Quarterly Report • Jan 27, 2012
Quarterly Report
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Elanders finished the year with a strong fourth quarter that showed higher net sales and a better result compared to the same period the previous year. Net sales increased by 10 % during the quarter and with unchanged exchange rates the increase was 12 %, a sign of strength in an industry with negative growth in many markets. Elanders was quite successful in two of its most important markets, Sweden and Germany, growing organically in 2011 by 5 % and 10 % respectively in local currencies.
Summing up the year Elanders increased net sales by 8 %, or 12 % taking exchange rates into consideration, compared to the previous year. The result before tax greatly improved to MSEK 80 compared to MSEK -105 in 2010. Excluding one-off items this entails an improvement of MSEK 101 in operating profit, primarily due to better use of existing production capacity, cost reductions and success on the German and Swedish markets. Operating cash flow was also positive in the final quarter as a result of good profitability and good capacity utilization.
The positive development verifies that Elanders' strategic choices have been fruitful. We also broadened our customer base and deepened our relationship with many of our existing customers during the year. In 2012 we will continue to work on consolidating and optimizing our production units and intensify the development of new products and services. This will create a better foundation to build a stable platform for long lasting profitability.
The consolidation so important to the industry has continued. In 2011 Elanders contributed by taking over parts of the operations in the Swedish sheet-fed printers Fälth & Hässler and NRS Tryckeri and their integration is proceeding according to plan.
Magnus Nilsson President and Chief Executive Officer
| Full year | |||
|---|---|---|---|
| MSEK | 2011 | 2010 | 2009 |
| Net sales | 1,839 | 1,706 | 1,757 |
| Operating expenses | -1,729 | -1,782 | -1,817 |
| Operating result | 110 | -76 | -60 |
| Net financial items | -30 | -29 | -36 |
| Result after financial items | 80 | -105 | -96 |
| Fourth quarter | |||
| MSEK | 2011 | 2010 | 2009 |
| Net sales | 538 | 491 | 455 |
|---|---|---|---|
| Operating expenses | -481 | -485 | -483 |
| Operating result | 57 | 6 | -28 |
| Net financial items | -8 | -7 | -12 |
| Result after financial items | 49 | -1 | -40 |
Elanders is a global printing group with production units in ten countries on four continents. In 2011 our product areas were books & magazines, photo products, packaging, information & marketing material as well as manuals & product information. In 2012 these will be replaced by three new product areas: Commercial Print, Packaging and Web-to-Business (W2B). Elanders also offers services in Web-to-Print (W2P), EDI, advanced premedia, fulfillment and logistics within these areas.
The Group's production units are located in Brazil (São Paulo), Italy (Treviso), China (Beijing), Norway (Oslo), Poland (Płońsk), Great Britain (Newcastle), Sweden (Falköping, Gothenburg, Malmö and Stockholm), Germany (Stuttgart), Hungary (Zalalövő and Jászberény) as well as the USA (Atlanta). Elanders is also represented through sales offices in a number of other locations.
Consolidated net sales increased by MSEK 133 to MSEK 1,839 (1,706), i.e. 8 %. If exchange rates were unchanged compared to the same period last year the increase would have been MSEK 213, i.e. 12 %, of which MSEK 128 or 8 % is organic growth. The positive development is mainly due to success in Poland, Sweden, Germany and Hungary.
The operating result improved by MSEK 185 to MSEK 110 (-76). Compared to the previous year and excluding one-off items the operating result improved by MSEK 101. This year's operating result was affected positively by one-off items of MSEK 25 relating to the so called book VAT. The improvement from the previous year, excluding one-off items, comes from an increase in net sales, cost reductions made primarily in the Swedish operations as well as from continued success on the German market.
The necessary consolidation in the industry has continued. In 2011 Elanders took over parts of the operations in the Swedish sheet-fed printers Fälth & Hässler and NRS Tryckeri and their integration is proceeding according to plan.
