Quarterly Report • Oct 28, 2011
Quarterly Report
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The third quarter is normally a weak quarter for Elanders, mainly due to the summer holidays. The third quarter 2011 is no exception but for the fifth quarter in a row we have increased net sales compared with the same period last year and for the fourth quarter in a row we can present positive operating results. Excluding one-off items the operating result is MSEK 20 higher than for the same period last year. The quarter was also characterized by continued good demand and improved profitability compared to the last year. At the end of the quarter the uncertainty on the world financial market became noticeable and there seemed to be a certain hesitation on the European market.
Our offer of production in Poland and Hungary for the Swedish and German markets continues to develop very well. This, in combination with higher productivity in our operations, has led to growing market shares for Elanders, both in Sweden and in Germany. Currently Elanders' unit in Hungary is one of the largest sheet-fed printers in the country.
The consolidation necessary in the graphic industry continues. Elanders has contributed to this by taking over operations from other companies that have completely shut down their production. So far this year we have taken over parts of the operations in the Swedish sheet-fed printers Fälth & Hässler and NRS Tryckeri. And we have ongoing discussions with other partners.
Cash flow dwindled in the third quarter primarily due to production to inventory in order to be able to manage the deliveries in the fourth quarter. The takeover of operations has also tied up additional capital.
Our investments in personalized print and packaging are continuing to show results and we continue to win new customers and develop new, interesting product concepts in these segments. The product concept of customized luxury packaging has been well received by the market and we have customers
in consumer electronics, automotives, publishing companies, confectionery and cosmetics. Our clear strategy to be a global supplier that offers local deliveries to customers with a global presence has also generated positive results. This strategy has become increasingly effective as more and more global companies centralize their purchasing processes while at the same time they want local deliveries.
Magnus Nilsson President and Chief Executive Officer
| January-September | 2011 | 2010 | 2009 |
|---|---|---|---|
| MSEK | |||
| Net sales | 1,300 | 1,215 | 1,302 |
| Operating expenses | -1,248 | -1,297 | -1,334 |
| Operating result | 52 | -82 | -32 |
| Net financial items | -21 | -22 | -25 |
| Result after financial items | 31 | -104 | -57 |
| July-September | 2011 | 2010 | 2009 |
|---|---|---|---|
| MSEK | |||
| Net sales | 423 | 406 | 381 |
| Operating expenses | -410 | -468 | -402 |
| Operating result | 13 | -62 | -21 |
| Net financial items | -8 | -9 | -6 |
| Result after financial items | 4 | -71 | -28 |
Elanders is a global printing group with production units in ten countries on four continents. Our product areas are: books & magazines, photo products, packaging, information & marketing material, manuals & product information. 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.
Consolidated net sales increased by MSEK 85 to MSEK 1,300 (1,205), i.e. 7 %. If exchange rates were unchanged compared to the same period last year the increase would have been MSEK 155, i.e. 13 %, of which MSEK 85 or 7 % is organic growth. The positive development is mainly due to success in Poland, Sweden, Germany and Hungary.
The operating result improved by MSEK 134 to MSEK 52 (-82) compared to the first nine months in the previous year. Cleared of one-off items the operating result improved by MSEK 94. The improvement comes from an increase in net sales as well as cost reductions made primarily in the Swedish operations.
The necessary consolidation in the industry has continued. So far this year Elanders has taken over parts of the operations in the Swedish sheet-fed printers Fälth & Hässler and NRS Tryckeri and their integration is proceeding according to plan. There are also ongoing discussions with other interested parties.
At the end of December 2010 Elanders submitted a claim for refund of value added tax for 2004 to the Swedish Tax Agency. A decision in this matter was taken in April 2011 and Elanders received a refund of MSEK 70. Due to a number of uncertain factors it is difficult at this time to assess which effect this will have on Elanders' result and therefore this sum has not been accounted for as income. Elanders will during 2011 consider to also submitting claims for the fiscal years 2005-2007.
