Quarterly Report • May 7, 2008
Quarterly Report
Open in ViewerOpens in native device viewer
Lindab develops, manufactures, markets and distributes products and system solutions in sheet metal and steel for simplified construction and improved indoor climate.
The business is carried out within two business areas, Ventilation and Profile, and the products are characterised by their high quality, ease of assembly, energy efficiency and environmentally-friendly design and are delivered with high levels of service. Altogether this increases customer value.
The Group had net sales of SEK 9,280 m in 2007, is established in 30 countries and has approximately 5,000 employees.
The main market is non-residential construction, which accounts for 80 percent of sales, while residential accounts for 20 percent of sales. During 2007, the Nordic market accounted for 40 percent, the growth market Central and Eastern Europe for 28 percent, Western Europe for 28 percent and other markets for 4 percent of total sales.
The Ventilation Business Area focuses on the ventilation sector with components and system solutions. It conducts operations within two divisions, Air Duct Systems and Comfort.
The Profile Business Area operates in the construction sector with building systems and building components. It conducts operations within two divisions Building Systems and Building Components.
The share is listed on the Stockholm Stock Exchange Nordic List, Large Cap, under the ticker symbol LIAB. The principal shareholders are Ratos, Sjätte AP-fonden and Skandia Liv.
The Building Systems division comprises pre-engineered systems for the construction of steel buildings.
The Building Components division comprises a well developed system of components in sheet metal for roof drainage, roof and wall cladding, as well as steel profiles for wall, roof and beam constructions.
The Air Duct Systems division focuses on complete, principally circular duct systems for ventilation.
The Comfort division comprises components that help to distribute and treat ventilating air.
Net sales during the first quarter of the year amounted to SEK 2,129 m (1,972), which is an increase of 8 percent compared with the corresponding period the previous year. The net sales increase, adjusted for currency effects and structural changes amounted to just over 6 percent. Exchange rate fl uctuations have been marginal during the period. Acquisitions have contributed to the net sales increase by just over 1 percentage point. Price increases have been marginal during the quarter. This year the Easter holiday fell during March, which reduced the number of invoicing days. In 2007 the Easter holiday fell in April.
Seasonal variations normally results in Lindab experiencing the lowest levels of market activity during the first quarter. This particularly applies to Building Components, which is part of the Profile Business Area. As with last year, the mild winter has resulted in construction activities being at a higher level than is normal for the season. This, along with a continuing strong economic cycle for construction in the majority of markets has had a positive effect on sales volumes.
During the quarter, sales in the Nordic region have grown by 8 percent. The acquisition of Koto-Pelti Oy in Finland has marginally affected net sales. Net sales in the CEE/CIS increased by 12 percent. Excluding Hungary, which shows continued weak demand owing to fiscal measures, the sales increase
amounted to 16 percent. Sales in Western Europe increased by 6 percent. Excluding the acquisition of Aervent in Ireland, the increase was 2 percent.
Lindab's main market is non-residential construction, which accounts for 80 percent of sales, while residential accounts for the remaining 20 percent. This sales mix together with Lindab's geographical sales distribution has led to continued good demand in all regions during the quarter.
The operating profi t (EBIT) for the fi rst quarter amounted to SEK 207 m (185), which is an increase of 12 percent compared with the previous year. The improved profi t can be explained by positive growth in volumes combined with good cost control.
Sheet metal and steel are Lindab's most important raw materials. In principle, prices have remained unchanged during the fi rst quarter; however price increases at a level of 10-15 percent have been announced for the second quarter.
During the period January – March, the operating margin (EBIT) improved by 0.3 percentage points compared with the previous year, amounting to 9.7 percent.
Profi t after fi nancial items improved to SEK 169 m (153). After-tax profi t amounted to SEK 117 m (112).
Earnings per share amounted to SEK 1.49 (1.42).
Net investment for the quarter, including acquisitions and divestments, amounted to SEK 48 m (40).
Net investment for the quarter includes SEK 19 m for the acquisition of Koto-Pelti Oy. During the corresponding period in 2007, an additional earn-out payment of SEK 4 m was made for Lindab Butler (2005), and a payment of SEK 5 m was made in connection with the final acquisition analysis for CCL Veloduct Ltd (2006). Adjusted for acquisitions and divestments, net investment amounted to SEK 29 m (31).
