Quarterly Report • Jul 23, 2008
Quarterly Report
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ALL FIGURES IN THIS REPORT ARE IN SEK. NUMBERS IN PARENTHESIS INDICATE THE CORRESPONDING PERIOD FOR THE PREVIOUS YEAR
"During the first quarter Betsson has increased focus on customer acquisition and growth. I conclude that the investment has been successful and that we as a result of this laid down a solid foundation for future growth during the year to come. " says Pontus Lindwall, CEO and President of Betsson.
Today, Tuesday 29 April, at 08.30 CET, Betsson's President, Pontus Lindwall, will present the Interim Report for the First Quarter, 2008 at Operaterassen in Stockholm. The Report will be followed by an opportunity to ask questions. The presentation will be held in English.
For a telephone link to the Presentation, please ring: +46(0)8 5052 0270 (Sweden) or +44(0)20 8817 9301 (UK).
The Presentation will also be broadcast at 08.30 via Webcast (image, sound and PowerPoint presentation), at www.betsson.se under Financial Info alternatively www.financialhearings.com, Betsson.
A copy of the presentation will be available at www.betsson.se from 29 April.
The revenue as presented by Betsson is the result that emerges from the transactions with the end customer i.e. the customers. The gross profits (gaming profit) represent the result that emerges after the transactions with a third party i.e. gaming suppliers and payment providers.
The Gross Profits from the Group's gaming activities represent the accepted gaming wagers minus the customers winnings after deduction of gaming taxes, licence fees to the game suppliers and the net income and expenses for payment services via banks and credit cards for depositing and withdrawing the customers´ funds. Bonuses to customers and loyalty programmes do not affect the Group's gross profits.
Betsson has during Q1 further increased expansion investment in the form of additional marketing and customer offers. This strategy has proved to be a success and the company has increased gaming revenue, gross profits (gaming surplus) and the number of active customers. The company has also continued to increase the selections available for depositing and withdrawing funds which is an important requirement particularly regarding new markets.
The Group's revenue increased to SEK 227.8 million (148.1), which shows a revenue increase of 54 percent compared to the same period for the previous year. Gross profits (gaming surplus) have increased by 49 percent to SEK179.9 million (121.1). The gross profits also include costs for payment services, which have increased in alignment with the greater selection of deposit and payments methods now available.
The Group's operating income increased to SEK 56.8 million (45.5). The operating margin was 24.9 (30.7) percent. It is primarily the marketing costs which have increased due
to greater investment to attract new customers during the favourable season of the first quarter. As a result of the investments the number of active customers increased by 43 percent to 153 000. The marketing costs amounted to SEK 80.6 million (43.4). The costs include external costs for production and distribution of marketing in diverse media and cooperation agreements and affiliate- agreements. Betsson also invested within technology and technical consultants for developing and the integration of new payment solutions. The operating income has also been affected negative by currency effects of SEK 2,2 million by transfer of assets and debt in foreign currency at the closing day.
The Group's income before taxes increased to SEK 57.5 million (45.5) and income after taxes for the remaining business activity amounted to SEK 53.6 million (41.7), corresponding to SEK 1.36 (1.06) per share. In last year's report there was an additional sum of SEK11.5 million corresponding to SEK 0.29 per share, which concerned the distributed profit in Net Entertainment.
Return on equity was 8 (8) percent and for total equity 6 (7) percent. Equity capital per share amounted on the balance sheet date to SEK 17.3 (13.78).
Betsson offers, through subsidiaries, Internet gaming to end customer in the global market via gaming portal betsson.com and via the CasinoEuro.com and CherryCasino.com casino sites.
During the first quarter Betsson has opened Bingo in Norwegian, English, Turkish and Danish as well as increased the number of gaming possibilities within live betting. The company has also increased the number of casino games.
In January, Betsson gained PCI authorisation which means that the company is authorised to manage larger volumes of payments by credit cards on the Internet.
