Åkers Annual report 2008

7/31/2019 kers Annual report 2008

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The kers Group AnnuAl reporT 2008


2/19

Contents

Presdets commets ................................................2

Market oerew .........................................................6

Dso Cast Rolls Amerca .......................................8

Dso Cast Rolls Europe.......................................10

Dso For ged Rolls ...............................................12

Dso Specalt Rolls ............................................14

kers Cha .........................................................19

A oate compa ............................................20

Qualt, Safet ad Eromet ..............................22

Facal Stateme ts ...............................................25

Presetato of the Board of Drectors .....................28Group Ex ecute Maag emet .................................29

kers Group World wde .......................................31

Cotact formato ..................................................32

th clar bjciv i dvlp kr rma ladig rll mauacurr i a wrldcla cmpay.

Bengt NilssonPresident & CEO

Graphcal producto: EttOrd AB, Strgs

Photo: Patrk Borg, A Hee, Moa Skoglud, Tedd Soost ad The kers Group

Traslato: Amesto, Gteborg | Prepress: Bldrepro Stockholm AB

Prt: Cetraltrckeret, Lkpg, 2009 | Paper: MultDesg Whte Orgal, Paprus


3/19

PRESiDEnTS COMMEnTS

A rcrd yar i pi a urbul mark

2008 wa a v tbt

a f t gba

idt. T vatd

mat itati i 2007 wa

normizd during th rt

af f t a, t b fwd

b a damatic dci f t

mat i t at qat.

Ths dramatc slowdow was caused

b the rapd decle of global steel

demad. i tur, ths decle demad

led to signicant output decreases by

the steel producers of the world,

order to meet the actual demad.

if the deelopmet of global roll

demad recet ears has bee wth-

out hstorcal parallels, ths s also true for

the speed ad the sze of the slowdow.

The leadg roll makers expereced low

order take Q4 ad were also faced

wth demads to postpoe shpmets,

from a few moths to up to oer a ear,

as well as of cacellatos.

In the rst half of 2008, both raw

materal ad eerg prces creased

rapdl wth scrap prces r eachg

record leels durg sprgtme. i the

summer moths prces started to fall as

rapdl. The mpact of olatle raw mate-

ral prces has, to a large extet, bee

dealt wth through arable surcharges.

These surcharges, sce ther tro-

Bgt ni

pidt & Ceo

KEY FIGURES

MSEK

2004 2005 2006 2007 2008

Sales 2.081 2.501 2.671 3.195 3.592

Operating expenses -2.026 -2.322 -2.392 -3.007 -3.378

Depreci ation -98 -91 -97 -109 -120

EBIT -42 88 182 304 378

EBIT Margin neg 4% 7% 10% 11%

Investme nts in fxed assets 176 156 61 199 283

Return on capita l employed neg 6% 14% 18% 17%

SalES pER REGIon

Percentage o total sales

Europe 52%

Asia incl Australia 27%

North America 17%

Arica 2%

Latin America 2%

ToTal SalES 2004 2008

MSEK

2004 -08- 05 - 06 - 07

3 000

2 000

1 000

4 000

0

ducto a few ears ago, hae become

dustr stadard ma markets such

as Europe ad north Amerca for exam-

ple. noetheless, t s lkel that ths ol-

atlt has created a securt that has

cotrbuted to the weaker order take

in the nal months of the year.

nw wi tct

For kers, a large part of the ear was

domated b the process whch theprivate equity rm Altor acquired 85

percet of the Group from STC iter-

nans. Formal closing of the transac-

to was completed o Jul 23. The fact

that STC Internans remains as a sig -

nicant minority shareholder is a sign

of ther cotued belef the Gr oup

ad should also esure cotut the

deelopmet of kers.

Followg tese coceptual work

wth the execute maagemet team

durg the secod quarter, the com-

pa lauched a mproemet program

called kers 25. Ths program ams

far beod the Busess Pla that was

approed October 2007.

Durg the startup of kers 25, the

compa foud tself the rapdl fall-

g market. i respose, the focus

the nal weeks of the year was changed

towards short term acttes order to

deal wth the ew market realt.

As a result of the capact adjust-

mets decded upo durg Q4 the

workforce wll be decreased b aroud

15 percet ad that actt ma

plats wll be dramatcall reduced dur-

ing the rst half of 2009.

A ew product dso orgaza-

to was troduced Jauar 2008.

Durg the ear the ew structure has

bee cosoldated ad a umber of ke

recrutmets were made. new corpo-

rate fuctos such as Global Produc-

to Support ad Corporate Deelop-met were establshed.

Faciitat damaticimvmt

i am coced that kers ow has a

orgazatoal structure that wll facl-

tate the dramatc mproemets that

we ted to achee. Followg the

ew dsoal structure, a decso

was take to establsh two subsdar-

es of kers Frace S.A., oe for each

of the plats Seda ad Frasses.

From a operatoal stadpot, these

plats are ow part of the Dsos

Cast Rolls Europe ad Specalt Rolls.

The remag acttes wth kers

Frace S.A. are part of Dso Forged

Rolls.

A ew product deelopmet model,

SPiDER, has bee troduced durg

the ear. There are curretl a umber

of hghl promsg ew products the

pipeline with signicant commercial

potetal.

Bt a i it

Sales 2008 amouted to 3.592 MSEK,

whch s 12.4 percet aboe the 2007

level (3.195 MSEK). The operating prot,

EBiT, was 378 MSEK (304 MSEK). As a

result 2008, spte of the er weak last

quarter, was the best ear the hstor

of kers in absolute gures.

Operating cash ow amounted to

393 MSEK (94 MSEK).

The total estmets 2008 were

283 MSEK (200 MSEK). Oe of the

largest projects was the ew ertcal

sp castg mache the Chese

plat.

The mproemet program kers

25 wll ru durg a umber of ears

ad wll hae effects all areas of the

Group. The program cotas short

term cost sag ad cash geerat-

g actos as well as more structural

mproemets. Durg the lfe of the

program a separate program ofce will

secure that all acttes are followed

ad cotrolled. The clear objecte s to

deelop kers from a leadg roll mau-

facturer to a world class compa.

Bgt ni

Presdet & CEO

EBIT 2004 2008

MSEK

2004 -08- 05 - 06 - 07

300

100

200

400

GloBal cRUdE STEEl

pRodUcTIon pER MonTh

Million metric tons

200820072004 2005 2006

125 000

100 000

50 000

75 000

The kers Group | Aual Report 2008 The kers Group | Aual Report 2008 3


4/19

My cllagu ar dfily hm impra hig r m,ad i h udry a kr whav a rally gd am adgra am piri. th ac ha

kr al r a xciig jb,wrkig wih ml ir haxrmly rwardig m.

