Bong narrows Q4 after-tax loss to 18M Swedish kronor from 44M kronor after-tax loss in year-ago period, as positive effects from cost-cutting measures are felt, including lower operating expenses; Q4 net sales down 12.9% year-over-year, to 664M kronor

Debra Garcia

KRISTIANSTAD, Sweden , February 13, 2014 (press release) – ”The rights issue last summer helped to substantially strengthen the Group’s financial position,” says Bong’s President and CEO Anders Davidsson. ”The first positive effects from launched cost-cutting measures were visible already in the fourth quarter, in which operating expenses were clearly lower than previous year. We are now continuing to roll out our new comprehensive restructuring programme at a rapid pace.”

October – December 2013

· Net debt SEK 802 million (1,005 31 December 2012)

· Cash flow after investments of SEK 14 million (54)

· Net sales SEK 664 million (762)

· Operating earnings SEK -14 million (-22), including non-recurring cost for restructuring programme of SEK -9 million (-17) and goodwill impairment write down of SEK -12 (0)

· Earnings after tax SEK -18 million (-44)

· Earnings per share SEK -0.12 (-2.54)

January – December 2013

· Net sales SEK 2,563 million (2,946)

· Operating earnings SEK -109 million (15), including non-recurring cost for restructuring programme of SEK -69 million (-57) and goodwill impairment write down of SEK -15 (0)

· Earnings after tax SEK -141 million (-55)

· Earnings per share SEK -2.20 (-3.20)

· Cash flow after investments SEK 91 million (-37)

Presentation of the report

The report will be presented at a teleconference on 13 February at 10:00 a.m. CET. The telephone number for the conference is +46 (0)8 5052 0110. Slides for the teleconference will be available on our website bong.com (http://www.bong.com) at the time that this report is published.

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 2.5 billion and about 2,000 employees in 15 countries. Bong has strong market positions in the majority of key markets in Europe, and the Group sees interesting possibilities for continued expansion and development. Bong is a public limited company and its shares are listed on NASDAQ OMX Stockholm Small Cap..

© 2024 Business Wire, Inc., All rights reserved.