SKF Half-year report 2010 Tom Johnstone, President and CEO: "Our sales developed positively in the quarter driven primarily by a continued strong automotive business and an improvement in the industrial business. The very good sales development and higher manufacturing level combined with the cost reduction activities undertaken resulted in a strong result for the SKF Group, a record in terms of operating profit and operating margin. In the third quarter we expect a continued good level of sales for the Group being significantly higher than last year. All regions and divisions will see good growth even if we expect lower sales to the car industry in Europe. Manufacturing will be kept at the same level as the second quarter which means it will be significantly higher than last year.” Q2 Q2 YTD YTD 2010 2009 2010 2009 Net sales, SEKm 15,709 14,167 30,155 29,016 Operating profit, SEKm 2,239 474 3,941 1,242 Operating margin, % 14.3 3.4 13.1 4.3 Operating margin excl. restructuring, % 14.3 6.9 13.4 6.6 Profit before taxes, SEKm 2,047 312 3,551 843 Net profit, SEKm 1,451 323 2,521 717 Basic earnings per share, SEK 3.09 0.69 5.36 1.55 The increase of 10.9% in net sales for the quarter, in SEK, was attributable to: volume 16.6%, price/mix -0.5% and currency effects -5.2%. For the first half year, the increase of 3.9%, in SEK, was attributable to: volume 10.8%, price/mix -0.4% and currency effects -6.5%. Outlook for the third quarter of 2010 Development compared to third quarter last year The demand for SKF products and services is expected to be significantly higher for the Group, the divisions and for the different geographical areas. Development compared to the second quarter 2010 and adjusted for normal seasonality The demand is expected to be slightly higher for the SKF Group in total. It is expected to be unchanged in Europe, slightly higher in North America and higher in Asia and Latin America. For the Automotive Division it is expected to be relatively unchanged and for the Industrial Division and Service Division it is expected to be slightly higher. Manufacturing level The manufacturing level will be significantly higher year on year and relatively unchanged compared to the second quarter, adjusted for normal seasonality.
Transcript
SKF Half-year report 2010 Tom Johnstone, President and CEO:
"Our sales developed positively in the quarter driven primarily by a continued strong automotive business and an improvement in the industrial business. The very good sales development and higher manufacturing level combined with the cost reduction activities undertaken resulted in a strong result for the SKF Group, a record in terms of operating profit and operating margin.
In the third quarter we expect a continued good level of sales for the Group being significantly higher than last year. All regions and divisions will see good growth even if we expect lower sales to the car industry in Europe. Manufacturing will be kept at the same level as the second quarter which means it will be significantly higher than last year.” Q2 Q2 YTD YTD
Basic earnings per share, SEK 3.09 0.69 5.36 1.55 The increase of 10.9% in net sales for the quarter, in SEK, was attributable to: volume 16.6%, price/mix -0.5% and currency effects -5.2%. For the first half year, the increase of 3.9%, in SEK, was attributable to: volume 10.8%, price/mix -0.4% and currency effects -6.5%. Outlook for the third quarter of 2010
Development compared to third quarter last year The demand for SKF products and services is expected to be significantly higher for the Group, the divisions and for the different geographical areas.
Development compared to the second quarter 2010 and adjusted for normal seasonality The demand is expected to be slightly higher for the SKF Group in total. It is expected to be unchanged in Europe, slightly higher in North America and higher in Asia and Latin America. For the Automotive Division it is expected to be relatively unchanged and for the Industrial Division and Service Division it is expected to be slightly higher.
Manufacturing level The manufacturing level will be significantly higher year on year and relatively unchanged compared to the second quarter, adjusted for normal seasonality.
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Sales performance in the second quarter Sales in local currencies were significantly higher for the Group, and for all the different geographical areas. Sales were significantly higher for Automotive Division and for Service Division. For Industrial Division they were higher.
