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Press release; Feb 9, 2000

Report on Operations 1999

  • Sales increased 15 percent to MSEK 9,420
  • Operating income, before items affecting comparability, increased 13 percent to MSEK 1,689 (1,489)
  • Operating income, including capital gain of MSEK 4,102 and a provision for restructuring of Matches of MSEK 395, rose to MSEK 5,396 (1,381)
  • Strong sales and earnings improvement for Cigars, Snuff and Pipe Tobacco
  • Revised business strategy: Cigarettes divested and clear focus on Smokeless Tobacco (snuff, chewing tobacco) and Brown Tobacco (cigars, pipe tobacco)
  • The Board proposes an increased dividend to SEK 1.25 (1.10)
  • The Board proposes a share redemption program of approximately MSEK 1,000 and the launch of a long term share repurchase program

Summary of Consolidated Income Statement

  October – December   Full year
MSEK 1999 1998   1999 1998
           
Sales 2,562 2,157   9,420 8,194
           
Operating income before divested business 398 283   1,434 1,051
Divested business - 113   255 438
Income before items affecting comparability 398 396   1,689 1,489
Items affecting comparability -395 -60   3,707 -108
Operating income 3 336   5,396 1,381
           
Net profit for the period -186 148   4,656 726

After thoroughly reviewing the Group’s strategic orientation and the value of different product areas, actions were taken in 1999 to put a sharper focus on, and increased investments in, product areas where prospects for growth and profitability are viewed to be best.

The Group is clearly focused on smokeless tobacco, (snuff and chewing tobacco), and brown tobacco (cigars and pipe tobacco). In the smokeless tobacco area, Swedish Match has market leadership positions. In the cigar industry, which has changed considerably over the past year, Swedish Match has consolidated its number two position in the world.

In line with the new strategic orientation, the Group has been restructured.

  • The cigarette business was sold for MSEK 4,800, resulting in a capital gain of MSEK 4,102.
  • Cigar operations in both the mass-market and premium segments have been acquired in the United States, with annual sales of MSEK 850.
  • The snuff and pipe-tobacco company Leonard Dingler in South Africa, with annual sales of MSEK 360, was acquired.
  • Following the close of the report period, an agreement was signed to acquire 64 percent of the shares of General Cigar Holdings (premium cigars), with annual sales of MSEK 1,200.

The Group balance sheet has been strengthened substantially during the year.

The equity/assets ratio has increased to 37 percent. Cash and short term investments exceed interest bearing liabilities with MSEK 1,267, thus the Group has substantial freedom of action with the financial capacity to make both additional acquisitions and redeem or repurchase shares.

Sales for the year increased by 15 percent, to MSEK 9,420 (8,194), of which acquisitions accounted for 9 percent. In the fourth quarter, sales increased to MSEK 2,562 (2,157), an increase of 19 percent.

Operating income continued to improve in focus product areas, including Snuff (+29%), Cigars (+76%) and Pipe Tobacco (+187%). Improvements for snuff come from continued growth in both the Nordic market and the US, while Cigar and Pipe Tobacco growth comes primarily through 1999 acquisitions. Other product areas, including Chewing Tobacco, Lighters and Matches, showed declines, primarily due to market conditions.

Operating income for the year, before items affecting comparability, increased to MSEK 1,689 (1,489), or 13 percent.

For the fourth quarter, operating income before items affecting comparability amounted to MSEK 398 (396).


Sales by product area

  October – December Change Full year Full year Change
MSEK 1999 1998 % 1999 1998 %
             
Chewing Tobacco 259 256 1 1,068 1,068 0
Cigars 437 260 68 1,438 902 59
Lighters 154 178 -13 662 735 -10
Matches 418 433 -3 1,673 1,573 6
Pipe Tobacco & Accessories 212 58 266 420 218 93
Snuff 480 366 31 1,688 1,337 26
Other operations 602 229 - 1,742 893 -
Subtotal 2,562 1,780 44 8,691 6,726 29
Divested business - 377   729 1,468 -
Total 2,562 2,157 19 9,420 8,194 15

 

