Quarterly Report • Feb 19, 2013
Quarterly Report
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*Refers comprehensive income.
OEM International AB, CRN. 556184-6691. Norrabyvägen 6B, Box 1009, SE-573 28 Tranås, Sweden. Tel. +46 (0)75-242 40 00 www.oem.se
Demand in the third and fourth quarters has been lower than in the first two quarters of the year. Although consolidated sales fell by 2% to SEK 408 million, incoming orders were up 2% to SEK 398 million compared to the year-ago quarter.
It is mainly our operations in Sweden and Finland that have experienced decreased demand, with the exception of Elektro Elco AB which continues to report steady demand. The entire Group was also affected by the fact that December had fewer working days. In addition to Elektro Elco AB, the Denmark, Norway, UK and Central Eastern Europe region has shown continued growth. The drop in turnover caused the operating margin to fall to 7.0% (10.4%) in the fourth quarter. The
operating margin for the year as a whole was 9.9% (10.9%). The year was marked by a record first half followed by six months of weaker demand. Year-end results show 3% growth in sales and a 7% decrease in operating profit. Net sales, excluding acquisitions and the impact of currency translation, increased by 1%.
The operations in Norway, Denmark, Poland, the Czech Republic and the UK, and Elektro Elco AB in Sweden, delivered robust performances and reported a record year. The business units in our newest markets, which are still small, achieved significant growth in sales during the year, 51 percent in China and 24 percent in Slovakia.
TemFlow Control AB, with an annual turnover of approximately SEK 13 million, was acquired on 23 October. Vanlid Transmission AB and its subsidiaries Ronson Transmission AB and Fenix Transmission AB, with an annual turnover of approximately SEK 30 million, were acquired on 1 November. The final acquisition of the quarter was made on 1 December with the purchase of the British company, Datasensor UK Ltd, with an annual turnover of GBP 1.5 million . This brings the total number of acquisitions for the year to four, with a combined annual turnover of approximately SEK 70 million. OEM's ambition is to annually acquire businesses with an aggregate annual turnover of at least SEK 100 million.
This year, we have generated a positive cash flow from operating activities amounting to SEK 126 million and have paid out SEK 81 million in dividends. Cash and cash equivalents amount to SEK 181 million, despite a cash outflow of about SEK 60 million for investments and acquisitions. Good liquidity with an equity/assets ratio of 63 %, we remain in a strong financial position for developing our business and pursuing futher acquisitions.
Throughout the year, we continued developing our product portfolio by expanding our range and making acquisitions. We also improved the strength of our business by investing in logistics, ecommerce and a new business management system.
The Group's experienced management team has previously shown the ability to be able to respond to the ups and downs of the economy. We are currently working to adapt our operations to the lower level of demand and are keeping a close watch on the many interesting business opportunities that are presenting themselves in the current economic situation.
Jörgen Zahlin Managing Director and Chief Executive Officer
INCOMING ORDERS (SEK million) Incoming orders increased by 2% to SEK 398 million (391) compared with last year. During the period, incoming orders were 2% lower than net sales.
Total incoming orders for 2012 exceeded last year's figure by 4%. Total incoming orders for 2012 have been in line with net sales.
On 31 December 2012, the order book had increased slightly over the previous year to SEK 231 million (229).
NET SALES (SEK million) In the fourth quarter, net sales decreased by 2% to SEK 408 million (416) over the year-ago quarter.
Net sales for 2012 were up by 3% on last year's figures to SEK 1,631 million (1,590). Excluding acquisitions and the impact of foreign currency exchange rate fluctuations, net sales increased by 1%.
Most of the companies are in line with last year's figures, while Elektro Elco AB in Sweden and the operations in Slovakia, Poland, China and Denmark have reported positive percentage net sales growth.
NET SALES BY REGION There are small percentage changes across the regions compared to last year, due mainly to implemented acquisitions.
Region Sweden's share has fallen to 64%. The region's 2% growth is attributable to businesses acquired in 2011 and 2012 and Elektro Elco's strong expansion.
