Interim / Quarterly Report • Jul 23, 2015
Interim / Quarterly Report
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During the second quarter net sales reached 177 m SEK, a 25 % increase compared to the same quarter previous year and a new sales record for HMS. Net sales was positively affected by currency fluctuations mainly against the US dollar.
Europe and Asia continues to show a growth in sales numbers. At the same time the market in North America is weak mainly due to delays in customer projects and currency head wind on the export market for our US customers. All our product groups show a solid growth during the quarter. Anybus and IXXAT develops well with a healthy mix of repeat business and new customers. Netbiter growth rate continues on a good level but still below our expectations.
A continuing stable gross margin improves our operating profit but higher activity levels increases our expenses mainly within sales and marketing. Simultaneously the proportion of capitalized development costs goes down resulting in an operating margin of 14 % during the second quarter.
The final step in the integration of IXXAT Automation GmbH, which was acquired in 2013, is now completed. Sales and manufacturing are fully integrated in the HMS global organization. The Technology and Product development organization has changed its name to HMS Technology Center Ravensburg GmbH, an operation that moved in to newly built premises in Ravensburg in June. The IXXAT name will live on, with an ever stronger market position, as a product brand name within the HMS Group.
We are cautiously positive to the market development and we are optimistic about the conditions for a long term growth.
Our focus remains to develop growth within our three product trademarks Anybus, Netbiter and IXXAT. We continue to balance our long term growth strategy with a restrictive view on expenses and new resources. Long term we consider the market for industrial data communication and remote monitoring to be interesting growth areas and we continue to focus around our motto "HMSconnecting devices".
"During the second quarter we can report a 15 % growth in local currencies. Including currency effects the growth was 25 % which means that HMS can report new record levels in sales for the sixth consecutive quarter."
Staffan Dahlström, CEO, HMS Networks AB
| Quarterly data | Q2 2015 |
Q1 2015 |
Q4 2014 |
Q3 2014 |
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
|---|---|---|---|---|---|---|---|---|
| Net sales (SEK m) | 177 | 170 | 156 | 152 | 141 | 139 | 126 | 140 |
| Order intake (SEK m) | 170 | 174 | 162 | 148 | 153 | 148 | 132 | 125 |
| Operating profit (SEK m) | 24 | 32 | 18 | 37 | 21 | 22 | 13 | 32 |
| Gross margin (%) | 62.2 | 62.4 | 62.0 | 63.0 | 61.9 | 62.1 | 63.7 | 63.4 |
| Operating margin (%) | 13.7 | 18.7 | 11.5 | 24.4 | 14.8 | 15.5 | 10.7 | 23.0 |
| Return on capital (%) | 13.7 | 20.4 | 8.8 | 26.0 | 14.3 | 14.9 | 10.3 | 26.4 |
| Earnings per share (SEK)* | 1.32 | 1.95 | 0.81 | 2.28 | 1.22 | 1.27 | 0.84 | 2.07 |
| Equity per share (SEK) | 38.18 | 39.18 | 37.43 | 36.19 | 33.95 | 34.75 | 33.44 | 32.30 |
| 2.81 | ||||||||
| Cash flow for operating activities per share (SEK) | 2.52 | 0.72 | 2.32 | 2.56 | 2.57 | 0.81 | 2.18 | |
| Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | |
| Half-year data | 2015 | 2014 | 2014 | 2013 | 2013 | 2012 | 2012 | 2011 |
| Net sales (SEK m) | 347 | 309 | 281 | 266 | 235 | 186 | 195 | 196 |
| Order intake (SEK m) | 345 | 310 | 301 | 257 | 259 | 195 | 229 | 191 |
| Operating profit (SEK m) | 56 | 55 | 42 | 46 | 41 | 29 | 34 | 34 |
| Gross margin (%) | 62.3 | 62.5 | 62.0 | 63.5 | 61.7 | 58.8 | 61.3 | 60.7 |
| Operating margin (%) | 16.2 | 17.9 | 15.1 | 17.2 | 17.4 | 15.8 | 17.6 | 17.5 |
| Return on capital (%) | 17.3 | 17.3 | 14.8 | 18.3 | 17.3 | 16.1 | 16.7 | 18.6 |
| Earnings per share (SEK)* | 3.26 | 3.09 | 2.49 | 2.92 | 2.63 | 2.35 | 2.29 | 2.38 |
| Equity per share (SEK) | 37.80 | 35.69 | 33.69 | 31.97 | 30.31 | 29.08 | 27.49 | 25.58 |
*Year 2014 profit per share is calculated in relation to total number of shares outstanding. Previous years ratio is calculated in to number of shares before dilution.
