Annual Report • Jun 1, 2016
Annual Report
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| Q4 | Q4 | May - Apr | May - Apr | |||
|---|---|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | Change | 2015/16 | 2014/15 | Change |
| Gross order bookings | 5,238 | n/a | n/a | 13,821 | 12,825 | 1%** |
| Net order bookings | 4,520 | 3,856 | 16%** | 12,880 | 11,907 | 1%** |
| Net sales | 3,607 | 3,855 | -6%** | 11,221 | 10,839 | -3%** |
| EBITA* | 785 | 739 | 6% | 1,639 | 1,472 | 11% |
| Operating result | 155 | 499 | -69% | 423 | 937 | -55% |
| Net income | 78 | 343 | -77% | 145 | 558 | -74% |
| Cash flow after continuous investments | 663 | 1,408 | -53% | 396 | 867 | -54% |
| Earnings per share after dilution, SEK | 0.20 | 0.90 | -78% | 0.36 | 1.45 | -75% |
* Adjusted for non-recurring items and bad debt losses. ** Compared to last fiscal year based on constant exchange rates
Forward-looking information. This report includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are described further in the section "Risks and uncertainties". Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.
The Transformation program, announced in June 2015, is progressing according to plan. The transformation has the objective of creating leaner and more efficient operations with improved profitability and an increased focus on cash flow. It also includes actions to strengthen customer services and innovation capacity with focus on time to market.
The targets for the Transformation program are:
Going forward, Elekta will not provide a net sales outlook, but continue to provide targets for the transformation program and describe performance as well as quarterly updates on current market dynamics – geographically as well as on progress for new technology. Market share development by region will be presented twice a year.
* Base year 2014/15, excluding currency effects.
Forward-looking information. This report includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are described further in the section "Risks and uncertainties". Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.
Large strategic wins in all regions, resulted in strong orders for the fourth quarter 2015/16. Cost savings and activities realized from our transformation contributed to an improved EBITA-margin and lower net working capital.
We delivered strong order growth in the fourth quarter, driven by several large strategic wins. These include MD Anderson and InnerPacific Alliance for Cancer Care in the US and NHS Supply Chain in the UK. In region Asia Pacific, we signed a major collaboration with GenesisCare. Despite difficult and challenging market conditions, particularly in emerging markets, we experienced a healthy demand for linear accelerators, including Versa HD™, as well as good momentum in the service business. In total, and from a relatively easy comparison last year, net order bookings increased 16* percent in the fourth quarter.
Gross order bookings totaled SEK 13.8 billion in fiscal year 2015/16, up 8 percent in SEK and 1 percent based on constant exchange rates. In region Europe, Middle East and Africa, gross orders improved in the fourth quarter and were flat for the fiscal year, increasing by 3 percent in SEK. North and South America grew by 2* percent and 12 percent in SEK and Asia Pacific by 1* percent and 10 percent in SEK.
It has been an intensive year of change and implementation of our Transformation program. In line with our expectations, net sales decreased slightly by 3* percent for the fiscal year or increased by 4 percent in SEK. Our service business grew by 11* percent, which reflects the execution of our strategy to drive service sales. The good performance in our service business in combination with realized cost savings, drove the improvement in the EBITA-margin**, which increased by one percentage point to 14.6 percent. In total, EBITA** increased by 11 percent to SEK 1,639 M compared to last year.
We have reached our target of a net working capital to sales ratio below 5 percent. Operational cash conversion was 111 percent (126). Cash flow was below plan in Asia Pacific due to longer lead times for payments. We continue to focus on working capital reduction and we expect cash flow to improve in the next fiscal year.
Our transformation is progressing according to plan. It will secure improved profitability and performance, as well as leaner and more efficient operations and will enable us to maximize our ability to innovate and provide the best solutions for our customers and their patients. By the end of fiscal year 2015/16, we had realized cost savings of SEK 200 M. We are confident of reaching our target of reduced costs of SEK 700 M in total, achieving an EBITA margin of 20 percent for fiscal year 2017/18.
We have begun to implement our produce-to-order process to reduce costs, lower net working capital and to improve cash flow. This is expected to result in a one-off negative revenue effect of SEK 500 M and, consequently, we expect a weak result during the first half of fiscal year 2016/17.
We continue to strengthen our innovation organization, and from May 1, 2016, all R&D activities have been brought together in one function under a new Chief Technology Officer. The highest priority is to drive growth through meaningful
innovations while we continue to strengthen our service and support organization as well as customer satisfaction.
We are confident that our significant investments in product development will strengthen our future growth. Our image guided radiation therapy project, MRlinac, continue to receive a lot of interest and attention, and is on track for commercialization during calendar year 2017. We have so far installed non-clinical systems at three consortium research sites and the four remaining members will receive their systems during calendar year 2016.
We continue to drive innovation and strengthen our offering and service in all product areas. We launched Leksell Gamma Knife® Icon™, which now have received regulatory approval in Japan, and saw orders improve during the fourth quarter. A milestone was recently reached, as the millionth patient received treatment with Leksell Gamma Knife. The very successful 18th Leksell Gamma Knife Society Meeting was held in Amsterdam in May. We receive great feedback from customers who use Leksell Gamma Knife Icon clinically – including oncology departments that are now able to provide the most precise, safe and proven solution for stereotactic radiosurgery and stereotactic radiotherapy for brain tumors.
Within software, we have launched a new version of Monaco, with up to four times faster calculation speed and industry-leading precision.
We had a good year in Brachytherapy. Growth in order bookings was strong and we launched new solutions such as Venezia™, a universal applicator for treating advanced gynecological cancer.
Right now we are changing many processes and how we work in Elekta. While doing this, it's important that we maintain the right perspective: the market we serve is focused on human beings – the patients – whose lives we can affect positively. Our commitment, our enthusiasm and motivation to develop and improve the way cancer and brain disorders are treated is stronger than ever.
I would like to thank all colleagues for their contribution and support to successfully drive our transformation. And I'd like to welcome Elekta's new President and CEO, Richard Hausmann, who will take over as of June 10. Richard has nearly three decades of experience in the medical device industry and a solid track record of bringing clinical innovations to the global health care market.
