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Introduction . .
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THE YEAR IN BRIEF
The Group . .
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OTHER ACTIVITIES
Agriculture, horses, forestry and hunting
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Company data . . . . . . . . . . . . . . . . . . . . . . 10 Company structure . . . . . . . . . . . . . . . . . . . 14 Key financial figures Mellby Gård . . . . . . . . . . 15 THE YEAR IN BRIEF
Cale Access AB . . . . . . . . . . . . . . . . . . . . . 16 Eriksberg Vilt & Natur AB . . . . . . . . . . . . . . . 18 Excalibur Värdepappersfond AB . . . . . . . . . . . 20 Feralco AB . . . . . . . . . . . . . . . . . . . . . . . . 22 Flash AB . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Roxtec AB . . . . . . . . . . . . . . . . . . . . . . . . . 26 Frans Svanström & Co AB . . . . . . . . . . . . . . . 28 Söderberg & Haak Maskin AB . . . . . . . . . . . . 30 Duni AB . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Älvsbyhus AB . . . . . . . . . . . . . . . . . . . . . . . 34 Optik Smart Eyes AB . . . . . . . . . . . . . . . . . . 36 Contact information . . . . . . . . . . . . . . . . . . . 38
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M
ellby Gård is more than just the name of a farm in Skåne, southern Sweden. It is also the name Rune Andersson chose for his company when, almost a quarter of a century ago, he retreated from the limelight as MD of Trelleborg AB and started his own company. Over the years the company has evolved from being an agricultural and equine business to an international industrial group with irons in every fire. Rune Andersson has steered group operations consistently and purposefully towards today’s turnover of almost SEK 5 billion. The companies that make up the Group are characterised by good profitability and low borrowings, if any at all. In this ‘yearbook’ we report on how the last financial year has been for the Group as a whole, as well as for each individual company. We have also interviewed the people responsible for each of the companies and report on important events during the financial year 2009/2010. We have also heard about what we can expect from each company in the future. All companies in the Mellby Gård Group have a good reputation within their sectors and are also significant players on the market. The board of directors and company management comprise specialists and key individuals who can offer the skills and expertise required for the companies to continue to be able to demonstrate long-term growth and stability. Business has of course been affected by the ‘meltdown’ the financial system has been subjected to during the financial crisis that began in October 2008. Some of the results reported here have been burdened by this crisis, which is the worst since the 1930s. But in other contexts falling prices for raw materials and a weaker Swedish krona have had a positive effect on the results.
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MELLBY GÅRD AB AND MELLBY GÅRD INDUSTRI AB Rune Andersson, Anders Bülow
Better than expected but the future is certain to be a challenge “I freely admit that never in my wildest dreams could I have imagined, a year ago, that things would turn out this well,” says Rune Andersson. “For the Group as a whole we can see an improvement of over 20 per cent, and that is certainly better than expected. “There are many threats lurking in the future. It will be a challenge to continue in similar style, but definitely not an impossibility. When it comes to the companies within the Group, for most of them things are looking bright. “Duni is plugging on after some well-implemented measures in connection with the financial crisis. The worst has now passed, and the upwards trend is getting stronger and stronger. “At Eriksberg they are cleaning up after a big fire, working intensively so that they can resume full-scale operations. “The Excalibur fixed-income fund is developing very nicely and it’s pleasing to see that the managed capital has more than doubled during this financial year. “At Mellby Gård farm we have expanded our operations, doubling our pig production, for example. There is little profitability in the industry at the moment, but I am convinced that a few years down the line things will be different. “Söderberg & Haak probably represents the biggest surprise of the year, in my opinion,” says Rune. “Agricultural and construction machinery was almost a condemned business just a year ago. “Älvsbyhus has had a tough year in the aftermath of the financial crisis. But its position as Sweden’s largest house manufacturer is intact,” Rune concludes. “Cale Access has had a good year with good earnings,” says Anders Bülow. “Poor public finances have
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actually benefited the company, since people are looking for new sources of finance, and in this, things like the company’s parking system can contribute. “For Flash it has been a really good year, even if things have been tough at times. It’s not always easy to predict the weather and things like that, but growth is continuing and we are aiming for as many as 90 stores in Sweden. “Following restructuring in Holland it is pleasing to see how well Feralco is developing. In terms of results it has been an excellent year, and we see great development potential for the future both within Europe and further east. “Roxtec is continuing to grow and has presented a good year in spite of a shift in the structure of sales,” Anders says. “Smarteyes is developing, and its presence in Sweden is continuing at an undiminished pace. We have also dipped our toes into Europe and opened our first stores in Germany. “The company that encountered the toughest market conditions is Svanströms. But thanks to the fact that we were able to take quick action we ended up with somewhat better results than in previous years. “All in all the year has been a good one, and we are now focusing on getting the companies in the group to grow organically,” Anders emphasises. The past year has been successful for Mellby Gård in more ways than simply in financial terms. Rune Andersson has been named Entrepreneur of the Year by Sweden’s leading business daily Dagens Industri.
