SUSTAINABILITY & FINANCIAL REPORT
SUSTAINABLE COPPER SOLUTIONS
CONTENTS With an annual production of 300,000 tons Elcowire is one of the largest manufacturers in Europe of copper wire rod, wires, stranded conductors, profiles and overhead catenary systems made from copper, copper alloys and aluminum. The profiles can be formed into virtually any shape and dimension.
THE YEAR 2021 IN BRIEF CEO PAUL GUSTAVSSON ELCOWIRES LOW-CARBON AND RECYCLED COPPER COMPANY OVERVIEW BUSINESS UNIT ROD BUSINESS UNIT RAIL BUSINESS UNIT HIGH VOLTAGE BUSINESS UNIT SPECIALS OUR COMMITMENTS SUSTAINABLE OPERATIONS
3 4 6 8 10 14 18 22 26 28
PEOPLE AND SOCIETY 30 SUSTAINABILITY PERFORMANCE 32 CFO THOMAS LEJDSTRÖM 39 FINANCIAL REPORT 40
THE YEAR 2021 IN BRIEF NEWS 2022: Elcowire Group completes acquisition of German KME’s copper wire rod, wire and strands, doubling its production capacity to 300,000 tonnes per year.
10 993 MSEK NET SALES
ELCOWIRE’S LOW-CARBON COPPER SOLUTIONS: LESS THAN HALF OF THE GLOBAL AVERAGE CO2 PER KG OF COPPER
CODE OF CONDUCT
READ MORE ON PAGE 6
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”ELCOWIRE WANTS TO BE KNOWN AS THE MOST SUSTAINABLE SUPPLIER IN OUR MARKETS”
CEO PAUL GUSTAVSSON
CEO Paul Gustavsson comments on 2021, the important acquisition in 2022, and on the ambition to make Elcowire an even stronger force in its markets based on its sustainability performance and and its support to decarbonizing society. Doubling the size of the company through the German acquisition in early 2022, Elcowire seems to have really strong growth ambitions. How would you describe the current development of the Group?
Obviously, we want to continue strengthening the position we already have as an independent copper solutions group, and Elcowire wants to be known as the most sustainable supplier in our markets. The acquisition in 2022 of KME’s Rods and Wire operations with almost 200 employees doubles our rod production capacity and makes us geographically even more com-
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petitive in Europe, reducing distances and delivery times to many important customers. It also adds new state-of-the-art metallurgic competence to the expertise we already had, and we get a completely new offering within wire and strand. As the integration of this acquisition progresses, we will have taken another giant step.
Elcowire aims to be a strategic and sustainable partner for customers that are key to the ongoing electrification transition in society – the electrification of transports and the development of renewable/ fossil-free energy sources as well as contributing to a modern and sustainable infrastructure.
“Elcowire aims to be a strategic and sustainable partner for companies that are key to the ongoing electrification transition in society.”
“The message is clear: we can offer a copper product with much lower footprint than others, which will help customers meet their climate targets.” Can you summarize the year 2021 for Elcowire?
The year showed strong demand. In all, we managed well to serve our customers despite the pandemic and its challenges such as supply chain ruptures and high levels of employee absence, and just as the year before it eventually became a good year for us where we strengthened our positions. Through our divestment of the business in China we also became more focused as a Group. What makes Elcowire’s offering unique and how does it stand out in the competition?
Firstly, our independence on the market stands out since we have no mines or cathode production to distract us from our core business: supplying wire-rod based copper solutions, essential for the electrical and infrastructure industries. This is our true focus. Secondly, I would highlight our people’s high level of metallurgic knowledge, combined with in-depth understanding of our customers’ applications. This knowledge has been developed through our long and close relationships with demanding experts on the customer side. Thirdly, we are well-positioned to offer sustainable copper products in terms of low carbon
content as well as long-lived solutions especially in the rail market, which is becoming the new industry standard as sustainability will be a necessity in all tomorrow’s businesses. Yes, please expand in Elcowire’s positioning as the most sustainable copper supplier. What is it you want to achieve and how are you preparing for it?
Electrification is replacing fossil fuels in the ongoing transition toward net-zero carbon emissions. Our copper products are used in the electrification and in the transition to renewable energy, and they should contribute to decarbonisation everywhere by having the lowest possible carbon footprint. The message is clear: we can offer a copper product with much lower footprint than others, which will help customers meet their climate targets. In general, we currently see an ongoing race in the metal industries to secure a position as “The Low Carbon Supplier.” For the copper industry, steel is the obvious benchmark. For copper, automotive customers are perhaps the most obvious OEMs to stand first in line, but others are following suit. For example, pilot projects within offshore windpower are already ongoing. Another market-driven factor
is our sustainable, long-lived train/rail solutions such as the Valthermo products. This is also a very natural development for us – to ensure that we have the capacity to deliver tomorrow’s solutions based on advanced alloy materials. Last but not least, we are preparing to meet growing sustainability requirements from authorities in EU. Fulfilling them will help determine how well our brand will be respected going forward. Transparent reporting is one of those important requirements. That must sound positive for Elcowire’s future?
Of course. World demand is rising sharply. If you look at an electric car, the copper content is several times higher than in a fossil fuel-driven car. And for the train/rail industry, producing the most sustainable transports we know, copper or alloy solutions are essential. What are your expectations for 2022 and the coming years?
In 2021, we have invested in new capacity, but also in machines and equipment as well as in our IT systems, our people’s competence and in the organisation. So, 2021 has made us ready to harvest, and with the acquisition we will be ready for the future. There will certainly be further challenges following the pandemic, and the war in Ukraine with all its unfortunate effects is certainly one of them. But we are prepared to meet challenges, serve our current and new customers and continue our way forward.
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FIRST DELIVERIES LOW-CARBON COPPER STARTED DURING THE YEAR
ELCOWIRE´S LOW-CARBON AND RECYCLED COPPER With less than half of the CO2 emissions per kg of copper, Elcowire helps accelerate the world’s journey to reduce carbon emissions and reach net zero in 2050.
Elcowire offers copper products with much lower footprint than others. This will help customers meet their climate targets. The Low-carbon and Recycled Copper options both have very similar footprints in terms of the low CO2 emissions per kg. Elcowire serves the electrical and infrastructure industries as one of Europe’s leading suppliers 6 SUSTAINABILITY REPORT
of wire-rod based products and services, essential for electrification. The validated process to calculate the Low-carbon Copper footprint from cradle to Elcowire gate includes mining, milling, smelting, refining, inbound transports, production, auxiliary bulk good and chemicals. A full Environmental Product Declaration (EPD) will be
the next step to verify emissions, see fact box next page. The copper cathodes for Elcowire’s Low-carbon Copper as well as its Recycled Copper are produced in Sweden, Finland and Norway.
