Annual Report 2012 - gmab.se ANNUAL REPORT 2012 │ GÖTAVERKEN MILJÖ AB ... consists of a scrubber...

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Annual Report 2012

2 ANNUAL REPORT 2012 │ GÖTAVERKEN MILJÖ AB

Managing Director’s statementThe year 2012 was above all characterized by a hectic erection period in the summer and early autumn when we installed equipment, tested and started up six larger plant deliveries more or less at the same time. The works were, despite the workload, executed within contracted dates. Two of the projects were handed over to satisfied customers before the end of the year and the other four were under trial operation and performance testing according to plan.

Our first commercial installation of CUTNOX®

In the summer we installed CUTNOX® equipment at Renova’s Sävenäs waste-to-energy plant in Göteborg, Sweden. The process is designed to reduce NOx formation but can also improve the overall combustion stability. by using CUTNOX® the combustion temperature variations are demonstrated to decrease. This in turn gives a possibility to further optimize the combustion with more stable and higher steam production, resulting in increased electricity efficiency and a more stable operational window for a SNCR system.

Huge increase in turnoverOur turnover increased with more than 50% due to increased delivery of flue gas condensation plants which is very promising for the future. Unfortunately we ended the year with a minor negative operational profit. The reason was easily identifiable as an underestimation of complexity of two complex erection works performed during a short period. For 2012 we are showing revenue-recognised sales of SEK 139 105 thousand (88 647) and an operating profit of SEK -1 673 thousand (+9 867).

ADIOX® is a durable solutionThe ADIOX® supply was less than expected, mainly due to the fact that the service life of the material turns out to be longer than previously anticipated. This can be observed

Summary – 2012● Six flue gas cleaning/condensation plants installed in parallel● +50% increase in turnover with a minor negative operational loss.● First successful commercial installation of CUTNOX®

● The first plant partnered with B&W Vølund handed over to Landskrona Kraft.

Net sales m€ 16,2Operating profit, EDITDA m€ 0,2Profit margin % negative Equity/assets ratio % 32,7Liquidity ratio % 148Number of employees 30

in the “ADIOX® tower packing analysis reports” that we prepare for our customers on regular basis. As a consequence of longer service life of the material, the operational costs for our customers will be lower. In the light of this fact, we con-sider the ADIOX® technology to be an even more competi-tive solution for dioxin removal. We also supplied ADIOX® to a new sector, the metal industry. You can read more about ADIOX® in this report.

Continued focus after a tough yearThe year 2012 was a tough year for our project teams. Our staff members faced the challenge to install and commission several plants in parallel. Thanks to their dedication we managed to finalize the works on contracted dates without causing any disturbances to our customers. Now we gain new strength to keep our focus on our core products and continue our expansion. We keep looking for more qualified engineers that can take part in developing our technologies and pinpoint Götaverken Miljö as one of the world-leading suppliers of environmental and sustainable technology.

Lennart Gustafsson Managing Director, Götaverken Miljö

3ANNUAL REPORT 2012 │ GÖTAVERKEN MILJÖ AB

New plant supply started up

Last October, Götaverken Miljö was awarded a contract to design and supply a flue gas condensation plant to be placed after existing flue gas cleaning at boiler No 17 for Bodens Energi, Sweden. The flue gas condensation plant consists of a scrubber condenser where the flue gas is cooled including a tower packing bed of ADIOX® material, the risk of dioxin memory effect emerging is minimized. The heat from the flue gas, normally approximately 4 MW, will be transferred to the district heating grid through a plate heat exchanger. The facility is planned to be completed in summer 2013 and commissioned for producing district heating early autumn 2013.

Flue gas condensation to Bodens Energi

The flue gas condensation plant will be placed just outside the building of boiler 17 (to the right).

FACTS

Short description: Flue gas condensation after flue gas cleaning of boiler 17

Scope: Wet scrubber condenser incl. ADIOX® dioxin removal

Max. energy recovery: 4 MW

In operation: September 2013


Facilities handed over

Landskrona CHP plant, SwedenLast summer we finalized our delivery of a flue gas condensation system to the new multi-fuel plant at Landskorna for combustion of refuse-derived fuels from plastic, wood and cardboard production. Our customer, Babcock & Wilcox Vølund, has supplied a complete waste treatment plant including Götaverken Miljö’s energy recovery system. The scrubber condenser generates 3,5 MW extra heat to the district heating grid. Our delivery also included a water circulation system with pumps and a water cleaning facility. Final handover to the end-customer, Landskrona Kraft, took place in October.

