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Annual Report 2008

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Contents

The Year in Brief 3

About MultiQ 4

Letter from the CEO 6

Sales 8

The Market 9

Monitor Solutions 10

Production 14

After Sales 15

Employees and the MultiQ

Organisation 16

The MultiQ Share 18

Five-year Summary 20 Administration Report 22 Income Statements 26

Balance Sheets 27

Changes in Equity 30 Cash Flow Statements 31 Notes to the

Financial Statements 32

Audit Report 44

Board of Directors 45

Management Team 46

Corporate Governance Report 48

Shareholder Information 51

Contact Information 51

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The year in brief

• Net revenue totalled MSEK 146.5 (MSEK 105.7)

• The profit after taxation was MSEK 4.5 (MSEK 2.7)

• Earnings per share totalled SEK 0.17 (SEK 0.10)

• Order stock totalled MSEK 65.9 (MSEK 38.5)

Significant events during the year

• During the spring MultiQ won a strategically important Digital Signage order from a leading Scandinavian sports retailer. The undertaking included around one hundred interactive guide and shopping kiosks.

• During the year MultiQ registered its biggest ever international order to a value of MSEK 45.

This deal reinforces MultiQ's position in Europe.

• Anders Laurin took over as CEO on 14 July.

Anders Laurin was formerly Executive Vice President at Axis Communications AB.

The year in brief

• MultiQ has continued to deliver digital gaming information of the future to Svenska Spel, who placed an order worth approx.

MSEK 27 during the year.

• There was a significant increase in the number of employees. At the year-end MultiQ had 42 employees, compared with 32 the year before.

Significant events since the end of the year

• Svenska Spel has placed a new order worth approx. MSEK 11 for delivery during the first half of 2009.

• The final purchase price in respect of the

acquisition of Apara Digital Signage AB was

paid in March 2009.

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First in the field of flat screen monitors.

Now MultiQ is spreading its wings.

The company

MultiQ has for many years been a leading player in the field of monitor solutions for public environments. The company has extensive experience and expertise in terms of function, quality and reliability in demanding surroundings.

The company has a strong position in the rapidly expanding field of Digital Signage, with a product range that includes not only hardware and software, but also technical expertise and knowledge of the market. The solutions provide a facility for the distribution of marketing and information messages to one or more monitors, which are controlled via a network and can be adapted to suit the receiver.

Financial result

In 2008 the company generated net revenue of MSEK 146.5 (MSEK 105.7), with a profit after taxation of MSEK 4.5 (MSEK 2.7).

Products

MultiQ offers complete Digital Signage systems, which include software, monitors, accessories

and services. The platform is flexible and can handle several kinds of distribution and a varied content format. Administration takes place via a simple, web-based interface and the systems have a high level of security.

MultiQ's offer to the market in the form of hard- ware consists of monitor solutions, normally in sizes from 12” to 52”. The hardware is supplied with a number of accessories and a service package. Most solutions can be customised and supplemented with, for example, touch-screen functions, card readers and loudspeakers. The products are characterised by not only customi- sation and flexibility, but also robustness, design, a low total cost and a long useful life.

The market

MultiQ focuses on markets with tough demands on durability and operational reliability.

The company's prioritised markets comprise large and medium-sized companies, as well as organisations with activities in public environments. These consist primarily of sectors such as retail, gaming and transport.

About MultiQ

4

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Sales

As one element of MultiQ's new strategy, sales will in future be channelled via partners through an indirect business model. The company will therefore be launching a programme at the beginning of 2009 to provide partners with commercial benefits, training, sales support and technical support. Through this programme, which will be an extension of MultiQ's own orga- nisation, partners will take on a key role in the company's expansion in the domestic markets of Sweden and Norway, and also in Europe.

Production

MultiQ's production of hardware and acces- sories takes place in Asia. To spread the risks, production is divided between three manufacturers. A buffer stock has been created to provide a facility for speedy deliveries.

Customisation can be undertaken on site in Sweden. Software development takes place in- ternally, while accessories for customisation are bought in from independent suppliers. All product development takes place in Sweden.

About MultiQ

Interactive MultiQ screens in 50 Clas Ohlson shops

Clas Ohlson has signed an agreement through MultiQ's partner DigiPos including hardware and software for screen-based customer communication. Interactive infor- mation screens provide Clas Ohlson's cus- tomers with a digital search and informa- tion service based on Clas Ohlson's web- site. Updates to the website automatically adjust the screens out in the shop. MultiQ is supplying monitors with touch-screen func- tions, media players and software for central administration, operation and monitoring.

"When we tested the information screens we saw that far more customers than expected were using them," says Magnus Söderberg, IT Manager at Clas Ohlson.

"So we're going on to test another fifty information screens during the first half of 2009."

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New strategy to guarantee the future

2008 was an excellent year. MultiQ has never before generated higher revenue, and the profit after taxation was MSEK 4.5 million. We also achieved our long-term objective of maintaining profita- bility while growing by around 40 per cent.

We have also introduced a new strategy and a new approach – MultiQ is not simply a company that sells monitors, but a solutions-oriented systems and service company in the field of monitor solutions such as Digital Signage.

Opportunities in the market

It looks as if the new strategy will be successful, and we are currently fine-tuning it so that we are in a strong position to face the years ahead. The market for Digital Signage is growing, which brings major opportunities for MultiQ. We are the market leader in Scandinavia, and we are striving to become even stronger in our home market – Sweden and Norway. The trend is also a healthy one in many other European countries, such as the UK and Germany, where the markets for Digital Signage are expanding rapidly. With our new Partner Program we look forward to expanding even further and establishing a long- term base in more countries. By combining Digital Signage with our established monitor solutions, the objective is to generate demand in market segments with major growth potential.

This is summarised nicely in our new vision:

To be the market leader in monitor solutions in Europe.

Clear success factor in the new strategy Our new strategy is an important success factor.

It is important to have your strategy and tactics clearly laid out before you in order to achieve success and profitability. It is about giving signals, both internally and externally, about where you are heading and what you want to achieve. Briefly, the new strategy means the following:

• Implement a new business model – an indirect sales model. MultiQ shall in future sell exclusively via partners. We will therefore be launching a Partner Program that provides added value in the form of, for example, commercial benefits, sales support and technical support. Good partners take on

the role of an extended sales organisation, which we believe is a precondition for being able to expand in Europe.

• Clearly define our range of monitor solutions for public environments. We will clearly define this and focus on this in both the way we work and in our communication. It is also about more clearly defining our target group and our markets. Our focus in future will be on large and medium-sized companies in the fields of retail, gaming and transport.

