Quarterly Report • May 4, 2011
Quarterly Report
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| SEK Million | Q1 2011 | Q1 2010 | % |
|---|---|---|---|
| Net Sales | 3,843 | 3,510 | +9 |
| Gross Contribution | 831 | 840 | -1 |
| Operating profit | 204 | 178 | +15 |
| Operating profit per kilo | 0.59 | 0.50 | +18 |
| Financial net | -15 | -14 | -7 |
| Net result | 139 | 114 | +22 |
| Earnings per share | 3.38 | 2.79 | +21 |
Operating profit for the first quarter 2011 reached SEK 204 million (178), an improvement of 15 percent. At fixed exchange rates, operating profit improved by 21 percent. Earnings per share improved by SEK 0.59 or up 21 percent from SEK 2.79 to SEK 3.38.
The first quarter 2011 volume declined due to lower volumes of low margin commodity products partly offset by increased volumes of speciality products. Although commodity volumes declined in Food Ingredients, specialty volumes increased in line with the strategy. Volumes increased in Chocolate & Confectionery Fats and also in Technical Products & Feed. Underlying margins in Chocolate & Confectionery Fats continued to be stable.
In the Group's largest business area, Food Ingredients, operating profit reached SEK 104 million (97*), an improvement of 7 percent. An increased proportion of highvalue products with a more profitable product mix led to an operating profit at fixed exchange rates of SEK 112 million (97), an improvement of 15 percent. Volumes in the first quarter of 2011declined by 9 percent compared to the corresponding quarter in 2010 due to lower commodity volumes at low margins.
The positive development continued in all speciality product areas and especially in Infant Nutrition (Baby Food) and Dairy Industry.
The operating result amounted to SEK 81 million (76), an improvement of 7 percent. Underlying margins in Chocolate & Confectionery Fats continued to be stable. The general market conditions remained stable. Volumes increased by 3 percent compared to last year.
Operating profit at SEK 39 million (25*). Volumes in the first quarter 2011 increased by 6 percent compared with the corresponding quarter last year, mainly in product segments technical products and feed.
During the second quarter 2011 AAK will implement an additional rationalization program to fully focus on our speciality strategy in all entities. This new program will be in addition to the previously adopted and ongoing rationalization programs.
The rationalization implies a further move away from larger volume low margin commodity products to more complex, lower volume speciality products at higher margins. This work has already been initiated.
The ongoing productivity improvements in the Scandinavian units continue in line with plan and will not be effected by this additional restructuring program.
The total cost for this rationalization program is estimated at approximately SEK 40 million with annual savings of approximately SEK 30 million with full impact during the second quarter 2012. The costs related to this rationalization program will be recorded during the second quarter 2011 and is entirely related to the business area Food Ingredients.
The company is furthermore expecting to finalize the insurance case related to business interruption for 2008 and 2009 during the second quarter 2011. The additional net insurance compensation is expected to be recorded during the second quarter 2011 and is expected to be in the range of the cost of the above mentioned rationalization program.
We are starting to see positive effects of the AAK Acceleration program. Speciality volumes increased especially for Infant Nutrition, Dairy Industry and Chocolate & Confectionery Fats.
During the period AAK has opened sales offices in China and in Germany to support the growth strategy. We want to be a global partner with a strong local presence to service our global and local customers. Local presence is crucial to our long-term growth and to strengthen our innovative
platform in close cooperation with our customers.
During 2011 we are expanding our capacity at the US factory.
As earlier predicted cash flow turned negative during the quarter as a consequence of significant raw material price increases during the last six to nine months. Negative cash flow will continue during the coming quarters but the impact will be mitigated, during the later part of the year, through a focused effort to ensure that suppliers share part of this burden.
We are now going into the second quarter and we remain prudently optimistic for the quarter and for the execution of AAK Acceleration.
Arne Frank CEO and President
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 16.
Net sales increased by SEK 333 million due to increased raw material prices, partly offset by a negative currency translation impact of SEK 253 million.
Commodity volumes for Food Ingredients declined in the first quarter but volume increased in Chocolate & Confectionery Fats and Technical Products & Feed.
There are no major changes in the general market conditions for speciality products compared to last year.
Excluding translation effects, gross contribution improved by SEK 44 million, while negative translation impact was SEK 53 million.
After including translation effects, gross contribution decreased by SEK 9 million.
