press release 3 February 2012 Fourth Quarter and Year-End Report 2011 Year-End 2011 Net turnover amounted to SEK 18,160 M (16,257). Net profit for the year was SEK 420 M (407) and earnings per share SEK 16.85 (16.50). Cash flow after net investments amounted to SEK 378 M (-134). A regular dividend is proposed in the amount of SEK 9.50 (8.00) 1). Fourth quarter Net turnover amounted to SEK 4,780 M (4,620). Operating profit excl. items affecting comparability amounted to SEK 154 M (166). Profit for the period was SEK 99 M (176) and earnings per share SEK 4.00 (7.15). In a comment on the fourth quarter, Bilia s Managing Director Per Avander says: It is gratifying to be able to wind up a successful year with a strong quarterly report. The operation in Norway continued to develop positively and reported strong fourthquarter results. The Service Business continued to grow, the latest acquisition being a BMW workshop on Lidingö outside of Stockholm. As expected, demand for new cars diminished slightly during the quarter. Trade organisations forecast a slightly worse market situation for new cars in 2012, but this merely entail a return to a normal market situation. 1) 2) 3) Fourth quarter Full year Group 2011 2010 2011 2010 Net turnover, SEK M 4,780 4,620 18,160 16,257 Operating profit excl. items affecting comparability, SEK M 2) 154 166 498 483 Operating margin excl. items affecting comparability, % 3.2 3.6 2.7 3.0 Operating profit, SEK M 154 180 489 497 Operating margin, % 3.2 3.9 2.7 3.1 Profit before tax, excl. items affecting comparability, SEK M 2) 146 165 471 473 Profit before tax, SEK M 146 179 462 487 Net profit for the period/year, SEK M 99 176 420 407 Earnings per share, SEK 3) 4.00 7.15 16.85 16.50 Last year a regular dividend of SEK 8 was paid, plus an extra dividend of SEK 4, for a total of SEK 12. Items affecting comparability are shown on page 4. The number of shares used in the calculation is shown in the table on page 11.
Notable events during 2011 During the year, 196,082 warrants were exercised to subscribe for new shares, resulting in a new issue of SEK 4 M. The number of outstanding warrants at 31 December was 379,227. Bilia continued its expansion within the Service Business by acquiring the remaining shares in a part-owned auto paint shop in Västerås. Bilia s existing facility in Kungsbacka will be expanded with space for body repairs and service for BMW and space for tyre storage. A paint shop in Nacka with an annual turnover of about SEK 10 M was taken over by Bilia. Events during previous quarters Three-year financing agreements were signed on 25 October with Nordea and DNB. The agreements expand Bilia s credit facilities by SEK 300 M to SEK 900 M. The Board of Directors of Bilia AB resolved on 9 August to initiate buy-back of own shares within the framework of the authorisation obtained at the AGM. As of 31 December 2011, 515,000 shares have been repurchased for a total of SEK 50 M. Bilia is expanding its Service Business in Sweden by investments in Jägersro, Limhamn, Lidingö and Hisingen. The total investment for the projects is estimated to be about SEK 100 M, most of which will be financed by the property owners. The Administrative Court in Gothenburg issued a judgement in March 2011 that Bilia s Swedish subsidiary Sevonia AB was entitled to a tax deduction for a group contribution paid of SEK 313.6 M. A positive tax of SEK 82 M was reported in the final accounts for the second quarter. An agreement was signed with Opus Prodox AB giving Opus the right of first refusal to establish vehicle inspection at Bilia s dealerships in Sweden. Bilia signed an agreement to acquire a workshop in Lerum. Bilia s Board of Directors appointed Per Avander as Managing Director and CEO of Bilia starting 4 May 2011. 2 (16) Events after the balance sheet date Bilia has acquired all shares in Blombergs Bilservice i Lidingö AB, which has operated a BMW workshop on Lidingö outside Stockholm for more than 30 years. The company, which runs the business from its own premises in a housing cooperative, has seven employees and an annual turnover of about SEK 10 M. The purchase consideration amounts to SEK 8 M. Further information on the above events and other press information is available at www.bilia.com. Fourth quarter 2011 Demand for new cars decreased during the quarter and was at a slightly lower level compared with the same period last year. Demand for service was slightly lower compared with last year. Net turnover amounted to SEK 4,780 M (4,620). For comparable operations and adjusted for exchange rate changes, net turnover decreased by about SEK 50 M or 1 per cent. The decrease is mainly attributable to lower sales of new cars. Operating profit