MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1926 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of kraft paper and paperboard. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
10.000 TSEK |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
169 27 Solna
Telephone +46-8-553 335 00
Visiting address
Gustav
Iii:S Boulevard 18
Company no
556025-5001
Summary
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Debt with the
Enforcement Service
No debt registered with the Swedish Enforcement Authority as
at
Group of companies
Ultimate parent company in
Note: Change of auditor occurred 070614.
Most recent events
|
New
auditor |
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Art.
of assoc. adopted |
2007-05 |
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Pet.
for inj. to pay |
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New
Reg. Board member |
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Credit opinion
The classification is based on our Risk forecast, 1
indicates the highest and 5 the lowest risk.
Risk forecast: 0,58 %
The forecast states the probability that the company will become
insolvent within 12 months.
Historical Credit
Ratings
|
Date |
Credit Rating |
Risk Forecast |
Reason |
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4 |
0,74 % |
Other
information changed |
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3 |
0,76 % |
Payment
complaint or other deficiency established |
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2006-10-27 |
4 |
0,36 % |
Started
reporting historical credit ratings |
Industry Risk
Forecast: 0,4 %
Median value for limited company in industry 21123, such as Manufacture
of kraft paper and paperboard.
Other information may of course affect your assessment of the risk
Credit limit: 10.000 TSEK(=maximum limit )
Applies to short-term credit facilities. The limit has been set using a
formula that takes into consideration the annual accounts included in this
General
information and history
|
Legal form |
Limited company,
public |
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Vat-number |
SE 556025500101 |
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Registered
office |
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Number of
locations |
2 |
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Main
establishment |
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Name |
Head office |
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Visiting address |
Gustav Iii:S
Boulevard 18, 169 73 Solna |
For a full list of establishments, see enclosure
Description of business
activities
Manufacture of kraft paper and paperboard.
(Main business according to Statistics Sweden, SNI2002: 21123)
Manufacture of other paper and paperboard
(Subsidiary business according to Statistics Sweden, SNI2002: 21129)
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History |
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1926-12 |
Comp reg under
the current reg no and name: C.G. |
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1977-11 |
Changed name to:
AB Vikmanshyttans Isolerglas |
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1988-05 |
Changed name to:
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1988-08 |
Operations taken
over from Techcrete Paper Products AB (556036-6782) |
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1988-08 |
Operations taken
over from Stora Billerud AB (556000-5216) |
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1990-08 |
Operations taken
over from Akzo Nobel Base Chemicals AB (556235-2418) |
|
1991-10 |
Changed name to:
Stora Billerud AB |
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1993-04 |
Company
registered to pay business tax |
|
--- |
Company was
registered to pay employer contributions |
|
--- |
Company was
registered to pay VAT |
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1996-10 |
Changed name to:
Stora Paperboard AB |
|
1999-06 |
Changed name to:
Stora Enso |
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2001-03 |
Company reg
under the current name |
|
2005-08 |
Peter Davidsson
resigned as Managing Director |
|
2005-08 |
Per Lindberg new
Managing Director |
|
2007-05 |
Articles of
Association adopted |
Matters pending with
Registration Office
No notes of imminent changes
Non categorized
information
The company/part of the company is SS 62 77 50 certified
The company/part of the company is PEFC certified
The company/part of the company is ISO 9001:2000 certified
The company/part of the company is ISO 14001:2004 certified
The company/part of the company is EMAS certified
The company/part of the company is BRC - IoP Packagi certified
Customs have granted the company to bring home goods/credit permit
Link to homepage
Board members according to Reg Office
Board members etc reg prior to 1991-04 unless otherwise stated.
Board member company commitments is displayed when the name is clicked.
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Per Lindberg, Birth:1959 |
Managing Director |
Reg. in
company |
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Ingvar Petersson, Birth:1941 |
Regular member |
Reg. in
company |
|
Per Lundberg, Birth:1943 |
Regular member |
Reg. in
company |
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Gunilla Jönson, Birth:1943 |
Regular member |
Reg. in
company |
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Meg Tivéus
Borglin, Birth:1943 |
Regular member |
Reg. in
company |
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Yngve Stade, Birth:1947 |
Regular member |
Reg. in
company |
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Michael Martin
F. Kaufmann, Birth:1948 |
Regular member |
Reg. in
company |
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Living abroad |
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Ewald Nageler, Birth:1950 |
Regular member |
Reg. in
company |
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Living abroad |
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Steve Cato, Birth:1953 |
Reg. memb. and
empl. repr. |
Reg. in
company |
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Katarina
Stavöstrand, Birth:1946 |
Dep. memb. and
empl. repr. |
Reg. in
company |
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Kurt Roger
Lindvall, Birth:1951 |
Dep. memb. and
empl. repr. |
Reg. in
company |
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Kpmg |
Audit firm |
Reg. in
company |
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Board members
etc that have left the company during the last two years |
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Peter Davidsson,
Birth:1951 |
Managing
Director |
Reg. in
company |
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Deregistered |
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Björn Björnsson,
Birth:1946 |
Regular member |
