Quarterly Report • Feb 19, 2014
Quarterly Report
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• Two acquisitions with total annual sales of 61 MSEK were carried out in January
Demand remained strong in the fourth quarter and sales amounted to 428 MSEK, an increase of 5% compared to the same period in 2012. Sales increased in all regions and, as far as companies were concerned, both OEM Automatic in Poland and Elektro Elco in Sweden had record quarters. There was also good progress in new orders, which rose by 5% compared to the previous year. The operating profit for the quarter rose to 40 MSEK (28), an increase of 45% compared to 2012. The rise in profits was due to a rise in sales and a strengthening of margins.
After a slow start, demand gradually strengthened in 2013 and sales for both the third and fourth quarters exceeded the previous year's sales for the same quarters. Overall, sales rose by 2% to 1,668 MSEK, though the operating profit fell by 2% to 159 MSEK. That gave an operating margin of 9.5%. The fall in profits was due to higher costs for market investments.
Operations in Poland experienced organic growth of 11% and operations in the UK increased sales by 10%, mainly due to acquisitions carried out in late 2012. Sales for our companies in Sweden rose by 3%, which was also mainly due to acquisitions. Demand in Finland slowed in the autumn due to the Finnish economic downturn. Despite this, sales rose organically by 3% for the whole year.
There were no acquisitions in 2013, but there were two acquisitions after the reporting period. On 15 January 2014, we acquired most of the business of the Finnish company Mytrade, which focuses on marketing vision-systems. The business, which had sales of 9 MSEK in 2013, will be integrated in OEM Automatic Finland. On 27 January 2014, we acquired Nexa Trading AB, which markets products primarily in the Nordic region for such purposes as wireless control of lighting and security products for the home. Nexa had sales of 52 MSEK in 2013 and will be run as an independent company in future.
Current operations generated a positive cash flow of 134 MSEK in 2013. Satisfactory liquidity, along with an high equity/asset ratio, places us in a strong financial position to continue to develop the business, even taking into account the proposed automatic redemption programme of 10 SEK per share.
The year was one of consolidation after a period of growth and acquisitions. Acquired businesses have been integrated and several activities have been reorganized during the year to generate power for continued growth. I detect a powerful momentum in the organisation and I am confident that we will continue to make good progress.
We celebrate our fortieth anniversary in 2014. That gives us a chance to demonstrate our pride in our history, but also to look forward. OEM remains a strong, responsive technology trading group in industrial components and systems. One of our key success factors is our corporate culture based on technical knowledge, focus on sales and professionalism. Thanks to our dedicated, skilled employees, we have evolved into a leading operator and I am confident that we will be equally successful next year!
Jörgen Zahlin Managing Director and Chief Executive Officer
New orders rose to 420 MSEK (398) in the fourth quarter, an increase of 5% compared to the same quarter of the previous year.
New orders rose by 1% to 1,649 MSEK (1,630) for the full year in 2013.
New orders were 1% lower than net sales for the full year in 2013. It is primarily in the region of Sweden where new orders are lower than net sales.
The order backlog fell by 7% compared to the previous year and amounted to 216 MSEK (231) at 31 December 2013.
Net sales rose to 428 MSEK (408) in the fourth quarter, an increase of 5% compared to the same quarter of the previous year.
Net sales rose by 2% and amounted to 1,668 MSEK (1,631) for the full year in 2013. Excluding acquisitions and currency effects, net sales were in line with the level for the previous year.
Operations in Poland, the UK, the Baltic States and Elektro Elco in Sweden experienced satisfactory growth over the year, whereas sales from the other operations were in line with the previous year's levels.
There were small percentage changes between the regions compared to the same period of the previous year. The changes were mainly due to acquisitions.
The operating profit rose to 40 MSEK (28) in the fourth quarter, an increase of 45% compared to the same quarter of the previous year.
The operating profit fell by 2% to 159 MSEK (162) for the full year in 2013.
The fall in operating profits was due to higher costs for market investments.
The operating margin for the fourth quarter was strengthened due to higher sales and amounted to 9.1% (6.8).
The operating margin was 9.5% (9.9) for the full year in 2013.
The return on equity for the fourth quarter was 4.2% compared to 4.1% for the same quarter of the previous year.
The return on equity was 17% (19) for the full year in 2013, which is below the target of 20%.