Net sales for the last twelve months amounted to SEK 655 m (546) corresponding to an 20 % increase. In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 48 m positive impact on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 655 m (557).
Net sales for the first six months amounted to SEK 347 m (281) corresponding to a 24 % increase. Adjusted for a SEK 31 m positive fluctuation in currencies the increase was 13 %. Order intake for the first six months was SEK 345 m (301).
Net sales for the second quarter 2014 totalled to SEK 177 m (141), corresponding to a 25 % increase compared to the same quarter the previous year. Adjusted for a SEK 14 m positive currency effect the volume increase was 15 % in local currencies. The second quarter order intake increased to SEK 170 m (153), of which SEK 161 m will be delivered during the coming twelve months.
Operating profit totalled to SEK 111 m (88) for the last four quarters, equivalent to an operating margin of 17 % (16). Currency effects had in total a SEK 19 m positive impact on net income and expenses compared to the previous 12 months.
Operating profit for the first six months amounted to SEK 56 m (42), corresponding to a 16 % (15) operating margin. Currency fluctuation compared to the same period the previous year had in total a SEK 13 m positive impact on income and expenses.
The operating profit for the second quarter 2015 totalled to SEK 24 m (21). On Group level changes in exchange rates in total had a SEK 6 m positive impact on income and expenses compared to the same period the previous year.
The Group's equity amounted to SEK 431 m (383). The Group's equity/assets ratio improved to 51 % (47). The total number of shares at the end of the year was 11,322,400. In connection with the share saving programs first initiated in 2013 the company has acquired in total 31 000 own shares as of June 30, 2015.
The graph shows turnover per quarter on the bars referring to the scale on the left axis. The line shows turnover for the latest 12 month period referring to the scale on the axis to the right.
The graph shows operating result per quarter in the bars referring to the scale on the left axis. The line shows operating result for the last 12 month period referring to the scale on the axis to the right.
The tax charge for the first half-year was SEK 12 m (8). The tax charge for the current period has been calculated on the basis of the tax situation applying to the Group at present and the profit development of the reporting entities belonging to the Group.
| Change in Group Equity | |||
|---|---|---|---|
| (SEK 000s) | 2015-06-30 | 2014-06-30 | 2014-12-31 |
| Balance at 1 January | 422,599 | 377,557 | 377,557 |
| Total comprehensive income for the period | 35,771 | 30,612 | 69,209 |
| Share related-payment | 964 | 555 | 1,238 |
| Dividends | -28,229 | -25,406 | -25,405 |
| Closing balance | 431,105 | 383,319 | 422,599 |
Assets and liabilities in foreign currencies are revaluated at closing date. Currency hedging contracts are revaluated at the date of closing and are also affecting the result on the date of expiration. Changes in book value due to revaluation of operating balance sheet items and currency hedging contracts are disclosed as other operating income and other operating expenses. Changes in book value related to net-investments are disclosed under the Company statement of comprehensive income. Changes in book value related to assets in foreign currencies i.e. liquid funds, are disclosed as financial income and expenses.
Net sales and expenses are affected by changes in exchange rates. This will have an impact on income and costs. Net sales for the quarter consist of 61 % in EURO, 25 % in USD, 6 % in Japanese Yen and 8 % in SEK and other currencies. Cost of goods sold consists of 73 % in EURO, 22 % in USD and 1 % in Japanese Yen. Operating expenses consists of 37 % in EURO, 10 % in USD, 4 % in Japanese Yen and 49 % of SEK and other currencies.
Cash flow from operating activities during the first six months amounted to 37 MSEK (38).