Consolidated net sales increased by MSEK 17 to MSEK 423 (406) or 4 %. With comparable units and unchanged exchange rates in a comparison to the same period last year the increase would have been MSEK 2.
The operating result improved by MSEK 75 to MSEK 13 (-62) compared to the same period the previous year. Cleared of one-off items the operating result improved by MSEK 20. The improvement is a direct result of cost reductions made primarily in Swedish operations.
During the third quarter Elanders announced the acquisition of parts of the Swedish printer NRS Tryckeri's operations which had net sales of MSEK 56 in 2010. The acquisition is expected to make a positive contribution to Elanders' net sales in 2011, and to the result and net sales beginning in 2012.
The graphic industry is still characterized by a surplus capacity and prices are pressed as a result. The industry is undergoing a consolidation, both through mergers and bankruptcies. Orders received continued to be high in the third quarter, even though there was a certain hesitation in the market at the end of the quarter due to the uncertainty on how the economy will develop.
The average number of employees during the period was 1,539 (1,506), of which 392 (454) were in Sweden. At the end of the period the Group had 1,562 (1,556) employees.
The average number of employees during the period was 1,546 (1,544), of which 394 (439) were in Sweden.
Investments for the period totaled MSEK 33 (52), of which MSEK 6 (27) referred to acquisitions. Group depreciation and write-downs for the period amounted to MSEK 64 (76). Most of the investments have been in production equipment, primarily in Eastern Europe.
Investments for the period totaled MSEK 8 (31), of which MSEK 6 (24) referred to acquisitions. Group depreciation and write-downs for the period amounted to MSEK 22 (32).
Group net debt amounted to MSEK 750 (722) and operating cash flow for the first nine months was MSEK 18 (-86), of which company acquisitions were MSEK -6 (-27). Operating cash flow for the third quarter amounted to MSEK -12 (-14), of which MSEK -6 (-24) are attributable to company acquisitions. Cash flow was affected negatively by production to inventory in order to be able to manage the deliveries in the fourth quarter. The fourth quarter is traditionally the strongest for Elanders. The takeover of operations has also tied up capital, resulting in increased borrowing. At the end of the period equity was MSEK 854 (825), which resulted in an equity ratio of 42 % (40 %).
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 at the beginning of 2012.
The Parent company has provided joint Group services. The average number of employees in the third quarter was 8 (18) and at the end of the period 8 (14).
Elanders is a global printing group with production units in ten countries on four continents. Our product areas are: books & magazines, photo products, packaging, information & marketing material, manuals & product information. In combination with these products Elanders also offers services in Web-to-Print (W2P), EDI, advanced premedia, fulfillment and logistics.
The customer can handle the entire printing logistics through a single contact at Elanders, no matter how extensive they are or where in the world they need to be delivered. As a support for this process Elanders has developed global Web-based order interfaces.
Elanders' vision is to be one of the leading graphic companies in the world. By leading we do not mean largest. We mean it is going to be the company that best meets customer demands on efficiency and delivery ability.
Elanders' strategies to fulfill our vision, support our business concept and reach our goals are to:
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 new 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 2011 remains unchanged with an expected positive result before tax.
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.
The same accounting principles and calculation methods as those in the last Annual Report have been used.
The following are the 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".
Annual Accounts Report 2011 27 January 2012 Interim report first quarter 2012 3 May 2012 Interim report second quarter 2012 12 July 2012
Mölnlycke 28 October 2011
Magnus Nilsson President and CEO
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 President and CEO Chief Financial Officer Tel. +46 31 750 07 50 Tel. +46 31 750 07 50
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.
We have reviewed this report for the period 1 January 2011 to 30 September 2011 for Elanders AB (publ), company reg.no 556008-1621. 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.
