Quarterly Report • May 21, 2010
Quarterly Report
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(unchanged except for the added third paragraph in bold below)
AAK is today a company with a stronger balance sheet and a good balance between the business areas. The cost rationalisation programme and the working capital improvement project are being executed according to plan.
Volumes for speciality products are expected to continue to increase in Food Ingredients as well as Chocolate & Confectionery Fats. There remains, however, a general uncertainty about the impact of excess supply capacity in the industry and about lower demand as a consequence of the global recession.
Despite some market uncertainty AAK sees growth opportunities in all business areas. Organic growth for speciality products, in combination with a selective acquisition strategy, is our way forward.
Food Ingredients Q 1 +14 percent 1.93 SEK/kg to 2.20 SEK/kg
Chocolate & Confectionery Fats Q 1 -20 percent 5.94 SEK/kg to 4.76 SEK/kg
Technical Products & Feed Q 1 +16 percent 0.82 SEK/kg to 0.95 SEK/kg
| SEK million | 2010 | 2009 | % | 2009 | 12 months |
|---|---|---|---|---|---|
| Net sales | 3,510 | 4,223 | -17% | 15,884 | 15,171 |
| Gross contribution | 840 | 877 | -4% | 3,744 | 3,708 |
| Operating profit | 178 | 157 | +13% | 827 | 848 |
| Net result* | 114 | 65 | +75% | 415 | 464 |
| Earnings per share* | 2.79 | 1.59 | +75% | 10.14 | 11.34 |
* Excluding IAS 39 effect and deferred tax related to this adjustment.
| SEK million | Q1 2010 |
Q 1 2009 |
Full year 2009 |
Rolling 12 months |
|---|---|---|---|---|
| Food Ingredients | 442 | 439 | 1,906 | 1,910 |
| Chocolate & Confectionery Fats | 333 | 356 | 1,508 | 1,485 |
| Technical Products & Feed | 65 | 60 | 261 | 266 |
| Group Functions | - | 22 | 69 | 47 |
| Total for the Group | 840 | 877 | 3,744 | 3,709 |
| SEK million | Q 1 2010 |
Q 1 2009 |
Full year 2009 |
Rolling 12 months |
|---|---|---|---|---|
| Food Ingredients | 101 | 80 | 427 | 448 |
| Chocolate & Confectionery Fats | 76 | 74 | 394 | 396 |
| Technical Products & Feed | 21 | 13 | 82 | 90 |
| Group Functions | -20 | -10 | -76 | -86 |
| Total for the Group | 178 | 157 | 827 | 848 |
Net sales for the Group decreased by SEK 713 million, negative 17 percent, mainly due to lower raw material prices. The decrease in sales was net of negative translation impact of SEK 204 million. Volumes were down 1 percent compared to last year.
Gross contribution, excluding translation effects, improved by SEK 14 million, or 2 percent. Excluding translation effects, gross contribution per kilo improved by 3 percent, from SEK 2.43 to SEK 2.50.
During the first quarter of 2010, AAK recognised negative translation effects of SEK 51 million. After including translation effects, gross contribution decreased by SEK 35 million.
Operating profit amounted to SEK 178 million (157), an increase by SEK 21 million, or 13 percent. The result includes negative translation effects of SEK 13 million. All business areas improved their operating results compared to the corresponding quarter last year.
The Group's investments in fixed assets totalled SEK 79 million (71), mainly comprising regular maintenance investments.
Cash flow from operating activities continued the positive development reported during the last six months of 2009, reaching SEK 315 million (22). The ongoing internal working capital improvement project contributed to the improved cash flow.
Cash flow, after net investments of SEK 79 million (69), was SEK 236 million (-47).
The equity/assets ratio has strengthened and amounted to 36 percent (35 percent as at 31 December 2009).
The Group's net borrowings as at 31 March 2010 amounted to SEK 2 834 million (SEK 3,186 million on 31 December 2009). The Group has total credit facilities of SEK 5.836 million, of which SEK 5,561 million are committed to mid 2011.
