Quarterly Report • Jul 12, 2013
Quarterly Report
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"We have noticed an improvement in market conditions since Q1, where demand was relatively weak. The Informatic business area is continuing to report good sales and earnings trends. Demand in the Design & Development business area has gradually improved and a new business area manager will start in September. The Automotive R&D business area has been hit by delays in a number of major projects. The project with the global German automotive manufacturer, signed for in Q1, engaged close to 100 individuals at the end of the quarter."
Interim report Jan-Sept: 25 October Financial statement 2013: 6 February 2014 AGM 2013: 28 April 2014 Interim report Jan-March: 28 April 2014 Interim report Jan-June: 14 July 2014 Interim report Jan-Sept: 23 October 2014
Markus Granlund, CEO Semcon AB, +46 31 721 03 11 Björn Strömberg, CFO Semcon AB, +46 31 721 03 05 Anders Atterling, IR Manager Semcon AB, +46 704 47 28 19
Semcon AB, 417 80 Göteborg Visiting address: Theres Svenssons gata 15 Phone: +46 31 721 00 00 Fax: +46 31 721 03 33 semcon.com
Semcon is a global company active in the areas of engineering services and product information. The Group has around 3,000 employees with extensive experience from many different industries. Semcon develops products, plants and information solutions along the entire development chain and also provides many other products and services including quality control, training and methodology development. Semcon increases customers' sales and competitive strength by providing them with innovative and solid engineering solutions. The business is divided into three business areas: Automotive R&D, Design & Development and Informatic. The Group had sales of SEK 2.6 billion in 2012 with activities at more than 45 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China and Spain.
Operating income fell by SEK 22 million compared to last year and amounted to SEK 620 million (642). Adjusted for currency effects, acquisitions and divestments, income was unchanged. The Design & Development business area also reported weak demand from some industrial customers in the second quarter. The quarter had one extra working day compared with last year.
The operating profit was SEK 31 million (31), giving an operating margin of 5.0% (4.8). Net financial items totalled SEK -2 million (-2), giving a profit before tax of SEK 29 million (29). Tax costs for the quarter stood at SEK 8 million (8). The profit after tax was SEK 21 million (21) and EPS after dilution was SEK 1.18 (1.14).
Operating income amounted to SEK 1,242 million (1,327) with organic growth of 4%. The period contained one less working day compared to last year. The operating profit fell by SEK 37 million and amounted to SEK 66 million (103), giving an operating margin of 5.3% (7.8). The poorer result is mainly due to weaker demand at the start of the year and staff cuts in the first quarter, which negatively affected results by SEK 6 million. Last year, major revenue recognition of SEK 5 million was reported for a project in the Automotive R&D business area.
The business areas reported the following operating margins: Automotive R&D 3.7% (5.9), Design & Development 4.2% (9.9) and Informatic 11.5% (10.3).
Net financial items totalled SEK -3 million (-3), giving a profit before tax of SEK 63 million (100). Tax costs for the year stood at SEK 16 million (29). The profit after tax was SEK 46 million (71) and EPS after dilution was SEK 2.56 (3.92).
The operating cash flow from current activities was SEK
-14 million (59). Accounts receivable and work in progress have increased in net terms by SEK 84 million since the start of the year, which has negatively affected cash flow. The Group's cash and bank balances amounted to SEK 70 million (46) with additional non-utilized credit of SEK 293 million (265) as at 30 June. A new credit agreement was signed at the beginning of the third quarter. The new credit agreement consists of a three-year revolving credit facility of EUR 22.8 million (32.8), to run until July 2017. There is also an existing overdraft facility of SEK 150 million (150).
Investments in hardware, licences, office supplies and equipment, amounted to SEK 11 million (9). Shareholders' equity amounted to SEK 592 million (511) and the equity/ assets ratio was 46% (41). Dividends were paid to shareholders in the second quarter totalling SEK 36 million (-). The Group's net debt has fallen by SEK 52 million over the past year and amounted to SEK 126 million (178). The debt/ equity ratio was 0.2 times (0.3) with an interest coverage ratio of 26.2 times (17.0).
