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Telephone conference February 16 th 2012 PowerPoint Presentation
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Telephone conference February 16 th 2012 - PowerPoint PPT Presentation

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Telephone conference February 16 th 2012
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  1. Telephone conference February 16th 2012

  2. CEO commentto the full-yearreport • ”The integration process following the Hamelinmerger and effortstorealisesynergieshave progressed as planned. Cash Flowwas robust and keysavingsmeasureswillsuccessivelyreducecosts in the company in 2012. However, economicuncertainty in Europe, higherraw material prices and toughcompetitionhaveputpressure on ourmargins. Wearerunningseveralefficiencyprojectstosecurehighermargins, long-term competitiveness and profitability.”

  3. Bong’s markets in Q4 • Several restructuring measures within the industry in France and Spain • DeVroede, the largest overprinter in Benelux, insolvent and taken over by Mayer • West European envelope volumes year to date down 4% according to FEPE, Q3 -6%, Q4 -9%. Related to economic slowdown • Uncertainty within the retail sector hampered gift bag growth in Q4 • Continued growth in packaging for E-trading

  4. Bong sales development 2011SEK million

  5. Operating Profit (EBIT) by quarterSEK million 31 28 26 25 20 17 16 15 13 13 13 11 10 8 -9 -17 -106 Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11

  6. Rolling 12 month EBITSEK million

  7. Cash Flow by quarter SEK million 87 67 58 51 51 41 39 37 30 18 16 13 3 2 -9 -32 -260 -260 Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11

  8. Cash flow breakdownSEK million

  9. Net loandebtSEK million 1062 1026 1026 947 598 582

  10. Current financial targets (2009-2011) No new FinancialTargets havebeen set yet

  11. Merger synergies follow-up • Strongerplattform togrowourenvelope business • Drive growth in ProPac • Achieved • Foundation in place Accelerated Growth • Less intercompany transactions/freightetc • More benchmarking and knowledgesharing • Betterpurchasing • In progress • In progress • Achieved Higher Cost Efficiency • Achieved • In progess • Achieved Improved Cash Flow • Betterpayment terms • Lowerinventorylevels • Saleofidle assets

  12. Restructuring programme update • Project completed September 2011 • 60 people • Yearly savings 40 MSEK • First impact Q4-2011 • Costs reserved 2010 Belgium Scandinavia • Adapting to lower demand in Sweden, Denmark, and Norway • Approx. 55 people • 23 MSEK one-time cost charged to P&L in Q4-2011 • Efficiency improvement project • Approx. 30 people • Yearly savings 5-10 MSEK • Costs already taken in P&L UK In total, around 235 employeeshaveleft the companysince the merger

  13. Bong sales in Russia SEK Million 73 66 66 53 49 • Key events 2011 • Building extension • Additionalmachines • Increased end-user focus; salesoffice in Moscow

  14. ProPac update • New organisational set up in place – separate business unit • Air bubble bags and padded bags showing good growth • Retail gift bags and European gift wrapping concept growing in spite of slow down in the retail sector • Starting up machinery for e-business fulfilment initiative - Angus & Wright acquisition • Additional converting and printing capacity for Retail gift bags installed in Nybro • Innovation work with Tyvek® and other security products ongoing

  15. Board of directors dividend proposal Bong´s priority at present is to reduce its debt in light of the economic uncertainty in Europe and the weak earnings in 2011. In line with this the Board of Directors is proposing that no dividend be paid for 2011. A dividend of SEK 1 per share was paid for 2010.