Earnings Release • May 12, 2014
Earnings Release
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Sales per quarter and rolling 12 months, SEKm EBIT per quarter and rolling 12 months, SEKm
| DORO GROUP | 2014 | 2013 | Rolling | 2013 |
|---|---|---|---|---|
| (SEK m) | Jan-March | Jan-March | 12 months | Full-year |
| Net sales | 233.0 | 208.9 | 1166.6 | 1142.5 |
| Net sales growth, % | 11.5% | 22.6% | 33.2% | 36.4% |
| EBITDA | 16,0 | 14.2 | 115.5 | 113.7 |
| EBITDA margin, % | 6.9% | 6.8% | 9.9% | 10.0% |
| EBIT | 4.7 | 7.7 | 75.9 | 78.9 |
| EBIT margin, % | 2.0 | 3.7 | 6.5 | 6.9 |
| Profit after tax | 2.0 | 7.4 | 55.2 | 60.6 |
| Earnings per share after tax, SEK | 0.10 | 0.38 | 2.79 | 3.07 |
| Equity/assets ratio, % | 48.4% | 46.7% | 38.3% |
Growth in total sales including IVS
Higher gross margin but also increased depreciations
Smart phones are key to our strategy – the platform for higher value sales and recurring revenues
Anticipated listings of major telecom operators in Europe in the 2nd half 2014
Progress in Care category, but still modest sales levels
Demand for a wider range of connected devices for seniors
The year has started off with a 12 percent growth of total sales in the first quarter compared to last year with a sustained market share. However, as predicted in our year-end report 2013, sales excluding IVS and order intake in the first quarter decreased compared to the strong first quarter last year. In US and Canada we had large shipments in the fourth quarter 2013, leading to some negative phasing effects in the first quarter this year. Secondly, in the Nordics a decreasing feature phone market has affected our sales. Our ramp up of smart phones, that we expect to improve gradually during the year, has not yet been able to compensate this.
Our EBITDA in the quarter increased to SEK 16.0 m (14.2). EBITDA was affected positively by an improved gross margin and negatively by increased marketing efforts. The EBIT result decreased to SEK 4.7 m (7.7) as our depreciations related to product investments has increased, following the launch of the new generation of smart phones.
Our growth strategy is built on providing more user-friendly smart phones and other connected devices adapted for seniors distant from technologies. We constantly monitor the evolution of their needs and our new store in Paris is one step in strengthening our direct contact with our target group and end users. Smart phones are our route to higher value product sales and hence continued strengthening of the gross margin. Smart phones have also increased our possibilities, as they are the platform for recurring revenues from connected services. We keep investing in this category, as it will contribute to our growth in the second half of the year and long-term.
Our competitiveness within feature phones remains strong. At the industry's leading fair, the Mobile World Congress (MWC) in February, we announced four new products that enhance our offer. We therefore expect our market share in feature phones to improve during the second half of 2014, as we anticipate listings from new major telecom operators in Europe. This will also support our growth during the second half of the year.
In the Care category we have made progress during the first quarter, with shipments of our unique mobile Telecare products to distributors – however still on modest sales levels. Our efforts in this category provide us with long-term potential, and it benefits from the investments we do in developing other products.
The demographic shift with a growing population of seniors will be the continued important driver for Doro and our market. With technology evolving at a faster pace than it can penetrate the over-65 population, we see increased demand for a wider range easy-to-use connected devices adapted for senior-level comfort.
Product launches
Doro's net sales for the first quarter amounted to SEK 233.0 m (208.9), an increase of 11.5 percent compared with the first quarter of 2013. The increase in net sales is an effect of the IVS acquisition in May 2013. Currency adjusted, growth for the first quarter amounted to 9.9 percent. Organic sales, excluding IVS, decreased by 15.5 percent.
