PRESS RELEASE FROM SCRIBONA AB (publ), corp. reg. no Interim report January September 2004 for the Scribona Group

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1 PRESS RELEASE FROM SCRIBONA AB (publ), corp. reg. no October 20, 2004 Interim report January September 2004 for the Scribona Group Third quarter sales reached MSEK 2,308 (2,357). Sales for the first nine months amounted to MSEK 8,239 (8,168). The third quarter figures for 2003 include a sum of MSEK 300 pertaining to operations that were discontinued or sold. Operating income for the third quarter was MSEK 1 (1) and income after tax was MSEK -2 (-5). Operating income for the first nine months totaled MSEK 37 (-38), and included a net gain of MSEK 40 on the sale of the Toshiba Document Solutions division. Income after tax was MSEK 13 (-50). Earnings per share for the first nine months amounted to SEK 0.25 (-0.98). Net financial items showed positive development and amounted to MSEK 47. In a market with weak growth, Scribona has continued to increase its market shares. The merger of the Scribona Solutions and Scribona Distribution business areas with effect from 1 September was well received by the customers, suppliers and employees. Comments from the CEO The third quarter got off to a shaky start but ended on a high note, which is encouraging ahead of the seasonally stronger fourth quarter. Scribona s unit sales of PCs and servers were up 12% compared with same quarter of last year. Preliminary figures from IDC indicate growth of 3% in the Nordic market. The previously steep price erosion for PCs has leveled out and the average price is now stable. The product mix is shifting further as growth for laptops outpaces the desktop PC market and demand for high-end servers declines in favor of cheaper and less technologically advanced solutions. The combined offering from our new Scribona business area, with a joint organization and a wider range of both software and hardware products, will further strengthen our market position and enhance our competitiveness. The copyprint market is showing continued robust development and Carl Lamm has captured additional market shares. Carl Lamm achieved a good quarter despite increased price pressure, largely thanks to its established position as a total supplier of document management solutions. For additional information, contact: Tom Ekevall Larsen, President & CEO, telephone +46 (0) Örjan Rebeling, Executive Vice President, CFO, telephone +46 (0) Financial calendar Year-end report for January-December 2004: February 9, 2005 Annual report: March 2005