The investments in tangible assets for the first six months amounted 3 MSEK (1). Investments in intangible assets for the period totalled 8 MSEK (16) and comprise to a material part capitalization of expenses related to technology platforms. As several new technology platforms recently were completed a comparably smaller part of the Groups development expenses was capitalized during the period. Amortization of capitalized development costs amounted to 9 MSEK (6) during the quarter.
The acquisition of IXXAT in February 2013 has generated a 255 MSEK overvalue before tax for the group of which 144 MSEK is allocated to technology platforms, customers and brand name included in the acquisition. Annual amortization on acquired overvalues amounts to approximately 7 MSEK. During the first six months 2015 amortization on the purchase price allocated to assets acquired was 4 MSEK (4).
To balance the Group´s currency exposure a 32 MEUR loan was used to finance the acquisition made in the first quarter 2013. At the end of the second quarter 2015 the loan amounted to 23 MEUR. The loan is amortized by approximately 37 MSEK annually. In total 18 MSEK (18) was amortized during the first six months of 2015.
At the end of the period the cash equivalents amounted to 17 MSEK (23) and unutilized credit facilities to 11 MSEK. The Group's net debt amounted to 221 MSEK (256).
During the second quarter a SEK 2.50 (2.25) dividend was paid out, in total SEK 28 m.
The HMS Group long term growth is supported by a continued inflow of design-wins, a broader product offering within the Gateway product family and Remote Management, supplementary technology platforms from IXXAT and an expansion of the HMS sales channels according to the existing strategy.
At present the global market for HMS products is viewed as cautiously optimistic. The effect on the market for HMS product offer and currency effects are difficult to predict but HMS overall goals are unchanged: A long term average growth of 20 % per year and an operating margin above 20 %.
This report has been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34, for Interim Reporting. Amendments to existing standards, new interpretations and new standards that came into effect as of January 1, 2015 did not affect the Groups reporting as of June 30, 2015.
HMS continues to apply the same accounting principles and valuation methods as those described in the most recent Annual Report. The parent company report is prepared in accordance with RFR 2, accounting for legal entities, and the Swedish Annual Accounts Act and accounting principles and the valuation methods as those described in the most recent Annual Report.
HMS Networks AB (publ) is listed on the Nasdaq OMX Stockholm Small Cap list, in the Information Technology sector. The total number of shares amounted to 11,322,400 of which 31 000 are held by the Company.
The Company has launched three share saving programs. Based on a decision by the Annual General Meeting permanent employees are offered to save in HMS shares in an annual share saving program. Between 47 % and 60 % of the employees opted to participate in the programs. If certain criteria's are met the Company is committed to give the participant a maximum of two HMS shares for every share saved by the employee. As of June 30, 2015 the total number of shares saved amounted to approximately 48 000.
The HMS Group is exposed to business and financial risks through its operations. These risks have been described at length in the Company's annual report 2014. In addition to the risks described in these documents, no additional significant risks have been identified.
The Parent Company's operations are primarily focused on Groupwide management and financing. Apart from the Group's CEO, the Parent Company has no employees. The operating profit for the first half-year 2015 amounted to SEK 0 m (0). Cash and cash equivalents amounted to SEK 0.3 m (0.9) and borrowing amounted to SEK 0 m (0).
GROWTH STRATEGY – HMS's main focus is on organic growth. Expansion on existing markets will be through improved and extended product ranges, new technology, high level of service and new sales channels. A certain degree of growth can be through the selective acquisition of businesses that will be a valuable complement to the company's organic growth strategy.
DEVELOPMENT STRATEGY – The Company's core expertise is made up of an extensive understanding of industrial network communication. Based on this competence in combination with an extensive network of customers, suppliers and external partners the existing and new product offers and solutions are developed for the best possible customer benefits.
PRODUCT STRATEGY — HMS markets four product lines, which to a certain degree are based on a common technical platform:
PRODUCTION STRATEGY – HMS maintains an in-house lowvolume production of Anybus products in Halmstad. Volume production takes place in close partnership with subcontractors in Europe and Asia in order to achieve flexible costs and to make use of economies of scale.