Gross margin improved to 40.9 percent (38.4) as an effect of a more favourable product mix. EBITDA for the quarter amounted to SEK 16.0 m (14.2), with an EBITDA margin of 6.9 percent. EBIT in the first quarter was SEK 4.7 m (7.7), with an EBIT margin of 2.0 percent (3.7). Depreciations have increased due to launches of products, especially in the Smart Devices category. Exchange rate effects had a positive impact on EBIT of SEK 1.2 m compared to previous year.
Net financial items for the first quarter were SEK -1.6 m (0.2). Group tax for the quarter amounted to SEK -1.1 m (-0.5). The net profit for the quarter amounted to SEK 2.0 m (7.4).
Cash flow from current activities in the first quarter amounted to SEK -28.8 m (18.3), succeeding an exceptional cash flow in the fourth quarter 2013 of SEK 71.0 m. Change in working capital was SEK -38.0 m (5.0 ). Cash and cash equivalents at the end of the first quarter amounted to SEK 70.2 m (145.3), including payment of deferred consideration regarding IVS of SEK 17.9 m.
The equity/assets ratio was 48.4 percent (46.7) at the close of the period. This means that the equity/asset ratio is back to the level before the acquisition of IVS. The net cash balance was SEK 24.8 m (143.9).
First quarter growth amounted to 11.5 percent
EBIT affected by increased depreciations
Lower cash flow succeeding exceptional Q4 2013
Nordic sales affected by decrease in feature phones not yet compensated by smart phones
IVS integration develops according to plan
Higher UK profitability following a period of growth
Slow down in US and Canada reflects strong comparable quarter and phasing effects
Nordic region
Sales in the Nordic region during the first quarter amounted to SEK 41.8 m (55.6). In the Nordics our sales have been affected by a decreasing feature phone market, which has not yet been compensated by the ramp up of smart phones that is expected to improve gradually during the year.
Sales in the DACH region, including IVS, amounted to SEK 64.5 m (12.4) in the quarter. The acquisition of IVS develops according to plan, with an increased market share and a more favourable product mix.
Sales in the EMEA region amounted to SEK 62.0 m (58.0) during the first quarter. During the quarter major operators have continued to launch Doro feature phones with 3G technology.
The UK region showed sales of SEK 38.6 m (36.5) in the first quarter. Doro has increased its market share in the region the past year and following a period of strong growth, profitability in the region improved during the quarter.
In US and Canada sales amounted to SEK 24.7 m (41.2). The development in the region during the quarter should be seen in the light of an exceptional comparable quarter last year, but sales were also affected by temporally phasing effects.
For the quarter, Other regions accounted for sales of SEK 2.4 m (0,6). The improvement reflects reactivated listings with the Australian operator Optus.
This report introduces a separation of costs and certain income that is not related to a specific region. This allows the operating margin by region more clearly can be followed over time as the allocation of central overhead previously was allocated to each region, with a distribution key based on sales which created fluctuations that are not related to the region's operating margin.
For the quarter, income and income adjustments not related to any region amounted to - 1,0 m (4,6).
At the end of the period, the headcount was 153 (79). Of these, 37 (34) are based in Sweden, 33 (26) in France, 10 (7) in the UK, 9 (8) in Hong Kong, 3 (3) in Norway, and 61(1) in Germany.
The Parent Company's net sales for the year's first quarter amounted to SEK 176.2 m (208.0). The profit before tax amounted to SEK -1,7 m (5.7).
Doro expects growth in 2014, mainly during the second half of the year.
Previous outlook: Doro´s growth is expected to continue. No detailed forecast for 2014 is given.
Doro's shares are quoted on the Nasdaq OMX Nordic Exchange Stockholm, Small Cap – Telecom/IT list. As per March 31, 2014, Doro's market capitalization was SEK 875,9 m, which can be compared with SEK 557.2 m on March 31, 2013.
During the period January 1, 2014 to March 31, 2014, the share price decreased from SEK 44.3 to SEK 42.1. This is equivalent to an decrease of 5.0 percent, which can be compared with the increase of 7.1 percent in the OMX Stockholm PI over the same period.