Gothenburg 28 October 2011
PricewaterhouseCoopers AB
Johan Rippe Authorised Public Accountant
| January-September | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Net sales | 1,300.4 | 1,215.0 |
| Cost of products and services sold | -1,059.2 | -1,058.2 |
| Gross profit | 241.2 | 156.8 |
| Sales and administrative expenses | -202.0 | -249.4 |
| Other operating income | 18.7 | 52.3 |
| Other operating expenses | -5.4 | -38.4 |
| Income from jointly controlled entities | - | -3.1 |
| Operating result | 52.5 | -81.8 |
| Net financial items | -21.4 | -22.3 |
| Result after financial items | 31.1 | -104.1 |
| Income tax | -8.2 | 21.6 |
| Result for the period | 22.9 | -82.5 |
| Result for the period attributable to: | ||
| - parent company shareholders | 22.9 | -82.5 |
| - non-controlling interests | - | - |
| Earnings per share, SEK 1) 2) | 1.17 | -8.29 |
| Average number of shares, in thousands 3) | 19,530 | 9,946 |
| Outstanding shares at the end of the period, in | 19,530 | 19,530 |
| thousands 3) |
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.
| MSEK | Third quarter 2011 2010 |
Last 12 months |
Full year 2010 |
|
|---|---|---|---|---|
| Net sales | 422.7 | 405.8 | 1,791.3 | 1,705.9 |
| Cost of products and services sold | -346.9 | -376.1 | -1,451.3 | -1,450.3 |
| Gross profit | 75.8 | 29.7 | 340.0 | 255.6 |
| Sales and administrative expenses | -66.0 | -88.1 | -287.2 | -334.6 |
| Other operating income | 4.9 | 27.4 | 23.1 | 49.7 |
| Other operating expenses | -2.2 | -29.5 | -14.6 | -40.6 |
| Income from jointly controlled entities | - | -1.3 | -3.2 | -6.3 |
| Operating result | 12.5 | -61.8 | 58.1 | -76.2 |
| Net financial items | -8.1 | -8.7 | -28.1 | -29.0 |
| Result after financial items | 4.4 | -70.5 | 30.0 | -105.2 |
| Income tax | -1.5 | 18.5 | -8.4 | 21.4 |
| Result for the period | 2.9 | -52.0 | 21.6 | -83.7 |
| Result for the period attributable to: | ||||
| - parent company shareholders | 2.9 | -52.0 | 21.6 | -83.7 |
| - non-controlling interests | - | - | - | - |
| Earnings per share, SEK 1) 2) | 0.15 | -5.04 | 1.11 | -6.79 |
| Average number of shares, in thousands 3) | 19,530 | 10,308 | 19,530 | 12,342 |
| Outstanding shares at the end of the period, in thousands 3) |
19,530 | 19,530 | 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.
| January-September | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result for the period | 22.9 | -82.5 |
| Other comprehensive income | ||
| Translation differences, net after tax | 13.9 | -70.2 |
| Cash flow hedges, net after tax | 0.1 | 0.1 |
| Hedging of net investment abroad, net after tax | -1.7 | 5.3 |
| Other comprehensive income, net after tax | 12.3 | -64.8 |
| Total comprehensive income for the period | 35.2 | -147.3 |
| Total comprehensive income attributable to: | ||
| - parent company shareholders | 35.2 | -147.3 |
| - non-controlling interests | - | - |
| Third quarter | Last | Full year | ||
|---|---|---|---|---|
| MSEK | 2011 | 2010 | 12 months | 2010 |
| Result for the period | 2.9 | -52.0 | 21.6 | -83.7 |
| Other comprehensive income | ||||
| Translation differences, net after tax | 21.6 | -47.6 | 8.2 | -75.9 |
