Earnings Release • Feb 13, 2013
Earnings Release
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Press release, February 13, 2013
Sales!per!quarter!and!rolling!12!months,!SEKm EBIT!per!quarter!and!rolling!12!months,!SEKm
| DORO!GROUP! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| (SEK!m) | OctEDec | Oct3Dec | FullEyear | Full3year |
| Net!sales | 299.8 | 263.5 | 837.5 | 745.4 |
| Net!sales!growth,!% | 13.8 | 15.0 | 12,4 | 17.8 |
| EBITDA | 34.7 | 34.6 | 83.1 | 75.6 |
| EBITDA margin,!% | 11.6 | 13.1 | 9.9 | 10.1 |
| EBIT | 28.0 | 30.0 | 61.4 | 62.0 |
| EBIT!margin,!% | 9.3 | 11.4 | 7.3 | 8.3 |
| Profit!after!tax | 18.6 | 19.2 | 52.9 | 57.9 |
| Earnings!per!share!after!tax,!SEK | 0.96 | 0.99 | 2.73 | 3.02 |
| Equity/assets!ratio,!% | 40.5 | 39.5 | 40.5 | 39.5 |
Doro AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for public release on Wednesday, February 13, 2013, at 07:30 a.m. CET.
Increased!market!share!confirmE ing!our!leadership!with!twice!the! size!of!the!runnerEup
Fulfilled!earnings!outlook!
We!have!an!edge!with!our!range! of!3G!products
Expansion!within!telecare!as!we! see!an!attractive!opportunity
New!segmentation!reporting!as! of!Q1!2013
Despite!a!challenging!consumer!sentiment,!we!delivered!a!sales!increase!of 12.4 percent in!2012 – in!line!with!our!outlook!for!the!year.!Growth!was!strong in!most!of!our!mar3 kets,!especially!in!the!US,!Canada!and!UK.!!We!have!reinforced!our!geographical!foot3 print,!broadened!our!product!range!and!strengthened!the!Doro3brand.!Doro's!overall! market!share in!Western!Europe senior!mobile!phone!market!increased!during!2012!and! we!confirm!our!leadership!being!twice!the!size!of!the!runner3up1 . The!order!backlog by! the!end!of!the!year increased by!15!percent compared!to!last!year and!2013!sales!have started!well.
The!earnings!for!the!quarter!fulfilled!our!outlook!and!were in!line!with!the!same!quarter! 2011 in!spite!of!the!fact!that!we!increased!our spending within!product!development! with!more!than!50 percent. Our!margins!held!up!well!in!our!main!markets!with!the!ex3 ception!of!Germany,!where!we!have!seen!lower!margins!in!2012!due!to!increased!com3 petition!in!the!low!price!segment.!We!believe!that!during!2013,!supported!by!a!more!lo3 cally!adapted!product!range!and!other!actions,!margins!will!improve!in!Germany.
The!ramp3up!of!investments!in!product!development!has resulted!in!a!more!competi3 tive!product!mix,!including!our!first!smartphone!and!a!renewed!range!of!3G!feature! phones!3 a product!line!that is!unique!in!the!marketplace.!As!we!move!into!2013,!quite!a! few!operators!in!our!markets!are!about!to!close down!their GSM!networks!(2G)!in!favour! of!3G!and!4G!networks,!giving!us!an!edge!with!our!range!of!3G!products. Our! smartphone!adapted!for!seniors!was!launched!in!the!Nordics!by!the!end!of!the!forth! quarter!and!is!now!listed!at!several!leading!distributors.!After!the!end!of!the!year,!it!was! launched!in!Germany!and!we!will!continue!our!gradual!rollout!of!this smartphone!on!all! of!Doro's!markets.!
In!2013!we!will!expand!within!telecare and!assisted!living!devices where we!see!an at3 tractive!opportunity.!This!segment,!named Care, currently!stands!for!some 10!percent! of!our!sales but!we!have!the!prerequisites,!with!our!existing!high3value!platform,!to!be3 come!a!major!player!here.!This!is!an area within!general!senior!care!where!we!foresee! that!specialized!mobile solutions!will!take!a!substantial!part!of!the!market!over!the! coming!years.!We have begun!our!efforts in!the!segment!by,!in!November,!signing!a! deal!with!Bosch!Healthcare!that!will!bring!our!telecare!offer!to!the!German!and!Swiss! markets!and!progressively!to!the!rest!of!Europe!from!the!beginning!of!2013.