Rune Andersson, founder and chairman of Mellby Gård AB
Anders Bülow, MD Mellby Gård Industri AB
Eva Åberg, administrative assistant
Sten Libell, administrative director
Daniel Bertland, analyst
Rolf Andersson, financial controller
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MELLBY GÅRD Other activities
Modern agriculture with horse breeding, forestry and hunting Mellby Gård lies in beautiful surroundings in the northern part of Skåne, southern Sweden. It and a number of nearby farms constitute the agrarian side of business for Mellby Gård AB. Various operations are to be found here, the largest being pig breeding. “During the year we have made preparations and expanded in order to double our pig production,” explains Anders Elmqvist, who is in charge of this side of the business. “During 2010/2011 we will gradually fill up the new sheds and will be able to rear around 15,000 pigs for slaughter. “All our investments are made with the greatest attention paid to environmental impact and obviously to finances. We use chip burners for heating, and of course the chips come from our own woodland,” Anders says. Fodder for the animals is mainly produced on the farm, but here too good use has been made of the opportunities available in order to secure environmentfriendly and cost-effective management in the long term. For example, the fodder is made to last longer with the addition of waste products from local producers of aquavit and potato crisps. This is something that overall brings major environmental benefits while being at the same time financially advantageous. Even when it comes to management of manure, the focus is on recycling. Large slurry pits have been prepared where the liquid is separated from solid particles. The liquid becomes fertiliser for the fields, while the solid waste products are composted for selling on to soil manufacturers. “Environmental work is extremely important to us,” Anders emphasises. “For creating sustainable agricul-
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ture, obviously, but also when it comes to the environment in the pig sheds. Extremely good ventilation and a lot of warmth and care give the pigs better living conditions and the staff a better working environment.” The farm also has a herd of over 300 beef cattle, of which one third are suckler cows. Roughly the same number of animals go for slaughter every year. Horse-breeding Another part of the business at Mellby Gård concerns the breeding of warm-blooded trotting horses. The majority of the horses on the farm are outside all year round, but they have access to heated shelters and free access to food. Twenty or so foals are born each year, and at the age of one year they begin training for trotting. In the surrounding area are all kinds of training options: straight track, circular track, deep sand track and natural forest tracks. This gives the horses the best possible basic training. Of the horses on the farm, around twenty each year are stabled and trained regularly. Forestry and hunting The woodland is composed mainly of spruce, oak and beech. The forestry business consists of both nature conservation and commercial timber production. Finally, there is a fourth line of business at Mellby Gård farm. And that’s hunting. Mellby Gård offers hunting of elk, stags, wild boar, roe deer and game birds, all under the supervision of experienced hunting guides. In all, the various businesses at Mellby Gård farm employ 18 people.
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KEY FIGURES
2009/2010 (08/09) Part of the Mellby Gård Group since Mellby Gård’s ownership Turnover EBITA Number of employees
1997 > 90 % MSEK 428 (MSEK 419) MSEK 66 (MSEK 73) 134 (124)
2008 > 90% – – 8 (5)
2008 50% MSEK 29.1 (MSEK 26.5) MSEK 21.6 (MSEK 19.8) 4 (3)
2001 > 90 % MSEK 780 (MSEK 764) MSEK 123 (MSEK 73,6) 157 (168)
Anders Bülow Torkel Härdeman/ Henrik Mella
Rune Andersson Per-Arne Olsson
Rune Andersson Thomas Pohjanen
Anders Bülow Ludovic Huitorel, Stephen Childs
Sten Libell
Björn Suurwee Sten Libell
Rune Andersson Erik Andersson Karl-Axel Waplan Sten Libell Lars-Ingvar Nilsson
ERIKSBERG VILT & NATUR AB
EXCALIBUR VÄRDEPAPPERSFOND AB
FERALCO AB
With its nine hundred hectares, Eriksberg is one of the largest enclosed wildlife and nature reserves in northern Europe, in which majestic fallow deer and red deer, European bison, wild boar and mouflon roam freely. The reserve has about 30,000 visitors a year.
Excalibur is a special fund in accordance with the Act on Investment Funds (2004:46) with a focus on the interest and currency markets. The fund is administered by Excalibur Värdepappersfond AB. The Excalibur fund was started as a Swedish specialist fund on 1 April 2001. The fund aims to provide index-linking of capital and a stable return based on a thorough analysis of fundamental economic factors.
BOARD OF DIRECTORS
Chairman MD
Bo Forsén Sten Libell Fredrik Hansson Paula Kökeritz
CALE ACCESS AB The Cale Access Group, with its head office in Sweden and subsidiaries in Norway, Germany, France, the UK and Canada, is one of the world’s leading suppliers of advanced, flexible equipment and systems for the collection and administration of fees, primarily in the spheres of parking and public transport. Cale products offer flexible and powerful automated ticket systems combined with unique design, user-friendliness and optimum security. The products, which are marketed primarily under the name Cale, enable unattended payment in most environments. Cale has been part of the Mellby Gård sphere of influence since 1997 – initially as part of Bewator, although in 2004 the business units Bewator and Cale were split up into two separate companies. At the end of 2004 Cale came under the sole ownership of Mellby Gård. Today Cale markets its own high-tech turnkey solutions mainly for parking and public transport as well as automated payment systems to an international market. The company’s products are often part of a total concept in which the company supplies a large portfolio of services with the aim of optimising its customers’ operations. It offers the tools and services that are needed for the secure handling of all functions for recording payments, ticketing, accounting, maintenance, operation and administration.
www.cale.se
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During 2010 and 2011 Eriksberg will evolve into a modern conference facility housing a first-class hotel and restaurants, with frontrow seats for the spectacle of nature. Eriksberg is also a unique meeting place where the contrasts between different eras and styles create a lively and captivating atmosphere. This is perfect for company groups who seek an environment for uninterrupted work in combination with the option to relax. Visitors can go on safari to see the wild animals in their natural habitat, and enjoy the stunning natural surroundings. Eriksberg can offer both individuals and groups hunting experiences beyond the traditional.
www.eriksberg.nu
www.excalfond.se
Feralco manufactures chemical products primarily for water treatment and for the pulp and paper industry. These are predominantly inorganic products, based on aluminium and/or iron. The company’s headquarters are situated in Helsingborg and the Group has subsidiaries in several countries in Europe. Feralco’s main R&D focus is on the development of processes for the recovery of coagulants from sludge resulting from the treatment of drinking water and paper production. The processes Feralco has developed for this purpose are marketed under the names Aqua Reci, REAL and REFE.
www.feralco.com
KEY FIGURES
2009/2010 (08/09) Part of the Mellby Gård Group since Mellby Gård’s ownership Turnover EBITA Number of employees
2003 > 90% MSEK 271 (MSEK 252) MSEK 42.6 (MSEK 37.3) 142 (142)
2005 > 90 % MSEK 915 (MSEK 936) MSEK 215 (MSEK 196) 479 (439)
1997 > 90 % MSEK 716.3 (MSEK 744.1) MSEK 45.5 (MSEK 44.2) 299 (313)
1995 > 90 % MSEK 912 (MSEK 846) MSEK 29.9 (MSEK 28.1) 108 (93)
Anders Bülow Fredrik Johansson
Rolf Bergström Fredrik Hansson until June 2010 Carl-Gustav Mattson from July 2010
Anders Bülow Michael Andersson
Rune Andersson Thomas Svensson
Rune Andersson Bo Lundqvist Leif Christensson Sten Libell Carl Wettergren Stefan Elving Mats Nilsson and Cecilia Avelin (employee representatives)
Erik Andersson Pontus Bogren Erik Thuring Sten Libell Agneta Lilliehöök Jan Erik Nilsson and Timothy Wissler (employee representatives)
FRANS SVANSTRÖM & CO AB
SÖDERBERG & HAAK MASKIN AB
Frans Svanström & Co AB is active on the Swedish office supplies market under three strong and well-known regional brands, as well as one local brand.
