07midroc europe · midroc europe 2007 in brief • strong overall performance in 2007, midroc...

07Midroc Europeannual Review

� MIDROCEUROPE

2007 IN BRIEF ....................................................................................3

EXECUTIVE COMMITTEE COMMENTS ............................................4

MIDROC EUROPE ..............................................................................6

ThE MIDROC way .............................................................................8

CONTRaCTING & CONSULTING .....................................................12

PROPERTy INVESTMENTS .............................................................18

NEw TEChNOLOGIES .....................................................................24

MIDROC aB ......................................................................................26

GRaNITOR INVEST aB ....................................................................28

MIDROC REaL ESTaTE aB ..............................................................30

OwNER aND BOaRD OF DIRECTORS ...........................................32

CONTaCTS .......................................................................................34

07

Photography: N-E Sjödén, Reiner Albrecht, Martin Johansson, Stefan Bohlin, Janne Johansson, Jörgen Persson, LKAB and others.

The relevant Annual Report 2007 can be downloaded from our website www.midroc.se or ordered from: Midroc Support AB, P.O. Box 2053, SE-174 02 Sundbyberg, Sweden. Telephone orders: +46 (0)8 706 74 50. E-mail orders: [email protected]

MIDROCEUROPE �

2007 in brief

• Strongoverallperformance In 2007, Midroc Europe performed very well

recording all time high profitability and very strong order bookings. Our performance clearly illustrates the strength of all our business areas with improved earnings in all business segments.

• Largeindustrialprojects Midroc is engaged in most of the major indus-

trial projects currently under way in Sweden. Turnkey projects as well as installation contracts for the petrochemical and mining industry were undertaken during 2007.

• Production facility investments in GermanyandtheUK

The Midroc Metalock units in Germany and the United Kingdom are in the process of expanding their business operations with new workshop facilities in Hamburg and Coventry respectively.

• Reachingfornewprojectmanagementmarkets Midroc Europe witnessed growth in the export

of project management and procurement serv-ices to projects in the Middle East and Africa in co-operation with local Midroc companies. A turnkey contract was won for a new airline catering unit in Addis Ababa, Ethiopia.

• Furtherdevelopmentwithinconstruction management Midroc’s well renowned skills within construc-

tion management were further developed and consolidated in a dedicated company, Midroc Project CM.

• Frontendpropertydevelopment Midroc is involved in the development of several

real estate projects with unique features. Current examples are Sweden’s highest residential build-ing with wooden frames and the transformation of a former industrial site into a residential area where new consultation methods, involving mu-nicipalities and local residents, are applied.

• Cleantechinvestmentaward Midroc New Technology was named as one of

the most diligent Swedish clean tech investors in 2007. The term clean technology refers to knowl-edge-based products or services that improve op-erational performance, productivity or efficiency while simultaneously reducing cost, energy con-sumption, waste or pollution.

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Executive Committee Comments

again - a year of major progress

Reviewing the past financial year, it is evident that we are progressing on the right track towards greater success. We entered the 21st century with the ob-jective of developing Midroc Europe into a mod-ern, profitable corporation group. Looking back on what all the group’s co-workers have achieved together since, we can take pride in our develop-ment and the position we have attained today. 2007 has shown that we are a stable business group with motivated co-workers, delivering quality and effi-ciency guaranteeing repeat customers.

Our strongest result ever

The continuing favourable business environment in Europe, and particularly in Sweden, combined with the outstanding performances of Midroc subsidi-aries, enabled us to record our strongest ever end of year result. We are therefore proud to confirm that the consolidated result for Midroc Europe is

record breaking and our best achievement ever. Income before tax and adjusted for extraordinary items increased by 23% to SEK 352 million (SEK 287 million).

The planned divestment of our shareholding in Peab shares commenced in 2006 was concluded during 2007. As a whole, the investment has proven very successful and the income from 2007 was SEK 522 million. This is an extraordinary item that has had a highly positive impact on the group result for this financial period. After adjustments and reser-vations, total income for the group before tax was SEK 762 million (SEK 384 million).

In total, our group recorded a turnover of around SEK 4.0 billion (SEK 3.0 billion) and employed more than 2,700 people.

We have been successfully involved in a large number of projects and operations during the past year including some smaller, everyday assignments but also a number of high-profile contracts that have been given special attention for reasons such as work scope, innovative thinking during the imple-mentation, technology or environmental aspects.

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Midroc Europe - Total income before tax

Incomefromextraordinaryitems

SEKMillion

2007

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300

350

400

450

500

550

Segment turnover (Total SEK 4.0 billion)

Contracting&Consulting

PropertyInvestments

“We can take pride in our development and the position

we have attained today.”

600

650

700

750

800

MIDROCEUROPE �

Clean tech investments

Our special interest in new technology with com-mercial development prospects focuses on ideas with the potential of environment benefits - so called clean technology or ’clean tech’ - or products for the optimization and control of energy. We are very proud to have been named as one of the most diligent ‘clean tech’ investors in Sweden in 2007.

Investing in human Resources

Further investments have been endorsed to en-hance human resources and our focus in this area will be intensified during the coming year. We face extensive retirement within the group in the future and it is important that we take steps to secure our companies’ personnel and competence needs and requirements. An extensive programme has been launched to communicate Midroc’s corporate cul-ture and values to schools and the labour market.

Furthermore, we will invest heavily in the develop-ment of our existing workforce. Our ambition is to retain and develop our existing personnel while attracting new co-workers to our companies. Sim-ply put, we want to make Midroc the most interest-ing and attractive workplace.

Excellent employee efforts

The success of the group is ultimately dependent on the way our employees - at all levels - respond, provide services, develop client relationships and win new business opportunities. The excellent per-formance of Midroc Europe is clear evidence of our employees’ efforts and we would like to thank them for their on-going dedication.

Considering the dynamics and diversity present within Midroc Europe, it is evident that our jour-ney will continue. We possess a strong driving force for development and expansion.

“We want to make Midrocthe most interesting

and attractive workplace.”

With great openness towards changes and with mo-tivated personnel, we will succeed in our ambition to expand our domestic markets, export more serv-ices abroad and develop new geographical markets.

