Elekta AB -publ- Nine Months Report Ended January 2003.Business Editors/Health/Medical Writers STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--March 11, 2003 Elekta Elekta, is a Swedish medical systems company founded by Lars Leksell, supplying neurosurgery, radiosurgery, radiotherapy, and magneto-encephalography equipment. History AB (publ) (ELEKTA.ST) - Operating profit improved sharply, by SEK 102 M, to SEK 235 M (133) and the operating margin rose to 12 (7) percent. - Cash flow after investments was positive, amounting to SEK 180 M (neg: 61). - Order bookings increased by 7 percent to SEK 2,212 M (2,076). - Net sales increased by 6 percent to SEK 2,037 M (1,913). - Net sales of after-market products and services increased by 11 percent, to SEK 605 M (545), and accounted for 30 (28) percent of the Group total. - Earnings per share after dilution improved by 60 percent to SEK 4.82 (3.00). Despite a generally weak economy and the prevailing currency situation, Elekta's operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased strongly. The trend in the international healthcare market continues to be positive and the demand for Elekta's products and treatment methods for cancer and neurological disorders This is a list of major and frequently observed neurological disorders (e.g. Alzheimer's disease), symptoms (e.g.back pain), signs (e.g. aphasia) and syndromes (e.g. Aicardi syndrome). remains strong. Elekta's strategy is to further develop its role as a systems supplier and to continuously add new solutions and services that develop the customers value chain. As a result of an increasingly older population and improved diagnostic methods, the number of detected cancer cases is rising. The development of treatment methods for cancer is focusing increasingly on high-precision radiation treatment. Elekta is currently the second-largest supplier in the world, and the largest in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , of
solutions for high-precision radiotherapy radiotherapy /ra·dio·ther·a·py/ (-ther´ah-pe) treatment of disease by means of ionizing radiation; tissue may be exposed to a beam of radiation, or a radioactive element may be contained in devices (e.g. of cancer, notably using
Intensity Modulated mod·u·late v. mod·u·lat·ed, mod·u·lat·ing, mod·u·lates v.tr. 1. To adjust or adapt to a certain proportion; regulate or temper. 2. Radiation Treatment (IMRT IMRT Intensity-modulated radiation therapy Radiation oncology A format for delivering high-dose RT to regions–eg, nasopharynx, that are surrounded by radiation-sensitive areas; in IMRT, a broad radiation field is divided into hundreds of small pencil beams, ). IMRT makes it possible to adapt the radiation dose more precisely to the tumor's three-dimensional three-di·men·sion·al adj. 1. Of, relating to, having, or existing in three dimensions. 2. Having or appearing to have extension in depth. 3. shape and specific radiation sensitivity, without damage to healthy tissue, thereby improving the patient's treatment result and quality of life. The market has rapidly accepted IMRT as a clinically and financially effective method of improved cancer care. The need for non-invasive Non-invasive A procedure that does not penetrate the body. Mentioned in: Multiple-Gated Acquisition Scan non-invasive 1. not penetrating the skin, e.g. a non-invasive test. 2. radiation surgery is growing. Today, approximately 235 of each million persons suffer from the type of brain disease that is suitable for radiation surgery using the Leksell Gamma Knife Gamma Knife A trademark for a radiologic nonsurgical device used in stereotactic radiosurgery. Gamma knife A surgical tool that focuses beams of radiation at the head, which converge in the brain to form a lesion. (R). The areas of illness in which radiation surgery is rising sharply are certain metastases Metastasis (plural, metastases) A tumor growth or deposit that has spread via lymph or blood to an area of the body remote from the primary tumor. Mentioned in: Malignant Melanoma in the brain and functional disorders functional disorder n. A physical disorder in which the symptoms have no known or detectable organic basis but are believed to be the result of psychological factors such as emotional conflicts or stress. Also called functional disease. such as severe facial pain facial pain, n See pain, facial. and, in the future, epilepsy epilepsy, a chronic disorder of cerebral function characterized by periodic convulsive seizures. There are many conditions that have epileptic seizures. Sudden discharge of excess electrical activity, which can be either generalized (involving many areas of cells in . Radiation using the Leksell Gamma Knife is characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by the high quality of care provided and its cost-effectiveness cost-effectiveness pertaining to cost-effective. cost-effectiveness analysis a comparison of the relative cost-efficiencies of two or more ways of performing a task or achieving an objective. , as well as being very patient-friendly. Order bookings and backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Order bookings increased by 7 percent, to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2,212 M (2,076). With unchanged exchange rates between the years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time order bookings would have increased by 15 percent. Orders for oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. products rose by 14 percent, to SEK 1,583 M (1,385) and orders for neurosurgery neurosurgery /neu·ro·sur·gery/ (noor´o-sur?jer-e) surgery of the nervous system. neu·ro·sur·ger·y n. Surgery on any part of the nervous system. products declined by 9 percent, to SEK 629 M (691). Order bookings during the third quarter of the fiscal year rose 2 percent, to SEK 746 M (732). With unchanged exchange rates the increase would have been 12 percent. Calculated on a rolling 12-month basis, order bookings rose 5 percent, to SEK 3,063 M. Order bookings exceeded net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight but the Group's order backlog was affected due to the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of, primarily, the US dollar.
