Interim / Quarterly Report • Oct 26, 2017
Interim / Quarterly Report
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The Group delivered a varied performance during the quarter. Lesjöfors and Beijer Tech continued to display stable growth in volumes and earnings, while Habia reported a weaker trend. Generally speaking, demand was favorable in most geographic markets and industries. Lesjöfors's Chassis Springs business area and Habia's Telecom business area continued to report higher volumes and deliveries to the engineering industry than in the preceding year.
Invoicing rose 5 percent to MSEK 880 (840) during the third quarter. Adjusted for exchange rates and corporate acquisitions, the increase was 4 percent. Order bookings amounted to MSEK 912 (818), up 11 percent.
Earnings continued to improve for Lesjöfors and Beijer Tech. Within Habia, price pressure in the telecom segment and lower volumes to the nuclear power industry resulted in weaker margins. Profit before tax for the third quarter totaled MSEK 110 (109). Earnings per share amounted to SEK 2.73 (2.75). Cash flow after capital expenditures totaled MSEK 156 (53).
Invoicing during the January to September period amounted to MSEK 3,003 (2,640), up 14 percent. Adjusted for exchange rates and corporate acquisitions, the increase was 11 percent. Order bookings rose 15 percent to MSEK 3,024 (2,633). Profit before tax, which was charged with nonrecurring costs of MSEK 16, totaled MSEK 394 (334). Earnings per share amounted to SEK 9.82 (8.40).
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's operations are conducted in two business areas: Industrial Springs and Chassis Springs. Both business areas performed well, driven by strong demand. Order bookings increased 15 percent during the quarter and invoicing 11 percent. Adjusted for acquisitions and exchange rates, the corresponding increases were 14 percent and 10 percent, respectively.
Invoicing in the Industrial Springs business area increased 10 percent during the quarter. In terms of organic growth, invoicing rose 9 percent. After several years of a weak industrial economy, demand has now improved and the rate of increase is stable and evenly distributed in terms of geographic region and industry.
Invoicing in the Chassis Springs business area increased 16 percent during the quarter. The company is capturing market shares. Lesjöfors conducts its own production and inventory management and can thus maintain the highest service level in the industry, even in the event of surges in demand. Chassis Springs is essentially a European business with seasonal variations, which results in higher invoicing during the first half of the year than the second. All geographic markets reported higher sales.
Operating profit increased for both business areas and totaled MSEK 103 (84).
During the January to September period, order bookings rose 20 percent to MSEK 1,828 (1,522). Invoicing amounted to MSEK 1,800 (1,524), up 18 percent. Operating profit totaled MSEK 374 (284).
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.
Price pressure in the telecom industry continued and put pressure on the margins. Deliveries to the nuclear power industry were at a low level. The company also experienced operational disturbances, which resulted in prolonged delivery times and cost increases. Certain cost-cutting measures have been implemented and additional savings are planned.
Habia's order bookings for the quarter amounted to MSEK 176 (169), up 4 percent. Invoicing declined 14 percent due to the production disturbances mentioned above and amounted to MSEK 168 (196). Fluctuations in exchange rates had a negative impact of 3 percent on order bookings and invoicing. Earnings amounted to MSEK 5 (29).
During the January to September period, order bookings rose 9 percent to MSEK 616 (565). Invoicing amounted to MSEK 624 (570), up 9 percent. Operating profit totaled MSEK 35 (67).
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 sales rose 8 percent to MSEK 184 (170). Adjusted for acquisitions, the increase was 2 percent. In comparable units, invoicing remained unchanged in Industrial Products and increased 6 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 are mainly being achieved in terms of costs. Operating profit for the quarter amounted to MSEK 10 (4).
Earlier in the year, the company acquired Svenska Brandslangsfabriken AB (Svebab), which contributed positively to its earnings trend. In late September, an agreement was signed concerning the acquisition of Packningar och Plast AB, with the transfer date scheduled for early 2018.
During the January to September period, invoicing amounted to MSEK 579 (547) and operating profit to MSEK 31 (13).
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 5 (loss: 6) for the quarter. The operating loss for the January to September period was MSEK 37 (loss: 23), including nonrecurring costs of MSEK 16 pertaining to the change of CEO.
Henrik Perbeck has been appointed as Beijer Alma's new President and CEO. He is currently CEO of Viacon Group and has extensive international experience gained at Dometic. Henrik Perbeck will take up his position not later than in the first quarter of 2018.
