Earnings Release • Aug 12, 2010
Earnings Release
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*) Adjusted for currency effects and acquisitions.
"It is positive to report a Q2 with a growth in incoming orders measured both against Q2 2009 and Q1 2010. The trend towards an increased earnings capability is continuing thanks to the savings programmes introduced. The integration of Dantherm Filtration has entered an intensive phase and is proceeding according to plan." Sven Kristensson, CEO.
Operating key figures Excluding restructuring/integration costs and acquisition cost
| SEK m | 2010 | 1 Apr – 30 June 2009 |
2010 | 1 Jan – 30 June 2009 |
Full year 2009 |
July-June 12 months |
|---|---|---|---|---|---|---|
| Net sales | 423.9 | 257.6 | 664.2 | 552.9 | 1,052.0 | 1,163.3 |
| EBITDA | 35.4 | 10.2 | 49.2 | 19.1 | 51.4 | 81.5 |
| EBITDA-margin, % | 8.4 | 4.0 | 7.4 | 3.5 | 4.9 | 7.0 |
| Operating profit | 25.8 | 5.8 | 35.1 | 10.3 | 33.3 | 58.1 |
| Operating margin, % | 6.1 | 2.3 | 5.3 | 1.9 | 3.2 | 5.0 |
| Operating cash flow | 27.9 | 17.6 | 27.1 | 22.9 | 121.7 | 125.9 |
| Return on operating capital, % | 12.6 | 3.3 | 8.6 | 3.0 | 5.1 | 6.8 |
| EBITDA/net financial items, multiple | 8.4 | 7.8 |
| 1 Apr - 30 June | 1 Jan – 30 June | Full year | July-June | |||
|---|---|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2010 | 2009 | 2009 | 12 months |
| Operating profit | 11.5 | 2.6 | 20.8 | 10.3 | 23.3 | 41.1 |
| Operating margin, % | 2.7 | 1.0 | 3.1 | 0.5 | 2.2 | 3.5 |
| Profit before tax | 5.9 | 1.2 | 12.9 | -0.5 | 17.2 | 30.6 |
| Net profit | 3.6 | 0.6 | 8.6 | -1.6 | 14.6 | 24.8 |
| Earnings per share, SEK | 0.31 | 0.1 | 0.7 | -0.1 | 1.3 | 2.1 |
| Return on shareholders' equity, % | 2.8 | 0.5 | 3.3 | -0.6 | 2.8 | 4.8 |
| Net debt | 478.1 | 194.6 | 108.0 | 478.1 | ||
| Net debt/equity ratio, % | 91.3 | 38.6 | 21.0 | 91.3 |
Norway and Sweden are showing signs of recovery compared with previous quarters. Nederman holds a strong market position in both countries. In Sweden it is mainly the vehicle workshop segment that shows greater demand for complete systems for a safe and environmentally customised working environment. Also the signs from more traditional segments like welding and machine processing are somewhat improved.
An investment in Norway for customised solutions for the crucial Offshore and Shipping industries is showing positive results.
Thanks to state funded support in Denmark more interest is now being shown by the public sector for investing in improved working environments.
There are signs of a slow recovery in the UK. This has among others led to a number of advanced projects in the Aerospace industry and in the more traditional machine processing segment. An order was received during the period worth about SEK 6.8 million for a complete system for automatic handling and recycling of metal filings.
In Eastern Europe it is mainly in Poland we have seen stabilisation and a certain degree of recovery. Among other things, major orders have been received for qualified solutions for air filtration from the metalworking industry.
The markets in Other European countries show a mixed performance. Southern and Eastern Europe is very weak.
| 1 Jan- 30 June | Full year | July-June | |||
|---|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 | 12 months | |
| Europe | |||||
| Net sales, external | 353.7 | 402.2 | 775.0 | 726.5 | |
| Net sales, total | 353.7 | 402.2 | 775.0 | 726.5 | |
| Depreciations | -2.8 | -2.8 | -5.7 | -5.7 | |
| Operating profit | 35.0 | 35.2 | 70.0 | 69.8 |
Incoming orders over the quarter amounted to SEK 196.0m, which is an increase of 1.5 per cent compared to the same quarter last year. Incoming orders fell by 11.8 per cent over the first half of the year compared with the first half of 2009.
