Earnings Release • Feb 13, 2008
Earnings Release
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"We have completed another strong year with very good growth and profitability, despite that we are now growing from ever higher levels. I am also pleased to report a good fourth quarter in a tougher market. We will continue to focus on developing the new markets that will eventually account for a larger share of our growth," says Nils Vinberg, President of Björn Borg.
| SEK Million | Oct-Dec 2007 |
Oct-Dec 2006 |
Full-year 2007 |
Full-year 2006 |
|---|---|---|---|---|
| Brand sales* | 651 | 483 | 2,237 | 1,404 |
| Net sales | 139.8 | 108.5 | 494.9 | 324.6 |
| Gross profit margin, % | 53.8 | 52.8 | 53.6 | 50.7 |
| Operating profit | 42.3 | 35.0 | 142.1 | 81.9 |
| Operating margin, % | 30.2 | 32.2 | 28.7 | 25.2 |
| Profit after tax | 30.3 | 24.3 | 102.1 | 58.5 |
| Earnings per share, SEK** | 1.22 | 1.05 | 4.18 | 2.55 |
| Earnings per share after dilution, SEK*** | 1.22 | 1.04 | 4.17 | 2.53 |
* Estimated total sales of Björn Borg products at the consumer level, including VAT, based on reported wholesale sales.
** Earnings per share in relation to the weighted average number of shares during the period restated after the split on April 27, 2007.
*** Earnings per share adjusted for any dilution effect after the split on April 27, 2007.
Björn Borg is pleased to report significant sales and profit growth once again this year. This was despite high comparative figures and a sluggish market late in 2007. During the fourth quarter sales for comparable concept stores rose by 9 percent and by 7 percent during holiday shopping in December. I am proud of this; it strengthens our self-confidence moving forward. But we also know there are tough challenges ahead, and realize that historical growth numbers are just that, historical.
In established markets, we continue to strengthen our position. Although we even grew substantially in the fourth quarter, we do not think it is reasonable to expect the same high growth rate there in the long term. There is a natural limit to how wide distribution can be in mature markets for our largest product group, underwear. At the same time, we see interesting opportunities to grow in men's wear, which is launching strong new collections in 2008.
It is only natural that new and recently established markets will eventually account for most of the growth we anticipate. In 2007 these countries still contributed marginally to brand sales, but volumes are gradually growing. During the fourth quarter England accounted for nearly one percent of brand sales, with a positive trend reported by more retailers. We are taking further steps in Germany, and during the quarter began sales at the fashion chain Peek & Cloppenburg, among other places. What is important, of course, is not how quickly we grow but that we are in the right places.
We also see positive signs in markets that introduced the brand in 2007, and are especially proud that we are now represented at Galeries Lafayette in Paris – an important indication that the brand is attracting attention in the French market. In 2008 we have plans to enter the U.S. market taking a structured approach, with an aim to launch sales during the year.
As a whole, I would say that we have developed according to plan. At the same time, we are impatient, of course, and want more – that our new markets will give the "old" ones a good match for the growth title.
Nils Vinberg President
Estimated brand sales, i.e., sales of Björn Borg products at the consumer level, including VAT, based on reported wholesale sales, amounted to SEK 651 million (483) during the fourth quarter, an increase of 35 percent year-to-year. For the full-year 2007 estimated brand sales amounted to SEK 2,237 million (1,404), an increase of 59 percent.
Growth for the clothing product area was 39 percent during the quarter compared with the same period of the previous year. Sales in the shoes product area grew strongly during the quarter. For the full year growth was 3 percent, in line with the trend for the Swedish footwear market. The external product areas for eyewear and fragrances also noted strong growth in the fourth quarter. The fragrance product area, which launched new product lines during the year, stood out with growth of 99 percent year-to-year.
Growth was generated almost entirely in established markets, with Netherlands growing the fastest. The share of exports rose during the year from 68 percent to 75 percent.
The launch of a new website in October was the most important communication activity for Björn Borg in 2007. The site, which plays a key role in brand building and our international expansion, has received a very positive response with growing visitor figures: in January 2008 we had around 130,000 unique visitors. In the French advertising contest Méribel, bjornborg.com won gold for the best e-commerce site and the Grand Prix award for the best European website.
Webshop sales have started on a small scale, mainly in recently established markets, after we decided not to sell in established export markets and the U.S., where the goal is to begin selling online in 2008.
