Quarterly Report • Oct 24, 2011
Quarterly Report
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• Acquisition of Svenska Batteripoolen AB completed
OEM International AB , Org. no. 556184-6691. Norrabyvägen 6B, Box 1009, SE-573 28 Tranås, Sweden. Tel. +46 (0)75 242 40 00 www.oem.se
OEM International's sales figures rose by 11% to SEK 382 million for the third quarter. After adjustments for currency effects, growth was 17% in local currency. As a result of strong invoiced sales and improvements in margins, profit before tax rose by 24% to SEK 47 million which is one of the Group's best quarterly results.
More or less all the companies have reported improved sales and profits for the quarter. The companies in the UK, Finland, the Czech Republic and Elektro Elco and OEM Electronics in Sweden showed the strongest growth.
Incoming orders increased by 2% to SEK 345 million and were below sales by 10% for the third quarter. After adjustments for currency effects, incoming order increased by 8 %. It is normal for incoming orders to be below sales in the third quarter following the holiday season, but the difference was slightly greater than for last year, which suggests that demand has softened. The order book has increased by SEK 11 million since the beginning of the year.
An agreement for the acquisition of Svenska Batteripoolen i Borlänge AB was signed during the quarter with takeover scheduled for 17th October. Earlier this year, we acquired Svenska Helag AB, Scapro AB's operations and Echobeach Ltd in the UK. The total annual turnover of the acquired companies is approximately SEK 80 million. The acquisition of companies enables us to expand our customer offering and is a key dimension of our strategy for growth. It is our ambition to acquire at least SEK 100 million in annual turnover this year. The new companies gain leverage through OEM's sales organisation and greater efficiencies through the coordination of purchasing and logistics.
This autumn, we will be starting up OEM Automatic in Hungary with the head office in Budapest. We will be expanding our partnerships with existing suppliers and strengthening the collaboration we have with customers in the Hungarian market today. The business will be fully operational during the first quarter of next year.
During the first nine months of the year, we have generated a positive cash flow of SEK 64 million from operating activities and have paid out SEK 70 million in dividends. The equity/assets ratio is 64%, which puts us in a strong financial position to drive organic expansion and engage in acquisitions.
During the first nine months of the year, sales increased by 13% and operating profit by 28%. We have reached new record levels in operating profit for the third quarter and the trailing 12-month period.
We are growing, improving our performance and have a larger order book than at the start of the year. Moreover, we have advanced our positions by means of acquisitions and by establishing in a new market. Furthermore, our experienced management and efficient structure allows us to quickly adapt our operations to fluctuating market conditions. We proved this during one quarter when our operating margin was at its lowest at 3% during the financial crisis in 2009.
Incoming orders increased during the third quarter by 2% compared with the previous year and amounted to SEK 345 million (338).
During the period, incoming orders were 10% below net sales. It is normal for incoming orders to be below net sales in the third quarter due to the impact of the holiday season.
For the first three quarters of the year, incoming orders exceeded the previous year by 10%. Practically all companies have reported positive growth. On 30 September 2011, the order book had increased
by 5% over the previous year to SEK 252 million (241).
Net sales increased during the third quarter by 11% over the previous year to reach SEK 382 million (345). For the first three quarters of the year, net sales exceeded last year's level by 13%. Net sales increased by about 17 % excluding the impact of currency translation.
Acquired businesses have increased net sales by SEK 48 million, which is equivalent to 4 % for the first three quarters of the year.
Percentage sales growth was strongest in Finland, the UK, the Czech Republic and Elektro Elco and OEM Electronics in Sweden.
SALES BY REGION (SEK million)
Small changes between the regions, mainly based on currency fluctuations and completed acquisitions.
Volume growth has been relatively consistent between the regions.
Operating profit increased during the third quarter by 15% over the previous year to reach SEK 47 million (41).
The operating profit for the first three quarters of the year exceeded the previous year by 28%. The increase is due to sales growth and margin improvement.