The scrubber condenser at Landskrona CHP plant being lifted in.

CUTNOX® at Renova is operatingOur first commercial CUTNOX® installation was put into operation last summer at Renova’s waste-to-energy plant Sävenäs, Göteborg. The primary task is to reduce NOx emissions from the grate furnace of boiler P1.

The conspicuous red chimney “Energiknuten” (the “energy knot”) symbolizing the plant’s unique qualities to reduce emissions of the new plant in Landskrona.

The CUTNOX® installation at Renova.


Gärstad WTE plant, LinköpingJust before yearend we handed over the flue gas cleaning plant with integrated flue gas condensation to Tekniska Verken in Linköping, Sweden. The multi-stage condensing scrubber will reduce acidic gas components and heavy metals out of the flue gas from the three old lines at the Gärstad site. The condensation system is very efficient and some 10 MW heat is added to the district heating grid. The dioxins in the flue gas are finally removed in the ADIOX® dioxin absorber, previously delivered by Götaverken Miljö. In this case the absorber serves as a police filter.

The installation and erection period in August and September was very hectic. At first the old equipment was demolished and then the new one was installed in just a few weeks. Thanks to our dedicated staff members we managed to meet the contracted deadlines.

The condensing scrubber and heat exchanger at installation at the Gärstad W-t-E plant in Linköping.

The condensing scrubber is placed next to the ADIOX® dioxin ab-sorber, delivered by Götaverken Miljö in 2006.

The condensing scrubber with the impressive size of 26 x 6 metres at transport from the manufacturer in Finland.


Ongoing plant supplies

In August, B&W Vølund started the drying out the boiler. The first flue gas, mostly steam, could be seen from the stack.

The condensing scrubber at Filborna.

Filborna is getting readyAt Filborna waste-to-energy plant in Helsingborg, Sweden, the erection and installation works were completed during the summer. Our scrubber system for flue gas cleaning and condensing has been operating since mid August. The water cleaning system and the absorption heat pump have been in operation since October. The energy recovery equipment provides 17 MW extra heat to the district heating grid. The three months’ trial run started on schedule on November 1. The customer’s takeover is planned for in March 2013.

The absorption heat pump installed and ready for operation.

The energy recovery equip-ment provides 17 MW extra heat to the district heating grid.”


Ekokem’s WTE power plant, FinlandThe combined cleaning and energy recovery facility to the Waste-to-Energy power plant for hazardous waste in Riihimäki, Finland was at trial run at year-end. The scope of delivery is a wet scrubber condenser a new stack and an environmental emission monitoring cabin placed around the stack above the scrubber The scrubber is installed downstream of an existing semidry flue gas cleaning system and is equipped with ADIOX® dioxin removal material. The system also provides an efficient reduction of sulphur emissions. The flue gas condensation will generate 3,5 MW heat to the district heating system. The hand-over to customer will take place in January 2013.

Eksjö WTE plant, SwedenOur combined flue gas cleaning and condensation facility at Eksjö waste-to-energy plant has been in operation since early August. The flue gas condensation was commissioned in October and provides 3 MW heat for district heating as well as reduction of sulphur and dioxin emissions. The plant is scheduled for completion and commissioning in January with hand-over to Eksjö Energi early 2013.

Ekokem: The new stack and monitoring house are installed on top ot the scrubber. This construction method was chosen of space-saving reasons.

Eksjö: The wet scrubber condenser and equipment at installation.

Lidköping’s CHP plant, SwedenThe erection works of the semidry flue gas cleaning system to the new boiler at Lidköping’s heat and power plant were finalized early fall. Our customer, Babcock & Wilcox Vølund started first firing of waste in December. Trial run of our equipment will take place during February 2013 and in March 2013 the plant will be handed over to the customer. Lidköping: One of the two bag house filter modules is being lifted in.


Slovenia chose ADIOX® dioxin removalIn October Slovenia’s largest operator in recycling of lead batteries placed an order for an ADIOX® dioxin absorber with Götaverken Miljö for removal of the dioxins that are formed in the melting process. The ADIOX® dioxin absorber is a static tower filled with tower packings of ADIOX® ma-terial, which absorb the dioxin. Delivery will take place in spring 2013.

