Earnings Release • Dec 12, 2007
Earnings Release
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ELEKTA AB (publ) Corporate registration number 556170-4015 Kungstensgatan 18 – Box 7593 – SE 103 93 Stockholm
"In the second quarter of fiscal year 2007/08, we saw a continued strong demand. Order intake for the first 6 months increased by 12 percent in local currency, driven primarily by a continued success in radiation therapy in North America, a stronger interest in Leksell Gamma Knife® in Europe and a strong recovery on the Chinese market.
Order bookings for the North and South America region during the 6 months period improved by 10 percent in local currency. However, orders in the second quarter were significantly down compared to the same quarter last year, which was the first after FDA clearance for Leksell Gamma Knife® Perfexion™.
Today's market situation differs significantly from the one only a few years ago. Technology development is accelerating, new suppliers have entered the market in specific niches, we see a convergence and increased cooperation between different treatment methods and the political pressure to address cancer care is mounting in many countries. All this opens up many opportunities for Elekta.
The increased supply of different systems leads to more and more customers — particularly in the US — carrying out serious evaluations of different suppliers, which is positive for Elekta.
In the important US market, Elekta continues to gain market share within radiation therapy. The market for radiosurgical treatment of brain disorders is relatively well penetrated. After a successful launch of Leksell Gamma Knife Perfexion and improved volumes during last fiscal year, we now foresee Leksell Gamma Knife deliveries to North America to be flat this year, while volumes are up significantly in the rest of the world.
Thanks to the enhanced and unique capabilities of Leksell Gamma Knife Perfexion, we have the opportunity to address new clinical applications and position Gamma Knife surgery among other modalities also within conventional radiation oncology.
The operating result increased significantly during the second quarter. This is primarily explained by improved gross margin and good cost control. The increase in cost compared to the same period last year, is primarily a result of the addition of new subsidiaries. For the 6 months period, operating result increased by 23 percent resulting in an operating margin of 9 percent. Adjusted for currency effects the operating profit improvement was 46 percent.
Cash flow was very strong during the quarter as a result of more efficient management of working capital.
With a record high order backlog and a strong pipeline, it is my expectation that Elekta will grow net sales this year by over 12 percent in local currency. The objective to grow operating profit by more than 30 percent must however be put into the context of continued changes in the foreign exchange market to the detriment of Elekta. To reach the stated target would now require an improvement given the negative development in the currency market, corresponding to over 40 percent, which I not consider to be achievable.
Accordingly, we now forecast an operating profit growth of 25-30 percent."
Elekta is an international medical technology group, providing oncologists, radiation therapists, neurosurgeons and many other medical specialists with state of the art tools to fight serious disease. Elekta's solutions are used at over 4,500 hospitals globally to treat cancer with radiation therapy, to diagnose and treat brain disorders as well as to run efficient and effective clinical practices. Elekta is the world leader in image guided and stereotactic clinical solutions for radiosurgery and radiation therapy, methods for aggressively treating tumors and functional targets with ultrahigh precision while sparing healthy tissue. Through ambitious Research & Development programs and close collaborations with clinical partners, Elekta continues to launch groundbreaking new technology at a rapid pace. All of Elekta's solutions employ non-invasive or minimally invasive techniques, which are clinically effective, yet cost-effective and gentle to the patient.
The total market for Elekta's clinical solutions, IT systems and services is expected to grow by 5-10 percent annually and the unmet needs remain high. However, the high value of individual orders and the particularities of the healthcare industry market often lead to significant quarterly variations in business volume, product mix and geographical mix.
The market development is driven by an increased incidence of cancer and by the shortage of treatment capacity that is prevailing in most countries. New advanced, more precise and accurate methods are expected to increase the role of radiation therapy in the future. The rapid development of new technology is resulting in higher average order values. An increasing number of customers are requesting more comprehensive and long-term relationships with suppliers.
Order bookings rose 7 percent to SEK 2,472 M (2,302). Based on unchanged exchange rates order bookings rose 12 percent.
Based on unchanged exchange rates order bookings in North and South America rose 10 percent, region Europe including Middle East and Africa rose 7 percent and Asia rose 27 percent.
Order bookings during the second quarter rose 2 percent to SEK 1,336 M (1,315).