Operating profit for the trailing 12-month period rose by 36% to reach SEK 167 million (123).
Note: Q1 2008 sale of property + SEK 5.4 million
The operating margin increased to 12.3% (11.8%) in the third quarter.
The operating margin increased to 11.1% (9.9%) for the first three quarters of the year.
The operating margin for the trailing 12-month period increased to 10.7% compared to 9.7% for the whole of 2010.
Return on equity increased to 5.4% (4.4) in the third quarter.
Return on equity for the trailing 12-month period reached 20%, which meets the target set.
On 30 September 2011, shareholders' equity amounted to SEK 623 million (569) and the equity/assets ratio reached 64% (63).
Sales are conducted under the company names of OEM Automatic, OEM Motor, OEM Electronics, Internordic Bearings, Telfa, Elektro Elco and Svenska Helag.
| Q1- | Q1- | Full | ||
|---|---|---|---|---|
| Q3 | Q3 | year | Trailing | |
| SEK million | 2011 | 2010 | 2010 | 12 |
| Incoming orders | 772 | 668 | 923 | 1027 |
| Net sales | 759 | 645 | 905 | 1019 |
| Operating profit/loss | 108 | 82 | 113 | 139 |
| Operating margin (%) | 14 | 13 | 13 | 14 |
FINLAND AND THE BALTIC STATES
Sales are conducted under the company names of OEM Automatic, OEM Electronics and Internordic Bearings.
| Q1- | Q1- | Full | ||
|---|---|---|---|---|
| Q3 | Q3 | year | Trailing | |
| SEK million | 2011 | 2010 | 2010 | 12 |
| Incoming orders | 167 | 165 | 224 | 226 |
| Net sales | 172 | 159 | 215 | 228 |
| Operating profit/loss | 18 | 15 | 20 | 23 |
| Division Production Technology Operating margin (%) |
10 | 9 | 9 | 10 |
Net sales rose by 18% during the first three quarters of the year. The increase in volume was approximately 23%.
Acquired businesses have increased net sales by about SEK 43 million for the first three quarters of the year.
Incoming orders exceeded net sales by 2 %. Increased net sales and margin improvement resulted in a 32% increase in the operating profit.
Net sales rose by 8% during the first three quarters of the year. In local currency, net sales increased by 17%. Incoming orders were below net sales
by 3 %. Increased net sales and margin improvement
resulted in a 19% increase in the operating profit.
Net sales 20 26 92 86 Operating profit/loss -3 0 -11 -14 Sales are conducted under the company names of OEM Automatic, OEM Automatic Klitsö and OEM Electronics.
| Q1- | Q1- | Full | ||
|---|---|---|---|---|
| Q3 | Q3 | year | Trailing | |
| SEK million | 2011 | 2010 | 2010 | 12 |
| Incoming orders | 242 | 245 | 321 | 318 |
| Net sales | 243 | 234 | 310 | 319 |
| Operating profit/loss | 18 | 15 | 18 | 21 |
| Operating margin (%) | 8 | 6 | 6 | 7 |
Operating margin (%) -17 1 -12 -17 Net sales rose by 4% during the first three quarters of the year. In local currency, net sales increased by approximately 11%.
Acquired businesses have increased net sales by about SEK 5 million for the first three quarters of the year.
Incoming orders are in line with net sales. Increased net sales and margin improvement resulted in a 23% increase in the operating profit.
Cash flow from operating activities was SEK 67 million (58). Cash flow generated by operating activities was SEK 124 million (93) in the trailing 12 months. Total cash flow was SEK -23 million (-30) during the first three quarters of the year. This was impacted by SEK -34 million (-14) from investing activities and by SEK -70 million (-46) through dividends. Total cash flow was SEK 19 million in the trailing 12 months and was affected, in part, by investing activities by SEK -40 million and dividend payouts of SEK -70 million.
