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Lagercrantz Group — Interim / Quarterly Report 2009
Nov 11, 2009
2936_ir_2009-11-11_2b0dad5c-27d1-4722-a859-67c9b940e1b5.pdf
Interim / Quarterly Report
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Interim Report 2009/10
1 April-30 September 2009 (6 months)
- Net revenue for the first six months of 2009/10 amounted to MSEK 837 $(1,053).$
- Market demand stabilised during the second quarter.
- Operating profit for the first six months of 2009/10 amounted to MSEK 25 (65). The operating margin declined to 3.0 percent (6.2).
- Profit after finance items amounted to MSEK 21 (61) and profit after taxes was MSEK 15 (42).
- Earnings per share amounted to SEK 0.68 (1.87). For the most recent 12-month period earnings per share was SEK 1.86 (3.05 for the financial year 2008/09). The return on equity was 9 percent for the most recent 12-month period (21).
- Cash flow from operating activities increased to MSEK 27 (25) during the period. For the most recent 12-month period cash flow per share amounted to SEK 6.31 (6.15 for the 2008/09 financial year).
- Net financial liabilities not including pension liabilities declined to MSEK 41 from MSEK 98 one year ago. The equity ratio stood at 50 percent at the end of the period (49 at the beginning of the financial year).
1 July-30 September 2009 (second quarter)
- Net revenue for the quarter amounted to MSEK 403 (521).
- Operating profit amounted to MSEK 12 (32) and the operating margin was 3.0 percent (6.1).
Lagercrantz Group AB (publ) PO Box 3508 SE-10369 Stockholm Sweden Telephone +46 (0)8-700 66 70 Telefax +46 (0)8-28 18 05 Company number: 556282-4556 Registered office: Stockholm www.lagercrantz.com
Lagercrantz is a technology trading group in electronics, electricity, communications and adjacent areas. The Group works with value-adding sales in close proximity to its customers and commands market-leading positions in several expansive niches. Operations are organised in three divisions.
NET REVENUE AND PROFIT
Lagercrantz Group's net revenue for the first six months of 2009/10 (1 April - 30 September 2009) amounted to MSEK 837 (1,053). The 21 percent decline in revenue is explained by lower demand due to the current economic climate and restructuring activities in some low performing businesses.
The overall condition of the market stabilised during the second quarter of the financial year and for some businesses a slight improvement in demand was recorded.
Adaption of the Group's businesses to the new level of demand continued during the second quarter. Actions taken specifically include measures taken to cut costs and reduce working capital, the impact of which will increasingly be seen in coming periods.
Forty additional employees left the Group during the quarter. Since autumn 2008 the work force has been reduced by about 160 persons, equivalent to about 20 percent. Restructuring of businesses has contributed to this development. That includes reduction of the Norwegian Access business, which will be phased out during the financial year. The Group's business in Finland in division Electronics will be integrated with the Finnish businesses in Mechatronics as of the beginning of the third quarter. The two businesses in Poland will be merged at the same time. Previously, the operations in the UK, Hong Kong and Switzerland have been integrated with other units.
Rationalization of working capital has contributed to lowering inventories and shrinking receivables by MSEK 71 during the first six months of the year.
Operating profit for the first six months of 2009/10 amounted to MSEK 25 (65). The operating margin dropped to 3.0 percent (6.2).
Profit after finance items amounted to MSEK 21 (61). Exchange rate changes affected the Group's profit before taxes by a total of MSEK $-4$ (0) during the first six months. The effect on operating profit was MSEK-5 and on net finance items $MSEK + 1$ .
Net profit for the period of the first six months amounted to MSEK 15 (42), equivalent to earnings per share of SEK 0.68 (1.87). Earnings per share for the most recent twelve-month period amounted to SEK 1.86, as against SEK 3.05 for the 2008/09 financial year.
PROFITABILITY AND FINANCIAL POSITION
The return on capital employed for the most recent 12-month period was 11 percent as against 22 percent for the corresponding year-ago period. The corresponding numbers for return on equity were 9 percent and 21 percent, respectively.
Shareholders' equity per share amounted to SEK 21.70, as against SEK 23.60 at the beginning of the financial year. The equity ratio stood at 50 percent as compared to 49 percent at the beginning of the financial year. The positive cash flow from operations has strengthened the Group's financial position. In addition hereto, the net financial liability is affected by the dividend payment of MSEK 33 during the period. At the end of the period, the net financial liability amounted to MSEK 94, including a pension liability of MSEK 53 compared to MSEK 78 including a pension liability of MSEK 52 at the beginning of the financial year. The Group's net debt equity is unchanged at 0.2.
