Interim / Quarterly Report • Jul 12, 2012
Interim / Quarterly Report
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Net sales for the first six months represent record levels for HMS. Still we realize that the recent quarters shows the sales growth levelling out. The German market is still stable and the American market shows a positive development. For the Japanese market progress is more irregular. The market situation is reserved and uncertain. This can primarily be noticed as a weak development among existing customers. We still see good progress with new customers and the order intake during the period indicates future growth. Net sales for the last twelve months are also on a record level with SEK 390 m in revenues. As a result of a more conscious cost control during the recent six month period we can also present a 18% operating margin.
Due to the uncertain market conditions we still do not see the full effects of the expansion in resources made during the recent years. HMS continues to develop new product platforms in the area of Safety communication and a new generation communication solutions based on our new developed Embedded technology. We also invest increasing resources in the Remote Management segment, an area where we are hopeful to see a market break-through in several application areas ahead. Our customer base in the area of Embedded solutions continues to grow as expected with new design-wins, which ensure future sales growth in this area.
Recruiting of new employees, primarily development engineers, continue. We expect the increase in employees to support future profitable growth.
Staffan Dahlström CEO for HMS Networks AB
| Quarterly data | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
|---|---|---|---|---|---|---|---|---|
| 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | |
| Net sales (SEK m) | 99 | 96 | 95 | 101 | 97 | 92 | 92 | 88 |
| Order intake (SEK m) | 113 | 116 | 83 | 108 | 100 | 97 | 88 | 87 |
| Operating profit (SEK m) | 20 | 14 | 10 | 24 | 20 | 18 | 20 | 24 |
| Gross margin (%) | 60.6 | 61.9 | 60.8 | 60.6 | 61.3 | 59.6 | 60.4 | 61.6 |
| Operating margin (%) | 20.2 | 14.9 | 10.5 | 24.2 | 21.0 | 19.3 | 21.7 | 26.8 |
| Return on capital (%) | 17.7 | 17.6 | 18.6 | 21.6 | 22.1 | 22.6 | 23.2 | 23.0 |
| Earnings per share (SEK) | 1.36 | 0.94 | 0.71 | 1.67 | 1.34 | 1.11 | 1.31 | 1.46 |
| Equity per share (SEK) | 28.23 | 27.74 | 26.77 | 25.96 | 24.41 | 25.08 | 25.30 | 24.37 |
| Cash flow for operating activities per share (SEK) | 2.63 | 0.73 | 0.25 | 1.74 | 2.06 | -0.08 | 2.27 | 1.86 |
| Half-year data | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 |
| 2012 | 2011 | 2011 | 2010 | 2010 | 2009 | 2009 | 2008 | |
| Net sales (SEK m) | 195 | 196 | 188 | 179 | 165 | 129 | 116 | 161 |
| Order intake (SEK m) | 229 | 191 | 197 | 174 | 168 | 141 | 117 | 150 |
| Operating profit (SEK m) | 34 | 34 | 38 | 43 | 40 | 29 | 2 | 48 |
| Gross margin (%) | 61.3 | 60.7 | 60.5 | 61.0 | 59.4 | 60.2 | 56.3 | 62.4 |
| Operating margin (%) | 17.6 | 17.5 | 20.2 | 24.2 | 24.3 | 22.6 | 1.7 | 30.1 |
| Return on capital (%) | 17.7 | 18.6 | 22.1 | 23.2 | 21.2 | 8.8 | 17.3 | 28.6 |
| Earnings per share (SEK) | 2.29 | 2.38 | 2.46 | 2.77 | 2.64 | 1.86 | -0.01 | 3.34 |
| Equity per share (SEK) | 28.23 | 26.77 | 24.41 | 25.30 | 22.80 | 21.25 | 20.20 | 20.91 |
Net sales for the last twelve months amounted to SEK 391.0 m (367.3) corresponding to a 6.5 % increase. In total the revaluation of the Swedish currency in relation to the major HMS currencies had a minor impact on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 420.0 m (371.4).
