Report on 2000 operations and the fourth quarter

Report on 2000 operations and the fourth quarter · Record profits: SEK 5,804 M after financial items, up 34%, excluding items affecting comparability · Invoiced sales rose 12% to SEK 43,750 M · Proposal to Annual General Meeting - Dividend: SEK 9.00, increase of 13% - Buyback of shares: 5%, corresponding to SEK 3,000 M - Key figures Q4 Q4 Chang Full- Full- Chang e year year e SEK M 2000 1999 % 2000 1999 % Order intake 11 9 950 +7 * 45 000 39 650 +14 * 370 Invoiced sales 11 10 +11 * 43 750 39 300 +12 * 940 030 Operating profit 1 552 1 345 +15 6 327 6 050 +5 % 13 13 14 15 Profit after 1 419 1 230 +15 5 804 5 465 +6 financial items % 12 12 13 14 Profit after financial items excl. items affecting 1 419 1 205 +18 5 144 3 840 +34 comparability** % 12 12 12 10 Earnings per 3.70 2.70 +37 12.10 9.00 +34 share***, SEK Return on net - - 18.4 15.1 assets***, % * At fixed exchange rates for comparable units ** Items affecting comparability SEK +660 M in 2000 (+1,625) *** Excl. items affecting comparability Market outlook The business climate for Sandvik is projected to remain favorable in the near future. In NAFTA, lower demand from the automotive and other consumer- related areas is foreseen, while a good sales trend is expected in Europe as well as in Asia. Combined with focusing on increased market shares and higher productivity, this provides good possibilities for sustained high profitability. Fourth quarter, October-December 2000 Sales (see appendix 2) [REMOVED GRAPHICS] Order intake in the fourth quarter, October-December 2000, amounted to SEK 11,370 M (9,950), which was an increase compared with a year earlier of 14% totally and of 7% at fixed exchange rates for comparable units. Order intake was affected 6% positively by higher exchange rates. Invoiced sales amounted to SEK 11,940 M (10,030), an increase of 19% totally and of 11% at fixed exchange rates for comparable units. Higher exchange rates in the fourth quarter affected invoicing favorably by 7%. All three business areas posted a sharp increase in invoicing in the quarter. Invoiced sales by market area Q4 2000 Change compared with preceding year, % * Region SEK M Share, Q4 Full- % year EU 4 890 41 9 11 Rest of Europe 713 6 34 17 Europe total 5 603 47 11 11 NAFTA 2 974 25 3 6 South America 488 4 13 19 Africa, Middle 560 5 42 31 East Asia, Australia 2 315 19 9 16 Total 11 100 11 12 940 * at fixed exchange rates for comparable units The business climate was favorable during the fourth quarter and demand remained high. The demand from the process and oil/gas industries strengthened during the quarter. Order intake increased in all market areas except NAFTA, in which demand was largely unchanged compared with a year earlier. The trend in Germany and Southern Europe remained strong, as well as in South Africa, China, India, Japan and Australia. However, a weakening was noted in demand from the construction and automotive industries as well as from certain other consumer-related customer areas. These segments account for slightly more than one third of the Group's total sales. Earnings and cash flow in the fourth quarter (see appendix 1) [REMOVED GRAPHICS] Operating profit in the fourth quarter rose 15% to SEK 1,552 M (1,345), 13% of invoiced sales. Excluding items affecting comparability, operating profit increased 18%. All business areas reported a sharp improvement in earnings compared with a year earlier: Sandvik Tooling, +21%, Sandvik Mining and Construction, +37%, and Sandvik Specialty Steels, +28%. A favorable development of volume and productivity contributed to the improvement. At the same time, earnings were charged with the costs for strong market activities and structural changes. Earnings were affected only marginally by changed currency exchange rates and lower prices of the nickel content in inventories. Net financial expense was SEK 133 M. Profit after net financial items rose 15% to SEK 1,419 M, 12% of invoiced sales. Earnings per share were SEK 3.70 in the quarter. Investments in property, plant and equipment amounted to SEK 708 M and acquisitions to SEK 185 M. Cash flow from operating activities amounted to SEK 1,064 M, a decline of SEK 60 M compared with the preceding year. The change is attributable mainly to higher withholding tax paid in the Parent Company. Net cash flow after capital expenditures was a negative SEK 491 M. The number of employees was 34,742 at 31 December 