Second quarter 2012
- Consolidated net sales of SEK 215M (223).
- Consolidated profit after tax of SEK -36M (- 6).
- Earnings per share of SEK -0.44 (-0.07).
- Parent Company profit after tax of SEK 248M (-65).
- Parent Company earnings per share of SEK 3.05 (-0.73).
- Bure entered into an agreement to sell its holdings in Carnegie Holding, Carnegie Asset Management and Max Matthiessen. The exit gain in the Parent Company is estimated at SEK 279M. The exit loss in the Group is estimated at SEK -19M.
- Bure invested in state-of-the-art electrical locomotives and in a train operator company.
- Bure invested in the Life Sciences company MedCap.
Interim period January – June 2012
- Consolidated net sales of SEK 419M (417).
- Consolidated profit after tax of SEK -15M (4).
- Earnings per share of SEK -0.18 (0.05).
- Parent Company profit after tax of SEK 298M (-52).
- Parent Company earnings per share of SEK 3.66 (-0.58).
- Net asset value per share of SEK 30.06 (24.56).
- Bure’s NAV at 30 June 2012 was SEK 2,440M (2,096).
- Total return on the Bure share for the six-month period • was 40.6 per cent (-4.3).
- Shareholder dividends were paid in an amount of • SEK 0.30 per share, for a total of SEK 24M.
COMMENTS FROM THE CEO
Bure went through an intensive phase in the second quarter when we carried out two major transactions. The first of these was the sale of our interests in Carnegie Holding, Carnegie Asset Management and Max Matthiessen. Bure acquired these companies together with Altor from the Swedish National Debt Office in February 2009. The sale took place in the wake of the very dramatic autumn of 2008, when the collapse of Lehman Brothers and its repercussions created attractive investment opportunities. We are highly satisfied with the way in which these operations have developed in recent years. Now that Altor is acquiring our shares and becoming the sole principal owner, it feels like a natural progression. The sale is expected to be completed in the current year, depending on the customary approvals, and will benefit Bure’s shareholders through a capital gain of SEK 279M, equal to SEK 3.40 per share. Thanks to this transaction, Bure’s net asset value rose by 22 per cent to SEK 30 per share in the first half of the year.
In May Bure decided to invest SEK 245M in the rail freight market through two transactions. Most of this amount, SEK 225M, was invested in new electrical locomotives from Bombardier and the remaining SEK 20M was invested in the train operator RushRail. The electrical locomotives will be subleased to RushRail to enable the company to deliver transport services under a recently won multi-year transport contract with a total value of over SEK 700M. The multi-year sublease contract will generate healthy, recurring returns at the same time that Bure sees potential to take part in developing a competitive train operator.
The sale of the Carnegie companies and investments in the rail freight market have dramatically changed Bure’s portfolio. The underlying exposure to the financial markets associated with the Carnegie companies has been eliminated and the acquisition of electrical locomotives is an investment with a significantly more long-term and stable return profile.
After completing the Carnegie sale and acquiring the electrical locomotives, Bure will have more than SEK 700M in investable assets.
FOR ADDITIONAL INFORMATION CONTACT
Patrik Tigerschiöld, CEO +46 8- 614 00 20
Andreas Berglin, CFO +46 8- 614 00 20