CASH FLOW AND CAPITAL EXPENDITURES
Cash flow from operating activities amounted to MSEK 27 (25) during the first six months and to MSEK 32 (34) during the second quarter. Cash flow was affected positively by action to reduce working capital. Gross capital expenditures in noncurrent assets amounted to MSEK 9 (8), referring mainly to completion of capital expenditure projects committed to during the preceding financial year. No shares were repurchased during the quarter.
| SEGIVIENT AND GROUP RECONCILIATION |
Net revenue | Operating result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q 2 | Q2 | 6 months | 6 months 12 months | Q 2 | Q 2 | 6 months | 6 months 12 months | |||
| MSEK | 2009/10 | 2008/09 | 2009/10 | 2008/09 | 2008/09 | 2009/10 | 2008/09 | 2009/10 | 2008/09 | 2008/09* |
| Electronics | 136 | 176 | 285 | 359 | 727 | $\overline{2}$ | 6 | 5 | 14 | 24 |
| Operating margin | 1.5% | 3.4% | 1.8% | 3.9% | 3.3% | |||||
| Mechatronics | 120 | 159 | 238 | 325 | 628 | 8 | 17 | 13 | 32 | 49 |
| Operating margin | 6.7% | 10.7% | 5.5% | 9.8% | 7.8% | |||||
| Communications | 147 | 186 | 314 | 369 | 783 | 5 | 16 | 13 | 28 | 52 |
| Operating margin | 3.4% | 8.6% | 4.1% | 7.6% | 6.6% | |||||
| Parent Company/ Consolidation items |
$-3$ | $-7$ | $-6$ | $-9$ | $-20$ | |||||
| GROUP TOTAL | 403 | 521 | 837 | 1053 | 2 1 3 8 | 12 | 32 | 25 | 65 | 105 |
| Operating margin | 3.0% | 6.1% | 3.0% | 6.2% | 4.9% | |||||
| Finance items | $-1$ | $-2$ | $-4$ | $-4$ | $-11$ | |||||
| PROFIT BEFORE TAXES |
11 | 30 | 21 | 61 | 94 |
* Operating result and operating margin for 2008/09 are shown including items affecting comparability by MSEK-21
NET REVENUE AND PROFIT BY DIVISION
$C2$ $C3$ $C4$ $C5$ $C6$ $C7$ $C8$
Electronics
Net revenue for the second quarter declined to MSEK 136 (176) due to the current economic situation and restructuring activities in some low performing businesses.
Market demand stabilised towards the end of the quarter. Especially in the division's business focused on sales to marine customers a greater level of activity is seen.
Adaptation of the businesses to the lower level of demand is ongoing. Among other things, there is a concentration of operations to the larger markets, product line development with focus on gross margins, cost-cutting action and slimming of the organisation. Measures were taken during the second quarter to merge the Polish operations. In Finland the electronics business is restructured. Starting in the third quarter it will be integrated with the Finnish trading business in Mechatronics.
Operating profit for the second quarter amounted to MSEK $2(6)$ , equivalent of an operating margin of 1.5 percent $(3.4)$ .
Mechatronics
Net revenue for the second quarter amounted to MSEK 120 (159). The drop is explained by the economic situation. Overall, business stabilised during the quarter and in some cases an improved business climate was discerned, especially from export-oriented customers in the electric power area.
Efforts to reduce costs and streamlining operations continued during the quarter. Actions included personnel reductions as well as working capital reduction. Integration was begun of the Finnish electronics trading activities in division Electronics with the Mechatronics businesses in Finland aimed at dealing in electrical and electromechanical components. This integration will be completed during the third quarter.
Operating profit for the second quarter amounted to MSEK 8 (17), equivalent to a margin of 6.7 percent (10.7).
Communications
Net revenue amounted to MSEK 147 (186). Sales increased in the areas of digital image/technical security. The other areas recorded lower sales. Market demand varies between the division's areas, with a positive business climate in the area digital image/technical security, but remains weak in the Access and Software areas.
Action was taken in most units to adapt operations. In Norway the Access business was restructured; it will be phased out during the financial year.
Operating profit during the second quarter amounted to MSEK 5 (16), equivalent to a margin of 3.4 percent (8.6).
