MIRA
INFORM REPORT
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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
NYNAS AB
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Formerly Known As : |
NynAs Petroleum (AB) |
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Registered Office : |
Lindetorpsvagen 7, P.O. Box 10700 Stockholm, 10700 |
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Country : |
Sweden |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1930 |
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Com. Reg. No.: |
5560292509 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Manufacturer of petroleum products |
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No. of Employees : |
886 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
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Sweden |
A2 |
A2 |
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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 growth continued downward 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 & address
Nynas AB
Lindetorpsvagen 7,
P.O. Box 10700
Stockholm, 10700
Sweden
Tel: 46-8-6021200
Fax: 46-8-913427
Web: www.nynas.com
Synthesis
Employees: 886
Company Type: Private Parent
Corporate Family: 12
Companies
Incorporation Date: 1930
Auditor: Ernst & Young AB
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Swedish
Krona
Annual Sales: 3,576.2 1
Net Income: 48.1
Total Assets: 1,563.1 2
Business Description
Nynas AB (publ) is primarily engaged in manufacturing petroleum products (except asphalt paving, roofing, and saturated materials and lubricating oils and greases) from refined petroleum and coal products made in coke ovens not integrated with a steel mill.
Nynas AB (Nynas) is an oil refining company. The company manufactures and refines from petrol and diesel, heating oil and lubricants. Its products include bitumen, transformer oils, base oils, oils for adhesives, oils for printing inks, tyre oils, oils for rubber, oils for TPE, and other process oils. The products of Nynas are manufactured at refineries, which are in Europe and North and South America. It also provide research and development facility. The company’s protective bitumen products are used for roofing and pipes. Nynas is headquartered in Stockholm, Sweden.
Refining and marketing of petroleum products especially bitumen and naphthenics specialty oils
Specialty Oil Products Mfr
Petroleum Refineries
For the fiscal year ended 31 December 2011, Nynas AB revenues increased 13% to SEK23.22B. Net income decreased 26% to SEK312.5M. Revenues reflect United Kingdom segment increase of 17% to SEK5.86B, Other segment increase of 23% to SEK3.61B. Net income was offset by Selling Expenses increase of 4% to SEK2.38B (expense), Interest Expense increase of 41% to SEK170.1M (expense).
Industry
Industry Public Sector and Government
ANZSIC 2006: 7552 - Foreign
Government Representation
NACE 2002: 7521 - Foreign
affairs
NAICS 2002: 92812 -
International Affairs
UK SIC 2003: 7521 - Foreign
affairs
UK SIC 2007: 8421 - Foreign
affairs
US SIC 1987: 9721 -
International Affairs
Key Executives
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Name |
Title |
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Staffan LennstrOm |
President and Chief Executive Officer |
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Dan Daggenfelt |
Chief Financial Officer |
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Martin Carlson |
Business Development Director |
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Rolf Allgulander |
Vice President, Manufacturing |
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Simon Day |
Director, Supply Chain |
1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 6.49369
2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 6.8553
Corporate Overview
Location
Lindetorpsvagen 7,
P.O. Box 10700
Stockholm, 10700
Sweden
Tel: 46-8-6021200
Fax: 46-8-913427
Web: www.nynas.com
Sales SEK(mil): 23,222.7
Assets SEK(mil): 10,715.5
Employees: 886
Fiscal Year End: 31-Dec-2011
Industry: Public Sector and Government
Incorporation Date: 1930
Company Type: Private Parent
Quoted Status: Not Quoted
Previous Name: NynAs Petroleum (AB)
Registered No.(SWE): 5560292509
President and
Chief Executive Officer:
Staffan LennstrOm
Industry Codes
ANZSIC 2006 Codes:
7552 - Foreign Government Representation
