Kährs Group report increased sales and solid profitability during the second quarter of 2014
Second quarter 2014 in brief
- Net sales amounted to 655 MSEK (633), an increase of 22 MSEK or 4% compared with last year.
- The operating profit excluding depreciation and non-recurring items (adjusted EBITDA) in Q2 amounted to 65 MSEK (65) or 9.9% (10.3).
- The operating profit excluding non-recurring items (adjusted EBIT) in the second quarter amounted to 41 MSEK (38) or 6.3% (6.0).
- The profit for the period amounted to 10 MSEK (-8) during Q2. The reason for the improved result is a higher EBIT and lower financial costs (including FX).
- The net debt of the group per June 30 2014, amounted to 739 MSEK including a financial lease of 117 MSEK.
- On April 2nd, the Group made a repayment of outstanding shareholder loans amounting to 260 MSEK to Nanna II S.C.A. in Luxembourg.
- Kährs has during the period signed an overdraft facility of 100 MSEK with Swedbank.
Kährs President and CEO Christer Persson comments:
"Kährs Group continues to grow and recorded increased sales for the second consecutive quarter, up by 4% to 655 MSEK compared to the same period the previous year. The Swedish market as well as the Central European and North American markets has shown positive improvements with strong underlying sales development. I am also pleased that all our business segments recorded increased sales during the quarter compared to the previous period and our largest segment, hardwood flooring, increased by 2%. Our product development continues at a high pace and during the autumn we will launch a new collection of high end designed 1-strip wood floors, the Småland Collection, and from the Finnish factory in Ikaalinen a new homogenous PVC-free resilient flooring will be launched as we see great interest from the project market."
For further information, please contact:
Christer Persson, President and CEO, Phone: +46 70 271 2014
Peter Ericsson, CFO, Phone: +46 70 461 1039
About Kährs Holding AB (publ)
Kährs Holding AB (publ) is a world leading wood- and resilient floor 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 deliver products to more than 50 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 approximately 1600 people and has yearly sales of around 300 MEUR.