A N N U A LR E P O R T

CEO’S REVIEW

Despite the uncertain economic development, Citec’s revenue grew by 10% compared to 2013, and amounted to 77.2 million euros with good profitability.

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AS CITEC’S 30TH year in business comes to an end, it is time to summarize the key topics of the past year in this annual report. It has been a valuable and challenging year. By valuable, I refer to the fact that 2014 really was the year when we convinced several new key customers – like for instance Cargotec, Neste Jacobs and Linde – that Citec is the service provider for extensive engineering projects.

WE PROVED THAT our strategy – focusing on current key customers and key potential customers, through our proven model with global resourcing and local presence – works well. In my opinion, this is our biggest strategic win for this year. We have matured by age and experience, and have reached the next level as a company. At the age of 30, Citec is still youthful and eager, but has reached the credibility of a senior. We are well positioned on the market, increasing our business in areas such as smart power generation and LNG. According to IEA’s outlook report, LNG is set to become the world’s first fuel by 2040 with 24 percent of the energy mix. DESPITE THE uncertain economic development, Citec’s revenue grew by 10% compared to 2013, and amounted to 77.2 million euros with good profitability. This is a result of the increased cooperation with our existing and new key customers in Europe. Finland, France and India continue to be the largest contributors. India, in particular, grew substantially and is increasingly driving projects and business for large corporations in India, Singapore and the Middle East.

ANOTHER COUNTRY we have put emphasis on is Germany. In 2014, we actively invested in the German market by acquiring TGB (Technisches Gemeinschafts-büro) from Siemens. More details about this acquisition and why we believe in the German market can be found on Page 7.

CARGOTEC, a leading provider of cargo handling solutions, transferred its engineering operations in Pune, India to Citec in 2014. This was an excellent proof of Citec’s capability to successfully help our customers to outsource their engineering operations. Currently there are approximately 100 employees working with projects and product development, including the entire product engineering process, from concept design to industrial modelling and analysis for final manufacturing. Our service areas mainly include mobile equipment, port and truck mounted cranes, marine and automation.

IN 2014, we continued to work as one Citec – a very concrete example of this is our highly-utilized competence database, where the skills and experience of our employees are globally visible on various parameters. We have key data at our fingertips. This database enhances the internal visibility across country borders and ensures a swift resourcing capacity and cooperation opportunities in customer projects.

CITEC’S BRAND promise is that we make sure that every project is handled with the highest possible quality, passion and expertise. This is a promise we will also keep for 2015. Many thanks from us at Citec to all our valued customers. I also want to convey my personal thanks to all our employees and the board of directors for a great year. Happy reading!

Sincerely,

MARTIN STRANDCEO, Citec Group

DEAR CUSTOMERS AND PARTNERS,

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SECTORS & OFFERING

SERVICE OFFERING COVERING THE ENTIRE ENGINEERING SERVICE VALUE CHAIN

Strong capability to support the customers in winning their cases:

» Visualizations» Performance expertise» State-of-the-art engineering and information management tools» Modularization of project delivery and information management

CU

STO

MER

SEC

TOR

S

OFF

ERIN

G Efficient delivery of competent engineering solutions:

» Dream team on the front line» Proven off-shore capability

ENERGY

OIL & GAS

VEHICLES

PROCESS

MANUFACTURING

CIVIL

■  Citec provides multi-discipline engineering and information management services to the energy and power industry, the process industry, as well as other technology dependent industries. For instance, we have built power plant projects for a wide range of industrial customers. We work closely with our

customers in projects, providing everything from single discipline engineering to turnkey designs including concept, basic and detailed engineering, as well as technical documentation and final as-built drawings. Citec was founded in 1984 – and thus celebrated 30 successful years in 2014.