Net sales for the second quarter 2012 totaled to SEK 98.9 m (96.5), corresponding to a 2.5 % increase compared to the same quarter the previous year. Adjusted for a SEK 3.2 m currency effect the volume decrease was 0.8 % in local currencies. Order intake increased with SEK 12.9 m to SEK 113.1 m (100.2), of which SEK 88.4 will be delivered during the upcoming twelve months. In local currencies order intake increased with 9.7 %.
Operating profit totaled to SEK 68.6 m (81.3) for the last four quarters, equivalent to an operating margin of 17.5 % (22.0). Currency effects had a positive impact on the operating result with SEK 1.5 m compared to the previous year.
The operating profit for the second quarter 2012 totaled to SEK 19.9 m (20.2). Changes in exchange rates had a SEK 2.2 m positive impact compared with the same period the previous year.
The tax charge for the first half-year was SEK 9.5 m (10.1). 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.
The Group's equity amounted to SEK 316.5 m (272.2). The total number of shares at the end of the year was 11,322,400. The Group's equity/assets ratio improved to 78.0 % (72.6).
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.
| Change in Group Equity | |||
|---|---|---|---|
| (SEK 000s) | June 30 2012 | June 30 2011 | Dec 31 2011 |
| Balance at 1 january | 298,543 | 285,815 | 285,815 |
| Total comprehensive income for the period | 27,737 | 26,914 | 53,261 |
| Warrants | 15,289 | 0 | 0 |
| Dividends | -25,094 | -22,306 | -22,306 |
| Acquisition non-controlling interests | 0 | -18,227 | -18,227 |
| Closing balance | 316,475 | 272,197 | 298,543 |
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 first half-year consist of 58 % in EURO, 24 % in USD, 10 % in Japanese Yen and 8 % in SEK and other currencies. Cost of goods sold consists of 42 % in EURO, 13 % in USD and 1 % in Japanese Yen. Operating expenses consists of 16 % in EURO, 8 % in USD, 7 % in Japanese Yen and 69 % of SEK and other currencies.
The Group applies a policy for currency hedging described in the annual report.
Cash flow from operating activities in the first six months 2012 amounted to SEK 37.6 m (22.1).
The investments in tangible assets for the half-year totaled SEK 9.4 m (4.8). Investments in intangible assets for the period totaled SEK 11.8 m (7.0) and comprise internal development costs.
At the end of the period the cash equivalents totaled SEK 25.6 m (17.3) and unutilized credit facilities SEK 30.5 m. The Group's net cash amounted to SEK 8.1 m (-14.5). 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.
q HMS received a SEK 2 m order from one of the leading manufacturers of industrial energy metering and monitoring in Europe.
q The 2009 stock option program was completed. In this program participants subscribed to 169,500 new shares in the Company.
The HMS Group long term growth is supported by a continued inflow of design-wins, a broader product offering within the Gateway product family and Remote Management, the development of new generations of products, a strengthened customer focus and an expansion of the HMS sales channels according to the existing strategy.
The global market for HMS products is expected to remain weak. The market for the HMS product offering and the exchange rate development are still unpredictable but the HMS overall goals are unchanged: A long term average growth of 20 % per year and an operating margin above 20 %.
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 June 30, 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.
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 %.
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.
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 first half-year 2012 amounted to SEK 0.3 m (0.4). Cash and cash equivalents amounted to SEK 0.2 m (0.0) and borrowing amounted to SEK 16.6 m (31.6).
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 - The Company's core expertise is made up of an extensive understanding of industrial network communication.
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.
The Board of Directors and CEO assure that the interim report provides a true and fair overview of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainties faced by the Parent Company and the Group.
