Quarterly Report • Dec 4, 2012
Quarterly Report
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| Group summary | 3 months | 3 months | 6 months | 6 months | |
|---|---|---|---|---|---|
| Aug - Oct | Aug - Oct | May - Oct | May - Oct | Change | |
| SEK M | 2012/13 | 2011/12 | 2012/13 | 2011/12 | |
| Order bookings | 2,972 | 2,702 | 5,224 | 4,402 | 17%* |
| Net sales | 2,485 | 1,936 | 4,180 | 3,364 | 22%* |
| Operating result | 400 | 385 | 463 | 477 | -3% |
| Net income | 258 | 249 | 273 | 295 | -7% |
| Cash flow after investments | 398 | 42 | 223 | 182 | 23% |
| Earnings per share after dilution, SEK | 0.67 | 0.65 | 0.70 | 0.77 | -9% |
* Compared to last fiscal year based on unchanged exchange rates.
I am pleased with Elekta's performance in the second quarter, which has shown continued good demand, strong deliveries and improved cash flow. Order bookings continued to grow and increased by 12* percent for the first six months. A structural expansion of cancer care is continuing in many emerging markets and by establishing operations at an early stage in these areas, Elekta has a market-leading position. Demand is also generally favorable in established markets where Elekta continues to provide means for high quality and cost-efficient cancer care for an increasing number of patients.
The success of Elekta's new Agility beam-shaping solution continues and demand for the solution is strong. More than 100 systems have been delivered and it is gratifying that a growing number of patients now have access to treatment with Agility. The unique combination of exceptional resolution, speed and low radiation leakage allows our users to adapt each treatment without compromising conformity.
Deliveries were strong during the second quarter and for the first six months net sales increased by 22** percent. Operating result increased to SEK 480 M (344) before non-recurring items. The decline in reported net income is mainly an effect of last year's positive non-recurring items.
Our activities aimed at strengthening cash flow are yielding results. Cash flow after investments amounted to SEK 398 M (42) for the quarter. Working capital declined by 18 percent compared with the end of the preceding fiscal year. The cash conversion rate amounted to 51 percent for the first six months. Our aim of achieving a cash conversion rate in excess of 70 percent remains.
The need for cancer care is growing throughout the world and Elekta is positioned better than ever to help more patients live a better life thanks to high-quality and cost-efficient cancer care. Elekta's growth strategy is continuing and the use of radiation therapy has the potential to increase substantially in most markets in coming years. Our ongoing project aimed at facilitating treatment combined with advanced imaging through magnetic resonance (MR) is proceeding according to plan.
We foresee significant potential for continued growth and believe that market demand will remain favorable. However, in some markets a weak economic development and high levels of public debt might mean less availability of financing and reduced future health care spending by the governments.
The outlook remains unchanged. We anticipate that net sales for full-year 2012/13 will increase by more than 15 percent in local currency. Operating profit in SEK is expected to increase by more than 15 percent. Exchange rate effects, including hedging effects, are estimated to have a neutral impact on operating profit.
Tomas Puusepp President and CEO
*Compared to last fiscal year based on unchanged exchange rates and for comparable units. **Compared to last fiscal year based on unchanged exchange rates.
Presented amounts refer to the six-month period unless otherwise stated. Amounts within parentheses indicate comparative values for the same period last fiscal year.
Order bookings increased 19 percent to SEK 5,224 M (4,402). Order bookings increased 17 percent based on unchanged exchange rates. Order bookings during the second quarter amounted to SEK 2,972 M (2,702).
Order backlog was SEK 11,381 M, compared to SEK 10,546 M on April 30, 2012. Order backlog is converted at closing exchange rates. The translation of the backlog at exchange rates on October 31, 2012 compared to exchange rates on April 30, 2012 resulted in a negative translation difference of SEK 222 M.
| Order bookings | 3 months 3 months | 6 months | 6 months | 12 months | 12 months | ||||
|---|---|---|---|---|---|---|---|---|---|
| Aug - Oct | Aug - Oct | Change | May - Oct | May - Oct | Change | rolling | Change | May-Apr | |
| SEK M | 2012/13 | 2011/12 | 2012/13 | 2011/12 | 2011/12 | 2011/12 | |||
| North and South America | 1,025 | 935 | 10% | 1,920 | 1,525 | 26% | 4,476 | 26% | 4,081 |
| Europe, Middle East and Africa | 939 | 949 | -1% | 1,563 | 1,502 | 4% | 3,714 | 19% | 3,653 |
| Asia Pacific | 1,008 | 818 | 23% | 1,741 | 1,375 | 27% | 3,447 | 30% | 3,081 |
| Group | 2,972 | 2,702 | 10% | 5,224 | 4,402 | 19% | 11,637 | 25% | 10,815 |
Order bookings continued to grow and increased by 26 percent for the six-month period. Based on unchanged exchange rates and for comparable units, order bookings increased by 19 percent.