CITEC IN A NUTSHELL

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PROCESS & MANUFACTURING

Main services: Complete engineering service packages, consulting and concept design, balance of plant, information management

Customer segments: Process industry, OEM’s, rail vehicles, cargo handling

Main services: Early phase studies, multi- discipline basic and detailed enginering

Customer segments: Oil companies, consultants, engineering companies, contractors, equipment suppliers, service companies, ship owners

OIL & GAS

MAIN SECTORS

ENERGY & CIVIL

Main services: Front end, basic and detailed engineering, engine and CC plant engineering, documentation management, balance of plant engineering, project services

Customer segments: Original equipment suppliers, contractors and utilities

CITEC’S STRATEGIC INTENT VISION

Most efficient and trusted partner of engineering and project services to the energy industry

STRATEGIC ACTIONS

» Deepen relationships with strategic customers » Strengthen competences in key areas » Deliver services as one Citec

VALUES

IMPACT We have a passion for delivering exceptional results – we succeed together with our customers

EXCELLENCE We continuously develop our competence to be able to offer the best expertise and quality to customers

RESPECT We treat others, co-workers and customers alike, with respect and equality

MISSION

We help our customers deliver sustainable solutions that supply the society with the energy it needs

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ALBANIA ALGERIA ANGOLA ANGUILLA ANTIGUA & BARBUDA ARGENTINA ARUBA AUSTRALIA AZERBAIJAN BANGLADESH BELARUS BELGIUM BELIZE BRAZIL BURKINA FASO CAMBODIA CAMEROON CANADA CAPE VERDE CHAD CHILE CHINA COLOMBIA REP OF CONGO CROATIA CYPRUS DENMARK DOMINICAN REPUBLIC EAST TIMOR ECUADOR EGYPT EL SALVADOR ESTONIA FIJI FRENCH POLYNESIA GABON GAMBIA GHANA GREECE GREENLAND GUADELOUPE GUERNSEY GUINEA GUYANA HAITI HUNGARY INDONESIA IRAQ ITALY JAMAICA JAPAN JORDAN

KENYA KOREA, NORTH KUWAIT LATVIA LEBANON LIBERIA LIBYA MADAGASCAR MALAYSIA MALI MALTA MAURITANIA MAURITIUS MAYOTTE MEXICO MOROCCO MOZAMBIQUE NETHERLANDS ANTILLES NICARAGUA NIGER NIGERIA OMAN PAKISTAN PAPUA NEW GUINEA PERU PHILIPPINES PORTUGAL QATAR ROMANIA RWANDA SAINT LUCIA SAINT PIERRE AND MIQUELON SAUDI ARABIA SENEGAL SEYCHELLES

SOUTH AFRICA SPAIN SRI LANKA SUDAN SURINAME SYRIA TAIWAN TANZANIA THAILAND TOGO TRINIDAD AND TOBAGO TURKEY UGANDA UKRAINE UNITED ARAB EMIRATES

UNITED STATES VENEZUELA YEMEN ZAMBIA

FINLAND FRANCE GERMANY

INDIA KAZAKHSTAN

NORWAY RUSSIAN FEDERATION

SINGAPORE SWEDEN

UNITED KINGDOM

Citec has delivered

projects to

116countries all over

the world.

SWEDENKarlstad, Stockholm and Uppsala

SINGAPORESingapore

UKCardiff

FINLANDVaasa, Helsinki, Turku, Tampere, Oulu and Pietarsaari

INDIAMumbai, Pune, Chennai and Bangalore

GERMANYKassel, Hennigsdorf and Münich

RUSSIAMoscow

»

» »

» »

» »

NORWAYAsker and Stavanger

KAZAKHSTAN Almaty

FRANCEParis and Contrexéville

»

»

»

GLOBAL PRESENCE

CITEC LOCATIONS:

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Citec has delivered

projects to

116countries all over

the world.

GERMANY

IN 2014, one of Citec Group’s main focus areas has been the German market. Strategically, it is a very interesting market due to its comprehensive industry and central location reaching the entire European market. Furthermore, it is an important market for equipment manufacturing customers, which constitute Citec’s largest clientele. As a step in strengthening Citec’s position on the German and Central European market, the company TGB (Technisches Gemeinschaftsbüro) was acquired in March 2014 from Siemens. TGB is a leading engineering company within rail vehicle and aircraft interior engineering, which also provides supporting standardization services for the German Railway Standardization Committee (“FSF”).