Söderberg & Haak is Sweden’s leading privately-owned import company for machines for the green sector. The company started business as an iron and steel wholesaler in 1866, and just over 30 years later a separate business area was set up for machinery. This was the origin of Söderberg & Haak Maskin AB, which celebrated its centenary in 1998. The company is the general agent for the New Holland, Case IH, Krone, JCB, Amazone, Elho and CSF brands. Through its wholly-owned subsidiaries S&H Teknik AB and S&H Teknik A/S in Denmark, it is also the main agent for world-leading manufacturer Vermeer, which manufactures rigs for controlled drilling, trenching products and environmental technology – product lines which are also politically correct.
BOARD OF DIRECTORS
Chairman MD
Rune Andersson Marianne Willén Per Olof Hygren Sten Libell Ewa Johansson Paul Sverdrup Erik Andersson
Rune Andersson Mikael Blomqvist Anders Bülow Bo Forsén Hans Stråberg Fredrik Hansson from June 2010
FLASH AB
ROXTEC AB
Flash offers a basic range of distinctive and trendy women’s fashions. Its clothes are designed inhouse and sold in the company’s own shops, of which there are currently 65. Its target group is independent, active women who are over the age of 30, are young at heart and care about their appearance. Flash has clothes for all occasions, from everyday use to partying. The company is driven by its desire to create good-looking clothes that are also functional and, in addition, the garments have to be of high quality and attractively priced.
Ever since its start in 1990, Roxtec has consistently and purposefully developed and marketed reliable and flexible sealing solutions for cable entries and pipe bushing units in demanding applications. Characteristic features of Roxtec, not just as a supplier but also as a product, are flexibility and simplicity. With the invention of Multidiameter™, which is based on adaptable sealing modules with removable bearings, Roxtec has set a brand new standard for the possibilities of sealing around cables and pipes of various materials and dimensions. Roxtec has solved the problem in a smart, cost-effective way, which has been significant in a number of sectors around the world.
The company was founded in 1968 by the Sverdrup family and has been part of the Mellby Gård Group since 2003. At its head office in Lund about twenty people work on marketing, purchasing, design and warehousing. Its Swedish-designed garments are made mainly in the Far East.
www.flashwoman.se
The customers are currently within a number of industries, with the main sectors being the marine industry, oil and gas, power production and distribution, the construction sector, telecommunications and the manufacturing industry. Roxtec sells security by creating safe work and living environments for people, protecting equipment and investments, ensuring operational reliability at various facilities, and contributing to lower operating costs.
www.roxtec.com
Killbergs is active in the southern part of Sweden with stores and sales offices in Malmö, Lund, Landskrona, Helsingborg and Ängelholm. Wettergrens is the brand marketed in western Sweden, with stores and sales offices in Göteborg, Borås, Stenungsund, Mölndal, Uddevalla and Skövde. In the rest of the country, the company works under the brand name Svanströms with stores and sales offices in Jönköping, Linköping, Södertälje, Stockholm, Västerås, Örebro, Kristinehamn, Karlstad, Uppsala, Norrtälje, Falun, Hudiksvall, Sundsvall, Örnsköldsvik and Umeå. In addition to these brands, we also have a store under the brand name NK Papper in Stockholm. Svanströms is Sweden’s oldest company in the office supplies sector. The range consists of stationery, computer accessories, paper, office machines and other materials. The company’s head office is in Stockholm, where the company was founded by Frans Svanström in 1857. The shared central warehouse is located in Strängnäs.
www.svanstroms.com
Söderberg & Haak Maskin AB has been part of the Mellby Gård Group since 1995. Most of the employees have roots and/or qualifications in agriculture, which is an advantage both for sales and service and in the extensive training provided. On numerous occasions during the year, the various employee categories of the distributors come to Söderberg & Haak’s purpose-built premises in Staffanstorp in order to receive training from Söderberg & Haak’s own staff on the machines marketed.
www.sodhaak.se www.shteknik.se www.shteknik.dk
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KEY FIGURES
2009/2010 (08/09) Part of the Mellby Gård Group since Mellby Gård’s ownership Turnover EBITA Number of employees
2009 (2008)* 2007 29,99% MSEK 4,220 (MSEK 4,099) MSEK 436 (MSEK 414) 1,906 (1,952)
1995 50% MSEK 1,614 (MSEK 1,857) MSEK 441.7 (MSEK 452.6) 363 (402)
2007 – MSEK 128.2 (MSEK 71.8) MSEK 6.4 (MSEK –5.8) 112 (69)
Rune Andersson Donald Johansson/ Kent Johansson
Anders Bülow Fredrik Wistrand
BOARD OF DIRECTORS
Chairman MD
Anders Bülow Fredrik von Oelreich Sanna Suvanto-Harsaae Pia Rudengren Magnus Yngen Tomas Gustafsson Göran Andreasson Per-Åke Halvordsson and Inge Larsson (employee representatives)
Johan Andersson Erik Andersson Stefan Johansson Anders Bülow Hans Berggren Susann Lejon Robert Forsberg and Lars-Göran Wallström (employee representatives)
Erik Andersson Ola Bartholdsson Tomas Gustafsson Hans Lindroth
DUNI**
ÄLVSBYHUS AB**
OPTIK SMARTEYES AB**
Duni is a leading supplier of attractive, functional products for table settings and take-away products. The Duni brand is marketed in over 40 markets and is the market leader in central and northern Europe. The group is listed on the NASDAQ OMX Nordic Exchange in Stockholm.
The business concept of Älvsbyhus AB is to build pre-assembled wooden houses without basements on one or one-and a-half levels at the lowest price on the market. This entails the company being responsible for the entire construction process, from the foundations to a house that is ready to be moved into. The company does this by having its own personnel as well as a permanent team of contractors. Älvsbyhus has always had its own sawmill, which means that the company is pretty much self-sufficient. The company’s market consists of Sweden, Finland, and Norway, with around 40 agents in these three countries. Älvsbyhus is probably the largest single brand in Scandinavia, producing houses at a rate of just over 1,200 in 2010.
