Annual Report • Feb 27, 2009
Annual Report
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Solna, February 27, 2009
"The wind-down of Scribona's earlier operations as an IT distributor has now been completed."
"Scribona's new focus on investments in the financial and property markets has now been started. The goal is to obtain a stable and healthy return on investment."
Lorenzo Garcia, President and CEO, telephone +46-(0)737 08 38 88
The Scribona Group, which was previously active in IT distribution, consists of the Parent Company and the three subsidiaries in Sweden, Finland and Norway.
The Swedish subsidiary Scribona Nordic AB has handled the Group's entire flow of goods including purchasing, logistics and sales in Sweden, Finland and Norway. The local companies in Finland and Norway have functioned as agents for Scribona Nordic AB and served customers in their respective local markets.
On March 4, 2008, it was announced that Scribona had signed an agreement for the sale of its operating activities to Tech Data. The transaction, which is described in detail in the 2007 annual report, was approved by the EU Competition Authority on April 28 and by Scribona's stockholders at the AGM on April 29, 2008. The sale was completed on May 19, 2008. The total purchase price amounted to SEK 504 million. Scribona has received 100% of the purchase price in four installments, the last of which in November 2008, in a total amount of SEK 481 million after deduction of certain settlements.
On June 1, 2008, Board member Lorenzo Garcia took over the role of President and CEO from Fredrik Berglund. On June 30, 2008, Vice President and CFO Hans-Åke Gustafsson left the company.
Net sales and profit for the fourth quarter of 2008
Scribona had no operating activities during the fourth quarter. A small team of employees has continued working to liquidate assets and liabilities and extinguish obligations under contracts in force. During the quarter, this staffing decreased from 6 to 4 individuals actively involved in the wind-down process.
Consolidated net sales totaled SEK 0 million (2,368). Consolidated operating profit before the sale to
Tech Data was SEK -5 million (-32), consisting of the Parent Company's operating expenses. These include provisions of SEK 4 million for doubtful debts relating to part of the purchase price for the sale of Scribona's Danish subsidiary in 2007.
The gain on the sale of Scribona's IT distribution operations was adjusted by SEK 4 million during the quarter compared to the estimate made at September 30, 2008.
Consolidated operating profit was SEK -1 million (-32).
Net financial items amounted to SEK 32 million (-14). After the sale to Tech Data, the Group has excess liquidity that has been placed in special deposit accounts. A smaller portion has been invested in listed shares. Net financial items also include a gain of SEK 1 million on the sale of equity investments. Foreign exchange differences totaled SEK 21 million (-4).
Profit before tax was SEK 31 million (-46).
Income tax expense is reported at SEK 7 million (79). The tax expense is attributable to the Norwegian subsidiary Scribona AS.
Profit for the quarter was SEK 24 million (-118), equal to earnings per share of SEK 0.29 (-1.44).
Consolidated net sales totaled SEK 2,670 million (8,069).
Consolidated operating profit before the sale to Tech Data was SEK -46 million (-44) and included net exchange differences of SEK -2 million (-3).
The gain on the sale of Scribona's operations amounted to SEK 34 million, consisting of a premium from Tech Data of 15 million, equal to SEK 141 million, and wind-down costs of SEK 107 million.
Consolidated operating profit after the sale to Tech Data was SEK -12 million (-44).
Net financial items totaled SEK 24 million (-37), of which net interest accounted for SEK 0 million (-25), foreign exchange gains (losses) on foreign currency loans for SEK 24 million (-15), an adjustment in the gain on the sale of the Danish operations in 2007 for SEK 3 million and a write-off of the remaining portion of the prepaid fee for the accounts receivable securitization program for SEK -3 million. Net financial items also include a capital gain of SEK 1 million on the sale of equity investments.
Profit before tax was SEK 12 million (-80).
Income tax expense is reported at SEK -2 million (-85).
Profit for the year was SEK 10 million (-181), equal to earnings per share of SEK 0.12 (-2.22).
The wind-down of operations in Denmark during 2007 was completed in December 2007 following the sale of the Danish subsidiaries.
The year's profit in discontinued operations amounted to SEK -16 million in 2007.
The Group's cash flow from operating activities for the full year was SEK 1,031 million (-30), including proceeds from the sale of inventories to Tech Data for a book value of SEK 362 million.