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Midroc Europe - an industrial services, consulting, investment and real estate group

CONTRaCTING & CONSULTING

Painting and coatingalucrom aB

MechanicalGP Ställningar aBRodoverken aBBaC Corrosion Control LtdMetalock Engineering aB

ElectricalMidroc Electro aB

Remediation and cleaningMidroc Environment aB

Construction managementMidroc Project CM aB

Project managementMidroc Project Management aBMidroc Engineering aBaBV Rock Group aBMidroc Management aB

PROPERTy DEVELOPMENT

Property developmentMidroc Property Development aB

Property managementMidroc Real Estate aB

NEw TEChNOLOGIES

New technologiesMidroc New Technology aB

MIDROC EUROPE

Midroc Europe

Midroc Europe is a development group advocating a marketing concept that brings together the Euro-pean-based Midroc companies offering under-takings and services with financial and technical strength combined with highly competent human resources. Whilst the bulk of operational activities are in Sweden, business expansion into Europe is progressing with the establishment of branches and business operations in France, Germany, Poland and the UK.

The ‘Midroc Europe’ marketing concept reflects our current presence and plans for further develop-ment and expansion on the European scene.

The European business operations are grouped into three major Business Areas that are subdivided into the field of expertise to which the subsidiary is related. Group companies operate in the following business segments:

• Contracting & Consulting

• Property Investments

• New Technologies

Group Structure

The business development activities are conducted through a number of subsidiaries and legal groups, each providing their specialized service within the fields of contracting, consulting, development or managerial services. First and foremost, the ‘Midroc Europe’ concept comprises three legal groups:

• Midroc AB

• Granitor Invest AB

• Midroc Real Estate AB

These groups constitute the core of our turnover, each consisting of subsidiaries active in our major areas of operations. Moreover, Midroc Europe in-corporates the business activities of Midroc New Technology AB: a company focused on our invest-ment in environmental care, security, surveillance and science.

Each Midroc Europe company pursues a dynamic customer-oriented approach to the provision of services, either as an individual Midroc subsidi-ary or in co-operation with sister subsidiaries on a case-by-case basis. Our objective is to establish integrated, one-to-one relationships with our cli-ents – characterized by collaboration, trust and long-term relations.

MIDROCEUROPE �

“Our ambition is to con-tribute to social and

economic development”

MIDROC EUROPE

Project ManagementEngineeringBuilding ServicesIndustrial ServicesEnvironmental ServicesProperty DevelopmentTechnology Investments

MIDROC MIDDLE EaST

Engineering and ConstructionManufacturingTrade, Consumer CommoditiesServicesair, Land & Ocean FreightReal Estate Investments

MIDROC EThIOPIa

agricultureagro-IndustriesConstruction and Real EstateMiningheavy & Light IndustryTourismhealthcare

MIDROC GLOBaL GROUP

PETROLEUM

ExplorationRefiningDistribution

OThERS

Various business fields

Global Outlook

The Midroc Global group, owned by Sheikh Mohammed H. Al-Amoudi, undertakes business operations across the globe. The group’s combined resources embrace a wide spectrum of business areas including consulting, engineering, construction, manufacturing, plant operation and maintenance, petroleum, tourism, transport, agro-industry, communications, trade and busi-ness investments.

Operations have a global reach spanning several continents with some 24,000 employees of various nationalities engaged in Midroc Global group ac-tivities whose consolidated annual turnover exceed USD 9 billion.

In the Kingdom of Saudi Arabia, full engineering and construction solutions are offered for large-scale projects. In the industrial sector, the group owns and operates factories producing a variety ofproducts. The group is also involved in the service sector and trade activities of properties and various consumer commodities.

Group operations in Africa are based in Ethiopia where Midroc Ethiopia has been vigorously in-volved in several economic sectors with the am-bition of contributing to the social and economic development of the country. The main areas of investment include agriculture, agro industry, con-struction, mining, light and heavy industry, tour-

ism and real estate.

The group’s petroleum operations are extensive. Preem Petroleum is a significant actor on the market conducting extensive trading and

refining of crude oil. Preem operates two refiner-ies in Sweden which are among the most modern in Europe. The group’s Moroccan subsidiaries own the majority of the countries’ petroleum re-fining capacity. Petro Swede undertakes explora-tion and production of oil and gas currently under way in the Baltic Sea, North Sea, Arabian Gulf and offshore the West Coast of Africa.

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The Midroc way

Our business concept and organizational struc-ture allow us to attain our goals and vision. Most companies are organized in the same way. What distinguishes Midroc Europe is the way we act

- the Midroc Way.

This is how we work, the Midroc way

Our basic values are guidelines for the way we work within Midroc Europe. How we carry out our daily tasks, how we interact with our colleagues and external contacts. Our values are business profes-sionalism, co-worker participation, commitment and openness. The aim is to create a positive spirit that benefits both our organization and the people who work in our companies.

We asked three of our co-workers to share their views of how this manifests itself at their work-places.

“I would like to call it qualified co-workmanship, a quality we have

successfully developed since webecame a part of Midroc”

“This flexibility allows us to allocate resources to sec-tions when and where they are needed. And naturally, it is a distinct advantage to have so many skilled crafts-men able to solve urgent prob-lems on site, which I also consider to be a necessity in this business. I would like to call it qualified co-workmanship. A quality we have successfully developed since we be-came a part of Midroc,” enthuses Pelle Borg.

“A fine group of skilled craftsmen”

With 20 years experience as Site Manager at Metalock Engineering, Pelle Borg has a good perspective on the course of development. He was around when the old honorable Metalock enterprise became a Midroc company at the turn of the century.

“A lot has happened in the company as the years have passed,” says Pelle. “The restructuring and commitment we have witnessed over the years give a clear picture of how a sound business sense and professionalism justify themselves.

I am responsible for twenty pipe fitters, mechani-cal fitters, welders and other skilled craftsmen who perform the mechanical maintenance work at our petrochemical department in Gothenburg, Sweden. Our philosophy is that no one should be irreplace-able, which has led to practically everyone learning one another’s jobs,” Pelle explains.

MIDROCEUROPE �

10 MIDROCEUROPE

“You are always respected as a professional”

Louise Olsson works as an electrician at Midroc Electro. She spent most of 2007 involved in the re-building of Ericsson’s former factory premises at Hekla in Kista, Stockholm.

“I really appreciate our straightforward routines for all parts of the job. Everything is well orga-nized and you receive support whenever you have questions about the assignment at hand and that gives you peace of mind,” says Louise.

Among approximately 70 co-workers in her group, Louise is one of only two women. “I don’t see that as a problem.

