Mellby Gård EN final

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Introduction 5

THE YEAR IN BRIEFThe Group 6

OTHER BUSINESS ACTIVITIESAgriculture, horses, forestry and hunting 8

Company facts 10Company structure 14Financial key ratios, Mellby Gård AB 15

THE YEAR IN BRIEFCale Access AB 16Eriksberg Vilt & Natur AB 18Feralco AB 20Flash AB 22Roxtec AB 24Optik Smart Eyes AB 26Söderberg & Haak Maskin AB 28Älvsbyhus AB 30Excalibur Värdepappersfond AB 32BM Agri AB 34Studentconsulting AB 36 Duni AB 38

Contact details 40

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The way that Mellby Gård has developed over the last 25 years has been truly astonishing Both for the agricultural property Mellby Gård, which lies in the heart of Skåne, and for the group of companies with the same name, which under the

stewardship of Rune Andersson has developed into an international industrial group with many different strings to its bow

As regards the farm and its operations, Mellby Gård has developed to become a modern, rational agricultural business and one of the biggest animal producers in the county

Its operations also include horse breeding, forestry and hunting As far as the industrial group Mellby Gård AB is concerned, all of its businesses are

number one or two in their own sector, which is fully in line with Rune Andersson’s philosophy Or have the potential to be so They are also exclusively companies in mature sectors

This annual report is an account of the last financial year within the Group, and we also let the individual companies introduce themselves and provide a brief insight into their operations The major events that took place during the financial year and expectations of the future

During the year the Svanström Group was sold and two interesting new companies joined the Group’s portfolio as associated companies: BM Agri and StudentConsulting

In autumn 2011, since the end of the financial year described in this annual report, Mellby Gård also invested in KappAhl

Despite turbulent times in the financial systems and extremely negative views of the financial situation and economic developments, Mellby Gård has once more reported very good profitability Some businesses have performed slightly better, others less well, but overall the Group is once more presenting a very strong financial result

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MELLBY GÅRD AB / MELLBY GÅRD INDUSTRI AB

Rune Andersson, Anders Bülow

“Overall, we’re satisfied with the financial results There haven’t been any dramatic changes in any of the companies Upturns in some, downturns in others,” confirms Rune Andersson “A stronger Swedish krona last year meant that the operating profit was slightly poorer, but comprehensive income was better thanks to the sale of the Svanström Group

“Different cycles in different companies mean that we achieve a decent balance, which all in all provides the business with good stability

“In financial terms, the disposal of the Svanström Group was one of the more important events of the year, although the decision to sell is in line with our strategy of being number one or two in the market,” points out Anders Bülow “As the market for office supplies has been redefined, and having once been a national market it’s now regional or global

“During the business year we invested in two new businesses We now own 30% of StudentConsulting and 40% of BM Agri ”

“StudentConsulting has no link to any of our other businesses, but we view it as an interesting growth area In Sweden the staffing sector is about half the size compared with other countries in Europe, and we expect the sector to expand in due course,” says Rune Andersson

“BM Agri trades in fertiliser and cereals, and here we’re contributing to increased competition in a market that can almost be compared to an oligopoly The fact that we’re creating competition and choice in this market is also giving us goodwill among custom-ers for agricultural machinery at Söderberg & Haak

“During the year we acquired Akzo Nobel’s Vet-landa factory, which reinforced Feralco’s position in the Nordic region,” adds Anders Bülow

Slightly poorer operating profit, but comprehensive income better than ever

“If we look at the individual businesses, this year’s financial results are much better in Söderberg & Haak, Excalibur, Feralco and Flash

Roxtec levelled out, while Duni and Smarteyes are going to plan Cale fell back a little, as did Älvsbyhus

“Despite extensive investments during the year, we have a negative debit liability, which means that our liquid assets are greater than our liabilities,” empha-sises Rune Andersson

“We now hope that we can really benefit from the fairly conservative policy that we’ve been following for a number of years We have tremendous potential for expansion, as we have significant financial capacity

“Every economic trend creates opportunities, it’s just a matter of identifying them and being able to make use of them And we’re very well equipped to do that

“We can now act when suitable opportunities arise Developments will lead to a general fall in the prices of companies, bearing in mind borrowing costs This autumn we acquired 12 per cent of KappAhl and are also taking part in a new share issue

“Looking ahead, we don’t expect any dramatic upturns or downturns during the current financial year One effect of the cooling off that is now talk-ing place is that raw material costs are falling, which does of course have a positive effect for some of our businesses, but all in all we expect a poorer financial result this year because of the financial crisis

“In general, I believe that there will be fairly weak growth in the western world for quite some time to come But I do expect the market in China to continue to grow,” concludes Rune Andersson

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Daniel Bertland, Analyst

Eva Åberg, Administrative Assistant

Rune Andersson, founder and Chairman of the Board, Mellby Gård AB Anders Bülow, MD Mellby Gård Industri AB

Sten Libell, Administrative Director

Rolf Andersson, Accounts Manager

Bo Bjelkenstav, Financial Market

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MELLBY GÅRD

Other activities

Over the last 25 years Mellby Gård has developed into a modern agricultural unit with pig and bovine production, forestry and horse breeding The farm is one of the biggest pig producers in Skåne, rearing almost 16,000 slaughter pigs a year

“But we do have other strings to our bow,” points out Anders Elmqvist, inspector at the farm and the person responsible for agricultural operations For example, our herd of 135 suckler cows will grow to 200 within a few years

“But it’s pig production that dominates Seven years ago we bought the neighbouring farm, Fredriksberg It’s now been converted into a modern facility, where the 640 sows feed and take care of their piglets during the first five weeks

“It’s like a combined maternity ward and growing box,” explains Anders Elmqvist “The piglets are then transferred to the former broiler houses, which have now been adapted and converted

“The conversion took place in two stages, which took five years in all, so it feels really good to have finally achieved our goal

“For our part, it’s been a question of having a unit of just the right size We used to have two small herds, and now we’re hoping to profit from merging them,” says Anders Elmqvist

“We work actively to keep down costs We produce the pigs’ feed ourselves using alternative ingredients such as bread, dregs (residual product from distilling schnapps), whey (residual product from cheese pro-duction) and potato soup (residual product from the production of French fries)

“We make the best use of the waste that is gen-erated in connection with keeping livestock We’ve developed a system for composting manure, in which the end product is a soil improvement agent that will eventually be included in the range in the farm shops In the immediate future, composting using manure

Pig production dominates, but horse breeding, forestry and hunting complete the picture at Mellby Gård

spreaders will be phased out and we’ll be installing a composting drum instead We’re doing this to comply with legislation that has been added under EU direc-tives to meet hygiene requirements

“It’s in areas like this that we can identify econo-mies,” concludes Anders Elmqvist

Horse breeding“We have a really interesting stallion,” says Jan-Olov Alfredsson, who is a trotting trainer and responsible for this area of operations at Mellby Gård He’s known around the farm as Norse