• Consolidate our position and invest in key markets – focus on becoming even better where we already are. This means concentrating our efforts on Scandinavia, where we are already the market leader, and on Germany and the UK, where we already have a presence.

We will then move on to other countries.

• Think solutions rather than product – we shall work more with standardised solutions and less with customised systems. This also

Letter from the CEO

strong position to face the years

ahead.

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means thinking system sales in a recurring cycle of operation, maintenance and updates.

• Invest in our employees – they are extremely important to the brand and the success of the brand, which means that this is the most important element of the strategy. With two company acquisitions during 2007, bringing with them different cultures and values, it is even more important to undertake internal work. This involves common work to create a shared vision of the values, and also individual work on development and training plans relating to every single employee.

A focus on quality

One precondition for achieving the vision is, of course, our products and solutions, which are world-class. We supply large, high-quality systems that can consist of thousands of units. This demands effective work on quality and improve- ment, and we work continuously to raise quality levels and to develop our products and solutions to keep us at the leading edge of the market.

This means that we are also well-equipped to face the future, and we have much to fall back on. At the same time these are uncertain times, and we are prepared for some restraint in the short term.

We are positive about the longer-term perspec- tive. We have never had greater opportunities or better conditions than those that await us in the next few years. Our long-term objective is there- fore an ambitious one - we shall achieve net revenue of MSEK 400 by 2012. This represents significant growth, but we will manage it. This is not a task for just a few people, but it depends on the initiative and commitment of all employees.

Having said that, I would therefore like to thank all employees for all of their excellent work during the year. It is thanks to you that we are where we are ahead of 2009. Better equipped than ever.

Anders Laurin, Chief Executive Officer

Letter from the CEO

• Since the beginning MultiQ has delivered more than 200,000 monitors.

• There are more than 1,000 MultiQ monitors at Amsterdam's Schiphol Airport.

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Greater focus on sales

with indirect business model

As one element of MultiQ's new strategy, sales in future will be channelled via partners. The intention is that the transition will be a gradual one, although there are ambitious aims to launch the new model quickly and efficiently. And there are many benefits for both the company and potential partners.

The aim of the Partner Program is to extend MultiQ's own sales organisation in order to be more effective in reaching more, and the right, customers, so that we can improve growth and profitability both for the partners and for MultiQ.

Together with the company's partners, the objective is to develop the business and market MultiQ's Digital Signage solutions and screens primarily towards the retail, transport and gaming sectors all over Europe. The focus is on large and medium-sized companies.

Important added value

The new programme gives partners more added value, for example in the form of commercial benefits, training, sales and marketing support, and sales support.

The programme is open to all companies that have or want to have a business partnership with MultiQ, and is available on two levels: Authorised and Preferred. The levels are based on a company's sales, with the higher level requiring greater commitment and providing more benefits.

Ambitious targets

The transition to sales via partners will be a gradual one. But even when the programme has been implemented in full, MultiQ's sales organisation will still have direct contact with customers, in areas such as support in selling processes and planning, as well as for support and service.

The targets for 2009 are ambitious, as are the demands for efficiency and speed in the process of change. The focus is on quantity with quality, which means that the company will work on a broad front to attract new partners.

Sales

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Market with major potential

MultiQ is a leading IT company in the field of monitor solutions such as Digital Signage. The company's prioritised markets are large and medium-sized companies, as well as organisations with activities in public environments, primarily in the retail, gaming and transport sectors.

The market for flat panel screens is divided into volume production aimed at consumers in a home environment and production for the professional market, which is where MultiQ operates. The market is well established and expects to see slight growth in 2009.

The market for Digital Signage

Digital Signage is a new market, which means that it is difficult to define – different companies use different definitions and descriptions. How- ever, the first European market survey was recently launched. The survey reveals that Digital Signage solutions generated revenues of around 127 million euros in 2007. Revenues are expected to rise to 297 million euros in 2012, an average growth rate of 19 per cent. The US market is the most advanced in the field of Digital Signage and is much more developed than the markets in both Europe and Asia. It is also the largest, and is estimated to constitute more than 40 per cent of the global market.

Market

Competitors

In the field of flat screens, MultiQ competes with both major volume manufacturers such as Elo Touch Systems, NEC, Samsung and LG, and manufacturers of checkout systems such as IBM and Wincor Nixdorf, which have their own screens integrated into their solutions. The market for Digital Signage is extremely fragmented, and most players in the market have fewer than ten employees and net revenue of less than MSEK 10. Competitors in the Nordic market include Mermaid, Mikrolund, Smartsign and Zeta Display. On the international market the strong competitors are primarily Cisco, Scala and Sony.

Many players have recently expanded their organisations in the area of Digital Signage, which should be seen as an indication of signifi- cant market potential.

0 50 100 150 200 250 300

2007 2008 2009 2010 2011 2012

127 178

208

270 297

239

Europe: Digital Signage Hardware Revenue Forecast 2007-2012

Source: Screendigest 2008

Hardware revenues in MEUR

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Powerful monitor solutions

lay the foundations for healthy growth.

MultiQ offers monitor solutions such as Digital Signage for companies and organisations with high demands in terms of function, relia- bility and design. With more than twenty years in the industry, the company has broad experience and extensive knowledge of the needs and conditions in demanding environments.

MultiQ was founded in 1988 and produced its first flat screen in 1993. The company is now the leading player in the customised monitor solutions segment. The market is mature, and as a leading player MultiQ is at the cutting edge of developments. Since the beginning the company has delivered more than 200,000 screens.

There are more than 1,000 MultiQ screens at Amsterdam's Schiphol Airport alone. The market for interactive applications with touch-screen functionality is expanding and is increasingly in demand. Here too MultiQ is driving developments.

Quality products create an advantage MultiQ offers robust monitors for public environ- ments with a focus primarily on the retail, trans- port and gaming sectors. These are demanding environments with tough expectations of opera-

tional reliability, functionality and dependability.

Demands that are met comfortably by MultiQs long experience and extensive expertise.

Monitor solutions are normally supplied in sizes from 12” to 52”, and the products are positioned as the quality alternative in the market. The screens are suitable for a number of different purposes and applications, and they can be installed in several different ways. All housed within a streamlined, elegant form that provides weight and stability.

Digital Signage – customer-oriented channel that reinforces the brand

Since starting up more than twenty years ago, MultiQ has taken a number of important steps along its journey from being a pure hardware supplier of flat screens to a systems and service company in which sales are channelled via partners.

