BUSINESS AREA
FINLAND & BALTICS

The business area includes the Group’s operations in Finland. The Baltic unit was closed during 2024.

Third quarter

Net sales decreased by 25 percent in the third quarter compared to last year and amounted to SEK 415 M (554). It is explained by negative organic tonnage growth of -24 percent, negative currency effects of -3 percent and positive price and mix effects of 2 percent. The operating result amounted to SEK -20 M (14). Adjusted for items affecting comparability of SEK -3 M (8) and inventory gains of SEK 2 M (0), the underlying operating result amounted to SEK -19 M (7).

The Finnish operations delivered a negative result during the quarter. Besides weak market conditions, sales and tonnage has been negatively affected through lower efficiency since the transition to a new business system in the beginning of March. External tonnage in the Finnish operations decreased by 26 percent, to compare with an estimated decrease on the Finnish market by approximately 7 percent.

In the latter part of the quarter, a number of measures were implemented to stabilize operations and increase efficiency. The start of the fourth quarter is showing improved delivery capacity and improved efficiency. These improvements are estimated to create good conditions for strengthening customer satisfaction and gradually regaining lost tonnage and market share. In the long term, the system change is expected to contribute to further rationalization, primarily through increased digitalization.

As part of the Group’s savings program, the Finnish unit implemented personnel reductions in various administrative functions during the quarter. Restructuring costs of just over SEK 3 M were charged to earnings in the quarter.

First nine months

Net sales for the first nine months decreased by 23 percent compared to last year, amounting to SEK 1,389 M (1,807). The decline is explained by negative organic tonnage growth of -16 percent, closure of the Baltic unit of -3 percent, negative currency effects of -3 percent and negative price and mix effects of -1 percent. Operating result amounted to SEK -243 M (4). Adjusted for items affecting comparability of SEK -195 M (-19), of which goodwill of SEK -190 M, and inventory gains of SEK 3 M (2), the underlying operating result amounted to SEK -51 M (22).