Cash flow from operating activities amounted to SEK 9 m for the quarter compared with SEK –157 m for the same period the previous year. A higher operating profit contributed to the improved cash flow, whilst the working capital tied up was lower compared with the same period the previous year.
Lindab normally has a weaker cash flow during the first quarter due to the reduced construction activities and the build-up of stock levels prior to the high season later in the year. Compared with December 2007, the working capital increased due to the normal seasonal build-up of stock and accounts receivable.
Cash flow from investing activities amounted to SEK –48 m (-40).
The net debt was SEK 2,270 m (2,812) at 31 March 2008. At the end of March the equity ratio amounted to 40 percent (32) and the net debt equity ratio to 0.74 (1.17). Net financial income during the quarter was
SEK –38 m (–32). The weaker net financial income was due to higher market rates of interest. Available funds, including unused credit amounted to SEK 2,560 m (1,130).
On 18 January, Lindab acquired all the shares in the Finnish roof and wall cladding company Koto-Pelti Oy. The company has net sales of approximately SEK 30 m and has 6 employees. The acquisition provides local production for the Building Components division within the Profile business area and a platform for developing sales in the Finnish market. The purchase price amounted to SEK 21 m, debt-free. The costs directly attributable to the acquisition were marginal.
The acquisition means that the net debt increased by SEK 19 m including interestbearing assets of SEK 2 m. The total value of the acquired interest-bearing assets is estimated at SEK 4 m, giving a consolidated goodwill of SEK 17 m. Koto-Pelti Oy was consolidated on 1 January 2008. This has resulted in an increase in net sales of SEK 3 m during the first quarter of 2008. The Group's after tax profit was unchanged.
The integration of the Irish ventilation company Aervent Holdings Ltd, which was acquired during the fourth quarter of 2007, is going according to the acquisition plan. The expected synergies are being realised according to the plan.
The total depreciation/amortisation for the quarter was SEK 55 m (52), of which SEK 2 m (3) related to consolidated amortisation of surplus value on intangible assets.
Tax expenses for the quarter amounted to SEK 52 m (41). The tax rate was 31 percent (27). The higher rate of tax compared with the previous period is mainly due to earnings in countries with higher tax rates and the activation last year of SEK 10 m in deferred tax on loss carry-forwards attributable to previous years.
During the quarter, assets amounting to SEK 25 m were received in return. Following this, the remaining pledged assets amount to SEK 15 m.
The parent company had no net sales during the quarter. The after tax profit for the period amounted to SEK –14 m (–14). Assets totalled SEK 3,502 m (3,473) and equity amounted to SEK 2,020 m (1,434).
Lindab stated in the Annual Report for the
2007 fi nancial year (note 3 pages 78-82) the general risks that exist or can be considered to exist for the parent company and the Group. During the period, no circumstances have emerged that lead to a changed assessment of the indicated risks, with the exception of the dispute with BerlinerLuft, which has been reconciled during the quarter with expenses for Lindab of EUR 200 k, which has been included in the result.
As a result of Lindab's strong profit, cash flow and positive future outlook, the Board of Directors at Lindab International AB have proposed that the Annual General Meeting on 7 May 2008 approves a dividend of SEK 5.25 per share, which is a total dividend of SEK 413 m and an increase of 62 percent compared with 2007. The proposed dividend record day is 12 May 2008, with the dividend expected to be paid to shareholders on 15 May 2008. The proposed dividend is in line with the dividend policy previously adopted by the Board. The proposed dividend corresponds to 46 percent of net profit.
The Board of Directors has decided to propose that the Annual General Meeting agrees to give Lindab's Board a mandate to buy back its own shares up to a value of SEK 400 m. However the Company's total holding of its own shares may not exceed 5 percent of all shares in the company.
The aim of the buy-back is to adjust the Company's capital structure. The repurchased shares may be used for financing possible acquisitions and/or be used in connection with the supply of shares in exchange for issued options within the framework of a possible incentive programme, or the shares can be cancelled.
The Board of Lindab International AB has decided to propose at the Annual General Meeting the implementation of a incentive programme in the company.
In short, acceptance of this proposal will mean that a maximum of 784,000 share warrants can be offered to the Company's senior executives and key employees totalling approximately 90 people. The share warrants will be valued using the Black-Scholes option pricing model.
