Annual Report • Feb 26, 2010
Annual Report
Open in ViewerOpens in native device viewer
SCRIBONA AB (publ), corporate ID number 556079-1419
Stockholm, 26 February 2010
For additional information, contact: Lorenzo Garcia, President and CEO, telephone +46 (0)737 08 38 88
This document is a translation of the original published in Swedish. In the event of any discrepancies between the Swedish and English versions, or in any other context, the Swedish version shall have precedence.
Scribona is listed on the First North market place. Mangold Fondkommission AB is the company's Certified Adviser on First North.
The Scribona Group consists of the Parent Company Scribona AB, Banque Invik SA, European Equity Tranche Income Limited (EETI) and the three subsidiaries in Sweden, Finland and Norway. The subsidiary in Finland is under liquidation. The subsidiary in Norway was active in letting of properties until the end of July 2009 and is thereafter dormant. Scribona Nordic AB contains the investments in Banque Invik, EETI and short-term investments.
In December 2008 Scribona took over Citibank's loans to European Equity Tranche Income Limited. In February 2009 Scribona converted part of the loan portfolio into stock through a direct equity placement and thereby became the majority shareholder, with 84% of the shares and votes in the company. The EETI share was delisted from the AIM index of the London Stock Exchange with the final date of trading on 7 July 2009. EETI is consolidated as subsidiary as of July 2009. At 31 December 2009, Scribona owned 94% of the company. All outstanding loans from Scribona, EUR 5,7 million, were repaid in 2009.
In March 2009 Scribona entered into an agreement with Moderna Finance AB to acquire Banque Invik SA, a private bank in Luxembourg. The acquisition was completed in April after receiving approval from Luxembourg's financial supervisory authority and fulfilment of other conditions, and the purchase price was settled in June 2009. Banque Invik is consolidated as subsidiary as of April 2009.
Consolidated net sales reached SEK 87 million, of which the full amount refers to commission income in Banque Invik (0).
Consolidated operating profit is reported at SEK 254 million (-1), which includes a reversal of negative goodwill of SEK 4 million for Banque Invik and SEK 260 million for EETI, as well as SEK -1 million (4) in wind-down costs for Scribona's former IT operations. Following an analysis and evaluation of EETI's funds, Scribona's Board of Directors decided on a reversal of the remaining negative goodwill in EETI. Scribona's Board deems it likely that the valuation made in EETI's accounts will prove to be conservative. It is therefore motivated to adjust the valuation in Scribona to the level in EETI at 30 June 2009, which is Scribona's opening balance.
Net financial items totalled SEK 24 million (32). Net financial items amounted to SEK 26 million in Banque Invik and SEK 6 million in EETI. In the rest of the Scribona Group, net financial items amounted to SEK -8 million (32), see Note 5 for details.
Profit before tax was SEK 278 million (31).
Income tax is reported at SEK -6 million (-7) and is attributable in equal parts to Banque Invik and Scribona AS. The previous year's income tax was wholly attributable to Scribona AS.
Profit for the quarter was SEK 272 million (24), equal to earnings per share of SEK 3.33 (0.29).
Note 2 provides a specification of profit before tax by operating segment. Notes 3 and 4 present summary income statements for Banque Invik and EETI.
Consolidated net sales amounted to SEK 206 million, of which the full amount refers to commission income in Banque Invik (SEK 2,670 million in IT distribution operations).
Consolidated operating profit was SEK 261 million (-12), which includes a reversal of negative goodwill of SEK 19 million for Banque Invik and SEK 274 million for EETI, as well as the net gain of SEK 2 million (34) on the sale of Scribona's former IT operations.
Net financial items totalled SEK 50 million (24). Net financial items amounted to SEK 56 million in Banque Invik and SEK 23 million in EETI. In the rest of the Scribona Group, net financial items amounted to SEK -29 million (24), see Note 5 for details.
Profit before tax was SEK 311 million (12). Income tax is reported at SEK -5 million (-2). The minority share in profit was SEK 1 million. Profit for the year was SEK 305 million (10).
