interim report january - march 2012 strong first quartermb.cision.com/main/1934/9252026/7426.pdf ·...

Interim report January - March 2012

• Operating income was SEK 685 million (596) and organic growth was 15%

• The operating profit was SEK 72 million (42) giving an operating margin of 10.5% (7.0)

• The profit after tax was SEK 50 million (28) • Earnings per share (EPS) after dilution was SEK 2.77

(1.55) • The equity/assets ratio was 40% (34) • The return on average shareholders equity exclu-

ding one-off items was 26.0% (10.2)

Strong first quarter

Semcon is a global company active in the areas of engineering services and product information. The Group has nearly 3,000 employees with extensive experience from many different industries. We develop technologies, products, plants and information solutions along the entire development chain and also provide many services including quality control, training and methodology development. Semcon boosts customers’ sales and competitive strength by providing them with innovative solutions, design and solid engi-neering solutions. The Group has sales of SEK 2.5 billion and activities at more than 45 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain and Russia

Comment from Kjell Nilsson, President and CEO“The year has started strongly with continued revenue growth and better margins. Our changing focus towards more markets and significantly wider customer groups are now beginning to bear fruit. We are looking positively at developments in 2012 even though the economic outlook is uncertain.”

Reports:Q2 report for Jan-June: 13 JulyQ3 report for Jan-Sept: 25 OctoberFinancial statement for 2012: 7 February 2013

För mer information, kontakta:Kjell Nilsson, CEO Semcon AB, +46 31-721 03 11Markus Granlund, incoming CEO Semcon AB, +46 31- 721 03 11 Björn Strömberg, CFO Semcon AB, +46 31-721 03 05Anders Atterling, IR & PR Manager Semcon AB, +46 704-47 28 19

Head office: Semcon AB, 417 80 Göteborg Visiting address: Theres Svenssons gata 15 Phone: 031-721 00 00, fax: 031-721 03 33 semcon.com

–100

0

100

200

0

1 000

2 000

3 000

Quarter

Income (SEK 000) Operating pro�t (SEK 000)

1 2 3 4

2009

1 2 3 4

2010

1 2 3 4

2007

1 2 3 4

2008

1 2 3 4

2011 2012

1

The result of each quarter is for four consecutive quarters excluding one-off items.

500

1 500

2 500

250

150

50

–50

3 500

2 • Semcon interim report January - March 2012

Income and resultsOperating income rose by SEK 89 million and amounted to SEK 685 million (596). Sales in local currencies rose by 15%. The sales growth is mainly a result of continued high demand and 195 more employees than the same time last year. The quarter also included an extra working day compared to Q1 2011.

The operating profit improved by SEK 30 million and amounted to SEK 72 million (42), giving an operating margin of 10.5% (7.0). The improvement is mainly attributable to increased sales and a good utilization rate. There was also a major revenue recognition of SEK 5 million in Q1 from a project in the Automotive R&D business area.

The business areas showed the following operating mar-gins: Automotive R&D 8.1% (2.6), Design & Development 14.6% (11.2) and Informatic 11.3% (13.5).

Net financial items totalled SEK -2 million (-3), giving a profit before tax of SEK 70 million (39). Tax costs for the quarter stood at SEK -20 million (-11). The profit after tax was SEK 50 million and the earnings per share after dilution was SEK 2.77 (1.55).

Financial positionThe operating cash flow from current activities was SEK 32 million (-4). The Group’s cash and bank balances amounted to SEK 46 million (29) with additional non-utilized credit of SEK 245 million (101) as at 31 March. The Group’s credit agreement consists of an overdraft facility of SEK 150 million (100) and a revolving credit facility of EUR 32.8 million (32.8), which runs

until July 2012. There is an option available for the company, before the due date, to extend the revolving credit to a three-year loan.

