Full text


Continued success for Doro


Care Electronics products. Several new mobile phones were launched during the year. Growth during 2009 (36%) mainly achieved by several newly established partnerships in Europe, North America and Asia/Pacific.

Annual Report

D O R O – A N N U A L R E P O R T 2 0 0 9 2009

Doro is a Swedish company focusing on the development, marketing and sales of telecom products specially adapted to the growing worldwide population of seniors. With over 35 years of experience in telecommuni- cations, and sales in more than 30 countries on 5 continents, Doro is the world’s leading brand for easy-to-use mobile phones. Doro created the category Telecom in Care Electronics and in recent years our products have received several highly distinguished international design awards.

The company had sales of SEK 493 million in 2009. Doro’s shares are quoted on the Nasdaq OMX Stockholm, Nordic list, Small companies.

Read more about Doro at www.doro.com.

With simplicity

in mind


Magistratsvägen 10 SE-226 43 Lund SWEDEN

Phone +46 46 280 50 00 Fax +46 46 280 50 01

DORO Hong Kong Ltd.

Unit 222, No. 1 Science Park W. Avenue Hong Kong Science Park

Shatin, New Territories HONG KONG

Phone +852 2730 2777 Fax +852 2730 2433


1 High Street Bucks SL9 9QE UNITED KINGDOM

Phone +44 1753 883 080 Fax +44 1753 883 081


6 rue Jean-Pierre Timbaud 78180 Montigny le Bretonneux FRANCE

Phone +33 1 30 07 17 00 Fax +33 1 30 07 17 85


Kråkerøyveien 2 NO-1671 Kråkerøy NORWAY

Phone +47 69 35 86 00 Fax +47 69 35 86 69


c/o Duane Morris LLP 1540 Broadway New York, NY 10036 USA

Phone +1 212 692 1067

Fax +1 212 208 2514


Once we broke through barriers.

Now we help seniors do the same.


This is Doro 3

Year in brief 4

Financial overview 5

A message from the CEO 6–7

Products in focus 2009 8

Business concept 9

Doro’s offering and market 10–11 – Doro’s partner in France 12 – Doro’s partner in USA 13 – Doro’s cooperation with specialists 14

Focusing on people 15

Focusing on quality & environment 16–17

The Doro share 18–19

Quartely summary 20

Five-year summary 21

Directors’ report 22–26

– Care Electronics 22

– Home Electronics 22

Financial statements 27–31 Accounting principles 32–36

Notes 37–45

Signatures 46

Financial definitions 47

Auditor’s report 48

Corporate Governance 49–50

– Internal control 51

Board of Directors and Auditors 52

Group management 53

Information to shareholders 54

The audited Annual Report is presented on pages 20–47.


Doro ® ’s vision is to become the world- wide leader for the category Telecom in Care Electronics

Our business mission is to help the growing world- wide senior population to participate actively in modern society, for happier, safer and easier everyday living, by developing products especially adapted to their specific needs.

Our market potential

• Doro’s efforts to expand the market position of the business unit Care Electronics is successful.

• Doro’s order intake is good, with a strong sale of mobile phones for seniors.

• Doro’s products are distributed through leading retailers in all major European countries, complemented with some major operators.

• In 2009, the Doro brand and products were launched successfully in several new geographic markets, including North America and the Asia/Pacific region.

• In EU, the population aged 65 or older is forecast to increase from 17 percent in 2008 to 30 percent in 2060. In real numbers, this amounts to an increase from 85 million to 152 million.*

• More seniors are living longer and a greater number maintain an active lifestyle even in their later years. 61 percent of Doro’s sales are generated within this target group.

• Estimated global sales of 5–6 million mobile phones in the senior segment, excluding China.

• Doro develops its products in close relation with the end-users and experts on the conditions and needs of seniors.

*Source: Eurostat 72/2008

An increased focus on selected customer segments will generate profitable growth for Doro

For more than 30 years, Doro has worked consistently with design and function to improve and simplify people’s everyday lives.

The Group offers an exciting line of ergonomically designed products specially developed for people with impaired hearing, eyesight, movement, dexterity or memory. These products have been developed in close cooperation with experts in the relevant fields to ensure that they offer the very best in everything from user-friendliness to sound quality.

Doro also focuses on families and companies seeking to simplify their everyday lives. Products can be used by groups who want to be able to communicate quickly and easily. Doro’s range of telephones, baby monitors and walkie-talkies is distinguished by its attractive and functional design.

Doro AB is a public limited liability company. It’s headquarters are located in Lund, Sweden. Denna årsredovisning finns även i svensk version.

All values are in Swedish krona (SEK). Unless otherwise stated, figures in parentheses relate to the 2008 fiscal year.

In the event of any difference between this version and the Swedish original Annual Report, the Swedish shall govern.

This Annual Report was published on the company’s website (www.doro.com) on March 11, 2010.

Printed versions can be ordered from Doro AB.


First quarter

• Doro participated in the International Consumer Electron- ics Show (CES), in Las Vegas, Nevada, US. Jérôme Arnaud, CEO of Doro, presented the company’s first products to be launched in the US: Doro HandleEasy 330gsm and Doro HandlePlus 326i gsm.

• Doro presented five new models at the Mobile World Congress in Barcelona. Sales of these mobile phones commenced during the first six months of 2009.

• Doro’s easy-to-use products, specially designed for seniors, continue to win international awards. Five of its Care Electronics products were awarded the world’s most presti- gious design award, the iF Gold Award, at the international Consumer Electronics Show in Hannover – CeBIT.

Second quarter

• Doro reached an amicable settlement in the dispute regard- ing a cooperation with a Japanese supplier. The settlement had a one-time positive cash effect of approximately SEK 4 m in the second quarter 2009.

Third quarter

• Doro signed an agreement with the European retail chain Carphone Warehouse Group PLC. Doro’s easy-to-use mobile phones are sold in shops and on-line in nine European countries.

During the fiscal year 2009, Doro strengthened its market position as the leading company within its selected customer segments. The Group’s focus on Care Electronics has proven successful and strategic agree-

ments with leading distributors have further boosted Doro’s presence in important markets in Europe, the US and the Asia/Pacific region.

• Group net sales increased to SEK 493 m (363), an increase by 36 percent.

• Operating profit (EBIT) amounted to SEK 27 m (loss: 8), while pre-tax profit amounted to SEK 25 m (loss: 10).

• Sales in Care Electronics more than doubled, from 143 to SEK 300 m.

Continued strong sales of easy-to-use mobile phones.

• Sales in Home Electronics declined from 220 to SEK 193 m following a tough competition mainly in the DECT and corded telephony products.