As of January 31, 2003, the order backlog amounted to SEK 2,263 M,
compared with SEK 2,317 M at April 30, 2002.
Order bookings Quarter 3 Quarter 3 9 months 9 months SEK M 2002/03 2001/02 2002/03 2001/02 -------------- --------- --------- -------- -------- Europe, Middle East, Africa 359 277 1008 836 North and South America 243 348 760 828 Japan 29 31 141 145 Asia exd. Japan 115 76 303 267 ---------------------------------------------------------------- Group 746 732 2,212 2,076 ---------------------------------------------------------------- of which Oncology 549 527 1,583 1,358 Neurosurgery 197 205 629 691 Order bookings Rolling Change SEK M 12 months Europe, Middle East, Africa 1,279 17% North and South America 1,179 1% Japan 213 -21% Asia exd. Japan 392 2% ---------------------------------------------------------------- Group 3,063 5% of which Oncology 2,099 14% Neurosurgery 964 -10% Increased investments in cancer care in Europe Order bookings in Region Europe, including the Middle East and Africa, increased 21 percent, to SEK 1,008 M (836). There was a strong increase in orders for oncology products. Substantial investments in the development of cancer care are being made in the Netherlands, the Netherlands, The officially Kingdom of The Netherlands byname Holland Country, northwestern Europe. Area: 16,034 sq mi (41,528 sq km). Population (2005 est.): 16,300,000. Capital: Amsterdam. Seat of government: The Hague. Most of the people are Dutch. UK and France. Stable demand in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Orders booked in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. declined by 8 percent and amounted to SEK 760 M (828). The US dollar has declined by 12 percent in relation to the Swedish krona Noun 1. Swedish krona - the basic unit of money in Sweden krona Swedish monetary unit - monetary unit in Sweden ore - a monetary subunit in Denmark and Norway and Sweden; 100 ore equal 1 krona , compared with the preceding year. Based on an unchanged exchange rate, order bookings increased 4 percent. Order bookings for oncology products increased by one percent. University hospitals and others show great interest in Elekta's recently launched product platform Synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. for image guided radiation of cancer. Order bookings for neurosurgery products were stable but lower compared with the preceding fiscal year. Continued weak trend in Japan The market is characterized by the continuing weak economy in Japan. A certain improvement is expected in the fourth quarter, since investment decisions in the healthcare field in Japan are generally made during the latter part of Elekta's fiscal year. Order bookings in Japan amounted to SEK 141 M (145). Continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. demand in Asia Order bookings in Asia amounted to SEK 303 M (267), an increase of 13 percent. In particular, a strong increase in orders for neurology neurology (n rŏl`əjē, ny–), study of the morphology, physiology, and pathology of the human nervous system. products was noted. Orders for two Leksell Gamma Knife units were signed
in Taiwan and Elekta is the market leader within oncology in Taiwan. A
substantial order for oncology products from Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. has also been
signed.Net sales Consolidated net sales increased by 6 percent, to SEK 2,037 M (1,913). Exchange-rate movements had a negative impact of 9 percent on net sales. Net sales of oncology products increased by 13 percent, to SEK 1,446 M (1,279), and neurology products declined by 7 percent, to SEK 591 M (634). Net sales of after-market products and services increased by 11 percent, to SEK 605 M (545), and accounted for 30 (28) percent of the Group total. Net sales during the third quarter of the fiscal year amounted to SEK 678 M (681). Calculated on a rolling 12-month basis, net sales increased by 9 percent, to SEK 2,862 M. Net Sales Quarter 3 Quarter 3 9 months 9 months change SEK M 2002/03 2001/02 2002/03 2001/02 -------------- --------- --------- -------- -------- ------ Europe, Middle East, Africa 251 304 780 835 -7% North and South America 257 198 847 571 48% Japan 59 98 125 209 -40% Asia exd. Japan 111 81 285 298 -4% ---------------------------------------------------------------------- Group 678 681 2,037 1,913 6% ---------------------------------------------------------------------- of which Oncology 479 436 1,446 1,279 13% Neurosurgery 199 245 591 634 -7% Net Sales 12 months SEK M 2001/02 -------------- --------- Europe, Middle