“The stallion is called Going Kronos, and his oldest progeny are now being broken in and trained They have the right temperament, which bodes extremely well for the future We have ten or so progeny in total here at the farm, and they’ll soon start appearing at trotting tracks around Sweden

“During the year we enjoyed good success in the V75 at Mellby Sambuca,” says Norse, “and there are signs here and there that we’re heading in the right direction

“We’ve climbed some way up the tables for win-nings, both as breeder and owners The results show undeniably that we have good quality, and they’re improving all the time

“It’s just great to work with material that’s as good as this,” concludes Jan-Olov Alfredsson

Forestry and huntingThe forest around Mellby Gård consists mainly of fir, oak and beech A number of properties were acquired during the financial year and the area of forest has grown by 700 hectares Commercial timber production takes place here, but the game-rich land is also used to hunt elk, deer, wild boar and birds Under the man-agement of Andreas Molin, experienced hunt leaders offer opportunities for hunting on Mellby Gård’s land

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Eriksberg Vilt & Natur ABWith its nine hundred hectares, Eriksberg is one of Northern Europe’s biggest game reserves and enclosed nature reserve A place where magnificent red and fallow deer, bison, wild boar and mouflon sheep roam freely The farm attracts around 30,000 visitors a year, and the figure is rising steadily

Through Rune Andersson/Mellby Gård AB, Eriksberg has developed to become a modern conference facility with a first class hotel and restaurants, with front row seats for the drama created by nature At Eriksberg there is a unique meeting place, where the contrasts between eras and styles create a cap-tivating, vibrant atmosphere, ideal for corporate groups who want to work undisturbed and spend a few hours relaxing, and naturally also opportunities for private events One of the facili-ties is ideal for ‘hideaway’ meet-ings and those where maximum security is required

Among other things, visitors can go on safari and see the wild animals in their natural habitat and enjoy the beautiful natural surroundings

For those with an interest in hunting, Eriksberg can offer both individuals and groups hunting experiences that are out of the ordinary

www.eriksberg.nu

Cale Access ABThe Cale Access Group, with its head office in Sweden and subsidiaries in Norway, Germany, France, the UK and Canada, is a world-leading supplier of advanced, flexible equipment and systems for the collection and administration of fees, primarily in the areas of parking and public transport Cale products offer flexible, powerful automated ticket systems combined with unique design, user-friendliness and optimal security The products, which are marketed primarily under the Cale name, deliver unstaffed payment in most envi-ronments

Cale has been part of the Mellby Gård family since 997 – originally as a part of Bewator, but in 2004 the Bewator and Cale divisions were divided into two separate companies, and at the end of 2004 Cale became wholly owned by Mellby Gård Cale currently markets hi-tech total solutions developed in house, primarily 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 they deliver major service con-tent with the aim of optimising customers’ operations Cale offers the tools and the service that are needed in order to be secure in the management of all functions for fee collection, ticketing, finance, maintenance, operation and administration

www.cale.se

Feralco AB Feralco manufactures chemical products primarily for water treatment and the paper and pulp industry These are largely inorganic products, based on aluminium and/or iron The head office is in Helsingborg and the Group has subsidiar-ies in a number of European countries

The main focus of development work is on the development of processes for the recycling of precipitants from slurry generated by drinking water and paper production The processes for this developed in house are marketed under the names Aqua Reci, REAL and REFE

www.feralco.com

Flash AB Flash offers colourful, basic, female clothing with a fashion-able emphasis The clothes are designed in house and sold in the company’s own stores, currently 65 in total The target group is independent, active women who have passed the age of 30, are young at heart and care about their appear-ance At Flash they find clothes for all occasions, for everyday use and for parties The com-pany’s mission is to create clothes that are both attractive and functional They must also be of good quality and attrac-tively priced

The company was founded in 1968 by the Sverdrup Group and has been part of the Mellby Gård Group since 2003 Some twenty people work at head office in Lund on marketing, purchasing, design and ware-house The garments, of Swed-ish design, are manufactured primarily in the Far East

www.flashwoman.se

Part of the

Mellby Gård Group sinceMellby Gård’s holding

RevenueEBITA

Number of employees

BOARD OF DIRECTORSChairman

MD

1997> 90%MSEK 448 (MSEK 428)MSEK 49 (MSEK 66)135 (134)

Anders BülowHenrik Mella

Torkel HärdemanBo ForsénSten LibellFredrik HanssonPaula Kökeritz

2008> 90%––15 (8)

Rune AnderssonPer-Arne Olsson

Sten Libell


Anders BülowLudovic Huitorel, Stephen Childs

Rune AnderssonErik AnderssonOlof Johansson Sten LibellLars-Ingvar Nilsson

2003> 90%MSEK 295 (MSEK 271)MSEK 47.3 (MSEK 42,6)183 (142)

Anders BülowFredrik Johansson

Rune AnderssonMarianne WillénSofia Gottberg NorénSten LibellJohan AnderssonPaul SverdrupErik Andersson

KEY RATIOS2010/2011 (09/10)

Boards, 1 November 2011

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Roxtec AB Since the beginning in 1990, Roxtec has consistently and in a targeted way developed and marketed secure, flexible seal solutions for cable and pipe penetrations in demanding applications It is above all flex-ibility and simplicity that charac-terise Roxtec, both as a supplier and a product With the Multi-diameter™ invention, which is based on adaptable sealing modules with removable layers, Roxtec has set a totally new standard for the opportunities to create seals around cables and pipes of different materials and dimensions Roxtec has solved the problem in a smart, cost-efficient way that has been significant in a number of indus-tries all over the world

The company now has custom-ers in a number of industries, the main segments being the marine industry, oil and gas, power production and distribu-tion, the construction sector, telecoms and manufacturing industry

Roxtec sells security by creating safe working and living environ-ments for people, protecting equipment and investments, guaranteeing operational reli-ability in various installations and contributing to lower oper-ating costs

www.roxtec.com

Smarteyes International ABThe main objective of Smart Eyes International is to take the Smarteyes business model and concept into the international market The first step was to move into the German market, and expansion is now continu-ing into more countries

In autumn 2011 the company’s success in Germany were rec-ognised with the award of the Swedish Export Prize

www.smarteyes.com

Part of the

Mellby Gård Group sinceMellby Gård’s holding

RevenueEBITA

Number of employees

BOARD OF DIRECTORSChairman

MD


Hans StråbergCarl-Gustav Mattson

Rune AnderssonAnders BülowBo ForsénFredrik Hansson

2010> 90%New project

Tomas GustafssonJohan Andersson

Erik AnderssonOla BartholdssonFredrik WistrandRune Andersson

Optik Smarteyes ABThe Smarteyes chain of optical retailers first saw the light of day in April 2007 and is a real newcomer in the industry The company’s objective is to be the H&M of the optical industry

Smarteyes’ ambition is to have the lowest prices in the market at all times without compromis-ing quality and service The frames are designed in Sweden and always reflect the latest changes and trends Smart-eyes’ target group is fashion-conscious people, and they are investing in stores with a modern design, which are bright and pleasant - here too they are a pioneer in the industry