*Estimated total sales of Björn Borg products at the consumer level, including VAT, based on reported wholesale sales.
The Dutch franchisee opened three new concept stores during the fourth quarter. At the end of the period there were 36 (24) concept stores, of which 10 (8) are Group-owned. The Dutch franchisee plans to open another new store during the first quarter 2008.
The Group developed positively during the fourth quarter, with continued strong sales and profit growth.
Group sales during the fourth quarter amounted to SEK 139.8 million (108.5), an increase of 29 percent mainly due to continued strong sales growth in all business segments.
Group sales during the year amounted to SEK 494.9 million (324.6), an increase of 53 percent.
The gross profit margin in the fourth quarter increased to 53.8 percent (52.8). The acquisition of the trademark, though also a weaker U.S. dollar, positively affected the margin. For the fourth quarter the shoe operations reported higher export sales, which negatively affected the gross profit margin.
Operating profit amounted to SEK 42.3 million (35.0), with an operating margin of 30.2 percent (32.2). Profit before tax improved to SEK 42.7 million (34.1) during the fourth quarter. The improvement is mainly due to substantially higher sales in Sweden and internationally as well as a stronger gross profit margin.
The gross profit margin during the period increased to 53.6 percent (50.7), largely due to the acquisition of the Björn Borg trademark, though also as a result of the weak U.S. dollar.
Operating profit amounted to SEK 142.1 million (81.9), with an operating margin of 28.7 percent (25.2). Profit before tax improved to SEK 142.2 million (81.4) during the period.
Operating expenses decreased as a share of sales to 24.9 percent, against 25.5 percent in the same period of 2006.
The number of shares outstanding at the end of the period was 25,036,984. Earnings per share amounted to SEK 4.18 (2.55) for the period January-December. Earnings per share calculated after the exercise of outstanding warrants amounted to SEK 4.17 (2.53).
The Group comprises a number of companies that operate under the Björn Borg brand on every level, from product development to distribution and consumer sales in its own concept stores.
Sales in the Brand segment primarily consist of royalty revenue, sales of services within the Björn Borg network and intra-Group services.
Net sales for the year reached SEK 126.6 million (79.3), an increase of 60 percent.
Operating profit amounted to SEK 41.1 million (24.2) for the full year. Profit improved mainly as a result of the strong sales trend in the network, though also from the acquisition of the Björn Borg trademark.
The Group has global responsibility for development, design and production of clothing and shoes. A licensee for clothing operates in the Benelux market.
The segment's net sales amounted to SEK 300.7 million (204.6) during the year, an increase of 47 percent.
The main reason for the significant growth is the substantial increase in exports in the clothing product area. The Netherlands, Denmark and Norway are the markets that grew the most. Sweden also reported strong growth.
Operating profit rose to SEK 43.4 million (23.0) owing to the volume increase.
The Björn Borg Group is the exclusive distributor in the clothing product area as well as the shoe product area in the Swedish market.
Net sales in the Distribution segment rose to SEK 184.7 million (134.8) for the full year, or by 37 percent. Growth is mainly due to substantially higher sales in the clothing product area.
Operating profit rose to SEK 39.6 million (21.4), mainly due to higher sales, though also to the weak U.S. dollar.
The Björn Borg Group owns and operates eight concept stores in the Swedish market that sell clothing, shoes, bags and fragrances. Moreover, Björn Borg operates two factory outlets.
Net sales in the Retail segment amounted to SEK 60.3 million (42.3) during the year, an increase of 42 percent. The increase for comparable stores was 15 percent for the full year and 9 percent for the fourth quarter. Operating profit amounted to SEK 17.9 million (13.3).
Intra-Group sales amounted to SEK 177.4 million (136.3) during the year.
The Björn Borg Group is active in an industry with seasonal variations. Sales and earnings vary by quarter. With the current product mix, the second quarter is generally the weakest in terms of profit. See the figure on quarterly net sales and operating profit on page 3.
Cash flow from operating activities in the Group amounted to SEK 107.7 million (68.5) for the full year. The changes in working capital are mainly due to an increase in accounts receivable resulting from strong growth.
Total investments in tangible and intangible non-current assets amounted to SEK 15.5 million (194.0) for the full year, the large part of which is attributable to the construction and renovation of concept stores as well as a new headquarters in Stockholm.
