foundry in Northern Poland.The Board expects Kuusakoski Group’s revenues for 2013to decrease slightly from the level in 2012. Operating profitabilityis expected to better in 2013 than in the yearunder review.Dividend proposalThe Board proposes to the Annual General Meeting thata dividend of EUR 10,500,000 be paid from the totaldistributable funds and that the remainder be retained inshareholders’ equity.state-of-theartekoparkTHE Ekopark Lahti constructionand demolition waste recyclingplant in Finland was inauguratedin November 2012. Theinvestment makes Kuusakoskithe market leader in supplyingsolid recovered fuel fromconstruction waste, as wellas waste from commerce andindustry.innovaTION!Kuusakoski Oy’s joint ventureSWEEEP Kuusakoski Ltd AND Nulife Glassdeveloped a unique solution for recoveringpure glass and lead from glasscathode ray tubes (CRT) used in televisionsand PCs. Aalto University alsoparticipated in the development project,providing Finnish cleantech expertise.Recycling glass cathode ray tubes isa global challenge due to their leadcontent. The new process furnace useschemicals to separate the lead frommolten glass.18 REPORT OF THE BOARD OF DIRECTORS 2012

Even the smallest fractionwas collectedRecycled materials are separated fromeach other in a variety of ways, forexample by using magnets, fans, opticaldevices and sink-float techniques.At the end of multiple process phases,different metals, plastics and othermaterials are collected for use as rawmaterials, energy or replacements forvirgin aggregates.REPORT OF THE BOARD OF DIRECTORS 201219

ConsolidatedIncome StatementConsolidated Balance SheetConsolidated Statement ofChanges in Financial PositionEUR million 2012 2011REVENUES 1) 842.2 977.8Production for own use 13.9 11.9Other operating income 2) 3.2 4.0Materials and services 3) 637.9 739.1Personnel expences 4) 91.0 88.6Depreciation and writedowns 5) 33.0 30.7Other operating expenses 78.3 79.2840.2 937.5OPERATING PROFIT 19.1 56.1Financial income and expenses 7) -9.5 -9.2Extraordinary income 0.0 0.0PROFIT BEFORE TAXES 9.6 46.9Income taxes 8) -3.7 -14.2Minority interest -1.8 -2.6NET PROFIT FORTHE FINANCIAL YEAR 4.2 30.0EUR million 2012 2011ASSETSNon-current assets 9)Intangible assets 4.7 5.1Goodwill 11.6 13.3Tangible assets 181.3 162.7Investments 3.0 5.1200.6 186.2Current assetsInventories 10) 97.4 104.8Current receivables 11) 117.6 114.1Financial assets 0.0 3.5Cash and cash equivalents 7.9 20.6223.0 243.0Total 423.6 429.3SHAREHOLDERS´ EQUITY AND LIABILITIESEquity and reserves 12)Share capital 0.1 0.1Share premium fund 0.2 0.2Retained earnings 224.2 202.9Net profit for the financial year 4.2 30.0228.7 233.3Minority interest 6.2 7.6Obligatory provisions 13) 9.7 9.6Liabilities 14)Non-current liabilities 21.5 24.8Current liabilities 157.4 153.9179.0 178.8Total 423.6 429.3EUR million 2012 2011Cash flow from operationsProfit before extraordinary items 9.6 46.9Adjustments:Depreciation according to plan 33.0 30.7Unrealised exchange rate profits and losses 3.0 1.5Other non-cash items -0.4 -0.8Financial income and expenses 6.5 7.7Cash flow before change in working capital 51.8 86.0Change in working capital:Increase (-), decrease (+) in current trade receivables 3.4 20.5Increase (-), decrease (+) in loans receivable -1.2 0.0Increase (-), decrease (+) in inventories 7.6 -8.1Increase (+), decrease (-) in current liabilities -13.0 1.5Cash flow from operations before financial items and taxes 48.6 99.9Interest paid and other financial expenses -8.1 -7.2Interest received 0.8 0.4Taxes -9.0 -15.5Cash flow from operations 32.2 77.6Cash flow from investmentsInvestments in tangible and intangible assets -30.8 -35.9Gains from disposal of tangible and intangible assets 0.6 0.4Subsidiaries acquired -4.5 -0.2Associated companies acquired -0.4 -3.4Increase (+), decrease (-) in other investments -0.1 0.2Cash flow from investments -35.1 -39.0Cash flow from financingIncrease (+), decrease (-) in current liabilities -15.7 -10.9Increase (+), decrease (-) in non-current liabilities 14.6 -3.7Dividend distribution -12.2 -10.5Cash flow from financing 13.3 -25.1Change in cash and cash equivalents -16.2 13.5Cash and cash equivalents 1 Jan 24.1 10.6Cash and cash equivalents 31 Dec 7.9 24.120 REPORT KEY FIGURES OF THE 2012 BOARD OF DIRECTORS • KEY FIGURES 2012

