Quarterly Report • Oct 22, 2015
Quarterly Report
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Market growth for lighting solutions remained stable during the period. We see continued geographic variation, in which the UK is one of the Group's largest markets with the highest level of growth, while growth remained stable throughout the Nordic countries and Germany.
The Group's order intake amounted to SEK 3,015.3 million (2,864.5), up 5.3%. Adjusted for currency effects and acquisitions, order intake remained unchanged compared with the year-on-year period. Order intake grew favourably in the Nordic countries and Australia. The comparative period included order intake and sales of SEK 110 million pertaining to two large-scale projects in the UK to introduce energy-efficient LED solutions.
Net sales amounted to SEK 2,876.3 million (2,804.6), up 2.6%. Adjusted for acquisitions and currency effects, sales declined 3.4% due to projects in the comparative period that are listed above.
Operating profit totalled SEK 287.5 million (292.1). The change is mainly attributable to lower currencyadjusted sales. The operating margin was 10.0% (10.4). Exchange-rate changes and acquired units contributed a total of SEK 16 million in operating profit compared with the preceding year. The stronger British pound, in particular, but also a stronger EUR contributed positively to operating profit, while a weaker NOK and appreciation of the Chinese Yuan had a negative impact.
Financial items amounted to a negative SEK 13.7 million (neg: 25.8). The improvement was mainly attributable to lower interest expense, due to lower net debt and lower interest rates.
Earnings per share were SEK 5.37 (5.13) for the period.
Sales for Indoor Lighting declined 1.8% compared with the year-on-year period, while sales in Retail Lighting declined 10.4%. Both Indoor Lighting and Retail Lighting were impacted by the major nonrecurring projects in the comparative period. In addition, year-on-year sales for Retail Lighting were lower in France and Australia, while underlying business grew, in general, for Indoor Lighting. Outdoor Lighting increased 16.2%, driven by a positive trend for new products in the Nordic market. New launches of outdoor products under the Fagerhult brand are ongoing, which is expected to drive continued growth in Outdoor Lighting. The percentage changes per product area that are listed above have been adjusted for acquisitions and currency effects.
| Net sales per product area | |||||
|---|---|---|---|---|---|
| Q 3 | Q 1-3 | ||||
| 2015 | 2014 | 2015 | 2014 | ||
| Indoor Lighting | 674.8 | 639.6 | 1 938.5 | 1 853.9 | |
| Retail Lighting | 264.1 | 276.1 | 746.9 | 790.3 | |
| Outdoor Lighting | 72.9 | 59.1 | 190.9 | 160.4 | |
| 1 011.8 | 974.8 | 2 876.3 | 2 804.6 |
In the the third quarter, order intake amounted to SEK 948.5 million (912.7), up 3.9%. Net sales for the the third quarter totalled SEK 1,011.8 (974.8) million, up 3.8%. Excluding acquisitions and currency effects, both order intake and net sales remained at an unchanged level compared with the year-earlier period.
Operating profit for the quarter totalled SEK 126.6 million (122.5), which is the best-ever quarter for the Group, and represented an operating margin of 12.5% (12.6). The improvement was largely due to increased sales and a higher gross margin in the UK, while Northern Europe was adversely impacted by investments in product development, changes in the product mix and slightly lower volumes in the segment's production facilities.
