Quarterly Report • Oct 21, 2016
Quarterly Report
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Cash flow from operational activities was SEK 27.5 (14.4) million
Net sales increased 5.4 percent to SEK 170.4 (161.7) million, (7.5 percent in local currencies)
MSAB is a world leader in mobile forensics technology with the aim of extracting and analysing data from confiscated mobile devices, mainly from mobile phones. The Company has its own sales offices and sales representatives in Europe, North America, South America, China, Australia and Russia, covering most of the world together with a number of distributors. The proprietary products have become a de factor standard in the field and are used for securing evidence in more than 100 countries. The products are complemented by a wide range of training courses, with the possibility of becoming certified in a forensically sound methodology. Customers are primarily law enforcement agencies, such as police, military and customs. MSAB is listed on NASDAQ Stockholm under the ticker symbol MSAB B.
MSAB gave its best third quarter performance ever with a record turnover and a good profit margin. Business deals with long lead times have now become concrete agreements.
Sales during the third quarter grew 20.2 percent and amounted to SEK 71.6 (59.6) million. EBIT increased to SEK 23.3 (15.3) million, corresponding to an EBIT margin of 32.5 (25.7) percent. Sales grew 5.4 percent during the first nine months of the year reaching SEK 170.4 (161.7) million. EBIT decreased to SEK 37.1 (38.2) million, corresponding to an EBIT margin of 21.8 (23.6) percent. The lower EBIT level for the year's first nine months is attributable to continuing initiatives for growth and thus increased personnel costs. Adjusted for currency effects, sales growth was 7.5 (23.3) percent for the period. This third quarter has demonstrated the strength of our business model. A higher turnover led to increased profits with a stronger EBIT margin.
The third quarter is the most important for our operations in the USA as all federal authorities, i.e. our customers, close their annual accounts on the last day of September. North America became our largest region during the quarter and our operations in North America continue to expand as demand is strong and customer confidence in our product offering is growing.
With a subsidiary in Singapore in place, we now have companies in a total of seven countries outside of Sweden, and our own personnel in an additional four countries. We have chosen to establish offices locally as many of our customers prefer to do business locally. Our success is based largely on having personnel who know the local market and who have the capacity to quickly build trust with our customers. We will continue to expand internationally as potential increases.
Smart phones are becoming increasingly advanced and complex. This means that the judicial system is being challenged in ways that it never has been previously. We have successively expanded our product offering from extraction to analysis of large quantities of data. Our system solutions currently handle the information flow from a significant number of digital units. Through MSAB Ecosystem, we now address the very core of today's and tomorrow's criminal investigations. MSAB Ecosystem, which was launched at the end of last year, has received a very positive response from our customers. It is a product offering that caters to the entire police organisation and streamlines police work processes relating to digital evidence and investigative material. The more complete product offering also serves to take us higher in our customers' value chain thereby generating increased revenue per customer.
The Swedish police and its organisation have been criticised in the media lately. One issue that is often raised is that the police do not have the tools they need, and that they have problems getting mobile phones and computers analysed in time. We are convinced that our products could help the police in their daily work, increasing their efficiency and helping them solve more crimes.
MSAB's third quarter demonstrated strong growth. However, it is important to remember that the Company's rate of growth from quarter to quarter will continue to vary due to changes in our customers' purchasing patterns. Going forward, we feel confident about the future, as the long-term growth trend is strong. The need to extract and analyse the content of seized mobile phones continues to grow. We see how an increasing number of authorities around the world are starting to review their entire digital strategy, and that is exactly what MSAB has been working and planning for.
Stockholm, October 2016
Joel Bollö Chief Executive Officer
EMEA & Latin America – during the period, sales for the region grew 3 percent, primarily due to good growth in Germany, France and the Nordics. The UK is the single largest market within the region and developed according to plan, though with somewhat lower sales than last year as 2015 was a strong year with a number of major deliveries.
North America – Growth for the period reached 13 percent and consisted primarily of larger business deals, mainly with federal customers, and a significant portion of sales were for the Field Version system. For the interim period the region was the company's largest with approximately 49 percent of net sales.
Asia and CIS – compared with the corresponding period last year, sales for the region decreased 12 percent. This is mainly because Australia, the region's single largest market, is temporarily affected by general cuts to government budgets. However, during the third quarter the region demonstrated a positive trend with growth of 41 percent. This growth came primarily from a long period of cultivation of new markets in Asia, which is now giving results in the form of orders delivered.