amounted to SEK 154 M (180). Last year s profit includes items affecting comparability of net SEK 14 M. The Service Business continued to develop positively and reported strong earnings during the quarter. Earnings within the Vehicle Business declined by SEK 10 M due to a lower margin in sales of used cars. The underlying costs decreased by nearly 2 per cent, but were 0.5 percentage point lower in relation to net turnover than last year. Items affecting comparability amounted to SEK 14 M last year and consist of a change in the pension plan in Norway (SEK +7 M), the sale of a property (SEK +16 M) and impairment of land (SEK -9 M). Net financial items amounted to SEK -8 M (-1). The poorer result is mainly attributable to a lower profit share of SEK 5 M (6) from the indirect shareholding in Volvofinans Bank AB and the repurchase of debenture loans at a premium SEK -3 M. Tax for the period amounted to SEK -47 M (-3). Revaluation of tax-loss carryforwards resulted in an increase in the tax expense by SEK -6 M (39). Profit for the period was SEK 99 M (176) and earnings per share SEK 4.00 (7.15). Exchange rate changes increased the profit by SEK 2 M.
Total assets increased during the quarter by SEK 144 M to SEK 5,506 M. The increase is mainly attributable to stocks of new and used cars. Equity increased by SEK 90 M, amounting to SEK 1,813 M. The equity/assets ratio amounted to 33 per cent (34). Investments and disposals amounted to a net of SEK 32 M (39). Replacement investments represented SEK 10 M (9), expansion investments SEK 15 M (10), environmental investments SEK 1 M (0), investments in new construction and additions to properties SEK 7 M (17), and finance leases SEK -1 M (3). Cash flow after net investments amounted to SEK 23 M (-185). Net debt decreased by SEK 7 M during the quarter to SEK 323 M. Full year 2011 Demand for new cars and service was at a higher level than in 2010. Net turnover amounted to SEK 18,160 M (16,257). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 1,380 M or 8 per cent. The increase is mainly attributable to higher sales of new cars. Operating profit amounted to SEK 489 M (497). Items affecting comparability reduced the profit by SEK 9 M (increase: 14). If items affecting comparability are excluded, operating profit amounted to SEK 498 M (483). The earnings improvement is mainly attributable to increased sales of new cars and service. An increased supply of used cars depressed the price level, resulting in a lower gross profit margin. The used car business reported a slim profit, which was about SEK 64 M lower than last year. Underlying costs increased by about SEK 30 M or 1 per cent, but were 1.2 percentage points lower in relation to net turnover than last year. Items affecting comparability (see table on page 4) amounted to SEK -9 M (14) and consist of the cost of premature termination of the lease for a facility in Norway. 3 (16) Net financial items amounted to SEK -27 M (-10). The figure includes a profit share of SEK 17 M (23) from the indirect shareholding in Volvofinans Bank AB. Repurchase of debenture loans at a premium reduced net financial items by SEK 3 M. The rest of the decrease is primarily attributable to higher average net debt. Tax for the year amounted to SEK -42 M (-80). During the year, Bilia won a dispute with the Swedish National Tax Board concerning the deductibility of a group contribution paid to a foreign subsidiary, which reduced the tax expense by SEK 82 M. Furthermore, a revaluation of taxloss carryforwards increased the tax expense by SEK -6 M (39). Net profit for the year amounted to SEK 420 M (407) and earnings per share to SEK 16.85 (16.50). Exchange rate changes reduced the profit by SEK 1 M. Total assets increased during the year by SEK 428 M to SEK 5,506 M. The increase is mainly attributable to the acquisition of the BMW operation in Stockholm and to higher stocks of new cars. Equity increased by SEK 74 M, amounting to SEK 1,813 M. Dividends were paid to shareholders in the amount of SEK 301 M. The equity/assets ratio amounted to 33 per cent (34). Investments and disposals amounted to a net of SEK 83 M (102). Replacement investments represented SEK 31 M (24), expansion investments SEK 32 M (24), environmental investments SEK 1 M (1), investments in new construction and additions to properties SEK 14 M (37), and finance leases SEK 5 M (16). Cash flow after net investments amounted to SEK 378 M (-134). The acquisition of the BMW operation in Stockholm reduced the cash flow by SEK 121 M. Net debt increased from the beginning of the year by SEK 26 M to SEK 323 M. The number of employees increased during the year by 182, amounting to 3,461. Acquired operations are included with 73 persons.
