Elanders AB (publ) Interim Report January - June 2010
The first half-year
* Net sales fell by 12 % totaling MSEK 809 (MSEK 921).
* Operating result amounted to MSEK -20.0 (MSEK -10.3), of which one-off costs
amounted to MSEK 14.8 (MSEK -13.1).
* Pre-tax result was MSEK -33.5 (MSEK -28.7).
* Net result was MSEK -30.5 (MSEK -20.6) or SEK -3.13 per share (SEK -2.11 per
* Operating cash flow amounted to MSEK -71.4 (MSEK 67.0), of which
acquisitions were MSEK -3 (MSEK 0).
* Restructuring will take place during the second half of 2010 primarily in
Sweden and will charge earnings in 2010 by some MSEK 80. These measures are
expected to reduce costs annually by the same amount with full effect
already in 2011.
* As part of Group strategy to broaden our product range Elanders has signed a
contract in July to acquire the packaging printing plant Printpack in
Germany with net sales of some MSEK 100. This is expected to contribute
positively to Elanders' result in 2011.
* The Board proposes a new issue of 1:1 with an issue price of SEK 22 which
will provide the company with about MSEK 215 to use in implementing
structural measures, financing the acquisition in Germany and strengthening
Elanders financial position. The new issue is guaranteed in its entirety by
Carl Bennet AB.
* The forecast for 2010 is a pre-tax result of around MSEK -110 including the
costs for restructuring during the second half of the year. A positive
pre-tax result is expected in 2011.
The second quarter
* Net sales fell by 8 % totaling MSEK 409 (MSEK 445).
* Operating result amounted to MSEK -8.1 (MSEK -22.4), of which one-off costs
amounted to MSEK 4.5 (MSEK -13.1).
* Pre-tax result was MSEK -14.1 (MSEK -31.6).
* Net result was MSEK -11.8 (MSEK -24.0) or SEK -1.21 per share (SEK -2.46 per
* Operating cash flow amounted to MSEK -37.2 (MSEK 45), of which acquisitions
were MSEK 0 (MSEK 0).
(1)) There was no dilution during the given periods.
Further information can be found on Elanders' website www.elanders.com or via
Questions concerning this report can be made to:
Magnus Nilsson Andréas Wikner
President and CEO Acting Chief Financial
Phone +46 31 750 00 00 Phone +46 31 750 00 00
Elanders AB (publ)
(Company ID 556008-1621)
P.O. Box 137
SE-435 23 Mölnlycke, Sweden
Phone +46 31 750 00 00
Elanders AB (publ) Interim report January-June 2010: http://hugin.info/1053/R/1431886/378310.pdf
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Source: Elanders AB via Thomson Reuters ONE