Annual Report • Feb 7, 2013
Annual Report
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q HMS acquires German IXXAT GmbH, a leading supplier of communication technology
The fourth quarter saw a decreased amount of delivered products which resulted in zero growth during 2012 and a 17% operating margin – far below our expectations. In spite of the weak short-term market we see an inflow of new design-wins and customer orders which allow us to continue according to our long-term strategy, but with a persisting cost-awareness. The development of new technology platforms within Safety and our new Embedded platform continue according to plan.
During the quarter, we have seen a very diversified market with a fairly positive development in North America, while the European market has slowed down. All in all, we meet a cautious market with uncertain conditions and we expect our customers to have a conservative approach until the market conditions stabilize.
Our new generation of Anybus CompactCom (in Chip, Brick and Module format) has been received positively by the market and in 2013, we will focus on securing design-wins for this new product platform.
In the beginning of 2013, HMS acquired German IXXAT GmbH, with a turnover of EUR 14 m and 85 employees. IXXAT's hi-tech products and services are great supplements to HMS's operations. Their strong position on the important German market will reinforce HMS's presence on the world's leading market for industrial communication solutions.
IXXAT is world-leading when it comes to CAN-based communication technology and they operate within business segments which will be important for HMS's future business. We also see great opportunities for synergies when it comes to development of new technology platforms, manufacturing and logistics.
Through this acquisition, HMS employs 350 employees and has a turnover of SEK 500 m. We have become more powerful and we have further established our world-leading position within industrial communication.
We will continue to focus on growth for our three brands Anybus, Netbiter and IXXAT. Our market is still uncertain in the short term, which makes it important to continually balance our long-term strategy for growth with a cautious approach when it comes to costs. In the long run, we expect the market for industrial communication and remote management to grow.
The acquisition of IXXAT means that HMS trengthens its position on the important German market, says Staffan Dahlström, CEO for HMS Networks AB. "
| Quarterly data | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|---|---|---|---|---|---|---|---|---|
| 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | |
| Net sales (SEK m) | 87 | 99 | 99 | 96 | 95 | 101 | 97 | 92 |
| Order intake (SEK m) | 100 | 95 | 113 | 116 | 83 | 108 | 100 | 97 |
| Operating profit (SEK m) | 6 | 23 | 20 | 14 | 10 | 24 | 20 | 18 |
| Gross margin (%) | 57.6 | 59.9 | 60.6 | 61.9 | 60.8 | 60.6 | 61.3 | 59.6 |
| Operating margin (%) | 7.2 | 23.4 | 20.2 | 14.9 | 10.5 | 24.2 | 21.0 | 19.3 |
| Return on capital (%) | 16.3 | 16.2 | 17.7 | 17.6 | 18.6 | 21.6 | 22.1 | 22.6 |
| Earnings per share (SEK) | 0.86 | 1.49 | 1.36 | 0.94 | 0.71 | 1.67 | 1.34 | 1.11 |
| Equity per share (SEK) | 30.21 | 29.43 | 28.23 | 27.74 | 26.77 | 25.96 | 24.41 | 25.08 |
| Cash flow for operating activities per share (SEK) | 1.67 | 2.23 | 2.63 | 0.73 | 0.25 | 1.74 | 2.06 | -0.08 |
| Yearly data | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Net sales (SEK m) | 382 | 384 | 345 | 245 | 317 | 270 | 227 | |
| Order intake (SEK m) | 424 | 388 | 342 | 258 | 313 | 268 | 233 | |
| Operating profit (SEK m) | 64 | 72 | 84 | 31 | 85 | 55 | 52 | |
| Gross margin (%) | 60.1 | 60.6 | 60.2 | 58.4 | 57.4 | 52.6 | 50.9 | |
| Operating margin (%) | 16.7 | 18.8 | 24.2 | 12.7 | 26.9 | 20.2 | 22.7 | |
| Return on capital (%) | 16.3 | 18.6 | 23.2 | 8.8 | 28.6 | 17.5 | 24.3 | |
| Earnings per share (SEK) | 4.64 | 4.84 | 5.41 | 1.88 | 5.43 | 2.81 | 3.21 | |
| Equity per share (SEK) | 30.21 | 26.77 | 25.30 | 21.25 | 20.91 | 17.05 | 14.85 | |
| Cash flow for operating activities per share (SEK) | 7.27 | 3.96 | 6.71 | 2.89 | 6.52 | 3.29 | 2.79 |
Net sales for 2012 amounted to SEK 381.8 m (383.6). In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 2.2 m negative effect on net sales, compared to the previous year. The order intake amounted to SEK 424.1 m (387.7).