The Group's cash flow from operating activities for the full year was SEK -9 million (1,031). The figure for the year-earlier period includes inventories that were sold to Tech Data for SEK 362 million.
Cash flow from investing activities amounted to SEK 331 million (-51). The acquisition of Banque Invik, after deduction of the bank's net cash, contributed net cash and cash equivalents of SEK 331 million. The acquisition of shares in EETI during the period corresponds to cash and cash equivalents in the company.
Cash flow from financing activities amounted to SEK 0 million (-717). All remaining borrowings under the accounts receivable securitisation program were amortised in June 2008.
Cash flow for the full year was SEK 376 million (263).
Cash and cash equivalents at 31 December 2009 amounted to SEK 792 million (451), of which SEK 183 million refers to Scribona Nordic AB and can be used for new investments. The market value of the equity portfolio on the same date was SEK 66 million.
The number of employees at the end of the year, equal to the number of full-time positions, was 78 (1). Of these, 76 were employed in Banque Invik and two were employed in the Parent Company.
Earnings per share for the full year amounted to SEK 3.73 (0.12).
Equity per share at the end of the year was SEK 10.70 (6.88). Negative goodwill per share amounted to SEK 1.32.
The equity/assets ratio at 31 December 2009 was 22.4% (87.7).
Return on equity during the year was 47.1% (1.8).
Scribona's scope for additional investments includes cash and cash equivalents of SEK 183 million Scribona Nordic AB and short-term investments in listed equities and bonds with a market value of SEK 66 million. Added to this is the possibility to loan financing.
During the quarter, Scribona studied a few possible acquisitions that have not been pursued and will continue to examine several others.
In the first quarter of 2009 Lorenzo Garcia, a member of Scribona's Board of Directors, continued as
President and CEO of Scribona AB on a consulting basis. Compensation to Garcia was paid in the form of a consulting fee via Greenfield International AB in a fixed monthly amount of SEK 200,000. On April 1, 2009, Garcia was appointed as President and CEO of Scribona AB with a fixed monthly salary of SEK 200,000.
In 2008 Scribona AB purchased consulting services on market-based terms from Greenfield International AB in connection with the transaction with Tech Data. The services were performed by Lorenzo Garcia. Additional variable remuneration of SEK 560,000 was paid in June 2009 after the contingent purchase price for the sale of IT distribution operations was received from Tech Data and part of the doubtful debt for which a provision was made at 31 December 2008 was recovered.
Brokerage commissions in connection with Scribona's acquisition of shares in EETI amounted to SEK 7.4 million. The recipient is Bronsstädet AB. The commission is calculated at EUR 1.11 per share brokered by Bronsstädet AB. Peter Gyllenhammar, a board member of Scribona AB, is a shareholder and board member in Bronsstädet AB.
No significant events have taken place between 31 December 2009 and the publication of this report.
In the most recent annual report, risks and uncertainties are described in the administration report, as well as Note 37 Risk and Sensitivity Analysis and Note 38 Financial Risks.
Other operating income in the Parent Company for 2009 amounted to SEK 0.0 million (3.7), of which SEK 0.0 million (3.7) referred to invoicing of rents to subsidiaries.
The operating loss was SEK -6.4 million (-27.9). Profit before tax was SEK 62.4 million (8.5). Dividends from subsidiaries were received in an amount of SEK 140.8 million (83.3). In connection with the dividends, an impairment loss of SEK 70.6 million (44.9) was recognised on shares in subsidiaries.
Cash and cash equivalents at the end of the year totalled SEK 1.2 million (92.0). Total assets amounted to SEK 504.7 million (447.5). No investments in noncurrent assets were made during the period.
This year-end report has been prepared in compliance with the rules in the Swedish Annual Accounts and the general advice of the Swedish Accounting Standards Board. The change of accounting policies has not had any impact on the financial information in this year-end report.
This year-end report has not been examined by the company's independent auditors.
The Board proposes that no dividend be paid to the shareholders.
The annual report is planned to be published at the beginning of May 2010, at which time it will be available on Scribona's website and can also be ordered from Scribona AB, Vasagatan 38, 4th floor, SE-111 20, Stockholm, Sweden, telephone +46 (0)8-734 63 50.
