STOCKHOLM, Sweden, February 13, 2002 (PRIMEZONE) - AvestaPolarit:
-- Stainless steel markets weakened considerably in 2001.
The trading environment was extremely difficult and average
stainless steel transaction prices and conversion margins were
20% below last year's levels. Against this background, the fin-
ancial result for 2001 can be considered satisfactory.
-- Both net sales and operating profit for the financial year were
significantly down compared to 2000, as a result of lower prices
and reduced deliveries. Net sales for 2001 amounted to
EUR 2,977 million (EUR 3,592 million), operating profit to EUR
141 million (EUR 479 million) and profit before extraordinary
items to EUR 131 million (EUR 460 million).
-- The integration process following the combination of Avesta
Sheffield and Outokumpu Steel has proceeded well.
-- The Board of Directors recommends to the Annual General meeting
that a dividend of EUR 0.08 per share be paid out for 2001.
Fourth quarter still difficult
-- Net sales for October to December increased by 8% from the third
quarter and totaled EUR 679 million (EUR 875 million). Fourth
quarter profitability improved from the third quarter, but was
down compared to the corresponding period of the previous year as
a result of lower prices and a decline in deliveries. The
operating profit for October to December amounted to
EUR 23 million (EUR 54 million).
-- AvestaPolarit expects to see an improvement in its
profitability for the first quarter of 2002 compared to the last
quarter of 2001.
Key figures Pro forma
Oct-Dec Oct-Dec Jan-Dec Jan-Dec
EUR million 2001 2000 2001 2000
Net sales 679 875 2,977 3,592
Operating profit 23 54 141 479
Profit before extraordinary 21 52 131 460
items
Profit for the financial 29 30 112 342
period
Earnings per share, EUR 0.08 0.09 0.32 0.98
Return on capital employed, % 4.5 11.1 7.0 25.7
Net interest-bearing debt at 482 269 482 269
period end
Debt-to-equity ratio 39.7 22.8 39.7 22.8
(gearing), %
All text comments on 2000 figures and 2001 full year figures relate to pro forma figures.
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www.waymaker.net/bitonline/2002/02/13/20020213BIT01060/bit0001.pdf