Reg. in
company |
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Deregistered |
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Carl Mats Sigurd
Pousette, Birth:1952 |
Regular member |
Reg. in
company |
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Deregistered |
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Thor Gösta
Brink, Birth:1942 |
Reg. memb. and
empl. repr. |
Reg. in
company |
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Deregistered |
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Per-Gustav
Nilsson, Birth:1946 |
Dep. memb. and
empl. repr. |
Reg. in
company |
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Deregistered |
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Board of directors
data
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The information
refers to members residing in |
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No of board
members (ord members and MD) |
8 |
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Any board member
with comm in other comp? |
Yes |
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Any board member
with comm in bankrupt comp? |
No |
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Any board member
with payment complaint? |
No |
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Any board member
with bankruptcy petition? |
No |
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Any board member
with bal of debt with Enf Auth? |
No |
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Authorized
signatory (available in Swedish only) |
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Firman tecknas
av styrelsen |
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firman tecknas två i förening av |
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-Jönson, Gundel Tora Gunilla |
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-Kaufmann, Michael Martin F. |
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-Lundberg, Per-Christer Folke |
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-Nageler, Ewald |
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-Petersson, Anders Henning Ingvar |
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-Stade, Yngve Arneson |
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-Tiv`us Borglin, Elsa Margareta Meg |
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Eller en av dem i
förening med en av |
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-Carls`n, Bertil Olof Edgar |
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-Lindberg, Per Gunnar |
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Firman tecknas i förening av |
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-Carls`n, Bertil Olof Edgar |
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-Lindberg, Per Gunnar |
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Dessutom har verkställande direktören rätt att teckna
firman |
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beträffande
löpande förvaltningsåtgärder |
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External
authorised signatories |
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'Bertil' Olof
Edgar Carlsén, Birth:1960 |
Note: Change of auditor occurred 070614.
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Shareholder in
subject company |
Ownership |
As of |
Comments |
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Seb Fonder/Seb Trygg
Liv/Seb Securities, |
4 % |
2005-12 |
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Jp Morgan Chase,
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1 % |
2005-12 |
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Robur Fonder, |
1 % |
2005-12 |
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Mellon, Unknown |
1 % |
2005-12 |
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Frapag
Vermögensverwaltung |
15 % |
2005-12 |
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1 % |
2005-12 |
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Sanderson Asset
Management Limited, |
5 % |
2006-01 |
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Dimension Fund
Advisors, Unknown |
1 % |
2005-12 |
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Södra
Skogsägarna Ekonomisk Förening, 729500-3789 |
1 % |
2005-12 |
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For a complete specification of subsidiaries etc, see enclosure
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Annual accounts |
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Inc. statement
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Net sales |
Recently filed |
+2.955.000 |
+3.108.000 |
+3.208.000 |
+3.304.000 |
|
Profit/loss after
financial items |
|
-326.000 |
+206.000 |
+1.121.000 |
+693.000 |
|
Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Total fixed
assets |
|
4.727.000 |
4.564.000 |
3.973.000 |
4.336.000 |
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Total current assets |
|
1.635.000 |
1.259.000 |
2.622.000 |
1.705.000 |
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Total equity |
|
1.233.000 |
2.336.000 |
2.199.000 |
2.457.000 |
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Total long-term
liabilities |
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1.070.000 |
1.728.000 |
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Total current
liabilities |
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1.222.000 |
1.826.000 |
1.671.000 |
1.497.000 |
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Total equity and
liabilities |
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6.362.000 |
5.823.000 |
6.595.000 |
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Notes etc |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
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Employees |
|
1.173 |
1.204 |
1.152 |
1.122 |
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Audit report |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Ratios |
||||||
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Ratios1) |
|
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Equity/assets % |
40,11) |
Can not be calc. |
34,0 |
40,1 |
48,0 |
40,7 |
|
Consolidation
Ratio % |
46,11) |
- |
40,3 |
40,1 |
54,2 |
40,7 |
|
Quick ratio % |
78,41) |
- |
109,6 |
52,4 |
139,2 |
93,6 |
|
Return on total
assets % |
4,91) |
- |
-3,5 |
5,0 |
18,4 |
13,4 |
|
Cash Flow/Total
liabilities % |
14,41) |
- |
8,1 |
-2,0 |
52,2 |
14,1 |
|
Risk margin % |
2,91) |
- |
-6,0 |
2,6 |
15,7 |
10,2 |
1) Values for the industry in 2005 = Median for
companies with at least 20 employees in
industry 21120 i.e. Manufacture of paper and paperboard
Analysis of the annual accounts (three years)
Turnover/Capital employed
Turnover falling.
Profitability
Return on assets is negative and profitability decreasing.
Note: the forecast for the company's insolvency is low.
