Earnings Release • Feb 6, 2014
Earnings Release
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Published on 6 February 2014
"The fourth quarter of 2013 was once again a strong quarter for the HEXPOL Group. Our earnings per share improved significantly to 7.38 SEK (5.41), up 37 per cent. The operating margin improved to 16.7 per cent (13.0) and our operating profit rose 40 per cent to 321 MSEK (230). Sales were 9 per cent higher, despite a negative impact from lower prices for our principal raw materials which, however, stabilised during the quarter. Our volume development was positive and volumes grew in all geographic regions compared with the year-earlier period. Operating cash flow remained strong, increasing to 398 MSEK (323).
2013 was the best year so far for the HEXPOL Group. Our earnings per share increased 24 per cent to 27.02 SEK (21.88). We increased our volumes and improved our market positions. During the year, the US rubber compounding company Robbins that was acquired in November 2012, has been successfully integrated with a better earnings development than plan. Our balance sheet is strong and, with a net debt/equity multiple of 0.1 (0.4), we are well-equipped for continued expansion."
Georg Brunstam, President and CEO
| Key Figures | Oct-Dec | Jan-Dec | ||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Sales | 1 923 | 1 764 | 8 036 | 8 007 |
| Operating profit, EBIT | 321 | 230 | 1 255 | 1 069 |
| Operating margin, % | 16,7 | 13,0 | 15,6 | 13,4 |
| Profit before tax | 317 | 226 | 1 236 | 1 047 |
| Profit after tax | 254 | 186 | 930 | 753 |
| Earnings per share, SEK | 7,38 | 5,41 | 27,02 | 21,88 |
| Equity/assets ratio, % | 61,5 | 49,2 | ||
| Return on capital employed, % | 27,0 | 24,0 | ||
| Operating cash flow | 398 | 323 | 1 418 | 1 209 |
HEXPOL is a world-leading polymers group with strong global positions in advanced rubber compounds (Compounding), gaskets for plate heat exchangers (Gaskets) and plastic and rubber materials for truck and castor wheel applications (Wheels). Customers are primarily OEM manufacturers of plate heat exchangers and trucks, systems suppliers to the global automotive and engineering industries, the energy sector and medical equipment manufacturers. The Group is organised in two business area, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group's sales in 2013 amounted to 8,036 MSEK. The HEXPOL Group has approximately 3,400 employees in ten countries. Further information is available at www.hexpol.com.
The HEXPOL Group's sales rose 9 per cent to 1,923 MSEK (1,764) during the fourth quarter. Currency effects had a negative impact of 12 MSEK on sales, primarily due to a weakening of the USD.
Organic growth (adjusted for currency effects and acquisitions) was 6 per cent, including the effects of lower prices for our principal raw materials which, however, stabilised during the quarter.
The volume development was once again positive in all geographic regions, compared with the yearearlier period. Sales in NAFTA were higher year-on-year. Sales in NAFTA remained strong to automotiverelated customers, while sales to the mining industry and export-related customers were weak also during the fourth quarter. Sales in Mexico remained strong in all segments. Sales in Europe were also higher year-on-year, thanks to improved sales to automotive-related customers.
Operating profit rose 40 per cent to 321 MSEK (230), resulting in the operating margin improving to 16.7 per cent (13.0). The operating profit improved thanks to increased volumes, the acquired Robbins and continued efficiency enhancements in the operations. Exchange-rate fluctuations had a negative impact of 3 MSEK on operating profit for the quarter. Insurance compensation for rebuilding the fire-damaged production line at HEXPOL Wheel's facility in Laxå, Sweden, had a positive impact of 7 MSEK on operating profit during the fourth quarter. During the fourth quarter 2012 integration- and transaction costs of 20 MSEK for Robbins, which was acquired in late November 2012, were included in the operating profit.
The HEXPOL Compounding business area's sales during the quarter rose to 1,749 MSEK (1,587). Yearon-year increases in volume were noted in all geographical regions and sales in all regions were impacted by lower prices for our principal raw materials. Sales in NAFTA increased compared with the year-earlier period. Sales remained strong in the energy, oil and gas sector, and the automotive segment in NAFTA. Sales in Europe also increased year-on-year, mostly thanks to improved sales to automotiverelated customers. The HEXPOL TPE Compounding product area continued its positive development, with higher sales and improved operating profit. Operating profit for the HEXPOL Compounding business area increased 38 per cent to 294 MSEK (213). The operating margin improved to 16.8 per cent (13.4), thanks to factors including continued higher operational efficiency.
