Quarterly Report • Feb 19, 2010
Quarterly Report
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Year-end report 2009
"Sales picked up in the fourth quarter and the cost-cutting measures we initiated last spring have had a visible impact on costs. All in all, this resulted in a strong end to 2009," says Bong's President and CEO Anders Davidsson. "We also continued our efforts to free up working capital, which contributed to a very healthy cash fl ow for the full year."
Bong is a leading European provider of specialised packaging and envelope products and offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Two important growth areas in the Group are the ProPac packaging concept and Russia. The Group has annual sales of approximately SEK 2 billion and some 1,200 employees in 12 countries. Bong has a strong market position, particularly in Northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company and its shares are quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).
After several weak quarters, demand strengthened in the last quarter of 2009 when the drop in volume was limited to approximately 4%. For the full year 2009, the European Envelope Manufacturers Association (FEPE) reports a volume decrease of 13%. The market for DM envelopes was harder hit than traditional envelopes.
In Russia and Eastern Europe, several years of strong growth were replaced by falling demand. The Russian market has contracted by an estimated 15-20% during the year and the Baltic market by around 20%. In these countries as well, the fourth quarter saw a trend break with positive demand signals and more stable volumes.
The industry's capacity adaptations and cutbacks have continued. For example, the German envelope manufacturer Mayer has closed a factory in England and decided to discontinue envelope production at the co-owned Lyche factory in Norway. Intermail has relocated its envelope manufacturing from Denmark to the company's factories in Sweden and Finland. All major manufacturers in Europe are taking steps to decrease their staffi ng and the number of machines, and several are now applying reduced working hours.
Consolidation of the market has continued with the bankruptcy of German-based Curtis 1000 at the beginning of 2010. Mayer acquired Curtis's Polish subsidiary and the German sales company. According to information from Mayer, production in Germany will be wound up and the machinery sold. In addition, at the beginning of 2010 Bong acquired Curtis's subsidiary Tycon in Luxembourg, a production unit that is specialised in conversion of Tyvek® material into envelopes and packages.
The packaging market, in which Bong is active with its ProPac range, is signifi cantly larger and more multifaceted than the envelope market. Market statistics for the niches where Bong is active are unavailable or diffi cult to obtain. Packages that are used in e-commerce, mail order and the retail trade
have been impacted by the market downturn to a certain degree, but are expected to have major growth potential in a longer perspective.
Consolidated sales for the fourth quarter amounted to SEK 513 million (508). Operating profi t was SEK 31 million (20). Net fi nancial items totalled SEK -10 million (-15). Profi t before tax amounted to SEK 20 million (5) and the reported profi t after tax was SEK 17 million (-2).
In the fourth quarter, volumes sales stabilised compared to the previous year. Combined with the Group's measures to adapt costs, this led to an improvement in operating profi t over the year-earlier level. Furthermore, lower net fi nancial items contributed to a sharp rise in pre-tax profi t over the corresponding period of 2008. Reduction of fi nished goods inventories as part of the Group's efforts to free up working capital had an effect of SEK -8 million (-8) on profi t for the quarter.
Consolidated sales for the full year amounted to SEK 1,915 million (1,937). Foreign exchange effects and the consolidation of Lober had a positive impact and helped Bong to maintain sales at a stable level relative to the prior year.
Operating profi t was SEK 65 million (74). Net fi nancial items totalled SEK -35 million (-54). Profi t before tax amounted to SEK 31 million (20) o and reported profi t after tax was SEK 24 million (10).
The drop in volumes and sales was offset by cost savings and lower net fi nancial items, resulting in an i mproved profi t before tax compared to 2008. In the fourth quarter, the year-on-year falling volume trend slowed at the same time that the Group's cost
adaptations began to have a tangible impact. Reduction of fi nished goods inventories as part of the Group's efforts to free up working capital had an effect of SEK -11 million (-9) on profi t for the year.
