Interim report January – September 2011
Third quarter 2011
- Consolidated net sales of SEK 166M (135).
- Consolidated profit/loss after tax including discontinued operations of SEK -132M (13).
- Diluted earnings per share of SEK -1.56 (0.15).
- Parent Company profit/loss after tax of SEK -126M (-63)
Profit/loss in the Parent Company was negatively affected by impairment losses of SEK 124M attributable to a lower market value in the listed portfolio companies PartnerTech and Micronic Mydata.
- Bure had repurchased 2,289,077 shares at 30 September 2011.
Interim period January – September 2011
- Consolidated net sales of SEK 583M (553).
- Consolidated profit/loss after tax including discontinued operations of SEK -128M (418). Profit/loss for the comparison year was positively affected by the reversal of SEK 235M in negative goodwill.
- Diluted earnings per share of SEK -1.46 (4.87).
- Parent Company profit/loss after tax of SEK -178M (31). Profit/loss was negatively affected by impairment losses of SEK 170M in the portfolio companies PartnerTech, Dipylon Medical, Micronic Mydata and Dipylon Medical.
- Bure’s net asset value at 30 September 2011 was SEK 1,954M • (2,164).
- Total return on the Bure share was -42.1 per cent (21.5).
- In October Bure repurchased 1,681,669 treasury shares. At 15 November 2011 Bure held a total of 3,970,746 treasury shares, which is equal to 4.6 per cent of the total number of shares outstanding.
- Bure sold its holding of 48.6 per cent in the portfolio company
The Chimney Pot to the company’s management.
COMMENTS FROM THE CEO
The third quarter was marked by general unrest and turbulence surrounding the euro zone and the European banking system. The period also saw major fluctuations in international stock markets, exchange rates and interest rate trends. There is widespread uncertainty about how the market will react in 2012 and an overhanging risk for economic slowing.
Our portfolio companies showed continued positive development in the third quarter. This applies particularly to Micronic Mydata, PartnerTech and Vitrolife. On the other hand, Bure’s portfolio companies that are active in the financial markets were negatively affected by falling stock markets and lower activity in business transactions.
In the third quarter the Parent Company Bure reported impairment losses of SEK 124M as a result of falling share prices for our listed holdings. Following the publication of strong quarterly reports for Bure’s listed holdings, the share prices have rebounded after the end of the reporting period and thereby recovered parts of the impairment loss that was recognised during the quarter.
In September and October Bure repurchased shares corresponding to 4.6 per cent of the number of shares outstanding for a total of SEK 76M, which is equal to an average price of SEK 19.19 each.
Extensive revaluation primarily among small and mid-sized companies is creating attractive business opportunities. With its strong financial position, Bure has ample scope to make exciting investments in the future.
FOR ADDITIONAL INFORMATION CONTACT
Patrik Tigerschiöld, President & CEO O +46 8 614 00 20
Andreas Berglin, CFO O +46 8 614 00 20