Betsson currently offers the following products:
Casino gaming is Betsson's biggest product and represented 53.7 (46.3) percent of the gross gaming surplus (gross profits), followed by Poker 25.1 (38.4) percent and Sportsbook 18.0 (14.9) percent, while Other products accounted for 3.3 (0.4) percent of the gross profits from gaming operations.
The products growth (gaming surplus) compared to the forth quarter 2007 is as follows: Casino games 35 percent, Sportsbook 71 percent and diverse products 168 percent while gross profits from Poker decreased by 6 percent despite an increase of customers. The decrease in poker can mainly be explained by currency effects.
At the end of the quarter, the number of registered customers amounted to 1 145 000, which corresponds to an increase of 15 percent compared with the previous quarter and an increase of 67 percent compared with the first quarter for the previous year.
During the quarter Betsson has among others invested in the five markets which opened by the end of 2007. These markets were France, Greece, Italy, Spain and Germany. During the quarter the intake of new depositing clients for these five markets was 20 percent higher than the average intake of clients in Norway, which is a relatively established market for Betsson.
The number of active customers increased during the quarter by 43 percent to 153 000. The increase can primarily be explained by the success of the non-Nordic markets.
An active customer is defined as a customer who has played for money during the last three months.
Betsson actively performs marketing through various media, and through result-based cooperation and partnerships to increase the number of customers. At the same time, Betsson has an active loyalty system to attract new customers.
Betsson.com is established in 16 countries, with the Nordic countries making up the most important geographical market. CasinoEuro.com is available in 16 languages and CherryCasino.com in 13 languages.
Betsson still has its strongest footing in Scandinavia, but is now growing more and more rapidly throughout the rest of Europe.
Regarding the gross profits, the Nordic countries (Sweden, Norway, Finland and Denmark) accounted for 59 (63) percent while the rest of Europe (including Turkey) accounted for 41 (37) percent. During the quarter growth in the Nordic area was 9 percent, while in the rest of Europe growth was all of 71 percent compared to the fourth quarter 2007.
During January, Betsson began operations in Peru collaborating with a local partner. Betsson sees Peru as Betsson's first step into South America.
The average number of employees during the period was 141 (96) for the Group. At the end of the period, there were 151 (106) employees, of which 102 (68) were based on Malta.
During the interim period the Group has invested SEK 16.4 million (7.5) in the operation. The major part of the investments are development of gaming platforms, integration of games and payment solutions as well as IT hardware for operating Internet games and renovation and refurbishing offices.
Betsson has during the quarter acquired its own shares in accordance with an earlier Board decision based on the AGM mandate. During the period the company has acquired a further 66 000 B shares at an average rate of SEK 59.20. The total number of shares amounted at the closing date to 310 000 B-shares acquired at an average rate of SEK 58.27. At the end of the period, the number of outstanding shares excluding repurchased shares amounted to 39 243 720, of which 5 420 000 were A-shares and 33 823 720 were B-shares.
The operations of the parent company, Betsson AB (publ), are primarily directed toward Group administration. The company provides and sells internal services to other Group member companies in the areas of finance, accounting, administration and management.
Net sales (including intra-Group items) for the reporting period amounted to SEK 2.2 million (4.6) and the income after financial items amounted to SEK -4.8 million (-0.7).
The parent company's investments in fixed assets amounted to SEK 0.5 million (0.0) during the reporting period, due primarily to refurbishment and investment in premises. Cash and cash equivalents amounted to SEK 86.7 million (25.4) at the closing date. The company has no bank loans or bank credits. During the interim period the Parent Company has acquired own shares for SEK 3.9 million (0.0).
Betsson has launched a new casino design at betsson.com as well as signing an agreement with PlayTech in order to further increase the number of game selections, mainly by adding new languages.
Sales so far for April are in line with sales during the first quarter.
Betsson is investigating the possibility of opening Shops within EU.
Betsson.com launched in Serbia on April 28. Including Serbia Betsson now reaches 16 different countries.
Otherwise, nothing worth noting has happened after the end of the interim period.
