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1 Annual Report 2011
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Annual Report 2011
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Managing Director’s statement
New business opportunities with Babcock & Wilcox VølundNow that we are part of B&W Vølund, one of the world’s leading suppliers of equip-ment for waste treatment, new business opportunities are opening up for us, and this development is giving our joint customers increased coordination of complete deliveries. Right now we are collaborating with B&W Vølund on three Swedish plant projects for Öresundskraft/ Filborna in Helsingborg, the City of Landskrona and Lidköping Energi, and on delivery to Ekokem in Finland. Implementation of these ongoing projects gives us the opportunity for optimisation of future overall solutions. Part of our joint development work is NextBAT®, which we presented to the market last autumn. In NextBAT® we are offering a future-proof overall solution for Waste-to-Energy plants with the best available techno-logy “from crane to stack”. The concept sets new and higher standards in terms of higher efficiency and lower emissions and meets the expected next generation of EC emission requirements. You can read more about NextBAT® and how it can benefit you on p. 10.
Increased need for energy recyclingIt is probable that the introduction of the R1 formula, to assess whether or not a waste plant can be said to be a recovery plant, will lead to the desire to increase energy recovery at many waste-combustion plants in Europe. Condensation of flue gases provides additional environmentally friendly energy and is excellent in terms of sustainability. Carbon-dioxide emis-sions decrease, as the recovered energy often replaces fossil fuels or electricity consumption, whilst at the same time waste disposal decreases. More and more customers are choosing to integrate flue gas condensation in conjunction with improving their flue gas purification, e.g. separating of sulphur. During 2011 we received orders for three flue gas condensation plants with integrated flue gas purification from Ekokem in Fin-land for their plant for environmentally hazardous waste in Riihimäki, from Tekniska Verken in Linköping, Sweden and Eksjö Energi, Sweden. On the Swedish market many custo-mers are now choosing to utilise condensation energy as ‘free’ district heating in the summer in absorption cooling units in order to produce comfort cooling. This solution could well be used in other appropriate cases in the rest of Europe.
Increased project business during 2011Our projects for Öresundskraft/Filborna in Helsingborg and for the City of Landskrona have run throughout the year, and final delivery will be in 2012 and 2013. We have also won no fewer than four new flue gas purification and condensa-tion projects during the course of the year. This means that the orders we are taking with us into 2012 are 50% up on last year, and this in turn means we have more projects than
usual for commissioning and delivery during 2012. We have also made a number of deliveries of ADIOX® dioxin removal material to both new customers and replacement material to existing customers. More than 100 ADIOX® installations are now in operation around the globe.
Increased turnover and improved operating profit We are continuing to be successful in terms of investment in our core products and both incoming orders and turnover have increased. For 2011 we are showing revenue-recog-nised sales of SEK 88 647 thousand (77 649) and an opera-ting result of SEK 9 867 thousand (7 272).
Towards a sustainable future – new technology to reduce emission of fine particlesDuring the course of the year we have demonstrated an ad-ditional new product for separating off fine particles from wet flue gases. It is a new type of WESP (Wet Electrostatic Precipitator), which we have integrated into our multistage scrubber. The results show very good separation of fine par-ticles. Our Sulphur Recirculation technology – demonstrated in 2010 – to reduce corrosion in superheaters and increase energy efficiency and our CUTNOX® NOx reduction techno-logy have both been marketed during the year, and have att-racted much interest on the part of several of our customers. I am now looking forward to a very exciting 2012, when we will better be able to contribute towards increased long-term sustainability, both in our immediate vicinity and globally.
Lennart GustafssonManaging Director, Götaverken Miljö
Summary – 2011● Considerably improved operating profit.● Four new orders for combined flue gas condensation & cleaning received against tough competition.● Progressing the execution of plant supply to Filborna and Landskrona together with B&W Vølund, providing fruitful experience.● Integration with B&W Vølund successfully finalized .
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Business operationsGötaverken Miljö develops, designs and supplies products and facilities for reducing environmentally hazardous emissions to air and water. We also supply energy recovery and district/local cooling generation. Our core operations, presented below, are solely cleantech oriented and are focused on wet flue gas cleaning systems combined with flue gas condensation and absorption heat pumps.
Wet flue gas cleaning & condensationThe patented multiple stage scrubber provides wet flue gas cleaning and the efficient removal of heavy me-
tals, sulphur, hydrochloric acid, ammo-nia, dioxins and mercury. ADIOX® and MERCOXTM pro cesses can be included to increase the efficiency of dioxin and mercury removal. Flue gas condensation can be integrated into scrubbers to recover energy to a district heating system.
Dry, semi-dry, semi-wet flue gas cleaningVarious baghouse filter systems can be delivered separately or integrated in our complete gas treatment sys-
tem, providing optimized emission perfor-mance and addit ive consumption.
Water treatmentHeavy metals and particles are re-moved from the water by precipita-tion and flocculation. Sulphates can be removed by gypsum precipitation.
Condensate is treated by ion exchange or reversed osmosis to allow water reuse.
Dry dioxin removal with ADIOX® materialPlants that generate flue gases with high dioxin levels can install a dry ADIOX dioxin absor ber after the
scrubber, and through this achieve below 0.1 ng TEQ/Nm3. The dry system provides even more efficient dioxin removal than the wet application. The technology is very reliable – continuously in place and continuously removing dioxins.
Absorption heat pumps & chillersEnergy recovery can be further ex-tended by installing absorption heat pumps. Absorption chillers provide
‘competitive’ comfort cooling to buildings connected to a district heating system.
Wet dioxin removal with ADIOX® materialThe patented ADIOX dioxin removal technology is a competitive and cost efficient method for achieving dioxin
levels that are well below those stipula-ted in current EU directives. Dioxins are captured in packings or demisters made from the ADIOX material. The packings are incinerated at the end of their service lifes. The dioxins are destroyed and are re-moved from the ecocycle.