Earnings per share were SEK 2.41 (2.12) for the period
| NET SALES AND OPERATING PROFIT PER BUSINESS AREA | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | Operating profit | Operating margin,% | ||||||||||
| Q 3 | Q 1-3 | Q 3 | Q 1-3 | Q 3 | Q 1-3 | |||||||
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |
| Northern Europe | 454.8 | 452.6 | 1 348.9 | 1 385.9 | 45.1 | 60.5 | 100.3 | 125.6 | 9.9 | 13.4 | 7.4 | 9.1 |
| UK and Ireland | 328.7 | 302.8 | 874.3 | 859.7 | 54.1 | 29.4 | 117.7 | 104.4 | 16.5 | 9.7 | 13.5 | 12.1 |
| Other Europe | 208.9 | 205.0 | 577.3 | 570.8 | 22.8 | 25.1 | 58.3 | 48.5 | 10.9 | 12.2 | 10.1 | 8.5 |
| Middle East, Asia and the Pacific | 118.0 | 125.9 | 354.8 | 311.6 | 14.7 | 14.8 | 41.0 | 35.5 | 12.5 | 11.8 | 11.6 | 11.4 |
| Other | - | - | - | - | -10.1 | -7.3 | -29.8 | -21.9 | - | - | - | - |
| Elimination | -98.6 | 111.5 | -279.0 | -323.4 | - | - | - | - | - | - | - | - |
| Total | 1 011.8 | 974.8 | 2 876.3 | 2 804.6 | 126.6 | 122.5 | 287.5 | 292.1 | 12.5 | 12.6 | 10.0 | 10.4 |
| Financial unallocated items | -3.3 | -10.4 | -13.7 | -25.8 | ||||||||
| Profit before tax | 123.3 | 112.1 | 273.8 | 266.3 |
This business area comprises the Group's units and companies in the Nordic countries, the Baltic countries and Russia. The factory in China, which engages in manufacturing and purchasing, is also included. Development, manufacturing and sales are conducted in Sweden and Finland, while operations in other markets, with the exception of China, engage only in sales.
Net sales during the period amounted to SEK 1,348.9 million, compared with the year-on-year figure of SEK 1,385.9 million, which represents a decline of 2.9% when adjusted for currency effects. The decrease was attributable to inter-company sales, while external sales remained stable at a favourable level. Operating profit for the period totalled SEK 100.3 million (125.6) and the operating margin was 7.4% (9.1). The lower operating profit was a result of lower sales and higher production costs in China due to the stronger Chinese Yuan.
| Northern Europe | ||||||
|---|---|---|---|---|---|---|
| Q 3 | Q 1-3 | |||||
| 2015 | 2014 | 2015 | 2014 | |||
| Net Sales | 454.8 | 452.6 | 1 348.9 | 1 385.9 | ||
| (of which to group companies) | (78.9) | (95.0) | (211.5) | (282.9) | ||
| Operating profit | 45.1 | 60.5 | 100.3 | 125.6 | ||
| Operating margin, % | 9.9 | 13.4 | 7.4 | 9.1 | ||
| Sales growth, % | 0.5 | 0.0 | -2.7 | 11.9 | ||
| Sales growth, adjusted for exchange rate differences , % | 1.3 | -1.7 | -2.9 | 11.5 | ||
| Growth in Operating profit, % | -25.5 | 11.8 | -20.1 | 58.2 |
This business area comprises our companies in the United Kingdom and Ireland. The dominant unit is Whitecroft Lighting, which engages in the development, manufacture and sales of lighting systems.
Net sales during the period amounted to SEK 874.3 million, compared with SEK 859.7 million in the same period of 2014. Adjusted for currency effects, growth was a negative 12%. The lower sales were attributable to two large-scale energy-efficiency projects totalling SEK 110 million, which were invoiced during the first half of 2014. No equivalent projects were invoiced in 2015.
Operating profit for the period totalled SEK 117.7 million (104.4), mainly due to a higher gross margin. The operating margin increased to 13.5% (12.1).
| UK and Ireland | ||||
|---|---|---|---|---|
| Q 3 | Q 1-3 | |||
| 2015 | 2014 | 2015 | 2014 | |
| Net Sales | 328.7 | 302.8 | 874.3 | 859.7 |
| (of which to group companies) | (6.3) | (11.8) | (29.1) | (28.5) |
| Operating profit | 54.1 | 29.4 | 117.7 | 104.4 |
| Operating margin, % | 16.5 | 9.7 | 13.5 | 12.1 |
| Sales growth, % | 8.6 | 40.4 | 1.7 | 49.3 |
| Sales growth, adjusted for exchange rate differences , % | -4.3 | 23.2 | -12.0 | 35.1 |
| Growth in Operating profit, % | 84.0 | 0.3 | 12.7 | 75.2 |
This business area comprises our operations in Germany, the Netherlands, France, Spain, Slovakia and Poland. The largest operation is LTS Licht & Leuchten GmbH in Germany, which engages in the development, manufacture and sales of lighting systems.
