Quarterly Report • Feb 6, 2014
Quarterly Report
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"2013 was characterized by relatively weak demand. We also saw delays in a major project and were forced to write down another project, which negatively affected profits. To further focus on growth and increased collaboration we have decided to introduce a marketoriented organization in the field of engineering services from 1 January 2014. As a result, restructuring costs negatively impacted Q4 by SEK 10 million. The reorganization is expected to provide annual savings of SEK 6 million.
Cash flow remained strong with a healthy financial position. From the reported profit for 2013 the Board of Directors proposes an increased share dividend to SEK 2.50 per share. Customers' development requirements remain strong with demand expected to gradually improve. We have a positive attitude towards development requirements in 2014."
The result of each quarter is for four consecutive quarters excluding one-off items.
AGM 2013: 28 April 2014 Interim report Jan-March: 28 April 2014 Interim report: Jan-June: 15 July 2014 Interim report: Jan-Sept: 21 October 2014 Financial statement 2014: 5 February 2015
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 15 417 80 Göteborg, Sweden 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. From 2014 the business will be run in four business areas: Engineering Services Nordic, Engineering Services Germany, Engineering Services International and Product Information. The Group had sales of SEK 2.5 billion with activities at more than 45 sites in Sweden, Germany, the UK, Brazil, China, Hungary, India, Spain and Russia.
Operating income amounted to SEK 654 million (671) giving organic growth of -2%. Q4 also saw relatively weak demand from some industrial customers.
The operating profit was SEK 22 million (55) giving an operating margin of 3.3% (8.2). The quarter has been impacted by restructuring costs of around SEK 10 million, mainly due to the introduction of the market-oriented organization. The quarter was also affected by impairment in a major project of SEK 5 million. The Automotive R&D business area also reported poor results due to the start of a major project being delayed, from the end of May until December.
Net financial items totalled SEK -2 million (-2) giving a profit before tax of SEK 20 million (53). Tax costs for the quarter stood at SEK -4 million (-6). The profit after tax was SEK 16 million (47) and EPS after dilution was SEK 0.87 (2.58).
The operating income was SEK 2,508 million (2,571) giving organic growth of -1%. The Informatic business area reported good growth over the year. For other business areas it is the relatively poor demand from some industrial customers that has negatively affected sales.
The operating profit amounted to SEK 125 million (193) giving an operating margin of 5.0% (7.5). The decline is attributable to lower revenues, costs arising from staff cuts in Q1 of SEK 6 million, restructuring costs of around SEK 10 million and impairment of a major project of SEK 5 million in Q4. The Automotive R&D business area also reported poor results due to the start of a major project being delayed by six months. Major revenue recognition was reported last year of SEK 5 million in an Automotive R&D business area project.
The business area showed the following operating margins: Automotive R&D 3.5% (6.6), Design & Development 3.3% (6.7) and Informatic 11.7% (11.9).
Net financial items totalled SEK -7 million (-7) giving a profit before tax of SEK 118 million (186). Tax costs for the quarter stood at SEK -30 million (-45). The profit after tax was SEK 88 million (141) and EPS after dilution was SEK 4.86 (7.80).
The operating cash flow from current activities was SEK 135 million (186). The Group's cash and bank balances amounted to SEK 153 million (116) with additional non-utilized credit of SEK 262 million (306) as at 31 December. A new credit agreement was signed at the start of Q3. The new credit agreement consists of a three-year revolving credit facility of EUR 22.8 million (32.8), which runs until July 2016 with an additional, pre-existing, overdraft facility of SEK 150 million (150).
Investments in hardware, licences, office supplies and equipment, amounted to SEK 24 million (22). Shareholders' equity amounted to SEK 633 million (579) and the equity/ assets ratio was 49% (47). A dividend of SEK 36 million (-) was paid to shareholders in Q2. The Group's net debt fell over the past year by SEK 68 million, meaning that the Group, at yearend, had net equity of SEK 7 million (-61) and the debt/equity ratio was - times (0.1) with an interest coverage ratio of 22.0 times (26.8).
The headcount on 31 December was 3,001 (3,000). The number of employees active in service was 2,851 (2,887). In the business areas the headcount is as follows: Automotive R&D 1,816 (1,772), Design & Development 676 (701) and Informatic 509 (527).
