Quarterly Report • Nov 21, 2013
Quarterly Report
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The successful completion of the rights issue and the securing of long-term bank financing have decisively strengthened the Group's financial position," says Bong's President and CEO Anders Davidsson. "Using this base, we are now launching an action plan to achieve a rapid and significant improvement in performance. I expect to see the first positive effects already in the fourth quarter.
Bong is a leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the Propac packaging concept and Russia. The Group has annual sales of approximately SEK 3 billion and about 2,000 employees in 15 countries. Bong has strong market positions in the majority of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap.
The European envelope market remained weak during the third quarter. Demand declined due to electronic substitution as well as the weak and uncertain economic situation in Europe. According to trade association FEPE, volumes fell by about 12 per cent during the first half of 2013 compared with 2012, and the market declined at the same pace during the third quarter. In Russia, the envelope market weakened after the summer because of a slowdown in the economy and greater savings requirements for public authorities and companies.
Consolidation of the envelope market continues. Papyrus sold its envelope manufacturing operation in Germany to Mayer during the second quarter. The factory has now closed and production has moved to other manufacturing units in the Mayer Group. Papyrus' share of the German market before the sale to Mayer is estimated at 7-8 per cent. A few small and medium-sized manufacturers in Spain, England and Italy have gone bankrupt during the year. All key players in Europe are working on adjusting costs and capacity.
The specialty packaging market, where Bong is active with its Propac range, is much bigger than the envelope market. The market is also much more fragmented. Market statistics for the niches where Bong is active are lacking or difficult to obtain. In Bong's assessment, demand for packages used in sectors including e-commerce, mail order and retail is still growing and strong growth potential is expected over time. In the short run, however, the weak economy also impacts demand for Propac.
Consolidated sales for the period reached SEK 1,899 million (2,184). The main reason for the drop in sales is the downturn in the envelope market, which resulted in both lower volumes and pricing pressures and had a negative impact on Bong's gross earnings. In addition, exchange rate fluctuations had an impact on sales of SEK -49 million during the period compared with 2012.
Bong's total Propac sales amounted to SEK 299 million (336). Sales are lower compared with 2012 mainly because Bong chose to phase out certain unprofitable reseller business. Less activity in the retail sector also entailed a decline in sales of gift bags compared with 2012. Christmas sales of gift bags are lower than last year and in some cases, orders were postponed to Q1 2014. Exchange rate fluctuations also had an impact on Propac sales of SEK -8 million compared with the corresponding period in 2012.
Operating result was SEK -96 million (37), including costs of SEK -60 million (-40) for a restructuring programme launched in spring 2013. The structural measures are proceeding according to plan, with full impact expected in Q4 2013. During the corresponding period in 2012 a building in France was sold with capital gains of SEK 17 million.
Net financial items during the quarter totalled SEK -48 million (-52), earnings before tax were SEK -144 million (-15) and reported earnings after tax were SEK -122 million (-11).
Consolidated sales for the third quarter were SEK 595 million (656), which was in line with expectations, given the weak second quarter and the fact that the third quarter is usually somewhat lower because of the summer holidays. Exchange rate fluctuations had an impact on sales of SEK -11 million.
Bong's Propac sales were SEK 94 million (108). Exchange rate fluctuations had an impact on Propac sales of SEK -2 million.
Operating result was SEK -28 million (26). The lower result is mainly due to lower envelope volumes and lower gross margin as an effect of pricing pressure on the envelope market and lower sales of gift bags. The effects of the structural measures that have already been implemented are expected to reach full impact in Q4 2013.
Operating result in the third quarter was also negatively affected by two extraordinary events:
Adjusted for these extraordinary events, the operating result for the third quarter was slightly better than the second quarter.
Net financial items during the quarter totalled SEK -15 million (-17), earnings before tax were SEK -43 million (9) and reported earnings after tax were SEK -47 million (7).
Tax expense for the period was affected by approximately SEK -15 million because Holdham's ownership interest in Bong AB after the rights issue rose to 33.7 per cent, which according to German tax law reduced Bong's deferred tax asset in Germany accordingly.
During the third quarter, cash flow after investing activities was SEK -19 million, which is a clear improvement compared with the Q3 2012 (SEK -68 million) and compared with the Q2 2013 (SEK -70 million).
