Quarterly Report • May 5, 2008
Quarterly Report
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The information provided herein is such that AB Industrivärden (publ) is obligated to disclose pursuant to the Securities and Clearing Operations Act (SFS 1992:543) and/or the Financial Instruments Trading Act (SFS 1991:980). Submitted for publication at 9 a.m. on May 5, 2008.
During the last ten-year period, the average annual total return for Industrivärden's Class A shares has exceeded the return index by 2 percentage points.
| Financial summary | April 30, 2008 | March 31, 2008 | Dec. 31, 2007 |
|---|---|---|---|
| Value of equities portfolio, SEK billion | 59.3 | 59.3 | 65.8 |
| - total return, % | -6 | -10 | -2 |
| Borrowings, net debt, SEK billion | 10.2 | 10.9 | 11.0 |
| - debt-equity ratio, % | 17.2 | 18.3 | 16.6 |
| - average interest rate, % | 4.6 | 4.6 | 4.6 |
| Net asset value, SEK billion | 49.1 | 48.4 | 54.8 |
| Net asset value, SEK per share | 127 | 125 | 142 |
| - development incl. reinvested dividend, % | -7 | -12 | -3 |
| Management cost, % | 0.14 | 0.14 | 0.13 |
| Dividend yield, Class A shares, % | 4.9 | 4.8 | 4.4 |
| Total return, Class A shares, % | -4 | -8 | -14 |
Industrivärden is one of the Nordic region's leading holding companies, with ownership in a concentrated selection of listed Nordic companies with good development potential. The goal is to generate high growth in net asset value over time.
Anxiety and turbulence in the international credit market intensified during the start of 2008. It remains to be seen if the U.S. Federal Reserve Bank's rescue of the investment bank Bear Sterns marked a turning point in this turbulence. America's real economy is now showing considerable signs of slowing. Even though there are signs of a slowing in other countries, development in the rest of the world is surprisingly favorable – especially in view of the anticipated negative effects of the credit concerns, which should lead to credit tightening, and the effects of weak economic development in the U.S., with falling consumption and a steadily weakening dollar. A further matter of concern is the rising food, energy and commodity prices, which are putting inflationary pressures on the economy.
In other words, the general economic situation is extremely difficult to assess, which is evidenced in the negative development of the stock markets and continued large risk aversion. However, I can report that our portfolio companies have for the most part presented satisfactory three-month results for 2008, with continued favorable growth in many cases – above all in China, Southeast Asia, India, South America and Eastern Europe. Most of our companies are well positioned to meet this demand situation.
Through SSAB's acquisition of the North American steel and pipe manufacturer IPSCO, the company has created an expanded production base to retain its leading position in its core segments – quenched and highstrength steels. In line with this niche strategy, it is logical that IPSCO has now agreed to sell its tubular division, thereby strengthening SSAB's focus on its core business and reducing its financial risk. SSAB has also substantially lowered its debt burden.
Following the sale of SPP, Handelsbanken can now concentrate on its core business. With consensus in the board and management on the bank's strategy, favorable conditions have been created to strengthen growth in profitability and earnings.
The result of our short-term trading was SEK 22 M during the first quarter, which covered our management costs. This is satisfactory considering the turbulent market situation.
During the first four months of the year, Industrivärden's stock generated a total return that was 2 percentage points higher than the market average, despite falling stock market values.
Today we have a portfolio consisting primarily of globally active quality companies, most of which are leaders in their respective industries. I believe that the prospects are good, through active ownership, to play a part in further developing these companies and thereby be able to continue delivering a competitive return.
The refinement of Industrivärden's role as an active owner in listed Nordic companies was completed in 2007. The Company today is the leading Nordic player in its niche, with the goal of creating growth in value through long-term, structured ownership work in a handful of listed companies. Industrivärden's business model is characterized by full transparency, value-creating active ownership and a distinct focus on the portfolio companies' development and low management costs. Through this active ownership, Industrivärden's stock, over the long term, has been a good investment with a higher total return than the return index.
The equities portfolio decreased in value by 10% during the first quarter, which was slightly better than the return index, which fell by 11%. Of the major holdings, SSAB and Skanska performed the best, with small declines, while Ericsson, Handelsbanken and Volvo noted weak performance. The portfolio companies Indutrade and Höganäs had positive value development. Net asset value fell by 12% during the first quarter. The discount to net asset value narrowed during the same period, which is why Industrivärden's share price, which fell 10%, fared better than net asset value.
