Quarterly Report • Jan 30, 2009
Quarterly Report
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1) There was no dilution during the given periods.
The year as a whole entailed a turnaround for the Group. The company suffered increasingly from the slowing economy in Europe and the US and our continued success in Germany and China could not compensate. The decline in orders has primarily been from customers in consumer electronics, automotives and white goods in Sweden, Hungary and Italy. The effects of this accelerated during the second half of the year, resulting in measures in the fourth quarter to reduce costs in Sweden and Hungary.
Approximately a third of the decline in pre-tax profit for the year stems from one-off costs for rationalisations. The rest is a result of the drop in demand and pressed margins due to the weakening economy as well as worsened net financial items due to higher interest rates for most of the year. Nonetheless the Group's total sales increased compared with the previous year. This is mainly due to the acquisitions in Germany and the US, as well as our establishment in Italy and developments in China.
The international business slump is driving structural changes in the graphic industry and motivating customers to find full-service publishing solutions and reduce the number of suppliers. At the same time it is also hastening the already ongoing restructuring whereby focus has shifted from traditionally ordered printing production in offset to the more flexible and customised digital print production and orders through Web-to-print solutions. Elanders is already well prepared for this structural change in terms of technology and we have now taken important steps to weather a slow business cycle successfully, and above all, we will be ready to meet a new ordering pattern when demand is once again on the rise. This, in combination with the expansion of packaging production in China and Hungary, is why I, despite the fact that we are in a period of shrinking demand, feel confident about the future of the Group.
Patrick Holm President and Chief Executive Officer
| October-December | Net sales | Income/loss | ||||
|---|---|---|---|---|---|---|
| MSEK | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 |
| Infologistics | 483 | 454 | 359 | -44.32) | 20.51) | 38.2 |
| User Manuals | 138 | 132 | 93 | 13.63) | 23.2 | 29.3 |
| Property sales | - | - | - | - | 40.6 | - |
| Total | 621 | 586 | 452 | -30.7 | 84.3 | 67.5 |
| Net financial items | -13.3 | -13.3 | -5.9 | |||
| Group | 621 | 586 | 452 | -44.0 | 71.0 | 61.6 |
| January-December | Net sales | Income/loss | ||||
| MSEK | 2008 | 2007 | 2006 | 2008 | 2007 | 2006 |
| Infologistics | 1,697 | 1,617 | 1,368 | -14.32) | 91.31) | 102.0 |
| User Manuals | 494 | 419 | 312 | 30.34) | 94.9 | 72.0 |
| Property sales | - | 40.6 | - | |||
| Total | 2,191 | 2,036 | 1,680 | 16.0 | 226.81) | 174.0 |
| Net financial items | -50.3 | -42.7 | -21.7 | |||
| Group | 2,191 | 2,036 | 1,680 | -34.3 | 184.11) | 152.3 |
| 1) After one-off items of MSEK 20 |
2) After one-off items of MSEK 57
3) After one-off items of MSEK 8
4) After one-off items of MSEK 32
The business area has its platform in the Infomedia Centres in Mölnlycke (SE), Atlanta (US), Newcastle (UK) and Waiblingen (Stuttgart) (DE). Elanders' infomedia centres offer information structuring, advanced premedia, digital print, offset print and fulfilment services. There are digital print units in Oslo (NO), São Paulo (BR) Malmö and Stockholm (SE) and in-house units for publishing in digital print at, among others, ABB in Västerås, Volvo in Gothenburg and Tetra Pak in Lund (SE) as well as for the automotive industry in Luton (UK). In addition, we have production units for premedia, offset print and fulfilment in Falköping (SE). Units for sales and project management are in Malmö, Stockholm and Uppsala (SE) and a unit for sales, premedia and page production in Harrogate (UK). When business area customers request printing production at lower prices and can accept longer lead times we utilise the capacity in User Manuals in Central Europe and Asia.
Net sales rose by MSEK 80 or 5 % to MSEK 1,697 (MSEK 1,617) and operating profit for the year amounted to MSEK -14.3 (MSEK 91,3). The growth in net sales is due to the new acquisitions in the US, Germany and Brazil. Lower profits are primarily due to lower order volumes in Sweden and rationalisation costs in Swedish operations of MSEK 57. The changed order situation in Sweden is expected to have a negative effect on profits of MSEK 35.
