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CHRI STIA NBERNERINVESTYEARBOOK 2011Christian Berner Invest in shortChristian Berner Invest is a Nordic investment company founded in 1897. Currently the owners are members from the third and fourth generation of the Berner family. From the very beginning our goal has been to develop companies with ethical and financial responsibility so that they generate long-term returns. Total sales in the Group are some MSEK 600 and the Group has about 200 employees in the Nordic region, divided into four business lines:• Trading in Christian Berner Tech Trade AB.• Industry in Oy Lautex AB.• Real Estate in Berner Fastighets AB.• Other Investments in Christian Berner Nygatan AB and CB Industriutveckling AB.Christian Berner Invest ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg. Telephone +46 31 33 66 990, www.christianbernerinvest.comYEARBOOK 2011 – CHRISTIAN BERNER INVESTSolberg | Photo: Ola Kjelbye and others | Print: GöteborgstryckerietChristian Berner Invest ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg, Sweden Telephone +46 31 33 66 990,www.christianbernerinvest.comChristian Berner Tech Trade ABBox 88, Designvägen 1, SE-435 22 Mölnlycke, SwedenTelephone +46 31 33 66 900www.christianberner.seOy Lautex ABOjakkalantie 13, FI-03100 Nummela, FinlandTelephone +358 9 224 8810www.lautex.comBerner Fastighets ABBox 111 86, Stora Nygatan 29, FI-03100 Nummela, FinlandTelephone +358 9 224 8810www.christianbernerinvest.comChristian Berner Nygatan ABCB Industriutveckling ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg SwedenTelephone +46 31 33 66 990www.christianbernerinvest.com/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 1Avsnitt”Håkan SimonsenCEO Christian Berner InvestIt’S a SIgn Of StrEngtH tHat dESpItE a COuplE Of tOugH yEarS wE arE On tHE OffEnSIvE and HavE aCquIrEd a SOlId, rEputaBlE COmpany lIkE fr ramStröm.Håkan SimonsenCEO Christian Berner InvestAvsnitt 3 2011 at a glance 4 Comments from the CEo 6 Berners Salonger 2011 7 Christian Berner Tech Trade – kick-off 8 Strategic acquisition – Fr Ramström Process 10 Lautex celebrated 60 years 12 Trading – Christian Berner Tech Trade 14 Industry – Lautex 16 Real EstateContent yearbook 201114Lautex delivered unique metal ceilings for Disney’s luxury cruiser and the Moscow Stock Market.8Fr Ramström Process, one of Sweden’s leading tech trad-ing companies, was acquired in 2011.19Joachim Berner became Chairman of Christian Berner Invest in the spring of 2011. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 2 18 other Investments 19 Comments from the Chairman, owner management 21 our Code of Ethics and owner Philosophy 22 Income statement 23 Cash flow statement 24 Balance sheet 26 Board of Directors and Executive Management 28 Contact information4CEo, Håkan Simonsen, gives his view on developments in 2011 and future prospects. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 32011 at a glance201120102009-10-3-3EBIT2009–2011, MSEK201120102009 440406444Turnover 2009–2011, MSEK201120102009241931Equity ratio2009–2011, MSEKSignificant events in the GroupChristian Berner InvestTrading – Christian Berner Tech TradeThe turnaround work that was implemented in 2010 has started to have positive effects. This year’s turnover increased by 15 percent to MSEK 356 and the operating result turned positive after three years in the red. Fr Ramström Process, a company with a leading pos-ition in Swedish tech trading, was acquired in 2011. The acquisition adds strategically im-portant supplements to our product portfolio and increases our coverage geographically. Industry – LautexThe drastic decrease in demand from the Finnish shipbuilding industry affected both turnover and profit negatively. At the same time Lautex received a breakthrough order on the German shipbuilding market and sales in the Finnish construction industry were nearly 25 percent over budget, even if this did not completely compensate the drop. Greater investments in marketing together with increased productivity have, however, created a stable base for higher turnover and profit when the market improves. Real Estate – Berner Fastighets ABIn 2011 Lautex’ headquarters in Nummela just outside Helsinki in Finland went through a major renovation. The offices have been given a more modern touch in line with the profile and leading position of the company. The oil-based heating system at Lautex was replaced with a natural gas system. This will cut heating expenses in half and is also better for the environment. Other Investments – Christian Berner Nygatan and CB IndustriutvecklingWe invested in the Swedish company Swereco that develops and manufactures products which facilitate everyday life for people with disabilities. Founded in 1973 the company currently sells its products in 20 countries.Events after the end of the yearFr Ramström Process, a company with a leading position in Swedish tech trading, was acquired in 2011. The acquisition brought strategically important supplements to our product portfolio and increases our coverage geographically. In 60 years Lautex has gone from being a small company with few employees to one of the leading European manu­facturers of metal ceilings. This was celebrated at the company’s 60 year jubilee. Oskari Palomäki (left) Master of Ceremonies, here together with Antti Vimpari, CEO Lautex.Strategic cooperation in door production Lautex has initiated a strategic cooperation with Alvedoor Kunshan Co. Ltd aimed at producing doors for cruise ships. This cooperation has led to a substantial order from EMS Precab/Meyer Werft. 2011 at a glanceNew Sales Director at Lautex. In February 2012 Jarno Soinila became Sales Director at Lautex. He brings with him his experience from leading positions at Royal Caribbean Cruises Ltd and Aker Finnyards. New head of production at Lautex. In March 2012 Jouni Hakola became head of production at Lautex. He came to us from Amipac Oy where he was CEO and previously he has been, among other things, head of production at Fincoil­Teollisuus Oy. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 4Håkan SimonsenCEO“?We?have?every?possibility?to?be?successful?if?we?continue?down?the?road?we’re?on.”/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 5Comments from CEo All in all total net sales in the Christian Berner Invest Group increased to MSEK 622 (525) and turnover to MSEK 444 (406) in 2011. operating result for the Group amounted to MSEK –3 (–10). Christian Berner Tech Trade is back in the black while Lautex, unfortu-nately, suffered a heavy loss. Positive trend in Christian Berner Tech TradeThe positive trend that we saw in the second half of 2010 continued in the Trading business line, which contains Christian Berner Tech Trade. In fact, this year’s turnover beat all previous records and operations are back to being profitable after a few rough years. The improvements that were made in order to strengthen the Group’s customer focus and raise ac-tivity have led to results and our ambition is to reach even higher profitability in the future by continuing in the same direction, i.e. by prioritizing the right customers, the right products and the right suppli-ers. In addition, our processes need to be even more efficient so that we can spend more time on our cus-tomers as their leading partner for technical solutions. Strategic acquisition in tech tradingIn 2011 Christian Berner Tech Trade acquired the solid trading company, Fr Ramström Process. This was a strategically important deal that complemented exist-ing operations well in terms of products and custom-ers, and the acquisition also increased our presence in Stockholm and northern Sweden. Tough market for LautexFor Lautex, where most of sales the last few years have been to the shipping industry, the market plum-meted in 2010 and the negative trend continued in 2011. Due to the lack of financing for shipbuilding in 2009 and 2010 there was almost no demand at all in the Finnish shipbuilding market where the majority of the company’s customers are found. This hit Lautex hard, in both turnover and profit. At the same time the company is advancing on other markets and this year Lautex had its largest turnover ever in the shipbuilding industry outside Finland. We continue to invest in the market for metal ceilings in commercial property, in Finland and in other Nordic countries as