Earnings Release • Feb 15, 2012
Earnings Release
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* adjusted for currency effects, acquisitions and disposals
"Progress in Q4 was satisfactory with good growth for both orders received and invoicing. The operating margin was 10.2% at the end of the quarter, which shows that the expected synergies are working as planned. Early in Q1 2012 we concluded the acquisition of Lebon & Gimbrair in the Netherlands and we also acquired a business in Turkey. Both of these acquisitions take place on important markets and are in line with our strategies to develop our position in the value chain and to expand geographically."
Excluding restructuring/integration costs, acquisition costs and capital gain on disposal of subsidiaries.
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Net sales | 587.2 | 521.8 | 2,000.9 | 1,694.1 |
| EBITDA | 69.1 | 51.0 | 209.1 | 144.9 |
| EBITDA-margin, % | 11.8 | 9.8 | 10.5 | 8.6 |
| Operating profit | 59.8 | 39.1 | 167.0 | 106.7 |
| Operating margin, % | 10.2 | 7.5 | 8.3 | 6.3 |
| Operating cash flow | 39.5 | 66.8 | 112.8 | 153.1 |
| Return on operating capital, % | 25.6 | 17.1 | 18.2 | 14.1 |
| EBITDA/net financial items, | ||||
| multiple | 6.4 | 5.9 | ||
| Net debt/EBITDA, multiple | 1.8 | 2.7 | ||
| Pro forma including Dantherm Filtration from 1 Jan 2010 (excluding divested business) | ||||
| Net sales | 587.2 | 500.3 | 2,000.9 | 1,954.8 |
| Operating profit | 59.8 | 34.9 | 167.0 | 101.8 |
| Operating margin, % | 10.2 | 7.0 | 8.3 | 5.2 |
Including restructuring/integration costs, acquisition costs and capital gain on disposal of subsidiaries.
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 | |
| Operating profit | 59.8 | 17.6 | 140.5 | 51.3 | |
| Operating margin, % Profit/loss before tax |
10.2 54.8 |
3,4 12.1 |
7.0 107.8 |
3.0 26.9 |
|
| Net profit/loss | 45.3 | 10.3 | 86.8 | 21.1 | |
| Earnings per share, SEK | 3.87 | 0.88 | 7.41 | 1.80 | |
| Return on shareholders´equity, % Net debt |
33.5 | 8.3 | 16.5 386.7 |
4.2 392.2 |
|
| Net debt/equity ratio, % | 69.5 | 78.7 |
To make it easier to follow the financial development of the Group, as a complement, pro forma figures are presented for all reporting periods including for the two operating segments in which Dantherm Filtration is a part, as though we had owned them for the whole of 2010. The divested business (Dantherm Filtration Finland) is excluded from these figures.
In Sweden, a continued good level of orders received was reported during the quarter and the number of enquiries received also continued at a high rate. Notable orders during the quarter included a system for handling metal chips and recycling cutting fluids in the metal fabrication industry, as well as extraction and filter systems for larger vehicle workshops.
Orders received remained stable in Denmark despite the market as a whole being weak. During the quarter two major orders were announced in the energy and environment industry.
The Norwegian market continued to progress positively with good invoicing and orders received, mainly related to investments in the oil industry and within vehicle workshops.
The economy in the UK was weak during the whole year, but Nederman won market share and was able to report stable levels of invoicing and orders received over the year thanks to the strong market position. During the final quarter we received a number of orders for filter equipment from crematoriums and a large number of enquiries for large industrial filter applications. Nederman UK received several awards during the year, including the prestigious "Best Supplier Partnership" with BAE Systems.
Orders received in France were good in the final quarter, especially within product sales.
Belgium reported stable order levels, although with some tendencies towards postponements of large projects due to uncertainty on the market. The greatest demand is in welding-related industries and vehicle workshops.
Nederman has not had a fully comprehensive presence in the Netherlands previously, but the market potential is considerable. After the end of the period Nederman acquired Lebon & Gimbrair and has thus established a platform from which to market Nederman's complete offer of products, complete solutions and service.
