Interim report for the second quarter of August 20, 1999

Transcription

1 Interim report for the second quarter of 1999 August 20, , Result, Q

2 Group Highlights High level of activity and satisfactory results within Interior Layout and Construction and Contracting. Weak results for the sawmill operation due to low gross margins. Continued improvement in profitability for Laminated Timber. Increased demand in the Swedish market. 2, Result, Q

3 Group Profit and Loss Account NOK mill. Jan-Jun Year Operating revenues 1751,7 1402,6 3027,3 Operating costs 1713,4 1376,7 2974,6 Operating profit 38,3 25,9 52,7 Profit, associated comp. 0,8 1,4 3,7 Financial items, net -23,3-20,6-33,6 Pre-tax profit 15,8 6,7 22,8 Provision for taxes 4,4 1,8 3,9 Net profit 12,1 4,9 19,1 3, Result, Q

4 Group Balance Sheet NOK mill. 2nd Quarter Year Assets: Fixed assets Current assets Equity and liabilities: Equity Interest bearing debt Interest free debt Total , Result, Q

5 Group Cash Flow Statement NOK mill. Jan-Jun Year Net cash flow from: Operations -104,8-69,7 78,8 Investment -29,1-43,7-105,1 Financing 114,3 111,8 49,9 Net cash flow for the period -19,6-1,6 23,6 Liquid funds 16,6 11,0 36,2 Unutilized drawing rights 256,0 160,0 345,0 Available liquid funds 272,6 171,0 381,2 5, Result, Q

6 Group Key Figures Jan-Jun Year Net operating margin, % 2,2 1,8 1,7 Gross operating margin, % 5,3 4,9 4,8 Earnings per share, NOK 0,13 0,06 0,22 Cash flow per share, NOK 0,73 0,62 1,31 Capital employed, MNOK Return on capital employed, % 5,3 4,4 4,1 Equity ratio, % 32,0 29,8 33,2 Investments, fixed assets, MNOK *27 *33 *104 *) Additional investments as a result of acquisitions amounts to MNOK 386 in 98 and 15,2 in 99 6, Result, Q

7 Main shareholders Den norske Bank ASA 37,1 % Peder Chr. Løvenskiold 9,4 % Atle AB 6,1 % SND Invest AS 5,2 % Vestviken Skogeierforening 4,7 % AB Westergyllen 2,6 % Storebrand Livsforsikring AS 1,5 % Glommen Fond AS 1,5 % Tine Pensjonskasse 1,4 % Västra Skogsägarna 1,3 % Nedre Glommen Skogeierforening 1,0 % Per , Result, Q

8 Business areas Industrier ASA Other businesses EuroTimber AS EuroWood AS Interior Layout Division Laminated Timber Division Construction and Contracting Mjøsbruket AS Kværnum Bruk AS Eidsvoll AS List AB Nordia AS Regional offices MOCON AS 66 % Div. Moelv Div. Splitkon Div. Agder Hako AS Byggsystem AB Dalaträ AB * Eidsvold Værk AS * Valåsen AB Notnäs AB * Knappåssågen AB Norsälven AB Ransbysågen AB Treinteriør AS * Eidsvold Værk AS * Valåsen AB Notnäs AB * Värmlands Trä AB Component AB *) involved in both sawmills and processing Eurowand AB Regional offices Töreboda Limträ AB 66 % Holzleimbau GmbH 66 % Laminated Timber Structures Ltd 57 % Limtræ Danmark AS 40 % Div. Lilleheden Div. LNJ Div. Øresø Hako Nord AS 70 % Elektro AS Engineering AS UJ-Trading AB 8, Result, Q

9 Consolidation - time structure LNJ Limtræ AS Øresø Limtræ AS Limtræ Danmark AS (40 %) Notnäs AB and Westwood AB Rosén & Co AB Splitkon AS and Agder Limtre AS Byggsystem AS , Result, Q

10 Business Areas Operating revenues Jan-Jun Year NOK mill 1999 *1998 *1998 Timber 808,9 551,0 1309,0 Wood 304,9 237,2 547,4 Interior Layout 245,8 236,8 476,9 Laminated Timber 241,1 204,3 434,6 Construction and contracting 278,6 266,3 557,2 Other businesses 47,1 32,7 79,2 -elimination -174,7-125,7-377,0 Group total 1751,7 1402,6 3027,3 *) Including Westwood AB (Group) and Notnäs AB from May 1st. 10, Result, Q

11 Business Areas Operating profit Jan-Jun Year NOK mill 1999 *1998 *1998 Timber 1,5 1,3 4,5 Wood 6,0 6,0 15,0 Interior Layout 18,6 15,9 42,1 Laminated Timber 2,7-3,3-0,4 Construction and contracting 21,1 12,2 19,2 Other businesses -11,6-6,2-27,7 Group total 38,3 25,9 52,7 *) Including Westwood AB (Group) and Notnäs AB from May 1st. 11, Result, Q