HOW IS LOW-CARBON COPPER PRODUCED? Elcowire wants to set an example by producing semi-finished and finished products that have a low impact on nature and the climate. The copper cathodes come from mines and smelters in Sweden, Finland and Norway. Here, cathode production has undergone a substantial transformation due to electrification of various stages of the process. The Low-carbon Copper has also been made possible by a very efficient ore concentration process and a world-class green energy mix.
Greenhouse Gas Protocol with a relevant impact on the final carbon footprint, from cradle to Elcowire gate. The calculations have been made by consultancy WSP in accordance with the GHG Protocol Product Standards (Product Life Cycle Accounting and Reporting). Read more on page 32.
EPD IS THE NEXT STAGE To satisfy customers requirements for a generally valid verification instrument, the next step in Elcowire’s process to verify the carbon footprint of its Low-carbon and Recycled copper products will be to complete an Environmental Product Declaration according to ISO 14025, based on a life-cycle assessment approach.
WHAT DOES IT MEAN? The statement: ”less than half of the CO2 emissions per kg copper” is based upon comparison per kg of copper quoted by the International Copper Association (ICA). When calculating the footprint, Scope 1, 2, and 3 emissions have been included, with all categories in the
Electrified giant trucks is part of the operations in producing the Low-carbon Copper.
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COMPANY OVERVIEW OUR BUSINESS UNITS
BU HIGH VOLTAGE
Annual production capacity of 300,000 tons of pure and silver, tinand magnesium-alloyed copper wire rod. Elcowire is one of the largest manufacturers in Europe with continuous cast and upcast in rod dimensions 8–30 mm.
Our contact wires, messenger wires, dropper wires and earthing wires are in commercial service around the world. We ensure safe and reliable travelling in intercity, high speed, suburban and urban track and road systems.
Our conductor materials are being used in cables for interconnections, off shore wind parks, underground power links and other applications. We offer our extensive knowledge and products primarily to manufactures of high voltage and extra high voltage cables.
Leading provider of drawn and extruded profiles used in various applications for energy transmission. We are supporting our customers to build up the renewable energy transmission systems.
OUR HISTORY Our roots date back to the early 1800s as a mechanical workshop. In 1918, there was a new focus on electrical products and the manufacturing of motors and transformers, in particular. This included the addition of new manufacturing technologies.Together with our main customers and suppliers, we have built up a strong and consistent reputation for innovation. We call this the power of continuous improvement.
1799 Count Eric Ruuth establishes a foundry in central Helsingborg 1800 First cast of iron 1920 Division of Elektromekano 1953 Independent company Elektrokoppar; 75% ASEA, 25% Ericsson 2007 Acquired by Liljedahl Group
1899 Isolation AG, Insulated Wire Factory 1970 Becomes a part of the new founded Kabel und Draht Group under Brown Boveri & CIES’ ownership 2007 Acquired by Liljedahl Group 2020 Production and products relocated to Helsingborg and Hettstedt
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OUR PRODUCTION UNITS
Our drawn wire products cover a diameter range between 8 mm and 0,05 mm. They are made from Elcowire continuous cast wire rod. We manufacture our wires in compliance with European and international standards.
We specialise in producing wire rod with high surface quality suitable for extruded products. • Casting & Rolling • Extrusion • High voltage cable conductors • Strips • Channel wires • Profile wires • Alloyed profiles
We have the complete processes for production of overhead contact lines • Casting & Rolling • Drawing and Stranding • Contact wires • Messenger wires • Dropper wires • Earthing wires
In March 2022, Elcowire Group completed acquisition of German KME’s copper wire rod, wire and strands, doubling its production capacity to 300,000 tonnes per year. An additional business unit, Wire & Strands will be added.
HETTSTEDT 1990 Founded as Joint Venture between Walzwerk Hettstedt and Felten & Guillaume Cologne as HFB GmbH 2009 Integration of HFB into the nkt cables/ NKT organization 2019 Acquired by Elcowire Group
HETTSTEDT 2022 KME Mansfeld (MKM) acquired by Elcowire Group and to be operated as a new business unit: Wire & Strands
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BUSINESS UNIT ROD
THE CORE COMPONENT With its wire rod products in pure copper as well as silver, tin- and magnesium alloys, Elcowire’s BU Rod is one of the largest rod manufacturers in Europe. Wire rod is also processed into drawn and stranded wires or extruded into rectangular wires and profiles. The BU is characterized by high quality products, reliability in deliveries, attention to detail and strong technical partnership.
Rod 8 mm – Continuously casted and rolled, high conductivity, produced from Grade A copper cathodes according to EN-1977 and ASTM B 49 standards or according to customer specifications.
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THE BUSINESS UNIT TODAY The BU Rod business is totally focused on rod for electrical current purposes, and on three different customer groups: • Providing rod to leading cable customers, serving mainly construction, installation, automotive and power transmission markets. • Rod for the Dahrén Group’s (fellow member of the Liljedahl Group) further refinement into enamelled wire, magnet wire, and enamel wire • Internal deliveries in to BU Rail, HV, Wire & Strands & Specials.
”STEADY DEMAND, AND GROWTH OPPORTUNITIES AHEAD” FREDRIK ADLERCREUTZ HEAD OF BUSINESS UNIT, ROD
126 000 DELIVERED TONS
BU HEAD COMMENTS Although we are pleased with the outcome of 2021, the KME Hettstedt acquisition in 2022 will open new opportunities. It will immediately raise Elcowire’s market share in Europe from a level of 5 percent to approximately 10 percent. A promising synergy potential is that some of the largest Helsingborg customers can be served from the new facilities in Germany. This is an obvious advantage that enables redundance and also promises to reduce freight costs in many cases.