ServiceOn site service and maintenance of flue gas cleaning and energy recovery plants and large absorption and com-pressor heat pumps. Guaranteed con-
tracted call-out service.
Dry, semi-dry, semi-wet flue gas cleaning
Wet dioxin removal with ADIOX® material
Dry dioxin removal with ADIOX® material
Water treatment
Wet flue gas cleaning & condensation
Net sales m€ 9,4Operating profit, EBITDA m€ 1,1Gross profit % 32,2 Profit margin % 11,8 Equity/assets ratio % 49,5 Liquidity ratio % 201Number of employees 30
District heating network
Boiler island
CUTNOX®
Sulphur Recirculation
Absorption heat pumps & chillers
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Filborna – Öresundskraft’s new Waste-to-Energy plant in Helsingborg, SwedenThe construction works at Öresundskraft’s Filborna Waste-to-Energy plant are proceeding as planned. Götaverken Miljö’s installation of major flue gas cleaning and energy recovery components were successfully finalised in December. Delivery of flue gas cleaning is taking place in collaboration with Alstom Power Sweden AB. Our part of the delivery consists of a polishing and condensing scrubber system, an absorption heat pump and a water cleaning plant. An exciting event was the transportation of the large scrubber from Helsingborg’s harbour to the Filborna site at the end of October. Because of its size and weight, the scrubber had to be transported in two pieces on two trucks. It was transported through Helsingborg city centre without any incidents. On November 1, the scrubber was lifted into place in the flue gas cleaning building. The plant will be ready for cold testing in May 2012 and final delivery will take place in spring 2013.
Filborna scrubber & condenser unit being lifted into the flue gas cleaning building.
Ongoing plant supplies from 2010
Landskrona CHP plant, SwedenThe installation at Landskrona of a flue gas condensing scrubber after a biofuel and waste co-incineration boiler is progressing and so far the mechanical installation has been finalised. Babcock & Wilcox Vølund ordered the equipment from Götaverken Miljö in October 2012. Apart from the scrubber condenser, the delivery includes a water circulation system with pumps and a water cleaning facility with particle filter and ion exchanger. The commissioning will start in spring 2012. Final trial run, performance test and take-over by the end customer, Landskrona Kraft AB, are scheduled for the end of October 2012.
Top of scrubber condenser at Landskrona.
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Successful delivery to AarsOn November 1 Götaverken Miljö handed over an energy recovery plant to the customer Aars Fjernvarme A/S in Denmark. The scrubber condenser for flue gas condensation was ordered in March 2011.
– We have installed a wet scrubber that will condense the flue gases from our waste incineration in order to utilize the heat to improve our energy recovery. As a bonus we get better flue gas cleaning with an additional reduction of all acidic gas components. This means we remain well prepared for expected tightening-up of emission requirements. We expect that the flue gas condensing plant will add another 4-5 MW heat to the district heating output. It also means our financial goal for the investment will be met, says Jan Clement, managing director of Aars Fjarnvarme.
– We are very satisfied with the way Götaverken Miljö has carried out the installation. It was done very professionally and was delivered by the contractually agreed deadline, Jan Clement concludes.
ISVAG quench replacedIn 1993 Götaverken Miljö delivered two flue gas cleaning lines to the ISVAG Waste-to-Energy plant in Antwerp, Belgium. Each line included a quench, two sequentially connected scrubbers and a common water treatment facility. Now the old plastic quench, with a brick-lined interior, was to be replaced with one made of high-temperature plastic material that can withstand 200ºC continuous gas temperature. Commission and installation took place in May 2011.
Two absorption chillersIn the spring we commissioned and handed over one ab-sorption chiller to Vattenfall Heat AB, Uppsala and one to Växjö Energi AB, Sweden.
Jan Clement
Delivered facilities
Ekokem Oy, FinlandIn June, Götaverken Miljö received its first plant-supply contract in Finland. Ekokem Oy ordered a new combined cleaning and energy recovery plant to the Riihimäki Waste-to-Energy, CHP plant, just north of Helsinki. The scope of delivery is a wet multi-stage scrubber with a stack to be integrated on top. It will be a compact and space-saving installation. The multi-stage scrubber will be installed downstream of an existing semi-dry flue gas cleaning system in a hazardous-waste incinerator. In addition to flue gas cleaning the scrubber, equipped with ADIOX® material for dioxin removal, will also be used for efficient energy recovery by condensing the hot flue gases. The plant will be delivered in spring 2013. Babcock & Wilcox Vølund will deliver boiler and firing equipment.
Babock & Wilcox Vølund chose Götaverken Miljö to supply a dry flue gas cleaning system to B&W Vølund’s delivery of a new production line for the CHP plant at Lidköpings Värmeverk AB, Sweden. Our delivery consists of a baghouse filter, and commissioning is scheduled for December 2012, with take-over by the customer in spring 2013.
Eksjö Energi, SwedenAgainst stiff competition, Götaverken Miljö won the contract to supply a wet multi-stage crubber for combined flue gas cleaning and energy recovery to Eksjö Energi AB, Sweden. The delivery consists of a unique, patented and compact scrubber system, also including ADIOX® dioxin removal material for effective absorption of dioxins. The installation is to improve the removal of acids (hydrochloric acid and sulphur dioxide) and recover energy by condensing the flue gases. Together with decreased district-heating temperatures, heat recovery can be increased
by a further 15%. Installation, commissioning and delivery will take place by the end of 2012.