Changes in financing activities are mainly due to new share issues, the dividend and the repayment of loans. The increase in cash & cash equivalents amounted to SEK 127.9 million (1.5) for the full year.
The Björn Borg Group's cash & cash equivalents (net cash balance) amounted to SEK 187.4 million (59.5) at the end of the year. In addition, the Group has unutilized bank overdraft facilities of SEK 130.0 million. The equity/assets ratio was 67.3 percent (39.6).
The agreements for the licensed product groups bags, eyewear and fragrances expire on December 31, 2010. The agreements are under renegotiation.
Due to the repayment of loans, pledged assets have decreased by the equivalent of SEK 60.2 million compared with December 31, 2006. For further information, see note 24 on page 47 of the annual report 2006.
The average number of employees in the Group for the full year was 76 (52), of whom 48 are women.
There are no significant events to report following the balance sheet date.
The Annual General Meeting of Björn Borg will be held on Thursday, April 10, 2008 at 5:00 p.m. (CET) in Stockholm. The location will be announced in the notice of the meeting.
Björn Borg AB (publ) is primarily engaged in intra-Group activities. In addition, the Company owns 100 percent of the shares in Björn Borg Brands AB and Björn Borg Footwear Holding AB.
The Parent Company's net sales for the fourth quarter 2007 amounted to SEK 22.5 million (11.0) and largely related to intra-Group activities. For the full year the Parent Company's net sales amounted to SEK 44.6 million (29.2). Profit before tax amounted to SEK 10.6 million (6.4) for the fourth quarter and SEK –5.6 million (1.2) for the full year.
Cash & cash equivalents amounted to SEK 180.3 million (36.2). For the full year investments in tangible and intangible non-current assets amounted to SEK 6.8 million (0.4) and largely related to the renovation of new office space.
In its operations, the Björn Borg Group is exposed to risks and uncertainties, which are described in the listing prospectus for the Björn Borg share on the OMX Nordic Exchange dated April 23, 2007. For further information, refer to pages 4-5 in the prospectus (available in Swedish only). No additional risk factors besides those described there have been identified.
During the period transactions were executed on market terms with the former associated company Anteros Lagerhantering AB (now a Group company) and Klockaren Fastighetsförvaltning i Varberg AB. For more detailed information, see note 11 on page 42 of the annual report 2006.
This year-end report has been prepared in accordance with the Annual Accounts Act and IAS 34. The accounting principles applied during the period are the same as in 2006, as described on pages 35–38 of the annual report 2006. The year-end report is abbreviated and does not contain all the information and disclosures in the annual report. The year-end report should therefore be read together with the annual report 2006.
It is not the Company's policy to issue earnings forecasts.
This interim report has been reviewed by the Company's auditors. Their review report can be found on page 9.
| SEK thousands | Oct-Dec 2007 |
Oct-Dec 2006 |
Full-year 2007 |
Full-year 2006 |
|---|---|---|---|---|
| Net sales | 139,795 | 108,537 | 494,886 | 324,555 |
| Cost of goods sold | -64,527 | -51,235 | -229,841 | -160,068 |
| Gross profit | 75,268 | 57,302 | 265,045 | 164,487 |
| Distribution expenses | -23,009 | -13,938 | -81,493 | -52,024 |
| Administrative expenses | -7,290 | -6,413 | -30,619 | -22,388 |
| Development expenses | -2,711 | -1,957 | -10,858 | -8,211 |
| Operating profit | 42,258 | 34,994 | 142,075 | 81,864 |
| Net financial items | 461 | -847 | 152 | -464 |
| Profit before tax | 42,719 | 34,147 | 142,227 | 81,400 |
| Tax | -12,386 | -9,852 | -40,136 | -22,915 |
| Profit for the period | 30,333 | 24,295 | 102,091 | 58,485 |
| Profit attributable to minority interests | -29 | – | -29 | – |
| Profit attributable to Parent Company's shareholders | 30,304 | 24,295 | 102,062 | 58,485 |
| Earnings per share, SEK | 1.22 | 1.05 | 4.18 | 2.55 |
| Earnings per share after dilution, SEK | 1.22 | 1.04 | 4.17 | 2.53 |
| Number of shares | 25,036,984 | 23,207,376 | 25,036,984 | 23,207,376 |
| Weighted average number of shares | 24,841,651 | 23,042,308 | 24,406,699 | 22,954,076 |
| Effect of dilution* | 86,397 | 396,016 | 83,461 | 127,524 |
| Weighted average number of shares after full dilution | 24,928,048 | 23,438,324 | 24,490,160 | 23,081,600 |
* Björn Borg has three outstanding incentive programs based on warrants in Björn Borg AB: option schemes 2005, 2006:1 and 2006:2. For more detailed information, see page 41 of the annual report 2006.
