“The lower earnings compared with the first quarter in the previous year was mainly explained by lower selling prices. The market for wood products improved somewhat during the first quarter. We see a considerably better balance for whitewood products and a slight improvement for redwood, although there are still large stocks of redwood products at producers. Price increases could be implemented in local currency in a number of markets,” says Hannele Arvonen, President and CEO of Setra.
“Due to the strained market situation last autumn we decided to implement production cutbacks during the fourth quarter. As an effect of these we have good control of our stocks and our cash flow. Now when the market situation looks a little better, we are back to our normal production rate,” says Arvonen.
Cash flow from operating activities for the first quarter amounted to SEK -42 million (44). Setra’s financial position is strong. The net debt/equity ratio at the end of the period was 21% (24).
The Annual General Meeting of Setra Group AB was held today and the Meeting resolved on a dividend of SEK 0.20 per share for the 2015 financial year, a total of approximately SEK 10 million.
|Net sales, SEKm||1,028||1,041|
|Operating profit, SEKm||9||24|
|Profit after tax, SEKm||4||14|
|Operating margin, %||0.9||2.3|
|Return on operating capital, %, RTM||2.1||9.6|
|Cash flow, SEKm||-42||44|
For further information, please contact:
Hannele Arvonen, President and CEO, telephone +46 8 705 03 10, mobile +46 706 18 19 17
Anders Marklund, CFO, telephone +46 8 705 03 03, mobile +46 702 84 47 96
Setra does not publish a complete interim report.