Interim Report January - September 2010
Västerås, 22 October 2010
JANUARY - SEPTEMBER
JULY - SEPTEMBER
• Sales SEK 371.1 (389.7) million
• Operating profit EBIT SEK 7.6 (0.0) million
• Operating margin EBIT 2.1 (0.0) %
• Net income SEK 4.3 (-0.9) million
• Earnings per share SEK 0.41 (-0.09)
• Cash equivalents SEK 5.9 (12.6) million
• Sales SEK 106.2 (109.9) million
• Operating profit EBIT SEK -0.8 (2.0) million
• Operating margin EBIT –0.7 (1.9) %
• Net income SEK -0.9 (1.3) million
• Earnings per share SEK -0.09 (0.13)
A word from the CEO
We have noticed that the Nordic market continues to stabilize. For us, this has
resulted in more new orders and higher rates. Prevas has entered into a growth
phase having established new offices in Gävle, Borlänge and Oslo. The Product Development and Industrial Systems business areas are also in a phase of
organic growth.
Evidence of Prevas' strong delivery performance can be found in our customer
satisfaction rating of 8.4 (on a scale of 1 to 10) and delivery reliability for projects of 96 percent. We are very happy that Prevas was nominated for the Swedish Embedded Award for the third year in a row. Together with its customer,
Zenicor Medical Systems, Prevas has developed a hand-held ECG unit that was
nominated in the category, Enterprise.
Our Swedish and Norwegian operations continue to report stable profitability. In Norway, we are making
new investments in the Product Development business area. In Denmark, efforts continue to establish existing and new businesses, along with restructuring efforts. This has involved costs that are essential to our
future growth strategy. Overall, we have noticed that our customers are optimistic and we are confident
that there is a strong and growing market for our services. Nevertheless, for 2010 overall, what we previously communicated still holds true, i.e. this will be a year of squeezed margins.
Mats Lundberg, CEO Prevas AB
Interim Report January - September 2010
page 2 (12)
Prevas develops intelligence in products and industrial systems.
Sales
SALES
PER SECTOR
Q1-3 2010,
GROUP
FÖRSÄLJNING
PER BRANSCH
KvTHE
1-3 2010,
KONCERNEN
Telecom
Telecom
JANUARY – SEPTEMBER
Sales amounted to SEK 371.1 (389.7) million, corresponding
to a decline of 4.8 percent. Sales per employee increased
and were SEK 896 (817) thousand. The number of workdays
was 188 (187).
Fordon
Automotive
11 %
Other
Övriga
Energy
Energi
10 %
13 %
Defense
Försvar
Engineering
Verkstadsindustrin
30 %
13 %
JULY – SEPTEMBER
Sales amounted to SEK 106.2 (109.9) million, corresponding
to a decline of 3.4 percent. Sales per employee were SEK 260
(245) thousand. The total number of working days was 66 (66).
Income
10 %
13 %
Life
LifeScience
Science
FIVE
CUSTOMERS
1-3 2010,
THE GROUP
FEMLARGEST
STÖRSTA KUNDER
Kv 1-3Q2010,
KONCERNEN
Ericsson
JANUARY – SEPTEMBER
Operating profit EBIT was SEK 7.6 (0.0) million, with a corresponding operating margin of 2.1 (0.0) percent. Profit
before depreciation EBITDA was SEK 17.6 (9.5) million, with
a corresponding profit margin before depreciation of 4.7
(2.4) percent.
13 %
11 %
Other
Övriga
Saab
Saab (defense)
(försvar)
4 %, Westinghouse
66 %
3 %, ABB
3 %, Bombardier
Net income was SEK 4.3 (-0.9) million, resulting in profit margin of 1.7 (–0.2) percent.
The increase in profits compared to last year is primarily due
to improvements in capacity utilization. During the period,
Prevas' costs associated with establishing the business in
Dubai were SEK 1.5 million, plus additional impairment losses
on products of SEK 0.9 million, which had a negative impact
on the Industrial Systems business area. In the Product Development business area, costs were recognized for confirmed
and anticipated bad debt losses equal to SEK 1.2 million.
