Earnings Release • Aug 18, 2011
Earnings Release
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Best quarterly earnings ever
Strong demand for the Group's products continued during the quarter. However, the rate of increase tapered off year-on-year. For comparable units, invoicing rose 7 percent compared with the yearearlier period. Adjusted for currency effects, the increase was 11 percent. Habia experienced the highest growth.
The increase in volumes has improved earnings, while the strengthening SEK and escalating prices on input materials have adversely affected profitability. Overall, the quarterly profit after financial items amounted to MSEK 123.1 (117.5), which is the highest quarterly profit ever.
During the first six months, order bookings rose 36 percent to MSEK 1,522 (1,118), while invoicing was up 34 percent to MSEK 1,465 (1,096). In comparable units, order bookings rose 15 percent and invoicing 13 percent. Adjusted for currency effects, the increases were 20 percent and 18 percent, respectively in comparable units.
Operating profit amounted to MSEK 237.4 (208.0) and the operating margin was 16.2 percent (19.0). Profit after financial items was MSEK 231.8 (203.6). Earnings per share after tax totaled SEK 5.58 (5.01).
Cash flow after capital expenditures was MSEK 46.0 (72.5). Cash flow was charged with corporate acquisitions of MSEK 71.9 (38.7). Net interest-bearing liabilities amounted to MSEK 90.3 (12.5) at June 30.
During the second quarter, order bookings totaled MSEK 760 (664), up 14 percent, while invoicing rose 14 percent to MSEK 744 (655). In comparable units, order bookings and invoicing increased 7 percent. Adjusted for currency effects, the increase was 11 percent in comparable units.
Operating profit amounted to MSEK 126.1 (119.6) and the operating margin was 17.0 percent (18.3). Profit after financial items was MSEK 123.1 (117.5). Earnings per share after tax were SEK 2.98 (2.92). Cash flow after capital expenditures was MSEK 108.5 (89.1).
Lesjöfors AB is a full-range supplier of standard and specially produced industrial springs, wire and flat strip components. The company is a dominant player in the Nordic region and one of the largest
Interim report January-June 2011 Sidan 1:9
companies in its industry in Europe. Lesjöfors has manufacturing operations in Sweden, Denmark, Finland, Germany, Latvia, the UK and China.
During the first six months, order bookings amounted to MSEK 763 (672), up 14 percent, while invoicing totaled MSEK 751 (652), up 15 percent. In comparable units, order bookings rose 4 percent and invoicing 6 percent. Adjusted for currency effects, the increases were 9 percent and 11 percent, respectively, for comparable units. Operating profit was MSEK 197.2 (196.8).
During the second quarter, order bookings totaled MSEK 361 (356), up 1 percent, while invoicing rose 8 percent to MSEK 371 (343). In comparable units, order bookings declined 7 percent and invoicing 1 percent. Adjusted for currency effects, order bookings decreased 3 percent while invoicing rose 3 percent for comparable units. Operating profit was MSEK 99.6 (106.8).
Lesjöfors' operations are conducted in three business areas: Industrial Springs, Flat Strip Components and Chassis Springs. In Industrial Springs and Flat Strip Components, volumes rose, while the volume and earnings for Chassis Springs were lower year-on-year.
Habia Cable AB is one of Europe's largest manufacturers of custom-designed cable for customers in the telecom, transport, nuclear power, defense and other industries. Manufacturing and product development are conducted in Sweden, with additional manufacturing carried out in Germany, China and Poland.
During the first six months, Habia's order bookings amounted to MSEK 368 (274), up 34 percent. Invoicing rose 20 percent to MSEK 323 (268). Adjusted for currency effects, the increases were 45 percent and 29 percent, respectively. Operating profit, which was charged with costs during the first quarter of MSEK 7.2 for the replacement of the President, was MSEK 23.0 (14.5).
During the second quarter, order bookings totaled MSEK 198 (137), an increase of 44 percent, while invoicing rose 26 percent to MSEK 172 (137). Adjusted for currency effects, order bookings rose 55 percent while invoicing increased 25 percent. Operating profit was MSEK 19.2 (6.5).
