Year-End Report 2005
Past goals met – new goals in sight
* Bure’s share of operating profit in the portfolio companies before goodwill write-downs in 2005 rose 67% to SEK 284M (171). For the fourth quarter, operating profit was up by 49% to SEK 129M (87).
* The Parent Company’s profit after tax was SEK 337M (179) for the full year and SEK 28M (123) for the fourth quarter.
* The Parent Company’s reported equity after full exercise of outstanding warrants increased by SEK 414M for the year and by SEK 38M for the fourth quarter, to SEK 2,464M. Equity per share rose to SEK 1.90 after full dilution (discounted value).
* The Parent Company redeemed all outstanding loans and had a net loan receivable of SEK 404M at year-end.
* Bure raised SEK 172M in equity during the year and SEK 4M in the fourth quarter through the exercise of warrants for subscription to new shares.
* Consolidated operating profit improved by SEK 516M to SEK 648M (132) for the full year and by SEK 36M to SEK 152 (116) for the fourth quarter. The Group posted a net profit of SEK 544M (96) for the full year and SEK 141M (84) for the fourth quarter. Earnings per share after full dilution were 0.46 (-0.09) for the full year and SEK 0.11 (0.06) for the fourth quarter.
* The holding in Mölnlycke Health Care was sold during the year, generating an exit gain of SEK 354M and net proceeds of SEK 510M.
* Bure sold its entire holding in Scribona during the year. The sale was carried out in two stages and generated total net proceeds of SEK 270M, of which SEK 175M in the fourth quarter.
* Bure signed an agreement for the sale of properties to Kungsleden for a total of SEK 407M. The sale will provide a capital gain of approximately SEK 28M for the subsidiary Vittra in the fourth quarter and an additional SEK 5M for the Parent Company in autumn 2006.
* Bure has increased its ownership in Carl Bro and Vittra during the year. Furthermore were follow-on acquisitions made in Cygate, Systeam and Mercuri.
* Bure shall over time have a dividend that reflects the growth in equity.
* The Board will propose that the Annual General Meeting authorize a repurchase of shares and warrants.
Subsequent events
* Bure has signed an agreement to sell its holding in Kreatel. The sale, to be carried out via the subsidiary CR&T Ventures, will provide a capital gain of around SEK 38M and net proceeds of approximately SEK 40M.
* Systeam is investigating the potential for a stock market listing.
A complete interim report can be read at http://www.bure.se
Gothenburg February 24, 2006
Bure Equity AB (publ)
For further information, please contact:
Mikael Nachemson, President +46 - 31 708 64 20
Anders Mörck, CFO +46 -706 46 52 11
Telephone Conference on the 24th of February at 15.30 CET
On February 24th at 15.30 CET a telephone conference is held by Bure’s CEO Mikael Nachemson in Swedish. Journalists and professional operators at the capital market are welcome to participate. Dial +46 (0)8 505 20 110 and password Bure, ten minutes before the conference begins.
Please note, for local connect dial-in numbers you must always dial the area code to enter the conference.
Bure Equity AB (publ)
P O Box 5419
SE-402 29 Gothenburg
Tel. +46 31 708 64 00
Fax +46 31 708 64 80
www.bure.se