Annual Report • Feb 14, 2018
Annual Report
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Demand remained favorable in the fourth quarter, and invoicing increased 9 percent. Overall, however, the Group delivered a varied performance. Lesjöfors and Beijer Tech displayed favorable growth, while Habia underperformed compared with the invoicing level in the year-earlier period. Broken down by industry, the Group reported strong growth in the engineering industry, while the telecom and nuclear power sectors, which are key segments for Habia, experienced a weak trend in the quarter. The Chassis Springs business area in Lesjöfors continued to grow, but not at the same high rate as in earlier quarters of the year.
Invoicing rose 9 percent to MSEK 968 (887) in the fourth quarter. Adjusted for exchange rates and corporate acquisitions, the increase was 7 percent. Order bookings amounted to MSEK 1,008 (897), up 12 percent.
Lesjöfors and Beijer Tech reported improved earnings, while Habia's earnings declined. In total, operating profit increased to MSEK 125 (115). Profit before tax amounted to MSEK 123 (113). Earnings per share totaled SEK 3.07 (2.48). Cash flow after capital expenditures amounted to MSEK 68 (30).
Invoicing for the full year amounted to MSEK 3,971 (3,527), up 13 percent. Adjusted for exchange rates and corporate acquisitions, the increase was 10 percent. Order bookings rose 14 percent to MSEK 4,031 (3,530). Profit before tax amounted to MSEK 517 (447). Earnings per share totaled SEK 12.89 (10.87).
Lesjöfors is a full-range supplier of standard and specially produced industrial springs as well as wire and flat strip components. The company is a dominant player in the Nordic region and one of the largest companies in its industry in Europe. Lesjöfors has manufacturing operations in Sweden, Denmark, Finland, Germany, Latvia, the UK, Slovakia, the US, Mexico, Singapore, Thailand and China.
Lesjöfors conducts its operations in two business areas: Industrial Springs and Chassis Springs. Both business areas reported favorable demand and growth. Order bookings in the fourth quarter increased 14 percent to MSEK 579 (507). Invoicing amounted to MSEK 551 (485), up 14 percent. Adjusted for acquisitions and exchange rates, the increase in invoicing was 10 percent.
Invoicing in the Industrial Springs business area rose 14 percent during the quarter. Organic growth accounted for 11 percent of this increase. Growth was evenly distributed across industries and geographic markets, and was driven by the strong industrial economy.
Invoicing in the Chassis Springs business area also increased 14 percent during the quarter. Lesjöfors is the only company in the industry that conducts its own production and inventory management and can thus maintain a superior service level, even in the event of surges in demand. Sales to all geographic markets increased.
Operating profit increased for both business areas and amounted to a combined total of MSEK 103 (96).
Order bookings increased 19 percent to MSEK 2,408 (2,028) for the full year. Invoicing totaled MSEK 2,351 (2,009), up 17 percent. Operating profit amounted to MSEK 477 (380).
Habia Cable is one of Europe's largest manufacturers of custom-designed cables for customers in the telecom, transport, nuclear power, defense and other industries. The company has manufacturing operations in Sweden, Germany, China and Poland, and conducts sales worldwide.
Habia reported a weak quarter, mainly due to price pressure in the telecom sector and low volumes in the nuclear power industry. Operational disruptions, which company has now resolved, had a negative impact on delivery volumes and resulted in increased costs. Cost-cutting measures have been implemented and additional savings are planned.
Order bookings in the fourth quarter amounted to MSEK 196 (205), down 4 percent. Invoicing declined 15 percent to MSEK 185 (217), primarily due to lower deliveries to the nuclear power industry. Adjusted for currency effects, the decrease in invoicing was 13 percent. Earnings declined to MSEK 7 (30).
Order bookings for the full year increased 5 percent to MSEK 812 (770). Invoicing amounted to MSEK 809 (787), up 3 percent. Operating profit totaled MSEK 42 (97).
Beijer Tech specializes in industrial trading in the Nordic region and represents several of the world's leading manufacturers. The company's operations are conducted in two business areas: Industrial Products and Fluid Technology.
Beijer Tech's invoicing for the fourth quarter rose 26 percent to MSEK 233 (185). Adjusted for acquisitions, the increase was 18 percent. In comparable units, invoicing increased 23 percent in Industrial Products and 11 percent in Fluid Technology.