Habia's demand from the telecom sector and the engineering industry has successively strengthened during the year and high volumes bolstered earnings. During the year, major price increases on input materials have exerted pressure on margins.
Beijer Tech AB specializes in industrial trading in the Nordic region and represents several of the world's leading manufacturers. Operations are conducted in the Industrial Products and Fluid Technology/Industrial Rubber business areas.
During the first six months, order bookings amounted to MSEK 390 (321), up 21 percent. In comparable units, the increase was 14 percent. Operating profit was MSEK 31.1 (20.6).
During the second quarter, order bookings totaled MSEK 200 (175), up 14 percent. In comparable units, the increase in order bookings and invoicing was 7 percent. Operating profit was MSEK 16.7 (14.3).
Demand remains favorable from most customer groups, although growth figures are tapering off as comparative figures rise.
The Parent Company, Beijer Alma AB, is a holding company that does not conduct its own operations or external invoicing. During the first six months, the operating result was a loss of MSEK 13.8 (loss: 13.3). During the second quarter, the Parent Company posted an operating loss of MSEK 9.2 (loss: 7.9).
| MSEK | 2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2010 Full year |
2009 Full year |
|---|---|---|---|---|---|---|---|---|
| Lesjöfors | 370.8 | 380.1 | 272.6 | 281.9 | 342.9 | 309.3 | 1,206.7 | 1,046.5 |
| Habia Cable | 171.9 | 151.1 | 154.4 | 135.4 | 136.6 | 131.7 | 558.1 | 522.6 |
| Beijer Tech | 199.8 | 189.9 | 191.9 | 157.8 | 175.6 | – | 525.3 | – |
| Parent Company and intra-Group | 1.1 | 0.1 | – | 0.1 | –0.2 | 0.1 | – | 2.1 |
| Total | 743.6 | 721.2 | 618.9 | 575.2 | 654.9 | 441.1 | 2,290.1 | 1,571.2 |
| Operating profit | ||||||||
| MSEK | 2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2010 Full year |
2009 Full year |
| Lesjöfors | 99.6 | 97.6 | 75.3 | 77.2 | 106.8 | 90.0 | 349.3 | 242.9 |
| Habia Cable | 19.2 | 3.8 | 15.1 | 16.6 | 6.5 | 8.0 | 46.2 | 11.5 |
| Beijer Tech | 16.7 | 14.4 | 14.5 | 12.8 | 14.3 | – | 41.6 | – |
| Parent Company and intra-Group | –9.4 | –4.5 | –8.8 | –4.4 | –8.0 | –9.6 | –30.8 | –16.2 |
| Total | 126.1 | 111.3 | 96.1 | 102.2 | 119.6 | 88.4 | 406.3 | 238.2 |
During the first quarter, Lesjöfors acquired the German spring manufacturer Velleuer GMBH & Co KG. The acquisition has been consolidated as of January 1, 2011. Velleuer generates revenues of about MSEK 120 and has 110 employees. Customers are found in the German engineering and automotive industry. The acquisition provides Lesjöfors with local production in Germany, which is Europe's largest market for springs.
| Preliminary acquisition calculation | |
|---|---|
| Purchase consideration (cash) | MSEK 70.2 |
| Acquired net assets measured at fair value | MSEK 47.8 |
| Goodwill | MSEK 22.4 |
All of the acquired receivables of MSEK 33 are expected to be received.
The second quarter was the best quarter to date in Beijer Alma's history. Invoicing increased, albeit at a somewhat slower pace than in the first quarter and the Group continues to build its order stocks. Habia experienced the most significant rate of increase, with both telecom and other customer groups reporting high growth. The positive volume trend contributed to higher earnings. Profit after financial items was MSEK 123, compared with MSEK 117 in the year-earlier period. However, operating margins declined somewhat as a result of the stronger SEK, rising commodity prices and pricing pressuring in several of the Group's business areas. The current operating margins are also somewhat
lower than in the past due to Beijer Tech, which is a trading company, now being consolidated in the Group. Cash flow was strong, which resulted in continued low indebtedness, despite a dividend and corporate acquisitions.
