* Net sales decreased by 17 % to SEK 1,771 m (2,129), a
decrease of 25 % when adjusted for currency and structure
* The operating profit (EBIT) decreased by 88 % to SEK 25 m
(207)
* The operating margin (EBIT) amounted to 1.4 % (9.7)
* The after-tax profit amounted to SEK -21 m (117)
* Earnings per share amounted to SEK -0.28 (1.49)
* Cash flow from operating activities amounted to SEK -187 m
(17)
* The cost reduction programme is proceeding better than
planned
Lindab's President and CEO, David Brodetsky commented:"As anticipated, the start of 2009 has been tough and the economic
slowdown seen during Q4 has continued. All of Lindab's markets are
affected, but the difficulties in obtaining financing, as well as
greater risk aversion in the CEE/CIS, have led to an even sharper
drop in sales for this region. Western Europe has been the least
affected region where sales for the first quarter were in line with
the same period last year.""The cost reduction programme announced in November last year is
proceeding better than planned. Additional cost reductions were
identified at the beginning of the year and we now estimate that the
total savings will exceed SEK 350 million annually. The related
one-off costs, on the other hand, will not exceed the previously
communicated SEK 140 million."Our capital efficiency initiative has started to show good results
with a stock reduction during the quarter of SEK 133 million.
Regarding capital expenditure, the full year spend should approximate
SEK 175 million. Excluding the new Building Systems production unit
in Russia, which was initiated two years ago and will be completed in
the summer, new investments will amount to SEK 85 million.""Overall, we have implemented several measures that should allow
Lindab to take advantage of acquisition opportunities that will arise
over the next year or two. This will position Lindab favourably ahead
of the next growth cycle."
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 telephone conference will take place today at 12:00 CET.
To join the telephone conference, please call in on+44 (0)20 7138
0824 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)732 745 418
Nils-Johan Andersson, CFO
Email: nils-johan.andersson@lindab.com
Mobile:+46 (0)706 685 075
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 Nasdaq OMX, 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