Beijer Tech has worked for a long time to adapt its staffing and organization to the demand situation, and earnings improvements earlier in the year were mainly achieved in terms of costs. During the quarter, the company's earnings were also boosted as a result of higher volumes. Operating profit for the quarter increased to MSEK 16 (loss: 5).
Invoicing for the year amounted to MSEK 811 (731) and operating profit to MSEK 47 (8).
The Parent Company, Beijer Alma AB, is a holding company that does not conduct external invoicing. The Parent Company posted an operating loss of MSEK 1 (loss: 6) for the quarter.
This loss includes a capital gain of MSEK 3. The operating loss for the year was MSEK 38 (loss: 30), including nonrecurring costs of MSEK 16 related to the change of CEO.
After dividends and Group contributions of MSEK 369 (318), net profit amounted to MSEK 326 (277).
As previously announced, Henrik Perbeck has been appointed as Beijer Alma's new President and CEO and will assume his new position in March 2018.
Beijer Alma's CFO Jan Blomén is serving as Acting CEO.
Net revenues
| MSEK | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | Full-year | |
| Lesjöfors | 550.8 | 527.6 | 648.0 | 624.8 | 485.2 | 474.0 | 540.6 | 509.6 | 2,351.2 | 2,009.4 | 1,995.9 |
| Habia Cable | 184.6 | 168.3 | 208.1 | 247.5 | 217.3 | 196.3 | 168.7 | 204.5 | 808.5 | 786.8 | 765.1 |
| Beijer Tech | 232.9 | 183.8 | 207.8 | 187.0 | 184.6 | 169.8 | 189.1 | 187.6 | 811.5 | 731.1 | 760.6 |
| Parent Company and intra-Group | 0.1 | – | 0.1 | 0.1 | 0.0 | 0.1 | – | 0.1 | 0.3 | 0.2 | 0.3 |
| Total | 968.4 | 879.7 | 1,064.0 | 1,059.4 | 887.1 | 840.2 | 898.4 | 901.8 | 3,971.5 | 3,527.5 | 3,521.9 |
| Operating profit | |||||||||||
| MSEK | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | 2015 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | Full-year | |
| Lesjöfors | 103.0 | 102.5 | 141.7 | 130.2 | 96.3 | 83.8 | 110.0 | 90.1 | 477.4 | 380.2 | 388.4 |
| Habia Cable | 6.7 | 4.6 | 6.4 | 24.5 | 30.2 | 29.1 | 15.7 | 22.0 | 42.2 | 97.0 | 99.0 |
| Beijer Tech | 16.2 | 10.3 | 12.1 | 8.6 | -4.8 | 4.2 | 4.5 | 4.0 | 47.2 | 7.9 | 17.5 |
| Parent Company and intra-Group | -1.0 | -4.6 | -10.0 | -22.8 | -6.5 | -5.6 | -11.0 | -6.8 | -38.4 | -29.9 | -27.6 |
| Total operating profit | 124.9 | 112.8 | 150.2 | 140.5 | 115.2 | 111.5 | 119.2 | 109.3 | 528.4 | 455.2 | 477.3 |
| Net financial items | -1.9 | -3.2 | -3.2 | -2.7 | -2.0 | -2.2 | -1.8 | -2.2 | -11.0 | -8.2 | -10.4 |
| Profit after net financial items | 123.0 | 109.6 | 147.0 | 137.8 | 113.2 | 109.3 | 117.4 | 107.1 | 517.4 | 447.0 | 466.9 |
No sales are conducted between segments.
The Board proposes an unchanged dividend of SEK 9.50 per share.
The Annual General Meeting will be held on Thursday, March 22, 2018 at 6:00 p.m. in the Main Hall (Stora Salen) of the Uppsala Concert and Conference Hall (Uppsala Koncert & Kongress), Vaksala torg 1, Uppsala. The Annual Report will be available at the company's office no later than three weeks prior to the Annual General Meeting and will be sent to shareholders around March 14, 2018.
