Annual / Quarterly Financial Statement • Feb 11, 2015
Annual / Quarterly Financial Statement
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Quarter 4
* adjusted for currency effects and acquisitions
"The Group continued to advance its positions in 2014, especially in the USA and China. EMEA continued to be affected by a weak commitment to investments.
Q4 ended with good invoicing primarily in APAC and the Americas. Incoming orders during the quarter developed negatively overall compared with the same period last year, related mainly to the exceptionally strong final quarter of 2013 in the Americas. The other two operating segments progressed positively, which meant that EMEA also reported growth in incoming orders in Q4, despite cancellation of a larger order for Ukraine.
The Group's profitability developed well during Q4 and the adjusted operating margin was 10.2%, mainly due to good volumes and the effects of the efficiency improvements within EMEA.
The Group's cash flow was strong in the second half of the year, bolstered by better profitability and a reduction in operating capital.
Excluding restructuring/integration costs, acquisition costs and capital gain on disposal of subsidiaries.
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2014 | 2013 | 2014 | 2013 |
| Net sales | 806.9 | 688.1 | 2,826.9 | 2,659.2 |
| EBITDA | 94.9 | 69.5 | 247.9 | 219.4 |
| EBITDA-margin, % | 11.8 | 10.1 | 8.8 | 8.3 |
| Operating profit | 82.6 | 57.0 | 200.7 | 170.2 |
| Operating margin, % | 10.2 | 8.3 | 7.1 | 6.4 |
| Operating cash flow | 111.3 | 121.3 | 211.0 | 226.7 |
| Return on operating capital, % | 25.8 | 18.8 | 16.2 | 14.2 |
| Net debt/EBITDA, multiple | 2.2 | 2.6 |
Including restructuring/integration costs, acquisition costs and capital gain on disposal of subsidiaries.
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2014 | 2013 | 2014 | 2013 |
| Operating profit Operating margin, % Profit/loss before tax Net profit/loss |
77.6 9.6 68.5 47.0 |
55.9 8.1 49.7 31.3 |
165.7 5.9 139.0 94.3 |
127.5 4.8 99.7 69.7 |
| Earnings per share, SEK | 4.01 | 2.67 | 8.05 | 5.94 |
| Return on shareholders´ equity, % Net debt Net debt/equity ratio, % Interest cover ratio |
27.1 | 20.9 | 13.9 556.6 75.9 7.0 |
11.4 570.9 92.1 5.8 |
Europe continued to be characterised by weakened commitment to investment, which meant that the number of large projects was restricted in 2014. However, the development of product sales, smaller solutions and the aftermarket showed positive signs during the year.
The efficiency improvement measures initiated in the sales organization during Q1 2014 continue to be implemented as planned.
Good development for product sales and the aftermarket were among the positive news in the UK.
The Nordic region had a challenging market situation 2014 for both product sales and smaller solutions. However, there was positive development within the aftermarket.
Germany was affected by weak commitment to investment and the number of large projects was low. However, product sales and the aftermarket showed positive signs.
The Benelux markets reported a slightly more positive development than in 2013, even though the market situation remains difficult.
A country that did report a positive performance in 2014 was Spain, where market conditions have been difficult for a long time. Thanks to a long-term strategy and great persistence, Nederman has been able to strengthen its position gradually, resulting in good incoming orders within the railway and airline sectors, among others.
Development in Eastern Europe was mixed during the year. In Poland product sales and the aftermarket were positive, but as with other EMEA markets, demand for larger systems was lower compared to the previous year. The Ukraine market was affected by the major political uncertainty and sales were consequently weak. Our Q1 report mentioned uncertainty surrounding the possibility of completing an order for Kremenchuk Steel Works Stockholding Company. In Q4 it was established that due to the ongoing unrest in the country a part amounting to SEK 17 million of the original order for SEK 25 million could not be delivered and this had a negative effect on incoming orders for the quarter.