1812 - Basic Organic Chemical Manufacturing
NACE 2002 Codes:
7521 - Foreign affairs
2414 - Manufacture of other organic basic chemicals
NAICS 2002 Codes:
92812 - International Affairs
325192 - Cyclic Crude and Intermediate Manufacturing
US SIC 1987:
9721 - International Affairs
2865 - Cyclic Organic Crudes and Intermediates, and organic Dyes
and Pigments
UK SIC 2003:
7521 - Foreign affairs
2414 - Manufacture of other organic basic chemicals
UK SIC 2007:
8421 - Foreign affairs
2014 - Manufacture of other organic basic chemicals
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Corporate Family |
Corporate
Structure News: |
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Nynas
AB |
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Nynas AB |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Stockholm |
Sweden |
Public Sector and Government |
3,576.2 |
886 |
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Subsidiary |
Jakarta, Jakarta |
Indonesia |
Chemical Manufacturing |
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20 |
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Subsidiary |
Panjin, Liaoning |
China |
Construction and Agriculture Machinery |
4.9 |
15 |
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Subsidiary |
Singapore |
Singapore |
Oil and Gas Operations |
64.6 |
8 |
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Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
5.1 |
7 |
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Subsidiary |
Vantaa |
Finland |
Miscellaneous Capital Goods |
115.4 |
5 |
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Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Oil and Gas Operations |
43.0 |
5 |
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Subsidiary |
Johannesburg, Gauteng |
South Africa |
Oil and Gas Operations |
0.0 |
3 |
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Subsidiary |
Ellesmere Port |
United Kingdom |
Business Services |
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Subsidiary |
Guildford |
United Kingdom |
Oil and Gas Operations |
1.9 |
10 |
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Subsidiary |
Ellesmere Port |
United Kingdom |
Nonclassifiable Industries |
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Subsidiary |
Ellesmere Port |
United Kingdom |
Nonclassifiable Industries |
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Competitors Report
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Company
Exeucvtie
report Name |
Location |
Employees |
Ownership |
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BorsodChem Zrt |
Kazincbarcika, Hungary |
2,681 |
Private |
|
Preem Petroleum AB |
Stockholm, Sweden |
1,333 |
Private |
Executive report
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Board
of Directors |
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Chairman |
Chairman |
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Employee Representative |
Director/Board Member |
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ledamot |
Director/Board Member |
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ledamot och ordfOrande |
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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ledamot |
Director/Board Member |
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ledamot |
Director/Board Member |
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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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Executives |
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President and Chief Executive Officer |
Chief Executive Officer |
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verkst dir |
Managing Director |
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Vice President, Manufacturing |
Administration Executive |
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Vice President, Bitumen |
Administration Executive |
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Vice President, Naphthenics |
Administration Executive |
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Chief Financial Officer |
Finance Executive |
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Human Resources Director |
Human Resources Executive |
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Business Development Director |
Marketing Executive |
