The business area includes the Group’s operations in Finland and the three Baltic States.

Third quarter

Compared to the third quarter last year, net sales were 9 percent lower and amounted to SEK 511 M (559). The tonnage was also lower compared to last year and negative price and mix effects contributed to the lower sales. The operating result amounted to SEK 19 M (26) mainly due to the lower volume and lower inventory gains that amounted to SEK 2 M (4). Adjusted for this effect, the underlying operating result decreased to SEK 17 M (22).

The distribution business in Finland provided a somewhat lower underlying operating result compared to last year. The lower tonnage volume was largely compensated by an improved underlying margin. The production business in Finland reported lower net sales at the same time as the underlying gross margin decreased slightly. This resulted in an underlying operating result that was weaker than last year.

First nine months

Net sales for the first nine months decreased by 5 percent compared to last year and amounted to SEK 1,661 M (1,753). The operating result weakened to SEK 58 M (73) and, adjusted for inventory gains, the underlying operating result decreased to SEK 59 M (61). The decline is largely attributable to the weaker development in the Finnish production business and the marginally weaker development in the Finnish distribution business. The improvement in the Baltic distribution business, mainly due to a major bad debt loss that affected last year’s result, could not fully compensate for this.

Business Area Finland & Baltics sales growth and underlying operating result per quarter