MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
BILLERUDKORSNAS PUBL AB |
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Formerly Known As : |
BILLERUD AB |
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Registered Office : |
Frosundaleden 2 B, Box 703
Solna, 169 27 |
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Country : |
Sweden |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1926 |
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Com. Reg. No.: |
5560255001 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in the production of fiber-based packaging
paper, pulp and other packaging solutions, primarily for the food and
beverage, industrial, consumer and luxury goods, and medical and hygiene
industries. |
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No. of Employees : |
4,111 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Sweden |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SWEDEN - ECONOMIC OVERVIEW
Aided by peace and neutrality for the whole of the 20th
century, Sweden has achieved an enviable standard of living under a mixed system
of high-tech capitalism and extensive welfare benefits. It has a modern
distribution system, excellent internal and external communications, and a
highly skilled labor force. In September 2003, Swedish voters turned down entry
into the euro system concerned about the impact on the economy and sovereignty.
Timber, hydropower, and iron ore constitute the resource base of an economy
heavily oriented toward foreign trade. Privately owned firms account for vast
majority of industrial output, of which the engineering sector accounts for
about 50% of output and exports. Agriculture accounts for little more than 1%
of GDP and of employment. Until 2008, Sweden was in the midst of a sustained
economic upswing, boosted by increased domestic demand and strong exports. This
and robust finances offered the center-right government considerable scope to
implement its reform program aimed at increasing employment, reducing welfare
dependence, and streamlining the state's role in the economy. Despite strong
finances and underlying fundamentals, the Swedish economy slid into recession
in the third quarter of 2008 and the contraction continued in 2009 as
deteriorating global conditions reduced export demand and consumption. Strong
exports of commodities and a return to profitability by Sweden's banking sector
drove the strong rebound in 2010, which continued in 2011, but growth slipped
to 1.2% in 2012. The government proposed stimulus measures in 2012 to curb the
effects of a global economic slowdown and boost employment and growth.
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Source
: CIA |
Company name and address
BILLERUDKORSNAS PUBL AB
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Frosundaleden 2 B, Box 703 Solna, 169 27 Sweden
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Business Description
BillerudKorsnas publ AB, previously known as Billerud AB, is
a Sweden-based company engaged in the production of fiber-based packaging
paper, pulp and other packaging solutions, primarily for the food and beverage,
industrial, consumer and luxury goods, and medical and hygiene industries. It
operates through three business areas: Packaging Paper; Consumer Board, and
Containerboard. The Packaging Paper area offers primary fiber-based kraft and
sack paper, among others. The Consumer Board area develops board made from
primary fiber, as well as offers customers delivery service, among others. The
Containerboard area offers containerboard made from primary fiber. The Company
has eight production units and sale offices in approximately 10 countries. Its
products are sold to several industries, including personal care, food
packaging, and construction materials, among others. On November 29, 2012,
Billerud AB merged with Investment Kinnevik AB's Korsnas AB forming
BillerudKorsnas. For the three months ended 31 March 2013, BillerudKorsnas publ
AB revenues increased from SEK2.29B to SEK5.18B. Net income increased from
SEK96M to SEK222M. Revenues reflect Consumer Board segment increase from SEK0K
to SEK1.81B, Other Units segment increase from SEK79M to SEK650M, Kraft Paper
segment increase of 21% to SEK1.86B. Net income benefited from Consumer Board
segment income totaling SEK158M vs. SEK0K.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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President,
Chief Executive Officer |
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Chief
Financial Officer |
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Senior
Vice President of Supply Chain Management and Information Technology |
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Executive
Vice President, Chief Operating Officer, Senior Vice President Consumer Board |
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Senior
Vice President of Technology and Strategic Development |
Significant Developments
|
* number of significant developments within
the last 12 months
News
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Title |
Date |
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BILLERUDKORSNAS
PUBL AB : Invitation to press and analyst conference Q2 2013 |
26-Jun-2013 |
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BILLERUDKORSNAS
PUBL AB: Financial calendar for 2014 and date of AGM |
20-Jun-2013 |
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BILLERUDKORSNAS
PUBL AB: Divestment of paper machine in Gvle approved by the EU Commission |
12-Jun-2013 |
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BILLERUDKORSNAS
PUBL AB : Divestment of paper machine in Gävle approved by the EU Commission |
12-Jun-2013 |
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Billerud AB
Completes Merger with Investment Kinnevik AB's Korsnas; Billerud Changes Name
to BillerudKorsnas Aktiebolag (publ) |
3-Dec-2012 |
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The
combination between Billerud and Korsns is now completed and BillerudKorsns
is formed |
30-Nov-2012 |
Financial Summary
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As of 31-Mar-2013 |
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Stock Snapshot
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Traded: Stockholm Stock Exchange: BILL |
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As of 20-Jun-2013 Financials in: SEK |
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Registered No.(SWE): 5560255001
1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 6.775133
2 - Balance Sheet Item Exchange Rate:
USD 1 = SEK 6.5125
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ANZSIC 2006 Codes: |
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1510 |
- |
Pulp, Paper and Paperboard Manufacturing |
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1521 |
- |
Corrugated Paperboard and Paperboard Container
Manufacturing |
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NACE 2002 Codes: |
||
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2112 |
- |
Manufacture of paper and paperboard |
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2111 |
- |
Manufacture of pulp |
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2121 |
- |
Manufacture of corrugated paper and paperboard and of containers
of paper and paperboard |
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NAICS 2002 Codes: |
||
|
322121 |
- |
Paper (except Newsprint) Mills |
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322212 |
- |
Folding Paperboard Box Manufacturing |
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322211 |
- |
Corrugated and Solid Fiber Box Manufacturing |
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322110 |
- |
Pulp Mills |
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US SIC 1987: |
||
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2621 |
- |
Paper Mills |
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2611 |
- |
Pulp Mills |
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2653 |
- |
Corrugated and Solid Fiber Boxes |
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2657 |
- |
Folding Paperboard Boxes, Including Sanitary |
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UK SIC 2003: |
||
|
2112 |
- |
Manufacture of paper and paperboard |
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2111 |
- |
Manufacture of pulp |
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2121 |
- |
Manufacture of corrugated paper and paperboard and of
containers of paper and paperboard |
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21213 |
- |
Manufacture of cartons, boxes and cases of corrugated
paper and paperboard |
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UK SIC 2007: |
||
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1712 |
- |
Manufacture of paper and paperboard |
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17219 |
- |
Manufacture of paper and paperboard containers other than
sacks and bags |
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1721 |
- |
Manufacture of corrugated paper and paperboard and of
containers of paper and paperboard |
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1711 |
- |
Manufacture of pulp |
BillerudKorsnas publ AB, previously known as Billerud AB, is
a Sweden-based company engaged in the production of fiber-based packaging paper,
pulp and other packaging solutions, primarily for the food and beverage,
industrial, consumer and luxury goods, and medical and hygiene industries. It
operates through three business areas: Packaging Paper; Consumer Board, and
Containerboard. The Packaging Paper area offers primary fiber-based kraft and
sack paper, among others. The Consumer Board area develops board made from
primary fiber, as well as offers customers delivery service, among others. The
Containerboard area offers containerboard made from primary fiber. The Company
has eight production units and sale offices in approximately 10 countries. Its
products are sold to several industries, including personal care, food
packaging, and construction materials, among others. On November 29, 2012,
Billerud AB merged with Investment Kinnevik AB's Korsnas AB forming
BillerudKorsnas. For the three months ended 31 March 2013, BillerudKorsnas publ
AB revenues increased from SEK2.29B to SEK5.18B. Net income increased from
SEK96M to SEK222M. Revenues reflect Consumer Board segment increase from SEK0K
to SEK1.81B, Other Units segment increase from SEK79M to SEK650M, Kraft Paper
segment increase of 21% to SEK1.86B. Net income benefited from Consumer Board
segment income totaling SEK158M vs. SEK0K.