The company has reversed the traditional approach, in which a low basic price is often quoted with additional options for each customer, often resulting in a pair of glasses becom-ing extremely expensive At Smarteyes the customer always knows in advance how much he or she will be paying Two price levels are applied for the clear glasses offered: one for single vision and one for progressive – regardless of sight impairment and choice of frame The low fixed price also means that the customer often chooses to buy extra pairs

www.smarteyes.se

2007> 90%MSEK 186 (MSEK 128 2)MSEK 11.8 (MSEK 6 4)194 (112)

Tomas GustafssonFredrik Wistrand

Erik AnderssonOla BartholdssonJohan AnderssonRune Andersson

Söderberg & Haak Maskin ABSöderberg & Haak is Sweden’s leading privately-owned import company for machines for the green sector The company started life as an iron and steel wholesaler in 1866, and about 30 years later a separate business area was formed for machines This was the origin of Söderberg & Haak Maskin AB, which celebrated its cente-nary in 1998 The company is a reseller for the New Holland, Case IH, Krone, JCB, Amazone, Elho and CSF brands Through its wholly owned subsidiar-ies S&H Teknik AB and S&H Teknik A/S in Denmark, the company is also the main agent for Vermeer, a world leader in the manufacture of rigs for controlled drilling, trenching products and environmental engineering – product lines that are also politically correct

Söderberg & Haak Maskin AB has been a part of the Mellby Gård Group since 1995 The company’s employees largely have their roots and/or qualifications in the agricultural sector This is an advantage in terms of both sales and service, as well as in the wide range of training activities provided Many times each year, people in various positions from resell-ers come to the purpose-built premises in Staffanstorp to be trained by Söderberg & Haak’s own staff on the machines that they market

www.sodhaak.se

1995> 90%MSEK 1,057 (MSEK 912)MSEK 37.4 (MSEK 29 9)111 (108)

Rune AnderssonThomas Svensson

Erik AnderssonPontus Bogren Erik ThuringSten Libell Agneta LilliehöökJan Erik Nilsson(employees’ representative)

KEY RATIOS2010/2011 (09/10)

Boards, 1 November 2011

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2010 (2009)* 200729,99%MSEK 3,971 (MSEK 4,220)MSEK 435 (MSEK 436)1,914 (1,906)

Anders BülowFredrik von Oelreich

Tina AnderssonTomas GustafssonPia RudengrenMagnus YngenGöran Andreasson,Per-Åke Halvordsson andInge Larsson(employees’ representatives)

2010 (2009)* 201140%MSEK 255.5 (MSEK 171 8)MSEK 7.7 (MSEK 6 4)2 (2)

Thomas SvenssonMats Eriksson

Rune AnderssonJarl SintornBritt-Marie ErikssonSten Libell

2010 (2009)* 201030%MSEK 610.4 (MSEK 401 1)MSEK 33.4 (MSEK 21 2)1,350 (905)

Tobias LindforsBengt Wallentin

Niklas JanssonRune AnderssonAnders Bülow

Duni**Duni is a leading supplier of attractive, functional products for tabletop and takeaway The Duni brand is marketed in more than 40 markets and is a market leader in Central and Northern Europe The Group is listed on the NASDAQ OMX exchange in Stockholm Duni has around 2,000 employees in 17 coun-tries, a head office in Malmö and production facilities in Sweden, Germany and Poland

The company is divided into three business areas: Profes-sional, Retail and Tissue

The Professional range offers first-class products for tabletop and serving, such as serviettes, tablecloths, candles, place mats and packaging solutions for ready meals Customers are primarily in the hotel, restaurant, catering and large-scale kitchen sectors

In the Retail business area, Duni offers products for consumers via the retail sector, specialist stores and home furnishing stores The product range cre-ates pleasant environments for all occasions where people enjoy food and drink It includes everything from serviettes, can-dles and tablecloths to plastic products such as glasses, cups, cutlery and plates

Duni’s Tissue business area consists of the subsidiary Rex-cell Tissue & Airlaid AB They produce tissue paper that forms the basis of Duni’s production of items for the table Half of the production is sold to external customers, primarily for the man-ufacture of hygiene products

www.duni.se

BM Agri AB**BM Agri AB is a player in the cereal market that aims to give the grower the highest possible price and the industrial cus-tomer a competitive price while maintaining the traceability of each batch This is done by working in close collaboration to market the grower’s harvest directly to industrial customers on wholesale market terms BM Agri identifies the best price options, after which the grower is engaged and assumes responsibility for work on guar-anteeing the quality of batches sold

BM Agri quotes various farm gate prices, which are valid for full truckloads for delivery to various industries in Sweden, Denmark or Finland These are available to all and must be as simple as possible in order to facilitate quick commercial decisions BM Agri’s offers can always be compared with other dealers’ offers

www.spannmal.se

StudentConsulting AB**StudentConsulting is a staffing company specialising in stu-dents, academics and people starting out on their careers

StudentConsulting hires out over 7,000 consultants on a part-time or full-time basis in the areas of Finance, Customer Ser-vice, Administration, IT, Sales, Logistics and Production

StudentConsulting was founded in Luleå in 1997 by a couple of students The business concept was to introduce university and college students into trade and industry by offering extra jobs alongside their studies

The company now operates on a national basis with part-time staffing, full-time staffing and recruitment in the niche area of students, academics and people starting out on their careers Cli-ents include major national and international companies and government authorities

StudentConsulting now has operations throughout Sweden with a total of 28 offices

In addition to operations in Sweden, the company also has a presence in Norway and Denmark

www.studentconsulting.se

* Financial year = calendar year ** Associated company

200845% of capital, 55 1% of votes

MSEK 38.1 (MSEK 30 1)MSEK 24.6 (MSEK 21 6)6 (4)

Rune AnderssonThomas Pohjanen

Björn SuurweeSten Libell

Excalibur Värdepappersfond ABExcalibur is a special fund set up under the Swedish Act (2004:46) on Investment Funds, focusing on the interest rate and currency markets The fund is managed by Excalibur Värde-pappersfond AB The Excalibur Fund started as a Swedish spe-cial fund on 1 April 2001 The fund aims to secure the value of capital and to deliver a stable return based on a thorough analysis of basic economic factors

www.excalfond.se

Älvsbyhus AB** Älvsbyhus AB’s business con-cept is to build prefabricated, cellarless wooden houses on 1-1 5 floors at the lowest price in the market This means that they assume responsibility for the whole construction process, from foundations to a house that is ready to move into They achieve this by having both in-house staff and a group of regular contractors Älvsbyhus has always had its own sawmill, which means that they are self-sufficient in most respects The company’s market is in Sweden, Finland and Norway, with forty or so resellers on those three countries As an individual brand, Älvsbyhus is believed to be the biggest in Scandinavia, with a production level of around 1,200 houses for 2010 and a preliminary figure of approx 1,000 for 2011