During the first four months of the year the total return for the equities portfolio was -6%, which was equal to the index. Ericsson, SSAB and Volvo had positive share price development following the release of their interim reports.
| Average annual total return, % | |||||
|---|---|---|---|---|---|
| Total return, % Jan.-March 2008 |
Jan.-April 2008 | Five years March 2003-March 2008 |
Ten years March 1998-March 2008 |
||
| Indutrade | 16 | 21 | – | – | |
| Höganäs | 3 | 3 | 3 | 0 | |
| Skanska | -2 | -13 | 31 | 10 | |
| SSAB | -2 | 17 | 47 | 20 | |
| Sandvik | -7 | -13 | 28 | 13 | |
| SCA | -8 | -10 | 8 | 8 | |
| Hemtex | -9 | -13 | – | – | |
| Munters | -11 | -16 | 6 | 13 | |
| Handelsbanken | -16 | -13 | 12 | 7 | |
| Volvo | -18 | -11 | 32 | 10 | |
| Ericsson | -22 | 4 | 13 | -9 | |
| Total | -10 | -6 | |||
| Index (SIXRX) | -11 | -6 | 22 | 7 | |
| Industrivärden A | -8 | -4 | 21 | 9 |
Of the shareholdings listed above, Munters and Höganäs have been held for less than five years. Indutrade and Hemtex became listed in October 2005.
Industrivärden's influence in its portfolio companies is based on sizeable ownership stakes and a strong position of trust. With this as the starting point, Industrivärden exercises its active ownership role through interaction with other major owners in the aim of finding ways to increase the value of the shareholdings. Active ownership in the portfolio companies is exercised by board members with ties to Industrivärden, through work on nominating committees and through direct dialog between Industrivärden's investment organization and leading representatives of the portfolio companies.
Sandvik Income after financial items decreased by 19% during the first quarter, to SEK 2.7 billion, mainly as a result of fluctuations in nickel prices. Demand for Sandvik's products remains high, and the trend in underlying profitability was favorable.
Handelsbanken Following the sale of the SPP insurance business, the work continues on focusing on organic growth of Handelsbanken's core business – a decentralized branch operation. Growth is taking place nationally and internationally, where expansion outside Sweden accounts for a growing share of the bank's growth and earnings. The plan is to open 35–45 new branches outside Sweden in 2008. During the first quarter, trading for own account in fixed-income and currency instruments in New York was terminated in order to reduce volatility in the bank's earnings. Operating income for the first quarter of 2008 fell 21% to SEK 2.9 billion. Net interest income rose 17% to SEK 4.4 billion. At the Annual General Meeting, Hans Larsson was elected as Chairman.
SSAB During the first quarter, SSAB entered into an agreement to divest its North American tubular operations to the Russian company Evraz for USD 4.0 billion in cash. SSAB is retaining IPSCO's steel operations, which contribute to higher production capacity in the niche high-strength steel segment. The sale gives SSAB greater financial flexibility to continue growing in its niche areas and expand in new markets. The company has also decided to invest USD 150-200 M in an advanced heat treating line for quenched and tempered steel plate in the U.S. as part of its strategy to be the global leader in high strength steels. Income after financial items rose 11% during the first quarter, to SEK 2.4 billion.
SCA A new organization has been adopted at SCA. Strong focus has been put on growth in the hygiene segment, comprising tissue and personal care products. A new, global category organization is being established for the hygiene operations. In packaging and forest products, priority will be given to improvements in cash flow and profitability. Income after financial items rose 4% during the first quarter, to SEK 1.9 billion.
Ericsson Income after financial items fell by slightly more than 50% during the first quarter, to SEK 3.7 billion, but organic growth was favorable. The company's leading position, for example within mobile broadband, creates conditions for future earnings improvement.
Volvo Income after financial items rose 14% during the first quarter 2008, to SEK 6.1 billion, thanks to strong growth with good profitability. Greater presence in emerging markets in Eastern Europe and Asia offset weaker development in North America.