More Business Descriptions
Manufacturer of strong primary fibre-based packaging
material. The company's business model consists of three key components:
World-class Materials, Solution Services and an extensive Global Network.
Packaging Paper Mfr & Seller
BillerudKorsnäs AB (publ) is primarily engaged in
manufacturing paper (except newsprint and uncoated groundwood paper) from pulp.
These establishments may manufacture or purchase pulp. In addition, the
establishments may also convert the paper they make.
Billerud AB (Billerud) is a supplier of primary fibre-based
packaging material. The company serves around 1000 customers in 100 countries.
It provides packaging materials and solutions in countries such as Sweden,
Germany, the Netherlands, UK, France, Spain, the United Arab Emirates, China,
Indonesia and Italy. Billerud operates in the global packaging market. The
company has ten sales offices in nine countries, providing 1 000 customers in
100 countries with products and services. Billerud has sales offices in the
following cities: Stockholm, Hamburg, Nottingham, Paris, Barcelona, Milan,
Dubai, Shanghai and Jakarta.The company operates through four reportable
business segments, namely, Packaging and Specialty Papers, Packaging Boards,
Market Pulp and Other business.The Packaging and Specialty Paper segment
provides sack paper, which is used to pack cement and building materials,
chemicals, foodstuff, and animal feed. It offers packaging paper such as
carrier bags, technical kraft paper, consumer bags, protective wrapping and
envelopes, and grease resistant paper especially for packing bread, sugar,
flour, ice cream, copy paper, and snacks. This segment also offers specialty
paper for various industrial applications such as self-adhesive labels, steel
protection, sterile medical packages, and pulp wrap. For the fiscal year ended
31st December 2011, the company reported revenue of SEK4,203m for the Packaging
and Specialty Paper segment. The segment accounted for 45.95% of the
company’s total revenue in 2011.The Packaging Boards segment offers liner and
fluting products to pack fruits and vegetables, wine, and other beverages; fast
foods; heavy goods, such as white goods, home electronics, and luxury and gift
items including perfumes, mobile phones, and spirits. This segment through its
Fresh Services, offers producers, wholesalers and retailers a long-term
partnership aimed at reducing losses in the supply chain for fruit and
vegetables. For the fiscal year ended 31st December 2011, the company reported
revenue of SEK 2,772m for the Packaging Boards segment. The segment accounted
for 29.67% of the company’s total revenue in 2011.The Market Pulp segment
provides long-fiber market pulp for the producers of writing and printing
papers, coated and uncoated papers, LWC, packaging paper, tissues, thermo
paper, and special papers. It also offers special products such as air filter
for cars. It produces 330,000 tons of market pulp annually. For the fiscal year
ended 31st December 2011, the company reported revenue of SEK 1,752m for the
Market Pulp segment. The segment accounted for 18.75% of the company’s total
revenue in 2011.The company’s Other business segment include operations such
as group-wide functions such as corporate headquarters, wood supplies and the
sales organisations. These functions are reported as Other business, which
includes profit/loss in associated company ScandFibre Logistics AB and subsidiaries
Tenova Bioplastics AB, Nine TPP AB and Billerud Inc. Other business also
includes gains/losses from hedging of the Group's net currency flows and
eliminations. For the fiscal year ended 31st December 2011, the company
reported revenue of SEK526m. The segment accounted for 5.63% of the company’s
total revenue in 2011.Geographically, the company operates through regions,
namely, Germany, Italy, Sweden, the UK, France, Rest of Europe and Rest of
World. For the fiscal year ended 2011, Rest of World segment accounted for
25.50% (SEK 2,382 million) of the company’s total revenue, followed by Rest
of Europe with 24.47% (SEK 2,286 million), Germany with 14.27%(SEK
1,334million), Italy with 12.15% (SEK 1,135million), Sweden with 10.65%(SEK
995million), the UK with 7.13%(SEK 732 million) and France with 5.83% (SEK 479
million).Research and development: Billerud’s product and process development
focuses primarily on meeting customer requirements on product characteristics
and adaptations. Activities are divided into a research phase and a development
phase. The costs of product and process development, to the extent attributable
to research activities for the year 2011 have corresponded to about 0.5% of
Billerud’s operating costs.In September 2011, the NINE innovation and design
agency, in which the company is the main shareholder, has been awarded
Pentaward’s Best of the Show for its work on Ramlosa premium PET. The
company’s subsidiary, Billerud Fresh Services AB entered into an agreement
with Carmel Container Systems Ltd. from the Hadera Paper Group to be a member
of the Fresh Box Alliance. In August 2011, the company and Santa Maria, a
provider of herbs and spices entered into collaboration with Scanpack,
Scandinavia’s biggest packaging fair to launch ‘PackDesign Engineer 2012’
– a pan-Nordic packaging design competition. In July 2011, the company
invested in a minority stake in PACCESS Packaging, a US based company with
numerous operations throughout Asia.In January 2012, Billerud Finland Oy, a
wholly-owned subsidiary of Billerud AB, has signed an agreement with
UPM-Kymmene (UPM) to acquire UPM’s packaging paper business in Pietarsaari
and Tervasaari with sales of approximately EUR 220 million (SEK 2 billion) in
2011. Billerud pays EUR 130 million (approximately SEK 1.2 billion) for the
business. The acquisition will significantly reduce Billerud’s pulp exposure
and strengthen the offering within packaging paper. In addition, the currency
exposure is also reduced.In June 2012, Billerud Finland Oy's acquisition of
UPM's packaging paper operations at Pietarsaari and Tervasaari is now
completed. Billerud Finland Oy is a wholly owned subsidiary of Billerud AB. The
purchase price is around EUR 130 million.
Billerud AB (Billerud) is a supplier of primary fibre-based
packaging material based in Sweden. The company serves around 1000 customers in
100 countries. It provides packaging materials and solutions in countries such
as Sweden, Germany, the Netherlands, UK, France, Spain, the United Arab
Emirates, China, Indonesia and Italy. Billerud operates in the global packaging
market. The company operates through four reportable business segments, namely,
Packaging and Specialty Papers, Packaging Boards, Market Pulp and Other
business. Billerud’s products find applications in packaging of medicine,
pizzas, wines, perfumes, pet food, fruit and vegetables, and white goods and
domestic appliances. It supplies wide range of packaging paper products for
pharmaceuticals, food and consumer electrical industries. The company has ten
sales offices in nine countries. Billerud has sales offices in the following
cities: Stockholm, Hamburg, Nottingham, Paris, Barcelona, Milan, Dubai, Shanghai
and Jakarta. Billerud is headquartered in Solna, Sweden.The company reported
revenues of (Swedish Krona) SEK 9,361.00 million during the fiscal year ended
December 2011, an increase of 5.03% over 2010. The operating profit of the
company was SEK 978.00 million during the fiscal year 2011, a decrease of 5.69%
from 2010. The net profit of the company was SEK 683.00 million during the
fiscal year 2011, a decrease of 3.12% from 2010.