Net sales during the period amounted to SEK 577.3 million, compared with a year-on-year figure of SEK 570.8 million, and represented negative growth of 2.5% when adjusted for currency effects.
Sales grew favourably in Germany, Spain and Poland, but were lower year-on-year in France and the Netherlands. Operating profit for the period totalled SEK 58.3 million (48.5). The higher operating profit was due to changes in the market mix, while price pressure in the area had a negative impact on gross margins.
| Other Europe | ||||
|---|---|---|---|---|
| Q 3 | Q 1-3 | |||
| 2015 | 2014 | 2015 | 2014 | |
| Net Sales | 208.9 | 205.0 | 577.3 | 570.8 |
| (of which to group companies) | (4.9) | (4.6) | (13.4) | (12.0) |
| Operating profit | 22.8 | 25.1 | 58.3 | 48.5 |
| Operating margin, % | 10.9 | 12.2 | 10.1 | 8.5 |
| Sales growth, % | 1.9 | -2.8 | 1.1 | 6.7 |
| Sales growth, adjusted for exchange rate differences , % | -0.6 | -8.3 | -2.5 | 1.3 |
| Growth in Operating profit, % | -9.2 | -7.7 | 20.2 | -16.5 |
This business area comprises our operations in Turkey, the United Arab Emirates, Australia and New Zealand. In 2014, the acquired company Arlight, which is based in Ankara in Turkey, was consolidated in the segment. Development, manufacturing and sales of lighting systems are conducted in Australia and Turkey, while operations in the United Arab Emirates and New Zealand engage in sales.
Net sales during the period amounted to SEK 354.8 million, compared with the year-on-year figure of SEK 311.6 million, representing an increase of 3.7% when adjusted for currency effects and acquired units. The increase was attributable to improved sales in all markets. Operating profit totalled SEK 41.0 million (35.5) and the operating margin improved to 11.6% (11.4). .
| Middle East, Asia and the Pacific | ||||
|---|---|---|---|---|
| Q 3 | Q 1-3 | |||
| 2015 | 2014 | 2015 | 2014 | |
| Net Sales | 118.0 | 125.9 | 354.8 | 311.6 |
| (of which to group companies) | (8.4) | (0.0) | (25.0) | (0.0) |
| Operating profit | 14.7 | 14.8 | 41.0 | 35.5 |
| Operating margin, % | 12.5 | 11.8 | 11.6 | 11.4 |
| Sales growth, % | -6.3 | 116.0 | 13.9 | 74.7 |
| Sales growth, adjusted for exchange rate differences , % | -4.1 | 133.6 | 6.7 | 85.8 |
| Growth in Operating profit, % | -0.7 | 108.5 | 15.5 | 105.2 |
This business area mainly comprises mainly Group-wide functions and the Parent Company AB Fagerhult.
At the end of the quarter, the Group's equity/assets ratio was 38% (35). At the end of the period, cash and bank balances amounted to MSEK 299 (282) and consolidated equity was SEK 1,361 million (1,219).
Net debt amounted to SEK 1,045 million (1,154).
Cash flow from operating activities for the January-September period was SEK 218 million (192). The improvement of SEK 26 million was due to better working capital performance. However, tax paid increased due to stronger earnings in 2014.
Pledged assets and contingent liabilities amounted to SEK 7.3 million (7.1) and SEK 1.7 million (1.7), respectively.
The Group's gross investment in non-current assets amounted to SEK 119 million (71). Investments in subsidiaries amounted to SEK 0 million (259).