Shortly afterwards Götaverken Miljö received another order from Slovenia. This time for ADIOX® dioxin removal mate-rial to a plant for combustion of hospital waste.

These two orders represent our very first deliveries to Slovenia and of ADIOX® dioxin removal to the metal indus-try. Today, metal industry poses one of the largest sources of dioxin emissions (source: Swedish EPA, report 5462) and stricter authority requirements are likely to come on gas cleaning from metal industry.

The ADIOX® dioxin absorber consists of a tank, commonly made of glassfibre reinforced plastic. This composite material is recommended as it pro-vides a high chemical, mechanical and temperature resistivity. The material is also used in our wet scrubbers. The tank is filled with ADIOX® tower packings and depending on its size and necessary dioxin removal capacity, the tower packings can be installed in several stages. After use the ADIOX® material can be incine rated and the dioxins are destroyed.

...our very first deliveries to Slovenia and of ADIOX® dioxin removal to the metal industry”.

Manufacturing of the ADIOX® dioxin absorber to MPI.

Bed of ADIOX® dioxin removal material inside a scrubber.

ADIOX® captures new markets


Service business

In the summer and early autumn our service staff had a busy time installing and commissioning several plant supplies in Sweden, practically at the same time. The works went well and thanks to our diligent engineers, the works were finished within the stipulated time schedules

As usual, our service team was engaged in servicing and auditing of heat pumps and flue gas cleaning/condensation plants within the framework of contracted service agreements. Some contracts also include servicing of other suppliers’ equipment.

Other works carried out in the year involved rebuilding, repair or revamping of flue gas cleaning facilities as well as inspec-tion and capacity assessments for possible future upgrades.

Moreover, our service engineers are responsible for installa-tion and commissioning of absorption chillers to the Swedish market. In the year two deliveries took place to the cities of Mjölby and Uppsala.

A year of intense erection and commissioning works

Installation of the absorption heat pump at the Filborna plant.

Service assignments in 2012

• Installation of two absorption chillers in Sweden

• Commissioning of one absorption chiller in Sweden

• Servicing of absorption heat pumps at six WTE plants in Sweden and Denmark

• Audit of three heat pump plants in Sweden

• Audit of three flue gas cleaning plants in Sweden and Denmark

• Scrubber revamping of two flue gas condensation plants in Sweden and Denmark

• Erection works and commissioning of six flue gas cleaning/energy recovery plants in Sweden

• Servicing and maintenance of bag house filter, Sweden

• Rebuilding/repair works at two WTE plants in Denmark

• Capacity assessments of two WTE plants in Sweden

• Inspection works of two WTE plants in Sweden and Denmark


Financial Report

General information about the businessGötaverken Miljö AB is owned by Babcock & Wilcox Vølund A/S and acts as an independent supplier or in collaboration with its parent company in certain larger projects.

Götaverken Miljö AB is solely a Cleantech company, specialising in unique and globally leading products for cleaning of environmentally hazardous emissions and energy recovery. ADIOX® for removal of dioxins and MERCOXTM for removal of mercury from flue gases are successful market leaders.The company develops, designs and delivers complete systems and plants and carry out servicing as well as engineering and consultancy assignments. Plants, consultancy services and ser-vicing are delivered direct to customers in mainly Scandinavia and by way of subcontracting to the parent company. Unique products such as ADIOX® tower packings for dioxin removal and scrubbers are delivered direct or via agents and partners in strategically-selected countries to customers throughout the world. The ADIOX® technology for removal of dioxins from flue gases has now been installed in more than 100 incinera-tion lines in various parts of the world. The company also carries out servicing and conversion activities, chiefly aimed at delivered systems and existing large heat pumps and chillers.

The company has 30 employees, of which six are female, and the head office is located in Gothenburg.

Huge increase in turnoverOur targeted efforts and focus on unique products within our core activities – gas purification, energy recovery and servicing – has resulted in a large increase in turnover but gave negative operational profit. Revenuerecognised turnover totalled SEK 139 105 thousand (SEK 88 647 thousand) and generated an operating profit of SEK 1 673 thousand (SEK 9 867 thousand).