The Board suggests that the decision should be made at the Annual General Meeting 12 May to transfer SEK 197.8 million corresponding to SEK 5.00 (0.50) per share to the shareholders, of which SEK 3.50 refers to the year 2007 and SEK 1.50 is an extra payment. The transfer shall be executed through a share redemption programme. The Board's complete proposal and a description of the redemption programme is available on the company's website or at the Head Office
The Annual General Meeting of Betsson AB (publ) will take place on Monday, 12 May 2008 at 15.00 at Regeringsgatan 30-32 in Stockholm (Law Firm Delphi).
Shareholders wishing to attend the Annual General Meeting must be both registered in the register of shareholders maintained by VPC AB as per Tuesday 6 May 2008 and also notify their intention of to attend the Annual General Meeting no later than 12.00 on Friday, 9 May 2008.
Notification to attend the Annual General Meeting shall be made either in writing or to the company and sent to its address at 30- 32 Regeringsgatan, SE-111 53 Stockholm, Sweden, by telephone +46 8 506 403 00, per fax +46 8 735 57 44 or via e-mail: [email protected].
Betsson applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting.
The Parent Company applies the same standards as the Group, except that the Parent Company's accounts are drawn up in accordance with RFR 2.1 Reporting for Juridical Persons.
The accounting principles remain unchanged from the year-end accounting 2007. Further information on the Group's accounting and valuation principles can be found in note 2 of the Annual Report for 2007, which is available on the company's website or at the Head Office.
Nothing worthy of note has occurred regarding the risks and uncertainties Betsson is exposed to since the publishing of the previous report and Annual Report. For further details please refer to the Annual report for 2007.
Betsson estimates the market for Internet gaming will continue to grow rapidly. The pressure on countries within the EU to alter their legislation and to allow competition has increased strongly during 2007 and during the start of the first quarter. A number of countries have reported that they are working on a new legislation which is compatible within EU requirements. It is uncertain when such legislation will be introduced on Betsson's main markets. However, it is clear that when it happens it will give Betsson increased possibilities for marketing and presence on the market.
The confidence for Internet as a trading site increases as more people use Internet to perform their bank business, stock deals, insurance business and purchase of commodities. The increased confidence is important for Internet commerce, especially in countries where the trust for Internet commerce up to this point has been low. This development is a fundamental driving force for the development of online gaming.
An additional underlying driving force for growth is that the next generation of playing customers are going to use the internet on a larger scale than todays playing customers.
During 2007 Turkey introduced new legislation towards online gaming. The sole purpose of the law was to protect the gaming company IDDAA controlled by the
authorities. The law is a breach of the agreement between EU and Turkey according to legal experts. The purpose of the agreement is to regulate Turkey's possible entry into the EU. The Turkish law aggravates Betsson's operation on the Turkish market.
Norway has express intentions to ban online games. Betsson evaluation is that the proposed law is difficult to implement. If the law is adopted and comes into effect it would most likely affect Betsson negatively in the short term. Norway is one of Betsson's three largest markets.
The online gaming market is estimated to grow by 20 to 30 percent during 2008. Betsson has the ambition to grow faster than the market.
Betsson plans to release financial reports as stated below:
The Annual Report for 2007 is available on the company's website or at the Head Office, Stockholm.
Stockholm 29 April 2008
Pontus Lindwall Group President and CEO
This report has not been subject to a special audit by the company's auditor.
The information in this Interim Report is information which Betsson AB (publ) shall publish in accordance with the law regarding securities and /or the law of trading with financial instruments. The information was delivered for publication 29 April 2008, 07:30 CET.