The highest price paid for Lindab shares during the period January-March was SEK 150.50, on 2 January and the lowest was SEK 113.00, on 23 January. Since fl otation on the Stock Exchange on 1 December 2006, the highest share value, SEK 205, was quoted on 16 July 2007 and the lowest, SEK 113, on 23 January 2008. The average daily trading volume of Lindab shares was 198,278 shares during the fi rst quarter of 2008.
The current President and CEO Kjell Åkesson has informed the Board of Directors of Lindab that he wishes to make use of his contractual right to retire in connection with his 60th birthday in the beginning of next year. He will be replaced by the current manager of Lindab Building Systems, David Brodetsky, who also is a member of the Group Management Team. David Brodetsky, who is 52 years old, is currently president for Astron Building Systems which Lindab acquired in 2005 and has since been responsible for Lindab's Building Systems Division.
The Group applies International Financial Reporting Standards (IFRS).
This interim report has been prepared for the Group in accordance with IAS 34, Interim Financial Reporting.
The Group has applied the same accounting principles as during the previous year.
IFRIC 14 - IAS 19, The limit on a Defined Benefit Asset, Minimum Funding requirements and their interaction, which clarifies how to determine the limit on the asset that an employer's balance sheet may contain in respect of its pension plan will be applied as from January 2008. It is considered that this regulation will not have any direct consequences for Lindab.
Unless otherwise specified in this Interim Report all statements refer to the Group. Figures in parentheses indicate the outcome for the corresponding period in the previous year.
| SEK m | Jan-Mar 2008 |
Jan-Mar 2007 |
Jan-Dec 2007 |
|---|---|---|---|
| Nordic region | 874 | 813 | 3,680 |
| Western Europe | 652 | 615 | 2,637 |
| CEE/CIS | 514 | 458 | 2,616 |
| Other markets | 89 | 86 | 347 |
| Total | 2,129 | 1,972 | 9,280 |
| Jan-Mar | Jan-Mar | Jan-Dec | |
|---|---|---|---|
| SEK m | 2008 | 2007 | 2007 |
| Ventilation | 112 | 103 | 485 |
| Profile | 104 | 89 | 886 |
| Other operations | –9 | –7 | –62 |
| Total | 207 | 185 | 1 309 |
Attributable inter-company profits in stock are included in each Business Area from 1 October 2007. This was previously shown under Other operations. To make a comparison possible, the values for earlier periods have been adjusted accordingly.
| SEK m unless otherwise indicated | Jan-Mar 2008 |
Jan-Mar 2007 |
Jan-Dec 2007 |
|---|---|---|---|
| Operating profit, (EBITDA) 1) | 262 | 237 | 1,512 |
| Operating profit, (EBITA) 2) | 209 | 188 | 1,318 |
| Operating profit, (EBIT)3) | 207 | 185 | 1,309 |
| Operating margin (EBITA), % 4) | 9.8 | 9.5 | 14.2 |
| Operating margin (EBIT), % 5) | 9.7 | 9.4 | 14.1 |
| Undiluted average number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Diluted average number of shares 6) | 78,707,820 | 78,707,820 | 78,707,820 |
| Undiluted number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Diluted number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Undiluted earnings per share, SEK 7) | 1.49 | 1.42 | 11.45 |
| Diluted earnings per share, SEK 8) | 1.49 | 1.42 | 11.45 |
| Cash flow from operating activities | 9 | –157 | 875 |
| Net debt 9) | 2,270 | 2,812 | 2,238 |
| Net debt/equity ratio, times 10) | 0.74 | 1.17 | 0.75 |
| Equity | 3,049 | 2,398 | 2,969 |
| Undiluted equity per share, SEK 11) | 38.74 | 30.47 | 37.72 |
| Diluted equity per share, SEK 12) | 38.74 | 30.47 | 37.72 |
| Equity/assets ratio, % 13) | 39.85 | 32.02 | 38.60 |
| Interest coverage ratio, times 14) | 5.02 | 5.37 | 8.63 |
| Return on equity, % 15) | 15.55 | 19.53 | 36.49 |
| Return on capital employed, % 16) | 15.75 | 14.41 | 25.09 |
| Return on operating capital, % 17) | 15.73 | 14.80 | 25.14 |
| Number of employees at close of period | 5,206 | 4,930 | 5,112 |
Definitions 1-17, see page 14
Net sales during the first quarter rose by 7 percent to SEK 1,170 m (1,089). When adjusted for completed acquisitions, net sales increased by 5 percent. Currency effects have reduced net sales by 1 percentage point.
