Quarterly Report • Oct 21, 2010
Quarterly Report
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Operating profit reached SEK 63.7 m (15.3), equal to a 25.2 % (8.9) operating margin. For the last twelve month period operating margin amounted to 24.4 % (16.9)
Order intake for the first nine months increased with 44 % to SEK 254.7 m (176.8)
| Quarterly data | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
|---|---|---|---|---|---|---|
| 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | |
| Net sales (SEK m) | 87.6 | 89.2 | 76.1 | 72.2 | 56.7 | 50.0 |
| Order intake (SEK m) | 86.9 | 89.7 | 78.1 | 81.0 | 59.7 | 60.2 |
| Operating profit (SEK m) | 23.5 | 22.2 | 17.9 | 15.8 | 13.3 | ‐3.0 |
| Gross margin (%) | 61.6 | 60.2 | 58.5 | 60.1 | 60.4 | 53.5 |
| Operating margin (%) | 26.8 | 24.9 | 23.6 | 21.9 | 23.5 | ‐6.0 |
| Earnings per share (SEK) | 1.46 | 1.48 | 1.16 | 1.02 | 0.84 | 0.34 |
It is a great pleasure to see that we now have completely recovered from the downturn in sales that we experienced in 2009. Net sales for the last twelve months reached SEK 325 m exceeding the 2008 sales volume with some percentage points. We have now initialized a new and exciting phase of expansion in the history of HMS. The present activities to accomplish a long term profitable growth includes extended resources in staff, product launches, and further improvements in the efficiency of our operations
The recovery we reported during the first half year leveled out during the third quarter and stabilized on a historical high level. We have experienced a continued uncertainty in the market during the third quarter resulting in an irregular order intake. The development in Europe especially on the German market continued on a good level but the Japanese market was weak during the third quarter.
As a part of our long term strategy we continue to strengthen our resources within product development, sales and marketing. These activities continue according to the plan established for the present year. During the year we have employed 21 new staff members. The effects of the increase in our resources will affect the cost level during the second half of 2010 but In the long term this will strengthen our market position
HMS Networks is a world‐leading supplier of communication technology for industrial automation. Sales totaled SEK 325 million for the last twelve months. Over 90% of these sales were to customers located outside Sweden. All product development and parts of the manufacturing are performed at the head office in Halmstad. Sales offices are located in Tokyo, Beijing, Karlsruhe, Chicago, Milan and Mulhouse. HMS has 164 employees and produces network interface cards and products to interconnect different networks under the trademark Anybus®. The network interface cards are embedded in automation equipment such as robots, control systems, motors and sensors. This allows subcomponents in machines to communicate with one another and with different networks in order to build more efficient and flexible manufacturing systems. HMS is listed on NASDAQ‐OMX Nordic Exchange in Stockholm in the category Small Cap, Information Technology.
150 000 200 000 250 000 300 000 350 000 50 000 60 000 70 000 80 000 90 000 100 000 kSEK Revenues kSEK Net sales for the last twelve months amounted to SEK 325.1 m (250.2). In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 19.7 m negative effect on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 335.7 m (251.2).
0 50 000 100 000 0 10 000 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 Revenues by quarter Revenues 4 quarter rolling Net sales for the third quarter totaled to SEK 87.6 m (56.7), corresponding to a 54 % increase compared to the same quarter the previous year. Adjusted for SEK ‐5.0 m in currency effects the increase amounted to 63.2 %. Order intake increased with SEK 27.7 m to SEK 86.9 m (59.2) corresponding to a 55.2 % increase
The graph shows turnover per quarter on the bars referring to the scale on the left axis. The line shows turnover for the latest 12 month period referring to the scale on the axis to the right.
The graph shows operating result per quarter in the bars referring to the scale on the left axis. The line shows operating result for the last 12 month period referring to the scale on the axis to the right.
Operating profit
10.9 m compared to the previous year.
30 000
in local currencies.