To establish a presence in both the South African market and the sub-Saharan region, Fagerhult has acquired the assets of Lighting Innovations, based in Port Elizabeth in South Africa, and of its subsidiaries, Beacon Lighting and Arrow Lighting. The acquisition will have a positive impact on earnings per share as of 2016. The acquisition was completed October 21st 2015.
The companies have 210 employees and produce luminaires and lighting systems for mainly indoor applications in, for example, offices, shopping malls, hospitals and schools. In the financial year ending in June 2015, the companies had total sales of approximately EUR 13 million.
Fagerhult paid EUR 7.7 million (cash and debt-free) for the assets of the three companies. Additional considerations may be payable until 2018, depending on the financial performance. The transaction will be financed with new credit facilities.
Lighting Innovations will be consolidated in the Africa, Asia and Pacific segment (formerly the Middle East, Asia and Pacific segment).
During the period, the average number of employees was 2,432 (2,353).
AB Fagerhult's operations comprise Group management, financing and the coordination of marketing, production and business development activities. Profit after financial items amounted to SEK 35.4 million (3.3).
The number of employees during the period was 6 (6).
This interim report has been prepared in accordance with IAS 34 – Interim Financial Reporting, and the Swedish Annual Accounts Act.
The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2. The policies applied are unchanged compared with the preceding year.
For more information about the accounting policies applied, please refer to AB Fagerhult's website under "Financial information."
The Group's significant risks and uncertainties consist primarily of business risks, and financial risks associated with currencies and interest rates. Through the company's international operations, the Fagerhult Group is subject to financial exposure arising from currency fluctuations. The most prominent are currency risks arising from export sales and imports of raw materials and components. This exposure is reduced by hedging the flow of sensitive currencies, based on individual assessment. Currency risk also arises in the translation of foreign net assets and earnings. For more information about the company's risks, refer to the 2014 Annual Report. In addition to the risks described in the company's Annual Report, no other significant risks are considered to have arisen.
At the Annual General Meeting, Gustaf Douglas (Chairman), Jan Svensson and Björn Karlsson were elected to the Nomination Committee. The Committee has now been expanded to include Eric Douglas and Göran Espelund.
Over the past year, acquisitions and organic growth have led to a strong sales and earnings trend for the Group. By developing its brands and product portfolio, the Group has established a strong position in all major markets and increased its market share.
Since the end of 2013, the lighting market has gradually recovered and the management expects this recovery to continue throughout the remainder of 2015 and in 2016.
The outlook varies for the geographic markets in which the Group operates. Market growth is favourable in the UK and stable in the Nordic countries, which jointly account for more than half of the Group's sales. Market growth is slightly lower across major parts of the eurozone.
The Group intends to continue making significant investment in product development and marketing, as well as in increased internationalisation. The management aims to continue strengthening the Group's market share.
Habo, 22 October 2015 AB Fagerhult (publ)
Johan Hjertonsson President and CEO
The year-end report will be submitted on 11 February 2016. In 2016, interim reports will be submitted on 21 April, 30 August and 19 October. The Annual General Meeting will be held on 21 April 2016.
Further information can be obtained from Johan Hjertonsson, CEO or Håkan Gabrielsson, CFO, tel 036-10 85 00.
Corporate Identity Number 556110-6203 SE-566 80 Habo Tel +46(0) 36-10 85 00 [email protected] www.fagerhultgroup.com
We have reviewed the condensed interim financial information (interim report) of AB Fagerhult (publ) as of 30 September 2015 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information 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 International Standard on Review Engagements ISRE 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 International Standards on Auditing, ISA, 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.