Halmstad July 12, 2012
| Staffan Dahlström Chief Executive Officer |
Urban Jansson Chariman of the Board |
|---|---|
| Nicolas Hassbjer | Göran Sigfridsson |
| Henrik Johansson | Ray Mauritsson |
| Gunilla Wikman | Charlotte Brogren |
This interim 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
| Q2 2012 |
Q2 2011 |
Q1-Q2 2012 |
Q1-Q2 2011 |
Q1-Q4 2011 |
1107-1206 12 months |
|
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 2.5 | 8.1 | 3.9 | 13.7 | 11.3 | 6.5 |
| Gross margin (%) | 60.6 | 61.3 | 61.3 | 60.5 | 60.6 | 61.0 |
| Operating margin EBIT (%) | 20.2 | 21.0 | 17.6 | 20.2 | 18.8 | 17.5 |
| Return on capital employed (%)* | 22.7 | 27.0 | 22.7 | 27.0 | 23.2 | 22.7 |
| Return on total equity (%)* | 17.7 | 22.1 | 17.7 | 22.1 | 18.6 | 17.7 |
| Working capital in relation to sales (%)* | 9.4 | 7.9 | 9.4 | 7.9 | 8.3 | 9.4 |
| Capital turnover rate | 1.00 | 0.99 | 1.00 | 0.99 | 0.98 | 1.00 |
| Debt/equity ratio | -0.03 | 0.05 | -0.03 | 0.05 | 0.00 | -0.03 |
| Equity/assets ratio (%) | 78.0 | 72.6 | 78.0 | 72.6 | 76.3 | 78.0 |
| Capital expenditure in property. plant and equipment (SEK 000s) |
3,951 | 1,186 | 9,405 | 4,796 | 9,341 | 13,951 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 7,017 | 3,634 | 11,819 | 7,024 | 10,744 | 15,539 |
| Depreciation of property. plant and equipment (SEK 000s) | -1,512 | -1,223 | -2,858 | -2,346 | -4,661 | -5,173 |
| Amortisation of intangible fixed assets (SEK 000s) | -1,198 | -1,204 | -2,313 | -2,408 | -5,539 | -5,444 |
| Number of employees (average) | 240 | 202 | 237 | 200 | 213 | 231 |
| Revenue per employee (SEK m)* | 1.6 | 1.8 | 1.7 | 1.8 | 1.8 | 1.7 |
| Total equity per share, SEK | 28.23 | 24.41 | 28.23 | 24.41 | 26.77 | 28.23 |
| Total equity per share, diluted, SEK | 28.23 | 24.34 | 28.23 | 24.34 | 26.76 | 28.23 |
| Cash flow from operations per share before dilution, SEK | 2.63 | 2.06 | 3.36 | 1.98 | 4.13 | 5.50 |
| Cash flow from operations per share after dilution, SEK | 2.63 | 2.06 | 3.36 | 1.98 | 4.12 | 5.50 |
| Basic number of shares. average, thousands | 11,209 | 11,153 | 11,181 | 11,153 | 11,153 | 11,167 |
| Number of shares. diluted average, thousands | 11,209 | 11,182 | 11,186 | 11,182 | 11,169 | 11,172 |
* The key ratio has been translated into 12 months rolling value when applicable.
| (SEK 000s) | Q2 2012 |
Q2 2011 |
Q1-Q2 2012 |
Q1-Q2 2011 |
Q1-Q4 2011 |
1107-1206 12 months |
|---|---|---|---|---|---|---|
| Revenue | 98,902 | 96,498 | 195,395 | 188,024 | 383,592 | 390,963 |
| Cost of goods and services sold | -38,948 | -37,305 | -75,675 | -74,280 | -151,099 | -152,495 |
| Gross profit | 59,953 | 59,193 | 119,719 | 113,745 | 232,493 | 238,468 |
| Sales and marketing costs | -25,034 | -22,688 | -50,767 | -43,439 | -92,543 | -99,870 |
| Administrative expenses | -8,429 | -8,009 | -17,734 | -15,741 | -30,643 | -32,636 |
| Research and development costs | -6,896 | -8,843 | -15,807 | -17,180 | -36,725 | -35,352 |
| Other operating income | 415 | 628 | 542 | 1,490 | 1,120 | -68 |
| Other costs | -55 | -57 | -1,663 | -948 | -1,490 | -1,966 |
| Operating profit | 19,953 | 20,224 | 34,292 | 37,928 | 72,213 | 68,577 |
| Financial income | 1,123 | 557 | 1,174 | 60 | 2,591 | 3,191 |
