Annual Report 2011
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Five-year summary

Summary of comprehensive income statements

           
           
  2011 2012 2013 2014 2015
Net sales 192,286 198,646 144,306 141,465 192,838
Gross profit 136,567 143,563 97,474 94,269 85,556
Amortization, intangible fixed assets -9,811 -10,534 -9,430 -3,416 -5,412
Depreciation, property plant & equipment -3,789 -4,287 -2,902 -1,770 -1,909
Operating profit/loss -242,980 -42,173 -163,451 -56,249 -106,249
Other financial items -869 -2,641 -4,839 -7,241 -3,710
Profit/loss after financial items -243,849 -44,814 -168,290 -63,490 -109,959
Tax -30 -15 -12 639 1,604
Profit/loss after tax -243,879 -44,829 -168,302 -62,851 -108,355

Summary of financial position statements

 

           
           
  2011.12.31 2012.12.31 2013.12.31 2014.12.31 2015.12.31
Assets          
Intangible fixed assets 118,739 128,304 71,318 78,972 263,065
Tangible fixed assets 6,910 4,578 3,084 2,046 5,944
Financial fixed assets 1,486 3,782 3,605 4,482 7,280
Total non-current assets 127,135 136,664 78,007 85,500 276,289
Inventory 27,236 30,916 27,985 20,553 44,589
Accounts receivable 39,138 24,037 27,502 36,979 65,443
Other current assets 18,649 19,631 31,346 19,916 51,378
Cash & bank balances, incl current investments 23,941 5,459 7,008 3,909 11,628
Total current assets 108,964 80,043 93,842 81,357 173,039
Total assets 236,099 216,707 171,849 166,857 449,328
           
Liabilities and shareholders equity          
Shareholders equity 152,988 130,691 82,657 78,242 277,926
Minority shareholdings -13,074 -14,888 -16,770 -16,198 -9,730
Long term liabilities          
Non-interest bearing 9,903 0 0 2,124 25,793
Interest bearing 15,695 18,235 1,011 0 8,145
Current liabilities          
Non-interest bearing 70,587 82,669 104,951 66,814 147,194
Interest bearing 0 0 0 35,875 0
Total liabilities 96,185 100,904 105,962 104,813 181,132
Total liabilities and shareholders equity 236,099 216,707 171,849 166,857 449,328
           
           

Summary of cash flow statements

           
           
  2011 2012 2013 2014 2015
Profit/loss after financial items -243,849 -44,814 -168,290 -63,490 -109,959
Items that do not affect liquidity 246,310 16,149 85,052 8,244 9,252
Change in working capital -50,306 13,144 -9,186 -36,896 15,229
Cash flow from operating activities -47,845 -15,521 -92,424 -92,142 -85,478
Cash flow from investing activities -9,258 -5,501 -3,946 -5,958 -195,367
Total cash flow before financing activities -57,103 -21,022 -96,370 -98,100 -280,845
Cash flow from financing activities 0 2,540 97,919 95,001 288,565
Cash flow for the year -57,103 -18,482 1,549 -3,099 11,629
           

Key ratios

           
           
  2011 2012 2013 2014 2015
Sales growth, % -9 3 -27 -2 36
Gross margin, % 71 72 68 67 44
Capita employed (TSEK) 220,404 134,038 65,887 62,044 268,196
Proportion shareholders´ funds, % 59 53 38 37 60
Equity/assets ratio, % 59 53 38 37 60
Net debt (TSEK) -8,246 12,776 -5,997 -3,909 -3,484
Earnings per share (SEK) -2 -0.32 -1 -0.13 -0.13
Earnings per share after dilution (SEK) -2 -0.32 -1 -0.13 -0.13
Cash flow per share for the year (SEK) -0.44 -0.13 0 -0.01 0.01
Cash flow per share after dilution (SEK) -0.44 -0.13 0 -0.01 0.01
Shareholder´s equity per share (SEK) 1.17 0.95 0.21 0.11 0.26
Shareholders´s equity per share after dilution (SEK) 1.17 0.95 0.21 0.11 0.26
Average No. Of employees 94 103 111 106 117
Sales per employee (TSEK) 2,046 1,929 1,300 1,335 1,648
Payroll expenses incl. social security contribution (TSEK) 80,741 92,775 100,318 67,889 102,576
(of which pension premiums) 10,050 7,551 7,806 5,333 6,006
           
           

Definitions

PROPORTION SHAREHOLDERS´ FUNDS

Shareholders’ equity, non-controlling interest and deferred tax at the end of the year as a percentage of total assets.


RETURN OF SHAREHOLDERS´ EQUITY

Profit for the year as a percentage of average shareholders’ equity.


RETURN ON CAPITAL EMPLOYED

Profit after net financial income/expense plus interest expense, divided with an average of capital employed.


GROSS MARGIN

Gross profit as a percentage of net sales. Gross profit is defined as net sales less cost of goods sold.


SHAREHOLDERS´EQUITY PER SHARE

Shareholders’ equity divided by the weighted average number of shares during the year.


AVERAGE NUMBER OF EMPLOYEES

Average number of employees during the year.


NET DEBT

Interest-bearing liabilities less liquid assets and current investments.


SALES PER EMPLOYEES

Net sales divided by the average number of employees.


SALES GROWTH

Increase in net sales as a percentage of net sales for the previous year.


EARNINGS PER SHARE

Profit after tax divided by the weighted average number of shares during the year.


OPERATING MARGIN

Operating profit/loss after depreciation and amortization as a percentage of net sales.


CAPITAL EMPLOYED

Total assets less non-interest-bearing provisions and liabilities, including deferred tax liabilities.


EQUITY/ASSETS RATIO

Shareholders’ equity including non-controlling interest as a percentage of total assets.


PROFIT MARGIN

Profit after financial income/expense as a percentage of net sales.


CASH FLOW PER SHARE FOR THE YEAR

Cash flow for the year divided by the weighted average number ofshares during the year.