well. This is a market where there are good opportunities for future growth. Lautex is also working intensively to broaden its product range. The investments Lautex made the past few years in marketing, a new business system and new ma-chines, not to mention personnel, will be useful when the market recovers. The fact that the level of activity in the organization has grown significantly and the company has become more customer-oriented leads us to believe that Lautex will achieve the same kind of turnaround that Christian Berner Tech Trade is now starting to see. Professional personnel, CEOs and Boards of DirectorsAn important component in achieving our compre-hensive goals is to have the right personnel in every position. Management and boards members are nat-urally important catalysts in the work we do to further hone our culture. Joachim Berner becoming the Chairman of the Board this year was a positive contribution to this work, along with the fact that we were able to attract several successful business people to the Group. We have further improved steering in the form of reporting and follow-up, which not only leads to better data to base decisions on but also strengthens us in our ambition to maintain a level of quality which is on par with that of listed companies. Investments in Swereco and renovation of Lautex’ headquartersIn other Investments we invested in the success-ful Swereco Group AB, a Swedish company that trades in aids for people with disabilities. In gen-eral we continue to identify and work on potential acquisitions and intend to become more active in the future. Regarding the property we own, we did a complete renovation on Lautex’ headquarters in Nummela, Finland. Future challenges A central component in Christian Berner Invest’s strat-egy is to be a leader in each business line. In order to reach that goal we have to focus more on customers and usefulness to customer. In order to find the time to do this we need to become more efficient and pri-oritize more. In many different ways this year’s efforts prove that we are on the right track. We have managed to turn the development in Christian Berner Tech Trade around and we have a really strong base to work from as we further develop the tech trading operations. Lautex has without question become a much broader, more sales and market oriented company and will be well positioned to win market shares when the market recovers, if not completely in 2012 then definitely in 2013. When both Christian Berner Tech Trade and Lautex are in mint condition we will be able to increase the rate of new acquisitions. We can only speculate about where the business cycle will take us but with our first-rate operations, the support of our network and other interested par-ties and in particular the fine personnel we have I have every confidence in the future. We have every possibility to be successful if we continue down the road we’re on. Thank you all for everything you have done this yearGothenburg 27 January 2012Håkan SimonsenCEo Christian Berner InvestIn 2011 we continued to work according to our comprehensive strategy, among other things we made a strategic acquisition and added new products to our range. On the other hand this was a ying yang year where Christian Berner Tech Trade reached its highest turnover ever and Lautex fought against a downhill market. We are expanding in line with our strategy/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 6International real estate giant at Berners SalongerBerners Salonger 2011Berners Salonger is a forum for discussing current, business related matters. The sixth Berners Salonger was held on 11 October 2011. The participants could listen and put questions to Coen Van Oostrom, founder of the interna-tionally acclaimed and successful real estate development company OVG. Thanks to his ground-breaking projects in sustainable construction Coen Van oostrom has been praised by many, among them the former president of the United States, Bill Clinton. The company is characterized by its creative ways of solving problems in an otherwise conservative business. “We got our breakthrough when we had to build a building in half the time, at half the cost and with no carbon dioxide footprint. We succeeded. you can always find new solutions, perhaps even more so in old and conservative industries,” says Coen Van oostrom.Coen Van Oostrom, founder of the international real estate development company OVG. Discussion about sustainability. Kina Wileke led the conversation with Coen Van Oostrom.Berners Salong 6 Exchanging experiences connected to real estate and sustainability issues. Berners Salong 5 Behrang Miri, recipient of the “Kunskapspriset” 2011, inspired the audience. The year in the Group“?You?can?always?find?new?solutions,?perhaps?even?more?so?in?old?and?conservative??industries.”?Coen?Van?Oostrom/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 7Christian Berner Tech Trade – kick-off 2011Christian Berner Tech Trade was founded in 1897 and has developed into one of the leading tech trading companies in the Nordic region, a position that the Group aims to further strengthen. This year’s kick-off, where the Group’s vision, mission, goals and strategies for 2012 and 2013 were presented to around 100 employees from all its markets, was a step in this direction. The event took place in April in Hindåsgården, 30 kilometers west of Gothenburg in Sweden. This location choice was no coincidence since Christian Berner Tech Trade’s first office was situated in Hindås, very close to Hindåsgården. Henrik Westerholm, CEO in the Finnish operations, talked about the importance of cross­border cooperation.Lars Olsson from Utvecklingspoolen talked about the importance of willpower when working with goals. Hans Andersson, a board member in Christian Berner Tech Trade, took an active part in the discussion. The year in the Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 8“our business fits well in Christian Berner Tech Trade. It’s a family owned company with a long history and long business relationships like us,” says Lars Hedberg, owner of Fr Ramström. Fr Ramström had considered divesting its tech trading operations for some time in order to focus completely on another business area focused on wind power. But the timing had to be right and so did the buyer. The choice was no coincidenceChoosing Christian Berner Invest and subsidiary Chris-tian Berner Tech Trade to buy Fr Ramström Process was no coincidence. The owners of both companies had met regularly for several years to discuss a possible deal. “other companies have come to us before but Christian Berner Tech Trade was the natural partner. We might have gotten a little more money had we sold to another company but there were other as-pects we felt were important,” says Lars Hedberg. one of these was the desire to sell to a company which is well-managed and has a good reputation among customers. on top of that the sale puts our personnel at Fr Ramström Process in good hands, according to Erik af Ugglas, CEo for Fr Ramström. “Christian Berner Tech Trade is represented in the entire Nordic region while we are not. Being part of a larger group and working with a broader product base gives our company new and positive opportunities.”Professional integrationThe deal was closed in September 2011 and integra-tion of both organizations was initiated immediately. “They installed the new business system very quickly. It was handled professionally,” says Erik af Ugglas.In 2011 Christian Berner Tech Trade acquired Fr Ramström Process, one of Sweden’s leading tech trading companies – and one of the subsidiaries in the family owned Fr Ramström Group which was founded in 1876. There are many similarities between the companies and this was an important factor in sealing the deal. Bo Söderqvist, CEO Christian Berner Tech TradeStrategic acquisitionOur?goal?is?to?continue?to?grow?with?a?profit?and?this can?mean more?acquisitions.??We?continuously?follow?the?market?and?if?the?right?opportunity?pre-sents?itself?we?are?interested.