• Cash flow from current activities amounted to SEK 64 m, mainly due to the positive result and more efficient use of working capital.

• Following the new share issue and strong cash flow, Doro has a strong financial position, which will be utilized for further strengthening current market shares, as well as the Group’s geographical expansion.

Significant or major business events by quarter

• Doro’s focus on Care Electronics was marked by a change of corporate color – from the former red to a crisp green.

During the summer, Doro’s products were marketed through television commercials in Norway, Sweden and Germany.

• Doro signs an agreement with Orange, and Orange’s French stores become retailers of Doro’s easy-to-use mobile phones.

Orange is the third-largest mobile operator in France and a leading retailer of mobile phones.

Fourth quarter

• Doro signed an agreement with Consumer Cellular in the US. The company sells and market Doro PhoneEasy


345gsm and Doro PhoneEasy


410gsm. The agreement gives Doro access to an additional qualified distribution channel in the US. Consumer Cellular is the exclusive supplier of wireless telephony (GSM) to AARP, one of the largest organizations for retired people in the US, with some 40 million members.

• Through a share issue directed at a limited group of insti- tutional and other major investors, Doro raised SEK 16 m before issue costs.

• Doro strengthened its presence in Asia by commencing sales in Hong Kong. Doro signed a distribution agreement with Camdenville, a leading Hong Kong-based company in this segment.

• Doro joined the global industry organization GSM Associa- tion and the European organization Mobile Alley, dedicated to encouraging innovation in the mobile telecom sector.

The year in brief


In recent years, Doro has focused on strengthening its profitability by investing in Care Electronics. Sales in this business unit have increased tenfold since 2006. Over the same period, Doro has signed several part- nership agreements for distribution and product development.

2009 2008 2007

Income/Net sales, SEK m 492.6 362.5 346.3

Operating profit/loss (EBITDA), SEK m 38.0 –3.6 9.9

Operating profit/loss (EBIT), SEK m 26.6 –8.2 9.2

Profit/loss after financial items, SEK m 24.9 –10.1 8.1

Profit/loss for the period, SEK m 22.8 –11.5 7.5

Operating margin (EBIT), % 5.4 –2.3 2.7

Return on average capital employed, % 52.0 neg. 27.1

Return on average shareholders’ equity, % 46.8 neg. 21.1

Equity/assets ratio, % 31.5 17.6 24.5

Cash flow from current activities, SEK m 64.4 –21.4 –30.2

Liquid assets (incl. unused credit), SEK m 88.4 28.3 60.2

Number of employees (average) 60 59 61

Earnings per share after tax, SEK 1.30 –0.66 0.43

Reported shareholders’ equity per share, SEK 3.54 1.73 2.27

Please see page 47 for financial definitions.

Financial overview

Home Electronics, 39%

Continental Europe, 48%

Nordic region, 34%

United Kingdom, 10%

Rest of world, 8%

Care Electronics, 61%

Sales by geographical markets, 2009 Sales by business unit, 2009

0 100 200 300 400 500


2007 2008 2009*

Care Electronics Home Electronics Business Electronics

* As of January 1, 2009, the business units Home and Business Electronics have been merged to form the business unit Home Electronics.

Sales by business unit, 2007–2009 Cash flow, 2007–2009

-35.0 -17.5 0.0 17.5 35.0 52.5 70.0

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1


2007 2008 2009

Q2 Q3 Q4 Q1

Rolling 12 months


A message from the CEO

It is with great satisfaction that we report a strong year for Doro. Our development in terms of both sales and profitability confirms that we have succeeded in turning the trend of earlier years. Despite the global economic crisis, we strenght- ened our international footprint, launched popular new products and increased our sales and profits. Combined, this provides considerable value for the company’s shareholders.

Leader in telecom products for the Care segment

Instrumental to this success has been our focus on easy-to- use mobile phones for seniors, which has been reinforced over the past two years. And in line with our strategy, 2009 was the year that truly established Doro as the leader for the category Telecom in Care Electronics.

Growth of the business unit has been 110 percent, which means Care Electronics now represents 61 percent of our sales.

International expansion

In 2009, Doro was established more clearly in the US market.

This involved a distribution agreement with nationwide operator Consumer Cellular – the exclusive supplier to the US’ largest national association of seniors, with some 40 million members.

Two of Doro’s latest models are approved for use in the network, giving us a unique and strong offering in our niche.

Doro also continued to strengthen its position in its existing European markets through new distribution agree- ments with prominent retailers such as Orange in France and Carphone Warehouse.

Towards the end of the year, we also signed a distribution agreement with Camdenville of Hong Kong, providing access to markets in mainland China, as well as Hong Kong, Macau and Taiwan. We are also seeking certification for our products in Latin America.

These agreements illustrate well how we are developing our retailer network. Contacts with established leading retail chains are complemented with major operators with large customer bases.

Product development

Based on our in-depth knowledge of seniors and our contacts with them, we are continuing to develop products meeting this group’s particular needs. Products launched during 2009

Strengthened focus and international expansion brought increased sales and profitability in 2009. Progress for Care Electronics in both Europe and the US.

We will continue to help

the growing worldwide senior

population participate actively

in modern society.


include the GSM phones Doro PhoneEasy® 345gsm and Doro PhoneEasy® 410gsm handsets, which have sold well in both Europe and the US.

We continue to differentiate our offering from the main- stream by focusing on simplicity and solutions that make life easier for people with functional impairments.

Strengthening brand awareness

Over the year, the Doro brand became familiar to an increasing number of people around the world. This was partly an effect of strategic agreements with operators and retailers and, partly of advertising campaigns in the Nordic countries, France and Germany. In Sweden, our products could also be seen towards the end of the year alongside those of other major manufac- turers in outdoor advertising and on buses and trains in a campaign by one of the country’s larger retailers.

These campaigns have had a significant impact on sales in the short term but are also important in enhancing awareness of the brand among consumers.

Generating value for investors

In 2009, the Group’s sales increased by 36 percent compared with 2008, from SEK 362 m to SEK 493 m. We were able to report an improved operating margin for each quarter in 2009 – a key signal that we are on course for establishing a new and sustainable level of profitability.

During the year, cash flow was strongly improved, from SEK negative 21 m to SEK 64 m, mainly due to a positive result and more efficient use of working capital.

Doro is now a growth company and also net debt free. We have achieved this under our own steam. In addition, the new share issue implemented in November 2009 gives us the pre- requisites for continued investments in Doro’s brand, product development and geographical expansion.

