Earnings Release • Aug 19, 2009
Earnings Release
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In a bid to enhance coordination and streamlining and to strengthen development and purchasing potential for the Group's offerings (of products and services), the Group's Product Companies are being coordinated with the Group-wide IT, supply chain and central purchasing functions to form a new operating area – B&B TOOLS Solutions.
| 3 months ending | 12 months ending | |||||
|---|---|---|---|---|---|---|
| 30 Jun. | 30 Jun. | Change | 30 Jun. | 30 Jun. | Change | |
| 2009 | 2008 | 2009 | 2008 | |||
| Revenue, MSEK | 1,991 | 2,653 | -25% | 8,663 | 9,634 | -10% |
| Operating profit, MSEK | 48 | 213 | -77% | 346 | 752 | -54% |
| Profit after net financial items, MSEK | 32 | 188 | -83% | 247 | 665 | -63% |
| Profit for the period, MSEK | 23 | 136 | -83% | 178 | 477 | -63% |
| Earnings per share, SEK | 0.80 | 4.80 | -83% | 6.25 | 16.70 | -63% |
| Operating margin | 2.4% | 8.0% | 4.0% | 7.8% | ||
| Profit margin | 1.6% | 7.1% | 2.9% | 6.9% | ||
| Return on equity | 10% | 31% | ||||
| Equity per share, SEK | 63.05 | 61.10 | +3% | |||
| Equity/assets ratio | 30% | 28% | ||||
| Number of employees at the end of the | ||||||
| period | 3,056 | 3,323 | -8% |
B&B TOOLS provides the industrial and construction sectors in northern Europe with industrial consumables, industrial components and related services. The Group has annual revenue of approximately SEK 8.7 billion and approximately 2,900 employees.
The Group's revenue for comparable units fell by 27 percent during the quarter as a result of the weak economy. The near future will continue to be dominated by uncertainty, although we are now noting more signs of stabilisation then we did a few months ago.
Previously planned cost-reduction programmes have essentially been fully implemented and have now started to generate tangible effects. Expenses for the quarter for comparable units in local currency declined by 15 percent compared with the year-earlier period. Furthermore, effects from cost-saving activities that were decided on and implemented during the quarter will impact earnings in the future. If all resolved and implemented activities had generated a full impact from the beginning of the financial year, earnings for the quarter would have been approximately MSEK 30 higher.
In addition to cost adjustments combined with customer proximity, major focus is currently being directed toward reducing the Group's funds tied up in working capital.
President & CEO
Operating profit for the B&B TOOLS Group amounted to MSEK 48 (213) during the first quarter of the financial year. Operating profit was charged with depreciation and impairment losses of tangible non-current assets amounting to MSEK -14 (-14) and amortisation and impairment losses of intangible non-current assets amounting to MSEK -3 (-1).
The operating margin for the period declined by 5.6 percentage points to 2.4 percent (8.0).
Profit after net financial items amounted to MSEK 32 (188). Net financial items amounted to MSEK -16 (-25). The profit margin declined by 5.5 percentage points to 1.6 percent (7.1).
Exchange-rate translation effects had a net impact of MSEK +3 (+2) on reported operating profit for the period.
Profit after taxes totalled MSEK 23 (136). Earnings per share amounted to SEK 0.80 (4.80).
Revenue declined 25 percent to MSEK 1,991 (2,653). Acquisitions where the underlying transaction closed during the 2008/2009 financial year had a positive impact on revenue of MSEK 45 during the reporting period. Exchange-rate translation effects had a positive impact of MSEK 57 (27) on revenue. Comparable figures for the preceding year include revenue pertaining to businesses sold amounting to MSEK 51.
Revenue for comparable units declined by 27 percent during the reporting period.
The sharp economic downturn in Nordic industry during the 2008/2009 financial year continued during the beginning of 2009/2010. Many of the Group's customers continued to reduce their production operations and issue layoff notices to employees,
resulting in a sustained marked impact on demand for industrial consumables. The businesses in the B&B TOOLS Group have worked intensively since the autumn of 2008 on measures aimed at adjusting expenses in relation to reduced revenue. The cost-savings programmes have essentially been implemented according to plan.
