Interim / Quarterly Report • Aug 14, 2014
Interim / Quarterly Report
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The trend for the Beijer Alma Group remained positive during the second quarter of the year. Invoicing rose 5 percent to MSEK 876. This growth was attributable to Habia and Beijer Tech, while Lesjöfors experienced a year-on-year decline in sales due to a weak trend in the chassis springs operations compared with the extremely strong result posted in 2013.
Profit after net financial items totaled MSEK 116, compared with MSEK 114 in the year-earlier period. The operating margin was 13.4 percent (14.0). The structure of the Group's invoicing – whereby lower invoicing in Lesjöfors was partly offset by higher invoicing in Beijer Tech – resulted in a slightly lower operating margin.
Overall, demand in the areas of the Group that are dependent on the industrial economy remained stable. The exception was Beijer Tech, which reported increased sales to the industrial sector compared with the year-earlier period.
Cash flow amounted to MSEK 78 and was adversely impacted by an accumulation of inventories in Lesjöfors and higher accounts receivable in Habia. Capital expenditures also exceeded depreciation and amortization during the quarter. The balance sheet remained strong and net debt for the Group amounted to MSEK 255 (252) at the end of the period.
Lesjöfors's invoicing amounted to MSEK 456, down 4 percent year-on-year in comparable units. This decline was fully attributable to Chassis Springs, which reported a 13-percent decrease in sales. The fall in invoicing was a result of the mild winter weather and sales are expected to remain negatively impacted during the coming months. Sales of industrial springs increased 1 percent. Germany and the UK reported higher invoicing, while the Nordic markets declined slightly. Sales in China decreased significantly year-on-year due to the conclusion of project transactions in the telecom sector.
Operating profit totaled MSEK 88, down MSEK 10 compared with the second quarter of 2013. The operating margin declined slightly compared with the year-earlier period. The decline in earnings and lower operating margin were fully attributable to Chassis Springs, while the Industry business area reported improved earnings and a higher margin during the quarter.
Habia reported favorable order bookings and sales for the second quarter and invoicing increased 25 percent to MSEK 201. Telecom customers continued to account for the largest increase in demand. Sales of cables for base-station antennas rose 66 percent, while other customer segments increased 2 percent. Operating profit for the second quarter amounted to MSEK 22, compared with MSEK 13 in the year-earlier period, and the operating margin increased sharply.
The telecom plants continue to work at an extremely high rate and demand currently exceeds the company's manufacturing capacity. Customers have also indicated that the level of demand can be expected to remain high during the coming months. The capacity expansion at the Chinese plant is has now been completed and the facility became fully operational around mid-year. This expansion in capacity will result in a gradual increase in production volumes during the third quarter.
Beijer Tech also noted improved demand during the second quarter. Invoicing rose 8 percent to MSEK 219 and operating profit remained unchanged compared with the year-earlier period at MSEK 14. This growth was fully attributable to Industrial Products, while Fluid Technology reported largely unchanged invoicing. The operating margin fell slightly due to a higher proportion of sales of plant and machinery with low profitability.
In conclusion, with the exception of the operations impacted by seasonal effects, the demand situation for the autumn appears to be relatively stable compared with the first half of the year. Bertil Persson President and CEO
During the second quarter, order bookings increased 3 percent to MSEK 856 (830). The impact of corporate acquisitions was negligible. Invoicing amounted to MSEK 876 (837), up 5 percent. Fluctuations in exchange rates had a positive impact of 3 percentage points on invoicing. Operating profit totaled MSEK 117.6 (117.5) and the operating margin was 13.4 percent (14.0). Profit after net financial items amounted to MSEK 115.9 (114.0). Earnings per share after tax totaled SEK 2.94 (2.90). Cash flow after capital expenditures amounted to MSEK 78.4 (115.9) and net debt totaled MSEK 255 (252).
During the January to June period, order bookings amounted to MSEK 1,751 (1,578), up 11 percent. Invoicing increased 12 percent to MSEK 1,731 (1,541). Fluctuations in exchange rates had a positive impact of 3 percentage points on invoicing. In comparable units, order bookings rose 8 percent and invoicing increased 9 percent. Operating profit totaled MSEK 230.2 (194.7) and the operating margin was 13.3 percent (12.6). Profit after net financial items amounted to MSEK 225.3 (188.0). Exchange-rate fluctuations and changes in foreign exchange contracts had a positive impact of approximately MSEK 2 on earnings, most of which was attributable to the second quarter. Earnings per share totaled SEK 5.68 (4.78) and cash flow after capital expenditures amounted to MSEK 87.3 (129.6).