The average number of employees in the Group as at 31 March 2010 was 2,139 (2,131 on 31 December 2009 and 2,139 on 31 March 2009 ). The increase since year-end 2009 is entirely due to a higher number of employees outside Scandinavia, where operations have grown, partly offset by the reduction of 20 personnel since year-end, as a result of the rationalisation programme in Scandinavia.
The Parent Company is a holding company for the AAK Group. The activities of the Parent Company are primarily concerned with joint Group activities related to the Group's development and administration.
A final settlement with the insurance companies has not been concluded during first quarter 2010. For further information see the comments under the heading "the Group, first quarter" on page 7.
Net sales for the business area decreased by SEK 520 million mainly due to lower raw material prices. As a consequence of the backto-back hedging of raw materials there is a time lag between movement in the spot price and the financial impact. The Group policy is to secure the margin in sales contracts by hedging the corresponding raw material purchases and stocks. Equally, currency exposure is hedged.
Volumes were down by 7 percent compared with last year, mainly due to lower commodity volumes.
Gross contribution increased to SEK 442 million (439) including negative translation effects of SEK 24 million. Excluding translation effects gross contribution per kilo increased by 14 percent from SEK 1.93 to SEK 2.20.
Gross contribution per kilo increased by 8 percent from SEK 1.93 to SEK 2.08. Gross contribution, excluding translation effects, improved by SEK 4 million or 1 percent
Margins continued to improve due to the specialisation strategy that has led to a higher proportion of high-value products.
Operating profit amounted to SEK 101 million (80), an improvement by 26 percent. The result includes negative translation effects of SEK 7 million.
During the first quarter of 2010 the business area has continued to benefit from savings arising from the ongoing rationalisation programme. These cost savings have been offset by increased costs arising from expansion outside Scandinavia.
In the market there is a clear trend towards substituting expensive, non-vegetable, fats with less expensive, value-added vegetable oil solutions. This fits very well with the AAK Group strategy and growth opportunities.
The specialisation strategy is to develop organically and selective acquisitions will complement this strategy.
| Q1 | Full Year | Rolling 12 months |
|
|---|---|---|---|
| 2,062 | 2,582 | 9,702 | 9,182 |
| 442 | 439 | 1,906 | 1,910 |
| 2.08 | 1.93 | 2.12 | 2.16 |
| Operating profit excl. | |||
| 101 | 80 | 427 | 448 |
| 212 | 228 | 898 | 882 |
| 2010 | Q1 2009 |
2009 |
Net sales for the business area declined by SEK 100 million mainly due to negative translation effects. Volumes were 27 percent higher than in the corresponding period last year.
CBE volumes in the first quarter of 2010 were substantially higher than in the first quarter of 2009 and higher than the volumes in the fourth quarter of 2009.
Gross contribution, excluding translation, effects improved by SEK 4 million or 1 percent. After excluding translation effects, gross contribution per kilo declined by 20 percent from SEK 5.94 to SEK 4.76. The excess supply capacity in the industry has resulted in reduction of gross contribution per kilo.
During the first quarter the business area recognised negative translation effects of SEK 27 million. Including translation effects and gross contribution therefore decreased by SEK 23 million.
The operating result of SEK 76 million (74) was only marginally better than the first quarter of 2009. The result includes negative translation effects of SEK 6 million.
The first quarter 2010 started with good volume growth. Later in the quarter it became obvious that chocolate consumption in Eastern Europe is recovering more slowly than in the rest of the world. Eastern Europe is an important market for the business area.
The global recession has provided a strong incentive to reduce costs and to drive further the substitution of expensive cocoa butter. This increased demand for CBE's has, however, stimulated significant investments in additional manufacturing capacity in the industry. Uncertainty remains regarding the impact of the excess capacity.
Short term volume growth will not compensate for the reduction in margins arising from excess capacity.
The cocoa butter price remains at a relatively high level, although below the all-time high. There is a general concern in the chocolate industry for the long-term supply of cocoa beans and therefore also a concern for the supply of cocoa butter, because of problems in plantations.
