STOCKHOLM, Sweden, Aug. 16, 2002 (PRIMEZONE) -- Cloetta Fazer:
-- Consolidated profit after net financial items was MSEK 160 (164)
-- Operating profit amounted to MSEK 155 (155 for comparable
units 2001)
-- Operating margin was 11.2 per cent (11.3)
-- Invoiced sales amounted to MSEK 1,379 (1,363 for comparable
units 2001)
-- Equity/assets ratio was 76 per cent (51)
Profit and Sales
January-June 2002
The Cloetta Fazer Group's operating profit was MSEK 155 (155 for comparable units 2001). The operating margin was 11.2 per cent (11.3). Including the profit in the Business Area Handel, which was disposed of in September last year, and capital gains of MSEK 18 from the sale of Lecora, the operating profit last year was MSEK 195.
Profit after financial items was MSEK 160, compared with MSEK 164 last year, excluding capital gains. For comparable units, last year's profit amounted to MSEK 149. The sell-off of the Business Area Handel has given the Group a strong financial position, which has led to an improvement in net financial items. Net financial items for the period amounted to a net income of MSEK 5, compared with a net expense of MSEK 13 for the previous year.
Profit after tax was MSEK 112 (127), corresponding to earnings per share of SEK 4.76 (5.42). Excluding capital gains, earnings per share in the same period last year amounted to SEK 4.64. Upon full conversion of outstanding convertible debentures, earnings per share, excluding capital gains, totaled SEK 4.68 (4.56).
Consolidated sales for comparable units amounted to MSEK 1,379 (1,363). Including Business Area Handel, sales during the corresponding period of 2001 amounted to MSEK 2,473.
Sales in the largest markets, Sweden and Finland, increased by 1 and 7 per cent, respectively, which also means increased market shares. These two markets account for over 60 per cent of sales. Sales in the third largest market, Poland, which accounts for around 10 per cent of total sales, declined by 7 per cent.
Sales of the key brands grew in volume during the period.
April - June 2002
Operating profit for the second quarter for comparable units was MSEK 64, which was MSEK 6 lower than last year. The operating margin was 10.1 per cent, compared with 10.8 per cent last year.
The Easter holiday is one of the most important holidays in terms of sales, not least for our pick and mix range. The date of this holiday also affects the distribution of the sales volume between the first and second quarters. This year the Easter holiday fell earlier than last year, which had a negative effect on earnings for the third quarter compared with last year.
The warm early summer had an adverse impact on sales in the month of June, and thereby on sales for the quarter.
Rolling 12 months
Operating profit for the period July 2001 - June 2002 was MSEK 372 for comparable units, an increase of 8 per cent compared with the equivalent period in 2000/2001. The operating margin was 12.3 per cent, compared with 11.8 per cent for the preceding period. Invoiced sales increased by 4 per cent to MSEK 3,017 compared with the preceding period.
Financing and liquidity
Cash, bank and short-term investments amounted to MSEK 397 (118). The Group's cash flow from operating activities for comparable units amounted to MSEK 78 (115). Investments in these units had a net effect on cash flow of MSEK -47 (-41).
Liquid assets and interest-bearing receivables exceeded interest-bearing liabilities by a net amount of MSEK 281. Last year the Group had a net debt of MSEK 470.
The equity/assets ratio improved to 76 per cent (51).
Investments
Gross expenditure on plant and equipment for comparable units amounted to MSEK 55 (40). Depreciation amounted to MSEK 77 (78), of which amortization of goodwill and other intangible assets comprised MSEK 13 (13).
Last year, investments in the divested operations amounted to MSEK 18 and depreciation to MSEK 22.
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www.waymaker.net/bitonline/2002/08/16/20020816BIT00020/wkr0001.doc The Full Report www.waymaker.net/bitonline/2002/08/16/20020816BIT00020/wkr0002.pdf The Full Report