Quarterly Report • Oct 23, 2007
Quarterly Report
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*) There was no dilution during the given periods.
Full-service solutions that meet customers' requirements for premedia services, print, fulfilment and logistics - Master Vendor®.
Database publishing and Cross Media Publishing of trade information in a variety of media such as printed matter, CD-ROM, the Web and e-commerce solutions.
Page and advertisement production and image management.
Production and sales in Falköping, Gothenburg, Lund, Malmö, Stockholm, Uppsala, Västerås and Östervåla (SE), Oslo (NO), Harrogate and Newcastle (UK), Waiblingen (DE) and Sâo Paulo (BR).
• User Manuals
Production of user information for mobile telephones and other consumer electronics with extremely short lead times.
Production of printed matter with moderate lead times for publishing and industrial customers in Sweden and Great Britain.
Premedia with advanced version management etc.
Print in offset and digital print (print-on-demand).
Production and sales in Beijing (CN), Plonsk (PL), Treviso (IT) and Budapest, Komarom and Zalalövö (HU).
Master Vendor® is the Group's comprehensive name for full-service solutions that, in addition to offset or digital print, provide customers with all other services connected to printing production such as information structuring in databases, translation, premedia services, fulfilment and logistics. Our Annual Report describes these concepts in greater detail and can be requested from our headquarters or downloaded from our website www.elanders.com.
| Third quarter | Net turnover | Profit/loss | ||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | ||
| Infologistics | 362 | 304 | 305 | 23.6 | 19.2 | 16.9 | ||
| User Manuals | 109 | 89 | 62 | 30.5 | 23.2 | 12.0 | ||
| Total | 471 | 393 | 367 | 54.1 | 42.4 | 28.9 | ||
| Net financial items | -10.9 | -5.9 | -4.0 | |||||
| Group | 471 | 393 | 367 | 43.2 | 36.5 | 24.9 | ||
| January - September | Net turnover | Profit/loss | ||||||
| MSEK | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | ||
| Infologistics | 1,162 | 1,009 | 986 | 70.8 | 63.8 | 60.5 | ||
| User Manuals | 287 | 219 | 186 | 71.7 | 42.7 | 35.7 | ||
| Total | 1,449 | 1,228 | 1,172 | 142.5 | 106.5 | 96.2 | ||
| Net financial items | -29.4 | -15.8 | -13.1 | |||||
| Group | 1,449 | 1,228 | 1,172 | 113.1 | 90.7 | 83.1 |
1) All figures refer to the remaining units.
Significant strategic changes have taken place in the past nine months. The losing directory operations in Kungsbacka were sold and Sommer Corporate Media in Waiblingen close to Stuttgart was acquired. A successful Rights issue was held during the first quarter to finance part of the acquisition and to facilitate continued expansion.
In January 2007 Elanders acquired the German company Sommer Corporate Media in Waiblingen close to Stuttgart, Germany. Sommer Corporate Media is a leading supplier of information solutions in the segments Automotive, Industry & Trade and the Service Sector. Elanders already had a leading position in Automotive but needed geographical presence in Germany, which is the foremost country in the European automotive industry. Elanders was also looking for a partner that could strengthen the Group's innovative capacity in infomedia. Sommer Corporate Media needed geographical expansion and access to production in low cost countries. Among the company's customers are DaimlerChrysler, Porsche, Audi, Hugo Boss, Postbank, Lufthansa, Bosch and Stihl. This acquisition reinforces Elanders' position as a leading European supplier of publishing solutions.
The total purchase sum, including acquisition costs, amounted to MSEK 287 together with overtaken net debt of MSEK 43. The consolidated surplus value amounted to some MSEK 280 together with goodwill of MSEK 13 in the acquired company. Sommer Corporate Media was consolidated into Group accounts from February 2007 and after that the company has had a turnover of MSEK 194 with an operating profit of MSEK 30.4.
As part of the financing of the acquisition and Elanders' continued expansion, a Rights issue 1:6 at the subscription price of SEK 110 per share was held during the first quarter. The Rights issue was over-subscribed and raised MSEK 147 after issue expenses of MSEK 7.
On 16 February 2007 the divestiture of the shares in Elanders Tryckeri AB (now Kungsbacka Graphic AB) in Kungsbacka to the MD of the company was approved of by an Extra General Meeting of Elanders' shareholders. The purchase sum was MSEK 46 including overtaken net debt. This means Elanders no longer produces directories; segment Directories. Operations were consolidated into Group accounts until the end of January 2007 and had a turnover of MSEK 23 but had no effect on Group results during the period.
After the divestiture of operations in Kungsbacka page and advertisement production in Stockholm was the only unit remaining in Infoprint. This was transferred to the business area Infologistics during the first quarter and the business area Infoprint ceased to exist. All comparable figures have been recalculated according to this new division.
Elanders and Electrolux have signed a three-year exclusive contract concerning the production of all user documentation (manuals etc.) for products manufactured by Electrolux units in Denmark, France, Germany, Great Britain, Hungary, Italy, Poland, Rumania, Russia, Switzerland, Spain and Sweden. Volumes in 2006 were around one billion pages annually and divided among some 20 factories.
Cooperation will unfold according to a fixed time schedule for the various production units. Deliveries have already begun in Italy, Hungary and Rumania. This process is expected to be implemented during the next two years and fully functioning no later than 2009. During this period the value of the contract is estimated at around MSEK 250.
The deal is an excellent reflection of the Group's strategy to deliver comprehensive solutions to global customers in order to reduce their time-to-market.
In the beginning of October Elanders acquired 80% of operations in Artcopy Reproduçao de Imagens Ltda. (Artcopy) in São Paulo, Brazil. The Group has worked together with Artcopy for several years and the company, among other things, supplies Elanders' automotive customers in Brazil with manuals and other user information. Artcopy has a turnover of some MSEK 20 and around 50 employees. The company, Elanders Artcopy Ltda., will be consolidated into the Elanders Group starting October 2007.
The acquisition is an important step in the Group's continued expansion in the business area Infologistics and it strengthens Elanders' capacity to deliver globally to larger industrial customers. Elanders Artcopy will also be a vital platform for the Group's ability to expand in Brazil where several international industrial groups are established.
