Annual Report • Feb 21, 2012
Annual Report
Open in ViewerOpens in native device viewer
The Group continued to grow organically during the fourth quarter, although at a slower pace than in the past. Habia's order bookings from the telecom sector were particularly weak. Despite this decline in demand late in the year, 2011 was the strongest year to date in terms of both invoicing and earnings.
During the fourth quarter, order bookings totaled MSEK 640 (614), up 4 percent. Invoicing rose 8 percent to MSEK 668 (619). In comparable units, order bookings decreased 2 percent, while invoicing rose 2 percent. Adjusted for currency effects, order bookings rose 1 percent and invoicing rose 5 percent in comparable units.
Operating profit amounted to MSEK 95.0 (96.1) and the operating margin was 14.2 percent (15.5). Profit after net financial items totaled MSEK 91.6 (95.1). Earnings per share after tax amounted to SEK 2.33 (2.11). Capital expenditures amounted to MSEK 30.3 (22.6). Cash flow after capital expenditures, including corporate acquisitions amounting to MSEK 8.9 (0), totaled MSEK 28.4 (40.9).
During full-year 2011, order bookings rose 22 percent to MSEK 2,839 (2,321). Invoicing totaled MSEK 2,830 (2,290), up 24 percent. In comparable units, order bookings rose 9 percent and invoicing 10 percent. Adjusted for currency effects, order bookings rose 13 percent and invoicing rose 14 percent in comparable units.
Earnings improved in all three subsidiaries. For the Group, operating profit totaled MSEK 441.4 (406.3) and the operating margin was 15.6 percent (17.7). Profit after net financial items amounted to MSEK 428.7 (398.8) and earnings per share after tax totaled SEK 10.38 (9.51).
Capital expenditures amounted to MSEK 89.2 (55.2). Cash flow after capital expenditures was MSEK 152.0 (168.2). Cash flow included corporate acquisitions totaling MSEK 80.8 (65.0). At year-end, net cash for the Group totaled MSEK 22.5 (91.2).
Lesjöfors AB is a full-range supplier of standard and specially produced industrial springs, wire and flat strip components. The company is a dominant player in the Nordic region and one of the largest companies in its industry in Europe. Lesjöfors has manufacturing operations in Sweden, Denmark, Finland, Germany, Latvia, the UK and China.
During the fourth quarter, order bookings rose 10 percent to MSEK 292 (265). Invoicing amounted to MSEK 299 (273), up 9 percent. In comparable units, order bookings and invoicing increased 1
percent. Adjusted for currency effects, order bookings rose 8 percent and invoicing 7 percent. Operating profit totaled MSEK 76.1 (75.3).
During full-year 2011, order bookings amounted to MSEK 1,392 (1,222), up 14 percent. Invoicing rose 15 percent to MSEK 1,386 (1,207). In comparable units, order bookings rose 4 percent and invoicing 5 percent. Adjusted for currency effects, order bookings and invoicing rose 9 percent. Operating profit totaled MSEK 352.1 (349.3).
Lesjöfors's operations are conducted in three business areas: Industrial Springs, Flat Strip Components and Chassis Springs. The volume trend was favorable in all business areas. Earnings for Industrial Springs improved compared with the preceding year, while earnings for Flat Strip Components were unchanged. Earnings for Chassis Springs were lower than in the preceding year.
Habia Cable AB is one of Europe's largest manufacturers of custom-designed cable for customers in the telecom, transport, nuclear power, defense and other industries. Manufacturing and product development are conducted in Sweden, with additional manufacturing carried out in Germany, China and Poland.
During the fourth quarter, order bookings amounted to MSEK 142 (156), down 9 percent. The decrease was primarily attributable to the telecom sector. Invoicing increased 8 percent to MSEK 166 (154). Adjusted for currency effects, order bookings rose 8 percent and invoicing 9 percent. Operating profit totaled MSEK 12.7 (15.1).