COMPANY AND PARENT OTHER CONSOLIDATION ITEMS
The Parent Company's internal net revenue for the first six months amounted to MSEK 11 (13) and profit after finance items was MSEK 70 (119). This result includes exchange rate adjustments on inter-company lending of MSEK -2 (0). Dividend income from subsidiaries amounted to MSEK 86 (128). Capital expenditures in non-current assets amounted to MSEK 0, net, (0). The Parent Company has a committed credit facility of MSEK 250. Utilisation at the end of the period was MSEK 5, as against a positive balance of MSEK 7 at the beginning of the financial year. The Parent Company has a long-term acquisition credit in the amount of MSEK 69. There were liquid funds in the amount of MSEK 0 at the end of the period as compared with MSEK 0 at the beginning of the financial year. The Parent Company's equity ratio stood at 76 percent at the end of the period as against 65 percent at the beginning of the year.
Employees
At the end of the period the number of employees in the Group was 651, which can be compared with 742 at the beginning of the financial year. In September 2008 the number of employees was 809. The decrease of approximately 20 percent reflects action taken in the Group.
Share distribution and repurchases
The share capital at the end of the period amounted to MSEK 48.9. The distribution on classes of shares is as follows:
| Total | 21,977,809 |
|---|---|
| Repurchased class B shares | $-1,195,500$ |
| Class B shares | 22,078,655 |
| Class A shares | 1,094,654 |
| Classes of shares |
Lagercrantz holds 1,195,500 class B shares in treasury, equivalent to 5.2 percent of the total number of shares outstanding and 3.6 percent of the votes in Lagercrantz. Shares held in treasury cover, inter alia, the Company's obligations under outstanding option programmes, where a total of 887,100 options have been acquired by members of senior management (awards 2006, 2007, 2008 and 2009) with a strike price of SEK 36.00, SEK 44.40, SEK 36.80 and 31.10, respectively, per call option. The average acquisition cost for repurchased shares amounts to SEK 25.57 per share. The quotient value per share is SEK 2.11.
Acquisitions
No acquisitions were made during the period.
Risks and uncertainty factors
The most important risk factors for the Group are the state of the economy, structural changes in the market, supplier and customer dependence, the competitive situation and foreign exchange trends. A broad and general downward economic trend and increased uncertainty have affected demand for most of the Group's companies. The Group is therefore taking a number of steps with respect to costs, working capital and capital expenditures and there is high vigilance concerning the future development. Reference is made to the 2008/09 Annual Report for additional detail. The Parent Company is affected by the above mentioned risks and factors of uncertainty by virtue of its function as owner of its subsidiaries.
Related party disclosures
Transactions between Lagercrantz and related parties that have had a significant effect on the Group's financial position and profit have not occurred.
Accounting policies
The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which is accordance with the provisions of RFR 2.2 Accounting for legal entities. For the Group and the Parent Company the same accounting principles and calculation methods have been applied as in the most recent Annual Report.
Starting in 2009/10, the Group applies IFRS 8 Operating segments and amendments to IAS 8 Presentation of Financial Statements, IAS 23 Borrowing Costs and IAS 27, which deals with matters such as reporting of dividend income from subsidiaries. None of these have a significant effect on the Group's reports or any effect on profit and financial position.
Events after the balance sheet date
No events of significance for the Company have occurred after the balance sheet date 30 September 2009.
Affirmation
The Board of Directors and the President & CEO are of the opinion that this semi-annual report provides a true and fair overview of the Company's and the Group's business, financial position and results and describes significant risks and uncertainty factor facing the Company and the Group.