Paperboard Container Manufacturing
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The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives
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We are only just embarking on our journey towards smart
new eco-friendly products and services. We are already working to demonstrate
all the possibilities of fibre material and the aim is to outcompete fossil
plastics in market after market. The acquisition
of PACCESS Packaging in 2011 forms part of our platform for expansion
into the growth markets of Asia. From now on, we will be making ourselves
less dependent on the European market and ploughing more resources into
markets with high growth. We will continue to be the preferred partner for
customer development and intensify the development of our renewable materials
and smart solutions. |
Corporate Family
Corporate Structure News:
Total Corporate Family Members: 31
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Solna |
Sweden |
Paper and Paper Products |
1,543.0 |
4,111 |
|
|
Subsidiary |
Gävle |
Sweden |
Paper and Paper Products |
1,271.1 |
1,800 |
|
|
Subsidiary |
Frovi |
Sweden |
Paper and Paper Products |
|
685 |
|
|
Subsidiary |
Achern |
Germany |
Containers and Packaging |
|
250 |
|
|
Subsidiary |
Forette di Vigasio |
Italy |
Miscellaneous Fabricated Products |
38.4 |
95 |
|
|
Subsidiary |
Backa Palanka |
Serbia |
Containers and Packaging |
|
81 |
|
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Subsidiary |
Uvalno |
Czech Republic |
Containers and Packaging |
|
80 |
|
|
Subsidiary |
Zaragoza |
Spain |
Paper and Paper Products |
|
50 |
|
|
Subsidiary |
Paris |
France |
Paper and Paper Products |
1.8 |
14 |
|
|
Subsidiary |
Nørresundby |
Denmark |
Containers and Packaging |
42.4 |
150 |
|
|
Subsidiary |
Huercal-Overa |
Spain |
Miscellaneous Fabricated Products |
|
70 |
|
|
Subsidiary |
Telde, Gran Canaria |
Spain |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Wiesbaden |
Germany |
Miscellaneous Capital Goods |
|
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|
Subsidiary |
Shanghai |
China |
Containers and Packaging |
|
|
|
|
Subsidiary |
Norrkoping |
Sweden |
Paper and Paper Products |
403.1 |
600 |
|
|
Subsidiary |
Karlskoga |
Sweden |
Paper and Paper Products |
292.8 |
410 |
|
|
Subsidiary |
Milnthorpe |
United Kingdom |
Paper and Paper Products |
60.6 |
141 |
|
|
Subsidiary |
Solna |
Sweden |
Forestry and Wood Products |
465.8 |
26 |
|
|
Subsidiary |
Jesteburg, Niedersachsen |
Germany |
Paper and Paper Products |
|
22 |
|
|
Subsidiary |
Aby |
Sweden |
Fabricated Plastic and Rubber |
|
15 |
|
|
Subsidiary |
Stockholm, Stockholm |
Sweden |
Business Services |
1.7 |
14 |
|
|
Subsidiary |
Sesto San Giovanni |
Italy |
Paper and Paper Products |
4.6 |
13 |
|
|
Subsidiary |
Nottingham |
United Kingdom |
Miscellaneous Capital Goods |
2.7 |
10 |
|
|
Subsidiary |
Nottingham |
United Kingdom |
Paper and Paper Products |
|
10 |
|
|
Subsidiary |
Paris |
France |
Paper and Paper Products |
3.1 |
9 |
|
|
Subsidiary |
Amsterdam |
Netherlands |
Office Supplies |
|
8 |
|
|
Subsidiary |
Shanghai |
China |
Office Supplies |
|
6 |
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Containers and Packaging |
|
4 |
|
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Subsidiary |
Riga |
Latvia |
Miscellaneous Capital Goods |
|
3 |
|
|
Subsidiary |
Sant Just Desvern, Barcelona |
Spain |
Containers and Packaging |
|
|
|
|
Subsidiary |
Solna, Stockholm |
Sweden |
Miscellaneous Capital Goods |
|
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Competitors Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Ahlstrom Corporation |
Helsinki, Finland |
3,821 |
Public |
|
Canfor Corporation |
Vancouver, British Columbia, Canada |
5,310 |
Public |
|
Holmen AB |
Stockholm, Sweden |
3,903 |
Public |
|
Smurfit Kappa Group Plc |
Dublin, Ireland |
39,096 |
Public |
|
Stora Enso OYJ |
Helsinki, Finland |
28,220 |
Public |
|
UPM-Kymmene Corporation |
Helsinki, Finland |
21,925 |
Public |
Executives Report
Board of Directors
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Director |
Chairman |
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Chairman |
Chairman |
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Independent Chairman of the Board |
Chairman |
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Board Member |
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Director |
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Board Member |
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Director, Employee Representative |
Director/Board Member |
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Board Member |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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ledamot |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director, Employee Representative |
Director/Board Member |
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Board Member |
Director/Board Member |
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Executives
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President, Chief Executive Officer |
Chief Executive Officer |
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Executive Vice President, Chief Operating Officer, Senior Vice
President Consumer Board |
Operations Executive |
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Environment and Energy Manager |
Environment/Safety Executive |
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Chief Financial Officer |
Finance Executive |
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Senior Vice President of Human Resources |
Human Resources Executive |
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Director-Pulp Sales |
Sales Executive |
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Head-Corporate Communications |
Corporate Communications Executive |
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Senior Vice President of Communication and Change Management |
Corporate Communications Executive |
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Investor Relations & Financial Media Director |
Investor Relations Executive |
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Senior Vice President of Supply Chain Management and Information Technology |
Information Executive |