Cash flow from investing activities is reported at SEK -51 million (-2). The purchase price from Tech Data, excluding payment for the inventories, amounted to SEK 119 million. In December 2008 Scribona took over Citibank's loans to European Equity Tranche Income Limited (EETI) for 14 million. The amount that was thereby lent to EETI totaled 14.7 million, equal to SEK 161 million. Shares have been acquired for SEK 9 million.
Cash flow from financing activities amounted to SEK -717 million (144). Financing commitments via the accounts receivable securitization program were settled at the end of June 2008.
The year's cash flow was SEK 263 million (186).
Net financial assets at the end of the year totaled SEK 617 million (-386). Capital employed was SEK -55 million (953). Cash and cash equivalents at December 31, 2008, amounted to SEK 451 million (190) and were primarily placed in special deposit accounts in Swedish banks.
The number of employees in the Group on May 18, 2008, was 322, of whom 188 were hired by Tech Data on May 19. All of the other employees have been terminated on grounds of shortage of work, although a few have remained active in Scribona's wind-down activities. The number of employees at the end of the year, equal to the number of full-time positions, was 1 (322).
Earnings per share for the full year were SEK 0.12 (-2.22). Equity per share at year-end 2008 was SEK 6.88 (6.94). The equity/assets ratio at December 31, 2008, was
87.7% (20.3).
Return on capital employed for the full year is reported at -5.4% (-4.7%).
Return on equity for the year was 1.8% (-27.3%).
At the beginning of 2008 the Board of Directors' and Executive Management's priorities focused primarily on preparing for the transfer of operating activities to Tech Data. After signing the agreement on March 4, 2008, technical preparations were intensified to ensure a smooth and friction-free transfer.
Following the transfer of operations to Tech Data on May 19, 2008, Scribona's balance sheet was fully intact with the exception of inventories and certain equipment. The value of inventories was replaced with a receivable from Tech Data in addition to a contracted premium in excess of the purchase price for these inventories. Added to this were obligations to the redundant staff and to a large number of counterparties with which contracts in force have not been transferred to Tech Data.
The purchase price amounted to SEK 504 million, which has been received in an entire amount of SEK 481 million after deduction of certain settlements, of which accrued vacation pay to the employees was the largest. The final installment, of 15% less certain settlements, was received on November 19 in an amount of 71 million. An additional purchase price of €1.5 million that is not covered in this report may be paid during 2009. However, this extra purchase consideration is wholly dependent on Tech Data's performance during the first part of 2009.
After the transfer, a number of individuals have continued working to liquidate assets and liabilities and extinguish obligations under contracts in force. This has included collection of accounts receivable and settlement of trade payables, but also matters such as finding viable solutions for termination of property leases. Immediately after "Closing" there were 30 individuals involved in this work, and at the end of the year this number had decreased to 4, of which 1 is an employee.
The wind-down process has continued to progress according to plan. Since the previous report, the assessed total wind-down costs have been reduced by SEK 4 million and amounted to a total of SEK 107 million.
The wind-down following the sale of operations to Tech Data was completed during 2008 and resulted in the conversion of net assets and liabilities to cash and cash equivalents.
In December 2008 Scribona took over Citibank's loans to European Equity Tranche Income Limited (EETI) for SEK 153 million. The transaction is described in detail in a press release dated December 15, 2008. Scribona's assessment is that the acquired loans and shareholding in EETI will show positive development.
On June 1, 2008, Lorenzo Garcia was appointed as President and CEO of Scribona AB. Compensation to Garcia is paid in the form of a consulting fee via Greenfield International AB. This fee is paid partly as a fixed monthly salary of SEK 200,000 and partly as a variable performance-related component based on a
net asset value of at least SEK 5.50 per share after the wind-down of operations, equal to SEK 449 million. In the event of a NAV of more than SEK 449 million, progressive compensation of between 5.5% and 10.0% is payable for the value exceeding this amount. The amount of fixed compensation is deducted from the variable component. In the accounts for the period, the total cost for remuneration to Garcia is SEK 8,864,000.
Compensation for the termination of former President and CEO Fredrik Berglund was recognized as an expense in 2008. The mutual term of notice between the company and the President and CEO was twelve months and the President and CEO was entitled to termination benefits corresponding to twelve monthly salaries. The amount of termination benefits is not deducted from other income. Notice-period pay totaled SEK 2,928,000 and termination benefits were SEK 2,928,000. Social security contributions amounted to SEK 1,932,000 and pension costs including special payroll tax to SEK 1,092,000. Other benefits, consisting mainly of mileage compensation, were estimated at SEK 192,000. Notice-period pay and termination benefits were paid in full during 2008.