The purchase sum is estimated at approximately MSEK 11 of which some 30 % will be paid to the owners during a four-year period under the condition that they remain in company management. The acquisition is not expected to significantly affect Group profit or turnover during 2007.
The five strategic market segments the Group is focusing its resources and Master Vendor® solutions on are Automotive, Publishing, Industry & Trade, Public Sector and Service Sector. Elanders has a leading position within these segments and can offer customers unique solutions.
Selling printing as a sole product meets very tough competition in Western Europe. Elanders is countering this by increasing the number of comprehensive solutions within the framework of Master Vendor®, continued expansion in Central Europe and Asia and continuous rationalisations. The Group has a dominate position in its chosen segments in Sweden and continued expansion is most likely to be generated through Master Vendor® business with an international thrust.
The segments Automotive, Industry & Trade and the Service Sector have the highest growth rate. These three segments generated 75 % of Group turnover during the period.
Elanders' printing production in Sweden, Great Britain and Germany will be steered more and more towards digital printing. Offset volumes in these countries will be successively concentrated towards smaller editions and customers demanding short lead times. In general, we foresee the offset volumes comprising larger editions with a lesser need for short lead times will, to a greater extent, be produced in our User Manuals facilities in Central Europe and Asia.
Elanders continues to follow its strategy using its Master Vendor® concept to create added value for customers by providing services prior to (upstream) or after (downstream) the actual printing. Our Document and Distribution Centres (DDC) that work with print-on-demand and logistics are downstream. The Group regularly assesses the possibility of expanding by increasing our cooperation with, or the acquisition of, operations that create information, primarily in the segments Automotive, Industry & Trade and the Service Sector. The Group has also developed instruments upstream for efficient parallel publishing (WebBase), marketing planning (M3), an interface for e-commerce (WOLF) and more that have been used with great success in a several deals in the business area Infologistics.
Elanders will continue to follow its strategy of expanding internationally with global customers. The acquisition of Sommer Corporate Media in Germany and Artcopy in Brazil (Infologistics), operations in Hungary and the new establishment in China (User Manuals) are a result of this strategy.
Infologistics develops and delivers full-service solutions in publishing to industrials, publishers and the public sector. This includes user information for the automotive industry as well since printed matter is a relatively small portion of the total business in this segment. Expansion in the product range of the business area takes place both up and downstream. Infologistics will expand geographically first and foremost in Western Europe but further opportunities on the North and South American markets will be considered.
The business area has its platform in the Infomedia Centres in Mölnlycke, Stockholm and Östervåla (SE), Newcastle (UK) and Waiblingen (Stuttgart) (DE). Elanders' infomedia centres offer information structuring, advanced premedia, digital print, offset print and fulfilment services. There are digital print units in Oslo (NO), São Paulo (BR) and Stockholm (SE) and in-house units for publishing in digital print at, among others, ABB in Västerås, Volvo in Gothenburg and Tetra Pak in Lund (SE). In addition, we have production units for premedia, offset print and fulfilment in Falköping, Malmö and Stockholm (SE) and Oslo (NO). There is also a unit for sales and project management in Uppsala (SE) and a unit for sales, premedia and page production in Harrogate (UK). When business area customers request printing production at lower prices and can accept longer lead times we utilise the capacity in User Manuals in Central Europe and Asia.
Turnover rose by MSEK 153 or 15 % to MSEK 1,162 (MSEK 1,009) and operating profit for the period amounted to MSEK 70.8 (MSEK 63.8). During the period Sommer Corporate Media contributed MSEK 194 in turnover and operating profit of MSEK 30.4.
The Swedish section of the business area has been sluggish this year due to, among other things, lower volumes than anticipated from Parliament and the government and a progressive transfer of volumes to units in User Manuals. This was outweighed by the good results in Great Britain and Germany. Elanders is in the middle of coordinating the Swedish operations and this will be completed by the end of the year. The objective is to strengthen cooperation within marketing and production between the units which will become a single legal entity from 1 January 2008. Each unit will be specialised so that the same kind of production and services are not performed in different places. Both the production and marketing organisations will cease to belong to independent subsidiaries. In addition, a review is being made of equipment and capacity to accommodate expected developments in Sweden, which is also discussed under the section "Elanders in the coming years." The results of this work are expected to materialise in 2008.
During the period the business area signed important contracts with Bayer, Bosch (UK), Scania and Saab Automobile regarding offset printing, logistics, Webshop and print-on-demand solutions in digital print.
In the beginning of April Ford Motor Company named Elanders in Mölnlycke one of their best global suppliers in 2006. The distinction is conferred on suppliers that not only provide the best quality and deliveries but also encourage employees' different cultures, ideas, values etc. The distinction is conferred in three categories; gold, silver and "Recognition of Achievement". Elanders received one of the 34 silver plackets. This is proof positive of Elanders' accomplishments in assisting larger companies in rationalising their publishing processes.
All the new, major deals follow the business area's strategy to help large companies and organisations to rationalise their publishing processes. This Master Vendor® business requires Elanders to immediately adapt its organisation and resources to meet customer requirements while volumes are still relatively small. This is in part because it often takes time for large organisations to go through the process of changing suppliers.
The forecast for Infologistics in its entirety is good regarding growth as well as profitability and both turnover and profit are expected to be higher than in 2006.
User Manuals is aimed at highly efficient deliveries of user information for mobile telephones and other consumer electronics. This business is chiefly printing production with extremely high demands on flexibility and short lead times. Geographical expansion will take place in countries with relatively low wage levels in Central Europe and Asia. We will expand our product range for the most part downstream through increased content of packaging print, print-on-demand and logistics.
User Manuals is comprised of the units in Beijing (CN), Plonsk (PL), Treviso (IT) and Budapest, Komarom and Zalalövö (HU) and customers are primarily in the segment Industry & Trade. Production capacity is also used for deliveries to customers in Scandinavia, Great Britain and Germany in other segments and business areas when low costs are prioritised over short lead times.
Turnover rose by 31 % to MSEK 287 (MSEK 219) and operating profit rose by 68 % to MSEK 71.7.
The unit in Beijing has been in full production during the quarter, which together with continued success in Hungary increased turnover and profit. The manufacture and print of packaging for mobile phones has started up in the Beijing unit and is expected to continue to grow in the fourth quarter. The Polish unit's development during the first half-year was dampened due to production disturbances in connection with maintenance and reparations of production equipment.