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Senior Vice President Supply Chain Management and IT |
Engineering/Technical Executive |
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Senior Vice President of Technology and Strategic Development |
Engineering/Technical Executive |
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Senior VP & Director-Production |
Manufacturing Executive |
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Director-Sustainability & Energy |
Other |
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Senior Vice President, BillerudKorsnas Forestry |
Other |
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Senior Vice President of Containerboard |
Other |
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Senior Vice President of Packaging Paper |
Other |
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Senior Vice President of Business Support |
Other |
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BillerudKorsnas publ AB Updates on Sale of Paper Machine in Gavle Jun 12, 2013
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BillerudKorsnas publ AB Updates on FY 2012 Dividend May 07, 2013
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BillerudKorsnas AB Sells Paper Machine in Gavle May 06, 2013
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BillerudKorsnas AB Issues SEK 1,500 Million in Bonds Mar 21, 2013
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BillerudKorsnas AB Establishes Bond Program-DJ Mar 13, 2013
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BillerudKorsnas AB Proposes FY 2012 Dividend of SEK 2.00 per Share Feb 08, 2013
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BillerudKorsnas AB Produces Packaging for Paolo Roberto in Partnership with NINE Jan 31, 2013
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BillerudKorsnas AB Announces Final Results of Rights Issue Jan 10, 2013
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BillerudKorsnas AB Updates on Rights Issue Jan 04, 2013
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BillerudKorsnas AB Receives EUR 31.4 Million from EU within Framework of NER300 Program Dec 18, 2012
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Billerud AB Sets Terms of Rights Issue Nov 29, 2012
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Billerud AB Completes Merger with Investment Kinnevik AB's Korsnas; Billerud Changes Name to BillerudKorsnas Aktiebolag (publ) Nov 29, 2012
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Billerud AB Announces Mr. Hannu Ryopponen New Chairman of the Board of Directors Nov 29, 2012
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Billerud AB Announces Update on Merger with Investment Kinnevik AB's Korsnas AB Nov 27, 2012
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Billerud AB Announces Update on Investment AB Kinnevik's Korsnas AB Planned Acquisition Sep 14, 2012
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Billerud AB's Chairman of the Board of Directors to Resign Aug 13, 2012
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Billerud AB and Investment AB Kinnevik's Korsnas Agree on SEK 10.5 Billion Bridge Loans to Support Merger-Reuters Jul 27, 2012
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News
Annual Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
SEK |
SEK |
SEK |
|
Exchange Rate (Period
Average) |
6.493691 |
7.206564 |
7.645194 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total Revenue |
1,441.6 |
1,236.8 |
1,019.2 |
|
Gross Profit |
245.2 |
228.5 |
112.6 |
|
Net Financial Items |
-6.9 |
-10.7 |
-14.9 |
|
Operating Income |
150.6 |
143.9 |
39.2 |
|
Income Before Tax |
143.7 |
133.2 |
24.3 |
|
Net Income |
105.2 |
97.8 |
21.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
SEK |
SEK |
SEK |
|
Exchange Rate |
6.8553 |
6.72285 |
7.1401 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Total Assets |
1,361.7 |
1,368.5 |
1,271.8 |
|
Total Liabilities |
651.0 |
678.7 |
712.3 |
|
Total Equity |
710.7 |
689.7 |
559.5 |
Annual Ratios
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
- |
- |
- |
|
Exchange Rate |
- |
- |
- |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Operating Margin |
10.68 |
11.69 |
3.93 |
|
Current Ratio |
199.12 |
174.96 |
145.28 |
|
Total debt/total equity |
52.19 |
50.40 |
43.99 |
|
Return on average equity |
19.15 |
20.70 |
4.66 |
Annual Growth Rates
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
Filed Currency |
- |
- |
|
Exchange Rate |
- |
- |
|
Consolidated |
Yes |
Yes |
|
|
|
|
|
Turnover Percent Change |
5.03% |
14.39% |
|
Marginal Contribution Percent Change |
-3.34% |
91.29% |
|
Net Financial Items Percent Change |
41.56% |
32.46% |
|
Operating Results Percent Change |
-5.69% |
245.67% |
|
Profit/Loss Before Tax Percent Change |
-2.81% |
416.13% |
|
Profit/Loss for the Year Percent Change |
-3.12% |
327.27% |
|
Assets Percent Change |
1.47% |
1.31% |
|
Debts Percent Change |
-2.19% |
-10.28% |
|
Equity Capital Percent Change |
5.07% |
16.07% |
|
Operating Margin Percent Change |
-8.64% |
197.46% |
|
Current Ratio Percent Change |
13.81% |
20.43% |
|
Debt/Equity Ratio Percent Change |
3.55% |
14.57% |
|
Retun On Equity Percent Change |
-7.49% |
344.21% |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate (Period
Average) |
6.775133 |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,539.0 |
1,438.8 |
1,225.0 |
1,015.0 |
1,180.8 |
|
Revenue |
1,539.0 |
1,438.8 |
1,225.0 |
1,015.0 |
1,180.8 |
|
Other Revenue |
4.0 |
2.8 |
11.8 |
4.2 |
2.3 |
|
Other Revenue, Total |
4.0 |
2.8 |
11.8 |
4.2 |
2.3 |
|
Total Revenue |
1,543.0 |
1,441.6 |
1,236.8 |
1,019.2 |
1,183.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
787.6 |
689.7 |
573.9 |
502.8 |
602.3 |
|
Cost of Revenue, Total |
787.6 |
689.7 |
573.9 |
502.8 |
602.3 |
|
Gross Profit |
751.4 |
749.0 |
651.1 |
512.2 |
578.4 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
244.1 |
219.8 |
191.1 |
180.5 |
198.4 |
|
Total Selling/General/Administrative Expenses |
244.1 |
219.8 |
191.1 |
180.5 |
198.4 |
|
Depreciation |
104.6 |
94.6 |
84.6 |
73.4 |
76.8 |
|
Depreciation/Amortization |
104.6 |
94.6 |
84.6 |
73.4 |
76.8 |
|
Investment
Income - Operating |
-0.3 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest/Investment Income -
Operating |
-0.3 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest Expense (Income) - Net Operating Total |