We!will!from!Q1!2013!report!our!activity!according!to!our!new main!segments:!Consum3 er!and Care, along!with!regional!sales. Our!business!unit!Consumer!aims at!a!senior!tar3 get!group!in!constant!evolution!on!one!hand,!and!the!business!unit!Care!aims at an el3 derly!target!group!requesting!assistance.!This!new!reporting replaces the!present!seg3 ment!reporting.
1 GfK!Senior!Mobile!Panel!WE10!2012
Doro's!net!sales!for!the!fourth quarter!amounted!to!SEK 299.8 m!(263.5),!an!increase!of! 13.8 percent!compared!with!the!fourth quarter!of!2011.!The!increase!in!net!sales!is! through improvements!in!most!geographical!regions,!especially!in!US,!Canada,!UK!and! the!Nordics!with good!customer!reception!of!new!product!launches. If!the!same!ex3 change!rates!are!applied!as!for!the!preceding year,!growth!for!the!fourth quarter amounted!to!16,7 percent. Net!sales!for!the!full3year 2012!amounted!to!SEK!837.5!m! (745.4),!corresponding!to!a growth!amounted!to!12.4 percent.
EBIT in!the fourth quarter was!SEK!28.0 m!(30.0).!The!EBIT!margin!amounted!to!9.3 percent!(11.4).!EBIT!margin was!lower compared!to!corresponding!quarter!last!year, partly!due!to!continued!spending in!product!development and!partly!due!to!lower!mar3 gins!in!EMEA!(Europe,!Middle!East!and!Africa)!as!an!effect!of increased!competition!in! the!low!price!segment!in!Germany. Accumulated!full!year EBIT!amounted!to SEK!61.4 m (62.0),!giving!an!EBIT!margin!of!7.3 percent!(8.3).
Net!financial!items!for!the!fourth!quarter were!SEK!0.2 m!(3.1), The!amount!in!the! fourth!quarter 2011!was!positively!affected!with!SEK!2.8!m!by!revaluation!of!foreign!ex3 change!forward!contracts. The!Group!tax!for!the!quarter!amounted!to!SEK!39.6 m! (313.9).!Due!to!accumulated!tax!losses!only!limited!amounts!are!paid. The!positive!tax! for!the!full!year!is!an!effect!from!recognized!temporary!differences!related!to!provi3 sions.
The!profit!after!tax!for!the!quarter!amounted!to!SEK!18.6 m!(19.2).!Full3year!accumulat3 ed!profit!after!tax!was!SEK!52.9 m!compared!to!SEK!57.9 m!for!the!full3year!2011.!
The!cash!flow!from!current!activities for!the!fourth!quarter!amounted!to!SEK!33.9 m! (65.9)!and!was!mainly!affected!by!a!temporary!higher!working!capital!relating to inven3 tories – as!order!intake!for!delivery in!January!2013 was!strong!and!an!increased use!of! sea!freight!to!improve!margin and!lower!carbon!footprint.!The change!in!cash!and!cash! equivalents for!the!fourth!quarter!amounted!to!SEK!27.1 m!(55.4). The!cash!flow!from! current!activities!for!the!full!year!amounted!to!SEK!40.2 m!(104.9)!
The!equity/assets!ratio!was!40.5 percent!(39.5)!at!the!close!of!the!period.! At!the!end!of!the!period,!Doro!had!interest!bearing!liabilities!of!SEK 1.6 m!(2.4) with a! net!cash!balance!of!SEK!139.5 m!(146.0).!The!company!also!has!unutilized!overdraft!fa3 cilities!of!SEK!32 m.
Full!year!growth!amounted!to! 12.4!percent
Decline!in!EBIT!margin!due!to! continued!efforts!in!product! development
Cash!flow!affected!by!strong! order!intake!for!delivery!in!JanuE ary
Nordic!region!saw!the!launch! of!the!PhoneEasy®!740
EBIT!increased!by!41.9!percent
Doro!continued its!steps!to! regain!its!profitability on!the! German!market!
The!UK!region!saw!a!58.6! percent!increase!in!growth
The!US!and!Canada!region! performed!well!