The launch of the new Lindab Safe Click duct system continued during the quarter with a focus on the Nordic region, and continues to be positively received. A broadening of the product programme will take place during the summer.
The operating profit (EBIT) for the first quarter increased to SEK 112 m, which is an increase of 9 percent compared with the previous year. The improved profit can mainly be explained by improved profitability within the Comfort division. The new factory in St. Petersburg reports increasing volumes; however the break-even point has been deferred to the second quarter of 2008.
| Jan-Mar 2008 |
Jan-Mar 2007 |
Jan-Dec 2007 |
|
|---|---|---|---|
| Net sales, SEK m | 1,170 | 1,089 | 4,507 |
| Operating profit (EBIT), SEK m | 112 | 103 | 485 |
| Operating margin (EBIT), % | 9.6 | 9.5 | 10.8 |
| Number of employees | 2,963 | 2,741 | 2,889 |
Attributable inter-company profits in stock are included in each Business Area from 1 October 2007. This was previously shown under Other operations. To make a comparison possible, the values for earlier periods have been adjusted accordingly.
Net sales rose by 9 percent to SEK 945 m for the first quarter. The acquisition of Koto-Pelti has positively affected net sales by 0.4 percentage points. Weather conditions have been favourable during the quarter, which was also the case during 2007. All regions showed growth during the quarter; however the Hungarian market continued to show weak development.
The launch of the new RdBx partition wall stud started at the end of March. During the second quarter, the focus will be on Scandinavia. Customers are showing great interest in the new product.
The operating profit (EBIT) for the period amounted to SEK 104 m, which is an increase of 17 percent compared with the previous year. The improved profit can be explained by continued strong growth for the Building Systems division. The work to establish the new production unit for Building Systems in Russia is continuing, with production expected to begin at the end of 2008/beginning of 2009. During the quarter, the profit has been affected by SEK 5 m concerning expenses related to this work. The unit will reinforce delivery potential to the strongly growing Russian and Ukrainian markets.
| Jan-Mar 2008 |
Jan-Mar 2007 |
Jan-Dec 2007 |
|
|---|---|---|---|
| Net sales, SEK m | 945 | 868 | 4,712 |
| Operating profit (EBIT), SEK m | 104 | 89 | 886 |
| Operating margin (EBIT), % | 11.0 | 10.2 | 18.8 |
| Number of employees | 2,082 | 2,033 | 2,062 |
Attributable inter-company profits in stock are included in each Business Area from 1 October 2007. This was previously shown under Other operations. To make a comparison possible, the values for earlier periods have been adjusted accordingly.
| Group Amounts in SEK m |
Jan-Mar 2008 | Jan-Mar 2007 | Jan-Dec 2007 |
|---|---|---|---|
| Net sales | 2,129 | 1,972 | 9,280 |
| Cost of goods sold | –1,480 | –1,393 | –6,382 |
| Gross profi t | 649 | 579 | 2,898 |
| Other operating income | 10 | 17 | 79 |
| Selling expenses | –269 | –249 | –988 |
| Administration expenses | –149 | –137 | –549 |
| R & D costs | –14 | –14 | –47 |
| Other operating expenses | –20 | –11 | –84 |
| Operating profi t | 207 | 185 | 1,309 |
| Interest income | 4 | 3 | 20 |
| Interest expenses | –39 | –35 | –149 |
| Other financial income and expenses | –3 | 0 | –5 |
| Profi t after fi nancial items | 169 | 153 | 1,175 |
| Tax on profit for the period | –52 | –41 | –274 |
| Profi t for the period | 117 | 112 | 901 |
| Attributable to | |||
| Parent company shareholders | 117 | 112 | 901 |
| Profi t for the period | 117 | 112 | 901 |
| Undiluted earnings per share, SEK | 1.49 | 1.42 | 11.45 |
| Diluted earnings per share, SEK | 1.49 | 1.42 | 11.45 |
| Undiluted average number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Diluted average number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Undiluted number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Diluted number of shares | 78,707,820 | 78,707,820 | 78,707,820 |
| Jan-Mar 2008 | Jan-Mar 2007 | Jan-Dec 2007 | |