JULY – SEPTEMBER
Operating profit EBIT was SEK -0.8 (2.0) million, with a corresponding operating margin of -0.7 (1.9) percent. Profit
before depreciation EBITDA was SEK 3.1 (5.1) million, with a
corresponding profit margin before depreciation of 2.9 (4.7)
percent.
Profit/loss before tax was SEK -0.9 (1.3) million, with a corresponding profit margin of -1.0 (1.6) percent.
During the period, the Industrial Systems business area reported extra impairment losses on products of SEK 0.9 million
along with costs associated with setting up the business in
Dubai of SEK 0.8 million. The Product Development business
area recognized costs for confirmed bad debt losses of SEK
0.2 million in Sweden, as well as anticipated bad debt losses
in Denmark of SEK 1 million.
Cash flow and cash equivalents
Cash flow from continuing operations for the period January
through September was SEK 11.2 (19.2) million. At the end
of the period, cash equivalents totaled SEK 5.9 (12.6) million,
excluding bank overdraft facility.
Financial position
Equity was SEK 151.6 (166.1) million at the end of the period,
with a corresponding equity ratio of 56 (60) percent. Equity
per share was SEK 14.98 (16.44).
SALES
PER QUARTER (MSEK), THE GROUP
OMSÄTTNING PER KVARTAL MKR, KONCERNEN
200
150
100
50
0
06 07 08 09 10
06 07 08 09 10
06 07 08 09 10
06 07 08 09
Q1
Q2
Q3
Q4
EBIT
PER QUARTER PER
(MSEK),
THEMKR,
GROUP
RÖRELSERESULTAT
KVARTAL
KONCERNEN
25
20
15
10
5
0
-5
-10
-15
-20
06 07 08 09 10
06 07 08 09 10
06 07 08 09 10
06 07 08 09
Q1
Q2
Q3
Q4
CASH
FLOW FROM
ACTIVITIESMKR,
(MSEK),
KASSAFLÖDE
FRÅN OPERATING
LÖPANDE VERKSAMHET
KONCERNEN
THE
GROUP
30
25
20
15
10
5
0
-5
-10
06 07 08 09 10
06 07 08 09 10
06 07 08 09 10
06 07 08 09
Q1
Q2
Q3
Q4
Interim Report January - September 2010
page 3 (12)
Prevas develops intelligence in products and industrial systems.
Employees
During the period, the average number of employees was 414 (477), of which 290 (354) worked within the area of
Product Development and 106 (106) worked in the area of Industrial Systems. In addition, there were 18 (17) employees in senior management and administrative positions.
The total number of employees at the end of the period was 452 (484), of which 13 % were women.
Investments
The company made investments in fixed assets worth SEK 3.0 (5.9) million during the period. Of the total amount,
SEK 3.0 (3.8) million was for machinery and equipment, while SEK 0.0 (2.1) million was for product development and
intangible assets. Besides these items, goodwill increased SEK 4.0 million related to the additional consideration on
prior acquisitions. During the period, Prevas started up operations in Gävle and Gothenburg with shared ownership.
Prevas is the majority owner.
Key indicators per quarter
Net sales, MSEK
2010
2010
2010
2009
2009
2009
2009
2008
2008
2008
2008
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
106,2
132,3
132,6
123,5
109,9
127,7
152,1
159,9
134,3
167,8
153,7
EBIT, MSEK
–0,8
1,6
6,8
–19,4
2,0
–9,1
7,1
14,8
14,0
24,7
16,8
Operating margin, %
–0,7
1,2
5,2
–15,7
1,9
–7,2
4,7
9,2
10,4
14,7
11,0
66
60
62
63
66
59
62
62
66
62
62
452
449
449
497
484
492
528
548
554
554
565
Number of working days
Number of employees at the end
of the period
Average number of
employees
409
419
432
456
449
480
511
518
504
521
528
Net Sales/employee, kSEK
260
316
307
271
245
266
298
309
266
322
291
56
52
54
53
60
55
52
57
54
48
46
Earnings per share, SEK
Equity Ratio, %
–0,09
0,06
0,45
–1,43
0,13
–0,70
0,49
1,09
1,02
1,79
1,18
Equity per share, SEK
14,98
15,28
15,31
15,09
16,44
16,54
17,26
18,14
16,61
15,49
13,60
Strong business financial indicators:
on-time delivery of projects
As a part of the company's quality assurance system, we constantly measure
customer satisfaction, delivery reliability and warranty work. More than 90 percent of our projects are delivered on time. That figure is significantly above
the industry average. That, in combination with a customer satisfaction level
of 8.4 (on a scale of 1 to 10) makes Prevas highly valued by its customers.