Given the information currently available, it is not possible to draw any conclusions about whether the recession will continue in the short term or whether the demand trend will stabilise. Accordingly, the near future will continue to be characterised by uncertainty.
In a bid to enhance coordination and streamlining and to strengthen development and purchasing potential for the Group's offerings (of products and services), the Group's Product Companies are being coordinated with the Group-wide IT, supply chain and central purchasing functions to form a new operating area – B&B TOOLS Solutions ("Solutions").
Solutions is recognised as a separate operating area from this Interim Report as described below.
| GROUP | 3 months ending | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | Rolling 12 months 2008/2009 | ||
| Revenue | 1,991 | 2,653 | 8,663 | 9,325 | |
| Operating profit | 48 | 213 | 346 | 511 | |
| Operating margin, % | 2.4 | 8.0 | 4.0 | 5.5 |
TOOLS (including TOOLS Momentum) is the B&B TOOLS Group's market channel for industrial consumables and industrial components for Nordic industry. Via TOOLS, the Group has a presence in some 200 locations in Sweden, Norway and Finland.
| MARKETS | 3 months ending | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | Rolling 12 months 2008/2009 | ||
| Revenue | 1,339 | 1,765 | 5,828 | 6,254 | |
| Operating profit | 23 | 116 | 121 | 214 | |
| Operating margin, % | 1.7 | 6.6 | 2.1 | 3.4 |
Demand for industrial consumables remained weak during the first quarter of the financial year. Markets' sales for comparable units in Sweden and Finland, measured in local currency, declined by 36 percent during the quarter, while Norway reported a 15-percent decrease in sales. TOOLS Momentum's sales for comparable units fell by 15 percent.
The decrease in sales led to weaker profit for Markets, particularly in Sweden and Finland. Activities to adjust expenses to lower sales levels continue to be implemented.
Refer also to the specification of Markets in appendix A on page 13.
Solutions coordinates the functions that work with the operation and development of the Group's solutions in the MRO area. Solutions comprises the Group's Product Companies and the Group-wide IT, supply chain, Complete Product and central purchasing functions.
| SOLUTIONS | 3 months ending | Full-year | |||
|---|---|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | Rolling 12 months 2008/2009 | ||
| Revenue | 925 | 1,203 | 4,020 | 4,298 | |
| Operating profit | 28 | 103 | 239 | 314 | |
| Operating margin, % | 3.0 | 8.6 | 5.9 | 7.3 |
During the first quarter of the financial year, Solutions was adversely impacted by continued lower demand for industrial consumables from both the Group's own market channels and external channels. Solutions' revenue, measured in local currency, fell 25 percent during the reporting period.
Work on implementing cost-adjustment measures in Solutions continued during the quarter.
Refer also to the specification of Solutions in appendix A on page 13.
Parent Company
The Parent Company's revenue amounted to MSEK 14 (15) and profit after net financial items totalled MSEK 5 (11). This profit does not include any intra-Group dividends or similar items.
Eliminations
Eliminations for intra-Group inventory gains had an adverse effect of MSEK -1 (-7) on profit during the period.
No corporate acquisitions took place during the reporting period.
The return on consolidated capital employed for the most recent 12-month period was 9 percent, and the return on equity was 10 percent, compared with 24 percent and 31 percent, respectively, for the year-earlier period.
Cash flow before changes in working capital for the period amounted to MSEK 11 and includes non-recurring items amounting to a total of MSEK 15 which were recorded against the provision for resolved non-recurring costs that was established on 31 March 2009. Funds tied up in working capital declined by MSEK 54. Thus, cash flow from operating activities during the reporting period totalled MSEK 65 (84). Cash flow was negatively affected in a net amount of MSEK -11 by acquisitions and sales of intangible and tangible noncurrent assets, while acquisitions and sales of subsidiaries and other business units had a negative impact of MSEK -31, net, on cash flow.