Beijer Tech has acquired Svebab, a fire hose manufacturer situated in the town of Skene outside Gothenburg, Sweden. The company is a market leader and the only fire hose manufacturer in Sweden. Svebab has annual revenues of approximately MSEK 40, with favorable profitability. Exports account for about 20 percent of its revenues.
| MSEK | |
|---|---|
| Preliminary acquisition calculation | |
| Purchase consideration | 73.6 |
| (The acquisition included MSEK 11.9 in cash) |
|
| Net assets measured at fair value | 30.8 |
| Goodwill | 42.8 |
Goodwill was attributable to synergy effects within Beijer Tech's Fluid Technology business area and to inseparable customer relationships.
| MSEK | |
|---|---|
| Net assets measured at fair value comprise: | |
| Buildings | 8.5 |
| Intangible assets | 5.0 |
| Machinery | 2.0 |
| Inventories | 5.3 |
| Receivables | 7.4 |
| Cash | 11.9 |
| Non-interest-bearing liabilities | -9.3 |
| Total | 30.8 |
The receivables guaranteed by the seller are expected to be transferred at fair value. Takeover occurred on April 1 and, since then, Svebab has contributed MSEK 40 in net revenues and MSEK 10 in operating profit. Profit was charged with acquisition costs of MSEK 0.9.
Lesjöfors conducted a minor acquisition of assets and liabilities by acquiring the operations of the spring manufacturer Spiros AB. The purchase consideration was MSEK 3 and the fair value of the net assets was MSEK 3. The acquisition had a negligible impact on net revenues and profit. The acquisition costs were also negligible and have been expensed.
No significant events occurred after the end of the period.
The Group's material risks and uncertainties include business and financial risks. Business risks may include major customer exposures to individual industries or companies. Financial risks primarily pertain to foreign currency risks that arise because more than 95 and 85 percent of sales for Habia and Lesjöfors, respectively, are conducted outside Sweden, while approximately 65 percent of production takes place outside Sweden. Beijer Tech does not have a corresponding foreign currency risk since 70 percent of its sales are conducted in Sweden.
Management of the Group's financial risks is described in Note 31 of the 2016 Annual Report. The Group is deemed to have a favorable risk spread across industries and companies and the assessment is that the risk situation has remained unchanged during the year.
| Group | |||||
|---|---|---|---|---|---|
| MSEK | 2017 | 2016 | 2017 | 2016 | 2015 |
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Net revenues | 968.4 | 887.1 | 3,971.5 | 3,527.5 | 3,521.9 |
| Cost of goods sold | -654.7 | -584.6 | -2,706.9 | -2,381.7 | -2,367.8 |
| Gross profit | 313.7 | 302.5 | 1,264.6 | 1,145.8 | 1,154.1 |
| Selling expenses | -96.5 | -102.0 | -376.1 | -368.7 | -366.1 |
| Administrative expenses | -96.0 | -85.7 | -347.7 | -324.3 | -313.2 |
| Items affecting comparability | – | – | -16.1 | – | – |
| Other income | 2.9 | – | 2.9 | – | – |
| Profit from participations in associated companies | 0.8 | 0.4 | 0.8 | 2.4 | 2.5 |
| Operating profit | 124.9 | 115.2 | 528.4 | 455.2 | 477.3 |
| Interest income | 1.2 | 0.2 | 1.5 | 1.2 | 1.0 |
| Interest expenses | -3.1 | -2.2 | -12.5 | -9.4 | -11.4 |
| Profit after net financial items | 123.0 | 113.2 | 517.4 | 447.0 | 466.9 |
| Tax on net profit for the period | -30.5 | -38.7 | -129.1 | -119.4 | -113.2 |
| Net profit attributable to Parent Company shareholders | 92.5 | 74.5 | 388.3 | 327.6 | 353.7 |
| Other comprehensive income | |||||
| Items that may be reclassified to profit or loss | |||||
| Cash-flow hedges | -4.5 | 2.9 | -5.6 | -5.7 | 12.6 |
| Translation differences | 20.7 | 8.7 | -6.9 | 30.6 | -19.7 |
| Total other comprehensive income after tax | 16.2 | 11.6 | -12.5 | 24.9 | -7.1 |
| Total comprehensive income attributable to Parent | |||||
| Company shareholders | 108.7 | 86.1 | 375.8 | 352.5 | 346.6 |
| Other comprehensive income pertains in its entirety to items that may be reclassified to profit or loss. |
|||||
| Net earnings per share | |||||
| before and after dilution, SEK | 3.07 | 2.48 | 12.89 | 10.87 | 11.74 |
| Dividend per share, SEK | – | – | 9.50 | 9.50 | 9.50 |
| Includes amortization and depreciation in the amount | |||||
| of, MSEK | 34.9 | 29.9 | 130.5 | 117.3 | 110.6 |
| Parent Company | |||||
| MSEK | 2017 | 2016 | 2017 | 2016 | 2015 |
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Administrative expenses | -8.5 | -11.2 | -43.4 | -48.0 | -45.8 |
| Items affecting comparability | – | – | -16.1 | – | – |
| Other operating income | 7.4 | 4.7 | 21.1 | 18.2 | 18.2 |
| Operating loss | -1.1 | -6.5 | -38.4 | -29.8 | -27.6 |
| Group contributions | 60.1 | 52.1 | 60.1 | 52.1 | 52.1 |
| Income from participations in Group companies | 309.0 | 260.0 | 309.0 | 260.0 | 270.0 |
| Interest income and similar revenues | 0.2 | 0.1 | 0.8 | 0.7 | 0.6 |
| Interest expenses and similar expenses | -0.3 | -0.2 | -1.1 | -0.7 | -0.9 |
| Profit after net financial items | 367.9 | 305.5 | 330.4 | 282.3 | 294.2 |
| Tax on net profit for the period | -12.6 | -10.3 | -4.9 | -5.8 | -6.1 |
| Net profit | 355.3 | 295.2 | 325.5 | 276.5 | 288.1 |
No items are attributable to other comprehensive income.
