Interim Report January-September 2018 1 (20) Interim report January-September 2018 Strong growth and increasing profitability "Mycronic delivered a strong third quarter, while we see stable market development within the segments where we operate. We are demonstrating robust growth, we are improving our margins, and we have a healthy order intake with a number of significant orders added during the quarter. Net sales for Assembly Solutions grew 104 percent, with a 45 percent increase in orders. The consolidated order intake as a whole was affected by a challenging comparison because of a record order in Pattern Generators in mid-September last year," says Lena Olving, President and CEO. Third quarter The order intake was SEK 813 (1,874) million where the decrease compared to the previous year is attributable to a record order for mask writers worth USD 90-100 million in September 2017 Net sales increased 123 percent to SEK 1,096 (491) million and 111 percent based on constant exchange rates EBIT was SEK 436 (66) million, an increase of 560 percent. The EBIT margin was 40 (13) percent The underlying EBIT was SEK 409 (75) million, an increase of 444 percent. The underlying EBIT margin was 37 (15) percent Earnings per share were SEK 3.55 (0.45) January-September The order intake was SEK 2,339 (2,995) million where the decrease compared to the previous year primarily is attributable to a record order for mask writers worth USD 90-100 million in September 2017 Net sales increased 32 percent to SEK 2,729 (2,074) million and 30 percent based on constant exchange rates EBIT was SEK 869 (538) million, an increase of 61 percent. The EBIT margin was 32 (26) percent The underlying EBIT was SEK 890 (608) million, an increase of 46 percent. The underlying EBIT margin was 33 (29) percent Earnings per share were SEK 6.77 (4.04) Events after the period ended After the end of the period, an order for a Prexision-800 with limited functionality was received from a customer in Asia. The order is valued at between USD 30-35 million and also includes certain upgrades to the customer’s existing system. Outlook 2018 The Board's assessment remains that consolidated net sales for 2018 will be at a level of SEK 3,500 million, with the clarification that this excludes acquisitions already made in 2018 as well as possible additional acquisitions during the remainder of 2018. *In this report, comparative figures are restated to account for the effects of the new accounting standard for revenue recognition, IFRS 15 Revenue from Contracts with Customers. See Note 1 for details regarding these effects. Rolling Jan-Dec Group summary 2018 2017* 2018 2017* 12 month* 2017* Order intake, SEK million 813 1,874 2,339 2,995 2,911 3,567 Net Sales, SEK million 1,096 491 2,729 2,074 3,655 3,000 Book-to-bill 0.7 3.8 0.9 1.4 0.8 1.2 Order backlog, SEK million 1,651 2,298 1,651 2,298 1,651 1,963 Gross margin, % 60.3% 53.2% 58.6% 55.2% 59.4% 57.2% EBIT, SEK million 436 66 869 538 1,175 844 EBIT margin, % 39.7% 13.4% 31.9% 25.9% 32.2% 28.1% Underlying EBIT margin, % 37.3% 15.3% 32.6% 29.3% 33.7% 31.7% Earnings per share before/after dilution, SEK 3.55 0.45 6.77 4.04 9.09 6.37 Cash Flow, SEK million -84 489 -607 542 -541 609 Changes in net sales Total growth, % 123% -1% 32% 59% 18% 29% Organic growth, % 97% -11% 23% 34% 12% 14% Growth from acquisitions,% 15% 16% 8% 23% 7% 16% Currency effects, % 11% -6% 1% 2% -1% -1% Q3 Jan-Sep Q3
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Interim Report January-September 2018 1 (20)
Interim report January-September 2018
Strong growth and increasing profitability "Mycronic delivered a strong third quarter, while we see stable market development within the segments where we operate.
We are demonstrating robust growth, we are improving our margins, and we have a healthy order intake with a number of
significant orders added during the quarter. Net sales for Assembly Solutions grew 104 percent, with a 45 percent increase in
orders. The consolidated order intake as a whole was affected by a challenging comparison because of a record order in
Pattern Generators in mid-September last year," says Lena Olving, President and CEO.