| December 31 | December 31 | |
|---|---|---|
| SEK thousands | 2007 | 2006 |
| Non-current assets | ||
| Goodwill | 13,944 | 13,944 |
| Trademarks | 187,532 | 187,532 |
| Other intangible assets | 941 | 950 |
| Tangible non-current assets | 17,817 | 6,331 |
| Financial non-current assets | – | 45 |
| Total non-current assets | 220,234 | 208,802 |
| Current assets | ||
| Inventories | 24,640 | 22,036 |
| Current receivables | 77,093 | 58,194 |
| Cash & cash equivalents | 187,423 | 59,544 |
| Total current assets | 289,156 | 139,774 |
| Total assets | 509,390 | 348,576 |
| Equity and liabilities | ||
| Equity | 342,943 | 138,054 |
| Non-current liabilities | 81,123 | 112,606 |
| Accounts payable | 23,140 | 20,691 |
| Short-term provisions | – | 2,900 |
| Other current liabilities | 62,184 | 74,325 |
| Total equity and liabilities | 509,390 | 348,576 |
The Group in summary
| Full-year | Full-year | |
|---|---|---|
| SEK thousands | 2007 | 2006 |
| Opening balance | 138,054 | 82,851 |
| Incentive programs | 22,480 | 1,804 |
| New share issue | 98,500 | 2,069 |
| Dividend | -18 ,241 | -7,155 |
| Minority interest in equity | 88 | – |
| Profit for the year | 102,062 | 58,485 |
| Closing balance | 342,943 | 138,054 |
| Oct-Dec | Oct-Dec | Full-year | Full-year | |
|---|---|---|---|---|
| SEK thousands | 2007 | 2006 | 2007 | 2006 |
| Cash flow from operating activities | ||||
| Before change in working capital | 42,099 | 37,688 | 130,311 | 83,192 |
| Change in working capital | 2,364 | -496 | -22,610 | -14,689 |
| Cash flow from operating activities | 44,463 | 37,192 | 107,701 | 68,503 |
| Cash flow from investing activities | -1,756 | -110,092 | -15,560 | -113,758 |
| Dividend | – | – | -18,241 | -7,155 |
| Incentive programs/new share issue | 9,742 | 1,649 | 120,979 | 3,874 |
| Change in loans | – | 50,000 | -67,000 | 50,000 |
| Cash flow from financing activities | 9,742 | 51,649 | 35,738 | 46,719 |
| Cash flow for the period | 52,449 | -21,251 | 127,879 | 1,464 |
| Cash & cash equivalents at beginning of period | 134,974 | 80,796 | 59,544 | 58,080 |
| Cash & cash equivalents at end of period | 187,423 | 59,544 | 187,423 | 59,544 |
| Group | ||||
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Full-year | Full-year | |
| SEK thousands | 2007 | 2006 | 2007 | 2006 |
| Gross profit margin, % | 53.8 | 52.8 | 53.6 | 50.7 |
| Operating margin, % | 30.2 | 32.2 | 28.7 | 25.2 |
| Profit margin, % | 30.6 | 31.5 | 28.7 | 25.1 |
| Return on capital employed, % | 12.3 | 19.7 | 40.9 | 48.6 |
| Return on average equity, % | 12.6 | 22.0 | 42.4 | 53.0 |
| Net profit for the period | 30,304 | 24,295 | 102,062 | 58,485 |
| Earnings per share, SEK* | 1.22 | 1.05 | 4.18 | 2.55 |
| Earnings per share after dilution, SEK** | 1.22 | 1.04 | 4.17 | 2.53 |
| Number of shares | 25,036,984 | 23,207,376 | 25,036,984 | 23,207,376 |
| Weighted average number of shares** | 24,841,651 | 23,042,308 | 24,406,699 | 22 954 076 |
| Effect of dilution | 86,397 | 396,016 | 83,461 | 127 524 |
| Weighted average number of shares after dilution | 24,928,048 | 23,438,324 | 24,490,160 | 23,081,600 |
| Equity/assets ratio, % | 67.3 | 39.6 | 67.3 | 39.6 |
| Equity per share, SEK | 13.70 | 5.95 | 13.70 | 5.95 |
| Investments in intangible assets | 0 | 187,531 | 225 | 188,531 |
| Investments in tangible assets | 1,756 | 2,877 | 15,290 | 5,542 |
| Depreciation for the period | -1,258 | -495 | -4,121 | -1,329 |
| Average number of employees | 76 | 52 | 76 | 52 |
* Earnings per share in relation to the weighted average number of shares during the period restated after the split on April 27, 2007.