Notes to the ConsolidatedFinancial StatementsEUR million 2012 2011EUR million 2012 2011INCOME STATEMENT1. Revenues by business sector and market areaRevenues by business sector:Recycling 749.3 863.1Foundries 92.9 114.7Total 842.2 977.8Revenues by market areaFinland 169.5 199.5Other Europe 344.4 368.4Asia 320.7 401.6Other areas 7.7 8.3Total 842.2 977.82. Other operating incomeGains on sale of fixed assets 0.4 0.9Compensations received 0.0 1.1Other operating income 2.8 2.0Total 3.2 4.03. Materials and servicesMaterials, goods and suppliesPurchased during the financial year 496.9 600.4Increase(-),decrease (+) in inventories 8.7 -7.4505.5 593.0Outside services 132.3 146.1Total 637.9 739.14. Personnel expencesWages and salaries 74.0 72.4Pension expenses 10.0 9.2Other personnel expences 7.0 7.0Total 91.0 88.6Average number of personnelWage earners 2,221 2,475Salaried employees 775 747Total 2,996 3,2225. Depreciation and writedownsIntangible rights 0.2 0.2Other long-term expenditure 0.5 0.4Goodwill 4.4 5.5Buildings and structures 4.6 3.9Machinery and equipment 23.0 20.4Other tangible assets 0.4 0.3Writedowns 0.0 -0.133.0 30.76. Auditor’s feesAuditing 0.4 0.3Other services 0.1 0.1Total 0.5 0.57. Financial income and expencesIncome from associated companies -1.6 -3.1Other interest and financial income, from others 0.5 0.6Total financial income 0.5 0.6Other interest and financial expenses, to others 8.4 6.7Total financial expenses and expenses -9.5 -9.2Foreign currency exchange differences included intotal financial income and expenses -3.0 -1.5Salaries and remuneration to senior managementManaging Directors and Members of the Board of Directors 3.2 2.9The Group has a supplementary pension insurance affectingone person. Group management had no loans from theparent company.8. Income taxesIncome taxes payable from current and previous tax years 5.0 14.4Change in deferred tax liability -1.3 -0.23.7 14.2REPORT OF THE BOARD OF DIRECTORS • KEY FIGURES 201221

EUR millionBALANCE SHEET, ASSETSAcquistion cost 1.1.2012Translation differenceIncreasesDecreasesTranslation adjustmentAccumulated depreciation 1.1.2012Accumulated depreciation on decreasesDepreciation for the financial yearWritedownsTotal 31.12.20129. Non-current assetsIntangible assetsIntangible rights 3.6 0.0 0.1 0.0 -1.8 0.0 0.0 -0.2 0.0 1.7Other long-term expenditure 12.2 0.0 0.1 -0.4 -9.0 0.0 0.3 -0.5 0.0 2.8Capital work in progress 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1Total intangible assets 15.8 0.0 0.2 -0.4 -10.8 0.0 0.3 -0.7 0.0 4.7Goodwill 67.7 0.4 2.6 0.0 -54.4 -0.4 0.0 -4.4 0.0 11.6Tangible assetsLand 9.5 0.1 2.6 -1.4 0.0 0.0 0.0 0.0 0.0 10.8Buildings and structures 73.8 0.4 16.4 -1.1 -34.3 -0.1 0.7 -4.6 0.0 51.3Machinery and equipment 248.7 2.2 19.6 -23.2 -145.7 -1.3 19.5 -23.0 0.0 96.8Other tangible assets 4.1 0.0 0.7 -0.3 -2.8 0.0 0.1 -0.4 0.0 1.4Capital work in progress 9.4 0.1 15.9 -4.3 0.0 0.0 0.0 0.0 0.0 21.0Total tangible assets 345.5 2.9 55.2 -30.3 -182.9 -1.4 20.3 -27.9 0.0 181.3InvestmentsOther shares and shareholdings 5.0 0.0 0.1 -2.3 0.0 0.0 0.0 0.0 0.0 2.7Other investments 0.2 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.2Total investments 5.1 0.0 0.1 -2.3 0.0 0.0 0.0 0.0 0.0 3.0Total non-current assets 434.2 3.2 58.2 -33.0 -248.0 -1.8 20.7 -33.0 0.0 200.622 KEY FIGURES 2012