MARKETING STRATEGY – The Anybus network interface cards are marketed and sold to players in industrial and infrastructure automation and Anybus Gateways to system integrators, machine manufacturers and end-users in industrial and infrastructure automation. IXXAT communication platforms are marketed and sold to machine builders of industrial applications, medical equipment and the automotive industry. Netbiter products are marketed and sold to a wide range of customers, from device manufacturers to owners of installations in need of remote management.
SALES STRATEGY – Sales take place via the company's sales offices on defined key markets in 10 countries. Sales on the company's other markets, in some 50 countries, takes place via agents/ distributors.
HMS has designed its business models to fit each market and product line. For the Embedded market, most business is via framework agreements (i.e. design-wins). The sales cycle is relatively long and the design phase is performed in close cooperation with the customer. After that, there is steady revenue over a long period of time. For Gateways and Remote Management, the business model is more traditional, with a short business cycle and manufacturing based on customer orders. IXXAT uses a mix of the above mentioned business models.
The Board of Directors and CEO assure that the interim report provides a true and fair overview of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainties faced by the Parent Company and the Group.
Halmstad July 22, 2015
| Staffan Dahlström Chief Executive Officer |
Charlotte Brogren Chairman of the Board |
|---|---|
| Henrik Johansson | Ray Maurtisson |
| Kerstin Lindell | Fredrik Hansson |
| Karl Thedéen |
This interim report has not been reviewed by the Company's auditor.
Further information can be obtained from: CEO Staffan Dahlström, telephone +46 (0) 35-17 29 01 or CFO Gunnar Högberg, telephone +46 (0) 35-17 29 95
This information is such that HMS Networks AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publication at 07.50 CET on April 24, 2015.
| Q2 2015 |
Q2 2014 |
Q1-Q2 2015 |
Q1-Q2 2014 |
Q1-Q4 2014 |
1407-1506 12 months |
|
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 24.8 | 10.3 | 23.6 | 19.2 | 17.6 | 20.0 |
| Gross margin (%) | 62.2 | 61.9 | 62.3 | 62.0 | 62.3 | 62.4 |
| Operating margin EBIT (%) | 13.7 | 14.8 | 16.2 | 15.1 | 16.6 | 17.0 |
| EBITDA (SEK t) | 32,827 | 28,310 | 72,687 | 56,069 | 125,955 | 142,573 |
| EBITDA (%) | 18.6 | 20.0 | 21.0 | 20.0 | 21.4 | 21.8 |
| Return on capital empolyed (%) | 3.6 | 3.2 | 8.4 | 6.5 | 15.0 | 16.8 |
| Return on total equity (%) | 13.7 | 14.3 | 17.3 | 14.8 | 15.8 | 17.7 |
| Working capital in relation to sales (%)* | 7.5 | 7.8 | 7.5 | 7.8 | 6.1 | 7.5 |
| Capital turnover rate | 0.84 | 0.71 | 0.83 | 0.69 | 0.74 | 0.80 |
| Debt/equity ratio | 0.51 | 0.67 | 0.51 | 0.67 | 0.54 | 0.51 |
| Equity/assets ratio (%) | 51.4 | 47.3 | 51.4 | 47.3 | 50.8 | 51.4 |
| Capital expenditure in property, plant and equipm (SEK 000s) | 2,091 | 418 | 3,143, | 1,490 | 6,037 | 7,689 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 4,132 | 9,071 | 8,415 | 15,875 | 31,773 | 24,313 |
| Depreciation of property, plant and equipment (SEK 000s) | -2,050 | -1,873 | -4,052 | -3,682 | -7,453 | -7,823 |
| Amortisation of intangible fixed assetes (SEK 000s) | -6,595 | -5,509 | -12,585 | -9,933 | -20,920 | -23,572 |
| Number of employees (average) | 363 | 353 | 359 | 353 | 352 | 355 |
| Revenue per employees (SEK m)* | 1.8 | 1.5 | 1.8 | 1.5 | 1.7 | 1.8 |
| Equity per share, SEK | 38.18 | 33.95 | 37.80 | 33.69 | 35.43 | 36.06 |
| Cash flow from operations per share, SEK | 2.52 | 2.57 | 3.24 | 3.38 | 8.26 | 8.12 |
| Total number of share, average, thousands | 11,322 | 11,322 | 11,322 | 11,322 | 11,322 | 11,322 |
| Holding of own shares, average, thousands | 31 | 31 | 31 | 31 | 31 | 31 |
| Total outstanding shares, average, thousands | 11,291 | 11,291 | 11,291 | 11,291 | 11,291 | 11,291 |
* The key ratio has been translated into 12 months rolling value when applicable.
