Interim / Quarterly Report • Oct 29, 2013
Interim / Quarterly Report
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The quarter saw new record levels for HMS, both in terms of turnover and profit . We have begun to see increased market stability, but we have yet to see clear improvements when it comes to market demand. Consequently, the order intake for the quarter is not quite up to our expectations. Our Anybus® Embedded products continue to deliver and in Q3, we have seen an improvement in IXXAT sales. Our new Netbiter® Remote Management brand continues to generate a lot of interest from the market but we have continued weak growth in sales of this new product.
IXXAT Automation, which was acquired earlier this year, performed well in the third quarter. We continue to see good opportunities for synergies in sales and product development in the coming years and we are already seeing the positive effects of our new joint sales organizations in North America and Central Europe for our three brands Anybus , IXXAT and Netbiter.
As previously reported, local sales in Japan continues to increase, but this balanced out by the weakened Japanese currency. The German and the U.S. market continue to be cautious but our customers are talking about improvement , although it is hard to determine this time.
During the third quarter, we have maintained a high production quality and a good ability to deliver. We also have a good product mix and internal improvement projects have contributed to an improved gross margin.
We can conclude that we see stable market conditions, but there is still no strong underlying growth in our markets.
We are working to balance our long-term growth strategy with a conservative approach to costs. At present, we see nothing which changes our view that the market for industrial communication and remote management will be growth areas in the future.
| Quarterly data | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
|---|---|---|---|---|---|---|---|---|
| 2013 | 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | 2011 | |
| Net sales (SEK m) | 140 | 128 | 107 | 87 | 99 | 99 | 96 | 95 |
| Order intake (SEK m) | 125 | 140 | 119 | 100 | 95 | 113 | 116 | 83 |
| Operating profit (SEK m) | 32 | 27 | 14 | 6 | 23 | 20 | 14 | 10 |
| Gross margin (%) | 63.4 | 62.2 | 61.0 | 57.6 | 59.9 | 60.6 | 61.9 | 60.8 |
| Operating margin (%) | 23.0 | 21.3 | 12.8 | 7.2 | 23.4 | 20.2 | 14.9 | 10.5 |
| Return on capital (%) | 6.5 | 6.1 | 2.7 | 2.9 | 5.1 | 5.0 | 3.4 | 2.7 |
| Earnings per share (SEK) | 2.07 | 1.80 | 0.82 | 0.86 | 1.49 | 1.36 | 0.94 | 0.71 |
| Equity per share (SEK) | 32.21 | 30.41 | 31.17 | 30.21 | 29.43 | 28.23 | 27.74 | 26.77 |
| Cash flow for operating activities per share (SEK) | 2,90 | 1.41 | 1.40 | 1.67 | 2.23 | 2.63 | 0.73 | 0.25 |
Net sales for the last twelve months amounted to SEK 462.7 m (389.4) corresponding to a 18.8 % increase. In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 19.1 m negative impact on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 483.6 m (407.4).
Net sales for the third quarter 2013 totalled to SEK 140.0 m (99.1), corresponding to a 41.3 % increase compared to the same quarter the previous year. Adjusted for a SEK 1.0 m negative currency effect the volume increase was 41.9 % in local currencies. The acquired company IXXAT contributed to net sales with SEK 33.9 m during the third quarter. Adjusted for the acquisition the increase in net sales during the third quarter was 7.1 %. Order intake increased with SEK 29.9 m to SEK 125.0 m (95.1), of which SEK 114.0 will be delivered during the upcoming twelve months. In local currencies order intake during the third quarter increased with 32.5 %.
Operating profit totalled to SEK 79.5 m (67.4) for the last four quarters, equivalent to an operating margin of 17.2 % (17.3). Currency effects had a SEK 11.4 m negative impact on the operating result compared to the previous year.
The operating profit for the third quarter 2013 totalled to SEK 32.2 m (23.2). During the third quarter the acquired group, including effects of SEK 1.7 m in depreciation on allocated overvalues, had a SEK 6.2 m positive impact on the Groups´s operating result. On Group level changes in exchange rates had a SEK 1.2 m negative impact compared to the same period the previous year.
The tax charge for the first half-year was SEK 15.9 m (15.7). 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 364.7 m (333.3). The total number of shares at the end of the year was 11,322,400. The Group's equity/assets ratio amounted to 47.8 % (81.1). In connection with the share saving program initiated in 2013 HMS shares was purchased during the period.