Älvsbyhus is a family firm that was founded in 1944 by Göran Johansson (grandfather of current MD Kent Johansson) and his best friend Gunnar Johansson Initially it was a pure joinery business, but in 1960 it set up the house production business that is still being run to this day Since the mid-1990s the company has been owned through companies in equal shares by the Johansson and Andersson families, i e through for the Andersson family through Mellby Gård

www.alvsbyhus.se

2010 (2009)* 199550%MSEK 1,394 (MSEK 1,614)MSEK 376.3 (MSEK 441 7)307 (363)

Rune AnderssonDonald Johansson,Kent Johansson

Johan AnderssonErik AnderssonStefan JohanssonAnders BülowHans BerggrenSusann LejonRobert Forsberg

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Mellby Gård Jordbruks ABownership >90%

Mellby Gård Industri ABownership >90%

Mellby Gård AB

Cale Access ABownership >90%

Feralco ABownership >90%

Flash ABownership >90%

Roxtec ABownership >90%

StudentConsulting ABownership 30%

Duni ABownership 29,99%

Eriksberg Vilt & Natur AB

ownership >90%

Söderberg & Haak Maskin AB

ownership >90%

Excalibur Värdepappersfond AB

ägarandel 45%

BM Agri ABownership 40%

Optik Smarteyes AB

ownership >90%

Älvsbyhus ABownership 50%

Company structure 1 November 2011

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Key financial figures

MELLBY GÅRD AB Consolidated balance sheet 30 June 2011 Amounts are given in SEK million

MELLBY GÅRD INDUSTRI AB Consolidated balance sheet 30 June 2011 Amounts are given in SEK million

Key figures Mellby Gård AB 2010/2011 2009/2010EBITDA 847 3 945 9EBITA 745 0 850 5EBIT 673 4 779 1

Key figures Mellby Gård Industri AB 2010/2011 2009/2010EBITDA 509 3 564 5EBITA 438 3 491 2EBIT 370 1 420 3Number of employees 1,008 1,206

Assets Intangible fixed assets 1,105Tangible fixed assets 935Financial fixed assets 1,910Stock 565Current receivables 2,055Cash, bank, investments 1,484

TOTAL ASSETS 8,054

Assets Intangible fixed assets 1,035Tangible fixed assets 335Financial fixed assets 117Stock 250Current receivables 505Cash, bank, investments 845

TOTAL ASSETS 3,087

Shareholders’ equity and liabilities Shareholders’ equity 4,799Provisions and minority interests 272Liabilities to credit institutions 1,087Liabilities to owners (related parties) 716Other liabilities 1,180

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 8,054

Shareholders’ equity and liabilities Shareholders’ equity 1,709Provisions and minority interests 140Liabilities to credit institutions 667Other liabilities 571

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,087

Board of Directors Mellby Gård AB Rune Andersson, chairman Sten Libell, deputy member

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

“I think there’s good reason for us to be satisfied with the financial result, even though things haven’t gone quite as well as we’d hoped,” says the Cale Group’s new MD Henrik Mella He has only been in charge of the Group for about six months, and it’s already time to present the first year’s financial results

“Cale has been around for more than 50 years Our payment products for parking, public transport and entrance fees can currently be found in more than 40 countries Our products are often one part of a total concept in which we also deliver a major service content We offer the tools and the service that customers need in order to be secure in their management of all functions for ticketing, finance, maintenance, operation and administration

“Many of our solutions use modern communica-tion technology, the Internet and GPRS This creates unique opportunities, not only in the area of support, but also in terms of managing various electronic meth-ods of payment, e g credit and debit cards These are just a few examples of innovations that make our solu-tions some of the most popular in the global market

“Right now there’s another technical development just around the corner It involves consumers being able to use their smartphone to pay for a number of services, such as parking, where previously more sta-tionary units were used The business is in an expan-sive phase, and we must be well prepared for devel-opments in the industry,” emphasises Henrik Mella

“Cale is a group of companies with impressive historical growth, which of course we want to see continue But sometimes you also have to stop for a second, to review the organisation and other issues There are a few areas where we need to be stronger so that we can move onto the next stage of the journey That’s why I made some changes in the organisation during my early days in the company The organisa-

Time for the next stage of the journey

tion’s now in place, and we’re mature enough to con-tinue along our chosen path

“We have a strong tradition of product development and the courage to think outside the box My vision is that we will continue to build on this and create a truly global company, a leader in innovation, with successful service operations and satisfied customers, partners and employees

“Reliability and openness, in their broadest sense, will be our watchwords All of our products must achieve the highest levels of quality and reliability That’s what we’re known for, and what our customers expect of us

“Our customers must also be able to rely on us always to communicate quickly and openly with them, for us to be on their side Openness will also be the keyword for the solutions we offer, making it easier to implement local adaptations on a terminal or at back office level

“Our back office services are expanding rapidly, and it’s in this range of services that a large proportion of our future competitiveness will lie We must make things easy for our customers,” concludes Henrik Mella

MD Henrik Mella

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ERIKSBERG VILT & NATUR AB

“We’ve been building extremely intensively at Eriksberg over the last two years Some of the work has involved planned renovations and new buildings, but then we were also struck by lightning last year, which led to a fire,” says Per-Arne Olsson, MD of Eriksberg Vilt & Natur AB “Of course, this led to even more building work, but we’re now well on the way and it’ll be abso-lutely amazing when we’ve finished ”

Eriksberg is a nature reserve covering nine square kilometres in the Blekinge archipelago A place where wild red and fallow deer, bison, wild boar and mou-flon sheep roam freely together Activities at Eriksberg naturally revolve very much around the wild animals There is also rich bird life, as well as one of the world’s largest stocks of the protected red water-lily

“Despite the tough winter, there have been high survival rates and plenty of regeneration among our four-legged friends,” explains Per-Arne Olsson “When the spring did come, it came quickly, which helped the animals and nature The growth level was at least 500 animals during spring and summer

“We’ll be having lots of activities in connection with our Christmas market, and we expect to attract up to 10,000 people And hopefully that will contribute to giving a flying start to the business from now on

“At the moment we’re working hard to get every-thing ready and to fill our amazing premises We’re also moving towards a more open Eriksberg, which will be open for bookings 365 days a year,” emphasises Per-Arne Olsson

In addition to being a popular destination for nature-lovers, Eriksberg is getting itself a name as a unique hotel and conference facility for discerning guests

“We’ve started well, and our journey to become number one has started There’s a lot going on in the restaurant, while things could have been a bit better

Top quality is everything

as regards overnight stays, but that’s partly because we haven’t started marketing, and also because of the prevailing economic situation in the market

“A lot of people say that we’ve already achieved a very high international standard in the kitchen, and of course that’s what we’ve been aiming for all along It’s very positive that we’ve already achieved it in such a short time ”

A love of food is reflected in everything that is pre-pared and served in the restaurant With extensive experience, restaurant manager Jens Stjernkvist and head chef Jesper Karlsson and their staff offer culinary experiences that are out of the ordinary

