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Period-end comment from Setra Q2 2020

Wood products company Setra is reporting an operating profit of SEK 59 million (117) for the first six months of 2020. Net sales totalled SEK 2,203 million (2,383). Operating profits for the second quarter amounted to SEK 47 million (34), with net sales totalling SEK 1,109 million (1,255).

The effects of the COVID-19 virus continue to cause uncertainty. To date, however, Setra has succeeded in maintaining its full sawmill production, without furloughing any employees. Setra’s crisis management team is monitoring the development of the virus and its potential impact on Setra’s operations on an ongoing basis.

For the first half of the year, Setra has returned positive operating profits in the amount of SEK 59 million, which is down slightly on the same period in 2019, largely on account of significantly lower sales prices. Deliveries during the second quarter were actually better than expected, powered primarily by sales to China, Japan and Sweden. There is some optimism concerning future development, given that deliveries to Europe in particular are expected to increase. That said, appreciable uncertainty still applies with regard to the development of the market over the second half of the year.

 “Setra continues to abide by the applicable recommendations at the same time as maintaining a high level of flexibility and readiness to adapt to corona-related market development. On a daily basis, however, it is most important to devote our focus to the factors we can influence through internal improvement work,” says Katarina Levin, CEO of Setra.

The factory for cross-laminated timber in Långshyttan in which Setra made a strategic investment has commenced production on schedule, and in the middle of June it was officially announced that Setra has been commissioned to deliver the timber frames for Cederhusen, the Folkhem housing development project.

Also in the middle of June, the first package from Setra’s strategic investment in a trim saw and planing machine in Hasselfors was finished and ready for sale.

Cash flow from operating activities in the first half of the year totalled SEK 403 million (66). Net financial debt amounted to SEK 143 million (119) at the end of the period, which corresponds to a net debt/equity ratio of 10 percent (8).

Key figures* Apr–Jun (3 months) Jan–Jun (6 months)
2020 2019 2020 2019
Net sales, MSEK 1,109 1,255 2,203 2,383
Operating profit/loss, excl. non-recurring items, MSEK 46 52 58 135
Operating profit/loss MSEK 47 34 59 117
Profit/loss after tax, MSEK 33 26 36 90
Operating margin, excl. non-recurring items, % 4,1 4.1 2,6 5.7
Return on operating capital, %, Full-year -2,9 0.5
Cash flow from operating activities, MSEK 373 72 403 66

*Setra does not publish a complete year-end report.

For further information, contact:

Katarina Levin, President and CEO, phone +46 8 705 03 10, mobile +46 70 594 92 54
Johanna Gydingsgård, CFO, phone +46 8 705 03 03, mobile +46 72 453 85 41

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