During the full-year, Habia's order bookings increased 17 percent to MSEK 669 (570). Invoicing amounted to MSEK 668 (558), up 20 percent. Adjusted for currency effects, order bookings rose 22 percent and invoicing 25 percent. Operating profit totaled MSEK 55.9 (46.2).
Habia experienced favorable demand from the telecom sector and engineering industry, although the telecom sector decelerated substantially in the fourth quarter. Net profit for the year was impacted by major price increases on plaster, which is used as an insulating material in the company's products, and by the appointment of a new President, which resulted in MSEK 7.2 being charged against net profit for the year.
Beijer Tech AB specializes in industrial trading in the Nordic region and represents several of the world's leading manufacturers. The company's operations are conducted in two business areas: Industrial Products and Fluid Technology/Industrial Rubber.
During the fourth quarter, order bookings and invoicing rose 8 percent to MSEK 207 (192). In comparable units, order bookings and invoicing remained unchanged compared with the year-earlier period. Operating profit amounted to MSEK 12.0 (14.5).
During the full-year, invoicing and order bookings amounted to MSEK 777 (671), up 16 percent. In comparable units, the increase was 9 percent. Operating profit totaled MSEK 57.8 (47.9).
Both business areas are growing organically and earnings are improving. However, the favorable demand noted in the past declined somewhat during the latter part of the year. The acquisition of Karlebo Gjuteriteknik was consolidated as of the fourth quarter. Karlebo has annual revenues of MSEK 50.
The Parent Company, Beijer Alma AB, is a holding company that does not conduct external invoicing. During the fourth quarter, the Parent Company reported an operating loss of MSEK 5.6 (loss: 9.0). For full-year 2011, the operating loss was MSEK 24.2 (loss: 26.6). Profit after net financial items for 2011 amounted to MSEK 229.3 (203.8). Profit included Group contributions and dividends from subsidiaries in the amount of MSEK 255.1 (229.8).
| Net revenues | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2011 Full |
2010 Full |
2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | year | year | Full-year | |
| Lesjöfors | 298.6 | 336.5 | 370.8 | 380.1 | 272.6 | 281.9 | 342.9 | 309.3 | 1,386.0 | 1,206.7 | 1,046.5 |
| Habia Cable | 165.6 | 179.6 | 171.9 | 151.1 | 154.4 | 135.4 | 136.6 | 131.7 | 668.2 | 558.1 | 522.6 |
| Beijer Tech Parent Company and |
206.5 | 180.9 | 199.8 | 189.9 | 191.9 | 157.8 | 175.6 | – | 777.1 | 525.3 | – |
| intra-Group | –2.4 | 0.1 | 1.1 | 0.1 | – | 0.1 | –0.2 | 0.1 | –1.1 | – | 2.1 |
| Total | 668.3 | 697.1 | 743.6 | 721.2 | 618.9 | 575.2 | 654.9 | 441.1 | 2,830.2 | 2,290.1 | 1,571.2 |
| Operating profit/loss | |||||||||||
| MSEK | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2011 | 2010 Full |
2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | year | Full-year | |
| Lesjöfors | 76.1 | 78.8 | 99.6 | 97.6 | 75.3 | 79.4 | 104.6 | 90.0 | 352.1 | 349.3 | 242.9 |
| Habia Cable | 12.7 | 20.2 | 19.2 | 3.8 | 15.1 | 16.6 | 6.5 | 8.0 | 55.9 | 46.2 | 11.5 |
| Beijer Tech Parent Company and intra Group |
12.0 –5.8 |
14.5 –4.5 |
16.9 –9.6 |
14.4 –4.5 |
14.5 –8.8 |
12.8 –6.6 |
14.3 –5.8 |
– –9.6 |
57.8 –24.4 |
41.6 –30.8 |
– –16.2 |
| Total operating profit | 95.0 | 109.0 | 126.1 | 111.3 | 96.1 | 102.2 | 119.6 | 88.4 | 441.4 | 406.3 | 238.2 |
| Net financial items | –3.4 | –3.7 | –3.0 | –2.6 | –1.0 | –2.0 | –2.1 | –2.3 | –12.7 | –7.5 | –11.7 |
| Profit after net financial items |
91.6 | 105.3 | 123.1 | 108.7 | 95.1 | 100.2 | 117.5 | 86.1 | 428.7 | 398.8 | 226.5 |
In the first quarter of 2011, Lesjöfors acquired 100 percent of the shares in German spring manufacturer, Velleuer GmbH & Co KG. The acquisition was consolidated as of January 1, 2011. Velleuer has revenues of approximately MSEK 120 and 110 employees. The company's customers operate in the German automotive and engineering industries. Through the acquisition, Lesjöfors gained a local production operation in Germany, which is the largest spring market in Europe.