Tomas Puusepp President and CEO
*Based on constant exchange rates
**Before non-recurring items and bad debt losses
Presented amounts refer to the fiscal year 2015/16 and amounts within parentheses indicate comparative values for the equivalent period last fiscal year unless otherwise stated.
Gross order bookings increased 8 percent to SEK 13,821 M (12,825) and 1 percent based on constant exchange rates
| Q4 | Q3 | Q2 | Q1 | May - Apr | May - Apr | |
|---|---|---|---|---|---|---|
| SEK M | 2015/16 | 2015/16 | 2015/16 | 2015/16 | 2015/16 | 2014/15 |
| North & South America | 1,787 | 1,022 | 1,153 | 992 | 4,954 | 4,436 |
| Europe, Middle East & Africa | 2,001 | 818 | 1,269 | 736 | 4,824 | 4,700 |
| Asia Pacific | 1,450 | 776 | 976 | 841 | 4,043 | 3,689 |
| Group | 5,238 | 2,616 | 3,398 | 2,569 | 13,821 | 12,825 |
Net order bookings increased 8 percent to SEK 12,880 M (11,907). Based on constant exchange rates net order bookings increased by 1 percent.
| Q4 | Q4 | May - Apr May - Apr | ||||
|---|---|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | Change* | 2015/16 | 2014/15 | Change* |
| North & South America | 1,602 | 1,397 | 15% | 4,644 | 3,952 | 7% |
| Europe, Middle East & Africa | 1,723 | 1,235 | 38% | 4,499 | 4,470 | -2% |
| Asia Pacific | 1,195 | 1,224 | -5% | 3,737 | 3,485 | -1% |
| Group | 4,520 | 3,856 | 16% | 12,880 | 11,907 | 1% |
* Compared to last fiscal year based on constant exchange rates.
Order backlog was SEK 18,239 M, compared to SEK 17,087 M on April 30, 2015. Orders that are cancelled or not expected to materialize as planned are removed from the order backlog. Total backlog adjustments amounted to SEK 941 M (918). Order backlog is converted at closing exchange rates which resulted in a negative translation difference of SEK 511 M for the year. According to the current delivery plan, the current order backlog is expected to be revenue recognized as follows: 37 percent in 2016/17, 23 percent in 2017/18 and 40 percent thereafter.
Gross order bookings increased 12 percent during the year and 2 percent based on constant exchange rates. During the fourth quarter Elekta received large orders from MD Andersson as well as from InnerPacific Alliance for Cancer Care.
In the US, the replacement market is stable and investments in replacing the installed base of radiation therapy equipment continue. Market growth is primarily driven by services. Consolidation of the hospital industry continues, resulting in increasingly comprehensive solutions and large-scale projects. In the US, the share of linear accelerator orders during the year was greater than our share of the installed base.
South American markets were affected by weak economic development and depreciating currencies. In Brazil, which was seriously impacted, Elekta's order bookings had negative growth for the year. Elekta's performance in other Latin American markets, such as Argentina and elsewhere, was good.
Net sales in the region increased 10 percent during the year and decreased by 1 percent based on constant exchange rates.
Aftermarket sales grew in the region, as did services and software, while sales for Leksell Gamma Knife declined. Net sales declined in the fourth quarter due to low delivery volumes to Latin America.
The contribution margin increased to 32 percent (30) for the fiscal year, mainly as a result of improved product mix and favorable currency effects.
Gross order bookings increased 3 percent during the year and were flat based on constant exchange rates.
Regional growth recovered in the fourth quarter driven by a number of strategic wins such as NHS Supply Chain and Leeds Cancer Centre in the UK and a large order in Turkey. Approximately 50 percent of the market for linear accelerators are systems to new clinics or capacity expansion in existing cancer centers. Sales of new systems are generally more volatile than replacement business. Performance for the year varied with good growth in the UK, France and Poland while order bookings in Germany and Russia were weak.
Net sales in the region decreased 5 percent during the year and 6 percent based on constant exchange rates. Services grew 9 percent based on constant exchange rates. Fourth quarter net sales were affected by lower delivery volumes in Eastern Europe and Russia.
The contribution margin amounted to 24 percent (27). The decline was related to weak deliveries and bad debt losses, mainly in Russia.
Gross order bookings increased 10 percent in the year and 1 percent based on constant exchange rates. Performance was mixed geographically. Development in China and Japan was flat. In China, the ambition of the government is to expand affordable cancer care, but market growth leveled off during the year. In addition, increased regulatory requirements for hospitals prolonged delivery and payment cycles. Despite the negative market development in Japan, Elekta strengthened its market share there. In Australia order bookings declined due to a challenging comparison from last year while South East Asia started to improve and showed good growth.
Net sales increased 6 percent during the year and decreased 2 percent based on constant exchange rates. Growth in net sales was strong in Australia, while net sales in Japan and South East Asia declined. Net sales in China declined slightly, mainly due to lower delivery volumes of Leksell Gamma Knife. Services developed well during the year and contributed to the positive sales growth in the fourth quarter.
Contribution margin from the region amounted to 27 percent (23) for the year. The increase was mainly attributable to an improved product mix and currency effects.
Net sales increased 4 percent to SEK 11,221 M (10,839), corresponding to 3 percent decrease based on constant exchange rates. Service sales increased by 11 percent based on constant exchange rates offset by a decrease in sales of new equipment and software.
| Q4 | Q4 | May - Apr | May - Apr | |||
|---|---|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | Change* | 2015/16 | 2014/15 | Change* |
| North & South America | 1,145 | 1,348 | -13% | 4,005 | 3,651 | -1% |
| Europe, Middle East & Africa | 1,185 | 1,276 | -5% | 3,651 | 3,829 | -6% |
| Asia Pacific | 1,277 | 1,231 | 1% | 3,565 | 3,359 | -2% |
| Group | 3,607 | 3,855 | -6% | 11,221 | 10,839 | -3% |
* Compared to last fiscal year based on constant exchange rates.