Other!regions!accounted!for! SEK!5.2!m!during!the!quarter
Nordic(region
Sales!in!the!Nordic!region!during!the!fourth quarter!amounted!to!SEK!96.6 m!(88.8)!– an! increase!of!8.8 percent!compared!with!the!corresponding!quarter!in!2011!due!to!an!up3 dated!range!of!products!and!the!launch!of!the!PhoneEasy®!740. EBIT!for!the!quarter! amounted!to!SEK!18.3 m!(12.9),!an!increase!of 41.9 percent.!The!EBIT!margin!was!also! significantly!higher,!amounting!to!18.9 percent!compared!to!14.5!percent!in!the!corre3 sponding!quarter!last!year,!as!an!effect!of!the!upgraded!product range.!
Sales!in!the!EMEA!region!amounted!to!SEK!86.7!m!(110.8)!during!the!fourth!quarter,! mainly!due!to!the!German!market,!where!the!low!price!segment!are!larger!and!local! competitors!stronger, than!we!see!in!other!markets.!Doro!continued its!steps!to!regain! its!profitability on!the German market with!several!more!actions!being evaluated for! 2013.!Sales!in!Germany!during!the!fourth!quarter!were!SEK!22.0!m!(26.2).!Sales!in! France!amounted to!SEK!47.9!m!(57.8).!Belgium!(covering!full!Benelux)!showed net! sales!of!9.9!(8.0).!In!total,!growth!in!the!EMEA!region!was!negative!for!the!quarter.!The! EBIT!margin!was!at!0.7!percent (11.2),!mainly!due!to!competitive!pressure!in!Germany.
The!UK!region showed!sales!of!SEK!55.2 m (34.8)!in!the!fourth!quarter,!amounting!to!a! growth!of!58.6 percent!in!the!quarter!and!25.5!percent for!the!full3year!2012. EBIT!im3 proved!significantly!to!SEK!5.8 m!(0.7). The!strong!growth!was!an!effect!of!the!success3 ful co3operation!with!O2 but!also!from!our!new!partnerships!on!Ireland. The!EBIT!mar3 gin!was 10.5 percent!(2.0).
US!and!Canada!continued!to!perform!well!during!the!fourth!quarter!and!continuing!the! positive!trend!from!previous!quarters.!Sales!amounted!to!SEK!56.1!m!(26.8),!an!increase of!109 percent.!Sales!during!the!quarter!were!driven!by increased!sales!during!the!holi3 day!season!as!well!as!an!updated!product!line,!for!example!the!PhoneEasy!618®!3 the! first!3G!model!for!seniors!on!the!North!American!market. Net!sales!for!the!full3year amounted!to!SEK!125.2 m (104),!an!increase of!20.4 percent.
For!the!quarter,!Other!regions!accounted!for!SEK 5.2 m!(2.3)!with!a!slight!deficit in! terms!of!EBIT.
Because!overhead!costs!are!attributed!according!to!sales,!the!regions'!operating!mar3 gins!can!vary!from!quarter!to!quarter.
At!the!end!of!the!period,!the!headcount!was!80 (77).!Of!these,!35 (33)!are!based!in!Swe3 den,!26 (26) in!France,!8 (8) in!the!UK, 8!(7)!in!Hong!Kong,!3 (3) in!Norway,!and 1(0) in! Germany.
The!Parent!Company's!net!sales!for!the!year's!fourth quarter!amounted!to!SEK 297.8 m! (255.6).!The!profit!before!tax!amounted!to!SEK 20.9 m!(23.7).
No!significant!events!after!the!close!of!the!period.
Doro's growth!is!expected!to!continue!in!2013!with!expansion!initiatives!planned!in!both! business!units Consumer and!Care.!2013!has!started!with!a!bigger!order!book!and a! higher order!intake than!previous!year.!No!detailed!forecast!for!2013!is!given.!
The!Board!proposes!an!increase!of!the dividend!to SEK!1.25 (1.0) per!share,!reflecting! the!strengthened!financial!position!of!the!company.
Doro's!shares!are!quoted!on!the!Nasdaq OMX!Nordic!Exchange!Stockholm,!Small!Cap!– Telecom/IT!list.!
As!per!December!31,!2012,!Doro's!market!capitalization!was!SEK 474.1 m,!which!can!be! compared!with!SEK 528.2 m!on!December!31,!2011.!
During!the!period!January 1 2012!to!December!31 2012,!the!share price!decreased!from! SEK 27.3 to!SEK 24.5.!This!is!equivalent!to!a!decrease of!10.3 percent,!which!can!be! compared!with!the!increase!of!9.5 percent!in!the!OMX!Stockholm!PI!over!the!same!pe3 riod.
