Financial Statements - Kuusakoski

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Everyone understood that there was no going back<strong>Kuusakoski</strong> 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.<strong>Kuusakoski</strong> 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
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Financial Statements - Kuusakoski

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