4 (16) Breakdown of operating profit Fourth quarter Full year SEK M 2011 2010 2011 2010 Cars 166 176 541 525 Parent Company -12-10 -45-42 Other, eliminations 0 14-7 14 Operating profit 154 180 489 497 Items affecting comparability Fourth quarter Full year Group, SEK M 2011 2010 2011 2010 Operating profit excl. items affecting comparability 154 166 498 483 Items affecting comparability - Gain from sale of properties - 16-16 - Change of pension plan in Norway - 7-7 - Structural costs etc. - - -9 - - Impairment of land in Denmark - -9 - -9 Operating profit 154 180 489 497 Profit before tax excl. items affecting comparability 146 165 471 473 Items affecting comparability - Profit from sale of property - 16-16 - Change of pension plan in Norway - 7-7 - Structural costs etc. - - -9 - - Impairment of land in Denmark - -9 - -9 Profit before tax 146 179 462 487
Cars 5 (16) Deliveries Order backlog No. of new Fourth quarter Full year 31 December vehicles 2011 2010 2011 2010 2011 2010 Sweden 1) 7,786 8,028 29,770 25,112 3,592 4,496 Norway 1,890 1,622 6,876 5,683 1,111 1,258 Denmark 1,385 1,733 4,351 4,384 377 308 Total 11,061 11,383 40,997 35,179 5,080 6,062 1) The BMW operation in Stockholm is included in deliveries during the quarter in the amount of 489 (-), and during 2011 in the amount of 1,860 (-). Net turnover Operating profit/loss, operating margin Fourth quarter Full year Fourth quarter Full year SEK M 2011 2010 2011 2010 2011 % 2010 % 2011 % 2010 % Sweden 3,166 3,039 12,229 10,456 132 4.2 143 4.7 414 3.4 401 3.8 Norway 1,190 1,091 4,513 4,281 37 3.1 25 2.3 128 2.8 110 2.6 Denmark 424 490 1,421 1,523-3 -0.7 8 1.6-1 0.0 14 1.0 Total 4,780 4,620 18,163 16,260 166 3.5 176 3.8 541 3.0 525 3.2 Strong earnings in Norway Order bookings down by 10 per cent The market for new cars increased during the quarter in Norway and Denmark by 8 per cent, while it decreased in Sweden by 7 per cent. Net turnover amounted to SEK 4,780 M, compared with last year s SEK 4,620 M. Adjusted for exchange rate changes, net turnover decreased by about SEK 50 M or 1 per cent. The decrease is mainly attributable to lower sales of new cars. Cars once again reported a strong operating profit of SEK 166 M (176) and an operating margin of 3.5 per cent (3.8). The profit in the Service Business equalled last year s excellent result of SEK 142 M. The Vehicle Business reported a profit of SEK 24 M (34). The decrease is attributable to lower sales of used cars. Orders received were lower than deliveries, resulting in a reduction in the order backlog by 2,480 cars during the quarter. Operating profit in Bilia s Norwegian operation amounted to SEK 37 M (25) and the operating margin to 3.1 per cent (2.3). The increase is mainly attributable to increased sales of new cars and a higher gross profit margin on sales of used cars. The Service Business reported slightly better earnings than last year. Costs were both relatively and nominally lower compared with last year. The Danish operation reported an operating loss of SEK 3 M (profit: 8). The operation had a very strong finish last year, driven by high deliveries of cars with high sales of accessories and workshop services. Turnover declined by 13 per cent in the Service Business, which had a negative impact on earnings. Demand for service has been weak for most of the year. Earnings in the Vehicle Business also declined due to lower turnover and a slightly lower gross profit margin. The operation in Sweden reported an operating profit of SEK 132 M (143). The decrease is mainly attributable to a lower margin in used car sales. The Service Business finished the year with yet another strong profit, which was slightly better than last year.