At the end of December 2010 Elanders submitted a claim for a VAT refund to the Swedish Tax Agency pertaining to 2004. A decision in this matter was taken in April 2011 and Elanders received a refund of MSEK 70. In the fourth quarter, MSEK 25 attributable to 2004 was posted as income but there is still a great deal of uncertainty surrounding the remaining amount. Elanders has also submitted a claim for a VAT refund of MSEK 67 pertaining to 2005. Due to a number of uncertain factors it is difficult at this time to assess what effect this will have on Elanders' result and therefore the sum for 2005 has not, in full or partly, yet been posted as income. Elanders also intends to apply for a reassessment of the fiscal years 2006 and 2007.
In the fourth quarter net sales increased by MSEK 48 to MSEK 538 (491) or 10 %. With comparable units and unchanged exchange rates from the same period last year the increase would have been MSEK 43, i.e. 9 %.
The operating result improved by MSEK 51 to MSEK 57 (6) compared to the same period the previous year and excluding one-off items the operating result improved by MSEK 7.
No significant events beside those described above have taken place in the last quarter of the year.
January-December
The average number of employees during the period was 1,546 (1,520), of which 395 (445) were in Sweden. At the end of the period the Group had 1,582 (1,564) employees.
The average number of employees during the period was 1,570 (1,560), of which 404 (419) were in Sweden.
Investments for the year totaled MSEK 43 (76), of which MSEK 10 (27) referred to acquisitions. Group depreciation and write-downs amounted to MSEK 86 (102). Most of the investments have been in production equipment, primarily in Eastern Europe.
Investments for the period totaled MSEK 10 (23), of which MSEK 4 (0) referred to acquisitions. Group depreciation and write-downs for the period amounted to MSEK 22 (25).
Group net debt on 31 December 2011 amounted to MSEK 676 (732) and operating cash flow for the year was MSEK 93 (-90), of which acquisitions were MSEK -10 (-27). Operating cash flow for the fourth quarter amounted to MSEK 75 (-5), of which MSEK -4 (0) are attributable to acquisitions. At the end of the year equity was MSEK 880 (819), which resulted in an equity ratio of 44 % (41 %).
As of 30 September 2011 loans from the Group's main banks are reported as interest-bearing current liabilities since the credit agreement expires 30 September 2012. Negotiations regarding new credit agreements are expected to start during spring 2012. In the fourth quarter the Group signed agreements regarding interest swaps for MSEK 300 of Group debt. As a result the interest level for these debts has been hedged until 30 September 2014.
The Parent company has provided joint Group services. The average number of employees in the fourth quarter was 8 (10) and at the end of the period 8 (10).
Elanders is a global printing group with production units in ten countries on four continents. In 2011 our product areas were books & magazines, photo products, packaging, information & marketing material as well as manuals & product information. In 2012 these will be replaced by three new product areas: Commercial Print, Packaging and Web-to-Business (W2B). In these areas Elanders offers services in Webto-Print (W2P), EDI, advanced premedia, fulfillment and logistics.
Our customers can handle all their printing logistics through a single contact at Elanders, no matter how extensive they are or where in the world their products are delivered. Elanders has developed global Webbased order interfaces to support this process.
Elanders' vision is to be one of the leading graphic companies in the world. By leading we do not necessarily mean largest. We mean a company that best meets customer demands on effectiveness and delivery capability.
Elanders' strategies to fulfill our vision and support our business concept are:
Elanders divides risks into circumstantial risks (the future of printing, business cycles, structure and the competition), financial risks (currency, interest, financing and credit) as well as operational risks (customer concentration, operations, operating costs, contracts, disputes, insurance and other risk management as well as other operational risks). These risks, together with a sensitivity analysis, are described in detail on pages 44-47 in the Annual Report 2010. Circumstances in the world around us since the Annual Report was published are not believed to have caused any significant risks or influenced the way in which the Group works with these compared to the description in the Annual Report 2010.