Lesjöfors' invoicing rose 8 percent, which exclusively derived from the acquisition of the German chassis company Velleuer GmbH & Co. KG. Industrial Springs and Flat Strip Components reported growth, while Chassis Springs experienced lower sales year-on-year. Operating profit declined MSEK 7 to MSEK 100. The operating margin remained satisfactory, although the levels were somewhat lower than in the year-earlier period. The earnings and margin trend was attributable to lower volumes and pricing pressure in Chassis Springs, and an unfavorable exchange rate.
Habia experienced a sharp improvement in demand. Order bookings rose 44 percent and invoicing 26 percent. The growth derived from telecom and other customer groups. However, the major rise in order bookings was explained by exceptionally significant increase in the telecom segment. Order bookings were considerably higher than invoicing, indicating that the company is entering the second half of the year with larger order stocks. Operating profit increased to MSEK 19, compared with MSEK 6 in the year-earlier period, and the operating margin was 11 percent. During the quarter, Habia's former CFO, Carl Modigh, assumed the position as President.
Beijer Tech experienced improved demand in both of the company's principal areas, Flow Technology/Industrial Rubber and Industrial Products. Corporate acquisitions also made a positive contribution. Overall, invoicing and order bookings were up 14 percent during the second quarter to MSEK 200. Operating profit rose to MSEK 17, generating an operating margin of 8 percent.
The business environment is particularly difficult to assess, although the Group entered the second half of the year with an increased order stock, and demand remained strong for the Group's companies in July. Accordingly, the conditions are in place for a strong trend also during the third quarter.
There were no significant events after the end of the period.
The Group's material risks and uncertainties include business and financial risks. Business risks may include major customer exposures to individual industries or companies. Financial risks primarily pertain to foreign currency risks that arise because more than 84 percent of sales for Habia and Lesjöfors are conducted outside Sweden, while approximately 55 percent of production takes place in Sweden.
Management of the Group's financial risks is described in Note 29 of the 2010 Annual Report. The Group is deemed to have a favorable risk spread across industries and companies and the assessment is that no material risks arose during the year.
This interim report was prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). The presentation of the interim report complies with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
No new or revised IFRS that took effect in 2011 had a significant impact on the Group. Accounting policies and terms of calculation are unchanged compared with those applied in the 2010 Annual Report.