Net sales over the quarter amounted to SEK 180.1m, which is a drop of 1.8 per cent compared to the same quarter last year. Net sales fell by 12.1 per cent compared to the first half of 2009.
Nederman is continuing to grow and develop according to plan in China. Due to the size of the country the establishment of a qualified, focused retail network is a high priority. The aim over the year is to tie ourselves to a further 30 or so new distributors. These will mainly focus on the welding industry, but also on the automotive industry. Most major European automotive manufacturers are planning extensive expansion of their service workshops in China in the next few years. Nederman has signed agreements with a number of these automotive manufacturers for customised equipment for the new workshops.
Sales are continuing to develop positively in Brazil. Sales over the past quarter to the automotive industry and other manufacturing industries were good.
With effect from the second quarter Australia reported a positive trend in our focused customer areas. A well-established retail network has also meant that product sales increased somewhat.
A degree of stabilisation took place in the US over the quarter. Investments in traditional manufacturing industries remain at a modest level.
The establishment of a specialised retail network in the US that we started at the end of 2009 is continuing.
We are seeing signs of a certain recovery in some of the most industrialised regions of Canada compared to 2009, among others in the welding industry.
| 1 Jan – 30 June | July-June | |||
|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 | 12-months |
| International | ||||
| Net sales, external | 138.8 | 147.8 | 271.3 | 262.3 |
| Net sales, total | 138.8 | 147.8 | 271.3 | 262.3 |
| Depreciations | -1.3 | -1.0 | -2.0 | -2.3 |
| Operating profit | 6.0 | 4.1 | 5.0 | 6.9 |
Incoming orders over the quarter amounted to SEK 78.2m, which is an increase of 41.9 per cent compared to the same quarter last year. Over the first half of the year incoming orders for the business area rose by 14.1 per cent compared to the first half of 2009.
Net sales over the quarter amounted to SEK 73.5m, which is an increase of 1.1 per cent compared to the same quarter last year. Invoicing fell by 6.1 per cent over the first half of the year compared to the first half of 2009.
Dantherm Filtration is reported as a separate business segment from 30 April 2010.
On 26 March 2010, Nederman announced in a press release the acquisition of Dantherm Filtration, a business area of Dantherm AS, Denmark.
Dantherm Filtration's sales in 2009 amounted to around SEK 980 m. The company is one of the world's largest producers of large industrial filters, and has around 900 employees. The acquired business will be integrated gradually and the integration should be completed by the end of 2011.
The acquired business is consolidated in the Nederman Group from the takeover date of 30 April 2010.
There are clear signs in Denmark and Sweden of a certain degree of recovery starting in terms of product and system sales. In Sweden this is mainly being seen in the wood and paper segment.
The service concept is relatively well established in both countries and showed positive growth.
There is a degree of increased activity in Finland, mainly in product sales and the aftermarket.
There is mixed development in other European countries. We are seeing greater activity in the UK regarding investments in large systems in wood processing. Product sales have shown some signs of improvement over the past two months.
Foundries in Poland are continuing to place positive orders. The country's wood and wood processing industry are showing signs of stabilising.
The unit in Germany, which produces major specialised filter systems, has noticed a degree of increased demand from the BRIC countries, Brazil, India and China. There is still however a low level of investments in major systems in Germany. The same applies to other European countries.
Dantherm Filtration is active in Thailand, Vietnam, Malaysia and Indonesia as well as in China. With the exception of China we are seeing slight growth, but from a low level. The interest in a good environment is however growing and major investments have been made by many western companies planning to establish in Indonesia, for example. The rate of major investments in advanced filter systems in China is currently relatively low. The domestic companies are often dependent on state finance and there is major competition from local manufacturers.
We are seeing increased interest for investing in more complex filter systems for industrial air filtration. Sales of pipes for filter systems have increased significantly, indicating that the industry has started adapting and upgrading its systems to increased production.
