Quarterly Report • Oct 21, 2010
Quarterly Report
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1) There was no dilution during the given periods.
During the third quarter we could clearly see signs of recovery on the market, which was what we predicted at the end of the second quarter. The largest contribution to the increased sales during the third quarter is from industry and automotive customers. The trend of increasing demand for packaging, marketing material and personalized products and a lessening demand for traditional print such as user manuals, educational material and books is unmistakable. The changes that are presently being made in Elanders are completely in line with this trend.
A German packaging printing plant, Printpack, was acquired in the third quarter as a part of Group strategy to expand in packaging production. Printpack has been integrated far faster than expected and this has already generated synergies with Elanders' existing operations in Germany.
The new share issue which was decided during the quarter was carried out and raised about MSEK 208 after issue expenses. This capital will strengthen Elanders' financial position and create the prerequisites necessary for the continued expansion and development of the company.
The structural changes announced in the interim report for the second quarter, primarily concerning the Swedish operations, are now being implemented and are aimed at reducing the number of employees and optimize resource utilization in order to create a more competitive Elanders. In connection to this some production capacity has been moved from Western Europe to Eastern Europe and South America. This process will continue in the fourth quarter.
Magnus Nilsson President and Chief Executive Officer
| January-September | |||
|---|---|---|---|
| MSEK | 2010 | 2009 | 2008 |
| Net sales | 1,215.0 | 1,302.0 | 1,570.0 |
| Operating expenses | -1,296.8 | -1,333.7 | -1,523.3 |
| Operating result | -81.8 | -31.7 | 46.7 |
| Net financial items | -22.3 | -24.8 | -37.0 |
| Result after financial items | -104.1 | -56.5 | 9.7 |
| July-September | |||
|---|---|---|---|
| MSEK | 2010 | 2009 | 2008 |
| Net sales | 405.8 | 380.7 | 516.5 |
| Operating expenses | -467.6 | -402.1 | -526.0 |
| Operating result | -61.8 | -21.4 | -9.5 |
| Net financial items | -8.7 | -6.4 | -13.5 |
| Result after financial items | -70.5 | -27.8 | -23.0 |
During the period the parent company has provided joint Group services. The average number of employees was 18 (11) and at the end of the period 14 (12).
Consolidated net sales fell by MSEK 87.0 to MSEK 1,215.0 (MSEK 1,302.0) or 6.7 %. The decrease was primarily due to reduced volumes for the most part in China and in Sweden as well as a stronger Swedish crown compared to the Euro and the British pound. If the currency rates had been the same as in this period the previous year, the reduction in net sales would have been around MSEK 26 or MSEK 43 in comparable units.
The operating result worsened by MSEK 50.1 to MSEK -81.8 (MSEK -31.7), mainly due to developments in the Chinese operations and the structural costs primarily in Sweden. One-off items of MSEK -39.7 (MSEK - 16.4) are included in operating results.
In September 55 persons were given notice of redundancy in Sweden and in connection with this structural costs of MSEK 58.5 were charged to the operating result in the third quarter. These reductions in personnel in combination with previous notices of redundancy and people leaving of their own accord during the year reduced Swedish operations by about 80 people on a full year basis, compared to 2009.
Group net sales increased by MSEK 25.1 to MSEK 405.8 (MSEK 380.7) or 6.6 %. If the currency rates had been the same as in this period the previous year the increase would have been about MSEK 45, of which MSEK 28, i.e. 7.4 %, represents organic growth.
The operating result worsened by MSEK 40.4 to MSEK -61.8 (MSEK -21.4), of which MSEK -54.5 (MSEK 0.0) was one-off items, primarily attributable to restructuring the Swedish operations.
Cleared of one-off items the operations showed a better operating result in the third quarter compared to the same period last year and the reason is lower operating losses in the Swedish operations and generally positive developments in the Group's foreign operations.
The average number of employees during the period was 1,506 (1,594), of which 454 (520) were in Sweden. At the end of the period the Group had 1,556 (1,541) employees. In June Jonas Brännerud took over as MD for the Swedish operations and is now a member of Group Management.
The average number of employees during the period was 1,544 (1,533), of which 439 (480) were in Sweden.
Andréas Wikner has been appointed Chief Financial Officer after having been acting Chief Financial Officer.
