Interim report January – March 2012

First quarter 2012

  • Consolidated net sales of SEK 204M (193).
  • Consolidated profit after tax of SEK 21M (11) .
  • Diluted earnings per share of SEK  0.26 (0.12).
  • Parent Company profit after tax of SEK 50M (14).
  • Total return on the Bure share for the first quarter was 9.4 per cent.
  • Bure’s net asset value at 31 March 2012 was SEK 2,115M (2,445).
  • Net asset value per share of SEK 26.01 (27.28).
  • The Board of Directors will propose that the Annual General Meeting approve a dividend of SEK 0.30 per share.

   
COMMENTS FROM THE CEO

The first few months of 2012 were marked by a sharp upswing in the global stock markets, with the exception of a slight recoil at beginning
of the second quarter. The capital markets have been periodically affected by recurring concerns about the EMU and the European banking system. Overall, the economic climate for our companies is relatively stable, but with major regional variations.

First quarter earnings in the portfolio companies were generally good. A few companies reported strong earnings and others showed significant improvements. It is  particularly pleasing to see continued positive development for PartnerTech, Vitrolife and Mercuri International. During the year, PartnerTech’s share price has risen by 49 per cent and Vitrolife’s by 12 per cent. Micronic also reported an operating profit for the first quarter.

Carnegie Holding posted a minor loss for the quarter but nonetheless showed a considerable improvement compared to its performance in the second half of last year. Carnegie Asset Management and Max Matthiessen reported lower earnings than in the same quarter of last year, partly due to a steep drop in asset values in the second half of 2011.

In the past quarter Vitrolife announced its intention hive off the transplantation business area, Xvivo perfusion AB, to the shareholders through a so-called Lex Asea transaction in the second quarter of 2012. Bure supports Vitrolife’s decision to streamline and focus on its core business in this manner. Furthermore, it will create the conditions for Xvivo to continue its exciting and successful development.

Bure’s share price rose by 12 per cent from year-end 2011 to 24 April 2012. Over the same period, net asset value per share increased by 8 per cent. Bure’s net asset discount is a historically high 34 per cent.

Today Bure has a concentrated portfolio of eight companies that are active across different sectors. We have a strong financial position with SEK 500M in available cash and cash equivalents that create scope for interesting future investments.

FOR ADDITIONAL INFORMATION CONTACT
Patrik Tigerschiöld, CEO +46 8- 614 00 20
Andreas Berglin, CFO +46 8- 614 00 20

The information in this interim report is subject to the disclosure requirements of Bure Equity AB under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on 25 April 2012, 3:30 p.m. CET.

The full report