-0.3 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Operating Expense |
334.8 |
286.9 |
243.3 |
223.1 |
261.7 |
|
Other Operating Expenses, Total |
334.8 |
286.9 |
243.3 |
223.1 |
261.7 |
|
Total Operating Expense |
1,470.8 |
1,290.9 |
1,092.9 |
980.0 |
1,139.2 |
|
|
|
|
|
|
|
|
Operating Income |
72.2 |
150.6 |
143.9 |
39.2 |
43.8 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-13.9 |
-7.1 |
-7.1 |
-12.6 |
-27.1 |
|
Interest Expense, Net
Non-Operating |
-13.9 |
-7.1 |
-7.1 |
-12.6 |
-27.1 |
|
Interest
Income - Non-Operating |
1.9 |
3.4 |
0.7 |
0.5 |
2.4 |
|
Investment
Income - Non-Operating |
1.9 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Interest/Investment Income -
Non-Operating |
3.8 |
3.4 |
0.7 |
0.8 |
2.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-10.0 |
-3.7 |
-6.4 |
-11.8 |
-24.7 |
|
Other Non-Operating Income
(Expense) |
-2.8 |
-3.2 |
-4.3 |
-3.1 |
-0.3 |
|
Other, Net |
-2.8 |
-3.2 |
-4.3 |
-3.1 |
-0.3 |
|
Income Before Tax |
59.3 |
143.7 |
133.2 |
24.3 |
18.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
-40.6 |
38.5 |
35.4 |
2.7 |
-4.2 |
|
Income After Tax |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
Net Income |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
131.9 |
128.1 |
128.1 |
100.7 |
90.4 |
|
Basic EPS Excl Extraord Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Basic/Primary EPS Incl Extraord Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Diluted Net Income |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
Diluted Weighted Average Shares |
132.2 |
128.5 |
128.3 |
100.8 |
90.4 |
|
Diluted EPS Excl Extraord Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Diluted EPS Incl Extraord Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Dividends per Share - Common Stock Primary Issue |
0.21 |
0.43 |
0.39 |
0.05 |
0.00 |
|
Gross Dividends - Common Stock |
61.0 |
55.6 |
50.1 |
6.7 |
0.0 |
|
Interest Expense, Supplemental |
13.9 |
7.1 |
7.1 |
12.6 |
27.1 |
|
Depreciation, Supplemental |
104.6 |
90.4 |
80.5 |
71.3 |
76.1 |
|
Total Special Items |
- |
- |
1.8 |
0.0 |
- |
|
Normalized Income Before Tax |
59.3 |
143.7 |
135.0 |
24.3 |
18.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.5 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
-40.6 |
38.5 |
35.9 |
2.7 |
-4.2 |
|
Normalized Income After Tax |
99.9 |
105.2 |
99.2 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.9 |
105.2 |
99.2 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.76 |
0.82 |
0.77 |
0.21 |
0.25 |
|
Diluted Normalized EPS |
0.76 |
0.82 |
0.77 |
0.21 |
0.25 |
|
Amort of Intangibles, Supplemental |
3.4 |
2.6 |
2.4 |
2.1 |
0.9 |
|
Rental Expenses |
10.8 |
8.2 |
7.8 |
7.1 |
6.4 |
|
Normalized EBIT |
71.9 |
150.6 |
145.7 |
39.4 |
43.8 |
|
Normalized EBITDA |
179.9 |
243.6 |
228.5 |
112.8 |
120.8 |
|
Current Tax - Other |
- |
28.2 |
24.6 |
1.8 |
0.5 |
|
Current Tax - Total |
18.9 |
- |
- |
- |
- |
|
Current Tax - Total |
18.9 |
28.2 |
24.6 |
1.8 |
0.5 |
|
Deferred Tax - Total |
-59.5 |
10.3 |
10.8 |
0.9 |
-4.7 |
|
Deferred Tax - Total |
-59.5 |
10.3 |
10.8 |
0.9 |
-4.7 |
|
Income Tax - Total |
-40.6 |
38.5 |
35.4 |
2.7 |
-4.2 |
|
Interest Cost - Domestic |
1.3 |
1.4 |
1.2 |
0.8 |
1.2 |
|
Service Cost - Domestic |
2.8 |
2.8 |
2.2 |
1.2 |
3.2 |
|
Other Pension, Net - Domestic |
15.1 |
13.1 |
12.8 |
12.3 |
8.6 |
|
Domestic Pension Plan Expense |
19.2 |
17.2 |
16.2 |
14.3 |
13.0 |
|
Total Pension Expense |
19.2 |
17.2 |
16.2 |
14.3 |
13.0 |
|
Discount Rate - Domestic |
3.00% |
3.30% |
3.80% |
3.90% |
3.70% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
- |
- |
|
Total Plan Interest Cost |
1.3 |
1.4 |
1.2 |
0.8 |
1.2 |
|
Total Plan Service Cost |
2.8 |
2.8 |
2.2 |
1.2 |
3.2 |
|
Total Plan Other Expense |
15.1 |
13.1 |
12.8 |
12.3 |
8.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate |
6.5125 |
6.8553 |
6.72285 |
7.1401 |
7.90795 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
114.4 |
135.5 |
110.1 |
114.6 |
68.5 |
|
Cash and Short Term Investments |
114.4 |
135.5 |
110.1 |
114.6 |
68.5 |
|
Accounts
Receivable - Trade, Gross |
- |
- |
214.0 |
163.6 |
165.5 |
|
Provision
for Doubtful Accounts |
- |
- |
-4.0 |
-2.2 |
-1.9 |
|
Trade Accounts Receivable - Net |
344.6 |
202.9 |
210.0 |
161.3 |
163.6 |
|
Other Receivables |
- |
43.2 |
56.2 |
57.1 |
26.7 |
|
Total Receivables, Net |
344.6 |
246.1 |
266.3 |
218.5 |
190.3 |
|
Inventories - Finished Goods |
- |
94.4 |
96.7 |
76.6 |
64.6 |
|
Inventories - Work In Progress |
- |
5.4 |
7.0 |
6.4 |
2.7 |
|
Inventories - Raw Materials |
- |
56.7 |
55.3 |
59.1 |
62.1 |
|
Inventories - Other |
- |
9.0 |
0.1 |
7.0 |
8.6 |
|
Total Inventory |
483.1 |
165.6 |
159.2 |
149.2 |
138.0 |
|
Prepaid Expenses |
- |
11.1 |
10.3 |
11.6 |
7.5 |
|
Other Current Assets |
144.8 |
- |
- |
- |
- |
|
Other Current Assets, Total |
144.8 |
- |
- |
- |
- |
|
Total Current Assets |
1,086.8 |
558.3 |
545.8 |
493.8 |
404.3 |
|
|
|
|
|
|
|
|
Land/Improvements |
- |
263.0 |
259.4 |
245.4 |
220.5 |
|
Machinery/Equipment |
- |
1,543.3 |
1,529.1 |
1,436.0 |
1,282.9 |
|
Construction
in Progress |
- |
7.1 |
10.1 |
17.5 |
1.4 |
|
Property/Plant/Equipment - Gross |
- |
1,813.5 |
1,798.6 |
1,698.9 |
1,504.8 |
|
Accumulated Depreciation |
- |
-1,076.2 |
-1,028.6 |
-936.5 |
-780.6 |
|
Property/Plant/Equipment - Net |
- |
737.2 |
770.1 |
762.3 |
724.2 |
|
Goodwill, Net |
- |
3.1 |
4.5 |
4.2 |
0.0 |
|
Intangibles - Gross |
- |
13.1 |
13.2 |
12.6 |
10.1 |
|
Accumulated Intangible
Amortization |
- |
-8.6 |
-6.2 |
-3.4 |
-0.8 |
|
Intangibles, Net |
- |
4.5 |
7.0 |
9.2 |
9.4 |
|
LT Investment - Affiliate
Companies |
- |
8.6 |
2.2 |
2.1 |
2.8 |
|
Long Term Investments |
- |
8.6 |
2.2 |
2.1 |
2.8 |
|
Note Receivable - Long Term |
- |
49.9 |
38.8 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term
Asset |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Long Term Assets |
2,709.4 |
- |
- |
- |
- |
|
Other Long Term Assets, Total |
2,709.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Assets |
3,796.2 |
1,361.7 |
1,368.5 |
1,271.8 |
1,140.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
391.4 |
176.5 |
171.8 |
146.9 |
127.0 |
|
Accrued Expenses |
- |
64.0 |
78.4 |
83.1 |
54.5 |
|
Notes Payable/Short Term Debt |
414.6 |
0.0 |
0.0 |
41.6 |
29.1 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
0.0 |
22.3 |
56.0 |
44.3 |
|
Income Taxes Payable |
- |
24.9 |
25.9 |
0.4 |
0.0 |
|
Other Payables |
