Annual Report 1011 - The Stena Metall Group

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GROUPSTATEMENT OF CASH FLOWSSeptember 1–August 31, SEK million Note 2010/2011 2009/2010Operating activitiesIncome before tax 525.1 451.4Adjustments for non-cash items, etc. 749.6 820.21,274.7 1,271.6Taxes paid 13.3 16.7Cash flow from operating activities before changes in working capital 1,288.0 1,288.3Cash flow from changes in working capitalIncrease(–)/decrease (+) in inventories –896.2 300.4Increase (–)/decrease (+) in current receivables –739.9 –90.0Increase (+)/decrease (–) in current liabilities 595.4 179.5Cash flow from operating activities 247.3 1,678.2Investing activitiesAcquisition of subsidiaries and assets/liabilities 35 –234.4 –42.8Disposal of assets/liabilities — 10.4Acquisition of intangible fixed assets –2.5 —Disposal of intangible fixed assets — 3.6Acquisition of tangible fixed assets –478.8 –194.0Disposal of tangible fixed assets 14.4 37.8Increase (–)/decrease (+) in financial assets –49.8 727.0Cash flow from investing activities –751.1 542.0Financing activitiesLoan proceeds 2,213.8 963.0Amortization of loan liabilities –773.4 –2,134.8Share dividend –45.0 —Donation to foundation –4.5 —Cash flow from financing activities 1,390.9 –1,171.8Cash flow for the year 887.1 1,048.4Liquid assets, September 1 1,642.1 596.9Translation difference in liquid assets –1.7 –3.2Liquid assets, August 31 35 2,527.5 1,642.1Supplemental disclosure to statement of cash flows 35Adjustments for non-cash items, etc.Income from investments in associated companies –5.7 –4.5Depreciation and impairment losses on assets 614.3 831.0Unrealized translation differences 111.9 62.9Capital gain/loss on sale of fixed assets 1.4 –4.6Withdrawals from/provisions for pensions 3.4 –2.1Other provisions 24.3 –62.5Total 749.6 820.238
GROUPACCOUNTING ANDVALUATION PRINCIPLESAmounts stated in the annual report are in millions of Swedish kronor(SEK million) unless indicated otherwise.General accounting principlesThe annual report has been prepared in accordance with theAnnual Accounts Act, the recommendations and pronouncementsof the Swedish Financial Accounting Standards Council and thepronouncements of the Swedish Financial Reporting Board.The company’s shares are not publicly traded. For this reason,it does not apply RR 18 Earnings per Share and RR 25 SegmentReporting.Consolidated accountsThe consolidated accounts have been prepared in accordance withthe Swedish Financial Accounting Standards Council’s recommendationRR 1:00 Consolidated Financial Statements.The consolidated financial statements comprise Stena Metall ABand all companies in which the Parent Company at the end of thefiscal year directly or indirectly owns more than 50 percent of thevoting rights or otherwise exercises a decisive influence. Companiesacquired during the year have been included in the consolidatedincome statement as of their date of acquisition.Intra-Group receivables and liabilities as well as transactionsbetween companies in the Group and internal gains are eliminatedupon consolidation.The consolidated accounts have been prepared according to thepurchase method of accounting. The accounts of foreign subsidiarieshave been translated to Swedish kronor according to the SwedishFinancial Accounting Standards Council’s recommendation RR 8,which calls for use of the current method. According to this method,all assets, provisions and liabilities are translated at closing dayexchange rates, while all income statement items are translated atthe average exchange rates for the year. Translation differences areposted directly to shareholders’ equity.Associated companiesShareholdings in associated companies, in which the Group ownsat least 20 percent but not more than 50 percent of the votingrights or otherwise exercises a significant influence over operationaland financial management, are normally reported according to theequity method in accordance with the Swedish Financial AccountingStandards Council’s recommendation