“The year in the Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 9The year in the GroupThe acquisition of prosperous Fr Ramström Process is a part of Christian Berner Tech Trade’s strategy to reinforce its position as one of the leading family-owned tech trading companies in the Nordic area. If more acquisition opportunities present themselves the company is ready to take them on. The acquisition of Fr Ramström Process strengthens Christian Berner Tech Trade’s operations in the pro-cess industry, particularly in products and services for customers in the paper and wood pulp industry. The deal also brings in two new product areas: special alloys and high pressure pumps where Fr Ramström Process has a strong position. “The deal gives us a better geographic structure as well, reinforcing our Stockholm office and increas-ing presence in northern Sweden through our new store and office in Härnösand. This brings us even closer to many of our existing and potential custom-ers, creating new opportunities,” says Bo Söderqvist, CEo for Christian Berner Tech Trade. “our goal is to continue to grow with a profit and this can mean more acquisitions. We continuously fol-low the market and if the right opportunity presents itself we are interested,” says Bo Söderqvist.“ Christian Berner Tech Trade establishes its position as one of the Nordic leaders.”/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 10Lautex celebrated sixty yearsIn 60 years Lautex has gone from being a small company with few employees to one of the leading European manufacturers of metal ceilings. This was celebrated at the company’s 60 year jubilee together with 140 guests, among them Finland’s former Prime Minister Matti Vanhanen. In post-war Finland the construction industry had it hands full trying to meet the huge need for new housing. After years with a focus on quantity the need to prioritize quality became apparent. This led to the creation of Lautex in 1951. From a small player to a leader in EuropeInitially operations were on a small scale in a barn loft just outside Helsinki. Today the company is one of Europe’s leading manufacturers of metal ceilings for cruise ships and public buildings, a development that was celebrated in connection with Lautex’ 60 year jubilee on the 5th of May 2011 in Event Arena Bank, Helsinki. The journey from small-scale manufacturer to a lead-ing player in Europe didn’t happen overnight. Lautex started producing metal products already at the end of the 1950s as an alternative to the plaster solutions that dominated the market at the time. This turned out to be a smart choice that has carried the company forward on a wave of success since then. Early on many innovative architects saw the ad-vantage of using metal’s flexible form and functional characteristics when creating ceilings. one of them was the father of Nordic modernism, Alvar Aalto. The concert and congress building Finlandia Hall is one of his most famous buildings. He commissioned Lautex in order to get the best possible ceiling. Prepared for future successLautex, owned by Christian Berner Invest since 1984, continued to strengthen its position in 2011, particu-larly on the German shipbuilding market. The com-pany also increased its efforts to create a strong posi-tion on the construction market. This is expected to generate good long-term effects.Håkan Simonsen, CEO of Christian Berner Invest, hands over a jubilee gift, a unique sculpture to Antti Vimpari, CEO of Lautex. The year in the Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 11The year in the GroupLautex celebrated sixty yearsRepresentatives for Finnish business listened to the opening speech given by Lautex’ CEO, Antti Vimpari. Matti Vanhanen, Finnish Prime Minister 2003–2010, talks to Antti Vimpari, CEO of Lautex, and Joachim Berner who, together with Nicolas Wolf, represented Christian Berner Invest’s owners. More than 140 visitors celebrated Lautex’ 60 year jubilee in Event Arena Bank, Helsinki. Seen here: Cees van der Spek, Member of the Board of Lautex and Kimmo Jarva, mayor of Vihti./ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 12Interview with Bo Söderqvist, CEOYou have been CEO for Christian Berner Tech Trade for over a year. What are you most proud of?“That our result is pretty good after three years of losses. Cash flow has been strengthened and liquid-ity is relatively stable, which allows for new invest-ments. The fact that we acquired Fr Ramström Proc-ess is evidence of this. This is a strategically important deal that provides us with new, outstanding products and a good presence in both Stockholm and northern Sweden. I want to praise the employees in both com-panies for their excellent work in both the acquisition and integration process.” Are you planning to make more acquisitions in the future?“of course we want to grow. We are actively looking for new acquisition areas and we have a few ongoing processes in that area. At the same time it’s important to underline that profitability is more important than volume. We have to make money on the deals we make.”What does the operating margin look like?“The goal set in 2010 was a 5–8 percent margin with-in a three-year plan. This year we reached just under 3 percent. It’s a step in the right direction. Turnover has increased by more than 15 percent compared to last year. This is because the market was better and also because we have been more market oriented, been more present. We will continue working with the same plan.”What do the different markets look like?“operations in Sweden and Norway are doing very well and Finland has turned around but it’s still tough in Denmark. This is why we drew up an action plan that we’ve followed since the spring of 2011 and it’s starting to give good results. For instance we have been able to sell in a number of larger projects for delivery in 2012.”“Looking at individual product areas some are really positive. Vibration Technology and Technical Plastics are such areas. Filter Technology is also doing well. These are areas where we have the most con-tinual business, which generates a stable positive cash flow. We intend to move more in that direction so that we aren’t so dependent on project deals – they should be the icing on the cake.” How do you increase your customer focus?“We focus on selling function rather than product. This means that we offer counseling, construction, assembly, function-adapted solutions and service. We In 2011 Christian Berner Tech Trade turned loss into profit and increased turnover by 15 percent. Working consequently to be more useful to customers made the difference. “The invest-ments we’ve made create a good platform for the future,” according to CEO Bo Söderqvist. Trading Business LineChristian Berner Tech TradeIt?paves?the?way?for?the?future.?If?we?keep?wor-king?like?this??we?will?be?able?to?take?on?the?opportunities??and?challenges??in?2012?well.“20092008200720112010295296329309356Turnover development 2007–2011, MSEKImportant events 2011• Higher sales and improved profitability.• Acquisition of Fr Ramström Process, a strategic acquisition that increases presence in Stockholm and northern Sweden and contributes two attractive product areas: high pressure pumps and special alloys. • Concentration in Packaging Systems.Finland 43Norway 82Denmark 14Sweden 217Turnover geographic markets 2011, MSEKalso work continuously to segment our customers in order to be able to prioritize correctly.”How do you change this?“It’s long-term, conscious work that includes train-ing both managers and sales personnel. At the same time we learn from each other in day-to-day opera-tions. Some divisions are better than others at work-ing with customers, packaging our offer and seg-menting. We try to transfer knowledge from these to other departments. In this case our size is a strength, along with the fact that we work more and more as one group with the same policy everywhere.”You did a customer survey. What did it show?“It was very positive in areas where we have daily customer contact like in the product areas filters and technical plastics. our customers there feel we are highly competent and offer good quality and service. These are also the areas where we have the best fig-ures. This confirms our decision to work on creating more continuous business in all product areas.” Did you enter any new areas this year?“With the acquisition of Fr Ramström Process came new product areas: high pressure pumps and spe-cial alloys. In Vibration Technology we registered a trademark for noise barriers in Vibration Technology. Thanks to this we own the entire process from product development to sales and service. This is something that we can also do in other areas in the future if we see an opening in the market.”Have you made reductions in any product area?