Quarterly Report • Apr 26, 2013
Quarterly Report
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The first quarter is low-season and it is also the quarter in which Lindab has the lowest volumes, in terms of sales. It can hardly have escaped anyone that winter this year has been snowy, protracted and geographically widespread across all of Lindab's regions. Combined with weak underlying demand this has inevitably had a negative impact on sales.
The cost and efficiency programme, which has been expanded to generate gross annual savings of SEK 300 m, is continuing as planned.
The macroeconomic signals are not particularly positive, but there are glimmers of light. Norway and Russia, for example, are markets where growth is predicted to be good during the year. In Norway, we also appointed new management at the end of the quarter and in Russia we have started producing ventilation components at our Building Systems plant in Yaroslavl.
Now it is important to step forward and build on the strong platform we have. Internally we have launched "Back to Basics – Into the Future", which means we will be doing more of what we are good at, focusing especially on organic growth. We have an extensive activity programme and there is a great deal to develop further. We must become even better at understanding and serving our customers. This means we will be focusing on getting closer to the customer and on developing our product range. For instance, after listening to our customers, we have reintroduced the Astron brand for our pre-engineered steel building systems, and we expect a positive outcome from this. We have a number of interesting product launches and our production in general is world class.
Similarly, we want to work on developing a safe working environment, focus even more closely on sustainability and, through a comprehensive dialogue across the company, dare to think in new ways about continuous improvement and growth.
Motivation and energy are important. The same goes for excellent leadership and sound business sense so that our resources are used appropriately throughout the Group for the good of the entire company. Lindab is inherently very strong and has enormous capability. Now we will concentrate on turning our expertise into concrete plans and activities.
Anders Berg, Grevie, April 2013
Sales revenue during the first quarter amounted to SEK 1,341 m (1,479), a decrease of 9 percent compared with the first quarter of 2012. Adjusted for currency and structure the decrease was 10 percent.
The negative sales trend in the quarter is due to the harsh and prolonged winter and weak underlying demand in the majority of European markets. All three business areas show reduced sales compared with the corresponding period the previous year.
Sales in the Nordic region, which is Lindab's largest region, fell by 11 percent during the quarter when adjusted for currency and structure. All Nordic markets are showing negative sales trends.
Sales in Western Europe decreased by 10 percent adjusted for currency and structure. The majority of markets in Western Europe are showing negative sales trends with a few exceptions such as Switzerland and Italy.
Sales in CEE/CIS decreased by 11 percent when adjusted for currency and structure. Lindab's key market in Russia is also indicating reduced sales, mainly due to the decline in orders during the third quarter in 2012 for the Building Systems business area.
BREAKDOWN OF SALES REVENUE BY MARKET, LAST 12 MONTHS
Operating profit (EBIT) for the first quarter amounted to SEK 13 m (30), excluding one-off items of SEK –6 m (–38), see note 5. The operating margin (EBIT), excluding one-off items, amounted to 1.0 percent (2.0). The decline in profit and margin is due to lower volumes, which has been largely offset by implemented cost and efficiency measures. The expanded cost-reduction programme that was communicated in February 2013 is continuing according to plan.
The quarter has been affected by one-off costs of SEK 6 m (38), all attributable to structural measures as part of the cost-reduction programme, see note 5.
The pre-tax result for the quarter amounted to SEK –26 m (–47). The after-tax result amounted to SEK –28 m (–46). Earnings per share amounted to SEK –0.37 (–0.61). The average share price during the first quarter of 2013 has been lower than the conversion rates in the incentive programmes, therefore no dilutive effects have occurred.
BREAKDOWN OF OPERATING PROFIT (EBIT) BY BUSINESS AREA (adjusted for one-off items), LAST 12 MONTHS Ventilation Building Components Building Systems
In early 2012, a cost-reduction programme was announced that was estimated to save approximately SEK 150 m each year, before inflation, acquisitions and sales activities.
Due to the continued weakening demand in 2012, Lindab announced additional cost-reduction activities in February 2013. The additional measures together with the original programme will generate annual savings of SEK 300 m. After inflation and sales activities, this will generate annual savings of approximately SEK
200 m. The full effect of the savings is expected from the third quarter of 2013.
Activities that were implemented during the quarter have resulted in one-off costs of SEK 6 m, see note 5.
Total one-off costs for the extended programme are estimated at approximately SEK 170 m, meaning that, after the first quarter, approximately SEK 50 m remains to be booked in 2013.
Lindab's operations are affected by seasonal variations in the construction industry, and the greatest proportion of sales is normally seen during the second half of the year. The most substantial seasonal variations are to be found within the Building Components and Building Systems business areas. The Ventilation business area is less dependent on seasons and the weather since the installation of ventilation systems is mainly carried out indoors.
There is normally a deliberate stock build-up of mainly finished goods during the first six months, which gradually becomes a stock reduction during the second half of the year as a result of increased activity within the construction market.
The depreciation for the quarter is in line with last year, amounting to SEK 38 m (37).
Actual tax expenses for the quarter amounted to SEK 2 m. The tax amount corresponding quarter last year consisted of a tax income of SEK 1 m. The pre-tax result amounted to SEK –26 m (–47).
The average tax rate was 23 percent (28) and is based on a weighting of Lindab's profit and tax rate in each country. The discrepancies between the actual and average tax rates are mainly due to differences between taxable profit and profit before tax (EBT), and because deferred tax assets on loss carry-forwards have not been capitalised in certain subsidiaries because of prevailing market uncertainty.
Cash flow from operating activities improved, amounting to SEK 3 m for the first quarter compared with SEK –90 m for the same period the previous year.
The improvement is due to higher cash flow from operating activities before changes in working capital of SEK 24 m (–26). The operating profit (EBIT) amounted to SEK 7 m compared to SEK –8 m for the corresponding period the previous year, which is mainly due to higher one-off costs for the previous year. A tax refund of SEK 8 m (–27), has also contributed to the increase. Cash flow from tax assets in the fourth quarter of 2012 were received during the quarter.
Cash flow from the change in working capital also improved, amounting to SEK –21 m (–64). The change in stock amounted to SEK –140 m (–78) while the change in operating liabilities amounted to SEK 170 m (40). The negative trend regarding the stock-build up is a result of a cold season and a weaker market. This also explains the increase in the change in operating liabilities.
Cash flow from investing activities is reported under the headings "Investments" and "Business combinations".
Financing activities for the quarter resulted in a cash flow of SEK 30 m (137), which is explained by increased borrowing.
CASH FLOW FROM OPERATING ACTIVITIES, SEK m
Investments in fixed assets amounted to SEK 19 m (47) for the quarter, while divestments amounted to SEK 1 m (2). Cash flow from investing activities amounted to SEK –18 m (–45) net, excluding acquisitions and sales.
