Quarterly Report • Feb 13, 2014
Quarterly Report
Open in ViewerOpens in native device viewer
The rights issue last summer helped to substantially strengthen the Group's financial position," says Bong's President and CEO Anders Davidsson. "The first positive effects from launched cost-cutting measures were visible already in the fourth quarter, in which operating expenses were clearly lower than previous year. We are now continuing to roll out our new comprehensive restructuring programme at a rapid pace.
Bong is a leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the Propac packaging concept and Russia. The Group has annual sales of approximately SEK 2.5 billion and about 2,000 employees in 15 countries. Bong has strong market positions in the majority of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap.
The European envelope market rapidly declined in 2013. Electronic substitution and the weak economy in Europe had a negative impact on demand. According to trade association FEPE, volumes dropped by about 12 per cent during the first three quarters of 2013 compared with the corresponding period in 2012, and Bong's assessment is that the trend continued in the fourth quarter. In Russia, the envelope market weakened especially during the second half year because of a slowdown in the economy and greater savings requirements for public authorities and companies.
At the same time, consolidation and capacity adjustment in the industry continued. Papyrus sold its envelope manufacturing operation in Germany to Mayer during the second quarter. The factory has now closed and production has moved to other manufacturing units in the Mayer Group. Papyrus' share of the German market before the sale to Mayer is estimated at 7-8 per cent. In addition, in late 2013 Hamburg-based Hanse Kuvert, with a market share in Germany of about 5 per cent, announced that it had declared bankruptcy and production would cease. Moreover, a few small and medium-sized manufacturers in Spain, England and Italy have discontinued operations during the year. In early 2014 Spanish Printeos (formerly Tompla) announced that it had sold its British business, with sales of more than GBP 10 million, to Encore, the largest independent envelope company in the UK. In addition to these structural changes, all key players in Europe are working on adjusting costs and capacity.
The specialty packaging market, where Bong is active with its Propac range, is much bigger than the envelope market. The market is also much more fragmented. Market statistics for the niches where Bong is active are lacking or difficult to obtain. In Bong's assessment, demand for packages used in sectors including e-commerce, mail order and retail is still growing and strong growth potential is expected over time. In the short run, however, the weak economy also impacts demand for Propac.
Consolidated sales for the period reached SEK 2,563 million (2,946). The main reason for the drop in sales is the downturn in the envelope market, which resulted in both lower volumes and price pressures and had a negative impact on Bong's gross earnings. In addition, exchange rate fluctuations had an impact on sales of SEK -42 million during the period compared with 2012.
Bong's total Propac sales amounted to SEK 417 million (486). Sales are lower compared with 2012 mainly because Bong chose to phase out certain unprofitable dealerships, as well as the decline in the sales of gift bags due to lower activity in the retail sector. Sales of Christmas gift bags were clearly lower than 2012 and other kinds of orders were postponed to the first quarter of 2014. Exchange rate fluctuations also had an impact on Propac sales of SEK -7 million compared with the corresponding period in 2012.
Operating earnings were SEK -109 million (15), including costs of SEK -69 million (-57) for a restructuring programme launched partly in the
spring and partly in the fourth quarter of 2013. The structural measures from spring 2013 proceeded according to plan, with full impact in the fourth quarter of 2013. The new comprehensive restructuring programme that was launched in the fourth quarter of 2013 is expected to have an impact primarily during the second half of 2014 (for details, please see separate paragraph "New Action Plan..." below).
After valuation of goodwill it was decided during the year to write down SEK 15 million, partly as a result of restructuring of the British corporate structure and partly as a result of annual impairment testing of consolidated goodwill in the balance sheet.
During the corresponding period in 2012 a building in France was sold with capital gains of SEK 17 million.
Net financial items during the quarter totalled SEK -67 million (-71), earnings before tax were SEK -176 million (-56) and reported earnings after tax were SEK -141 million (-55). Tax expense for the period was affected by approximately SEK -15 million because Holdham's ownership interest in Bong AB after the issue increased to 33.7 per cent, which according to German tax law reduced Bong's deferred tax asset in Germany accordingly.