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 companies in its industry in Europe. Lesjöfors has manufacturing operations in Sweden, Denmark, Finland, Germany, Latvia, the UK, Slovakia and China.
During the second quarter, order bookings totaled MSEK 441 (463), down 5 percent. Invoicing declined 3 percent to MSEK 456 (472). Fluctuations in exchange rates boosted invoicing by 4 percentage points and operating profit amounted to MSEK 88.4 (97.8).
During the first six months of the year, order bookings rose 5 percent to MSEK 904 (861). Invoicing amounted to MSEK 935 (854), up 9 percent. Fluctuations in exchange rates had a positive impact of 4 percentage points on invoicing. In comparable units, order bookings remained unchanged, while invoicing increased 4 percent. Operating profit totaled MSEK 179.3 (168.3).
Lesjöfors conducts its operations in two business areas: Industry and Chassis Springs. Chassis Springs' invoicing and earnings were lower than the record-high results posted in the year-earlier period, while Industry reported higher invoicing and earnings than in the year-earlier period.
Habia Cable AB is one of Europe's largest manufacturers of custom-designed cables for customers in the telecom, transport, nuclear power, defense and other industries. The company has manufacturing operations in Sweden, Germany, China and Poland, and conducts sales worldwide.
During the second quarter, order bookings rose 18 percent to MSEK 195 (165). Invoicing totaled MSEK 201 (161), up 25 percent. Fluctuations in exchange rates boosted invoicing by 5 percentage points. Operating profit totaled MSEK 22.5 (12.8).
During the January to June period, order bookings increased 33 percent to MSEK 433 (327). Invoicing totaled MSEK 383 (296), up 29 percent. Fluctuations in exchange rates had an impact of 5 percentage points on invoicing. Operating profit amounted to MSEK 43.0 (18.1).
Habia experienced highly favorable demand from the telecom sector. The company, which manufactures cables for base-station antennas, noted increased demand for antennas, partly due to an upgrade to the 4G network in China.
Beijer Tech AB specializes in industrial trading in the Nordic region and represents several of the world's leading manufacturers. The company's operations are conducted in two business areas: Industrial Products and Fluid Technology/Industrial Rubber.
Order bookings and invoicing during the second quarter amounted to MSEK 219 (204), up 8 percent. Operating profit was MSEK 14.3 (13.9).
During the first six months of the year, order bookings and invoicing rose 6 percent to MSEK 413 (390). Operating profit totaled MSEK 22.3 (20.7).
During the quarter, demand within Fluid Technology was largely stable, while Industrial Products displayed growth.
The Parent Company, Beijer Alma AB, is a holding company that does not conduct external invoicing. The Parent Company reported a loss after net financial items of MSEK 7.8 (loss: 7.0) for the quarter and a loss of MSEK 14.5 (loss: 14.0) for the first six months of the year.
Net revenues
| MSEK | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | |
| Lesjöfors | 455.8 | 479.1 | 398.8 | 423.5 | 472.1 | 381.9 | 1,676.3 | 1,366.7 |
| Habia Cable | 200.6 | 182.0 | 177.3 | 150.8 | 160.8 | 135.4 | 624.3 | 632.4 |
| Beijer Tech | 219.4 | 194.0 | 197.0 | 178.2 | 203.7 | 186.7 | 765.6 | 780.3 |
| Parent Company and intra-Group | 0.1 | 0.1 | – | 0.1 | – | 0.2 | 0.3 | 0.3 |
| Total | 875.9 | 855.2 | 773.1 | 752.6 | 836.6 | 704.2 | 3,066.5 | 2,779.7 |
| MSEK | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Full-year | Full-year | |
| Lesjöfors | 88.4 | 90.9 | 80.7 | 82.7 | 97.8 | 70.5 | 331.7 | 285.4 |
| Habia Cable | 22.5 | 20.5 | 20.2 | 14.9 | 12.8 | 5.3 | 53.2 | 61.9 |
| Beijer Tech | 14.3 | 8.0 | 3.0 | 9.9 | 13.9 | 6.8 | 33.6 | 47.2 |
| Parent Company and intra-Group | –7.6 | –6.8 | –5.4 | –4.4 | –7.0 | –5.4 | –22.2 | –22.2 |
| Total operating profit | 117.6 | 112.6 | 98.5 | 103.1 | 117.5 | 77.2 | 396.3 | 372.3 |
| Net financial items | –1.7 | –3.2 | –2.1 | –2.8 | –3.5 | –3.2 | –11.6 | –10.5 |
| Profit after net financial items | 115.9 | 109.4 | 96.4 | 100.3 | 114.0 | 74.0 | 384.7 | 361.8 |
No sales are conducted between segments.