The year started out strongly in Turkey. However, political concerns in the region, resulting in longer decision-making and postponed orders, affected the second half of the year negatively.
| 1 Oct-31 Dec | Full year | Full year | Organic | ||
|---|---|---|---|---|---|
| SEK m | 2014 | 2013** | 2014 | 2013** | growth,% |
| Incoming orders | 359.2 | 348.1 | 1,345.6 | 1,449.4 | -10,4 |
| Net sales | 381.1 | 374.9 | 1,413.7 | 1,409.5 | -3,1 |
| Depreciation | -5.9 | -6.4 | -23.4 | -24.3 | |
| Operating profit * | 42.5 | 13.0 | 112.8 | 74.6 | |
| Operating margin, %* | 11.2 | 3.5 | 8.0 | 5.3 |
*) excluding restructuring/integration costs and acquisition costs
**) comparable figures for 2013 have been adjusted in accordance with structural changes in the organization.
Incoming orders for the fourth quarter amounted to SEK 359.2m, which is an increase of 0.3 per cent adjusted for currency effects, compared to the same period last year.
Incoming orders for the whole year decreased by 10.4 per cent adjusted for currency effects, compared to the previous year.
Net sales for the fourth quarter amounted to SEK 381.1m, which is a decrease of 1.4 per cent adjusted for currency effects, compared to the same period last year.
Net sales for the whole year decreased by 3.1 per cent adjusted for currency effects, compared to the previous year.
Growth returned to the region at the end of the year following a downturn in incoming orders during Q3. Overall, this operating segment reported positive development in 2014. The Chinese market showed positive trends, while the development in South East Asia and Australia was mixed. Distributor markets in Japan, Korea, Singapore and the Philippines also developed well during the year.
The positive development in China is mainly accredited to an increased awareness of environmental issues and new legislation in this area. The new laws that came into effect in April 2014 mean, among other things, that the authorities have increased powers and environmental infringements will be tougher penalized.
Results in Australia were down in 2014 compared to 2013, mainly due to low investments in the industries based on raw material.
Thailand was affected by political uncertainty, which culminated in a military coup in May. However, the market situation stabilised in the second half of the year.
| 1 Oct-31 Dec | Full year | Full year | Organic | ||
|---|---|---|---|---|---|
| SEK m | 2014 | 2013** | 2014 | 2013** | growth,% |
| Incoming orders | 102.6 | 88.9 | 362.4 | 300.9 | 16,9 |
| Net sales | 115.1 | 70.9 | 336.3 | 291.8 | 12,1 |
| Depreciation | -2.0 | -1.4 | -6.4 | -5.4 | |
| Operating profit * | 8.5 | 19.0 | 4.1 | 14.0 | |
| Operating margin, %* | 7.4 | 26.8 | 1.2 | 4.8 |
*) excluding restructuring/integration costs and acquisition costs
**) comparable figures for 2013 have been adjusted in accordance with structural changes in the organization.
Incoming orders for the fourth quarter amounted to SEK 102.6m, which is an increase of 3.8 per cent adjusted for currency effects, compared to the same period last year.
Incoming orders for the whole year increased by 16.9 per cent adjusted for currency, compared to previous year.
Net sales for the fourth quarter amounted to SEK 115.1m, which is an increase of 48.2 per cent adjusted for currency effects compared to the same period last year.
Net sales for the whole year increased by 12.1 per cent adjusted for currency effects compared to previous year.
Nederman continues to progress well in its Americas operating segment, supported by the economic growth especially in the USA. Other markets in this region also performed well in 2014.
Growth in incoming orders 2014 was moderate compared with 2013, although it must remembered that the situation in 2013 was unusual with several very large orders being received, resulting in incoming orders on record level.
A major investment in modernised and improved laser welding was made at the plant in Thomasville, NC, during 2014, and the equipment will be taken into operation during Q1 2015. Together with completed and planned layout changes, this investment will improve efficiency and capacity.