The manufacturing level was higher than in the first quarter and significantly higher than the same quarter last year. Financial Key figures
30 June 2010
31 March 2010
30 June 2009
Inventories, % of annual sales 22.2 21.0 22.9 ROCE for the 12-month period, % 16.8 11.9 13.4 ROE for the 12-month period, % 19.3 13.0 14.7 Equity/assets ratio, % 36.0 36.2 34.6 Gearing, % 47.4 48.3 51.1 Net debt/equity, % 70.8 65.5 80.4 Registered number of employees 41,644 41,055 42,422 Cash flow, after investments and before financing, was SEK 1,160 million (2,425) for the second quarter and SEK 1,192 million (2,948) for the first half year 2010. In the quarter, SEK 1,594 million was paid out to AB SKF’s shareholders in the form of dividends. Inventories versus Q1 2010, in local currencies, were increased by around SEK 700 million. The financial net in the second quarter of 2010 was SEK -192 million (-162), for the first half year it was SEK -390 million (-399). Exchange rates, the effects of translation and transaction flows, had a negative effect of SEK 150 million on SKF’s operating profit in the second quarter and a negative effect of around SEK 350 million for the half year compared to the corresponding period last year. It is estimated that there will be a limited effect on operating profit in the third quarter and for the full year a negative effect of SEK 250 million, based on current assumptions and exchange rates and compared to the corresponding period last year. Highlights
• SKF inaugurated its new factory in Tver, Russia where the new generation of SKF's sealed and pre-lubricated compact tapered bearing units will be produced for the Russian and international railway customers. The factory will be one of the first in Russia and in Europe with LEED certification. The investment amounts to around SEK 235 million and the factory will employ 100 people.
• SKF inaugurated a Global Technical Centre China in Shanghai. The centre will be an integral part of SKF’s global network of technical centres and will enable SKF to develop products and solutions for local and global customers in a faster and more cost effective way.
• SKF was awarded an agreement with ZF Sachs Italy to supply 140,000 oil seals and wiper seals for motorcycle forks.
• SKF signed a three-year contract worth around SEK 34 million with Valeo to supply SKF Rotor Positioning Bearings for the new i-StARS, Valeos stop-start system. i-StARS
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automatically cuts off the vehicle's engine when slowing down under 8 km/h, e.g when stopping for a red light. The system enables further reduction in CO2 emissions.
• SKF signed a framework agreement with the State Forestry Administration in China to plant new forests, in remote areas of the country. The project is expected to run for five years.
• SKF received the “Golden Mousetrap” award in the 2010 “Best products awards” announced by the magazine Design News. This was in the Electronics / Test and Measurement category and for the new SKF Machine Condition Advisor, a handheld instrument which simplifies machine monitoring and provides early warning of potential failures. Design News annual Golden Mousetrap Awards recognize engineering innovation and creativity in product design.
Divisions Comments on sales are based on local currencies and compared to the corresponding period for 2009. The operating margin has been calculated on sales including intra-Group sales. Industrial Division The operating profit for the second quarter amounted to SEK 909 million (344), resulting in an operating margin of 12.1% (4.8) on sales including intra-Group sales. The operating profit for the first half year amounted to SEK 1,622 million (979), resulting in an operating margin of 11.1% (6.4). Sales including intra-Group sales for the quarter were SEK 7,514 million (7,120), and for the half year SEK 14,619 million (15,307). Net sales for the second quarter amounted to SEK 4,873 million (4,844) and for the first half year SEK 9,568 million (10,646). The increase of 0.6% for the quarter was attributable to: organic growth 7.1% and currency effects -6.5%. For the half year the decrease of -10.1% was attributable to: organic growth -3.3% and currency effects -6.8%. Sales in local currency for the second quarter were lower in Europe, higher in North America and significantly higher in Asia. For the half-year they were significantly lower in Europe slightly lower in North America and significantly higher in Asia. There was a positive trend in sales to segments such as construction equipment, fluid power, industrial gearboxes, agriculture and pulp and paper. Sales to the renewable energy segment globally have stabilized at a lower level than last year. The decline in sales to the aerospace business shows signs of levelling out. Service Division The operating profit for the second quarter amounted to SEK 745 million (636), resulting in an operating margin of 13.0% (12.7). The operating profit for the first half year amounted to SEK 1,392 million (1,234), resulting in an operating margin of 12.8% (12.2). Sales including intra-Group sales for the quarter were SEK 5,725 million (5,028), and for the half year SEK 10,906 million (10,146). Net sales for the second quarter amounted to SEK 5,635 million (4,944) and for the first half year SEK 10,728 million (9,955). The increase of 14.0% for the quarter was attributable to: organic growth 17.0% and currency effects -3.0%. For the half year the increase of 7.8% was attributable to: organic growth 12.6% and currency effects -4.8%.