We have achieved growth while improving our operational efficiency. The 40-percent reduction of inventories achieved over 2009 is one example of this. Growth was also achieved without any additional staff, which has helped establish a flexible cost structure. Combined with the directed new share issue, this has more than doubled Doro’s shareholders’ equity, providing us a considerably strengthened financial position.

Early in 2009, we brought together our Home and Busi- ness offerings within a single business unit. While sales by the Home Electronics business unit declined 12 percent over the year, this business unit still represents a considerable portion of the Group’s sales. We also derive much benefit from the strong contacts it has built up with retailers in developing Care Electronics’ sales. Efforts to improve Home Electronics’

profitability are continuing, mainly through increased cost ef- ficiency.

In the somewhat longer term

We will continue to help the growing worldwide senior popula- tion participate actively in modern society. By developing

products adapted to their specific needs, we can make their everyday life happier, safer and easier.

Annual sales in this market are estimated at 5-6 million units (excluding China) and growing for demographic reasons.

We can continue to grow through strategic distribution agree- ments with additional leading retailers and operators in more markets around the world. Although our reputation among operators is growing, we are a relatively small, niche player at an early market phase. But this also implies considerable scope for continued growth.

As time passes, the senior demographic will increasingly consist of people more accustomed to mobile phones and certain more advanced services and functions. Although not an immediate challenge, we are well aware of this and take it into account in our longer-term planning. As with our cur- rent offering, we believe the answer lies in careful design and consultation with users regarding their specific requirements.

In 2009, we captured market shares in several strategic markets. As our success attracts attention, we can expect others to look at our market more closely. But competition is healthy, enhancing overall awareness of the product category and constantly forcing us to reassess our approach. As the leading company in easy-to-use telecom products for seniors, we enjoy the best conditions under which to further strengthen our position.

Market outlook

Doro enters 2010 as a strong and dynamic company. By main- taining our strategy and building on the growing potential we see ahead of us, we expect to continue to grow in 2010.

Based on new products to be launched and the evolu- tion of already announced partnerships and those to come, the growth in sales and operating profit (EBIT) is expected to continue. The operating profit in the first quarter may be lower than the previous year due to further market investments, which is in line with the growth strategy.

Home Electronics will continue to make a significant contribution to sales. By simplifying our management of this business unit, we believe we will be able to return it to profitability.


Doro makes life easier – we want our business and our products to be easy for people to understand.

I extend my thanks to all those whose hard work and enthusiasm made 2009 a great year for Doro. Together, we will face the challenges of the future – generating value for the company, its shareholders and its customers.

Lund, March 2010

Jérôme Arnaud

A message from the CEO


A selection of press releases from 2009

Jan 13 Doro continues US roll-out and receives award at the world’s largest consumer electronics show, in Las Vegas Feb 13 Year-end report 2008

Feb 16 Doro’s successful investment in simple mobile phones continues – premiere for five new models at the GSMA Mobile World Congress in Barcelona

Mar 3 Doro wins gold at CeBIT exhibition

Mar 26 The Annual General Meeting of Doro AB 2010

Apr 15 Increased security for seniors – Doro in cooperation with Redphone, a Swedish mobile operator May 6 Interim Report January–March 2009

Jul 27 Doro announces retail alliance with the Carphone Warehouse Group Aug 19 Interim Report January–June 2009

Sep 21 Orange engages Doro for mobile offering to seniors in France Oct 19 Breakthrough for Doro in the US

Nov 4 Interim Report January–September 2009

Nov 16 Doro has raised SEK 16 million in a directed share issue

Dec 10 Doro strengthens its presence in Asia by commencing sales in Hong Kong Dec 14 Doro joins leading sector organizations

Products in focus 2009

Doro PhoneEasy



Easy mobile phone

Our easy-to-use and stylish clamshell model with large buttons and characters for simpler dialling and messaging, and an emergency button on the back. Features include a vibrating ringer, Bluetooth™ wireless technology and MMS making it possible to receive photos.

Doro Form 20

Digital cordless phone

The DECT digital cordless phone Form 20 has an upright, space-saving base unit into which a favourite photo can be inserted for a new look whenever desired. The comfortably curved handset is designed with new audio features for true sound quality.

Doro SeePlus 314ci

Talking telephone for the visually impaired

SeePlus 314ci is designed specially for people with impaired vision. Making calls is easy thanks to large talking numerical keys and a talking phonebook. Incoming calls are announced by talking caller ID and a remote pendant activates the speak- erphone making it possible to answer from a distance. The pendant also has an emergency alert function that transmits a personal pre-recorded message to a friend or relative.

Doro ProSound hs1910dect

Ergonomic wireless DECT headset

Extremely light and long-range wireless headset offering

different wearing styles for optimum comfort. The headset also

features a noise-cancelling microphone, superior sound quality

and acoustic burst protection. The headset can be connected

to most GAP-compliant base units and has a line interface

allowing it also to be used as a standalone headset.


Flexibility Favorable gross margin

Rapid and broad product launches

Efficient production Efficient logistics Product development

Financial goals Strong brand

Efficient global distribution network Doro’s business strategy should ensure longterm profitable growth.

for retailers and distributors. Through our logistics organiza- tion, which connects suppliers, retailers and distributors, we provide the distribution channels our suppliers lack.

This is how we generate added value and it explains why Doro has been able to assume a central role as a product- developing and value-adding organization between retailers (primarily in the Nordic region and parts of Europe, the US and Asia) and production suppliers.

In 2009, Doro strengthened its network of retailers by signing agreements with large, well-known operators and retail chains. In Europe, Doro’s products are now also avail- able through Carphone Warehouse and Orange. In the US, Consumer Cellular sells our mobile phones and in Asia/Pacific our phones are available through the distributor Camdenville.


Business concept


Our vision is for Doro to become the worldwide leader for the category Telecom in Care Electronics.

Doro wants communication to be easy. We shall live near our customers in order to always be able to understand their needs and to thereby be able to create user-friendly, quality products that make communication between people simple and secure – regardless of their physical predisposition.

Business mission

We help the growing worldwide senior population to partici- pate actively in modern society, for happier, safer and easier everyday living, by developing products especially adapted to their specific needs.

Doro develops and markets a broad and innovative range of telecom and consumer electronics products. Consumers and companies are offered user-friendly products with a high level of quality and design that simplify customers’ day-to-day and business lives.


To be able to offer our customers the right products, we work systematically to acquaint ourselves with and chart the needs of the end-user. Our market segmentation provides us with an understanding of the end-user and retailers by focusing on defined target groups. We offer proprietary product concepts that represent a complete product range, including services

Doro’s strategy to become a leader in telecom products for seniors and to achieve long-term growth and its set financial targets builds on the Group’s extensive knowledge regarding how customers’ needs can be met with modern technology in user-friendly products.

