Financial Reporting - Sulzer

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Financialreporting94 Consolidated financial statements949596979899166172Consolidated income statementConsolidated statement of comprehensive incomeConsolidated balance sheetConsolidated statement of changes in equityConsolidated statement of cash flowsNotes to the consolidated financial statementsAuditor’s reportSupplementary information178 Financial statements of Sulzer LtdBalance sheet of Sulzer LtdIncome statement of Sulzer LtdStatement of changes in equity of Sulzer LtdNotes to the financial statements of Sulzer LtdProposal of the Board of Directors for theappropriation of the available profit188 Auditor’s report179180181182187

Sulzer Annual Report 2020 – Financial reporting – Consolidated income statement94Consolidated income statementJanuary 1 – December 31millions of CHFSalesNotes202020193, 203’319.03’728.5–2’325.4–2’607.3Cost of goods soldGross profitSelling and distribution expensesGeneral and administrative 08.5Research and development expenses10–84.1–85.6Other operating income and expenses, net11–41.6–11.5Operating income (EBIT)150.6241.0Interest and securities income124.16.6Interest expenses12–25.2–24.9Other financial income and expenses, net12–7.0–10.0Share of profit and loss of associates17–0.70.1121.8212.8Income before income tax expensesIncome tax expenses–34.6–55.1Net income1387.2157.7attributable to shareholders of Sulzer Ltd83.6154.03.63.7attributable to non-controlling interestsEarnings per share (in CHF)Basic earnings per share252.464.52Diluted earnings per

Sulzer Annual Report 2020 – Financial reporting – Consolidated statement of comprehensive income95Consolidated statement of comprehensiveincomeJanuary 1 – December 31millions of CHF2020201987.2157.710.14.3Currency translation differences–133.5–63.9Total of items that may be reclassified subsequently to theincome .4–84.4Total comprehensive income for the period–28.273.3attributable to shareholders of Sulzer Ltd–30.569.52.33.7NotesNet incomeItems that may be reclassified subsequently to the incomestatementCash flow hedges, net of tax29Items that will not be reclassified to the income statementRemeasurements of defined benefit obligations, net of taxTotal of items that will not be reclassified to the incomestatementTotal other comprehensive incomeattributable to non-controlling

Sulzer Annual Report 2020 – Financial reporting – Consolidated balance sheet96Consolidated balance sheetDecember 31millions of CHFNotes20202019Goodwill14957.7920.8Other intangible assets14401.0430.1Property, plant and equipment15545.3544.4Lease assets16121.2112.6Associates1721.210.7Other non-current financial assets1810.612.6Non-current assetsNon-current receivablesDeferred income tax assets13Total non-current assets4.36.3154.5134.42’215.92’172.0Current assetsInventories515.1574.9Current income tax receivables1933.422.8Advance payments to suppliers59.973.6Contract assets20324.9355.2Trade accounts receivable21599.1645.9Other current receivables and prepaid expenses22202.2172.0Current financial assets18305.157.5Cash and cash equivalents231’123.21’035.5Total current assets3’162.82’937.5Total assets5’378.75’109.5EquityShare capital0.30.3Reserves241’404.01’580.4Equity attributable to shareholders of Sulzer Ltd1’404.31’580.7Non-controlling interestsTotal equity12.913.11’417.21’593.9Non-current liabilitiesNon-current borrowings261’491.31’199.2Non-current lease liabilities1690.282.3Deferred income tax liabilities1388.579.4Non-current income tax liabilities134.82.69227.4201.02765.873.4Defined benefit obligationsNon-current provisionsOther non-current liabilitiesTotal non-current liabilities21.96.21’989.91’644.1Current liabilitiesCurrent borrowings26231.8131.0Current lease liabilities1629.527.4Current income tax liabilities1338.733.3Current provisions27183.5135.3Contract liabilities20300.5344.8465.8522.4Trade accounts payableOther current and accrued liabilities721.9677.3Total current liabilities1’971.71’871.5Total liabilities3’961.63’515.6Total equity and 028