On 8 February all the shares in Seiz Printing Inc., Ackworth, Atlanta, Georgia, USA were acquired. The company is an important platform for deliveries to Group customers in North America. The purchase price was MUSD 3 together with the assumption of a net debt of MUSD 8.The consolidated surplus value was slightly more than MUSD 2.
On 21 May Elanders acquired 100 percent of the shares in Mairs Graphische Betriebe GmbH & Co KG in Ostfildern, outside Stuttgart. This acquisition increased Elanders production capacity, which had become insufficient due to Elanders' success in Germany. The Group also gained access to large format production in sheet-fed offset, which is a clear production trend within the graphic industry internationally. In addition, Elanders broadened its customer base in Germany, particularly in the strategically important segment Automotive, and the acquisition has already generated business with BMW, Volkswagen and Siemens. The purchase price amounted to MEUR 3.8, together with the assumption of a net debt of MEUR 1.6. The Group surplus value generated in connection with the acquisition was MEUR 0.1.
Business in Great Britain and Germany developed well during the year while the company in the US braked due to the current situation in the American economy. We plan to compensate for this by transferring volumes from existing Elanders' customers in the US to the company in the beginning of 2009. German operations received an important order from Audi for digitally printed driver's information and a contract for deliveries to GE Moneybank was signed in Sweden.
Lower demand led to further rationalisations in Sweden; in particular moving offset production in Stockholm to other Swedish units and other measures that entailed reducing the number of employees by 135 people. The cost of these measures amounted to MSEK 57.
German operations expanded their cooperation with Postbank in the area of personalised direct mail products.
User Manuals is aimed at highly efficient deliveries of user information for mobile telephones and other consumer electronics. This business is chiefly printing production with extremely high demands on flexibility and short lead times. Geographical expansion will take place in countries with relatively low wage levels in Central Europe and Asia.
User Manuals is comprised of our units in Beijing (CN), Plonsk (PL), Treviso (IT) and Budapest, Komárom and Zalalövö (HU) and customers are primarily in the segment Industry & Trade. Production capacity is also used for deliveries to customers in Scandinavia, Great Britain and Germany in other segments and business areas when low costs are prioritised over short lead times.
Net sales rose by 18 % to MSEK 494 (MSEK 419) and operating profit was MSEK 30.3 (MSEK 94.9). The increase in net sales is due to our success in China and full year effect of the Italian operations, which was established in 2007. Lower profits stem from lower order volumes in Hungary, rationalisation costs, the cost of closing down the legal entity in Hungary and unsatisfactory growth in the Italian unit.
The change in order volumes in Hungary has negatively affected profits by MSEK 40. It has also required scrapping the company's whole and half manufactured products at a cost of MSEK 10. During the year the legal entity in Budapest was closed and its operations have been moved to the Group's other units in Hungary. All this had a negative effect of MSEK 14 on profits. During the year investments will be made to expand operations to include packaging production.
The start-up in Italy did not go according to plan during the year. Delivery problems and delays in taking over volumes from previous suppliers affected profit negatively by MSEK 15 during the period. These problems are expected to be resolved during 2009.
The establishment of the Group's joint venture (50/50) with Hansaprint Oy in Cluj Napoca in Romania has been postponed. For the time being Romanian orders will be handled by Elanders units in Hungary.
Operations in China continued to develop well through the effective combination of packaging and graphic production. The unit will surpass the net sales and profit of the previous year and further investments will be made to expand these operations during 2009.
Operations in Poland 2008 unfolded more or less according to plan but there is still room for expansion and greater profitability.
NEC and Sanyo became new business area customers. Rationalisation charges relating to one-off items affected the operating profit with MSEK 8.
During the year the parent company has provided joint Group services. The average number of employees was 14 (11) and at the end of the year 12 (13). No external sales have taken place.
Group net sales increased by MSEK 155 to MSEK 2,191 (MSEK 2,036) or 8 %. This was mainly a result of the acquisitions in USA, Germany and Brazil and the positive development in China. Operating profit diminished by MSEK 210.8 to MSEK 16.0 (MSEK 226.8). The fall in profits stems primarily from developments in Sweden, Hungary and Italy, including the cost of MSEK 57 to rationalise operations in Sweden and Hungary of MSEK 24 and other one-off items amounting to MSEK 8.