The Parent Company, Beijer Alma AB, applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for legal entities. These accounting policies correspond with the preceding year and with the consolidated accounting policies where applicable.
| Group | |||||||
|---|---|---|---|---|---|---|---|
| MSEK | 2011 Q2 |
2010 Q2 |
2011 Jan–June |
2010 Jan–June |
2010 Full-year |
2009 Full-year |
2008 Full-year |
| Net revenues | 743.6 | 654.9 | 1,464.8 | 1,096.0 | 2,290.1 | 1,571.2 | 1,836.3 |
| Cost of goods sold | –475.8 | –406.7 | –947.4 | –669.8 | –1,426.2 | –999.0 | –1,187.6 |
| Gross profit | 267.8 | 248.2 | 517.4 | 426.2 | 863.9 | 572.2 | 648.7 |
| Selling expenses | –78.7 | –67.0 | –152.3 | –111.7 | –238.3 | –190.7 | –194.1 |
| Administrative expenses | –63.0 | –61.5 | –127.7 | –106.4 | –220.2 | –142.5 | –153.7 |
| Profit/loss from participations in associated companies | 0.0 | –0.1 | 0.0 | –0.1 | 0.9 | –0.8 | 1.5 |
| Operating profit | 126.1 | 119.6 | 237.4 | 208.0 | 406.3 | 238.2 | 302.4 |
| Interest income | 0.5 | 0.6 | 0.9 | 0.8 | 1.9 | 1.1 | 7.1 |
| Interest expenses | –3.5 | –2.7 | –6.5 | –5.2 | –9.4 | –12.8 | –14.5 |
| Profit after financial items | 123.1 | 117.5 | 231.8 | 203.6 | 398.8 | 226.5 | 295.0 |
| Tax on net profit for year | –33.1 | –29.3 | –63.6 | –52.6 | –112.3 | –64.1 | –78.3 |
| Net profit attributable to Parent Company shareholders | 90.0 | 88.2 | 168.2 | 151.0 | 286.5 | 162.4 | 216.7 |
| Other comprehensive income Income/expenses recognized directly against shareholders' equity |
|||||||
| Cash-flow hedges | –15.5 | –10.8 | –18.0 | –5.3 | 8.5 | 26.8 | –14.6 |
| Translation differences | 10.1 | 9.8 | –3.7 | –4.9 | –39.5 | –25.7 | 48.0 |
| Total other comprehensive income/loss after tax | –5.4 | –1.0 | –21.7 | –10.2 | –31.0 | 1.1 | 33.4 |
| Total comprehensive income attributable to Parent Company shareholders |
84.6 | 87.2 | 146.5 | 140.8 | 255.5 | 163.5 | 250.1 |
| Net earnings per share | |||||||
| before and after dilution, SEK | 2.98 | 2.92 | 5.58 | 5.01 | 9.51 | 5.92 | 7.90 |
| Dividend per share, SEK Includes amortization and depreciation in the |
– | – | – | – | 7.00 | 5.00 | 5.00 |
| amount of, MSEK | 19.6 | 18.7 | 38.3 | 35.7 | 70.7 | 71.4 | 68.2 |
| Parent Company | |||||||
| MSEK | 2011 Q2 |
2010 Q2 |
2011 Jan–June |
2010 Jan–June |
2010 Full-year |
2009 Full-year |
2008 Full-year |
| Administrative expenses | –12.7 | –11.7 | –19.7 | –20.7 | –41.2 | –30.8 | –31.7 |
| Other operating income | 3.5 | 3.8 | 5.9 | 7.4 | 14.6 | 13.7 | 13.7 |
| Operating loss | –9.2 | –7.9 | –13.8 | –13.3 | –26.6 | –17.1 | –18.0 |
| Income from participations in Group companies | – | – | – | – | 116.0 | 85.0 | 75.0 |
| Interest income and similar revenues | 0.9 | 1.2 | 2.0 | 2.6 | 5.0 | 6.1 | 9.9 |
| Interest expenses and similar expenses | –1.4 | –1.6 | –2.7 | –3.0 | –4.4 | –8.3 | –8.5 |
| Profit after financial items | –9.7 | –8.3 | –14.5 | –13.7 | 90.0 | 65.7 | 58.4 |
| Tax on net profit for the period | 2.0 | 2.1 | 3.0 | 3.2 | 4.6 | 2.6 | 2.5 |
| Net profit/loss | –7.7 | –6.2 | –11.5 | –10.5 | 94.6 | 68.3 | 60.9 |
| Group | |||||
|---|---|---|---|---|---|