Third quarter The order intake was SEK 813 (1,874) million where the decrease compared to the previous year is attributable to a
record order for mask writers worth USD 90-100 million in September 2017
Net sales increased 123 percent to SEK 1,096 (491) million and 111 percent based on constant exchange rates
EBIT was SEK 436 (66) million, an increase of 560 percent. The EBIT margin was 40 (13) percent
The underlying EBIT was SEK 409 (75) million, an increase of 444 percent. The underlying EBIT margin was 37 (15)
percent
Earnings per share were SEK 3.55 (0.45)
January-September The order intake was SEK 2,339 (2,995) million where the decrease compared to the previous year primarily is
attributable to a record order for mask writers worth USD 90-100 million in September 2017
Net sales increased 32 percent to SEK 2,729 (2,074) million and 30 percent based on constant exchange rates
EBIT was SEK 869 (538) million, an increase of 61 percent. The EBIT margin was 32 (26) percent
The underlying EBIT was SEK 890 (608) million, an increase of 46 percent. The underlying EBIT margin was 33 (29)
percent
Earnings per share were SEK 6.77 (4.04)
Events after the period ended After the end of the period, an order for a Prexision-800 with limited functionality was received from a customer in Asia. The
order is valued at between USD 30-35 million and also includes certain upgrades to the customer’s existing system.
Outlook 2018 The Board's assessment remains that consolidated net sales for 2018 will be at a level of SEK 3,500 million, with the
clarification that this excludes acquisitions already made in 2018 as well as possible additional acquisitions during the
remainder of 2018.
*In this report, comparative figures are restated to account for the effects of the new accounting standard for revenue recognition, IFRS 15 Revenue from Contracts with Customers. See Note 1 for details regarding these effects.
Rolling Jan-Dec
Group summary 2018 2017* 2018 2017* 12 month* 2017*
Order intake, SEK million 813 1,874 2,339 2,995 2,911 3,567
Net Sales, SEK million 1,096 491 2,729 2,074 3,655 3,000
Book-to-bill 0.7 3.8 0.9 1.4 0.8 1.2
Order backlog, SEK million 1,651 2,298 1,651 2,298 1,651 1,963
and equipment for dispensing and coating of circuit boards.
Assembly automation market area A growing segment within the electronics industry is
electronics for the automotive industry. One sub-segment of
automotive electronics is camera modules for advanced
driver support, or Advanced Driver Assistance Systems
(ADAS). Manufacture of camera modules in 2017 amounted
to 130 million units and the forecast for 2022 is for
production of 300 million units, corresponding to annual
growth of 18 percent3. Mycronic offers, through AEi,
automated production solutions for assembly and testing of
camera modules.
With the acquisition of the American company MRSI
Systems, Mycronic now also offers die bonding equipment.
The global market in 2017 amounted to USD 919 million7.
MRSI is operating in a fast-growing sub-segment for die
bonding equipment with extremely high precision.
Pattern Generators During 2017, the display market grew 19 percent to
USD 124 billion, corresponding to 3.7 billion units4. This
growth is attributable to a stable price trend for existing
displays, and a shift towards more advanced AMOLED and
high-resolution displays.
In 2018, the market is expected to decline 8 percent. At
present, the availability of displays is good, which means
lower price levels where it is IHS’s assessment that prices
are to some extent beginning to stabilize. Growth for
AMOLED in 2018 is expected to reach 5 percent,
corresponding to a level of USD 23 billion4, which entails a
lower growth rate in 2018 than previously forecast. In 2019,
the growth rate for AMOLED is expected to rise again,
fuelled by more manufacturers starting to produce displays,
and for 2019 the market is expected to grow 21 percent to
USD 28 billion4. Meanwhile, the total display area is also
increasing driven by larger screens and more screens in new
products, e.g. in vehicles.
Photomasks for displays market area In 2017, the photomask market grew 14 percent to
USD 704 million5, 6, driven by an increased need for
photomasks for AMOLED and an increased demand from
China. The forecast for 2018 is for growth of 8 percent to
USD 762 million5, 6 driven by a higher proportion of
advanced photomasks for AMOLED and an increased need
for G10 photomasks in China5. The forecast for area growth
is 2.7 percent for 2017-215 where IHS has adjusted growth in
AMOLED downwards, and weighted in that some older
display factories may close because of new modern factories
in China. Strong area growth for AMOLED photomasks is
expected, with an average area growth of 25 percent for the
years 2017-215, which drives the need for P80 and P800
capacity. During the third quarter of 2018, the degree of
utilization on Mycronic's mask writers was at high levels.
