Financial statement 2012 Strong financial position - dividend of SEK 2 per share Fourth quarter January-December • The operating income was SEK 671 million (679) • The operating income was SEK 2,571 million (2,452) • The operating profit was SEK 55 million (57) giving an and organic growth was 6% operating margin of 8.2% (8.4) • The operating profit was SEK 193 million (111) giving • The profit after tax was SEK 47 million (36) an operating margin of 7.5% (4.5) • Earnings per share (EPS) after dilution was SEK 2.58 • The profit after tax was SEK 141 million (69) (1.98) • Earnings per share (EPS) after dilution was SEK 7.80 (3.83) • The equity/assets ratio was 47% (38) • Return on equity was 27.7% (17.3) • Return on capital employed was 26.2% (15.5) • The Board of Directors proposes a dividend of SEK 2.00 per share (-) Comment from President & CEO Markus Granlund “Semcon has had a good year with sales growth and improved profit. Focusing on more markets and more profitable business models has paid off, both for our customers and for Semcon. The financial position was reinforced over the year. Net debt fell by SEK 172 million and the equity/assets ratio was 47% at year-end. It’s also pleasing to have signed another major order in 2012 worth around EUR 15 million with a German auto manufacturer. We have also extended our offer to the German market through the acqu- isition of the product information company Comet.” Income and operating profit Income (SEK m) Operating prot (SEK m) 3 500 250 3 000 200 2 500 150 2 000 100 1 500 50 1 000 0 500 –50 0 –100 Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2007 2008 2009 2010 2011 2012 The result of each quarter is for four consecutive quarters excluding one-off items. Semcon is an international company active in the areas of engineering services and product information. The Group has 3,000 employees with extensive experience from many different industries. We develop technologies, products, plants and information solutions along the entire development chain and also provide many services including quality control, training and methodology development. Semcon boosts customers’ sales and competitive strength by providing them with innovative solutions, design and solid engi- neering solutions. The Group has sales of SEK 2.6 billion and activities at more than 45 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain and Russia Income and results Group sales per industry 2012 Fourth quarter Operating income amounted to SEK 671 million (679). Sales in Other, 2% (1) local currencies remained unchanged overall. The drop in Telecom, 4% (5) Automotive, 63% (61) demand seen in the third quarter remained in the fourth Life Science, 5% (4) quarter, especially from certain customers in Design & Deve- Energy, 6% (7) lopment. The quarter also had two fewer working days than the same period last year, equal to around SEK 20 million in Industry, 20% (22) income and SEK 16 million in profit. The operating profit was SEK 55 million (57) giving an opera- ting margin of 8.2% (8.4). A lower utilization rate at Design & Development negatively affected results. The action plan car- ried out by Design & Development negatively affected results by SEK 2 million net. Net financial items totalled SEK -2 million (-3) giving a profit Financial position before tax of SEK 53 million (54). Tax costs for the quarter The operating cash flow from current activities was SEK 186 stood at SEK 6 million (-18). The cut in company tax from 2013, million (88). The Group’s cash and bank balances amounted to from 26.3% to 22.0%, positively affected the fourth quarter’s SEK 116 million (40) with additional non-utilized credit of SEK tax costs by SEK 6 million. The profit after tax was SEK47 mil- 306 million (223) as at 31 December. The Group’s credit agree- lion (36) and EPS after dilution was SEK 2.58 (1.98). ments consist of an overdraft facility of SEK 150 million (150) and a revolving credit facility of EUR 32.8 million (32.8), which January- December run until July 2013. There is an option available for the com- Operating income rose by SEK 119 million compared to last pany to extend the revolving credit to a three-year loan before year and amounted to SEK 2,571 million (2,452). Sales in local the due date. currencies rose by 6%. The sales improvement is mainly attri- Investments in hardware, licences, office supplies and butable to increased demand from Informatic and Automo- equipment, amounted to SEK 22 million (17). Shareholders’ tive R&D