Quarterly Report • Aug 4, 2008
Quarterly Report
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The information provided herein is such that AB Industrivärden (publ) is obligated to disclose pursuant to the Securities and Clearing Operations Act (SFS 1992:543) and/or the Financial Instruments Trading Act (SFS 1991:980). Submitted for publication at 9 a.m. on August 4, 2008.
During the last ten-year period, the average annual return for Industrivärden's Class A shares has exceeded the return index by 1 percentage point.
| Financial summary | July 31, 2008 | June 30, 2008 | Dec. 31, 2007 |
|---|---|---|---|
| Value of equities portfolio, SEK billion | 49.7 | 52.2 | 65.8 |
| - total return, % | -21 | -17 | -2 |
| Borrowings, interest-bearing net debt, SEK billion | 10.6 | 10.4 | 11.0 |
| - debt-equity ratio, % | 21.3 | 19.9 | 16.6 |
| - average interest rate, % | 4.6 | 4.6 | 4.6 |
| Net asset value, SEK billion | 39.0 | 41.7 | 54.8 |
| Net asset value, SEK per share | 101 | 108 | 142 |
| - development, incl. reinvested dividend, % | -26 | -21 | -3 |
| Management cost, % | 0.17 | 0.17 | 0.13 |
| Dividend yield, Class A shares, % | 5.8 | 5.5 | 4.4 |
| Total return, Class A shares, % | -20 | -16 | -14 |
Industrivärden is one of the Nordic region's leading holding companies, with ownership in a concentrated selection of listed Nordic companies with good development potential. The goal is to generate high growth in net asset value over time.
During the first seven months of the year, concerns about the economic development have grown increasingly strong. The international credit crisis has continued and can be expected to remain until clear signs appear that the U.S. housing market has hit bottom. At the same time, sharply higher prices for oil, commodities and agricultural products have fueled inflation expectations in the West. All this comes at a time in which we are seeing ever-greater signs of a distinct economic slowdown. In pace with sharply rising oil prices and higher interest rates, concerns for stagflation have taken hold. Personally I do not think the situation is quite as dark as it may seem; however, we will see a slowing in the global rate of growth. The question is how strong this slowdown will be.
Stock markets in the West have reacted strongly to these worries. Seldom has the risk premium for owning stock been as great as now. This is reflected in the fact that companies that are reporting performance beyond expectations and positive forecasts have seen their stock prices drop upon releasing their reports. Anxiety and thus volatility in the stock market can be expected to continue until the economic scenario becomes clearer.
The companies in our portfolio that are exposed to the infrastructure development that is taking place in emerging markets such as Asia, South America and Eastern Europe are seeing continued good demand. However, the companies that are more exposed to consumer products have reported a softening in demand. On the whole, company descriptions of future demand are more positive than reflected by the market.
During the period January–July, Industrivärden's net asset value including reinvested dividends fell by SEK 13.9 billion, or 26%, which was 8 percentage points worse than the return index. This is due to the fact that several of our portfolio companies have had a sharper price decline than the stock market so far this year. At the same time, we know that at current prices, the expected dividend yield for our portfolio will be high. Industrivärden posted a negative total return for the period, -20% for the Class A shares and -22% for the Class C shares, compared with -18% for the return index.
During the first seven months we bought Class A shares in Volvo for SEK 1.2 billion and sold Class A shares in SSAB for SEK 0.8 billion. These transactions are a prime example of how we continuously make minor changes in our portfolio and can thereby strengthen our positions in our portfolio companies.
Through the additional purchases of shares we have made in Volvo during the year, our ownership now amounts to just under 7% of the votes in the company. I am convinced that, based on its leading positions and established economies of scale, Volvo has favorable conditions for continued profitable growth.
A debate is currently being conducted on whether owners with various classes of stock should have the right to the same price per share in bid situations. Some argue that voting rights lack value when a party makes a bid for a company and that the market's pricing should therefore be disregarded. We and many other class-A shareholders do not share that view. Clearly, share classes with different voting power are traded at different prices. Disregarding this in connection with a bid would seem to be a peculiar questioning of the market's right and ability to price various goods at different values. With today's rules, there is scope to achieve this in particular. It is then an entirely different matter that most bids end up at the same price or at the same premium expressed as a percentage, for the different stock classes. In such case it is the market that has set the price and not the rules.