| Financial costs | -266 | -244 | -369 | -478 | -1,036 | -413 |
| Profit before tax | 20,810 | 20,536 | 35,096 | 37,509 | 73,768 | 71,355 |
| Tax | -5,619 | -5,545 | -9,476 | -10,128 | -19,839 | -19,188 |
| Profit for the period | 15,191 | 14,991 | 25,620 | 27,382 | 53,929 | 52,167 |
| Basic earnings per share, SEK | 1.36 | 1.34 | 2.29 | 2.46 | 4.84 | 4.67 |
| Earnings per share, diluted, SEK | 1.36 | 1.34 | 2.29 | 2.45 | 4.83 | 4.67 |
| (SEK 000s) | Q2 2012 |
Q2 2011 |
Q1-Q2 2012 |
Q1-Q2 2011 |
Q1-Q4 2011 |
1107-1206 12 months |
|---|---|---|---|---|---|---|
| Profit for the period | 15,191 | 14,991 | 25,620 | 27,382 | 53,929 | 52,167 |
| Other comprehensive income | ||||||
| Income/expense recognized directly in equity | ||||||
| Cash flow hedges | 2,423 | -444 | 3,047 | -703 | -1,035 | 2,715 |
| Translation differences | -48 | 69 | -129 | 50 | 94 | -85 |
| Income tax relating to components of other comprehen sive income |
-637 | 117 | -801 | 185 | 273 | -714 |
| Other comprehensive income for the period, net of tax | 1,738 | -258 | 2,117 | -468 | -668 | 1,916 |
| Total comprehensive income for the period | 16,929 | 14,733 | 27,737 | 26,914 | 53,261 | 54,083 |
| (SEK 000s) | June 30 2012 | June 30 2011 | Dec 31 2011 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 236,071 | 236,071 | 236,071 |
| Other intangible assets | 32,449 | 22,765 | 23,353 |
| Property, plant and equipment | 21,718 | 13,052 | 15,347 |
| Deferred tax assets | 774 | 702 | 770 |
| Total fixed assets | 291,012 | 272,590 | 275,541 |
| Inventories | 28,872 | 31,340 | 35,584 |
| Trade and other receivables | 44,343 | 45,647 | 42,781 |
| Other current receivables | 16,106 | 8,003 | 10,634 |
| Cash and cash equivalents | 25,605 | 17,250 | 26,573 |
| Total current assets | 114,926 | 102,240 | 115,572 |
| TOTAL ASSETS | 405,938 | 374,830 | 391,113 |
| EQUITY AND LIABILITIES | |||
| Equity | 316,475 | 272,197 | 298,543 |
| Liabilities | |||
| Non-current liabilities | 17,549 | 31,743 | 25,192 |
| Deferred income tax liabilities | 23,910 | 17,738 | 20,705 |
| Total non-current liabilities | 41,459 | 49,481 | 45,897 |
| Trade payables | 20,764 | 22,141 | 22,216 |
| Other current liabilities | 27,240 | 31,011 | 24,457 |
| Total current liabilities | 48,004 | 53,152 | 46,673 |
| TOTAL EQUITY AND LIABILITIES | 405,938 | 374,830 | 391,113 |
| (SEK 000s) | Q2 2012 |
Q2 2011 |
Q1-Q2 2012 |
Q1-Q2 2011 |
Q1-Q4 2011 |
1107-1206 12 months |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
26,024 | 19,485 | 32,331 | 34,971 | 64,986 | 62,346 |
| Cash flow from changes in working capital | 3,413 | 3,518 | 5,231 | -12,852 | -18,977 | -894 |
| Cash flow from operating activities | 29,437 | 23,003 | 37,562 | 22,119 | 46,009 | 61,452 |
| Cash flow from investing activities | -10,968 | -4,825 | -21,225 | -30,047 | -37,114 | -28,292 |
| Cash flow from financing activities | -13,555 | -26,056 | -17,305 | -29,806 | -37,306 | -24,805 |
| Cash flow for the period | 4,914 | -7,878 | -968 | -37,734 | -28,411 | 8,355 |
| Cash and cash equivalents at beginning of the period | 20,691 | 25,128 | 26,573 | 54,984 | 54,984 | 17,250 |