2000, an increase of 123 for comparable units during the quarter. Business areas (see appendix 2) - Fourth quarter, October-December 2000 Sandvik's operations are concentrated around its three core businesses: Sandvik Tooling, Sandvik Mining and Construction and Sandvik Specialty Steels, areas in which the technology content is considerable and the Group occupies leading global positions in its selected areas. Sandvik Tooling (Sandvik Coromant, Sandvik CTT and Sandvik Hard Materials and a small remaining distribution operation for Saws and Tools' products in certain markets) Q4 Q4 Chang Full- Full- Chang e year year e SEK M 2000 1999 % 2000 1999 % Order intake 4 149 3 460 +14 * 15 744 13 155 +13 * Invoiced sales 4 204 3 393 +12 * 15 507 13 177 +11 * Operating 830 684 +21 3 135 2 597 +21 profit % 20 20 20 20 *At fixed exchange rates for comparable units. Sandvik Tooling's order intake in the fourth quarter amounted to SEK 4,149 M (3,460), an increase of 14% compared with a year earlier at fixed exchange rates for comparable units. Invoicing rose 12% to SEK 4,204 M (3,393). Sales rose in most markets, particularly in the EU and Asia. Sales in NAFTA remained unchanged at a high level compared with the year- earlier period. However, the trend in NAFTA was affected by lower demand in the automotive industry while demand in the aerospace segment, among others, increased somewhat. The remaining activities from Sandvik Saws and Tools were included in an amount of SEK 133 M in order intake and SEK 151 M in invoiced sales. Compared with the preceding year, operating profit increased 21% and amounted to SEK 830 M (684), corresponding to 20% of invoiced sales. The improvement of earnings was due mainly to favorable volume development and productivity increase and was achieved despite rising raw material prices and costs for structural changes as well as continued aggressive projects. These include introduction of new products, expansion of the sales organization and establishment of e-commerce. In Gimo, Sweden, Sandvik Coromant inaugurated a new production unit during the quarter for the manufacture of solid-carbide tools, a product area with annual growth, which is significantly higher than for traditional cemented-carbide tools. The unit is part of a long-term investment program in Gimo of approximately SEK 250 M. A new distribution center was established in Singapore at the end of the year. The new facility is strategically located and serves the entire Asia-Pacific region. Using Sandvik's IT and logistics systems, customers in Asia, as in other parts of the world, can now receive the tools they order within 24 hours. Sandvik Mining and Construction Q4 Q4 Chang Full- Full- Chang e year year e SEK M 2000 1999 % 2000 1999 % Order intake 2 512 2 273 +3 * 10 659 9 039 +14 * Invoiced sales 2 668 2 243 +11 * 10 184 8 808 +12 * Operating 291 213 +37 1 073 674 +59 profit % 11 9 11 8 *At fixed exchange rates for comparable units. Sandvik Mining and Construction's order intake in the fourth quarter amounted to SEK 2,512 M (2,273), an increase of 3% compared with a year- earlier, at fixed exchange rates for comparable units. Order intake for machinery, tools and service remained at a high level during the quarter. Activity in the construction industry weakened towards the end of the year, in Europe as well as NAFTA. Demand from the mining industry remained strong in Africa and Australia. Invoiced sales rose 11% at fixed exchange rates for comparable units and amounted to SEK 2,668 M (2,243). Operating profit increased in the quarter by 37% and amounted to SEK 291 M (213), or 11% of invoiced sales. The profit improvement was due mainly to high volumes and favorable productivity trends. A unit for production of rock-drilling tools was closed in France during the quarter. As part of the strategy to increase the percentage of spare parts and service in total sales, the Australian company Beltreco Ltd, with sales of SEK 450 M, was acquired. Sandvik Specialty Steels (Sandvik Steel, Kanthal and Sandvik Process Systems) Q4 Q4 Chang Full- Full- Chang e year year e SEK M 2000 1999 % 2000 1999 % Order intake 3 693 3 391 +1 * 14 732 12 084 +18 * Invoiced sales 4 021 3 342 +11 * 14 209 11 971 +15 * Operating 306 240 +28 980 633 +55 profit % 8 7 7 5 *At fixed exchange rates for comparable units. Sandvik Specialty Steels' order intake in the fourth quarter amounted to SEK 3,693 M (3,391), an increase of 1% compared with a year