The average number of employees during the year was 1,809 (1,579), of which 628 were in Sweden (706). At the end of the year the Group had 1,812 employees (1,723).
Capital expenditures totalled MSEK 117 (MSEK 402), of which MSEK 58 (MSEK 248) were acquisitions.
Group write-downs and depreciations amounted to MSEK 106 (MSEK 84).
The Group's net debt amounted to MSEK 843 (MSEK 817) and operating cash flow for the year amounted to MSEK 217 (MSEK -230), together with MSEK -58 (MSEK -248) associated with acquisitions. Cash flow was recompensed during the year by MSEK 110 (MSEK 0) through the payment from the sales of the property in Kungsbacka. Equity amounted to MSEK 878 (MSEK 865), which resulted in an equity ratio of 36.8 % (38.9 %).
The Group's main bank credit contract ended on 31 December 2008. A new one is being negotiated. The banks have granted an extension of the old contract until a new one has been signed.
Elanders divides risks into circumstantial risks (the future of printing, business cycles, structure and the competition), financial risks (currency, interest, financing and credit) as well as operational risks (customer concentration, operations, operating costs, contracts, disputes, insurance and other risk management as well as other operational risks). These risks together with a sensitivity analysis are described in detail on pages 32-34 in the Annual Report 2007. No significant changes have occurred that have changed the risks as reported there.
The Group's net sales, and thereby income, are affected by the seasonal variations described on page 34 of the Annual Report 2007. Among other information found there is the fact that, historically, almost a third of the Group's net sales occur in the fourth quarter.
No significant events that affect the contents of this report have taken place between 31 December 2008 and the date this report was published.
The Board of Directors and CEO propose that no dividend be distributed for 2008 (SEK 4.50 per share).
The Annual General Meeting will be held on Thursday the 23rd of April 2009, 3:00 p.m. at the Infomedia Centre at Designvägen 2 in Mölnlycke, Sweden. Shareholders who wish to participate in the Annual General Meeting must be inscribed in the register of the shareholders held by The Swedish Security Depository and Clearing Centre no later than Friday the 17th of April 2009. Intent to participate must be reported by Monday the 20th of April 2009 to Elanders' headquarters:
Elanders AB (publ) P.O. Box 137 435 23 Mölnlycke SWEDEN Telephone: +46 31 750 0000 e-mail: [email protected] or via our website www.elanders.com under Annual General Meeting
Shareholders who have nominee registered their shares must, through the services of a nominee, temporarily register their shares in their own name well in advance of 17 April 2009 in order to participate in the Annual General Meeting.
The following are members of the nominating committee for the Annual General Meeting on 23 April 2009:
Carl Bennet (Chairman) Carl Bennet AB Hans Hedström HQ Funds Nils Petter Hollekim Odin Funds
Göran Erlandsson Representative for minor shareholders Caroline af Ugglas Investment AB Latour/Skandia Liv
Please find the nominating committee's contact information on the company's website www.elanders.com under "Corporate Governance".
Interim report January – March 2009 23 April 2009 Interim report January – June 2009 14 July 2009 Interim report January – September 2009 22 October 2009
The Annual Report 2008 in Swedish is expected to be released in the week beginning the 23rd of March, 2009.
The company auditors have not reviewed this report. The report for the Group has been prepared in accordance with the Annual Accounts Act and the IAS 34 – Interim Financial Reporting, and for the parent company in accordance with the Annual Accounts Act. The same accounting principles and calculation methods as those in the annual accounts for 2007 have been used.
Mölnlycke, 30 January 2009
Patrick Holm
President and Chief Executive Officer
This document is essentially a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct.
Further information can be found on Elanders' website www.elanders.com or via e-mail [email protected].
