The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Some interim reports from Swedish companies between January - March 2013

Published Wednesday, 24 April 2013

eWork Scandinavia AB - consulting provider with over 3,000 consultants on assignment within the fields of IT, telecoms, technology, and business development. The Company is listed on NASDAQ OMX Stockholm.

Report:

First quarter 2013 compared with 2012
• Net sales rose by 9.7 percent to SEK 954.2 million (869.9).
• Operating profit increased by 6.5 percent to SEK 14.8 million (13.9).
• Order intake was SEK 922.1 million (1,023.0), down by 9.9 percent.
• Profit after tax per share was SEK 0.69 (0.62).
• The market was more hesitant than previously in the first quarter. The primary explanation for order intake decreasing is that the number of takeover and specific selection contracts decreased year on year. However, interest in this type of contract remains high.
• A significant number of new framework agreements were signed in the period, on accounts including Fortum teknik, utility Dong in Denmark and three framework agreements for technology consultants in Finland.

Comment from the president and CEO: Claes Ruthberg
"eWork continued its positive progress in the first quarter of the year, on a fairly poor market. Net sales and operating profit increased, albeit at a lower rate than the previous year. The interest in long-term, large-scale undertakings remains high", comments.

Länsförsäkringar Bank:

The Länsförsäkringar Alliance comprises 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and insurance services through their local, regional insurance companies.

Report
The period in brief, Group Interim report for the period January-March 2013

Net interest income increased 13% to SEK 544 M (482).
Loan losses remained very low and amounted to SEK 33 M (26), corresponding to unchanged loan losses of 0.08%.
Operating profit rose 4% to SEK 136 M (131) and the return on equity amounted to 5.9% (6.2).
Business volumes rose 13% to SEK 290 billion (258).
Deposits increased 19% to SEK 63 billion (53).
Lending rose 13% to SEK 152 billion (135).
The Core Tier 1 ratio according to Basel II amounted to 13.6% (11.5). The Tier 1 ratio according to Basel II was 14.1% (12.1) and the capital adequacy ratio according to Basel II was 18.3% (14.0).
The number of customers increased 7% to 964,000 (904,000), the number of bank cards rose 14% to 357,000 (314,000) and the number of deposit accounts increased 14% to 1,234,000 (1,081,000).

Comment from the CEO and president Rikard Josefson, President of Länsförsäkringar Bank

”Länsförsäkringar is growing in its entire banking business. We strengthened our market position in deposits. The loan portfolio, which largely comprises mortgages for private individuals’ homes and first-lien mortgages to the agricultural sector, continues to maintain high credit quality. The capital situation strengthened during the quarter by the bank receiving a conditional shareholders’ contribution and by the issue of a subordinated loan. Funding was successful during the period and the liquidity situation is strong.”

Länsförsäkringar Hypotek: Interim report January-March 2013

The period in brief

Net interest income increased 29% to SEK 222 M (172).
Loan losses amounted to SEK 1 M (2), corresponding to loan losses of 0.00% (0.01).
Operating profit fell 13% to SEK 70 M (81) and the return on equity amounted to 4.5% (5.6).
Lending rose 15% to SEK 104 billion (91).
The Core Tier 1 ratio and Tier 1 ratio amounted to 22.4% (21.6) and the capital adequacy ratio to 24.3% (23.8).
The number of customers rose 9% to 180,000 (165,000).
Figures in parentheses pertain to the comparable period 2012.

"Länsförsäkringar has a balanced and stable growth in mortgages and a continued increasing net interest income. Credit quality is high with a level of loan losses and impaired loans, which are virtually nil. Funding was successful during the period and the liquidity situation is strong,” says Anders Borgcrantz, President of Länsförsäkringar Hypotek.

Höganäs Interim Report 1 January – 31 March 2013

Höganäs AB (publ) is the world’s leading producer of iron and metal powders. Höganäs can help create the automotive components, white goods, water and exhaust treatment products of the future in collaboration with its customers. Founded in 1797, the company had sales of MSEK 6,700 in 2012, and is quoted on NASDAQ OMX Stockholm’s Mid Cap List.

Some recovery after weak conclusion to 2012 - continued cost focus and ongoing R&D initiatives
First quarter 2013 (compared to corresponding period of previous year)
•    Net sales were MSEK 1,577 (1,813), down 13% year on year. Sales volumes were 3% lower. Demand conditions were worse than the corresponding period of the previous year in most markets, apart from China and South America. But sequential volume expansion (compared to the preceding quarter) was good in Europe and the Americas, where the downturn was noticeable in the fourth quarter of 2012.
•    Operating income was MSEK 250 (283), and income after tax was MSEK 186 (204). Lower sales volumes had a negative impact on income, while savings measures and a continued focus on cost efficiency had a positive effect. Operating margin was 15.9% (15.6).
•    Earnings per share before and after dilution for the quarter were SEK 5.34 (5.86).
•    Cash flow from operating activities was MSEK 182 (324). Cash flow remained satisfactory, but due to very low sales in December and low inventory levels at the beginning of the year, there was some build-up of working capital in the quarter, which did not occur in the corresponding period of the previous year.
•    The net debt/equity ratio at the end of the period was 12%, against 16% at the beginning of the financial year.
•    Through jointly held company H Intressenter AB, Lindéngruppen AB and Foundation Asset Management Sweden AB (FAM) made a cash offering to shareholders to transfer all shares of Höganäs AB (publ) to
H Intressenter AB at a price of SEK 320 per share, including dividend for the year. For more information, see page 7.
CEO’s comments - first quarter:

“The market remained fairly weak in Europe and several other regions in the first quarter, although good growth was reported from China. But comparisons of 2013 with the previous year across much of Asia are negatively affected by the recovery effects that favoured year-2012 sales after a 2011 that suffered from the tsunami and flooding. In the sequential recovery from the poor fourth quarter of 2012, we are endeavouring to safeguard our operating margins, and continuing to invest in our priority R&D segments.

The outlook is essentially unchanged compared to the assessment made in the Year-end Report of 6 February. We have a fundamentally positive view of South America and Asia. However, sales growth numbers in Asia in 2013 will be negatively affected by the recovery effect in 2012. In addition, the Indian economy is fairly weak, and Asian exporters will be affected by weak market conditions in Europe. We expect demand to improve in North America, but the rate of recovery may remain volatile. European market conditions were poor in the first quarter of 2013 due to declining domestic demand, and we do not think we see the prospects of this recovering rapidly.”

We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our news network? Do have a news tip or assist us with a correction?