Net sales for the fourth quarter 2012 totaled to SEK 87.3 m (94.8), corresponding to a 8.0 % decrease compared to the same quarter the previous year. Adjusted for a SEK -3.7 m currency effect the volume decrease was 4.1 % in local currencies. Order intake increased with SEK 16.7 m to SEK 99.6 m (82.9), of which SEK 85.8 m will be delivered during the upcoming twelve months. In local currencies order intake increased with 24.6 %.
Operating profit for 2012 totaled to SEK 63.7 m (72.2), equivalent to an operating margin of 16.7 % (18.8). Currency effects had a negative impact on the operating result with SEK 0.4 m compared to the previous year.
The operating profit for the fourth quarter 2012 totaled to SEK 6.2 m (9.9), corresponding to a 7.2 % (10.5) operating margin. Changes in exchange rates had a SEK 2.1 m negative impact compared with the same period the previous year.
The tax charge for the year was SEK 13.0 m (19.8). The tax charge for the current period has been calculated on the basis of the tax situation applying to the Group at present and the profit development of the reporting entities belonging to the Group. Revaluation of deferred taxes, as a result of changes in the Swedish tax rate, had a SEK 4.4 m positive effect on the Group's tax charge.
The Group's equity amounted to SEK 342.1 m (298.5). The total number of shares at the end of the period was 11,322,400. The Group's equity/assets ratio improved to 81.9 % (76.3).
The graph shows turnover per quarter on the bars referring to the scale on the left axis. The line shows turnover for the latest 12 month period referring to the scale on the axis to the right.
The graph shows operating result per quarter in the bars referring to the scale on the left axis. The line shows operating result for the last 12 month period referring to the scale on the axis to the right.
Assets and liabilities in foreign currencies are revaluated at closing date. Currency hedging contracts are revaluated at the date of closing and are also affecting the result on the date of expiration. Changes in book value due to revaluation of operating balance sheet items and currency hedging contracts are disclosed as other operating income and other operating expenses. Changes in book value related to assets in foreign currencies i.e. liquid funds, are disclosed as financial income and expenses. Net sales and expenses are affected by changes in exchange rates. This will have an impact on income and costs.
Net sales for the year consist of 57 % in EURO, 25 % in USD, 10 % in Japanese Yen and 8 % in SEK and other currencies. Cost of goods sold consists of 44 % in EURO, 15 % in USD and 1 % in Japanese Yen. Operating expenses consists of 18 % in EURO, 9 % in USD, 7 % in Japanese Yen and 66 % of SEK and other currencies.
The Group applies a policy for currency hedging described in the annual report.
Cash flow from operating activities for the full year 2012 amounted to SEK 81.8 m (46.0).
The investments in tangible assets for the year totaled SEK 12.2 m (9.3). Investments in intangible assets for the period totaled SEK 30.1 m (10.7) and comprise internal development costs. The increase in intangible assets consists of continued development of our new embedded platform, new technical platforms within the safety area and customized projects.
At the end of the period the cash equivalents totaled SEK 31.5 m (26.6) and unutilized credit facilities SEK 30.5 m. The Group's net cash amounted to SEK 30.7 m (1.4). During the second quarter HMS distributed dividend payments to its shareholder equal to SEK 2.25 per share (2.00), in total SEK 25.1 m. During the third quarter a final amortization of the bank loan in the parent company was made. In total, SEK 24.1 m was amortized during 2012.
The Parent Company's operations are primarily focused on Group-wide management and financing. Apart from the Group's CEO, the Parent Company has no employees. The operating profit for the year 2012 amounted to SEK 0.4 m (0.8). Cash and cash equivalents amounted to SEK 0.7 m (0.0) and borrowing amounted to SEK 0.0 m (24.1).
The Group's long-term growth is supported by a wider product offering, development of new technology generations, a strengthened customer focus and an expansion of HMS's sales channels in line with the established strategy.
The acquisition of IXXAT is an important supplement to HMS's business and strengthens HMS's position on the German market. HMS can also widen the market for IXXAT's product offering to new geographical markets where HMS already has market presence.