DELIVERY RELIABILITY,
LEVERANSSÄKERHET,%
%
100
80
60
40
20
0
1994
1997
2000
2003
2006
2009
Important events during the period
Nominated for the Swedish Embedded Award – for the third year in a row
For the third year in a row, Prevas was nominated for the Swedish Embedded Award. Together with Zenicor Medical Systems, Prevas competed against four other companies in the category “Enterprise” for this prestigious prize.
Prevas and Interspiro won the award in 2009 for an advanced communication system for smoke diving teams.
New operations in Norway within the area of product development
Prevas is continuing to invest and is starting new product development activities in Norway. Prevas has been established in Norway since 2007 with offerings within industrial IT. When industrial companies are looking for manufacturing-related IT solutions, Prevas is a natural partner. The investment has been very successful, and Prevas
recognizes major possibilities for expansion within the Product Development business area in Norway, with Oslo as
the base. Operations will consist of 4-5 employees from the start, with the aim of growing to 30 employees within
a 3-year period. Recruitment of key individuals for the initiative is complete, and Eivind Eriksen has been recruited
to serve as the team leader. Eriksen most recently worked at Teknologisk Institutt where he was a group leader for
electronics and instrumentation. The investment in Norway is an important and strategic step. In this area, Prevas
is able to offer new services to its existing customers, as well as reaching out to a new market.
Interim Report January - September 2010
page 4 (12)
Prevas develops intelligence in products and industrial systems.
Examples of exciting project commitments
Prevas, in cooperation with National Instruments, has helped the Gothenburg-based company Medfield Diagnostics
to develop the Strokefinder R10 measurement system. The Strokefinder R10 is a research instrument that can help
save many lives and prevent a lot of suffering for future stroke victims. The product consists of measurement equipment and a helmet that is put on the patient and used to examine the brain with the help of microwaves. There are
antennas in the helmet that, together with the measurement equipment, act as transmitters and receivers.
Consultants working with embedded electronics face challenges associated with the environment. Since Prevas
provides solutions and services within many sectors and application areas, we are thus involved in many types
of greentech projects. It is possible to use some solutions in a general context. Most, however, are customerspecific. Examples vary from updates to existing products such that they become more environmentally friendly,
to getting involved in greentech projects.
General agreements
In order to assist customers in the best manner possible, Prevas invests in long-term customer relationships that
include deep insight into customers’ enterprises. General agreements important for continued cooperation have
been signed with such companies as: ABB, Atlas Copco, Ericsson, FMV, GE Healthcare, Maquet, Saab AB, Sandvik and Volvo.
Market trends and events within the business areas
Recovery in the area of industrial IT continued during Q3 - Industrial Systems business area
Recovery in the market for industrial IT, which got underway during the second quarter, also continued during the
third quarter. The willingness to invest is increasing across the entire line and projects that had been put on hold
have been dusted off and are being considered once again. The focus is on how to increase productivity with current
staffing. We are also getting more and more inquiries on how to modernize equipment.
Operating margin for the Industrial Systems business area remains strong. Capacity utilization is high and expansion
is now on the agenda. We need to recruit more employees to several of Prevas' regions. New orders continue to
increase and the newly established unit in Gävle has gotten off to a good start.
Our assessment continues to be quite positive in terms of the market outlook for investments in manufacturing-related IT solutions, industrial IT. Customers want to already have efficient internal IT processes that are linked to production in place, once a recovery gets underway. Manufacturing Enterprise Solutions (MES) and Business Intelligence
(BI) are two areas that are developing quite well. The driving factors for investments are the customer's own productivity in combination with their demands for traceability and quality assurance. In certain sectors, requirements from
authorities must also be considered, e.g. product traceability in manufacturing. Energy savings is another area where
there is increased interest from customers.