Operating profit totaled to SEK 79.5 m (42.3) for the last four quarters, equivalent to an operating margin of 24.4 %. Currency effects had e negative impact on the operating result with SEK
The operating profit for the third quarter 2010 totaled to SEK 23.5 m (13.3). Changes in exchange rates had a SEK 2.8 m negative impact compared with the same period the previous
year.
The Group's equity amounted to SEK 276.1 m. The total number of shares at the end of the year was 11,152,900. After full dilution, the total number of shares is 11,322,400. The Group's equity/assets ratio improved to 71.5 % (64.5).
| Change in Group Equity (SEK 000s) |
Sep 30 2010 |
Sep 30 2009 |
Dec 31 2009 |
|---|---|---|---|
| Balance at 1 January | 240,434 | 224,426 | 224,426 |
| Total comprehensive income for the period | 46,864 | 19,387 | 28,961 |
| Warrants | 0 | 937 | 3,384 |
| Dividends | -11,153 | -16,337 | -16,337 |
| Closing balance | 276,145 | 228,413 | 240,434 |
Assets and liabilities in foreign currencies are revaluated at closing date. Currency hedging contracts are revaluated at the date of closing and are also affecting the result on the date of expiration. Changes in book value due to revaluation of operating balance sheet items and currency hedging contracts are disclosed as other income and other expenses. Changes in book value related to assets in foreign currencies i.e. liquid funds, are disclosed as financial income and expenses. Net sales and expenses are affected by changes in exchange rates. This will have an impact on income and expenses. Net sales consist of 60 % in EURO, 18 % in USD, 11 % in Japanese Yen and 11 % in SEK and other currencies. Cost of goods sold consists of 52 % in EURO, 19 % in USD and 2 % in Japanese Yen. Operating expenses consists of 15 % in EURO, 8 % in USD, 9 % in Japanese Yen and 68 % of SEK. The group applies a policy for currency hedging described in the annual report
The tax charge for the period was SEK 17.2 m (3.5). The tax charge for the current period has been calculated on the basis of the tax situation applying to the Group at present and the profit development of the reporting entities belonging to the Group.
Cash flow from operating activities amounted to SEK 49.5 m (12.9) for the first six months.
The investments in tangible assets for the period totaled SEK 3.3 m (2.0). Investments in intangible assets for the period totaled SEK 5.6 m (3.8) and comprise internal development projects.
At the end of the period the cash equivalents totaled SEK 43.7 m (31.5) and unutilized credit facilities SEK 20.0 m. The Group's net debt decreased to SEK 0.0 m (49.7) compared to SEK 30.3 m at the beginning of the year. During the second quarter HMS distributed dividend payments to its shareholder equal to SEK 1.00 per share, in total SEK 11.5 m.
A continued inflow of Design Wins, a broader product offering within the Gateway product family, a strengthened customer focus and an expansion of the HMS sales channels supports the HMS Group long term growth. At present the HMS Group implements an expansion plan mainly by hiring new employees. Consequently we anticipate higher operating expenses for the second half of the year and going forward. At present the electronics market for components is strained resulting in longer supply chain lead times. This could implicate difficulties in HMS ability to deliver products. The future development of the global economy and its effects on the market for the HMS product offering is still unpredictable but the HMS comprehensive goals are unchanged. A long term average growth of 20 % per year and an operating margin above 20 %. The Company´s strategy to reach these goals includes a continued effort to build a strong portfolio of Design Wins within embedded network cards and to broaden the offer in the Gateway product area to penetrate the existing market and to expand into closely related areas within network technology based on the Company´s technology platform.
This interim report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34, for Interim Reporting. Amendments to existing standards, new interpretations and new standards that came into effect as of January 1, 2010 did not affect the Groups reporting as of September 30, 2010.
HMS continues to apply the same accounting principles and valuation methods as those described in the most recent Annual Report.
HMS Networks AB (publ) is listed on the NASDAQ‐OMX Nordic Exchange in the category Small Cap, Information Technology. The total number of shares amounted to 11,152,900.
The HMS Group is exposed to business and financial risks through its operations. These risks have been described at length in the Company's annual report 2009. In addition to the risks described in these documents, no additional significant risks have been identified.