Current CEO Bertil Persson will step down on October 31. Beijer Alma's CFO Jan Blomén has been appointed to serve as Acting CEO until Henrik Perbeck takes office.
| Net revenues | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 |
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | |
| Lesjöfors | 527.6 | 648.0 | 624.8 | 485.2 | 474.0 | 540.6 | 509.6 | 2,009.4 | 1,995.9 |
| Habia Cable | 168.3 | 208.1 | 247.5 | 217.3 | 196.3 | 168.7 | 204.5 | 786.8 | 765.1 |
| Beijer Tech | 183.8 | 207.8 | 187.0 | 184.6 | 169.8 | 189.1 | 187.6 | 731.1 | 760.6 |
| Parent Company and intra-Group | – | 0.1 | 0.1 | 0.0 | 0.1 | – | 0.1 | 0.2 | 0.3 |
| Total | 879.7 | 1,064.0 | 1,059.4 | 887.1 | 840.2 | 898.4 | 901.8 | 3,527.5 | 3,521.9 |
| Operating profit | |||||||||
| MSEK | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2016 | 2015 |
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | |
| Lesjöfors | 102.5 | 141.7 | 130.2 | 96.3 | 83.8 | 110.0 | 90.1 | 380.2 | 388.4 |
| Habia Cable | 4.6 | 6.4 | 24.5 | 30.2 | 29.1 | 15.7 | 22.0 | 97.0 | 99.0 |
| Beijer Tech | 10.3 | 12.1 | 8.6 | -4.8 | 4.2 | 4.5 | 4.0 | 7.9 | 17.5 |
| Parent Company and intra-Group | -4.6 | -10.0 | -22.8 | -6.5 | -5.6 | -11.0 | -6.8 | -29.9 | -27.6 |
| Total operating profit | 112.8 | 150.2 | 140.5 | 115.2 | 111.5 | 119.2 | 109.3 | 455.2 | 477.3 |
| Net financial items | -3.2 | -3.2 | -2.7 | -2.0 | -2.2 | -1.8 | -2.2 | -8.2 | -10.4 |
| Profit after net financial items | 109.6 | 147.0 | 137.8 | 113.2 | 109.3 | 117.4 | 107.1 | 447.0 | 466.9 |
No sales are conducted between segments.
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 25.3 in net revenues and MSEK 5.9 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 87 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 71 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 | 2016 | 2015 | 2014 |
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | Full-year | Full-year | |
| Net revenues | 879.7 | 840.2 | 3,003.1 | 2,640.4 | 3,527.5 | 3,521.9 | 3,298.2 |
| Cost of goods sold | -615.3 | -570.5 | -2,052.2 | -1,797.1 | -2,381.7 | -2,367.8 | -2,229.1 |
| Gross profit | 264.4 | 269.7 | 950.9 | 843.3 | 1,145.8 | 1,154.1 | 1,069.1 |
| Selling expenses | -80.3 | -83.7 | -279.6 | -266.7 | -368.7 | -366.1 | -343.3 |
| Administrative expenses | -71.3 | -75.6 | -251.7 | -238.6 | -324.3 | -313.2 | -300.8 |
| Items affecting comparability | – | – | -16.1 | – | – | – | – |
| Other income | – | – | – | – | – | – | 0.6 |
| Profit from participations in associated companies | – | 1.1 | – | 2.0 | 2.4 | 2.5 | 1.9 |
| Operating profit | 112.8 | 111.5 | 403.5 | 340.0 | 455.2 | 477.3 | 427.5 |
| Interest income | – | 0.2 | 0.3 | 1.0 | 1.2 | 1.0 | 6.6 |
| Interest expenses | -3.2 | -2.4 | -9.4 | -7.2 | -9.4 | -11.4 | -10.5 |
| Profit after net financial items | 109.6 | 109.3 | 394.4 | 333.8 | 447.0 | 466.9 | 423.6 |
| Tax on net profit for the period | -27.4 | -26.4 | -98.6 | -80.7 | -119.4 | -113.2 | -104.3 |
| Net profit attributable to Parent Company shareholders | 82.2 | 82.9 | 295.8 | 253.1 | 327.6 | 353.7 | 319.3 |
| Other comprehensive income | |||||||
| Items that may be reclassified to profit or loss | |||||||
| Cash-flow hedges | -2.1 | -2.7 | -1.1 | -8.6 | -5.7 | 12.6 | -4.7 |
| Translation differences | -18.8 | 11.1 | -27.6 | 21.9 | 30.6 | -19.7 | 60.3 |
| Total other comprehensive income after tax | -20.9 | 8.4 | -28.7 | 13.3 | 24.9 | -7.1 | 55.6 |
| Total comprehensive income attributable to Parent | |||||||
| Company shareholders | 61.3 | 91.3 | 267.1 | 266.4 | 352.5 | 346.6 | 374.9 |
| 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 | 2.73 | 2.75 | 9.82 | 8.40 | 10.87 | 11.74 | 10.60 |