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Director-Communications |
Corporate Communications Executive |
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Director, Supply Chain |
Purchasing Executive |
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Purchasing Executive |
Purchasing Executive |
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Annual profit & losss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
SEK |
SEK |
SEK |
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Exchange Rate
(Period Average) |
6.493691 |
7.206564 |
7.645194 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Revenue |
3,659.9 |
2,927.7 |
2,703.7 |
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Gross Profit |
135.5 |
134.9 |
139.3 |
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Net Financial Items |
-20.4 |
-9.9 |
-20.7 |
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Operating Income |
90.2 |
94.5 |
106.1 |
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Income Before Tax |
69.8 |
84.7 |
85.4 |
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Net Income |
48.1 |
58.5 |
62.0 |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
SEK |
SEK |
SEK |
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Exchange Rate |
6.8553 |
6.72285 |
7.1401 |
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Consolidated |
Yes |
Yes |
Yes |
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Total Assets |
1,563.1 |
1,325.7 |
1,207.9 |
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Total Liabilities |
1,019.9 |
814.4 |
781.9 |
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Total Equity |
543.2 |
511.3 |
426.0 |
Annual Ratios
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
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Exchange Rate |
- |
- |
- |
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Consolidated |
Yes |
Yes |
Yes |
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Operating Margin |
2.71 |
3.60 |
4.16 |
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Current Ratio |
282.04 |
242.17 |
218.34 |
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Total debt/total equity |
34.75 |
38.57 |
35.27 |
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Return on average equity |
12.17 |
17.75 |
21.45 |
Annual Growth Rates
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|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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Filed Currency |
- |
- |
|
Exchange Rate |
- |
- |
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Consolidated |
Yes |
Yes |
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Turnover Percent Change |
12.65% |
2.07% |
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Marginal Contribution Percent Change |
-9.45% |
-8.75% |
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Net Financial Items Percent Change |
-86.62% |
55.21% |
|
Operating Results Percent Change |
-14.02% |
-16.00% |
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Profit/Loss Before Tax Percent Change |
-25.73% |
-6.48% |
|
Profit/Loss for the Year Percent Change |
-25.84% |
-11.15% |
|
Assets Percent Change |
20.23% |
3.34% |
|
Debts Percent Change |
27.70% |
-1.93% |
|
Equity Capital Percent Change |
8.32% |
13.01% |
|
Operating Margin Percent Change |
-24.72% |
-13.46% |
|
Current Ratio Percent Change |
16.46% |
10.91% |
|
Debt/Equity Ratio Percent Change |
-9.90% |
9.36% |
|
Return On Equity Percent Change |
-31.44% |
-17.25% |
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate
(Period Average) |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
3,576.2 |
2,855.6 |
2,635.6 |
3,531.9 |
|
Revenue |
3,576.2 |
2,855.6 |
2,635.6 |
3,531.9 |
|
Total Revenue |
3,576.2 |
2,855.6 |
2,635.6 |
3,531.9 |
|
|
|
|
|
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Cost of Revenue |
3,096.8 |
2,417.8 |
2,126.6 |
3,199.3 |
|
Cost of Revenue, Total |
3,096.8 |
2,417.8 |
2,126.6 |
3,199.3 |
|
Gross Profit |
479.4 |
437.8 |
509.0 |
332.6 |
|
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Selling/General/Administrative Expense |
402.9 |
348.9 |
328.4 |
348.6 |
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Total Selling/General/Administrative Expenses |
402.9 |
348.9 |
328.4 |
348.6 |
|
Depreciation |
4.7 |
9.2 |
9.2 |
9.8 |
|
Depreciation/Amortization |
4.7 |
9.2 |
9.2 |
9.8 |
|