Following two strategic acquisitions in 2007, MultiQ is now the leading player in Scandinavia in Digital Signage, i.e. the distribution of marketing and information messages to one or more screens. The aim is to continue to expand in the domestic markets of Sweden and Norway,

Monitor Solutions

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Digital Signage in Europe.

Direct contact with the consumer

Digital Signage makes it possible for marketers to communicate efficiently with their target group at the point of sale in the shop where most con- sumers make their decisions. Surveys show, for example, that about 70 per cent of all purchasing decisions are made in the shop. This is a market that is expected to expand significantly over the next few years, as advertising and information via monitors move into the retail environment.

For brand owners, there is tremendous value in being able to build up their brands so close to the customers. For retailers, the benefits include having control over the message, a short production time, ease of use and increased sales. As enticing, attractive experiences are created, the price of a product becomes less important than other, more positive values and qualities.

Product range with tremendous potential MultiQ offers turnkey Digital Signage solutions with interactive screens, software for control and scheduling, media players for playing various

Monitor Solutions

"MultiQ's systems are state of the art"

When Svenska Spel took the first steps three years ago in the digital communica- tion of information, the main reason was to guarantee an attractive gaming environment.

MultiQ was the obvious partner.

MultiQ's solution allows the company to provide the gaming agent with a large amount of information that is visualised in the shop and is available to customers. The information is updated in real time - every second, films are shown on the screens and changed continuously - some daily, others every quar- ter. There is also a facility for interactivity, and the gaming agent's customers can browse through gaming information and alternatives.

"MultiQ's systems are state of the art, and the company has proved to be the commercial B2B partner we need," says Mattias Johansson, Administration Manager, Svenska Spel.

Digital Signage (also known as Narrowcasting, Alternative Out of Home media, In Store TV and Dynamic Digital Signage or dynamic customer communication) means the distribution of mar- keting and information messages to one or more screens.

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Monitor Solutions

messages and accessories.

The platform is flexible and can handle several kinds of distribution and a varied content format.

The systems are open and can be included into a multi-channel strategy based on an existing Internet strategy. Administration takes place simply via a web-based user interface. The systems have a very high level of security.

High demands for knowledge

Consumers are becoming more and more used to interacting with technology, locating informa- tion independently and have increasingly high demands for relevant, interesting messages.

Experience of customer communication is an important element of the training programme that MultiQ offers its partners via the MultiQ Academy.

The indirect business model, with sales via partners, means that MultiQ delivers systems to the partner who, if required, adapts the systems in turn according to their customer's unique requirements. The partner thus has access to flexible systems that can be adapted to existing solutions.

5,500 screens to the UK's biggest chain of mini-markets

Martin McColl is one of the UK's biggest chains of mini-markets, with more than 900 shops. Thanks to MultiQ's screens, the shopping process has been made easier for both customers and employees. The 5,500 screens installed in the shops are arranged in pairs with a touch-screen panel facing the cashier and a regular screen facing the customer. This allows the company to communicate more effectively with customers and promotes extra sales.

"Our shops have massive customer flows

every day. For us it's necessary to choose

the best screens that meet our demands

for robustness and reliability, combined with

smart design. MultiQ was the only supplier

who could offer all of this," says Neil Hodge,

IT Director, Martin McColl.

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Monitor Solutions

To provide the best possible support to our partners, we can also help them if required in their sales processes. Thanks to its partnership solutions, MultiQ can focus on continuing to develop and drive the markets for Digital Signage, while at the same time the end customer's need for flexibility is satisfied.

Strong benefits of MultiQ monitors Robustness – metal chassis and protective glass for solid solutions

Customisation – colour, logotype and customised solutions allow maximum flexibility Total cost – low failure rate and long useful life mean a low total cost

Support and service – flexible organisation, web-based support system and customised guarantees

Future-proof – timeless design that will last even if the electronics are further devel- oped and performance increases

MultiQ's solution in 900 chemists The Apoteket chain of chemists issued an invitation to tender for monitors in 1998.

The tender involved 115 criteria, with the emphasis on areas such as the environment and ergonomics. Of eleven suppliers, MultiQ best met the requirements, and one year later the rollout started.

In 2006 a new tender process came along, and here too MultiQ was chosen.

A low total cost and long useful life were two of the reasons. Now a total of 900 chemists have screens from MultiQ.

"MultiQ came first in our evaluation in 1998,

and won our vote again in 2006. For us

it's important that the solutions are future-

proof, that we can retain the same design for

several years as we add on or expand," says

Bert-Inge Lundh, Infrastructure Manager at

Apoteket AB.

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Secure, stable production provides scope for speedy deliveries

Ten years ago MultiQ transferred all production to Asia for reasons of cost and quality. For the past couple of years the company has been working with three different subcontractors, and this forms the basis of secure, stable production. The company can also offer rapid deliveries thanks to the fact that some stocks of components are held by suppliers in Asia.

MultiQ has one subcontractor in Taiwan that usually accounts for a large proportion of all pro- duction. There are another two manufacturers outside Shanghai in China. This production setup provides a good spread of risk and the opportu- nity to be flexible. Taiwan has a infrastructure and good logistics for rapid deliveries, while China allows for the manufacturing of large volumes at low prices. The business partnership in Taiwan also includes a buffer stock of all of MultiQ's unique components, which allows the company to reduce delivery times for smaller orders.

Control over the whole chain

MultiQ has insight into the whole production chain. In many cases the company has contracts with the manufacturer's supplier so that it can

Production

negotiate on price and quality for strategically important components. This is crucial in order to maintain a competitive price level. To achieve insight into the production chain from suppliers of mechanical and electronic components for assembly and transport, MultiQ maintains close collaboration with all important suppliers and sub- contractors. Just as in its relations with partners, MultiQ strives to maintain long-term partnerships with subcontractors and manufacturers.

High quality and smart design with MultiQ's solutions

The Peek & Cloppenburg shopping mall in Düsseldorf, Germany, has installed 56 high- quality screens from MultiQ across its floor space covering more than 8,000 square metres.

The monitor solutions allow for smarter ad- ministration and more effective communica- tion with customers.

The monitor solutions from MultiQ in their shining silvery design fit in well with Peek &

Cloppenburg's modern, trendy atmosphere,

and reinforce the impression of quality.

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A long-term approach and loyalty - important guiding principles

After Sales

Work in the after-sales market is crucial. Work- ing and thinking in a long-term perspective in rela- tions with customers and partners is and always has been a definite success factor for MultiQ.