The global market for HMS's products is expected to be continually weak in the short term. The effects of the weak market and currency fluctuations are hard to predict but in the long run, we expect the market for industrial communication and remote management to grow. HMS's long-term goals are unchanged: a long-term growth of 20% on average and an operating margin of more than 20%.
HMS Networks AB (publ) is listed on the Nasdaq OMX Stockholm Small Cap list, in the Information Technology sector. The total number of shares amounted to 11,322,400. During the second quarter participants in the stock option program decided by the 2009 Annual General Meeting subscribed to 169,500 new shares in the Company. The subscription price for each share was SEK 90.20 and the total dilution amounted to 1.5 %.
In accordance with the decision of the Annual General Meeting 2012, all employees of the HMS Group have been offered to participate in a share savings program. The application period took place during December and about 60 % of the employees have chosen to participate. The share savings program means that employees will initiate savings in HMS shares during 2013.
In accordance with principles adopted at HMS 2012 annual general meeting, the following persons have been assigned to be a part of the Nomination Committee: Nicolas Hassbjer representing 29 % of the shares, Jan Svensson, Investment AB Latour, representing 22 % of the shares, Evert Carlsson, Swedbank Robur Fonder AB representing 10 % of the shares and Urban Jansson, Chairman of the Board. The Nomination Committee has appointed Jan Svensson as its Chairman.
The Board of Directors proposes a dividend to the amount of SEK 2.25 (2.25).
The Annual General Meeting will be held at the Company's head office on Friday April 19, 2013 at 10.30 am. The 2012 Annual Report (in the Swedish language) will be available on
the Company's homepage four weeks previous to the date of the Annual General Meeting. A printed version of the 2012 Annual Report can be ordered by sending name and address to [email protected].
Growth strategy - HMS's main focus is on organic growth. Expansion on existing markets will be through improved and extended product ranges, new technology, high level of service and new sales channels. A certain degree of growth can be through the selective acquisition of businesses that will be a valuable complement to the company's organic growth strategy.
Development strategy - Through high core competence deliver industrial communication solutions with high customer value.
Product strategy - HMS markets three product lines, which to a certain degree are based on a common technical platform:
q Anybus Embedded - Embedded network interface cards
q Anybus Gateways - Communication translators between different networks
q Netbiter Remote Management - Remote monitoring and controlling of industrial devices
Production strategy - HMS maintains an in-house low-volume production of Anybus products in Halmstad. Volume production takes place in close partnership with subcontractors in Europe and Asia in order to achieve flexible costs and to make use of economies of scale.
Marketing strategy - The Anybus network interface cards are marketed and sold to players in industrial and infrastructure automation and Anybus Gateways to system integrators, machine manufacturers and end-users in industrial and infra-structure automation. Netbiter products are marketed and sold to a wide range of customers, from device manufacturers to owners of installations in need of remote management.
Sales strategy - Sales take place via the company's sales offices on defined key markets in 10 countries. Sales on the company's other markets, in some 50 countries, takes place via agents/ distributors.
HMS has designed its business models to fit each market and product line. For the Embedded market, most business is via framework agreements (i.e. design-wins). The sales cycle is relatively long and the design phase is performed in close cooperation with the customer. After that, there is steady revenue over a long period of time. For Gateways and Remote Management, the business model is more traditional, with a short business cycle and manufacturing based on customer orders.
This report has been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34, for Interim Reporting. Amendments to existing standards, new interpretations and new standards that came into effect as of January 1, 2012 did not affect the Groups reporting as of December 31, 2012.
As of the first quarter 2012 customer orders related to development projects including future volume commitments and blanket agreements with estimated future volumes, are included in the period's order intake. As clarification, information about which part of the order intake that will be shipped during the following twelve months, is disclosed.
HMS continues to apply the same accounting principles and valuation methods as those described in the most recent Annual Report. The parent company report is prepared in accordance with RFR 2, accounting for legal entities, and the Swedish Annual Accounts Act and accounting principles and the valuation methods as those described in the most recent Annual Report.
The HMS Group is exposed to business and financial risks through its operations. These risks have been described at length in the Company's annual report 2011. In addition to the risks described in these documents, no additional significant risks have been identified.