In April 2011, Doro issued warrants as a result of an incentive program in the company. The incentive program entailed that all of Doro's employees were invited to purchase warrants in the company providing entitlement to subscribe for new shares in Doro at a subscription price of SEK 35.30 per share during the period from April 1, 2014 through June 30, 2014.
At start of the subscription period on April 1 2014, in total 552,770 warrants were held by Doro employees.
| Shareholder | Number of shares |
Proportion of shares and votes, % |
|---|---|---|
| Försäkringsaktiebolaget Avanza Pension | 1,637,352 | 7.9 |
| Clearstream Banking S.A. | 1,498,219 | 7,2 |
| Nordea Investment Funds | 1,257,428 | 6,0 |
| Originat AB | 650,000 | 3.1 |
| FCP Objectif investissement, microcaps | 584,000 | 2,8 |
| AIF clients | 500,000 | 2,4 |
| Catella Fondförvaltning | 465,180 | 2.2 |
| Nordnet Pensionsförsäkring AB | 437,687 | 2.1 |
| Hajskaeret Invest AB | 380,000 | 1.8 |
| Swedbank Robur Fonder | 346,426 | 1.7 |
Source: Euroclear Sweden AB and Doro AB.
No transactions took place between Doro and related parties that had a material impact on the Company's financial position and results.
Risks and instability factors are mainly related to supplier disruption, product adaptation and certification, customer relations, exchange rate fluctuations and loan financing. Apart from these risks and the instability factors described on pages 12-13 of the 2013 Annual Report, no other risks of any significance have been identified during the most recent period.
This Interim Report has been prepared on behalf of the Group according to IAS 34, Interim Financial Reporting, and for the Parent Company in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting of legal entities. Deferred tax assets are considered to the extent the company believes that this can be utilized in the foreseeable future, which the Company considers to be 3-4 years. The accounting principles and calculation methods applied are consistent with those that were applied when drawing up the previous year's accounts.
Annual General Meeting 2014 will be held on May 12th.
Report to be presented at an Audiocast, May 12 at 2:00 p.m. CET
The Board has set the following dates for the publication of Doro's Reports: AGM: May 12, 2014 Quarterly report period Jan-Jun 2014: Aug 21, 2014 Quarterly report period Jan-Sep 2014: Nov 7, 2014 Year-end report period Jan-Dec 2014: Feb 12, 2015
President & CEO, Jérôme Arnaud, +46 (0)46 280 50 05 CFO, Christian Lindholm, +46 (0) 46 280 50 06
Analysts, investors and the media are welcome to attend a presentation via www.doro.com or by telephone from 2:00 p.m. CET on May 12, 2014. Doro's President and CEO Jérôme Arnaud will hold the presentation and take questions. Before the start of the presentation, the materials will be made available on the Company's website. Please call about five minutes before the advertised starting time to access the telephone conference.
Call-in details: Sweden: + 46 (0)8 505 564 74 France: +33 (0)170 722 195 United Kingdom: +44 (0)20336 453 74 United States: + 1 855 7532 230
Lund, Sweden, May 12, 2014
Board of Directors Doro AB (publ) | Company registration number 556161-9429
Doro AB (publ) Magistratsvägen 10 SE-226 43 Lund, Sweden Tel: +46 (0)46 280 50 00 | www.doro.com
The Board of Directors and CEO confirm that this Q1 Report provides a fair overview of the Company's and Group's business, position and results and describes the significant risks and uncertainties faced by the Company and its subsidiaries.
This interim report has not been reviewed by the Company's auditors.
