Highlights. Gatu och Väg was divested in September 1997 for a capital gain of SKr 46 million.
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1 YEAR-END REPORT 1997 Highlights Gatu och Väg was divested in September 1997 for a capital gain of SKr 46 million. The operating profit of the Road Marking business area improved by SKr 19 million to SKr 7 million (loss 12m). Industrial Operation s profit amounted to SKr 24 million (1m) after additional write-down in the value of goodwill and capital gains on the sale of a business area. The Management of Securities Portfolio activities noted a profit of SKr 80 million (99m), including changes in the premium over the book value of listed equities. The equity ratio including the above premium, was 69 per cent (55) at December 31. Net asset value per share including the above premium is estimated at SKr 120 (107) at the year-end. It is proposed that a dividend of SKr 5 be paid for 1997 plus a bonus of SKr 2 per share Underås was sold on February 19, 1998 for a capital gain of SKr 40 million. Geveko will apply for investment company status with effect from the current financial year.
2 CHANGES IN THE GROUP Sale of Underås Geveko has sold with effect from today all its shares in the aggregate and concrete company AB Underås, Södertälje, to Sand & Grus AB Jehander. Underås, which had a turnover of SKr 92 million in 1997 and 67 employees, produces and sells gravel, crushed aggregate, and soil products, as well as ready-mixed concrete, mainly in Södermanland, Gotland, Western Dalecarlia and in Sollefteå and its environs. Geveko s capital gain on the sale (1998) is estimated to amount to some SKr 40 million before tax. The roads and civil engineering company Gatu & Väg was sold to Skanska on September 17, 1997 with effect from January 1, Following the sale of Underås Geveko has completed a restructuring programme involving its withdrawal from all construction-related activities. Group operations and strategy The streamlined Industrial Operations which are the result of the above-mentioned restructuring measures will in future consist of the Road Marking as well as the Marking and Surface Protection business areas, between which there are strong ties. The business includes the development and manufacture of products, and the performance of road marking contracts, as well as the development, manufacture and marketing of marking sprays, industrial coatings, rustproofing agents and other related chemical products. In addition to the Nordic countries, the most important markets are the Baltic states, western Europe and the USA. The Road Marking business area comprises the Cleanosol, LKF Vejmarkering and Roadcare subsidiaries. Marking and Surface Protection consists of Geveko Industri, Geveko OY and TrafikProdukter. The intention is to develop these operations vigorously with the aim of creating an effective structure for the development and marketing of leading products and services. Product development will be intensified in expanding segments and market presence will be extended within priority geographical territories. The measures to develop and improve the competitiveness of Industrial Operations will be taken with the primary objective of improved profitability and growth. Geveko will apply for investment company status with effect from the current financial year. The Capital Management activities will be conducted apart from Industrial Operations as a separate business area. A clearer breakdown in the financial accounting between Industrial Operations and Management of Securities Portfolio will make it easier to assess the contribution of each business area to the consolidated result and net asset value. INDUSTRIAL OPERATIONS Markets The markets for building investments in Sweden and for investments and maintenance in roads and streets in Sweden and Great Britain weakened further in 1997, although economic conditions generally strengthened in western Europe. Overall demand remained unchanged on those markets served by Geveko in 1997, compared with The demand for aggregate and concrete as well as for road marking in Sweden and Great Britain declined in On other markets, sales remained stable or increased.
