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Interim report January-March 2011

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A cautious start to the year

First quarter of 2011

  • Net sales amounted to SEK 1,000 million (1,098), which, adjusted for currency effects represents a decline of 4 percent
  • Operating profit (EBITA) amounted to SEK 32 million (29). Operating profit (EBITA) for the year-earlier period included non-recurring items of SEK 21 million
  • The operating margin (EBITA) amounted to 3.2 percent (2.7)
  • Profit after tax was SEK 7.8 million (1.3)
  • Cash flow from operating activities was negative in the amount of SEK 172 million (218)
  • On 28 April 2011, Inwido Denmark A/S signed an agreement regarding the acquisition of the Danish company Pro Tec Vinduer A/S. The acquisition is expected to be completed in June 2011, pending the approval of the relevant authorities

CEO Håkan Jeppsson comments:
"As expected, this year began somewhat weaker than the last. This was partly the result of the early, cold and snowy winter with weak order bookings from early in the fourth quarter, although it was also a sign of a somewhat cautious market. In the first quarter of the year, sales fell by 4 percent in local currencies. It was mainly in the Nordic markets, with the exception of Finland, that the trend was weaker than in the corresponding period in 2010. In some of the markets outside the Nordic region, particularly the UK, we have turned the trend, despite tough market conditions, and are now reporting profits. Despite lower overall sales, we maintained the gross margin level of 2010, primarily as a consequence of a favourable price trend and improved efficiency. Towards the end of the quarter, we noted improved order bookings, primarily in the Nordic consumer market. In terms of seasonal trends, the spring, summer and autumn are our strongest period and we see no signs, to date, that 2011 will be any different. At the same time, certain external factors do exist that could affect us negatively in the future, such as rising costs for raw materials and energy. On the whole, there is nothing to suggest that the underlying market conditions have weakened and we therefore take a positive outlook on Inwido’s continued development over the year.”

Håkan Jeppsson
President and CEO

Read the entire Q1 report in the pdf attached

For further information, please contact:
Håkan Jeppsson, President and CEO phone 46 (0)70-550 1517 or 46 (0)10-451 45 51
Peter Welin, CFO phone 46 (0)70-324 3190 or 46 (0)10-451 45 52
Jonna Opitz, SVP Communication & Branding phone 46 (0)72-211 9010 or 46 (0)10-451 45 58

About Inwido
Inwido is Northern Europe’s leading supplier of innovative, environmentally friendly, wood-based window and door solutions. The company has operations in Sweden, Denmark, Finland, Norway, Poland, Russia, the UK and Ireland, as well as exports to a large number of other countries. The Group markets some 20 strong local brands including Elitfönster, SnickarPer, Hajom, Outline, Tiivi, Pihla, Diplomat and Sokolka. Inwido has approximately 3,800 employees and generated sales of slightly more than SEK 5.1 billion in 2010. The Group's headquarters are located in Malmö, Sweden. For further information, please visit www.inwido.com

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Windows doors Håkan Jeppsson Inwido window door

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