Second quarter 2011
- Consolidated profit after tax including discontinued operations of SEK -6M (139).
- Consolidated profit• was negatively affected by the write-down of the portfolio company CMA Microdialysis by SEK 18M.
- Diluted earnings per share of SEK -0.07 (1.55).
- Parent Company profit after tax of SEK -65M (107).
- The write-down in the portfolio company CMA Microdialysis had a negative impact of SEK 64M on profit in the Parent Company.
- In the second quarter Bure sold all shares in the subsidiary Scandinavian Retail Center.
- Through the voluntary redemption procedure, a total cash amount of SEK 164M was paid to the shareholders.
- After the redemption procedure, the share capital in the Group at 30 June totalled SEK 535M. The number of shares has decreased by 4,317,740 and amounted to 85,327,987 following redemption.
Interim period, January – June 2011
- Consolidated net sales of SEK 417M (418).
- Consolidated profit after tax including discontinued operations • of SEK 4M (405). The figures for the comparison period were positively affected by the reversal of SEK 264M in negative goodwill.
- Diluted earnings per share of SEK 0.05 (4.81).
- Parent Company profit after tax of SEK -52M (93).
- Bure’s net asset value at 30 June 2011 was SEK 2,096M (2,454).
- Total return on the Bure share was -4.3 per cent (3.2).
COMMENTS FROM THE CEO
President and CEO
The second quarter brought further positive development in several of our portfolio companies. It is gratifying to see a continued upward earnings trend in PartnerTech, Vitrolife, Mercuri, Chimney Pot and Max Matthiessen. Carnegie also showed favourable growth despite challenging market conditions, although the level of profitability is not satisfactory. Theducation reported a loss, which was a disappointment. The drop in earnings was caused by a combination of excess capacity in adult education and price decreases in the preschool sector. An action programme was launched at the beginning of the second quarter.
Bure’s focus on concentrating the portfolio into fewer and larger companies led to several divestitures in the first half of the year. The sale of SRC was completed during the quarter. In addition, H. Lundén has wound up its EIKOS hedge fund. After the end of the period, a restructuring of operations in CMA Microdialysis was initiated following long-term efforts to find a wider range of applications for the Microdialysis technology. Half of the business has been sold and the continuing operations have changed name to Dipylon Medical. Bure has also written down the entire value of CMA Microdialysis by a total of SEK 64M in the Parent Company.
During the quarter Bure carried out a redemption procedure in which SEK 164M was distributed to the shareholders, thereby reducing the number of shares by 4.8 per cent.
At the start of the third quarter, weaker statistics came in on the US economy alongside the flare-up of national debt concerns in the USA and the Euro zone. These events have led to widespread turbulence in the financial markets, which has been visible in tumbling stock prices, steeply falling interest rates and high volatility. However, Bure is well prepared thanks to a strong financial position with over SEK 450M available for investment.
FOR ADDITIONAL INFORMATION CONTACT
Patrik Tigerschiöld, President & CEO +46 (0)8- 614 00 20
Andreas Berglin, CFO +46 (0)8- 614 00 20