Tekniska Verken in Linköping, SwedenIn October Tekniska Verken in Linköping placed an order with Götaverken Miljö for a wet flue gas cleaning scrubber with integrated energy recovery for the Gärstad Waste-to-Energy plant in Linköping. The scrubber, with an impressive height of almost 30 metres and diameter of around 6 metres, will clean the flue gases from three incineration lines. Above all, acidic gas components will be considerably reduced. The recovered heat will be distributed to the district heating system.– By choosing wet flue gas cleaning, whereby the flue gases are cleaned in a large scrubber tower, we obtain a much higher degree of purification with a minimum of additive consumption in the cleaning process. The new facility gives us a great security, and the most stringent emission requirements will be met, even when there are major variations in the composition of the waste, says Mile Elez, manager of the Energy division of Tekniska Verken in Linköping. The facility will be commissioned in autumn 2012 and delivered by the end of 2012.
New projects started up
Jan Clement, managing director, Aars Fjernvarme
The delivery to Aars Fjernvarme included replacement of the stack to one made of glass-fibre reinforced plastic.
Götaverken Miljö’s delivery to Ekokem, Finland.
Götaverken Miljö’s delivery to Eksjö Energi, Sweden.
We expect that the flue gas conden-sing plant will add another 4-5 MW heat to the district heating output. It also means our financial goal for the investment will be met.”
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Service and preventive maintenance
The key to increased profitabilityGötaverken Miljö offers expert servicing and maintenance of flue gas cleaning plants, heat pump plants and absorp-tion chillers. Our servicing activities include a complete programme, ranging from delivery of spare parts to full ser-vicing of entire plants. We carry out preventive maintenance, audits, revamping and plant repairs, and are on standby for emergency servicing. A service agreement is the best choice for maximisation a a plant’s life span, optimi sation of pro-ductivity and saving on costs and resources. Customised service agreementsA service agreement provides a good basis for long-term cooperation, ensuring safe operation and continuous availability. The service agreement will be tailor-made to match the needs of each and every plant, and will take into consideration planned stoppages and maintenance shutdown periods.
In 2011, we signed the following service agreements:• Vattenfall’s Waste-to-Energy plant in Uppsala, Sweden,
regarding overhaul of six absorption heat pumps.• Halmstads Energi & Miljö, Kristinehed’s W-t-E plant,
Sweden regarding overhaul of absorption heat pump.
We already have ongoing service agreements with:• Öresundskraft AB regarding planned and preventive
maintenance of compressor heat pumps• Jönköping Energi AB regarding overhaul of one absorp-
tion heat pump• Sandviken Energi AB regarding servicing of baghouse
filter• Renova AB – general agreement regarding servicing and
mecha nical overhaul.
Service assignments in 2011 Plant / Customer
Servicing of absorption heat pumps • Sävenäs W-t-E plant / Renova, Göteborg, Sweden• Uppsala W-t-E plant / Vattenfall, Sweden• Torsvik W-t-E plant / Jönköping Energi, Sweden• Kristinehed W-t-E plant / Halmstads Energi och Miljö, Sweden• Vestforbrænding W-t-E plant / Copenhagen, Denmark• Gärstad W-t-E plant / Tekniska Verken in Linköping, Sweden
Servicing of baghouse filter • Sandviken CHP plant, Sweden
Installation of absorption chiller • Sandviksverket CHP plant / Växjö Energi, Sweden
Commissioning of absorption chillers • Sandviksverket CHP plant / Växjö Energi, Sweden• Swedish University of Agricultural Sciences, Ultuna / Vattenfall, Sweden
Audit of flue gas cleaning plant • Sysav W-t-E plant, Malmö, Sweden
Audit of heat pump plants • Västhamnsverket CHP plant / Öresundskraft, Helsingborg, Sweden• Hammarbyverket CHP plant / Fortum, Stockholm, Sweden• Ryaverket CHP plant / Göteborg Energi, Sweden
Scrubber revamping • Sønderborg W-t-E plant, Denmark
Replacement of ADIOX® packings • Gärstad W-t-E plant / Tekniska Verken in Linköping, Sweden
Our contribition to sustainable society
Collaboration is importantClose collaboration and a good dialogue with our custo-mers are of great value to us. Their wishes are a challenge to us, and inspire us to develop even smarter technologies. After delivery we do customer-satisfaction surveys so as to gain important feedback. The information provides us with guidance on further improvement. Our collaboration with universities, research institutes and knowledge centres, both nationally and internationally, is vital if we are to be able to benefit from the expertise available. Through membership in trade organisations we can share our experiences and access updated information from experts in waste management.
Openness and trustOur customers must be able to rely on our supplying an opti-mum solution that will meet their expectations. They have to feel secure that we will discharge our undertakings and that our staff have the requisite expertise. Our service engineers are to hand for any servicing, conversion work and optimisa-tion that may become necessary, so that customers’ plants meet current and future directives and official requirements. The basis of our business is our ethical guidelines and codes of conduct. Honesty, openness and care are key words for us.
Pollutants Environmental and human health hazards Our technologies for treatment Examples of positive environmental effects from our products
Dioxins/furans Can cause cancer and damage the central nervous and immune systems.
ADIOX® dioxin removal. The dio xins are separated from gases and liquids. The used material is incinerated and leaves no residues. The dioxins are taken out of the eco-cycle.
Over the past 10 years ADIOX® has removed a quantity of dioxins corresponding to the WHO’s stipulated TDI (tolerable daily intake) of dioxins during one year for half of the earth’s population.
Heavy metals, e.g. Hg, Cd
Can damage the central nervous system.
Multistage scrubbing units including MERCOXTM mercury removal process.
• Stabilised residue product, safe for hazardous-waste landfill.• Reduces the presence of toxic metals in the environment.
Acidic gases (SO2, HCl, HF)
Acidification of the environment, disruption of ecosystems.
Wet flue gas cleaning with our multistage scrubbing units and neutralisation before releasing waste water to a recipient.
Water treatment facility.
• Reduced emissions of acid gas components into the atmosphere• Low chemicals consumption• Effective separation of pollutants bound in water.
Nitrogen oxides(NOx)
Acidification and formation of groundlevel ozone. Can cause respiratory diseases.