1) Prismark, latest forecast September 2018. 2) Protec MDC, July 2018. 3) Prismark, May 2018. 4) IHS, latest forecast October 2018. 5) IHS, May 2018. 6) 110 YEN/USD used by Mycronic for conversion. 7) VLSI Research, June 2018.
Size/growth 2018F 2017 2016
Electronics industry,
percentual change¹ +5.4% +6.5% +0.2%
Semiconductor industry,
percentual change¹ +14.0% +21.7% +1.1%
SMT, percentual change² not available +32% +5%
Dispensing, USD million³ not available 770 600
Camera modules, units,
million¹ 155 130 97
Displays, USD, billion⁴ 115 124 105
Photomasks, percentual
change in value⁵ +8% +14% -6%
Photomask area, thousand sq.
Meters⁵ 15.6 15.4 14.1
Interim Report January-September 2018 7 (20)
Other
The Parent Company Mycronic AB is the Group’s Parent Company.
The Parent Company's net sales for the first nine months
amounted to SEK 1,930 (1,655) million. EBIT was
SEK 823 (548) million. Research and development
expenditures are expensed as incurred.
Cash and cash equivalents at the end of the first nine
months amounted to SEK 13 million, compared with
SEK 596 million at year-end 2017.
Nomination Committee The Nomination Committee for Mycronic’s 2019 AGM has
been appointed. In accordance with the AGM’s decision,
Mycronic’s Nomination Committee shall consist of four
members. The members shall represent the three largest
known shareholders as of August 31, 2018, together with the
Chairman of the Board. The Nomination Committee consists
of: Henrik Blomquist, Bure Equity, Thomas Ehlin, Fjärde
AP-fonden, Joachim Spetz, Swedbank Robur Fonder and
Patrik Tigerschiöld, Chairman of the Board in Mycronic.
The Nomination Committee represented 47.4 percent of
votes and shares as of August 31, 2018.
Financial information Mycronic AB (publ) is listed on NASDAQ Stockholm,
Mid Cap, MYCR. The information in this report is published
in accordance with the EU Market Abuse Regulation and the
Swedish Securities Act. The information was submitted for
publication, through the contact persons stated below
October 24, 2018, at 8 am.
Financial reports and press releases are published in
Swedish and English and are available on
www.mycronic.com.
Financial calendar Capital Markets Day November 29, 2018
Full year report 2018 February 7, 2019
Interim Report January - March 2019 April 25, 2019
Annual General Meeting Maj 9, 2019
Täby, October 24, 2018 Mycronic AB (publ)
Lena Olving CEO and President
Interim Report January-September 2018 8 (20)
Mycronics vision The business partner of choice, enabling the future of electronics.
Mycronics mission We aim to be the market leader within our key segments across the globe We continuously improve and develop innovative solutions, products and services to meet the changing needs of
our customers We do not compromise with our goal to deliver sustainable growth, profitability and shareholder value We meet our challenging goals by engaging the passion and talent of people dedicated to deliver
Mycronic's long-term financial goals announced in February 2017 Growth Consolidated net sales including acquisitions will reach SEK 5 billion at the end of the business plan period, four to seven years.
Profitability EBIT will exceed 15 percent of net sales over a business cycle.
Capital structure Net debt should be less than 3 times the average EBITDA (earnings before interest, tax, depreciation, and amortization). The average is calculated over three years.
Mycronic's dividend policy The objective of the company is to provide both good returns and value growth. Between 30 and 50 percent of net profit will be distributed to the shareholders, provided the company has a net debt lower than 3 times EBITDA after stipulated dividend. In each case, account shall be taken of the Company's financial position, profitability trends, growth potential and future investment needs.