“yes, in Packaging Systems where development has been negative for quite some time. We still offer this but we focus more on suppliers and products. Because of this we can provide better service and become profitable in the deals that we make.”What is your take on the coming year?“Even if we haven’t felt it yet the financial unrest on the markets may affect us. Regardless of market de-velopments we will continue down the road we’ve chosen which means more focus on selling functions and being useful to our customers as well as seg-menting customers and suppliers more effectively. I would like to particularly thank all our employees for their fine work in this area during the year. It paves the way for the future. If we keep working like this we will be able to take on the opportunities and chal-lenges in 2012 well.”If you would like to know more you are welcome to read our latest company presentation found on www.christianberner.se./ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 13Trading Business Line – Christian Berner Tech TradeBoard of DirectorsChristian Berner Tech Trade Håkan Simonsen, CEo Christian Berner Invest, ChairmanHans Andersson, former vice CEo Christian Berner ABAnders Birgersson, CEo VBG Group ABDaniel Frosterud, employee representativeKurt Olofsson, employee representative Charlotta Utterström, Manager IT and System Development Xdin AB Nicolas Wolf, student, owner representativeThis is Christian Berner Tech TradeChristian Berner Tech Trade is one of the leading tech trading companies in the Nordic region and ever since its creation in 1897 it has cooperated with internationally known sup-pliers. The group is active in Sweden, Norway, Finland and Denmark. Christian Berner Tech Trade delivers advanced technical equipment, components and material and offers consulta-tion, system development, installation and service based on the customer’s needs. Good vibrations in Helsinki Music CentreIn the autumn of 2011 the new and architectoni-cally revolutionary concert hall in Helsinki opened its doors. The demands on good acoustics were exceptional. Christian Berner Tech Trade was called in to eliminate the noise from the tram traf-fic out side. Sound quality was guaranteed through consultation and installing the vibration reducing materials Sylomer and Sylodyn in the foundation, floors, wall constructions and ceilings.Filter fixes clean water in marinasBlue Flag is a voluntary environmental certifica-tion that has been awarded to over a thousand marinas in 44 countries all over the world. One prerequisite for receiving the Blue Flag is that the water used must be purified from dangerous sub-stances. Christian Berner Tech Trade has developed a unique filter solution that contributes to efficient water purification when washing boats, which is very important for the environment in marinas. Bo Söderqvist, CEO Christian Berner Tech TradeHelsinki Music Centre under construction.Unique filter solution for boat washes. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 14 Interview Antti Vimpari, CEOWhy was 2011 such a tough year?“Until 2010 most of our turnover was tied to Finnish shipyards. In 2011 demand from that market almost completely disappeared. Fortunately we have boosted orders from the international shipping industry and our national construction industry but this didn’t compensate completely for the drop.”“Unfortunately we have had to adjust the number of employees to the lower demand. In 2011 we reduced our staff in production by about 10 persons. How is profitability?“The weakened market and the fact that we didn’t reach our gross margin goal led to a negative net re-sult for 2011. However, we have built the foundation for better profitability in the future. We have created a flexible and trim organization with more efficient processes and we introduced a new business system. This gives us a solid platform for a return to good profit levels as the market improves.” You have been the CEO for Lautex for a little over a year. What are you most proud of?“our competent and committed employees that have been very understanding about the tough market situation we are facing and about the fact that we’ve had to cut down on personnel due to low production volumes.”“I think that I have helped create a more open culture that makes it more natural for co-workers to share their ideas and viewpoints. This helps us get ahead and I’m proud of that. I also think that we have become more customer oriented than before.”You said that you wanted to increase customer focus. How is that going?“We are starting to perceive some results but we still have a lot to do. It’s a difficult process, and it takes time to change from a production and product orient-ed culture to a more customer oriented organization. We have started our journey and I’m convinced that it will lead to good results in the long run.”“In 2011 we developed two new products for our existing portfolio. In 2012 we will initiate introduction of them to the market full-scale.”How is your investment in the construction sector proceeding?“on the domestic, Finnish construction market we reached sales close to 25 percent over budget. Unfortu-nately we didn’t reach our goals on export construc-tion markets.”2011 was a tough year for Lautex primarily due to a drastic drop in the Finnish shipbuilding industry. Success in the German shipbuilding industry and the Finnish construction market softened the fall. “One of the main ingredients in handling a downturn in the economy is constantly making operations more efficient and increasing customer focus,” says CEO Antti Vimpari. Industry Business LineLautex...built?the?foundation?for??a?better?profi-tability?in?the?future.?We?have?created?a?flex-ible?and?trim?organization?with?more?efficient?processes.?“2009200820072011201014812714210187Turnover development 2007–2011, MSEKImportant events 2011• Increased order volumes from the German shipbuilding industry. Meyer Werft, one of the world leaders in cruise ship production, is a key Lautex customer. • Introduction of a new business system that is expected to generate better profitability. The entire organization has participated in this process. • 60 year jubilee, celebrated in May, attracted a great number of important people and in-jected positive energy into the entire company. Subcontracting 3Construction 35Shipping 49Customer segments 2011/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 15 Industry Business Line – LautexBoard of DirectorsLautexHåkan Simonsen, CEo Christian Berner Invest, ChairmanJoachim Berner, working Chairman of Christian Berner Invest, owner r epresentative Timo Reiniluoto, Senior Vice President Skanska oy Cees van der Spek, Director Sustainability, oVG Projectontwikkeling bvThis is LautexLautex is one of Europe’s leading suppliers of metal ceilings for the shipbuilding and construction industries. Lautex mainly focuses on luxury cruise ship constructors in the ship-building industry and in construction Lautex’ ceilings are mainly used in public places such as shopping centers, offices, schools and hos-pitals. Lautex, whose headquarters are located in Nummela 50 km northwest of Helsinki, also doubles as subcontractor to industry in general. Antti Vimpari, CEO LautexCeilings in Disney’s cruise ship. Lautex delivered ceilings to the Moscow Stock Market.Unique ceilings for DisneyIn 2010 and 2011 Lautex delivered special and standard solutions for metal ceilings to two of Disney’s luxury cruise ships. Disney wants their ships to be like floating amusement parks which means demands on the materials used in interior decoration are high, and they should preferably be unique. For instance, some of the metal ceilings look like green foliage. Lautex ceilings installed in the Moscow Stock MarketIn 2011 two specially designed metal ceiling solutions were delivered to the Russian construc-tion market. A large cupola ceiling was mount-ed in the new underground station, Admiarltey-skaya in central St Petersburg, which is one of the largest stations in the city’s underground system. In addition, the Moscow Stock Market was decorated with a tailor-made ceiling solution. What do you think your chances are of attract-ing good employees?