BY COMBINING TGB’S long experience within rail, airplane galleys and standardization with Citec Group’s vast array of knowledge within multi-discipline engineering and information management services, we can continue to develop Citec and increase our service offering to the German market. Besides TGB’s strong competence within mechanical construction, we also use TGB’s engineering capabilities in other engineering businesses and are thus continuously building up Citec Group’s core services, i.e. plant-engineering services within energy, oil & gas and process. Thanks to the acquisition, we can now also offer the entire Citec service range to the German and Central European markets. Today we have offices in Berlin/Hennigsdorf and Kassel, and project offices in Munich and Wolfsburg. Our personnel capacity has grown over the year and the workforce based in Germany has increased from 24 employees in 2013 to 104 employees in 2014. Important customers are for example Siemens, Linde and Bombardier Transportation.

THE YEAR 2014 was characterized by our commitment towards building a base from where we could offer the entire Citec service portfolio to the German and Central European market. As an example of this commitment, our quality business activities in Germany have been emphasized during the year, and currently we have more than ten quality engineers from Germany working globally, for instance in Sweden and Spain. Looking to the future, we have an exciting time ahead as we continue to evolve our services and serve the German market.

STRENGTHENING THE POSITION IN GERMANY

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OUR PASSIONATE EXPERTS AT YOUR SERVICE

I think one of Citec’s characteristics is the feeling of being part of a small working community even though we are doing business worldwide.

Our personnel cherishes the interesting and challenging projects we have together with our customers. The helpful working atmosphere, in combination with a strong team spirit, is also very much appreciated. At Citec, we continuously focus on developing our competence according to our customers’ needs, as well as our leadership culture at every level, be it account management, project management or developing our teams. An enabling, a strong networking and a broad ‘driving’ leadership culture is what we strive for.

KATARINA WESTERÉN-HAGNÄS, DIRECTOR GROUP HR & BUSINESS SERVICES

PERSONNEL

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Employees: 1,300

Average age: 37 years

Nationalities: > 25

EDUCATIONAL LEVEL

Bachelor 61%

Master 29%

Vocational 7%PhD/Licenciate 3%

CITEC’S COMPETENCES

Civil Engineering 14%

Nuclear 1%IM&IT 3%

Information Services 15%

Electrical & AutomationEngineering 8%

MechanicalEngineering 37%

Process Engineering 7%

Project Management 4%Quality Management 3% Support 6%

Sales 2%

CITEC PERSONNEL:

MALE/FEMALE

Male 77%

Female 23%

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TOOLS TO TAKE ENGINEERING TO THE NEXT LEVEL

TOOL DEVELOPMENT

CITEC CURRENTLY handles more than 40 different design tools and all their respective tool configurations. The main focus of development has been on primary production tools like PDMS, Autodesk products, COMOS and Tekla. Every tool can be customised to meet the demands in each project; repetitive tasks can be automated, new functions can be integrated and malfunctioning software can be improved. Sometimes it can just be about minimising the number of mouse clicks for a certain task – efficiency for the benefit of end customers.

PDMS IS THE main tool used for plant design at Citec: a tool that has been successfully used by Citec in more than 1 000 engineering projects to date. In PDMS everything is designed in 3D, which means that all the different disciplines in the same model can be integrated without clashes. Although only one project can be updated at a time in the basic version of PDMS, thanks to an application created by Citec, hundreds of projects can now be controlled simultaneously during the nightly updates.

IN 2014, Citec announced its expansion of the Intergraph SmartPlant Enterprise product suite throughout several projects and regions. SmartPlant Enterprise software leverages success-critical project information and knowledge to improve and automate work processes, from the very early project phases through plant operations and maintenance up to decommissioning. The decision was in response to customer demand and is expected to further increase Citec’s reach and accessibility to other potential customers, preferably implementing Intergraph SmartPlant Enterprise solutions. We can see that Intergraph SmartPlant Enterprise solutions fulfil our customers’ needs, which consequently raises our competitiveness in energy and oil & gas projects worldwide. Furthermore, SmartPlant Enterprise solutions enable productivity gains, thereby improving engineering efficiency by up to 30 percent.

AN INCREASING number of system suppliers have realized that it pays off to leave software open so that the users can create their own configurations. Comos is a perfect example of this way of thinking, since it is built with an open system architecture. In recent years, Citec’s application specialists have had the possibility to adapt the system to suit each customer’s specific needs. System development is often about getting different types of software to communicate better, and in the case of Comos, Citec has successfully made integration with other systems easy and flexible. The extensive range of experience in developing Comos has given Citec a clear advantage over other companies in the Nordic countries providing similar services.