The USA, which is the largest market in the region, developed well within all sales segments in 2014, although sales of larger projects could not match the record level achieved in 2013. However, higher sales in other segments compensated for this. The macroeconomic development is generally good and energy-intensive production is returning to the US. Industries reporting rising demand include textiles, recycling, timber and the energy sector.
Brazil reported a very good set of results for the full year. The efforts Nederman has made to increase local production have enabled the company to advance its positions.
The year also saw good development in Canada with higher volumes of both incoming orders and new sales.
Mexico remains a small part of Nederman's total sales in this operating segment, but this market has significant potential and Nederman continues to invest to realise this potential fully. As part of this strategy, the sales organization was strengthening during Q4 2014.
| 1 Oct-31 Dec | Full year | Full year | Organic | ||
|---|---|---|---|---|---|
| SEK m | 2014 | 2013** | 2014 | 2013** | growth,% |
| Incoming orders | 277.3 | 322.8 | 1,056.8 | 1,005.1 | 0,3 |
| Net sales | 310.7 | 242.3 | 1,076.9 | 957.9 | 7,2 |
| Depreciation | -2.4 | -2.1 | -9.0 | -9.0 | |
| Operating profit * | 46.1 | 41.1 | 144.9 | 138.9 | |
| Operating margin, %* | 14.8 | 17.0 | 13.5 | 14.5 |
*) excluding restructuring/integration costs and acquisition costs
**) comparable figures for 2013 have been adjusted in accordance with structural changes in the organization.
Incoming orders for the fourth quarter amounted to SEK 277.3m, which is a decrease of 24.8 per cent adjusted for currency effects, compared to the same period last year.
Incoming orders for the whole year increased by 0.3 per cent adjusted for currency, compared to previous year.
Net sales for the fourth quarter amounted to SEK 310.7m, which is an increase of 13.7 per cent adjusted for currency, compared to the same period last year.
Net sales for the whole year increased by 7.2 per cent adjusted for currency effects, compared to previous year.
No significant events have occurred after the closing date.
The positive and stable development in the Americas is expected to continue in 2015.
The need for investment in environmental improvements in the APAC region will continue to have a positive impact on demand, while the low requirements for investment in raw material-based segments is expected to continue during the start of 2015.
The weak enthusiasm for investment will continue to affect EMEA while the effects of the monetary stimulus remain uncertain.
The Board proposes a dividend of SEK 4.00 per share (4.00).
Incoming orders were SEK 739.1m (759.8), which adjusted for currency effects and acquisitions, was a decrease of 10.0 per cent compared to the same quarter last year.
Net sales amounted to SEK 806.9m (688.1), which adjusted for currency effects and acquisitions, was an increase of 9.0 per cent compared to the same quarter last year.
0 500 1 000 1 500 2 000 2 500 3 000 0 100 200 300 400 500 600 700 800 900 Rolling 4 quarter Quarterly Invoicing SEKm Quarter Rolling 4 quarter
The Group's operating profit for the quarter was SEK 77.6m (55.9). Adjusted for acquisition and restructuring costs, the operating profit was SEK 82.6m (57.0), giving an operating margin of 10.2 per cent (8.3).
The profit before tax increased to SEK 68.5m (49.7). The net profit was SEK 47.0m (31.3), giving earnings per share of SEK 4.01 (2.67).
The operating cash flow was SEK 111.3m (121.3). Capital expenditure during the quarter was SEK 15.5m (7.1).
Incoming orders were SEK 2,764.8m (2,755.4), which adjusted for currency effects and acquisitions is a decrease of 3.5 per cent.
Net sales amounted to SEK 2,826.9m (2,659.2), which adjusted for currency effects and acquisitions is an increase of 2.3 per cent.
The operating profit for the period was SEK 165.7m (127.5). Adjusted for acquisition and restructuring costs, the operating profit was SEK 200.7m (170.2), giving an operating margin of 7.1 per cent (6.4).
SEK 35.0m in restructuring costs have affected the operating profit.
Return on operating capital was 16.2 per cent compared to 14.2 per cent last year.
