Bure Annual Report 1997 Contents 1997 Operations
Total Page：16
File Type：pdf, Size：1020Kb
BURE ANNUAL REPORT 1997 CONTENTS 1997 OPERATIONS Managing Director’s Comments . 1 •Consolidated earnings after financial items increased to SEK 781M. Earnings per Bure’s orientation . 4 share amounted to SEK 11. The Parent Company’s earnings after tax The Bure share . 6 amounted to SEK 617M. Valuation . 8 • Bure Health Care increased its invoiced sales to SEK 1,488M. Operations have Expertise . 11 been established in Norway following the acquisition of 50 per cent of Norway’s Development projects . 12 largest private hospital, Volvat Medisinske Senter and in Denmark following the ■ Bure Health Care . 14 acquisition of the distribution company, ■ Specialist Care . 18 Simonsen & Weel and the laboratory company, Medi-Lab. ■ Geriatric Care . 19 ■ Occupational Health Care . 20 • Within Bure IT/InfoMedia, the ownership ■ Diagnostics . 22 in Scribona increased to 51 per cent of ■ Materials Supply . 23 capital and 64 per cent of votes. 52 per cent of the data communication company, ■ Bure IT/InfoMedia . 24 Salcom Communication, was acquired ■ Scribona . 27 during the year. ■ IT Services . 28 • Bure Investments acquired Åre Invest in ■ Information Services . 31 January which later during the year formed Åre Vemdalen AB, and 12 per cent of ■ Bure Investments . 32 Nobel Biocare in December. ■ Chematur Engineering . 35 ■ Åre Vemdalen . 36 • Bure’s holdings in BT Industries and Spira ■ Gunnebo . 38 were sold with Groupwise capital gains of ■ Troponor . 39 SEK 162M and SEK 107M, respectively. ■ Svolder . 40 • The Parent Company’s asset management ■ Nobel Biocare . 41 contributed SEK 369M to earnings. ■ InnovationsKapital . 42 • The Board of Directors proposes that the ■ Nordic Capital . 43 AGM decide on a dividend of SEK 5.50 per share. Asset Management . 44 Directors’ Report and Accounts . 46 START OF 1998 Definitions . 73 Board of Directors, Executive • Acquisition of 14 per cent in Mölnlycke Management and Auditors . 74 Health Care. • Capital gains of approximately SEK Addresses . 77 370M, of which SEK 208M in the Parent Company and SEK 160M in Scribona following the divestments of the office product retail chain, Svanströms. • Acquisition of 55 per cent in the IT systems supplier, Dimension. • The Board of Directors of Scribona propose that the AGM decide that the Sifo Group will be distributed to the shareholders and thereafter to apply for a quotation on the O list on the Stockholm Stock Exchange during 1998. BURE – GROWTH AND DIVIDEND Bure’s business concept is, as an active owner and investor, to contribute capital and Bure Health Care 10% expertise with the objective of creating high growth in value for its shareholders. Bure IT/InfoMedia 38% With a sound capital base, Bure has the power to create change. As an investor and developer of business in sectors undergoing change Bure is building new businesses, Bure Investments 32% especially within the service sector. Leading market positions are to be attained in Asset Management selected segments. At the same time, investments are made in the short and medium and other operations term in individual expansive companies with strong cash flows. As a result, both less liabilities 20% positive dividend capacity and long-term growth in value is created Distribution of net asset value by Business Sector at 31 Dec 1997 1997 Summary Invoiced sales, Earnings after Bure’s ownership Bure’s invested Share of Bure’s SEK M financial items, SEK M of capital, % capital, SEK M net asset value, % Bure Health Care Bure Health Care is to be the player on the health care market which best satisfies the demands placed by the patients and the principals of health care ■ Specialist Care1) 325 23 50 –100 170 4 ■ Geriatric Care1) 94 8 100 35 1 ■ Occupational Health Care1) 499 16 70 78 2 ■ Diagnostics1) 314 6 100 93 2 ■ Materials Supply1) 256 1 80 24 – 1) Invested capital refers to what Bure Health Care has invested in subsidiaries. Bure’s investment in Health Care amounts to SEK 501M which is equivalent to 10 per cent of Bure’s net asset value. Bure IT/InfoMedia Bure IT/InfoMedia’s business concept is to develop entrepreneurially-operated IT and infomedia companies and to participate in the restructuring of large IT companies ■ Scribona 8,474 185 51 1,231 33 ■ IT Services2) 824 25 4 5 –100 202 4 ■ Information Services 83 5 85 31 1 2) Invoiced sales and earnings after financial items refer to total value including associated companies Bure Investments Bure Investments’ business concept, as a complement to the other Business Sectors, is to create growth in value and dividend capacity in the long and