The Parent Company's operations are primarily focused on Group‐ wide management and financing. Apart from the Group's CEO, the Parent Company has no employees. The operating profit for the first six months amounted to SEK 0.5 m (1.2). Cash and cash equivalents amounted to SEK 0.3 m (0.0) and borrowing amounted to SEK 42.9 m (79.2).
In accordance with principles adopted at HMS 2010 annual general meeting, the following persons have been assigned to be a part of the Nomination Committee: Nicolas Hassbjer representing 29% of the shares, Jan Svensson, Investment AB Latour, representing 15% of the shares, KG Lindvall, Swedbank Robur Fonder AB representing 10 % of the shares and Urban Jansson, Chairman of the Board. At a meeting following the assignment Jan Svensson was elected as the Chairman of the nomination committee.
Halmstad October 21, 2010
| Urban Jansson Chairman of the Board |
Staffan Dahlström Chief Executive Officer |
|---|---|
| Nicolas Hassbjer Vice Chairman of the Board |
Göran Sigfridsson |
| Henrik Johansson | Ray Mauritsson |
| Gunilla Wikman | Charlotte Brogren |
Further information can be obtained from: CEO Staffan Dahlström, on telephone +46 (0) 35‐17 29 01 or CFO Gunnar Högberg, on telephone +46 (0) 35‐17 29 95 See also: http://investors.hms.se
We have reviewed this report for the period 1 January 2010 to 30 September 2010 for HMS Networks 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 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 Standards on Auditing in Sweden, RS, 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.
Halmstad, October 21, 2010 PricewaterhouseCoopers
Olof Enerbäck Authorised Public Accountant Auditor in charge
| Group | Q3 2010 |
Q3 2009 |
Q1-Q3 2010 |
Q1-Q3 2009 |
Q1-Q4 2009 |
Q4 2009 -Q3 2010 |
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 54.4 | -31.6 | 46.8 | -27.8 | -22.8 | 29.9 |
| Gross margin (%) | 61.6 | 60.4 | 60.2 | 57.6 | 58.4 | 60.2 |
| Operating margin EBIT (%) | 26.8 | 23.5 | 25.2 | 8.9 | 12.7 | 24.4 |
| Return on capital employed (%)* | 25.9 | 13.9 | 25.9 | 13.9 | 10.5 | 25.9 |
| Return on total equity (%)* | 23.0 | 13.5 | 23.0 | 13.5 | 8.8 | 23.0 |
| Working capital in relation to sales (%)* | 8.4 | 9.2 | 8.4 | 9.2 | 7.6 | 8.4 |
| Capital turnover rate | 0.89 | 0.69 | 0.89 | 0.69 | 0.67 | 0.89 |
| Debt/equity ratio | 0.00 | 0.22 | 0.00 | 0.22 | 0.13 | 0.00 |
| Equity/assets ratio (%) | 71.5 | 64.5 | 71.5 | 64.5 | 70.0 | 71.5 |
| Capital expenditure in property, plant and equipm. (SEK 000s) | 1,471 | 856 | 3,324 | 2,008 | 2,423 | 3,739 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 2,144 | 1,041 | 5,649 | 3,827 | 4,955 | 6,776 |
| Depreciation of property, plant and equipment (SEK 000s) | -1,004 | -1,011 | -3,062 | -3,092 | -4,154 | -4,124 |
| Amortisation of intangible fixed assets (SEK 000s) | -1,205 | -995 | -3,616 | -2,977 | -4,075 | -4,713 |
| Number of employees (average) | 170 | 151 | 163 | 153 | 154 | 161 |
| Revenue per employee (SEK m)* | 1.9 | 1.7 | 2.0 | 1.6 | 1.6 | 2.0 |
| Cash flow from operating activities per share, SEK | 1.86 | 1.00 | 4.44 | 1.22 | 2.89 | 6.07 |
| Cash flow from operating activities per share, diluted, SEK | 1.86 | 0.96 | 4.44 | 1.17 | 2.79 | 6.07 |
| Basic number of shares, average, thousands | 11,153 | 10,572 | 11,153 | 10,572 | 10,717 | 11,153 |
| Number of shares, diluted average, thousands | 11,153 | 11,106 | 11,153 | 11,110 | 11,121 | 11,153 |
* The key ratio has been translated into 12 months rolling value when applicable.
