Interim / Quarterly Report • Jul 23, 2013
Interim / Quarterly Report
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q Net sales for the second quarter reached SEK 128 m (99) corresponding to a 29 % increase. Operating result reached SEK 27 m (20) corresponding to a operating margin of 21 % (20)
q Order intake during the second quarter was SEK 140 m (113)
During the second quarter we saw order intake, revenues, operating result and earnings per share on levels not seen before in the Group. The acquisition of IXXAT Automation GmbH earlier this year contributes to these improvements but we can also see tendencies of improved demands.
Japan shows growth due to our Japanese customer's competitive advantage from a weak Japanese currency. Germany shows sign of some growth. The expected positive development in the US has not materialized and we can see a cautious approach.
We see continuing progress with new and existing customers and the order intake during the period indicates future growth.
Our new product platform in the Embedded product group is attracting considerable interest and already starting to generate design wins. We are expecting a positive development in volumes from this platform during 2014 and going forward. The core technology of this product offer, our new NP40 processor was recently awarded the "2013 New Product Innovation Award" by Frost & Sullivan providing good attention for our new product offer in the embedded area.
The product- and market development within Remote Management continues. We have experienced longer sales cycles than expected and despite many pilot series with interesting customers the sales volumes from the Remote Management products are delayed.
The development of IXXAT Automation that was acquired earlier this year is not in line with expectations but we see good opportunities for future synergies in the areas of sales and product development. During the second quarter the coordination of the sales and marketing organisations continued and we now have established common sales organisations in North America and Central Europe for our three brand names Anybus, IXXAT and Netbiter.
We can conclude that we see a mixed picture going forward. On the one hand we had a positive second quarter with good levels of order intake, sales, operating profit and earnings per share. On the other hand the market is difficult to predict in the near future. We continue to balance our long-term growth strategy with a restrictive view on costs. In the long term, we see the markets for industrial communication and remote management to be growth sectors.
| Quarterly data | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
|---|---|---|---|---|---|---|---|---|
| 2013 | 2013 | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | |
| Net sales (SEK m) | 128 | 107 | 87 | 99 | 99 | 96 | 95 | 101 |
| Order intake (SEK m) | 140 | 119 | 100 | 95 | 113 | 116 | 83 | 108 |
| Operating profit (SEK m) | 27 | 14 | 6 | 23 | 20 | 14 | 10 | 24 |
| Gross margin (%) | 62.2 | 61.0 | 57.6 | 59.9 | 60.6 | 61.9 | 60.8 | 60.6 |
| Operating margin (%) | 21.3 | 12.8 | 7.2 | 23.4 | 20.2 | 14.9 | 10.5 | 24.2 |
| Return on capital (%) | 17.1 | 15.4 | 16.3 | 16.2 | 17.7 | 17.6 | 18.6 | 21.6 |
| Earings per share (SEK) | 1.80 | 0.82 | 0.86 | 1.49 | 1.36 | 0.94 | 0.71 | 1.67 |
| Equity per share (SEK) | 30.41 | 31.17 | 30.21 | 29.43 | 28.23 | 27.74 | 26.77 | 25.96 |
| Cash flow for operating activities per share (SEK) | 1.41 | 4.47 | 1.67 | 2.23 | 2.63 | 0.73 | 0.25 | 1.74 |
| Half-year data | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 | Q1-Q2 | Q3-Q4 |
| 2013 | 2012 | 2012 | 2011 | 2011 | 2010 | 2010 | 2009 | |
| Net sales (SEK m) | 235 | 186 | 195 | 196 | 188 | 179 | 165 | 129 |
| Order intake (SEK m) | ||||||||
| 259 | 195 | 229 | 191 | 197 | 174 | 168 | 141 | |
| Operating profit (SEK m) | 41 | 29 | 34 | 34 | 38 | 43 | 40 | 29 |
| Gross margin (%) | 61.7 | 59.0 | 61.3 | 60.7 | 60.5 | 61.0 | 59.4 | 60.2 |
| Operating margin (%) | 17.4 | 15.8 | 17.6 | 17.5 | 20.2 | 24.2 | 24.3 | 22.6 |
| Return on capital (%) | 17.1 | 7.9 | 17.7 | 18.6 | 22.1 | 23.2 | 21.2 | 8.8 |
| Earings per share (SEK) | 2.63 | 2.35 | 2.29 | 2.38 | 2.46 | 2.77 | 2.64 | 1.86 |
| Equity per share (SEK) | 30.41 | 29.82 | 28.23 | 26.77 | 24.41 | 25.3 | 22.8 | 21.25 |
Net sales for the last twelve months amounted to SEK 421.8 m (391.0) corresponding to a 7.9 % increase. In total the revaluation of the Swedish currency in relation to the major HMS currencies had a SEK 20.1 m negative impact on net sales compared to the previous twelve month period. The order intake for the last four quarters amounted to SEK 453.6 m (420.6).