No acquisitions were made during the quarter.
During the first quarter of 2012, Plannja's sandwich panel and decking profile business was acquired through an acquisition of assets.
Cash flow from acquisitions for the first quarter amounted to SEK –10 m (–50) net. The cash flow relates to payments settled for the acquisition of Centrum Klima S.A., which took place in 2012.
The net debt amounted to SEK 2,140 m (1,962) at 31 March 2013. Currency fluctuations have had a marginal effect on the net debt during the quarter. The equity/assets ratio amounted to 38 percent (40) and the net debt-equity ratio was 0.9 (0.7). Net financial expense during the quarter was SEK –33 m (–39).
The existing credit agreement with Nordea and Handelsbanken expires in February 2015. The total credit limit is SEK 2,900 m (3,000). The agreement contains covenants, which are monitored quarterly. Lindab fulfils the terms of its current credit agreement.
There have not been any significant changes to pledged assets and contingent liabilities in 2013.
The parent company had no sales during the quarter. The after-tax result for the period amounted to SEK –18 m (–19).
There have been no significant changes to what was stated by Lindab in its Annual Report for 2012 under Risks and risk management (pages 81-85).
The number of employees at the end of the quarter, converted to equivalent full-time employment, totalled 4,362 people (4,344). Adjusted for acquisitions and divestments, the number of employees decreased by 237 net compared to the corresponding quarter last year.
The Annual General Meeting for Lindab International AB (publ) will be held on 15 May 2013 at 14.00 (CET) at the Lindab Arena, Ängelholm, Sweden. Shareholders who wish to take part in the AGM must be registered in the register of shareholders held by Euroclear Sweden AB no later than Wednesday 8 May 2013.
Those wishing to participate must give notice no later than 16.00 on Wednesday 8 May 2013:
The highest price paid for Lindab shares during the period January–March was SEK 56.00 on 19 March, and the lowest was SEK 42.17 on 7 January. The closing price on 28 March was SEK 52.50. The average daily trading volume of Lindab shares was 142,682 shares per day (270,599).
Lindab holds 2,375,838 treasury shares (3,375,838), equivalent to 3.0 percent (4.3) of the total number of Lindab shares. The number of outstanding shares totals 76,331,982 (75,331,982), while the total number of shares is 78,707,820.
The biggest shareholders by the end of the quarter, in relation to the number of outstanding shares are Creades AB with 12.2 percent (12.0), Systemair AB with 12.0 percent (–), Lannebo Fonder with 8.9 percent (6.5), Livförsäkringsaktiebolaget Skandia with 8.8 percent (9.5), and Swedbank Robur Fonder with 8.4 percent (7.3). The ten largest holdings constitute 66.6 percent of the shares (66.5), excluding Lindab's own holding.
Lindab's Board of Directors will propose a zero-dividend for 2012 at the Annual General Meeting on 15 May. The previous year's dividend amounted to SEK 1.00 per share, resulting in a total dividend of SEK 76 m.
The Board will not propose the introduction of an incentive programme for 2013.
See note 1, page 16.
Unless otherwise specified in this Interim Report, all statements refer to the Group. Figures in parentheses indicate the outcome for the corresponding period in the previous year. A compilation of key figures can be found on pages 14–15.
One-off items are specified in note 5.
| Jan-Mar 2013 | Jan-Mar 2012 | Jan-Dec 2012 |
|---|---|---|
| 1,341 | 1,479 | 6,656 |
| -138 | 102 | -222 |
| - 9 |
7 | - 3 |
| -10 | 6 | - 5 |
| 4 | 1 | 3 |
| - 3 |
0 | - 1 |
| SEK m | Jan-Mar 2013 | % | Jan-Mar 2012 | % Jan-Dec 2012 | % | |
|---|---|---|---|---|---|---|
| Nordic region | 636 | 47 | 705 | 48 | 3,019 | 45 |
| Western Europe | 400 | 30 | 453 | 31 | 1,895 | 29 |
| CEE/CIS | 258 | 19 | 270 | 18 | 1,542 | 23 |
| Other markets | 47 | 4 | 51 | 3 | 200 | 3 |
| Total | 1,341 | 100 | 1,479 | 100 | 6,656 | 100 |
| SEK m | Jan-Mar 2013 | % | Jan-Mar 2012 | % Jan-Dec 2012 | ||
|---|---|---|---|---|---|---|
| Ventilation | 841 | 63 | 909 | 61 | 3,591 | 54 |
| Building Components | 327 | 24 | 367 | 25 | 2,052 | 31 |
| Building Systems | 173 | 13 | 203 | 14 | 1,013 | 15 |
| Other operations | - | - | - | - | - | - |
| Total | 1,341 | 100 | 1,479 | 100 | 6,656 | 100 |
| Gross internal sales all segments | 2 | 3 | 10 |
| SEK m | Jan-Mar 2013 | Jan-Mar 2012 | Jan-Dec 2012 |
|---|---|---|---|
| Ventilation | 52 | 66 | 263 |
| Building Components | -31 | -12 | 135 |
| Building Systems | 0 | -10 | 100 |
| Other operations | - 8 |
-14 | -38 |
| Total (EBIT), excluding one-off items | 13 | 30 | 460 |
| One-off items* | - 6 |
-38 | -126 |
| Total (EBIT), including one-off items* | 7 | - 8 |
334 |
| Net financial income | -33 | -39 | -156 |
| Result before tax (EBT) | -26 | -47 | 178 |
*) One-off items are described in note 5.
Sales revenue during the first quarter decreased by 7 percent compared with the corresponding period the previous year, amounting to SEK 841 m (909). Adjusted for currency effects and structure, sales revenue decreased by 9 percent. The acquisition of Centrum Klima has positively affected sales by 5 percent.
Sales within the business area decreased in the Nordic region and Western Europe, while the acquisition of Centrum Klima in Poland contributed to increased sales in CEE/CIS. Some individual markets, such as France and Russia, also reported increased sales during the quarter.
Operating profit (EBIT) for the first quarter, excluding one-off items, amounted to SEK 52 m (66). The operating margin (EBIT) amounted to 6.2 percent (7.3). The change in profit was due to lower volumes, partly offset by lower fixed costs from implemented efficiency measures. Centrum Klima has continued to contribute positively to the profit.
One-off items for the quarter amounted to SEK –3 m (–16) relating to restructuring costs resulting from the cost-reduction programme.
Norway is an important market with good potential and new management has been appointed for the sales company with the task of increasing the sales focus.