Consolidated sales for the fourth quarter were SEK 664 million (762). Bong's total Propac sales amounted to SEK 118 million (151). The decline in Propac sales in the fourth quarter was primarily due to lower sales of gift bags to retailers, missed Christmas campaigns etc., and postponed orders to the first quarter of 2014.
Operating earnings were SEK -14 million (-22), including non-recurring cost for restructuring programme of SEK -9 million (-17) and goodwill impairment write down of SEK -12 (0). Costs for purchasing, production, sales and administration all dropped substantially compared with the corresponding period in 2012, causing a substantial improvement in financial performance year on year, despite clearly lower sales.
Net financial items for the quarter totalled SEK -19 million (-19) including currency movements that had a negative impact of about SEK -3 million, while interest expense decreased correspondingly as a result of lower debt after the new rights issue.
Earnings before tax were SEK -32 million (-42) and reported earnings after tax were SEK -18 million (-44).
In the fourth quarter cash flow after investing activities was positive and amounted to SEK 14 million (54). Cash flow after investing activities for the period January-December was SEK -91 million (-37). Payments for the ongoing restructuring programme had a negative impact on cash flow for the year of SEK -66 million (-55). Investments and acquisitions affected cash flow with a net of SEK -28 million (-36).
Cash and cash equivalents at 31 December 2013 amounted to SEK 82 million (112 at 31 December 2012). The Group had unutilised credit facilities
of SEK 60 million on the same date. Total available cash and cash equivalents amounted to SEK 142 million.
The successfully completed rights issue in the third quarter of 2013 decisively strengthened the Group's financial position. Equity increased, net interest-bearing debt decreased and the equity ratio significantly improved as a result.
Consolidated equity at 31 December 2013 was SEK 522 million (SEK 372 million at 31 December 2012). Translation of the net asset value of foreign subsidiaries to Swedish krona and changes in the fair value of derivative instruments increased consolidated equity by SEK 4 million. Interest-bearing net loan debt declined by SEK 203 million to SEK 802 million (1,005 at 31 December 2012) during the period. Translation of net loans in foreign currency to Swedish kronor increased the Group's net loan debt by SEK 3 million.
The Extraordinary General Meeting on 17 July 2013 resolved to increase the Company's capital by issuing new shares at a value of about SEK 126 million as well as the issuance of a five-year convertible loan of about SEK 75 million, which together would provide the Company with about SEK 200 million in new capital. The meeting also resolved on set-off issues in which Bong's single largest shareholder, Holdham, would settle shareholder loans of about SEK 100 million against new shares in Bong, and the company's two largest lending banks would settle loans of SEK 50 million against new shares.
The above issues were completed during the third quarter and had a positive impact on equity of SEK 290 million as follows:
Rights issue SEK +126 million
Set-off issues (Holdham and banks) SEK +150 million - Convertible loan (option value according to IFRS) SEK +14 million Issue expenses amounted to a total of SEK 16 million, which has had a negative effect on equity during the third quarter.
As a result of the rights issues, the total number of shares increased to 156,659,604 (183,932,331 after full conversion of the convertible loan).
Consolidated share capital increased by SEK 60 million from SEK 175 million to 235 million. Nominal value per share changed from SEK 10 to SEK 1.50.
Bong reached an agreement in connection with the rights issue on longterm bank financing with its two largest banks. The financing consists of a three-year facility of SEK 350 million, and two five-year facilities totalling SEK 140 and SEK 100 million, respectively.
In 2013, Bong's main focus has been on strengthening its financial position. The Company has successfully achieved this objective through the rights issue, a new long-term banking agreement and a new five-year convertible loan. With this stronger financial position the Company is now better equipped to implement the changes necessary to improve profitability and create growth in selected areas, such as special packaging. Financial items are also expected to improve by SEK 15 million a year as a result of the lower debt.
In 2014 and 2015 the top priority will be to reverse the Company's performance back to profitability. From 2015 onwards, the focus will gradually shift to accelerating growth within the Group's two strategic growth areas of specialty packaging (Propac), and Russia and Eastern Europe.
To return to profitability as soon as possible Bong has formulated a new action plan to achieve a rapid and significant improvement in performance in 2014 and 2015.
The plan has three main components:
Overall, the savings measures will result in lower fixed costs of SEK 150-200 million on an annual basis. Non-recurring restructuring costs to achieve these savings are expected to reach SEK 150-200 million. Most of the costs are expected to be incurred in 2014, but measures launched in December 2013 were carried as an expense in December.