12 Business Areas Cash flow from operations Jan-Jun Year NOK mill 1999 *1998 *1998 Timber 28,6 19,2 46,5 Wood 14,4 12,0 29,0 Interior Layout 21,0 17,3 45,6 Laminated Timber 12,1 5,3 15,3 Construction and contracting 24,0 15,4 24,9 Other businesses -6,5-0,5-15,7 Group total 93,6 68,7 145,6 *) Including Westwood AB (Group) and Notnäs AB from May 1st. 12, Result, Q

13 Pro-forma Operating revenue and income Operating revenues Operating profit Jan-Jun Year Jan-Jun Year NOK mill 1999 *1998 * *1998 *1998 Timber Wood Other areas Group total *) Pro-forma, as if Westwood and Notnäs had belonged to the Group for the entire period. 13, Result, Q

14 Timber Highlights Still not satisfactory results mainly due to low gross margins, but signs of improvement. The integration of the acquired companies are close to completion which will result in improved operating profit in the second half of , Result, Q

15 Timber Key Figures NOK mill. Jan-Jun Year Operating revenues 808,9 551,0 1309,0 Operating profit 1,5 1,3 4,5 Depreciation 27,1 17,9 42,0 Cash flow 28,6 19,2 46,5 Gross operating margin, % 3,5 3,5 3,6 Working capital 426,7 379,8 303,8 Investments 12,3 17,2 48,5 Number of employees , Result, Q

16 mnok Timber Operating profit per quarter , Result, Q

17 Timber 1000 m Inventory levels Spruce, inventory Pine, inventory 17, Result, Q

18 Timber Margin development SEK Spruce, margin Pine, margin 18, Result, Q

19 Wood Highlights Good level of demand both in the Swedish and Norwegian market. Signs of continued improvement, both in the Swedish market and certain export markets. Continued effort to obtain higher market share for selected products and improve logistics. 19, Result, Q

20 Wood Key Figures NOK mill. Jan-Jun Year Operating revenues 304,9 237,2 547,4 Operating profit 6,0 6,0 15,0 Depreciation 8,4 6,0 14,0 Cash flow 14,4 12,0 29,0 Gross operating margin, % 4,7 5,1 5,3 Working capital 160,4 136,9 123,8 Investments 2,6 7,0 16,1 Number of employees , Result, Q

21 mnok 10 Wood Operating profit per quarter , Result, Q

22 Interior Layout Highlights Increasing demand in the Swedish market. Activity in the Norwegian market at level with last year. Total order backlog at level with last year. 22, Result, Q

23 Interior Layout Key Figures NOK mill. Jan-Jun Year Operating revenues 245,8 236,8 476,9 Operating profit 18,6 15,9 42,1 Depreciation 2,4 1,4 3,5 Cash flow 21,0 17,3 45,6 Gross operating margin, % 8,5 7,3 9,6 Working capital 22,5 23,9 12,2 Investments 1,2 1,8 17,9 Number of employees , Result, Q

24 mnok 20 Interior Layout Operating profit per quarter , Result, Q

25 Laminated Timber Highlights Profitability continues to improve, but is still not satisfactory. High level of demand in the Japanese, German, Italian and Swedish market. Still very low international price level. 25, Result, Q

26 Laminated Timber Key Figures NOK mill. Jan-Jun Year Operating revenues 241,1 204,3 434,6 Operating profit 2,7-3,3-0,4 Depreciation 9,4 8,6 15,7 Cash flow 12,1 5,3 15,3 Gross operating margin, % 5,0 2,6 3,5 Working capital 93,0 80,8 75,1 Investments 3,3 3,2 8,8 Number of employees , Result, Q

27 mnok 5 Laminated Timber Operating profit per quarter , Result, Q

28 Construction and Contracting Highlights One production line at Hako AS has been rebuilt during the second quarter. High level of activity in most areas. Increased demand in the Swedish market. Continued growth within Elektro AS. 28, Result, Q

29 Construction and Contracting Key Figures NOK mill. Jan-Jun Year Operating revenues 278,6 266,3 557,2 Operating profit 21,1 12,2 19,2 Depreciation 2,9 3,2 5,7 Cash flow 24,0 15,4 24,9 Gross operating margin, % 8,6 5,8 4,5 Working capital 89,6 118,8 105,7 Investments 1,2 3,4 6,6 Number of employees , Result, Q

30 Construction and Contracting Operating profit per quarter mnok , Result, Q

31 Other businesses Key Figures NOK mill. Jan-Jun Year Operating revenues 47,1 32,7 79,2 Operating profit -11,6-6,2-27,7 Depreciation 5,1 5,7 12,0 Cash flow -6,5-0,5-15,7 Investments 5,8 0,4 5,8 Number of employees , Result, Q

32 Group Outlook Improved results for EuroTimber and Laminated Timber. Increased demand in the Swedish market compensating a minor reduction in Norway. Reduction of capital employed and net financial cost. Structural changes will continue within the sawn wood processing industry. Net profit for the year exceeding last years. 32, Result, Q