FinnvedenBulten Interim Report for the period January – September, 2011
Good earnings trend continues
- Net sales reached SEK 704 million (591), up 19.0% on the same period last year.
- Earnings (EBIT) were SEK 43 million (25), which gave an operating margin of 6.1% (4.2).
- The adjusted operating margin was 6.2% (4.6).
- Profit after tax for the quarter was SEK 22 million (4).
- Order bookings amounted to SEK 736 million (657), up 12.0% on the same period last year.
- Cash flow from current activities was SEK –43 million (–5).
- Earnings per share were SEK 1.1 (0.3).
- The financial agreement with Svenska Handelsbanken was renewed and extended.
- Net sales reached SEK 2,282 million (1,877), up 21.6% on the same period last year.
- Earnings (EBIT) were SEK 158 million (72), which gave an operating margin of 6.9% (3.9).
- The adjusted operating margin was 7.7% (4.4). Non-recurring items of SEK 18 million in 2011 relate to the listing process on the NASDAQ OMX. Non-recurring costs for the corresponding period in 2010 amounted to SEK 11 million for the rationalization programs carried out.
- Accumulated profit after tax was SEK 85 million (7).
- Cash flow from current activities was SEK 46 million (12).
- Earnings per share were SEK 5.2 (0.6).
- A shareholders loan was converted into ordinary shares during Q2 which reduced debt by SEK 353 million.
- FinnvedenBulten was listed on the NASDAQ OMX Stockholm in Q2, 2011.
“Our business continued to progress positively in the third quarter, with a strong improvement in profitability compared with the same period last year. The organic growth of 19% in the quarter was driven by production increases in existing contracts and new businesses. We are monitoring the uncertainty in the financial market and the macroeconomic development to see how they affect our customers. Meanwhile we have good operational and financial contingency plans for potential drop in demand. We still see good opportunities for growth through, for example, our initiatives in China and Russia.”
Johan Westman, President and CEO
The report will be presented by FinnvedenBulten’s President and CEO Johan Westman at a teleconference on Tuesday, November 1 at 15:30 CET.
The full report is attached to this press release. Copies of the presentation will be available on www.finnvedenbulten.com approximately 30 minutes before the conference starts.
To participate in the telephone conference, please call 5 minutes before the opening of the conference to Sweden +46 (0)8 506 269 00, UK +44 (0)207 750 9905, US +1 631 886 5378. Code: 664749#.
A replay of the telephone conference is available until November 15, 2011 on the phone numbers: Sweden +46 (0) 8-506 269 49, UK +44(0) 207 750 99 28, USA +1 866 305 62 92. Code 263564#.
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 (0)31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 (0)70-520 59 17, e-mail: email@example.com
The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13:00 CET on, November 1, 2011.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Finnveden Metal Structures and Bulten – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.