EUR million 2012 201110. InventoriesMaterials and supplies 56.0 61.6Finished goods 39.9 42.0Advance payments 1.5 1.297.4 104.811. Current receivablesShort-term receivablesTrade receivables 98.3 91.6Loan receivables 1.4 0.2Other receivables 9.9 12.5Accured income 8.0 9.8117.6 114.1BALANCE SHEET, ASSETS12. Shareholders´equityShare capital 0.1 0.1Share premium fund 0.2 0.20.3 0.3Retained earnings 1 Jan 233.0 211.0Dividends paid -10.5 -10.5Translation adjustment 1.7 2.4Retained earnings 31 Dec 224.2 202.9Net profit for the financial year 4.2 30.0Total retained earnings 228.4 233.0Total 228.7 233.313. ProvisionsEnviromental provisions 3.7 4.1Other provisions 6.0 5.5Total 9.7 9.6EUR million 2012 201114. LiabilitiesNon-current liabilitiesDeferred tax liabilities and receivablesDeferred tax receivablesFrom consolidation 0.1 0.3From accruals 4.0 3.2Total 4.1 3.4Deferred tax liabilitiesFrom accruals 1.1 1.1From appropriations 7.5 8.1Total 8.6 9.1Net deferred tax liabilities 4.5 5.7Loans from financial institutions 13.5 15.5Other non-current liabilities 3.6 3.7Total non-current liabilities 21.5 24.8Loans maturing after 5 years or more.Loans from financial institutions 0.5 0.5Current liabilitiesLoans from financial institutions 67.9 50.5Advances received 1.9 2.3Trade payables 49.9 56.6Other interest bearing debt 15.6 18.3Other non-interest bearing debt 3.4 4.8Accrued expenses 18.7 21.4Total current liabilities 157.4 153,9Main items in accrued expensesSalaries and social security costs 10.5 13.1Taxes 0.9 0.8Accrued financial expenses 0.5 1.3Other 6.8 6.118.7 21.4EUR million 2012 2011OTHER NOTES15. Collateral givenLiabilities for which collateral givenLoans from financial intitutions 33.4 20.6Mortgages given as collateralMortgages on property 9.5 12.9Business mortgages 46.0 33.155.5 46.0Other mortgages on property given 0.0 0.2Total mortgages 55.5 46.116. Contingent liabilitiesLeasing and rental liabilitiesPayable within one year 8.0 7.7Payable after one year 24.0 16.7Total leasing and rental liabilities 32.0 24.4Guarantees on behalf of other parties 0.0 4.9Other guarantees 4.1 4.1Total contingent liabilities 36.1 33.317. Derivative instrumentsOpen derivative intruments 31 Dec 2012Currency optionsFair value 0.0 0.0Change in value marked to the Income Statement 0.0 0.1Metal optionsFair value 0.2 0.2Change in value marked to the Income Statement 0.0 1.9Electricity derivativesFair value -0.3 -0.3Contract amounts 3.7 3.1Forward foreign exchange contracts have been made for hedgign purposes, andthey have been booked in the financial statements at their fair value. Exercised andterminated electricity derivatives have been booked in the income statement upon theirtermination. The values of open agreements are not booked in the balance sheet but areinstead listed here. At the end of the financial year the Group had open currency option,forward foreign exchange contracts and electricity derivatives.KEY FIGURES 201223

17. Group holdings in other companiesCountryGroupshareholding %Parent Company IncomeStatementParent Company BalanceSheetGROUP COMPANIESAlteams Oy Finland 100Jokirantakiinteistöt Oy Finland 100Kiinteistö Oy Lahden Norokatu 5 Finland 100Kuusakoski Oy Finland 100Suomen Hissipurku Oy Finland 100Abvac AB Sweden 100Alteams Dispensing AB Sweden 100Alteams Eesti Oü Estonia 100Alteams Poland Sp. Z o.o Poland 100Alteams Stilexo AB Sweden 100Alteams Suzhou Co. Ltd. China 100Averhoff A/S Denmark 80Bjästa Återvinning AB Sweden 100Borrkompaniet i Stockholm AB Sweden 100Crown Works Ltd Great Britain 50KS Recycling AB Sweden 50Kuusakoski AS Estonia 100Kuusakoski Inc USA 100Kuusakoski Ltd Great Britain 50Kuusakoski Philadelphia LLC USA 100Kuusakoski SIA Latvia 100Kuusakoski Spolka Zo.o Poland 100Kuusakoski Sverige AB Sweden 100Kuusakoski UAB Lithuania 100Kuusakoski US LLC USA 100Petromax ZAO Russia 100R.Å.D i Sverige AB Sweden 100Swedecraft AB Sweden 100SWEEEP Kuusakoski Ltd Great Britain 50VTKK LLC USA 60ASSOCIATED COMPANIESSähkö-Saarnikannas Oy Finland 20Ashley Alteams India Private Limited India 50Vintage Tech LLC USA 40EUR million 2012 2011Revenues 1.6 1.5Other operating income 0.3 0.0Personnel expenses 1.0 1.0Other operating expenses 1.6 0.7Operating profit -0.8 -0.2Financial income and expenses 15.8 16.3Profit before extraordinary items 15.0 16.1Group contribution 1.2 0.6Profit before taxes 16.2 16.7Income taxes 0.0 0.0Net profit for the financial year 16.2 16.7NOTE TO PARENT COMPANYFINANCIAL STATEMENTSpecification of shareholders´ equityShare capital 0.1 0.1Share premium fund 0.2 0.2Retained earnings on 1 Jan 76.8 70.6Dividends paid -10.5 -10.5Retained earnings on 31 Dec 66.3 60.1Net profit for the financial year 16.2 16.7Total retained earnings on 31 Dec 82.5 76.8Total 82.8 77.1Parent company´sdistributable funds 82.5 76.8EUR million 2012 2011ASSETSFixed assets and other long-term investmentsTangible assets 1.2 0.2Investments 72.9 72.3Total 74.2 72.5Current assetsCurrent assets 9.8 0.0Short-term receivables 22.8 27.5Total 32.6 27.5SHAREHOLDERS´EQUITYAND LIABILITIES 106.7 100.1Shareholders´equityShare capital 0.1 0.1Share premium fund 0.2 0.2Retained earnings 66.3 60.1Netprofit for the year 16.2 16.7Total 82.8 77.1LiabilitiesNon-Current liabilities 6.9 0.0Current liabilities 17.1 23.0Total 24.0 23.0106.7 100.124 KEY FIGURES 2012