For the complete annual accounts and all ratios, see
enclosure
Consolidated
annual accounts and ratios
|
Inc. statement
in TSEK |
0501- 0512 |
0401- 0412 |
0301- 0312 |
0201- 0212 |
|
Net sales |
+6.823.000 |
+7.159.000 |
+6.992.000 |
+7.067.000 |
|
Profit/loss
after financial items |
-278.000 |
+712.000 |
+ |
+1.116.000 |
|
Balance sheet
in TSEK |
0501- 0512 |
0401- 0412 |
0301- 0312 |
0201- 0212 |
|
Total fixed
assets |
5.350.000 |
4.710.000 |
4.364.000 |
4.360.000 |
|
Total current
assets |
2.407.000 |
2.425.000 |
2.280.000 |
2.513.000 |
|
Total equity |
2.526.000 |
|
3.204.000 |
3.233.000 |
|
Total long-term
liabilities |
1.786.000 |
866.000 |
1.070.000 |
1.728.000 |
|
Total current
liabilities |
2.206.000 |
1.892.000 |
1.289.000 |
1.126.000 |
|
Total equity and
liabilities |
7.757.000 |
7.135.000 |
6.644.000 |
6.873.000 |
|
Notes etc |
0501- 0512 |
0401- 0412 |
0301- 0312 |
0201- 0212 |
|
Employees |
2.600 |
2.623 |
2.418 |
2.383 |
|
Audit report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Ratios |
0501- 0512 |
0401- 0412 |
0301- 0312 |
0201- 0212 |
|
Equity/assets % |
32,6 |
42,6 |
48,2 |
47,0 |
|
Consolidation
Ratio % |
32,6 |
42,6 |
48,2 |
47,0 |
|
Quick ratio % |
75,6 |
88,6 |
123,4 |
163,8 |
|
Return on total
assets % |
-2,4 |
11,2 |
17,0 |
18,0 |
|
Cash Flow/Total
liabilities % |
4,4 |
22,3 |
32,8 |
32,0 |
|
Risk margin % |
-4,1 |
9,1 |
14,4 |
14,7 |
For complete annual account and all ratios for the
group, see enclosure
|
Share capital |
|
|
|
Total |
666.788 TSEK |
|
The most recently registered changes in the share capital
|
2004-05 |
-58.213 TSEK |
|
Reduction |
|
|
2001-10 |
84.262 TSEK |
|
Bonus issue |
|
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2001-03 |
350.000 TSEK |
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New issue |
|
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1988-05 |
349.950 TSEK |
|
New issue |
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1986-10 |
-2.350 TSEK |
|
Reduction |
|
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Chattel mortgages
|
Total |
3.229,0 TSEK |
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The most recently issued mortgage
|
1978-03 |
3.229,0 TSEK |
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Unprivileged claims in clients´ bankruptcies
We have not been notified about any unprivileged claims in bankruptcies
in the last 2 years.
Properties
Owns 12 property, ass. at 872.716 TSEK (proprietary interest cannot be
calculated)
|
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Designation |
Gruvön 2:5 |
Owns |
100 % |
|
Municipality |
Grums |
Acquisition date |
|
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Property type |
426, Industrial
unit, other manufacturing industry |
Assessed value
in 2006 |
868.263 TSEK |
|
Area |
100 ha |
Jointly assessed |
No |
|
Type of
acquisition |
Purchase |
Purchase price |
1 TSEK |
|
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|||
|
Designation |
Bråne 2:4 |
Owns |
100 % |
|
Municipality |
Grums |
Acquisition date |
|
|
Property type |
110, Undeveloped
agricultural unit |
Assessed value
in 2006 |
1.357 TSEK |
|
Area |
63 ha |
Jointly assessed |
No |
|
Type of
acquisition |
Purchase |
Purchase price |
Unknown |
|
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|||
For complete list of properties, see enclosure
Payment
complaints, complaints and
other payment
information
No complaints have been registered.
1 claim totaling 7,5 TSEK has been registered.
|
Claims |
|
Amount SEK |
|
Creditor |
|
Pet. for inj. to
pay |
|
7.454 |
|
|
|
|
|
|
|
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No debt registered with the Swedish Enforcement Authority as at
We does not have information about historic debt with the Bailiffs.
Annual accounts and
ratios
|
Annual accounts |
||||||
|
Inc. statement
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
|
Net sales |
Recently filed |
+2.955.000 |
+3.108.000 |
+3.208.000 |
+3.304.000 |
|
|
Change in inventories
of prod etc |
|
-10.000 |
+5.000 |
+17.000 |
-37.000 |
|
|
Other operating