Therese AnderssonFoundry worker

kers Styckebruk, Sweden

I rally valu my jb ad hway I am dvlpig a kr.I hav ly b abl bcm a xpr i my pr-i, bu I hav al xp-ricd hr ara uch a

caig ad ha ram.thi ma ha my jb i' arui. I hp I ca carry i hi way r urhr dvlp-m i h uur.

Franck VioletteFoundry workerSedan, France

The kers Group | Aual Report 2008 5


5/19

MARKET OvERviEW

Clr cumr

Dit t aid dwt i

t wd cm, 2008 wa

t bt a i it .

T cma tgtd

it iti a a gba mat

ad ffig qait f

t gba t ad amim

idti.

Compared to 2007, sales Cha

creased b more tha 50 percet

ad b a ee greater percetage ida. The crease olumes sold was

achieved without comprising protabil-

t leels.

B far the most mportat product

area for kers has bee, ad cot-

ues to be, rolls for at products within

the spheres of carbo steel, sta-

less steel ad alumum. Wth these

areas, whch comprse the ast major-

t of Group acttes, kers has a er

strog market posto. For log pro-

ducts, kers has take more of a che

approach wth excellet capabltes to

produce larger szed secto mll rolls,

both cast ad forged, at our stes

Swede ad Frace.

Icaig gba aad vic c

As eer rollg mll s uque, workg

closel wth our customers to costatl

mproe our uderstadg of how we

ca meet ther eeds s somethg we

cotuall stre to do. Ths has bee

oe mportat cotrbutg factor to the

success we hae ejoed our tra-

dtoal markets of Europe ad north

Amerca.

Wth kers log ad rch hstor of

maufacturg Wester Europe ad

north Amerca, our salesforce also

uf Gm

si Vic pidt

Matig & sa

Ia McWit

exctiv Vic pidtCat Dvmt

I rally jy h vry-day cac wih cu-mr ad c-wrkrwihi kr. W ar avry gd am, uppr-ig ach hr wardur gal. thi highlymivad am wrkca ly lad ucc.Fr m prally, I ga l w xprici h fld markigad al, which I fd

bh m irig addvlpig.

Barbara KureSales Coordinator

Ravne, Slovenia

SalES dISTRIBUTIon

pER coUnTRY

Canada

Finland

Brazil

SpainGreat Britain

Sweden

South Korea

Luxembourg

BelgiumFrance

Italy

Germany

Other countries

USAChina

0% 5% 10% 15% 20%

SalES dISTRIBUTIon pER

Roll MIll applIcaTIon

Narrow strip mill rolls

Plate mill rolls

Aluminium mill rolls &Continous casting

Cluster mill rolls

Cold strip mill rolls

Section mill rollsBack up rolls

Co products

Hot strip mill rolls

40%20%

has ts roots prmarl these markets.

Today our sales ofces in these markets

are complemented by sales ofces in

Cha ad Brazl. Through ths etwork,

kers toda sells to customers oer

50 coutres.

Our tradtoal markets hae bee,

ad wll cotue to be, mportat mar-

kets for kers, but wth the rapd growth

of the steel producto ma emerg-

g markets, the mportace of the mar-

kets outsde the tradtoal regos has

creased greatl for kers r ecet

ears.

Nw nd rvic ofc

Cosequetl, we hae decded to buld

up a umber of ew sales ad serce

ofces in selected markets in the com-

g ears.

Workg from a umber of sm-

lar hubs, kers wll hae a ee more

commadg presece o the global

market. The compa s curretl co-

sderg a umber of possble locatos

for its own sales ofces.

B leeragg our exstg sales ad

serce capablt ad complemetg

t wth more local market presece, we

belee that we ca work ee closer

wth our customers, to deler superor

products ad serces. i ths challeg-

g market eromet, we belee that

ths proacte approach s ke to secur-

g kers cotued deelopmet,

positioning kers to benet from the

chagg global steel ladscape.

Wi-wi atiiwit ctm

A arragemet wth eer-adacg

leels of techcal expertse ad more

proacte adsor serces, delered

the mll, for customers s our objec-

te. Ths eables kers to help the cus-

tomer to alwas choose the correct

roll for a partcular applcato. A

approach corporatg total cost of

owershp s beg creasgl mple-

meted b kers' customers. i prac-

tce, ths meas that a swtch to a hgh

tech roll solution may yield signicantly

better operating and overall nancial

results for the customer.

Wth the purpose of further stregth-

eg the customer percepto of kers

as a mportat suppler Cha, kers

held a er successful customer sem-

ar Cha March 2008. More thaoe hudred customers atteded the

semar. kers' techolog ad kow-

how, as well as customer case studes

were preseted.

Fc cag

Wth our marketg ad sales act-

tes, oe objecte s to rapdl adapt

to prealg market codtos. Per-

haps ee more mportat, the work

ad efforts to mproe ad chage,

wll also prepare the busess for the

uptur whe t eetuall arses, esur-

g that kers comes out o top.

Our oerall objectes are to be

faster, more reliable and efcient

as well as more customer-focused,

achieving more protability and thus

deelop from beg the leadg global

roll maufacturer to becomg a

world-class compa.

Tm ad cditi

Oe er mportat objecte for kers,

ad the etre roll dustr s to estab-

lsh more deeloped commercal rela-

tos betwee roll makers ad ther cus-

tomers.

Roll maufacturg cludes log

throughput tmes wth hgh exposure to

uctuating raw material prices and var-

g exchage rates.

i the last quarter of 2008, whethe market stuato was dramatcall

worseed, t also became obous that

clearer commercal rules hae to be

establshed ths partcular market.

Postpoemets ad cacellatos must

be hadled accordace wth agree-

mets betwee the partes.

stgtig t gaizati

Efforts ths regard are ot lmted to

mprog kers' global sales presece.

Ke recrutmets hae also bee made

durg 2008 ad wll cotue also

2009 as a umber of the exper ts the

orgazato are approachg retre-

met. kers objecte s to hae a

excellet commercal team regardless

of where the customers are located or

what products the are usg.



6/19

DiviSiOn CAST ROLLS AMERiCA

th cmpi iv pii i rg

2008 wa a tg a f

Divii Cat r Amica.

pdct iabiit ad mi

atig wdg i t

fdati wic xct

vic t ctm i bit.