Investments in hardware, licences, office supplies and equipment, amounted to SEK 5 million (6). Shareholders’ equity amounted to SEK 492 million (399) and the equity/assets ratio was 40% (34). The Group’s net debt fell by SEK 114 million to SEK 201 million (315) and the debt/equity ratio was 0.4 times (0.8).

Staff and organization The headcount on 31 March was 2,953 (2,758) of which 1,459 (1,466) in Sweden and 1,494 (1,292) outside Sweden. The number of employees in active service was 2,842 (2,663). The average number of employees was 2,843 (2,614). In the respective business areas the headcount is as follows: Auto-motive R&D 1,725 (1,578), Design & Development 780 (783) and Informatic 448 (397).

Events during the first quarter• Semcon’s board has decided to appoint Markus Granlund

as president and CEO with effect from 26 April 2012. • Semcon and the French company Nora Technologies have

started collaborating with project-based engineering ser-vices for the development-intensive industries in France with a focus on the automotive and transport industries.

Industry, 20% (21)

Life Science, 5% (4)Telecom, 5% (5)

Other, 1% (1)

Automotive, 63% (62)

Energy, 6% (7)

Group sales per industry Jan-March 2012

Outside Sweden, 51% (46)

Sweden, 49% (54)

Distribution of earnings Jan-March 2012


The business area saw good sales growth and improved pro-fits compared with 2011. Total sales in local currencies rose by 19% amounted to 377 Mkr (317).

The operating profit improved by SEK 22 million and amounted to SEK 30 million (8). The operating margin was 8.1% (2.6). The better results are due to a favourable market position with a good coverage and that we are seeing the positive effects from the large projects launched in autumn 2011. It was also due to a major revenue recognition of SEK 5 million in Q1 from a project.

The business area’s largest market, Germany, saw a good performance over the quarter, showing a strong improvement in earnings. The German automotive customers have had very good sales in the quarter and have announced major invest-ments in new model programs. Germany accounts for 58% of the business area’s sales.

In Sweden, the powertrain business reported a particularly good performance. Sweden accounts for 30% of the business area’s sales.

In the UK, the automotive business saw a solid perfor-mance. The recently established business in the energy sector is still at its startup phase with low volumes.

The business in Brazil sees great opportunities to expand with new and existing customers.

In India, the business achieved good sales growth and improved earnings. It is mainly suppliers to Europe that have seen good development.

The positive trend of developing new products, as we have seen with automotive customers over the past two years, means continued opportunities for the business to increase sales in the global automotive market.

Jan-Mar Jan-Mar Jan-Dec Key figures Automotive R&D 2012 2011 2011

Operating income, SEK m 377.2 317.2 1,338.3Operating profit/loss, SEK m 30.5 8.4 24.4Operating margin, % 8.1 2.6 1.8Operating profit/loss excl. one-off items 30.5 8.4 41.4 Operating margin excl. one-off items , % 8.1 2.6 3.1Number of employees at period’s end 1,725 1,578 1,683

Automotive R&D

Share of Semcon’s total sales, %

About Automotive R&DThe business area’s more than 1,700 employees provide services to customers in the global automotive industry. Its offer inclu-des focusing in concepts, design, calculation, construction, prototyping, testing, simulations and production. Semcon is a com-plete supplier and the services supplied by the business area complement automotive manufacturers’ own resources. Imple-mentation and delivery are adapted according to customers’ requirements, from participating in customers’ teams to in-house development projects. Business activities are in Sweden, Germany, Brazil, the UK, India, Spain, Russia and China. Customers include some of the world’s largest car manufacturers such as Audi, BMW, Daimler, Opel/GM, Porsche, Scania, Volvo Trucks, Volvo Cars and VW.

Design & Development, 30 (32)

Automotive R&D, 55 (53)

Informatic, 15 (15)


Design & Development

The demand for the business area’s services during the quar-ter remained strong, with sales growth of 10% and an impro-ved operating profit.