In North America, the incidence of cancer is growing mainly because of an aging and growing population. In addition, there is a need for investments to gradually replace the large installed base of linear accelerators. In the US, 2013 reimbursement levels for radiation therapy were communicated and the outcome was generally more favorable than the preliminary levels proposed.
Like other emerging markets, the South American market is driven by a substantial shortage of treatment capacity and an increased focus on improving cancer care. An important public procurement process for radiation therapy equipment is currently in progress in Brazil. Elekta's order bookings in South America grew strongly during the second quarter, primarily in markets outside Brazil. When combined with Elekta's increasing presence in certain countries, this level of progress supports the company's long-term growth prospects on this continent.
The contribution margin for the region was 32 percent (31).
Order bookings grew by 4 percent for the six-month period. Based on unchanged exchange rates and for comparable units, order bookings increased by 2 percent.
The market trend was favorable in Europe. Here, demand is driven by investments to gradually replace the existing installed base in radiation therapy equipment, but also by the increasing need for high-quality and cost-efficient cancer care.
Emerging markets in the region are largely characterized by an increased incidence of cancer and capacity shortages of treatment capacity. The demand in the Middle East has declined due to the political instability in the region.
The contribution margin for the region was 31 percent (30).
The growth trend was favorable and order bookings increased by 27 percent for the six-month period. Based on unchanged exchange rates and for comparable units, order bookings increased by 15 percent.
In general, the region is characterized by a major shortage of treatment capacity, although countries such as Australia, Japan, Taiwan, Hong Kong and Singapore have highly developed healthcare systems. Elekta is the market leader and, by maintaining a focus on growth, it is well positioned to support care providers in these countries in their endeavor to advance and enhance cancer care. Order bookings were highly favorable in China.
The demand trend in Japan continued to give positive indications during the second quarter. Elekta has a strong presence in neurosurgery and software and is underway to increase its market share in oncology.
The contribution margin for the region was 29 percent (27).
Net sales increased 24 percent to SEK 4,180 M (3,364). Based on unchanged exchange rates net sales grew by 22 percent.
| Net sales | 3 months 3 months | 6 months | 6 months | 12 months | 12 months | ||||
|---|---|---|---|---|---|---|---|---|---|
| Aug - Oct | Aug - Oct | Change | May - Oct | May - Oct | Change | rolling | Change | May-Apr | |
| SEK M | 2012/13 | 2011/12 | 2012/13 | 2011/12 | 2011/12 | 2011/12 | |||
| North and South America | 777 | 672 | 16% | 1,485 | 1,247 | 19% | 3,360 | 25% | 3,122 |
| Europe, Middle East and Africa | 860 | 614 | 40% | 1,344 | 1,106 | 22% | 3,444 | 29% | 3,206 |
| Asia Pacific | 848 | 650 | 30% | 1,351 | 1,011 | 34% | 3,060 | 27% | 2,720 |
| Group | 2,485 | 1,936 | 28% | 4,180 | 3,364 | 24% | 9,864 | 27% | 9,048 |
Operating result before non-recurring items increased 40 percent to SEK 480 M (344). Non-recurring items of SEK -17 M consists of costs for ongoing lawsuits in the US. The effect from changes in exchange rates was negative with approximately SEK 5 M. Gross margin improved to 45 percent (43). Operating margin before non-recurring items amounted to 11 percent (10).
Research and development expenditures, before capitalization of development costs, increased to SEK 438 M (354) equal to 10 percent (11) of net sales.
Costs for Elekta's ongoing incentive programs amounted to SEK 17 M (5).
The change in unrealized exchange rate effects from cash flow hedges amounted to SEK 43 M (-88) and is reported in other comprehensive income. Closing balance of unrealized exchange rate effects from cash flow hedges in shareholders' equity was SEK 78 M (34 on April 30, 2012) exclusive of tax.
Net financial items amounted to SEK -89 M (-62).
Income before tax amounted to SEK 374 M (415). Tax expense amounted to SEK 101 M (120) or 27 percent (29). Net income amounted to SEK 273 M (295).
