Financial information

Lindab’s improved profitability is due to both strong organic growth and from considerably improved margins.

Lindab’s net sales, profit and various key figures for 2007 are shown in the table below.

Year in briefKey figuresSales Balance sheetProfit and lossCash flow

Net sales during 2007 amounted to SEK 9,280 m (7,609), which is an increase of 22 percent compared with the previous year. The operating profit (EBIT) amounted to SEK 1,309 m (933) excluding one-off items, which was an increase of 40 percent compared with the previous year.

RESULT	2007	2006
Net sales, SEK M	9,280	7,609
EBITA, SEK M	1,318	942 ¹
EBIT, SEK M	1,309	894
Operating margin, (EBITA) %	14.2	12.4
Operating margin, (EBIT) %	14.1	11.7
Profit for the year	901	585
Net debt/equity ratio, %	0.75	1.2
Average number of employees, group	5,013	4,689
Diluted earnings per share	11.45	6.29
Earnings per share based on current number of shares	11.45	7.43

1 ) Adjusted for restructuring costs of SEK 41 m, costs in connection with flotation on the Stock Exchange of SEK 25 m and a capital gain of SEK 27 m from the sale of property.

KEY FIGURES	-	2007	2006
SALES AND EARNING
Net sales	SEK M	9,280	7,609
Increase	SEK M	22	22
Of which: Organic growth	%	14	10
	%	8	13
	%	0	-1
Operating profit, EBITDA	SEK M	1,512	1,103
EBITA	SEK M	1,318	942 ¹
EBIT	SEK M	1,309	894
EBT	SEK M	1,175	797
Net profit for the year	SEK M	901	585
Cash flow from operating activities	SEK M	875	778
Operating margin, (EBITA)	%	14.2	12.4
Operating margin, (EBIT)	%	14.1	11.7
Return on capital employed	%	25.1	18.2
Return on shareholders' equity	%	36.5	26.8
Equity	SEK M	2,969	2,190
Net debt	SEK M	2,238	2,602
Net debt/equity ratio	times	0.75	1.2
Average number of employess		5,013	4,689
DATA PER SHARE
Undiluted earnings per share	SEK	11.45	6.45
Diluted earnings per share (EPS)	SEK	11.45	6.29
Earnings per share³	SEK	11.45	7.43
Cash flow from operating activities	SEK	11.12	9.89
Shareholders' equity per basic share	SEK	37.72	27.82
Shareholders' equity per diluted share	SEK	37.72	27.82
Proposed dividends	SEK	5.25	3.25
Number of diluted shares ²	'000	78,708	78,708

1 ) Adjusted for restructuring costs of SEK 41 m, costs in connection with flotation on the Stock Exchange of SEK 25 m and a capital gain of SEK 27 m from the sale of property.

2 ) The average number of shares has been adjusted for 2006 with respect to the 8:1 split and the 15:1 split.

CONSOLIDATED BALANCE SHEET ASSETS	31 Dec 2007	31 Dec 2006
FIXED ASSETS
*Intangible fixed assets*
Capitalised expenditure for development work, etc.	7	8
Other intangible fixed assets	59	66
Patents and similar rights	0	0
Goodwill	2,713	2,616
TOTAL INTANGIBLE ASSETS	2,779	2,690
*Tangible fixed assets*
Buildings and land	737	726
Machinery and equipment	617	635
Construction in progress and advance payments on tangible fixed assets	71	30
TOTAL TANGIBLE FIXED ASSETS	1,425	1,391
*Financial fixed assets*
Financial investments	7	6
Deferred tax assets	343	306
Holdings of other long-term securities	6	5
Other long-term receivables	3	4
TOTAL FINANCIAL FIXED ASSETS	359	321
TOTAL FIXED ASSETS	4,563	4,402
*Current assets*
Stock	1,278	1,083
Accounts receivable	1,280	1,202
Other receivables	81	63
Tax assets	47	41
Prepaid expenses and accrued income	70	86
Prepaid expenses and accrued income, interest-bearing	10	1
*Cash and bank*	371	199
TOTAL CURRENT ASSETS	3,137	2,675
TOTAL ASSETS	7,700	7,077