Prevas works with several world-leading companies, such as ABB, Ericsson, Outokumpu, Sandvik, SSAB, Statoil and
Volvo.
Nordic Leader in Embedded Systems - Product Development business area
The Product Development business area has continued to experience increased demand for its services during the
last quarter. Customers' greatest needs continue to be for on-site consulting. However, new orders and inquiries
have increased significantly, particularly regarding outsourcing of product development for both complete products and subsystems.
Operating margin has gradually improved during the year. In September, it was at a satisfactory level for Swedish
operations within the Product Development business area. In Denmark, the situation continues to be difficult and
anticipated bad debt losses have a negative impact on profits.
For the third year in a row, Prevas has been nominated for the Swedish Embedded Award. This year, Prevas was
nominated along with its customer, Zenicor Medical Systems. Prevas has developed Zenicor's new, innovative product, Zenicor ECG-2. It is a unique product that can be used in a home environment to easily diagnose heart rhythm
disturbances.
Interim Report January - September 2010
page 5 (12)
Prevas develops intelligence in products and industrial systems.
During the period, Medfield Diagnostics, a Prevas customer, launched its new product, Strokefinder R10. Prevas was
involved in developing the product in close cooperation with the strategic partner, National Instruments. Strokefinder R10 is an instrument that is used for diagnosis of stroke patients. This groundbreaking system received a great
deal of attention as Key-Note at the annual NI-Week in Austin, Texas.
Prevas works with many world-leading companies, such as ABB, Atlas Copco, Bombardier, Danfoss, Ericsson, Maquet Critical Care, Novo Nordisk, Saab, Vestas and Volvo.
The Parent Company
JANUARY – SEPTEMBER
Sales were SEK 308.6 (320.6) million and profit/loss after financial items was SEK 5.1 (-3.3) million.
Risks and uncertainties
The market situation improved during the period and we have noticed that things are stabilizing. However, VC-funded companies are still experiencing the aftermath of the recession.
Prevas relies on certain guiding principles when it comes to managing risks in various parts of its business. Successful risk management is a continuous process conducted within the framework for operations management. It is an integral part of the everyday follow-up of the business. Examples of business and market related risks are: competition
and downward pressure on prices, how our customers' businesses develop, bad debt losses, risks associated with
the state of the market and fluctuations in exchange/interest rates.
During the period, Prevas increased its provision for anticipated bad debt losses.
Accounting principles
This summary interim report for the Group was prepared in accordance with IAS 34, Interim Financial Reporting and
the Annual Accounts Act, where applicable. The interim report for the Parent Company was prepared in accordance
with Chapter 9, Interim Report, of the Annual Accounts Act.
The revised accounting standards that affect Prevas as of 2010 are as follows: IFRS 3, Business Combinations and IAS
27, Consolidated and Separate Financial Statements.
The revisions result in changes to how transaction costs are reported in conjunction with acquisitions as well as the
revaluation of additional consideration reported in net profit/loss for the year. These changes only have an effect
going forward. As of 2010, there are holdings without controlling influence. The revised IAS 27 has an effect on what
certain things are called, but no effect on the amounts reported in this report.
Except for the changes mentioned above, the company has applied the same accounting principles and bases of
calculation as in the most recent Annual Report.
Stockholm, 22 October 2010
Prevas AB (publ)
Mats Lundberg, CEO Prevas AB
UPCOMING REPORTS
• Year-end report 2010, 4 February 2011
INFORMATION
For more information, please contact:
Mats Lundberg, CEO, tel. 08-726 40 02, 0733-37 75 40
Mats Åström, CFO, tel. 021-360 19 34, 070-191 31 65
This is a translation of an original document in Sweden. In case of dispute, the original document should be taken as authoritative (Delårsrapport januari - juni 2010 at www.prevas.se). Or, contact the company directly.
Published on 22.10.10, 8:30 CET.
This is information that Prevas AB (publ) must make available to the public in accordance with the Swedish Securities Market Act (2007:528) and/or the Financial Instruments Trading Act.