Increased activity in the area of recycling/incineration has resulted in interesting orders in recent months.
| 1 Jan -30 June * | Full year | July-June | ||
|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 | 12 months |
| Dantherm Filtration | ||||
| External sales | 168.2 | 168.2 | ||
| Total net sales | 168.2 | 168.2 | ||
| Depreciations | -5.2 | -5.2 | ||
| Operating profit | 6.8 | 6.8 |
*) Dantherm Filtration is consolidated as from 30th of April 2010
Proforma
| 1 Jan -30 June | Full year | ||
|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 |
| Total net sales | 474.6 | 585.1 | 980.0 |
| Operating profit | 7.8 | -10.1 | -11.8 |
As previously reported, the acquisition of Dantherm Filtration was completed on 30 April 2010. The integration of Dantherm Filtration has entered an intensive phase and work is progressing according to plan. The company estimates that the integration will provide annual synergy effects of around SEK 80m. The full effects are expected from the end of 2012. As previously reported, we estimate that restructuring costs will not exceed SEK 100m and are expected to be incurred in 2010 and 2011. The majority of these restructuring costs will affect the cash flow.
The surplus value related to the acquisition is estimated at SEK 85m. The difference with the previously announced SEK 60 m is mainly attributable to adjusting to Nederman's accounting principles. A more in-depth analysis will be carried out in the third quarter, 2010 to decide the allocation between goodwill and other intangible assets.
In the second quarter the company saw that the increased market activities could be turned into incoming orders to a greater extent than previously and as previously indicated this trend is strongest in developing countries. This means that the company remains steadfast in its estimation of a certain recovery in the latter part of 2010.
Incoming orders for the quarter amounted to SEK 458.8m (247.5), which is an increase of 85.4 per cent compared to the same quarter last year. Adjusted for currency effects and acquisitions the increase was 16.4 per cent.
Net sales for the quarter amounted to SEK 423.9m (257.6), which is an increase of 64.6 per cent compared to the same quarter last year. Adjusted for currency effects and acquisitions the increase was 4.1 per cent.
The Group's operating profit for the quarter was SEK 11.5m (2.6). Excluding acquisition and restructuring costs the operating profit was SEK 25.8m (5.8), giving an operating margin of 6.1 per cent (2.3).
The profit before tax was SEK 5.9m (1.2).
The net profit was SEK 3.6m (0.6), giving an earnings per share of SEK 0.31 (0.05).
The operating cash flow amounted to SEK 27.9m (17.6). Capital expenditure during the quarter amounted to SEK 3.9m (5.7).
Incoming orders amounted to SEK 699.6m (546.3), which is an increase of 28.1 per cent compared to the same period last year. Adjusted for currency effects and acquisitions it was a decrease of 0.8 per cent.
Net sales amounted to SEK 664.2m (552.9), which is an increase of 20.1 per cent compared to the first half of 2009. Adjusted for currency effects and acquisitions it was a drop of 5.7 per cent.
.
The Group's operating profit for the period was SEK 20.8m (3.0). Excluding acquisition and restructuring costs the operating profit was SEK 35.1m (10.3), giving an operating margin of 5.3 per cent (1.9).
The profit before tax was SEK 12.9m (-0.5).
The net profit was SEK 8.6m (-1.6), giving an earnings per share of SEK 0.73 (-0.14).
The operating cash flow between January – June amounted to SEK 27.1m (22.9). Capital expenditure during the period amounted to SEK 5.1m (11.7).
SEKm 0 50 100 150 200 250 300 350 400 450 500 07q3 07q4 08q1 08q2 08q3 08q4 09q1 09q2 09q3 09q4 10q1 10q2 Quarter 0 200 400 600 800 1 000 1 200 1 400 Rolling 4 quarter
Quarterly Orders Received
Quarterly Invoicing SEKm
Liquidity: At the end of the period the Group had SEK 140.9m in cash and cash equivalents as well as SEK 74.7m in available but unutilized overdraft facilities.
The equity in the Group as of 30 June, 2010 amounted to SEK 523.8m (504.1). Total number of shares was 11,715,340 at the end of the period.
The equity/assets ratio for the Group was 31.2 per cent as of 30 June, 2010 (49.3). The net financial debt/equity ratio, calculated as net debt in relation to equity was 91.3 per cent (38.6).
The average number of employees during the period was 911 (699). The number of employees at the end of the period was 1,466 (679).
The Nederman Group and the parent company are exposed to a number of risks, mainly due to purchasing and selling of products in foreign currencies. The risks and uncertainties are described in detail in Directors´report on page 21, and in note 26 of 2009's Annual Report. No circumstances have arisen to change the assessment of identified risks.
According to guidelines adopted by the AGM a nominations committee has been appointed comprising Jan Svensson (chairman), Fabian Hielte and Peter Rönström ahead of the AGM in 2010. For questions concerning the work of the nominations committee please contact [email protected].