On the contrary, we have a great team spirit on the work site. You are always respected as a profes-sional and you get to take responsibility for your job tasks. We also have the chance to advance in our work. If you wish, you can take courses and fur-ther educate yourself. And that is good since a lot happens in this industry and the job becomes more interesting when you are a part of the development process,” adds Louise.

“We have a great team spirit

on the work site”

MIDROCEUROPE 11

“New ideas are well received”

At Midroc Engineering, Axel Broman works with the development of quality and environmental management systems. He is involved in both inter-nal projects and as a consultant in external assign-ments in organization development. Axel is rather new on the Midroc team, but since mid-2007, he has still had time to reflect on the working climate and corporate spirit.

“When I started here, the foundations for the man-agement system that I am now in charge of devel-oping were already in place. But I have excellent opportunities to introduce my own ideas during the working process. It is easy to establish informal con-tacts and we don’t have any sharp lines separating the different levels of the organization,” Axel says.

“Indeed, you could say I have a par-ticular interest regarding new ideas since I administer suggestions and see to it that they reach whoever they concern,” Axel explains. “I would also like to say that we have a very positive attitude to an on-going dialogue about everything that can enhance our routines and ways of work-ing.

Together with a high level of business acumen, this has given me, as a new employee, the impression of a professional organization with an inherent drive to live up to ambitious goals,” Axel states.

“I have excellent opportunities tointroduce my own ideas during

the working process”

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Contracting & Consulting

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2003 2004 2005 2006 2007

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An ever increasing number of our customers are turning to the select few suppliers who are able to deliver a comprehensive range of services. Our abil-ity to tailor solutions to meet individual client needs by combining expertise from within the group dis-tinguishes us from our competitors.

Contracting & Consulting provides services to the building and industrial sectors through well- established company brands. Contracting services are directed towards the manufacturing, process-ing and petrochemical industries and embrace new buildings, rebuilds as well as maintenance and renovations. Consulting services focus on project management and administration as well as engi-neering and design for both the civil and industrial markets.

Result for the Contracting & Consulting Segment

Our Contracting and Consulting companies be-long to the groups Midroc AB and Granitor Invest AB. Combined, the turnover of the Contracting & Consulting segment was SEK 3,157 million (2,293) with an income of SEK 265 million (149) before appropriations and tax.

As a whole, the segment has improved its busi-ness performance and recorded its most successful business year ever. All subsidiaries in the segment have responded positively to the strong economic upturn that prevailed in Europe during 2006 and 2007.

Rodoverken aB

Rodoverken is a successful service and contract-ing company specializing in the design, construc-tion and erection of customized industrial plants. Operations consist of tank erection, pipe spool fab-rication and pipe erection, primarily for clients in the Nordic region.

For storage tank construction, Rodoverken uses a special expertise well renowned in the industry

– the unique spiral technique whereby tanks are raised as fabrication proceeds. The company works primarily with carbon steel materials, but with the recent acquisition of SIM, Rodoverken has extend-ed its product range to include stainless steel tanks.

BaC Corrosion Control Ltd

BAC Corrosion Control in the UK provides a full range of engineering services in the cathode protection field with business related to pipelines, harbours, offshore installations, power stations, ships and railroads.

Services range from pre-installation design and survey activities through to installation testing and commissioning surveys to maintenance and inspection programmes. Highly active on export markets, the company increased its presence in the Middle East region during 2007 by establishing a local marketing company in co-operation with a Saudi partner.

GP Ställningar aB

GP Ställningar is a scaffolding contractor provid-ing safe and flexible scaffolding solutions. Clients are primarily active in the process industry and construction projects on the west coast of Sweden.

300

Contracting & Consulting - Income before tax

SEKMillion

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Midroc Project Management aB

We have created a new company with a pronounced international alignment, Midroc Project Management. Through the company we have developed our co-operation with our sister organizations Midroc Middle East and Midroc Africa. We call it project export when we contribute project management, design, contracting and work management exper-tise to foreign projects that are mainly executed with local resources. These skills are mainly re-cruited from our companies within Midroc Europe and a way for us to stimulate our own personnel by offering exciting and developing assignments of varying duration abroad.

An exciting project in Ethiopia

In Addis Ababa, Ethiopia, Midroc is building a new catering kitchen at Bole International Airport. From screws and bolts to large building panels, all tools and materials are imported. Partly because these are in short supply and partly because of the need for high-quality components. Concrete and reinforcing iron are the only materials sourced locally.

Working in construction projects in a developing country is a time-consuming job. However, it is often the large, exciting projects that require our expertise and where working with people from other cultures can often be an inspirational experi-ence for our employees.

The workforce in Addis Ababa is mainly made up of local manpower. However, as Midroc expands its international operations, Midroc Europe plans to provide a larger number of in-house personnel from Sweden to overseas projects.

MIDROCEUROPE 1�

alucrom aB

Alucrom is the largest anti-corrosion contractor in Sweden and well established on the steel coating market. The company is busy blasting and painting movable steel objects in thirteen permanent paint shops, twelve of which are located in Sweden and one in Poland. Larger, sometimes spectacular ob-jects – such as bridges, storage tanks and large steel structures - are treated on site.

During 2007, Alucrom has expanded its opera-tions through the acquisition of HYAB: a Swedish industrial painting company serving the heavy automotive industry. Expansions are also planned in Poland as illustrated by the establishment of a new painting facility.

Midroc Project CM aB

Midroc Project CM develops and executes con-struction projects for the Swedish and international industry as well as for the public sector. The com-pany applies effective management techniques in the planning, design and construction of a project. The purpose is to control everything – from the conception to completion of a project – in order to optimize time, cost, function and quality. Midroc Project CM always works in close co-operation with the client and offers full transparency.

aBV Rock Group aB

ABV Rock Group offers administrative and pro-curement services for projects outside Europe, mainly in the Middle East and Africa. A major recipient of services over the years has been the Saudi Strategic Storage Programme. In response to the impending completion of this programme, the ABV Rock Group AB will reduce its business activities correspondingly.

Midroc Engineering aB

Midroc Engineering is a Swedish knowledge part-ner offering a full range of engineering services covering everything from concept to finished plant and start up. Areas of expertise lie within infra-structure, process industry, civil engineering, en-vironmental and business development. In 2007, the company had a large number of medium-sized project management and engineering contracts.