In Poland, orders received were stable in the quarter, especially within the wood and metal processing sectors, and within the energy sector. Throughout the year we have also seen positive development within solutions for vehicle workshops.
The market in the Czech Republic was stable with a good level of orders received for solutions for exhaust fume extraction from emergency vehicles and car repair shops as well as for solutions for extraction and filtering of welding fumes.
In Germany, where Nederman has its largest sales company, the market as a whole is good. Nederman's trend in invoicing and orders received remains positive. In the fourth quarter, large orders were received in the energy, foundry and asphalting sectors.
Countries in southern Europe were hit by the debt crisis and high unemployment in 2011. In Spain and Portugal we experienced further weakening in orders received in the fourth quarter.
In South East and Central Europe we view Turkey as an increasingly attractive market and after the end of the period we have strengthened our presence in the
country through the acquisition of a business. We have won important orders in Croatia and Slovenia. In Russia we have received orders from the railways and shipbuilding industries.
Only a small portion of Nederman's sales occur in Africa and the Middle East, but we expect demand to rise. We are looking at different alternatives to meet this rise in demand. During the quarter an order was received for air filtration at a foundry in South Africa, and after the end of the period we received an order for fire stations in Saudi Arabia.
| 1 Oct-31 Dec | Full year | Full year | ||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Incoming orders | 361.7 | 334.0 | 1,418.7 | 1,384.2 |
| Net sales | 407.1 | 374.0 | 1,410.8 | 1,424.2 |
| Depreciation | -4.2 | -4.2 | -20.9 | -23.9 |
| Operating profit | 45.7 | 36.3 | 140.2 | 120.8 |
Incoming orders for the fourth quarter amounted to SEK 361.7m, which is an increase of 12.0 per cent adjusted for currency effects, compared to the same period last year. Incoming orders for the whole increased by 8.0 per cent, adjusted for currency effects compared to previous year.
Net sales for the fourth quarter amounted to SEK 407.1m, which is an increase of 12.1 per cent adjusted for currency effects, compared to the same period last year. Net sales for the whole year increased by 4.4 per cent adjusted for currency effects.
Nederman China continues to develop according to plan with an increase in orders received compared with the same quarter in 2010. The Chinese market as a whole remains strong, but inflation is still high, which is a potential concern despite a decline in the rate of inflation in the final quarter of the year. Demand from wind turbine manufacturers declined during the year, although this was countered by good demand in other segments such as the welding-related industry and foundries. Nederman has continued to expand its geographic presence in China through a strong expansion of retailers and distributors. Capacity at the production plant in Suzhou was expanded during the latter part of the year.
An important order was received during the year for complete solutions for filtration of dust and hot gases in Komatsu's new foundry in Changzhou. The solution has been designed and manufactured locally by Nederman China, which illustrates the strength of developing a Chinese organization with local competence and capacity.
Nederman has opened a new school for truck mechanics and drivers together with Scania at the Guangdong Institute of Technology. This has gained a lot of attention which will help to spread awareness in China about the significance of a good working environment.
Thailand was badly affected by flooding, which affected the economy, infrastructure and construction. This led to delays in some projects and lower orders received in the second half of the year. Markets in South East Asia reported a positive trend with good development in Indonesia and Malaysia. In order to supply growing markets in South East Asia effectively, a decision has been made to increase production capacity by establishing a factory in Thailand. Due to delays caused by the flooding, this factory is not expected to be in operation until Q1 2013 when it will also operate as a distribution centre for South East Asia.
The Indian market remains strong and Nederman during the year noted a significant rise in invoicing and orders received. We have received further important orders from foundries and the wind power sector. Nederman's retailer network has continued to expand at a fast rate with the aim of driving product sales and generating leads for large projects.
The market in Australia remained stable. Nederman was previously mainly active in solutions for the welding-related industry. During Q4 Nederman introduced a range of larger systems for industrial air filtration, which received a good reception from the market. The market potential is considered to be high within larger filter solutions that take care of dust and particles.