ROD, STANDARD 8 MM ROD, ABOVE 8 MM OXYGEN FREE COPPER GOING FORWARD Demand for copper rod is rising at a rate of 2 to 4 percent yearly, due to the green transition in society within the energy and transport sectors, including rail and other vehicles, also encompassing infrastructural construction such as charging stations. Historically, our cable maker business is primarily based upon repeat business on yearly contracts, involving between 20 and 30 customers, mainly located in the Nordic countries but also in the Baltics, Austria and the UK. The copper rod
orders have been managed by customer’s purchasers, and to a certain extent by production people having an influence on the choice of type of rod to match their process equipment. Introducing rod from Low-carbon Copper as well as from recycled copper will have impact in that it affects the brand and sustainability positioning of customers, sometimes changing their purchases from a commodity-like order to a more strategic decision level, also potentially going one step further to involve the end customer.
ROD FOR SUSTAINABILITY Elcowire’s ”Low-carbon Copper” or “Recycled copper” rod products have been produced using copper cathodes enabling a significant reduction of CO2 emissions – more than 50 percent per kg, see page 8-9 for more facts. Copper will play an important role in the sustainability transition to achieve the goal of net-zero CO2 emissions by 2050 set by the EU.
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THE FUTURE MINES ARE CLOSER THAN WE THINK Out of use electronic devices are a valuable source of copper to be recycled.
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DID YOU KNOW? Did you know that the future copper mines are found around us and in the cities? The primary input material for Elcowire’s recycled copper is electronic scrap. Electronic products that have been circulated in society can be recycled so that the copper is extracted and can be used again. All for the purpose of improving circularity and lowering the carbon footprint. Elcowire offers two types of copper solutions for wire- and other manufacturing needs: Low-carbon Copper and Recycled Copper. Both with an average footprint of 1.7 kg CO2/kg copper (to be compared with average 4.5 kg for standard copper). By recycling waste and using low-carbon materials we can help accelerate fulfilment of sustainable development goals in the global society.
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BUSINESS UNIT RAIL
INNOVATIVE PRODUCTS AND PROCESSES Elcowire Rail offers both standard materials and customized solutions for efficient overhead contact line systems for electrically powered rail and electrified road traffic.
Our unique Valcond and Valthermo alloy-based contact and messenger wires are both economically and ecologically smart solutions. The choice between materials is typically dependent upon train speed – up to 250 km/h and high-speed.
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THE BUSINESS UNIT TODAY
Active worldwide, with a strong foothold in the central European region, the BU Rail business is focused on a portfolio of efficient overhead contact line systems, the base for electrically powered rail and road traffic. • BU Rail also offers a wide range of product-related services, such as technical consulting, training material, product investigations, calculations, on-site measurements, recommendations for material, drum selection and installation. • Contact wires are used in rigid overhead conductor rail systems, but also in promising e-highway and e-mobility systems such as trolley buses or trucks.
”UNIQUE LONG-LIVED SOLUTIONS FOR RAIL AND E-MOBILITY INFRASTRUCTURE” JAN SIEBERT HEAD OF BUSINESS UNIT, RAIL
CONTACT WIRE STRANDED CONDUCTORS
BU HEAD COMMENTS
Valthermo and Valcond copper alloys are efficient solutions recommended for overhead contact wires and messenger wires in order to realize the most sustainable solution in new installations and, at the same time, maintenance offering reduced life cycle costs. For operators and owners of rail infrastructure this opens the opportunity to increase traffic density whilst reducing system wear, as well as CO2 emissions and life cycle costs. We often say that “Valthermo and Valcond means value.” With the typical project nature of our business, often run by state-owned infra-
structure owners operating within clear regulation frameworks, our reliability and delivery capacity are crucial qualities. The business logic depends on long relationships. We rely on having good market intelligence, which we do have, to as early as possible become involved in project discussions. With our unique solutions we strive to obtain product approvals, and our strength lies in supporting our customers to fullfill their environmental goals. Here, our materials have a great advantage as they – with a lifetime of up to 300% – do not need to be replaced, something which is of course costly.
The rail business is projectbased, and flexibility therefore is key. The dimensioning and design of an overhead contact line system and the selection of the right materials are determined by application and speed, environmental factors, frequency of passing trains and their energy demand. The KME Hettstedt acquisition will strengthen the BU Rail in many respects: Elcowire’s rod production as a feedstock for the Railway products will now be fully controlled by ourselves, and there will be synergy potential to switch some production between our closely located sites.
ELECTRIFIED RAILWAY FOR SUSTAINABILITY Elcowire’s overhead contact rail solutions are part of tomorrow’s sustainable rail traffic. They have the potential to significantly contribute to reaching ambitious climate targets. By selecting the right alloy and product performance – electric and mechanical – rail operators are getting prepared for the sustainability transition to achieve the goal of net-zero CO2 emissions by 2050 set by the EU.
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”ELCOWIRE IS EXEMPLARY IN ITS SUSTAINABILITY EFFORTS AND AN IMPORTANT PARTNER OF DEUTSCHE BAHN” Kerstin Fritzsche, Manager Strategic Procurement DB Netz AG
SUSTAINABLE PRODUCTS FOR RAILWAY ELECTRIFICATION Together with Technical University of Dresden and Deutsche Bahn we have completed a study on a field test where Elcowire’s Valthermo copper alloy material for overhead contact line systems has been compared to conventional copper and copper alloy materials.
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VALTHERMO ADVANTAGES SIGNIFICANTLY LONGER VS. CONVENTIONAL SERVICE LIFE SOLUTIONS “The results say that using our The conclusion is that the advantages of reduced wear for Valthermo are considerable, above all in that they may save contact wire changes during the technical lifetime of a contact line system. A mutual publication summarises the findings in the study. “In the field test, different contact wire materials have been tested for several years,” says Frank Pupke, product & quality manager for Elcowire Rail, “And the results show that our Valthermo material, CuSn0.1, is less susceptible to wear than the conventional materials, made of electrolytic copper or high-strength copper-silver alloys.” Using the field test method, measurements of the residual contact wire thickness collected in maintenance routines are used for statistical evaluation. This statistical analysis is a very valuable addition to previous manual measurement evaluations.
contact wire materials, with a significantly longer service life than the current conventional contact wires made of electrolytic copper or highstrength copper-silver alloys, could save wire changes during the technical lifetime of the system,” Frank Pupke comments, adding: “This benefit is also significant in terms of needing shorter blocking pauses with their associated restrictions on the rail network.” So, the basic findings from earlier evaluations are confirmed, although the report also states that reduced maintenance costs of course must be weighed against the higher initial investment costs for higher-quality contact wires. Another aspect to add when looking at investment costs over a lifecycle for Valthermo solutions vis-à-vis the traditional copper-silver alloys is the elimination of the impact from volatile silver prices, which makes planning of
investment costs easier. Also energy consumption and CO2 emissions can be significantly reduced over the entire life cycle of an overhead contact line system. This is due to the reduced wear confirmed by the present study, and the possibility of eliminating any readjustment.