Dso Cast Rolls Amerca s a strog

suppler of Hot strp mll rolls the

north Amerca market. i the last ear

the dso has focused o creasg

export sales. Durg 2008, 26 percet

of the roll producto was exported. Themajort of exported rolls are shpped to

Asa, prmarl to Cha. Last ear, tech-

cal sales sts were made to ma

terestg markets. Exchagg kow-

ledge ad expereces of rollg mll

practces related to techolog rolls,

supports the deelopmet of sales

ew markets.

eqimt ad acivtmt

i 2008, two major captal expedture

projects were tated ad wll be com-

pleted in 2009. The r st is the construc-

to of a magesum wre treatmet sta-

to used to produce odular ro for

the roll core. Ths process wll mp roe

the eromet for the workforce. The

secod project s the stallato of a

rebult CnC lathe.

Durg the ear, research efforts

troduced ew roll grades offerg

mproed surface qualt for r oughg

stad applcatos. Performace trals

coducted at seeral customer facl-

Fr m, kr ha hwha wih hard wrkad cmmim mayppruii ar pr-d. Havig bgiv h ppruiy cmmuica wih cu-mr a daily baiha hw m a wprpciv wha hirccr ad dar. th ppruiy lar ad grw, wih hlprm kwldgabl

ad xpricd ppla kr, ha mad hraii vry rwardig.

Robert E. KlingensmithTechnical Sales Engineer

Avonmore, PA, USA

The highly respected kers brand rep-resents product quality, reliability andoutstanding service. In a global econ-omy, this strong brand recognition greatlystrengthens our competitive position.

Tm Adam

Divii MaagCat r Amica

shorT FACTs 2008em: 330 F.T.E.pdct: Hot strp mll rolls,Cold strp mll rollsvertcal Seal: Beargs, bush-gs, sleees ad chockslcati: Aomore, HdePark ad Pleasatlle, PA,USApdcd vm: 22.000 t

nUMBER oF

EMploYEES

330 pe ople (21% o the

Group) Year average

F.T.E.

InvESTMEnTS

13% o the Group

SalES

20% o the Group

SalES pER REGIon

Asia 26%

North America 74%

tes are showg mproed performace

ad surface reteto.

Mvig fwad i 2008

Dso Cast Rolls Amerca exceeded

its objectives through the rst three

quarters of 2008, but ecoomc co-

dtos the fourth quarter adersel

affected ear-ed results. Ufortu-

atel, the uexpected ecoomc dow-

tur came er quckl ad full recoer

s et uclear.

A mportat acheemet 2008

was the fact that the safet record

improved signicantly. The number ofLost Tme Accdets was reduced b

25 percet ad resulted a decreased

umber of work das lost.

The vertcal Seal faclt mau-

factures bearg compoets for roll-

g mlls whch are assembled oto roll

ecks. The potetal for growth ths

market s excellet.

Durg the ear, vertcal Seal deel-

oped a successful busess reparg

steel mll backup ad work roll chocks.

Mat adi

The Dso Cast Rolls Amerca sales

departmet has ma ears of opera-

toal, techcal ad product deelop-

met experece workg closel wth

the rollg mlls ad matag strog

customer relatoshps. The compa

uses the product ad rollg mll oper-atg kowledge to prode excellet

serce, to mproe rollg practces

ad to sole problems for the custom-

ers. These alue-added serces, alog

wth the suppl of relable product qual-

t ad performace, wll be mportat

2009.

Bad ctm f cat

The rolls maufactured from the D-

so ca be grouped to two catego-

res: stadard ad techolog. Stadard

rolls are grades that most roll maufac-

turers produce. Requrg adaced

maufacturg techques, techolog

rolls are highly rened grades made

from hgh-speed steel. i north Amer-

ca; Dso Cast Rolls Amerca s the

leadg maufacturer of techolog

rolls.

F.T.E.= Full tme equalac e



7/19

DiviSiOn CAST ROLLS EUROPE

Wll quippd ac h uur

Icad dcti

caacit d tat Divii

Cat r e wa m

ab t c wit t tg

v f dmad, imai

witi at mi .

As a result of chages ad mproe-

mets durg the ear, Dso Cast

Rolls Europe s well equpped to face

the future. At the same tme, the market

for hot mll rolls at the ed of the ear

was markedl affected b the chages the ecoomc stuato.

The Dso has two producto facl-

tes, oe kers Stckebruk, Swede,

ad oe Seda, Frace. The umber

of emploees at the Swedsh faclt s

310, whle 200 people are emploed at

the Frech ste.

The bggest maufacturg actt

terms of olume wth Dso Cast

Rolls Europe s stll hot strp mll rolls for

roughing mill works and nishing mill

works. Maufacturg of plate mll rolls

ad hot strp mll rolls takes place at

both producto uts. Large secto mll

rolls are maufactured at the produc-

to ut kers Stckebruk, Swede.

Ica i dcti caacit

Durg 2008, two br ad ew heat-treat-

met stallatos were plaed for the

Swedsh faclt. Ths wll cotrbute

substatall to creasg producto

capact ad esurg faster deleres.

The Dso had almost full order

books rght through to the fall of 2008,

I hav a backgrud imchaical girigad am w rpiblr prc girigad machi ud ih mauacur rll.I hav had h ppru-iy puru my ch- carr. My jb akar xrmly varid, adI am caly mar-ig w kill ad gai-ig xpric. krr a vry irigwrk virm, which

prvid m wih a lidbai r my uur dvl-pm.

Frdric HussonPreparation department for

numerical controlSedan, France

The desire and ability to change andadapt is present within the Division. Wehave made great progress in terms oquality, reliability o delivery, saety and

working environment.

kti kad

Divii MaagCat r e

shorT FACTs 2008em: 510 F.T.E.pdct: Hot strp mll rolls,Plate mll rolls, Secto mllrollslcati: kers Stcke-bruk, Swede; Seda, Fracepdcd vm:31.000 t

nUMBER oF

EMploYEES

510 people (32% o the

Group) Year average

F.T.E.

InvESTMEnTS

30% o the Group

SalES

29% o the Group

SalES pER REGIon

Arica 4%

Americas 7%

Asia 40%

Europe 49%

at whch pot the stuato altered

somewhat certa segmets due

to the rapdl falterg global eco-

om. Secto mll rolls ad plate mll

rolls are stll experecg a good leel

of demad ad the Dso's uts are

adjustg producto capact to satsf

workload demads. The stuato s df-

feret for hot mll r olls, ad adjustmets

hae bee made to match customers'

reduced requremets for ew rolls.