During the period the business area received major orders from, among others, Braun for the production of user manuals.
The strategic partnership with Electrolux will foremost involve User Manuals and have a positive effect on turnover and profit, especially next year. A new unit, Elanders Italy S.r.l., was established this summer. The company is located in Treviso a little north of Venice, Italy, and is a DDC primarily serving Electrolux' units in Italy. Setting this DDC up is expected to require MSEK 5 in investments and will not have any significant effect on business area profit in 2007. The facility in Italy has been followed up by a smaller unit in Wroclaw in southwest Poland for deliveries to Electrolux there. This DDC will also serve other Group customers in the area. The investment to establish this DDC is expected to be slightly lower than for the one in Treviso. Deliveries started leaving Treviso in the beginning of July as planned.
The main unit in Zalalövö ran its operations in rented premises until the end of March 2007. In the autumn of 2006 the property owner made it known that the facility was needed for their own operations but they would consider selling the property instead. After receiving an offer Elanders took over the premises by acquiring the shares in a company that owned and managed this property. The purchase price was MSEK 35.
On the whole prospects for User Manuals are considered excellent both in terms of growth and profitability. Turnover and profit are expected to surpass results in 2006, mainly due to the fact that the start-up period in China is over and operations there will expand during the autumn through the manufacture and print of packaging.
During the period the parent company has owned and managed the property in Kungsbacka where the previous Elanders Tryckeri AB, now Kungsbacka Graphic AB, operates. In addition, the company has provided joint Group services. No external sales took place but rental has been received for the property. During the quarter the property was sold to a Group subsidiary. In accordance with changes in the Annual Accounts Act that took effect as of 1 July 2007 concerning interim reports the income statement and balance sheet for the parent company are included in this report.
Group net turnover in the remaining units increased by MSEK 221 to MSEK 1,449 (MSEK 1,228) or 18 %, of which the acquired unit in Germany generated MSEK 194 (MSEK 0). Operating profit in the remaining units rose by MSEK 36.0 to MSEK 142.5 (MSEK 106.5), of which the acquired unit in Germany generated MSEK 30.4 (MSEK 0).
The period's tax expenses were improved by MSEK 21.1 or SEK 2.22 per share as a result of a tax case the company won in the Swedish Administrative Court of Appeal. The case concerned a deduction for losses in connection with the sales of subsidiaries in 2002. The Swedish Tax Authority can appeal the verdict within two months to the Swedish Supreme Administrative Court if it agrees to test it, but we do not consider this likely.
During the period net capital expenditures totalled MSEK 376 (MSEK 65), of which MSEK 240 was acquisitions (MSEK 0). The acquisitions were allocated as follows:
| MSEK | |
|---|---|
| Paid purchase sum for Sommer Corporate Media at acquisition | 256 |
| Liquid funds in Sommer Corporate Media at acquisition | -50 |
| Paid purchase sum for the company containing the property in Hungary | 35 |
| Liquid funds in the Hungarian company at acquisition | -1 |
| Total acquisitions | 240 |
The Group's net debt amounted to MSEK 838 (MSEK 644) and operating cash flow for the period amounted to MSEK -291 (MSEK 83), of which MSEK -240 was acquisitions (MSEK 0). Apart from acquisitions, cash flow worsened by MSEK 134 compared with 2006. One reason for this was the fact that the unit in Beijing was not operating in the first half-year of 2006 and did not charge Group working capital. Another is that investments in equipment have been greater in 2007. Equity amounted to MSEK 788 (MSEK 641), which resulted in an equity ratio of 37.0 % (36.6 %).
The average number of employees during the period was 1,550 (1,471), of which 720 were in Sweden (924). At the end of the period the Group had 1,592 employees (1,495).
The forecast remains the same. A positive development is forecasted for 2007. Turnover is expected to increase and pre-tax profits improve compared with pre-tax profit for 2006, not including expenses for write-downs etc. for operations in Kungsbacka.
The annual accounts report will be released on 1 February 2008 and the first quarter 2008 interim report will be released on 21 April 2008.
The company auditors have not reviewed this report. This report has been prepared in accordance with the same accounting principles and calculation methods as those in the annual accounts for 2006 and in accordance with IAS 34 – Interim Financial Reporting.
Swedish stock market companies with a market value under SEK 3 billion can voluntarily choose to follow the Swedish Code of Corporate Governance. Elanders has chosen not to follow the code. Nonetheless corporate governance in Elanders concurs for the most part with the code. The most important differences are found in the areas of internal revision and control and external auditing of financial interim reports. The code is taken into consideration in the Group's daily work with development of corporate governance.
The following are members of the nominating committee for the Annual General Meeting on 21 April 2008:
| Carl Bennet AB |
|---|
| Investment AB Latour |
| Representative for minor shareholders |
| HQ Funds |
| Odin Funds |
| SEB Funds |
| Skandia Liv |
No changes have been made in the nominating committee since the Annual General Meeting on 26 April 2007. Please find the nominating committee's contact information on the company's website www.elanders.com under "Corporate Governance".
Mölnlycke, 23 October 2007
Patrick Holm President and Chief Executive Officer
Further information can be found on Elanders' website www.elanders.com or via e-mail [email protected].
This document is essentially a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct.