The Finland and Baltic States region has a 14% share, which is the same as in 2011.
The share of the market for the Denmark, Norway, UK and Central Eastern Europe region has increased by 1% to 22%. 8% of the region's 9% growth has been realised through organic growth and 1% through acquisitions.
quarter by 34% to SEK 28 million (43) compared with the year-ago quarter.
The operating profit for 2012 was down 7% on last year, due to operations in Sweden and Finland/Baltic States.
The positive earnings trend continues for the operations in the Norway, Denmark, UK and Central Eastern Europe region.
OPERATING MARGIN (%) The operating margin was 7.0% (10.4%) in the fourth quarter.
The operating margin was 9.9% (10.9%) for 2012.
RETURN ON EQUITY (%) The return on equity was 4.2% compared with 5.2% in the fourth quarter of 2011.
The return on equity for 2012 was 19% (21%) which is slightly below the 20% target.
Shareholders' equity amounted to SEK 689 million (648) with an equity/assets ratio of 63% (63%) at 31 December 2012.
Note:
The return on equity for each quarter is listed by four to provide a better comparison with the trailing twelve months in the diagram.
Sales are conducted under the company names of OEM Automatic, OEM Motor, OEM Electronics, Internordic Bearings, Telfa, Elektro Elco, Svenska Helag, Svenska Batteripoolen, Flexitron, TemFlow Control, Vanlid Transmission, Ronson Transmission and Fenix Transmission.
| Full | Full | ||
|---|---|---|---|
| year | year | ||
| SEK million | 2012 | 2011 | |
| Incoming orders | 1,059 | 1,025 | |
| Net sales | 1,054 | 1,037 | |
| Operating profit/loss | 127 | 139 | |
| Operating margin (%) | 12 | 13 |
Sales are conducted under the company names of OEM Automatic, OEM Electronics, Internordic Bearings and Akkupojat.
| Full | Full | ||
|---|---|---|---|
| year | year | ||
| SEK million | 2012 | 2011 | |
| Incoming orders | 226 | 224 | |
| Net sales | 225 | 229 | |
| Operating profit/loss | 17 | 22 | |
| Operating margin (%) | 7 | 10 |
Fourth quarter net sales were down 4% on the year-ago quarter.
Net sales increased by 2% in 2012. The effect of acquired business increased net sales by approximately SEK 43 million compared with last year, which represents 4%.
The operating profit is down 9% on last year due to a slightly lower gross margin and increased cost base.
Fourth quarter net sales were down 2% on the year-ago quarter.
Net sales decreased by 2% in 2012. Net sales increased by 2% measured in local currency. The effect of acquired business increased net sales by 5% measured in local currency.
The operating profit for the year was down 25% on last year. This is attributable to a lower gross margin and higher costs.
Sales are conducted under the company names of OEM Automatic, OEM Automatic Klitsö and OEM Electronics.
| Full | |||
|---|---|---|---|
| Full year | year | ||
| SEK million | 2012 | 2011 | |
| Incoming orders | 344 | 324 | |
| Net sales | 352 | 324 | |
| Operating profit/loss | 30 | 22 | |
| Operating margin (%) | 8 | 7 |
Fourth quarter net sales were up 6% on the yearago quarter.
Net sales increased by 9% in 2012. The effect of acquired business increased net sales by approximately SEK 2 million compared with last year, which represents 1%.
Increased net sales and margin improvement resulted in a 35% increase in the operating profit. The business operations in Norway, Poland and Denmark are primarily responsible for the significant improvement in performance.
Cash flow from operating activities during the year was SEK 126 million (108). Cash flow totalled SEK 20 million (-11) during the year and was affected by investing activities of SEK -60 million (-57) and dividends of SEK -81 million (-70).
The Group's investments in property, plant and equipment totalled SEK 72 million (69). Property, machinery and equipment accounted for SEK 35 million (24), other intangible assets for SEK 13 million (8) and business combinations for SEK 24 million (37).