At the ed of 2008, the umber of

temporar staff the Dso was

reduced, owg to the mpact of chaged

producto capact resultg from cur-ret market codtos. Oer the ear,

the orgazato has also bee stregth-

deler from the Dso's uts has

bee mproed, ad the ambtous

group-wde targets for mproed relabl-

t hae bee attaed almost oe hu-

dred percet. Safer workg ero-

mets ad hgher attedace amog

emploees are poste results from the

ear's other tates. Acheg these

objectes requres costat deelop-

met of both emploees ad producto

facltes, somethg that eer stops.

Ctm tgt t wd

The Dso has customers throughout

the world. Our geeral approach, regard-less of where the world the customer

s located, s to edeaor to promote cus-

tomer condence and to ensure that our

product fuctos optmall after deler.

B reewg the techcal requremets

adace together wth the customer,

Dso Cast Rolls Europe ca esure

that the correct product wth the correct

specications is ordered and delivered

eer tme.

Costatl mprog ad deelop-

g both products ad qualt leel s

the drg force for Dso Cast Rolls

Europe. Our products are well estab-

lshed ad hae a world-class reputa-

to wth the dustr ad ths pos-

to must be mataed.

eed b seeral mportat ke recrut-

mets at both the Dso ad ste leel.

Ctat imvmt

The focus the kers Group s o get-

tg closer to ts customers. Dso

Cast Rolls Europe s workg alog

these les ad s well aware of the

challeges t faces. icreased focus

o customers' requremets, ol-

g, amog other thgs, estmet

creased techcal support ad serce

o ste for customers, s obous. Work-

g to esure costat mproemet

has elded results ad the Dso hascreased producto ad mproed the

qualt of ts products. Relablt of



8/19

DiviSiOn FORGED ROLLS

swpig chag

Divii Fgd r a

dg maj cag

dig 2008, bt i tm

f it gaizati ad

t mat. Fwig t

w diviia tct,

t xctiv maagmt

a b wd t a ag

dg ad w ig tc

av b dcd

ad ttd i ctm'

faciiti a bad ca.

Dso Forged Rolls has three produc-

to plats. These are located Frace

ad Belgum. The plat Tholle

cludes steel works, forgg, heat treat-

met ad machg. The plat Ber-

lamot performes heat treatmet ad

machg, whle the plat Lege

maufactures ESR materal (Electro

slag remeltg) cludg forgg ad

heat treatmet.

pdcti caacit

At the ed of 2008, the umber of

emploees the Dso was 450, of

whch 60 percet work Tholle.

The Dso's ma operatos are

the producto of secto mll rolls for

maufacturg log products, back-up

rolls for cold ad hot rollg, ad com-

plemetar products, prmarl gots,

forged bars ad mechacal peces.

The producto capact for secto

mll rolls s aroud 5.000 tos per ear.

The etre output of secto mll rolls s

I i vry mivaig rm wrk i a ridlyam wih challg-ig rpibilii ia wrldwid cmpaymakig prduc hhigh qualiy. I my jba a pyrmric ch-icia I g ppruiy icra my kw-ldg a w dvlpchiqu ad wrkigmhd ciuuly.

th cmr I l wih

h kr amphr iial r my jb ai-aci.

Raphael BorgesPyrometric Technician

Berlaimont, France

Our Division and our people strive or andachieve such great efciency and such ahigh level o competence, know-how andquality, that we can only but strenghtenour market-leading position.

pii B

Divii MaagFgd r

shorT FACTs 2008em: 470 F.T.E.pdct: Secto mll rolls,back-up rolls, gots, forgedbars ad mechacal peceslcati: Lege, Belgum;Berlamot ad Tholle,Fracepdcd vm:Co-products 43.000 tRolls 19.000 t

nUMBER oF

EMploYEES


Group) Year average

F.T.E.

InvESTMEnTS

46% o the Group

SalES

32% o the Group

SalES pER REGIon

Americas 2%

Asia 13%

Europe 85%

set asde for Europe. Dso Forged

Rolls' secto mll rolls are estmated to

hae 5 percet of the market.

Aroud 6.000 tos of back-up rolls are

maufactured auall ad sold prma-

rl Europe ad Asa. The Dso has

aroud 8 percet of the global market.

i the steel works, extra capact

eables the Dso to maufacture

gots ad forged bars, accoutg for

half of the sales of the Dso.

eaig cagd

2008 saw the market shft from rsg

demad ad strog producto expa-

so wth assocated ew hrg durg

the rst six months, to a faltering econ-

om wth decreasg olumes ad la-

offs affectg temporar staff durg the

secod half of the ear. Despte ths,

Dso Forged Rolls' eargs hae

remaed uchaged compared wth

the preous ear.

Durg ths dowtur, the Dso wll

cotue to est research ad deel-

opmet preparato for expected mar-

ket recoer. Thaks to kers' er

strog ame ad the Dso's exte-

se kow-how relato to ts compet-

tors, Dso Forged Rolls wll be a

excellet posto whe demad pcks

up aga. Through close cotact wth

customers, the Dso s able to gude

ad follow potetal market chages.

Icaig t vic v

i order to mata ad stregthe

ts market-leadg posto, Dso

Forged Rolls tated a umber of

deelopmet projects wth the kers

25 program, amed at creasg the

serce leel whle becomg more ad

more efcient. With the help of mod-

er mproemet tools, there hae bee

reductos of o coformtes, c-

dets ad delas. The aerage through-

put tme has also decreased as well as

the respose tme to customer requests.

hig va f t ctmThe stringent specications and the

hgh qualt that forged bars ad

mechacal peces demad, push the

whole Dso to much hgher stad-

ards tha rolls request. As a result, our

customers for forged rolls ca rel o

the worldwde best class whe rolls

are cocered.

For kers t s mportat that the cus-

tomer gets the lowest total cost of ow-

ership, in order to get the most prot-

able soluto. Factors such as a log

serce lfe, few producto stoppages,

good techcal support, ad tmel

deleres are tal.

Research ad deelopmet remas

the fuel for future growth. Through

renement of production methods,

costat deelopmet of steel qual-

tes, mproemet heat treatmet

ad close collaborato wth custom-

ers' egeers, ew tpes of r olls hae

bee desged ad tests hae begu,

2008, to crease the alue of our rolls

for our customers.