About Doro
Doro AB is a Swedish public company formed in 1974. It released its pioneering 'easy-to-use' mobile phone in 2007 and today is the global market-leader within the category. Doro products and solutions are available in more than thirty countries spanning five continents. These include; mobile phones and smart devices, applications and software, fixed line telephony, telecare and mobile health solutions. Doro removes barriers to adoption of new technologies and holds numerous international awards in recognition of its product designs and innovations. Doro shares are quoted on the Nasdaq OMX Stockholm exchange, Nordic List, Small Companies. Net sales of SEK 1,142.5 million (EUR 128.9 million) were reported for 2013. www.doro.com
| INCOME STATEMENT (SEK m) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Doro Group | Jan-Mar | Jan-Mar | Full Year |
| Income/net sales | 233.0 | 208.9 | 1142.5 |
| Operating cost Note 2 | -217.0 | -194.7 | -1028.8 |
| Operating profit/loss before depreciation and write-downs, EBITDA |
16.0 | 14.2 | 113.7 |
| Depreciation according to plan | -11.3 | -6.5 | -34.8 |
| Operating profit/loss after depreciation and write-downs, EBIT |
4.7 | 7.7 | 78.9 |
| Net financial items | -1.6 | 0.2 | -0.7 |
| Profit/loss after financial items | 3.1 | 7.9 | 78.2 |
| Taxes | -1.1 | -0.5 | -17.6 |
| Profit/loss for the period | 2.0 | 7.4 | 60.6 |
| Average number of shares, thousands | 20 806 | 19 349 | 19 740 |
| Average number of shares after dilution*, thousands | 20 971 | 19 349 | 19 772 |
| Earnings per share before tax, SEK | 0.15 | 0.41 | 3.96 |
| Earnings per share before tax, after dilution*, SEK | 0.15 | 0.41 | 3.96 |
| Earnings per share after tax, SEK | 0.10 | 0.38 | 3.07 |
| Earnings per share after tax, after dilution*, SEK | 0.10 | 0.38 | 3.06 |
*The effect of dilution is considered only when the effect on earnings per share is negative.
| STATEMENT OF COMPREHENSIVE INCOME (SEK m) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Doro Group | Jan-Mar | Jan-Mar | Full Year |
| Profit/loss for the period | 2.0 | 7.4 | 60.6 |
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: |
|||
| Translation differences | 1.2 | -1.8 | 2.5 |
| Effects from cash flow hedges | 2.6 | 2.5 | -1.7 |
| Deferred tax | -0.6 | 0.0 | 0.4 |
| Total result | 5.2 | 8.1 | 61.8 |
(Related to Parent Company's shareholders)
| STATEMENT OF FINANCIAL POSITION (SEK m) Note 2 | 2014 | 2013 | 2013 | |
|---|---|---|---|---|
| Doro Group | 31-mar | 31-mar | 31 dec | |
| Intangible assets | 197.2 | 66.9 | 199.6 | |
| Tangible assets | 6.1 | 10.7 | 7.0 | |
| Financial assets | 0.5 | 0.5 | 0.5 | |
| Deferred tax asset | 20.3 | 21.0 | 20.7 | |
| Inventories | 115.8 | 87.3 | 130.3 | |
| Current receivables | 193.2 | 132.9 | 266.9 | |
| Cash and cash equivalents | 70.2 | 145.3 | 123.9 | |
| Total assets | 603.3 | 464.6 | 748.9 | |
| Shareholders' equity | 292.2 | 217.1 | 287.0 | |
| Long-term liabilities | Note 1, 2 | 107.5 | 66.3 | 138.3 |
| Current liabilities | Note 1, 2 | 203.6 | 181.2 | 323.6 |
| Total shareholders' equity and liabilities | 603.3 | 464.6 | 748.9 | |
| Financial instruments recognized at fair value | 2014 | 2013 | 2013 | |
| in the Balance Sheet | 31-mar | 31-mar | 31 dec | |
| Exchange rate contracts recorded as current liability | 0.4 | 3.4 | 4.1 | |
| Exchange rate contracts recorded as current receivable | 1.9 | 0.0 | 0.4 |
Financial instruments recognized at fair value consist of currency forward contracts and are used primarily for hedging purposes and are measured at level 2.
