BillerudKorsnäs has published its 2012 Annual Report which said net sales amounted to SEK 10 427 million, an increase of 12%, as a result of higher volumes.
Operating profit was reduced by 50% to SEK 489 million, which equates to an operating margin of 5%. The decline was mainly due to lower prices in local currency and a less favourable currency situation. Adjusted to reflect non-recurring costs of SEK 170 million, operating profit totaled SEK 659 million.
BillerudKorsnäs' President and CEO Per Lindberg made the following opening comments in the Annual Report:
"We enter 2013 as a new and stronger company with a broader market offering. Net sales are up from SEK 9 billion to approximately SEK 20 billion. BillerudKorsnas has great potential that we will be capitalising on by developing the right materials and solutions to satisfy the packaging needs of today and tomorrow.
"It is no exaggeration to say that 2012 was a year that will forever mark a milestone for Billerud as it combined with Korsnäs. However, there was more to the year than just structural change. We entered 2012 with the same uncertainty as everyone else, facing a flood of reports about the financial crisis and a pervading pessimism about the economy. The economy also weakened sharply from the end of 2011, causing a fall in our sales prices. The Swedish krona gradually strengthened, peaking against the euro after the summer, which had a negative impact on our profits. And yet I believe the year as a whole turned out relatively well."