Sulzer Annual Report 2020 – Financial reporting – Consolidated statement of changes in equity97Consolidated statement of changes inequityJanuary 1 – December 31Attributable to shareholders of Sulzer Ltdmillions of CHFNotesEquity as of January 1, 2019SharecapitalRetainedearningsTreasurysharesCash .7Comprehensive income for the period:Net income– Cash flow hedges, net of �––24.8––24.8– Currency translation er comprehensive l comprehensive income for theperiod–129.1–4.3–63.969.53.773.3– Remeasurements of defined benefitobligations, net of taxTransactions with owners of thecompany:Allocation of treasury shares to shareplan participants––19.619.6––––Purchase of treasury ed .2––––119.2–1.7–121.0Equity as of December 31, 0.713.11’593.9Equity as of January 1, 202011.7Comprehensive income for the period:Net income– Cash flow hedges, net of tax– Remeasurements of defined benefitobligations, net of �8.0–––8.0–8.0– Currency translation 3.5Other comprehensive otal comprehensive income for �–10.410.4––––Transactions with owners of thecompany:Allocation of treasury shares to shareplan participantsPurchase of treasury ed �136.1––––136.1–2.6–138.7Equity as of December 31, ’

Sulzer Annual Report 2020 – Financial reporting – Consolidated statement of cash flows98Consolidated statement of cash flowsJanuary 1 – December 31millions of CHFNotesCash and cash equivalents as of January 1Net income202020191’035.51’095.287.2157.7Interest and securities income12–4.1–6.6Interest expenses1225.224.9Income tax expenses1334.655.1Depreciation, amortization and impairments14, 15, 16177.5171.5Income from disposals of tangible and intangible assets11, 15, 16–3.0–0.4Changes in inventories29.782.8Changes in advance payments to suppliers19.27.04.2–148.4Changes in contract assetsChanges in trade accounts receivable21.3–22.7Changes in contract liabilities–33.889.5Changes in trade accounts payable–29.6–8.0Change in provision for employee benefit plans44.3–7.0Changes in provisions48.9–1.6Changes in other net current assets–9.7–6.1Other non-cash items42.55.2Interest receivedInterest paid4.26.6–21.0–21.5Income tax paid–68.8–58.6Total cash flow from operating activities368.7319.6–6.0Purchase of intangible assets14–7.5Sale of intangible assets140.10.5Purchase of property, plant and equipment15–98.0–108.9Sale of property, plant and equipment158.98.14–108.2–78.5Acquisitions of associates17–6.7–0.0Dividends from associates170.00.1Purchase of other non-current financial assets18–3.3–1.1Sale of other non-current financial assets181.00.4Purchase of current financial assets18–370.4–57.4Sale of current financial assets18Acquisitions of subsidiaries, net of cash acquiredTotal cash flow from investing activitiesDividends paid to shareholders of Sulzer Ltd24Dividends paid to non-controlling interests in subsidiariesPurchase of treasury –1.7–23.1–11.1–34.0Payments of lease liabilities16–39.2Proceeds from non-current borrowings26498.90.3Repayments of non-current borrowings26–0.0–0.0Proceeds from current borrowings2672.2153.8Repayments of current borrowings26–177.1–149.2Total cash flow from financing activities236.5–123.2Exchange losses on cash and cash 35.5Net change in cash and cash equivalentsCash and cash equivalents as of December