Shareholders' equity amounted to 725 MSEK (689) and the equity ratio was 65.9% (62.6) at 31 December 2013.
Sales are carried out under the company names OEM Automatic, OEM Motor, OEM Electronics, Internordic Bearings, Telfa, Elektro Elco, Swedish Helag, Svenska Batteripoolen, Flexitron, TemFlow Control, Vanlid Transmission, Ronson Transmission and Fenix Transmission.
| Full year | Full year | ||
|---|---|---|---|
| SEK Million | 2013 | 2012 | |
| Incoming orders | 1 048 | 1 048 | |
| Net sales | 1 072 | 1 045 | |
| Operating profit | 137 | 128 | |
| Operating margin (%) | 13% | 12% |
Net sales over the full year in 2013 were 3% higher compared to the same period of the previous year. Acquired growth affected net sales by approximately 26 MSEK compared to the previous year, which was equivalent to 3%.
Demand has gradually improved compared to the latter part of 2012. Elektro Elco and OEM Automatic experienced the biggest improvement over the previous year.
The operating profit for the full year in 2013 was 7% higher compared to the previous year.
Sales are carried out under the company names OEM Automatic, OEM Electronics, Internordic Bearings and Akkupojat.
| Full year | Full year | ||
|---|---|---|---|
| SEK Million | 2013 | 2012 | |
| Incoming orders | 246 | 238 | |
| Net sales | 248 | 235 | |
| Operating profit | 15 | 16 | |
| Operating margin (%) | 6% | 7% |
Net sales over the full year in 2013 were 6% higher compared to the same period of the previous year. The increase was also 6% in local currency. That increase was accounted for by business in the Baltic States and China, along with acquisitions. Acquired growth affected net sales by approximately 7 MSEK compared to the previous year, which was equivalent to 3%.
The operating profit for the full year in 2013 fell by 4% compared to the previous year. This was due to a higher cost base linked to acquisitions and marketing activities.
Sales are carried out under the company names OEM Automatic, OEM Automatic Klitsö and OEM Electronics.
| SEK Million | Full year 2013 |
Full year 2012 |
|
|---|---|---|---|
| Incoming orders | 355 | 344 | |
| Net sales | 349 | 352 | |
| Operating profit | 23 | 30 | |
| Operating margin (%) | 7% | 8% |
Net sales over the full year in 2013 fell by 1% compared to the same period of the previous year. Acquired growth affected net sales by 12 MSEK compared to the previous year, which was equivalent to 4%.
Sales rose in Poland, Hungary, Norway and the Czech Republic, though they fell in the other markets.
The lower net sales and the market investments led to a fall in the operating profit of 24% compared to the previous year.
The cash flow from current activities during the year amounted to 134 MSEK (126). The total cash flow amounted to -7 MSEK (20) during the year and, in addition to cash flow from current activities, it was affected by investments of -44 MSEK (-60) and financing activities of -97 (-46).
The group's investments in fixed assets amounted to 35 MSEK (72) and related to property, plant and equipment of 29 SEK (35), other intangible assets of 6 MSEK (13), and company acquisitions of 0 MSEK (24).
Liquid assets, consisting of cash and bank balances, amounted to 173 MSEK (181). Liquid assets along with credit facilities granted but not used amounted to 393 MSEK (383) at 31 December 2013. Further credit of 125 MSEK was granted in January 2014.
Write-off of intangible assets of 19 MSEK (16) has been charged to the profit. The book value in the statement of financial position amounted to 145 MSEK (157) at 31 December 2013.
The equity/assets ratio was 66% (63) at 31 December 2013.
The average number of employees in the group during the period was 631 (623). At the end of the period, the average number of employees was 643 (622).
The company did not repurchase any shares during the period. The total for own shares held amounted to 61,847 shares at 31 December 2013. That holding represents 0.3% of the total number of shares. The authorisation granted by the Annual Shareholders' Meeting is for up to 10% of the number of shares, which corresponds to 2,316,930 shares.
The progress of acquisitions carried out in previous years led to a revaluation of contingent considerations entered as liabilities, which fell by 3.1 MSEK. This had a positive effect of 3.1 MSEK on the operating profit in 2013. No new acquisitions were added in 2013. Remaining contingent considerations entered as liabilities at 31 December 2013 amounted to 1.6 MSEK.