Compensation for the termination of former Vice President and CFO Hans-Åke Gustafsson was recognized as an expense during 2008. The mutual term of notice between the company and the Vice President and CFO was six months the Vice President and CFO was entitled to termination benefits corresponding to twelve monthly salaries. The amount of termination benefits is deducted from other income. Notice-period pay amounted to SEK 732,000 and termination benefits to SEK 1,464,000. Social security contributions amounted to SEK 725,000 and pension costs including special payroll tax to SEK 318,000. Other benefits, consisting mainly of mileage compensation, were estimated at SEK 64,000. Notice-period pay and termination benefits were paid in full during 2008.
The law firm of Advokatfirman Lindahl KB has assisted the Parent Company Scribona AB in legal matters, for which fees of SEK 3,301,000 were paid in the first half of 2008. Attorney Johan Hessius, a member of Scribona's Board of Directors until April 29, 2008, is a partner in Advokatfirman Lindahl KB.
At the request of the Board during 2008, Mark Keough, a member of Scribona's Board of Directors until August 21, 2008, has performed consulting services on behalf of the Parent Company Scribona AB in connection with the sale to Tech Data. The related fees amounted to SEK 828,000.
In connection with the transaction with Tech Data, Scribona AB purchased consulting services on marketbased terms from Greenfield International AB. These services were performed by Lorenzo Garcia and the related fees during January-May 2008 amounted to SEK 764,000. Lorenzo Garcia is a member of Scribona's Board of Directors and as of June 1, 2008, is also President and CEO of Scribona AB. See also information about remuneration to senior executives.
IIn February 2009 the general meeting of shareholders in EETI resolved to carry out a special rights issue whereby Scribona has become the majority shareholder in the company through partial conversion of loans. On February 16, 2009, Scribona received 84% of the shares and votes in EETI.
In the most recent annual report, risks and uncertainties are described in the administration report, as well as Note 35 Risk and Sensitivity Analysis and Note 36 Financial Risks.
After the sale of operations to Tech Data, Scribona's balance sheet and contractual obligations have been liquidated. Certain losses have arisen in connection with collection and settlement of trade receivables and payables, etc. In the event of premature termination of contracts, negotiations have been conducted with the counterparties to keep the resulting costs as low as possible. Although strenuous efforts have been made to identify all liabilities/obligations, it is still possible that obligations may arise that are not covered in this report.
Net sales in the Parent Company for the full year amounted to SEK 4 million (7), of which SEK 4 million (7) referred to invoicing of rents to subsidiaries.
Other external expenses include a SEK 13 million provision for vacant premises at the head office in Solna in connection with the wind-down of operations, an increased provision of SEK 3 million for final settlement of the liability for accrued rents on the Danish warehouse, a provision of SEK 4 million for doubtful debts for part of the purchase price for the sale of Scribona's Danish subsidiary in 2007 and SEK 4 million in consulting costs arising from the transaction with Tech Data.
Dividends from subsidiaries have been received in an amount of SEK 83 million (82). An impairment loss of SEK 45 million has been recognized on shares in subsidiaries. Net financial items also include a SEK 3 million write-off of the remainder of the prepaid fee for the accounts receivable securitization program.
Profit before tax was SEK 8 million (-316).
Cash and cash equivalents at December 31, 2008, were SEK 92 million (3). Net financial assets on the same date amounted to SEK 126 million (68) and total assets to SEK 447 million (444). No investments in non-current assets were made during the period.
This year-end report has been prepared in compliance with the rules in the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting, for the Group and in compliance with the rules in the Swedish Annual Accounts Act for the Parent Company. The same accounting and valuation standards have been applied in the year-end report as in the most recent annual report.
As of 2009, Scribona has decided to begin preparing its financial reports in compliance with the Swedish Annual Accounts and the general advice of the Swedish Accounting Standards Board. Scribona has not assessed what effects the changed accounting policies will have on the company's financial reports.
This year-end report has not been examined by the company's independent auditors.
The Board proposes that no dividend be paid to the stockholders.