| Cash and cash equivalents at end of period | 25,605 | 17,250 | 25,605 | 17,250 | 26,573 | 25,605 |
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) |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
Q4 2009 |
Q3 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 59,169 | 60,387 | 55,876 | 64,900 | 61,757 | 60,379 | 55,109 | 57,441 | 53,697 | 47,979 | 46,284 | 38,184 |
| Americas | 20,813 | 20,429 | 20,330 | 18,844 | 17,418 | 17,167 | 19,354 | 15,715 | 14,206 | 12,611 | 13,373 | 10,892 |
| Asia | 18,920 | 15,677 | 18,642 | 16,976 | 17,322 | 13,981 | 17,184 | 14,423 | 21,339 | 15,471 | 12,558 | 7,659 |
| Income statement (SEK 000s) |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
Q4 2009 |
Q3 2009 |
| Revenue (SEK m) | 98,902 | 96,493 | 94,848 | 100,720 | 96,498 | 91,527 | 91,647 | 87,579 | 89,242 | 76,061 | 72,215 | 56,735 |
| Gross profit | 59,953 | 59,766 | 57,686 | 61,062 | 59,193 | 54,552 | 55,385 | 53,931 | 53,723 | 44,518 | 43,408 | 34,245 |
| Gross margin | 60.6% | 61.9% | 60.8% | 60.6% | 61.3% | 59.6% | 60.4% | 61.6% | 60.2% | 58.5% | 60.1% | 60.4% |
| Operating profit | 19,953 | 14,338 | 9,925 | 24,360 | 20,224 | 17,704 | 19,848 | 23,502 | 22,242 | 17,932 | 15,802 | 13,349 |
| Operating margin | 20.2% | 14.9% | 10.5% | 24.2% | 21.0% | 19.3% | 21.7% | 26.8% | 24.9% | 23.6% | 21.9% | 23.5% |
| Profit before tax | 20,810 | 14,286 | 10,715 | 25,544 | 20,536 | 16,973 | 20,232 | 22,702 | 22,834 | 18,295 | 15,965 | 12,423 |
Sales by geographical area for the first half-year 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 3 %.
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) | Q2 2012 |
Q2 2011 |
Q1-Q2 2012 |
Q1-Q2 2011 |
Q1-Q4 2011 |
1107-1206 12 months |
|---|---|---|---|---|---|---|
| Revenue | 2,478 | 2,387 | 4,369 | 4,122 | 7,428 | 7,675 |
| Cost of sales and services | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 2,478 | 2,387 | 4,369 | 4,122 | 7,428 | 7,675 |
| Administrative expenses | -2,362 | -2,165 | -4,107 | -3,693 | -6,589 | -7,003 |
| Operating profit | 116 | 222 | 262 | 429 | 839 | 672 |
| Interest expense and similar items | -116 | -222 | -262 | -429 | -839 | -672 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Tax | 0 | 0 | 0 | 0 | -8 | -8 |
| Profit for the period | 0 | 0 | 0 | 0 | -8 | -8 |
| (SEK 000s) | June 30 2012 | June 30 2011 | Dec 31 2011 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 542 | 431 | 444 |
| Cash and cash equivalents | 153 | 3 | 18 |
| Total current assets | 695 | 434 | 462 |
| TOTAL ASSETS | 244,734 | 244,473 | 244,501 |
| EQUITY AND LIABILITIES | |||
| Equity | 123,292 | 133,106 | 133,098 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Non-current liabilities | 16,618 | 31,618 | 24,118 |
| Trade payables | 306 | 19 | 525 |
| Liabilities to Group companies | 102,933 | 78,016 | 85,769 |
| Other current liabilities | 1,577 | 1,706 | 983 |
| Total current liabilities | 104,816 | 79,741 | 87,277 |
| TOTAL EQITY AND LIABILITIES | 244,734 | 244,473 | 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 2011 totaled SEK 384 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 240 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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