This interim report for the group as a whole has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Swedish Annual Accounts Act. The interim report for the parent company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Financial Reporting, and the Swedish Securities Markets Act. The same accounting standards and bases for calculation as in the previous annual accounts have been applied for the group and the parent company, with the exception of IAS 19, Employees Benefits, and IAS 1, Presentation of Financial Statements, which applied from 1 January 2013 with retroactive effect. These had no material effect on the consolidated financial statements. The parent company has chosen to report group contributions according to the alternative rule, which means that group contributions paid and received are recorded as appropriations. The previous year has been restated in accordance with this standard, which means that 120.1 MSEK has been moved from profit/loss from participations in group companies to appropriations.
The OEM Group is exposed to both operational risks and financial risks through its business activities. Operational risks include competition risks, structural changes and business risks and financial risks include liquidity, interest-rate and currency risks. The OEM Group's finance activities and management of financial risks primarily take place at the parent company. Frameworks exist for how risks should be managed and limited. Those frameworks are characterised by a low level of risk. The starting point is structured, efficient management of the financial risks that arise in the business. For a full account of the risks affecting the group, we refer to page 7 and pages 47 – 49 of the 2012 Annual Report. There is still no clear picture available of market progress for the group's three regions.
The ongoing dispute that is subject to legal proceedings, described on page 46 of the 2012 Annual Report, was not settled at an ordinary court in 2013. Proceedings in court had been accomplished during February 2014 in the court of Lund, Swede. Verdict is expected late March 2014.
No transactions between OEM and closely-related parties significantly affecting the group's and the parent company's financial position and results took place during the period, except for internal group dividends.
Net sales were 38 MSEK (41) and the profit after financial items amounted to 16 MSEK (31). Net sales related only to internal group transactions.
The risks and uncertainties stated above for the group also apply indirectly to the parent company. The parent company does not have any external operations of its own and its risks largely relate to the subsidiaries' business activities.
On 15 January 2014, OEM International acquired most of the business of the Finnish company Mytrade, which focuses on marketing vision systems. The business, which had sales of 9 MSEK in 2013, will be integrated in OEM Automatic Finland.
On 27 January 2014, all the shares of Nexa Trading AB, with head office in Gothenburg, were acquired. The company markets products primarily in the Nordic region for such purposes as wireless control of lighting and security products for the home. The company's sales were just over 52 MSEK in 2013.
From and including 2014, the parent company's shares are listed on NASDAQ OMX Nordic Mid Cap in Stockholm.
The Nomination Committee that is to work in advance of the Annual Shareholders' Meeting on 29 April 2014 is made up as follows: Lars-Åke Rydh (Chairperson) Hans Franzén Jerker Löfgren, Orvaus AB Agne Svenberg Bengt Stillström, AB Traction The Nomination Committee may be contacted through Lars-Åke Rydh, tel. 0705-924570 or e-mail [email protected]
The Board of Directors proposes an ordinary dividend of 4.00 SEK per share (3.75). The proposed dividend amounts to 93 MSEK (87).
In view of OEM International's strong financial position and as a step towards changing the company's capital structure, the Board of Directors proposes that the Annual Shareholders' Meeting adopt a resolution to transfer to the shareholders an amount equivalent to 10,00 SEK per share in addition to an ordinary dividend. This represents a transfer of 232 MSEK, which, in accordance with a proposal put forward by the Board of Directors, should be implemented via an automatic redemption procedure. Details of the programme will be made available subsequently in a separate brochure and in the annual report.
The 2013 Annual Report will be distributed at the end of March 2014 and will be available at the head office and on the company's website from week 13 onwards.
The Annual Shareholders' Meeting will be held in Tranås, at Badhotellet, on 29 April 2014 at 16.00 hours.
OEM will issue financial information at the following times: Annual Shareholders' Meeting 2014 29 April 2014 Interim report for the first quarter of 2014 29 April 2014 Interim report for the second quarter of 2014 14 July 2014 Interim report for the third quarter of 2014 21 October 2014 Press release of unaudited annual earnings figures 2014 17 February 2015
Tranås, 19 February 2014
Jörgen Zahlin CEO and Group CEO
The report has not been subject to specific review by the company's auditors.