Notes to the consolidated financial statements100 01 General information100 02 Significant events and transactionsduring the reporting period101 03 Segment information106 04 Acquisitions of subsidiaries108 05 Critical accounting estimates and judgments110 06 Financial risk management119 07 Corporate risk management119 08 Personnel expenses119 09 Employee benefit plans124 10 Research and development expenses124 11 Other operating income and expenses125 12 Financial income and expenses125 13 Income taxes129 14 Goodwill and other intangible assets131 15 Property, plant and equipment132 16 Leases134 17 Associates135 18 Other financial assets136 19 Inventories136 20 Assets and liabilities related to contractswith customers137 21 Trade accounts receivable138 22 Other current receivables and prepaid expenses138 23 Cash and cash equivalents139 24 Share capital140 25 Earnings per share140 26 Borrowings142 27 Provisions143 28 Other current and accrued liabilities143 29 Derivative financial instruments144 30 Contingent liabilities144 31 Share participation plans146 32 Transactions with members of the Board of Directors,Executive Committee and related parties147 33 Auditor remuneration147 34 Key accounting policies and valuation methods161 35 Subsequent events after the balance sheet date162 36 Major subsidiaries

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements1 General informationpage breakSulzer Ltd (the “companyˮ) is a company domiciled in Switzerland. The address of the company’sregistered office is Neuwiesenstrasse 15 in Winterthur, Switzerland. The consolidated financialstatements for the year ended December 31, 2020, comprise the company and its subsidiaries(together referred to as the “groupˮ and individually as the “subsidiariesˮ) and the group’s interest inassociates and joint ventures. The group specializes in pumping, agitation, mixing, separation andapplication technologies for fluids of all types. Sulzer was founded in 1834 in Winterthur, Switzerland,and employs around 15’000 people. The company serves clients in over 180 production and servicesites around the world. Sulzer Ltd is listed on the SIX Swiss Exchange in Zurich, Switzerland (symbol:SUN).The consolidated financial statements have been prepared in accordance with International FinancialReporting Standards (IFRS). They were authorized for issue by the Board of Directors on February23, 2021.Details of the group’s accounting policies are included in note 34.2 Significant events and transactions during the reporting periodThe financial position and performance of the group was particularly affected by the following eventsand transactions during the reporting period:— COVID-19 dominated the world stage in 2020. The lockdowns led to a standstill of public life inmany countries, limited access to customer sites, travel restrictions and challenges in supplychain and sales channels. As a consequence, the group has updated the budget and the threeyear strategic plan, relevant for the goodwill impairment test (see note 5 and note 14). As anotherconsequence, the group has reassessed the expected credit losses, relevant for the calculationof the allowance for doubtful trade accounts receivable, by applying updated forward-lookinginformation such as development of gross domestic product (GDP) and oil price development(see note 21).— On October 1, 2020, Sulzer acquired a 100% controlling interest of Haselmeier AG (“Haselmeierˮ)for CHF 119.2 million. The headquarters of Haselmeier is located in Stuttgart, Germany.Haselmeier employs approximately 230 people and is an own-IP provider of drug deliverydevices such as subcutaneous self-injection pens for use in fast-growing indications such asreproductive health, growth disorders, osteoporosis and diabetes. With the acquisition ofHaselmeier, the group will complement its healthcare portfolio and leverage its expertise inprecision injection molding. The acquisition resulted in an increase in goodwill of CHF 60.4million and other intangible assets of CHF 39.8 million at the date of acquisition (see note 4).— The group launched decisive measures to mitigate the impact of market disruptions on Energyrelated business activities early in 2020. The group recognized restructuring costs of CHF 58.0million (2019: CHF 23.4 million), partly offset by released restructuring provisions of CHF 2.2million (2019: CHF 0.2 million) (see note 27). Associated with restructuring initiatives, the groupfurther recognized impairments on tangible and intangible assets of CHF 9.8 million (2019: CHF4.4 million) (see note 14, note 15 and note 16). These mainly relate to the closure or resizing ofsites in Europe and the Americas, as well as the resizing of supporting resources.For a detailed discussion about the group’s performance and financial position please refer to the“Financial review”