income |
|
+28.000 |
+24.000 |
+25.000 |
+27.000 |
|
|
Raw
materials/consumables |
|
-1.393.000 |
-1.261.000 |
-1.223.000 |
-1.202.000 |
|
|
Other external
costs |
|
-795.000 |
-820.000 |
-812.000 |
-818.000 |
|
|
Personnel costs |
|
-865.000 |
-629.000 |
-603.000 |
-579.000 |
|
|
Depreciation |
|
-169.000 |
-166.000 |
-172.000 |
-168.000 |
|
|
Operating
profit/loss |
|
-249.000 |
+261.000 |
+440.000 |
+527.000 |
|
|
|
||||||
|
Result from
participations in group and associated companies |
|
-9.000 |
+3.000 |
+759.000 |
+265.000 |
|
|
Interest income
group companies |
|
+25.000 |
+19.000 |
0 |
0 |
|
|
External
interest income |
|
+11.000 |
+7.000 |
+12.000 |
+16.000 |
|
|
Total financial
income |
|
+27.000 |
+29.000 |
+771.000 |
+281.000 |
|
|
Interest expense
to group companies |
|
-5.000 |
-13.000 |
0 |
0 |
|
|
External interest
expenses |
|
-88.000 |
-71.000 |
-90.000 |
-115.000 |
|
|
Other financial
expenses |
|
-11.000 |
0 |
0 |
0 |
|
|
Total financial
expenses |
|
-104.000 |
-84.000 |
-90.000 |
-115.000 |
|
|
Profit/loss
after financial items |
|
-326.000 |
+206.000 |
+1.121.000 |
+693.000 |
|
|
|
||||||
|
Profit/loss
before appropriations |
|
-326.000 |
+206.000 |
+1.121.000 |
+693.000 |
|
|
Appropriations |
|
-1.330.000 |
+1.379.000 |
-1.379.000 |
+840.000 |
|
|
Profit/loss
before tax |
|
-1.656.000 |
+1.585.000 |
-258.000 |
+1.533.000 |
|
|
Tax |
|
+464.000 |
-443.000 |
+283.000 |
-357.000 |
|
|
Net profit/loss
for the year |
|
-1.192.000 |
+1.142.000 |
+25.000 |
+1.176.000 |
|
|
Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
|
Total intangible
assets |
|
0 |
0 |
0 |
0 |
|
|
Land and
buildings |
|
235.000 |
244.000 |
263.000 |
281.000 |
|
|
Machinery |
|
2.076.000 |
1.881.000 |
0 |
0 |
|
|
Equipment |
|
0 |
188.000 |
0 |
0 |
|
|
Total machinery
and equipment |
|
2.076.000 |
2.069.000 |
1.871.000 |
1.892.000 |
|
|
Other tangible
assets |
|
354.000 |
0 |
27.000 |
4.000 |
|
|
Total tangible
assets |
|
2.665.000 |
2.313.000 |
2.161.000 |
2.177.000 |
|
|
Participations
in group and associated companies |
|
1.155.000 |
1.174.000 |
|
|
|
|
Receivables from
group and associated companies |
|
876.000 |
|
750.000 |
1.100.000 |
|
|
Other financial
assets |
|
31.000 |
27.000 |
10.000 |
10.000 |
|
|
Total financial
assets |
|
2.062.000 |
2.251.000 |
1.812.000 |
2.159.000 |
|
|
Total fixed
assets |
|
4.727.000 |
4.564.000 |
3.973.000 |
4.336.000 |
|
|
|
||||||
|
Other
inventories |
|
296.000 |
302.000 |
296.000 |
303.000 |
|
|
Total
inventories |
|
296.000 |
302.000 |
296.000 |
303.000 |
|
|
Accounts
receivable |
|
540.000 |
572.000 |
547.000 |
553.000 |
|
|
Receivables from
group and associated companies |
|
592.000 |
11.000 |
1.444.000 |
264.000 |
|
|
Other current
receivables |
|
107.000 |
60.000 |
58.000 |
74.000 |
|
|
Total current
receivables |
|
1.239.000 |
643.000 |
|
891.000 |
|
|
Total short-term
investments |
|
0 |
0 |
100.000 |
0 |
|
|
Total cash and
bank balances |
|
100.000 |
314.000 |
177.000 |
511.000 |
|
|
Total current
assets |
|
1.635.000 |
1.259.000 |
2.622.000 |
1.705.000 |
|
|
|
||||||
|
Total assets |
|
6.362.000 |
5.823.000 |
6.595.000 |
|
|
|
Balance sheet
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
|
Share capital |
|
666.000 |
666.000 |
724.000 |
784.000 |
|
|
Other restricted
equity |
|
149.000 |
149.000 |
679.000 |
679.000 |
|
|
Group
contribution |
|
1.142.000 |
-342.000 |
0 |
-189.000 |
|
|
Profit/loss
brought forward |
|
468.000 |
721.000 |
771.000 |
7.000 |
|
|
Net profit/loss
for the year |
|
-1.192.000 |
1.142.000 |
25.000 |
1.176.000 |
|
|
Total equity |
|
1.233.000 |
2.336.000 |
2.199.000 |
2.457.000 |
|
|
|
||||||
|
Total untaxed
reserves |
|
1.330.000 |
0 |
1.379.000 |
0 |
|
|
Total provisions |
|
560.000 |
605.000 |
276.000 |
359.000 |
|
|
Bond loans |
|
1.562.000 |
0 |
0 |
28.000 |
|
|
Liabilities to
group and associated companies |
|
334.000 |
285.000 |
0 |
0 |
|
|
Other long-term
liabilities |
|
121.000 |
771.000 |
1.070.000 |
1.700.000 |
|
|
Total long-term
liabilities |
|
|
|
1.070.000 |
1.728.000 |
|
|
|
||||||
|
Liabilities to
credit institutions |