SHAREHOLDERS' EQUITY AND LIABILITIES, SEK M	31 Dec 2007	31 Dec 2006
SHAREHOLDERS' EQUITY
*Equity attributable to Parent Company shareholders*
Share capital (1 000 000 shares à SEK 1 par)	79	79
Other capital contributed	2,225	2,225
Reserves	139	5
Brought forward	526	-119
TOTAL SHAREHOLDERS' EQUITY	2,969	2,190
*Long-term liabilities*
Interest-bearing liabilities
Liabilities to credit institutions	2,398	2,239
Provisions for pensions and similar obligations	109	106
TOTAL INTEREST-BEARING LIABILITIES	2,507	2,345
Non-interest-bearing liabilities
Deferred tax liabilities	317	313
Other provisions	35	44
Other liabilities	3	8
TOTAL NON-INTEREST-BEARING LIABILITIES	355	365
TOTAL LONG-TERM LIABILITIES	2,862	2,710
*Current liabilities*
Interest-bearing liabilities
Liabilities to credit institutions	15	217
Overdraft facilities	86	242
Accrued expenses and deferred income	17	4
TOTAL INTEREST-BEARING LIABILITIES	118	463
Advance payments from customers	156	108
Accounts payable	780	806
Tax liabilities	177	151
Other provisions	67	82
Other liabilities	139	140
Accrued expenses and deferred income	432	4
TOTAL NON-INTEREST-BEARING LIABILITIES	1,751	1,714
TOTAL CURRENT LIABILITIES	1,869	2,177
TOTAL EQUITY AND LIABILITIES	7,700	7,077
Pledged assets	40	4,647
Contingent liabilities	19	25

CONSOLIDATED INCOME STATEMENT SEK M	2007	2006
Net sales	9,280	7,609
Cost of goods sold	-6,382	-5,251
GROSS PROFIT	2,898	2,358
Other operating income	79	77
Selling expenses	-988	-857
Administration expenses	-549	-525
Research and development costs	-47	-43
Other operating expenses	-82	-116
OPERATING PROFIT	1,309	894
Interest income	20	11
Interest expenses	-149	-107
Other financial income and expenses	-5	-1
PROFIT AFTER FINANCIAL ITEMS	1,175	797
Tax on profit for the year	-274	-212
PROFIT FOR THE YEAR	901	585
Attributable to Parent company shareholders	901	585
Undiluted earnings per share, SEK	11.45	6.45
Diluted earnings per share, SEK	11.45	6.29

CONSOLIDATED CASH FLOW STATEMENT SEK M	2007	2006
Operating activities
Operating profit	1,309	894
Depreciation and amortisation	203	209
Provisions	-25	54
Adjustment for other non-cash items	20	-18
TOTAL	1,507	1,139
Interest received	21	10
Interest paid	-148	-125
Tax paid	-288	-141
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING CAPITAL	1,092	883
Change in working capital
Stock	-161	-170
Operating receivables	-24	-154
Operating liabilities	-32	220
Total change in working capital	-217	-104
CASH FLOW FROM OPERATING ACTIVITIES	875	778
Investing activities
Acquisition of group companies	-48	-384
Divestment of group companies	-	10
Investment in intangible fixed assets	-13	-15
Investment in tangible fixed assets	-182	-131
Decrease of (+)/Increase of (-) investment in financial fixed assets	1	12
Sale/disposal of intangible fixed assets	-	-
Sale/disposal of tangible fixed assets	17	84
CASH FLOW FROM INVESTING ACTIVITIES	-225	-424
Financing activities
Loans raised	947	3,326
Amortisation of debt	-1,178	-2,619
Exercised options	-	91
Redemption of shares	-	-1,196
Issue of new shares	-	0
Option premiums	-	3
Change of minority interest	-256	-395
CASH FLOW FROM FINANCING ACTIVITIES	-487	-395
Cash flow for the year	163	-41
Cash and cash equivalents at beginning of year	199	244
Effect of exchange rate changes on cash and cash equivalents	9	-4
CASH AND CASH EQUIVALENTS AT END OF YEAR	371	199

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