Questions concerning this report can be made to:
Patrick Holm Mats Almgren President and CEO Chief Financial Officer Mobile +46 708 210 410 Mobile +46 705 181 936
Phone +46 31 750 07 50 Phone +46 31 750 07 60
(Company ID 556008-1621) Designvägen 2 SE-435 33 Mölnlycke Phone +46 31 750 00 00
| Fourth quarter | |||||
|---|---|---|---|---|---|
| MSEK | |||||
| 2008 | 2007 | 2006 | |||
| Net sales1) | 620.6 | 586.2 | 451.8 | ||
| Cost of products and services sold1) | -516.1 | -434.7 | -319.4 | ||
| Gross profit | 104.5 | 151.5 | 132.4 | ||
| Selling and administrative expenses | -122.0 | -111.4 | -71.2 | ||
| Other operating income | 14.0 | 49.0 | 5.6 | ||
| Other operating expenses | -28.6 | -5.2 | 0.2 | ||
| Income from jointly controlled entities | 1.4 | 0.4 | 0.5 | ||
| Operating income/loss | -30.7 | 84.3 | 67.5 | ||
| Net financial items | -13.3 | -13.3 | -5.9 | ||
| Income/loss after financial items | -44.0 | 71.0 | 61.6 | ||
| Taxes | 14.2 | -7.6 | -11.4 | ||
| Income/loss for the period in remaining operations | -29.8 | 63.4 | 50.2 | ||
| Net income/loss after tax for the period from discontinued | |||||
| operations1) | - | 0.0 | -130.6 | ||
| Income/loss for the period | -29.8 | 63.4 | -80.4 | ||
| Attributable to: | |||||
| Parent company shareholders | -29.6 | 63.3 | -80.4 | ||
| Minority interests | -0.2 | 0.1 | - | ||
| Earnings per share incl. discontinued operations, SEK3) 4) | -3.03 | 6.49 | -9.08 | ||
| Earnings per share in remaining operations, SEK3) 4) | -3.03 | 6.49 | 5.67 | ||
| Average number of shares (in thousands) | 9,7652) | 9,7652) | 8,8552) | ||
| Outstanding shares at the end of the period (in thousands) | 9,765 | 9,765 | 8,370 |
1) The figures for 2006 include transactions with discontinued operations. With discontinued operations means the operations
in Kungsbacka, which was divested during the first quarter 2007. 2) Average number of outstanding shares after adjustment for the bonus issue element of the Rights issue. 3) Earnings per share before and after dilution. 4) Earnings per share calculated by dividing income/loss by the average number of outstanding shares during the period.
| MSEK | Full-year 2008 |
Full-year 2007 |
Full-year 2006 |
|---|---|---|---|
| Net sales | 2 191.1 | 2,035.6 | 1,680.1 |
| Cost of products and services sold | -1 741.7 | -1,494.0 | -1,242.7 |
| Gross profit | 449.4 | 541.6 | 437.4 |
| Selling and administrative expenses | -424.4 | -372.6 | -273.5 |
| Other operating income | 30.6 | 67.8 | 21.1 |
| Other operating expenses | -39.7 | -10.5 | -13.8 |
| Income from jointly controlled entities | 0.1 | 0.5 | 2.8 |
| Operating income/loss | 16.0 | 226.8 | 174.0 |
| Net financial items | -50.3 | -42.7 | -21.7 |
| Income/loss after financial items | -34.3 | 184.1 | 152.3 |
| Taxes | 8.6 | -11.9 | -37.2 |
| Income/loss for the period in remaining operations | -25.7 | 172.2 | 115.1 |
| Net income/loss after tax for the period from discontinued operations1) |
- | 0.0 | -164.1 |
| Income/loss for the period | -25.7 | 172.2 | -49.0 |
| Attributable to: | |||
| Parent company shareholders | -25.6 | 172.1 | -49.0 |
| Minority interests | -0.1 | 0.1 | - |
| Earnings per share incl. discontinued operations, SEK3) 4) | -2.62 | 18.06 | -5.53 |
| Earnings per share in remaining operations, SEK3) 4) | -2.62 | 18.06 | 13.00 |
| Average number of outstanding shares (in thousands) | 9,765 | 9,5372) | 8,8552) |
| Outstanding shares at the end of the period (in thousands) | 9,765 | 9,765 | 8,370 |
1) The figures for 2006 and 2007 include transactions with discontinued operations. With discontinued operations means the operations in Kungsbacka, which was divested during the first quarter 2007. 2) Average number of outstanding shares after adjustment for the bonus issue element of the Rights issue. 3) Earnings per share before and after dilution. 4) Earnings per share calculated by dividing income/loss by the average number of outstanding shares during the period.