The International Cocoa Organization (ICCO) has issued reports and comments on the supply of cocoa beans that document the reasons for concern.´
| (SEK million) | Q1 2010 |
Q1 2009 |
Full year 2009 |
Rolling 12 months |
|---|---|---|---|---|
| Net sales | 1,103 | 1,203 | 4,564 | 4,464 |
| Gross Contribution | 333 | 356 | 1,508 | 1,485 |
| Gross contribution per kilo |
4.41 | 5.94 | 5.96 | 5.52 |
| Operating profit excl. non-recurring items Volumes |
76 | 74 | 394 | 396 |
| (thousand tonnes) | 76 | 60 | 253 | 269 |
Net sales for the business area decreased by SEK 4 million, or 1 percent. Total volume declined by 6 percent as a result of lower volumes of feed products due to lower milk production in Sweden. The volumes for fatty acids and metal working fluids were stable during the first quarter.
Gross contribution increased by SEK 5 million, to SEK 65 million, or 8 percent, compared to last year. Gross contribution per kilo increased by 17 percent from SEK 0.82 to SEK 0.95. Part of this improvement was due to a changed product mix compared to the corresponding quarter last year and part was on account of continued favourable raw material prices.
Operating profit improved from SEK 13 million to SEK 21 million compared to the first quarter 2009.
A special turnaround plan was implemented during 2009 which lowered costs in the first quarter of 2010 by SEK 3 million compared to the corresponding quarter last year.
For the fatty acid and metal working fluids businesses within Technical Products & Feed there were some limited signs of recovery.
| Q1 | Full year Q1 Full year |
Rolling | ||
|---|---|---|---|---|
| (SEK million) | 2010 | 2009 | 2009 12 months | |
| Net sales | 345 | 349 | 1,295 | 1,291 |
| Gross contribution | 65 | 60 | 261 | 266 |
| Gross contribution | ||||
| per kilo | 0.95 | 0.82 | 0.93 | 0.96 |
| Operating profit excl. | 21 | 13 | 82 | 90 |
| non-recurring items | ||||
| Volumes | 68 | 73 | 282 | 277 |
These pages, 9-17, contain legal financial information including non-recurring items and IAS 39.
The operating result, including non-recurring items and IAS 39 effects, amounted to SEK 193 million (220). The result includes the effect of IAS 39 (fair value of hedge contracts), which had a positive impact on results of SEK 15 million (63).
In previous reports, we have underlined the fact that the IAS 39 effect can impact materially on the result, both positively and negatively, during individual quarters, depending on the contract mix, raw material prices and exchange rate developments.
In the Group's internal reporting, hedge contracts as well as the underlying commercial contracts and stocks are valued at actual market value, thereby securing the margin in the sales contracts. However, IAS 39 allows market price valuation of the hedge contracts only, while physical purchase contracts and sales contracts are not allowed to be valued in the same way.
The difference between the internal market price valuation and IAS 39 market price valuation is the "IAS 39 effect" reported. The IAS 39 effect does not have any impact on net cash flow and it is entirely a theoretical accounting effect.
The Group's result after financial items amounted to SEK 179 million (134). Net financial items totalled SEK -14 million (-86).
The equity/assets ratio amounted to 36 percent (35 percent on 31 December 2009).
The Group's equity as at 31 March 2010 totalled SEK 3,017 million (SEK 2,949 million at 31 December 2009), and the balance sheet total was SEK 8,412 million.
No significant changes have taken place in relations or transactions with related parties since the annual report for 2009.
On 4 December 2007, an explosive fire occurred at AAK's factory in Aarhus, Denmark. The incident occurred in the part of the factory where vegetable oils are produced for use as components in speciality fats for chocolate and confectionery products, mainly CBE. All the plants were up and running by the fourth quarter 2008.
To date, AAK has received payments for business interruption in the sum of approximately SEK 421 million. This insurance compensation relates to business interruption in both 2008 and 2009.
Given the complexity of the pending claims handling process with the relevant insurance companies, any predictions of the final outcome are subject to uncertainty. A final settlement with the insurance companies has not yet been concluded.