Cash and cash equivalents, comprising cash and bank balances, amounted to SEK 181 million (162). Cash and cash equivalents, together with committed but undrawn credit facilities, amounted to SEK 383 million (397) on 31 December, 2012.
Amortisation of intangible assets totalling SEK 16 million (13) has been charged to the income statement. The value recognised in the Statement of Financial Position on 31 December, 2012, was SEK 157 million (138).
The equity/assets ratio on 31 December 2012 was 63% (63%).
The Group's average number of employees for the period was 623 (570). At the end of the period, the number of employees was 622 (587). 21 of these employees come from acquired companies.
The company has not repurchased any shares during the period. The company's total shareholding was 61,847 shares on 31 December, 2012, which is equivalent to 0.3% of the aggregate number of shares. The Annual General Meeting is authorised to repurchase up to 10% of the shares, which is the equivalent of 2,316,930 shares.
All shares in Akkupojat OY were acquired on 1 May.
Akkupojat OY reports annual sales of approximately SEK 13 million and markets batteries in Finland. The company became part of the Finland and Baltic States region on 1 May, 2012. The consideration for the business acquired amounted to
SEK 4.6 million plus contingent consideration, which is based on how the business develops in 2012 and 2013 and is estimated at SEK 1.6 million. The acquisition has had a positive impact on OEM's profit for the year.
All shares in TemFlow Control AB were acquired on 23 October. TemFlow Control AB reports sales of approximately SEK 13 million and markets components and systems for monitoring and control of pressure, flow and temperature, in the Swedish market. The company is part of Region Sweden. The consideration for the business acquired amounted to SEK 4 million as well as a contingent consideration which is based on how the business develops in 2013 and is estimated at SEK 1 million. The acquisition has had a marginal impact on OEM's profit for the year.
All shares in Vanlid Transmission AB, and its subsidiaries Ronson Transmission AB and Fenix Transmission AB, were acquired on 1 November. The Group of companies reports sales of approximately SEK 30 million and markets transmission products in Sweden. The company is part of Region Sweden. The consideration for the business acquired amounted to SEK 8 million. The acquisition has had a marginal impact on OEM's profit for the year.
All shares in the British company, Datasensor UK Ltd, were acquired on 1 December by OEM International's UK subsidiary, OEM Automatic Ltd. Datasensor UK Ltd reports sales of approximately SEK 16 million and markets sensors from Italian Datalogic in the UK. Datasensor UK Ltd will be merged with OEM Automatic in the UK in the beginning of 2013. The company is part of the Denmark, Norway, UK and Central Eastern Europe region. The consideration for the business acquired amounted to SEK 10 million as well as a contingent consideration which, based on how the business develops in 2013, is estimated at SEK 3.6 million. The acquisition has had a marginal impact on OEM's profit for the year.
| The acquired companies' net assets at the time of acquisition | Company carrying values |
Fair value adjustment |
Group fair value |
|---|---|---|---|
| Intangible fixed assets | - | 20.5 | 20.5 |
| Other fixed assets | 0.5 | - | 0.5 |
| Inventories | 12.4 | - | 12.4 |
| Other current assets | 21.7 | - | 21.7 |
| Other liabilities | -20.2 | -4.7 | -24.9 |
| Net identifiable assets/liabilities | 14.4 | 15.8 | 30.2 |
| Consolidated goodwill | - | 2.8 | 2.8 |
| Cash consideration | 33.0 |
As a result of the acquisition, other intangible assets have increased by SEK 20.5 million. The amount relates to customer and supplier relationships that will be amortised over a 5-year period.
OEM normally uses an acquisition structure with a base consideration and contingent consideration. Contingent consideration is initially valued at the present value of the probable earnings, which amounts to SEK 6.3 million for the acquisitions made during the year. The period for contingent consideration is two years and the earnings may amount to a maximum of SEK 7.9 million.
Acquisition-related transaction expenses for the period amount to SEK 0.5 million.
The impact of acquisition transactions on consolidated sales in 2012 is approximately SEK 19 million and on profit before tax approximately SEK 1 million.
