PartnerTech Year-end Report January – December 2014
Strong demand and positive cash flow in a turbulent quarter
Sales increased by 7 % in the quarter compared to the same period last year. Adjusted operating profit increased sequentially to SEK 1,5 million in the quarter. Total operating profit for Systems Integration and Electronics was SEK 21 million for the quarter and SEK 71 million for the full year. The Electronics business continues to show increased demand but as volumes were postponed late in the quarter, profitability and working capital were affected negatively. In Systems Integration the increased demand from customers during the quarter has resulted in an increase of stock to meet growing customer needs. The activity within the defense industry continues to increase but volumes planned for the fourth quarter were moved into 2015. The restructuring program in Metal Precision continues into the first quarter of 2015. It is my assessment that after these actions have been implemented we have created a more flexible and commercially sound business with profitability at considerably lower business volumes. Despite weaker earnings in the quarter growing customer needs in Systems Integration, mainly within CleanTech, as well as increased demand in Electronics provides good opportunities for 2015. In the short term the development within Oil&Gas is challenging but the industry’s need to transform the supply structure remains. This is an opportunity for PartnerTech going forward.
Leif Thorwaldsson, President and CEO
Fourth quarter of 2014
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Net sales were SEK 621 million (582)
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Adjusted operating profit totaled SEK 1.5 million (10)*
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Profit/Loss after tax was SEK -15 million (1)
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Earnings per share after tax amounted to SEK -1.21 (0.07)
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Cash flow after investments amounted to SEK 13 million (97)
January-December 2014
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Net sales were SEK 2,239 million (2,237)
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Adjusted operating profit totaled SEK -12 million (32)*
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Profit after tax was SEK -55 million (7)
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Earnings per share after tax amounted to SEK -4.33 (0.53)
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Cash flow after investments amounted to SEK -70 million (47)
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The equity/assets ratio was 32% (40) on December 31
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The Board proposes that the Annual General Meeting distribute no dividend (0.50) for fiscal year 2014
*Adjusted operating profit, defined as operating profit excluding comparison distortion items
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 705 832650
Åke Bengtsson, CFO, Tel: +46 733 162755
PartnerTech AB (publ.) is obligated to make the disclosures in this report public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on February 17th, 2015.
PartnerTech is a global industrial partner offering customized solutions throughout the product lifecycle, from product development to manufacturing and aftermarket services, in a number of market areas such as MedTech and Oil&Gas. 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 , the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange. For more information www.partnertech.com.
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