STOCKHOLM, Sweden, Feb. 12, 2002 (PRIMEZONE) -- Swedish Match (Nasdaq:SWMAY):
-- Sales increased 18 percent to 13,635 MSEK (11,533)
-- Operating income increased 16 percent to 2,193 MSEK (1,886)(1)
-- Income before taxes increased to 1,840 MSEK (1,710)
-- EBITDA increased 18 percent to 2,863 (2,429)(1)
-- EPS increased 28 percent to 3.54 SEK (2.76)(1)
-- Total shares outstanding at year-end amounted to 350.0 million
(375.1)
-- The Board proposes an increased dividend to 1.45 SEK (1.35)
(1) before items affecting comparability
The Company's focus in 2001 has been to:
-- create conditions for improved long-term organic growth through
product development and launches of new products in several
markets.
-- create organic growth opportunities and strengthen the Company's
market share through acquisitions.
-- optimize the balance sheet structure through share repurchasing
programs.
Swedish Match sales for the year increased by 18 percent, to 13,635 MSEK (11,533) of which organic growth accounted for eight percentage points. Improved currency effect due to a stronger dollar has affected sales positively by five percentage points. Acquisitions accounted for five percentage points of the improvement. Sales and operating income increased for the product areas of smokeless products (snuff and chewing tobacco) and brown tobacco (cigars and pipe tobacco) as an effect of acquisitions as well as organic growth. Operating income increased significantly for matches and lighters. A major restructuring program for matches has been completed in Europe and India.
Operating income for 2001 increased in all product areas except snuff. Despite increased investment in product development and new product tests and launches, operating income for snuff was flat versus year ago. Operating income for the year, before items affecting comparability, increased to 2,193 MSEK (1,886), or 16 percent, and EPS increased to 3.54 SEK (2.76) or 28 percent. EPS including items affecting comparability, increased 23 percent to 3.40 SEK (2.76). For the fourth quarter, operating income increased to 585 MSEK (500) or 17 percent.
Summary of Consolidated Income Statement
October - December Full year
MSEK 2001 2000 2001 2000
Sales 3,530 3,196 13,635 11,533
Operating income 585 500 2,193 1,886
Net income for the period 342 300 1,228 1,144
Additional information
The Annual General Meeting will be held in Stockholm on April 23, 2002. The 2001 Annual Report is expected to be released and distributed mid-March 2002. The interim report covering operations during the first three months of 2002 will be released on April 23.
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