Operating income by product area

  October – December Change Full year Full year Change
MSEK 1999 1998 % 1999 1998 %
             
Chewing Tobacco 73 78 -6 297 331 -10
Cigars 55 22 150 206 117 76
Lighters 12 4 200 14 18 -22
Matches 14 41 -66 107 134 -20
Pipe Tobacco & Accessories 59 9 556 109 38 187
Snuff 221 158 40 828 641 29
Other operations -36 -29 - -127 -228 -
Subtotal 398 283 41 1,434 1,051 36
Divested business - 113 - 255 438 -
Items affecting comparability -395 -60 - 3,707 -108 -
Total 3 336   5,396 1,381  

 

Chewing Tobacco
Chewing tobacco is a longtime tradition in North America, and particularly the US. In terms of market share, Swedish Match ranks number one in the US chewing tobacco market, and has the number one selling brand, Red Man. The chewing tobacco category has declined an average of 4 percent per year over the past three years. During 1999 Swedish Match increased its share of the market through a number of marketing and promotional activities.

Sales for the year amounted to MSEK 1,068 (1,068). Stated in local currency, sales declined somewhat. Sales in the fourth quarter were MSEK 259 (256). Operating income for the year fell by 10 percent, to MSEK 297 (331). Operating income in the fourth quarter declined to MSEK 73 (78).

Cigars
Swedish Match is one of the world’s largest manufacturers and distributors of cigars and cigarillos, and ranks second in terms of sales value in the world cigar market. The largest markets are Western Europe and the US. In 1999, sales amounted to MSEK 1,438 (902), an increase of 59 percent, with growth coming primarily from acquired businesses. Fourth quarter sales reached MSEK 437 (260).

Operating income in 1999 reached MSEK 206 (117), an increase of 76 percent due mainly to acquisitions. For the fourth quarter, operating income reached
MSEK 55(22).

In May 1999, Swedish Match acquired the mass market cigar business from General Cigar for MUSD 200. The acquired business includes a sales force, two production units, inventories and brand names. With this acquisition, Swedish Match obtained a US market share of 11 percent in value terms. During the fourth quarter the integration of the sales force into the existing Swedish Match structure was completed. In September, the Company acquired El Credito, which produces the La Gloria Cubana brand, giving the Company a strong branded presence in the premium cigar segment in the US.

Following the close of the report period Swedish Match signed an agreement to acquire a 64 percent interest in General Cigar Holdings, Inc. General Cigar produces the number one selling premium cigar in the United States, Macanudo, and several other strong premium brands.

Lighters
Swedish Match is the third largest manufacturer of disposable lighters in the world. The largest Swedish Match markets are Europe, parts of Asia, and the US. Sales for the year declined by 10 percent, to MSEK 662 (735) and declined by 13 percent during the fourth quarter, to MSEK 154 (178). Operating income in 1999 fell to MSEK 14 (18), but improved to MSEK 12 (4) in the fourth quarter.

In the third quarter of 1998 sales volumes declined substantially due to the economic downturn in Asia and East Europe. To bring production in line with demand, and to reduce fixed costs, the Lyon production facility was closed in July, 1999. This has improved capacity utilization in the remaining factories, and has contributed to the profit improvement in the second half of the year.

Matches
Swedish Match is the world’s leading producer of matches, and is the only global manufacturer. The Group’s main markets are in Europe, South America, and Asia. Swedish Match also produces machinery for match manufacturing. In 1999, sales increased by 6 percent, to MSEK 1,673 (1,573), with the increase coming primarily from the full year impact of 1998 acquisitions. Sales in the fourth quarter declined to MSEK 418 (433).

Operating income for the year was MSEK 107 (134), and for the fourth quarter was MSEK 14 (41).

In view of lower sales volumes in some markets, and low capacity utilization, a major restructuring program will be launched. The objective of this program is to lift the operating margin to 10 percent within three years. Restructuring charges of MSEK 395 were provided for in the fourth quarter. This restructuring charge is intended to cover the cost of reducing the installed production capacity, and to write down fixed assets in India.