After a strong end to the year, cash fl ow after investing activities for 2009 was highly satisfactory at SEK 169 million (144). Working capital fell by SEK 98 million as a result of determined efforts to reduce inventories and better payment terms for customers and from suppliers. In addition, the sale of an unused manufacturing property in Germany contributed a positive cash fl ow of SEK 14 million.
Cash and cash equivalents at 31 December 2009 totalled SEK 74 million (SEK 99 million at 31 December 2008). Unutilised credits at 31 December 2009 amounted to SEK 308 million. Total available cash and cash equivalents thus amounted to SEK 382 million.
Consolidated equity at 31 December 2009 amounted to SEK 598 million (SEK 629 million at 31 December 2008). Translation of the net assets of foreign
subsidiaries to Swedish kronor and changes in the fair value of derivative instruments reduced consolidated equity by SEK 39 million.
The interest-bearing net loan debt decreased during the period by SEK 156 million to SEK 589 million (SEK 745 million at 31 December 2008). Translation of net loans in foreign currency to Swedish kronor reduced the Group's net loan debt by SEK 8 million.
The period's net expenditure on property, plant and equipment amounted to SEK 42 million (56), at the same time that the sale of a property in Germany and various machinery generated a positive cash fl ow of SEK 27 million. Result was a net investment of SEK 15 million during the period. This amount includes the acquisition of the UK-based Packaging First Ltd and DM Qvert AB in Sweden.
The average number of employees during the year was 1,220 (1,241). The number of employees at 31 December 2009 was 1,220 (1,233). As of 2009, the 35 employees in Lober are also included in the total.
In January 2009 the members of Bong's executive management team acquired 540,000 shares, equal to 4.1% of the company. Following the transaction Bong's executive management team holds 617,700 shares, equal to 4.6% of the total share capital. After the transaction, Bong's President and CEO Anders Davidsson holds a total of 182,600 shares in the company.
The activities of the Parent Company include administration of operating subsidiaries and Group management functions. Net sales are reported at SEK 0 million (0) and the period's profi t before tax was SEK 21 million (19).
As announced in a separate press release dated 1 September 2009, Bong has entered into an exclusive agreement with DuPont for purchasing, conversion and sales of Tyvek®, a unique polyethylene material developed and produced by DuPont. The material is lightweight, thin and fl exible but also extremely tough and durable. For example, Tyvek® is both tear and water resistant and therefore highly suitable for use in protective envelopes and postal packaging solutions. It is also easy to recycle. Sales of Tyvek® products under the agreement will grow rapidly and Bong's annual sales are expected to increase by approximately SEK 100 million starting from the second half of 2010.
As announced in separate press releases, Bong carried out two acquisitions in 2009:
As part of its strategy for growth in various packaging solutions, Bong acquired 45% of the UK-based packaging wholesaler Packaging First Limited in the second quarter. Packaging First Limited is reported as an associated company in the Bong Group.
In August, Bong acquired 50% of the envelope company DM Qvert in Lerum outside Gothenburg. The company is an ideal complement to Bong's own sales organisation and printing operations in Gothenburg and Stockholm. DM Qvert is reported as an associated company in the Group.
Acquisition of Tycon in Luxembourg As announced on 1 February 2010, Bong has acquired 100% of Tycon's production unit in Luxembourg with
20 employees. The company is specialised in conversion of Tyvek® material into envelopes and packages. The acquisition is expected to make a positive contribution to Bong's earnings starting in the fi rst quarter of 2010.
As announced in separate press release on 18 December 2009, Bong acquired 50% of the UK-based specialist envelope manufacturer Image Envelopes at the beginning of January. Bong has an option to increase its holding in the company over the next three years. Image Envelopes is focused on delivering products to the British DM market. The acquisition is in line with Bong's strategy to broaden its share of the DM market. The company's has annual sales of more than GBP 2.5 million. The acquisition is expected to make a positive contribution to the Group's earnings starting in the fi rst quarter of 2010. Image Envelopes is reported as an associated company in the Group.