The HEXPOL Engineered Products business area's sales for the quarter totalled 174 MSEK (177). The fire that occurred in early April at the HEXPOL Wheels facility in Laxå, Sweden, had an impact on sales. Operating profit in the HEXPOL Engineered Products business area amounted to 27 MSEK (17), corresponding to an operating margin of 15.5 per cent (9.6). Insurance compensation for rebuilding the fire-damaged production line at HEXPOL Wheel's facility in Laxå, Sweden, had a positive impact of 7 MSEK on operating profit during the quarter.
The HEXPOL Group's sales in NAFTA increased compared with the year-earlier period. Sales remained strong to energy, oil, gas and automotive-related customers, while sales to the mining industry and export-related customers remained weak. Sales continued to be strong in all segments in Mexico.
The HEXPOL Group's sales in Europe increased year-on-year, mostly thanks to better sales to automotiverelated customers.
In Asia, the HEXPOL Group's sales were higher than in the year-earlier period.
Prices for the Group's principal raw materials declined during the three first quarters of the year, but stabilised during the fourth quarter, which entailed lower selling prices compared with the year-earlier period.
The Group's operating cash flow rose to 398 MSEK (323). The Group's net financial items amounted to an expense of 4 MSEK (expense: 4).
Profit before tax rose to 317 MSEK (226) and profit after tax increased to 254 MSEK (186). Earnings per share increased 37 per cent to 7.38 SEK (5.41).
The HEXPOL Group's sales for the year amounted to 8,036 MSEK (8,007). Currency effects had a negative impact of 217 MSEK on sales, primarily due to a weakening of the USD. Sales were positively impacted by our most recent acquisition, Robbins (November 2012). Organic growth (adjusted for currency effects and acquisitions) was minus 1 per cent, including the effects of lower prices for our principal raw materials in all geographic regions. However, volumes increased compared with the previous year.
Operating profit rose 17 per cent to 1,255 MSEK (1,069), resulting in the operating margin improving to 15.6 per cent (13.4). Currency effects had a negative impact of 44 MSEK on operating profit, primarily due to a weakening of the USD.
The HEXPOL Compounding business area's sales amounted to 7,345 MSEK (7,270). Operating profit rose 18 per cent to 1,177 MSEK (996), resulting in the operating margin improving to 16.0 per cent (13.7). Sales in NAFTA were strong to energy, oil, gas and automotive-related customers, while sales to the mining industry and export-related customers were weak. Sales in Europe were lower year-on-year, primarily due to weak demand from automotive-related customers. The HEXPOL TPE Compounding product area performed well during the year. Robbins, a leading US manufacturer of rubber compounds, was acquired in late November, 2012. The integration of the Robbins operation, which was completed as early as during the first quarter of 2013, proceeded faster and with better earnings than plan.
The HEXPOL Engineered Products business area's sales amounted to 691 MSEK (737). Operating profit was 78 MSEK (73), resulting in an operating margin of 11.3 per cent (9.9). Sales were relatively stable, except for the HEXPOL Wheels facility in Laxå, Sweden, which was affected by the fire that occurred in early April.
The Group's operating cash flow rose to 1,418 MSEK (1,209). The Group's net financial items amounted to an expense of 19 MSEK (expense: 22).
Profit before tax rose to 1,236 MSEK (1,047) and profit after tax increased to 930 MSEK (753). Earnings per share increased 24 per cent to 27.02 SEK (21.88).
The return on average capital employed amounted to 27.0 per cent (24.0). The return on shareholders' equity was 28.5 per cent (28.0).
The equity/assets ratio increased to 61.5 per cent (49.2). The Group's total assets amounted to 5,878 MSEK (5,907). Net debt was reduced to 312 MSEK (1,215) and the net debt/equity ratio decreased to a multiple of 0.1 (0.4).The dividend of 207 MSEK (172) resolved at the Annual General Meeting was paid by HEXPOL in May 2013.