SUSTAINABLE DESIGNED RAILWAY INFRASTRUCTURE
With a positive cost-benefit analysis, the study concludes that “use of higher-quality contact wires is recommended in terms of a sustainably designed railway infrastructure.” Furthermore, a positive sign since the study was completed is that Elcowire has been invited by Deutsche Bahn to participate in a workshop for the identification of additional improvement potential in relation to sustainability and circularity. Frank Pupke Product and Quality Manager Elcowire
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BUSINESS UNIT HIGH VOLTAGE
LARGE INFRASTRUCTURAL PROJECTS The BU High Voltage offers conductor material in copper and aluminium for advanced high-voltage cable manufacturing. The business is totally focused on large infrastructural projects and offers services and products to manufacturers of high voltage and extra high voltage cables.
Work is progressing on Viking Link, the first submarine cable connection between the UK and Denmark. Elcowire is one of the contractors connected to the project.
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THE BUSINESS UNIT TODAY
Elcowire’s conductor materials are being used in cables for interconnections, offshore wind parks, underground power links and other applications. • The company has long experience with conductor material for these types of high voltage applications, with capabilities for both copper and aluminium conductors in various shapes and sices. • BU High Voltage counts the leading cable manufacturing companies as customers. In collaboration with the customer, Elcowire produces various types of conductors depending on the requirements of the cable, its specification and installation environment (AC or DC, insulation, laying depth etC.
”WE CATER FOR EVERY CUSTOMER´S SPECIAL NEEDS” FREDRIK ADLERCREUTZ HEAD OF BUSINESS UNIT, HIGH VOLTAGE
COPPER CABLE CONDUCTORS ALUMINIUM CABLE CONDUCTORS
BU HEAD COMMENTS The key to success in large projects of this kind is of course to be able to cater for every customer’s special needs. Flexibility is required as infrastructural projects are frequently ramped up or down, for various reasons. Typically, a large project will involve thousands of tons of conductor material. In cases where the cable is laid/installed at substantial depths, it will sometimes require aluminium-based solutions Freights/transports are
often a challenge and the transport time required is a critical component, so, customised logistics arrangements are necessary for efficient and sustainable transports. Elcowire’s Low-carbon copper profiles enable substantial CO2 savings in what could be labelled as “Green projects,” and pilot sales in small quantities have already occurred. Large offshore wind parks serve as good examples of such potential projects.
MAIN DRIVERS GOING FORWARD The global High Voltage market is expected to grow significantly in the coming years. Main drivers are increased grid capacity, continuous investments in green energy as well as electrification and digitalisation.
SUSTAINABLE ENERGY GENERATION Elcowire plays an important role to satisfy the market demand to generate and transfer energy more efficiently and sustainably, to reach global CO2 targets.
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SOMETIMES INVISIBLE, YET ALWAYS PRESENT Generating clean energy in order to reduce global warming.
Windparkmill in Oresund between Sweden and Denmark.
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DOGGER BANK WIND FARM
We are proud of being one of the suppliers to the high voltage cable to the world’s largest offshore Wind Farm, Dogger Bank, located more than 130 km off the North East coast of England. Elcowire will deliver 800 km Copper Conductor from its High Voltage Business Unit to Dogger Bank Wind Farm, which extends over approx 1700km². Upon completion it will have an installed generation capacity of up to 3.6GW and be capable of powering 6 million British homes. Offshore Wind Energy is one of the most important renewable energies solutions. It is a renewable energy production process that has led to incredible innovations in recent years. These advances have all been made with the same aim: to generate clean energy in order to reduce global warming. It contributes and supports economic growth, employment opportunities and enhances human welfare from its supply chain and life cycle and by replacing fossil fuel. SUSTAINABILITY REPORT 21
BUSINESS UNIT SPECIALS
SUSTAINABLE COPPER FOR AN ELECTRIFIED FUTURE BU Specials is a leading provider of copper and copper-alloyed extruded and drawn profiles used in various special applications for energy transmission in vehicles, machines and components.
THE BUSINESS UNIT TODAY
BU Specials is developing and delivering extruded and drawn profiles in various shapes, sizes and variants. • BU Specials provides soft extruded and drawn copper in endless lengths, as well as copper alloyed materials and aluminium to produce energy efficient systems for electrical applications, energy transmission, and contact materials. Furthermore, rivets and fasteners used across electrical industry, car manufacturing industry, architecture, infrastructure and construction. • The product offering comprises a standard set of products as well as custom made designs, dimensions and materials.
The future copper mines are in the cities. Read about how electronic products waste can be recycled and contribute to decarbonisation of today’s society. More on page 12.
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”NEW SOLUTIONS WITH HIGH VALUE-ADDING” PAUL GUSTAVSSON HEAD OF BUSINESS UNIT, SPECIALS
4 000 DELIVERED TONS
BU HEAD COMMENTS BU Specials is our smallest BU, but at the same time it has the highest value-adding. We have started a development project with a multi-year framework to map potential new products and solutions and already started on the development. We currently serve some 25+ customers, all with their own unique products and solutions incorporating Elcowire-designed copper or copper-alloyed profiles, which we manufacture on our own designed conform machines, with own casted
WIRES ALLOYS PROFILES pre-material. This enables us to have full control of the complete process from raw material to finished product including the design of the machines making the product. The market opportunities are endless and the wide range of applications makes this area exciting and very unique. Many of the products we deliver are used for life changing applications, be it in medical, transportation or renewable energy. It is very encouraging to take part of our customers’ innovative ideas and support them in
reaching their objectives when it comes to functionality and sustainability. The ambition is to significantly grow the area organically and through acquisitions.
RENEWABLE ENERGY SYSTEMS We are supporting our customers to build up the renewable energy transmission systems.
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The BU is focused on building up a unique set of knowledge to support customers with effective solutions for all kinds of electrical systems.
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Average amount of copper
83 KG in a Battery Electric vehicle (BEV)
DID YOU KNOW?