The Brazilian market continues to develop positively and the country's economy is experiencing stable growth. To strengthen Nederman's position, shorten lead times, raise cost efficiency and increase local component procurement, a decision has been made to establish an assembly plant in the country. This is expected to be in operation during Q1 2012.
In the US Nederman has noted growing optimism in the investment climate. The merged sales organization is now meeting a larger proportion of the market.
In Canada the trend remains positive with good demand for products for extraction of welding fumes and vehicle exhaust fumes. The introduction of large filter solutions has been initiated.
| 1 Jan-31 Dec | Full year | Full year | ||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Incoming orders | 152.7 | 144.5 | 605.8 | 545.6 |
| Net sales | 180.1 | 126.3 | 590.1 | 530.6 |
| Depreciation | -3.1 | -4.9 | -12.8 | -14.8 |
| Operating profit | 20.6 | 13.4 | 67.4 | 37.2 |
Incoming orders for the fourth quarter amounted to SEK 152.7m, which is an increase of 4.7 per cent adjusted for currency effects, compared to the same period last year. Incoming order for the whole year increased by 18.6 per cent adjusted to currency effects, compared to previous year.
Net sales for the fourth quarter amounted to SEK 180.1m, which is an increase of 45.6 per cent adjusted for currency effects, compared to the same period last year. Net sales for the whole year increased by 19.1 per cent, adjusted for currency effects, compared to previous year.
With effect from 30 December 2011, Nederman has entered a new financing agreement with SEB. This agreement runs for three years and includes a nonbinding option for further extension of 1 + 1 years. The agreement has a credit framework of SEK 800m and is fully revolving.
On 5 January 2012 Nederman acquired Lebon & Gimbrair in the Netherlands. Nederman has had a collaboration with the company for over 40 years with Lebon & Gimbrair distributing Nederman's products on the Dutch market. The company had sales in 2011 of around EUR 12 million and 53 employees. Lebon & Gimbrair complements Nederman's existing subsidiary in the Netherlands, which means that Nederman now has a fully comprehensive presence in the country. The deal forms a strong platform for marketing Nederman's complete offer of products, complete solutions and service.
On 10 January 2012 Nederman acquired a business in Turkey from Havak Endüstri Tesisleri Tic. Ltd. Sti. Havak has been a distributor of Nederman's products in Turkey for the past 20 years. In 2011 the business had sales for appr. SEK 4 million. Both acquisitions will contribute positively to the Group´s result in 2012.
The outlook in Europe is difficult to predict due to the effects of the debt crisis. Several important markets, such as Sweden, Norway, Poland and Germany continue to report sound levels of demand. Meanwhile there are doubts about economic development in markets such as Denmark and Spain. The markets Americas and Asia Pacific remain positive.
The Board proposes a dividend of SEK 3.25 per share (1.50).
Incoming orders were SEK 514.4m (519.3), which adjusted for currency effects and acquisitions, is an increase of 9.8 per cent compared to the same quarter last year.
Net sales amounted to SEK 587.2m (521.8), which adjusted for currency effects and acquisitions, is an increase of 12.5 per cent compared to the same quarter last year.
The Group's operating profit for the quarter was SEK 59.8m (17.6). Adjusted for acquisition and restructuring costs, the operating profit was SEK 59.8m (39.1), giving an operating margin of 10.2 per cent (7.5).
The profit before tax increased to SEK 54.8m (12.1). The net profit was SEK 45.3m (10.3), giving earnings per share of SEK 3.87 (0.88).
The operating cash flow was SEK 39.5m (66.8). Capital expenditure during the quarter was SEK 7.9m (4.5).
Incoming orders was SEK 2,024.5m (1,689.8), which adjusted for currency effects, acquisitions and divestments is an increase of 11.0 per cent. The strong growth can be attributed partly to a number of large projects, but also to the fact that the underlying level of orders received progressed well.
Net sales amounted to SEK 2,000.9m (1,694.1), which adjusted for currency effects, acquisitions and divestments is an increase of 8.4 per cent.
