Interim report 1 January 30 September 2016
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- Randolf Morton
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1 This English translation is for the information purposes only. In case of any discrepancies between this version and the Swedish, the Swedish version shall prevail. Interim report 1 January 30 September 2016 THIRD QUARTER (1 July 30 September 2016) Third quarter sales, results and cash flow were negatively affected by the Frontrunner acceleration programme. Comparative figures for the previous year are affected by one-offs related to the acquisition of Metalliset. See also Net sales and results, Cash flow and investment, and Note 4. Net sales amounted to SEK m (308.2) EBIT from the operational business areas amounted to SEK 4.1 m (8.9) The Group s EBIT amounted to SEK 3.2 m (52.7) Net profit amounted to SEK -2.2 m (44.9), equivalent to SEK per share (3.66) Cash flow from operating activities amounted to SEK -9.6 m (6.1) NINE-MONTH PERIOD (1 January 30 September 2016) Net sales amounted to SEK m (875.1) EBIT from the operational business areas amounted to SEK 30.0 m (8.2) The Group s EBIT amounted to SEK 26.2 m (48.7) Net profit amounted to SEK 6.5 m (33.8), equivalent to SEK 0.32 per share (3.77) Cash flow from operating activities amounted to SEK 22.4 m (-10.6) Erik Stenfors, HANZA's CEO, comments: Divested factories and the phase-out of traditional manufacturing are affecting our sales volume, at the same time important capacity is created for new MIG TM projects. We have solid order bookings, and our biggest challenge isn t finding new customers, it s completing our manufacturing clusters as part of the Frontrunner programme. The work is expected to be finalised by the end of 2016, ahead of schedule. One-off costs for Frontrunner, e.g. severance pay and vacated premises, are negatively affecting our operating profit. We are trying to compensate for part of these costs by selling redundant assets that are freed up as operations are concentrated in clusters. The fourth quarter of 2016 is also expected to include positive and negative one-offs, which will cease once the programme ends. In summary, the third quarter marked a big and important step toward our goal of becoming a leading strategic manufacturing partner in Europe. Our factories was expanded, merged and coordinated in Finland, Estonia, Czech Republic and China. When Frontrunner is completed, our tools will be in place and we will enter the next exciting stage of HANZA s development. Page 1 of 22
2 THIRD QUARTER HIGHLIGHTS HANZA was awarded an order in July to implement a new manufacturing solution for RVM Systems AS of Norway, which develops and sells products for the recycling industry. The order was received after an MIG TM analysis, during which HANZA analysed RVM s manufacturing process and customised a new solution. The estimated annual order value exceeds SEK 40m and production commenced in the third quarter. In September, HANZA s two factories in China were coordinated under a single management in accordance with HANZA s cluster concept. As the new manager, HANZA recruited Marco Gentili, who has extensive management experience in China. SIGNIFICANT EVENTS AFTER THE PERIOD HANZA decided in October to convert its standalone sheet metal factory in Vaasa, Finland, to a logistics and service centre for local customers. The change affects about 50 people. HANZA announced in October that Frontrunner is scheduled to be completed by the end of Over a period of 18 months, HANZA has: o Divested and transferred six standalone factories to HANZA s clusters o Discontinued a sizable amount of non-strategic manufacturing o Executed a strategic acquisition, Metalliset, which reinforces the cluster structure and expands manufacturing expertise to heavy mechanics o Broadened ownership of HANZA to a group of investors with industrial experience In October, HANZA launched a new service product, Material Compliance Solution (MCS TM ), which enables customers to meet new, stricter environmental directives from the EU and the US. The service generates complete compliance reports, tracing component data and tracking material lists, product documentation and technical changes. Rolling 12 months by quarter, SEKm Kvartal Kvartal Kvartal Kvartal Kvartal Kvartal Kvartal Kvartal Page 2 of 22
