Annual Report 2010 Hitachi Zosen Inova AG

Transcription

Annual Report 2010 Hitachi Zosen Inova AG
Annual Report 2010
Hitachi Zosen Inova AG
Key Figures at a Glance
AE&E Inova AG, Switzerland (in kCHF)
Order intake
Order backlog
Revenues
EBITDA
EBIT
Net income
Investments in property, plant and equipment
and intangible assets
Share capital
Net assets
Total assets
Equity ratio
Workforce as of December 31 Audit Certification:
The figures stated herein refer to AE&E Inova AG according
to IFRS standards and were audited as such by BDO.
20102009 20082007
21,974244,432 837,382 677,591
245,258 632,7881,061,048 800,485
404,935659,699 565,963 415,189
(86,529)33,900 36,387 30,144
(116,061)32,790 35,390 29,193
(113,867) 21,159 39,99823,824
7,6018,258 9,1459,265
40,00040,000 40,00040,000
16,430100,904 89,907 83,079
291,092616,450 593,743 519,320
6 %
16 %
15 %
16 %
338 382
377
327
Hitachi Zosen Inova AG Annual Report 2010
Contents
2Overview
Business Year 2010
Hitachi Zosen
Inova AG
Insolvency
of AE&E Group
A New Owner
and a New Name
Overview of Impact
and Financial
Performance 2010
6
Hitachi Zosen
12
Company Profile
Corporation
Hitachi Zosen
Inova AG
Profile
and Philosophy
History
Statement of CEO
Organisation
Energy from Waste
Segments
and Products
Statement of
President of Hitachi
Zosen Corporation
Key Figures
2007 – 2010
Partner for
Sustainable Solutions
Services and Products
25
Outlook
and Strategy 2011
Hitachi Zosen
Inova AG
Market
Strategy
29 Annual Financial
Statements 2010
Hitachi Zosen
Inova AG
1
2
Overview Business Year 2010
Hitachi Zosen Inova AG
Legal Structure Hitachi Zosen Inova AG
before take-over by Hitachi Zosen Corporation
Filed for insolvency on 03.12.2010
AE&E Inova Holding AG
(“provisorische Nachlassstundung”)
Switzerland
Finance Holding
Sold to Hitachi Zosen Corporation
AE&E Inova AG
Switzerland
on 20.12.2010
Operating Company 100%
Included in sale of AE&E Inova AG
AE&E KRB AG
Switzerland
Operating Company 100%
AE&E Nanjing Boiler Co. Ltd.
PR of China
Sold to Altawest SAS,
closing 27.01.2011
Operating Company 100%
AE&E Maintenance France S.A.S
France
Holding
Included in sale of AE&E Inova
France SA to Altawest SAS
Hitachi Zosen Inova AG
Switzerland
*
Operating Company 100%
Hitachi Zosen KRB AG
Switzerland
Operating Company 100%
Filed for insolvency
on 08.02.2011
Operating Company 100%
HITZ HOLDINGS U.S.A. INC.
USA
Holding 100%
Legal Entity to be closed in
2011, branch office of Hitachi
Sales Company 100%
Zosen Inova AG will remain
Hitachi Zosen Inova U.S.A. LLC
USA
Operating Company 100%
Legal Entity closed
in February 2011
Licencee 100%
* The former US-subsidiary, located in Georgia, has been taken over
Continuous business
AE&E Inova UK Ltd.
UK
Japan
U.S.A. LLC on 12.05.2011
AE&E Inova Ltd.
Japan
Hitachi Zosen Corporation
Operating Company 100%
AE&E Inova AB
Sweden
Legal Structure Hitachi Zosen Inova AG
after take-over by Hitachi Zosen Corporation
Taken over by Hitachi Zosen Inova
AE&E Mechanical Installations
International Ltd.
UK
France SA to Altawest SAS
Operating Company 100%
AE&E Inc.
USA
Included in sale of AE&E Inova
Operating Company 100%
AE&E Inova France Operations S.A.S
France
Holding AG on 17.12.2010
Operating Company 90%
AE&E Inova France SA
France
Shares transferred to AE&E Inova
Changes in AE&E Group Structure
Due to excessive indebtedness and an absence
of a positive outlook, AE&E Inova Holding AG’s
mother company, AE&E Group GmbH, filed
for reorganisation proceedings in accordance
with Austrian legislation on November 24th 2010
at Vienna Commercial Court. AE&E Inova AG
had to depreciate its loan to AE&E Group GmbH
and as a consequence AE&E Inova Holding AG
filed for insolvency (provisorische Nachlassstundung) on December 3rd in Zurich under Swiss law.
On December 20th 2010 AE&E Inova AG, together
with its subsidiary AE&E KRB AG, became a
company of Hitachi Zosen Corporation, one of
the world’s leading groups in the fields of environmental protection, industrial plants, precision
and industrial machinery, marine disaster prevention, steel structures and construction machinery.
The renaming to Hitachi Zosen Inova AG took
place as of February 16th 2011.
Project Support Office 100%
by Hitachi Zosen Inova U.S.A. LLC. and is together with Hitachi Zosen
Inova AG responsible for the Energy-from-Waste business in the
United States. The company is owned by Hitz Holdings U.S.A. Inc.
and is operationally attributed to Hitachi Zosen Inova AG.
Hitachi Zosen Inova AG Annual Report 2010
Take-over of leading company
Technology know-how and the Intellectual Property
Rights, R&D, skill and people, management, market
coverage and the capability to execute turn key
projects have been concentrated at AE&E Inova AG,
the entity taken over by Hitachi Zosen Corporation
and now named Hitachi Zosen Inova AG.
Hitachi Zosen Inova AG will grant Inova France SA
an exclusive licence for France and other Frenchspeaking countries.
Safeguarding the strong market position
In 2010, AE&E Inova AG was nominated as
preferred bidder for three major turnkey projects
in the UK and paved the way for three other European contracts for which it was selected in the
first quarter of 2011. Thus Hitachi Zosen Inova AG
has secured its strong market position in Europe.
Handover and progress of major projects
During the year under review, AE&E Inova AG
successfully completed the following projects.
• In Moerdijk (NL), line #4 was handed over
to our customer AZN after one year of efficient
operation with an availability of 92%.
• 34 months after the project was awarded,
AE&E Inova, commissioned as general
contractor, successfully handed over line #2
of the Energy-from-Waste plant in Bergen (NO),
to the customer.