Pipe Tobacco and Accessories
Swedish Match is one of the world’s largest producers of pipe tobacco. The principal markets are North America, Europe and South Africa. The South African market has been growing by 2-3 percent per year over the past several years. The purchase of Leonard Dingler in South Africa has created a platform for continued growth in that market and neighbouring countries. The business is included in the Swedish Match results from the fourth quarter.

Sales for 1999 amounted to MSEK 420 (218), an increase of 93 percent. Sales in the fourth quarter increased to MSEK 212 (58). Operating income rose to MSEK 109 (38) for the year and to MSEK 59 (9) in the fourth quarter.

Snuff
Swedish Match is the leading manufacturer of snuff in the Nordic market and South Africa, and one of the leading producers in the United States. The snuff category continues to grow in both volume and value in all of these markets.

Sales in 1999 increased 26 percent, to MSEK 1,688 (1,337). Overall Swedish Match volume increased by 16 percent, of which the Nordic market volume increased by 6 percent and US volume increased by 44 percent. In the United States, the Swedish Match market share was 6.6 percent at year-end, an improvement of 1.6 points over prior year, led by Timber Wolf, the number one brand in the growing value-priced segment. Sales in the fourth quarter increased to MSEK 480 (366).

Operating income for the year increased 29 percent, to MSEK 828 (641) and by 40 percent in the fourth quarter to MSEK 221 (158).

Other Operations
Other operations include among other things the distribution of tobacco products on the Swedish market as well as corporate overheads. For the year, net expenses for other operations were reduced to MSEK -127 (-228).

Items affecting comparability
As of July 1, 1999, the Company's cigarette business was sold for MSEK 4,800. After deduction of the net book value, the capital gain for Swedish Match amounted to MSEK 4,102. The transaction was completed on August 19, 1999. In the fourth quarter, a restructuring charge of MSEK 395 for the Match division was provided. The net amount of these two items, MSEK 3,707, has been reported in items affecting comparability.

Net financial expense
Net financial expense amounted to MSEK -116 (-183). Other financial items amounted to MSEK 15 (-41).

Taxes
Total tax for 1999 amounted to MSEK 638 (482) corresponding to 12.1 percent of income before taxes. The tax rate decreased due to the fact that the capital gain on the sale of the Cigarette operation was only nominally taxed. The rate increased since it was not deemed possible to claim the costs of the restructuring provision for the match division for tax purposes.

Investments
The Group's direct investments in tangible fixed assets amounted to MSEK 452 (393). Of this amount, MSEK 144 consisted of fixed assets in connection with acquisitions and the remaining MSEK 308 pertained to efficiency-improvement and capacity-increasing investments. In addition, MSEK 2,488 (213) was invested in long-term intangible assets during the period. These investments pertained mainly to brand names and goodwill related to acquisitions made during the year.

Total depreciation and amortisation charges amounted to MSEK 381 (332), of which depreciation on tangible assets amounted to MSEK 222 (248) and amortisation of intangibles amounted to MSEK 159 (84).

Investments in associated companies amounted to MSEK 50 during 1999.

Financing and liquidity
Cash and bank balances and current investments (liquid funds) less interest-bearing liabilities amounted to MSEK 1,267 at the end of the period. Liquid funds, which amounted to MSEK 7,296 (2,876) are primarily invested in short-term securities.

Tobacco tax
*In Sweden during the past year, the Company has paid tobacco taxes, plus value-added taxes on tobacco taxes, amounting to MSEK 9,016 (9,266).

Average number of Group employees
The average number of employees in the Group during the year was 11,797, compared with 10,314 in the 1998. The average number of employees in Sweden was 1,183, compared with 1,430 previous year.

Board of Directors’ dividend proposal

Profit per share was SEK 10.79 (1.59). The Board of Directors has decided to propose that the Annual General Meeting approve payment of a dividend of SEK 1.25 per share (1.10), or a total of MSEK 539 (474), to the shareholders.

Redemption of shares and share repurchase program
Considering the strong financial position of Swedish Match, and in line with Swedish Match shareholder friendly policy, the Board of Directors has decided to propose the redemption of Swedish Match shares to the Annual General Meeting in April. This is in addition to the ordinary dividend in fiscal year 1999. Through the redemption, capital which is no longer required in operations is transferred to the shareholders. The proposed redemption amount in the range of MSEK 1,000. This amount is expected to be paid prior to the end of July.

