Moelven increases profit by NOK 150 million
(Thomson Reuters ONE) -
Moelven earned NOK 242 million on operations in 2010, an increase in profit of
NOK 151 million compared with last year.
Moelven's earnings for 2010 reached NOK 7185 million, representing an increase
in turnover of NOK 937 million. Group earnings and profits in the fourth quarter
were NOK 1885 million (1499) and NOK minus 36 million (62) respectively.
All three divisions improved results compared to 2009 for the year as a whole,
but only the building system division maintained the same rate of growth in Q4.
Major variations
President and CEO Hans Rindal of Moelven Industrier ASA described the year as
one in which results showed major variations between the quarters.
"Despite the weak ending to the year, the accumulated operating result was
significantly better than the preceding year, and is deemed to be satisfactory
given the market conditions. A good year for Moelven, but with turnover of over
seven billion, it should be!", says Rindal.
Gives employees the credit
Rindal gives the group's over 3000 employees the credit for adapting to the
realities of the finance crisis for achieving the result.
"2010 was the first year after the 2008/09 finance crisis with market conditions
approaching the normal, and this, combined with cost-cutting measures
implemented as a reaction to the crisis, is the main cause for renewed progress.
In market terms, we have neither had the breaks nor hit any bad luck this year,
we have simply coped to a large extent. In other words, we're talking about a
normal year, given the shape Moelven is now in," adds Rindal.
A learning curve
He admits that the ups and downs of recent years have taught him a lot.
"The most important thing I have learned is that we know so little of what is
going to happen beyond the next 6 months. This means that we have to be prepared
for rapid changes, and can adapt to things we can control. We know that it is a
waste of energy to focus on negative factors beyond our control," states Rindal.
Local solutions to local problems
Something else he has learned is that it is easier to make such rapid
adaptations in a large organisation if it is divided into smaller units with
greater independence, as there are then a lot of individuals ready to take
responsibility for their own unit, and have the authority to make the necessary
changes.
"That makes it easier to find motivation and find local solutions to local
problems, which is often the most sensible and best," he explains.
The future
The board expects continued growth for the Building Systems division, but the
group results at the start of 2011 will be unsatisfactory as a result of weak
margins in the Timber and Wood divisions. Lower raw material costs coming into
effect from the end of Q1 are expected to contribute to better margins for both
divisions.
The Wood building materials division is also expected to benefit from the
seasonal upswing in building activity for better results in Q2. Improved market
conditions for industry in Europe are expected to take longer to contribute to
improved results for the Timber industrial goods division.
Overall, the board expects group results for 2011 to be a little lower than the
year before.
For further information go to:
President and CEO, Hans Rindal, mobile +47 90 69 69 10
Chief Financial Officer, Morten Sveiverud, mobile +47 90 98 06 67
Communications Consultant, Tom E. Holmlund, mobile +47 91 668 668
Director of Communications and HR, Kristin Vitsø Bjørnstad, mobile +47 90713701
www.moelven.com
4th quarter 2010:
http://hugin.info/91/R/1482312/417808.pdf
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Source: Moelven Industrier via Thomson Reuters ONE
[HUG#1482312]
Unternehmensinformation / Kurzprofil:
Datum: 26.01.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 50733
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