| MSEK | 2011 June 30 |
2010 June 30 |
2010 Dec 31 |
2009 Dec 31 |
2008 Dec 31 |
| Assets | |||||
| Fixed assets | |||||
| Intangible assets | 371.7 | 333.4 | 349.8 | 121.3 | 130.8 |
| Tangible assets | 487.8 | 454.2 | 440.2 | 462.7 | 483.5 |
| Financial assets | 47.4 | 31.8 | 30.3 | 32.6 | 43.0 |
| Total fixed assets | 906.9 | 819.4 | 820.3 | 616.6 | 657.3 |
| Current assets | |||||
| Inventories | 460.4 | 376.6 | 427.6 | 288.7 | 325.8 |
| Receivables | 606.5 | 575.8 | 489.8 | 289.4 | 316.2 |
| Cash and cash equivalents | 189.3 | 170.8 | 238.1 | 195.5 | 161.5 |
| Total current assets | 1,256.2 | 1,123.2 | 1,155.5 | 773.6 | 803.6 |
| Total assets | 2,163.1 | 1,942.6 | 1,975.8 | 1,390.2 | 1,460.8 |
| MSEK | 2011 June 30 |
2010 June 30 |
2010 Dec 31 |
2009 Dec 31 |
2008 Dec 31 |
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | |||||
| Share capital | 125.5 | 125.6 | 125.5 | 114.3 | 114.3 |
| Other contributed capital | 444.4 | 444.3 | 444.4 | 165.3 | 165.3 |
| Reserves | –23.2 | 19.4 | –1.5 | 29.6 | 28.4 |
| Retained earnings, including net profit for the period | 783.4 | 690.5 | 826.1 | 676.7 | 651.6 |
| Shareholders' equity attributable to Parent Company shareholders |
1,330.1 | 1,279.8 | 1,394.5 | 985.9 | 959.6 |
| Non-controlling interests | 2.7 | 3.3 | 2.7 | 3.1 | 3.3 |
| Total shareholders' equity | 1,332.8 | 1,283.1 | 1,397.2 | 989.0 | 962.9 |
| Long-term liabilities to credit institutions | 118.0 | 62.9 | 89.0 | 66.9 | 80.7 |
| Other long-term liabilities | 46.1 | 40.5 | 51.2 | 33.1 | 26.9 |
| Current liabilities to credit institutions | 160.0 | 120.0 | 57.9 | 68.8 | 99.1 |
| Current non-interest-bearing liabilities | 506.2 | 436.1 | 380.5 | 232.4 | 291.2 |
| Total liabilities | 830.3 | 659.5 | 578.6 | 401.2 | 497.9 |
| Total shareholders' equity and liabilities | 2,163.1 | 1,942.6 | 1,975.8 | 1,390.2 | 1,460.8 |
| Parent Company | |||||
| MSEK | 2011 June 30 |
2010 June 30 |
2010 Dec 31 |
2009 Dec 31 |
2008 Dec 31 |
| Assets | |||||
| Fixed assets | |||||
| Tangible assets Financial assets |
1.0 531.3 |
1.1 534.7 |
1.0 533.0 |
1.3 203.0 |
1.5 210.0 |
| Total fixed assets | 532.3 | 535.8 | 534.0 | 204.3 | 211.5 |
| Current assets | |||||
| Receivables | 185.3 | 176.8 | 313.5 | 340.1 | 368.4 |
| Cash and cash equivalents Total current assets |
0.1 185.4 |
0.1 176.9 |
35.9 349.4 |
0.1 340.2 |
0.1 368.5 |
| Total assets | 717.7 | 712.7 | 883.4 | 544.5 | 580.0 |
| MSEK | 2011 June 30 |
2010 June 30 |
2010 Dec 31 |
Dec 31 | 2009 | 2008 Dec 31 |
|
|---|---|---|---|---|---|---|---|
| Shareholders' equity and liabilities | |||||||
| Share capital | 125.5 | 125.6 | 125.5 | 114.3 | 114.3 | ||
| Statutory reserve | 444.4 | 444.3 | 444.4 | 165.3 | 165.4 | ||
| Retained earnings | 62.1 | 94.5 | 178.4 | 164.4 | 209.1 | ||
| Net profit/loss for the period | –11.5 | –10.5 | 94.6 | 68.3 | 60.9 | ||
| Total shareholders' equity | 620.5 | 653.9 | 842.9 | 512.3 | 549.6 | ||
| Current liabilities to credit institutions | 87.3 | 48.8 | – | 17.3 | 12.1 | ||
| Current non-interest-bearing liabilities | 9.9 | 10.0 | 40.5 | 14.9 | 18.3 | ||