Interim Report January - September 2010
page 6 (12)
Prevas develops intelligence in products and industrial systems.
Auditor's Report Regarding Review of the Interim Report
To the Board of Directors of Prevas AB (publ.), CIN: 556252-1384
Introduction
We have conducted a review of the summary financial information for Prevas AB (publ.) as of 30 September 2010
and the nine-month period ending on that date. The Board of Directors and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our
responsibility is to express an opinion on this interim report that is based upon our review.
Focus and scope of the review
We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, "Review
of Interim Financial Information Performed by the Independent Auditor of the Entity," issued by FAR. A review
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially more limited in scope than an audit conducted
in accordance with 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 based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial information does not, in all material respects, accord with IAS 34 and the Swedish Annual Accounts Act
for the Group, and the Swedish Annual Accounts Act for the Parent Company.
Västerås, 22 October 2010
KPMG AB
Helena Arvidsson Älgne, Authorised Public Accountant
Interim Report January - September 2010
page 7 (12)
Prevas develops intelligence in products and industrial systems.
Consolidated Financial Statements
SUMMARY INCOME STATEMENTS (SEK thousands)
Net sales
2010
Q1-3
2009
Q1-3
2010
Q3
2009
Q3
2009
Full Year
371 097
389 712
106 203
109 938
513 235
Capitalized work
Other external costs
Personnel costs
Profit/loss before depreciation
–
1 654
–
–
1 654
–97 429
–88 813
–29 500
–24 711
–118 276
–256 059
–293 082
–73 608
–80 083
–402 838
17 609
9 471
3 095
5 144
–6 225
Amortization/impairment of intangible assets
–5 841
–4 956
–2 657
–1 792
–7 185
Depreciation of property, plant and equipment
–4 136
–4 497
–1 208
–1 311
–5 925
EBIT
7 632
18
–770
2 041
–19 335 1)
Net financial items
–1 457
–831
–283
–262
–641
Profit/loss before tax
6 175
–813
–1 053
1 779
–19 976
Taxes
–1 836
–84
206
–507
4 626
Net profit (loss) for the period
4 339
–897
–847
1 272
–15 350
Net profit (loss) for the period attributable to
Parent Company's shareholders
4 165
–897
–925
1 272
–15 350
Net profit (loss) for the period attributable to holdings without a controlling interest
174
–
78
–
–
Basic and diluted earnings per share, SEK
0.41
-0.09
-0.09
0.13
-1.52
2010
2009
2010
2009
Q1-3
Q1-3
Q3
Q3
2009
Full Year
4 339
–897
–847
1 272
–15 350
–5 286
–1 252
–1 958
–2 224
–440
STATEMENT OF COMPREHENSIVE INCOME
in summary, kSEK
Net profit (loss) for the period
Other comprehensive income:
Translation differences for the period
–947
–2 149
–2 805
–952
–15 790
Comprehensive income for the period attributable
to Parent Company's owner
Total comprehensive income for the period
–1 121
–2 149
–2 883
–952
–15 790
Comprehensive income for the period attributable
to holdings without a controlling influence
174
–
78
–
–
2010
Q1-3
2009
Q1-3
2010
Q3
2009
Q3
2009
Full Year
BUSINESS UNIT PERFORMANCE
Net sales, kSEK
Product Development
257 880
275 684
72 239
76 055
369 977
Industrial Systems
113 217
114 028
33 964
33 883
143 258
371 097
389 712
106 203
109 938
513 235
Total
EBIT, kSEK
Product Development
–8 902
–18 359
–4 517
–2 858
Industrial Systems
16 534
18 377
3 747
4 899
Total
7 632
18
–770
2 041
–38 580 2)
19 245
3)
–19 335
–10,4 %
Operating margin, %
Product Development
–3,5 %
–6,7 %
–6,3 %
–3,8 %
Industrial Systems
14,6 %
16,1 %
11,0 %
14,5 %
13,4 %
Total
2,1 %
0,0 %
–0,7 %
1,9 %
–3,8 %
1) Includes the Q2 and Q4 action plan in the amount of SEK 16 456 thousand.
