STOCKHOLM, Sweden, March 1, 2002 (PRIMEZONE) -- BT Industries AB (publ):
-- The world market for warehouse trucks fell by approx. 7%, with a
decline of around 25% in North America.
-- Orders received SEK 12,245 m. (SEK 12,060 m.), up 2%
-- Sales SEK 13,248 m. (SEK 11,518 m.), up 15%
-- Income after financial net SEK 888 m. (SEK 824m.), up 8%
Financial summary
October -
December Full-
SEK m. 3 months year
2001 2000 2001 2000
Orders received 3,318 3,267 12,245 12,060
Net sales 3,533 3,400 13,248 11,518
EBITDA 1) 348 415 1,385 1,313
Operating income 200 279 810 831
Income after net 245 284 888 824
financial items
(1) EBITDA = Earnings Before Interest, Tax, Depreciation and
Amortisation of intangible assets
Market Development
Demand for warehouse trucks declined in 2001. The strong economy and growth that had distinguished the market for several years gradually reversed course.
In North America, the slowdown began back in late 2000. Early in 2001 demand fell by approximately 25% on an annual basis before stabilising.
In Europe, demand developed well, with good growth at the start of the year. Later in the year, however, there were clear indications of slowing demand.
In other markets, the situation varies, although the major slowdown in the U.S. has adversely affected several markets. As a whole, demand is expected to have remained largely unchanged.
Estimates show that the total lift truck market developed as follows:
Thousands of 200 200 Chang
units 1 0 e %
Warehouse trucks 244 261 - 7 %
Counterbalanced
trucks, total 347 406 - 15%
of which:
- Electric- 112 127 - 12%
powered
- Combustion- 235 279 - 16%
powered
Total 591 667 - 11%
Despite the downturn in 2001, the lift truck market is showing long-term growth. This is particularly evident in the warehouse truck segment. Higher consumer spending, and the resulting rise in transports and materials handling, is the main driving force behind growth in demand.
Traditionally, BT has been active mainly in the warehouse truck segment. It has chosen to complement its core business primarily with electric counterbalanced trucks, in part through acquisitions.
BT's global market share in warehouse trucks is estimated at 20 percent, against 22 percent in the previous year. BT's market share is significantly higher in North America than in other markets. Thus the heavy market decline in North America is attributable to the drop in global market share for BT.
Structural Changes
During the year BT established new companies in Estonia and Latvia. It also obtained part-ownership in, or acquired, several small dealers, mainly to improve market coverage in Western Europe. In North America, BT reduced its interests in a number of dealers at the end of the year.
Following the conclusion of the fiscal year BT acquired the remaining 49% of the shares in BT Souel of Greece. Moreover, it acquired 100% of a small German service organisation.
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The following files are available for download:
www.waymaker.net/bitonline/2002/03/01/20020301BIT00420/wkr0001.pdf The full year-end report