Cash flow after investing activities for the period January-September was SEK -105 million (-92). Payments for the ongoing restructuring programme had a negative impact on cash flow for the same period of SEK -59 million (-40). Investments and acquisitions during the period affected cash flow with a net of SEK -19 million (-24).
Cash and cash equivalents at 30 September 2013 amounted to SEK 57 million (112 at 31 December 2012). The Group had unutilised credit facilities of SEK 71 million on the same date. Total available cash and cash equivalents amounted to SEK 128 million.
The successful completion of the rights issue during the third quarter has decisively strengthened the Group's financial position. Equity has increased, net interest-bearing debt decreased and the equity ratio significantly improved as a result. Consolidated equity at the end of September 2013 amounted to SEK 512 million (SEK 372 million at 31 December 2012). Translation of the net asset value of foreign subsidiaries to Swedish kronor and changes in the fair value of derivative instruments reduced consolidated equity by SEK -9 million.
Interest-bearing net loan debt declined by SEK 161 million to SEK 844 million (1,005 at 31 December 2012) during the period. Translation of net loans in foreign currency to Swedish kronor increased the Group's net loan debt by SEK 2 million.
The Extraordinary General Meeting on 17 July 2013 resolved to increase the Company's capital by issuing new shares at a value of about SEK 126 million as well as the issuance of a five-year convertible loan of about SEK 75 million, which together would provide the Company with about SEK 200 million in new capital. The meeting also resolved on set-off issues in which Bong's single largest shareholder, Holdham, would settle shareholder loans of about SEK 100 million against new shares in Bong, and the company's two largest lending banks would settle loans of SEK 50 million against new shares.
The above issues were completed during the third quarter and had a positive impact on equity of SEK 290 million as follows:
Set-off issues (Holdham and banks) SEK +150 million
Convertible loan (option value according to IFRS) SEK +14 million Issue expenses amounted to a total of SEK 16 million, which has had a negative effect on equity during the third quarter.
As a result of the rights issues, the total number of shares increased to 156,659,604 (183,932,331 after full conversion of the convertible loan). Consolidated share capital increased by SEK 60 million from SEK 175 million to 235 million. Nominal value per share changed from SEK 10 to SEK 1.50.
Bong has reached an agreement on long-term bank financing with its two largest banks. The financing consists of a three-year facility of SEK 350 million, and two five-year facilities totalling SEK 140 and SEK 100 million, respectively. The terms of these loans are better than the loans Bong had in previous years.
In 2013, Bong's main focus has been on strengthening its financial position. The Company has successfully achieved this objective through the rights issue, a new long-term banking agreement and a new five-year convertible loan. With this stronger financial position the Company is now better equipped to implement the changes necessary to improve profitability and create growth in selected areas, such as special packaging. Financial items will also improve by SEK 15-20 million per year as a result of the lower debt.
In 2014 and 2015 the top priority will be to reverse the Company's performance back to profitability. From 2015 onwards, the focus will gradually shift to accelerating growth within the Group's two strategic growth areas of specialty packaging (Propac), and Russia and Eastern Europe.
To return to profitability as soon as possible Bong has formulated a new action plan targetting a rapid and significant improvement in performance in 2014 and 2015. The plan has three main components:
Overall, the savings measures are expected to result in lower fixed costs of SEK 150-200 million on an annual basis. Non-recurring restructuring costs to achieve these savings are expected to reach SEK 150-200 million. The major part of these costs is expected to have impact on the result 2014. The goal is to achieve a positive operating result (EBIT) before restructuring costs in 2014.
The average number of employees during the period was 2,076 (2,275). The Group had 2,022 (2,255) employees at the end of September 2013. Bong continually works on improving productivity and adjusting staffing to meet current demand and the reduction is the result of the implemented restructuring programme.
The Parent Company's business extends to management of operating subsidiaries and Group management functions. Net sales were SEK 20 million (26) and earnings before tax for the period were SEK -30 million (22).
Business risks for the Bong Group are primarily related to market development and various types of financial risks. For further information, please refer to Bong's annual report and website bong.com.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. Application was consistent with the accounting principles outlined in the 2012 annual report and the interim report should be read along with those principles. Please refer to Bong's 2012 annual report for a specification of the new amendments, interpretations and standards that took effect 1 January 2013, other than what is stated below.