| Group | |||
|---|---|---|---|
| MSEK | 2017 | 2016 | 2015 |
| Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||
| Fixed assets | |||
| Intangible assets | 607.4 | 550.6 | 508.6 |
| Tangible assets | 892.0 | 904.8 | 758.3 |
| Deferred tax assets | 15.8 | 19.1 | 18.6 |
| Financial assets | 36.3 | 30.3 | 28.7 |
| Total fixed assets | 1,551.5 | 1,504.8 | 1,314.2 |
| Current assets | |||
| Inventories | 824.6 | 717.9 | 673.3 |
| Receivables | 731.1 | 654.9 | 630.1 |
| Cash and bank balances | 328.1 | 273.6 | 252.2 |
| Total current assets | 1,883.8 | 1,646.4 | 1,555.6 |
| Total assets | 3,435.3 | 3,151.2 | 2,869.8 |
| 2017 | 2016 | 2015 | |
| Dec 31 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 125.5 | 125.5 | 125.5 |
| Other contributed capital | 444.4 | 444.4 | 444.4 |
| Reserves | 38.1 | 50.6 | 25.8 |
| Retained earnings, including net profit for the period | 1,383.1 | 1,281.0 | 1,239.6 |
| Shareholders' equity attributable to Parent Company shareholders | 1,991.1 | 1,901.5 | 1,835.3 |
| Non-controlling interests | 3.9 | 3.8 | 3.7 |
| Total shareholders' equity | 1,995.0 | 1,905.3 | 1,839.0 |
| Non-current liabilities to credit institutions | 144.7 | 242.8 | 206.0 |
| Other non-current liabilities | 75.0 | 66.2 | 56.3 |
| Current liabilities to credit institutions | 592.1 | 343.9 | 240.2 |
| Current non-interest-bearing liabilities | 628.5 | 593.0 | 528.3 |
| Total liabilities | 1,440.3 | 1,245.9 | 1,030.8 |
| Total shareholders' equity and liabilities | 3,435.3 | 3,151.2 | 2,869.8 |
| MSEK | 2017 | 2016 | 2015 |
|---|---|---|---|
| Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||
| Fixed assets | |||
| Tangible assets | 1.2 | 1.2 | 1.1 |
| Financial assets | 532.0 | 532.2 | 532.2 |
| Total fixed assets | 533.2 | 533.4 | 533.3 |
| Current assets | |||
| Receivables | 440.2 | 362.8 | 367.6 |
| Cash and cash equivalents | 59.7 | 3.1 | 9.3 |
| Total current assets | 499.9 | 365.9 | 376.9 |
| Total assets | 1,033.1 | 899.3 | 910.2 |
| MSEK | 2017 | 2016 | 2015 |
| Dec 31 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | |||
| Share capital | 125.5 | 125.5 | 125.5 |
| Statutory reserve | 444.4 | 444.4 | 444.4 |
| Retained earnings | 3.1 | 12.8 | 11.0 |
| Net profit for the period | 325.5 | 276.5 | 288.1 |
| Total shareholders' equity | 898.5 | 859.2 | 869.0 |
| Current liabilities to credit institutions | 100.3 | 14.7 | 19.1 |
| Current non-interest-bearing liabilities | 34.3 | 25.4 | 22.1 |
| Total shareholders' equity and liabilities | 1,033.1 | 899.3 | 910.2 |
| Group | ||||||
|---|---|---|---|---|---|---|
| MSEK | 2017 | 2016 | 2017 | 2016 | 2015 | 2014 |
| Q4 | Q4 | Full-year | Full-year | Full-year | Full-year | |
| Cash flow from operating activities before change in working capital and capital expenditures |
128.9 | 98.1 | 520.2 | 436.5 | 456.0 | 422.4 |
| Change in working capital, increase (–) decrease (+) | -23.1 | 29.8 | -132.1 | 28.5 | -92.7 | -19.8 |
| Cash flow from operating activities | 105.8 | 127.9 | 388.1 | 465.0 | 363.3 | 402.6 |
| Investing activities | -37.5 | -60.0 | -118.0 | -213.3 | -111.5 | -141.4 |
| Acquired companies less cash and cash equivalents | – | -38.1 | -83.6 | -78.1 | – | -115.2 |
| Cash flow after capital expenditures | 68.3 | 29.8 | 186.5 | 173.6 | 251.8 | 146.0 |