The Group has the following three credit agreements with Nordic banks:
The five-year credit agreement signed in May 2008 matured in May 2013 and was replaced by the above credit agreements.
Operating cash flow rose to 1,418 MSEK (1,209). Cash flow from operating activities increased to 1,223 MSEK (1,115).
The Group's investments amounted to 145 MSEK (177). Most of the investments are maintenance investments primarily attributable to the US, in addition to capacity investments in HEXPOL Rubber Compounding in China and Mexico, as well as in HEXPOL TPE Compounding. Depreciation and amortisation totalled 156 MSEK (152).
The Group's tax expenses amounted to 306 MSEK (294), corresponding to a tax rate of 24.8 per cent (28.1). The lower tax rate was among others due to effects of a changed legal structure following acquisitions in recent years.
The number of employees at the end of the year was 3,433 (3,332).
The HEXPOL Compounding business area is one of the world's leading suppliers in the development and manufacture of advanced high-quality polymer compounds (Compounding). Customers are manufacturers of polymer components who impose rigorous demands on performance, quality and global delivery capacity. The market is global and the largest end customer segments are the automotive and engineering industries. Other key segments are the construction and infrastructure industry, energy, oil and gas sector, cabling and water treatment industry, as well as medical technology.
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Sales | 1 749 | 1 587 | 7 345 | 7 270 |
| Operating profit | 294 | 213 | 1 177 | 996 |
| Operating margin, % | 16,8 | 13,4 | 16,0 | 13,7 |
The HEXPOL Compounding business area's sales during the fourth quarter rose 10 per cent to 1,749 MSEK (1,587). Operating profit increased 38 per cent to 294 MSEK (213). The operating margin improved to 16.8 per cent (13.4), thanks to factors including continued higher operational efficiency. During the fourth quarter of 2012, integration and transaction costs of 20 MSEK related to Robbins, which was acquired in late November 2012, were included in the operating profit.
Raw-material prices for the business area's principal raw materials stabilised during the fourth quarter after declining during the first three quarters of the year, which had an impact on sales prices. The volume development was positive in all geographic regions, compared with the year-earlier period.
Sales in NAFTA increased compared with the year-earlier period. Sales remained strong to energy, oil, gas and automotive-related customers, while sales to the mining industry and export-related customers were weak. Sales remained strong in all segments in Mexico. The investment in a third rubber compounding line in Aguascalientes, Mexico, was commissioned according to plan at the end of the third quarter.
Sales in Europe increased compared with the year-earlier period, mostly thanks to better sales to automotive-related customers.
Sales in Asia increased compared with the year-earlier period. The customer project portfolio is strong and the capacity expansion for the rubber compounds in Qingdao, China, was commissioned earlier in the year.
The HEXPOL TPE Compounding product area continued its positive trend, with higher sales, primarily in consumer-related applications, and improved profit. Müller Kunststoffe, the company that was acquired in early 2012, continued to develop positively.
Robbins, a leading US manufacturer of rubber compounds and a global leader in moulded products for gaskets and the vulcanisation of tires particularly for trucks, construction equipment and aircraft, was acquired in late November 2012. The company had three production units in the US: Muscle Shoals in Alabama, Findlay in Ohio and Tallapoosa in Georgia. The facility in Tallapoosa was closed during the first quarter and volumes were relocated to other facilities in NAFTA. The integration of the operation proceeded faster and with better earnings than plan. The sales development for Robbins was weaker than plan, primarily to mining-industry related customers.
The HEXPOL Engineered Products business area is one of the world's leading suppliers of advanced products, such as gaskets for plate heat exchangers (Gaskets) and wheels for truck and castor wheel applications (Wheels). The market for gaskets and wheels is global. Gasket customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of trucks and castors.
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Sales | 174 | 177 | 691 | 737 |
| Operating profit | 27 | 17 | 78 | 73 |
| Operating margin, % | 15,5 | 9,6 | 11,3 | 9,9 |
The HEXPOL Engineered Products business area's fourth-quarter sales totalled 174 MSEK (177). Operating profit amounted to 27 MSEK (17), corresponding to an operating margin of 15.5 per cent (9.6). Insurance compensation for rebuilding the fire-damaged production line at HEXPOL Wheel's facility in Laxå, Sweden, had a positive impact of 7 MSEK on operating profit during the quarter.