Skanska Johan Karlström took office as the new President and CEO of Skanska. He has been a member of the executive management since 2001. Operating profit for the first quarter of 2008 (preliminary) rose 39% to SEK 1.1 billion. Skanska's first quarter interim report will be released on May 7.
Indutrade Income after financial items rose 22% during the first quarter, to SEK 109 M, and order bookings remained strong. Five company acquisitions were carried out.
Munters Income after financial items fell by 25% during the first quarter, to SEK 91 M; however, net sales rose 10% to SEK 1.5 billion. An efficiency improvement program is being carried out.
Höganäs Income after financial items rose 11% during the first quarter 2008, to SEK 191 M, with favorable volume growth.
Nominating processes Industrivärden's participation in nominating processes is an important part of its role as a long-term responsible owner. This is based on an ambition to maintain a good understanding of board work in the portfolio companies and to pay regard to the need for continuity as well as renewal in nominating committee recommendations. Industrivärden has participated on the nominating committees of all its portfolio companies. New election of one or more directors has taken place in eight of a total of ten portfolio companies.
Capital structure The ways of adapting capital structures are dependent on the individual companies as well as the general operating environment. During the year, focus has been on extra dividends rather than redemption programs. Estimated dividends including share redemptions from the portfolio companies amount to SEK 2,960 M (2,678), or a dividend yield of 5% in relation to the market value of the equities portfolio as per March 31. The dividend from Handelsbanken was SEK 923 M, of which SEK 342 M was an extra dividend.
| Portfolio company |
Share of portfolio |
Market value, SEK bn |
Investment case and strategic events | P/E mul tiple* |
|---|---|---|---|---|
| Sandvik | 21% | 12.6 | •Through a niche focus and a strong position in research and development, the company has established a world-leading position in materials technology with products primarily for the manufacturing and mining industries. |
12 |
| • Acquisitions are being made in strategic areas with greater exposure to emerging markets in Asia and Eastern Europe. |
||||
| Handelsbanken | 19% | 11.4 | • A decentralized branch operation with local customer responsibility is contributing to high customer satisfaction and favorable profitability. • Sale of SPP. Organic growth in priority markets. |
10 |
| SSAB | 19% | 11.3 | • World-leading position in the quenched steel and advanced high strength sheet niches, creating a solid base for growth and high profitability. |
10 |
| • The acquisition of IPSCO's North American steel mills has strengthened SSAB's position as a leading player in its niche and is enabling continued expansion. |
||||
| SCA | 12% | 7.2 | • The European leader in hygiene products, with high growth niche products, and in packaging. |
11 |
| • Focus on profitable growth with strong brands in the hygiene segment and improved profitability in packaging. New executive management. |
||||
| Ericsson | 10% | 5.8 | • The market's largest and most profitable supplier of mobile telecom systems, with a leading position in telecom development. |
17 |
| • Strong position ahead of operators' investments in the next generation (LTE) of telecom systems and favorable growth in the Services segment. |
||||
| Volvo | 7% | 4.3 | • Through innovative, customer-adapted product development and high quality, the company has a world-leading position in commercial transport solutions. |
10 |
| • Expansion in Asia through the acquisition of Nissan Diesel and Lingong. Production investments for expanded capacity. |
||||
| Skanska | 6% | 3.2 | • Unique turnkey know-how in construction combined with a process focus has created a leading construction company with value-creating project development. |
10 |
| • New business plan and new financial targets. Greater investments in infrastructure activities. |
||||
| Indutrade | 4% | 2.1 | • By combining sales of industrial consumable components with good organic growth and a highly refined model for acquisi tion-based growth, the company has succeeded in showing impressive profitability growth. •Establishment in new geographic markets. |
12 |
| Munters | 1% | 0.7 | •Strong global position in a business area with major growth potential through organic growth as well as further develop ment of products, services and application areas. |
15 |
| • Acquisitions are adding new product areas and geographic markets. |
||||
| Höganäs | 1% | 0.5 | • Market leader in the growing niche metal powders, used pri marily for component manufacturing in the auto industry. |
10 |
| • Strong focus on improved profitability and collaboration with the customers to develop new components. |
||||
| Hemtex | 0% | 0.2 | • The Nordic region's leading retail chain for home textiles. | 14 |
| •Continued geographic growth and intensified brand work is creating scale economies in purchasing. |
||||
| Total | 100% | 59.3 | Equities portfolio |
*External consensus estimate for 2008 according to Bloomberg as per April 30, 2008.