Operating profit reached SEK 204 million (178), an improvement of 15 percent. At fixed exchange rates, operating profit amounted to SEK 215 million (178), an improvement of 21 percent.
Operating profit per kilo increased from SEK 0.50 to SEK 0.59 or by 19 percent due to a higher portion of value added products. Volumes
increased in the case of speciality products whilst low margin commodity volumes decreased.
Group investments in fixed assets totalled SEK 68 million (79), mainly comprising regular maintenance investments.
As anticipated, cash flow from operating activities was negative SEK 358 million (positive 315), as a result of the significant raw material price increases during the past six to nine months.
The ongoing internal working capital improvement project continued to impact positively.
Cash flow, after net investments of SEK 68 million (79), was negative SEK 426 million (positive 236).
The equity/assets ratio amounted to 36 percent (34 percent as at 31 December 2010).
Net debt as at 31 March 2011 amounted to SEK 3,051 million (SEK 2,634 million on 31 December 2010). As at 31 March, the Group has total credit facilities of SEK 6,519 million.
Long term refinancing of SEK 4,200 million was finalized in January 2011 and comprises
part of the total committed facilities of SEK 6,000 million for five years or more.
The average number of employees in the Group as at 31 March 2011 was 2,052 (2,101 on 31 December 2010), a reduction of 49 employees compared to year-end and 87 employees compared to the corresponding quarter last year. The net change consists of a reduction at our sites in Scandinavia, partly offset by increases in focused growth markets.
The Parent Company is a holding company for the AAK Group. Its functions are primarily concerned with joint Group activities related to development and administration.
| AAK Group | Food Ingredients | Chocolate and Confectionery Fats |
Technical Products & Feed |
|---|---|---|---|
| - 4 percent | - 9 percent | + 3 percent | + 6 percent |
| 356,000 MT to 343,000 MT | 212,000 MT to 193,000 MT | 76,000 MT to 78,000 MT | 68,000 MT to 72,000 MT |
| AAK Group | Food Ingredients | Chocolate and Confectionery Fats |
Technical Products & Feed |
|---|---|---|---|
| + 18 percent | + 20 percent | + 2 percent | + 46 percent |
| 0.50 SEK to 0.59 SEK | 0.45 SEK to 0.54 SEK | 1.01 SEK to 1.03 SEK | 0.37 SEK to 0.54 SEK |
Net sales for the business area increased by SEK 233 million due to increased raw material prices, partly offset by negative currency translation impact of SEK 162 million.
Volumes for the business area declined in the first quarter by 9 percent, mainly due to lower commodity volumes at low margins.
Gross contribution declined to 391 SEK million (413*), mainly due to negative translation effects of SEK 27 million.
Operating profit amounted to SEK 104 million (97*), an increase of 7 percent. The result includes negative translation effects of SEK 8 million. At fixed exchange rates, operating profit was up 15 percent compared to last year.
Margins continued to improve as a result of the specialisation strategy with focus on a higher
proportion of high-value products. Infant Nutrition (Baby Food) and Dairy Industry developed particularly well during the quarter.
The "AAK Acceleration" programme covers significant growth opportunities in our speciality products such as Infant Nutrition (Baby Food), Bakery and Bakery Services, Dairy Industry and Food Service.
AAK will, during the second quarter 2011, implement an additional rationalization program to strengthen and accelerate the speciality strategy.
The rationalization program implies a further move away from larger volume low margin commodity products to more complex, lower volume speciality products, at higher margins. This work has already been initiated. The total cost for this rationalization program is estimated at approximately
SEK 40 million with annual savings of approximately SEK 30 million and full impact during the second quarter 2012. The costs related to this rationalization program will be recorded during the second quarter 2011 and is entirely related to the business area Food Ingredients.
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 16.
| Q1 | Q1 | Full year | Rolling 12 | ||
|---|---|---|---|---|---|
| SEK Million | 2011 | 2010* | % | 2010* | months* |
| Net Sales | 2,251 | 2,018 | +12 | 8,667 | 8,900 |
| Gross contribution | 391 | 413 | -5 | 1,826 | 1,804 |
| Gross contribution per kilo | 2.02 | 1.94 | +4 | 2.12 | 2.14 |
| Operating profit | 104 | 97 | +7 | 454 | 461 |
| Operating profit per kilo | 0.54 | 0.45 | +20 | 0.53 | 0.55 |
| Volumes ('000 tonnes) | 193 | 212 | -9 | 861 | 842 |
Net sales for the business area improved by SEK 54 million, or by 5 percent, due to volume growth and raw material price increases, partly offset by negative translation effects of SEK 89 million.