The Group's net investments in property, plant and equipment totalled SEK 32 million (14). Property, machinery and equipment accounted for SEK 11 million of this total, and business combinations for SEK 21 million. SEK -2.7 million (2.9) of this amount is attributable to currency translation.
Cash and cash equivalents, comprising cash and bank balances, amounted to SEK 151 million (132). Together with committed but undrawn credit facilities, cash and cash equivalents amounted to SEK 378 million (352) on 30 September, 2011.
Amortisation of intangible assets totalling SEK 9.4 million (8.0) has been charged to the income statement. On 30 September 2011, the balance sheet carrying amount was SEK 120 million (105).
On 30 September 2011, the equity/assets ratio was 64% (63).
The Group's average number of employees for the period was 551 (496). At the end of the period, the number of employees was 572. 13 employees have joined the Group this year as a result of acquisitions.
The company has not repurchased any shares during the period. The Company did not hold any of its own shares on 30 September 2011. The Annual General Meeting's authorisation for the repurchase of shares extends to 10% of the number of shares, i.e. 2,316,930 shares.
All shares in Echobeach Ltd and Svenska Helag AB have been acquired. In addition, OEM Electronics AB has acquired Scapro AB's components sales business.
Echobeach Ltd. reports sales of approximately SEK 12 million and markets electrical components in the United Kingdom. The company was merged with OEM Automatic Ltd. during the spring of 2011. On the 1 March 2011, the company became part of the Denmark, Norway, UK and Central Eastern Europe region. The consideration for the acquired business was SEK 4.7 million and a contingent consideration, based on the performance of the business throughout 2011, is estimated at SEK 2.2 million. The acquisition is expected to have a marginal positive impact on OEM's profit in 2011.
Svenska Helag, based in the Swedish town of Borås, produces and markets connection technology components for electrical systems and electronics. The company reported sales of SEK 21 million in 2010. This acquisition will strengthen OEM's range of products within connection technology. The takeover date was 1 April 2011. The consideration is SEK 10 million and a contingent consideration, based on how the company develops during 2011 and 2012, is estimated at SEK 5 million. The acquisition is expected to have a marginal positive impact on OEM's profit in 2011.
OEM Electronics AB has acquired Scapro AB's components sales business. The annual turnover is approximately SEK 30 million and the product range consists of keyboards, capacitors and ferrites. The acquisition is an asset deal where OEM acquires stock of goods, equipment, customer and supplier deals as well as intellectual property. The takeover date was 1 June 2011. The consideration is SEK 2.7 million plus a contingent consideration based on how the business develops during 2011. The acquisition is expected to have a marginal positive impact on OEM's profit for 2011.
| The acquired companies' net assets at the time of acquisition | Company carrying values |
Fair value adjustment |
Group fair value |
|---|---|---|---|
| Intangible assets | - | 16,2 | 16,2 |
| Other non-current assets | 0,2 | - | 0,2 |
| Inventories | 7,5 | - | 7,5 |
| Other current assets | 6,3 | - | 6,3 |
| Other liabilities including deferred tax liabilities | -6,1 | -4,4 | -10,5 |
| Net identifiable assets/liabilities | 7,9 | 11,8 | 19,7 |
| Consolidated | |||
| goodwill | - | 5,0 | 5,0 |
| Cash consideration | 24,7 |
As a result of the acquisitions, other intangible assets have increased by SEK 16.2 million. This amount relates to customer relationships that will be amortised over a 5-year period.
OEM normally applies an acquisition structure with a base consideration and contingent consideration. The contingent consideration is initially evaluated at the present value of the probable earnings, which amounts to SEK 7.2 million for the acquisitions this year. The period for contingent considerations is two years and the earnings may amount to a maximum of SEK 9.2 million.
Transaction expenses for the acquisitions completed during the period amount to SEK 0.2 million and are included in the operating costs.
The effect of the above acquisitions on consolidated sales during the period is approximately SEK 24 million, and on profit before tax approximately SEK 2.3 million.