Agreements have been signed with two major Nordic installation companies for both the Swedish and Norwegian markets, which highlights the strength of Lindab's offering.
Pascal, the intelligent variable airflow system that was launched last year, is experiencing recent success with several important orders.
A new addition to Lindab's energy efficient solutions has been launched, Lindab Solo, an active beam for cooling and heating with new technology that distributes heated or cooled water to various parts of the building as needed.
The production and sale of duct fittings at the Building Systems production unit in Yaroslavl has begun successfully.
| Jan-Mar 2013 | Jan-Mar 2012 | Jan-Dec 2012 | |
|---|---|---|---|
| Sales revenue, SEK m | 841 | 909 | 3,591 |
| Operating profit (EBIT)*, SEK m | 52 | 66 | 263 |
| Operating margin (EBIT)*, % | 6.2 | 7.3 | 7.3 |
| No. of employees at close of period | 2,614 | 2,406 | 2,603 |
*) Excluding one-off items. One-off items are described in note 5.
BREAKDOWN OF SALES REVENUE BY MARKET, LAST 12 MONTHS
Nordic region Western Europe CEE/CIS Other markets
Sales revenue decreased by 11 percent to SEK 327 m (367). Adjusted for currency effects and structure, sales decreased by 15 percent.
The harsh and prolonged winter weather in many parts of Europe has impacted negatively on sales for the quarter. With the exception of Hungary and Finland, all regions and markets indicate a decrease in sales.
Operating profit (EBIT) for the quarter, excluding one-off items, amounted to SEK –31 m (–12). The operating margin (EBIT) amounted to –-9.5 percent (–3.3). The change in profit is mainly due to lower volumes, partially offset by lower fixed costs. One-off items for the quarter amounted to SEK –1 m (0) relating to restructuring costs resulting from the cost-reduction programme, see note 5.
The customer offering is being broadened to increase customer value. The launch of Systemline, a lightweight construction concept for steel halls with a free span up to 20 metres, has begun in CEE. In Sweden, complementary metal products for sheet metal work have been added and the new decking profile has been very well received.
Within product development, a brand new insulation system for roofs with decking profiles has been produced and tested. The new system has good fire resistance and high insulation properties and the launch is planned for the second quarter in CEE.
The partnership with Scandinavia's largest builders' merchants, XL Construction, who named Lindab as their Supplier of the Year 2012, continues to evolve and five new dealers have been enlisted in Sweden. In Denmark, Lindab has entered into an important partnership with plasterboard manufacturers for the sale of partition wall solutions using the Lindab RdBX "click stud".
| Jan-Mar 2013 | Jan-Mar 2012 | Jan-Dec 2012 | |
|---|---|---|---|
| Sales revenue, SEK m | 327 | 367 | 2,052 |
| Operating profit (EBIT)*, SEK m | -31 | -12 | 135 |
| Operating margin (EBIT)*, % | -9.5 | -3.3 | 6.6 |
| No. of employees at close of period | 924 | 1,023 | 932 |
*) Excluding one-off items. One-off items are described in note 5.
Sales revenue decreased by 15 percent to SEK 173 m (203) during the first quarter. Adjusted for currency effects, sales decreased by 11 percent.
The business area's sales indicate a negative trend, particularly in Western Europe, and are also slightly down in CEE/CIS. The decline in sales was due to the weaker order intake in the third quarter of 2012 and the harsh and prolonged winter.
The order intake during the first quarter of 2013 was significantly higher than the corresponding quarter the previous year. The increase in order intake was most notable in the CEE/CIS region.
Operating profit (EBIT) for the quarter, excluding one-off items, amounted to SEK 0 m (–10). The operating margin (EBIT) amounted to 0.0 percent (–4.9) for the quarter.
The improved profit is due to the change management in recent quarters, leading to greater efficiency and lower fixed costs which has more than compensated for the decrease in sales.
Astron has been reintroduced as a brand for building solutions. This decision is popular among retailers as it is an esteemed and well-established name for buildings of this type.
The concept for smaller buildings (25 m free span), EcoBuild, has been launched to a very positive reception.
The production unit in Yaroslavl, Russia, now has increased capacity and the focus on the CIS region is continuing. Seven orders, each valued at more than SEK 12 m, were taken during the quarter.
| Jan-Mar 2013 | Jan-Mar 2012 | Jan-Dec 2012 | |
|---|---|---|---|
| Sales revenue, SEK m | 173 | 203 | 1,013 |
| Operating profit (EBIT)*, SEK m | 0 | -10 | 100 |
| Operating margin (EBIT)*, % | 0.0 | -4.9 | 9.9 |
| No. of employees at close of period | 710 | 804 | 720 |
*) Excluding one-off items. One-off items are described in note 5.
(Income statement)
| Apr 2012- SEK m Jan-Mar 2013 Jan-Mar 2012 Mar 2013 Jan-Dec 2012 Sales revenue 1,341 1,479 6,518 6,656 Cost of goods sold -985 -1,083 -4,688 -4,786 Gross profit 356 396 1,830 1,870 Other operating income 19 12 92 85 Selling expenses -216 -235 -887 -907 Administrative expenses -116 -120 -473 -477 R & D costs -11 -11 -44 -44 Other operating expenses -25 -50 -169 -193 Total operating expenses -349 -404 -1,481 -1,536 Operating profit (EBIT)* 7 - 8 349 334 Interest income 2 1 13 12 Interest expenses -34 -38 -158 -162 Other financial income and expenses - 1 - 2 - 6 - 6 Net financial income -33 -39 -151 -156 Result before tax (EBT) -26 -47 198 178 Tax on profit for the period - 2 1 -58 -56 Profit for the period -28 -46 140 122 –attributable to the parent company's shareholders -28 -46 140 122 –attributable to non-controlling interest - - - - Other comprehensive income Items not reversed in the income statement Actuarial gains/losses, defined benefit plans 0 - 2 - 6 - 8 Deferred tax attributable to defined benefit plans 0 1 1 2 0 - 1 - 5 - 6 Items that can later be reversed in the income statement Translation differences, foreign operations -157 - 3 -242 -88 Cash flow hedges - 3 8 11 Deferred tax attributable to cash flow hedges - - 1 - 2 - 3 -157 - 1 -236 -80 Other comprehensive income, net of tax -157 - 2 -241 -86 Total comprehensive income -185 -48 -101 36 –attributable to the parent company's shareholders -185 -48 -101 36 –attributable to non-controlling interest - - - - Earnings per share, SEK |
Rolling 12 M | ||||
|---|---|---|---|---|---|
| Undiluted | -0.37 | -0.61 | 1.83 | 1.61 | |
| Diluted -0.37 -0.61 1.83 1.61 |
*) One-off items are described in note 5.