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) | Sep 30 2013 | Sep 30 2012 | Dec 31 2012 |
| Balance at 1 january | 342,056 | 298,543 | 298,543 |
| Total comprehensive income for the period | 51,464 | 44,524 | 53,318 |
| Repurchase of own shares | -3,895 | 0 | 0 |
| Share-based payment | 543 | 0 | 0 |
| Issue of new shares through warrants | 0 | 15,289 | 15,289 |
| Dividends | -25,475 | -25,094 | -25,094 |
| Closing balance | 364,693 | 333,262 | 342,056 |
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, 25 % in USD, 6 % in Japanese Yen and 5 % in SEK and other currencies. Cost of goods sold consists of 51 % in EURO, 15 % in USD and 1 % in Japanese Yen. Operating expenses consists of 29 % in EURO, 9 % in USD, 4 % in Japanese Yen and 58 % 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 nine months 2013 amounted to SEK 64.7 m (62.9).
The investments in tangible assets for the nine month period totalled SEK 2.7 m (10.7). Investments in intangible assets for the period totalled SEK 40.1 m (19.5) and comprise internal development costs. The higher level of capitalized expenses is to the majority related to the development of new technology platforms i.e the new network chip NP40, the new technology platform supporting HMS Safety technology and the chip, brick, module concept. An investment in subsidiaries was SEK 258.4 m. The acquisition of IXXAT has generated a overvalue for the group of approximately SEK 255 m of which SEK 144 m is allocated on technology platforms, customers and brand name. The increase in goodwill from the acquisition was SEK 150 m. The annual depreciation on the purchase price allocated to technical platforms and customers is estimated to SEK 7 m. During the first nine months 2013 depreciation on purchase price allocated to assets was reflected with SEK 4.5 m in the income statement.
At the end of the period the cash equivalents totalled SEK 17.0 m (25.4) and unutilized credit facilities SEK 30.0 m. The Group's net debt amounted to SEK 244.3 m (-24.5). The groups long term debt is amortized with SEK 34.8 m annually. During the first nine months 2013 SEK 17.4 m was amortized. During the second quarter HMS distributed dividend payments to its shareholder equal to SEK 2.25 per share (2.25), in total SEK 25.5 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 expected to remain weak. The effects on the market for the HMS product offering is difficult to assess. The market for industrial communication and remote management will continue as a future growth area and HMS overall goals are unchanged: A long term average growth of 20 % per year and an operating margin above 20 %.
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.
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 nine months 2013 amounted to SEK 0.0 m (0.4). Cash and cash equivalents amounted to SEK 0.1 m (0.1) and borrowing amounted to SEK 0.0 m (0.0).
Growth strategy - HMS's main focus is on organic growth. Expansion on existing markets will be through improved and extended product ranges, new technology, high level of service and new sales channels. A certain degree of growth can be through the selective acquisition of businesses that will be a valuable complement to the company's organic growth strategy.
Development strategy - The Company's core expertise is made up of an extensive understanding of industrial network communication. Based on this competence in combination with an extensive network of customers, suppliers and external partners the existing and new product offers and solutions are developed for the best possible customer benefits.
Product strategy - HMS markets four product lines, which to a certain degree are based on a common technical platform:
Production strategy - HMS maintains an in-house 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 platsforms 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.
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, 2013 did not affect the Groups reporting as of September 30, 2013.
As of the first quarter 2012 customer orders related to development projects including future volume commitments and blanket agreements with estimated future volumes, are included in the period's order intake. As clarification, information about which part of the order intake that will be shipped during the following twelve months is disclosed.
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.
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 2012. In addition to the risks described in these documents, no additional significant risks have been identified.
In accordance with principles adopted at HMS 2012 annual general meeting, the following persons have been assigned to be a part of the Nomination Committee: Jan Svensson, Investment AB Latour, representing 27 % of the shares, Staffan Dahlström representing 14 % of the shares, Evert Carlsson, Swedbank Robur Fonder AB representing 10 % of the shares and Urban Jansson, Chairman of the Board. The Nomination Committee has appointed Jan Svensson as its Chairman.
Shareholders who wish to present proposals to HMS's Nomination Committee may do so by e-mail to: [email protected] or in writing to: HMS Networks AB, Investors Relations, Att: Nomination Committee, Box 4126, SE 300 04 Halmstad, Sweden no later than February 1, 2013.
Halmstad October 28, 2013
Staffan Dahlström Chief Executive Officer
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
We have reviewed this report for the period 1 January 2013 to 30 September 2013 for HMS Networks AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report 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 International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not 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.