Developments of acquired operations have not led to any revaluation of continent considerations during the period.
This condensed consolidated interim report has been prepared in compliance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in compliance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, as required by the provisions of the RFR 2, Accounting for Legal Entities. The Group and the Parent Company have applied the same accounting policies and basis of preparation as in the latest annual report, apart from the changes described below. The Group's operations are divided into operating segments based on the business areas for which the company's chief operating decision maker, the Group management, monitors the profit, returns and cash flows that the Group's various segments generate. From January 2011, the Group has undergone a reorganisation and is primarily managed as three market regions, i.e. Sweden, Finland and the Baltic States, and Denmark, Norway, the UK and Central Eastern Europe. The purpose of the new organisation is to consolidate OEM's long-term competitive edge and increase growth outside of Sweden. Before 2011, OEM was a matrix organisation with product and country lines, grouped into three divisions: Automation, Components and Production Technology. The Production Technology Division was discontinued in 2010. The focus was moved from the product organisation to the market regions. Each operating segment in the form of a market region has one manager, except for Sweden which has two managers who are responsible for the day-to-day operations and who provide the Group management with regular reports on the performance of the segment and resource requirements. The Group's internal reporting system is designed to allow the Group management to monitor the performance and results of each of the market regions. The Group's segments have been identified using data from this internal reporting system, through a process of assessing the different areas in order to merge segments that are similar. This
means that segments have been merged if they share similar economic properties, such as long-term gross margins and have similar product areas, customer categories and methods of distribution, and operate in an environment that has similar sets of rules and regulations.
The OEM Group is exposed to both business-related risks and financial risks through its activities. Business-related risks include competition and operational risks, and financial risks include liquidity risk, interest rate risk and currency risk. The OEM Group's financial activities and management of financial risks are conducted primarily by the Parent Company. Frameworks for risk management procedures and risk mitigation are in place. These systems are characterised by a low risk level. The basis is the structured and efficient management of the financial risks that arise in the business. For a complete report on the risks affecting the Group, please refer to the annual report for 2010, page 7 and pages 46-48. No changes have occurred during the period.
Preparation of the interim report requires company management to make estimates, assessments and assumptions that affect the application of the accounting policies and the reported amounts for assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and assessments. The critical assessments and sources of uncertainty in the estimates are the same as in the latest annual report, page 51.
No transactions between OEM and associated parties that significantly affect the Group's position and income have occurred during the period.
Net turnover was SEK 14 million (14) and profit after financial items was SEK -4.5 million (15).
A takeover of shares in Svenska Batteripoolen i Borlänge AB took place on 17th October after the close of the reporting period. Svenska Batteripoolen markets batteries in Sweden and has an annual turnover of approximately SEK 17 million. The acquisition bolsters OEM's position in batteries in the Swedish market. The consideration amounts to approximately SEK 4 million plus a consideration based on how the business develops during 2012 and 2013. The acquisition is expected to have a marginal positive impact on OEM's profit for the current year.
The Nomination Committee for the Annual General Meeting on 26 April 2012 comprises: Lars-Åke Rydh (Chairman) Jerker Löfgren, Orvaus AB Hans Franzén Agne Svenberg Bengt Stillström, AB Traction The Nomination Committee can be contacted through Lars-Åke Rydh, tel. 0705-92 45 70 or via e-mail [email protected]
The financial statement for the whole of 2011 will be published on 21 February 2012.
Tranås, 24 October 2011
Jörgen Zahlin Managing Director and Chief Executive Officer
For further information, please contact MD Jörgen Zahlin, phone +46 (0)75-242 40 22 or CFO Jan Cnattingius on +46 (0)75-242 40 03.
The information in this report is of such a nature that its disclosure by OEM International AB (publ.) is required under the Swedish Securities Market Act. The information was released to the media for publication on 24 October 2011 at 2 p.m.