The headcount on 30 June was 2,989 (2,987). The number of employees in active service was 2,871 (2,883). In the respective business areas the headcount is as follows: Automotive R&D 1,781 (1,742), Design & Development 669 (777) and Informatic 539 (468).
The business area, after a weak start to the year, reported improved demand in Q2. Overall sales amounted to SEK 685 million (727). Sales fell organically by 4%. The fall is mainly attributable to poorer demand in Q1.
The operating profit fell by SEK 18 million, amounting to SEK 25 million (43), giving an operating margin of 3.7% (5.9). The poorer result is attributable to poorer demand and delays in a number of major projects. The business area also took measures in Q1 in the form of staff cuts in Sweden, burdening results by SEK 3 million. The operating profit for Q1 2012 also included revenue recognition of SEK 5 million reported for a major project.
The global automotive industry is reporting healthy demand, while the Swedish automotive industry has cut purchases of product development services.
A new agreement was signed in Q1 with a major German automotive manufacturer for developing new architecture for an existing car model. At the end of the quarter the project engaged close to 100 individuals and by the beginning of 2014 will engage around 150 individuals, of whom around 40 in Germany and 110 in Sweden.
growth with improved results in the UK. The business in Brazil has extended its customer base and extended existing contracts with the global automotive manufacturers in the country. Supplies from India to customers in Europe have contributed the positive sales trend.
The business area has established itself as a development partner, well positioned for increasing sales on the global automotive market, where demand remains good.
The business area is continuing to report stable
| April-June | Jan-June | |||||
|---|---|---|---|---|---|---|
| Key figures Automotive R&D | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Operating income, SEK m | 342.7 | 350.1 | 685.4 | 727.3 | 1,428.4 | |
| Operating profit/loss, SEK m | 14.1 | 12.3 | 25.4 | 42.8 | 94.2 | |
| Operating margin, % | 4.1 | 3.5 | 3.7 | 5.9 | 6.6 | |
| Number of employees at period's end | 1,781 | 1,742 | 1,781 | 1,742 | 1,772 |
The business area's 1,800 or so employees provide services to customers in the global automotive industry. Its offer includes focusing on concepts, design, calculation, construction, prototyping, testing, simulations and production. Semcon is a complete service provider and the services provided complement automotive manufacturers' own resources. Implementation and delivery are adapted according to customers' requirements, from participation in customers' teams to in-house development projects. Activities are run in Germany, Sweden, Brazil, the UK, India and Spain. Customers include many of the world's leading automotive manufacturers such as Audi, BMW, Daimler, Geely, MAN, Opel/GM, Porsche, Scania, Volvo Trucks, Volvo Cars and VW.
The business area, mainly active in Sweden, has noticed reduced demand from certain customers over the first half of the year. A gradual improvement in demand was however reported in Q2.
Sales amounted to SEK 322 million (397). Organic growth fell by 14%. The divisions in product and production development are continuing to report a drop in demand. The PEAQ (Project, Engineering and Quality) division reported an improved operating profit.
The operating profit amounted to SEK 14 million (39), giving an operating margin of 4.2% (9.9). The main negative affect on results was the drop in demand. The business area also introduced measures in Q1 in the form of staff cuts, negatively affecting results by SEK 3 million.
The PEAQ division reported greater interest for its in-house developed XLPM project methodology and its offer in the area of quality assurance.
The division divested its pharmaceutical development business on 1 April, affecting 6 staff.
Olof Christensson has been appointed as the new business area manager and will take up his position in mid-September.
