LAMMHULTS DESIGN GROUP AB (The interim report for January-June 2014 is distributed as part of this press release)
Third consecutive quarter of profitable growth - both organic and acquired Net sales SEK 379.7 million (287.3), of which second quarter SEK 193.7 million
(135.7) Operating profit SEK 11.2 million (3.7), of which second quarter SEK 6.0 million
(1.4) Order bookings SEK 389.1 million (281.0), of which second quarter SEK 199.4 million (147.6)
Order backlog SEK 145.9 million (83.0)
Net sales, order bookings and profitIn the second quarter, the Group's net sales rose by 43% and order bookings by 35%. In the first half-year, the Group's net sales rose by 32% and order bookings by 38%. Order bookings improved above all for the Abstracta, Lammhults and BCI brands during the first half-year. With the robust level of order bookings and the acquisition of Fora Form, the Group's order backlog at mid-year was 76% higher than at the corresponding point in time last year, totalling SEK 145.9 million (83.0). Fora Form's order backlog was valued at approximately SEK 40 million on 30 June 2014. The Group's operating profit totalled SEK 6.0 million (1.4) in the second quarter and SEK 11.2 million (3.7) over the first half-year, representing an
accumulated operating margin of 3.0% (1.3). Net sales for Office & Home Interiors rose by SEK 87.5 million and operating profit by SEK 6.9 million, while net sales and operating profit for Public Interiors rose by SEK 4.7 million and SEK 3.5 million, respectively. Excluding
Fora Form, acquired in October 2013 and part of the Office & Home Interiors business area, net sales for the Group increased by 1% over the first half-year, while the Group's order bookings rose by 6% and the Group's operating profit totalled SEK 5.7 million (3.7).
Lammhult, 22 August 2014
Lammhults Design Group AB
Anders Rothstein
President and CEO
For more information, please contact Anders Rothstein, President and CEO, on +46-(0)472-26
96 71/+46 (0)70-883 98 98, or Thomas Jansson, CFO, on +46 (0)472-26 96 72/+46 (0)70-555
03 61.
This information is such that Lammhults Design Group AB is required to publish in accordance with the Swedish Capital Markets Act, the Swedish Financial Instruments Trading Act and requirements stated in listing agreements. The information was submitted for publication at 8.00 a.m. on 22 August 2014.
Lammhults Design Group AB (publ), corp. reg. no. 556541-2094 Interim Report 1 January - 30 June 2014 Net sales SEK 379.7 million (287.3), of which second quarter SEK 193.7 million
(135.7) Operating profit SEK 11.2 million (3.7), of which second quarter SEK 6.0 million
(1.4) Profit before tax SEK 8.2 million (2.8), of which second quarter SEK 4.7 million
(0.5) Profit after tax SEK 6.1 million (1.3), of which second quarter SEK 3.8 million
(0.0) Earnings per share before and after dilution SEK 0.72 (0.15), of which second quarter SEK 0.45 (0.00)
Order bookings SEK 389.1 million (281.0), of which second quarter SEK 199.4 million (147.6)
Order backlog SEK 145.9 million (83.0)
Equity/assets ratio 56.0% (64.9)
Debt/equity ratio 0.37 (0.24)
Group's net sales and profitThe Group's net sales in the first half-year totalled SEK 379.7 million (287.3), 32% higher than last year. Net sales for the Group in the second quarter were 43 percent higher than in the preceding year, totalling SEK 193.7 million (135.7). Excluding Fora Form, which was acquired in October 2013 and is part of the Office & Home Interiors business area, net sales for the Group increased by 6% during the second quarter and by 1% over the first half-year. Net sales for Office & Home Interiors rose by 65 percent in the second quarter and by 48 percent over the first half-year. Net sales for Public Interiors rose by 6 percent in the second quarter and by 4 percent over the first half-year. Group order bookings increased by 38% over
the first half-year, amounting to SEK 389.1 million (281.0). In the second quarter, the Group's order bookings rose 35% to SEK 199.4 million (147.6). Excluding Fora Form, the Group's order bookings rose by 6% in both the second quarter and over the first half-year. Order bookings improved above all for the Abstracta, Lammhults and BCI brands. Over the first
half-year, order bookings increased by 68% for Office & Home Interiors, but fell by 3% at Public Interiors. At mid-year, the Group's order backlog was 76% higher than at the corresponding point last year, amounting to SEK 145.9 million (83.0). Of the total, Fora Form's order backlog accounted for approximately SEK 40 million. At unchanged exchange rates from the first half of last year, net sales would have been SEK 0.1 million lower and order bookings SEK 1.6 million lower, while the order backlog would have been SEK 2.6 million lower at SEK 143.3 million.