The result is loyal, satisfied customers and part- nerships that have already lasted several years.

MultiQ's after-sales solutions include such fea- tures as warranty service, repairs, spare parts service and telephone support. The company's after-sales department has been working for many years to improve what it has to offer in terms of service and support. The company has also invested major resources in building up an efficient logistical system for spare parts.

This, combined with powerful initiatives to improve product quality, has led to a reduction in warranty costs despite a significant rise in the number of systems installed. The result is clear - by means of proactive measures and using efficient tools, considerable cost savings can be made. MultiQ therefore continues to place great emphasis on additional improvements.

Close to service

MultiQ strives to offer a high level of service close to customers. For this reason the company has

developed an effective web-based system with service partners in our most important markets.

The network of service partners is extended as MultiQ achieves volumes in a country.

For the customer, the system means prompt, lo- cal service while at the same time MultiQ has full control over the chain. Everything is logged in the system, which provides MultiQ with good, valuable feedback on the products.

Attractive additional services

MultiQ offers several additional services. The facility to take out an extended warranty and thus achieve cost control over the product's useful life is one example of a service to which many customers subscribe. A normal warranty period covers three years, while the extended one can cover a total of five years.

The programmes set up to maintain technical competence in the service centres run by the company, combined with planned spare parts supplies, also contribute towards extending the useful life of both product and service.

The SwapIT service, which means that the customer

receives a new product at the same time as a

defective one is returned, also guarantees a mini-

mum of operational disruption for the customer.

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An increased focus on the company's most important resource - its employees

Employees are the core of the company and its major asset – without committed, motivated and competent employees MultiQ will never achieve the ambitious targets and expectations that it has set itself. MultiQ's new strategy therefore places the focus on employees. The ambition is to be an attractive workplace both now and in the future.

MultiQ's workforce has grown during the year by around 31 per cent, from 32 to 42 employees, of which 74 per cent are male. The company's Marketing Department has been reinforced, and the Development Department also expanded during the year.

The company has also reinforced the organisation on the sales side with employees outside Sweden. Growth has been organic.

Culture in the spotlight

In 2007 MultiQ acquired two companies, Malmö- based Bokks AB and Stockholm-based Apara Digital Signage AB. With three different corpo- rate cultures coming together under one roof, the aim is to draw up common values and a common company platform. With a shared view

and understanding of the company's culture and value base, it is easier for everyone to strive to achieve the same targets.

Three important employee targets MultiQ has three targets for its employees:

• MultiQ shall have the most highly motivated employees in the industry and build the best team.

• The satisfied employee index shall be at least 90 per cent.

• MultiQ shall be perceived to be an attractive workplace.

The employee targets are guiding principles in our work and serve as milestones. Every year the company conducts an employee survey to measure how well it is performing against the targets. The questionnaires produce an employee index, which says in black and white how well our HR policy is performing.

Spotlight on the individual

Employee questionnaires give an indication of the HR policy's effectiveness and provide guidelines for the process of change. These are supplemented by personal appraisal discussions

Employees

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the person wishes to develop. Each employee has his or her own personal development plan with specific objectives. Another important ele- ment of this is skills development. Stimulating greater learning with training courses is an im- portant success factor for both the company and the individual.

Ergonomic working environment

It speaks for itself that people who are healthy do a better job. This is why MultiQ also invests resources in the physical working environment.

In 2008 each employee had a meeting with an ergonomist to review the workplace. Action was then taken to meet needs for factors such as flexibility and ergonomics. The aim is an effective working environment in an open, positive climate with a low level of stress. Absence though illness was very low during the year at 1.27 per cent.

Opportunities with diversity

Equal opportunity and diversity are key concepts for MultiQ, under the motto of the right person in the right place. The company is actively looking for people from different backgrounds, different cultures and countries, both male and female.

The reason behind this is clear - it creates a dynamic organisation and increases skills. Not least in linguistic matters, the company's diver- sity has been positive.

Employees in figures

• MultiQ's workforce grew by 31% during the year

• 74% are male

• Sick leave: 1.27%

• Number of employees at end of year: 42

• Average number of employees during the year: 37

• Average age of employees: 40.4

• Average number of years worked for the company: 4 years

• Of all employees, 30 were university graduates (6 economists, 5 engineers, 19 with other degrees)

Employees

R&D Operations Marketing Sales Finance

CEO

MultiQ's organisation

The organisation reflects our competence in various areas. Our five departments are Research &

Development, Operations, Marketing, Sales and Finance. The CEO has the ultimate responsibility.

Most employees are based at the head office in

Malmö. There are sales offices in Norway, Ger-

many and the UK.

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The MultiQ Share

Share price and trading

MultiQ's share has been listed at NASDAQ OMX Nordic in the Small Cap category (formerly the Stockholm Stock Exchange's O-list) since 7 December 1999.

Before that the share had been listed on the Stockholm Börsinformation (SBI) list since spring 1997.

21.5 million shares were traded in 2008. The highest price in 2008 was SEK 4.45 and the lowest 1.00. At the end of the year the price was SEK 1.10, and MultiQ's market value was MSEK 29.4.

With a view to promoting the liquidity of the MultiQ share, in 2008 the Board took the decision to conclude an agreement with Öhman Fondkommission within the framework of the Stockholm Stock Exchange's liquidity guarantee system. The agreement essentially meant that Öhman Fondkommission issued buying and selling prices for the MultiQ share and undertook to buy and sell shares at these prices on its own behalf. This agreement expired as of 31-12-2008.

Share capital

As of 31-12-2008 the share capital in MultiQ totalled SEK 26,712,218, divided into 26,712,218 shares with a quota value of SEK 1. The shares provide equal entitlement to vote and to an equal share of the company’s assets and profit. Anyone entitled to vote may vote at the AGM for the full number of shares owned and/or represented by him/her.

Company ownership

The number of shareholders as of 27-02-2009 was 3,140, compared with 3,080 as of 29-02-2008. Foreign owners accounted for 32 per cent of the ownership of MultiQ. Ownership by private individuals accounted for 48 per cent, and the proportion of nominee-registered shares was 87 per cent. The ten biggest shareholders controlled 48 per cent of the capital and votes.