3 CEO COMMENT Frontrunner soon completed The aim of HANZA s cluster concept is to coordinate manufacturing technologies within geographical areas that are important to our customers. Finalizing the Group s five clusters has been a critical part of the Frontrunner acceleration programme, which we launched last year. During the third quarter, we completed important steps by expanding, merging and coordinating our factories in Finland, Estonia, Czech Republic and China. As a result of these activities, we are confident that we can complete Frontrunner by the end of the year, ahead of schedule. Central Europe Cluster: An addition of 1,400 m 2 is scheduled to be completed in Q4/16 From subcontractor to knowledge partner HANZA is leading the effort to transform manufacturing into a knowledge and service industry. We are seeing strong demand for our MIG TM product and we recently launched another unique offer, MCS TM (Material Compliance Solution). Staying on top of new environmental requirements is hard for our customers. MCS TM is a service that enables product companies to comply with the new global environmental requirements on raw materials and components. HANZA s service gives our customers complete reports that trace component data and track material lists, product documentation and technical changes. Compliance is documented and stored together with authorisations and certifications for independent audits. MCS TM has already been very well received by the market. HANZA as a knowledge partner: After a MIG TM project, RVM of Norway is manufacturing in the Estonia Cluster. Page 3 of 22
4 Financial development As part of the Frontrunner programme, we have in 18 months divested and transferred six standalone factories to HANZA s clusters. In the process, we have discontinued a significant amount of non-strategic manufacturing. This obviously affects our sales, at the same time that important capacity is being freed up for new MIG TM projects. We have solid order bookings, and our biggest challenge isn t finding new customers, it s completing our manufacturing clusters as part of the Frontrunner programme. One-off costs for the Frontrunner programme, e.g. severance pay and vacated premises, are negatively affecting our operating profit. We are actively working to compensate for part of these costs by selling redundant assets freed up as operations are concentrated in clusters. As shown in the financials below, we have been successful in several respects. The fourth quarter of 2016 is also expected to include positive and negative one-offs, which will cease once the programme ends. In summary, the third quarter marked a big and important step toward our goal of becoming a leading strategic manufacturing partner in Europe. When Frontrunner is completed, our tools will be in place and we will enter the next exciting stage of HANZA s development. HANZA after Frontrunner: Five strategic manufacturing clusters SEK m Jul - Sep 2016 Jul - Sep 2015 Jan - Sep 2016 Jan - Sep 2015 Jan - Dec 2015 Net sales ,206.4 Operating business area EBIT Business development EBIT Cash flow from operating activities Interest-bearing net debt Equity/assets ratio 36.4% 31.1% 36.4% 31.1% 32.7% Page 4 of 22
5 MARKET DEVELOPMENT HANZA s primary market is the Nordic region, but it also has customers in the rest of Europe, Asia and the US. Its exposure to a broad range of industries means that economic conditions are normally reflected in HANZA s volumes. On the whole, the Swedish economy remains strong, but with differences between industries. After several weak years in Norway, demand appears to be turning around, partly due to slightly higher oil prices and partly to the government s decision to tap its sovereign fund to meet expenses. Increased confidence in the Finnish economy has increased the rate of investment slightly, although exports remain weak. HANZA does not issue sales forecasts, but generally is confident that the company has an opportunity to grow faster than the market through new MIG TM projects. NET SALES AND RESULTS Third quarter Net sales decreased by 4% to SEK m (308.2), partly due to divested units and volumes and partly to temporary production disruptions during the summer months. One of the aims of the Frontrunner acceleration programme is to create a global cluster structure. As part of the process, six factories have been eliminated and selected manufacturing operations have been transferred to clusters. In total, annual sales of about SEK 150 m have been lost in the process. Moreover, in consultation with the customer, most of the high-tech production for the telecom industry was discontinued under the programme. In 2014, this was one of the Group s largest volumes, generating annual sales of over