Halmstad February 7, 2013
Staffan Dahlström Chief Executive Officer
This Year-End Report has not been reviewed by the Company's auditor.
Further information can be obtained from: CEO Staffan Dahlström, telephone +46 (0) 35-17 29 01 or CFO Gunnar Högberg, telephone +46 (0) 35-17 29 95
| Q4 2012 |
Q4 2011 |
Q1-Q4 2012 |
Q1-Q4 2011 |
|
|---|---|---|---|---|
| Net increase in revenue (%) | -8.0 | 3.5 | -0.5 | 11.3 |
| Gross margin (%) | 57.6 | 60.8 | 60.1 | 60.6 |
| Operating margin EBIT (%) | 7.2 | 10.5 | 16.7 | 18.8 |
| Return on capital employed (%)* | 19.7 | 23.2 | 19.7 | 23.2 |
| Return on total equity (%)* | 16.3 | 18.6 | 16.3 | 18.6 |
| Working capital in relation to sales (%)* | 9.2 | 8.3 | 9.2 | 8.3 |
| Capital turnover rate | 0.94 | 0.98 | 0.94 | 0.98 |
| Debt/equity ratio | -0.09 | 0.00 | -0.09 | 0.00 |
| Equity/assets ratio (%) | 81.9 | 76.3 | 81.9 | 76.3 |
| Capital expenditure in property. plant and equipment (SEK 000s) |
1,428 | 1,914 | 12,202 | 9,341 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 11,245 | 3,144 | 30,108 | 10,744 |
| Depreciation of property. plant and equipment (SEK 000s) | -1,614 | -1,064 | -6,240 | -4,661 |
| Amortisation of intangible fixed assets (SEK 000s) | -1,229 | -1,557 | -4,553 | -5,539 |
| Number of employees (average) | 251 | 227 | 241 | 213 |
| Revenue per employee (SEK m)* | 1.5 | 1.7 | 1.6 | 1.8 |
| Total equity per share, SEK | 30.21 | 26.77 | 30.21 | 26.77 |
| Total equity per share, diluted, SEK | 30.21 | 26.76 | 30.21 | 26.76 |
| Cash flow from operations per share before dilution, SEK | 1.67 | 0.41 | 7.27 | 4.13 |
| Cash flow from operations per share after dilution, SEK | 1.67 | 0.41 | 7.27 | 4.12 |
| Basic number of shares. average, thousands | 11,323 | 11,153 | 11,252 | 11,153 |
| Number of shares. diluted average, thousands | 11,323 | 11,158 | 11,254 | 11,169 |
* The key ratio has been translated into 12 months rolling value when applicable.
| (SEK 000s) | Q4 2012 |
Q4 2011 |
Q1-Q4 2012 |
Q1-Q4 2011 |
|---|---|---|---|---|
| Revenue | 87,265 | 94,848 | 381,804 | 383,592 |
| Cost of goods and services sold | -36,996 | -37,162 | -152,433 | -151,099 |
| Gross profit | 50,269 | 57,686 | 229,371 | 232,493 |
| Sales and marketing costs | -31,853 | -28,112 | -105,962 | -92,543 |
| Administrative expenses | -7,654 | -7,755 | -32,997 | -30,643 |
| Research and development costs | -5,284 | -9,642 | -26,476 | -36,725 |
| Other operating income | 1,498 | 0 | 3,960 | 1,120 |
| Other costs | -728 | -2,252 | -4,169 | -1,490 |
| Operating profit | 6,248 | 9,925 | 63,726 | 72,213 |
| Financial income | 767 | 1,119 | 1,926 | 2,591 |
| Financial costs | -14 | -329 | -456 | -1,036 |
| Profit before tax | 7,001 | 10,715 | 65,197 | 73,768 |
| Tax | 2,689 | -2,807 | -13,024 | -19,839 |
| Profit for the period | 9,690 | 7,908 | 52,173 | 53,929 |
| Basic earnings per share, SEK | 0.86 | 0.71 | 4.64 | 4.84 |
| Earnings per share, diluted, SEK | 0.86 | 0.71 | 4.64 | 4.83 |
| (SEK 000s) | Q4 2012 |
Q4 2011 |
Q1-Q4 2012 |
Q1-Q4 2011 |
|---|---|---|---|---|
| Profit for the period | 9,690 | 7,908 | 52,173 | 53,929 |
| Other comprehensive income | ||||
| Income/expense recognized directly in equity | ||||
| Cash flow hedges | -1,139 | 1,184 | 2,205 | -1,035 |
| Translation differences | -56 | 237 | -480 | 94 |
| Income tax relating to components of other comprehen sive income |