To the Board of Directors of OEM International AB (publ.) Corporate Identity Number 556184-6691
We have reviewed the interim report for OEM International AB (publ) as per 30 September 2011 and the nine-month period that ended on that date. The Board of Directors and Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We have conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report performed by the company's elected auditors. A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical procedures to financial data and taking other review measures. A review has a different focus and is of significantly smaller scope than the objectives and scope of an audit conducted in accordance with the International Standards on Auditing (ISA) and other generally accepted auditing practices. The measures undertaken during a review allow us to be certain that we are aware of all the important factors that it would have been possible to identify had an audit been carried out. Therefore, the conclusion expressed based on a review does not have the same certainty as a conclusion expressed based on an audit.
Based on our review, no factors have come to light that give us reason to believe that the interim report has not, in all significant respects, been prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act, and, for the Parent Company, in accordance with the Swedish Annual Accounts Act.
Tranås, 24 October 2011 KPMG AB
Kjell Bidenäs Chartered Accountant
TURNOVER AND RESULTS BY REGION *
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
|---|---|---|---|---|---|---|---|---|---|
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2011 | 2010 | ||||||||
| Sweden, external income | 759 | 645 | 244 | 270 | 245 | 260 | 208 | 1 019 | 905 |
| Sweden, income from other segments | 47 | 45 | 17 | 15 | 15 | 15 | 16 | 61 | 60 |
| Finland and the Baltic States, external income | 172 | 159 | 57 | 58 | 57 | 56 | 58 | 228 | 215 |
| Finland and the Baltic States, income from other segments | 1,7 | 2,0 | 0,4 | 0,6 | 0,7 | 0,8 | -3,7 | 2,5 | 2,8 |
| Denmark, Norway, the United Kingdom and | |||||||||
| Central Eastern Europe, external income | 243 | 234 | 80 | 80 | 82 | 76 | 79 | 319 | 310 |
| Denmark, Norway, the United Kingdom and | |||||||||
| Central Eastern Europe, income from other segments | 3,5 | 0,8 | 0,3 | 3,0 | 0,2 | 0,3 | 0,2 | 3,8 | 1,1 |
| Other operating segments/elimination | -52 | -47 | -17 | -19 | -15 | -16 | -12 | -67 | -63 |
| 1 174 | 1 038 | 382 | 408 | 384 | 392 | 345 | 1 566 | 1 430 | |
| Operating profit (SEK million) * | |||||||||
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2010 | |||||||||
| 2011 | |||||||||
| Sweden | 108 | 82 | 37 | 39 | 32 | 31 | 30 | 139 | 113 |
| Finland and the Baltic States | 18 | 15 | 6,7 | 5,2 | 5,8 | 4,8 | 7,1 | 23 | 20 |
| Denmark, Norway, the United Kingdom and | |||||||||
| Central Eastern Europe | 18 | 15 | 7,0 | 4,9 | 6,3 | 3,2 | 6,1 | 21 | 18 |
| 144 | 111 | 51 | 49 | 44 | 39 | 43 | 183 | 151 | |
| Consolidated profit/loss (SEK million) * | |||||||||