The consolidated financial statements are prepared in accordance with IAS 34. The report for the parent company has been prepared in accordance with Swedish Annual Accounts Act and RFR 2.3.
The following amendments valid from 1 January 2010 are considered to be valid for Nederman's accounting principles and presentation of this financial report:
IFRS 3, Business Combinations (revised): Transaction costs shall be expensed when they occur and not as previously included in the acquisition value. Stepwise acquisitions and divestments may impact the result.
IFRS 3, Business combinations (amendment). Transaction-related expenses shall be reported in profit/loss as they arise and not, as previously, be included in the acquisition value. Acquisitions and sales performed in phases can have assessment effects on earnings.
As from Jan 2010 Nederman reports according to the operating segments Europe and International. Dantherm Filtration is reported as a separate operating segment from 30 April 2010.
In accordance with RFR 2.3, the parent company shall make a separate report for comprehensive income together with its income statement, i.e. a separate income statement and a separate report of comprehensive income. The parent company shall also present a report of changes in shareholders' equity.
Otherwise Nederman applies the same accounting policies and valuation principles used in the most recent annual report.
| SEK m | 2010 | 1 April - 30 June 2009 |
2010 | 2009 | 1 Jan - 30 June Full year July-June 2009 |
12 month |
|---|---|---|---|---|---|---|
| Net sales | 423.9 | 257.6 | 664.2 | 552.9 | 1,052.0 | 1,163.3 |
| Costs of goods sold *) | -242.8 | -126.5 | -366.0 | -286.0 | -545.6 | -625.6 |
| Gross profit | 181.1 | 131.1 | 298.2 | 266.9 | 506.4 | 537.7 |
| Selling expenses*) | -119.2 | -96.4 | -207.0 | -196.8 | -369.4 | -379.6 |
| Administration expenses | -29.3 | -22.2 | -49.0 | -48.2 | -86.5 | -87.3 |
| Research and development expenses | -6.0 | -4.7 | -9.9 | -9.0 | -16.7 | -17.6 |
| Acquisition costs | -10.1 | -10.1 | -10.1 | |||
| Restructuring and integration costs *) | -4.2 | -3.2 | -4.2 | -7.3 | -10.0 | -6.9 |
| Other operating income/expenses *) | -0.8 | -2.0 | 2.8 | -2.6 | -0.5 | 4.9 |
| Operating profit | 11.5 | 2.6 | 20.8 | 3.0 | 23.3 | 41.1 |
| Financial income | 2.3 | 0.4 | 2.5 | 1.0 | 2.3 | 3.8 |
| Financial expenses | -7.9 | -1.8 | -10.4 | -4.5 | -8.4 | -14.3 |
| Net financial income/expenses | -5.6 | -1.4 | -7.9 | -3.5 | -6.1 | -10.5 |
| Profit before taxes | 5.9 | 1.2 | 12.9 | -0.5 | 17.2 | 30.6 |
| Taxes | -2.3 | -0.6 | -4.3 | -1.1 | -2.6 | -5.8 |
| Net profit | 3.6 | 0.6 | 8.6 | -1.6 | 14.6 | 24.8 |
| Net profit attributable to | ||||||
| The parent company's shareholders | 3.6 | 0.6 | 8.6 | -1.6 | 14.6 | 24.8 |
| Non-controlling interest | ||||||
| Earnings per share | ||||||
| before dilution (SEK) | 0.31 | 0.05 | 0.73 | -0.14 | 1.25 | 2.12 |
| after dilution (SEK) | 0.31 | 0.05 | 0.73 | -0.14 | 1.25 | 2.12 |
concerning restructuring costs according to below:
| 1 April - 30 June | 1 Jan - 30 June Full year | July-June | ||||
|---|---|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2010 | 2009 | 2009 | 12 month |
| Costs of goods sold | 0.2 | 1.6 | 2.6 | |||
| Selling expenses | 2.5 | 5.2 | 6.9 | |||
| Other operating income/expenses | 0.5 | 0.5 | 0.5 | |||
| Restructuring and integration costs | -3.2 | -7.3 | -10.0 |
| SEK m | 2010 | 1 April - 30 June 2009 |
