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Nederman Holding AB, Sweden
COMPANY WATCH
Nederman Holding AB, Sweden Key Figures (SEK million) Third quarter ended 30.9 2011
Pall Corp, USA
2010
Key Figures (US$ million) Fourth quarter ended 31.7 2011
2010
Net Sales
481.3
508.1
Net Sales
780.4
678.6
Cost of Goods Sold
281.4
316.3
Cost of Sales
402.9
340.5
Gross Profit
199.9
191.8
Gross Profit
377.5
338.1
6.7
6.2
24.8
20.1
Operating Profit
37.1
12.9
108.6
78.6
Net Profit
21.1
2.2
97.4
55.0
Nine months ended 30.9 2011
2010
2011
2010
1413.7
1172.3
Net Sales
2740.9
2401.9
Cost of Goods Sold
819.0
682.3
Cost of Sales
1368.4
1195.8
Gross Profit
594.7
490.0
Gross Profit
1372.5
1206.1
R&D Expenses
18.7
16.1
R&D Expenses
86.8
74.9
Operating Profit
80.7
33.7
Earnings before Income Taxes
419.5
327.7
Net Profit
41.5
10.8
Net Earnings
315.5
241.2
R&D Expenses
Net Sales
10
Filtration Industry Analyst
Earnings before Income Taxes Net Earnings Year ended 31.7
COMMENT
COMMENT Nederman has posted net sales for the third quarter of fiscal 2011 of SEK481.3 million, down 5.3% on the year earlier. Adjusted for acquisition, disposal and currency effects, however, the company said the result was essentially unchanged. Better news for the company was that net profit for the quarter soared nearly ten times compared with the fiscal 2010 comparator, reaching SEK21.2 million from the SEK2.2 million. For the corresponding ninemonth period, Nederman posted much stronger results with its net sales up 20.6% on a year earlier at SEK1413.7 million and it net profit jumping 384% to SEK41.5 million. “Following a good first six months in 2011, Nederman has shown continued strength with strong cash flow in the Group and continued good growth in our International segment,”
R&D Expenses
Sven Kristensson, Nederman’s CEO, said. “The debt crisis in Europe and associated uncertainties have resulted in greater caution, and decision making is taking longer. We have, despite these uncertainties, not seen any consistent signs of reduced willingness to invest to meet the investment requirements that have built up within European industry.” Kristensson added that the integration of Dantherm Filtration was successfully completed as a separate project during the quarter. Important orders during the quarter included a project for a filter system for extracting solvent fumes for a packaging company in its home market of Sweden and a complete package for filtering dust and hot gases at Komatsu’s new foundry in Changzhou, China. ■ www.nederman.com
Pall has posted fourth quarter revenues for fiscal 2011 of US$780.4 million, up 15.0% on the year earlier. Eric Krasnoff, Pall’s CEO and president when the results were announced, said the sales growth in the quarter was equivalent to 6% in local currencies, with growth in all markets. He added that while sales volume in both of the company’s segments had met expectations, profitability in Pall Industrial had not. In Pall’s Life Sciences segment sales were up 17.3% at US$393.4 million, while its operating profit increased 24.3% on the 2010 comparator to total US$91.7 million. In its Industrial division sales grew 12.8% to reach US$387.0 million, although its operating profit dipped 25.9% to US$51.9 million. Further good news for Pall during the quarter was that the US
tax authority, the Inland Revenue Service (IRS), completed its audit of the company’s activities between fiscal 1999 and 2005. “The quarter reflects the benefits of reversing approximately US$27 million of previously recorded tax-related liabilities,” Krasnoff said. “Moreover, this settlement substantially eliminates the uncertainty of penalties to which the company may be subject.” For the corresponding full year, sales were US$2.74 billion, a 14.1% increase on fiscal 2010. “Fiscal year 2011 sales increased 11% in local currencies in both Life Sciences and Industrial with solid contributions from all markets,” Krasnoff said. “BioPharmaceuticals led the growth in the year, with sales increasing almost 16%. Sales in Microelectronics grew over 14%, and Aeropower grew more than 11%,” he added. ■ www.pall.com