Jönköping, 22 October 2015
Öhrlings PricewaterhouseCoopers AB
Peter Nyllinge Authorized Public Accountant Auditor-in-Charge
| INCOME STATEMENT | 2015 | 2014 | 2015 | 2014 | 2014/15 | 2014 |
|---|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan - Sep | Jan - Sep | Oct - Sep | Jan- Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Net sales | 1 011.8 | 974.8 | 2 876.3 | 2 804.6 | 3 807.5 | 3 735.8 |
| (of which outside Sweden) | (817.9) | (796.1) | (2 248.4) | (2 213.6) | (2 964.9) | (2 930.1) |
| Cost of goods sold | -671.2 | -651.2 | -1 935.1 | -1 899.4 | -2 560.1 | -2 524.4 |
| Gross profit | 340.6 | 323.6 | 941.2 | 905.2 | 1247.4 | 1211.4 |
| Selling expenses | -160.7 | -154.0 | -500.8 | -471.4 | -665.9 | -636.5 |
| Administrative expenses | -57.9 | -50.1 | -169.1 | -154.0 | -234.8 | -219.7 |
| Other operating income | 4.6 | 3.0 | 16.2 | 12.3 | 27.4 | 23.5 |
| Operating profit | 126.6 | 122.5 | 287.5 | 292.1 | 374.1 | 378.7 |
| Financial items | -3.3 | -10.4 | -13.7 | -25.8 | -18.6 | -30.7 |
| Profit after financial items | 123.3 | 112.1 | 273.8 | 266.3 | 355.5 | 348.0 |
| Tax | -31.9 | -32.0 | -70.5 | -72.2 | -85.1 | -86.8 |
| Net profit for the period | 91.4 | 80.1 | 203.3 | 194.1 | 270.4 | 261.2 |
| Profit attributed to owners of the parent company | 91.4 | 80.1 | 203.3 | 194.1 | 270.4 | 261.2 |
| Earnings per share, calculated on profit attributed to owners of the parent company: |
||||||
| Earnings per share before dilution, SEK | 2.41 | 2.12 | 5.37 | 5.13 | 7.14 | 6.90 |
| Earnings per share after dilution, SEK | 2.41 | 2.12 | 5.37 | 5.13 | 7.14 | 6.90 |
| Average no. of outstanding shares before dilution | 37 863 | 37 836 | 37 854 | 37 836 | 37 850 | 37 836 |
| Average no. of outstanding shares after dilution | 37 863 | 37 836 | 37 854 | 37 836 | 37 850 | 37 836 |
| No. of outstanding shares, thousands | 37 863 | 37 836 | 37 863 | 37 836 | 37 863 | 37 836 |
| Profit and other comprehensive income for the period |
||||||
| Net profit for the period | 91.4 | 80.1 | 203.3 | 194.1 | 270.4 | 261.2 |
| Other comprehensive income | ||||||
| Items which are not reversed in the income statement: | ||||||
| Revaluation of pension plans | - | -0.2 | - | -0.6 | 3.5 | 2.9 |
| Items which may be reversed in the income statement: | ||||||
| Exchange differences on translation foreign operations | -58.9 | 19.0 | -60.1 | 84.7 | -21.0 | 123.8 |
| Other comprehensive income for the period, net of tax | -58.9 | 18.8 | -60.1 | 84.1 | -17.5 | 126.7 |
| Total comprehensive profit for the period | 32.5 | 98.9 | 143.2 | 278.2 | 252.9 | 387.9 |
| Total comprehensive profit for the period attributed to owners of the Parent Company |
32.5 | 98.9 | 143.2 | 278.2 | 252.9 | 387.9 |
| BALANCE SHEET | 30 Sep 2015 |
30 Sep 2014 |
31 Dec 2014 |
|---|---|---|---|
| Intangible assets 1) | 1 408.8 | 1 370.5 | 1 447.3 |
| Tangible fixed assets | 383.3 | 351.0 | 387.0 |
| Financial assets 1) | 23.0 | 44.5 | 26.2 |
| Inventories. etc. | 587.3 | 581.4 | 574.3 |
| Accounts receivable - trade | 760.0 | 754.7 | 676.4 |
| Other non interest-bearing current assets | 96.0 | 95.2 | 67.4 |
| Liquid funds | 298.6 | 282.4 | 353.1 |
| Total assets | 3 557.0 | 3 479.7 | 3 531.7 |
| Equity | 1 361.1 | 1 218.8 | 1 329.2 |
| Long-term interest-bearing liabilities | 1 283.8 | 1 377.4 | 1 333.0 |
| Long-term non interest-bearing liabilities | 85.6 | 100.1 | 101.5 |
| Short-term interest-bearing liabilities | 59.3 | 58.5 | 60.4 |
| Short-term non interest-bearing liabilities | 767.2 | 724.9 | 707.6 |
| Total equity and liabilities | 3 557.0 | 3 479.7 | 3 531.7 |
1) The acquired net assets of Arlight have been remeasured, resulting in an increase in goodwill of MSEK 22.3. The value of financial assets has been decreased by the same amount. The comparative figures have been adjusted. The change has no impact on the income statement..
