Financial development

For cigars, Group sales for the full year 2008 were 3,657 MSEK (3,411), while operating profit was 689 MSEK (737). In local currencies, sales increased by 8 percent, primarily attributable to acquired businesses.

In the US, sales grew by 11 percent in local currency. The American market represents 62 percent of total Swedish Match cigar sales. Cigars International Inc. was acquired in September 2007 and provided a positive contribution to both the sales and operating profit. Excluding the sales from Cigars International Inc., US cigar sales were down in local currency.

Sales outside of the US grew by 6 percent in Swedish krona. Approximately 33 percent of Swedish Match cigar sales are in Europe. This includes the incremental sales from Bogaert, acquired in June 2007, which is especially strong in Benelux, France, and Germany. Excluding the sales from Bogaert, non-US sales decreased by 4 percent in local currency.

 

Cigars, key data

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Table data
MSEK200820072006
Sales3,6573,4113,407
Operating profit689737770
Operating margin, %192223
Investments in property, plant and equipment539990
Average operoperating capital*6,2425,2354,977
Average number of employees8,5258,7158,915

* Operating capital for 2006 has not been restated in accordance with the new definition of net debt and therefore includes net pension liabilities.

SWMA Mar 12, 2010 5:29 PM CET 163 SEK -0.6% Down

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Stockholm
Swedish Match Corporate Headquarters SE-118 85 Stockholm
Phone: +46 8 658 0200
Fax: +46 8 658 3522
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Page updated Mar 31, 2009