IAS 19 "Employee benefits", amendment. This amendment entails the discontinuation of the corridor approach, that all actuarial gains and losses are now recognised in Other comprehensive income as they arise and that past service cost will be recognised on an ongoing basis. According to the new standard, instead of interest expenses and expected return on plan assets, financial income/expense will be recognised net by applying a discounting
rate equivalent to that used to discount the pension liability, to the Group's net debt. Costs for the year's pension vesting and financial income/expenses are recognised net in profit or loss. The amended standard came into force on January 1, 2013 with retroactive application.
The transition effects on the balance sheet, shareholders' equity, income statement and Other comprehensive income for the 2012 comparative year are as follows:
Shareholders' equity at 1 January 2012 was negatively impacted by SEK 35 million net after tax as a result of the recognition of unrealised actuarial losses and taking into account special employer's contributions and an increase in deferred tax assets. Accordingly, this entailed an increase of SEK 48 million in pension provisions and an increase in deferred tax assets of about SEK 13 million.
Net income for financial year 2012 was also restated in accordance with the new principles, which entailed a negative impact of a total of about SEK 1 million after tax. The amended standard also had a negative impact on operating result for financial year 2012 of SEK 1 million, which entails a marginally positive impact on tax expense. The effect is spread evenly over the year. The amended standard had a negative impact on earnings per share of 5 öre for financial year 2012 and 1 öre per share for the January-March 2012 reporting period.
The impact on other comprehensive income for 2012 was positive with a total of about SEK 4 million net after tax attributable to actuarial gains that arose during the period. The revaluation result is also distributed evenly throughout the year. The total negative effect on shareholders' equity at 31 December 2012 was about SEK 35 million. Accordingly, at the end of 2012 the new policy resulted in an increase of SEK 48 million in pension provisions and of SEK 14 million in deferred tax assets, compared with earlier policies.
Malmö 21 November 2013
President and Chief Executive Officer
We have reviewed this report for the period 1 January 2013 to 30 September 2013 for Bong AB (publ). The Board of Directors and the President are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information based on our review.
We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing (ISA) and other generally accepted auditing standards. The procedures performed in a review consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based
on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company.
Malmö 21 November 2013
PricewaterhouseCoopers AB
Authorized Public Accountant Authorized Public Accountant
Eric Salander Christer Olausson
The report will be presented at a teleconference on 21 November at 10:00 a.m. The telephone number for the conference is +46 (0)8 5052 0110. Slides for the teleconference will be available on our website bong.com at the time that this report is published.
Anders Davidsson, President and CEO, Bong AB
| INCOME STATEMENT IN SUMMARY | Jul–Sep | Jul–Sep | Jan-Sep | Jan–Sep | Oct 2012- | Jan–Dec |
|---|---|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 |
| 3 month | 3 month | 9 month | 9 month | 12 month | 12 month | |
| Revenue | 594.6 | 655.6 | 1,899.3 | 2,183.6 | 2,661.6 | 2,945.9 |
| Cost of goods sold | -504.9 | -522.0 | -1,585.6 | -1,762.3 | -2,222.9 | -2,399.6 |
| Gross profit | 89.7 | 133.6 | 313.7 | 421.3 | 438.7 | 546.3 |