RR 13.The equity method means that the book value of shares in associatedcompanies is carried by the Group as its share of these companies’equity plus any residual surplus or deficit value.In the consolidated income statement, the Group’s share of theincome before tax of associated companies is reported as “Incomefrom investments in associated companies.” The Group’s share ofthe reported taxes of associated companies is included in theGroup’s tax expenses. Profit shares earned after the acquisitionof associated companies and which have not yet been realizedthrough dividends or distributions are included in the Group’srestricted equity.MergerMergers are reported in accordance with BFNAR 1999:1 Merger ofwholly owned subsidiaries. The consolidated value method hasbeen applied, whereby the acquiring company reports the assetsand liabilities of the merged subsidiary at the values reported inthe consolidated accounts.ClassificationFixed assets, long-term liabilities and provisions largely consist ofthe amounts that are expected to be recovered or paid more thantwelve months after the closing day. Current assets and liabilitiesessentially consist of the amounts that are expected to be recoveredor paid within twelve months of the closing day.Valuation principles, etc.Assets, provisions and liabilities have been valued at acquisitionvalue unless indicated otherwise.Foreign currenciesReceivables and liabilities in foreign currency are valued at closingday rates in accordance with the Swedish Financial AccountingStandards Council’s recommendation RR 8. Where forwardcontracts have been used as a currency hedge, the forward rateis applied.Financial instrumentsA financial asset or financial liability is reported in the balancesheet when the company becomes party to the instrument’s contractualterms. Accounts receivable are reported in the balancesheet when an invoice is sent. Accounts payable are reported whenan invoice is received.A financial asset is removed from the balance sheet when therights in the agreement are realized, expire or the company lossescontrol over them. A financial liability is removed from the balancesheet when the commitment in the agreement is fulfilled or hasotherwise been discharged.39
Page 1 and 2: THE STENA METALL GROUP2010/2011Watc
Page 3: OPERATING OVERVIEWRECYCLINGThe Grou
Page 6 and 7: CHIEF EXECUTIVEOFFICER’S COMMENTS
Page 8 and 9: MARKET AND PRICESThe prices of the
Page 10 and 11: OUR OPERATIONSA BUSINESS THAT WORKS
Page 12 and 13: STENA SOLUTIONSOur total waste mana
Page 14 and 15: Production, trading and salesALUMIN
Page 16 and 17: Baled cardboard en route from a Ste
Page 18 and 19: RECYCLINGand shared the same goals
Page 20 and 21: TRADING & SALESRecycled materials a
Page 22 and 23: ELECTRONICS RECYCLINGON THE CUTTING
Page 24 and 25: Here finished aluminium alloy is po
Page 26 and 27: STEELMORE PRODUCTS AND FASTERCUSTOM
Page 28 and 29: OILGROWING BUSINESSIN WEST AFRICA90
Page 30 and 31: ECONOMICS & FINANCENEW CFO SEES STR
Page 32 and 33: THE STENA SPHEREBUSINESS AREA *STEN
Page 35 and 36: FINANCIAL REVIEWDirectors’ report
Page 37 and 38: environmental approval was received
Page 39 and 40: GROUPINCOME STATEMENTSeptember 1-Au
Page 41: August 31, SEK million Note 2011 20
Page 45 and 46: Liquid assetsFor a definition of li
Page 47 and 48: Note 1 Personnel. continued2010/201
Page 49 and 50: 7 Operating income10 TaxesBy busine
Page 51 and 52: 15 Land and other real estate16 Pla
Page 53 and 54: 21 Other long-term receivablesAccum
Page 55 and 56: 35 Cash flowIn the statement of cas
Page 57 and 58: PARENT COMPANYINCOME STATEMENTSepte
Page 59 and 60: August 31, SEK million Note 2011 20
Page 61 and 62: PARENT COMPANYNOTES TO THE FINANCIA
Page 63 and 64: 12 EquipmentAug. 31, 2011 Aug. 31,
Page 65 and 66: Group companies’ holdings of shar
Page 67 and 68: AUDITORS’ REPORTTo the Annual Gen
Page 69 and 70: From left:PER KAUFMANN Executive, F

Annual Report 1011 - The Stena Metall Group

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