Telecom Target 65+


Brand identity Innovation and improved ease of use

Category leadership World-wide presence

• Maintaining a clear, goal-oriented focus on the customer, with close relations to the end user,

• Developing new products based on the needs of the end- user while maintaining focus on efficient production and logistics solutions,

• Broadening our network of retailers both geographically and in terms of categories, and

• Establishing and strengthening the Doro brand through

marketing and various partnerships.


Doro’s offering and market

Sales are increasing as a result of the clear exposure of Doro’s products in the major electronics chains’ retail outlets.

Doro’s TV-campaign in 2009 reached more than 21 million potential customers in Germany, France, Sweden, Norway and Finland.

Various special functions can be linked to specially designed buttons.

One example is the Mondial Assistance security service in France which can be accessed by pressing a single button.


Global sales of mobile phones (telephones using GSM, CDMA, 3G or 4G technology) continue to rise, albeit at a somewhat slower pace than previously. The price pressure of recent years has resulted in lower average prices, but is now expected to decrease.

Forecasts by one of the leading manufacturers, Nokia, indicate annual growth of 10 percent in global sales of mobile phones, meaning that about 1.3 billion mobile phones will be sold around the world in 2010. There are several global manufacturers of mobile phones – in addition to Nokia, these include SonyEricsson, Motorola and Samsung.

For more than 30 years, Doro has worked consistently with design and function to improve and simplify people’s everyday lives. The Care Electronics business unit sells an exciting series of ergonomically designed products specially developed for people with impaired hearing, eyesight, movement, dexter- ity or memory. These products have been developed in close cooperation with experts in the relevant fields to ensure that they offer the very best in everything from user-friendliness to sound quality.

Care Electronics’ market mainly consists of older people – active seniors who want products that are easy to use and attractively designed. According to Eurostat, approximately 17 percent of the population of the EU is 65 years of age or older.

In real figures, that corresponds to about 85 million citizens.

Home Electronics’ sales have declined in recent years.

The business unit operates in a market characterized by price pressure and a number of manufacturers offering similar products.

Doro enjoys a favorable market position in the Nordic countries, France and the UK, where fixed-line telephony products are sold to private individuals as well as companies seeking easy-to-use and high-quality products.

Focus on profitable niches

Since its breakthrough in 2007, the business unit Care Electronics has established the strong customer and volume growth that now forms the foundation for more profitable development.

In 2009, Doro increased its geographic presence and extended its network of retailers. At the same time, the Group strengthened its logistics to be able to rapidly meet increased demand from a larger number of sales points. The logistics solution is based on a small number of hubs in each region, thereby safeguarding rapid distribution.

Over the year, Doro increased its sales in Europe through agreements with leading operators and distributors such as Orange and Carphone Warehouse.

This was also the year in which Doro established itself in the US market following the certification of two mobile phone models. Through an agreement with Consumer Cellular in the US, Doro’s user-friendly and straightforward mobile phones,

For more than 30 years, Doro has worked consistently with design and

function to improve and simplify people’s everyday lives. The company

is developing, marketing and selling telecom products specially adapted

to seniors.


Doro’s offering and market

Doro PhoneEasy


345gsm and 410gsm, will be sold by one of the US’ leading suppliers of telephony services (MVNO) and equipment. The company has access to one of the US’

largest mobile networks, covering 97 percent of the country’s population. The company is also the sole supplier of cordless telephone services to AARP, one of the US’ largest pensioner organizations with 40 million members.

Doro also established itself in the Asian market through a distribution agreement with Hong Kong-based mobile phone distributor Camdenville.

Strengthened brand

Doro’s brand forms the core of the Group’s operations. In 2009, we further clarified our focus on Care products by changing the Group color to green, the color previously used solely for Care Electronics line of products. Market activities intensified with, among other efforts, the introduction of tele- vision commercials in Sweden, Norway and Germany, which contributed to increased sales.

Over the coming year, Doro will increase its investments in market communications, partly to support establishment in new markets and partly to enhance brand awareness in the more mature markets. The foremost channels include trade fair participation and other industry events, as well as the Group’s website and those of its partners.

In cooperation with our retailers, Doro has gained a clear position both in the stores and their sales materials, further strengthening our position. We have also deepened our relations with telephony service operators through various partnerships, primarily involving the development of phone models with special built-in functions.

Cooperation with specialists

In partnership with the UK organizations RNIB (Royal National Institute of Blind People) and RNID (Royal National Institute for Deaf People), for example, Doro has gained a better understanding and awareness of what everyday life looks like for people with special needs.

New technological opportunities generate changed needs in society and among users. We are seeing increased demand for services. Doro offers both customers and end-users a complete value chain, from a product developed according to the end-user’s requirements regarding feel and simplicity, via a competent sales organization to support and guarantees.

This is an interesting area of development that comple- ments our product offering well. Such services include security alarms and simpler health checks. In 2009, Doro established partnerships with organizations including Mondial Assistance in France, Alert Call in the UK and the Senior Citizen Home Safety Association in Hong Kong. Important fea- tures in these operators market offer are services that generate security for their users.

These services mean that their customers can feel safe,

not only in the knowledge that they have a secure and easy-to- use quality phone, but also that they can quickly obtain the assistance they need if an accident were to occur.

Technological development

An important prerequisite to geographical expansion is gaining approval for Doro’s models to be used in the relevant opera- tors’ networks. During 2009, extensive efforts resulted in Doro PhoneEasy® 345gsm and 410gsm being certified for one of the US’ largest networks.

As one of the leading niche manufacturers, Doro is a member of the global industry organization GSM Association and the European development organization Mobile Alley.

Through these memberships, Doro strengthens its involvement in the development of GSM technology and solutions specially developed for easy-to-use mobile phones.

The newly formed organization Mobile Alley brings together European developers and manufacturers in the field of mobile technology.

A key objective is to establish partnerships between established players and entrepreneurs, as well as newly started companies in the industry.

In 2010, Doro will be participating, as an industrial partner in an EU program to strengthen the union’s competitiveness. The Vicon project* has the objective of further adapting future products to the specific needs of seniors. Two product areas have been selected: washing machines and mobile phones. Doro’s know-how in the latter area will help ensure more rapid development of future mobile phone models by means of concepts including an avatar, a virtual user model able to simulate the various conditions of end users. This makes Doro the first producer of mobile phones to use new technology to create easy-to-use products for the growing senior population.