| Selling expenses | -58.3 | -56.9 | -194.0 | -192.4 | -266.4 | -264.8 |
| Administrative expenses | -54.4 | -54.8 | -166.6 | -175.8 | -229.4 | -238.7 |
| Other operating income and expenses | -5.3 | 4.1 | -48.9 | -15.9 | -61.0 | -28.1 |
| Operating profit | -28.3 | 26.0 | -95.8 | 37.2 | -118.2 | 14.8 |
| Net financial items | -15.0 | -17.3 | -48.0 | -51.9 | -67.4 | -71.3 |
| Result before tax | -43.3 | 8.7 | -143.8 | -14.7 | -185.5 | -56.4 |
| Income tax | -3.5 | -1.9 | 21.4 | 3.4 | 19.1 | 1.1 |
| Net result for the year | -46.8 | 6.7 | -122.4 | -11.3 | -166.4 | -55.3 |
| Total comprehensive income attributable to: | ||||||
| Share holders in Parent Company | -46.8 | 7.2 | -122.4 | -11.3 | -167.1 | -56.0 |
| Non-controlling interests | 0.0 | -0.5 | 0.0 | 0.0 | 0.7 | 0.7 |
| Basic earnings per share | -0.73 | 0.40 | -3.72 | -0.61 | -3.11 | -3.15 |
| Diluted earnings per share | -0.73 | 0.38 | -3.72 | -0.61 | -3.11 | -3.15 |
| Average number of shares, basic | 63,873,865 | 17,480,995 | 32,945,285 | 17,480,995 | 29,079,212 | 17,480,995 |
| Average number of shares, diluted | 73,796,014 | 18,727,855 | 37,083,908 | 18,727,855 | 32,494,895 | 18,727,855 |
| STATEMENT OF COMPREHENSIVE INCOME | Jul–Sep | Jul–Sep | Jan-Sep | Jan–Sep | Oct 2012- | Jan–Dec |
| SEK M | 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 |
| Net result for the year | -46.8 | 6.7 | -122.4 | -11.3 | -166.4 | -55.3 |
| Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss: | ||||||
| Actuarial loss on post employment benefit obligations 1 ) |
0.0 | 1.3 | 0.0 | 4.0 | 1.3 | 5.4 |
| 0.0 | 1.3 | 0.0 | 4.0 | 1.3 | 5.4 | |
| Items that may be reclassified subsequently to profit or loss: | ||||||
| Cash flow hedges 2 ) |
0.7 | 0.5 | 3.3 | 0.6 | 4.8 | 2.1 |
| Hedging of net investments | 4.9 | 35.6 | -18.1 | 54.1 | -35.7 | 36.5 |
| Exchange rate differences | -4.0 | -55.7 | 8.4 | -78.2 | 36.0 | -50.6 |
| Income tax relating to components of other comprehensive income | -7.0 | -9.8 | -3.0 | -15.4 | 2.6 | -9.8 |
| -5.3 | -29.4 | -9.3 | -38.9 | 7.7 | -21.9 | |
| Other comprehensive income for the period, net of tax | -5.3 | -28.1 | -9.3 | -34.9 | 9.1 | -16.5 |
| Cont'd. Statement of comprehensive income | Jul–Sep | Jul–Sep | Jan-Sep | Jan-Sep | Oct 2012- | Jan–Dec |
|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 | |
| TOTAL COMPREHENSIVE INCOME | -52.2 | -21.3 | -131.7 | -46.2 | -157.3 | -71.8 |
| Total comprehensive income attributable to: | ||||||
| Share holders in Parent Company | -52.2 | -20.8 | -131.7 | -46.2 | -158.0 | -72.5 |
| Non-controlling interests | 0.0 | -0.5 | 0.0 | 0.0 | 0.7 | 0.7 |
| 1) No actuarial gain/loss is deemed to have occurred during the period of post-employment benefits | ||||||
| 2) Cash flow hedges | Jul–Sep | Jul–Sep | Jan-Sep | Jan-Sep | Oct 2012- | Jan–Dec |
| 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 | |
| Interest rate swaps - cash flow hedges | 0.8 | 0.4 | 2,7 | 1,3 | 3,9 | 1.6 |
| Currency forwards - cash flow hedges | -0.1 | 0.1 | 0.6 | -0.7 | 0.9 | 0.5 |
| Total cash flow hedges | 0.7 | 0.5 | 3.3 | 0.6 | 4.8 | 2.1 |
| CONSOLIDATED BALANCE SHEETS IN SUMMARY | 30 Sep | 30 Sep | 31 Dec |
|---|---|---|---|
| SEK M | 2013 | 2012 | 2012 |
| Assets | |||
| Intangible assets 1 ) |
572.7 | 565.4 | 576.1 |
| Tangible assets | 458.7 | 520.5 | 511.4 |
| Financial assets | 190.5 | 129.4 | 133.9 |
| Inventories | 295.5 | 350.6 | 312.0 |
| Current receivables | 488.2 | 511.5 | 505.0 |
| Cash and cash equivalents | 56.7 | 74.9 | 112.3 |
| Total assets | 2,062.3 | 2,152.3 | 2,150.6 |
| Equity and liabilities | |||
| Equity 2 ) |
512.4 | 397.1 | 371.5 |
| Non-current liabilities 3 ) |
792.0 | 980.5 | 975.2 |
| Current liabilities 4 ), 5 ) |
757.9 | 774.7 | 803.9 |
| Total equity and liabilities | 2,062.3 | 2,152.3 | 2,150.6 |
Cont.