300 | -311 | -580 | 273 |
| Other comprehensive income for the period, net of tax | -896 | 1,110 | 1,145 | -668 |
| Total comprehensive income for the period | 8,794 | 9,018 | 53,318 | 53,261 |
| (SEK 000s) | Dec 31 2012 | Dec 31 2011 |
|---|---|---|
| ASSETS | ||
| Goodwill | 236,071 | 236,071 |
| Other intangible assets | 48,910 | 23,353 |
| Property, plant and equipment | 21,106 | 15,347 |
| Deferred tax assets | 852 | 770 |
| Total fixed assets | 306,939 | 275,541 |
| Inventories | 26,843 | 35,584 |
| Trade and other receivables | 35,501 | 42,781 |
| Other current receivables | 16,845 | 10,634 |
| Cash and cash equivalents | 31,487 | 26,573 |
| Total current assets | 110,676 | 115,572 |
| TOTAL ASSETS | 417,615 | 391,113 |
| EQUITY AND LIABILITIES | ||
| Equity | 342,056 | 298,543 |
| Liabilities | ||
| Non-current liabilities | 787 | 25,192 |
| Deferred income tax liabilities | 23,168 | 20,705 |
| Total non-current liabilities | 23,955 | 45,897 |
| Trade payables | 25,462 | 22,216 |
| Other current liabilities | 26,142 | 24,457 |
| Total current liabilities | 51,604 | 46,673 |
| TOTAL EQUITY AND LIABILITIES | 417,615 | 391,113 |
| (SEK 000s) | Q4 2012 |
Q4 2011 |
Q1-Q4 2012 |
Q1-Q4 2011 |
|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
9,204 | 5,884 | 65,257 | 64,986 |
| Cash flow from changes in working capital | 9,715 | -1,346 | 16,523 | -18,977 |
| Cash flow from operating activities | 18,919 | 4,538 | 81,780 | 46,009 |
| Cash flow from investing activities | -12,800 | -5,057 | -42,944 | -37,114 |
| Cash flow from financing activities | 0 | -3,892 | -33,923 | -37,306 |
| Cash flow for the period | 6,120 | -4,411 | 4,914 | -28,411 |
| Cash and cash equivalents at beginning of the period | 25,367 | 30,984 | 26,573 | 54,984 |
| Cash and cash equivalents at end of period | 31,487 | 26,573 | 31,487 | 26,573 |
Changes in current receivables/liabilities related to derivate financial instruments are reported as cash flow from operating activities before changes in working capital.
| Revenue,per,region (SEK,000s) |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 52,971 | 60,049 | 59,169 | 60,387 | 55,876 | 64,900 | 61,757 | 60,379 | 55,109 | 57,441 | 53,697 | 47,979 |
| Americas | 19,686 | 22,687 | 20,813 | 20,429 | 20,330 | 18,844 | 17,418 | 17,167 | 19,354 | 15,715 | 14,206 | 12,611 |
| Asia | 14,608 | 16,408 | 18,920 | 15,677 | 18,642 | 16,976 | 17,322 | 13,981 | 17,184 | 14,423 | 21,339 | 15,471 |
| Income,statement, (SEK,000s) |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
| Revenue,(SEK,m) | 87,265 | 99,144 | 98,902 | 96,493 | 94,848 | 100,720 | 96,498 | 91,527 | 91,647 | 87,579 | 89,242 | 76,061 |
| Gross,profit | 50,269 | 59,382 | 59,953 | 59,766 | 57,686 | 61,062 | 59,193 | 54,552 | 55,385 | 53,931 | 53,723 | 44,518 |
| Gross,margin | 57,6% | 59.9% | 60.6% | 61.9% | 60.8% | 60.6% | 61.3% | 59.6% | 60.4% | 61.6% | 60.2% | 58.5% |
| Operating,profit | 6,248 | 23,186 | 19,953 | 14,338 | 9,925 | 24,360 | 20,224 | 17,704 | 19,848 | 23,502 | 22,242 | 17,932 |
| Operating,margin | 7,2% | 23.4% | 20.2% | 14.9% | 10.5% | 24.2% | 21.0% | 19.3% | 21.7% | 26.8% | 24.9% | 23.6% |
| Profit,before,tax | 7,001 | 23,100 | 20,810 | 14,286 | 10,715 | 25,544 | 20,536 | 16,973 | 20,232 | 22,702 | 22,834 | 18,295 |
Sales by geographical area for the first nine months 2012 are presented in the graph to the right.