Excluding translation effects gross contribution increased by SEK 19 million.
During the first quarter the business area recognised negative translation effects of SEK 26 million. After including these, gross contribution decreased by SEK 7 million.
The operating result reached SEK 81 million (76). This result includes a negative translation impact of SEK 3 million.
Compared to last year, volume increased by 3 percent and operating profit per kg improved from SEK 1.01 to SEK 1.03.
The general market conditions are basically unchanged compared to the second part of 2010. Prices for CBE continued to be stable during the first quarter.
There was continued strong demand in the Americas (North and South) and moderate demand Europe.
Customers in Russia continue to be mainly focused on standard and economy brands in chocolate confectionery while demand for premium products is still relatively low.
This is due to disposable income growth being limited and employment levels remaining unstable. (Source: Euromonitor)
| Q1 | Q1 | Full year | Rolling 12 | ||
|---|---|---|---|---|---|
| SEK Million | 2011 | 2010 | % | 2010 | months |
| Net Sales | 1,157 | 1,103 | +5 | 4,474 | 4,528 |
| Gross contribution | 326 | 333 | -2 | 1,394 | 1,387 |
| Gross contribution per kilo | 4.18 | 4.41 | -5 | 4.68 | 4.62 |
| Operating profit | 81 | 76 | +7 | 341 | 346 |
| Operating profit per kilo | 1.03 | 1.01 | +2 | 1.14 | 1.15 |
| Volumes ('000 tonnes) | 78 | 76 | +3 | 298 | 300 |
Net sales for the business area improved by SEK 46 million, or 12 percent, mainly due to increased raw material prices.
Volumes in the first quarter 2011 increased by 6 percent compared to the corresponding quarter last year, mainly in fatty acids and feed product segments.
Gross contribution increased in the first quarter 2011 by SEK
20 million to SEK 114 million, due to higher volumes and high margins.
Operating profit was SEK 39 million (25*), an improvement of 56 percent. The improvement in the operating result was largely due to an increased demand for technical products and feed.
Technical products continued to enjoy signs of market recovery.
* Starting with the first quarter of 2011 the Group´s operations in crushing will be reported as part of business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients. For further information, see page 16.
| Q1 | Q1 | Full year | Rolling 12 | ||
|---|---|---|---|---|---|
| SEK Million | 2011 | 2010* | % | 2010* | months* |
| Net Sales | 435 | 389 | +12 | 1,667 | 1,713 |
| Gross contribution | 114 | 94 | +21 | 405 | 425 |
| Gross contribution per kilo | 1.57 | 1.38 | +14 | 1.44 | 1.49 |
| Operating profit | 39 | 25 | +56 | 118 | 132 |
| Operating profit per kilo | 0.54 | 0.37 | +46 | 0.42 | 0.46 |
| Volumes ('000 tonnes) | 72 | 68 | +6 | 282 | 286 |
No significant changes have taken place in relations or transactions with related parties since 2010.
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 affected plants were up and running by the fourth quarter 2008.
During 2008, 2009 and 2010 AAK received insurance payments for business interruption of SEK 440 million.
The company is expecting to finalize the insurance case related to business interruption for 2008 and 2009 during the second quarter 2011. The additional insurance compensation is expected to be recorded during the second quarter 2011.
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 companyspecific.
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.
This interim report is prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. For information regarding the accounting policies applied, see the 2010 Annual Report. The accounting policies are unchanged, compared with those applied in 2010.
As from 1 October, AAK has started to use full hedge accounting based on fair value hedging in accordance with IAS 39. Therefore the company does not report any IAS 39 impact commencing the first quarter 2011.
For definitions see the 2010 Annual Report.
No significant events have occurred since the balance sheet date.
The Parent Company's invoiced sales during first quarter 2011 were SEK 11 million (10).
The result for the Parent Company after financial items amounted to negative SEK 7 million (positive 7).
Interest-bearing liabilities minus cash and cash equivalents and interest-bearing assets totalled positive SEK 173 million (positive 160 as at 31 December 2010). Investments in intangible and tangible assets amounted to SEK 0 million (0).