|
746.000 |
0 |
0 |
0 |
|
|
Accounts payable |
|
279.000 |
225.000 |
226.000 |
205.000 |
|
|
Liabilities to
group and associated companies |
|
3.000 |
476.000 |
753.000 |
822.000 |
|
|
Other current liabilities |
|
194.000 |
1.125.000 |
692.000 |
470.000 |
|
|
Total current
liabilities |
|
1.222.000 |
1.826.000 |
1.671.000 |
1.497.000 |
|
|
|
||||||
|
Total equity and
liabilities |
|
6.362.000 |
5.823.000 |
6.595.000 |
|
|
|
Notes etc
in TSEK |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Employees |
|
1.173 |
1.204 |
1.152 |
1.122 |
|
Salaries
board/MD |
|
8.000 |
5.000 |
3.000 |
3.000 |
|
Salaries others |
|
423.000 |
432.000 |
422.000 |
399.000 |
|
Total salaries |
|
431.000 |
437.000 |
425.000 |
402.000 |
|
Bonus to
board/MD |
|
1.000 |
1.000 |
1.000 |
1.000 |
|
Merit salaries
employees |
|
10.000 |
0 |
0 |
0 |
|
Total salaries
and remuneration |
|
442.000 |
438.000 |
426.000 |
403.000 |
|
Social security
expenses |
|
423.000 |
191.000 |
177.000 |
176.000 |
|
Total
depreciation |
|
169.000 |
166.000 |
172.000 |
168.000 |
|
Other pledges |
|
20.000 |
16.000 |
13.000 |
26.000 |
|
Total pledged
assets |
|
20.000 |
16.000 |
13.000 |
26.000 |
|
Other contingent
liabilities |
|
134.000 |
6.000 |
7.000 |
7.000 |
|
Total contingent
liabilities |
|
134.000 |
6.000 |
7.000 |
7.000 |
|
Audit report |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Audit report |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Original annual
account |
|||||
|
Order by Annual
Accounts Direct etc |
Yes |
Yes |
Yes |
Yes |
Yes |
|
Ratios 1) |
||||||
|
Profitability |
|
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Return on equity
% |
12,61) |
Can not be calc. |
-15,1 |
8,8 |
35,4 |
28,2 |
|
Return on total
assets % |
4,91) |
- |
-3,5 |
5,0 |
18,4 |
13,4 |
|
Average interest
rate % |
-1,61) |
- |
-2,5 |
-2,4 |
-2,6 |
-3,2 |
|
Risk margin % |
2,91) |
- |
-6,0 |
2,6 |
15,7 |
10,2 |
|
Gross margin % |
8,81) |
- |
-2,7 |
13,6 |
18,9 |
20,9 |
|
Operating margin
% |
4,41) |
- |
-8,3 |
8,3 |
13,6 |
15,8 |
|
Net margin % |
4,01) |
- |
-10,9 |
6,6 |
34,7 |
20,8 |
|
Interest cover |
4,21) |
- |
-2,1 |
3,4 |
13,5 |
7,0 |
|
Capital
circulation |
||||||
|
Capital turnover
rate |
1,51) |
- |
0,5 |
0,5 |
0,5 |
0,6 |
|
Cash Flow/Total
liabilities % |
14,41) |
- |
8,1 |
-2,0 |
52,2 |
14,1 |
|
Cash fl/finexp % |
822,81) |
- |
295,2 |
-84,5 |
>999,9 |
438,3 |
|
Self-financing
ratio % |
193,11) |
- |
188,3 |
-12,0 |
- |
- |
|
Stock
turnover/year |
8,81) |
- |
10,1 |
10,4 |
10,9 |
11,0 |
|
Turnover/employee TSEK |
2.984,0 1) |
|
2.543,0 |
2.601,0 |
2.806,0 |
2.968,0 |
|
Lab
costs/turnover % |
-10,91) |
- |
-14,8 |
-14,0 |
-13,2 |
-12,1 |
|
Working
capital/turn % |
8,51) |
- |
13,8 |
-18,1 |
29,4 |
6,2 |
|
Acc rec/turnover
% |
11,51) |
- |
18,1 |
18,3 |
16,9 |
16,6 |
|
Stock/turnover % |
11,41) |
- |
9,9 |
9,6 |
9,2 |
9,1 |
|
Short
liabilities/turnover % |
26,61) |
- |
41,0 |
58,3 |
51,7 |
44,9 |
|
Customer credit
time |
41,51) |
- |
46,6 |
44,6 |
42,5 |
- |
|
Credit period
granted |
25,81) |
- |
21,1 |
18,0 |
16,6 |
- |
|
Liquidity |
||||||
|
Current ratio % |
133,81) |
- |
133,8 |
68,9 |
156,9 |
113,9 |
|
Quick ratio % |
78,41) |
- |
109,6 |
52,4 |
139,2 |
93,6 |
|
Consolidation |
||||||
|
Equity/assets % |
40,11) |
- |
34,0 |
40,1 |
48,0 |
40,7 |
|
Consolidation
Ratio % |
46,11) |
- |
40,3 |
40,1 |
54,2 |
40,7 |
|
Debt/equity
ratio |
1,51) |
- |
1,9 |
1,5 |
1,1 |
1,5 |
|
Risk ratio |
2,51) |
- |
10,9 |
0,2 |
0,3 |
0,3 |
|
Fixed assets
structure |
||||||
|
Financial assets
structure % |
1,11) |
- |
43,6 |
49,3 |
45,6 |
49,8 |
|
Tangible assets
structure % |
99,11) |
- |
56,4 |
50,7 |
54,4 |
50,2 |
1) Values for
the industry in 2005 = Median for companies with at least
20 employees in industry 21120 i.e. Manufacture of paper
and paperboard
Analysis of the annual accounts (three years)
Turnover/Capital employed
Turnover falling.
Profitability
Return on assets is negative and profitability decreasing.
The industry, as a whole, has experienced poor results.
Note: the forecast for the company's insolvency is low.