compared with last year. The year had three fewer equity amounted to SEK 579 million (442) and the equity/ working days compared with 2011. The operating profit rose assets ratio was 47% (38). The Group’s net debt fell by SEK 172 by SEK 82 million to SEK 193 million (111) giving an operating million to SEK 61 million (233) and the debt/equity ratio was 0.1 margin of 7.5% (4.5). The improvement is mainly attributable times (0.5) with an interest coverage ratio of 26.8 times (8.7). to increased sales. Last year the result was burdened with one-off costs of SEK 31 million for a reserve for Saab Automo- bile AB. The business area showed the following operating Equity/assets ratio (%) margins excluding one-off costs: Automotive R&D 6.6% (3.1), Design & Development 6.7% (7.9) and Informatic 11.9% (11.3). 40 Net financial items totalled SEK -7 million (-11) giving a profit Objective: before tax of SEK 186 million (100). Tax costs for the quarter 30 % 30 stood at SEK 45 million (31). The profit after tax was SEK 141 million (69) and EPS after dilution was SEK 7.80(3.83). 20 10 23.5 30.5 33.6 33.0 38.4 46.6 0 Earnings per market 2012 2007 2008 2009 2010 2011 2012 Equity/asset ratio at year-end Sweden, 47% (50) Germany, 36% (35) Other, 17% (15) 2 • Semcon financial statement 2012 Automotive R&D The business area reported continued sales growth and In Brazil, sales have fallen over the year due to some of the improved results compared with 2011. Total sales increased largest customer cutting back on orders of development servi- organically by 8% over the year, amounting to SEK 1,428 mil- ces, which has negatively affected sales and results. In the UK, lion (1,338). sales to the automotive industry remained stable, with the The operating profit improved by SEK 69 million and number of local customers increasing. This has meant both amounted to SEK 94 million (25). The improved results are sales growth and improved results. In India, the business is mainly attributable to the shift to more project business. The continuing to achieve improved sales growth and earnings, operating margin rose by 4.8 percent units, amounting to although from a low starting level. The business in India is an 6.6% (1.8). important part of the business area’s global project supply The business area’s largest market Germany, accounts for chain. 64% of the business area’s sales and saw continued good per- formance over the year, reporting a doubling of its operating The change towards taking on more full-car projects and larger results. Customers such as Audi, BMW, Daimler and VW are subprojects in recent years is paying off and the business area continuing to invest heavily in product development. Semcon sees good opportunities to increase sales in the global automo- signed an order with an auto manufacturer in Germany in Q3 tive market. worth around EUR 15 million (around SEK 130 million) for deve- loping a version of an existing coupé model. Share of Semcon’s total sales, % The business area has performed well in Sweden over the year, both in terms of sales and results. Sales have fallen since September however due to the major Powertrain project that Informatic, 17 (15) started in September 2011 concluding in August instead of December, as previously announced. The business area also expects a drop in demand from the Swedish auto industry for Automotive R&D, 55 (55) the near future as it is reporting a drop in orders of product development services for 2013. The business is increasingly Design & Development, 28 (30) focusing on delivering services from Sweden to global custo- mers. To clarify and strengthen its offer in embedded systems and electronics towards the auto industry, 26 employees transferred from Design & Development on 1 July. Sweden accounts for 24% of the business area’s sales. Oct-Dec Jan-Dec Key figures Automotive R&D 2012 2011 2012 2011 Operating income, SEK m 371.4 373.2 1,428.4 1,338.3 Operating profit/loss, SEK m 33.7 21.2 94.2 24.4 Operating margin, % 9.1 5.7 6.6 1.8 Operating profit/loss excl. one-off items, SEK m* 33.7 21.2 94.2 41.4 Operating margin excl. one-off items , % 9.1 5.7 6.6 3.1 Number of employees at period’s end 1,772 ** 1,683 1,772 ** 1,683 * One-off items (See Note 1, page 13) ** 26 people transferred to Automotive R&D from Design & Development on 1 July 2012 About Automotive R&D The business area’s nearly 1,800 or so employees provide services to customers in the global automotive industry.
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