In total the operating profit rose by SEK 9 million and amounted to SEK 30 million (21), giving an operating margin of 14.6% (12.2). The improvement is mainly due to a higher utilization rate.

The Product Development division had a high utilization rate at all business locations over the quarter, resulting in a good sales growth and operating profit. Product Develop-ment is the business area’s largest division, accounting for 49% of the business area’s sales.

The new division PEAQ (Project Engineering and Quality), where the former divisions, Medical Life Science and SPM and the Process & Plant department have merged, has had a good quarter with good demand. The division had a sales share of 24% of the business area’s sales.

The Product Lifecycle Management (PLM) division has had a good quarter with improved results. Embedded Intelligent Solutions (EIS) had a lackluster performance over the quarter.

The demand for the business area’s services remains strong, which means good potential for growth in all divi-sions.

Jan-Mar Jan-Mar Jan-Dec Key figures Design & Development 2012 2011 2011

Operating income, SEK m 206.9 188.0 739.5Operating profit/loss, SEK m 30.2 21.0 57.3Operating margin, % 14.6 11.2 7.7Operating profit/loss excl. one-off items 30.2 21.0 58.1 Operating margin excl. one-off items , % 14.6 11.2 7.9Number of employees at period’s end 780 783 781


About Design & DevelopmentThe business area has nearly 800 employees working with industrial and product development, production development and plant design. The business area provides expertise and experience to achieve quicker, improved product development. Services include requirement and concept studies, design, construction, embedded systems, testing, prototyping, validation, project management and production development. The business area carries out projects around the world from offices in Sweden and Germany. The business mainly focuses on the industrial, energy, telecoms and life science sectors. Customers include ABB, Alstom, Astra-Zeneca, Bombardier, Fortum, General Electric, Husqvarna, Pfizer, Rolls -Royce Marine, Saab AB, Sie-mens and Vattenfall.



Informatic, 15 (15)


Informatic

The business area continued to see good growth. In total the business area’s sales in local currencies rose by 10%.

In comparison with Q1 last year, both sales and operating profit from the ongoing operations at Saab Automobile were included. The operating margin was 11.3% (13.5).

The partnership with the Chinese automaker Qoros has developed as planned. At the end of the year it is expected that fifty employees will be involved in the undertaking in Europe and China. The partnership marks a further expan-sion for the business in China.

In Sweden, the med-tech, energy and industrial activities saw good sales growth and earnings.

Of the business area’s total sales about 40% are outside Sweden.

The UK’s activities developed very well over the quarter and the business with Jaguar Land Rover has been expanded.

The Hungarian business has a central role in the business’ back office offer and during the quarter increased the num-ber of supplies using this model for the rest of the business area’s markets.

The business area continues to see significant opportuni-ties to expand in all markets where it currently operates.

Jan-Mar Jan-Mar Jan-Dec Key figures Informatic 2012 2011 2011

Operating income, SEK m 101.4 91.1 374.1Operating profit/loss, SEK m 11.5 12.3 29.5Operating margin, % 11.3 13.5 7.9Operating profit/loss excl. one-off items 11.5 12.3 42.4 Operating margin excl. one-off items , % 11.3 13.5 11.3Number of employees at period’s end 448 397 430

About InformaticInformatics’ nearly 450 employees provide complete information solutions in interactive marketing and aftermarket information. The business area supports customers’ products throughout the product lifecycle, from sales and marke-ting to installation, maintenance, training and repairs. Informatic has offices in Sweden, the UK, Hungary and China. Customers are mainly in the automotive, telecoms, energy, med-tech, marine/offshore and manufacturing sectors. Customers include ABB, AB Volvo, Atlet, Bombardier, Gambro, Jaguar Land Rover, Qoros Auto, Rolls-Royce Marine, Saab AB, Siemens and Volvo Cars.




