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Lindab's Report for the First Quarter 2009

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  •          Net sales decreased by 17 % to SEK 1,771 m (2,129), a decrease of 25 % when adjusted for currency and structure
  •          The operating profit (EBIT) decreased by 88 % to SEK 25 m (207)
  •          The operating margin (EBIT) amounted to 1.4 % (9.7)
  •          The after-tax profit amounted to SEK -21 m (117)
  •          Earnings per share amounted to SEK -0.28 (1.49)
  •          Cash flow from operating activities amounted to SEK -187 m (17)
  •          The cost reduction programme is proceeding better than planned
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    Lindab's President and CEO, David Brodetsky commented:
     
     
    "As anticipated, the start of 2009 has been tough and the economic slowdown seen during Q4 has continued. All of Lindab's markets are affected, but the difficulties in obtaining financing, as well as greater risk aversion in the CEE/CIS, have led to an even sharper drop in sales for this region. Western Europe has been the least affected region where sales for the first quarter were in line with the same period last year."
                              
    "The cost reduction programme announced in November last year is proceeding better than planned. Additional cost reductions were identified at the beginning of the year and we now estimate that the total savings will exceed SEK 350 million annually. The related one-off costs, on the other hand, will not exceed the previously communicated SEK 140 million.
     
    "Our capital efficiency initiative has started to show good results with a stock reduction during the quarter of SEK 133 million. Regarding capital expenditure, the full year spend should approximate SEK 175 million. Excluding the new Building Systems production unit in Russia, which was initiated two years ago and will be completed in the summer, new investments will amount to SEK 85 million."
     
    "Overall, we have implemented several measures that should allow Lindab to take advantage of acquisition opportunities that will arise over the next year or two. This will position Lindab favourably ahead of the next growth cycle."
     
     
     
    End
     
    The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act.
     
     
     
    A telephone conference will take place today at 12:00 CET.   

    To join the telephone conference, please call in on+44 (0)20 7138 0824 a few minutes before it is due to start.
     
    Slides for the conference can be found on our website, http://www.lindabgroup.com/English/ir/presentationer/Pages/default.aspx  
    A replay will be available on the Investor Relations section on the website
     
     
    Contacts:
     
    LINDAB
    David Brodetsky, CEO
    Mobile: +46 (0)732 745 418
     
    Nils-Johan Andersson, CFO
    Mobile:+46 (0)706 685 075
     
     
     
    About Lindab:
     
    Lindab is an international group that develops, manufactures and markets sheet metal products and system solutions for the construction sector.
     
    The two business areas, Profile  and Ventilation offer complete solutions for construction systems and indoor climate, as well as individual construction and ventilation components for all types of buildings.
     
    Lindab is listed on Nasdaq OMX, Stockholm, Large Cap under the ticker "LIAB".
     
    The Lindab group has approximately 5,000 employees in 31 countries and generated sales of SEK 9,840 million in 2008.  Its head office is located in Grevie near Bastad in southwestern Sweden. For more information visit www.lindabgroup.com
     

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