* Virtual User Concept for Inclusive Design of Consumer Products and User Interfaces

(VICON) is a project in the EU’s seventh framework program, also known as FP7.


Doro’s partner in France

Agreement develops Doro brand in French market

The distribution agreement signed between Doro and Orange in France in 2009 placed Doro products in an additional 1,200 stores in this already profitable market. Orange is the leading provider of mobile services in France and the agree- ment serves as significant recognition of the solid reputa- tion Doro has established. We caught up with Yves Maitre, Orange’s Senior Vice President in charge of multimedia and devices to ask how the cooperation is progressing.

Why is Doro an attractive partner for Orange?

“In most western countries, the mobile market is now considered mature. To develop and reach new customers, operators are now adopting a segmented approach – identify- ing customer groups with particular needs and expectations.

Consequently, Doro’s professional focus on the senior segment matches Orange’s strategy very well. The combination of our strong retail channel and Doro’s in-depth knowledge of its particular segment makes an attractive proposition.”

Is it an advantage that Doro is a Swedish company?

“In itself, this is not a key consideration in Orange’s collabo- ration with Doro although it is a small plus. But among the French population, the Scandinavian countries are known for having good healthcare systems and for taking care of the entire population.

Customers are aware that Sweden and the other Nordic countries offer good services for seniors and people with disabilities.”

How have the Doro products been received?

“The feedback so far has been pretty positive and we have seen very strong sales for a specific segment like this. We are still in what I would call a learning phase as this is the first

Yves Maitre,

Orange’s Senior Vice President in charge of multimedia and devices.

time we are promoting a product of this kind. Initially, some thought the venture a little risky. Addressing a new market segment is a challenge and, for the mainstream market, these are not ‘wow-effect’ products. But the Doro phones are highly attractive for the target segment and this fits perfectly with Orange’s desire to bring innovative services to everybody.

The phones were also reported to offer best value for seniors by a French consumer publication that provides independent benchmarking and testing.”

How have you marketed the Doro phones?

“Most notably perhaps, we highlighted them in our flagship store on the Champs Elysées in Paris, as well as in other stores. This involved an exposure similar what we gave to the iPhone for example. The phones have also been featured in send-outs to customers and, of course, on our website.

We haven’t run any specific campaigns regarding Doro’s products as our marketing focuses on Orange’s services.

However, we are offering a package where, for an additional EUR 10 per month, customers gain unlimited access to a Mondial Assistance helpline using a dedicated button on their Doro phone.”

What makes Doro special in the French market?

“Well really it’s the combination of the phones and Doro’s know-how. The company has extensive experience of

dedicated retail channels and the specific concern of its target users. Doro knows that seniors are conservative and avoid risk.

If you say the product has a long battery life then that must hold true.

Customers also appreciate the built-in flashlight and the option of a single-button emergency service. Many companies have tried to design mobile phones for seniors but none as successfully as Doro.”

As of the fall of 2009, Doro’s phones are sold in more than 1,200 Orange

stores across France. Orange markets a combined offer with telephone

and services targeting senior customers looking for unlimited access to



Doro’s partner in USA

Bringing easy-to-use mobiles to seniors in the US

The cooperation initiated between Doro and Consumer Cellular in the US during the latter half of 2009 represented an important milestone in Doro’s efforts to become estab- lished in North America.

At the same time, Consumer Cellular has been highly impressed with Doro’s commitment to the senior target group and, importantly, the quality of its products. We asked John Marick, CEO of Consumer Cellular about his company’s cooperation with Doro.

What makes Doro an interesting partner for Consumer Cellular?

“Like Consumer Cellular, Doro is a relatively small company developing its niche within a broader market dominated by much larger players. Doro turned this to its advantage and, from an early stage, we were impressed by their willingness to invest time, money and expertise into obtaining the certifica- tion necessary for us to be able to present two of their models in our offering. Other manufacturers would probably have left that to us.”

What are your strengths as an operator?

“As a mobile virtual network operator (MVNO), we focus on tailoring our services to the needs of our three principal customer groups. These are members of AARP


(the US’

largest organization for seniors), members of the AAA (American Automobile Association) and non-affiliated customers attracted through television advertising.

Our customers appreciate our post-paid, non-contractual plans from as little as USD 10 a month with, say, USD 20 buying 250 minutes of call time or USD 30 buying 500 minutes. These groups are not looking for unlimited texting or web-based services.”

How have your customers received the Doro phones?

“We started selling two Doro phones, a clamshell and candy-bar model, in October 2009, so it’s still early days but the initial response has been very positive. While the Doro brand is still unfamiliar here, the benefits of the phones are very obvious visually. Seniors see the large buttons and the big, clear display and immediately know that will be useful for them.”

Tell us about your partnership with AARP

“Our association with AARP began with us placing ads in their magazines and tabloids. In September 2008, we established an official partnership that allows us to use the AARP logo and grants us access to all of the association’s channels to its 40 million members. The association works closely with partners, helping them more closely understand the needs of seniors and to ensure that the products and services it recom- mends maintain high standards in terms of quality and value for money. Initially we struggled to find mobile phones that adequately met these expectations, which is why we were very happy to start working with Doro.”

What makes Doro’s phones unique in the US market?

“Above all the combination of functionality and quality. As I mentioned before, the immediate benefits are visually very obvious but as users become acquainted with the phones, they also appreciate the more subtle aspects such as the emergency button that can be programmed to call a certain number or service if anything unexpected happens.”

Do you package any specific services with Doro’s phones?

“Not currently. We don’t want to steer customers towards pre-set packages with particular functions – we want them to be able to pick the right phone for themselves. If, for example, a user wants the emergency button to connect to a particular service, he or she can arrange that for themselves. But options including such services are something we are considering for the future.”

You mentioned television advertising – does this feature Doro’s phones?

“Yes, we adapted our existing commercial to include a screen shot of a Doro phone with a voice-over. This was a quick-fix but we have a new TV spot coming up in which Doro products will be included from the start.”

John Marick,

CEO of Consumer Cellular.

With their popular mobile phones, Doro has made a rapid entrance in the US market. Consumer Cellular is a vital partner with its broad

market coverage and cooperation with one of USA’s leading organizations

for retired persons, AARP ® .


Doro’s cooperation with specialists

We want to inspire seniors and help them choose the right mobile phone, suited to their particular needs.

For this reason, we have chosen to include Doro’s mobile phones in our PRO* study circles. Today, many seniors are wary of modern technology but when they see Doro’s easy- to-use phones, they become curious.