| Group (SEK 000s) |
Q3 2010 |
Q3 2009 |
Q1-Q3 2010 |
Q1-Q3 2009 |
Q1-Q4 2009 |
Q4 2009 -Q3 2010 |
|---|---|---|---|---|---|---|
| Revenue | 87,579 | 56,735 | 252,883 | 172,321 | 244,536 | 325,098 |
| Cost of goods and services sold | -33,648 | -22,490 | -100,711 | -73,011 | -101,818 | -129,518 |
| Gross profit | 53,931 | 34,245 | 152,172 | 99,310 | 142,718 | 195,579 |
| Sales and marketing costs | -15,668 | -12,223 | -48,196 | -39,385 | -54,983 | -63 793 |
| Administrative expenses | -6,149 | -4,442 | -17,989 | -15,469 | -20,854 | -23,375 |
| Research and development costs | -7,376 | -5,958 | -22,826 | -21,281 | -29,211 | -30,756 |
| Other operating income | 1,576 | 3,610 | 4,734 | 4,474 | 5,991 | 6,250 |
| Other costs | -2,812 | -1,883 | -4,219 | -12,326 | -12,535 | -4,427 |
| Operating profit | 23,502 | 13,349 | 63,676 | 15,323 | 31,125 | 79,479 |
| Financial income | 5 | 6 | 726 | 1,444 | 1,841 | 1,123 |
| Financial costs | -804 | -932 | -571 | -4,280 | -4,514 | -806 |
| Profit before tax | 22,702 | 12,423 | 63,831 | 12,488 | 28,452 | 79,796 |
| Tax | -6,123 | -3,506 | -17,217 | -3,506 | -7,782 | -21,493 |
| Profit for the period | 16,580 | 8,917 | 46,614 | 8,982 | 20,671 | 58,303 |
| Profit attributable to shareholders of the parent company | 16,282 | 8,886 | 45,693 | 8,730 | 20,116 | 57,079 |
| Profit attributable to minority interest | 298 | 31 | 920 | 251 | 555 | 1,224 |
| Basic earnings per share, SEK | 1.46 | 0.84 | 4.10 | 0.83 | 1.88 | 5.12 |
| Earnings per share, diluted, SEK | 1.46 | 0.80 | 4.10 | 0.79 | 1.81 | 5.12 |
| Group (SEK 000s) |
Q3 2010 |
Q3 2009 |
Q1-Q3 2010 |
Q1-Q3 2009 |
Q1-Q4 2009 |
Q4 2009 -Q3 2010 |
|---|---|---|---|---|---|---|
| Profit for the period | 16,580 | 8,917 | 46,614 | 8,982 | 20,671 | 58,303 |
| Other comprehensive income | ||||||
| Cash flow hedges | 1,841 | 3,823 | 910 | 14,096 | 11,469 | -1,717 |
| Translation differences | -144 | -2 | -421 | 16 | -163 | -600 |
| Income tax relating to components of other comprehensive | ||||||
| income | -484 | -1,005 | -239 | -3,707 | -3,016 | 452 |
| Other comprehensive income for the period, net of tax | 1,213 | 2,816 | 250 | 10,405 | 8,290 | -1,865 |
| Total comprehensive income for the period | 17,792 | 11,733 | 46,864 | 19,387 | 28,961 | 56,438 |
| Profit attributable to: | ||||||
| Owners of the parent | 17,494 | 11,702 | 45,944 | 19,135 | 28,406 | 55,214 |
| Minority interest | 298 | 31 | 920 | 251 | 555 | 1,224 |