2) Includes the Q2 and Q4 action plan in the amount of SEK 13,696 thousand.
3) Includes the Q2 and Q4 action plan in the amount of SEK 2 760 thousand.
Interim Report January - September 2010
page 8 (12)
Prevas develops intelligence in products and industrial systems.
Consolidated Financial Statements (cont.)
SUMMARY BALANCE SHEET (SEK thousands)
Goodwill
2010
30 Sept
2009
30 Sept
2009
31 Dec
111 424
109 865
110 117
Other intangible assets
13 260
21 866
19 804
Property, plant and equipment
13 373
14 446
14 519
Deferred tax assets
4 939
605
5 023
Current receivables
121 018
120 025
128 452
Cash Equivalents
Total assets
Equity attributable to Parent Company's owner
5 911
12 644
11 765
269 925
279 451
289 680
152 492
151 371
166 133
Equity attributable to holdings without a controlling influence
263
–
–
Long-term provisions
642
1 020
813
9 435
11 633
8 743
22 294
21 813
31 800
Deferred tax liability
Long-term interest-bearing liabilities
Current interest-bearing liabilities
4 065
3 902
3 987
81 855
74 950
91 845
Total liabilities and equity
269 925
279 451
289 680
CHANGES
IN EQUITY, in summary, SEK thousands
2010
30 Sept
2009
30 Sept
2009
31 Dec
152 492
181 248
181 248
–1 121
–2 149
–15 790
Other current liabilities
Opening balance
Total comprehensive income for the period attributable to the Parent Company's owner
Total comprehensive income for the period attributable to holdings without a controlling
influence
Employee stock option program
Holdings without a controlling influence
174
–
–
–
2 150
2 150
89
–
–
–
–15 116
–15 116
Closing balance
151 634
166 133
152 492
Equity attributable to Parent Company's owner
151 371
166 133
152 492
263
–
–
Dividends
Equity attributable to holdings without a controlling influence
Interim Report January - September 2010
page 9 (12)
Prevas develops intelligence in products and industrial systems.
Consolidated Financial Statements (cont.)
CASH FLOW ANALYSIS (SEK thousands)
2010
Q1-3
2009
Q1-3
2010
Q3
2009
Q3
2009
Full Year
Operating activities
Profit/loss before tax
6 175
–813
–1 053
1 779
–19 976
Adjustment for items not included in cash flow
9 372
8 088
2 186
2 221
13 526
–1 309
–8 115
–108
–1 177
–5 097
14 238
–840
1 025
2 823
–11 547
27 916
Income tax paid
Cash flow from operating activities
before changes in working capital
Cash flow from changes in working capital
7 434
36 343
19 244
12 512
Change in operating liabilities
Change in operating receivables
–10 517
–16 283
–16 746
–22 615
–7 419
Cash flow from operating activities
11 155
19 220
3 523
–7 280
8 950
Acquisition of business and shares excl. cash equivalents
–4 022
–4 592
–
–
–4 592
Disposal of businesses and shares, excl. cash equivalents
40
–
40
–
–
–20
–2 087
–
–66
–2 113
Investing activities
Investments in intangible assets
Investments in property, plant and equipment
Cash flow from investing activities
–2 990
–3 834
–835
–589
–5 335
–6 992
–10 513
–795
–655
–12 040
–9 533
–98
–4 485
–464
9 974
–
2 150
–
–
2 150
Financing activities
Change in interest-bearing liabilities
Employee stock option program
–
–15 116
–
–
–15 116
Cash flow from financing activities
Dividends paid
–9 533
–13 064
–4 485
–464
–2 992
Cash flow for the period
–5 370
–4 357
–1 757
–8 399
–6 082
16 745
11 765
16 745
7 843
21 102
Translation difference on cash equivalents
Cash equivalents at the beginning of the year
–484
256
–175
–59
1 102
Cash equivalents at the end of the period
5 911
12 644
5 911
12 644
11 765
–5 370
–4 357
–1 757
–8 399
–6 082
KEY FIGURES
2010
Q1-3
2009
Q1-3
2010
Q3
2009
Q3
2009
Full Year
Profit margin before depreciation/EBITDA
4,7 %
2,4 %
2,9 %
4,7 %
–1,2 %
Operating margin/EBIT
2,1 %
0,0 %
–0,7 %
1,9 %
–3,8 %
Profit margin
1,7 %
–0,2 %
–1,0 %
1,6 %
–3,9 %
10 102
10 102
10 102
10 102
10 102
10 102
10 062
10 102
10 102
10 072
0.41
-0.09
-0.09
0.13
-1.52
14.98
16.44
Cash flow for the period
Number of outstanding shares at the end of the reporting period
basic and diluted
Average number of outstanding shares
basic and diluted
Basic and diluted earnings per share, SEK
Equity per share, basic and diluted
15.09
Equity ratio
56 %
60 %
53 %
Return on capital employed, %
4,4 %
0,4 %
–9,3 %
Return on equity, %
2,8 %
–0,5 %
Average number of employees
414
477
409
449
–9,1 %
Number of working days
188
187
66
66
250
Sales per employee, kSEK
896
817
260
245
1 087
Interim Report January - September 2010
page 10 (12)
Prevas develops intelligence in products and industrial systems.