• The construction of the Energy-from-Waste plant
in Leudelange (LU), for which AE&E Inova was
commissioned as the general contractor, has
been completed and PAC has been achieved on
schedule.
• In Mallorca (ES) the construction of the two-line
Energy-from-Waste plant was completed and
handed over (PAC) successfully.
• Two flue gas cleaning trains were handed over
on time at the Energy-from-Waste plant in
Giubiasco (CH).
Other noteworthy events were the various
successfully completed pressure tests in Roosendaal (NL), Riverside (UK), New Haven (UK)
and Oslo (NO). All these projects will be ready
for handover during 2011.
3
Nevertheless the insolvency situation of AE&E
Group GmbH in the last quarter of 2010 resulted
in project delays. Immediately after the take-over
by Hitachi Zosen Corporation, actions were initiated to accelerate the project execution in order
to achieve a timely handover of the projects. At the
end of the first quarter 2011 Hitachi Zosen Inova
AG managed to successfully catch up any project
delays.
R&D
Development efforts in 2010 were focused on
improving both the economic and energy efficiency
of Energy-from-Waste plants. Several aspects have
been combined to create a more compact plant
which achieves higher availability and generates
more electric and heat energy for sale. These
features, which are currently being offered in
the market as a combined package, include an
innovative and highly efficient combustion process,
improved NOx reduction and latest technologies
for flue gas cleaning. The R&D budget for 2011
will be significantly increased in order to further
develop these features and strengthen the leading
market position of the company.
4
Order intake
In 2010 the continuing global economic crisis had
still an impact on capital spending. The plant
engineering and construction industry was strongly
hit with potential clients and banks acting reluctantly
with the public hand also cutting back on expenses.
This led to a delay of several project awards in our key
markets. Beside the difficult market environment,
AE&E Inova AG’s ability to get new contracts awarded
was strongly affected by the insolvency situation
of AE&E Group GmbH. As a result, new orders
received by AE&E Inova AG dropped significantly,
by 92% (to CHF 21 million down from CHF 244 million
in 2009). However AE&E Inova AG was nominated
preferred bidder for three major turnkey projects
which are expected to be booked within a period of
15 months.
Order intake
20102009
Change
(in kCHF)
in %
AE&E Inova AG, ZH
21,974
244,432(91)
Revenues
The decrease in sales by 39% from CHF 660
million in 2009 to CHF 405 million in 2010 reflects
the reduced order intake in 2009/2010 as well as
the difficult economic situation AE&E Inova AG was
confronted with during the last quarter of 2010.
Having been well on track with all major projects
in execution until October 2010, AE&E Inova AG
suddenly had to face a significant decrease in
turnover over the last two months of the year as
a consequence of delayed progress on site.
Revenues
20102009
Change
(in kCHF)
in %
AE&E Inova AG, ZH
404,935
659,699(39)
Order backlog
The order backlog decreased by 61% to
CHF 245 million compared to the all-time record
of CHF 633 million in 2009. As noted above, this
decline is due to the difficult market environment
in general and the specific economic situation at
AE&E Inova AG.
Order backlog
20102009
Change
(in kCHF)
in %
AE&E Inova AG, ZH
245,258
632,788(61)
Profitability
In 2010, the earnings before interest and tax
declined from CHF 33 million in 2009 to
CHF -116 million. As a result of the insolvency
procedures within AE&E Group, AE&E Inova AG
had to re-evaluate its intercompany relationships
and consequently write off CHF 125 million of
bad debts against affiliated companies. Furthermore, the delayed project progress in the last
quarter of 2010, combined with the need to
increase provisions for acceleration costs and
liquidated damages, had a negative impact on
the profitability of the company.
Hitachi Zosen Inova AG Annual Report 2010
5
Profitability
EBIT
EBIT
EBIT
EBIT
Change
(in kCHF)
2010
margin2009
margin
EBIT
AE&E Inova AG, ZH
(116,061) (29%) 32,790
5%(148,851)
Financial situation
The cash situation of AE&E Inova at the end of
2010 reflected the economic difficulties of AE&E
Group and its affiliated companies. Cash and cash
equivalents decreased by 66% mainly due to write-
offs of intercompany loans and bad debts
combined with decreasing trade payables and
receivables resulting from the reduced business
volume.
Key data of cash flow
20102009
Change
(in kCHF)
in %
Cash flow from operating activities
(72,844)
9,715(850)
Cash flow from investing activities
(61,914)
(11,211)452
Cash flow from financing activities
34,181
(27,625)(224)
Cash and cash equivalents as of December 31
54,015
158,289(66)
Assets and liabilities
The balance sheet decreased by 53% in 2010, with
total assets going down to CHF 291 million by the
end of the period, resulting in an equity ratio of 8%.
Besides the aforementioned write-offs resulting
from the financial crisis of AE&E Group, the key
factor leading to the lower balance sheet totals
is the successful completion of five running projects
in 2010.
Balance sheet summary
In % of
(in kCHF) 31.12.2010
total assets
31.12.2009
In % of
total assets
Assets
Non-current assets58,194
20 81,580
Current assets232,898
80 534,870
Total assets
291,092
100616,450
Total equity16,430
6 100,904
Non-current debts 29,764
10 39,657
Current debts244,898
84 475,889
Total equity and liabilities
291,092
100616,450
Recapitalisation
In order to strengthen the cash and equity position
of Hitachi Zosen Inova AG and to regain the necessary financial stability of the company, Hitachi Zosen
Corporation agreed to provide the necessary financial
support to Hitachi Zosen Inova AG, with a first contribution in early 2011.
13
87
100
16
7
77
100
6
Longtime business partner
From 1960 until recently, Hitachi Zosen Corporation
was a licensing partner of Hitachi Zosen Inova AG.
With this take-over, the joint expertise and years
of experience will now be available to all customers
in the global market. The long-time partnership forms
a solid foundation for the start-up of Hitachi Zosen
Inova AG.
Successful global player
Its headquarters being in Osaka, Hitachi Zosen
Corporation has offices and workshops in nearly
all regions of Japan. It also has local presence in
Singapore, Great Britain, the USA, China, Thailand,
UAE, Taiwan, Korea, Vietnam – and, as of 2011,
in Switzerland also. With over 8,000 employees,
Hitachi Zosen Corporation brings its vast industry
know-how to clients all over the world.