The Board of Directors of Swedish Match has decided to propose to the Annual General Meeting to give the Board of Directors authorization to decide on repurchase of Swedish Match shares. The authorization is proposed to be valid until the next Annual General Meeting with regard to the repurchase of up to 5 percent of the number of outstanding shares.

The execution of the repurchase of shares is conditional on the passage of pending legislation in the Swedish Parliament.

Additional information
The Annual General Meeting will be held in Stockholm on April 27, 2000. The 1999 Annual Report is expected to be released and distributed during the week beginning Monday, March 20, 2000. The interim report covering operations during the first three months of 2000 will be released April 27.

Stockholm, February 9, 2000
Board of Directors

Key data

  1999 1998
Operating margin, %* 17.9 18.2
Return on operating capital, %* 30.6 33.2
Return on shareholders´ equity, % 115.0 28.3
     
Net debt/equity ratio, % Positive 63.0
Equity/assets ratio, % 36.6 21.9
Investments in tangible assets, MSEK 452 393
EBITDA (before items affecting comparability) 2,070 1,821
EBITDA (after items affecting comparability) 5,777 1,713
Average number of employees 11,797 10,314
     
Share data    
Income per share after full tax    
Before items affecting comparability, SEK 2.31 1.96
After items affecting comparability, SEK 10.79 1.59
     
Shareholders´ equity per share, SEK 13.77 5.00
Number of shares outstanding at end of period 431 339 663 431 339 663
Income per share after full tax during the fourth quarter was -0.44 SEK (0.35)    

* Before items affecting comparability

Consolidated Income Statement in summary

  October – December Change Full year Full year Change
MSEK 1999 1998 % 1999 1998 %
Sales, including tobacco tax 4,403 4,041 9 16,953 15,915 7
Less tobacco tax -1,841 -1,884 -2 -7,533 -7,721 -2
Sales 2,562 2,157 19 9,420 8,194 15
Cost of goods sold -1,443 -1,048 38 -5,138 -4,096 25
Gross profit 1,119 1,109 1 4,282 4,098 4
             
Sales and administrations costs, etc. -748 -715 5 -2,636 -2,620 1
Shares in earnings of associated co. 27 2   43 11  
  398 396 1 1,689 1,489 13
Items affecting comparability -395 -60   3,707 -108  
Operating income 3 336   5,396 1,381  
             
Net interest expense -38 -26   -131 -82  
Other financial items, net -15 -6   15 -41  
Items affecting comparability         -60  
Net financial items -53 -32   -116 -183  
             
Income before taxes and minority interests -50 304   5,280 1,198  
Taxes -149 -158   -638 -482  
Minority interests 13 2   14 10  
Net profit for the period -186 148   4,656 726  


Consolidated Balance Sheet in summary

MSEK    
  Dec. 31, 1999 Dec. 31, 1998
Intangible fixed assets 3,268 895
Tangible fixed assets 1,866 2,239
Financial fixed assets 432 463
Current operating assets 3,808 4,089
Current investments 6,756 1,386
Cash and bank balances 540 1,490
Total assets 16,670 10,562
     
Shareholders´ equity 5,940 2,160
Minority interests 162 148
Provisions 1,195 1,165
Long-term loans 5,093 2,098
Other long-term liabilities 210 26
Short-term loans 936 2,233
Other current liabilities 3,134 2,732
Total shareholders´ equity, provisions and liabilities 16,670 10,562
Operating capital 6,352 4,700
Net debt -1,267 1,455

 

Consolidated Cash Flow Statement in summary

MSEK 1999 1998
     
Cash flow from operations 1,329 794
Investments    
Investments in property, plant and equipment -452 -393
Sales of property, plant and equipment 83 849
Sales of cigarette operations 4,798  
Investments in intangibles -2,488 -213
Investments in associated companies and acquisition of co. -51 -168
Changes in financial receivables etc. 115 7
Cash flow from investments 2,005 82
     
