Interim / Quarterly Report • Jul 16, 2014
Interim / Quarterly Report
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We could see an improved stability during the second quarter primarily on our important German market but also in Japan and to some extent in North America. With an 10 % organic growth this resulted in a new record level in sales, SEK 141 m.
During the first six months we have finalized several major Netbiter and Anybus development projects and we are now in an intense phase of product introductions. For our Anybus Embedded offer the Anybus-CBM product family is now shipping for the five most important network protocols. A new updated version of the Anybus X-gateway has been launched and we have also released a new and improved 3.0 version of the IXXAT CanAnalyzer software. The new Remote Access functionality for Netbiter is being well received on the market and during the second quarter a number of pilot installations were made with positive results. We still see delays in the ramp up of Netbiter sales in the Telecom segment, mainly due to long sales and qualification processes.
The completion of several major development projects in Halmstad means that we now are reallocating resources to customer projects based on our newly developed technology, something that will provide both financing for parts of the development work and future product sales. With a maintained strong gross margin during the first half year we can report a higher gross profit compared to the previous year. Increased operating expenses mainly due to a decreasing level of capitalization of development expenses means that the result is unchanged for the first six months and lower for the second quarter compared to the respective periods the previous year.
IXXAT Automation GmbH, which was acquired in February 2013, developed well during the first six months of 2014. Today the major part of the IXXAT product offer is shipped through the HMS sales channels and we can see increasing activities and cross selling of the IXXAT products. Simultaneously we continue to invest in the product development in Weingarten, Germany to develop the product- and service offering for our IXXAT brand within Machine Communication, Automotive and Safety.
We are cautiously positive to the market development and we are optimistic about the conditions for a long term growth. A good order intake indicates a continuing growth going forward.
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 "HMS-connecting devices".
"A good order intake indicates a continuing growth going forward."
Staffan Dahlström, CEO, HMS Networks AB
| Quarterly data | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
|---|---|---|---|---|---|---|---|---|
| 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 | |
| Net sales (SEK m) | 141 | 139 | 126 | 140 | 128 | 107 | 87 | 99 |
| Order intake (SEK m) | 170 | 167 | 132 | 125 | 140 | 119 | 100 | 95 |
| Operating profit (SEK m) | 21 | 22 | 13 | 32 | 27 | 14 | 6 | 23 |
| Gross margin (%) | 61.9 | 62.1 | 63.7 | 63.4 | 62.2 | 61.0 | 57.6 | 59.9 |
| Operating margin (%) | 14.8 | 15.5 | 10.7 | 23.0 | 21.3 | 12.8 | 7.2 | 23.4 |
| Return on capital (%) | 14.3 | 14.9 | 10.3 | 26.4 | 23.4 | 10.7 | 16.3 | 16.2 |
| Earnings per share (SEK) | 1.22 | 1.27 | 0.84 | 2.07 | 1.80 | 0.82 | 0.86 | 1.49 |
| Equity per share (SEK) | 33.93 | 34.73 | 33.42 | 32.28 | 30.41 | 31.18 | 30.21 | 29.43 |
| Cash flow for operating activities per share (SEK) | 2.57 | 0.81 | 2.18 | 2.81 | 1.40 | 1.52 | 1.67 | 2.23 |
| Half-year data | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 |
| 2014 | 2013 | 2013 | 2012 | 2012 | 2011 | 2011 | 2010 | |
| Net sales (SEK m) | 281 | 266 | 235 | 186 | 195 | 196 | 188 | 179 |
| Order intake (SEK m) | 338 | 257 | 259 | 195 | 229 | 191 | 197 | 174 |
| Operating profit (SEK m) | 42 | 46 | 41 | 29 | 34 | 34 | 38 | 43 |
| Gross margin (%) | 62.0 | 63.5 | 61.7 | 59.0 | 61.3 | 60.7 | 60.5 | 61.0 |
| Operating margin (%) | 15.1 | 27.0 | 17.4 | 15.8 | 17.6 | 17.5 | 20.2 | 24.2 |
| Return on capital (%) | 14.8 | 18.3 | 17.3 | 7.9 | 17.7 | 18.6 | 22.1 | 23.2 |
| Earnings per share (SEK) | 2.49 | 2.92 | 2.63 | 2.35 | 2.29 | 2.38 | 2.46 | 2.77 |
| Equity per share (SEK) | 33.67 | 31.95 | 30.31 | 29.82 | 28.23 | 26.77 | 24.41 | 25.3 |
Net sales for the last twelve months amounted to SEK 546 m (422) corresponding to an 30 % increase. In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 6 m positive impact on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 595 m (454).