The Metalock Group

The Metalock Group supplies mechanical special-ist services and repair work aimed at reducing fixed costs for maintenance and investment projects for heavy industries worldwide.

The group operates through companies in Sweden, Germany, France and the UK. Between them, the businesses include mechanical services such as repair, on-site machining, maintenance and ‘metalocking’ - a unique cast iron repair method. All Metalock units have a common international mobility enabling them to successfully undertake projects all over the world at short notice.

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“We have doubled our production compared to plan”

During 2007, EkoTec embarked on a major project in Västerås, Sweden. An industrial area previously occupied by the boatbuilding industry and steam power stations will be decontaminated and provide space for 2,500 apartments within a period of 10-15 years.

Eric Wadstein, Project Manager at EkoTec, runs the soil cleaning operation.

“The soil is contaminated with heavy metals, oil pollutants and coal ash. We remove a lot of exca-vated material for land filling or recycling. The project start up in 2007 has proceeded better than we dared hope for. Periodically, we handle volumes up to 1,000 tonnes a day, which is very good.

The area is covered by a virtual grid. A computer in the excavator is processing a GPS signal and directs the operation with great precision, always sensitive to the presence of high voltage cables and other ob-stacles.

If we continue working at this pace, the citizens of Västerås can look forward to moving into a new, attractive residential district in a couple of years.”

Midroc Environment Group

Midroc Environment Group is a leading provider of environmental remedial services. The subsidiary EkoTec AB carries out biological treatment of con-taminated soil, which is Midroc’s major business activity within the environmental industry. BACT System AB delivers flue gas emission control sys-tems while Airgrinder AB develops techniques for material defragmentation and drying. All three subsidiaries are based in Skelleftehamn, Sweden.

“A computer in the excavator is processing a GPS signal”

MIDROCEUROPE 1�

Midroc Electro aB

Headquartered in Sandviken, Sweden, Midroc Electro is primarily involved in matters regarding electrical installations and related services within the fields of electrical power, security, data and tele-communications. The company delivers advanced services in the field of integrated automation, an engineering discipline that connects processes and production to advanced control and follow-ups. 2007 has been the most successful ever in Midroc Electro’s history. During the course of the year, the company has been involved in some major projects.

Åke Persson, Senior Project Manager at Midroc Electro’s Automation division, leads the project.

“The assignment is a major undertaking for us, valued at over SEK 400 million. We are very proud of our ability to undertake projects with such tech-nical complexity.

Throughout the project, we have worked in close collaboration with LKAB. This was especially im-portant in the concept phase when common goals were set to ensure that we all work in the same direction. That is how we want to work. With a united effort for cost reduction, quality and speed engendering close, long-term relationships.”

“That is how we wantto work. With a united effort”

“In close collaboration towards common goals”

In Kiruna, Sweden, LKAB awarded Midroc Electro AB the contract for the process control system, in-cluding electrical installations, of the new concen-trating and pelletizing plant.

1� MIDROCEUROPE

Property Investments

A real estate investment could cover everything from the development of raw land or existing build-ings to divestment. We handle projects in pre-study phases, early stages, at some stage of construction and when the project is completed and ready for di-vestment to an external investor. Curiosity, speed, knowledge of the market and an understanding of customer needs combined with our strong engineer-ing and design background are important factors in the success of developing and managing property investments.

In keeping with the tradition of Midroc Property Investment, we also specialize in property manage-ment. In order to bring out the best in both business areas, we have divided the business into two seg-ments: Property Development and Property Man-agement.

Property Development

Our operations within Property Development are undertaken by a dedicated subgroup, Midroc Prop-erty Development AB (MPD). Characterized by a wide approach to development and practical busi-ness operations, MPD has rapidly become a promi-nent property developer providing innovative real estate concepts to external investors.

Naturally, the divestment of developed property is not a regular activity, which causes a significant impact on the annual income profile as can be seen in the graph.

Building rights, 550 000 sq.m gross floor area

Living

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MPD projects range from housing, tenant-owned residences, offices and commercial estate to prop-erties for specialized use.

The geographical centre of the operations lies in southern Sweden.

MPD housing and accommodation projects consist of more than 180,000 sq.m of confirmed build-ing rights and an additional 170,000 sq.m in early development stages. In addition, the company holds more than 150,000 sq.m of confirmed build-ing rights and an additional 50,000 sq.m in early development stages of commercial areas for trade, office, hotel and similar uses.

MPD has an efficient personnel and, when needed, draws on project-specific resources from sister companies within Midroc, utilizing personnel within fields such as project management, construc-tion management and technical installations.

The high incidence and volume of MPD operations puts the company at the forefront of Swedish prop-erty developers.

Curiosity, speed,knowledge of the marketand an understanding of

what the customer needs ...

Office

Commerce

Hotel,others

Property Development - Income before tax

SEKMillion

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The MPD Group has been involved in several development projects including appointment as official Developer of the World Trade Center faci-lity for the Malmö area. The WTC concept is a virtual market place connecting more than 300 World Trade Centers in 75 countries. Two Midroc properties will represent WTC in Malmö. WTC Teknikportalen is a meeting place for around 40 companies of varying sizes and WTC Hamnplan that is currently under construction. Once com-pleted, the WTC facilities in Malmö will house office spaces, conference rooms, restaurants, show-rooms and a fitness facility. Both properties will be owned by the property management group, Midroc Property Öresund.

Peter Syrén, Vice President of Midroc Property Development, sees a link between Midroc’s way of working and the WTC concept that gives the right prerequisites for the co-operation. “When the dis-cussion started to take form, we had already erect-ed the office building Teknikportalen at the site.

To develop it into WTC Malmö Teknikportalen involved adding soft values such as service func-tions and the network that gives WTC members valuable contacts all over the world.

We decided to create all this and it has worked out very well. When we approach the end of 2008, the premises will be taken also into phase two of WTC Malmö, called Hamnplan. We have refined the properties and transformed a good situation into a great situation.

During 2007, another milestone in our work with the WTC in Malmö was an agreement regarding the neighbouring hotel, planned to welcome its first guests within a few years.”

“The agreement regarding a neighbouring hotel was

another milestone during 2007”

“Transforming a good situation into a great one”

MIDROCEUROPE �1

“The challenge - and the chance - to form an attractive city area”

In Kävlinge, outside Malmö in the southern part of Sweden, MPD has acquired a former facility for meat production comprising an area of 175,000 sq.m with the intention of creating a completely new town district in the heart of the city. Early planning work has commenced with the aim of creating an interesting, vital and easy accessible district that will attract new citizens to Kävlinge.

