PartnerTech Year-end Report 2012Cash flow remained strong and operating earnings were positive for the full year
despite lower sales in the fourth quarter
PartnerTech’s sales for 2012 totaled SEK 2,242 million, a decrease from 2011 of 3% in local currency and comparable units. Operating profit for the full year totaled SEK 24 million. Fourth quarter sales declined from the year-ago period by 15% in local currency and comparable units to SEK 550 million, a disappointing result. Lower volumes were due primarily to delayed or substantially reduced demand by a number of customers in several market areas late in the quarter. Our strategy of expanding business and offering both flexibility and low-cost production in several different market areas, gives us the possibility to absorb fluctuations in the market. Nevertheless, we need to be even more flexible in order to deal with the kind of volatility that we experienced in December. With that in mind we have accelerated our current action program, including the adaptation of our Nordic plants to focus even more on technology and product development in close cooperation with our customers. We are also reducing production capacity at our Norwegian unit and moving both our Vellinge plant and our head office to more cost-effective premises in Malmö. Meanwhile, most of our units are cutting back on personnel. Although growth was slower in 2012 than 2011, we have increased the opportunities to grow our business during the year. We made major progress in terms of improving our operational processes, as reflected in less capital tied-up. We signed new framework agreements and received significant orders from existing customers. We acquired Aerodyn AB to broaden our range of machining services, our offering in China was strengthened and our operations in the United States continued to grow. We receive many requests for quotations, and our offering of low-cost production in Poland and China remain highly appealing to both new and existing customers. We are now working hard on industrialization and increasing production for the new contracts that we have obtained recently. Despite the downturn in demand, the measures we are now implementing, along with improved operational processes and a stronger financial position due to substantially reduced net borrowing, have better equipped us to cope with market uncertainty.
Leif Thorwaldsson, President and CEO
Fourth quarter of 2012
-
Net sales were SEK 550 million (638)
-
Operating earnings totaled SEK -18 million (29)
-
Profit/Loss after tax amounted to SEK -22 million (10)
-
Earnings per share after tax amounted to SEK -1.73 (0.81)
-
Cash flow after investments amounted to SEK 66 million (100)
January-December 2012
-
Net sales were SEK 2,242 million (2,322)
-
Operating earnings totaled SEK 24 million (47)
-
Profit after tax amounted to SEK -8 million (5)
-
Earnings per share after tax amounted to SEK -0.63 (0.41)
-
Cash flow after investments amounted to SEK 80 million (118)
-
The equity/assets ratio was 42 percent (39) on December 31
-
The Board proposes that the Annual General Meeting distribute no dividend (0) for fiscal year 2012
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
--------------------------------------------------------------------------------------------------------------------------------------
PartnerTech
PartnerTech develops and manufactures products under contract for leading companies, primarily in Information Technology, Industry, CleanTech, MedTech and Instrumentation, Defense and Maritime and Point of Sale Applications. With approximately 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,3 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
PartnerTech (publ) is required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on February 13th, 2013.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
|