Earnings per share amounted to SEK 0.70 (0.78) before dilution and SEK 0.70 (0.77) after dilution. In September a 4:1 share split was conducted. All data per share is changed retroactively.
Return on shareholders' equity amounted to 27 percent (28) and return on capital employed amounted to 22 percent (26).
Investments in intangible and tangible fixed assets amounted to SEK 214 M (184). Amortization of intangible assets and depreciation of tangible fixed assets amounted to SEK 171 M (131). Capitalization of development costs and amortization of capitalized development costs amounted to net SEK 79 M (79), of which 61 M (64) relates to the R&D function. Capitalization within the R&D function amounted to SEK 123 M (101) and amortization to SEK 62 M (37).
Cash flow from operating activities was SEK 437 M (242). Cash flow after investments amounted to SEK 223 M (182). A policy change has been applied for the cash flow. Investments in capitalized intangible assets were previously reported as operating cash flow but are now reported as other investing activities. The figures for previous periods have been changed retroactively to enable comparability. Working capital declined by 18 percent compared with the end of last fiscal year. Cash conversion was 51 percent.
Cash and cash equivalents amounted to SEK 1,589 M (1,895 on April 30, 2012) and interest-bearing liabilities amounted to SEK 4,485 M (4,530 on April 30, 2012). Thus, net debt amounted to SEK 2,896 M (2,635 on April 30, 2012). Net debt/equity ratio was 0.62 (0.53 on April 30, 2012).
In September 2012 a 4:1 share split was conducted. During the period but before the share split 451,854 new B-shares were subscribed through exercise of warrants distributed within the framework of the established employee option programs. Total number of registered shares on October 31, 2012 was 382,806,680 divided between 14,250,000 A-shares and 368,556,680 B-shares.
The average number of employees was 3,311 (3,226). The average number of employees in the Parent Company was 23 (20).
The number of employees on October 31, 2012 totaled 3,443 whereof Radon had 23 employees. On April 30, 2012, the number of employees in Elekta totaled 3,366.
Elekta's ability to deliver treatment equipment is to a large extent dependent on customers' readiness to receive the delivery and to pay within the agreed timeframe. This results in a risk of delayed deliveries and corresponding delayed revenue recognition.
The Group's credit risks are normally limited since customer operations are, to a large extent, financed either directly or indirectly by public funds.
A weak economic development and high levels of public debt might, for some markets, mean less availability of financing for private customers and reduced future health care spending by the governments.
In its operations Elekta is subject to a number of financial risks primarily related to exchange rate fluctuations. In the short term the effect of currency movements is reduced through forward contracts. Hedging is conducted on the basis of expected net sales over a period of up to 24 months. The scope of the hedging is determined by the Company's assessment of currency risks.
Product safety issues and the regulatory approval processes in various countries constitute a risk since they could delay the ability of introducing products into the countries concerned.
A description of the generic risks and uncertainties in Elekta's business can be found in the Annual Report 2011/12 on page 74 and in note 2.
On June 19, 2012, Elekta acquired Radon Ltda. group, the leading linear accelerator (linac) service company in Brazil. Most of the service contracts held by the company are with clinics that use equipment delivered by Siemens. The acquisition significantly strengthens Elekta's market position, making it the leading organization for installation, service and aftermarket services. Through the acquisition, Elekta's customer base has increased with 25 percent in Brazil. The acquisition price consists of one fixed amount of SEK 69 M (BRL 21 M) and one variable amount of SEK 27 M (BRL 8 M). Elekta has consolidated Radon Ltda. from June 19, 2012. Goodwill and identifiable intangible assets amount to approximately SEK 92 M (BRL 28 M) calculated with the full variable amount of the acquisition price. Transaction costs related to the acquisition have been expensed when incurred and amount to less than SEK 1 M. Radon Ltda. is expected to add net sales to Elekta by approximately SEK 40 M during the 2012/13 fiscal year. From the date of acquisition Radon Ltda. has contributed with an operating result of BRL 607 K (SEK 2,050 K). The transaction is forecasted to be accretive to Elekta earnings per share (EPS) during Elekta's fiscal year 2012/13.
In August, 2012, Elekta won a major tender where the Health Department of the People's Liberation Army (PLA) is expanding its capacity to treat cancer. Elekta will deliver a comprehensive range of clinical solutions, including Leksell Gamma Knife®, linear accelerators, brachytherapy equipment and associated software. The total value of the contract amounts to USD 35 million, making it Elekta's largest deal ever in China. The majority of the order was booked in the second quarter.