State-of-the-art solutions
Plants and solutions over the world demonstrate
Hitachi Zosen Corporation’s competence as a
technology and business innovator for integrated
products and services. Founded in 1881, Hitachi Zosen
Corporation’s aim has always been to provide
state-of-the-art solutions giving more comfort today
and creating a more affluent tomorrow.
50 Years of Partnership.
Hitachi Zosen Inova AG Annual Report 2010
Hitachi Zosen Corporation
New Chapter in a 50-Year-Old Partnership
Hitachi Zosen Corporation is an internationally operating Japanese industrial enterprise
specialising in environmental protection, industrial plants, precision and industrial
machinery, marine disaster prevention, steel structures and construction machinery.
Segments of Hitachi Zosen Corporation
Environmental
Systems
Plants
Machinery
Process
Equipment
Infrastructure
Precision
Machinery
Energy-from-Waste
plants
Recycling
and sorting plants
O&M business
PFI projects
Biomass utilisation
plants
Water treatment
systems
Soil environment
restoration systems
Desalination plants
Chemical plants
Oil and gas plants
SCR NOx
removal plants
Power generation
facilities
(gas turbine
and gas engine)
Co-generation
systems
New energy
(wind power
and fuel cells)
Marine
diesel engines
Press machines
Boilers
Process
equipments
Nuclear fuel cyclingrelated equipments
Shield tunneling
machines
Bridges
Hydraulic gates
Marine civil
engineering
Marine disaster
prevention systems
FPD manufacturingrelated systems
Food and pharmaceutical machinery
Plastic machinery
OELD production
systems
Vacuum equipments
Laser patterning
equipments
Polishing machines
Compound
electrolytic polishing machines
7
8
Energy from Waste as a Core
Business of Hitachi Zosen Corporation
References
As a former licensing partner, Hitachi Zosen
Corporation has implemented Hitachi Zosen
Inova’s core technology in more than 200 Energyfrom-Waste plants in Japan, China and other
countries throughout East Asia.
Business in China
Over the last three years, Hitachi Zosen
Coporation has developed a dominant market
position for thermal waste treatment plants in
China. One example is the Energy-from-Waste
contracts won by Hitachi Zosen Corporation,
which include the installation of Hitachi Zosen
Inova’s cutting-edge combustion technology
at one of the world’s largest Energy-from-Waste
plants, in Laogang near Shanghai. The facility’s
four lines will have a combined capacity of
1 million tonnes (t) per year.
O&M, PFI and REMON
In order to ensure that refuse incineration
facilities and other environmental plants and
equipment are used to their fullest capacity,
Hitachi Zosen Corporation provides total support
for their maintenance and management, which
makes it the market leader in the Japanese O&M
(Operation & Maintenance) business. The group’s
flexible responses and finely tuned services include
the dispatch of skilled engineers and workers,
remote operations, technical support and emergency response. In addition to O&M, the group is
actively engaged in business that offers solutions
to various environmental problems through PFI
(Private Financial Initiatives) which are involved in
long-term facility management. Furthermore, the
company’s REMON system (remote monitoring
system), which was developed as an environmental
IT solution technology, offers total support
for a new form of daily operation and long-term
management of refuse incineration facilities.
Hitachi Zosen Inova AG Annual Report 2010
9
Statement of Mr. Furukawa,
President of Hitachi Zosen Corporation
First of all, we would like to express
our sincere appreciation for the warm
message and assistance for us after
the Great East Japan earthquake.
With whole hearted encouragement,
the affected region and people of
Japan have started the united efforts
for the restoration of the disaster
area. Fortunately, the factories and
offices of Hitachi Zosen Group experienced no major damage from
the earthquake and tsunami. As a company specialized in social
infrastructure and optimum processing of waste and debris, we
are determined to contribute to the reconstruction of the stricken
area with our know-how and technology.
We are not a financial investor
Hitachi Zosen, primarily named as “Osaka Iron Works”, was founded
in Osaka, Japan, in 1881 as a shipbuilding company. Subsequently,
the company has successfully diversified its business into manufacture of steel structures, machinery, process equipment, and also
plant engineering. As of March 2011, our consolidated sales reached
to Yen 287 billion (CHF 25 billion) with 8,528 workforces in head
office and 63 consolidated subsidiaries. In essence, we are a major
heavy machinery manufacturing and engineering company in Japan,
and not a financial investor.
Satisfactory relationship with Inova
Since 1960, our company has worked jointly with Von Roll (present
name: Hitachi Zosen Inova AG) in designing and construction of
Energy-from-Waste, and has developed the satisfactory working
relationship for the last 50 years. We built more than 200 Energyfrom-Waste plants in Japan, China, Korea and Taiwan in the last 50
years under the license of Von Roll and subsequent AE&E Inova AG
(present name: Hitachi Zosen Inova AG).
Bankruptcy of AE&E
News from Austria regarding the bankruptcy of AE&E Group GmbH,
the former parent company of AE&E Inova AG, came to my attention
in the latter part of 2010, and I immediately dispatched our staffs
to the senior management of AE&E Inova. Upon receipt of the report
from our staffs in Zurich, we came to the conclusion that AE&E Inova
was financially affected by the bankruptcy of its parent company,
yet its technology and presence in Europe remained intact being
supported by dedicated engineers and staffs in Zurich. After the
formal due diligence, we decided to acquire AE&E Inova as our
new group company on December 20th, 2010. Rationale behind our
acquisition is Inova’s proven technology, firm presence in European
Energy-from-Waste market, skilled engineers, and our knowledge
and potential synergy in global Energy-from-Waste business.
To be No. 1 in global Energy-from-Waste market
After the acquisition of Inova, our group is well positioned to seek
No. 1 share in global Energy-from-Waste market, combining North
American and European market developed by Inova and Japanese
and Chinese market cultivated by Hitachi Zosen. On the top of it,
we decided to develop the emerging markets such as Asia jointly
with Inova.
Our medium-term management plan
and commitment to Inova
Aiming at the substantial growth of our group in the next five
years, the new medium-term management plan called “Hitz 2016
Vision” was cited in this May, which entails the ambitious target
of Yen 500 billion (CHF 43 billion) on a consolidated sales in
FY 2016 including Yen 180 billion (CHF 15 billion) in the segment
of Environmental Systems. We are planning to achieve the
new target through the enhancement of global business while
trying to attain No. 1 position in the respective products
segments. Needless to say, social infrastructure and environmental protection are expected to be major contributor, thus
Inova should play a vital role in our group strategy.