|---|---|---|---|
| Net sales, SEK m | 2,129 | 1,972 | 9,280 |
| Change, SEK m | 157 | 478 | 1,671 |
| Change, % | 8.0 | 32.0 | 22.0 |
| Of which | |||
| Volumes and prices, % | 6.3 | 23.3 | 14.0 |
| Acquisitions/divestments, % | 1.4 | 10.9 | 7.9 |
| Currency effects, % | 0.3 | –1.8 | 0.1 |
| Group | 31 March 2008 | 31 March 2007 | 31 Dec 2007 |
|---|---|---|---|
| Amounts in SEK m | |||
| Assets | |||
| Fixed assets | |||
| Goodwill | 2,679 | 2,673 | 2,713 |
| Other intangible fixed assets | 68 | 71 | 66 |
| Tangible fixed assets | 1,394 | 1,403 | 1,425 |
| Financial fixed assets | 8 | 8 | 7 |
| Financial fixed assets, interest bearing | 7 | 6 | 6 |
| Other long-term receivables | 344 | 320 | 346 |
| Total fixed assets | 4,500 | 4,481 | 4,563 |
| Current assets | |||
| Stock | 1,339 | 1,195 | 1,278 |
| Other receivables | 1,560 | 1,599 | 1,478 |
| Other receivables, interest bearing | 22 | 4 | 10 |
| Cash and bank | 231 | 211 | 371 |
| Total current assets | 3,152 | 3,009 | 3,137 |
| TOTAL ASSETS | 7,652 | 7,490 | 7,700 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 3,049 | 2,398 | 2,969 |
| Long-term liabilities | |||
| Interest-bearing provisions | 107 | 107 | 109 |
| Interest-bearing liabilities | 2,244 | 2,583 | 2,398 |
| Non-interest-bearing provisions | 328 | 371 | 352 |
| Non-interest-bearing liabilities | 3 | 7 | 3 |
| Total long-term liabilities | 2,682 | 3,068 | 2,862 |
| Current liabilities | |||
| Interest-bearing liabilities | 179 | 343 | 118 |
| Non-interest-bearing provisions | 65 | 75 | 67 |
| Non-interest-bearing liabilities | 1,677 | 1,606 | 1,684 |
| Total current liabilities | 1,921 | 2,024 | 1,869 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 7,652 | 7,490 | 7,700 |
| Group Amounts in SEK m |
Jan-Mar 2008 | Jan-Mar 2007 | Jan-Dec 2007 |
|---|---|---|---|
| Operating activities | |||
| Operating profit | 207 | 185 | 1,309 |
| Reversal of depreciation/amortisation | 55 | 52 | 203 |
| Provisions, not affecting cash flow | –3 | –8 | –25 |
| Adjustment for other items not affecting cash flow | 42 | –6 | 20 |
| Total | 301 | 223 | 1,507 |
| Interest received | 4 | 1 | 21 |
| Interest paid | –40 | –26 | –148 |
| Tax paid | –165 | –112 | –288 |
| Cash fl ow from operating activities before change in working capital | 100 | 86 | 1,092 |
| Change in working capital | |||
| Stock (increase – /decrease +) | –75 | –89 | –161 |
| Operating receivables (increase – /decrease +) | –66 | –110 | –24 |
| Operating liabilities (increase + /decrease –) | 50 | –44 | –32 |
| Total change in working capital | –91 | –243 | –217 |
| Cash fl ow from operating activities | 9 | –157 | 875 |
| Investing activities | |||
| Acquisition of Group companies | –19 | –9 | –48 |
| Investments in intangible fixed assets | –3 | –1 | –13 |
| Investments in tangible fixed assets | –29 | -39 | –182 |
| Change in financial fixed assets | 0 | 2 | 1 |
| Sale/disposal of intangible fixed assets | - | 1 | - |
| Sale/disposal of tangible fixed assets | 3 | 6 | 17 |
| Cash fl ow from investing activities | –48 | –40 | –225 |
| Financing activities | |||
| Increase +/decrease – in borrowing | –101 | 203 | –231 |
| Dividend | - | - | –256 |
| Cash fl ow from fi nancing activities | –101 | 203 | –487 |
| Cash fl ow for the period | –140 | 6 | 163 |
| Cash and cash equivalents at start of the period | 371 | 199 | 199 |
| Effect of exchange rate changes on cash and cash equivalents | 0 | 6 | 9 |
| Cash and cash equivalents at end of the period | 231 | 211 | 371 |
| Group Amounts in SEK m |
Jan-Mar 2008 | Jan-Mar 2007 | Full year 2007 |
|---|---|---|---|
| Opening balance | 2,969 | 2,190 | 2,190 |
| Dividend | - | - | –256 |
| Translation differences | –37 | 96 | 134 |
| Profit for the period | 117 | 112 | 901 |
| Closing balance | 3,049 | 2,398 | 2,969 |
The Annual Report will be presented to the Annual General Meeting on 7 May 2008. The Board of Directors and the President propose that SEK 5.25 per share, a maximum of SEK 413,216,055, should be paid to the shareholders and that the remaining SEK 833,957,284 be carried forward.