3 Net turnover The net turnover of Industrial Operations (Group) in 1997 amounted to SKr 423 million (838m), according to the preliminary results. The decrease compared with the previous year was due to the divestment of Gatu och Väg. For comparable units, net turnover remained broadly unchanged. Invoiced sales for comparable units amounted to SKr 91 million (92m) in the fourth quarter. Results Industrial Operations operating profit, excluding additional write-down in the value of goodwill of SKr 24.7 million, and capital gains of SKr 46.1 million on the divestment of a business area in 1997, and capital gains of SKr 5.9 million on property sales in 1996, amounted to SKr 2.9 million (loss 4.9m). The improvement in the result is attributable to the Road Marking business area. The operating profit including the above non-recurring items amounted to SKr 24.3 million (1.0m). Capital expenditure Capital expenditure on land, buildings and machinery, etc. amounted to a net disinvestment of SKr 49.6 million (investments of SKr 21.8 million). The business of Gatu och Väg was sold during the year, which resulted in a disinvestment of SKr 68.3 million. Excluding this item, the year s capital expenditure amounted to SKr 18.7 million. Subsidiary companies/business areas UNDERÅS Aggregate and Concrete Building investments in Sweden are estimated to have declined by 9 per cent in Underås invoiced sales amounted to SKr 92 million (101m), or a decrease of 9 per cent on The decrease occurred on all markets for aggregate and concrete served by Underås, except in the case of exports. A 17 per cent reduction in demand during the first three quarters of the year was followed by a recovery in the fourth quarter, when invoiced sales amounted to SKr 28 million (24m). The operating result was a loss of SKr 4.8 million (profit 1.2m). The 1997 figure includes nonrecurring costs of some SKr 6 million. Rationalisation measures were taken during the year which will have effects in CLEANOSOL Road Marking The invoiced sales of the Road Marking business area (Cleanosol, LKF Vejmarkering and Roadcare) amounted to SKr 273 million (263m), an increase of 4 per cent on the previous year. This increase was the result of changes in exchange rates. Invoiced sales during the fourth quarter amounted to SKr 52 million (59m). The investment volume on the Swedish market for roads and streets is estimated to have fallen by 11 per cent in The tendency in Sweden and Great Britain for demand for road marking contracts to fall continued during the year. Higher sales of PREMARK (prefabricated symbols) and higher exports of materials compensated for the lower volume of contract work.
4 An additional write-down of SKr 24.7 million in the value of the remaining goodwill arising upon the acquisition of Roadcare was made in the half-year accounts at June 30, Excluding this cost, the operating profit for the year amounted to SKr 6.9 million (loss 11.9m). The operating result in Great Britain was a loss of SKr 14.6 million (loss 20.6m), which is half the loss incurred in the previous year, when expressed in local currency. The operating profit earned by the Scandinavian and USA businesses amounted to SKr 21.1 million (8.7m). The operating margin on these markets improved to 9.5 per cent (3.4). GEVEKO INDUSTRI Marking and Surface Protection Invoiced sales amounted to SKr 62 million (63m). Excluding spot deliveries of road marking material to Russia in 1996, sales rose by 4 per cent. Fourth-quarter sales amounted to SKr 12 million (14m). The operating profit declined to SKr 1.4 million (2.2m) owing to higher marketing and selling costs. Measures taken are expected to result in higher sales revenue in MANAGEMENT OF SECURITIES PORTFOLIO Most of the Group management of Securities Portfolio activities relate to listed equities, options and convertible loan stock (Listed Portfolio). Markets In 1997, developments on financial markets were favourable for the Group s Securities portfolio management activities, despite disturbances during the final quarter arising out of events in Asia. Listed Portfolio The market value of the Listed Portfolio rose to SKr 405 million (304m) during the year. The closing book value at December 31, 1997 was SKr 239 million (170m). The premium - the difference between market and book values - increased by SKr 32 million to SKr 166 million (134m). Securities were purchased for SKr 116 million (62m) and sold for SKr 85 million (88m) during the year. The proportion of the year-end portfolio held in foreign equities was 10 per cent (4). Adjusted for purchases and sales, the value of the Listed Portfolio rose by 21.2 per cent. The Affärsvärlden General Index rose by 24.8 per cent during the same period. On February 6, 1998 the value of the Listed Portfolio was SKr 432 million. The Portfolio has increased in value by 6.2 per cent (Affärsvärlden General Index, up 6.1%) since January 1, 1998, after adjustments for purchases and sales. Results Dividend income from the Group s securities holdings amounted to SKr 7.5 million (10.9m). The difference is due to non-recurring dividends received in Capital gains on sales of securities amounted to SKr 40.4 million (36.9m). The aggregate result, i.e., dividend income, capital gains and the increase in premiums, amounted to SKr 79.9 million (99.4m) for the year.