Inova is not a new name to Hitachi Zosen. Given the satisfactory
long-term relationship, integration of Inova has been carried
out smoothly. In the first five months in this year, Inova successfully obtained major Energy-from-Waste contracts from European
customers. As the new parent company of Inova, we are fully
committed to support the long-term growth of Inova and expansion
of the global Energy-from-Waste business.
Minoru Furukawa
Chairman & President of Hitachi Zosen Corporation
To be No. 1 in Global Energy-from-Waste Market.
10
Key Figures
Hitachi Zosen Corporation
Financial Highlights FY 2007 – 2010
2010 2009 20082007
Hitachi
Zosen Corporation
FY ending FY ending FY endingFY ending
and
consolidated
subsidiaries
March
2011March 2010
March 2009
March 2008
in mJPY in kCHF in mJPY in kCHF in mJPY in k CHF in mJPY in kCHF
Operating results
Order intake
246,067 2,818,960
337,271 3,863,787
253,1412,900,000 337,701 3,868,725
Order backlog
356,987 4,089,655 376,8014,318,055 313,179 3,588,945 358,7444,116,462
Revenues
287,196 3,290,136 273,526 3,133,532 298,605 3,420,839 295,5033,385,290
Operating income
13,359 153,030 13,557 155,310 11,678 133,784 10,826124,023
Net income
9,675 110,826
7,906 90,572 1,448 16,588 15,695179,803
Cash flows
Cash flow from operating activities
17,136 196,311 5,508 63,100 2,348 26,899 (730)(8,363)
Cash flow from investing activities
(3,217) (36,843) (12,659)(145,022) (7,492) (85,829) 26,970 308,970
Cash flow from financing activities
(9,630) (110,310)
8,755 100,298
1,169
13,392 (10,714)(122,740)
Cash and cash equivalents as of fiscal year end
55,915640,566 51,690 592,164 50,095 573,892 54,229 621,251
Financial position
Net assets
101,969 1,168,152 93,2001,067,694 85,843 983,423 85,595 980,571
Total assets
380,249 4,356,146
349,3314,001,948 367,473 4,209,783 365,537 4,187,605
Investments in property, plant and equipment
and intangible assets (account balance)
132,154 1,513,965 133,7341,532,066 134,899 1,545,412 132,338 1,516,073
Financial indicators
Shareholder’s equity ratio (%)
22.9 22.5 19.319.4
ROIC (%)
7.3 7.6 6.86.8
Debt-equity ratio (times)
1.2 1.4 1.51.4
Workforce as at fiscal year end
8,528
8,004 7,989 7,820 Fiscal year starts on April 1 and ends
on March 31 of the following year.
Distribution of shareholding
by shareholder category
Individuals, etc. 49.0%
1 CHF= JPY 87.29
Financial
30.4% institutions
Securities
3.1% firms
Other domestic
Non-residents 13.3%
4.2% corporations
Corporate data Hitachi Zosen Corporation
Date of establishment
April 1, 1881
Paid-in capital
45,442 mJPY
Number of employees
8,528
Consolidated subsidiaries
63
Number of shares authorized
2,000,000,000
Number of shares issued
796,073,282
Headquarter offices
Osaka & Tokyo
Stock listingTokyo Stock Exchange,
Osaka Securities Exchange
Hitachi Zosen Inova AG Annual Report 2010
Order intake (bnJPY)
Order backlog (bnJPY)
11
Revenues (bnJPY )
Export ratio (%)
17.3%
15.9% 16.6% 15.6%
338
337
253
359
Operating income (bnJPY)
Operating margin (%)
5.0% 4.7%
11
3.9%
14
12
07080910
Net income (bnJPY)
Net income per share ( JPY)
19.7
13
10.0
16
07080910
Revenues by segment
3.2% Others
Precision
Machinery 13.5%
296
299
274
287
Enviromental
1.8 1
8
12.2 Middle East 1.4%
Total assets (bnJPY)
Shareholder’s equity ratio (%)
19.4% 19.3% 22.5% 22.9%
380
366 367
349
10
07080910
Revenues by region
Europe 0.7%
07080910
07080910
2.0% North America
1.0% Others
Asia 12.2%
32.4% Systems
Infrastructure 13.4%
neuer Inhalt
82.7% Japan
Process
Equipment 6.0%
Machinery 21.2%
313
357
246
07080910
3.7%
377
10.3% Plants
12
Company Profile
Hitachi Zosen Inova AG
History of Hitachi Zosen Inova AG
1823
Ludwig von Roll was the founder
of the “Company of Ludwig
von Roll’s ironworks”
1933
Establishment of
“L. von Roll Aktiengesellschaft
für kommunale Anlagen”
( today Hitachi Zosen Inova )
1960
Beginning of long-term
license partnership between
Von Roll and Hitachi Zosen
Corporation
1937 / 39
Construction of first waste
treatment plant in Dordrecht,
Netherlands
2003
Integration into AE&E Group
through take-over of
Von Roll Inova Holding by
Austrian Energy & Environment
For more than 70 years, Hitachi Zosen Inova has
been forging the global development of thermal
waste treatment and energy recovery from waste.
With crucial innovations to its credit, it is among
the pioneers that have defined the state of the art
in waste management, furthering progress with
advanced technologies.
2010
December 20th AE&E Inova AG
together with its subsidiary
AE&E KRB became a company
of Hitachi Zosen Corporation
Pioneer in thermal waste treatment
Hitachi Zosen Inova was founded in 1933 as
“L. von Roll Aktiengesellschaft für kommunale
Anlagen”. It was originally a department of
“Gesellschaft der Ludwig von Roll’schen Eisenwerke”, a steel mill and foundry that dates back
to 1823. The purpose of the new department
was to focus on thermal waste treatment. Four
years later, it built the first turnkey plant for the
Dutch city of Dordrecht.
Emphasis on technology
In its first few years, the company relied on
several licenses, as with Hitachi Zosen Corporation
to construct plants with technologies that were
then state of the art. But from the very beginning,
it also developed proprietary and improved
technologies. Subsequently, with its own designs,
it repeatedly established milestones in the
domain of thermal waste treatment, including
the reciprocating grate, advanced methods for
flue gas purification, and processes for the
treatment of residues.
Hitachi Zosen Inova AG Annual Report 2010
13
In 2003, the Von Roll Inova Group was acquired by
the AE&E Group, a member of A-Tec Industries AG.
AE&E was an industrial group with a global reach in
thermal energy generation and environmental
technologies.