The goal is to achieve an operating profit (EBIT) before restructuring costs in 2014.
The average number of employees during the period was 2,051 (2,271). The number of employees at 31 December 2013 was 1,961 (2,218). Bong continually works on improving productivity and adjusting staffing to meet current demand and the reduction is the result of the implemented restructuring programme.
The Parent Company's business extends to management of operating subsidiaries and some Group management functions. Net sales were SEK 21 million (38) and earnings before tax for the period were SEK -28 million (3).
Business risks for the Bong Group are primarily related to market development and various types of financial risks. For further information, please refer to Bong's annual report and website bong.com.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. Application was consistent with the accounting principles outlined in the 2012 annual report and the interim report should be read along with those principles. Please refer to Bong's 2012 annual report for a specification of the new amendments, interpretations
and standards that took effect 1 January 2013, other than what is stated below.
IAS 19 "Employee benefits", amendment. This amendment entails the discontinuation of the corridor approach, that all actuarial gains and losses are now recognised in Other comprehensive income as they arise and that past service cost will be recognised on an ongoing basis. According to the new standard, instead of interest expenses and expected return on plan assets, financial income/expense will be recognised net by applying a discounting rate equivalent to that used to discount the pension liability, to the Group's net debt. Costs for the year's pension vesting and financial income/expenses are recognised net in profit or loss. The amended standard came into force on January 1, 2013 with retroactive application.
The transition effects on the balance sheet, shareholders' equity, income statement and Other comprehensive income for the 2012 comparative year are as follows:
Shareholders' equity at 1 January 2012 was negatively impacted by SEK 35 million net after tax as a result of the recognition of unrealised actuarial losses and taking into account special employer's contributions and an increase in deferred tax assets. Accordingly, this entailed an increase of SEK 48 million in pension provisions and an increase in deferred tax assets of about SEK 13 million.
Net income for financial year 2012 was also restated in accordance with the new principles, which entailed a negative impact of a total of about SEK 1 million after tax. The amended standard also had a negative impact on operating result for financial year 2012 of SEK 1 million, which entails a marginally positive impact on tax expense. The effect is spread evenly over the year. The amended standard had a negative impact on earnings per share of 5 öre for financial year 2012 and 1 öre per share for the January-March 2012 reporting period.
The impact on Other comprehensive income for 2012 was positive with a total of about SEK 4 million net after tax attributable to actuarial gains that arose during the period. The revaluation result is also distributed evenly throughout the year. The total negative effect on shareholders' equity at 31 December 2012 was about SEK 35 million. Accordingly, at the end of 2012 the new policy resulted in an increase of SEK 48 million in pension provisions and of SEK 14 million in deferred tax assets, compared with earlier policies.
Bong's current priority continues to be to reduce debt and improve profitability. Therefore, the Board proposes that no dividend be paid for 2013. No dividend was paid for 2012.
The Annual General Meeting will be held on 21 May 2014 at 4:00 p.m. in Bong's premises at Uddevägen 3 in Kristianstad. The January-March 2014 interim report will be published in connection with the AGM. The annual report will be available no later than 30 April 2014.
Malmö 13 February 2014
Anders Davidsson President and Chief Executive Officer
We have reviewed this report for the period 1 January 2013 to 31 December 2013 for Bong AB (publ). The Board of Directors and the President are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information based on our review.
We conducted our review in accordance with the Standard on Review Engagements (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing (ISA) and other generally accepted auditing standards. The procedures performed in a review consequently do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company.
Malmö 13 February 2014 PricewaterhouseCoopers AB
Authorised Public Accountant Authorised Public Accountant
The report will be presented at a teleconference at 10:00 AM on 13 February. The telephone number to the teleconference is +46 (0)8 5052 0110. Slides for the teleconference will be available on our website www.bong.com in connection to that this report is published.