CUTNOX® for NOx reduction. • Reduced NOx emissions (full-scale tests showed approximately 30% reduction).
Carbon dioxide(CO2)
Global warming/climate changes
Energy recovery by flue gas condensation in our wet scrubbing units and additional recovery by absorption heat pumps.
• Indirectly reducing the use of fossil fuels for energy generation, i.e. fewer emissions of fossil CO2.
With our energy recovery installations, as of Dec 2011 we are recovering a total of 900 GWh/year (8 months’ plant operation time/year), which represents one year’s heating of 45.000 private houses in Sweden (each consuming 20 MWh/year). This corresponds to 1.4 million barrels of oil per year and the saving of 600.000 tons of CO2 emissions each year.
Dust, fine particles, aerosols
Can cause respiratory diseases, cancer and premature death.
Scrubber-integrated WESP. Lamella droplet separators.Knitted mesh demister systems.Baghouse filters.
Pilot-test results of the WESP technology show:• a typical particle removal efficiency of 99%• low energy consumption compared to other dust separation methods.
We are helping detoxify the environmentGötaverken Miljö is constantly working on the development of existing and new technologies so as to be able to offer our customers solutions that are sustainable and cost-effective in the long term. Our customers expect the best available tech-nology so they can process their waste in a safe and environ-mentally correct manner and increase the quantity of energy gained from the waste.
In 2011 Götaverken Miljö was nominated as ‘Cycle Detoxi-fier of the Year’ by the Swedish Recycling Award jury. The prize is awarded to ‘the company or person who has worked on or developed methods that have facilitated detoxification of materials or products, e.g. waste or contaminated soil, in both financial and environmental terms. In an environmentally positive way that is safe in terms of health and work the Cycle Detoxifier of the Year has found methods of purifying the cycle and thus contributed towards non-toxic recycling’. We did not win the prize, but are nevertheless proud of being nominated for this prize category.
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NextBAT® for advanced waste treatmentGötaverken Miljö and Babcock & Wilcox Vølund have long, in-depth experience of treatment of waste. In November the group presented its solution for future Waste-to-Energy plants, utilising a wet gas treatment system whereby water effluent containing chlorides can be accepted. The new plant concept will combine both state-of-the-art and brand-new technologies for Waste-to-Energy in the future, allowing EU countries to meet potential stricter requirements regarding electrical efficiency and flue gas emissions. The new generation of Best Available Technology standards (BAT) is expected to be presented in a forthcoming EU reference note (BREF) relating to waste incineration. Together, Götaverken Miljö and Babcock & Wilcox Vølund can provide an extremely reliable and sustainable solution for Waste-to-Energy plants, optimising operations, energy utilisation and flue gas treatment from crane to stack. In short, we are expecting 99% thermal efficiency and through use of our newest technologies we are meeting the most stringent emission requirements.
A reliable and sustainable wastetoenergy solution
No waste heat by condensing the flue gasesToday there are now effective and proven tech-nologies to recover the heat from flue gases in order to produce heat to city-wide or local district-heating grids. We use two methods: Direct condensing: A heat exchanger is positioned in the system to circulate cooling water from the scrubber condenser. The heat is transferred “directly” to the district-heating water on the other side of the heat exchanger. The temperature in the district-heating system determines the degree to which energy reco-very is possible . Condensing with heat pump: A heat pump is connected to a heat exchanger in the circula-ting cooling-water loop and the district-heating system is connected to the other side of the heat pump. The flue gas temperature can thus be re duced down to below 30ºC.You can normally expect heat recovery of 20-25%. When combined with wet flue gas clea-ning, including for example, ADIOX dioxin removal packings, very safe, efficient and cost-effective flue gas treatment is obtained.
Wet flue gas cleaning meets stricter emission requirementsA wet treatment system requires less use of chemicals than dry or semi-dry treatment, leaving only a small amount of solid residue products. Much of the residue water can often be reused in the process, as boiler or district-heating water. Götaverken Miljö has developed new technologies, providing lower emission levels and other positive effects. Some of the technologies were invented by Karlsruhe Institute of Technology (KIT).
Sustainable comfort coolingAbsorption technology also provides the possibility of producing comfort cooling in the summer. We supply absorption chillers to be placed locally in properties or centrally in a district cooling system. The chillers use excess heat from the district-heating network as an energy source. This technology has many benefits:• Increased sales of district heating • Increased electricity production in the CHP plant• Decreased use of electricity• High level of availability• Little maintenance required
13 Dust removal14 Quenching15 Acid scrubber stage with ADIOX® packing16 Alkaline scrubber stage with ADIOX® packing17 Condensing scrubber stage with ADIOX® packing18 Final particle removal19 Reheater20 Emission monitoring equipment21 Flue gas fan22 Heat exchangers in condensing system23 Absorption heat pump24 District heating system25 Buffer tanks
A wet treatment system requires less use of chemicals compared to a dry or semi-dry treatment, leaving only a small amount of solid residue products.”
Absorption heat pump.
Per Lindgren, manager Sales, Götaverken Miljö..
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Our technologies ensure safe emissions control and higher efficiency
Sulphur Recirculation reduces the corrosion rate and increases electrical efficiencyIn the Sulphur Recirculation process, sulphur from the wet flue gas cleaning is recirculated back to the furnace. The recirculated sulphur decreases the Cl/S ratio in the deposits and ashes. A less corrosive environment for the superheaters is thus established. The efficiency of electricity generation at Waste-to-Energy plants is increased if the boiler pressure and superheater temperature are raised. The process also reduces dioxin formation. Our patented Sulphur Recirculation process is unique in that no external sulphur is used in the process, thus it does not produce additional residues.
