STOCKHOLM, Sweden, Jan. 24, 2002 (PRIMEZONE) -- Esselte:
-- Operating income excluding items affecting comparability SEK 442
million (455).
-- Weakened sales compensated by increased gross margin 28.3% (27.5%)
by more balanced pricing and supply chain improvements
-- Cash flow from operations improved to SEK 1,141 million (744) for
the full year, making it possible to reduce debt.
-- Inventories reduced by approx. SEK 600 million. The program
continues.
-- Restructuring costs of SEK 196 million related to computer
accessories (Curtis) charged in quarter two
-- Gain on sale of Tarifold of SEK 94 million realised in quarter
four
"We are continuing our journey towards capturing our financial potential, managing both the opportunities and the risks. Esselte continues to gain operational strength, manifesting itself in a very strong cash flow for 2001," comments Anders Igel, President and CEO.
"Our focus for 2002 is improvement of our margins in Europe and further enhancement of the US and DYMO business. We are using the US operations as a benchmark for Europe and thereby utilizing our experiences from the successful improvements in the US. We will continue to streamline our supply chain in Europe by efficiency improvements and a further concentration to fewer plants."
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