The Parent Company's balance sheet and income statement are shown on pages 17-18.
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 Reporting for legal entities.
No major changes since yearend.
Malmö, May 4, 2011
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 May 4, 2011 at 11.15 a.m. CET.
| Q1 | Q1 | Rolling 12 | Full year | Full year | |
|---|---|---|---|---|---|
| SEK Million | 2011 | 2010 | months* Q 4 |
2010* Q 4 |
Full year 2010 Full yea |
| Net sales | 3,843 | 3,510 | 15,141 | 14,808 | 14,808 |
| Other operating income | 12 | 6 | 52 | 27 | 46 |
| Total operating income | 3,855 | 3,516 | 15,193 | 14,835 | 14,854 |
| Raw materials and supplies | -3,069 | -2,675 | -11,708 | -11,310 | -11,271 |
| Other external expenses | -239 | -278 | -1,130 | -1,169 | -1,169 |
| Cost for remuneration to employees | -256 | -275 | -1,127 | -1,146 | -1,146 |
| Amortisation and impairment losses | -84 | -93 | -367 | -376 | -376 |
| Other operating expenses | -3 | -2 | -11 | -10 | -10 |
| Total operating income | 3,651 | -3,323 | -14,343 | -14,011 | -13,972 |
| Operating result (EBIT) | 204 | 193 | 850 | 824 | 882 |
| Interest income | 1 | 3 | 6 | 8 | 8 |
| Interest expense | -18 | -15 | -62 | -59 | -59 |
| Other financial items | 2 | -2 | 1 | -3 | -3 |
| Total financial net | -15 | -14 | -55 | -54 | -54 |
| Result before tax | 189 | 179 | 795 | 770 | 828 |
| Income tax | -50 | -52 | -185 | -187 | -202 |
| Net result | 139 | 127 | 610 | 583 | 626 |
| Attributable to non-controlling | 1 | 1 | 4 | 4 | 2 |
| interests | |||||
| Attributable to the Parent company´s | 138 | 126 | 606 | 579 | 624 |
| shareholders |
* Rolling 12 months and full-year 2010 are excluding the IAS 39 effect and insurance compensation.
| Q1 | Q1 | Rolling 12 | Full year | |
|---|---|---|---|---|
| SEK Million | 2011 | 2010 | months Q 4 |
Q 4 2010 |
| Income for the period | 139 | 127 | 638 | 626 |
| Exchange differences on translation | -66 | -59 | -236 | -229 |
| of foreign operations | ||||
| Total comprehensive income for | 73 | 68 | 402 | 397 |
| the period | ||||
| Attributable to non-controlling | 0 | 0 | 2 | 2 |
| interests | ||||
| Attributable to the Parent company´s | 73 | 68 | 400 | 395 |
| shareholders |
| SEK Million | 31.3.2011 | 31.3.2010 | 31.12.2010 Q 4 |
|---|---|---|---|
| Assets | |||
| Goodwill | 575 | 622 | 580 |
| Other intangible assets | 97 | 103 | 102 |
| Tangible assets | 2,670 | 2,884 | 2,718 |
| Financial asstes | 134 | 147 | 133 |
| Total non-current assets | 3,476 | 3,756 | 3,533 |
| Inventory | 2,543 | 2,101 | 2,299 |
| Current receivables | 2,748 | 2,249 | 2,880 |
| Cash and cash equivalents | 207 | 306 | 540 |
| Total current assets | 5,498 | 4,656 | 5,719 |
| Total assets | 8,974 | 8,412 | 9,252 |
| Equity and liabilities | |||
| Shareholders´equity | 3,247 | 2,995 | 3,164 |
| Non-controlling interests | 24 | 22 | 24 |
| Total equity including non | |||
| controlling interests | 3,271 | 3,017 | 3,188 |
| Total non-current liabilities | 3,544 | 3,442 | 3,486 |
| Accounts payable | 708 | 677 | 838 |
| Other current liabilities | 1,451 | 1,276 | 1,740 |
| Total current liabilities | 2,159 | 1,953 | 2,578 |
| Total equity and liabilities | 8,974 | 8,412 | 9,252 |
No changes have arisen in contingent liabilities.
