INTERIM REPORT JANUARY - SEPTEMBER 2015
THE BEST QUARTER EVER FOR AR PACKAGING
Quarter 3
- Net sales amounted to 146.8 MEUR (103.4).
- Operating profit excluding non-recurring items was 15.0 MEUR (8.0) with an operating margin of 10.2% (7.8%).
- Operating profit was 14.6 MEUR (7.4) and the operating margin was 10.0% (7.2%).
- Net profit was 9.5 MEUR (5.4).
- Earnings per share were 0.95 (0.54).
- Cash flow from operations was 13.3 MEUR (7.4).
January - September
- Net sales amounted to 372.0 MEUR (304.1).
- Operating profit excluding non-recurring items was 32.9 MEUR (20.1) with an operating margin of 8.9% (6.7%).
- Operating profit was 25.2 MEUR (18.4) and the operating margin was 6.8% (6.1%).
- Net profit was 15.2 MEUR (9.2).
- Earnings per share were 1.53 (0.92).
- Cash flow from operations was 41.9 MEUR (18.9).
CEO comments
For AR Packaging the third quarter of 2015 was the best ever. The actual EBITDA increased by almost 70% compared to the same period in 2014. The EBITDA margin for the third quarter increased to 13.5% compared to 11.3% in the same quarter of 2014. For the period January-September the EBITDA was 46.2 MEUR with an EBITDA margin of 12.4% (10.3%).
Total net sales in the third quarter for the Group increased with 42% to 146.8 MEUR (103.4) mainly attributable to the acquired business with a sales value of 42.5 MEUR. Sales for the period January-September of 372 MEUR is 22% above the same period last year, whereof 68.4 MEUR is coming from the acquisition included since May 1st.
Obviously AR Packaging is developing in the right way in line with our chosen strategy, taken cost measures and internal efficiency improvement activities. Both top priorities for this year, to integrate the MWV business and to stop downwards trend of top line, are on good way to be fulfilled.
We have currently a challenging market situation with tough price negotiations which put pressure on our margins. The packaging for the tobacco industry has uncertainty relating to impact from new regulations on EU level, where the final consequences are difficult to predict. Our business in Russia has had a good development so far this year and we can see a steady improvement in the result compared to last year. The acquired business from MeadWestvaco Corporation (MWV), which now has been a part of AR Packaging since May, has shown a very positive development.
Harald Schulz, CEO
Additional information is provided by:
Harald Schulz, President and CEO, +49 6192 406 100
Niclas Nyström, CFO, +46 40 661 56 64
For further information, see our website: www.ar-packaging.com
ÅR Packaging Group AB (publ)
Box 177
221 00 Lund, Sweden
Telephone: +46 46 287 33 00
Registration no: 556702-3006
HUG#1961024