Halmstad October 28, 2013 PricewaterhouseCoopers
Olof Enerbäck Authorised Public Accountant
| Q3 2013 |
Q3 2012 |
Q1-Q3 2013 |
Q1-Q3 2012 |
Q1-Q4 2012 |
Q4 2012- Q3 2013 |
|
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 41.2 | -1.6 | 27.4 | 2.0 | -0.5 | 18.8 |
| Gross margin (%) | 63.4 | 59.9 | 62.3 | 60.8 | 60.1 | 61.3 |
| Operating margin EBIT (%) | 23.0 | 23.4 | 19.5 | 19.5 | 16.7 | 17.2 |
| EBITDA (SEK t) | 37,137 | 26,026 | 86,988 | 65,529 | 74,620 | 96,079 |
| EBITDA (%)* | 26.5 | 26.3 | 20.8 | 22.2 | 19.5 | 20.8 |
| Return on capital employed (%)* | 17.7 | 21.4 | 17.7 | 21.4 | 19.7 | 17.7 |
| Return on total equity (%)* | 18.0 | 16.2 | 18.0 | 16.2 | 16.3 | 18.0 |
| Working capital in relation to sales (%)* | 5.1 | 8.9 | 5.1 | 8.9 | 9.2 | 5.1 |
| Capital turnover rate | 0.79 | 0.97 | 0.79 | 0.97 | 0.94 | 0.79 |
| Debt/equity ratio | 0.57 | -0.07 | 0.57 | -0.07 | -0.09 | 0.43 |
| Equity/assets ratio (%) | 47.8 | 81.1 | 46.4 | 81.1 | 81.9 | 51.9 |
| Capital expenditure in property. plant and equipment (SEK 000s) |
963 | 1,273 | 2,666 | 10,679 | 12,202 | 4,094 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 9,560 | 7,645 | 40,080 | 19,464 | 30,108 | 51,325 |
| Depreciation of property. plant and equipment (SEK 000s) |
-1,868 | -1,640 | -5,479 | -4,606 | -6,240 | -7,093 |
| Amortisation of intangible fixed assets (SEK 000s) | -3,042 | -1,200 | -8,296 | -3,514 | -4,553 | -9,525 |
| Number of employees (average) | 344 | 240 | 343 | 238 | 241 | 320 |
| Revenue per employee (SEK m)* | 1.3 | 1.6 | 1.3 | 1.6 | 1.6 | 1.4 |
| Total equity per share, SEK | 32.21 | 29.43 | 31.27 | 29.43 | 30.21 | 32.21 |
| Total equity per share, diluted, SEK | 32.21 | 29.43 | 31.27 | 29.43 | 30.21 | 32.21 |
| Cash flow from operations per share before dilution, SEK | 2.90 | 2.23 | 5.71 | 5.60 | 7.27 | 7.38 |
| Cash flow from operations per share after dilution, SEK | 2.90 | 2.23 | 5.71 | 5.60 | 7.27 | 7.38 |
| Basic number of shares. average, thousands | 11,322 | 11,322 | 11,322 | 11,228 | 11,252 | 11,322 |
| Number of shares. diluted average, thousands | 11,322 | 11,322 | 11,322 | 11,232 | 11,254 | 11,322 |
* The key ratio has been translated into 12 months rolling value when applicable.
| (SEK 000s) | Q3 2013 |
Q3 2012 |
Q1-Q3 2013 |
Q1-Q3 2012 |
Q1-Q4 2012 |
Q4 2012- Q3 2013 |
|---|---|---|---|---|---|---|
| Revenue | 139,967 | 99,144 | 375,387 | 294,539 | 381,804 | 462,654 |
| Cost of goods and services sold | -51,262 | -39,762 | -141,527 | -115,437 | -152,433 | -179,228 |
| Gross profit | 88,705 | 59,382 | 233,859 | 179,102 | 229,371 | 283,423 |
| Sales and marketing costs | -30,124 | -23,343 | -91,546 | -74,109 | -105,962 | -122,694 |
| Administrative expenses | -10,777 | -7,610 | -34,882 | -25,343 | -32,997 | -42,536 |
| Research and development costs | -14,038 | -5,385 | -35,229 | -21,192 | -26,476 | -40,514 |
| Other operating income | 0 | 2,252 | 2,639 | 2,794 | 3,960 | 4,137 |
| Other costs | -1,539 | -2,110 | -1,610 | -3,773 | -4,169 | -2,338 |
| Operating profit | 32,226 | 23,186 | 73,232 | 57,478 | 63,726 | 79,479 |
| Financial income | 0 | 35 | 0 | 1,209 | 1,926 | 1,995 |
| Financial costs | -1,748 | -122 | -4,135 | -491 | -456 | -5,377 |
| Profit before tax | 30,479 | 23,100 | 69,097 | 58,196 | 65,197 | 76,098 |