The Smarteyes chain of opticians first saw the light of day in April 2007 and is a true newcomer to the sector. The company’s objective is to become the H&M of the optician sector. It is an affiliated company of the Mellby Gård Group.
Its activities are divided into three business areas: Professional, Retail and Tissue. The Professional range offers first-class products for table-settings and service, such as serviettes, tablecloths and table mats. The customers come mainly from the hotel, restaurant and catering sectors. Through its Retail business area Duni offers products to consumers via supermarkets, specialist shops and furnishing stores. The range creates pleasant environments in which to enjoy food and drink. This includes everything from serviettes, candles and tablecloths to plastic products such as glasses, mugs, cutlery and plates. Duni’s Tissue business area consists of its subsidiary Rexcell Tissue & Airlaid AB. They produce soft paper that forms the basis for ’Duni’s production of table items. Half of the company’s production is sold to external customers, primarily for the manufacture of hygiene products. The production facilities are located in Skåpafors and Dals Långed in Dalsland.
www.duni.se
Älvsbyhus is a family company that was founded in 1944 by Göran Johansson (grandfather of the present managing director, Kent Johansson) and his best friend, Gunnar Johansson. To start with, the business concentrated solely on joinery, but in 1960 it embarked on the house production in which it is still engaged today. Since the mid-1990s the company has been owned in equal parts via companies by the Johansson and Andersson families, i.e. by Mellby Gård in the case of the Andersson family.
www.alvsbyhus.se
The ambition of Smarteyes is always to have the lowest prices on the market without sacrificing quality and service. Its frames are designed in Sweden and constantly follow the changes and trends of fashion. Smarteyes’ target group is first and foremost fashion-conscious people and the focus is on stores with a modern layout which are also bright and pleasant to be in – here, too, it is a pioneer in the sector. The company has overturned the traditional way of thinking, where a low basic price is often quoted, with options that can be added by each customer, which often ultimately means that the glasses turn out to be very expensive. With Smarteyes the customer always knows in advance what he or she will be paying. Two price levels apply to the untinted glasses offered: one for single vision glasses and one for multifocal ones – irrespective of sight defects and the choice of frame. This low, fixed price also means that customers often choose to treat themselves to several frames.
www.smarteyes.com
* Financial year = calendar year ** Associated company
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Company structure
Mellby Gård AB
Mellby Gård Industri AB
Mellby Gård Jordbruks AB
ownership >90%
ownership >90%
Cale Access AB
Duni AB
ownership >90%
ownership 29.99%
Feralco AB
Eriksberg Vilt & Natur AB
ownership >90%
Flash AB ownership >90%
ownership >90%
Söderberg & Haak Maskin AB ownership >90%
Roxtec AB
Älvsbyhus AB
ownership >90%
ownership 50%
Frans Svanström & Co AB
Excalibur Värdepappersfond AB
ownership >90%
ownership 50%
Optik Smarteyes AB associated company
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Key financial figures
MELLBY GÅRD AB Consolidated balance sheet 30 June 2010. Amounts are given in SEK million. Assets Intangible fixed assets Tangible fixed assets Financial fixed assets Stock Current receivables Cash, bank, investments
1,111 842 1,800 558 1,866 1,286
TOTAL ASSETS
7,463
Key figures Mellby Gård AB
2009/2010
2008/2009
949.9 852.4 781.0
789.9 700.7 632.1
EBITDA EBITA EBIT
Shareholders’ equity and liabilities Shareholders’ equity Provisions and minority interests Liabilities to credit institutions Liabilities to owners (related parties) Other liabilities
4,264 313 1,060 897 929
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
7,463
Board of Directors Mellby Gård AB Rune Andersson, chairman Sten Libell, deputy member
MELLBY GÅRD INDUSTRI AB Consolidated balance sheet 30 June 2010. Amounts are given in SEK million. Assets Intangible fixed assets Tangible fixed assets Financial fixed assets Stock Current receivables Cash, bank, investments
1,103 339 56 314 591 427
TOTAL ASSETS
2,830
Key figures Mellby Gård Industri AB 2009/2010 2008/2009 Turnover 3,110 3,113 EBITDA 566.4 468.5 EBITA 493.1 404.0 EBIT 422.2 335.6 Number of employees 1,206 1,187
Shareholders’ equity and liabilities Shareholders’ equity Provisions and minority interests Liabilities to credit institutions Other liabilities
1,316 127 708 679
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
2,830
Board of Directors Mellby Gård Industri AB Rune Andersson, chairman Erik Andersson Johan Andersson Anders Bülow Sten Libell, deputy member
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CALE ACCESS AB Departing MD Torkel Härdeman, New MD Henrik Mella
From car park ticket machines to cashless payment systems “It’s great that we have yet another good year behind us,” says Torkel Härdeman, who after 32 years at Cale (13 as MD) is now stepping down as MD. “Within certain market areas poor market conditions have continued to have an effect, but with a lot of effort and forward-looking investment I think we have managed the situation very well. So I’m going to stick my neck out and say that the conditions for growth during the coming financial year are very good. “Our products are considerably more complicated than people think. They form a link in a chain consisting of electronics, mechanics and software. They also have to function in many different technical environments and climates. And finally, a lot of people don’t want them to work so our products are often subjected to sabotage, vandalism and straightforward attempted break-ins. In the spring we launched a compact version of our most technically developed, and complex, system CWT. We are also working hard on the further development of our back-office system, CWO, and integration of more card-readers with the aim of satisfying requirements on new markets. “The future offers a number of exciting opportunities and challenges. One project we have come a long way with, with test facilities already in operation, is a new system based on MIFARE cards. This is a cashless payment system that can be used for several different applications. “Cashless payment systems are growing in popularity all over the world, and the Cale MIFARE system includes cards, reader and top-up stations for all CWT models. In addition to being a quick and flexible way
to pay, the card improves the security and durability of the payment terminals. “In purely practical terms, it means that users can pay for various different activities using one and the same card. For example, public transport, museums and sports facilities as well as parking can all be paid for using one and the same card. The card is fully functional and can also be topped up via our terminals. “I am stepping down as MD during the autumn, and Henrik Mella will take over the helm. He will be the one to continue to conquer the world together with the other companies and teams in the Group, something that I know they can all succeed with,” Torkel emphasises. “Based on assessments I can make today, I anticipate growth of 10% over the course of the new financial year.”
