FinnvedenBulten Half Year Report for the period January – June, 2011
PRESS RELEASE |GOTHENBURG, 18 July 2011
Continued strong performance for FinnvedenBulten.
- FinnvedenBulten listed on the NASDAQ OMX Stockholm during Q2, 2011.
- Net sales reached SEK 782 million (674), up 16.1% on the same period last year.
- Earnings (EBIT) were SEK 61 million (41), which gave an operating margin of 7.8% (6.1).
- The adjusted operating margin was 8.5% (6.6). Non-recurring items of SEK 5 million in 2011 relate to the listing process. For corresponding period 2010 non-recurring costs amounted to SEK 3 million for the rationalization programs carried out.
- Profit after tax for the quarter was SEK 40 million (13).
- Order bookings amounted to SEK 854 million (771), up 10.7% on the same period last year.
- Cash flow from operating activities was SEK 49 million (22).
- Earnings per share were SEK 2.5 (1.2). Earnings per share-proforma were SEK 2.3.
- Conversion of shareholder loan to ordinary shares reduces debt level by SEK 353 million.
JANUARY – JUNE
- Net sales reached SEK 1,578 million (1,286), up 22.7% on the same period last year.
- Earnings (EBIT) were SEK 115 million (48), which gave an operating margin of 7.3% (3.7).
- The adjusted operating margin was 8.4% (4.4). Non-recurring items of SEK 18 million in 2011 relate to the listing process. For corresponding period 2010 non-recurring costs amounted to SEK 8 million for the rationalization programs carried out.
- Accumulated profit after tax was SEK 63 million (4).
- Cash flow from operating activities was SEK 89 million (17).
- Earnings per share were SEK 4.5 (0.3). Earnings per share-proforma were SEK 4.2.
“The business continued to show a positive development during Q2, mainly due to the completed rationalization programs and the positive operational leverage effect of higher volumes. FinnvedenBulten is reporting organic growth of 16.1% compared with the corresponding quarter in 2010. Growth is being driven by new business and production increases for existing contracts. Furthermore our customers have managed to handle the risks of major production disruptions associated with the catastrophe in Japan in a positive way.”
Johan Westman, President and CEO
The report will be presented by FinnvedenBulten’s President and CEO Johan Westman at a teleconference on Monday, July 18 at 09:30 CET. To receive a phone number and a password for participation in the conference, please sign up using the following link: http://emea.directeventreg.com/registration/event/81762081
A replay of the telephone conference is available until July 24, 2011 on +46 (0)8-50 63 5742, with access code 81762081#.
All information about FinnvedenBulten’s Half year report 2011 will be available at the website: www.finnvedenbulten.com.
For further information, please contact:
Johan Westman, President and CEO
Tel: + 46 (0)31-734 59 00
Kamilla Oresvärd, Vice President Corporate Communications
Tel: +46 (0)70-520 59 17, e-mail: firstname.lastname@example.org
The information in this announcement is required to be disclosed by FinnvedenBulten AB (publ) under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08:00 CET on, July 18, 2011.
FinnvedenBulten develops and manages industrial businesses, offering products, technical solutions and systems in metallic materials. The Group operates as a business partner to international customers in the engineering industry, primarily the automotive industry. FinnvedenBulten is structured into two divisions – Finnveden Metal Structures and Bulten – both with strong positions in their respective customer segments. FinnvedenBulten is listed on NASDAQ OMX Stockholm. Further information at www.finnvedenbulten.com.