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Sales in local currencies for the second quarter and for the half-year were significantly higher in Europe, Asia, Latin America and Middle East and Africa. In North America, as a consequence of ongoing destocking at distributors they were significantly lower for the second quarter and lower for the half-year.
SKF has assisted S-OIL, a large South Korean oil refinery, to increase productivity and reduce potential production downtime. The project resulted in a payback for S-OIL in less than 11 months. The SKF solution included the development of asset strategy, defect eliminations and operator driven reliability.
Three new SKF Solution Factories were inaugurated, one in Schweinfurt, Germany, one in Montigny-le-Bretonneux, France and one in Moscow, Russia. Automotive Division The operating profit for the second quarter amounted to SEK 570 million (-468), resulting in an operating margin of 9.8% (-9.6). The operating profit for the first half year amounted to SEK 944 million (-905), resulting in an operating margin of 8.5% (-9.6). Sales including intra-Group sales for the quarter were SEK 5,825 million (4,884), and for the half year SEK 11,055 million (9,439). Net sales for the second quarter amounted to SEK 4,850 million (4,126) and for the first half year SEK 9,212 million (7,873). The increase of 17.6% for the quarter was attributable to: organic growth 23.6% and currency effects -6.0%. For the half year the increase of 17.0% was attributable to: organic growth 24.8% and currency effects -7.8%. Sales in local currencies to the car and light truck industries in Europe were higher for the quarter and significantly higher for the half year. In North America, Asia and Latin America sales were significantly higher both in the quarter and for the half year.
Sales to the heavy truck industries in Europe, North America and Asia were significantly higher both for the quarter and for the half year.
Sales to the vehicle service market in Europe were significantly higher in the quarter and for the half year. In North America sales were relatively unchanged in the quarter and slightly lower for the half year. In Asia sales were higher in the quarter and significantly higher for the half year.
Sales to the electrical industry in Europe as well as sales to the two-wheeler industry in Asia were significantly higher both for the quarter and for the half year.
Parent company For the first half year of 2010, profit before taxes was SEK 1,098 million (1,858), net sales was 797 (779) and investments were SEK 0 million (0). Current financial assets were SEK 0.2 million (0.2) on 30 June and were SEK 0.2 million on 1 January. The average number of employees was 220 (227) on 30 June.
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Previous outlook statement Outlook for the second quarter of 2010
Sales development compared to second quarter last year
The demand for SKF products and services is expected to be significantly higher for the Group in total. In Europe and North America it is expected to be higher and in Asia and Latin America significantly higher. It is expected to be slightly higher for the Industrial Division and significantly higher both for the Service Division and Automotive Division.
Sales development compared to the first quarter 2010
The demand is expected to be slightly higher for the SKF Group in total. In Europe and North America it is expected to be slightly higher and in Asia and Latin America higher. For both the Industrial Division and Service Division it is expected to be slightly higher and for the Automotive Division higher.
Manufacturing level The manufacturing level will be significantly higher year on year and higher compared to the average of the first quarter 2010. Highlights in the previous quarter • SKF inaugurated two new factories in India. The factory in Haridwar will manufacture
deep groove ball bearings and the Ahmedabad factory will manufacture medium to large size bearings of various types.
• A programme was concluded in March for adjusting the manufacturing capacity in Gothenburg, Sweden. The total cost of these activities, around SEK 90 million, mainly impacted the Industrial Division and has been charged to the income statement in the first quarter. The benefit of these actions will be around SEK 50 million per year when fully implemented by the third quarter.
• The ninth SKF Solution Factory was inaugurated in Houston, USA.
Risks and uncertainties in the business The SKF Group operates in many different industrial, automotive and geographical segments that are at different stages of the economic cycle. A general economic downturn at global level, or in one of the world’s leading economies, could reduce the demand for the Group’s products, solutions and services for a period of time. In addition, terrorism and other hostilities, as well as disturbances in worldwide financial markets, could have a negative effect on the demand for the Group’s products and services. There are also political and regulatory risks associated with the wide geographical presence. Regulatory requirements, taxes, tariffs and other trade barriers, price or exchange controls or other governmental policies could limit the SKF Groups operations.