These mobile phones have been a great asset for us and will most likely play a significant part in the lives of many seniors,” say Berit Palm and Lena Flishager, study circle leaders at Mobilär teaching fundamental functions in mobile phones.

Focus groups help Doro make better products. Researchers as well as senior users are contributing with knowledge and experience bringing Doro to the position as leader for the category Telecom in Care Electronics.

Technology is adapted for use by seniors

Growing older, many people experience physical limitations that make it difficult for them to participate in society. In such cases, having a mobile phone that is easy to use is parti- cularly important. “Technology still excludes older people,”

says Alexandra Weilenmann, a researcher at the University of Gothenburg.

Telephony, and mobile telephony in particular, is develo- ping rapidly through new technology and competition. Often, the goal is to develop ever smaller models with more and more functions. Target groups have mainly been young people and business people who are assumed to want new, sophisticated phones. Clearly the elderly are often neglected in the develop- ment of new technologies.

“Having good eyesight and nimble fingers is part of the system,” Alexandra Weilenmann comments. As an assistant lecturer at the Department of Applied Information Technology, she has been studying the use of mobile phones since the spring of 1999.

“Naturally there are great differences between younger and older users. Among young people, the phone is a key product that is used in almost all contexts. Older people want to be able to make and answer calls,” she says. “As young people mature, they carry with them a familiarity with phones and their functions. But certain issues will remain, such as problems with detailed coordination, hearing and eyesight.”

Alexandra Weilenmann was one of the first to study and publish findings on the use of mobile phones among young people.

Her research has attracted much attention, both in Sweden and internationally. Weilenmann is currently an assistant lecturer at the Department of Applied Information Technology at the University of Gothenburg.

*Sweden’s largest organization for retired people Berit Palm

Lena Flishager


Focusing on people

In 2009 Doro had an average of 60 (59) employees. Of the Group’s employees, 33 percent (32) are women.

Doro operates in an industry undergoing rapid change.

Doro aims to keep paths for decision making short and has the objective that each individual should feel involved in, and responsible for, the development of the company. In Doro’s flat and straightforward organization, responsibilities and author- ity are delegated, requiring that employees work with a large measure of freedom. One advantage of Doro’s organization is that salespeople, product developers and marketers live close to customers and suppliers – an aspect that is increasing in importance as joint development projects increase in number and are completed quicker.

The dynamics of the industry and Doro’s focus on selected customer segments impose rigorous demands on flexibility and respect. In addition to Doro’s personnel policy adhering to legislation and agreements applicable in the countries where the Group operates, Doro’s own values play a central role.

These are, in brief:


• We are ethical and therefore care about our users, customers and employees.

• We deliver reliable, high quality products that make users feel more secure.


• We emphasize good working relationships, professionalism and accountability toward customers, partners and colleagues.

• We focus on developing products that enable people to communicate with the help of an excellent human interface.


• We are easy to work with and to do business with.

• We are innovative and make products that are easy to use.

Retaining and developing key competencies is decisive if Doro is to be able to live up to its business concept of developing high-quality products with a modern design. Consequently, it is Doro’s explicit ambition to give its employees the room and resources to grow, both in their current positions and through opportunities for advancement. With operations in more than 30 countries, Doro has a large number of interfaces with suppliers, retailers and customers. Today, the exchange of experience and competence among the various companies is relatively well developed and the ambition is to formalize training activities, primarily in sales methods and product development.

0 2 4 6 8 10 SEK m

2007 2008 2009

Sales per employee, SEK m/person

Doro’s corporate organization Gender distribution, 2009

Women, 33%

Men, 66%


Annual General Meeting Nomination Committee

Board of Directors External auditors

CEO and President

CFO Annette Borén

Product Development Thomas Bergdahl

Operations Ulrik Nilsson

Sales and Marketing Kjell Reidar Mydske CEO and President

Jérôme Arnaud

Doro operates in an industry undergoing rapid change. Retaining and

developing key competencies is decisive for Doro.


Focusing on quality and environment

Quality assurance

Doro places great importance on its quality assurance efforts.

Regular checks and well functioning quality assurance efforts with clear internal and external processes are a prerequisite for the daily operations, as well as being qualifications when entering new product areas.

Staying one step ahead of our competitors requires access to the right technologies, production resources and logistics.

In recent years, Doro has concentrated its production sourcing to a limited number of suppliers in China. Decisive in the selection of manufacturers is that they are able to maintain a consistent and high level of quality.

Careful inspections and quality checks

Before a contract is signed with a new manufacturer, regard- less of the product area, Doro conducts a corporate assess- ment consisting of a careful inspection of both the company and its production facilities. All production series are subse- quently tested, according to certain statistical methods, on site at the factory by our own personnel prior to transportation to Doro’s central warehouses in Malmö and Paris. A further quality check is made when the goods arrive at the warehouse.

In addition to these checks, a more extensive review of the quality status of all suppliers is conducted quarterly.

All suppliers are assessed in the following areas:

• Forecast level of goods returned by customers

• Fail rate at supplier inspection/Delivery inspection

• Delivery precision

• Lead times

This provides both Doro and the supplier with a shared per- ception regarding the level of quality assurance efforts. Doro also often assists in troubleshooting the actual production process. This provides very good insight into opportunities for the development of new products, but also opportunities to further improve the production of existing ones.

Doro requires that suppliers sign a special declaration regarding good corporate social responsibility. This declara- tion includes a large number of requirements regarding child labour, forced labor, the working environment, remuneration levels, working hours and the right to union membership.

As of 2008, Doro is conducting third-party audits to ascer- tain compliance of its policies. In the event of a breach of contract, Doro has the right to immediately discontinue all association with the supplier.


Doro markets and sells products whose use and recycling are covered by environmental directives and legislation. Custom- ers’ environmental commitment is growing steadily, continu- ously changing the requirements we make on our suppliers.

Doro’s quality and environmental manager is responsible for ensuring that Doro follows applicable legislation and regulations. In addition, there is an individual responsible for environmental issues in each country where Doro operates to ensure that local environmental legislation is followed.

The more extensive regulations affecting Doro’s operations include the EU Waste of Electrical and Electronic Equipment (WEEE) directive that came into force in August 2005 and the Restriction on the Use of Certain Hazardous Substances (RoHS) directive that came into force on July 1, 2006.

Registration of chemicals, “REACH” (Registration, Evaluation, Authorization and restrictions of CHemicals) concerns importers or manufacturers of chemical substances or chemical preparations. Doro as importer of articles that has reached their final technical specification and design at a factory outside EU and that do not transmit any chemical substances during normal use do not have to register or report any amount of chemicals.