Key FiguresEUR million 2012 2011 2010 2009 2008Group key financial indicatorsRevenues, MEUR 842.2 977.8 809.9 544.9 1075.2Exports and sales outside Finland, MEUR 672.8 778.3 639.6 429.3 835.4% of revenues 79.9 79.6 79.0 78.8 77.7Operating profit, MEUR 19.1 56.1 62.1 17.5 30.2% of revenues 2.3 5.7 7.7 3.2 2.8Net financing expences (excluding exhange ratedifferences), MEUR 5.4 5.2 5.1 7.1 9.9% of revenues 0.6 0.5 0.6 1.3 0.9Profit berore taxes, MEUR 9.6 46.9 56.4 11.0 15.1% of revenues 1.1 4.8 7.0 2.0 1.4Return on equity (ROE), % 2.5 14.3 20.9 3.5 6.2Return on investment (ROI), % 5.4 14.2 21.6 6.6 7.9Equity ratio, % 55.7 56.4 52.0 59.5 47.9Interest-bearing debt, MEUR 100.6 88.0 102.5 64.4 132.7Net Gearing, % 39.5 26.5 42.4 25.6 38.8Investments, MEUR 35.1 37.2 41.5 14.4 39.9% of revenues 4.2 3.8 5.1 2.6 3.7Number of personnel (average) 2,996 3,222 2,953 2,885 3,324Information per shareNumber of shares 60,000 60,000 60,000 60,000 60,000Net profit per share, EUR 69.7 500.8 665.2 93.7 197.8Equity per share, EUR 3,811.4 3,887.8 3,522.2 2,990.2 3,049.5Dividend per share, EUR 175.0 175.0 175.0 240.0 140.0Dividend as % of net profit 251.0 34.9 26.3 256.3 70.8KEY FIGURES 201225

Accounting PrinciplesCONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements and those of theparent company Kuusakoski Group Oy have been preparedin accordance with the Finnish Accounting Act.The consolidated finan-cial statements include theparent company, as well as companies in which the parentcompany directly or indirectly held more than 50 percentof the voting rights at the end of the financial year or inwhich the parent company has the power to exercise control.All inter-company receivables and liabilities, internalmargins and the effects of other internal transactionshave been eliminated. Share ownership has been eliminatedusing the acquisition cost method. The differencebetween the acquisition cost and the equity of subsidiarycompanies at the time of acquisition is presented as goodwill.Goodwill is depreciated on a straight-line basis over 5years.Minority interests are separated from the Group’s resultand shareholders’ equity and presented as separate itemsin the consolidated income statement and balance sheet.The financial information of associated companies isincluded in the consolidated financial statements usingthe equity method. The Group’s share of the results inassociated companies is presented in the financial items.Similarly, the Group’s share of the shareholders’ equity ofassociated companies is presented in the balance sheet asthe value of the shares. Associated companies are companiesin which the parent company held 20 to 50 percent ofthe voting rights at the end of the financial year.FOREIGN CURRENCY ITEMSForeign currency receivables, liabilities and commitmentsare valued according to the European Central Bank’s averageexchange rates on the closing date. Foreign currencyreceivab les and liabilities in currencies hedged with forwardexchange agreements on the closing date are valuedat the forward rate. Foreign exchange profits and lossesare charged to the appropriate items in the income statement.The balance sheets of non-Finnish subsidiaries aretranslated into euros at the average exchange rate on theclosing date and their income statement at the average ofthe monthly average exchange rates for the financial year.Exchange rate differences arising from translating shareholders’equity are presented in retained earnings.RESEARCH AND DEVELOPMENT COSTSResearch and development costs are charged to the incomestatement as annual costs.INVENTORIESInventories are presented in the balance sheet at the lowerof cost or net realisable value; they are calculated usingthe FIFO method as the amount of the variable costs arisingfrom acquisition and manufacturing, or the probablesales price. In addition to variable costs, the value of inventoriesincludes fixed costs arising from acquisition andmanufacturing.FIXED ASSETS AND DEPRECIATIONThe balance sheet values of tangible and intangible fixedassets are based on their original acquisition costs, lessaccumulated depreciation. The acquisition cost of assetsmanufactured by the company includes variable manufacturingcosts.Straight-line depreciation is made according to the planfor depreciation, which is based on the estimated usefuleconomic life of the assets.Estimated useful economic life of fixed assets:Intangible assets3 – 5 yearsGoodwill5 – 10 yearsOther long-term expenditure 5 yearsBuildings and structures10 – 30 yearsMachinery and equipment5 – 12 yearsOther tangible assets5 – 20 yearsFINANCIAL ASSETSFinancial assets are valued according to their acquisitioncost or the probable sales price.26