The results of full scale tests show:• Substantially reduced corrosion (>50%)• Verified potential for increased steam data and thus approximately 25% more electricity production• Approximately 25% lower dioxin content in raw gas and in residue products• Reduced deposit rate in superheaters (one third).• Less chloride in fly ash
CUTNOX® reduces NOx emissions at a low costWhen treating waste at high temperature, nitrogen oxides (NOx) are formed. CUTNOX® is our new technology to reduce emissions of NOx in waste combustion. The investment cost is low and the method lowers operating costs. With CUTNOX, variations in combustion temperature are reduced. This in turn makes it possible to further opti-mise the combustion with more stable and higher steam production, resulting in increased electrical efficiency. The process can be installed in both existing and new grate furnaces fitted with secondary and primary air. It is also possible to combine CUTNOX with other methods, e.g. SNCR, to reduce NOx emissions. CUTNOX has been subjected to full-scale testing. When CUTNOX was in operation the NOx emissions were reduced by approximately 30%. We anticipate a first commercial installation in early 2012.
Scrubber-integrated WESP for effective capturing of fine particlesEmissions of fine particles have received increased attention in recent years because of their detrimental effects on health. The finest particles are able to penetrate deeply into the lungs and other body tissues and cause premature death to many people. Improved dust separation during waste incineration is therefore an important issue for future sustainable energy systems. It is also likely that stricter demands regarding emissions of fine particles will be imposed in the future. In collaboration with the Italian company AWS Corporation, Götaverken Miljö has developed a new scrubber-integrated type of WESP (Wet ElectroStatic Precipitator) to separate dust, droplets and fine particles (<2,5 μm) and submicron particles (<1 μm) from flue gases. The WESP unit can be integrated in Götaverken Miljö’s multi-stage scrubber system.
One hundred ADIOX® dioxin removal installations across the globeSince the first installation ten years ago, our proven ADIOX® dioxin removal technology is now installed in 100 incinera-tion lines worldwide. The technology ensures emission levels well below the EU’s requirement of 0,1 ng I-TEQ/Nm3 . The ADIOX material is incinerated after use and the dioxins are completely destroyed and taken out of the eco-cycle.
MERCOXTM removes different forms of mercuryDuring combustion of material containing mercury, the mercury is released almost completely into the flue gases. The MERCOXTM mercury removal process is able to sepa-rate diffe rent forms of mercury. The process also integrates removal of sulphur dioxide and hydrochloric acid. The acid scrubber liquid containing mercury is transferred to the wa-ter cleaning process for neutralisation and precipitation of mercury. The MercOx technology allows a higher mercury content in the fuel without increasing emissions. It handles mercury peaks effectively and leaves very little residue.
In 2011, Götaverken Miljö demonstrated the technology on pilot scale at Renova’s Waste-to-Energy plant in Göteborg. The demonstration was very successful and our expectations and objectives have been met. We have established that:
• Our new WESP technology works well with flue gases from a full-scale Waste-to-Energy plant.• Great efficiency is achieved in removal of fine particles.
The pilot plant consisted of a scrubber-integrated WESP with a high-frequency transformer and cooled condensing collector. The WESP unit is made of electrically conductive FRP, guaranteeing a long service life in a corrosive environ-ment. Dust removal has been measured under a number of different operating conditions. Dust measurements and continuous measurements of particle size distribution have shown:
• Outlet dust concentration below < 0,3 mg/Nm3, dry gas• A typical dust removal efficiency of 99%.
The WESP technology has been demonstrated on pilot scale at Renova’s waste-to-energy plant and shows a typical dust removal efficiency of 99%.
Now, we have installed ADIOX® in 100 incineration lines worldwide.
MERCOXTM mercury removal, SAKAB treatment facility for hazardous waste
Inlet gas
Clean gas
InsufficientH2O2 dosage
Hg,
µg/
Nm
3 , dg
100000
10000
1000
100
10
1
0,1
0,01
0,0011 10 20 30 40
SO2HCl, HF,Hg
Boiler ashBottom ash Fly ash
WSESP or FF
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and construction works are proceeding as planned, and the project will be commissioned in autumn 2012. Take-over by the customer is scheduled for the first half of 2013.
During autumn 2010 the company received an order from the parent company for flue gas condensation for their delivery of a multi-fuel boiler with flue gas purification to Landskrona Kraft AB, Sweden. The timetable for this project is over a two-year period, with take-over in October 2012. Assembly is largely completed, and fine-tuning starts in spring 2012.
In June 2011 Ekokem Oy ordered a combined flue gas polishing and condensation plant for its moder nised line for combustion of environmentally hazardous waste in Riihimäki , Finland. The project is going to plan, and assem bly will commence in July 2012, for hand-over to the customer at the beginning of 2013.
In July 2011 the company received an order for a plant with conditioned dry flue gas purification for the parent com-pany’s delivery of a waste combustion line for Lidköping Energi AB. The project is going to plan, and will be deli-vered for take-over during spring 2013.
In October 2011 Tekniska Verken in Linköping, Sweden ordered a flue gas polishing and condensation plant for its three small waste-combustion lines. The plant will increase energy recycling and improve desulphurisation of the flue gases. The delivery will be ready for take-over at the end of 2012.
In November Eksjö Energi AB ordered a flue gas polishing and condensation plant for installation, start-up and take-over at the end of 2012.
Continued investment in servicingGötaverken Miljö operates and refines its servicing activi-ties. This covers servicing of flue gas cleaning and wa-ter cleaning plants, absorption heat pumps/chillers, heat exchangers and service systems, as well as compressor heat pumps. The larger service projects include delivery of absorption chillers to Växjö Energi AB and Vattenfall AB Heat Uppsala as well as auditing of compressor heat pumps in Hammarby, Sweden, and extensive scrubber renovation at Sønderborg Kraftvarmeværk I/S in Denmark.
Human resourcesGötaverken Miljö’s increase in incoming orders has led to the company employing additional personnel.