| Cont'd. Consolidated balance sheets in summary | 30 Sep 2013 |
30 Sep 2012 |
31 Dec 2012 |
|---|---|---|---|
| 1) Of which goodwill | 536.0 | 533.9 | 539.8 |
| Impairment testing of goodwill: | 31 Dec 2012 |
31 Dec 2011 |
|
| Opening cost | 550.6 | 534.4 | |
| Purchases/acquisitions | 5.2 | 23.5 | |
| Sales/impairment loss | - | - | |
| Exchange rate differences | -16.1 | -5.3 | |
| Closing cost | 539.8 | 550.6 |
For impairment testing purposes, the Group is regarded as a cash-generating unit (CGU), since the whole Group's operation is regarded as a single segment.
The recoverable amount for a CGU is determined based on a calculation of value in use. That calculation uses cash flow projections that are based on financial budgets for the business that are approved by management and cover a five-year period. Cash flows beyond the five-year period are extrapolated based on the assumption that the envelope market in Europe as a whole will not grow from today's level. The cash flows are based on previous years' outcomes and management's projections of the market trend. Management has established the budgeted cash flows based on previous years' results, planned and completed efficiency-improving measures and projections of the market trend.
In calculating value in use, a discount rate of 13.2 per cent before tax (13.2 per cent) has been assumed (10.3 per cent after tax (9.9 per cent)), along with a growth rate of 0.8–1 per cent (1.5-2 per cent), in addition to an operating margin of 4.3 per cent (5.6 per cent). Growth is mainly expected in the packaging sector and in Eastern Europe. A growth rate of 1 per cent (1 per cent) has been used to extrapolate cash flows beyond the budget period. The growth rate does not exceed the long-term growth rate for the industry. The discount rate reflects the risk related to the business. Management has determined the budgeted operating margin included in calculation based on previous earnings and their expectations of the market trend.
The recoverable amount, which is calculated based on value in use, exceeds the carrying value by SEK 30 million. A decrease in operating margin of 0.2 per cent, a reduction of the growth rate by 0.35 per cent, or an increase in the discount rate of 0.2 per cent would eliminate the remaining margin.
A 1 per cent reduction of the operating margin would entail an impairment loss of SEK 183 million, a 1 per cent reduction of growth rate would entail an impairment loss of SEK 49 million and a 0.5 per cent increase in the discount rate would entail an impairment loss of SEK 42 million.
| 2) Of which non-controlling interests | 0.0 | 0.0 | -12.0 |
|---|---|---|---|
| 3) Of which interest-bearing | 724.1 | 932.7 | 946.9 |
| 4) Of which interest-bearing | 176.3 | 186.6 | 170.0 |
5) Financial assets and liabilities at fair value
The table shows the Group's financial assets and liabilities in the form of derivatives measured at fair value. All financial derivatives measured at fair value are in Category 2. These include interest rate swaps and foreign exchange contracts and the valuation is based on the forward interest rates derived from observable yield curves.
| 2013-09-30 | Assets Liabilities | 2012-09-30 | Assets Liabilities | ||
|---|---|---|---|---|---|
| Interest rate swaps - cash flow hedges | 0.0 | 2.0 | Interest rate swaps - cash flow hedges | 0.0 | 5.4 |
| Currency forwards - cash flow hedges | 1.4 | 0.4 | Currency forwards - cash flow hedges | 1.0 | 1.1 |
| Currency forwards - held for trading | 0.1 | 0.2 | Currency forwards - held for trading | 0.1 | 1.7 |
| Total | 1.5 | 2.6 | Total | 1.1 | 8.2 |
| 2012-12-31 | Assets Liabilities | |
|---|---|---|
| Interest rate swaps - cash flow hedges | 0.0 | 4.7 |
| Currency forwards - cash flow hedges | 1.1 | 0.7 |
| Currency forwards - held for trading | 0.1 | 1.0 |
| Total | 1.2 | 6.4 |
Fair value of the following financial assets and liabilities is estimated to be equal to book value:
Trade receivables and other receivables - Other current receivables - Long-term and short-term loans - Trade payables and other liabilities
Cash and cash equivalents
Other financial assets and liabilities
The Group does not apply net recognition for any of its other significant assets and liabilities and has no netting agreements with financial counterparties.