| Dividend per share, SEK | – | – | – | – | 9.50 | 9.50 | 8.50 |
| Includes amortization and depreciation in the amount of, | |||||||
| MSEK | 32.2 | 29.8 | 95.6 | 87.4 | 117.3 | 110.6 | 98.4 |
| Parent Company | |||||||
| MSEK | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 | 2014 |
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | Full-year | Full-year | |
| Administrative expenses | -9.0 | -9.9 | -34.9 | -36.8 | -48.0 | -45.8 | -41.0 |
| Items affecting comparability | – | – | -16.1 | – | – | – | – |
| Other operating income | 4.6 | 4.4 | 13.7 | 13.5 | 18.2 | 18.2 | 18.2 |
| Operating loss | -4.4 | -5.5 | -37.3 | -23.3 | -29.8 | -27.6 | -22.8 |
| Group contributions | – | – | – | – | 52.1 | 52.1 | 26.0 |
| Income from participations in Group companies | – | – | – | – | 260.0 | 270.0 | 246.0 |
| Interest income and similar revenues | 0.2 | 0.3 | 0.6 | 0.6 | 0.7 | 0.6 | 0.6 |
| Interest expenses and similar expenses | -0.3 | -0.2 | -,8 | -0.5 | -0.7 | -0.9 | -0.8 |
| Profit/loss after net financial items | -4.5 | -5.4 | -37.5 | -23.2 | 282.3 | 294.2 | 249.0 |
| Tax on net profit for the period | 0.9 | 0.8 | 7.7 | 4.5 | -5.8 | -6.1 | -1.2 |
| Net profit/loss | -3.6 | -4.6 | -29.8 | -18.7 | 276.5 | 288.1 | 247.8 |
No items are attributable to other comprehensive income.
| Group | |||||
|---|---|---|---|---|---|
| MSEK | 2017 | 2016 | 2016 | 2015 | 2014 |
| Sep 30 | Sep 30 | Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||||
| Fixed assets | |||||
| Intangible assets | 587.9 | 536.1 | 550.6 | 508.6 | 546.6 |
| Tangible assets | 900.5 | 821.0 | 904.8 | 758.3 | 747.0 |
| Deferred tax assets | 16.4 | 19.9 | 19.1 | 18.6 | 25.6 |
| Financial assets | 30.9 | 46.2 | 30.3 | 28.7 | 27.8 |
| Total fixed assets | 1,535.7 | 1,423.2 | 1,504.8 | 1,314.2 | 1,347.0 |
| Current assets | |||||
| Inventories | 749.0 | 678.8 | 717.9 | 673.3 | 636.5 |
| Receivables | 782.9 | 693.6 | 654.9 | 630.1 | 568.9 |
| Cash and bank balances | 252.6 | 238.7 | 273.6 | 252.2 | 191.3 |
| Total current assets | 1,784.5 | 1,611.1 | 1,646.4 | 1,555.6 | 1,396.7 |
| Total assets | 3,320.2 | 3,034.3 | 3,151.2 | 2,869.8 | 2,743.7 |
| 2017 | 2016 | 2016 | 2015 | 2014 | |
| Sep 30 | Sep 30 | Dec 31 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | |||||
| Share capital | 125.5 | 125.5 | 125.5 | 125.5 | 125.5 |
| Other contributed capital | 444.4 | 444.4 | 444.4 | 444.4 | 444.4 |
| Reserves | 21.9 | 39.1 | 50.6 | 25.8 | 32.8 |
| Retained earnings, including net profit for the period | 1,290.5 | 1,206.5 | 1,281.0 | 1,239.6 | 1,142.0 |
| Shareholders' equity attributable to Parent Company | |||||
| shareholders | 1,882.3 | 1,815.5 | 1,901.5 | 1,835.3 | 1,744.7 |
| Non-controlling interests | 3.8 | 3.8 | 3.8 | 3.7 | 3.8 |
| Total shareholders' equity | 1,886.1 | 1,819.3 | 1,905.3 | 1,839.0 | 1,748.5 |
| Non-current liabilities to credit institutions | 287.2 | 220.6 | 242.8 | 206.0 | 229.1 |
| Other non-current liabilities | 69.2 | 48.3 | 66.2 | 56.3 | 84.8 |
| Current liabilities to credit institutions | 443.9 | 363.5 | 343.9 | 240.2 | 152.0 |
| Current non-interest-bearing liabilities | 633.8 | 582.6 | 593.0 | 528.3 | 529.3 |
| Total liabilities | 1,434.1 | 1,215.0 | 1,245.9 | 1,030.8 | 995.2 |
| Total shareholders' equity and liabilities | 3,320.2 | 3,034.3 | 3,151.2 | 2,869.8 | 2,743.7 |
| MSEK | 2017 | 2016 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Sep 30 | Sep 30 | Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||||
| Fixed assets | |||||
| Tangible assets | 1.3 | 1.2 | 1.2 | 1.1 | 1.1 |
| Financial assets | 532.2 | 532.2 | 532.2 | 532.2 | 532.2 |
| Total fixed assets | 533.5 | 533.4 | 533.4 | 533.3 | 533.3 |
| Current assets | |||||