The Group's financial net loan liability at the end of the period totalled MSEK 1,936 MSEK (1,854). Interestbearing liabilities at the end of the period amounted to MSEK 2,168, including pension commitments totalling MSEK 364. Liabilities to credit institutions totalled MSEK 1,804, of which MSEK 772 had a maturity period of more than three years and MSEK 437 had a maturity period of less than one year. Cash and cash equivalents, including unutilised granted credit facilities, amounted to a combined total of MSEK 722.
Of these liabilities to credit institutions, the Group has hedged the interest rates for a total of MSEK 1,217 through interest swaps (MSEK 417) and interest caps (MSEK 800). Excluding the bank's margins, the interest rate for the swaps amounts to an average of 4.13 percent and the interest caps take effect at interest rates (STIBOR 90 day) ranging from 5.50 to 6.00 percent. The maturity period for interest swaps and interest caps is two to six years. Non-interest rate-hedged liabilities have variable interest rates, mainly linked to the STIBOR 90-day interest rate.
At the end of the reporting period, the equity/assets ratio was 30 percent, compared with 29 percent at the beginning of the financial year.
Equity per share was SEK 63.05 at the end of the reporting period, compared with SEK 62.35 at the beginning of the financial year. Calculated on the basis of the number of shares after dilution, equity per share was SEK 62.95 at the end of the period, compared with SEK 62.10 at the beginning of the financial year.
At the end of the reporting period, the number of employees in the Group amounted to 3,056, compared with 3,183 at the beginning of the year. Taking into consideration those individuals whose employment has been terminated but who had not yet completed their employment as of 30 June 2009, the number of employees at end of the reporting period totalled 2,913.
Share capital at the end of the reporting period totalled MSEK 56.9. The distribution by classes of shares is as follows:
| CLASSES OF SHARES | AS OF 30 JUNE 2009 |
|---|---|
| Class A shares | 1,084,812 |
| Class B shares | 27,351,604 |
| Total number of shares before repurchasing | 28,436,416 |
| Less: Repurchased class B shares | -488,500 |
| Total number of shares after repurchasing | 27,947,916 |
As of 31 March 2009, the number of class B shares held in treasury totalled 538,500. In June 2009, a total of 50,000 class B treasury shares were conveyed in conjunction with the redemption of personnel options. Thus, at the end of the reporting period, as of 30 June 2009, the holdings of class B treasury shares amounted to 488,500, corresponding to 1.7 percent of the total number of shares and 1.3 percent of the total number of votes.
Of the repurchased class B shares, 148,500 are reserved to secure the Company's obligations under the personnel options programme issued by B&B TOOLS AB in April 2002. The Company's acquisition costs per share to secure this personnel options programme amounted to SEK 41.60. The redemption price per personnel option is SEK 52.00.
Of the repurchased class B shares, 250,000 are reserved to secure the Company's obligations under the call options programme issued by B&B TOOLS AB in September 2006. The Company's acquisition costs per share to secure this call options programme amounted to SEK 155.00. The redemption price per call option in this programme is SEK 159.00.
The remaining 90,000 repurchased class B shares are reserved to secure the Company's obligations under the call options programme issued by B&B TOOLS AB in September 2007. The Company's acquisition costs per share to secure this call options programme amounted to SEK 206.30. The redemption price per call option in this programme is SEK 228.00.
There have been no changes in the holdings of own shares after the end of the reporting period.
Proposal regarding the adoption of a renewed authorisation for the repurchase of own shares The Board of Directors of B&B TOOLS AB has decided to propose that the Annual General Meeting to be held on 27 August 2009 resolve to renew the Board's authorisation to repurchase own shares.
The Interim Report for the Group was prepared in accordance with IFRS and by applying IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms with the provisions detailed in RFR 2.2 Accounting for Legal Entities. The same accounting policies and bases of judgement as in the Annual Report for 2008/2009 have been applied, with the exception of certain new standards and interpretations that were applied from 1 April 2009 as described below.