Informatic, 15 (15)


Ownership structureAs of 31 March, the JCE Group owned 30.5% (30.5) of Semcon’s shares, Swedbank Robur fonder 8.2% (8.2), Skandia Liv 8.2% (12.2) and Avanza Pension 5.1% (3.0). Foreign owner-ship was 12.0% (12.0) and the number of shareholders was 4,582 (4,319). 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. On 31 March, Semcon owned 143,037 (288,510) shares in the company. Semcon’s share saving scheme has closed and the last matching was on 27 March. Semcon is listed on the NASDAQ OMX Stockholm under the SEMC ticker.

Acquisitions and divestmentsNo acquisitions or disposals of activities were carried out during the period.

Risks and instability factorsThe Group and parent company’s significant risks and instabi-lity 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 2011, pages 48-49 and 62-63, include a detailed description of the Group and parent company’s risk exposure and risk management.

Accounting principlesSemcon follows the IFRS standards and principles as adopted by the EU (IFRIC). This report has been produced in accor-dance with IAS 34. In accordance with the statements given in the Annual Report 2011, Note 2, concerning new accoun-ting principles for 2012, a number of new standards and IFRIC statements have been included from 1 January 2012. None of these have had an affect on the Group’s accounts during the period. In all, the same accounting principles and calculation methods have been applied in this report as in the latest annual report.

Events after the end of the periodNo significant events have been reported after the period’s end.

OutlookThe year has started well with continued sales growth and improved margins. The company is looking positively at deve-lopments in 2012 even though the economic outlook is uncer-tain.

Göteborg 26 April 2012SEMCON AB (PUBL)Co. Reg. No. 556539-9549

Kjell NilssonPresident and CEO

BMW, 9% (8)

Jaguar Land Rover, 4% (4)Ericsson, 4% (4)

AB Volvo, 9% (8)

Audi, 6% (5)

Volvo Cars, 6% (6)

Scania, 4% (4)Daimler, 3% (4)Opel/GM, 5% (3)

VW, 5% (5)Other, 45% (49)

Semcon’s 10 largest customers

This interim report has not been subject to a review by the auditors. This is information that Semcon AB is required to publish in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. This information was submitted for publication on 26 April 2012 at 12.15 p.m. CET.


Consolidated

Financial, summary

Income statements SEK m Note 2012 2011 2011 Operating income 685.5 596.3 2451.9Purchase of goods and services -123.3 -99.2 -459.2Other external operating expenses 1 -58.3 -61.9 -288.2Staff costs 1 -425.7 -386.9 -1 567.1

Operating profit/loss before depreciation 78.2 48.3 137.4

Depreciation and impairment of tangible fixed assets -4.4 -4.7 -18.7Depreciation of intangible assets -1.6 -1.9 -7.5

Operating profit/loss 72.2 41.7 111.2

Net financial items -1.5 -2.8 -10.8

Profit/loss before tax 70.7 38.9 100.4

Tax -20.5 -10.9 -31.0

Profit/loss after tax* 50.2 28.0 69.4

EPS per share, SEK 2.80 1.57 3.89EPS per share after dilution, SEK 2.77 1.55 3.83 * Of which parent company shareholders 50.2 28.0 69.4 No of days in the period 64 63 252

Note 1 One-off items (se note 1, page 12)

* Of which parent company shareholders 49.5 26.2 68.9

SEK m 2012 2011 2011 Profit/loss after tax 50.2 28.0 69.4

Comprehensive income Translation differencies for the period -3.7 -3.5 -3.7Hedging of net investments 3.3 2.3 2.2Cash flow hedging 0.8 - 2.2Tax referring to effects of hedging -1.1 -0.6 -1.2

Other comprehensive income -0.7 -1.8 -0.5 Total comprehensive income for the period * 49.5 26.2 68.9