Gross margin improved 1 percentage point to 41 percent (40). The increase is driven by improved product mix with higher sales for services as well as a positive impact from currency movements.
Operating expenses* decreased 4 percent or approximately SEK 200 M, mainly as a result from activities in the Transformation program.
R&D expenditure, before capitalization of development costs amounted to SEK 1,355 M (1,421), equal to 12 percent (13) of net sales.
EBITA** increased 11 percent to SEK 1,639 M (1,472) representing a margin of 15 percent (14). The effect from changes in exchange rates was approximately SEK 60 M (0) including hedges.
Bad debt losses are reported as selling costs and amounted to SEK -149 M (-166), dominated by write-offs in Russia and Latin America. Non-recurring items amounted to SEK -598 M (-3) and were mainly related to legal fees and costs for severance, efficiency initiatives and external support within the Transformation program.
Operating result was SEK 423 M (937) and operating margin amounted to 4 percent (9).
Net financial items amounted to SEK -234 M (-221). Interest expense was negatively affected by increased borrowing used to refinance debt maturing in August.
Profit before tax amounted to SEK 189 M (716). Tax amounted to SEK -44 M (-158). Net income amounted to SEK 145 M (558). Earnings per share amounted to SEK 0.36 (1.45) before and after dilution.
Return on shareholders' equity amounted to 2 percent (9) and return on capital employed amounted to 4 percent (9).
The net of capitalization and amortization of development costs in the R&D function decreased to SEK 290 M (469).
| Q4 | Q4 | May - Apr | May - Apr | |
|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Capitalization of development costs | 132 | 198 | 592 | 683 |
| of which R&D | 132 | 197 | 591 | 680 |
| Amortization of capitalized development costs | -80 | -69 | -326 | -236 |
| of which R&D | -73 | -62 | -301 | -211 |
| Capitalized development costs, net | 52 | 129 | 266 | 447 |
| of which R&D | 59 | 135 | 290 | 469 |
* Based on constant exchange rates and excluding amortizations, non-recurring items and bad debt losses.
** Before non-recurring items and bad debt losses.
Continuous investments were SEK 865 M (956) including investments in intangible assets of SEK 687 M (685) and investments in other assets of SEK 193 M (277). Investments in intangible assets mainly related to ongoing R&D programs but also included SEK 91 M from acquisition of intellectual property assets. Amortization of intangible assets and depreciation of tangible fixed assets amounted to a total of SEK 634 M (512).
Cash flow from operating activities decreased to SEK 1,170 M (1,823). Cash flow was negatively affected by longer lead times for payments in Asia Pacific. Cash outflow relating to the Transformation program and legal cost amounted to approximately SEK 250 M during the year. The operational cash conversion was 111 percent (126). Cash flow after continuous investments was SEK 396 M (867).
| Q4 | Q4 | May - Apr | May - Apr | |
|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Operating cash flow | 249 | 748 | 709 | 1,299 |
| Change in working capital | 597 | 917 | 461 | 524 |
| Cash flow from operating activities | 846 | 1,665 | 1,170 | 1,823 |
| Continuous investments | -183 | -256 | -774 | -956 |
| Cashflow after continuous investments | 663 | 1,408 | 396 | 867 |
| Operational cash conversion* | 261% | 260% | 111% | 126% |
| Cash conversion** | 268% | 290% | 51% | 81% |
*Cash flow from operating activities / EBITDA
**Cash conversion is calculated as cash flow after continuous investments divided by net income adjusted by depreciation and amortization.
Net working capital decreased to SEK 268 M (881) corresponding to 2 percent (8) of net sales. During the fiscal year net working capital decreased with SEK 613 M (568).
| Apr 30, | Apr 30, | |
|---|---|---|
| SEK M | 2016 | 2015 |
| Working capital assets | ||
| Inventories | 1,135 | 1,297 |
| Accounts receivable | 3,301 | 4,207 |
| Accrued income | 2,126 | 1,895 |
| Other operating receivables | 741 | 695 |
| Sum working capital assets | 7,303 | 8,094 |
| Working capital liabilities | ||
| Accounts payable | 1,122 | 1,262 |
| Advances from customers | 1,943 | 2,165 |
| Prepaid income | 1,648 | 1,673 |
| Accrued expenses | 1,817 | 1,789 |
| Other operating liabilities | 504 | 324 |
| Sum working capital liabilities | 7,035 | 7,213 |
| Net working capital | 268 | 881 |
| % of 12 months net sales | 2% | 8% |
The decrease in inventories is due to lower levels of components and work in progress. Accounts receivables decreased in region Europe, Middle East and Africa. Accrued income increased in Asia Pacific, but is expected to normalize in the first quarter of 2016/17.
The Days Sales Outstanding (DSO) has been reduced to 60 days (76). The improvement in North and South America is mainly related to a favorable product mix with a relative high level of software sales. In region Europe, Middle East & Africa a decrease in accounts receivable was the main driver for the lower DSO, while the increase in DSO in Asia reflected an increase in accrued income.
| Apr 30, | Apr 30, | |
|---|---|---|
| SEK M | 2016 | 2015 |
| North & South America | -46 | -16 |
| Europe, Middle East & Africa | 112 | 163 |
| Asia Pacific | 128 | 95 |
| Group | 60 | 76 |
Days Sales Outstanding (DSO) is calculated as (Accounts receivable + Accrued income - Advances from customers - Prepaid income)/(12 months rolling net sales/365).
Cash and cash equivalents amounted to SEK 2,273 M (3,265) and interest-bearing liabilities amounted to SEK 4,950 M (6,033). The decrease in cash and interest bearing liabilities is related to the repayment of a USD 125 M loan in the second quarter. Net debt amounted to SEK 2,677 M (2,768) and net debt/equity ratio was 0.42 (0.42).
The exchange rate effect from the translation of cash and cash equivalents amounted to SEK -72 M (153). The translation difference in long-term interest-bearing liabilities amounted to SEK -43 M (548). Other comprehensive income was affected by exchange rate differences from translation of foreign operations amounting to SEK -281 M (746).