Uncertainty on the market has meant that some customers are delaying their investments, negatively affecting workloads over the short-term. It is estimated however that customers' development needs will remain strong and the business area believes that demand will gradually improve.
| April-June | Jan-June | |||||
|---|---|---|---|---|---|---|
| Key figures Design & Development | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Operating income, SEK m | 162.2 | 190.6 | 321,9 | 397.5 | 714.9 | |
| Operating profit/loss, SEK m | 6.2 | 9.2 | 13.5 | 39.4 | 48.0 | |
| Operating margin, % | 3.8 | 4.8 | 4.2 | 9.9 | 6.7 | |
| Number of employees at period's end | 669 | 777 | 669 | 777 | 701 |
The business area has around 650 employees working with industrial design, product development, plant technology and production development. Services include requirement and concept studies, design, construction, embedded systems, testing, prototyping, validation, project management and production- and process development and lean production expertise. The business area has offices in Sweden and Germany. Business is mainly focused on the industrial, energy, telecoms and life science sectors. Customers include ABB, Alstom, AstraZeneca, Bombardier, Ericsson, Fortum, General Electric, Getinge, Husqvarna, Metso, Rolls-Royce Marine, Saab, Siemens and Vattenfall.
The business area has reported healthy sales and earnings trends over the period. Sales amounted to SEK 234 million (202) with organic growth of 16%. A significant contributory factor to this growth is ongoing deliveries to the Chinese customer Qoros Auto. The operating profit improved by SEK 6 million, amounting to SEK 27 million (21). The operating margin amounted to 11.5% (10.3). Of the business area's overall sales nearly half come from markets outside Sweden.
Activities in the UK progressed well, in terms of sales growth, improved results and more customers. Since the start of the partnership with Jaguar Land Rover, deliveries have gradually increased and now involve over 100 people. From Q4 this year involvement is expected to slightly fall and instead involve around 80 people.
The business reports continued improved results in Sweden with two new long-term partnerships signed in Q2 with companies in the engineering industry. Work is fully underway in one of these partnerships. The other is expected to gradually increase and be fully manned by Q4. Both partnerships will use the business area's FOBO solution, where offices in Sweden will act as the front office and the office in Hungary will act as the back office. Around 25 individuals are expected to be engaged in both partnerships.
Sales of the first car model from Qoros Auto are planned for the autumn and the business area's involvement in developing owner and aftermarket information is at its peaq level. This involvement is planned to diminish, to engage around 15 individuals less from Q4, adapting it to the expected level of demand.
The acquisition of the German Comet companies in Q4 2012, now called Semcon, was integrated over the period into the business area's activities. Integration costs and structural changes to the German activities are also expected to negatively impact results in Q3.
The business area expects continued high potential for growth in all markets where the business area is currently active.
| April-June | Jan-June | |||||
|---|---|---|---|---|---|---|
| Key figures Informatic | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Operating income, SEK m | 115.3 | 100.9 | 234.2 | 202.3 | 427.6 | |
| Operating profit/loss, SEK m | 10.6 | 9.4 | 27.0 | 20.9 | 51.0 | |
| Operating margin, % | 9.2 | 9.3 | 11.5 | 10.3 | 11.9 | |
| Number of employees at period's end | 539 | 468 | 539 | 468 | 527 |
Informatic's around 550 employees provide complete information solutions for the aftermarket and interactive market communication. The business area supports customers' products throughout the entire product lifecycle, from sales and marketing to installation, maintenance, training and repairs. Informatic now has offices is Sweden, the UK, Germany, Hungary and China. Customers are mainly in the automotive, telecoms, energy, medical technology, marine/offshore and manufacturing sectors. Examples of our customers include: ABB, AB Volvo, Atlet, Bombardier, DeLaval, Gambro, Jaguar Land Rover, Qoros Auto, Rolls-Royce Marine, Saab, Siemens and Volvo Cars.
As of 30 June, the JCE Group owned 30.5% (30.5) of Semcon's shares, Swedbank Robur fonder 8.4% (8.2), Skandia Liv 6.6% (7.4) and Andra AP-fonden 5.3% (4.7). Foreign ownership was 20.1% (13.7) and the number of shareholders was 3,521 (4,233). The number of ordinary shares at the end of the period was 18,112,534 (18,112,534), all with a quotient value of SEK 1 and equal voting rights. Semcon owned 142,718 (142,718) of the company's shares on 30 June. Semcon is listed as a small company on the NASDAQ OMX Stockholm under the SEMC ticker.