Since the company was founded in 1992 the share capital has grown as follows:

Type of Number of Total no. of Increase in share Share

year change new shares new shares capital SEK capital SEK

1992 Company founded 500 500 50,000 50,000

1995 New share issue 85 585 8,500 58,500

1996 New share issue 85 670 8,500 67,000

1996 New share issue 83 753 8,300 75,300

1996 New share issue 82 835 8,200 83,500

1996 Bonus issue 19,165 20,000 1,916,500 2,000,000

1996 Share split 100:1 1,980,000 2,000,000 0 2,000,000

1997 New share issue 1,500,000 3,500,000 1,500,000 3,500,000

1998 New share issue 1,750,000 5,250,000 1,750,000 5,250,000

1999 New share issue 5,250,000 10,500,000 5,250,000 10,500,000

2000 New share issue 609,153 11,109,153 609,153 11,109,153

2001 New share issue 11,109,153 22,218,306 11,109,153 22,218,306

2004 New share issue 2,416,195 24,634,501 2,416,195 24,634,501

2007 New share issue 2,077,717 26,712,218 2,077,717 26,712,218

The MultiQ share

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The MultiQ Share

According to details provided by Euroclear Sweden AB as of 27-02-2009, the major shareholders in MultiQ were as follows:

Shareholders No. of shares Capital/

votes, %

Clearstream Banking S.A.* 3,972,515 14.87

Baazius Holding AB 2,162,000 8.09

JP Morgan Bank 1,931,000 7.22

Mikael Lönn 1,700,000 6.36

Royal Skandia Life 741,000 2.77

KB Longius 600,000 2.25

Nordnet Pensionsförsäkring AB 541,321 2.03 Dexia Bil Customer Account 454,500 1.70

Gunnar Björup 423,905 1.59

Danica Pension 305,000 1.14

Other shareholders 13,880,977 51.98

TOTAL 26,712,218 100.0

* Shares held in trust

Source: SIX

0 500 1000 1500 2000 2500

Number of shares traded in '000 (incl. post-registered)

Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 0,0 Jan

0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5

SIX Generalindex MultiQ

2008 2009 ©

The performance of the MultiQ share during 2008

As of 27-02-2009 the breakdown of the shares in terms of the size of holding and the number of shareholders was as follows:

Shares/ No. of No. of

shareholders shareholders shares %

1-1,000 1,840 825,111 3.09

1,001-2,000 505 934,635 3.50

2,001-10,000 574 3,069,254 11.49

10,001-50,000 167 3,906,418 14.62

50,001-100,000 24 1,833,153 6.86

100,001- 30 16,143,647 60.44

TOTAL 3,140 26,712,218 100.0

Dividend

The Board proposes that no dividend be paid for the financial year 2008.

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2008 2007 2006 2005 2004

InCOME STATEMEnTS

Net revenue 146,467 105,715 87,457 82,369 133,869

Other operating income 7,027 7,093 15,146 4,622 4,459

Operating expenses -148,362 -112,417 -99,338 -87,031 -130,855

Operating profit (loss) 5,132 391 3,265 -40 7,473

Financial items 119 46 -33 -76 -670

Profit (loss) after financial items 5,251 437 3,232 -116 6,803

Tax -769 2,304 -262 1,347 640

Profit for the year 4,482 2,741 2,970 1,231 7,443

BAlAnCE SHEETS

Intangible non-current assets 24,725 39,199 10,142 10,233 10,481

Tangible non-current assets 3,284 3,302 2,589 1,992 1463

Financial non-current assets 5,580 6,198 2,800 3,101 1,383

Inventories 27,861 19,636 15,147 17,715 15,295

Trade and other receivables 27,911 33,470 15,999 18,598 33,425

Current receivables 3,997 940 2,908 1,190 1,373

Cash and bank balances 11,634 10,775 12,108 13,651 17,026

Total assets 104,992 113,520 61,693 66,480 80,446

Equity 55,864 51,522 38,890 36,521 34,654

Interest-bearing liabilities 8,140 8,588 1,423 9,644 19,384

Trade and other payables 20,308 16,226 10,615 14,029 18,401

Non interest-bearing liabilities and provisions 20,680 37,184 10,765 6,286 8,007

Total equity and liabilities 104,992 113,520 61,693 66,480 80,446

Five-year summary

Amounts in SEK '000 Five-year summary

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2008 2007 2006 2005 2004

KEy RATIOS

Gross margin (%) 37.4 31.7 31.0 38.6 30.1

Operating margin (%) 3.5 0.4 3.7 neg. 5.6

Profit margin (%) 3.6 0.4 3.7 neg. 5.1

Return on equity (%) 8.3 6.1 7.9 3.5 29.1

Return on working capital (%) 11.2 1.5 8.2 0.8 19.7

Equity ratio (%) 53.2 45.4 63.0 54.9 43.1

Debt/equity ratio (multiple) 0.2 0.1 0.0 0.3 0.6

Share of risk-bearing capital (%) 55.6 47.4 63.0 54.9 43.1

Interest coverage ratio (multiple) 4.1 2.4 10.9 0.8 5.2

Equity 55,864 51,522 38,890 36,521 34,654

Working capital 63,982 60,110 40,313 46,165 54,038

Adjusted gross profit 54,771 33,498 27,111 31,785 40,346

Operating cash flow 4,346 -5,507 8,456 6,607 -5,243

Net investments 1,085 1,545 1,343 1,067 1,330

Average number of employees 37 29 22 22 22

Revenue per employee 3,959 3,645 3,975 3,744 6,085

KEy RATIOS PER SHARE

Number of shares 26,712,218 26,712,218 24,634,501 24,634,501 24,634,501 Average number of shares 26,712,218 25,573,241 24,634,501 24,634,501 23,509,945

Earnings per share 0.17 0.10 0.12 0.05 0.32

Diluted earnings per share 1) 0.16 0.10 0.12 0.05 0.32

Equity per share 2.09 1.93 1.58 1.48 1.41

Diluted equity per share 1) 1.97 1.93 1.58 1.48 1.41

Net asset value per share 1.97 1.93 1.58 1.48 1.41

Diluted net asset value per share 1) 1.97 1.93 1.58 1.48 1.41

Dividend per share - - - - -

Cash flow per share 0.03 -0.06 0.36 0 0.26

Share price at end of year 1.10 3.00 3.37 5.35 4.70

1) The effect of dilution is only taken into account in cases where it causes the earnings per share to be worse.

See note 1 for definitions.

Five-year summary

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Administration Report

The Board of Directors and the CEO of MultiQ International AB (publ), corp. ID no. 556458-6948, hereby submit the annual accounts and the consolidated accounts for the financial year 2008. The company comprises the parent company of the wholly owned sub- sidiaries MultiQ Products AB, corp. ID no. 556339-8634, MultiQ Technologies AB, corp. ID no. 556444-0203, Ergonomic Office Systems Svenska AB, corp. ID no.