earlier, at fixed exchange rates for comparable units. Demand declined in NAFTA, particularly from the automotive industry, as well as in other consumer- related industries. In contrast, activity in the EU remained favorable. Order intake increased for investment-related products, such as seamless tubes, from the process and oil/gas industries. Products to the electronics industry continued to show very favorable demand, particularly in Japan. Invoiced sales amounted to SEK 4,021 M (3,342). The increase at fixed exchange rates for comparable units was 11%, of which 6% was attributable to higher alloy surcharges. Base prices rose marginally during the quarter and were slightly more than 1% higher than in the fourth quarter in the preceding year. The product mix was somewhat more positive during the quarter than earlier in the year due to a planned withdrawal from businesses with low profitability. Operating profit increased 28% in the quarter compared with a year earlier, and amounted to SEK 306 M (240), or 8% of invoiced sales. The earnings improvement was due primarily to high capacity utilization. Despite the higher earnings, profitability is unsatisfactory considering the business climate. Accordingly, a major program of change is under way within Sandvik Steel to raise the level of earnings and secure a sustainable, satisfactory return. The program includes measures to enhance efficiency and align production capacity. During the quarter, the sale of a subsidiary in Sweden that produces cast goods was reported and in the beginning of 2001 the closing of two units for production of seamless tubes in England was announced. These measures will result in a reduction in the number of employees of slightly more than 330. Full-year, January-December 2000 The business climate was favorable during most of 2000. Demand for products for industrial consumption and from consumer-related industries was high, which resulted in a good year for Sandvik Tooling and Sandvik Mining and Construction. Demand also increased strongly for Sandvik Specialty Steels, with record levels for resistance materials and furnaces to the electronics industry and with an improvement for investment-related products during the year. Signs of a weakening in the automotive segment, among other areas, were noted in the third quarter, and continued in NAFTA during the fourth quarter. Order intake for 2000 was SEK 45,000 M (39,650), an increase of 14% at fixed exchange rates for comparable units. The Group's invoiced sales were SEK 43,750 M (39,300). The increase was 12% at fixed exchange rates for comparable units. In total, the Group's invoicing developed positively during the year in all market regions and particularly in Asia, Australia, Africa but also in the EU. Operating profit amounted to SEK 6,327 M (6,050), or 14% (15) of invoicing. Excluding items affecting comparability, operating profit rose 28%. Changes in exchange rates improved earnings by about SEK 70 M. Operating profit was charged with restructuring costs of more than SEK 500 M, in which a major portion, SEK 280 M, was in provisions for structural measures within Sandvik Steel. In addition, earnings included items affecting comparability in a positive amount of SEK 660 M (1,625), of which SEK 360 M in SPP funds and SEK 300 M in capital gains. All business areas reported favorable development, with increased volumes and productivity. Sandvik Tooling's operating profit rose 21% to SEK 3,135 M. The operating margin was unchanged at 20%, despite remaining Saws and Tools activities diluting the margin 1 percentage point. Sandvik Tooling's return on net assets amounted to 27%. Sandvik Mining and Construction's operating profit rose 59% to SEK 1,073 M and the operating margin improved to 11% of invoiced sales. The business area's return on net assets amounted to 16%. Sandvik Specialty Steels' operating profit rose 55% to SEK 980 M, after provisions of SEK 280 M for a major process of change to increase the earnings level long term. The operating margin improved to 7% and return on net assets amounted to 10%. Net financial expense was SEK 523 M (expense: 585). Interest expenses were lower than in the preceding year, as a result of lower average interest rates and net debt. Profit after net financial income and expenses was SEK 5,804 M (5,465). Excluding items affecting comparability, profit rose 34% compared with a year earlier. The tax rate totaled 33% and was 