Order backlog on October 31, 2007 was at an all time high level of SEK 4,425 M compared with SEK 4,247 M on April 30, 2007. Around half of the order backlog is expected to be delivered during current fiscal year.
| Order bookings | Quarter 2 | Quarter 2 Change | 6 months | 6 months Change | Rolling Change | |||
|---|---|---|---|---|---|---|---|---|
| SEK M | 2007/08 | 2006/07 | 2007/08 | 2006/07 | 12 months | |||
| Europe, Middle East, Africa | 467 | 430 | 9% | 849 | 801 | 6% | 2,045 | 14% |
| North and South America | 548 | 660 | -17% | 1,104 | 1,061 | 4% | 2,350 | 0% |
| Asia | 321 | 225 | 43% | 519 | 440 | 18% | 877 | 1% |
| Group | 1,336 | 1,315 | 2% | 2,472 | 2,302 | 7% | 5,272 | 5% |
The North American market continues to show solid growth, primarily driven by the rising cancer incidence and by the rapid acceptance of new and refined treatment methods such as image guided radiation therapy (IGRT) and stereotactic radiation therapy (SRT).
Elekta is leading the development in advanced methods for radiation therapy and radiosurgery and continues to improve market shares in North America. The introduction of Elekta Infinity and the VMAT technology, which has been met with strong interest, has the potential to reduce treatment times and thereby improve patient throughput as well as hospital revenue.
In the US market, efficiency in patient flows and processing of clinical data are often decisive sales arguments. Software systems that handle both the entire treatment process and administration and resource allocation are therefore in most cases an integrated part of the delivery of treatment systems. MOSAIQ™, the new system from Elekta for EMR, workflow and information management, are now being installed at new and existing customers at a rapid pace.
Elekta's position in the European market for radiation therapy is strong. The European market is driven primarily by the lack of care capacity and therapeutic equipment. In many European countries, the number of linear accelerators per capita is less than half that of the US.
Elekta's ability to provide comprehensive and integrated solutions, yet based on industry standards and open connectivity, makes the company an attractive partner in tenders involving comprehensive long-term commitments.
In the United Kingdom, the government has recently announced an ambitious plan for preventing cancer and boost treatment capacity. In total GBP 370 M will be invested over 3 years including GBP 130 M in radiation therapy equipment.
There is a solid rationale for a continued long-term market growth in Asia. The number of linear accelerators per capita is low, in an international comparison. Elekta is well positioned to meet continued strong demand in the region and to support health care providers in these countries in their quest to develop cancer care.
In China, the healthcare system is currently undergoing reform and restructuring, in order to meet the growing need for advanced care and to make these services more accessible to a larger share of the population. After a period of relatively low market activity, the order volumes from China have increased significantly.
In Japan, there is a large installed base of Leksell Gamma Knife and subsequently, there is substantial potential for upgrades to Leksell Gamma Knife Perfexion. Due to the long process for regulatory approval in Japan, Elekta expects to be able to introduce this new system late in the fiscal year 2007/08.
Elekta's aftermarket is continuing to show favorable development, partly as a result of a growing installed base. The shift towards more advanced, newly launched systems is resulting in more customers choosing comprehensive and long term service agreements.
Elekta continues to focus on further development of support and lifecycle business and on providing value-based services to the expanding customer base.
Net sales rose 9 percent to SEK 2,188 M (2,014). Based on unchanged exchange rates net sales increased by 14 percent.
Net sales during the second quarter rose 19 percent to SEK 1,213 M (1,018).
| Net sales | Quarter 2 | Quarter 2 Change | 6 months | 6 months Change | 12 months | ||
|---|---|---|---|---|---|---|---|
| SEK M | 2007/08 | 2006/07 | 2007/08 | 2006/07 | 2006/07 | ||
| Europe, Middle East, Africa | 474 | 426 | 11% | 850 | 782 | 9% | 1,840 |
| North and South America | 535 | 417 | 28% | 943 | 865 | 9% | 1,933 |
| Asia | 204 | 175 | 17% | 395 | 367 | 8% | 752 |
| Group | 1,213 | 1,018 | 19% | 2,188 | 2,014 | 9% | 4,525 |
Operating profit increased by 23 percent to SEK 195 M (159), positively impacted by the increased net sales and product mix but negatively by currency impacts and higher expenses. The expense increase is primarily attributable to new entities.
Gross margin amounted to 42 percent (41). Operating margin was 9 percent (8).
Operating profit during the second quarter amounted to SEK 159 M (74) and operating margin was 13 percent (7). On a rolling 12 months operating margin was 12 percent.