The gross margin over the first half-year was 36.0% (36.5). Fora Form's product mix, incorporating a high proportion of sales of third-party products to the culture segment, negatively affected the gross margin, as did the launches of a number of new products in Office & Home Interiors. Public Interiors' gross margin improved through more efficient
product supply. In the second quarter, the gross margin was 35.9 percent (36.1). Excluding Fora Form, the Group's gross margin would have been on the same level as in the preceding year, both for the second quarter and over the first half-year.
Sales and administration costs totalled SEK 126.4 million (102.1) over the first half-year and SEK 64.2 million (48.5) in the second quarter, of which Fora Form's sales and administration costs amounted to SEK 12.7 million in the second quarter and SEK 24.8 million and over the first half-year. Excluding Fora Form, the Group's sales and administration costs thus rose by SEK 3.0 million in the second quarter (in line with the measures adopted to promote profitable growth), but fell by SEK 0.5 million over the first half-year. Operating profit totalled SEK 6.0 million (1.4) in the second quarter and SEK 11.2 million (3.7) for the first half-year. The Group's operating margin was 3.1 percent (1.0) in the second quarter and 3.0 percent (1.3)
over the first half-year. Profit before tax totalled SEK 4.7 million (0.5) in the second quarter and SEK 8.2 million (2.8) over the first half-year. Finance income/costs in the first half-year were affected by negative exchange rate differences of SEK 1.3 million, as against positive exchange rate differences of SEK 0.3 million in the corresponding period last year.
Group's financial position and cash flowThe equity/assets ratio was 56.0% (64.9) on 30 June 2014, while the debt/equity ratio was 0.37 (0.24). The Group's cash flow from operating activities amounted to SEK -13.1 million (-6.1) in the second quarter and SEK -7.3 million (-7.4) over the first half-year.
As a result of robust invoicing in June, the cash flow from operating activities benefited from a rise in current receivables of SEK 30.9 million in the second quarter and SEK 19.3 million over the first half-year. The cash flow for the period amounted to SEK -9.8 million (1.8) in the second quarter and SEK -32.7 million (5.0) over the first half-year.
Per-share dataEarnings per share for the Group as a whole totalled SEK 0.72 (0.15) for the first half-year before and after dilution, and SEK 0.45 (0.00) for the second quarter. Equity per share was SEK 44.45 (42.46) before and after dilution.
Business areas Office & Home InteriorsThe business area develops, markets and sells products for interiors for public and home environments under the Lammhults, Abstracta, Fora Form, Voice and Ire brands.
Net sales totalled SEK 138.7 million (84.2) in the second quarter and SEK 269.1 million (181.6) over the first half-year. Excluding Fora Form, which was acquired in October 2013, net sales for the business area increased by about SEK 4 million in Q2 but declined by approximately SEK 1 million over the half-year. Net sales over the first half-year rose for
Abstracta, were level with the previous year for Ire, but declined for the Lammhults and Voice
brands. Order bookings for the business area increased by 63% in Q2, which helped produce an order backlog that was 171% higher than at the corresponding point in time last year. Excluding Fora Form, order bookings rose by 14% for the business area in Q2 and by 12% over the first half-year. The order backlog was 49% higher than on 30 June 2013.