The 2010 Annual General Meeting is planned to held on 20 May 2010 in Stockholm.
The information contained herein is subject to the disclosure requirements of Scribona AB under the Act on Stock Exchange and Clearing Operations and/or the Act on Trading in Financial Instruments. The information was submitted for publication on 26 February 2010, 8:00 a.m. (CET).
Interim report for January-March 20 May 2010 Interim report for January-June 27 August 2010 Interim report for January-September 26 November 2010
Stockholm, 26 February 2010
Scribona AB The Board of Directors
In March 2009 Scribona entered into an agreement with Moderna Finance AB to acquire Banque Invik SA, a private bank in Luxembourg. In April 2009 the acquisition of Banque Invik was completed after receiving approval from Luxembourg's financial supervisory authority and fulfilment of other conditions. Banque Invik was established in 1989. The bank's core activities are wealth management and card operations. The bank has a branch office in Stockholm that was supplemented with a new corporate finance department in October 2009. The banks operations are characterised by a combination of innovative ideas and personal service, which together represent a strong competitive tool.
Under Scribona's ownership, Banque Invik will maintain its position as an independent Luxembourg-based private bank focusing on the Nordic markets. For more information about Banque Invik, visit the website www. banqueinvik.lu.
The aim of these operations is to be the preferred choice of entrepreneurs seeking financial planning solutions.
The bank adds value by serving as a "One-Stop-Shop" for all of the client's wealth planning. Banque Invik's wealth management includes both traditional private banking services and discretionary asset and fund management. The bank offers high net worth individuals, corporations and foundations professional advice for trading in equities, other securities and currencies.
The aim of these operations is to provide personal and exclusive services that are tailored to the client's individual situation and needs.
Bank Invik issues both credit and debit cards, including financing and payment services. The bank is a member of the Visa and MasterCard/Eurocard organisations in Europe and offers a unique range of card-related services for credit and debit cards. The bank's comprehensive selection of products is designed to meet the needs of customer segments from classic to ultra-premium all over Europe. Bank Invik operates through partnerships with banks and other financial institutions, or other businesses with a need for tailored financial solutions, whether for payments or increasing customer loyalty.
European Equity Tranche Income Limited, EETI, was established in Guernsey as a closed investment company in March 2006. The company invests in financing of "first loss" positions of residential mortgage-backed securities in the following European countries: Italy, Spain, Portugal, France, the Netherlands, Germany and the United Kingdom. The company's investment objective is to deliver a stable return to the shareholders by investing in non-investment grade and equity tranche (or "first loss") positions in residential mortgage-backed securities ("RMBS").
Through a new share issue directed to institutional investors in April 2006, the company raised EUR 100 million, at a subscription price of EUR 1 per share, equal to 100,000,000 ordinary shares.
EETI has previously obtained all of its external financing from Citibank. However, the company's investments lost significant value during the financial crisis in the autumn of 2008 and refinancing in connection with the loan's maturity date in December 2008 was no longer possible. In December 2008 Scribona entered into an agreement with Citibank to acquire all of the bank's loans to EETI. Scribona acquired all loans outstanding from Citibank to EETI, amounting to a nominal EUR 30 million. The purchase price was EUR 14 million.
In connection with EETI's new share issue in February 2009, Scribona converted EUR 10 million of the loan into shares. Scribona guaranteed the new share issue, in which the existing shareholders had the right to subscribe for a final maximum combined holding of 49%. Scribona held 84% of the votes and share capital after the issue.
Scribona has successively purchased additional shares after the issue and at 31 December 2009 held 94% of the company. An extraordinary general meeting of EETI in June 2009 resolved to delist the company's shares from the AIM index of the London Stock Exchange. The final date of trading was 7 July 2009. All outstanding loans from Scribona, EUR 5,7 million, were repaid in 2009.
The company is closely monitoring developments and continuously adjusting the fair value of the loan portfolio. In Scribona's consolidated accounts, the portfolio is valued at the Group's historical cost.
