2013 - Tele Radio Annual Report

Transcription

This is a translated copy from the Swedish original. If any conflict occurs in the translation the Swedish will prevail.
2013
Torre de Hércules
A Coruña, Spain
annual report
Tele Radio Group
1
2
Tele Radio Group
4
Message from the CEO
11
Administration report
15
Income statements
20
Balance sheet
23
Cash flow statement
28
Notes
31
Auditor’s report
49
Management group
51
Members of the board
52
3
Tele Radio Group
tele radio sverige ab
Founded 2006
tele radio norge as
Founded 1995
tele radio i lysekil ab
Founded 1955
tele radio gmbh
Founded 2001
tele radio ltd
Founded 2002
tele radio bv
Founded 2000
tele radio Shanghai (branch office)
Founded 2012
tele radio america llc
Founded 2006
tele radio amoy
Founded 2007
tele radio asia
Founded 2004
tele radio sl
Founded 2012
tele radio Italia
Founded 2012
tele radio turkey
Founded 2008
Subsidiaries
Authorised Dealers
Partners
4
Ergonomic grip
Informative displays
Wide range of products
Analogue push buttons
Rugged build quality
Advanced stop buttons
Wide range of frequencies
433 MHz, 915 MHz, 2.4 GHz
Duplex communication
Proprietary joysticks
5
Our Vision
“is to be an international growth company which is respected and has a good reputation in the field
of application-interfaced remote control and communications.”
Our business concept
”is to surpass the needs of customers to remotely operate and/or communicate with their equipment
effectively, easily and safely. This will be achieved by developing, manufacturing and marketing
application-interfaced remote control and communications systems for industrial use.”
Core Values
•
Quality in products and work
•
Have respect for and care about colleagues and customers
•
Closeness to customer
•
Adaptive to changes
•
Responsibility and decision ability
6
Quality policy
We listen to our customers and staff and their opinions is our vantage point when we develop and
market products for remote control and communication. We achieve success by:
•
Fullfilling agreed upon demands and expectations
•
Each and everyone actively searches out the requirements of the goals of their work
•
Our work and our goals means constant improvement of products and processes
7
ISO 9001 and ISO 14001
Tele Radio AB is certified according to ISO 9001
travel and for freight transports, for the sake of the
quality management system and ISO 14001
environment. The most important parts of the ISO
environmental management system. This means that
9001 certification for management systems are quality,
you can trust our capacity and knowledge to carry out
responsibility, resources, product development as well
the work we do, that we continuously work to avoid
as measurement, analysis and improvement. ISO
repeating mistakes, that we use as environmentally
14001 demands that we take the responsibility to
friendly components as possible, and use the best
prevent pollution and that our company management
means of transport available, both for business
takes full responsibility to improve year by year.
Credit rating AAA
The mother company Tele Radio AB has had the
is gratifying that we have been given the AAA rating
highest credit rating, AAA, since 2002. To get this
once again, now eleven years in a row. Despite the
rating the company must be well established on
situation in the world market, we have been able to
the market, have a great credit history, satisfactory
successfully develop our company”, says the company
ownership structure and report key economical figures
Managing director Ola Samelius.
that are above average for the industry as a whole. “It
8
Preserving the tiger
The number of tigers in the 1900’s, over 100,000,
largest concentration of tigers in one reserve is about
dropped to 4,000 in the 1970’s. Today, they are a
250. At Tele Radio we support the World Wide Fund
critically endangered species with the total of all the
for Nature (WWF) and its efforts made to preserve
wild populations of the five remaining subspecies
the tiger. The population of tigers is decreasing fast
(Bengal, Indo-Chinese, Siberian, South China, and
and if this continues the tiger is at risk of becoming
Sumatran) is an estimated to be around 3,200 tigers.
extinct in the wild. By supporting the WWF we hope
It is known that all remaining tigers live in small,
that this trend will be broken.
isolated populations in widely scattered reserves. The
9
10
2013 – A good year with continued growth
and increased business results.
From its humble beginning at the close
of 2012, fiscal year 2013 progressed
positively and finished as yet another
profitable year for the Tele Radio group.
Despite challenges, all of the business
goals were met, and the group managed
an increased net turnover with about 10%
to 154 MSEK and a business result of
EBIT 15% (2012: 12%).
2013 was also characterised by aggressive
campaigns by the head office and
subsidiaries. I remain convinced that the
strategy of conducting business in a well
planned, responsible and honest manner
has shown good results and continues
to be an important driver to the success
and sustainable development of the Tele
Radio group.
Tele Radio increased its geographical
market presence in 2013, with significant
gains seen in Turkey, Spain and in the
United States. We can also conclude that
all subsidiaries showed strong growth with
good turnover and profit for this year.
New advanced technical solutions and
platforms expanded the product range
this year and the global marketing strategy
strengthened the brand overall.
Previous actions to improve quality and
secure production supply resulted in
stable conditions with shortened delivery
times, increased delivery precision and
excellent product quality. The number
of sold products during the year was over
200 000 units.
Resources such as the GSI group, who
create customised products with short
lead-times, have been well received and
will be further expanded during 2014.
A new company, Tele Radio Export NSG
AB, joined the group in 2013 to focus
on markets where we are not currently
active or are in a start-up phase, and will
cultivate the work previously handled by
the New Sales Group (NSG) department.
We will continue to oversee cost-effective
activities for production as well as the
organisation as a whole. As a part of this,
a joint business software solution will be
implemented for the entire group.
The entrepreneurial spirit is an important
factor for us and the success of our
business is dependent on our ability to
understand and in some cases anticipate
what the customer needs.
Clear responsibilities create trust. The
organisation’s ability to renew and adapt
is essential, and throughout the years
11
has been the determining factor for
profitability regardless of the economic
and currency situation. We plan to
continue on this path!
To be in a state of growth means continuous
change to the operation and organisation
as a whole. Tele Radio continues to invest
in the development of its staff in order
to deliver excellence in customer focused
thinking, professionalism, responsibility
and commitment. The educational
concept of Tele Radio Academy will be
soon introduced.
The prognosis for 2014 is exceptionally
good and we stand well equipped for
the future to continue our travels with
aggressive global growth, increased
profitability and increased cash flow.
We want to thank all the staff, customers
and colleagues for a very successful year!
