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Nov 22 2024 17:29

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Nov 22 2024 17:29

233.00 SEK5.00

Lindab's Report for the Second Quarter 2009

April - June 2009
 
  • Net sales decreased by 29 % to SEK 1,821 m (2,567), adjusted for currency and structure the decrease was 37 %
  • Operating profit (EBIT), excluding one-off items of SEK 12 m, decreased by 76 % to SEK 97  m (396)
  • Operating margin (EBIT), excluding one-off items, was 5.3 % (15.4)
  • Result after tax was SEK 13 m (266)
  • Earnings per share amounted to SEK 0.17 (3.38)
  • Cash-flow from operating activities amounted to SEK 332 m (317)
  • A new cost and efficiency programme of SEK 200 m savings has been decided
 
January -  June 2009
 
  •          Net sales decreased by 24 % to SEK 3,592 m (4,696)
  •          Operating profit (EBIT), excluding one-off items of SEK 12 m, decreased by 80 % to SEK 122 m (603)
  •          Operating margin (EBIT), excluding one-off items, decreased to 3.4 % (12.8)
  •          Result after tax amounted to SEK - 8 m (383).
  •          Earnings per share amounted to SEK - 0.11 (4.87)
  •          Cash-flow from operating activities amounted to SEK 145 m (326)
  •          Goal to reduce working capital by SEK 400 m, according to plan
    •  
     
    Lindab's President and CEO, David Brodetsky commented:
     
    "The continued decline in sales in the second quarter has led us to take additional cost and efficiency measures in order to save a further SEK 200 m annually.  The new programme will be implemented during the third quarter and entails SEK 70 m in one-off costs. This includes the recently announced closure of a Building Systems factory in Hungary."
     
    "With the current level of demand, staffing cutbacks are inevitable, but wherever possible we are implementing short-time working instead of redundancies, since we believe that this is in the best interest of both employees and the employer in these difficult times."
     
    "Regarding cash flow, the increased focus on capital efficiency has resulted in a very good development of working capital in the quarter."
     
    "Market visibility is still very low, but we expect tough market conditions to continue for this year and next. There are, however, some signs that demand in Nordic and CEE are starting to level off, while it appears that the decline in Western Europe is continuing."
     
     
    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.
     
     
     
    A press and telephone conference will take place today at 09:00 CET. Please click to register 

    To join the telephone conference, please call in on +44 (0)20 7806 1968 a few minutes before it is due to start.
     
    Slides for the conference can be found on our website, http://www.lindabgroup.com/English/ir/presentationer/Pages/default.aspx
    A replay will be available on the Investor Relations section on the website
     
     
    Contacts:
     
    LINDAB
    David Brodetsky, CEO
    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
     

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