Magnus Skiöld, President of Midroc Property Development, is deeply engaged in the project.

“The focus for the development of this area has been to start with people and pulse and go on from there. We want to build a living and positive community and have involved the whole municipality to find key factors to reach that goal,” says Magnus Skiöld.

“The short distance to Copenhagen Malmö, Lund and Helsingborg makes the district an attractive choice for living, with the commuter train station right around the corner. To catch the town spirit, we have cycled around Kävlinge to get a view of what is missing and search for ways to make it an attractive place where people feel good and want to settle down.”

“Wooden housing - for environment and atmosphere”

In the neighbourhood of Limnologen in Växjö, MPD is constructing the tallest wooden apartment block ever built in Sweden.

The buildings have wooden frames and the south facing facades are made entirely of wood. All apart-ments have balconies and a view of the nearby lake.

“The neighbourhood where Limnologen stands is characterized by wooden buildings,” explains Magnus Skiöld. “It was therefore natural for us to keep that composition to create the right atmos-phere within the new blocks. Wood is an easy ma-terial to work with, it is relatively lightweight and it smells good. During construction, a tent has been erected over the area, keeping the working place clean and dry to the joy and comfort of the build-ing workers. Wood is also environmentally-friend-ly, since less energy is used in construction work with a wooden structure than that of traditional concrete or steel.”“The focus for the development

of this area has been to start with people and pulse and

go on from there”

“It was therefore natural for us to keep that composition

to create the right atmosphere”Peter Syrén and Magnus Skiöld at Midroc Property Develop-ment.

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Property Management

Property management within the Midroc Group is undertaken by a specialized group with long exper-ience in the field - Midroc Real Estate AB.

Other property

Properties owned and managed by Midroc include premises outside the main city areas. For instance, a conference facility operated north of Stockholm is currently in an expansion phase. A new facility with a total area of 5.000 sq.m comprising accom-modation and conference facilities is under con-struction and due for inauguration late 2008.

Sectors

The total rentable area for the Midroc Europe properties covers some 170,000 sq.m, with mixed use schemes included within the portfolio. In terms of space, the main emphasis is on light industries and offices.

Midroc Real Estate aB

Property holdings in Stockholm are managed by the subgroup Midroc Properties AB. The portfolio consists primarily of centrally-located properties within the inner commercial district of Stockholm primarily for occupiers in the office sector, but also in the retail and leisure market. All buildings are extremely well maintained to a very high and rep-resentative standard.

The regional economy in the Malmö/Copenhagen area reflects the continuous growth resulting from the completion of a fixed link across Öresund in the year 2000. The commercial prospects are very promising, attracting the interest of Midroc real estate investments. Midroc Property Öresund AB, founded in 2005, holds the two properties form-ing the newly established World Trade Center in Malmö.

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Rentable area, 170 000 sq.m

Production

Retail

Living

Others

Office

-75

75

Property Management - Income before tax

SEKMillion

MIDROCEUROPE ��

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New Technologies

Within New Technologies, we contribute to the process of building profitable companies, and pos-sibly market leading corporations, out of innova-tive ideas. It is an interesting business with a use-ful function as commercial development of new technology in most cases requires financing and support from a venture capitalist.

“By establishing early contacts with com-panies we can get development started quickly”

The second business year for MNT witnessed intense activity when we provided risk capital, competence and networks for the development of several new, interesting companies within dispa-rate business areas.

Göran Linder, President of Midroc New Techno-logy, gives his view on the year’s operations.

“There are several factors that have contributed to the company’s success and prominent position on the market. Within Midroc, we have a collective technical competence of high quality. We have been accurate in technical validation and often enter at an earlier phase than other risk capital companies are prepared to. By establishing early contacts with companies, our experience can assist in getting the development started quickly.

Our achievements have received wide recognition in our fields of operation and beyond, giving us a

very positive return in terms of publicity. This further raises our already high pro-file, leading in turn to many enquiries from entrepreneurs seeking assistance in the de-

velopment of all manner of ideas and proposals. After just a couple of years, we have been able to accomplish technical proof of concept in many cases – even though our investment horizon is nor-mally 5-7 years.

Midroc New Technology aB

Established in 2006, Midroc New Technology (MNT) is a venture capital company within New Technologies. Its mission is to provide equity capi-tal for carefully selected high-risk business oppor-tunities. We focus on potentially groundbreaking technologies and business concepts with emerging opportunities. Our attention is directed towards business ideas that have stand-alone interest with clearly defined market prospects and branded tech-nology advances. Preferably, we invest in compa-nies working on patented revolutionary technolo-gies with global potential.

Many different areas of tech-nology are represented in our investment portfolio:

• clean tech

• security and surveillance

• life science

The aim is to mainly invest within clean tech and thereby contribute to more effective and sustain-able energy consumption.

To optimize the venture in terms of cost and efficiency, MNT is represented by a few productive investment managers and business developers who actively and continuously assist and accompany the portfolio companies towards successful exits.

Our hands-on approach is the key reason why lead-ing entrepreneurs choose to partner with us. As experienced company founders and entrepreneurs, we know what it takes to realize a product and build a company – and how to make it successful.

“Accurate technical validationand early entry have

contributed to our success”

MIDROCEUROPE ��

highlights in 2007

In 2007, a leading Swedish newspaper within new technology, Ny Teknik, named MNT as one of the most hard-working clean tech investors in Sweden. The term clean tech is usually used to describe in-novative knowledge-based products or services that improve operational efficiency while reducing cost, energy consumption and environmental impact.

A selection of the companies that MNT invested in during 2007:

• MinestoAB – a tidal energy company producing environmentally-friendly electricity at low cost.

Within biomedicine, we foresee a very exciting fu-ture and we are investing in the development of sev-eral new companies. One of the first investments involves research into extracting alternatives to chemical drugs by applying new knowledge about body proteins.

By influencing the behaviour of the immune system, it may be possible to address and treat diseases that have hitherto resisted treatment. We act in a business field with unlimited potential for profitable companies performing important tasks for both people and the environment. We are convinced that 2007 was a successful year that will be followed by many more.”

• ReoSenseAB – a company using a unique exper-tise within measurement technology to increase productivity and improve quality standards in the polymer industry.