By the end of 2010 AE&E Inova AG together
with its subsidiary AE&E KRB AG have been sold
to Hitachi Zosen Corporation which brought
the company a new name and new partnerships.
Tradition as a commitment
Hitachi Zosen Corporation has been a licensing
associate of Hitachi Zosen Inova AG for more
than 50 years, using the former Von Roll
Technology. During this time, Hitachi Zosen
Corporation has implemented its partner’s core
technology in more than 200 Energy-from-Waste
plants in Japan, China and other countries
throughout East Asia. Hitachi Zosen Inova AG
and Hitachi Zosen Corporation combine the
competencies of two strong partners in the
Energy-from-Waste sector. After all, tradition is
a commitment. Yesterday, today, and tomorrow.
Global expansion
In 1960 Von Roll opened its first offices in
Germany and Japan, core markets at that time.
In 1966, subsidiaries were founded in France and
Sweden, and in 1975, the company established
a presence in the USA where it built some of the
world’s largest plants. This group, consisting
of Von Roll Environmental Ltd in Zurich and its
affiliated companies, was always at the forefront
of the industry known as the “Von Roll Inova
Group”.
Hitachi Zosen Inova – your partner
for sustainable solutions
Hitachi Zosen Inova is committed to a balanced
synthesis of tradition and innovation. The company’s plants rely on many decades of experience
and reflect the determination to always be a step
ahead in technology. The customer’s benefit is
thoroughly engineered solutions that combine tried
and tested technologies with innovative processes.
14
Statement of Mr. Silbermann,
CEO of Hitachi Zosen Inova AG
There is no denying it: 2010 was not an easy year for our company.
And yet, 2010 also was a year that most impressively demonstrated
the exceptional strengths and the international standing of our
company. Despite the big turmoil created by the bankruptcy of the
AE&E Group, our company in Zurich managed to keep its leading
market position.
New name
It was this strong, dominating position that made the Hitachi
Zosen Corporation decide to acquire our company when our former
mother company filed for insolvency. The acquisition actually marks
the last logical step in a close technical cooperation of more than
50 years during which time Hitachi Zosen had been our licensing
partner for the Asian market. As a subsidiary of the internationally
operating Japanese industrial enterprise, we are now doing business
under the name of Hitachi Zosen Inova AG.
New perspectives
Being part of the Hitachi Zosen Corporation puts us in a favorable
position to face the challenges of a market that has recovered after
a recent downturn. The Energy-from-Waste market shows clear
signs of recovery and, as an immediate consequence, so does our
order intake. We have completed and commissioned various large
scale projects in the last year, in some of the most important
markets. On top of these projects in Riverside (UK), Roosendaal
(NL), Mallorca (ES) and Bergen (NO), we have just recently been
selected as the preferred bidder for international projects worth
over CHF 800 million.
New organization
Under the new ownership we have implemented a new organizational structure with 4 business units and streamlined our processes
according to the scopes offered, from system supplies (combustion/
boiler or flue gas treatment) to full turnkey plants. For our company
in Zurich the largest growth potential in the Energy-from-Waste
business remains Europe, while Japan and China are the major
growth markets for our parent organization.
New objectives
As for the outlook in 2011, cost improvement and technology
development will be key objectives for us. On the operational level,
we have taken specific measures to further improve efficiency
within the company. Concerning technological progress, we have
significantly increased our R&D budget in order to provide cuttingedge technology which allows higher energy efficiency and a higher
usage of investment. Customers of both Hitachi Zosen Inova and
Hitachi Zosen Corporation will benefit from this in future projects.
New strength
With the objectives defined, we pursue two main business goals
for 2011: to regain a strong financial position, based on consolidation
and increase in earnings, and to strengthen our market position
in Western and Eastern Europe as our main growth markets. I am
convinced that our technological strengths and the dedication of
our employees will help us reach our ambitious goals. First reactions
from the market are positive and point in the direction of a promising business year under our new name and ownership.
Georg Silbermann
CEO Hitachi Zosen Inova AG
A time of Change. And of Changes.
Hitachi Zosen Inova AG Annual Report 2010
Supervisory Board (Verwaltungsrat)
Hitachi Zosen Inova AG
Michi Kuwahara
Seiji Shimoda
Koichiro Anzai
Georg Silbermann
Member
Member
Chairman
Member
15
16
Executive Board (Geschäftsführung)
Hitachi Zosen Inova AG
Seiji Shimoda
Georg Silbermann
Axel Greschitz
CTO
CEO
CFO
Hitachi Zosen Inova AG Annual Report 2010
Organisation
Executive Board
CEO G. Silbermann
CFO A. Greschitz
CTO S. Shimoda
Business Development
Research & Development
Risk & Quality Management
Health & Safety
Shared Services
Human Resources
Business Unit Plants
Business Unit CSP
Business Unit FGT
Business Unit Service
Planning & Conceptioning
of Energy-from-Waste
Turnkey Plants
Planning, Engineering
& Building complete
CSP Systems
Planning,
Engineering & Building
complete FGT Systems
Service, Modernisation
& Operation
Hitachi Zosen KRB AG
17
18
Hitachi Zosen Inova AG Annual Report 2010
Energy from Waste
The Indispensable Approach to Sustainable Waste Management
Thermal waste treatment is not only the most sensible and environmentally friendly method
of processing non-recyclable materials; it also uses the least resources. Because energy is
extracted from waste in thermal waste treatment, it is an important component of an integrated energy and climate concept. Hitachi Zosen Inova can offer the right solutions to make
a project work.
Apart from avoidance and recycling, the thermal
treatment of residual waste is the final and indispensable stage of a modern and sustainable waste
management concept. As has been proven over
decades, it reduces waste volumes by over 90 per
cent, generating the highest possible energy
yield while maximising the reduction of pollutants
and toxins. The chemically inert residues contain
recoverable recyclates such as zinc, gypsum, hydrochloric acid, and iron. The residual substances can
readily be used for construction purposes without
hesitation.
Alleviating the greenhouse effect
The utilisation of the energy trapped in waste
reduces the consumption of crucial primary
sources of fossil energy such as coal, petroleum,
and gas. And because over 60 per cent of the
waste-borne energy comes from renewable
resources, Energy from Waste is largely CO2
neutral. Waste does not need to be land-filled,
and this eliminates methane emissions, which
are extremely climate disruptive. The other
minimal-level emissions produced in Energy-
from-Waste facilities are up to 4 times lower than
in conventional power generation plants. The
bottom line: The recovery of Energy from Waste
results in an over proportionate reduction of
greenhouse gases. It alleviates the greenhouse
effect and thus makes a valuable contribution to
climate-neutral energy generation.