For additional information please contact CEO Jörgen Zahlin, +46 75 242 40 22, or CFO Jan Cnattingius, +46 75 242 40 03.
The information in this report is information that OEM International AB (publ) is required to publish in accordance with the Swedish Securities Market Act. The information was issued to media for publication on 19 February 2014 at 14.00 hours.
| Jan- | Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec | dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Sweden, external income | 1 072 | 1 045 | 275 | 244 | 282 | 271 | 264 |
| Sweden, income from other segments | 82 | 81 | 22 | 21 | 19 | 19 | 18 |
| Finland and the Baltic States, external income | 248 | 235 | 62 | 58 | 65 | 63 | 57 |
| Finland and the Baltic States, income from other segments 3,3 | 4,4 | 0,7 | 1,0 | 0,7 | 0,8 | 0,7 | |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe, external income | 349 | 352 | 91 | 88 | 88 | 83 | 86 |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe, income from other segments | 0,7 | 1,1 | 0,2 | 0,2 | 0,2 | 0,2 | 0,3 |
| Other operating segments/elimination | -86 | -86 | -23 | -22 | -20 | -20 | -19 |
| 1 668 | 1 631 | 428 | 389 | 434 | 417 | 408 |
| Jan- | Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec | dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Sweden | 137 | 128 | 33 | 36 | 33 | 35 | 24 |
| Finland and the Baltic States | 15 | 16 | 4,1 | 3,5 | 3,5 | 4,3 | 1,6 |
| Denmark, Norway, the United Kingdom and | |||||||
| Central Eastern Europe | 23 | 30 | 6,0 | 7,3 | 4,5 | 4,9 | 6,5 |
| 175 | 174 | 43 | 47 | 41 | 44 | 32 |
| Jan- | Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec | dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Operating profit segment above | 175 | 174 | 43 | 47 | 41 | 44 | 32 |
| Group functions | -16 | -11 | -3,8 | -1,8 | -5,3 | -5,2 | -4,1 |
| Net financial items | -1,9 | -3,8 | -0,3 | -1,0 | 0,1 | -0,6 | -0,3 |
| Pre-tax profit/(loss) | 157 | 159 | 39 | 44 | 36 | 38 | 27 |
* Continuing operations
| Jan- | Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec | dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Continuing operations | |||||||
| Net sales | 1 668 | 1 631 | 428 | 389 | 434 | 417 | 408 |
| Other operating income | 3,1 | 3,1 | 2,0 | 0,7 | 0,4 | 0,0 | 0,7 |
| Operating costs | -1 439 | -381 | -334 | -389 | -369 | -372 | |
| Depreciation of fixed assets | -1 474 | -33 | -9,7 | -11 | -9,7 | -9,0 | -9,3 |
| Operating profit | -39 159 |
162 | 39 | 45 | 36 | 39 | 28 |
| Net financial income/expense | -1,9 | -3,8 | -0,3 | -1,0 | 0,1 | -0,6 | -0,3 |
| Pre-tax profit/(loss) | 157 | 159 | 39 | 44 | 36 | 38 | 27 |
| Tax | -36 | -32 | -6,7 | -11 | -8,9 | -9,5 | 2,9 |
| Profit/loss for the period from | |||||||
| continuing operations | 121 | 126 | 32 | 33 | 27 | 29 | 30 |
| Discontinued operations | |||||||
| Profit/loss for the period from discontinued | |||||||
| operations, net after tax | 0,0 | -0,1 | 0,0 | 0,0 | 0,0 | 0,0 | -0,1 |
| Profit/loss for the period | 121 | 126 | 32 | 33 | 27 | 29 | 30 |
| Other comprehensive income | |||||||
| Items that have been transferred or may | |||||||
| recycled to net income | |||||||
| Exchange differences for the period on | |||||||
| translation of overseas operations | 3,7 | -4,2 | 4,5 | -0,7 | 7,0 | -7,1 | 3,2 |
| Items that can not be recycled to | |||||||
| net profit | |||||||
| Revaluation of defined | |||||||
| benefit pension plans | -2,0 | 1,1 | -0,5 | -1,7 | 0,2 | 0,0 | 0,1 |
| Other comprehensive income for the period | 1,6 | -3,1 | 4,0 | -2,4 | 7,2 | -7,1 | 3,3 |
| Comprehensive income for the period | 123 | 123 | 36 | 31 | 34 | 22 | 34 |
| Earnings per outstanding share, SEK* | 5,24 | 5,47 | 1,38 | 1,45 | 1,17 | 1,24 | 1,32 |
| Earnings per outstanding share | |||||||
| from continuing operations, SEK* | 5,24 | 5,47 | 1,38 | 1,45 | 1,17 | 1,24 | 1,33 |
| Earnings per total shares, SEK* | 5,23 | 5,46 | 1,38 | 1,44 | 1,17 | 1,24 | 1,32 |
| Earnings per total shares | |||||||
| from continuing operations, SEK* | 5,23 | 5,46 | 1,38 | 1,44 | 1,17 | 1,24 | 1,33 |
* Attributable to shareholders of the parent company. There are no dilution effects.