556425-2988, MultiQ Media Solutions AB, corp. ID no.

556623-2137 and Apara Digital Signage AB, corp. ID no.

556700-8452.

These annual accounts and consolidated accounts were approved by the Board of Directors and the CEO for publi- cation on 31 March 2009, and they will be submitted for the approval of the Annual General Meeting on 6 May 2009.

Business activities

MultiQ International AB is a public limited liability company with its registered office in Malmö, Sweden. The visiting address of the head office is Industrigatan 14, 212 14 Malmö.

MultiQ also has business activities in Norway, Germany and the UK. The structure of the Group is described in note 21. MultiQ develops and markets complete, customised monitor solutions, including Digital Signage and stand alone monitors, e.g. for POS (Point of Sales) systems. The target group is medium-sized and large companies and organisations with high demands in terms of function, reliability and design. MultiQ is listed on NASDAQ OMX Nordic in the Small Cap category.

Important events during the year

The company's business, which involves offering monitor solutions for public environments, has proven to be successful. Sales of Digital Signage products have risen significantly, while traditional monitor solutions with no software have seen a lower rate of growth.

During the year Svenska Spel continued to perform well and is now one of the biggest customers. MultiQ delivers a complex Digital Signage solution to Svenska Spel's agents, which means that the so-called "Wall news- papers" are now digital touchscreens that are updated on an ongoing basis over a thousand times a day via the Internet. The system supplies the agent's customers with correctly updated information, providing more help with their decisions. MultiQ has continued to deliver the digital gaming information of the future to Svenska Spel. All in all, during the year Svenska Spel placed orders to a value of about MSEK 27 for delivery during the year. About 15%

of gaming agents have converted to the new, digitalised gaming information.

MultiQ's international markets have performed well, with two major orders in particular during the year. At the be- ginning of the year one of the UK's biggest retail chains chose MultiQ as a supplier. The value of the order was about MSEK 22. During the spring MultiQ won its biggest ever international order to a value of MSEK 45. Deliver- ies started during the year, and MultiQ will continue to deliver in 2009 and 2010. This transaction sees MultiQ reinforcing its position as the leading player in the field of customised monitor solutions in Europe.

On 7 July the market was informed in a press release that a global player in the retail sector had placed an order worth about MSEK 4 with MultiQ for its shops in North America. This customer has chosen to cancel the order.

Negotiations are under way and MultiQ believes that if this is confirmed the company will receive compensation. The order is included in the recorded order stock.

Anders Laurin took over as CEO on 14 July after Thomas Keifer decided to leave the company to pursue other interests. Anders Laurin joined the company from a position as Executive Vice President at Axis Communications AB, where he played a key role in Axis's steady growth to become a global market leader in the field of network video solutions.

In the autumn MultiQ concluded an agreement with ATG, a transaction worth around MSEK 2. With the aid of MultiQ, ATG will start to distribute gaming information via digital and interactive screens to agents all over Sweden. The screens are expected to be operational with ATG's agents in early 2009. The agreement means that MultiQ will be digitalising information and developing the software that enables gaming information to be distributed from ATG to almost 400 gaming agents all over the country.

In December 2008 MultiQ won an order, through its business partner IBM, to a value of MSEK 2.5 for a delivery to one of the biggest chains of department stores in Germany. The order consists of specially adapted 12-inch screens that will mainly be delivered in 2009.

Important events since the end of the year Svenska Spel has placed an extended order worth approx.

MSEK 11 for delivery during the first half of 2009.

The final purchase price in respect of the acquisition of Apara Digital Signage AB was paid in March 2009.

Administration Report

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Revenue, profit and order stock

For the full year 2008 the company generated revenue of MSEK 146.5 (MSEK 105.7), and the profit after taxation was MSEK 4.5 (MSEK 2.7). Revenue increased by 39% compared with the previous year.

Order input during the year totalled MSEK 167 (MSEK 118), corresponding to an increase of 42% compared with the previous year. The continued, healthy order input level is the result of, among other things, a clearly defined partnership strategy, a focus on new customers in existing market segments and existing customers' continued faith in MultiQ's products and services.

At the end of the year order stock totalled MSEK 65.9 (MSEK 38.5), corresponding to an increase of 71% compared with the previous year and a drop of 19% compared with the end of September 2008.

Research & Development

The total cost of research & development was MSEK 8.1 during the year, an increase of MSEK 3.4 compared with the previous year. This corresponds to 5.5% (4.4%) of the company’s revenue. Costs of development work during the year were capitalised to the order of MSEK 1.1 (MSEK 0).

The capitalisation principle is described in more detail in note 1 to the accounts.

Product development is to some extent customer-financed.

In 2008 there was a continued initiative to develop software and hardware for monitor solutions such as Digital Signage.

The company has an old patent that is being discontinued.

Employees

At the end of 2008 MultiQ had 42 employees, compared with 32 at the end of 2008. Most of this increase took place in the areas of sales and marketing, as well as research and development. 39 of the employees work in Sweden, 3 in other countries.

Financial position, investments and cash flow As of 13 December 2008 the Group had a total of MSEK 15.9 (MSEK 13.3) in cash and cash equivalents and unutilised credit facilities, of which MSEK 11.6 (MSEK 10.8) related to cash and cash equivalents. The equity/assets ratio was 53.2% (45.4%).

Investments in non-current assets during the period totalled MSEK 2.1 (MSEK 1.8). During the period the Group generated cash flow from operating activities of MSEK 4.3 (MSEK -5.5), and the total cash flow was MSEK 0.9 (MSEK -1.4).

Sensitivity analysis and risk management

A number of factors outside MultiQ’s control can influence its profit and financial position. The company's Board of Directors and management work actively to minimise these risks. Risks in the area of law are handled by the company's specialists in collaboration with external solicitors and experts. The description of risk factors that follows does not claim to be exhaustive, and nor are the risks ranked in order of significance.

For more detailed information about risks relating to financial instruments, please refer to note 32.

Market risk

MultiQ's sales are concentrated on larger companies and organisations with strict demands for quality and customised monitor solutions. The customers are based in a number of markets in Europe. In the light of this, the general price profile in the monitor industry has been bal- anced and the market risk minimised. During 2008 MultiQ continued to expand its range in the area of monitor solu- tions, primarily in the field of Digital Signage, which re- duces dependence on free-standing monitors somewhat.