Ola Samelius
Managing Director & CEO
Top 3 performers - Turnover 2013 vs. 2012
Figures reflect subsidiary development
+20%
Tele Radio LLC
Founded 2006
+205 %
+253%
Tele Radio TurkeyFounded 2008
Tele Radio Spain
Founded 2012
12
239 376
Products sold during 2013
15%
EBIT margin during 2013
10%
Sales growth during 2013
13
8,4%
Average yearly turnover
growth the last five years
14
Administration report
General business
T
ele Radio i Lysekil AB engages developing,
manufacturing and marketing in the area of
remote control and communications for industrial
use. The company is headquartered in Gothenburg,
Västra Götalands län, Sweden.
The corporate group of Tele Radio is represented
by subsidiaries in the following countries: Norway,
USA, The Netherlands, Germany, UK, Hong
Kong, Sweden, China, Turkey, Spain and Italy.
2013 was characterised by further investments in
both product organisation and subsidiaries. During the year we completed the acquisition in full
of the production company, which also positively
impacted operating income.
Operational Risks
Risk management in Tele Radio Lysekil AB aims to
identify, control and to minimise the risks within the
company. The operational risks are mainly related
to customers, suppliers, competitors and employees.
Employees
The Company depends on a skilled workforce and
expertise. By being an employer that provides the
opportunity for interesting work, flexible working hours, health promotion and performance
appraisal allow the company to attract, develop,
and retain their staff.
The company has a high level of technical competence from its personnel, offering a competitive
advantage for customers who can benefit from
the broad range of skills within the organisation,
rather than be dependent on an individual’s skills.
Production
Previous measures to further secure the production and supply continues to give very good results with shortened delivery times and excellent
product quality.
Financial Risks
The company is not exposed to any essential risks
that demands action to be taken. The most essential risk for the company is the currency exchange
rate risk in trade receivables and payables. Some of
the risks are attributable to interest on the checking account. The company holds no derivative
instruments for hedging flows.
Research and development
The Company’s objective and business area focus is to develop technology to meet current and
changing customer needs. The plan is to anticipate
them and bring to market these technical solutions accordingly. Investments made in development are seen to offer significant benefits over the
competition.
The company conducts its own development, and
sees continued high levels.
We also have this year patiently and in a futureoriented manner continued to invest heavily in
Left
Custom product manufactured
for the industrial equipment
supplier company - SPX.
15
product development, which also yielded results
in increased market share and increased powerful product range with a positive reception in the
market. Costs have affected net income.
Future
During 2013, the total market for our customer
segment showed a positive trend. The sales in the
subsidiaries has therefore continued to increase.
The positive trend in orders makes us expect a
continuous increase of turnover and net profit
during 2014.
The company continues to work actively to increase
our market share. We have achieved a number of
new exciting projects within segments of which
we have never worked before. This has been made
possible thanks to the parent company’s recently
released products, which are introduced to the
market by our subsidiaries and retailers.
In 2014 we preparing to expand with increased
profitability and improved cash flow, while planning further ventures to develop our marketing
mix, organisation and subsidiaries. The Tele
Radio group is looking with great confidence towards 2014 and the following years.
Future
No significant events occurred after the year end.
For other information
For more information, please visit the company
group’s webpage: www.teleradio.com
16
As time goes by ...
T
ele Radio i Lysekil AB has come a
long way since 1955.
began to decline and he slowly realised
that he would have to sell the business. By
then there were a few other competitors
on the market that could be potential
buyers, but finally Inge’s son-in-law,
Bertil Görling, bought the company
based on evaluation by a professional
corporate finance bank and the auditors.
Bertil took over the operation and started
bringing the company into an expansion
phase. The company was moved to
Gothenburg in order to get closer to its
customers. But with expansion comes
growing pains and for a few years the
numbers were not looking as good as
they previously had. It wasn’t until 1992,
that things really started to turn around
with the birth of the ”460-system”, Tele
Radio’s first in-house developed product
line. Things started rolling very fast after
this milestone with customers in Europe
placing increasing sales demand on the
company. The first subsidiary was formed
in 1995, Tele Radio AS in Norway,
coinciding with the companies 40 th
anniversary. In 1997 Tele Radio had its
own booth at the important ”Hannover
fair” in Germany, another milestone. In
1999 the second subsidiary, Tele Radio
Company history
One could argue that the first trembling
steps to becoming one of the world’s
largest remote control companies was
taken in 1955 in Lysekil, Sweden.
Inge Dahlgren then only 17 years old
constructed a bicycle mounted radio
powered by a wheel mounted generator.
The company was later registered since
Inge was determined to do something
”on his own”. The company’s first ventures
were in radio, walkie-talkies, TV and
stereo equipment.
In the early years, the company remained
in the radio & television segment,
building a reputation; but it wasn’t
until 1969 that the first remote control
system moved through the doors of Tele
Radio in the form of a modified system
from an American company. And in
1971 the focus had shifted from the
home electronics segment into garage
door openers and other remote control
products. The business continued in this
way up until 1988 when Inge’s health
Left
Tele Radio conducts all of its
own research and development.
17
LLC, was formed to serve the American
market. By 2000 the third subsidiary,
Tele Radio BV in Holland was established
and in this fashion it has continued, with
a new subsidiary started almost every year
since 1999. Now Tele Radio has its own
production and logistics center in Asia
servicing subsidiaries, thirteen authorised
dealers and partners in every continent
of the world.
This was only made possible by having
very dedicated staff with a mission to
create great products and a willingness
to listen to the customer in order to tailor
our products to their very specific needs.
This is our mission, to continue to grow
by providing great products for small
and large companies all over the world.
Through hard work
and dedication we are
convinced that the
future will hold even
greater rewards for the
Tele Radio Group.
And the rest as they say,
is history.
Comparative figures covering several years
2013
2012
2011
2010
2009
153 821
139 088
130 462
109 118
88 336
23 197
16 274
22 251
7 699
-5 151
Equity/assets ratio, %
44
34
42
37
40
Return on equity, %
24
18
34
34
neg
83 720
75 214
77 240
60 029
45 336
4 222
3 464
3 732
-5 576
-10 703
Equity/assets ratio, %
41
31
49
46
51
Return on equity, %
6
14
15
neg
34
Summary of the company’s financial development
Group
Net sales, TSEK
Income after financial items, TSEK
Annual meeting
The annual meeting will be held Friday the 9th
of May at 14.00 at the Tele Radio headquarters, Datavägen 21, 436 32 Askim, Sweden.