| (SEK 000s) | Q2 2015 |
Q2 2014 |
Q1-Q2 2015 |
Q1-Q2 2014 |
Q1-Q4 2014 |
1407-1506 12 months |
|---|---|---|---|---|---|---|
| Revenue | 176,515 | 141,451 | 346,766 | 280,578 | 589,212 | 655,400 |
| Cost of goods and services sold | -66,660 | -53,833 | -130,743 | -106,591 | -222,366 | -246,519 |
| Gross profit | 109,854 | 87,618 | 216,023 | 173,987 | 366,846 | 408,882 |
| Sales and marketing costs | -39,809 | -33,729 | -77,921 | -64,618 | -138,766 | -152,068 |
| Administrative expenses | -16,041 | -15,738 | -30,961 | -27,597 | -53,750 | -57,114 |
| Research and development costs | -27,640 | -20,090 | -51,116 | -43,506 | -85,052 | -92,662 |
| Other operating income | 672 | 2,868 | 5,429 | 4,189 | 9,809 | 11,049 |
| Other costs | -2,859 | 0 | -5,392 | 0 | -1,506 | -6,898 |
| Operating profit | 24,178 | 20,928 | 56,061 | 42,455 | 97,582 | 111,189 |
| Financial income | 0 | 0 | 0 | 0 | 37 | 37 |
| Financial costs | -4,295 | -2,958 | -6,772 | -5,873 | -11,809 | -12,709 |
| Profit before tax | 19,883 | 17,971 | 49,289 | 36,582 | 85,811 | 98,518 |
| Tax | -4,971 | -4,143 | -12,322 | -8,424 | -22,713 | -26,611 |
| Profit for the period | 14,912 | 13,827 | 36,967 | 28,158 | 63,098 | 71,907 |
| Basic earnings per share, SEK | 1.32 | 1.22 | 3.26 | 2.49 | 5.59 | 6.26 |
| (SEK 000s) | Q2 2015 |
Q2 2014 |
Q1-Q2 2015 |
Q1-Q2 2014 |
Q1-Q4 2014 |
1407-1506 12 months |
|---|---|---|---|---|---|---|
| Profit for the period | 14,912 | 13,827 | 36,967 | 28,158 | 63,098 | 71,907 |
| Other comprehensive income | ||||||
| Items that may be reclassified subsequently to income statement |
||||||
| Cash flow hedges | 2,193 | -822 | 1,556 | -954 | -2,720 | -210 |
| Translation differences | -1,897 | 7,824 | -9,154 | 8,037 | 18,395 | 1,204 |
| Hedging of net investments | 2,266 | -6,378 | 8,646 | -6,203 | -13,029 | 1,820 |
| Income tax relating to components of other comprehensive income |
-981 | 1,583 | -2,244 | 1,574 | 3,465 | -353 |
| Other comprehensive income for the period, net of tax | 1,581 | 2,207 | -1,196 | 2,454 | 6,111 | 2,461 |
| Total comprehensive income for the period | 16,493 | 16,034 | 35,771 | 30,612 | 69,209 | 74,368 |
| (SEK 000s) | June 30 2015 | June 30 2014 | Dec 31 2014 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 395,591 | 395,231 | 400,752 |
| Other intangible assets | 248,421 | 249,309 | 257,078 |
| Property, plant and equipment | 17,569 | 18,092 | 18,520 |
| Deferred tax assets | 407 | 750 | 1,328 |
| Other long term receivables | 1,914 | 0 | 1,498 |
| Total fixed assets | 663,902 | 663,382 | 679,176 |
| Inventories | 58,496 | 37,766 | 53,953 |
| Trade and other receivables | 83,047 | 66,855 | 69,494 |
| Other current receivables | 15,910 | 19,405 | 12,089 |
| Cash and cash equivalents | 16,594 | 22,683 | 17,629 |
| Total current assets | 174,047 | 146,709 | 153,165 |
| TOTAL ASSETS | 837,949 | 810,091 | 832,341 |
| EQUITY AND LIABILITIES | |||
| Equity | 431,105 | 383,319 | 422,599 |