Net sales for the second quarter 2013 totalled to SEK 128.2 m (98.9), corresponding to a 29.6 % increase compared to the same quarter the previous year. Adjusted for a SEK 6.9 m negative currency effect the volume increase was 36.6 % in local currencies. The acquired company IXXAT contributed to net sales with SEK 27.5 m during the second quarter. Order intake increased with 23.5 % to SEK 139.7 m (113.1), of which SEK 128.8 will be delivered during the upcoming twelve months. In local currencies order intake during the second quarter increased with 29.6 %.
Operating profit totalled to SEK 70.4 m (68.6) for the last four quarters, equivalent to an operating margin of 16.7 % (17.5). Currency effects had a SEK 10.7 m negative impact on the operating result compared to the previous year.
The operating profit for the second quarter 2013 totalled to SEK 27.3 m (19.9). During the second quarter the acquired group, including the effect of depreciation on allocated overvalues and acquisition costs, had a SEK 1.5 m positive impact on the Group´s operating result. On Group level changes in exchange rates had a SEK 4.2 m negative impact compared to the same period the previous year.
The tax charge for the first half-year was SEK 8.9 m (9.5). 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 344.4 m (316.5). The total number of shares at the end of the year was 11,322,400. The Group's equity/assets ratio improved to 45.0 % (78,0).
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 2013 | June 30 2012 | Dec 31 2012 |
| Balance at 1 january | 342,056 | 298,543 | 298,543 |
| Total comprehensive income for the period | 27,775 | 27,737 | 53,318 |
| Issue of new shares through the exercise of warrants | 0 | 15,289 | 15,289 |
| Dividends | -25,475 | -25,094 | -25,094 |
| Acquisition of non-controlling interests | 0 | 0 | 0 |
| Closing balance | 344,356 | 316,475 | 342,056 |
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 64 % in EURO, 23 % in USD, 8 % in Japanese Yen and 5 % in SEK and other currencies. Cost of goods sold consists of 58 % in EURO, 16 % in USD and 2 % in Japanese Yen. Operating expenses consists of 37 % in EURO, 10 % in USD, 4 % in Japanese Yen and 49 % 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 2013 amounted to SEK 66.5 m (37.6).
The investments in tangible assets for the half-year totalled SEK 1.7 m (9.4). Investments in intangible assets for the period totalled SEK 30.5 m (11.8) and comprise internal development costs. The higher level of capitalized expenses is to the majority related to the development of new technology platforms i.e the new network chip NP40, the new technology platform supporting HMS Safety technology and the chip, brick, module concept. An investment in subsidiaries was 257.8 MSEK. The acquisition of IXXAT has generated a overvalue for the group of approximately 250 MSEK of which 140 MSEK is allocated on technology platforms, customers and brand name. The annual depreciation on the purchase price allocated to technical platforms and customers is estimated to 7 MSEK. During the first six months 2013 depreciation on purchase price allocated to assets was reflected with 2.8 MSEK in the income statement
At the end of the period the cash equivalents totalled SEK 10.5 m (25.6) and unutilized credit facilities SEK 12.0 m. The Group's net debt amounted to SEK 262.7 m (8.1). During the second quarter HMS distributed dividend payments to its shareholder equal to SEK 2.25 per share (2.25), in total SEK 25.5 m.