• AirtoAirSwedenAB – a company developing a new kind of heat exchanger with great advan-tages compared to conventional systems, Air to Air Sweden AB was named as one of the most prosperous future climate entrepreneurs by the World Wide Fund (WWF) in 2007.

• DermaGen AB – a life science company devel-oped in partnership with Karolinska Develop-ment intending to cultivate novel antimicrobial peptides and formulations for the treatment and prevention of bacterial and fungal infections.

“A successful year that will befollowed by many more”

�� MIDROCEUROPE

Midroc aB

MIDROC aB

Midroc Contracting aB alucrom aB GP Ställningar aB Rodoverken aB BaC Corrosion Control Ltd Metalock Engineering aB

Midroc Project Management aB Midroc Engineering aB

Midroc Property Development aB Midroc Project CM aB Midroc Projects aB Midroc Land Development aB

Midroc Support aB aBV Rock Group aB

Midroc AB (registration number 556366-0033) is a holding company operating through four subgroups

- Midroc Contracting AB, Midroc Project Manage-ment AB, Midroc Property Development AB and Midroc Support AB. In turn, they hold subsidiaries active in their respective field as indicated by the Group name. Midroc Support AB represents the shared functions for Midroc AB and the other three parent companies that form Midroc Europe - Gran-itor Invest AB, Midroc Real Estate AB and Midroc New Technology AB. Shared functions are Group Management and Business Development, Informa-tion and Communication, Human Resources, IT, Procurement and Security Management.

Income before tax was SEK 190.7 million (190.4) and the Group’s operating income was SEK 181.6 million (182.5). Consolidated Group turnover totalled SEK 2,156 million (1,565).

Balance Sheet

The balance sheet total increased from SEK 1,256 million in 2006 to SEK 1,636 million in 2007. The Group’s solidity, defined as equity plus financing by shareholders divided by the balance sheet total as per 2007-12-31, was 55 % (61%), opening up possibilities for further investment. Property and land within the Property Development segment are considered current assets. The actual market value of land and property assets is significantly higher than the book value.

Parent Company

The Midroc AB company generated a turnover of SEK 0 (0) and an income of SEK -0.001 million (-0.008) before appropriations and tax.

Personnel

The Midroc AB Group employed an average of 900 people during 2007, 300 of which were employed by subsidiaries in Germany, UK, France and Poland and the remainder employed by Swedish companies within the Group.

0

20

40

60

80

2003 2004 2005 2006 2007

100

120

140

160

180

200

Turnover and Result

During 2007, the Midroc AB Group generated a consolidated result significantly above budget. Subsidiaries in the industrial contracting business have seized upon the economic upturn in Europe with several producing record results. Success-ful divestments of property projects developed by Midroc Property Development positively contrib-uted to this year’s result.

Midroc aB - Total income before tax

SEKMillion

MIDROCEUROPE ��

year-end statement 2007

CONSOLIDaTED INCOME STaTEMENT

(amounts in SEK thousands) 2007 2006

Netsales 2155745 1565255

Costofgoodssold -1730804 -1207347

Administrativeexpenses -242719 -210020

Otheroperatingincomeandexpenses -619 34605

Operating income 181 603 182 493

Financialitems 9138 7948

Income before appropriations and tax 190 741 190 441

Tax -53438 -43897

Discontinuedoperations - -1587

Minorityshare - -228

Net income 137 303 144 729

CONSOLIDaTED BaLaNCE ShEET assets

(amounts in SEK thousands) 2007-12-31 2006-12-31

FIXED aSSETS

Intangibleassets 11801 12032

Tangibleassets 238426 160478

Financialassets 23565 69244

Total fixed assets 273 792 241 754

CURRENT aSSETS

Inventories 25243 21685

Propertyforresale 330642 308365

Financialassets 40000 -

Accountsreceivableetc. 661799 528938

Liquidassets 304800 155937

Total current assets 1 362 484 1 014 925

TOTAL ASSETS 1 636 276 1 256 679

CONSOLIDaTED STaTEMENT OF CaSh FLOw


Cashflowfromoperatingactivitiesexcl.workingcapital

161145 143799

Changestoinventories -24958 -50960

Changestoworkingcapital 95911 -111972

Cash flow from operating activities 232 098 - 19 133

Netfrominvestmentsandsales -96489 -7558

Externalfinancing 12639 -33068

Ownerfinancing - 601

Cash flow for the year 148 248 - 59 158

CONSOLIDaTED BaLaNCE ShEET Equity and liabilities


EQUITy

Restrictedequity 391800 391800

Retainedearnings 356491 209581

Netincome 137303 144729

Total equity 885 594 746 110

LIaBILITIES

Shareholder’sloan,interestbearing 13899 13950

Long-termliabilities,interestbearing 112361 96361

Long-termliabilities,non-interestbearing 1573 887

Currentliabilities,interestbearing 2299 2584

Currentliabilities,non-interestbearing 620550 396787

Total liabilities 750 682 510 569

TOTAL EQUITY AND LIABILITIES 1 636 276 1 256 679

�� MIDROCEUROPE

Granitor Invest aB

Granitor Invest AB (registration number 556615-2491) is the parent company of Midroc Invest AB (registration number 555620-6768), WP Interna-tional AB (registration number 556355-2628).

The major activities within Granitor Invest AB are related to contracting carried out by Midroc Electro AB and the Midroc Environment group, both sub-sidiaries of Midroc Invest AB. Tumstock Sweden AB is establishing an online shop for handheld tools, workwear and supplies. WP International under-takes minor business operations.

0

20

40

60

80

2003 2004 2005 2006 2007

-20

100

120

GRaNITOR INVEST aB

Turnover and Result

The market for electrical installations improved during 2007 and Midroc Electro recorded its strongest year to date. The company continued to improve its profitability and delivered a highly satisfactory result. On-going electrical and auto-mation installation work at the new concentrating and pelletizing plant for LKAB in Kiruna, Sweden, constitutes Midroc Electro’s largest single under-taking so far, and has been a significant contributor on the result.

The Midroc Environment group provides soil remediation services through its subsidiary Eko-Tec. The group delivered a positive result for 2007, reflecting an improved Swedish market for soil remediation contracts.

Strategic staff recruitment has led to improved sales, particularly for smaller and medium-sized contracts. Operations at the permanent treatment plants in southern Sweden produced a satisfactory result.

Group turnover totalled SEK 1,591 million (1,257) with an income before tax of SEK136.6 million (70.1). The group’s operating income was up SEK 133.7 million (65.7).