(Indirect method)
| Rolling 12 M | ||||
|---|---|---|---|---|
| Apr 2012- | ||||
| Amounts in SEK m | Jan-Mar 2013 | Jan-Mar 2012 | Mar 2013 | Jan-Dec 2012 |
| Operating activities | ||||
| Operating profit | 7 | - 8 |
349 | 334 |
| Reversal of depreciation/amortisation | 38 | 37 | 157 | 156 |
| Reversal of capital gains (–) / losses (+) reported in operating profit | 0 | - 1 |
1 | 0 |
| Provisions, not affecting cash flow | 1 | 13 | 12 | 24 |
| Adjustment for other items not affecting cash flow | - 1 |
- 6 |
6 | 1 |
| Total | 45 | 35 | 525 | 515 |
| Interest received | 1 | 1 | 7 | 7 |
| Interest paid | -30 | -35 | -146 | -151 |
| Tax repaid / paid | 8 | -27 | -90 | -125 |
| Cash flow from operating activities before | ||||
| change in working capital | 24 | -26 | 296 | 246 |
| Change in working capital | ||||
| Stock (increase – /decrease +) | -140 | -78 | -18 | 44 |
| Operating receivables (increase – /decrease +) | -51 | -26 | 39 | 64 |
| Operating liabilities (increase + /decrease –) | 170 | 40 | - 2 |
-132 |
| Total change in working capital | -21 | -64 | 19 | -24 |
| Cash flow from operating activities | 3 | -90 | 315 | 222 |
| Investing activities | ||||
| Acquisition of Group companies | -10 | -50 | -247 | -287 |
| Sales of Group companies | - | - | - | - |
| Investments in intangible fixed assets | - 4 |
- 4 |
-21 | -21 |
| Investments in tangible fixed assets | -15 | -43 | -113 | -141 |
| Change in financial fixed assets | 0 | 0 | 0 | 0 |
| Sale/disposal of intangible fixed assets | - | - | - | - |
| Sale/disposal of tangible fixed assets | 1 | 2 | 7 | 8 |
| Cash flow from investing activities | -28 | -95 | -374 | -441 |
| Financing activities | ||||
| Borrow ing (increase + /decrease –) |
30 | 137 | 208 | 315 |
| Sale of treasury shares | - | - | 52 | 52 |
| Dividend to shareholders | - | - | -76 | -76 |
| Cash flow from financing activities | 30 | 137 | 184 | 291 |
| Cash flow for the period | 5 | -48 | 125 | 72 |
| Cash and cash equivalents at start of the period | 301 | 235 | 187 | 235 |
| Effect of exchange rate changes on cash and cash equivalents | -12 | 0 | -18 | - 6 |
| Cash and cash equivalents at end of the period | 294 | 187 | 294 | 301 |
| Amounts SEK m | 31 Mar 2013 | 31 Mar 2012 | 31 Dec 2012 | 1 Jan 2012 |
|---|---|---|---|---|
| Restated | Restated | Restated | ||
| Assets | ||||
| Fixed assets | ||||
| Goodw ill |
2,601 | 2,584 | 2,682 | 2,591 |
| Other intangible fixed assets | 63 | 65 | 65 | 66 |
| Tangible fixed assets | 1,156 | 1,134 | 1,208 | 1,084 |
| Financial fixed assets, interest bearing | 39 | 36 | 39 | 36 |
| Other financial fixed assets | 168 | 244 | 165 | 327 |
| Total fixed assets | 4,027 | 4,063 | 4,159 | 4,104 |
| Current assets | ||||
| Stock | 1,078 | 1,060 | 966 | 962 |
| Accounts receivable | 987 | 1,046 | 962 | 1,023 |
| Other current assets | 197 | 164 | 230 | 154 |
| Other receivables, interest bearing | 6 | 1 | 5 | 8 |
| Cash and bank | 294 | 187 | 301 | 235 |
| Total current assets | 2,562 | 2,458 | 2,464 | 2,382 |
| TOTAL ASSETS | 6,589 | 6,521 | 6,623 | 6,486 |
| Shareholders' equity and liabilities | ||||
| Shareholders' equity | 2,498 | 2,630 | 2,683 | 2,678 |
| Long-term liabilities | ||||
| Provisions, interest-bearing | 178 | 162 | 178 | 163 |
| Liabilities, interest-bearing | 2,114 | 1,889 | 2,056 | 1,772 |
| Provisions | 162 | 251 | 169 | 338 |
| Other long-term liabilities | 10 | 11 | 13 | 13 |
| Total long-term liabilities | 2,464 | 2,313 | 2,416 | 2,286 |
| Current liabilities | ||||
| Other Liabilities, interest-bearing | 186 | 135 | 216 | 118 |
| Provisions | 73 | 61 | 73 | 49 |
| Accounts payable | 679 | 687 | 569 | 708 |
| Other short-term liabilities | 689 | 695 | 666 | 647 |
| Total current liabilities | 1,627 | 1,578 | 1,524 | 1,522 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,589 | 6,521 | 6,623 | 6,486 |
| Equity relating to the parent company's shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| Other | Foreign | Profit | Non | |||||
| Share | contributed | Hedging | currency | brought | controlling | Total | ||
| Amounts in SEK m | Capital | capital | reserve | transl. adj. | forward | Total | interest | Equity |
| Opening balance, 1 January 2012 | 79 | 2,234 | - 8 |
- 8 |
402 | 2,699 | - | 2,699 |
| Change in accounting principle1) | - | - | - | - | -21 | -21 | - | -21 |
| Opening balance, 1 January 2012 (restated) | 79 | 2,234 | - 8 |
- 8 |
381 | 2,678 | - | 2,678 |
| Profit for the period | 122 | 122 | - | 122 | ||||
| Other comprehensive income, net of tax | 8 | -88 | - 6 |
-86 | - | -86 | ||
| Total comprehensive income | 8 | -88 | 116 | 36 | 36 | |||
| Sale of treasury shares | 52 | 52 | - | 52 | ||||
| Incentive programme2) | 2 | 2 | - | 2 | ||||
| Futures contracts to acquire treasury shares, | ||||||||
| Incentive programme2) | - 9 |
- 9 |
- | - 9 |
||||
| Dividend to shareholders | -76 | -76 | - | -76 | ||||
| Acquisition of non-controlling interest | 126 | 126 | ||||||
| Acquisition from non-controlling interest | -126 | -126 | ||||||
| Closing balance, 31 December 2012 | 79 | 2,227 | - | -96 | 473 | 2,683 | - | 2,683 |
| Opening balance, 1 January 2013 | 79 | 2,227 | - | -96 | 473 | 2,683 | - | 2,683 |
| Profit for the period | -28 | -28 | - | -28 | ||||
| Other comprehensive income, net of tax | -157 | -157 | - | -157 | ||||
| Total comprehensive income | -157 | -28 | -185 | -185 | ||||
| Incentive programme2) | 0 | 0 | - | 0 | ||||
| Closing balance, 31 March 2013 | 79 | 2,227 | - | -253 | 445 | 2,498 | - | 2,498 |
1) Consists of the change in accordance with IAS 19.