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, supplementary technology platforms from IXXAT and an expansion of the HMS sales channels according to the existing strategy.
At present the global market for HMS products is expected to remain weak. The market for industrial communication and remote management will continue as a future growth area and 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, 2013 did not affect the Groups reporting as of June 30, 2013.
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.
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 2012. 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 2013 amounted to SEK 0.0 m (0.3). Cash and cash equivalents amounted to SEK 0.8 m (0.2) and borrowing amounted to SEK 0.0 m (16.6).
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. Based on this competence in combination with an extensive network of customers, suppliers and external partners the existing and new product offers and solutions are developed for the best possible customer benefits.
Product strategy - HMS markets four product lines, which to a certain degree are based on a common technical platform:
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 22, 2013
| Staffan Dahlström Chief Executive Officer |
Urban Jansson Chariman of the Board |
|---|---|
| Göran Sigfridsson | Ray Mauritsson |
| Henrik Johansson | Charlotte Brogren |
| Gunilla Wikman |
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 2013 |
Q2 2012 |
Q1-Q2 2013 |
Q1-Q2 2012 |
Q1-Q4 2012 |
Q3 2012- Q2 2013 |
|
|---|---|---|---|---|---|---|
| Net increase in revenue (%) | 29.6 | 2.5 | 7.9 | 3.9 | -0.5 | 7.9 |
| Gross margin (%) | 62.2 | 60.6 | 60.4 | 61.3 | 60.1 | 60.4 |
| Operating margin EBIT (%) | 21.3 | 20.2 | 16.7 | 17.6 | 16.7 | 16.7 |
| EBITDA (SEK t) | 32,138 | 22,663 | 49,851 | 39,503 | 74,620 | 84,968 |
| EBITDA (%) | 25.1 | 22.9 | 21.2 | 20.2 | 19.5 | 20.1 |
| Return on capital employed (%)* | 15.9 | 22.7 | 15.9 | 22.7 | 19.7 | 15.9 |
| Return on total equity (%)* | 17.0 | 17.7 | 17.0 | 17.7 | 16.3 | 17 |
| Working capital in relation to sales (%)* | 5.9 | 9.4 | 5.9 | 9.4 | 9.2 | 5.9 |
| Capital turnover rate | 0.72 | 1.00 | 0.72 | 1.00 | 0.94 | 0.72 |
| Debt/equity ratio | 0.66 | -0.03 | 0.66 | -0.03 | -0.09 | 0.66 |
| Equity/assets ratio (%) | 45.0 | 78.0 | 45.0 | 78.0 | 81.9 | 45 |
| Capital expenditure in property. plant and equipm. (SEK 000s) | 618 | 3,951 | 1,703 | 9,405 | 12,202 | 4,500 |
| Capital expenditure in intagible fixed assets (SEK 000s) | 15,843 | 7,017 | 30,521 | 11,819 | 30,108 | 48,810 |
| Depreciation of property. plant and equipment (SEK 000s) | -1,863 | -1,512 | -3,592 | -2,858 | -6,240 | -6,974 |
| Amortisation of intangible fixed assets (SEK 000s) | -3,015 | -1,198 | -5,254 | -2,313 | -4,553 | -7,494 |
| Number of employees (average) | 339 | 240 | 294 | 237 | 241 | 294 |
| Revenue per employee (SEK m)* | 1.2 | 1.6 | 1.4 | 1.7 | 1.6 | 1.4 |
| Total equity per share. SEK | 30.80 | 28.23 | 30.80 | 28.23 | 30.21 | 30.41 |
| Total equity per share. diluted. SEK | 30.80 | 28.23 | 30.80 | 28.23 | 30.21 | 30.41 |
| Cash flow from operations per share before dilution. SEK | 1.41 | 2.63 | 5.88 | 3.36 | 7.27 | 9.78 |
| Cash flow from operations per share after dilution. SEK | 1.41 | 2.63 | 5.88 | 3.36 | 7.27 | 9.78 |
| Basic number of shares. average. thousands | 11,322 | 11,209 | 11,322 | 11,181 | 11,252 | 11,322 |
| Number of shares. diluted average. thousands | 11,322 | 11,209 | 11,322 | 11,186 | 11,254 | 11,322 |
* The key ratio has been translated into trailing 12 month value when applicable.