The risks arising in Bong's operations are related primarily to market development and different types of fi nancial risk. For further information about the Group's opportunities and risks, see Bong's annual report and website www.bongljungdahl.com.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. For a description of the new amendments, revisions, interpretations and standards effective for periods beginning on or after 1 January 2009, see Bong's annual report for 2008. One of these changes, the revised IAS 1 Presentation of Financial Statements, has mainly involved changes in presentation of the income statement and statement of changes in equity. The applied accounting policies correspond to those used in the most recently published annual report.
The Board of Directors proposes that a dividend of SEK 1 per share (1) be paid for the 2009 fi nancial year.
The Annual General Meeting will be held on Tuesday, 18 May 2010, at 4:00 p.m. in the company's auditorium, Uddevägen 3, Kristianstad, Sweden. The interim report for January-March 2010 will be published in connection with the Annual General Meeting.
The annual report is expected to be published no later than two weeks prior to the Annual General Meeting and will be published only on Bong's website www.bongljungdahl.com
Kristianstad, 18 February 2010 BONG LJUNGDAHL AB
Anders DavidssonPresident and CEO
We have reviewed the year-end report for Bong Ljungdahl AB (publ) for the period from 1 January 2008 to 31 December 2009. The Board of Directors and CEO are responsible for the preparation and presentation of this interim fi nancial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim fi nancial information based on our review.
We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by FAR. 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 less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all signifi cant matters that might be identifi ed in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim fi nancial information is not, in all material aspects, prepared in accordance with IAS 34 and the Swedish Annual Accounts Act for the Group and the Swedish Annual Accounts Act for the Parent Company.
Malmö, 18 February 2010
Eric Salander Mathias Carlsson Authorised Public Accountants PricewaterhouseCoopers
The year-end report will be presented in a teleconference starting at 10:00 a.m. on 19 February 2010. The telephone number to the teleconference is +46 (0)8 5052 0110. Pictures for the teleconference will be available on our website www.bongljungdahl.com by 9:00 a.m., at the latest.
For additional information contact
Anders Davidsson, President and CEO of Bong Ljungdahl AB.
Telephone (switchboard) +46 (0)44 20 70 00, (direct) +46 (0)44 20 70 80, (mobile) +46 (0)70 545 70 80.
| CO NSO LID ATE D P RO FIT AN D |
Oct -De c |
Oct -De c |
Ja Dec n - |
Ja Dec n - |
|---|---|---|---|---|
| LOS S A CC OU NTS IN SU MM AR Y |
200 9 |
200 8 |
200 9 |
200 8 |
| (SE ) K M |
ån 3 m |
ån 3m |
mån 12 |
mån 12 |