A new version of XRY was launched during the quarter, which included support for Apple's latest phone, the iPhone 7, and Pokémon GO. As well, improvement and development of new products within the concept MSAB Ecosytem continues. Major focus is being placed on creating value for criminal investigators, amongst others, so they can more efficiently identify important information and solve crimes faster.
The concept Ecosystem, launched during the second quarter, has meant a shift in training operations to include several new advanced courses. These new courses are still in the establishment phase which explains why sales remained at the same level as last year. Furthermore, an on-line alternative was added as a complement to the current offering within training operations, and this will increase opportunities to reach more participants in the future.
A new subsidiary was established in Singapore. MSAB had business in Singapore previously, but will now be able to strengthen its local presence.
Consolidated net sales increased during the third quarter by 20.2 percent to SEK 71.6 (59.6) million and increased for the period by 5.4 percent to SEK 170.4 (161.7) million. In local currencies, net sales increased by 21.9 percent for the quarter and by 7.5 percent for the period.
Expenses for goods for resale amounted to SEK 9.4 (7.8) million for the quarter and SEK 15.0 (14.3) million for the period. Other external costs for the quarter amounted to SEK 11.3 (12.1) million and for the period SEK 37.0 (36.7) million. Personnel costs amounted to SEK 27.2 (24.1) million for the quarter, and SEK 80.1 (71.3) million for the period.
EBIT for the quarter amounted to SEK 23.3 (15.3) million, which corresponds to an operating margin of 32.5 (25.7) percent. EBIT for the period amounted to SEK 37.1 (38.2) million which corresponds to an operating margin of 21.8 (23.6) percent. In local currencies, the operating margin for the quarter was 33.2 percent and for the period 22.7 percent.
Net financial income/expense amounted to SEK 0.6 (0.1) million for the quarter and SEK 1.2 (1.1) million for the period. Net financial income/expense comprised primarily revaluation of cash and cash equivalents in foreign currencies. Revenues and expenses are matched in the same currencies to the extent possible. Hedging is done from time to time against estimated future cash inflows when deemed appropriate. Profit after tax amounted to SEK 18.3 (12.0) million for the quarter and SEK 28.2 (29.2) million for the period.
Cash flow from operating activities amounted to SEK 27.5 (14.4) million for the quarter and SEK 36.0 (37.1) million for the period. During the period, dividends in the amount of SEK 40.4 (17.9) million were paid out. Cash and cash equivalents at the end of the period amounted to SEK 107.1 (84.9) million. The equity ratio at the end of the period was 55.7 (51.8) percent.
The number of employees in the Group at the end of the period was 118 (113). The average number of employees was 116 (107).
MSAB is not dependent on the seasons in the sense that is normally meant by the term seasonal effects. Most of the Company's customers, however, use the calendar year as their budget period, and historically, this has been reflected in sales in that the fourth quarter is stronger than other quarters during a calendar year.
The Group's activities expose it to risks and uncertainty factors. Information about risks and uncertainties other than currency exposure due to foreign subsidiaries and the fact that most invoicing from Sweden is denominated in foreign currencies can be found in more detail in the 2015 Annual Report. The Annual Report is available on the Company's website
This interim report has been prepared for the Group in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities. Information as per IAS 34 Interim Financial Reporting is provided in notes as well as in other places throughout the interim report.
The accounting principles applied to the Group and Parent Company are consistent, unless otherwise stated below, with the accounting principles used to prepare the most recent annual report.
New and revised IFRS standards, interpretations from the IFRS Interpretations Committee, and amendments to RFR 2 applied as of 1 January, 2016, have no impact on the Parent Company's or the Group's financial reports.
As of this interim report, the guidelines of the European Securities and Markets Authority (ESMA) are applied for Alternative Performance Measures. This results in additional disclosures for metrics not defined in the IFRS.
At the end of the quarter, the Company had no forward contracts or fixed income funds, and as of 30 June, 2016 financial assets measured at fair value were SEK 0 million. At the end of the quarter, the Company had no forward contracts or fixed income funds, and as of 30 September, 2016 financial assets measured at fair value were SEK 0 (0.1) million.