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ERIKSBERG VILT & NATUR AB MD Per-Arne Olsson
Better one good herd in the wildlife reserve than ten out in the forest Eriksberg enjoys a privileged location in the Blekinge archipelago, south-east Sweden. This natural area is wonderfully varied, encompassing everything from bare rocks to large areas of thickly wooded hardwood forest. Nine hundred hectares make Eriksberg one of northern Europe’s largest wildlife reserves, and once inside the park gates a rare sensation awaits the visitor. Here red and fallow deer, the European bison – currently threatened with extinction – wild boar and mouflon wander freely together. Being able to enjoy the Swedish countryside in this way makes it feel like you have been transported hundreds of years back in time and feels a bit like a safari in Africa. “On 3 December 2009 the newly renovated conference facility and gourmet restaurant was taken into use, and for the first time we took over all operations within the area,” says Per-Arne Olsson, manager of Eriksberg. “Previously the food service was contracted out, but now we have our own team of chefs catering for guests. “We are convinced that they will do it so well that guests will come just to stay and eat at Eriksberg. “We have a really brilliant team offering fantastic food,” Per-Arne says. “Our first year with the new facility and staff began very well. We had plenty of bookings all spring, with everything from conferences and company meetings to parties and weddings. Of course, a lot were from the region, but we also had a number of international guests. “We had every reason to look ahead with confidence to the current year and the next financial year.” Then we suffered a major catastrophe, quite literally out of the blue, making all our future plans irrelevant.
At the start of July the newly renovated and expanded restaurant and conference facility at Eriksberg was struck by lightning, and the subsequent fire destroyed the entire building. “This meant that we had to transfer our existing bookings, as far as was possible, over to Herrgården. During the course of October 2010 the hotel activities will re-start, and we hope to be fully open again by summer 2011.” That’s when the largest numbers of visitors come. As an estimate, around 20,000 visitors come during the summer months. In total, more than 30,000 people visit Eriksberg every year. They come to see the animals and the natural surroundings, and perhaps also to enjoy our exceptionally good bisonburgers. That’s something we alone serve! “We have changed the focus of our activities a little. We have shifted from hunting/nature tourism to hotel and restaurant operations. Comprehensive improvement work to the infrastructure and buildings has been carried out and we now stand ready to meet the future. During the coming financial year we expect to have everything up and running, including the exclusive conference villa that will mean that the world opens up to Eriksberg. Security measures taken at the conference villa mean that we can accommodate the most stringent requirements for security anyone could request. “You could say we’re moving towards a more open but at the same time more secure Eriksberg,” concludes Per-Arne.
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EXCALIBUR VÄRDEPAPPERSFOND AB MD Thomas Pohjanen
Continued stable return and best hedge fund in Sweden “During the past financial year the Excalibur fixedincome hedge fund was awarded the distinction of being the best hedge fund in Sweden. It was the publication Privata Affärer that awarded us Sweden’s biggest independent fund prize. And this distinction brought many new investors to our door,” says Thomas Pohjanen. The jury for Fund of the Year checked the returns on the funds for 2009 and three years before that. The selected funds must also have good prospects for the future. This is how the jury justified their decision: “Stable return at low risk makes this fund a winner in the long term.” “Under management, our capital doubled from MSEK 737 to 1,504, and both private individuals and institutions contributed to the strong increase in volume. It is also extremely enjoyable to be able to deliver a continued stable return, which was 8.64% for 2009/2010. “During the past year we have also worked to disseminate the brand. In a financial market dominated by the big banks’ fund companies, it is extra important to be able to deliver an excellent quality service – in the case of the fund this means creating a good and stable return over time. Our greatest strength is that over the course of ten years we have never had a negative year; that and of course the fact that the average annual return for the fund has amounted to 7%,” Thomas continues. “Ahead of the 2010/2011 financial year, the fund has decided to further strengthen its staff with the appointment of Louise Möllander as administrator. Being able to guarantee the quality of all the reporting that is always part of daily life for the fund has a very
high priority, and reinforcement of personnel should be viewed in that light. “When it comes to distribution of the fund, there is now good experience of cooperation with Avanza Bank. We are continuing with the cooperation we began in summer 2009 and of course it’s very good that the fund will be able to reach a broader circle of investors. The banks don’t have this kind of product, with a moderate risk profile, that over time creates a considerably better return than the banks’ fixed-income funds,” Thomas concludes.
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FERALCO AB Ludovic Huitorel, MD Feralco Europe + Stephen Childs, MD Feralco Europe-North
A pleasing year “The company’s Earnings before Interest and Tax (EBIT) were 75% up on the previous year, continuing the good profit development of the Group. All operating companies positively contributed to this result,” says Ludovic Huitorel, Managing Director Feralco Europe. Over the last ten years, Feralco has built a comprehensive European industrial network, able to offer its customers a high-quality package of chemicals for the Water Treatment & Paper Industries, which has delivered the foreseen benefits. There was also some relief compared with the previous year on the price of key raw materials and this was a factor in the improved operating result. However, the following general comments regarding individual countries are worth highlighting; In the Netherlands, after some difficult years, 2009–2010 was a year of recovery, with a good performance. This is a direct result of the plant restructuring that was completed at the end of 2008. The industrial efforts will continue as the Company announced a 2M€ investment plan to upgrade the plant to Feralco best practice standards. The south of Europe has generally been more affected by the economic downturn. However, our businesses in Spain and Italy have performed well in these difficult environments. In particular, Spain has been consolidating its leadership position in the Peninsula after the 2008 company acquisitions. In France, the company has announced the creation of Feracid, a joint venture with the Novacap Group to construct a brand new Ferric Chloride production unit in Grenoble. This new unit will allow us to meet increasing demands for high-performance inorganic
coagulants, in particular for waste water treatment. Operations will start in 2011. “Dry weather conditions during 2010 in the United Kingdom reduced demand for traditional products for the water market. However, continued improved sales of value-added high-performance products offset this and contributed to another strong financial performance in this area,” says Stephen R Childs, Managing Director Feralco Europe-North. In Germany where we have a greater proportion of sales to industrial end users, demand started to pick up at the start of the second half of the year and has remained strong. Sales to export customers from Germany were muted compared with the previous year, however some signs of an improvement were seen towards the year-end with an improved forward order book. The Swiss business, which has close links to our German operations, also had a pleasing result for the year. Our business in the Nordic regions showed another year-on-year improvement with several ongoing projects expected to contribute strongly to the company’s performance into the next financial year. All in all the Group is well positioned to take advantage of new opportunities to add to and improve the market position of the operating companies and in this respect the management team continues to actively investigate and evaluate potential new opportunities.