| Net les sa |
512 .9 |
507 .8 |
1,9 14.7 |
1,9 37. 1 |
| Cos t of ds s old goo |
-39 4.1 |
-40 7.9 |
-1,5 10.6 |
-1,5 49. 8 |
| Gro rofit ss p |
118 .8 |
99. 9 |
404 .1 |
387 .3 |
| Sel ling exp ens es |
-47 .4 |
-45 .3 |
-18 8.4 |
-18 3.8 |
| Adm inis ive trat exp ens es |
-42 .0 |
-40 .0 |
-15 6.2 |
-14 4.5 |
| Oth atin g in nd e er o per com e a xpe nse s |
1.3 | 5.5 | 5.7 | 15. 3 |
| Ope ratin rofit g p |
30. 6 |
20. 1 |
65. 3 |
74. 3 |
| Net fina ncia l ite ms |
-10 .2 |
-15 .4 |
-34 .8 |
-54 .2 |
| Pro fit b efo re t ax |
20. 4 |
4.7 | 30. 5 |
20. 1 |
| Inco tax me |
-3.2 | -6.4 | -6.2 | -9.6 |
| Pro fit a fter tax |
17. 2 |
-1.7 | 24. 3 |
10. 5 |
| Pro fit fo r th riod ribu tab le to min ority inte att rest e pe |
0.3 | -0.1 | 2.6 | 0.0 |
| Bas ic e ings r sh , SE K arn pe are |
1.2 9 |
-0.1 3 |
1.6 5 |
0.8 0 |
| , SE Dilu ted ning r sh K ear s pe are |
1.2 8 |
-0.1 3 |
1.6 3 |
0.7 8 |
| Ave umb f sh s, b asic rag e n er o are |
13, 128 ,227 |
13, 128 ,227 |
13, 128 ,227 |
13, 128 ,227 |
| Ave umb f sh s, d ilute d rag e n er o are |
13, 230 ,227 |
13, 332 ,227 |
13, 230 ,227 |
13, 332 ,227 |
| STA TEM ENT S O F C OM PRE HEN SIV E IN CO ME |
Oct -De c |
Oct -De c |
Ja Dec n - |
Ja Dec n - |
| (SE K M ) |
200 9 |
200 8 |
200 9 |
200 8 |
| fit a fter Pro tax |
17. 2 |
-1.7 | 24. 3 |
10. 5 |
| Oth hen sive inc er c om pre om e |
||||
| Inc nd nis ed dire ctly in ity om e a exp ens e re cog equ |
||||
| Cas h flo w h edg es |
-1.2 | -13 .7 |
-2.3 | -13 .7 |
| Hed ging of inve net stm ents |
-9.5 | -4.3 | 13. 1 |
-15 .6 |
| Tra nsla tion diff ere nce s |
17.0 | 45. 8 |
-47 .2 |
67. 8 |
| Rev alua tion isiti of sha in s ubs idia ries rese rve on a cqu ons res |
5.6 | 3.3 | 5.6 | 3.3 |
| Inco tax rela ting to ents of othe reh ive inco me com pon r co mp ens me |
-9.0 | 16. 7 |
-7.7 | 18. 2 |
| Oth hen sive inc e af ter tax er c om pre om |
3.0 | 47. 8 |
-38 .5 |
60. 0 |
| Tot al c hen sive inc om pre om e |
20. 1 |
46. 1 |
-14 .2 |
70. 5 |
| Tot al p rofi trib ble t at uta to: |
||||
| Ow s in rent ner pa com pan y |
17. 9 |
45. 2 |
-18 .7 |
69. 6 |
| Min ority inte rest |
2.3 | 0.9 | 4.5 | 0.9 |
| CO NS OL IDA TED BA LAN CE SH EET S IN S UM MA RY (SE K M ) |
31 Dec 200 9 |
31 Dec 200 8 |
|
|---|---|---|---|
| Ass ets |
|||
| Inta ngib le a ts sse |
1) | 416 .2 |
428 .7 |
| Tan gib le a ts sse |
550 .4 |
642 .8 |
|
| Fina ncia l as sets |
97. 9 |
99. 0 |
|
| Inve ries nto |
207 .8 |
258 .9 |
|
| Cur ceiv able t re ren s |
311 .7 |
345 .0 |
|
| Cas h a nd h e quiv ale nt cas |
74. 3 |
99. 1 |
|
| Tot al a ts sse |
1,65 8.2 |
1,8 73. 4 |
|
| Equ ity and lia bili ties |
|||
| Equ ity |
2) | 598 .1 |
629 .0 |
| Non t lia bilit ies -cu rren |
3) | 605 .1 |
747 .9 |
| Cur t lia bilit ies ren |
4) | 454 .9 |
496 .5 |
| Tot al e qui ty a nd liab iliti es |
1,65 8.2 |
1,8 73. 4 |
|
| 1) O f wh ich, odw ill go |
407 .9 |
426 .0 |
|
| 2) O f wh ich, mi ity i nte rest nor |
2.6 | 1.6 | |
| 3) O f wh ich, int st-b ing ere ear |
584 .5 |
725 .5 |
|