Statement of comprehensive incomeJan-Mar Jan-Dec

Jan-Mar Jan-Dec


Quarterly information by business area

Q1 Q2 Q3 Q4 2010 Q1 Q2 Q3 Q4 2011 Q1 Operating income (SEK m)Automotive R&D 263.3 256.7 263.7 307.3 1,091.0 317.2 322.7 325.2 373.2 1,338.3 377.2Design & Development 179.9 171.0 133.7 185.6 670.2 188.0 194.2 152.8 204.5 739.5 206.9Informatic 77.5 88.2 74.1 89.9 329.7 91.1 91.8 89.8 101.4 374.1 101.4

Total 520.7 515.9 471.5 582.8 2,090.9 596.3 608.7 567.8 679.1 2,451.9 685.5 Operating profit/loss (SEK m) * Automotive R&D -14.8 -26.9 -7.8 14.5 -35.0 8.4 - 11.8 21.2 41.4 30.5Design & Development 5.9 4.0 2.1 11.4 23.4 21.0 12.4 5.5 19.2 58.1 30.2Informatic 4.4 6.3 5.8 13.0 29.5 12.3 6.5 7.1 16.5 42.4 11.5

Total excl. one-off items -4.5 -16.6 0.1 38.9 17.9 41.7 18.9 24.4 56.9 141.9 72.2 Write down of goodwill and of shares in associated companies - - - - - - - - - - -One-off items ** - -8.1 -2.8 -4.0 -14.9 - -30.7 - - -30.7 -

Total incl. one-off items -4.5 -24.7 -2.7 34.9 3.0 41.7 -11.8 24.4 56.9 111.2 72.2 Operating margin (%) Automotive R&D -5.6 -10.5 -3.0 4.7 -3.2 2.6 - 3.6 5.7 3.1 8.1Design & Development 3.3 2.3 1.6 6.1 3.5 11.2 6.4 3.6 9.4 7.9 14.6Informatic 5.7 7.1 7.8 14.5 8.9 13.5 7.1 7.9 16.3 11.3 11.3

Total excl. one-off items -0.9 -3.2 0.0 6.7 0.9 7.0 3.1 4.3 8.4 5.8 10.5 Total incl. one-off items -0.9 -4.8 -0.6 6.0 0.1 7.0 -1.9 4.3 8.4 4.5 10.5 Number of employees Automotive R&D 1,467 1,463 1,516 1,565 1,565 1,578 1,592 1,644 1,683 1,683 1,725Design & Development 803 760 736 753 753 783 793 805 781 781 780Informatic 356 363 371 385 385 397 419 423 430 430 448

Total 2,626 2,586 2,623 2,703 2,703 2,758 2,804 2,872 2,894 2,894 2,953 No of working days 62 59 66 64 251 63 59 66 64 252 64

2010 2011 2012

* Operating profit/loss per business area excluding one-off items ** One off items (See note 1, page 12)


31 Dec SEK m 2012 2011 2011

AssetsIntangible assets, goodwill 433.8 435.8 436.0Other intangible assets 21.1 24.9 21.1Tangible fixed assets 35.1 41.1 36.2Financial assets 18.9 18.8 19.0Deferred tax recoverable 57.7 70.4 64.7Accounts receivable 358.4 289.4 372.6Accrued non-invoice income 217.4 198.5 121.7Current assets 53.3 50.2 41.3Cash and bank assets 46.0 29.1 39.7

Total assets 1,241.7 1,158.2 1,152.3 Shareholders equity and liabilities 491.5 398.9 442.0Pensions obligations 48.9 48.4 49.0Deferred tax recoverable 33.5 11.8 18.2Interest-bearing long-term liabilities 176.9 268.1 223.6Interest-bearing current liabilities 21.4 27.3 0.2Accounts payable 70.5 58.2 85.1Non interest bearing current liabilities 399.0 345.5 334.3

Total shareholders equity and liabilities 1,241.7 1,158.2 1,152.3

31 Dec SEK m 2012 2011 2011 Shareholders equity and liabilities 442.0 372.6 372.6Total comprehensive income 49.5 26.2 68.9Share savings program - 0.1 0.5