2 2 THE MARKET Net financial items amounted to MSEK -3 (-4). According to preliminary statistics from IDC, volume growth in the Nordic PC market was up 3% over the same period of Scribona s average PC price was unchanged between years, which we assume to be true for the market as a whole. Scribona sees rising volumes for other PC products, but at increasingly low prices. According to Scribona s own assessments, the Nordic market for IT infrastructure products has continued to decline in volume and even more sharply in value compared with the same quarter of The underlying factors include a shift in the product mix towards increasingly low-end servers and a very weak market for ERP hardware products. For document management products we estimate growth of around 6% in the number of copiers sold in Sweden, but with a price drop of equal size. Income before tax was MSEK -2 (-3). Sales and income for the first nine months Group sales amounted to MSEK 8,239 (8,168), including a net gain of MSEK 40 on the sale of the Toshiba Document Solutions division. For comparable units and at unchanged exchange rates, sales were up 9%. Operating income is reported at MSEK 37 (-38). Excluding the net gain on the sale of Toshiba Document Solutions, operating income reached MSEK -3. Restructuring costs of MSEK 7 relating to Scribona Distribution in Denmark were charged against operating income in the first quarter. Operating income includes a net exchange loss of MSEK 4 (net gain of MSEK 3). GROUP STRUCTURE Net financial items amounted to MSEK -14 (-6). Positive exchange differences on temporarily As previously announced in a press release during unsecured internal financial transactions in 2003 August, the former Scribona Solutions and Scribona amounted to MSEK 5. The Group s net penalty Distribution business areas were merged on interest was positive at MSEK 3 (5). September 1 into a single business area: Scribona. The Scribona Brand Alliance business area, consisting of only Carl Lamm since April 1, 2004, has changed name to Carl Lamm. For purposes of financial reporting, the Toshiba Digital Media division, wound up in 2003, and the Toshiba Document Solutions division, sold in March 2004, have been taken up jointly under the heading Discontinued and sold operations. In this interim report the business areas are reported as if the new organization had applied throughout 2004, with corresponding comparative figures for Income before tax was MSEK 23 (-44). Income tax is reported at MSEK -10 (-6). The tax expense has been affected by tax-free stock sales, non-deductible goodwill amortization, tax loss carryforwards for which the deferred tax receivable is not reported, and non-deductible expenses. Net income after tax was MSEK 13 (-50) and earnings per share amounted to SEK 0.25 (-0.98). Cash flow and financial position GROUP DEVELOPMENT Sales and income during the quarter Consolidated sales fell 2% to MSEK 2,308 (2,357). For comparable units and at unchanged exchange rates, sales were up 9%. Compared with the same quarter of 2003, PC prices were unchanged, while prices for IT infrastructure products and other PC products continued to fall. The Group s operating income was MSEK 1 (1) and included net exchange gains of MSEK 1 (net gains of MSEK 3). The Scribona business area showed strong development in Norway and Sweden. In Denmark and Finland, margins were impacted by tough competition and a further drop in prices. Sales in the market for ERP systems showed weak development. The Carl Lamm business area showed continued strong performance, with growth in operating income. The Scribona Group s cash flow from operating activities for the first nine months of 2004 was MSEK 23 (-478). The sale of Division Toshiba Document Solutions, together with the acquisition of fixed assets, generated a positive cash flow effect of MSEK 92 (3). Net financial items at the end of the period totaled MSEK 47 (-214). Capital employed was MSEK 845 (1,047) and liquid assets at the end of the period amounted to MSEK 433 (29). The Group s liquidity situation is satisfactory with respect to the unutilized credit facility. Divestitures The Toshiba Document Solutions division of the Scribona Brand Alliance business area was sold on March 31, 2004, generating a preliminary net gain of MSEK 40. The final proceeds of the sale are expected to be disclosed in connection with the year-end report for Employees The number of employees at the end of the period was 1,025 (1,354).

