Company WATCH
Ahlstrom Corp, Finland
Andritz Group, Austria
Key Figures (E million) Second quarter ended 30.6 2014 2013
Net Sales Of Which: Advanced Filtration Transportation Filtration
253.0
265.0
26.2 82.9
26.2 81.0
Cost of Goods Sold
207.8
222.3
45.2
42.7
9.6
6.4
Profit/(Loss) before Taxes
(0.4)
(3.5)
Net Profit/(Loss) from Continuing Operations
(2.2) (4.9)
Gross Profit Operating Profit/(Loss)
Six months ended 30.6 2014 2013
Net Sales Of Which: Advanced Filtration Transportation Filtration
502.2
520.3
50.7 160.8
50.5 155.6
Cost of Goods Sold
438.4
438.4
Key Figures (E million) Second quarter ended 30.6 2014 2013
Order Intake Of Which: Separation
1238.0
1237.7
Sales Of Which: Separation
1439.9 1446.3
166.4 176.1
138.1 149.9
EBITA
84.8 82.7
Earnings before Interest and Taxes
65.4
62.8
Net Income
46.0
42.8
Six months ended 30.6 2014 2013
Order Intake Of Which: Separation
2980.2
Sales Of Which: Separation
2659.4 2610.1
2526.0
310.4 322.2
262.4 278.1
Gross Profit
86.4
81.9
EBITA
133.4 96.9
Operating Profit/(Loss)
14.0
14.7
Earnings before Interest and Taxes
94.4
65.9
Profit/(Loss) before Taxes
4.8
0.1
Net Income
66.7
46.9
Net Profit/(Loss) from Continuing Operations
0.9 (3.0)
COMMENT COMMENT Ahlstrom has posted sales from continuing operations for the second quarter of fiscal 2014 of E253.0 million, down 4.5% on a year earlier. It recorded a net loss for the period of E2.2 million compared with a year earlier deficit of E4.9 million. Ahlstrom’s new president and CEO, Marco Levi, said while total sales were down on a year earlier comparable net sales grew 0.4% at constant currency rates and there was clear improvement in the profitability of four of the company’s business areas. “We have improved our profitability for three consecutive quarters, demonstrating our ability to enhance financial 88
Filtration Industry Analyst
performance,” Levi said. “In particular the Advanced Filtration, Food, and Transportation Filtration business areas increased their profit margins”. Levi said that the company’s ongoing rightsizing program was progressing as planned, with the benefits already visible in its operating results with clear reductions in selling, general and administrative costs, along with production overheads. “As we cannot rely solely on an economic recovery to boost our sales, we will strive to improve our operational efficiency and continue to launch appealing new products,” he added. n www.ahlstrom.com
Andritz has posted sales for the second quarter of fiscal 2013 of E1439.9 million, a decrease of 0.4% on the previous year. Sales in the Separation business area fell 7.9% to E138.1 million. Order intake for the period edged up fractionally on the 2013 period to reach E1238.0 million, although it was down 5.5% in the Separation segment at E166.4 million. Net profit for the quarter rose 7.5% to E46.0 million. Results for the corresponding six-month period were stronger, reflecting a full period contribution from the Schuler Group acquired in March 2013, although the Separation segment again struggled in comparison to the year earlier. Overall sales for the six months rose 1.9% to E2659.4
million, but fell 5.6% to E262.4 million in the Separation segment. Order intake for the group was up 18.0% for the Group at E2980.2 million, but 3.7% lower at _262.4 million in the Separation business unit. “Given the overall economic situation and the competitive environment, order intake and sales of the Andritz Group saw solid development,” the company’s president and CEO, Wolfgang Leitner, said. “We achieved a significant improvement in earnings compared to the previous year’s reference period, although further improvements are necessary to reach our target figures. We expect unchanged project activity in the markets we serve for the second half of the year.” n www.andritz.com
October 2014