| 4) O f wh ich, int st-b ing ere ear |
78. 4 |
118 .3 |
| CHA NG ES IN C ON SO LID ATE D |
J Dec an- |
Jan -De c |
|---|---|---|
| EQ UIT Y (S EK M) |
200 9 |
200 8 |
| Ope ning ba lanc e fo r the riod pe |
629 .0 |
571 .6 |
| Divi den ds p aid* ) |
-16 .6 |
-13 .1 |
| Tot al p rofit |
-14 .2 |
70. 5 |
| Clo sin g b alan ce f he iod or t per |
598 .1 |
629 .0 |
*) of which attributable to owners in the Parent Company 13.1
| CO NSO LID ATE D C AS H F LOW ST ATE ME NTS |
Oct -De c |
Oct -De c |
Ja Dec n - |
Ja Dec n - |
|---|---|---|---|---|
| 200 9 |
200 8 |
200 9 |
200 8 |
|
| (SE K M ) |
||||
| Ope rati act ivit ies ng |
||||
| Ope ratin rofit g p |
30. 6 |
20. 1 |
65. 3 |
74. 3 |
| Dep reci atio tisa tion d im pair t n, a mor an men |
21. 2 |
26. 4 |
90. 1 |
94. 7 |
| Fina ncia l ite ms |
-10 .2 |
-15 .4 |
-34 .8 |
-54 .2 |
| Paid tax |
7.2 | -12 .1 |
-2.1 | -14 .3 |
| Oth h ite er n on- cas ms |
-9.5 | -13 .7 |
-33 .1 |
-8.3 |
| Cas h flo w fr ratin tivit ies om ope g ac |
||||
| befo han in w ork ing ital re c ges cap |
39. 2 |
5.3 | 85. 4 |
92. 3 |
| Cha s in rkin pita l nge wo g ca |
23. 5 |
87. 9 |
98. 1 |
108 .2 |
| Cas h fl from ting ivit ies act ow op era |
62. 8 |
93. 2 |
183 .4 |
200 .5 |
| Cas h flo w fr inve stin tivit ies om g ac |
-11 .4 |
-6.3 | -14 .6 |
-56 .2 |
| Cas h fl afte r in ting ivit ies act ow ves |
51. 4 |
86. 9 |
168 .9 |
144 .3 |
| Cas h flo w fr fina ncin tivit ies om g ac |
-63 .2 |
-89 .3 |
-19 2.3 |
-72 .3 |
| Cas h fl for the riod ow pe |
-11 .8 |
-2.4 | -23 .4 |
71.9 |
| Cas h an d ca sh e quiv alen t be ginn ing of p erio d ts a |
84. 8 |
104 .4 |
99. 1 |
24. 3 |
| Exc han diff in c ash d ca sh e quiv alen rate t ge ere nce an |
1.3 | -2.9 | -1.4 | 2.9 |
| Cas h a nd h e qui vale nt a t en d o f pe riod cas |
74. 3 |
99. 1 |
74. 3 |
99. 1 |
| KE Y R AT IOS |
J - D an ec 200 9 |
Jan - D ec 20 08 |
|
|---|---|---|---|
| Op ting ofit % era pr , Pro fit m in, % arg |
3.4 1.4 |
3.8 1.0 |
|
| Re ity, % tur n o n e qu Re tur ital loy ed % n o n c ap em p , |
3.5 7 5.5 |
1.8 5.6 |
|
| Eq uity /as tio % set s ra , Ne t d ebt /eq uity tio tim ra es , bt/ Ne t lo de EB ITD A an |
36 .1 0.9 8 3.7 9 |
33 .6 1.1 8 4.4 0 |
|
| Ca ital loy ed SE K M p em p , Inte t-b ring t lo de bt, SE K M res ea ne an |
1, 26 1.6 58 9.2 |
1, 472 .7 74 4.7 |
|
| DA TA PE R S HA RE |
J - D an ec 200 9 |
Jan - D ec 20 08 |
|
| Ba sic rnin r sh SE K ea gs pe are , SE Dil ute d e ing sha K arn s p er re, |
1) | 1.6 5 1.6 3 |
0.8 0 0.7 8 |
| Eq uity r sh be for e d ilut ion SE K pe are , Dil d e ity r sh SE K ute qu pe are , |
45 .56 45 .77 |
47 .91 48 .22 |
|
| Ba sic mb of s har ndi nd of riod out sta at e nu er es ng pe r of of Dil ute d n be sh uts tan din t e nd riod um are s o g a pe Av be r of sh bas ic era ge num are s, |
13 128 227 , , 13 230 227 , , 13 128 227 , , |
13 128 227 , , 13 332 227 , , 13 128 227 , , |
Average number of shares, diluted 13,230,227 13,332,227
1) The dilution effect is not taken into account when it leads to a better result.