Customers

MultiQ sells to a large number of partners and end cus- tomers. In 2008 MultiQ made sales to 261 partners and end customers. Most are internationally established com- panies such as Torex, Bauhaus, IKEA, H&M and Harrods.

During the year Svenska Spel grew to become one of the company's major customers. Of all partners and end customers, the ten biggest account for 73% of revenue.

During the year the list of partners and customers was supplemented by some new, important companies, includ- ing IBM, Stadium, Telenor and ATG.

Credit risks

The Board of Directors has defined various limits and which risks are permitted in MultiQ's finance policy.

Administration Report

(SEK '000) 2008 2007 2006 2005 2004

Net revenue 146,467 105,715 87,457 82,369 133,869

Profit (loss) after financial items 5,251 437 3,232 -116 6,803

Profit for the year 4,482 2,741 2,970 1,231 7,443

Balance sheet total 104,992 113,520 61,693 66,480 80,446

Equity ratio (%) 53.2 45.4 63.0 54.9 43.1

Return on working capital (%) 11.2 1.5 8.2 0.8 19.7

Average number of employees 37 29 22 22 22

See note 1 for definitions.

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The purpose of risk management is to identify, quantify and reduce or eliminate risks. The finance policy defines a framework for how to manage financial risks, and the main aim is to strive to achieve a low risk profile.

Competitors

Through the strategic acquisitions made during 2007, MultiQ has significantly broadened the range of products it offers existing and new customers to include not only customised monitors, but also solutions and services in the field of Digital Signage. In the area of activity that relates directly to free-standing monitors, competition continues to consist primarily of mass-produced substitute products, which do not constitute a direct threat as there is little ability to customise mass-produced monitors.

In the field of monitor solutions such as Digital Signage there are a number of direct competitors, represented by both global companies and small, local, newly-established companies. MultiQ's strengths include the totality of what it has to offer, which includes services, software and monitor solutions, as well as the company's extensive experience from the monitor market.

Research & Development

MultiQ's product development takes place on the basis of the market's needs, as well as in consultation with our customers. We are a leading supplier of Digital Signage systems, and we strive to be at the leading edge of research and development. Our solutions are developed primarily for the European market, which minimises the risk of misplaced investments as well as the cost of research and development. The development of electronics and control systems takes place in close collaboration with contract manufacturers in Asia.

Production

To avoid any trademark infringement and to avoid any problems in changing contract manufacturers, MultiQ owns all of the tools used at the manufacturer and its subcontractors. Opportunities to spread risk are assessed continuously via production with other competent sub- contractors. There are three alternative production units, and the company is continuously investigating the possibility of adding more or replacing existing contract manufacturers. This creates a good spread of risk as regards manufacturing as well as better opportunities for negotiation on price.

Employees

Within MultiQ and its network of partners and subcontrac- tors there are a number of key people who are important for the business. Employee risks consist of the situation that one or more key people might leave the Group or that partnerships that have been established might be discontinued. A number of new key employees were added in connection with the acquisitions completed in

2007. The acquisition agreements that were concluded include competition clauses for these employees to minimise the risk as far as possible that they, should they decided to leave MultiQ, will start up a business in direct competition. In order to create as much involvement as possible, all employees are included in some form of commission or bonus system.

Capital requirements

MultiQ is currently financed through its own funds and bank overdraft facilities. The business is expected to continue to generate positive cash flows. At present no capital contribution is required. The turbulence in the financial markets does mean, however, that the situation may change quickly.

Currency

Purchases are made primarily in USD, while sales are in SEK, USD, NOK, GBP and EUR.

To minimise the currency risk, the outstanding net flows are hedged in each foreign currency, as are all major customer projects, where this is possible.

MultiQ's finance policy states that all hedging of currency shall be of a non-speculative nature.

Patent protection

The Board of Directors and management believe that existing trademark protection, registered domain names and patent protection are adequate.

Shares and ownership

The parent company has 26,712,218 shares in total. All shares are of the same class and carry the same rights in the company. There is no restriction on the transferr- ability of the shares because of any provision in law or the articles of association. Nor are there any restrictions in the question of how many votes each shareholder may cast at a shareholders' general meeting or any provisions in the articles of association on the appointment and dismissal of Board members or on any change to the articles of association.

The company is not aware of any shareholder with a hold- ing that represents at least one tenth of the shares in the company. Nor is the company aware of any shareholder agreement between shareholders in the company.

The Annual General Meeting issued a mandate to the Board of Directors on 6 May 2008 involving the facility, under certain circumstances, to issue a maximum of 3,000,000 shares with no preferential rights for shareholders.

MultiQ is not a party to any significant agreements that take effect or are amended or cease to be valid if control over the company is changed as a consequence of a public takeover bid. Nor does the company have any agreements with Board members or employees that Directors' Report

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25

prescribe compensation if they hand in their notice, are

dismissed without reasonable cause or if their employ- ment is terminated as a consequence of a public takeover bid in respect of shares in the company.

In connection with the acquisition of Bokks AB in May 2007 MultiQ reached an agreement with certain sellers that they shall not be entitled to sell the MultiQ shares they received as the purchase price before the end of May 2008. After May 2008 these sellers are entitled to sell a maximum of 25% of the shares there received through the purchase price, while the remaining 75% of the shares may not be sold until after the end of May 2009. In total around 500,000 of the 1,700,000 MultiQ shares paid as the purchase price are affected by the transfer restrictions described above.

All of the shares mentioned above are subject to certain agreed exceptions to the transfer restriction, including – as regards the shares issued to the sellers of Bokks AB – an entitlement to sell the shares in connection with a public takeover bid in respect of the shares in MultiQ.

At the end of the financial year MultiQ had 3,034 share- holders. At the end of the financial year the five biggest shareholders accounted for 42.94 per cent of both voting rights and capital.

Capital/

Shareholders No. of shares votes (%) Clearstream Banking S.A.* 5,602,515 20.97

Baazius Holding AB 2,162,000 8.09

Mikael Lönn 1,700,000 6.36

Dexia Bil Customer Account 1,268,000 4.75

Royal Skandia Life 741,000 2.77

Other shareholders 15,238,703 57.06

Total 26,712,218 100.0

* Shares held in trust

The Board of Directors proposal on guidelines for remuneration to senior executives

The Board proposes that the AGM decide on the following guidelines for remuneration to senior executives. The guidelines correspond with the principles applied in 2008.

Senior executives comprise the CEO and other members of the Management Team. The guidelines shall apply for em- ployment contracts concluded after the AGM's decision on guidelines and in the event that changes are made to the existing terms and conditions after the AGM's decision.