The annual report is expected to be published at the beginning of May 2009, at which time it will be posted on Scribona's website and can also be ordered from Scribona AB, Box 1374, SE-171 27 SOLNA, telephone +46 8-734 34 00.
The 2009 Annual General Meeting is planned to be held on May 27, 2009, in Stockholm.
The information contained herein is subject to the disclosure requirements of Scribona AB under the Act on Stock Exchange and Clearing Operations and/or the Act on Trading in Financial Instruments. The information was submitted for publication on February 27, 2009, 8:00 a.m. (CET).
Interim report for January-March 15 May 2009 Interim report for January-June 28 August 2009 Interim report for January-September 20 November 2009
Solna, February 27, 2009
Scribona AB The Board of Directors
| 2008 | 2007 | 2008 | 2007 | ||
|---|---|---|---|---|---|
| Amounts in SEK m | Note | Jan-Dec | Jan-Dec | Oct-Dec | Oct-Dec |
| Net sales | 1 | 2,670 | 8,069 | - | 2,368 |
| Other operating income | 1 | 49 | 0 | 15 | |
| 2,671 | 8,118 | 0 | 2,383 | ||
| OPERATING EXPENSES | |||||
| Goods for resale | -2,519 | -7,588 | - | -2,240 | |
| Other external expenses | -108 | -259 | -5 | -73 | |
| Staff costs | -88 | -260 | 0 | -67 | |
| Depreciation/amortization and impairment | -2 | -53 | - | -34 | |
| Other operating expenses | 0 | -3 | 0 | -1 | |
| Proceeds from the sale of operations | |||||
| in excess of compensation for book value of inventories | 141 | - | - | - | |
| Wind-down costs | -107 | - | 4 | - | |
| OPERATING PROFIT/LOSS | 2 | -12 | -44 | -1 | -32 |
| Net financial items | 24 | -37 | 32 | -14 | |
| PROFIT/LOSS BEFORE TAX | 12 | -80 | 31 | -46 | |
| Income tax expense | 3 | -2 | -85 | -7 | -79 |
| PROFIT/LOSS IN CONTINUING OPERATIONS | 10 | -166 | 24 | -125 | |
| Profit/loss after tax in discontinued operations | 4 | - | -16 | - | 7 |
| PROFIT/LOSS FOR THE PERIOD | 10 | -181 | 24 | -118 | |
| BASIC AND DILUTED EARNINGS PER SHARE | |||||
| Total, SEK | 0.12 | -2.22 | 0.29 | -1.44 | |
| Number of shares at end of period | 81,698,572 | 81,698,572 | 81,698,572 | 81,698,572 | |
| Number of shares at end of period after full dilution | 81,698,572 | 81,698,572 | 81,698,572 | 81,698,572 | |
| Average weighted number of shares after full dilution | 81,698,572 | 54,891,229 | 81,698,572 | 81,698,572 |
Scribona has no outstanding convertible loans or subscription warrants.
| 2008 | 2008 | 2008 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Amounts in SEK m Note |
31 Dec | 30 Sept | 30 June | 31 March | 31 Dec |
| ASSETS | |||||
| Tangible assets | - | 3 | 3 | 8 | 10 |
| Other non-current assets | 3 | 3 | 4 | 6 | 7 |
| Inventories | - | - | - | 706 | 688 |
| Current receivables | 18 | 145 | 430 | 1,385 | 1,896 |
| Financial investment | 169 | - | - | - | - |
| Cash and cash equivalents | 451 | 548 | 434 | 109 | 190 |
| TOTAL ASSETS | 641 | 699 | 871 | 2,214 | 2,791 |
| EQUITY AND LIABILITIES | |||||
| Equity | 562 | 551 | 535 | 528 | 567 |
| Liabilities | |||||
| Non-current liabilities | 20 | 34 | 36 | 42 | 45 |
| Current liabilities | 59 | 114 | 300 | 1,644 | 2,179 |
| TOTAL EQUITY AND LIABILITIES | 641 | 699 | 871 | 2,214 | 2,791 |
| Capital employed | -55 | -4 | 85 | 865 | 953 |
| Net financial assets | 617 | 555 | 449 | -337 | -386 |
| Amounts in SEK m | 2008 Jan-Dec |
2007 Jan-Dec |
2008 Oct-Dec |
2007 Oct-Dec |
