<br />
Setra's transport of wood raw material, Setra's transport of finished goods,<br />
tonne km per mode of transport 2009 tonne km per mode of transport 2009 · Within Europe approximately 60% of Setra's<br />
transports of finished goods go by road. In total,<br />
Road 88% Sea 78% since Setra has a large market outside Europe,<br />
Rail 11% Road 21% sea transport accounts for the largest portion<br />
(78%). The possibility to use rail services t<a title="7.Setra 2009_GB_www.pdf page 1" href="http://viewer.zmags.com/publication/f5768d6e?page=1">WOOD FOR LIFEAnnual report 2009</a> WOOD FOR LIFEAnnual report 2009<a title="7.Setra 2009_GB_www.pdf page 2" href="http://viewer.zmags.com/publication/f5768d6e?page=2">Setra 2009 </a> Setra 2009 <a title="7.Setra 2009_GB_www.pdf page 3" href="http://viewer.zmags.com/publication/f5768d6e?page=3">Setra is one of Sweden's largest wood products co</a> Setra is one of Sweden's largest wood products co<a title="7.Setra 2009_GB_www.pdf page 4" href="http://viewer.zmags.com/publication/f5768d6e?page=4">SETRA 2009Sales office in North</a> SETRA 2009Sales office in North<a title="7.Setra 2009_GB_www.pdf page 5" href="http://viewer.zmags.com/publication/f5768d6e?page=5">THE YEAR IN BRIEF </a> THE YEAR IN BRIEF <a title="7.Setra 2009_GB_www.pdf page 6" href="http://viewer.zmags.com/publication/f5768d6e?page=6">CEO's comments:HEADING FOR PROFITABLE BUSINESS O</a> CEO's comments:HEADING FOR PROFITABLE BUSINESS O<a title="7.Setra 2009_GB_www.pdf page 7" href="http://viewer.zmags.com/publication/f5768d6e?page=7">energy to produce compared with competing buildin</a> energy to produce compared with competing buildin<a title="7.Setra 2009_GB_www.pdf page 8" href="http://viewer.zmags.com/publication/f5768d6e?page=8">SETRA IN FIGURESSEK m </a> SETRA IN FIGURESSEK m <a title="7.Setra 2009_GB_www.pdf page 9" href="http://viewer.zmags.com/publication/f5768d6e?page=9">Net sales by quarter </a> Net sales by quarter <a title="7.Setra 2009_GB_www.pdf page 10" href="http://viewer.zmags.com/publication/f5768d6e?page=10">MISSION, VISION AND STRATEGYSetra is one of </a> MISSION, VISION AND STRATEGYSetra is one of <a title="7.Setra 2009_GB_www.pdf page 11" href="http://viewer.zmags.com/publication/f5768d6e?page=11">SETRA GROUP · ANNUAL REPORT 2009 · 9</a> SETRA GROUP · ANNUAL REPORT 2009 · 9<a title="7.Setra 2009_GB_www.pdf page 12" href="http://viewer.zmags.com/publication/f5768d6e?page=12">wOOD FOR LIFE Setra's main markets, </a> wOOD FOR LIFE Setra's main markets, <a title="7.Setra 2009_GB_www.pdf page 13" href="http://viewer.zmags.com/publication/f5768d6e?page=13">GROUP OVERVIEWSetra is one of Sweden's large</a> GROUP OVERVIEWSetra is one of Sweden's large<a title="7.Setra 2009_GB_www.pdf page 14" href="http://viewer.zmags.com/publication/f5768d6e?page=14">MARKET FOR WOOD PRODUCTS2009 was another weak </a> MARKET FOR WOOD PRODUCTS2009 was another weak <a title="7.Setra 2009_GB_www.pdf page 15" href="http://viewer.zmags.com/publication/f5768d6e?page=15">Price development sawn timber, redwoodand whitew</a> Price development sawn timber, redwoodand whitew<a title="7.Setra 2009_GB_www.pdf page 16" href="http://viewer.zmags.com/publication/f5768d6e?page=16">REDWOOD