6 (16) Cars - divided into Service and Vehicle businesses Net turnover 2) Operating profit Fourth quarter Full year Fourth quarter Full year SEK M 2011 2010 2011 2010 2011 2010 2011 2010 Service Business 1) 1,428 1,380 5,254 5,066 142 142 418 383 - margin, % 9.9 10.3 8.0 7.6 Vehicle Business 1) 3,587 3,471 13,679 11,902 24 34 123 142 - margin, % 0.7 1.0 0.9 1.2 1) 2) Service includes workshop services, spare parts, accessories and fuel in the car operation. The Vehicle Business includes sales of new and used vehicles and customer financing. Net turnover does not include eliminations for internal sales. Strong earnings in the Service Business Loss in the used car business The Service Business s sales for comparable operations and adjusted for exchange rate changes increased by about nearly 1 per cent. Sweden s sales increased by 2 per cent and Norway s by 4 per cent, while Denmark s decreased by 13 per cent. The operating profit equalled last year s strong result. Demand has diminished somewhat compared with last year due to the lack of snow and cold in our market areas. At the same time, costs for snow clearance and electricity have been much more modest. order backlog declined by 2,480 cars during the quarter. The order backlog normally increases during the year, only to decline during the fourth quarter. Last year s decrease amounted to 1,839 cars. Vehicle turnover decreased by 2 per cent for comparable operations and adjusted for exchange rate changes. Operating profit decreased by SEK 10 M, amounting to SEK 24 M. The loss is attributable to a lower gross profit margin in used car sales. The used car business reported a loss of SEK 10 M, which was SEK 15 M worse than last year. The operation has prioritised a high turnover rate and keeping stock levels low, which has had a negative impact on the gross profit margin. The Vehicle Business s deliveries of vehicles decreased during the quarter for comparable operations by 7 per cent for new vehicles and 2 per cent for used vehicles. Order bookings were at a lower level compared with last year as well as compared with last quarter, as a result of which the 1500 1200 900 600 300 Service Business, Net Turnover, SEK M Isolated quarters Rolling 12 months 6000 5000 4000 3000 2000 1000 Stocks of new unsold cars and used cars increased during the quarter but are at acceptable levels. The turnover rate for used cars decreased slightly during the quarter, amounting at the end of the quarter to just under 10 times per year. 4000 3000 2000 1000 Vehicle Business, Net Turnover, SEK M Isolated quarters Rolling 12 months 15600 13000 10400 7800 5200 2600 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2010 2011 0 150 Service Business, Operating Profit, SEK M Isolated quarters Rolling 12 months 2011 450 60 Vehicle Business, Operating Profit, SEK M Isolated quarters Rolling 12 months 180 120 90 60 30 375 300 225 150 75 45 30 15 135 90 45 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 2010 2011 2010 2011
7 (16) Acquisition of operation 2011 Bilcentralen I Stockholm AB On 3 January 2011, Bilia acquired all the shares in the BMW dealer Bilcentralen i Stockholm AB, with operations in Segeltorp and Nacka. Bilcentralen i Stockholm AB has an annual turnover of about SEK 600 M with an operating margin of about 4 per cent. The number of cars sold annually is around 1,300. The purchase consideration was SEK 138 M. The entire purchase consideration was paid in cash. There is no contingent purchase consideration. The operation is housed in two well-situated facilities in Segeltorp and Nacka. The acquisition is a part of Bilia s investment in BMW, which started in Norway in 2006 and continued with the acquisition of the BMW operation in Gothenburg in 2009. The goodwill item is mainly attributable to synergies in new car sales to corporate customers and cost savings in purchasing and administration. There are no external transaction costs or acquisition-related expenses attributable to the acquisition. Effects of the acquisition The acquisition has the following effects on the Group s assets and liabilities. The acquiree s net assets at the date of acquisition: Carrying amounts in Fair Fair value BMW s dealership value recognised in SEK M operation adjustment Group Intangible assets - 46 46 Property, plant and equipment 5 84 89 Inventories 68 1 69 Trade receivables and other receivables 56 1 57 Cash and cash equivalents 17-17 Trade payables and other liabilities 98 100 198 Net identifiable assets and liabilities 48 32 80 Consolidated goodwill 58 Purchase consideration 138 Less: Cash and cash equivalents in acquired operation 17 Net effect on cash and cash equivalents 121 Acquired customer relations totalling SEK 46 M are recognised as intangible assets. These customer relations will be amortised over 10 years.