For more information about EETI, visit the website www.eeti.co.uk.
Each fund in the portfolio generates a cash flow from interest and principal payments, which are affected by several different variables. The cash flow below has been calculated with respect to the variables in each fund.
| EUR thousand | Undiscounted | Discounted | Present value | |
|---|---|---|---|---|
| Fund | Country | cash flow | cash flow | interest rate |
| Pastor 2 | Spain | 8,105 | 5,288 | 8.5% |
| Pastor 3 | Spain | 14,375 | 3,992 | 15.0% |
| Pastor 4 | Spain | 9,810 | 2,679 | 15.0% |
| Pastor 5 | Spain | 6,894 | 1,727 | 15.0% |
| Lusitano 3 | Portugal | 3,093 | 2,120 | 10.0% |
| Lusitano 4 | Portugal | 0 | 0 | - |
| Lusitano 5 | Portugal | 3,300 | 1,824 | 10.0% |
| Shield 1 | Netherlands | 10,376 | 8,327 | 8.5% |
| Memphis | Netherlands | 6,243 | 4,488 | 8.5% |
| Semper | Germany | 10,503 | 7,393 | 8.5% |
| Gems | Germany | 3,870 | 1,716 | 10.0% |
| Minotaure | France | 4,406 | 3,180 | 8.5% |
| Ludgate | UK | 0 | 0 | - |
| Sestante 2 | Italy | 0 | 0 | - |
| Sestante 3 | Italy | 0 | 0 | - |
| Sestante 4 | Italy | 0 | 0 | - |
| Total EETI | 80,975 | 42,734 | 11.2%* | |
| Value gains in EETI are eliminated in the consolidated accounts | -2,316 | |||
| Book value in the consolidated balance sheet | 40,418 |
* The present value interest rate shown on the line "Total" represents the weighted average interest rate for the total cash flow.
A securitisation structure involving securities collateralised by some type of asset, i.e. a collective name for most types of securitisation.
A securitisation structure involving securities collateralised by a mortgage or collection of mortgages. MBSs are classified as Asset Backed Securities, but make up a separate and highly specialised market.
A type of MBS where the underlying assets consist exclusively of home mortgage loans.
A type of MBS where the underlying assets consist exclusively of commercial property loans.
Loans (first loss) extended to companies or individuals that already have considerable amounts of debt. Lenders consider leveraged loans to carry a higher risk of default and, as a result, a leveraged loan is more costly to the borrower.
The amount of loan expressed as a percentage of the value of the asset on which the loan is secured.
The average amount of time that will elapse from the date of a security's issuance until the entire principal is repaid to the investor. Securitisation of different bond classes (tranches) can be structured with a weighted average life that meets to the maturity and duration requirements of many different investors, from short-term money market classes to long-term asset classes.
An annualised rate of default of payments from a portfolio consisting of loans.
A loan prepayment rate that is equal to the proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period.
| 2009 | 2008 | 2009 | 2008 | |
|---|---|---|---|---|
| Amounts in SEK m Note |
Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Net sales 1 |
87 | - | 206 | 2,670 |
| Other operating income | 4 | 0 | 14 | 1 |
| 91 | 0 | 220 | 2,671 | |
| OPERATING EXPENSES | ||||
| Goods for resale | - | - | - | -2,519 |
| Other external expenses | -75 | -5 | -174 | -108 |
| Staff costs | -24 | 0 | -75 | -88 |
| Depreciation/amortisation and impairment | -1 | - | -5 | -2 |
| Reversal of negative goodwill | 265 | - | 293 | 0 |
| Other operating expenses | 0 | 0 | 0 | 0 |
| Proceeds from the sale of operations in excess | ||||
| of compensation for book value of inventories | - | - | 6 | 141 |
| Wind-down costs | -1 | 4 | -4 | -107 |
| OPERATING PROFIT/LOSS | 254 | -1 | 261 | -12 |
| Net financial items | 24 | 32 | 50 | 24 |
| PROFIT/LOSS BEFORE TAX 2,3,4,5 |
278 | 31 | 311 | 12 |
| Income tax | -6 | -7 | -5 | -2 |
| Minority share | 0 | - | -1 | - |
| PROFIT/LOSS FOR THE PERIOD | 272 | 24 | 305 | 10 |
| BASIC AND DILUTED EARNINGS PER SHARE | ||||
| Total, SEK | 3.33 | 0.29 | 3.73 | 0.12 |
| Number of shares at end of period | 81,698,572 | 81,698,572 | 81,698,572 | 81,698,572 |
| Number of shares at end of period after full dilution | 81,698,572 | 81,698,572 | 81,698,572 | 81,698,572 |
| Average weighted number of shares after full dilution | 81,698,572 | 81,698,572 | 81,698,572 | 81,698,572 |
Scribona has no outstanding convertible loans or subscription warrants.