Babcock & Wilcox Vølund A/S brings new busi-ness opportunitiesGötaverken Miljö AB now has a powerful industrial owner with a well developed international network that is utilised for marketing and sale of the company’s products on new markets. The company’s strategy is to be a technology and skills leader in the field of wet flue gas purification and flue gas condensation for waste-fired combustion plants, and to strive to be a cutting-edge company with regard to dioxin and mercury separation. This makes the company a perfect match for the parent company, which is one of the world’s leading suppliers of waste-fired boilers and their peripheral systems. The parent company has a big market share in Scandinavia, and growth is a clearly expressed strategy. Becoming part of Babock & Wilcox Vølund A/S means that the company is an even stronger partner that is in the long term of greater interest to customers. The parent company is also buying system solu-tions directly from the company.

Of the year’s turnover, SEK 14 636 thousand (SEK 14 727 thousand) is sales to the parent company. Internal profits total SEK 4 640 thousand (SEK 3 583 thousand). Purchases from the parent company total SEK 258 thousand (SEK 103 thousand).

Development of our international sales networkSince the introduction of ADIOX® technology this solution has been taken up by more than 100 incineration lines throughout the world, with excellent results. With these reference facilities as a basis, we have established an agent and dealer network in a number of selected countries. The aim is to intensify local marketing and sales, principally of ADIOX® material, but also to take on bigger commitments as ADIOX® dioxin absorbers or multistage scrubbers for flue gas cleaning.

Cleantech - our incentive for developmentOur core activities – reducing environmentally-hazardous emissions and energy recovery to save on the use of scarce resources – are essential elements of what is now known as ”Cleantech”. This activity has been attracting increased interest from environmentalists, politicians, the media and the general public. There is greatly increased interest in en-ergy recovery, and dthe largely increased turnover is mainly related to this.

Project activitiesIn June 2010 the company received an order for a polishing scrubber/scrubber condenser with absorption heat pump for Öresundskraft Kraft & Värme AB, intended for the new waste-to-energy plant Filborna in Helsingborg, Sweden. The project was at year-end udner trial operation and is scheduled to be handed over to the customer in the first half of 2013.

During autumn 2010 the company received an order from the parent company for flue gas condensation for their delivery of a multifuel boiler with flue gas purification to Landskrona Kraft AB, Sweden. The plant was handed over to the final customer in December 2012.

In June 2011 Ekokem Oy ordered a complete flue gas polishing and condensation plant for its modernized line for combustion of environmentally hazardous waste in Riihimäki , Finland. The project was in trial run at yearend and has been handed over to the customer in January of 2013.

In July 2011 the Company received an order for a semidry flue gas cleaning plant to our parent company’s delivery of a waste incineration line to Lidköping Energi AB, Sweden. The project runs as planned and at yearend the trial operai-ton had started. Handover to final customer is expected to take place in spring 2013.


In October 2011 Tekniska Verken in Linköping, Sweden ordered a flue gas polishing and condensation plant for its three small waste-combustion lines. The plant will increase energy recycling and improve desulphurisation of the flue gases. The delivery was taken over by the customer at the end of 2012.

In November 2011 Eksjö Energi AB ordered a flue gas polishing and condensation plant for its existing incinera-tion line. The plant was at yearend inder trial operation and is scheduled to be handed over to the customer in the spring of 2013.

In October 2012 bodens Energi AB ordered a flue gas con-densation plant to their existing boiler installation. Delivery will take place during 2013.

Continued investment in servicingGötaverken Miljö operates and refines its servicing activi-ties. This covers servicing of flue gas cleaning and wa-ter cleaning plants, absorption heat pumps/chillers, heat exchangers and service systems, as well as compressor heat pumps. Orders for ADIOX® replacement material to previ-ously delivered packings are increasing. The larger service projects include delivery of absorption chillers to Vattenfall AB Heat Uppsala and MjölbySvartådalen Energi as well as refurbishment of the chemicals dosing and handling system at I/S Vestforbrænding in Copenhagen and exten-sive scrubber renovation at Sønderborg Kraftvarmeværk I/S in Denmark.

Human resourcesGötaverken Miljö’s increase in incoming orders has been handled with current employees.