Order bookings over the first half-year rose for Abstracta and Lammhults, were level with the previous year for Ire, but declined for the Voice brand. The gross margin weakened compared to that for the first half of last year. This was mainly attributable to Fora Form's product mix, with a high proportion of sales of third-party products to the culture segment, and launches of a number of new products by Lammhults and Abstracta. Excluding Fora Form, sales and administration costs for the business area were lower than in the first half of the preceding year, as a result of efficiency improvements implemented. Operating profit totalled SEK 8.5 million (3.6) in Q2 and SEK 15.9 million (9.0) over the first half-year.
Public InteriorsThe business area develops and sells interiors and product solutions for public environments under the Eurobib Direct, BCI and Schulz Speyer brands.
Net sales totalled SEK 55.2 million (52.0) in Q2 and SEK 111.3 million (106.6) in the first half-year. The improvement in net sales during the first half-year was mainly due to sales successes in France, Sweden, Norway and Denmark, while sales to Germany declined. Net sales Eurobib Direct (after-market sales) were level with those of the preceding year. Order bookings for the business area fell by 5 percent in Q2 and by 3 percent over the first half-year. At the end of the quarter, the order backlog was 18% higher than at the corresponding time
last year, mainly because of strong order backlogs in France, Germany, the UK and Denmark. The gross margin improved compared to the first half of 2013, mainly as a result of more efficient product supply. Completed cost-cutting measures reduced sales and administration costs to some degree compared with the first half of the preceding year. Operating profit totalled SEK 3.7 million (2.2) in Q2 and SEK 7.0 million (3.5) over the first half-year.
Group's investments and depreciationThe Group's investments in property, plant and equipment amounted to SEK 4.8 million (3.4) while investments in intangible assets totalled SEK 2.9 (0.9). Total depreciation according to plan was SEK 3.2 million (2.4) in Q2 and SEK 6.4 million (4.8) over the first half-year.
Group's liquidity and financingCash and cash equivalents, including unused overdraft facilities, totalled SEK 84.8 million
(103.2) on 30 June 2014.
Parent CompanyThe Parent Company's business activities consist of Group management and certain Group- wide functions. Net sales amounted to SEK 3.1 million (2.7), with a profit of SEK 16.7 million (loss of -6.2) before tax. Investments totalled SEK 0.1 million (0.3). Cash and cash
equivalents, including unused overdraft facilities, totalled SEK 56.5 million (85.1) on 30 June
2014.
Forthcoming financial reportsInterim report for January-September 30 October 2014
Accounting policiesThis summary interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and relevant provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company was prepared in accordance with Section 9, Interim Reports, of the Swedish Annual Accounts Act. For both Group and Parent Company, the same accounting policies and bases of calculation were used as in the Company's most recent annual report.
The new and revised accounting standards that entered into force in 2014 are not considered likely to have any impact on the Group's accounting.
Risks and uncertaintiesThe significant risks and uncertainties faced by the Group and Parent Company include business risks in the form of high exposure to certain sectors. The Group is also exposed to financial risks. Chief among these are currency risks relating to fluctuations in exchange rates in conjunction with exports and imports, interest risks in connection with liquidity and debt management, and credit risks in connection with sales. In addition, the Group is to a certain degree exposed to commodities risk. Other than the risks described in the 2013 Annual Report (see Note 27 for a more detailed description of the Group's and Parent Company's risk exposure and risk management), it is not believed that any new significant risks have arisen.
CertificationThe Board of Directors and the President hereby declare that this interim report provides a true and fair picture of the operations, financial position and performance of the Parent Company and the Group, and also describes material risks and uncertainties to which the Parent
Company and the other companies in the Group are exposed.
Lammhult, 22 August 2014
Anders Pålsson
Chairman
Peter Conradsson | Maria Edsman | Jörgen Ekdahl |
Board Member | Board Member | Board Member |
Jerry Fredriksson | Lotta Lundén | Anders Rothstein |
Board Member | Board Member | President and CEO |
This interim report has not been reviewed by the Company's auditor.