Net sales for the second quarter 2014 totalled to SEK 141 m (128), corresponding to a 10 % increase compared to the same quarter the previous year. Adjusted for a SEK 5 m positive currency effect the volume increase was 7 % in local currencies. The second quarter order intake increased with 22 % to SEK 170 m (140), of which SEK 144 m will be delivered during the upcoming twelve months. In local currencies order intake during the second quarter increased with 18 %.
Operating profit totalled to SEK 88 m (70) for the last four quarters, equivalent to an operating margin of 16 % (17). Currency effects had a SEK 2 m positive impact on the operating result compared to the previous year.
The operating profit for the second quarter 2014 totalled to SEK 21 m (27). On Group level changes in exchange rates had a SEK 2 m positive impact compared to the same period the previous year.
The tax charge for the first half-year was SEK 8 m (9). 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.
The Group's equity amounted to SEK 383 m (344). The total number of shares at the end of the year was 11,322,400. Of the total number of shares 24,939 are held by the Company. The Group's equity/assets ratio improved to 47 % (44).
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.
| Change in Group Equity (SEK 000s) | June 30 2014 | June 30 2013 | Dec 31 2013 |
|---|---|---|---|
| Balance at 1 January | 377,557 | 342,056 | 342,056 |
| Total comprehensive income for the period | 30,612 | 27,436 | 64,127 |
| Repurchase of own shares | 0 | 0 | -3,895 |
| Share-related payment | 555 | 339 | 744 |
| Dividends | -25,406 | -25,475 | -25,475 |
| Closing balance | 383,319 | 344,356 | 377,557 |
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 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 first half-year consist of 64 % in EURO, 23 % in USD, 7 % in Japanese Yen and 6 % in SEK and other currencies. Cost of goods sold consists of 70 % in EURO, 17 % in USD and 1 % in Japanese Yen. Operating expenses consists of 37 % in EURO, 8 % in USD, 3 % in Japanese Yen and 52 % of SEK and other currencies.
The Group applies a policy for currency hedging described in the annual report.
Cash flow from operating activities in the first six months 2014 amounted to SEK 38 m (33).
The investments in tangible assets for the first half-year totalled SEK 1 m (2). Investments in intangible assets for the period totalled SEK 16 m (31) and comprise internal development costs related to new technology platforms. As several new technology platforms recently were completed a comparably smaller part of the Groups development expenses was capitalized during the period. During the period depreciation on intangible assets amounted to SEK 10 m (5).
The acquisition of IXXAT in February 2013 created a SEK 250 m over value of which SEK 141 m is allocated to technology platforms, customers and brand name. The annual depreciation on the purchase price allocated to technical platforms and customers is estimated to SEK 7 m. During the first six months 2014 depreciation on purchase price allocated to assets was reflected with SEK 4 m in the income statement.
To balance the Group´s currency exposure a 32 m€ loan was used to finance the acquisition made in the first quarter 2013. At the end of the period the loan amounted to 27 m€.
By the end of the period, the cash equivalents totalled SEK 23 m (28) and unutilized credit facilities SEK 25 m. The Group's net debt amounted to SEK 256 m (263).
During the second quarter HMS distributed dividend payments to its shareholder equal to SEK 2.25 per share (2.25), in total SEK 26 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, 2014 did not affect the Groups reporting as of June 30, 2014.
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 24,939 are held by the Company.