Information about the agenda for the meeting
will be distributed alongside the invitation.
Parent company
Net sales, TSEK
Income after financial items, TSEK
Definitions of key ratios used are provided in Note 1.
The Board proposes that the dividend payment
be made the day after the Annual General
Meeting. The proposed dividend will reduce
the company’s adjusted equity (shareholders’ equity / total assets) to 27%. The equity
ratio is given provided that the company’s
operations continue to be carried on profitably reassuring. Liquidity in the company
can be maintained at a similarly satisfactory
level. The Board believes that the proposed
dividend will not prevent the company from
fulfilling its obligations in neither the short
and long term, nor the necessary investments.
The proposed dividend can be justified with
reference to the stipulations of Chapter 17,
Section 3, § 2-3 (precautionary principle).
Proposed appropriation of profits
The following profits are at the disposal of the Annual General Meeting:
Unappropriated profit brought forward
Net income for the year
24 660 193
4 915 172
29 575 365
The Board of Directors proposes that the profits are appropriated so that
a dividend of SEK 5 769, totaling amount
To be carried forward
15 000 000
14 575 365
29 575 365
18
Increased business result with
growth strategy
Net turn-over / EBIT margin
180 000 000
20%
160 000 000
15%
140 000 000
120 000 000
The fact that the Tele Radio group increased profits during 2013 despite
the burden of substantial depreciations and ongoing costs for the group
proves the viability of our growth strategy.
We can also attribute this accomplishment to our presence in the global
market place for sustained profitable growth. We are confident we will
continue to prosper through tactics in global risk diversification and
increased product range.
10%
100 000 000
5%
80 000 000
60 000 000
0%
40 000 000
-5%
20 000 000
0
-10%
2006
2007
2008
2009
2010
2011
2012
2013
Financial solidity
EBIT
30 000 000
60%
25 000 000
50%
20 000 000
40%
15 000 000
10 000 000
30%
5 000 000
20%
0
10%
-5 000 000
-10 000 000
0%
2006
2007
2008
2009
2010
2011
2012
2013
2006
19
2007
2008
2009
2010
2011
2012
2013
Parent Company
Group
Income Statements
Net sales
Note
2
Net sales group
Other operating income
2013
2012
2013
2012
153 821 505
139 088 450
16 487 562
15 559 107
0
0
67 232 302
59 654 534
2 677 689
3 254 771
50 754
850 235
156 499 194
142 343 221
83 770 618
76 063 876
0
0
-32 618 472
-29 309 131
-31 171 248
-25 438 560
-11 849 355
-7 054 926
-7 102 560
-6 099 258
0
0
Operating expenses
Goods for resale group
Goods for resale
Raw materials
Other external expenses
3, 4
-35 717 791
-42 040 558
-17 938 797
-18 185 656
5
-55 240 565
-48 570 443
-23 147 226
-20 134 812
Depreciation of tangible and intangible assets
-2 314 121
-2 120 315
-551 810
-656 038
Other operating expenses
-1 086 586
-980 734
0
-1 057 778
-132 632 871
-125 249 868
-86 105 660
-76 398 341
23 866 323
17 093 353
-2 335 042
-334 465
0
0
7 647 213
4 672 248
Other interest income and similar profit/loss
items
64 589
253 417
55 042
76 395
Interest expenses and similar profit/loss items
-733 718
-1 072 655
-1 144 941
-950 523
Profit/loss after financial investment
-669 129
-819 238
6 557 314
3 798 120
23 197 194
16 274 115
4 222 272
3 463 655
Personnel costs
Operating profit/loss
Income from financial items
Income from participations in Group
companies
Income after financial items
6
Right
Part of the Tele Radio team
on a team building exercise.
20
21
22
Parent Company
Group
Income Statements
Note
Tax on profit for the year
7
Deferred tax liabilities
Minority interest in net income
Balance sheets
Note
2013
2012
2013
2012
-4 220 097
-7 145 037
692 900
-2 129 750
-115 000
-824 000
0
0
-3 603 181
-2 762 491
0
0
15 258 916
5 542 587
4 915 172
1 333 905
2013-12-31
2012-12-31
2013-12-31
2012-12-31
Assets
Fixed assets
Intangible fixed assets
Trademarks
8
28 873
40 930
28 873
40 930
Goodwill
9
9 809 175
10 681 557
0
0
9 838 048
10 722 487
28 873
40 930
10
2 246 941
2 461 571
902 580
956 051
11
0
0
23 352 395
22 970 436
3 353 919
2 434 448
0
0
86 926
0
0
0
3 440 845
2 434 448
23 352 395
22 970 436
Tangible fixed assets
Equipment, tools, fixtures and fittings
Financial fixed assets
Participations in Group companies
Deferred tax
Other long term receivables
Left
A customisation project for one
of Tele Radio’s customers.
Total fixed assets
23
Group
Balance sheets
Current assets
Note
Parent Company
2013-12-31
2012-12-31
2013-12-31
2012-12-31
15 525 834
15 618 506
24 283 848
23 967 417
28 203 352
32 000 109
25 657 505
30 397 647
5 034 156
4 258 321
0
0
33 237 508
36 258 430
25 657 505
30 397 647
15 747 443
16 649 724
1 740 482
1 725 659
0
0
17 594 074
19 781 913
Current tax assets
165 770
671 526
165 770
0
Advance payments to suppliers
369 783
370 133
369 783
370 133
1 010 880
1 060 288
22 582
670 511
Inventories, etc.
Finished products and goods for resale
Raw materials and consumables
Current receivables
Accounts receivable - trade
Receivables from Group companies
Other current receivables
Prepaid expenses and accrued income
2 300 671
2 425 066
653 297
670 800
19 594 547
21 176 737
20 545 988
23 219 016
Cash and bank balances
27 135 643
16 765 717
4 346 562
475 716
Total current assets
79 967 698
74 200 884
50 550 055
54 092 379
Total assets
95 493 532
89 819 390
74 833 903
78 059 796
Share capital
1 300 000
1 300 000
1 300 000
1 300 000
Statutory reserve
3 307 243
2 563 462
260 000
260 000
4 607 243
3 863 462
1 560 000
1 560 000
22 314 244
21 320 563
24 660 193
21 704 288
Equity and liabilities
Equity
12
13
Restricted equity
Non-restricted equity
Retained earnings
24
I have had the pleasure to lead the Benelux subsidiary company,
Tele Radio BV, since it was founded in 2000.
