Quarterly Report • Aug 24, 2011
Quarterly Report
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Interim Report January – June 2011
The merger with Hamelin is progressing as planned and a new, stronger Bong is taking shape. A great deal has already been accomplished in the work to realise synergies, which is continuing full force," says Bong President and CEO Anders Davidsson. "However, the volume trend for envelopes is weaker than expected. Combined with continued price increases on uncoated fi ne paper and other raw materials, this is putting pressure on earnings. We are working hard to pass on the price increases and further reinforce our cost effi ciency programme.
Bong is a leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the ProPac packaging concept and the Russian market. The Group has annual sales of approximately SEK 3.5 billion and about 2,500 employees in 15 countries. Bong enjoys
strong market positions, particularly in northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company whose stock is quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).
Demand remained soft in the West European envelope market in the second quarter. Volumes declined slightly compared to last year, due partly to fewer working days and partly to the weak market. The positive trend continued in Russia and East Europe, where volumes grew compared to 2010.
French envelope manufacturer GPV, with operations in France, England, Romania and Bulgaria and a European market share of around 10 percent, went into receivership in the second quarter. The receiver began proceedings during the summer to sell all or part of GPV to a new owner. The European industry organisation FEPE reports that the German Mayer Group and the Spanish Tompla Group have both submitted bids to take over GPV. Bong has not made a bid.
The packaging market, in which Bong sells its ProPac range, is signifi cantly larger and more multifaceted than the envelope market. Market statistics for the niches in which Bong is active are unavailable or diffi cult to obtain. In Bong's assessment, demand for packages used in sectors including e-commerce, mail order and retail is still growing and strong growth potential is expected over time.
Consolidated sales for the fi rst half of the year were SEK 1,602 million. The Hamelin merger had positive impact on consolidated sales, while the depreciation of the euro had negative impact. Recalculated at last year's exchange rate, consolidated sales would have amounted to SEK 1,736 million.
The volume trend for envelopes fell somewhat short of expectations during the fi rst half, which constrained earnings. ProPac delivered growth of 47%, driven primarily by the Hamelin deal (mainly expander bags), the acquisition of Bong CSK (bubble bags) in Poland and growth in sales of gift bags to the retail trade.
Operating profi t improved to SEK 42 million (24). Figured at last year's exchange rate, operating profi t would have amounted to SEK 47 million.
Prices for uncoated fi ne paper, Bong's main input material, continued upwards during the interim period, which squeezed margins. Due to overcapacity in the European market, it is a challenge for Bong to immediately and fully compensate for the price increases on uncoated fi ne paper. It is normally possible for Bong to pass on price increases after a certain lag.
Bong is reporting net fi nancial items of SEK -31 million (-15), profi t before tax of SEK 11 million (9) and profi t after tax of SEK 7 million (6). There were certain costs of a non-recurring nature during the period, as well as the reversal of a minor reserve.
The process of integrating Hamelin and efforts to realise announced synergies progressed as planned during the interim period. Cost synergies had only minor impact on earnings during the fi rst half of 2011. Please refer also to "Events after the end of the reporting period" on page 4. The weak volume trend in the envelope market has made it necessary for Bong to reinforce its cost savings and synergies programme. Efforts towards this end are ongoing and will continue throughout autumn 2011.
Consolidated sales for the second quarter were SEK 747 million (468). The Hamelin merger had positive impact on consolidated sales, while the depreciation of the euro had negative impact. Recalculated at last year's exchange rate, consolidated sales would have amounted to SEK 805 million.
Bong sales are seasonally lower in the second quarter, especially in relation to the fi rst and fourth quarters. In addition, the second quarter was characterised by a low number of working days since Easter fell in April and the month of June included more public holidays than usual in most European countries. Higher paper prices and fi erce price competition squeezed margins during the quarter.
At SEK 16 million (11), operating profi t improved over last year. At last year's exchange rate, operating profi t for the quarter would have amounted to SEK 17 million. Bong is reporting net fi nancial items of SEK -18 million (- 8), earnings before tax of SEK -2 million ( 3) and earnings after tax of SEK -2 million ( 2). There were certain costs of a non-recurring nature during the period, as well as the reversal of a minor reserve.