No acquisitions or divestments have taken place over the period.
The Group and parent company's significant risks and instability factors include business risks in the form of high exposure towards a single industry or customer. An economic downturn or disruptions to financial markets can have a negative effect on the Group's services. In general terms acquisitions and divestments incur increased risks. This also includes financial risks mainly concerning interest rate and currency risks. Semcon's Annual Report 2012, pages 38-39 and 52-53, include a detailed description of the Group and parent company's risk exposure and risk management.
Semcon follows the IFRS standards and principles as adopted by the EU (IFRIC). This report has been produced in accordance with IAS 34. In accordance with the statements given in the Annual Report 2012, Note 2, concerning new accounting principles for 2013, a number of new standards and IFRIC statements have been included from 1 January 2013. The revised IAS 19 "Remuneration to employees" has been applied from 1 January 2013. The effect on Semcon is that the corridor method is no longer applied and instead all current profits and losses are reported in 'other comprehensive income' as they arise. The initial effect of SEK 0.9 million has been reported directly in other comprehensive income. Previous reports have not been recalculated, as the effect is marginal. Other changes had no effect on the Group's accounts over the period. Otherwise, the same accounting principles and calculation methods have been applied in this report as in the latest annual report.
No significant events have taken place since the end of the period.
Customers' need for development services remain high however, with demand expecting to gradually improve, even though the market situation is difficult to predict.
The Board and CEO certify that the interim report provides an accurate picture of the parent company's and Group's activities, position and earnings, and describes the significant risks and uncertainties facing the parent company and Group companies.
Göteborg 12 July 2013
SEMCON AB (PUBL) Org.nr. 556539-9549
Markus Granlund President & CEO
Kjell Nilsson Chairman
Håkan Larsson Board member
Joakim Olsson Board member
Christer Eriksson Staff representative Kenneth Straschko
Staff representative
Marianne Brismar Board member
Gunvor Engström Board member
Ronny Lundberg Staff representative
This report has not been subject to review by the company's auditors. Semcon discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. This information was submitted for publication at 11:40 a.m on 12 July 2013.
| April-June | Jan-June | ||||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | 2012 |
| Operating income | 620.2 | 641.6 | 1,241.5 | 1,327.1 | 2,570.9 |
| Purchase of goods and services | -94.4 | -114.9 | -197.5 | -238.2 | -467.2 |
| Other external operating expenses | -55.9 | -55.2 | -110.3 | -113.5 | -231.1 |
| Staff costs | -433.7 | -434.9 | -857.3 | -860.6 | -1,655.6 |
