Interim report January – September 2010
Third quarter 2010
• Consolidated net sales of SEK 203M (162).
• Consolidated profit after tax of SEK 13M (-27).
• Diluted earnings per share of SEK 0.15 (-0.53).
• The Parent Company’s profit after tax was SEK -62M (-2).
• The portfolio company Carnegie acquired HQ Fonder and
HQ Bank. Bure’s holding has been diluted to 23.7 per cent.
Financial information for January-September 2010
• Consolidated net sales of SEK 799M (705).
• Consolidated profit after tax of SEK 418M (105).
• Profit was positively affected by the reversal SEK 235M in negative goodwill attributable to the merger between Bure and Skanditek and SEK 104M in exit gains.
• Diluted earnings per share of SEK 4.87 (1.94).
• The Parent Company’s profit after tax was SEK 31M (-86).
• A total of SEK 505M has been distributed to the shareholders
during the year.
• The total yield on the Bure share during the period
January – September was 21.5 per cent.
Subsequent events
• Ola Strömberg has been appointed President and CEO of
Bure’s subsidiary Mercuri International. He will start his new
duties on 5 November.
• The Board of directors in Bure equity AB appointed Henrik
Blomquist as vice president of the company.
COMMENTS FROM THE CEO
Bure’s portfolio companies performed well during the quarter and reported growth in both sales and profit. Bure’s share in EBITA of the portfolio companies, calculated on ownership stakes, amounted to SEK 174M for the nine-month period, compared to SEK 116M in the previous year. Several of our portfolio companies that are primarily active in Sweden are benefiting from the robust Swedish economy.
Of the portfolio companies, Micronic Mydata delivered particularly impressive results. Order intake for the first nine months was up by 63 per cent after a strong third quarter. Both of Micronic Mydata’s business segments showed positive development and earnings are improving successively. The costs for the company’s major development initiative in the new LDI, Laser Direct Imaging, product area are being recognised as incurred and have thus had a negative impact on profit, which means that Micronic Mydata’s full earnings potential is not indicated by the figures.
The Carnegie group’s acquisition of HQ Bank and HQ Fonder was the single most covered event of the quarter. We regard the merger between the two companies as an important step that will strengthen Carnegie’s customer offering in the Private Banking area. It is satisfying to see Carnegie advance its positions in the financial market, most recently in the Nordic region through the placement of parts of Renault’s stake in Volvo. In early October came the welcome news that this year’s Nobel Prize in medicine will go to researcher and physician Robert Edwards for his successful development of methods for fertilisation of human eggs outside the body, known as in vitro fertilisation, IVF. For many years we have focused on this technology through our subsidiary Vitrolife and today the company’s sales consist mainly of products and services in the IVF area, where Vitrolife is one of the global leaders.
Bure works with a long-term approach in its portfolio companies and supports their growth ambitions, which we believe is a good strategy for value creation. Bure has a strong financial position with cash of SEK 450M available for investments. We are actively seeking interesting investment opportunities in order to further develop our operations
Patrik Tigerschiöld
President and CEO
FOR ADDITIONAL INFORMATION CONTACT
Patrik Tigerschiöld, President & CEO +46 8- 614 00 20
Andreas Berglin, CFO +46 8- 614 00 20