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Nederman Holding AB, Sweden
COMPANY WATCH
Lydall Inc, USA
Nederman Holding AB, Sweden
Key Figures (US$ million) Fourth quarter ended 31.12 2011
Key Figures (SEK million) Fourth quarter ended 31.12 2011
2010
587.2
521.8
2010
Net Sales Of Which: Performance Materials
89.3
89.9
27.7
32.3
Cost of Sales
72.4
75.2
Gross Margin
16.9
14.6
Net Sales Cost of Goods Sold
351.8
314.0
Gross Profit
235.4
207.8
6.7
3.6
Operating Profit
59.8
17.6
Net Profit
45.3
10.3
2011
2010
R&D Expenses
Operating Income/(Loss) Of Which: Performance Materials
4.4
1.8
3.0
3.2
Net Income/(Loss)
2.7
(0.3) Net Sales
2000.9
1694.1
2011
2010
Cost of Goods Sold
1170.8
996.3
Net Sales Of Which: Performance Materials
383.6
316.1
Gross Profit
830.1
697.8
134.1
123.1
25.4
19.7
Cost of Sales
316.1
252.3
140.5
51.3
Gross Margin
67.5
53.9
86.8
21.1
Operating Income/(Loss) Of Which: Performance Materials
16.2
3.5
18.2
17.2
Net Income/(Loss)
13.8
2.6
Year ended 31.12
COMMENT Lydall has recorded fourth quarter net sales for fiscal 2011 of US$89.3 million, down 0.7% on the year earlier. Net income, however, reached US$2.7 million compared with a US$0.3 million loss in the 2010 comparator. In the company’s Performance Materials segment, home to its filtration activities, net sales were 14.2% lower than their 2010 equivalent at US$27.7 million, while its operating income dipped 6.3% to US$3.0 million. Dale Barnhart, Lydall’s president and CEO, said the downturn for the segment reflected a general levelling off of demand, following peak sales in the first half of the year. “We expect that Performance 10
Filtration Industry Analyst
Materials revenue will continue at this fourth quarter 2011 level in the first quarter of 2012, but improve beginning in the second quarter,” he added. For the corresponding full year, Lydall’s overall net sales were up 21.4% year-on-year to US$383.6 million, while net income was up 431% at US$13.8 million. The Performance Materials division saw its sales climb 8.9% on the 2010 figure to US$134.1 million, while its operating income was up 5.8% at US$18.2 million. “We have reported record net sales in 2011, and the highest operating income from continuing operations since 2007,” Barnhart said. ■ www.lydall.com
Year ended 31.12
R&D Expenses Operating Profit Net Profit
COMMENT Nederman has posted net sales for the fourth quarter of fiscal 2011 of SEK587.2million, up 12.5% on the year earlier. Adjusted for currency effects and the impact of acquisitions and disposals, including Dantherm Filtration, the company said the increase was equivalent to 20.6%. Notable orders for the quarter included a system for handling metal chips and recycling cutting fluids in the metal fabrication industry in Sweden and a number of contracts for filter equipment from crematoriums in the UK. The operating profit for the period was up substantially on the year earlier, rising 239.8% to SEK59.8 million, although excluding acquisition and restructuring costs the increase was 52.9%. Consequently, net profit was also much stronger, up 339.8% to SEK45.3 million. “Progress in quarter four was satisfactory with good growth
for both orders received and invoicing,” Sven Kristensson, Nederman’s CEO, said. “The operating margin was 10.2% at the end of the quarter, which shows that the expected synergies are working as planned.” Results for the corresponding full year were similar with revenues up 18.1% to SEK2.0 billion, while net profit surged 311.4% to SEK86.8 million. Kristensson added that early in the first quarter of fiscal 2012 Nederman had concluded the acquisition of Lebon & Gimbrair in the Netherlands and had also acquired a business in Turkey. “Both of these acquisitions take place in important markets and are in line with our strategies to develop our position in the value chain and to expand geographically,” he said. ■ www.nederman.com