During the first quarter of 2008, limited reallocations were made in the equities portfolio through sales of Ericsson B and Skanska B shares, and purchases of Volvo A shares. Shares were purchased for a total of SEK 601 M and sold for SEK 558 M. The value of the equities portfolio decreased during the quarter from SEK 65,844 M to SEK 59,270 M.
Short-term trading during the quarter generated a profit of SEK 22 M (93), which covered management costs of SEK 22 M (22).
Interest-bearing net debt amounted to SEK 10,841 M as per March 31, a decrease of SEK 110 M in 2008. The net debt-equity ratio was 18.3% as per March 31. On April 30 the net debt-equity ratio was 17.2%. The average interest rate, which is fixed for just under five years, is 4.6%, which can be put in relation to the dividend yield of the equities portfolio, which is calculated to be 5.0%. Unutilized bank overdraft facilities for long-term borrowing amount to SEK 3.9 billion. Dividends received in 2008 are expected to generate a liquidity surplus of approximately SEK 500 M after deducting the dividend payout, interest expenses and management costs.
Net asset value was SEK 48.4 billion on March 31, a decrease of SEK 6.4 billion during the year to date. The value of the equities portfolio decreased by 10%, while net debt was virtually unchanged. Net asset value decreased during the quarter by SEK 17 per share, to SEK 125 per share, or by 12%. Net asset value on April 30, 2008, was SEK 49.1 billion, or SEK 127 per share, a decrease of 11% during the first four months of the year.
| SEK billion | April 30, 2008 | March 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 |
|---|---|---|---|---|
| Equities portfolio | 59.3 | 59.3 | 65.8 | 63.3 |
| Net debt | -10.2 | -10.9 | -11.0 | -4.8 |
| Net asset value | 49.1 | 48.4 | 54.8 | 58.5 |
| Debt-equity ratio | 17.2% | 18.3% | 16.6% | 7.2% |
During the last ten-year period, average annual growth in net asset value was 3%. Including reinvested dividends, the increase was 10% per year, compared with 7% for the return index.
On April 15 the Annual General Meeting approved a dividend of SEK 5.00 (4.50) per share. The total dividend was SEK 1,931 M, which was paid out on April 23.
In addition, the Annual General Meeting approved a five-year stock option program for the slightly more than 20 persons employed by the Group, at market terms.
Boel Flodgren, Tom Hedelius, Finn Johnsson, Fredrik Lundberg, Sverker Martin-Löf, Lennart Nilsson and Anders Nyrén were re-elected as directors on the Company's board. Lars O Grönstedt had declined re-election. Tom Hedelius was elected as Chairman of the Board. At the statutory board meeting, Sverker Martin-Löf was re-elected as Vice Chairman of the Board.
The AGM resolved to assign the Chairman of the Board with the task of contacting four of the largest shareholders from among the largest registered shareholders in terms of votes in VPC's printout of the shareholder register on August 29, 2008, who each appoint one representative who is not a director on the Company's board, to form together with the Chairman of the Board a nominating committee for the time until a new nominating committee has been appointed based on the mandate from the next year's Annual General Meeting. The composition of the Nominating Committee shall be made public not later than six months before the 2009 Annual General Meeting.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and the Swedish Annual Accounts Act. The Parent Company's financial statements have been prepared in accordance with RFR 2.1, Accounting for Legal Entities, and the Swedish Annual Accounts Act. No changes have taken place in the Group's or Parent Company's accounting and valuation principles compared with the accounting and valuation principles applied and described in the 2007 Annual Report.
The dominant risk in Industrivärden's business is share price risk, i.e., the risk of a decrease in value caused by changes in share prices. A 1% change in the share price of the holdings in the equities portfolio as per March 31, 2008, would have affected the market value by approximately +/– SEK 600 M.
No transactions have taken place between Industrivärden and related parties that have materially affected the Company's position or earnings for the first quarter, apart from the dividend received from the associated company SSAB.
Through active ownership in internationally active quality companies – most of which are leaders in their respective industries – I believe the conditions are favorable for value creation and continued competitive returns for our shareholders.