All business operations involve risk – a controlled approach to risk taking is a prerequisite in maintaining good profitability. Risk may be dependent upon events in the outside world and may affect a specific sector, market or country, and the risk may also be purely company-specific.
At AAK, effective risk management is a continuing process carried out within the framework of operational management and forms a natural part of the day-to-day monitoring of operations.
The AAK Group is exposed to the fierce competition that characterises the industry, as well as fluctuations in raw material prices affecting working capital.
The operations of the AAK Group involve exposure to significant financial risks, particularly currency risks and raw material price risks.
The raw materials used in the operation are agricultural products, and availability may therefore vary due to climatic and other external factors.
The Group considers that no significant risks or uncertainties have emerged beyond those described in AAK's annual report for 2009.
The dramatic developments in the financial markets have caused a higher level of general uncertainty, which can also entail operational risks and uncertainties.
This interim report has been prepared in accordance with IFRS, with the application of IAS 34, Interim Financial Reporting, and the Annual Accounts Act. The accounting policies and assessment policies adopted and the basis for assessment are the same as those used in the most recent annual report.
In accordance with considerations presented in the Annual Report 2010, note 2, regarding new accounting principles for 2010, a number of new standards and IFRIC interpretations became effective as from January 1, 2010.
All financial information on pages 1-6 is exclusive of non-recurring items and IAS 39. For full legal financial information including non-recurring items and IAS 39, see pages 7- 14.
The interim report for the second quarter will be published on 18 August 2010.
The interim report for the third quarter will be published on 2 November 2010.
No significant events have occurred since after the balance sheet date.
The Parent Company's invoiced sales during first quarter 2010 were SEK 10 million (8).
The result for the Parent Company after financial net amounted to SEK 7 (-10) million.
Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totalled SEK 320 million (227 as at 31 December 2009). Investments in tangible assets amounted to SEK 0 million (0).
The Parent Company's balance sheet and income statement are shown on page 14.
AarhusKarlshamn AB (publ) is the Parent Company of the AAK Group. The Company has prepared its financial reports in accordance with the Annual Accounts Act and RFR 2.3 Reporting for legal entities.
No major changes since year-end.
Malmö, 21 May 2010
Arne Frank
Chief Executive Officer and President
This report has not been reviewed by the Company's auditors.
The information is that which AarhusKarlshamn AB (publ) is obliged to publish under the provisions of the Stock Exchange and Clearing Operations Act and/or the Trading in Financial Instruments Act. The information was released to the media for publication on 21 May 2010 at 12.00 a.m.
| (SEK million) | Q1 2010 |
Q1 2009 |
Rolling 12 months |
Full year 2009 |
|---|---|---|---|---|
| Net sales | 3,510 | 4,223 | 15,171 | 15,884 |
| Other operating income | 6 | 3 | 101 | 98 |
| Total operating income | 3,516 | 4,226 | 15,275 | 15,982 |
| Raw materials and supplies | -2,675 | -3,287 | -10,910 | -11,522 |
| Other external expenses | -278 | -317 | -1,311 | -1,350 |
| Costs for remuneration to employees | -275 | -300 | -1,197 | -1,222 |
| Amortisation and impairment losses | -93 | -101 | -395 | -403 |
| Other operating expenses | -2 | -1 | -11 | -10 |
| Total operating expenses | -3,323 | -4,006 | -13,824 | -14,507 |
| Operating result | 193 | 220 | 1,448 | 1,475 |
| Interest income | 3 | 1 | 8 | 6 |
| Interest expense | -15 | -56 | -123 | -164 |
| Other financial items | -2 | -31 | 10 | -19 |
| Result before tax | 179 | 134 | 1,343 | 1,298 |
| Income tax | -52 | -41 | -466 | -455 |
| Net result | 127 | 93 | 877 | 843 |
| Attributable to minority | 1 | 10 | 8 | 17 |
| Attributable to the Parent Company's shareholders |
126 | 83 | 869 | 826 |
| SHARE DATA | ||||
| Number of shares, thousand | 40.898 | 41,384 | - | 40,898 |
| Thereof own shares | - | 486 | - | - |
| Earnings per share, SEK* | 3.10 | 2.03 | - | 20.19 |
| Equity per share, SEK | 73.21 | 60.26 | - | 71.56 |
| Market value on closing date | 196.00 | 102.00 | - | 157.00 |
* The calculation of earnings per share is based on a weighted average number of outstanding shares. At present, the Group has no outstanding convertible debentures or outstanding subscription options.