| CASH FLOW STATEMENT | 2015 | 2014 | 2015 | 2014 | 2014/15 | 2014 |
|---|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan - Sep | Jan - Sep | Oct - Sep | Jan- Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Operating profit | 126.6 | 122.5 | 287.5 | 292.1 | 374.1 | 378.7 |
| Adjustment for items not included in the cash flow | 17.2 | 34.2 | 81.8 | 81.6 | 114.4 | 114.2 |
| Financial items | -8.6 | -7.4 | -18.1 | -21.4 | -26.6 | -29.9 |
| Paid tax | -15.9 | -15.2 | -79.5 | -49.7 | -90.7 | -60.9 |
| Cash flow generated by operations | 119.3 | 134.1 | 271.7 | 302.6 | 371.2 | 402.1 |
| Changes in working capital | -31.0 | -56.1 | -53.8 | -111.0 | 46.1 | -11.1 |
| Cash flow from continuing operations | 88.3 | 78.0 | 217.9 | 191.6 | 417.3 | 391.0 |
| Cash flow from investing activities | -46.2 | -19.9 | -109.8 | -350.5 | -187.6 | -428.3 |
| Cash flow from financing activities | -11.0 | -51.8 | -163.4 | 177.3 | -221.3 | 119.4 |
| Cash flow for the period | 31.1 | 6.3 | -55.3 | 18.4 | 8.4 | 82.1 |
| Liquid funds at the beginning of the period | 270.9 | 272.8 | 353.1 | 248.6 | 282.4 | 248.6 |
| Translation differences in liquid funds | -3.4 | 3.3 | 0.8 | 15.4 | 7.8 | 22.4 |
| Liquid funds at the end of the period | 298.6 | 282.4 | 298.6 | 282.4 | 298.6 | 353.1 |
| KEY RATIOS AND DATA PER SHARE | 2015 | 2014 | 2015 | 2014 | 2014/15 | 2014 |
|---|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan - Sep | Jan - Sep | Oct - Sep | Jan- Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Sales growth, % | 3.8 | 20.4 | 2.6 | 25.2 | 1.9 | 20.7 |
| Growth in operating profit, % | 3.3 | 13.0 | -1.6 | 50.8 | -1.2 | 36.5 |
| Growth in profit after financial items, % | 10.0 | 17.9 | 2.8 | 56.1 | 2.2 | 40.9 |
| Operating margin, % | 12.5 | 12.6 | 10.0 | 10.4 | 9.8 | 10.1 |
| Profit margin, % | 12.2 | 11.5 | 9.5 | 9.5 | 9.3 | 9.3 |
| Liquid ratio, % | 36 | 36 | 36 | 36 | 36 | 46 |
| Net debt/equity ratio, % | 77 | 95 | 77 | 95 | 77 | 78 |
| Equity/assets ratio, % | 38 | 35 | 38 | 35 | 38 | 38 |
| Capital employed, MSEK | 2 704 | 2 655 | 2 704 | 2 655 | 2 704 | 2 723 |
| Return on capital employed, % | 18.9 | 18.7 | 14.3 | 16.3 | 14.1 | 15.6 |
| Return on equity, % | 26.9 | 26.3 | 20.2 | 23.0 | 21.0 | 22.1 |
| Net debt, MSEK | 1 045 | 1 154 | 1 045 | 1 154 | 1 045 | 1 040 |
| Gross investments in fixed assets, MSEK | 30.6 | 18.8 | 119.0 | 70.9 | 158.3 | 110.2 |
| Net investments in fixed assets, MSEK | 30.6 | 18.8 | 119.0 | 70.9 | 158.3 | 110.2 |