2) The 2011 and 2012 Annual General Meetings decided to introduce a long-term incentive programme for each year. To ensure that Lindab holds shares for the maximum allocation, futures contracts have been signed with third parties to acquire treasury shares, meaning that no dilution occurs. Provisions for the incentive programmes initiated in 2011 and 2012 are continuing during 2013.
The share capital of SEK 78,707,820 is divided among 78,707,820 shares with a face value of SEK 1.00. Lindab International AB (publ) holds 2,375,838 (3,375,838) treasury shares, corresponding to 3.0 percent (4.3) of the total number of Lindab shares, following the sale of 1,000,000 treasury shares in 2012.
The Annual Report for 2012 will be presented to the Annual General Meeting on 15 May 2013. Lindab's Board of Directors proposes a zero-dividend for the financial year 2012.
| Amounts SEK m | Jan-Mar 2013 | Jan-Mar 2012 Jan-Dec 2012 | |
|---|---|---|---|
| Administrative expenses | 0 | - 2 |
- 5 |
| Other operating income/costs | 0 | - | 8 |
| Operating profit | 0 | - 2 |
3 |
| Profit from subsidiaries | - | - | 95 |
| Interest expenses, internal | -23 | -23 | -98 |
| Result before tax | -23 | -25 | 0 |
| Tax on profit for the period | 5 | 6 | 0 |
| Profit for the period* | -18 | -19 | 0 |
*) Comprehensive income corresponds to profit for the period.
| Amounts SEK m | 31 Mar 2013 | 31 Mar 2012 | 31 Dec 2012 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Shares in Group companies | 3,467 | 3,467 | 3,467 |
| Financial fixed assets, interest bearing | 7 | 7 | 7 |
| Other long-term receivables | 7 | 9 | 2 |
| Total fixed assets | 3,481 | 3,483 | 3,476 |
| Current assets | |||
| Other receivables | 0 | - | 2 |
| Cash and bank | 3 | 5 | 1 |
| Total current assets | 3 | 5 | 3 |
| TOTAL ASSETS | 3,484 | 3,488 | 3,479 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 1,365 | 1,388 | 1,383 |
| Provisions | |||
| Provisions, interest-bearing | 7 | 10 | 7 |
| Long-term liabilities | |||
| Liabilities to Group companies, interest-bearing | 2,109 | 2,087 | 2,087 |
| Total provisions and long-term liabilities | 2,116 | 2,097 | 2,094 |
| Current liabilities | |||
| Other liabilities | 3 | 3 | 2 |
| Total current liabilities | 3 | 3 | 2 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,484 | 3,488 | 3,479 |
| 2013 | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|
| Jan | Oct | July | April | Jan | *Oct | *July | *April | *Jan | |
| SEK m unless otherwise specified | March | Dec | Sept | June | March | Dec | Sept | June | March |
| Sales revenue | 1,341 | 1,667 | 1,773 | 1,737 | 1,479 | 1,855 | 1,891 | 1,755 | 1,377 |
| Operating profit, (EBITDA)1) | 45 | 8 4 |
219 | 158 | 29 | 110 | 211 | 174 | 15 |
| Operating profit, (EBITA)2) | 7 | 4 0 |
183 | 119 | - 8 |
6 5 |
172 | 135 | -24 |
| Depreciation/amortisation and w rite-dow ns |
38 | 4 4 |
3 6 |
3 9 |
37 | 4 5 |
4 0 |
3 9 |
39 |
| Operating profit, (EBIT)3) | 7 | 4 0 |
183 | 119 | - 8 |
6 5 |
172 | 135 | -24 |
| Operating profit, (EBIT), excluding one-off items | 13 | 105 | 190 | 135 | 30 | 107 | 172 | 135 | - 7 |
| After tax result | -28 | 2 | 110 | 5 6 |
-46 | - 5 |
8 8 |
6 0 |
-52 |
| Total comprehensive income | -185 | 6 4 |
- 9 |
3 4 |
-48 | - 128 |
8 6 |
153 | -75 |
| Operating margin, (EBITA),%4) | 0.5 | 2.4 | 10.3 | 6.9 | -0.5 | 3.5 | 9.1 | 7.7 | -1.7 |
| Operating margin, (EBITA),%5) | 0.5 | 2.4 | 10.3 | 6.9 | -0.5 | 3.5 | 9.1 | 7.7 | -1.7 |
| Operating margin (EBIT), excluding one-off items, % | 1.0 | 6.3 | 10.7 | 7.8 | 2.0 | 5.8 | 9.1 | 7.7 | -0.5 |
| Undiluted average number of shares, (000's) | 76,332 75,998 75,885 | 75,980 | 75,332 75,332 75,332 | 75,332 | 75,332 | ||||
| Diluted average number of shares, (000's)6) | 76,332 75,998 75,885 | 75,980 | 75,332 75,332 75,332 | 75,332 | 75,332 | ||||
| Undiluted number of shares, (000's) | 76,332 76,332 76,332 | 76,332 | 75,332 75,332 75,332 | 75,332 | 75,332 | ||||
| Diluted number of shares, (000's)6) | 76,332 76,332 76,332 | 76,332 | 75,332 75,332 75,332 | 75,332 | 75,332 | ||||
| Undiluted earnings per share, SEK7) | -0.37 | 0.03 | 1.45 | 0.74 | -0.61 | - 0.07 |
1.17 | 0.80 | -0.69 |
| Diluted earnings per share, SEK 8) | -0.37 | 0.03 | 1.45 | 0.74 | -0.61 | - 0.07 |
1.17 | 0.80 | -0.69 |
| Cash flow from operating activities |
3 | 192 | 2 3 |
9 7 |
-90 | 252 | 115 | 217 | -239 |
| from operating activities per share, SEK9) Cash flow |
0.04 | 2.53 | 0.30 | 1.29 | -1.19 | 3.35 | 1.54 | 2.88 | -3.17 |
| Total assets | 6,589 | 6,623 | 7,030 | 7,153 | 6,521 | 6,479 | 7,207 | 7,122 | 6,674 |
| Net debt10) | 2,140 | 2,106 | 2,252 | 2,224 | 1,962 | 1,747 | 1,945 | 2,043 | 2,097 |
| Net debt/equity ratio, times11) | 0.9 | 0.8 | 0.9 | 0.8 | 0.7 | 0.6 | 0.7 | 0.7 | 0.8 |
| Equity | 2,498 | 2,683 | 2,621 | 2,647 | 2,630 | 2,699 | 2,827 | 2,758 | 2,680 |
| Undiluted equity per share, SEK12) | 32.73 | 35.15 | 34.34 | 35.14 | 34.91 | 35.83 | 37.53 | 36.61 | 35.58 |
| Diluted equity per share, SEK13) | 32.73 | 35.15 | 34.34 | 34.68 | 34.91 | 35.83 | 37.53 | 36.61 | 35.58 |
| Equity/asset ratio, %14) | 37.9 | 40.5 | 37.3 | 37.0 | 40.3 | 41.7 | 39.2 | 38.7 | 40.2 |
| Return on equity, %15) | 3.6 | 4.6 | 4.3 | 3.4 | 3.6 | 3.3 | 0.4 | 1.3 | 0.1 |
| Return on capital employed, %16) | 6.9 | 6.8 | 7.4 | 7.0 | 7.4 | 7.1 | 5.0 | 5.6 | 4.7 |
| Return on operating capital, %17) | 7.2 | 7.1 | 7.6 | 7.4 | 7.8 | 7.4 | 5.2 | 5.8 | 4.8 |
