FinnvedenBulten’s Q1 report 2013
Weak sales, but gradual increase in order bookings compared to Q3 and Q4 last year.
- Net sales reached SEK 709 million (80), down 12.1% on the same period last year.
- Earnings (EBIT) were SEK 19 million (40), which gave an operating margin of 2.7% (5.0).
- Profit after tax was SEK 6 million (30).
- Order bookings amounted to SEK 812 million (865), down 6.0% on the same period last year.
- Cash flow from current activities was SEK 54 million (50).
- Earnings per share were SEK 0.28 (1.42).
IMPORTANT EVENTS AFTER THE END OF THE INTERIM PERIOD
- In a ruling dated 11 April 2013, the Stockholm administrative court of appeal repealed the Swedish Tax Agency’s review decision and allowed the deduction of interest on the shareholder’s loan in accordance with the submitted tax return.
FinnvedenBulten’s sales fell by 12% in Q1 as a consequence of the weak business cycle and lower production rate in the European auto sector. When adjusted for currency effects the sales fell by 10%. In addition, continued production disturbances at one of our largest customers had a significant impact on our volumes during the quarter. Production is now back to normal at this factory. Compared with Q4 2012, order bookings have increased considerably.
The Bulten division continues to perform well and has good conditions for continuing to gain market shares. The Finnveden Metal Structures division’s ongoing structural measures, with a rising share of production at our Polish foundry, are proceeding according to plan. Further measures are required, however, to create sustainable profitability in the foundry business.
The Group’s strategic plans remain in place and work with our new establishments in the growth markets of Russia and China continue as planned. Cost reductions and ongoing efficiency improvements are being prioritized in parallel with the ongoing structural measures to further strengthen our competitiveness. The challenging business environment demands an intensified work with our internal efficiency and new business.
It is pleasing that we are winning new business thanks to Bulten’s Full Service Concept and Finnveden Metal Structures’ multi-material offer.
Johan Westman, President and CEO
Investors, analysts and media are invited to participate in the teleconference on Wednesday, April 24 at 14:30 CET when the report will be presented by FinnvedenBulten’s President and CEO Johan Westman. Additional participants from the company are Executive Vice President Tommy Andersson and CFO Helena Wennerström. Copies of the presentation will be available on www.finnvedenbulten.com approximately 30 minutes before the conference starts.
The full report is attached to this press release.
To participate, please call 5 minutes before the opening of the conference call to Sweden +46 8 506 443 86, UK +44 207 153 9154, US +1 877 423 0830. Code: 291050#.
A replay of the telephone conference is available until May 8, 2013 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5196, USA +1 877 679 2989. Code: 346727#
Gothenburg, 24 April 2013
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: email@example.com
NB 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 April 24, 2013.
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 – Bulten and Finnveden Metal Structures – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.