8 (16) Parent Company Bilia AB is responsible for the Group s management, strategic planning, financing, accounting, public relations and business development. Furthermore, Bilia AB conducts training, purchasing and IT activities, mainly for companies in the Group. The Parent Company s operating loss for the fourth quarter amounted to SEK 12 M (loss: 10), while the loss for the whole year amounted to SEK 45 M (loss: 42). Dividend The Board of Directors proposes a regular dividend of SEK 9.50. Last year a regular dividend of SEK 8.00 was paid, plus an extra dividend of SEK 4.00, for a total of SEK 12.00 per share. Risks and uncertainties As a result of its operations, the Bilia Group is exposed to both operating risks and financial risks. The operating risks include: Development of the market for new cars. The economic turbulence in the world may reduce demand for new cars. Diminished demand for cars can also affect the value of stock in hand and guaranteed residual values. Increased competition in the markets where Bilia is active. The ability of suppliers to offer competitive products. Regulatory decisions that lead to changes in taxes and charges on the products Bilia sells can influence both demand for and the valuation of cars in stock and cars sold with guaranteed residual values. The financial risks include liquidity risks, interest rate risks, credit risks and currency risks. Bilia works continuously with risk identification and risk assessment. For further information about the risks that affect the Group, please refer to the 2010 Annual Report. Accounting policies This interim report in summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Reports. The same accounting policies and calculation methods have been applied for the Group and the Parent Company as in the most recent Annual Report. The changes that have entered into force and apply for financial year 2011 have not had any effect on the Consolidated or Parent Company financial statements. IAS 19 - Pensions Information on changed assumptions regarding life expectancy PRI ideell förening has decided to update its life expectancy assumptions with regard to the calculation of pension liability according to ITP 2 as of 30 June 2011. PRI Pensionsgaranti has estimated that the ITP 2 liability measured according to IAS 19 will generally increase by about 8 per cent as an effect of the changed life expectancy assumptions. The changed life expectancy assumptions are classified as an actuarial loss. Bilia handles actuarial gain/loss over the socalled corridor, which means that the change will not affect net profit for the year. More information is available on PRI Pensionsgaranti s website: pripensionsgaranti.se. Audit This year-end report has not been subjected to special examination by the auditors.
9 (16) Annual General Meeting 2012 The Annual General Meeting will be held on 4 May at 11 a.m. at Bilia s facility at Haga Norra, Frösundaleden 4, in Stockholm. Shareholders who wish to have a matter on the agenda at the AGM should contact Bilia no later than 16 March 2012 in order for the matter to be included in the notice of the meeting. The Annual Report for 2011 will be published on Bilia s website on 23 March 2012. Next report The interim report for the first quarter of 2012 will be published on 4 May 2012. Gothenburg, 3 February 2012 Bilia AB (publ) Board of Directors For further information, please contact Per Avander, Managing Director and CEO, or Gunnar Blomkvist, CFO, telephone +46 31 709 55 00. Bilia AB (publ) Box 9003, SE-400 91 Gothenburg, Sweden Visiting address: Norra Långebergsgatan 3, Västra Frölunda Telephone: +46 31 709 55 00 www.bilia.com Corporate ID No.: 556112-5690 This report is being published by Bilia AB in compliance with the Securities Market Act. The information was submitted for publication on 3 February 2012 at 12:30 p.m.