Investment Income -
Operating |
-4.0 |
-1.4 |
-12.0 |
3.2 |
|
Interest/Investment Income - Operating |
-4.0 |
-1.4 |
-12.0 |
3.2 |
|
Interest Expense (Income) - Net Operating Total |
-4.0 |
-1.4 |
-12.0 |
3.2 |
|
Other Operating Expense |
65.3 |
55.0 |
49.5 |
68.4 |
|
Other, Net |
-79.7 |
-68.4 |
27.8 |
-197.7 |
|
Other Operating Expenses, Total |
-14.4 |
-13.4 |
77.3 |
-129.2 |
|
Total Operating Expense |
3,486.0 |
2,761.1 |
2,529.5 |
3,431.6 |
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Operating Income |
90.2 |
94.6 |
106.1 |
100.2 |
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Interest Expense -
Non-Operating |
-26.2 |
-16.7 |
-16.6 |
-39.2 |
|
Interest Expense, Net Non-Operating |
-26.2 |
-16.7 |
-16.6 |
-39.2 |
|
Interest Income -
Non-Operating |
6.8 |
6.9 |
6.4 |
14.6 |
|
Investment Income -
Non-Operating |
2.2 |
2.3 |
-7.9 |
-0.8 |
|
Interest/Investment Income - Non-Operating |
8.9 |
9.2 |
-1.5 |
13.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-17.3 |
-7.5 |
-18.1 |
-25.4 |
|
Other Non-Operating Income (Expense) |
-3.1 |
-2.4 |
-2.6 |
-2.6 |
|
Other, Net |
-3.1 |
-2.4 |
-2.6 |
-2.6 |
|
Income Before Tax |
69.8 |
84.7 |
85.4 |
72.3 |
|
|
|
|
|
|
|
Total Income Tax |
21.7 |
26.2 |
23.3 |
18.5 |
|
Income After Tax |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Net Income Before Extraord Items |
48.1 |
58.5 |
62.0 |
53.8 |
|
Net Income |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
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|
Income Available to Common Incl Extraord Items |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
0.1 |
0.1 |
0.1 |
0.1 |
|
Basic EPS Excl Extraord Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Basic/Primary EPS Incl Extraord Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted Net Income |
48.1 |
58.5 |
62.0 |
53.8 |
|
Diluted Weighted Average Shares |
0.1 |
0.1 |
0.1 |
0.1 |
|
Diluted EPS Excl Extraord Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted EPS Incl Extraord Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
815.26 |
|
Dividends per Share - Common Stock Issue 2 |
0.00 |
0.00 |
0.00 |
815.26 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
55.0 |
|
Interest Expense, Supplemental |
26.2 |
16.7 |
16.6 |
39.2 |
|
Depreciation, Supplemental |
39.6 |
34.9 |
29.2 |
33.9 |
|
Normalized Income Before Tax |
69.8 |
84.7 |
85.4 |
72.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
21.7 |
26.2 |
23.3 |
18.5 |
|
Normalized Income After Tax |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Basic Normalized EPS |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted Normalized EPS |
712.60 |
865.88 |
918.66 |
797.25 |
|
Amort of Intangibles, Supplemental |
5.8 |
5.4 |
4.1 |
5.3 |
|
Rental Expenses |
45.4 |
39.3 |
35.4 |
33.4 |
|
Normalized EBIT |
86.2 |
93.1 |
94.1 |
103.4 |
|
Normalized EBITDA |
131.5 |
133.4 |
127.4 |
142.6 |
|
Current Tax - Domestic |
20.6 |
18.6 |
31.5 |
16.8 |
|
Current Tax - Other |
1.8 |
0.9 |
0.4 |
0.2 |
|
Current Tax - Total |
22.4 |
19.5 |
31.9 |
17.0 |
|
Deferred Tax - Total |
-0.7 |
6.8 |
-8.6 |
1.5 |
|
Deferred Tax - Total |
-0.7 |
6.8 |
-8.6 |
1.5 |
|
Income Tax - Total |
21.7 |
26.2 |
23.3 |
18.5 |
|
Interest Cost - Domestic |
5.6 |
5.2 |
4.4 |
5.1 |
|
Expected Return on Assets - Domestic |
-6.6 |
-5.6 |
-4.0 |
-5.6 |
|
Other Pension, Net - Domestic |
7.2 |
4.4 |
3.7 |
7.8 |
|
Domestic Pension Plan Expense |
6.2 |
4.0 |
4.2 |
7.3 |
|
Defined Contribution Expense - Domestic |
6.3 |
6.2 |
5.1 |
5.8 |
|
Total Pension Expense |
12.5 |
10.2 |
9.3 |
13.0 |
|
Discount Rate - Domestic |
3.50% |
3.70% |
4.00% |
3.70% |
|
Expected Rate of Return - Domestic |
3.50% |
3.70% |
4.00% |
3.70% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.80% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
5.6 |
5.2 |
4.4 |
5.1 |
|
Total Plan Expected Return |
-6.6 |
-5.6 |
-4.0 |
-5.6 |
|
Total Plan Other Expense |
7.2 |
4.4 |
3.7 |
7.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate |
6.8553 |
6.72285 |
7.1401 |
7.90795 |
|
Auditor |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash & Equivalents |
36.4 |
33.5 |
37.7 |
40.8 |
|
Short Term Investments |
4.1 |
14.0 |
5.1 |
86.4 |
|
Cash and Short Term Investments |
40.5 |
47.4 |
42.8 |
127.3 |
|
Accounts Receivable -
Trade, Gross |
252.3 |
177.4 |
184.5 |
206.0 |
|
Provision for Doubtful
Accounts |
-1.2 |
-1.0 |
-2.7 |
-2.8 |
|
Trade Accounts Receivable - Net |