| Receivables | 132.4 | 112.0 | 362.8 | 367.6 | 327.9 |
| Cash and cash equivalents | 10.7 | 0.1 | 3.1 | 9.3 | 1.4 |
| Total current assets | 143.1 | 112.1 | 365.9 | 376.9 | 329.3 |
| Total assets | 676.6 | 645.5 | 899.3 | 910.2 | 862.6 |
| MSEK | 2017 | 2016 | 2016 | 2015 | 2014 |
| Sep 30 | Sep 30 | Dec 31 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | |||||
| Share capital | 125.5 | 125.5 | 125.5 | 125.5 | 125.5 |
| Statutory reserve | 444.4 | 444.4 | 444.4 | 444.4 | 444.4 |
| Retained earnings | 3.1 | 12.8 | 12.8 | 11.0 | 19.3 |
| Net profit/loss for the period | -29.8 | -18.7 | 276.5 | 288.1 | 247.8 |
| Total shareholders' equity | 543.2 | 564.0 | 859.2 | 869.0 | 837.0 |
| Current liabilities to credit institutions | 100.2 | 61.7 | 14.7 | 19.1 | 6.0 |
| Current non-interest-bearing liabilities | 33.2 | 19.8 | 25.4 | 22.1 | 19.6 |
| Total shareholders' equity and liabilities | 676.6 | 645.5 | 899.3 | 910.2 | 862.6 |
| Group | |||||||
|---|---|---|---|---|---|---|---|
| MSEK | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 | 2014 |
| Full | Full | Full | |||||
| Q3 | Q3 | Jan-Sep | Jan-Sep | year | year | year | |
| Cash flow from operating activities before change in working capital and capital expenditures Change in working capital, increase (–) decrease |
114.3 | 111.5 | 391.3 | 338.4 | 436.5 | 456.0 | 422.4 |
| (+) | 63.9 | 7.6 | -109.0 | -1.3 | 28.5 | -92.7 | -19.8 |
| Cash flow from operating activities | 178.2 | 119.1 | 282.3 | 337.1 | 465.0 | 363.3 | 402.6 |
| Investing activities | -22.2 | -66.4 | -80.5 | -153.3 | -213.3 | -111.5 | -141.4 |
| Acquired companies less cash and cash equivalents | – | – | -83.6 | -40.0 | -78.1 | – | -115.2 |
| Cash flow after capital expenditures | 156.0 | 52.7 | 118.2 | 143.8 | 173.6 | 251.8 | 146.0 |
| Financing activities | -79.3 | -22.0 | -139.2 | -157.3 | -152.2 | -190.9 | -208.5 |
| Change in cash and cash equivalents | 76.7 | 30.7 | -21.0 | -13.5 | 21.4 | 60.9 | -62.5 |
| Cash and cash equivalents at beginning of period | 175.9 | 208.0 | 273.6 | 252.2 | 252.2 | 191.3 | 253.8 |
| Cash and cash equivalents at end of period | 252.6 | 238.7 | 252.6 | 238.7 | 273.6 | 252.2 | 191.3 |
| Approved but not utilized committed credit facilities | 528.1 | 600.3 | 528.1 | 600.3 | 694.3 | 630.8 | 645.0 |
| Available liquidity | 780.7 | 839.0 | 780.7 | 839.0 | 967.9 | 883.0 | 836.3 |
| MSEK | 2017 | 2016 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Jan-Sep | Jan-Sep | Full-year | Full-year | Full-year | |
| Opening shareholders' equity attributable to Parent Company shareholders |
1,901.4 | 1,835.3 | 1,835.3 | 1,744.8 | 1,610.9 |
| Comprehensive income for the period | 267.1 | 266.4 | 352.4 | 346.6 | 374.9 |
| Dividend paid | -286.2 | -286.2 | -286.2 | -256.1 | -241.0 |
| Closing shareholders' equity attributable to Parent Company shareholders |
1,882.3 | 1,815.5 | 1,901.5 | 1,835.3 | 1,744.8 |
| Non-controlling interests | 3.8 | 3.8 | 3.8 | 3.6 | 3.8 |
| Total closing shareholders' equity | 1,886.1 | 1,819.3 | 1,905.3 | 1,838.9 | 1,748.6 |
| Retained earnings, including net profit |
|||||
|---|---|---|---|---|---|
| MSEK | Share capital | Other contributed capital | Reserves | for 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 | -28.8 | 295.8 | 267.0 | ||
| September 30, 2017 | 125.5 | 444.4 | 21.8 | 1,290.6 | 1,882.3 |
| Number of shares | 2017 | 2016 | 2015 | ||
| Sep 30 | 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, 3,310,000 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 have any material impact on 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 have any material impact on the Group's earnings or financial position.
