11 Tabla relacional de actividades 35 12 Diagrama relacional de recorridos y actividades
4. DIAGRAMA DE FLUJO (DIAGRAMA DE RECORRIDO)
5.3. Refinado de la masa de chocolate Se produce mediante dos refinados:
Number of shares Cost in MEUR
Jan 1, 2011 4,849,035 91.4
Purchase, February 298,835 11.9
Distributed to the share-based incentive plan, April -219,000 -6.4 Distributed to the subscriptions of option rights 2007, July -200,000 -6.1
Purchase, August 799,250 28.8
Distributed to the subscriptions of option rights 2007, October -300,000 -10.6 Returned from the share-based incentive plan, December 3,000 0.0 Distributed to the subscriptions of option rights 2007, December -268,944 -10.2
Dec 31, 2011 4,962,176 98.8
Jan 1, 2010 4,689,506 79.7
Distributed to the KONE Corporation Centennial Foundation,
March 2010 -100,000 -1.3
Distributed to the share-based incentive plan, April 2010 -290,639 -3.9
Purchase, May 2010 550,000 16.9
Returned from the share-based incentive plan, October 2010 4,568 0.1 Distributed to the subscription of option rights 2007,
December 2010 -4,400 -0.1
Dec 31, 2010 4,849,035 91.4
Share-based payments
Jan 1–Dec 31, 2011 Jan 1–Dec 31, 2010
Share-based payments recognized as an expense in the statement of income, MEUR
To be paid in shares 12.8 12.7
To be paid in cash 11.6 13.3
to the management as a reward due to the achievement of the targets for the year 2010. A total of 3,000 class B shares was returned to the company during the financial year. In April 2012, a total of 210,980 class B shares will be granted to the management due to achievement of the targets for the year 2011.
Authority to purchase
own shares
The Shareholders’ Meeting held in Febru- ary 2011 authorized the Board of Direc- tors to repurchase and redistribute the company’s own shares.
The shares may be repurchased among others in order to develop the capital structure of the Company, finance or carry out possible acquisitions, implement the Company’s share-based incentive plans,
or to be transferred for other purposes or to be cancelled. Altogether no more than 25,570,000 shares may be repurchased, of which no more than 3,810,000 may be class A shares and 21,760,000 class B shares, taking into consideration the pro- visions of the Companies Act regarding the maximum amount of its own shares that the Company is allowed to possess.
The class B shares can be purchased at public trading in the NASDAQ OMX Helsinki Oy at the market price. The class A shares shall be purchased outside pub- lic trading at the price equivalent to the average price of class B shares paid in the NASDAQ OMX Helsinki Oy at the time of purchase.
During the financial year 2011 KONE repurchased 1,098,085 own shares.
The share price at the date of issuing the share-based incentive plan 2010–2012 was EUR 28.56. During the financial year 2011, a total of 67,200 (677,440) more KONE class B shares were conditionally granted and a total of 42,480 (29,200) conditionally granted class B shares was returned to the company. The outstanding amount of KONE class B shares included in the incentive plan was therefore 453,960 (648,240) class B shares at the end of the financial year.
The value of the option program is calculated using the Black-Scholes option pricing model. The parameters used in defining the fair value of the option program are:
2010 2007
Share price at the date of issue, EUR 32.19 22.90
Original subscription price, EUR 35.00 25.45
Duration (years) 4.8 2.1
Expected volatility, % 27 27
Risk-free interest rate, % 1.6 4.0
Fair value of option at the date of issue, EUR 7.40 6.55 The share subscription price is reduced by the amount of dividends decided before the share subscription at the record date of each dividend distribution.
22. FINANCE LEASE LIABILITIES
KONE has non-cancellable finance leases for machinery & equipment and buildings with varying terms and renewal rights.
MEUR Dec 31, 2011 Dec 31, 2010
Minimum lease payments
Less than 1 year 8.4 7.8
1–5 years 15.9 14.3
Over 5 years - -
24.3 22.1
Future finance charges -0.9 -0.9
Present value of finance lease liabilities 23.4 21.2
MEUR Dec 31, 2011 Dec 31, 2010
Present value of finance lease liabilities
Less than 1 year 8.2 7.6
1–5 years 15.2 13.6
Over 5 years - -
Total 23.4 21.2
23. EMPLOYEE BENEFITS
the obligations are carried out by inde- pendent qualified actuaries. The discount rates used in actuarial calculations of the employee benefit liabilities are adjusted to market rates.