The Group's net sales, and thereby income, are affected by the seasonal variations described in the Annual Report 2010. Elanders normally has a strong fourth quarter.
No significant events have taken place after the balance sheet date up to the date this report was signed.
The forecast for 2012 is an increase in net sales and a better result before tax, not including the MSEK 25 in positive one-off items posted in 2011.
The company auditors have not reviewed this report. The interim report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting and for the parent company in accordance with the Annual Accounts Act.
Except for the effects in parent company reporting due to the withdrawal of UFR 2 which concerns the presentation of group contributions and shareholder contributions the same accounting principles and calculation methods as those in the last Annual Report have been used.
The following are members of the nomination committee for the Annual General Meeting on 3 May 2012:
Carl Bennet (Chair) Carl Bennet AB Hans Hedström Carnegie Funds
Göran Erlandsson Representative for minor shareholders
Please find the nomination committee's contact information on the company's website www.elanders.com under "Corporate Governance".
Interim report first quarter 2012 3 May 2012 Interim report second quarter 2012 12 July 2012 Interim report third quarter 2012 22 October 2012 Annual accounts report 2012 28 January 2013
Mölnlycke 27 January 2012
Magnus Nilsson President and Chief Executive Officer
Further information can be found on Elanders' website www.elanders.com or via e-mail [email protected]. Questions concerning this report can be made to:
Magnus Nilsson Andréas Wikner Tel. +46 31 750 07 50 Tel. +46 31 750 07 50
President and CEO Chief Financial Officer
Elanders AB (publ) (Company ID 556008-1621) P.O. Box 137 SE-435 23 Mölnlycke, Sweden Phone +46 31 750 00 00
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
| Full year | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Net sales | 1,838.8 | 1,705.9 |
| Cost of products and services sold | -1,486.3 | -1,450.3 |
| Gross profit | 352.5 | 255.6 |
| Sales and administrative expenses | -284.7 | -334.6 |
| Other operating income | 54.0 | 49.7 |
| Other operating expenses | -12.0 | -40.6 |
| Income from jointly controlled entities | - | -6.3 |
| Operating result | 109.8 | -76.2 |
| Net financial items | -29.8 | -29.0 |
| Result after financial items | 80.0 | -105.2 |
| Income tax | -19.6 | 21.4 |
| Result for the year | 60.3 | -83.7 |
| Result for the year attributable to: | ||
| - parent company shareholders | 60.2 | -83.7 |
| - non-controlling interests | 0.1 | - |
| Earnings per share, SEK 1) 2) | 3.09 | -6.79 |
| Average number of shares, in thousands 3) | 19,530 | 12,342 |
| Outstanding shares at the end of the year, in thousands 3) |
19,530 | 19,530 |
| Fourth quarter | ||
| MSEK | 2011 | 2010 |
| Net sales | 538.4 | 490.9 |
| Cost of products and services sold Gross profit |
-427.1 111.3 |
-392.1 98.8 |
| Sales and administrative expenses | -82.7 | -85.2 |
| Other operating income | 35.3 | 4.4 |
| Other operating expenses | -6.6 | -9.2 |
| Income from jointly controlled entities | - | -3.2 |
| Operating result | 57.3 | 5.6 |
| Net financial items | -8.4 | -6.7 |
| Result after financial items | 48.9 | -1.1 |
| Income tax | -11.4 | -0.2 |
| Result for the period | 37.5 | -1.3 |
| Result for the period attributable to: | ||
| - parent company shareholders | 37.4 | -1.3 |
| - non-controlling interests | 0.1 | - |
| Earnings per share, SEK 1) 2) | 1.92 | -0.07 |
| Average number of shares, in thousands 3) Outstanding shares at the end of the period, in |
19,530 | 19,530 |
1) Earnings per share before and after dilution.
2) Earnings per share calculated by dividing the result for the year by the average number of outstanding shares during the year.