“We use only Swedish ingredients, and of course the game from Eriksberg plays a central role, with top quality being everything The same is also true of the wines, which have been specially selected to be in harmony with our menus

“Our new hotel is truly out of the ordinary,” empha-sises Per-Arne Olsson “The farmhouse with its classic, sober elegance has been renovated and extended, other parts are completely new We offer accommoda-tion with plenty of personality, and each of the rooms has its own unique character We also customise the service according to each customer’s preferences

“Our exclusive conference venue and the fire-damaged buildings will all be ready by Christmas As most things are in place, all that remains is some fine-tuning before we feel totally satisfied with the ‘new’ Eriksberg,” concludes Per-Arne Olsson

MD Per-Arne Olsson

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FERALCO AB

Ludovic Huitorel, MD Feralco Europe

Stephen Childs, MD Feralco Europe-North

“2010/2011 was an excellent year for Feralco, with an operating profit of SEK 117 million This is 5 5 per cent higher than last year, which was a record year for the Group, despite the negative currency effects of the UK pound and the euro against the Swedish krona,” say Steve Childs and Ludovic Huitorel, the Feralco Group’s two MDs

“One common denominator for all of our national companies was increased raw material costs, which is in line with all of the general price increases on the raw material markets around the world But we have succeeded to a large extent to pass on these costs to end consumes, although continued volatility in raw material markets continues to be a challenge for us ”

The financial year was especially positive for Feralco Europe North, with an EBITA figure that was 15 per cent higher than the previous year ”

“During the period we acquired Eka Chemical’s water treatment plant in Vetlanda This increased Feralco Nordic’s ability to supply the important Nordic region by strengthening our operational, sales and marketing capacity The integration of the company has gone to plan, and we’re delighted to welcome former Eka employees into the Feralco team,” says Steve Childs

The UK continued to report good results, with strong sales in all product types and the renewal of some important contracts In Germany, where a large proportion of sales go to industrial end users, the company performed as planned, benefiting from the stable German economy In Switzerland we’ve increased resources in order to stimulate sales in that country’s fragmented market We’ve also been forced to deal with the fluctuating value of the Swiss franc

“The Europe region produced more or less the same financial results as the previous year Bearing in mind the region’s major exposure to the South-

A year of growth and development

ern European economies, we’re satisfied with the results It clearly shows how sturdy and non-cyclical our business model is But we’re keeping a close eye on economic developments in those countries,” says Ludovic Huitorel

“During the year we also built and started up a new production facility in France: Feracid The facility is a collaborative project between Feralco and the French Novacap Group, which manufactures iron chloride, a coagulant used mostly to treat waste water This investment reinforces our leading position in this field and will help us to better capture growth in the market for waste water treatment

“Another interesting development took place in the Benelux countries, where last year’s investments in the facility in Sas van Gent started to produce results We’ve therefore developed an ambitious three-year investment plan for this production facility

“All in all, we’re satisfied with the company’s devel-opment during the year 2011/2012 will be a challeng-ing year, but it will also offer plenty of opportunities for Feralco ”

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23

FLASH AB

“The financial year 2010-2011 was an eventful one for Flash The focus was on continued expansion, further development of the purchasing network and organisa-tional initiatives,” says MD Fredrik Johansson “Growth and profits during the year were acceptable, even if there is significant potential for improvement

“Growth has come partly through the development of existing stores, but more has come thanks to new stores At the end of the financial year there was a net-work of 68 stores, 64 in Sweden and four in Finland

“For Flash, it’s extremely important to follow the trends and shifts in fashion that take place in the world around us at present These changes are then inter-preted to determine how we think they can suit our target group Flash has a success factor here, in that we know our customers well We know that our cus-tomers demand quality, fashion and value for money

“We operate in a very competitive market There are lots of well-established, large fashion chains, as well as smaller players who’re doing all they can to break into the fashion market At Flash we’re doing what we can to make it clear to our target group what we stand for

“To succeed in meeting our customers’ demands, it takes active work together with our suppliers It’s cru-cial that materials, fits, production and delivery times all work If one or more of these processes fails to live up to our expectations, there’s also a major risk that we will disappoint our customers Flash works hard today to follow up and improve on collaboration with our suppliers, and we will of course continue to do so

“At the moment there’s a vast flood of marketing and communication that engulfs fashion consumers At Flash we’re now working with several different media to reach our customers We also work actively to make our garments visible in various fashion arti-cles, primarily in fashion magazines

Our customers demand quality, fashion and value for money

“Flash currently has lots of excellent store loca-tions These work as marketing in the form of attrac-tive shop windows and entrances We know that many potential customers pass by every day, so we always have to communicate something new and interesting in shop windows and entrances Once the customers come into the store, our skilled employees look after them in the best possible way Flash has always been a retail concept that’s been well known for really good customer service It’s even more important to focus on this as we expand with new stores It’s crucial that new stores also succeed in creating optimal customer service To follow up on this and to motivate our store employees to achieve even greater success, we work with an external company that monitors this on an ongoing basis by means of anonymous visits to stores

“There are many different ways of further expanding the concept More stores, fewer units, new markets There really are no limits, but it’s a question of get-ting the priorities right Whatever happens, there are major opportunities to continue developing Flash into the future

“To succeed in this, we need a committed, moti-vated organisation Which we have! We currently have a good blend of bearers of culture with extensive expe-rience and new employees with new perspectives This is a sound basis on which to face the future

“There are plenty of expectations of the financial year 2011-2012,” emphasises Fredrik Johansson “We want to create even better collections, open even smarter stores and make our customers even more satisfied with our customer service ”

Simply living up to the motto: “If you can dream it, you can do it!”

MD Fredrik Johansson

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ROXTEC AB

“The past year was a good one in many ways We won market shares from all competitors and continue to be the global market leader by a comfortable margin,” says Carl-Gustav Mattson, MD of Roxtec AB

Roxtec develops, manufactures and sells pipe and cable penetrations These are products that protect people and equipment against, for example, water, fire, gas, sand, dirt, vibrations, electromagnetic interfer-ence and pests The products are used in industries such as telecoms, manufacturing industry, construc-tion and shipyards, as well as the production and dis-tribution of power, oil and gas The head office is in Karlskrona, where they also have extensive research activities and a technical centre that includes a design department and an advanced test laboratory

“During the financial year we acquired three dis-tributors in order to secure our positions in strategi-cally important markets In Singapore, where of course we’re interested in the extensive offshore oil and gas industry, while in Australia we want to strengthen our presence in view of the major gas finds being made in Northern Australia Finally, we’ve acquired our French distributor, and here it’s in the OEM, saw and power industries where our major interests lie

“We’ve also founded a subsidiary in Mexico to strengthen our position in Central America

“These three acquisitions and the formation of a subsidiary are also a continuation of our strategy to maintain a presence in markets where we have sig-nificant interests We must have a local presence in order to serve our global customers all over the world, and of course also to be able to follow international projects across borders

“We’re continuing to expand and have not felt the effects of any crisis, at least not yet,” believes Carl-Gustav Mattson “Pleasingly, we’ve also been able to maintain profitability despite the fact that it’s been