Developments in previously implemented acquisitions have resulted in revaluation of contingent considerations recognised as liability that have decreased by SEK 3.1 million. This has had a positive impact on the operating profit for the year.
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 Chapter 9, Interim Report and the Securities Market Act. The Group and the Parent Company have applied the same accounting policies and basis of preparation as in the latest annual report. In November, the Swedish Government decided to reduce the corporate tax rate from 26.3% to 22% in Sweden, effective from 1 January, 2013. As at 31 December 2012, the reduced corporate tax rate had a SEK 8 million impact on consolidated net earnings and equity.
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 frameworks 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 page 7 and pages 46-49 of the 2011 annual report. This must be complemented with the economic slowdown that the company is experiencing, which is having an impact on net sales and earnings.
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 related party transactions have been entered into that materially affected the financial position or the performance of the Group and Parent Company during the period, except for intra-Group dividend payments.
Net sales were SEK 41 million (41) and profit after financial items was SEK 151 million (134).
There are no significant events to report after the close of the reporting period.
The Nomination Committee for the Annual General Meeting on 22 April 2013 comprises: Lars-Åke Rydh (Chairman) Hans Franzén Jerker Löfgren, Orvaus AB Agne Svenberg Bengt Stillström, AB Traction The Nomination Committee can be contacted through Lars-Åke Rydh, tel. +46 (0)705-924570 or via email [email protected]
The Board proposes a dividend of SEK 3.75 per share (3.50). The proposed dividend amounts to SEK 87 million (81).
The 2012 Annual Report will be distributed at the end of March 2013 and will be available at Head Office and on the Company's website from week 12.
The Annual General Meeting will be held at 4 p.m. on 22 April 2013, at Badhotellet in Tranås.
OEM will release financial information as follows: AGM 2013 22 April, 2013 Interim report Q1 2013 22 April, 2013 Interim report Q2 2013 15 July, 2013 Interim report Q3 2013 17 October, 2013 Financial statement 2013 19 February, 2014
Tranås, Sweden, 19 February 2013
Jörgen Zahlin Managing Director and Chief Executive Officer
The company's auditors have not conducted a special audit of this report.
For further information, please contact Managing Director Jörgen Zahlin, on +46 (0)75-242 40 22 or Finance Director 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 19 February 2013 at 2 p.m.
SALES & EARNINGS BY REGION *
| Jan- | Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|---|---|
| Dec | Dec | 2012 | 2012 | 2012 | 2012 | 2011 | |
| 2012 | 2011 | ||||||
| Sweden, external income | 1 054 | 1 037 | 267 | 228 | 279 | 280 | 278 |
| Sweden, income from other segments | 84 | 66 | 23 | 17 | 22 | 22 | 19 |
| Finland and the Baltic States, external income | 225 | 229 | 55 | 51 | 62 | 57 | 57 |
| Finland and the Baltic States, income from other segments | 2,4 | 2,4 | 0,5 | 0,7 | 0,7 | 0,5 | 0,8 |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe, external income | 352 | 324 | 86 | 81 | 96 | 89 | 81 |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe, income from other segments | 1,1 | 3,7 | 0,3 | 0,3 | 0,3 | 0,2 | 0,2 |