In 2021, International Energy Agency states that electric car sales more than doubled to 6.6 million, representing close to 9 percent of the global car market and more than tripling their market share from two years earlier. All the net growth in global car sales in 2021 came from electric cars. So, the market for electric vehicles (EV) is rapidly growing and calls out for large quantities of copper. Car manufacturers launch new products, battery prices decrease and government incentives continue. Copper is essential to EV technology and its supporting infrastructure. How much copper is used in various vehicles? • Traditional gasoline/diesel engine: 23 kg copper. • Hybrid electric vehicle (HEV): 40 kg of copper. • Plug-in hybrid electric vehicle (PHEV): 60 kg of copper. • Battery electric vehicle (BEV): 83 kg of copper. (SOURCE: IEA International Energy Agency, Paris-France)
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OUR COMMITMENTS VALUES RESPONSIBILITY. We build on and nurture long-term relationships and we act responsibly towards customers, co-workers, partners, our owner and society. RESPECT. We listen to and show consideration for one another. We recognise each other’s differences. TRUST. We are committed and dedicated to fulfilling our promises. We act in a trustworthy and reliable manner. PASSION. Our customers’ success is our passion. It is our priority to meet the needs and challenges of our customers.
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VISION Together with all our stakeholders; our employees, our customers, our suppliers, our owner and our partners, Elcowire wants to contribute to a sustainable society which is based on our history, know-how and passion.
MISSION One of the leading suppliers in Europe of products and services based on wire rod for the electrical and infrastructure industry with copper and aluminium solutions. By challenging ourselves and continuously improving our processes, we provide solutions for a sustainable world.
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ESZTER DEAN COO & GENERAL MANAGER
SUSTAINABLE OPERATIONS Lean manufacturing principles for process efficiency has long been the operations philosophy of Elcowire. For Eszter Dean, the production and supply chain challenge she has set is two-fold: to improve both productivity and sustainability. In her work as COO, Chief Operations Officer, she has initiated a new type of leadership as well as a new organisation model: 28 SUSTAINABILITY REPORT
“Our aim is to have the whole supply chain mechanism under one roof: logistics, transport management, inventory, production planning and sourcing,” she explains. “And we want to create a ‘No blame’ culture alongside the lean production culture
we have in place that aims for smart and standardised work and continuous improvement. Another interesting objective is that everyone in Operations should master more than one set of work assignments, to make the whole
workforce more versatile. And when new people join the production team, there is a completely new approach that enhances productivity: “We use a method called TWI (Training within industry) where a newly hired machine operator becomes fully productive in only one and a half week,” Eszter says, “before, this process took between four and six weeks.” Circularity is high on Elcowire’s and Eszter’s agenda: “With regard to metals, we are recycling almost everything. It is a little bit more difficult with scrap from alloys, where you must produce something else from the scrap, or separate the metals.”
”A LONG TERM SUSTAINABILITY AGENDA IS BEING DEVELOPED TO MEET FUTURE EMISSION TARGETS.” However, easy-to-recycle copper is the major scrap fraction, for obvious reasons. Coils and pallets are already circulated to a very high degree. To support further development of the ongoing productivity and sustainability efforts, Eszter of course
needs more brains and hands: “In Helsingborg, we have already put responsibilities in place for environment and safety, and in Hettstedt Rail we recently appointed a ‘lean general’ to be my right hand man,” she concludes.
• A sustainability agenda is being developed to meet short and long-term emission targets. We are working on mapping and follow-up of the complete CO2 footprint of our operations, monitoring the KPIs connected and making corrective actions to avoid deviations. • Circularity principles are applied throughout the processes going forward. For copper, most of the operations waste is already recycled. Coils and pallets are already recycled to a very high degree. • Another essential part of sustainability within operations is to look after employees, by focusing on health and safety and a continuously improved work environment.
The Elcowire Helsingborg operations rely on long traditions. Copper wire production in Helsingborg started already in 1953. Elcowire Helsingborg adds value all the way from cathodes through wire rod to profiles. Highly knowledgeable work force creates products for an electrified future. Self-designed extrusion machines, also providing some customers with tools. About 90 percent of ~140 employees work within operations. Safety and sustainability as guiding lights for everything we do. In daily operations, work is guided by lean manufacturing principles and continuous improvement. Current capacity of about 120 000 – 130 000 MT wire rod. TURNS WIRE ROD INTO: • High voltage cable conductors • Drawn, welding, earthing wires • Stranded conductors • Strips • Channel wires • Profile wires
With its production focused on customer-specific solutions, Hettstedt Rail is a leading and innovative supplier of strands and wires for railway technology. Contact wire production with a long tradition. Already in 1991 the first order was delivered from the site. Part of the Elcowire Group since 2019. • Machinery for Contact wires: Trolley drawing machines • Machinery for Stranded conductors: Tubular and Planetary Stranders • In total 70 Employees (Operations & Sales), whereof 40 in operations • International customer base, e.g. from France, Australia, UK, Spain, China. Overall, production is characterized by the fact that the full process is managed in-house (casting to end product). • Development of Copper-Magnesium alloys in cooperation with customers. Material for large transport projects, such as the “German Unity“ transport route, and the Chinese railway infrastructure project “Blueprint“
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PEOPLE AND SOCIETY Diversity Training and education. At Elcowire, we consider each employee’s growth as growth for the company. We have introduced our own model for people development, built on regular meetings between managers and their employees, focused on identifying opportunities for training and further insights, and to gain expertise for the job role. Summer traineeships is another aspect offered in Helsingborg to young people. Contacts like these with local schools is a way to support the next generation of talent and work with succession with people moving into retirement.
New employees and the Code of Conduct Every new employee gets an onboarding kit. One of the most important things in this kit is the Code of Conduct. The Elcowire Code of Conduct
states what the company expects from its team as well as from its suppliers. Anti-corruption policies that ensure fair competition are at the core of the code. The document also outlines human rights practices, including an anti-discrimination clause and zero tolerance for forced and child labour. To ensure that these policies can be upheld, there is a whistleblowing principle in place that allows every employee to safely report any breach of policy.
site, as well as internships to students from different schools. Head office also initiated a partnership with the local handball club to support their community programmes for the area’s at-risk youth. To provide safe and valuable alternatives for their free time, this afterschool support includes homework assistance as well as health activities, such as giving kids a chance to try handball.