- |
0.1 |
0.1 |
0.3 |
1.5 |
|
Other Current Liabilities |
177.8 |
14.7 |
13.4 |
11.9 |
63.0 |
|
Other Current liabilities, Total |
177.8 |
39.8 |
39.4 |
12.6 |
64.5 |
|
Total Current Liabilities |
983.8 |
280.4 |
311.9 |
340.2 |
319.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
829.9 |
119.5 |
118.7 |
151.3 |
303.0 |
|
Total Long Term Debt |
829.9 |
119.5 |
118.7 |
151.3 |
303.0 |
|
Total Debt |
1,244.5 |
119.5 |
141.0 |
248.9 |
376.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
393.2 |
214.0 |
213.3 |
190.1 |
158.6 |
|
Deferred Income Tax |
393.2 |
214.0 |
213.3 |
190.1 |
158.6 |
|
Minority Interest |
6.8 |
0.1 |
0.0 |
- |
- |
|
Reserves |
12.7 |
5.3 |
4.0 |
3.8 |
3.2 |
|
Pension Benefits - Underfunded |
127.8 |
31.9 |
30.8 |
27.0 |
23.1 |
|
Other Liabilities, Total |
140.5 |
37.2 |
34.8 |
30.8 |
26.3 |
|
Total Liabilities |
2,354.2 |
651.2 |
678.7 |
712.3 |
807.2 |
|
|
|
|
|
|
|
|
Common Stock |
- |
112.9 |
115.1 |
108.4 |
84.3 |
|
Common Stock |
- |
112.9 |
115.1 |
108.4 |
84.3 |
|
Additional Paid-In Capital |
- |
131.7 |
134.3 |
126.5 |
10.7 |
|
Retained Earnings (Accumulated Deficit) |
- |
468.3 |
443.1 |
324.6 |
238.5 |
|
Translation Adjustment |
- |
-2.3 |
-2.8 |
- |
- |
|
Other Equity |
1,442.0 |
- |
- |
- |
- |
|
Other Equity, Total |
1,442.0 |
-2.3 |
-2.8 |
- |
- |
|
Total Equity |
1,442.0 |
710.5 |
689.7 |
559.5 |
333.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,796.2 |
1,361.7 |
1,368.5 |
1,271.8 |
1,140.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
206.5 |
128.1 |
128.1 |
128.0 |
90.4 |
|
Total Common Shares Outstanding |
206.5 |
128.1 |
128.1 |
128.0 |
90.4 |
|
Treasury Shares - Common Stock Primary Issue |
1.7 |
2.1 |
2.1 |
2.3 |
3.3 |
|
Employees |
- |
2,287 |
2,263 |
2,232 |
2,281 |
|
Number of Common Shareholders |
- |
107,795 |
120,733 |
122,192 |
118,222 |
|
Accumulated Intangible Amort, Suppl. |
- |
8.6 |
6.2 |
3.4 |
0.8 |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
22.3 |
56.0 |
45.0 |
|
Long Term Debt Maturing within 1 Year |
- |
0.0 |
22.3 |
56.0 |
45.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
20.7 |
61.3 |
34.3 |
19.6 |
|
Operating Lease Payments Due in Year 1 |
- |
6.3 |
7.9 |
6.0 |
4.3 |
|
Operating Lease Payments Due in Year 2 |
- |
3.6 |
22.8 |
16.1 |
3.8 |
|
Operating Lease Payments Due in Year 3 |
- |
3.6 |
10.2 |
4.1 |
3.8 |
|
Operating Lease Payments Due in Year 4 |
- |
3.6 |
10.2 |
4.1 |
3.8 |
|
Operating Lease Payments Due in Year 5 |
- |
3.6 |
10.2 |
4.1 |
3.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
7.2 |
33.0 |
20.2 |
7.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
7.2 |
20.4 |
8.1 |
7.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
- |
- |
- |
- |
27.6 |
|
Plan Assets - Domestic |
- |
- |
- |
- |
4.4 |
|
Funded Status - Domestic |
- |
- |
- |
- |
-23.1 |
|
Unfunded Plan Obligations |
- |
39.7 |
37.6 |
33.5 |
- |
|
Total Funded Status |
- |
-39.7 |
-37.6 |
-33.5 |
-23.1 |
|
Discount Rate - Domestic |
- |
3.30% |
3.80% |
3.90% |
3.70% |
|
Compensation Rate - Domestic |
- |
3.00% |
3.00% |
3.00% |
3.00% |
|
Pension Payment Rate - Domestic |
- |
2.00% |
2.00% |
- |
- |
|
Total Plan Obligations |
- |
39.7 |
37.6 |
33.5 |
27.6 |
|
Total Plan Assets |
- |
- |
- |
- |
4.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate (Period
Average) |
6.775133 |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
59.3 |
143.7 |
133.2 |
24.3 |
18.8 |
|
Depreciation |
104.6 |
94.6 |
84.6 |
73.4 |
77.0 |
|
Depreciation/Depletion |
104.6 |
94.6 |
84.6 |
73.4 |
77.0 |
|
Other Non-Cash Items |
11.4 |
2.8 |
-2.5 |
-1.7 |
-9.4 |
|
Non-Cash Items |
11.4 |
2.8 |
-2.5 |
-1.7 |
-9.4 |
|
Accounts Receivable |
-68.3 |
-1.7 |
-30.3 |
-3.0 |
46.8 |
|
Inventories |
13.0 |
-9.9 |
-1.5 |
5.2 |
-24.4 |
|
Accounts Payable |
74.8 |
-5.9 |
11.4 |
12.9 |
15.3 |
|
Other Operating Cash Flow |
-46.9 |
-27.7 |
-1.7 |
0.5 |
-4.2 |
|
Changes in Working Capital |
-27.5 |
-45.1 |
-22.1 |
15.7 |
33.5 |
|
Cash from Operating Activities |
147.9 |
195.9 |
193.3 |
111.7 |
119.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-141.0 |
-71.6 |
-46.2 |
-34.3 |
-89.0 |
|
Purchase/Acquisition of
Intangibles |
0.0 |
-0.2 |
-0.1 |
-1.0 |
-3.0 |
|
Capital Expenditures |
-141.0 |
-71.8 |
-46.3 |
-35.3 |
-92.0 |
|
Acquisition of Business |
-971.3 |
- |
0.0 |
-4.6 |
-1.4 |
|
Sale of Fixed Assets |
1.9 |
0.3 |
0.4 |
0.3 |
0.2 |
|
Sale/Maturity of Investment |
50.0 |
- |
0.0 |
1.6 |
0.0 |
|
Purchase of Investments |
-1.5 |
-19.6 |
-36.2 |
-0.1 |
-0.9 |
|
Other Investing Cash Flow Items, Total |
-920.9 |
-19.2 |
-35.8 |
-2.9 |
-2.1 |
|
Cash from Investing Activities |
-1,061.8 |
-91.0 |
-82.1 |
-38.2 |
-94.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-236.0 |
-24.2 |
-117.3 |
-174.4 |
-218.8 |
|
Financing Cash Flow Items |
-236.0 |
-24.2 |
-117.3 |
-174.4 |
-218.8 |
|
Cash Dividends Paid - Common |
-53.3 |
-55.6 |
-7.2 |
0.0 |
-27.3 |
|
Total Cash Dividends Paid |
-53.3 |
-55.6 |
-7.2 |
0.0 |
-27.3 |
|
Sale/Issuance
of Common |
288.4 |
- |
- |
127.9 |
0.0 |
|
Common Stock, Net |
288.4 |
- |
- |
127.9 |
0.0 |
|
Treasury Stock |
- |
0.0 |
0.7 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
288.4 |
0.0 |
0.7 |
127.9 |
0.0 |
|
Long Term
Debt Issued |
888.8 |
3.8 |
3.5 |
9.5 |
192.8 |
|
Long Term Debt, Net |
888.8 |
3.8 |
3.5 |
9.5 |
192.8 |
|
Issuance (Retirement) of Debt, Net |
888.8 |
3.8 |
3.5 |
9.5 |
192.8 |
|
Cash from Financing Activities |
888.0 |
-75.9 |
-120.3 |
-36.9 |
-53.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.2 |
0.2 |
-1.7 |
-0.5 |
0.9 |
|
Net Change in Cash |
-27.2 |
29.1 |
-10.8 |
36.1 |
-26.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
137.1 |
114.0 |
113.5 |
70.9 |
108.8 |
|
Net Cash - Ending Balance |
110.0 |
143.1 |
102.7 |
107.0 |
82.1 |
|
Cash Interest Paid |
11.2 |
9.1 |
11.0 |
17.3 |
23.6 |
|
Cash Taxes Paid |
52.1 |
27.7 |
1.7 |
-0.5 |
4.2 |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate (Period
Average) |
6.775133 |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
net sales |
1,539.0 |
1,438.8 |
1,225.0 |
1,015.0 |
1,180.8 |
|
other operating income |
4.0 |
2.8 |
11.8 |
4.2 |
2.3 |
|
Total Revenue |
1,543.0 |
1,441.6 |
1,236.8 |
1,019.2 |
1,183.0 |
|
|
|
|
|
|
|
|
change in inventories |
-11.4 |
-0.2 |
-14.6 |
-3.4 |
7.0 |
|
Raw materials and consumables |
799.0 |
689.9 |
588.5 |
506.2 |
595.4 |
|
other external costs |
334.8 |
286.9 |