The Annual General Meeting (AGM) will be held in Stockholm on May 10, 2017. Shareholders who wish to have a matter addressed at the AGM must submit a written proposal latest on February 6 in order to guarantee that the matter is included in the Notice of the AGM.
The Nomination Committee in MSAB consists of Chairman Erik Hermansson (Humle kapitalförvaltning AB) and board members Henrik Tjernberg and Joakim Dahl (Edastra AB). The Nomination Committee is tasked with proposing candidates for the AGM Chairman, the Board, Chairman of the Board and Auditor, as well as Board and Auditor remuneration and proposals for Nomination Committee procedures.
The Parent Company's net sales for the period amounted to SEK 127.0 (119.1) million. EBIT for the period amounted to SEK 33.0 (32.1) million. Investments during the period amounted to SEK 0.3 (1.7) million. The number of employees in the Parent Company at the end of the period was 88 (84).
There were no related party transactions during the quarter.
31 January, 2017 Year-end report
This information is information that Micro Systemation AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out below, at 08:00 CEST on 21 October, 2016.
This report, earlier reports and press releases are available on the Company's website: www.msab.com.
Send questions to: Chief Executive Officer Joel Bollö Tel: +46 8 739 0270 Email: [email protected]
The under-signed certify that this interim report provides, as per current regulations, a true and fair overview of the Parent Company's and Group's business activities, financial position, and results of operations, as well as describing the significant risks and uncertainty factors to which the Parent Company and the Group are exposed.
Stockholm, 21 October, 2016
Corporate ID no. 556244-3050
Henrik Tjernberg Joel Bollö Robert Ahldin Örjan Gatu Chairman of the Board Chief Executive officer Board Member Board Member
| Jan-Olof Backman | Carl Bildt | Katarina G Bonde |
|---|---|---|
| Board Member | Board Member | Board Member |
We have reviewed the interim report for Micro Systemation AB (publ) for the period January 1 - September 30, 2016. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 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 has a different focus and is substantially less in scope than an audit conducted in accordance with ISA 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, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm, October 21, 2016 Deloitte AB
Erik Olin Authorized Public Accountant
| Jul-Sept | Jan-Sept | 12 months Full year | ||||
|---|---|---|---|---|---|---|
| MSEK | 2016 | 2015 | 2016 | 2015 | Oct-Sept | 2015 |
| Net sales | 71.6 | 59.6 | 170.4 | 161.7 | 235.6 | 226.9 |
| Cost of goods sold | $-9.4$ | $-7.8$ | $-15.0$ | $-14.3$ | $-20.9$ | $-20.2$ |
| Other external costs | $-11.3$ | $-12.1$ | $-37.0$ | $-36.7$ | $-50.3$ | $-50.0$ |
| Personnel costs | $-27.2$ | $-24.1$ | $-80.1$ | $-71.3$ | $-107.5$ | $-98.7$ |
| Depreciation of fixed assets | $-0.4$ | $-0.3$ | $-1.2$ | $-1.2$ | $-1.6$ | $-1.6$ |
| Total operating cost | $-48.3$ | $-44.3$ | $-133.3$ | $-123.5$ | $-180.3$ | $-170.5$ |
| Operating profit - EBIT | 23.3 | 15.3 | 37.1 | 38.2 | 55.3 | 56.4 |