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 2013. 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 Group-wide management and financing. Apart from the Group's CEO, the Parent Company has no employees. The operating profit for the first half-year 2014 amounted to SEK 0 m (0). Cash and cash equivalents amounted to SEK 1 m (1) 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 seletive 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 low-volume 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 15, 2014
| Staffan Dahlström | Urban Jansson |
|---|---|
| Chief Executive Officer | Chairman of the Board |
| Henrik Johansson | Ray Maurtisson |
| Kerstin Lindell | Charlotte Brogren |
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
| Q2 2014 |
Q2 2013 |
Q1-Q2 2014 |
Q1-Q2 2013 |
Q1-Q4 2013 |
1307-1406 12 months |
|
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 10.3 | 29.6 | 19.2 | 20.5 | 31.3 | 29.5 |
| Gross margin (%) | 61.9 | 62.2 | 62.0 | 60.4 | 62.6 | 62.7 |
| Operating margin EBIT (%) | 14.8 | 21.3 | 15.1 | 17.4 | 17.3 | 16.1 |
| EBITDA (SEK t) | 28,394 | 32,150 | 56,152 | 49,870 | 104,759 | 110,859 |
| EBITDA (%) | 20.1 | 25.1 | 20.0 | 21.2 | 20.9 | 20.3 |
| Return on capital employed (%) | 3.5 | 4.7 | 7.1 | 17.7 | 18.4 | 15.0 |
| Return on total equity (%) | 14.3 | 23.4 | 14.8 | 17.3 | 17.4 | 16.8 |
| Working capital in relation to sales (%)* | -3.1 | 3.8 | -3.1 | 3.8 | 2.7 | -3.1 |
| Capital turnover rate | 0.71 | 0.66 | 0.71 | 0.66 | 0.84 | 0.69 |
| Debt/equity ratio | 0.67 | 0.76 | 0.67 | 0.76 | 0.59 | 0.67 |
| Equity/assets ratio (%) | 47.3 | 43.9 | 47.3 | 43.9 | 49.0 | 47.3 |
| Capital expenditure in property, plant and equipm. (SEK t) | 418 | 618 | 1,490 | 1,703 | 4,493 | 4,280 |
| Capital expenditure in intagible fixed assets (SEK t) | 9,071 | 15,843 | 15,875 | 30,520 | 52,609 | 37,964 |
| Depreciation of property, plant and equipment (SEK t) | -1,958 | -1,875 | -3,765 | -3,611 | -6,674 | -6,646 |
| Amortisation of intangible fixed assets (SEK t) | -5,509 | -3,015 | -9,933 | -5,254 | -11,438 | -16,117 |
| Number of employees (average) | 353 | 339 | 353 | 343 | 344 | 349 |
| Revenue per employee (SEK m) | 1.5 | 1.2 | 1.5 | 1.2 | 1.5 | 1.6 |
| Total equity per share, SEK | 33.93 | 30.41 | 33.67 | 30.31 | 31.81 | 32.20 |
| Cash flow from operations per share, SEK | 2.57 | 1.40 | 3.37 | 2.92 | 7.91 | 8.37 |
| Total number of shares, average, thousands | 11,322 | 11,322 | 11,322 | 11,322 | 11,322 | 11,322 |
| Holding of own shares, average, thousands | 25 | 0 | 25 | 0 | 12 | 25 |
| Total outstanding shares, average, thousands | 11,297 | 11,322 | 11,297 | 11,322 | 11,310 | 11,297 |
*The key ratio has been translated into trailing 12 month value when applicable.
| (SEK 000s) | Q2 2014 |
Q2 2013 |
Q1-Q2 2014 |
Q1-Q2 2013 |
Q1-Q4 2013 |
1307-1406 12 months |
|---|---|---|---|---|---|---|
| Revenue | 141,451 | 128,205 | 280,578 | 235,420 | 501,145 | 546,303 |
| Cost of goods and services sold | -53,833 | -48,496 | -106,591 | -90,265 | -187,229 | -203,555 |
| Gross profit | 87,618 | 79,709 | 173,987 | 145,155 | 313,916 | 342,748 |
| Sales and marketing costs | -33,729 | -31,754 | -64,618 | -61,422 | -128,346 | -131,542 |
| Administrative expenses | -15,738 | -11,001 | -27,597 | -24,105 | -48,442 | -51,934 |
| Research and development costs | -20,090 | -11,475 | -43,506 | -21,192 | -52,018 | -74,332 |
| Other operating income | 2,868 | 1,776 | 4,189 | 3,262 | 2,828 | 3,755 |
| Other costs | 0 | 5 | 0 | -693 | -1,290 | -597 |
| Operating profit | 20,928 | 27,260 | 42,455 | 41,005 | 86,647 | 88,097 |
| Financial income | 0 | 1,228 | 0 | 1,228 | 203 | -1,025 |