2010 | 2009 | 1 Jan - 30 June Full year 2009 |
July-June 12 month |
|---|---|---|---|---|---|---|
| Net profit | 3.6 | 0.6 | 8.6 | -1.6 | 14.6 | 24.8 |
| Other comprehensive income Translation differences |
5.8 | 1.4 | 0.5 | 5.9 | 0.3 | -5.1 |
| Other comprehensive income | 5.8 | 1.4 | 0.5 | 5.9 | 0.3 | -5.1 |
| Total comprehensive income | 9.4 | 2.0 | 9.1 | 4.3 | 14.9 | 19.7 |
| Total comprehensive income attributable to: The parent company's shareholders |
9.4 | 2.0 | 9.1 | 4.3 | 14.9 | 19.7 |
| SEK m | 30 June 2010 |
30 June 2009 |
31 Dec 2009 |
|---|---|---|---|
| Assets | |||
| Goodwill | 483.5 | 404.1 | 400.0 |
| Other intangible fixed assets | 44.2 | 29.1 | 28.8 |
| Tangible fixed assets | 214.9 | 39.8 | 40.2 |
| Long-term receivables | 0.9 | 0.2 | 0.8 |
| Deferred tax assets | 51.2 | 34.2 | 23.4 |
| Total fixed assets | 794.7 | 507.4 | 493.2 |
| Inventories | 258.0 | 164.4 | 126.0 |
| Accounts receivable | 369.3 | 234.0 | 178.3 |
| Other current receivables | 116.5 | 50.2 | 45.1 |
| Cash and cash equivalents | 140.9 | 67.2 | 90.9 |
| Total current assets | 884.7 | 515.8 | 440.3 |
| Total assets | 1,679.4 | 1,023.2 | 933.5 |
| Equity | 523.8 | 504.1 | 514.7 |
| Liabilities | |||
| Long-term interest-bearing liabilities | 552.8 | 206.7 | 151.3 |
| Other long-term liabilities | 5.9 | 0.3 | 0.4 |
| Provision for pensions | 41.0 | 32.7 | 34.0 |
| Deferred tax liabilities | 21.3 | 15.1 | 6.2 |
| Total long-term liabilities | 621.0 | 254.8 | 191.9 |
| Current interest-bearing liabilities | 25.2 | 22.4 | 13.6 |
| Accounts payable | 151.8 | 76.4 | 91.6 |
| Other current liabilities | 357.6 | 165.5 | 121.7 |
| Total current liabilities | 534.6 | 264.3 | 226.9 |
| Total liabilities | 1,155.6 | 519.1 | 418.8 |
| Total equity and liabilities | 1,679.4 | 1,023.2 | 933.5 |
| 30 June | 30 June | 31 Dec | |
|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 |
| Opening balance on 1 January | 514.7 | 529.1 | 529.1 |
| Dividend | -29.3 | -29.3 | |
| Total comprehensive income | 9.1 | 4.3 | 14.9 |
| Closing balance at the end of period | 523.8 | 504.1 | 514.7 |
| 1 Jan - 30 June | Full year | June-July | ||
|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 | 12 months |
| Operating profit | 20.8 | 3.0 | 23.3 | 41.1 |
| Adjustment for: | ||||
| Depreciations of fixed assets | 14.1 | 8.8 | 18.1 | 23.4 |
| Other adjustments | -2.3 | -2.7 | -6.4 | -6.0 |
| Interest received and paid incl. other financial items | -5.2 | -4.1 | -4.7 | -5.8 |
| Taxes paid | -13.9 | -29.7 | -34.9 | -19.1 |
| Cash flow from operating activities before changes | ||||
| in working capital | 13.5 | -24.7 | -4.6 | 33.6 |
| Cash flow from changes in working capital | -11.6 | 21.7 | 98.3 | 65.0 |
| Cash flow from operating activities | 1.9 | -3.0 | 93.7 | 98.6 |
| Net investment in fixed assets | -4.9 | -11.5 | -20.5 | -13.9 |
| Acquired units*) | -138.5 | -1.9 | -2.1 | -138.7 |
| Cash flow before financing activities | -141.5 | -16.4 | 71.1 | -54.0 |
| Dividend | -29.3 | -29.3 | ||
| Cash flow from other financing activities | 189.7 | 24.5 | -40.0 | 125.2 |
| Cash flow for the period | 48.2 | -21.2 | 1.8 | 71.2 |
| Cash and cash equivalent at the beginning of the | 90.9 | 90.8 | 90.8 | 67.2 |
| Exchange rate differences | 1.8 | -2.4 | -1.7 | 2.5 |
| Cash and cash equivalent at the end of the period | 140.9 | 67.2 | 90.9 | 140.9 |
| Operating cash flow | ||||
| Operating profit | 20.8 | 3.0 | 23.3 | 41.1 |
| Adjustment for: | ||||