November 2011
Nederman Holding AB, Sweden Key Figures (SEK million) Third quarter ended 30.9 2011
Pall Corp, USA
2010
Key Figures (US$ million) Fourth quarter ended 31.7 2011
2010
Net Sales
481.3
508.1
Net Sales
780.4
678.6
Cost of Goods Sold
281.4
316.3
Cost of Sales
402.9
340.5
Gross Profit
199.9
191.8
Gross Profit
377.5
338.1
6.7
6.2
24.8
20.1
Operating Profit
37.1
12.9
108.6
78.6
Net Profit
21.1
2.2
97.4
55.0
Nine months ended 30.9 2011
2010
2011
2010
1413.7
1172.3
Net Sales
2740.9
2401.9
Cost of Goods Sold
819.0
682.3
Cost of Sales
1368.4
1195.8
Gross Profit
594.7
490.0
Gross Profit
1372.5
1206.1
R&D Expenses
18.7
16.1
R&D Expenses
86.8
74.9
Operating Profit
80.7
33.7
Earnings before Income Taxes
419.5
327.7
Net Profit
41.5
10.8
Net Earnings
315.5
241.2
R&D Expenses
Net Sales
10
Filtration Industry Analyst
Earnings before Income Taxes Net Earnings Year ended 31.7
COMMENT
COMMENT Nederman has posted net sales for the third quarter of fiscal 2011 of SEK481.3 million, down 5.3% on the year earlier. Adjusted for acquisition, disposal and currency effects, however, the company said the result was essentially unchanged. Better news for the company was that net profit for the quarter soared nearly ten times compared with the fiscal 2010 comparator, reaching SEK21.2 million from the SEK2.2 million. For the corresponding ninemonth period, Nederman posted much stronger results with its net sales up 20.6% on a year earlier at SEK1413.7 million and it net profit jumping 384% to SEK41.5 million. “Following a good first six months in 2011, Nederman has shown continued strength with strong cash flow in the Group and continued good growth in our International segment,”
R&D Expenses
Sven Kristensson, Nederman’s CEO, said. “The debt crisis in Europe and associated uncertainties have resulted in greater caution, and decision making is taking longer. We have, despite these uncertainties, not seen any consistent signs of reduced willingness to invest to meet the investment requirements that have built up within European industry.” Kristensson added that the integration of Dantherm Filtration was successfully completed as a separate project during the quarter. Important orders during the quarter included a project for a filter system for extracting solvent fumes for a packaging company in its home market of Sweden and a complete package for filtering dust and hot gases at Komatsu’s new foundry in Changzhou, China. ■ www.nederman.com
Pall has posted fourth quarter revenues for fiscal 2011 of US$780.4 million, up 15.0% on the year earlier. Eric Krasnoff, Pall’s CEO and president when the results were announced, said the sales growth in the quarter was equivalent to 6% in local currencies, with growth in all markets. He added that while sales volume in both of the company’s segments had met expectations, profitability in Pall Industrial had not. In Pall’s Life Sciences segment sales were up 17.3% at US$393.4 million, while its operating profit increased 24.3% on the 2010 comparator to total US$91.7 million. In its Industrial division sales grew 12.8% to reach US$387.0 million, although its operating profit dipped 25.9% to US$51.9 million. Further good news for Pall during the quarter was that the US
tax authority, the Inland Revenue Service (IRS), completed its audit of the company’s activities between fiscal 1999 and 2005. “The quarter reflects the benefits of reversing approximately US$27 million of previously recorded tax-related liabilities,” Krasnoff said. “Moreover, this settlement substantially eliminates the uncertainty of penalties to which the company may be subject.” For the corresponding full year, sales were US$2.74 billion, a 14.1% increase on fiscal 2010. “Fiscal year 2011 sales increased 11% in local currencies in both Life Sciences and Industrial with solid contributions from all markets,” Krasnoff said. “BioPharmaceuticals led the growth in the year, with sales increasing almost 16%. Sales in Microelectronics grew over 14%, and Aeropower grew more than 11%,” he added. ■ www.pall.com
November 2011