For further information, please contact Pontus Lindwall, Group President and CEO, Tel 08-556 967 10, 0708-27 51 55, [email protected]
Betsson AB (publ), Regeringsgatan 30-32, 111 53 Stockholm Registered Office: Stockholm, Corporate Identity Number 556090-4251
Betsson AB's operations involve owning and managing companies which are active within gaming on the Internet. Betsson AB owns Betsson Malta Ltd which operates gaming for the end customer via the websites Betsson.com, CasinoEuro.com and CherryCasino.com. Betsson Malta Ltd offers poker, casino, card games, lottery, financial betting, bingo, games and trader. Customers are primarily from Scandinavia and the rest of Europe. Betsson AB is listed on the OMX Nordic Exchange in Stockholm, Mid Cap (BETS).
| Consolidated income statements (MSEK) | Q1 2008 |
Q1 2007 |
Full Year 2007 |
|---|---|---|---|
| Revenues | 227.8 | 148.1 | 649.0 |
| Operating expenses from gaming activities | -47.9 | -27.0 | -128.2 |
| Gross Profit | 179.9 | 121.1 | 520.8 |
| Marketing expenses | -80.6 | -43.4 | -189.1 |
| Personell expenses | -21.3 | -13.9 | -62.4 |
| Other external expenses | -25.8 | -19.3 | -91.2 |
| Capitalized development costs | 10.6 | 4.3 | 26.9 |
| Depreciation | -3.8 | -3.0 | -12.3 |
| Other operating expenses | -2.2 | -0.3 | -2.8 |
| Operating expenses | -123.1 | -75.6 | -330.9 |
| Operating income | 56.8 | 45.5 | 189.9 |
| Financial items, net | 0.7 | 0.0 | 2.8 |
| Income before tax | 57.5 | 45.5 | 192.7 |
| Tax | -3.9 | -3.8 | -13.3 |
| Income for the period from continuing operations | 53,6 | 41.7 | 179.4 |
| Income for the period from discontinued operations | - | 11.5 | 11.5 |
| Income for the period attributable to the shareholders | 53,6 | 53.2 | 190.9 |
| Earning per share, continuing operations (SEK) | 1.36 | 1.06 | 4.55 |
| Earning per share, discontinued operations (SEK) | 0.00 | 0.29 | 0.29 |
| Earning per share, total operations (SEK) | 1.36 | 1.35 | 4.84 |
| Operating margin (percent of Revenues) | 24.9 | 30.7 | 29.3 |
| Operating margin (percent of Gross Profit) | 31.6 | 37.6 | 36.5 |
| Profit margin (percent) | 25.2 | 30.7 | 29.7 |
| Average number of outstanding shares (millions) Number of outstanding shares at end of period |
39.3 | 39.6 | 39.5 |
| (millions) | 39.2 | 39.6 | 39.3 |
| Average share price (SEK) | 66.88 | 31.25 | 57.00 |
| Last paid share price (SEK) | 63.75 | 43.00 | 83.25 |
| Highest share price (SEK) | 83.75 | 44.50 | 88.00 |
| Lowest share price (SEK) | 55.25 | 21.00 | 21.00 |
| Other key rations, Group | 2008 Q1 | 2007 Q1 | Full Year 2007 |
|---|---|---|---|
| 2008-03-31 | 2007-03-31 | 2007-12-31 | |
| Number of registered shareholders | 6 206 | 3 226 | 5 952 |
| Equity per share (SEK) | 17.13 | 13.78 | 15.85 |
| Return on equity (percent) Return on total capital (percent) Return on capital employed (percent) |