Stockholm, May 5, 2008 Anders Nyrén President and CEO
We have reviewed the interim report for AB Industrivärden (publ) for the period January 1 – March 31, 2008. The Board of Directors and President are responsible for the preparation and presentation of this interim report in accordance with the Annual Accounts Act and IAS 34. 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 for such reviews, SÖG 2410 – Review of Interim Financial Information 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 practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
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 the Annual Accounts Act and IAS 34.
Stockholm, May 5, 2008
Öhrlings PricewaterhouseCoopers AB Anders Lundin Authorized Public Accountant
www.industrivarden.net www.sandvik.com www.handelsbanken.com www.ssab.com www.sca.com www.ericsson.com www.volvogroup.com www.skanska.com www.indutrade.com www.munters.com www.hoganas.com
Anders Nyrén, President and CEO, tel. +46 8 666 64 00 Carl-Olof By, Executive Vice President, tel. +46 8 666 64 00 Sverker Sivall, IR, tel. +46 8 666 64 19
Industrivärden's complete contact information can be found on page 12.
Interim report January–June: August 4. Interim report January–September: October 31.
| April 30, 2008 | Market value | Share of | Share of portfolio capital in |
|||
|---|---|---|---|---|---|---|
| No. of shares | SEK M | SEK/share | value, % | company, % | votes in company, % |
|
| Sandvik | 136,431,200 | 12,586 | 33 | 21 | 11.5 | 11.5 |
| Handelsbanken A Handelsbanken B |
68,285,000 118,900 |
11,389 | 30 | 19 | 11.0 | 11.1 |
| SSAB A SSAB B |
56,265,243 121,794 |
11,275 | 29 | 19 | 17.4 | 22.6 |
| SCA A SCA B |
48,600,000 22,200,000 |
7,199 | 19 | 12 | 10.0 | 29.5 |
| Ericsson A Ericsson B |
372,000,000 7,055,000 |
5,799 | 15 | 10 | 2.4 | 13.4 |
| Volvo A | 47,909,950 | 4,324 | 11 | 7 | 2.3 | 5.8 |
| Skanska A Skanska B |
15,010,700 17,314,800 |
3,208 | 8 | 6 | 7.6 | 27.0 |
| Indutrade | 14,757,800 | 2,118 | 5 | 4 | 36.9 | 36.9 |
| Munters | 10,950,000 | 679 | 2 | 1 | 14.6 | 14.6 |
| Höganäs B | 3,550,000 | 479 | 1 | 1 | 10.1 | 8.1 |
| Hemtex | 3,700,000 | 240 | 1 | 0 | 12.6 | 12.6 |
| Total | 59,296 | 154 | 100 |
Market value pertains to Industrivärden's share of the respective portfolio companies' total market capitalization.
| March 31, 2008 and | March 31, 2008 | December 31, 2007 | ||||
|---|---|---|---|---|---|---|
| December 31, 2007 | Market value | Market value | ||||
| SEK M | SEK/share | Share of port folio value, % |
No. of shares | SEK M | SEK/share | |
| Sandvik | 14,087 | 37 | 24 | 136,431,200 | 15,178 | 39 |
| Handelsbanken | 11,834 | 31 | 20 | 68,403,900 | 14,159 | 37 |
| SSAB | 9,442 | 24 | 16 | 56,552,037 | 9,951 | 26 |
| SCA | 7,688 | 20 | 13 | 70,800,000 | 8,289 | 21 |
| Ericsson | 4,556 | 12 | 8 | 380,205,000 | 5,866 | 15 |
| Volvo | 4,199 | 11 | 7 | 47,441,850 | 4,916 | 13 |
| Skanska | 3,847 | 10 | 6 | 32,325,500 | 4,066 | 11 |
| Indutrade | 2,118 | 5 | 4 | 14,757,800 | 1,819 | 5 |
| Munters | 750 | 2 | 1 | 10,950,000 | 840 | 2 |
| Höganäs | 501 | 1 | 1 | 3,550,000 | 485 | 1 |
| Hemtex | 248 | 1 | 0 | 3,700,000 | 275 | 0 |
| 59,270 | 154 | 100 | 65,844 | 170 |
| SEK M | 2008 Jan.-March |
2007 Jan.-March |
2007 Jan.-Dec. |
|---|---|---|---|
| Income statement | |||
| Dividend income from stocks | 283 | 0 | 2,107 |