business areaShare of Group's</a> REDWOOD business areaShare of Group's<a title="7.Setra 2009_GB_www.pdf page 17" href="http://viewer.zmags.com/publication/f5768d6e?page=17">wOOD FOR LIFESales volume wood productsby mark</a> wOOD FOR LIFESales volume wood productsby mark<a title="7.Setra 2009_GB_www.pdf page 18" href="http://viewer.zmags.com/publication/f5768d6e?page=18">WHITEWOOD business areaShare of Group'</a> WHITEWOOD business areaShare of Group'<a title="7.Setra 2009_GB_www.pdf page 19" href="http://viewer.zmags.com/publication/f5768d6e?page=19">wOOD FOR LIFESales volume wood productsby mark</a> wOOD FOR LIFESales volume wood productsby mark<a title="7.Setra 2009_GB_www.pdf page 20" href="http://viewer.zmags.com/publication/f5768d6e?page=20">NORTH business areaShare of Group'sne</a> NORTH business areaShare of Group'sne<a title="7.Setra 2009_GB_www.pdf page 21" href="http://viewer.zmags.com/publication/f5768d6e?page=21">wOOD FOR LIFESales volume wood productsper mar</a> wOOD FOR LIFESales volume wood productsper mar<a title="7.Setra 2009_GB_www.pdf page 22" href="http://viewer.zmags.com/publication/f5768d6e?page=22">WOOD PRODUCTS business areaShare of Gr</a> WOOD PRODUCTS business areaShare of Gr<a title="7.Setra 2009_GB_www.pdf page 23" href="http://viewer.zmags.com/publication/f5768d6e?page=23">Johan JohannessonBusiness Area Manager Wood Prod</a> Johan JohannessonBusiness Area Manager Wood Prod<a title="7.Setra 2009_GB_www.pdf page 24" href="http://viewer.zmags.com/publication/f5768d6e?page=24">RAW MATERIAL business areaBioproducts, sh</a> RAW MATERIAL business areaBioproducts, sh<a title="7.Setra 2009_GB_www.pdf page 25" href="http://viewer.zmags.com/publication/f5768d6e?page=25">wOOD FOR LIFERAW MATERIAL BUSINESS AREA </a> wOOD FOR LIFERAW MATERIAL BUSINESS AREA <a title="7.Setra 2009_GB_www.pdf page 26" href="http://viewer.zmags.com/publication/f5768d6e?page=26">PLUSSHUS business areaShare of Group's</a> PLUSSHUS business areaShare of Group's<a title="7.Setra 2009_GB_www.pdf page 27" href="http://viewer.zmags.com/publication/f5768d6e?page=27">wOOD FOR LIFESales by geographic market2009</a> wOOD FOR LIFESales by geographic market2009<a title="7.Setra 2009_GB_www.pdf page 28" href="http://viewer.zmags.com/publication/f5768d6e?page=28">Sustainable development ENVIRONMENTCustomers</a> Sustainable development ENVIRONMENTCustomers<a title="7.Setra 2009_GB_www.pdf page 29" href="http://viewer.zmags.com/publication/f5768d6e?page=29">Breakdown of total energy consumption atSetra's </a> Breakdown of total energy consumption atSetra's <a title="7.Setra 2009_GB_www.pdf page 30" href="http://viewer.zmags.com/publication/f5768d6e?page=30">Setra's transport of wood raw material, </a> Setra's transport of wood raw material, <a title="7.Setra 2009_GB_www.pdf page 31" href="http://viewer.zmags.com/publication/f5768d6e?page=31">wOOD FOR LIFECarbon Footprints for sawn redwood</a> wOOD FOR LIFECarbon Footprints for sawn redwood<a title="7.Setra 2009_GB_www.pdf page 32" href="http://viewer.zmags.com/publication/f5768d6e?page=32">Sustainable development HEALTH AND SAFETYSet</a> Sustainable development HEALTH AND SAFETYSet<a title="7.Setra 2009_GB_www.pdf page 