| 2013-12-31 | 2012-12-31 | ||
|---|---|---|---|
| Fixed assets | |||
| Goodwill | 67 | 66 | |
| Other intangible assets | 78 | 91 | |
| Total intangible assets | 145 | 157 | |
| Property, plant and equipment | 211 | 202 | |
| Total property, plant and equipment | 211 | 202 | |
| Financial assets | 0,2 | 0,1 | |
| Total financial assets | 0,2 | 0,1 | |
| Total fixed assets | 356 | 359 | |
| Deferred tax assets | 2,0 | 1,5 | |
| Current assets | |||
| Inventories | 302 | 295 | |
| Current receivables | 267 | 264 | |
| Cash and cash equivalents | 173 | 181 | |
| Total current assets | 742 | 740 | |
| Total assets | 1 100 | 1 101 | |
| Equity | 725 | 689 | |
| Non-current interest-bearing liabilities | 28 | 22 | |
| Provisions for pensions | 3,9 | 0,9 | |
| Non-current non-interest-bearing liabilities | 0,0 | 0,7 | |
| Deferred tax liabilities | 64 | 63 | |
| Total non-current liabilities | 96 | 86 | |
| Current interest-bearing liabilities | 84 | 98 | |
| Current non-interest-bearing liabilities | 194 | 228 | |
| Total current liabilities | 279 | 326 | |
| Total equity and liabilities | 1 100 | 1 101 |
| 2013-12-31 | 2012-12-31 | |
|---|---|---|
| At beginning of year | 689 | 648 |
| Effect of change in accounting principle | - | -1,4 |
| Comprehensive income for the period | ||
| Profit/loss for the period | 121 | 126 |
| Other comprehensive income for the period | 1,6 | -3,1 |
| Comprehensive income for the period | 123 | 123 |
| Dividends paid | -87 | -81 |
| At the end of the period | 725 | 689 |
| Jan- dec |
Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec | Q4 | Q3 | Q2 | Q1 | Q4 | ||
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Operating cash flows | |||||||
| before movements in working capital | 158 | 154 | 47 | 43 | 34 | 34 | 36 |
| Movements in working capital | -24 | -28 | 12 | -14 | -3,7 | -19 | 12 |
| Operating cash | |||||||
| flows | 134 | 126 | 59 | 30 | 30 | 15 | 47 |
| Investing cash flows | -44 | -60 | -12 | -12 | -5,6 | -15 | -18 |
| Cash flows after | |||||||
| investing activities | 90 | 66 | 47 | 18 | 25 | 0,2 | 29 |
| Financing cash | |||||||
| flows | |||||||
| - Change in financial liabilities | -10 | 35 | -18 | -11 | 11 | 8,3 | 16 |
| - Dividends paid | -87 | -81 | 0,0 | 0 | -87 | 0,0 | 0,0 |
| Financing cash flow | -97 | -46 | -18 | -11 | -76 | 8,3 | 16 |
| Cash flow for the period | -7,3 | 20 | 29 | 6,8 | -51 | 8,5 | 45 |
| Cash and cash equivalents at the beginning of the period | 181 | 162 | 138 | 138 | 188 | 181 | 135 |
| Exchange rate difference | -0,7 | -0,7 | 0,3 | -0,4 | 0,8 | -1,4 | 0,5 |
| Cash and cash equivalents at the end of the period | 173 | 181 | 166 | 144 | 138 | 188 | 181 |
| Jan- | Jan | ||||||
|---|---|---|---|---|---|---|---|
| dec 2013 |
dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | ||
| Return on equity, % | 17,1 | 18,9 | 4,2 | 4,6 | 4,2 | 4,1 | 4,1 |