Cash fl ow after investing activities amounted to SEK 67 million (-19). Working capital was reduced by SEK 38 million during the period, related primarily to synergies in supplier payment terms after the merger with Hamelin's envelope division. As customary during the second quarter, cash fl ow was negatively affected by a seasonal increase in working capital in the form of inventory build-up ahead of factory shutdowns for industrial holidays. Higher paper prices also lead to increases in capital tied-up. Previously allocated structural costs affected reduced cash fl ow during the period by approximately SEK 20 million.
Investing activities during the interim period generated positive cash fl ow of SEK 8 million. The fi gure includes payment of fi nal purchase consideration of SEK 26 million to Holdham S.A. for the Hamelin acquisition, as well as the acquisition of Egå Offset in Denmark and normal capital expenditures of SEK 42 million. Notable expenditures included investments in machinery to increase capacity within ProPac (gift bags) and expansion of the Group's Russian property, as well as investments in business systems for the new Group.
The Group's factory in Wuppertal, Germany was sold in June. The transaction had no effect on earnings, but brought in cash proceeds of EUR 9 million, which had positive impact on cash fl ow.
Cash and cash equivalents and interest-bearing receivables at 30 June 2011 amounted to SEK 157 million (149 at 31 December 2010). The Group had unutilised credit facilities of SEK 267 million at 30 June 2011. This brought total available liquidity to SEK 424 million.
Consolidated equity at the end of June 2011 was SEK 532 million (531 million at 31 December 2010). Translation of net assets in foreign subsidiaries to Swedish crowns, changes in the fair value of derivative instruments and dividends to shareholders increased consolidated equity by SEK 1 million.
Interest-bearing net loan debt was reduced by SEK 41 million during the period to SEK 1,021 million (1,062 at 31 December 2010). Translation of net loans in foreign currency to Swedish crowns increased the Group's net loan debt by SEK 3 million.
The average number of employees during the period was 2,483 (1,231). The Group had 2,452 (1,235) employees at the end of June 2011. The large change is attributable to the 2010 merger with Hamelin's envelope division.
The parent company's business extends to management of operating subsidiaries and Group management functions. Net sales were SEK 11 million (14) and the parent company is reporting earnings before tax of SEK -32 million (-4) for the period.
As previously announced in a press release on 3 January 2011, Bong has acquired the Danish envelope and printing company Egå Offset's operations in Århus. Through the acquisition, Bong gained an envelope printing plant and combined with the Danish subsidiary Bong Bjørnbak A/S became the leading supplier of printed envelopes throughout Denmark. Egå Offset,
a family business specialised in overprinting and envelope sales, is a signifi cant regional player on the Danish island of Jutland. The company has annual sales of approximately SEK 30 million and 17 employees. The acquisition made a positive contribution to Bong's earnings as of the fi rst quarter of 2011.
An agreement was reached in early July with the relevant trades unions concerning comprehensive restructuring of Bong's envelope production in Belgium. As a result of the agreement, the bulk of production in Bong's Belgian factory will be transferred to other Group facilities. In conjunction, about 60 people were made redundant and will be leaving the company during the third and fourth quarters. The structural project will result in an annual reduction of fi xed costs of about SEK 40 million per year, beginning with a minor effect in the fourth quarter of 2011. A provision was made for the costs of the project in connection with preparation of the annual accounts for 2010.
In August 2011 Bong acquired the remaining 50% stake in the British company Nova Envelopes Ltd. in accordance with an agreement made in 2006. Nova Envelopes specialises in overprinting, has 14 employees, and generates annual sales of about GBP 2 million. Nova Envelopes will be consolidated in the group accounts as of August 2011.
Business risks for the Bong Group are primarily related to market development and various types of fi nancial risks. For further information, please refer to Bong's annual report and the website, bong.com.
This interim report was prepared in compliance with IAS 34 and the Swedish Annual Accounts Act. Application was consistent with the accounting principles outlined in the 2010 annual report and the interim report should be read along with those principles. Please refer to Bong's 2010 annual report for a specifi cation of the new amendments, interpretations and standards that took effect 1 January 2011.
The Board of Directors and the CEO give their assurance that the semiannual report provides a true and fair picture of the business activities, fi nancial position and results of operations of the Parent Company and the Group, and describes the signifi cant risks and uncertainties to which the Parent Company and the Group companies are exposed.