Calculated IFRS 2 costs for Elekta's outstanding option program amounted to SEK 9 M (11).
Investments in research and development rose 10 percent to SEK 199 M (180) equal to 9 percent (9) of net sales. Capitalization of development costs and amortization of capitalized development costs affected earnings by SEK 7 M (8). Capitalization amounted to SEK 18 M (12) and amortization to SEK 11 M (4).
Exchange rate effects on operating profit compared with previous year:
In total, exchange rate fluctuations affected the operating profit for the six month period, compared with previous year, negatively by SEK 37 M.
Currency hedging is done on the basis of anticipated sales in foreign currency over a period of up to 24 months. Exchange rate gains from forward contracts in operating profit amounted to SEK 18 M (24). Unrealized exchange rate gains from cash flow hedges amounted to SEK 44 M and are reported in shareholders' equity taking into account the tax impact.
Net financial items amounted to an expense of SEK 9 M (income 1). Net interest expenses amounted to SEK 18 M (expense 10). Income from participations in associated companies amounted to SEK 3 M (10) and financial currency exchange gain was SEK 6 M (gain 1).
Profit after net financial items amounted to SEK 186 M (160). Calculated tax expense amounted to SEK 60 M or 32 percent. Profit after taxes amounted to SEK 126 M (104).
Earnings per share amounted to SEK 1.38 (1.11) before dilution and SEK 1.38 (1.11) after dilution.
Return on shareholders' equity was 20 percent (17) and return on capital employed totaled 22 percent (18).
Acquisition of 3D Line resulted in an increase of intangible and tangible fixed assets of SEK 149 M. Other investments in intangible and tangible fixed assets amounted to SEK 48 M (67). Amortization of intangible and depreciation of tangible fixed assets amounted to SEK 88 M (65).
Cash flow from operating activities was positive and amounted to SEK 140 M (neg. 151). The improvement is primarily related to improved operating cash flow but compared to the same period previous year also a lower increase in tied up working capital. Cash flow after investments was positive SEK 22 M (neg. 343). Acquisition was included with SEK 95 M (144).
Liquid funds amounted to SEK 344 M compared to SEK 484 M April 30, 2007. Of total bank balances SEK 9 M were pledged, primarily for commercial guarantees.
Interest-bearing liabilities totaled SEK 1,009 M compared with SEK 987 M on April 30, 2007. Net debt amounted to SEK 665 M compared with SEK 503 M on April 30, 2007.
Net debt/equity ratio was 0.38 and equity/assets ratio was 33 percent.
During May-October 2007/08, 98,214 new Series B shares were subscribed through exercise of warrants distributed within the framework of the established option programs.
During the period July 4, through July 12, 2007, Elekta has repurchased 871,600 Series B shares at an average price of SEK 114.73 totaling SEK 100 M. Elekta's current holding of own shares amounts to 1,630,871 Series B shares. The Annual General Meeting has decided that the repurchased shares shall be cancelled and the cancellation process has started.
Total number of shares on November 30, 2007 was 93,903,316.
The average number of employees was 2,054 (1,859), of which BMEI and 3D Line employed 165 (59).
The number of employees on October 31, 2007 totaled 2,066 compared with 2,031 on April 30, 2007.
The operations of the Parent Company include Group management, joint Group functions and financial management. The Parent Company's loss after financial items amounted to SEK 1 M (loss 20), positively impacted by dividends from subsidiaries. The average number of employees was 21 (20).
On May 3, 2007, Elekta acquired 3D Line Research and Development S.r.l. (3D Line), adding to Elekta a highly qualified R&D group specialized in stereotactic radiosurgery and dynamic IMRT treatments as well as a product portfolio of advanced equipment and treatment planning software systems for performing radiation therapy with high precision and optimized dose distribution.
3D Line's registered office is in Milan, Italy and at time of acquisition 3D Line had 20 employees.
In May, Elekta paid 10 million Euro in cash for 3D Line. The purchase agreement contains also an earn-out maximized to 8 million Euro, dependent on the company's performance during the coming 3 years. Acquisition cost amounts to SEK 3 M.
The initial accounting for the fair values to be assigned to the acquired unit's identifiable assets and liabilities has been provisionally established. Intangible assets and goodwill have been valued at SEK 148 M. The intangible assets consist of technology and the amortization period is 6 years. Goodwill refers primarily to future synergy effects.