No significant events occurred 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 85 percent of sales for Habia and Lesjöfors are conducted outside Sweden, while approximately 50 percent of production takes place in Sweden.
Management of the Group's financial risks is described in Note 31 of the 2013 Annual Report. The Group is deemed to have a favorable risk spread across industries and companies and the assessment is that the risk situation remained unchanged 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 2014 had a significant impact on the Group. Accounting policies and terms of calculation are unchanged compared with those applied in the 2013 Annual Report. Significant accounting and valuation policies are found on pages 52–55 of the 2013 Annual Report.
The fair value of financial assets and liabilities is deemed to correspond to the carrying amount.
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 | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 |
| Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year | Full-year | Full-year | |
| Net revenues | 875.9 | 836.6 | 1,731.1 | 1,540.8 | 3,066.5 | 2,779.7 | 2,830.2 |
| Cost of goods sold | –590.5 | –561.1 | –1,176.0 | –1,044.7 | –2,071.5 | –1,842.5 | –1,845.5 |
| Gross profit | 285.4 | 275.5 | 555.1 | 496.1 | 995.0 | 937.2 | 984.7 |
| Selling expenses | –89.0 | –83.8 | –172.0 | –161.2 | –325.0 | –316.3 | –299.6 |
| Administrative expenses | –78.8 | –74.5 | –153.7 | –140.5 | –276.8 | –249.5 | –244.6 |
| Other income | – | – | – | – | 2.0 | – | – |
| Profit from participations in associated companies | – | 0.3 | 0.8 | 0.3 | 1.1 | 0.9 | 0.9 |
| Operating profit | 117.6 | 117.5 | 230.2 | 194.7 | 396.3 | 372.3 | 441.4 |
| Interest income | 0.3 | 0.6 | 0.6 | 0.9 | 2.1 | 3.2 | 3.5 |
| Interest expenses | –2.0 | –4.1 | –5.5 | –7.6 | –13.7 | –13.7 | –16.2 |
| Profit after net financial items | 115.9 | 114.0 | 225.3 | 188.0 | 384.7 | 361.8 | 428.7 |
| Tax on net profit for the year | –27.3 | –26.7 | –54.1 | –44.1 | –95.7 | –93.3 | –115.8 |
| Net profit attributable to Parent Company shareholders | 88.6 | 87.3 | 171.2 | 143.9 | 289.0 | 268.5 | 312.9 |
| Other comprehensive income | |||||||
| Items that may be reclassified to profit or loss | |||||||
| Cash-flow hedges | –4.9 | –10.6 | –6.4 | –7.0 | –6.4 | 0.6 | –18.6 |
| Translation differences | 26.1 | 28.5 | 18.2 | 12.0 | 19.7 | –21.6 | 5.0 |
| Total other comprehensive income after tax | 21.2 | 17.9 | 11.8 | 5.0 | 13.3 | –21.0 | –13.6 |
| Total comprehensive income attributable to Parent | |||||||
| Company shareholders | 109.8 | 105.2 | 183.0 | 148.9 | 302.3 | 247.5 | 299.3 |
| Net earnings per share | |||||||
| before and after dilution, SEK | 2.94 | 2.90 | 5.68 | 4.78 | 9.59 | 8.91 | 10.38 |
| Dividend per share, SEK | – | – | – | – | 8.00 | 7.00 | 7.00 |
| Includes amortization and depreciation in the amount | |||||||
| of, MSEK | 24.8 | 22.0 | 48.2 | 42.4 | 86.7 | 78.7 | 76.3 |
| Parent Company | |||||||
| MSEK | 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 |
| Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year | Full-year | Full-year | |
| Administrative expenses | –12.2 | –11.5 | –23.6 | –21.4 | –40.4 | –39.2 | –36.3 |
| Other operating income | 4.5 | 4.5 | 9.1 | 9.1 | 18.2 | 17.0 | 12.1 |
| Operating loss | –7.7 | –7.0 | –14.5 | –12.3 | –22.2 | –22.2 | –24.2 |
| Income from participations in Group companies | – | – | – | – | 209.0 | 161.0 | 145.0 |
| Interest income and similar revenues | 0.1 | 0.3 | 0.3 | 0.6 | 1.8 | 2.5 | 4.2 |
| Interest expenses and similar expenses | –0.2 | –1.3 | –0.3 | –2.3 | –2.7 | –20.6 | –5.8 |
| Profit/loss after net financial items | –7.8 | –8.0 | –14.5 | –14.0 | 185.9 | 120.7 | 119.2 |
| Group contributions received | – | – | – | – | 40.0 | 81.7 | 110.1 |
| Tax on net profit for the period | 1.8 | 1.6 | 3.0 | 2.7 | –4.6 | –10.2 | –22.6 |
Net profit/loss –6.0 –6.4 –11.5 –11.3 221.3 192.2 206.7
No items are attributable to other comprehensive income.