As!per!December 31,!2012,!there!were!7,072 shareholders!(6,114).
| Shareholder! | Number!of! shares |
Proportion!of!shares!and! votes,!% |
|---|---|---|
| Försäkringsaktiebolaget!Avanza!Pension | 1,925,493 | 10.0 |
| Nordea!Investment!Funds | 1,452,918 | 7.5 |
| Originat!AB | 1,130,000 | 5.8 |
| LAZARD!FRERES!BANQUE,!W8IMY | 580,000 | 3,0 |
| CLEARSTREAM!BANKING!S.A.,!W8IMY | 550,543 | 2.8 |
| Kastensson Holding AB | 513,000 | 2.6 |
| Nordnet Pensionsförsäkring!AB | 502,710 | 2.6 |
| Hajskäret!Invest!AB | 430,000 | 2.2 |
| ABN!AMRO!BANK NV,!W8IMY | 386,545 | 2.0 |
| Banque!et Caisse!d'Epargne!de!l'Etat,!Luxembourg | 279,508 | 1.4 |
| Hotel!Riddargatan!AB | 260,000 | 1.3 |
Source:!Euroclear!Sweden AB!and!Doro AB.
No!transactions!took!place!between!Doro!and!related!parties!that!had!a!material!impact! on!the!Company's!financial!position!and!results.
Risks!and!instability!factors!are!mainly!related!to!supplier!disruption,!product! adaptation!and!certification,!customer!relations,!exchange!rate!fluctuations!and!loan!fi3 nancing.!Apart!from!these!risks!and!the!instability!factors!described!on! pages!22323!and!56358!of!the!2011!Annual!Report,!no!other!risks!of!any! significance!have!been!identified!during!the!most!recent!period.!
This!Interim!Report!has!been!prepared!on!behalf!of!the!Group!according!to!IAS!34,!In3 terim!Financial!Reporting,!and!for!the!Parent!Company!in!accordance!with!the!Annual! Accounts!Act!and!the!Swedish!Financial!Reporting!Board's!recommendation!RFR!2!Ac3 counting!of!legal!entities.!Deferred!tax!assets!are!considered!to!the!extent!the!company! believes!that!this!can!be!utilized!in!the!foreseeable!future,!which!the!Company!consid3 ers!to!be!334!years. The!accounting!principles!and!calculation!methods!applied!are!con3 sistent!with!those!that were!applied!when!drawing!up!the!previous!year's!accounts.
The!Annual!Report!for!2012!will!be!published!on!the!company's!website!on!April!16,! 2013.
Annual!General!Meeting! 2013!will!be!held!on!May! 14th.!The!Q1!report!will!be! published!on!the!same!day.
Report!to!be!presented!at! an!Audiocast,!February!13! at!09:00 CET
The!Board!has!set!the!following!dates!for!the!publication!of!Doro's! Reports: Annual!General!Meeting!2013 and!Q1!report:!May!14, 2013 Q2!report:!August!21, 2013 Q3!report:!November!8, 2013 Year3end!report!2013:!February!14, 2014!
President!&!CEO,!Jérôme!Arnaud,!+46!(0)46 280!50!05 CFO,!Gunnar!Modalen,!+46!(0) 46!280!50!06
Analysts,!investors!and!the!media!are!welcome!to!attend!a!presentation!via! www.doro.com!or!by!telephone!from!09:00!a.m.!CET!on!February!13,!2013.!Doro's!Pres3 ident!and!CEO!Jérôme!Arnaud will!hold!the!presentation!and!take!questions.! Approximately!1!hour!before!the!start!of!the!presentation,!the!materials!will!be!made! available!on!the!Company's!website.! Please!call!about!five!minutes!before!the!advertised!starting!time!to!access!the!tele3
Call3in!details:! UK:!+44!(0)1452!555!131,!SE:!+!46!(0)8!506!307!79,!US:!+!1!866!682!8490
Lund,!Sweden,!February!13,!2012
phone!conference.
Board(of(Directors Doro!AB!(publ)!|!Company!registration!number!55616139429
Doro!AB!(publ)! Magistratsvägen!10 SE3226!43!Lund,!Sweden Tel:!+46 (0)46!280!50!00!| www.doro.com
The!Board!of!Directors!and!CEO!confirm!that!this!Q4 Report!provides!a!fair!overview!of!the!Com3 pany's!and!Group's!business,!position!and!results!and!describes!the!significant!risks!and!uncer3 tainties!faced!by!the!Company!and!its!subsidiaries.(
This!interim!report!has!not!been!reviewed by!the!Company's!auditors.