| Liabilities | |||
| Non-current liabilities | 178,977 | 211,878 | 204,891 |
| Deffered income tax liabilities | 68,563 | 65,865 | 65,115 |
| Total non-current liabilities | 247,540 | 277,743 | 270,006 |
| Interest-bearing current liabilities | 58,506 | 66,558 | 40,497 |
| Trade payables | 43,937 | 34,762 | 40,695 |
| Other current liabilities | 56,861 | 47,709 | 58,544 |
| Total current liabilities | 159,304 | 149,029 | 139,736 |
| TOTAL EQUITY AND LIABILITIES | 837,949 | 810,091 | 832,341 |
| (SEK 000s) | Q2 2015 |
Q2 2014 |
Q1-Q2 2015 |
Q1-Q2 2014 |
Q1-Q4 2014 |
1407-1506 12 months |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
20,417 | 22,327 | 49,966 | 40,787 | 99,442 | 108,621 |
| Cash flow from changes in working capital | 8,061 | 6,680 | -13,376 | -2,665 | -6,187 | -16,898 |
| Cash flow from operating activities | 28,478 | 29,007 | 36,590 | 38,122 | 93,255 | 91,723 |
| Cash flow from investing activities | -6,144 | -9,489 | -11,803 | -17,365 | -37,982 | -32,420 |
| Cash flow from financing activities | -17,789 | -15,535 | -25,916 | -13,892 | -54,808 | -66,832 |
| Cash flow for the period | 4,545 | 3,983 | -1,129 | 6,865 | 465 | -7,529 |
| Cash and cash equivalents at beginning of the period | 12,500 | 18,700 | 17,629 | 15,818 | 15,818 | 22,683 |
| Translation differences in cash and cash equivalents | -451 | 0 | 94 | 0 | 1,346 | 1,440 |
| Cash and cash equivalents at end of period | 16,594 | 22,683 | 16,594 | 22,683 | 17,629 | 16,594 |
| Revenue per region (SEK 000s) |
Q2 2015 |
Q1 2015 |
Q4 2014 |
Q3 2014 |
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 104,743 | 104,580 | 99,014 | 97,567 | 90,601 | 91,628 | 78,378 | 89,455 | 82,481 | 69,182 | 52,971 | 60,049 |
| Americas | 37,128 | 39,999 | 33,123 | 30,157 | 27,519 | 27,291 | 26,359 | 30,592 | 26,439 | 22,480 | 19,686 | 22,687 |
| Asia | 34,645 | 25,672 | 24,181 | 24,592 | 23,330 | 20,207 | 21,021 | 19,920 | 19,285 | 15,553 | 14,608 | 16,408 |
| Income statement (SEK 000s) |
Q2 2015 |
Q1 2015 |
Q4 2014 |
Q3 2014 |
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
| Revenue | 176,515 | 170,251 | 156,318 | 152,316 | 141,451 | 139,127 | 125,758 | 139,967 | 128,205 | 107,215 | 87,265 | 99,144 |
| Gross profit | 109,854 | 106,168 | 96,867 | 95,991 | 87,618 | 86,369 | 80,056 | 88,704 | 79,709 | 65,446 | 50,269 | 59,382 |
| Gross margin | 62.2% | 62.4% | 62.0% | 63.0% | 61.9% | 62.1% | 63.7% | 63.4% | 62.2% | 61.0% | 57.6% | 59.9% |
| Operating profit | 24,178 | 31,884 | 17,977 | 37,150 | 20,928 | 21,527 | 13,443 | 32,226 | 27,260 | 13,745 | 6,248 | 23,186 |
| Operating margin | 13.7% | 18.7% | 11.5% | 24.4% | 14.8% | 15.5% | 10.7% | 23.0% | 21.3% | 12.8% | 7.2% | 23.4% |
| Profit before tax | 19,883 | 29,406 | 15,764 | 33,465 | 17,971 | 18,611 | 12,397 | 30,479 | 26,919 | 11,699 | 7,001 | 23,100 |
Sales by geographical area for the first half-year 2015 are presented in the graph to the right.