| (SEK 000s) | Q2 2013 |
Q2 2012 |
Q1-Q2 2013 |
Q1-Q2 2012 |
Q1-Q4 2012 |
Q3 2012- Q2 2013 |
|---|---|---|---|---|---|---|
| Revenue | 128,205 | 98,902 | 235,420 | 195,395 | 381,804 | 421,829 |
| Cost of goods and services sold | -48,496 | -36,727 | -90,265 | -75,675 | -152,433 | -167,022 |
| Gross profit | 79,709 | 59,953 | 145,155 | 119,719 | 229,371 | 254,807 |
| Sales and marketing costs | -31,754 | -25,034 | -61,422 | -50,767 | -105,962 | -116,618 |
| Administrative expenses | -11,001 | -8,429 | -24,105 | -17,734 | -32,997 | -39,369 |
| Research and development costs | -11,475 | -6,896 | -21,192 | -15,807 | -26,476 | -31,861 |
| Other operating income | 1,776 | 415 | 3,262 | 542 | 3,960 | 7,012 |
| Other costs | 5 | -55 | -693 | -1,663 | -4,169 | -3,532 |
| Operating profit | 27,260 | 19,953 | 41,005 | 34,292 | 63,726 | 70,439 |
| Financial income | 1,228 | 1,123 | 1,228 | 1,174 | 1,926 | 2,030 |
| Financial costs | -1,569 | -266 | -3,615 | -369 | -456 | -3,751 |
| Profit before tax | 26,919 | 20,810 | 38,618 | 35,096 | 65,197 | 68,719 |
| Tax | -6,494 | -5,619 | -8,882 | -9,476 | -13,024 | -12,430 |
| Profit for the period | 20,425 | 15,191 | 29,736 | 25,620 | 52,173 | 56,288 |
| Basic earnings per share, SEK | 1,80 | 1,36 | 2,63 | 2,29 | 4,64 | 4,97 |
| Earnings per share, diluted, SEK | 1,80 | 1,36 | 2,63 | 2,29 | 4,64 | 4,97 |
| (SEK 000s) | Q2 2013 |
Q2 2012 |
Q1-Q2 2013 |
Q1-Q2 2012 |
Q1-Q4 2012 |
Q3 2012- Q2 2013 |
|---|---|---|---|---|---|---|
| Profit for the period | 20,425 | 15,191 | 29,736 | 25,620 | 52,173 | 56,288 |
| Other comprehensive income | ||||||
| Income/expense recognized directly in equity | ||||||
| Cash flow hedges | -2,730 | 2,423 | -3,249 | 3,047 | 2,205 | -4,091 |
| Translation differences | 8,721 | -48 | 3,516 | -129 | -480 | 3,168 |
| Share savings program | 203 | 0 | 339 | 0 | 0 | 339 |
| Hedging of net investments | -13,292 | 0 | -4,207 | 0 | 0 | -4,207 |
| Income tax relating to components of other comprehensive income |
3,525 | -637 | 1,640 | -801 | -580 | 1,861 |
| Other comprehensive income for the period, net of tax | -3,571 | 1,738 | -1,961 | 2,117 | 1,145 | -2,930 |
| Total comprehensive income for the period | 16,854 | 16,929 | 27,775 | 27,737 | 53,318 | 53,358 |
| (SEK 000s) | June 30 2013 | June 30 2012 | Dec 31 2012 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 386,379 | 236,071 | 236,071 |
| Other intangible assets | 220,540 | 32,449 | 48,910 |
| Property, plant and equipment | 20,697 | 21,718 | 21,106 |
| Deferred tax assets | 747 | 774 | 852 |
| Total fixed assets | 628,363 | 291,012 | 306,939 |
| Inventories | 36,642 | 28,872 | 26,843 |
| Trade and other receivables | 60,452 | 44,343 | 35,501 |
| Other current receivables | 30,120 | 16,106 | 16,845 |
| Cash and cash equivalents | 10,496 | 25,605 | 31,487 |
| Total current assets | 137,710 | 114,926 | 110,676 |