Questions concerning this report can be made to:
Patrick Holm Mats Almgren President and CEO Chief Financial Officer Phone +46 31 750 07 50 Phone +46 31 750 07 60 Mobile +46 708 210 410 Mobile +46 705 181 936
Elanders AB (publ) (Company ID 556008-1621) Designvägen 2 SE-435 33 Mölnlycke Phone +46 31 750 00 00
Elanders´ interim report for January-September 2007 6 (16)
Summary Group Income Statements
| MSEK | Third quarter | ||||
|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||
| Net turnover1) | 471.1 | 393.2 | 367.3 | ||
| Cost of products and services sold1) | -338.6 | -288.9 | -275.5 | ||
| Gross profit | 132.5 | 104.3 | 91.8 | ||
| Sales and administration costs | -85.9 | -63.2 | -62.3 | ||
| Other operating income | 9.2 | 3.6 | 1.0 | ||
| Other operating costs | -1.7 | -3.1 | -0.5 | ||
| Share in profit/loss in joint venture | 0.0 | 0.8 | -1.1 | ||
| Operating profit/loss | 54.1 | 42.4 | 28.9 | ||
| Net financial items | -10.9 | -5.9 | -4.0 | ||
| Profit/loss after net financial items | 43.2 | 36.5 | 24.9 | ||
| Taxes | 10.9 | -9.5 | -15.0 | ||
| Profit/loss for the period in remaining operations | 54.1 | 27.0 | 9.9 | ||
| Net profit/loss after tax for the period from divested | |||||
| operations | - | -15.7 | -12.4 | ||
| Profit/loss for the period | 54.1 | 11.3 | -2.5 | ||
| Attributable to: | |||||
| Parent company shareholders | 54.1 | 11.3 | -2.5 | ||
| Minority interests | - | - | - | ||
| Profit/loss per share incl. divested operations, SEK 3) 4) | 5.54 | 1.28 | -0.28 | ||
| Profit/loss per share in remaining operations, SEK 3) 4) | 5.54 | 3.05 | 1.12 | ||
| Average number of shares (in thousands) | 9,765 | 8,8552) | 8,8552) | ||
| Outstanding shares at the end of period (in thousands) | 9,765 | 8,370 | 8,370 |
| MSEK | January - September | Last 12 months |
Full year 2006 |
||
|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||
| Net turnover1) | 1,449.4 | 1,228.3 | 1,171.6 | 1,901.2 | 1,680.1 |
| Cost of products and services sold1) | -1,059.3 | -923.3 | -880.8 | -1,378.7 | -1,242.7 |
| Gross profit | 390.1 | 305.0 | 290.8 | 522.5 | 437.4 |
| Sales and administration costs | -261.2 | -202.3 | -194.8 | -332.4 | -273.5 |
| Other operating income | 18.8 | 15.5 | 4.0 | 24.4 | 21.1 |
| Other operating costs | -5.3 | -14.0 | -2.7 | -5.1 | -13.8 |
| Share in profit/loss in joint venture | 0.1 | 2.3 | -1.1 | 0.6 | 2.8 |
| Operating profit/loss | 142.5 | 106.5 | 96.2 | 210.0 | 174.0 |
| Net financial items | -29.4 | -15.8 | -13.1 | -35.3 | -21.7 |
| Profit/loss after net financial items | 113.1 | 90.7 | 83.1 | 174.7 | 152.3 |
| Taxes | -4.3 | -25.8 | -26.2 | -15.7 | -37.2 |
| Profit/loss for the period in remaining operations | 108.8 | 64.9 | 56.9 | 159.0 | 115.1 |
| Net profit/loss after tax for the period from divested | |||||
| operations | 0.0 | -33.5 | -27.3 | -130.6 | -164.1 |
| Profit/loss for the period | 108.8 | 31.4 | 29.6 | 28.4 | -49.0 |
| Attributable to: | |||||
| Parent company shareholders | 108.8 | 31.4 | 29.6 | 28.4 | -49.0 |
| Minority interests | - | - | - | - | - |
| Profit/loss per share incl. divested operations, SEK3) 4) | 11.50 | 3.55 | 3.34 | 3.05 | -5.54 |
| Profit/loss per share in remaining operations, SEK3) 4) | 11.50 | 7.33 | 6.43 | 17.08 | 13.00 |
| Average number of shares (in thousands) | 9,4622) | 8,8552) | 8,8552) | 9,3102) | 8,8552) |
| Outstanding shares at the end of period (in thousands) | 9,765 | 8,370 | 8,370 | 9,765 | 8,370 |
1) Figures include transactions with divested operations. 2) Average number of outstanding shares after adjustment for the bonus issue element of the Rights issue. 3) Earnings per share before and after dilution.
4) Earnings per share calculated by dividing profit/loss by the average number of outstanding shares during the period.
| MSEK | Third quarter | January - September | Full-year | Last 12 months |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | 2006 | 2005 | 2004 | ||
| Profit/loss after net financial items in | ||||||||||
| remaining operations | 43.2 | 36.5 | 24.9 | 113.1 | 90.7 | 83.1 | 152.3 | 124.6 | 95.1 | 174.7 |
| Net profit/loss after tax for the period | ||||||||||
| from divested operations | - | -15.7 | -12.4 | - | -33.5 | -27.3 | -164.1 | -13.9 | 13.0 | -130.6 |
| Reversal of tax in divested operations | - | -5.9 | -4.6 | - | -12.9 | -10.5 | -20.0 | -5.4 | 4.9 | -7.1 |
| Profit/loss after net financial items | 43.2 | 14.9 | 7.9 | 113.1 | 44.3 | 45.3 | -31.8 | 105.3 | 113.0 | 37.0 |
| Adjustments for items not included in | ||||||||||
| cash flow | 15.6 | 18.0 | 13.3 | 51.5 | 66.2 | 49.4 | 227.5 | 65.7 | 56.9 | 212.8 |
| Paid taxes | -9.4 | -7.7 | -33.4 | -21.5 | -21.0 | -39.8 | -20.8 | -44.7 | -21.7 | -21.3 |
| Changes in working capital | -79.1 | -30.0 | -26.3 | -109.5 | 20.5 | -31.3 | -7.8 | -80.7 | -20.4 | -137.8 |
| Cash flow from operating activities | -29.7 | -4.8 | -38.5 | 33.6 | 110.0 | 23.6 | 167.1 | 45.6 | 127.8 | 90.7 |