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| Profit/loss after financial items | 12 | -80 | 31 | -46 |
| Depreciation, amortization and impairment | 9 | 53 | 3 | 34 |
| Other | -7 | -22 | -7 | -20 |
| Tax paid | -16 | -18 | 2 | -16 |
| Cash flow from operating activities | ||||
| before change in working capital | -2 | -67 | 29 | -48 |
| Cash flow from change in working capital | ||||
| Change in inventories | 688 | 63 | - | -207 |
| Change in operating receivables | 1,878 | 294 | 127 | -319 |
| Change in operating liabilities | -1,533 | -320 | -154 | 421 |
| Cash flow from operating activities | 1.031 | -30 | 2 | -154 |
| INVESTING ACTIVITIES | ||||
| Acquisition of receivables | -161 | - | -161 | - |
| Acquisition of shares | -9 | - | -9 | - |
| Acquisition of non-current assets | - | -2 | - | 0 |
| Disposal of operations | 118 | - | 71 | - |
| Disposal of non-current assets | 1 | 0 | 0 | 0 |
| Cash flow from investing activities | -51 | -2 | -99 | 0 |
| FINANCING ACTIVITIES | ||||
| Change in loans | -717 | 144 | - | 275 |
| Cash flow from financing activities | -717 | 144 | - | 275 |
| Cash flow from continuing operations | 263 | 112 | -97 | 121 |
| Cash flow from discontinued operations | ||||
| Cash flow from operating activities | - | 74 | - | 7 |
| Cash flow from investing activities | - | 0 | - | - |
| Cash flow from financing activities | - | 0 | - | - |
| Cash flow from discontinued operations | - | 74 | - | 7 |
| Cash flow for the period | 263 | 186 | -97 | 128 |
| Cash and cash equivalents at beginning of period | 190 | 4 | 548 | 62 |
| Cash flow for the period | 263 | 186 | -97 | 128 |
| Exchange rate difference in liquid funds | -2 | 0 | 0 | 0 |
| Cash and cash equivalents at end of period | 451 | 190 | 451 | 190 |
| Amounts in SEK m | 2008 Jan-Dec |
2007 Jan-Dec |
2008 Oct-Dec |
2007 Oct-Dec |
|---|---|---|---|---|
| Income and expense recognized directly in equity | ||||
| Exchange gains/losses on translation of foreign operations | -16 | 3 | -14 | 3 |
| Net income and expense realized directly in equity | -16 | 3 | -14 | 3 |
| Profit/loss for the period from continuing operations recognized in the income statement | 10 | -166 | 24 | -125 |
| Profit/loss for the period from discontinued operations recognized in the income statement | - | -16 | - | 7 |
| Total recognized income and expense for the period | -6 | -178 | 10 | -115 |
| Attributable to equity holders in the Parent Company | -6 | -178 | 10 | -115 |
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Jan-Dec | Jan-Dec | Oct-Dec | Oct-Dec | |
| Continuing operations | ||||
| Operating margin, % | -0.4 | -0.5 | - | -1.4 |
| Return on capital employed, % | -5.4 | -4.7 | ||
| Capital turnover rate, times per year | 12.0 | 8.7 | ||
| Average capital employed, SEK m. | 223 | 930 | ||
| Average number of employees | 79 | 350 | ||
| Number of employees at end of period | 1 | 322 | 1 | 322 |
| Sales per employee, SEK m. | 33.8 | 23.1 | ||
| Total | ||||
| Net financial assets, SEK m. | 617 | -386 | 617 | -386 |
| Return on equity, % | 1.8 | -27.3 | ||
| Average equity, SEK m. | 544 | 662 | ||
| Equity/assets ratio, % | 87.7 | 20.3 | 87.7 | 20.3 |
| Equity per share, SEK | 6.88 | 6.94 | 6.88 | 6.94 |
| Earnings per share, SEK | 0.12 | -2.22 | 0.29 | -1.44 |
For definitions of key ratios, see Scribona's latest annual report.