The operating profit for the period was SEK 140.5m (51.3). The operating profit includes a gain of SEK 9.5m on the disposal of the Dantherm Filtration in Finland. Adjusted for this and excluding acquisition and restructuring costs, the operating profit was SEK 167.0m (106.7), giving an operating margin of 8.3 per cent (6.3).
SEK 35.6m in restructuring costs have been charged to the profit and loss account, all during the first quarter of the year.
Return on operating capital increased to 18.2 per cent compared to 14.1 per cent last year.
The profit before tax increased to SEK 107.8 m (26.9). The net profit was SEK 86.8m (21.1), giving earnings per share of SEK 7.41 (1.80).
The operating cash flow was SEK 112.8m (153.1). The cash flow has been negatively affected by increased capital tied up in inventory and operating receivables, an effect of more projects.
Capital expenditure during the period was SEK 24.8m (15.0), of which capitalised development costs amounted to SEK 4.6m (3.4).
Liquidity: At the end of the period the Group had SEK 149.1m in cash and cash equivalents as well as SEK 122.8m in available but unutilised overdraft facilities. In addition there was a credit facility of SEK 311.1m, which is a part of Nederman's loan agreement with SEB.
The equity in the Group as of 31 December 2011 amounted to SEK 556.8m (498.1). An ordinary dividend of 1.50 SEK per share was paid to shareholders in the second quarter, amounting in total to SEK 17.5m. The total number of shares was 11,715,340 at the end of the period.
The equity/assets ratio for the Group was 33.7 per cent as of 31 December 2011 (30.1). The net financial debt/equity ratio, calculated as net debt in relation to equity was 69.5 per cent (78.7).
The average number of employees during the quarter was 1,434 (1,309). The number of employees at the end of the period was 1,465 (1,455).
The Nederman Group and the parent company are exposed to a number of risks, mainly due to purchasing and selling of products in foreign currencies. The risks and uncertainties are described in detail in the Directors' Report on page 26 and in note 26 of the 2010 Annual Report. No circumstances have arisen to change the assessment of identified risks.
According to guidelines adopted by the AGM a nominations committee has been appointed comprising Göran Espelund (chairman), Lannebo Fonder, Jan Svensson, Investment AB Latour, and Fabian Hielte, Ernström & C:o AB ahead of the AGM in 2012. For questions concerning the work of the nominations committee, please contact: [email protected]
This interim report has been drawn up in accordance with IAS 34 (Interim Financial Reporting) and in accordance with RFR 1 of the Swedish Financial Accounting Standards Council. The financial statement for the parent company has been drawn up in accordance with RFR 2 (September 2011) of the Swedish Financial Accounting Standards Council. The accounting principles are in agreement with those presented in the 2010 annual report except for a small number of adjustments in existing standards and new interpretations that have come into effect as of 1 January 2011.
This interim report gives a fair overview of the Group's and parent company's activities, position and results as well as describing the significant risks and uncertainties that the parent company and Group companies face.
This report has not been verified by the company's auditors.