East, Africa 1,195 North and South America 877 Japan 303 Asia exd. Japan 363 ---------------------------------------------------------------------- Group 2,738 ---------------------------------------------------------------------- of which Oncology 1,848 Neurosurgery 890 Result Operating profit improved by SEK 102 M, to SEK 235 M (133). The improvement was attributable to increased volume and productivity, primarily in the oncology sector. The operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved to 12 percent (7). Calculated on a rolling 12-month basis, the operating margin was 11 percent. The strong currency changes during the period have only marginally affected the operating profit. Elekta hedges its contracted net flows using forward contracts over an 18-months period. With unchanged exchange rates between the years net sales had increased by 17 percent and gross margin had been unchanged, 38 percent. Investments in research and development increased by 34 percent, to SEK 127 M (95), equal to 6 (5) percent of net sales. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Recommendation RR15 of the Swedish Financial Accounting Standards Council, SEK 29 M has been capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. for certain specific projects while the remainder has been expensed. Amortization of capitalized development amounts to SEK 1 M. See Accounting principles on page 10. Net financial expense amounted to SEK 1 M (12), including net interest income of SEK 6 M (interest expense: 1). Earnings from participations in associated companies associated company associate n → Partnerfirma f associated company n → società collegata in an amount of SEK 8 M (10) and exchange rate losses amounting to SEK 13 M (gain: 3) were included. Profit after net financial items improved by 63 percent to SEK 236 M (145). Profit after taxes increased to SEK 157 M (94). Earnings per share during the nine-month period amounted to SEK 4.93 (3.04) before dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. and to SEK 4.82 (3.00) after dilution. The return on equity amounted to 16 (12) percent and the return in capital employed Capital Employed 1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. to 23 (19) percent. Investments and depreciation Investments in intangible and tangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → amounted to SEK 56 M (19). Amortization/depreciation of intangible and tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. amounted to SEK 46 M (47). Liquidity and financial position Cash flow before investments was strong and amounted to SEK 200 M (neg: 51). Cash flow after investments and divestments amounted to SEK 180 M (neg: 61). Liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. as of January 31, 2003 amounted to SEK 937 M, compared with SEK 536 M on April 30, 2002. SEK 67 M of Elekta's bank balances was pledged, primarily in the form of guarantees for customer advances received. Interest-bearing liabilities amounted to SEK 255 M, compared with SEK 35 M on April 30, 2002. In December 2002, Elekta assumed a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. loan of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 27 M from NIB nib n. The smooth or serrated portion of a dental instrument that comes into contact with restorative material being condensed. nib, n , Nordic Investment Bank The Nordic Investment Bank (NIB) is an investment bank and multilateral development bank owned by eight nordic and northern european countries. The owners are Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. to increase its future freedom of action. The equity/assets ratio was 48 percent. During the first nine months of the year 441,075 new Series B shares were subscribed through the exercise of warrants allotted al·lot tr.v. al·lot·ted, al·lot·ting, al·lots 1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame. 2. within the framework of Elekta's established stock options program. As of February 11, the total number of Elekta shares was 32,221,442. Patent dispute In the ongoing patent dispute in the US, Elekta has appealed the judgement in a lower court and issued a surety bond surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. of USD 25 M, corresponding to the amount of damages ordered in the lower court. The counterparty Counterparty The other participant, including intermediaries, in a swap or contract. has not issued any objection A formal attestation or declaration of disapproval concerning a specific point of law or procedure during the course of a trial; a