Consolidated annual accounts and ratios
|
Inc. statement
in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
||
|
Net sales |
+6.823.000 |
+7.159.000 |
+6.992.000 |
+7.067.000 |
||
|
Change in
inventories of prod etc |
-21.000 |
+13.000 |
+28.000 |
-38.000 |
||
|
Other operating
income |
+10.000 |
+9.000 |
+10.000 |
+10.000 |
||
|
Raw
materials/consumables |
-2.982.000 |
-2.766.000 |
-2.439.000 |
-2.417.000 |
||
|
Other external
costs |
-1.897.000 |
-1.879.000 |
-1.869.000 |
-1.872.000 |
||
|
Personnel costs |
-1.720.000 |
-1.350.000 |
-1.224.000 |
-1.171.000 |
||
|
Depreciation |
-413.000 |
-400.000 |
-380.000 |
-365.000 |
||
|
Operating
profit/loss |
-200.000 |
+786.000 |
+1.118.000 |
+1.214.000 |
||
|
|
||||||
|
External
interest income |
+14.000 |
+10.000 |
+15.000 |
+20.000 |
|
|
|
Total financial
income |
+14.000 |
+10.000 |
+15.000 |
+20.000 |
|
|
|
External interest
expenses |
-92.000 |
-84.000 |
-91.000 |
-118.000 |
|
|
|
Total financial
expenses |
-92.000 |
-84.000 |
-91.000 |
-118.000 |
|
|
|
Profit/loss
after financial items |
-278.000 |
+712.000 |
+ |
+1.116.000 |
|
|
|
|
||||||
|
Profit/loss
before appropriations |
-278.000 |
+712.000 |
+ |
+1.116.000 |
|
|
|
Profit/loss
before tax |
-278.000 |
+712.000 |
+ |
+1.116.000 |
|
|
|
Tax |
+95.000 |
-198.000 |
-294.000 |
-316.000 |
|
|
|
Net profit/loss
for the year |
-183.000 |
+514.000 |
+748.000 |
+800.000 |
|
|
|
|
||||||
|
Balance sheet
in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
||
|
Total intangible
assets |
0 |
0 |
0 |
0 |
||
|
Land and
buildings |
567.000 |
611.000 |
654.000 |
687.000 |
||
|
Machinery |
4.212.000 |
0 |
0 |
0 |
||
|
Total machinery
and equipment |
4.212.000 |
3.814.000 |
3.662.000 |
3.596.000 |
||
|
Other tangible
assets |
559.000 |
252.000 |
32.000 |
66.000 |
||
|
Total tangible
assets |
5.338.000 |
4.677.000 |
4.348.000 |
4.349.000 |
||
|
Participations
in group and associated companies |
1.000 |
0 |
0 |
10.000 |
||
|
Other financial
assets |
11.000 |
33.000 |
16.000 |
1.000 |
||
|
Total financial
assets |
12.000 |
33.000 |
16.000 |
11.000 |
||
|
Total fixed
assets |
5.350.000 |
4.710.000 |
4.364.000 |
4.360.000 |
||
|
|
||||||
|
Other
inventories |
739.000 |
749.000 |
690.000 |
669.000 |
|
|
|
Total
inventories |
739.000 |
749.000 |
690.000 |
669.000 |
|
|
|
Accounts
receivable |
1.204.000 |
1.128.000 |
1.083.000 |
1.107.000 |
|
|
|
Other current
receivables |
282.000 |
170.000 |
154.000 |
141.000 |
|
|
|
Total current
receivables |
1.486.000 |
1.298.000 |
1.237.000 |
1.248.000 |
|
|
|
Total short-term
investments |
0 |
0 |
100.000 |
0 |
|
|
|
Total cash and
bank |
182.000 |
378.000 |
253.000 |
596.000 |
|
|
|
Total current
assets |
2.407.000 |
2.425.000 |
2.280.000 |
2.513.000 |
|
|
|
|
||||||
|
Total assets |
7.757.000 |
7.135.000 |
6.644.000 |
6.873.000 |
|
|
|
|
||||||
|
Balance sheet
in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Share capital |
666.000 |
666.000 |
724.000 |
784.000 |
|
Other restricted
equity |
79.000 |
947.000 |
1.672.000 |
1.456.000 |
|
Profit/loss
brought forward |
1.964.000 |
915.000 |
60.000 |
193.000 |
|
Net profit/loss
for the year |
-183.000 |
514.000 |
748.000 |
800.000 |
|
Total equity |
2.526.000 |
|
3.204.000 |
3.233.000 |
|
Total provisions |
1.239.000 |
1.335.000 |
1.081.000 |
786.000 |
|
Bond loans |
1.562.000 |
0 |
0 |
28.000 |
|
