Interim report January-March 2011

Continued strong demand

• Net revenues amounted to MSEK 721 (450)
• The operating margin was 15.4 percent (20.0)
• Profit after financial items was MSEK 108.7 (86.1)
• Earnings per share totaled SEK 2.60 per share (2.09)
• Lesjöfors acquired the German spring manufacturer Velleuer GmbH & Co KG
• Continued strong balance sheet

Group
Strong demand for the Group’s products continued during the quarter. The upturn is expansive and encompasses most of the subsidiaries’ customer groups and geographic markets. Order bookings exceeded invoicing, and order stocks are growing despite a high rate of delivery. To date, the situation in Japan and the improvement in global demand have not entailed any production disruptions stemming from a lack of materials. However, the price of materials and delivery times are rising.

  Overall, earnings were favorably impacted by a strong increase in invoicing, while rising material prices and the stronger SEK had an adverse effect on earnings. As a result of strong volume growth, profit after financial items totaled MSEK 108.7 (86.1), which constitutes the best first-quarter profit ever.

  Order bookings rose 69 percent to MSEK 762 (450), while invoicing was up 63 percent to MSEK 721 (450). In comparable units, order bookings rose 19 percent and invoicing 13 percent. Currency effects had an adverse impact of 7 percentage points. Operating profit, which was charged with an extraordinary personnel expense of MSEK 4.2, amounted to MSEK 111.3 (88.4) and the operating margin was 15.4 percent (20.0). The year-earlier period was charged with costs of MSEK 4.2 for corporate acquisitions. The weaker operating margin was largely due to the consolidation of the technical trading company Beijer Tech in 2011, whose margins are lower than the manufacturing companies Lesjöfors and Habia. Profit after financial items amounted to MSEK 108.7 (86.1) and earnings per share to SEK 2.60 (2.09).   

  Cash flow after capital expenditures was MSEK 9.4 (22.1), excluding corporate acquisitions. Net cash assets, which were charged with corporate acquisitions of MSEK 71.9 (38.7), totaled MSEK 15.9 (net interest-bearing liabilities: 94.1). On the balance-sheet date, the dividend for the year of MSEK 211 was approved but not yet paid and has reduced shareholders’ equity. In 2010, the dividend of MSEK 137 was paid in March.  

If you have any questions, please contact:
Bertil Persson, President & CEO, Telephone +46 8-506 427 50, bertil.persson@beijeralma.se
Jan Blomén, Chief Financial Officer, Telephone +46 18-15 71 60, jan.blomen@beijeralma.se

Read more at: www.beijeralma.se

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