In the United Kingdom, the pension scheme is designed according to the Definitive Trust Deed and Rules and com- plies with the guidelines of the UK Pension Regulator. The pension scheme has been closed to new members as of March 2002 and is managed through KONE Pension Trustees Ltd.
In the United States, a part of KONE’s employees are members in the Employ- ees’ Retirement Plan, which is a funded defined benefit plan. The plan is man- aged by KONE Inc.’s Pension Committee. In addition to the defined benefit plan, KONE also provides post-employment KONE operates various employee benefit
plans throughout the world. These plans include both defined contribution and defined benefit schemes. The pension benefits provided by KONE are primarily organized through defined contribution plans.
KONE’s most significant funded defined benefit plans are in the United Kingdom, in the United States and in Australia. Indi- vidual benefits are generally dependent on eligible compensation levels and years of service. Defined benefit pension plans are funded by KONE to satisfy local statu- tory funding requirements. The assets are managed by external fund managers. The funds are allocated between equi- ties and fixed income products in order to provide expected return at target level and limited risk profile. The valuations of
medical and life insurance benefits in the United States. These predominantly unfunded other post-employment ben- efit plans qualify as defined benefit plans under IFRS.
In Australia, KONE operates both funded defined benefit and defined con- tribution plans. The defined benefit plan has been closed to new members as of November 2000. All new employees are provided with defined contribution ben- efits.
KONE’s main unfunded defined benefit plans are in Germany, Italy (TFR Trattamento di Fine Rapporto, termina- tion indemnity plan) and in Sweden. The pension schemes in Germany and the TFR plan in Italy are closed to new entrants.
In Sweden, the pension cover is organized through defined contribution as well as unfunded defined benefit plans (ITP system, Industrins och handels tilläggspension).
KONE has defined contribution plans for pensions and other post-employment benefits in most countries. Under defined contribu- tion plans KONE’s contributions are recorded as an expense in the accounting period to which they relate. The recognition of a liability is not required because KONE’s obligation is limited to the payment of the contributions into these plans or funds.
The defined contribution pension plan in Finland is the statutory Finnish employee pension scheme (Finnish Statutory Employment Pension Scheme “TyEL“), according to which the benefits are directly linked to the beneficiary’s earnings. TyEL is arranged through pension insurance companies.
Employee benefit liabilities recognized in the consolidated statement of financial
position, MEUR Dec 31, 2011 Dec 31, 2010
Employee benefits
Defined benefit plans 91.5 96.4
Other post-employment benefits 13.7 17.0
Total 105.2 113.4
Dec 31, 2011 Dec 31, 2010
Employee benefit liabilities recognized in the consolidated statement of financial
position, MEUR benefit plansDefined
Other post- employment
benefits benefit plansDefined
Other post- employment benefits
Present value of unfunded obligations 58.5 1.8 56.0 6.0 Present value of funded obligations 308.5 16.7 266.9 14.6 Fair value of benefit plans’ assets -206.7 -0.5 -190.0 -0.5 Unrecognized actuarial gains (+)/losses (-) -68.8 -4.3 -36.5 -3.1
Total 91.5 13.7 96.4 17.0
Jan 1–Dec 31, 2011 Jan 1–Dec 31, 2010
Net liability reconciliation benefit plansDefined
Other post- employment
benefits benefit plansDefined
Other post- employment benefits
Net liability at beginning of period 96.4 17.0 94.3 16.3
Translation differences 0.7 0.2 2.0 0.8
Acquisitions of new companies 0.3 - - -
Costs recognized in statement of income 9.9 0.8 11.0 0.8
Paid contributions -21.9 -0.6 -10.9 -0.9
Reclassifications 6.1 -3.7 - -
Net liability at end of period 91.5 13.7 96.4 17.0
Amounts recognized in the