| Tax | -7,010 | -6,237 | -15,893 | -15,713 | -13,024 | -13,203 |
| Profit for the period | 23,469 | 16,863 | 53,205 | 42,483 | 52,173 | 62,895 |
| Basic earnings per share, SEK | 2.07 | 1.49 | 4.70 | 3.78 | 4.64 | 5.55 |
| Earnings per share, diluted, SEK | 2.07 | 1.49 | 4.70 | 3.78 | 4.64 | 5.55 |
| (SEK 000s) | Q3 2013 |
Q3 2012 |
Q1-Q3 2013 |
Q1-Q3 2012 |
Q1-Q4 2012 |
Q4 2012- Q3 2013 |
|---|---|---|---|---|---|---|
| Profit for the period | 23,469 | 16,863 | 53,205 | 42,483 | 52,173 | 62,895 |
| Other comprehensive income | ||||||
| Income/expense recognized directly in equity | ||||||
| Cash flow hedges | 660 | 297 | -2,589 | 3,344 | 2,205 | -3,728 |
| Translation differences | -1,981 | -295 | 1,535 | -424 | -480 | 1,479 |
| Hedging of net investments | 2,596 | 0 | -1,611 | 0 | 0 | -1,611 |
| Income tax relating to components of other comprehensive income |
-716 | -78 | 924 | -880 | -580 | 1,224 |
| Other comprehensive income for the period, net of tax | 559 | -75 | -1,741 | 2,041 | 1,145 | -2,636 |
| Total comprehensive income for the period | 24,028 | 16,787 | 51,464 | 44,524 | 53,318 | 60,259 |
| (SEK 000s) | Sep 30 2013 | Sep 30 2012 | Dec 31 2012 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 386,218 | 236,071 | 236,071 |
| Other intangible assets | 225,712 | 38,894 | 48,910 |
| Property, plant and equipment | 19,785 | 21,321 | 21,106 |
| Deferred tax assets | 715 | 726 | 852 |
| Total fixed assets | 632,430 | 297,012 | 306,939 |
| Inventories | 35,015 | 25,783 | 26,843 |
| Trade and other receivables | 61,543 | 45,815 | 35,501 |
| Other current receivables | 16,669 | 16,679 | 16,845 |
| Cash and cash equivalents | 16,953 | 25,367 | 31,487 |
| Total current assets | 130,180 | 113,734 | 110,676 |
| TOTAL ASSETS | 762,610 | 410,746 | 417,615 |
| EQUITY AND LIABILITIES | |||
| Equity | 364,693 | 333,262 | 342,056 |
| Liabilities | |||
| Non-current liabilities | 226,518 | 859 | 787 |
| Deferred income tax liabilities | 67,508 | 25,696 | 23,168 |
| Total non-current liabilities | 294,026 | 26,555 | 23,955 |
| Trade payables | 28,986 | 23,350 | 25,462 |
| Other current liabilities | 74,905 | 27,579 | 26,142 |
| Total current liabilities | 103,891 | 50,929 | 51,604 |
| TOTAL EQUITY AND LIABILITIES | 762,610 | 410,746 | 417,615 |
| (SEK 000s) | Q3 2013 |
Q3 2012 |
Q1-Q3 2013 |
Q1-Q3 2012 |
Q1-Q4 2012 |
Q4 2012- Q3 2013 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
35,863 | 24,346 | 63,446 | 56,053 | 65,257 | 72,650 |
| Cash flow from changes in working capital | -3,060 | 953 | 1,191 | 6,808 | 16,523 | 10,906 |
| Cash flow from operating activities | 32,803 | 25,299 | 64,657 | 62,861 | 81,780 | 83,556 |
| Cash flow from investing activities | -9,987 | -8,919 | -267,987 | -30,144 | -42,944 | -280,787 |
| Cash flow from financing activities | -15,321 | -16,618 | 188,816 | -33,923 | -33,923 | 188,817 |
| Cash flow for the period | 7,495 | -238 | -14,534 | -1,206 | 4,913 | -8,414 |
| Cash and cash equivalents at beginning of the period | 9,458 | 25,605 | 31,487 | 26,573 | 26,573 | 25,367 |
| Cash and cash equivalents at end of period | 16,953 | 25,367 | 16,953 | 25,367 | 31,486 | 16,953 |
Förändringar av korta fordringar/skulder hänförliga till derivatinstrument redovisas i sin helhet som kassaflöde från den löpande verksamheten före förändringar av rörelsekapital.