| Cash flow hedges, net after tax | -0.2 | 0.1 | -0.3 | -0.3 |
| Hedging of net investment abroad, net after tax | -0.7 | 1.5 | -0.4 | 6.6 |
| Other comprehensive income, net after tax | 20.7 | -46.0 | 7.5 | -69.6 |
| Total comprehensive income for the period | 23.6 | -98.0 | 29.1 | -153.3 |
| Total comprehensive income attributable to: | ||||
| - parent company shareholders | 23.6 | -98.0 | 29.1 | -153.3 |
| - non-controlling interests | - | - | - | - |
| January-September | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result after financial items | 31.1 | -104.1 |
| Adjustments for items not included in cash flow | 37.6 | 93.6 |
| Paid tax | -7.3 | -8.8 |
| Changes in working capital | -46.8 | -50.2 |
| Cash flow from operating activities | 14.6 | -69.5 |
| Cash flow from investing activities | -25.5 | -47.1 |
| Changes in long- and short-term borrowing | 25.5 | -74.5 |
| New share issue | - | 208.1 |
| Cash flow from financing activities | 25.5 | 133.6 |
| Cash flow for the year | 14.6 | 17.0 |
| Liquid funds at the beginning of the year | 50.1 | 78.9 |
| Translation difference | 1.6 | -3.3 |
| Liquid funds at the end of the year | 66.3 | 92.6 |
| Net debt at the beginning of the year | 732.2 | 837.4 |
| Translation difference in net debt | 7.2 | -32.0 |
| Net debt in acquisitions | - | 8.6 |
| Change in net debt | 11.0 | -91.6 |
| Net debt at the end of the year | 750.4 | 722.4 |
| Operating cash flow | 17.8 | -85.5 |
| Third quarter | Last | Full year | ||
|---|---|---|---|---|
| MSEK | 2011 | 2010 | 12 months | 2010 |
| Result after financial items | 4.4 | -70.5 | 30.0 | -105.2 |
| Adjustments for items not included in cash flow | 20.4 | 70.5 | 63.1 | 119.1 |
| Paid tax | -4.3 | -1.1 | -6.1 | -7.6 |
| Changes in working capital | -38.0 | -1.4 | -60.7 | -64.1 |
| Cash flow from operating activities | -17.5 | -2.5 | 26.3 | -57.8 |
| Cash flow from investing activities | -7.5 | -21.4 | -47.6 | -69.2 |
| Changes in long and short-term borrowing | 30.3 | -136.4 | -6.0 | -106.0 |
| New share issue | - | 208.1 | - | 208.1 |
| Cash flow from financing activities | 30.3 | 71.7 | -6.0 | 102.1 |
| Cash flow for the year | 5.3 | 47.8 | -27.3 | -24.9 |
| Liquid funds at the beginning of the year | 58.5 | 48.8 | 92.6 | 78.9 |
| Translation difference | 2.5 | -4.0 | 1.0 | -3.8 |
| Liquid funds at the end of the year | 66.3 | 92.6 | 66.3 | 50.1 |
| Net debt at the beginning of the year | 720.6 | 905.6 | 722.4 | 837.4 |
| Translation difference in net debt | 4.5 | -19.4 | 22.3 | -16.9 |
| Net debt in acquisitions | - | 8.6 | - | 8.6 |
| Change in net debt | 25.3 | -172.4 | 5.7 | -96.9 |
| Net debt at the end of the year | 750.4 | 722.4 | 750.4 | 732.2 |
| Operating cash flow | -12.5 | -14.1 | 12.9 | -90.4 |
| Sep. 30 | Sep. 30 | Dec. 31 | |
|---|---|---|---|
| MSEK | 2011 | 2010 | 2010 |
| Assets | |||
| Intangible assets | 887.2 | 887.7 | 875.2 |
| Tangible assets | 340.7 | 371.3 | 371.7 |
| Other fixed assets | 164.7 | 163.8 | 164.6 |
| Total fixed assets | 1,392.6 | 1,422.8 | 1,411.5 |
| Inventories | 143.2 | 113.1 | 118.7 |
| Accounts receivable | 362.7 | 335.1 | 365.0 |
| Other current assets | 71.9 | 77.5 | 67.0 |
