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SCA: Interim Report Q3 2014
JANUARY 1-SEPTEMBER 30, 2014 compared with same period a year ago)
-- Net sales rose 10% (10% excluding exchange rate effects and divestments) to SEK 76,657m (69,453)
-- Organic sales growth, which excludes exchange rate effects, acquisitions and divestments, was 3% (4% including Vinda's organic sales growth)
-- Operating profit, excluding items affecting comparability, rose 19% (17% excluding exchange rate effects and divestments) to SEK 8,599m (7,218)
-- The operating margin, excluding items affecting comparability, was 11.2% (10.4%)
-- Profit before tax, excluding items affecting comparability, rose 22% (20% excluding exchange rate effects and divestments) to SEK 7,847m (6,429)
-- Items affecting comparability totaled SEK -513m (-1,024)
-- Earnings per share were SEK 7.35 (5.28)
-- Cash flow from current operations was SEK 5,373m (4,282)
-- Recalculations have been made for previous periods on account of new and amended IFRSs and rules governing consolidated financial statements and joint arrangements (see note 6)
(Table included in attached pdf)
SCA had yet another strong quarter and despite higher competition and low growth in mature markets, we delivered good organic sales growth. We continued our successful innovation work, and during the quarter we introduced a number of innovations and product launches under the Libresse, Lotus, Saba, Tempo and Tork brands. Our work on achieving greater cost efficiency continued, however, we were negatively affected by higher raw material costs due to both higher prices and a stronger dollar.
The Tissue business area posted a considerably higher operating profit, however, the margin was negatively affected by the consolidation of Vinda. Vinda showed a strong sales growth of 22%.The Personal Care business area reported higher earnings as a result of higher volumes and cost savings, which compensated for higher raw material costs stemming partly from a stronger dollar. In Europe, sales and operating profit increased for both Personal Care and Tissue. The business area Forest Products showed a considerable earnings improvement, mainly owing to higher prices (including exchange rate effects) and cost savings.
Consolidated net sales for the third quarter of 2014 increased by 16% compared with the same period a year ago. Organic sales growth was 4%, with growth across all business areas. Growth was mainly related to the hygiene operations' emerging markets and the Forest Products business area. Operating profit for the third quarter of 2014, excluding items affecting comparability, rose 16% over the same period a year ago. The increase is mainly attributable to a better price/mix, higher volumes, cost savings and the acquisition of the majority shareholding in the Chinese company Vinda. Higher raw material costs had a negative impact on earnings. The operating margin, excluding items affecting comparability, was 11.4% which is the same level as a year earlier. Earnings per share grew 30% to SEK 2.68. Operating cash flow increased by 59%.
SCA discloses the information provided herein pursuant to the Securities Markets Act. This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern. Submitted for publication on October 29 2014, at 8.00 a.m. CET. This report has not been reviewed by the company's auditors.
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For further information, please contact:
Johan Karlsson, Vice President Investor Relations,
Group Function Communications, +46 8 788 51 30
Boo Ehlin, Vice President Media Relations,
Group Function Communications, +46 8 788 51 36
Joséphine Edwall-Björklund, Senior Vice President,
Group Function Communications, +46 8 788 52 34