Shareholders equity at period’s end 491.5 398.9 442.0

SEK m 2012 2011 2011 Cash flow from current activities before change in working capital 77.4 44.7 121.6Change in working capital -45.6 -49.1 -34.0

Cash flow from current activities 31.8 -4.4 87.6

Net investments -5.4 -5.6 -17.4Sales of fixed assets - 0.1 0.2

Cash flow from investment activities -5.4 -5.5 -17.2

Change in interest-bearing liabilities -19.3 -2.4 -73.3

Cash flow from financing activities -19.3 -2.4 -73.3

Cash flow from the period 7.1 -12.3 -2.9

Cash and bank at the start of the period 39.7 42.5 42.5Translation differencies -0.8 -1.1 0.1

Cash and bank at the end of the period 46.0 29.1 39.7

Balance sheet

Change in shareholders equity

Cash flow statement

Shareholders equity and liabilities

Jan-Mar Jan-Dec

31 March

31 March


2012 2011 2011

Operating margin (%) 10.5 7.0 5.8Profit margin (%) 10.3 6.5 5.3Return on average shareholders equity (%) * 26.0 10.2 22.0Return on average capital employed (%) * 23.8 9.0 19.7

2012 2011 2011

Growth in sales (%) 15.0 14.5 17.3Organic growth in sales (%) 14.8 19.1 20.3Operating margin before depreciation/amortization (%) 11.4 8.1 5.6Operating margin (%) 10.5 7.0 4.5Profit margin (%) 10.3 6.5 4.1Return on average shareholders equity (%) * 21.5 7.4 17.3Return on average capital employed (%) * 19.7 6.9 15.5Equity/asset ratio (%) 39.6 34.4 38.4Dept/equity ratio (times) 0.4 0.8 0.5Interest cover ratio (times) 11.4 4.6 8.7Number of employees at year’s end 2,953 2,789 2,894Investments in fixed assets (SEK m) 5.4 5.6 17.4

2012 2011 2011

EPS after tax (SEK) 2.80 1.57 3.89EPS per share after dilution (SEK) 2.77 1.55 3.83Shareholders equity before dilution (SEK) 27.35 22.38 24.71Shareholders equity after dilution (SEK) 27.14 22.02 24.40Share price / shareholders equity per share (times) 1.39 1.93 0.98Cash flow from current activities 1.76 -0.24 4.84Share price at the end of the period (SEK) 38.00 42.50 24.00Market price at the end of the period(SEK m) 688 770 435Number of shares at the end of the period (000) 18,113 18,113 18,113Number of own shares at the end of the period(000) 143 289 227Average number of shares (000) 18,113 18,113 18,113Average number if own shares (000) 199 289 273

Key figures

Key figures for shares

Jan-DecJan-Mar

jan-decJan-Mar

Definitions

Key figures excluding one-off items Jan-DecJan-Mar

Capital employedThe balance sheet total minus non interest-bea-ring provisions and liabilities.

Cash flow per shareCash flow for the year divided by the weighted average number of outstanding shares over the year adjusted for the dilution effect on potential shares.

Debt/equity ratioNet borrowings divided by shareholders’ equity including minority interests.

EPS before dilutionProfit/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.

EPS after dilutionProfit/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.

Equity/assets ratio Shareholders’ equity as a percentage of the balance sheet total.

Interest cover ratioProfit before tax plus interest costs divided by interest costs.

Net borrowingsInterest-bearing provisions and liabilities with deductions for liquid assets and interest-bearing receivables.

Operating margin Operating profit as a percentage of net sales.

Profit marginProfit before tax as a percentage of net sales.

Return on average shareholders’ equityProfit for the year after tax divided by the average shareholders’ equity.

Return on average 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 year-end, excluding shares bought back held as own shares by the parent company.

Shareholders’ equity per share after dilutionShareholders’ equity divided by the number of shares at year-end adjusted for the dilution effect on potential shares.