The transaction structure is to fully integrate 3D Line's organization as well as products and service into those of the Elekta group. The revenue directly attributable to the company's current products was marginal during the reported period and as planned, leading to an operating loss. The positive financial effects of the acquisition will therefore start to emerge over time and the acquisition is forecasted to be financially neutral during Elekta's current fiscal year and accretive thereafter. In addition to the direct financial effects from its existing products, 3D Line's technologies and expertise will have immediate positive effects on products under development within the Elekta group.
Elekta's ability to deliver treatment equipment is, to a large extent, dependent on customers being able to accept delivery in the agreed timeframe, which results in a risk of delayed deliveries and corresponding delayed revenue recognition. In its operations, Elekta is subject to a number of financial risks, primarily related to exchange rate fluctuations.
Description of other risks and uncertainties in Elekta's business can be found in the annual report 2006/07 on page 38-39 and in note 2. Nothing essential has happened to change the risks described therein.
Demand for Elekta's clinical solutions, products and services remains strong. The order backlog is on a record high level. The product portfolio is more comprehensive and more competitive than ever before.
For the full fiscal year 2007/08, Elekta expects net sales in local currency to grow over 12 percent. The earlier outlook for net sales growth was exceeding 10 percent.
As a result of the currency development, primarily the weakening of the US dollar, Elekta now expects an operating profit growth of 25-30 percent. The previous outlook was exceeding 30 percent.
Net sales and operating profit is expected to be significantly higher in the second half of the fiscal year, compared with the first half. Over 50 percent of the operating profit for the year is expected to be generated in the fourth quarter.
Nine-month report for May – January 2007/08 will be published on March 10, 2008.
The Board of Directors and the CEO certify that the half-yearly financial report gives a fair review of the performance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face.
Stockholm, December 12, 2007
Chairman of the Board
Akbar Seddigh Hans Barella Birgitta Stymne Göransson
Tommy H Karlsson Laurent Leksell Carl G. Palmstierna
Magnus Schmidt Tomas Puusepp
President and CEO
Elekta AB (publ), Corporate registration number 556170-4015
We have reviewed the interim report for the period May 1, 2007 to October 31, 2007 for Elekta AB (publ). The Board of Directors and Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Reports Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than and the focus is different from that of an audit conducted in accordance with the Standards on Auditing in Sweden (RS) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and with the Swedish Annual Reports Act.
Stockholm December 12, 2007
Deloitte AB
Lars Svantemark Authorized Public Accountant
Peter Ejemyr, Group Vice President Corporate Communications, Elekta AB (publ) Tel: +46 733-611 000 (mobile), e-mail: [email protected]
For more information on Elekta, please visit www.elekta.com
In connection with this report, a teleconference will be held on December 12, at 15.00 (3 p.m) Swedish time (GMT+1).
| Sweden: | +46 (0)8 5052 0110 |
|---|---|
| UK: | +44 (0)20 7162 0025 |
| US: | +1 334 323 6201 |
| France: | +33 (0)1 7099 3208 |
| Germany: | +49 (0)695 8999 0507 |
| Netherlands: | +31 (0)20 7965 008 |
| Switzerland: | +41 (0)22 592 7007 |
| Denmark: | +45 3271 4607 |
(Please note: for Local Connect dial-in numbers – it may be required to dial the area code to enter the conference.)
To take part in the conference call, please dial in about 5 minutes in advance. You will be placed in a so-called waiting room until the operator has declared the meeting opened.
Instant replay: The teleconference will be available on instant replay for 7 days. To obtain the service, please dial U.K. (Europe): +44 (0) 20 7031 4064, U.S: +1 954 334 0342, Sweden +46 (0)8 5052 0333. Access code: 773449.
The December 12, teleconference will also be broadcasted over the Internet (audio only). Please visit http://www.elekta.com/investors and follow the link or use the direct link: http://wcc.webeventservices.com/view/wl/r.htm?e=97834&s=1&k=3A95D77A9F5D686AB999 50C75070B617&cb=genesys
This interim report has been prepared in accordance with the Annual Accounts Act, IAS 34 Interim Financial Reporting and the Swedish Financial Accounting Standards Council's recommendation RR 31 Interim Reporting for Groups and, with regard to the Parent Company, RR 32 Accounting for legal entities. Applied accounting principles and calculation methods are in accordance with the Annual Report for 2006/07.