SEK 100 m. The reason for the changes is the Group s focus on turnkey manufacturing and MIG TM projects, which create higher value for both HANZA and its customers. The lower volume during the quarter is also due to temporary disruptions at HANZA s manufacturing clusters during the summer, when production was transferred between factories, as well as delayed deliveries of input goods. Due to HANZA s broad range of operations, sales generally are not seasonal, except for the third quarter, when they are lower due to the summer holiday period. EBITDA for the quarter amounted to SEK 14.5 m (62.5), corresponding to an EBITDA margin of 4.9% (20.3). Depreciation amounted to SEK 11.3m (9.8) during the period. The increase is due to the noncurrent assets obtained through the acquisition of Metalliset. The Group s EBIT amounted to SEK 3.2 m (52.7), corresponding to an operating margin of 1.1% (17.1). The result for the third quarter of 2015 includes one-off income of SEK 47.3 m attributable to the reversal of negative goodwill related to the acquisition of Metalliset. HANZA s policy is to recognise operating results, including all costs, for special programmes such as Frontrunner. As a result, there is no separate restructuring reserve or the like. On the other hand, HANZA reports in notes those costs that are non-recurring in nature, such as severance pay, rental costs for vacated premises and impairment of assets that will not be utilised in the future. In the third quarter, these totalled about SEK 4.6 m; see Note 4. This only includes costs directly associated with the programme. There are also indirect costs such as quality assurance work, modifications of material structures, internal training of new employees etc. Page 5 of 22
6 When it merges factories, HANZA s strategy is to free up and sell surplus assets to cover the additional costs to establish cluster structures. During the third quarter, no assets were sold. However, SEK 5.3 m was freed up from previous provisions for supplemental purchase prices and rental disputes related to vacated premises; see Note 4. HANZA has reached satisfactory final settlements in these instances. During the third quarter of 2016, the Electronics segment remained profitable with EBIT of SEK 4.2m (5.4), corresponding to an operating margin of 4.2% (4.6). External sales decreased to SEK 100.9m (118.1), due to divested units. EBIT for the Mechanics segment amounted to SEK -0.1 m (3.5), corresponding to an operating margin of -0.1% (1.8%). A special effort has been underway in Mechanics since autumn 2015 to integrate Metalliset and extract synergies that will increase profitability. Among other things, two factories in Estonia were merged in the second and third quarters of 2016, a production unit in the Czech Republic was expanded in the third and fourth quarters of 2016, and production was transferred from Vaasa, Finland, to other HANZA units in the third and fourth quarters of Direct one-off costs for these activities amount to SEK 4.6 m. Indirect costs are not separately reported; see above. Further, SEK 3.7m in provisions for the above-mentioned disputes have been reversed. As a whole, the direct one-off effect on the Group s profit was SEK 0.7m (46.4) in the third quarter; see also Note 4. The Business Development segment recognises costs for special projects to develop the Group not associated with HANZA s normal operating activities, such as acquisitions, divestments, listing costs, the development of services etc. The result for the Business Development segment amounted to SEK -0.9m (43.8) in the third quarter. Other operating income and costs amounted to SEK 1.9m (51.8) in the quarter and mainly consist of the reversal of previous provisions for supplemental purchase prices and rental disputes. The SEK 51.8 m for 2015 mainly refers, as mentioned above, to the reversal of negative goodwill; see also Note 5. The gross margin is continuously improving as new projects are secured and older production is phased out, and during the quarter was 44.4% (40.8). External costs amounted to SEK m (-45.8) and personnel costs amounted to SEK m (-69.2). The increases are due to acquired units. Net financial items amounted to SEK -4.8 m (-7.5) in the quarter. Of this amount, the net interest cost was SEK -2.5 m (-4.5). The decrease is mainly due to the reversal of a provision for interest related to rental disputes, but also because interest rates have fallen during the year. The result before taxes amounted to SEK -1.6 m (45.2). Net profit amounted to SEK -2.2 m (44.9). Page 6 of 22
