SOLNA, Sweden, Feb. 5, 2002 (PRIMEZONE) -- Addtech Group Interim report for the period April 1 - December 31, 2001 (9 months):
-- Net revenues amounted to MSEK 1 793 (1 784).
-- Operating income, not including items affecting comparability,
amounted to MSEK 73 (149).
-- Operating income is being charged with current costs for
structural measures.
-- Cash flow from operations amounted to MSEK 74.
-- Continued weak market performance for operations depending on the
telecom and electronics sectors and capital investment goods.
-- Previously initiated action programs are now being implemented
according to plan and in certain units additional action has been
taken. Overall cost savings will amount to MSEK 40.
-- Stronger financial position despite repurchases of own shares
equivalent to just short of five percent of the capital.
3 months 9 months 12 months
ending ending ending
Dec. Dec. Dec. Dec. Dec. March
31, 31, 31, 31, 31, 31,
2001 2000 2001 2000 2001 2001
Net revenues 595 683 1 793 1 784 2 511 2 502
Operating income* 6 57 73 149 125 201
- in percent of 1.0 8.4 4.1 8.3 5.0 8.0
net revenues
Income after
financial items* 6 56 70 146 118 194
- in percent of 1.0 8.3 3.9 8.2 4.7 7.8
net revenues
Earnings per
share, SEK* 0.10 1.47 1.68 3.78 2.92 5.02
(*) Not including items affecting comparability of MSEK -3 during Q2
of the current year and MSEK 13 during Q2 of the preceding year.
NET REVENUES AND RESULT
Nine months April - December 2001
Net revenues of the Addtech Group were at the same level during the first nine months of the financial year as during the preceding year, MSEK 1 793 (1 784). MSEK 255 thereof was business volume added by units acquired during the preceding operating year.
Operating income, not including items affecting comparability, amounted to MSEK 73 (149) and income after financial items amounted to MSEK 70 (146). Costs affecting comparability amounted to MSEK 3, attributable to the listing of Addtech on the O-list of the Stockholm Stock Exchange. In the preceding year there was revenue of MSEK 13 affecting comparability in the form of SPP refunds.
Income after taxes amounted to MSEK 45 (115), or SEK 1.60 per share (4.11). For the most recent 12-month period income after taxes was MSEK 79 and SEK 2.85 per share, respectively, which can be compared with MSEK 149 and SEK 5.36, respectively for the preceding operating year.
Third quarter 2001 (October - December)
Net revenues declined during the third quarter by 13 percent to MSEK 595 (683). The business volume added by newly acquired units was MSEK 63.
The market situation for units with business in the telecom and electronic sectors continued to be weak and no improvement compared to what was reported in the preceding quarterly report has been observed. Demand for machinery and equipment of an investment character was very weak during the period.
The month of December was marked by a generally weak market situation, which had a further negative effect on the quarter when compared with prior periods and the preceding year.
In order to counteract the effects of continued weakness in the business outlook and to adapt the organization to a lower business volume, the previously initiated action program will be carried out according to plan. Further action has been taken in certain units. The effects of action taken will be that the number of employees will be reduced by about 100 from the level at the end of June of the current year when the action program was initiated. This constitutes a decrease of 8 percent.
The operating result is charged for current costs of personnel reductions and other structural measures. The overall effect of action taken will be that aggregate costs will be reduced by approximately MSEK 40 on an annual basis (the previous estimate was about MSEK 30).
Operating income amounted to MSEK 6 (57). The earnings drop is explained primarily by a negative reesult in Production Systems. In units acquired during the preceding year, measures have been instituted to raise earnings to a satisfactory level and in several of the other companies measures to increase efficiency are being taken to adapt the organization to the lower business volume.
Income after financial items dropped to MSEK 6 (56).
Net financial items amounted to MSEK 0 for the period (-1).
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