MultiQ shall offer a total compensation package that is competitive for its market, in which areas of responsibility and performance, as well as the company's overall results, shall be taken into consideration. Remuneration to senior executives shall consist of basic salary, possible flexible remuneration, pension and other benefits. It shall also be possible to introduce share-based incentives, e.g. share warrants, on which a decision shall be made by the AGM

and details of the costs to the company shall be provided in the information on which the decision is based.

Flexible remuneration shall be based on results in relation to defined, measurable targets. Flexible remuneration shall amount to no more than 75% of the basic salary.

Pension benefits may be defined contribution or defined benefit or a combination of the two. The standard retire- ment age shall be 65. The pension contribution for the CEO shall amount to no more than 25% of the basic salary. Pension contributions for other senior executives shall be paid according to the ITP Plan. The salary on which the pension is based shall be the basic salary.

In the event of dismissal by the company, the period of notice shall as a rule be 12 months. The period of notice between the company and other senior executives is three months. No severance payment should be made.

Senior executives may also be provided with the usual benefits in general, such as a company car, company healthcare scheme, etc.

The CEO's remuneration shall be reviewed and decided upon by the Board. Remuneration for other senior executives shall be reviewed by the CEO, who shall present a proposal to the Board for approval. The Board is entitled to deviate from the above guidelines if the Board considers that there are special reasons in an individual case to justify this.

Prospects for the future

With the company's extensive experience in the monitor market and the two companies acquired in 2007, Bokks AB and Apara Digital Signage AB, which specialise in Digital Signage, is MultiQ well placed for the years ahead.

The successes enjoyed this year have seen the company assume a clear position in the field of Digital Signage.

The company is continuing its investment in an indirect business model aimed at partners taking care of sales.

The company will also continue to further develop monitor solutions so that the products lead the way in develop- ments. MultiQ has a position of market leader in monitor solutions, primarily in the Nordic region, and in the field of customised screens in Europe. This represents a good foundation for continued growth and good profitability.

Proposed appropriation of profit in parent company The following funds are at the disposal of the AGM:

Premium fund: 7,106,928.00

Retained earnings: 4,200,312.26

Loss for the year -646,080.45

10,661,159.81 The Board of Directors and the CEO propose that the earnings be disposed of as follows:

Carried forward to the new accounts: 10,661,159.81

Directors' Report

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Income statements

Amounts in SEK '000

COnSOlIDATED 2008 2007

Net revenue Note 3 146,467 105,715

Cost of products and services sold -91,696 -72,217

Production and purchasing expenses -9,175 -7,287

Gross profit 45,596 26,211

Selling and marketing expenses Note 32 -25,822 -19,610

Administrative expenses Note 10 -6,956 -5,566

Research and development expenses -8,058 -4,639

Other operating income Note 4 7,027 7,093

Other operating expenses Note 4 -6,655 -3,098

Operating profit Notes 5,8,9,11,16 5,132 391

Financial income Note 13 1,824 357

Financial expenses Note 14 -1,705 -311

Profit after financial items 5,251 437

Tax on profit for the year Note 15 -769 2,304

Profit for the year Note 23 4,482 2,741

Attributable to parent company's shareholders 4,482 2,741

Profit per share, SEK Note 23 0,17 0,10

Diluted earnings per share, SEK 1) 0,16 0,10

1) The effect of dilution is only taken into account in cases where it causes

the earnings per share to be worse.

PAREnT COMPAny 2008 2007

Net revenue Notes 2, 3 2,793 2,033

Gross profit 2,793 2,033

Selling expenses -4,923 -2,746

Administrative expenses Note 10 -2,660 -1,738

Operating profit (loss) Note 5,8,9,11,16 -4,790 -2,451

Profit from shares in Group companies Note 12 4,144 3,000

Profit (loss) after financial items -646 549

Tax on profit (loss) for the year Note 15 - 3,513

Profit (loss) for the year Note 23 -646 4,062

Profit (loss) per share, SEK Note 23 -0.02 0.15

Diluted earnings per share, SEK 1) -0.02 0.15

1) The effect of dilution is only taken into account in cases where it causes the earnings per share to be worse.

Income statements

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Balance sheets

Amounts in SEK '000

COnSOlIDATED 31-12-08 31-12-07

ASSETS

non-current assets

Intangible non-current assets

Capitalised development expenditure Note 17 1,777 1,097

Other intangible assets Note 18 4,074 5,114

Goodwill Note 19 18,874 32,988

Tangible non-current assets

Equipment and tools Note 20 3,284 3,302

Financial non-current assets

Deferred tax asset 5,580 6,198

TOTAl nOn-CURREnT ASSETS 33,589 48,699

Current assets

Inventories

Raw materials and consumables 4,797 6,048

Finished goods 23,064 13,588

TOTAl InVEnTORIES 27,861 19,636

Current receivables

Trade and other receivables 27,911 33,470

Tax assets 60 15

Other receivables 2,757 155

Prepaid expenses and accrued income Note 22 1,180 770

TOTAl CURREnT RECEIVABlES 31,908 34,410

Cash and cash equivalents 11,634 10,775

TOTAl CURREnT ASSETS 71,403 64,821

TOTAl ASSETS 104,992 113,520

Balance sheets

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GROUP 31-12-08 31-12-07

EQUITy AnD lIABIlITIES

Equity Note 24

Equity attributable to the parent company's

shareholders

Share capital 26,712 26,712

Other capital contributed 161,393 161,203

Reserves 1,327 1,657

Accumulated loss -138,050 -140,791

Profit for the year 4,482 2,741

TOTAl EQUITy 55,864 51,522

long-term liabilities

Non-interest-bearing liabilities

Provisions for warranties 1,817 1,053

Other long-term liabilities Note 25 - 16,600

Deferred tax liability 2,475 2,323

Current liabilities

Interest-bearing liabilities

Bank overdraft facility Note 26 4,847 2,860

Factoring liability 3,293 5,728

Non-interest-bearing liabilities

Trade and other payables 20,308 16,226

Other liabilities 8,924 4,685

Accrued expenses and prepaid income Note 27 6,555 11,997

Provisions 909 526

TOTAl lIABIlITIES 49,128 61,998

TOTAl EQUITy AnD lIABIlITIES 104,992 113,520

PLEDGED ASSETS Note 28 16,343 18,778

CONTINGENT LIABILITIES Note 29 none none

Balance sheets

Amounts in SEK '000 Balance sheets

References

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