Lindab's Report for the Fourth Quarter and Full Year 2008
Fourth quarter 2008
- Net sales decreased by 2 % to SEK 2,427 m (2,485), adjusted for currency and structure the decrease was 12 %
- Operating profit (EBIT), excluding one-off items, decreased by 41 % to SEK 218 m (370)
- Operating margin (EBIT), excluding one-off items, was 9.0 % (14.9)
- Earnings per share amounted to SEK 0.61 (3.14)
- Cash-flow from operating activities amounted to SEK 220 m (575)
- A cost and efficiency programme was initiated during the quarter, with a related one-off cost of SEK 117 m affecting the profit
January - December 2008
Lindab's President and CEO, David Brodetsky commented:
"Overall, 2008 was a good year despite the economic slowdown at the end of the year. However, the downturn in sales has been very rapid and accelerated in the latter part of Q4 2008. The global financial crisis has affected all of Lindab's markets, but the difficulties in obtaining financing are particularly pronounced for customers in the CEE/CIS region. Given the current uncertainties, it is hard to predict demand levels, but we expect the trend that we saw in the end of 2008 to continue for at least the beginning of 2009".
"In response to the current situation, we have acted quickly and initiated three efficiency programmes covering sales, production and working capital in order to improve short-term performance."
"The impact of the SEK 300 m cost reduction program announced in November will start to come through in the first quarter of 2009 but the full effect will be substantially achieved during the second quarter. In addition, we have identified and are implementing further initiatives to reduce costs by an additional SEK 30 - 40 m, to take effect in the coming quarters. We have also introduced short time working in some countries where the local legislation permits".
"We will significantly reduce our capital expenditure in 2009. To further ensure financial flexibility for the prevailing market uncertainty, the Board of Directors will be proposing a reduced dividend of SEK 2.75 (5.25)."
"All these actions, in combination with our solid funding position, will give us the ability to manoeuvre and strengthen our position in the market".
Financial calendar 2009
6 May - Q1 report
6 May - Annual General meeting
17 July - Q2 report
28 October - Q3 report
End
The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make
public according to the Swedish Securities Market Act and/or the Financial Instruments Trading Act.
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Contacts:
LINDAB
David Brodetsky, CEO
Email: david.brodetsky@lindab.com
Mobile: +46 (0)73 274 5418
Nils-Johan Andersson, CFO
Mobile:+46 (0)70 668 5075
About Lindab:
Lindab is an international group that develops, manufactures and markets sheet metal products and system solutions for the construction sector.
The two business areas, Profile and Ventilation offer complete solutions for construction systems and indoor climate, as well as individual construction and ventilation components for all types of buildings.
Lindab is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Large Cap under the ticker "LIAB".
The Lindab group has approximately 5,000 employees in 31 countries and generated sales of SEK 9,840 million in 2008. Its head office is located in Grevie near Bastad in southwestern Sweden. For more information visit www.lindabgroup.com