The profit before tax increased to SEK 139.0m (99.7). The net profit was SEK 94.3m (69.7), giving earnings per share of SEK 8.05 (5.94).
The operating cash flow was SEK 211.0m (226.7).
Capital expenditure during the period was SEK 39.3m (45.5), of which capitalised development costs amounted to SEK 1.8m (3.3).
Liquidity: At the end of the period the Group had SEK 325.0m in cash and cash equivalents as well as SEK 104.8m in available but unutilised overdraft facilities. In addition there was a credit facility of SEK 156.8m, which is a part of Nederman's loan agreement with SEB.
The equity in the Group as of 31 December 2014 amounted to SEK 733.3m (619.8). An ordinary dividend of 4.00 SEK per share was paid to shareholders in the second quarter, amounting in total to SEK 46.7m. The total number of shares outstanding was 11,681,340 at the end of the period.
The equity/assets ratio for the Group was 30.9 per cent as of 31 December 2014 (28.5). The net financial debt/equity ratio, calculated as net debt in relation to equity was 75.9 per cent (92.1).
The average number of employees during the year was 1,803 (1,924). The number of employees at the end of the period was 1,902 (1,923).
The Group and the parent company are exposed to a number of risks, mainly due to purchasing and selling of products in foreign currencies. As no significant changes have occurred regarding risks and uncertainties in the reporting period we refer to the more detailed presentation of these risk factors in the Directors' Report on pages 38- 39 and in note 24 of the 2013 Annual Report.
According to guidelines adopted by the AGM, a nominations committee has been appointed comprising Göran Espelund (chairman), Lannebo Fonder, Anders Mörck, Investment AB Latour, Sophia Pettersson, Ernström & Co and the Chairman of the board Jan Svensson ahead of the AGM in 2015. For questions concerning the work of the nominations committee, please contact: [email protected]
The consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The report for the parent company has been prepared in accordance with Swedish Annual Accounts Act chapter 9 and RFR 2. The same accounting policies and valuation principles, except for amendments mentioned below, as described in the annual report 2013, pages 49-53 applies both to the Group and the parent company.
A number of new standards and amendments of interpretations and existing standards came into effect on 1 January 2014 and have been implemented in the preparation of the Group's financial reports. None of them are expected to have a significant impact on the Group's financial reporting.
The Group has harmonized how it handles freight income. Reclassification was done as it gives a fairer view of the Group's income statement. Comparable figures attributable to this reclassification have been adjusted. This has meant that orders, net sales and cost of goods sold have been affected, as shown below:
2013: SEK 17.9m
The Group has chosen to reclassify depreciation of research and development projects, to the extent to which they relate to product development, as costs for sold goods. Comparable figures relating to the reclassification have been adjusted. This has meant that research and development costs have been reduced and costs for sold goods have increased as below:
2013: SEK 6.9m
The Board and CEO confirm that the interim report provides a true and fair overview of the Parent Company and the Group's operations, position and earnings and describes the material risks and uncertainty factors faced by the Parent Company and the Group.
This interim report has received a general review by the company's auditors.
