Strong earnings improvement for Setra
Setra reports an operating profit for 2013 of SEK 107 million (-80), an earnings improvement of SEK 187 million compared with 2012. Net sales for the full year were unchanged and amounted to SEK 4,068 million (4,069).
“I am pleased to note that the positive earnings trend shown by Setra during the year continued in the fourth quarter with a reported operating profit of SEK 47 million,” says Hannele Arvonen, President and CEO of Setra.
The improved earnings compared with the previous year are mainly explained by a higher gross profit margin. Aggressive marketing combined with an internal efficiency improvement programme designed to reduce costs and limit tied-up capital are ongoing activities. The investment in automated sorting carried out at the Skinnskatteberg sawmill had a good effect during the year and several similar efficiency improvement investments are planned.
Cash flow from operating activities amounted to SEK 262 million (100). SEK 171 million of this amount was generated via earnings and SEK 91 million from lower working capital. During the year Setra further strengthened its financial position and the debt/equity ratio was reduced to 33% (53).
The UK and Japan were the export markets which showed the strongest growth during the year. The markets in the Middle East and North Africa, which account for approximately 20% of Setra’s total sales, were stable. A marketing drive was conducted in Southeast Asia during the year and Setra has had its own sales representative on site in China since December.
“We have a good position to build on as we move into 2014. Focusing on our customers, we will continue our internal improvement programme to achieve long-term profitability at Setra,” says Hannele Arvonen.
| Key figures, SEKm | Oct-Dec (3 mths) | Jan-Dec (full year) | |||
| 2013 | 2012 | 2013 | 2012 | ||
| Net sales | 1,005 | 951 | 4,068 | 4,069 | |
| Operating profit | 47 | -56 | 107 | -80 | |
| Profit/loss after tax | 35 | -72 | 60 | -116 | |
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 does not publish a complete year-end report.
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 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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