8 6 9 |
8 7 9 |
32 27 35 |
| Equity/assets ratio (percent) | 71 | 80 | 74 |
| Investments, totals (MSEK) Investments, continuing operations (MSEK) |
16.4 16.4 |
12.5 7.5 |
41.1 36.1 |
| Average number of employees Number of employees at end of period |
141 151 |
96 106 |
106 136 |
| Group totals | 2005 | 2006 | 2007 | 2007 | 2007 | 2007 | 2007 | 2008 |
|---|---|---|---|---|---|---|---|---|
| Full year | Full year | Full year | Q1 | Q2 | Q3 | Q4 | Q1 | |
| Revenues | 157.1 | 293.6 | 649.0 | 148.1 | 145.5 | 165.5 | 189.7 | 227.8 |
| Gross Profit | 119.6 | 232.2 | 520.8 | 121.1 | 117.1 | 137.0 | 145.6 | 179.9 |
| Operating Income | 4.7 | 18.9 | 189.9 | 45.5 | 47.2 | 53.7 | 43.5 | 56.8 |
| Gross Margin (percent of Revenues) | 76.1 | 79.1 | 80.2 | 81.8 | 80.5 | 82.8 | 76.8 | 79.0 |
| Operating Margin (percent of Revenues) | 3.0 | 6.4 | 29.3 | 30.7 | 32.4 | 32.4 | 22.9 | 24.9 |
| Operating Margin (percent of Gross Profit) | 3.9 | 8.1 | 36.5 | 37.5 | 40.3 | 39.2 | 29.9 | 31.6 |
| Yearly / Quarterly top-line growth (%) Growth compared to same quarter last year |
87 | 121 | 39 | -2 | 14 | 15 | 20 | |
| (%) | 35 | 54 | 49 | 77 | 54 | |||
| Registered Clients | 445 500 | 543 600 | 996 200 | 686 000 774 200 869 300 996 200 | 1 145 300 | |||
| Yearly / Quarterly growth (%) | 22 | 83 | 26 | 13 | 12 | 15 | 15 | |
| Growth compared to same quarter last year (% |
35 | 41 | 35 | 83 | 67 | |||
| Active Clients | 44 300 | 92 600 | 107 000 | 125 200 | 94 500 | 90 800 107 000 | 153 200 | |
| Yearly / Quarterly growth (%) Growth compared to same quarter last year |
109 | 16 | 35 | -25 | -4 | 18 | 43 | |
| (% | 19 | 57 | 43 | 16 | 22 | |||
| Activity Rate, Active/Registered clients (%) | 10 | 17 | 11 | 18 | 12 | 10 | 11 | 13 |
| Gross Profit by geographical area | 2005 | 2006 | 2007 | 2007 | 2007 | 2007 | 2007 | 2008 |
| MSEK | Full year | Full year | Full year | Q1 | Q2 | Q3 | Q4 | Q1 |
| Nordic Countries | 82.9 | 158.0 | 351.4 | 75.2 | 76.8 | 101.8 | 97.6 | 106.0 |
| Others Europe | 23.6 | 62.9 | 155.6 | 44.3 | 34.3 | 34.0 | 43.0 | 73.6 |
| Rest of the world | 9.2 | 6.1 | 1.5 | 0.4 | 0.4 | 0.3 | 0.4 | 0.3 |
| Total gaming activities | 115.7 | 227.0 | 508.5 | 119.9 | 111.5 | 136.1 | 141.0 | 179.9 |
| Others, adjustments | 3.9 | 5.2 | 12.3 | 1.2 | 5.6 | 0.9 | 4.6 | 0.0 |
| Group totals | 119.6 | 232.2 | 520.8 | 121.1 | 117.1 | 137.0 | 145.6 | 179.9 |
| Share of total gaming activities (%) | ||||||||
| Nordic Countries | 71.7 | 69.6 | 69.1 | 62.7 | 68.9 | 74.8 | 69.2 | 58.9 |
| Others Europe | 20.4 | 27.7 | 30.6 | 36.9 | 30.8 | 25.0 | 30.5 | 40.9 |
| Rest of the world | 8.0 | 2.7 | 0.3 | 0.3 | 0.4 | 0.2 | 0.3 | 0.2 |
| Yearly / Quarterly Growth (%) | ||||||||
| Nordic Countries Others Europe |
91 167 |
122 147 |
2 -23 |
33 -1 |
-4 26 |
9 71 |
||
| Rest of the world | -34 | -75 | 0 | -25 | 33 | -25 | ||
