Interim report Q4 and full-year 2014
Fourth quarter and full-year 2014 in summary
- Net sales in the fourth quarter amounted to 667 MSEK (607), an increase with 60 MSEK or 10% compared with last year. For the full-year 2014, net sales amounted to 2,595 MSEK (2,437), an increase with 6% of which 1.2% or net 30 MSEK was derived from currency effects.
- The operating profit excluding depreciation and non-recurring items (adjusted EBITDA) in the quarter amounted to 80 MSEK (63) or 12.0% (10.4). Adjusted EBITDA for full-year 2014 was 261 MSEK (227) or 10.1% (9.3). This means that adjusted EBITDA improved with 15% compared to 2013.
- The operating profit excluding non-recurring items (adjusted EBIT) in the quarter amounted to 57 MSEK (47) or 8.5% (7.7). Adjusted EBIT for 2014 was 169 MSEK (130) or 6.5% (5.3).
- The profit for the Group in the period amounted to 3 MSEK (-36) during the fourth quarter and 31 MSEK (-39) for the period January to December. The reason for the improved result is mainly higher sales, lower fixed costs, lower restructuring costs and lower financial net.
President and CEO Christer Persson comments:
“During the fourth quarter we saw further improvement in operating profit, mainly related to higher sales and lower fixed costs, especially in production and in administration, compared to Q4 2013. The Group’s total net sales during Q4 were better than the same period last year, related to the strong development in Sweden, UK and the US. We made investments in our core markets, where we, as an innovative market leader, focus on expanding our market share. We continue to have a high focus on reducing net working capital, something which was significantly done during Q4. In November we also announced that a new wood flooring factory will be built in Romania as we believe in continued growth in our main markets and thus see a need to increase production capacity.”
For further information, please contact:
Christer Persson, President and CEO, tel: +46 70 271 20 14
Jonas Bäck, CFO, tel: +46 70 510 61 43
About Kährs Holding AB (publ)
Kährs Holding AB (publ) is a world leading wood and resilient flooring manufacturer with well-known and globally recognized brands such as Kährs, Karelia and Upofloor. The company’s innovations have shaped the industry and Kährs purposefully work to bring new innovations to the flooring market. Kährs Group deliver products to more than 70 countries and have a market leading position in Sweden, Finland, Norway and Russia as well as a strong position in other important markets such as the UK and Germany. The Group employs 1,500 people and has yearly sales of around 300 MEUR.