Fiveyear overview 2011 2010 2009 2008 2007
Net sales, SEK th. 88 647 77 649 91 358 137 807 50 957Profit after net financial income/expense, SEK th. 9 867 7 272 6 550 6 683 3 485
Equity/assets ratio (%) 49,5 28 18 39 37
OwnershipSince 4 January 2010 Götaverken Miljö AB has been wholly owned by Babcock & Wilcox Vølund A/S.
Proposed distribution of unappropriated earningsThe following profit is available for distribution by the Annual General Meeting (in SEK). Profit brought forward 9 168 086Profit for the year 7 647 475Total SEK 16 815 561
The Board proposes that the profit brought forward be distri-buted as follows:Carried forward 16 815 561Total SEK 16 815 561
Financial Report
General information about the businessGötaverken Miljö AB is owned by Babcock & Wilcox Vølund A/S since January 4, 2010 and since then Götaverken Miljö has acted as an independent supplier or in collaboration with its parent company in certain larger projects.
Götaverken Miljö AB is solely a Cleantech company, specia-lising in unique and globally leading products for cleaning of environmentally hazardous emissions and energy recovery. ADIOX® for removal of dioxins and MERCOXTM for removal of mercury from flue gases are successful market leaders.We develop, design and deliver complete systems and carry out servicing as well as engineering and consultancy assignments. Systems, consultancy services and servicing are delivered direct to customers in mainly Scandinavia and by way of subcontracting to the parent company. Unique products such as ADIOX tower packings for dioxin removal and scrubbers are delivered direct or via agents and partners in 10 or so strategically-selected countries to customers throughout the world. The ADIOX technology for removal of dioxins from flue gases has now been installed in 100 incineration lines in various parts of the world. The company also carries out servicing and conversion activities, chiefly aimed at delivered systems and existing large heat pumps and chillers.
The company has 30 employees, of which seven are female, and the head office is located in Gothenburg.
Retaining profitabilityOur targeted efforts and focus on unique products within our core activities – gas purification, energy recovery and servi-cing – continue to be successful. Revenue-recognised turnover totalled SEK 88 647 thousand (SEK 77 649 thousand) and generated an operating profit of SEK 9 867 thousand (SEK 7 272 thousand).
Babcock & Wilcox Vølund A/S brings new business opportunitiesGötaverken Miljö AB now has a powerful industrial owner with a well developed international network that is utilised for marketing and sale of the company’s products on new markets. The company’s strategy is to be a technology and skills leader in the field of wet flue gas purification and flue gas condensation for waste-fired combustion plants, and to strive to be a cutting-edge company with regard to dioxin and mercury separation. This makes the company a perfect match for the parent company, which is one of the world’s leading suppliers of waste-fired boilers and their peripheral systems. The parent company has a big market share in Scandinavia, and growth is a clearly expressed strategy. Becoming part of Babock & Wilcox Vølund A/S means that the company is an even stronger partner that is in the long term of greater interest to customers. The parent company is also buying system solu-tions directly from the company.
Of the year’s turnover, SEK 14 727 thousand (SEK 1 550 thousand) is sales to the parent company. Internal profits total SEK 3 583 thousand (SEK 959 thousand). Purchases from the parent company total SEK 103 thousand (SEK 13 thousand).
Development of our international sales networkSince the introduction of ADIOX® technology this solution has been taken up by around 100 incineration lines throughout the world, with excellent results. With these reference facilities as a basis, we have established an agent and dealer network in a number of selected countries, including France, Italy, Holland/Belgium, South Korea and India. The aim is to intensify local marketing and sales, principally of ADIOX® material, but also to take on bigger commitments, utilising resources made avai-lable by Babcock & Wilcox Vølund.
Cleantech our incentive for developmentOur core activities – reducing environmentally-hazardous emissions and energy recovery to save on the use of scarce resources – are essential elements of what is now known as ”Cleantech”. This activity has been attracting increased in-terest from environmentalists, politicians, the media and the general public. There is greatly increased interest in energy recovery, and a number of new orders have been received in this segment.
We are continuing to develop our technologies so as to mi-nimise emissions and increase energy recovery through flue gas condensation. Two examples are our new additional product for reducing dioxin formation as well as corrosion problems in waste-fired boilers, and our newly developed wet dust separation technology. In terms of technology we therefore feel that we are well equipped to face increased competition in future projects.
New technology to reduce emissions of fine particles from waste-fired boilersThe company has developed a new supplementary product for wet precipitation of fine particles from wet flue gases. The method uses electrostatic charging of particles and the particles are then removed in a scrubber stage. The tech-nology has been demonstrated within Waste Refinery, a Swedish Centre of Excellence, and Värmeforsk (Thermal Engineering Research Association).
Project activitiesIn June 2010 the company received an order for a polishing scrubber/scrubber condenser with absorption heat pump for Öresundskraft Kraft & Värme AB, intended for the new Waste-to-Energy plant Filborna in Helsingborg, Sweden. The delivery is taking place in collaboration with Alstom Power Sweden AB, who are responsible for the flue gas cleaning lot and the supply of the NID system. The project
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Notes to the accounts
Accounting and valuation principlesGötaverken Miljö AB’s accounting and valuation principles are in compliance with the Swedish Annual Accounts Act and the general recommendations of the Swedish Accounting Standards Board. The following definitions have been used for key ratios. Gross profit: Gross profit or loss/turnover. Profit margin: Profit or loss after depreciation + interest income/turnover. Equity/assets ratio: Equity + 73.7% of untaxed reserves/equity + liabilities. Earning capacity on equity: Profit or loss after net interest income/expense - standard tax rate/average equity + 73.7% of untaxed reserves. Acid-test ratio: Current assets - stock/current liabilities.