3) No adjustment of the historic number of shares has been made since the new share issue in 2010 did not entail any bonus issue element.
| Full year | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result for the year | 60.3 | -83.7 |
| Other comprehensive income | ||
| Translation differences, net after tax | 2.9 | -75.9 |
| Cash flow hedges, net after tax | -3.1 | -0.3 |
| Hedging of net investment abroad, net after tax | 0.2 | 6.6 |
| Other comprehensive income, net after tax | 0.0 | -69.6 |
| Total comprehensive income for the year | 60.3 | -153.3 |
| Total comprehensive income attributable to: | ||
| - parent company shareholders | 60.2 | -153.3 |
| - non-controlling interests | 0.1 | - |
| Fourth quarter | ||
| MSEK | 2011 | 2010 |
| Result for the period | 37.5 | -1.3 |
| Other comprehensive income | ||
| Translation differences, net after tax | -11.0 | -5.7 |
| Cash flow hedges, net after tax | -3.2 | -0.3 |
| Hedging of net investment abroad, net after tax | 1.9 | 1.3 |
| Other comprehensive income, net after tax | -12.3 | -4.7 |
| Total comprehensive income for the period | 25.2 | -6.0 |
| Total comprehensive income attributable to: | ||
| - parent company shareholders | 25.1 | -6.0 |
| Full year | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result after financial items | 80.0 | -105.2 |
| Adjustments for items not included in cash flow | 58.7 | 119.1 |
| Paid tax | -6.8 | -7.6 |
| Changes in working capital | -47.6 | -64.1 |
| Cash flow from operating activities | 84.3 | -57.8 |
| Cash flow from investing activities | -27.6 | -69.2 |
| Changes in long- and short-term borrowing | -27.6 | -106.0 |
| New share issue | - | 208.1 |
| Cash flow from financing activities | -27.6 | 102.1 |
| Cash flow for the year | 29.1 | -24.9 |
| Liquid funds at the beginning of the year | 50.1 | 78.9 |
| Translation difference | 2.0 | -3.8 |
| Liquid funds at the end of the year | 81.2 | 50.1 |
| Net debt at the beginning of the year | 732.2 | 837.4 |
| Translation difference in net debt | -0.2 | -16.9 |
| Net debt in acquisitions | - | 8.6 |
| Change in net debt | -56.5 | -96.9 |
| Net debt at the end of the year | 675.5 | 732.2 |
| Operating cash flow | 93.3 | -90.4 |
| Fourth quarter | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result after financial items | 48.9 | -1.1 |
| Adjustments for items not included in cash flow | 21.1 | 25.5 |
| Paid tax | 0.5 | 1.2 |
| Changes in working capital | -0.8 | -13.9 |
| Cash flow from operating activities | 69.7 | 11.7 |
| Cash flow from investing activities | -2.1 | -22.1 |
| Changes in long- and short-term borrowing | -53.1 | -31.5 |
| Cash flow from financing activities | -53.1 | -31.5 |
| Cash flow for the period | 14.5 | -41.9 |
| Liquid funds at the beginning of the period | 66.3 | 92.7 |
| Translation difference | 0.4 | -0.6 |
| Liquid funds at the end of the period | 81.2 | 50.2 |
| Net debt at the beginning of the period | 750.4 | 722.4 |
| Translation difference in net debt | -7.4 | 15.1 |
| Change in net debt | -67.5 | -5.3 |
| Net debt at the end of the period | 675.5 | 732.2 |
| Operating cash flow | 75.5 | -4.9 |
| December 31 | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Assets | ||
| Intangible assets | 869.5 | 875.2 |
| Tangible assets | 320.3 | 371.7 |
| Other fixed assets | 159.1 | 164.6 |
| Total fixed assets | 1,348.9 | 1,411.5 |
| Inventories | 125.6 | 118.7 |
| Accounts receivable | 385.3 | 365.0 |
| Other current assets | 63.6 | 67.0 |
| Cash and cash equivalents | 81.2 | 50.1 |
| Total current assets | 655.7 | 600.8 |
| Total assets | 2,004.6 | 2,012.3 |
| Equity and liabilities | ||
| Equity | 879.6 | 819.3 |
| Liabilities | ||
| Non-interest-bearing long-term liabilities | 40.3 | 36.1 |
| Interest-bearing long-term liabilities | 36.3 | 434.8 |
| Total long-term liabilities | 76.6 | 470.9 |
| Non-interest-bearing current liabilities | 327.9 | 374.6 |
| Interest-bearing current liabilities | 720.5 | 347.5 |
| Total current liabilities | 1,048.4 | 722.1 |
| Total equity and liabilities | 2,004.6 | 2,012.3 |
In 2011 loans from the Group's main banks are reported as interest-bearing current liabilities since the credit agreement expires within one year.