“They are good. When we look for new personnel we get a lot of qualified applicants because Lautex is a strong brand.”What is your take on the coming year? “The most important segment for us in 2012 will be export markets in the shipbuilding industry. We need to work very closely with our customers and improve our level of service in order to increase income and profitability in this area. We will probably open a local sales and project office in Germany in 2012 in order to facilitate this work.”“We need to become more active in the construc-tion sector in our neighboring countries Sweden and Russia by developing new market channels. We will also put a lot of energy into marketing our new prod-ucts and services.”“And it will be very important to keep our person-nel motivated and committed in these tough times. I think this is my most important role. our employees have to enjoy their work if we are going to reach our long-term goals. I want to thank all our employees for all their efforts in handling the tough market. If we continue working along these same lines we will achieve good results as the market turns around.” / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 16Interview Anders Holmquist, CEOWhy invest in real estate when it ties up capital?“The properties are like one big piggybank with stable and good returns. our current loans amount to MSEK 84 and the real estate was valued at MSEK 145 at the latest valuation in october 2010. In 15 years the loans on the existing portfolio will have decreased by 70–80 percent with the current payment plan. In 20 years the loans will be completely paid off and we can expect an increase in value during the same period. This leaves us with considerable capital that can be used to take out loans for new investments and at the same time gives the security for the Group and the owners.”How much do your “savings” grow annually?“That depends on the payment plan and how much market values rise. Let’s say that we have a loan of MSEK 100 and repay MSEK 3 per year. After 20 years the loan will have gone down by MSEK 60. At the same time we can expect the market value to have increased. Considering the historic development and the location of the real estate we can assume that the market value will have increased by MSEK 20 in the same period. This means there is a gap, or greater capi-tal savings if you want to put it that way, of MSEK 80.”“It’s also important to remember that real estate management has its own goal to generate returns of 6–8 percent each year through the market rent our op-erations pay, money that otherwise would have been paid to other real estate companies.” But can you be certain that market values will increase?“I believe that the example I just mentioned is conserva-tive given the historical value of development for similar properties. The majority of our property is located in ex-pansive regions, which points to an increase over time.”“It’s essential to make investments when there is a downturn in the economy so that the cost for the fun-damental investment is low in comparison to the normal situation on the real estate market. This is how we rea-soned when we invested in the property in Mölnlycke, Sweden. This will be good for us in the future.”How do you value the properties?“An authorized valuer does that every other year. At last valuation, in the autumn of 2010, the market value was set at MSEK 145.”How much is the booked value?“After depreciation the total booked value amounted to MSEK 106 (112) at the end of 2011. The combined Berner Fastighets AB makes sure that the other operations in the Group have access to good locations at market rent levels. This structure provides good returns and long-term value growth. “Our real estate holdings are like one big piggybank,” says the company CEO Anders Holmquist. Real Estate Business LineBerner Fastighets ABIn?20?years?the?loans?will?be?com-pletely?paid?off?and?we?can?expect?an?increase?in??value?during?the?same?period.?This?leaves?us?with?con-siderable?capital.?“200920082007201120101048993115112Total assets 2011, MSEKImportant events 2011• Renovation of Lautex’ headquarters creating a profile that is more in har-mony with its market leading position. • Change from oil to natural gas to heat Lautex’ offices and factory in Nummela, Finland. • Refinancing of loans contributed to continued good balance in the portfolio.Key ratios 2011operating income, MSEK 11.2Profit, MSEK 0,6Number of properties 4Book value, MSEK 106Market value, MSEK* 145Square meters 17,400Average rent per square meter, SEK 644Loan structure, average number of years in loan portfolio 1.5Loan structure, average interest rate, % 3.8Borrowing level (all loans in relation to the market value), % 58* Valuing was made by authorized valuer in 2010./ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 17Real Estate Business Line – Berner Fastighets ABloans amounted to MSEK 84 (88) at the end of the year. This entails a borrowing level of 58 (61) percent of the real estate’s market value.”What is the financial situation like?“There is significant surplus value in the property and the loan portfolio has continued to be in good balance after this year’s refinancing. The fact that interest rates are going down is positive for us. At the end of the year our average interest rate was 3.8 percent of the portfolio.”Why do you demand market rents from your own companies?“Charging market level rent facilitates following up the companies’ operations in relation to goals and comparable companies in the same industry. Previ-ously properties were owned by each operation, which made this type of measuring complicated.”“By putting the properties in a separate company it’s easier to see their value. This will also facilitate taking out loans for the properties if the need should arise.”How profitable is the company? “The yield was 7.7 (6.5) percent 2011. This can be compared with our goal which is 7–9 percent.Have you made any major investments?“We rebuilt the office part of Lautex’ office and production unit in Nummela, Finland. The property is 50 years old and we felt a need to create a more modern profile. It’s important that Lautex has the air of the market leading company it is. I think we have achieved this very well.”“We also shifted heating Lautex from oil to natu-ral gas. This will reduce heating costs and natural gas is also better for the environment.”Have you made any other investments?“No, nothing besides regular maintenance. The properties are in good shape and the tenants are sat-isfied. There is a limited need for investments in the immediate future.”Future developments“We are not limited to investing in, adding value to and managing real estate connected to Christian Berner Invest’s operations. In other words, we might invest in apartment buildings as well as in industrial and commercial property in the future. However, we aren’t planning this in the next few years.”Board of DirectorsBerner Fastighets AB Håkan Simonsen, CEo Christian Berner Invest, Chairman Ruby Berner, Nurse in Forensic Psychiatry, owner representativeThis is Berner Fastighets ABBerner Fastighets AB owns the property rented to other operations in Christian Berner Invest. The company owns four properties, one in Sweden and Norway respectively and two in Finland. The total market value of the property amounted to MSEK 145 in a valua-tion made in 2010. Anders Holmquist, CEO Berner Fastighets ABModern offices at LautexIn 2011 the offices at Lautex’ headquarters and production unit in Nummela, just outside Helsinki, Finland, were renovated. The invest-ment resulted in a more modern profile in line with the market leading position the company has. In addition, the heating system was changed from oil to natural gas, which is better for the environment and cuts heating costs in two. Liberates capital and value in the long runBerner Fastighets AB gives the entire Group stable and long-term value creation through its properties. With the present payment plan Christian Berner Invest will have amassed considerable capital through its real estate that will have little or no loans on it in 20 years. The payments are financed by market level rent from the other companies in the Group. Lautex’ property in Nummela, Finland. Christian Berner Tech Trade’s headquarters in Mölnlycke, Sweden. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 18other Investments Business Line CB Industriutveckling CB Industriutveckling’s business concept: CB Industri-utveckling is an investment and development compa-ny specialized in owner-managed and family owned companies active in industrial sectors. Through our expertise, experience and networking CB Industri-utveckling contributes to the companies’ continued development, growth and profitability and thereby a good return on invested capital. Clear investment strategyCB Industriutveckling primarily invests in businesses that are, or have the potential to become, leaders in their niche and are based in the Nordic region. our intention is to strengthen active ownership – in a fi-nancial and competence perspective. A basic premise is that CB Industriutveckling owns a majority in the acquired companies. Investments can be made together with a limited number of co-investors and previous owners in the companies may continue as minority owners.Continuous identification and analysisCB Industriutveckling has developed a structured proc-ess for identifying and analyzing potential acquisitions. The company continuously analyses and has discus-sions with a number of potential acquisition candi-dates. Some of these fit well into existing operations in Christian Berner Invest. Such an example is Fr Ramström Process which was acquired in 2011 via Christian Berner Tech Trade. operations that do not fit into Christian Berner Tech Trade or Lautex become separate subsidi-aries to CB Industriutveckling. Experience of acquisition and integrationWhen an acquisition has been made we put great store in its smooth and efficient integration. The Group has extensive experience in this area due to the acquisitions made in the past few years through Christian Berner Tech Trade. Christian Berner NygatanThe Group’s long-term asset management goes through Christian Berner Nygatan. our goal is to contribute to long-term, good returns at a carefully calculated risk. In addition to liquid types of assets, such as listed shares and bonds, the company can invest in less liquid assets with good prospects for rendering an attractive return in the long run such as unlisted development companies with outstanding technical innovations. Investment in SwerecoIn 2011 Christian Berner Nygatan invested in Swed-ish Swereco that develops and manufactures products which facilitate everyday life for people with disabili-ties. The company, which was founded in 1973, start-ed by manufacturing crutches. Since then the com-pany has broadened its product portfolio significantly. Swereco has its headquarters in Stockholm and its roots and production in Lenhovda in Småland in south-ern Sweden. The company does its own R & D and about 80 percent of its products are produced in its own production unit. Currently its products are exported to 20 countries where the Nordic region, Germany, the US, Japan and France are the largest markets. Previous investments in Chalmers Innovation Seed Fund In 2010 Christian Berner Nygatan invested in Chalmers Innovation Seed Fund, a fund for technology-based companies in the early stages of development. This fund originated with Chalmers Innovation’s incubat-ing activities. The fund is managed by employees at Chalmers Innovation and two dedicated Invest-ment Managers. The investment committee consists of two external persons with experience in growth companies. The Group’s other investments go through CB Industriutveckling and Christian Berner Nygatan. CB Industriutveckling focuses on investing in owner-managed or family owned businesses with good prospects for growth. Christian Berner Nygatan’s works primarily with long-term asset management. Other Investments Business Line CB Industriutveckling & Christian Berner Nygatan ...?investment?and?development?company?specia-lized?in?owner-?managed?and??family?owned?companies?active?in?industrial?sectors.“In 2011 Christian Berner Nygatan invested in Swedish Swereco that develops and manufactures products which facilitate everyday life for people with disabilities. Today the company, founded in 1973, sells their products in 20 countries. / / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 19In the spring of 2011 Joachim Berner became Chairman of the Board in Christian Berner Invest. His vision of the future is clear: prioritize better and speed things up. Clear goals, good leadership and the ability to recruit the right people are all crucial factors. New Chairman of the Board installedMoving faster to achieve our goalsComments from the Chairman of the Board“Before we were afraid to lose people and this crip-pled our ability to act. That’s all changed now. It’s much easier for us to recruit the right personnel today compared to just a few years ago. This is particularly true on management level where we have succeeded in recruiting several very good people,” says Joachim Berner, Chairman in Christian Berner Invest. What does good leadership mean to you?“A good ability to prioritize and an equally good ability to execute decisions. But it can also mean getting oth-ers to begin taking action. Many people are hindered by the feeling that they have to do one more study before they can start something. This creates a nega-tive stress in the organization because you never see any results.”What is your main task as Chairman of the Board?“To spread the insight that future development is in our own hands. We are the ones who set the goals and create the conditions we need to reach them. The market is the same for everyone so we can’t blame it if the competition is more successful.”/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 20Comments from the Chairman of the Board“I have worked on different boards but never on one that worked so well or was so efficient. Everything is well prepared and so are the members,” says Kurt olofsson, employee representative in Christian Berner Invest’s Board of Directors. The Board of Directors has four regular meetings annually. This means there is a lot to discuss each time.“The meetings are structured and the pace is good. This gives us time to fit in more important issues. Presenting the employee’s perspective is prioritized and I’m given time to do that. The Board is sensitive to these kind of issues,” says Kurt olofsson. In December 2011 the Board of Directors of Christian Berner Invest decided to become a partner to the Gothenburg Award for Sustainable Development. This is an international award that recognizes efforts to create sustainable development. Some of the other partners are the Second Swedish National Pension Fund, Carl Bennet AB, Folksam, Handelsbanken, the Swedish Co-operative Union, Nordea and SKF.In 2011 the award was given to the former UN Secretary-General Kofi Annan and the Tigray Project for growing crops in harmony with nature in Ethiopia. other laureates include Al Gore and Margot Wallström. Kurt OlofssonKofi Annan accepts the Gothenburg Award for Sustainable Development from Lena Ek, the Swedish Minister for the Environment. Photo: Dick Gillberg. Never functioned as well as thisPartner to the Gothenburg Award for Sustainable DevelopmentsYou have had your position for a year now, are you satisfied?“yes and no. I would like to see more results faster – more deals and even better prioritization. But at the same time I respect the fact that improvement work takes time, particularly when it’s the kind that we are beginning to see the result of in Christian Berner Tech Trade. This is something I have learnt from other boards that I’ve been a member of.”What is the most important instrument for your role?“Clarity regarding goals. This creates a feeling of security and motivation in our organization. It’s also important to contribute to making the right decisions and making sure that whoever carries out these deci-sions has the right resources. This aligns us with our goals. I think that our organization has gotten better in these areas but there is still more to do.” What was the most important thing that happened this year?“In terms of our operations it’s the turnaround in Christian Berner Tech Trade and the acquisition it made. From an owner perspective the new share-holder agreement that sets the framework for the Group long-term was vital. It’s important because it allows us to concentrate on creating value for com-ing generations.” What is behind the turnaround in the Tech Trading business line?