Local community involvement For Elcowire, serving the local communities is just as important as global impact. Our head office in Helsingborg, Sweden, has for example in 2021 had a trainee program for unemployed people in collaboration with local authorities. After program finish, three positions were offered to participants at the Helsingborg
”WE CONSIDER EACH EMPLOYEE’S GROWTH AS GROWTH FOR THE COMPANY” ANGELIKA STAWOWOSKA HR MANAGER
30 SUSTAINABILITY REPORT
SUSTAINABILITY REPORT 31
SUSTAINABILITY PERFORMANCE 2021 The principal raw materials in Elcowire’s processes are metals: copper and aluminum, and process chemicals of various kinds. All facts and data represent Elcowire AB/Helsingborg and Elcowire Rail GmbH/Hettstedt.
ENVIRONMENT Our environmental approach involves minimising and reducing any impact on the environment, such as to air, land and water. Our operations should not harm the nature and the impact should be minimised. Consequently, environmental aspects are assessed in respect to a life cycle perspective and risks. Risk assessments are a part of our daily work and if a new investment is considered.
ENERGY Energy consumption for production purposes is based on fuel combustion (natural gas) mainly for melting, and on purchased electricity. At the site in Helsingborg, Sweden, energy is recovered from exhaust gases in the shaft furnace for copper rod production. Heat recovery is made from hot gas and then cleaned in a textile filter. Excess heat is distributed to the city of Helsingborg for heating of homes, industry and for district cooling. From 2022, the operations in Hettstedt Rail, Germany, will be run on green electricity, see Carbon footprint on page 32. 32 SUSTAINABILITY REPORT
JONAS CIARDI SUSTAINABILITY OFFICER, HELSINGBORG
ULRIKE STANDKE SUSTAINABILITY OFFICER, HETTSTEDT
Total energy (GWh)
-77% since 2018
Energy intensity (kWh/t)
2018 Natural gas
Outcome 2021: Total energy consumption rose in 2021, due to -5 5% increased was intensity Total water production volumes. In total the consumption Water since 2018 65.2(m3) GWh (62.4), however the energy efficiency improved, from (m3/t) 0.39 to 0.38 kWh/t (tonnes of production), corresponding to an 0.6 120,000 improvement of 7 percent compared to 2018. The direct energy 100,000 consumption was 48.3 GWh (45.8), and the indirect consumption 0.4 80,000 was 14.6 GWh (14.2), so the direct energy increase (natural gas) was more significant than the indirect (purchased electricity). 60,000 40,000
0.2 0.1 SUSTAINABILITY PERFORMANCE
WATER Water consumption is not very material for Elcowire as it is not a necessity in the production process other than for cooling and cleaning. At the Helsingborg site a water cleaning facility has earlier been installed, which makes it possible to re-use water. For cooling of the wire rod casting process, the Helsingborg site has installed a cooling tower with several benefits compared to current solution: lower energy use, lower noise to the surroundings, easy maintenance with access to important parts during operation which means reduced down time and improved productivity.
-5 5% since 2018
Total water (m3)
Water intensity (m3/t) 0.6
40,000 20,000 0
Outcome 2021: The water consumption increased in 2021 and was 102,661 m3 (86,428), mainly due to a leakage problem at the Safety to Group Helsingborg site, corresponding a 5 percent improvement of the water use per tonne produced for the Group, compared to 2018. 30
25 20 15 10 5
WASTE Group0 total (kg) 2021 2020 2019 Circularity has a long tradition 2018 2019 2020 2021 Metals in metal-based industry, and Internal Copper scrap 2 020 000 1 233 800 1 137 400 LTIFR Number of accidents External Copper scrap 1 332 500 1 255 900 1 210 300 internal metal waste in Elcowire facilities is, to a Internally recycled Copper 1 332 500 1 255 900 1 210 300 very high degree, recycled. Our 625 400 1 046 000 CO21 intensity 026 300 CO2Externally emissions recycled Copper waste handling and processing (tons) (CO2/t) Aluminium scrap 85 900-9% 11 300 31 600 since 2020 79 800 of materials supports the idea Iron/steel scrap 95 000 90 300 18,000 0.12 of going from linear flows to 15,000waste 0.10 Other circular flows, supporting the Wood waste 206 400 170 200 185 600 12,000 0.08 idea of circular economy. Electronic/cable 2 400 1 700 2 200 9,000 0.06 The waste hierarchy is imporPaper 15 100 8 100 17 000 tant to relate to as the main 0.04 6,000 Plastic 6 200 5 600 4 100 target should be to reduce Combustible waste 81 600 58 900 51 800 0.02 3,000 waste, but second best is 0 0 Hazardous waste 2020 2021 to reuse. WASTE HIERARCHY • Landfill • Recover • Energy • Recycling • Reuse • Reduce Hazardous waste consists mainly of oil emulsion from fluids used in cutting operations.
Emulsions Other hazardous Scope 1waste emissions
1522400 Scope emissions 92 600
554 400 46 200
REDUCE REUSE RECYCLING RECOVER ENERGY LANDFILL
SUSTAINABILITY REPORT 33
Total energy (GWh) Total water 80 (m3)
-77% (kWh/t) since 2018 +7% Water intensity since 2020 /t) (m3 0.4
120,000 60 100,000
60,000 20 40,000
SAFETY across all facilities to prevent sponse 0 20,0000to the unique challenges Safety is a high-priority 2020 2021 among the spread of COVID-19 brought0 on by 2018 the pandemic2019 in 0 area for Elcowire: the our 2020 workforce. 2021 2020 and 2021, we also imple2018 2019 Natural gas Electricity inhouse program for mented a number of measures safety management aims to prevent injuries at all units and -5 5% Safety Group Total water Water intensity avoid recurrence of a certain since 2018 (m3) (m3/t) type of incident. In general, 30 0.6 120,000 progress for occupational 25 100,000 health and safety is tracked 20 0.4 80,000 along three key parameters: 15 60,000 risk alerts, accidents, and 10 0.2 40,000 absence. All sites have safety 5 20,000 and risk evaluation initiatives 0 0 0 according to local needs and 2018 2019 2020 2021 2018 2019 2020 2021 conduct reporting monthly to LTIFR Number of accidents establish common standards across the group. Elcowire has a groupSafety Group Outcome 2021: 8 LTI cases/accidents (2), and 23.9 LTIFR (6.3). emissions CO2 intensity wide zero-accident vision that CO2 In line safety, Elcowire has -9% (tons) (CO2/t) 30 with its high-priority ambitions for guides the risk assessment since site, 2020 and introduced appointed a safety manager at Helsing borg 25 0.12 strategy. Since 2012, focus has the18,000 measurement standards used by most large industrials in their 20 sustainability reporting. been on preventing incidents 15,000 0.10 A work-related accident is counted as leading to a Lost-time injury 15 by continuously identifying, 12,000 0.08 (LTI) case as soon as the injured person cannot work the following 10 registering, and analysing risks. 0.06 full 9,000 working day. Lost-time injury frequency rate (LTIFR) indicates 5 such injury cases an organization has per 1,000,000,000 Safety is a collective effort, how6,000 many 0.04 and each employee is involved 0hours, which corresponds to a work year for 500 full-time working 0.02 3,000 2019 2020 2021 with pinpointing at least one employees. 2018 0 0 potential risk each year. As a reLTIFR2020 Number of accidents 2021 CARBON FOOTPRINT Elcowire aims to be a sustainability leader in its business, and therefore the carbon footprint is of course strategically important. See below and page 11 for the verification process of the footprint of Elcowire’s Low-carbon and Recycled copper products. Carbon footprint from Operations The calculation of CO2 emissions from Elcowire operations is based on energy figures and approved conversion factors.