Anders Davidsson, President and CEO, Bong AB +46 (0) 44–20 70 00 (main exchange), +46 (0) 44–20 70 80 (direct line), +46 (0) 70–545 70 80 (mobile)
• Interim Report January-March 2014, 21 May 2014
| INCOME STATEMENT IN SUMMARY | Oct–Dec | Oct-Dec | Jan-Dec | Jan–Dec |
|---|---|---|---|---|
| SEK M | 2013 | 2012 | 2013 | 2012 |
| 3 month | 3 month | 12 month | 12 month | |
| Revenue | 664.2 | 762.3 | 2,563.5 | 2,945.9 |
| Cost of goods sold | -533.1 | -637.3 | -2,118.7 | -2,399.6 |
| Bruttoresultat | 131.1 | 125.0 | 444.8 | 546.3 |
| Selling expenses | -68.1 | -72.3 | -262.1 | -264.8 |
| Administrative expenses | -58.3 | -62.9 | -224.9 | -238.7 |
| Other operating income and expenses 1 ) |
-18.4 | -12.2 | -67.2 | -28.1 |
| Operating profit | -13.7 | -22.3 | -109.5 | 14.8 |
| Net financial items | -18.7 | -19.4 | -66.7 | -71.3 |
| Result before tax | -32.4 | -41.7 | -176.2 | -56.4 |
| Income tax | 14.1 | -2.3 | 35.5 | 1.1 |
| Net result for the year | -18.2 | -44.0 | -140.6 | -55.3 |
| 1) Whereof write down of goodwill Jan - Dec SEK 15.1 million and Oct - Dec SEK 11.6 million | ||||
| Total comprehensive income attributable to: | ||||
| Share holders in Parent Company | -18.2 | -44.7 | -140.6 | -56.0 |
| Non-controlling interests | 0.0 | 0.7 | 0.0 | 0.7 |
| Basic earnings per share | -0.12 | -2.54 | -2.20 | -3.20 |
| Diluted earnings per share | -0.12 | -2.54 | -2.20 | -3.20 |
| Average number of shares, basic | 156,659,604 | 17,480,995 | 63,873,865 | 17,480,995 |
| Average number of shares, diluted | 183,932,331 | 18,727,855 | 73,796,014 | 18,727,855 |
| STATEMENT OF COMPREHENSIVE INCOME | Oct-Dec | Oct-Dec | Jan-Dec | Jan–Dec |
| SEK M | 2013 | 2012 | 2013 | 2012 |
| Net result for the year | -18.2 | -44.0 | -140.6 | -55.3 |
| Other comprehensive income | ||||
| Items that will not be reclassified to profit or loss: | ||||
| Actuarial loss on post employment benefit obligations | 15.2 | 1.3 | 15.2 | 5.4 |
| 15.2 | 1.3 | 15.2 | 5.4 | |
| Items that may be reclassified subsequently to profit or loss: | ||||
| Cash flow hedges 1 ) |
-0.4 | 0.7 | 2.6 | 2.1 |
| Hedging of net investments | -6.1 | -17.6 | -24.2 | 36.5 |
| Exchange rate differences | 13.1 | 28.3 | 21.9 | -50.6 |
| Income tax relating to components of other comprehensive | ||||
| income | 7.0 | 5.6 | 4.0 | -9.8 |
| 13.6 | 17.1 | 4.2 | -21.9 | |
| Other comprehensive income for the period, net of tax | 28.8 | 18.4 | 19.4 | -16.5 |
Cont.
