Fourth quarter 2010
• Consolidated net sales of SEK 215M (160).
• Consolidated profit/loss after tax including discontinued operations of SEK 149M (-60).
• Diluted earnings per share of SEK 1.66 (-1.18).
• The Parent Company’s profit after tax was SEK 166M (-54).
• Bure sold the subsidiary Energo to ÅF (publ). The capital gain was SEK 122M in the Parent Company and SEK 123M in the Group.
Financial information for the full year 2010
• Consolidated net sales of SEK 792M (661).
• Consolidated profit after tax including discontinued operations of SEK 571M (46).
• Profit was positively affected by the reversal SEK 235M in negative goodwill attributable to the merger between Bure and Skanditek and SEK 226M in exit gains.
• Diluted earnings per share of SEK 6.60 (0.85).
• The Parent Company’s profit/loss after tax was SEK 197M (-140).
• The total distribution during the year amounted to SEK 505M, of which SEK 478M was an one-time distribution to Bure’s shareholders before the merger with Skanditek.
• The total yield on the Bure share during 2010 was 28.1 per cent.
• Mercuri International acquired Celemi. The transaction was financed by Bure in a total amount of SEK 37M.
• Bure’s holding in Aptilo Networks was sold to the Norwegian private equity firm Norvestor V L.P. for a total of SEK 9.2M.
• Instead of a dividend, the Board intends to propose to the AGM a voluntary redemption procedure approx. for a total of SEK 175M.
COMMENTS FROM THE CEO
President and CEO
At the end of 2010 the new Bure completed its first financial year. The merger between Bure and Skanditek took place in January 2010 and the established goals and cost synergies were realised during the year through reductions in both personnel and office-related costs. Prior to implementation of the merger, Bure’s shareholders received a one-time distribution of SEK 478M, equal to SEK 9.5 per share.
Bure’s portfolio companies performed well during the year in terms of sales and profit. It was especially satisfying to see such a positive turnaround in Micronic Mydata, where order intake improved by 62 per cent and operating profit reached SEK 73M (-179) in 2010. Carnegie had a strong year in Investment Banking at the same time that Securities increased both its ranking and its market shares. Carnegie’s acquisition of HQ Bank and HQ Fonder will make a significant contribution to developing and enhancing the customer offering in the Private Banking area.
Earnings in Carnegie Asset Management were weaker than anticipated as a result of costs attributable to its establishment as a separate company, the ownership distribution programme and foreign exchange effects.
During the year Bure sold its shares in the portfolio companies AcadeMedia and Energo. The sales generated a total of approximately SEK 550M and the two investments produced returns of over 40 and 29 per cent, respectively, which should be compared to Bure’s long-term target of 12 per cent.
After the sale of the portfolio companies, Bure has a strong financial position with net cash of approximately SEK 700M. In spite of the translation losses arising from a strong Swedish krona, which will affect earnings growth in our export-oriented companies, we are cautiously optimistic and expect the past year’s positive demand trend to continue in 2011.