Annual report 2011 - Trelleborg

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CORPORATE GOVERNANCE REPORT conducted by the Internal Control staff function in cooperation with internal resources from other staff functions with specialist competence in such areas as purchasing and finance, or jointly with controllers from various business areas. Internal audits of IT security were carried out by the head of the IT Group staff function together with external consultants. In 2011, the focus remained on purchasing processes, inventory processes, sales processes and accounting and reporting processes. A special focus area in 2011 was the management of value-added tax. Training courses were implemented in several countries in Europe together with external consultants, Financial reports and reporting processes Purchasing process Inventory process Sales process Process for property, plant and equipment IT security process Salary management process, incl. pensions and other compensation 46 Annual Report 2011 Trelleborg AB Company 1 aimed at raising levels of competence for relevant personnel and thus reducing risks due to incorrect management. In 2011, the Internal Control Group staff function also participated in internal projects concerning new reporting procedures for Enterprise Risk Management and Corporate Responsibility, where the consolidation system played a significant role. This system is already in use in financial reporting and for reporting of work involving the internal control over the financial reporting. Focus in 2012 In 2012, the Internal Control staff function will work broadly with the audit of all processes, but with a greater focus on Company 2 Group-wide reporting system with quarterly feedback from subsidiaries Companies respond to how they comply with the Group’s minimum requirements for good internal control in selected processes Deficiencies are identified, measures are planned and implemented by the companies Encompasses approximately 100 subsidiaries, of which the largest approximately 40 companies shall apply both A and B levels in terms of minimum levels for good internal control and the approximately 60 smaller companies will only apply the A level Covers seven selected processes and about 280 minimum requirements for good internal control All relevant employees annually confirm in writing their knowledge of, and compliance with, the Group’s internal governance instruments. Business area 1 Business area 2 Purchasing Internal audits are conducted by the Internal Control staff function in cooperation with internal resources from other staff functions and external consultants Internal audits of IT security are carried out by the head of Group IT together with external consultants Comprises seven selected processes and about 280 minimum requirements for good internal control Internal audits result in observations, recommendations and proposals for decisions and measures Identified deficiencies are followed up on a quarterly basis by business area controllers and the Internal Control staff function. project accounting in relevant companies. Geographically, the Internal Control staff function will continue to focus on emerging markets, but the majority of internal audits will take place in Europe. The Internal Control staff function’s goal for 2012 is to involve local national controllers in the internal audits of smaller companies. This will take place under the supervision of the Internal Control staff function. Trelleborg, February 27, 2012 Board of Directors of Trelleborg Treasury Self-evaluation Internal audit Training/tools Etc. A number of training programs in defined processes relating to minimum requirements for good internal control took place in 2011 Training programs are aimed at increasing knowledge levels and understanding pertaining to efficient processes and good internal control Training programs are a forum for the exchange of experience and sharing best practice A new intranet section has been available since 2009 to provide employees access to standardized tools and documents, as well as examples of business solutions. GRI: Governance (EC), EN, LA, HR, SO, PR