| Cash flow from investing activities | -69.0 | -20.8 | -15.7 | -375.9 | -64.6 | -43.6 | -69.8 | -85.4 | -105.4 | -381.1 |
| Changes in long term and short-term | ||||||||||
| borrowing | 114.0 | 6.0 | 72.0 | 210.8 | -20.0 | 54.8 | -22.6 | 44.4 | 1.8 | 208.2 |
| Changes in long-term receivables | 0.1 | 0.1 | -1.9 | 0.5 | 0.2 | -3.7 | -2.9 | -3.8 | 2.9 | -2.6 |
| Rights issue | - | - | - | 146.5 | - | - | - | - | - | 146.5 |
| Dividends | - | - | - | -24.4 | -20.9 | -16.7 | -20.9 | -16.7 | -8.4 | -24.4 |
| Cash flow from financing activities | 114.1 | 6.1 | 70.1 | 333.4 | -40.7 | 34.4 | -46.4 | 23.9 | -3.7 | 327.7 |
| Cash flow for the period | 15.4 | -19.5 | 15.9 | -8.9 | 4.7 | 14.4 | 50.9 | -15.9 | 18.7 | 37.3 |
| Liquid funds at the beginning of the | ||||||||||
| period | 51.6 | 47.1 | 39.2 | 74.5 | 24.9 | 39.7 | 24.9 | 39.7 | 22.5 | 29.0 |
| Translation difference | -0.9 | 1.4 | -2.1 | 0.5 | -0.6 | -1.1 | -1.3 | 1.1 | -1.5 | -0.2 |
| Liquid funds at the end of the period | 66.1 | 29.0 | 53.0 | 66.1 | 29.0 | 53.0 | 74.5 | 24.9 | 39.7 | 66.1 |
| Net debt at the beginning of the | ||||||||||
| period | 768.6 | 618.9 | 593.9 | 594.1 | 669.4 | 602.3 | 669.4 | 602.3 | 614.8 | 643.7 |
| Translation difference in net debt | -2.9 | -1.0 | -5.2 | -2.4 | -0.1 | -2.1 | -1.2 | 1.7 | 2.0 | -3.5 |
| Change in net debt | 72.6 | 25.8 | 53.5 | 246.6 | -25.6 | 42.0 | -74.1 | 65.4 | -14.5 | 198.1 |
| Net debt at the end of the period | 838.3 | 643.7 | 642.2 | 838.3 | 643.7 | 642.2 | 594.1 | 669.4 | 602.3 | 838.3 |
| Operating cash flow | -78.4 | -11.8 | -9.1 | -291.2 | 83.0 | 40.0 | 141.1 | 21.3 | 68.1 | -233.1 |
See note 1 for information about cash flow for remaining units and divested operations.
| MSEK | 30/9 2007 |
30/9 20061) |
30/9 20051) |
31/12 20061) |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 838.9 | 561.8 | 561.0 | 542.0 |
| Tangible assets | 509.3 | 479.1 | 451.2 | 345.4 |
| Other fixed assets | 79.0 | 96.5 | 91.0 | 55.6 |
| Total fixed assets | 1,427.2 | 1,137.4 | 1,103.2 | 943.0 |
| Inventories | 127.5 | 100.3 | 119.9 | 92.9 |
| Accounts receivable | 412.2 | 391.7 | 424.8 | 456.8 |
| Other current assets | 95.8 | 93.3 | 86.7 | 73.9 |
| Liquid funds | 66.1 | 29.0 | 53.0 | 74.5 |
| Total current assets | 701.6 | 614.3 | 684.4 | 698.1 |
| Total assets | 2,128.8 | 1,751.7 | 1,787.6 | 1,641.1 |
| Equity and liabilities | ||||
| Equity | 787.6 | 641.0 | 586.1 | 556.4 |
| Liabilities | ||||
| Non-interest bearing long-term liabilities | 66.5 | 73.7 | 85.1 | 28.9 |
| Interest bearing long term-liabilities | 360.1 | 92.3 | 114.5 | 87.4 |
| Total long term liabilities | 426.6 | 166.0 | 199.6 | 116.3 |
| Non-interest bearing current liabilities | 370.3 | 364.4 | 421.2 | 387.3 |
| Interest bearing current liabilities | 544.3 | 580.3 | 580.7 | 581.1 |
| Total current liabilities | 914.6 | 944.7 | 1,001.9 | 968.4 |
| Total equity and liabilities | 2,128.8 | 1,751.7 | 1,787.6 | 1,641.1 |
1) Including assets and liabilities attributable to the divested operations in Kungsbacka.
| Changes in Equity | |||
|---|---|---|---|
| Equity attributable | Minority | Total | |
| to parent company | interests | equity | |
| MSEK | shareholders | ||
| Equity at year-end 2005 | 637.8 | - | 637.8 |
| Translation difference | -14.8 | - | -14.8 |
| Cash flow hedges after tax | 3.3 | - | 3.3 |
| Profit/loss for the year | -49.0 | - | -49.0 |
| Dividends | -20.9 | - | -20.9 |
| Equity at year-end 2006 | 556.4 | - | 556.4 |
| Equity at year-end 2005 | 637.8 | - | 637.8 |
| Translation difference | -9.6 | - | -9.6 |
| Cash flow hedges after tax | 2.3 | - | 2.3 |
| Profit/loss for the period | 31.4 | - | 31.4 |
| Dividends | -20.9 | - | -20.9 |
| Equity at the end of the third quarter 2006 | 641.0 | - | 641.0 |
| Equity at year-end 2006 | 556.4 | - | 556.4 |
| Translation difference | 2.4 | - | 2.4 |
| Cash flow hedges after tax | -0.3 | - | -0.3 |
| Hedging of net investment in foreign subsidiaries | -1.8 | - | -1.8 |
| Profit/loss for the period | 108.8 | - | 108.8 |
| Rights issue | 146.5 | - | 146.5 |
| Dividends | -24.4 | - | -24.4 |
| Equity at the end of the third quarter 2007 | 787.6 | - | 787.6 |
Summary Parent Company Income Statements
| Third quarter | ||||||
|---|---|---|---|---|---|---|
| MSEK | ||||||
| 2007 | 2006 | 2005 | ||||
| Net turnover | 0.9 | 1.3 | 1.3 | |||
| Cost of products and services sold | - | -1.6 | -1.6 | |||
| Gross profit | 0.9 | -0.3 | -0.3 | |||
| Operating costs | -5.0 | -6.8 | -5.8 | |||
| Operating profit/loss | -4.1 | -7.1 | -6.1 | |||
| Net financial items | 6.3 | -3.4 | 6.2 | |||
| Profit/loss after net financial items | 2.2 | -10.5 | 0.1 | |||
| Appropriations | - | - | - | |||
| Taxes | 23.1 | 2.4 | 1.4 | |||
| Profit/loss for the period | 25.3 | -8.1 | 1.5 |
| MSEK | January - September | Last 12 months |
Full-year 2006 |
||