| Depreciation of fixed assets, MSEK | 27.5 | 22.1 | 83.3 | 68.9 | 109.5 | 95.1 |
| Number of employees | 2 429 | 2 340 | 2 432 | 2 353 | 2 399 | 2 370 |
| Equity per share, SEK | 35.95 | 32.21 | 35.95 | 32.21 | 35.95 | 35.13 |
| No. of outstanding shares, thousands | 37 863 | 37 836 | 37 863 | 37 836 | 37 863 | 37 836 |
| CHANGE IN EQUITY | Attributable to the owners of the parent company | ||||||
|---|---|---|---|---|---|---|---|
| Share capital |
Other contributed capital |
Difference on translation |
Profit carried forward |
Total equity |
|||
| Equity as per 1 January 2014 | 65.5 | 159.4 | -86.6 | 891.5 | 1 029.8 | ||
| Net profit for the period | 194.1 | 194.1 | |||||
| Other comprehensive income for the period | 84.7 | -0.6 | 84.1 | ||||
| Total comprehensive profit for the period | 84.7 | 193.5 | 278.2 | ||||
| Performance share program | 2.2 | 2.2 | |||||
| Dividend paid, SEK 2.42 per share | -91.4 | -91.4 | |||||
| Equity as per 30 September 2014 | 65.5 | 159.4 | -1.9 | 995.8 | 1 218.8 | ||
| Equity as per 1 January 2015 | 65.5 | 159.4 | 37.2 | 1 067.1 | 1 329.2 | ||
| Net profit for the period | 203.3 | 203.3 | |||||
| Other comprehensive income for the period | -60.1 | -60.1 | |||||
| Total comprehensive profit for the period | -60.1 | 203.3 | 143.2 | ||||
| Performance share program | 2.2 | 2.2 | |||||
| Dividend paid, SEK 3.00 per share | -113.5 | -113.5 | |||||
| Equity as per 30 September 2015 | 65.5 | 159.4 | -22.9 | 1 159.1 | 1 361.1 |
| INCOME STATEMENT | 2015 | 2014 | 2015 | 2014 | 2014/15 | 2014 |
|---|---|---|---|---|---|---|
| Jul-Sep | Jul-Sep | Jan - Sep | Jan - Sep | Oct - Sep | Jan- Dec | |
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
| Net sales | 4.4 | 0.4 | 5.9 | 2.2 | 20.1 | 16.4 |
| Selling expenses | -0.7 | -0.6 | -2.2 | -3.0 | -3.5 | -4.3 |
| Administrative expenses | -10.9 | -7.1 | -24.3 | -21.1 | -45.1 | -41.9 |
| Operating profit | -7.2 | -7.3 | -20.6 | -21.9 | -28.5 | -29.8 |
| Income from shares in subsidiaries | - | 49.5 | 26.5 | 169.5 | 146.5 | |
| Financial items | -5.6 | -0.2 | 6.5 | -1.3 | 3.4 | -4.4 |
| Profit after financial items | -12.8 | -7.5 | 35.4 | 3.3 | 144.4 | 112.3 |
| Tax allocation reserve | - | - | - | - | 21.4 | 21.4 |
| Group contributions received | - | - | - | - | 120.0 | 120.0 |
| Tax | - | - | - | - | -24.0 | -24.0 |
| Net profit | -12.8 | -7.5 | 35.4 | 3.3 | 261.8 | 229.7 |
| BALANCE SHEET | 30 Sep 2015 |
30 Sep 2014 |
31 Dec 2014 |
|---|---|---|---|