** Earnings per share adjusted for any dilution effect after the split on April 27, 2007
| Group | |
|---|---|
| SEK thousands | Oct-Dec 2007 |
Oct-Dec 2006 |
Full-year 2007 |
Full-year 2006 |
|---|---|---|---|---|
| Net sales | ||||
| Brand and other | ||||
| External sales | 14,217 | 5,944 | 51,529 | 26,673 |
| Internal sales | 30,410 | 18,800 | 75,113 | 52,604 |
| 44,627 | 24,744 | 126,642 | 79,277 | |
| Product development | ||||
| External sales | 62,296 | 48,672 | 225,371 | 136,403 |
| Internal sales | 24,167 | 25,159 | 75,291 | 68,166 |
| 86,463 | 73,831 | 300,662 | 204,569 | |
| Distribution | ||||
| External sales | 44,276 | 38,595 | 157,774 | 119,216 |
| Internal sales | 7,141 | 6,320 | 26,877 | 15,574 |
| 51,417 | 44 ,915 | 184,651 | 134,790 | |
| Retail | ||||
| External sales | 19,006 | 15,326 | 60,212 | 42,263 |
| IInternal sales | 111 | – | 111 | – |
| 19,117 | 15,326 | 60,323 | 42,263 | |
| Eliminations | -61,829 | -50,279 | -177,392 | -136,344 |
| Net sales | 139,795 | 108,537 | 494,886 | 324,555 |
| Operating profit | ||||
| Brand and other | 14,276 | 12,482 | 41,145 | 24,175 |
| Product development | 9,354 | 7,616 | 43,371 | 23,006 |
| Distribution | 10,594 | 9,541 | 39,626 | 21,353 |
| Retail | 8,034 | 5,355 | 17,933 | 13,330 |
| Operating profit | 42,258 | 34,994 | 142,075 | 81,864 |
| SEK thousands | Q4 2007 |
Q3 2007 |
Q2 2007 |
Q1 2007 |
Q4 2006 |
Q3 2006 |
Q2 2006 |
Q1 2006 |
|---|---|---|---|---|---|---|---|---|
| Brand sales | 650,862 | 659,120 | 414,058 | 513,345 | 483,273 | 409,305 | 217,998 | 292,643 |
| Net sales | 139,795 | 148,597 | 87,844 | 118,650 | 108,537 | 93,442 | 43,368 | 74,209 |
| Gross profit margin, % | 53.8 | 54.6 | 55.6 | 50.4 | 52.8 | 46.9 | 56.8 | 48.3 |
| Operating profit | 42,258 | 49,238 | 19,188 | 31,390 | 34,994 | 23,991 | 7,874 | 15,005 |
| Operating margin, % | 30.2 | 33.1 | 21.8 | 26.5 | 32.2 | 25.7 | 16.3 | 20.2 |
| Profit after financial items | 42,719 | 48,920 | 19,139 | 31,448 | 34,147 | 24,010 | 8,145 | 15,098 |
| Profit margin, % | 30.6 | 32.9 | 21.8 | 26.5 | 31.5 | 25.7 | 16.8 | 20.3 |
| Earnings per share, SEK | 1.22 | 1.42 | 0.57 | 0.96 | 1.06 | 0.75 | 0.26 | 0.47 |
| Earnings per share after dilution, SEK | 1.22 | 1.41 | 0.56 | 0.94 | 1.04 | 0.74 | 0.26 | 0.47 |
| Number of concept stores at end of period | 36 | 33 | 29 | 26 | 24 | 21 | 18 | 17 |
| of which own stores | 10 | 10 | 9 | 9 | 8 | 7 | 6 | 6 |
| Oct-Dec | Oct-Dec | Full-year | Full-year |
|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 |
| 22,522 | 11,016 | 44,595 | 29,217 |
| -1,621 | -919 | -4,707 | -4,280 |
| 20,901 | 10,097 | 39,888 | 24,937 |
| -6,884 | -2,285 | -29,563 | -15,320 |
| -2,648 | -878 | -11,370 | -5,892 |
| -1,059 | -352 | -4,548 | -2,357 |
| 10,310 | 6,582 | -5,593 | 1,368 |
| 290 | -172 | 12 | -170 |
| 10,600 | 6,410 | -5,581 | 1,198 |
| -4,045 | -1,959 | 486 | -500 |
| 6,555 | 4,451 | -5,095 | 698 |
| SEK thousands | December 31 2007 |
December 31 2006 |
|---|---|---|
| Non-current assets | ||
| Tangible non-current assets | 6,460 | 465 |
| Shares in Group companies | 54,497 | 54,497 |
| Total non-current assets | 60,957 | 54,962 |
| Current assets | ||
| Receivables from Group companies | 39,913 | 115,402 |
| Current receivables | 8,766 | 1,170 |
| Cash & cash equivalents | 180,269 | 36,167 |
| Total current assets | 228,948 | 152,739 |
| Total assets | 289,905 | 207,701 |
| Equity and liabilities | ||
| Equity | 187,477 | 85,243 |
| Untaxed reserves | 7,254 | 5,955 |