The change in unrealized exchange rate effects from effective cash flow hedges amounted to SEK 117 M (-182) and is reported in other comprehensive income. Closing balance of unrealized exchange rate effects from effective cash flow hedges amounted to SEK -9 M (-118) exclusive of tax.
To support the upcoming refinancing of the convertible bond maturing in April 2017 Elekta has entered into an eighteen month SEK 1.400 M Term Loan Facility with an extension optionality.
On May 13, 2015, Elekta announced that Niklas Savander had stepped down from his position as President and CEO of Elekta AB (publ) and that the Board of Directors had appointed Tomas Puusepp as President and CEO as of May 13, 2015.
On April 13, 2016 Elekta announced that the Board of Directors has appointed Richard Hausmann as new President and CEO effective June 10, 2016. Richard Hausmann will succeed Tomas Puusepp.
Richard Hausmann joins Elekta with nearly three decades of experience in the medical device industry. He led GE's Magnetic Resonance (MR) division as President and CEO, served as President and CEO of Siemens computed tomography (CT) and worked at Siemens in leading positions in its MR business. He also acted as CEO of Siemens China, responsible for the company's entire portfolio in its core emerging market. Richard has a solid track record of bringing clinical innovations to the global health care market and is known for his deep insights into customer and patient needs, with a strong workflow and outcome orientation.
Richard Hausmann has a doctorate in physics from the University of Regensburg.
On June 2 2015, Elekta announced as part of its Transformation program, a reorganization of the Company as well as changes in its Executive Management team. The organization was effective as of July 7, 2015.
On April 20 2016, Elekta announced the appointment of John Lapré as Chief Technology Officer, effective May 1, 2016. John Lapré previously held the title of Executive Vice President Research and Innovation at Elekta.
On June 11, 2015, the Transformation program, with the objectives of improving growth, increase profitability, reduce costs and working capital and focus on cash flow, was outlined.
Elekta continues to prioritize strategic R&D investments to improve cancer care, for example software solutions and image guided radiation therapy. Elekta is also improving its customer service and support network including customers training and education.
The previously communicated multiple patent infringement lawsuits between Elekta and Varian Medical Systems are ongoing. Elekta's assessment is that the claims directed towards Elekta lacks merit and Elekta will continue to defend itself vigorously. The costs for the patent lawsuits are accounted for as non-recurring items.
As communicated on November 12, 2015, there is an ongoing process in Italy where Elekta employees are suspected of interfering with public procurement processes. Elekta is fully cooperating and providing all requested information to the Italian authorities. Elekta has zero tolerance for any deviation from its Code of Conduct and clear corporate policies and procedures are in place. The costs related to this process are accounted for as nonrecurring items.
On May 23, 2016, an arbitration tribunal in London issued an award in the dispute between two Elekta group companies and humediQ GmbH. The award concluded an arbitration with humediQ arising out of an agreement for the exclusive supply of Identify™ under the Elekta label, which was entered into in 2011. The tribunal determined that the Elekta companies did not validly terminate the 2011 agreement and that, as a result, they must pay humediQ EUR 8.9 M for Identify systems the Elekta companies did not order according to minimum volume commitments in the contract. This amount is less than half of the EUR 19 M that humediQ claimed in the arbitration. The tribunal also held that the respective success of each party was comparable and on that each party should bear its own legal costs. The Elekta companies do not have any further obligation to purchase any systems from humediQ. In addition to the damages ordered in the arbitration award, Elekta has written off approximately EUR 5 M in receivables related to the agreement with humediQ. The total amount, SEK 128 M, has been reported as a non-recurring item in the fourth quarter of 2015/16.
Valerie Binner, Executive Vice President Human Resources, will leave the company with effective date from June 10, 2016. Johan Sedihn, Elekta's Chief Operating Officer, will temporarily lead Human Resources in addition to his other responsibilities.
The average number of employees during the year was 3,677 (3,679). The number of employees on April 30, 2016 totaled 3,617 (3,844). The decrease during the year is related to the ongoing Transformation program and mainly from streamlining of the Innovation organization and efficiency programs in administration.
The average number of employees in the Parent Company was 32 (33).
During the year 272 new B-shares were subscribed through conversion of convertibles. Total number of registered shares on April 30, 2016 was 382,829,047 divided between 14,250,000 A-shares and 368,579,047 B-shares. Fully diluted shares amounted to 400,696,012 including dilution related to the Elekta 2012/17 convertible bond.
The Board of Directors proposes a dividend of SEK 0.50 (0.50) per share for fiscal year 2015/16 and that the dividend will be divided into two payments from now on. The proposed dividend represents approximately SEK 191 M and 139 percent of net profit for the year.
The Board intends to propose to the annual general meeting to renew the authorization for the Board to repurchase a maximum of 10 percent of the number of shares outstanding in Elekta AB.
The Transformation program, announced in June 2015, is progressing according to plan. The transformation has the objective of creating leaner and more efficient operations with improved profitability and an increased focus on cash flow. It also includes actions to strengthen customer services and innovation capacity with focus on time to market.
The targets for the Transformation program are:
Going forward, Elekta will not provide a net sales outlook, but continue to provide targets for the transformation program and describe performance as well as quarterly updates on current market dynamics – geographically as well as on progress for new technology. Market share development by region will be presented twice a year.
* Base year 2014/15, excluding currency effects.
Elekta's presence in a large number of geographical markets exposes the Group to political and economic risks on a global scale and/or in individual countries.
The competitive landscape for Elekta is continuously changing. The medical equipment industry is characterized by technological developments and continuous improvements of industrial know-how, resulting in companies launching new products and improved methods for treatment. Elekta strives to be the leader in innovation and offer the most competitive product portfolio, developed in close collaboration with key research leaders in the field. To secure the proceeds of research investments, it is of importance that such new products and new technology are protected from the risk of improper use by competitors. When possible and deemed appropriate, Elekta protects its intellectual property rights by way of patents, copyrights and trademark registrations. Elekta monitors intellectual property rights of third parties carefully but third parties may still direct infringement claims against Elekta which may lead to time consuming and costly legal disputes as well as business interruption and other limitations in operations.