| MSEK | Equity attributable to parent company shareholders |
Equity attributable to non controlling interests |
Total equity |
|---|---|---|---|
| Equity at year-end 2009 | 763.3 | 1.8 | 765.1 |
| Transactions with shareholders with non-controlling interest | 1.2 | -1.8 | -0.6 |
| New share issue | 208.1 | - | 208.1 |
| Total comprehensive income for the year | -153.3 | - | -153.3 |
| Equity at year-end 2010 | 819.3 | - | 819.3 |
| Equity at year-end 2010 | 819.3 | - | 819.3 |
| Total comprehensive income for the year | 60.2 | 0.1 | 60.3 |
| Equity at year-end 2011 | 879.5 | 0.1 | 879.6 |
Effective the fourth quarter 2009 Group operations are reported as one reportable segment, since this is how the Group is now governed. This analysis identified the President as the highest decision-maker and the units in different countries were identified as operating segments. The operating segments were then merged to create a single reportable segment, consisting of the entire Group, since the units have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes, customer types etc. Regarding the financial information for the reportable segment please see the consolidated income statements and the statements of financial position along with related notes.
| Full year | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Net sales | - | - |
| Cost of products and services sold | - | - |
| Gross profit | - | - |
| Operating expenses | -26.0 | -29.4 |
| Operating result | -26.0 | -29.4 |
| Net financial items | 68.0 | -56.2 |
| Result after net financial items | 42.0 | -85.6 |
| Income tax | -34.3 | 25.3 |
| Result for the year | 7.7 | -60.3 |
A reversal of MSEK 14.7 of a previous reserve for a guarantee commitment is included in operating costs for 2010. As an effect of the withdrawal by the Swedish Financial Reporting Board of UFR 2 Group contributions and shareholder contributions the presentation of group contributions for 2010 of MSEK 70.0 has been adjusted compared to previous reports so that they are now included in Financial items.
| Fourth quarter | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Net sales | - | - |
| Cost of products and services sold | - | - |
| Gross profit | - | - |
| Operating expenses | -11,7 | -6,0 |
| Operating result | -11,7 | -6,0 |
| Net financial items | 73,9 | -67,9 |
| Result after net financial items | 62,2 | -73,9 |
| Income tax | -40,7 | 19,8 |
| Result for the period | 21,5 | -54,1 |
| Full year | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result for the year | 7.7 | -60.3 |
| Other comprehensive income | - | - |
| Total comprehensive income for the year | 7.7 | -60.3 |
| Fourth quarter | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result for the period | 21.5 | -54.1 |
| Other comprehensive income | - | - |
| Total comprehensive income for the period | 21.5 | -54.1 |
| December 31 | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Assets | ||
| Fixed assets | 1,322.9 | 1,272.4 |
| Current assets | 51.6 | 76.6 |
| Total assets | 1,374.5 | 1,349.0 |
| Equity, provisions and liabilities | ||
| Equity | 708.4 | 700.7 |
| Provisions | 3.9 | 3.8 |
| Long-term liabilities | 0.1 | 238.2 |
| Current liabilities | 662.1 | 406.3 |
| Total equity and liabilities | 1,374.5 | 1,349.0 |
In 2011 loans from the Group's main banks are reported as current liabilities since the credit agreement expires within one year.
