“We report an operating profit for the first half of SEK 90 million which is an improvement of SEK 14 million over the previous year. We have been able to increase both selling prices and sales and production volumes for comparable units,” says Hannele Arvonen, President and CEO of Setra.
Disruptions in the freight market during the spring and the industrial conflict in the Port of Gothenburg had a negative impact on both deliveries and earnings.
“Considering the problematic freight situation with a shortage of containers, the result for the first half is acceptable. Going forward we see continued good demand from our customers and a positive development for the wood products market both in Sweden and internationally,” says Arvonen.
The transaction for the sale of Setra’s sawmill in Vimmerby was completed in January 2017. Last year’s figures include the operations in Vimmerby as well as the subsidiary Setra Plusshus and the planing operations in Valbo, both of which were sold during the second quarter of 2016.
Cash flow from operating activities for the first half of 2017 amounted to SEK 96 million (3). The Group’s financial position is strong even after a dividend of SEK 100 million was paid to shareholders. The Group’s financial net debt amounted to SEK 126 million at the end of the period which corresponds to a net debt/equity ratio of 9% (18).
|Key figures||Apr-Jun (3 mths)||Jan-Jun (6 mths)|
|Net sales, SEKm||1,075||1,160||2,082||2,188|
|Operating profit, SEKm||57||67||90||76|
|Profit after tax, SEKm||43||49||66||53|
|Operating margin, %||5.3||5.8||4.3||3.5|
|Return on operating capital, %, RTM||11.6||2.3|
|Cash flow, SEKm||124||45||96||3|
Setra does not publish a complete six-month report.