Mikael Ekdahl Alf Tönnesson Chairman of the Board Member of the Board
Stéphane Hamelin Eric Joan Member of the Board Member of the Board
Christian W Jansson Ulrika Eriksson Member of the Board Member of the Board
Peter Harrysson Christer Muth
Member of the Board Member of the Board
President and Chief Executive Offi cer Member of the Board
We have reviewed this report for the period January 1, 2011 to June 30, 2011 for Bong AB (publ). The Board of Directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion 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 Reports Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for fi nancial and accounting matters, and applying analytical and other review procedures. A review is substantially
more limited in scope than an audit conducted in accordance with ISA and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain such assurance that we would become aware of all signifi cant matters that might be identifi ed 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 has not been 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.
PricewaterhouseCoopers AB
Eric Salander Mathias Carlsson Authorized Public Accountant Authorized Public Accountant Auditor in Charge
The report will be presented in a teleconference on 24 August at 10:00 AM. The telephone number for the conference is +46 (0) 8 5052 0110. Pictures for the teleconference will be available on our website, bong. com, by 8:30 AM on the day of the conference.
Anders Davidsson, President and CEO, Bong AB +46 (0) 40 17 60 00 (main exchange), +46 (0) 40 17 60 05 (direct line), +46 (0) 70 545 70 80 (mobile).
| Apr–Jun | Apr-Jun | Jan-Jun | Jan–Jun | Jul 2010 | Jan–Dec | |
|---|---|---|---|---|---|---|
| INCOME STATEMENT IN SUMMARY | 2011 | 2010 | 2011 | 2010 | Jun 2011 | 2010 |
| (SEK M) | 3 month | 3 month | 6 month | 6 month | 12 month | full-year |
| Revenue | 747.3 | 468.4 | 1,601.8 | 969.6 | 2,958.2 | 2,326.1 |
| Cost of goods sold | –612.7 | -373.7 | –1,310.0 | –768.9 | –2,446.6 | –1,905.6 |
| Gross profi t | 134.7 | 94.7 | 291.8 | 200.7 | 511.6 | 420.6 |
| Selling expenses | –66.1 | –47.6 | –134.6 | –98.0 | –238.0 | –201.3 |
| Administrative expenses | –55.6 | –41.4 | –120.4 | –83.0 | –231.0 | –193.6 |
| Other operating income and expenses | 3.3 | 5.3 | 5.6 | 4.4 | –115.4 | –116.6 |
| Operating profi t | 16.3 | 11.0 | 42.3 | 24.1 | –72.8 | –91.0 |
| Net fi nancial items | –17.8 | -8.2 | –31.5 | –14.9 | –57.6 | –41.0 |
| Result before tax | -1.6 | 2.7 | 10.8 | 9.3 | –130.4 | –132.0 |
| Income tax | 0.0 | –1.0 | -3.8 | -2.8 | 33.7 | 34.7 |
| Net result for the year | -1.6 | 1.7 | 7.1 | 6.4 | –96.7 | –97.3 |
| Profi t for the period attributable to non-controlling interests | 0.3 | 0.7 | 0.9 | 1.2 | 1.5 | 1.8 |
| Basic earnings per share | -0.09 | 0.08 | 0.40 | 0.40 | –6.84 | –6.97 |
| Diluted earnings per share | -0.09 | 0.08 | 0.39 | 0.40 | –6.84 | –6.97 |
| Average number of shares, basic | 17 480 995 | 13,128,227 | 17,480,995 | 13,128,227 | 16,150,983 | 14,216,419 |