The lawsuit with Varian Medical System continues and Elekta is defending itself against the allegations made. So far the costs amount to SEK 17 M for the six-month period. At present no assessment can be made regarding the costs for the full fiscal year.
The outlook remains unchanged. For the 2012/13 fiscal year, net sales is expected to grow by more than 15 percent in local currency. Operating profit in SEK is expected to grow by more than 15 percent. Currency is estimated to have a neutral impact including hedging effects on operating profit.
Stockholm, December 4, 2012
The Board of Directors and CEO declare that the undersigned interim report provides a fair overview of the parent company's and Group's operations, their financial position and performance, and describes material risks and uncertainties facing the parent company and other companies in the Group.
Akbar Seddigh Hans Barella Luciano Cattani Chairman of the Board Member of the Board Member of the Board
Birgitta Stymne Göransson Siaou-Sze Lien Wolfgang Reim Member of the Board Member of the Board Member of the Board
Laurent Leksell Jan Secher Tomas Puusepp Member of the Board Member of the Board President and CEO
We have reviewed this report for the period 1 May 2012 to 31 October 2012 for Elekta 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.
Stockholm, December 4, 2012
PricewaterhouseCoopers AB
Johan Engstam Auditor-in-charge Authorised Public Accountant
Elekta will host a telephone conference 10:00 CET on December 4, with President and CEO Tomas Puusepp and CFO Håkan Bergström.
To take part in the conference call, please dial in about 5-10 minutes in advance and use the access code 925300. Swedish dial-in number: +46 (0)8 5052 0110, UK dial-in number: +44 (0)20 7162 0077, US dial-in number: + 1 877 491 0064.
The telephone conference will also be broadcasted over the internet (listen only). Please use the link: http://webeventservices.reg.meeting-stream.com/71577\_elekta
Interim report May – January 2012/13 March 5, 2013 Year-end report May – April 2012/13 June 5, 2013
Håkan Bergström, CFO, Elekta AB (publ) +46 8 587 25 547, [email protected]
Johan Andersson Melbi, Director Investor Relations, Elekta AB (publ) +46 8 587 25 415, [email protected]
Corporate registration number 556170-4015 Box 7593, SE 103 93 Stockholm, Sweden
The above information is such that Elekta AB (publ) shall make public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 07:30 CET on December 4, 2012.
This interim report is prepared, with regard to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regard to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied correspond to those presented in the Annual Report 2011/12 with exceptions related to a limited number of revised standards and interpretations which are effective and applied from the fiscal year 2012/13. The changes have not had any material impact on the financial reports.
| Exchange rates | Average rate | Closing rate | ||||||
|---|---|---|---|---|---|---|---|---|
| May - Oct | May - Oct | Change | Oct 31, | Apr 30, | Change | |||
| Country | Currency | 2012/13 | 2011/12 | 2012 | 2012 | |||
| Euroland | 1 EUR | 8.639 | 9.107 | -5% | 8.619 | 8.900 | -3% | |
| Great Britain | 1 GBP | 10.811 | 10.370 | 4% | 10.684 | 10.943 | -2% | |
| Japan | 1 JPY | 0.087 | 0.082 | 6% | 0.083 | 0.084 | -1% | |
| United States | 1 USD | 6.834 | 6.445 | 6% | 6.633 | 6.721 | -1% |
Regarding foreign group companies, order bookings and income statement are translated at average exchange rates for the reporting period while order backlog and balance sheet are translated at closing exchange rates.