Tom Hedelius
Vice Chairman
Lennart Sjölund
Director
Stockholm, 11 November 2009
| Anders Börjesson |
|---|
| Chairman |
| Pirkko Alitalo |
| Director |
Jörgen Wigh President and Director
This report has not been subject to review by the Company's auditors
| NET REVENUE | 2009/10 | 2008/09 | ||||
|---|---|---|---|---|---|---|
| MSEK | Q2 | Q1 | Q4 | Q3 | Q 2 | Q1 |
| Electronics | 136 | 149 | 187 | 181 | 176 | 183 |
| Mechatronics | 120 | 118 | 140 | 163 | 159 | 166 |
| Communications | 147 | 167 | 201 | 213 | 186 | 183 |
| Parent Company/Consolidation items | $\overline{\phantom{0}}$ | |||||
| GROUP TOTAL | 403 | 434 | 528 | 557 | 521 | 532 |
| OPERATING PROFIT | 2009/10 | 2008/09 | ||||
| MSEK | Q 2 | Q1 | Q4 | Q3 | Q 2 | Q1 |
| Electronics | $\overline{2}$ | 3 | $\overline{7}$ | 3 | 6 | 8 |
| Mechatronics | 8 | 5 | $\overline{4}$ | 13 | 17 | 15 |
| Communications | 5 | 8 | $\overline{7}$ | 17 | 16 | 12 |
| Parent Company/Consolidation items | $-3$ | $-3$ | $-8$ | $-3$ | $-7$ | $-2$ |
CONSOLIDATED INCOME STATEMENT
| MSEK | 3 months Jul-Sep 2009/10 |
3 months Jul-Sep 2008/09 |
6 months Apr-Sep 2009/10 |
6 months Apr-Sep 2008/09 |
Movina 12 months Oct-Sep 2008/09 |
Financial year Apr-Mar 2008/09 |
|---|---|---|---|---|---|---|
| Net revenue | 403 | 521 | 837 | 1,053 | 1,922 | 2,138 |
| Cost of goods sold | $-298$ | $-382$ | $-616$ | $-767$ | $-1,425$ | $-1,576$ |
| GROSS PROFIT | 105 | 139 | 221 | 286 | 497 | 562 |
| Selling costs | $-60$ | $-71$ | $-127$ | $-148$ | $-281$ | $-302$ |
| Administrative expenses | $-29$ | $-35$ | $-62$ | $-71$ | $-148$ | $-157$ |
| Research and development expenses | $-2$ | $-3$ | $-5$ | $-5$ | $-10$ | $-10$ |
| Other operating income and operating expenses | $-2$ | $\overline{2}$ | $-2$ | 3 | 7 | 12 |
| OPERATING PROFIT | 12 | 32 | 25 | 65 | 65 | 105 |
| (of which depreciation) | $(-6)$ | $(-6)$ | $(-12)$ | $(-12)$ | $(-25)$ | $(-25)$ |
| Net finance items | $-1$ | $-2$ | $-4$ | $-4$ | $-11$ | $-11$ |
| PROFIT AFTER FINANCE ITEMS | 11 | 30 | 21 | 61 | 54 | 94 |
| Taxes | $-3$ | $-10$ | $-6$ | $-19$ | $-13$ | $-26$ |
| NET PROFIT FOR THE PERIOD | 8 | 20 | 15 | 42 | 41 | 68 |
| Earnings per share, SEK | 0.36 | 0.89 | 0.68 | 1.87 | 1.86 | 3.05 |
| Weighted number of shares outstanding after repurchases ('000) |
21,978 | 22,478 | 21,978 | 22,478 | 22,037 | 22,287 |
| Number of shares outstanding after period's repur- chases ('000) |
21,978 | 22,478 | 21,978 | 22,478 | 21,978 | 21,978 |
In view of the strike price on outstanding call options during the period (SEK 36.00, SEK 44.40 and SEK 36.80) and the average market price of the share (SEK 23.81) during the most recent twelve-month period when the optio price.
| CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE |
3 months | 3 months | 6 months | 6 months | Moving 12 months |
Financial year |
|---|---|---|---|---|---|---|
| MSEK | Jul-Sep 2009/10 |
Jul Sep 2008/09 |
Apr-Sep 2009/10 |
Apr-Sep 2008/09 |
Oct-Sep 2008/09 |
Apr-Mar 2008/09 |
| Net profit for the period | 8 | 20 | 15 | 42 | 41 | 68 |
| OTHER TOTAL PROFIT | ||||||
| Change in fair value of hedging reserve | 0 | $-2$ | $-2$ | $-3$ | ||
| Change in translation reserve | $-16$ | 10 | $-23$ | 13 | 3. | 39 |
| RECOGNISED RESULT FOR THE PERIOD | -8 | 28 | -7 | 55 | 42 | 104 |
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
| MSEK | 30 Sep 2009 | 30 Sep 2008 | 31 Mar 2009 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 186 | 183 | 192 |
