IAR Systems Group Year-end Report 2012
Net sales grew by 15% and operating profit up by 47%
The Board proposes a doubled dividend
- Net sales of SEK 230,1m (200.4), of which SEK 59.5m (57.5) in the fourth quarter
- Operating profit of SEK 35,2m (24.0), of which SEK 9.8m (7.7) in the fourth quarter
- Profit before tax of SEK 35.1m (24.1), of which SEK 10.1m (7.7) in the fourth quarter
- Cash flow from operating activities of SEK 38.3m (34.2), of which SEK 15.2m (13.3) in the fourth quarter
- Net cash at year-end 2012 was SEK 49.3m (34.5)
- Operating margin of 15.3% (12.0) for the full year and 16.5% (13.4) for the fourth quarter
- Earnings per share before dilution and calculated on profit from continuing operations after current tax amounted to SEK 2.68 (1.96), of which SEK 0.72 (0.57) for the fourth quarter
- In local currency, net sales for the period increased by 11% in the Americas, 12% in Europe and 19% in Asia compared to last year
- The Swedish corporate tax rate has been lowered from 26.3% to 22.0%, Remeasurement of deferred tax assets was charged to profit for the year in an amount of SEK 11.5m, The book value of the remaining loss carryforwards is SEK 58.4m,
- The Board intends to propose a dividend of SEK 2.00 (1.00) per share ahead of the Annual General Meeting on April 22, 2013
Key events during the year
- IAR Systems opens sales office in Seoul, South Korea
- IAR Systems’ debug probe I-jet delivered in all markets
- Sale of 300,000 treasury shares in May 2012 for a value of SEK 11.6m
“2012 can be summed up as the third consecutive year of growth in sales and profit. In 2013 we will continue to concentrate on enhancing our offering, focusing on the existing markets and meeting our financial targets”.
- Stefan Skarin, CEO of IAR Systems Group AB