Year-end report 2011

Fourth quarter 2011

  • Consolidated net sales of SEK 223M (215).
  • Consolidated profit after tax including discontinued operations of SEK 75M (149).
  • Diluted earnings per share of SEK 0.92 (1.66).
  • Parent Company profit after tax of SEK 66M (166). Profit was positively affected by the reversal of impairment losses amounting to SEK 88M attributable to the listed portfolio companies PartnerTech and Micronic Mydata.
  • The portfolio companies The Chimney Pot and H. Lundén Holding were sold in December 2011.
  • In the fourth quarter Bure repurchased 1,681,669 treasury shares. At 31 December 2011 Bure held a total of 3,970,746 treasury shares, which is equal to 4.6 per cent of the total number of shares outstanding.

Financial information for the full year 2011

  • Consolidated net sales of SEK 806M (787).
  • Consolidated profit/loss after tax including discontinued operations of SEK -54M (571).
  • Diluted earnings per share of SEK -0.62 (6.60).
  • Parent Company profit/loss after tax of SEK -112M (197). Profit/loss was negatively affected by impairment losses of SEK 102M in the portfolio companies.
  • Bure’s net asset value at 31 December 2011 was SEK 2,035M (2,419). Net asset value per share was SEK 25.01 (26.98)
  • Total return on the Bure share was – 43.5 per cent (28,1). The change in net asset value per share was -7.3 per cent.
  • Through the redemption procedure carried out during the year, SEK 164M was distributed to Bure’s shareholders.

Subsequent events

  • The Board of Directors intends to propose that the Annual General Meeting approve a dividend of SEK 0.30 per share


The fourth quarter was marked by continued unrest and turbulence surrounding the EMU and the European banking system. However, a certain business optimism has returned in response to positive economic statistics, primarily from the USA. The stock markets rose at the end of the year and got off to a strong start in 2012.

Earnings in our portfolio companies during the final quarter of the year were mixed. Carnegie Holding had a weak quarter and reported an operating loss for the full year. Added to this were one-time items and restructuring charges that led to an annual loss of SEK 268M. The measures now being taken will create better conditions to ensure profitability in all of Carnegie’s business areas.

We are pleased to note that PartnerTech posted a profit of SEK 29M in the fourth quarter, equal to an operating margin of 4.5 per cent, and thereby continued the positive trend shown by the company during the year.

In the fourth quarter we sold two portfolio companies, The Chimney Pot and H. Lundén Holding, at the same time that we received contingent consideration from the sale of Textilia in 2008. All in all, this brought in proceeds of more than SEK 85M.

In the fourth quarter the Parent Company Bure reversed impairment losses of SEK 88M as a result of rising share prices for our listed holdings. During the year we recognised total impairment losses in the  portfolio of SEK 102M, of which SEK 45M in the listed holdings and SEK 60M in the unlisted holdings. Share prices fell during the past year and total return, adjusted for the redemption procedure, was – 43.5 per cent. As a comparison, net asset value per share fell by 7 per cent.

After the sale of six companies during the year, Bure now has a concentrated portfolio of eight holdings. Bure’s strong financial position with close to SEK 500M in investable assets creates ample scope for new investments.

 
FOR ADDITIONAL INFORMATION CONTACT

Patrik Tigerschiöld, President & CEO +46 8 614 00 20
Andreas Berglin, CFO +46 8 614 00 20

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