| Exchange rates | Average rate | Closing rate | |||||
|---|---|---|---|---|---|---|---|
| May-Oct. | May-Oct. Change | Oct. 31, | Apr. 30, Change | ||||
| Country | Currency | 2007/08 | 2006/07 | 2007 | 2007 | ||
| Euro | 1 EUR | 9.252 | 9.253 | 0% | 9.193 | 9.159 | 0% |
| Great Britain | 1 GBP | 13.564 | 13.598 | 0% | 13.188 | 13.423 | -2% |
| Japan | 100 JPY | 5.683 | 6.300 | -10% | 5.535 | 5.635 | -2% |
| United States | 1 USD | 6.744 | 7.278 | -7% | 6.365 | 6.738 | -6% |
| 3 months Aug. - Oct. |
3 months Aug. - Oct. |
6 months May - Oct. |
6 months May - Oct. |
12 months Nov. - Oct. |
12 months May - Apr. |
|
|---|---|---|---|---|---|---|
| SEK M | 2007/08 | 2006/07 | 2007/08 | 2006/07 | 2006/07 | 2006/07 |
| Net sales Cost of products sold |
1,213 -693 |
1,018 -599 |
2,188 -1,260 |
2,014 -1,179 |
4,699 -2,729 |
4,525 -2,648 |
| Gross income | 520 | 419 | 928 | 835 | 1,970 | 1,877 |
| Selling expenses Administrative expenses R&D expenses Exchange differences in operation |
-163 -113 -94 9 |
-147 -109 -92 3 |
-322 -235 -191 15 |
-291 -214 -172 1 |
-644 -451 -379 49 |
-613 -430 -360 35 |
| Operating profit | 159 | 74 | 195 | 159 | 545 | 509 |
| Result from participations in associated companies Interest income Interest expenses Financial exchange differences |
3 9 - 20 6 |
5 11 - 17 - 1 |
3 20 -38 6 |
10 24 -34 1 |
10 42 -75 11 |
17 46 -71 6 |
| Income after financial items Taxes |
157 - 51 |
72 - 28 |
186 -60 |
160 -56 |
533 -165 |
507 -161 |
| Net income | 106 | 44 | 126 | 104 | 368 | 346 |
| Attributable to Parent Company shareholders Minority shareholders Earnings per share before dilution Earnings per share after dilution |
107 - 1 1.16 1.16 |
44 0 0.47 0.48 |
128 - 2 1.38 1.38 |
104 0 1.11 1.11 |
372 - 4 3.99 3.97 |
348 - 2 3.72 3.70 |
| CASH FLOW | ||||||
| Operating cash flow Change in working capital |
146 22 |
60 -99 |
193 -53 |
132 -283 |
546 -105 |
485 -335 |
| Cash flow from operating activities | 168 | -39 | 140 | -151 | 441 | 150 |
| Investments and disposals | -1 | -162 | -118 | -192 | -183 | -257 |
| Cash flow after investments | 167 | -201 | 22 | -343 | 258 | -107 |
| External financing | -26 | -78 | -156 | -225 | -304 | -373 |
| Change in liquid funds | 132 | -283 | -140 | -569 | -68 | -497 |
| Oct. 31, | Oct. 31, | April 30, | |
|---|---|---|---|
| SEK M | 2007 | 2006 | 2007 |
| Intangible assets | 2,234 | 2,298 | 2,198 |
| Tangible fixed assets | 234 | 266 | 252 |
| Shares and long-term receivables | 35 | 29 | 32 |
| Deferred tax assets | 14 | 34 | 14 |
| Inventories | 492 | 439 | 423 |
| Receivables | 1,946 | 1,663 | 1,953 |
| Liquid funds | 344 | 412 | 484 |
| Total assets | 5,299 | 5,141 | 5,356 |
| Shareholders' equity | 1,764 | 1,798 | 1,863 |
| Interest-bearing liabilities | 1,009 | 1,052 | 987 |
| Interest-free liabilities | 2,526 | 2,291 | 2,506 |
| Total shareholders' equity and liabilities | 5,299 | 5,141 | 5,356 |
| Assets pledged | 9 | 21 | 9 |
| Contingent liabilities | 89 | 120 | 89 |
| SEK M | Oct. 31, 2007 |
Oct. 31, 2006 |
April 30, 2007 |
|---|---|---|---|
| Opening balance | 1,863 | 1,868 | 1,868 |
| IFRS 2 cost and deferred tax | 9 | 9 | 18 |