| Purchase consideration (cash) | MSEK 70.2 |
|---|---|
| Acquired net assets measured at fair value | MSEK 47.8 |
| Goodwill | MSEK 22.4 |
Goodwill is related in part to synergy effects within Lesjöfors and in part to acquired, inseparable customer relationships. Goodwill is assessed to be locally deductible in Germany. All of the acquired receivables of MSEK 33 are expected to be received as a result of balance guarantees in the purchase agreement. In 2011, Velleuer contributed MSEK 116 to invoicing and MSEK 9.1 to operating profit.
Beijer Tech acquired Karlebo Gjuteriteknik AB, which was consolidated in the fourth quarter. Karlebo has annual revenues of MSEK 50 and 15 employees. The company conducts technology trading operations, supplying machinery, equipment and consumables to the foundry and steel industries in the Nordic region.
| Acquisition calculation | |
|---|---|
| Purchase consideration | MSEK 21.0 |
| Acquired net assets measured at fair value | MSEK 11.6 |
| Goodwill | MSEK 9.4 |
Of the purchase consideration, MSEK 11 is conditional and dependent on the future earnings trend. In the acquisition analysis, MSEK 3 is attributable to customer relations and will be amortized over five years. Goodwill is related to assessed synergy effects in sales following the acquisition. Acquired goodwill is assessed not to be deductible. All of the acquired receivables, which have a fair value of MSEK 8.7, are expected to be received as a result of balance guarantees. Acquisition-related costs of SEK 358,000 were expensed as administrative costs in the Group. In 2011, Karlebo contributed MSEK 13.1 to Group invoicing and MSEK 0.6 to operating profit.
The year 2011 was the strongest year to date in Beijer Alma's history. Invoicing in comparable units grew 10 percent to a record-high level of MSEK 2,830. Profit after net financial items amounted to MSEK 429, corresponding to a year-on-year increase of MSEK 30. All of the Group's subsidiaries contributed to the improved earnings.
In the fourth quarter, we saw weaker growth in invoicing, and invoicing in comparable units rose 2 percent. Profit before tax decreased slightly to MSEK 92. The operating margin was 14 percent, down 1 percentage point year-on-year. All subsidiaries had lower margins during the quarter. As in the preceding quarter, invoicing exceeded order bookings, which meant that the order stock declined during the period. This normally indicates that a downward trend in invoicing will occur in the coming months. Cash flow remained positive during the final quarter of the year. Operating cash flow, adjusted for acquisitions of MSEK 9, amounted to MSEK 37. The Group thus had net cash of MSEK 23 at year-end 2011. This provides us with a high level of preparedness for a weaker demand situation and the capacity to capitalize on opportunities for organic growth and corporate acquisitions.
Lesjöfors's invoicing rose 9 percent in the fourth quarter. However, adjusted for the acquisition of the German spring company Velleuer, invoicing remained unchanged compared with the corresponding period in the preceding year. Invoicing in comparable units remained unchanged in all business areas. Operating profit for the Lesjöfors Group amounted to MSEK 76 for the fourth quarter, up MSEK 1 yearon-year. The operating margin was lower than in the year-earlier period, partly because Velleuer has a weaker margin than Lesjöfors's other operations.