Helsingborg, 11 February 2015
Jan Svensson Chairman
Fabian Hielte Ylva Hammargren Gunnar Gremlin Member of the board Member of the board Member of the board
Per Borgvall Susanne Pahlén Åklundh Sven Kristensson Member of the board Member of the board Chief Executive Officer
Jonas Svensson Employee representative
| 1 Oct–31 Dec | 1 Jan–31 Dec | ||||
|---|---|---|---|---|---|
| SEK m | NOTE | 2014 | 2013 | 2014 | 2013 |
| Net sales | 806.9 | 688.1 | 2,826.9 | 2,659.2 | |
| Cost of goods sold | -516.8 | -441.1 | -1,812.7 | -1,699.5 | |
| Gross profit | 290.1 | 247.0 | 1,014.2 | 959.7 | |
| Selling expenses | -158.6 | -144.7 | -614.9 | -600.1 | |
| Administrative expenses | -46.3 | -40.1 | -183.9 | -171.9 | |
| Research and development expenses | -2.8 | -3.0 | -10.3 | -14.7 | |
| Acquisition expenses | -1.1 | -1.7 | |||
| Restructuring/ integration expenses | -5.0 | -35.0 | -41.0 | ||
| Other operating income/expenses | 0.2 | -2.2 | -4.4 | -2.8 | |
| Operating profit | 77.6 | 55.9 | 165.7 | 127.5 | |
| Financial income | 0.7 | 0.6 | 2.3 | 2.0 | |
| Financial expenses | -9.8 | -6.8 | -29.0 | -29.8 | |
| Net financial income/expenses | -9.1 | -6.2 | -26.7 | -27.8 | |
| Profit before taxes | 68.5 | 49.7 | 139.0 | 99.7 | |
| Taxes | -21.5 | -18.4 | -44.7 | -30.0 | |
| Net profit | 47.0 | 31.3 | 94.3 | 69.7 | |
| Net profit attributable to: | |||||
| The parent company's shareholders | 47.0 | 31.3 | 94.3 | 69.7 | |
| Earnings per share | |||||
| before dilution (SEK) | 4.02 | 2.67 | 8.07 | 5.95 | |
| after dilution (SEK) | 4.00 | 2.66 | 8.04 | 5.93 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | ||||
|---|---|---|---|---|---|
| SEK m | NOTE | 2014 | 2013 | 2014 | 2013 |
| Net profit/loss | 47.0 | 31.3 | 94.3 | 69.7 | |
| Other comprehensive income | |||||
| Items that will not be reclassified to the income statement Revaluation of defined-benefit |
|||||
| pension plans | -2.8 | -0.6 | -17.2 | 1.6 | |
| Income taxes | 1.9 | -0.2 | 5.2 | -0.5 | |
| -0.9 | -0.8 | -12.0 | 1.1 | ||
| Items that may be reclassified to the income statement |
|||||
| Exchange differences arising on | |||||
| translation of foreign operations | 33.4 | 9.0 | 84.7 | -6.4 | |
| 33.4 | 9.0 | 84.7 | -6.4 | ||
| Other comprehensive income for | |||||
| the period, net after tax | 32.5 | 8.2 | 72.7 | -5.3 | |
| Total comprehensive income for the period | 79.5 | 39.5 | 167.0 | 64.4 | |
| Total comprehensive income attributable to: |
|||||
| The parent company's shareholders | 79.5 | 39.5 | 167.0 | 64.4 |
| 31 Dec | 31 Dec | |
|---|---|---|
| NOTE SEK m |
2014 | 2013 |
| Assets | ||
| Goodwill | 655.1 | 605.4 |
| Other intangible fixed assets | 82.4 | 84.0 |
| Tangible fixed assets | 246.2 | 224.1 |
| Long-term receivables | 6.1 | 5.8 |
| Deferred tax assets | 81.7 | 79.1 |
| Total fixed assets | 1,071.5 | 998.4 |
| Inventory | 308.1 | 291.4 |
| Accounts receivable | 496.9 | 472.0 |
| 1 Other receivables |
171.6 | 146.3 |
| Cash and cash equivalents | 325.0 | 270.0 |
| Total current assets | 1,301.6 | 1,179.7 |
| Total assets | 2,373.1 | 2,178.1 |
| Equity | 733.3 | 619.8 |
| Liabilities | ||
| Long-term interest bearing liabilities | 739.7 | 711.0 |
| Other long-term liabilities | 13.5 | 13.4 |
| Provision for pensions | 110.8 | 97.2 |
| Deferred tax liabilities | 17.0 | 26.9 |