| Other operating segments/elimination | -88 | -72 | -24 | -18 | -23 | -23 | -20 |
| 1 631 | 1 590 | 408 | 361 | 437 | 426 | 416 | |
| Jan- Dec |
Jan- Dec |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
|
| 2012 | 2011 | ||||||
| Sweden | 127 | 139 | 23 | 26 | 36 | 42 | 32 |
| Finland and the Baltic States | 17 | 22 | 1,9 | 4,6 | 5,5 | 4,6 | 4,4 |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe | 30 | 22 | 6,5 | 6,3 | 9,9 | 7,1 | 3,7 |
| 174 | 183 | 32 | 37 | 51 | 54 | 40 | |
| Consolidated profit/loss (SEK million) * | |||||||
| Jan- | Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
| Dec | Dec | 2012 | 2012 | 2012 | 2012 | 2011 | |
| 2012 | 2011 | ||||||
| Operating profit segment above | 174 | 183 | 32 | 37 | 51 | 54 | 40 |
| Group functions | -11 | -9,6 | -3,4 | -0,1 | -3,7 | -4,2 | 3,3 |
| Net financial items | -3,7 | -1,4 | -0,3 | -1,9 | -0,5 | -0,9 | 0,2 |
| Profit/loss before tax | 159 | 172 | 28 | 35 | 47 | 48 | 43 |
| Jan- Dec |
Jan- Dec |
Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
Q4 2011 |
||
|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | |||||||
| Sweden | ||||||||
| Assets | 490 | 478 | 490 | 516 | 509 | 554 | 478 | |
| Liabilities | 267 | 276 | 267 | 187 | 201 | 277 | 276 | |
| Finland and the Baltic States | ||||||||
| Assets | 86 | 82 | 86 | 106 | 109 | 92 | 82 | |
| Liabilities | 30 | 31 | 30 | 45 | 47 | 40 | 31 | |
| Denmark, Norway, the United Kingdom and | ||||||||
| Central Eastern Europe | ||||||||
| Assets | 161 | 134 | 161 | 158 | 166 | 169 | 134 | |
| Liabilities | 55 | 46 | 55 | 67 | 79 | 68 | 46 | |
* Continuing operations
| Jan- Dec |
Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|---|---|
| Dec | 2012 | 2012 | 2012 | 2012 | 2011 | ||
| 2012 | 2011 | ||||||
| Continuing operations | |||||||
| Net sales | 1 631 | 1 590 | 408 | 361 | 437 | 426 | 416 |
| Other operating income | 3,1 | 0,3 | 0,7 | 2,2 | 0,3 | 0,0 | 0,3 |
| Operating costs | -1 439 | -1 388 | -371 | -318 | -382 | -369 | -365 |
| Amortisation of intangible assets | -16 | -13 | -4,6 | -3,9 | -3,7 | -3,6 | -3,6 |
| Depreciation of property, plant and equipment | -17 | -15 | -4,7 | -4,3 | -4,2 | -4,2 | -3,8 |
| Operating profit/loss | 162 | 174 | 29 | 37 | 47 | 49 | 43 |
| Net financial income/expense | -3,7 | -1,4 | -0,3 | -1,9 | -0,5 | -0,9 | 0,2 |
| Profit/loss before tax | 159 | 172 | 28 | 35 | 47 | 48 | 43 |
| Taxes | -32 | -47 | 2,7 | -8,7 | -13 | -13 | -11 |
| Profit/loss for the period from | |||||||
| continuing operations | 127 | 126 | 31 | 27 | 33 | 36 | 32 |
| Discontinued operations Profit/loss for the period from discontinued operations, net after tax |
-0,1 | 2,2 | -0,1 | 0,0 | 0,0 | 0,1 | 2,3 |
| Profit/loss for the period | 127 | 128 | 31 | 27 | 33 | 36 | 34 |
| Other comprehensive income Exchange differences for the period on translation of overseas operations |
-4,2 | -1,2 | 3,2 | -5,6 | -1,1 | -0,6 | -5,9 |
| Other comprehensive income for the period | -4,2 | -1,2 | 3,2 | -5,6 | -1,1 | -0,6 | -5,9 |
| Total comprehensive income for the period | 122 | 127 | 34 | 21 | 32 | 35 | 29 |
| Earnings per outstanding share, SEK* | 5,47 | 5,52 | 1,32 | 1,15 | 1,45 | 1,55 | 1,49 |
| Earnings per outstanding share | |||||||
| from continuing operations, SEK* | 5,47 | 5,43 | 1,33 | 1,15 | 1,44 | 1,55 | 1,39 |
| Earnings per total shares, SEK* Earnings per total shares |
5,45 | 5,52 | 1,31 | 1,15 | 1,44 | 1,55 | 1,49 |
| from continuing operations, SEK* | 5,46 | 5,42 | 1,33 | 1,14 | 1,44 | 1,55 | 1,38 |
* Earnings attributable to parent company shareholders. There are no dilution effects.