| Revenue,per,region (SEK,000s) |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 89,455 | 82,481 | 69,182 | 52,971 | 60,049 | 59,169 | 60,387 | 55,876 | 64,900 | 61,757 | 60,379 | 55,109 |
| Americas | 30 592 | 26,439 | 22,480 | 19,686 | 22,687 | 20,813 | 20,429 | 20,330 | 18,844 | 17,418 | 17,167 | 19,354 |
| Asia | 19,920 | 19,285 | 15,553 | 14,608 | 16,408 | 18,920 | 15,677 | 18,642 | 16,976 | 17,322 | 13,981 | 17,184 |
| ncome,statement, (SEK,000s) |
Q3 2013 |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
| Revenue,(SEK,m) | 139,967 | 128,205 | 107,215 | 87,265 | 99,144 | 98,902 | 96,493 | 94,848 | 100,720 | 96,498 | 91,527 | 91,647 |
| Gross,profit | 88,704 | 79,709 | 65,446 | 50,269 | 59,382 | 59,953 | 59,766 | 57,686 | 61,062 | 59,193 | 54,552 | 55,385 |
| Gross,margin | 63.4% | 62.2% | 61.0% | 57.6% | 59.9% | 60.6% | 61.9% | 60.8% | 60.6% | 61.3% | 59.6% | 60.4% |
| Operating,profit | 32,226 | 27,260 | 13,745 | 6,248 | 23,186 | 19,953 | 14,338 | 9,925 | 24,360 | 20,224 | 17,704 | 19,848 |
| Operating,margin | 23.0% | 21.3% | 12.8% | 7.2% | 23.4% | 20.2% | 14.9% | 10.5% | 24.2% | 21.0% | 19.3% | 21.7% |
| Profit,before,tax | 30,479 | 26,919 | 11,699 | 7,001 | 23,100 | 20,810 | 14,286 | 10,715 | 25,544 | 20,536 | 16,973 | 20,231 |
Sales by geographical area for the first nine months 2013 are presented in the graph to the right.
Embedded products reached 55 % of the Group's total sales, IXXAT products 21 %, Gateway products 19 % and Remote Management amounted to 3 %.
All product groups are based on a common technology platform and are marketed and sold in the common sales channels. Therefore, no complete segment reporting is disclosed.
| (SEK 000s) | Q3 2013 |
Q3 2012 |
Q1-Q3 2013 |
Q1-Q3 2012 |
Q1-Q4 2012 |
Q4 2012- Q3 2013 |
|---|---|---|---|---|---|---|
| Revenue | 1,590 | 1,878 | 5,651 | 6,247 | 7,995 | 7,399 |
| Cost of sales and services | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 1,590 | 1,878 | 5,651 | 6,247 | 7,995 | 7,399 |
| Administrative expenses | -1,590 | -1,785 | -5,662 | -5,892 | -7,642 | -7,412 |
| Operating profit | 0 | 93 | -11 | 355 | 353 | -13 |
| Interest expense, dividends and similar items | 50,000 | -93 | 50,011 | -355 | -353 | 50,013 |
| Profit before tax | 50,000 | 0 | 50,000 | 0 | 0 | 0 |
| Tax | 0 | 0 | 0 | 0 | -7 | -7 |
| Profit for the period | 50,000 | 0 | 50,000 | 0 | -7 | 49,993 |
| (SEK 000s) | Sep 30 2013 | Sep 30 2012 | Dec 31 2012 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 371 | 419 | 955 |
| Cash and cash equivalents | 126 | 143 | 684 |
| Total current assets | 497 | 562 | 1,639 |
| TOTAL ASSETS | 244,536 | 244,601 | 245,678 |
| EQUITY AND LIABILITIES | |||
| Equity | 143,915 | 123,292 | 123,285 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Non-current liabilities | 0 | 0 | 0 |
| Trade payables | 24 | 122 | 1,277 |
| Liabilities to Group companies | 98 ,597 | 119,154 | 120,073 |
| Other current liabilities | 1,992 | 2,025 | 1,035 |
| Total current liabilities | 100,613 | 121,301 | 122,385 |
| TOTAL EQITY AND LIABILITIES | 244,536 | 244,601 | 245,678 |
Share of profit after tax attributable to the parent company's shareholders in relation to the average shareholders' equity excluding non-controlling interests.
Share of the profit after financial income in relation to the average capital employed.
Total assets less non interest bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
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.
Current assets less cash equivalents and current liabilities.
Operating income in relation to net sales.
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.
Total equity attributable to the parent company's shareholders in relation to total outstanding shares by the end of the period.
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 2012. 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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