The business area reported improved demand following a weak start to the year. Overall sales amounted to SEK 1,436 million (1,428), resulting in organic growth of 1%, of which only overseas units of the business area reporting growth and Swedish activities reporting a drop in sales of 7%.
The operating profit amounted to SEK 50 million (94), giving an operating margin of 3.5% (6.6). The poorer result is attributable to poorer demand at the start of the year, costs for staff cuts in Sweden in Q1 of SEK 3 million, restructuring costs that negatively impacted Q4 by SEK 3 million and the impairment in a major project of SEK 5 million. The business area also reported poor results, mainly attributable to the start of a major project being delayed from end of May until December. The operating profit for Q1 2012 also included revenue recognition of SEK 5 million reported for a major project.
The agreement signed in Q1 with a major German automotive manufacturer employed close to 100 people at year-end and is expected to employ close to 130 people in Q2 2014, of whom 30 in Germany and 100 in Sweden.
The business reported good growth in the UK with improved results.
The business in Brazil has extended its customer base and also extended an existing contract with its biggest customer.
Deliveries from India to customers in Europe have contributed to a positive sales and results trend.
Due to the reorganization as of 1 January activities in the Automotive R&D business area will be divided. Activities in Sweden will now be part of the Engineering Services Nordic business area together with the Swedish business in Design & Development. Activities in Germany, together with Design & Development's German business, will form the Engineering Services Germany business area. Activities in the UK, Brazil, India and China will form a separate business area, Engineering Services International. The pro forma values for the new organization appear in Note 1 on page 14.
Semcon is a development partner well positioned to improve sales on the global automotive market where long-term demand remains strong.
| Oct-Dec | Jan–Dec | ||||
|---|---|---|---|---|---|
| Key figures Automotive R&D | 2013 | 2012 | 2013 | 2012 | |
| Operating income, SEK m | 370.2 | 371.3 | 1,435.5 | 1,428.4 | |
| Operating profit/loss, SEK m | 4.9 | 33.7 | 50.5 | 94.2 | |
| Operating margin, % | 1.3 | 9.1 | 3.5 | 6.6 | |
| Numbers of employees at period's end | 1,816 | 1,772 | 1,816 | 1,772 |
The business area has around 1,800 employees providing 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 reported a weak year. Sales amounted to SEK 610 million (715), resulting in organic growth of -11%. The product and production development divisions reported weak demand from some industrial customers.
The operating profit was SEK 20 million (48), giving an operating margin of 3.3% (6.7). The main reason for the poorer results is a drop in demand. The business area also introduced staff cuts in Q1, which negatively impacted the business by SEK 3 million and also accumulated restructuring costs of SEK 6 million in Q4. The PEAQ (Project, Engineering and Quality) division has reported an improved operating profit. The division divested its pharmaceutical development business on 1 April, affecting 6 staff.
Olof Christensson was appointed as the new business area president with effect from mid-September 2013. The business area also opened a new office in Luleå in Q3, mainly to provide services to customers in the energy and mining sectors.
Due to the reorganization as of 1 January, activities in the Design & Development business area will be divided. Activities in Sweden will now be part of the Engineering Services Nordic business area together with the Swedish business in Automotive R&D. Activities in Germany, together with Automotive R&D's German business will form the Engineering Services Germany business area. The pro forma values for the new organization appear in Note 1 on page 14.
Uncertainty on the market has meant that some customers are delaying their investments, negatively affecting utilization levels over the short-term. Customers' development needs however remain strong and it is believed that demand will gradually improve.
Share of Semcon's total sales, %
| Key figures Design & Development | Oct-Dec | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Operating income, SEK m | 163.9 | 175.6 | 609.6 | 714.9 |
| Operating profit/loss, SEK m | 2.8 | 5.4 | 20.1 | 48.1 |
| Operating margin, % | 1.7 | 3.1 | 3.3 | 6.7 |
| Numbers of employees at period's end | 676 | 701 | 676 | 701 |
The business area has around 700 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, telecom 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 reported a healthy earnings trend over the year. Overall sales rose by SEK 35 million to SEK 463 million (428) with organic growth of 8%. A significant contributory factor to this growth is ongoing deliveries to the Chinese customer Qoros Auto. Of the business area's overall sales nearly half came from markets outside Sweden.