5 Other financial operations and central administration The net effect on the consolidated result of interest and other financial income and costs was a cost of SKr 5.4 million (cost 8.7m). Central administrative costs, etc. amounted to SKr 9.5 million (9.1m). Consolidated result and financial position Result The consolidated profit before tax amounted to SKr 57.3 million (31.0m). The year s tax charge is estimated at SKr 12.1 million (claim 2.3m). The tax charge for 1996 and 1997 was arrived at after utilisation of the accumulated losses of the British road marking business. After adding in the minority interest of SKr 0.2 million (0.5m) in the result, the net profit reported for the year amounted to SKr 45.4 million (33.8m). Earnings per share (number of shares in issue 4,219,533) after full tax are estimated at SKr (8). The corresponding figure, excluding additional write-down in the value of goodwill and capital gains on the divestment of a business area and property sales was SKr 5.65 (6.60). Net asset value and equity ratio The Group s net asset value, i.e., equity including the premium over the book value of the Listed Portfolio, but excluding deferred tax on the same premium, as well as the excess values of subsidiary companies is estimated at SKr 508 million at December 31, 1997, or SKr 120 (107) per share. The equity ratio, including the premium over book values, was 69 per cent (55). Liquid funds and financing The Group s liquid funds, including short-term placements, amounted to SKr 85 million (91m) at December 31, The net loan liability is stated at SKr 39 million (99m). PARENT COMPANY Result The parent company, AB Geveko, reports a profit after tax of SKr 50.8 million (39.3m). The company s equity amounted to SKr 290 million (260m), of which non-restricted equity was SKr 152 million (122m). Dividend proposal The Board and Managing Director propose that a dividend of SKr 5 per share plus a bonus of SKr 2 per share be paid. The payment of a bonus is justified by the capital gain made by the Group during the year on the divestment of Gatu och Väg. Annual General Meeting and Annual Report The Annual General Meeting will be held in Göteborg on May 14, The annual report for 1997 is expected to be published on April 29 and will then be available at the parent company s office (Södra Larmgatan 13, Göteborg). Göteborg, February 19, 1998 AB GEVEKO (plc) The Board
6 BREAKDOWN OF NET TURNOVER AND OPERATING PROFIT/LOSS BY SUBSIDIARY COMPANY, SKR MILLION Net turnover Operating profit/loss Gatu och Väg Underås Cleanosol Geveko Industri Eliminations Total
7 CONSOLIDATED PROFIT AND LOSS ACCOUNT, SKR MILLION Industrial Operations Net turnover Cost of sold products Gross operating profit Development costs Sales costs Administrative costs Other operating income and costs Profit/loss before items disturbing comparability Additional write-down in value of goodwill Capital gains on disposal of business area, etc. 1) Operating profit Management of Securities Portfolio Dividend income Capital gains on sales of securities Income from management of securities portfolio Central income and costs Interest income Interest costs Other financial income and costs Administrative costs ,1 Total central income and costs Consolidated profit before tax Tax Minority interests 0.2 0,5 Net profit for the year ) 1997: Divestment of Gatu och Väg 1996: Property sales
8 CONSOLIDATED BALANCE SHEET, SKR MILLION December 31, 1997 December 31, 1996 Fixed assets Intangible fixed assets Tangible fixed assets Machinery and equipment Buildings Land, quarries, gravel pits, etc Total tangible fixed assets Shares and other securities Total fixed assets Current assets Inventories Accounts receivable Other current receivables Liquid funds Total current assets Total assets Equity Share capital Restricted reserves Non-restricted reserves Net profit for the year Total equity Minority interests Provisions Deferred tax Other provisions Total provisions Long-term liabilities Interest-bearing liabilities Other long-term liabilities Total long-term liabilities Current liabilities Interest-bearing liabilities Other current liabilities Total current liabilities Total equity and liabilities
9 FINANCIAL RATIOS Operating margin, % 1) Visible equity ratio, % Equity ratio including premium over book value of Listed Portfolio, % Earnings per share after full tax, SKr Equity including premiums on Listed Portfolio per share, SKr Number of shares in issue 4,219,533 4,219,533 1) Calculated before non-comparable items.
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