Bong reports Q4 net loss of 24.1M Swedish kronor from loss of 86M kronor in year-ago period, net sales down 9.5% to 849.7M kronor; company cites Hamelin merger, higher raw material prices, tough competition
February 16, 2012
– “The integration process following the Hamelin merger and efforts to realise synergies have progressed as planned. Cashflow was robust as of first year and key savings measures will successively reduce costs in the company in 2012 and forward,” says Bong President and CEO Anders Davidsson. ”However, economic uncertainty in Europe, higher raw material prices and tough competition have put pressure on our margins. We are running several efficiency improvement projects to secure higher margins, long-term competitiveness and profitability.”
October- December 2011
Net sales of SEK 850 million (939)
ProPac sales of SEK 150 million (157)
Operating profit of SEK -17 million (-106)
Profit after tax of SEK -24 million (-86)
Cash flow after investments of SEK 67 million (-260)
Earnings per share: SEK -1.41 (-4.92)
Acquisition of 50 percent stake in UK packaging company Angus & Wright Ltd
Net sales of SEK 3,203 million (2,326)
ProPac sales of SEK 507 million (390)
Operating profit of SEK 40 million (-91)
Profit after tax of SEK -16 million (-97)
Cash flow after investments of SEK 137 million (-277)
Earnings per share: SEK -1,04 (-6.97)
The Board of Directors proposes that no dividend be distributed for 2011, SEK 0 per share (1).
Bong is a leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the ProPac packaging concept and Russia. The Group has annual sales of approximately SEK 3.2 billion and about 2,300 employees in 15 countries. Bong has a strong market position, particularly in Northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company whose stock is quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).
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Industry Intelligence editor's note: In an omitted table, Bong reported a Q4 net loss of 24.1 million Swedish kronor and net sales of 849.7 million kronor. For the same period a year ago, the company recorded net sales of 938.8 million kronor.
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