Elekta sells solutions through its direct sales force and through an external network of agents and distributors. The Company's continued success is dependent on the ability to establish and maintain successful relationships with customers. Elekta is continuously evaluating how to enter new markets considering both the opportunities and the risks involved. There are regulatory registration requirements with each new market that potentially could delay product introductions and certifications. The stability of the political system in certain countries and the security situation for employees traveling to exposed areas are constantly evaluated. Corruption is a risk and an obstacle for development and growth in some countries. Elekta has implemented a specific anticorruption policy to guide the business by aiming to be in line with national and international regulations and best practices against corruption as well as third party risk management processes.
Elekta's operations comprise several markets that expose the Group to a vast number of laws, regulations, policies and guidelines regarding, for example, health, security, environmental matters, trade restrictions, competition and delivery of products. Elekta's quality systems describes these requirements, which are reviewed and certified by external supervisory bodies and are regularly inspected by authorities in applicable countries, for example the US FDA. Non-compliance of, for example, safety regulations can result in delayed or stopped deliveries of products. Changes in regulations and rules might also increase Elekta's costs and delay the development and introduction of new products.
Elekta depends also on the capability of producing advanced medical equipment, which requires highly qualified personnel. The Company's ability to attract and retain qualified personnel and management has a significant impact on the future success of the Group.
Weak economic development and high levels of public debt might, in some markets, mean less availability of financing for private customers and reduced future health care spending by governments. Political decisions that could impact the healthcare reimbursement systems also constitute a risk factor. Elekta's ability to commercialize products is dependent on the reimbursement level that hospitals and clinics can obtain for different types of treatments. Alterations in the existing reimbursement systems related to medical products, or implementation of new regulations, might impact future product mix in specific markets.
Elekta's delivery of treatment equipment relies largely on customers' readiness to receive the delivery at site. Depending on contractual payment terms a delay can result in postponed invoicing and also affect timing of revenue recognition. The Group's credit risks are normally limited since customer operations are, to a large extent, financed either directly or indirectly by public funds. Due to the recent macro-economic development a number of emerging market currencies have depreciated significantly and as a consequence Elekta experience an increased credit risk related to receivables from these regions.
Elekta depends on a number of suppliers for components. There is a risk that delivery difficulties might occur due to circumstances beyond Elekta's control. Critical suppliers are regularly followed up regarding delivery precision and quality of components.
In its operations, Elekta is subject to a number of financial risks primarily related to exchange rate fluctuations. In the short-term, the effect of currency movements is reduced through forward contracts. Hedging is conducted on the basis of expected net sales over a period of up to 24 months. The scope of the hedging is determined by the Company's assessment of currency risks. Risk exposure is regulated through a financial policy established by the Board of Directors. The overall responsibility for handling the Group's financial risks, and developing methods and guidelines for dealing with financial risks, rests with the executive management and the finance function. For more detailed information regarding these risks, please see Note 2 in the annual report 2014/15.
Stockholm, June 1, 2016
Tomas Puusepp President and CEO
This report has not been reviewed by the Company's auditors.
This interim report is prepared, with regard to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regard to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied correspond to those presented in Note 1 of the Annual Report 2014/15.
| Country | Currency | Average rate | Closing rate | ||||
|---|---|---|---|---|---|---|---|
| Q4 | Q4 | Apr 30, | Apr 30, | ||||
| 2015/16 | 2014/15 | Change | 2016 | 2015 | Change | ||
| Euroland | 1 EUR | 9.328 | 9.252 | 1% | 9.176 | 9.267 | -1% |
| Great Britain | 1 GBP | 12.670 | 11.928 | 6% | 11.782 | 12.769 | -8% |
| Japan | 1 JPY | 0.071 | 0.067 | 6% | 0.075 | 0.070 | 7% |
| United States | 1 USD | 8.434 | 7.495 | 13% | 8.059 | 8.252 | -2% |
Regarding foreign Group companies, order bookings and income statements are translated at average exchange rates for the reporting period while order backlog and balance sheets are translated at closing exchange rates.
| SEK M | ||||
|---|---|---|---|---|
| Q4 | Q4 | May - Apr | May - Apr | |
| INCOME STATEMENT | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Net sales | 3,607 | 3,855 | 11,221 | 10,839 |
| Cost of products sold | -2,067 | -2,251 | -6,608 | -6,533 |
| Gross income | 1,540 | 1,604 | 4,613 | 4,306 |
| Selling expenses | -327 | -487 | -1,336 | -1,335 |
| Administrative expenses | -263 | -289 | -1,026 | -1,048 |
| R&D expenses | -244 | -249 | -1,065 | -952 |
| Exchange rate differences | -92 | -79 | -165 | -31 |
| Operating result before non-recurring items | 614 | 500 | 1,021 | 940 |
| Non-recurring items | -459 | -1 | -598 | -3 |
| Operating result | 155 | 499 | 423 | 937 |