Habia's invoicing rose 7 percent to MSEK 166 in the fourth quarter. The increase was entirely attributable to non-telecom operations, while telecom invoicing declined. Major manufacturers of base station antennas indicated continued low order bookings, signaling that weak invoicing can be expected during the coming three to six months. Operating profit amounted to MSEK 13, compared with MSEK 15 in the year-earlier period, and the operating margin declined slightly.
Beijer Tech's invoicing amounted to MSEK 207 in the fourth quarter, up 7 percent year-on-year. Adjusted for the acquisition of Karlebo Gjuteriteknik AB, invoicing remained unchanged. The volume trend was similar in the Group's two business areas: Fluid Technology and Industrial Products. Operating profit totaled MSEK 12, compared with MSEK 14 in the year-earlier period, and the operating margin declined somewhat.
To summarize, the decline in demand noted in the fourth quarter has continued into early 2012. Accordingly, the first quarter of 2012 will probably be weaker than the preceding year's strong first quarter.
The Board proposes an ordinary dividend of SEK 6.00 per share (6.00) and an extra dividend of SEK 1.00 per share (1.00).
The Annual General Meeting will be held on Wednesday, March 28, 2012 at 6:00 p.m. in the Main Hall (Stora Salen) of the Uppsala Concert and Conference Hall (Uppsala Koncert & Kongress), Vaksala torg 1, Uppsala.
No significant events have taken place after the end of the period.
The Group's material risks and uncertainties include business and financial risks. Business risks may include major customer exposures to individual industries or companies. Financial risks primarily pertain to foreign currency risks that arise since more than 85 percent of sales in Habia and Lesjöfors are conducted outside Sweden, while approximately 55 percent of production takes place in Sweden.
Management of the Group's financial risks is described in Note 29 of the 2010 Annual Report. The Group is deemed to have a favorable risk spread across industries and companies, and the assessment is that no material risks arose during the year.
This year-end report was prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). The presentation of the year-end report complies with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
No new or revised IFRS that took effect in 2011 had any significant impact on the Group. Accounting policies and terms of calculation remain unchanged compared with those applied in the 2010 Annual Report.
The Parent Company, Beijer Alma AB, applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. These accounting policies correspond with the preceding year, with the exception that the Swedish Financial Reporting Board's statement UFR 2 has been withdrawn, which is why Group contributions received the Parent Company are recognized as financial income. The accounting policies correspond with the consolidated accounting policies where applicable.
Group
| MSEK | 2011 | 2010 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Net revenues | 668.3 | 618.9 | 2,830.2 | 2,290.1 | 1,571.2 |
| Cost of goods sold | –438.2 | –392.3 | –1,845.5 | –1,426.2 | –999.0 |
| Gross profit | 230.1 | 226.6 | 984.7 | 863.9 | 572.2 |
| Selling expenses | –76.9 | –66.7 | –299.6 | –238.3 | –190.7 |
| Administrative expenses | –58.6 | –64.7 | –244.6 | –220.2 | –142.5 |
| Profit/loss from participations in associated companies | 0.4 | 0.9 | 0.9 | 0.9 | –0.8 |
| Operating profit | 95.0 | 96.1 | 441.4 | 406.3 | 238.2 |
| Interest income | 2.0 | 1.0 | 3.5 | 1.9 | 1.1 |