| Financial income | 1.0 | 2.1 | 3.0 | 6.0 | 5.3 | 8.3 |
| Financial expenses | $-0.4$ | $-2.0$ | $-1.8$ | $-4.9$ | $-3.0$ | $-6.1$ |
| Profit/loss before tax | 23.9 | 15.4 | 38.3 | 39.3 | 57.6 | 58.6 |
| Tax | $-5.6$ | $-3.4$ | $-10.1$ | $-10.1$ | $-13.5$ | $-13.5$ |
| Net profit/loss after tax | 18.3 | 12.0 | 28.2 | 29.2 | 44.1 | 45.1 |
| OTHER COMPREHENSIVE INCOME | ||||||
| Items to be reclassified to profit and loss | ||||||
| Currency translation differences | 0.6 | $-0.3$ | 0.3 | $-0.1$ | 0.2 | $-0.6$ |
| Tax on currency translation differences | 0.1 | 0.1 | 0.0 | 0.1 | 0.0 | 0.1 |
| Change in hedging reserves | $\qquad \qquad -$ | 0.6 | $-0.1$ | 0.5 | ||
| Tax on hedging reserves | $\overline{\phantom{m}}$ | $-0.1$ | $\qquad \qquad -$ | $-0.1$ | ||
| Total comprehensive income | 18.9 | 11.7 | 28.5 | 29.6 | 44.0 | 45.1 |
| Comprehensive income for the period attributable to | ||||||
| the shareholders of the parent company | 18.9 | 11.7 | 28.5 | 29.6 | 44.0 | 45.1 |
| Jul-Sept | Jan-Sept | 12 months | |||||
|---|---|---|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | Oct-Sept | 2015 | ||
| Revenue growth, % | 20.2 | 29.8 | 5.4 | 40.1 | 3.9 | 25.4 | |
| EBIT-margin, % | 32.5 | 25.7 | 21.8 | 23.6 | 23.5 | 24.9 | |
| Cash flow from operating activities per share, SEK | 1.49 | 0.79 | 1.96 | 2.04 | 3.07 | 3.16 | |
| Return on equity, % | 22.5 | 19.4 | 30.6 | 47.3 | 45.3 | 58.6 | |
| Return on capital employed, % | 30.0 | 28.2 | 49.4 | 71.7 | 74.6 | 84.0 | |
| Equity per share, SEK | 4.73 | 4.14 | 4.73 | 4.14 | 4.73 | 4.99 | |
| Earnings per share, basic, SEK | 0.99 | 0.67 | 1.53 | 1.63 | 2.40 | 2.52 | |
| Earnings per share, diluted, SEK | 0.99 | 0.66 | 1.53 | 1.60 | 2.40 | 2.48 | |
| Average number of shares, basic, million | 18.4 | 17.9 | 18.4 | 17.9 | 18.4 | 17.9 | |
| Average number of shares, diluted, million | 18.4 | 18.2 | 18.4 | 18.2 | 18.4 | 18.2 |
| $30 -$ sep | $Dec-31$ | |||
|---|---|---|---|---|
| MSEK | 2016 | 2015 | 2015 | |
| ASSETS | ||||
| Intangible assets | 0.5 | 0.6 | 0.6 | |
| Tangible assets | 2.0 | 2.4 | 2.7 | |
| Deferred tax asset | 0.2 | 0.3 | 0.7 | |
| Total non-current assets | 2.7 | 3.3 | 4.0 | |
| Inventories | 4.1 | 7.4 | 5.2 | |
| Accounts receivable - trade | 28.8 | 37.9 | 42.3 | |
| Current tax asset | 3.7 | 6.0 | 1.2 | |
| Other current assets | 9.6 | 6.1 | 4.6 | |
| Cash and cash equivalents | 107.1 | 84.9 | 103.7 | |
| Total current assets | 153.3 | 142.3 | 157.0 | |
| TOTAL ASSETS | 156.0 | 145.6 | 161.0 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 86.8 | 75.4 | 90.9 | |
| Accounts payable - trade | 3.1 | 6.7 | 5.0 | |
| Current tax liability | 9.4 | 8.3 | 2.5 | |
| Other current liabilities | 56.7 | 55.2 | 62.6 | |
| Total current liabilities | 69.2 | 70.2 | 70.1 | |
| TOTAL EQUITY AND LIABILITIES | 156.0 | 145.6 | 161.0 |
| CHANGE IN CAMILY | |||
|---|---|---|---|
| $Sep-16$ | $Dec-31$ | ||
| MSEK | 2016 | 2015 | 2015 |
| Opening balance | 90.9 | 63.2 | 63.2 |
| Profit/loss for the period | 28.5 | 29.6 | 45.1 |
| Issue of share option rights | 7.8 | 0.5 | 0.5 |
| Dividend | $-40.4$ | $-17.9$ | $-17.9$ |
| Equity at the end of the period | 86.8 | 75.4 | 90.9 |
| Jul-Sept | Jan-Sept | Full year | |||||
|---|---|---|---|---|---|---|---|