| Total equity | |||
|---|---|---|---|
| Total | Non | incl non | |
| equity | controlling | controlling | |
| SEK Million | capital | interests | Q 4 interests |
| Openings equity 1 January 2011 | 3,164 | 24 | 3,188 |
| Profit for the period | 138 | 1 | 139 |
| Other comprehensive income | -65 | -1 | -66 |
| Total comprehensive income | 3,237 | 24 | 3,261 |
| Stock options | 10 | - | 10 |
| Closing equity 31 March 2011 | 3,247 | 24 | 3,271 |
| Total | Non | Total equity incl non |
|
|---|---|---|---|
| SEK Million | equity capital |
controlling interests |
controlling Q 4 interests |
| Openings 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 |
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEK Million | 2011 | 2010 | Q 4 2010 |
| Operating activities | |||
| Cash flow from operating activities before | 204 | 221 | 874 |
| change in working capital | |||
| Changes in working capital | -562 | 94 | -117 |
| Cash flow from operating activities | -358 | 315 | 757 |
| Investing activities | |||
| Cash flow from investing activities | -68 | -79 | -331 |
| Cash flow after investing activities | -426 | 236 | 426 |
| Financing activities | |||
| Cash flow from financing activities | 105 | -251 | -188 |
| Cash flow for the period | -321 | -15 | 238 |
| Cash and cash equivalents at start of period | 540 | 322 | 322 |
| Exchange rate difference for cash | |||
| equivalents | -12 | -2 | -20 |
| Cash and cash equivalents at end of | |||
| period | 207 | 305 | 540 |
| Full year | |||
|---|---|---|---|
| SEK Million | Q1 2011 | Q1 2010 | Q 4 2010 |
| Return on capital employed, %* | 14 | 20 | 14 |
| Return on equity, %* | 21 | 32 | 21 |
| Net debt/equity ratio | 0.93 | 0.94 | 0.83 |
| Equity/assets ratio, % | 36 | 36 | 34 |
| Operating capital | 6,684 | 6,259 | 6,198 |
| Average number of employees | 2,052 | 2,139 | 2,101 |
| EBITDA | 288 | 271 | 1,200 |
| Operating cash flow after | |||
| investments | -426 | 236 | 426 |
| Investments | 68 | 79 | 335 |
| -thereof acquisitions | - | - | - |
* The key figures includes IAS 39 effect and insurance compensation from 2010.
| Full year | |||
|---|---|---|---|
| SEK Million | Q1 2011 | Q1 2010 | Q 4 2010 |
| Number of shares , thousand | 40,898 | 40,898 | 40,898 |
| Earnings per share, SEK** | 3.38 | 3.10 | 15.26 |
| Equity per share, SEK | 79.38 | 73.21 | 77.38 |
| Market value on closing date | 180.00 | 196.00 | 188.50 |
** The calculation of earnings per share is based on weighted average number of outstanding shares. No dilution from outstanding subscription options during the first quarter 2011.
| 2010 | 2011 | |||||
|---|---|---|---|---|---|---|
| Full | ||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | year Q 4 |
Q1 Q 4 |
| Food Ingredients | 413 | 443 | 448 | 522 | 1,826 | 391 |
| Chocolate & Confectionery Fats | 333 | 310 | 379 | 372 | 1,394 | 326 |
| Technical Products & Feed | 94 | 99 | 100 | 112 | 405 | 114 |
| Total AAK Group | 840 | 852 | 927 | 1,006 | 3,625 | 831 |
| 2010 | 2011 | |||||
|---|---|---|---|---|---|---|
| Full | ||||||
| SEK Million | Q1 | Q2 | Q3 | Q4 | year Q 4 |
Q1 Q 4 |
| Food Ingredients | 97 | 101 | 124 | 132 | 454 | 104 |
| Chocolate & Confectionery Fats | 76 | 57 | 102 | 106 | 341 | 81 |
| Technical Products & Feed | 25 | 28 | 29 | 36 | 118 | 39 |
| Group Functions | -20 | -22 | -24 | -23 | -89 | -20 |
| Total AAK Group | 178 | 164 | 231 | 251 | 824 | 204 |
| IAS 39 effect | 15 | -60 | -56 | 140 | 39 | - |
| Insurance compensation | - | - | - | 19 | 19 | - |
| Total legal operating profit | 193 | 104 | 175 | 410 | 882 | 204 |
| AAK Group | ||||||
| Financial net | -14 | -16 | -10 | -14 | -54 | -15 |
| Result before tax | 179 | 88 | 165 | 396 | 828 | 189 |
Starting with the first quarter of 2011, Group´s operations in crushing will be reported as part of the business area Technical Products & Feed. The crushing operation has previously been reported within the business area Food Ingredients.
