Fourth quarter 2008
* Net sales decreased by 2 % to SEK 2,427 m (2,485), adjusted for
currency and structure the decrease was 12 %
* Operating profit (EBIT), excluding one-off items, decreased by
41 % to SEK 218 m (370)
* Operating margin (EBIT), excluding one-off items, was 9.0 %
(14.9)
* Earnings per share amounted to SEK 0.61 (3.14)
* Cash-flow from operating activities amounted to SEK 220 m (575)
* A cost and efficiency programme was initiated during the quarter,
with a related one-off cost of SEK 117 m affecting the profit
January - December 2008
* Net sales increased by 6 % to SEK 9,840 m (9,280)
* Operating profit (EBIT), excluding one-off items,
decreased by 2.3% to SEK 1,279 m (1,309)
* Operating margin (EBIT), excluding one-off items,
decreased to 13.0 % (14.1)
* Earnings per share amounted to SEK 9.32 (11.45)
* Cash-flow from operating activities amounted to SEK 673 m
(875)
* Proposed dividend, SEK 2.75 (5.25)
Lindab's President and CEO, David Brodetsky commented:"Overall, 2008 was a good year despite the economic slowdown at the
end of the year. However, the downturn in sales has been very rapid
and accelerated in the latter part of Q4 2008. The global financial
crisis has affected all of Lindab's markets, but the difficulties in
obtaining financing are particularly pronounced for customers in the
CEE/CIS region. Given the current uncertainties, it is hard to
predict demand levels, but we expect the trend that we saw in the end
of 2008 to continue for at least the beginning of 2009"."In response to the current situation, we have acted quickly and
initiated three efficiency programmes covering sales, production and
working capital in order to improve short-term performance.""The impact of the SEK 300 m cost reduction program announced in
November will start to come through in the first quarter of 2009 but
the full effect will be substantially achieved during the second
quarter. In addition, we have identified and are implementing further
initiatives to reduce costs by an additional SEK 30 - 40 m, to take
effect in the coming quarters. We have also introduced short time
working in some countries where the local legislation permits"."We will significantly reduce our capital expenditure in 2009. To
further ensure financial flexibility for the prevailing market
uncertainty, the Board of Directors will be proposing a reduced
dividend of SEK 2.75 (5.25).""All these actions, in combination with our solid funding position,
will give us the ability to manoeuvre and strengthen our position in
the market".
Financial calendar 2009
6 May - Q1 report
6 May - Annual General meeting
17 July - Q2 report
28 October - Q3 report
End
The information here is that which Lindab International AB has
willingly chosen to make public or that which it is obliged to make
public according to the Swedish Securities Market Act and/or the
Financial Instruments Trading Act.
A press and telephone conference will take place at Operaterassen,
Stockholm, today at 12:00 CET. Please click to register
To join the telephone conference, please call in on+44 (0)20 7806
1968
a few minutes before it is due to start.
Slides for the conference can be found on our website,
http://www.lindabgroup.com/English/ir/presentationer/Pages/default.aspx
A replay will be available on the Investor Relations section on the
website
Contacts:
LINDAB
David Brodetsky, CEO
Email: david.brodetsky@lindab.com
Mobile: +46 (0)73 274 5418
Nils-Johan Andersson, CFO
Email: nils-johan.andersson@lindab.com
Mobile:+46 (0)70 668 5075
About Lindab:
Lindab is an international group that develops, manufactures and
markets sheet metal products and system solutions for the
construction sector.
The two business areas, Profile and Ventilation offer complete
solutions for construction systems and indoor climate, as well as
individual construction and ventilation components for all types of
buildings.
Lindab is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Large
Cap under the ticker "LIAB".
The Lindab group has approximately 5,000 employees in 31 countries
and generated sales of SEK 9,840 million in 2008. Its head office is
located in Grevie near Bastad in southwestern Sweden. For more
information visit www.lindabgroup.com