243.3 |
223.1 |
261.7 |
|
Employee benefits expense |
244.1 |
219.8 |
191.1 |
180.5 |
198.4 |
|
Depreciation and impairment of
non-curre |
104.6 |
94.6 |
84.6 |
73.4 |
76.8 |
|
Profit/Loss from participations in
assoc |
-0.3 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Total Operating Expense |
1,470.8 |
1,290.9 |
1,092.9 |
980.0 |
1,139.2 |
|
|
|
|
|
|
|
|
Financial income |
1.9 |
3.4 |
0.7 |
0.5 |
2.4 |
|
IE on Capital Financing, Gross |
-1.3 |
- |
- |
- |
- |
|
Interest Exp. |
-12.5 |
-7.1 |
-7.1 |
-12.6 |
-27.1 |
|
Exchange Differences |
1.9 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Other Net Financial Income/Expense |
-2.8 |
- |
- |
- |
- |
|
Financial expenses |
- |
-3.2 |
-4.3 |
-3.1 |
-0.3 |
|
Net Income Before Taxes |
59.3 |
143.7 |
133.2 |
24.3 |
18.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-40.6 |
38.5 |
35.4 |
2.7 |
-4.2 |
|
Net Income After Taxes |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
Net Income |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
131.9 |
128.1 |
128.1 |
100.7 |
90.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Basic EPS Including ExtraOrdinary Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Diluted Net Income |
99.9 |
105.2 |
97.8 |
21.6 |
23.0 |
|
Diluted Weighted Average Shares |
132.2 |
128.5 |
128.3 |
100.8 |
90.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
Diluted EPS Including ExtraOrd Items |
0.76 |
0.82 |
0.76 |
0.21 |
0.25 |
|
DPS-Common Stock |
0.21 |
0.43 |
0.39 |
0.05 |
0.00 |
|
Gross Dividends - Common Stock |
61.0 |
55.6 |
50.1 |
6.7 |
0.0 |
|
Normalized Income Before Taxes |
59.3 |
143.7 |
135.0 |
24.3 |
18.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-40.6 |
38.5 |
35.9 |
2.7 |
-4.2 |
|
Normalized Income After Taxes |
99.9 |
105.2 |
99.2 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.9 |
105.2 |
99.2 |
21.6 |
23.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.76 |
0.82 |
0.77 |
0.21 |
0.25 |
|
Diluted Normalized EPS |
0.76 |
0.82 |
0.77 |
0.21 |
0.25 |
|
Rental Costs |
10.8 |
8.2 |
7.8 |
7.1 |
6.4 |
|
Interest Expense, Supplemental |
13.9 |
- |
- |
- |
- |
|
Interest Expense |
- |
7.1 |
7.1 |
12.6 |
27.1 |
|
BC - Depreciation of Fixed Assets |
104.6 |
- |
- |
- |
- |
|
Depreciation |
- |
90.4 |
80.5 |
71.3 |
76.1 |
|
Amortization |
3.4 |
2.6 |
2.4 |
2.1 |
0.9 |
|
Current Tax - Total |
18.9 |
- |
- |
- |
- |
|
Current Tax |
- |
28.2 |
24.6 |
1.8 |
0.5 |
|
Adjustment Previous Years |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Tax - Total |
18.9 |
28.2 |
24.6 |
1.8 |
0.5 |
|
Deferred Tax |
-59.5 |
10.3 |
10.8 |
0.9 |
-4.7 |
|
Deferred Tax - Total |
-59.5 |
10.3 |
10.8 |
0.9 |
-4.7 |
|
Income Tax - Total |
-40.6 |
38.5 |
35.4 |
2.7 |
-4.2 |
|
Service Cost |
2.8 |
2.8 |
2.2 |
1.2 |
3.2 |
|
Interest Cost |
1.3 |
1.4 |
1.2 |
0.8 |
1.2 |
|
Contribution Expense |
11.8 |
9.9 |
10.0 |
9.8 |
6.2 |
|
Wage Tax |
3.2 |
3.2 |
2.8 |
2.5 |
2.4 |
|
Domestic Pension Plan Expense |
19.2 |
17.2 |
16.2 |
14.3 |
13.0 |
|
Total Pension Expense |
19.2 |
17.2 |
16.2 |
14.3 |
13.0 |
|
Discount Rate |
3.00% |
3.30% |
3.80% |
3.90% |
3.70% |
|
Compensation Rate |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Pension Payment Rate |
2.00% |
2.00% |
2.00% |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate |
6.5125 |
6.8553 |
6.72285 |
7.1401 |
7.90795 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Raw Materials |
- |
56.7 |
55.3 |
59.1 |
62.1 |
|
Finished Goods |
- |
94.4 |
96.7 |
76.6 |
64.6 |
|
Work in Progress |
- |
5.4 |
7.0 |
6.4 |
2.7 |
|
Advance from Supplier |
- |
9.0 |
0.1 |
7.0 |
8.6 |
|
Inventories |
483.1 |
- |
- |
- |
- |
|
tax assets |
- |
2.5 |
3.1 |
2.2 |
3.3 |
|
Accounts Rcvbl. |
- |
- |
214.0 |
163.6 |
165.5 |
|
Bad Debts |
- |
- |
-4.0 |
-2.2 |
-1.9 |
|
Accounts receivable |
344.6 |
202.9 |
- |
- |
- |
|
Prepaid expenses and accrued
income |
- |
11.1 |
10.3 |
11.6 |
7.5 |
|
Receivables from associated
companies |
- |
0.4 |
1.0 |
- |
- |
|
other receivables |
- |
40.3 |
52.1 |
54.9 |
23.4 |
|
Other Current Assets |
144.8 |
- |
- |
- |
- |
|
cash and cash equivalents |
114.4 |
135.5 |
110.1 |
114.6 |
68.5 |
|
Total Current Assets |
1,086.8 |
558.3 |
545.8 |
493.8 |
404.3 |
|
|
|
|
|
|
|
|
Non-current assets |
2,709.4 |
- |
- |
- |
- |
|
Intangibles, Gross |
- |
13.1 |
13.2 |
12.6 |
10.1 |
|
Amortization |
- |
-8.6 |
-6.2 |
-3.4 |
-0.8 |
|
Goodwill |
- |
3.1 |
4.5 |
4.2 |
0.0 |
|
Buildings/Land |
- |
263.0 |
259.4 |
245.4 |
220.5 |
|
Plant/Equip. |
- |
1,822.8 |
1,814.1 |
1,702.5 |
1,523.5 |
|
Construction |
- |
7.1 |
10.1 |
17.5 |
1.4 |
|
Write Downs |
- |
-279.5 |
-285.0 |
-266.5 |
-240.6 |
|
Depreciation |
- |
-1,076.2 |
-1,028.6 |
-936.5 |
-780.6 |
|
Participations in associated
companies |
- |
4.2 |
0.6 |
0.6 |
0.5 |
|
other holdings |
- |
4.4 |
1.6 |
1.5 |
2.3 |
|
Deferred tax assets |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Long-term receivables |
- |
49.9 |
38.8 |
0.0 |
0.0 |
|
Total Assets |
3,796.2 |
1,361.7 |
1,368.5 |
1,271.8 |
1,140.8 |
|
|
|
|
|
|
|
|
Short Term Debt, Total |
414.6 |
- |
- |
- |
- |
|
Int.-Bear.Liabs. |
- |
0.0 |
0.0 |
41.6 |
29.1 |
|
Current Portion of Bond Loan |
- |
0.0 |
22.3 |
56.0 |
44.3 |
|
Accounts payables |
391.4 |
176.5 |
171.8 |
146.9 |
127.0 |
|
Other liabilities and provisions |
177.8 |
- |
- |
- |
- |
|
Liabilities to associated
companies |
- |
2.5 |
0.3 |
1.0 |
1.9 |
|
tax liabilities |
- |
24.9 |
25.9 |
0.4 |
0.0 |
|
Accrued expenses and deferred
income |
- |
64.0 |
78.4 |
83.1 |
54.5 |
|
other liabilities |
- |
12.3 |
13.1 |
10.9 |
61.1 |
|
Provisions |
- |
0.1 |
0.1 |
0.3 |
1.5 |
|
Total Current Liabilities |
983.8 |
280.4 |
311.9 |
340.2 |
319.3 |
|
|
|
|
|
|
|
|
Int.-Bear.Liabs. |
829.9 |
119.5 |
118.7 |
151.3 |
303.0 |
|
Total Long Term Debt |
829.9 |
119.5 |
118.7 |
151.3 |
303.0 |
|
|
|
|
|
|
|
|
Provisions for pensions |
127.8 |
31.9 |
30.8 |
27.0 |
23.1 |
|
other provisions |
12.7 |
5.3 |
4.0 |
3.8 |
3.2 |
|
Deferred tax liabilities |
393.2 |
214.0 |
213.3 |
190.1 |
158.6 |
|
non-controlling interests |
6.8 |
0.1 |
0.0 |
- |
- |
|
Total Liabilities |
2,354.2 |
651.2 |
678.7 |
712.3 |
807.2 |
|
|
|
|
|
|
|
|
Share Capital |
- |
112.9 |
115.1 |
108.4 |
84.3 |
|
Additional contributed capital |
- |
131.7 |
134.3 |
126.5 |
10.7 |
|
Fair Value Reserve |
- |
0.0 |
13.8 |
12.6 |
-22.3 |
|
Translation Reserve |
- |
-2.3 |
-2.8 |
- |
- |
|
Profit brought orward incl.