| 2012-12-31 | 2011-12-31 | |
|---|---|---|
| Fixed assets | ||
| Goodwill | 66 | 64 |
| Other intangible assets | 91 | 74 |
| Total intangible assets | 157 | 138 |
| Property, plant and equipment | 202 | 188 |
| Total property, plant and equipment | 202 | 188 |
| Financial assets | 0,1 | 0,6 |
| Total financial assets | 0,1 | 0,6 |
| Total fixed assets | 359 | 327 |
| Deferred tax assets | 1,4 | 2,2 |
| Current assets | ||
| Inventories | 295 | 269 |
| Current receivables | 264 | 262 |
| Cash and cash equivalents | 181 | 162 |
| Total current assets | 740 | 693 |
| Total assets | 1 101 | 1 023 |
| Equity | 689 | 648 |
| Non-current interest-bearing liabilities | 19 | 21 |
| Provisions for pensions | 0,5 | 0,5 |
| Non-current non-interest-bearing liabilities | 0,7 | 7,4 |
| Deferred tax liabilities | 62 | 65 |
| Total non-current liabilities | 82 | 94 |
| Current interest-bearing liabilities | 101 | 65 |
| Current non-interest-bearing liabilities | 228 | 216 |
| Total current liabilities | 329 | 281 |
| Total equity and liabilities | 1 101 | 1 023 |
| 2012-12-31 | 2011-12-31 | |
|---|---|---|
| At beginning of year | 648 | 594 |
| Total comprehensive income for the period | 122 | 127 |
| Repurchase of own shares for the period | 0,0 | -3,3 |
| Dividends paid | -81 | -70 |
| At the end of the period | 689 | 648 |
| Jan- | Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|---|---|
| Dec | Dec | 2012 | 2012 | 2012 | 2012 | 2011 | |
| 2012 | 2011 | ||||||
| Cash flows from operating activities | |||||||
| before changes in working capital | 154 | 166 | 36 | 34 | 41 | 43 | 51 |
| Changes in working capital | -28 | -58 | 12 | -13 | -5,7 | -21 | -9,1 |
| Cash flows from | |||||||
| operating activities | 126 | 108 | 47 | 21 | 35 | 23 | 41 |
| Cash flows from investing activities | -60 | -57 | -18 | -10 | -18 | -14 | -23 |
| Cash flows after | |||||||
| investing activities | 66 | 51 | 29 | 11 | 17 | 9 | 18 |
| Cash flows from | |||||||
| financing activities | |||||||
| - Change in financial liabilities | 35 | 10 | 16 | -7,2 | 8,9 | 18 | -2,8 |
| - Dividends paid | -81 | -70 | 0,0 | 0,0 | -81 | 0,0 | 0,0 |
| - Repurchase of own shares | 0,0 | -3,3 | 0,0 | 0,0 | 0,0 | 0,0 | -3,3 |
| Cash flows from financing activities | -46 | -62 | 16 | -7,2 | -72 | 18 | -6,1 |
| Cash flows for the period | 20 | -11 | 45 | 3,6 | -55 | 27 | 12 |
| Cash and cash equivalents at the beginning of the period | 162 | 173 | 135 | 133 | 188 | 162 | 151 |
| Exchange rate differences | -0,7 | -0,3 | 0,5 | -1,0 | -0,1 | -0,1 | -1,7 |
| Cash and cash equivalents at the end of the period | 181 | 162 | 181 | 135 | 133 | 188 | 162 |
| Jan- Dec |
Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|---|---|
| Dec | 2012 | 2012 | 2012 | 2012 | 2011 | ||
| 2012 | 2011 | ||||||
| Return on equity, % | 18,9 | 20,6 | 4,2 | 3,9 | 5,4 | 5,4 | 5,2 |
| Return on capital employed, % * | 21,7 | 25,3 | 3,7 | 4,7 | 6,7 | 6,6 | 6,1 |
| Return on total capital % * | 15,8 | 18,3 | 2,6 | 3,6 | 4,8 | 4,8 | 4,2 |