Note 1 - Salaries, other remuneration and social security expensesAverage number of employees 2011 2010
Men 22 21
Women 7 7
Total 29 28
Board and President
Salary costs 1 617 1 716
Social security expenses 1 228 1 130
Of which pension costs 518 561
Total, Board and President 2 845 2 846
Other employees
Salary costs 14 362 12 893
Social security expenses 6 763 6 726
Of which pension costs 2 087 2 183
Total, other employees 21 125 19 619
The company has, according agreement, undertaken to pay pension to the managing director. The commitment refers to the pension provision in the balance sheet. Other long-term holdings refer to endowment policy, pledged to guarantee this pension provision
Note 2 - Absence due to sicknessAbsent due to sickness as a percentage of the total normal working hours for each group. 2011 2010
All employees 1.19% 0.56%
Longterm absence 0.65% 0.00%
Age group 30 49 years 1.81% 0.74%
Age group 50 - years 0.45% 0.38%
Men, age group 30 49 years 0.36% 0.75%
Men, age group 50 - years 0.49% 0.42%
The percentage for employed women, in total or in each age group, is not reported due to the exception rule in the legislation, which states that information should not be furnished if the number of employees in each group is less than 10 or if the information can be traced to a specific individual. The same applies for the age group - 29 years.
Note 3 - Gender distribution, executive managementBoard members 2011 2010
Men 4 4
Women 0 0
Total 4 4
President and other officers of the Company
Men 1 1
Women 0 0
Total 1 1
Note 4 - Breakdown of depreciation 2011 2010
Intangible assets 0 0
Tangible assets 501 382
Total 501 382
Note 5 - Equipment and tools 2011 2010
Opening acquisition value 3 753 2 993
Purchases 724 760
Sales and disposals 0 0
Closing accumulated acquisition value 4 477 3 753
Opening depreciation 2 667 2 285
Depreciation for the year 501 382
Sales and disposals 0 0
Closing accumulated depreciation 3 168 2 667
Residual value according to plan 1 309 1 086
Note 6 - Work in progress 2011 2010
Projects in progress where revenue recognized amount exceeds invoiced amount
3 717 1 700
Projects in progress where preinvoiced amount exceeds revenue recognized amount
-2 386 -8 224
+1 331 -6 524
Work in progress at a fixed price is reported in accordance with the Swedish Accounting Standards Board main rule in BFNAR 2003:3 at the rate at which the work is completed, the so-called ‘gradual revenue recognition’ principle.
Note 7 - Equity Sharecapital
Statutoryreserve
Non-res.equity
Amount at the beginning of the year 500 100 9 168
Profit allocation as decided at the AGM 0
Dividend 0
Profit for the year 7 647
Amount at the year-end 500 100 16 815
Note 8 - Prepaid expenses and accrued income 2011 2010
Prepaid rent 300 285
Other prepaid costs 974 320
Accrued income 0 105
Total 1 274 710
Note 9 - Other provisions 2011 2010
Provisions for guarantee commitments 655 1 795
Note 10 - Financial assets 2011 2010
391 325
Acquisition cost for capital insurance. Valued to the lower of cost or market value. Market value: 424.
Note 11 - Accrued expenses and prepaid income 2011 2010
Accrued social security contributions 1 687 1 390
Accrued holiday pay 2 855 2 674
Accrued salaries 1 225 573
Other accrued costs 1 485 910
Total 7 252 5 547
Income statement
Current operations Note 2011 2010Net sales 88 647 77 649
Cost of goods sold 60 073 -52 034
Gross profit 28 574 25 615
Operating costsSales expenses 11 396 -12 058
Research and development -3 338 -2 486
Administrative expenses 3 472 3 417
Depreciation 4 -501 -382
Other operating income 0 0
Operating profit 1,2,3,4 9 867 7 272
Profit from financial investmentsInterest income and similar items 627 22
Interest expense and similar items -53 1 071
Profit before tax 10 441 6 223
Tax 2 794 1 637
Net profit for the year 7 647 4 586
Cash flow statement
Current operations 2011 2010Operating profit before financial items 9 867 7 272
Depreciation 501 382
Provision, guarantee commitments 1 044 103
9 324 7 551
Interest received 627 22
Interest paid -53 1 071
Tax paid 1 733 1 736
8 165 4 766
Increase/decrease, stocks 16 -58
Increase/decrease, current receivables +14 262 -5 503
Increase/decrease, accounts payable 1 209 3 260
Increase/decrease, current operating liabilities 6 006 5 611
Cash flow from current operations 15 228 8 076
Investment operationsInvestments in tangible fixed assets 724 760
Investments in financial assets 66 169
Cash flow from investment operations -790 -929
Financial operationsLoans raised/Amortisation of liability 0 7 013
Dividend paid 0 0
Cash flow from financing operations 0 -7 013
Cash flow for the period 14 438 134
Liquid funds at the beginning of the period 4 554 4 420
Liquid funds at the period-end 18 992 4 554
Balance sheet
ASSETS Note 2011 2010FIXED ASSETS
Tangible assets
Equipment and tools 5 1 389 1 086
Financial assets
Other longterm holdings 10 391 325
Total fixed assets 1 700 1 411
CURRENT ASSETS, Stocks etc.Stocks etc.
Stocks 166 182
Current receivables
Accrued noninvoiced income 6 3 717 1 700
Accounts receivable 9 286 26 126
Prepaid expenses and accrued income 8 1 274 710
Tax receivable 0 847
Other current receivables 16 18
14 293 29 401
Cash and bank balances 18 992 4 554
Total current assets 33 451 34 137
TOTAL ASSETS 35 151 35 548
EQUITY AND LIABILITIESEQUITY
Restricted equity
Share capital, 5 000 shares at a nominal value of SEK 100
500 500
Statutory reserve 100 100
600 600
Non-restricted equity
Profit brought forward 9 168 4 582
Profit for the year 7 647 4 586
Total equity 7 17 415 9 768
Provisions
Provisions for guarantee commitments 9 655 1 795
Provisons for pensions 1, 10 527 431
1 182 2 226
Current liabilities
Accounts payable 5 312 6 521
Accrued expenses and prepaid income 11 7 252 5 547
Advance payments from customers 6 2 386 8 224
Tax liability 216 0
Other current liabilities 1 388 3 262
Total current liabilities 16 554 23 554
Total liabilities 17 736 25 780
Total equity and liabilities 35 151 36 548
Memorandum items
Pledged assets
Floating chargesIn own custody deposit since Jan. 4, 2010
57 000 57 000
Contingent liabilities
Guarantee undertakings 1 628 3 018
All values as thousands SEK if not otherwise stated.