| SEK M | 3 months | 3 months | 6 months | 6 months | 12 months | 12 months |
|---|---|---|---|---|---|---|
| Income statement | Aug - Oct 2012/13 |
Aug - Oct 2011/12 |
May - Oct 2012/13 |
May - Oct 2011/12 |
rolling 2011/12 |
May - Apr 2011/12 |
| Net sales | 2,485 | 1,936 | 4,180 | 3,364 | 9,864 | 9,048 |
| Cost of products sold | -1,333 | -1,089 | -2,283 | -1,906 | -5,208 | -4,831 |
| Gross income | 1,152 | 847 | 1,897 | 1,458 | 4,656 | 4,217 |
| Selling expenses | -310 | -266 | -598 | -494 | -1,188 | -1,084 |
| Administrative expenses | -230 | -187 | -436 | -355 | -835 | -754 |
| R&D expenses | -178 | -152 | -377 | -291 | -690 | -604 |
| Exchange rate differences | -24 | 10 | -6 | 26 | 30 | 62 |
| Operating result before non-recurring items | 410 | 252 | 480 | 344 | 1,973 | 1,837 |
| Transaction and restructuring costs | 0 | -47 | 0 | -47 | -121 | -168 |
| Net gain from divested business Other non-recurring items |
― -10 |
180 ― |
― -17 |
180 ― |
0 -17 |
180 ― |
| Operating result | 400 | 385 | 463 | 477 | 1,835 | 1,849 |
| Result from participations in associates | 2 | -3 | -8 | 0 | -9 | -1 |
| Interest income | 6 | 12 | 16 | 20 | 41 | 45 |
| Interest expenses and similar items | -55 | -54 | -96 | -92 | -204 | -200 |
| Exchange rate differences | 0 | 10 | -1 | 10 | 4 | 15 |
| Income before tax | 353 | 350 | 374 | 415 | 1,667 | 1,708 |
| Income taxes | -95 | -101 | -101 | -120 | -461 | -480 |
| Net income | 258 | 249 | 273 | 295 | 1,206 | 1,228 |
| Net income attributable to: | ||||||
| Parent Company shareholders | 255 | 246 | 267 | 293 | 1,201 | 1,227 |
| Non-controlling interests | 3 | 3 | 6 | 2 | 5 | 1 |
| Earnings per share before dilution, SEK | 0.67 | 0.66 | 0.70 | 0.78 | 3.18 | 3.26 |
| Earnings per share after dilution, SEK | 0.67 | 0.65 | 0.70 | 0.77 | 3.16 | 3.23 |
| Statement of comprehensive income | ||||||
| Net income | 258 | 249 | 273 | 295 | 1,206 | 1,228 |
| Other comprehensive income: | ||||||
| Revaluation of cash flow hedges | 31 | -20 | 43 | - 88 | 37 | -94 |
| Translation differences from foreign operations | 59 | -30 | -178 | 96 | -103 | 171 |
| Hedge of net investment Income tax relating to components of |
6 | 0 | -3 | 3 | 3 | 9 |
| other comprehensive income | -10 | 5 | -11 | 23 | -12 | 22 |
| Other comprehensive income for the period | 86 | -45 | -149 | 34 | -75 | 108 |
| Comprehensive income for the period | 344 | 204 | 124 | 329 | 1,131 | 1,336 |
| Comprehensive income attributable to: | ||||||
| Parent Company shareholders | 341 | 201 | 118 | 327 | 1,126 | 1,335 |
| Non-controlling interests | 3 | 3 | 6 | 2 | 5 | 1 |
| CASH FLOW | ||||||
| SEK M | ||||||
| Operating cash flow | 276 | 224 | 266 | 255 | 1,587 | 1,576 |
| Change in working capital | 249 | -70 | 171 | 114 | -584 | -641 |
| Cash flow from operating activities Investing activities |
525 -127 |
154 -112 |
437 -214 |
369 -187 |
1,003 -459 |
935 -432 |
| Cash flow after investments Business combinations and investments in associates |
398 2 |
42 -3,139 |
223 -77 |
182 -3,171 |
544 -72 |
503 -3,166 |
| Cash flow after investments and business combinations | 400 | -3,097 | 146 | -2,989 | 472 | -2,663 |
| Cash flow from financing activities | -446 | 579 | -421 | 1,963 | 780 | 3,164 |
| Cash flow for the period | -46 | -2,518 | -275 | -1,026 | 1,252 | 501 |
| Exchange rate differences | -7 | 66 | -31 | 27 | -27 | 31 |
| Change in cash and cash equivalents for the period | -53 | -2,452 | -306 | -999 | 1,225 | 532 |
