MIRA
INFORM REPORT
|
Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Billerud AB (Publ) |
|
|
|
|
Registered Office : |
Box 703, 169 27 Solna |
|
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|
|
Country : |
Sweden |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
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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
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
10.000 TSEK |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Billerud AB (Publ)
Box 703
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 2007-06-21.
Group of companies
Ultimate parent company in Billerud AB (Publ)-group
Note: Change of auditor occurred 070614.
Most recent events
|
New
auditor |
2007-06-14 |
|
Art.
of assoc. adopted |
2007-05 |
|
Pet.
for inj. to pay |
2006-12-13 |
|
New
Reg. Board member |
2006-07-17 |
Credit opinion
The classification is based on our Risk forecast, 1
indicates the highest and 5 the lowest risk.
The forecast states the probability that the company will become
insolvent within 12 months.
Historical Credit
Ratings
|
Date |
Credit Rating |
Risk Forecast |
Reason |
|
|
|||
|
2007-03-01 |
4 |
0,74 % |
Other
information changed |
|
2006-12-16 |
3 |
0,76 % |
Payment
complaint or other deficiency established |
|
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
credit report and the current credit rating. Other information may of course
influence the size of the credit you may grant.
General
information and history
|
Legal form |
Limited company,
public |
|
Vat-number |
SE 556025500101 |
|
Registered
office |
Stockholm municipality
in Stockholms county |
|
Number of
locations |
2 |
|
Main
establishment |
|
|
Name |
Head office |
|
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)
|
History |
|
|
|
|
|
1926-12 |
Comp reg under
the current reg no and name: C.G. Ahlbom, AB |
|
1977-11 |
Changed name to:
AB Vikmanshyttans Isolerglas |
|
1988-05 |
Changed name to:
Billerud AB |
|
1988-08 |
Operations taken
over from Techcrete Paper Products AB (556036-6782) |
|
1988-08 |
Operations taken
over from Stora Billerud AB (556000-5216) |
|
1990-08 |
Operations taken
over from Akzo Nobel Base Chemicals AB (556235-2418) |
|
1991-10 |
Changed name to:
Stora Billerud AB |
|
1993-04 |
Company
registered to pay business tax |
|
--- |
Company was
registered to pay employer contributions |
|
--- |
Company was
registered to pay VAT |
|
1996-10 |
Changed name to:
Stora Paperboard AB |
|
1999-06 |
Changed name to:
Stora Enso Paperboard AB |
|
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.
|
Per Lindberg, Birth:1959 |
Managing
Director |
Reg. in
company 2005-08-04 |
|
Ingvar Petersson, Birth:1941 |
Regular member |
Reg. in
company 2001-02-05 |
|
Per Lundberg, Birth:1943 |
Regular member |
Reg. in
company 2001-03-21 |
|
Gunilla Jönson, Birth:1943 |
Regular member |
Reg. in company 2003-05-20 |
|
Meg Tivéus
Borglin, Birth:1943 |
Regular member |
Reg. in
company 2001-03-21 |
|
Yngve Stade, Birth:1947 |
Regular member |
Reg. in
company 2005-05-27 |
|
Michael Martin
F. Kaufmann, Birth:1948 |
Regular member |
Reg. in
company 2005-09-27 |
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|
|
Living abroad |
|
Ewald Nageler, Birth:1950 |
Regular member |
Reg. in
company 2006-07-17 |
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|
|
Living abroad |
|
Steve Cato, Birth:1953 |
Reg. memb. and
empl. repr. |
Reg. in
company 2001-06-08 |
|
Katarina
Stavöstrand, Birth:1946 |
Dep. memb. and
empl. repr. |
Reg. in
company 2007-06-14 |
|
Kurt Roger
Lindvall, Birth:1951 |
Dep. memb. and
empl. repr. |
Reg. in
company 2001-06-08 |
|
Kpmg Bohlins AB |
Audit firm |
Reg. in
company 2007-06-14 |
|
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||
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Board members
etc that have left the company during the last two years |
|
Peter Davidsson,
Birth:1951 |
Managing
Director |
Reg. in
company 2005-03-10 |
|
|
|
Deregistered 2005-08-04 |
|
Björn Björnsson,
Birth:1946 |
Regular member |
Reg. in
company 2001-03-21 |
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|
|