| MSEK | Share capital |
Statutory reserve |
Retained earnings and result for the period |
Total equity |
|---|---|---|---|---|
| Equity at year-end 2009 | 97,7 | 332,4 | 122,8 | 552,9 |
| New share issue | 97,7 | - | 110,4 | 208,1 |
| Total comprehensive income for the year | - | - | -60,3 | -60,3 |
| Equity at year-end 2010 | 195,3 | 332,4 | 173,0 | 700,7 |
| Equity at year-end 2010 | 195,3 | 332,4 | 173,0 | 700,7 |
| Total comprehensive income for the year | - | - | 7,7 | 7,7 |
| Equity at year-end 2011 | 195,3 | 332,4 | 180,7 | 708,4 |
| MSEK | 2011 Q4 |
2011 Q3 |
2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2009 Q4 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 538 | 423 | 434 | 443 | 491 | 406 | 409 | 401 | 455 |
| Operating result | 57 | 13 | 21 | 19 | 6 | -62 | -8 | -12 | -28 |
| Operating margin, % | 10.6 | 3.0 | 4.8 | 4.3 | 1.1 | -15.2 | -2.0 | -3.0 | -6.2 |
| Result after financial items | 49 | 4 | 14 | 12 | -1 | -71 | -14 | -19 | -40 |
| Result after tax | 37 | 3 | 9 | 11 | -1 | -52 | -12 | -19 | -37 |
| Earnings per share, SEK 1) | 1.92 | 0.15 | 0.44 | 0.58 | -0.07 | -5.04 | -1.21 | -1.92 | -3.79 |
| Operating cash flow | 76 | -12 | 12 | 18 | -5 | -14 | -37 | -34 | 8 |
| Cash flow per share, SEK2) | 3.57 | -0.90 | 0.49 | 1.15 | 0.60 | -0.24 | -3.75 | -3.11 | 3.22 |
| Depreciation | 22 | 22 | 22 | 21 | 25 | 33 | 22 | 22 | 24 |
| Net investments | 2 | 8 | 8 | 10 | 22 | 21 | 9 | 17 | 24 |
| Goodwill | 834 | 847 | 840 | 831 | 836 | 843 | 863 | 868 | 895 |
| Total assets | 2,005 | 2,037 | 1,952 | 1,956 | 2,012 | 2,041 | 2,032 | 2,020 | 2,114 |
| Equity | 880 | 854 | 831 | 811 | 819 | 825 | 715 | 720 | 765 |
| Equity per share, SEK | 45.03 | 43.75 | 42.55 | 41.53 | 41.94 | 42.24 | 73.22 | 73.73 | 78.34 |
| Net debt | 676 | 750 | 721 | 718 | 732 | 722 | 906 | 868 | 837 |
| Capital employed | 1,555 | 1,605 | 1,551 | 1,529 | 1,552 | 1,548 | 1,621 | 1,588 | 1,602 |
| Return on total assets, %3) | 14.0 | 4.0 | 5.8 | 5.5 | 1.7 | -11.1 | -1.5 | -1.9 | -5.3 |
| Return on equity, %3) | 17.3 | 1.4 | 4.2 | 5.5 | -0.6 | -27.0 | -6.6 | -10.0 | -19.3 |
| Return on capital employed, %3) | 14.5 | 3.2 | 5.4 | 4.9 | 1.4 | -15.6 | -2.0 | -3.0 | -7.0 |
| Debt/equity ratio | 0.8 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.3 | 1.2 | 1.1 |
| Equity ratio, % | 43.9 | 42.0 | 42.6 | 41.5 | 40.7 | 40.4 | 35.2 | 35.6 | 36.2 |
| Interest coverage ratio 4) | 4.4 | 2.4 | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
| Number of employees at the end of | |||||||||
| the period | 1,582 | 1,562 | 1,554 | 1,523 | 1,564 | 1,556 | 1,523 | 1,457 | 1,538 |
1) There is no dilution.