Group's operating segments 10 (16) Full year Service Vehicles Total Reconciliation Segment Sweden Norway Denmark Sweden Norway Denmark Cars Parent Company reconciliation Group SEK M 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Net turnover External sales 3,411 3,239 745 752 328 367 8,818 7,217 3,768 3,529 1,093 1,156 18,163 16,260 2 1-5 -4 18,160 16,257 Internal sales 424 350 254 253 92 105 770 708 124 104-894 -812 - - Total net turnover 3,835 3,589 999 1,005 420 472 8,818 7,217 3,768 3,529 1,093 1,156 18,933 16,968 126 105-899 -816 18,160 16,257 Depreciation/amortisation 58 46 7 9 6 7 244 212 18 28 5 5 338 307 9 9 2 0 349 316 Operating profit/loss 324 286 80 74 14 23 90 115 48 36-15 -9 541 525-45 -42-7 14 489 497 Interest income 10 7 Interest expenses 54 40 Shares in profits of associated companies 17 23 17 23 17 23 Profit/loss before tax 462 487 Tax expense for the period -42-80 Net profit/loss for the period 420 407 Material items of income and expense of a non-recurring nature recognised in the Income Statement: Items affecting comparability -Gain from sale of properties 19-3 16 -Structural costs etc. -2-7 -9-9 -Impairment losses -1-1 -2-7 -9 -Changed pension plan in Norway 5 2 7 7 Items of non-recurring nature - - -2 5 - -1 - - -7 2 - -1-9 5-19 - -10-9 14 Material items not affecting cash besides depreciaton/amortisation: -Other -12-7 -5-2 -7-1 -16-4 -4-2 1-5 -43-21 -2-2 -45-23 Total -12-7 -5-2 -7-1 -16-4 -4-2 1-5 -43-21 -2-2 - - -45-23 Assets Interests in associated companies 312 302 312 302 312 302 Deferred tax assets 67 87 Other assets 5,127 4,689 Total assets 312 302 312 302 5,506 5,078 Investments in non-current assets 28 29 7 7 2 4 283 372-1 -202-13 30 306 240 25 11 2 2 333 253 Liabilities Equity 1,813 1,739 Liabilities 3,693 3,339 Total liabilities and equity 5,506 5,078 Revenue from Non-current external customers assets SEK M 2011 2010 2011 2010 Geographical segments Sweden 12,231 10,457 2,787 2,439 Norway 4,513 4,281 157 176 Denmark 1,421 1,523 111 134 Segment reconciliation -5-4 -742-609 Total 18,160 16,257 2,313 2,140 10 (16)
Consolidated Statement of Comprehensive Income Fourth quarter Full year SEK M 2011 2010 2011 2010 Net turnover 4,780 4,620 18,160 16,257 Cost of goods sold 4,030 3,866 15,364 13,532 Gross profit 750 754 2,796 2,725 Other operating income 3 27 8 30 Selling expenses 506 498 1,926 1,847 Administrative expenses 91 89 375 394 Other operating expenses 2 14 14 17 Operating profit 1) 154 180 489 497 Financial income 2 3 10 7 Financial expenses 15 10 54 40 Shares in profits of associated companies 5 6 17 23 Net financial items -8-1 -27-10 Profit before tax 146 179 462 487 Tax -47-3 -42-80 Net profit for the year 99 176 420 407 Other comprehensive income/loss Translation differences for the period on translation of foreign financial statements -9-1 1-30 Comprehensive income for the year 90 175 421 377 Net profit for the year attributable to: Parent Company s shareholders 99 176 420 407 11 (16) Comprehensive income for the year attributable to: Parent Company s shareholders 90 175 421 377 Number of shares at end of period, 000: before dilution 24,565 24,884 24,565 24,884 after dilution 24,944 25,459 24,944 25,459 Basic earnings per share, SEK 4.05 7.05 17.10 16.35 Diluted earnings per share, SEK 4.00 6.90 16.85 16.00 Number of own shares at end of period, 000 515-515 - Weighted average number of shares, 000: before dilution 24,563 24,878 24,874 24,698 after dilution 24,944 25,459 25,292 25,459 Basic earnings per share, SEK 4.00 7.15 16.85 16.50 Diluted earnings per share, SEK 4.00 6.90 16.60 16.00 Weighted average number of own shares, 000 515-167 567 1) Straight-line amortisation/depreciation by asset class - Intellectual property 7 7 27 27 - Land and buildings 3 0 9 7 - Equipment, tools, fixtures and fittings 19 21 76 82 - Leased vehicles 66 53 237 200 Total 95 81 349 316