KEY RATIOS
| 200 9 |
200 8 |
200 7 |
200 6 |
200 5 |
||
|---|---|---|---|---|---|---|
| Ne les SE K M t sa , |
1, 915 |
1, 937 |
1, 991 |
1, 985 |
1,7 82 |
|
| Op ting ofit SE K M era pr , |
65 | 74 | 60 | 40 | 71 | 1) |
| Pro fit b efo SE K M re t ax, |
24 | 10 | 16 | -1 | 23 | 1) |
| Ca sh flow aft inv ing tivi ties est er ac |
165 | 144 | 1 | -7 | 105 | |
| Op ting in, % era ma rg |
3.4 | 3.8 | 3.0 | 2.0 | 4.0 | 1) |
| Pro fit m in, % arg |
1.4 | 1.0 | 0.6 | 0.1 | 1.9 | 1) |
| Ca ital ime rat e tu , t p rno ver s |
1.1 | 1.1 | 1.1 | 1.2 | 1.1 | |
| Re ity, % tur n o n e qu |
3.6 | 1.8 | 2.8 | neg | 4.3 | 1) |
| Re ital loy ed, % tur n o n c ap em p |
5.5 | 5.6 | 4.9 | 3.1 | 5.3 | 1) |
| Eq uity /as tio, % set s ra |
36 | 34 | 33 | 31 | 34 | |
| SE Ne t lo deb K M t, an |
589 | 745 | 829 | 807 | 706 | |
| bt/e Ne t de ity rati o, t ime qu s |
0.9 8 |
1.1 8 |
1.4 5 |
1.5 0 |
1.2 6 |
|
| t/E Ne t lo deb BIT DA , t ime an s |
3.8 | 4.4 | 5.4 | 5.7 | 4.1 | 1) |
| A/n et f EB ITD ina nci al i tme tim ns, es |
4.5 | 3.1 | 3.2 | 3.8 | 4.6 | 1) |
| Av ber of loy era ge num em p ees |
1, 220 |
1, 270 |
1, 346 |
1, 379 |
1, 280 |
|
| Da sh ta per are |
||||||
| Nu mb of sha er res |
||||||
| Bas ic n ber of sha ndi nd of p erio d tsta at e um res ou ng |
13 128 227 , , |
13 128 227 , , |
13 128 227 , , |
13 017 298 , , |
13 004 986 , , |
|
| Dilu ted mb f sh din d o f pe riod uts tan t en nu er o are s o g a |
13 230 227 , , |
13 332 227 , , |
13 428 227 , , |
13 651 180 , , |
13 651 180 , , |
|
| Av ber of sha be for e d ilut ion era ge num res |
13 128 227 , , |
13 128 227 , , |
13 079 425 , , |
13 006 000 , , |
13 004 986 , , |
|
| of aft Av ber sha er d ilut ion era ge num res |
13 230 227 , , |
13 332 227 , , |
13 379 425 , , |
13 651 180 , , |
13 ,5 11, 180 |
|
| Ea rni har ngs pe r s e |
||||||
| Bef dil utio SE K ore n, |
1.6 5 |
0.8 0 |
1.1 9 |
-0. 04 |
1.7 9 |
|
| Aft er d ilut ion SE K , |
1.6 3 |
0.7 8 |
1.1 7 |
-0. 04 |
1.7 4 |
|
| Eq uity har pe r s e |
||||||
| Bef dil utio SE K ore n, |
45 .56 |
47 .91 |
43 .54 |
41 .31 |
43 .17 |
|
| Aft er d ilut ion SE K , |
45 .77 |
48 .22 |
43 .98 |
42 .30 |
44 .09 |
|
| Oth dat sha er a p er re |
||||||
| SE Div ide nd, K ( for 200 9 p d b the Bo ard ) rop ose y |