The SKF Group is subject to both transaction and translation of currency exposure. For commercial flows the SKF Group is primarily exposed to the USD and to US dollar-related currencies. As the major part of the profit is made outside Sweden, the Group is also exposed to translational risks in all the major currencies. The parent company performs services of a common Group character. The financial position of the parent company is dependent on the financial position and development of the subsidiaries. A general decline in the demand for the products and services provided by the Group could mean lower dividend income for the parent company, as well as a need for writing down values of the shares in the subsidiaries.
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Cautionary statement This report contains forward-looking statements that are based on the current expectations of the management of SKF. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors mentioned in SKF's latest annual report (available on www.skf.com) under the Administration Report; "Important factors influencing the financial results", "Financial risks" and "Sensitivity analysis", and in this full-year report under "Risks and uncertainties in the business." The Board of Directors and the CEO declare that the half-year report gives a fair view of the performance of the business, position and profit or loss of the company and the Group, and describes the principal risks and uncertainties that the company and the companies in the Group face. Göteborg, 14 July 2010 Aktiebolaget SKF (publ.) Tom Johnstone President and CEO, Board member Leif Östling Ulla Litzén Winnie Fok Chairman Board member Board member Hans-Olov Olsson Lena Treschow Torell Peter Grafoner Board member Board member Board member Lars Wedenborn Joe Loughrey Jouko Karvinen Board member Board member Board member Lennart Larsson Kennet Carlsson Board member Board member
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Presentation On SKF’s website http://investors.skf.com/ (click on Presentations). Teleconference On 15 July at 09.00 (CET), 08.00 (UK): +46 (0)8 5052 0110 Swedish participants +44 (0)20 7162 0077 European participants
Please note that the use of a loudspeaker when taking part in the teleconference has a negative influence on the quality of the sound, which affects all participants. It is also possible just to listen to the teleconference on http://investors.skf.com/
Auditors' Review report Introduction We have reviewed the interim report for AB SKF (publ), reg. no 556007-3495, for the period 1 January – 30 June 2010. The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by FAR/SRS. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing in Sweden RS and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim report is not prepared, in all material respects, in accordance with IAS 34, the Annual Accounts Act. Stockholm, 14 July 2010 KPMG AB Thomas Thiel Authorized Public Accountant
AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8.00 (CEST) on 15 July 2010.
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Enclosures: Financial statements 1. Consolidated income statements 2. Consolidated statements of comprehensive income and consolidated statements of changes in shareholders’ equity 3. Consolidated balance sheets 4. Consolidated statements of cash flow Other financial statements 5. Consolidated financial information - yearly and quarterly comparisons 6. Segment information - yearly and quarterly comparisons 7. Parent company income statements, statements of comprehensive income, balance sheets and footnotes. The consolidated financial statements of the SKF Group are prepared in accordance with International Financial Reporting Standards as adopted by EU. The SKF Group applies the same accounting policies and methods of computation in the interim financial statements as compared with the Annual Report 2009 including Sustainability Report. No new or amended IFRS effective 2010 had any significant impact on the Group. The consolidated quarterly report has been prepared in accordance with IAS34. The report for the parent company has been prepared in accordance with the Annual Accounts Act and RFR 2.2. The report has been reviewed by the company’s auditors. The SKF Nine-month report 2010 will be published on Tuesday, 19 October 2010. Further information can be obtained from:
Ingalill Östman, Group Communication tel: +46-31-3373260, mobile: +46-706-973260, e-mail: [email protected]
Enclosure 1 CONSOLIDATED INCOME STATEMENTS (SEKm) April-June
2010 April-June
2009 Jan-June
2010 Jan-June
2009 Net sales 15,709 14,167 30,155 29,016 Cost of goods sold -11,336 -11,656 -22,037 -23,500 Gross profit 4,373 2,511 8,118 5,516 Selling and administrative expenses -2,128 -2,007 -4,160 -4,226 Other operating income/expenses - net -7 -25 -14 -39 Profit/loss from jointly controlled and associated companies
1
-5
-3
-9
Operating profit 2,239 474 3,941 1,242 Operating margin, % 14.3 3.4 13.1 4.3 Financial income and expense - net -192 -162 -390 -399 Profit before taxes 2,047 312 3,551 843 Taxes -596 11 -1,030 -126 Net profit 1,451 323 2,521 717 Net profit attributable to Shareholders of the parent 1,405 314 2,438 704 Non-controlling interests 46 9 83 13
Basic earnings per share, SEK* 3.09 0.69 5.36 1.55 Diluted earnings per share, SEK* 3.09 0.69 5.36 1.55 Additions to property, plant and equipment 433 442 822 936 Number of employees registered 41,644 42,422 41,644 42,422 Return on capital employed for the 12-month period ended 30 June, %
16.8
13.4
16.8
13.4
* Basic and diluted earnings per share are based on net profit attributable to shareholders of the parent.