| Depreciations of fixed assets | 14.1 | 8.8 | 18.1 | 23.4 |
| Restructuring and integration costs | 0.9 | 3.6 | 8.9 | 6.2 |
| Acquisition costs | 10.1 | 10.1 | ||
| Other adjustments | -2.3 | -2.7 | -6.4 | -6.0 |
| Cash flow from changes in working capital | -11.6 | 21.7 | 98.3 | 65.0 |
| Net investment in fixed assets | -4.9 | -11.5 | -20.5 | -13.9 |
| Operating cash flow | 27.1 | 22.9 | 121.7 | 125.9 |
| Acquisition price | 137.4 | |
|---|---|---|
| Fair value of acquired net assets | -51.8 | |
| Goodwill | 85.6 | |
| Acquired assets and liabilities | ||
| Intangible fixed assets | 17.9 | |
| Tangible fixed assets | 181.5 | |
| Financial fixed assets | 0.1 | |
| Inventories | 113.5 | |
| Customer receivable and other receivables | 222.4 | |
| Current tax receivables | 2.4 | |
| Deferred tax assets | 22.3 | |
| Liquid funds | 58.9 | |
| Interest bearing liabilities | -226.8 | |
| Accounts payable and other operating liabilities | -261.8 | |
| Current tax liabilities | -4.8 | |
| Deferred tax liabilities | -14.9 | |
| Net assets | 110.7 | |
| Of which liquid funds in acquired units | -58.9 | |
| Fair value of acquired net assets | 51.8 | |
| Net profit during ownership period | 4.6 | |
| Net sales January-June for acquired units | 474.6 | |
| Net profit January-June for acquired units | -4.5 | |
| *) Acquisitions January-June | 137.4 | |
| Payment for previous years acquisition | 1.1 | |
| Total acquired units | 138.5 |
| 1 April - 30 June | 1 Jan - 30 June | Full year | July-June | |||
|---|---|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2010 | 2009 | 2009 | 12-month |
| Operating profit | -5.8 | -8.2 | -13.3 | -13.7 | -23.8 | -23.4 |
| Write down book value shares in subsidiaries | -54.7 | -54.7 | ||||
| Other financial items | -1.6 | -1.7 | -5.9 | 3.2 | 37.8 | 28.7 |
| Profit after financial items | -7.4 | -9.9 | -19.2 | -10.5 | -40.7 | -49.4 |
| Changes in untaxed reserves | 18.5 | 18.5 | ||||
| Profit before tax | -7.4 | -9.9 | -19.2 | -10.5 | -22.2 | -30.9 |
| Tax | 1.9 | 2.5 | 5.0 | 4.0 | 5.2 | 6.2 |
| Net profit | -5.5 | -7.4 | -14.2 | -6.5 | -17.0 | -24.7 |
| 1 April - 30 June | 1 Jan- 30 June | Full year | July-June | |||
|---|---|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2010 | 2009 | 2009 | 12-month |
| Net profit | -5.5 | -7.4 | -14.2 | -6.5 | -17.0 | -24.7 |
| Other comprehensive income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total comprehensive income | -5.5 | -7.4 | -14.2 | -6.5 | -17.0 | -24.7 |
| Balance sheet for the parent company | |||
|---|---|---|---|
| 30 June | 30 June | 31 Dec | |
| SEK m | 2010 | 2009 | 2009 |
| Assets | |||
| Total fixed assets | 895.8 | 556.7 | 495.9 |
| Total current assets | 69.0 | 79.2 | 72.7 |
| Total assets | 964.8 | 635.9 | 568.6 |
| Total shareholders' equity | 356.9 | 374.6 | 371.1 |
| Untaxed reserves | 18.5 | ||
| Liabilities | |||
| Total long-term liabilities | 549.1 | 205.0 | 150.0 |
| Total current liabilities | 58.8 | 37.8 | 47.5 |
| Total liabilities | 607.9 | 242.8 | 197.5 |
| Total shareholders' equity and liabilities | 964.8 | 635.9 | 568.6 |
| 30 June | 30 June | 31 Dec | |
|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 |
| Opening balance on 1 jan | 371.1 | 410.4 | 410.4 |
| Dividend | -29.3 | -29.3 | |
| Total comprehensive income | -14.2 | -6.5 | -10.0 |
| Closing balance at the end of the period | 356.9 | 374.6 | 371.1 |
| SEK m | ||
|---|---|---|
| Subsidiaries | 2010 | |