| STATEMENT OF CASH FLOWS (SEK m) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Doro Group | Jan - March | Jan - March | Full Year |
| Operating profit/loss after depreciation and write-downs, EBIT | 4.7 | 7.7 | 78.9 |
| Depreciation according to plan | 11.3 | 6.5 | 34.8 |
| Net Financial items | -1.2 | 0.2 | -0.6 |
| Unrealized exchange rate differences in cash flow hedges | -2.8 | -0.9 | 1.7 |
| Revaluation deferred consideration | 0.8 | 0.0 | -3.6 |
| Taxes paid | -3.6 | -0.2 | -5.6 |
| Changes in working capital | -38.0 | 5.0 | 4.9 |
| Cash flow from current activities | -28.8 | 18.3 | 110.5 |
| Acquisitions | -17.9 | 0.0 | -110.2 |
| Investments | -6.5 | -13.8 | -36.5 |
| Cash flow from investment activities | -24.4 | -13.8 | -146.7 |
| Amortisation of debt | -0.2 | -0.2 | -0.8 |
| New loans | 0.0 | 0.0 | 44.1 |
| Dividend | 0.0 | 0.0 | -24.2 |
| Warrant program, buy back | 0.0 | 0.0 | -0.2 |
| Cash flow from financial activities | -0.2 | -0.2 | 18.9 |
| Exchange rate differences in cash and cash equivalents | -0.3 | -0.1 | 0.1 |
| Change in liquid funds | -53.7 | 4.2 | -17.2 |
| Net Cash | 24.8 | 143.9 | 78.7 |
| STATEMENT OF CHANGES IN EQUITY (SEK m) | 2013 | 2012 | 2013 |
|---|---|---|---|
| Doro Group | March 31 | March 31 | Dec 31 |
| Opening balance | 287.0 | 209.0 | 209.0 |
| Total result for the period | 5.2 | 8.1 | 61.8 |
| Dividend | 0.0 | 0.0 | -24.2 |
| Warrants | 0.0 | 0.0 | -0.2 |
| Share issue in kind | 0.0 | 0.0 | 40.6 |
| Closing balance | 292.2 | 217.1 | 287.0 |
| OTHER KEY FIGURES | 2014 | 2013 | 2013 |
|---|---|---|---|
| Doro Group | 31-mar | 31-mar | 31 dec |
| Orderbook at the end of the period, SEK m | 66.3 | 97.2 | 60.0 |
| Order intake Q , SEK m | 238.0 | 252.2 | 316.3 |
| Gross margin % | 40.9 | 38.4 | 37.5 |
| Equity/assets ratio, % | 48.4 | 46.7 | 38.3 |
| Number of shares at the end of the period, thousands | 20 806 | 19 349 | 20 806 |
| Number of shares at the end of the period after dilution, thousands * | 20 911 | 19 349 | 20 930 |
| Equity per share, SEK | 14.04 | 11.22 | 13.79 |
| Equity per share, after dilution SEK * | 13.97 | 11.22 | 13.71 |
| Earnings per share after taxes paid, SEK | -0.02 | 0.40 | 3.68 |
| Earnings per share after taxes paid, after dilution, SEK * | -0.02 | 0.40 | 3.67 |
| Return on average share holders' equity, % | 0.8 | 3.9 | -24.4 |
| Return on average capital employed, % | 38.2 | 81.6 | 52.2 |
| Share price at period's end, SEK | 42.10 | 28.80 | 44.00 |
| Market value, SEK m | 875.9 | 557.3 | 915.5 |
*The effect of dilution is considered only when the effect on earnings per share is negative.
