Period-end comment from Setra for Q3 2022
Wood products company Setra has reported an operating profit of SEK 231 million (600) for the third quarter of 2022. Net sales totalled SEK 1,343 million (1,565).
“As expected, the wood products market has weakened worldwide in Q3. Delivery volumes and prices have been squeezed while costs of raw material and inputs have increased. But although uncertainty remains regarding economic developments, we are seeing growing activity in our deliveries in the latter part of Q3,” says Setra CEO Katarina Levin.
Wood is continuing to rapidly take market share from other construction materials in Europe and also in North America and Asia. The advantages wood offers over other materials in terms of sustainability is making it very attractive.
Setra has been commissioned to supply locally produced CLT and glulam for the first phase of Greenhouse Sthlm, a climate-smart development by Electrolux on Kungsholmen in Stockholm, The contract is for around 5,000 cubic metres of CLT and 600 cubic metres of glulam, which will be manufactured at the Setra Timber Industry Centre in Långshyttan, Dalarna. Deliveries are set to begin in 2023. Electrolux is expanding its headquarters in central Stockholm over the next few years. Under the name Greenhouse Sthlm, the entire block will be transformed into a greener and more sustainable neighbourhood, which will include 100 new apartments and rooftop growing beds.
Setra has decided to invest in solar panels at Setra Kastet in Gävle and at Setra Wood Products in the UK. This is a strategic investment that will boost electricity production and reduce electricity costs for a long time to come. It is an investment completely in line with Setra’s Grönsamhet vision.
Cash flow from operating activities in the third quarter amounted to SEK 305 million (571). Net cash totalled SEK 1,700 million (1 288) at the end of the period. In May Setra paid out SEK 629 million in dividends to shareholders.
| Key figures* | Jul–Sept (3 months) | Jan–Sep (9 months) | Full year | ||||
| 2022 | 2021 | 2022 | 2021 | 2021 | |||
| Net sales, SEKm | 1,343 | 1,565 | 4,969 | 4,278 | 5,841 | ||
| Operating profit/loss, SEKm | 231 | 600 | 1,275 | 1,219 | 1,588 | ||
| Profit/loss after tax, SEKm | 182 | 473 | 1,006 | 958 | 1,258 | ||
| Operating margin, % | 17.2 | 38.3 | 25.7 | 28.5 | 27.2 | ||
| Return on operating capital, %, RTM | 80 | 70 | 84 | ||||
| Cash flow from operating activities, SEKm | 305 | 571 | 922 | 1,009 | 1,488 | ||
* Setra does not publish a complete period-end report.
For further information, please contact:
Katarina Levin, President and CEO, phone +46 8 705 03 10, mobile +46 70 594 92 54
Johanna Gydingsgård, CFO, phone +46 8 705 03 03, mobile +46 72 453 85 41
At Setra, we believe in “Grönsamhet”. When a business profits everyone, we call that “Grönsamhet”. Setra is one of Sweden’s largest wood industry companies. We process raw material from responsibly managed forests into climate-friendly products such as glulam, planed products, components, CLT and sawn wood products. We also sell bioproducts such as bark, chips and sawdust to customers in the paper and pulp industry, and for energy production. Our customers are located all over the world. Find out more at setragroup.com