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements101page break3 Segment informationSegment information by divisionsPumps Equipmentmillions of CHFRotating Equipment ServicesChemtechApplicator Systems20202019202020192020201920202019Order intake(unaudited) 4.8425.1Nominal 6%–14.2%–5.4%Currency-adjustedgrowth %–4.3%Organic growth %–5.2%Order backlog as ofDecember 8Sales recognized at apoint in les recognized overtime456.9474.3191.1181.6220.5248.81.41.5Sales 1.2420.6Nominal %–7.3%Currency-adjustedgrowth 4%–6.4%Organic growth ��15.2%–7.4%Operational 4.1%9.6%9.6%12.7%21.0%Restructuring 1.0–0.5–1.3Impairments ontangible and intangibleassetsNon-operational 12.2–13.8–23.4–22.9Operating 08.3Unallocated assets––––––––Total assets as ofDecember Operating 6Unallocated liabilities––––––––Total liabilities as ofDecember g net located net assets––––––––Total net assets as ofDecember 31731.3874.9538.7597.6183.5226.4618.4499.7Capital expenditure(incl. lease ��70.0–41.3Employees (number offull-time equivalents) asof December 71’8211) Order intake from external customers.2) Adjusted for currency and acquisition effects.3) Sales from external

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements102Segment information by divisionsOthers 4)Total divisionsmillions of CHFTotal Sulzer202020192020201920202019Order intake (unaudited) l growth justed growth (unaudited)–2.2%8.2%–––2.2%8.2%Organic growth 2) (unaudited)–3.8%6.3%–––3.8%6.3%Order backlog as of December 31 2.6Sales recognized at a point in 8906.2––869.8906.2Sales l growthSales recognized over ted growth (unaudited)–4.6%13.0%–––4.6%13.0%Organic growth 2) al profit onal profitability (unaudited)9.3%10.1%n/an/a9.0%10.0%Restructuring l items .61’308.41’705.61’308.4Total assets as of December �109.5Operating otal liabilities as of December �515.6Operating net ��098.4–––573.1–504.5–573.1–504.5Total net assets as of December 93.9Capital expenditure (incl. lease 1Employees (number of full-time equivalents) as ofDecember s on tangible and intangible assetsOperating assetsUnallocated assetsUnallocated liabilitiesUnallocated net assets1) Order intake from external customers.2) Adjusted for currency and acquisition effects.3) Sales from external customers.4) The most significant activities under “Others” relate to Corporate Center.For the definition of operational profit, operational profitability and adjustments for currency andacquisition effects, reference is made to the “Supplementary information” and for the reconciliationstatements to the “Financial review”

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statementsInformation about reportable segmentspage breakOperating segments are determined based on the reports reviewed by the Chief Executive Officerthat are used to measure performance, make strategic decisions, and allocate resources to thesegments. The business is managed on a divisional basis and the reported segments have beenidentified as follows:Pumps EquipmentThe Pumps Equipment division specializes in pumping solutions specifically engineered for theprocesses of its customers. The division provides pumps, agitators, compressors, grinders, screensand filters developed through intensive research and development in fluid dynamics and advancedmaterials. The focus is on pumping solutions for water, oil and gas, power, chemicals and mostindustrial segments.Rotating Equipment ServicesThrough a network of over 100 service sites around the world, the Rotating Equipment Servicesdivision provides cutting-edge parts as well as maintenance and repair solutions for pumps, turbines,compressors, motors and generators. The division services Sulzer original equipment, but also allassociated third-party rotating equipment run by the customers, maximizing its sustainability and lifecycle cost-effectiveness. The division’s technology-based solutions, fast execution and expertise incomplex maintenance projects are available at its customers’ doorsteps.ChemtechThe Chemtech division focuses on innovative mass transfer, static mixing and polymer solutions forchemicals, petrochemicals, refining and LNG. Chemtech also provides ecological solutions such asbiopolymers as well as textile and plastic recycling, contributing to a circular economy. The division’sproduct offering ranges from technology licensing to process components all the way to completeseparation process plants. Customer support ranges from engineering and field services to tray andpacking installation, tower maintenance, welding and plant turnaround projects – ensuring minimaldowntime.Applicator SystemsThrough its well-known brands (Mixpac, Transcodent, Cox, Medmix, Haselmeier and Geka), theApplicator Systems division develops and delivers innovative products and services for liquidapplication and mixing solutions within the healthcare, adhesives and beauty markets. The division’sIP-protected applicator solutions make the customers’ products precise, safe, unique and moresustainable, leveraging the division’s expertise in plastic-injection molding, two-component mixing,drug delivery and micro-brushes.OthersCertain expenses related to the Corporate Center are not attributable to a particular segment and arereviewed as a whole across the group. Also included are the eliminations for operating assets andliabilities.The Chief Executive Officer primarily uses operational profit to assess the performance of theoperating segments. However, the Chief Executive Officer also receives information about thesegments’ order intake and backlog, sales, and operating assets and liabilities on a monthly basis.Sales from external customers reported to the Chief Executive Officer are measured in a mannerconsistent with that in the income statement. There are no significant sales between the segments.No individual customer represents a significant portion of the group’s