Revised IAS 1 Presentation of Financial Statements entails that items recognised directly in equity that are not attributable to transactions with owners are now recognised in a separate statement after the income statement, under the heading "Statement of comprehensive income." B&B TOOLS has chosen to present other comprehensive income as a separate statement. The statement of changes in equity presents the comprehensive income for the period and transactions with the owners. Corresponding reclassifications have been made in comparative data. The introduction of IFRS 8 Operating Segments has not resulted in any changes in B&B TOOLS' identification of the Group's segments, which are reported on page 10. New standards and statements other than the changes to IAS 1 and the introduction of IFRS 8 have not had any material effects on B&B TOOLS' financial statements.
Apart from the continued uncertainty regarding the general economic trend, no significant changes occurred during the reporting period with respect to risks and uncertainty factors, for either the Group or the Parent Company. For information about the Group's risks and uncertainty factors, refer to pages 42-43 of the B&B TOOLS Annual Report 2008/2009.
Stockholm, 19 August 2009
Stefan Wigren President & CEO
This report has not been subject to special review by the Company's auditors.
Stefan Wigren, President & CEO, tel. +46 8 660 10 30 Mats Karlqvist, Vice President - Investor Relations, tel. +46 8 442 59 04 or +46 70 660 31 32
Comprehensive contact information for B&B TOOLS is presented below.
B&B TOOLS AB's Annual General Meeting for 2009 will be held on Thursday, 27 August 2009, at 4:30 p.m. at Näringslivets Hus, Storgatan 19, Stockholm.
Notification of attendance at the Annual General Meeting should be made to B&B TOOLS AB, Box 10024, SE-100 55 Stockholm, telephone +46-8-660 10 30, fax +46-8-660 58 70, [email protected] or via Internet at www.bb.se, not later than 3:00 p.m. on Friday, 21 August 2009.
Interim Report, 1 April – 30 September 2009 will be published on 12 November 2009. Interim Report, 1 April – 31 December 2009 will be published on 18 February 2010. Financial Report, 1 April 2009 – 31 March 2010 will be published on 18 May 2010.
Visit www.bb.se to order financial reports and press releases.
This document is in all respects a translation of the Swedish original Interim Report. In the event of any differences between this translation and the Swedish original, the latter shall prevail.
B&B TOOLS AB (publ)
Mail address PO Box 10024 SE-100 55 Stockholm Sweden Visit Karlavägen 76 Stockholm Tel +46 8 660 10 30 Fax +46 8 660 58 70 Corp. Reg. No. 556034-8590 Registered office Stockholm Web www.bb.se
