Q4 2013: Quarterly sales and order trend improved with strong dropthrough rate
· Sales for Q4: MSEK 503 (431) – up 11% year-on-year in constant currency, adjusting for acquisition of
Full year 2013: Operating margins strengthen despite sales drop for the year
· Sales for full year: MSEK 1,980 (2,129) – down 7% year-on-year in constant currency, adjusting for acquisition of Licos · EBIT for full year: MSEK 284 (281); Operating margin of 14.3% (13.2) (1) – underlying operating margin improvement of 0.4% for the full year (2) · Net income for full year: MSEK 176 (171) – EPS before & after dilution
1) The 2012 comparative figures for EBIT, Earnings before tax and Net income for the period have all been adjusted for the amendments to IAS 19, Employee benefits (see Appendix 1 for restated income statements). In addition, the 2012 comparative figures for net debt and equity have also been adjusted for the amendments to IAS 19, Employee benefits and the associated impact on deferred tax assets (see Appendix 3 for restated balance sheets).
2) The underlying Q4 comparative figures for EBIT and EPS have been adjusted for restructuring costs associated with Skanes Fagerhult of MSEK 36 and for other one-off items affecting comparability amounting to a net income of MSEK 10. The underlying full year comparative figures for EBIT and EPS have also been adjusted for restructuring costs associated with SkÅnes
President and CEO,
The clear polarisation highlighted in our last interim report between our two main geographical markets persists. Sales in
Our Concentric Business Excellence programme, and specifically our third -party customer and people surveys, continues to be the foundation for continuous improvement throughout our business. As a result, I am pleased to say that our EBIT margin for the fourth quarter was further improved to 14.9%.
Orders received during this quarter were ahead of sales, even after seasonally adjusting sales for the fewer working days in the fourth quarter, bringing the Group’s year-end order backlog to its highest level since the first quarter of 2012.
As we look forward into 2014, we believe the business is in very good shape to maximize the opportunities we see and continue to outperform the market. As there is increasing pressure to reduce fuel consumption in all forms of machinery and trucks, our development programmes with our customers for our variable flow pump technology will continue. We are in the process of localising production in
Following the successful acquisition and integration of
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http://mb.cision.com/Main/1643/9536220/210031.pdf The Full Year - End Report
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