| Other intangible non-current assets | 108 | 110 | 114 |
| Tangible non-current assets | 55 | 51 | 56 |
| Financial non-current assets | 23 | 30 | 23 |
| Inventories | 207 | 266 | 240 |
| Short-term receivables | 318 | 420 | 364 |
| Cash and cash equivalents | 57 | 60 | 60 |
| TOTAL ASSETS | 954 | 1,120 | 1,049 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 478 | 480 | 518 |
| Long-term liabilities | 144 | 170 | 162 |
| Current liabilities | 332 | 470 | 369 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 954 | 1,120 | 1,049 |
| Interest-bearing assets | 57 | 60 | 60 |
| Interest-bearing liabilities | 151 | 216 | 138 |
| CONSOLIDATED CASH FLOW STATEMENT | 3 months | 3 months | 6 months | 6 months Financial year | |
|---|---|---|---|---|---|
| MSEK | Jul-Sep 2009/10 |
Jul-Sep 2008/09 |
Apr-Sep 2009/10 |
Apr-Sep 2008/09 |
Apr-Mar 2008/09 |
| Operating activities | |||||
| Result after finance items | 11 | 30 | 21 | 61 | 94 |
| Adjustment for paid taxes, items not included in cash flow, etc. | $\overline{2}$ | 2 | $-8$ | $-5$ | $\mathbf{1}$ |
| Cash flow from operating activities before changes in working capital |
13 | 32 | 13 | 56 | 95 |
| Cash flow from changes in working capital | |||||
| Increase(-)/Decrease(+) in inventories | 23 | $-5$ | 31 | $-24$ | 17 |
| Increase (-)/Decrease (+) in operating receivables | 3 | 10 | 40 | 23 | 95 |
| Increase (+)/Decrease (-) in operating liabilities | $-7$ | $-3$ | $-57$ | $-30$ | $-70$ |
| Cash flow from operating activities | 32 | 34 | 27 | 25 | 137 |
| Investing activities | |||||
| Investments in businesses | $\mathbf{0}$ | $-14$ | $-1$ | $-47$ | $-57$ |
| Investment in/disposals of other non-current assets, net | $-3$ | $-3$ | $-9$ | $-7$ | $-20$ |
| Cash flow from investing activities | $-3$ | $-17$ | $-10$ | $-54$ | $-77$ |
| Financing activities | |||||
| Dividend & repurchase of own shares | $-33$ | $-34$ | $-33$ | $-34$ | $-45$ |
| Financing activities | $-9$ | $\overline{2}$ | 13 | 44 | $-32$ |
| Cash flow from financing activities | $-42$ | $-32$ | $-20$ | 10 | $-77$ |
| CASH FLOW FOR THE PERIOD | $-13$ | $-15$ | $-3$ | $-19$ | $-17$ |
| Cash and cash equivalents at the beginning of the period | 69 | 75 | 60 | 79 | 79 |
| Exchange rate differences in cash and cash equivalents | 1 | $\Omega$ | $\Omega$ | $\mathbf 0$ | $-2$ |
| Cash and cash equivalents at the end of the period | 57 | 60 | 57 | 60 | 60 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| MSEK | Apr-Sep | |||
|---|---|---|---|---|
| 2009/10 | Apr-Sep 2008/09 Apr-Mar 2008/09 | |||
| Opening balance | 518 | 459 | 459 | |
| Dividend | $-33$ | $-34$ | $-34$ | |
| Repurchase of own shares | $-11$ | |||
| Recognised result for the period | $-7$ | 55 | 104 | |
| Closing balance | 478 | 480 | 518 |
| KEY FINANCIAL INDICATORS | Moving 12 months |
Financial year | |||
|---|---|---|---|---|---|
| 2009/10 | 2008/09 | 2007/08 | 2006/07 | 2005/06 | |
| Revenue | 1,922 | 2,138 | 2,172 | 1,974 | 1,608 |
| Change in revenue, % | $-11.7$ | $-1.6$ | 10.0 | 22.8 | 5.9 |
| Profit after taxes | 41 | 68 | 91 | 65 | 39 |
| Operating margin, % | 3.4 | 4.9 | 6.0 | 5.0 | 3.5 |
| Profit margin, % | 2.8 | 4.4 | 5.6 | 4.6 | 3.4 |
| Equity ratio, % | 50 | 49 | 44 | 39 | 52 |
| Return on capital employed, % | 11 | 17 | 21 | 18 | 13 |
| Return on equity, % | 9 | 14 | 21 | 16 | 10 |
| Debt equity ratio | 0.3 | 0.3 | 0.4 | 0.6 | 0.1 |
| Net debt equity ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.0 |