| REVENUE | 3 months | |||
|---|---|---|---|---|
| MSEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
| Markets | 1,339 | 1,765 | 5,828 | 6,254 |
| Solutions | 925 | 1,203 | 4,020 | 4,298 |
| Group-wide | 18 | 18 | 71 | 71 |
| Eliminations | -291 | -333 | -1,256 | -1,298 |
| Total | 1,991 | 2,653 | 8,663 | 9,325 |
| REVENUE BY QUARTER | 2009/2010 | 2008/2009 | ||||
|---|---|---|---|---|---|---|
| MSEK | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |
| Markets | 1,339 | 1,379 | 1,599 | 1,511 | 1,765 | |
| Solutions | 925 | 938 | 1,072 | 1,085 | 1,203 | |
| Group-wide | 18 | 16 | 18 | 19 | 18 | |
| Eliminations | -291 | -291 | -342 | -332 | -333 | |
| Total | 1,991 | 2,042 | 2,347 | 2,283 | 2,653 |
| OPERATING PROFIT/LOSS | 3 months Full year |
||||
|---|---|---|---|---|---|
| MSEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
|
| Markets | 23 | 116 | 121 | 214 | |
| Solutions | 28 | 103 | 239 | 314 | |
| Group-wide | -2 | 1 | -1 | 2 | |
| Eliminations | -1 | -7 | -13 | -19 | |
| Total | 48 | 213 | 346 | 511 |
| OPERATING PROFIT/LOSS BY QUARTER | 2009/2010 | 2008/2009 | |||
|---|---|---|---|---|---|
| MSEK | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 |
| Markets | 23 | -30 | 51 | 77 | 116 |
| Solutions | 28 | 56 | 60 | 95 | 103 |
| Group-wide | -2 | 0 | 2 | -1 | 1 |
| Eliminations | -1 | -5 | -3 | -4 | -7 |
| Total | 48 | 21 | 110 | 167 | 213 |
1 Comparative data have been adjusted for internal corporate transfers.
| INCOME STATEMENT | 3 months | Full-year | ||
|---|---|---|---|---|
| MSEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
| Revenue | 1,991 | 2,653 | 8,663 | 9,325 |
| Shares in profit/loss of associated companies | 0 | 0 | 1 | 1 |
| Other operating income | 1 | 4 | 36 | 39 |
| Total operating revenue | 1,992 | 2,657 | 8,700 | 9,365 |
| Goods for resale | -1,245 | -1,651 | -5,338 | -5,744 |
| Personnel costs | -435 | -459 | -1,835 | -1,859 |
| Depreciation, amortisation, impairment losses | ||||
| and reversal of impairment losses | -17 | -15 | -66 | -64 |
| Other operating expense | -247 | -319 | -1,115 | -1,187 |
| Total operating expense Operating profit |
-1,944 48 |
-2,444 213 |
-8,354 346 |
-8,854 511 |
| Financial income and expense | -16 | -25 | -99 | -108 |
| Profit after net financial items | 32 | 188 | 247 | 403 |
| Taxes | -9 | -52 | -69 | -112 |
| Profit for the period | 23 | 136 | 178 | 291 |
| Of which attributable to: Parent Company shareholders |
23 | 134 | 174 | 285 |
| Minority interest | 0 | 2 | 4 | 6 |
| Earnings per share*, SEK - before dilution |
0.80 | 4.80 | 6.25 | 10.20 |
| - after dilution | 0.80 | 4.80 | 6.20 | 10.20 |
| Proposed dividend per share, SEK | 2.50 |
* Calculated on the basis of shareholders' proportion of profit.
| STATEMENT OF COMPREHENSIVE INCOME | 3 months | Full-year | |||
|---|---|---|---|---|---|
| MSEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
|
| Profit for the period | 23 | 136 | 178 | 291 | |
| Other comprehensive income for the period | |||||
| Translation differences | -14 | 12 | 63 | 89 | |
| Translation differences in minority interest | 0 | 1 | 0 | 1 | |
| Effect of hedge accounting | 9 | 14 | -45 | -40 | |
| Taxes attributable to other comprehensive income |
2 | -7 | 2 | -7 | |
| Comprehensive income for the period | 20 | 156 | 198 | 334 | |
| Of which attributable to: Parent Company shareholders Minority interest |
20 0 |
153 3 |
194 4 |
327 7 |
| BALANCE SHEET | |||
|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | 31 Mar. 2009 |
| Assets | |||
| Intangible non-current assets | 1,907 | 1,808 | 1,913 |
| Tangible non-current assets | 537 | 517 | 545 |
| Financial non-current assets | 134 | 130 | 146 |
| Inventories | 1,666 | 1,715 | 1,768 |
| Current receivables | 1,438 | 1,718 | 1,439 |
| Cash and cash equivalents | 222 | 212 | 209 |
| Total assets | 5,904 | 6,100 | 6,020 |
