Year-end Report January-December 2014

“The majority of Bong’s large restructuring program was launched during 2014 and is proceeding according to plan. The remaining part will be implemented before end of second quarter 2015 and we expect full effect of all initiatives in 2016. Despite high costs for restructur­ing, we achieved a positive cash flow in 2014 which secures the financing of the remaining restructuring costs and other extraordinary costs. With fewer and more efficient factories we expect further reductions in our working capital in the coming years. Our goal is to return to profit on bottom line latest 2016.” says Stéphane Hamelin, CEO.

October – December 2014

  • Revenue SEK 677 million (664)
  • Cash flow after investing activities SEK 91 million (14)
  • Operating earnings SEK -53 million (-14), including non-recurring cost for restructuring program of SEK -45 million (-9) and extraordinary items of SEK -45 million (-12)
  • Earnings after tax SEK -48 million (-18)
  • Earnings per share SEK -0.31 (-0.12)

January – December 2014

  • Revenue SEK 2,533 million (2,564)
  • Cash flow after investing activities SEK 94 million (-91)
  • Operating earnings SEK -123 million (-109), including non-recurring cost for restructuring program of SEK -105 million (-69) and extraordinary items of SEK -45 million (-15)
  • Earnings after tax SEK - 150 million (-141)
  • Earnings per share SEK -0.96 (-2.20)

Bong is a leading provider of specialized packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the Propac packaging concept and Eastern Europe. The Group has annual sales of approximately SEK 2.5 billion and about 1,800 employees in 15 countries. Bong has strong market positions in the majo­rity of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap.

For further information, please contact Håkan Gunnarsson, CFO for Bong AB. Tel (switchboard) +46 44-20 70 00

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About Us

Bong is one of the leading providers of specialty packaging and envelope products in Europe and offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are packaging within retail and e-commerce and the envelope market within Eastern Europe. The Group has annual sales of approximately SEK 2.1 billion and about 1,400 employees in 14 countries. Bong has strong market positions in most of the important markets in Europe and the Group sees interesting possibilities for continued development. Bong is a public limited company and its shares are listed on Nasdaq Stockholm (Small Cap).

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Quotes

The majority of Bong’s large restructuring program was launched during 2014 and is proceeding according to plan. The remaining part will be implemented before end of second quarter 2015 and we expect full effect of all initiatives in 2016. Despite high costs for restructuring, we achieved a positive cash flow in 2014 which secures the financing of the remaining restructuring costs and other extraordinary costs. With fewer and more efficient factories we expect further reductions in our working capital in the coming years. Our goal is to return to profit on bottom line latest 2016.
Stéphane Hamelin, CEO