The operating profit improved by SEK 3 million, amounting to SEK 54 million (51). The operating margin was 11.7% (11.9).
Activities in the UK developed 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 to involve over 100 people over the year. Semcon's involvement from November dropped by around 30 people.
Business activities in Sweden continue to report improved results with two new long-term partnerships signed in Q2 with companies in the manufacturing industry. These new partnerships were fully staffed at year-end. Both partnerships use the business area's FOBO solution, where offices in Sweden act as the front office and the office in Hungary acts as the back office. Around 25 individuals are involved in both these partnerships.
The first car model from Chinese Qoros Auto went on sale at the end of the year and the business area's involvement in developing owner and aftermarket information had, at year-end, been cut around 15 people according to plan, to adapt to the continued expected level of demand.
The acquisition in Germany in Q4 2012 was integrated during the year in the business area's activities. Integration and restructuring costs impacted results by around SEK 3 million over the year, of which SEK 1 million in Q4.
The Informatic business area will change its name to Product Information as of 1 January 2014. The business area will otherwise not be affected by the new organization.
The business area expects continued high potential for growth in all markets where the business area is currently active.
| Key figures Informatic | Oct-Dec | Jan–Dec | |||
|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | ||
| Operating income, SEK m | 119.9 | 124.0 | 463.3 | 427.6 | |
| Operating profit/loss, SEK m | 14.2 | 16.0 | 54.2 | 51.0 | |
| Operating margin, % | 11.8 | 12.9 | 11.7 | 11.9 | |
| Number of employees at period's end | 509 | 527 | 509 | 527 |
Informatic's around 500 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, telecom, 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 31 December, the JCE Group owned 22.2% (30.5) of Semcon's shares, Swedbank Robur fonder 8.4% (8.4), Nordea Investments Funds 6.3% (-), Handelsbanken Fonder 5.7% (3.7) and Andra AP-fonden 5.3% (5.1). Foreign ownership was 27.3% (17.0) and the numbers of shareholders was 3,782 (3,828). The number of ordinary shares at the end of the year was 18,112,534 (18,112,534), all with quotient value of SEK 1 and equal voting rights. Semcon owned 142,718 (142,718) of the company's share on 31 December. Semcon is listed as a small company on the NASDAQ OMX Stockholm under the SEMC ticker.
No acquisitions or divestments of companies have taken place over the year.
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 against shareholders' equity. 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 year-end 2013.
It was decided at Semcon's AGM on 26 April 2013, that the chairman must convene a nominations committee, consisting of one representative for each of the three largest shareholders in the company as of 31 August 2013.
The nominations committee will consist, until the next AGM, of: Gabriel Berg, nominations committee chairman, JCE Group, Evert Carlsson, Swedbank Robur fonder, Martin Jonasson, Andra AP-fonden and Kjell Nilsson, Chairman of the Board of Semcon AB. Questions to the nominations committee can be submitted to: [email protected].
According to Semcon's financial objectives a share dividend should be paid to shareholders and be around one third of the profit after tax. From the reported profit for 2013 the Board of Directors proposes an increased share dividend of SEK 2.50 per share (2.0). The proposed dividend makes up a total of 51% of the company's profit after tax and amounts to SEK 45 million. The record day for the right to a share dividend is proposed as Friday, 2 May.
The 2013 Annual Report is expected to be available at the end of March and will be sent to all shareholders who have confirmed they want a printed copy of information from Semcon. The Annual Report will also be available on Semcon's website: semcon.com and from Semcon's head office at Theres Svenssons gata 15 in Göteborg. It can also be ordered by telephone on: +46 (0)31 721 00 00, fax +46 (0)31 721 03 33 or by email at: [email protected].
Semcon's AGM will take place at 3 p.m. on 28 April 2014 at Semcon's head office in Göteborg. The record day is 22 April. The Q1 report will be published on 28 April.
Customers' development needs remain strong with demand expected to gradually improve. Semcon's development outlook for 2014 is positive.
Semcon's 10 largest customers Jan-Dec 2013
The Board of directors and CEO confirm that the financial statement for 2013 provides a fair overview of the parent company's and Group's business, position and results while presenting the key risks and uncertainties that the parent company and Group companies are facing.
Göteborg 6 February 2014
SEMCON AB (PUBL) Co.Reg.no. 556539-9549
Markus Granlund President and CEO
Joakim Olsson Board member
Christer Eriksson Staff representative Kjell Nilsson Chairman
Håkan Larsson Board member
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 the Securities Market Act and/or the Financial Instruments Trading Act. This information was submitted for publication at 12:00 (CET) on 6 February 2014.
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 |
| Operating income | 654.0 | 670.9 | 2,508.4 | 2,570.9 |
| Purchase of goods and services | -121.9 | -118.1 | -461.8 | -467.2 |
| Other external operating expenses | -61.1 | -60.5 | -231.5 | -231.1 |
| Staff costs | -443.3 | -431.2 | -1,668.6 | -1,655.6 |
| Operating profit/loss before depreciation | 27.7 | 61.1 | 146.5 | 217.0 |
| Depreciation of tangible fixed assets | -4.0 | -4.4 | -15.1 | -17.3 |
| Depreciation of intangible assets | -1.8 | -1.6 | -6.6 | -6.4 |
| Operating profit/loss | 21.9 | 55.1 | 124.8 | 193.3 |
| Net financial items | -1.8 | -2.2 | -7.0 | -7.4 |
| Profit/loss before tax | 20.1 | 52.9 | 117.8 | 185.9 |
| Tax | -4.3 | -6.1 | -29.7 | -44.7 |
| Profit/loss after tax * | 15.8 | 46.8 | 88.1 | 141.2 |
| EPS per share, SEK | 0.88 | 2.60 | 4.90 | 7.86 |
| EPS per share after dilution, SEK | 0.87 | 2.58 | 4.86 | 7.80 |
| * Of which parent company shareholders | 15.8 | 46.8 | 88.1 | 141.2 |
| Numbers of days in period | 62 | 62 | 249 | 249 |
| Oct-Dec | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | |
| Profit/loss after tax | 15.8 | 46.8 | 88.1 | 141.2 | |
| Items that cannot be reclassified as profit or loss | |||||
| Actuarial profits and losses | -3.9 | - | -2.8 | - | |
| Tax | 0.8 | - | 0.6 | - | |
| Total | -3.1 | - | -2.2 | - | |
| Items that cannot be reclassified as profit or loss | |||||
| Translation differencies for the period | 11.5 | 6.3 | 9.7 | -13.6 | |
| Hedging of net investments | -6.9 | -0.7 | -3.1 | 13.1 | |
| Cash flow hedging | -2.7 | -1.5 | -5.0 | -0.5 | |
| Tax attributable to hedging effects of net investments and | |||||
| cash flow hedges | 2.1 | 0.6 | 1.8 | -3.3 | |
| Total | 4.0 | 4.7 | 3.4 | -4.3 | |
| Other comprehensive income | 0.9 | 4.7 | 1.2 | -4.3 | |
| Total comprehensive income for the period * | 16.7 | 51.5 | 89.3 | 136.9 | |
| * Of which parent company shareholders | 16.7 | 51.5 | 89.3 | 136.9 |
| Year | Year | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | 2012 | Q1 | Q2 | Q3 | Q4 | 2013 | |
| Operating income (SEK m) | ||||||||||
| Automotive R&D | 377.2 | 350.1 | 329.8 | 371.3 | 1,428.4 | 347.4* | 359.0* | 358.9* | 370.2 | 1,435.5 |
| Design & Development | 206.9 | 190.6 | 141.8 | 175.6 | 714.9 | 159.7 | 162.2 | 123.8 | 163.9 | 609.6 |
| Informatic | 101.4 | 100.9 | 101.3 | 124.0 | 427.6 | 118.9 | 115.3 | 109.2 | 119.9 | 463.3 |
| Total | 685.5 | 641.6 | 572.9 | 670.9 | 2,570.9 | 626.0* | 636.5* | 591.9* | 654.0 | 2,508.4 |
| Operating profit/loss (SEK m) | ||||||||||
| Automotive R&D | 30.5 | 12.3 | 17.7 | 33.7 | 94.2 | 11.3 | 14.1 | 20.2 | 4.9 | 50.5 |
| Design & Development | 30.2 | 9.2 | 3.3 | 5.4 | 48.1 | 7.3 | 6.2 | 3.8 | 2.8 | 20.1 |
| Informatic | 11.5 | 9.4 | 14.1 | 16.0 | 51.0 | 16.4 | 10.6 | 13.0 | 14.2 | 54.2 |
| Total | 72.2 | 30.9 | 35.1 | 55.1 | 193.3 | 35.0 | 30.9 | 37.0 | 21.9 | 124.8 |
| Operating margin (%) | ||||||||||
| Automotive R&D | 8.1 | 3.5 | 5.4 | 9.1 | 6.6 | 3.3 | 3.9 | 5.6 | 1.3 | 3.5 |
| Design & Development | 14.6 | 4.8 | 2.3 | 3.1 | 6.7 | 4.6 | 3.8 | 3.1 | 1.7 | 3.3 |
| Informatic | 11.3 | 9.3 | 13.9 | 12.9 | 11.9 | 13.8 | 9.2 | 11.9 | 11.8 | 11.7 |
| Total | 10.5 | 4.8 | 6.1 | 8.2 | 7.5 | 5.6 | 4.9 | 6.3 | 3.3 | 5.0 |
| Numbers of employees | ||||||||||
| Automotive R&D | 1,725 | 1,742 | 1,767 | 1,772 | 1,772 | 1,765 | 1,781 | 1,813 | 1,816 | 1,816 |
| Design & Development | 780 | 777 | 744 | 701 | 701 | 680 | 669 | 667 | 676 | 676 |
| Informatic | 448 | 468 | 499 | 527 | 527 | 524 | 539 | 531 | 509 | 509 |
| Total | 2,953 | 2,987 | 3,010 | 3,000 | 3,000 | 2,969 | 2,989 | 3,011 | 3,001 | 3,001 |
| Numbers of working days | 64 | 58 | 65 | 62 | 249 | 62 | 59 | 66 | 62 | 249 |
* Earnings in the first to third quarter have been adjusted by SEK 40.4 million, of which the first quarter by SEK 4.7 m, the second quarter by SEK 16.3 m and third quarter by SEK 19.4 m relating to internal sales between various countries in an Automotive R&D project. A similar adjustment has been made to the Purchase of goods and services item, which is why the operating profit was not affected.
The pro forma value of the new organization appears in Note 1 on page 14.
| 31 Dec | |||
|---|---|---|---|
| SEK m | 2013 | 2012 | |
| Assets | |||
| Intangible assets, goodwill | 440.3 | 433.3 | |
| Other intangible assets | 16.6 | 17.7 | |
| Tangible fixed assets | 39.2 | 35.4 | |
| Financial fixed assets | 18.8 | 19.1 | |
| Deferred tax recoverable | 44.5 | 50.1 | |
| Accounts receivable | 371.3 | 346.6 | |
| Accrued non-invoice income | 172.7 | 174.4 | |
| Current assets | 48.9 | 51.1 | |
| Cash and bank assets | 153.3 | 115.6 | |
| Total assets | 1,305.6 | 1,243.3 | |
| Shareholders equity and liabilities | |||
| Shareholders equity | 633.4 | 579.1 | |
| Pensions obligations | 51.4 | 47.6 | |
| Deferred tax liabilities | 27.1 | 34.2 | |
| Interest-bearing long-term liabilities | - | 129.2 | |
| Interest-bearing current liabilities | 94.7 | - | |
| Accounts payable | 87.0 | 85.0 | |
| Non interest bearing current liabilities | 412.0 | 368.2 | |
| Total shareholders equity and liabilities | 1,305.6 | 1,243.3 |
31 Dec
| SEK m | 2013 | 2012 |
|---|---|---|
| Shareholders equity and liabilities | 579.1 | 442.0 |
| Effect of change to accounting principles | 0.9 | - |
| Total comprehensive income | 89.3 | 136.9 |
| Shareholder dividend | -35.9 | - |
| Share savings program | - | 0.2 |
| Shareholders equity at year's end | 633.4 | 579.1 |
| Oct-Dec | Jan–Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 | |
| Cash flow from current activities before change in working | |||||
| capital | 22.4 | 53.1 | 130.5 | 202.3 | |
| Change in working capital | −69.6 | 54.7 | −4.5 | −-16.1 | |
| Cash flow from current liabilities | 92.0 | 107.8 | −135.0 | 186.2 | |
| Net investments | −-4.1 | -5.9 | −-24.1 | −-21.9 | |
| Acquisition of subsidiaries | - | -2.5 | - | -2.5 | |
| Sales of fixed assets | - | -0.1 | 0.2 | 0.5 | |
| Cash flow from financing activities | −-4.1 | -8.5 | −-23.9 | −-23.9 | |
| Change in interest-bearing liabilities | -20.0 | -33.0 | -42.6 | −-83.2 | |
| Shareholder dividend | −- | - | −-35.9 | - | |
| Cash flow from financing activites | -20.0 | -33.0 | −-78.5 | −-83.2 | |
| Cash flow for the period | 67.9 | 66.3 | −32.6 | 79.1 | |
| Cash and bank at the start of the period | 79.5 | 49.4 | 115.6 | 39.7 | |
| Translation difference | 5.9 | -0.1 | 5.1 | −-3.2 | |
| Cash and bank at the end of the period | 153.3 | 115.6 | 153.3 | 115.6 |
| Key figures | Jan–Dec | |
|---|---|---|
| 2013 | 2012 | |
| Growth in sales (%) | -2.4 | 4.9 |
| Organic growth in sales (%) | -1.0 | 6.1 |
| Operating margin before depreciation (%) | 5.8 | 8.4 |
| Operating margin (%) | 5.0 | 7.5 |
| Profit margin (%) | 4.7 | 7.2 |
| Return on shareholders equity (%) | 14.6 | 27.7 |
| Return on capital employed (%) | 16.1 | 26.2 |
| Equity/asset ratio (%) | 48.5 | 46.6 |
| Dept/equity ratio (multiple) | - | 0.1 |
| Interest cover ratio (multiple) | 22.0 | 26.8 |
| Investments in fixed assets (SEK m) | 24.1 | 21.9 |
| Number of employees at year's end | 3,001 | 3,000 |
| Key figures for shares | Jan–Dec | |
|---|---|---|
| 2013 | 2012 | |
| EPS after tax (SEK) | 4.90 | 7.87 |
| EPS after dilution (SEK) | 4.86 | 7.80 |
| Shareholders equity before dilution (SEK) | 35.25 | 32.23 |
| Shareholders equity after dilution (SEK) | 34.97 | 31.97 |
| Share price/shareholders equity per share (times) | 1.73 | 1.50 |
| Cash flow from current activities | 7.45 | 10.28 |
| Dividend | 2.50* | 2.00 |
| P/E ratio | 12.44 | 6.16 |
| P/S ratio | 0.44 | 0.34 |
| Share price at the end of the year (SEK) | 60.50 | 48.00 |
| Market price at the end of the year (SEK m) | 1,096 | 869 |
| Numbers of shares at the end of the year (000) | 18,113 | 18,113 |
| Numbers of own shares at the end of the year (000) | 143 | 143 |
| Average number of shares (000) | 18,113 | 18,113 |
*Board of Directors' proposal
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.
Operating profit as a percentage of net sales.
Profit before tax as a percentage of net sales.
Return on capital employed
Profit before tax plus financial costs divided by the average capital employed.
Shareholders' equity divided by the number of shares at year-end, excluding shares bought back held as own shares by the parent company.
Shareholders' equity divided by the number of shares at year-end adjusted for the dilution effect on potential shares.
| Income statements | Oct-Dec | Jan-Dec | ||
|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 |
| Operating income | 6.8 | 10.1 | 26.3 | 26.3 |
| Other external operating expenses | −-4.8 | −-5.5 | -21.2 | −-20.4 |
| Staff costs | −-7.0 | −-8.5 | -21.6 | −-25.6 |
| Operating profit/loss before depreciation | −-5.0 | −-3.9 | -16.5 | −-19.7 |
| Depreciation of tangible fixed assets | - | - | -0.3 | -0.3 |
| Operating profit/loss after depreciation | −-5.0 | −-3.9 | -16.8 | −-20.0 |
| Net financial items * | 50.3 | 112.3 | 80.3 | 131.9 |
| Profit/loss after net financial items | 45.3 | 108.4 | 63.5 | 111.9 |
| Appropriations ** | 3.5 | -30.4 | 3.5 | -30.4 |
| Profit/loss before tax | 48.8 | 78.0 | 67.0 | 81.5 |
| Tax | -10.9 | -19.9 | -14.9 | -20.8 |
| Profit/loss after tax | 37.9 | 58.1 | 52.1 | 60.7 |
| * Of which translation differencies | -8.3 | -2.3 | 16.0 | 10.0 |
| Of which Group contribution received | 57.0 | 112.5 | 57.0 | 112.5 |
| ** Of which Group contribution paid | -5.5 | -21.3 | -5.5 | -21.3 |
| Oct-Dec | Jan-Dec | |||
|---|---|---|---|---|
| SEK m | 2013 | 2012 | 2013 | 2012 |
| Profit/loss for the period | 37.9 | 58.1 | 52.1 | 60.7 |
| Other comprehensive income | - | - | - | - |
| Total comrehensive income for the period | 37.9 | 58.1 | 52.1 | 60.7 |
| SEK m | 2013 | 2012 |
|---|---|---|
| Assets | ||
| Tangible fixed assets | 0.2 | 0.5 |
| Financial fixed assets | 454.0 | 473.9 |
| Current assets | 154.8 | 137.7 |
| Cash and bank | - | 38.3 |
| Total assets | 609.0 | 650.4 |
| Shareholder equity and liabilities | ||
| Shareholders equity | 394.8 | 378.5 |
| Untaxed reserves | 0.2 | 9.3 |
| Interest-bearing long-term liabilities | - | 153.6 |
| Interest-bearing current liabilities | 98.9 | - |
| Non interest-bearing current liabilities | 115.1 | 109.0 |
| Total shareholders equity and liabilities | 609.0 | 650.4 |
| Name | No. of shares | Votes, % | ||
|---|---|---|---|---|
| JCE Group | 4,026,271 | 22.2 | ||
| Swedbank Robur fonder | 1,521,764 | 8.4 | ||
| Nordea Investments Funds | 1,141,196 | 6.3 | ||
| Handelsbanken fonder | 1,037,645 | 5.7 | ||
| Andra AP-fonden | 961,998 | 5.3 | ||
| JPM Chase | 705,458 | 3.9 | ||
| Fjärde AP-fonden | 516,244 | 2,9 | ||
| Avanza Pension | 476,535 | 2.6 | ||
| AMF | 442,400 | 2.4 | ||
| Europea i Malmö AB | 277,000 | 1.5 | ||
| Total | 11,106,511 | 61.2 | ||
| Own shares | 142,718 | 0.9 | ||
| Other | 6,863,305 | 37.9 | ||
| Total | 18,112,534 | 100.0 |
Ownership structure, 31 December 2013
| Total | 3 ,782 | 18,112,534 | 100.0 | 1,095,808 | |
|---|---|---|---|---|---|
| Own shares | 1 | 142,718 | 0.8 | 8,634 | |
| 100,001 - | 25 | 13,316,639 | 73.5 | 805,657 | |
| 10,001-100,000 | 74 | 2,107,435 | 11.6 | 127,500 | |
| 1,001-10,000 | 571 | 1,595,121 | 8.8 | 96,505 | |
| 501-1,000 | 555 | 466,847 | 2.6 | 28,244 | |
| 1-500 | 2 ,556 | 483,774 | 2.7 | 29,268 | |
| No. of shareholders |
No. of shares |
Proportion, % |
Market value SEK 000 |
Source: Euroclear Sweden AB (VPC) register of shareholders on 31 December 2013.
Source: Euroclear Sweden AB (VPC) register of shareholders on 31 December 2013.
Semcon introduced a market-oriented organization on 1 January 2014 for its Engineering Services and the Informatic business area also changed its name to Product Information.