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FLASH AB MD Fredrik Johansson
Unique clothing brings loyal customers and continued growth for Flash “We at Flash are continuing our work to supply fashion for Swedish and Finnish women,” says Flash MD Fredrik Johansson. “Every year that passes we reach even more customers, thanks to our continuing expansion of new stores. We opened no fewer than nine new stores during the last financial year. By the end of the year there were 64 Flash stores in total, 61 of which were in Sweden and three in Finland. The stores in Sweden are scattered all over the country, from Ystad in the south to Umeå in the north. The stores in Finland are in Helsinki and Pori. The expansion will continue and we will be establishing new stores as early as this financial year.” Competition is always tough in the fashion world, and this also applies on the Swedish and Finnish markets where we are active. In general it can be said that the major chain stores have got bigger in recent years, while a number of smaller chains have gone into reverse. Altogether this means that it will be increasingly important to offer customers a collection of unique designs. We have a base of many loyal customers. As we are now expanding and have a presence in many new locations, it is also a challenge to find new Flash customers. During the past year, we have taken a number of measures in order to be more visible in the media. This will continue in future, to ensure that we attract even more loyal Flash customers. The collection is at the heart of the business. Our success depends on our being able to always offer our customers new designs, new materials, and new colours. Our purchasing and design department works constantly to create new garments. During the past year our various collections have had a good response
from customers. We also see the potential to broaden the collection in future, to offer our customers even more fashion. Naturally all clothing in Flash stores will continue to be created by Flash designers. The main point of this is so that we can continue to be unique; it won’t be possible to find Flash clothing anywhere but in a Flash store. We are also continuing to develop our cooperation with our suppliers. As the majority of our suppliers are located in Asia, this means a lot of travelling for our purchasing and design department. In future it will also be important to create new supplier contacts, as we prefer not to put all our eggs in one basket. Our assessment is that Flash will continue to grow at a good pace in future. The Flash organisation will also develop at the same pace. Our employees, both in the stores and at the head office in Lund, form the basis of our success. A combination of long experience and exciting new skills gives us a strong team that can lead the company forward. “We at Flash are looking ahead to the future with confidence. We are already a stable and profitable company, but we can also see great potential for becoming even better in future. Creating even better collections and expanding with even more stores means that our growth and profitability will develop at a good pace over the next few years,” concludes Fredrik.
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ROXTEC AB Departing MD Fredrik Hansson, New MD Carl-Gustav Mattson
Roxtec holds its own in global battle “Our results for 2009-2010 are very strong, considering global market conditions,” says Fredrik Hansson, who left his position as MD of Roxtec at the end of the financial year. “We experienced a downturn in sales of 2% due to exchange rate fluctuations, but our EBIT level increased by 10% to MSEK 215. We held firm through our strategies for creating growth, dealing with our customers’ needs and giving them the best possible experience of our brand. “Several geographical markets generated impressive growth. Brazil, Spain, Germany and South Korea all exceeded 25% organic growth. We also experienced good growth in the USA, the UK, Italy, Russia and China. India and the Middle East have provided good conditions for being able to reach the top.” “Thanks to our investments we are now much stronger in South and Central America, as well as in Asia. And there are still great opportunities. It is important for us to continue to grow in order to be able to invest in new markets,” says Carl-Gustav Mattson, who took over from Fredrik as MD on 1 July 2010. “We launched seven new product families over the course of the year,” Fredrik explains. “We applied for 32 patents and 15 utility models, and had 21 new patents granted. We also applied for ten new industryspecific certificates, which now gives us a total of 285. Our ability to translate customers’ needs into products and services is the key to generating continued profitable growth. “Roxtec currently has a turnover of almost SEK 1 billion. The target is 2 billion. We know where to invest and what products to develop to achieve this. We are constantly improving and streamlining our supplier chain, our IT services and our sales organisation in
order to deliver added value to our customers. We have the right ingredients and brilliant staff for success, as we set our sights on a closer-knit world.” After five successful years, Fredrik Hansson stepped down from his position as MD. He handed over to CarlGustav Mattson, who has been equally successful in establishing Roxtec in India. Together they predict that the company has a future full of potential. “There are good reasons for establishing Roxtec on strategic markets. We must have a local presence in order to serve our global customers right across the world, and to be able to follow international projects across borders,” Carl-Gustav emphasises. “This includes distribution as well as service and support functions. I believe that we can get even closer to customers when it comes to shortening lead times and supplying customised solutions. At Roxtec we are prepared to climb the highest mountain or cross the deepest river to exceed customers’ expectations. With the help of our segment experts we can see the opportunities in our established market segments. We will apply a focused strategy in R&D investments. With new products and new areas of application for existing products, we can sell even more to our satisfied customers than we do today!”
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FRANS SVANSTRÖM & CO AB MD Michael Andersson
Satisfied customers and thriving staff signal strength and enterprise “Despite the downturn in the sector, the business has again demonstrated strong profitability,” says Michael Andersson, MD of Frans Svanström & Co AB. “During the past year, the Svanströms Group has consolidated previous acquisitions and made investments for the future in the form of a new business system and a new web shop, as well as building up a new line of goods, school supplies. “With the new web shop we are addressing in the first instance our primary target group, small and medium-sized companies, but private individuals are now also able to buy from us over the internet. Our customers can always feel secure when they buy from the Svanströms Group. We are members of Trygg E-handel, a trustmark scheme, and follow their requirements for a safe and secure web shop. “During the year we have also divided the activities up in organisational terms into Store/Office Warehouse, Delivery Sales and Web Shop. “After being named Europe’s best office supplies company in 2009, the company has in 2010 been named one of Sweden’s strongest brands. Svanströms is the only company in the sector to receive this distinction. “The successful strategy of the company having local brands – Killbergs, Wettergrens, NK Papper and Svanströms – continues, and is considered to be a significant factor in our success.” The sector is currently characterised by massive internationalisation, with global players strengthening their market positions through acquisitions. Within the Svanströms Group we will continue to be proactive on the market by means of further acquisitions and major focus on organic growth in order to secure our long-term profitability.