7 Nine-month period HANZA s net sales increased by 12% during the first three quarters to SEK m (875.1). In 2015, HANZA acquired the mechanical manufacturing group Metalliset while divesting four manufacturing units. EBITDA for the nine-month period amounted to SEK 61.1 m (74.0), corresponding to an EBITDA margin of 6.3% (8.5). The above-mentioned one-off income in connection with the acquisition of Metalliset affects the comparative figures for Depreciation amounted to SEK 34.9 m (25.3) during the period. The change is due to the non-current assets obtained in the Metalliset acquisition. The gross margin was 44.5% (39.9). The Group s EBIT was SEK 26.2 m (48.7), corresponding to an operating margin of 2.7% (5.6). Net financial items amounted to SEK m (-14.5). The net interest cost was SEK m (-12.3). The decrease is due to lower interest rate levels and lower net debt. The result before taxes was SEK 8.9 m (34.2). Net profit amounted to SEK 6.5 m (33.8). CASH FLOW AND INVESTMENT Cash flow from operating activities amounted to SEK -9.6m (6.1) in the third quarter. Cash flow was adversely affected in the third quarter by a temporary increase in working capital for the Frontrunner programme. The consolidation of production units ( cluster formation ) reduces capital tied up in operations and has a positive impact on cash flow over time. In recent years, HANZA has made extensive investments to develop the Group s production facilities and automate processes by installing new machinery, and today it is fully invested. As a result, investments are expected to be lower than depreciation moving forward. The merger of production units also leads to lower investment needs. Cash flow from investing activities amounted to SEK -6.3 m (-38.4) in the third quarter and consisted of investments in property, plant and equipment of SEK -7.5m and the divestment of non-current assets for SEK 1.2m. Loans increased by SEK -5.6m (16.8) during the quarter. Cash flow from operating activities amounted to SEK 22.4 m (-10.6) for the period January- September Cash flow from investing activities amounted to SEK 6.2 m (-41.3) and consisted of investments in property, plant and equipment of SEK -15.2m and the divestment of non-current assets for SEK 21.4m. Loans of SEK 59.1m (9.5) were repaid during the nine-month period. Page 7 of 22
8 FINANCIAL POSITION Equity increased by SEK 4.6m during the quarter to SEK 274.9m. The equity/assets ratio improved to 36.4% (31.1) at the end of the quarter. Total assets amounted to SEK m (818.6), compared with SEK 776.5m at the beginning of the quarter. Cash and cash equivalents amounted to SEK 20.5 m (32.7). Interest-bearing net debt amounted to SEK m (255.5) at the end of the quarter, compared with SEK 212.4m at the beginning of the quarter. EMPLOYEES During the nine-month period, the average number of employees in the Group was 1,311 (1,028). The increase is due to the September 2015 acquisition of Metalliset, which had 502 employees on the takeover date. At the end of the period, the number of employees was 1,371, compared with 1,432 at the beginning of the year. PARENT COMPANY The Parent Company s net sales, which consist solely of revenues from Group companies, amounted to SEK 3.9m (5.2) in the third quarter. The result before taxes during the quarter was SEK 1.5m (4.3). No investments were made in the Parent Company. THE SHARE The number of shares at the end of the quarter was 20,642,179, unchanged from the beginning of the year. The company has only one class of shares. Erik Penser Bank AB is the company s Certified Adviser and also serves as liquidity provider. During the third quarter, HANZA s principal owner, PH Intressenter, significantly increased its holding and today owns 30.9% of the total number of shares and votes outstanding. The share is traded on Nasdaq First North Premier. Shares traded in the Premier segment are subject to more stringent disclosure and reporting requirements than shares subject to First North s normal regulations. A listing on the Premier segment also requires the company to operate with a higher level of transparency, preparing it for a possible transfer to the main Nasdaq list. The share price at the end of the period was SEK The company has issued the following options. Options Number Expiration date Subscription price, SEK Warrants 721, The Annual General Meeting in May resolved to establish a warrant program comprising 1,001,000 warrants with the right to subscribe for 1 share for SEK 12 during the period 1 November 2018 to 31 December Of them, 721,000 were subscribed at the end of the period. In connection with the subscriptions, the 260,000 options from the previous employee option program were returned. Page 8 of 22