Since 1st January 2011 the crusher has been operated by product area Feed, which is within the business area Technical Products & Feed. Below are the sales, gross contribution and operating profit for the respective quarters in 2010 according to the new
reporting structure. Earlier reported volumes are unchanged after this change in reporting for AAK business areas as reported volumes include only processed products and not sale of crude oil.
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 2,018 | 2,206 | 2,154 | 2,289 | 8,667 |
| Old | 2,062 | 2,241 | 2,233 | 2,391 | 8,927 | |
| Technical Products & Feed | New | 389 | 367 | 416 | 495 | 1,667 |
| Old | 345 | 332 | 337 | 393 | 1,407 |
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 413 | 443 | 448 | 522 | 1,826 |
| Old | 442 | 476 | 480 | 554 | 1,952 | |
| Technical Products & Feed | New | 94 | 99 | 100 | 112 | 405 |
| Old | 65 | 66 | 68 | 80 | 279 |
| Full | ||||||
|---|---|---|---|---|---|---|
| SEK million | 2010 | Q1 | Q2 | Q3 | Q4 | Year |
| Food Ingredients | New | 97 | 101 | 124 | 132 | 454 |
| Old | 101 | 107 | 130 | 137 | 475 | |
| Technical Products & Feed | New | 25 | 28 | 29 | 36 | 118 |
| Old | 21 | 22 | 23 | 31 | 97 |
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEK Million | 2011 | 2010 | Q 4 2010 |
| Net sales | 11 | 10 | 42 |
| Other operating income | 0 | 0 | 2 |
| Total operating income | 11 | 10 | 44 |
| Raw materials and supplies | |||
| Other external expenses | -12 | -10 | -47 |
| Cost for remuneration to employees | -7 | -11 | -44 |
| Amortisation and impairment losses | 0 | 0 | -1 |
| Other operating expenses | 0 | 0 | 0 |
| Total operating expenses | -19 | -21 | -92 |
| Operating result (EBIT) | -8 | -11 | -48 |
| Interest income | 41 | 43 | 164 |
| Interest expense | -40 | -25 | -140 |
| Other financial items | - | - | - |
| Total financial net | 1 | 18 | 24 |
| Result before tax | -7 | 7 | -24 |
| Income tax | 0 | 2 | 8 |
| Net result | -7 | 9 | -16 |
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEK Million | 2011 | 2010 | Q 4 2010 |
| Net result for the period | -7 | 9 | -16 |
| Other comprehensive income | - | - | - |
| Total comprehensive income for | -7 | 9 | -16 |
| the period |
| SEK Million | 31.3.2011 | 31.3.2010 | 31.12.2010 Q 4 |
|---|---|---|---|
| Assets | |||
| Other intangible assets | 1 | 1 | 1 |
| Tangible assets | 4 | 4 | 4 |
| Financial asstes | 7,659 | 7,702 | 7,667 |
| Total non-current assets | 7,664 | 7,707 | 7,672 |
| Current receivables | 65 | 59 | 54 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 65 | 59 | 54 |
| Total assets | 7,729 | 7,766 | 7,726 |
| Equity and liabilities | |||
| Shareholders´equity | 4,167 | 4,323 | 4,174 |
| Total equity | 4,167 | 4,323 | 4,174 |
| Total non-current liabilities | 3,401 | 3,352 | 3,402 |
| Accounts payable | 10 | 2 | 11 |
| Other current liabilities | 151 | 89 | 139 |
| Total current liabilities | 161 | 91 | 150 |
| Total equity and liabilities | 7,729 | 7,766 | 7,726 |
The interim report for the second quarter for 2011 will be published on 20 July, 2011.
The interim report for the third quarter for 2011 will be published on 4 November, 2011.
The annual and quarterly reports are also published on www.aak.com
AAK´s annual general meeting will be held on 17 May, 2011 in Malmö, Sweden.
Arne Frank, President and CEO Phone: + 46 40 627 83 00
Anders Byström, Chief Financial Officer Phone: + 46 40 627 83 00
Fredrik Nilsson, Head of Investor Relations Phone: + 46 40 627 83 34 Mobile: + 46 708 95 22 21 E-Mail: [email protected]
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