| 2009 | 2009 | 2009 | 2009 | 2008 | ||
|---|---|---|---|---|---|---|
| Amounts in SEK m | Note | 31 Dec | 30 Sep | 30 June | 31 Mar | 31 Dec |
| ASSETS | ||||||
| Intangible assets* | - | - | 44 | - | - | |
| Tangible assets | 14 | 15 | 17 | - | - | |
| Receivables | 3,053 | 2,764 | 3,166 | 17 | 21 | |
| Short-term investments | 6 | 45 | 23 | 182 | 157 | 169 |
| Cash and cash equivalents | 792 | 814 | 580 | 428 | 451 | |
| Total assets | 3,904 | 3,616 | 3,989 | 602 | 641 | |
| EQUITY AND LIABILITIES | ||||||
| Equity | 874 | 580 | 574 | 565 | 562 | |
| Minority interests** | 25 | 24 | - | - | - | |
| Negative goodwill | 7 | 108 | 383 | 153 | - | - |
| Other provisions | 46 | 43 | 46 | 19 | 17 | |
| Liabilities to credit institutions | 380 | 225 | 843 | - | - | |
| Tax liabilities | 29 | 12 | 31 | 1 | 8 | |
| Other liabilities | 2,442 | 2,348 | 2,342 | 17 | 54 | |
| Total equity and liabilities | 3,904 | 3,616 | 3,989 | 602 | 641 |
* In connection with an adjustment of the purchase price allocation (PPA) for Banque Invik in the third quarter, goodwill and intangible assets in the bank have been eliminated in the consolidated accounts.
** Refers to minority shareholders in EETI, which own 6% of the company.
| Amounts in SEK m | 2009 Oct-Dec |
2008 Oct-Dec |
2009 Jan-Dec |
2008 Jan-Dec |
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| Profit/loss after financial items | 278 | 31 | 311 | 12 |
| Depreciation, amortisation and impairment | 1 | 3 | 5 | 9 |
| Reversal of negative goodwill | -265 | - | -293 | - |
| Other | 2 | -7 | -4 | -7 |
| Tax paid | 18 | 2 | -28 | -16 |
| Cash flow from operating activities | ||||
| before change in working capital | 34 | 29 | -9 | -2 |
| Cash flow from change in working capital | ||||
| Change in inventories | - | - | - | 688 |
| Change in operating receivables | -289 | 127 | 113 | 1,878 |
| Change in operating liabilities | 237 | -154 | -59 | -1,533 |
| Cash flow from operating activities | -18 | 2 | 45 | 1,031 |
| INVESTING ACTIVITIES | ||||
| Acquisition of loans | - | -161 | - | -161 |
| Amortisation of loans | - | - | 36 | - |
| Acquisition of listed equities (net) | -8 | -9 | -36 | -9 |
| Acquisition of subsidiaries | - | - | 331 | - |
| Disposal of operations | -1 | 71 | 2 | 118 |
| Acquisition of non-current assets | -2 | - | -2 | - |
| Disposal of non-current assets | 0 | 0 | 0 | 1 |
| Cash flow from investing activities | -11 | -99 | 331 | -51 |
| FINANCING ACTIVITIES | ||||
| Change in loans | - | - | - | -717 |
| Cash flow from financing activities | - | - | - | -717 |
| CASH FLOW FOR THE PERIOD | -29 | -97 | 376 | 263 |
| Cash and cash equivalents at beginning of period | 814 | 548 | 451 | 190 |