| Total shareholders' equity and liabilities | 717.7 | 712.7 | 883.4 | 544.5 | |||
| Condensed cash-flow statement | |||||||
| MSEK | 2011 Q2 |
2010 Q2 |
2011 Jan–June |
2010 Jan–June |
2010 Full year |
2009 Full year |
2008 Full year |
| Cash flow from operating activities before change in working capital and capital expenditures |
127.3 | 116.9 | 219.9 | 207.6 | 389.7 | 245.9 | 260.0 |
| Change in working capital, increase (–) decrease (+) | 6.8 | –14.0 | –48.6 | –79.6 | –109.4 | 31.5 | –26.4 |
| Cash flow from operating activities | 134.1 | 102.9 | 171.3 | 128.0 | 280.3 | 277.4 | 233.6 |
| Investing activities | –25.6 | –13.8 | –53.4 | –16.8 | –47.1 | –61.6 | –60.2 |
| Acquired operations | – | – | –71.9 | –38.7 | –65.0 | – | –23.3 |
| Cash flow after capital expenditures | 108.5 | 89.1 | 46.0 | 72.5 | 168.2 | 215.8 | 150.1 |
| Financing activities | –107.9 | –58.8 | –94.8 | –105.6 | –138.5 | –181.1 | –156.5 |
| Change in cash and cash equivalents | 0.6 | 30.3 | –48.8 | –33.1 | 29.7 | 34.7 | –6.4 |
| Cash and cash equivalents at beginning of period Cash from acquired/divested operations and exchange-rate differences in cash |
188.7 – |
140.5 – |
238.1 – |
195.5 8.4 |
195.5 12.9 |
161.5 –0.7 |
165.3 2.6 |
| Cash and cash equivalents at end of period | 189.3 | 170.8 | 189.3 | 170.8 | 238.1 | 195.5 | 161.5 |
| Approved but unutilized committed credit facilities | 331.5 | 416.5 | 331.5 | 416.5 | 428.3 | 418.5 | 338.6 |
| Available liquidity | 520.8 | 587.3 | 520.8 | 587.3 | 666.4 | 614.0 | 500.1 |
| MSEK | 2011 June 30 |
2010 Full-year |
2009 Full-year |
2008 Full-year |
|---|---|---|---|---|
| Opening shareholders' equity attributable to Parent Company shareholders | 1,394.5 | 985.9 | 959.6 | 846.7 |
| Comprehensive income for the period | 146.5 | 255.5 | 163.5 | 250.1 |
| Dividend paid/approved | –210.9 | –137.2 | –137.2 | –137.2 |
| New issue | – | 290.3 | – | – |
| Closing shareholders' equity attributable to Parent Company shareholders | 1,330.1 | 1,394.5 | 985.9 | 959.6 |
| Non-controlling interest | 2.7 | 2.7 | 3.1 | 3.3 |
| Total closing shareholders' equity | 1,332.8 | 1,397.2 | 989.0 | 962.9 |
| Share capital | Other contributed capital |
Reserves | Retained earnings incl. net profit for the period |
Total | |
|---|---|---|---|---|---|
| Dec 31, 2010 | 125.5 | 444.4 | –1.5 | 826.1 | 1 394.5 |
| Comprehensive income for | |||||
| the period | – | – | –21.7 | 168.2 | 146.5 |
| Dividend approved | – | – | – | –210.9 | –210.9 |
| June 30, 2011 | 125.5 | 444.4 | –23.2 | 783.4 | 1 330.1 |
| 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|
| June 30 | Dec 31 | Dec 31 | Dec 31 | |
| Number of shares outstanding | 30,131,100 | 30,131,100 | 27,431,100 | 27,431,100 |
| Total number of shares, after full dilution | 30,131,100 | 30,131,100 | 27,431,100 | 27,431,100 |
| Average number of shares, after full dilution | 30,131,100 | 30,131,100 | 27,431,100 | 27,431,100 |
Of the total number of shares outstanding, 3,330,000 are Class A shares and the remaining shares are Class B shares.