9 The company has the following convertible loans. Convertible loans Duration Loan amount SEK m Issue price, SEK Issued Issued See comment above The subscription price of SEK has been restated to take into account the issuance of preferred shares in August In February 2015, HANZA issued SEK 4.5m in convertible debentures. Under certain conditions, the company is entitled during December 2016 to convert SEK 2.5m of this debt to shares at a price corresponding to 50% of the average price of the share during the preceding three months. From the viewpoint of the holders, the convertibles will lead to a maximum of 177,528 new shares. From the viewpoint of the company, the number of new shares is capped at 760,000. In December 2015, a convertible loan was issued in the nominal amount of SEK 15m. The conversion price is 85% of the average market price of the company s share during the three-month period immediately preceding conversion, but not less than SEK SIGNIFICANT RISKS AND UNCERTAINTIES The risk factors of greatest significance to HANZA are financial risks and changes in market conditions. For further information about risks and uncertainties, refer to Note 3 in the company s annual report for No significant changes in the risks have arisen since the annual report for 2015 was published. RELATED-PARTY TRANSACTIONS No related party transactions (aside from the consulting services on market terms described in the annual report for 2015) took place during the third quarter. The interim report provides a true and fair overview of the operations, financial position and results of the Parent Company and the Group and describes the material risks and uncertainties faced by the Parent Company and the companies in the Group. Stockholm, 1 November 2016 On behalf of the Board of Directors Erik Stenfors, CEO This report has not been reviewed by the company s auditors Page 9 of 22
10 FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in SEK m Note Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Net sales ,206.4 Change in inventories due to production, finished goods and work in progress Raw material and supplies Other external costs Personnel costs Depreciation Other operating income Other operating costs EBIT Result from financial items Financial income Financial costs Net financial items Result before taxes Income taxes Net profit/loss Other comprehensive income Items that can later be reversed to profit or loss Currency differences Other comprehensive income for the period Total comprehensive income for the period Total comprehensive income is related in its entirety to the Parent Company s shareholders Result per share, calculated on result attributable to Parent Company s shareholders during the period (expressed in SEK per share) Result per share before dilution Result per share after dilution Weighted average number of shares before dilution 20,642,179 12,260,654 20,642,179 8,956,965 11,810,193 Adjustment for calculation of result per share after dilution: Convertibles 1,486,637 1,486,637 29,809 Weighted average number of shares after dilution 22,128,816 12,260,654 22,128,816 8,956,965 11,840,002 Page 10 of 22
11 CONSOLIDATED BALANCE SHEET Amounts in SEK m Note ASSETS Non-current assets Intangible assets Goodwill Other intangible assets Intangible assets Tangible non-current assets Financial non-current assets Other long-term securities holdings Deferred tax assets Financial non-current assets Total non-current assets Current assets Inventory Accounts receivable Other receivables Prepaid costs and accrued income Cash and cash equivalents Total current assets TOTAL ASSETS Page 11 of 22
12 CONSOLIDATED BALANCE SHEET, cont. Amounts in SEK m Note EQUITY Equity attributable to Parent Company s shareholders LIABILITIES Long-term liabilities Liabilities to credit institutions Other long-term interest-bearing liabilities Convertible loan Long-term non-interest-bearing liabilities Total long-term liabilities Current liabilities Bank overdraft Liabilities to credit institutions Convertible loan Other interest-bearing liabilities Accounts payable Other liabilities Accrued costs and deferred income Total current liabilities TOTAL EQUITY AND LIABILITIES EQUITY Equity per share at the end of the period, SEK Number of shares at the end of the period 20,642,179 20,175,791 20,642,179 Page 12 of 22