472
Parent Company Financial Statements
SUMMARY INCOME STATEMENTS
(SEK thousands)
Net sales
Capitalized work
Other external costs
Personnel costs
2010
2009
2010
Q1-3
Q1-3
Q3
2009
Q3
Full Year
2009
308 643
320 605
87 378
87 123
418 476
–
1 296
–
–
1 296
–88 351
–80 504
–27 198
–20 493
–105 730
–202 832
–232 285
–56 539
–62 813
–322 064
Amortization/impairment of intangible assets
–9 174
–8 324
–3 775
–2 921
–11 680
Depreciation of property, plant and equipment
–2 166
–2 630
–534
–670
–3 417
EBIT
6 120
–1 842
–668
226
–23 119
Profit/loss from participations in Group companies
174
–988
–
3 603
–988
Interest income and similar profit/loss items
454
613
221
121
772
Interest expenses and similar items
–1 680
–1 082
–412
–183
–1 320
Profit (loss) after financial items
5 068
–3 299
–859
3 767
–24 655
12 750
–
–
–
–
Taxes
Appropriations
–1 390
458
203
–81
2 528
Net profit (loss) for the period
3 678
–2 841
–656
3 686
–9 377
SUMMARY BALANCE SHEETS (SEK thousands)
Intangible assets
Property, plant and equipment
Financial assets
Current receivables
Cash and cash equivalents
Total assets
Equity
Untaxed reserves
Provisions
Long-term interest-bearing liabilities
Current interest-bearing liabilities
Other current liabilities
Total liabilities and equity
2010
2009
2009
30 Sept
30 Sept
31 Dec
15 105
27 591
24 259
4 074
5 185
4 968
40 247
39 097
41 677
102 245
94 225
98 039
418
2 420
5 843
162 089
168 518
174 786
74 985
77 843
71 307
–
12 750
–
396
928
813
15 683
15 400
25 146
2 200
2 200
2 200
68 825
59 397
75 320
162 089
168 518
174 786
Interim Report January - September 2010
page 11 (12)
Prevas develops intelligence in products and industrial systems.
In 2010 Prevas will be celebrating its 25th anniversary, and the company is currently the Nordic leader for embedded systems and industrial IT. We are the main
supplier and innovative development partner to leading companies in industries
such as life science, telecommunications, vehicle, defense, energy and engineering. Prevas' foundation is based on developing intelligence in products and industrial systems for world-leading companies. Prevas’ solutions are renowned for
innovation, quality assurance and reliable delivery. Offices are located in Sweden,
Denmark, Norway, The United Arab Emirates and India. The company has
approximately 500 employees.
Prevas has been listed on the NASDAQ OMX Nordic Exchange
in Stockholm since 1998.
Prevas AB (publ), CIN 556252-1384
Box 4, SE 721 03 Västerås, Telephone +46 21 360 19 00, Fax +46 21 360 19 29
info@prevas.se, www.prevas.se