| Fourth quarter | Full year | |||||
|---|---|---|---|---|---|---|
| MSEK | ||||||
| 2008 | 2007 | 20061) | 2008 | 20071) | 20061) | |
| Income/loss after financial items in remaining | ||||||
| operations | -44.0 | 71.0 | 61.6 | -34.3 | 184.1 | 152.3 |
| Net income/loss after tax for the period from | ||||||
| discontinued operations | - | 0.0 | -130.6 | - | 0.0 | -164.1 |
| Reversal of tax in discontinued operations | - | 0.0 | -7.1 | - | 0.0 | -20.0 |
| *Income/loss after financial items | -44.0 | 71.0 | -76.1 | -34.3 | 184.1 | -31.8 |
| Adjustments for items not included in cash flow | 75.4 | -14.3 | 161.3 | 134.4 | 37.2 | 227.5 |
| Paid taxes | -0.7 | -10.8 | 0.2 | -31.7 | -32.3 | -20.8 |
| Changes in working capital | 77.5 | 17.9 | -28.3 | 52.2 | -91.6 | -7.8 |
| Cash flow from operating activities | 108.2 | 63.8 | 57.1 | 120.6 | 97.4 | 167.1 |
| Cash flow from investing activities | 3.3 | -27.1 | -8.3 | 14.5 | -402.5 | -72.7 |
| Changes in long and short-term borrowing | -43.3 | -39.6 | -2.6 | -34.2 | 171.2 | -22.6 |
| Rights issue | - | - | - | - | 146.5 | - |
| Dividends | - | - | - | -43.9 | -24.4 | -20.9 |
| Cash flow from financing activities | -43.3 | -39.6 | -2.6 | -78.1 | 293.3 | -43.5 |
| Cash flow for the period | 68.2 | -2.9 | 46.2 | 57.0 | -11.8 | 50.9 |
| Cash and cash equivalents at the beginning | ||||||
| of the period | 57.9 | 66.1 | 29.0 | 65.2 | 74.5 | 24.9 |
| Translation difference | 15.6 | 2.0 | -0.7 | 19.5 | 2.5 | -1.3 |
| Cash and cash equivalents at the end of the | ||||||
| period | 141.7 | 65.2 | 74.5 | 141.7 | 65.2 | 74.5 |
| Net debt at the beginning of the period | 916.1 | 838.3 | 643.7 | 817.5 | 594.1 | 669.4 |
| Translation difference in net debt | 6.2 | 3.6 | -1.1 | 11.0 | 1.2 | -1.2 |
| Change in net debt | -79.0 | -24.4 | -48.5 | 14.8 | 222.2 | -74.1 |
| Net debt at the end of the period | 843.3 | 817.5 | 594.1 | 843.3 | 817.5 | 594.1 |
| Operating cash flow | 125.6 | 60.8 | 55.0 | 217.2 | -230.1 | 138.2 |
1) The discontinued operations in Kungsbacka during Q1, 2007 are included in the cash flow statement for 2007 and 2006.
| Fourth quarter | Full year | |||||
|---|---|---|---|---|---|---|
| MSEK | ||||||
| 2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |
| Cash flow from operating activities | - | - | -4.8 | - | 7.5 | 11.5 |
| Cash flow from investing activities | - | - | -1.0 | - | 0.0 | -11.2 |
| Cash flow from financing activities | - | - | 5.8 | - | -7.5 | -0.3 |
| 31/12 | 31/12 | 31/12 | |
|---|---|---|---|
| MSEK | 2008 | 2007 | 20061) |
| Assets | |||
| Intangible assests | 957,2 | 866,1 | 542,0 |
| Tangible assets | 513,4 | 445,0 | 345,4 |
| Other fixed assets | 107,6 | 80,3 | 55,6 |
| Total fixed assets | 1 578,2 | 1 391,4 | 943,0 |
| Inventories | 120,1 | 125,7 | 92,9 |
| Accounts receivable | 470,9 | 450,6 | 456,8 |
| Other current assets | 75,9 | 191,4 | 73,9 |
| Cash and cash equivalents | 141,7 | 65,2 | 74,5 |
| Total current assets | 808,6 | 832,8 | 698,1 |
| Total assets | 2 386,8 | 2 224,3 | 1 641,1 |
| Equity and liabilities | |||
| Equity | 877,7 | 864,6 | 556,4 |
| Liabilites | |||
| Non-interest bearing long-term liabilities | 52,5 | 55,4 | 28,9 |
| Interest bearing long-term liabilities | 122,3 | 281,4 | 87,4 |
| Total long-term liabilities | 174,8 | 336,8 | 116,3 |
| Non-interest bearing current liabilities | 471,6 | 421,6 | 387,3 |
| Interest bearing current liabilities | 862,7 | 601,3 | 581,1 |
| Total current liabilities | 1 334,3 | 1 022,9 | 968,4 |
| Total equity and liabilities | 2 386,8 | 2 224,3 | 1 641,1 |
1) Including assets and liabilities attributable to the discontinued operations in Kungsbacka.