About Mycronic Mycronic AB is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic’s headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in France, Japan, China, the Netherlands, Singapore, the United Kingdom, South Korea, Germany and the USA. Mycronic (MYCR) is listed on Nasdaq Stockholm. www.mycronic.com
Other operating expenses 1 -165.6 -113.6 -409.9 -411.6 -592.8 -594.5
EBIT 344.4 83.8 823.0 548.0 1,078.4 803.5
Result from financial items 3.1 1.0 5.1 2.1 7.8 4.8
Profit/loss after financial items 347.5 84.8 828.1 550.1 1,086.2 808.3
Appropriations - - - - -204.0 -204.0
Profit/loss before tax 347.5 84.8 828.1 550.1 882.2 604.3
Tax 1 -77.8 -21.2 -187.9 -126.6 -196.2 -134.9
Net Profit/loss 269.7 63.6 640.2 423.5 686.0 469.4
Total comprehensive income 269.7 63.6 640.2 423.5 686.0 469.4
Q3 Jan-Sep
Balance sheets in summary, Parent Company, SEK million Note 30 Sep 18 30 Sep 17* 31 Dec 17*
ASSETS
Fixed assets
Intangible and tangible assets 47.4 40.1 37.4
Financial assets 1 1,731.8 1,146.5 1,281.2
Total fixed assets 1,779.2 1,186.5 1,318.6
Current assets
Inventories 487.7 309.8 346.6
Current receivables 726.9 354.2 426.6
Cash and cash equivalents 12.8 585.9 595.8
Total current assets 1,227.4 1,250.0 1,369.0
TOTAL ASSETS 3,006.6 2,436.5 2,687.6
EQUITY AND LIABILITIES
Equity 1 1,703.7 1,241.9 1,308.4
Untaxed reserves 410.8 206.8 410.8
Other non-current liabilities 211.2 148.6 184.6
Other current liabilities, Note 1 680.9 839.2 783.8
TOTAL EQUITY AND LIABILITIES 3,006.6 2,436.5 2,687.6
Interim Report January-September 2018 13 (20)
Notes
Note 1 Accounting principles This interim report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, as well as
applicable parts of the Annual Accounts Act. The report for the Parent Company has been prepared in accordance with
Chapter 9 of the Annual Accounts Act. For the Group and the Parent Company, the accounting principles, estimates
and assumptions used in this report are in accordance with the most recent annual report.
The character of financial assets and liabilities are essentially the same as they were on December 31, 2017. As was the case
at the end of 2017, reported values are the same as fair values.
IFRS 9, Financial Instruments, is being applied by the Group and the Parent Company as of January 1, 2018. The standard
has not had any material effect on the Group’s and Parent Company’s financial statements.
IFRS 15, Revenue from Contracts with Customers, replaces all previously published standards and interpretations for
managing revenues with a single model for revenue recognition. The standard is being applied by the Group and the Parent
Company as of January 1, 2018 with full retrospective. When applying the new standard, system sales within Pattern
Generators are divided into separate performance obligations, with the result that a minor portion of system revenue will be
reported over time and later than for the previous standard. The new standard's effects on the comparative figures in this
report are shown below. All adjustments relate to business area Pattern Generators.
Mycronic is currently completing the analysis of the effects of the new IFRS standard for leases, IFRS 16, which will enter
into force on January 1, 2019. The preliminary assessment of the standard is that most of the lease agreements currently
accounted for as operating leases will be reported in the statement of financial position. This will also mean that the cost of
same will be divided into interest payments and depreciation.
Q3 Jan-Sep Rolling Jan-Dec
Effect on Group and Parent Company income statements, SEK million 2017 2017 12 month 2017
Net sales 6.8 4.3 -5.4 -1.1
Cost of goods sold -4.9 -4.4 0.8 -3.5
Other income and expenses 0.9 2.2 -1.2 0.9
EBIT 2.7 2.1 -5.8 -3.7
Tax -0.6 -0.5 1.3 0.8
Net Profit/loss 2.1 1.6 -4.5 -2.9
Effect on earnings per share 0.02 0.02 -0.05 -0.03
Entire effect is attributable to owners of the Parent Company
Effect on Group statements of financial position and Parent Company balance sheets, SEK
million 30 Sep 17 31 Dec 17
ASSETS
Deferred tax assets 4.4 5.7
Total assets 4.4 5.7
EQUITY AND LIABILITIES
Other current liabilities 20.1 25.9
Total liabilities 20.1 25.9
Accumulated profit/loss -17.3 -17.3
Net profit for the year 1.6 -2.9
EQUITY -15.7 -20.2
Total equity and liabilities 4.4 5.7
Effect on Group and business area PG order backlogs, SEK million 29.2 35.8
Interim Report January-September 2018 14 (20)
Note 2 Transactions with related parties Transactions with related parties are described in Note 12 of the 2017 Annual Report. The scope and focus of these
transactions did not change significantly during the period.