| Financial costs | -2,958 | -1,569 | -5,873 | -3,615 | -5,357 | -7,614 |
| Profit before tax | 17,971 | 26,919 | 36,582 | 38,618 | 81,494 | 79,458 |
| Tax | -4,143 | -6,494 | -8,424 | -8,882 | -18,744 | -18,285 |
| Profit for the period | 13,827 | 20,425 | 28,158 | 29,736 | 62,750 | 61,173 |
| Earnings per share, SEK | 1.22 | 1.80 | 2.49 | 2.63 | 5.54 | 5.41 |
| (SEK 000s) | Q2 2014 |
Q2 2013 |
Q1-Q2 2014 |
Q1-Q2 2013 |
Q1-Q4 2013 |
1307-1406 12 months |
|---|---|---|---|---|---|---|
| Profit for the period | 13,827 | 20,425 | 28,158 | 29,736 | 62,750 | 61,173 |
| Other comprehensive income | ||||||
| Income/expense recognized directly in equity | ||||||
| Cash flow hedges | -822 | -2,730 | -954 | -3,249 | -1,751 | 544 |
| Translation differences | 7,824 | 8,721 | 8,037 | 3,516 | 10,004 | 14,525 |
| Hedging of net investments | -6,378 | -13,292 | -6,203 | -4,207 | -9,309 | -11,305 |
| Income tax relating to components of other comprehensive income |
1,583 | 3,525 | 1,574 | 1,640 | 2,433 | 2,367 |
| Other comprehensive income for the period, net of tax | 2,207 | -3,776 | 2,454 | -2,300 | 1,377 | 6,131 |
| Total comprehensive income for the period | 16,034 | 16,649 | 30,612 | 27,436 | 64,127 | 67,304 |
| (SEK 000s) | June 30 2014 | June 30 2013 | Dec 31 2013 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 395,231 | 386,379 | 390,844 |
| Other intangible assets | 249,309 | 220,540 | 239,405 |
| Property, plant and equipment | 18,092 | 20,697 | 20,179 |
| Deffered tax assets | 750 | 747 | 724 |
| Total fixed assets | 663,382 | 628,363 | 651,152 |
| Inventories | 37,766 | 36,642 | 35,971 |
| Trade and other receivables | 66,855 | 60,452 | 53,985 |
| Other current receivables | 19,405 | 30,120 | 13,637 |
| Cash and cash equivalents | 22,683 | 28,459 | 15,818 |
| Total current assets | 146,709 | 155,673 | 119,411 |
| TOTAL ASSETS | 810,091 | 784,036 | 770,563 |
| EQUITY AND LIABILITIES | |||
| Equity | 383,319 | 344,356 | 377,557 |
| Liabilities | |||
| Non-current interest-bearing liabilities | 211,878 | 238,140 | 224,076 |
| Deferred income tax liabilities | 65,865 | 65,187 | 65,143 |
| Total non-current liabilities | 277,743 | 303,327 | 289,219 |
| Interest-bearing current liabilities | 66,558 | 52,994 | 35,772 |
| Trade payables | 34,762 | 33,594 | 28,342 |
| Other current liabilities | 47,709 | 49,765 | 39,673 |
| Total current liabilities | 149,029 | 136,353 | 103,787 |
| TOTAL EQUITY AND LIABILITIES | 810,091 | 784,036 | 770,563 |
| (SEK 000s) | Q2 2014 |
Q2 2013 |
Q1-Q2 2014 |
Q1-Q2 2013 |
Q1-Q4 2013 |
1307-1406 12 months |
|---|---|---|---|---|---|---|
| Cash flow from operating acitivites before changes in working capital |
22,327 | 21,771 | 40,787 | 28,126 | 85,268 | 97,929 |
| Cash flow from changes in working capital | 6,680 | -5,891 | -2,665 | 4,961 | 4,234 | -3,392 |
| Cash flow from operating activities | 29,007 | 15,880 | 38,122 | 33,087 | 89,502 | 94,537 |
| Cash flow from investing activities | -9,489 | -16,460 | -17,365 | -258,000 | -324,554 | -83,919 |
| Cash flow from financing activities | -15,535 | -3,385 | -13,892 | 221,885 | 219,383 | -16,394 |
| Cash flow for the period | 3,983 | -3,965 | 6,865 | -3,028 | -15,669 | -5,776 |
| Cash and cash equivalents at beginning of the period | 18,700 | 32,424 | 15,818 | 31,487 | 31,487 | 28,459 |
| Cash and cash equivalents at end of period | 22,683 | 28,459 | 22,683 | 28,459 | 15,818 | 22,683 |
| Revenue per region (SEK 000s) |
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 90,601 | 91,628 | 78,378 | 89,455 | 82,481 | 69,182 | 52,971 | 60,049 | 59,169 | 60,387 | 55,876 | 64,900 |