| Equity and liabilities | |||
| Equity | 1,779 | 1,720 | 1,757 |
| Non-current liabilities | 1,956 | 2,013 | 1,993 |
| Current liabilities | 2,169 | 2,367 | 2,270 |
| Total equity and liabilities | 5,904 | 6,100 | 6,020 |
| Specification: | |||
| Equity | 1,779 | 1,720 | 1,757 |
| Interest-bearing liabilities | 2,168 | 2,098 | 2,179 |
| Non-interest-bearing liabilities | 1,957 | 2,282 | 2,084 |
| Total equity and liabilities | 5,904 | 6,100 | 6,020 |
| CASH-FLOW STATEMENT | 3 months | Full-year | ||
|---|---|---|---|---|
| Apr. – Jun. | Apr. – Jun. | Rolling | 2008/ | |
| MSEK | 2009 | 2008 | 12 months | 2009 |
| Operating activities before changes in working capital |
11 | 164 | 309 | 462 |
| Changes in working capital | 54 | -80 | 49 | -85 |
| Cash flow from operating activities | 65 | 84 | 358 | 377 |
| Acquisition of intangible and tangible non-current assets |
-11 | -16 | -55 | -60 |
| Sales of intangible and tangible non-current assets |
0 | 4 | 8 | 12 |
| Acquisition of subsidiaries and other business units |
-31 | -206 | -161 | -336 |
| Sales of subsidiaries and other business units | 0 | 39 | 9 | 48 |
| Cash flow before financing | 23 | -95 | 159 | 41 |
| Financing activities | -8 | 79 | -160 | -73 |
| Cash flow for the period | 15 | -16 | -1 | -32 |
| Cash and cash equivalents at the beginning of the period |
209 | 226 | 212 | 226 |
| Exchange-rate difference in cash and cash equivalents |
-2 | 2 | 11 | 15 |
| Cash and cash equivalents at the end of the | ||||
| period | 222 | 212 | 222 | 209 |
| STATEMENT OF CHANGES IN EQUITY | |||
|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | 31 Mar. 2009 |
| Opening equity | 1,757 | 1,571 | 1,571 |
| of which minority interest | 18 | 20 | 20 |
| Dividend, Parent Company shareholders | - | - | -139 |
| Dividend, minority interest | - | - | 0 |
| Sale of treasury shares upon redemption of personnel options | 3 | - | - |
| Changes in minority interest due to acquisitions | -1 | -7 | -9 |
| Comprehensive income for the period attributable to: | |||
| Parent Company shareholders | 20 | 153 | 327 |
| Minority interest | 0 | 3 | 7 |
| Closing equity | 1,779 | 1,720 | 1,757 |
| of which minority interest | 17 | 16 | 18 |
| OPERATING SEGMENT |
External revenue | Revenue from internal customers |
Total revenue | Operating profit | ||||
|---|---|---|---|---|---|---|---|---|
| MSEK | Apr-Jun 2009 |
Apr-Jun 2008 |
Apr-Jun 2009 |
Apr-Jun 2008 |
Apr-Jun 2009 |
Apr-Jun 2008 |
Apr-Jun 2009 |
Apr-Jun 2008 |
| Markets | 1,322 | 1,756 | 17 | 9 | 1,339 | 1,765 | 23 | 116 |
| Solutions | 669 | 897 | 256 | 306 | 925 | 1,203 | 28 | 103 |
| Total operating segment |
1,991 | 2,653 | 273 | 315 | 2,264 | 2,968 | 51 | 219 |
| Group-wide | - | - | 18 | 18 | 18 | 18 | -2 | 1 |
| Eliminations | - | - | -291 | -333 | -291 | -333 | -1 | -7 |
| Group | 1,991 | 2,653 | 0 | 0 | 1,991 | 2,653 | 48 | 213 |
The Group's operating segments comprise the operating areas of B&B TOOLS Markets and B&B TOOLS Solutions.
The operating areas are the same as B&B TOOLS's organisational structure as used by Group management and the Board of Directors to monitor operations.
The B&B TOOLS Markets operating area comprises the Group's reseller operations in Sweden, Norway and Finland (which operate within the framework of TOOLS) and TOOLS Momentum, which together form the Group's market channel for industrial consumables and industrial components for Nordic industry.
The B&B TOOLS Solutions operating area comprises the Group's Product Companies, which conduct operations in various product areas and provide TOOLS and other selected market channels with industrial consumables and related services, and the Group-wide IT, supply chain, Complete Product and central purchasing functions.
Intra-Group pricing between the operating segments occurs on market conditions.