| Operating profit/loss before depreciation | 36.2 | 36.6 | 76.4 | 114.8 | 217.0 |
| Depreciation of tangible fixed assets | -3.8 | -4.1 | -7.4 | -8.5 | -17.3 |
| Depriciation of intangible assets | -1.5 | -1.6 | -3.1 | -3.2 | -6.4 |
| Operating profit/loss | 30.9 | 30.9 | 65.9 | 103.1 | 193.3 |
| Net financial items | -2.0 | -1.7 | -3.2 | -3.2 | -7.4 |
| Profit/loss before tax | 28.9 | 29.2 | 62.7 | 99.9 | 185.9 |
| Tax | -7.5 | -8.5 | -16.3 | -29.0 | -44.7 |
| Profit/loss after tax* | 21.4 | 20.7 | 46.4 | 70.9 | 141.2 |
| EPS per share, SEK | 1.19 | 1.16 | 2.58 | 3.97 | 7.86 |
| EPS per share after dilution, SEK | 1.18 | 1.14 | 2.56 | 3.92 | 7.80 |
| * Of which parent company shareholders |
21.4 | 20.7 | 46.4 | 70.9 | 141.2 |
| Number of working days in period | 59 | 58 | 121 | 122 | 249 |
| April-June | Jan-June | Jan-Dec | |||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | 2012 |
| Profit/loss after tax | 21.4 | 20.7 | 46.4 | 70.9 | 141.2 |
| Items that cannot be reclassified as a profit or loss | |||||
| Current profits and losses | - | - | 1.1 | - | - |
| Tax | - | - | -0.2 | - | - |
| Total | - | - | 0.9 | - | - |
| Items that can be reclassified as a profit or loss | |||||
| Translation differencies for the period | 16.6 | -3.3 | 2.9 | -7.0 | -13.6 |
| Hedging of net investments | -4.8 | 2.1 | 2.2 | 5.4 | 13.1 |
| Cash flow hedging | -7.2 | 0.2 | -4.0 | 1.0 | -0.5 |
| Tax referrring to effects of hedging | 2.6 | -0.6 | 0.4 | -1.7 | -3.3 |
| Total | 7.2 | -1.6 | 1.5 | -2.3 | -4.3 |
| Other comrehensive income | 7.2 | -1.6 | 2.4 | -2.3 | -4.3 |
| Total comprehensive income for the period** | 28.6 | 19.1 | 48.8 | 68.6 | 136.9 |
** Of which parent company shareholders 28.6 19.1 48.8 68.6 136.9
| 2011 | 2012 | 2013 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | 2011 | Q1 | Q2 | Q3 | Q4 | 2012 | Q1 | Q2 | ||
| Operating income (SEK m) | |||||||||||||
| Automotive R&D | 317.2 | 322.7 | 325.2 | 373.2 | 1,338.3 | 377.2 | 350.1 | 329.8 | 371.3 1,428.4 | 342.7 | 342.7 | ||
| Design & Development | 188.0 | 194.2 | 152.8 | 204.5 | 739.5 | 206.9 | 190.6 | 141.8 | 175.6 | 714.9 | 159.7 | 162.2 | |
| Informatic | 91.1 | 91.8 | 89.8 | 101.4 | 374.1 | 101.4 | 100.9 | 101.3 | 124.0 | 427.6 | 118.9 | 115.3 | |
| Total | 596.3 | 608.7 | 567.8 | 679.1 | 2,451.9 | 685.5 | 641.6 | 572.9 | 670.9 | 2,570.9 | 621.3 | 620.2 | |
| Operating profit/loss (SEK m)* | |||||||||||||
| Automotive R&D | 8.4 | - | 11.8 | 21.2 | 41.4 | 30.5 | 12.3 | 17.7 | 33.7 | 94.2 | 11.3 | 14.1 | |
| Design & Development | 21.0 | 12.4 | 5.5 | 19.2 | 58.1 | 30.2 | 9.2 | 3.3 | 5.4 | 48.0 | 7.3 | 6.2 | |
| Informatic | 12.3 | 6.5 | 7.1 | 16.5 | 42.4 | 11.5 | 9.4 | 14.1 | 16.0 | 51.0 | 16.4 | 10.6 | |
| Total excl. one-off items | 41.7 | 18.9 | 24.4 | 56.9 | 141.9 | 72.2 | 30.9 | 35.0 | 55.1 | 193.3 | 35.0 | 30.9 | |
| One-off items | - | -30.7 | - | - | -30.7 | - | - | - | - | - | - | - | |
| Total incl. one-off items | 41.7 | -11.8 | 24.4 | 56.9 | 111.2 | 72.2 | 30.9 | 35.0 | 55.1 | 193.3 | 35.0 | 30.9 | |
| Operating margin (%) | |||||||||||||