1,000 kg Waste
2 MWh Heat
0.7 MWh
Electric Power
Thermal energy can be transformed
into electricity or extracted as steam
or hot water.
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hz-inova.com
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Waste receiving
and storage
Grate combustion
and steam generator
Flue gas treatment
Energy from Waste
Consumables
and residues
1 Unloading area
2 Waste pit
3 Waste crane
4 Feed hopper
5 Ram feeder
6 Reciprocating
incineration grate
13 Electrostatic filter
14 Economiser precipitator 1
15 Quench
16 Wet scrubber (4 stops)
17 Flue gas reheater 1
18 Gas/gas heat exchanger
19 Flue gas reheater 2
20 SCR-Catalyst
21 ID-Fan
22 Economiser 2
23 Stack
24 District heating system
25 Extraction condensation
turbine
27 Waste water tanks
28 Waste water treatment
29 Ash conveying
30 Ash silo
7 Bottom ash discharger
8 Primary air fan
9 Primary air distribution
10 Secondary air fan
11 Flue gas recirculation
12 4-pass steam generator
26 Hot water condenser
Hitachi Zosen Inova AG Annual Report 2010
Partner for Sustainable Solutions
All-in-One Solutions Designed for Maximum Safety and Efficiency
Thanks to Hitachi Zosen Inova’s in-depth know-how related to all relevant processes,
customers can always expect carefully engineered, feasible solutions. From subsystems
to turnkey plants, the company designs and delivers tailor-made solutions with maximised
energy recovery. Hitachi Zosen Inova’s streamlined, environmentally friendly, and costeffective operations are backed by a guarantee of maximum safety and high efficiency.
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Typical Energy-from-Waste plant
(Oslo, Norway)
Overall competence
and international experience
Well versed in project management, the thoroughly trained staff members at Hitachi Zosen
Inova master any challenge, even in the most
strictly regulated international markets. Armed
with the latest-generation resources and vast
experience in a broad spectrum of different
projects, they assure smooth progress, maximum safety of all personnel, and compliance
with all legal aspects. Customers can rely on
the first-class implementation of their project
from planning to on-schedule handover, and
beyond. This includes comprehensive training
and documentation for the operating staff,
giving them the ability to run the plant under
optimised conditions. The company’s specialists remain permanently at the operator’s
disposal once the plant goes on stream.
Customised efficiency
Hitachi Zosen Inova’s all-in-one solutions are
developed according to the specific operational
and technological needs, guaranteeing maximum efficiency in:
Thermal waste treatment
Regardless of the fuel, our processes guarantee high availability and maximised energy
recovery.
Flue gas treatment
Different flue gas cleaning concepts guarantee
the reliable extraction of all pollutants as well
as minimised emissions.
21
22
Services and Products
Grate Combustion
Dependable technology –
continually refined and optimised
Grate combustion is the best-proven thermal
waste treatment technology. For more than
100 years, this process has been successfully
deployed in well over 1,000 plants. The systems
have been continuously optimised, perfected,
and adjusted to changing baseline conditions and
stricter requirements. Today, grate combustion
is still the most advanced technology with regard
to environmental friendliness, operating
reliability, flexibility, and cost-effectiveness.
Precise control of the entire process
chain assures optimised burnout.
Completely modulariced reciprocating grate – proven, safe, and efficient.
Valuable experience
With some 500 facilities to its credit, Hitachi
Zosen Inova is one of the world’s leading specialists in grate combustion. The company’s ongoing
commitment to research and development has
contributed significantly to the advanced state
of today’s technologies. The combustion systems
are tailored to the needs of waste management
and characterised by their extensive flexibility
with respect to widely varying fuel mixes.
High flexibility
One of the outstanding features of grate
combustion is its flexibility with regard to fuels.
The rugged construction of the Hitachi Zosen
Inova’s grates allows them to recover energy
from domestic and industrial wastes without
pretreatment and to make use of RDF.
Safe and proven technology
• Suitable for untreated and pretreated municipal
waste (except for hazardous waste)
• Sturdy, reliable construction
• Various configurations for the reliable burnout
of all kinds of waste
• Air or water cooled for optimal burnout and
longevity
• Optimised combustion profile for maximum
burnout and extensive pollutant reduction
• High energy recovery efficiency
• Precise control for safe, economical operation
• Extensive pool of experience acquired from
more than 500 projects
Hitachi Zosen Inova AG Annual Report 2010
Flue Gas Treatment
Reliable pollution reduction with
customised concepts
Flue gas treatment processes developed
by Hitachi Zosen Inova remove all pollutants
in an efficient, sustainable, and reliable way.
Customised concepts guarantee emission
levels that fall well below those of the world’s
toughest pollution standards.
23
The following is a summary
of the key processes:
Multistage wet scrubbing – pollutant-free,
step-by-step
Scrubbing is an effective method for removing
pollutants and heavy metals from flue gas.
The multistage wet scrubber reliably cleans even
heavily burdened flue gases. Consumable usage
rates and residue quantities are minimised.
Inova Semi Dry System flue gas treatment –
effluent-free and effective
The Inova Semi Dry System process removes
acidic pollutants from flue gas by absorption
on hydrated lime and recovers heavy metals and
organic pollutant species (dioxins, furans) by
adsorption on metallurgical coke. No wastewater
is discharged. The process is characterised
by its compact design, reliable operation, and
compliance with the strictest emission standards.
We design flue gas treatment systems
optimised for each customer’s requirements.
The Hitachi Zosen Inova Semi Dry System
Dry sorption –
for efficiency and low residue levels
The sodium bicarbonate process is used wherever
residue quantities must be kept as small as
possible. Due to the very high reactivity of sodium
bicarbonate, only a small amount of it is required.
The process is virtually independent of temperature
and thus enables maximum energy recovery.
assures compliance with strict emission
standards.
Innovation from experience
With a portfolio of about 300 references, Hitachi
Zosen Inova ranks among the world’s market
leaders. Using tested and innovative components,
the company designs flue gas treatment control
systems optimised for each customer’s requirements. The highly advanced flue gas treatment
systems are based on interdisciplinary expertise,
the spirit of innovation, and decades of experience.
Denitrification –
for conversion of toxic gases
Hitachi Zosen Inova offers two proven approaches
for the removal of nitrogen oxides (NOx) produced
in combustion: SNCR (selective non-catalytic
reduction) and SCR (selective catalytic reduction).