CONSOLIDATED STATEMENT OF INCOME
Remaining businesses Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Net sales 193,7 135,7 379,7 287,3 700,1 607,7
Cost of goods sold -124,1 -86,7 -242,9 -182,3 -445,6 -385,0
Gross profit 69,6 49,0 136,8 105,0 254,5 222,7
Other operating income 1,8 1,6 3,1 2,9 5,7 5,5
Sales and administration costs -64,2 -48,5 -126,4 -102,1 -233,8 -209,5
Other operating costs -1,2 -0,7 -2,3 -2,1 -5,6 -5,4
Operating profit 6,0 1,4 11,2 3,7 20,8 13,3
Net finance income/costs -1,3 -0,9 -3,0 -0,9 -4,3 -2,2
Profit/loss before tax 4,7 0,5 8,2 2,8 16,5 11,1
Tax -0,9 -0,5 -2,1 -1,5 -0,8 -0,2
Profit from remaining business for the period 3,8 0,0 6,1 1,3 15,7 10,9
Profit from business divested, net after tax 0,0 0,0 0,0 0,0 0,0 0,0
Profit for the period 3,8 0,0 6,1 1,3 15,7 10,9
Profit/loss for the period attributable to:
Shareholders in Parent Company 3,8 0,0 6,1 1,3 15,7 10,9
Non-controlling interests 0,0 0,0 0,0 0,0 0,0 0,0
Earnings per share before and after dilution
Remaining businesses 0,45 0,00 0,72 0,15 1,86 1,29
Businesses divested - - - - - -
Total, Group 0,45 0,00 0,72 0,15 1,86 1,29
Number of shares at end of period, thousands 8 448 8 448 8 448 8 448 8 448 8 448
CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME, SUMMARY
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Profit/loss for the period 3,8 0,0 6,1 1,3 15,7 10,9
Other comprehensive income
Items transferred or transferrable to profit for the period
Translation differences for the period 5,5 8,2 6,6 3,1 9,7 6,2
Cash flow hedging -0,2 -0,7 -0,3 -0,2 -0,2 -0,1
Other comprehensive income for the period 5,3 7,5 6,3 2,9 9,5 6,1
Total comprehensive income for the period 9,1 7,5 12,4 4,2 25,2 17,0
Total comprehensive income for the period attributable to:
Shareholders in Parent Company 9,1 7,5 12,4 4,2 25,2 17,0
Non-controlling interests 0,0 0,0 0,0 0,0 0,0 0,0
Notes to consolidated statement of income
Depreciation/amortisation -3,2 -2,4 -6,4 -4,8 -13,9 -12,3
Other operating income
Exchange rate gains 1,6 1,5 2,7 2,5 4,6 4,4
Other operating income 0,2 0,1 0,4 0,4 1,1 1,1
Total 1,8 1,6 3,1 2,9 5,7 5,5
Other operating costs
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
2014 2013 2014 2013 2013/2014 2013
Exchange rate losses -1,1 -0,2 -1,7 -1,6 -3,6 -3,5
Reversals of order backlog acquired -0,3 0,0 -0,6 0,0 -1,9 -1,3
Other operating costs 0,2 -0,5 0,0 -0,5 -0,1 -0,6
Total -1,2 -0,7 -2,3 -2,1 -5,6 -5,4
Net finance income/costs
Finance income 0,9 0,4 1,7 1,1 3,4 2,8
Finance costs -2,2 -1,3 -4,7 -2,0 -7,7 -5,0
Total -1,3 -0,9 -3,0 -0,9 -4,3 -2,2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, SUMMARY
Amounts in SEK m. 30 June 2014 30 June 2013 31 Dec 2013
Intangible non-current assets 239,2 171,8 233,0
Property, plant and equipment 110,3 105,9 110,2
Financial investments 0,2 0,2 0,2
Deferred income tax assets 3,3 2,3 2,8
Inventories 106,7 98,0 100,3
Current accounts receivable 197,6 146,3 172,9
Cash and cash equivalents 13,7 28,4 46,1
Total assets 671,0 552,9 665,5
Equity attributable to shareholders in Parent Comp. 375,5 358,7 371,5
Equity attributable to non-controlling interests 0,3 0,3 0,3