| Automotive R&D | 2.6 | - | 3.6 | 5.7 | 3.1 | 8.1 | 3.5 | 5.4 | 9.1 | 6.6 | 3.3 | 4.1 | |
| Design & Development | 11.2 | 6.4 | 3.6 | 9.4 | 7.9 | 14.6 | 4.8 | 2.3 | 3.1 | 6.7 | 4.6 | 3.8 | |
| Informatic | 13.5 | 7.1 | 7.9 | 16.3 | 11.3 | 11.3 | 9.3 | 13.9 | 12.9 | 11.9 | 13.8 | 9.2 | |
| Total excl. one-off items | 7.0 | 3.1 | 4.3 | 8.4 | 5.8 | 10.5 | 4.8 | 6.1 | 8.2 | 7.5 | 5.6 | 5.0 | |
| Total incl. one-off items | 7.0 | -1.9 | 4.3 | 8.4 | 4.5 | 10.5 | 4.8 | 6.1 | 8.2 | 7.5 | 5.6 | 5.0 | |
| Number of employees | |||||||||||||
| Automotive R&D | 1,578 | 1,592 | 1,644 | 1,683 | 1,683 | 1,725 | 1,742 | 1,767 | 1,772 | 1,772 | 1,765 | 1,781 | |
| Design & Development | 783 | 793 | 805 | 781 | 781 | 780 | 777 | 744 | 701 | 701 | 680 | 669 | |
| Informatic | 397 | 419 | 423 | 430 | 430 | 448 | 468 | 499 | 527 | 527 | 524 | 539 | |
| Total | 2,758 | 2,804 | 2,872 | 2,894 | 2,894 | 2,953 | 2,987 | 3,010 | 3,000 | 3,000 | 2,969 | 2,989 | |
| Number of working days | 63 | 59 | 66 | 64 | 252 | 64 | 58 | 65 | 62 | 249 | 62 | 59 |
* Operating profit/loss per business area excluding one-off items
| Balance sheets | |||
|---|---|---|---|
| 30 June | 31 Dec | ||
| SEK m | 2013 | 2012 | 2012 |
| Assets | |||
| Intangible assets, goodwill | 436.3 | 432.2 | 433.3 |
| Other intangible assets | 16.9 | 20.2 | 17.7 |
| Tangible fixed assets | 37.2 | 33.4 | 35.4 |
| Financial fixed assets | 19.8 | 19.5 | 19.1 |
| Deferred tax recoverable | 45.6 | 55.2 | 50.1 |
| Accounts receivable | 329.9 | 365.9 | 346.6 |
| Accrued non-invoice income | 275.5 | 208.6 | 174.4 |
| Current assets | 60.3 | 59.1 | 51.1 |
| Cash and bank assets | 70.2 | 46.4 | 115.6 |
| Total assets | 1,291.7 | 1,240.5 | 1,243.3 |
| Shareholders equity and liabilities | |||
| Shareholders equity | 592.0 | 510.7 | 579.1 |
| Pensions obligations | 47.8 | 48.6 | 47.6 |
| Deferred tax liabilities | 43.4 | 39.7 | 34.2 |
| Interest-bearing long-term liabilities | 87.6 | 175.3 | 129.2 |
| Interest-bearing current liabilities | 59.9 | 0.9 | - |
| Accounts payable | 68.6 | 73.5 | 85.0 |
| Non interest bearing current liabilities | 392.4 | 391.8 | 368.2 |
| 30 June | |||
|---|---|---|---|
| SEK m | 2013 | 2012 | 2012 |
| Shareholders equity and liabilities | 579.1 | 442.0 | 442.0 |
| Total comprehensive income | 48.8 | 68.6 | 136.9 |
| Shareholder dividend | -35.9 | - | - |
| Share savings program | - | 0.1 | 0.2 |
| Shareholders equity at period's end | 592.0 | 510.7 | 579.1 |
Total shareholders equity and liabilities 1,291.7 1,240.5 1,243.3
| April-June | Jan-June | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | 2012 | |
| Cash flow from current activities before change in working capital | 31.7 | 36.0 | 66.9 | 113.4 | 202.3 | |
| Change in working capital | -28.9 | -8.6 | -80.7 | -54.2 | -16.1 | |
| Cash flow from current liabilities | 2.8 | 27.4 | -13.8 | 59.2 | 186.2 | |
| Net Investments | -7.5 | -4.0 | -11.3 | -9.4 | -21.9 | |
| Acquisition of subsidiaries | - | - | - | - | -2.5 | |
| Sales of fixed assets | - | - | 0.1 | - | 0.5 | |
