STOCKHOLM, Sweden, April 26, 2002 (PRIMEZONE) -- AvestaPolarit:
- The market conditions for stainless steel improved slightly from the last quarter of 2001. Stainless steel base prices and conversion margins improved compared to those reported for the corresponding period in 2001. - Net sales for the first quarter declined 7% from the corresponding period last year as a result of a fall in transaction prices and amounted to EUR 769 million. - The operating profit for January to March totaled EUR 75 million, more than twice that reported for the same period last year. The rise in profitability resulted from increased deliveries and improved conversion margins supported by efficiency gains and synergy benefits. - Although net interest-bearing debt increased, the Group's financial position remained strong. - Investment programmes, post-merger integration work and initiatives to enhance internal efficiency are proceeding well and to plan. - The outlook for the second quarter is positive, but the market development for the second half of the year still remains uncertain.
Key figures Pro forma Actual
Jan-Mar Jan-Mar Jan-Mar
EUR million 2002 2001 2001
Net sales 769 830 704
Operating profit 75 34 32
Profit before extraordinary items 72 32 30
Profit for the financial period 59 23 23
Earnings per share, EUR 0.17 0.07 0.08
Return on capital employed, % 14.0 7.2 9.8
Net interest-bearing debt at period end 537 219 219
Debt-to-equity ratio (gearing), % 41.7 18.6 18.6
All comparables for 2001 in this text are pro forma figures including Avesta Sheffield for the full periods stated. In actual figures, Avesta Sheffield has been consolidated into AvestaPolarit as from 23 January 2001.
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www.waymaker.net/bitonline/2002/04/26/20020426BIT00660/wkr0001.doc The Full Report www.waymaker.net/bitonline/2002/04/26/20020426BIT00660/wkr0002.pdf The Full Report