statement indicating disagreement with a judge's ruling. to the amount of the bond, but the judge has not definitively ruled on the amount. The likelihood that the judge will change the amount is currently considered minimal. Elekta estimates that the appeal process will take two to three years. In the preceding year, Elekta reserved SEK 20 M for anticipated costs of patent disputes during the 2002/03 fiscal year. On January 31, 2003, SEK 6 M of this reserve remained, which is expected to cover costs for the fourth quarter. Company acquisition Elekta has in accordance with a press release March 10, 2003 signed an agreement to acquire the shares in the magnetoencephalgraphy (MEG Shorthand for "mega." For example, 10 megs means 10 megabytes. It generally refers to bytes, not bits. See mega. Meg (Maggie) Tam O’Shanter’s gray mare that lost her tail to the witch. [Scot. ) company, Neuromag Oy of Helsinki, Finland for an amount of approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4 million. The acquisition of Neuromag is expected to contribute positively to Elekta's earnings per share during fiscal year 2003/04. Employees The average number of employees in the Group was 997 (898). The number of employees at the end of the period was 1,023 compared with 989 as of April 30, 2002. Parent Company The Parent Company's operations comprise management of the Group, Groupwide functions and financial management. The average number of employees was 16 (13). Following approval by the District Court to implement a decision by the Annual General Meeting on September 30, 2002, the share premium reserve was reduced by SEK 900 M through a transfer to an unrestricted reserve. Future prospects Elekta assesses that, even given the present currency situation, net sales for the 2002/03 fiscal year will be somewhat higher than in the preceding fiscal year. The operating margin for the full 2002/03 fiscal year is estimated to remain at the present level. Financial information The report on operations for the 2002/03 fiscal year will be released on June 18, 2003. Accounting principles Application of RR15, the Swedish Financial Accounting Standards Council's new recommendation regarding intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. resulted in a change of accounting principles for Elekta, which has previously expensed all research and development expenditures. Elekta's application of the new rules mean that very high demands are placed before any expenditures for development shall be reported as an asset. For example, the technical functionality of a new product must be proven before expenditures for this development are reported as an asset. The transition rules for this recommendation mean that no retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a adjustment is made. Otherwise, the accounting principles applied are the same as those used in Elekta's most recent year-end report. This interim report was prepared in accordance with Recommendation RR20 on Interim Reports, issued by the Swedish Financial Accounting Standards Council.
INCOME STATEMENT
3 months 3 months 9 months 9 months
Nov.-Jan. Nov.-Jan. May-Jan. May-Jan.
SEK M 2002/03 2001/02 2002/03 2001/02
----------------------------------------------------------------------
Net Sales 678 681 2,037 1,913
Cost of products sold -419 -407 -1,297 -1,184
----------------------------------------------------------------------
Gross income 259 274 740 729
Selling expenses -87 -102 -258 -269
Administrative expenses -74 -88 -205 -216
R&D expenses -38 -31 -99 -95
Exchange differences in
operation 28 0 57 -16
----------------------------------------------------------------------
Operating result 88 53 235 133
Financial net 2 6 1 12
----------------------------------------------------------------------
Income after financial
items 90 59 236 145
Taxes -33 -18 -83 -51
Minority 2 -6 4 0
----------------------------------------------------------------------
Net income 59 35 157 94
Earnings per share
before dilution 1.86 1.09 4.93 3.04
Earnings per share
after dilution 1.82 1.07 4.82 3.00
CASH FLOW
Operating cash flow 87 71 236 184
Change in working capital -49 -134 -36 -235
----------------------------------------------------------------------
Cash flow before
investments 38 -63 200 -51
Investments and disposals -6 -2 -20 -10
----------------------------------------------------------------------
Cash flow after
investments and
disposals 32 -65 180 -61
External financing 240 7 241 -9
Change in liquid assets 266 -64 401 -64
INCOME STATEMENT
12 months 12 months
Feb.-Jan. May-Apr.