Deregistered 2006-07-17 |
|
Carl Mats Sigurd
Pousette, Birth:1952 |
Regular member |
Reg. in
company 2003-05-20 |
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|
|
Deregistered 2006-07-17 |
|
Thor Gösta
Brink, Birth:1942 |
Reg. memb. and
empl. repr. |
Reg. in
company 2001-06-08 |
|
|
|
Deregistered 2007-06-14 |
|
Per-Gustav
Nilsson, Birth:1946 |
Dep. memb. and
empl. repr. |
Reg. in
company 2001-06-08 |
|
|
|
Deregistered 2007-06-14 |
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Board of directors
data
|
The information
refers to members residing in Sweden |
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|
No of board
members (ord members and MD) |
8 |
|
|
Any board member
with comm in other comp? |
Yes |
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Any board member
with comm in bankrupt comp? |
No |
|
|
Any board member
with payment complaint? |
No |
|
|
Any board member
with bankruptcy petition? |
No |
|
|
Any board member
with bal of debt with Enf Auth? |
No |
|
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||
|
Authorized
signatory (available in Swedish only) |
|
Firman tecknas
av styrelsen |
|
firman tecknas två i förening av |
|
-Jönson, Gundel Tora Gunilla |
|
-Kaufmann, Michael Martin F. |
|
-Lundberg, Per-Christer Folke |
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-Nageler, Ewald |
|
-Petersson, Anders Henning Ingvar |
|
-Stade, Yngve Arneson |
|
-Tiv`us Borglin, Elsa Margareta Meg |
|
Eller en av dem i
förening med en av |
|
-Carls`n, Bertil Olof Edgar |
|
-Lindberg, Per Gunnar |
|
Firman tecknas i förening av |
|
-Carls`n, Bertil Olof Edgar |
|
-Lindberg, Per Gunnar |
|
Dessutom har verkställande direktören rätt att teckna
firman |
|
beträffande
löpande förvaltningsåtgärder |
|
External
authorised signatories |
|
'Bertil' Olof
Edgar Carlsén, Birth:1960 |
Note: Change of auditor occurred 070614.
|
Shareholder in
subject company |
Ownership |
As of |
Comments |
|
Seb Fonder/Seb
Trygg Liv/Seb Securities, Sweden |
4 % |
2005-12 |
|
|
Jp Morgan Chase,
USA |
1 % |
2005-12 |
|
|
Robur Fonder,
Sweden |
1 % |
2005-12 |
|
|
Mellon, Unknown |
1 % |
2005-12 |
|
|
Frapag
Vermögensverwaltung GmbH, Austria |
15 % |
2005-12 |
|
|
Nordea, Sweden |
1 % |
2005-12 |
|
|
Sanderson Asset
Management Limited, Great Britain |
5 % |
2006-01 |
|
|
Dimension Fund
Advisors, Unknown |
1 % |
2005-12 |
|
|
Södra
Skogsägarna Ekonomisk Förening, 729500-3789 |
1 % |
2005-12 |
|
|
|
|||
For a complete specification of subsidiaries etc, see
enclosure
|
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 |
|
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 |
|
Total current
assets |
|
1.635.000 |
1.259.000 |
2.622.000 |
1.705.000 |
|
Total equity |
|
1.233.000 |
2.336.000 |
2.199.000 |
2.457.000 |
|
Total long-term
liabilities |
|
2.017.000 |
1.056.000 |
1.070.000 |
1.728.000 |
|
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 |
6.041.000 |
|
Notes etc |
0601-0612 |
0501-0512 |
0401-0412 |
0301-0312 |
0201-0212 |
|
Employees |
|
1.173 |
1.204 |
1.152 |
1.122 |
|
Audit report |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
Ratios |
||||||
|
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 |
+1.042.000 |
+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 |
3.042.000 |
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 |
|
|
2001-03 |
350.000 TSEK |
|
New issue |
|
|
1988-05 |
349.950 TSEK |
|
New issue |
|
|
1986-10 |
-2.350 TSEK |
|
Reduction |
|
|
|
||||
Chattel mortgages
|
Total |
3.229,0 TSEK |
|
The most recently issued mortgage
|
1978-03 |
3.229,0 TSEK |
|
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)
|
|
|||
|
Designation |
Gruvön 2:5 |
Owns |
100 % |
|
Municipality |
Grums |
Acquisition date |
1988-01-02 |
|
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 |
|
|
|||
|
Designation |
Bråne 2:4 |
Owns |
100 % |
|
Municipality |
Grums |
Acquisition date |
2000-12-04 |
|
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 |
|
|
|||
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 |
2006-12-13 |
7.454 |
|
Inwarehouse AB |
|
|
|
|
|
|
No debt registered with the Swedish Enforcement Authority as at
2007-06-21.