Consolidated Statement of Financial Position, Summary SEK M 31/12 2011 31/12 2010 Assets Non-current assets Intangible assets Intellectual property 139 97 Goodwill 149 90 288 187 Property, plant and equipment Land and buildings 102 102 Construction in progress 1 0 Equipment, tools, fixtures and fittings 284 303 Leased vehicles 1) 1,271 1,178 1,658 1,583 Long-term investments Financial investments 317 307 Non-current receivables 2) 50 63 Deferred tax assets 67 87 434 457 Total non-current assets 2,380 2,227 Current assets Inventories, merchandise 2,128 1,822 Current receivables Other receivables 1) 901 961 Cash and cash equivalents 2) 97 68 Total current assets 3,126 2,851 Total assets 5,506 5,078 12 (16) Equity and liabilities Equity Share capital 251 249 Other contributed capital 46 44 Reserves -24-25 Retained earnings including net profit for the year 1,540 1,471 Total equity 1,813 1,739 Non-current liabilities Debenture loan 3) 28 100 Interest-bearing liabilities 3) 110 110 Other liabilities and provisions 4) 1,122 899 1,260 1,109 Current liabilities Interest-bearing liabilities 3) 227 161 Other liabilities and provisions 2,206 2,069 2,433 2,230 Total equity and liabilities 5,506 5,078 Assets Of which interest-bearing 242 285 2) Interest-bearing 147 131 Liabilities Interest-bearing 365 371 4) Of which interest-bearing 347 342 Statement of Changes in Group Equity, Summary SEK M 31/12 2011 31/12 2010 Opening balance 1,739 1,425 Cash dividend to shareholders -301-74 Exercised warrants 4 11 Buy-back of own shares -50 - Comprehensive income for the year 421 377 Closing balance 1,813 1,739
Consolidated Statement of Cash Flows 13 (16) Fourth quarter Full year SEK M 2011 2010 2011 2010 Operating activities Profit before tax 146 179 462 487 Depreciation, amortisation and impairment losses 98 93 352 328 Other items not affecting cash -4-36 26 8 Tax paid 4-5 -40-58 Change in inventories -336-290 -241-543 Change in operating receivables -11-165 117-162 Change in operating liabilities 191 200 142 38 Cash flow from operating activities 88-24 818 98 Investing activities Acquisitions and disposals of non-current assets -32-39 -83-102 Acquisitions and disposals of leased vehicles -37-140 -250-151 Acquisitions and disposals of financial assets 4-1 14 2 Acquisition of subsidiary/operation, net - - -121 - Disposal of subsidiary/operation, net - 19-19 Cash flow from investing activities -65-161 -440-232 Remaining after net investments 23-185 378-134 Financing activities Change in bank loans and other loans -58 162-2 136 Exercised warrants 0 0 4 11 Buy-back of own shares - - -50 - Dividend paid to Parent Company s shareholders - - -301-74 Cash flow from financing activities -58 162-349 73 Change in cash and cash equivalents, excl. translation differences -35-23 29-61 Exchange difference in cash and cash equivalents -2 0 0-1 Change in cash and cash equivalents -37-23 29-62 Cash and cash equivalents at start of period 134 91 68 130 Cash and cash equivalents at end of period 97 68 97 68
Quarterly review 14 (16) Q u a r t e r Group 1/10 2/10 3/10 4/10 1/11 2/11 3/11 4/11 Net turnover, SEK M 3,742 4,158 3,737 4,620 4,344 4,857 4,179 4,780 Operating profit, excl. items affecting comparability, SEK M 83 129 105 166 98 141 105 154 Operating margin, excl. items affecting comparability, % 2.2 3.1 2.8 3.6 2.3 2.9 2.5 3.2 Operating profit, SEK M 83 129 105 180 98 141 96 154 Operating margin, % 2.2 3.1 2.8 3.9 2.3 2.9 2.3 3.2 Profit before tax, SEK M 78 126 104 179 92 133 91 146 Profit for the period, SEK M 59 94 78 176 69 184 68 99 Rate of capital turnover, times 1) 3.09 3.21 3.31 3.39 3.44 3.48 3.49 3.41 Return on capital employed, % 1) 13.1 17.6 20.5 23.9 23.5 22.9 21.8 