Preliminary financial statement för 1998

Preliminary financial statement for 1998. By reason of the fact that BTL's main shareholder, STINNES AG, will be informed about the Group's profit for the 1998 financial year, the Board has decided to issue a preliminary financial statement for 1998. Sales and financial results Net sales totalled SEK 19,110 million (18,138). The demand for transport and logistics services weakened slightly during the fourth quarter as a result of a downturn in certain market segments. The trend in Russia and the crisis in Asia have affected transport volumes, with a subsequent impact on net sales, principally during the second half of the year. At the beginning of the year business operations were affected negatively by a number of partner changes, which were to a certain extent compensated for by the integration of the acquired Schenker companies during the fourth quarter. The operating profit was SEK 631 million (605). The operating profit includes non-recurring items of SEK 68 million (37). During the fourth quarter the operating profit excluding non-recurring items was SEK 119 million (134). In the land transport operations the operating profit showed an improvement, and totalled SEK 501 million (490). The operating profit at the Wilson Group was SEK 52 million (69). The Other Companies unit reported an operating profit of SEK 14 million (55). In the figures for the preceding year, the divested specialist companies accounted for SEK 41 million. The Group's operating financial net improved by SEK 65 million and amounted to SEK -158 million (-223). Including capital gains on divested financial fixed assets, the total financial net was SEK -126 million (-165). The Group's profit before tax was SEK 505 million (440) and the profit after tax and minority interests was SEK 399 million (370). The profit per share was SEK 3.55 (3.30). Outlook for 1999 Despite signs of a fall in demand for the Group's services a good increase is expected in the consolidated operating profit as a result of improved cost efficiency and productivity in a number of countries following the Schenker- BTL mergers and other restructuring activities. We also expect an improved level of result in the Wilson Group. Offer to BTL shareholders Today STINNES AG made an offer to BTL shareholders to acquire all the remaining shares in the company. The Board will evaluate the offer within the next two weeks and has appointed an external advisor to assist in this process. Others The earlier decision not to coordinate the two groups' air and sea freight operations still holds. In order to avoid future possible conflicts of interest the Board has decided to examine the possibility of disposing of the Group's air and sea freight operations, the Wilson Group, either completely or in part. A definite financial statement for 1998 will be issued on 25 February 1999. ./. BTL AB (publ) Public Affairs For further information, please contact Håkan Larsson, CEO and Group Managing Director, tel +46 31 703 80 10 or Åsa Lindell Byström, Director of Corporate Communications, BTL AB, tel. +46 31 703 80 30, +46 705 83 45 63. The BTL Group is the largest transport and logistics group in Scandinavia and one of the largest in Europe. Extensive sea and air transport operations are carried on through the wholly-owned Wilson companies in Europe, Asia, Australia, New Zealand and the USA. The Group has 11,000 employees and with net sales of approximately SEK 19 billion. Together with the German transport group Schenker, BTL has established Europe's leading land transport network under the Schenker-BTL name. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/01/19990201BIT00090/bit0001.doc http://www.bit.se/bitonline/1999/02/01/19990201BIT00090/bit0002.pdf