| Cash flow from investment activities | -7.5 | -4.0 | -11.2 | -9.4 | -23.9 | |
| Change in interest-bearing liabilities | 52.6 | -23.0 | 15.4 | -42.3 | -83.2 | |
| Shareholder dividend | -35.9 | - | -35.9 | - | - | |
| Cash flow from financing activities | 16.7 | -23.0 | -20.5 | -42.3 | -83.2 | |
| Cash flow for the period | 12.0 | 0.4 | -45.5 | 7.5 | 79.1 | |
| Cash and bank at the start of the period | 54.9 | 46.0 | 115.6 | 39.7 | 39.7 | |
| Translation difference | 3.3 | - | 0.1 | -0.8 | -3.2 | |
| Cash and bank at the end of the period | 70.2 | 46.4 | 70.2 | 46.4 | 115.6 |
| Key figures | Jan-June | Jan-Dec | |
|---|---|---|---|
| 2013 | 2012 | 2012 | |
| Growth in sales (%) | -6.5 | 10.1 | 4.9 |
| Organic growth in sales (%) | -4.2 | 10.0 | 6.1 |
| Operating margin before depreciation (%) | 6.2 | 8.7 | 8.4 |
| Operating margin (%) | 5.3 | 7.8 | 7.5 |
| Profit margin (%) | 5.1 | 7.5 | 7.2 |
| Return on average shareholders equity (%) * | 20.8 | 27.4 | 27.7 |
| Return on average capital employed (%) * | 20.6 | 25.4 | 26.2 |
| Equity/asset ratio (%) | 45.8 | 41.2 | 46.6 |
| Dept/equity ratio (times) | 0.2 | 0.3 | 0.1 |
| Interest cover ratio (times) | 26.2 | 17.0 | 26.8 |
| Number of employees at end of period | 2,989 | 2,987 | 3,000 |
| Investments in fixed assets (SEK m) | 11.3 | 9.4 | 21.9 |
| Key figures for shares | Jan-June | Jan-Dec | |
|---|---|---|---|
| 2013 | 2012 | 2012 | |
| EPS after tax (SEK) | 2.58 | 3.97 | 7.86 |
| EPS per share after dilution (SEK) | 2.56 | 3.92 | 7.80 |
| Shareholders equity before dilution (SEK) | 32.94 | 28.42 | 32.23 |
| Shareholders equity after dilution (SEK) | 32.68 | 28.19 | 31.97 |
| Share price / shareholders equity per share (times) | 2.10 | 1.56 | 1.49 |
| Cash flow from current activities | -0.76 | 3.27 | 10.28 |
| Share price at the end of the period (SEK) | 68.50 | 44.30 | 48.00 |
| Market price at the end of the period (SEK m) | 1,241 | 802 | 869 |
| Number of shares at the end of the period (000) | 18,113 | 18,113 | 18,113 |
| Number of own shares at the end of the period (000) | 143 | 143 | 143 |
| Average number of shares (000) | 18,113 | 18,113 | 18,113 |
* Rolling 12 months
The balance sheet total minus non interest-bearing provisions and liabilities.
Cash flow for the year divided by the weighted average number of outstand- ing shares over the year adjusted for the dilution effect on potential shares.
Net borrowings divided by shareholders' equity including minority interests.
Profit/loss after tax attributable to the parent company's owners divided by the average number of outstanding ordinary shares excluding bought back shares held as own shares by the parent company.
Profit/loss after tax attributable to the parent company's owners divided by the average number of outstanding shares adjusted for the dilution effect of potential shares.
Shareholders' equity as a percentage of the balance sheet total.
Profit before tax plus interest costs divided by interest costs.
Interest-bearing provisions and liabili- ties with deductions for liquid assets and interest-bearing receivables.