| Result from participations in associates | 5 | 2 | 11 | 0 |
| Interest income | 18 | 6 | 37 | 25 |
| Interest expenses and similar items | -71 | -71 | -285 | -259 |
| Exchange rate differences | -4 | 5 | 3 | 13 |
| Profit before tax | 103 | 441 | 189 | 716 |
| Income taxes | -25 | -98 | -44 | -158 |
| Net income | 78 | 343 | 145 | 558 |
| Net income attributable to: | ||||
| Parent Company shareholders | 76 | 341 | 137 | 552 |
| Non-controlling interests | 2 | 2 | 8 | 6 |
| Earnings per share before dilution, SEK | 0.20 | 0.90 | 0.36 | 1.45 |
| Earnings per share after dilution, SEK | 0.20 | 0.90 | 0.36 | 1.45 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||
| Net income | 78 | 343 | 145 | 558 |
| Other comprehensive income: | ||||
| Items that will not be reclassified to the income statement | ||||
| Remeasurements of defined benefit pension plans | 8 | - 6 | 8 | -6 |
| Tax | -2 | 2 | -2 | 2 |
| Total items that will not be reclassified to the income statement | 6 | -4 | 6 | -4 |
| Items that subsequently may be reclassified to the income statement | ||||
| Revaluation of cash flow hedges | 88 | 49 | 117 | -182 |
| Translation differences from foreign operations | -174 | 40 | -281 | 746 |
| Tax | -18 | -9 | -25 | 39 |
| Total items that subsequently may be reclassified to the income statement | -104 | 80 | -189 | 603 |
| Other comprehensive income for the period | -98 | 76 | -183 | 599 |
| Comprehensive income for the period | -20 | 419 | -38 | 1,157 |
| Comprehensive income attributable to: | ||||
| Parent Company shareholders | -22 | 417 | -45 | 1,151 |
| Non-controlling interests | 2 | 2 | 7 | 6 |
| Q4 | Q4 | May - Apr | May - Apr | |
|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Operating result/EBIT before non-recurring items | 614 | 500 | 1,021 | 940 |
| Bad debt losses | 43 | 138 | 149 | 166 |
| Amortization: | ||||
| capitalized development costs | 80 | 69 | 326 | 236 |
| acquisitions | 48 | 33 | 143 | 130 |
| EBITA before non-recurring items and bad debt losses | 785 | 739 | 1,639 | 1,472 |
| Depreciation | 41 | 40 | 165 | 146 |
| EBITDA before non-recurring items and bad debt losses | 826 | 779 | 1,805 | 1,618 |
| SEK M | Apr 30, | Apr 30, |
|---|---|---|
| 2016 | 2015 | |
| Non-current assets | ||
| Intangible assets | 8,210 | 8,174 |
| Tangible fixed assets | 803 | 881 |
| Financial assets | 365 | 371 |
| Deferred tax assets | 281 | 224 |
| Total non-current assets | 9,658 | 9,650 |
| Current assets | ||
| Inventories | 1,135 | 1,297 |
| Accounts receivable | 3,301 | 4,207 |
| Accrued income | 2,126 | 1,895 |
| Current tax assets | 160 | 92 |
| Derivative financial instruments | 47 | 83 |
| Other current receivables | 741 | 695 |
| Cash and cash equivalents | 2,273 | 3,265 |
| Total current assets | 9,783 | 11,534 |
| Total assets | 19,441 | 21,184 |
| Elekta's owners' equity | 6,402 | 6,638 |
| Non-controlling interests | 10 | 8 |
| Total equity | 6,412 | 6,646 |
| Non-current liabilities | ||
| Long-term interest-bearing liabilities | 4,937 | 4,958 |
| Deferred tax liabilities | 690 | 732 |
| Long-term provisions | 140 | 259 |
| Other long-term liabilities | 73 | 20 |
| Total non-current liabilities | 5,839 | 5,969 |
| Current liabilities | ||
| Short-term interest-bearing liabilities | 13 | 1,075 |
| Accounts payable | 1,122 | 1,262 |
| Advances from customers | 1,943 | 2,165 |
| Prepaid income | 1,648 | 1,673 |
| Accrued expenses | 1,817 | 1,789 |
| Current tax liabilities | 93 | 119 |
| Short-term provisions | 347 | 99 |
| Derivative financial instruments | 50 | 162 |
| Other current liabilities | 157 | 225 |
| Total current liabilities | 7,190 | 8,569 |
| Total equity and liabilities | 19,441 | 21,184 |
| Assets pledged | 10 | 18 |
| Contingent liabilities | 40 | 59 |
| Q4 | Q4 | May - Apr | May - Apr | |
|---|---|---|---|---|
| SEK M | 2015/16 | 2014/15 | 2015/16 | 2014/15 |
| Profit before tax | 103 | 441 | 189 | 716 |
| Amortization & Depreciation | 168 | 142 | 634 | 512 |
| Interest net | 40 | 49 | 203 | 192 |
| Other non-cash items | 37 | 203 | 148 | 411 |
| Interest received and paid | -7 | -23 | -196 | -170 |
| Income taxes paid | -92 | -64 | -269 | -362 |
| Operating cash flow | 249 | 748 | 709 | 1,299 |
| Increase (-)/decrease (+) in inventories | 287 | 214 | 80 | 27 |
| Increase (-)/decrease (+) in operating receivables | -82 | 379 | 350 *) | 532 |
| Increase (-)/decrease (+) in operating liabilities | 392 | 324 | 31 *) | -35 |
| Change in working capital | 597 | 917 | 461 | 524 |
| Cash flow from operating activities | 846 | 1,665 | 1,170 | 1,823 |
| Investments intangible assets | -134 | -193 | -596 | -685 |
| Investments other assets | -50 | -63 | -193 | -277 |
| Sale of fixed assets | 0 | ― | 14 | 6 |
| Continuous investments | - 183 | -256 | - 774 | -956 |
| Cash flow after continuous investments | 663 | 1,408 | 396 | 867 |
| Business combinations and investments in other shares | 10 | -142 | -12 | -188 |
| Cash flow after investments | 673 | 1,267 | 384 | 679 |
| Cash flow from financing activities | -6 | 992 | -1,303 | 186 |
| Cash flow for the period | 666 | 2,259 | -920 | 865 |
| Exchange rate differences | -76 | -5 | -72 | 153 |
| Change in cash and cash equivalents for the period | 590 | 2,254 | -992 | 1,018 |
*) Adjusted for receivables/liabilities relating to investments/sale of fixed assets.
| May - Apr | May - Apr | |
|---|---|---|
| SEK M | 2015/16 | 2014/15 |
| Attributable to Elekta's owners | ||
| Opening balance | 6,638 | 6,249 |
| Comprehensive income for the period | -45 | 1,151 |
| Conversion of convertible loan | 0 | 0 |
| Dividend | -191 | -763 |
| Total | 6,402 | 6,638 |
| Attributable to non-controlling interests | ||
| Opening balance | 8 | 8 |
| Comprehensive income for the period | 7 | 6 |
| Dividend | -5 | -6 |
| Total | 10 | 8 |
| Closing balance | 6,412 | 6,646 |
The table below shows the Group's financial instruments for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value.