Last year and during the first half of 2008, Industrivärden has had a good influx of new shareholders. In turbulent times like these, it is important to keep an eye on the fundamentals. Industrivärden has a portfolio of well-managed companies that are well-positioned in their respective markets. Given the historical profitability and growth that we have seen in these companies, there is every reason to expect the same also in the future. I therefore see it as a good sign that increasing numbers of investors see the strength of our investment philosophy and the favorable performance this has given our shareholders over time.
Industrivärden 2 Interim Report January 1 – June 30, 2008
The refinement of Industrivärden's business to that as an active owner in listed Nordic companies was completed in 2007. The Company today is the leading Nordic player in its niche, with the goal of creating growth in value through long-term, structured ownership work in a transparent portfolio of a limited number of listed companies. This work is conducted with low management costs. Through this active ownership, Industrivärden's stock, over time, has been a good investment that has generated a higher return than the return index.
Total return for the equities portfolio decreased by 17% during the first half of the year, which was level with the return index. Of the major holdings, SSAB showed positive growth in value, while shares in Handelsbanken, Sandvik and Volvo had a weak trend.
During the first seven months of the year, the total return for the equities portfolio was -21%, which was 3 percentage points worse than the return index.
| Average annual total return, % | ||||||
|---|---|---|---|---|---|---|
| Total return, Jan.-July 2008, |
Total return, % | Five years | Ten years | |||
| SEK bn | Jan.-July 2008 | Jan.-June 2008 | June 2003-June 2008 | June 1998-June 2008 | ||
| SSAB | 0.0 | -2 | 14 | 48 | 23 | |
| Indutrade | -0.1 | -9 | -1 | – | – | |
| Ericsson | -0.8 | -14 | -14 | 8 | -10 | |
| Höganäs | 0.0 | -1 | -16 | -5 | -2 | |
| Munters | -0.2 | -19 | -22 | 3 | 10 | |
| Sandvik | -3.8 | -25 | -23 | 20 | 11 | |
| SCA | -3.0 | -38 | -23 | 3 | 7 | |
| Skanska | -1.1 | -30 | -24 | 20 | 7 | |
| Handelsbanken | -2.7 | -19 | -25 | 6 | 5 | |
| Hemtex | -0.1 | -40 | -28 | – | – | |
| Volvo | -1.7 | -30 | -30 | 23 | 9 | |
| Total | -13.5 | -21 | -17 | |||
| Index (SIXRX) | -18 | -17 | 16 | 5 | ||
| Industrivärden A | -20 | -16 | 15 | 7 |
Total returns, expressed in SEK billion, pertain to the change in value during the period including dividend income for the respective portfolio companies. Of the shareholdings listed above, Munters and Höganäs have been held for less than five years. Indutrade and Hemtex became listed in October 2005.
Industrivärden's influence in its portfolio companies is based on sizeable ownership stakes and a strong position of trust. With this as the starting point, Industrivärden exercises its active ownership role through interaction with other major owners in the aim of finding ways to increase the value of the shareholdings. Active ownership is exercised by board members of the portfolio companies with ties to Industrivärden, through work on nominating committees and through direct dialog between Industrivärden's investment organization and leading representatives of the portfolio companies.
Sandvik Invoicing increased by 8%. Income after financial items was down 16% for the first half of the year, to SEK 6.0 billion, mainly due to a poorer result for Sandvik Materials Technology. To improve profitability, efficiency enhancement work is being intensified. Order intake showed continued favorable growth. Cash flow was strengthened.
Handelsbanken Net interest income rose 17% to SEK 8.9 billion, while the net result of financial items stated at fair value decreased by SEK 1.7 billion. Loan losses increased by SEK 0.8 billion. Operating income for the first six months of 2008 decreased by 22% to SEK 6.4 billion. For the branch operations outside Sweden, net interest income rose 26%. Handelsbanken is showing continued good development and growth of its core business – a decentralized branch operation. During the period, Handelsbanken opened 15 new branches outside Sweden of the 35–45 that are planned for opening in 2008. The newly established branches have quickly shown good profitability.
SSAB Income after financial items rose 35% during the first half of 2008, to SEK 5.4 billion. Demand for the company's products remained strong, with a positive earnings trend. Price increases have compensated for sharply higher commodity prices. The acquisition of IPSCO's steel operation strengthens SSAB's position as the leading manufacturer in the high-strength steel growth segment. The sale of IPSCO's tubular operations has now been completed, which reduced the debt-equity ratio from 150% to 42%.