In summary, what makes us unique is: • We are Sweden’s second largest office suppliers, and the only one that covers the entire country, with stores, sellers and a web shop. • We are Europe’s oldest office supplies company. • We have the most stores within the sector. • We are the only Swedish-owned company among the largest players. • We take responsibility for and own the entire process from producer to customer through our own purchasing offices in Asia and our own brands. • We have environmental and quality certification from ISO. • We have the most extensive range in the sector. • We were named Europe’s best office supplies company in 2009. • Our brand has been named one of Sweden’s strongest. • We consider that we have the best staff. “With 99.3% customer satisfaction and a 95% feelgood factor for our staff, continued development of the range, and a boosted concept regarding the various business areas, the company is in a very strong position on a changeable market. Altogether this means that the future is looking bright for us,” says Michael, as he sums up the situation.
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SÖDERBERG & HAAK MASKIN AB MD Thomas Svensson
As ye sow, so shall ye reap “The market has shown a convincing willingness to invest. Early on in the 2009-2010 financial year, it was the pessimists who got most coverage in the media, but reality exceeded all our expectations,” says Thomas Svensson, MD at Söderberg & Haak. “Compared with last year we have seen incoming orders increasing month on month, and by the end of this year they were 30% higher than the corresponding point the previous year. “This is fantastic when you consider the negative view given, especially by the trade press, of the agricultural and construction market. Obviously this had no impact, and our customers have viewed the future with confidence. “Behind these fantastic figures lie increased sales of both New Holland and Case IH tractors, increased market shares for forage harvesting equipment from Krone and an extremely successful introduction of our new brand JCB. “Obviously we are very pleased by these successes, but at the same time humbled. We have worked hard despite the pessimistic mutterings from so many. And that has produced results. As the old saying has it, as ye sow, so shall ye reap, and we have clearly ‘sown right’ in investing in more staff, increasing our efforts with regard to dealers, our brands and service market. “Overall we have done everything to try to live up to our ambition to be the absolute best supplier within the sector. “It is not just our efforts that have made a difference – there is also long-term optimism for Swedish agriculture and forestry, as well as an estimate before the new growing year that looks better than the costing following last year’s. It’s this that, together with strict
investment plans, means that the ongoing structural streamlining is followed up. “But we won’t blow our own trumpet and leave it at that,” stresses Thomas. “We will continue to invest and expand. In addition to our recruitments during the last financial year, when we divided sales responsibility up into three sections, in 2010/2011 we will focus more on JCB. The team has just been expanded by a service and product specialist and a spare parts specialist. “In the face of the coming financial year, things look generally bright. The early months of the year have continued in the same vein as last year and we have yet to see anything to dim our optimism for 2010/2011,” Thomas concludes.
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DUNI AB MD Fredrik von Oelreich
Strength creates opportunities “The recession kept 2009 in a tight grip. With this in mind it is especially pleasing to again be able to report a year with increased sales, strong finances and excellent results,” says Fredrik von Oelreich, MD and president at Duni AB. “We have strengthened our position on many markets and coped with the recession relatively well. The Professional business area and the German market were particular reasons to rejoice. “Thanks to some excellent results and successful work on reducing working capital, in the first instance through a drastic reduction in stock, Duni was able to generate a very strong cash flow during the year. This means that net liability went down, which essentially provides a financial flexibility and strength that creates strategic freedom of action. “Private sector consumption has been cooled right down by the recession, and within the Retail business area 2009 was also a challenge. Nevertheless we can still demonstrate a relatively stable sales trend. It is also pleasing that around 600 ICA stores in Norway have now opted to invest in Duni’s range. “For the Tissue business area too, 2009 was a turbulent year, with a weak first half of the year causing a production stoppage at the mill in order to avoid a build-up of stock. The second half of the year offered increased demand from the hygiene sector in particular and Tissue ended 2009 with largely unchanged sales. However, the operating income was burdened by the production stoppage and a less advantageous product mix than previously. “The trend towards replacing linen napkins and tablecloths with premium-quality paper-based products continues, despite the poor economic conditions. The
take-away segment is also continuing to expand as a result of changed lifestyle habits,” points out Fredrik. “The early part of 2010 continued to be weak, but by the end of the first quarter results had improved markedly. We delivered a strong second quarter for 2010 against a background of dramatic increases in primarily pulp prices. Naturally, there were a number of factors that contributed to the positive trend in the results. To begin with, there was a greater volume of work in hand at the factories, particularly within Tissue. Furthermore, the cost-saving programme achieved its full effect, which is reflected in both lower indirect costs and higher productivity. “Innovative new products and concepts are creating conditions for continued success. Duni is today financially strong and well-positioned to both tackle challenges and make use of the opportunities presented by the market. During the year we have also been named a B2B Superbrand on the Swedish market by Superbrands. “During the spring we opened a sales office in Moscow. We have also initiated investments in the mill at Skåpafors, measures that aim to strengthen our leading position on the market and create conditions for long-term growth. During the third quarter of 2010 general price increases will be implemented to compensate for the dramatically increased prices of input materials. We believe the pace of recovery will continue to be slow, partly as a result of the austerity measures now being introduced in many places throughout Europe,” says Fredrik in conclusion.
