Annual Report 2010 for Precomp Solutions AB (publ), org No

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2 Annual Report 2010 for Precomp Solutions AB (publ), org No Net sales amounted to 164,6 MSEK (115,2) Operating profit amounted to +7,6 MSEK (-13,2) Income after financial items amounted to +5,6 MSEK (+3,7 incl composition profit of 16,7 MSEK) Profit after tax amounted to +9,7 MSEK (+4,5) Earnings per share amounted to +0,09 SEK General information about Precomp Solutions AB Precomp Solutions AB is a leading European company for tool manufacturing and manufacturing of precision components. Precomp Solutions core business is based on fineblanking competence, but we also offer our customers complex automatic punched details. Precomp Solutions offers customers innovative complete solutions from development with engineering services to the mass production and assembly of complex precision components. Significant events during 2010 In 2010 Precomp Solutions had a turnover of 164,6 MSEK, an increase of 43% compared with The automotive industry has recovered from the financial crisis, and this is the major reason for the sharp increase in sales for the company. The past year has been characterized by a focus on costs of existing projects and both internal and external processes. Thanks to this focus, the company shows a profit for the year of 5,6 MSEK after financial items. The result exceeds the forecast presented in March 2010 with about 2,3 MSEK. The company has during the fiscal year consolidated marketing efforts made over the last two years in Germany. Further strengthening of the sales staff has been made at our branch office in Mainz. New networks have been established with a focus on canvassing in the German speaking countries. The company has during the year delivered prototypes to new customer segments, such as Power Tools, for production during 2011/2012. Thanks to our fine blanking technique we have had great interest and good growth in sales of garden and recreational components. 2

3 For the subsidiary in Bulgaria, we have seen continued strong interest among the customers, several quality audits by potential customers have been made during the past year. This year we have increased the presence and processing of customers in Eastern Europe. We have also transferred both production and services from Sweden to Bulgaria; this has an impact in 2011 with about 10 MSEK in sales increase. With the above efforts will also Bulgaria factory profitable. The company has in 2010 implemented Lean training for all employees of the company; special teams have been working out future work methodology from the Lean philosophy. In view of the company's reported earnings and forecasts for the next few years it has been decided that the company's tax loss carry forwards are very likely to be exploited. With this a deferred tax asset of 4,0 MSEK has been booked in the annual report and affects the net income. In February 2011 a final agreement was reached to acquire the remaining 20% of the Bulgarian subsidiary from Swedfund International AB. The acquisition is reported in the financial statements for 2010, resulting in goodwill of SEK 4,4 MSEK. Future development Year 2011 has started with continued high pressure in the production and sales above the budgeted level. 3

4 Consolidated P&L statements in summary Oct-Dec Oct-Dec Full year Full year MSEK Net sales 46,2 33,4 164,6 115,2 Cost of goods sold -39,1-31,1-138,7-109,0 Gross profit 7,1 2,3 25,9 6,2 Selling expenses -2,4-2,4-9,2-7,8 Administrative expenses -2,5-3,7-9,1-11,2 Other operating income / expenses -0,1-3,6 0,0-0,4 Operating income 2,1-7,4 7,6-13,2 Composition profit 0,0 1,1 0,0 16,7 Interest income and similar 0,6 3,2 0,6 3,2 Interest costs and similar -0,6-0,7-2,6-3,0 Result after financial items 2,1-3,8 5,6 3,7 Minority share of income 0,0 0,4 0,0 0,7 Taxes 4,0 0,1 4,1 0,1 Net income 6,1-3,3 9,7 4,5 Result per share +0,06-0,03 +0,09 +0,04 Change in consolidated equity in summary Full year Full year Shareholders' equity at beginning of period 19,0 4,6 New issue 0,0 10,1 Translation differences -1,0-0,2 Net income 9,7 4,5 Amount at end of period 27,7 19,0 4