| Interest expenses and similar expenses | –5.4 | –2.0 | –16.2 | –9.4 | –12.8 |
| Profit after net financial items | 91.6 | 95.1 | 428.7 | 398.8 | 226.5 |
| Tax on net profit for the year | –21.4 | –31.7 | –115.8 | –112.3 | –64.1 |
| Net profit attributable to Parent Company shareholders | 70.2 | 63.4 | 312.9 | 286.5 | 162.4 |
| Other comprehensive income | |||||
| Income/expenses recognized directly against shareholders' equity |
|||||
| Cash-flow hedges | 5.5 | 1.6 | –18.6 | 8.5 | 26.8 |
| Translation differences | –12.9 | –2.8 | 5.0 | –39.5 | –25.7 |
| Total other comprehensive income after tax | –7.4 | –1.2 | –13.6 | –31.0 | 1.1 |
| Total comprehensive income attributable to Parent Company shareholders |
62.8 | 62.2 | 299.3 | 255.5 | 163.5 |
| Net profit per share | |||||
| before and after dilution, SEK | 2.33 | 2.11 | 10.38 | 9.51 | 5.92 |
| Proposed/approved dividend per share, SEK | – | – | 7.00 | 7.00 | 5.00 |
| Includes amortization and depreciation in the amount of, MSEK |
17.4 | 16.7 | 76.3 | 70.7 | 71.4 |
| Parent Company | |||||
| MSEK | 2011 | 2010 | 2011 | 2010 | 2009 |
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Administrative expenses | –8.1 | –12.7 | –36.3 | –41.2 | –30.8 |
| Other operating income | 2.5 | 3.7 | 12.1 | 14.6 | 13.7 |
| Operating loss | –5.6 | –9.0 | –24.2 | –26.6 | –17.1 |
| Group contributions received | 110.1 | 113.8 | 110.1 | 113.8 | 42.8 |
| Income from participations in Group companies | 145.0 | 116.0 | 145.0 | 116.0 | 85.0 |
| Interest income and similar revenues | 1.0 | 1.1 | 4.2 | 5.0 | 6.1 |
| Interest expenses and similar expenses | –1.2 | –0.1 | –5.8 | –4.4 | –8.3 |
| Profit after net financial items | 249.3 | 221.8 | 229.3 | 203.8 | 108.5 |
| Tax on net profit for the period | –26.8 | –29.8 | –22.6 | –25.3 | –8.6 |
| Net profit | 222.5 | 192.0 | 206.7 | 178.5 | 99.9 |
Group
| MSEK | 2011 | 2010 | 2009 |
|---|---|---|---|
| Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||
| Fixed assets | |||
| Intangible assets | 378.2 | 349.8 | 121.3 |
| Tangible assets | 504.7 | 440.2 | 462.7 |
| Deferred tax assets | 17.3 | 2.0 | 2.3 |
| Financial assets | 27.2 | 28.3 | 30.3 |
| Total fixed assets | 927.4 | 820.3 | 616.6 |
| Current assets | |||
| Inventories | 508.8 | 427.6 | 288.7 |
| Receivables | 495.6 | 489.8 | 289.4 |
| Cash and bank balances | 269.0 | 238.1 | 195.5 |
| Total current assets | 1,273.4 | 1,155.5 | 773.6 |
| Total assets | 2,200.8 | 1,975.8 | 1,390.2 |
| MSEK | 2011 | 2010 | 2009 |
| Dec 31 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 125.5 | 125.5 | 114.3 |
| Other contributed capital | 444.4 | 444.4 | 165.3 |
| Reserves | –15.0 | –1.5 | 29.6 |
| Retained earnings, including net profit for the period | 928.0 | 826.1 | 676.7 |
| Shareholders' equity attributable to Parent Company shareholders | 1,482.9 | 1,394.5 | 985.9 |
| Non-controlling interests | 2.7 | 2.7 | 3.1 |
| Total shareholders' equity | 1,485.6 | 1,397.2 | 989.0 |
| Long-term liabilities to credit institutions | 122.3 | 89.0 | 66.9 |
| Other long-term liabilities | 48.7 | 51.2 | 33.1 |
| Current liabilities to credit institutions | 124.2 | 57.9 | 68.8 |
| Current non-interest-bearing liabilities | 420.0 | 380.5 | 232.4 |
| Total liabilities | 715.2 | 578.6 | 401.2 |
| Total shareholders' equity and liabilities | 2,200.8 | 1,975.8 | 1,390.2 |
| Parent Company | |||
| MSEK | 2011 | 2010 | 2009 |
| Dec 31 | Dec 31 | Dec 31 | |
| Assets | |||
| Fixed assets | |||
| Tangible assets | 1.0 | 1.0 | 1.3 |
| Financial assets | 529.4 | 533.0 | 203.0 |
| Total fixed assets | 530.4 | 534.0 | 204.3 |
| Current assets | |||