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2011 | 2010 | ||||||||
| Operating profit, above segments | 144 | 111 | 51 | 49 | 44 | 39 | 43 | 183 | 151 |
| Group functions | -13 | -9,0 | -4,4 | -5,3 | -3,1 | -3,4 | -2,4 | -16 | -12 |
| Net financial items | -1,6 | -1,9 | 0,1 | -0,8 | -0,9 | 0,1 | -2,9 | -1,5 | -1,8 |
| Profit/loss before tax | 129 | 101 | 47 | 43 | 40 | 36 | 38 | 165 | 136 |
| Other disclosures (SEK million) * | |||||||||
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2011 | 2010 | ||||||||
| Sweden | |||||||||
| Assets | 477 | 422 | 477 | 460 | 452 | 443 | 422 | 458 | 443 |
| Liabilities | 161 | 152 | 161 | 179 | 220 | 227 | 152 | 197 | 227 |
| Finland and the Baltic States | |||||||||
| Assets | 88 | 84 | 88 | 88 | 88 | 85 | 84 | 87 | 85 |
| Liabilities | 36 | 42 | 36 | 42 | 38 | 39 | 42 | 39 | 39 |
| Denmark, Norway, the United Kingdom and Central Eastern Europe Assets |
167 | 151 | 167 | 162 | 170 | 144 | 148 | 161 | 144 |
| Liabilities | 67 | 58 | 67 | 72 | 81 | 61 | 58 | 70 | 61 |
* Continuing operations
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (SEK MILLION)
| Jan- Sept 2011 |
Jan- Sept 2010 |
Q3 2011 |
Q2 2011 |
Q1 2010 |
Q4 2010 |
2010 | Q3 Rolling 12 mth |
Full year 2010 |
|
|---|---|---|---|---|---|---|---|---|---|
| Continuing operations | |||||||||
| Net sales | 1 174 | 1 038 | 382 | 408 | 384 | 392 | 345 | 1 566 | 1 430 |
| Operating costs | -1 022 | -916 | -328 | -358 | -337 | -349 | -297 | -1371 | -1 265 |
| Intangible asset amortisation | -9,4 | -8,0 | -3,2 | -3,2 | -3,0 | -3,0 | -2,7 | -12 | -11 |
| Depreciation of property, plant and equipment | -12 | -12 | -3,9 | -3,9 | -3,8 | -4,4 | -4,2 | -16 | -17 |
| Operating profit/loss | 131 | 102 | 47 | 43 | 41 | 36 | 41 | 167 | 138 |
| Net finance income/expense | -1,6 | -1,9 | 0,1 | -0,8 | -0,9 | 0,1 | -2,9 | -1,5 | -1,8 |
| Profit/loss before tax | 129 | 101 | 47 | 43 | 40 | 36 | 38 | 165 | 136 |
| Tax | -36 | -28 | -13 | -12 | -11 | -8,4 | -11 | -44 | -37 |
| Profit/loss for the period from continuing operations | 94 | 72 | 34 | 31 | 29 | 28 | 27 | 121 | 100 |
| Discontinued operations Profit/loss for the period from discontinued operations, net after tax |
-0,2 | -5,1 | 0,1 | -0,1 | -0,1 | 0,6 | -1,0 | 0,4 | -4,5 |
| Profit/loss for the period | 93 | 67 | 34 | 31 | 29 | 28 | 26 | 122 | 95 |
| Other comprehensive income Exchange differences for the period arising on |
|||||||||
| translation of foreign operations | 4,7 | -17 | 2,2 | 3,9 | -1,4 | -2,8 | -6,9 | 1,9 | -20 |
| Other comprehensive income for the period | 4,7 | -17 | 2,2 | 3,9 | -1,4 | -2,8 | -6,9 | 1,9 | -20 |
| Total comprehensive income for the period | 98 | 50 | 36 | 35 | 27 | 25 | 19 | 123 | 76 |
| Earnings per share, SEK* | 4,03 | 2,91 | 1,48 | 1,31 | 1,24 | 1,21 | 1,11 | 5,24 | 4,12 |
| Earnings per share from continuing operations, SEK* |
4,04 | 3,13 | 1,48 | 1,32 | 1,24 | 1,19 | 1,15 | 5,23 | 4,32 |
* No effects of dilution present and the results are attributable to shareholders of the parent.