| QUARTERLY DATA. GROUP | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 3/2013 | 2/2013 | 1/2013 | 4/2012 | 3/2012 | 2/2012 | 1/2012 | 4/2011 | 3/2011 | 2/2011 | 1/2011 | 4/2010 | 3/2010 | 2/2010 | ||
| Net Revenue | 594.6 | 627.9 | 676.8 | 762.3 | 655.6 | 711.7 | 816.3 | 849.7 | 751.2 | 747.3 | 854.4 | 938.8 | 417.7 | 468.4 | ||
| Operating expenses | -622.9 | -648.1 | -724.0 | -784.7 | -629.6 | -730.7 | -786.1 | -866.8 | -736.3 | -731.1 | -828.4 | -1,045.1 | -426.5 | -457.4 | ||
| Operating profit | -28.3 | -20.3 | -47.2 | -22.3 | 26.0 | -19.1 | 30.3 | -17.1 | 14.9 | 16.3 | 26.1 | -106.3 | -8.8 | 11.0 | ||
| Net financial items | -15.0 | -16.7 | -16.3 | -19.4 | -17.4 | -17.3 | -17.2 | -17.4 | -13.8 | -17.8 | -13.7 | -16.9 | -9.2 | -8.2 | ||
| Profit before tax | -43.3 | -37.0 | -63.5 | -41.7 | 8.7 | -36.4 | 13.1 | -34.5 | 1.1 | -1.6 | 12.4 | -123.2 | -18.0 | 2.7 | ||
| CHANGES IN CONSOLIDATED EQUITY. GROUP | Jan-Sep | Jan–Sep | Jan–Sep | |||||||||||||
| MSEK | 2013 | 2012 | 2012 | |||||||||||||
| Opening balance for the period | 371.5 | 495.9 | 495.9 | |||||||||||||
| New issue | 275.9 | - | - | |||||||||||||
| Convertible loan | 13.8 | - | - | |||||||||||||
| Issue costs | -16.0 | - | - | |||||||||||||
| Dividends paid | - | - | -0.4 | |||||||||||||
| Non-controlling interests | -1.0 | -14.0 | -13.6 | |||||||||||||
| Actuarial loss on post employment benefit obligations | -38.6 | -38.6 | ||||||||||||||
| Total comprehensive income | -131.7 | -46.2 | -71.8 | |||||||||||||
| Closing balance for the period | 512.4 | 397.1 | 371.5 | |||||||||||||
| CONSOLIDATED CASH FLOW STATEMENTS | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct 2012– | Jan–Dec | KEY RATIOS | Jan-Sep | Jan-Sep | Oct 2012– | Jan–Dec | |||||
| SEK M | 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 | 2013 | 2012 | Sep 2013 | 2012 | ||||||
| Operating activities | Operating profit % | -5.0 | 2.4 | -4.4 | 0.5 | |||||||||||
| Operating profit | -28.3 | 26.0 | -95.8 | 37.2 | -118.2 | 14.8 | Profit margin % | -7.6 | 0.5 | -7.0 | -1.9 | |||||
| Depreciation amortisation and impairment | 26.2 | 23.6 | 72.8 | 74.5 | 100.4 | 102.1 | ||||||||||
| Financial items | -15.0 | -17.4 | -48.0 | -51.9 | -67.4 | -71.3 | Return on equity % | - | - | neg | neg | |||||