| Cash and cash equivalents | 66.3 | 92.6 | 50.1 |
| Total current assets | 644.1 | 618.3 | 600.8 |
| Total assets | 2,036.7 | 2,041.1 | 2,012.3 |
| Equity and liabilities | |||
| Equity | 854.5 | 825.3 | 819.3 |
| Liabilities | |||
| Non-interest-bearing long-term liabilities | 40.5 | 38.6 | 36.1 |
| Interest-bearing long-term liabilities | 41.1 | 326.4 | 434.8 |
| Total long-term liabilities | 81.6 | 365.0 | 470.9 |
| Non-interest-bearing current liabilities | 324.9 | 362.2 | 374.6 |
| Interest-bearing current liabilities | 775.7 | 488.6 | 347.5 |
| Total current liabilities | 1,100.6 | 850.8 | 722.1 |
| Total equity and liabilities | 2,036.7 | 2,041.1 | 2,012.3 |
As of 30 September 2011 loans from the Group's main banks are reported as interest-bearing current liabilities since the credit agreement expires within a 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 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 period | -147.3 | - | -147.3 |
| Equity at the end of the third quarter 2010 | 825.3 | - | 825.3 |
| Equity at year-end 2010 | 819.3 | - | 819.3 |
| Total comprehensive income for the period | 35.2 | - | 35.2 |
| Equity at the end of the third quarter 2011 | 854.5 | - | 854.5 |
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 operating 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 operating segment please see the consolidated income statements and the statements of financial position along with related notes.
| January-September | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Net sales | - | - |
| Cost of products and services sold | - | - |
| Gross profit | - | - |
| Operating expenses | -14.3 | -23.4 |
| Operating result | -14.3 | -23.4 |
| Net financial items | -5.9 | 11.7 |
| Result after net financial items | -20.2 | -11.7 |
| Income tax | 6.4 | 5.5 |
| Result for the period | -13.8 | -6.2 |
A reversal of MSEK 14.7 of a previous reserve for a guarantee commitment is included in operating costs for the period January-September 2010.
| MSEK | Third quarter 2011 2010 |
Last 12 months |
Full year 2010 |
|
|---|---|---|---|---|
| Net sales | - | - | - | - |
| Cost of products and services sold | - | - | - | - |
| Gross profit | - | - | - | - |
| Operating expenses | -6.6 | -10.5 | -20.3 | -29.4 |
| Operating result | -6.6 | -10.5 | -20.3 | -29.4 |
| Net financial items | -3.6 | -2.2 | -3.8 | 13.8 |
| Result after net financial items | -10.2 | -12.7 | -24.1 | -15.6 |
| Income tax | 2.7 | 3.3 | 7.8 | 6.9 |
| Result for the period | -7.5 | -9.4 | -16.3 | -8.7 |
| January-September | ||
|---|---|---|
| MSEK | 2011 | 2010 |
| Result for the period | -13.8 | -6.2 |
| Other comprehensive income | - | - |
| Total comprehensive income for the period | -13.8 | -6.2 |
| MSEK | 2011 | Third quarter 2010 |
Full year 2010 |
|
|---|---|---|---|---|
| Result for the period | -7.5 | -9.4 | -16.3 | -8.7 |
| Other comprehensive income | ||||
| Paid Group contribution, net after tax | - | - | -51.6 | -51.6 |
| Total comprehensive income | - | - | -51.6 | -51.6 |
| Total comprehensive income for the period | -7.5 | -9.4 | -67.9 | -60.3 |
| MSEK | Sep. 30 2011 |
Sep. 30 2010 |
Dec. 31 2010 |
|---|---|---|---|
