AHLSTROM CORPORATION: FINANCIAL STATEMENTS BULLETIN 2003: STRONG CASH FLOW DESPITE WEAKER PROFITABILITY
Comparable figures refer to the same period last year unless otherwise stated
Ahlstrom, a leader in high performance fiber-based materials, reports full-year earnings significantly lower than last year. Operating profit for 2003 was EUR 48.5 million (EUR 92.4 million). Profit before extraordinary items and taxes was EUR 33.7 million (EUR 67.9 million). Net sales amounted to EUR 1,556.4 million (EUR 1,778.0 million). Earnings per share were EUR 0.61 (EUR 1.42). Excluding non-recurring items of EUR -16.9 million, the operating profit for 2003 was EUR 65.4 million and earnings per share EUR 0.91.
2003 in brief
- Profitability weakened due to soft markets, non-recurring items related to restructuring measures and strengthening of the euro
- Strong cash flow as a result of working capital reduction and focused investments
- The largest division, FiberComposites maintained its returns despite a challenging business environment
Key figures
|
EUR million |
2003 |
2002 |
Q4/2003 |
Q4/2002 |
|
Net sales |
1,556.4 |
1,778.0 |
365.9 |
405.3 |
|
Operating profit / loss |
48.5 |
92.4 |
-11.0 |
21.8 |
|
Profit / loss before extraordinary items and taxes |
33.7 |
67.9 |
-14.5 |
18.8 |
|
Net profit / loss |
22.4 |
55.2 |
-4.6 |
23.8 |
|
Net cash flow from operations |
202.0 |
184.0 |
56.7 |
45.7 |
|
Gearing ratio (%) |
42.3 |
55.2 |
42.3 |
55.2 |
|
Return on capital employed (ROCE) (%) |
4.6 |
7.5 |
-4.4 |
7.9 |
|
Earnings per share (Euro) |
0.61 |
1.42 |
-0.14 |
0.53 |
Juha Rantanen, President & CEO, says:
"Although last year ended up being disappointing in terms of profitability, there are two things to be pleased with, namely a strong cash flow and the stable performance of both the FiberComposites and the LabelPack divisions. Within the Specialties division, we have initiated a number of improvement measures, which also caused us to book restructuring provisions and write-downs. The decline in profitability does not change our long term strategy to continuously focus on performance improvement and to seek suitable growth opportunities within nonwovens, filtration and release liners businesses."
Financial information in 2004
Ahlstrom Corporation will publish its Annual Report for 2003 and the internet version of the report in week 12 and Interim Report for Q1 on May 3, 2004.
Helsinki, February 12, 2004
Ahlstrom Corporation
Board of Directors
Ahlstrom Corporation will publish its Annual Report for 2003 and the internet version of the report in week 12 and Interim Report for Q1 on May 3, 2004.
Helsinki, February 12, 2004
Ahlstrom Corporation
Board of Directors
The full report with tables can be downloaded from the following link: