Quarterly Report • Oct 22, 2015
Quarterly Report
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"Even though all business areas reported positive earnings in Q3,this report is generally characterized by weak results.The Engineering Services Nordic business area's profit for the quarter was negatively affected by investments in growth and a lower utilization rate as a result of new recruitments.
Engineering Services Germany, like other companies in Germany, is continuing to adapt its activities to new legislation concerning the increased share of deliveries with project responsibility.This is in line with our strategy of increasing the number of project deliveries and we are currently actively working to streamline our organization in Germany,with the highest priority being given to profitable growth.The appointment of a new business area president is an important part of this initiative.We are also following developments at Volkswagen very carefully.We haven't so far seen any short-term effects to our working relationship with them, but we are preparing ourselves to handle any possible changes.
The Product Information business area concluded sales to one of the major customers in China,which negatively affected results. It is however pleasing that the business area signed a new international partnership deal in the quarter.This is once again proof that our global delivery model is competitive."
The operating income amounted to SEK 611 million (612). Organic growth, adjusted for currency effects, acquisitions and divestments, amounted to -2 per cent.
The operating profit amounted to SEK 13 million (32), giving an operating margin of 2.2 per cent (5.2).
Compared with last year, all business areas, except Engineering Services International,reported worse results. The Product Information business area's results were negatively affected by sales to one of the major customers in China concluding in Q3. Net financial items amounted to SEK -1 million (-1), giving a profit before tax of SEK 12 million (31). The tax expense for the quarter amounted to SEK 3 million (8).The profit after tax amounted to SEK 9 million (23) and EPS after dilution was SEK 0.51 (1.26).
The operating income amounted to SEK 1,920 million (1,995). Organic growth, adjusted for currency effects, acquisitions and divestments, amounted to -5 per cent.The business area Engineering Services Germany, adjusted for currency effects, reported lower income of 12 per cent, due to the transition underway in the German market. Last year's sales also included a large portion of purchased goods and services in some projects.
The operating profit amounted to SEK 19 million (76), giving an operating margin of 1.0 per cent (3.8).The Engineering Services Germany business area reported significantly weaker results due to the drop in sales and restructuring costs of SEK 20 million (2). Restructuring costs affected the Group's overall operating profit by SEK 22 million (6).
Net financial items amounted to SEK -3 million (-4), giving a profit before tax of SEK 16 million (72).The tax expense for the period amounted to SEK 4 million (19).The profit after tax amounted to SEK 12 million (53) and EPS after dilution amounted to SEK 0.66 (2.93).
The operating cash flow from current activities was SEK -107 million (-43). Cash flow is seasonally weak in the first three quarters of the year, but this year it was also affected by weaker operating profit compared with previous year. Investments in hardware, licenses, office supplies and equipment amounted to SEK 29 million (20).
The Group's liquid assets amounted to SEK 43 million (76) with additional non-utilized credit of SEK 179 million (230) as at 30 September.The Group's credit agreements were extended at the start of Q4 and will run until October 2018. Shareholders'equity amounted to SEK 617 million (648) and the equity/assets ratio was 47 per cent (49).During Q2 a dividend worth SEK 45 million (45) was paid to shareholders. In addition, share buy backs were carried out to acquire 100,000 Semcon shares for SEK 6 million.The Group's net debt amounts to SEK 214 million (110). Excluding pension commitments, net debt amounted to SEK 146 million (57).The debt/equity ratio was 0.3 times (0.2) with an interest coverage ratio of 12 times (21).
The headcount on 30 September was 2,864 (3,050).The number of employees in active service was 2,783 (2,940). Divestment and downsizing of business activities have been carried out over the past year,which have resulted in a fall in the number of employees. In the respective business areas the headcount is as follows: Engineering Services Nordic 1,011 (1,071), Engineering Services Germany 980 (1,069), Engineering Services International 345 (359) and Product Information 528 (551).
As of 30 September,the JCE Group owned 22.2% (22.2) of Semcon's shares, Swedbank Robur Fonder 8.4% (8.4), Nordea Investments Funds 6.3% (6.3), Handelsbanken Fonder 5.8% (6.7), and Andra AP-fonden 4.4% (5.3). Foreign ownership was 27.2% (27.0) and the numbers of shareholders was 4,368 (3,602). The number of ordinary shares at the end of the period was 18,112,534 (18,112,534), all with the quotient value of SEK 1 and equal voting rights. Semcon owned 242,718 (142,718) of the company's share on 30 September.
Semcon is listed as a small company on the NASDAQ OMX Stockholm under the SEMC ticker. A list of the biggest shareholders, ownership structure and share price movements can be seen on page 11.
The Annual General Meeting, held on 28 April 2015, decided to establish a long-term performance-based share savings scheme for around 110 senior executives and key personnel in the Semcon Group. This scheme will run for four years starting in July 2015 and covering a maximum of 242,718 shares, corresponding to 1.34 per cent of the total number of outstanding shares.
No acquisitions or divestments have taken place during 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 2014, pages 47-48 and 61-62, include a detailed description of the Group and parent company's risk exposure and risk management.
Semcon follows the IFRS standards adopted by the EU and its interpretations of these (IFRIC). This quarterly report has been drawn up in accordance with IAS 34. A number of new standards and IFRIC statements were introduced on 1 January 2015. None of these have had any affect on the Group's accounts over the period. In general,the same accounting policies and methods of calculation have been used in this report as in the latest annual report.
No significant events occurred after the end of the period.
It was decided at the AGM 2015 that the Chairman of the Board should convene a nominations committee, consisting of one representative from each of the three largest shareholders in the company in terms of voting rights according to the shareholders'register on 31 August 2015.
The nominations committee will, until the next AGM consist of: Olof Cato, Nominations Committee Chairman, JCE Group, Evert Carlsson, Swedbank Robur fonder, Katja Bergqvist, Handelsbanken Fonder and Kjell Nilsson, Chairman of Semcon AB.
Sales amounted to SEK 738 million (744). Adjusted for divestments, sales remained generally unchanged. Sales to the automotive industry and life-science sector were relatively healthy,while industry and energy customers generally took a more wait-and-see approach to new investments.
The operating profit amounted to SEK 21 million (24), giving an operating margin of 2.9 per cent (3.2). Some offices reported weak utilization ratios over the year, negatively impacting results.The results in Q3 was also initially affected by investments in growth. Sharp focus is being placed on measures to improve growth and profitability.
| July-Sept | Jan-Sept | Jan-Dec | |||
|---|---|---|---|---|---|
| Engineering Services Nordic | 2015 | 2014 | 2015 | 2014 | 2014 |
| Operating income, SEK m | 206.1 209.7 | 738.3 744.2 1,013.7 | |||
| Operating profit, SEK m | 2.3 | 5.2 | 21.4 | 23.7 | 19.4 |
| Operating margin, % | 1.1 | 2.5 | 2.9 | 3.2 | 1.9 |
| No. of employees at period's end | 1,011 | 1,071 | 1,011 | 1,071 | 1,038 |
The business area's around 1,000 employees provide services in areas such as product development, plant engineering and production development. The offer is aimed at requirement and concept studies, design, calculations, construction, embedded systems, testing, simulation, quality control, project management, production and process development and expertise in lean production. Business activities mainly focus on industry, design, automotive and life science industries in the Nordic region. Customers include ABB, AB Volvo, Alstom, AstraZeneca, Bombardier, Cevt, Geely, Ericsson, Fortum, General Electric, Getinge, Husqvarna, Metso, Rolls-Royce Marine, Saab, Scania, Siemens, Vattenfall and Volvo Cars.
The business area's sales amounted to SEK 693 million (758), which meant a fall in local currency of 12 per cent.The business area reported lower sales due to the transition underway in the German market. Last year's sales also included a large portion of purchased goods and services in some projects.The operating loss was SEK 30 million (+17), giving an operating margin of -4.3 per cent (+2.2). Profitability remains weak. A change in purchase patterns, due to legislation, has involved the automotive industry in particular, moving over to buying more projects and packaged services instead of having specialists on site with customers. Measures have been implemented to meet these new customer requirements, meaning that restructuring costs of SEK 20 (2) impacted on Q2's earnings. A new business area manager, Udo Glenewinkel,will start work on 1 November.The change of the delivery model and adjustment of the offer in Germany means that the business area is also expected to report weak results in Q4.German automotive customers are, however, expected to retain a high demand for development services.
| July-Sept | Jan–Sept | Jan–Dec | |||
|---|---|---|---|---|---|
| Engineering Services Germany | 2015 | 2014 | 2015 | 2014 | 2014 |
| Operating income, SEK m | 233.3 | 242.9 | 693.1 | 757.9 1,005.7 | |
| Operating profit/loss, SEK m | 5.6 | 10.7 | -29.9 | 16.6 | 20.1 |
| Operating margin, % | 2.4 | 4.4 | -4.3 | 2.2 | 2.0 |
| No. of employees at period's end | 980 | 1,069 | 980 1,069 | 1 ,044 |
The business area's around 1,000 employees provide services to customers primarily in the German automotive industry. The offer includes focusing on concepts, styling, design, calculations, project management, prototyping, testing, simulations and small serial production. Customers include many of the world's leading automotive manufacturers, such as Audi, BMW, VW, Daimler, Opel/GM, Porsche and also customers in other industries such as Sell and Vattenfall.
The business area's sales amounted to SEK 154 million (156), which when adjusted for currency effects meant a fall of 6 per cent.The UK operation's sale of services to other countries was negatively affected by the stronger UK pound. The operating profit amounted to SEK 5 million (3), giving an operating margin of 3.0 per cent (1.6).The market in Brazil is currently weak,which resulted in redundancies for 17 people in the first half of the year and meant restructuring expenses of SEK 2 million affecting the operating profit.
| July-Sept | Jan–Sept Jan–Dec | ||||
|---|---|---|---|---|---|
| Engineering Services International | 2015 | 2014 | 2015 | 2014 | 2014 |
| Operating income, SEK m | 49.2 | 53.7 | 154.4 | 156.1 212.6 | |
| Operating profit/loss, SEK m | 2.8 | 2.4 | 4.7 | 2.5 | 4.9 |
| Operating margin, % | 5.7 | 4.5 | 3.0 | 1.6 | 2.3 |
| No. of employees at period's end | 345 | 359 | 345 | 359 | 359 |
The business area's around 350 employees provide services on respective markets. The offer is aimed at concept, design, calculations, construction, testing and simulation. Business activities are carried out in the UK, Brazil, Russia, India and China. Customers include a number of leading industrial companies such as AB Volvo, Aston Martin, Autoliv, BMW, Continental, General Electric, Jaguar Land Rover, Mahindra Reva, MAN, Scania, Siemens, Volvo Cars and VW.
The business area's sales amounted to SEK 387 million (379), giving organic growth of 4 per cent. New business, especially in the UK, contributed to the rise in sales.Deliveries from the partnership with Jaguar Land Rover have gradually risen and now actively involves around 160 people, including subcontractors.This number is however expected to drop during Q4 by around 40 people.The operating profit was SEK 22 million (32), giving an operating margin of 5.8 per cent (8.3). Sales to one of the larger customers in China ended in Q3.This has negatively affected the results both by the write-down of account receivables and additional operating costs. Sales to the Norwegian oil and gas industry were also weak,which also influenced the weaker earnings. A new long-term partnership deal was signed in Q3 with a customer in the telecom industry,with a gradual ramping up of the business expected in Q4,to eventually involve 20 people.
| July-Sept | Jan–Sept | Jan–Dec | ||||
|---|---|---|---|---|---|---|
| Product Information | 2015 | 2014 | 2015 | 2014 | 2014 | |
| Operating income, SEK m | 128.5 | 124.2 | 387.3 | 378.6 542.4 | ||
| Operating profit, SEK m | 3.0 | 12.9 | 22.3 | 31.6 | 52.3 | |
| Operating margin, % | 2.3 | 10.4 | 5.8 | 8.3 | 9.6 | |
| No. of employees at period's end | 528 | 551 | 528 | 551 | 549 |
The business area's around 550 employees provide complete information solutions with the primary focus on customers' aftermarket business. The business area's offer supports products throughout the product life cycle: from sales and marketing to installation, diagnostics, maintenance, repairs, training material, as well as training service staff. Product Information has offices in Sweden, the UK, Germany, Hungary, China and Norway. Customers are mainly in the automotive, engineering, telecom and IT, energy and med-tech sectors. These include: ABB, Volvo, Bombardier, Ericsson, Gambro, Jaguar Land Rover, Kongsberg Oil & Gas, Saab, SAP, Siemens, UniCarrier and Volvo Cars.
Göteborg 22 October 2015
SEMCON AB (PUBL) Org.nr. 556539-9549
Markus Granlund President and CEO
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 12:15 on 22 October 2015.
| July-Sept | Jan-Sept | Jan-Dec | ||||
|---|---|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2015 | 2014 | 2014 | |
| Operating income | 610.8 | 612.2 | 1,920.2 | 1,994.8 | 2,725.7 | |
| Purchase of goods and services | -155.1 | -128.0 | -418.1 | -440.6 | -611.4 | |
| Other external operating expenses | -60.8 | -57.8 | -183.4 | -180.1 | -242.0 | |
| Staff costs | -376.5 | -388.8 | -1,283.9 | -1,281.1 | -1,742.6 | |
| Operating profit before depreciation | 18.4 | 37.6 | 34.8 | 93.0 | 129.7 | |
| Depreciation of tangible fixed assets | -3.4 | -4.3 | -12.0 | -12.3 | -18.0 | |
| Depreciation of intangible assets | -1.7 | -1.7 | -3.8 | -4.9 | -9.3 | |
| Operating profit | 13.3 | 31.6 | 19.0 | 75.8 | 102.4 | |
| Net financial items | -0.8 | -0.8 | -2.9 | -4.2 | -5.0 | |
| Profit before tax | 12.5 | 30.8 | 16.1 | 71.6 | 97.4 | |
| Tax | -3.3 | -8.0 | -4.2 | -18.6 | -22.0 | |
| Profit after tax* | 9.2 | 22.8 | 11.9 | 53.0 | 75.4 | |
| EPS SEK | 0.51 | 1.28 | 0.66 | 2.95 | 4.20 | |
| EPS after dilution, SEK | 0.51 | 1.26 | 0.66 | 2.93 | 4.16 | |
| *Of which parent company shareholders | 9.2 | 22.8 | 11.9 | 53.0 | 75.4 | |
| Number of days in period | 66 | 66 | 186 | 186 | 248 |
| July-Sept | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2015 | 2014 | 2014 | |
| Profit after tax | 9.2 | 22.8 | 11.9 | 53.0 | 75.4 | |
| Items that cannot be reclassified as | ||||||
| profit or loss | ||||||
| Actuarial profits and losses | - | - | - | - | -12.4 | |
| Tax | - | - | - | - | 3.7 | |
| Total | - | - | - | - | -8.7 | |
| Items that can be reclassified as profit or loss | ||||||
| Translation differencies for the period | 0.6 | 0.5 | -8.4 | 15.4 | 29.9 | |
| Hedging of net investments | -7.4 | -1.7 | 1.7 | -10.9 | -29.0 | |
| Tax attributable to hedging effects of net investments | ||||||
| 1.6 | 0.4 | -0.4 | 2.4 | 6.4 | ||
| Total | -5.2 | -0.8 | -7.1 | 6.9 | 7.3 | |
| Other comprehensive income | -5.2 | -0.8 | -7.1 | 6.9 | -1.4 | |
| Total comprehensive income for the period* | 4.0 | 22.0 | 4.8 | 59.9 | 74.0 | |
| *Of which parent company shareholders | 4.0 | 22.0 | 4.8 | 59.9 | 74.0 |
| 2013 | 2014 | 2015 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | 2013 | Q1 | Q2 | Q3 | Q4 | 2014 | Q1 | Q2 | Q3 | |
| Operating income (SEK m) | |||||||||||||
| Engineering Services Nordic | 262.7 | 272.4 | 221.5 | 267.7 | 1,024.3 | 275.3 | 259.2 | 209.7 | 269.5 | 1,013.7 | 266.6 | 265.6 | 206.1 |
| Engineering Services Germany | 223.5 | 223.1 | 232.3 | 244.1 | 923.0 | 264.6 | 250.4 | 242.9 | 247.8 | 1,005.7 | 244.6 | 215.2 | 233.3 |
| Engineering Services International | 43.1 | 47.8 | 48.1 | 50.8 | 189.8 | 50.5 | 51.9 | 53.7 | 56.5 | 212.6 | 53.8 | 51.4 | 49.2 |
| Product Information | 118.9 | 115.3 | 109.2 | 119.9 | 463.3 | 126.5 | 127.9 | 124.2 | 163.8 | 542.4 | 134.7 | 124.1 | 128.5 |
| Elimination of group transactions | -22.2 | -22.1 | -19.2 | -28.5 | -92.0 | -12.8 | -10.9 | -18.3 | -6.7 | -48.7 | -22.5 | -24.1 | -6.3 |
| Total | 626.0 | 636.5 | 591.9 | 654.0 | 2,508.4 | 704.1 | 678.5 | 612.2 | 730.9 | 2,725.7 | 677.2 | 632.2 | 610.8 |
| Operating profit/loss (SEK m) | |||||||||||||
| Engineering Services Nordic | 7.1 | 13.0 | 6.6 | 7.1 | 33.8 | 16.2 | 2.3 | 5.2 | -4.3 | 19.4 | 15.2 | 3.9 | 2.3 |
| Engineering Services Germany | 10.0 | 4.9 | 13.6 | 1.0 | 29.5 | 10.7 | -4.8 | 10.7 | 3.5 | 20.1 | 4.7 | -40.2 | 5.6 |
| Engineering Services International | -0.1 | 1.1 | 2.7 | 1.2 | 4.9 | 1.1 | -1.0 | 2.4 | 2.4 | 4.9 | 0.6 | 1.3 | 2.8 |
| Product Information | 16.4 | 10.6 | 13.0 | 14.2 | 54.2 | 13.3 | 5.4 | 12.9 | 20.7 | 52.3 | 12.6 | 6.7 | 3.0 |
| Group items | 1.6 | 1.3 | 1.1 | -1.6 | 2.4 | 0.1 | 0.9 | 0.4 | 4.3 | 5.7 | 1.1 | -0.2 | -0.4 |
| Total | 35.0 | 30.9 | 37.0 | 21.9 | 124.8 | 41.4 | 2.8 | 31.6 | 26.6 | 102.4 | 34.2 | -28.5 | 13.3 |
| Operating margin (%) | |||||||||||||
| Engineering Services Nordic | 2.7 | 4.8 | 3.0 | 2.7 | 3.3 | 5.9 | 0.9 | 2.5 | -1.6 | 1.9 | 5.7 | 1.5 | 1.1 |
| Engineering Services Germany | 4.5 | 2.2 | 5.9 | 0.4 | 3.2 | 4.0 | -1.9 | 4.4 | 1.4 | 2.0 | 1.9 | -18.7 | 2.4 |
| Engineering Services International | -0.2 | 2.3 | 5.6 | 2.4 | 2.6 | 2.2 | -1.9 | 4.5 | 4.3 | 2.3 | 1.1 | 2.7 | 5.7 |
| Product Information | 13.8 | 9.2 | 11.9 | 11.8 | 11.7 | 10.5 | 4.2 | 10.4 | 12.6 | 9.6 | 9.4 | 5.4 | 2.3 |
| Total | 5.6 | 4.9 | 6.3 | 3.3 | 5.0 | 5.9 | 0.4 | 5.2 | 3.6 | 3.8 | 5.1 | -4.5 | 2.2 |
| Number of employees | |||||||||||||
| Engineering Services Nordic | 1,079 | 1,072 | 1,076 | 1,083 | 1,083 | 1,085 | 1,058 | 1,071 | 1,038 | 1,038 | 1,017 | 996 | 1,011 |
| Engineering Services Germany | 1,079 | 1,078 | 1,086 | 1,078 | 1,078 | 1,088 | 1,082 | 1,069 | 1,044 | 1,044 | 1,012 | 997 | 980 |
| Engineering Services International | 287 | 300 | 318 | 331 | 331 | 343 | 357 | 359 | 359 | 359 | 344 | 338 | 345 |
| Product Information | 524 | 539 | 531 | 509 | 509 | 526 | 535 | 551 | 549 | 549 | 562 | 555 | 528 |
| Total | 2,969 | 2,989 | 3,011 | 3,001 | 3,001 | 3,042 | 3,032 | 3,050 | 2,990 | 2,990 | 2,935 | 2,886 | 2,864 |
| Number of working days | 62 | 59 | 66 | 62 | 249 | 62 | 58 | 66 | 62 | 248 | 62 | 58 | 66 |
| 30 Sept | ||||
|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2014 | |
| Assets | ||||
| Intangible assets, goodwill | 453.8 | 449.5 | 456.3 | |
| Other intangible assets | 19.0 | 17.3 | 16.7 | |
| Tangible fixed assets | 52.3 | 43.5 | 49.8 | |
| Financial fixed assets | 14.9 | 17.2 | 17.0 | |
| Deferred tax recoverable | 54.3 | 41.0 | 46.3 | |
| Accounts receivable | 361.9 | 356.3 | 416.1 | |
| Accrued non-invoiced income | 248.2 | 261.2 | 157.9 | |
| Other current assets | 73.8 | 67.0 | 57.6 | |
| Cash and bank assets | 43.1 | 76.2 | 152.3 | |
| Total assets | 1,321.3 | 1,329.2 | 1,370.0 | |
| Shareholders equity and liabilities | ||||
| Shareholders equity | 616.9 | 648.4 | 662.5 | |
| Pensions obligations | 68.0 | 53.2 | 68.5 | |
| Deferred tax liabilities | 34.5 | 33.0 | 23.1 | |
| Interest-bearing short-term liabilities | 189.2 | 132.9 | 97.8 | |
| Accounts payable | 60.3 | 83.1 | 102.8 | |
| Non interest bearing current liabilities | 352.4 | 378.6 | 415.3 | |
| Total shareholders equity and liabilities | 1,321.3 | 1,329.2 | 1,370.0 |
| 3o Sept | ||||
|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2014 | |
| Shareholders equity at start of the period | 662.5 | 633.4 | 633.4 | |
| Total comprehensive income | 4.8 | 59.9 | 74.0 | |
| Acquisition of own shares | -5.6 | - | - | |
| Share-based remuneration | 0.1 | - | - | |
| Shareholder dividend | -44.9 | -44.9 | -44.9 | |
| Shareholders equity at period's end | 616.9 | 648.4 | 662.5 |
| July-Sept | Jan-Dec | ||||
|---|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2015 | 2014 | 2014 |
| Cash flow from current activities | |||||
| before change in working capital | 16.0 | 36.2 | 14.6 | 73.4 | 87.2 |
| Change in working capital | -13.7 | -26.6 | -122.1 | -116.3 | -4.9 |
| Cash flow from current activities | 2.3 | 9.6 | -107.5 | -42.9 | 82.3 |
| Cash-flow affecting investments | -6.2 | -7.9 | -29.0 | -20.4 | -28.3 |
| Acquisitions and divestments of subsidiaries | - | -2.2 | - | -2.2 | -1.1 |
| Sales of fixed assets | 0.1 | - | 0.4 | - | 0.1 |
| Cash flow from investment activities | -6.1 | -10.1 | -28.6 | -22.6 | -29.3 |
| Change in interest-bearing liabilities | -5.8 | 10.8 | 77.9 | 25.9 | -20.8 |
| Acquisition of own shares | - | - | -5.6 | - | - |
| Shareholder dividend | - | - | -44.9 | -44.9 | -44.9 |
| Cash flow from financing activities | -5.8 | 10.8 | 27.4 | -19.0 | -65.7 |
| Cash flow for the period | -9.6 | 10.3 | -108.7 | -84.5 | -12.7 |
| Cash and bank at the start of the period | 54.9 | 61.4 | 152.3 | 153.3 | 153.3 |
| Translation difference | -2.2 | 4.5 | -0.5 | 7.4 | 11.7 |
| Cash and bank at the end of the period | 43.1 | 76.2 | 43.1 | 76.2 | 152.3 |
| Key figures | Jan-Sept | Jan–Dec | ||
|---|---|---|---|---|
| 2015 | 2014 | 2014 | ||
| Growth in sales (%) | -3.7 | 7.6 | 8.7 | |
| Organic growth in sales (%) | -5.3 | 4.8 | 4.8 | |
| Operating margin before depreciation (%) | 1.8 | 4.7 | 4.8 | |
| Operating margin (%) | 1.0 | 3.8 | 3.8 | |
| Profit margin (%) | 0.8 | 3.6 | 3.6 | |
| Return on shareholders equity (%)* | 5.3 | 10.8 | 11.6 | |
| Return on capital employed (%)* | 5.4 | 12.2 | 12.7 | |
| Equity/asset ratio (%) | 46.7 | 48.8 | 48.4 | |
| Debt/equity ratio (multiple) | 0.3 | 0.2 | - | |
| Interest cover ratio (multiple)* | 12.0 | 20.9 | 24.8 | |
| Number of employees at period's end | 2,864 | 3,050 | 2,990 |
| Key figures for shares | Jan-Sept | ||||
|---|---|---|---|---|---|
| 2015 | 2014 | Jan–Dec 2014 |
|||
| EPS (SEK) | 0.66 | 2.95 | 4.20 | ||
| EPS after dilution (SEK) | 0.66 | 2.93 | 4.16 | ||
| Shareholders equity before dilution (SEK) | 34.52 | 36.08 | 37.35 | ||
| Shareholders equity after dilution (SEK) | 34.06 | 35.80 | 37.06 | ||
| Share price/shareholders equity per share (times) | 1.05 | 1.45 | 1.33 | ||
| Cash flow from current activities (SEK) | -5.94 | -2.37 | 4.54 | ||
| Share price at the end of the period (SEK) | 35.80 | 51.75 | 49.40 | ||
| Market value at the end of the period (SEK m) | 648 | 937 | 895 | ||
| 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) | 243 | 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 from current activities divided by the weighted average number of outstanding shares over the period adjusted for the dilution effect on
Debt/equity ratio Net borrowings divided by shareholders'equity.
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.
Profit/loss after tax attributable to the parent company's owners divided by the average number of outstanding ordinary shares excluding shares held as own shares by the parent company.
Shareholders'equity as a percentage of the balance sheet total.
Profit before tax plus interest costs divided by interest costs. Net borrowings
Operating margin
Profit before tax as a percentage of net sales.
Return on shareholders' equity. Profit for the period after tax divided by the average shareholders'equity.
Return on capital employed Profit before tax plus financial costs divided by the average capital employed.
Shareholders' equity per share before dilution Shareholders'equity divided by the number of shares at period end, excluding shares held as own shares by the parent company.
shares at period end adjusted for the dilution effect on potential shares
| Income statements | |||||
|---|---|---|---|---|---|
| July-Sept | Jan–Sept | Jan–Dec | |||
| SEK m | 2015 | 2014 | 2015 | 2014 | 2014 |
| Operating income | 3.2 | 5.5 | 14.9 | 18.4 | 25.0 |
| Other external operating expenses | -5.3 | -4.6 | -16.7 | -16.5 | -24.0 |
| Staff costs | -6.2 | -5.7 | -21.0 | -17.7 | -24.4 |
| Operating loss before depreciation | -8.3 | -4.8 | -22.8 | -15.8 | -23.4 |
| Depreciation of tangible fixed asset | - | - | - | -0.2 | -0.2 |
| Operating loss after depreciation | -8.3 | -4.8 | -22.8 | -16.0 | -23.6 |
| Net financial items * | -3.5 | -0.3 | 9.6 | -2.6 | 31.2 |
| Profit/loss after net financial items | -11.8 | -5.1 | -13.2 | -18.6 | 7.6 |
| Appropriations ** | - | - | - | - | -4.3 |
| Profit/loss before tax | -11.8 | -5.1 | -13.2 | -18.6 | 3.3 |
| Tax | 2.6 | 1.1 | 2.9 | 4.1 | -0.8 |
| Profit/loss after tax | -9.2 | -4.0 | -10.3 | -14.5 | 2.5 |
| * Of which translation differencies | -4.2 | -1.2 | 7.8 | -6.5 | -21.5 |
| Of which group contribution received | - | - | - | - | 48.2 |
| ** Of which group contribution paid | - | - | - | - | -4.5 |
| July-Sept | Jan–Dec | |||||
|---|---|---|---|---|---|---|
| SEK m | 2015 | 2014 | 2015 | 2014 | 2014 | |
| Profit/loss for the period | -9.2 | -4.0 | -10.3 | -14.5 | 2.5 | |
| Other comprehensive income | - | - | - | - | - | |
| Total comprehensive income for the period | -9.2 | -4.0 | -10.3 | -14.5 | 2.5 |
| Balance sheets | |
|---|---|
| ---------------- | -- |
| SEK m | 30 Sept | ||
|---|---|---|---|
| 2015 | 2014 | 2014 | |
| Assets | |||
| Financial fixed assets | 456.9 | 458.1 | 454.0 |
| Current assets | 176.3 | 159.1 | 173.0 |
| Total assets | 633.2 | 617.2 | 627.0 |
| Shareholders equity and liabilities | |||
| Shareholders equity | 291.5 | 335.4 | 352.3 |
| Untaxed reserves | - | 0.2 | - |
| Interest-bearing current liabilities | 188.4 | 87.0 | 96.4 |
| Non interest-bearing current liabilities | 153.3 | 194.6 | 178.3 |
| Total shareholders equity and liabilities | 633.2 | 617.2 | 627.0 |
| Name | No. of shares | Votes, % | |
|---|---|---|---|
| JCE Group | 4,026,271 | 22.2 | |
| Swedbank Robur Fonder | 1,521,764 | 8.4 | |
| Handelsbanken Fonder | 1,134,159 | 6.3 | |
| Nordea Investments Funds | 1,043,747 | 5.8 | |
| Andra AP-fonden | 802,561 | 4.4 | |