RECOGNITION OF PROJECTSThe revenues of long-term projects are entered accordingto the percentage of completion, which in turn is calculatedaccording to costs incurred and total estimated costs.The anticipated loss from unprofitable projects is enteredin total as a cost.PENSION ARRANGEMENTSPension costs for Group companies outside Finland arecalculated in accordance with local legislation and practiceand recorded in the consolidated financial statements.Pension obligations for Group personnel in Finland are coveredthrough payments to pension insurance institutions.DEFERRED TAXESDeferred tax liabilities and assets in the consolidated financialstatements are calculated for temporary differencesbetween the tax basis of assets and liabilities and theircarrying amounts for financial reporting purposes usingthe official tax rate confirmed on the balance sheet datefor the following financial periods. The balance sheet presentsthe deferred tax liabilities and assets as net deferredtax liabilities. Deferred tax liabilities are recorded in full,whereas deferred tax assets are entered at their estimatedrealisable amounts.Taxation requirements in Finland and certain othercountries allow companies to reduce or increase theirtaxable income through appropriations. Any increase orreduction in these is recorded in the income statement asa change in appropriations, with the counter-entry in thebalance sheet appropriations. In the consolidated financialstatements, appropriations are divided between the resultfor the year, accumulated reserves and deferred taxliability.RECOGNITION AND MEASUREMENT OFDERIVATIVE INSTRUMENTSDerivative instruments include currency options, forwardforeign exchange contracts, interest rate swaps and commodityderivatives as part of an overall risk managementpolicy. Currency options and forward foreign exchangecontracts are used to reduce anticipated foreign currencyrisks related to sales and purchases. Currency-based receivablesand liabilities in the balance sheet are valued at theforward rate of the forward foreign exchange contracts.Commodity derivatives and interest rate swaps are valuedat market prices on the closing date.27

Proposal of the BoardThe distributale funds of the Kuusakoski Group Oy amountto EUR 82.5 million, of which the net profit for the financialyear accounts for EUR 16.2 million.The Board of Directors proposes to the Annual GeneralMeeting that the distributale funds be used as follows:for payment of a divided ofEUR 175.00 per share or total of EUR 10.5 millionto be retained in shareholders´ equity EUR 72.0 millionTotalEUR 82.5 millionNo significant changes have occurred in the company´sfinancial position after the end of the financial year. Thecompany´s liquidity is good, and in the view of the Boardof the proposed distribution of finds does not risk thecompany´s financial standing.We submit these financial statements and the report ofthe Board of Directors for the financial period 1 January –31 December 2012 for the approval of the Annual GeneralMeeting.Espoo, 21 March 2013Veikko Kuusakoski, Chairman of the Board, PresidentMariella Kuusakoski-ToivolaArno PelkonenOlli VaartimoOssi VirolainenPetteri WalldénAuditor’s reportTo the Annual General Meeting of Kuusakoski Group OyWe have audited the accounting records, the financialstatements, the report of the Board of Directors, and theadministration of Kuusakoski Group Oy for the year ended31 December, 2012. The financial statements comprise theconsolidated balance sheet, income statement and cashflow statement and notes to the consolidated financialstatements, as well as the parent company’s balancesheet, income statement, cash flow statement and notesto the financial statements.Responsibility of the Board ofDirectors and the Managing DirectorThe Board of Directors and the Managing Director are responsiblefor the preparation of financial statements andreport of the Board of Directors that give a true and fairview in accordance with the laws and regulations governingthe preparation of the financial statements and thereport of the Board of Directors in Finland. The Board ofDirectors is responsible for the appropriate arrangementof the control of the company’s accounts and finances, andthe Managing Director shall see to it that the accounts ofthe company are in compliance with the law and that itsfinancial affairs have been arranged in a reliable manner.Auditor’s ResponsibilityOur responsibility is to express an opinion on the financialstatements, on the consolidated financial statements andon the report of the Board of Directors based on our audit.The Auditing Act requires that we comply with the requirementsof professional ethics. We conducted our audit inaccordance with good auditing practice in Finland. Goodauditing practice requires that we plan and perform theaudit to obtain reasonable assurance about whether thefinancial statements and the report of the Board of Directorsare free from material misstatement, and whether themembers of the Board of Directors of the parent companyor the Managing Director are guilty of an act or negligencewhich may result in liability in damages towards the companyor have violated the Limited Liability Companies Actor the articles of association of the company.An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the financialstatements and the report of the Board of Directors.The procedures selected depend on the auditor’s judgment,including the assessment of the risks of materialmisstatement, whether due to fraud or error. In makingthose risk assessments, the auditor considers internalcontrol relevant to the entity’s preparation of financial statementsand report of the Board of Directors that give atrue and fair view in order to design audit procedures thatare appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of thecompany’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used andthe reasonableness of accounting estimates made by management,as well as evaluating the overall presentationof the financial statements and the report of the Board ofDirectors.We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our auditopinion.OpinionIn our opinion, the financial statements and the report ofthe Board of Directors give a true and fair view of both theconsolidated and the parent company’s financial performanceand financial position in accordance with the lawsand regulations governing the preparation of the financialstatements and the report of the Board of Directorsin Finland. The information in the report of the Board ofDirectors is consistent with the information in the financialstatements.Helsinki, 21 March 2013KPMG OY ABJUKKA RAJALA, Authorized Public AccountantThis document is an English translation of the Finnish auditor’sreport. Only the Finnish version of the report is legally binding.29