About!Doro
Doro,!the!leader!in!the!telecom!care!market,!is!a!Swedish!public!company.!With!over!38!years!of!experience!in!the!telecom!industry,! the!company!focuses!on!developing,!marketing!and!selling!products,!software,!TeleCare!and!mHealth!solutions!specially!adapted!to! the!growing!worldwide!population!of!seniors.!Doro's!range!of!easy3to3use!mobile!phones!is!unmatched!and!its!unique!know3how!has! been!recognized!through!several!international!design!awards.!The!company's!products!are!sold!in!more!than!30!countries!on!five! continents.!In!FY!2011!revenue!totaled!SEK!745!m.!Doro's!shares!are!quoted!on!the!Nasdaq!OMX!Stockholm!exchange,!Nordic!list, Small!companies.!Read!more!about!Doro!at!www.doro.com.
| INCOME!STATEMENT!(SEK!m)! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Doro!Group | OctEDec | Oct3Dec | Full!year | Full!year |
| Income/net!sales | 299.8 | 263.5 | 837.5 | 745.4 |
| Operating!cost | E265.1 | 3228.9 | E754.4 | 3669.8 |
| Operating!profit/loss!before!depreciation! and!write3downs,!EBITDA |
34.7 | 34.6 | 83.1 | 75.6 |
| Depreciation!according!to!plan | E6.7 | 34.6 | E21.7 | 313.6 |
| Operating!profit/loss!after!depreciation! and!write3downs,!EBIT |
28.0 | 30.0 | 61.4 | 62.0 |
| Net!financial!items | 0.2 | 3.1 | E11.9 | 10.9 |
| Profit/loss!after!financial!items | 28.2 | 33.1 | 49.5 | 72.9 |
| Taxes | E9.6 | 313.9 | 3.4 | 315.0 |
| Profit/loss!for!the!period | 18.6 | 19.2 | 52.9 | 57.9 |
| Average!number!of!shares,!thousands | 19 349 | 19 349 | 19 349 | 19 188 |
| Average!number!of!shares!after!dilution*,!thousands! | 19 349 | 19 349 | 19 349 | 19 188 |
| Earnings!per!share!before!tax, SEK | 1.46 | 1.71 | 2.56 | 3.80 |
| Earnings!per!share!before!tax,!after!dilution*,!SEK! | 1.46 | 1.71 | 2.56 | 3.80 |
| Earnings!per!share!after!tax,!SEK | 0.96 | 0.99 | 2.73 | 3.02 |
| Earnings!per!share!after!tax,!after!dilution*,!SEK! | 0.96 | 0.99 | 2.73 | 3.02 |
*The!effect!of!dilution!is!considered!only!when!the!effect!on!earnings!per!share!is!negative.
| STATEMENT!OF!COMPREHENSIVE!INCOME!(SEK!m)! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Doro!Group | OctEDec | Oct3Dec | Full!year | Full!year |
| Profit/loss!for!the!period | 18.6 | 19.2 | 52.9 | 57.9 |
| Translation!differences!and!others | 0.4 | 31.3 | E1.9 | 30.4 |
| Total!result | 19.0 | 17.9 | 51.0 | 57.5 |
(Related!to!Parent!Company's!shareholders)
| STATEMENT!OF!FINANCIAL!POSITION!(SEK!m)! | 2012 | 2011 | |
|---|---|---|---|
| Doro!Group | Dec 31 | Dec!30 | |
| Intangible!assets | 59.2 | 59.3 | |
| Tangible!assets | 12.5 | 8.9 | |
| Financial!assets | 0.5 | 0.5 | |
| Deferred!tax!asset | 21.0 | 17.4 | |
| Inventories | 91.3 | 60.2 | |
| Current!receivables | 190.8 | 154.1 | |
| Cash!and!cash!equivalents | 141.1 | 148.4 | |
| Total!assets | 516.4 | 448.8 | |
| Shareholders'!equity | 209.0 | 177.3 | |