Five-year overview 2012 2011 2010 2009 2008

Net sales, SEK th. 139 105 88 647 77 649 91 358 137 807 Profit after net financial income/expense, SEK th. -1 673 9 867 7 272 6 550 6 683Gross margin (%) 10,8 32,2 33,0 28,9 21,4Profit margin (%) Neg. 11,8 9,4 7,3 6,3Equity/assets ratio (%) 33 49,5 28 18 39Earning capacity on equity (%) Neg. 56,6 61,6 29,9 19,6

Liquidity ratio (%) 148,0 201,1 144,2 130,1 168,1

Proposed distribution of unappropriated earningsThe following profit is available for distribution by the Annual General Meeting (in SEK). Profit brought forward 16 815 561Profit for the year 1 677 887Total SEK 15 137 674

The Board proposes that the profit brought forward be distributed as follows:Carried forward 15 137 674Total SEK 15 137 674


Income statement

Current operations Note 2012 2011Net sales 139 105 88 647

Cost of goods sold -124 127 -60 073

Gross profit 14 978 28 574

Operating costsSales expenses -11 049 -11 396

Research and development -1 343 -3 338

Administrative expenses -3 467 -3 472

Depreciation 4 -792 -501

Other operating income 0 0

OPERATING PROFIT 1,2,3,4 -1 673 9 867

Profit from financial investmentsInterest income and similar items 60 627

Interest expense and similar items -500 -53

PROFIT BEFORE TAX -2 113 10 441

Tax 0 -2 794

Deferred tax 435 0

NET PROFIT FOR THE YEAR -1 678 7 647

Cash flow statement

Current operations 2012 2011Operating profit before financial items -1 673 9 867

Depreciation 792 501

Provision, guarantee commitments -15 -1 044

-896 9 324

Interest received 60 627

Interest paid -500 -53

Tax paid -318 -1 733

-1 654 8 165

Increase/decrease, stocks 32 16

Increase/decrease, current receivables -20 807 14 262

Increase/decrease, accounts payable 744 -1 209

Increase/decrease, current operating liabilities 5 938 -6 006

Cash flow from current operations -15 747 15 228

Investment operationsInvestments in tangible fixed assets -428 -724

Investments in financial assets -55 -66

Cash flow from investment operations -483 -790

Financial operationsLoans raised/Amortisation of liability 8 136 0

Dividend paid 0 0

Cash flow from financing operations -8 136 0

Cash flow for the period -8 094 14 438

Liquid funds at the beginning of the period 18 992 4 554

Liquid funds at the period-end 10 898 18 992

Balance sheet

ASSETS Note 2012 2011Fixed assets

Tangible assets

Equipment and tools 4 945 1 309

Financial assets

Other long-term holdings 9 446 391

Deferred prepaid tax 435 0

Total fixed assets 1 826 1 700

Current assets

Stocks etc.

Stocks 134 166

Current receivables

Accrued non-invoiced income 5 12 082 3 717

Accounts receivable 21 602 9 286

Prepaid expenses and accrued income 7 1 392 1 274

Tax receivable 102 0

Other current receivables 25 16

35 203 14 293

Cash and bank balances 10 898 18 992

Total current assets 46 235 33 451

TOTAl ASSETS 48 061 35 151

EquITY ANd lIABIlITIESEquity

Restricted equity

Share capital, 5 000 shares at a nominal value of SEK 100

500 500

Statutory reserve 100 100

600 600

Non-restricted equity

Profit brought forward 16 816 9 168

Profit for the year -1 678 7 647

Total equity 6 15 738 17 415

Provisions

Provisions for guarantee commitments 8 576 655

Provisons for pensions 1, 9 591 527

1 167 1 182

Current liabilities

Accounts payable 6 056 5 312

Liability to parent company 8 136 0

Accrued expenses and prepaid income 10 5 959 7 252

Advance payments from customers 5 5 092 2 386

Tax liability 0 216

Other current liabilities 5 913 1 388

Total current liabilities 31 156 16 554

Total liabilities 32 323 17 736

TOTAl EquITY ANd lIABIlITIES 48 061 35 151

Memorandum itemsPledged assets

Floating chargesIn own custody deposit.