33" href="http://viewer.zmags.com/publication/f5768d6e?page=33"> </a> <a title="7.Setra 2009_GB_www.pdf page 34" href="http://viewer.zmags.com/publication/f5768d6e?page=34">Sustainable development HUMAN RESOURCESThe b</a> Sustainable development HUMAN RESOURCESThe b<a title="7.Setra 2009_GB_www.pdf page 35" href="http://viewer.zmags.com/publication/f5768d6e?page=35">internal recruitment base for furtherleaders and</a> internal recruitment base for furtherleaders and<a title="7.Setra 2009_GB_www.pdf page 36" href="http://viewer.zmags.com/publication/f5768d6e?page=36">34 · ANNUAL REPORT 2009 · SETRA GROUP </a> 34 · ANNUAL REPORT 2009 · SETRA GROUP <a title="7.Setra 2009_GB_www.pdf page 37" href="http://viewer.zmags.com/publication/f5768d6e?page=37">WOOD FOR RESPONSIBLE BUILDING“By creating wooden</a> WOOD FOR RESPONSIBLE BUILDING“By creating wooden<a title="7.Setra 2009_GB_www.pdf page 38" href="http://viewer.zmags.com/publication/f5768d6e?page=38">ANNUAL REPORTReport of the directors </a> ANNUAL REPORTReport of the directors <a title="7.Setra 2009_GB_www.pdf page 39" href="http://viewer.zmags.com/publication/f5768d6e?page=39">REPORT OF THE DIRECTORSThe Board of Director</a> REPORT OF THE DIRECTORSThe Board of Director<a title="7.Setra 2009_GB_www.pdf page 40" href="http://viewer.zmags.com/publication/f5768d6e?page=40">of spruce. Setra's largest raw material suppliers</a> of spruce. Setra's largest raw material suppliers<a title="7.Setra 2009_GB_www.pdf page 41" href="http://viewer.zmags.com/publication/f5768d6e?page=41">as risk management and sensitivity analysis is pr</a> as risk management and sensitivity analysis is pr<a title="7.Setra 2009_GB_www.pdf page 42" href="http://viewer.zmags.com/publication/f5768d6e?page=42">RISK MANAGEMENT ANDFACTORS AFFECTING EARNINGSS</a> RISK MANAGEMENT ANDFACTORS AFFECTING EARNINGSS<a title="7.Setra 2009_GB_www.pdf page 43" href="http://viewer.zmags.com/publication/f5768d6e?page=43">Other fixed costsOther fixed costs include repairs</a> Other fixed costsOther fixed costs include repairs<a title="7.Setra 2009_GB_www.pdf page 44" href="http://viewer.zmags.com/publication/f5768d6e?page=44">CONSOLIDATED INCOME STATEMENTSEKm </a> CONSOLIDATED INCOME STATEMENTSEKm <a title="7.Setra 2009_GB_www.pdf page 45" href="http://viewer.zmags.com/publication/f5768d6e?page=45">CONSOLIDATED BALANCE SHEETSEKm </a> CONSOLIDATED BALANCE SHEETSEKm <a title="7.Setra 2009_GB_www.pdf page 46" href="http://viewer.zmags.com/publication/f5768d6e?page=46">CONSOLIDATED STATEMENTOF CHANGES IN EQUITYEquit</a> CONSOLIDATED STATEMENTOF CHANGES IN EQUITYEquit<a title="7.Setra 2009_GB_www.pdf page 47" href="http://viewer.zmags.com/publication/f5768d6e?page=47">CONSOLIDATED CASH FLOW STATEMENTSEKm </a> CONSOLIDATED CASH FLOW STATEMENTSEKm <a title="7.Setra 2009_GB_www.pdf page 48" href="http://viewer.zmags.com/publication/f5768d6e?page=48">PARENT COMPANYIncome statementSEKm </a> PARENT COMPANYIncome statementSEKm <a title="7.Setra 2009_GB_www.pdf page 49" href="http://viewer.zmags.com/publication/f5768d6e?page=49">Statement of changes in Parent Company's equity</a> Statement of changes in Parent Company's equity<a title="7.Setra 2009_GB_www.pdf page 50" href="http://viewer.zmags.com/publication/f5768d6e?page=50">NOTES