Note 3 Risks and uncertainty factors There are a number of risks and uncertainty factors of an operational and financial character to which the Group is exposed
through its operations, these are described in the 2017 Annual Report. Mycronic is exposed to country-specific risks such as
political decisions or overarching changes to the regulatory framework on partially new markets, both geographically and
product-wise.
Note 4 Events after the period ended After the end of the period, an order for a Prexision-800 with limited functionality was received from a customer in Asia. The
order, which was booked in the fourth quarter, is valued at between USD 30-35 million and also includes certain upgrades to
the customer’s existing system. Delivery is scheduled in the second quarter of 2019.
Note 5 Revenue and segment reporting
* Restated for comparability, see Note 1.
Rolling Jan-Dec
Revenue by geographical market, SEK million 2018 2017* 2018 2017* 12 month* 2017*
EMEA 164.8 112.9 532.4 361.8 737.6 566.9
North and South America 115.0 56.3 350.9 256.9 459.5 365.5
Asia 816.7 321.8 1,845.6 1,455.7 2,457.6 2,067.6
1,096.4 491.0 2,729.0 2,074.4 3,654.7 3,000.1
of which, system sales 743.0 299.4 1,910.6 1,401.0 2,598.7 2,089.1
of which, after market sales 353.4 191.6 818.4 673.4 1,056.0 911.0
* As of the third quarter of 2018, amortization of capitalized development is included in the cost of acquisition for inventory, which in turn will affect the consolidated cost of goods sold. In view of the fact that amortization amounts to relatively small amounts, comparative figures have not been recalculated.
Note 7 Acquisitions
Acquisition of MRSI Systems, LLC During the second quarter, Mycronic acquired 100 percent of the shares in MRSI Systems, LLC in the USA. The purchase
price amounted to USD 40.7 million on a cash and debt-free basis. Under certain conditions, based on parameters such as
sales and earnings, an additional purchase price up to a maximum of USD 20.2 million will be paid in 2020. The total
acquisition price amounts to SEK 430 million. Efforts to assign values of acquired assets and liabilities is ongoing, and hence
the acquisition analysis was still preliminary as of September 30. In the preliminary acquisition analysis, intangible assets in
the form of technology, customer relationships, brand and goodwill were identified. The useful lives of technology and
customer relationships have been preliminary estimated to seven years. According to the preliminary acquisition analysis,
goodwill amounts to SEK 238 million. Goodwill is primarily attributable to the company’s strong position as an external
supplier in a growth market and to the competence of the company’s employees, as well as synergies such as global presence
within its current market segment. The acquisition price is adjusted for earn-outs, which are estimated at fair value.
Transaction costs regarding the acquisition amount to SEK 7 million. The company was consolidated into the Mycronic
Group as of June 1, 2018.
Rolling Jan-Dec
Research and development costs, SEK million 2018 2017 2018 2017 12 month 2017
MRSI’s operations have impacted consolidated net sales in the amount of SEK 68 million and contributed SEK 8 million to
consolidated EBIT from the acquisition date. If the acquisition had been executed at the beginning of the year, consolidated
net sales would have been impacted in the amount of SEK 117 million and EBIT by SEK 5 million.
Acquisition of Japanese development partner During the second quarter, 70 percent of the shares in a Japanese development partner were acquired with an option to
acquire the remaining 30 percent no later than 3 years after the acquisition date. The total acquisition price amounted to
SEK 9 million. According to the preliminary acquisition analysis, goodwill amounts to SEK 4 million. The company was
consolidated into the Mycronic Group as of June 1, 2018.
Note 8 Definitions and reconciliation alternative performance measures, etc. The European Securities and Markets Authority (ESMA) has published guidelines regarding alternative performance
measures for publicly traded companies.
Alternative performance measures relate to financial key figures used by management to control and evaluate the Group's
business, and which cannot be directly inferred from the financial statements. These ratios are also considered to be of
interest to external analysts and investors who monitor the Company. For definitions of other key ratios please refer to the
Annual Report.
Acquisition-related costs Acquisition-related costs include expensing of acquired inventories at fair value, amortization of acquired intangible assets,
revaluation of earn-outs and transaction expenses.
Book-to-bill Order intake in relation to net sales. Indicates future development of net sales.