Doro shall conduct its operations in a responsible manner. To us, quality, environment and people are the cornerstones of Doro’s success. We build the long-term profitability of the Group on them.

Since the breakthrough of mobile telephony in the consumer market, products have developed rapidly in the direction of smaller and more efficient models. Weight has decreased, the number of components and the amount of material have been reduced and batteries have been improved.

At the same time, manufacturers have reduced the environmental impact of parts of the production process.

Doro’s product development focuses on creating products offering higher performance combined with improvements in terms of energy consumption, ergonomics, user-friendliness, recycling and straightforward service.

Doro PhoneEasy




It is Doro’s ambition to use material with the least impact on the environment possible. As more environmentally sound materials are developed a assessment is done if these can replace existing materials.

During August 2008 was also a new battery directive implemented. This directive follow very much the WEEE directive since it is the importer of batteries that have to take the cost of process the battery waste. As importer Doro also have to make sure that all battery cells imported are marked in accordance with the directive. This is fully implemented in our productions well in advance of the implementation of the directive.

Another new directive that has a certain bearing on Doro’s operations is the energy-related products directive (ErP). For Doro, this involves safeguarding ecological design, an energy- efficient production process and low energy consumption in battery chargers and external current supply units. In 2009, the directive also covers the use of nickel.

In its own operations, Doro seeks to minimize its external impact on the environment through the efficient use of resources at all levels. Product and packaging logistics are optimized through a continuous focus on planning and review of volume requirements regarding packaging and instructions. As far as can be justified by business consider- ations, Doro uses environmentally certified suppliers and transport companies.

Energy Star approved

All Eco Functionality products are also Energy Star approved. This means that they follow very

Focusing on quality and environment

Your contribution

As a user of mobile phones and other rechargeable products, you can make a simple but useful contribution by switch- ing off your charger after use. If only 10 percent of users worldwide were to unplug their chargers, we would save energy equivalent to that consumed by 60,000 households.

stringent guidelines on energy consumption set by US authori- ties but also used within the EU. Energy Star labeled products consume only a third of the energy used by equivalent stan- dard products. During 2010 Energy Star will be replaced with the EU ErP directive.

Doro’s Eco Functionality reduces environmental impact

The green Eco Functionality label found on Doro’s new cord- less telephones represents part of our commitment to enhanc- ing environmental awareness among customers. The objective of these efforts is to reduce the environmental impact of our products. The label helps consumers locate products that follow stringent environmental requirements.

For a cordless phone to be awarded the Eco Functional-

ity label, it must offer lower than average consumption both

in use and in standby mode. Energy consumption must also

be automatically adjusted between the handset and the base

station so that less power is used when the units are near one



Doro share

Price trend

Between January 1, 2009 and December 31, 2009, Doro’s share price rose from SEK 5.00 to SEK 11.00, an increase of 120 percent. Over the same period, the OMX Stockholm PI index rose by 46.7 percent. During the year, the highest price paid for Doro shares was SEK 12.45 and the lowest price paid was SEK 4.00. Last price paid at year-end was SEK 11.00 giving a market price of SEK 210 m (87).

Share capital

At December 31, 2009, the share capital in Doro AB amount- ed to SEK 19,107,631 divided among 19,107,631 shares, corresponding to a quota value per share of SEK 1.00. Each share entitles the holder to one voting right and all shares convey equal rights to participation in the assets and earnings of the company. Doro has no debentures or current options program.

A directed share issue was carried out in November 2009 and was directed to a limited group of institutional and other major investors. The share issue comprised a total of 1,700,000 shares and Doro raised 16,150,000 SEK before issue costs.


At the close of 2009, Doro had 3,932 shareholders, compared with 3,170 shareholders at the end of the preceding year. The proportion of foreign shareholders at year-end amounted to 17 percent (12) and institutional ownership was approximately 19 percent (2). At the end of the year, senior executives had a combined holding of 690,236 shares in Doro. At the same time, the members of the Board of Doro held 1,557,004 shares. At the close of the year, Doro AB held no treasury shares.

Dividend policy

The 2006 Annual General Meeting adopted a new policy stating that the share redemption would be offered to all shareholders as funds allow. This policy replaces the dividend policy until further notice.

The Board proposes that no dividend be paid for the 2009 fiscal year.

Doro has been listed on the Nasdaq OMX Nordic Exchange Stockholm since 1993 and is currently included in the Exchange’s Small Cap List.

At December 31, 2009, the company’s market capitalization amounted to SEK 210 m (87).

Price trend and volume Jan 2007 – Jan 2010

Price trend and volume Jan 2009 – Dec 2009

Analysts covering Doro:


Urban Ekelund and Greger Johansson phone: +46 8 545 013 30.

Read more about the share and view the updated share price at www.doro.com and www.redeye.se/aktieguiden/

doro (in Swedish only).

0 1,300 2,600 3,900 5,200 6,500

The Doro share, SEK


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


3 6 9 12 15

Number of shares traded (incl. aftermarket), ’000 The Doro share, SEK


2007 2008 2009 2010

Number of shares traded (incl. aftermarket), ’000

0 1,600 3,200 4,800 6,400 8,000








Doro share

Share capital trend

In recent years, the share capital of the Parent Company has changed as shown below:

Change of Issue Increase in share Amount

Year Transaction share capital price, SEK


capital, SEK m paid, SEK m

1998 Directed issue 2,740,260 18.48 2.7 50.6

1998 New issue 1:7 1,212,894 27.00 1.2 32.7

2001 Directed issue 11,764,705 8.50 11.8 100.0

2005 New issue 7,141 1.00 0.0 0.0

2005 Reverse split, 5:1 –17,180,000

2006 New issue, 3:1 12,885,000 6.00 64.4 71.2

2006 Offset share issue 227,631 7.66 1.1 1.5

2009 Directed issue 1,700,000 9.50 1.7 16.2

1) Issue prices not recalculated for new issues and reverse split.

Share data 2009 2008 2007 2006 2005

Number of shares at year-end, thousands


19,108 17,408 17,408 17,408 4,295

Market price at year-end, SEK 11.00 5.00 5.80 5.00 14.05

Quota value, SEK 1.00 1.00 1.00 5.00 5.00

EPS after tax, SEK 1.30 –0.66 0.43 –7.59 –15.68

Cash flow per share, SEK 3.66 –1.24 –1.22 –0.57 –10.12

Reported shareholders’ equity per share, SEK 3.54 1.73 2.27 1.81 7.47

Dividend, SEK 0.00* 0.00 0.00 0.00 0.00

P/E ratio


8.5 N/A 13.5 N/A N/A

Dividend yield, %



1) The average number of shares (’000) in 2006 was 10,815. The average number of shares (’000) in 2009 was 17,573.