Other long-term
liabilities |
224.000 |
866.000 |
1.070.000 |
1.700.000 |
|
Total long-term
liabilities |
1.786.000 |
866.000 |
1.070.000 |
1.728.000 |
|
Accounts payable |
555.000 |
487.000 |
383.000 |
372.000 |
|
Other current
liabilities |
1.651.000 |
1.405.000 |
906.000 |
754.000 |
|
Total current
liabilities |
2.206.000 |
1.892.000 |
1.289.000 |
1.126.000 |
|
Total equity and
liabilities |
7.757.000 |
7.135.000 |
6.644.000 |
6.873.000 |
|
Notes etc
in TSEK |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Employees |
2.600 |
2.623 |
2.418 |
2.383 |
|
Salaries
board/MD |
19.000 |
18.000 |
14.000 |
12.000 |
|
Salaries others |
914.000 |
930.000 |
847.000 |
805.000 |
|
Total salaries |
933.000 |
948.000 |
861.000 |
817.000 |
|
Bonus to board |
3.000 |
0 |
2.000 |
3.000 |
|
Merit salaries
employees |
30.000 |
0 |
0 |
0 |
|
Total salaries
and remuneration |
966.000 |
948.000 |
863.000 |
820.000 |
|
Social security
expenses |
754.000 |
402.000 |
361.000 |
348.000 |
|
Contractual
severance pay |
No |
No |
No |
No |
|
Total
depreciation |
413.000 |
400.000 |
380.000 |
365.000 |
|
Other pledges |
26.000 |
21.000 |
18.000 |
31.000 |
|
Total pledged
assets |
26.000 |
21.000 |
18.000 |
31.000 |
|
Other contingent
liabilities |
0 |
6.000 |
7.000 |
7.000 |
|
Total contingent
liabilities |
0 |
6.000 |
7.000 |
7.000 |
|
Audit report |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Audit report |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Original annual
account |
|||||
|
Order by Annual
Accounts Direct etc |
No |
No |
No |
No |
|
|
Ratios |
|||||
|
Profitability |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
|
Return on equity
% |
-11,0 |
23,4 |
32,5 |
34,5 |
|
|
Return on total
assets % |
-2,4 |
11,2 |
17,0 |
18,0 |
|
|
Average interest
rate % |
-1,8 |
-2,0 |
-2,6 |
-3,2 |
|
|
Risk margin % |
-4,1 |
9,1 |
14,4 |
14,7 |
|
|
Gross margin % |
3,1 |
16,5 |
21,4 |
22,3 |
|
|
Operating margin
% |
-2,9 |
11,0 |
16,0 |
17,2 |
|
|
Net margin % |
-4,1 |
9,9 |
14,9 |
15,8 |
|
|
Interest cover |
-2,0 |
9,5 |
12,4 |
10,5 |
|
|
Capital
circulation |
|||||
|
Capital turnover
rate |
0,9 |
1,0 |
1,0 |
1,0 |
|
|
Cash Flow/Total
liabilities % |
4,4 |
22,3 |
32,8 |
32,0 |
|
|
Cash fl/finexp % |
250,0 |
>999,9 |
>999,9 |
987,3 |
|
|
Self-financing
ratio % |
35,9 |
264,2 |
>999,9 |
- |
|
|
Stock
turnover/year |
9,2 |
9,6 |
10,2 |
10,6 |
|
|
Turnover/employee TSEK |
2.628,0 |
2.732,0 |
2.895,0 |
2.969,0 |
|
|
Lab
costs/turnover % |
-14,1 |
-13,2 |
-12,3 |
-11,6 |
|
|
Working
capital/turn % |
2,9 |
7,4 |
14,2 |
19,6 |
|
|
Acc rec/turnover
% |
17,6 |
15,7 |
15,5 |
15,6 |
|
|
Stock/turnover % |
10,8 |
10,4 |
9,8 |
9,4 |
|
|
Short
liabilities/turnover % |
32,3 |
26,4 |
18,4 |
15,9 |
|
|
Customer credit
time |
42,6 |
38,6 |
39,1 |
- |
|
|
Credit period
granted |
19,0 |
15,2 |
13,5 |
- |
|
|
Liquidity |
|||||
|
Current ratio % |
109,1 |
128,2 |
176,9 |
223,2 |
|
|
Quick ratio % |
75,6 |
88,6 |
123,4 |
163,8 |
|
|
Consolidation |
|||||
|
Equity/assets % |
32,6 |
42,6 |
48,2 |
47,0 |
|
|
Consolidation
Ratio % |
32,6 |
42,6 |
48,2 |
47,0 |
|
|
Debt/equity
ratio % |
2,1 |
1,4 |
1,1 |
1,1 |
|
|
Risk ratio |
- |
0,2 |
0,2 |
0,2 |
|
|
Fixed assets
structure |
|||||
|
Financial assets
structure % |
0,2 |
0,7 |
0,4 |
0,2 |
|
|
Tangible assets
structure % |
99,8 |
99,3 |
99,6 |
99,7 |
|
Enclosure 3.