Investments for the period totalled MSEK 52.2 (MSEK 46.4), of which MSEK 26.8 (MSEK 0.0) was acquisitions, of which Printpack was MSEK 23.6 and the acquisition of the remaining minority in the Brazilian operations was MSEK 3.2. Operations in Printpack is consolidated from 1 August.
The Group's depreciations and write-downs for the period amounted to MSEK 76.5 (MSEK 76.9).
Investments for the period totalled MSEK 31.3 (MSEK 16.1), of which MSEK 23.6 (MSEK 0.0) were acquisitions. The Group's depreciations and write-downs amounted to MSEK 32.3 (MSEK 25.7).
The Group's net debt amounted to MSEK 722.4 (MSEK 835.4) and operating cash flow for the first nine months amounted to MSEK -85.5 (MSEK 34.0) with MSEK -26.8 (MSEK 0.0) attributable to acquisitions. Operating cash flow for the third quarter amounted to MSEK -14.1 (MSEK -33.0), of which acquisitions were MSEK -23.6 (MSEK 0.0). Equity amounted to MSEK 825.3 (MSEK 786.6), which resulted in an equity ratio of 40.4 % (37.8 %).
At the end of September a new, two-year credit agreement was signed with the banks.
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 43-45 in the Annual Report 2009. 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 45 of the Annual Report 2009. 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 have taken place after the balance sheet date and the date this report was signed.
The forecast for 2010 of a result before taxes of around MSEK -110 including costs of about MSEK 80 for restructuring during the second half of the year remains unchanged. A positive result before taxes is expected in 2011.
The interim report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting and for the parent company in accordance with the Annual Accounts Act.
A number of amendments of existing standards, new interpretations etc. have been made by Elanders starting 1 January 2010. Of them the IFRS 3 Business Combination (amended) has had a certain impact on some of our financial reports since new acquisitions must be dealt with according to this standard.
In all other aspects the same accounting principles and calculation methods as those in the last Annual Report have been used.
The following are members of the nomination committee for the Annual General Meeting on 5 May 2011:
| Carl Bennet (chairman) | Carl Bennet AB |
|---|---|
| Göran Erlandsson | Representative for minor shareholders |
| Hans Hedström | Carnegie Funds |
| Nils Petter Hollekim | Odin Funds |
| Caroline af Ugglas | Investment AB Latour/Skandia Liv |
No changes have been made in the nomination committee since the Annual General Meeting on 26 April 2010. Please find the nomination committee's contact information on the company's website www.elanders.com under "Corporate Governance".
Annual Accounts Report 28 January 2011 Annual Report 7 April 2011 Interim report first quarter 2011 5 May 2011 Interim report second quarter 2011 13 July 2011 Interim report third quarter 2011 21 October 2011
Mölnlycke, 21 October 2010
Magnus Nilsson President and Chief Executive Officer
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:
| Magnus Nilsson | Andréas Wikner |
|---|---|
| President and CEO | Chief Financial Officer |
| Phone +46 31 750 00 00 | Phone +46 31- 750 00 00 |
(Company ID 556008-1621) P.O. Box 137 SE-435 23 Mölnlycke, Sweden Phone +46 31 750 00 00
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
We have reviewed this report for the period 1 January to 30 September 2010 for Elanders AB (publ), company reg.no. 556008-1621. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report 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 Standards on Auditing in Sweden, RS, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not 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.
Gothenburg 21 October 2010
PricewaterhouseCoopers AB
Mikael Eriksson Johan Rippe Authorised Public Accountant Authorised Public Accountant Auditor in charge
| Third quarter | |
|---|---|
| 2010 | 2009 |
| 405.8 | 380.7 |
| -376.1 | -319.1 |
| 29.7 | 61.6 |
| -88.1 | -86.3 |
| 27.4 | 10.3 |
| -29.5 | -5.0 |
| -1.3 | -2.0 |
| -61.8 | -21.4 |
| -8.7 | -6.4 |
| -70.5 | -27.8 |
| 18.5 | 11.2 |
| -52.0 | -16.6 |
| -52.0 | -16.3 |
| - | -0.3 |
| -5.04 | -1.67 |
| 10,308 | 9,765 |
| 19,530 | 9,765 |
1) Earnings per share before and after dilution. No adjustment of the historic number of shares has been made since the new share issue in 2010 did not entail any bonus issue element.