Board of Directorsof Kuusakoski Group OyOssi VirolainenMSc (Econ), LL.MPetteri WalldénMSc (Eng)Chairman of the Board ofNokian Tyres PIcMember of the Board ofTikkurila OySE Mäkinen Logistics OyComptel OyjTeleste OyjMesera OyOne Nordic ABStaffPoint OyVeikko KuusakoskiMSc (Law)Chairman of the BoardMariellaKuusakoski-ToivolaCommercial CollegeGraduateOlli VaartimoMSc (Econ)Chairman of the Board ofValmet Automotive Inc.Vice Chairman of the Board ofOutokumpu OyjArno PelkonenMSc (Econ)PartnerTaito Capital Partners OyPresident and CEO ofValucast OyChairman of the Board ofStera Technologies OyMember of the Board ofHögfors GST OyREPORT OF THE BOARD OF DIRECTORS 201231

Contact informationGROUP MANAGEMENTKuusakoski Group OyP.O. Box 9 / Hyttipojankuja 2FI-02781 EspooTel. +358 20 781 781Fax +358 20 781 7230firstname.lastname@kuusakoski.comRECYCLING OPERATIONSEkopark EspooÄmmässuonkuja 1FI-02820 EspooTel. +358 20 781 781Fax +358 20 781 7371HeinolaP.O. Box 96 / Kuusakoskentie 5FI-18101 HeinolaTel. +358 20 781 781Fax +358 20 781 7411KajaaniNuaskatu 6FI-87400 KajaaniTel. +358 20 781 7580Fax +358 20 781 7581KalajokiSatamatie 422FI-85180 RahjaTel. +358 20 781 7590Fax +358 20 781 7591PoriMäntyluotoFI-28880 PoriTel. +358 20 781 7660Fax +358 20 781 7661RaumaHitsaajantie 10FI-26820 RaumaTel. +358 20 781 7680Fax +358 20 781 7681Kuusakoski OyMain OfficeP.O. Box 9 / Hyttipojankuja 2FI-02781 EspooTel. +358 20 781 781 /switchboardTel. +358 800 3 0880 /customer serviceFax +358 20 781 7230firstname.lastname@kuusakoski.comwww.kuusakoski.comFinlandAirakselaRomulantie 75FI-71490 AirakselaTel. +358 20 781 7500Fax +358 20 781 7501Ekopark LahtiNorokatu 5FI-15170 LahtiTel. +358 20 781 7144Espoo – KauklahtiP.O. Box 6 / Lasihytti 4FI- 02781 EspooTel. +358 20 781 781Fax +358 20 781 7335Helsinki – KivikkoP.O. Box 205 / Kivikonlaita 5FI-00941 HelsinkiTel. +358 20 781 781Fax +358 20 781 7302HyvinkääUudenkyläntie 28FI-05950 HyvinkääTel. +358 20 781 7375IisalmiParkatinkuja 8FI-74120 IisalmiTel. +358 20 781 7530Fax +358 20 781 7531ImatraPilarikuusenkatu 5FI-55610 ImatraTel. +358 20 781 7540Fax +358 20 781 7541JoensuuLylykoskentie 35FI-80130 JoensuuTel. +358 20 781 7550Fax +358 20 781 7551JyväskyläRuokomäentie 50FI-40530 JyväskyläTel. +358 20 781 7560Fax +358 20 781 7561KarjaaP.O. Box 20 / Keräystie 20FI-10301 KarjaaTel. +358 20 781 7600Fax +358 20 781 7061KotkaJänskäntie 9FI-48310 KotkaTel. +358 20 781 7622Fax +358 20 781 7060LahtiSapelikatu 8FI-15160 LahtiTel./fax +358 20 781 7699LaihiaJarrumiehentie 46FI-66400 LaihiaTel. +358 20 781 7690Fax +358 20 781 7691LapuaKalliotie 1FI-62100 LapuaTel. 020 781 7718OuluRuskonniityntie 4FI-90630 OuluTel. +358 20 781 7640Fax +358 20 781 7641TampereLastikankatu 10FI-33730 TampereTel. +358 20 781 7700Fax +358 20 781 7701TurkuRavurinkatu 32FI-20380 TurkuTel. +358 20 781 7720Fax +358 20 781 7721VantaaHanskalliontie 3FI-01760 VantaaTel. +358 20 781 781Fax +358 20 781 7341Suomen Hissipurku OyHylliläntie 14FI-33730 Tamperesuomenhissipurku@gmail.com32 CONTACT INFORMATION