Helsingborg, 15 February 2012
Sven Kristensson Board Member and CEO
| 1 Oct–31 Dec | 1 Jan–31 Dec | |||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Net sales | 587.2 | 521.8 | 2,000.9 | 1,694.1 |
| Cost of goods sold | 351.8 | -314.0 | -1,170.8 | -996.3 |
| Gross profit | 235.4 | 207.8 | 830.1 | 697.8 |
| Selling expenses | -141.2 | -149.6 | -509.3 | -467.2 |
| Administrative expenses | -29.2 | -17.8 | -123.2 | -110.6 |
| Research and development expenses | -6.7 | -3.6 | -25.4 | -19.7 |
| Acquisition expenses | -1.2 | -0.4 | -11.8 | |
| Restructuring/ integration expenses | -20.3 | -35.6 | -43.6 | |
| Other operating income/expenses | 1.5 | 2.3 | 4.3 | 6.4 |
| Operating profit | 59.8 | 17.6 | 140.5 | 51.3 |
| Financial income | 1.8 | -0.2 | 3.7 | 4.2 |
| Financial expenses | -6.8 | -5.3 | -36.4 | -28.6 |
| Net financial income/expenses | -5.0 | -5.5 | -32.7 | -24.4 |
| Profit/loss before taxes | 54.8 | 12.1 | 107.8 | 26.9 |
| Taxes | -9.5 | -1.8 | -21.0 | -5.8 |
| Net profit/loss | 45.3 | 10.3 | 86.8 | 21.1 |
| Net profit/loss attributable to: | ||||
| The parent company's shareholders | 45.3 | 10.3 | 86.8 | 21.1 |
| Earnings per share | ||||
| before dilution (SEK) | 3.87 | 0.88 | 7.41 | 1.80 |
| after dilution (SEK) | 3.87 | 0.88 | 7.41 | 1.80 |
| 1 Oct–31 Dec | 1 Jan–31 Dec | |||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Net profit/loss | 45.3 | 10.3 | 86.8 | 21.1 |
| Other comprehensive income | ||||
| Translation differences | -12.5 | -7.1 | -10.6 | -37.7 |
| Total other comprehensive income | -12.5 | -7.1 | -10.6 | -37.7 |
| Total comprehensive income | 32.8 | -3.2 | 76.2 | -16.6 |
| Total comprehensive income attributable to: |
||||
| The parent company's shareholders | 32.8 | -3.2 | 76.2 | -16.6 |
| 31 Dec | 31 Dec | |
|---|---|---|
| SEK m | 2011 | 2010 |
| Assets | ||
| Goodwill | 464.5 | 469.8 |
| Other intangible fixed assets | 48.3 | 53.8 |
| Tangible fixed assets | 170.5 | 191.0 |
| Long-term receivables | 0.8 | 0.9 |
| Deferred tax assets | 56.0 | 46.0 |
| Total fixed assets | 740.1 | 761.5 |
| Inventory | 232.9 | 208.9 |
| Accounts receivable | 398.6 | 351.9 |
| Other receivables | 132.8 | 102.8 |
| Cash and cash equivalents | 149.1 | 228.0 |
| Total current assets | 913.4 | 891.6 |
| Total assets | 1,653.5 | 1,653.1 |
| Equity | 556.8 | 498.1 |
| Liabilities | ||
| Long-term interest bearing liabilities | 490.6 | 507.0 |
| Other long-term liabilities | 15.1 | 16.6 |
| Provision for pensions | 41.8 | 41.4 |
| Deferred tax liabilities | 17.4 | 24.4 |
| Total long-term liabilities | 564.9 | 589.4 |
| Current interest bearing liabilities | 3.4 | 71.8 |
| 129.9 | 121.8 | |
| Accounts payable Other liabilities |
398.5 | 372.0 |
| Total current liabilities | 531.8 | 565.6 |
| Total liabilities | 1,096.7 | 1,155.0 |
| Total equity and liabilities | 1,653.5 | 1,653.1 |
| SEK m | 31 Dec 2011 |
31 Dec 2010 |
|---|---|---|
| Opening balance on 1 January Dividend paid |
498.1 -17.5 |
514.7 |
| Total comprehensive income | 76.2 | -16.6 |
| Closing balance at the end of period | 556.8 | 498.1 |
| 1 Jan–31 Dec | ||
|---|---|---|
| SEK m | 2011 | 2010 |
| Operating profit | 140.5 | 51.3 |
| Adjustment for: | ||
| Depreciation of fixed assets | 42.1 | 38.2 |