| 2011-09-30 | 2010-09-30 | 2010-12-31 | |
|---|---|---|---|
| Goodwill | 60 | 50 | 55 |
| Other intangible assets | 60 | 55 | 52 |
| Property, plant and equipment | 182 | 183 | 182 |
| Financial assets | 2,3 | 3,9 | 4,6 |
| Deferred tax assets | 2,4 | 4,1 | 3,9 |
| Total fixed assets | 307 | 296 | 298 |
| Inventories | 246 | 195 | 220 |
| Current receivables | 269 | 285 | 241 |
| Cash and cash equivalents | 151 | 132 | 173 |
| Total current assets | 666 | 611 | 634 |
| Total assets | 973 | 907 | 932 |
| Equity | 623 | 569 | 594 |
| Non-current interest-bearing liabilities | 20 | 17 | 17 |
| Deferred tax liabilities | 54 | 48 | 50 |
| Total long-term liabilities | 74 | 66 | 68 |
| Current interest-bearing liabilities | 76 | 73 | 65 |
| Current non-interest-bearing liabilities | 201 | 199 | 205 |
| Total current liabilities | 277 | 273 | 270 |
| Total equity and liabilities | 973 | 907 | 932 |
| 2011-09-30 | 2010-09-30 | 2010-12-31 | |
|---|---|---|---|
| At beginning of year | 594 | 565 | 565 |
| Total comprehensive income for the period | 98 | 50 | 76 |
| Dividends paid | -70 | -46 | -46 |
| At the end of the period | 623 | 569 | 594 |
| Jan- Sept 2011 |
Jan- Sept 2010 |
Q3 2011 |
Q2 2011 |
Q1 2010 |
Q4 2010 |
2010 | Q3 Rolling 12 mth |
Full year 2010 |
|
|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities | |||||||||
| before changes in working capital | 116 | 83 | 46 | 34 | 36 | 50 | 36 | 166 | 134 |
| Changes in working capital | -49 | -25 | -21 | -7,0 | -21 | 6,9 | -5,1 | -42 | -18 |
| Cash flows from | |||||||||
| operating activities | 67 | 58 | 24 | 27 | 16 | 57 | 31 | 124 | 116 |
| Cash flows from investing activities | -34 | -14 | -6,8 | -13 | -14 | -6,7 | -4,6 | -40 | -20 |
| Cash flows after | |||||||||
| investing activities | 33 | 45 | 18 | 14 | 1,3 | 50 | 26 | 84 | 95 |
| Cash flows from | |||||||||
| financing activities | |||||||||
| - Change in liabilities | 13 | -28 | -9,9 | 6,5 | 17 | -8,1 | -15 | 5,0 | -36 |
| - Dividends paid | -70 | -46 | 0,0 | -70 | 0,0 | 0,0 | 0,0 | -70 | -46 |
| Cash flows for the period | -23 | -30 | 7,8 | -49 | 18 | 42 | 11 | 19 | 13 |
| Cash and cash equivalents at the beginning of the period | 173 | 165 | 143 | 191 | 173 | 132 | 122 | 132 | 165 |
| Exchange rate differences | 1,4 | -3,8 | 0,4 | 1,2 | -0,2 | -0,8 | -1,1 | 0,6 | -4,6 |
| Cash and cash equivalents at the end of the period | 151 | 132 | 151 | 143 | 191 | 173 | 132 | 151 | 173 |
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
|---|---|---|---|---|---|---|---|---|---|
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2011 | 2010 | ||||||||
| Return on equity, % | 15,4 | 11,9 | 5,4 | 5,2 | 4,8 | 4,6 | 4,4 | 20,0 | 16,5 |
| Return on capital employed, % * | 19,2 | 15,0 | 6,7 | 6,7 | 5,8 | 5,5 | 6,1 | 24,7 | 21,0 |
| Return on total capital % * | 14,1 | 11,0 | 5,0 | 4,8 | 4,3 | 4,0 | 4,4 | 18,1 | 15,5 |
| Equity/assets ratio, % | 64,0 | 62,7 | 63,8 | ||||||
| Earnings per share, SEK* | 4,03 | 2,91 | 1,48 | 1,31 | 1,24 | 1,21 | 1,11 | 5,24 | 4,12 |
| Earnings per share from continuing operations, SEK/* | 4,04 | 3,13 | 1,48 | 1,32 | 1,24 | 1,19 | 1,15 | 5,23 | 4,32 |
| Equity per share, SEK | 26,87 | 24,45 | 25,63 | ||||||
| Average number of shares | |||||||||
| (thousands) | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 |
| Average number of diluted shares | |||||||||
| (thousands) | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 |
| Operating margin, % * | 11,1 | 9,9 | 12,3 | 10,6 | 10,6 | 9,3 | 11,8 | 10,7 | 9,7 |
* Under IFRS 5, Division Production Technology operations are recognised as discontinued operations. Marked KPIs apply to continuing operations.