| SEK M | Oct 31, | Oct 31, | Apr 30, |
|---|---|---|---|
| 2012 | 2011 | 2012 | |
| Non-current assets | |||
| Intangible assets | 6,424 | 6,304 | 6,457 |
| Tangible fixed assets | 411 | 387 | 407 |
| Financial assets | 231 | 89 | 147 |
| Deferred tax assets | 137 | 257 | 233 |
| Total non-current assets | 7,203 | 7,037 | 7,244 |
| Current assets | |||
| Inventories | 916 | 763 | 755 |
| Accounts receivable | 2,631 | 2,162 | 2,692 |
| Other current receivables | 2,325 | 1,638 | 2,649 |
| Cash and cash equivalents | 1,589 | 364 | 1,895 |
| Total current assets | 7,461 | 4,927 | 7,991 |
| Total assets | 14,664 | 11,964 | 15,235 |
| Elekta's owners' equity | 4,691 | 3,819 | 4,999 |
| Non-controlling interests | 8 | 13 | 11 |
| Total equity | 4,699 | 3,832 | 5,010 |
| Non-current liabilities | |||
| Long-term interest-bearing liabilities | 4,371 | 2,124 | 4,417 |
| Deferred tax liabilities | 619 | 576 | 675 |
| Other long-term liabilities | 194 | 141 | 192 |
| Total non-current liabilities | 5,184 | 2,841 | 5,284 |
| Current liabilities | |||
| Short-term interest-bearing liabilities | 114 | 1,208 | 113 |
| Accounts payable | 758 | 550 | 842 |
| Advances from customers | 1,281 | 1,106 | 1,086 |
| Other current liabilities | 2,628 | 2,427 | 2,900 |
| Total current liabilities | 4,781 | 5,291 | 4,941 |
| Total equity and liabilities | 14,664 | 11,964 | 15,235 |
| Assets pledged | 7 | 3 | 7 |
| Contingent liabilities | 77 | 48 | 68 |
| SEK M | Oct 31, | Oct 31, | Apr 30, |
|---|---|---|---|
| 2012 | 2011 | 2012 | |
| Attributable to Elekta's owners | |||
| Opening balance | 4,999 | 3,832 | 3,832 |
| Comprehensive income for the period | 118 | 327 | 1,335 |
| Incentive programs including deferred tax | -1 | -3 | 6 |
| Exercise of warrants | 51 | 39 | 115 |
| Option value convertible loan | ― | ― | 86 |
| Dividend | -476 | -376 | -376 |
| Total | 4,691 | 3,819 | 4,999 |
| Attributable to non-controlling interests | |||
| Opening balance | 11 | 1 | 1 |
| Dividend | -9 | ― | ― |
| Business combination | ― | 10 | 10 |
| Comprehensive income for the period | 6 | 2 | 1 |
| Total | 8 | 13 | 11 |
| Closing balance | 4,699 | 3,832 | 5,010 |
| KEY FIGURES | 12 months May - Apr |
12 months May - Apr |
12 months May - Apr |
12 months May - Apr |
12 months May - Apr |
6 months May -Oct |
6 months May -Oct |
|---|---|---|---|---|---|---|---|
| 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2011/12 | 2012/13 | |
| Order bookings, SEK M | 5,882 | 7,656 | 8,757 | 9,061 | 10,815 | 4,402 | 5,224 |
| Net sales, SEK M | 5,081 | 6,689 | 7,392 | 7,904 | 9,048 | 3,364 | 4,180 |
| Operating result, SEK M | 650 | 830 | 1,232 | 1,502 | 1,849 | 477 | 463 |
| Operating margin before non | |||||||
| recurring items | 13% | 12% | 17% | 19% | 20% | 10% | 11% |
| Operating margin | 13% | 12% | 17% | 19% | 20% | 14% | 11% |
| Profit margin | 12% | 12% | 16% | 19% | 19% | 12% | 9% |
| Shareholders' equity, SEK M | 1,813 | 2,555 | 3,244 | 3,833 | 5,010 | 3,832 | 4,699 |
| Capital employed, SEK M | 3,262 | 4,182 | 4,283 | 4,714 | 9,540 | 7,164 | 9,184 |
| Equity/assets ratio | 29% | 32% | 38% | 43% | 33% | 32% | 32% |
| Net debt/equity ratio | 0.58 | 0.31 | -0.04 | -0.13 | 0.53 | 0.77 | 0.62 |
| Return on shareholders' equity | 23% | 27% | 30% | 30% | 29% | 28% | 27% |
| Return on capital employed | 24% | 24% | 30% | 35% | 28% | 26% | 22% |
| DATA PER SHARE | 12 months | 12 months | 12 months | 12 months | 12 months | 6 months | 6 months |
|---|---|---|---|---|---|---|---|