The Benelux market is very diffuse and segmented, and because of the
widening and deepening assortment provided by Tele Radio AB over
time, we have been able to conquer a large part of it.
Over the past years, continuous growth and improvement have been
my goals, and we have been able to attain these goals almost every year.
Together with my team I have built a company that is ready for the
future, however competitive or high-tech this future may be!
KeesJan van der Elst
CEO of Tele Radio BV
25
26
Parent Company
Group
Balance sheets
Note
2013-12-31
2012-12-31
2013-12-31
2012-12-31
15 258 916
5 542 587
4 915 172
1 333 905
37 573 160
26 863 150
29 575 365
23 038 193
42 180 403
30 726 612
31 135 365
24 598 193
5 471 970
4 678 416
0
0
7 765
18 434
0
0
Other provisions
690 176
956 192
0
0
Total provisions
697 941
974 626
0
0
13 312 500
10 562 500
13 312 500
10 562 500
13 312 500
10 562 500
13 312 500
10 562 500
14,15
6 828 378
14 376 371
6 828 378
14 376 371
14
4 074 306
4 045 687
3 750 000
3 750 000
9 325 657
8 435 244
3 236 565
2 309 161
0
0
12 710 856
10 325 746
676 903
3 626 855
406 157
2 980 137
7 202 356
7 239 076
31 396
6 235 988
5 723 118
5 154 003
3 422 686
2 921 700
Total current liabilities
33 830 718
42 877 236
30 386 038
42 899 103
Total equity and liabilities
95 493 532
89 819 390
74 833 903
78 059 796
26 850 000
26 850 000
26 850 000
26 850 000
None
None
None
None
Net profit/loss for the year
Total equity
Minority Interest
Provisions
Deferred taxes
Non-current liabilities
Other liabilities to credit institutions
14
Total long-term liabilities
Current liabilities
Bank overdraft facilities
Liabilities to credit institutions
Accounts payable - trade
Liabilities to Group companies
Current tax liabilities
Other current liabilities
Accrued expenses and deferred income
16
17
Pledged assets
Left
Product demonstration using a
scale model of overhead traversing crane.
Contingent liabilities
27
Parent Company
Group
Cash flow statement
Note
2013
2012
2013
2012
23 866 323
17 093 353
-2 335 042
-334 465
2 314 121
2 120 315
551 810
843 032
0
0
7 647 213
3 066 248
64 589
253 417
55 042
76 395
-733 718
-1 072 655
-1 144 941
-950 523
-7 383 715
-7 145 037
-1 087 328
-1 078 347
18 127 600
11 249 393
3 686 754
1 622 340
3 020 922
4 366 576
4 740 143
-5 893 447
Change in accounts receivable
902 281
76 233
-14 823
1 348 103
Change in current receivables
845 679
-234 409
2 687 851
-6 471 046
Change in accounts payable
890 413
-822 760
927 403
181 266
-2 583 327
5 235 246
-5 490 248
18 245 594
21 203 568
19 870 279
6 537 080
9 032 810
Operating activities
Operating profit/loss before financial items
Adjustments for non-cash items, etc.
8, 9, 10
Interest received
Dividends received
6
Interest paid
Paid / refunded income taxes
Change in inventories
Change in current payables
Cash flow from operating activates before
working capital changes
Investing activities
Investments in tangible fixed assets
10
-822 266
0
3 616
0
0
11
-310 000
-18 426 999
-381 959
-21 034 712
Change Long-term receivables
-1 006 397
-2 434 448
0
0
Cash flow from investing activities
-2 138 663
-21 842 953
-868 241
-21 156 890
Acquisition of subsidiaries
Investment in group company
-985 122
-486 282
28
-122 178
Product demonstrations
Each year a technical meeting is arranged
where subsidiaries can meet up and experience new products.
Parent Company
Group
Cash flow statement
Note
2013
2012
2013
2012
-7 547 993
1 835 439
-7 547 993
1 835 439
2 778 619
7 465 069
2 750 000
7 750 000
Financing activities
Change in cheque account with overdraft
facility
14
Amortisation/borrowings
Joachim Drews - Tele Radio AB
I started at Tele Radio in 2012 as a consultant doing an external test of the new
CANOpen receiver. I continued as an
employee with focus to support our customers that use our different bus receivers.
I have a background of 25 years mainly
developing different kinds of test equipment used by the plastic pipe industry all
over the world. These years have given me
a wide knowledge in many technical fields
and in slowing technical problems both
on-site and at distance. I know that this
will be something I can make great use
of when customising and supporting all
of Tele Radio products.
Group contribution received
13
0
0
5 200 000
5 200 000
Dividends paid
13
-2 200 000
-5 200 000
-2 200 000
-5 200 000
Dividend non-controlling interests
-1 845 395
-1 556 850
0
0
Cash flow from financing activities
-8 814 769
2 543 658
-1 797 993
9 585 439
Cash flow for the year
10 250 136
570 984
3 870 846
-2 538 641
Exchange rate difference in cash and cash
equivalents
119 790
-1 046 549
0
0
Cash and cash equivalents at beginning of
the year
16 765 717
17 241 282
475 716
3 014 357
Cash and cash equivalents at the end of
the year
27 135 643
16 765 717
4 346 562
475 716
29
In 2006, when our US subsidiary was founded, Tele Radio was
virtually unknown in South America and only marginally known
in North America. Nowadays, we are recognised by customers and
competitors alike as one of the market leaders, providing quality radio
remote controls with particular focus on customers, outstanding technical
and sales support and full coverage in the Americas.
In 2012, with the sudden demise of our former exclusive distributor in
Spain due to the deep crisis which savaged their country, I was asked
to set up and manage Tele Radio Spain SL. Our initial only purpose
was offering support to the numerous systems we had sold during the
golden boom years. We had to prove to our customers in Spain and
worldwide Tele Radio always stands behind its products no matter
what. To our delight, we closed the first year of activity in black figures,
significantly increasing both sales and profits the following year.
These incredible success stories in such different and difficult markets can
only be achieved by providing quality, safe and competitive products,
supported by an outstanding team. I am proud of being part of this
family and look forward to a very promising future.
Miguel Tellez
CEO of Tele Radio LLC & Tele Radio SL
30
Notes to the Consolidated and Parent company
Financial Statements
Note 1 | Accounting and valuation principles
nated in its entirety. The Group’s equity
includes only that portion of the subsidiary equity arising after the acquisition.