| Apr 30, 2016 | Apr 30, 2015 | |||
|---|---|---|---|---|
| Carrying | Carrying | |||
| SEK M | amount Fair value | amount | Fair value | |
| Long-term interest-bearing liabilities | 4,937 | 5,184 | 4,958 | 5,252 |
| Short-term interest-bearing liabilities | 13 | 13 | 1,075 | 1,093 |
The Group's financial assets and financial liabilities, which have been measured at fair value, have been categorized in the fair value hierarchy. The different levels are defined as follows:
| Apr 30, | Apr 30, | ||
|---|---|---|---|
| SEK M | Level | 2016 | 2015 |
| FINANCIAL ASSETS | |||
| Financial assets measured at fair value through profit or loss: | |||
| Derivative financial instruments – non-hedging | 2 | 21 | 70 |
| Derivatives used for hedging purposes: | |||
| Derivative financial instruments – hedging | 2 | 27 | 15 |
| Total financial assets | 48 | 85 | |
| FINANCIAL LIABILITIES | |||
| Financial liabilities at fair value through profit or loss: | |||
| Derivative financial instruments – non-hedging | 2 | 17 | 44 |
| Contingent consideration | 3 | 104 | 152 |
| Derivatives used for hedging purposes: | |||
| Derivative financial instruments – hedging | 2 | 36 | 133 |
| Total financial liabilities | 157 | 329 |
| May - Apr | May - Apr | May - Apr | May - Apr | May - Apr | May - Apr | |
|---|---|---|---|---|---|---|
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | |
| Gross order bookings, SEK M | n/a | n/a | n/a | n/a | 12,825 | 13,821 |
| Net order bookings, SEK M | 9,061 | 10,815 | 12,117 | 12,253 | 11,907 | 12,880 |
| Net sales, SEK M | 7,904 | 9,048 | 10,339 | 10,694 | 10,839 | 11,221 |
| Operating result, SEK M | 1,502 | 1,849 | 2,012 | 1,727 | 937 | 423 |
| Operating margin before non | ||||||
| recurring items, % | 19 | 20 | 20 | 18 | 9 | 9 |
| Operating margin, % | 19 | 20 | 19 | 16 | 9 | 4 |
| Profit margin, % | 19 | 19 | 17 | 14 | 7 | 2 |
| Shareholders' equity, SEK M | 3,833 | 5,010 | 5,560 | 6,257 | 6,646 | 6,412 |
| Capital employed, SEK M | 4,714 | 9,540 | 10,112 | 10,743 | 12,678 | 11,360 |
| Equity/assets ratio, % | 43 | 33 | 34 | 35 | 31 | 33 |
| Net debt/equity ratio | -0.13 | 0.53 | 0.36 | 0.36 | 0.42 | 0.42 |
| Return on shareholders' equity, % | 30 | 29 | 27 | 21 | 9 | 2 |
| Return on capital employed, % | 35 | 28 | 21 | 17 | 9 | 4 |
| May - Apr | May - Apr | May - Apr | May - Apr | May - Apr | May - Apr | |
|---|---|---|---|---|---|---|
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | |
| Earnings per share | ||||||
| before dilution, SEK | 2.76 | 3.26 | 3.52 | 3.01 | 1.45 | 0.36 |
| after dilution, SEK | 2.73 | 3.23 | 3.52 | 3.00 | 1.45 | 0.36 |
| Cash flow per share | ||||||
| before dilution, SEK | 1.31 | -7.07 | 3.17 | 1.31 | 1.78 | 1.00 |
| after dilution, SEK | 1.30 | -7.01 | 3.17 | 1.24 | 1.78 | 1.00 |
| Shareholders' equity per share | ||||||
| before dilution, SEK | 10.22 | 13.19 | 14.55 | 16.39 | 17.41 | 16.79 |
| after dilution, SEK | 10.61 | 13.31 | 14.55 | 20.32 | 17.41 | 16.79 |
| Average number of shares | ||||||
| before dilution, 000s | 373,364 | 376,431 | 380,672 | 381,277 | 381,287 | 381,288 |
| after dilution, 000s | 378,028 | 380,125 | 380,672 | 400,686 | 381,287 | 381,288 |
| Number of shares at closing | ||||||
| before dilution, 000s *) | 374,951 | 378,991 | 381,270 | 381,287 | 381,287 | 381,288 |
| after dilution, 000s | 383,618 | 384,284 | 381,270 | 400,696 | 381,287 | 381,288 |
In September 2012 a 4:1 share split was conducted. The data per share and number of shares has been restated pro forma. *) Number of registered shares at closing excluding treasury shares (1,541,368 per April 30, 2016).
| Data per quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2013/14 2013/14 2013/14 2013/14 2014/15 2014/15 2014/15 2014/15 2015/16 2015/16 2015/16 2015/16 | |||||||||||
| Gross order bookings | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,569 | 3,398 | 2,616 | 5,238 |
| Net order bookings | 2,027 | 3,101 | 3,224 | 3,901 | 2,341 | 2,876 | 2,834 | 3,856 | 2,536 | 3,291 | 2,533 | 4,520 |
| Net sales | 1,912 | 2,443 | 2,385 | 3,954 | 1,865 | 2,567 | 2,552 | 3,855 | 2,239 | 2,828 | 2,547 | 3,607 |
| EBITA before non-recurring items | 148 | 407 | 340 | 1,288 | -38 | 397 | 345 | 601 | 41 | 444 | 263 | 742 |
| Operating result | 46 | 304 | 260 | 1,117 | -122 | 310 | 250 | 499 | -93 | 304 | 56 | 155 |
| Cash flow from | ||||||||||||
| operating activities | -391 | 282 | 153 | 1,231 | -478 | 436 | 200 | 1,665 | -349 | 346 | 327 | 846 |
| on unchanged exchange rates | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| 2013/14 2013/14 2013/14 2013/14 2014/15 2014/15 2014/15 2014/15 2015/16 2015/16 2015/16 2015/16 | ||||||||||||
| North & South America, % | -26 | 8 | 40 | -4 | 11 | -2 | -53 | -31 | 13 | -18 | 23 | 15 |
| Europe, Middle East & Africa, % | 18 | 32 | 15 | 13 | 31 | -33 | 14 | -27 | -30 | 41 | -43 | 38 |
| Asia Pacific, % | 8 | -7 | -9 | -23 | -5 | 2 | -23 | 23 | 12 | -6 | 0 | -5 |
| Group, % | -2 | 10 | 15 | -3 | 12 | -13 | -22 | -18 | -5 | 3 | -15 | 16 |
Elekta applies geographical segmentation. Order bookings, net sales and contribution margin for respective region are reported to Elekta's CFO and CEO (chief operating decision makers). In the regions' operating expenses cost of products sold and expenses are directly attributable to the respective region reported. Global costs for R&D, marketing, management of product supply centers and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centers. The majority of exchange differences in operations are reported in global costs.