2) Earnings per share calculated by dividing the result for the year by the average number of outstanding shares during the period.
| January-September | Last | Full year | ||
|---|---|---|---|---|
| MSEK | 12 mon | |||
| 2010 | 2009 | 2009 | ||
| Net sales | 1,215.0 | 1,302.0 | 1,669.7 | 1,756.7 |
| Cost of products and services sold | -1,058.2 | -1,063.7 | -1,424.1 | -1,429.6 |
| Gross profit | 156.8 | 238.3 | 245.6 | 327.1 |
| Sales and administrative expenses | -249.4 | -281.3 | -357.4 | -389.3 |
| Other operating income | 52.3 | 29.6 | 62.0 | 39.3 |
| Other operating expenses | -38.4 | -15.8 | -55.8 | -33.2 |
| Income from jointly controlled entities | -3.1 | -2.5 | -4.6 | -4.0 |
| Operating result | -81.8 | -31.7 | -110.2 | -60.1 |
| Net financial items | -22.3 | -24.8 | -33.5 | -36.0 |
| Result after financial items | -104.1 | -56.5 | -143.7 | -96.1 |
| Income taxes | 21.6 | 19.3 | 24.0 | 21.7 |
| Result for the period | -82.5 | -37.2 | -119.7 | -74.4 |
| Attributable to: | ||||
| - parent company shareholders | -82.5 | -36.9 | -119.6 | -74.0 |
| - minority interests | - | -0.3 | -0.1 | -0.4 |
| Earnings per share, SEK 1) 2) | -8.29 | -3.78 | -12.08 | -7.57 |
| Average number of shares, in thousands | 9,946 | 9,765 | 9,901 | 9,765 |
| Outstanding shares at the end of the period, in thousands | 19,530 | 9,765 | 19,530 | 9,765 |
1) Earnings per share before and after dilution. No adjustment of the historic number of shares has been made since the new share issue in 2010 did not entail any bonus issue element.
2) Earnings per share calculated by dividing the result for the period by the average number of outstanding shares during the period.
| Third quarter | ||
|---|---|---|
| MSEK | ||
| 2010 | 2009 | |
| Result for the period | -52.0 | -16.6 |
| Other comprehensive income | ||
| Translation differences, net after tax | -47.6 | -58.1 |
| Cash flow hedges, net after tax | 0.1 | 0.0 |
| Hedging of net investment abroad, net after tax | 1.5 | 0.9 |
| Other comprehensive income, net after tax | -46.0 | -57.2 |
| Total comprehensive income for the period | -98.0 | -73.8 |
| Total comprehensive income attributable to: | ||
| -parent company shareholders | -98.0 | -73.7 |
| -minority interests | - | -0.1 |
| MSEK | January-September | Last 12 mon |
Full year | |
|---|---|---|---|---|
| 2010 | 2009 | 2009 | ||
| Result for the period | -82.5 | -37.2 | -119.7 | -74.4 |
| Other comprehensive income | ||||
| Translation differences, net after tax | -70.2 | -55.1 | -54.6 | -39.5 |
| Cash flow hedges, net after tax | 0.1 | 0.1 | 0.5 | 0.5 |
| Hedging of net investment abroad, net after tax | 5.3 | 1.1 | 5.0 | 0.8 |
| Other comprehensive income, net after tax | -64.8 | -53.9 | -49.1 | -38.2 |
| Total comprehensive income for the period | -147.3 | -91.1 | -168.8 | -112.6 |
| Total comprehensive income attributable to: | ||||
| -parent company shareholders | -147.3 | -90.9 | -168.7 | -112.3 |
| -minority interests | - | -0.2 | -0.1 | -0.3 |
| Third quarter January September |
Last 12 |
Full year | ||||
|---|---|---|---|---|---|---|
| MSEK | mon | |||||
| 2010 | 2009 | 2010 | 2009 | 2009 | ||
| Result after financial items | -70.5 | -27.8 | -104.1 | -56.5 | -143.7 | -96.1 |
| Adjustments for items not included in cash flow | 70.5 | 17.1 | 93.6 | 50.2 | 130.2 | 86.8 |
| Paid taxes | -1.1 | -3.5 | -8.8 | -14.1 | -2.6 | -7.9 |
| Changes in working capital | -1.4 | -16.5 | -50.2 | 43.8 | -22.2 | 71.8 |
| Cash flow from operating activities | -2.5 | -30.7 | -69.5 | 23.4 | -38.3 | 54.6 |
| Cash flow from investing activities | -21.4 | -12.2 | -47.1 | -28.4 | -70.9 | -52.2 |