The Annual Report has been prepared in
accordance with the Annual Accounts
Act and Swedish Accounting Standards
Board.
The accounting policies are unchanged
compared to last year.
Acquisition during the year is included in
the consolidated accounts from the period after the acquisition. Results from the
year’s divested companies are included in
the consolidated income statement for
the period until the date of sale.
Assets, provisions and liabilities are valued at cost unless otherwise stated.
Company’s foreign subsidiaries are classified as independent subsidiaries, which is
why the current method applied for the
conversion of their accounts. This means
that the foreign subsidiaries’ assets and
liabilities are translated at the closing rate.
All income statement items are translated
at the average rate. Exchange differences
are taken directly to equity.
Consolidated accounts
The consolidated accounts include subsidiaries where the parent company directly
or indirectly, holds more than 50% of the
voting rights or otherwise has a controlling interest.
Inter-Group profits are eliminated in full.
The Group’s financial statements are
prepared using the purchase method,
which means that the subsidiaries’ equity
at acquisition, defined as the difference
between assets and liabilities, is elimi-
In the consolidated income statement,
minority interests reported in net income.
Minority interest in subsidiary’s equity
are reported as a separate item in the
31
consolidated balance sheet.
The parent company’s accounts in subsidiaries are reported at cost less any impairment. As dividends from subsidiaries, only the dividends received by the
profits earned after the acquisition will
be reported.
Foreign currencies
Assets and liabilities in foreign currency
are valued at closing rate of exchange.
Where hedging instruments have been
used, for example forward cover, the
forward rate is applied. Transactions in
foreign currencies are translated at the
spot rate on transaction date.
Income
Sales of goods are reported at delivery
of the products to customers, in accordance with the sales agreements. Sales
are reported after deduction of VAT and
discounts. In the consolidated accounts,
inter-Group sales are eliminated.
Income tax
Reported income tax includes tax, which shall be paid or received,
regarding the current year adjustments concerning previous years’
current taxes, changes to deferred tax and shares of associated
companies’ taxes.
All tax liabilities and receivables are valued at their nominal
amount according to the tax regulations and tax rates that
have been decided or that have been announced and are likely
to be adopted.
The tax effects for the items reported in the income statement are
also reported in the income statement. The tax effects of items
that are accounted for directly against equity are also reported
directly against equity.
Deferred tax is calculated according to the balance sheet method
on all temporary differences which occur between the reported
and taxable values of the assets and liabilities.
The temporary differences have primarily arisen in connection
with the depreciation of property, appreciation of long-term
securities holdings, derivative contracts, tax losses (losses carried
forward) and provisions for pensions.
Deferred tax assets regarding losses carried forward or other
future tax deductions are reported to the extent that it is probable that the deduction can be settled against a surplus when
taxed in the future.
Due to tax regulations, the Parent Company reports deferred
tax liabilities on untaxed reserves as untaxed reserves.
Tax liabilities and receivables are valued according to the amount
that the company deems should be paid to or received from the
Swedish Tax Agency. The assessment is made according to the
tax regulations and tax rates, which have been determined or
that have been announced and are likely to be adopted.
Deferred tax regarding future tax effects is not reported in the
income statement and balance sheet.
Intangible assets
Research and development work
Expenditure on research and development are expensed as they
arise.
Concessions, patents, licenses, trademarks and similar rights
Expenses for gained concessions, patents, licenses and trademarks
are reported in the balance sheet and are written off linearly
over their respective contractually regulated time of use, normally maximum 20 years. Write-offs are included in the post
“Write-off of material and immaterial assets” of the result sheet.
Tangible fixed assets
Tangible fixed assets are reported at acquisition cost reduced
by the amount of depreciation. Expenses for improving the
performance of the assets beyond their original level increase
the asset’s reported value. The following periods of depreciation
are applied:
Equipment, tools, fixtures and fittings
32
5, 7 years
Thorough
Håkan Engblom
branding
- Tele Radio AB
It
Since
is important
Septemberfor
2012
us Ito
work
consider
at the R&D
all asdepartment
pects of branding,
at Tele-Radio.
the salesforce have the
My
company
area oflogo
responsibility
and other isbrand
within
flair
develon
opment
their cars.
of software for different kinds of
Tele-Radio products.
The R&D department at Tele-Radio is a
very dynamic and creative environment
to work in and I find my work interesting.
My main focus so far has been evaluation
of new HW platforms,
development of fieldbus support/features,
safety critical software and the accompanying certification of safety critical
software.
Accounts receivable
Inventories
Accounts receivable are reported as current assets at the amounts
expected to be received after deductions for individually-assessed
bad debts.
Inventories are valued, using the first-in, first-out method, at
the lower of acquisition cost or net realisable value on balance
sheet date.
Borrowing
Reporting for operational branches and geographic
markets
Borrowing is initially reported at the amount received after
deductions for transaction costs. If the reported amount is
different from the amount to be repaid on due date, the difference is allocated as interest expenses or interest income over the
term of the loan. In this manner, the reported amount and the
amount to be repaid will be equal on due date.
A financial liability first ceases to be reported when it has been
settled on the basis of repayments or if it has been waived.
All transactions are reported on settlement date.
Jonny Blad - Tele Radio AB
I started my journey in this company in
1994. During my 20 years I have played
different roles like production, purchasing, responsible for the service department
and now for the quality of our products.
During this time there has been new challenges considering the different positions
and also new products.
A geographic market is a country or group of countries where
the company has sales either through direct exports or through
their local units.
Cash flow statement
The cash flow statement has been prepared using the indirect
method. The reported cash flow includes only those transactions
that have resulted in receipts or payments.
Definitions of key ratios
Transaction exposure
Accounts receivable and accounts payable in foreign currencies
are valued at closing rates.
Receivables
Receivables with due dates later than 12 months after balance
sheet date are reported as fixed assets, others as current assets.
Receivables are reported in the amounts that, on the basis of
individual assessment, are estimated to be received.
33
Equity/assets ratio
Equity and untaxed reserves (less deferred tax) as a percentage
of total assets.
Return on equity
Income after financial items as a percentage of equity and untaxed reserves (less deferred tax).