| Other adjustments | -14.8 | 12.3 |
| Interest received and paid incl. other financial items | -33.5 | -19.5 |
| Taxes paid | -25.7 | -25.0 |
| Cash flow from operating activities before | ||
| changes in working capital | 108.6 | 57.3 |
| Cash flow from changes in working capital | -78.9 | 40.5 |
| Cash flow from operating activities | 29.7 | 97.8 |
| Net investment in fixed assets | -20.9 | -14.2 |
| Acquired/divested units | 16.9 | -138.2 |
| Cash flow before financing activities | 25.7 | -54.6 |
| Dividend paid | -17.5 | |
| Cash flow from other financing activities | -85.6 | 209.3 |
| Cash flow for the period | -77.4 | 154.7 |
| Cash and cash equivalents at the beginning of the period | 228.0 | 90.9 |
| Translation differences | -1.5 | -17.6 |
| Cash and cash equivalents at the end of the period | 149.1 | 228.0 |
| Operating cash flow | ||
| Operating profit | 140.5 | 51.3 |
| Adjustment for: | ||
| Depreciation of fixed assets | 42.1 | 38.2 |
| Restructuring and integration costs | 44.4 | 13.2 |
| Acquisition costs | 0.4 | 11.8 |
| Other adjustments | -14.8 | 12.3 |
| Cash flow from changes in working capital | -78.9 | 40.5 |
| Net investment in fixed assets | -20.9 | -14.2 |
| Operating cash flow | 112.8 | 153.1 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Operating profit/loss Other financial items |
-11.0 101.2 |
-11.3 29.4 |
-43.8 95.3 |
-33.2 14.8 |
| Loss after financial items | 90.2 | 18.1 | 51.5 | -18.4 |
| Appropriations | ||||
| Loss before taxes | 90.2 | 18.1 | 51.5 | -18.4 |
| Taxes | -1.6 | -2.4 | 12.5 | 7.1 |
| Net profit/loss | 88.6 | 15.7 | 64.0 | -11.3 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Net profit/loss | 88.6 | 15.7 | 64.0 | -11.3 |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | 0.0 |
| Total comprehensive income | 88.6 | 15.7 | 64.0 | -11.3 |
| SEK m | 31 Dec 2011 |
31 Dec 2010 |
|---|---|---|
| Assets | ||
| Total fixed assets | 977.3 | 891.9 |
| Total current assets | 86.6 | 103.0 |
| Total assets | 1,063.9 | 994.9 |
| Shareholder's equity | 406.3 | 359.8 |
| Liabilities | ||
| Total long-term liabilities | 488.9 | 564.5 |
| Total current liabilities | 168.7 | 70.6 |
| Total liabilities | 657.6 | 635.1 |
| Total shareholders' equity and liabilities | 1,063.9 | 994.9 |
| 31 Dec | 31 Dec | |
|---|---|---|
| SEK m | 2011 | 2010 |
| Opening balance on 1 January | 359.8 | 371.1 |
| Dividend paid | -17.5 | |
| Total comprehensive income | 64.0 | -11.3 |
| Closing balance at the end of period | 406.3 | 359.8 |
| SEK m | 2011 |
|---|---|
| Subsidiaries | |
| Other operating income | 8.8 |
| Dividends received | 89.2 |
| Group contributions | 20.2 |
| Financial income and expenses | 15.4 |
| Receivables on 31 December | 174.0 |
| Liabilities on 31 December | 153.8 |
| SEK m | 31 Dec 2011 |
31 Dec 2010 |
|---|---|---|
| Pledged assets | none | none |
| Contingent liabilities | 129.9 | 133.0 |
As previously announced in the financial statement and annual report for 2010, operating segments will be adjusted to reflect the integration of Dantherm Filtration. The two operating segments, Europe and International, will be the Group's reporting segments and will include their respective parts of Dantherm Filtration.