| 2014 | 2013 | 2013 | |
|---|---|---|---|
| SALES PER REGION (SEK m) Doro group | Jan - March | Jan - March | Full Year |
| Nordic | 41.8 | 55.6 | 271.5 |
| Europe, Middle East and Africa | 62.0 | 58.0 | 277.2 |
| Dach (Germany, Austria, Switzerland) | 64.5 | 12.4 | 201.3 |
| United Kingdom | 38.6 | 36.5 | 182.2 |
| USA and Canada | 24.7 | 41.2 | 204.4 |
| Other regions | 2.4 | 0.6 | 5.9 |
| Central | -1.0 | 4.6 | 0.0 |
| Total | 233.0 | 208.9 | 1142.5 |
| OPERATING PROFIT AFTER DEPRECIATION, EBIT, PER | 2014 | 2013 | 2013 |
|---|---|---|---|
| GEOGRAPHICAL REGION (SEK m) | Jan - March | Jan - March | Full Year |
| Nordic | 10.6 | 18.1 | 89.5 |
| Operating Margin % | 25.4 | 32.6 | 33.0 |
| Europe, Middle East and Africa | 14.4 | 10.9 | 57.9 |
| Operating Margin % | 23.2 | 18.8 | 20.9 |
| Dach (Germany, Austria and Switzerland) | 6.7 | 0.7 | 18.4 |
| Operating Margin % | 10.4 | 5.6 | 9.1 |
| United Kingdom | 11.2 | 3.5 | 32.7 |
| Operating Margin % | 29.0 | 9.6 | 17.9 |
| USA och Canada | 5.6 | 9.4 | 39.0 |
| Operating Margin % | 22.7 | 22.8 | 19.1 |
| Other regions | -0.1 | -0.3 | -0.8 |
| Operating Margin % | -4.2 | -50.0 | -13.6 |
| Central | -43.7 | -34.6 | -157.8 |
| Operating Margin % | - | - | - |
| Operating profit/loss after depreciation | 4.7 | 7.7 | 78.9 |
| Operating Margin % | 2.0 | 3.7 | 6.9 |
| INCOME STATEMENT (SEK m) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Parent Company | Jan - March | Jan - March | Full Year |
| Income/Net sales | 176.2 | 208.0 | 993.8 |
| Operating cost | -167.7 | -195.4 | -903.7 |
| Operating profit/loss before depreciation and write-downs, EBITDA | 8.5 | 12.6 | 90.1 |
| Depreciation according to plan | -10.3 | -6.9 | -33.0 |
| Operating profit/loss after depreciation and write-downs, EBIT | -1.8 | 5.7 | 57.1 |
| Net financial items | 0.1 | 0.0 | 22.9 |
| Profit/loss after financial items | -1.7 | 5.7 | 80.0 |
| Taxes | -0.1 | 0.0 | -10.5 |
| Profit/loss for the period | -1.8 | 5.7 | 69.5 |
| STATEMENT OF COMPREHENSIVE INCOME (SEK M) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Parent Company | Jan-March | Jan-March | Full Year |
| Profit/loss for the period | -1.8 | 5.7 | 69.5 |
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: |
|||
| Effects from cash flow hedges | 2.6 | 2.5 | -1.7 |
| Deferred tax | -0.6 | 0.0 | 0.4 |
| Total Result | 0.2 | 8.2 | 68.2 |
| (Related to Parent Company's shareholders) |
| SUMMARY OF BALANCE SHEET (SEK m) | 2014 | 2013 | 2013 |
|---|---|---|---|
| Parent Company | Jan - March | Jan - March | 31 dec |
| Intangible assets | 43.8 | 45.7 | 46.9 |
| Tangible assets | 3.5 | 9.4 | 4.3 |
| Financial assets | 82.2 | 42.1 | 82.8 |
| Inventories | 77.9 | 87.3 | 88.5 |
| Current receivables | 266.5 | 126.4 | 315.5 |
| Cash and cash equivalents | 37.4 | 137.1 | 94.9 |
| Total assets | 511.3 | 448.0 | 632.9 |
| Shareholders' equity | 259.7 | 183.1 | 259.5 |
| Provisions | 79.3 | 89.6 | 86.0 |
| Longterm liabilities | 46.3 | 0.0 | 44.3 |
| Current liabilities | 126.0 | 175.3 | 243.1 |
| Total shareholders equity and liabilities | 511.3 | 448.0 | 632.9 |
In 2011 Doro acquired the two French companies Prylos SAS and Birdy Technology SAS. The acquisition included conditions for possible contingent consideration that in both cases are based on the companies' sales performances. As per December 31st 2012 and per Sept 30th, Prylos SAS had an estimated contingent consideration of SEK 1.4 m. As per December 31st 2013 the contingent consideration for Prylos SAS was estimated to zero. This estimate remains per March 31st 2014. At the time of the acquisition, the equivalent estimation was SEK 1.8 m. The maximum contingent consideration amounts to EUR 800 K. For Birdy Technology SAS, the estimated contingent consideration per December 31st 2012 amounted to SEK 2.3 m. Per 30 September 2013 it was estimated to SEK 1.5 m and per 31st of Decemeber 2013 it was estimated to zero. This estimate remains as per March 31st 2014. At the time of the acquisition, the equivalent estimation was SEK 4.0 m. The maximum contingent consideration amounts to EUR 600 K. During 2012, 2013 and 2014, no contingent consideration has been paid.