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements104Operating assets and liabilities are assets or liabilities related to the operating activities of an entityand contributing to the EBIT.Segment information by regionThe allocation of assets is based on their geographical location. Non-current assets exclude otherfinancial assets, deferred tax assets and employee benefit assets. The allocation of sales fromexternal customers is based on the location of the customer.Non-current assets by regionmillions of CHF202020191’451.91’346.7– thereof Germany365.1275.4– thereof Switzerland274.8234.1– thereof United Kingdom209.9222.4– thereof Sweden187.4192.9– thereof the Netherlands116.8124.1Americas452.8524.0– thereof .52’018.7Europe, Middle East, Africa– thereof ChinaTotalSales by region2020Pumps orSystemsTotal Sulzer555.7469.6172.7204.01’402.0– thereof Germany58.249.226.382.1215.9– thereof United Kingdom25.7107.47.915.4156.3– thereof Saudi Arabia89.026.931.20.0147.0– thereof Russia31.550.911.71.695.7– thereof 7.01’144.1– thereof 92.230.3772.9– thereof 1351.23’319.0Pumps orSystemsTotal Sulzer576.7534.7195.4232.71’539.6– thereof Germany60.250.536.991.5239.1– thereof United Kingdom26.5142.16.719.6194.8– thereof Saudi Arabia60.239.922.50.1122.7– thereof Russia42.175.513.81.3132.7– thereof 6.01’321.3– thereof 295.231.8867.7– thereof 0420.63’728.5millions of CHFEurope, Middle East, AfricaTotal2019millions of CHFEurope, Middle East,

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements105Segment information by market segmentThe following table shows the allocation of sales from external customers by market segments:Sales by market segment2020Pumps orSystemsTotal SulzerOil and –746.1General 422.1Powermillions of CHF107.5311.11.8–420.4Adhesives, dental, Pumps orSystemsTotal SulzerOil and –845.9General millions of CHFAdhesives, dental, ��146.5146.51’477.01’167.0664.0420.63’728.5