| Return on capital employed, % * | 20,3 | 21,8 | 4,8 | 5,7 | 4,8 | 5,0 | 3,4 |
| Return on total capital % * | 15,2 | 15,8 | 3,6 | 4,4 | 3,5 | 3,7 | 2,5 |
| Equity/assets ratio, % | 65,9 | 62,6 | |||||
| Earnings per outstanding share, SEK | 5,24 | 5,47 | 1,38 | 1,45 | 1,17 | 1,24 | 1,32 |
| Earnings per outstanding share | |||||||
| from continuing operations, SEK* | 5,24 | 5,47 | 1,38 | 1,45 | 1,17 | 1,24 | 1,33 |
| Earnings per total shares, SEK | 5,23 | 5,46 | 1,38 | 1,44 | 1,17 | 1,24 | 1,32 |
| Earnings per total shares | |||||||
| from continuing operations, SEK* | 5,23 | 5,46 | 1,38 | 1,44 | 1,17 | 1,24 | 1,33 |
| Equity per total shares, SEK | 31,28 | 29,74 | |||||
| Average number of outstanding shares (thousands) | 23 107 | 23 107 | 23 107 | 23 107 | 23 107 | 23 107 | 23 107 |
| Average total shares (thousands) | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 | 23 169 |
| Operating margin, % * | 9,5 | 9,9 | 9,1 | 11,4 | 8,3 | 9,3 | 6,8 |
* 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 | ||||||
|---|---|---|---|---|---|---|---|
| dec | dec | Q4 | Q3 | Q2 | Q1 | Q4 | |
| 2013 | 2012 | 2013 | 2013 | 2013 | 2013 | 2012 | |
| Net sales | 38 | 41 | 21 | 5,5 | 5,6 | 4,9 | 27 |
| Operating costs | -43 | -38 | -11 | -9,0 | -12 | -11 | -10 |
| Depreciation | -5,7 | -4,2 | -1,5 | -1,4 | -1,4 | -1,3 | -1,7 |
| Operating profit | -11 | -0,7 | 8,7 | -4,9 | -7,8 | -7,0 | 15 |
| Income from investments | |||||||
| in Group companies | 26 | 31 | -4,1 | 0,0 | 30 | 0,0 | 0,0 |
| Net financial income/expense | 1,2 | 1,3 | 0,0 | 0,5 | 0,0 | 0,7 | 0,2 |
| Profit/loss after | |||||||
| financial items | 16 | 31 | 4,6 | -4,5 | 23 | -6,3 | 16 |
| Year-end appropriations | 107 | 97 | 107 | 0,0 | 0,0 | 0,0 | 97 |
| Pre-tax profit/(loss) | 124 | 129 | 112 | -4,5 | 23 | -6,3 | 113 |
| Tax | -22 | -26 | -26 | 1,0 | 1,7 | 1,4 | -30 |
| Profit/loss for the period | 102 | 103 | 86 | -3,5 | 24 | -4,9 | 83 |
| Assets | 2013-12-31 | 2012-12-31 |
|---|---|---|
| Intangible fixed assets | 23 | 21 |
| Property, plant and equipment | 20 | 21 |
| Financial assets | 324 | 326 |
| Total fixed assets | 367 | 368 |
| Current receivables | 237 | 226 |
| Cash on hand and demand deposits | 139 | 124 |
| Total current assets | 376 | 350 |
| Total assets | 743 | 718 |
| Equity and liabilities | ||
| Equity | 400 | 385 |
| Untaxed reserves | 177 | 153 |
| Deferred tax liabilities | 1,8 | 1,7 |
| Non-current non-interest-bearing liabilities | 0,0 | 0,7 |
| Total non-current liabilities | 0,0 | 0,7 |
| Current interest-bearing liabilities Current non-interest-bearing liabilities |
0,0 164 |
0,0 178 |
| Total current liabilities | 164 | 178 |
| Total equity and liabilities | 743 | 718 |
| Pledged assets | 7,5 | 7,5 |
| Contingent liabilities | 192 | 182 |
OEM is one of Europe's leading technology trading companies and consists of 29 business units in 14 countries.
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