34 SUSTAINABILITY REPORT
Scope 1 emissions
CO2 emissions (tons)
Scope 2 emissions -9% since 2020
CO2 intensity (CO2/t)
2020 Scope 1 emissions
Scope 2 emissions
Outcome 2021: The total emissions in 2021 were 17,792.3 tons (17,641.5), a 1-percent absolute increase from 2020 but a very considerable intensity improvement, considering that sales rose by almost 50 percent between the years, from 0.11 to 0.10 t CO2/t (tonnes of production), corresponding to a 9 percent improvement compared to 2020. Scope 1 emissions from natural gas, diesel and acetylene were 11,790.1 tons (11,755.7), while Scope 2 emissions from purchased electricity were 6,002.2 tons (5,885.8).
Elcowire Low-carbon Copper benchmarked against global average and aluminium regarding CO2-emissions (kg CO²/kg copper)
PRODUCT CARBON FOOTPRINT The calculated emissions from 1 kg of Low-carbon copper from Elcowire is 1.7 kg. This compares to less than half of the global average emissions from 1 kg of copper. This statement is based upon comparison per kg of copper quoted by the International Copper Association (ICA). When
calculating the footprint, Scope 1, 2, and 3 emissions have been included, i.e. all categories in the Greenhouse Gas Protocol with a relevant impact on the final carbon footprint, from cradle to Elcowire gate. The calculations have been made by consultancy Sphera in accordance with the GHG Protocol Product Standards
(Product Life Cycle Accounting and Reporting). The calculations have been reviewed by third party DNV according to the general principles in the ISO 14064-3 Standard (Greenhouse Gases – Part 3: Specification with Guidance for the Validation and Verification of Greenhouse Gas Assertions).
ELCOWIRE AB RECEIVES ECO-VADIS RATING Third party rating organization EcoVadis has made a first rating of Elcowire AB, landing at the level 62 of a maximum 100 points scale. This corresponds to the level “Good” and will be a stable starting point for further improvements. Elcowire is already on a 70 level for its environmental work, corresponding to the level “Advanced.”
SUSTAINABILITY REPORT 35
AT THE HEART OF ELCOWIRE’S MISSION AND BUSINESS ACTIVITIES Elcowire’s sustainability efforts are focused on contributing to the agenda of the global society for the year 2030. Since 2015, the most advanced framework to describe this agenda is the UN Sustainable Development Goals (SDGs). These goals, symbolized by 17 colorful icons, recognize that ending world poverty and other human challenges must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests. “The SDGs represent a shared commitment in society to sustainability,” says Elcowire’s CEO Paul Gustavsson. “For Elcowire, it is important to center our sustainability efforts around this global collaboration between the 193 member states of the UN.”
CLEAN ENERGY While clean energy and electrification are clearly at the heart of Elcowire’s mission and business activities, this is just a start for what the company wants to achieve. Providing reliable energy and fighting global warming includes continuous reduction of the carbon footprint from Elcowire products and solutions, combined with improved energy efficiency and carbon footprint in the internal production processes as well as in the entire supply chain. 36 SUSTAINABILITY REPORT
RESPONSIBLE MANAGEMENT But the SDG-inspired agenda of Elcowire is much broader than that: “The obvious energy and climate improvement profile of our company is what you see from the outside. However, internally, a responsible management of resources and a strong culture rooted in a safe and positive work environment for all employees are the strongest basic elements of our sustainability focus,” says Paul Gustavsson.
As one of the leading European suppliers of copper products, we are committed to sustainable copper sourcing. We are developing advanced technologies to provide outstanding energysaving products with maximum useful life to enable sustainable solutions.” PAUL GUSTAVSSON, CEO
SDG 4 Quality education Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
SDG 9 Industry innovation and infrastructure Build resilient infrastructure, promote sustainable industrialization and foster innovation.
Elcowire focus: Read more in People and Society on page 28.
Elcowire focus: Read more in each Business Unit’s description of ”The business unit today,” including solution and innovation on focus, pages 10–23.
SDG 8 Decent work and economic growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. Elcowire focus: Read more in the CEO interview on page 4 and in Sustainable operations on page 26.
SDG 16 Peace, justice and strong institutions Promote just, peaceful and inclusive societies. Elcowire focus: Read more about in People and Society on page 28.
SDG 12 Responsible consumption and production Ensure sustainable consumption and production patterns. Elcowire focus: Read more about Sustainability performance on page 30, Sustainable operations on page 26, and in each Business Unit’s description of ”The business unit today,” including solution and innovation focus, pages 10–23.
SUSTAINABILITY REPORT 37
FINANCIAL REPORT 2021 CONTENTS
38 FINANCIAL REPORT
ABOUT 2021, CFO THOMAS LEJDSTRÖM
ELCOWIRE GROUP’S PROFIT/LOSS
BOARD OF DIRECTORS
”BRINGING CONTINUOUS ADDED VALUE TO OUR OWNERS AND STAKEHOLDERS ” • The Chinese operation has been divested during 2021. This now completes the consolidation of the group and enables us to focus on expansion on the European market.
CEO PAUL GUSTAVSSON
CFO Thomas Lejdström comments on 2021 Significant events during the financial year 2021 • A significant improvement during the year with more than 100% growth in operating profit. • Despite the pandemic impact on the business operations we have seen continuous strong demands in our markets. • Increased input costs have had an impact and we have put quite a lot of focus in driving efficiency within operations. • Elcowire Group has during the
Year acquired 70% of Elcowire Holding GmbH and is now 100% owner of the company (name changed from Isodraht GmbH). • Elcowire Holding GmbH has subsequently acquired Elcowire Rail GmbH and Elcowire GmbH (newly formed during the year) from the parent company. • To strengthen our european platform, Elcowire has entered into an agreement to acquire KME’s wire rod business in Hettstedt, Germany.
