Price trend and market capitalization
Between January 3, 2011 and December 31, 2011, Doro’s share price decreased from SEK 31.40 to SEK 27.30, a decrease of 13 percent. Over the same period, the OMX Stockholm decreased by 18.41) percent. During the year, the highest price paid for Doro shares was SEK 35.00 and the lowest price paid was SEK 22.00. Last price paid at year-end was SEK 27.30 giving a market capitalization of SEK 528.2 m (596.2).
Share capital
At January 1, 2011, the share capital in Doro AB amounted to SEK 19,107,631 divided among 19,107,631 shares, corresponding to a nominal value per share of SEK 1.00. Each share entitles the holder to one voting right and all shares convey equal rights to participation in the assets and earnings of the company. In october, as a part of the acquisition of Birdy Technology SAS, Doro conducted a directed issue of 241,543 new shares in the company increasing the share capital by SEK 241,543. The new share issue has resulted in a change in the number of shares and votes in Doro. At December 31, 2011 the share capital in Doro AB amounted to SEK 19,349,174 divided among 19,349,174 shares, corresponding to a nominal value per share of SEK 1.00. Each share entitles the holder to one voting right and all shares convey equal rights to participation in the assets and earnings of the company.
Shareholders
At the close of 2011, Doro had 6,114 shareholders, compared with 5,900 shareholders at the end of the preceding year. The proportion of foreign shareholders at year-end amounted to 35.4 percent (22.4). Of the Swedish investors 40.5 percent was held by legal entities and 25.1 percent natural persons. At the end of the year, senior executives had a combined holding of 607,836 shares in Doro. At the same time, the members of the Board of Doro held 1,613,004 shares. At the close of the year, Doro AB held no treasury shares. The largest single owner with holdings above 10 percent of shares is Nordea Investent Funds. The transferability of shares is not limited by legislative regulations or Doro’s Articles of Association. The Company is unaware of any agreements between shareholders that could entail any limitations to the right to transfer shares. Neither Doro AB nor its subsidiaries are party to any material agreement taking effect, being amended or ceasing to apply in the event that control of the Company or Group companies changes due to a public takeover bid.
Warrant program for employees
In accordance with the mandate given by the Annual General Meeting on March 23, 2011, all of Doro’s employees have been offered warrants granting them the right to acquire shares at the target price of SEK 35.30. 39 employees have subscribed for 752,770 warrants, including the CEO who has subscribed for the full 200,000 warrants allocated to him. Doro AB has subscribed for 192,830 warrants, enabling the Company to potentially sell these at market prices to new employees following the close of the subscription period. Further detailed terms for the issue of new warrants is available at www.doro.com.
Dividend policy
The Board has proposed a dividend of 1 SEK per share to be paid in 2012. The Company’s long-term target is to pay a dividend of approximately one third of the net profit after tax.
Analysts covering Doro
E. Öhman J:or Fondkommission
Helena Nordman Knutsson, helena.nordm...@paretoohmans.se
Redeye
Christian Lee, christi...@redeye.se
Remium
Erik Rolander, erik.ro...@remium.com
The complete annual report is available from the company’s offices and from here. The interim reports are also available here.
For further information, please contact President and CEO Jérôme Arnaud on tel. +46 (0)46-280 50 05 or at jerome....@doro.com. Alternatively, contact CFO Annette Borén on tel. +46 (0)46-28 50 62 or at annette...@doro.com.