Embedded products reached 51 % (53) of the Group's total sales, IXXAT 19 % (21), Gateway products 21 % (20) and Remote Management amounted to 3 % (3).
All product groups are based on a common technology platform and are marketed and sold in the common sales channels. Therefore, no complete segment reporting is disclosed.
| (SEK 000s) | Q2 2015 |
Q2 2014 |
Q1-Q2 2015 |
Q1-Q2 2014 |
Q1-Q4 2014 |
1407-1506 12 months |
|---|---|---|---|---|---|---|
| Revenue | 3,166 | 2,161 | 5,402 | 4,256 | 8,835 | 9,981 |
| Gross profit | 3,166 | 2,161 | 5,402 | 4,256 | 8,835 | 9,981 |
| Administrative expenses | -3,166 | -2,160 | -5,402 | -4,255 | -8,834 | -9,981 |
| Operating profit | 0 | 1 | 0 | 1 | 1 | 0 |
| Interest income, dividends and similar items | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest expense and similar income | 0 | -1 | 0 | -1 | -1 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Tax | 0 | 0 | 0 | -2 | -48 | -47 |
| Profit of the period | 0 | 0 | 0 | -2 | -48 | -47 |
| Tkr | June 30 2015 | June 30 2014 | Dec 31 2014 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 765 | 603 | 454 |
| Cash and cash equivalents | 300 | 918 | 192 |
| Total current assets | 1,064 | 1,520 | 646 |
| TOTAL ASSETS | 245,103 | 245,559 | 244,685 |
| EQUITY AND LIABILITIES | |||
| Equity | 90,249 | 118,524 | 118,477 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Trade payables | 181 | 47 | 427 |
| Liabilities to Group companies | 152,415 | 124,757 | 122,888 |
| Other current liabilities | 2,250 | 2,223 | 2,885 |
| Total current liabilities | 154,847 | 127,027 | 126,200 |
| TOTAL EQUITY AND LIABILITIES | 245,103 | 245,559 | 244,685 |
Total assets less non interest bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
Operating income according to income statement excluding items affecting comparability.
Earnings before interest, taxes, depreciation and amortization.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares with addition for the average number of shares that are added when converting the outstanding number of convertible securities and options.
Shareholders' equity in relation to total assets.
Long-term and current financial liabilities less financial assets.
Net debt in relation to shareholders' equity.
Number of registered shares less shares bought back, which are held by the company.
Operating income in relation to net sales.
Share of the profit after financial income in relation to the average capital employed.
Share of profit after tax attributable to the parent company's shareholders in relation to the average shareholders' equity.
Total equity attributable to the parent company's shareholders in relation to total outstanding shares by the end of the period.
Current assets less cash equivalents and current liabilities.
HMS Industrial Networks is the leading independent supplier of products for industrial communication including remote management. HMS develops and manufactures solutions for connecting automation devices and systems to industrial networks under the Netbiter, Anybus and IXXAT brands.
Development and manufacturing take place at the headquarters in Halmstad, Sweden and in Weingarten, Germany. Local sales and support are handled by branch offices in China, Denmark, France, Germany, India, Italy, Japan, UK, and USA. HMS employs over 370 people and reported sales of 63 million EUR in 2014. HMS is listed on the NASDAQ OMX in Stockholm.
"All industrial devices will be intelligent and networked. We shall be the market leading partner in the world of industrial communication".
"We provide reliable, flexible and easy-to-use communication and remote management solutions to the world of industrial communication".
"To create long term value for our customers, employees and investors".
HMS Networks AB (publ) Org.Nr. 556661-8954 Box 4126 | 300 04 Halmstad | Sweden Tel: +46 35 172 900 Fax: +46 35 172 909 http://investors.hms.se
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