Interim Report January – March 2012

NET ASSET VALUE

  • The net asset value increased to SEK 160 per share, compared to SEK 142 per share at the beginning of the year. The increase corresponds to 12.7 percent compared to SIXRX which increased by 11.3 percent. The net asset value on 3 May amounted to SEK 157 per share.1)

INDUSTRIAL OPERATIONS

  • Orders received in the industrial operations increased to SEK 1,804 (1,736) m, which is an organic increase for comparable units of 1 percent adjusted for exchange effects.
  • Net sales in the industrial operations amounted to SEK 1,735 (1,557) m, an organic increase in comparable units of 8 percent adjusted for exchange effects.
  • Operating result amounted to SEK 149 (171) m, a decrease of 12 percent which corresponds to an operating margin of 8.6 (11.0) percent in continuing operations. Increased investments in market and product development charged the result.
  • Two acquisitions were made in the quarter. Latour Industries acquired SCS for REAC and Hultafors Group acquired Snickers Workwear’s franchises in the Netherlands.

GROUP

  • Group result after net financial items amounted to SEK 266 (194) m.
  • Group result after tax amounted to SEK 231 (161) m, or SEK 1.45 (1.23) per share.
  • Net debt amounted to SEK 1,135 million at the end of March and was equal to 4.2 percent of the market value of the company’s entire assets.

INVESTMENT PORTFOLIO

  • During the quarter the investment portfolio’s value increased by 17.3 percent while the comparable index (SIXRX) increased by 11.3 percent.

EVENTS AFTER THE REPORT PERIOD

  • Credit facilities amounting to SEK 1 035 M has been prolonged until 2017.