| Total all countries | 96 | 124 | -7 | 22 | 4 | 28 | ||
| Gross Profit by Products | 2005 | 2006 | 2007 | 2007 | 2007 | 2007 | 2007 | 2008 |
| MSEK | Full year | Full year | Full year | Q1 | Q2 | Q3 | Q4 | Q1 |
| Casino Poker |
70.1 44.4 |
126.8 83.1 |
254.2 193.0 |
55.5 46.0 |
55.2 47.2 |
71.7 51.7 |
71.8 48.1 |
96.6 45.1 |
| Sportsbook | 0.0 | 14.6 | 56.8 | 17.9 | 8.7 | 11.3 | 18.9 | 32.3 |
| Other products | 1.1 | 2.5 | 4.5 | 0.5 | 0.4 | 1.4 | 2.2 | 5.9 |
| Total gaming activities | 115.6 | 227.0 | 508.5 | 119.9 | 111.5 | 136.1 | 141.0 | 179.9 |
| Others, adjustments | 3.9 | 5.2 | 12.3 | 1.2 | 5.6 | 0.9 | 4.6 | 0.0 |
Share of total gaming activities (%))
Group totals 119.5 232.2 520.8 121.1 117.1 137.0 145.6 179.9
Casino 60.6 55.9 50.0 46.3 49.5 52.7 50.9 53.7
| Poker | 38.4 | 36.6 | 38.0 | 38.4 | 42.3 | 38.0 | 34.1 | 25.1 |
|---|---|---|---|---|---|---|---|---|
| Sportsbook | 0.0 | 6.4 | 11.2 | 14.9 | 7.8 | 8.3 | 13.4 | 18.0 |
| Other products | 1.0 | 1.1 | 0.9 | 0.4 | 0.4 | 1.0 | 1.6 | 3.3 |
| Yearly / Quarterly Growth (%) | ||||||||
| Casino | 81 | 100 | -1 | 30 | 0 | 35 | ||
| Poker | 87 | 132 | 3 | 10 | -7 | -6 | ||
| Sportsbook | - | 289 | -51 | 30 | 67 | 71 | ||
| Other products | 127 | 80 | -20 | 250 | 57 | 168 | ||
| Total all products | 96 | 124 | -7 | 22 | 4 | 28 | ||
| Consolidated balance sheet (MSEK | 2008-03-31 | 2007-03-31 | 2007-12-31 |
|---|---|---|---|
| Intangible assets | 411.4 | 407.4 | 402.1 |
| Tangible fixed assets | 15.6 | 12.2 | 12.3 |
| Other long-term receivables | 1.5 | 0.7 | 0.3 |
| Deferred tax receivables | 1.0 | 0.1 | 1.0 |
| Total non-current assets | 429.5 | 420.4 | 415.7 |
| Current receivables | 238.2 | 135.3 | 195.2 |
| Cash and liquid assets | 275.1 | 122.1 | 232.7 |
| Total current assets | 513.3 | 257.4 | 427.9 |
| Total assets | 942.8 | 677.8 | 843.6 |
| Equity | 672.8 | 545.3 | 623.5 |
| Deferred tax liabilities | 0.2 | 0.9 | 0.2 |
| Total non-current liabilities | 0.2 | 0.9 | 0.2 |
| Current interest bearing liabilities | 0.0 | 0.0 | 0.0 |
| Other current liabilities | 269.8 | 131.6 | 219.9 |
| Total current liabilities | 269.8 | 131.6 | 219.9 |
| Total equity and liabilities | 942.8 | 677.8 | 843.6 |
| Consolidated cash flow statements (MSEK) | Q1 | Q1 | Full Year |
| 2008 | 2007 | 2007 | |
|---|---|---|---|
| Income after financial items (including discontinued | |||
| operations) | 57,5 | 58.1 | 205.3 |
| Adjustments for non-cash items | 6.8 | 4.9 | 16.1 |
| Taxes paid | -1.6 | -7.6 | -8.6 |
| Cash flows from operating activities | |||
| before changes in working capital | 62.7 | 55.4 | 212.8 |
| Changes in working capital | 4.6 | -0.9 | 18.7 |
| Cash flows from operating activities | 67.3 | 54.5 | 231.5 |
| Investments | -16.4 | -12.5 | -41.1 |
| Change in long-term receivables | -1.2 | 0.1 | 0.4 |
| Sale of shares and fixed assets | - | 3.0 | 0.1 |