Profit before tax as a percentage of net sales
Profit before tax plus financial costs divided by the average capital employed.
Shareholders' equity per share after dilution Shareholders' equity divided by the number of shares at year-end adjusted for the dilution effect on potential shares.
held as own shares by the parent company.
| Name | No. of shares | Votes, % |
|---|---|---|
| JCE Group | 5,526,271 | 30.5 |
| Swedbank Robur fonder | 1,521,764 | 8.4 |
| Skandia Liv | 1,187,445 | 6.6 |
| Andra AP fonden | 961,998 | 5.3 |
| Handelsbanken fonder RE JPMEL 945,289 | 5.2 | |
| Avanza Pension | 449,608 | 2.5 |
| AMF | 354,176 | 2.0 |
| Nordea Bank Finland ABP | 296,800 | 1.6 |
| Europea i Malmö AB | 261,000 | 1.4 |
| SSB And Trust Omnibus | 259,851 | 1.4 |
| Total | 11,764,202 | 64.9 |
| Own shares | 142,718 | 0.8 |
| Other | 6,205,614 | 34.3 |
| Total | 18,112,534 | 100.0 |
| No. of shareholders |
No. of shares |
portion, % | Pro- Market value SEK 000 |
|
|---|---|---|---|---|
| 1-500 | 2,348 | 450,641 | 2.49 | 30,869 |
| 501-1 000 | 530 | 446,998 | 2.47 | 30,619 |
| 1 001-10 000 | 547 | 1,535,807 | 8.48 | 105,203 |
| 10 001-100 000 | 75 | 2,203,093 | 12.16 | 150,912 |
| 100 001 - | 20 | 13,333,277 | 73.6 | 913,329 |
| Own shares | 1 | 142,718 | 0.8 | 9,776 |
| Total | 3,521 | 18,112,534 | 100.0 | 1,240,708 |
Source: Euroclear Sweden AB register of shareholders on 30 June 2013.
Source: Euroclear Sweden AB register of shareholders on 30 June 2013.
Source: NASDAQ OMX Stockholm on 30 juni 2013.
| April-June | Jan-June | Jan-Dec | |||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | 2012 |
| Operating income | 6.8 | 5.8 | 13.6 | 11.2 | 26.3 |
| Other external operating expenses | -5.9 | -5.8 | -10.2 | -9.6 | -20.4 |
| Staff costs | -5.2 | -5.9 | -10.5 | -12.4 | -25.6 |
| Operating profit/loss before depreciation | -4.3 | -5.9 | -7.1 | -10.8 | -19.7 |
| Depreciation of tangible fixed assets | -0.1 | -0.1 | -0.2 | -0.2 | -0.3 |
| Operating profit/loss after depreciation | -4.4 | -6.0 | -7.3 | -11.0 | -20.0 |
| Net financial items* | -5.6 | 5.1 | 24.7 | 11.7 | 131.9 |
| Profit/loss after net financial items | -10.0 | -0.9 | 17.4 | 0.7 | 111.9 |
| Appropriations** | - | - | - | - | -30.4 |
| Profit/loss before tax | -10.0 | -0.9 | 17.4 | 0.7 | 81.5 |
| Tax | 2.2 | 0.2 | -3.8 | -0.2 | -20.8 |
| Profit/loss after tax | -7.8 | -0.7 | 13.6 | 0.5 | 60.7 |
| * Of which translation differencies Of which Group contribution received ** Of which Group contribution paid |
-7.5 - - |
2.5 - - |
20.7 - - |
6.6 - - |
10.0 112.5 -21.3 |
| April-June | Jan-June | Jan-Dec | |||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | 2012 |
| Profit/loss for the period | -7.8 | -0.7 | 13.6 | 0.5 | 60.7 |
| Other comprehensive income | - | - | - | - | - |
| Total comprehensive income for the period | -7.8 | -0.7 | 13.6 | 0.5 | 60.7 |
Total shareholders equity and liabilities 626.1 672.2 650.4
Balance sheets
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