medium term. ■ Chematur Engineering 447 20 100 125 3 ■ Åre Vemdalen 195 3) 29 3) 100 143 3 ■ Gunnebo 3,086 155 36 219 10 ■ Troponor 462 - 59 66 94 1 ■ Svolder – 277 4) 25 105 6 ■ Nobel Biocare 1,068 112 12 206 5 ■ InnovationsKapital – – 53 31 1 ■ Nordic Capital – 206 5) 4 –16 80 3 3) Pro forma 1997, 4) Refers to the period 1 Dec 96-30 Nov 97, 5) Refers to capital result of Bure’s holding which was divested during 1997 Market Value Return incl. Bure’s invested Share of Bure’s SEK M dividends, % capital, SEK M net asset value,% Asset Management ■ Shares 836 26 821 17 ■ Interest-bearing investments 431 5 428 9 NOTICE Y SEK M, unless otherwise stated Group at 31 December 1993 1994 1995 1996 1997 Profit and Loss Account Invoiced sales 1 97 571 1,129 9,739 Capital gains, net 490 364 316 279 557 Earnings after financial items 624 497 538 441 781 Annual General Meeting of Bure GROUP SUMMAR Minority interest - 1 - 7 - 3 7 - 86 The Annual General Meeting will be held Taxes - 48 - 42 - 52 - 35 - 94 at Svenska Mässan, Alströmers Sal 1, Net profit for the year 575 448 483 413 601 Mässans gata 22, Gothenburg on Thurs- day 26 March 1998 at 3pm. Balance Sheet Bank deposits and interest-bearing investments 990 1,287 1,016 1,344 876 Participation Balance Sheet total 2,773 3,227 3,884 4,402 8,526 Shareholders who on 16 March 1998 are entered in the Register of Shareholders Shareholders’ equity 2,680 3,030 3,369 3,605 3,937 maintained by the Swedish Securities Register Centre, VPC, are entitled to Key figures participate in the AGM. Shareholders Return on shareholders’ equity, % 24 16 17 13 21 whose shares are nominee-registered must Return on capital employed, % 25 18 17 12 17 register the shares temporarily in their own Equity ratio, % 97 94 87 82 46 name not later than 16 March 1998. Earnings per share, SEK 10.55 8.20 8.85 7.55 11.00 Notification of participation in the Average number of employees 13 172 962 1,819 5,628 AGM must be made to Investment AB Investments, Parent Company 459 461 1,143 913 1,164 Bure not later than 12 noon on Tuesday 24 March by telephoning Int +46 31- 335 76 44, by mail or via Bure’s website on the Internet. When notifying the Company, shareholders must state name personal number (registration 12 12 120 number), address and telephone 11 11.00 11 110 number. 10 10 100 9 8.85 9 90 88 Dividend 8 8 80 81 7.55 The Board of Directors proposes a 7 7 70 65 dividend to the shareholders of SEK 6 6 60 5.50* 5.50 per share. The Board has 5.00 5 5 50 proposed 31 March 1998 as record 4 4 40 day. Dividend is expected to be paid on 3.25 3 3 30 7 April 1998. 2 2 20 In order to facilitate payment of 1 1 10 dividends, shareholders should have a 0 0 0 so-called yield account, for example, an 1995 1996 1997 1995 1996 1997 1995 1996 1997 ordinary bank account linked to a VP Consolidated earnings Dividend per share, SEK Net asset value account. This can be arranged through per share, SEK * Proposed dividend per share, SEK Financial information from Bure For 1998, the following financial information will be published: T SEK M 29 April Interim Report January-March Parent Company result adjusted for increase in value in listed assets 1997 1996 27 August Interim Report January-June 5 November Interim Report Net profit for the year 617 461 January- September February 1999 Accounts Report 1998 ANY RESUL Change in surplus values Reports can be requested from: Interest-bearing investments - 22 23 INVESTMENT AB BURE (publ) Listed subsidiaries and associated companies 274 398 Box 5419, Stock portfolio - 183 138 SE-402 29 Gothenburg Visiting address: 69 559 Mässans gata 8 ARENT COMP Telephone: Int +46 31-335 7635 P Adjusted profit 686 1,020 Telefax: Int +46 31- 778 5838 www.bure.se Contact person: Fredrik Sanell Telephone: Int +46 31 335 7651 E-post: [email protected] High growth rate and strong earnings improvement 1997 was yet another good year for Bure. Consolidated profit increased by 77 per cent and amounted to SEK 781M. Growth in net asset value amounted to 15 per cent including dividend paid, which is on a par with Bure’s target. Earnings were to a large degree generated within Bure Investments and the Parent Company’s asset management. This is fully in line with the adopted strategy for growth and dividend in which the operating Business Sectors, Bure Health Care and Bure IT/InfoMedia are responsible for long-term build-up of value, whereas Bure Investments and the Parent Company’s asset management secure earnings and dividend capacity in the long and medium term. The strategy makes it possible for Bure to combine the financial strength of the investment company with the dynamics and value potential of the growth company.