SCA Income after financial items for the first half of 2008 decreased by 6% to SEK 3.6 billion. SCA's focus on growth in the hygiene segment is yielding results, and hygiene products account for a growing part of the business. Operating income for Personal Care products improved slightly, while Tissue showed a 49% gain in operating income as a result of acquisitions and higher prices. Packaging and Forest Products had weaker development. The work continues on developing the packaging operations, with focus on achieving higher value-added. A current example is the sale of the conventional corrugated board business in the UK.
Ericsson Despite continued good organic growth, income after financial items for the first half of the year fell 48% to SEK 9.2 billion (excluding SEK 2.6 billion in restructuring charges). The drop is mainly attributable to a changed product mix in the Networks segment and lower profitability for Sony Ericsson. Cash flow improved significantly. With weak growth in the mobile infrastructure market, Ericsson is continuing its work on adjusting its costs.
Volvo Net sales rose 19% to SEK 157 billion. Income after financial items for the first half of 2008 increased by 20% to SEK 13.6 billion, with an improved operating margin. Operating income during the second quarter reached its highest level to date for a single quarter. Development in Eastern Europe, South America and Asia – markets in which Volvo has advanced its positions in recent years – continues to be favorable, while markets in North America and Japan remained weak. A joint-venture company has been established with the Indian company Eicher Motors for trucks and buses.
Skanska Income after financial items for the first half of 2008 rose 17% to SEK 2.7 billion. The company's largest business stream, Construction, showed favorable development in several markets, but earnings fell, mainly due to project write-downs in the U.K. A new management team has been installed for the UK operations in order to restore profitability. Most of Skanska's other business streams showed favorable earnings development.
Höganäs Profitability improved, and income after financial items for the first half of the year rose 26%, to SEK 418 M, with favorable volume growth. Höganäs has acquired the Japanese company Kobe Steel's U.S. metal powder business.
| Company | Share of portfolio |
Market value, SEK bn |
Investment case and strategic events | P/E mul tiple* |
|---|---|---|---|---|
| Sandvik | 22% | 10.9 | Through a niche focus and a strong position in research and development, the company has established a world-leading position in materials technology with products primarily for the manufacturing and mining industries. |
11 |
| Acquisitions are being made in strategic areas with greater ex posure to emerging markets in Asia and Eastern Europe. |
||||
| Handelsbanken | 22% | 10.7 | A decentralized branch operation with local customer responsibility is contributing to high customer satisfaction and render favorable profitability. |
9 |
| Organic growth in priority markets. | ||||
| SSAB | 18% | 8.9 | World-leading position in the quenched steel and advanced high strength sheet niches creates a solid base for growth and high profitability. |
7 |
| The acquisition of IPSCO's North American steel mills has strengthened SSAB's position as a leading player in quenched steels and is enabling continued expansion. |
||||
| SCA | 10% | 5.0 | The European leader in hygiene products, with high-growth niche products, and in packaging. |
8 |
| New organization and focus on profitable growth with strong brands in the hygiene segment and improved profitability in packaging. |
||||
| Ericsson | 10% | 4.7 | The market's largest and most profitable supplier of mobile telecom systems, with a leading position in telecom develop ment. |
14** |
| Strong position ahead of operators' investments in the next generation of telecom systems (LTE) and favorable growth in the Services segment. |
||||
| Volvo | 8% | 4.1 | Through innovative, customer-adapted product development and high quality, the company has a world-leading position in commercial transport solutions. |
8 |
| Expansion in Asia e.g. through the acquisitions of Nissan Die sel and Lingong. |
||||
| Skanska | 5% | 2.5 | Unique turnkey know-how in construction combined with a process focus has created a leading construction company with value-creating project development. |
8 |
| New business plan and new financial targets. Greater invest ment in infrastructure activities. |
||||
| Indutrade | 3% | 1.6 | By combining sales of industrial consumables with good orga nic growth and a highly refined model for acquisition-based growth, the company has succeeded in showing impressive profitability growth. |
9 |
| Establishment in new geographic markets. | ||||
| Munters | 1% | 0.7 | Strong global position in a business area with major growth potential through organic growth as well as further develop ment of products, services and application areas. |
14 |
| Acquisitions are adding new product areas and geographic markets. |
||||
| Höganäs | 1% | 0.4 | Market leader in the growing niche of metal powders, used primarily for component manufacturing in the auto industry. |
8 |
| Strong focus on improved profitability and collaboration with customers on development of new components. |
||||
| Hemtex | 0% | 0.2 | The Nordic region's leading retail chain for home textiles. Actions taken to strengthen strategic position in core business. |
12 |
| Total | 100% | 49.7 | Equities portfolio | |
* External consensus estimate for 2008 according to Bloomberg as per July 31, 2008. ** Excluding restructuring charges.