profit/loss |
- |
468.3 |
429.3 |
312.0 |
260.8 |
|
Total Equity |
1,442.0 |
- |
- |
- |
- |
|
Total Equity |
1,442.0 |
710.5 |
689.7 |
559.5 |
333.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,796.2 |
1,361.7 |
1,368.5 |
1,271.8 |
1,140.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
206.5 |
128.1 |
128.1 |
128.0 |
90.4 |
|
Total Common Shares Outstanding |
206.5 |
128.1 |
128.1 |
128.0 |
90.4 |
|
T/S-Common Stock |
1.7 |
2.1 |
2.1 |
2.3 |
3.3 |
|
Acc. Amortization |
- |
8.6 |
6.2 |
3.4 |
0.8 |
|
Full-Time Employees |
- |
2,287 |
2,263 |
2,232 |
2,281 |
|
Number of Common Shareholders |
- |
107,795 |
120,733 |
122,192 |
118,222 |
|
Current maturities |
- |
0.0 |
22.3 |
56.0 |
45.0 |
|
Total Long Term Debt, Supplemental |
- |
0.0 |
22.3 |
56.0 |
45.0 |
|
Operating Lease Mat. within 1 Year |
- |
6.3 |
7.9 |
6.0 |
4.3 |
|
Operating Lease Mat. within 1-5 Years |
- |
14.4 |
30.6 |
12.2 |
15.3 |
|
Optg leases-year 2 |
- |
- |
22.8 |
16.1 |
- |
|
Total Operating Leases, Supplemental |
- |
20.7 |
61.3 |
34.3 |
19.6 |
|
Pension Obligation |
- |
- |
- |
- |
27.6 |
|
Plan Assets |
- |
- |
- |
- |
4.4 |
|
Funded Status |
- |
- |
- |
- |
-23.1 |
|
Unfunded Plan Obligations |
- |
39.7 |
37.6 |
33.5 |
- |
|
Total Funded Status |
- |
-39.7 |
-37.6 |
-33.5 |
-23.1 |
|
Discount Rate |
- |
3.30% |
3.80% |
3.90% |
3.70% |
|
Salary Increase |
- |
3.00% |
3.00% |
3.00% |
3.00% |
|
Pension Payment Rate |
- |
2.00% |
2.00% |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate (Period
Average) |
6.775133 |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst & Young AB |
Ernst & Young AB |
Ernst & Young LLP |
Ernst & Young AB |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit Aft.Fin.Items |
59.3 |
143.7 |
133.2 |
24.3 |
18.8 |
|
Depreciation |
104.6 |
94.6 |
84.6 |
73.4 |
77.0 |
|
Indirect Acquisition Costs |
5.0 |
- |
- |
- |
- |
|
Other Non-Cash Items |
-0.3 |
- |
- |
- |
- |
|
Non-Paid Int. |
4.0 |
1.1 |
0.6 |
-1.8 |
2.7 |
|
Other Provisions |
1.5 |
1.7 |
-3.1 |
0.1 |
-12.4 |
|
Capital Gain/Loss |
1.2 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Operating Surplus |
5.2 |
- |
- |
- |
- |
|
Tax Paid |
-52.1 |
-27.7 |
-1.7 |
0.5 |
-4.2 |
|
Increase ()/Decrease (+) in
inventories |
13.0 |
-9.9 |
-1.5 |
5.2 |
-24.4 |
|
Increase ()/Decrease (+) in
operating r |
-68.3 |
-1.7 |
-30.3 |
-3.0 |
46.8 |
|
Increase (+)/Decrease () in
operating l |
74.8 |
-5.9 |
11.4 |
12.9 |
15.3 |
|
Cash from Operating Activities |
147.9 |
195.9 |
193.3 |
111.7 |
119.9 |
|
|
|
|
|
|
|
|
Acquisition of intangible assets |
0.0 |
-0.2 |
-0.1 |
-1.0 |
-3.0 |
|
Acquisition of property, plant and
equip |
-141.0 |
-71.6 |
-46.2 |
-34.3 |
-89.0 |
|
Acquisition of financial fed
assets |
-1.5 |
-19.6 |
-36.2 |
-0.1 |
-0.9 |
|
Acquisition of
businesses/acquisition of |
-158.4 |
- |
- |
- |
- |
|
Acquisition of subsidiaries, net
effect |
-813.0 |
- |
- |
- |
- |
|
Acquisition of Shares in
Subsidiaries |
- |
- |
0.0 |
-4.6 |
-1.4 |
|
sale of property, plant and
equipment |
1.9 |
0.3 |
0.4 |
0.3 |
0.2 |
|
Sale of financial fed assets |
50.0 |
- |
0.0 |
1.6 |
0.0 |
|
Cash from Investing Activities |
-1,061.8 |
-91.0 |
-82.1 |
-38.2 |
-94.1 |
|
|
|
|
|
|
|
|
Dividend |
-53.3 |
-55.6 |
-7.2 |
0.0 |
-27.3 |
|
Rights issue |
288.4 |
- |
- |
127.9 |
0.0 |
|
Changes in interest-bearing
receivables |
-6.8 |
- |
- |
- |
- |
|
Issue expenses |
-2.8 |
- |
- |
- |
- |
|
Share Issue Costs |
- |
- |
- |
-6.9 |
0.0 |
|
Sale of Treasury |
- |
0.0 |
0.7 |
- |
- |
|
new borrowings |
888.8 |
3.8 |
3.5 |
9.5 |
192.8 |
|
Repayment of borrowings |
-226.4 |
-24.2 |
-117.3 |
-167.4 |
-218.8 |
|
Cash from Financing Activities |
888.0 |
-75.9 |
-120.3 |
-36.9 |
-53.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.2 |
0.2 |
-1.7 |
-0.5 |
0.9 |
|
Net Change in Cash |
-27.2 |
29.1 |
-10.8 |
36.1 |
-26.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
137.1 |
114.0 |
113.5 |
70.9 |
108.8 |
|
Net Cash - Ending Balance |
110.0 |
143.1 |
102.7 |
107.0 |
82.1 |
|
Cash Interest Paid |
11.2 |
9.1 |
11.0 |
17.3 |
23.6 |
|
Cash Taxes Paid |
52.1 |
27.7 |
1.7 |
-0.5 |
4.2 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.15 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.