9/19

DiviSiOn SPECiALTy ROLLS

Icrad icicy wih w rgaizai

Divii sciat r

a t a t f fft it

dcti imvmt.

Icad dcti

vm, dcad w

i g ad td

tgt tim av

b aa. pdcti

gam btw t at

a a imtat i t

work to optimi fcincy.

Durg 2008, each of the three plats

in the Division beneted from strong

demad. Although Europe remas the

ke market, rolls are delered to cus-

tomers world wde.

2008 was a breakthrough ear for

busess Cha for Dso Specalt

Rolls, sellg prmarl rolls for clus-

ter mlls ad work rolls for cold r ollg to

ew customers. The Chese market s

gag mportace for the Dso,

wth a cotuousl rsg market share.

Dvmt f wdct ad mtd

Oe of the ke factors drg kers'

posto as a market leader s ew

product deelopmet. Efforts, com-

pa wde, focus o deelopg prod-

ucts that maxmze performace ad

cost effecteess for our customers.

2008 cluded seeral acheemets

ew product deelopmet regardg the

products Dso Specalt Rolls.

A ma emphass has bee o the We put a lot o hard work and eorts intoimproving our production.

nUMBER oF

EMploYEES


Group) Year average

F.T.E.

InvESTMEnTS

11% o the Group

SalES

16% o the Group

deelopmet of rolls for cluster mlls

usg powder steel. new roll qualtes

were also tested for cotuous castg

of alumum as well as for work-rolls for

cold rolling. The rst rolls using these

ew methods ad ew steel grades

hae alread bee delered to cus-

tomer durg 2008.

Icad dctivit

A reorgazato ad specalzato pro-

gram has bee completed durg the

ear. Eer product group s ow made

Mia rbi

Divii Maagsciat r

shorT FACTs 2008em: 300 F.T.E.pdct:Cluster mll rolls,arrow strp mll rolls, coldmll work rolls, alumumwork rollslcati: Frasses,Frace; Rae, Sloea;Sderfors, Swedepdcd vm: 7.712 t

SalES pER REGIon

Other 7%

Americas 12%

Asia 15%

Europe 66%

the producto ut wth the most sut-

able producto facltes. The Frasses

ut produces work rolls for cold rollg

ad rolls for alumum, whle the Sder-

fors ut specalses the producto

of rolls for cluster mlls ad arrow strp

mll rolls. i Rae both product groups

are produced as well as work rolls for

cold rollg.

Ths specalzato has lead to a

10 percet crease of productt

Rae ad Sderfors.

Signicant investments have been

made Rae wth a addtoal heat

treatmet le. iestmets hae also

bee made ew maches Sder-

fors.

i the Frasses ut, focus has bee

cost cuttg order to mproe produc-

tt. Amog other actos, the umber

of emploees has bee reduced.

, a af ac t w

Dso Specalt Rolls succeeded

better safet 2008. The umber

of labour accdets was lower tha

recet ears. The compa wde safet

program has postel mproed theatttude regardg safet the Dso.

T adig dcf fgd

Dso Specalt Rolls s alread oe

of the largest global producers of forged

rolls. i tmes lke these, the determ-

ato s ot ol to presere but also

to crease market share for all product

groups.

The techcal cosultg ad serce

for customers will be intensied.

The producto uts wll cotue

wth producto restructurg to cut

costs ad to crease productt.

As 2009 will be a difcult year,

all resources are there to reach the

plaed targets spte of extreme

busess challeges.

Challg, dvlp-m, variai, pari-cipai ad a cmmuiy. th ma-agm' huiamad dir dvlp hcmpay i a wrld-cla playr i imula-ig. I irig adxciig b ivlvdad cribu hidvlpm. I hav axrmly varid adchallgig jb, which

al ivlv wrkigwih ppl rm hrcuri ad culur.

Fredrik LvstrmProject manager

Sderfors, Sweden



10/19

I rally jy wrkig wihmchaical hig ad wihh machi w hav a

kr. I fd i pciallyirig wrk wih himpriv dimi h rll w prduc hr a

kr i thivill.

Thomas BaticleMachine operatorThionville, France


11/19

K ER S in CH in A

Layig h udai r high-chrll mauacurig i Chia

F , t av it w

mafactig it i

mat w it dct

a d i a maj at.

Cia, t agt t

dc i t wd, a f

a g tim b a imtat

mat f . I 2007,

saxi TIsCo r C.

ltd. wa t i Taia,

t wt f Bijig.

Wth roll producto the largest ad

fastest growg market the world,

kers ca much more effectel pro-

de serce to Chese customers.

Shorter trasport routes also make a bg

dfferece terms of the erometal

mpact ad deler tmes.

The compa s jotl owed b

kers AB (60%) ad Taua iro &

Steel Co. Ltd. (TiSCO) (40%), ad

eoled from TiSCO's former roll mau-

facturer, TiSCO Roll.

A extese deelopmet program

has bee mplemeted, olg qual-

ity improvements, enhanced efciency

ad a expaso capact.

' tcg

The qualt mproemets wll be made

possble b trasferrg kers techo-

log to the compa. Emploees from

Shax kers TiSCO Roll Co. Ltd. hae

sted kers' arous facltes Europe

ad receed trag techolog, qua-

lt ad safet ssues. Kowledge buld-

up s also facltated b three expatrates

(actg Geeral Maager, Foudr Ma-

ager ad Mache shop Maager) ad

b hag emploees from other kers

plats workg Taua.

i 2008, a extese macher

estmet program was mplemeted,

wth the bggest estmet beg a ce-

trfugal sp caster. Ths techolog wll

allow kers to deler rolls of arous

materal qualtes, wth a er hgh leel

I am caly larigad bcmig mr admr fci hak a gd raiig prgramad hard wrk. I rallyjy my jb ad i didak lg r m l arg bd wih my cl-lagu ad h cm-pay. naurally I wa dvlp ad advac ih cmpay ad I kwha I hav vry ppr-uiy d ha.

Xu GuoHuaDeputy Machine shop manager

Taiyuan, China

th bigg ivm i 2008 i h Chi pla wa a cri ugalpi car. kr ca, wih h w pi car, upply high qualiyrll variu grad rm h pla.

I i vry irig ad piiv wihh iraial amphr i kr.W cm rm may dir cu-ri wih dir culur all wrk-ig ghr ward h gal A vbr kr. W d hi by adp-ig h kr wrkig mhd which

hav hw b uccul vr hyar. I rally apprciad h rai-ig prgram I xpricd wh I waw i kr.

