English

FinnvedenBulten’s Half Year Report 2013

Report this content

Strong Q2 result and good cash flow. Major restructuring initiated in foundry business

SECOND QUARTER

  • Net sales reached SEK 814 million (830), down 1.9% on the same period last year.
  • Earnings (EBIT) adjusted for non-recurring items were SEK 51 million (40), which corresponds to an adjusted operating margin of 6.3% (4.8).
  • Earnings (EBIT) reached SEK 21 million (40), which corresponds to an operating margin of 2.6% (4.8).
  • Profit after tax was SEK 39 million (25) and SEK 36 million (25) adjusted for non-recurring items of SEK 3 million net resulting from tax revenue from recognized interest deduction from the verdict of the Swedish Administrative Court of Appeal (SEK 27 million) and restructuring costs (SEK –24 million).
  • Order bookings amounted to SEK 830 million (781), up 6.3% on the same period last year.
  • Cash flow from current activities was SEK 60 million (63).
  • Earnings per share were SEK 1.87 (1.20). Adjusted for non-recurring items, earnings per share were SEK 1.72 (1.20).
  • Further major restructuring measures of the foundry business have been initiated.

JANUARY - JUNE

  • Net sales reached SEK 1,524 million (1,637) down 7.0% on the same period last year.
  • Earnings (EBIT) adjusted for non-recurring items were SEK 71 million (80), which corresponds to an adjusted operating margin of 4.7% (4.9).
  • Earnings (EBIT) reached SEK 40 million (80), which corresponds to an operating margin of 2.6% (4.9).
  • Profit after tax was SEK 45 million (55) and SEK 42 million (55) adjusted for non-recurring items of SEK 3 million net resulting from tax revenue from recognized interest deduction from the verdict of the Swedish Administrative Court of Appeal (SEK 27 million) and restructuring costs (SEK –24 million).
  • Order bookings amounted to SEK 1,642 million (1,645), which is in parity with the same period last year.
  • Cash flow from current activities was SEK 114 million (113).
  • Earnings per share were SEK 2.15 (2.62). Adjusted for non-recurring items, earnings per share were SEK 2.00 (2.62).

“The recovery in sales and order bookings noted at the end of the first quarter continued into the second quarter. Higher delivery volumes and increased capacity utilisation combined with implemented rationalisations had a significant impact on earnings compared with the previous quarter.

The Bulten division continues to be successful with its FSP concept (Full Service Provider). Higher delivery and production volumes from both current and new contracts had a positive impact on profitability. Opportunities for increased market shares going forward are expected to remain very good. The profitability of the Finnveden Metal Structures division has also improved compared with the previous quarter due to higher delivery and production volumes and implemented rationalisation measures. Further measures in addition to those initiated earlier have been launched to streamline the foundry business and focus all magnesium die casting to Poland. Together, these measures are expected to deliver significant earnings improvements and mean a lower risk level in the future for the division.”

Johan Westman, President and CEO

Investors, analysts and media are invited to participate in the teleconference on Wednesday, July 12 at 11:00 CET when the report will be presented by FinnvedenBulten’s President and CEO Johan Westman. Additional participants from the company are Executive Vice President Tommy Andersson and CFO Helena Wennerström. Copies of the presentation will be available on www.finnvedenbulten.com approximately 30 minutes before the conference starts.

The full report is attached to this press release.

To participate, please call 5 minutes before the opening of the conference call to
Sweden +46 8 506 443 86, UK +44 207 153 9154, US +1 877 423 0830. Code: 358163#.

A replay of the telephone conference is available until July 26, 2013 on the phone numbers Sweden +46 8-505 564 73, UK +44 203 364 5196, USA +1 877 679 2989. Code: 347588#.

For further information, please contact:

Johan Westman, President and CEO
Tel: + 46 31-734 59 00

Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 70-520 59 17, e-mail: kamilla.oresvard@finnvedenbulten.com

Tags:

FinnvedenBulten

Subscribe

Documents & Links