| Total long-term liabilities | 881.0 | 848.5 |
| Current interest bearing liabilities | 31.1 | 32.7 |
| Accounts payable | 327.7 | 255.5 |
| 1 Other liabilities |
400.0 | 421.6 |
| Total current liabilities | 758.8 | 709.8 |
| Total liabilities | 1,639.8 | 1,558.3 |
| Total equity and liabilities | 2,373.1 | 2,178.1 |
| 31 Dec | 31 Dec | ||
|---|---|---|---|
| NOTE SEK m |
2014 | 2013 | |
| Opening balance on 1 January | 619.8 | 601.2 | |
| Net profit | 94.3 | 69.7 | |
| Other comprehensive income | |||
| Change in translation reserve | 84.7 | -6.4 | |
| Revaluation of defined-benefit pension plans, net of tax | -12.0 | 1.1 | |
| Total other comprehensive income for the period | 72.7 | -5.3 | |
| Total comprehensive income for the period | 167.0 | 64.4 | |
| Transactions with owners | |||
| Dividend paid | -46.7 | -46.9 | |
| Share-based payments | -0.1 | 1.1 | |
| Repurchase of own shares | -6.7 | ||
| Closing balance at the end of period | 733.3 | 619.8 |
| 1 Jan–31 Dec | |||
|---|---|---|---|
| SEK m | NOTE | 2014 | 2013 |
| Operating profit | 165.7 | 127.5 | |
| Adjustment for: | |||
| Depreciation of fixed assets | 47.2 | 49.2 | |
| Other adjustments | -15.9 | -16.8 | |
| Interest received and paid incl. other financial items | -17.1 | -33.6 | |
| Taxes paid | -46.1 | -67.0 | |
| Cash flow from operating activities before | 133.8 | 59.3 | |
| changes in working capital | |||
| Cash flow from changes in working capital | 10.2 | 50.1 | |
| Cash flow from operating activities | 144.0 | 109.4 | |
| Net investment in fixed assets | -26.2 | -28.6 | |
| Acquired/divested units | 2 | -8.5 | |
| Cash flow before financing activities | 117.8 | 72.3 | |
| Dividend paid | -46.7 | -46.9 | |
| Cash flow from other financing activities | -31.8 | 15.9 | |
| Cash flow for the period | 39.3 | 41.3 | |
| Cash and cash equivalents at the beginning of the period | 270.0 | 224.6 | |
| Translation differences | 15.7 | 4.1 | |
| Cash and cash equivalents at the end of the period | 325.0 | 270.0 | |
| Operating cash flow | |||
| Operating profit | 165.7 | 127.5 | |
| Adjustment for: | |||
| Depreciation of fixed assets | 47.2 | 49.2 | |
| Restructuring and integration costs | 30.0 | 39.3 | |
| Acquisition costs | 6.0 | ||
| Other adjustments | -15.9 | -16.8 | |
| Cash flow from changes in working capital | 10.2 | 50.1 | |
| Net investment in fixed assets | -26.2 | -28.6 | |
| Operating cash flow | 211.0 | 226.7 | |
| Income statement for the parent company in summary | |
|---|---|
| ---------------------------------------------------- | -- |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2014 | 2013 | 2014 | 2013 |
| Operating result | -35.2 | -20.2 | -57.9 | -69.9 |
| Result from investment in subs. | 24.9 | 122.7 | 82.4 | 157.8 |
| Other financial items | 1.3 | 2.3 | -5.7 | -5.6 |
| Result after financial items | -9.0 | 104.8 | 18.8 | 82.3 |
| Group contribution | 21.5 | 50.0 | 21.5 | 50.0 |
| Result before taxes | 12.5 | 154.8 | 40.3 | 132.3 |
| Taxes | 6.9 | 6.9 | ||
| Net result | 19.4 | 154.8 | 47.2 | 132.3 |
| 1 Oct-31 Dec | 1 Jan-31 Dec | |||
|---|---|---|---|---|
| SEK m | 2014 | 2013 | 2014 | 2013 |
| Net Result | 19.4 | 154.8 | 47.2 | 132.3 |
| Other comprehensive income Items that will not be reclassified to the income statement |
||||