ChinaOffice in Hong KongLevel 18, Wheelock House,20 Pedder Street,Central, Hong KongTel. +86 1350 180 1625DenmarkAverhoff A/SVejlbjergvej 9DK-8240 RisskovTel. +45 86 24 38 44Fax +45 86 24 38 54EstoniaKuusakoski ASMain OfficeBetooni 12EE-11415 TallinnTel. +372 625 8600 /officeTel. +372 625 8666/customer serviceFax +372 601 2745firma@kuusakoski.comJõhviKaasiku 32Jõhvi valdEE-41533 Ida-VirumaaTel. +372 33 27 977Fax +372 33 27 397johvi@kuusakoski.comNarvaPuuvilla 21EE-20207 NarvaTel. +372 356 2211Fax +372 356 2055narva@kuusakoski.comPaideMündi 49 (Paide jäätmejaam)EE-72719 PaideTel. +372 53 027 188paide@kuusakoski.comPaldiskiRae põik 14 Paldiski LõunasadamEE-76806 PaldiskiTel. +372 674 1090Fax +372 674 1089paldiski@kuusakoski.comPärnuSavi 30EE-80010 PärnuTel. +372 443 7748Fax +372 443 7764parnu@kuusakoski.comRakvereRaua 2EE-44317 RakvereTel. +372 322 5310Fax +372 322 5311rakvere@kuusakoski.comRaplaMäepere jäätmejaamÜlejõe küla, Rapla valdTel. +372 57 501 937rapla@kuusakoski.comTartuTeguri 53EE-51013 TartuTel. +372 736 7772Fax +372 736 7499tartu@kuusakoski.comViljandiVaksali 44EE-71012 ViljandiTel. +372 43 49 665Fax +372 43 49 668viljandi@kuusakoski.comVõruJaama 22EE-65604 VõruTel. + 372 78 200 74voru@kuusakoski.comGreat BritainKuusakoski LtdCrown WorksFaraday RoadUK-S9 3XZ SheffieldTel. +44 114 244 8448Fax +44 114 242 5930SWEEEP Kuusakoski LtdGas RoadSittingbourneKentUK-ME10 2QBTel. +44 1795 434 125Fax +44 1795 420 339LithuaniaKuusakoski UABMain OfficeMinijos g. 162LT- 93263 KlaipėdaTel. +370 46 397 040Fax +370 46 397 050info.lt@kuusakoski.comAlytusPramonės g. 15LT-62175Tel./Fax. +370 315 77981KaunasT. Masiulio g. 18LLT-52460 KaunasTel./Fax +370 37 380 267KdainiaiS.Dariaus ir S.Girėno g. 91LT-57153 KėdainiaiTel./fax +370 347 54 325PanevžysTinklų g. 33LT-35115 PanevėžysTel./fax +370 455 81 878ŠiauliaiPramonės g. 26LT-78151 ŠiauliaiTel./fax +370 414 50 020VilnaPramonės g. 97LT-11115 VilniusTel./fax +370 5 267 2897PolandKuusakoski Sp. z o.o.Ul. Polska 1dPL-81339 GdyniaTel. +48 58 660 7043Fax +48 58 660 7044info-poland@kuusakoski.comRussiaPetromax ZAOMain OfficeKhimicheskiy pereulok 1RUS-198095 St. PetersburgPostal address: P.O. Box 98FI-53501 Lappeenranta, FinlandTel. +7 812 320 8240Fax +7 320 8242GatchinaUlitsa Kooperativnaya 1RUS-188350 GatchinaTel. +7 812 972 0153petromax@kuusakoski.ruCONTACT INFORMATION33