NUMBER OF SHARES Total number of shares 455,351,068 455,351,068 455,351,068 455,351,068 - whereof A shares 45,166,004 45,721,004 45,166,004 45,721,004 - whereof B shares 410,185,064 409,630,064 410,185,064 409,630,064 Total number of diluted shares outstanding 455,351,068 455,351,068 455,351,068 455,351,068 Total weighted average number of diluted shares
455,351,068
455,351,068
455,351,068
455,380,005
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Enclosure 2 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (SEKm) April-June
2010 April-June
2009 Jan-June
2010 Jan-June
2009 Net profit 1,451 323 2,521 717 Other comprehensive income Exchange differences arising on translation of foreign operations
426
-348
-105
150
Available-for-sale assets -26 15 -29 102 Cash flow hedges -77 216 -174 160 Actuarial gains and losses -560 -238 -861 -57 Income tax relating to components of other comprehensive income
196
-32
240
-53
Other comprehensive income, net of tax -41 -387 -929 302 Total comprehensive income 1,410 -64 1,592 1,019 Total comprehensive income attributable to Shareholders of AB SKF 1,320 -34 1,439 1,005 Non-controlling interests 90 -30 153 14 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (SEKm) June 2010 June 2009 Opening balance 1 January 18,280 19,689 Total comprehensive income 1,592 1,019 Exercise of options and cost for share programmes, net 15 -7 Other, including transactions with non-controlling interests - -189 Total cash dividends -1,611 -1,628 Closing balance 18,276 18,884
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Enclosure 3 CONSOLIDATED BALANCE SHEETS (SEKm) June 2010 December 2009 Goodwill 2,685 2,759 Other intangible assets 1,177 1,255 Property, plant and equipment 13,717 13,933 Deferred tax assets 1,893 1,665 Other non-current assets 1,414 1,502 Non-current assets 20,886 21,114 Inventories 12,722 11,771 Trade receivables 10,639 8,800 Other current assets 2,689 3,590 Other current financial assets 3,855 5,740 Current assets 29,905 29,901 TOTAL ASSETS 50,791 51,015 Equity attributable to shareholders of AB SKF 17,271 17,411 Equity attributable to non-controlling interests 1,005 869 Long-term financial liabilities 7,763 8,987 Provisions for post-employment benefits 7,811 7,020 Provisions for deferred taxes 658 754 Other long-term liabilities and provisions 1,675 1,599 Non-current liabilities 17,907 18,360 Trade payables 4,802 3,989 Short-term financial liabilities 1,420 2,018 Other short-term liabilities and provisions 8,386 8,368 Current liabilities 14,608 14,375 TOTAL EQUITY AND LIABILITIES 50,791 51,015
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Enclosure 4 CONSOLIDATED STATEMENTS OF CASH FLOW (SEKm) April-June
2010 April-June
2009 Jan-June
2010 Jan-June
2009 Operating activities: Operating profit 2,239 474 3,941 1,242 Depreciation, amortization and impairment 515 496 979 1,077 Net loss/gain (-) on sales of intangible assets, PPE, equity securities, businesses and assets held for sale
21
6
33
9
Taxes -334 -291 -850 -560 Other including financial and non-cash items -586 854 -1,254 725 Changes in working capital -273 1,544 -890 1,617 Net cash flow from operations 1,582 3,083 1,959 4,110 Investing activities: Payments in intangible assets, PPE, businesses and equity securities
-429
-666
-829
-1,174
Sales of intangible assets, PPE, businesses, assets held for sale and equity securities