| Average number of shares, diluted | 18 727 855 | 13,128,227 | 18,727,855 | 13,128,277 | 17,016,858 | 14,528,134 |
| STATEMENTS OF COMPREHENSIVE INCOME | Apr-Jun | Apr-Jun | Jan -Jun | Jan–Jun | Jul 2010 | Jan–Dec |
| (SEK M) | 2011 | 2010 | 2011 | 2010 | Jun 2011 | 2010 |
| Net result for the year Other comprehensive income |
-1.6 | 1.7 | 7.1 | 6.4 | –96.7 | –97.3 |
| Cash fl ow hedges | -2.2 | 10.1 | 0.1 | 2.5 | 0.4 | 2.0 |
| Revaluation reserve on acquisitions of shares in subsidiaries | -12.5 | -2.6 | -5.7 | 20.7 | 30.7 | 57.2 |
| Exchange rate differences | 28.0 | -20.9 | 14.9 | -64.4 | -50.1 | -129.3 |
| Income tax relating to components of other | 4.0 | 0.9 | 1.5 | 1.8 | –12.9 | –12.6 |
| Other comprehensive income after tax | 17.3 | –12.5 | 10.8 | –39.4 | –32.6 | –82.7 |
| TOTAL COMPREHENSIVE INCOME | 15.7 | –10.8 | 17.8 | –33.0 | –129.3 | –180.0 |
| Total comprehensive income attributable to: | ||||||
| Owners in Parent Company | 14.7 | –12.0 | 16.8 | –33.8 | –130.9 | –181.5 |
| Non-controlling interests | 1.0 | 1.1 | 1.0 | 0.8 | 1.7 | 1.5 |
| CONSOLIDATED BALANCE SHEETS IN SUMMARY | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| (SEK M) | 2011 | 2010 | 2010 |
| Assets | |||
| Intangible assets 1 ) |
582.3 | 403.1 | 567.7 |
| Tangible assets | 618.9 | 503.5 | 707.4 |
| Financial assets | 131.8 | 90.0 | 111.7 |
| Inventories | 389.7 | 232.7 | 365.0 |
| Current receivables | 593.1 | 339.2 | 645.5 |
| Cash and cash equivalents | 156.8 | 86.1 | 149.4 |
| Total assets | 2,472.6 | 1,654.5 | 2,546.7 |
| Equity and liabilities | |||
| Equity 2 ) |
531.5 | 552.0 | 531.2 |
| Non-current liabilities 3 ) |
1,106.1 | 618.7 | 1,085.6 |
| Current liabilities 4 ) |
835.0 | 483.8 | 929.8 |
| Total equity | 2,472.6 | 1,654.5 | 2,546.7 |
| 1 ) Of which, goodwill |
549.1 | 394.6 | 532.4 |
| 2 ) Of which, non-controlling interests |
3.1 | 3.4 | 2.1 |
| 3 ) Of which, interest-bearing |
996.7 | 600.9 | 1,068.1 |
| 4 ) Of which, interest-bearing |
180.9 | 83.2 | 143.5 |
| CHANGES IN CONSOLIDATED EQUITY GROUP | Jan–Jun | Jan–Jun | Jan–Dec |
|---|---|---|---|
| (SEK M) | 2011 | 2010 | 2010 |
| Opening balance for the period | 531.2 | 598.1 | 598,1 |
| New issue | - | - | 130,1 |
| Dividends paid | -17.5 | -13.1 | –15,1 |
| Issue costs | - | - | –2,0 |
| Total comprehensive income | 17.8 | –33.0 | –180 |
| Closing balance for the period | 531.5 | 552.0 | 531,2 |
| QUARTERLY DATA GROUP | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (SEK M) | 2/2011 | 1/2011 | 4/2010 | 3/2010 | 2/2010 | 1/2010 | 4/2009 | 3/2009 | 2/2009 | 1/2009 | 4/2008 | 3/2008 | 2/2008 | |
| Net Revenue | 747.3 | 854.4 | 938.8 | 417.7 | 468.4 | 501.3 | 512.9 | 424.5 | 457.3 | 520.1 | 507.8 | 440.7 | 463.0 | |
| Operating expenses | -731.1 | –828.4 | –1045.1 | –426.5 | –457.4 | –488.1 | –482.2 | –416.4 | –443.9 | –507.0 | –487.8 | –430.7 | –446.3 | |
| Operating profi t | 16.3 | 26.1 | –106.3 | –8.8 | 11.0 | 13.2 | 30.7 | 8.1 | 13.4 | 13.1 | 20.1 | 10.0 | 16.7 | |
| Net fi nancial items | -17.8 | –13.7 | –16.9 | –9.2 | –8.2 | –6.7 | –10.2 | –8.1 | –7.6 | –8.9 | –15.4 | –12.3 | –14.7 | |