There are no assets in the operating segments that are affected by material changes, compared with the most recent Annual Report. The accounting policies are the same as those applied in the consolidated financial statements.
| KEY PER-SHARE DATA2 | 3 months | Full-year | |||
|---|---|---|---|---|---|
| SEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
|
| Earnings before dilution* | 0.80 | 4.80 | 6.25 | 10.20 | |
| Earnings after dilution* | 0.80 | 4.80 | 6.20 | 10.20 | |
| Equity, at the end of the period^ | 63.05 | 61.10 | 62.35 | ||
| Equity after dilution, at the end of the period^ | 62.95 | 60.75 | 62.10 | ||
| NUMBER OF SHARES OUTSTANDING IN THOUSANDS |
|||||
| Number of shares outstanding before dilution | 27,948 | 27,898 | 27,898 | ||
| Weighted number of shares outstanding before dilution |
27,898 | 27,898 | 27,898 | 27,898 | |
| Weighted number of shares outstanding after dilution |
27,939 | 28,054 | 27,955 | 28,002 |
* Calculated on the basis of shareholders' proportion of profit.
^ Calculated on the basis of shareholders' proportion of equity.
2 Dilution effect based on outstanding personnel and call options programmes: 3 months 0.1% Rolling 12 months 0.2% 2008/2009 0.4%
| INCOME STATEMENT | 3 months | Full-year | |||
|---|---|---|---|---|---|
| MSEK | Apr. – Jun. 2009 |
Apr. – Jun. 2008 |
Rolling 12 months |
2008/ 2009 |
|
| Revenue | 14 | 15 | 55 | 56 | |
| Other operating income | - | - | - | - | |
| Total operating revenue | 14 | 15 | 55 | 56 | |
| Operating expense | -19 | -16 | -65 | -62 | |
| Operating profit/loss | -5 | -1 | -10 | -6 | |
| Financial income and expense | 10 | 12 | 368 | 370 | |
| Profit after net financial items | 5 | 11 | 358 | 364 | |
| Appropriations | - | - | -37 | -37 | |
| Profit before taxes | 5 | 11 | 321 | 327 | |
| Taxes | -2 | -3 | -52 | -53 | |
| Profit for the period | 3 | 8 | 269 | 274 |
| BALANCE SHEET | |||
|---|---|---|---|
| MSEK | 30 Jun. 2009 | 30 Jun. 2008 | 31 Mar. 2009 |
| Assets | |||
| Intangible non-current assets | 4 | - | 3 |
| Tangible non-current assets | 4 | 3 | 4 |
| Financial non-current assets | 3,749 | 3,631 | 3,766 |
| Current receivables | 274 | 287 | 242 |
| Cash and cash equivalents | 59 | 0 | 51 |
| Total assets | 4,090 | 3,921 | 4,066 |
| Equity and liabilities | |||
| Equity | 1,022 | 949 | 1,012 |
| Untaxed reserves | 214 | 177 | 214 |
| Provisions | 54 | 56 | 54 |
| Non-current liabilities | 1,405 | 1,464 | 1,395 |
| Current liabilities | 1,395 | 1,275 | 1,391 |
| Total equity, provisions and liabilities | 4,090 | 3,921 | 4,066 |
| Pledged assets and contingent liabilities, MSEK | |||
| Pledged assets | - | 1 | - |
| Contingent liabilities | 261 | 249 | 258 |
| OPERATING | Revenue, MSEK | Operating profit/loss, MSEK | Operating margin, % | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AREA | 3 months ending | Full-year | 3 months ending | Full-year | 3 months ending | Full-year | ||||||
| 30 Jun 2009 |
30 Jun 2008 |