| May - Apr 2015/16 | Europe, | ||||
|---|---|---|---|---|---|
| North and | Middle East | % of | |||
| SEK M | South America | and Africa | Asia Pacific | Group total | net sales |
| Net sales | 4,005 | 3,651 | 3,565 | 11,221 | |
| Operating expenses | -2,713 | -2,763 | -2,590 | -8,066 | 72% |
| Contribution margin | 1,292 | 888 | 975 | 3,155 | 28% |
| Contribution margin, % | 32% | 24% | 27% | ||
| Global costs | -2,134 | 19% | |||
| Operating result before non-recurring items | 1,021 | 9% | |||
| Non-recurring items | -598 | ||||
| Operating result | 423 | 4% | |||
| Net financial items | -234 | ||||
| Income before tax | 189 |
| May - Apr 2014/15 | Europe, | ||||
|---|---|---|---|---|---|
| North and | Middle East | % of | |||
| SEK M | South America | and Africa | Asia Pacific | Group total | net sales |
| Net sales | 3,651 | 3,829 | 3,359 | 10,839 | |
| Operating expenses | -2,573 | -2,790 | -2,579 | -7,942 | 73% |
| Contribution margin | 1,078 | 1,039 | 779 | 2,897 | 27% |
| Contribution margin, % | 30% | 27% | 23% | ||
| Global costs | -1,957 | 18% | |||
| Operating result before non-recurring items | 940 | 9% | |||
| Non-recurring items | -3 | ||||
| Operating result | 937 | 9% | |||
| Net financial items | -221 | ||||
| Income before tax | 716 |
Elekta's operations are characterized by significant quarterly variations in delivery volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments as is the impact of currency fluctuations between the years.
| May - Apr | May - Apr | |
|---|---|---|
| SEK M | 2015/16 | 2014/15 |
| Operating expenses | -120 | -92 |
| Financial net | 559 | 775 |
| Income after financial items | 439 | 683 |
| Appropriations | 43 | -16 |
| Tax | 21 | -9 |
| Net income | 503 | 658 |
| Statement of comprehensive income | ||
| Net income | 503 | 658 |
| Other comprehensive income | ― | 9 |
| Total comprehensive income | 503 | 667 |
| Apr 30, | Apr 30, | |
|---|---|---|
| SEK M | 2016 | 2015 |
| Non-current assets | ||
| Intangible assets | 83 | ― |
| Shares in subsidiaries | 2,129 | 2,142 |
| Receivables from subsidaries | 2,662 | 2,663 |
| Other financial assets | 73 | 96 |
| Deferred tax assets | 29 | 11 |
| Total non-current assets | 4,976 | 4,912 |
| Current assets | ||
| Receivables from subsidaries | 4,145 | 3,804 |
| Other current receivables | 35 | 46 |
| Cash and cash equivalents | 1,499 | 2,630 |
| Total current assets | 5,679 | 6,480 |
| Total assets | 10,655 | 11,392 |
| Shareholders' equity | 2,631 | 2,319 |
| Untaxed reserves | 0 | 43 |
| Non-current liabilities | ||
| Long-term interest-bearing liabilities | 4,935 | 4,958 |
| Long-term liabilities to Group companies | 39 | 39 |
| Long-term provisions | 53 | 97 |
| Total non-current liabilities | 5,027 | 5,093 |
| Current liabilities | ||
| Short-term interest-bearing liabilities | ― | 1,031 |
| Short-term liabilities to Group companies | 2,752 | 2,700 |
| Short-term provisions | 29 | ― |
| Other current liabilities | 216 | 206 |
| Total current liabilities | 2,997 | 3,937 |
| Total shareholders' equity and liabilities | 10,655 | 11,392 |
| Assets pledged | ― | ― |
| Contingent liabilities | 1,014 | 1,213 |
Elekta will host a telephone conference at 10:00-11:00 CET on June 1, with President and CEO Tomas Puusepp and CFO Håkan Bergström.
To take part in the conference call, please dial in about five minutes in advance.
Swedish dial-in number: +46 (0)8 566 426 99 UK dial-in number: +44 (0) 203 008 98 06 US dial-in number: +1 855 831 59 45
The telephone conference will also be broadcasted over the internet (listen only). Please use the link:
event.onlineseminarsolu-
tions.com/r.htm?e=1188015&s=1&k=9793ACA5BB14E480 64138C4362674826
For further information, please contact:
CFO, Elekta AB (publ)
+46 8 587 25 547, [email protected]
Director Investor Relations, Elekta AB (publ) +46 8 587 25 415 [email protected]
Director Financial Communication, Elekta AB (publ) +46 8 587 25 734 [email protected]
| Annual report 2015/16 | August 11, 2016 |
|---|---|
| Interim report May – July 2016/17 |
September 1, 2016 |
| Annual General Meeting 2016 |
September 1, 2016 |
| Interim report May – October 2016/17 |
December 1, 2016 |
556170 – 4015 Kungstensgatan 18 Box 7593 SE 103 93 Stockholm Sweden
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