| Changes in long and short-term borrowing | -136.4 | 25.7 | -74.5 | -50.1 | -84.0 | -59.6 |
| New share issue | 208.1 | - | 208.1 | - | 208.1 | - |
| Cash flow from financing activities | 71.7 | 25.7 | 133.6 | -50.1 | 124.1 | -59.6 |
| Cash flow for the period | 47.8 | -17.2 | 17.0 | -55.1 | 14.9 | -57.2 |
| Liquid funds at the beginning of the period | 48.8 | 104.2 | 78.9 | 141.7 | 80.2 | 141.7 |
| Translation difference | -4.0 | -6.8 | -3.3 | -6.4 | -2.5 | -5.6 |
| Liquid funds at the end of the period | 92.6 | 80.2 | 92.6 | 80.2 | 92.6 | 78.9 |
| Net debt at the beginning of the period | 905.6 | 806.4 | 837.4 | 843.3 | 835.4 | 843.3 |
| Translation difference in net debt | -19.4 | -4.1 | -32.0 | -1.6 | -32.1 | -1.7 |
| Net debt in acquisitions | 8.6 | - | 8.6 | - | 8.6 | - |
| Change in net debt | -172.4 | 33.1 | -91.6 | -6.3 | -89.5 | -4.2 |
| Net debt at the end of the period | 722.4 | 835.4 | 722.4 | 835.4 | 722.4 | 837.4 |
| Operating cash flow | -14.1 | -33.0 | -85.5 | 34.0 | -77.0 | 42.1 |
| 30/9 | 30/9 | 31/12 | |
|---|---|---|---|
| MSEK | 2010 | 2009 | 2009 |
| Assets | |||
| Intangible assets | 887.7 | 940.9 | 953.0 |
| Tangible assets | 371.3 | 432.2 | 435.1 |
| Other fixed assets | 163.8 | 125.6 | 131.4 |
| Total fixed assets | 1,422.8 | 1,498.7 | 1,519.5 |
| Inventories | 113.1 | 103.0 | 95.1 |
| Accounts receivable | 335.1 | 316.5 | 351.5 |
| Other current assets | 77.5 | 85.0 | 68.8 |
| Cash and cash equivalents | 92.6 | 80.2 | 78.9 |
| Total current assets | 618.3 | 584.7 | 594.3 |
| Total assets | 2,041.1 | 2,083.4 | 2,113.8 |
| Equity and liabilities | |||
| Equity | 825.3 | 786.6 | 765.1 |
| Liabilities | |||
| Non-interest-bearing long-term liabilities | 38.6 | 47.3 | 42.7 |
| Interest-bearing long-term liabilities | 326.4 | 94.1 | 87.6 |
| Total long-term liabilities | 365.0 | 141.4 | 130.3 |
| Non-interest-bearing current liabilities | 362.2 | 333.8 | 389.7 |
| Interest-bearing current liabilities | 488.6 | 821.6 | 828.7 |
| Total current liabilities | 850.8 | 1,155.4 | 1,218.4 |
| Total equity and liabilities | 2,041.1 | 2,083.4 | 2,113.8 |
| Equity | Equity | Total equity | |
|---|---|---|---|
| attributable to | attributable to | ||
| parent | minority | ||
| company | owners | ||
| MSEK | shareholders | ||
| Equity at year-end 2008 | 875.6 | 2.1 | 877.7 |
| Total comprehensive income for the year | -112.3 | -0.3 | -112.6 |
| Equity at year-end 2009 | 763.3 | 1.8 | 765.1 |
| Equity at year-end 2008 | 875.6 | 2.1 | 877.7 |
| Total comprehensive income for the period | -90.9 | -0.2 | -91.1 |
| Equity at the end of the third quarter 2009 | 784.7 | 1.9 | 786.6 |
| Equity at year-end 2009 | 763.3 | 1.8 | 765.1 |
| Transactions with minority owners | 1.2 | -1.8 | -0.6 |
| New share issue | 208.1 | - | 208.1 |
| Total comprehensive income for the period | -147.3 | - | -147.3 |
| Equity at the end of the third quarter 2010 | 825.3 | - | 825.3 |
Effective the fourth quarter 2009 Group operations are reported as one reportable segment, since this is how the Group is now governed. This analysis identified the President as the highest decision-maker and the units in different countries were identified as operating segments. The operating segments were then merged to create a single operating segment, consisting of the entire Group, since the units have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes, customer types etc. Regarding the financial information for the operating segment please see the consolidated income statements and the statement of financial position along with related notes.
