Interim report 1 January-30 September 2002
02:3(2) 02:2 02:1 0209(2) 0109
Earnings per share, SEK(1) 6.27 6.05 5.89 18.21 17.79
Cash flow from current 11.74 9.36 6.83 27.93 33.16
operations per share, SEK(1)
Net sales, SEK M 22,247 22,355 21,015 65,617 60,871
Earnings after financial 2,032 2,026 1,967 6,025 5,978
items, SEK M
Net earnings, SEK M 1,456 1,404 1,365 4,225 4,135
(1) Adjusted historically to reflect new issue of 1.8 million shares in
2001 for stock option program (see page 10).
(2) Including the nonrecurring effect of the sale of Zewathener, SEK 88 M.
Compared with first nine months of 2001
Earnings per share rose 2%.
Operating profit for Hygiene Products increased 28%, while operating
profit for Packaging and Forest Products declined 9% and 35%,
Operating margin rose for Hygiene Products.
Compared with second quarter of 2002
Earnings per share rose 4%.
Operating profit for Packaging improved 20%, Hygiene Products' operating
profit was on level with the preceding quarter while operating profit
for Forest Products was down 17%.
Operating margin rose for Packaging and Hygiene Products.
· Nominating committee appointed, see page 8.
NET SALES AND EARNINGS
Earnings per share increased 2% compared with the year-earlier period
and amounted to SEK 18.21 (17.79). Net earnings thus amounted to SEK
4,225 M (4,135).
Consolidated net sales amounted to SEK 65,617 M (60,871), an increase of
8% compared with the year-earlier period. Of this increase, 9% are
attributable to acquired companies, while higher volumes accounted for
3%. Lower prices reduced net sales by 4%. Currency movements had only a
marginal effect on consolidated net sales.
Group operating profit amounted to SEK 6,783 M (7,040), and was thus 4%
lower than operating profit a year earlier. Operating profit for Hygiene
Products amounted to SEK 4,130 M (3,233), an increase of 28%. Operating
profit for Packaging declined 9% to SEK 2,279 M (2,509), while the
operating profit of Forest Products amounted to SEK 1,426 M (2,200),
down 35%. Currency movements had a positive impact of 5% on operating
Operating margin for the Group was 10.3% (11.6). The operating margin
for Hygiene Products rose to 12% (11) while it declined to 10% (11) for
Packaging and to 14% (22) for Forest Products.
Financial items amounted to an expense of SEK 758 M (expense: 1,062).
Despite higher average net debt as a result of corporate acquisitions, a
significantly lower interest rate provided an improvement of SEK 304 M
in financial items. Group earnings after financial items amounted to SEK
6,025 M (5,978), and thus were marginally better than in the year-
Return on shareholders' equity was 12% (14), and return on capital
employed was 13% (14).
Comparison with the second quarter of 2002
Consolidated earnings per share increased 4% compared with the preceding
quarter and amounted to SEK 6.27 (6.05). The operating profit for
Packaging rose 20%. The operating profit for Hygiene Products was on
level with the second quarter, while operating profit for Forest
Products declined 17%. Currency movements had a negative impact of 2% on
Group operating profit.
In hygiene operations, operating profit for institutional products rose
as a result of price hikes implemented. In contrast, operating profit
for Consumer Products declined somewhat due to the loss of the
contribution from the tampon operations ("o.b.") that were divested at
mid-year and the lower volumes in the southern European tissue
operations during the August vacation period. The operating profit for
Packaging operations increased as a result of higher prices as well as a
capital gain of SEK 88 M on the sale of Zewathener. Forest Products'
lower operating profit was due to lower volumes and prices.
Group operating margin rose during the third quarter from 10.1 to 10.3%.
The increase can be attributed mainly to Packaging, but Hygiene Products
also improved its margins.
Financial items amounted to an expense of SEK 267 (expense: 238). The
dividends received in the second quarter, SEK 64 M, were to an extent
offset by lower interest expenses during the third quarter.
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http://www.waymaker.net/bitonline/2002/10/30/20021030BIT00570/wkr0001.doc Hela rapporten
http://www.waymaker.net/bitonline/2002/10/30/20021030BIT00570/wkr0002.pdf Hela rapporten