Secure positions as global market leader

a tough period for everyone who’s exporting from Sweden, as the Swedish krona has risen strongly during the financial year In terms of volume we’ve grown slightly, which I believe is a good result and an acknowledgement that we’ve been pretty successful

“Our traditionally heavy segments are Marine and Offshore It’s particularly tough on the marine side at the moment There’s over-capacity, and as not as many vessels are being built as before, we’re clearly also feeling the effects of that

“But we’re investing instead in what we refer to as the industrial segment, i e power, infrastructure and the construction industry, where there’s plenty to be going on with As far as other land-based busi-ness activities are concerned, they’re doing well For example, we carried out a major initiative in the petro-chemical industry, and this is now starting to generate positive results

“All in all, I think the future looks bright, and even if we’re fairly late in the cycle, I don’t believe that we have any major downturns ahead As long as oil and gas prices are good and work continues to develop the offshore business, things will also continue to be positive for us And I can also confirm that the new financial year has already started very well,” concludes Carl-Gustav Mattson

MD Carl-Gustav Mattson

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SMARTEYES

“The year has turned out just as we’d hoped We’re in profit for the second year in a row,” says a satisfied Fredrik Wistrand, MD of Optik Smarteyes AB “And this in spite of the fact we’ve seen the strongest growth in Smarteyes’ history

“The independent price comparison company Pris-fakta gave us an unexpected boost when they discov-ered how good Smarteyes is in a test, and wrote the following: One traditional shop with a lower price than many online shops is Smarteyes, in some instances with the very lowest price They also confirmed that Smarteyes maintains ‘the same high quality as the major chains of opticians’

“The prospects for the future continue to be very good, and our biggest challenge in terms of growth is to find the right premises in the right towns and cities So despite everything we are positive about what’s happening in the world around us at the moment and the tougher climate for retail companies This can help us to find good premises in the right locations And at much better prices than was the case a few years ago

“When we’re talking about the future, essentially it’s exclusively about continued expansion At the moment we have 21 stores in Sweden, and I hope to be able to report 35 stores in Sweden by the end of this financial year ”

Smarteyes International is the name of the com-pany that will take the Smarteyes concept out into the world

“We’ve started up in Germany,” explains Johan Andersson, who is responsible for the international part of the Smarteyes business

“We opened our first store in Stuttgart last July The aim is to have ten stores by the end of 2011 We’ve now moved into phase two and are expanding steadily

“In 2012 we’ll be expanding more rapidly in Ger-many, but we also plan to move into a new country

Strongest growth in Smarteyes’ history

We’re investigating opportunities and markets to see where it’s suitable to proceed It’ll probably be within Europe, but we’re in the process of evaluating the options,” emphasises Johan Andersson

“When we started our international expansion, we used a copy of the Swedish business, which we simply applied to a new country Along the way we’ve learnt that we have to adapt the concept a little, depending on which country we move into Different conditions and traditions may affect how we proceed One issue, for example, is where people have their eyes tested In some countries it’s generally accepted that you go to the optician to have this done In other countries there’s absolutely no question of an optician being able to do this There you have to go to see a doctor

“Another issue that varies from one country to another is which products are required In Sweden, for example, it’s 50/50 between single vision and pro-gressive lenses While in Germany we sell far more single vision lenses

“The way we market ourselves may be considered relatively unique, and in Germany we really stand out People notice us and are aware of us, but they’re con-servative and feel some uncertainty about our con-cept These are examples of experiences that we’ll take with us as we expand in new countries We’ll be better equipped than ever as we now continue our expansion in Germany and in other countries,” concludes Johan Andersson

Fredrik Wistrand, MD Optik Smarteyes AB

Johan Andersson, MD Smarteyes International AB

28

The BIG FIVe

29

SÖDERBERG & HAAK MASKIN AB

“It’s very pleasing that we can report another year with good financial results,” says Thomas Svensson, MD at Söderberg & Haak “We’ve grown from 52 employees in the parent company to 58, and the sales trend has been very good

“We’re in a phase of positive development, and we can look back on a number of years of continuous growth We’re also the strongest player in the market and are convinced that this trend can be sustained

“The market’s been reasonable since the minor dip following the last financial crisis, but thanks to our hard work in areas such as the new range of tractors for New Holland and Case IH we’re continuing to win market shares JCB, with whom we’ve been working for nearly two years, just keeps on expanding, so we also feel that we have a good range in terms of con-tracting machinery Then there’s the fact that we’re very strong in harvesters and are the market leader when it comes to large square balers, round balers and mowers,

“I still see opportunities for expansion on the basis of the brands that we represent We can certainly take another five per cent market share in terms of tractors, maybe another ten per cent in terms of contracting machinery So there’s certainly room to expand

“We’re a value-adding link between strong manufac-turers all around the world and private resellers all over Sweden People used to talk about being a general agent, but that’s a term that doesn’t really describe what we provide,” points out Thomas Svensson “We have to be a support company for resellers and gather the functions together, which is most rational and cost-efficient when done centrally rather than out at the resellers or being left with the manufacturers

“Modern machines are advanced, which places high demands on the technical expertise provided by our resellers, and of course by us We must constantly

Brand focus has created strong growth

supply them with up-to-date information as well as knowledge about products and service That’s how we can create the best conditions for our resellers to become the obvious first choice for customers

“At present we have almost 50 authorised resellers in Sweden They are geographically well dispersed and cover the whole country They’re knowledgeable, expe-rienced and specialists in our machines Staff undergo regular training to maintain the highest possible levels of expertise This guarantees a high level of service, reliability and long-term reassurance,” emphasises Thomas Svensson

“Farming is moving up the social scale, everyone realises that agriculture is a necessity for life The middle class is growing all over the world, and demand for agricultural products is many times higher than supply, while at the same time demand for crop-based bioenergy is also on the increase

“Farming will probably never be neglected again Nowadays we never hear politicians talking about planting forests on cultivated land and relying on cheap food imports, as was the case 20 years ago

“This year we will have to deal with our business system, which is starting to show its age It’s not ade-quate for the scope and complexity of the business Nowadays there’s a lot of individualisation and clients “customising” their machines

“In summary, we’re optimistic about the future and we can now confirm that the new financial year has started well,” concludes Thomas Svensson

MD Thomas Svensson

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31

ÄLVSBYHUS AB

“The surge in building that was expected in 2010 failed to materialise, and we didn’t see the building boom that many had expected With the low interest rates that prevailed in 2001, it was the more expensive house manufacturers that drew the long straw and won back market shares,” says Kent Johansson, MD of Älvsbyhus since May 2010

“But we were still the biggest house manufacturer in Sweden for the tenth year in succession, meaning we’ve been number one for the entire first decade of the 21st century

“During the current year we’ve had tough competi-tion from one colleague in the industry and have at times been nudged into second place, but I hope that when we come to the end of the year we’ll once more be able to claim that much sought-after first place