Capital employed Balance sheet total less non-interest-bearing liabilities. Used to show a company’s ability to meet capital needs from
operations.
SEK million 30 Sep 18
Acquisition price MRSI
Cash paid for the acquisition 390.9
Deferred considerations for the acquisition (estimated fair value) 39.4
Total 430.3
Acquired assets and liabilities at fair value
Intangible assets 83.9
Tangible assets 10.3
Long-term receivables 1.9
Inventories 84.4
Current receivables 29.8
Cash and cash equivalents 37.0
Non-current liabilities -2.0
Current liabilities -52.8
Total 192.4
Goodwill 237.9
Changes in consolidated cash and cash equivalents as of the acquisition
Cash paid for the acquisition 390.9
Cash and cash equivalents in the acquired subsidiary -37.0
Total 353.9
Interim Report January-September 2018 17 (20)
Earnings per share Net result divided by the number of shares at the end of the period. Used to show a company’s results per share.
EBITDA Operating result (EBIT) before depreciation and amortization, interest and tax. EBITDA is a component used in expressing
the Company's financial goals and dividend policy.
Equity per share Equity on balance day divided by the number of shares at the end of the period. Used to measure the value of the Company
per share.
Net cash and cash equivalents Cash and cash equivalents less interest-bearing liabilities.
Order backlog Remaining orders for goods, valued at the closing date exchange rate. Used to show secured future net sales of goods.
Order intake Received orders for goods and aftermarket, valued at average exchange rates. The order intake also includes revaluation of
the order backlog at closing date exchange rates. Used to show orders received.
Organic growth Increase of net sales or order intake excluding increase related to acquisitions, recalculated to the previous year’s currency
rates, as a percentage of the previous year’s net sales or order intake. Net sales and order intake from acquired companies
are included in the calculation of organic growth as of the first day of the first month which falls 12 months after the date of
acquisition.
Return on capital employed Earnings before financial expenses as a percentage of average capital employed. Used to show the return on capital needed
for operations.
Return on equity Net profit/loss as a percentage of average equity. Used to demonstrate the return on shareholder capital over time.
Underlying EBIT and underlying EBIT margin EBIT excluding acquisition-related costs. The underlying EBIT margin is underlying EBIT as a percentage of net sales. Used
to show how the operations develop and perform without the impact of acquisition-related costs.
Interim Report January-September 2018 18 (20)
* Restated for comparability, see Note 1.
Rolling Jan-Dec
Return on equity 2018 2017* 12 month* 2017*
Net profit/loss (rolling 12 months) 889.8 701.9 889.8 623.4
Average shareholders' equity 1,878.8 1,320.4 1,878.8 1,595.9
47.4% 53.2% 47.4% 39.1%
Return on capital employed
Profit/loss before tax (rolling 12 months) 1,166.2 936.7 1,166.2 835.6
Financial expenses 10.9 7.4 10.9 9.4
Profit/loss before financial expenses 1,177.1 944.1 1,177.1 845.0
Average balance sheet total 3,341.1 2,460.8 3,341.1 2,999.9
Average non-interest-bearing liabilities 1,455.7 1,134.3 1,455.7 1,392.3
Average capital employed 1,885.4 1,326.5 1,885.4 1,607.6
62.4% 71.2% 62.4% 52.6%
Book-to-bill
Order intake 2,338.9 2,995.3 2,910.8 3,567.2
Net sales 2,729.0 2,074.4 3,654.7 3,000.1
0.9 1.4 0.8 1.2
EBITDA
EBIT 869.3 538.3 1,175.3 844.2
Depreciation/Amortization 52.6 52.2 75.1 74.7
921.9 590.5 1,250.4 919.0
Underlying EBIT
EBIT 869.3 538.3 1,175.3 844.2
Acquisition-related costs included in:
Cost of goods sold 15.0 40.2 17.0 42.3
Operating expenses 5.3 29.8 40.0 64.5
889.6 608.3 1,232.3 951.0
Equity per share
Equity at balance day 2,228.5 1,529.1 2,228.5 1,780.2
No. of shares at end of period, thousand 97,917 97,917 97,917 97,917
22.76 15.62 22.76 18.18
Earnings per share
Net Profit/loss 662.4 396.0 889.8 623.4
No. of shares at end of period, thousand 97,917 97,917 97,917 97,917