| Equity/assets ratio, % | 62,6 | 63,3 | |||||
| Earnings per outstanding share, SEK | 5,47 | 5,52 | 1,32 | 1,15 | 1,45 | 1,55 | 1,49 |
| Earnings per outstanding share | |||||||
| from continuing operations, SEK* | 5,47 | 5,43 | 1,33 | 1,15 | 1,44 | 1,55 | 1,39 |
| Earnings per total shares, SEK | 5,45 | 5,52 | 1,31 | 1,15 | 1,44 | 1,55 | 1,49 |
| Earnings per total shares | |||||||
| from continuing operations, SEK* | 5,46 | 5,42 | 1,33 | 1,14 | 1,44 | 1,55 | 1,38 |
| Equity per total shares, SEK | 29,74 | 27,95 | |||||
| Average number of outstanding shares (thousands) | 23 107 | 23 164 | 23 107 | 23 107 | 23 107 | 23 107 23 147 | |
| Average total shares (thousands) | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 23 169 | |
| Operating margin, % * | 9,9 | 10,9 | 7,0 | 10,2 | 10,8 | 11,6 | 10,4 |
* Marked KPIs apply to continuing operations. Comparative figures do not include discontinued operations.
Other KPIs apply for the total operations (including discontinued operations) when the Statement of Financial Position for the comparison periods, in accordance with IFRS 5, is not recalculated.
| Jan- | Jan- | Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|---|---|
| Dec | Dec | 2012 | 2012 | 2012 | 2012 | 2011 | |
| 2012 | 2011 | ||||||
| Net sales | 41 | 41 | 27 | 4,9 | 4,4 | 4,7 | 28 |
| Operating costs | -38 | -38 | -10 | -7,7 | -10 | -9,8 | -8,3 |
| Depreciation | -4,2 | -3,2 | -1,7 | -1,0 | -0,8 | -0,8 | -0,9 |
| Operating profit/loss | -0,7 | 0,2 | 15 | -3,8 | -6,4 | -5,9 | 18 |
| Income from investments | |||||||
| in Group companies | 151 | 132 | 120 | 0,0 | 31 | 0,0 | 119 |
| Net financial income/expense | 1,3 | 2,1 | 0,2 | 0,2 | 0,5 | 0,4 | 0,5 |
| Profit/loss after | |||||||
| financial items | 151 | 134 | 136 | -3,6 | 25 | -5,5 | 138 |
| Appropriations | -23 | -32 | -23 | 0,0 | 0,0 | 0,0 | -32 |
| Profit/loss before tax | 129 | 102 | 113 | -3,6 | 25 | -5,5 | 106 |
| Taxes | -26 | -25 | -30 | 0,9 | 1,5 | 1,4 | -29 |
| Profit/loss for the period | 103 | 76 | 83 | -2,6 | 26 | -4,1 | 76 |
| Assets | 2012-12-31 | 2011-12-31 |
|---|---|---|
| Intangible fixed assets | 21 | 10 |
| Property, plant and equipment | 21 | 22 |
| Financial assets | 326 | 307 |
| Total fixed assets | 368 | 339 |
| Current receivables | 226 | 223 |
| Cash and bank balances | 124 | 102 |
| Total current assets | 350 | 325 |
| Total assets | 718 | 664 |
| Equity and liabilities | ||
| Equity | 385 | 363 |
| Untaxed reserves | 153 | 130 |
| Deferred tax liabilities | 1,7 | 2,0 |
| Non-current non-interest-bearing liabilities | 0,7 | 7,4 |
| Total non-current liabilities | 0,7 | 7,4 |
| Current interest-bearing liabilities Current non-interest-bearing liabilities |
0,0 178 |
0,0 162 |
| Total current liabilities | 178 | 162 |
| Total equity and liabilities | 718 | 664 |
| Pledged assets | 7,5 | 7,5 |
| Contingent liabilities | 182 | 212 |
OEM is one of Europe's leading technology trading companies and consists of 28 operating units in 14 countries.
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