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Period-end comment from Setra for Q4 2023

Wood products company Setra has reported an operating loss of SEK -191 million (-69) for the fourth quarter of 2023. Net sales totalled SEK 1,273 million (1,395).

“The wood products market continued to be challenging in the fourth quarter. The main negative impact on earnings continues to be the combination of historically high raw material prices and low sales prices. For upcoming quarters, we have signed contracts with increased prices. Demand improved in the US and Asia, while underlying demand in Scandinavia and Europe remains weak,” says Marcus Westdahl, Setra’s CEO.

In the summer of 2021, Setra’s Board decided to invest in a new line for small diameter logs in Skinnskatteberg. Now, a little over two years later, the installation is ongoing and is expected to be operational in spring 2024. The investment, which includes additional measures, is an important step in Setra’s plant strategy.

Investments in further value adding steps for the raw material are progressing. The installation of the new CNC machine in Långshyttan began at the end of 2023. A second CNC machine will double Setra’s capacity in the cross-laminated timber factory. There is also an ongoing pellet investment in Långshyttan.

In January, Setra is relocating its head office to Råsundavägen 12 in Solna. The move within Solna to more modern and fitting premises maintains good proximity to various modes of communication for visitors.

Cash flow from operating activities in the fourth quarter amounted to SEK 127 million (-112).

Key figures* Oct–Dec (3 mos)   Jan–Dec (12 mos)
  2023 2022   2023 2022
Net sales, SEKm 1,273 1,395   5,262 6,364
Operating profit/loss, SEKm -191 -69   -237 1,206
Profit/loss after tax, SEKm -157 -54   -194 952
Operating margin, % -15 -4.9   -4.5 19
Return on operating capital, %, RTM       -10 56
Cash flow from operating activities, SEKm   127 -112   337 810
Dividend to company owners, SEK million       476 629

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

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