| Profi t before tax | -1.6 | 12.4 | –123.2 | –18.0 | 2.7 | 6.5 | 20.4 | 0.0 | 5.8 | 4.2 | 4.7 | –2.3 | 2.0 |
| CONSOLIDATED CASH FLOW STATEMENTS | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul 2010– | Jan–Dec |
|---|---|---|---|---|---|---|
| (SEK M) | 2011 | 2010 | 2011 | 2010 | Jun 2011 | 2010 |
| Operating activities | ||||||
| Operating profi t | 16.3 | 11.0 | 42.2 | 24.1 | -72.8 | –90.9 |
| Depreciation, amortisation and impairment | 28.3 | 22.3 | 56.7 | 42.9 | 127.5 | 113.7 |
| Financial items | –17.8 | -8.2 | -31.5 | –14.9 | –57.6 | –41.0 |
| Tax paid | –12.3 | –1.7 | -19.9 | –3.7 | –35.4 | –19.1 |
| Other non-cash items | –20.9 | –2.2 | -25.7 | -3.6 | 41.7 | 61.8 |
| Cash fl ow from operating activities | ||||||
| before changes in working capital | -6.4 | 21.2 | 21.8 | 44.8 | 3.4 | 24.5 |
| Changes in working capital | -13.6 | –42.4 | 37.6 | -44.2 | 110.0 | 28.2 |
| Cash fl ow from operating activities | -20.0 | -21.2 | 59.4 | 0.6 | 113.4 | 52.7 |
| Cash fl ow from investing activities | 57.4 | –11.0 | 7.7 | –20.1 | –303.8 | –329.8 |
| Cash fl ow after investing activities | 37.4 | -32.2 | 67.2 | –19.5 | –190.4 | –277.1 |
| Cash fl ow from fi nancing activities | –40.0 | -2.1 | -60.1 | 33.4 | 268.0 | 361.6 |
| Cash fl ow for the period | -2.6 | -34.3 | 7.0 | 13.9 | 77.6 | 84.5 |
| Cash and cash equivalents at beginning of period | 157.4 | 120.1 | 149.4 | 74.3 | 86.1 | 74.3 |
| Exchange rate difference in cash and cash equivalent | 1.9 | 0.3 | 0.3 | –2.1 | –5.0 | –9.4 |
| Cash and cash equivalent at end of period | 156.7 | 86.1 | 156.7 | 86.1 | 156.7 | 149.4 |
| KEY RATIOS | Jan–Jun 2011 |
Jan–Jun 2010 |
Jun 2010 Jul 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Operating profi t, % | 2.7 | 2.5 | –2.5 | –3.9 |
| Profi t margin, % | 0.7 | 0.8 | –4.4 | –5.6 |
| Return on equity, % | – | – | neg | neg |
| Return on capital employed, % | – | – | neg | neg |
| Equity/assets ratio, % | 21.5 | 33.4 | 21.5 | 20.9 |
| Gearing ratio, times | 1.92 | 1.08 | 1.92 | 2.00 |
| Net loan debt/EBITDA | - | – | 18.64 | 42.67 |
| Capital employed, SEK M | 1 709.1 | 1,236.1 | 1,709.1 | 1,742.8 |
| Interest-bearing net loan debt, SEK M | 1 020.8 | 598.0 | 1,020.8 | 1,062.2 |
| DATA PER SHARE | Jan–Jun 2011 |
Jan–Jun 2010 |
Jul 2010 Jun 2011 |
Jan–Dec 2010 |
| Basic earnings per share, SEK | 0.40 | 0.40 | –6.84 | –6.97 |
| Diluted earnings per share, SEK 1 ) |
0.39 | 0.40 | –6.84 | –6.97 |
| Basic equity per share, SEK | 30.41 | 42.04 | 30.41 | 30.39 |
| Diluted equity per share, SEK | 28.38 | 42.04 | 28.38 | 28.37 |
| Basic number of shares outstanding at | ||||
| end of period | 17,480,995 | 13,128,227 | 17,480,995 | 17,480,995 |
| Diluted number of shares outstanding at | ||||
| end of period | 18,727,855 | 13,128,227 | 18,727,855 | 18,727,855 |
| Average number of shares, basic | 17,480,995 | 13,128,227 | 16,150,983 | 14,216,419 |
| Average number of shares, diluted | 18,727,855 | 13,128,227 | 17,016,858 | 14,528,134 |
) The dilution effect is not taken into account when it leads to a better result.