MoscowUlitsa Industrialnaja 9RUS-141730 LobnjaMoscovskaya oblastTel. +7 495 995 4754Fax +7 495 995 4756moscow@kuusakoski.ruVyborgPromzona TammisuoRUS-188800 VyborgTel. +7 812 320 4070Fax +7 812 320 4072petromax@kuusakoski.ruSwedenGävleGävle hamn, FredrikskansSE-805 95 GävleTel. +46 26 123 702Fax +46 26 123 752KarlshamnÖstersjövägen 24-13SE-374 31 KarlshamnTel. +46 454 143 60Fax +46 454 143 61KirunaLastvägen 39SE-981 38 KirunaTel. +46 980 144 60Fax +46 980 144 62SkelleftehamnJärnvägsleden 91SE-932 33 SkelleftehamnTel. +46 020 566 566Fax +46 910 711 798SkellefteåSvedjevägen 6SE-931 36 SkellefteåTel. +46 020 566 566Fax +46 910 711 799StockholmBromstensvägen 176SE-163 55 SpångaTel. +46 8 564 722 40Fax +46 8 564 722 49Kuusakoski RivtjänstJärnvägsleden 91SE-932 33 SkelleftehamnTel. +46 910 711 770Fax +46 910 711 776Abvac ABElektravägen 10SE-126 30 HägerstenTel. +46 8 178 300Fax +46 8 726 83 82Borrkompaniet i Stockholm ABElektravägen 10SE-126 30 HägerstenTel. +46 8 744 50 65Fax +46 8 744 50 64Kuusakoski Sverige ABMain Office StockholmSpånga CenterStormbyvägen 2-4SE-163 29 SpångaTel. +46 20 566 566Fax +46 8 672 07 07Administrative OfficeSvedjevägen 6SE-931 36 SkellefteåTel. +46 20 566 566Fax +46 910 771 793Göteborg/StenkullenTollestorpsvägen 22SE-443 61 StenkullenTel. +46 31 330 8800Fax +46 31 330 1600GällivareExportvägen 8SE-982 38 GällivareTel. +46 970 137 61Fax +46 970 130 22LuleåCementvägen 3SE-973 45 LuleåTel. +46 920 248 240Fax +46 920 250 363LyckseleSandåsvägen 3SE-921 45 LyckseleTel. +46 950 104 75Fax +46 950 145 10OxelösundStegeluddenSE-613 31 OxelösundTel. +46 155 29 62 26Fax +46 155 296 224PiteåBatterigatan 5SE-941 47 PiteåTel. +46 911 230 640Fax +46 911 211 764Timrå/SundsvallÅrvältsvägen 11SE-861 36 TimråTel. +46 60 515 580Fax +46 60 572 930UmeåTegelbruksvägen 5SE-907 42 UmeåTel. +46 90 708 890Fax +46 90 708 899Vetlanda/KorsbergaStockatorpSE-570 10 KorsbergaTel. +46 383 202 08Fax +46 383 202 61Örnsköldsvik/BjästaBruksvägen 23SE-893 40 KöpmanholmenTel. +46 660 294 730Fax +46 660 223 155KS Recycling ABBjurögatan 43SE-211 24 MalmöTel. +46 40 680 6640Fax +46 40 937 722R.Å.D i Sverige ABElektravägen 10SE-126 30 HägerstenTel. +46 8 178 350Fax +46 8 372 370SwedeCraft ABP.O. Box 118/Välsviksleden 206SE-651 04 Karlstad/656 39 KarlstadTel. +46 54 153 385Fax +46 54 153 38634 CONTACT INFORMATION

TaiwanFOUNDRY OPERATIONSChinaIndiaOffice in TaiwanMr. Alfred Huang3F-1, No. 467, Section 6Ming Chuen East Road, Nei HuTW-114 Taipei, TaiwanTel. +886 2 2632 8402Fax +886 2 2632 8525alfred.huang@kuusakoski.com.twAlteams GroupHead office/ Sales & Engineering OfficeP.O. Box 91 / Yritystie 1FI-40351 JyväskyläTel. +358 201 339 500Fax +358 201 339 505firstname.lastname@alteams.comwww.alteams.comAlteams (Suzhou) Co., Ltd.Pressure Die CastingsNo. 388, Chao Hong RoadFengqiang Industrial ParkSuzhou New DistrictP.R. China 215129Tel. +86 512 6665 8400Fax +86 512 6665 8401firstname.lastname@cn.alteams.comAshley Alteams India LimitedOfficeAD-61, New No. 3First Floor, 3rd StreetAnna NagarChennai - 600 040, IndiaTel. +91 44 4261 5323Fax +91 44 2620 0224marketing@ashleyalteams.comUSAKuusakoski Inc235 West 48th St # 42BNY 10036, USAKuusakoski US, LLC1105 Windham ParkwayRomeoville, IL 60446, USATel. +1 404 219 5088Kuusakoski Philadelphia, LLC3150 Orthodox Street, PhiladelphiaPA 19137, USATel. +1 215 533 8323Fax +1 215 533 8325VTKK, LLC1105 Windham ParkwayRomeoville, IL 60446, USATel. +1 404 219 5088Vintage Tech, LLC1105 Windham ParkwayRomeoville, IL 60446, USATel. +1 866 435 9223FinlandAlteams OyLaihiaLänsitie 61FI-66400 LaihiaTel. +358 201 339 500Fax +358 201 339 401LoppiP.O. Box 55 / Valutie 2FI-12701 LoppiTel. +358 201 339 500Fax +358 201 339 351OuluLogistics CenterSälpäkuja 7FI-90620 OuluTel. +358 201 339 500Fax +358 201 339 471RuovesiTeollisuuskuja 3FI-34600 RuovesiTel. +358 201 339 500Fax +358 201 339381Alteams Hitech ToolsBuilding 12, 369 Lushan RoadSND NEPSuzhou, JiangsuP.R. China 215129Tel. +86 512 6662 7500Fax +86 512 6662 7501DenmarkDenmark MET Sales Officec/o Ginnerupvej 42, KrejbjergDK-7860 SpøttrupTel. +45 97 53 34 00Fax +45 97 53 34 05EstoniaAlteams Eesti OÜLogistics CenterPeterburi tee 75AEE-11415 TallinnTel. +372 6 209 570Fax +372 6 209 571firstname.lastname@ee.alteams.comFactoryNo.8, SIPCOT Industrial ParkChellaperumpulimedu VillageSozhavaram Post, Akkur (via)Cheyyar Taluk - 631 701Thiruvannamalai DistrictIndiaTel. +91 4182 221500Fax +91 4182 221512SwedenAlteams Stilexo ABSales and Engineering OfficeP.O. Box 50 / Fabriksgatan 49-51SE-56822 SkillingarydTel. +46 370 79570Fax +46 370 71220CONTACT INFORMATION35