2) The P/E ratio is calculated as the market price on the closing date divided by the EPS after tax.

3) The dividend yield is calculated by dividing the dividend by the market price on the closing date.

*) The Board of Directors’ proposal to the AGM.

Major shareholdings as at December 31, 2009

Ten largest shareholders No. of shares Shares and votes, %

Originat AB 2,600,000 13.6

DO intressenter AB 1,247,058 6.5

Dirbal AB 800,000 4.2

Handels och Investment AB Venture 800,000 4.2

Pictet & Cie 755,000 4.0

Gusgus AB 697,394 3.7

Johand AB 697,388 3.7

Danske Bank 656,000 3.4

TJ Junior AB 620,028 3.2

Avanza Pension 609,332 3.2

Subtotal 9,482,200 49.7

Source: Euroclear Sweden AB.

Ownership structure as at December 31, 2009

Holding, No. of As % of all No. of As % of

number of shares shareholders shareholders shares held all shares

Under 501 2,601 66.1 324,637 1.7

501–1,000 617 15.7 532,347 2.8

1,001–5,000 517 13.2 1,320,989 6.9

5,001–10,000 91 2.3 724,646 3.8

10,001–15,000 22 0.6 273,454 1.4

15,001–20,000 20 0.5 355,928 1.9

Over 20,000 64 1.6 15,575,630 81.5

Total 3,932 100,0 19,107,631 100,0

The number of shareholders has increased from 3,170 to 3,932. Of the total shares held, about 17 percent (12)

are held by foreign shareholders and about 19 percent (2) by institutional holders. Source: Euroclear Sweden AB.


Quarterly summary

2009 2008

SEK m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Quarterly profit trend

Income/Net sales 95 99 111 188 71 68 102 121

Operating costs –89 –100 –102 –163 –69 –71 –96 –129

Operating profit/loss before depreciation 5 –1 9 25 2 –3 6 –8

Planned depreciation and write-downs –1 –2 –2 –6 –1 –1 –1 –2

Operating profit/loss after depreciation 4 –4 7 19 1 –4 5 –10

Net financial items –4 –1 0 4 0 0 –1 0

Profit loss after financial items 0 –5 7 23 1 –4 4 –11

Taxes 0 0 0 –2 0 0 0 –1

Net profit/loss 0 –5 6 21 1 –4 4 –12

Quarterly balance sheet for the Group

Intangible assets 16 16 19 18 10 11 12 14

Tangible assets 7 9 9 8 4 5 6 6

Financial assets 14 14 15 16 0 0 16 14

Inventories 61 62 60 36 56 56 69 59

Current receivables 44 51 60 97 67 65 73 64

Cash and bank balances 10 6 9 40 9 6 2 13

Total assets 151 158 171 215 146 143 178 170

Shareholders’ equity 31 26 30 68 40 36 41 30

Interest-bearing liabilities 33 33 40 9 27 36 28 43

Non interest-bearing liabilities 87 99 101 138 79 71 109 97

Total shareholders’ equity and liabilities 151 158 171 215 146 143 178 170 Quarterly cash flow

Operating profit/loss after financial items 0 –5 7 23 1 –4 4 –11

Depreciation according to plan 1 2 2 6 1 1 1 2

Paid income tax 0 0 0 0 0 0 0 0

Change in working capital 7 7 –7 23 –19 –7 2 6

Cash flow from current activities 8 4 2 51 –17 –10 7 –3

Disposal of Group companies 0 0 0 0 0 0 0 0

Investments –1 –7 –4 –4 –2 –1 –4 –3

Cash flow from investment activities –1 –7 –4 –4 –2 –1 –4 –3

Share issue 0 0 0 16 0 0 0 0

Change in interest-bearing liabilities –10 0 7 –31 19 16 –16 15

Translation differences and other 1 0 –2 0 0 0 1 1

Cash flow from financial activities –10 0 7 –15 19 16 –15 16

Liquid assets (change in liquid funds) –3 –3 2 32 0 5 –12 10

0 40 80 120 160 200 SEK m


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4


Care Electronics, SEK m Home Electronics, SEK m (Business Electronics incl. in 2008) 19.3


43.4 51.3

27.7 40.8

55.8 43.4

43.6 58.3

69.2 41.9

52.4 68.7

130.7 56.9

Sales by business unit and quarter


Five-year summary

SEK m 2009 2008 2007 2006 2005

Income statement

Income/Net sales 492.6 362.5 346.3 433.2 621.3

Operating profit/loss before depreciation

and write-downs, EBITDA 38.0 –3.6 9.9 –57.3 –60.7

Operating profit/loss after depreciation

and write-downs, EBIT 26.6 –8.2 9.2 –76.9 –71.0

Net financial items –1.7 –1.9 –1.1 –4.8 –4.2

Profit/loss after financial items 24.9 –10.1 8.1 –81.7 –75.2

Balance sheet

Fixed assets 41.8 34.1 30.0 27.2 58.2

Current assets 132.3 123.4 123.1 154.5 211.8

Cash and bank balances 40.4 12.6 8.3 30.5 8.0

Shareholders’ equity 67.6 30.0 39.5 31.6 32.1

Interest-bearing liabilities 8.8 43.3 8.1 4.5 81.2

Non interest-bearing liabilities 138.2 96.7 113.8 145.6 156.7

Balance sheet total 214.5 170.1 161.4 181.7 270.0

KEY FIGURES (Definitions on page 47) Return ratios

Return on average capital employed, % 52.0 neg 27.1 neg neg

Return on average shareholders’ equity, % 46.8 neg 21.1 neg neg


Operating margin, EBITDA, % 7.7 –1.0 2.9 –13.2 –9.7

Operating margin, EBIT, % 5.4 –2.3 2.7 –17.8 –11.4

Net margin, % 5.1 –2.8 2.2 –18.9 –12.1

Capital turnover

Capital turnover rate (multiple) 2.6 2.2 2.0 1.9 2.2

Financial data

Debt/equity ratio, % N/A 1.02 N/A N/A 2.28

Interest cover ratio, multiple 8.9 N/A 8.9 N/A N/A

Equity/assets ratio, % 31.5 17.6 24.5 17.4 11.9

Cash flow from current activities 64.4 –21.4 –30.2 –5.4 –43.5

Number of employees 58 59 61 87 146

Liquid assets (incl. unused credit) 88.4 28.3 60.2 68.0 17.1

Investments 17.5 10.2 5.1 4.0 8.9





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