| Third quarter | ||
|---|---|---|
| MSEK | ||
| 2010 | 2009 | |
| Net sales | - | - |
| Cost of products and services sold | - | - |
| Gross profit | - | - |
| Operating expenses | -10.5 | -6.4 |
| Operating result | -10.5 | -6.4 |
| Net financial items | -2.2 | -1.7 |
| Result after net financial items | -12.7 | -8.1 |
| Income taxes | 3.3 | 2.1 |
| Result for the period | -9.4 | -6.0 |
| January-September | Last | Full year | ||
|---|---|---|---|---|
| MSEK | 12 mon | |||
| 2010 | 2009 | 2009 | ||
| Net sales | - | - | - | - |
| Cost of products and services sold | - | - | - | - |
| Gross profit | - | - | - | - |
| Operating expenses | -23.4 | -29.5 | -31.3 | -37.4 |
| Operating result | -23.4 | -29.5 | -31.3 | -37.4 |
| Net financial items | 11.7 | 80.9 | 14.0 | 83.2 |
| Result after net financial items | -11.7 | 51.4 | -17.3 | 45.8 |
| Income taxes | 5.5 | 10.8 | 8.5 | 13.8 |
| Result for the period | -6.2 | 62.2 | -8.8 | 59.6 |
| MSEK | Third quarter | |
|---|---|---|
| 2010 | 2009 | |
| Result for the period | -9.4 | -6.0 |
| Other comprehensive income | - | - |
| Total comprehensive income | -9.4 | -6.0 |
| MSEK | January-September | Last 12 mon |
Full year | |
|---|---|---|---|---|
| 2010 | 2009 | 2009 | ||
| Result for the period | -6.2 | 62.2 | -8.8 | 59.6 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | -6.2 | 62.2 | -8.8 | 59.6 |
| 30/9 | 30/9 | 31/12 | |
|---|---|---|---|
| MSEK | 2010 | 2009 | 2009 |
| Assets | |||
| Fixed assets | 1,268.1 | 1,240.5 | 1,254.9 |
| Current assets | 163.5 | 66.9 | 61.4 |
| Total assets | 1,431.6 | 1,307.4 | 1,316.3 |
| Equity, provisions and liabilities | |||
| Equity | 754.8 | 605.3 | 552.9 |
| Provisions | 3.9 | 6.3 | 3.9 |
| Long-term liabilities | 146.3 | 0.1 | 0.1 |
| Current liabilities | 526.6 | 695.7 | 759.4 |
| Total equity and liabilities | 1,431.6 | 1,307.4 | 1,316.3 |
| Share capital |
Statutory reserve |
Retained earnings |
Total equity | |
|---|---|---|---|---|
| and result | ||||
| for the | ||||
| MSEK | period | |||
| Equity at year-end 2008 | 97.7 | 332.4 | 113.1 | 543.2 |
| Total comprehensive income for the year | - | - | 59.5 | 59.5 |
| Paid group contribution, net | - | - | -67.6 | -67.6 |
| Tax effect on paid group contribution, net | - | - | 17.8 | 17.8 |
| Equity at year-end 2009 | 97.7 | 332.4 | 122.8 | 552.9 |
| Equity at year-end 2008 | 97.7 | 332.4 | 113.1 | 543.2 |
| Total comprehensive income for the period | - | - | 62.2 | 62.2 |
| Equity at the end of the third quarter 2009 | 97.7 | 332.4 | 175.2 | 605.3 |
| Equity at year-end 2009 | 97.7 | 332.4 | 122.8 | 552.9 |
| New share issue | 97.7 | - | 110.4 | 208.1 |
| Total comprehensive income for the period | - | - | -6.2 | -6.2 |
| Equity at the end of the third quarter 2010 | 195.3 | 332.4 | 227.1 | 754.8 |
| 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | 2008 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Net sales | 406 | 409 | 401 | 455 | 381 | 445 | 477 | 621 | 516 |
| Operating result | -62 | -8 | -12 | -28 | -21 | -22 | 12 | -31 | -9 |
| Operating margin, % | -15.2 | -2.0 | -3.0 | -6.2 | -5.6 | -4.9 | 2.5 | -5.0 | -1.7 |