Embedded products reached 68 % of the Group's total sales, Gateway products 25 % and Remote Management amounted to 4 %.
All product groups are based on a common technology platform and are marketed and sold in the common sales channels. Therefore, no complete segment reporting is disclosed.
| (SEK 000s) | Q4 2012 |
Q4 2011 |
Q1-Q4 2012 |
Q1-Q4 2011 |
|---|---|---|---|---|
| Revenue | 1,748 | 1,605 | 7,995 | 7,428 |
| Cost of sales and services | 0 | 0 | 0 | 0 |
| Gross profit | 1,748 | 1,605 | 7,995 | 7,428 |
| Administrative expenses | -1,750 | -1,472 | -7,642 | -6,589 |
| Operating profit | -2 | 133 | 353 | 839 |
| Interest expense and similar items | 2 | -189 | -353 | -839 |
| Profit before tax | 0 | -56 | 0 | 0 |
| Tax | -7 | -8 | -7 | -8 |
| Profit for the period | -7 | -64 | -7 | -8 |
| (SEK 000s) | Dec 31 2012 | Dec 31 2011 |
|---|---|---|
| ASSETS | ||
| Financial fixed assets | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 |
| Other receivables | 955 | 444 |
| Cash and cash equivalents | 684 | 18 |
| Total current assets | 1,639 | 462 |
| TOTAL ASSETS | 245,678 | 244,501 |
| EQUITY AND LIABILITIES | ||
| Equity | 123,285 | 133,098 |
| Untaxed reserves | 8 | 8 |
| Liabilities | ||
| Non-current liabilities | 0 | 24,118 |
| Trade payables | 1,277 | 525 |
| Liabilities to Group companies | 120,073 | 85,769 |
| Other current liabilities | 1,035 | 983 |
| Total current liabilities | 122,385 | 87,277 |
| TOTAL EQITY AND LIABILITIES | 245,678 | 244,501 |
Share of profit after tax attributable to the parent company's shareholders in relation to the average shareholders' equity excluding non-controlling interests.
Share of the profit after financial income in relation to the average capital employed.
Total assets less non interest bearing current liabilities and provisions, as well as total deferred tax liabilities.
Operating income in relation to total assets.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares.
Share of the profit after tax attributable to the parent company's shareholders in relation to the average number of outstanding shares with addition for the average number of shares that are added when converting the outstanding number of convertible securities and options.
Current assets less cash equiva-lents and current liabilities.
Operating income in relation to net sales.
Shareholders' equity in relation to total assets.
Long-term and current financial liabilities less financial assets.
Net debt in relation to shareholders' equity including noncontrolling interests.
Total equity attributable to the parent company's shareholders in relation to total outstanding shares by the end of the period.
HMS Networks (publ) is a world-leading supplier of communication technology for industrial automation. Sales for 2012 totaled SEK 382 million. Over 90% of these sales were to customers located outside Sweden. All product development and parts of the manufacturing are performed at the head office in Halmstad. Sales offices are located in Tokyo, Beijing, Karlsruhe, Chicago, Milan, Mulhouse, Pune, Coventry and Copenhagen. HMS has 250 employees and produces network interface cards and Gateways to interconnect different networks under the trademark Anybus® and products for remote management under the trademark Netbiter®. HMS is listed on the Nasdaq OMX Stocholm Small Cap list, in the Information Technology sector.
"The vision of HMS is that all automation devices will be intelligent and networked. HMS shall be the market leader in connectivity solutions for industrial devices".
"To create long term value for our customers, employees and investors".
"We provide world class solutions to connect industrial devices to networks and products enabling interconnection between different industrial networks".
HMS Networks AB (publ) Org.Nr. 556661-8954 Box 4126 | 300 04 Halmstad | Sweden Tel: +46 35 172 900 Fax: +46 35 172 909 http://investors.hms.se
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