| Group | ||||
|---|---|---|---|---|
| MSEK | 2014 | 2013 | 2013 | 2012 |
| Jun 30 | Jun 30 | Dec 31 | Dec 31 | |
| Assets | ||||
| Fixed assets | ||||
| Intangible assets | 506.6 | 540.4 | 504.8 | 533.3 |
| Tangible assets | 655.5 | 598.3 | 640.0 | 537.2 |
| Deferred tax assets | 25.7 | 24.4 | 23.9 | 15.7 |
| Financial assets | 25.9 | 25.8 | 23.8 | 25.4 |
| Total fixed assets | 1,213.7 | 1,188.9 | 1,192.5 | 1,111.6 |
| Current assets | ||||
| Inventories | 566.7 | 507.3 | 541.2 | 516.1 |
| Receivables | 730.8 | 713.9 | 560.5 | 527.5 |
| Cash and bank balances | 130.8 | 161.3 | 253.8 | 239.5 |
| Total current assets | 1,428.3 | 1,382.5 | 1,355.5 | 1,283.1 |
| Total assets | 2,642.0 | 2,571.4 | 2,548.0 | 2,394.7 |
| 2014 | 2013 | 2013 | 2012 | |
| Jun 30 | Jun 30 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | ||||
| Shareholders' equity | ||||
| Share capital | 125.5 | 125.5 | 125.5 | 125.5 |
| Other contributed capital | 444.4 | 444.4 | 444.4 | 444.4 |
| Reserves | –11.0 | –31.0 | –22.8 | –36.0 |
| Retained earnings, including net profit for the period | 994.0 | 918.7 | 1,063.8 | 985.6 |
| Shareholders' equity attributable to Parent Company | ||||
| shareholders | 1,552.9 | 1,457.6 | 1,610.9 | 1,519.5 |
| Non-controlling interests | 3.6 | 2.7 | 3.6 | 2.6 |
| Total shareholders' equity | 1,556.5 | 1,460.3 | 1,614.5 | 1,522.1 |
| Non-current liabilities to credit institutions | 152.7 | 208.6 | 181.3 | 151.5 |
| Other non-current liabilities | 109.3 | 153.9 | 117.9 | 172.0 |
| Current liabilities to credit institutions | 232.7 | 201.7 | 164.8 | 144.8 |
| Current non-interest-bearing liabilities | 590.8 | 546.9 | 469.5 | 404.3 |
| Total liabilities | 1,085.5 | 1,111.1 | 933.5 | 872.6 |
| Total shareholders' equity and liabilities | 2,642.0 | 2,571.4 | 2,548.0 | 2,394.7 |
| MSEK | 2014 | 2013 | 2013 | 2012 |
|---|---|---|---|---|
| Jun 30 | Jun 30 | Dec 31 | Dec 31 | |
| Assets | ||||
| Fixed assets | ||||
| Tangible assets | 1.1 | 1.0 | 1.0 | 1.0 |
| Financial assets | 532.2 | 532.2 | 532.2 | 534.0 |
| Total fixed assets | 533.3 | 533.2 | 533.2 | 535.0 |
| Current assets | ||||
| Receivables | 106.6 | 142.6 | 277.3 | 310.5 |
| Cash and cash equivalents | 0.5 | 0.1 | 41.1 | 40.0 |
| Total current assets | 107.1 | 142.7 | 318.4 | 350.5 |
| Total assets | 640.4 | 675.9 | 851.6 | 885.5 |
| MSEK | 2014 | 2013 | 2013 | 2012 |
| Jun 30 | Jun 30 | Dec 31 | Dec 31 | |
| Shareholders' equity and liabilities | ||||
| Share capital | 125.5 | 125.5 | 125.5 | 125.5 |
| Statutory reserve | 444.4 | 444.4 | 444.4 | 444.4 |
| Retained earnings | 19.3 | 39.1 | 39.1 | 57.8 |
| Net profit/loss for the period | –-11.5 | –11.3 | 221.3 | 192.2 |
| Total shareholders' equity | 577.7 | 597.7 | 830.3 | 819.9 |
| Current liabilities to credit institutions | 45.3 | 65.3 | – | 47.2 |
| Current non-interest-bearing liabilities | 17.4 | 12.9 | 21.3 | 18.4 |
| Total shareholders' equity and liabilities | 640.4 | 675.9 | 851.6 | 885.5 |