57 000 57 000

Contingent liabilities

Guarantee undertakings none none


Notes to the accounts

Accounting and valuation principlesGötaverken Miljö AB’s accounting and valuation principles are in compliance with the Swedish Annual Accounts Act and the general recommendations of the Swedish Accounting Standards Board. The accounting policies are unchanged from previous years. Income from sales of goods is accounted according to re-commendation of Swedish Accounting Standards Boards number BFNR 2003:3 p 20-22. Inventories are measured at the lowest of cost or net realizable value on a first-in, first-out (FIFO) basis. Income from service contracts is accounted according to the period of the contract.The following definitions have been used for key ratios. Gross profit: Gross profit or loss/turnover. Profit margin: Profit or loss after depreciation + interest income/turnover. Equity/assets ratio: Equity + 73.7% of untaxed reserves/equity + liabilities. Earning capacity on equity: Profit or loss after net interest income/expense - standard tax rate/average equity + 73.7% of untaxed reserves. Acid-test ratio: Current assets - stock/current liabilities.

Note 1 - Salaries, other remuneration and social security expensesAverage number of employees 2012 2011

Men 24 22

Women 6 7

Total 30 29

Board and President

Salary costs 1 586 1 617

Social security expenses 1 141 1 228

Of which pension costs 500 518

Total, Board and President 2 727 2 845

Other employees

Salary costs 16 001 14 362

Social security expenses 7 963 6 763

Of which pension costs 2 404 2 087

Total, other employees 23 964 21 125

The company has, according agreement, undertaken to pay pension to the managing director. The commitment refers to the pension provision in the balance sheet. Other long-term holdings refer to endowment policy, pledged to guarantee this pension provision

Note 2 - Gender distribution, executive managementBoard members 2012 2011

Men 4 4

Women 0 0

Total 4 4

President and other officers of the Company

Men 1 1

Women 0 0

Total 1 1

Note 3 - Breakdown of depreciation 2012 2011

Intangible assets 0 0

Tangible assets 792 501

Total 792 501

Tangible assets have been depreciated according to plan.20% of equipment.

Note 4 - Equipment and tools 2012 2011

Opening acquisition value 4 477 3 753

Purchases 428 724

Sales and disposals 0 0

Closing accumulated acquisition value 4 905 4 477

Opening depreciation 3 168 2 667

Depreciation for the year 792 501

Sales and disposals 0 0

Closing accumulated depreciation 3 960 3 168

Residual value according to plan 945 1 309

Note 5 - Work in progress 2012 2011

Projects in progress where revenue recogni-zed amount exceeds invoiced amount

12 082 3 717

Projects in progress where pre-invoiced amount exceeds revenue recognized amount

-5 092 -2 386

6 990 1 331

Work in progress at a fixed price is reported in accordance with the Swedish Ac-counting Standards Board main rule in BFNAR 2003:3 at the rate at which the work is completed, the so-called ‘gradual revenue recognition’ principle.

Note 6 - Equity Sharecapital

Statutoryreserve

Non-res.equity

Amount at the beginning of the year 500 100 16 816

Profit allocation as decided at the AGM 0

Dividend 0

Profit for the year -1 678

Amount at the year-end 500 100 15 138

Note 7 - Prepaid expenses and accrued income 2012 2011

Prepaid rent 301 300

Other prepaid costs 388 974

Accrued income 703 0

Total 1 392 1 274

Note 8 - Other provisions 2012 2011

Provisions for guarantee commitments 576 655

Note 9 - Financial assets 2012 2011

446 391

Acquisition cost for capital insurance. Valued to the lower of cost or market value. Market value: 475.

Note 10 - Accrued expenses and prepaid income 2012 2011

Accrued social security contributions 1 516 1 687

Accrued holiday pay 3 105 2 855

Accrued salaries 402 1 225

Other accrued costs 936 1 485

Total 5 959 7 252

All values as thousands SEK if not otherwise stated.


Audit ReportTo the annual meeting of the shareholders of Götaverken Miljö AB, Corporate identity number 556652-2743

Report on the annual accountsI have audited the annual accounts of Götaverken Miljö AB for the year January 1, 2012 – December 31, 2012.

Responsibility of the Board of directors and the Chief Executive Officer for the annual accountsThe Board of Directors and the Chief Executive Officer are responsible for the preparation and fair presentation of these anual accounts in accordance with the Annual Accoutns Act, and for such internal control as Board of Directors and Chief Executive Officer determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilityMy responsibility is to express an opinion on the annual accounts based on my audit. I conducted my audit in accordance with In-ternational Standards on Auditing and generally accepted auditing standards in Sweden. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain rea-sonable assurance about whether the annual accounts are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the auditor’s judgement, inclu-ding the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assess ments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the cir-cumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors and the Chief Executive Officer, as well as evaluating the overall presentation of the annual accounts.I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for may audit opinion.