| May - Apr | May - Apr | May - Apr | May - Apr | May - Apr | May -Oct | May -Oct | |
| 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 | 2011/12 | 2012/13 | |
| Earnings per share | |||||||
| before dilution, SEK | 1.12 | 1.50 | 2.27 | 2.76 | 3.26 | 0.78 | 0.70 |
| after dilution, SEK | 1.11 | 1.50 | 2.25 | 2.73 | 3.23 | 0.77 | 0.70 |
| Cash flow per share | |||||||
| before dilution, SEK | -0.76 | 1.58 | 2.63 | 1.31 | -7.07 | -7.96 | 0.38 |
| after dilution, SEK | -0.76 | 1.58 | 2.60 | 1.30 | -7.01 | -7.87 | 0.38 |
| Shareholders' equity per share | |||||||
| before dilution, SEK | 4.93 | 6.92 | 8.74 | 10.22 | 13.19 | 10.15 | 12.32 |
| after dilution, SEK | 5.01 | 6.92 | 9.38 | 10.61 | 13.31 | 10.46 | 12.27 |
| Average number of shares | |||||||
| before dilution, 000s | 368,798 | 368,114 | 368,832 | 373,364 | 376,431 | 375,459 | 380,189 |
| after dilution, 000s | 369,917 | 368,114 | 371,780 | 378,028 | 380,125 | 379,783 | 381,589 |
| Number of shares at closing | |||||||
| before dilution, 000s | 366,281 | 368,498 | 371,181 | 374,951*) | 378,991*) | 376,321 *) | 380,799 *) |
| after dilution, 000s | 368,979 | 368,498 | 383,580 | 383,618 | 384,284 | 383,565 | 382,199 |
Dilution 2007/08 refers to warrants program 2004/2008. Dilution 2009/10 - 2011/12 refers to warrants programs 2007/2012 and 2008/2012 and share program 2009/2012, 2010/2013 and 2011/2014. Dilution 2012/13 refers to share program 2009/2012, 2010/2013 and 2011/2014.
In September a 4:1 share split was conducted. The data per share and number of shares has been changed retroactively.
*) Number of registered shares at closing exluding treasury shares (2,008,000 shares).
| Data per quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2010/11 | 2010/11 | 2010/11 | 2010/11 | 2011/12 | 2011/12 | 2011/12 | 2011/12 | 2012/13 | 2012/13 |
| Order bookings | 1,889 | 2,238 | 1,914 | 3,020 | 1,700 | 2,702 | 2,784 | 3,629 | 2,252 | 2,972 |
| Net sales | 1,627 | 1,879 | 1,822 | 2,576 | 1,428 | 1,936 | 2,565 | 3,119 | 1,695 | 2,485 |
| Operating profit | 153 | 302 | 296 | 751 | 92 | 385 | 597 | 775 | 63 | 400 |
| Cash flow from | ||||||||||
| operating activities | -30 | 234 | 256 | 380 | 159 | 83 | 234 | 159 | -151 | 525 |
| Order bookings growth based | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| on unchanged exchange rates | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| SEK M | 2010/11 | 2010/11 | 2010/11 | 2010/11 | 2011/12 | 2011/12 | 2011/12 | 2011/12 | 2012/13 | 2012/13 |
| North and South America | 0% | 9% | 79% | -14% | 9% | 8% **) | 1% **) | 20% **) | 28% **) | 13% *) |
| Europe, Middle East and Africa | 41% | -16% | -25% | 35% | -24% | 31% **) | 34% **) | -8% **) | -3% **) | 4% *) |
| Asia Pacific | 16% | 42% | -5% | 25% | 38% | 6% **) | -4% **) | 19% **) | 11% **) | 17% *) |
| Group | 19% | 7% | 7% | 9% | 2% | 14% **) | 11% **) | 11% **) | 13% **) | 11% *) |
*) calculated for comparable units
**) excluding Nucletron
Elekta applies geographical segmentation. Order bookings, net sales and contribution margin for respective region are reported to Elekta's CFO and CEO (chief operating decision maker). In the regions' operating expenses cost of products sold and expenses are directly attributable to the respective region reported. Global costs for R&D, marketing, management of product supply centers and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centers. The majority of exchange differences in operations are reported in global costs.
