Year-End Report 2007
Improved profitability, increased growth and further streamlining
Bure resumes dividends
- Bure’s share in EBITA of the portfolio companies rose by 76 per cent to SEK 193M (110) for the full year, excluding exit gains, and by 68 per cent to SEK 64M (38) for the fourth quarter.
- Net sales for the full year in the portfolio companies improved by 26 per cent to SEK 2,651M (2,108), of which 9 per cent was organic. For the fourth quarter, net sales were up by 32 per cent to SEK 775M (587), of which 12 per cent was organic.
- The Parent Company’s profit after tax was SEK 685M (846) for the full year and SEK 79M (209) for the fourth quarter.
- Equity per share in the Parent Company was SEK 28.02 (26.30).
- Consolidated operating profit including discontinued operations increased to SEK 986M (885) for the full year and SEK 120M (81) for the fourth quarter. In continuing operations, operating profit was SEK 323M (140) for the full year and SEK 117M (53) for the fourth quarter.
- Consolidated profit in continuing operations rose to SEK 385M (181) for the full year and SEK 158M (110) for the fourth quarter. Fully diluted earnings per share were SEK 9.71 (7.17) for the full year and SEK 1.64 (1.15) for the fourth quarter.
IMPORTANT EVENTS
- In January 2007 Bure completed the sale of its holding in Cygate to TeliaSonera, generating proceeds of approximately SEK 647M.
- The sale of Bure’s holding in SYSteam to Norway-based ErgoGroup was completed in February 2007, generating proceeds of around SEK 450M.
- In 2007 Bure acquired 38.3 per cent of the share capital and 49.8 per cent of the votes in AcadeMedia. In October 2007 Bure made a mandatory bid for AcadeMedia, offering SEK 90.00 in cash for each share of class A and class B. The total investment amounts to SEK 185M.
- During the year Bure sold its entire holding in the Netherlands-based engineering consultancy Grontmij, providing Bure with proceeds of SEK 267M and a capital gain of around SEK 99M. In the third quarter Bure sold its holding in Jeeves, generating proceeds of SEK 10M.
- In 2007 Bure gathered its independent school operations in a new group, Anew Learning. In May 2007 Anew Learning acquired all of the shares in Rytmus and Proteam. In the autumn of 2007 Anew Learning acquired the independent school operators Fenestra in Göteborg and Primrose Friskola in Östersund.
- During the year Bure carried out a capital distribution amounting to nearly SEK 1,500M. The distribution took place through a combination of a voluntary redemption programme and a repurchase of both shares and warrants.
SUBSEQUENT EVENTS
- In January 2008 Bure announced that its President and CEO Mikael Nachemson would leave Bure in the autumn of 2008. A process to recruit a new President and CEO has started. At the same time, Bure announced ambitions to concentrate its holdings in the educational sector over the coming 12-month period.
- The Board of Directors proposes an ordinary dividend of SEK 1.00 per share, amounting to a total of SEK 93M.
A complete Year-End Report can be read at http://www.bure.se
Göteborg, 22 February 2007
Bure Equity AB (publ)
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The information contained in this Year-End Report is subject to the disclosure requirements of Bure Equity AB under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information has been publicly communicated on 22 February, 2008, at 08:30 CET.
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Bure Equity AB (publ), corp. ID No. 556454-8781
P O Box 5419, SE-402 29 Gothenburg
Phone +46 31 708 64 00, Fax +46 31 708 64 80
www.bure.se