| Long3term!liabilities | Note!1 | 100.6 | 88.7 |
| Current!liabilities | 206.8 | 182.8 | |
| Total!shareholders'!equity!and!liabilities | 516.4 | 448.8 |
| STATEMENT!OF!CASH!FLOWS (SEK!m)! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Doro!Group! | OctEDec | Oct3Dec | Full!year | Full!year |
| Operating!profit/loss!after!depreciation!and!write3downs,!EBIT | 28.0 | 30.0 | 61.4 | 62.0 |
| Depreciation!according!to!plan | 6.7 | 4.6 | 21.7 | 13.6 |
| Net!financial!items | 0.4 | 0.3 | 1.5 | 0.8 |
| Revaluation!deferred!consideration!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Note!1 | E2.0 | 0.0 | E2.0 | 0.0 |
| Taxes!paid | E1.2 | 30.7 | E4.3 | 33.5 |
| Changes!in!working!capital | 2.0 | 31.7 | E38.1 | 32.0 |
| Cash!flow!from!current!activities | 33.9 | 65.9 | 40.2 | 104.9 |
| Acquisitions!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Note!1 | 0.0 | 0.0 | E0.4 | 319.6 |
| Investments | E6.6 | 310.2 | E26.9 | 321.2 |
| Cash!flow!from!investment!activities | E6.6 | 310.2 | E27.3 | 340.8 |
| Loans!raised | 0.0 | 30.3 | 0.0 | 2.6 |
| Amortization!of!debt | E0.2 | 0.0 | E0.8 | 0.0 |
| Dividend | 0.0 | 0.0 | E19.3 | 39.6 |
| Premium!for!warrant!program | 0.0 | 0.0 | 0.0 | 1.8 |
| Cash!flow!from!financial!activities | E0.2 | 30.3 | E20.1 | 35.2 |
| Exchange!differences!in!cash!and!cash!equivalents | 0.0 | 0.0 | E0.1 | 0.0 |
| Change!in!cash!and!cash!equivalents | 27.1 | 55.4 | E7.3 | 58.9 |
| Net!cash | 139.5 | 146.0 | 139.5 | 146.0 |
| STATEMENT!OF!CHANGES!IN!EQUITY!(SEK!m)! | 2012 | 2011 | ||
| Doro!Group | Dec 31 | Dec!31 | ||
| Opening!balance | 177.3 | 121.3 | ||
| Total!result!for!the!period | 51.0 | 57.5 | ||
| New!issue!of!shares | 0.0 | 6.3 | ||
| Dividend | 39.6 | |||
| Other!allocated!capital,!warrant!program | 1.8 | |||
| Effects!of!warrant!program | 0.0 | 0.0 | ||
| Closing!balance | 209.0 | 177.3 | ||
| OTHER!KEY!FIGURES! | 2012 | 2011 | ||
| Doro!Group | Dec 31 | Dec!31 | ||
| Order!book at!the!end!of!the!period,!SEK!m | 96.7 | 84.2 | ||
| Order!intake,!SEK!m | 213.4 | 194.6 | ||
| Gross!margin!% | 38.1 | 41.3 | ||
| Equity/assets!ratio,!% | 40.5 | 39.5 | ||
| Number!of!shares!at!the!end!of!the!period,!thousands | 19 349 | 19 349 | ||
| Number!of!shares!at!the!end!of!the!period!after!dilution*,!thousands! | 19 349 | 19 349 | ||
| Equity!per!share,!SEK | 10.80 | 9.16 | ||
| Equity!per!share,!after!dilution*,!SEK! | 10.80 | 9.16 | ||
| Earnings!per!share!after!taxes!paid,!SEK | 2.34 | 3.62 | ||
| Earnings!per!share!after!taxes!paid,!after!dilution*,!SEK | 2.34 | 3.62 | ||
| Return!on!average!share!holders'!equity,!% | 27.4 | 38.8 | ||
| Return!on!average!capital!employed,!% | 94.5 | 116.1 | ||
| Share!price!at!period's!end,!SEK | 24.50 | 27.30 | ||
| Market!value,!SEK!m | 474.1 | 528.2 |
*The!effect!of!dilution!is!considered!only!when!the!effect!on!earnings!per!share!is!negative.
