Rottneros has recently published its interim report for January-September. Income after net financial items amounted to SEK 80 (52) million for the third quarter of 2015 and SEK 222 (80) for. Net turnover for the third quarter totalled SEK 455 (404) million, a 13% increase compared with 2014.
Production volumes increased by 7% compared with the third quarter of 2014, and for January-December, production volumes increased by 9% compared with the same period last year.
The PIX price in USD declined during the second quarter and amounted to an average of USD 846. Denominated in SEK, the price decrease was less than 1% compared with the second quarter. Compared with the third quarter of 2014, the price increase in SEK was about 11%.
Cash flow before investments in the third quarter of 2015 remained strong at SEK 84 (92) million and SEK 270 million on a rolling 12-month basis, compared with SEK 104 million for full-year 2014. Interest-bearing net receivables as of 30 September amounted to SEK 221 (44) million.
The board has decided to convene an extraordinary general meeting in December 2015 regarding the so-called additional dividend of SEK 0.40 per share, corresponding to MSEK 61.
Per Lundeen, Rottneros’ president comments on the report:
”With a strong third quarter, the Rottneros Group continued on its positive course. It is now one year since I became CEO and it feels appropriate to reflect on the past year. Rottneros' employees have made the company considerably more stable, establishing a greatly improved performance level. The dollar and pulp prices are part of the trend, but our internal improvement programme has made a substantial contribution. The company has become debt-free and has resumed paying dividends.
It is also uplifting to note that the board has decided to convene an extraordinary general meeting in December to decide on a so-called extra dividend of SEK 0.40 per share.
Profit after net financial items was SEK 80 million for the quarter, a 54% improvement over the same period last year and profit after net financial items for the first nine months was SEK 257 million, a 152% improvement over the first nine months of 2014. This positive trend was driven by our own improvement measures, although the trend for the dollar compared with last year continued to benefit earnings. Production increased by a total of 7 per cent compared with the same quarter last year. Earnings also improved compared with the second quarter, even though pulp prices and the dollar both moved in the wrong direction. This achievement clearly shows that the Group's steady improvement initiatives have produced results.
The decline in electricity prices has benefitted earnings since production of high-yield pulp at Rottneros Mill is so electricity-intensive. Since we hedge a large portion of our electricity purchases, our purchase prices will continue to drop even moving forward as older futures contracts are renewed at lower electricity prices.”