| Assets | |||
| Fixed assets | 1,279.0 | 1,268.1 | 1,272.4 |
| Current assets | 64.0 | 163.5 | 76.6 |
| Total assets | 1,343.0 | 1,431.6 | 1,349.0 |
| Equity, provisions and liabilities | |||
| Equity | 686.9 | 754.8 | 700.7 |
| Provisions | 3.7 | 3.9 | 3.8 |
| Long-term liabilities | 0.1 | 146.3 | 238.2 |
| Current liabilities | 652.3 | 526.6 | 406.3 |
| Total equity and liabilities | 1,343.0 | 1,431.6 | 1,349.0 |
As of 30 September 2011 loans from the Group's main banks are reported as current liabilities since the credit agreement expires within a 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 2009 | 97.7 | 332.4 | 122.8 | 552.9 |
| New share issue | 97.7 | - | 110.4 | 208.1 |
| Total comprehensive income for the period | - | - | -6.2 | -6.2 |
| Equity at the end of the third quarter 2010 | 195.3 | 332.4 | 227.1 | 754.8 |
| Equity at year-end 2010 | 195.3 | 332.4 | 173.0 | 700.7 |
| Total comprehensive income for the period | - | - | -13.8 | -13.8 |
| Equity at the end of the third quarter 2011 | 195.3 | 332.4 | 159.2 | 686.9 |
| MSEK | 2011 Q3 |
2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2009 Q4 |
2009 Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 423 | 434 | 443 | 491 | 406 | 409 | 401 | 455 | 381 |
| Operating result | 13 | 21 | 19 | 6 | -62 | -8 | -12 | -28 | -21 |
| Operating margin, % | 3.0 | 4.8 | 4.3 | 1.1 | -15.2 | -2.0 | -3.0 | -6.2 | -5.6 |
| Result after financial items | 4 | 14 | 12 | -1 | -71 | -14 | -19 | -40 | -28 |
| Result after tax | 3 | 9 | 11 | -1 | -52 | -12 | -19 | -37 | -17 |
| Earnings per share, SEK 1) | 0.15 | 0.44 | 0.58 | -0.07 | -5.04 | -1.21 | -1.92 | -3.79 | -1.67 |
| Operating cash flow | -12 | 12 | 18 | -5 | -14 | -37 | -34 | 8 | -33 |
| Cash flow per share, SEK2) | -0.90 | 0.49 | 1.15 | 0.60 | -0.24 | -3.75 | -3.11 | 3.22 | -3.14 |
| Depreciation | 22 | 22 | 21 | 25 | 33 | 22 | 22 | 24 | 26 |
| Net investments | 8 | 8 | 10 | 22 | 21 | 9 | 17 | 24 | 12 |
| Goodwill | 847 | 840 | 831 | 836 | 843 | 863 | 868 | 895 | 889 |
| Total assets | 2,037 | 1,952 | 1,956 | 2,012 | 2,041 | 2,032 | 2,020 | 2,114 | 2,083 |
| Equity | 854 | 831 | 811 | 819 | 825 | 715 | 720 | 765 | 787 |
| Equity per share, SEK | 43.75 | 42.55 | 41.53 | 41.94 | 42.24 | 73.22 | 73.73 | 78.34 | 80.59 |
| Net debt | 750 | 721 | 718 | 732 | 722 | 906 | 868 | 837 | 836 |
| Capital employed | 1,605 | 1,551 | 1,529 | 1,552 | 1,548 | 1,621 | 1,588 | 1,602 | 1,622 |
| Return on total assets, %3) | 4.0 | 5.8 | 5.5 | 1.7 | -11.1 | -1.5 | -1.9 | -5.3 | -4.1 |
| Return on equity, %3) | 1.4 | 4.2 | 5.5 | -0.6 | -27.0 | -6.6 | -10.0 | -19.3 | -8.1 |
| Return on capital employed, %3) | 3.2 | 5.4 | 4.9 | 1.4 | -15.6 | -2.0 | -3.0 | -7.0 | -4.6 |
| Debt/equity ratio | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.3 | 1.2 | 1.1 | 1.1 |
| Equity ratio, % | 42.0 | 42.6 | 41.5 | 40.7 | 40.4 | 35.2 | 35.6 | 36.2 | 37.8 |
| Interest coverage ratio 3) | 2.4 | neg. | neg. | neg. | neg. | neg. | neg. | neg. | neg. |
| Number of employees at the end of | |||||||||
| the period | 1,562 | 1,554 | 1,523 | 1,564 | 1,556 | 1,523 | 1,457 | 1,538 | 1,541 |
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.