Sales for the HEXPOL Gasket product area improved during the fourth quarter, primarily in China, but remained weak to project-related operations. As before, the markets were characterised by general price pressure and uncertainty in terms of demand.
Sales in the HEXPOL Wheels product area were impacted by the fire that occurred in the facility in Laxå, Sweden, in early April. No personal injuries were reported and the facility is fully insured. The investment in a new production line has commenced, but the project is time-consuming and the new production line is scheduled to be commissioned during the first quarter of 2014. HEXPOL Wheel's other units in the US, China and Sri Lanka reported positive developments. Production of polyurethane wheels for the Chinese market commenced at the end of 2012 and with this investment HEXPOL Wheels is a global partner to global OEM manufacturers of trucks.
The Parent Company's profit after tax was 365 MSEK (1,314), including dividends from subsidiaries. Shareholders' equity totalled 3,239 MSEK (3,081).
The Group's and Parent Company's business risks, risk management and management of financial risks are described in detail in the 2012 Annual Report. No significant events occurred during the year that affected or changed these descriptions of the Group's or the Parent Company's risks and their management.
The consolidated financial statements in this year-end report have been prepared in compliance with International Financial Reporting Standards (IFRS), as adopted by the EU. The Parent Company's financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Reporting for Legal Entities. This year-end report has been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting and measurement policies, as well as the assessment bases, applied in the 2012 Annual Report have also been applied in this year-end report. No new or revised IFRSs that entered into force in 2013 have had any significant impact on the Group beyond what is specified below.
The revised IAS 19, Employee Benefits, has been applied retroactively as of 1 January 2013. The most significant amendment is the discontinuation of the option to postpone recognition of actuarial gains and losses according to the corridor method and these are now recognised on an ongoing basis in other comprehensive income. Consequently, the pension liability increased by approximately 3 MSEK and shareholders' equity decreased by about 2 MSEK in 2013. The impact in 2012 was marginal and no such adjustments were made.
HEXPOL AB (publ), Corporate Registration Number 556108-9631, is the Parent Company of the HEXPOL Group. Since 2 January 2014, HEXPOL's Class B shares are listed on the Stockholm Large Cap segment of the NASDAQ OMX Nordic exchange after being moved up from the Stockholm Mid Cap segment. HEXPOL had 7,878 shareholders on 31 December 2013. The largest shareholder is Melker Schörling AB with 26 per cent of the capital and 47 per cent of the voting rights. The 20 largest shareholders own 62 per cent of the capital and 73 per cent of the voting rights.
As presented in the interim report for January-September 2013, HEXPOL's financial targets have been revised as follows, measured at a yearly average over a business cycle:
The previous targets over a business cycle were as follows:
The Annual General Meeting will be held on 7 May 2014 at 3:00 p.m. in Malmö (Börshuset, Skeppsbron 2), Sweden. The Annual Report for 2013 will be available on HEXPOL's website and the head office no later than 16 April 2014 and will be distributed to shareholders no later than in the week beginning Monday 21 April. Shareholders who wish to participate in the AGM must be registered in the shareholders' register maintained by Euroclear Sweden AB not later than 30 April 2014 and notify their intention to participate to HEXPOL's head office not later than 2 May. Shareholders whose shares are registered with a trustee must temporarily re-register the shares in their own name not later than 30 April to be entitled to participate in the AGM.
The Board of Directors proposes that the Annual General Meeting on 7 May approve a dividend of 9.00 SEK (6.00) per share.
This report will be presented at Swedbank's office, Regeringsgatan 13, Stockholm on 6 February at 9:00 a.m. CET.
The report will also be presented via a telephone conference on 6 February at 3:00 p.m. CET. Please call +46(0)20-213091 (or +46(0)8-213091 from your mobile or internationally) stating the meeting code 917840 to participate in the conference.
The presentation, as well as information concerning participation, is available on www.hexpol.com.