Items that seldom occur, are significant for comparability and comprise material amounts are recognized as comparable items 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 1-10 and pages 1-4 are an integrated part of this financial report.
| 2017 | 2016 | 2017 | 2016 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|
| Q3 | Q3 | Jan-Sep | Jan-Sep | Full-year | Full-year | Full-year | |
| Number of shares | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 |
| Net revenues, MSEK | 879.7 | 840.2 | 3,003.1 | 2,640.4 | 3,527.5 | 3,521.9 | 3,298.2 |
| Operating profit, MSEK | 112.8 | 111.5 | 403.5 | 340.0 | 455.2 | 477.3 | 427.5 |
| Profit before tax, MSEK | 109.6 | 109.3 | 394.4 | 333.8 | 447.0 | 466.9 | 423.6 |
| Earnings per share after tax, SEK |
2.73 | 2.75 | 9.82 | 8.40 | 10.87 | 11.74 | 10.60 |
| Earnings per share after | |||||||
| 22.0% standard tax, SEK Cash flow after capital |
2.84 | 2.83 | 10.21 | 8.64 | 11.57 | 12.09 | 10.96 |
| expenditures, excluding | |||||||
| acquisitions per share, SEK | 5.17 | 1.75 | 6.69 | 6.10 | 7.36 | 8.36 | 8.66 |
| Return on shareholders' | |||||||
| equity, % | 18.5 | 19.3 | 21.7 | 19.0 | 18.7 | 20.3 | 19.7 |
| Return on capital employed, | |||||||
| % Shareholders' equity per |
17.1 | 18.9 | 21.1 | 19.4 | 19.1 | 21.7 | 21.3 |
| share, SEK | 62.47 | 60.25 | 62.47 | 60.25 | 63.11 | 60.91 | 57.91 |
| Equity ratio, % | 56.6 | 59.8 | 56.6 | 59.8 | 60.3 | 64.0 | 63.6 |
| Net debt/equity ratio, % | 25.4 | 19.0 | 25.4 | 19.0 | 16.5 | 10.6 | 10.9 |
| Cash and cash equivalents, including unutilized credit |
|||||||
| facilities, MSEK Investments in tangible |
780.7 | 839.0 | 780.7 | 839.0 | 967.9 | 883.0 | 836.3 |
| assets, SEK | 22.9 | 51.5 | 89.1 | 137.6 | 203.6 | 135.8 | 140.0 |
| Interest-coverage ratio, | |||||||
| multiple | 41.2 | 46.3 | 40.9 | 46.6 | 48.8 | 41.8 | 41.3 |
| Number of employees at end of period |
2,506 | 2,376 | 2,506 | 2,376 | 2,341 | 2,342 | 2,179 |
Uppsala, October 26, 2017
Beijer Alma AB (publ)
Bertil Persson President and CEO
This interim has not been reviewed by the company's auditors.
If you have any questions, please contact: Bertil Persson, President and CEO, Telephone +46 8 506 427 50, [email protected] Jan Blomén, Chief Financial Officer, Telephone +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 persons set out above, at 09:00 a.m. on October 26, 2017.
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Read more at: www.beijeralma.se
Visit our subsidiaries: www.lesjoforsab.com www.habia.com www.beijertech.se
Next report date: Interim report on February 14, 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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