Setra reports growth in profit for first half of year

Wood products company Setra has reported an operating profit of SEK 233 million (90) for the first half of 2018. Net sales totalled SEK 2,359 million (2,082). Operating profit for the second quarter amounted to SEK 141 million (57), with net sales of SEK 1,229 million (1,075).

“We’re reporting an operating profit of SEK 233 million for the first half of 2018, which is an improvement of SEK 143 million on the previous year. The continued positive development of the wood products market has enabled us to increase sales prices as well as sales and production volumes. We envisage a continued strong market for wood products and good demand among our customers moving forward,” said Hannele Arvonen, President and CEO at Setra.

Cash flow from operating activities in the first half of the year was SEK 111 million (96). The Group’s financial position is strong. The Group’s financial net debt amounted to SEK 41 million (126) at the end of the period, which corresponds to a net debt/equity ratio of 3% (9).

The Setra Board has decided to invest in the manufacture of components and CLT in Långshyttan. These investments enable the creation of a new wood industry centre in Långshyttan, in addition to the further development of existing glulam production. Through investments, Setra is taking a step towards boosting processing capacity and reinforcing its long-term competitive edge in the wood industry.

Setra and Preem have entered into an agreement on the production of renewable biofuel. A production facility is being planned at Setra’s Kastet Sawmill in Gävle. The facility, which will convert sawdust into pyrolysis oil, is estimated to provide around 25,000 tonnes of oil each year, which will be refined into biofuel via Preem’s refinery in Lysekil.

Key figures Apr–Jun (3 months)   Jan–Jun (6 months)  
  2018 2017   2018 2017
Net sales, SEKm 1,229 1,075   2,359 2,082
Operating profit, SEKm 141 57   233 90
Profit after tax, SEKm 111 43   181 66
Operating margin, % 11.5 5.3   9.9 4.3
Return on operating capital, %, 12 months       21.7 11.6
Cash flow from operating activities, SEKm 81 124   111 96

Setra does not publish a complete quarterly report.

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