7
8
62
12
Net cash flow used in investing activities -422 -658 -767 -1,162 Net cash flow after investments before financing 1,160 2,425 1,192 2,948 Financing activities: Change in short- and long-term loans -1,294 -987 -1,299 12 Payment of finance lease liabilities -2 3 -8 1 Cash dividends -1,610 -1,627 -1,611 -1,628 Investments in short-term financial assets -65 -1,233 -107 -1,506 Sales of short-term financial assets 93 53 227 228 Net cash flow used in financing activities -2,878 -3,791 -2,798 -2,893 NET CASH FLOW -1,718 -1,366 -1,606 55 Change in cash and cash equivalents: Cash and cash equivalents at 1 April/1 January 4,550 4,278 4,430 2,793 Cash effect excl. acquired businesses -1,718 -1,366 -1,606 55 Exchange rate effect 78 -60 86 4 Cash and cash equivalents at 30 June 2,910 2,852 2,910 2,852
Assets and liabilities, net 10,359 9,143 8,177 8,073 8,073 8,437 8,502 8,502
Registered number of employees 14,318 13,744 13,778 13,480 13,480 13,569 14,002 14,002 * Operating margin is calculated on sales including intra-Group sales.
Reconciliation to profit before tax for the Group** Jan-June 2010 Jan-June 2009 Operating profit: Industrial Division 1,622 979 Service Division 1,392 1,234 Automotive Division 944 -905 Other operations outside the divisions 180 79 Unallocated Group activities and adjustments, net -197 -145 Financial net -390 -399 Profit before tax for the Group 3,551 843 ** Previously published amounts have been restated to conform to the current Group structure in 2010. The structural changes include business units being moved between the divisions and between other operations/Group activities and divisions.
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Enclosure 7 PARENT COMPANY INCOME STATEMENTS (SEKm) April-June
2010 April-June
2009 Jan-June
2010 Jan-June
2009 Net sales 428 378 797 779 Cost of services provided -428 -378 -797 -779 Gross profit 0 0 0 0 Administrative expenses -61 -35 -132 -92 Other operating income/expenses – net -15 -13 -11 -13 Operating loss -76 -48 -143 -105 Financial income and expenses - net 1,288 1,902 1,241 1,963 Profit before taxes 1,212 1,854 1,098 1,858 Taxes 31 22 60 47 Net profit 1,243 1,876 1,158 1,905 PARENT COMPANY STATEMENTS of COMPREHENSIVE INCOME (SEKm) April-June
2010 April-June
2009 Jan-June
2010 Jan-June
2009 Net profit 1,243 1,876 1,158 1,905 Other comprehensive income Available-for-sale assets -24 14 -27 102 Other comprehensive income, net of tax -24 14 -27 102 Total comprehensive income 1,219 1,890 1,131 2,007 PARENT COMPANY BALANCE SHEETS (SEKm) Note June 2010 June 2009 Investments in subsidiaries 17,282 17,371 Receivables from subsidiaries 7,418 11,024 Other non-current assets 495 473 Non-current assets 25,195 28,868 Receivables from subsidiaries 1,718 2,362 Other receivables 249 316 Current assets 1,967 2,678 TOTAL ASSETS 27,162 31,546 Shareholders’ equity 1 9,759 8,664 Untaxed reserves 1,240 1,095 Provisions 154 171 Non-current liabilities 7,405 11,020 Current liabilities 8,604 10,596 TOTAL SHAREHOLDERS’ EQUITY, PROVISIONS AND LIABILITIES
27,162
31,546
Contingent liabilities 5 4 Note 1. Shareholders’ equity (SEKm) June 2010 June 2009 Opening balance 1 January 10,207 8,258 Dividends -1,594 -1,594 Total comprehensive income 1,131 2,007 Exercise of options and cost for share programmes, net 15 -7 Closing balance 9,759 8,664