| Note 1 NET SALES BY COUNTRY | ||||
|---|---|---|---|---|
| Amounts in SEK m | 2008 Jan-Dec |
2007 Jan-Dec |
2008 Oct-Dec |
2007 Oct-Dec |
| Sweden | 1,175 | 3,522 | - | 1,083 |
| Finland | 589 | 1,804 | - | 477 |
| Norway | 911 | 2,746 | - | 806 |
| Intra-business area | -5 | -3 | - | 2 |
| Total | 2,670 | 8,069 | - | 2,368 |
| Amounts in SEK m | 2008 Jan-Dec |
2007 Jan-Dec |
2008 Oct-Dec |
2007 Oct-Dec |
|---|---|---|---|---|
| Sweden | -16 | 8 | - | 5 |
| Finland | -10 | -26 | - | -5 |
| Norway | -2 | 11 | - | -2 |
| Joint business area | -4 | -22 | - | -19 |
| Total | -31 | -29 | - | -21 |
| Parent Company | -15 | -15 | -5 | -11 |
| Net sale of operation | 34 | - | 4 | - |
| Total | -12 | -44 | -1 | -32 |
| Amounts in SEK m | 2008 31 Dec |
2007 31 Dec |
|---|---|---|
| Deferred taxes recognized in the balance sheet | ||
| Deferred tax assets | - | 1 |
| Deferred tax liabilities | -17 | -24 |
| 2008 | 2007 | |
| Amounts in SEK m | Jan-Dec | Jan-Dec |
| Reported income tax expense in continuing operations | ||
| Current tax Deferred tax |
-8 6 |
-17 -69 |
Scribona Danmark was an IT distributor in the Danish market. In December 2006 Scribona's Board of Directors decided to sell the Danish business. Following negotiations with a prospective buyer, the Board of Scribona decided at the end of March
2007 to wind down these operations under its own management. The wind-down was completed during 2007 and the Danish companies were sold in December 2007.
| INCOME STATEMENT | ||||
|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |
| Amounts in SEK m | Jan-Dec | Jan-Dec | Oct-Dec | Oct-Dec |
| Income | - | 337 | - | 1 |
| Expenses | - | -353 | - | 6 |
| Profit/loss before tax | - | -16 | - | 7 |
| Income tax expense | - | 0 | - | - |
| Profit/loss for the period | - | -16 | - | 7 |
| CASH FLOW STATEMENT | ||||
| 2008 | 2007 | 2008 | 2007 | |
| Amounts in SEK m | Jan-Dec | Jan-Dec | Oct-Dec | Oct-Dec |
| Cash flow from operating activities | - | 74 | - | 7 |
| Cash flow from investing activities | - | 0 | - | - |
| Cash flow from financing activities | - | 0 | - | - |
| Cash flow for the period | - | 74 | - | 7 |
| 2008 | 2007 | 2008 | 2007 | |
|---|---|---|---|---|
| Amounts in SEK m | Jan-Dec | Jan-Dec | Oct-Dec | Oct-Dec |
| Net sales | 4 | 7 | 0 | 2 |
| Other external expenses | -31 | -20 | -9 | -11 |
| Staff costs | -1 | -2 | -1 | -1 |
| Depreciation and amortization | 0 | 0 | 0 | 0 |
| OPERATING PROFIT/LOSS | -28 | -15 | -10 | -10 |
| Net financial items | 36 | -301 | -17 | -321 |
| PROFIT/LOSS BEFORE TAX | 8 | -316 | -27 | -331 |
| Income tax expense | 1 | 0 | 0 | 0 |
| PROFIT/LOSS FOR THE PERIOD | 9 | -316 | -27 | -331 |
| 2008 | 2008 | 2008 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Amounts in SEK m | 31 Dec | 30 Sept | 30 June | 31 March | 31 Dec |
| Participations in group companies | 321 | 366 | 366 | 366 | 366 |
| Financial assets | 0 | 0 | 0 | 2 | 3 |
| Current receivables | 34 | 11 | 68 | 94 | 72 |
| Cash and bank balances | 92 | 105 | 52 | 1 | 3 |
| TOTAL ASSETS | 447 | 482 | 486 | 463 | 444 |
| Equity | 439 | 466 | 468 | 447 | 430 |
| Provisions | - | 10 | 7 | 9 | 9 |
| Current liabilities | 8 | 6 | 11 | 7 | 5 |
| TOTAL EQUITY AND LIABILITIES | 447 | 482 | 486 | 463 | 444 |
This interim report is a translation of the Swedish original. This report can also be viewed at www.scribona.com
Scribona AB, Röntgenvägen 7, P.O. Box 1374, SE-171 27 SOLNA, Sweden Telephone +46-(0)8-734 34 00, e-mail [email protected] The company's registered office is located in Solna, Sweden.
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