Note 2| Breakdown of net sales by
geographical markets
Parent Company
Group
2013
2012
2013
2012
Nordic countries
53 938 964
53 611 787
30 813 228
30 290 554
Europe, excluding the Nordic countries
62 126 701
53 841 792
33 306 402
28 709 558
North America
22 573 283
18 762 973
10 313 850
9 066 676
Asia and other countries
15 182 557
12 871 898
9 286 384
7 146 853
153 821 505
139 088 450
83 719 864
75 213 641
2013
2012
2013
2012
Net sales classified according to
geographic market as follows:
Total
Note 3| Remuneration to auditors
Auditing
PwC
275 625
245 500
205 000
200 500
Other
138 179
155 088
0
0
Other assignments than audit assignments PwC
0
0
0
0
20 000
30 000
20 000
30 000
Consultancy, others PwC
106 870
79 425
95 785
79 425
Other consultancy, others advisory
568 166
588 548
0
0
1 108 840
1 098 561
320 785
309 925
Tax consultancy PwC
Total
34
The audit engagement refers to auditing of the
annual report and the book-keeping as well as
the administration of the board of Directors
and the Managing Director, other duties performed by the accountant as consultation or
assistance as a result of observations made during the audit or the implementation of other
tasks. Everything else is other engagements.
Note 4| Operating lease agreements
Parent Company
Group
2013
2012
2013
2012
Leasing costs, cars
282 409
262 316
0
0
Total
282 409
262 316
0
0
Lease expenses for operating leases
for the year following;
Anders Brynefall - Tele Radio AB
I started my employment at Tele Radios
head-office around April 2012.
Born with a huge interest for technical
stuff, modifications e.t.c, I have been
working as an engineer the overall time
of my career.
I really felt at home, as I joined Tele Radios
Group for Special Customisations.
At GSI, I rebuild & program transmitters
and receivers to fit the customers special
needs. I also handle Technical support
both by phone and mail world-wide.
Not a day is the same, which suits me
perfectly.
35
36
Note 5| Salaries, other remuneration and social security contributions
Group
total 140
2013
total 142
88
Women
2012
89
Men
52
53
Head Office
25
total 31
6
total 31
6
Left
Support technician Thomas Berg
conducting a Tiger system demonstration during a technical
meeting.
37
25
Group
Parent Company
2013
2012
2013
2012
Salaries and remuneration to the Board and Managing
Director
10 077 516
9 483 274
2 277 019
1 945 079
Salaries and remuneration to other employees
31 105 506
26 972 307
12 469 825
10 517 177
41 183 022
36 455 581
14 746 844
12 462 256
Statutory and contractual social security contributions
9 325 405
8 375 823
4 675 223
4 114 956
Pension costs for the Board and Managing Director
1 255 196
947 605
858 926
601 553
Pension costs for other employees
1 430 778
1 281 813
954 285
891 858
53 194 401
47 060 822
21 235 278
18 070 623
2012
2011
Salaries, remuneration, social security
contributions and pension costs
Total
Board members and officers of the company in the management. Group and
Parent company.
Total
Eva Carlbrand
Klavmark - Tele Radio AB
Jan
8
Note 6| Income from participations
in Group companies.
Group
8
Parent Company
2013
2012
2013
Dividends
0
0
7 647 213
5 672 248
Write-downs
0
0
0
-1 000 000
Total
0
0
7 647 213
4 672 248
38
2012
My
I started
history
at Tele
at Tele
Radio
Radio
AB started
in November
in au2002.
tumn I2010.
work Iatwork
the switchboard
as a controller
andand
the
reception,
am a part of
there
the Imanagement
meet a lot ofgroup.
interesting
The
customers,
daily work suppliers
is filled with
and other
financial
guests.
figures,
My
job
but also
alsoincludes
lots of down
financial
to earth
business.
issuesIin
enjoy
the
my
company.
job andBeing
I think
a part
Tele of
Radio
the financial
is a positive
department
and progressive
and dealing
company
with
and
questions
I am glad
that
to
concerns
be a part of
thethe
group
Tele Radio
is bothteam!
challenging
and stimulating. The main issue for the
future is to connect together the group
in a mutual system and to make us more
efficient.
Note 7| Tax on profit for the year
Group
Parent Company
2013
2012
2013
2012
-4 220 097
-4 848 326
-385 100
-1 200 639
Tax referred from earlier years
0
-2 296 711
0
-2 296 711
Tax effect on group contributions paid
0
0
1 078 000
1 367 600
-4 220 097
-7 145 037
692 900
-2 129 750
2013
2012
2013
2012
Opening acquisition cost
418 667
418 667
418 667
418 667
Closing accumulated acquisition cost
418 667
418 667
418 667
418 667
-377 737
-359 787
-377 737
-359 787
-12 057
-17 950
-12 057
-17 950
-389 794
-377 737
-389 794
-377 737
28 873
40 930
28 873
40 930
Current tax for the year
Total
Note 8| Concessions, patents, licenses,
trademarks and similar rights
Kerstin Ljungström - Tele Radio AB
I was employed at Tele Radio AB in April
1999, from the beginning I felt this was a
good company to work for.
I work at the financial department and
HR department.
I still enjoy my work very much and I
think we all are a great team.
Opening depreciation
Depreciation for the year
Closing accumulated depreciation
Closing residual value according to plan
39
40
Note 9| Goodwill
Group
2013
Parent Company
2012
2013
2012
11 342 182
0
0
0
Capitalised expenditure for the year, purchases
310 000
11 342 182
0
0
Reclassifications
-17 182
0
0
0
11 635 000
11 342 182
0
0
-660 625
0
0
0
-1 165 200
-660 625
0
0
-1 825 825
-660 625
0
0
9 809 175
10 681 557
0
0
Note 10 | Equipment, tools, fixtures and fittings
Group
Purchases
Sales and disposals
2013
2012
2013
2012
15 305 474
14 195 296
10 243 954
10 121 776
822 266
985 122
486 283
122 178
0
-3 616
0
0
Reclassifications/ translation difference
97 452
128 672
0
0
16 225 192
15 305 474
10 730 237
10 243 954
-12 843 903
-11 416 673
-9 287 904
-8 649 816
Left
Booth from the Hannover Industrial Fair.