| Comprehensive income | ||||
|---|---|---|---|---|
| Q1 | Q1 | Rolling | Full year | |
| (SEK million) | 2010 | 2009 | 12 months | 2009 |
| Income for the period | 127 | 93 | 877 | 843 |
| Exchange differences on translation of | ||||
| foreign operations | -59 | 37 | -209 | -113 |
| Total comprehensive income for the period | 68 | 130 | 668 | 730 |
| Attributable to minority | 0 | 9 | -27 | -18 |
| Attributable to the Parent Company's shareholders |
68 | 121 | 695 | 748 |
| (SEK million) | 31.3.2010 | 31.3.2009 | 31.12.2009 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 622 | 692 | 652 |
| Other intangible assets | 103 | 130 | 112 |
| Tangible assets | 2,884 | 3,212 | 2,978 |
| Financial assets | 147 | 308 | 131 |
| Total non-current asset | 3,756 | 4,342 | 3,873 |
| Inventory | 2,101 | 2,809 | 2,237 |
| Current receivables | 2,249 | 2,935 | 2,081 |
| Cash and cash equivalents | 306 | 185 | 322 |
| Total current assets | 4,656 | 5,929 | 4,640 |
| TOTAL ASSETS | 8,412 | 10,271 | 8,513 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 2,995 | 2,464 | 2,927 |
| Minority interest | 22 | 49 | 22 |
| Total equity including minority share | 3,017 | 2,513 | 2,949 |
| Non-current liabilities | 3,442 | 5,659 | 3,837 |
| Accounts payable | 677 | 707 | 568 |
| Other current liabilities | 1,276 | 1,392 | 1,159 |
| Total current liabilities | 1,953 | 2,099 | 1,727 |
| TOTAL EQUITY AND LIABILITIES | 8,412 | 10,271 | 8,513 |
| No changes have arisen in contingent liabilities. |
| Total | |||
|---|---|---|---|
| Total | equity incl. | ||
| Equity | Minority | minority | |
| (SEK million) | capital | interests | share |
| Opening equity 1 January 2010 | 2,927 | 22 | 2,949 |
| Profit for the period | 126 | 1 | 127 |
| Other comprehensive income | -58 | -1 | -59 |
| Total comprehensive income | 68 | 0 | 68 |
| Closing equity 31 March 2010 | 2,995 | 22 | 3,017 |
| Total | |||
| Total | equity incl. | ||
| Equity | Minority | minority | |
| (SEK million) | capital | interests | share |
| Opening equity 1 January 2009 | 2,343 | 40 | 2,383 |
| Profit for the period | 83 | 10 | 93 |
| Other comprehensive income | 38 | -1 | 37 |
| Total comprehensive income | 121 | 9 | 130 |
| Closing equity 31 March 2009 | 2,464 | 49 | 2,513 |
| (SEK million) | Q1 2010 |
Q1 2009 |
Full year 2009 |
|---|---|---|---|
| Operating activities | |||
| Cash flow from operating activities before | |||
| change in working capital | 221 | 190 | 1,015 |
| Changes in working capital | 94 | -168 | 1,250 |
| Cash flow from operating activities | 315 | 22 | 2,265 |
| Investing activities | |||
| Cash flow from investing activities | -79 | -69 | -313 |
| Financing activities | |||
| Cash flow from financing activities | -251 | 128 | -1,724 |
| Cash flow for the period | -15 | 81 | 228 |