| Change in value of stocks | -6,621 | 6,629 | -3,975 |
| Other income and expenses* | 4 | 71 | 55 |
| Operating income/loss | -6,334 | 6,700 | -1,813 |
| Financial items | -130 | -43 | -289 |
| Income/loss after financial items | -6,464 | 6,657 | -2,102 |
| Tax | – | -4 | 160 |
| Net income/loss for the period | -6,464 | 6,653 | -1,942 |
| Earnings per share, SEK | -16.73 | 17.22 | -5.03 |
| Balance sheet | |||
| Equities | 59,270 | 70,170 | 65,844 |
| Other non-current assets | 96 | 152 | 90 |
| Total non-current assets | 59,366 | 70,322 | 65,934 |
| Short-term equity investments | 115 | 138 | 73 |
| Cash and cash equivalents | 5 | 835 | 257 |
| Other current assets | 317 | 52 | 29 |
| Total current assets | 437 | 1,025 | 359 |
| Total assets | 59,803 | 71,347 | 66,293 |
| Shareholders' equity | 48,368 | 63,406 | 54,837 |
| Non-current interest-bearing liabilities | 9,860 | 2,781 | 9,857 |
| Non-current noninterest-bearing liabilities | 17 | 31 | 18 |
| Total non-current liabilities | 9,877 | 2,812 | 9,875 |
| Current interest-bearing liabilities | 1,338 | 2,959 | 1,416 |
| Other liabilities | 220 | 2,170 | 165 |
| Total current liabilities | 1,558 | 5,129 | 1,581 |
| Total shareholders' equity and liabilities | 59,803 | 71,347 | 66,293 |
| Cash flow | |||
| Cash flow from operating activities | -127 | 4 | 1,926 |
| Cash flow from investing activities | -46 | -298 | -6,598 |
| Cash flow from financing activities | -79 | 391 | 4,191 |
| Cash flow for the period | -252 | 97 | -481 |
| Cash and cash equivalents at the end of the period | 5 | 835 | 257 |
*Including short-term trading and management costs.
| SEK M | 2008 Jan.-March |
2007 Jan.-March |
2007 Jan.-Dec. |
|---|---|---|---|
| Changes in shareholders' equity | |||
| Opening shareholders' equity as per balance sheet | 54,837 | 58,491 | 58,491 |
| Change in hedging reserve | -5 | – | 8 |
| Translation differences | – | – | 18 |
| Income/loss for the period | -6,464 | 6,653 | -1,942 |
| Dividend | – | -1,738 | -1,738 |
| Closing shareholders' equity as per balance sheet | 48,368 | 63,406 | 54,837 |
| Key ratios | |||
| Shareholders' equity per share, SEK | 125 | 164 | 142 |
| Share price, SEK (Class A) | 105 | 145 | 113 |
| Share price, SEK (Class C) | 98 | 138 | 105 |
| Number of shares | 386,271,224 | 386,271,224 | 386,271,224 |
| Interest-bearing net debt | |||
| Cash and cash equivalents | 5 | 835 | 257 |
| Interest-bearing receivables | 69 | 77 | 65 |
| Accrued dividend income | 283 | – | – |
| Non-current interest-bearing liabilities | 9,860 | 2,781 | 9,857 |
| Current interest-bearing liabilities | 1,338 | 2,959 | 1,416 |
| Interest-bearing net debt | 10,841 | 4,828 | 10,951 |
| SEK M | 2008 Jan.-March |
2007 Jan.-March |
2007 Jan.-Dec. |
|---|---|---|---|
| Income statement | |||
| Operating income/loss | -5,033 | 3,431 | -1,272 |
| Income/loss after financial items | -5,162 | 3,387 | -1,548 |
| Income/loss for the period | -5,162 | 3,387 | -1,383 |
| Balance sheet Non-current assets |
45,912 | 52,008 | 51,576 |
| Current assets | 558 | 961 | 341 |
| Total assets | 46,470 | 52,969 | 51,917 |
| Shareholders' equity Non-current liabilities Current liabilities |
34,917 9,858 1,695 |
44,846 2,780 5,343 |
40,083 9,856 1,978 |
| Total shareholders' equity and liabilities | 46,470 | 52,969 | 51,917 |
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