| Non-current liabilities, credit institutions | – | 40,000 |
| Due to Group companies | 81,807 | 51,961 |
| Accounts payable | 5,694 | 3,885 |
| Other current liabilities | 7,673 | 20,657 |
| Total equity and liabilities | 289,905 | 207,701 |
The Group owns the Björn Borg trademark and has operations in five product areas: clothing, shoes, bags, eyewear and fragrances. Björn Borg products are sold in over ten markets, of which Sweden and the Netherlands are the largest. Operations are managed through a network of product and distribution companies that are either formally part of the Group or independent companies with licenses for product areas and geographical markets. The Björn Borg Group has operations at every level from branding to consumer sales in its own concept stores. Total sales of Björn Borg products in 2007 amounted to approximately SEK 2.2 billion at the consumer level. Group net sales amounted to SEK 495 million as per December 31, 2007, with 79 employees. Björn Borg is listed on the OMX Nordic Exchange Mid Cap list.
Gross profit margin Net sales less cost of goods sold divided by net sales.
Operating margin Operating profit as a percentage of net sales.
Profit margin Profit before tax as a percentage of net sales.
Equity/assets ratio Equity as a percentage of total assets.
Return on capital employed Profit after financial items plus financial expenses as a percentage of average capital employed.
Net profit according to the income statement as a percentage of average equity. Average equity is calculated by adding equity at January 1 to equity at December 31 and dividing by two.
Earnings per share in relation to the weighted average number of shares during the period.
Earnings per share adjusted for any dilution effect.
Estimated total sales of Björn Borg products at the consumer level, including VAT, based on reported wholesale sales.
Björn Borg AB (publ)
Stockholm, February 13, 2008
Nils Vinberg Member of the Board, President and CEO
We have reviewed the interim report for Björn Borg AB (publ) for the period January 1 – December 31, 2007. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim 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 Auditors of the Entity. A review consists of making inquiries, primarily to persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden RS and other generally accepted auditing practices in Sweden. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give 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 year-end9 report is not, in all material respects, prepared in accordance with IAS 34 and the Annual Accounts Act for the Group and in accordance with the Annual Accounts Act for the Parent Company.
Stockholm February 13, 2008 Deloitte AB
Håkan Pettersson Tommy Mårtensson Authorized Public Accountant Authorized Public Accountantr
The interim report January–March 2008 will be released on May 7, 2008. The interim report January–June 2008 will be released on August 20, 2008. The interim report January–September 2008 will be released on November 12, 2008.
Nils Vinberg, President and CEO Tel: +46 8 506 33 700 or +46 708 63 11 01 [email protected]
Björn Borg AB Götgatan 78 SE-118 30 Stockholm, Sweden www.bjornborg.com
Björn Borg is required to make public the information in this report in accordance with the Securities Market Act. The information was released for publication on February 13 at 7:30 a.m. (CET).
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