Addtech share

The Addtech share is listed on NASDAQ OMX Stockholm. Since its listing in September 2001 until 30 April 2013, the total return on the share has averaged 20 percent per year.

Market performance of the share and turnover

The highest price paid during the year was SEK 222.00 and was quoted on 14 March 2013. The lowest was SEK 164.50 on 28 June 2012. The final price paid before the end of the financial year was SEK 217.00 on 28 March 2013. The value of the Addtech share increased 19 percent (decrease of 4) during the financial year. The OMX Stockholm index on the NASDAQ OMX Stockholm Exchange increased 10 percent (decrease of 8) in the corresponding period.

During the period 1 April 2012-31 March 2013, 2.7 million (3.7) shares were traded with an aggregate value of approximately SEK 508 million (613). Relative to the average number of Class B shares outstanding, this is equivalent to a turnover rate of 12 percent (17). Broken down by trading day, an average of 11,000 (15,000) Addtech shares were traded at an average value of about SEK 2,000 thousand (2,400).

Share capital

The share capital in Addtech amounts to SEK 51,148,872 and the number of shares amounts to 22,732,832 divided into 1,086,380 Class A shares and 21,646,452 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 2012 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 2013. During the year, no treasury shares were repurchased by the Company.

At 31 March 2013, Addtech's holding of treasury B shares was 811,400, with an average purchase price of SEK 124. These shares correspond to 3.6 percent of the number of shares issued and 2.5 percent of the votes. Of the shares repurchased, 682,300 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 934,801 (788,713).

Incentive programmes

At 31 March Addtech had four ongoing incentive programmes:

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Ongoing incentive programmes
Year	Number of options	Percentage of total number of shares, %	Redemption price, SEK
2012	200,000	0.9%	214.50
2011	200,000	0.9%	179.40
2010	221,700	1.0%	164.70
2009	60,600	0.3%	127.70
	682,300	3.2%
Total number of B shares	21,646,452

The program from 2009 was fully redeemed in June 2013.

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 2012 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 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. Until 31 March 2013, 175,400 options out of a total of 236,000 were redeemed to shares. The remaining 60,600 options were redeemed after the end of the financial year. 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 redemption price of issued call options attributable to the share-based incentive programme for 2012 is SEK 214.50; the redemption period is 14 September 2015 until 3 June 2016.

The Board has decided to propose that the Annual General Meeting in August 2013 approves an incentive programme according to the same, or an essentially similar, model as decided at the previous AGMs.

Dividend policy

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 (8.00), equivalent to a payout ratio of 55 percent (55). The total dividend amounts to SEK 175 million (174).

• 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.

 
Additional information

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.