251.1 |
176.3 |
181.7 |
203.3 |
|
Other Receivables |
71.8 |
62.4 |
63.5 |
52.0 |
|
Total Receivables, Net |
322.9 |
238.8 |
245.2 |
255.3 |
|
Inventories - Finished Goods |
341.1 |
272.4 |
231.2 |
236.5 |
|
Inventories - Work In Progress |
60.3 |
60.8 |
46.7 |
53.2 |
|
Inventories - Raw Materials |
190.8 |
205.5 |
188.5 |
111.5 |
|
Total Inventory |
592.2 |
538.7 |
466.4 |
401.2 |
|
Other Current Assets |
38.7 |
10.3 |
9.9 |
7.3 |
|
Other Current Assets, Total |
38.7 |
10.3 |
9.9 |
7.3 |
|
Total Current Assets |
994.4 |
835.2 |
764.3 |
791.1 |
|
|
|
|
|
|
|
Buildings |
59.3 |
64.8 |
51.9 |
41.3 |
|
Machinery/Equipment |
782.6 |
737.9 |
622.0 |
497.1 |
|
Construction in
Progress |
131.5 |
62.6 |
88.9 |
65.9 |
|
Property/Plant/Equipment - Gross |
973.5 |
865.3 |
762.8 |
604.4 |
|
Accumulated Depreciation |
-485.0 |
-456.2 |
-406.0 |
-338.0 |
|
Property/Plant/Equipment - Net |
488.5 |
409.1 |
356.8 |
266.4 |
|
Goodwill, Net |
1.2 |
1.2 |
1.1 |
1.0 |
|
Intangibles - Gross |
101.8 |
98.1 |
87.8 |
73.8 |
|
Accumulated Intangible Amortization |
-85.0 |
-80.7 |
-71.0 |
-61.0 |
|
Intangibles, Net |
16.8 |
17.4 |
16.8 |
12.8 |
|
LT Investment - Affiliate Companies |
32.7 |
29.8 |
29.6 |
17.4 |
|
LT Investments - Other |
8.9 |
10.7 |
14.0 |
33.1 |
|
Long Term Investments |
41.7 |
40.5 |
43.6 |
50.6 |
|
Deferred Income Tax - Long Term Asset |
15.3 |
15.2 |
16.4 |
15.9 |
|
Other Long Term Assets |
5.3 |
7.0 |
8.9 |
9.9 |
|
Other Long Term Assets, Total |
20.6 |
22.2 |
25.3 |
25.8 |
|
Total Assets |
1,563.1 |
1,325.7 |
1,207.9 |
1,147.8 |
|
|
|
|
|
|
|
Accounts Payable |
97.2 |
113.7 |
132.5 |
60.7 |
|
Notes Payable/Short Term Debt |
14.9 |
38.0 |
14.8 |
178.6 |
|
Income Taxes Payable |
12.5 |
8.8 |
8.1 |
4.9 |
|
Other Current Liabilities |
228.0 |
187.6 |
206.5 |
166.4 |
|
Other Current liabilities, Total |
240.4 |
196.3 |
214.6 |
171.3 |
|
Total Current Liabilities |
352.6 |
348.0 |
361.9 |
410.6 |
|
|
|
|
|
|
|
Long Term Debt |
553.1 |
341.9 |
303.6 |
280.4 |
|
Total Long Term Debt |
553.1 |
341.9 |
303.6 |
280.4 |
|
Total Debt |
568.1 |
379.9 |
318.3 |
459.0 |
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
65.8 |
68.4 |
59.0 |
62.3 |
|
Deferred Income Tax |
65.8 |
68.4 |
59.0 |
62.3 |
|
Reserves |
35.2 |
46.9 |
44.6 |
12.5 |
|
Pension Benefits - Underfunded |
7.5 |
6.1 |
9.6 |
12.2 |
|
Other Long Term Liabilities |
5.8 |
3.0 |
3.2 |
2.1 |
|
Other Liabilities, Total |
48.4 |
56.0 |
57.4 |
26.8 |
|
Total Liabilities |
1,019.9 |
814.4 |
781.9 |
780.2 |
|
|
|
|
|
|
|
Common Stock |
9.8 |
10.0 |
9.5 |
8.5 |
|
Common Stock |
9.8 |
10.0 |
9.5 |
8.5 |
|
Retained Earnings (Accumulated Deficit) |
533.4 |
501.3 |
416.6 |
359.0 |
|
Other Equity |
0.0 |
0.0 |
- |
0.0 |
|
Other Equity, Total |
0.0 |
0.0 |
- |
0.0 |
|
Total Equity |
543.2 |
511.3 |
426.0 |
367.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,563.1 |
1,325.7 |
1,207.9 |
1,147.8 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shares Outstanding - Common Stock Issue 2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Common Shares Outstanding |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
886 |
860 |
840 |
854 |
|
Accumulated Intangible Amort, Suppl. |
85.0 |
80.7 |
71.0 |
61.0 |
|
Total Long Term Debt, Supplemental |
568.1 |
379.9 |
318.3 |
459.0 |
|
Long Term Debt Maturing within 1 Year |
14.9 |
38.0 |
14.8 |
178.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
553.1 |
341.9 |
303.6 |
280.4 |
|
Total Operating Leases, Supplemental |
143.7 |
156.8 |
191.3 |
156.4 |
|
Operating Lease Payments Due in Year 1 |
37.5 |
34.1 |
36.7 |
29.2 |
|
Operating Lease Payments Due in Year 2 |
20.0 |
22.9 |
27.0 |
21.8 |
|
Operating Lease Payments Due in Year 3 |
20.0 |
22.9 |
27.0 |
21.8 |
|
Operating Lease Payments Due in Year 4 |
20.0 |
22.9 |
27.0 |
21.8 |
|
Operating Lease Payments Due in Year 5 |
20.0 |
22.9 |
27.0 |
21.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
40.0 |
45.9 |
54.0 |
43.5 |
|
Operating Lease Pymts. Due in 4-5 Years |
40.0 |
45.9 |
54.0 |
43.5 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
26.3 |
31.0 |
46.8 |
40.2 |
|
Pension Obligation - Domestic |
91.1 |
85.1 |
85.4 |
78.6 |
|
Plan Assets - Domestic |
103.6 |
103.8 |
88.6 |
61.4 |
|
Funded Status - Domestic |
12.6 |
18.6 |
3.2 |
-17.2 |
|
Unfunded Plan Obligations |
29.4 |
27.5 |
22.4 |
- |
|
Total Funded Status |
-16.8 |
-8.9 |
-19.2 |
-17.2 |
|
Discount Rate - Domestic |