| Items that may be reclassified to the income statement |
||||
| Other comprehensive income for the period, net after tax |
||||
| Total comprehensive income for the period | 19.4 | 154.8 | 47.2 | 132.3 |
| 31 Dec | 31 Dec | |
|---|---|---|
| SEK m | 2014 | 2013 |
| Assets | ||
| Total fixed assets | 1,368.9 | 1,298.0 |
| Total current assets | 283.6 | 295.1 |
| Total assets | 1,652.5 | 1,593.1 |
| Shareholder's equity | 564.7 | 571.0 |
| Liabilities | ||
| Total long-term liabilities | 738.2 | 709.4 |
| Total current liabilities | 349.6 | 312.7 |
| Total liabilities | 1,087.8 | 1,022.1 |
| Total shareholders' equity and liabilities | 1,652.5 | 1,593.1 |
| 31 Dec | 31 Dec | |
|---|---|---|
| SEK m | 2014 | 2013 |
| Opening balance on 1 January | 571.0 | 484.5 |
| Net profit | 47.2 | 132.3 |
| Merger | ||
| Other comprehensive income | ||
| Total other comprehensive income for the period | ||
| Total comprehensive income for the period | 47.2 | 132.3 |
| Transactions with owners | ||
| Dividend paid | -46.7 | -46.9 |
| Share-based payments | -0.1 | 1.1 |
| Repurchase of own shares | -6.7 | |
| Closing balance at the end of period | 564.7 | 571.0 |
| SEK m | 2014 |
|---|---|
| Subsidiaries | |
| Other operating income | 25.7 |
| Dividends received | 83.0 |
| Group contributions | 21.5 |
| Financial income and expenses | 11.0 |
| Receivables on 31 December | 624.1 |
| Liabilities on 31 December | 296.4 |
| SEK m | 31 Dec 2014 |
31 Dec 2013 |
|---|---|---|
| Pledged assets | None | None |
| Contingent liabilities | 145.3 | 135.7 |
NOTE 1 Fair value and reported value in the statement of financial position
| December 31, 2014 | |||
|---|---|---|---|
| Financial assets and liabilities not recorded at |
|||
| SEK m | Fair value | fair value | Total book value |
| Other receivables | |||
| Foreign exchange forward contracts entered *) | - | ||
| Other receivables | - | 171.6 | 171.6 |
| Total other receivables | - | 171.6 | 171.6 |
| Other liabilities | |||
| Foreign exchange forward contracts entered *) | 4.4 | 4.4 | |
| Other liabilities | - | 395.6 | 395.6 |
| Total other liabilities | 4.4 | 395.6 | 400.0 |
*) The group holds financial instruments in the form of currency exchange contracts that are recorded at fair value in the balance sheet. The fair value for all contracts has been determined from directly or indirectly observable market data, i.e. level 2 according to IFRS 7. For other financial instruments, the fair value and the book value are materially consistent. For further information, refer to note 24 to the 2013 Annual Report.
In 2013 the Group acquired the Danish company, Industriventilation A/S at the purchase price of DKK 12.9 million. This acquisition is not considered to be significant for the Group's financial reporting and statements in accordance with IFRS 3 have not therefore been presented.
The acquisition statement for the 2012 acquisition of EFT has been adjusted by SEK 5.2 million mainly due to the adjustment of the purchase price following a final calculation of net working capital. This adjustment meant a corresponding reduction in goodwill. The acquisition statement for EFT is now concluded.
Undistributed items primarily constitute costs relating to Nederman Holding AB, which include the central main office departments.