| MSEK | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 | 2013 |
| Cash flow before working capital changes | 22.2 | 12.8 | 34.1 | 32.2 | 46.8 | 23.0 | 2.0 |
| Working capital changes | 5.3 | 1.6 | 1.9 | 4.9 | 10.8 | $-8.2$ | 15.8 |
| Cash flow from operating activities | 27.5 | 14.4 | 36.0 | 37.1 | 57.6 | 14.8 | 17.8 |
| Investments in fixed assets | $\overline{\phantom{m}}$ | $-0.2$ | $-0.3$ | $-1.7$ | $-2.3$ | $-0.5$ | $-0.5$ |
| Conversion of investment fund to cash | $\overline{\phantom{000000000000000000000000000000000000$ | $\overline{\phantom{a}}$ | 9.1 | 9.1 | ۰ | ||
| Cash flow from investing activities | - | $-0.2$ | $-0.3$ | 7.4 | 6.8 | $-0.5$ | $-0.5$ |
| Dividend paid to shareholders | $\overline{\phantom{a}}$ | $-40.4$ | $-17.9$ | $-17.9$ | $-1.8$ | $-10.6$ | |
| Premium received for share option rights | $\qquad \qquad -$ | 7.8 | 0.5 | 0.5 | 0.3 | ||
| Cash flow from financing activities | $\overline{\phantom{m}}$ | $\overline{\phantom{a}}$ | $-32.6$ | $-17.4$ | $-17.4$ | $-1.5$ | $-10.6$ |
| Cash flow for the period | 27.5 | 14.2 | 3.1 | 27.1 | 47.0 | 12.8 | 6.7 |
| Cash at the beginning of the period | 78.6 | 70.3 | 103.7 | 56.5 | 56.5 | 41.2 | 34.5 |
| Exchange rate difference in cash | 1.0 | 0.4 | 0.3 | 1.3 | 0.2 | 2.5 | |
| Cash at the end of the period | 107.1 | 84.9 | 107.1 | 84.9 | 103.7 | 56.5 | 41.2 |
| 2016 | 2015 | 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q 3 | Q2 | Q1 | Q4 | Q 3 | Q 2 | Q1 | Q4 | Q 3 | Q2 | Q1 | |
| Net sales, MSEK | 71.6 | 52.0 | 46.8 65.2 | 59.6 51.5 | 50.5 65.5 | 45.9 | 37.6 | 31.9 | |||
| EBIT, MSEK | 23.3 | 8.5 | 5.3 | 18.2 | 15.3 | 10.1 | 12.8 19.5 | $11.4 - 7.0$ | $-9.8$ | ||
| EBIT-margin, % | 32.5 | 16.3 | 11.3 | 28.0 | 25.7 | 19.5 | 25.4 29.7 | $24.7 - 18.5 - 30.5$ | |||
| Earnings per share, SEK | 0.99 | 0.35 | $0.18$ 0.87 | $0.66$ 0.34 | $0.61$ 0.81 | $0.56 - 0.37 - 0.43$ | |||||
| Return on equity, % | 22.5 | 9.9 | 3.7 20.7 | 19.4 | 12.2 | 19.0 26.1 | $21.2 - 15.9 - 16.7$ | ||||
| Return on capital employed, % | 30.0 | 14.6 | 7.0 26.6 | 28.2 21.7 | 27.3 38.4 | $24.8 - 14.9 - 20.7$ | |||||
| Equity ratio, % | 55.7 | 53.3 | 62.6 56.5 | 51.8 51.2 | 55.6 50.0 | 48.2 42.0 | 49.6 | ||||
| Cash flow from operations/per share, S | 1.49 | 0.18 | $0.28$ 1.12 | 0.79 | 0.33 | $0.92$ 1.30 | 0.06 | 0.49 | $-1.04$ | ||
| Equity per share, SEK | 4.73 | 3.69 | 5.54 4.97 | 4.14 3.49 | 4.20 | - 3.52 | 2.67 | 2.05 | 2.30 |
The Company presents certain financial metrics in the interim report that are not defined under IFRS. The Company believes that these metrics provide useful supplemental information to investors and the Company's management as they allow for the evaluation of the Company's performance .
EBIT
EBIT margin
EBIT in relation to net sales.
Earnings per share *
Profit/loss after tax in relation to average number of outstanding shares after dilution.
Return on equity
Profit/loss after tax in relation to average adjusted equity.
Return on capital employed
EBIT plus financial items in relation to average capital employed.
Equity ratio
Equity in relation to total assets.
Cash flow from operations/per share
Cash flow from operations in relation to average number of outstanding shares after dilution.
