Interim Report January – June 2012
Growth during the quarter and encouraging first half of the year
Despite somewhat of a slowdown from the first quarter, sales rose by 2% in local currency compared with the same quarter of 2011 and the operating profit was SEK 12 million. Like many others, we were affected by market uncertainty during the second quarter. Some customers pulled back or postponed orders, but the underlying dynamics are positive. We signed agreements with new customers during the quarter and collaborated more extensively with existing customers by means of new orders and letters of intent. We also broadened the base for our machining offering by acquiring Aerodyn AB, a contract manufacturer of products such as heavy components for ship propulsion. The acquisition also improved the ability of the Defense and Maritime market area to strike a balance between civil and military use. While strengthening our machining offering, we made some changes in the customer base and consolidated our systems integration operations in Finland at the Vantaa unit. This is part of an ongoing effort to review our internal structure with an eye on profitability and capital tied up. The challenges that our Myslowice, Poland unit experienced during the first quarter where initial ramp-up of new business strained our efficiency remain to some extent, but the biggest bottlenecks were cleared up at the end of the second quarter. The new framework agreements that we signed earlier in the year are set to generate initial volume production in the third quarter. Combined with the orders that customers have postponed this indicates good capacity utilization in the upcoming quarters.
Leif Thorwaldsson, President and CEO
Second quarter of 2012
- Net sales were SEK 564 million (562)
- Operating profit totaled SEK 12 million (5)
- Profit/Loss after tax was SEK 0 million (0)
- Earnings per share after tax came to SEK 0.02 (0.01)
- Cash flow after investments amounted to SEK 3 million (0)
First half of 2012
- Net sales were SEK 1,174 million (1,149)
- Operating profit totaled SEK 33 million (8)
- Profit after tax was SEK 13 million (-4)
- Earnings per share after tax came to SEK 1.00 (-0.33)
- Cash flow after investments amounted to SEK -16 million (16)
- The equity/assets ratio was 38% (38) on June 30
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
PartnerTech develops and manufactures products under contract for leading companies, primarily in Information Technology, Industry, CleanTech, MedTech and Instrumentation, Defense and Maritime and Point of Sale Applications. With approximately 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,3 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
PartnerTech AB, corporate identity number 556251-3308
Box 103, Industrigatan 2, SE-235 22 Vellinge, Sweden
PartnerTech (publ) is required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 8.00 am on July 13th, 2012.