HEXPOL AB will publish financial information on the following dates:
| | Interim report January-March 2014 | 7 May 2014 |
|---|---|---|
| | Annual General Meeting | 7 May 2014 |
| | Half-year report January-June 2014 | 23 July 2014 |
| | Interim report January-September 2014 | 24 October 2014 |
Financial information is also available in Swedish and English on HEXPOL AB's website – www.hexpol.com.
The year-end report for 2013 has not been audited by HEXPOL AB's auditors.
Malmö, Sweden, 6 February 2014 HEXPOL AB (publ)
Georg Brunstam, President and CEO
| Address: | Skeppsbron 3 |
|---|---|
| SE-211 20 Malmö, Sweden | |
| Corporate Registration No: | 556108–9631 |
| Tel: | +46-40 25 46 60 |
| Fax: | +46-40 25 46 89 |
| Website: | www.hexpol.com |
This report may contain forward-looking statements. When used in this report, words such as "anticipate", "believe", "estimate", "expect", "plan" and "project" are intended to identify forward-looking statements. Such statements could encompass risks and uncertainties pertaining to product demand, market acceptance, effects of economic conditions, impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of HEXPOL's management as of the date made with respect to future events but are subject to risks and uncertainties. While all of these forward-looking statements are based on estimates and assumptions made by HEXPOL's management and are believed to be reasonable, they are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements.
This report consists of such information that HEXPOL AB is obliged to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 6 February 2014, at 8:00 a.m. CET. This report has been prepared both in Swedish and English. In case of any divergence in the content of the two versions, the Swedish version shall have precedence.
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Sales | 1 923 | 1 764 | 8 036 | 8 007 |
| Cost of goods sold | -1 513 | -1 431 | -6 370 | -6 485 |
| Gross profit | 410 | 333 | 1 666 | 1 522 |
| Selling and administrative cost, etc. | -89 | -103 | -411 | -453 |
| Operating profit | 321 | 230 | 1 255 | 1 069 |
| Financial income and expenses | - 4 |
- 4 |
-19 | -22 |
| Profit before tax | 317 | 226 | 1 236 | 1 047 |
| Tax | -63 | -40 | -306 | -294 |
| Profit after tax | 254 | 186 | 930 | 753 |
| - of w hich, attributable to Parent Company shareholders |
254 | 186 | 930 | 753 |
| Earnings per share, SEK | 7,38 | 5,41 | 27,02 | 21,88 |
| Shareholders' equity per share, SEK | 105,08 | 84,51 | ||
| Average number of shares, 000s | 34 420 | 34 420 | 34 420 | 34 420 |
| Depreciation, amortisation and impairment | -37 | -36 | -156 | -152 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Profit after tax | 254 | 186 | 930 | 753 |
| Items that will not be reclassified to the | ||||
| income statement | ||||
| Remeasurements of defined benefit pension plans | 0 | 0 | - 3 |
0 |
| Income tax relating to items that w ill not be reclassified to the income statement |
0 | 0 | 1 | 0 |
| Items that may be reclassified to the income statement |
||||
| Cash-flow hedges |
0 | 0 | 0 | 0 |
| Income tax relating to cash-flow hedges |
0 | 0 | 0 | 0 |
| Translation differences | 39 | 2 | -13 | -145 |
| Comprehensive income | 293 | 188 | 915 | 608 |
| - of w hich, attributable to Parent Company's shareholders |
293 | 188 | 915 | 608 |
| Dec 31 | ||
|---|---|---|
| MSEK | 2013 | 2012 |
| Intangible fixed assets | 2 730 | 2 718 |
| Tangible fixed assets | 1 186 | 1 227 |
| Financial fixed assets | 0 | 1 |