| Financing activities | 8.9 | 3.9 | -130.1 | -157.4 | -190.9 | -208.5 |
| Change in cash and cash equivalents | 77.2 | 33.7 | 56.4 | 16.2 | 60.9 | -62.5 |
| Cash and cash equivalents at beginning of period | 252.6 | 238.7 | 273.6 | 252.2 | 191.3 | 253.8 |
| Exchange-rate fluctuations in cash and cash equivalents | -1.7 | 1.2 | -1.9 | 5.2 | – | – |
| Cash and cash equivalents at end of period | 328.1 | 273.6 | 328.1 | 273.6 | 252.2 | 191.3 |
| Approved but not utilized committed credit facilities | 565.9 | 694.3 | 565.9 | 694.3 | 630.8 | 645.0 |
| Available liquidity | 894.0 | 967.9 | 894.0 | 967.9 | 883.0 | 836.3 |
| MSEK | 2017 | 2016 | 2015 |
|---|---|---|---|
| Full-year | Full-year | Full-year | |
| Opening shareholders' equity attributable to Parent Company shareholders | 1,901.5 | 1,835.3 | 1,744.8 |
| Comprehensive income for the period | 375.8 | 352.4 | 346.6 |
| Dividend paid | -286.2 | -286.2 | -256.1 |
| Closing shareholders' equity attributable to Parent Company shareholders | 1,991.1 | 1,901.5 | 1,835.3 |
| Non-controlling interests | 3.9 | 3.8 | 3.6 |
| Total closing shareholders' equity | 1,995.0 | 1,905.3 | 1,838.9 |
| Retained earnings, including net profit for |
|||||
|---|---|---|---|---|---|
| MSEK | Share capital | Other contributed capital | Reserves | the period | Total |
| December 31, 2016 | 125.5 | 444.4 | 50.6 | 1,281.0 | 1,901.5 |
| Dividend paid | -286.2 | -286.2 | |||
| Comprehensive income for the period | -12.5 | 388.3 | 375.8 | ||
| December 31, 2017 | 125.5 | 444.4 | 38.1 | 1,383.1 | 1,991.1 |
| Number of shares | |||||
| 2017 | 2016 | 2015 | |||
| Dec 31 | Dec 31 | Dec 31 | |||
| Number of shares outstanding | 30,131,100 | 30,131,100 | 30,131,100 | ||
| Total number of shares, after full dilution | 30,131,100 | 30,131,100 | 30,131,100 | ||
| Average number of shares, after full dilution | 30,131,100 | 30,131,100 | 30,131,100 | ||
Of the total number of shares outstanding, 3,305,000 are Class A shares and the remaining shares are Class B shares.
This interim report was prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). The presentation of the interim report complies with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
No new or revised IFRS that took effect in 2017 had a significant impact on the Group. Accounting policies and terms of calculation are unchanged compared with those applied in the 2016 Annual Report. Significant accounting and valuation policies are found on pages 52–55 of the 2016 Annual Report.
IFRS 9 Financial Instruments applies as of January 1, 2018. Beijer Alma will apply IFRS 9 as of January 2018 and will restate the financial statements for 2017 in accordance with IFRS 9. Work on implementation and quantitative assessments is ongoing. IFRS 9 is not expected to impact the Group's earnings or financial position.
IFRS 15 Revenue from Contracts with Customers applies as of January 1, 2018. Beijer Alma will apply IFRS 15 as of January 1, 2018 and will restate the financial statements for 2017 in accordance with IFRS 15 in 2018. Work on implementation and quantitative assessments is ongoing. The assessment is that IFRS 15 will not impact the Group's earnings or financial position.