During the first half of 2008, reallocations were made in the equities portfolio through purchases of Volvo A shares and sales of Ericsson B, Skanska B and SSAB A shares. Shares were purchased for a total of SEK 2,214 M and sold for SEK 2,051 M. The value of the equities portfolio decreased during the first half of the year from SEK 65,844 M to SEK 52,201 M.
Short-term trading during the first half generated a profit of SEK 2 M (120). Management costs amounted to SEK 43 M (43).
Interest-bearing net debt amounted to SEK 10,370 M as per June 30, a decrease of SEK 581 M in 2008. The net debt-equity ratio was 19.9% as per June 30. On July 31 the net debt-equity ratio was 21.3%. The average interest rate, which is fixed for just under five years, is 4.6%, which can be put in relation to the dividend yield of the equities portfolio, which was 5.6% as per June 30, 2008. Unutilized bank facilities for long-term borrowing amount to SEK 3.9 billion. Dividends received and redemption programs for 2008 generates a liquidity surplus of approximately SEK 500 M after deducting the dividend payout, and taking into account estimated interest expenses and management costs.
Net asset value was SEK 41.7 billion on June 30, 2008, a decrease of SEK 13.1 billion during the year to date. The value of the equities portfolio decreased by 21%, while net debt decreased by SEK 0.5 billion. Net asset value decreased during the first half of the year by SEK 34 per share, to SEK 108 per share, corresponding to a decrease of 24%. Net asset value on July 31, 2008, was SEK 39.0 billion, or SEK 101 per share, a decrease of 29% during the first seven months of the year. Net asset value including reinvested dividends fell by 26%. The discount to net asset value narrowed during the same period, which is why Industrivärden's share price, which fell by 20% including reinvested dividends, performed better than net asset value.
| SEK billion | July 31, 2008 | June 30, 2008 | Dec. 31, 2007 | Dec. 31, 2006 |
|---|---|---|---|---|
| Equities portfolio | 49.7 | 52.2 | 65.8 | 63.3 |
| Interest-bearing net debt | -10.6 | -10.4 | -11.0 | -4.5 |
| Other items, net | -0.1 | -0.1 | -0.0 | -0.3 |
| Net asset value Net asset value per share (SEK) |
39.0 101 |
41.7 108 |
54.8 142 |
58.5 151 |
| Debt-equity ratio | 21.3% | 19.9% | 16.6% | 7.2% |
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and the Swedish Annual Accounts Act. The Parent Company's financial statements have been prepared in accordance with RFR 2.1, Accounting for Legal Entities, and the Swedish Annual Accounts Act. No changes have taken place in the Group's or Parent Company's accounting and valuation principles compared with the accounting and valuation principles applied and described in the 2007 Annual Report.
The dominant risk in Industrivärden's business is share price risk, i.e., the risk of a decrease in value caused by changes in share prices. A 1% change in the share price of the holdings in the equities portfolio as per June 30, 2008, would have affected the market value by approximately +/– SEK 500 M.
No transactions have taken place between Industrivärden and related parties that have materially affected the Company's position or earnings for the first half of the year, apart from the dividends received from the associated companies Indutrade, SCA, Skanska and SSAB.
The Board of Directors and President certify that the half-year interim report provides a fair view of the Parent Company's and Group's operations, financial position and results of operations, and that it describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.
Stockholm, August 4, 2008
Tom Hedelius Sverker Martin-Löf Boel Flodgren Finn Johnsson
Chairman Vice Chairman Director Director
Fredrik Lundberg Lennart Nilsson Anders Nyrén Director Director President and CEO, Director
We have reviewed the interim report for AB Industrivärden (publ) for the period January 1 – June 30, 2008. The Board of Directors and President are responsible for the preparation and presentation of this interim report in accordance with the Annual Accounts Act and IAS 34. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish standard for such reviews, SÖG 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with the Annual Accounts Act and IAS 34.