statement of income, MEUR Jan 1–Dec 31, 2011 Jan 1–Dec 31, 2010
Defined contribution pension plans 92.1 88.9
Defined benefit pension plans 11.6 12.2
Other post-employment benefits 0.8 0.8
Total 104.5 101.9
Jan 1–Dec 31, 2011 Jan 1–Dec 31, 2010
Amounts recognized in the
statement of income, MEUR Defined benefit plans
Other post- employment
benefits Defined benefit plans
Other post- employment benefits
Current service costs 9.0 0.0 8.2 0.3
Interest costs 17.3 0.7 16.4 0.5
Expected return on plans’ assets -14.8 - -14.3 0.0
Net actuarial gains (-)/losses (+) recognized 1.2 0.1 2.2 0.0
Past-service costs -0.7 - - -
Settlements -0.3 - -0.2 -
Loss curtailments -0.1 - -0.1 -
Total 11.6 0.8 12.2 0.8
Defined benefit plans: assumptions used in calculating benefit obligations
Jan 1–Dec 31, 2011 Jan 1–Dec 31, 2010
Europe USA Europe USA
Discount rate, % 3.30–5.30 5.35 3.90–5.70 5.80
Expected return on plans’ assets, % 4.00–6.70 8.00 4.00–6.70 8.00
Future salary increase, % 3.0–4.4 4.0 3.0–4.5 4.0
Future pension increase, % 2.0–3.5 4.0 1.3–3.5 4.0
Expected average remaining working years 16 15 16 15
24. PROVISIONS
Jan 1–Dec 31, 2011, MEUR for warrantyProvision for claimsProvision
Provision for business restructuring
Provision for loss
contracts provisions Other Total
Total provisions at beginning of period 52.3 4.5 10.7 10.0 21.9 99.4 Translation differences 2.9 - 0.4 0.3 -0.2 3.4 Increase 10.9 1.2 - 9.2 9.2 30.5 Provisions used -16.7 -1.2 -6.2 -3.7 -6.1 -33.9 Reversal of provisions -8.0 -1.7 -1.8 -2.2 -2.0 -15.7 Companies acquired - - - - 5.0 5.0
Total provisions at end of period 41.4 2.8 3.1 13.6 27.8 88.7
Non-current liabilities
Current
liabilities Total
Distribution of provisions as of Dec 31, 2011 11.2 77.5 88.7
Jan 1–Dec 31, 2010, MEUR for warrantyProvision for claimsProvision
Provision for business restructuring
Provision for loss
contracts provisions Other Total
Total provisions at beginning of period 47.7 6.4 21.6 11.0 13.6 100.3 Translation differences 0.5 - 0.5 0.9 0.8 2.7 Increase 41.4 0.6 4.1 9.1 12.3 67.5 Provisions used -31.6 -0.7 -14.9 -9.3 -4.4 -60.9 Reversal of provisions -5.7 -1.8 -0.6 -1.7 -0.5 -10.3 Companies acquired - - - - 0.1 0.1
Total provisions at end of period 52.3 4.5 10.7 10.0 21.9 99.4
Non-current liabilities
Current
liabilities Total
25. ACCRUALS AND ADVANCE PAYMENTS RECEIVED
Accruals, MEUR Dec 31, 2011 Dec 31, 2010
Accrued interests 0.1 0.1
Accrued income of service contracts 135.1 92.8
Late costs accruals 1) 218.9 205.3
Accrued salaries, wages and employment costs 286.2 259.8
Derivative liabilities 48.1 30.5
Accrued value added tax 66.0 69.5
Accruals from acquisitions 15.5 50.1
Other accruals 139.8 160.4
Total 909.7 868.5
1)
Includes expected costs still to be incurred relating to new equipment and modernization deliveries which have been completed.
Advance payments received, MEUR Dec 31, 2011 Dec 31, 2010
Advance payments received 962.1 902.7
Advance payments received include customer payments for orders included in work in progress, according to the contractual payment terms.
26. COMMITMENTS
MEUR Dec 31, 2011 Dec 31, 2010
Mortages
Group and parent company - -
Pledged assets
Group and parent company 0.1 2.0
Guarantees
Associated companies 6.5 3.5
Others 5.6 6.0
Operating leases 202.8 179.0
Total 215.0 190.5
Banks and financial institutions have guaranteed obligations arising in the ordinary course of business of KONE companies up to a maximum of EUR 701.7(699.3) million as of December 31, 2011.
Possible unidentified debts and liabilities of the in 2005 demerged Kone Corporation were transferred to the new KONE Corporation according to the demerger plan.
KONE leases cars, machinery & equipment and buildings under operating leases with varying terms.
The future minimum lease payments
under non-cancellable operating leases, MEUR Dec 31, 2011 Dec 31, 2010
Less than 1 year 53.1 44.5
1–5 years 124.3 100.7
Over 5 years 25.4 33.8
Total 202.8 179.0
27. DISTRIBUTION OF NET SALES
Due to KONE’s business model, the nature of its operations and its governance structure, KONE has a single operating segment.