Group relationship
|
Shareholder in
subject company |
Ownership |
As of |
Comments |
|
Seb Fonder/Seb
Trygg Liv/Seb Securities, |
4 % |
2005-12 |
|
|
|
|||
|
Jp Morgan Chase,
|
1 % |
2005-12 |
|
|
Robur Fonder, |
1 % |
2005-12 |
|
|
Mellon, Unknown |
1 % |
2005-12 |
|
|
Frapag
Vermögensverwaltung |
15 % |
2005-12 |
|
|
|
1 % |
2005-12 |
|
|
Sanderson Asset Management
Limited, |
5 % |
2006-01 |
|
|
Dimension Fund
Advisors, Unknown |
1 % |
2005-12 |
|
|
Södra
Skogsägarna Ekonomisk Förening, 729500-3789 |
1 % |
2005-12 |
|
|
|
|||
|
Subsidiary,*sub-subsidiary
etc |
Ownership |
As of |
Comments |
|
|
100 % |
2005-12 |
|
|
Billerud |
100 % |
2005-12 |
|
|
Billerud Iberica
|
100 % |
2005-12 |
|
|
Billerud Sales
Ltd, |
100 % |
2005-12 |
|
|
Billerud Beetham
Ltd, |
100 % |
2005-12 |
Acquired 2002-03 |
|
Billerud |
100 % |
2005-12 |
|
|
Billerud |
100 % |
2005-12 |
|
|
Billerud
Skärblacka AB, 556190-3179 |
100 % |
2005-12 |
|
|
Billerud
Karlsborg AB, 556310-4198 |
100 % |
2005-12 |
Acquired 2001-01 |
|
|
|||
|
Minority
interests |
Proprietary int |
As of |
Comments |
|
Scankraft Paper
AB, 556459-7572 |
28 % |
2005-12 |
|
|
Scandfibre
Logistics AB, 556253-1474 |
20 % |
2005-12 |
|
|
|
|||
|
Former
subsidiaries etc |
Ownership |
Comments |
|
Assidomän Kps
A/S, Unknown |
100 % |
Deregistered
02-12 due to liquidation |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
SA Stora |
100 % |
Sold during 96 |
|
|
Former
subsidiary |
|
|
|
||
|
|
100 % |
Sold during 94 |
|
|
Former
subsidiary |
|
|
Stora Paperboard
France SA, France |
100 % |
Sold during 98 |
|
|
Former
subsidiary |
|
|
Stora Billerud
Paper |
100 % |
Deregistered
during 93 due to liquidation |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
Stora Enso |
100 % |
Sold during 00/01 |
|
|
Former
subsidiary |
|
|
Stora Enso Fors
AB, 556012-8661 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
Stora Enso
Skoghall AB, 556298-2545 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
Karlstads
Stuveriab, 556031-3370 |
50 % |
Sold during 94 |
|
|
Former minority
interest |
|
|
San Sac AB,
556082-9359 |
25 % |
Sold during 94 |
|
|
Former minority
interest |
|
|
Scankraft Paper
AB, 556459-7572 |
12 % |
Sold during
00/01 |
|
|
Former minority
interest |
|
|
Svensk
Kartongåtervinning AB, 556483-8828 |
10 % |
Sold during
00/01 |
|
|
Former minority
interest |
|
|
Fastighetsab
Taredom, 556286-3224 |
2 % |
Sold during
00/01 |
|
|
Former minority
interest |
|
|
Stora Billerud ( |
100 % |
Sold 93-01 |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
Billerud |
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during 92 |
|
|
Former subsidiary |
|
|
|
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
SA Stora |
100 % |
Sold during 96 |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during 94 |
|
|
Former subsidiary |
|
|
Stora Paperboard
France SA, France |
100 % |
Sold during 98 |
|
|
Former
subsidiary |
|
|
Stora Billerud
Paper |
100 % |
Deregistered
during 93 due to liquidation |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
Stora Enso |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
Stora Enso Fors
AB, 556012-8661 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
Stora Enso Skoghall
AB, 556298-2545 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
Karlstads
Stuveriab, 556031-3370 |
50 % |
Sold during 94 |
|
|
Former minority
interest |
|
|
San Sac AB,
556082-9359 |
25 % |
Sold during 94 |
|
|
Former minority
interest |
|
|
Scankraft Paper
AB, 556459-7572 |
12 % |
Sold during
00/01 |
|
|
Former minority
interest |
|
|
Svensk
Kartongåtervinning AB, 556483-8828 |
10 % |
Sold during
00/01 |
|
|
Former minority
interest |
|
|
Fastighetsab
Taredom, 556286-3224 |
2 % |
Sold during 00/01 |
|
|
Former minority
interest |
|
|
Stora Billerud ( |
100 % |
Sold 93-01 |
|
|
Former
subsidiary |
|
|
|
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
Billerud |
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
|
||
Enclosure 4
Real property list
|
Designation |
Municipality |
Ownership |
Ass. value year 2006 |
|
Gruvön 2:5 |
Grums |
100 % |
868.263 TSEK |
|
Bråne 2:4 |
Grums |
100 % |
1.357 TSEK |
|
Gamla Slottsbron
1:682 |
Grums |
100 % |
838 TSEK |
|
Gamla Slottsbron
1:658 |
Grums |
100 % |
736 TSEK |
|
Gamla Slottsbron
1:657 |
Grums |
100 % |
663 TSEK |
|
Gamla Slottsbron
1:681 |
Grums |
100 % |
419 TSEK |
|
Ås 1:10 |
Grums |
100 % |
209 TSEK |
|
Gamla Slottsbron
1:659 |
Grums |
100 % |
121 TSEK |
|
Gamla Slottsbron
1:660 |
Grums |
100 % |
110 TSEK |
|
Segmon 2:94 |
Grums |
100 % |
0 TSEK |
|
Ås 1:381 |
Grums |
100 % |
0 TSEK |
|
Gamla Slottsbron
1:11 |
Grums |
100 % |
0 TSEK |
|
|
|||
Enclosure 5
Establishments
|
Name |
Visiting address |
Post no |
Town |
|
Head office |
Gustav Iii:S
Boulevard 18 |
169 73 |
Solna |
|
Billerud Gruvön |
Gruvöns Bruk |
664 32 |
Grums |
|
|
|||
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)