3 3 Key ratios Earnings per share for the first nine months totaled SEK 0.25 (-0.98). Earnings per share over the past 12-month period amounted to SEK 1.25 (SEK 0.02 for the full year 2003). the quarter rose 12% to 107,000. Based on IDC figures, Scribona s market share has thus increased over the third quarter of Scribona s average PC price was unchanged between years. Volume sales of other PC products have grown further, but at sharply declining prices. Equity per share at the end of the period was SEK (16.31). The sluggish market for IT infrastructure products The equity ratio per September 30 was 29.7% (29.2%). Return on capital employed over the past 12-month period amounted to 10.3% (2.0% for the full year 2003). Return on stockholders equity over the past 12- month period was 7.2% (0.1% for the full year persisted throughout the quarter, with shrinking volumes and continued price erosion compared with the third quarter of Margins were further weakened during the quarter by a shift in the mix of high-end servers between suppliers and products. The business area s market shares are assessed to be unchanged and Scribona has defended its position as the Nordic market s leading distributor of IT infrastructure products. 2003). The market for ERP systems remains exceedingly weak, characterized by low investment and long PARENT COMPANY The Parent Company s net sales during the period amounted to MSEK 14 (14), of which MSEK 12 consisted of rents from subsidiaries. The Parent Company s preliminary share of the net gain on the sale of Toshiba Document Solutions was MSEK 22. A receivable from a subsidiary was written down by MSEK 38 (-) during the period. Dividends from subsidiaries were received in an amount of MSEK 153 (-). Income before tax reached MSEK 116 (-22). Liquid assets at the end of the period amounted to 242 (0). Net financial items at the end of the quarter totaled MSEK 311 (133). The period s investments in fixed assets are reported at MSEK 4.0 (0.1). Total assets per September 30 amounted to MSEK 1,390 (1,272). decision-making processes. Scribona s sales of hardware products for ERP systems were therefore lower than anticipated. Third quarter sales in the business area reached MSEK 2,180 (2,005), an increase of 9%. For comparable units and at unchanged exchange rates, sales were up 11%. Development in Sweden and Norway was positive, while margins in Denmark and Finland were undermined by fierce competition. Operating income amounted to MSEK 2 (4). The business area s sales for the first nine months reached MSEK 7,544 (7,107) and operating income was MSEK -6 (-12). Restructuring costs in Denmark were charged against operating income in the amount of MSEK 7 during the first quarter. Carl Lamm During the period, the Parent Company liquidated its holding in Office Trademark Holding OTH AB and divested its shares in the subsidiary Scribona Document Solutions AB in connection with the sale of the Toshiba Document Solutions division. A fusion between the subsidiaries Copy Consult Svenska AB, Scribona IT AB, Office Peking AB, Scribona Fastighetsservice AB, Scribona Office AB and Scribona Solutions AB was completed during the first quarter. A fusion between the subsidiaries Scribona TPC AB, Copy Consult Team i Göteborg AB, Manora Components AB, SBA Office Document Finans AB, Nordic Datadistribution AB and PC LAN AB has been started. DEVELOPMENT BY BUSINESS AREA Scribona According to preliminary statistics from IDC, volume growth in the Nordic PC market was up 3% compared with the same period of Year-onyear, the number of PCs sold by Scribona during According to our assessments the Swedish market for document management products grew around 6% in volume during the quarter, but with a price drop of equal size. Carl Lamm has continued to strengthen its competitiveness through the delivery of total solutions for document management. Sales during the quarter amounted to MSEK 118 (122). Operating income was MSEK 5 (2). The business area s sales for the first nine months reached MSEK 444 (429). Operating income was MSEK 22 (17). Discontinued and sold operations With effect from this interim report, Toshiba Digital Media, which was wound up in the fourth quarter of 2003, and Toshiba Document Solutions, which was sold in March 2004, are reported together under the heading Discontinued and sold operations. Sales for the first nine months totaled MSEK 227 (891), including a net gain of MSEK 40 on the sale of Toshiba Document Solutions. Operating income for Discontinued and sold operations was MSEK 39

4 4 (-22). Excluding the net gain on sale of Toshiba Document Solutions, operating profit was MSEK 1. ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with the Swedish Financial Accounting Standards Council s recommendation RR 20, Interim reports. The same accounting and valuation principles have been applied as in the most recent annual report with the addition of new recommendations issued by the Swedish Financial Accounting Standards Council in 2004: RR29, Employee benefits. Accumulated actuarial losses of MSEK 5 on defined benefit pension plans in Scribona Norway, which were previously not taken up in the consolidated accounts, have been reported in this interim report according to the Swedish Financial Accounting Standards Council s recommendation RR 5, Reporting of changed accounting principle. This recommendation has also resulted in increased disclosure requirements for Scribona s financial reports. TRANSITION TO IFRS With effect from 2005, all listed companies in the EU are required to implement financial reporting according to IFRS. The consequences of this changeover for Scribona have been described in the annual report for Scribona will calculate actuarial gains/losses in the Swedish ITP plan during the final quarter of the year. It is not possible to quantify the effects on stockholders equity and income before these calculations have been made. AUDIT This interim report has not been subject to special review by the company s auditors. This interim report is a translation of the Swedish original. Scribona AB The Board of Directors Facts about Scribona Scribona is the Nordic market s leading providers of products and solutions for information management. The Scribona Group s operations are organized in two business areas: Scribona sales and distribution of IT products Carl Lamm complete document management solutions Address: Scribona AB Sundbybergsvägen 1 Box 1374 SE SOLNA, Sweden Telephone +46 (0) Fax +46 (0) The company s registered office is located in Solna, Sweden. This report is also available at