| Financial fixed assets | 1 973.9 | 1 754.0 | 2 028.6 |
| Other non interest-bearing current assets | 31.9 | 4.7 | 14.6 |
| Cash and bank balances | 0.1 | 60.7 | 23.7 |
| Total assets | 2 005.9 | 1 819.4 | 2 066.9 |
| Equity | 477.1 | 327.5 | 554.6 |
| Untaxed reserves | 8.6 | 30.0 | 8.6 |
| Long-term interest-bearing liabilities | 1 189.8 | 1 292.7 | 1 246.7 |
| Long-term non interest-bearing liabilities | 1.7 | 1.7 | 1.7 |
| Short-term interest-bearing liabilities | 307.1 | 156.1 | 213.7 |
| Short-term non interest-bearing liabilities | 21.6 | 11.4 | 41.6 |
| Total equity and liabilities | 2 005.9 | 1 819.4 | 2 066.9 |
| CHANGE IN EQUITY | Share capital |
Statutory reserve |
Profit carried forward |
Total equity |
|---|---|---|---|---|
| Equity as at 1 January 2014 | 65.5 | 159.4 | 188.5 | 413.4 |
| Performance share program | 2.9 | 2.9 | ||
| Net profit for the period | 229.7 | 229.7 | ||
| Dividend paid, SEK 2.42 per share | -91.4 | -91.4 | ||
| Equity as at 31 December 2014 | 65.5 | 159.4 | 329.7 | 554.6 |
| Performance share program | ||||
| Net profit for the period | 0.6 | 0.6 | ||
| Dividend paid, SEK 3.00 per share | 35.4 | 35.4 | ||
| Equity as at 30 September 2015 | -113.5 | -113.5 | ||
| 65.5 | 159.4 | 252.2 | 477.1 |
2014/15
| Oct-Sep | |||||
|---|---|---|---|---|---|
| 2011 | 2012 | 2013 | 2014 | 12 months | |
| Net sales. MSEK | 3 023 | 3 085 | 3 095 | 3 736 | 3 808 |
| Operating profit, MSEK | 318 | 252 | 278 | 379 | 374 |
| Profit after financial items, MSEK | 286 | 214 | 247 | 348 | 356 |
| Earnings per share, SEK | 5.51 | 4.20 | 4.83 | 6.90 | 7.14 |
| Sales growth, % | 20.6 | 2.1 | 0.3 | 20.7 | 1.9 |
| Growth in operating profit, % | 107.7 | -20.8 | 10.3 | 36.5 | -1.2 |
| Growth in profit after financial items, % | 112.8 | -25.3 | 15.5 | 40.9 | 2.2 |
| Operating margin, % | 10.5 | 8.2 | 9.0 | 10.1 | 9.8 |
| Net debt/equity ratio, % | 113 | 94 | 86 | 78 | 77 |
| Equity/assets ratio, % | 31 | 35 | 37 | 38 | 38 |
| Capital employed, MSEK | 2 145 | 2 058 | 2 163 | 2 723 | 2 704 |
| Return on capital employed, % | 16.2 | 12.2 | 13.3 | 15.6 | 14.1 |
| Return on equity, % | 26.6 | 17.8 | 18.7 | 22.1 | 21.0 |
| Net debt, MSEK | 975 | 874 | 885 | 1 040 | 1 045 |
| Net investments in fixed assets, MSEK | 66 | 92 | 65 | 110 | 158 |
| Depreciation of fixed assets, MSEK | 89 | 85 | 89 | 95 | 110 |
| Number of employees | 2 228 | 2 192 | 2 204 | 2 370 | 2 399 |
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