2) Cash flow from operating activities per share, SEK.
3) Return ratios have been annualized.
4) Interest coverage ratio calculation is based on a moving 12 month period.
| 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 1,839 | 1,706 | 1,757 | 2,191 | 2,036 |
| Result after financial items, MSEK | 80 | -105 | -96 | -34 | 184 |
| Result after tax, MSEK | 60 | -84 | -74 | -26 | 172 |
| Earnings per share, SEK 1) | 3.09 | -6.79 | -7.57 | -2.62 | 18.06 |
| Cash flow from operating activities per share, SEK | 4.32 | -4.68 | 5.60 | 12.35 | 10.22 |
| Equity per share, SEK | 45.03 | 41.94 | 78.34 | 89.88 | 88.54 |
| Dividends per share, SEK | 0.502) | 0.00 | 0.00 | 0.00 | 4.50 |
| Operating margin, % | 6.0 | -4.5 | -3.4 | 0.7 | 11.1 |
| Return on total assets, % | 7.3 | -3.2 | -2.2 | 1.7 | 12.0 |
| Return on equity, % | 7.1 | -10.6 | -9.1 | -3.0 | 24.2 |
| Return on capital employed, % | 7.1 | -4.8 | -3.6 | 0.9 | 16.0 |
| Debt/equity ratio | 0.8 | 0.9 | 1.1 | 1.0 | 0.9 |
| Equity ratio, % | 43.9 | 40.7 | 36.2 | 36.8 | 38.9 |
| Average number of shares, in thousands 3) | 19,530 | 12,342 | 9,765 | 9,765 | 9,537 |
Key ratios correspond to those presented in the Annual Report for each year.
1) There is no dilution.
2) Proposed by the board.
3) No adjustment of the historic number of shares has been made since the new share issue in 2010 did not entail any bonus issue element.
| 2011 Q4 |
2010 Q4 |
2009 Q4 |
2008 Q4 |
2007 Q4 |
|
|---|---|---|---|---|---|
| Net sales, MSEK | 538 | 491 | 455 | 621 | 586 |
| Result after tax, MSEK | 37 | -1 | -37 | -30 | 63 |
| Earnings per share, SEK 1) | 1.92 | -0.07 | -3.79 | -3.03 | 6.49 |
| Cash flow from operating activities per share, SEK | 3.57 | 0.60 | 3.22 | 11.08 | 6.53 |
| Equity per share, SEK | 45.03 | 41.94 | 78.34 | 89.88 | 88.54 |
| Return on equity, % 2) | 17.3 | -0.06 | -19.3 | -13.9 | 30.5 |
| Return on capital employed, % 2) | 14.5 | 1.4 | -7.0 | -7.2 | 20.3 |
| Operating margin, % | 10.6 | 1.1 | -6.2 | -5.0 | 14.3 |
| Average number of shares, in thousands 3) | 19,530 | 19,530 | 9,765 | 9,765 | 9,765 |
1) There is no dilution.
2) Return ratios have been annualized.
