Comments on the report

Third quarter

Consolidated net sales for the period decreased by 12 percent compared to last year, amounting to SEK 977 M (1,111). The decrease is attributable to negative organic growth of 11 percent and negative price and mix effects of 2 percent, which were only partly compensated by positive currency effects of 1 percent.

Gross profit amounted to SEK 137 M (151), with a slightly stronger gross margin compared to last year of 14.0 percent (13.6). The operating result amounted to SEK 14 M (33), corresponding to an operating margin of 1.5 percent (3.0). Adjusted for inventory gains of SEK 1 M (7), the underlying operating result thereby amounted to SEK 13 M (26). The underlying operating margin during the period was 1.4 percent (2.4).

First nine months

In the first nine months, consolidated net sales decreased by 8 percent compared to last year, amounting to SEK 3,375 M (3,649). Tonnage in business area Sweden & Poland is below last year by 5 percent while Finland & Baltics delivered 9 percent less than last year. Price and mix effects negatively impacted net sales by 2 percent, which was partly compensated by positive currency effects of 1 percent. Inventory losses of SEK -5 M (26) affected the period.

Gross profit amounted to SEK 467 M (517), with a gross margin of 13.8 percent (14.2). However, adjusted for inventory gains and losses, the gross margin increased to 13.9 percent (13.5).

The operating result amounted to SEK 80 M (110), mainly due to negative organic tonnage growth of 7 percent and net sales decrease of 8 percent. Sales and administration expenses are SEK 8 M lower than last year. Adjusted for inventory gains and losses, the underlying operating result amounted to SEK 85 M (100). The operating margin amounted to 2.4 percent (3.0) and the underlying operating margin was 2.5 percent (2.7).