| KEY RATIOS | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Revenue sales, SEK M | 2,326 | 1,915 | 1,937 | 1,991 | 1,985 |
| Operating profit loss, SEK M | –91 | 65 | 74 | 60 | 40 |
| Profit after tax, SEK M | –97 | 24 | 10 | 16 | –1 |
| Cash flow after investing activities, SEK M | –277 | 169 | 144 | 1 | –7 |
| Operating margin, % | –3.9 | 3.4 | 3.8 | 3.0 | 2.0 |
| Profit margin, % | –5.6 | 1.4 | 1.0 | 0.6 | 0.1 |
| Capital turnover rate, times | 1.2 | 1.1 | 1.1 | 1.1 | 1.2 |
| Return on equity, % | neg | 3.6 | 1.8 | 2.8 | neg |
| Return on capital employed, % | neg | 5.5 | 5.6 | 4.9 | 3.1 |
| Equity ratio, % | 21 | 36 | 34 | 33 | 31 |
| Net loan debt, SEK M | 1,062 | 589 | 745 | 829 | 807 |
| Net debt/equity ratio, times | 2.00 | 0.98 | 1.18 | 1.45 | 1.50 |
| Net loan debt/EBITDA, times | 42.7 | 3.8 | 4.4 | 5.4 | 5.7 |
| EBITDA/net financial items, times | 0.6 | 4.5 | 3.1 | 3.2 | 3.8 |
| Average number of employees | 1,538 | 1,220 | 1,270 | 1,346 | 1,379 |
| Number of shares | |||||
| Basic number of shares outstanding at end of period | 17,480,995 | 13,128,227 | 13,128,227 | 13,128,227 | 13,017,298 |
| Diluted number of shares outstanding at end of period | 18,727,855 | 13,230,227 | 13,332,227 | 13,428,227 | 13,651,180 |
| Average basic number of shares | 14,216,419 | 13,128,227 | 13,128,227 | 13,079,425 | 13,006,000 |
| Average diluted number of shares | 14,528,134 | 13,230,227 | 13,332,227 | 13,379,425 | 13,651,180 |
| Earnings per share | |||||
| Basic, SEK | –6.97 | 1.65 | 0.80 | 1.19 | –0.04 |
| Diluted, SEK | –6.97 | 1.63 | 0.78 | 1.17 | –0.04 |
| Equity per share | |||||
| Basic, SEK | 30.39 | 45.56 | 47.91 | 43.54 | 41.31 |
| Diluted, SEK | 28.37 | 45.77 | 48.22 | 43.98 | 42.30 |
| Other data per share | |||||
| Dividend, SEK | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Quoted market price on the balance sheet date, SEK | 32 | 21 | 12 | 42 | 68 |
| P/E ratio, times | neg | 13 | 15 | 36 | neg |
| Price/book value after dilution, % | 105 | 46 | 25 | 96 | 165 |
| Price/equity after dilution, % | 113 | 46 | 25 | 96 | 160 |
| PARENT COMPANY INCOME STATEMENT IN SUMMARY | Jan–Jun | Jan–Jun |
|---|---|---|
| (SEK M) | 2011 | 2010 |
| Revenue | 11.4 | 13.7 |
| Gross profi t | 11.4 | 13.7 |
| Administrative expenses | –32.9 | –28.0 |
| Other operating income and expenses | 8.8 | 2.6 |
| Operating profi t/loss | –12.7 | –11.7 |
| Net fi nancial items | –19.6 | 7.9 |
| Result before tax | –32.3 | -3.8 |
| Income tax | - | - |
| Net result | –32.3 | -3.8 |
| STATEMENT OF COMPREHENSIVE INCOME | Jan–Jun | Jan–Jun |
| Total comprehensive income | –29.0 | -2.7 |
|---|---|---|
| Other comprehensive income after tax | 3.3 | 1.1 |
| Income tax relating to components of other comprehensive income | –1.2 | –0.4 |
| Cash fl ow hedges | 4.5 | 1.5 |
| Income and expense recognised directly in equity | ||
| Other comprehensive income | ||
| Net result | –32.3 | -3.8 |
| (SEK M) | 2011 | 2010 |
| PARENT COMPANY BALANCE SHEETS IN SUMMARY | 30 Jun | 31 Dec | |
|---|---|---|---|
| (SEK M) | 2011 | 2010 | |
| Assets | |||
| Intangible assets | 17.0 | - | |
| Tangible assets | 7.0 | 10.4 | |
| Financial assets | 1,735.1 | 1,212.1 | |
| Current receivables | 243.9 | 38.8 | |
| Cash and cash equivalents | 88.9 | 3.3 | |
| Total assets | 2,091.9 | 1,264.6 | |
| Equity and liabilities | |||
| Equity | 679.1 | 564.3 | |
| Provisions | 11.3 | 11.6 | |
| Non-current liabilities | 1,113.5 | 483.4 | |
| Current liabilities | 288.0 | 205.3 | |
| Total equity and liabilities | 2,091.9 | 1,264.6 |
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