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Via our experts in Norway, Citec now offers a Weight & Cost estimation service, specifically designed for serving the oil & gas sector. Through the estimation service, we estimate or verify the weight and cost of a unit (platform, topsides, modules, sub-sea and pipeline installations). Ciesta (Citec Estimation Application) will strongly contribute to the early project phase work to be performed for

the client – Citec will be able to carry out work in less time and with fewer employees than our competitors. As a consequence of this proven efficiency, we can use more time for quality work and thereby significantly reduce concept uncertainty. Being able to decrease concept uncertainty in a client’s early project phase will significantly contribute to our clients’ very important decision-making processes.

NEW TOOL FOR COST AND WEIGHT ESTIMATION IN OIL & GAS

Our expertise in tool development issomething unique. Thanks to a longtrack-record of various customercases, our developers have a worldclass capability to bring business value to our project deliverables.

JAAKKO RINTALA, DIRECTOR, IM/IT

Citec currently handles

more than

40different design tools.

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IN MAY 2014, Citec’s key customer Wärtsilä won an order to supply a turnkey power plant for Saudi Arabia. The order was placed by Umm AlQura Cement Company. The 47 MW captive power plant will be located in the mountain desert close to Taif city. The equipment was fast-track delivered by February 2015, and the project will enter commercial operation by October 2015. The power plant serves a cement factory in an area of extreme conditions; temperatures can rise to 50 degrees Celsius at an altitude of more than 1,000 metres.

THE POWER PLANT consists of five 20-cylinder Wärtsilä 32TS engines, a new 2-stage turbocharged version of the market-leading Wärtsilä 32 series. This new engine is designed to operate at outstanding efficiency in extreme ambient conditions. The new version delivers reduced fuel consumption while complying with the World Bank EHS (Environment, Health and Safety) guidelines for NOx emissions.

“This engine is tailor-made for hot conditions. That’s why we call it the ‘sauna’ engine. It is a result of our commitment to the extensive and long-term development work of engine technology. The Umm Al-Qura contract strengthens our leading position in Saudi Arabia,” says Lars-Åke Kjell, Regional Director at Wärtsilä Power Plants.

“For Citec, it is an extremely interesting project, as it includes delivering full EPC services from all engineering disciplines”, says Simon Björkman,

FULL EPC SERVICES FOR WÄRTSILÄ’S 47 MW CAPTIVE POWER PLANT

CUSTOMER CASE

THE NEW 20-CYLINDER WÄRTSILÄ 32TS ENGINE IS OPTIMISED FOR

EXTREME AMBIENT CONDITIONS IN SAUDI ARABIA.

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An extreme factor is the location with temperatures of up to 50 degrees Celsius. The engine is tailor-made for hot conditions, which is why we call it the ‘sauna’ engine.

LARS-ÅKE KJELL, REGIONAL DIRECTOR, WÄRTSILÄ POWER PLANTS

For this project, Citec provided expertise and service from all engineering disciplines, all in all approximately

17,000 hours from 200 persons.

Project Manager at Citec. “It is a pilot project, the first with two-stage turbo engines. An extreme factor is also the location with temperatures of up to 50 degrees Celsius.”

CITEC PROVIDED expertise and service from all engineering disciplines, all in all approximately 17,000 hours from 200 persons in India and Finland. Citec also provides site supervision services.

“We are very comfortable with working with Citec – they know us very well and we know them. Our way of working is well established and good cooperation is based on doing several projects together. Open, honest and continuous communication between all parties has been a success factor in the Umm Al-Qura project. A short, compressed fast-tracked design schedule has been critical in terms of meeting the end client

requirements. Citec is solution-oriented whenever issues possibly arise and we jointly aim for a fast decision-making process”, says Niklas Dahlgren, Project Manager at Wärtsilä Power Plants.

Wärtsilä already supplies four out of five power installations in the cement industry in the country. The interesting thing in this project is the fact that there are already five engines on site, ready capability for the sixth engine as well as space reservations for additional engines. For Citec, this demanding project was successfully delivered according to the operating model of local presence with global resourcing.

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LOCATIONIsrael

CUSTOMER END CUSTOMER Alstom Power Belfort Megalim Solar Power

CUSTOMER CHALLENGEAs the customer did not have all the available resources in-house, they needed to turn to key partners to succeed with their project.