| TOTAL ASSETS | 766,073 | 405,938 | 417,615 |
| EQUITY AND LIABILITIES | |||
| Equity | 344,356 | 316,475 | 342,056 |
| Liabilities | |||
| Non-current liabilities | 238,140 | 17,549 | 787 |
| Deferred income tax liabilities | 65,187 | 23,910 | 23,168 |
| Total non-current liabilities | 303,327 | 41,459 | 23,955 |
| Trade payables | 33,594 | 20,764 | 25,462 |
| Other current liabilities | 84,797 | 27,240 | 26,142 |
| Total current liabilities | 118,391 | 48,004 | 51,604 |
| TOTAL EQUITY AND LIABILITIES | 766,073 | 405,938 | 417,615 |
| Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 | Q3 2012- | |
|---|---|---|---|---|---|---|
| (SEK 000s) | 2013 | 2012 | 2013 | 2012 | 2012 | Q2 2013 |
| Cash flow from operating activities before changes in working capital |
21,228 | 25,400 | 27,583 | 31,707 | 65,257 | 61,133 |
| Cash flow from changes in working capital | -5,250 | 4,037 | 38,954 | 5,855 | 16,523 | 49,622 |
| Cash flow from operating activities | 15,978 | 29,437 | 66,537 | 37,562 | 81,780 | 110,755 |
| Cash flow from investing activities | -16,460 | -10,968 | -258,000 | -21,225 | -42,944 | -279,719 |
| Cash flow from financing activities | -22,484 | -13,555 | 169,434 | -17,305 | -33,923 | 152,817 |
| Cash flow for the period | -22,966 | 4,914 | -22,029 | -968 | 4,913 | -16,147 |
| Cash and cash equivalents at beginning of the period | 32,424 | 20,691 | 31,487 | 26,573 | 26,573 | 25,605 |
| Cash and cash equivalents at end of period | 9,458 | 25,605 | 9,458 | 25,605 | 31,486 | 9,458 |
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 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | 82,481 | 69,182 | 52,971 | 60,049 | 59,169 | 60,387 | 55,876 | 64,900 | 61,757 | 60,379 | 55,109 | 57,441 |
| Americas | 26,439 | 22,480 | 19,686 | 22,687 | 20,813 | 20,429 | 20,330 | 18,844 | 17,418 | 17,167 | 19,354 | 15,715 |
| Asia | 19,285 | 15,553 | 14,608 | 16,408 | 18,920 | 15,677 | 18,642 | 16,976 | 17,322 | 13,981 | 17,184 | 14,423 |
| Income statement (SEK 000s) |
Q2 2013 |
Q1 2013 |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
| Revenue (SEK m) | 128,205 | 107,215 | 87,265 | 99,144 | 98,902 | 96,493 | 94,848 | 100,720 | 96,498 | 91,527 | 91,647 | 87,579 |
| Gross profit | 79,709 | 65,446 | 50,269 | 59,382 | 59,766 | 59,766 | 57,686 | 61,062 | 59,193 | 54,552 | 55,385 | 53,931 |
| Gross margin | 62.2% | 61.0% | 57.6% | 59.9% | 60.6% | 61.9% | 60.8% | 60.6% | 61.3% | 59.6% | 60.4% | 61.6% |
| Operating profit | 27,260 | 13,745 | 6,248 | 23,186 | 19,953 | 14,338 | 9,925 | 24,360 | 20,224 | 17,704 | 19,848 | 23,502 |
| Operating margin | 21.3% | 12.8% | 7.2% | 23.4% | 20.2% | 14.9% | 10.5% | 24.2% | 21.0% | 19.3% | 21.7% | 26.8% |
| Profit before tax | 26,919 | 11,699 | 7,001 | 23,100 | 20,810 | 14,286 | 10,715 | 25,544 | 20,536 | 16,973 | 20,231 | 22,702 |
Sales by geographical area for the first half-year 2012 are presented in the graph to the right.