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 |
1.052.000 |
1.049.000 |
|
|
Receivables from
group and associated companies |
|
876.000 |
1.050.000 |
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 |
2.049.000 |
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 |
6.041.000 |
|
|
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 |
|
2.017.000 |
1.056.000 |
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 |
6.041.000 |
|
|
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 |
+1.042.000 |
+1.116.000 |
|
|
|
|
||||||
|
Profit/loss
before appropriations |
-278.000 |
+712.000 |
+1.042.000 |
+1.116.000 |
|
|
|
Profit/loss
before tax |
-278.000 |
+712.000 |
+1.042.000 |
+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 |
3.042.000 |
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, Sweden |
4 % |
2005-12 |
|
|
|
|||
|
Jp Morgan Chase,
USA |
1 % |
2005-12 |
|
|
Robur Fonder,
Sweden |
1 % |
2005-12 |
|
|
Mellon, Unknown |
1 % |
2005-12 |
|
|
Frapag
Vermögensverwaltung GmbH, Austria |
15 % |
2005-12 |
|
|
Nordea, Sweden |
1 % |
2005-12 |
|
|
Sanderson Asset
Management Limited, Great Britain |
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 |
|
Billerud Benelux
BV, The Netherlands |
100 % |
2005-12 |
|
|
Billerud GmbH,
Germany |
100 % |
2005-12 |
|
|
Billerud Iberica
Sl, Spain |
100 % |
2005-12 |
|
|
Billerud Sales
Ltd, Great Britain |
100 % |
2005-12 |
|
|
Billerud Beetham
Ltd, Great Britain |
100 % |
2005-12 |
Acquired 2002-03 |
|
Billerud Srl,
Italy |
100 % |
2005-12 |
|
|
Billerud France
Sas, France |
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 |
|
|
Pacsac AB,
556054-9338 |
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
Oppboga AB,
556004-5600 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
SA Stora
Billerud NV, Belgium |
100 % |
Sold during 96 |
|
|
Former
subsidiary |
|
|
|
||
|
Stora Billerud
BV, The Netherlands |
100 % |
Sold during 94 |
|
|
Former
subsidiary |
|
|
Stora Paperboard
France SA, France |
100 % |
Sold during 98 |
|
|
Former
subsidiary |
|
|
Stora Billerud
Paper Srl, Italy |
100 % |
Deregistered
during 93 due to liquidation |
|
|
Former
subsidiary |
|
|
Billerud AB,
556000-1595 |
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
Stora Enso
Paperboard AB, 556000-1595 |
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
(Uk) Group Holdings Ltd, Great Britain |
100 % |
Sold 93-01 |
|
|
Former
subsidiary |
|
|
Pacsac AB,
556054-9338 |
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
Billerud GmbH,
Germany |
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
Pacsac AB,
556054-9338 |
100 % |
Sold during 92 |
|
|
Former subsidiary |
|
|
Oppboga AB,
556004-5600 |
100 % |
Sold during
00/01 |
|
|
Former
subsidiary |
|
|
SA Stora
Billerud NV, Belgium |
100 % |
Sold during 96 |
|
|
Former
subsidiary |
|
|
Stora Billerud
BV, The Netherlands |
100 % |
Sold during 94 |
|
|
Former subsidiary |
|
|
Stora Paperboard
France SA, France |
100 % |
Sold during 98 |
|
|
Former
subsidiary |
|
|
Stora Billerud
Paper Srl, Italy |
100 % |
Deregistered
during 93 due to liquidation |
|
|
Former
subsidiary |
|
|
Billerud AB,
556000-1595 |
100 % |
Sold during 92 |
|
|
Former
subsidiary |
|
|
Stora Enso
Paperboard AB, 556000-1595 |
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
(Uk) Group Holdings Ltd, Great Britain |
100 % |
Sold 93-01 |
|
|
Former
subsidiary |
|
|
Pacsac AB,
556054-9338 |
100 % |
Sold 95-01 |
|
|
Former
subsidiary |
|
|
Billerud GmbH,
Germany |
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%)