Non-current interest-bearing liabilities 60,6 38,7 68,9
Provisions 2,2 1,9 2,2
Deferred tax liabilities 7,6 7,3 8,1
Current interest-bearing liabilities 76,9 49,1 76,3
Other current liabilities 147,9 96,9 138,2
Total equity and liabilities 671,0 552,9 665,5
CONTINGENT LIABILITIES, GROUP
Amounts in SEK m. 30 June 2014 30 June 2013 31 Dec 2013
Surety bonds | 3,5 | 3,7 | 3,5 |
Warranties | 5,5 | 1,3 | 5,3 |
Other contingent liabilities | 1,7 | 1,8 | 1,7 |
Total contingent liabilities | 10,7 | 6,8 | 10,5 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, SUMMARY
Jan-June Jan-June Jan-Dec
Amounts in SEK m. 2014 2013 2013
Opening bal., equity attrib. to shareh. in Parent Co. 371,5 358,7 358,7
Total comprehensive income for the period 12,4 4,2 17,0
Dividend paid -8,4 -4,2 -4,2
Closing bal., equity attrib. to shareh. in Parent Co. 375,5 358,7 371,5
Opening bal., equity attrib. to non-control. interests 0,3 0,3 0,3
Total comprehensive income for the period 0,0 0,0 0,0
Closing bal., equity attrib. non-controlling interests 0,3 0,3 0,3
Total closing balance, equity 375,8 359,0 371,8
CONSOLIDATED STATEMENT OF CASH FLOWS, SUMMARY
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Cash flow from operating activities before
changes in working capital 6,5 -0,5 11,0 1,9 34,0 24,9
Changes in working capital -19,6 -5,6 -18,3 -9,3 3,8 12,8
Cash flow from operating activities -13,1 -6,1 -7,3 -7,4 37,8 37,7
Cash flow from investing activities -3,4 3,0 -7,1 1,9 -83,4 -74,4
Cash flow from financing activities 6,7 4,9 -18,3 10,5 29,6 58,4
Cash flow for the period -9,8 1,8 -32,7 5,0 -16,0 21,7
Cash and cash equivalents at beginning of period 23,1 24,0 46,1 23,3 28,4 23,3
Translation difference in cash and cash equivalents 0,4 2,6 0,3 0,1 1,3 1,1
Cash and cash equivalents at end of period 13,7 28,4 13,7 28,4 13,7 46,1
KEY FIGURES FOR THE GROUP
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
2014 2013 2014 2013 2013/2014 2013
Growth, % 42,6 -10,9 32,1 -8,6 11,4 -3,1
Gross margin, % 35,9 36,1 36,0 36,5 36,4 36,6
Operating margin, % 3,1 1,0 3,0 1,3 3,0 2,2
Net margin, % 2,4 0,4 2,2 1,0 2,4 1,8
Return on equity, % 1,0 0,0 1,6 0,4 4,3 3,0
Return on capital employed, % 1,4 0,4 2,5 1,1 5,0 3,4
Debt/equity ratio, times - - 0,37 0,24 - 0,39
Equity/assets ratio, % - - 56,0 64,9 - 55,9
Equity per share before dilution, SEK - - 44,45 42,46 - 43,97
Equity per share after dilution, SEK - - 44,45 42,46 - 43,97
Average number of employees 363 320 363 322 350 329
For definitions, see the Group's 2013 Annual Report.
THE GROUP'S OPERATING SEGMENTS
Public Interiors develops, markets and sells interiors and product solutions for public environments. The business area is partly dedicated to selling total interior systems on a project basis and partly to after-market sales of furniture and consumables. The business area is made up of the companies Lammhults Biblioteksdesign AB (Sweden), Lammhults Biblioteksdesign A/S (Denmark) and Schulz Speyer Bibliothekstechnik AG (Germany) and subsidiaries. The business area includes the Eurobib Direct, BCI and Schulz Speyer brands.