Comparative figures have been restated. Other KPIs apply for the total operations (incl. Production Technology operations)
as the balance sheet for the comparative periods, under IFRS 5, is not restated.
** There are no dilution effects
| Jan- | Jan- | Q3 | Q2 | Q1 | Q4 | Q3 Rolling | Full year | ||
|---|---|---|---|---|---|---|---|---|---|
| Sept | Sept | 2011 | 2011 | 2010 | 2010 | 2010 | 12 mth | 2010 | |
| 2011 | 2010 | ||||||||
| Net sales | 14 | 14 | 4,4 | 4,9 | 4,3 | 24 | 3,9 | 37 | 37 |
| Operating costs | -30 | -28 | -9,2 | -11 | -8,9 | -8,9 | -8,1 | -38 | -37 |
| Depreciation | -2,3 | -1,6 | -0,8 | -0,8 | -0,7 | -1,0 | -0,4 | -3,3 | -2,6 |
| Operating profit/loss | -18 | -16 | -5,5 | -7,3 | -5,3 | 14 | -4,6 | -4,3 | -2,5 |
| Income from shares | |||||||||
| in Group companies | 12 | 31 | 0,0 | 12 | 0,0 | -9,9 | 0,0 | 2,2 | 21 |
| Net financial income/expense | 1,6 | 0,6 | 0,5 | 0,6 | 0,4 | 0,4 | 0,2 | 2,0 | 1,1 |
| Profit/loss after | |||||||||
| financial items | -4,5 | 15 | -5,0 | 5,4 | -4,9 | 4,4 | -4,3 | -0,1 | 20 |
| Appropriations | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | -12 | 0,0 | -12 | -12 |
| Profit/loss before tax | -4,5 | 15 | -5,0 | 5,4 | -4,9 | -8,1 | -4,3 | -13 | 7,2 |
| Tax | 4,3 | 4,1 | 1,2 | 1,8 | 1,3 | -1,0 | 1,0 | 3,3 | 3,1 |
| Profit/loss for the period | -0,2 | 19 | -3,8 | 7,2 | -3,6 | -9,0 | -3,4 | -9,2 | 10 |
| 2011-09-30 | 2010-09-30 | 2010-12-31 | |
|---|---|---|---|
| Assets | |||
| Intangible assets | 3,4 | 3,7 | 3,9 |
| Property, plant and equipment | 20 | 20 | 20 |
| Financial assets | 309 | 305 | 304 |
| Current receivables | 124 | 146 | 203 |
| Cash and bank balances | 101 | 93 | 122 |
| Total assets | 558 | 568 | 653 |
| Equity and liabilities | |||
| Equity | 290 | 303 | 359 |
| Untaxed reserves | 98 | 85 | 98 |
| Deferred tax liabilities | 2,0 | 1,9 | 1,9 |
| Current interest-bearing liabilities | 0,0 | 0,0 | 0,0 |
| Current non-interest-bearing liabilities | 168 | 177 | 194 |
| Total equity and liabilities | 558 | 568 | 653 |
| Pledged assets | 7,5 | 7,5 | 7,5 |
| Contingent liabilities | 196 | 247 | 196 |
OEM is one of Europe's leading technology trading companies and consists of 22 operating units in 14 countries.
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