Lindab's Report for the Fourth Quarter and Full Year 2010
(Thomson Reuters ONE) -
Lindab's sales revenue for the fourth quarter amounted to SEK 1,697 m (1,602)
and the operating profit, excluding one-off items, amounted to SEK 75 m (34).
The performance during the fourth quarter was strongly affected by the early and
harsh winter weather. A SEK 110 m write-down of goodwill was made relating to
the operations in the USA. Based on assumptions about the market development,
Lindab estimates that the company will not achieve its organic growth target of
8 percent for 2011.
October - December 2010
* Sales revenue increased by 6 percent to SEK 1,697 m (1,602), an increase of
12 percent when adjusted for currency and structure.
* Operating profit (EBIT) increased by 121 percent to SEK 75 m (34), excluding
one-off items of SEK -110 m (0).
* SEK 110 m write-down of goodwill relating to Ventilation operations in the
USA.
* The operating margin (EBIT), excluding one-off items, amounted to 4.4
percent (2.1).
* The after-tax result amounted to SEK -86 m (5).
* Earnings per share amounted to SEK -1.14 (0.07).
* Cash flow from operating activities amounted to SEK 324 m (245).
January- December 2010
* Sales revenue decreased by 7 percent to SEK 6,527 m (7,019), a decrease of
1 percent when adjusted for currency and structure.
* Operating profit (EBIT) amounted to SEK 347 m (301), excluding one-off items
of SEK -63 m (-47).
* The operating margin (EBIT), excluding one-off items, amounted to 5.3
percent (4.3).
* The after-tax result amounted to SEK 27 m (34).
* Earnings per share amounted to SEK 0.36 (0.45).
* Cash flow from operating activities amounted to SEK 391 m (719).
* A contract concerning the sale and lease-back of property in January 2010
generated cash flow of SEK 285 m, with a capital gain of SEK 73 m.
* Acquisition of the Finnish ventilation company IVK-Tuote Oy.
* Proposed dividend of SEK 1.00 (0).
Lindab's President and CEO, David Brodetsky commented:
"The market trends were mixed in the fourth quarter. The Ventilation business
area's markets remained weak but stable. Building Components had a good start to
the quarter but then the level of activity dropped significantly as winter
arrived earlier than usual, around mid November. Building Systems' momentum
continued well on the back of the improved Russian orders received during the
summer. Overall, the quarter was disappointing, owing mainly to the earlier and
harsher winter, particularly affecting Building Components.
The write-down of goodwill by SEK 110 m relates to the Ventilation business
area's US operations. In line with the new strategy, with a greater focus on
Europe, the 2010 goodwill calculation has been made for the US operations as a
stand-alone unit, instead of being included in the business area. This meant
that the allocated goodwill could not be justified. There are no other write-
down requirements for the Group.
The focus internally continues to be on implementing the new strategy and
related initiatives. This will ensure that Lindab is well placed to take full
advantage once the recovery gathers pace.
However, the start of the recovery is expected to be slow for the European
construction market. Various market indicators, including recently released
forecasts from the Euroconstruct construction forecast group, point to continued
challenging market conditions in 2011 with very low growth. If Euroconstruct's
forecasts are adjusted to take account of Lindab's geographical mix, segment
exposure and late cyclicality, Lindab's underlying market growth will be just 1
percent for 2011. Based on this external information, it is unlikely that we
will reach our organic growth target of 8 percent for 2011, though we expect to
perform better than the construction market in general."
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.
An audiocast telephone conference will be held at 10:00 (CET). The report will
be presented by David Brodetsky, President and CEO, and Nils Johan Andersson,
CFO.
To access the telephone conference, please call UK +44 (0)20 7138 0826 a few
minutes before the scheduled start. Alternatively, call the Swedish number +46
(0)8 5352 6439
The presentation slides will be published in the Investor Relations section of
the website
http://www.lindabgroup.com/English/ir/presentations/Pages/default.aspx
A recording of the conference will be published within the same section.
A presentation including comments by CEO David Brodetsky and CFO Nils-Johan
Andersson will be published in Flash format on the homepage in connection with
the report.
Contacts:
LINDAB
David Brodetsky, CEO
Email:david.brodetsky(at)lindab.com
Mobile: +46 (0)73 274 5418
Nils-Johan Andersson, CFO
Email:nils-johan.andersson(at)lindab.com
Mobile:+46 (0)70 668 5075
Lindab - A Ventilation and Building Products company:
Lindab develops, manufactures, markets and distributes products and system
solutions primarily in steel for simplified construction and improved indoor
climate.
The business is carried out within three business areas, Ventilation, Building
Components and Building Systems. The products are characterised by their high
quality, ease of assembly, energy efficiency, consideration towards the
environment, and are delivered with high levels of service. Altogether, this
increases customer value.
The Group had net sales of SEK 6,527 m in 2010, was established in 31 countries
and had approximately 4,400 employees. The main market is non-residential
construction, which accounts for 80 percent of sales, while residential accounts
for 20 percent of sales. During 2010, the Nordic market accounted for 45
percent, CEE/CIS (Central and Eastern Europe as well as other former Soviet
states) for 22 percent, Western Europe for 29 percent and other markets for 4
percent of total sales.
The share is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Mid Cap, under
the ticker symbol LIAB. The principal shareholders are Ratos, Sjätte AP-fonden
and Skandia Liv. For more information visit www.lindabgroup.com
Q4 and Year End Report 2010:
http://hugin.info/1122/R/1487197/422611.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lindab International AB via Thomson Reuters ONE
[HUG#1487197]
Unternehmensinformation / Kurzprofil:
Datum: 10.02.2011 - 07:41 Uhr
Sprache: Deutsch
News-ID 51311
Anzahl Zeichen: 7706
contact information:
Town:
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Kategorie:
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