“A change in the company culture and leadership was fundamental. This has led to focusing more on the customer and made it possible to get rid of things that aren’t working well so that we can con-centrate on what does. We need to do more in this area. Christian Berner Tech Trade could easily have a 10 percent operating margin.”What is your perspective on company goals?“We have raised the goals for the entire Group this year as a part of our improvement work. We have also clarified demands from the owners, for instance by setting a goal for return on capital and what divi-dends we expect over time.” What else is important?“Just meeting the financial goals is not motivation enough if you want to build a company that engages and develops with the times. For us in the owner family it’s important to contribute to society at large. The same goes for our employees. This is why we have consciously chosen an environmental profile in much of what we do in our operations. We have products that contribute to cleaner water and quieter cities. In addition to this we also support good initia-tives outside our business such as the Gothenburg Award for Sustainable Development.”/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 21Ethical Code and owner PhilosophyOur Code for Ethical BusinessEthical responsibility is a part of Christian Berner Invest’s operations. We treat others the way we want them to treat us. We have a holistic perspective based on good business ethics and concern for the environment, people and the future of our company. Ethics are an intrinsic part of our business and as such receive suf-ficient time and resources. We abide by the following international conventions: the United Nations Global Compact, IoL and oECD’s guidelines for multinational companies. We are willing to discuss ethical dilemmas with both external and in-ternal interested parties. our Code of Ethics is an active reference document for our operations and a guide in important ethical choices. We continually test and evaluate our business against our Code of Ethics.Business ethics• Nurturing long-term, mutual dependence and trust in our business relations is very important to us.• We run our business well and fairly and do not use methods that stand in the way of economic, social and democratic development.• We do not pay nor accept bribes.• We base our selection of new investments and products on our Code of Ethics.• Where we have the opportunity and position, we ask our suppliers to follow our Code of Ethics.• We have an ongoing dialogue with our suppliers aimed at preventing and solving any ethical problems that may arise.Human relations• All our internal and external relations are imbued with respect and equality.• We do not tolerate any kind of discrimination or abuse.• We believe a strong and dynamic company is created by men and women with diverse ethnic and social backgrounds.• We believe an atmosphere characterized by openness and trust inspires people to take responsibility and develop.Environmental aspects• We promote environmentally sustainable development in our products, transportation, workplaces, suppliers and other external contacts.• Elements of conservation and minimal environmental impact steer our choice of the products we trade in.• The environment is a significant factor, together with price and quality, in our product selection.Sponsorship and charity• Sponsorship is part of our business and strengthens our brand.• Charity is not part of our business and is therefore ultimately decided by the owners.• Sponsorship and charity will always harmonize with and strengthen our Code of Ethics.Christian Berner Invest’s owner philosophy is a stable values foundation for steering the Group. From left Gabriella Ohldin, Rachel La Chenardière and Isolde Berner,members of the Board of Christian Berner Invest AB.Owner Philosophy Christian Berner Invest• Christian Berner Invest is a developing company• Christian Berner Invest is a family business• Christian Berner Invest takes ethical responsibility• Christian Berner Invest generates an attractive return/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 22Income Statement GroupSEK 2011 2010 Operating incomeSales 621,722,040 525,298,232 – of which commissioned provision sales –189,243,626 –123,923,173Net turnover 432,478,414 401,375,059Changes in works-in-progress 41,846 –4,915,285other operating income 11,559,166 9,174,340Turnover 444,079,426 405,634,114Operating expensesRaw materials and necessities –38,485,389 –36,436,571Goods for resale –219,352,454 –189,716,675other external expenses –53,595,774 –53,484,735Personnel expenses –126,578,937 –128,070,572Depreciation of fixed assets –8,985,110 –8,507,163Total operating expenses –446,997,664 –416,215,716Operating profit –2,918,238 –10,581,602Profit from financial investmentsProfit from divestiture of fixed assets 11,063 11,814Financial income 836,115 736,769Financial expenses –4,358,779 –4,197,900Profit after net financial items –6,429,839 –14,030,919Tax on profit for the year –1,918,338 84,935Profit for the year –8,348,177 –13,945,984Income Statement Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 23Cash Flow Statement GroupSEK 2011 2010OPERATING ACTIVITIESoperating profit before net financial items –2,918,238 –10,581,602Depreciation 8,985,110 8,507,163other items that do not affect liquidity –18,160 –785,6526,048,712 –2,860,091Interest received 836,115 180,769Interest paid –4,358,779 –2,979,410Paid income tax 0 –838,6952,526,048 –6,497,427Increase/decrease in stock –6,786,160 8,998,327Increase in current receivables –17,308,091 3,262,393Increase/decrease in current liabilities 1,083,109 833,560Increase/decrease in accounts payable 4,809,520 –2,397,137Increase in other current operating liabilities 10,840,083 –3,643,997Cash flow from operating activities –4,835,491, 555,719INVESTING ACTIVITIESInvestments in intangible assets –14,156,129 –3,322,658Investments in tangible assets 0 0Investments in subsidiaries –499,951 0Placement in other financial assets 1,107,646 337,237Divestiture/depreciation of other financial assets –13,548,434 –2,985,421FINANCING ACTIVITIESLoans 10,000,000 12,362,430Amortization of debt –7,274,452 –6,920,911Increase/decrease of current liabilities 515,144 –187,759Paid dividends –994,400 –1,502,900Cash flow from financing activities 2,246,292 3,750,860Cash flow for the year –16,137,633 1,321,158Liquid funds at the beginning of the year 24,016,266 22,574,806Translation difference 0 120,302Liquid funds at the end of the year 7,878,633 24,016,266Cash Flow Statement Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 24Balance Sheet GroupSEK 2011 2010ASSETSFixed assetsConcessions, patents, licenses, brands and similar rights 12,837,500 0Intangible assetsGoodwill 674,776 1,124,632Total intangible assets 13,512,276 1,124,632Tangible assetsBuildings and land 108,211,295 109,123,996Machines and other technical assets 12,285,420 14,573,543Construction in progress and advance payments for machines 687,148 1,383,099Equipment, tools, fixtures and fittings 6,310,401 6,800,878Total tangible assets 127,494,264 131,881,516Financial assetsother investments held as fixed assets 935,037 435,983other long-term receivables 315,772 316,793Total financial assets 1,250,809 752,776Total fixed assets 142,257,349 133,758,924Current assetsStock etc.Raw materials and consumables 8,352,488 8,597,488Work-in-progress 719,552 571,324Products and stock for sale 23,100,594 17,377,777Advanced payments to suppliers 2,273,944 1,113,829Total stock and advanced payments to suppliers 34,446,578 27,660,418Current receivablesAccounts receivable 70,675,104 53,367,013Tax assets 0 1,707,301other receivables 979,514 811,740Prepaid expenses and accrued income 1,334,253 877,836Total current receivables 72,988,871 56,763,890Cash and bank 7,878,633 24,016,266Total current assets 115,314,082 108,440,574TOTAL ASSETS 257,571,431 242,199,498Balance Sheet Group/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 25Balance Sheet GroupSEK 2011 2010EQUITY AND LIABILITIESEQUITYReserved equityShare capital 4,520,000 4,520,000Statutory reserve 2,329,307 1,377,567Total reserved equity 6,849,307 5,897,567Unrestricted equityProfit brought forward 51,425,246 66,532,949Profit for the year –8,348,177 –13,945,984Total unrestricted equity 43,077,069 52,586,965Total equity 49,926,376 58,484,532ProvisionsDeferred tax 1,980,594 1,665,814Total provisions 