| Deferred tax asset | 30 | 25 |
| Total fixed assets | 3 946 | 3 971 |
| Inventories | 488 | 536 |
| Accounts receivable | 725 | 671 |
| Other receivables | 100 | 152 |
| Prepaid expenses and accrued income | 22 | 13 |
| Cash and cash equivalents | 597 | 564 |
| Total current assets | 1 932 | 1 936 |
| Total assets | 5 878 | 5 907 |
| Attributable to Parent Company's shareholders | 3 617 | 2 909 |
| Total shareholders' equity | 3 617 | 2 909 |
| Interest-bearing liabilities | 928 | 228 |
| Provision for deferred tax | 191 | 181 |
| Provision for pensions | 17 | 13 |
| Total non-current liabilities | 1 136 | 422 |
| Interest-bearing liabilities | 34 | 1 581 |
| Accounts payable | 775 | 665 |
| Other liabilities | 67 | 105 |
| Accrued expenses, prepaid income, provisions | 249 | 225 |
| Total current liabilities | 1 125 | 2 576 |
| Total shareholders' equity and liabilities | 5 878 | 5 907 |
| Dec 31, 2013 | Dec 31, 2012 | |||
|---|---|---|---|---|
| Attributable | Attributable | |||
| to Parent | to Parent | |||
| Company | Company | |||
| MSEK | shareholders | Total equity | shareholders | Total equity |
| Opening equity | 2 909 | 2 909 | 2 473 | 2 473 |
| Comprehensive income | 915 | 915 | 608 | 608 |
| Dividend | -207 | -207 | -172 | -172 |
| Closing Equity | 3 617 | 3 617 | 2 909 | 2 909 |
| Total number of Class A shares |
Total number of Class B share |
Total number of shares |
|
|---|---|---|---|
| Number of shares at January 1 | 1 476 562 | 32 943 566 | 34 420 128 |
| Number of shares at the end of the period | 1 476 562 | 32 943 566 | 34 420 128 |
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 | |
| Cash flow from operating activities before changes in w orking capital |
295 | 173 | 1 080 | 955 | |
| Non-recurring items | 0 | 0 | 0 | - 5 |
|
| Changes in w orking capital |
87 | 133 | 143 | 165 | |
| Cash flow from operating activities | 382 | 306 | 1 223 | 1 115 | |
| Acquisitions | - | -582 | - 3 |
-926 | |
| Cash flow from other investing activities |
-47 | -76 | -136 | -177 | |
| Dividend | - | - | -207 | -172 | |
| Cash flow from other financing activities |
-360 | 369 | -853 | 205 | |
| Change in cash and cash equivalents | -25 | 17 | 24 | 45 | |
| Cash and cash equivalents at January 1 | 605 | 541 | 564 | 557 | |
| Exchange-rate differences in cash and cash equivalents | 17 | 6 | 9 | -38 | |
| Cash and cash equivalents at the end of the period | 597 | 564 | 597 | 564 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| MSEK | 2013 | 2012 | 2013 | 2012 |
| Operating profit | 321 | 230 | 1 255 | 1 069 |
| Depreciation/amortisation | 37 | 36 | 156 | 152 |
| Change in w orking capital |
87 | 133 | 143 | 165 |
| Sales of fixed assets | 9 | 0 | 9 | 0 |
| Investments | -56 | -76 | -145 | -177 |
| Operating Cash flow | 398 | 323 | 1 418 | 1 209 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Profit margin before tax, % | 16,5 | 12,8 | 15,4 | 13,1 |
| Return on shareholders' equity, % | 28,5 | 28,0 | ||
| Interest-coverage ratio, multiple | 52,5 | 44,6 | ||
| Net debt, MSEK | 312 | 1 215 | ||
| Net debt ratio, multiple | 0,1 | 0,4 | ||
| Cash flow per share, SEK |
11,10 | 8,89 | 35,53 | 32,39 |
| Cash flow per share before change in w orking capital, SEK |
8,57 | 5,03 | 31,38 | 27,75 |
| Dec 31 | |
|---|---|
| MSEK | 2013 |
| Other current receivables | |
| Currency derivates | 84 |
| Other current liabilities | |
| Currency derivates | 134 |
Derivatives consist of currency forward contracts and are used primarily for hedging purposes and are measured at the level 2.