| 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 1,706 | 1,757 | 2,191 | 2,036 | 1,988 |
| Result after financial items, MSEK | -105 | -96 | -34 | 184 | -32 |
| Result after tax, MSEK | -84 | -74 | -26 | 172 | -49 |
| Earnings per share, SEK 1) | -6.79 | -7.57 | -2.62 | 18.06 | -5.54 |
| Dividends per share, SEK | 0.00 | 0.00 | 0.00 | 4.50 | 2.36 |
| Operating margin, % | -4.5 | -3.4 | 0.7 | 11.1 | -0.4 |
| Return on equity, % | -10.6 | -9.1 | -3.0 | 24.2 | -8.2 |
| Return on total assets, % | -3.2 | -2.2 | 1.7 | 12.0 | -0.3 |
| Return on capital employed, % | -4.8 | -3.6 | 0.9 | 16.0 | -0.7 |
| Debt/equity ratio | 0.9 | 1.1 | 1.0 | 0.9 | 1.1 |
| Equity ratio, % | 40.7 | 36.2 | 36.8 | 38.9 | 33.9 |
| Average number of shares, in thousands 2) | 12,342 | 9,765 | 9,765 | 9,537 | 8,855 |
Key ratios correspond to those presented in the Annual Report for each year.
1) There is no dilution.
2) 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 Jan-Sep |
2010 Jan-Sep |
2009 Jan-Sep |
2008 Jan-Sep |
2007 Jan-Sep1) |
|
|---|---|---|---|---|---|
| Net sales, MSEK | 1,300 | 1,215 | 1,302 | 1,571 | 1,449 |
| Result after tax, MSEK | 23 | -83 | -37 | 4 | 109 |
| Earnings per share, SEK 2) | 1.17 | -8.29 | -3.78 | 0.41 | 11.50 |
| Cash flow from operating activities per share, SEK | 0.75 | -6.99 | 2.40 | 1.27 | 3.55 |
| Equity per share, SEK | 43.75 | 42.24 | 80.59 | 86.97 | 80.66 |
| Return on equity, % 3) | 3.6 | -13.8 | -6.0 | 0.6 | 20.4 |
| Return on capital employed, % 3) | 4.4 | -6.9 | -2.5 | 3.8 | 13.8 |
| Operating margin, % | 4.0 | -6.7 | -2.4 | 3.0 | 9.8 |
| Average number of shares, in thousands 4) | 19,530 | 9,946 | 9,765 | 9,765 | 9,462 |
1) The figures include discontinued operations in Kungsbacka, i.e. directories production, that were discontinued in the first quarter 2007.
2) There is no dilution.
3) Return ratios have been annualized.
4) 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 Q3 |
2010 Q3 |
2009 Q3 |
2008 Q3 |
2007 Q3 |
|
|---|---|---|---|---|---|
| Net sales, MSEK | 423 | 406 | 381 | 516 | 471 |
| Result after tax, MSEK | 3 | -52 | -17 | -22 | 54 |
| Earnings per share, SEK 1) | 0.15 | -5.04 | -1.67 | -2.25 | 5.54 |
| Cash flow from operating activities per share, SEK | -0.90 | -0.24 | -3.14 | -2.69 | -3.04 |
| Equity per share, SEK | 43.75 | 42.24 | 80.59 | 86.97 | 80.66 |
| Return on equity, % 2) | 1.4 | -11.0 | -8.1 | -10.4 | 28.3 |
| Return on capital employed, % 2) | 3.2 | -5.1 | -4.6 | -2.2 | 13.8 |
| Operating margin, % | 3.0 | -15.2 | -5.6 | -1.7 | 11.5 |
| Average number of shares, in thousands 3) | 19,530 | 10,308 | 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.
| 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 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. Our product areas are books & magazines, photo products, packaging, information & marketing material as well as manuals & product information. 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 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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