| Cash flow for the period | -29 | -97 | 376 | 263 |
| Exchange difference in cash and cash equivalents | 7 | 0 | -35 | -2 |
| Cash and cash equivalents at end of period | 792 | 451 | 792 | 451 |
| Amounts in SEK m | 2009 Oct-Dec |
2008 Oct-Dec |
2009 Jan-Dec |
2008 Jan-Dec |
|---|---|---|---|---|
| Opening balance at beginning of period | 580 | 551 | 562 | 567 |
| Change in exchange differences | 23 | -14 | 32 | -16 |
| Change in minority interest | -1 | - | -25 | - |
| Profit/loss for the period | 272 | 24 | 305 | 10 |
| Closing balance at end of period | 874 | 562 | 874 | 562 |
| 2009 | 2008 | 2009 | 2008 | |
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec | |
| Return on equity, % | 47.1 | 1.8 | ||
| Average equity, SEK M | 648 | 544 | ||
| Equity/assets ratio, % | 22.4 | 87.7 | 22.4 | 87.7 |
| Equity per share, SEK | 10.70 | 6.88 | 10.70 | 6.88 |
| Negative goodwill per share, SEK | 1.32 | - | 1.32 | - |
| Earnings per share, SEK | 3.33 | 0.29 | 3.73 | 0.12 |
| Number of employees at end of period | 78 | 1 | 78 | 1 |
For definitions of key ratios, see Scribona's latest annual report.
| Note 1 NET SALES BY OPERATING SEGMENT | ||||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Amounts in SEK m | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Banque Invik | 87 | - | 206 | - |
| IT distribution | - | - | - | 2,670 |
| Total | 87 | - | 206 | 2,670 |
| Amounts in SEK m | 2009 Oct-Dec |
2008 Oct-Dec |
2009 Jan-Dec |
2008 Jan-Dec |
|---|---|---|---|---|
| Banque Invik (Note 3) | 25 | - | 54 | - |
| EETI (Note 4) | 264 | - | 293 | - |
| Financial items excl. Banque Invik and EETI (Note 5) | -8 | 32 | -29 | 24 |
| IT distribution | - | - | - | -31 |
| Total | 282 | 32 | 318 | -7 |
| Management | -3 | -5 | -9 | -15 |
| Disposal of operations, net | -1 | 4 | 2 | 34 |
| Total | 278 | 31 | 311 | 12 |
| Note 3 INCOME STATEMENT FOR BANQUE INVIK | ||||
|---|---|---|---|---|
| Amounts in SEK m | 2009 Oct-Dec |
2008 Oct-Dec |
2009 Jan-Dec |
2008 Jan-Dec |
| Operating income | ||||
| Commission income | 87 | - | 206 | - |
| Commission costs | -35 | - | -84 | - |
| Other operating income | 4 | - | 13 | - |
| Interest income | 2 | - | 65 | - |
| Interest expenses | -3 | - | -36 | - |
| Total operating income | 55 | - | 164 | - |
| Operating expenses | ||||
| Other external expenses | -10 | - | -53 | - |
| Staff costs | -23 | - | -71 | - |
| Depreciation/amortisation and impairment | -2 | - | -5 | - |
| Reversal of negative goodwill in the consolidated accounts | 4 | - | 19 | - |
| Profit before tax | 25 | - | 54 | - |
| Number of employees | 76 | 76 |
In the column for January-December 2009, Banque Invik is included during the period April-December.