Flora XieArea Sales Manager

Shanghai, China

of precso, maufactured Cha.

Other szable estmets 2008

cluded ew coolg pts, ducto ad

heat treatmet furaces, lathes ad mll-

g maches.

sa ad ditibti

kers s resposble for the marketg

ad sales of rolls produced at Shax

kers TiSCO Roll Co. Ltd. A ew sales

compa kers Rolls Tradg (Shag-

ha) Compa Ltd has bee establshed

durg the ear to hadle ths. i paral-lel, the kers Shagha Represetate

ofce is responsible for the sales of rolls

maufactured other parts of the kers

orgazato.

Ad habg

Caima f t Bad

saxi TIsCor C. ltd.

shorT FACTs 2008em: 320 F.T.E.pdct: Hot strp mllwork rollslcati: Taua,Shax, Chapdcd vm:6.500 t



12/19

The ma focus s deelopmet of exst-

g materals, but alterate maufac-

turg methods ad materals are co-

tuousl beg estgated ad tested.

Renement of existing materials has

moed from low-allo to hgh-allo prod-

ucts. Establshmet of hgh speed steel

rolls s cotug; rolls for cold rollg

ad rolls for the latter stads a Hot

Strp Mll are beg deeloped ad wll be

upgraded shortl.

stgtig tcica vic

i order to crease the rate of deelop-

met of ew products ad stregthe

strategc deelopmet ad the o-

ato process, kers plas to focus

more o techcal matters. improg

the drect mpact of kers' products o

the customers' ow leels of qualt ad

productt requres a more deeloped

support fucto ad closer collabora-

to wth customers. A techcal serce

fucto wll mproe commucato

wth customers ad ge them greater

potetal for acheg the rght leel of

skll. Ths fucto wll also pla a cetral

role in tests and modications by cus -

tomers.

stm f jct maagmt

i order to reta ts competteess,

kers eeds to mata ts market-

leadg posto wth qualt ad pro-

duct deelopmet. Oe ad for ths work

s the project ad documet maage-

met sstem called SPiDER mple-

meted durg the ear. SPiDER

makes t possble to follow the process

for deelopmet of ew products. The

deelopmet process s dded to

four specic stages pilot study, proto-

tpe producto, ealuato ad lauch.

The sstem s documet-cotrolled ad

wll stmulate geerato of ew deas.

it also leads to greater potetal for

An in nO vAT iv E CO MP An y

A c iv ivai prc ad cu chical rvic will mv kr rward

fc tcica

vic ad ctm t

wi imv t qait f

ctm' dct. C

cabati wit ctm,

ad m ffctiv maag-

mt f t ivati

c, wi ai t qait

v f matia ad dctdvmt v ft.

The am of the research ad deelop-

met work at kers s to mata the

Group's pole posto wth the dus-

tr. Materal ad product deelopmet

s a ogog process wth eer more

demadg qualt requremets. R&D

work s carred out b a project orga-

zato olg a team of 25 or so at

the see laboratores ad elsewhere.

A specal Research ad Deelopmet

Coucl, made up of R&D maagers

wth the Group, holds quarterl meet-

gs to formulate, assess ad make

decsos o deelopmet tates.

There are two competece ceters: oe

Swede, focusg o cast rolls, ad

oe Belgum, focusg o forged rolls.

R&D work ca be dded to three

areas of actt:

Sklls-ehacg acttes. Ths

oles, for example, estgatg

the coecto betwee dfferet

materals ad ther propertes.

Product ad process-deelop-

met acttes. These are based

on existing products or a specic

requremet from a customer.

Strategc acttes. A more so-

ar ad forward-lookg approach

that aims to nd new p roduction

techologes ad materal.

kr i a iraialcmpay wih a richmix culur. spak-ig Frch, eglih adswdih i a ral b-f r m wrkig i hca R&D am. I blivi kr vii udr-liig h imprac rarch ad dvlp-m prvid high-qualiy rll ur cu-

mr.

Jrme SnaneuchR&D Engineer

kers Styckebruk, Sweden

More eective management othe innovation process strength-ens kers competitiveness.

adaptation of products to the specic

requremets of each customer. Durg

2008, ew acttes were added to the

sstem ad a umber were lauched o

the market. Addtoal ew projects are

awatg lauch 2009.

Tmm n

Vic pidtrac & Dvmt

Acadm

kers Academ s a teral sklls

ceter wth the Group that was set up

2008. Emploees recee trag to ea-

ble them to address the requremets of

the future. The teto s also to offer

customers the opportut to partcpate

ths trag cocerg ew products

ad materals. Ths s part of mproed

techcal serce for customers.



13/19

chaged atttude amog emploees.

Safet efforts must permeate work at all

leels the orgazato, from Group

maagemet to ddual emploees

the ofce or on the shop oor. In order

to costatl mproe safet, the work of

stadardzg safet work wll cotue.

Imvmt i qait idvimta gai

Qualt work s goered b a group-

wde polc. Each ut the Group s

QUALiTy, SAFETy AnD EnviROnMEnT

Icrad cu ay wrk

A cag i fc t a

m dibat tatg

f w ivvig aft

i i viib i t

gaizati. T bjctiv

f 2008 w acivd ad

t bjctiv f 2009 av

b t v ig.

Focus o qualt, safet ad erome-tal aspects are all crucal for success. i

2008, kers focused more strogl o

these areas b establshg a ew group-

wde fucto Global Producto Sup-

port. Qualt ad safet work hae top

prort ad the objectes hae bee set

hgh: to become a world leader these

areas too. Soud ad stadardzed proc-

esses wll rase qualt to a er hgh

leel.

At kers' safet coferece 2008

the foudato was lad for tes-

ed work to reduce the number of acci-

dets resultg lost workg hours.

kers has decded to use the tera-

toal measuremet sstem for acc-

dets. Ths sstem measures Lost Tme

Accdets (LTA), to eable comparso

wth other compaes. The same dec-

so forum decded to focus o persoal

protecto equpmet ad ts use. 2007

was used as a base, wth the target the

set for reducg LTA throughout the

Group b 25 percet 2008, whch was

fullled. In other words, a high target

elded mmedate results t was par-

tcularl edet terms of ee jures.

Requremets for aalses ad acto

are ow beg establshed wth the

orgazato ad a further 25 percet

reducto of LTA s requred 2009.