| Group | Sep 30 | Sep 30 | Dec 31 |
|---|---|---|---|
| (SEK 000s) | 2010 | 2009 | 2009 |
| ASSETS | |||
| Goodwill | 236,071 | 236,071 | 236,071 |
| Other intangible assets | 16,685 | 14,622 | 14,652 |
| Property, plant and equipment | 8,707 | 9,196 | 8,564 |
| Deferred tax assets | 749 | 779 | 802 |
| Total fixed assets | 262,212 | 260,668 | 260,089 |
| Inventories | 19,544 | 14,495 | 13,043 |
| Trade and other receivables | 44,158 | 30,634 | 33,098 |
| Other current receivables | 10,821 | 12,057 | 7,073 |
| Cash and cash equivalents | 43,669 | 31,541 | 25,512 |
| Total current assets | 118,193 | 88,727 | 78,724 |
| TOTAL ASSETS | 380,405 | 349,395 | 338,814 |
| EQUITY AND LIABILITIES | |||
| Equity | 271,801 | 225,293 | 237,010 |
| Minority interest in equity | 4,344 | 3,120 | 3,423 |
| Total equity | 276,145 | 228,413 | 240,434 |
| Liabilities | |||
| Non-current liabilities | 43,589 | 81,246 | 55,828 |
| Deferred income tax liabilities | 12,194 | 11,126 | 11,319 |
| Total non-current liabilities | 55,783 | 92,371 | 67,147 |
| Trade payables | 23,220 | 14,552 | 16,432 |
| Other current liabilities | 25,257 | 14,059 | 14,800 |
| Total current liabilities | 48,477 | 28,611 | 31,233 |
| TOTAL EQUITY AND LIABILITIES | 380,405 | 349,395 | 338,814 |
| Group | Q3 | Q3 | Q1-Q3 | Q1-Q3 | Q1–Q4 | Q4 2009 |
|---|---|---|---|---|---|---|
| (SEK 000s) | 2010 | 2009 | 2010 | 2009 | 2009 | -Q3 2010 |
| Cash flow from operating activities before changes in working | ||||||
| capital | 21,260 | 12,533 | 57,569 | 8,699 | 25,620 | 74,490 |
| Cash flow from changes in working capital | -531 | -1,949 | -8,036 | 4,166 | 5,371 | -6,831 |
| Cash flow from operating activities | 20,729 | 10,584 | 49,533 | 12,865 | 30,991 | 67,659 |
| Cash flow from investing activities | -3,616 | -1,897 | -8,973 | -5,835 | -7,379 | -10,517 |
| Cash flow from financing activities | -3,750 | -18,734 | -22,403 | -41,666 | -64,277 | -45,014 |
| Cash flow for the period | 13,363 | -10,047 | 18,157 | -34,636 | -40,665 | 12,128 |
| Cash and cash equivalents at beginning of the period | 30,306 | 41,588 | 25,512 | 66,177 | 66,177 | 31,541 |
| Cash and cash equivalents at end of period | 43,669 | 31,541 | 43,669 | 31,541 | 25,512 | 43,669 |
Changes in current receivables/liabilities related to derivate financial instruments are reported as cash flow from operating activities before changes in working capital.
