Good finish to 2013, strong order bookings and unchanged dividend
FOURTH QUARTERNet sales reached SEK 823 million (677), up 21.6% on the same period last year.
Earnings (EBIT) adjusted for non-recurring items were SEK 45 million (11), which corresponds to an adjusted operating margin of 5.4% (1.7).
Earnings (EBIT) reached SEK 41 million (11), which corresponds to an operating margin of 4.9% (1.7).
Earnings after tax was SEK 29 million (-15) and SEK 32 million (4) when adjusted for non-recurring costs for the restructuring programme and in 2012 due to changed tax rate in Sweden.
Order bookings amounted to SEK 925 million (578), up 60.1% on the same period last year.
Cash flow from current activities was SEK 86 million (44).
Earnings per share were SEK 1.37 (-0.70). Adjusted for non-recurring items, earnings per share were SEK 1.51 (0.21).
FinnvedenBulten won new business worth an annual amount of around SEK 240 million.
JANUARY – DECEMBERNet sales reached SEK 3,061 million (2,963), up 3.3% on the same period last year.
Earnings adjusted for non-recurring items were SEK 144 million (103), which corresponds to an adjusted operating margin of 4.7% (3.5).
Earnings (EBIT) reached SEK 105 million (103), which corresponds to an operating margin of 3.4% (3.5).
Profit after tax was SEK 88 million (43) and SEK 91 million (63) when adjusted for non-recurring items of SEK 3 million net comprising a tax receivable from an approved interest deduction resulting from the verdict of the Swedish Administrative Court of Appeal SEK 27 million and restructuring costs SEK –30 million. Earnings after tax last year were affected by SEK -19 million due to a change in the Swedish tax rate.
Order bookings amounted to SEK 3,266 million (2,833), up 15.3% on the same period last year.
Cash flow from current activities was SEK 219 million (72).
Earnings per share were SEK 4.19 (2.07). Adjusted for non-recurring items, earnings per share were SEK 4.35 (2.98).
The Board proposes an unchanged dividend of SEK 2.00 per share.IMPORTANT EVENTS AFTER THE END OF THE REPORTING PERIOD
FinnvedenBulten has signed an agreement concerning the sale of the Swedish aluminium business at Finnveden Gjutal AB within the Finnveden Metal Structures division. The transaction is expected to be completed in Q1, 2014.
“The Group’s operating earnings were strengthened during the year due to higher volumes and the effects of the ongoing restructuring. Demand has improved steadily and the positive trends continued into the final quarter.During the final quarter FinnvedenBulten won additional significant contracts worth approximately SEK 240 million annually, of which most was within the Bulten division. Our successful FSP concept (Full Service Provider) within division Bulten continues to generate market shares and the new contracts will mean gradual volume increases in coming years with relatively limited start-up costs. Profitability for Finnveden Metal Structures improved due to higher volumes combined with restructuring. Implementation of the decision to focus magnesium casting in Poland is progressing well and an agreement concerning the sale of the aluminium business was signed after the end of the period.
To further improve business focus and clarify the value in each division, the Board and management have initiated an evaluation of a split of the Group during 2014. The aim of this evaluation is to optimise the divisions’ future opportunities and to achieve long-term added value for shareholders.”
Johan Westman, President and CEO