| SALES!PER!REGION!(SEK!m)! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Doro!Group | OctEDec | Oct3Dec | Full!year | Full!year |
| Nordic | 96.6 | 88.8 | 274.4 | 232.6 |
| Europe,!Middle!East!and!Africa | 86.7 | 110.8 | 286.8 | 297.2 |
| USA!and!Canada | 56.1 | 26.8 | 125.2 | 104.0 |
| United!Kingdom | 55.2 | 34.8 | 130.9 | 104.3 |
| Other!regions | 5.2 | 2.3 | 20.2 | 7.3 |
| Total | 299.8 | 263.5 | 837.5 | 745.4 |
| OPERATING!PROFIT!AFTER!DEPRECIATION, EBIT,!PER!GEOGRAPHICAL!REGION!(SEK!m)! |
||||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Doro!Group | OctEDec | Oct3Dec | JanEDec | Jan3Dec |
| Nordic | 18.3 | 12.9 | 48.1 | 34.9 |
| Operating(margin, % | 18.9 | 14.5 | 17.5 | 15.0 |
| Europe,!Middle!East!and!Africa | 0.6 | 12.4 | E2.2 | 22.0 |
| Operating(margin,(% | 0.7 | 11.2 | )0.8 | 7.4 |
| USA!and!Canada | 4.6 | 3.8 | 12.4 | 7.9 |
| Operating(margin,(% | 8.2 | 14.2 | 9.9 | 7.6 |
| United!Kingdom | 5.8 | 0.7 | 5.2 | 30.8 |
| Operating(margin,(% | 10.5 | 2.0 | 4.0 | M0.8 |
| Other!regions | E1.3 | 0.2 | E2.1 | 32.0 |
| Operating(margin,(% | )25.0 | 8.7 | )10.4 | M27.4 |
| Operating!profit/loss!after!depreciation | 28.0 | 30.0 | 61.4 | 62.0 |
| Operating%margin,%% | 9.3 | 11.4 | 7.3 | 8.3 |
| 2012 | 2011 | 2012 | 2011 | |
|---|---|---|---|---|
| SALES!PER!COUNTRY!(SEK!m)! | OctEDec | Oct3Dec | JanEDec | Jan3Dec |
| Sweden | 69.8 | 54.3 | 172.9 | 136.1 |
| United!Kingdom | 48.7 | 28.2 | 112.2 | 90.2 |
| France | 47.9 | 57.8 | 173.2 | 166.1 |
| USA | 38.1 | 22.7 | 81.7 | 58.6 |
| Germany | 22.0 | 26.2 | 55.6 | 66.4 |
| Canada | 18.3 | 4.0 | 41.0 | 45.1 |
| Norway | 16.0 | 15.9 | 51.9 | 43.4 |
| Belgium | 9.9 | 8.0 | 28.8 | 23.6 |
| Denmark | 1.3 | 7.2 | 14.5 | 24.3 |
| Other!countries | 26.9 | 33.0 | 89.7 | 84.0 |
| Total | 298.9 | 257.3 | 821.5 | 737.8 |
| Other!revenue | 0.9 | 6.2 | 16.0 | 7.6 |
| Total!revenue | 299.8 | 263.5 | 837.5 | 745.4 |
| INCOME!STATEMENT!(SEK!m)! | 2012 | 2011 | 2012 | 2011 |
|---|---|---|---|---|
| Parent!Company | OctEDec | Oct3Dec | Full!year | Full!year |
| Income/net!sales | 297.8 | 255.6 | 831.6 | 733.7 |
| Operating!cost | E268.5 | 3228.4 | E757.6 | 3667.9 |
| Operating!profit/loss!before!depreciation! and!write3downs,!EBITDA |
29.3 | 27.2 | 74.0 | 65.8 |
| Depreciation!according!to!plan | E8.4 | 36.6 | E28.8 | 320.3 |
| Operating!profit/loss!after!depreciation! and!write3downs,!EBIT |
20.9 | 20.6 | 45.2 | 45.5 |
| Net!financial!items | 0.0 | 3.1 | E12.4 | 10.6 |
| Profit/loss!after!financial!items | 20.9 | 23.7 | 32.8 | 56.1 |
| Taxes | E10.2 | 312.6 | 4.2 | 312.6 |
| Profit/loss!for!the!period | 10.7 | 11.1 | 37.0 | 43.5 |
| SUMMARY!OF!BALANCE!SHEET!(SEK!m)! | 2012 | 2011 |
|---|---|---|
| Parent!Company | Dec!31 | Dec!31 |
| Intangible!assets | 37.8 | 44.4 |
| Tangible!assets | 11.0 | 7.3 |
| Financial!assets | 42.1 | 37.7 |
| Inventories | 91.3 | 60.2 |
| Current!receivables | 183.5 | 151.9 |
| Cash!and!cash!equivalents | 138.6 | 144.7 |
| Total!assets | 504.3 | 446.2 |
| Shareholders'!equity | 174.9 | 157.2 |
| Long3term!liabilities | 95.4 | 81.2 |
| Current!liabilities | 234.0 | 207.8 |
| Total!shareholders'!equity!and!liabilities | 504.3 | 446.2 |
In!2011!Doro!acquired!the!two!French!companies!Prylos SAS!and!Birdy!Technology!SAS.!The! acquisitions!included!conditions!for!possible!contingent!consideration!that!in!both!cases!are! based!on!the!companies'!sales!performances.!As!per!December!31st 2012,!Prylos!SAS!report3 ed!an!estimated!contingent!consideration!of!SEK!1.4!M.!As!per!December!31st 2011,!and!per! time!of!the!acquisition,!the!equivalent!estimation!was!SEK!1.8 M.!The!maximum!contingent! consideration!amounts!to!EUR!800!K.!For!Birdy!Technology!SAS,!as!per!December!31st 2012,! the!estimated!contingent!consideration!amounts!to!SEK!2.3!M.!As!per!December!31st 2011,! and!per!time!of!the!acquisition,!the!equivalent!estimation!was!SEK!4.0!M.!The!maximum!con3 tingent!consideration!amounts!to!EUR!600!K.!During!2012,!no!contingent!consideration!has! been!paid.