Sales per business area
| 2013 | Full- | 2012 | Full | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q3 | Q4 Year | Q1 | Q2 | Q3 | Q4 | Year | |
| HEXPOL Compounding | 1 831 1 889 1 876 1 749 7 345 1 951 1 931 1 801 1 587 7 270 | |||||||||
| HEXPOL Engineered Products | 183 | 171 | 163 | 174 | 691 | 191 | 190 | 179 | 177 | 737 |
| Group total | 2 014 2 060 2 039 1 923 8 036 2 142 2 121 1 980 1 764 8 007 |
| 2013 | Full- | 2012 | Full | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 655 | 642 | 617 | 609 2 523 | 749 | 691 | 632 | 581 2 653 | ||
| NAFTA | 1 261 1 309 1 310 1 203 5 083 1 292 1 316 1 243 1 085 4 936 | |||||||||
| Asia | 98 | 109 | 112 | 111 | 430 | 101 | 114 | 105 | 98 | 418 |
| Group total | 2 014 2 060 2 039 1 923 8 036 2 142 2 121 1 980 1 764 8 007 |
| 2013 | Full- | 2012 | Full | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| HEXPOL Compounding | 282 | 296 | 305 | 294 1 177 | 255 | 267 | 261 | 213 | 996 | |
| HEXPOL Engineered Products | 16 | 16 | 19 | 27 | 78 | 17 | 20 | 19 | 17 | 73 |
| Group total | 298 | 312 | 324 | 321 1 255 | 272 | 287 | 280 | 230 1 069 |
| 2013 | Full- | 2012 | Full- | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| HEXPOL Compounding | 15,4 | 15,7 | 16,3 | 16,8 | 16,0 | 13,1 | 13,8 | 14,5 | 13,4 | 13,7 |
| HEXPOL Engineered Products | 8,7 | 9,4 | 11,7 | 15,5 | 11,3 | 8,9 | 10,5 | 10,6 | 9,6 | 9,9 |
| Group total | 14,8 | 15,1 | 15,9 | 16,7 | 15,6 | 12,7 | 13,5 | 14,1 | 13,0 | 13,4 |
| 2013 | 2012 | ||
|---|---|---|---|
| 2013 | 2012 | ||
| 6 | 5 | 32 | 30 |
| -12 | -12 | -47 | -50 |
| - 6 |
- 7 |
-15 | -20 |
| 243 | 3 | 372 | 1 349 |
| 237 | - 4 |
357 | 1 329 |
| 8 | - 8 |
8 | - 8 |
| 245 | -12 | 365 | 1 321 |
| - 5 |
3 | 0 | - 7 |
| 240 | - 9 |
365 | 1 314 |
| Dec 31 | ||
|---|---|---|
| MSEK | 2013 | 2012 |
| Total fixed assets | 4 921 | 5 010 |
| Total current assets | 1 028 | 960 |
| Total assets | 5 949 | 5 970 |
| Total shareholders' equity | 3 239 | 3 081 |
| Total untaxed reserves | - | 8 |
| Total non-current liabilities | 940 | 228 |
| Total current liabilities | 1 770 | 2 653 |
| Total shareholders' equity and liabilities | 5 949 | 5 970 |
| Capital employed | Total assets less non-interest-bearing liabilities. |
|---|---|
| Cash flow | Cash flow from operating activities after changes in working capital. |
| Cash flow per share | Cash flow from operating activities after changes in working capital divided by the average number of shares. |
| Earnings per share | Profit after tax, attributable to Parent Company shareholders, divided by the average number of shares. |
| EBIT | Operating profit after depreciation, amortisation and impairment. |
| EBITDA | Operating profit before depreciation, amortisation and impairment. |
| Equity/assets ratio | Shareholders' equity as a percentage of total assets. |
| Interest-coverage ratio | Profit before tax plus interest expenses divided by interest expenses. |
| Investments | Purchases less sales of intangible and tangible fixed assets, excluding those included in acquisitions and divestments of subsidiaries. |
| Net debt/equity ratio | Interest-bearing liabilities less cash and cash equivalents and interest bearing assets divided by shareholders' equity. |
| Net indebtedness | Interest-bearing liabilities less cash and cash equivalents and interest bearing assets. |
| Operating cash flow | Operating profit excluding items affecting comparability less depreciation/amortisation and net investments, and after changes in working capital. |
| Operating margin | Operating profit as a percentage of sales for the period. |
| Profit margin before tax | Profit before tax as a percentage of sales for the period. |
| Return on capital employed | Profit before tax plus interest expenses as a percentage of average capital employed. |
| Return on equity | Net profit attributable to Parent Company shareholders as a percentage of average shareholders' equity, excluding minority interests. |
| Shareholders' equity per share | Shareholders' equity attributable to Parent Company shareholders divided by the number of shares at the end of the period. |
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