PartnerTech Year-end Report 2013
Growth in the fourth quarter, improved profitability and strong cash flow for the full year
Fourth quarter sales increased from the year-ago period by 6% in local currency to SEK 582 million, a distinct improvement. Similarly, operating earnings rose substantially to SEK 10 million. The year started off slowly but we have seen a recovery in the latter part of the year. Many of our existing customers experienced a rough year, but we made up for it with solid sales to new customers. We also began seeing results of the adjustments we carried out at several parts of the group during the year. We made major headway in adapting our Norwegian business, where the Oil&Gas subsegment exhibited growth, although from a low level. We streamlined the electronics production at our smaller units and successfully adjusted for lower volumes of technically advanced products. Machining enjoyed increased orders received from a number of new non-defense customers. The overall impact of these changes was a stable structure for further development of our attractive global offering by increasing the share of our service volumes in product development and after-sales. The ultimate goal is to serve as an industrial partner able to increasingly offer our customers complete solutions throughout the product life-cycle.
Leif Thorwaldsson, President and CEO
Fourth quarter of 2013
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Net sales were SEK 582 million (550)
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Operating profit totaled SEK 10 million (-18)
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Profit after tax was SEK 1 million (-22)
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Earnings per share after tax amounted to SEK 0.07 (-1.73)
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Cash flow after investments amounted to SEK 97 million (66)
January-December 2013
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Net sales were SEK 2,237 million (2,242)
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Operating profit totaled SEK 32 million (24)
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Profit after tax was SEK 7 million (-8)
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Earnings per share after tax amounted to SEK 0.53 (-0.63)
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Cash flow after investments amounted to SEK 47 million (80)
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The equity/assets ratio was 40 (41) on December 31
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The Board proposes a dividend of SEK 0.50 per share (no dividend 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 (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 8.20 am on February 12th, 2014.
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 1,400 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,2 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange. Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
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