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements4 Acquisitions of subsidiaries106page breakAcquisitions in 2020The following table summarizes the recognized amounts of assets acquired and liabilities assumed atthe date of acquisition, including the resulting goodwill and the total consideration paid. If newinformation obtained within one year of the date of acquisition about facts and circumstances thatexisted at the date of acquisition identifies adjustments to the amounts recognized below, then theaccounting for the acquisition will be revised.Net assets acquiredmillions of CHFHaselmeierOthersTotalIntangible assets39.81.741.5Property, plant and equipment13.10.013.1Lease assets2.4–2.4Deferred income tax assets0.3–0.3Cash and cash equivalents3.70.03.7Trade accounts receivable5.20.05.2Other current assets9.60.19.7Lease �3.5Non-current income tax liabilities–2.3––2.3Deferred income tax liabilities–5.3–0.3–5.6Other liabilities–1.8––1.8Net identifiable assets58.81.560.3Goodwill recognized in balance sheet60.4–60.4Total consideration119.21.5120.7Purchase price paid in gent considerationTotal considerationHaselmeierOn October 1, 2020, Sulzer acquired a 100% controlling interest of Haselmeier AG for CHF 119.2million. The headquarters of Haselmeier is located in Stuttgart, Germany. Haselmeier employsapproximately 230 people and is a leading own-IP provider of drug delivery devices such assubcutaneous self-injection pens for use in fast-growing indications such as reproductive health,growth disorders, osteoporosis and diabetes. With the acquisition of Haselmeier, Sulzer willcomplement its healthcare portfolio and leverage its APS expertise in precision injection molding toseize growth opportunities in the fast-growing drug delivery devices market. Haselmeier will operateas part of Sulzer’s Applicator Systems division. The goodwill is attributable to significant synergies byleveraging scale and cross-selling opportunities. None of the goodwill is expected to be deductiblefor tax purposes. Transaction costs recognized in the income statement amount to CHF –0.4 million.Since the acquisition date, Haselmeier contributed order intake of CHF 13.0 million, sales of CHF 7.4million, and net income of CHF 0.9 million to the group.Contingent considerationThe contingent consideration is mainly dependent on technology-related proof-of-concept, projectdevelopment and customer orders. The total liability is limited at CHF 16.5 million and is discountedto a present value of CHF 14.2 million. The calculation of the contingent consideration is based onmanagement assessments that the criteria will be achieved at a probability of

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements107Acquired receivablesThe fair value of acquired trade accounts receivable is CHF 5.2 million. The gross contractual amountfor trade account receivables due is CHF 5.2 million, of which none are expected to be uncollectibleat the date of acquisition.Pro forma sales and profit contributionHad all above acquisitions occurred on January 1, 2020, management estimates that total net salesof the group would amount to CHF 3'344.2 million, and the consolidated net income would be CHF89.9 million.Cash flow from acquisitions of subsidiariesmillions of CHFCash consideration paidCash acquiredPayments for acquisitions in prior yearsTotal cash flow from acquisitions, net of cash 108.2–78.520202019Contingent considerationmillions of CHFBalance as of January 1Assumed in a business combinationRelease to other operating incomeCurrency translation differences3.50.914.23.6––0.90.6–0.1Total contingent consideration as of December 3118.33.5– thereof non-current13.93.54.4–– thereof

Sulzer Annual Report 2020 – Financial reporting – Notes to the consolidated financial statements108Acquisitions in 2019The following table summarizes the recognized amounts of assets acquired and liabilities assumed atthe date of acquisition, including the resulting goodwill and the total consideration paid.millions of CHFGTCTechnologyUS, LLCAlba PowerOtherTotalIntangible assets19.538.25.363.14.03.9–8.0Property, plant and equipmentLease assets5.70.1–5.8Cash and cash equivalents12.63.2–15.9Trade accounts receivable9.34.4–13.7Other current e –6.9–4.1–0.7–11.7ProvisionsOther liabilitiesDeferred tax liabilities–2.3–5.4––7.7Net identifiable assets36.841.14.682.46.813.30.720.8Total consideration43.554.45.3103.2Purchase price paid in cash39.954.4–94.3Goodwill recognized in balance sheetPurchase price not yet paidContingent considerationTotal 3.25 Critical accounting estimates and judgmentsAll estimates and assessments are continually reviewed and are based on historical experience andother factors, including expectations regarding future events that appear reasonable under the givencircumstances. The group makes estimates and assumptions that relate to the future. By theirnature, these estimates will only rarely correspond to actual subsequent events. The estimates andassumptions that carry a significant risk, in the form of a substantial adjustment to the present valuesof assets and liabilities within the next financial year, are set out below.Employee benefit plansThe present value of the pension obligation and the plan assets depends on a number of factors thatare determined on an actuarial basis using a number of assumptions. Assumptions used indetermining the defin

Financial reporting 94 Consolidated financial statements 94 Consolidated income statement 95 Consolidated statement of comprehensive income 96 Consolidated balance sheet 97 Consolidated statement of changes in equity 98 Consolidated statement of cash flows 99 Notes to the consolidated

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