| Result after financial items | -71 | -14 | -19 | -40 | -28 | -32 | 3 | -44 | -23 |
| Result after tax | -52 | -12 | -19 | -37 | -17 | -24 | 3 | -30 | -22 |
| Earnings per share, SEK | -5.04 | -1.21 | -1.92 | -3.79 | -1.67 | -2.46 | 0.34 | -3.03 | -2.25 |
| Operating cash flow | -14 | -37 | -34 | 8 | -33 | 45 | 22 | 126 | -37 |
| Net cash flow per share, SEK | 4.63 | 0.19 | -3.35 | -0.22 | -1.76 | -3.32 | -0.56 | 6.98 | 0.03 |
| Depreciation | 33 | 22 | 22 | 24 | 26 | 24 | 27 | 31 | 27 |
| Net investments | 21 | 9 | 17 | 24 | 12 | 12 | 4 | -3 | 36 |
| Goodwill | 843 | 863 | 868 | 895 | 889 | 920 | 923 | 918 | 866 |
| Total assets | 2,041 | 2,032 | 2,020 | 2,114 | 2,083 | 2,203 | 2,342 | 2,387 | 2,290 |
| Equity | 825 | 715 | 720 | 765 | 787 | 860 | 894 | 878 | 849 |
| Net debt | 722 | 906 | 868 | 837 | 836 | 806 | 838 | 843 | 916 |
| Capital employed | 1,548 | 1,621 | 1,588 | 1,602 | 1,622 | 1,667 | 1,732 | 1,721 | 1,765 |
| Return on total assets, %1) | -11.1 | -1.5 | -1.9 | -5.3 | -4.1 | -4.0 | 3.0 | -3.2 | -0.6 |
| 1) Return on equity, % |
-27.0 | -6.6 | -10.0 | -19.3 | -8.1 | -10.9 | 1.5 | -13.9 | -10.4 |
| Return on capital employed, %1) | -15.6 | -2.0 | -3.0 | -7.0 | -4.6 | -5.2 | 2.8 | -7.2 | -2.2 |
| Debt/equity ratio | 0.9 | 1.3 | 1.2 | 1.1 | 1.1 | 0.9 | 0.9 | 1.0 | 1.1 |
| Equity ratio, % | 40.4 | 35.2 | 35.6 | 36.2 | 37.8 | 39.0 | 38.2 | 36.8 | 37.1 |
| Interest coverage ratio 2) | -3.8 | -2.5 | -2.8 | -1.8 | -1.7 | -1.1 | 1.3 | 0.4 | 2.7 |
| Number of employees at the end of the period |
1,556 | 1,523 | 1,457 | 1,538 | 1,541 | 1,557 | 1,652 | 1,812 | 1,887 |
1) Return ratios have been annualized.
2) Interest coverage ratio calculation is based on a moving 12 month period.
| 2009 | 2008 | 2007 | 2006 | 2005 | |
|---|---|---|---|---|---|
| Result after financial items, MSEK | -96 | -34 | 184 | -32 | 105 |
| Result after tax, MSEK | -74 | -26 | 172 | -49 | 78 |
| Earnings per share, SEK | -7.57 | -2.62 | 18.06 | -5.53 | 8.77 |
| Dividends per share, SEK | - | - | 4.50 | 2.36 | 2.36 |
| Return on equity, % | -9.1 | -3.0 | 24.2 | -8.2 | 13.2 |
| Return on total assets, % | -2.2 | 1.7 | 12.0 | -0.3 | 7.5 |
| Return on capital employed, % | -3.6 | 0.9 | 16.0 | -0.7 | 10.1 |
| Debt/equity ratio | 1.1 | 1.0 | 1.0 | 1.1 | 1.0 |
| Equity ratio, % | 36.2 | 36.8 | 38.9 | 33.9 | 35.3 |
Key ratios correspond to those presented in the Annual Report for each year.
| 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|
| Q3 | Q3 | Q3 | 1) Q3 |
1 Q3 |
|
| Net sales, MSEK | 406 | 381 | 516 | 471 | 432 |
| Result after tax, MSEK | -52 | -17 | -22 | 54 | 11 |
| Earnings per share, SEK 3) | -5.04 | -1.67 | -2.25 | 5.54 | 1.25 |
| Return on equity, % 2) | -11.0 | -8.1 | -10.4 | 28.3 | 7.1 |
| Return on capital employed, % 2) | -5.1 | -4.6 | -2.2 | 13.8 | 6.6 |
| Operating margin, % | -15.2 | -5.6 | -1.7 | 11.5 | 4.9 |
| Average number of shares, in thousands | 10,308 | 9,765 | 9,765 | 9,765 | 8,855 |
1) The figures include discontinued operations in Kungsbacka, i.e. directories production, that were discontinued in the first quarter 2007. 2) Return valuations are annualised.