| Quarterly data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue per region | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| (SEK 000s) | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | 2007 |
| EMEA | 57,441 | 53,697 | 47,979 | 46,284 | 38,184 | 34,789 | 40,320 | 46,658 | 51,226 | 50,451 | 52,256 | 42,895 |
| Americas | 15,715 | 14,206 | 12,611 | 13,373 | 10,892 | 8,221 | 15,431 | 16,911 | 19,718 | 15,786 | 11,307 | 13,112 |
| Asia | 14,423 | 21,339 | 15,471 | 12,558 | 7,659 | 6,959 | 9,865 | 14,351 | 12,022 | 13,884 | 11,993 | 11,727 |
| Income statement | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| (SEK 000s) | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | 2007 |
| Revenue | 87,579 | 89,242 | 76,061 | 72,215 | 56,735 | 49,969 | 65,616 | 77,920 | 82,966 | 80,121 | 75,556 | 67,734 |
| Gross profit | 53,931 | 53,723 | 44,518 | 43,408 | 34,245 | 26,752 | 38,313 | 53,747 | 46,597 | 42,682 | 38,816 | 36,318 |
| Gross margin | 61.6% | 60.2% | 58.5% | 60.1% | 60.4% | 53.5% | 58.4% | 69.0% | 56.2% | 53.3% | 51.4% | 53.6% |
| Operating profit | 23,502 | 22,242 | 17,932 | 15,802 | 13,349 | -2,989 | 4,963 | 26,979 | 21,435 | 18,024 | 18,594 | 8,704 |
| Operating margin | 26.8% | 24.9% | 23.6% | 21.9% | 23.5% | -6.0% | 7.6% | 34.6% | 25.8% | 22.5% | 24.6% | 12.9% |
| Profit before tax | 22,702 | 22,834 | 18,295 | 15,965 | 12,423 | -4,964 | 5,028 | 25,621 | 21,722 | 17,187 | 16,422 | 6,706 |
| Parent company (SEK 000s) |
Q3 2010 |
Q3 2009 |
Q1-Q3 2010 |
Q1-Q3 2009 |
Q1-Q4 2009 |
Q4 2009 -Q3 2010 |
|---|---|---|---|---|---|---|
| Revenue | 1,482 | 1,191 | 5,102 | 5,345 | 7,284 | 7,041 |
| Cost of sales and services | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 1,482 | 1,191 | 5,102 | 5,345 | 7,284 | 7,041 |
| Administrative expenses | -1,329 | -955 | -4,649 | -4,149 | -5,784 | -6,284 |
| Other costs - net | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit | 153 | 237 | 453 | 1,196 | 1,500 | 757 |
| Profit from participations in group companies | 0 | 74,926 | 0 | 74,926 | 74,926 | 0 |
| Interest expense and similar items | -153 | -309 | -453 | -1,314 | -1,496 | -635 |
| Profit before tax | 0 | 74,854 | 0 | 74,809 | 74,931 | 122 |
| Appropriations | 0 | 0 | 0 | 0 | -8 | -8 |
| Tax | 0 | 0 | 0 | 0 | -12 | -12 |
| Profit for the period | 0 | 74,854 | 0 | 74,809 | 74,911 | 102 |
| Parent company Sep 30 Sep 30 Dec 31 (SEK 000s) 2010 2009 2009 ASSETS Financial fixed assets 244,039 244,039 244,039 Total financial fixed assets 244,039 244,039 244,039 Other receivables 333 215 565 Cash and cash equivalents 293 17 143 Total current assets 627 231 708 TOTAL ASSETS 244,666 244,270 244,747 EQUITY AND LIABILITIES Equity 155,451 164,055 166,604 Untaxed reserves 8 0 8 Liabilities Non-current liabilities 42,868 79,175 54,118 Trade payables 162 88 972 Liabilities to Group companies 44,725 153 22,592 Other current liabilities 1,452 799 453 Total current liabilities 46,339 1,040 24,018 TOTAL EQITY AND LIABILITIES 244,666 244,270 244,747 |
Balance Sheets | ||
|---|---|---|---|
Share of the profit after financial income in relation to the average capital employed.
Total assets less non interest‐bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares with addition for the average number of shares that are added when converting the outstanding number of convertible securities and options.
Operating income in relation to net sales.
Shareholders' equity in relation to total assets.
Long‐term and current financial liabilities less financial assets.
Net debt in relation to share‐ holders' equity including minority shares.
"The vision of HMS is that all automation devices will be intelligent and networked. HMS shall be the market leader in connectivity solutions for industrial devices".
"We provide world class solutions to connect industrial devices to networks and products enabling interconnection between different industrial networks".
"To create long term value for our customers, employees and investors".
HMS Networks AB (publ) Org.Nr. 556661‐8954 Box 4126 300 04 Halmstad Sweden Tel: +46 35 172 900 Fax: +46 35 172 909 http://investors.hms.se
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