|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||
| Net turnover | 3.7 | 3.9 | 4.0 | 5.0 | 5.2 |
| Cost of products and services sold | -2.8 | -4.0 | -4.1 | -3.6 | -4.8 |
| Gross profit | 0.9 | -0.1 | -0.1 | 1.4 | 0.4 |
| Operating costs | -15.6 | -17.2 | -20.6 | -26.8 | -28.4 |
| Operating profit/loss | -14.7 | -17.3 | -20.7 | -25.4 | -28.0 |
| Net financial items | 21.4 | 6.5 | 3.3 | -118.8 | -133.7 |
| Profit/loss after net financial items | 6.7 | -10.8 | -17.4 | -144.2 | -161.7 |
| Appropriations | - | - | - | 13.3 | 13.3 |
| Taxes | 29.6 | 7.3 | 6.1 | 30.5 | 8.2 |
| Profit/loss for the period | 36.3 | -3.5 | -11.3 | -100.4 | -140.2 |
Summary Parent Company Balance Sheets
| 30/9 | 30/9 | 30/9 | 31/12 | |
|---|---|---|---|---|
| MSEK | 2007 | 2006 | 2005 | 2006 |
| Assets | ||||
| Fixed assets 1) | 1,273.5 | 1,078.9 | 1,041.0 | 1,090.7 |
| Other current assets | 248.6 | 159.5 | 81.4 | 217.6 |
| Total assets | 1,522.1 | 1,238.4 | 1,122.4 | 1,308.3 |
| Equity, provisions and liabilities | ||||
| Equity | 661.9 | 485.7 | 436.5 | 503.6 |
| Untaxed reserves | - | 13.3 | 14.5 | - |
| Provisions | 10.3 | 1.6 | 1.7 | 10.7 |
| Long-term liabilities | 206.4 | - | - | 0.1 |
| Current liabilities | 643.5 | 737.8 | 669.7 | 793.9 |
| Total equity, provisions and liabilities | 1,522.1 | 1,238.4 | 1,122.4 | 1,308.3 |
1) The parent company's property in Kungsbacka has been sold to its subsidiary Elanders International AB during the quarter.
| Jan-Sept 2007 |
Jan-Sept 2006 |
Last 12 months |
Full-year 2006 |
|
|---|---|---|---|---|
| Return on equity, % 1) | 21.6 | 6.6 | 4.0 | -8.2 |
| Equity ratio, % | 37.0 | 36.6 | 37.0 | 33.9 |
| Return on capital employed, % 1) | 13.7 | 6.3 | 5.0 | -0.7 |
| Debt/equity ratio | 1.1 | 1.0 | 1.1 | 1.1 |
1) Return valuations are annualised.
| 2005 | 2005 | 2006 | 2006 | 2006 | 2006 | 2007 | 2007 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
| Net turnover | 418 | 577 | 489 | 490 | 432 | 576 | 484 | 512 | 471 |
| Operating profit/loss | 13 | 63 | 18 | 22 | 21 | -70 | 40 | 48 | 54 |
| Profit/loss after net financial items | 8 | 60 | 13 | 16 | 15 | -76 | 32 | 38 | 43 |
| Net profit/loss | -2 | 48 | 9 | 11 | 11 | -80 | 25 | 30 | 54 |
| Operating cash flow | -9 | -19 | 81 | 14 | -12 | 58 | -220 | 7 | -78 |
| Depreciation | 25 | 24 | 24 | 23 | 24 | 24 | 19 | 21 | 23 |
| Net investments | 16 | 42 | 26 | 18 | 21 | 5 | 263 | 44 | 69 |
| Goodwill | 560 | 558 | 557 | 556 | 558 | 532 | 831 | 829 | 826 |
| Total assets | 1,788 | 1,807 | 1,789 | 1,711 | 1,752 | 1,641 | 2,027 | 2,002 | 2,129 |
| Equity | 586 | 638 | 643 | 625 | 641 | 556 | 737 | 742 | 788 |
| Net debt | 642 | 669 | 597 | 619 | 644 | 594 | 737 | 769 | 838 |
| Capital employed | 1,229 | 1,307 | 1,239 | 1,244 | 1,285 | 1,150 | 1,473 | 1,511 | 1,626 |
| Return on equity, % 1) | -1.4 | 32.0 | 5.6 | 7.1 | 7.1 | -53.7 | 15.6 | 16.0 | 28.3 |
| Return on capital employed, % 1) | 5.0 | 21.0 | 5.6 | 7.2 | 6.6 | -22.9 | 12.3 | 13.0 | 13.8 |
| Debt/equity ratio | 1.1 | 1.0 | 0.9 | 1.0 | 1.0 | 1.1 | 1.0 | 1.0 | 1.1 |
| Equity ratio, % | 32.8 | 35.3 | 35.9 | 36.5 | 36.6 | 33.9 | 36.4 | 37.1 | 37.0 |
| Interest coverage ratio 2) | 6.7 | 5.5 | 5.5 | 5.0 | 6.4 | -0.4 | 0.5 | 1.4 | 2.1 |
| Number of employees at the end of | |||||||||
| the period | 1,500 | 1,511 | 1,461 | 1,511 | 1,495 | 1,553 | 1,534 | 1,559 | 1,592 |
1) Return valuations are annualised.
2) Interest coverage ratio is calculated on a rolling 12 month schedule.
| 2005 | 2005 | 2006 | 2006 | 2006 | 2006 | 2007 | 2007 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
| Net turnover | 367 | 432 | 408 | 427 | 393 | 452 | 466 | 512 | 471 |
| Operating profit/loss | 29 | 45 | 32 | 32 | 42 | 68 | 40 | 48 | 54 |
| Profit/loss after net financial items | 25 | 41 | 27 | 27 | 36 | 62 | 32 | 38 | 43 |
| Net profit/loss | 10 | 35 | 19 | 19 | 27 | 50 | 25 | 30 | 54 |
| Depreciation | 16 | 16 | 16 | 15 | 16 | 16 | 19 | 21 | 23 |
| Number of employees at the end of | |||||||||
| the period | 1,152 | 1,188 | 1,254 | 1,313 | 1,307 | 1,361 | 1,534 | 1,559 | 1,592 |
| Return on equity | Net profit in relation to average equity. |
|---|---|
| Equity ratio | Equity, including minority interests, in relation to total assets. |
| Capital employed | Total assets reduced by liquid funds and non-interest bearing liabilities. |
| Return on capital employed | Operating profit/loss in relation to average capital employed. |
| Debt/equity ratio | Interest-bearing liabilities reduced by liquid funds in relation to equity, including minority interests. |
| Operating cash flow | Cash flow from current operations and investing activities adjusted for paid taxes and net financial items. |
| Interest coverage ratio | Operating profit/loss plus interest income divided by interest costs. |
All figures below regarding divested operations are attributable to the Kungsbacka operations divested in February 2007.