| Receivables | 328.2 | 313.5 | 340.1 |
| Cash and cash equivalents | 42.2 | 35.9 | 0.1 |
| Total current assets | 370.4 | 349.4 | 340.2 |
| Total assets | 900.8 | 883.4 | 544.5 |
| MSEK | 2011 | 2010 | 2009 | |||||
|---|---|---|---|---|---|---|---|---|
| Dec 31 | Dec 31 | Dec 31 | ||||||
| Shareholders' equity and liabilities | ||||||||
| Share capital | 125.5 | 125.5 | 114.3 | |||||
| Statutory reserve | 444.4 | 444.4 | 165.3 | |||||
| Retained earnings | 62.1 | 94.5 | 132.8 | |||||
| Net profit for the period | 206.7 | 178.5 | 99.9 | |||||
| Total shareholders' equity | 838.7 | 842.9 | 512.3 | |||||
| Current liabilities to credit institutions | 41.5 | – | 17.3 | |||||
| Current non-interest-bearing liabilities | 20.6 | 40.5 | 14.9 | |||||
| Total shareholders' equity and liabilities | 900.8 | 883.4 | 544.5 | |||||
| Condensed cash-flow statement | ||||||||
| MSEK | 2011 | 2010 | 2011 | 2010 Full |
2009 Full |
|||
| Q4 | Q4 | Full-year | year | year | ||||
| Cash flow from operating activities before change in working capital and capital expenditures |
49.8 | 93.6 | 388.4 | 389.7 | 245.9 | |||
| Change in working capital, increase (–) decrease (+) | 13.9 | –38.1 | –61.0 | –109.4 | 31.5 | |||
| Cash flow from operating activities | 63.7 | 55.5 | 327.4 | 280.3 | 277.4 | |||
| Investing activities | –26.4 | –14.6 | –94.6 | –47.1 | –61.6 | |||
| Acquired operations | –8.9 | – | –80.8 | –65.0 | – | |||
| Cash flow after capital expenditures | 28.4 | 40.9 | 152.0 | 168.2 | 215.8 | |||
| Financing activities | 36.0 | –25.7 | –124.4 | –138.5 | –181.1 | |||
| Change in cash and cash equivalents | 64.4 | 15.2 | 27.6 | 29.7 | 34.7 | |||
| Cash and cash equivalents at beginning of period | 201.3 | 222.9 | 238.1 | 195.5 | 161.5 | |||
| Cash from acquired/discontinued operations | 3.3 | – | 3.3 | 12.9 | –0.7 | |||
| Cash and cash equivalents at end of period | 269.0 | 238.1 | 269.0 | 238.1 | 195.5 | |||
| Approved but unutilized committed credit facilities | 389.9 | 428.3 | 389.9 | 428.3 | 418.5 | |||
| Available liquidity | 658.9 | 666.4 | 658.9 | 666.4 | 614.0 | |||
| Specification of changes in shareholders' equity MSEK |
2011 | 2010 | 2009 | |||||
| Full-year | Full-year | Full-year | ||||||
| Opening shareholders' equity attributable to Parent Company shareholders | 1,394.5 | 985.9 | 959.6 | |||||
| Comprehensive income for the period | 299.3 | 255.5 | 163.5 | |||||
| Dividend paid | –210.9 | –137.2 | –137.2 | |||||
| New issue | – | 290.3 | – | |||||
| Closing shareholders' equity attributable to Parent Company shareholders | 1,482.9 | 1,394.5 | 985.9 | |||||
| Non-controlling interests | 2.7 | 2.7 | 3.1 | |||||
| Total closing shareholders' equity | 1,485.6 | 1,397.2 | 989.0 | |||||
| Specification of shareholders' equity for the period | ||||||||
| Share capital | Other contributed capital |
Reserves | Retained earnings, incl. net profit for the period |
Total | ||||
| Dec 31, 2010 | 125.5 | 444.4 | –1.5 | 826.1 | 1,394.5 | |||
| Comprehensive income for | ||||||||
| the period | – | – | –13.6 | 312.9 | 299.3 | |||
| Dividend paid | – | – | – | –210.9 | –210.9 | |||
| Dec 31, 2011 | 125.5 | 444.4 | –15.1 | 928.1 | 1 482.9 |
| 2011 | 2010 | 2009 | ||
|---|---|---|---|---|
| Dec 31 | Dec 31 | Dec 31 | ||
| Number of shares outstanding | 30,131,100 | 30,131,100 | 27,431,100 | |
| Total number of shares, after full dilution | 30,131,100 | 30,131,100 | 27,431,100 | |
| Average number of shares, after full dilution | 30,131,100 | 30,131,100 | 27,431,100 | |
Of the total number of outstanding shares, 3,330,000 are Class A shares and the remaining shares are Class B shares.