Financing    
Changes in loans 1,655 3,084
Dividend to shareholders -474 -510
Share redemption - -1,147
Cash flow from financing 1,181 1,427
     
Cash flow for the year 4,515 2,303
Liquid funds at January 1 2,876 563
Translation differences attributable to liquid funds -95 10
Liquid funds at the end of the period 7,296 2,876


Quarterly data

MSEK                
  Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99
Sales, including tobacco tax 3,741 3,978 4,155 4,041 3,838 4,167 4,545 4,403
Less tobacco tax -1,902 -2,003 -1,932 -1,884 -1,716 -1,849 -2,127 -1,841
Sales 1,839 1,975 2,223 2,157 2,122 2,318 2,418 2,562
Cost of goods sold -894 -992 -1,162 -1,048 -1,076 -1,206 -1,413 -1,443
Gross profit 945 983 1,061 1,109 1,046 1,112 1,005 1,119
                 
Sales and administrations costs, etc. -596 -640 -669 -715 -609 -670 -609 -748
Shares in earnings of associated co. 3 3 3 2 3 2 11 27
  352 346 395 396 440 444 407 398
Items affecting comparability - -48 - -60 - - 4,102 -395
Operating income 352 298 395 336 440 444 4,509 3
                 
Net interest expense -4 -13 -39 -26 -24 -45 -24 -38
Other financial items, net -7 -6 -22 -6 13 5 12 -15
Items affecting comparability - -60 - - - - - -
Net financial items -11 -79 -61 -32 -11 -40 -12 -53
                 
Income after financial items 341 219 334 304 429 404 4,497 -50
Income taxes -111 -95 -118 -158 -143 -145 -201 -149
Minority interests 0 2 6 2 4 -6 3 13
Net income for the period 230 126 222 148 290 253 4,299 -186

Sales by product area

MSEK                  
  Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99
Chewing Tobacco 281 267 265 280 256 261 278 270 259
Cigars 193 187 225 230 260 224 370 407 437
Lighters 187 196 184 177 178 165 173 170 154
Matches 350 324 343 473 433 448 401 406 418
Pipe Tobacco & Accessories 44 48 57 55 58 55 53 100 212
Snuff 293 295 330 346 366 376 402 430 480
Other operations 184 194 209 261 229 243 262 635 602
Subtotal 1,532 1,511 1,613 1,822 1,780 1,772 1,939 2,418 2,562
Divested business 353 328 362 401 377 350 379 - -
Total 1,885 1,839 1,975 2,223 2,157 2,122 2,318 2,418 2,562


Operating income by product area

MSEK                  
  Q4/97 Q1/98 Q2/98 Q3/98 Q4/98 Q1/99 Q2/99 Q3/99 Q4/99
Chewing Tobacco 100 86 94 73 78 75 71 78 73
Cigars 35 31 32 32 22 39 57 55 55
Lighters 14 14 3 -3 4 2 -8 8 12
Matches 38 30 35 28 41 29 34 30 14
Pipe Tobacco & Accessories 5 12 9 8 9 17 11 22 59
Snuff 152 149 152 182 158 193 178 236 221
Other operations -83 -62 -71 -66 -29 -42 -27 -22 -36
Subtotal 261 260 254 254 283 313 316 407 398
Divested business 124 92 92 141 113 127 128 - -
Items affecting comparability - - -48 - -60 - - 4 102 -395
Total 385 352 298 395 336 440 444 4 509 3

The Swedish Match share is listed on the Stockholm Stock Exchange (SWMA) and NASDAQ (SWMAY).

For further information please contact:

Lennart Sund? President & Chief Executive Officer Office +46 8 658 01 75
Sven Hindrikes, Executive Vice President & Chief Financial Officer Office +46 8 658 02 82
Bo Aulin, Senior Vice President, Corporate Affairs Office +46 8 658 03 64
Lin McKinnie, Vice President, Strategic and Financial Planning Office +46 8 658 02 99
Emmett B. Harrison, Vice President, Investor Relations Office +46 8 658 01 73


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Swedish Match AB
SE-118 85 Stockholm

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