| IAS 39 unrealized cash flow hedges | 18 | 3 | 6 |
| Translation differences | -74 | -5 | -106 |
| Net income | 126 | 104 | 346 |
| Option premiums and warrants exercised | 6 | 8 | 16 |
| Repurchase of shares | -100 | -100 | -200 |
| Dividend | -92 | -94 | -93 |
| Minority's capital contribution | 8 | 5 | 8 |
| Closing balance | 1,764 | 1,798 | 1,863 |
| KEY FIGURES | 12 months | 12 months | 12 months | 6 months | 6 months |
|---|---|---|---|---|---|
| May - Apr. | May - Apr. | May - Apr. | May - Oct. | May - Oct. | |
| 2004/05* | 2005/06 | 2006/07 | 2006/07 | 2007/08 | |
| Order bookings, SEK M | 3,558 | 4,705 | 5,102 | 2,302 | 2,472 |
| Net sales, SEK M | 3,152 | 4,421 | 4,525 | 2,014 | 2,188 |
| Operating result, SEK M | 364 | 453 | 509 | 159 | 195 |
| Operating margin | 12% | 10% | 11% | 8% | 9% |
| Profit margin | 12% | 10% | 11% | 8% | 9% |
| Shareholders' equity, SEK M | 1,694 | 1,868 | 1,863 | 1,798 | 1,764 |
| Capital employed, SEK M | 2,527 | 2,959 | 2,850 | 2,850 | 2,773 |
| Equity/assets ratio | 38% | 35% | 35% | 35% | 33% |
| Net debt/equity ratio | 0.05 | 0.06 | 0.27 | 0.36 | 0,38 |
| Return on shareholders' equity ** | 16% | 17% | 19% | 17% | 20% |
| Return on capital employed ** | 21% | 18% | 20% | 18% | 22% |
* Restated according to IFRS.
** Based on rolling 12 months.
| DATA PER SHARE | 12 months | 12 months | 12 months | 6 months | 6 months |
|---|---|---|---|---|---|
| May - Apr. | May - Apr. | May - Apr. | May - Oct. | May - Oct. | |
| 2004/05* | 2005/06 | 2006/07 | 2006/07 | 2007/08 | |
| Earnings per share | |||||
| before dilution, SEK | 2.69 | 3.23 | 3.72 | 1.11 | 1.38 |
| after dilution, SEK | 2.69 | 3.21 | 3.70 | 1.11 | 1.38 |
| Cash flow per share | |||||
| before dilution, SEK | -11.09 | 1.68 | -1.14 | -3.66 | 0.24 |
| after dilution, SEK | -11.06 | 1.67 | -1.14 | -3.63 | 0.24 |
| Shareholders' equity per share | |||||
| before dilution, SEK | 18.02 | 19.80 | 19.96 | 19.14 | 18.99 |
| after dilution, SEK | 18.84 | 20.45 | 20.46 | 19.74 | 19.45 |
| Average number of shares | |||||
| before dilution, 000s | 93,991 | 94,136 | 93,698 | 93,841 | 92,523 |
| after dilution, 000s | 94,182 | 94,785 | 94,249 | 94,453 | 92,930 |
| Number of shares at closing | |||||
| before dilution, 000s | 94,028 | 94,332 | 93,036 | 93,663 | 92,262 |
| after dilution, 000s | 95,703 | 95,703 | 94,072 | 94,882 | 93,196 |
* Restated according to IFRS.
Dilution in 2004/05-2007/08 refers to warrants program 2004/2008.
All historical data restated for split 3:1 October 2005.
| May - Oct. | May - Oct. | |
|---|---|---|
| SEK M | 2007/08 | 2006/07 |
| Administrative expenses | -33 | -34 |
| Financial items | 32 | 14 |
| Income after financial items | -1 | -20 |
| Taxes | 10 | 6 |
| Net income | 9 | -14 |
| Oct. 31, | April 30, | |
|---|---|---|
| SEK M | 2007 | 2007 |
| Financial fixed assets | 2,065 | 2,146 |
| Current assets | 187 | 250 |
| Total assets | 2,252 | 2,396 |
| Shareholders' equity | 551 | 752 |
| Untaxed reserve | 26 | 26 |
| Long-term liabilities | 902 | 846 |
| Short-term liabilities | 773 | 772 |
| Total shareholders' equity and liabilities | 2,252 | 2,396 |
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