| Pledged assets | 13.4 | 13.4 | 13.4 | 13.4 |
| Contingent liabilities | – | – | – | – |
| 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|
| Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year | Full-year | Full year |
|
| Cash flow from operating activities before change in working capital and capital expenditures |
113.9 | 114.7 | 218.6 | 194.3 | 394.7 | 318.2 | 388.4 |
| Change in working capital, increase (–) decrease (+) | 15.0 | 28.6 | –62.7 | –18.3 | 7.6 | 18.0 | –61.0 |
| Cash flow from operating activities | 128.9 | 143.3 | 155.9 | 176.0 | 402.3 | 336.2 | 327.4 |
| Investing activities | –50.5 | –27.4 | –68.6 | –46.4 | –125.3 | –72.0 | –94.6 |
| Acquired companies less cash and cash equivalents | – | –74.0 | – | –76.0 | –68.8 | –134.1 | –77.5 |
| Cash flow after capital expenditures | 78.4 | 41.9 | 87.3 | 53.6 | 208.2 | 130.1 | 155.3 |
| Financing activities | –280.2 | –5.5 | –210.3 | –139.9 | –193.9 | –159.6 | – 124.4 |
| Change in cash and cash equivalents | –201.8 | 36.4 | –123.0 | –86.3 | 14.3 | –29.5 | 30.9 |
| Cash and cash equivalents at beginning of period | 332.6 | 124.9 | 253.8 | 247.6 | 239.5 | 269.0 | 238.1 |
| Cash and cash equivalents at end of period | 130.8 | 161.3 | 130.8 | 161.3 | 253.8 | 239.5 | 269.0 |
| Approved but not utilized committed credit facilities | 408.0 | 354.6 | 408.0 | 354.6 | 461.0 | 306.0 | 389.9 |
| Available liquidity | 538.8 | 515.9 | 538.8 | 515.9 | 714.8 | 545.5 | 658.9 |
| 2014 | 2013 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|
| Jan-Jun | Jan-Jun | Full-year | Full-year | Full-year | |
| Opening shareholders' equity attributable to Parent Company shareholders |
1,610.8 | 1,519.5 | 1,519.5 | 1,482.9 | 1,394.5 |
| Comprehensive income for the period | 183.1 | 149.0 | 302.3 | 247.5 | 299.3 |
| Dividend paid Closing shareholders' equity attributable to Parent Company |
–241.0 | –210.9 | –210.9 | –210.9 | –210.9 |
| shareholders | 1,552.9 | 1,457.6 | 1,610.9 | 1,519.5 | 1,482.9 |
| Non-controlling interests | 3.6 | 2.7 | 3.6 | 2.6 | 2.7 |
| Total closing shareholders' equity | 1,556.5 | 1,460.3 | 1,614.5 | 1,522.1 | 1,485.6 |
| June 30, 2014 | 125.5 | 444.4 | –11.0 | 994.0 | 1,552.9 | |
|---|---|---|---|---|---|---|
| Dividend paid | –241.0 | –241.0 | ||||
| Comprehensive income for the period |
11.7 | 171.4 | 183.1 | |||
| December 31, 2013 | 125.5 | 444.4 | –22.7 | 1,063.6 | 1,610.8 | |
| Share capital | Other contributed capital |
Reserves | including net profit for the period |
Total | ||
| Retained earnings, |
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Jun 30 | Dec 31 | Dec 31 | |
| Number of shares outstanding | 30,131,100 | 30,131,100 | 30,131,100 |
| Total number of shares, after full dilution | 30,131,100 | 30,131,100 | 30,131,100 |
| Average number of shares, after full dilution | 30,131,100 | 30,131,100 | 30,131,100 |
Of the total number of shares outstanding, 3,330,000 are Class A shares and the remaining shares are Class B shares.