| 2011 Q2 |
2010 Q2 |
2011 Jan–June |
2010 Jan–June |
2010 Full-year |
2009 Full-year |
2008 Full-year |
|
|---|---|---|---|---|---|---|---|
| Number of shares | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 27,431,100 | 27,431,100 |
| Net revenues, MSEK | 743.6 | 654.9 | 1,464.8 | 1,096.0 | 2,290.1 | 1,571.2 | 1,836.3 |
| Operating profit, MSEK | 126.1 | 119.6 | 237.4 | 208.0 | 406.3 | 238.2 | 302.4 |
| Profit before tax, MSEK | 123.1 | 117.5 | 231.8 | 203.6 | 398.8 | 226.5 | 295.0 |
| Earnings per share after tax, SEK Earnings per share after 26.3% |
2.98 | 2.92 | 5.58 | 5.01 | 9.51 | 5.92 | 7.90 |
| standard tax, SEK Cash flow per share after capital |
3.01 | 2.87 | 5.67 | 4.98 | 9.75 | 6.08 | 7.74 |
| expenditures, SEK | 3.60 | 2.96 | 1.53 | 2.41 | 5.58 | 7.87 | 5.47 |
| Return on shareholders' equity, % | 28.2 | 28.0 | 25.1 | 26.5 | 24.7 | 17.2 | 23.5 |
| Return on capital employed, % | 33.5 | 33.3 | 30.3 | 32.3 | 30.6 | 21.2 | 28.3 |
| Shareholders' equity per share, SEK | 44.14 | 42.48 | 44.14 | 42.48 | 46.28 | 35.94 | 34.98 |
| Equity ratio, % | 61.5 | 65.9 | 61.5 | 65.9 | 70.6 | 70.9 | 65.7 |
| Net debt/equity ratio, % Cash and cash equivalents, including |
6.8 | 1.0 | 6.8 | 1.0 | –6.5 | –6.0 | 1.9 |
| unutilized credit facilities, MSEK | 520.8 | 587.3 | 520.8 | 587.3 | 666.4 | 614.0 | 500.1 |
| Capital expenditures, MSEK | 16.3 | 15.1 | 43.3 | 21.3 | 55.2 | 60.5 | 89.1 |
| Interest-coverage ratio, multiple Number of employees at end of |
35.8 | 44.7 | 37.4 | 40.5 | 43.4 | 18.7 | 21.4 |
| period | 1,735 | 1,347 | 1,735 | 1,347 | 1,435 | 1,107 | 1,243 |
It is our opinion that the six-month report for the period from January to June 2011 provides a fair overview of the Parent Company's and the Group's operations, financial position and earnings and describes the material risks and uncertainties to which the Parent Company and the companies included in the Group are exposed.
Stockholm, August 18, 2011
Beijer Alma AB (publ)
| Anders Wall | Carina Andersson | Marianne Brismar | ||
|---|---|---|---|---|
| Chairman | Director | Director | ||
| Anders G. Carlberg | Peter Nilsson | Anders Ullberg | ||
| Director | Director | Director | ||
| Johan Wall Deputy Chairman |
Bertil Persson President & CEO |
We have reviewed the six-month report of Beijer Alma AB (publ) for the period January 1 to June 30, 2011. The Board of Directors and President are responsible for the preparation and presentation of this six-month report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this six-month report based on our review. We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by FAR. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and a substantially more limited scope compared with the focus and scope of an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant circumstances that might be identified in an audit. Therefore, the conclusion expressed on the basis of a review does not provide the same level of assurance as a conclusion expressed on the basis of an audit.
Based on our review, nothing has come to our attention that causes us to believe that the six-month report has not, in all material aspects, been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act.
Stockholm, August 18, 2011
Öhrlings PricewaterhouseCoopers AB
Bodil Björk Authorized Public Accountant
________________________________________________
Bertil Persson, President & CEO, Telephone +46 8-506 427 50, [email protected] Jan Blomén, Chief Financial Officer, Telephone +46 18-15 71 60, [email protected]
Read more at: www.beijeralma.se
Visit our subsidiaries:
www.lesjoforsab.com www.habia.com www.beijertech.se
Next report date: Interim report on October 28, 2011
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