Positive earnings trend continues
Setra reports an operating profit of SEK 165 million (33) for the first half of 2014. This corresponds to an operating margin of 7.3% and a SEK 132 million improvement in earnings compared with the same period in 2013.
“The positive earnings trend is a combination of a more favourable market situation and completed internal measures which resulted, among other things, in higher yield and an improved quality mix,” says Hannele Arvonen, President and CEO of Setra.
The SEK 132 million improvement in earnings includes currency effects of SEK 15 million.
Operating profit, calculated on a rolling 12-month basis, amounted to SEK 239 million. The improved earnings combined with a continued reduction in tied-up capital provided a return on operating capital of 14.7% during the past 12-month period. Setra’s financial position has further strengthened and the debt/equity ratio decreased to 32% (58).
Volume development remained strong in export markets such as Egypt, Japan and China. During the spring, Setra established a sales office in Lebork in northern Poland in order to strengthen the company’s position and presence in the growing Polish market.
“Although the market situation for sawn wood products looks tentatively positive, there is still major uncertainty about future price development,” says Arvonen.
| Key figures, SEKm | April-June (Q2) | January-June (6 months) | |||
| 2014 | 2013 | 2014 | 2013 | ||
| Net sales | 1,193 | 1,195 | 2,258 | 2,140 | |
| Operating profit | 98 | 59 | 165 | 33 | |
| Profit after tax | 70 | 38 | 116 | 10 | |
Setra does not publish a complete interim report.
For further information, please contact:
Hannele Arvonen, President and CEO, telephone +46 8 705 03 10, mobile +46 706 18 19 17
Stefan Lundin, CFO, telephone +46 8 705 03 01, mobile +46 702 22 65 07
Setra is one of Sweden’s largest wood products companies and a leading player in Europe. We offer eco-certified wood products for interiors and construction to customers in the building materials trade and industry. The Group has approximately 900 employees and annual sales of SEK 4.1 billion. Exports to Europe, North Africa, the Middle East and Asia account for almost 60% of sales.
Read more at www.setragroup.com
Press contact: Lotta Löwhagen Lundberg, lotta.lowhagen.lundberg@setragroup.com, +46 706 54 13 44
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