| Equity attributable to parent company |
Minority interests | Total equity |
|
|---|---|---|---|
| MSEK | shareholders | ||
| Equity at year-end 2006 | 556.4 | - | 556.4 |
| Translation difference | 17.2 | - | 17.2 |
| Cash flow hedges after tax | -0.6 | - | -0.6 |
| Hedging of net investment in foreign subsidiaries | -4.9 | - | -4.9 |
| Other transactions with minority owners | - | 2.2 | 2.2 |
| Rights issue | 146.5 | - | 146.5 |
| Dividends | -24.4 | - | -24.4 |
| Income/loss for the period | 172.1 | 0.1 | 172.2 |
| Equity at the end of 2007 | 862.3 | 2.3 | 864.6 |
| Equity at year-end 2007 | 862.3 | 2.3 | 864.6 |
| Translation difference | 91.4 | -0.1 | 91.3 |
| Cash flow hedges after tax | 0.1 | - | 0.1 |
| Hedging of net investment in foreign subsidiaries | -8.7 | - | -8.7 |
| Dividends | -43.9 | - | -43.9 |
| Income/loss for the period | -25.6 | -0.1 | -25.7 |
| Equity at the end of the 2008 | 875.6 | 2.1 | 877.7 |
| MSEK | Fourth Quarter | ||
|---|---|---|---|
| 2008 | 2007 | 2006 | |
| Net sales | 0.0 | 0.0 | 1.3 |
| Cost of products and services sold | 0.0 | 0.0 | -0.8 |
| Gross profit | 0.0 | 0.0 | 0.5 |
| Operating costs | -0.3 | -9.7 | -11.2 |
| Operating income/loss | -0.3 | -9.7 | -10.7 |
| Net financial items | -52.9 | 28.3 | -140.2 |
| Income/loss after financial items | -53.2 | 18.6 | -150.9 |
| Appropriations | - | - | 13.3 |
| Tax | 6.0 | 5.2 | 0.9 |
| Income/loss for the period | -47.2 | 23.8 | -136.7 |
| Full year | Full year | Full year | |
|---|---|---|---|
| MSEK | 2008 | 2007 | 2006 |
| Net sales | 0.0 | 3.7 | 5.2 |
| Cost of products and services sold | 0.0 | -2.8 | -4.8 |
| Gross profit | 0.0 | 0.9 | 0.4 |
| Operating costs | -27.1 | -25.3 | -28.4 |
| Operating income/loss | -27.1 | -24.4 | -28.0 |
| Net financial items | -93.5 | 49.7 | -133.7 |
| Income/loss after net financial items | -120.6 | 25.3 | -161.7 |
| Appropriations | - | - | 13.3 |
| Tax | 18.4 | 34.8 | 8.2 |
| Income/loss for the period | -102.2 | 60.1 | -140.2 |
| MSEK | 31/12 2008 |
31/12 2007 |
31/12 2006 |
|---|---|---|---|
| Assets | |||
| Fixed assets | 1,301.4 | 1,337.6 | 1,090.7 |
| Current assets | 134.5 | 251.3 | 217.6 |
| Total assets | 1,435.9 | 1,588.9 | 1,308.3 |
| Equity, provisions and liabilities | |||
| Equity | 543.2 | 729.3 | 503.6 |
| Provisions | 5.7 | 5.1 | 10.7 |
| Long-term liabilities | 0.1 | 159.3 | 0.1 |
| Current liabilities | 886.9 | 695.2 | 793.9 |
| Total equity, provisions and liabilities | 1,435.9 | 1,588.9 | 1,308.3 |
| MSEK | 2008 Q4 |
2008 Q3 |
2008 Q2 |
2008 Q1 |
2007 Q4 |
2007 Q3 |
2007 Q2 |
2007 Q13) |
2006 Q43) |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 621 | 516 | 532 | 522 | 586 | 471 | 512 | 484 | 576 |
| Operating income/loss | -31 | -9 | 25 | 31 | 84 | 54 | 48 | 40 | -70 |
| Income/loss after financial items | -44 | -23 | 14 | 19 | 71 | 43 | 38 | 32 | -76 |