* Rolling 12 months


Largest holdings, 31 March 2012

Name No. of shares Votes, %

JCE Group 5,526,271 30.5Swedbank Robur fonder 1,484,802 8.2Skandia Liv 1,478,573 8.2Avanza Pension 916,374 5.1Andra AP fonden 846,559 4.7FIM Bank 556,597 3.1Nordnet Pensionsförsäkring 350,819 1.9SIX SIS AG 256,000 1.4Mellon Omnibus 209,500 1 .1SEB S.A W8IMY 165,210 0.9

Total 11,790,705 65.1

Own shares 143,037 0.8Other 6,178,792 34.1

Total 18,112,534 100.0

Source: Euroclear Sweden AB register of shareholders on 31 March 2012.

0

20

40

60

80

Semcon share

OMX Stockholm PI

No. of traded shares

1 000

2 000

3 000

4 000

07 08 09

© N

ASD

AQ O

MX

10 11 12

Price trend

Ownership structure, 31 March 2012 No. of No. of Pro- Market value shareholders shares portion, % SEK 000

1-500 2,888 578,154 3.2 21,970501-1 000 772 650,176 3.6 24,7071 001-10 000 829 2,262,233 12.5 85,96510 001-100 000 77 2,076,216 11.5 78,896100 001 - 15 12,402,718 68.4 471,304Egna aktier 1 143,037 0.8 5,435

Summa 4,582 18,112,534 100.0 688,277 Source: Euroclear Sweden AB register of shareholders on 31 March 2012.


SEK m 2012 2011 2011

Structural changes in Sweden - - -1.8Provision for doubtful receivables - - -28.9

Total - - -30.7

Specification of items in the income statement Other external expenses - - -28.9Staff costs - - -1.8

Total - - -30.7

Dividend per business area Automotive R&D - - -16.9Design & Development - - -0.8Informatic - - -13.0

Total - - -30.7

Note 1 One-off items

Notes

Jan-DecJan-Mar


Parent company

SEK m 2012 2011 2011 Operating income 5.4 5.1 21.4Other external expenses -3.8 -4.5 -20.5Staff costs -6.5 -6.5 -33.0

Operating profit/loss before depriciation -4.9 -5.9 -32.1Depreciation of tangible assets -0.1 -0.1 -0.3

Operating profit/loss after depreciation -5.0 -6.0 -32.4Net financial items* 6.6 -1.2 76.7

Profit/loss after net financial items 1.6 -7.2 44.3Appropriations - - -10.0

Profit/loss before tax 1.6 -7.2 34.3Tax -0.4 1.9 -11.0

Profit/loss after tax 1.2 -5.3 23.3 * Of which translation differencies 4.1 0.3 6.3 Of which group contribution - - 64.5

SEK m 2012 2011 2011 Assets

Tangible fixed assets 0.8 1.1 0.9Financial fixed assets 487.1 504.1 495.7Current assets 173.7 179.4 170.7Cash and bank - - 10.8

Total assets 661.6 684.6 678.1 Shareholder equity and liabilities

Shareholders equity 319.0 289.2 317.8Untaxed reserves 0.2 0.2 0.2Interest-bearing long-term liabilities 194.7 283.7 238.9Interest-bearing current liabilities 21.3 26.0 -Non interest-bearing current liabilities 126.4 85.5 121.2

Total shareholders equity and liabilities 661.6 684.6 678.1

Income statements

Balance sheets

Financial, summary

Jan-DecJan-Mar

SEK m 2012 2011 2011 Profit/loss for the period 1,2 -5,3 23,3

Other comprehensive income - - -

Total comprehensive income 1,2 -5,3 23,3

Statement of comprehensive incomeJan-DecJan-Mar

31 Dec31 March

interim report january - march 2012 strong first quartermb.cision.com/main/1934/9252026/7426.pdf ·...

Documents