Gross!Margin: Net!sales!– merchandise!costs.
Gross!Margin,!%: Gross!Margin!in!percentage!of!Net!sales.
Average!number!of!shares:!Number!of!shares!at!the!end!of!each!period! divided!with!number!of!periods.
Average!number!of!shares!after!dilution: Average!number!of!shares!adjusted! with!the!dilution!effect!from!warrants!is!calculated!as!the!difference!between!the! assumed!number!of!shares!issued!at!the!exercise!price!and!the!assumed!number! of!shares!issued!at!average!market!price!for!the!period.
Earnings!per!share!before!tax: Profit/loss!after!financial!items!divided!by!the! average!number!of!shares!for!the!period.
Earnings!per!share!before!tax,!after!dilution:!Profit/loss!after!financial!items!di3 vided!by!the!average!number!of!shares!for!the!period!after!dilution.
Earnings!per!share!after!tax: Profit/loss!after!financial!items!minus!tax! divided!by!average!number!of!shares!for!the!period.
Earnings!per!share!after!tax,!after!dilution:!Profit/loss!after!financial!items!mi3 nus!tax!divided!by!the!average!number!of!shares!for!the!period!after! dilution.
Number!of!shares!at!the!end!of!the!period:!Actual!number!of!shares!at!the!end! of!the!period.
Number!of!shares!at!the!end!of!the!period,!after!dilution: The!number!of! shares!at!the!end!of!the!period!adjusted!with!the!dilution!effect!from!warrants!is! calculated!as!the!difference!between!assumed!number!of!shares! issued!at!the!exercise!price!and!the!assumed!number!of!shares!issued!at!the!clos3 ing!market!price!at!the!end!of!the!period.
Equity!per!share:!Shareholders'!equity!at!the!end!of!the!period!divided!by!the! number!of!shares!at!the!end!of!the!period.
Equity!per!share,!after!dilution:!Shareholders'!equity!at!the!end!of!the!period! divided!by!the!number!of!shares!at!the!end!of!the!period,!after!dilution.
Earnings!per!share!after!taxes!paid:!Profit/loss!after!taxes!paid!divided!by!aver3 age!number!of!shares!for!the!period.
Earnings!per!share!after!taxes!paid,!after!dilution:!Profit/loss!after!taxes!paid! divided!by!the!average!number!of!shares!for!the!period!after!dilution.
Net!Debt/Net!Cash: Cash!and!bank!balances!reduced!with!interest!bearing!liabil3 ities.
Equity/assets!ratio,!%: Shareholders'!equity!as!a!percentage!of!the!balance! sheet!total.
Return!on!average!shareholders'!equity,!%:!Profit/Loss!rolling!twelve!months! after!financial!items!and!tax!divided!by!average!shareholders'!equity.
Capital!employed: Total!assets!reduced!with!non3interest!bearing!debt.
Return!on!average!capital!employed,!%:!Operating!profit/loss!rolling!twelve! months,!divided!by!the!quarterly!average!capital!employed!excluding!cash!and! bank!balances.
Share!price!at!period's!end:!Closing!market!price!at!the!end!of!the!period.
Market!value,!SEK!m:!Share!price!at!period's!end!times!the!number!of!shares!at! the!end!of!the!period.
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