SEK M 2002/03 2001/02
New Sales 2,862 2,738
Cost of products sold -1,811 -1,698
----------------------------------------------------------------------
Gross income 1,051 1,040
Selling expenses -356 -367
Administrative expenses -304 -315
R&D expenses -148 -144
Exchange differences in
operation 66 -7
----------------------------------------------------------------------
Operating result 309 207
Financial net 3 14
----------------------------------------------------------------------
Income after financial
items 312 221
Taxes -110 -78
Minority 6 2
----------------------------------------------------------------------
Net income 208 145
Earnings per share
before dilution 6.55 4.66
Earnings per share
after dilution 6.38 4.56
CASH FLOW
Operating cash flow 317 265
Change in working capital 71 -128
----------------------------------------------------------------------
Cash flow before
investments 388 137
Investments and disposals -34 -24
----------------------------------------------------------------------
Cash flow after
investments and
disposals 354 113
External financing 240 -10
Change in liquid assets 567 102
BALANCE SHEET
SEK M Jan. 31, 2003 Jan. 31, 2002 April 30,2002
----------------------------------------------------------------------
Intangible fixed assets 389 395 388
Tangible fixed assets 79 89 87
Financial fixed assets 21 20 22
Inventories 262 300 269
Other current assets 1,200 1,266 1,234
Liquid assets 937 370 536
----------------------------------------------------------------------
Total assets 2,888 2,440 2,536
Shareholders' equity 1,397 1,234 1,272
Minority 0 8 6
Provisions 79 64 90
Other interest-bearing
liabilities 255 40 35
Interest-free liabilities 1,157 1,094 1,133
----------------------------------------------------------------------
Total shareholders' equity,
provisions and liabilities 2,888 2,440 2,536
CHANGES IN SHAREHOLDERS'
EQUITY
SEK M Jan. 31, 2003 Jan. 31, 2002 April 30,2002
----------------------------------------------------------------------
Opening balance 1,272 678 678
Changed accounting
principles 209 209
Conversion of debentures 229 229
Option premiums and
warrants exercised 21 3 6
Translation differences -53 21 5
Net income 157 94 145
----------------------------------------------------------------------
Closing balance 1,397 1,234 1,272
KEY FIGURES 12 months 12 months 12 months 1) 12 months
May-Apr May-Apr May-Apr May-Apr
1999/2000 2000/01 2000/01 2001/02
----------------------------------------------------------------------
Orderingang, SEK M 1,877 2,402 2,402 2,927
Net Sales, SEK M 1,789 2,160 2,160 2,738
Items affecting
comparability, SEK M 19
Operating result,
SEK M -37 92 92 207
Operating margin -2% 4% 4% 8%
Profit margin -4% 3% 3% 8%
Shareholders' equity,
SEK M 576 678 887 1,272
Capital employed,
SEK M 905 959 1,178 1,313
Equity/assets ratio 31% 33% 39% 50%
Return on shareholders'
equity 2) -22% 10% 5% 13%
Return on capital
employed 2) -3% 12% 10% 19%
1) Restated for new accounting principles for taxes.
2) Based on rolling 12 months
KEY FIGURES 9 months 9 months
May-Jan. May-Jan.
2001/02 2002/03
-------------------------------------------------
Orderingang, SEK M 2,076 2,212
Net Sales, SEK M 1,913 2,037
Items affecting
comparability, SEK M
Operating result,
SEK M 133 235
Operating margin 7% 12%
Profit margin 8% 12%
Shareholders' equity,
SEK M 1,234 1,397
Capital employed,
SEK M 1,282 1,652
Equity/assets ratio 51% 48%
Return on shareholders'
equity 2) 12% 16%
Return on capital
employed 2) 19% 23%
1) Restated for new accounting principles for taxes.
2) Based on rolling 12 months
PER SHARE DATA 12 months 12 months 12 months 1) 12 months
May-Apr May-Apr May-Apr May-Apr
1999/2000 2000/01 2000/01 2001/02
----------------------------------------------------------------------
Earnings per share
before dilution,
SEK -4.24 2.21 1.52 4.66
after dilution,
SEK -1.17 2.70 1.89 4.56
Cash flow per share
before dilution,
SEK 2.30 8.11 8.11 3.64
after dilution,
SEK 3.13 7.90 7.90 3.63
Shareholders' equity
per share
before dilution, SEK 20.68 24.33 31.84 40.03
after dilution, SEK 24.90 28.43 35.03 39.89
Interest on converted
debentures net after
tax, SEK M 45 24 17 3
Average number of
shares before
dilution, 000s 18,263 27,854 27,854 31,048
after dilution, 000s 27,787 31,662 31,662 32,504
Number of shares at
closing
before dilution, 000s 27,854 27,854 27,854 31,765
after dilution, 000s 31,662 31,662 31,662 33,084
1) Restated for new accounting principles for taxes.
PER SHARE DATA 9 months 9 months
May-Jan. May-Jan.
2001/02 2002/03
----------------------------------------------------------------------
Earnings per share
before dilution,
SEK 3.04 4.93
after dilution,
SEK 3.00 4.82
Cash flow per share
before dilution,
SEK -1.98 5.63
after dilution,
SEK -1.88 5.51
Shareholders' equity
per share
before dilution, SEK 38.93 43.37
after dilution, SEK 38.85 43.19
Interest on converted
debentures net after
tax, SEK M 3
Average number of
shares
before dilution, 000s 30,819 31,951
after dilution, 000s 32,410 32,677
Number of shares at
closing
before dilution, 000s 31,705 32,206
after dilution, 000s 33,084 32,988
1) Restated for new accounting principles for taxes.
The company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together have not reviewed this interm report. |
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