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Members of the board and auditor
Anders LorénBorn 1960. Manager, Projects. Employed since 2001.
Per LindgrenBorn 1956. Manager, Sales. Employed since 1989.
Lennart GustafssonBorn 1953. Managing Director. Employed since 2001.
Sven BrantebäckBorn 1968. Representative of the SwedishAssociation of Graduate Engineers.Board member since 2008.
Susanne TibrattSecretary since 2008. Executive & Marketing assistant, Götaverken Miljö AB.
Mats OlssonAuditor of the Company since 2003. Corporate lawyer and authorised public accountant. Partner in Adrian & Partners AB.
John Veje OlesenBorn 1964. Elected 2010. Chairman of the Board. Managing Director, Babcock & Wilcox Vølund A/S.
Jacob Rosenhøj JørgensenBorn 1958. Elected 2010. Financial Director, Babcock & Wilcox Vølund A/S.
Ole Hedegaard MadsenBorn 1958. Elected 2010. Director, Technology & Marketing, Babcock & Wilcox Vølund A/S.
Employee representative
Deputy employee representative
Board secretary
Ulf HäggBorn 1955. Manager, Process. Employed since 1988.
Erland AstorssonBorn 1961. Manager, Service. Employed since 1998.
Auditor
Ingemar HåkanssonBorn 1958. Representative of the Swedishwhite collar trade union Unionen.Board member since 2010.
Management
Anders LorénPer Lindgren Ulf HäggLennart Gustafsson Erland Astorsson
Audit ReportTo the annual meeting of the shareholders of Götaverken Miljö AB, Corporate identity number 556652-2743
Report on the annual accountsI have audited the annual accounts of Götaverken Miljö AB for the year January 1, 2011 – December 31, 2011.
Responsibility of the Board of directors and the Chief Executive Officer for the annual accountsThe Board of Directors and the Chief Executive Officer are res-ponsible for the preparation and fair presentation of these anual accounts in accordance with the Annual Accoutns Act, and for such internal control as Board of Directors and Chief Executive Officer determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilityMy responsibility is to express an opinion on the annual accounts based on my audit. I conducted my audit in accordance with In-ternational Standards on Auditing and generally accepted auditing standards in Sweden. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain rea-sonable assurance about whether the annual accounts are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the auditor’s judgement, inclu-ding the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assess ments, the auditor considers internal control relevant to the company’s preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the cir-cumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors and the Chief Executive Officer, as well as evaluating the overall presentation of the annual accounts.I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for may audit opinion.
OpinionsIn may opinion, the annual accounts have been prepared in accor-dance with the Annual Accounts Act and present fairly, in all mate-rial respects, the financial position of Götaverken Miljö AB as of December 31, 2011 and of its financial performance and cash flows for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts.I therefore recommend to the annual meeting of shareholders that the income statement and balance sheet be adopted.
Report on the statutory and regulatory requirementsIn addition to my audit of the annual accounts, I have examined the proposed appropriations of the company’s profit or loss and the administration of the Board of Directors and the Chief Executive Officer of Götaverken Miljö AB for the financial year January 1,
2011 – December 31, 2011.
Responsibility of the Board of directors and the Chief Executive OfficerThe Board of Directors is responsible for the proposal for appro-priations of the company’s profit or loss, and the Board of Directos and the Chief Executive Officer are responsible for administration under the Companies Act.
Auditor’s responsibilityMy responsibility is to express an opinion with reasonable assu-rance on the proposed appropriations of the company’s profit or loss and on the administration based on my audit. I conducted the audit in accordance with generally accepted auditing standards in Sweden.As a basis for my opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss, I examined whether the proposal is consistent with the Companies Act. As a basis for my opinion concerning discharge from liability, in addition to my audit of the annual accounts, I examined significant decisions, ac-tions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any member of the Board of Directors or the Chief Executive Officer. I also examined whether any member of the Board of Directors or the Chief Executive Officer has, in any other way, acted in contraven-tion of the Companies Act, the Annual Accounts Act or the Articles of Association.I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
OpinionsIn recommend to the annual meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory ad-ministration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.
Göteborg, February 7, 2012
Adrian & Partners AB
Mats OlssonAuthorized Public Accountant
Ingemar Håkansson
Jacob Rosenhøj Jørgensen
Sven Brantebäck Lennart GustafssonManaging Director
Göteborg, February 7, 2012
Ole Hedegaard MadsenJohn Veje OlesenChairman
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Götaverken Miljö is located in Göteborg and has its origin in the Götaverken companies, a large industrial group compri sing, among other things, shipyards and boiler manufacturing with a history dating back to 1841. Our office has an attractive loca-tion on Hisingen, on the banks of the river, the Göta Älv, where Götaverken previously ran its shipbuilding operations. The com-pany was founded in 1988 as a spin-off from Götaverken Energy and is owned by Babcock & Wilcox Vølund A/S , headquartered in Esbjerg, Denmark.
GÖTAVERKEN MILJÖ AB Visiting address: Anders Carlssons gata 14Postal address: Box 8876, SE-402 72 Göteborg, SwedenTel: +46(0)31-50 19 60 Fax: +46(0)31-22 98 67www.gmab.se a Babcock & Wilcox Vølund company