Parent Company
41
-1 134 348
-1 427 230
-539 753
-638 088
-13 978 251
-12 843 903
-9 827 657
-9 287 904
2 246 941
2 461 571
902 580
956 050
Note 11 | Participations in subsidiaries
Name
Location
Equity
Result
Miami, USA
4.575.879
4.094.133
Haag, NL
2.787.641
436.093
Schierling, DE
4.922.407
2.787.961
Tele Radio Norge AS
Dal, NO
3.112.779
1.980.727
Tele Radio (UK) Ltd
Macclesfield, UK
5.078.938
1.847.938
Tele Radio Asia (HK) Co., Ltd
Hong Kong, PRC
17.755.513
6.078.388
Istanbul, TR
262.909
96.189
Göteborg, SE
3.711.566
4.370.807
Saluzzo, IT
-136.716
-97.563
Tele Radio Spain Radio Controles, S.L
Barcelona, ES
933.417
758.665
Tele Radio Export NSG AB
Göteborg, SE
50.000
0
Tele Radio America LLC
Tele Radio B.V.
Tele Radio Funkfernsteuerungen GmbH
Tele Radio Elektronik (TR), Ltd
Tele Radio Sverige AB
Tele Radio Italia Srl
Parent Company
Share of equity
%
Share of voting
power % Book value 2013
Book value 2012
Tele Radio America LLC
70
70
265 083
265 083
Tele Radio B.V.
56
56
118 033
118 033
Tele Radio Funkfernsteuerungen GmbH
70
70
160 845
160 845
Tele Radio Norge AS
60
60
804 435
804 435
Tele Radio (UK) Ltd
70
70
150 865
150 865
Tele Radio Asia (HK) Co., Ltd
100
100
19 164 684
18 853 784
Tele Radio Elektronik (TR), Ltd
100
100
2 364 118
2 364 118
Tele Radio Sverige AB
100
100
100 000
100 000
70
70
146 812
125 753
Tele Radio Spain Radio Controles, S.L
Tele Tadio Italia Srl
100
100
27 520
27 520
Tele Radio Export NSG AB
100
100
50 000
0
23 352 395
22 970 436
Total
42
Kim Rydenfält - Tele Radio AB
I started working at Tele Radio AB in 2007.
I spent my first years at the R&D department where I was part of the projects to
set a new platform of products which later
became the Tiger family.
In 2011 I left the R&D department and
became Project Manager. My main task
today is to keep track of all the running
projects and putting all the bits and pieces
together to eventually end up with products ready for sales.
Note 12 | Prepaid expenses and accrued income
Group
The difference between, on the one hand the
income tax which has been declared in the
income statement, and in the other the income tax affecting the business; consists of
deferred tax, untaxed inter-company profit
and inventories.
Balance sheets
2013-12-31
Parent Company
2012-12-31
2013-12-31
2012-12-31
846 533
599 358
340 228
341 723
98 765
107 842
0
0
Other items
1 355 373
1 717 866
313 069
329 077
Total
2 300 671
2 425 066
653 297
670 800
Prepaid rent
Prepaid insurances
43
Note 13 | Change in equity
Share capital
Restricted
reserves
Distributable
reserves and net
profit for the
year
1 300 000
1 087 778
18 735 122
13 027 112
34 150 012
Appropriation of profits based on the resolution of the
general meeting of shareholders
-
-
13 027 112
-13 027 112
-
Dividends
-
-
-5 200 000
-
-5 200 000
Adjustment inter-company profit inventories
-
-
-2 625 200
-
-2 625 200
Translation differences
-
-
-1 140 787
-
-1 140 787
This year’s adjustment untaxed reserves
-
1 475 684
-1 475 684
-
-
-
-
-
5 542 587
5 542 587
1 300 000
2 563 462
21 320 563
5 542 587
30 726 612
Appropriation of profits based on the resolution of the
general meeting of shareholders
-
-
5 542 587
-5 542 587
-
Dividends
-
-
-2 200 000
-
-2 200 000
Translation differences
-
-
-1 605 125
-
-1 605 125
This year’s adjustment untaxed reserves
-
743 781
-743 781
-
-
-
-
-
15 258 916
15 258 916
1 300 000
3 307 243
22 314 244
15 258 916
42 180 403
Group
Equity, 2011-12-31
Equity 2012-12-31
Equity 2013-12-31
Net profit/loss
for the year
Total equity
Right
Jesper Ribbe, head of R&D
doing a presentation during a
technology meeting.
44
45
Share capital
Restricted
reserves
Distributable
reserves and net
profit for the
year
1 300 000
260 000
18 725 769
4 346 119
24 631 888
-
-
5 200 000
-
5 200 000
Tax effect of Group contribution
-
-
-1 367 600
-
-1 367 600
Appropriation of profits according to general meeting of
shareholders
-
-
4 346 119
-4 346 119
-
Dividends
-
-
-5 200 000
-
-5 200 000
-
-
-
1 333 905
1 333 905
1 300 000
260 000
21 704 288
1 333 905
24 598 193
-
-
4 900 000
-
4 900 000
Tax effect of Group contribution
-
-
-1 078 000
-
-1 078 000
Appropriation of profits according to general meeting of
shareholders
-
-
1 333 905
-1 333 905
-
Dividends
-
-
-2 200 000
-
-2 200 000
-
-
-
4 915 172
4 915 172
1 300 000
260 000
24 660 193
4 915 172
31 135 365
Parent Company
Equity, 2011-12-31
Equity 2012-12-31
Equity 2013-12-31
Net profit/loss
for the year
Total equity
The share capital consists of 1300 A-shares with a quota value of 500 SEK and 1300 B-shares with a quota value of 500 SEK.
46
Note 14 | Long-term liabilities
Group
Interest-bearing liabilities
Parent Company
2013-12-31
2012-12-31
2013-12-31
2012-12-31
13 312 500
10 562 500
13 312 500
10 562 500
Total
13 312 500
10 562 500
13 312 500
10 562 500
Bank overdraft facilities
6 282 378
14 376 371
6 828 378
14 376 371
4 074 306
4 045 687
3 750 000
3 750 000
Total
10 356 684
18 422 058
10 578 378
18 126 371
Total interest-bearing liabilities
23 669 184
28 984 558
23 890 878
28 688 871
9 562 500
6 812 500
9 562 500
6 812 500
2013-12-31
2012-12-31
2013-12-31
2012-12-31
15 447 150
15 430 830
15 000 000
15 000 000
Long-term liabilities
Current liabilities
Due dates
The portion of long-term liabilities falling due for payment later
than two years but within five years after balance sheet date
Joackim Dyhre - Tele Radio Sverige AB
I started working for Tele Radio AB in
January 2000.
I worked with the early systems like the
Garage opener and other products such
as the 170, 460 and 850.