| Cash and cash equivalents at start of period | 322 | 105 | 105 |
| Exchange rate difference for cash equivalents | -2 | -1 | -11 |
| Cash and cash equivalents at end of period | 305 | 185 | 322 |
| Q1 | Q1 | Full year | |
|---|---|---|---|
| (SEK million) Net sales |
2010 3,510 |
2009 4,223 |
2009 15,884 |
| Gross contribution excluding IAS 39 | 840 | 877 | 3,744 |
| Operating profit excl. non-recurring items and IAS 39 | 178 | 157 | 827 |
| Operating profit incl. non-recurring items excl. IAS 39 | 178 | 157 | 897 |
| Operating profit incl. non-recurring items and | |||
| IAS 39 | 193 | 220 | 1,475 |
| Net result for the period | 127 | 93 | 843 |
| Attributable to the Parent Company's shareholders | 126 | 83 | 826 |
| Attributable to the minority | 1 | 10 | 17 |
| Operating profit before depreciation/amortisation | |||
| (EBITDA) | 286 | 321 | 1,877 |
| Operating cash flow after investments | 236 | -47 | 1,952 |
| Investments | 78 | 71 | 316 |
| - thereof acquisitions | - | - | - |
| Equity attributable to the Company's shareholders | 2,995 | 2,464 | 2,927 |
| Minority interest | 22 | 49 | 22 |
| Net debt | 2,835 | 5,231 | 3,186 |
| Equity/assets ratio, % | 36 | 24 | 35 |
| Net debt/equity ratio, multiple | 0.94 | 2.08 | 1.08 |
| Operating capital | 6,259 | 8,193 | 6,569 |
All financial information on pages 1-6 is exclusive non-recurring items and IAS 39. For full legal financial information including non-recurring items and IAS 39, see pages 7-14.
| Key figures | Q1 | Q1 | Full year |
|---|---|---|---|
| 2010 | 2009 | 2009 | |
| Number of outstanding shares at close of period ('000) | 40,898 | 41,384 | 40,898 |
| Thereof own shares | - | 486 | - |
| Return on capital employed, % | 20.2 | -0.2 | 19.7 |
| Return on equity, % | 32.06 | -5.72 | 32.36 |
| Equity per share, SEK | 73.21 | 60.26 | 71.56 |
| Net debt/equity ratio | 0.94 | 2.08 | 1.08 |
| Equity/assets ratio, % | 36 | 24 | 35 |
| Average number of employees | 2,139 | 2,139 | 2,131 |
| Gross contribution SEK million |
Q1 2010 |
Q1 2009 |
Full year 2009 |
|---|---|---|---|
| Food Ingredients | 442 | 439 | 1,906 |
| Chocolate & Confectionery Fats | 333 | 356 | 1,508 |
| Technical Products & Feed | 65 | 60 | 261 |
| Group Functions | 0 | 22 | 69 |
| Subtotal excluding IAS 39 effects | 840 | 877 | 3,744 |
| IAS 39 effects | 15 | 63 | 578 |
| Total for the Group | 855 | 940 | 4,322 |
| Operating result SEK million |
Q1 2010 |
Q1 2009 |
Full year 2009 |
|---|---|---|---|
| Food Ingredients | 101 | 80 | 427 |
| Chocolate & Confectionery Fats | 76 | 74 | 394 |
| Technical Products & Feed | 21 | 13 | 82 |
| Group Functions | -20 | -10 | -76 |
| Subtotal | 178 | 157 | 827 |
| Non-recurring items | - | - | 70 |
| IAS 39 effects | 15 | 63 | 578 |
| Total for the Group | 193 | 220 | 1,475 |
All amounts on this page exclude IAS 39 effects.