Office & Home Interiors develops and markets products for interiors in public and domestic environments. The business area has three brands with high design values, focusing on public environments: Lammhults and Fora Form, which offer visually strong, timeless furniture, and Abstracta, with acoustic products, products for visual communication and storage. The
business area has two brands focusing on home interiors, namely Voice, which offers innovative storage solutions, and Ire, which produces upholstered furniture featuring timeless design, clean lines and durable quality. Both the Voice and Ire product ranges are being extended gradually to include public environments. The business area is made up of the companies Lammhults Möbel AB (Sweden), Ire Mobel AB (Sweden), Fora Form AS (Norway), and Abstracta AB and subsidiaries (Sweden).
The Parent Company, Group-wide functions, dormant companies and eliminations are accounted for under the heading
"Group-wide costs and eliminations".
Net sales per business segment
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Public Interiors | 55,2 | 52,0 | 111,3 | 106,6 | 231,0 | 226,3 |
Office & Home Interiors | 138,7 | 84,2 | 269,1 | 181,6 | 471,0 | 383,5 |
Group-wide costs and eliminations | -0,2 | -0,5 | -0,7 | -0,9 | -1,9 | -2,1 |
Total net sales | 193,7 | 135,7 | 379,7 | 287,3 | 700,1 | 607,7 |
Operating income per business segment
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Public Interiors 3,7 2,2 7,0 3,5 17,6 14,1
Office & Home Interiors 8,5 3,6 15,9 9,0 24,1 17,2
Group-wide costs and eliminations -6,2 -4,4 -11,7 -8,8 -20,9 -18,0
Total operating profit 6,0 1,4 11,2 3,7 20,8 13,3
Finance income 0,9 0,4 1,7 1,1 3,4 2,8
Finance costs -2,2 -1,3 -4,7 -2,0 -7,7 -5,0
Profit/loss before tax 4,7 0,5 8,2 2,8 16,5 11,1
ACQUISITION OF BUSINESS OPERATIONS
On 10 October 2013, Lammhults Design Group AB acquired 100% of the shares in the Norwegian designer furniture company
Fora Form AS. The acquisition had the following impact on the Group's assets and liabilities:
Fora Form - Net assets at time of acquisition
Carrying Fair Fair value amount before value, recognised
Amounts in SEK m. acquisition adjustment in Group
Intangible assets 5,1 1,9 7,0
Property, plant and equipment 5,0 - 5,0
Deferred income tax assets 0,9 0,2 1,1
Inventories 15,5 -1,6 13,9
Trade and other receivables 25,2 - 25,2
Cash and cash equivalents 1,0 - 1,0
Interest-bearing liabilities -8,7 - -8,7
Trade payables and other operating liabilities -25,7 -1,1 -26,8
Net identifiable assets and liabilities 18,3 -0,6 17,7
Goodwill on acquisition 53,4
Payment transferred - cash 71,1
The acquisition has been accounted for on a provisional basis. Auditing of carrying amounts at the time of acquisition and assessment of any adjustments to reflect value has not been finalised. The assets and liabilities under review consist of inventories, trade receivables and other receivables, together with trade payables and other operating liabilities.
The goodwill amount includes the value of an expanded distribution network for furniture for public environments in Norway; synergetic gains in the form of greater opportunities for sales, both via a market leading position in Norway and the use of the Lammhults Design Group's sales organisation for exports of Fora Form's products; more efficient purchasing; and the personnel's expertise in sales, marketing, design, product development and knowledge relating to development of the customer segment.
The intangible asset that has been identified, other than goodwill, is the order backlog, which has been measured at market value to total SEK 1.9 million at acquisition. Acquisition-related expenses totalled SEK 1.6 million, consisting of fees to consultants in connection with due diligence. These expenses are recognised as administrative expenses in the consolidated statement of comprehensive income.
