Bli medlem
Bli medlem

Du är här

2016-02-12

SEMCON: Year-end report 2015

The year ended with a weak last quarter, with business area Product
Information reporting a drop in sales due to less business in the UK
and China. Meanwhile, as we announced previously, there were
restructuring costs in Engineering Services Germany of SEK 26
million. 2015 was a year of challenges for Semcon. The measures taken
had a major negative impact on results, but are necessary for Semcon
to remain competitive over the long term. The restructuring work
carried out at Engineering Services Germany, to adapt the
organisation to the current market situation, meant major costs,
amounting to SEK 46 million over the year. The realignment to a more
sales-oriented organisation will probably take more time before
realizing the full effect. We signed several partnership agreements
with global customers in 2015 and increased our ownership in the
Norwegian company Devotek. Our largest business area, Engineering
Services Nordic, begin to see the effect of working with value-based
total solutions.

I look with confidence to 2016 as we have efficient process, excellent
employees and very high customer satisfaction. We should be able to
deliver the same top quality and technical ability, but with improved
profitability.

Fourth quarter
? The operating income was SEK 637 million (731) and organic growth
was -12%

? The operating loss was SEK 9 million (+27), giving an operating
margin of -1.5% (3.6)

? The loss after tax was SEK 8 million (+22)
? Earnings per share (EPS) after dilution was SEK -0.46 (1.23)
January-December
? The operating income was SEK 2,557 million (2,726) and organic
growth was -7%

? The operating profit was SEK 10 million (102), giving an operating
margin of 0.4% (3.8)

? The profit after tax was SEK 3 million (75)
? Earnings per share (EPS) after dilution was SEK 0.20 (4.16)
? The equity/assets ratio was 45% (48)
? Return on shareholder's' equity was 1% (12)
? The Board of Directors proposes a share dividend of SEK 1.25 per
share (2.50)

Income and result
Fourth quarter
The operating income amounted to SEK 637 (731) million. Adjusted for
currency effects, acquisitions and divestments, income fell by 12%.
All business areas, except Engineering Services Nordic, reported a
drop in income. The operating loss was SEK 9 million (+27), giving an
operating margin of -1.5% (3.6). The operating loss also includes
restructuring costs from the Engineering Services Germany business
area of SEK -26 million (-4), for measures associated with a new
business structure and fewer administrative staff. The Product
Information business area's result were negatively affected by an
organic drop in sales of 25% over the quarter, due to fewer
deliveries to Jaguar Land Rover and by sales to one of the larger
customers in China ended in Q3. Kongsberg Devotek AS, which was
consolidated from November has affected the operating profit with SEK
-6 million. Net financial items amounted to SEK -1 million (-1),
giving a loss before tax of SEK 11 million (+26). The tax income for
the quarter amounted to SEK 2 million (-3). The loss after tax
amounted to SEK 8 million (+22) and EPS after dilution of SEK -0.46
(1.23).

January-December
The operating income amounted to SEK 2,577 million (2,726). Adjusted
for currency effects, acquisitions and divestments, income fell by
7%. The Engineering Services Germany business area, adjusted for
currency effects, reported a drop in income of 13%, due to the
transition underway in the German market. The Group's operating
profit amounted to SEK 10 million (102), giving an operating margin
of 0.4% (3.8). The Engineering Services Germany business area
reported significantly weaker results due to the drop in sales and
restructuring costs of SEK 46 million (6). The Product Information
business area's results were negatively affected by fewer deliveries
in Q4 to Jaguar Land Rover and by sales to one of the larger
customers in China ended in Q3. This has negatively affected results
through the writing down of accounts receivable and extra operational
costs. Sales have also been weak towards the Norwegian oil and gas
industry, which has also contributed towards the weaker results. Net
financial items amounted to SEK -4 million (-5), giving a profit
before tax of SEK 5 million (97). The tax expense for the year
amounted to SEK 2 million (22). The profit after tax amounted to SEK
3 million (75) and EPS after dilution amounted to SEK 0.20 (4.16).

Financial position
The operating cash flow from current activities was SEK 27 million
(82). Investments in hardware, licenses, office supplies and
equipment amounted to SEK 33 million (28). The Group's liquid assets
amounted to SEK 126 million (152) with additional non-utilized credit
of SEK 226 million (273) as at 31 December. The Group's credit
agreements were extended at the start of Q4 and will run until
October 2018. Shareholders' equity amounted to SEK 604 million (662)
and the equity/assets ratio was 45% (48). During Q2 a dividend worth
SEK 45 million (45) was paid to shareholders. In addition, share buy
backs were carried out to acquire 100,000 Semcon shares for SEK 6
million. The Group's net debt amounts to SEK 78 million (14).
Excluding pension commitments, net debt amounted to SEK 10 million
(net cash 55). The debt/equity ratio was 0.1 times (0.0) with an
interest coverage ratio of 2.4 times (24.8).

Share dividend
According to Semcon's financial objectives a dividend long-term should
be paid to shareholders and be at least one third of the profit after
tax. The Board of Directors proposes a share dividend of SEK 1.25 per
share (2.50). Dividend amounts to SEK 22.6 million (45.3). The record
day for the right to a share dividend is proposed as Monday, 2 May.

Staff
The headcount on 31 December was 2,936 (2,990). The number of
employees in active service was 2,796 (2,891).Downsizing of business
activities over the past year, mainly in Engineering Services
Germany, which have resulted in a fall in the number of employees. In
the respective business areas the headcount is as follows:
Engineering Services Nordic 1,098 (1,038), Engineering Services
Germany 957 (1,044), Engineering Services International 352 (359) and
Product Information 529 (549).

For more information, please contact:
Markus Granlund, CEO Semcon AB +46 31-721 03 06
Bj?rn Str?mberg, CFO Semcon AB +46 31-721 03 06
Per Nilsson, Communications Director Semcon AB +46 73-973 72 00

Semcon is an international technology company in the engineering
services and product information sectors. We have around 3,000
employees with extensive experience from many different industries.
We develop technology, products, plant and information solutions
along the entire development chain and also provide many services and
products in areas such as quality control, training and methodology
development. We contribute to our customers' competitive strength by
providing innovative solutions, design and solid engineering
expertise. The business activities are run via four business areas:
Engineering Services Nordic, Engineering Services Germany,
Engineering Services International and Product Information. Work
processes and solutions are adapted to customer requirements, from
taking part in the customer's teams to in-house development projects.
The Group had annual sales of SEK 2.6 billion with activities at more
than 40 sites in Sweden, Germany, the UK, Brazil, China, Hungary,
India, Spain and Norway. Some of Semcon's biggest customers include:
ABB, AB Volvo, Audi, BMW, CEVT, Jaguar Land Rover, Scania, Volvo Cars
and VW. Read more at semcon.com.

-----------------------------------------------------------
http://news.cision.com/semcon/r/year-end-report-2015,c9913367
http://mb.cision.com/Main/1934/9913367/476522.pdf

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.