Balance Sheet

The balance sheet total increased from SEK 484 million in 2006 to SEK 638 million at the end of the financial period 2007. The group’s solidity, defined as equity plus financing by shareholders divided by the balance sheet total as per 2007-12-31, was 41% (40%).

Parent Company

The parent company Granitor Invest AB generated a turnover of SEK - (-) and an income of SEK 59.0 million (17.5) before appropriations and tax. Com-panies in the group have contributed to the profit, before appropriations and tax, with anticipated dividends of SEK 67.7 million.

Personnel

The Midroc Invest group employed an average of 1,200 people (1,000) during 2007, all of whom were employed by subsidiaries in Sweden.

Midroc Invest aB Midroc Electro aB Midroc Environment aB Tumstock Sweden aB

wP International

Granitor Invest aB - Total income before tax

SEKMillion

140

MIDROCEUROPE ��




Netsales 1590989 1 257195

Costofgoodssold -1364844 -1128006


Otheroperatingincomeandexpenses -27743 -1571

Operating income 133 683 65 703



Tax -44816 -17437

Minorityshare -2324 -2596

Net income 89 443 50 066



FIXED aSSETS

Intangibleassets 23198 23476


Financialassets 1599 1029

Total fixed assets 49 940 40 883

CURRENT aSSETS

Inventories 10390 11756



Total current assets 587 844 443 174

TOTAL ASSETS 637 784 484 057



Cashflowfromoperatingactivitiesexcl.workingcapital

114052 49207

Changestoinventories 1348 -1745

Changestoworkingcapital 16428 38522

Cash flow from operating activities 131 828 85 984

Netfrominvestmentsandsales -10903 -5773

Externalfinancing -12000 21854

Ownerfinancing -25000 29999

Cash flow for the year 83 925 132 064



EQUITy

Restrictedequity 102 102

Retainedearnings 60578 35512

Netincome 89443 50066

Minorityinterest 5858 3534

Total equity 155 981 89 214

LIaBILITIES






Total liabilities 481 803 394 843

TOTAL EQUITY AND LIABILITIES 637 784 484 057

�0 MIDROCEUROPE

Midroc Real Estate aB

The Swedish property market - and the Stockholm market in particular - continues to experience a challenging rental climate. Nevertheless, a widely held view suggests that prospects will improve. Within Midroc Real Estate AB, subgroup Midroc Properties manages the Stockholm portfolio while Midroc Property Öresund AB is responsible for the Malmö portfolio.

In Malmö, the World Trade Center complex is fully occupied and the demand for office space in the area has enabled the construction of a second office building. The year 2007 offered an improved mar-ket situation in Stockholm. The group generated a turnover of SEK 199 million (183) and an income of SEK 435 million (124) before tax. Planned divest-ment of a major strategic investment in Peab com-menced in 2006 was completed in 2007. Income from the 2007 divestment was SEK 521 million, an extraordinary sum that totally dominates the parent company’s result this year.

Balance Sheet

The balance sheet total increased from SEK 2,147 million in 2006 to SEK 2,634 million at the end of financial period 2007. According to a property valuation made in 2005, the market value exceeds book value by SEK 500 million before tax.

Parent company

The parent company Midroc Real Estate AB gen-erated a turnover of SEK 1.3 million (1.4) and an income of SEK 232.5 million (-14.7) before appro-priations and tax.

Personnel

During 2007, an average of 14 (11) people were employed in the group.

0

40

80

120

160

2003 2004 2005 2006 2007

-40

200

240

MIDROC REaL ESTaTE aB

280

320

360

400

440

Turnover and Result

In 2007, the rented office market in Stockholm wassubject to increased competition. Nevertheless, most of Midroc Real Estate’s properties are let and all commercial retail premises are occupied. The notice of removal in 2009 by one major tenant, cur-rently occupying two high profile properties, has led to the reservation of SEK 112 million in the parent company due to the uncertainty related to this issue. North of Stockholm, the Hackholmssund Conference Center is being expanded with a con-ference facility of 5,000 sq.m as part of the busi-ness development process initiated to attract new clients.

Midroc Properties aB

Midroc Property Öresund aB

Others

Midroc Real Estate aB - Total income before tax

Incomefromextraordinaryitems

SEKMillion

MIDROCEUROPE �1




Netsales 199294 183912

Propertyexpenses -81145 -72288


Otheroperatingincomeandexpenses -108353 -

Operating income -17 759 84 080



Tax -119830 -11631

Net income 315 304 112 693



FIXED aSSETS


Financialassets 11193 -

Total fixed assets 1 996 251 1 710 718

CURRENT aSSETS


Shortterminvestments 196980 191196


Total current assets 637 868 436 707

TOTAL ASSETS 2 634 119 2 147 425



Cashflowfromoperatingactivitiesexcl.ofworkingcapital

-93965 51452

Changestoworkingcapital 146414 -29363

Cash flow from operating activities 52 449 22 089

Netfrominvestmentsandsales 413617 53919

Externalfinancing -25272 -49402

Ownerfinancing - 55000

Cash flow for the year 440 794 81 606



EQUITy

Sharecapital 10000 10000

Restrictedreserves 48098 17767

Non-restrictedreserves 41416 -2250

Netincome 315304 112693

Total equity 414 818 138 210

LIaBILITIES






Total liabilities 2 219 301 2 009 215

TOTAL EQUITY AND LIABILITIES 2 634 119 2 147 425

�� MIDROCEUROPE

Owner and Board of Directors

The owner of the Midroc trademark is Sheikh Mohammed H. Al-Amoudi. Headquartered in Jed-dah, Saudi Arabia, the Midroc international holding company operates on four continents and employs some 24,000 employees of various nationalities.

As one of the largest foreign investors in Sweden, Sheikh Al-Amoudi owns Preem Petroleum: the largest oil company in the country with two refin-eries constituting 75% of the Swedish oil refining capacity and a distribution network comprising over 500 petrol stations all over Sweden. Sheikh Al-Amoudi has been honoured with the Swedish Royal Order of the Polar Star for his investments in Swedish trade.

Responsible for strategic development as well as supervision and control of business operations, the Board of Directors ensures that relevant rules and regulations are followed, complying with direc-tives discussed and agreed at the Annual General Meeting. Decisions regarding major investments, ethical issues and operating principles are other responsibilities dealt with by the Board.