3.50% |
3.70% |
4.00% |
3.70% |
|
Expected Rate of Return - Domestic |
3.50% |
3.70% |
4.00% |
3.70% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.80% |
|
Pension Payment Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Obligations |
120.4 |
112.7 |
107.7 |
78.6 |
|
Total Plan Assets |
103.6 |
103.8 |
88.6 |
61.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate
(Period Average) |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
69.8 |
84.7 |
85.4 |
72.3 |
|
Depreciation |
49.6 |
42.5 |
36.0 |
44.6 |
|
Depreciation/Depletion |
49.6 |
42.5 |
36.0 |
44.6 |
|
Other Non-Cash Items |
-9.0 |
-1.2 |
17.8 |
26.1 |
|
Non-Cash Items |
-9.0 |
-1.2 |
17.8 |
26.1 |
|
Accounts Receivable |
-115.0 |
23.6 |
130.8 |
-83.1 |
|
Inventories |
-68.3 |
-51.6 |
-20.6 |
-90.3 |
|
Other Liabilities |
30.9 |
-40.0 |
80.0 |
-65.2 |
|
Other Operating Cash Flow |
-28.0 |
-27.8 |
-14.4 |
-48.1 |
|
Changes in Working Capital |
-180.4 |
-95.8 |
175.8 |
-286.7 |
|
Cash from Operating Activities |
-70.0 |
30.2 |
315.0 |
-143.6 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-133.6 |
-65.5 |
-87.8 |
-71.2 |
|
Purchase/Acquisition of Intangibles |
-6.1 |
-6.9 |
-7.2 |
-3.3 |
|
Capital Expenditures |
-139.7 |
-72.4 |
-95.1 |
-74.5 |
|
Sale/Maturity of Investment |
2.9 |
0.0 |
0.4 |
1.1 |
|
Purchase of Investments |
-0.1 |
-2.6 |
0.0 |
-0.5 |
|
Other Investing Cash Flow Items, Total |
2.8 |
-2.5 |
0.4 |
0.5 |
|
Cash from Investing Activities |
-136.8 |
-74.9 |
-94.6 |
-74.0 |
|
|
|
|
|
|
|
Total Cash Dividends Paid |
0.0 |
0.0 |
-47.5 |
-56.2 |
|
Total Debt Issued |
209.7 |
43.4 |
0.0 |
290.8 |
|
Total Debt Reduction |
0.0 |
0.0 |
-179.2 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
209.7 |
43.4 |
-179.2 |
290.8 |
|
Cash from Financing Activities |
209.7 |
43.4 |
-226.7 |
234.6 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.9 |
-4.8 |
-0.6 |
-5.1 |
|
Net Change in Cash |
3.8 |
-6.1 |
-7.0 |
11.9 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.7 |
37.4 |
42.2 |
37.0 |
|
Net Cash - Ending Balance |
38.4 |
31.2 |
35.2 |
48.9 |
|
Cash Taxes Paid |
28.0 |
27.8 |
14.4 |
48.1 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate
(Period Average) |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
3,576.2 |
2,855.6 |
2,635.6 |
3,531.9 |
|
Total Revenue |
3,576.2 |
2,855.6 |
2,635.6 |
3,531.9 |
|
|
|
|
|
|
|
Raw Materials & Consumables |
3,096.8 |
2,417.8 |
2,126.6 |
3,199.3 |
|
Other Income/Value Changes |
-2.2 |
2.2 |
83.9 |
-99.5 |
|
Selling Expenses |
366.2 |
317.5 |
310.2 |
312.7 |
|
Administrative Expenses |
36.7 |
31.4 |
18.2 |
35.9 |
|
Share of Associates |
-4.0 |
-1.4 |
-12.0 |
3.2 |
|
Other Operating Income |
-77.5 |
-70.6 |
-56.2 |
-98.2 |
|
Depreciation of Fixed Assets |
4.7 |
9.2 |
9.2 |
9.8 |
|
Other Operating Expenses |
65.3 |
55.0 |
49.5 |
68.4 |
|
Adjustment |
0.0 |
0.0 |
0.1 |
- |
|
Total Operating Expense |
3,486.0 |
2,761.1 |
2,529.5 |
3,431.6 |
|
|
|
|
|
|
|
Interest Income |
6.8 |
6.9 |
6.4 |
14.6 |
|
Foreign Exchange Differences |
2.2 |
2.3 |
-7.9 |
-0.8 |
|
Interest Expense |
-26.2 |
-16.7 |
-16.6 |
-39.2 |
|
Other Financial Expense |
-3.1 |
-2.4 |
-2.6 |
-2.6 |
|
Net Income Before Taxes |
69.8 |
84.7 |
85.4 |
72.3 |
|
|
|
|
|
|
|
Provision for Income Taxes |
21.7 |
26.2 |
23.3 |
18.5 |
|
Net Income After Taxes |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Net Income Before Extra. Items |
48.1 |
58.5 |
62.0 |
53.8 |
|
Net Income |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
0.1 |
0.1 |
0.1 |
0.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Basic EPS Including ExtraOrdinary Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted Net Income |
48.1 |
58.5 |
62.0 |
53.8 |
|
Diluted Weighted Average Shares |
0.1 |
0.1 |
0.1 |
0.1 |
|
Diluted EPS Excluding ExtraOrd Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted EPS Including ExtraOrd Items |
712.60 |
865.88 |
918.66 |
797.25 |
|
DPS-A-Shares |
0.00 |
0.00 |
0.00 |
815.26 |
|
DPS-B-Shares |
0.00 |
0.00 |
0.00 |
815.26 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
55.0 |
|
Normalized Income Before Taxes |
69.8 |
84.7 |
85.4 |
72.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
21.7 |
26.2 |
23.3 |
18.5 |
|
Normalized Income After Taxes |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
48.1 |
58.5 |
62.0 |
53.8 |
|
|
|
|
|
|
|
Basic Normalized EPS |
712.60 |
865.88 |
918.66 |
797.25 |
|