| Return on operating capital, excluding one-off items, % | 10.0 | 9.8 | 9.8 | 9.5 | 9.5 | 8.7 | 7.8 | 8.5 | 7.9 |
| Return on total assets, %18) | 5.1 | 5.0 | 5.3 | 5.2 | 5.5 | 5.2 | 3.6 | 4.1 | 3.5 |
| Interest coverage ratio, times19) | 0.3 | 1.2 | 4.1 | 2.9 | -0.2 | 1.5 | 4.1 | 3.4 | -0.6 |
| No. of employees at close of period20) | 4,362 | 4,369 | 4,442 | 4,597 | 4,344 | 4,347 | 4,446 | 4,487 | 4,395 |
* Not restated. Changes in IAS 19 are not reflected.
Full-year Periods
| 2010 | 2010 | 2010 | 2010 | 2009 | 2008 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| *Oct | *July | *April | *Jan | *Jan | *Jan | ||||||
| SEK m unless otherwise specified | Dec | Sept | June | March | March | March | 2012 | *2011 | *2010 | *2009 | *2008 |
| Sales revenue | 1,697 | 1,881 | 1,715 | 1,234 | 1,771 | 2,129 | 6,656 | 6,878 | 6,527 | 7,019 | 9,840 |
| Operating profit, (EBITDA)1) | 112 | 247 | 134 | 72 | 80 | 262 | 490 | 511 | 565 | 479 | 1,388 |
| Operating profit, (EBITA)2) | 7 6 |
206 | 9 2 |
27 | 27 | 209 | 334 | 348 | 401 | 265 | 1,172 |
| Depreciation/amortisation and w rite-dow ns |
146 | 4 2 |
4 5 |
47 | 56 | 55 | 156 | 163 | 280 | 225 | 225 |
| Operating profit, (EBIT)3) | - 35 |
205 | 8 9 |
25 | 25 | 207 | 334 | 348 | 284 | 254 | 1,163 |
| Operating profit, (EBIT), excluding one-off items | 7 5 |
212 | 110 | -50 | 25 | 207 | 460 | 407 | 347 | 301 | 1,279 |
| After tax result | - 86 |
114 | 2 7 |
-28 | -21 | 117 | 122 | 91 | 27 | 34 | 723 |
| Total comprehensive income | - 128 |
13 | - 26 |
-157 | -74 | 80 | 36 | 36 | -298 | -142 | 1,124 |
| Operating margin, (EBITA),%4) | 4.5 | 11.0 | 5.4 | 2.2 | 1.5 | 9.8 | 5.0 | 5.1 | 6.1 | 3.8 | 11.9 |
| Operating margin, (EBITA),%5) | - 2.1 |
10.9 | 5.2 | 2.0 | 1.4 | 9.7 | 5.0 | 5.1 | 4.4 | 3.6 | 11.8 |
| Operating margin (EBIT), excluding one-off items, % | 4.4 | 11.3 | 6.4 | -4.1 | 1.4 | 9.7 | 6.9 | 5.9 | 5.3 | 4.3 | 13.0 |
| Undiluted average number of shares, (000's) | 75,332 75,332 75,332 74,810 74,772 78,708 75,998 75,332 75,203 74,772 77,548 | ||||||||||
| Diluted average number of shares, (000's)6) | 75,398 75,332 75,332 74,810 74,772 78,708 75,998 75,332 75,203 74,772 77,548 | ||||||||||
| Undiluted number of shares, (000's) | 75,332 75,332 75,332 75,332 74,772 78,708 76,332 75,332 75,332 74,772 74,772 | ||||||||||
| Diluted number of shares, (000's)6) | 75,398 75,332 75,332 75,332 74,772 78,708 76,332 75,332 75,332 74,772 74,772 | ||||||||||
| Undiluted earnings per share, SEK7) | - 1.14 |
1.51 | 0.36 | -0.37 | -0.28 | 1.49 | 1.61 | 1.21 | 0.36 | 0.45 | 9.32 |
| Diluted earnings per share, SEK 8) | - 1.14 |
1.51 | 0.36 | -0.37 | -0.28 | 1.49 | 1.61 | 1.21 | 0.36 | 0.45 | 9.32 |
| Cash flow from operating activities |
324 | 172 | 6 7 |
-172 | -187 | 17 | 222 | 345 | 391 | 719 | 673 |
| from operating activities per share, SEK9) Cash flow |
4.30 | 2.28 | 0.89 | -2.30 | -2.50 | 0.22 | 2.92 | 4.58 | 5.20 | 9.62 | 8.68 |
| Total assets | 6,570 | 7,275 | 7,482 | 7,206 | 8,492 | 7,652 | 6,623 | 6,479 | 6,570 | 7,442 | 8,625 |
| Net debt10) | 1,856 | 2,104 | 2,243 | 2,286 | 3,004 | 2,270 | 2,106 | 1,747 | 1,856 | 2,422 | 2,774 |
| Net debt/equity ratio, times11) | 0.7 | 0.7 | 0.8 | 0.8 | 0.9 | 0.7 | 0.8 | 0.6 | 0.7 | 0.8 | 0.8 |
| Equity | 2,755 | 2,882 | 2,869 | 2,889 | 3,272 | 3,049 | 2,683 | 2,699 | 2,755 | 3,003 | 3,346 |
| Undiluted equity per share, SEK12) | 36.57 | 38.26 | 38.08 | 38.35 | 43.76 | 38.74 | 35.15 | 35.83 | 36.57 | 40.16 | 44.75 |
| Diluted equity per share, SEK13) | 36.54 | 38.26 | 38.08 | 38.35 | 43.76 | 38.74 | 35.15 | 35.83 | 36.57 | 40.16 | 44.75 |
| Equity/asset ratio, %14) | 41.9 | 39.6 | 38.3 | 40.1 | 38.5 | 39.8 | 40.5 | 41.7 | 41.9 | 40.4 | 38.8 |
| Return on equity, %15) | 0.9 | 4.0 | 1.4 | 0.9 | 18.6 | 33.8 | 4.6 | 3.3 | 0.9 | 1.1 | 23.4 |
| Return on capital employed, %16) | 5.5 | 6.6 | 4.7 | 4.5 | 16.0 | 24.4 | 6.8 | 7.1 | 5.5 | 4.3 | 20.0 |
| Return on operating capital, %17) | 5.6 | 6.7 | 4.7 | 4.5 | 16.9 | 25.3 | 7.1 | 7.4 | 5.6 | 4.3 | 20.7 |
| Return on operating capital, excluding one-off items, % | 6.9 | 5.8 | 4.4 | 4.0 | 18.8 | 25.3 | 9.8 | 8.7 | 6.9 | 5.1 | 22.8 |
| Return on total assets, %18) | 4.1 | 4.9 | 3.5 | 3.4 | 11.6 | 17.5 | 5.0 | 5.2 | 4.1 | 3.3 | 14.3 |
| Interest coverage ratio, times19) | - 0.7 |
4.4 | 2.0 | 0.6 | 0.1 | 5.0 | 2.1 | 2.1 | 1.6 | 1.8 | 6.1 |
| No. of employees at close of period20) | 4,381 | 4,485 | 4,444 | 4,394 | 4,981 | 5,206 | 4,369 | 4,347 | 4,381 | 4,435 | 5,291 |
* Not restated. Changes in IAS 19 are not reflected.
The consolidated accounts for the first quarter of 2013, as for the annual accounts for 2012, have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, the Annual Accounts Act and the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Rules for Groups.
This quarterly report has been prepared in accordance with IAS 34. The Group uses the same accounting policies as described in the Annual Report for 2012 with the following additions.