| Times interest earned | $\overline{4}$ | 7 | 9 | 9 | 14 |
| Net interest-bearing liabilities $(+)$ /receivables $(-)$ , MSEK | 94 | 78 | 93 | 161 | $-9$ |
| Number of employees at end of period | 651 | 742 | 763 | 751 | 541 |
| Revenue outside Sweden, MSEK | 1,314 | 1,486 | 1,496 | 1,352 | 1,053 |
| Per-share data | Moving 12 months |
Financial year | |||
|---|---|---|---|---|---|
| 2009/10 | 2008/09 | 2007/08 | 2006/07 | 2005/06 | |
| Number of shares outstanding at end of period after repur- chases ('000) |
21,978 | 21,978 | 22,478 | 23,678 | 23,678 |
| Weighted number of shares outstanding after repurchases (000) |
22,037 | 22,287 | 23,212 | 23,678 | 23,923 |
| Operating profit per share, SEK | 2.95 | 4.71 | 5.64 | 4.18 | 2.38 |
| Earnings per share, SEK | 1.86 | 3.05 | 3.92 | 2.75 | 1.63 |
| Cash flow from operations per share, SEK | 6.31 | 6.15 | 5.17 | 3.21 | 3.59 |
| Cash flow per share, SEK | $-0.05$ | $-0.76$ | $-0.60$ | 1.69 | $-1.00$ |
| Equity per share, SEK | 21.70 | 23.60 | 20.40 | 18.20 | 16.60 |
| Latest market price per share, SEK | 27.00 | 23.50 | 28.80 | 33.50 | 30.10 |
Definitions will be found in the 2008/09 Annual Report.
PARENT COMPANY INCOME Moving 12 Financial 3 months 3 months 6 months 6 months STATEMENT months year Jul-Sep
2008/09 Jul-Sep
2009/10 Apr-Sep
2009/10 Apr-Sep
2008/09 Oct-Sep
2008/09 Apr-Mar
2008/09 MSEK Net revenue 5 $6\phantom{.}6$ $11$ $13$ $24$ 26 $-30$ Administrative expenses $-8$ $-9$ $-16$ $-18$ $-32$ Other operating income and operating expense $\sqrt{0}$ $\sqrt{0}$ $\mathbf{0}$ $\boldsymbol{0}$ $\,0\,$ $\sqrt{0}$ $-3$ $-3$ $-5$ $-5$ $-6$ $-6$ OPERATING RESULT Financial income 29 60 88 130 104 146 $-3$ $-13$ $-70$ $-63$ Financial expense $-11$ $-6$ $\overline{15}$ $\overline{54}$ $\overline{70}$ $\frac{1}{119}$ $\overline{28}$ $\overline{77}$ PROFIT AFTER FINANCE ITEMS Taxes $\mathbf{1}$ $\mathbf{1}$ $\overline{c}$ $\overline{c}$ $\overline{3}$ $\overline{\mathbf{3}}$ $\overline{31}$ $\overline{80}$ NET PROFIT FOR THE PERIOD $16$ 55 $72$ $121$
PARENT COMPANY BALANCE SHEET
| MSEK | 30 Sep 2009 | 30 Sep 2008 | 31 Mar 2009 |
|---|---|---|---|
| ASSETS | |||
| Tangible non-current assets | $\mathbf{0}$ | $\theta$ | $\overline{0}$ |
| Financial non-current assets | 606 | 676 | 611 |
| Short-term receivables | 14 | 42 | 52 |
| Cash and cash equivalents | $\mathbf 0$ | 7 | |
| TOTAL ASSETS | 620 | 718 | 670 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 474 | 466 | 435 |
| Long-term liabilities | 81 | 77 | 123 |
| Current liabilities | 65 | 145 | 112 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 620 | 688 | 670 |
| Pledged assets and contingent liabilities | 30 | 47 | 50 |
Reporting schedule
| 9 February 2010 Interim Report for the period 1 April – 31 December 2009 | |
|---|---|
| 11 May 2010 | Year-end Report for the period 1 April 2009 - 31 March 2010 |
| 30 June 2010 | Annual Report for 2009/10 |
For further information, contact:
Jörgen Wigh, President, telephone +46 (0)8 700 66 70 Niklas Enmark, CFO, telephone +46 (0)8 700 66 70
Lagercrantz Group AB (publ)
Box 3508, SE-103 69 Stockholm, Sweden Telephone +46 (0)8 700 66 70 · Telefax + 46 (0)8 28 18 05 Organisation number 556282-4556 www.lagercrantz.com
This information is published in accordance with the Swedish Securities Market Act, the Swedish Act on Trading in Financial Instruments and the rules and regulations of NASDAQ OMX Stockholm. The information was released for publication at 12:00 noon, 11 November 2009