OpinionsIn may opinion, the annual accounts have been prepared in accor-dance with the Annual Accounts Act and present fairly, in all mate-rial respects, the financial position of Götaverken Miljö AB as of December 31, 2012 and of its financial performance and cash flows for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts.I therefore recommend to the annual meeting of shareholders that the income statement and balance sheet be adopted.

Report on the statutory and regulatory requirementsIn addition to my audit of the annual accounts, I have examined the proposed appropriations of the company’s profit or loss and the administration of the Board of Directors and the Chief Executive Officer of Götaverken Miljö AB for the financial year January 1,

2012 – December 31, 2012.

Responsibility of the Board of directors and the Chief Executive OfficerThe Board of Directors is responsible for the proposal for appro-priations of the company’s profit or loss, and the Board of Directos and the Chief Executive Officer are responsible for administration under the Companies Act.

Auditor’s responsibilityMy responsibility is to express an opinion with reasonable assu-rance on the proposed appropriations of the company’s profit or loss and on the administration based on my audit. I conducted the audit in accordance with generally accepted auditing standards in Sweden.As a basis for my opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss, I examined whether the proposal is consistent with the Companies Act. As a basis for my opinion concerning discharge from liability, in addition to my audit of the annual accounts, I examined significant decisions, ac-tions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any member of the Board of Directors or the Chief Executive Officer. I also examined whether any member of the Board of Directors or the Chief Executive Officer has, in any other way, acted in contraven-tion of the Companies Act, the Annual Accounts Act or the Articles of Association.I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

OpinionsI recommend to the annual meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory ad-ministration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.

Göteborg, February 4, 2013

Adrian & Partners AB

Mats OlssonAuthorized Public Accountant

Ingemar Håkansson

Jacob Rosenhøj Jørgensen

Sven Brantebäck Lennart GustafssonManaging Director

Göteborg, February 4, 2013

Kasper LundtorpJohn Veje OlesenChairman


Members of the board

Per Lindgren (1956). Manager, Sales. Employed since 1989.Anders Lorén (1960). Manager, Projects. Employed since 2001.Lennart Gustafsson (1953). Managing Director. Employed since 2001.Ulf Hägg (1955). Manager, Process. Employed since 1988.Erland Astorsson (1961). Manager, Service. Employed since 1998.

Mats Olsson, corporate lawyer and authorized public accountant. Partner in Adrian & Partners AB.

1. John Veje Olesen (1964), chairman of the Board. Managing Director, Babcock & Wilcox Vølund A/S. 2. Jacob Rosenhøj-Jørgensen (1958). Financial Director, Babcock & Wilcox Vølund A/S. 3. Kasper Lundtorp (1970). Manager, Mergers & Acquisitions, Babcock & Wilcox Vølund A/S. 4. Sven Brantebäck (1968), staff representative. 5. Ingemar Håkansson (1958), deputy staff representative.

Auditor

Management

Anders LorénPer Lindgren Ulf HäggLennart Gustafsson Erland Astorsson

1. 2. 3. 4. 5.

16

Götaverken Miljö is located in Göteborg and has its origin in the Götaverken companies, a large industrial group compri sing, among other things, shipyards and boiler manufacturing with a history dating back to 1841. Our office has an attractive loca-tion on Hisingen on the banks of the river, the Göta Älv, where

Götaverken previously ran its shipbuilding operations. The com-pany was founded in 1988 as a spinoff from Götaverken Energy and is owned by Babcock & Wilcox Vølund A/S , headquartered in Esbjerg, Denmark.

GÖTAVERKEN MILJÖ AB Visiting address: Anders Carlssons gata 14Postal address: Box 8876, SE-402 72 Göteborg, SwedenTel: +46(0)31-50 19 60 Fax: +46(0)31-22 98 67www.gmab.se- a Babcock & Wilcox Vølund company

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Annual Report 2012 - gmab.se ANNUAL REPORT 2012 │ GÖTAVERKEN MILJÖ AB ... consists of a scrubber...

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