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Semcon AB at a Develop, Both in the Various • a Number of Longer Train- Fidence

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Semcon AB at a Develop, Both in the Various • a Number of Longer Train- Fidence ANNUAL REPORT 1998 SSemcon annual report 1998 Product and Production Development Industrial Information Technology Competence and Process Development Contents 1998 in brief 2 Semcon in brief • Semcon continued to build up its infrastructure by establishing an office in Kalmar. Six new departments started during the year. 4 Hans Johansson, MD • Semcon qualified as a primary supplier to Adtranz Sweden, 7 Intellectual capital Ericsson, Scania, Telia and others. • Important frame agreements were concluded with the County Labour 8 Human capital Board of Västra Götaland. 14 Structural capital • Semcon established a new organisation to facilitate continued growth. 18 Semcon and the environment Business areas Significant events 20 Product and Production Development after the end of the accounting year 26 Industrial Information Technology • Semcon established in Norway and Denmark 32 Competence and Process Development • A new electronics department started in Linköping, and a new management department in Lund. 40 Reference assignment – Volvo S80 • A partnership agreement signed with Volvo Car Corporation, which 42 Semcon shares means a take-over of staff and parts of the business from the Technical Service Department. The agreement is a rolling agreement for three 44 Five year overview years with an income of around SEK 180 million during the first three years. 45 Definitions 1996 1997 1998 46 Management report Turnover (SEK million) 390.5 495.6 708.9 Operating profits (SEK million) 49.1 57.2 81.9 50 Consolidated profit and loss account Equity ratio (%) 23.7 31.0 39.3 Number shares issued (thousand) 17,338 17,338 17,338 51 Consolidated balance sheet Earnings per share (SEK) 2.11 2.31 3.44 52 Consolidated financial analysis P/E ratio 15.2 15.4 19.5 Average number employees 521 695 955 Parent company profit and loss 53 Profits per employee after financial items (SEK thousand) 98.4 83.5 88.8 account 54 Parent company balance sheet Turnover and operating profit SEK million 55 Parent company financial analysis Turnover Profit 800 80 56 Notes 700 70 600 60 500 50 61 Auditors’ report 400 40 300 30 62 The Board, auditors, management 200 20 100 10 64 Annual General Meeting 94 95 96 97 98 Address list The Annual General Meeting will be held on Monday the 22 March, 1999 at 6 p.m. at Svenska Mässan in Gothenburg. For further information please see page 64. 1 Financial aims Semcon’s three business Semcon in brief • Our ambition is for our areas and also offering operating margin to exceed customers all-round solu- 10 percent over a trade cyc- tions which span all busi- le. ness • Our debt-to-equity ratio areas and include partners. should be low and our • Staffing – We will recruit equity ratio should be new graduates and experi- above 35 percent. enced professionals. By keep- Business idea: • Dividends should corre- ing staff, recruiting and B further developing new “Semcon sells profitable spond to 30–50 percent of members through varying development power to profits after tax, when this commissions and training leading industrial compa- equity ratio has been courses Semcon will be able nies through positive and achieved. to continue expansion. committed people with Our ambition is to offer the right skills.” Long-term strategies various types of bonus • Growth – Growth should systems and a chance to in the main continue to have occur organically, but also a stake in the company by means of the additional with the aim of motivating acquisition of smaller com- members of staff to remain panies and also through with the company and inc- taking over business from rease their personal involve- customers in the form of ment in Semcon’s long- outsourcing and partner- term development. ship. • Company culture – • The Market – Expansion Semcon will defend and should take place by estab- develop a strong company lishing new offices in culture which has been Sweden and by careful, long- built up since its inception term international expan- in 1980. This culture is sion, first and foremost in based on common values the Nordic countries and applying to personal Company aims • IT systems and networks secondly by accompanying responsibility, involvement, Semcon’s aim is to be the first (Industrial Information the customers abroad. The listening well and co- choice as a supplier of consul- Technology) continued addition of new operation. Great import- tancy and training for compa- • People and work processes sections at existing offices ance is attached to activ- nies undergoing intensive (Competence and Process is also a link in Semcon’s ities which create relation- development. Semcon’s three Development) expansion. ships. business areas focus on giving Mutual profitability is • Customers – Semcon will • IT – Semcon will always the customer an all-round achieved by providing con- strive for a long-term rela- strive to have the most up- offer which includes develop- sultants who have the right tionship with existing and to-date technology and IT ment of their: skills