| Fjärde AP-fonden | 656,720 | 3.6 | |
| Ålandsbanken | 589,095 | 3.3 | |
| CBNY-Norges bank | 587,844 | 3.2 | |
| Europea i Malmö AB | 423,170 | 2.3 | |
| Avanza Pension | 408,438 | 2.3 | |
| AMF | 362,400 | 2.0 | |
| Total | 11,556,169 | 63.8 | |
| Own shares | 242,718 | 1.3 | |
| Others | 6,313,647 | 34.9 | |
| Total | 18,112,534 | 100.0 |
| Total | 4,368 | 18,112,534 | 100.0 | 648,429 |
|---|---|---|---|---|
| Own shares | 1 | 242,718 | 1.3 | 8,689 |
| 100,001 - | 21 | 13,027,650 | 71.9 | 466,390 |
| 10,001-100,000 | 71 | 2,218,202 | 12.2 | 79,412 |
| 1,001-10,000 | 573 | 1,660,615 | 9.2 | 59,450 |
| 501-1,000 | 592 | 500,540 | 2.8 | 17,919 |
| 1-500 | 3,110 | 462,809 | 2.6 | 16,569 |
| No. of shareholders |
No. of shares |
Propor tion % |
Marketvalue SEK (000) |
Source: Euroclear Sweden AB register of shareholders on 30 September 2015.
Source: Euroclear Sweden AB register of shareholders on 30 September 2015.
Source: NASDAQ OMX Stockholm on 30 September 2015.
We have reviewed this interim report for Semcon AB (556539- 9549) for the period 1 January 2015 to 30 September 2015.The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden, RS, and other generally accepted auditing practices.
The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit.Therefore,the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company.
Göteborg, 22 October 2015 DELOITTE AB
HansWarén Authorized public accountant
Year-end report 2015: 12 February 2016 Interim report Jan-March 2016: 28 April 2016 AGM 2015: 28 April 2016 Interim report Jan-June 2016: 15 July 2016 Interim report Jan-Sept 2016: 27 October 2016
Year-end report 2016: 9 February 2017
Markus Granlund, CEO Semcon AB, +46 31-721 03 06 Björn Strömberg, CFO Semcon AB, +46 31-721 03 06 Per Nilsson, Communications Director Semcon AB, +46 73-973 72 00
Semcon AB, 417 80 Göteborg, Sweden Visiting address: Lindholmsallén 2 417 80 Göteborg, Sweden Phone: +46 31-721 00 00 semcon.com
Semcon is an international technology company in the engineering services and product information sectors. We have around 3,000 employees with extensive experience from many different industries. We develop technology, products, plant and information solutions along the entire development chain and also provide many services and products in areas such as quality control, training and methodology development. We contribute to our customers' competitive strength by providing innovative solutions, design and solid engineering expertise. The business activities are run via four business areas: Engineering Services Nordic, Engineering Services Germany, Engineering Services International and Product Information. Work processes and solutions are adapted to customer requirements, from taking part in the customer's teams to in-house development projects. The Group had annual sales of SEK 2.7 billion in 2014 with activities at more than 40 sites in Sweden, Germany, the UK, Brazil, China, Hungary, India, Spain and Norway. Some of Semcon's biggest customers include: ABB, AB Volvo, Audi, BMW, Daimler, Ericsson, Jaguar Land Rover, Scania, Volvo Cars and VW. Read more at semcon.com
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