5 Consolidated Balance Sheet in summary 31 Dec 31 Dec MSEK Assets Fixed assets Tangible assets 26,9 33,6 Intangible assets 5,4 1,3 Financial assets 4,0 Total fixed assets 36,3 34,9 Current assets Inventories 20,3 14,8 Current receivables 41,7 28,9 Cash and bank balances 4,4 4,1 Total current assets 66,4 47,8 Total assets 102,7 82,7 890,4 Equity and liabilities Share capital 15,1 15,1 Restricted reserves 1,0 1,0 Retained earnings incl. net income 11,6 2,9 Total equity 27,7 19,0 Minority interests 0,0 0,1 Liabilities Interest bearing liabilities 12,2 21,9 Non-interest bearing current liabilities 27,5 12,5 Interest-bearing current liabilities 35,3 29,2 Total liabilities 75,0 63,7 Total equity and liabilities 102,7 82,7 Pledged assets Real estate mortgages 27,2 27,2 Company mortgages 70,2 70,2 Other 41,3 41,9 Contingent liabilities 0,0 3,9 5

6 Consolidated Cash Flow Statement in summary Full year Full year MSEK Cash flow from operations before changes in working capital and investment 14,1 12,3 Change in working capital -14,1-12,0 Cash flow from operating activities 0,0 0,3 Investments +0,4-4,5 Cash flow after investments 0,45-4,25 Financing -0,1-2,2 Group contribution received - - New issue - 10,1 Change in liquid funds 0,3 3,7 Cash and cash equivalents at start of period 4,1 0,4 Cash and cash equivalents at end of period 4,4 4,1 Parent Company s P&L statement in summary Oct-Dec Oct-Dec Full year Full year MSEK Net sales 46,1 33,3 164,5 115,1 Cost of goods sold -40,0-30,2-139,4-108,3 Gross profit 6,1 3,1 25,1 6,8 Selling expenses -2,4-2,4-9,1-7,8 Administrative expenses -2,3-3,2-8,5-10,3 Other operating income / expenses -0,3-3,1 0,3 0,1 Operating income 1,1-5,6 7,8-11,2 Composition profit 0,0 1,1 0,0 16,7 Interest income and similar 0,8 3,4 0,8 3,4 Interest costs and similar -0,6-0,6-2,6-3,0 Result after financial items 1,3-1,7 6,0 5,9 Taxes 4,0 0,0 4,0 0,0 Net income 5,3-1,7 10,00 5,9 6

7 Parent Company s Balance Sheet in summary 30 Dec 31 Dec MSEK Assets Fixed assets Tangible assets 25,6 31,6 Intangible assets 1,0 1,2 Financial assets 12,4 4,1 Total fixed assets 39,0 36,9 Current assets Inventories 19,4 13,7 Current receivables 41,7 28,8 Cash and bank balances 1,6 1,2 Total current assets 4,1 3,9 Total assets 66,8 47,6 Fixed assets 105,8 84,5 Equity Share capital 15,1 15,1 Restricted reserves 1,0 1,0 Retained earnings incl. net income 14,7 4,6 Total equity 30,8 20,7 Minority interests Liabilities Interest bearing liabilities 12,2 21,9 Non-interest bearing current liabilities 27,5 12,7 Interest-bearing current liabilities 35,3 29,2 Total liabilities 75,0 63,8 Total equity and liabilities 105,8 84,5 7

8 Consolidated Key-figures in summary Full year Full year MSEK Operating profit, MSEK 7,6-13,2 Operating margin, total% 5 neg Income after financial items, MSEK 5,6 3,7 Profit margin,% 3 3 Return on operating capital,% 11 neg Return on equity,% Equity ratio,% Earnings per share, SEK 0,1 0,0 Equity per share, SEK 0,3 0,2 Number of employees Number of shares at end of Average number of shares during the period Definitions Operating margin Operating profit in relation to net sales. Profit margin Income after financial items in relation to net sales. Operating capital Total assets less cash in the form of cash, bank and other financial assets and liabilities, calculated as annual averages. Return on operating capital Operating profit in relation to the average operating capital. Return on equity Income after financial items minus 26,3 percent tax in relation to average equity. Equity ratio Equity relative to total assets. Equity per share Equity divided by the number of shares. 8

9 Accounting principles Group reporting Accounting principles and calculation methods are unchanged compared to the Annual Report for Additional information regarding the Group is available at Precomp Solutions AB's website Ulricehamn February 24th, 2011 Precomp Solutions AB (publ) Board of directors Certified Adviser: Remium AB 9