On 15 April 2013, Schulz Speyer Bibliothekstechnik AG, a wholly owned subsidiary of Lammhults
Design Group AB, divested its Italian subsidiary Harmonie Projects Srl. The company employed five people.
Effect of divestment on individual assets and liabilities in Group
Amounts in SEK m. Apr 2013
Property, plant and equipment 0,2
Inventories 0,3
Accounts receivable 2,4
Other receivables 0,4
Cash and cash equivalents 0,5
Provisions for pensions -0,6
Trade payables -0,3
Other liabilities -2,9
Assets and liabilities divested, net 0,0
Purchase consideration received in cash and cash equiva 0,0
Less: Cash and cash equivalents in the business diveste -0,5
Effect on cash and cash equivalents -0,5
PARENT COMPANY INCOME STATEMENT, SUMMARY
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Net sales 1,5 1,3 3,1 2,7 6,0 5,6
Gross profit 1,5 1,3 3,1 2,7 6,0 5,6
Administrative expenses -5,9 -4,3 -11,4 -8,7 -20,7 -18,0
Operating profit -4,4 -3,0 -8,3 -6,0 -14,7 -12,4
Result from financial items:
Result from participations in Group companies 27,3 0,0 27,3 0,0 33,8 6,5
Other interest income 0,9 0,3 1,6 1,0 3,0 2,4
Interest costs -1,9 -0,9 -3,9 -1,2 -5,7 -3,0
Profit after financial items 21,9 -3,6 16,7 -6,2 16,4 -6,5
Appropriations 0,0 0,0 0,0 0,0 11,6 11,6
Profit/loss before tax 21,9 -3,6 16,7 -6,2 28,0 5,1
Tax 1,2 0,7 2,3 1,3 2,6 1,6
Profit/loss for the period 23,1 -2,9 19,0 -4,9 30,6 6,7
PARENT COMPANY STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME, SUMMARY
Apr-June Apr-June Jan-June Jan-June July-June Jan-Dec
Amounts in SEK m. 2014 2013 2014 2013 2013/2014 2013
Profit/loss for the period Other comprehensive income | 23,1 | -2,9 | 19,0 | -4,9 | 30,6 | 6,7 |
Items transferred or transferrable to profit for the period Translation differences for the period | - | - | - | - | - | - |
Other comprehensive income for the period | - | - | - | - | - | - |
Total comprehensive income for the period | 23,1 | -2,9 | 19,0 | -4,9 | 30,6 | 6,7 |
PARENT COMPANY BALANCE SHEET, SUMMARY
Amounts in SEK m. 30 June 2014 30 June 2013 31 Dec 2013
Intangible non-current assets 0,9 0,0 0,0
Property, plant and equipment 0,0 0,8 0,8
Financial non-current assets 422,6 349,8 422,6
Current accounts receivable 189,9 154,9 206,2
Cash in hand and on deposit 0,0 13,8 16,6
Total assets 613,4 519,3 646,2
Equity 273,4 251,3 262,9
Non-current liabilities to credit institutions 25,4 0,0 31,3
Current liabilities to credit institutions 63,8 42,0 66,7
Other current liabilities 250,8 226,0 285,3
Total equity and liabilities 613,4 519,3 646,2
PLEDGED ASSETS AND CONTINGENT LIABILITIES - PARENT COMPANY
Amounts in SEK m. 30 June 2014 30 June 2013 31 Dec 2013
Pledged assets | 202,5 | 203,6 | 202,5 |
Contingent liabilities | 3,5 | 3,7 | 3,5 |
ADDRESSES
Lammhults Design Group AB (publ) Box 75, SE-360 30 Lammhult, Sweden.
Telephone +46-472-26 96 70. Telefax: +46-472-26 96 73. Street address: Lammengatan 2, Lammhult
E-mail: info@lammhultsdesigngroup.com www.lammhultsdesigngroup.com
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