The following individuals are responsible for the respective business areas:
| Engineering Services Nordic: | Olof Christensson |
|---|---|
| Engineering Services Germany: | Henry Kohlstruck |
| Engineering Services International: | Acting Markus Granlund |
| Product Information: | Johan Ekener |
The following table shows results converted to correspond with the new organization.
| Year | Year | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | 2012 | Q1 | Q2 | Q3 | Q4 | 2013 | |
| Operating income (SEK m) | ||||||||||
| Engineering Services Nordic | 325.6 | 300.9 | 237.8 | 297.4 | 1,161.7 | 262.7 | 272.4 | 221.5 | 267.7 | 1.024.3 |
| Engineering Services Germany | 225.1 | 211.1 | 205.4 | 219.7 | 861.3 | 223.5 | 223.1 | 232.3 | 244.1 | 923.0 |
| Engineering Services International | 48.8 | 46.5 | 44.3 | 46.0 | 185.6 | 43.1 | 47.8 | 48.1 | 50.8 | 189.8 |
| Product Information | 101.4 | 100.9 | 101.3 | 124.0 | 427.6 | 118.9 | 115.3 | 109.2 | 119.9 | 463.3 |
| Elimination of group transactions | -15.4 | -17.8 | -15.9 | -16.2 | -65.3 | -22.2 | -22.1 | -19.2 | -28.5 | -92.0 |
| Total | 685.5 | 641.6 | 572.9 | 670.9 | 2,570.9 | 626.0 | 636.5 | 591.9 | 654.0 | 2,508.4 |
| Operating profit/loss (SEK m) | ||||||||||
| Engineering Services Nordic | 45.0 | 15.5 | 7.2 | 17.2 | 84.9 | 7.1 | 13.0 | 6.6 | 7.1 | 33.8 |
| Engineering Services Germany | 16.3 | 2.8 | 13.2 | 14.9 | 47.2 | 10.0 | 4.9 | 13.6 | 1.0 | 29.5 |
| Engineering Services International | -1.0 | 0.8 | -2.0 | 3.3 | 1.1 | -0.1 | 1.1 | 2.7 | 1.2 | 4.9 |
| Product Information | 11.5 | 9.4 | 14.1 | 16.0 | 51.0 | 16.4 | 10.6 | 13.0 | 14.2 | 54.2 |
| Elimination of group transactions | 0.4 | 2.4 | 2.6 | 3.7 | 9.1 | 1.6 | 1.3 | 1.1 | -1.6 | 2.4 |
| Summa | 72.2 | 30.9 | 35.1 | 55.1 | 193.3 | 35.0 | 30.9 | 37.0 | 21.9 | 124.8 |
| Operating margin (%) | ||||||||||
| Engineering Services Nordic | 13.8 | 5.2 | 3.0 | 5.8 | 7.3 | 2.7 | 4.8 | 3.0 | 2.7 | 3.3 |
| Engineering Services Germany | 7.2 | 1.3 | 6.4 | 6.8 | 5.5 | 4.5 | 2.2 | 5.9 | 0.4 | 3.2 |
| Engineering Services International | -2.0 | 1.7 | -4.5 | 7.2 | 0.6 | -0.2 | 2.3 | 5.6 | 2.4 | 2.6 |
| Product Information | 11.3 | 9.3 | 13.9 | 12.9 | 11.9 | 13.8 | 9.2 | 11.9 | 11.8 | 11.7 |
| Summa | 10.5 | 4.8 | 6.1 | 8.2 | 7.5 | 5.6 | 4.9 | 6.3 | 3.3 | 5.0 |
| Number of employees | ||||||||||
| Engineering Services Nordic | 1,164 | 1,166 | 1,161 | 1,117 | 1,117 | 1,079 | 1,072 | 1,076 | 1,083 | 1,083 |
| Engineering Services Germany | 1,016 | 1,031 | 1,038 | 1,043 | 1,043 | 1,079 | 1,078 | 1,086 | 1,078 | 1,078 |
| Engineering Services International | 325 | 322 | 312 | 313 | 313 | 287 | 300 | 318 | 331 | 331 |
| Product Information | 448 | 468 | 499 | 527 | 527 | 524 | 539 | 531 | 509 | 509 |
| Summa | 2 ,953 | 2,987 | 3,010 | 3,000 | 3,000 | 2,969 | 2,989 | 3,011 | 3,001 | 3,001 |
| No of working days | 64 | 58 | 65 | 62 | 249 | 62 | 59 | 66 | 62 | 249 |
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