5 5 SCRIBONA INTERIM REPORT PER SEPTEMBER 30, 2004 Summary Consolidated Income Statement Total income 8,239 8,168 2,308 2,357 11,928 11,857 Operating expenses Goods for resale -7,351-7,207-2,076-2,077-10,637-10,493 Other external costs Staff costs Depreciation Other operating expenses Operating income Net financial items Income before tax Tax Minority interest Net income for the period Earnings per share Number of shares end of period 51,061,608 51,061,608 51,061,608 51,061,608 51,061,608 51,061,608 Average weighted number of shares 51,061,608 51,061,608 51,061,608 51,061,608 51,061,608 51,061,608 Summary Consolidated Balance Sheet Amounts in MSEK 30 Sep 30 June 31 March 31 Dec 30 Sep Licenses Goodwill Tangible fixed assets Other fixed assets Inventories Current operating receivables 1,585 1,686 1,790 2,391 1,833 Other financial assets Liquid funds Total assets 3,002 3,040 3,236 3,747 2,850 Shareholders equity Minority interests in shareholders equity Provisions Long-term operating liabilities Current operating liabilities 1,632 1,596 1,712 2,420 1,701 Financial liabilities Total liabilities and shareholders equity 3,002 3,040 3,236 3,747 2,850 Capital employed ,047 Net financial capital

6 6 SCRIBONA INTERIM REPORT PER SEPTEMBER 30, 2004 Income by Business Area Scribona 7,544 7,107 2,180 2,005 10,874 10,437 Carl Lamm Discontinued and sold operations ,084 Total business areas 8,215 8,427 2,298 2,427 11,913 12,125 Intra-Group/Joint Group Total 8,239 8,168 2,308 2,357 11,928 11,857 Operating Income by Business Area Scribona Carl Lamm Discontinued and sold operations Total business areas Joint Group Total Income by Country Sweden (excl. Carl Lamm) 2,671 2, ,851 3,908 Denmark 1,314 1, ,889 1,976 Finland 1,516 1, ,202 2,065 Norway 2,311 2, ,380 3,316 Carl Lamm Total countries 8,256 8,184 2,308 2,362 11,941 11,869 Intra-Group Total 8,239 8,168 2,308 2,357 11,928 11,857 Changes in Shareholders Equity Dec. 31, 2002, according to annual report 957 Effect of changed accounting principle with regard to accumulated actuarial losses on defined benefit pension plans Dec. 31, 2002, adjusted according to new accounting principle Opening balance for the period Change in translation difference Net income for the period Closing balance for the period As of January 2004, MNOK 125 of shareholders equity in Norway is hedged through the Parent Company s borrowing of a correspondent amount in NOK.

7 7 SCRIBONA INTERIM REPORT PER SEPTEMBER 30, 2004 Cash Flow Statement OPERATING ACTIVITIES Income after financial items Depreciation and writedown Other Tax paid Cash flow from operating activities before changes in working capital Cash flow from changes in working capital Change in inventories Change in operating receivables Change in operating liabilities Cash flow from operating activities INVESTING ACTIVITIES Acquisition of operations Divestment of operations Acquisitions of fixed assets Divestment of fixed assets Cash flow from investing activities FINANCING ACTIVITIES Change in loans, net Cash flow from financing activities Cash flow for the period Liquid assets at beginning of period Exchange rate difference in liquid assets Liquid assets at end of period Key Ratios Jan-Sep Jan-Sep July-Sep July-Sep Oct-Sep Jan-Dec Operating margin, % Return on capital employed, % Capital turnover rate, times per year Average capital employed, MSEK ,025 Return on shareholders equity, % Average shareholders equity, MSEK Equity/assets ratio, % Shareholders equity per share, SEK Earnings per share, SEK Average number of employees ,122 1,376 Number of employees at end of period 1,025 1, ,025 1,310 Sales per employee, MSEK For definitions of key ratios, see Scribona s latest annual report.

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