20.3 Return on equity, % 1) 14.6 19.1 21.8 25.7 25.8 30.5 29.1 23.6 Net debt/equity, times 0.11 0.17 0.16 0.17 0.16 0.32 0.19 0.18 Equity/assets ratio, % 31 31 33 34 35 31 32 33 Interest coverage ratio, times 1) 5.7 8.0 9.6 12.7 12.6 11.8 10.9 9.4 Data per share (SEK) Profit for the period 2.40 2) 3.85 4) 3.10 6) 7.15 8) 2.75 10) 7.35 12) 2.75 14) 4.00 16) Equity 60 3) 60 5) 63 7) 70 9) 72 11) 68 13) 70 15) 74 17) 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 17) Rolling 12 months. Based on weighted average number of shares during first quarter, 24,308,938. Based on number of shares outstanding at 31 March 2010, 24,711,042. Based on weighted average number of shares during second quarter, 24,755,541. Based on number of shares outstanding at 30 June 2010, 24,778,207. Based on weighted average number of shares during third quarter, 24,842,574. Based on number of shares outstanding at 30 September 2010, 24,862,931. Based on weighted average number of shares during fourth quarter, 24,877,525. Based on number of shares outstanding at 31 December 2010, 24,883,946. Based on weighted average number of shares during first quarter, 24,954,181. Based on number of shares outstanding at 31 March 2011, 25,016,869. Based on weighted average number of shares during second quarter, 25,057,224. Based on number of shares outstanding at 30 June 2011, 25,067,346. Based on weighted average number of shares during third quarter, 24,924,440. Based on number of shares outstanding at 30 September 2011, 24,559,147. Based on weighted average number of shares during fourth quarter, 24,563,301. Based on number of shares outstanding at 31 December 2011, 24,565,028.
15 (16) Income Statement for Parent Company Fourth quarter Full year SEK M 2011 2010 2011 2010 Net turnover 31 25 126 105 Administrative expenses 43 35 171 147 Operating loss 1) -12-10 -45-42 Income from financial items Income from interests in Group companies 366 463 366 463 Interest income from Group companies 7 6 35 24 Other interest income and similar line items 1 1 4 3 Interest expenses to Group companies 0 0 1 1 Interest expenses and similar line items 5 3 21 15 Profit after financial items 357 457 338 432 Appropriations -9-88 -9-88 Profit before tax 348 369 329 344 Tax 0-69 -1-67 Net profit for the year 348 300 328 277 1) Straight-line amortisation/depreciation by asset class - Intellectual property 2 2 8 8 - Equipment, tools, fixtures and fittings 0 0 1 1 Total 2 2 9 9
Balance Sheet for Parent Company, Summary SEK M 31/12 2011 31/12 2010 Assets Non-current assets Intangible assets Intellectual property 39 27 39 27 Property, plant and equipment Buildings 2 - Equipment, tools, fixtures and fittings 4 2 6 2 Long-term investments Interests in Group companies 743 609 Other securities held as non-current assets 0 0 Other non-current receivables 33 37 Deferred tax asset 22 18 798 664 Total non-current assets 843 693 16 (16) Current assets Current receivables Receivables from Group companies 842 908 Other receivables 73 7 Cash and bank balances 0 13 Total current assets 915 928 Total assets 1,758 1,621 Equity and liabilities Equity Restricted equity Share capital 251 249 Statutory reserve 47 47 298 296 Non-restricted equity Share premium reserve 46 44 Retained earnings including net profit for the year 870 892 916 936 Total equity 1,214 1,232 Untaxed reserves 179 170 Provisions Provisions for pensions and similar obligations 15 13 15 13 Non-current liabilities Debenture loan 28 100 Other liabilities 5 4 33 104 Current liabilities Liabilities to credit institutes 122 - Liabilities to Group companies 76 30 Other liabilities 119 72 317 102 Total equity and liabilities 1,758 1,621 Pledged assets and cont. liabilities for Parent Company Pledged assets 447 410 Contingent liabilities 1,033 1,265