1.0 0 |
1.0 0 |
1.0 0 |
1.0 0 |
0.0 0 |
|
| Qu SE ate d m ark et p rice the ba lan she et d ate K on ce , |
21 | 12 | 42 | 68 | 64 | |
| P/E tio, tim -ra es |
13 | 15 | 36 | neg | 37 | |
| Pric e/b ook lue be for e d ilut ion % va , |
46 | 25 | 96 | 165 | 148 | |
| Pric e/b ook lue aft er d ilut ion va |
46 | 25 | 96 | 160 | 145 |
1) Excluding effect of settlement in a legal dispute
| Q U AR TE RL Y D AT A |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| G RO U P ( S EK M ) |
4 /20 09 |
3 /20 09 |
2 /20 09 |
1 /20 09 |
4 /20 08 |
3 /20 08 |
2 /20 08 |
1 /20 08 |
4 /20 07 |
3 /20 07 |
2 /20 07 |
1 /20 07 |
| Ne les t s a |
51 2.9 |
42 4.5 |
45 7.3 |
52 0.1 |
50 7.8 |
44 0.7 |
46 3.0 |
52 5.5 |
51 7.6 |
46 1.0 |
47 2.4 |
54 0.4 |
| Op ing t era ex p en se s |
-48 2.2 |
-41 6.4 |
-44 3.9 |
-50 7.0 |
-48 7.8 |
-43 0.7 |
-44 6.3 |
-49 8.0 |
-49 2.6 |
-44 4.7 |
-47 7.6 |
-51 6.4 |
| ing f it Op t era p ro |
3 0.7 |
8. 1 |
13 .4 |
13 .1 |
20 .1 |
10 .0 |
16 .7 |
27 .5 |
25 .0 |
16 .3 |
-5. 2 |
24 .0 |
| Ne fin ia l ite t an c ms |
-10 .2 |
-8. 1 |
-7. 6 |
-8. 9 |
-15 .4 |
-12 .3 |
-14 .7 |
-11 .8 |
-10 .2 |
-14 .6 |
-11 .5 |
-11 .5 |
| Pro f it be for e t ax |
20 .4 |
0. 0 |
5. 8 |
4.2 | 4.7 | -2. 3 |
2.0 | 15 .7 |
14 .8 |
1.7 | -16 .7 |
12 .5 |
| Ca ita l g in, le f P PE p a sa o |
12 .7 |
|||||||||||
| Re ing ha str uct ur c rg es |
-21 .0 |
|||||||||||
| -8. 3 |
||||||||||||
| Ad j d o ing f it te t us p era p ro |
3 0.7 |
8. 1 |
13 .4 |
13 .1 |
20 .1 |
10 .0 |
16 .7 |
27 .5 |
25 .0 |
16 .3 |
3. 1 |
24 .0 |
| Ad j d p f it be for te e t us ro ax |
20 .4 |
0. 0 |
5. 8 |
4.2 | 4.7 | -2. 3 |
2.0 | 15 .7 |
14 .8 |
1.7 | -8. 4 |
12 .5 |
| P A R E N T C O M P A N Y P R O F I T A N D |
Ja De n - c |
Ja De n - c |
P A R E N T C O M P A N Y B A L A N C E |
De 3 1 c |
De 3 1 c |
|---|---|---|---|---|---|
| L O S S A C C O U N T S I N S U M M A R Y |
20 0 9 |
20 0 8 |
S H E E T S I N S U M M A R Y ( S E K M ) |
20 0 9 |
20 0 8 |
| ( S E K M ) |
As ts se |
||||
| Ne les t s a |
0. 0 |
0. 0 |
Ta i b le ts ng as se |
1 5. |
3.5 |
| Co f g ds l d st o oo so |
0. 0 |
0. 0 |
F ina ia l a ets nc ss |
1, 22 0. 1 |
1, 24 2 5. |
| Gr f it os s p ro |
0. 0 |
0. 0 |
Cu iva b les nt rre rec e |
10 9. 1 |