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ÄLVSBYHUS AB Departing MD Donald Johansson, New MD Kent Johansson
Most house for your money increased market share “In 2009 we made significant advances in terms of our market share,” says Kent Johansson, new MD of Älvsbyhus. “This was in the wake of the global financial crisis, when despite massive negative publicity in the media, we stood in a stronger position than our rivals. The explanation for this is that we give our customers more house for their money, and that message gets through in difficult times. It is also in keeping with our business concept: ‘Quality houses at the lowest price on the market’. “We have been market leaders in Sweden since the year 2000, but with 1,500 delivered wooden houses we took a further few per cent of the market to reach 13% by the end of 2009. During the first half of 2010, however, the situation stabilised, and our rivals have taken back what they lost the previous year. We are back to our normal level, which means that we have between 10 and 11 per cent of the market for wooden houses. “The downturn in the number of houses sold is partly due to the fact times have been tougher in general, though the negative publicity we received in connection with a few cases that attracted a lot of attention where we had failed to follow a decision of the Swedish National Board for Consumer Complaints (ARN) obviously also had an impact. Especially in Finland, where we experienced a real dip. From a record 700 houses, sales have basically halved. Even though Finland and the Finnish economy have suffered a real blow, I believe that the majority of the decline can be attributed to that negative publicity. “We have learned from that. It was a useful wake-up call, and today we have a different view of complaints and how we handle them. We don’t want to be in that situation again.
“The reason behind it was that in 2008 we had no fewer than 1,900 deliveries and it was quite simply too much. The sector was expanding rapidly and it was difficult to get the right workforce. You could really feel the production equipment was being used to its absolute utmost. And in those circumstances it’s quite natural for things to go wrong sometimes. “Despite all that, we think the future is looking bright. Although it’s true we have had to give notice to some staff and have reduced our rate of production from 30 houses a week to 22. And of course this is no fun for a new MD, but we have to cut our coat according to our cloth. “Over the course of 2010 we reckon on supplying 1,200 houses, and currently we have orders for 400 houses on our books. “We are working hard to polish up our image and further improve our products. A new sales manager in Finland was appointed during the year and I think that’s a useful shot in the arm for the company as a whole,” Kent concludes.
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OPTIK SMARTEYES AB MD Fredrik Wistrand
Smarteyes – a sight for sore eyes “It feels great to be able to report a positive result for the first time, and although the figures aren’t dizzyingly high at least it’s clear we are on the right track,” says a satisfied Fredrik Wistrand, MD at Optik Smart Eyes AB. Smarteyes was founded in April 2007, and since then it has worked to fulfil its aim to be the best optician for its customers. And to offer top-quality, welldesigned glasses at the lowest price on the market. “Now we are starting to see proof that we have succeeded. The customer satisfaction index shows this, with us coming top in the sector. During the year we have opened six new stores, and all 14 stores across Sweden are now generating positive figures. The glasses sector has been hit quite hard by the financial crisis, and therefore it is especially pleasing that all of our stores have increased their turnover and earnings in spite of a definite downturn in the market. This means that we have captured a large market share. “We can also confirm that none of our rivals has managed to match our honest low price line; on the other hand competition within the sector is generally getting tougher, which is obviously reflected in advertising and marketing. It seems to me that the marketing of many of our rivals is quite aggressive at the moment, on the verge of what is permissible. “We expect to keep to our own pricing strategy for several years to come. For glasses with single vision lenses, we have always gone for the right price and still keep to the pricing we started out with. For multifocal lenses we have been forced to make a change, but we now know that this level is sustainable and we expect to keep to these levels for the foreseeable future. “We are continuing to work with undiminished force
for growth and expansion in Sweden, as well as in a few other Nordic countries. We expect to reach as many as 25 or so stores over the course of the current financial year. “During the year we have also formed a sister company in Germany, which signals the start of our international expansion. The journey has begun with two stores in Germany and work on further establishments is under way. From here we will then move on from country to country until we have provided most of Europe with glasses at the right price,” Fredrik concludes.
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CALE ACCESS AB
ROXTEC AB
Box 1307 SE-171 25 Solna Street address: Englundavägen 7D Tel. +46 (0)8-799 37 00 Fax +46 (0)8-799 37 99 info@cale.se
Box 540 SE-371 23 Karlskrona Street address: Rombvägen 2 Tel. +46 (0)455-36 67 00 Fax +46 (0)455-820 12 info@roxtec.com
www.cale.se
www.roxtec.com
DUNI AB
FRANS SVANSTRÖM & CO AB
Box 237 SE-201 22 Malmö Street address: Ubåtshallen, Östra Varvsgatan 9 A Tel. +46 (0)40 10 62 00 Fax +46 (0)40 39 66 30 info@duni.com
Box 90132 SE-120 21 Stockholm Street address: Byängsgränd 22, Årsta Tel. +46 (0)10-458 50 00 Fax +46 (0)8-646 19 38 info@svanstroms.com www.svanstroms.com
www.duni.se SÖDERBERG & HAAK MASKIN AB
Eriksberg SE-374 96 Trensum Tel. +46 (0)454-56 43 00 Fax +46 (0)454-56 43 99 info@eriksberg.nu
Box 504 SE-245 25 Staffanstorp Street address: Industrivägen 2 Tel. +46 (0)46-25 92 00 Fax +46 (0)46-25 01 39 mail@sodhaak.se
www.eriksberg.nu
www.sodhaak.se
EXCALIBUR
OPTIK SMART EYES AB
Värdepappersfond AB Box 161 72 SE-103 23 Stockholm Street address: Nybrokajen 7 7tr Tel. +46 (0)8 440 53 94 Fax +46 (0)8 545 04 889 info@excalfond.se
Kyrkogatan 18 SE-411 15 Göteborg Tel. +46 (0)707-23 27 27
ERIKSBERG VILT & NATUR AB
www.excalfond.se FERALCO AB
Industrigatan 126 SE-252 32 Helsingborg Tel. +46 (0)42-24 00 70 Fax +46 (0)42-24 00 90 info@feralco.com www.feralco.com FLASH AB
Fältspatvägen 1b SE-224 78 Lund Tel. +46 (0)46-12 43 40 Fax +46 (0)46-211 94 30 info@flashab.se
www.smarteyes.com ÄLVSBYHUS AB
Ställverksvägen 6 SE-942 81 Älvsbyn Tel. +46 (0)929-162 00 Fax +46 (0)929-162 99 marknad@alvsbyhus.se www.alvsbyhus.se MELLBY GÅRD AB
Box 5322 SE-200 72 Malmö Street address: Ribersborgsvägen 17 Tel. +46 (0)40-98 77 00 Fax +46 (0)40-98 77 09 mail@mellby-gaard.se www.mellby-gaard.se
www.flashwoman.se
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Production: Grafix Konsult AB, Malmö
GB