| Other operating income | 14.0 | |
| Dividend received | ||
| Financial income and expenses | 0.1 | |
| Receivable related parties 31 December | 246.1 | |
| Liabilities related parties 31 December | 34.0 |
| 1 Jan -30 June | Full year | July-June | ||
|---|---|---|---|---|
| SEK m | 2010 | 2009 | 2009 | 12 months |
| Europe | ||||
| External sales | 353.7 | 402.2 | 775.0 | 726.5 |
| Total net sales | 353.7 | 402.2 | 775.0 | 726.5 |
| Depreciations | -2.8 | -2.8 | -5.7 | -5.7 |
| Operating profit*) | 35.0 | 35.2 | 70.0 | 69.8 |
| International | ||||
| External sales | 138.8 | 147.8 | 271.3 | 262.3 |
| Total net sales | 138.8 | 147.8 | 271.3 | 262.3 |
| Depreciations | -1.3 | -1.0 | -2.0 | -2.3 |
| Operating profit*) | 6.0 | 4.1 | 5.0 | 6.9 |
| Dantherm Filtration | ||||
| External sales | 168.2 | 168.2 | ||
| Total net sales | 168.2 | 168.2 | ||
| Depreciations | -5.2 | -5.2 | ||
| Operating profit*) | 6.8 | 6.8 | ||
| Other - not allocated | ||||
| External sales | 3.5 | 2.9 | 5.7 | 6.3 |
| Total net sales | 3.5 | 2.9 | 5.7 | 6.3 |
| Depreciations | -4.8 | -5.0 | -10.4 | -10.2 |
| Operating profit*) | -12.7 | -29.0 | -41.7 | -25.4 |
| Group | ||||
| Net sales | 664.2 | 552.9 | 1,052.0 | 1,163.3 |
| Depreciations | -14.1 | -8.8 | -18.1 | -23.4 |
| Operating profit*) | 35.1 | 10.3 | 33.3 | 58.1 |
| Acquisition costs | -10.1 | -10.1 | ||
| Restructuring and integration costs | -4.2 | -7.3 | -10.0 | -6.9 |
| Operating profit | 20.8 | 3.0 | 23.3 | 41.1 |
| Profit before tax | 12.9 | -0.5 | 17.2 | 30.6 |
| Net profit | 8.6 | -1.6 | 14.6 | 24.8 |
*) Excluding restructuring/integration costs and acquisition costs
Interim Report Q3 22 October, 2010 Interim Report Q4 16 February, 2011
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.
Helsingborg, 12 August 2010
Sven Kristensson President and CEO
This report contains forward-looking statements that are 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 materially 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 factor.
Nederman may be required to disclose the information provided herein according to the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 12 August 2010 at 8 a.m.
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]
For further information, see Nederman's website www.nederman.com
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 services in the environmental technology sector. The company's products and systems are contributing to the creation of clean and safe working environments focusing on clean air, recycling and environmentally friendly transport management.
Nederman's offering on the market encompasses everything from the design stage through to installation, commissioning and servicing. Sales and marketing are carried out via subsidiaries in 27 countries as well as agents and distributors in over 30 countries. Nederman develops and produces in its own manufacturing and assembly units in 8 countries.
In April 2010, Dantherm Filtration, with its primary focus on industrial air filtration, was acquired.
The Group was floated in 2007 on OMX Small Cap list; it has circa 1500 employees and a turnover of circa 2 billion SEK.
Helsingborg, Sweden, 12 August 2010
Jan Svensson Chairman
CEO
Eric Hielte Peter Möller
Gunnar Gremlin Per Borgvall
Lotta Stalin Sven Kristensson
Jonas Svensson Rolf Rånes Employee Representative Employee Representative
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