March 2012
Lydall Inc, USA
Nederman Holding AB, Sweden
Key Figures (US$ million) Fourth quarter ended 31.12 2011
Key Figures (SEK million) Fourth quarter ended 31.12 2011
2010
587.2
521.8
2010
Net Sales Of Which: Performance Materials
89.3
89.9
27.7
32.3
Cost of Sales
72.4
75.2
Gross Margin
16.9
14.6
Net Sales Cost of Goods Sold
351.8
314.0
Gross Profit
235.4
207.8
6.7
3.6
Operating Profit
59.8
17.6
Net Profit
45.3
10.3
2011
2010
R&D Expenses
Operating Income/(Loss) Of Which: Performance Materials
4.4
1.8
3.0
3.2
Net Income/(Loss)
2.7
(0.3) Net Sales
2000.9
1694.1
2011
2010
Cost of Goods Sold
1170.8
996.3
Net Sales Of Which: Performance Materials
383.6
316.1
Gross Profit
830.1
697.8
134.1
123.1
25.4
19.7
Cost of Sales
316.1
252.3
140.5
51.3
Gross Margin
67.5
53.9
86.8
21.1
Operating Income/(Loss) Of Which: Performance Materials
16.2
3.5
18.2
17.2
Net Income/(Loss)
13.8
2.6
Year ended 31.12
COMMENT Lydall has recorded fourth quarter net sales for fiscal 2011 of US$89.3 million, down 0.7% on the year earlier. Net income, however, reached US$2.7 million compared with a US$0.3 million loss in the 2010 comparator. In the company’s Performance Materials segment, home to its filtration activities, net sales were 14.2% lower than their 2010 equivalent at US$27.7 million, while its operating income dipped 6.3% to US$3.0 million. Dale Barnhart, Lydall’s president and CEO, said the downturn for the segment reflected a general levelling off of demand, following peak sales in the first half of the year. “We expect that Performance 10
Filtration Industry Analyst
Materials revenue will continue at this fourth quarter 2011 level in the first quarter of 2012, but improve beginning in the second quarter,” he added. For the corresponding full year, Lydall’s overall net sales were up 21.4% year-on-year to US$383.6 million, while net income was up 431% at US$13.8 million. The Performance Materials division saw its sales climb 8.9% on the 2010 figure to US$134.1 million, while its operating income was up 5.8% at US$18.2 million. “We have reported record net sales in 2011, and the highest operating income from continuing operations since 2007,” Barnhart said. ■ www.lydall.com
Year ended 31.12
R&D Expenses Operating Profit Net Profit
COMMENT Nederman has posted net sales for the fourth quarter of fiscal 2011 of SEK587.2million, up 12.5% on the year earlier. Adjusted for currency effects and the impact of acquisitions and disposals, including Dantherm Filtration, the company said the increase was equivalent to 20.6%. Notable orders for the quarter included a system for handling metal chips and recycling cutting fluids in the metal fabrication industry in Sweden and a number of contracts for filter equipment from crematoriums in the UK. The operating profit for the period was up substantially on the year earlier, rising 239.8% to SEK59.8 million, although excluding acquisition and restructuring costs the increase was 52.9%. Consequently, net profit was also much stronger, up 339.8% to SEK45.3 million. “Progress in quarter four was satisfactory with good growth
for both orders received and invoicing,” Sven Kristensson, Nederman’s CEO, said. “The operating margin was 10.2% at the end of the quarter, which shows that the expected synergies are working as planned.” Results for the corresponding full year were similar with revenues up 18.1% to SEK2.0 billion, while net profit surged 311.4% to SEK86.8 million. Kristensson added that early in the first quarter of fiscal 2012 Nederman had concluded the acquisition of Lebon & Gimbrair in the Netherlands and had also acquired a business in Turkey. “Both of these acquisitions take place in important markets and are in line with our strategies to develop our position in the value chain and to expand geographically,” he said. ■ www.nederman.com
March 2012