35% excluding items affecting comparability. Net profit amounted to SEK 3,681 M (3,620). Earnings per share were SEK 14.20 (14.00). Earnings per share after dilution pertaining to future exercise of convertibles amounted to SEK 14.00. Excluding items affecting comparability, net profit amounted to SEK 3,122 M (2,340) and earnings per share to SEK 12.10 (9.00). Return on net assets, excluding items affecting comparability, increased to 18.4% (15.1) and return on shareholders' equity was 14.9% (12.4). The Group's total investments in fixed assets amounted to SEK 2,087 M (1,875). Companies were acquired for an amount of SEK 583 M. Interest-bearing liabilities and provisions less liquid funds resulted in net debt of SEK 6,644 M (6,014). Liquid funds amounted to SEK 2,097 M (2,369) and loans to SEK 5,928 M (5,611). Cash flow from operating activities was SEK 4,476 M. Cash flow after investments was SEK 1,785 M. The number of shares outstanding was 258,696,000. Shareholders' equity per share was SEK 86.90 (77.70) and the equity ratio was 53% (52). The net debt/equity ratio was 0.3(0.3). At the Annual General Meeting 4 May 2000, it was resolved to change the company's Articles of Association so that the company now has only one class of shares. The number of employees in the Group at year-end amounted to 34,742 (33,870), an increase of 129 for comparable units. Parent Company Parent Company invoiced sales amounted to SEK 12,084 M (10,457) and operating profit was SEK 1,674 M (933). Capital expenditures in property, plant and equipment amounted to SEK 545 M and the number of employees was 7,257 at year-end. Structural changes In the beginning of 2000, Sandvik CTT acquired a former agent in the US, Titex Tools Inc., with the purpose of intensifying marketing of Titex's application tools to advanced US industries. Since March, Sandvik has been a joint-owner of a new venture-capital company, b-business partners, together with principal stakeholders ABB and Investor and a number of large Swedish industrial companies. b-business partners invests in and develops European companies focusing on e- commerce. The Group's captive insurance company was sold during the first quarter of 2000. Sandvik Mining and Construction acquired the production of drilling rigs from two Austrian companies that were part of the Neuson Group. Annual sales are about SEK 120 M, with 30 employees. In August, Sandvik Coromant acquired the French company ARAF SA, which is a leading niche company in the production of cemented-carbide tools for the die and mould industry. Annual sales amount to about SEK 30 M, with 30 employees. At the beginning of October, Sandvik Process Systems acquired the German company Hindrichs-Auffermann Metallverarbeitungs GmbH. The company produces textured pressing plates and press belts of steel that are used in the production of laminate and in the laminating of wood-based panels. Annual sales amount to about SEK 120 M, with 70 employees. In November, Sandvik Mining and Construction acquired the Australian company Beltreco Ltd., a leading service company to the mining industry. Annual sales amount to about SEK 450 M, with 400 employees. In November, Sandvik Steel reached an agreement covering the sale of the Guldsmedhytte Bruks AB subsidiary, with transfer in 2001. Annual sales amount to about SEK 90 M, with 80 employees. Sandvik AB's Special General Meeting on 18 December voted to approve the Board of Directors' proposal regarding the transfer of Sandvik Invest AB from Sandvik AB to Sandvik Finance B.V. Concurrently, the Board decided on the transfer of CTT Cutting Tool Technology B.V. from Sandvik AB to Sandvik Finance B.V. In total, these intra-Group transfers increased the unrestricted equity in the Parent Company by approximately SEK 9,450 M. The consolidated income statement and balance sheet were not affected. In mid-December, Sandvik Mining and Construction announced the closing of the plant in Viriat, France at year-end 2000/2001. The operations had sales of about SEK 45 M, with 30 employees. Sandvik Steel announced at the beginning of January 2001 plans to discontinue the production of seamless tubes at the Sterling Tubes subsidiary in the UK. The closure, which is scheduled for August 2001, affects about 250 employees and is part of the previously reported program of change within Sandvik Steel. In mid-January 2001, Sandvik became part-owner in Endorsia.com International AB, an e-business site for