13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Amounts in SEK m Share capital Other contributions received Reserves Profit brought forward including profit for the period Total equity Opening balance per 1 January Profit after tax Other comprehensive income Currency differences Total comprehensive income Employee options Total contribution from and value transfers to shareholders recognised directly in equity Closing balance per 30 September Opening balance per 1 January Profit after tax Other comprehensive income Currency differences Total comprehensive income Employee options New share issue Issue costs Total contribution from and value transfers to shareholders recognised directly in equity Closing balance per 30 September Page 13 of 22
14 CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS Amounts in SEK m Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Cash flow from operating activities Profit/loss after financial items Depreciation Other non-cash items Income taxes paid Cash flow from operating activities before changes in working capital Total change in working capital Cash flow from operating activities Cash flow from investing activities Company acquisitions Investments in non-current assets Sale of tangible non-current assets Cash flow from investing activities Cash flow from financing activities New share issue Change in loans Cash flow from financing activities Decrease/increase in cash and cash equivalents Cash and cash equivalents on the opening date Exchange rate differences in cash and cash equivalents Cash and cash equivalents at the end of the period Page 14 of 22
15 CONDENSED INCOME STATEMENT, PARENT COMPANY Amounts in SEK m Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Operating revenue Operating costs EBIT Profit/loss from financial items Profit/loss from participations in Group companies Other interest income and similar profit/loss items Interest costs and similar profit/loss items Total profit/loss from financial items Profit/loss before tax Tax on net profit/loss for the period Net profit/loss Profit/loss from participations in Group companies refers to dividends from subsidiaries. Other interest income and similar profit/loss items include interest income from Group companies of SEK 0.9m (3.7). Since there are no items in the Parent Company that are recognised in comprehensive income, total comprehensive income matches profit/loss for the period Page 15 of 22
16 CONDENSED BALANCE SHEET, PARENT COMPANY Amounts in SEK m Note ASSETS Non-current assets Financial non-current assets Total non-current assets Current assets Current receivables Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Provisions Long-term liabilities Current liabilities TOTAL EQUITY AND LIABILITIES Page 16 of 22
17 NOTES Note 1 General information All amounts are stated in SEK millions (SEK m) unless otherwise indicated. Figures in parentheses pertain to the corresponding year-earlier period. The quarterly information on pages 4-9 is an integral part of this financial report. Note 2 Basis for preparation of the report HANZA Holding AB (publ) applies the International Financial Reporting Standards (IFRS) adopted by the EU. This interim report has been prepared in compliance with IAS 34 Interim Reporting. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities. The accounting policies comply with the policies applied in the preceding financial year. For more information, see note 2 in the company s annual report for The interim report should be read together with this annual report. Note 3 Financial instruments Fair value of financial liabilities at amortised cost The Group s borrowing comprises a large number of contracts entered into at various times and subject to various terms. Most of the loans carry floating interest rates. Against this backdrop, the recognised amounts may be considered a fair approximation fair value. Because the discounting effect is not material, the fair value of short-term loans corresponds to their carrying amounts. Note 4 Segment information Revenues Inter-segment sales take place on commercial terms. Jul - Sep 2016 Jul - Sep 2015 Less sales between segments Revenues from external customers Less sales between segments Revenues from external customers Segment revenue Segment revenue Mechanics Electronics Business Development Total Page 17 of 22