Undistributed items primarily constitute costs relating to Nederman Holding AB, which include the central main office departments.
| 1 Oct-31 Dec | Full year | Full year | ||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Europe | ||||
| Net sales | 407.1 | 378.5 | 1,410.8 | 1,227.3 |
| Depreciation | -4.2 | -5.0 | -20.9 | -20.0 |
| Operating profit * | 45.7 | 35.8 | 140.2 | 119.2 |
| International | ||||
| Net sales | 180.1 | 143.3 | 590.1 | 466.8 |
| Depreciation | -3.1 | -4.4 | -12.8 | -11.8 |
| Operating profit * | 20.6 | 15.1 | 67.4 | 35.2 |
| Not allocated | ||||
| Depreciation | -2.0 | -2.6 | -8.4 | -6.4 |
| Operating profit /loss* | -6.5 | -11.8 | -40.6 | -47.7 |
| Group | ||||
| Net sales | 587.2 | 521.8 | 2,000.9 | 1,694.1 |
| Depreciation | -9.3 | -12.0 | -42.1 | -38.2 |
| Operating profit * | 59.8 | 39.1 | 167.0 | 106.7 |
| Acquisition costs | -1.2 | -0.4 | -11.8 | |
| Restructuring and integration costs | -20.3 | -35.6 | -43.6 | |
| Capital gain on disposal of subsidiaries | 9.5 | |||
| Operating profit | 59.8 | 17.6 | 140.5 | 51.3 |
| Result before tax | 54.8 | 12.1 | 107.8 | 26.9 |
| Net result | 45.3 | 10.3 | 86.8 | 21.1 |
Consolidated operating segments including Dantherm Filtration pro forma Jan-April 2010
| 1 Oct-31 Dec | Full year | Full year | ||
|---|---|---|---|---|
| SEK m | 2011 | 2010 | 2011 | 2010 |
| Europe | ||||
| Net sales | 407.1 | 374.0 | 1,410.8 | 1,424.2 |
| Depreciation | -4.2 | -4.2 | -20.9 | -23.9 |
| Operating profit * | 45.7 | 36.3 | 140.2 | 120.8 |
| International | ||||
| Net sales | 180.1 | 126.3 | 590.1 | 530.6 |
| Depreciation | -3.1 | -4.9 | -12.8 | -14.8 |
| Operating profit * | 20.6 | 13.4 | 67.4 | 37.2 |
| Not allocated | ||||
| Depreciation | -2.0 | -2.5 | -8.4 | -9.0 |
| Operating profit /loss* | -6.5 | -14.8 | -40.6 | -56.2 |
| Group | ||||
| Net sales | 587.2 | 500.3 | 2,000.9 | 1,954.8 |
| Depreciation | -9.3 | -11.6 | -42.1 | -47.7 |
| Operating profit * | 59.8 | 34.9 | 167.0 | 101.8 |
*) excluding restructuring/integration costs, acquisition costs and capital gain on disposal of subsidiaries
| Annual Report 2011 | End of March, 2012 |
|---|---|
| Q1 Report | 23 April, 2012 |
| Annual Meeting | 23 April, 2012 |
| Q2 Report | 17 July 2012 |
| Q3 Report | 19 October 2012 |
This report contains forward-looking statements that are based on the current expectations of the management of Nederman. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors.
Nederman is required to disclose the information provided herein according to the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instrument Trading Act. The information was submitted for publication on 15 February 2012 at 8 a.m.
| Sven Kristensson, CEO | Stefan Fristedt, CFO |
|---|---|
| Telephone +46 (0)42-18 87 00 | Telephone +46 (0)42-18 87 00 |
| e-mail: [email protected] | e-mail: [email protected] |
Nederman Holding AB (publ), Box 602, SE-251 06 Helsingborg, Sweden Telephone +46 (0)42-18 87 00, Telefax +46 (0)42-18 77 11 Co. Reg. No. 556576-4205
Nederman is one of the world's leading companies supplying products and services in the environmental technology sector focusing on industrial air filtration and recycling. The company's products and systems are contributing to reducing the environmental effects from industrial production, to creating safe and clean working environments and to boosting production efficiency.
Nederman's offering encompasses everything from the design stage through to installation, commissioning and servicing. Sales are carried out via subsidiaries in 29 countries and agents and distributors in over 30 countries. Nederman develops and produces in its own manufacturing and assembly units in Europe, North America and Asia.
The Group is listed on Nasdaq OMX, Stockholm; it has about 1 400 employees and a turnover of about 2 billion SEK.
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