“During the financial year we’ve put a lot of effort into developing and assuring our quality And con-firmed once and for all that quality must come before quantity We focus 100% on the customer, and accord-ingly only satisfied customers count

“The bottlenecks of previous years have now been completely removed, and over a ten-year period we’ve moved from one production facility in Älvsbyn to a production apparatus with three different facilities all over Sweden and one in Finland, which means that we’re very well equipped to deliver when the market recovers once more

“During the year we’ve also raised our production standards significantly For example, we’ve upgraded the kitchens in terms of both white goods and kitchen furnishings We’ve introduced wooden floors as stand-ard and have replaced the pine staircase in the house with a modern, white staircase with oak stain and aluminium fittings Spotlights and decorative windows are other elements also added during the year to raise the standard

Increased focus on quality rather than quantity

“There is of course a balance to be struck between making product improvements and at the same time fulfilling our business concept, which is to produce quality houses at the lowest price in the market And we’re still managing to deliver that

“Another innovation in the business is that for the first time we’ve engaged a Communication Manager to assume responsibility for all internal and external communication in the Group This means, among other things, that we’ll be visible in a different way on the Internet and in social media, and we’ll be seen and heard in a smarter, more modern way in places where people who buy houses actually are nowadays

“The mortgage ceiling makes it tougher for first-time buyers, as a higher cash investment is required Ultimately I believe that this will benefit us, as people have to consider their own finances, which means that Älvsbyhus is a natural choice

“We’ve always had and will continue to have a long-term approach to drive product development forwards In this context I can mention that we’re currently look-ing for a product developer for head office, and we’ve been in touch with Luleå University to set up a partner-ship that may benefit both parties,” concludes Kent Johansson

MD Kent Johansson

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33

EXCALIBUR VÄRDEPAPPERSFOND AB

For the second year in succession, Excalibur was declared Hedge Fund of the Year by the financial magazine Privata Affärer “Of course it’s extremely pleasing,” says Thomas Pohjanen, who together with Björn Suurwee manages the fund “We try to deliver a positive return regardless of price trends in the inter-est rate, stock, currency and commodities markets And we’ve succeeded in that in all of the years we’ve been in business ”

This is how the jury at Privata Affärer explained its decision:

“The Hedge Fund of the Year has succeeded in achieving what many fund managers can only dream of Ten successive years with a positive return ”

“It feels really good It shows that our philosophy and our experience have produced the result we were aiming for This award means that more and more investors are becoming aware of the fund, and not least private individuals are increasingly discovering us

“Of course it’s also because we’re now available to a broader audience through our partnership with Avanza Bank, a partnership that started in summer 2009 and is continuing It means that the fund is reaching a broader circle of investors and that it’s also easy for private individuals to invest with us

“As regards business activity in the past year, it was characterised at all times by the shock caused to the global economy by the financial crisis a few years ago Historically, these kinds of financial events have always taken a long time to recover from, and have also often been followed by debt crises In this respect, the course of events is unfortunately follow-ing earlier recessions and debt crises in our history

“In Sweden we’ve coped well with the financial troubles of recent years The Swedish economy has continued to benefit from the relatively strong growth

Ten successive years with a positive return

in the Asian economies and Swedish households have maintained a high level of private consumption At the same time, public budgets remain strong

“The fund’s return in the first half of 2011 was +2 59 per cent One of the contributory factors to this positive return was our approach to the interest rate markets in general, where over time we’ve been positioned for lower market rates

“As regards the future, it is characterised by uncer-tainty in the economic trend and general turbulence in the markets We expect a period of weak economic growth We do, however, expect continued successes for the fund, which is why we’ve reinforced our per-sonnel and welcome two new employees, Alexandra Truusööt and Marie Persson

“We now intend to continue with our current invest-ment approach, which means that we only operate in the most liquid markets, with strict demands in terms of creditworthiness and risk control There are good opportunities for the fund to produce a continued, stable, risk-adjusted yield on an annual basis,” con-cludes Thomas Pohjanen

MD Thomas Pohjanen

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BM AGRI AB

“BM Agri AB is a relatively new name in Mellby Gård During the financial year Mellby Gård became co-owner of the company, which is a private, independ-ent company trading in cereals, oilseeds and fertiliser We operate in the areas of both trading and market consultancy,” says the company’s MD Mats Eriksson, “and we conduct both physical trading and trading via exchanges

“The business has national coverage and the range of services can be divided into the following four groups:

• Trade in cereals• Trade in fertiliser• Market consultancy for growers• Storage and delivery of cereals

“BM Agri AB is now in its seventh year of business, and in 2010 our revenue was SEK 255 million, compared with SEK 174 million the year before

“Since Mellby Gård arrived, we’ve added new com-petence to the company, and we have of course also strengthened our capital,” comments Mats Eriksson “This has means that we can now take on bigger posi-tions in the exchanges and also in the fertiliser market, where you often need a lot of capital

“In this industry you need quite a lot of money, both to secure cereals via exchanges and to keep stocks, and also to be able to provide credit to growers

“A sound financial base has resulted in, among other things, our being included in the list of “Super-companies” chosen by the weekly business magazine Veckans Affärer This means that according to their criteria we’re among the top three hundred companies in Sweden, which is very pleasing for a company as small as this

“It’s gone well for us down the years, even though the market leader in the industry has tried to stop us,

“Supercompany” in the field of cereals and fertiliser

but thanks to our flexibility we’ve been able to adapt and survive Our competitors are as a rule owned by a cooperative, and they usually own or have an influ-ence over the next stage, i e mills, feed factories and the like This limits our scope for negotiation What we hope is, of course, that the individual farmers, who after all own organisations such as Lantmännen, will allow the market to function freely and permit their industries to make purchases in free competition Ulti-mately, this benefits them Lantmännen is dominant, with market shares of 60- 70%

“We’re small, flexible and extremely efficient We only have one single employee, apart from which we operate with agents who work entirely on a commis-sion basis This means that we have no sales force costs during the low season

“We’re not too vulnerable, but at the same time we’re extremely flexible in our business and have much better cost-efficiency compared with other companies in the industry

“We’re positive about the future, although of course the fact that the major players have their own industries to which we don’t have access is a limiting factor And that’s true not only in Sweden, it’s a similar picture in Denmark and Norway as well, where the Swedish market leader dominates the mill industry,” concludes Mats Eriksson

MD Mats Eriksson

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STUDENTCONSULTING AB

The staffing company StudentConsulting was founded in 1997 in a student corridor in Luleå Now, 11 years later, StudentConsulting has revenue of SEK 610 mil-lion and has 35 offices in Sweden, Norway and Den-mark Mellby Gård invested in the company during the financial year and will play an active role in the company’s development

“Our mission is to create jobs for young people, which is an extremely strong driving force in the gen-eration of growth,” says the company’s founder and MD Tobias Lindfors

StudentConsulting are specialists in the staffing and recruitment of students and young employees, and last year they found work for 8,428 people