18 Note 4 Segment information, continued Jan Sep 2016 Jan Sep 2015 Less sales between segments Revenues from external customers Less sales between segments Revenues from external customers Segment revenue Segment revenue Mechanics Electronics Business Development Total 1, EBIT is reconciled as income before tax as follows: Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec EBIT Mechanics Electronics Business Development Total Net financial items Result before taxes One-offs Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Revenue recognition negative goodwill Revaluation of supplemental purchase price Transaction costs Metalliset Restructuring Reserve rental costs Estonia Capital gain on property Total EBIT per segment excluding one-offs Mechanics Electronics Total Business Development Total One-offs EBIT Page 18 of 22
19 Note 5 Other operating income and operating costs Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Result from sale of non-current assets Revenue negative goodwill Revaluation of supplemental proceeds Insurance compensation Exchange rate losses Other items Total Other operating costs Result from sale of non-current assets Exchange rate losses Other items Total other operating income Result from sale of non-current assets in 2016 refers to gains on the sale of properties in Töreboda and Rihimäki, Finland, as well as equipment in Sweden. Note 6 Financial income and costs Net financial items Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Financial income Interest income Capital gain on sale of subsidiary Net exchange rate gains and losses Total financial income Financial costs Interest costs Net exchange rate gains and losses Other financial costs Total financial costs Net financial items Page 19 of 22
20 KEY FINANCIAL RATIOS Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Net sales, m ,206.4 EBITDA,% 4.9% 20.3% 6.3% 8.5% 7.5% Operating margin, % 1.1% 17.1% 2.7% 5.6% 4.2% Operational business areas EBIT, SEK m Operating margin, % 1.4% 2.9% 3.1% 0.9% 1.0% Operating capital, SEK m Return on operating capital, % 0.8% 2.1% 6.0% 1.9% 3.0% Capital turnover rate on operating capital, times Interest-bearing net debt, SEK m Net debt/equity ratio Equity/assets ratio, % 36.4% 31.1% 36.4% 31.1% 32.7% Average no. of employees 1,231 1,092 1,311 1,028 1,169 DATES FOR FORTHCOMING FINANCIAL INFORMATION Year-end report for January-December 2016: 16 February 2017 For further information, please contact: Erik Stenfors, CEO Tel: , erik.stenfors@hanza.com Lars Åkerblom, CFO Tel: , lars.akerblom@hanza.com Page 20 of 22
21 DEFINITIONS Unless otherwise stated in this interim report, the definitions refer to the Group. Figures in parentheses pertain to the outcome for the corresponding period in Business development costs include non-recurring costs for developing the business model and the organisation, such as listing costs, costs to transition to IFRS, the elimination of unprofitable factories upon acquisition, and acquisition costs in the form of due diligence Capital turnover on average operating capital is net sales divided by average operating capital EBIT (Earnings before interest and taxes) is profit/loss before interest and taxes EBITDA (Earnings before interest, taxes, depreciation and amortisation) is profit/loss before interest, taxes and depreciation and amortisation of tangible and intangible items EBITDA margin is EBITDA divided by net sales Equity/assets ratio is equity divided by total assets Interest-bearing net debt is interest-bearing liabilities less cash, similar assets and short-term investments Operational business areas EBIT (operating EBIT) is operating profit/loss before business development costs Operating margin is operating profit divided by net sales Operating capital is total assets less cash, financial assets and non-interest-bearing liabilities Net debt/equity ratio is interest-bearing net debt divided by equity Return on operating capital is operating profit divided by average operating capital Page 21 of 22
22 ABOUT HANZA HANZA is a fast-growing industrial business partner in manufacturing. The company creates increased growth and profitability for customers by providing complete manufacturing solutions involving mechanics, electronics, cabling and final assembly. HANZA was founded in 2008 and has rapidly grown into a billion kronor company. The company has operations in Sweden, Finland, Estonia, Poland, Czech Republic and China. HANZA's customers include leading companies such as ABB, Atlas Copco, Ericsson, Saab Defence and Siemens. HANZA Holding AB (publ) Brovägen 5, SE Stocksund, Sweden Telephone: Corporate Registration Number Erik Penser Bank AB is HANZA s Certified Advisor on First North. Page 22 of 22
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