| 1 Oct-31 Dec | Full year | Full year | ||
|---|---|---|---|---|
| SEK m | 2014 | 2013** | 2014 | 2013** |
| EMEA | ||||
| Incoming Orders | 359.2 | 348.1 | 1,345.6 | 1,449.4 |
| Net sales | 381.1 | 374.9 | 1,413.7 | 1,409.5 |
| Depreciation | -5.9 | -6.4 | -23.4 | -24.3 |
| Operating profit * | 42.5 | 13.0 | 112.8 | 74.6 |
| Operating margin, %* | 11.2 | 3.5 | 8.0 | 5.3 |
| Asia Pacific | ||||
| Incoming Orders | 102.6 | 88.9 | 362.4 | 300.9 |
| Net sales | 115.1 | 70.9 | 336.3 | 291.8 |
| Depreciation | -2.0 | -1.4 | -6.4 | -5.4 |
| Operating profit * | 8.5 | 19.0 | 4.1 | 14.0 |
| Operating margin, %* | 7.4 | 26.8 | 1.2 | 4.8 |
| Americas | ||||
| Incoming Orders | 277.3 | 322.8 | 1,056.8 | 1,005.1 |
| Net sales | 310.7 | 242.3 | 1,076.9 | 957.9 |
| Depreciation | -2.4 | -2.1 | -9.0 | -9.0 |
| Operating profit * | 46.1 | 41.1 | 144.9 | 138.9 |
| Operating margin, %* | 14.8 | 17.0 | 13.5 | 14.5 |
| Not allocated | ||||
| Depreciation | -2.0 | -2.6 | -8.4 | -10.5 |
| Operating profit* | -14.5 | -16.1 | -61.1 | -57.3 |
| Group | ||||
| Incoming Orders | 739.1 | 759.8 | 2,764.8 | 2,755.4 |
| Net sales | 806.9 | 688.1 | 2,826.9 | 2,659.2 |
| Depreciation | -12.3 | -12.5 | -47.2 | -49.2 |
| Operating profit * | 82.6 | 57.0 | 200.7 | 170.2 |
| Acquisition costs | -1.1 | -1.7 | ||
| Restructuring and integration costs | -5.0 | -35.0 | -41.0 | |
| Operating profit | 77.6 | 55.9 | 165.7 | 127.5 |
| Profit before taxes | 68.5 | 49.7 | 139.0 | 99.7 |
| Net profit | 47.0 | 31.3 | 94.3 | 69.7 |
* excluding restructuring/integration costs and acquisition costs
**) comparable figures for 2013 have been adjusted in accordance with structural changes in the organization.
A telephone conference discussing this report will be held in Swedish today, Wednesday 11 February at 2 p.m.
Nederman's President and CEO Sven Kristensson and CFO Stefan Fristedt will present the report and answer questions.
To participate in the conference, please call 08-56642694. The conference will also be transmitted on the internet.
Please visit our website, www.nederman.se/telekonf to find the link to the presentation.
| Annual Report 2014 | End of March, 2015 |
|---|---|
| Q1 Report | 22 April, 2015 |
| Annual General Meeting | 22 April, 2015 |
| Q2 Report | 13 July, 2015 |
| Q3 Report | 20 October, 2015 |
This report contains forward-looking statements based on the current expectations of the management of Nederman. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Accordingly, results could differ significantly from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors.
Nederman is required to disclose the information provided herein according to the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instrument Trading Act. The information was submitted for publication on 11 February 2015 at 12 noon.
Sven Kristensson, CEO Stefan Fristedt, CFO Telephone +46 (0)42-18 87 00 Telephone +46 (0)42-18 87 00 e-mail: [email protected] e-mail: [email protected]
Nederman Holding AB (publ), Box 602, SE-251 06 Helsingborg, Sweden Telephone +46 (0)42-18 87 00, Telefax +46 (0)42-18 77 11 Co. Reg. No. 556576-4205
Nederman is one of the world's leading companies supplying products and systems in the environmental technology sector focusing on industrial air filtration and recycling. The company's solutions are contributing to reducing the environmental effects from industrial production, to creating safe and clean working environments and to boosting production efficiency.
Nederman's offering encompasses everything from the design stage through to installation, commissioning and servicing. Sales are carried out via subsidiaries in 25 countries and agents and distributors in over 30 countries. Nederman develops and produces in its own manufacturing and assembly units in Europe, North America and Asia.
The Group is listed on the Nasdaq OMX, Stockholm Mid Cap list; it has about 1,900 employees and a turnover of about SEK 2.8 billion.
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