Opus Group Annual 2011 Report ENG

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6 OPUS 2011 ”FOR OPUS AS A WHOLE, WE SEE CONTINUED GROWTH combined with good profitability.”
OPUS 2011 7 CEO’S COMMENTS NORTH AMERICA GAINS MOMENTUM We continue to develop Opus as a company with a dedicated industry focus and with the clear goal of becoming a global leader in the environmental and safety testing of vehicles. With a look back at the year 2011, I note a positive trend in executed transactions, signed contracts and completed acquisitions. North America is growing through new contract wins and acquisitions With an EBITDA margin of 26 percent for the year, adjusted for the ESP-related acquisition costs, the North American business continues to deliver good profitability. Future revenues and organic growth was assured when Systech won a significant long-term contract to run the State of Wisconsin decentralized vehicle inspection program. The contract is for 5 years, with two possible for extensions of 3 years each. Key acquisitions discussions began with ESP (Environmental Systems Products) in 2011 and a major step forward towards becoming the largest supplier in the decentralized vehicle inspection market in the United States was taken with the acquisition being closed in January 2012. ESP has a very strong position in the industry and a strong brand. By combining ESPs market position and its experienced and dedicated staff, with Systech’s technological leadership in the industry, we are confident that the combination of the two companies will lead to more business opportunities in the future. More than a year ago, we opened the group’s first inspection station in South America, where we combined Systech’s skills, software and technology with Opus’ European test equipment technology. We believe that this reference will be important for other market opportunities internationally. Europe & Asia is growing organically Europe & Asia reports a continued organic growth of around 14 percent for 2011. EBITDA improved to SEK 10 million, equaling a margin of 6 percent. The demand for the company’s products and services continues to increase, and during the year, new long-term customer contracts have been successfully won. At the end of the year, we acquired operations within the sale of hand tools and consumables from Volvo Car Corporation (VCC) as part of Opus Bima’s strategy to provide the company with more product areas which are less cyclical than investment products. The operations will contribute to revenue from 2012. Deregulation of the vehicle inspection market in Sweden has now gathered momentum and Opus sees good opportunities for equipment sales and service in the future, as the number test lanes on the market is expected to double over the next few years. Positive view of the future For Opus as a whole, we see continued growth in parallel with good profitability. The net result is still adversely affected by the five-year amortization of Systech’s IP, until April 2013. Provided that the business is developing according to plan, we will then see a significantly better net profit and earnings per share (EPS). We are proud to report that we will come close to our ambitious target of SEK 500 million in Group revenue in 2012, set during 2008, especially considering the global recession and difficult time for the vehicle industry in 2008 - 2009. Opus Group has continued to improve and is a profitable growth oriented company, which continues to grow both organically and through strategic acquisitions. The cash flow is forecasted to continue to be strong. Gothenburg in April 2012 Magnus Greko President and CEO
Page 1 and 2: A GLOBAL GROWING COMPANY WITHIN ENV
Page 3 and 4: OPUS ÅRSREDOVISNING 2011 1 OPUS IN
Page 5 and 6: OPUS 2011 3 FULL YEAR 2011 230,0 MS
Page 7: OPUS 2011 5 A GLOBAL GROWING COMPAN
Page 11 and 12: OPUS 2011 9 Strategies The main str
Page 13 and 14: OPUS 2011 11 2008 STANDARDS FOR OZO
Page 15 and 16: OPUS 2011 13 Competitors within veh
Page 17 and 18: OPUS 2011 15 PRODUCTS OFFERED IN BU
Page 19 and 20: OPUS 2011 17 AIM IS TO OFFER COMPLE
Page 21 and 22: OPUS 2011 19 NORTH AMERICA ESP ESP
Page 23 and 24: OPUS 2011 21 MULTIPLE REVENUE MODEL
Page 25 and 26: OPUS 2011 23 THE SHARE Opus is a pu
Page 27 and 28: OPUS 2011 25 Outstanding Share Opti
Page 29 and 30: OPUS 2011 27 KEY RATIOS 2011 2010 1
Page 31 and 32: OPUS 2011 29 CORPORATE GOVERNANCE C
Page 33 and 34: OPUS 2011 31 Engman, Jan-Crister Pe
Page 35 and 36: OPUS 2011 33 communication should t
Page 37 and 38: OPUS 2011 35 MANAGEMENT Magnus Grek
Page 39 and 40: OPUS 2011 37 RESULT AND FINANCIAL P
Page 41 and 42: OPUS 2011 39 Financial risks For mo
Page 43 and 44: OPUS 2011 41 the ESP acquisition, c
Page 45 and 46: OPUS 2011 43 CONSOLIDATED STATEMENT
Page 47 and 48: OPUS 2011 45 CONSOLIDATED STATEMENT
Page 49 and 50: OPUS 2011 47 PARENT COMPANY INCOME
Page 51 and 52: OPUS 2011 49 PARENT COMPANY BALANCE
Page 53 and 54: OPUS 2011 51 PARENT COMPANY CASH FL
Page 55 and 56: OPUS 2011 53 Functional currency an
Page 57 and 58: OPUS 2011 55 Share option programs
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OPUS 2011 57 recognized in the fina
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OPUS 2011 59 2011 Europe & Asia Nor
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OPUS 2011 61 and other remuneration
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OPUS 2011 63 NotE 9 NET FINANCial I
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OPUS 2011 65 KSEK +1% -1% North Ame
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OPUS 2011 67 exceeding the principa
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OPUS 2011 69 2011 Assets in the bal
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OPUS 2011 71 GROUP STATEMENT OF FIN
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OPUS 2011 73 Salaries, other remune
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OPUS 2011 75 DIRECTOR’S CERTIFICA
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OPUS 2011 77 GLOSSARY ATL Automatic
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