industrial goods and services in Europe. The site, which was previously wholly owned by SKF, has now five owners and ownership is equally distributed among the five companies. Profit sharing, convertibles and options Since 1986, Sandvik has had a profit-share fund for all employees at wholly owned companies in Sweden. The Group's return during 2000 meant that the maximum amount, SEK 150 M, was allocated to the fund. In accordance with the decision of the Annual General Meeting in 1999, employees in Sweden were offered to subscribe for convertible debentures in Sandvik AB in 1999. About 70% of the employees subscribed for convertibles totaling SEK 955 M. Employees outside Sweden were issued 560,900 options, which at exercise yield the same number of shares. At full conversion and exercise of the options, a total of 4,921,050 shares arise, corresponding to dilution of 1.9%. Sandvik's Board of Directors decided in 1999 to establish a stock option plan for about 300 senior executives. The plan provides the possibility of an annual allocation of so-called personnel options on Sandvik shares with a lifetime of five years and the right to exercise after three years, conditional upon continued employment. The allocation, which is consideration-free, is based on Sandvik's return on net assets in the preceding year. The program is based on existing shares. Accordingly, there is no dilution for the current shareholders. The option plan is secured financially so that future increases in the price of the Sandvik share will not effect the company's costs. The Board decided for 2001 to allocate 1.6 million options to about 300 senior executives in the Group, of which 44,000 options to the President. The options have an exercise price of SEK 259. New, higher growth objectives and change of capital structure In August, new, higher growth objectives were presented for the period 2000-2003. Organic sales growth shall average 6% annually, compared with the earlier goal of 4%. In addition, there is the volume growth from acquisitions. Prioritized growth markets are Asia, NAFTA and Eastern Europe. Return on net assets shall be an average of 20% annually. In addition the ambition is to increase the net debt/equity ratio from the current 0.3 to the interval 0.6-0.8. This is to be accomplished through organic growth, acquisitions, continued high dividend payout and buyback of shares. Proposed dividend and buyback of shares The Board of Directors proposes a dividend of SEK 9.00 per share (8.00) or SEK 2,328 M (2,070). The proposal means an increase of 13% compared with a year earlier and corresponds to 63% of earnings per share. The proposed record date for dividend rights is 10 May 2001. Sandvik's high profitability and its strong cash flow facilitate organic growth and acquisitions as well as an aggressive distribution policy for dividends and share buybacks. Against this background, the Board has decided to propose that the Annual General Meeting on 7 May 2001 authorize the Board to buy back 5% of the company's own shares, currently corresponding to 12.9 million shares. The purchase shall be made on the OM Stockholm Stock Exchange and the shares will be acquired at the prevailing market price. The buyback is a step in an adjustment of the company's capital structure in accordance with established financial objectives. A repurchase of 12.9 million shares at the current price, given the earnings level in 2000, would have a positive effect of Sandvik's return on shareholders' equity and earnings per share and increase the net debt/equity ratio from 0.3 to 0.5. The Annual General Meeting will be held in Sandviken on 7 May 2001, at 3:00 p.m. The annual report will be distributed to the shareholders approximately two weeks prior to the Meeting. Sandviken, 16 February 2001 SANDVIK AB; (publ) Board of Directors Appendices: 1. Group summary 2. Invoicing and operating profit Sandvik Group's result for the first quarter of 2001 will be published in connection with the Company's Annual General Meeting on 7 May 2001. For additional information, please call +46 (0)26-26 10 01 A combined presentation and telephone conference will be held at the Operaterrassen in Stockholm on 16 February, 1:00 p.m. For further information visit www.sandvik.com Consolidated Financial Information, SEK M Q4 Q4 Full- Full- year year Income statement 2000 1999 2000 1999 Invoiced sales 11 940 10 030 43 750 39 300 Cost of goods sold -7 971 -6 427 -29 357 -26 297 Gross profit 3 969 3 603 14 393 13 003 Selling, general and -2 587 -2 237 -9 029 -8 485 administrative expenses Other operating income and 170 -46 303 -93 expenses Items affecting comparability 0 25 660 1 625 Operating profit 1 552 1 345 6 327 6 050 Financial income and expenses, -133 -115 -523 -585 net Profit after financial items 1 419 1 230 5 804 5 465 Taxes -409 -477 -1 912 -1 688 Minority interests -51 -53 -211 -157 Net profit 959 700 3 681 3 620 Balance sheet Fixed assets - - 19 156 18 318 Inventories - - 11 508 10 040 Current receivables - - 11 174 9 469 Liquid assets - - 2 097 2 369 Total assets - - 43 935 40 196 Shareholders' equity - - 22 472 20 109 Minority interests - - 931 888 Interest-bearing provisions and - - 8 741 8 382 liabilities Non-interest-bearing provisions - - 11 791 10 817 and liabilities Total provisions, liabilities - - 43 935 40 196 and shareholders' equity Cash-flow statement Profit after financial items 1 419 1 230 5 804 5 465 Items not affecting cash flow -136 -110 -871 -1 892 Reversal of depreciation 640 599 2 336 2 273 Taxes paid -484 -137 -1 688 -1 524 Change in working capital -375 -458 -1 105 -928 Cash flow from operating 1 064 1 124 4 476 3 394 activities Investments, acquisitions and -828 -390 -2 691 1 316 divestments Cash used in financial -727 -2 085 -2 119 -4 133 activities, changes in loans, dividends Net cash flow -491 -1 351 -334 577 Key figures Order intake, SEK M 11 370 9 950 45 000 39 650 Number of shares ('000) 258 258 258 696 258 696 696 696 Earnings per share excl. items 3.70 2.70 12.10 9.00 affecting comparability, SEK* - after full dilution** 3.60 2.70 11.80 9.00 Earnings per share incl. items 3.70 2.70 14.20 14.00 affecting comparability, SEK* - after full dilution** 3.60 2.70 14.00 13.90 Return on net assets excl. - - 18.4% 15.1% items affecting comparability* Return on shareholders' equity - - 14.9% 12.4% excl. items affecting comp.* Net debt/equity ratio - - 0.3 0.3 * Rolling 12 months. **Number of shares after full dilution from convertible and options programs is 263,617,000. Invoiced sales by Q4 Full- Q1 Q2 Q3 Q4 Full- Change market area, year year SEK M 1999 1999 2000 2000 2000 2000 2000 % % 1 ) EU (excl. Sweden) 3 720 15 271 3 825 3 951 3 527 4 256 15 2 10 559 Sweden 597 2 249 623 616 502 634 2 375 6 14 Rest of Europe 499 2 146 628 639 643 713 2 623 22 17 Europe total 4 816 19 666 5 076 5 206 4 672 5 603 20 5 11 557 NAFTA 2 441 9 952 2 722 2 817 2 760 2 974 11 13 6 273 South America 366 1 548 419 490 491 488 1 888 22 19 Africa, Middle East 437 1 606 391 420 550 560 1 921 20 31 Asia, Australia 1 970 6 528 1 712 2 107 1 977 2 315 8 111 24 16 Group total 10 39 300 10 11 10 11 43 11 12 030 320 040 450 940 750 Invoiced sales by business area, SEK M Svk Tooling 3 393 13 177 3 818 3 832 3 653 4 204 15 18 11 507 Svk Mining and 2 243 8 808 2 248 2 666 2 602 2 668 10 16 12 Construction 184 Svk Specialty Steels 3 342 11 971 3 319 3 583 3 286 4 021 14 19 15 209 Svk Saws and Tools 171 2 153 / / / / / / / Seco Tools2) 835 3 128 916 946 895 1 028 3 785 21 11 Group activities 46 63 19 13 14 19 65 / / Group total 10 39 300 10 11 10 11 43 11 12 030 320 040 450 940 750 Operating profit by business area, SEK M Svk Tooling 684 2 597 800 770 735 830 3 135 Svk Mining and 213 674 209 287 286 291 1 073 Construction Svk Specialty Steels 240 633 267 321 86 306 980 Svk Saws and Tools 9 153 / / / / / Seco Tools2) 195 572 197 190 156 197 740 Group activities -21 -204 -78 -73 -38 -72 -261 Op. profit excl. items affecting 1 320 4 425 1 395 1 495 1 225 1 552 5 667 comparability Items affecting 25 1 625 300 360 0 0 660 comparability Op. profit incl. items affecting 1 345 6 050 1 695 1 855 1 225 1 552 6 327 comparability Operating profit by business area, % of invoicing Svk Tooling 20 20 21 20 20 20 20 Svk Mining and 9 8 9 11 11 11 11 Construction Svk Specialty Steels 7 5 8 9 3 8 7 Svk Saws and Tools 5 7 / / / / / Seco Tools2) 23 18 22 20 17 19 20 Op. profit excl. items affecting 13 11 14 14 12 13 13 comparability Op. profit incl. items affecting 13 15 16 17 12 13 14 comparability 1) Change compared with year earlier at fixed exchange rates for comparable units. 2) As a result of the majority holding in Seco Tools, Sandvik consolidates this company. For comments, refer to the company's report on operations. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/16/20010216BIT00160/bit0003.doc http://www.bit.se/bitonline/2001/02/16/20010216BIT00160/bit0003.pdf