Today I am employed by the Swedish subsidiary and responsible for door and gates,
winch systems and handicap solutions.
I have had lots of nice years in the company and seen a lot of new good products.
Note 15 | Bank overdraft facilities
Granted amount of overdraft facility is
47
Note 16 | Accrued expenses and deferred income
Group
Parent Company
2013-12-31
2012-12-31
2013-12-31
2012-12-31
Accrued wages, salaries and holiday pay liabilities.
2 907 298
3 149 297
2 052 062
1 851 969
Accrued social security contributions
1 441 533
1 221 688
1 164 384
922 051
0
50 359
0
0
Other items
1 374 287
732 659
206 240
147 680
Total
5 723 118
5 154 003
3 422 686
2 921 700
2013-12-31
2012-12-31
2013-12-31
2012-12-31
Floating charges
26 850 000
26 850 000
26 850 000
26 850 000
Total pledged assets
26 850 000
26 850 000
26 850 000
26 850 000
Accrued interest expenses
Note 17 | Pledged assets
For own provisions and liabilities
Relating to liabilities to credit institutions
48
Auditor’s report
To the annual meeting of the shareholders of Tele Radio i Lysekil AB, corporate
identity number 556344-0196.
counts that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Report on the annual accounts
and consolidated accounts
My responsibility is to express an opinion on these annual accounts and consolidated accounts based on my audit.
I conducted my audit in accordance
with International Standards on Auditing and generally accepted auditing
standards in Sweden. Those standards
require that I comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance
about whether the annual accounts and
consolidated accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the annual
accounts and consolidated accounts.
The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or
error. In making those risk assessments,
the auditor considers internal control
I have audited the annual accounts and
consolidated accounts of Tele Radio I
Lysekil AB for the year 2013.
Mattias Celind
Authorised Public Accountant at PwC
Responsibilities of the Board
of Directors and the Managing Director for the annual
accounts and consolidated accounts
The Board of Directors and the Managing Director are responsible for the
preparation and fair presentation of
these annual accounts and consolidated
accounts in accordance with the Annual Accounts Act, and for such internal
control as the Board of Directors and
the Managing Director determine is
necessary to enable the preparation of
annual accounts and consolidated ac-
49
relevant to the company’s preparation
and fair presentation of the annual accounts and consolidated accounts in
order to design audit procedures that
are appropriate in the circumstances,
but not for the purpose of expressing
an opinion on the effectiveness of the
company’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates
made by the Board of Directors and the
Managing Director, as well as evaluating
the overall presentation of the annual
accounts and consolidated accounts.
I believe that the audit evidence I have
obtained is sufficient and appropriate
to provide a basis for my audit opinion.
Opinions
In my opinion, the annual accounts
and consolidated accounts have been
prepared in accordance with the Annual
Accounts Act and present fairly, in all
material respects, the financial position
of the parent company and the group
as of 31 December 2013 and of their
financial performance and cash flows for
Auditor’s report continued
the year then ended in accordance with
the Annual Accounts Act. The statutory
administration report is consistent with
the other parts of the annual accounts
and consolidated accounts.
I therefore recommend that the annual
meeting of shareholders adopt the income statement and balance sheet for
the parent company and the group.
Report on other legal and regulatory requirements
In addition to my audit of the annual
accounts and consolidated accounts, I
have also audited the proposed appropriations of the company’s profit or loss
and the administration of the Board of
Directors and the Managing Director
of Tele Radio i Lysekil AB for the year
2013.
Responsibilities of the Board
of Directors and the Managing
Director
The Board of Directors is responsible for
the proposal for appropriations of the
company’s profit or loss, and the Board
of Directors and the Managing Director
are responsible for administration under
the Companies Act.
The Board of Directors is responsible
for the proposal for appropriations of
the company’s profit or loss, and the
Board of Directors and the Managing
Director are responsible for administration under the Companies Act.
My responsibility is to express an opinion with reasonable assurance on the
proposed appropriations of the company’s profit or loss and on the administration based on my audit. I conducted
the audit in accordance with generally
accepted auditing standards in Sweden.
As a basis for my opinion on the Board
of Directors’ proposed appropriations
of the company’s profit or loss, I examined the Board of Directors’ reasoned
statement and a selection of supporting
evidence in order to be able to assess
whether the proposal is in accordance
with the Companies Act.
As a basis for my opinion concerning
discharge from liability, in addition to
my audit of the annual accounts and
consolidated accounts, I examined significant decisions, actions taken and
circumstances of the company in order
to determine whether any member of
the Board of Directors or the Managing
Director is liable to the company. I also
examined whether any member of the
Board of Directors or the Managing
Director has, in any other way, acted
in contravention of the Companies Act,
the Annual Accounts Act or the Articles
of Association.
I believe that the audit evidence I have
obtained is sufficient and appropriate to
provide a basis for my opinions.
Opinions
I recommend to the annual meeting of
shareholders that the profit be appropriated in accordance with the proposal
in the statutory administration report
and that the members of the Board of
Directors and the Managing Director
be discharged from liability for the financial year.
Uddevalla 5/5 2014
Mattias Celind
Authorised Public Accountant
50
Management group
Ola Samelius
Lars Elvind
Sales Manager
Halldór Halldórsson
Purchasing Manager
The management group is the
executive management team at
Tele Radio acting for the parent company through short and
long term planning and decisions
with continuous improvement.
Jesper Ribbe
Research & Development Manager
Jan Carlbrand
Controller
51
Board of Directors
The board - from left to right
Christer Fehrling
Member
Bertil Görling
Chairman
Ola Samelius
52
Bengt Rydell
Co-opt member
Thord Görling
Member
The work of the board
The board of directors mission
is to manage the company’s affairs by the will of the owners.
The board continuously assess
the company’s group financial
situation.
The board is composed of individuals with diverse backgrounds offering broad industry
knowledge and competency.
The board then makes overall
decisions in areas such as the
company’s strategy, marketing
and sales, finance, budget and
long term planning.
During the year the board held
six recorded sessions.
At every board meeting a review
of the operations, group result,
financial standing, as well as the
rest of the year is made.
53
Notes
54
55
Tele Radio AB • Datavägen 21 • 436 32 Askim • Sweden
Tel +46 31 748 54 60 • Fax +46 31 68 54 64 • www.teleradio.com

2013 - Tele Radio Annual Report

Transcription

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