In both processes, ammonia is used to reduce
the nitrogen oxides down to the natural air
constituents: nitrogen and water vapour. While
the SCR process takes place in a catalyst, the
ammonia solution is injected directly into the
combustion chamber for SNCR. The efficiency
of the new DyNor SNCR approach results in
extremely low NOx concentrations of less than
80 mg/m3.
24
Energy Recovery
Waste to energy – economical, reliable,
and efficient
Recovery of the energy content of waste is
a key aspect of thermal waste treatment.
Energy from Waste is economically crucial
to any sustainable energy mix. As this process
is low in emissions and renewable to a great
extent, it contributes to the reduction of
greenhouse gases.
Service
Professional support for a smooth
operation
With Hitachi Zosen Inova’s expertise in
servicing, maintaining, modernising,
and operating thermal waste treatment
facilities, they are on hand even after
the plant has been commissioned:
whenever needed, around the clock
if necessary.
Recovery: an economical, environmentally save power source for household
and industries.
Maximum efficiency and customised energy
The Energy-from-Waste process releases
the energy content of waste and transfers it
into usable energy forms such as
• Electricity
• Process steam
• District heating
• District cooling
Based on a comprehensive understanding
of the local requirements, Hitachi Zosen Inova’s
engineers design the most energy-efficient
process.
The staff on plants get project-specific
training to operate the plant safely
and to maintain the equipment properly.
Full service commitment
The company’s commitment does not end after
the start-up of a plant. As a genuine partner,
Hitachi Zosen Inova continues to be at its customers’ complete disposal whenever assistance is
required. The range of services extends over the
full life cycle of the facility.
With the overall aim of reducing downtime to
a minimum, Hitachi Zosen Inova delivers on-site
support whether it is in the form of service and
maintenance interventions or the modernisation
of the plant.
Hitachi Zosen Inova AG Annual Report 2010
Outlook and Strategy 2011
Hitachi Zosen Inova AG
25
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A Good Start into a New Era
Market outlook
Incoming orders ensured for 2011
The markets for Energy from Waste began to
recover in Europe in the second half of 2010.
• With various partners, Hitachi Zosen Inova was
selected as preferred bidder for three major
projects in the UK at the end of 2010. The year
2011 also started very positively for the company,
as three additional customers decided in favour
of the solutions they offered.
• In this way the foundations have been laid to
anticipate healthy incoming orders in 2011, as –
given the total of projects won – the company
has already reached its planned level of
incoming orders.
• In the first quarter Hitachi Zosen Inova was
able to take two orders for the modernisation
of older plants. In Barcelona they will replace
three of the furnaces supplied by the company
35 years ago, and for the plant at KEZO Hinwil
Hitachi Zosen Inova has received a contract to
replace the exhaust gas treatment plant. Both
orders (in the low double-digit millions) clearly
show that the customers rely on being able
to optimise their operations thanks to Hitachi
Zosen Inova’s technology.
• With its references in the UK Hitachi Zosen Inova
was able to impress both, direct customers
(waste management companies) and financial
institutions and authorities with their reliable and
on-schedule project handling, proven and tested
and efficient technology, and prices that are in
line with the market. The company has been
selected as supplier for the turnkey plant for
three projects with an order value of more than
CHF 200 million each. The project in Cleveland
for South Tyne and Wear Waste Management
Partnership started in May. For the two other
projects in Buckinghamshire and Norfolk
the contracts will be completed over the next
months, while the actual projects are expected
to start early 2012.
• I n the second quarter of 2011 Hitachi Zosen
Inova anticipates the start of the engineering
phase for the construction of the first Energyfrom-Waste plant in the Basque country.
Together with Ros Roca as partner, the company
will deliver the complete technology for the
plant in Gipuzkoa province, after having already
won the competition for this project with an
order value for the company of more than CHF
100 million.
• Hitachi Zosen Inova has signed the contract
with Vantaa Energia that the company has been
selected as supplier for the incinerator equipment and steam generator of their plant in
Helsinki, Finland. With the award of this project
and therefore with the delivery of the two
biggest plants in Finland – Vaasa and Vantaa –
Hitachi Zosen Inova regained the position as
clear market leader in Finland.
• With these projects already won, Hitachi Zosen
Inova has already ensured incoming orders for
this year and can work intensively on developing
additional projects and markets.
Further market development
• The greatest potential for additional projects
continues to be expected in Europe, now and in
the next few years. In the UK, the market that
is currently the strongest, there is a movement
away from government-planned PFI projects
to privately developed Energy-from-Waste plants
which are able to solicit various quantities of
waste independently on the market (merchant
plants). Hitachi Zosen Inova is tendering with
partners for the development of various plants.
• The momentum in Eastern Europe comes
primarily from Poland and the Czech Republic.
Various projects are being developed in both
countries. Hitachi Zosen Inova is following this
development closely and has already prepared
for various projects with partners in order to
achieve optimum results.
• The Energy-from-Waste market in North America
is developing very slowly. Land filling waste is
still accepted, which means that new recycling
plants are in direct competition with landfills.
Accordingly, Hitachi Zosen Inova assumes slow
market development.
Hitachi Zosen Inova AG Annual Report 2010
27
Strategy for further development
of the company
The measures to further enhance Hitachi Zosen
Inova’s market position comprise two strategic
approaches:
Turnkey competency
On the one hand, the company intends to further
expand its competency as a turnkey contractor.
The project management today has available
international, highly trained teams who work with
modern tools to be able to handle the most
complex projects safely and on schedule. Hitachi
Zosen Inova needs to continue to expand these
capabilities and use them to develop further UK
and international projects.
For example, in close collaboration with the parent
company Hitachi Zosen, the Swiss company has
presented themselves in a consortium for a large
project in Asia. For this plant, which – with a
capacity of more than 1 million tonnes per year
– will be among the world’s largest, Hitachi Zosen
Inova will submit a bid to supply all the technology.
Operation in USA
As already reported last year, the company has
been selected as supplier in the US state of
Maryland. This project is continuing to develop
as planned, so that approval and the beginning
of execution can be anticipated in 2012.
Cooperation in France
The French market has been dominated by the
French subsidiary which now belongs to Altawest
SAS and operates under the name of Inova SA.
Hitachi Zosen Inova and Inova have agreed to
extend their cooperation into the future.
Technological leadership
On the other hand, Hitachi Zosen Inova is steadily
developing its market-leading technology further.