| Cont'd. Statement of comprehensive income | Oct-Dec | Oct-Dec | Jan-Dec | Jan–Dec |
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| TOTAL COMPREHENSIVE INCOME | 10.6 | -25.6 | -121.2 | -71.8 |
| Total comprehensive income attributable to: | ||||
| Share holders in Parent Company | 10.6 | -26.3 | -121.2 | -72.5 |
| Non-controlling interests | 0.0 | 0.7 | 0.0 | 0.7 |
| 1) Cash flow hedges | Oct-Dec | Oct-Dec | Jan-Dec | Jan–Dec |
| 2013 | 2012 | 2013 | 2012 | |
| Interest rate swaps - cash flow hedges | 0.2 | 0.4 | 2.8 | 1.6 |
| Currency forwards - cash flow hedges | -0.6 | 0.4 | -0.3 | 0.5 |
| Total cash flow hedges | -0.4 | 0.7 | 2.6 | 2.1 |
| CONSOLIDATED BALANCE SHEETS IN SUMMARY | 31 Dec | 31 Dec |
|---|---|---|
| SEK M | 2013 | 2012 |
| Assets | ||
| Intangible assets 1 ) |
576.4 | 576.1 |
| Tangible assets | 445.4 | 511.4 |
| Financial assets | 193.5 | 133.9 |
| Inventories | 263.9 | 312.0 |
| Current receivables | 468.5 | 505.0 |
| Cash and cash equivalents | 81.6 | 112.3 |
| Total assets | 2,029.5 | 2,150.6 |
| Equity and liabilities | ||
| Equity 2 ) |
521.8 | 371.5 |
| Non-current liabilities 3 ) |
731.9 | 975.2 |
| Current liabilities 4 ), 5 ) |
775.7 | 803.9 |
| Total equity and liabilities | 2,029.5 | 2,150.6 |
| 1) Of which goodwill | 533.2 | 539.8 |
| 2) Of which non-controlling interests | -0.4 | -12.0 |
| 3) Of which interest-bearing | 694.2 | 946.9 |
| 4) Of which interest-bearing | 189.8 | 170.0 |
| 5) Financial assets and liabilities at fair value |
The table shows the Group's financial assets and liabilities in the form of derivatives measured at fair value. All financial derivatives measured at fair value are in Category 2.
These include interest rate swaps and foreign exchange contracts and the valuation is based on the forward interest rates derived from observable yield curves.
| 2013-12-31 | Assets | Liabilities |
|---|---|---|
| Interest rate swaps - cash flow hedges | 0.0 | 1.9 |
| Currency forwards - cash flow hedges | 0.5 | 0.3 |
| Currency forwards - held for trading | 0.0 | 1.7 |
| Total | 0.5 | 3.9* |
| 2012-12-31 | Assets | Liabilities |
| Interest rate swaps - cash flow hedges | 0.0 | 4.7 |
| Currency forwards - cash flow hedges | 1.1 | 0.7 |
| Currency forwards - held for trading | 0.1 | 1.0 |
| Total | 1.2 | 6.4* |
* For the above contracts, the following amounts are found in the hedge reserve under Total comprehensive income; interest rate swaps – cash flow hedges SEK -1.9 million (-4.7), currency forwards - cash flow hedges SEK 0.2 million (0.5).
Fair value of the following financial assets and liabilities is estimated to be equal to book value:
Leverantörsskulder och övriga skulder
Trade payables and other liabilities
The Group does not apply net recognition for any of its other significant assets and liabilities and has no netting agreements with financial counterparties.
| SEK M | 4/2013 | 3/2013 | 2/2013 | 1/2013 | 4/2012 | 3/2012 | 2/2012 | 1/2012 | 4/2011 | 3/2011 | 2/2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenue | 664.2 | 594.6 | 627.9 | 676.8 | 762.3 | 655.6 | 711.7 | 816.3 | 849.7 | 751.2 | 747.3 |
| Operating expenses | -677.9 | -622.9 | -648.1 | -724.0 | -784.7 | -629.6 | -730.7 | -786.1 | -866.8 | -736.3 | -731.1 |