| Segment reporting May-Oct 2012/13 |
|||||
|---|---|---|---|---|---|
| SEK M | North and South America |
Europe, Africa and Middle East |
Asia Pacific | Group total | % of net sales |
| Net sales | 1,485 | 1,344 | 1,351 | 4,180 | |
| Operating expenses | -998 | -926 | -958 | -2,882 | 69% |
| Contribution margin | 487 | 418 | 393 | 1,298 | 31% |
| Contribution margin, % | 33% | 31% | 29% | ||
| Global costs | -818 | 20% | |||
| Operating result before non-recurring items | 480 | 11% | |||
| Non-recurring items | -17 | ||||
| Operating result | 463 | 11% | |||
| Net financial items | -89 | ||||
| Income before tax | 374 | ||||
| May-Oct 2011/12 | |||||
| North and | Europe, Africa | Asia Pacific | Total | % of | |
| SEK M | South America | and Middle East | net sales | ||
| Net sales | 1,247 | 1,106 | 1,011 | 3,364 | |
| Operating expenses | -862 | -779 | -740 | -2,381 | 71% |
| Contribution margin | 385 | 327 | 271 | 983 | 29% |
| Contribution margin, % | 31% | 30% | 27% | ||
| Global costs | -639 | 19% | |||
| Operating result before non-recurring items | 344 | 10% | |||
| Non-recurring items | 133 | ||||
| Operating result | 477 | 14% | |||
| Net financial items | -62 | ||||
| Income before tax | 415 | ||||
| May-Apr 2011/12 | |||||
| SEK M | North and South America |
Europe, Africa and Middle East |
Asia Pacific | Group total | % of net sales |
| Net sales | 3,122 | 3,206 | 2,720 | 9,048 | |
| Operating expenses | -1,981 | -2,095 | -1,854 | -5,930 | 66% |
| Contribution margin | 1,141 | 1,111 | 866 | 3,118 | 34% |
| Contribution margin, % | 37% | 35% | 32% | ||
| Global costs | -1,281 | 14% | |||
| Operating result before non-recurring items | 1,837 | 20% | |||
| Non-recurring items | 12 | ||||
| Operating result | 1,849 | 20% | |||
| Net financial items | -141 | ||||
| Income before tax | 1,708 | ||||
| Rolling 12 months Nov-Oct 2011/12 | |||||
| SEK M | North and South America |
Europe, Africa and Middle East |
Asia Pacific | Group total | % of net sales |
| Net sales | 3,360 | 3,444 | 3,060 | 9,864 | |
| Operating expenses | -2,117 | -2,242 | -2,072 | -6,431 | 65% |
| Contribution margin | 1,243 | 1,202 | 988 | 3,433 | 35% |
| Contribution margin, % | 37% | 35% | 32% | ||
| Global costs | -1,460 | 15% | |||
| Operating result before non-recurring items | 1,973 | 20% | |||
| Non-recurring items | -138 | ||||
| Operating result | 1,835 | 19% | |||
| Net financial items | -168 | ||||
| Income before tax | 1,667 |
Elekta's operations are characterized by significant quarterly variations in delivery volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments as is the impact of currency fluctuations between the years.
| 6 months | 6 months | |
|---|---|---|
| May - Oct | May - Oct | |
| SEK M | 2012/13 | 2011/12 |
| Operating expenses | -75 | -62 |
| Financial items | 10 | -33 |
| Income after financial items | -65 | -95 |
| Taxes | 17 | 25 |
| Net income | -48 | -70 |
| Statement of comprehensive income | ||
| Net income | -48 | -70 |
| Other comprehensive income | -2 | -2 |
| Total comprehensive income | -50 | -72 |
| BALANCE SHEET | ||
| Oct 31, | Apr 30, | |
| SEK M | 2012 | 2012 |
| Non-current assets | ||
| Shares in subsidiaries | 1,836 | 1,764 |
| Receivables from subsidaries | 2,749 | 2,754 |
| Other financial assets | 63 | 53 |
| Deferred tax assets | 32 | 15 |
| Total non-current assets | 4,680 | 4,586 |
| Current assets | ||
| Receivables from subsidaries | 2,527 | 2,608 |
| Other current receivables | 38 | 113 |
| Cash and cash equivalents | 1,203 | 1,347 |
| Total current assets | 3,768 | 4,068 |
| Total assets | 8,448 | 8,654 |
| Shareholders' equity | 1,829 | 2,304 |
| Untaxed reserves | 30 | 30 |
| Non-current liabilities | ||
| Long-term interest-bearing liabilities | 4,368 | 4,417 |
| Long-term liabilities to Group companies | 36 | 50 |
| Long-term provisions | 23 | 22 |
| Total non-current liabilities | 4,427 | 4,489 |
| Current liabilities | ||
| Short-term liabilities to Group companies | 2,071 | 1,705 |
| Accounts payable | 12 | 12 |
| Other current liabilities | 79 | 114 |
| Total current liabilities | 2,162 | 1,831 |
| Total shareholders' equity and liabilities | 8,448 | 8,654 |
| Assets pledged | ― | ― |
| Contingent liabilities | 1,061 | 1,043 |
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