11 0.5 |
| Ca h a d c h e iva len ts s n as q u |
6. 1 |
0. 0 |
|||
| A dm in ist rat ive ex p en se s |
-4 1.2 |
-35 .8 |
To ta l a ets ss |
1, 3 4 0. 4 |
1, 3 5 9. 2 |
| Ot he ing inc d e t r o p era om e a n xp en se s |
7.2 | 2.3 | |||
| Op ing f it t era p ro |
-3 4.0 |
-3 3.5 |
Eq ity d l ia b i l it ies u an |
||
| Eq ity u |
5 8 0. 2 |
57 0. 9 |
|||
| Ne f ina ia l ite t nc ms |
.0 55 |
2.1 5 |
Un d r tax e es erv es |
0. 0 |
0. 9 |
| Pro f it be for iat ion d t e a p p rop r s a n ax |
21 .0 |
18 .6 |
Pro is ion s v |
11 .7 |
12 .3 |
| No l ia b i l it ies t n-c urr en |
45 9. 2 |
9 6.5 5 |
|||
| Inc e t om ax |
0. 9 |
14 .8 |
Cu l ia b i l it ies nt rre |
28 9. 3 |
17 8. 6 |
| Pr f it a fte r ta o x |
2 1. 9 |
3 3. 4 |
To l e ity d l ia b i l it ies ta q an u |
1, 3 4 0. 4 |
5 1, 3 9. 2 |
| P A R E N T C O M P A N Y P R O F I T A N D |
Ja De n - c |
Ja De n - c |
P A R E N T C O M P A N Y B A L A N C E |
De 3 1 c |
De 3 1 c |
|---|---|---|---|---|---|
| S S C C S S L O A O U N T I N U M M A R Y |
20 0 9 |
20 0 8 |
S S S S H E E T I N U M M A R Y ( E K M ) |
20 0 9 |
20 0 8 |
| ( S E K M ) |
As ts se |
||||
| Ne les t s a |
0. 0 |
0. 0 |
Ta i b le ts ng as se |
1 5. |
3.5 |
| Co f g ds l d st o oo so |
0. 0 |
0. 0 |
F ina ia l a ets nc ss |
1, 22 0. 1 |
1, 24 2 5. |
| Gr f it os s p ro |
0. 0 |
0. 0 |
Cu iva b les nt rre rec e |
10 9. 1 |
11 0.5 |
| Ca h a d c h e iva len ts s n as q u |
6. 1 |
0. 0 |
|||
| A dm in ist ive rat ex p en se s |
-4 1.2 |
-35 .8 |
To l a ta ets ss |
1, 3 4 0. 4 |
5 1, 3 9. 2 |
| Ot he t ing inc d e r o p era om e a n xp en se s |
7.2 | 2.3 | |||
| Op f ing it t era p ro |
-3 4.0 |
-3 3.5 |
Eq ity d l ia b i l it ies u an |
||
| Eq ity u |
5 8 0. 2 |
57 0. 9 |
|||
| Ne f ina ia l ite t nc ms |
55 .0 |
5 2.1 |
Un d r tax e es erv es |
0. 0 |
0. 9 |
| Pro f it be for iat ion d t e a p p rop r s a n ax |
21 .0 |
18 .6 |
Pro is ion v s |
11 .7 |
12 .3 |
| No l ia b i l it ies t n-c urr en |
45 9. 2 |
9 6.5 5 |
|||
| Inc e t om ax |
0. 9 |
14 .8 |
Cu l ia b i l it ies nt rre |
28 9. 3 |
17 8. 6 |
| Pr f it a fte r ta o x |
2 1. 9 |
3 3. 4 |
To l e ity d l ia b i l it ies ta q an u |
1, 3 4 0. 4 |
1, 3 5 9. 2 |
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