There are no outstanding options.
| Parent Company | |||
|---|---|---|---|
| Amounts in SEK m | Jan-Mar 2008 | Jan-Mar 2007 | Jan-Dec 2007 |
| Other operating income | - | 4 | 4 |
| Administration expenses | –5 | –5 | –18 |
| Other operating expenses | - | - | - |
| Operating profi t | –5 | –1 | –14 |
| Profit from subsidiaries | - | - | 1,003 |
| Interest income, external | - | 1 | 1 |
| Interest expenses, external | - | –11 | –39 |
| Interest expenses, internal | –15 | –8 | –52 |
| Profi t after fi nancial items | –20 | –19 | 899 |
| Tax on profit for the period | 6 | 5 | –57 |
| Profi t for the period | –14 | –14 | 842 |
| Parent Company Amounts in SEK m |
31 March 2008 | 31 March 2007 | 31 Dec 2007 |
|---|---|---|---|
| Assets | |||
| Fixed assets | |||
| Shares in Group companies | 3,467 | 3,467 | 3,467 |
| Other long-term receivables | 5 | - | - |
| Total fixed assets | 3,472 | 3,467 | 3,467 |
| Current assets | |||
| Other receivables | 30 | 5 | 0 |
| Cash and bank | 0 | 1 | 0 |
| Total current assets | 30 | 6 | 0 |
| TOTAL ASSETS | 3,502 | 3,473 | 3,467 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | 2,020 | 1,434 | 2,034 |
| Long-term liabilities | |||
| Interest-bearing liabilities | - | 792 | - |
| Liabilities to Group companies | 1,475 | 1,036 | 1,365 |
| Total long-term liabilities | 1,475 | 1,828 | 1,365 |
| Current liabilities | |||
| Interest-bearing liabilities | - | 110 | - |
| Non-interest-bearing liabilities | 7 | 101 | 68 |
| Total current liabilities | 7 | 211 | 68 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,502 | 3,473 | 3,467 |
| Parent Company | |||
|---|---|---|---|
| Amounts in SEK m | Jan-Mar 2008 | Jan-Mar 2007 | Full year 2007 |
| Opening balance | 2,034 | 1,448 | 1,448 |
| Dividend | - | - | –256 |
| Profit for the period | –14 | –14 | 842 |
| Closing balance | 2,020 | 1,434 | 2,034 |
This Interim Report has been submitted, by the Company's President and CEO Kjell Åkesson, following authorization by the Board.
Båstad 7 May 2008
Kjell Åkesson President and CEO
The report has not been subject to any special audit by Lindab's auditors.
10) The net debt/equity ratio is expressed as the net debt in relation to shareholders' equity.
11) Shareholders' equity in relation to the undiluted number of shares at the end of the period.
Interim Report January - June, Q2 17 July 2008 Interim Report January - September, Q3 29 October 2008 Year End Report, Q4 February 2009 Annual Report 2008 March/April 2009
Kjell Åkesson, CEO Nils-Johan Andersson, CFO Phone +46 (0) 431-850 00 Phone +46 (0) 431 850 00
e-mail [email protected] e-mail [email protected]
For additional information please visit www.lindab.com
Subscribe to our customer magazine (Lindab Direct), press realeases, annual reports and interim reports.
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the Stock Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released to the media for publication on 7 May 2008 at 10:45 (CET).
SE-269 82 Båstad Visiting address: Järnvägsgatan 41 in Grevie Corporate ID no. 556606-5446 Phone: +46 ( 0 ) 431 850 00 Fax: +46 ( 0 ) 431 850 10 E-mail: [email protected] www.lindab.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.