The technological leadership is particularly decisive
in the competition among individual systems, as
the company’s success in Vantaa and Hinwil shows.
The R&D department is working on programmes
to increase energy efficiency and to be able to
prolong their plants’ uninterrupted operations.
Furthermore, Hitachi Zosen Inova is optimising its
systems together with its engineering and design
departments to be able to manufacture them more
cheaply and install them more quickly.
28
Hitachi Zosen Inova AG Annual Report 2010
Annual Financial Statements 2010
Hitachi Zosen Inova AG
29
30
Balance Sheet
as of December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
Assets 2010 2009
(in kCHF)
Non-current assets
Property, plant and equipment
7,4267,887
Intangible assets
175371
Investments in subsidiaries
3,52132,109
Financial assets
011,000
Deferred tax assets
5,7690
Other non-current assets
41,30330,213
Total non-current assets
58,19481,580
Current assets
Cash and cash equivalents
54,015158,289
Inventories
3,5492,876
Trade and other receivables
165,719368,574
Trade receivables
61,423204,137
Receivables from construction contracts
83,012122,686
Other receivables
21,28441,751
Financial asset
7,1372,688
Other current assets
2,4782,443
Total current assets
232,898534,870
Total assets
291,092616,450
Hitachi Zosen Inova AG Annual Report 2010
31
Balance Sheet
as of December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
Equity and liabilities
20102009
(in kCHF)
Capital and reserves
Share capital
40,00040,000
Hedging reserves, net of taxes
4,145(5,930)
Capital reserves
19,3190
Earnings reserves
11,46910,768
Retained earnings
(58,503)
56,066
Total capital and reserves
16,430100,904
Non-current liabilities
19,98913,867
Non-current provisions
Non-current financial liabilities
017,046
Deferred tax liabilities
9,7758,744
Total non-current liabilities
29,76439,657
Current liabilities
Trade and other payables
198,872
413,287
Trade accounts payables
185,120230,668
Liabilities from construction contracts
13,478
181,253
Other accounts payables
274
1,366
63412,028
Current financial liabilities
Current provisions
6,50310,115
Other current liabilities
38,88940,459
Total current liabilities
244,898475,889
Total equity and liabilities
291,092616,450
32
Income Statement
for the financial years ended December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
(Total cost format)
2010 2009
(in kCHF)
Revenues
404,935659,699
Cost of material and purchased services
(341,751)(533,584)
Personnel costs
(41,542)(55,502)
Depreciation of intangible assets and tangible assets
(29,532)(1,100)
Other operation expenses
(144,095)(41,448)
Other operating income
35,9244,735
Result from operating activities
(116,061)32,790
Financial costs
(18,378)(17,655)
Financial income
15,22613,077
Financial result
(3,152)(4,578)
Income before taxes
Income taxes
Net income
Attributable to
Shareholders of the company
(119,213)28,212
5,346(7,053)
(113,867)21,159
(113,867)21,159
Hitachi Zosen Inova AG Annual Report 2010
33
Comprehensive Income Statement
for the financial years ended December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
20102009
(in kCHF)
(113,867)21,159
Net income
Other comprehensive income
Cash flow hedges
10,612(5,365)
Income tax effects
(537)(565)
Net other comprehensive income
10,075(5,930)
Total net comprehensive income
(103,792)15,229
Attributable to
Shareholders of the company
(103,792)15,229
34
Cash Flow Statement
for the financial years ended December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
Cash flow statement
2010 2009
(in kCHF)
Cash flow from operating activities
Income before tax
(119,213)28,212
Adjustments for:
Depreciation and amortisation
9441,110
Bad debt write-offs and impairment of investments
125,3540
Other non-cash expenses / income
(32,837)(13)
Finance expenses / income
4,2094,578
Changes in inventories
(673)(582)
Changes in trade and other receivables
164,793(11,203)
Changes in provisions
2,509(2,006)
Changes in trade and other payables
(212,244)(11,541)
Derivative financial instruments
1,6025,639
Financial income received
1,7741,927
Financial expenses paid
(5,291)(6,250)
Income taxes paid
(3,771)(156)
Net cash generated from operating activities
(72,844)9,715
Net cash flow from investing activities
Purchase of non-current tangible and intangible assets
(287)(236)
Proceeds from sale of non-current tangible and intangible assets
025
Loans granted
(61,627)(11,000)
Net cash from investing activities
(61,914)(11,211)
Cash flow from financing activities
Capital contribution
19,3190
Repayments of borrowings
(4,302)(2,625)
Lenders payments
19,1640
Dividends paid to group shareholders
0(25,000)
Net cash from financing activities
34,181(27,625)
Increase in cash and cash equivalents
Increase/decrease in cash and cash equivalents
(100,577)(29,121)
Effects of exchange rate change
(3,697)(1,207)
Net increase/decrease in cash and cash equivalents
(104,274)(30,328)
Cash and cash equivalents at beginning of year
158,289188,617
Net increase in cash and cash equivalents
(104,274)(30,328)
Cash and cash equivalents as of December 31
54,015158,289
Hitachi Zosen Inova AG Annual Report 2010
35
Shareholder’s Equity Statement
for the financial years ended December 31, 2010 and 2009 / AE&E Inova AG, Switzerland
Share Hedging
Legal CapitalRetained
capital reserves reservesreserves earnings
total
(in kCHF)
Balance as of January 1, 2009
40,000
0 6,980
042,927
89,907
Prior period corrections, net of tax20,768
20,768
Dividend payment to shareholders(25,000)
(25,000)
Appropriation to legal reserves
3,788(3,788)
0
Total comprehensive income for the year recognized in equity(5,930)
(5,930)
Annual result21,159
21,159
Balance as of December 31, 2009
40,000 (5,930) 10,768
056,066 100,904
Balance as of January 1, 2010
40,000(5,930) 10,768
056,066 100,904
Appropriation to legal reserves 701(701)
0
Capital increase
19,31919,319
Total comprehensive income for the year recognized in equity
10,075
10,075
Annual result(113,867)
(113,867)
Balance as of December 31, 2010
40,000 4,145
11,469
19,319 (58,503)
16,430
36
Contact
For further information,
please contact:
Hitachi Zosen Inova AG
Hardturmstrasse 127
PO Box 680
8037 Zurich
Switzerland
Phone +41 44 277 11 11
Fax +41 44 277 13 13
info@hz-inova.com
www.hz-inova.com

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