Stockholm, August 4, 2008
Öhrlings PricewaterhouseCoopers AB Anders Lundin Authorized Public Accountant
www.industrivarden.net www.sandvik.com www.handelsbanken.com www.ssab.com www.sca.com www.ericsson.com www.volvogroup.com www.skanska.com www.indutrade.com www.munters.com www.hoganas.com www.hemtex.com
Anders Nyrén, President and CEO, tel. +46 8 666 64 00 Sverker Sivall, IR, tel. +46 8 666 64 19 Carl-Olof By, Executive Vice President, tel. +46 8 666 64 00 Martin Hamner, CFO, tel. +46 8 666 64 00
Industrivärden's complete contact information can be found on page 12.
The interim report for January–September will be published on October 31.
| July 31, 2008 | Market value | Share of capital in |
Shares of votes in |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. of shares | SEK M | SEK/share | portfolio value, % |
company, % | company, % | |||||
| Sandvik | 136.431.200 | 10,880 | 28 | 22 | 11.5 | 11.5 | ||||
| Handelsbanken A Handelsbanken B |
69,386,500 118,900 |
10,738 | 28 | 22 | 11.2 | 11.3 | ||||
| SSAB A SSAB B |
52,789,646 121,794 |
8,887 | 23 | 18 | 16.3 | 21.2 | ||||
| SCA A SCA B |
48,600,000 23,000,000 |
5,013 | 13 | 10 | 10.2 | 29.6 | ||||
| Ericsson A | 74,400,000 | 4,717 | 12 | 10 | 2.3 | 13.3 | ||||
| Volvo A Volvo B |
56,599,550 1,962,000 |
4,120 | 11 | 8 | 2.8 | 6.9 | ||||
| Skanska A Skanska B |
15,010,700 17,314,800 |
2,546 | 7 | 5 | 7.6 | 27.0 | ||||
| Indutrade | 14,757,800 | 1,594 | 4 | 3 | 36.9 | 36.9 | ||||
| Munters | 10,950,000 | 652 | 2 | 1 | 14.6 | 14.6 | ||||
| Höganäs B | 3,550,000 | 414 | 1 | 1 | 10.1 | 8.1 | ||||
| Hemtex | 3,700,000 | 165 | 0 | 0 | 12.6 | 12.6 | ||||
| Total | 49,726 | 129 | 100 |
Market value pertains to Industrivärden's share of the respective portfolio companies' total market capitalization.
| June 30, 2008 and | June 30, 2008 | December 31, 2007 | ||||
|---|---|---|---|---|---|---|
| December 31, 2007 | Market value | Market value | ||||
| No. of shares | SEK M | SEK/share | Share of port folio value, % |
SEK M | SEK/share | |
| Sandvik | 136,431,200 | 11,256 | 29 | 22 | 15,178 | 39 |
| SSAB | 52,911,440 | 10,315 | 27 | 20 | 9,951 | 26 |
| Handelsbanken | 69,197,430 | 9,930 | 26 | 19 | 14,159 | 37 |
| SCA | 70,800,000 | 6,157 | 16 | 12 | 8,289 | 21 |
| Ericsson | 74,400,000 | 4,724 | 12 | 9 | 5,866 | 15 |
| Volvo | 57,599,550 | 4,107 | 11 | 8 | 4,916 | 13 |
| Skanska | 32,325,500 | 2,796 | 7 | 5 | 4,066 | 11 |
| Indutrade | 14,757,800 | 1,740 | 4 | 3 | 1,819 | 5 |
| Munters | 10,950,000 | 627 | 2 | 1 | 840 | 2 |
| Höganäs | 3,550,000 | 350 | 1 | 1 | 485 | 1 |
| Hemtex | 3,700,000 | 199 | 0 | 0 | 275 | 0 |
| 52,201 | 135 | 100 | 65,844 | 170 |
In June Ericsson carried out a 1:5 reverse split, whereby each five shares held were combined to form one share.