Expected future developments and material risks and uncertainties Demand for our copper and aluminium products in the European market is expected to remain strong in 2022 and to increase. Demand continues to be driven by infrastructure investments and in particular investments related to renewable energy. Energy and electrification Increased costs of inputs, transport and energy will be passed on to the market. Financial instruments and financial risks The Group is exposed through its operations to various types of financial risks related to trade receivables, inventories, loans and derivative instruments. The financial risks consist of financing risk, interest rate risk, price risk, currency risk, credit risk and liquidity risk. The Group has an established financial policy with rules and frameworks for exposure to these risks.
FINANCIAL REPORT 39
Elcowire Group’s profit/loss SEK thousand Net sales Other operating income Change in work in progress, finished goods and work in progress on behalf of another party Raw materials and supplies Goods for resale Other external costs Personnel costs Amortisation/depreciation of intangible and tangible assets Other operating expenses
2021 10 993 223 29 197
2020 7 442 654 16 577
-58 703 -10 490 430 -6 543 -175 935 -157 513 -19 333 -22 295
-23 660 -6 982 228 98 -178 651 -190 519 -32 304 -10 332
Profit from sale of subsidiary Financial income Financial costs Net financial items
151 581 -12 321 -11 589
24 -14 728 -14 704
Profit before tax
Tax NET PROFIT FOR THE YEAR
-18 463 61 616
-17 734 9 198
40 FINANCIAL REPORT
Elcowire Group’s financial position SEK thousand
ASSETS Intangible assets Tangible assets
81 950 69 914
Total fixed assets
Inventories Tax assets Account receivables - trade Prepaid expences and accrued income Other receivables Cash and cash equivalents
416 376 7 900 531 638 4 083 21 667 232
542 724 9 757 544 427 4 456 30 683 5 604
981 899 1 133 463
1 137 651 1 265 468
Shareholders’ equity Share capital Retained profits including profit for the year Total shareholders’ equity
100 000 363 923 463 923
100 000 303 304 403 304
Liabilities Long-term interest-bearing liabilities Provisions for pensions Other provisions Deferred tax liabilities Total long-term liabilities
105 032 2 679 19 666 127 377
29 818 52 627 29 425 25 849 137 719
Current interest-bearing liabilities Accounts payable - trade Tax liabilities Other liabilities Accrued expenses and deferred income Total current liabilities
271 204 52 261 10 892 173 143 34 663 543 163
537 856 64 948 4 640 78 911 38 090 724 445
669 540 1 133 463
862 164 1 265 468
Total current assets TOTAL ASSETS
Total liabilities TOTAL EQUITY AND LIABILITIES
62 401 65 416
The Annual Accounts and the Group report are based on Swedish Accounting standards.
FINANCIAL REPORT 41
Elcowire Group’s cash flow SEK thousand Operating activities Profit before tax Adjustment for non-cash items Paid tax Cash flow from operating activities before changes in working capital
80 079 -14 416 -12 178
26 931 50 053 -10 933
Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories Increase(-)/Decrease(+) in current receivables Increase(+)/Decrease(-) in current liabilities Cash flow from operating activities
130 500 25 032 103 895 312 912
4 435 3 296 -29 219 46 563
Investing activities Acquisition of tangible assets Sale of tangible assets Acquisition of intangible assets Acquisition of subsidiaries/operation, net cash effect Change in financial assets Cash flow from investing activities
-24 074 34 054 -31 588 -21 665 -43 273
-3 835 336 -5 776 935 -8 340
-200 998 -16 363 -57 780 -275 141
-24 111 191 -9 939 -33 859
-5 502 5 604 130 232
4 364 1 436 -196 5 604
Financing activities Increase (-)/Decrease (+) in current interest-bearing liabilities Borrowings Change in group balance Cash flow from financing activities Cash flow for the year Cash and cash equivalents at the beginning of the year Exchange-rate difference in cash and cash equivalents CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
The Annual Accounts and the Group report are based on Swedish Accounting standards.
42 FINANCIAL REPORT
BOARD OF DIRECTORS
BENGT LILJEDAHL Chairman of the Board of Directors, Elcowire Group President, CEO and founder of Liljedahl Group Education MSc in Economics and Business Administration at the University of Gothenburg. Other active board membership
FREDRIK LILJEDAHL Board member of Elcowire Group
TORBJÖRN PERSSON Board member of Elcowire Group
Deputy CEO of Liljedahl Group
CFO of Liljedahl Group
MSc in Mechanical Engineering, Lund University. BSc in Business Administration and Economics, Lund University.
Degree of Master of Science in Business and Economics and Executive MBA from School of Business, Economics and Law at the University of Gothenburg.
Other active board membership
Chairman of the Board of Liljedahl Group AB, Bufab Group, Dahrén Group AB. Board member of Finnvedens Lastvagnar AB, Hörle Wire Group AB, Pronect AB.
Chairman of the Board of Pronect AB. Board member of Liljedahl Group AB, Hörle Wire Group AB, Dahrén Group AB, Liljedahl Group Fastighets AB. Nominating committee of Bufab Group.
DAN BROSTRÖM Board member of Elcowire Group
SVANTE NILSSON Board member of Elcowire Group
CEO Koncentra Verkstads AB
Consultant and Board Director
MSc in Mechanical Engineering, Chalmers University of Technology, Gothenburg.
MSc in Industrial and Management Engineering.
Other active board membership Chair: JTK Power Oy, Koncentra Pistons Oy, Aiab Energy, Malmstens Verkstads AB, Finmec Oy, Koncentra Invest, Koncentra Fastighets AB. Director: Oxymetal SAS, Koncentra Verkstads AB.
Other active board membership Chairman of the Board of Liljedahl Group Fastighets AB. Board member of Hörle Wire Group AB and Dahrén Group AB.
Other active board membership GISAB Gällivare Industriservice AB.
FINANCIAL REPORT 43
SOMETIMES INVISIBLE, YET ALWAYS PRESENT
Elcowire Group AB Box 914 SE-251 09 Helsingborg Tel +46 (0)42 19 53 00 Visiting address: Elektrogatan 20 Helsingborg