| Net income/loss | -30 | -22 | 13 | 13 | 63 | 54 | 30 | 25 | -80 |
| Operating cash flow | 126 | -37 | 18 | 111 | 61 | -78 | 7 | -220 | 55 |
| Depreciation | 31 | 27 | 25 | 23 | 21 | 23 | 21 | 19 | 24 |
| Net investments | -3 | 36 | 29 | -76 | 27 | 69 | 44 | 263 | 8 |
| Goodwill | 918 | 866 | 856 | 852 | 845 | 826 | 829 | 831 | 532 |
| Total assets | 2,387 | 2,290 | 2,208 | 2,237 | 2,224 | 2,129 | 2,002 | 2,027 | 1,641 |
| Equity | 878 | 849 | 844 | 862 | 865 | 788 | 742 | 737 | 556 |
| Net debt | 843 | 916 | 840 | 774 | 817 | 838 | 769 | 737 | 594 |
| Capital employed | 1,700 | 1,765 | 1,684 | 1,636 | 1,594 | 1,626 | 1,511 | 1,473 | 1,150 |
| Return on total capital, %1) | -3.2 | -0.6 | 4.4 | 6.3 | 15.7 | 10.7 | 9.9 | 9.1 | -16.1 |
| Return on equity, %1) | -13.9 | -10.4 | 6.1 | 6.0 | 30.5 | 28.3 | 16.0 | 15.6 | -53.7 |
| Return on capital employed, %1) | -7.2 | -2.2 | 6.0 | 7.5 | 20.3 | 13.8 | 13.0 | 12.3 | -22.9 |
| Debt/equity ratio | 1.0 | 1.1 | 1.0 | 0.9 | 0.9 | 1.1 | 1.0 | 1.0 | 1.1 |
| Equity ratio, % | 36.8 | 37.1 | 38.2 | 38.5 | 38.9 | 37.0 | 37.1 | 36.4 | 33.9 |
| Interest coverage ratio 2) | 0.4 | 2.7 | 4.2 | 4.9 | 5.5 | 2.1 | 1,4 | 0.5 | -0.4 |
| Number of employees at the end of | |||||||||
| the period | 1,812 | 1,887 | 1,863 | 1,796 | 1,723 | 1,592 | 1,559 | 1,534 | 1,553 |
1) Return valuations are annualised.
2) Interest coverage ratio is calculated on a rolling 12 month schedule.
3) The discontinued operations in Kungsbacka in Q 1, 2007 are included in the calculations of the key ratios.
| 2008 | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Net sales | 621 | 516 | 532 | 522 | 586 | 471 | 512 | 466 | 452 |
| Operating income/loss | -31 | -9 | 25 | 31 | 84 | 54 | 48 | 40 | 68 |
| Income/loss after financial items | -44 | -23 | 14 | 19 | 71 | 43 | 38 | 32 | 62 |
| Net income/loss | -30 | -22 | 13 | 13 | 63 | 54 | 30 | 25 | 50 |
| Depreciation | 31 | 27 | 25 | 23 | 21 | 23 | 21 | 19 | 16 |
| Number of employees at the end of | |||||||||
| the period | 1,812 | 1,887 | 1,863 | 1,796 | 1,723 | 1,592 | 1,559 | 1,534 | 1,361 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|
| Income/loss after financial items, MSEK1) | -34.3 | 184.1 | -31.8 | 105.3 | 113.0 |
| Income/loss after tax, MSEK1) | -25.7 | 172.2 | -49.0 | 77.6 | 96.2 |
| Earnings per share, SEK | -2.62 | 18.06 | -5.53 | 8.77 | 10.86 |
| Dividends per share, SEK | 0.003) | 4.50 | 2.36 | 2.36 | 1.89 |
| Return on equity, %2) | -3.0 | 24.2 | -8.2 | 13.2 | 18.9 |
| Return on total capital, %2) | 1.7 | 12.0 | -0.3 | 7.5 | 8.6 |
| Return on capital employed, %2) | 0.9 | 16.0 | -0.7 | 10.1 | 12.2 |
| Debt/equity ratio | 1.0 | 1.0 | 1.1 | 1.0 | 1.1 |
| Equity ratio, % | 36.8 | 38.9 | 33.9 | 35.3 | 33.7 |
1) Income/loss corresponds to what has been or will be presented in the Annual Report for each year. 2) Return valuations are annualised.