The amended IAS 19 Employee Benefits, which must be applied to financial years beginning on or after 1 January 2013 have been applied in preparing the interim report. Previously, for defined benefit plans, Lindab has applied the opportunity to defer actuarial gains and losses as part of the "corridor". Actuarial gains and losses are now continuously recognised in other comprehensive income. In the income statement, items are reported that are attributable to earnings of defined benefit pensions plus gains and losses arising due to the settlement of a pension liability and net financial items for the defined benefit plan. The changes have been applied retrospectively in accordance with IAS 8, resulting in an adjustment to the comparable periods.
The following adjustments have been made in the accounts:
Increase in pension liability SEK 28 m Increase in deferred tax assets: SEK 7 m Decrease in, net, profit brought forward: SEK 21 m
Increase in pension liability SEK 2 m Increase in deferred tax assets: SEK 1 m Decrease in, net, profit brought forward: SEK 1 m
Increase in pension liability SEK 8 m Increase in deferred tax assets: SEK 2 m Decrease in, net, profit brought forward: SEK 6 m
Increase in pension liability SEK 0 m Increase in deferred tax assets: SEK 0 m Decrease in, net, profit brought forward: SEK 0 m
The amendment to IAS 1 involves a change to the presentation of other comprehensive income, in which transactions are grouped together. Items to be reversed through profit or loss are presented separately from items that are not reversed through profit or loss.
Apart from those described above, none of the new or revised standards, interpretations and improvements that have been adopted by the EU and that have been applied from 1 January 2013 have had any effect on the Group, see note 2 on pages 73- 74 in the Annual Report for 2012.
The parent company's financial statements are prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and
Significant estimates and assumptions are described in Note 4 in the Annual Report for 2012.
There have not been any changes made to anything that could have a material impact on the interim report.
Lindab's operations are managed and reported by business area, which is consistent with the segmentation.
The Ventilation business area offers duct systems and accessories, as well as indoor climate solutions for ventilation, cooling and heating. The Building Components business area offers steel products and systems for roof drainage, roof and wall cladding, as well as steel profiles for wall, roof and beam constructions. The Building Systems business area offers complete pre-engineered steel building systems. A complete building solution comprising the outer shell with the main structure, wall, roof and accessories. The operating segment Other comprises parent company functions including Group Treasury.
Information about revenues from external customers, operating profit and the pre-tax result by operating segment is shown in the tables on page 5.
Revenues from other segments total small amounts and a breakdown of this sum by segment therefore does not offer any additional value.
Inter-segment transfer pricing is determined on an arms-length basis i.e. between parties that are independent of one another, are well informed and have an interest in the implementation of the transaction. Assets and investments are reported wherever the asset is located.
Assets per segment that have changed by more than 10 percent compared with the end of 2012 are shown below:
• Ventilation: Other liabilities has decreased by 12 percent.
• Building Components: Stock has increased by 22 percent and other receivables has decreased by 15 percent.
• Building Systems: Stock has increased by 18 percent and other liabilities by 35 percent.
No changes have occurred in the fundamentals for segmentation or in the calculation of the segment's profit since the last Annual Report was issued.
Lindab's inner circle and the extent of transactions with related parties are described in note 29 of the 2012 Annual Report.
The transactions described in the Annual Report 2012 have continued to the same extent in 2013. These have not had a significant impact on the company's position and results.
| Reporting period outcome | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operating profit Operating profit | ||||||||
| Building | Building | Other | (EBIT) incl. one | (EBIT) excl. one | ||||
| Quarter Current year | Ventilation | Components | Systems | Operations | Total | off items | off items | |
| 1/2013 | –3 | –1 | - | –2 | –6 | 7 | 13 | |
| Total | –3 | –1 | - | –2 | –6 | 7 | 13 | |
| Operating profit (EBIT) incl. | ||||||||
| one-off items, acc. 2013 | 49 | –32 | 0 | –10 | 7 | |||
| Operating profit (EBIT) | ||||||||
| excl. one-off items | 52 | –31 | 0 | –8 | 13 | |||
| The previous year, acc. reporting period |
||||||||
| 1/2012 | –16 | - | –19 | –3 | –38 | –8 | 30 | |
| 2/2012 | –15 | –1 | - | - | –16 | 119 | 135 | |
| 3/2012 | –6 | –1 | - | - | –7 | 183 | 190 | |
| 4/2012 | –11 | –20 | –4 | –30 | –65 | 40 | 105 | |
| Total | –48 | –22 | –23 | –33 | –126 | 334 | 460 | |
| Operating profit (EBIT) incl. | ||||||||
| one-off items, acc. 2012 | 215 | 113 | 77 | –71 | 334 | |||
| Operating profit (EBIT) | ||||||||
| excl. one-off items | 263 | 135 | 100 | –38 | 460 |
Operating profit (EBIT) has been adjusted by the following one-off items per quarter:
| 1/2013 | SEK –6m relating to restructuring costs resulting from the cost-saving programme. |
|---|---|
| -------- | ----------------------------------------------------------------------------------- |
1/2012 SEK –38 m relating to restructuring costs resulting from the cost-saving programme.