3) No adjustment of the historic number of shares has been made since the new share issue in 2010 did not entail any bonus issue element.
| Cash flow from operating activities per share | Cash flow from operating activities for the year divided by |
|---|---|
| average number of shares. | |
| Capital employed | Total assets less cash and cash equivalents and non-interest |
| bearing liabilities. | |
| Debt/equity ratio | Interest-bearing liabilities less cash and cash equivalents in |
| relation to reported equity, including minority interests. | |
| Equity per share | Equity divided by outstanding shares at the end of the year. |
| Equity ratio | Equity (including minority interests) in relation to total assets. |
| Interest coverage ratio | Operating result plus interest income divided by interest costs. |
| Operating cash flow | Cash flow from operating activities and investing activities |
| adjusted for paid taxes and net financial items. | |
| Operating margin | Operating profit/loss in relation to net turnover. |
| Return on capital employed | Operating result in relation to average capital employed. |
| Return on equity | Result for the year in relation to average equity. |
| Return on total assets | Operating result plus financial income in relation to total assets. |
Elanders is a global printing group with production units in ten countries on four continents. In 2011 our product areas were books & magazines, photo products, packaging, information & marketing material as well as manuals & product information. In 2012 these will be replaced by three new product areas: Commercial Print, Packaging and Web-to-Business (W2B). In combination with these products Elanders also offers services in Web-to-print (W2P), EDI, advanced premedia, fulfillment and logistics.
The Group's production units are located in Brazil (São Paulo), Italy (Treviso), China (Beijing), Norway (Oslo), Poland (Płońsk), Great Britain (Newcastle), Sweden (Falköping, Gothenburg, Malmö and, Stockholm), Germany (Stuttgart), Hungary (Zalalövő and Jászberény) as well as the USA (Atlanta). Elanders is also represented through sales offices in a number of locations.
In these digitalized times sales show that there is still a high demand for books and new sales channels in addition to traditional book stores. When it comes to printing books Elanders can deliver the most exclusive books with advanced quality demands. Our customers include famous auction houses and editors specialized in high quality cookbooks.
Publishers of educational material are still an important customer group for Elanders. We primarily deliver printed educational material but we intend to offer more related services.
We also produce books and educational material in low-cost countries, especially the second or third editions after the first edition of a book has been printed.
Digital technology has made it easier for every-one to express their personality or surprise with gifts that they have designed themselves. Today everybody is their own photographer, which has led to an increase in the orders for personalized photo books, canvases, almanacs and wallpaper. At Elanders both companies and indirectly consumers are our customers on a rapidly growing market.
A trend that has been growing the past couple of years is that more and more of our customers are putting higher demands on packaging design. When a customer in a store is about to decide which product to choose, an attractive packaging can be the deciding factor. Elanders offers an entire range of boxes from simple to exclusive handmade packages and from very small to really large editions. And thanks to our experience we can offer personalized packaging as well.
Elanders can handle the entire chain from design and manufacturing to distribution. Advanced finishing techniques guarantee high quality results, which is highly valued by many companies with strong brands.
Information and marketing material are a big part of the work Elanders does. One rapidly growing sector is recipientoriented information containing customized solutions for different target groups all the way down to individuals.
The product area information & marketing material comprises magazines, catalogues, annual reports, fund reports and in-store material.
The demand for specifically targeted information has led to more and more specialized products. This trend is the answer to why the number of magazine and book titles is on the rise. When it comes to in-store material Elanders offers comprehensive solutions including design, production and delivery of finished sets to individual stores.
One of Elanders' specialties is manuals and other product information. Manuals are going through a metamorphosis. They are getting slimmer and more simplified but they are still an important service to customers buying a product. The way a manual is packaged together with a product is vital to creating the right feeling for the product and it contributes to strengthening the customer's own brand.
There is also an increase in demand from the automotive industry for customized and chassis specific manuals designed so that they harmonize with the extra features chosen by the end customer.
Several of the services that Elanders offers are included in the term Premedia and comprise the stages that come before printing and publishing. Some examples of arts and graphics services are layout, typography, image retouching and production of originals.
Our Premedia personnel all have years of experience and are all dedicated to achieving excellent results. Elanders also offers advanced just-in-time deliveries with different picking and packing solutions along with the storage and distribution of printed material.
Elanders' considerable investment in Web-to-print (W2P) goes hand-in-hand with the increased demand for print-ondemand solutions. This service is mainly intended for businesses but we are increasingly supplying consumers as well.
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