| 2011 | 2010 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Full-year | Full-year | Full-year | |
| Number of shares | 30,131,10 | 30,131,100 | 30,131,100 | 30,131,100 | 27,431,100 |
| Net revenues, MSEK | 668.3 | 618.9 | 2,830.2 | 2,290.1 | 1,571.2 |
| Operating profit, MSEK | 95.0 | 96.1 | 441.4 | 406.3 | 238.2 |
| Profit before tax, MSEK | 91.6 | 95.1 | 428.7 | 398.8 | 226.5 |
| Earnings per share after tax, SEK | 2.33 | 2.11 | 10.38 | 9.51 | 5.92 |
| Earnings per share after 26.3% standard tax, SEK | 2.24 | 2.32 | 10.49 | 9.75 | 6.08 |
| Cash flow after capital expenditures per share, SEK | 0.94 | 1.36 | 5.04 | 5.58 | 7.87 |
| Return on shareholders' equity, % | 18.6 | 20.5 | 21.8 | 24.7 | 17.2 |
| Return on capital employed, % | 23.1 | 25.5 | 26.4 | 30.6 | 21.2 |
| Shareholders' equity per share, SEK | 49.22 | 46.28 | 49.22 | 46.28 | 35.94 |
| Equity ratio, % | 67.4 | 70.6 | 67.4 | 70.6 | 70.9 |
| Net/debt equity ratio, % | –1.5 | –6.5 | –1.5 | –6.5 | –6.0 |
| Cash and cash equivalents, including unutilized | |||||
| credit facilities, MSEK | 658.9 | 666.4 | 658.9 | 666.4 | 614.0 |
| Capital expenditures, MSEK | 30.3 | 22.6 | 89.2 | 55.2 | 60.5 |
| Interest-coverage ratio, multiple | 17.9 | 47.6 | 27.5 | 43.4 | 18.7 |
| Number of employees at end of period | 1,686 | 1,435 | 1,686 | 1,435 | 1,107 |
Beijer Alma AB (publ)
Chairman of the Board Deputy Chairman Director
Marianne Brismar Anders G. Carlberg Peter Nilsson Director Director Director
Anders Ullberg Bertil Persson Director President and CEO
________________________________________________________________________
Anders Wall Johan Wall Carina Andersson
This year-end report is unaudited.
Bertil Persson, President and CEO, Telephone +46 8 506 427 50, [email protected] Jan Blomén, Chief Financial Officer, Telephone +46 18 15 71 60, [email protected]
Read more at: www.beijeralma.se
www.lesjoforsab.com www.habia.com www.beijertech.se
Next report date: Interim report: April 25, 2012.
The Annual General Meeting will be held in Uppsala on Wednesday, March 28, 2012.
Dragarbrunnsgatan 45, Box 1747, SE-751 47 Uppsala, Sweden. Telephone +46 18 15 71 60. Fax +46 18 15 89 87. Registered office: Uppsala. Corp. Reg. No. 556229-7480. www.beijeralma.se
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.