Lindab's Report for the Fourth Quarter and Full Year 2009
(Thomson Reuters ONE) - Fourth quarter 2009 * Net sales decreased by 34 % to SEK 1,602 m (2,427), a decrease of 32 % when adjusted for currency and structure * The operating profit (EBIT) decreased by 84 % to SEK 34 m (218), excluding one-off items of SEK 0 m (-103) * The operating margin (EBIT), excluding one-off items, amounted to 2.1 % (9.0) * The after tax result amounted to SEK 5 m (46) * Earnings per share amounted to SEK 0.07 (0.61) * Cash flow from operating activities amounted to SEK 245 m (220) * A sale and lease-back transaction was completed in January 2010, generating cash-flow of SEK 285 m and a capital gain of SEK 75 mFull year 2009 * Net sales decreased by 29 % to SEK 7,019 m (9,840), a decrease of 33 % when adjusted for currency and structure * The operating profit (EBIT) decreased by 76 % to SEK 301 m (1,279), excluding one-off items of SEK -47 m (-116) * The operating margin (EBIT), excluding one-off items, amounted to 4.3 % (13.0) * The after tax result amounted to SEK 34 m (723) * Earnings per share amounted to SEK 0.45 (9.32) * Cash flow from operating activities amounted to SEK 719 m (673) * No dividend proposedLindab's President and CEO, David Brodetsky commented:"After a strong decline in the first half of 2009, the decline in demand is nowlevelling off and we are seeing signs of stabilisation in some of our markets.There is continued positive news regarding costs and cash. We have succeededwell with our capital efficiency programme, which has resulted in a good cashflow in the fourth quarter as well as throughout the year. Moreover, in early2010 we concluded an agreement regarding the sale and lease-back of our facilityin Luxembourg, generating cash-flow of SEK 285 million and a capital gain ofapproximately SEK 75 million. Our cost-reduction programmes have beensuccessful, taking full effect from the start of 2010. We have also strengthenedour management with the recruitment of a new business area manager forVentilation. Furthermore we have recruited a manager with overall responsibilityfor Russia and CIS, which are important markets for Lindab.Overall, demand is expected to remain weak in the coming quarters. The rate ofsales at the start of 2010 is lower than at the start of 2009 and the winterconditions will further affect demand in the first quarter." Financial Calendar 2010:28 April: Interim Report, Q111 May: AGM16 July: Interim Report, Q21 November: Interim Report, Q3EndThe information here is that which Lindab International AB has willingly chosento make public or that which it is obliged to make public according to theSwedish Securities Market Act and/or the Financial Instruments Trading Act.An audiocast telephone conference
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Datum: 10.02.2010 - 01:42 Uhr
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