Rolling 12 months |
2008/ 2009 |
30 Jun 2009 |
30 Jun 2008 |
Rolling 12 months |
2008/ 2009 |
30 Jun 2009 |
30 Jun 2008 |
Rolling 12 months |
2008/ 2009 |
|
| GROUP | 1,991 | 2,653 | 8,663 | 9,325 | 48 | 213 | 346 | 511 | 2.4 | 8.0 | 4.0 | 5.5 |
| MARKETS | 1,339 | 1,765 | 5,828 | 6,254 | 23 | 116 | 121 | 214 | 1.7 | 6.6 | 2.1 | 3.4 |
| Of which | ||||||||||||
| Sweden3 | 528 | 824 | 2,368 | 2,664 | -28 | 39 | -68 | -1 | -5.3 | 4.7 | -2.9 | 0.0 |
| Norway3 | 412 | 448 | 1,699 | 1,735 | 25 | 40 | 101 | 116 | 6.1 | 8.9 | 5.9 | 6.7 |
| Finland3 | 206 | 281 | 944 | 1,019 | 3 | 19 | 22 | 38 | 1.5 | 6.8 | 2.3 | 3.7 |
| TOOLS | ||||||||||||
| Momentum | 200 | 223 | 845 | 868 | 20 | 21 | 85 | 86 | 10.0 | 9.4 | 10.1 | 9.9 |
| SOLUTIONS Of which |
925 | 1,203 | 4,020 | 4,298 | 28 | 103 | 239 | 314 | 3.0 | 8.6 | 5.9 | 7.3 |
| Product Co's | 907 | 1,189 | 3,964 | 4,246 | 37 | 111 | 289 | 363 | 4.1 | 9.3 | 7.3 | 8.5 |
| KEY FINANCIAL RATIOS | ||||
|---|---|---|---|---|
| 30 Jun. 2009 | 12 months ending 31 Mar. 2009 |
31 Mar. 2008 | 31 Mar. 2007 | |
| Revenue, MSEK | 8,663 | 9,325 | 9,133 | 6,823 |
| Operating profit, MSEK | 346 | 511 | 674 | 443 |
| Profit after net financial items, MSEK | 247 | 403 | 600 | 407 |
| Profit for the period, MSEK | 178 | 291 | 432 | 290 |
| Operating margin | 4.0% | 5.5% | 7.4% | 6.5% |
| Profit margin | 2.9% | 4.3% | 6.6% | 6.0% |
| Return on capital employed | 9% | 14% | 23% | 22% |
| Return on equity | 10% | 17% | 31% | 25% |
| P/WC (Profit/Working capital) | 16% | 23% | 37% | 35% |
| Financial net loan liability (closing | ||||
| balance), MSEK | 1,936 | 1,959 | 1,769 | 1,018 |
| Equity (closing balance), MSEK | 1,779 | 1,757 | 1,571 | 1,251 |
| Equity/assets ratio | 30% | 29% | 27% | 28% |
| Net debt/equity ratio | 1.09 | 1.11 | 1.13 | 0.81 |
| Number of employees at the end of | ||||
| the period | 3,056 | 3,183 | 3,315 | 2,697 |
| KEY PER-SHARE DATA | 12 months ending | |||||
|---|---|---|---|---|---|---|
| 30 Jun. 2009 | 31 Mar. 2009 | 31 Mar. 2008 | 31 Mar. 2007 | |||
| Earnings, SEK | 6.25 | 10.20 | 15.10 | 10.35 | ||
| Earnings after dilution, SEK | 6.20 | 10.20 | 15.00 | 10.25 | ||
| Cash flow, SEK | 12.85 | 13.50 | 12.90 | 15.10 | ||
| Equity, SEK | 63.05 | 62.35 | 55.60 | 44.60 | ||
| Share price, SEK | 66.25 | 44.20 | 173.50 | 214.00 |
The information in this report is such that it shall be disclosed by B&B TOOLS in accordance with the Swedish Securities Market Act, the Financial Instruments Trading Act and the requirements established in regulations for issuers. The information was disclosed on 19 August 2009 at 10:45 a.m.
3 As of 1 April 2009, the recognition of revenue and operating profit includes the company in which chain operations are conducted. (In earlier years, only the revenue and profit of the Market Companies were recognised.) The comparative data above for the 2008/2009 financial year has been adjusted accordingly.
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