| Cash flows from investing activities | -17.6 | -9.4 | -40.6 |
| Dividend | - | - | -19.8 |
| Acquisition of own shares | -3.9 | - | -14.2 |
| Distribution of subsidiary to shareholders | - | - | -1.5 |
| Costs of distribution of subsidiary | - | -2.2 | -2.4 |
| Cash flows from financing activities | -3.9 | -2.2 | -37.9 |
| Changes to cash and liquid assets | 45.8 | 42.9 | 153.0 |
| Cash and liquid assets at beginning of period | 232.7 | 77.2 | 77.2 |
| Exchange rate differences | -3.4 | 2.0 | 2.5 |
| Cash and liquid assets at end of period | 275.1 | 122.1 | 232.7 |
| Of which cash flows regarding | |||
| discontinued operations | |||
| Operating activities | - | -7.8 | -7.8 |
| Investing activities | - | -3.9 | -3.9 |
|---|---|---|---|
| Financing activities | - | - | - |
| Total discontinued operations | - | -11.7 | -11.7 |
| Change in Group equity (MSEK) | Q1 | Q1 | Full Year |
|---|---|---|---|
| 2008 | 2007 | 2007 | |
| Opening balance | 623.5 | 491.3 | 491.3 |
| Translation differences | -0.4 | 3.0 | 5.3 |
| Total change directly in equity, excluding transactions | |||
| against company owners | -0,4 | 3.0 | 5.3 |
| Income for the period | 53.6 | 53.2 | 190.9 |
| Total change, excluding transactions | |||
| against company owners | 53.2 | 56.2 | 196.2 |
| Dividend | - | - | -19.7 |
| Distribution of shares in subsidiaries | - | - | -27.7 |
| Cost of distribution of subsidiary | - | -2.2 | -2.4 |
| Acquisition of own shares | -3.9 | - | -14.2 |
| Equity at end of period | 672.8 | 545.3 | 623.5 |
| Attributable to: | |||
| Parent company's shareholders | 672.4 | 544.9 | 618.4 |
| Minority Interest | 0.4 | 0.4 | 0.4 |
| Total equity | 672.8 | 545.3 | 618.8 |
| Parent Company | Q1 | Q1 | Full Year |
|---|---|---|---|
| Income Statement (MSEK) | 2008 | 2007 | 2007 |
| Intäkter Rörelsens kostnader |
2.2 -7.6 |
4.6 -5.4 |
13.3 -21.8 |
| Rörelseresultat | -5.4 | -0.8 | -8.5 |
| Finansiella poster | 0.6 | 0.1 | 137.1 |
| Resultat efter finansiella poster | -4.8 | -0.7 | 128.6 |
| Bokslutsdispositioner | - | - | -0.4 |
| Resultat före skatt | -4.8 | -0.7 | 128.2 |
| Skatt | 1.3 | 0.2 | 1.2 |
| Periodens resultat | -3.5 | -0.5 | 129.4 |
| Parent Company Balance sheet (MSEK) |
2008-03-31 | 2007-03-31 | 2007-12-31 |
|---|---|---|---|
| Tangible fixed assets Financial assets Total non-current assets |
3.4 588.7 592.1 |
0.3 591.7 592.0 |
2.9 587.4 590.3 |
| Current receivables Cash and liquid assets Total current assets |
181.4 86.7 268.1 |
114.8 25.4 140.2 |
163.2 76.3 239.5 |
| Total assets | 860.2 | 732.2 | 829.8 |
| Restricted equity Unrestricted equity Total equity |
585.6 208.6 794.2 |
585.6 118.9 704.5 |
585.6 216.0 801.6 |
| Untaxed reserves | 0.4 | 0.0 | 0.4 |
| Current liabilities | 65.6 | 27.7 | 27.8 |
| Total equity and liabilities | 860.2 | 732.2 | 829.8 |
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