Embedded products reached 56 % of the Group's total sales, Gateway products 19 % 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) | Q2 2013 |
Q2 2012 |
Q1-Q2 2013 |
Q1-Q2 2012 |
Q1-Q4 2012 |
Q3 2012- Q2 2013 |
|---|---|---|---|---|---|---|
| Revenue | 1,818 | 2,478 | 4,061 | 4,369 | 7,995 | 7,687 |
| Cost of sales and services | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | 1,818 | 2,478 | 4,061 | 4,369 | 7,995 | 7,687 |
| Administrative expenses | -1,823 | -2,362 | -4,072 | -4,107 | -7,642 | -7,607 |
| Operating profit | -5 | 116 | -11 | 262 | 353 | 80 |
| Interest and similar income | 1 | -116 | 0 | -262 | -353 | -91 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Tax | 0 | 0 | 0 | 0 | -7 | -7 |
| Profit for the period | 0 | 0 | 0 | 0 | -7 | -7 |
| (SEK 000s) | June 30 2013 | June 30 2012 | Dec 31 2012 |
|---|---|---|---|
| ASSETS | |||
| Financial fixed assets | 244,039 | 244,039 | 244,039 |
| Total financial fixed assets | 244,039 | 244,039 | 244,039 |
| Other receivables | 365 | 542 | 955 |
| Cash and cash equivalents | 779 | 153 | 684 |
| Total current assets | 1,144 | 695 | 1,639 |
| TOTAL ASSETS | 245,183 | 244,734 | 245,678 |
| EQUITY AND LIABILITIES | |||
| Equity | 97,810 | 123,292 | 123,285 |
| Untaxed reserves | 8 | 8 | 8 |
| Liabilities | |||
| Non-current liabilities | 0 | 16,618 | 0 |
| Trade payables | 215 | 306 | 1,277 |
| Liabilities to Group companies | 145,347 | 102,933 | 120,073 |
| Other current liabilities | 1,803 | 1,577 | 1,035 |
| Total current liabilities | 147,365 | 104,816 | 122,385 |
| TOTAL EQITY AND LIABILITIES | 245,183 | 244,734 | 245,678 |
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 Industrial Networks is the leading independent supplier of products for industrial communication including remote management. HMS develops and manufactures solutions for connecting automation devices and systems to industrial networks under the Netbiter, Anybus and IXXAT brands.
Development and manufacturing take place at the headquarters in Halmstad, Sweden and in Weingarten, Germany. Local sales and support are handled by branch offices in China, Denmark, France, Germany, India, Italy, Japan, UK, and USA. HMS employs over 350 people and reported sales of 58 million EUR in 2012. HMS is listed on the NASDAQ OMX in Stockholm.
"All industrial devices will be intelligent and networked. We shall be the market leading partner in the world of industrial communication"
"To create long term value for our customers, employees and investors".
"We provide reliable, flexible and easy-to-use communication and remote management solutions to the world of industrial communication"
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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