3) There is no dilution.
| 2010 Jan-Sep |
2009 Jan-Sep |
2008 Jan-Sep |
2007 Jan-Sep1) |
2006 Jan-Sep1) |
|
|---|---|---|---|---|---|
| Net sales, MSEK | 1,215 | 1,302 | 1,571 | 1,449 | 1,228 |
| Result after tax, MSEK | -83 | -37 | 4 | 109 | 65 |
| Earnings per share, SEK 3) | -8.29 | -3.78 | 0.41 | 11.50 | 7.33 |
| Return on equity, % 2) | -13.8 | -6.0 | 0.6 | 20.4 | 14.5 |
| Return on capital employed, % 2) | -6.9 | -2.5 | 3.8 | 13.8 | 11.6 |
| Operating margin, % | -6.7 | -2.4 | 3.0 | 9.8 | 8.7 |
| Average number of shares, in thousands | 9,946 | 9,765 | 9,765 | 9,462 | 8,855 |
1) The figures include discontinued operations in Kungsbacka, i.e. directories production, that were discontinued in the first quarter 2007. 2) Return ratios are annualized.
3) There is no dilution.
| Acquisition date | Company | Country | Number of employees |
|---|---|---|---|
| 1 August 2010 | Printpack – CW GmbH | Germany | 44 |
In August 2010 Elanders acquired the assets and liabilities in Printpack CW – GmbH in Stuttgart, Germany. The company is specialized in packaging production and has many international customers. The agreed purchase price amounted to MEUR 2.5 in addition to the transfer of a leasing debt of MEUR 0.9. The acquisition resulted in negative goodwill amounting to MEUR 0.4 that has been as accounted for as income.
| Recorded values in aquired operations |
Adjustments to fair value |
Recorded value in the group |
|
|---|---|---|---|
| MSEK | |||
| Intangible assets | - | 4.7 | 4.7 |
| Tangible assets | 21.4 | - | 21.4 |
| Inventories | 11.5 | - | 11.5 |
| Non-interest-bearing long-term liabilities | - | -1.5 | -1.5 |
| Interest-bearing long-term liabilities | -8.6 | - | -8.6 |
| Identifiable net assets | 24.3 | 3.2 | 27.5 |
| Negative goodwill | -3.9 | ||
| Total purchase price | 23.6 | ||
| Less: | |||
| Unpaid purchases sums | - | ||
| Cash and cash equivalents in acquired operations | - | ||
| Negative effect on cash and cash equivalents | 23.6 |
In March 2010 the remaining minority in the subsidiary in Brazil was acquired. The purchase price amounted to MUSD 0.5.
| Definitions | |
|---|---|
| Equity ratio | Equity (including minority interests) in relation to total assets. |
| Capital employed | Total assets less cash and cash equivalents and non-interest-bearing liabilities. |
| Return on capital employed | Operating result in relation to average capital employed. |
| Return on equity | Result for the year in relation to average equity. |
| Return on total assets | Operating result plus financial income in relation to total assets. |
| Debt/equity ratio | Interest-bearing liabilities less cash and cash equivalents in relation to reported equity, including minority interests. |
| Operating cash flow | Cash flow from operating activities and investing activities adjusted for paid taxes and net financial items. |
| Interest coverage ratio | Operating result plus interest income divided by interest costs. |
Elanders handles customers' information and printed matter logistics via a single contact, no matter how voluminous the material nor how many languages it is published in. We create solutions based on our customers' needs and ability. No matter how the information is delivered to Elanders we process it and then produce and distribute it, directly to the recipient of the information when that is an advantage. We provide technical support for our customers' information management through a platform of systems that help to automate customers' information processes.
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Falköping, Göteborg, Lund, Malmö, Stockholm, Uppsala, Västerås (Sweden), Oslo (Norway), Harrogate and Newcastle (Great Britain), Stuttgart (Germany), Atlanta (USA), São Paulo (Brazil), Beijing (China), Płonsk (Poland), Treviso (Italy) and Zalalövő (Hungary).
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