Beijer Alma: Year-End Report 2013
UPPSALA, Sweden--(BUSINESS WIRE)--Regulatory News:
Beijer Alma (STO:BEIAB):
Invoicing volumes continued to improve compared with the year-earlier period and rose 14 percent during the fourth quarter to MSEK 773. The increase in comparable units was 7 percent. While Lesjöfors continued to report the most significant improvement, with Chassis Springs performing particularly well, Habia’s sales of cables for base-station antennas also displayed favorable growth. Beijer Tech, on the other hand, experienced declining volumes, albeit at a lower rate than in the past. Order bookings rose faster than invoicing and the stock of orders increased during the quarter. Profit after net financial items totaled MSEK 96, a slight improvement compared with the year-earlier period. The operating margin fell from 14.2 percent to 12.7 percent.
The cash flow during the fourth quarter was strong and amounted to MSEK 68 (42), resulting in net debt of MSEK 92 (57). The balance sheet remained strong and will continue to provide excellent scope to expand the Group in the future.
Lesjöfors delivered a strong trend during the quarter. Invoicing rose 28 percent to MSEK 399. Growth in comparable units was 15 percent. Both Industry and Chassis Springs reported significant increases in invoicing during the period. Chassis Springs continued to display the strongest growth, although the rate of increase slowed somewhat during the fourth quarter. The markets with the fastest rate of expansion during the year were Germany and the UK. Lesjöfors increased its market shares in all of its main markets. The acquisitions carried out during the year in Germany and Slovakia had a positive impact on the invoicing volumes in Industry. After adjustment for these acquisitions, the Industry business area grew 12 percent in the fourth quarter. While all regions reported increased sales in comparable units, the German companies experienced the strongest growth. Partly due to its higher sales volumes, Lesjöfors’s earnings increased to MSEK 81 (70).
Habia also displayed year-on-year growth. Invoicing rose 3 percent to MSEK 177, and sales of telecom products remained strong. In total, this business area grew 11 percent. Habia was impacted favorably by increased demand for cables for base-station antennas in several of its principal markets, particularly as a result of the expansion of the 4G network in China. In conjunction with this expansion, many customers are also imposing stricter demands on quality. This has provided Habia, which manufactures high-quality products, with a stronger market position. As a result of the favorable demand situation, Habia is now able to utilize its full available capacity for telecom production and the company plans to increase its capacity in 2014. Habia’s other product areas displayed a somewhat weaker performance, with a slight decline in sales during the quarter. Profit was somewhat lower than in the year-earlier period and amounted to MSEK 20 (21).
Beijer Tech’s invoicing rose 2 percent to MSEK 197. In comparable units, invoicing declined 2 percent. Similar trends were reported in both of the company’s main areas. Sales in the Industrial Products business area were impacted positively by a number of major machinery transactions with relatively low margins. Operating profit fell to MSEK 3 (8). This decline was mainly attributable to the Norwegian operations.
The Beijer Alma Group had a low stock of orders at the beginning of 2013, which resulted in a weak first quarter. The stock of orders increased by the end of the year, which should provide the necessary conditions for a stronger first quarter in 2014.
Bertil Persson President and CEO
Beijer Alma AB (publ)
Dragarbrunnsgatan 45, Box 1747, SE-751 47 Uppsala, Sweden. Telephone +46 18 15 71 60. Fax +46 18 15 89 87. Registered office: Uppsala. Corp. Reg. No: 556229-7480. www.beijeralma.se
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