| Income Statements for Divested Operations | |
|---|---|
| ------------------------------------------- | -- |
| MSEK | Third quarter | ||
|---|---|---|---|
| 2007 | 2006 | 2005 | |
| Net turnover1) | - | 51.7 | 62.7 |
| Cost of products and services sold1) | - | -66.4 | -73.3 |
| Gross profit/loss | - | -14.7 | -10.6 |
| Sales and administration costs | - | -7.3 | -6.8 |
| Other operating income | - | 1.7 | 1.2 |
| Other operating costs | - | -1.1 | - |
| Share in profit/loss in joint venture | - | - | - |
| Operating profit/loss | - | -21.4 | -16.2 |
| Net financial items | - | -0.2 | -0.8 |
| Profit/loss after net financial items | - | -21.6 | -17.0 |
| Taxes | - | 5.9 | 4.6 |
| Profit/loss from operations for the period | - | -15.7 | -12.4 |
| Profit/loss from divestment of operations | - | - | - |
| Tax on profit/loss from divestment of operations | - | - | - |
| Profit/loss for the period | - | -15.7 | -12.4 |
| Attributable to: | |||
| Parent company shareholders | - | -15.7 | -12.4 |
| Minority interests | - | - | - |
| Profit/loss per share from divested operations, SEK 3) 4) | - | -1.77 | -1.40 |
| Average number of shares (in thousands) | 9,765 | 8,8552) | 8,8552) |
| Outstanding shares at the end of period (in thousands) | 9,765 | 8,370 | 8,370 |
| MSEK | January - September Last 12 months |
Full year 2006 |
|||
|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||
| Net turnover1) | 23.2 | 231.9 | 236.8 | 171.9 | 380.6 |
| Cost of products and services sold1) | -21.1 | -254.9 | -256.8 | -302.0 | -535.8 |
| Gross profit/loss | 2.1 | -23.0 | -20.0 | -130.1 | -155.2 |
| Sales and administration costs | -1.9 | -23.5 | -22.3 | -5.6 | -27.2 |
| Other operating income | - | 7.6 | 4.7 | - | 7.6 |
| Other operating costs | - | -6.7 | - | -1.3 | -8.0 |
| Share in profit/loss in joint venture | - | - | - | - | - |
| Operating profit/loss | 0.2 | -45.6 | -37.6 | -137.0 | -182.8 |
| Net financial items | -0.2 | -0.8 | -0.2 | -0.7 | -1.3 |
| Profit/loss after net financial items | 0.0 | -46.4 | -37.8 | -137.7 | -184.1 |
| Taxes | - | 12.9 | 10.5 | 7.1 | 20.0 |
| Profit/loss from operations for the period | 0.0 | -33.5 | -27.3 | -130.6 | -164.1 |
| Profit/loss from divestment of operations | - | - | - | - | - |
| Tax on profit/loss from divestment of operations | - | - | - | - | - |
| Profit/loss for the period | 0.0 | -33.5 | -27.3 | -130.6 | -164.1 |
| Attributable to: | |||||
| Parent company shareholders | 0.0 | -33.5 | -27.3 | -130.6 | -164.1 |
| Minority interests | - | - | - | - | - |
| Profit/loss per share from divested operations, SEK 3) 4) | 0.00 | -3.78 | -3.08 | -14.03 | -18.54 |
| Average number of shares (in thousands) | 9,4622) | 8,8552) | 8,8552) | 9,3102) | 8,8552) |
| Outstanding shares at the end of period (in thousands) | 9,765 | 8,370 | 8,370 | 9,765 | 8,370 |
1) Figures include transactions with remaining units. 2) Average number of outstanding shares after adjustment for the bonus issue element of the Rights issue. 3) Earnings per share before and after dilution.
4) Earnings per share calculated by dividing profit/loss by the average number of outstanding shares during the period.