In the column for January-December 2009, EETI is included during the period June-December.
| Amounts in SEK m | 2009 Oct-Dec |
2008 Oct-Dec |
2009 Jan-Dec |
2008 Jan-Dec |
|---|---|---|---|---|
| Net interest income | 0 | 10 | 4 | -3 |
| Net capital gains on short-term investments | 2 | 1 | 4 | 2 |
| Issue guarantees | 1 | - | 2 | - |
| Exchange differences | ||||
| Intra-group transactions | -9 | 21 | -27 | 24 |
| Receivables from EETI before consolidation | - | - | -2 | - |
| Foreign currency accounts | 1 | - | -9 | - |
| Correction of historical cost for EETI | -3 | - | - | - |
| Total | -8 | 32 | -29 | 24 |
| Amounts in SEK m | Marketplace | Historical cost |
Book value |
value | Market Unrealised gain/loss |
|---|---|---|---|---|---|
| Listed equities | |||||
| KDD Group N.V. | AIM, London Stock Exchange | 4.1 | 4.1 | 27.8 | 23.7 |
| K3 Business Technologi Group PLC | AIM, London Stock Exchange | 7.5 | 7.5 | 10.0 | 2.6 |
| Astra Zeneca PLC | Large Cap, Nasdaq OMX Sthlm | 8.1 | 8.1 | 7.7 | -0.4 |
| Dragon-Ukrainian Properties & Development PLC | AIM, London Stock Exchange | 5.5 | 5.5 | 6.3 | 0.7 |
| Opcon AB | Small Cap, Nasdaq OMX Sthlm | 20.4 | 20.4 | 20.3 | -0.1 |
| Bonds, misc. | -0.8 | -0.8 | -6.2 | -5.4 | |
| Total | 44.8 | 44.8 | 65.8 | 21.1 |
Collective valuation has been applied for the equity portfolio.
| Amounts in SEK m | Banque Invik | EETI | Total |
|---|---|---|---|
| Equity according to the PPA (Scribona's share) | 362 | 403 | 765 |
| Purchase price | -230 | -120 | -350 |
| Acquired negative goodwill | 133 | 283 | 416 |
| Adjustment of historical cost in Q4 2009 | - | 3 | 3 |
| Accumulated reversal of negative goodwill | -19 | -274 | -293 |
| Translation difference | -5 | -12 | -17 |
| Total | 108 | - | 108 |
During the annual closing of the books, acquired equity in Banque Invik has been adjusted by SEK -18 million, from SEK 381 million to SEK 362 million, which has reduced the acquired negative goodwill from SEK 151 million to SEK 133 million.
| 2009 | 2008 | 2009 | 2008 | |
|---|---|---|---|---|
| Amounts in SEK m | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Other operating income | 0.0 | 0.0 | 0.0 | 3.7 |
| Other external expenses | 0.4 | -9.2 | -2.0 | -30.9 |
| Staff costs | -2.5 | -0.3 | -4.4 | -0.6 |
| Depreciation and amortisation | - | 0 | - | -0.1 |
| OPERATING PROFIT/LOSS | -2.1 | -9.5 | -6.4 | -27.9 |
| Net financial items | -15.0 | -17.6 | 68.8 | 36.4 |
| PROFIT BEFORE TAX | -17.1 | -27.1 | 62.4 | 8.5 |
| Income tax | - | 0.0 | - | 0.6 |
| PROFIT FOR THE PERIOD | -17.1 | -27.1 | 62.4 | 9.1 |
| 2009 | 2009 | 2009 | 2009 | 2008 | |
|---|---|---|---|---|---|
| Amounts in SEK m | 30 Dec | 30 Sep | 30 June | 31 Mar | 31 Dec |
| Participations in group companies | 250.0 | 265.0 | 289.0 | 320.6 | 320.6 |
| Financial assets | 1.2 | - | - | - | - |
| Current receivables | 252.3 | 166.9 | 127.2 | 36.2 | 34.8 |
| Cash and cash equivalents | 1.2 | 88.1 | 92.3 | 88.5 | 92.0 |
| TOTAL ASSETS | 504.7 | 520.0 | 508.5 | 445.4 | 447.5 |
| Equity | 501.8 | 518.9 | 504.7 | 439.4 | 439.2 |
| Provisions | 1.2 | - | - | - | - |
| Current liabilities | 1.7 | 1.0 | 3.8 | 6.0 | 8.2 |
| TOTAL EQUITY AND LIABILITIES | 504.7 | 520.0 | 508.5 | 445.4 | 447.5 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.