1,980,594 1,665,814LIABILITIESLong­term liabilitiesBank overdraft facilities 4,570,750 597,831Prospect financing for construction 89,049,601 86,446,892Liabilities to other credit institutes 3,290,135 3,498,392Other liabilities 96,910,486 90,543,115Current liabilitiesCurrent part of long-term liabilities to credit institutes 13,673,451 8,435,468Advance payments from customers 4,110,323 3,428,806Accounts payable 37,721,285 32,911,765Tax liabilities 317,170 1,422,045other liabilities 16,956,017 15,937,429Accrued expenses and deferred income 35,975,729 29,370,524Total current liabilities 108,753,975 91,506,037TOTAL EQUITY AND LIABILITIES 257,571,431 242,199,498/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 26The Board of DirectorsJoachim BernerWorking Chairman of the BoardElected to the Board: 1990Born: 1962Education: Master of Science in Economics and Business Administration, School of Business Economics and Law, Gothenburg UniversityPrevious relevant professions/experience: Editor-in-chief and CEo Dagens Nyheter, editor-in-chief Expressen, editor-in-chief Göteborgs-Posten and CEo Lowe Brindforsother board appointments: NHST Group/Dagens Näringsliv (publ), Done (publ), Swereco, Family Business Network, Forma Publishing (Ica-förlaget), Riksteatern, Talentum oyj (publ), Swedish Pension Agency and others. Advisor at CapMan. Isolde BernerElected to the Board: 2005Born: 1954Education: Studies at the Department of Journalism and Mass Communication, Gothenburg University, studies in information and communication techniques and teaching Profession: Freelance journalist/Public Relations officerPrevious relevant professions/experience: Journalist at Arbetet Ny Tid, Gothenburg, Public Relations officer Environment Administration, Gothenburgother board appointments: – Peter DahlstenElected to the Board: 2007Born: 1958Education: Bachelor of Science (Econ.)Profession: CEo Ramirent ABPrevious relevant professions/experience: Business Controller Vice President NCC Construction, CFo Altima AB other board appointments: Ramirent ABDaniel FrosterudUnion representative on the Board since: 2007Born: 1969Education: Master of Science in Engineering, Chemical Technology LTHProfession: Marketing EngineerPrevious relevant professions/experience: Marketing Engineer and Project Leader GEA Exergy AB, Environmental technology consultant in Paper & Pulpother board appointments: Vice President of the local branch of the union, employee representative Board of Directors Christian Berner Tech TradeRachel La ChenardièreDeputy member since: 2010Born: 1987Education: Certified Project Manager Profession: CoordinatorPrevious relevant professions/experience: Marketing/Eventother board appointments: –Gabriella OhldinElected to the Board: 2010Born: 1972Education: Bachelor of Science (Econ.), School of Business, Economics and Law, Gothenburg UniversityProfession: CFo InnovationsKapital Nordic Advisors ABPrevious relevant professions/experience: – other board appointments: – Kurt OlofssonUnion representative on the Board since: 2003Born: 1952Education: Mechanical Engineer and Upper Secondary education in Natural Sciences and Mechanics Profession: Marketing EngineerPrevious relevant professions/experience: Machine Designer, Competition manager for the Swedish Championship in figure skating 2003other board appointments: President of the local branch of the union since 1999, employee representative Board of Directors Christian Berner Tech TradeThomas PolesieElected to the Board: 2006Born: 1947Education: PhD in Economics and Business AdministrationProfession: Professor of Business AdministrationPrevious relevant professions/experience: –other board appointments: Förlaget BAS, Montessoriskolan CentrumThe Board of Directors/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 27other EmployeesHåkan SimonsenCEoBorn: 1965Education: Company lawyer, School of Business, Economics and Law, Gothenburg UniversityPrevious relevant professions/experience: 20 years in SEB, most recently as head of SEB Mid Corporate, Gothenburgother appointments: Member of the board of Foundation Arvid Carlsson Fund, ambas-sador for Proventus Capital Partners, IVA’s Business Executive Council’s representative in western Sweden Bo SöderqvistCEo Christian Berner Tech Trade ABBorn: 1963Education: Management Training Krutham-mar International and Håkan Frödén Coach-ing & Communication, IFL Management TrainingPrevious relevant professions/experience: CEo BE Group Sverige AB, Regional Mana-ger BE Group Sverige AB, Product Manager Handelsstål BE Group AB Antti VimpariCEo oy Lautex AB (Finland)Born: 1957 Education: MBA Helsinki University of Technology, MSc Lapperanta University of TechnologyPrevious relevant professions/experience: operations Director, Quattrogemini Ltd, CEo Kenno Tech oy, Director of Interna-tional operations ABB oy, Vice President Marketing and Business Development NCC Projects oy, Project Director Haka oy, Area Director Actiw Inc. USAAnders HolmquistCEo Berner Fastighets ABBorn: 1956Education: Bachelor of Science (Econ.) Stockholm School of Economics and mecha-nical engineerPrevious relevant professions/experience: Vice CEo/CEo Pappergsruppen AB, Foreign Affairs Manager SEB, CEo Nimbus BoatsSusanne HasselbladCFo Christian Berner Tech Trade ABBorn: 1957Education: Economy, ITPrevious relevant professions/experience: CFo A-Filter AB, CFo Solo Kläder AB, Controller/IT Head Millipore ABArto HellmanCFo oy Lautex AB (Finland)Born: 1962Education: M. Sc. Econ, Vasa School of EconomicsPrevious relevant professions/experience: CFo V & S Finland oy, CFo Vistalco oy, Finance Manager Kustannus oy, Controller Scribona Suomi oyErik ThorupCEo A/S Christian Berner (Danmark)Born: 1963Education: B. Sc. Mech Eng. and Graduati Diploma in Business Administration (Bachelor in international sales and business)Previous relevant profession/experience: Sales Manager at ABS Scanpump and GranzowAnders HolmquistCFoBorn: 1956Education: Bachelor of Science (Econ.) and Mechanical Engineer Previous relevant professions/experience: Vice CEo/CEo Pappergsruppen AB, Foreign Affairs Manager SEB, CEo Nimbus Boats.other appointments: Chairman of the board of Allmans ABHenrik WesterholmCEo Christian Berner oy (Finland)Born: 1970Education Machine Automation EngineerPrevious relevant profession/experience: Section Manager for Linear and Mounting Technology at Bosch Rexroth oyNicolai LenschowCEo Christian Berner AS (Norge)Born: 1956Education: Master of Science in EngineeringPrevious relevant professions/experience: Administrative Manager, engineering assign-ments in the offshore industry and salesman in technologyEmployees Christian Berner Invest AB (parent company)Other leading officials in the GroupTrading Industry Real Estate/ / / / / / / CHRISTIAN BERNER INVEST – yEARBooK 2011 / / / / / / / 28Christian Berner Invest ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg, Sweden Telephone +46 31 33 66 990,www.christianbernerinvest.comChristian Berner Tech Trade ABBox 88, Designvägen 1, SE-435 22 Mölnlycke, SwedenTelephone +46 31 33 66 900www.christianberner.seOy Lautex ABOjakkalantie 13, FI-03100 Nummela, FinlandTelephone +358 9 224 8810www.lautex.comBerner Fastighets ABBox 111 86, Stora Nygatan 29, FI-03100 Nummela, FinlandTelephone +358 9 224 8810www.christianbernerinvest.comChristian Berner Nygatan ABCB Industriutveckling ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg SwedenTelephone +46 31 33 66 990www.christianbernerinvest.comCHRI STIA NBERNERINVESTYEARBOOK 2011Christian Berner Invest in shortChristian Berner Invest is a Nordic investment company founded in 1897. Currently the owners are members from the third and fourth generation of the Berner family. From the very beginning our goal has been to develop companies with ethical and financial responsibility so that they generate long-term returns. Total sales in the Group are some MSEK 600 and the Group has about 200 employees in the Nordic region, divided into four business lines:• Trading in Christian Berner Tech Trade AB.• Industry in Oy Lautex AB.• Real Estate in Berner Fastighets AB.• Other Investments in Christian Berner Nygatan AB and CB Industriutveckling AB.Christian Berner Invest ABBox 111 86, Stora Nygatan 29, SE-404 24 Gothenburg. Telephone +46 31 33 66 990, www.christianbernerinvest.comYEARBOOK 2011 – CHRISTIAN BERNER INVESTSolberg | Photo: Ola Kjelbye and others | Print: Göteborgstryckeriet