| Third quarter 2007 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | -29.7 | - | -29.7 |
| Cash flow from investing activities | -69.0 | - | -69.0 |
| Cash flow from financing activities | 114.1 | - | 114.1 |
| Cash flow for the period | 15.4 | - | 15.4 |
| Liquid funds at the beginning of the | |||
| period | 51.6 | ||
| Translation difference | -0.9 | ||
| Liquid funds at the end of the period | 66.1 | ||
| Operating cash flow | -78.4 | 0,0 | -78.4 |
| Third quarter 2006 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | -9.0 | 4.2 | -4.8 |
| Cash flow from investing activities | -18.6 | -2.2 | -20.8 |
| Cash flow from financing activities | 8.1 | -2.0 | 6.1 |
| Cash flow for the period | -19.5 | 0.0 | -19.5 |
| Liquid funds at the beginning of the | |||
| period | 47.1 | ||
| Translation difference | 1.4 | ||
| Liquid funds at the end of the period | 29.0 | ||
| Operating cash flow | -14.4 | 2.6 | -11.8 |
| Third quarter 2005 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | -41.0 | 2.5 | -38.5 |
| Cash flow from investing activities | -15.2 | -0.5 | -15.7 |
| Cash flow from financing activities | 72.1 | -2.0 | 70.1 |
| Cash flow for the period | 15.9 | 0.0 | 15.9 |
| Liquid funds at the beginning of the | |||
| period | 39.2 | ||
| Translation difference | -2.1 | ||
| Liquid funds at the end of the period | 53.0 | ||
| Operating cash flow | -12.3 | 3.2 | -9.1 |
| MSEK | January - September 2007 | ||
|---|---|---|---|
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 26.1 | 7.5 | 33.6 |
| Cash flow from investing activities | -375.9 | 0.0 | -375.9 |
| Cash flow from financing activities | 340.9 | -7.5 | 333.4 |
| Cash flow for the period | -8.9 | 0.0 | -8.9 |
| Liquid funds at the beginning of the | |||
| period | 74.5 | ||
| Translation difference | 0.5 | ||
| Liquid funds at the end of the period | 66.1 | ||
| Operating cash flow | -297.2 | 6.0 | -291.2 |
| January - September 2006 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 93.7 | 16.3 | 110.0 |
| Cash flow from investing activities | -54.4 | -10.2 | -64.6 |
| Cash flow from financing activities | -34.6 | -6.1 | -40.7 |
| Cash flow for the period | 4.7 | 0.0 | 4.7 |
| Liquid funds at the beginning of the | |||
| period | 24.9 | ||
| Translation difference | -0.6 | ||
| Liquid funds at the end of the period | 29.0 | ||
| Operating cash flow | 74.8 | 8.2 | 83.0 |
| January - September 2005 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 15.6 | 8.0 | 23.6 |
| Cash flow from investing activities | -41.7 | -1.9 | -43.6 |
| Cash flow from financing activities | 40.5 | -6.1 | 34.4 |
| Cash flow for the period | 14.4 | 0.0 | 14.4 |
| Liquid funds at the beginning of the | |||
| period | 39.7 | ||
| Translation difference | -1.1 | ||
| Liquid funds at the end of the period | 53.0 | ||
| Operating cash flow | 32.4 | 7.6 | 40.0 |
| MSEK | Full year 2006 | ||
|---|---|---|---|
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 155.6 | 11.5 | 167.1 |
| Cash flow from investing activities | -58.6 | -11.2 | -69.8 |
| Cash flow from financing activities | -46.1 | -0.3 | -46.4 |
| Cash flow for the period | 50.9 | 0.0 | 50.9 |
| Liquid funds at the beginning of the | |||
| period | 24.9 | ||
| Translation difference | -1.3 | ||
| Liquid funds at the end of the period | 74.5 | ||
| Operating cash flow | 139.6 | 1.5 | 141.1 |
| Full year 2005 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 31.3 | 14.3 | 45.6 |
| Cash flow from investing activities | -83.4 | -2.0 | -85.4 |
| Cash flow from financing activities | 36.2 | -12.3 | 23.9 |
| Cash flow for the period | -15.9 | 0.0 | -15.9 |
| Liquid funds at the beginning of the | |||
| period | 39.7 | ||
| Translation difference | 1.1 | ||
| Liquid funds at the end of the period | 24.9 | ||
| Operating cash flow | 8.7 | 12.6 | 21.3 |
| Full year 2004 | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 77.8 | 50.0 | 127.8 |
| Cash flow from investing activities | -101.0 | -4.4 | -105.4 |
| Cash flow from financing activities | 41.9 | -45.6 | -3.7 |
| Cash flow for the period | 18.7 | 0.0 | 18.7 |
| Liquid funds at the beginning of the | |||
| period | 22.5 | ||
| Translation difference | -1.5 | ||
| Liquid funds at the end of the period | 39.7 | ||
| Operating cash flow | 19.6 | 48.5 | 68.1 |
| Last 12 months | |||
|---|---|---|---|
| MSEK | |||
| Remaining units | Divested operations | Total | |
| Cash flow from operating activities | 88.0 | 2.7 | 90.7 |
| Cash flow from investing activities | -380.1 | -1.0 | -381.1 |
| Cash flow from financing activities | 329.4 | -1.7 | 327.7 |
| Cash flow for the period | 37.3 | 0.0 | 37.3 |
| Liquid funds at the beginning of the | |||
| period | 29.0 | ||
| Translation difference | -0.2 | ||
| Liquid funds at the end of the period | 66.1 | ||
| Operating cash flow | -232.4 | -0.7 | -233.1 |
| MSEK | |
|---|---|
| Other fixed assets | 4.1 |
| Inventory | 39.5 |
| Accounts receivable | 64.9 |
| Other current assets | 19.9 |
| Liquid funds | - |
| Non-interest bearing long-term liabilities | - |
| Interest bearing long-term liabilities | -36.7 |
| Non-interest bearing current liabilities | -82.5 |
| Interest bearing current liabilities | -9.2 |
| Identifiable net assets | 0.0 |
| Capital gains/losses | 0.0 |
| Received purchase sum | 0.0 |
| Liquid funds in divested operations | 0.0 |
| Effect on Group liquid funds | 0.0 |
Specification of acquisitions
| Ownership transfer date | Country | Business area | Number of employees |
||
|---|---|---|---|---|---|
| 31 January 2007 | Sommer Corporate Media Gmbh & Co KG | Germany | Infologistics | 150 | |
| 26 March 2007 | San Marco Hungary Kft 1) | Hungary | User Manuals | - | |
| 1) The company owns and manages the property in Zalalövö, Hungary, where Elanders Hungary Kft operates. |
Assets and Liabilities in Acquired Operations1)
| Recorded values in | Adjustment to | ||
|---|---|---|---|
| MSEK | acquired operations | fair value | Recorded value in the Group |
| Intangible assets | 15.6 | 2.7 | 18.3 |
| Tangible assets | 80.8 | 0.8 | 81.6 |
| Other fixed assets | 0.1 | - | 0.1 |
| Inventory | 10.7 | 0.6 | 11.3 |
| Accounts receivable | 36.1 | - | 36.1 |
| Other current assets | 1.9 | - | 1.9 |
| Liquid funds | 51.3 | - | 51.3 |
| Non-interest bearing long-term | |||
| liabilities | - | - | - |
| Interest bearing long-term liabilities | -41.6 | - | -41.6 |
| Non-interest bearing current liabilities | -59.8 | -1.5 | -61.3 |
| Interest bearing current liabilities | -52.3 | - | -52.3 |
| Identifiable net assets | 42.8 | 2.6 | 45.4 |
| Goodwill | 277.0 | ||
| Total purchase sums | 322.4 | ||
| Unpaid purchase sums | -31.1 | ||
| Liquid funds in acquisitions | -51.3 | ||
| Effect on Group liquid funds | 240.0 |
1) The first report on the acquisition of San Marco Hungary Kft has been adopted during the period. In the final version no adjustments have been made in the previous evaluation of assets and liabilities, which was based on preliminary figures.
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