Ahlstrom releases results for July to September and January to September 2013.
Continuing operations July-September 2013 compared with July-September 2012
-Net sales EUR 251.1 million (EUR 248.8 million). -Operating profit EUR 1.5 million (EUR 6.3 million). -Operating profit excluding non-recurring items EUR 1.5 million (EUR 7.3 million). -Operating margin excluding non-recurring items 0.6% (2.9%). -Profit / loss before taxes EUR -4.4 million (EUR -0.2 million). -Earnings per share EUR -0.09 (EUR -0.16).
July-September 2013 in brief
-Net sales at constant currency rates rose by 5.4% from the comparison period, whereas profitability declined. -Ahlstrom announced its strategic agenda until 2020 and new long-term financial targets. The company aims to grow with a high performance product offering for a clean and healthy environment. -The company issued a new EUR 100 million hybrid bond and completed a partial repurchase of a hybrid bond issued in 2009.
Continuing operations January-September 2013 compared with January-September 2012
-Net sales EUR 771.4 million (EUR 770.8 million). -Operating profit EUR 16.3 million (EUR 20.9 million). -Operating profit excluding non-recurring items EUR 15.9 million (EUR 25.2 million). -Operating margin excluding non-recurring items 2.1% (3.3%). -Profit / loss before taxes EUR -4.4 million (EUR 2.0 million). -Earnings per share EUR -0.17 (EUR -0.21).
Outlook for 2013
The outlook published on September 16, 2013 remains unchanged. Net sales from continuing operations are expected to be EUR 960-1,040 million. The operating profit margin excluding non-recurring items from continuing operations is expected to be 0-2% of net sales.
Jan Lång, President & CEO said, "We have now defined our new strategy to take us forward following the major transformation the company has undergone over the past few years. Our current businesses offer good opportunities for growth globally. We have identified three new high priority growth areas in clean water, medical diagnostics and composite materials for the construction and transportation industries."
"While our operating profit in the third quarter was disappointing, we are encouraged by the growth in net sales at constant currency rates. I'm confident that with the more focused business portfolio and the ongoing rightsizing program, we are well placed to improve our financial performance. The rightsizing program is progressing as planned."
"We continued to make progress in renewing our product portfolio and launched several new products during the quarter, including Ahlstrom TenderGuard in medical fabrics and Ahlstrom MasterTape for the Chinese market. With the good work we have done in improving our capabilities, I'm confident we can reach our ambitious long-term target of generating 20% of net sales from new products."