| Americas | 27,519 | 27,291 | 26,359 | 30,592 | 26,439 | 22,480 | 19,686 | 22,687 | 20,813 | 20,429 | 20,330 | 18,844 |
| Asia | 23,330 | 20,207 | 21,021 | 19,920 | 19,285 | 15,553 | 14,608 | 16,408 | 18,920 | 15,677 | 18,642 | 16,976 |
| Income statement (SEK 000s) |
Q2 2014 |
Q1 2014 |
Q4 2013 |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
| Revenue (SEK m) | 141,451 | 139,127 | 125,758 | 139,967 | 128,205 | 107,215 | 87,265 | 99,144 | 98,902 | 96,493 | 94,848 | 100,720 |
| Gross profit | 87,618 | 86,369 | 80,056 | 88,704 | 79,709 | 65,446 | 50,269 | 59,382 | 59,953 | 59,766 | 57,686 | 61,062 |
| Gross margin | 61.9% | 62.1% | 63.7% | 63.4% | 62.2% | 61.0% | 57.6% | 59.9% | 60.6% | 61.9% | 60.8% | 60.6% |
| Operating profit | 20,928 | 21,527 | 13,443 | 32,226 | 27,260 | 13,745 | 6,248 | 23,186 | 19,953 | 14,338 | 9,925 | 24,360 |
| Operating margin | 14.8% | 15.5% | 10.7% | 23.0% | 21.3% | 12.8% | 7.2% | 23.4% | 20.2% | 14.9% | 10.5% | 24.2% |
| Profit before tax | 17,971 | 18,611 | 12,397 | 30,479 | 26,919 | 11,699 | 7,001 | 23,100 | 20,810 | 14,286 | 10,715 | 25,544 |
Sales by geographical area for the first half-year 2014 are presented in the graph to the right.
Embedded products reached 53 % (56) of the Group's total sales, IXXAT 21 % (18), Gateway products 20 % (19) and Remote Management amounted to 3 % (4).
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 2014 |
Q2 2013 |
Q1-Q2 2014 |
Q1-Q2 2013 |
Q1-Q4 2013 |
1307-1406 12 months |
|---|---|---|---|---|---|---|
| Revenue | 2,161 | 1,818 | 4,256 | 4,061 | 7,845 | 8,040 |
| Cost of sales and services | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 2,161 | 1,818 | 4,256 | 4,061 | 7,845 | 8,040 |
| Administrative expenses | -2,160 | -1,818 | -4,255 | -4,068 | -7,833 | -8,021 |
| Operating profit | 1 | 0 | 1 | -7 | 12 | 19 |
| Interest income, dividends and similar items | 0 | 0 | 0 | 7 | 50,009 | 50,002 |
| Interest expense and similar items | -1 | 0 | -1 | 0 | 0 | -1 |
| Profit before tax | 0 | 0 | 0 | 0 | 50,020 | 50,020 |
| Tax | 0 | 0 | -2 | 0 | -4 | -6 |
| Profit of the period | 0 | 0 | -2 | 0 | 50,016 | 50,014 |
| (SEK 000s) | June 30 2014 | June 30 2013 | Dec 30 2013 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 603 | 365 | 247 |
| Cash and cash equivalents | 918 | 779 | 808 |
| Total current assets | 1,520 | 1,144 | 1,056 |
| TOTAL ASSETS | 245,559 | 245,183 | 245,095 |
| EQUITY AND LIABILITIES | |||
| Equity | 118,524 | 97,810 | 143,931 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Trade payables | 47 | 215 | 535 |
| Liabilities to Group companies | 124,757 | 145,347 | 99,321 |
| Other current liabilities | 2,223 | 1,803 | 1,299 |
| Total current liabilities | 127,027 | 147,365 | 101,155 |
| TOTAL EQUITY AND LIABILITIES | 245,559 | 245,183 | 245,095 |
Total assets less non interest bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
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 including noncontrolling interests.
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 excluding non-controlling interests.
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 equiva-lents 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 350 people and reported sales of 58 million EUR in 2013. 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".
"To create long term value for our customers, employees and investors".
"We provide reliable, flexible and easy-to-use communication and remote management solutions to the world of industrial communication".
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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