TO THE FINANCIAL STATEMENTSAmounts in SE</a> NOTES TO THE FINANCIAL STATEMENTSAmounts in SE<a title="7.Setra 2009_GB_www.pdf page 51" href="http://viewer.zmags.com/publication/f5768d6e?page=51">Subsidiaries are reported according to thepurcha</a> Subsidiaries are reported according to thepurcha<a title="7.Setra 2009_GB_www.pdf page 52" href="http://viewer.zmags.com/publication/f5768d6e?page=52">will be received and the Group will meet thecond</a> will be received and the Group will meet thecond<a title="7.Setra 2009_GB_www.pdf page 53" href="http://viewer.zmags.com/publication/f5768d6e?page=53">Derivative instruments are initially recog-nised</a> Derivative instruments are initially recog-nised<a title="7.Setra 2009_GB_www.pdf page 54" href="http://viewer.zmags.com/publication/f5768d6e?page=54">The obligation to make future lease pay-ments is</a> The obligation to make future lease pay-ments is<a title="7.Setra 2009_GB_www.pdf page 55" href="http://viewer.zmags.com/publication/f5768d6e?page=55">Impairment testing for property, plant andequipm</a> Impairment testing for property, plant andequipm<a title="7.Setra 2009_GB_www.pdf page 56" href="http://viewer.zmags.com/publication/f5768d6e?page=56">When the calculation results in an asset forthe </a> When the calculation results in an asset forthe <a title="7.Setra 2009_GB_www.pdf page 57" href="http://viewer.zmags.com/publication/f5768d6e?page=57">the terms of agreement. In reporting financialgua</a> the terms of agreement. In reporting financialgua<a title="7.Setra 2009_GB_www.pdf page 58" href="http://viewer.zmags.com/publication/f5768d6e?page=58">Note 2 cont.Net sales by product </a> Note 2 cont.Net sales by product <a title="7.Setra 2009_GB_www.pdf page 59" href="http://viewer.zmags.com/publication/f5768d6e?page=59">NOTE 3Business combinationsAcquisition of mino</a> NOTE 3Business combinationsAcquisition of mino<a title="7.Setra 2009_GB_www.pdf page 60" href="http://viewer.zmags.com/publication/f5768d6e?page=60">Note 6 cont.Audit assignments refer to examina</a> Note 6 cont.Audit assignments refer to examina<a title="7.Setra 2009_GB_www.pdf page 61" href="http://viewer.zmags.com/publication/f5768d6e?page=61">Note 8 cont.Remuneration to the Board and seni</a> Note 8 cont.Remuneration to the Board and seni<a title="7.Setra 2009_GB_www.pdf page 62" href="http://viewer.zmags.com/publication/f5768d6e?page=62">102Financial expensesInterest expensesExterna</a> 102Financial expensesInterest expensesExterna<a title="7.Setra 2009_GB_www.pdf page 63" href="http://viewer.zmags.com/publication/f5768d6e?page=63">NOTE 12Earnings per share2009 </a> NOTE 12Earnings per share2009 <a title="7.Setra 2009_GB_www.pdf page 64" href="http://viewer.zmags.com/publication/f5768d6e?page=64">NOTE 14Property, plant and equipment </a> NOTE 14Property, plant and equipment <a title="7.Setra 2009_GB_www.pdf page 65" href="http://viewer.zmags.com/publication/f5768d6e?page=65">Note 15 cont.Finance leases due for paymentM</a> Note 15 cont.Finance leases due for paymentM<a title="7.Setra 2009_GB_www.pdf page 66" href="http://viewer.zmags.com/publication/f5768d6e?page=66">Note 18 cont.Short-term investments that are </a> Note 18 cont.Short-term