| Operating profit | -13.7 | -28.3 | -20.3 | -47.2 | -22.3 | 26.0 | -19.1 | 30.3 | -17.1 | 14.9 | 16.3 |
| Net financial items | -18.7 | -15.0 | -16.7 | -16.3 | -19.4 | -17.4 | -17.3 | -17.2 | -17.4 | -13.8 | -17.8 |
| Profit before tax | -32.4 | -43.3 | -37.0 | -63.5 | -41.7 | 8.7 | -36.4 | 13.1 | -34.5 | 1.1 | -1.6 |
| CHANGES IN CONSOLIDATED EQUITY. GROUP | Jan-Dec | Jan–Dec | |
|---|---|---|---|
| SEK M | 2013 | 2012 | |
| Opening balance for the period | 371.5 | 495.9 | |
| New issue | 275.5 | - | |
| Convertible loan | 13.8 | - | |
| Issue costs | -16.0 | - | |
| Dividends paid | - | -0.4 | |
| Non-controlling interests | -1.7 | -13.6 | |
| Actuarial loss on post employment benefit | |||
| obligations | - | -38.6 | |
| Total comprehensive income | -121.2 | -71.8 | |
| Closing balance for the period | 521.8 | 371.5 |
| CONSOLIDATED CASH FLOW STATEMENTS | Oct-Dec | Oct-Dec | Jan-Dec | Jan–Dec |
|---|---|---|---|---|
| SEK M | 2013 | 2012 | 013 | 2012 |
| Operating activities | ||||
| Operating profit | -13.7 | -22.3 | -109.5 | 14.8 |
| Depreciation amortisation and impairment | 34.0 | 27.6 | 106.7 | 102.1 |
| Financial items | -18.7 | -19.4 | -66.7 | -71.3 |
| Tax paid | 0.0 | -4.0 | -7.1 | -22.4 |
| Other non-cash items | -14.8 | 20.3 | -1.5 | -23.8 |
| Cash flow from operating activities before | ||||
| changes in working capital | -13.2 | 2.2 | -78.1 | -0.6 |
| Changes in working capital | 35.3 | 63.8 | 15.0 | -1.1 |
| Cash flow from operating activities | 22.2 | 66.0 | -63.1 | -1.7 |
| Cash flow from investing activities | -8.4 | -11.8 | -27.8 | -35.8 |
| Cash flow after investing activities | 13.8 | 54.1 | -90.9 | -37.5 |
| Cash flow from financing activities | 9.9 | -16.4 | 59.8 | 0.0 |
| Cash flow for the period | 23.7 | 37.7 | -31.2 | -37.5 |
| Cash and cash equivalents at beginning | ||||
| of period | 56.8 | 74.9 | 112.3 | 151.4 |
| Exchange rate difference in cash and cash | ||||
| equivalents | 1.2 | -0.4 | 0.4 | -1.6 |
| Cash and cash equivalents at end of period | 81.6 | 112.3 | 81.6 | 112.3 |
| KEY RATIOS | Jan-Dec 2013 |
Jan–Dec 2012 |
|---|---|---|
| Operating profit % | -4.3 | 0.5 |
| Profit margin % | -6.9 | -1.9 |
| Return on equity % | neg | neg |
| Return on capital employed % | neg | 1.0 |
| Equity/assets ratio % | 25.7 | 17.3 |
| Gearing ratio times | 1.54 | 2.70 |
| Net loan debt/EBITDA | neg | 8.59 |
| Capital employed SEK M | 1,405.8 | 1,488.4 |
| Interest-bearing net loan debt SEK M | 802.3 | 1,004.6 |
| DATA PER SHARE | Jan-Dec | Jan–Dec |
| 2013 | 2012 | |
| Basic earnings per share SEK | -2.20 | -3.20 |
| Diluted earnings per share SEK 1 ) |
-2.20 | -3.20 |
| Basic equity per share SEK | 3.33 | 21.25 |
| Diluted equity per share SEK | 3.06 | 20.50 |
| Basic number of shares outstanding at end of period |
156,659,604 | 17,480,995 |
| Diluted number of shares outstanding at | ||
|---|---|---|
| end of period | 183,932,331 | 18,727,855 |
| Average number of shares basic | 63,873,865 | 17,480,995 |
| Average number of shares diluted | 73,796,014 | 18,727,855 |
1) The dilution effect is not taken into account when it leads to a better result.