CITEC SOLUTIONWe have the civil design expertise required and the right amount of resources to fulfill the customer’s needs. As we had worked with this customer previously, they felt confident enough to hand us the civil design work for this plant.

PROJECT DESCRIPTIONAshalim is a thermal plant project in the Ramat Negev region of the Negev desert. The plant will provide 250 Megawatt of electricity (2.5% of the Israeli consumption), which will make it the largest of its kind in Israel and the 5th largest in the world. The station will combine three kinds of energy: solar thermal energy, photovoltaic energy, and natural gas. The solar thermal plant is expected to start producing electricity in 2017.

The technology used employs thousands of mirrors to reflect sunlight onto a central receiver atop a tower in order to produce high temperature steam at the highest levels of solar efficiency. The steam is then piped to a steam turbine and generators to produce electricity. As this tower technology can operate at the highest steam temperature ranges, the system benefits from the highest efficiency, performance and therefore lowest cost- per-MW among solar technologies.

CITEC’S SCOPE OF WORKIn this ongoing project, Citec provides all the civil engineering work. We are responsible for all the structures as well as the concrete foundation design for 75% of the plant. Our scope of work is split into three phases: basic engineering phase 1 (permits), basic engineering phase 2 and detailed engineering.

Our work starts with the permit part of the scope, where we provide all calculation notes for the power plant permit. If permission to continue with the project is granted by the Israeli authorities, we will continue by providing basic and detailed civil engineering work for the plant, excluding the boiler tower. Citec’s scope of work amounts to approximately 16,500 man-hours.

The project started in September 2013 and will finish in April 2015 for the engineering part.

CUSTOMER CASE

ASHALIM 121 MW SOLAR THERMAL PLANT

SOLAR POWER

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LOCATION Yanbu, Saudi Arabia

CUSTOMER HANWHA Engineering & Construction Company

CUSTOMER CHALLENGE Since the Yanbu crude Oil Terminal was built almost 20 years back, getting information for the interfaces and existing drawings was a big challenge. Existing drawings for underground networks in the RC (Royal Commission) corridor too were missing. A lot of site visits were needed to get the missing information. Frequent changes in design were challenging, too, like the fact that the earlier planned HFO connection to be taken from SAMREF was later changed to Yanbu refinery; currently it has been changed to Yanbu crude Oil Terminal.

SCOPE OF WORK Complete multidiscipline engineering services for 20” ALCO and 24” HFO fuel pipelines from Yanbu crude oil terminal to Yanbu 2 Power Plant; a length of 19 kilometres. The work included process design as well as piping, electrical, instrumentation and fire-fighting systems.

The scope also included complete DBSP (Design Basis Scoping Paper), FEED & detail engineering design review for ALCO and HFO pipelines and associated facilities.

Total engineering man-hours: 46,000

KEY ACTIVITIES• Surge analysis using SPS • Hazop study • Stress analysis using Caesar II • Power system studies using ETAP• Hydraulic calculations • Cathodic protection for pipes • Design through PDMs 12 • All Outputs in Microstation

CUSTOMER CASE

YANBU 2 – POWER PLANT, FUEL AND WATER FACILITIES

EXTENSIVE PIPELINE PROJECT

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THE GROWTH STORY CONTINUESIN 2014, 30 YEARS HAD PASSED SINCE CITEC WAS FOUNDED.

THE YEAR ALSO MARKED ANOTHER ANNIVERSARY, AS CITEC INDIA

CELEBRATED 10 YEARS IN BUSINESS.

Citec India completed ten successful years in 2014. To celebrate the occasion, more than 350 employees came together for a cheerful event including seminars and activities.

Our passion, right from the start, has been to outrun our targets and increase our profitability. Currently, more than 35% of our revenue comes from our own domestic sales in various geographies like India, the Middle East and the Far East. Over the years, we have worked on a wide range of multidisciplinary projects in areas such as cross-country

pipelines, grass root refineries (viz. ethylene crackers, solvent regeneration units, acid gas removal units), LNG terminals, industrial buildings, process plants like urea & fertilizers, pulp and paper, chemicals etc.

Looking ahead, India has a big role to play as a strategically important unit for the group. By 2017, our workforce needs to be raised from today’s 500 to 1,000 employees in India. All in all, we have a challenging yet very interesting journey ahead!