| Tax paid | -4.0 | -6.6 | -7.1 | -18.4 | -11.1 | -22.4 | Return on capital employed % | - | - | neg | 1.0 | |||||
| Other non-cash items | -11.9 | -45.2 | 13.3 | -44.1 | 33.6 | -23.8 | ||||||||||
| Cash flow from operating activities before changes in | Equity/assets ratio % | 24.8 | 20.6 | 24.8 | 17.3 | |||||||||||
| working capital | -33.0 | -19.6 | -64.8 | -2.7 | -62.7 | -0.6 | Gearing ratio times | 1.65 | 2.11 | 1.64 | 2.70 | |||||
| Net loan debt/EBITDA | - | - | 39.51 | 8.59 | ||||||||||||
| Changes in working capital | 31.1 | -30.3 | -20.4 | -65.0 | 43.5 | -1.1 | ||||||||||
| Cash flow from operating activities | -2.0 | -49.9 | -85.2 | -67.7 | -19.2 | -1.7 | Capital employed SEK M | 1,412.8 | 1,470.6 | 1,412.8 | 1,488.4 | |||||
| Interest-bearing net loan debt SEK M | 843.7 | 1,104.9 | 843.7 | 1,004.6 | ||||||||||||
| Cash flow from investing activities | -17.0 | -18.3 | -19.5 | -23.9 | -31.4 | -35.8 | ||||||||||
| Cash flow after investing activities | -19.0 | -68.2 | -104.7 | -91.6 | -50.6 | -37.5 | DATA PER SHARE | Jan-Sep | Jan-Sep | Oct 2012– | Jan–Dec | |||||
| 2013 | 2012 | Sep 2013 | 2012 | |||||||||||||
| Cash flow from financing activities | 26.0 | 88.4 | 49.9 | 16.4 | 33.6 | 0.0 | Basic earnings per share SEK | -3.72 | -0.61 | -3.11 | -3.15 | |||||
| Cash flow for the period | 7.1 | 20.2 | -54.8 | -75.2 | -17.0 | -37.5 | Diluted earnings per share SEK 1 | ) | -3.72 | -0.61 | -3.11 | -3.15 | ||||
| Cash and cash equivalents at beginning of period | 50.1 | 56.5 | 112.3 | 151.4 | 74.6 | 151.4 | Basic equity per share SEK | 3.27 | 26.04 | 3.27 | 21.25 | |||||
| Exchange rate difference in cash and cash equivalents | -0.4 | -2.1 | -0.7 | -1.6 | -0.7 | -1.6 | Diluted equity per share SEK | 3.12 | 24.31 | 3.12 | 20.50 | |||||
| Cash and cash equivalents at end of period | 56.8 | 74.6 | 56.8 | 74.6 | 56.8 | 112.3 |
| Basic number of shares outstanding at end of period | 156,659,604 | 17,480,995 | 156,659,604 | 17,480,995 |
|---|---|---|---|---|
| Diluted number of shares outstanding at end of period | 183,932,331 | 18,727,855 | 183,932,331 | 18,727,855 |
| Average number of shares basic | 32,945,285 | 17,480,995 | 29,079,212 | 17,480,995 |
| Average number of shares diluted | 37,083,908 | 18,727,855 | 32,494,895 | 18,727,855 |
Jan–Dec 2012
Jan–Dec 2012
1) The dilution effect is not taken into account when it leads to a better result.