| KEY RATIOS | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Revenue sales SEK M | 2,564 | 2,946 | 3,203 | 2,326 | 1,915 |
| Operating profit/loss SEK M | -109 | 15 | 40 | -91 | 65 |
| Profit after tax SEK M | -141 | -55 | -16 | -97 | 24 |
| Cash flow after investing activities SEK M | -91 | -38 | 137 | -277 | 169 |
| Operating margin % | -4.3 | 0.5 | 1.3 | -3.9 | 3.4 |
| Profit margin % | -6.9 | -1.9 | -0.7 | -5.6 | 1.4 |
| Capital turnover rate times | 1.2 | 1.3 | 1.3 | 1.2 | 1.1 |
| Return on equity % | neg | neg | neg | neg | 3.6 |
| Return on capital employed % | neg | 1.0 | 2.6 | neg | 5.5 |
| Equity ratio % | 26 | 17 | 21 | 21 | 36 |
| Net loan debt SEK M | 802 | 1,005 | 947 | 1,062 | 589 |
| Net debt/equity ratio times | 1.54 | 2.70 | 1.91 | 2.00 | 0.98 |
| Net loan debt/EBITDA times | -292.0 | 8.6 | 6.3 | 42.7 | 3.8 |
| EBITDA/net financial items times | -0.2 | 1.7 | 2.4 | 0.6 | 4.5 |
| Average number of employees | 2,051 | 2,271 | 2,431 | 1,540 | 1,220 |
| Data per share | |||||
| Number of shares | |||||
| Basic number of shares outstanding at end of period | 156,659,604 | 17,480,995 | 17,480,995 | 17,480,995 | 13,128,227 |
| Diluted number of shares outstanding at end of period | 183,932,331 | 18,727,855 | 18,727,855 | 18,727,855 | 13,230,227 |
| Average basic number of shares | 63,873,865 | 17,480,995 | 17,480,995 | 14,216,419 | 13,128,227 |
| Average diluted number of shares | 73,796,014 | 18,727,855 | 18,727,855 | 14,528,134 | 13,230,227 |
| Earnings per share | |||||
| Basic SEK | -2.20 | -3.20 | -1.04 | -6.97 | 1.65 |
| Diluted SEK | -2.20 | -3.20 | -1.04 | -6.97 | 1.63 |
| Equity per share | |||||
| Basic SEK | 3.33 | 21.25 | 28.37 | 30.39 | 45.56 |
| Diluted SEK | 3.06 | 20.50 | 26.48 | 28.37 | 45.77 |
| Cash flow from operating activities per share | |||||
| Basic SEK | -0.40 | -0.10 | 8.53 | 3.01 | 13.98 |
| Diluted SEK | -0.34 | -0.09 | 7.96 | 2.81 | 13.87 |
| Other data per share | |||||
| Dividend SEK | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 |
| Quoted market price on the balance sheet date SEK | 1.5 | 9.7 | 17.9 | 32.0 | 21.0 |
| P/E ratio times | neg | neg | neg | neg | 13 |
| Price/book value after dilution % | 45 | 45 | 63 | 105 | 46 |
| Price/equity after dilution % | 49 | 47 | 68 | 113 | 46 |
| PARENT COMPANY PROFIT AND LOSS ACCOUNTS IN SUMMARY | Jan–Dec | Jan–Dec |
|---|---|---|
| SEK M | 2013 | 2012 |
| Revenue | 21.0 | 38.1 |
| Gross profit | 21.0 | 38.1 |
| Administrative expenses | -46.8 | -70.6 |
| Other operating income and expenses | 4.6 | 9.5 |
| Operating profit/loss | -21.1 | -23.0 |
| Net financial items | -7.2 | 26.2 |
| Result | -28.4 | 3.2 |
| Income tax | 7.0 | -1.0 |
| Net result | -21.4 | 2.2 |
| PARENT COMPANY BALANCE SHEETS IN SUMMARY | 31 Dec | 31 Dec |
|---|---|---|
| SEK M | 2013 | 2012 |
| Assets | ||
| Intangible assets | 0.0 | 24.6 |
| Tangible assets | 0.0 | 2.5 |
| Financial assets | 1,428.5 | 1,971.6 |
| Current receivables | 15.8 | 175.1 |
| Cash and cash equivalents | 20.9 | 42.5 |
| Summa tillgångar | 1,465.2 | 2,216.3 |
| Equity and liabilities | ||
| Equity | 974.5 | 717.9 |
| Provisions | 0.0 | 11.5 |
| Non-current liabilities | 426.5 | 1 083.8 |
| Current liabilities | 64.2 | 403.0 |
| Total equity and liabilities | 1,465.2 | 2,216.3 |
| STATEMENT OF COMPREHENSIVE INCOME | Jan–Dec | Jan–Dec |
|---|---|---|
| SEK M | 2013 | 2012 |
| Profit after tax | -21.4 | 2.2 |
| Other comprehensive income | ||
| Cash flow hedges | 6.0 | 2.0 |
| Income tax relating to components of other comprehensive income | -1.3 | -0.5 |
| Other comprehensive income aftuier tax | 4.7 | 1.5 |
| Total comprehensive income | -16.7 | 3.7 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.