Full year result 2010 HL Display Group
Ratos has through HL Display Holding AB (previously HL Förvaltning i Stockholm AB) acquired the shares in HL Display AB (publ) in August 2010. At September 17, 2010 the shares were delisted from Nasdaq OMX. A compulsory acquisition process has begun. This press release presents financial information for the HL Display Holding Group. The financial information has been restated as if the acquisition of HL Display with related refinancing had instead been made at the beginning of 2010. This means that the presented financial information for 2010 refers to the actual outcome for twelve months for the HL Display Group, with the addition that financial costs have been increased by an extrapolated interest charge. Comparative data for 2009 refers to those previously reported by the former group, HL Display AB (publ). HL Display applies IFRS. This press release has not been prepared in accordance with IAS 34 Interim Financial Reporting. - Net sales pro forma for January - December amounted to MSEK 1,617 (1,360). Excluding the acquisition of PPE (December 2009), sales increased by 1 percent. Adjusted for currencies, sales increased by 5 percent.
- Non-recurring costs amounted to MSEK 27 for the year and for the fourth quarter to MSEK 10.
- Operating profit pro forma was MSEK 64 (86), (adjusted for non-recurring costs MSEK 91) whereof PPE contributed with MSEK 16. Profit before tax amounted pro forma to MSEK 28 (84) and net profit pro forma to MSEK 18 (58). Currencies affected the result negatively by 19 MSEK.
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Net sales pro forma for the fourth quarter 2010 increased by 15 percent to MSEK 391 (339) compared with the previous year. Excluding PPE, net sales in the fourth quarter increased by 7 percent.
Operating profit pro forma amounted to MSEK 7 (22) and profit before tax amounted to MSEK -8 (24). Net profit pro forma was MSEK -5 (18).
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The EBITA margin pro forma for the year was 4.1 (6.4) percent (adjusted for non-recurring cost 5.8 percent). The EBITA margin pro forma for the fourth quarter amounted to 1.8 (6.4) percent.
For the full press release see enclosed file (pdf).
HL Display Q4 2010