Tobias Lindfors won the award for Entrepreneur of the Year in Sweden 2010

The jury’s explanation:“By means of tremendous drive, entrepreneurial

flair, groundbreaking innovation and financial risk-taking, Tobias Lindfors has built up a company from the beginning Through organic growth, the company has become a major player in a relatively young sector Tobias Lindfors is without doubt a good role model for young entrepreneurs ”

“I wouldn’t be standing here if it were not for all of our skilled employees,” said Tobias Lindfors when he received the prize

For the fourth year in a row, StudentConsulting was at the top of the growth list of Sweden’s fastest-growing companies (Ahrens Rapid growth and Svenska Dagbladet) With second place this year, making it two wins and two second places, the company is unique in having won a place on the winner’s rostrum for four years in a row

“The high positions in the growth list show that there’s a major need for our business concept in the market, for both customers and young job seekers

From student to Entrepreneur of the Year in Sweden

“We’ve had average annual growth of 110 per cent over the last six years, and in 2010 our revenue was SEK 610 million

“Most of the business is in Sweden, but we’re grow-ing rapidly in Norway and Denmark as well

“Compared with other European countries, Sweden, Norway and Denmark are still well behind in terms of numbers working in the staffing sector We expect the sector to continue to expand significantly in the foreseeable future

“Our business model is based on offering com-panies flexible staffing and finding employees of the future at an early stage Our resources are used partly to supplement a company’s own employees, but also to guarantee the skills supply in the form of young academics,” says Tobias Lindfors in conclusion

MD Tobias Lindfors

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39

DUNI AB

“In autumn 2010 the market trend returned to a posi-tive direction in most parts of Europe, which benefited Duni We focused on work to promote growth with higher investments in both marketing and product development,” says Fredrik von Oelreich, MD of Duni AB “We have a growth target of 5%, an ambitious one in a market that’s growing by 2-3% In combination with good cost control and capacity utilisation, we managed very well this year bearing in mind increased raw material costs and a strong Swedish krona, which reduced revenue ”

Both Professional and Retail increased their sales volumes during the first half of 2011 compared to the previous year The sales trend was, however, weak in the Tissue business area For Duni as a whole, sales increased once more and order input is expected to improve during the second half of 2011

“Of our three business areas, Professional produced the strongest results, with another year of increased volumes It’s packaging for takeaways and fresh ready meals that is growing in particular, what we refer to as “Food Solutions” Duni is focusing on this expan-sive segment by working in close collaboration with restaurant chains to develop customised packaging for takeaways

“It’s been a turbulent time for the Tissue business area, with a poorer product mix and rising prices of raw materials, which we haven’t been able to compen-sate in full because of the delay in price increases There were negative developments in profitabil-ity during the year, especially on the hygiene side, although a number of measures have been taken to reverse this trend

“Private consumption, which falls under the Retail business area, has reflected a relatively stable sales trend Product development work has been intensi-fied, and there are several new projects under way

Emphasis on increased growth

to produce even better qualities and to broaden the product range As we’ve already announced, we’ve ini-tiated major investments in our paper mill in Skåpafors to develop the next generation of premium material

“To increase accessibility for consumers, during the year we’ve taken the first steps towards starting up online sales Our first initiative will be in the German market,” explains Fredrik

“Apart from the focus on growth and product devel-opment, we’ve started work within the company to achieve a higher degree of organisational efficiency, customer satisfaction and growth in profitability We’ve done this by reviewing the core values in our company By creating a focused, more conscious view of our core values, I’m convinced that this will contribute to creating an even better culture and organisation, which is a must in the constantly changing world in which we live,” says Fredrik

“Our continuous work on sustainable environmental development took on a very concrete form in August 2010, when we commissioned the biofuel-fired boiler at Skåpafors We’re cutting our use of fossil fuels and at the same time achieving more predictable and lower energy costs

“Our focus in future will be on increasing the rate of growth in our main business area, Professional With the initiatives currently under way, we see good oppor-tunities to grow both geographically and with new products and concepts There’s no doubt that Duni has the financial strength and status that is required to lead developments in the market,” concludes Fredrik Von Oelreich, MD and MD of Duni

MD Fredrik von Oelreich

40 Production: Grafix Konsult AB, Malmö

BM AGRI ABGåsvägen 9SE-441 40 Alingsås Tel +46 (0)322-611749 Fax +46 (0)322-12012info@spannmal sewww.spannmal.se

CALE ACCESS ABBox 1307SE-171 25 SolnaVisiting address: Englundavägen 7DTel +46 (0)8-799 37 00Fax +46 (0)8-799 37 99info@cale sewww.cale.se

DUNI ABBox 237SE-201 22 MalmöVisiting address: Ubåtshallen,Östra Varvsgatan 9 ATel +46 (0)40-10 62 00Fax +46 (0)40-39 66 30info@duni comwww.duni.se

ERIKSBERG VILT & NATUR ABEriksbergSE-374 96 TrensumTel +46 (0)454-56 43 00Fax +46 (0)454-56 43 99info@eriksberg nuwww.eriksberg.nu

EXCALIBUR Värdepappersfond ABBox 161 72SE-103 23 StockholmVisiting address: Nybrokajen 7 7trTel +46 (0)8-440 53 94Fax +46 (0)8-545 04 889info@excalfond sewww.excalfond.se

FERALCO ABIndustrigatan 126SE-252 32 HelsingborgTel +46 (0)42-24 00 70Fax +46 (0)42-24 00 90info@feralco comwww.feralco.com

FLASH ABFältspatvägen 1SE-224 78 LundTel +46 (0)46-12 43 40Fax +46 (0)46-211 94 30info@flashab sewww.flashwoman.se

ROXTEC ABBox 540SE-371 23 KarlskronaVisiting address: Rombvägen 2Tel +46 (0)455-36 67 00Fax +46 (0)455-820 12info@roxtec comwww.roxtec.com

OPTIK SMART EYES ABKyrkogatan 18SE-411 15 GöteborgTel +46 (0)31-725 76 00Fax +46 (0)31-711 45 75goteborg@smarteyes sewww.smarteyes.se

STUDENTCONSULTING ABBox 5832SE-102 48 Stockholm Visiting address: Sveavägen 168 Tel +46 (0)20-360 370Fax +46 (0)8-21 85 55tobias lindfors@studentconsulting sewww.studentconsulting.se

SÖDERBERG & HAAK MASKIN ABBox 504SE-245 25 StaffanstorpVisiting address: Industrivägen 2Tel +46 (0)46-25 92 00Fax +46 (0)46-25 01 39mail@sodhaak sewww.sodhaak.se

ÄLVSBYHUS ABStällverksvägen 6SE-942 81 ÄlvsbynTel +46 (0)929-162 00Fax +46 (0)929-162 99info@alvsbyhus sewww.alvsbyhus.se

MELLBY GÅRD ABBox 5322SE-200 72 MalmöVisiting address: Ribersborgsvägen 17Tel +46 (0)40-98 77 00Fax +46 (0)40-98 77 09mail@mellby-gaard sewww.mellby-gaard.se

GB

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