3) Board of Directors' proposal.
| Equity ratio | Equity (including minority interests) in relation to total assets. |
|---|---|
| Capital employed | Total assets reduced by cash and cash equivalents and non-interest bearing liabilities. |
| Return on capital employed | Operating income/loss in relation to average capital employed. |
| Return on equity | Income/loss for the year in relation to average equity. |
| Return on total capital | Income/loss plus financial income in relation to total assets. |
| Debt/equity ratio | Interest-bearing liabilities reduced by cash and cash equivalents in relation to reported equity, including minority interests. |
| Operating cash flow | Cash flow from current operations and investing activities adjusted for paid taxes and net financial items. |
| Interest coverage ratio | Operating income/loss plus interest income divided by interest costs. |
| Ownership transfer date | Country | Business area | Number of employees |
|
|---|---|---|---|---|
| 8 February 2008 | Seiz Printing Inc. | USA | Infologistics | 60 |
| 21 May 2008 | Mairs Graphische Betriebe GmbH & Co | Germany | Infologistics | 59 |
On 8 February 2008 Elanders acquired all the shares in the American company Seiz Printing Inc. in Acworth, Atlanta, Georgia, USA. The company is specialised in high quality offset print, fulfilment and logistic services. Seiz has been handling deliveries to the Group's automotive customers in the US. The purchase price was MUSD 3 together with the assumption of net debt in the company of some MUSD 8. Goodwill arising in connection with the acquisition with the amount of MUSD 2.2 relates to future market shares and synergies. The company was consolidated on 8 February 2008.
On 21 May 2008 Elanders acquired all the shares in Mairs Graphische Betriebe GmbH & Co in Stuttgart, Germany. The purchase price amounted to MEUR 3.8, including a financial leasing contract of MEUR 1.6. A group surplus value of MEUR 0.1 which is related to future market shares and synergies was generated in connection with the acquisition. The company was consolidated in June 2008.
Acquisition expenses of around MSEK 2.6, primarily related to lawyers' and consultancy fees, are included in the purchase sum below.
| MSEK | Recorded values in acquired operations |
Adjustment to fair value |
Recorded value in the Group |
|---|---|---|---|
| Intangible assets | 0.2 | - | 0.2 |
| Tangible assets | 84.3 | -2.0 | 82.3 |
| Other fixed assets | 1.9 | - | 1.9 |
| Inventory | 12.6 | - | 12.6 |
| Accounts receivable | 36.4 | - | 36.4 |
| Other current assets | 4.4 | - | 4.4 |
| Liquid funds | 2.0 | - | 2.0 |
| Non-interest bearing long-term | 1.6 | ||
| liabilities | -4.5 | -2.9 | |
| Interest bearing long-term liabilities | -41.3 | - | -41.3 |
| Non-interest bearing current liabilities | -29.0 | - | -29.0 |
| Interest bearing current liabilities | -22.4 | - | -22.4 |
| Identifiable net assets | 44.6 | -0.4 | 44.2 |
| Goodwill | 14.8 | ||
| Total purchase sums | 58.8 | ||
| Deducted: | |||
| Unpaid purchase sums | - | ||
| Cash and cash equivalents in | -2.0 | ||
| acquisitions | |||
| Negative effect on Group cash and | 56.8 | ||
| cash equivalents |
Master Vendor® is the Group's comprehensive name for full-service solutions that, in addition to offset or digital print, provide customers with all other services connected to printing production such as information structuring in databases, translation, premedia services, fulfilment and logistics. Our Annual Report describes these concepts in greater detail and can be requested from our headquarters or downloaded from our website www.elanders.com.
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