As part of the infrastructure project connecting Hong Kong with Zhuhai-Macau, construction work is currently under way on the world’s longest immersed tunnel. Trelleborg will supply the seals for the almost seven-kilometer tunnel. The project is one of the most technically complicated ever undertaken in the region. For example, the tunnel’s design must be able to withstand the effects of possible earthquakes and the seals between tunnel sections must be extremely durable. Some 34 Gina gaskets in addition to 34 large and 219 small Omega seals from Trelleborg will be employed for this task. CORPORATE RESPONSIBILITY Corporate Responsibility ............................48-61 Corporate Responsibility 2011 in brief ........................ 48 Target indicators, outcome and progress in 2011 ......... 49 Foreword by the President and CEO ............................. 50 Governance and Code of Conduct ............................... 51 Values and strategy ................................................... 52 Active stakeholder dialog ............................................ 53 Environmental responsibility ........................................ 54 Responsibility for employees and the workplace ........... 56 Responsibility for customers and suppliers .................. 58 Responsibility for society and the community ............... 59 Index ......................................................................... 60 Assurance report ........................................................ 61 Annual Report 2011 Trelleborg AB 47
Page 1 and 2: ANNUAL REPORT WE SEAL, DAMP AND PRO
Page 3 and 4: TRELLEBORG IN BRIEF GLOBAL LEADER I
Page 5 and 6: sek 29,106 m Demand was significant
Page 7 and 8: Trelleborg will be able to allocate
Page 9 and 10: FURTHER DEVELOPMENT OF ANTIVIBRATIO
Page 11 and 12: Continuing operations Net sales and
Page 13 and 14: KEY FIGURES Market position, no. 1-
Page 15 and 16: KEY FIGURES 2011 2010 Net sales, se
Page 17 and 18: KEY FIGURES Net sales and ROS* 2011
Page 19 and 20: KEY FIGURES 2011 2010 Net sales, se
Page 21 and 22: About the material’s properties N
Page 23 and 24: WE ARE GROWING IN PACE WITH GLOBALI
Page 25 and 26: INCREASED GLOBAL PRESENCE +11% Nort
Page 27 and 28: OUR FINANCIAL TARGETS Trelleborg sh
Page 29 and 30: EXCELLENCE - CONTINUOUS IMPROVEMENT
Page 31 and 32: Turcon® M12 is the name of a new p
Page 33 and 34: Moreover, because selected parts of
Page 35 and 36: The elevated risk level has been de
Page 37 and 38: Financial risks, cont. Maturity ter
Page 39 and 40: CORPORATE GOVERNANCE Trelleborg is
Page 41 and 42: Independence of the Board The Board
Page 43 and 44: Name Nina Udnes Tronstad Heléne Vi
Page 45 and 46: Name Maurizio Vischi Sören Anderss
Page 47 and 48: President and Group Management The
Page 49: Control staff function works in acc
Page 53 and 54: TARGET INDICATORS OUTCOME AND PROGR
Page 55 and 56: GOVERNANCE AND CODE OF CONDUCT Gove
Page 57 and 58: ACTIVE STAKEHOLDER DIALOG Trellebor
Page 59 and 60: in the voluntary reporting process
Page 61 and 62: workplaces globally. Trelleborg’s
Page 63 and 64: RESPONSIBILITY FOR SOCIETY AND THE
Page 65 and 66: ASSURANCE REPORT Auditor’s Report
Page 67 and 68: Our finances ......................
Page 69 and 70: CONSOLIDATED INCOME STATEMENTS sek
Page 71 and 72: Operating profit In addition to dis
Page 73 and 74: Income statement per quarter Contin
Page 75 and 76: CONSOLIDATED BALANCE SHEETS Decembe
Page 77 and 78: COMMENTS ON THE CONSOLIDATED CASH-F
Page 79 and 80: Note 1 General information The Pare
Page 81 and 82: Dividend income Dividend income is
Page 83 and 84: loss. If the loan, and consequently
Page 85 and 86: Assets and liabilities by business
Page 87 and 88: Note 4 Auditor’s remuneration sek
Page 89 and 90: Note 15 Intangible assets Buildings
Page 91 and 92: Note 18 Deferred tax assets/tax lia
Page 93 and 94: Note 26 Equity Specification of oth
Page 95 and 96: At December 31, 2010 Assets at fair
Page 97 and 98: Note 36 Events after the closing da
Page 99 and 100: PARENT COMPANY, TRELLEBORG AB Chang
Page 101 and 102:
Note 45 Property, plant and equipme
Page 103 and 104:
Proposed treatment of unappropriate
Page 105 and 106:
TEN-YEAR OVERVIEW Trelleborg Group
Page 107 and 108:
Swedish and foreign ownership, base
Page 109 and 110:
Spain Production: Burgos, Cascante,
Page 111 and 112:
FINANCIAL DEFINITIONS AND GLOSSARY
Page 113 and 114:
ADRESSES Head offices Trelleborg AB
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Annual report 2011 - Trelleborg

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