Items that seldom occur, are significant for comparability and comprise material amounts are recognized as items affecting comparability on a separate line in the income statement.
The fair value of financial assets and liabilities is deemed to correspond to the carrying amount.
Beijer Alma applies the European Securities and Markets Authority's (ESMA) new Guidelines on Alternative Performance Measures. In short, an alternative performance measure is a financial measure of historical or future financial performance, financial performance or cash flows that is not defined or
specified in IFRS. Definitions of the performance measures used in this interim report are available on the company's website.
The Parent Company, Beijer Alma AB, applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. These accounting policies correspond with the preceding year and with the consolidated accounting policies where applicable.
The interim report comprises pages 1–12, and pages 1–4 are thus an integrated part of this financial report.
| 2017 | 2016 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Number of shares | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 |
| Net revenues, MSEK | 968.4 | 887.1 | 3,971.5 | 3,527.5 | 3,521.9 |
| Operating profit, MSEK | 124.9 | 115.2 | 528.4 | 455.2 | 477.3 |
| Profit before tax, MSEK | 123.0 | 113.2 | 517.4 | 447.0 | 466.9 |
| Earnings per share after tax, SEK | 3.07 | 2.48 | 12.89 | 10.87 | 11.74 |
| Earnings per share after 22.0% standard tax, SEK | 3.19 | 2.93 | 13.39 | 11.57 | 12.09 |
| Cash flow after capital expenditures, excluding acquisitions per share, SEK |
2.27 | 1.26 | 8.96 | 7.36 | 8.36 |
| Return on shareholders' equity, % | 19.8 | 19.0 | 20.7 | 18.7 | 20.3 |
| Return on capital employed, % | 18.9 | 18.9 | 20.8 | 19.1 | 21.7 |
| Shareholders' equity per share, SEK | 66.08 | 63.11 | 66.08 | 63.11 | 60.91 |
| Equity ratio, % | 58.0 | 60.3 | 58.0 | 60.3 | 64.0 |
| Net debt/equity ratio, % | 20.5 | 16.5 | 20.5 | 16.5 | 10.6 |
| Cash and cash equivalents, including unutilized credit facilities, MSEK |
894.0 | 967.9 | 894.0 | 967.9 | 883.0 |
| Investments in tangible assets, SEK | 36.8 | 66.0 | 125.9 | 203.6 | 135.8 |
| Interest-coverage ratio, multiple | 41.0 | 54.2 | 42.5 | 48.8 | 41.8 |
| Number of employees at end of period | 2,546 | 2,340 | 2,546 | 2,341 | 2,342 |
It is our opinion that the year-end report for 2017 provides a true and fair overview of the Parent Company's and the Group's operations, financial position and earnings and describes the material risks and uncertainties to which the Parent Company and the companies included in the Group are exposed.
Uppsala, February 14, 2018
Beijer Alma AB (publ)
Johan Wall Johnny Alvarsson Carina Andersson Chairman of the Board Director Director
Anders G. Carlberg Peter Nilsson Caroline af Ugglas Director Director Director
Anders Ullberg Jan Blomén Director President and CEO
We have reviewed the condensed interim financial information (interim report) of Beijer Alma AB (publ) as of December 31, 2017 and the 12-month period then ended. The Board of Directors and the President are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and a substantially more limited scope compared with the focus and scope of an audit conducted in accordance with the International Standards of Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant circumstances that might be identified in an audit. Therefore, the conclusion expressed on the basis of a review does not provide the same level of assurance as a conclusion expressed on the basis of an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Uppsala, February 14, 2018
Öhrlings PricewaterhouseCoopers AB
Leonard Daun Authorized Public Accountant
If you have any questions, please contact: Jan Blomén, Acting President and CEO, tel: +46 18 15 71 60, [email protected]
This information is information that Beijer Alma AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 12:30 p.m. on February 14, 2018.
______________________________________________________________________________________
Read more at: www.beijeralma.se
Visit our subsidiaries: www.lesjoforsab.com www.habia.com www.beijertech.se
Next report date: Interim report on April 26, 2018.
Beijer Alma AB (publ) Dragarbrunnsgatan 45, Box 1747, SE-751 47 Uppsala, Sweden. Tel: +46 18 15 71 60. Fax: +46 18 15 89 87. Registered office: Uppsala. Corp. Reg. No. 556229-7480. www.beijeralma.se
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