Increased sales in the quarter but adaptation affects profitability
Second quarter sales were 2.5% higher for comparable units and in local currencies than the same period of 2012. Operating profit of SEK 3 million was lower than the second quarter of 2012, while both cash flow and operating capital turnover improved. Sales trends were mixed during the quarter, where volumes declined through lower demand from existing customers. This was compensated by strong sales to new customers. Performance also varied amongst our units. Those that have come the furthest in terms of adapting to more customer oriented operations with higher focus on technology and product development did well, whereas development in others was weaker. Our electronics units turned in excellent performances, mostly due to substantially higher capacity utilization at some of them. Demand for our development services also increased, and we signed agreements with new customers for technically advanced products. Machining continued to adjust to lower volumes at the Defense customer segment. Our focus on the rapidly growing Oil&Gas subsegment of systems integration affected our Norwegian unit, which initially experienced low capacity utilization while we are making investments in sales capacity and equipment.
Leif Thorwaldsson, President and CEO
Second quarter of 2013
- Net sales were SEK 574 million (564)
- Operating profit totaled SEK 3 million (12)
- Profit/Loss after tax was SEK -4 million (0)
- Earnings per share after tax came to SEK -0.28 (0.02)
- Cash flow after investments amounted to SEK 27 million (3)
First half of 2013
- Net sales were SEK 1,128 million (1,174)
- Operating profit totaled SEK 11 million (33)
- Profit after tax was SEK -2 million (13)
- Earnings per share after tax came to SEK -0.13 (1,00)
- Cash flow after investments amounted to SEK -24 million (-16)
- The equity/assets ratio was 37% (38) on June 30
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
PartnerTech (publ) is required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on July 17th, 2013.
About PartnerTech
PartnerTech develops and manufactures products under contract for leading companies, primarily in Information Technology, Industry, CleanTech, MedTech and Instrumentation, Defense and Maritime and Point of Sale Applications. With approximately 1,400 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,2 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