| 2009 | 2010 | |||||
|---|---|---|---|---|---|---|
| (SEK million) | Q 1 | Q 2 | Q 3 | Q 4 | Full year | Q 1 |
| Net sales | 4,223 | 4,045 3,827 3,788 | 15,884 | 3,510 | ||
| Gross contribution | 877 | 889 | 924 1,055 | 3,744 | 840 | |
| Operating result | 157 | 146 | 235 | 289 | 827 | 178 |
| Financial items | -86 | -46 | -30 | -14 | -176 | -14 |
| Result after financial items - thereof fair value movements in |
134 | 431 | 367 | 366 | 1,298 | 179 |
| raw materials and currency derivatives | 63 | 261 | 162 | 92 | 578 | 15 |
| 2009 | 2010 | |||||
|---|---|---|---|---|---|---|
| (SEK million) | Q 1 | Q 2 | Q 3 | Q 4 | Full year | Q 1 |
| Food Ingredients | 439 | 463 | 469 | 536 | 1,906 | 442 |
| Chocolate & Confectionery Fats | 356 | 342 | 381 | 429 | 1,508 | 333 |
| Technical Products & Feed | 60 | 67 | 61 | 73 | 261 | 65 |
| 2009 | 2010 | |||||
|---|---|---|---|---|---|---|
| (SEK million) | Q 1 | Q 2 | Q 3 | Q 4 | Full year | Q 1 |
| Food Ingredients | 80 | 90 | 113 | 143 | 427 | 101 |
| Chocolate & Confectionery Fats | 74 | 55 | 118 | 147 | 394 | 76 |
| Technical Products & Feed | 13 | 19 | 20 | 31 | 82 | 21 |
| Group Functions | -10 | -18 | -16 | -32 | -76 | -20 |
| Total AAK Group | 157 | 146 | 235 | 289 | 827 | 178 |
| IAS 39 effect | 63 | 261 | 162 | 92 | 578 | 15 |
| Insurance compensation | - | 70 | - | - | 70 | - |
| Total legal operating profit AAK group | 220 | 477 | 397 | 381 | 1,475 | 193 |
| Financial net | -86 | -46 | -30 | -15 | -177 | -14 |
| Result before tax | 134 | 431 | 367 | 366 | 1,298 | 179 |
| Q 4 | Q 1 Q 1 |
Full year | |
|---|---|---|---|
| SEK million | 2010 | 2009 | 2009 |
| Net sales | 10 | 8 | 42 |
| Other operating income | 0 | 0 | 45 |
| Total operating income | 10 | 8 | 87 |
| Other external expenses | -10 | -8 | -50 |
| Personnel expenses | -11 | -7 | -48 |
| Amortisation and impairment loss | 0 | 0 | -1 |
| Other operating expenses | 0 | 0 | 0 |
| Total operating expenses | -21 | -15 | -99 |
| Operating result | -11 | -7 | -12 |
| Dividend | - | - | 87 |
| Interest income and similar items | 43 | 11 | 28 |
| Interest expense and similar items | -25 | -14 | -35 |
| Result before tax x |
7 | -10 | 68 |
| Income tax | 2 | 0 | 2 |
| Net result for the period x |
9 | -10 | 70 |
| Comprehensive income | |||
| Q 1 | Q 1 | Full year | |
| (SEK million) | 2010 | 2009 | 2009 |
| Net result for the period | 9 | -10 | 70 |
| Other comprehensive income | - | - | - |
| Total comprehensive income for the period | 9 | -10 | 70 |
| SEK million | 31.3.2010 | 31.3.2009 | 31.12.2009 |
|---|---|---|---|
| ASSETS | |||
| Other intangible assets | 1 | 0 | 1 |
| Tangible assets | 4 | 5 | 4 |
| Financial assets | 7,702 | 6,405 | 5,238 |
| Total non-current assets | 7,707 | 6,410 | 5,243 |
| Current receivables | 59 | 35 | 36 |
| Cash and cash equivalents | 0 | - | 0 |
| Total current assets | 59 | 35 | 36 |
| TOTAL ASSETS | 7,766 | 6,445 | 5,279 |
| EQUITY AND LIABILITIES | |||
| Shareholders' equity | 4,323 | 4,393 | 4,314 |
| Total equity | 4,323 | 4,393 | 4,314 |
| Non-current liabilities | 3,352 | 872 | 906 |
| Accounts payable | 2 | 3 | 12 |
| Other current liabilities | 89 | 1,177 | 47 |
| Total current liabilities TOTAL EQUITY AND LIABILITIES |
91 7,766 |
1,180 6,445 |
59 5,279 |
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