An Executive Committee (ExCom) appointed by the Board implements agreed strategies in order to secure the development of the group and fulfil the Board’s requirements for supervision of daily oper-ations. The ExCom interacts with each individual subsidiary’s management on strategic and tactical issues. One or more of the committee members arerepresented on each subsidiary’s board – a platform from which they can properly fulfil their assign-ments.

MIDROC aB

abdullah al-amoudi, chairmanwaddah al-alem, memberKarim Karaman, memberRoger wikström, memberChrister wikström, memberThomas Mårtensson, special adviser, MD

GRaNITOR INVEST aB

Roger wikström, chairmanMohammed al-amoudi, memberabdullah al-amoudi, memberChrister wikström, member, MDwaddah al-alem, special adviserThomas Mårtensson, special adviser

MIDROC REaL ESTaTE aB

abdullah al-amoudi, chairmanwaddah al-alem, memberKarim Karaman, memberRoger wikström, member, MDChrister wikström, memberThomas Mårtensson, member

BOaRD COMPOSITIONS

MIDROCEUROPE ��

abdullah al-amoudi

Based in Jeddah, Saudi Arabia andDirector General of the Midroc interna-tionalholdingcompanysince1��,Mr.Al-Amoudi is responsible for theglobalstrategiesofMidroc.Since1��,hehasheld top management positions in theengineering, finance and procurementdepartments for international airportprojectsinSaudiArabia.Mr.Al-Amoudiisagraduateengineer(Dipl.Ing)inElec-tricalEngineering,UniversityofTechno-logy,Aachen,Germany.

waddah al-alem

Dr. Al-Alem has held the position ofDeputy Director General at Midrocinternational holding company since1��,priortowhichheworkedforBech-telwherehestartedin1��.Hebeganhiscareerasacommunicationspecial-istontheSpaceShuttleprogrammeandsubsequentlyworkedwithcommunica-tion systems at three international air-ports.Dr.Al-Alemhasheldtopmanage-mentpositionsinthefieldsofResearchand Development, Strategic Planning,Information Technology, Engineeringand Aviation, and is a PhD graduatein Electrical Engineering, University ofSouthernCalifornia.

Karim Karaman

Mr.Karamanhasheld thepositionsofDirector and President of Preem Hold-ingssince�001andDirectorofPreemPetroleum and Svenska PetroleumExploration AB since �000. With abackgroundininternationalinvestmentsandfinance,Mr.KaramanworkedforalargeEuropeanbankfrom1��-1��inAmsterdam,ParisandGeneva, leavingas Vice-President for Private Banking,specializingintheMiddleEast.

Christer wikström

Mr.WikströmhasbeenactivewithintheMidrocGroupsinceitsinceptionin1��and held various managerial positionsranging from industrial marketing andsales via property investments to busi-nessdevelopmentandgroupsynergies.Before joining Midroc, Mr. Wikströmworked in the Swedish manufacturingindustry as a designer and engineer-ingmanagerandspentthelate-eightiesworking with business developmentin Saudi Arabia. Master of Science inMechanicalEngineeringandaMasterofBusinessAdministration,RoyalInstituteofTechnology(KTH),Stockholm.

Thomas Mårtensson

Mr. Mårtensson joined Midroc groupmanagement at its inception in 1��and has served the group ever since.Hehasabroadexperienceinlegalandfinancialmattersrelatedtotheoperationof larger grouporganisationswith sub-sidiaries.Havingbegunhiscareeratthefinancing department of the Nordstjer-nangroup,hewaslaterassignedtaskswithin legal rights, property, financingand restructuring.Hiswealthofexperi-ence and incisive approach meant hisspecialised expertise was in constantdemand at Nordstjernan. Bachelor ofScienceinEconomics,LundUniversity.

Roger wikström

Mr. Wikström joined the Midroc groupin1��,prior towhichhewasManag-ing Director of a property service pro-vider, held different managerial posi-tionswithSkanskaandwasaContractsManager in Somalia. During his pro-fessional career he has gained a wideexpertise ranging from developmentand construction via management toinvestments/salesandproperty-relatedfinancing. Master of Science in CivilEngineering, Royal Institute of Techno-logy(KTH),Stockholm.

�� MIDROCEUROPE

Contacts

PaRENT COMPaNIES OPERaTING COMPaNIES

Midroc aB Midroc Engineering aB BaC Corrosion Control Ltd Metalock Sweden aB

P.O. Box 2053SE-174 02 SundbybergSweden


Stafford Park 11Telford TF3 3ayUnited Kingdom

P.O. Box 1523SE-401 50 GöteborgSweden

Midroc PropertyDevelopment aB

GP Ställningar aB Metalock Industrie Service Gmbh

Skeppsgatan 11SE-211 19 MalmöSweden

Kasens IndustriområdeSE-451 50 UddevallaSweden

Gutenbergring 64D-22848 NorderstedtGermany

Midroc Project CM aB Rodoverken aB Metalock Engineering UK Ltd


P.O. Box 7SE-444 21 StenungsundSweden

11 Paragon way, Bayton RoadExhall, Coventry CV7 9QSUnited Kingdom

alucrom aB Svedjeholmens Industri-montage aB

Metalock Industrie Service SaRL

P.O. Box 8919SE-402 73 GöteborgSweden

P.O. Box 23SE-892 21 DomsjöSweden

22, rue des EntrepreneursZ.a. de la Plaine hauteF-91560 CrosneFrance

hyaB hässleholms ytbehandlings aB

aBV Rock Group aB Bergslagens Elektro- Mekaniska aB

P.O. Box 2034SE-281 02 hässleholmSweden


hästskovägen 5SE-813 33 hoforsSweden

hyaB alucrom Sp. Z o. o. Midroc Project Management aB

Bykow 9055-095 MirkowPoland


Granitor Invest aB Midroc Electro aB Ekologisk Technologi i Skelleftehamn aB

Tumstock Sweden aB


P.O. Box 501SE-811 25 SandvikenSweden

P.O. Box 34SE-932 21 SkelleftehamnSweden

P.O. Box 42501SE-126 16 StockholmSweden

Midroc Real Estate aB Midroc Properties aB Midroc Property Öresund aB hackholmssund Konferens aB




BroSE-197 91 BroSweden

Midroc New Technology aB


www.midroc.se

07midroc europe · midroc europe 2007 in brief • strong overall performance in 2007, midroc...

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