The Addtech share is listed on NASDAQ OMX Stockholm. Since its listing in September 2001 until mid-June 2012, the total return on the share has averaged 19 percent per year.
Market performance of the share and turnover
The highest price paid during the year was SEK 206.00 and was quoted on 25 May 2011. The lowest was SEK 123.25 on 5 October 2011. The final price paid before the end of the financial year was SEK 182.00 on 30 March 2012. The value of the Addtech share decreased 4 percent (increase of 55) during the financial year. The OMX Stockholm index on the NASDAQ OMX Stockholm Exchange declined 8 percent (increase of 9) in the corresponding period.
During the period 1 April 2011-31 March 2012, 3.7 million (3.8) shares were traded with an aggregate value of approximately SEK 613 million (584). Relative to the average number of Class B shares outstanding, this is equivalent to a turnover rate of 17 percent (17). Broken down by trading day, an average of 15,000 (15,000) Addtech shares were traded at an average value of about SEK 2,400 thousand (2,300).
The share capital in Addtech amounts to SEK 51,148,872 and the number of shares amounts to 22,732,832 divided into 1,090,848 Class A shares and 21,641,984 Class B shares. The quotient value of each share is SEK 2.25. Each Class A share entitles its holder to 10 votes, each Class B share one vote. All shares give the same right to dividends. Only the Class B share is listed on NASDAQ OMX Stockholm.
Repurchase of treasury shares
The Annual General Meeting in August 2011 authorised the Board of Directors to repurchase a maximum of ten percent of all shares in the Company during the period until the Annual General Meeting in 2012.
A total of 500,000 shares at SEK 142.50 each were repurchased on 24 August. Addtech's number of treasury shares totals 986,800, with an average purchase price of SEK 124. These shares correspond to 4.3 percent of the number of shares issued and 3.0 percent of the votes. Of the shares repurchased, 657,700 shares secure the Company's undertakings to holders of call options, issued by the Company, on repurchased Class B shares. The average number of treasury shares held during the year was 788,713 (479,951).
Addtech has three ongoing incentive programmes:
|Year||Number of options||Percentage of total number of shares, %||Redemption price, SEK|
The calculation of the dilution effect below is based on the number of outstanding shares on subscription to the programmes.
In accordance with a resolution of the August 2011 AGM, 25 members of management were offered the opportunity to acquire 200,000 call options on repurchased Class B shares. The programme was fully subscribed, and if all options are exercised, the number of Class B shares outstanding will increase by 200,000, equivalent to 0.9 percent of the total number of shares outstanding and 0.6 percent of the votes.
In accordance with a resolution of the August 2010 AGM, 24 members of management were offered the opportunity to acquire 236,000 call options on repurchased Class B shares. Employees have subscribed for 221,700 call options in the programme. If the options are fully exercised, the number of B shares outstanding will increase by 221,700, equivalent to 1.0 percent of the number of shares outstanding and 0.7 percent of the votes.
In accordance with a resolution of the August 2009 AGM, 22 members of management were offered the opportunity to acquire 236,000 call options on repurchased Class B shares. The programme was fully subscribed, and if all options are exercised, the number of Class B shares outstanding will increase by 236,000, equivalent to 1.1 percent of the total number of shares outstanding and 0.7 percent of the votes.
The redemption price of issued call options attributable to the share-based incentive programme for 2009 is SEK 127.70; the redemption period is 3 September 2012 until 14 June 2013. The redemption price of issued call options attributable to the share-based incentive programme for 2010 is SEK 164.70; the redemption period is 16 September 2013 until 30 May 2014. The redemption price of issued call options attributable to the share-based incentive programme for 2011 is SEK 179.40; the redemption period is 15 September 2014 until 29 May 2015.
The Board has decided to propose that the Annual General Meeting in August 2012 approves an incentive programme according to the same, or an essentially similar, model as decided at the AGMs in 2009, 2010 and 2011.
The ambition of the Board of Directors is a payout ratio exceeding 50 percent of consolidated average profit after tax over a business cycle. Since the share was listed, the payout ratio, including the dividend proposed for the year, has averaged around 60 percent.
Proposals to the Annual General Meeting
- Dividend. The Board of Directors proposes a dividend of SEK 8.00 per share (7.00), equivalent to a payout ratio of 55 percent (59). The total dividend amounts to SEK 174 million (156).
- Incentive programme. The Board of Directors has decided to propose that the Annual General Meeting should pass a resolution to adopt a long-term incentive programme. The programme, which it is proposed will include 25 members of management within the Addtech Group, involves the participants being given the opportunity to acquire, at market price, call options relating to Class B shares in Addtech AB ('the Company') repurchased by the Company, with the participants receiving a certain subsidy on premiums paid for the options after two years. The proposal also involves the Annual General Meeting approving that the Company - in deviation from the shareholders' preferential rights - transfers up to 200,000 of the Company's repurchased Class B shares to the option holders at the agreed redemption price in connection with any exercise of the call options. If the options are fully exercised, the number of B shares outstanding will increase by 200,000, equivalent to 0.9 percent of the number of shares outstanding and 0.6 percent of the votes.
- Extension of repurchase mandate. The Board of Directors has decided to propose to the AGM that the mandate to repurchase treasury shares be renewed. The proposed mandate would entitle the Board of Directors, during the period until the next AGM, to purchase shares such that the Company's holding at no time exceeds 10 percent of the total number of shares in the Company. Repurchases shall be carried out on the stock market. The proposed mandate would also allow use of repurchased shares as payment for acquisitions or disposal of the repurchased shares outside the stock market to finance acquisitions.
Addtech's website www.addtech.com is updated continuously with information about shareholder changes and share price performance. The site also has information about which analysts follow Addtech.