| SEK M | 2008 April-June |
2007 April-June |
2008 Jan.-June |
2007 Jan.-June |
2007 Jan.-Dec. |
|---|---|---|---|---|---|
| Income statement | |||||
| Dividend income from stocks | 2,625 | 2,094 | 2,908 | 2,094 | 2,107 |
| Change in value of stocks | -7,201 | 4,505 | -13,822 | 11,134 | -3,975 |
| Other income and expenses* | -42 | 5 | -38 | 76 | 55 |
| Operating income/loss | -4,618 | 6,604 | -10,952 | 13,304 | -1,813 |
| Financial items | -122 | -60 | -252 | -103 | -289 |
| Income/loss after financial items | -4,740 | 6,544 | -11,204 | 13,201 | -2,102 |
| Tax | – | -3 | – | -7 | 160 |
| Net income/loss for the period | -4,740 | 6,541 | -11,204 | 13,194 | -1,942 |
| Earnings per share, SEK | -12.28 | 16.94 | -29.01 | 34.16 | -5.03 |
| Balance sheet as per end of period | |||||
| Equities | 52,201 | 76,698 | 65,844 | ||
| Other non-current assets | 96 | 152 | 90 | ||
| Total non-current assets | 52,297 | 76,850 | 65,934 | ||
| Short-term equity investments | 71 | 143 | 73 | ||
| Cash and cash equivalents | 5 | 1,403 | 257 | ||
| Other current assets | 50 | 19 | 29 | ||
| Total current assets | 126 | 1,565 | 359 | ||
| Total assets | 52,423 | 78,415 | 66,293 | ||
| Shareholders' equity | 41,719 | 69,947 | 54,837 | ||
| Non-current interest-bearing liabilities | 9,459 | 6,283 | 9,857 | ||
| Non-current noninterest-bearing liabilities | 17 | 31 | 18 | ||
| Total non-current liabilities | 9,476 | 6,314 | 9,875 | ||
| Current interest-bearing liabilities | 985 | 1,728 | 1,416 | ||
| Other liabilities | 243 | 426 | 165 | ||
| Total current liabilities | 1,228 | 2,154 | 1,581 | ||
| Total shareholders' equity and liabilities | 52,423 | 78,415 | 66,293 | ||
| Cash flow | |||||
| Cash flow from operating activities | 2,694 | 2,065 | 1,926 | ||
| Cash flow from investing activities | -163 | -2,322 | -6,598 | ||
| Cash flow from financing activities** | -2,783 | 922 | 4,191 | ||
| Cash flow for the period | -252 | 665 | -481 | ||
| Cash and cash equivalents at the end of the period | 5 | 1,403 | 257 |
* Including short-term trading and management costs.
** Of which dividend paid to shareholders of SEK 1,931 M 2008 and SEK 1,738 M 2007.
| SEK M | 2008 Jan.-June |
2007 Jan.-June |
2007 Jan.-Dec. |
|---|---|---|---|
| Changes in shareholders' equity | |||
| Opening shareholders' equity as per balance sheet | 54,837 | 58,491 | 58,491 |
| Change in hedging reserve | 17 | – | 8 |
| Translation differences | – | – | 18 |
| Income/loss for the period | -11,204 | 13,194 | -1,942 |
| Dividend | -1,931 | -1,738 | -1,738 |
| Closing shareholders' equity as per balance sheet | 41,719 | 69,947 | 54,837 |
| Key ratios as per end of period | |||
| Shareholders' equity per share, SEK | 108 | 181 | 142 |
| Share price per share, SEK (Class A) | 91 | 150 | 113 |
| Share price per share, SEK (Class C) | 82 | 142 | 105 |
| Number of shares (thousands) | 386,271 | 386,271 | 386,271 |
| Interest-bearing net debt as per end of period | |||
| Cash and cash equivalents | 5 | 1,403 | 257 |
| Interest-bearing receivables | 69 | 65 | 65 |
| Non-current interest-bearing liabilities | 9,459 | 6,283 | 9,857 |
| Current interest-bearing liabilities | 985 | 1,728 | 1,416 |
| Interest-bearing net debt | 10,370 | 6,543 | 10,951 |
| SEK M | 2008 Jan.-June |
2007 Jan.-June |
2007 Jan.-Dec. |
|---|---|---|---|
| Income statement | |||
| Operating income/loss | -6,078 | 8,146 | -1,272 |
| Income/loss after financial items | -6,315 | 8,041 | -1,548 |
| Income/loss for the period | -6,315 | 8,041 | -1,383 |
| Balance sheet as per end of period Non-current assets Current assets |
40,889 1,851 |
56,659 1,483 |
51,576 341 |
| Total assets | 42,740 | 58,142 | 51,917 |
| Shareholders' equity Non-current liabilities Current liabilities |
31,854 9,457 1,429 |
49,501 6,280 2,361 |
40,083 9,856 1,978 |
| Total shareholders' equity and liabilities | 42,740 | 58,142 | 51,917 |
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