Diluted Normalized EPS |
712.60 |
865.88 |
918.66 |
797.25 |
|
Depreciation |
39.6 |
34.9 |
29.2 |
33.9 |
|
Amortization of Intangibles |
5.8 |
5.4 |
4.1 |
5.3 |
|
Interest Expense |
26.2 |
16.7 |
16.6 |
39.2 |
|
Rental Expense |
45.4 |
39.3 |
35.4 |
33.4 |
|
Current Tax - Total |
20.6 |
18.6 |
31.5 |
16.8 |
|
Current Tax - Prior Tax |
1.8 |
0.9 |
0.4 |
0.2 |
|
Adjustment |
0.0 |
- |
- |
- |
|
Current Tax - Total |
22.4 |
19.5 |
31.9 |
17.0 |
|
Deferred Tax - Total |
-0.7 |
6.8 |
-8.6 |
1.5 |
|
Deferred Tax - Total |
-0.7 |
6.8 |
-8.6 |
1.5 |
|
Income Tax - Total |
21.7 |
26.2 |
23.3 |
18.5 |
|
Benefits Earned During the Year |
3.9 |
3.8 |
3.4 |
7.8 |
|
Interest Expense |
5.6 |
5.2 |
4.4 |
5.1 |
|
Expected Return on Plan Assets |
-6.6 |
-5.6 |
-4.0 |
-5.6 |
|
Other Pension, Net - Domestic |
3.3 |
0.6 |
0.3 |
- |
|
Domestic Pension Plan Expense |
6.2 |
4.0 |
4.2 |
7.3 |
|
Defined Contribution Expense |
6.3 |
6.2 |
5.1 |
5.8 |
|
Total Pension Expense |
12.5 |
10.2 |
9.3 |
13.0 |
|
Discount Rate - Sweden |
3.50% |
3.70% |
4.00% |
3.70% |
|
Expected Return on Plan Assets - Sweden |
3.50% |
3.70% |
4.00% |
3.70% |
|
Salary Increase - Sweden |
2.50% |
2.50% |
2.50% |
2.80% |
|
Pension Increase - Sweden |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate - UK |
5.10% |
5.50% |
5.70% |
5.80% |
|
Expected Return on Plan Assets - UK |
6.00% |
6.50% |
6.90% |
7.20% |
|
Salary Increase - UK |
0.00% |
0.00% |
4.60% |
4.50% |
|
Pension Increase - UK |
3.00% |
3.30% |
3.60% |
3.30% |
|
Discount Rate - Belgium |
4.80% |
4.50% |
5.30% |
5.10% |
|
Expected Return on Plan Assets - Belgium |
3.80% |
3.80% |
3.80% |
3.80% |
|
Salary Increase - Belgium |
4.00% |
4.00% |
4.00% |
4.00% |
|
Pension Increase - Belgium |
2.00% |
2.00% |
2.00% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate |
6.8553 |
6.72285 |
7.1401 |
7.90795 |
|
Auditor |
Ernst & Young
AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Raw Materials & Consumables |
190.8 |
205.5 |
188.5 |
111.5 |
|
Products in Progress |
60.3 |
60.8 |
46.7 |
53.2 |
|
Finished Goods & Goods for Resale |
341.1 |
272.4 |
231.2 |
236.5 |
|
Trade Receivables, Gross |
252.3 |
177.4 |
184.5 |
206.0 |
|
Provision of Doubtful Accounts |
-1.2 |
-1.0 |
-2.7 |
-2.8 |
|
Receivables from Associates |
0.0 |
1.0 |
29.8 |
9.5 |
|
Derivative Instruments |
4.1 |
11.3 |
5.1 |
86.4 |
|
Tax Receivables |
23.3 |
22.7 |
12.8 |
22.5 |
|
Other Receivables |
48.5 |
38.7 |
20.8 |
20.0 |
|
Deferred Costs & Accrued Income |
38.7 |
10.4 |
9.9 |
7.3 |
|
ST Investments |
0.0 |
2.7 |
0.0 |
- |
|
Cash & Cash at Bank |
36.4 |
33.5 |
37.7 |
40.8 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
994.4 |
835.2 |
764.3 |
791.1 |
|
|
|
|
|
|
|
Buildings & Land |
59.3 |
64.8 |
51.9 |
41.3 |
|
Plant & Machinery |
712.7 |
671.1 |
568.1 |
454.7 |
|
Equipment, Tools & Fittings |
70.0 |
66.8 |
53.9 |
42.5 |
|
Construction in Progress |
131.5 |
62.6 |
88.9 |
65.9 |
|
Accumulated Depreciation |
-485.0 |
-456.2 |
-406.0 |
-338.0 |
|
Goodwill, Net |
1.2 |
1.2 |
1.1 |
1.0 |
|
Supply Contracts/Customer Lists |
49.0 |
49.8 |
47.2 |
42.0 |
|
Computer Software |
52.6 |
48.1 |
40.4 |
31.6 |
|
Other Intangible Assets |
0.2 |
0.2 |
0.2 |
0.2 |
|
Amortization |
-85.0 |
-80.7 |
-71.0 |
-61.0 |
|
Participation in Subsidiary |
32.7 |
29.8 |
29.6 |
17.4 |
|
Investments Held as Fixed Assets |
0.0 |
0.3 |
0.3 |
0.3 |
|
Derivative Instruments |
8.9 |
10.4 |
13.7 |
32.8 |
|
LT Receivables |
5.3 |
7.0 |
8.9 |
10.0 |
|
Deferred Tax Receivables |
15.3 |
15.2 |
16.4 |
15.9 |
|
Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
1,563.1 |
1,325.7 |
1,207.9 |
1,147.8 |
|
|
|
|
|
|
|
Overdraft Facilities |
13.7 |
5.3 |
5.3 |
12.6 |
|
Liabilities to Credit Institutions |
1.2 |
32.8 |
9.5 |
166.0 |
|
Payables to Suppliers |
97.2 |
113.7 |
132.5 |
60.7 |
|
Liabs to Associates |
17.4 |
14.9 |
11.6 |
5.7 |
|
Derivative Instruments |
5.6 |
9.2 |
8.5 |
14.8 |
|
Tax Liabilities |
12.5 |
8.8 |
8.1 |
4.9 |
|
Other Liabilities |
15.3 |
12.4 |
8.7 |
14.6 |
|
Accrued Costs & Deferred Income |
186.1 |
147.9 |
165.8 |
124.0 |
|
Other Provisions |
3.5 |
3.1 |
11.8 |
7.4 |
|
Adjustment |
- |
0.0 |
0.0 |
0.0 |
|
Total Current Liabilities |
352.6 |
348.0 |
361.9 |
410.6 |
|
|
|
|
|
|
|
LT Liabilities to Credit Institutions |
553.1 |
341.9 |
303.6 |
280.4 |
|
Total Long Term Debt |
553.1 |
341.9 |
303.6 |
280.4 |
|
|
|
|
|
|
|
Provisions for Pensions |
7.5 |
6.1 |
9.6 |