The requremet stpulatg use of pro-

tecto equpmet ow also apples to

cotractors ad stors. The persoal

protecto equpmet for emploees ad

Sound and standardizedprocesses will raise qualityto a very high level.

I lik h challgigad a pacd am-phr i h cmpayha allw m hlpimprv h ay ad

halh all h wrkrhr a kr.

Milica PetrovichSafety Manager

Avonmore, PA, USA

visitors has also been strictly specied,

as has the meas of determg usage

complace.

Cta ift

The reportg sstem for cdets ad

accdets was lauched 2007 ad

has bee further mproed the past

ear. More ad more cdets are beg

reported. A cultural shft the safet

aspects s startg to eole through-

out the Group ad has resulted a

third-party certied according to the

teratoal iSO 9001 qualt stadard.

Work to create a commo qualt ss-

tem for the kers Group s cotug.

A agreemet has bee sged wth a

thrd part to certf a qualt maage-met sstem that wll be full opera-

to b 2010.

Major qualt mpr oemets hae

bee made durg the ear wth regard

to work o cetrfugall cast rolls.

Reject costs hae bee haled for

these products thaks to a ew stad-

ardzed workg method. Work o

mprog qualt wth ths area also

resulted poste mproemets wth

the environmental eld. Improved qual-

t has, amog other thgs, produced

a substatal reducto the eed to

elmate defects b lacg. The lac-

g operato geerates dscharge of

metallferous materal to the ar.

evimta aditat a dcti it

Durg the ear, kers egaged a

environmental consulting rm with

whom kers coducted thorough docu-

mented environmental audits. The nd-

gs wll result mproemet acttes

at the dfferet stes.

The EU's ew chemcal legslato

REACH has given rise to intensied

efforts wth the Group. Work s ogo-

g to esure that all factores Europe

fulll, and continue to fulll, future

requremets wth the framework of

REACH.

The aual rsk audt, ascertaed

that further mproemets had bee

made the area of rsk mmzato.

stfa lid

Vic pidtGba pdctist

ov la

Maag Qait, saftad evimt



14/19


15/19

Amt i sek tad

2008-12-31 2007-12-31

eQuITy AnD lIABIlITIes

eqit

Restricted equity

Share captal (1 400 000 shares) 140 000 140 000

Restrcted reseres/statutor reseres 214 709 149 603

354 709 289 603

Non-restricted equity

Non-restricted reserves/prot brought forward 294 114 142 823

Shareholders cotrbuto

Prot for the year 273 582 174 359

567 696 317 182

Tot quity 922 405 606 785

Miit itt 74 838 61 594

pvii

Prosos for pesos ad smlar commtmets 221 795 193 751

Prosos for taxato 19 101 15 535

Prosos for structural costs 34 436 32 958

Other prosos 6 588 6 568

Tta vii 281 920 248 812

liabiiti

Long-term liabilities

Labltes to credt sttutos 688 168 178 051

Labltes to Group compaes 250 000

Other labltes 81 603 26 657

Tta g-tm iabiiti 769 771 454 708

Current liabilities

Labltes to credt sttutos 107 723 235 486

Adace pamets from customers 66 273 64 167

Accouts paable trade 389 365 343 991

Labltes to Group compaes 741 22 563

icome tax labltes 6 695 8 032

Other labltes 108 016 136 991

Accrued expeses ad deferred come 199 245 178 560

Tta ct iabiiti 878 058 989 790

ToTAl eQuITy AnD lIABIlITIes 2 926 992 2 361 689

Amt i sek tad

2008-12-31 2007-12-31

AsseTs

Fixd at

Intangible assets

Lceces ad smlar rghts 1 383 1 671

Goodwll 11 939 11 286

13 322 12 957

Tangible assets

Lad ad buldgs 145 314 115 833

Macher ad equpmet 614 476 545 105

Costructo progress ad adace pamet for tagble assets 76 060 13 080

835 850 674 018

Financial assetsReceables from Group compaes 28 216

Other securities held as xed assets 1 159 1 004

Other log-term receables 127 622 27 468

128 781 56 688

Tot xd t 977 953 743 663

Ct at

Inventories

Raw materals ad cosumables 263 123 205 032

Work progress 579 188 482 201

Fshed products ad goods for resale 57 571 35 914

Adaces to supplers 24 868 6 288

924 750 729 435

Current receivables

Accouts receable trade 717 045 713 017

Receables from Group compaes 62 317 335

Other receables 41 617 90 595

Prepad expeses ad accrued come 29 303 24 514

850 282 828 461

Cash and bank balances 174 007 60 130

Tot currnt t 1 949 039 1 618 026

TOTal asseTs 2 926 992 2 361 689

Balac sh Clidad



16/19

Grup excuiv MaagmBard Dircr

BEnGT niLSSOn

pidt & Ceo

Bor 1961

Educato: Roal isttuteof Techolog, Stockholm,MSc Egeerg Phscs

Emploed kers sce2007

AnDERS RUTH

exctiv Vic pidt& CFo

Bor 1960

Educato: StockholmUerst, BSc Busess

Admstrat o


iAn MCWHiRTER

exctiv Vic pidtCat Dvmt

Bor 1974

Educato: McGll Uerst,Motreal, Master ofBusess Admstrato(MBA)


ULF GyLLEnHOLM

si Vic pidtMatig & sa

Bor 1944

Educato: Lud Uerst,BSc Busess Adm-strato


JACQUES CUGnOn

G BiCt

Bor 1968

Educato: Fucam Mos,Belgum. MSc Ecoomcs,Degree accoutg admaagemet


TOM ADAMS

Divii MaagCat r Amica

Bor 1957

Educato: PeslaaState Uerst, BSc Metallurg


KERSTin KOnRADSSOn

Divii MaagCat r e

Bor 1967

Educato: Roal isttute ofTecholog, Stockholm,MSc Metallurg


PHiLiPPE BELLO

Divii MaagFgd r

Bor 1960

Educato: EcolePoltechque Pars adEcole des Mes de Pars,MSc


MiRAn REBERniK

Divii Maagsciat r

Bor 1961

Educato: Uerst ofEcoomcs


leGAl sTruCTure:kers

AB is a Swedish company

with its registered ofce

in Strngns, registration

number 556153-4792. In July

2008 kers AB was acquired

by kers Holding AB, which

is a Swedish company

owned by Altor Fund II GP

Ltd (85%) with its registered

ofce in Jersey and by STC

Internans AB (15%).