investments that are <a title="7.Setra 2009_GB_www.pdf page 67" href="http://viewer.zmags.com/publication/f5768d6e?page=67">NOTE 21PensionsSetra has defined benefit pension</a> NOTE 21PensionsSetra has defined benefit pension<a title="7.Setra 2009_GB_www.pdf page 68" href="http://viewer.zmags.com/publication/f5768d6e?page=68">NOTE 23Interest-bearing liabilitiesGroup </a> NOTE 23Interest-bearing liabilitiesGroup <a title="7.Setra 2009_GB_www.pdf page 69" href="http://viewer.zmags.com/publication/f5768d6e?page=69">Note 26, cont. </a> Note 26, cont. <a title="7.Setra 2009_GB_www.pdf page 70" href="http://viewer.zmags.com/publication/f5768d6e?page=70">Note 27 cont.Flows within </a> Note 27 cont.Flows within <a title="7.Setra 2009_GB_www.pdf page 71" href="http://viewer.zmags.com/publication/f5768d6e?page=71">Note 27 cont.Credit risks in trade receivables</a> Note 27 cont.Credit risks in trade receivables<a title="7.Setra 2009_GB_www.pdf page 72" href="http://viewer.zmags.com/publication/f5768d6e?page=72">NOTE 30Related partiesRelated party relationsh</a> NOTE 30Related partiesRelated party relationsh<a title="7.Setra 2009_GB_www.pdf page 73" href="http://viewer.zmags.com/publication/f5768d6e?page=73">PROPOSED DISPOSITION OF PROFITSThe foll</a> PROPOSED DISPOSITION OF PROFITSThe foll<a title="7.Setra 2009_GB_www.pdf page 74" href="http://viewer.zmags.com/publication/f5768d6e?page=74">AUDIT REPORTTo the Annual General Meetin</a> AUDIT REPORTTo the Annual General Meetin<a title="7.Setra 2009_GB_www.pdf page 75" href="http://viewer.zmags.com/publication/f5768d6e?page=75">CORPORATE GOVERNANCE REPORTIntroductionT</a> CORPORATE GOVERNANCE REPORTIntroductionT<a title="7.Setra 2009_GB_www.pdf page 76" href="http://viewer.zmags.com/publication/f5768d6e?page=76">The new Board of Directors consists of one repres</a> The new Board of Directors consists of one repres<a title="7.Setra 2009_GB_www.pdf page 77" href="http://viewer.zmags.com/publication/f5768d6e?page=77">Bengtsson was appointed at President. The</a> Bengtsson was appointed at President. The<a title="7.Setra 2009_GB_www.pdf page 78" href="http://viewer.zmags.com/publication/f5768d6e?page=78">BOARD OF DIRECTORS</a> BOARD OF DIRECTORS<a title="7.Setra 2009_GB_www.pdf page 79" href="http://viewer.zmags.com/publication/f5768d6e?page=79">Karl-Gunnar Burman </a> Karl-Gunnar Burman <a title="7.Setra 2009_GB_www.pdf page 80" href="http://viewer.zmags.com/publication/f5768d6e?page=80">Tor Marntell </a> Tor Marntell <a title="7.Setra 2009_GB_www.pdf page 81" href="http://viewer.zmags.com/publication/f5768d6e?page=81">Johan Johannesson </a> Johan Johannesson <a title="7.Setra 2009_GB_www.pdf page 82" href="http://viewer.zmags.com/publication/f5768d6e?page=82">Production: Setra Group AB in co-operation with G</a> Production: Setra Group AB in co-operation with G<a title="7.Setra 2009_GB_www.pdf page 83" href="http://viewer.zmags.com/publication/f5768d6e?page=83">ADDRESSESHEAD OFFICESetra Group ABBox 3027</a> ADDRESSESHEAD OFFICESetra Group ABBox 3027<a title="7.Setra 2009_GB_www.pdf page 84" href="http://viewer.zmags.com/publication/f5768d6e?page=84">Setra Group ABBox 3027SE-169 03 SOLNAPhone +46</a> Setra Group ABBox 3027SE-169 03 SOLNAPhone +46