and by suggesting all- new customers through fast tools. All Semcon’s offices • Products and production round solutions to increase service, listening to them are linked together on a (Product and Production customers’ competitiveness. and involvement. Local network in order to facili- Development) knowledge of customers tate co-operation. Semcon Semcon’s largest customers, 1998 and their development Groups has developed an Internet- Volvo 19% tools and also proposals for based time reporting sys- Ericsson 13% new solutions are also of tem and skills databases in Saab 10% great importance. The Labour Board in Gothenburg 5% order to be able to carry out ABB 4% customer base should be in- its assignments in an Adtranz 3% creased and continue to be effective manner. Tetra Pak 2% broad and also spread over Others 44% different sectors so that Semcon may continue to be Strategies for 1999 Turnover per industry, 1998 • Increased concentra- Automotive 26% independent of any specific tion on IT and elec- Telecommunication & electronics 19% industrial cycle. tronics Training and authorities 15% • Services offered – Semcon Engineering 13% • Focus on the Foodstuffs 5% should constantly strive to Stockholm and Energy and electric power 5% provide a competitive Öresund regions Pharmaceuticals and medical technology 4% range of services. This will • Establishment in the Subcontractors 3% Nordic countries Chemical & petro-chemicals 3% be achieved by listening to Wood pulp and paper 2% the customers and further • Developing more part- Defence 1% developing services within nerships with our Others 4% customers 2 Semcon Product and Industrial Competence Business Production areas Information and Process Development Technology Development Management services within Mechanical engineering, Systems development, product development, Electrical/Automation, networking, communi- Main business development, Electronics, Process tech- cations, CAD, PDM, business the environment. Training nology, Testing, Analysis, technical information, within IT, technology, Industrial design web technology. business development. Proportion of Group turnover 60 % 22 % 18 % Proportion of Group profits 57 % 26 % 17 % This business area offers This business area offers This business area offers consultancy services within consultancy services within companies and organisations product development and also systems development, pro- services and training so as to machine and production gramming, handling, com- increase their competitive- design. We produce tailor- munications and presenta- ness through development at made solutions within project tion of information and also the individual and organisa- management and skills the sale of IT-based tools for tional levels. Such a process strengthening, and we offer more efficient product devel- starts with Semcon charting specialists depending on each opment such as CAD and and analysing needs and then individual customer’s wishes PDM products. offering its services. These and needs. Both all-round Customers are to be found are carried out in the form of assignments and individual mainly within telecommuni- consultancy services or commissions are taken on. cations, pharmaceutics and training courses. Customers are to be found the automotive industry. Customers are to be found within telecommunications, Work within this business within telecommunications, pharmaceutics and the auto- area commenced in 1986. medical technology, pharma- motive industry with associ- ceutics and the automotive ated subcontractors, and also industry and also their sub- within petrochemicals, pack- contractors and agents. aging, engineering, process- Important customers within ing and the construction our training activities in- industry. clude the County Labour Work in this business area Board. commenced in 1980, the Work in this business area same year as Semcon’s foun- commenced in 1987. dation. 3 Semcon is pleased to Hans Johansson MD report sales up by 43 per- cent this year to SEK 708.9 million, and profits up by 46 percent to SEK 84.8 mil- lion. Are you pleased with the year’s results? Yes, these are the best results in Semcon’s history. We have been successful with our H sales, and our consultants have been working at full capacity. In addition, de- velopments have been posi- tive within our training business. Semcon Education is doing fantastically well and we’re training up to 1,700 students a day at more than 40 locations. Semcon was originally an industrial consultancy firm, but if you look at your busi- ness today, don’t you seem rather to have become an IT company? We have deliberately con- centrated on IT, and today I think we have an excellent, wide range of services on offer. We have a much better balance now between our three business areas Product and Production Develop- ment, Industrial Information Technology and Competence and Process Development. Our share of IT-related con- sultancy and training com- missions has increased over the year and IT is the area of the Group that has grown fastest and which has been most profitable during 1998. But we have naturally continued to develop our ori- ginal business area Product and Production Develop- ment.
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