AnDERS ULLB ERG

Bad mmb

Bor 1946

Educato: StockholmSchool of Ecoomcs, MSc Ecoomcs ad Busess

Admstrat o

Member of the board sce2008

LARS SKLD

Bad mmb

Bor 1950

Educato: Uerst ofStockholm, Master of law


FREDRiK STRMHOLM

Bad mmb

Bor 1965


Admstrat o


CHRiSTER GyBERG

Caima

Bor 1947

Educato: ChalmersUerst of Techolog, MSc Egeerg


MARTin ivERT

Bad mmb

Bor 1948

Educato: Roal isttute ofTecholog, Stockholm, MSc Metallurg


BEnGT MAUnSBACH

Bad mmb

Bor 1968


Admstrat o


JOHAn BLOMQUiST

Dt Bad mmb

Bor 1978


Admstrat o


PETER nORLinDH

Dt Bad mmb

Bor 1946


Admstrat o




17/19

k r Grup Wr ld wid

Hd ofc in swdn

The kers Group Head ofce is situated in kers Styckebruk,

Swede.

kers has sales ofces all over the world, altogether in

eght coutres.

The kers Group orgazato has a dsoal structure

based o the arous product segmets. The four dsos are:

Cast Rolls Amerca

Cast Rolls Europe

Forged Rolls

Specalt Rolls

Mafactig at t ctit

Cast rolls ad forged rolls are maufactured Swede at two

separate facltes. Forged rolls are made Sloea. Cast

rolls, forged rolls, bars ad gots are maufactured Frace

ad Belgum.

Cast rolls ad addtoal equpmet are made the US.

The kers jot eture Cha, the Shax kers TiSCO

Roll Co Ltd, maufactures cast rolls.

kr i a prial cmpay adh brad am kr i vry rgi h idury. I am vry prud bpar a cmpay ha ha gd qual-iy prduc. Fr m, a a maagr ihi iraial cmpay, kr pr-vid ladrhip raiig ad hrcarr dvlpm ppruii whichrgly mak m l ha I cribu h dvlpm h cmpay. thimak m grw al a a idividual.

Lisa LiuGeneral Manager,

Shanghai, China

Ssrsi fr iti

Fr u, i impra r h kr Grup b aciad wih rpri, iva-

i ad h dir kp up wih hcmpii. By cuig yug play-r, kr Hcky i akig a apprachha i i prc accrd wih h majrchallg acig kr a a cmpay.

Bengt NilssonPresident & CEO

Hd Ofc

Swede kers Stckebruk

s Ofc

Belgum Lege

Brazl Praccaba

Cha Shagha

Frace Frasses

Sloea Rae


UK vale of Glamorga

USA Aomore, PA

Mafactig sitBelgum Lege

Cha Taua

Frace Berlamot

Frasses

Tholle

Seda

Sloea Rae


Sderfors

USA Aomore, PA

Hde Park, PA

Pleasatlle, PA



18/19

Cac irmai

heAD oFFICe

ker s ABSE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 [email protected]

DIVIsIons

Divii Cat r Amica

DiviSiOn HEAD OFFiCEker s nat oa l Rol l Com pa400 Ralroad Aeue

Ao more , PA 15 618USAPhoe: +1 724 697 45 33

Hde Park Foudr

326 Frst AeueHde Park, PA. 15641USAPhoe: +1 724 842 1941

vertcal Seal CompaR.D. 1P.O. Box 147Pleasatlle, PA 16341USAPhoe: +1 814 589 7031 (7621)

Divii Cat r e

DiviSiOn HEAD OFFiCEker s Swe de A BSE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 00

ker s Fra ce, S eda80, Aeue de la MareB.P. 70311FR-08201 SedaFRAnCEPhoe: +33 3 24 22 34 00

Divii Fgd r

DiviSiOn HEAD OFFiCEker s Fra ce, Tho l leChem du LedtB.P. 10200FR-57104 TholleFRAnCEPhoe: +33 3 82 82 23 00

ker s Fra ce, Berl amo t17, Chem de HazettesB.P. 20010FR-59145 BerlamotFRAnCEPhoe: +33 3 27 53 66 00

ker s Be lg um S. A.40, rue de la BarrreBE-4100 SeragBELGiUM

Phoe: +32 4 33 88 110

Divii scia t r

DiviSiOn HEAD OFFiCEker s val j Ra e d .o.o.Koroka c. 14Si-2390 Rae a KorokemSLOvEniAPhoe: +386 2 87 07 846

ker s Fra ce, Fras ses20, Rue de la GareB.P. 2FR-42490 FrassesFRAnCEPhoe: +33 4 77 40 49 05

ker s Sp ec alt Rol ls A BBox 103SE-815 04 SderforsSWEDEnPhoe: +46 293 174 50

JoInT VenTure

Shax kers TiSCO Roll Co. Ltd.no. 2 JaCaoPgTaua ShaxPost Code: 030003

P.R. CHinAPhoe: +86 351 3131696

sAles oFFICes

Am i ca

Ao more USA400 Ralroad Aeue

Ao more , PA 15 618USAPhoe: +1 724 697 45 33

ke rs Br az l Ltd aRua Treza de Mao, 768Sala 131BR-13400-902 PraccabaBRAZiLPhoe: +55 19 3301 7112

Aia

ke rs A B Sha gha Represetate offce

Room 3812-3813nazheg Plaza580 najg Road W (west)Shagha 200041CHinAPhoe: +86 21 6267 14169

ke rs Ro lls Trad g (Sh agh a) C o.LtdRoom 3812-3813nazheg Plaza580 najg Road W (west)Shagha 200041CHinAPhoe: +86 21 6267 14169

e

Frasses, Frace20, Rue de la GareB.P. 2FR-42490 FrassesFRAnCEPhoe: +33 4 77 40 49 00

Lege, Belgum40, rue de la BarrreBE-4100 SeragBELGiUMPhoe: +32 4 33 88 110

Rae, SloeaKoroka c.14Si-2390 Rae a KorokemSLOvEniAPhoe: +386 2 87 07 846

ker s St ck ebru k, S wede SE-647 83 kers StckebrukSWEDEnPhoe: +46 159 321 00

ker s UK LtdSute G8, The Busess CetreCardff House, Cardff RoadGB-vale of Glamorga CF63 2AWUniTED KinGDOMPhoe: +44 1446 731263

www.akersrolls.com

The kers Group | Aual Report 2008


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Documents

Åkers Annual report 2008