STOCKHOLM, Sweden, April 23, 2002 (PRIMEZONE) -- Trellerborg:
-- Operating profit (excluding non-comparable items) SEK 206 M (299).
-- Profit after net financial items (excluding non-comparable items)
SEK 173 M (260).
-- Earnings per share (excluding non-comparable items) SEK 1.45
(1.85) Earnings per share SEK 1.45 (1:10).
-- Improved cash flow from operations SEK 50 M (Neg: 197).
-- Greater part of the restructuring measures in the Wheel Systems
Business Area were begun.
-- Preliminary agreement covering sale of Metech.
Group, 1st Quarter 2002
Net Sales and Earnings. Net sales decreased during the quarter.
The Group's net sales for the period amounted to SEK 4,543 M (4,718), which means a decline with four percent. Net sales of comparable units, with comparable exchange rates, declined by approximately 9 percent. The decline in sales was due in part to the fact that, due to holidays, there were approximately four fewer invoicing percent than during the corresponding period of 2001.
Sales in both Europe and America were lower than in the year-earlier period. However, the decrease in North America was mainly attributable to the Wheel Systems and Engineered Systems Business Areas.
Operating profit, excluding non-comparable items, amounted to SEK 206 M (299). Non-comparable items affected operating profit by minus SEK 13 M compared with plus SEK 20 M in the first quarter last year.
The Group's net financial expense amounted to SEK 33 M (39). Boliden shares affected non-comparable items positively in the amount of SEK 13 M (Neg: 121).
Group profit after net financial items amounted to SEK 173 M (159), and to SEK 173 M (260) excluding non-comparable items.
Balance Sheet, Cash Flow and Investments
Improved cash flow from operations, SEK 50 M (neg 197).
Capital employed by the Group amounted to SEK 10,425 M (10,818) as of March 31, 2002. No Company shares were repurchased during the period. Net financial debt amounted to SEK 3,270 M (2,590). Liquid funds include Boliden shares with a book value of SEK 266 M.
The book value the Group's holding of Trenor shares is SEK 185 M.
The debt/equity ratio at the close of the period was 41.5 (30.0) percent. The equity/assets ratio was 45.7 (47.5) percent. Shareholders' equity per share at the close of the period (based on approximately 87 million shares outstanding) amounted to SEK 89.40 (87.40). The return on shareholders' equity was 6.4 (5.2) percent.
The Group's cash flow from operations amounted to SEK 50 M (Neg: 197) and investments totaled SEK 151 M (141).
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