2/2012 SEK –16 m relating to restructuring costs of SEK –9 m resulting from the cost-reduction programme and the transaction costs of
SEK –7 m for the acquisition of subsidiaries.
3/2012 SEK –7 m relating to the cost reduction programme. 4/2012 SEK –65 m relating to restructuring costs of SEK –38 m resulting from the cost reduction programme and SEK –27 m relating to severance costs for the President and CEO.
The interim report for Lindab International AB (publ) has been submitted following approval by the Board of Directors. Båstad, 25 April 2013.
Anders Berg President and CEO
The report has not been subject to an audit by Lindab's auditors.
1) The operating profit (EBITDA) comprises results before depreciation and before consolidated amortisation of surplus value on intangible assets.
2) The operating profit (EBITA) comprises results following planned depreciation but before consolidated amortisation of surplus value on intangible assets.
3) The operating profit (EBIT) comprises results before financial items and tax.
4) The operating margin (EBITA) has been calculated as operating profit (EBITA) as a percentage of sales revenue during the period.
5) The operating margin (EBITA) has been calculated as operating profit (EBIT) expressed as a percentage of sales revenue during the period.
6) Diluted average number of shares Calculation of the dilution from warrants issued by the Company is made in accordance with IAS 33. The calculation is only made when it can be assumed that the warrants will be redeemed, i.e. when the conversion price for the shares is lower than the average share price for the period.
7) Undiluted earnings per share, SEK Profit for the period in relation to the undiluted average number of outstanding shares.
8) Undiluted earnings per share, SEK Profit for the period in relation to the diluted average number of outstanding shares.
9) Cash flow from operating activities per share, SEK Cash flow from operating activities in relation to the undiluted average number of outstanding shares during the period.
10) Net debt The net debt consists of interest bearing liabilities and assets, as well as cash and bank.
11) Net debt/equity ratio The net debt/equity ratio is expressed as the net debt in relation to shareholders' equity.
*) Average capital is based on the quarterly values.
12) Undiluted equity per share,SEK Shareholders' equity in relation to the outstanding undiluted number of shares at the end of the period.
13) Diluted equity per share,SEK Shareholders' equity in relation to the outstanding diluted number of shares at the end of the period.
14) Equity/asset ratio, % The equity ratio has been calculated as shareholders' equity as a percentage of total assets according to the balance sheet.
15) Return on equity, % Return on equity comprises the aftertax result for the period (rolling twelve-month value), as a percentage of the average shareholders' equity* excluding shares without controlling interests.
16) Return on capital employed, % Return on capital employed comprises the pre-tax result plus financial costs (rolling twelvemonth value) as a percentage of capital employed*. Capital employed refers to total assets less non-interest-bearing provisions and liabilities.
17) Return on operating capital, % Return on operating capital comprises the operating profit (EBIT, rolling twelve months) as a percentage of average operating capital*. Operating capital refers to the total net debt and shareholders' equity.
18) Return on total assets, % The return on (total) assets comprises the profit after financial items (EBT) plus financial costs (rolling twelve months) as a percentage of average total assets*.
19) Interest coverage ratio, times The interest coverage ratio has been calculated as the profit after financial items plus financial expenses in relation to financial expenses.
20) Number of employees at the end of the period The number of employees at the end of the period consists of the number of employees converted to full-time positions.
| Interim Report January–March | 26 April |
|---|---|
| Annual General Meeting | 15 May |
| Interim Report January – June | 19 July |
| Interim Report January – September | 28 October |
| Anders Berg, President and CEO | E-mail: [email protected] |
|---|---|
| Per Nilsson, CFO | E-mail: [email protected] |
| Telephone +46 (0) 431 850 00 |
Subscribe to our customer magazine (Lindab Direct), press releases, Annual Reports and Interim Reports.
The Group had sales revenue of SEK 6,656 m in 2012 and is established in 31 countries with approximately 4,300 employees.
The main market is non-residential construction, which accounts for 80 percent of sales, while residential accounts for 20 percent of sales. During 2012, the Nordic market accounted for 45 percent, the CEE/CIS (Central and Eastern Europe plus other
former Soviet states) for 23 percent, Western Europe for 29 percent and other markets for 3 percent of total sales.
The share is listed on the Nasdaq OMX Nordic Exchange, Stockholm List, Large Cap, under the ticker symbol LIAB.
Lindab develops, manufactures, markets and distributes products and system solutions in steel for simplified construction and improved indoor climate.
The business is carried out within three business areas, Ventilation, Building Components and Building Systems. The products are characterised by their high quality, ease of assembly, energy efficiency and environmentally-friendly design and are delivered with high levels of service. Altogether, this increases customer value.
SE-269 82 Båstad Visiting address: Järnvägsgatan 41, Grevie Corporate identity number 556606-5446 Tel +46 (0) 431 850 00 Fax +46 (0) 431 850 10
Lindab's supply chain is characterised by a balance between centralised and decentralised functions. Steel is purchased and processed centrally. Parts of the production are highly automated (pressed ventilation and roof drainage fittings), others are located in low cost countries (mainly the Czech Republic) and some are local (e.g. bulky products). The distribution has been developed in order to be close to the customer. Sales for Ventilation and Building Components are made through
more than 120 Lindab branches and more than 2,000 stockkeeping retailers, while Building Systems conducts sales through a network of more than 330 building contractors.
Duct systems with accessories, as well as solutions for ventilation, heating and cooling for a controlled indoor climate.
Products and systems in sheet steel for roof drainage, roof and wall cladding, as well as steel profiles for wall, roof and beam constructions.
Pre-engineered steel building systems. A complete buildingsolution comprising the outer shell with the main structure, wall, roof and accessories.
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was made public on 26 April 2013 at 07.40 (CET).
E-mail [email protected] www.lindabgroup.com https://www.facebook.com/LindabGroup
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