Future prospects and events after the reporting period
The financial year was one of good demand in our product and market areas. During the second half of the year, a general increase in unease was noted in the market and several customers were more cautious in their order forecasts. The market is more fragmented than in the past, with variations between different geographic markets, customer segments and product niches. We expect a more modest rate of growth in the Nordic market during the coming year. The situation is partly different in our other markets, where we see several opportunities for good growth ahead.
Addtech's financial position remains strong, which creates favourable opportunities for future growth, both organically and via acquisitions. The Group's goal is earnings growth of at least 15 percent per year over a business cycle, combined with profitability.
Events after the reporting period
Two company acquisitions took place after the reporting period:
An agreement was signed on 23 May 2012 for the acquisition of all shares in Staubo Elektro Maskin AS which will become part of the Energy business area. Staubo Elektro Maskin is a technology trading company that supplies comprehensive solutions in battery and power supply, electric motors and signalling systems. The company will be included in the Energy Storage business unit, which develops and sells battery solutions and power supply products. Staubo Elektro Maskin has 15 employees and sales of about NOK 65 million. Ownership is estimated to commence at the start of July 2012 after the relevant authorities have granted their permission.
On 31 May 2012, an agreement was signed for acquisition of all shares in ASI Automatikk AS, which will become part of the Components business area. ASI Automatikk is a technology trading company that supplies electrical and mechanical components for automation/robotics. It will be included in the Components Norway business unit. ASI Automatikk has seven employees and sales of about NOK 40 million. Ownership is estimated to commence at the start of July 2012 after the relevant authorities have granted their permission.
Proposed Allocation of Earnings
See further under "Financial Statements".