Annual Report 2009 - Husqvarna Group

28 Husqvarna Annual Report 2009
The Husqvarna share
Listing and trading volume
Husqvarna shares were listed on NASDAQ OMX Stockholm on
13 June 2006.
A total of 631 million (484) Husqvarna shares were traded in
2009, with a total value of SEK 27.5 billion (27.8), corresponding
to an average daily trading volume of 2.5 million (1.9) shares or
SEK 110m. The trading volume corresponded to 0.8% of the
total volume of shares traded on NASDAQ OMX Stockholm
in 2009.
Share-price trend in 2009
In 2009 the Husqvarna A-share increased by 53% (–51) and the
B-share by 51% (–46). NASDAQ OMX Stockholm’s All-Share
index increased by 47% (–42) and OMX Stockholm Consumer
Discretionary index, in which Husqvarna is included, increased
by 54% (35). The year-end closing price was SEK 49.8 (37.9) for
the A-share and SEK 52.75 (41.3) for the B-share. Market capitalization
at year-end was SEK 30.0 billion (15.6).
ADR Program
An ADR program for Husqvarna B-shares facilitates trading
for American investors. The ADRs are traded on the American
over-the-counter (OTC) market. The Bank of New York Mellon
is Husqvarna’s ADR Depositary Bank. One ADR is equivalent
to two ordinary B-shares. For more information, visit
www.adrbnymellon.com.
Ownership structure
The number of shareholders at year-end amounted to 71,750
(64,555). 68.5% (74.6) of the share capital was owned by Swedish
institutions and mutual funds, 17.7% (12.0) by foreign investors
and 13.8% (13.4) by private Swedish investors.
Rights issue
Husqvarna completed a rights issue in April. The issue was fully
subscribed, and raised approximately SEK 3 billion. It also
resulted in changes in share capital and the number of outstanding
shares. For more information about the rights issue,
see page 36.
Share capital and voting rights
The share capital is distributed between 147,570,030
(98,380,020) A-shares and 428,773,748 (286,756,875) B-shares,
totaling 576,343,778 (385,136,895) shares. The share capital
amounted to SEK 1,152,687,556 (770,273,790). A-shares carry
one vote and B-shares one-tenth of a vote. Both share classes
entitle equal rights in terms of the company’s assets and earnings.
For more information, see Note 17.
Dividend and dividend policy
The Board of Directors has proposed a dividend of SEK 1 per
share (0) for 2009, representing 64% of net income. The longterm
goal is for the dividend to correspond to 25–50% of net
income for the year.
Repurchase of shares
The Annual General Meeting 2009 authorized the Board of
Directors to repurchase a maximum of 3% of the total number
of outstanding B-shares. The repurchase of shares is intended
to ensure Husqvarna’s commitments in terms of existing longterm
incentive programs. No shares were repurchased during
the year. At year-end, the total number of repurchased shares
amounted to 2,723,128 B-shares (2,919,000), corresponding to
0.47 (0.76%) of the total number of outstanding shares.
For more information about repurchased shares, see page
37, and the proposal for repurchase on page 38.
Incentive programs
Husqvarna has share-related long-term incentive programs for
2007, 2008 and 2009. The Board of Directors proposes that the
AGM 2010 adopt a long-term incentive program for 2010. For
more information about the incentive programs, see Note 19.
Husqvarna B-share, price development
SX25 Consumer Discretionary_PI
OMX Stockholm_PI
Husqvarna B-Share
Turnover no. of shares, thousands
SEK
Turnover
90
80
70
60
50
40
80,000
60,000
30
40,000
20,000
20
2006 2007 2008 2009
SEK
60
55
50
45
40
35
30
25
Turnover
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
2009
30,000
25,000
20,000
15,000
10,000
5,000