| KEY RATIOS | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Revenue sales SEK M | 2,946 | 3,203 | 2,326 | 1,915 | 1,937 |
| Operating profit/loss SEK M | 15 | 40 | -91 | 65 | 74 |
| Profit after tax SEK M | -55 | -16 | -97 | 24 | 10 |
| Cash flow after investing activities SEK M | -38 | 137 | -277 | 169 | 144 |
| Operating margin % | 0.5 | 1.3 | -3.9 | 3.4 | 3.8 |
| Profit margin % | -1.9 | -0.7 | -5.6 | 1.4 | 1.0 |
| Capital turnover rate times | 1.3 | 1.3 | 1.2 | 1.1 | 1.1 |
| Return on equity % | neg | neg | neg | 3.6 | 1.8 |
| Return on capital employed % | 1.0 | 2.6 | neg | 5.5 | 5.6 |
| Equity ratio % | 17 | 21 | 21 | 36 | 34 |
| Net loan debt SEK M | 1,005 | 947 | 1 062 | 589 | 745 |
| Net debt/equity ratio times | 2.70 | 1.91 | 2.00 | 0.98 | 1.18 |
| Net loan debt/EBITDA times | 8.6 | 6.3 | 42.7 | 3.8 | 4.4 |
| EBITDA/net financial items times | 1.7 | 2.4 | 0.6 | 4.5 | 3.1 |
| Average number of employees | 2,271 | 2,431 | 1,540 | 1,220 | 1,270 |
| Data per share | |||||
| Number of shares | |||||
| Basic number of shares outstanding at end of period | 17,480,995 | 17,480,995 | 17,480,995 | 13,128,227 | 13,128,227 |
| Diluted number of shares outstanding at end of period | 18,727,855 | 18,727,855 | 18,727,855 | 13,230,227 | 13,332,227 |
| Average basic number of shares | 17,480,995 | 17,480,995 | 14,216,419 | 13,128,227 | 13,128,227 |
| Average diluted number of shares | 18,727,855 | 18,727,855 | 14,528,134 | 13,230,227 | 13,332,227 |
| Earnings per share | |||||
| Basic SEK | -3.15 | –1.04 | –6.97 | 1.65 | 0.80 |
| Diluted SEK | -3.15 | –1.04 | –6.97 | 1.63 | 0.78 |
| Equity per share | |||||
| Basic SEK | 21.25 | 28.37 | 30.39 | 45.56 | 47.91 |
| Diluted SEK | 20.50 | 26.48 | 28.37 | 45.77 | 48.22 |
| Cash flow from operating activities per share | |||||
| Basic SEK | -0.10 | 8.53 | 3.01 | 13.98 | 15.27 |
| Diluted SEK | -0.09 | 7.96 | 2.81 | 13.87 | 15.04 |
| Other data per share | |||||
| Dividend SEK | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 |
| Quoted market price on the balance sheet date SEK | 10 | 18 | 32 | 21 | 12 |
| P/E ratio times | neg | neg | neg | 13 | 15 |
| Price/book value after dilution % | 45 | 63 | 105 | 46 | 25 |
| Price/equity after dilution % | 47 | 68 | 113 | 46 | 25 |
| PARENT COMPANY PROFIT AND LOSS ACCOUNTS IN SUMMARY | Jan–Sep | Jan–Sep |
|---|---|---|
| SEK M | 2013 | 2012 |
| Revenue | 20.2 | 26.2 |
| Gross profit | 20.2 | 26.2 |
| Administrative expenses | -42.9 | -51.5 |
| Other operating income and expenses | 7.1 | 10.5 |
| Operating profit/loss | -15.6 | -14.8 |
| Net financial items | -14.6 | 36.8 |
| Result | -30.2 | 22.0 |
| Income tax | 7.2 | -2.8 |
| Net result | -23.0 | 19.2 |
| PARENT,COMPANY,BALANCE,SHEETS,IN,SUMMARY | 30,Sep | 31,Dec |
|---|---|---|
| SEK,M, | 2013 | 2012 |
| Assets | ||
| Intangible,assets | 0.0 | 24.6 |
| Tangible,assets | 0.0 | 2.5 |
| Financial,assets | 1,500.8 | 1,971.6 |
| Current,receivables | 105.4 | 175.1 |
| Cash,and,cash,equivalents | -17.9 | 42.5 |
| Summa,tillgångar | 1,588.3 | 2,216.3 |
| Equity,and,liabilities | , | , |
| Equity | 957.0 | 717.9 |
| Provisions | 11.2 | 11.5 |
| Non-current,liabilities | 527.2 | 1,083.8 |
| Current,liabilities | 92.9 | 403.0 |
| Total,equity,and,liabilities | 1,588.3 | 2,216.3 |
| STATEMENT OF COMPREHENSIVE INCOME | Jan–Sep | Jan–Sep |
|---|---|---|
| SEK M | 2013 | 2012 |
| Profit after tax | -23.0 | 19.2 |
| Other comprehensive income | ||
| Cash flow hedges | 3.4 | 1.7 |
| Income tax relating to components of other comprehensive | ||
| income | -0.7 | -0.4 |
| Other comprehensive income after tax | 2.7 | 1.3 |
| Total comprehensive income | -20.3 | 20.5 |
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