Equity per share
Equity in relation to outstanding shares at the end of the period.
Average adjusted equity
Average of equity during 12 months-period. Opening plus closing shareholders' equity divided by two.
Capital employed is calculated as total assets less non- interest-bearing liabilities.
Average capital employed is calculated as capital employed over a 12 months period. Capital employed at beginning of period plus capital employed at end of period divided by two.
Revenue growth, %
Sales current period in relation to same period prior year
Net financial items
Net of financial income and expenses
* Defined in line with IFRS
| 2016 | 2015 | 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q 2 | Q 1 | |
| Total assets, MSEK | 156.0 | 127.1 | 161.6 | 160.9 | 145.7 | 124.4 | 137.0 | 126.4 | 99.6 | 86.8 | 82.1 |
| Accounts payables, MSEK | -3.1 | -2.2 | -3.4 | -5.0 | -6.7 | -5.2 | -3.1 | -12.7 | -4.3 | -3.1 | -3.6 |
| Tax liabilities, MSEK | -9.4 | -4.2 | -3.8 | -2.5 | -8.3 | -5.9 | -4.7 | -2.0 | -1.8 | -2.8 | -2.5 |
| Other liabilities, MSEK | -56.7 | -52.9 | -53.3 | -62.6 | -55.2 | -49.6 -52.9 -48.5 -45.5 -44.5 -35.2 | |||||
| Capital employed, MSEK | 86.8 | 67.8 | 101.1 | 90.8 | 75.5 | 63.7 | 76.2 | 63.2 | 47.9 | 36.4 | 40.7 |
| Average capital employed, MSEK | 81.1 | 65.8 | 88.7 | 77.0 | 61.7 | 50.1 | 58.5 | 55.7 | 47.2 | 41.2 | 45.8 |
| Jan-Sept | ||
|---|---|---|
| MSEK | 2016 | 2015 |
| Net sales | 127.0 | 119.1 |
| Cost of goods sold | $-15.0$ | $-14.2$ |
| Other external costs | $-24.6$ | $-24.3$ |
| Personnell costs | $-53.2$ | $-47.3$ |
| Depreciation of fixed assets | $-1.2$ | $-1.2$ |
| Total operating cost | $-94.0$ | $-87.0$ |
| Operating profit - EBIT | 33.0 | 32.1 |
| Net financial items | 3.5 | 1.2 |
| Profit/loss before tax | 36.5 | 33.3 |
| Tax | $-8.0$ | $-7.3$ |
| Net profit/loss after tax | 28.5 | 26.0 |
| Jan-Sept | ||
|---|---|---|
| MSEK | 2016 | 2015 |
| Net profit/loss after tax | 28.5 | 26,0 |
| Change in hedging reserves | 0.6 | |
| Tax on hedging reserves | $-0.1$ | |
| Total comprehensive income | 28.5 | 26.5 |
| Sept-30 | ||||
|---|---|---|---|---|
| MSEK | 2016 | 2015 | ||
| ASSETS | ||||
| Intangible assets | 0.5 | 0.6 | ||
| Tangible assets | 1.8 | 2.3 | ||
| Shares in group companies | ||||
| Total fixed assets | 2.3 | 2.9 | ||
| Inventories | 4.1 | 7.4 | ||
| Accounts receivable - trade | 11.7 | 37.5 | ||
| Other current assets | 51.5 | 5.6 | ||
| Cash and cash equivalents | 41.7 | 45.8 | ||
| Total current assets | 109.0 | 96.3 | ||
| TOTAL ASSETS | 111.3 | 99.2 | ||
| EQUITY AND LIABILITIES | ||||
| Share capital | 3.8 | 3.7 | ||
| Share premium | 20.3 | 20.3 | ||
| Restricted equity | 24.1 | 24.0 | ||
| Statutory reserve | 7.8 | 7.8 | ||
| Profit brought forward | 41.3 | 32.1 | ||
| Non-restricted equity | 49.1 | 39.9 | ||
| Total equity | 73.2 | 63.9 | ||
| Accounts payable - trade | 2.7 | 6.9 | ||
| Current tax liability | 8.0 | 2.8 | ||
| Other current liabilities | 27.4 | 25.6 | ||
| Total current liabilities | 38.1 | 35.3 | ||
| TOTAL EQUITY AND LIABILITIES | 111.3 | 99.2 |
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