As per March 31st deferred consideration of EUR 2,0 m is paid. This deferred consideration was discounted to present value of EUR 1.914 m in the purchase price analysis. The difference of EUR 0,086 has been accounted for as a financial cost in the consolidated accounts. The contingent consideration of EUR 1.6 m is fixed but conditioned to the company reaching a minimum result. Payment shall not be made before January 10, 2015. The contingent consideration is included in the current liabilities.
On December 31, the contingent consideration was estimated to SEK 11.7 m whereof SEK 0.7 m was a accounted for as a current liability and SEK 11.0 m as a long-term liability. The estimate remains as per March 31st, 2014 but currency effects makes the valuation amount to SEK 12,0 m, whereof SEK 8,7 m is accounted for as a current liability and SEK 3,3 m as a longterm liability. The current contingent consideration for 2013, SEK 0,3 m, has not yet been paid as per March 31st 2014.
Gross Margin: Net sales – merchandise costs.
Gross Margin, %: Gross Margin in percentage of Net sales.
Average number of shares: Number of shares at the end of each period divided with number of periods.
Average number of shares after dilution: Average number of shares adjusted with the dilution effect from warrants is calculated as the difference between the assumed number of shares issued at the exercise price and the assumed number of shares issued at average market price for the period.
Earnings per share before tax: Profit/loss after financial items divided by the average number of shares for the period.
Earnings per share before tax, after dilution: Profit/loss after financial items divided by the average number of shares for the period after dilution.
Earnings per share after tax: Profit/loss after financial items minus tax divided by average number of shares for the period.
Earnings per share after tax, after dilution: Profit/loss after financial items minus tax divided by the average number of shares for the period after dilution.
Number of shares at the end of the period: Actual number of shares at the end of the period.
Number of shares at the end of the period, after dilution: The number of shares at the end of the period adjusted with the dilution effect from warrants is calculated as the difference between assumed number of shares issued at the exercise price and the assumed number of shares issued at the closing market price at the end of the period.
Equity per share: Shareholders' equity at the end of the period divided by the number of shares at the end of the period.
Equity per share, after dilution: Shareholders' equity at the end of the period divided by the number of shares at the end of the period, after dilution.
Earnings per share after taxes paid: Profit/loss after taxes paid divided by average number of shares for the period.
Earnings per share after taxes paid, after dilution: Profit/loss after taxes paid divided by the average number of shares for the period after dilution.
Net Debt/Net Cash: Cash and bank balances reduced with interest bearing liabilities.
Equity/assets ratio, %: Shareholders' equity as a percentage of the balance sheet total.
Return on average shareholders' equity, %: Profit/Loss rolling twelve months after financial items and tax divided by average shareholders' equity.
Capital employed: Total assets reduced with non-interest bearing debt.
Return on average capital employed, %: Operating profit/loss rolling twelve months, divided by the quarterly average capital employed excluding cash and bank balances.
Share price at period's end: Closing market price at the end of the period.
Market value, SEK m: Share price at period's end times the number of shares at the end of the period.
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