12.2 |
|
Derivative Instruments |
3.0 |
0.3 |
0.8 |
0.4 |
|
Deferred Tax Liabilities |
65.8 |
68.4 |
59.0 |
62.3 |
|
Other Liabilities |
2.8 |
2.7 |
2.3 |
1.7 |
|
Other Provisions |
35.2 |
46.9 |
44.6 |
12.5 |
|
Adjustment |
0.0 |
0.0 |
0.0 |
- |
|
Total Liabilities |
1,019.9 |
814.4 |
781.9 |
780.2 |
|
|
|
|
|
|
|
Share Capital |
9.8 |
10.0 |
9.5 |
8.5 |
|
Reserves |
-7.7 |
-3.9 |
-0.1 |
-3.1 |
|
Retained Earnings/Accumulated Loss |
541.1 |
505.2 |
416.7 |
362.1 |
|
Adjustment |
0.0 |
0.0 |
- |
0.0 |
|
Total Equity |
543.2 |
511.3 |
426.0 |
367.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,563.1 |
1,325.7 |
1,207.9 |
1,147.8 |
|
|
|
|
|
|
|
S/O-A-Shares |
0.0 |
0.0 |
0.0 |
0.0 |
|
S/O-B-Shares |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Common Shares Outstanding |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accumulated Intangible Amortization |
85.0 |
80.7 |
71.0 |
61.0 |
|
Full-Time Employees |
886 |
860 |
840 |
854 |
|
LT Debt Maturing Within 1 Year |
14.9 |
38.0 |
14.8 |
178.6 |
|
Remaining LT Debt Maturities |
553.1 |
341.9 |
303.6 |
280.4 |
|
Total Long Term Debt, Supplemental |
568.1 |
379.9 |
318.3 |
459.0 |
|
Operating Leases Maturing Within 1 Year |
37.5 |
34.1 |
36.7 |
29.2 |
|
Op. Leases Maturing Within 1-5 Years |
80.0 |
91.7 |
107.9 |
87.0 |
|
Operating Leases Maturing Over 5 Years |
26.3 |
31.0 |
46.8 |
40.2 |
|
Total Operating Leases |
143.7 |
156.8 |
191.3 |
156.4 |
|
Present Value of Pension Obligations |
91.1 |
85.1 |
85.4 |
78.6 |
|
Unfunded Plan Obligations |
29.4 |
27.5 |
22.4 |
- |
|
Fair Value of Plan Assets |
103.6 |
103.8 |
88.6 |
61.4 |
|
Funded Status |
12.6 |
18.6 |
3.2 |
-17.2 |
|
Total Funded Status |
-16.8 |
-8.9 |
-19.2 |
-17.2 |
|
Discount Rate - Sweden |
3.50% |
3.70% |
4.00% |
3.70% |
|
Expected Return on Plan Assets - Sweden |
3.50% |
3.70% |
4.00% |
3.70% |
|
Salary Increase - Sweden |
2.50% |
2.50% |
2.50% |
2.80% |
|
Pension Increase - Sweden |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate - UK |
5.10% |
5.50% |
5.70% |
5.80% |
|
Expected Return on Plan Assets - UK |
6.00% |
6.50% |
6.90% |
7.20% |
|
Salary Increase - UK |
0.00% |
0.00% |
4.60% |
4.50% |
|
Pension Increase - UK |
3.00% |
3.30% |
3.60% |
3.30% |
|
Discount Rate - Belgium |
4.80% |
4.50% |
5.30% |
5.10% |
|
Expected Return on Plan Assets - Belgium |
3.80% |
3.80% |
3.80% |
3.80% |
|
Salary Increase - Belgium |
4.00% |
4.00% |
4.00% |
4.00% |
|
Pension Increase - Belgium |
2.00% |
2.00% |
2.00% |
2.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
SEK |
SEK |
SEK |
SEK |
|
Exchange Rate
(Period Average) |
6.493691 |
7.206564 |
7.645194 |
6.599156 |
|
Auditor |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young AB |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income before Taxes |
69.8 |
84.7 |
85.4 |
72.3 |
|
Depreciation |
49.6 |
42.5 |
36.0 |
44.6 |
|
Share of Profit of Associates |
-3.8 |
-1.3 |
-11.9 |
4.2 |
|
Unrealized Exchange Differences |
3.6 |
13.3 |
1.3 |
14.3 |
|
Gains on Sale of PP&E |
0.4 |
0.3 |
0.0 |
5.0 |
|
Provisions for Pensions |
1.7 |
-4.5 |
-3.8 |
-3.2 |
|
Other Provisions |
-11.0 |
-9.1 |
32.2 |
5.8 |
|
Income Tax Paid |
-28.0 |
-27.8 |
-14.4 |
-48.1 |
|
Inventories |
-68.3 |
-51.6 |
-20.6 |
-90.3 |
|
ST Receivables |
-115.0 |
23.6 |
130.8 |
-83.1 |
|
ST Liabilities |
30.9 |
-40.0 |
80.0 |
-65.2 |
|
Adjustment |
- |
0.0 |
- |
- |
|
Cash from Operating Activities |
-70.0 |
30.2 |
315.0 |
-143.6 |
|
|
|
|
|
|
|
Acquisition of Fixed Assets |
-133.6 |
-65.5 |
-87.8 |
-71.2 |
|
Acquisition of Intangibles |
-6.1 |
-6.9 |
-7.2 |
-3.3 |
|
Acqusition of Financial Assets |
-0.1 |
-2.6 |
0.0 |
-0.5 |
|
Sale of Financial Assets |
2.9 |
0.0 |
0.4 |
1.1 |
|
Cash from Investing Activities |
-136.8 |
-74.9 |
-94.6 |
-74.0 |
|
|
|
|
|
|
|
Issuance of Debt |
209.7 |
43.4 |
0.0 |
290.8 |
|
Repayment of Debt |
0.0 |
0.0 |
-179.2 |
0.0 |
|
Dividend Paid |
0.0 |
0.0 |
-47.5 |
-56.2 |
|
Cash from Financing Activities |
209.7 |
43.4 |
-226.7 |
234.6 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.9 |
-4.8 |
-0.6 |
-5.1 |
|
Net Change in Cash |
3.8 |
-6.1 |
-7.0 |
11.9 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
34.7 |
37.4 |
42.2 |
37.0 |
|
Net Cash - Ending Balance |
38.4 |
31.2 |
35.2 |
48.9 |
|
Cash Taxes Paid |
28.0 |
27.8 |
14.4 |
48.1 |
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.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.