| 2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|
| Q2 | Q2 | Jan-Jun | Jan-Jun | Full-year | Full-year | Full-year | |
| Number of shares | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 | 30,131,100 |
| Net revenues, MSEK | 875.9 | 836.6 | 1,731.1 | 1,540.8 | 3,066.5 | 2,779.7 | 2,830.2 |
| Operating profit, MSEK | 117.6 | 117.5 | 230.2 | 194.7 | 396.3 | 372.3 | 441.4 |
| Profit before tax, MSEK | 115.9 | 114.0 | 225.3 | 188.0 | 384.7 | 361.8 | 428.7 |
| Earnings per share after tax, SEK | 2.94 | 2.90 | 5.68 | 4.78 | 9.59 | 8.91 | 10.38 |
| Earnings per share after 22.0% | |||||||
| or 26.3% standard tax, SEK | 3.00 | 2.95 | 5.83 | 4.87 | 9.96 | 8.85 | 10.49 |
| Cash flow after capital | |||||||
| expenditures, excluding | |||||||
| acquisitions per share, SEK | 2.60 | 3.85 | 2.90 | 4.30 | 9.19 | 8.77 | 7.73 |
| Return on shareholders' equity, % | 24.1 | 25.3 | 22.2 | 19.7 | 19.2 | 17.8 | 21.8 |
| Return on capital employed, % | 24.8 | 26.2 | 23.7 | 21.2 | 21.1 | 21.2 | 26.4 |
| Shareholders' equity per share, | |||||||
| SEK | 51.54 | 48.37 | 51.54 | 48.37 | 53.46 | 50.43 | 49.22 |
| Equity ratio, % | 58.8 | 56.7 | 58.8 | 56.7 | 63.2 | 63.5 | 67.4 |
| Net debt/equity ratio, % | 16.4 | 17.3 | 16.4 | 17.3 | 5.7 | 3.7 | –1.5 |
| Cash and cash equivalents, | |||||||
| including unutilized credit | |||||||
| facilities, MSEK | 538.8 | 515.9 | 538.8 | 515.9 | 714.8 | 625.5 | 658.9 |
| Capital expenditures, MSEK | 40.9 | 29.0 | 59.8 | 48.9 | 126.4 | 70.5 | 89.2 |
| Interest-coverage ratio, multiple | 56.5 | 29.4 | 41.9 | 25.9 | 29.0 | 27.5 | 27.5 |
| Number of employees at end of | |||||||
| period | 2,172 | 2,101 | 2,172 | 2,101 | 2,132 | 1,972 | 1,686 |
It is our opinion that the six-month report for the period from January to June 2014 provides a fair overview of the operations, financial position and earnings of the Parent Company and the Group and describes the material risks and uncertainties to which the Parent Company and the companies included in the Group are exposed.
Uppsala, August 14, 2014
Beijer Alma AB (publ)
Chairman of the Board Deputy Chairman Director
Marianne Brismar Anders G. Carlberg Peter Nilsson Director Director Director
Anders Ullberg Bertil Persson
accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act
Anders Wall Johan Wall Carina Andersson
Review report on the condensed interim information (interim report) prepared in
Director President and CEO
We have reviewed the six-month report of Beijer Alma AB (publ) for the period January 1 to June 30, 2014. The Board of Directors and the President are responsible for the preparation and fair presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on the interim financial information based on our review.
We conducted our review in accordance with the International Standard on Review Engagements Performed by the Independent Auditor of the Entity (ISRE 2410). 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 the International Standards on Auditing 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 interim report has not, in all material aspects, been compiled in accordance with IAS 34 Interim Reporting and the Swedish Annual Accounts Act, and for the Parent Company, in accordance with the Swedish Annual Accounts Act.
Uppsala, August 14, 2014
Öhrlings PricewaterhouseCoopers AB Leonard Daun Authorized Public Accountant
Bertil Persson, President and 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
www.lesjoforsab.com www.habia.com www.beijertech.se
Interim report on October 23, 2014.
Beijer Alma AB (publ)
Dragarbrunnsgatan 45, Box 1747, SE-751 47 Uppsala, Sweden. Telephone +46 18 15 71 60. Fax +46 18 15 89 87. Registered office: Uppsala. Corp. Reg. No: 556229-7480. www.beijeralma.se
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