CITEC 30 YEARS

10 YEARS IN INDIA

16

1984• The mechanical engineering company Tri-Technic is founded.

1985 • The first big order from KWH.

1987• The company office is moved to a cottage in Mustasaari,

close to Vaasa.

1989 • Rune Westergård starts working full time as the Managing

Director.

• Tri-Technic becomes part of Avecon.

• The biogas business that later became Citec Environmental begins.

• The company employs eight people.

1992 • The company branches off to a new area: Technical writing.

1994 • The company is bought out from Avecon and Citec is chosen

as the new name.

• The number of employees grows to 50.

1996 • The company moves to Silmukkatie in Vaasa.

2000 • Nokia Networks outsources its technical documentation

to Citec.

2001• Citec Information becomes a separate company.

2002 • Citec Information starts a subsidiary in Sweden.

2003 • Citec Information is established in India

• Wärtsilä outsources their power plant planning to Citec and Citec Engineering begins to grow rapidly.

2004 • Citec Engineering is established in India.

2009 • Citec Engineering acquires Swedish KPA Engineering.

• Citec has operations in five countries and more than 1,100 employees in total.

2010 • Citec strengthens its competence and acquires Finnish

engineering firm Sarpanen.

2011 • Citec Group is formed by combining Citec Engineering

and Citec Information.

• A fund managed by Sentica Partners becomes a majority shareholder of new Citec.

• Martin Strand is appointed CEO of Citec. • Citec acquires system engineering business of Imotion

in Germany.

2012 • The strive for One Citec continues and the consolidation of

subsidiary companies in Sweden and India takes place.

• Citec acquires the Finnish company S&V Analysis.

2013• Citec invests in Oil & Gas competence and acquires

the French company Akilea Engineering.

• Citec further strengthens its presence in the Oil & Gas industry by acquiring the Norwegian engineering company M7 Offshore.

• The new Citec head office is inaugurated.

2014 • Citec acquires the German engineering company TGB

(Technisches Gemeinschaftsbüro), a leading company within rail vehicle and aircraft interior engineering, from Siemens.

• Citec takes over the Indian engineering operations of Cargotec, involved in engineering projects for the global cargo handling industry.

MILESTONES:

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1,000 EUR 1.1.–31.12.2014 1.1.–31.12.2013 1.1.–31.12.2012 NET SALES 77,226 70,168 66,591Other operating income 134 301 346Material and services –10,587 –10,835 –9,176Personnel expenses –45,844 –41,457 –40,085Other operating expenses –13,771 –11,139 –12,352 EBITDA 7,158 7,038 5,324

CITEC GROUP INCOME STATEMENT

Eero Leskinen, Chairman of the Board, Partner, Sentica PartnersChrister Niemi, Partner, Sentica PartnersClas-Eirik Strand, CEO/Owner, MarTech Engineering GmbHPer Bragée, CEO/Owner at Yesper ABRune Westergård, Founder of Citec

BOARD OF DIRECTORS

FINANCIALS & FACTS 2014

18

80,000

1,000 €

0

20,000

40,000

60,000

2011 2012 2013 2014

NET SALES

8,000

1,000 €

0

2,000

4,000

6,000

2011 2012 2013 2014

EBITDA

10

0

2

4

8

6

2011 2012 2013 2014

EBITDA %%

Sentica Partners Buyout III fund

Citec management

Citec founder, Rune Westergård

OWNERSHIPMANAGEMENT TEAMMartin Strand, CEOMikko Juopperi, Director, Engine PowerMats Söderlund, Director, Energy & CivilSakari Koivuniemi, Director, Oil & Gas, COO Citec FinlandNichlas Råtts, Director, Process Industry & ManufacturingNasir Mulani, Managing Director, Citec IndiaKenneth Lovidius, Managing Director, Citec SwedenKimmo Rauhala, CFOKatarina Westerén-Hagnäs, Director, Group HR & Business ServicesMichael Smirnoff, Director, Group Marketing & CommunicationsTed Bergman, Director, Project Delivery FinlandMari Kytöharju, Business Development Director

13%

20%

67%

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Ashalim 121 MW Solar Thermal Plant, IsraelExplore our projects at www.citec.com