Interim Report January – March 2016
- Sales increased by 6 percent to 3,557 MSEK (3,368) for the first quarter. In local currencies, sales increased by 7 percent.
- Operating profit from product areas1) increased by 8 percent to 939 MSEK (866) for the first quarter. In local currencies, operating profit from product areas1) increased by 10 percent.
- Growth of sales and operating profit from product areas1) was positively affected by lower trade destocking in Scandinavia in 2016 than in 2015.
- Operating profit2) amounted to 1,711 MSEK (1,014) for the first quarter, including larger one-time items of 704 MSEK relating to the capital gains of the previously announced partial divestment of STG and the divestment of distribution center real estate.
- Earnings per share amounted to 7.44 SEK (3.68) for the first quarter. Adjusted earnings per share increased by 9 percent to 3.71 SEK (3.40)3).
- As previously announced, STG was listed on Nasdaq Copenhagen during the first quarter and in connection with the listing, Swedish Match reduced its ownership in STG from 49 percent to 31.1 percent.
1) Operating profit for Swedish Match product areas, which excludes larger one-time items and share of net profit in STG.
2) Operating profit for the Group includes larger one-time items and share of net profit in STG. Swedish Match’s share of net profit in STG is reported with a one quarter lag. For the first quarter 2016, Swedish Match’s reported share of STG’s net profit represents 31.1 percent of STG’s fourth quarter 2015 net profit.
3) Adjusted for Swedish Match’s larger one-time items in 2016 and the adjustment of share of profit in STG for the reassessment of useful lives of certain assets (primarily trademarks) in the first quarter 2015.
For the full report: http://www.swedishmatch.com/investors/
Swedish Match telephone conference
A telephone conference will be held today, Wednesday, May 4 at 11:30 a.m. (CET), (10:30 a.m. UK time). At this time we will review and comment on the results. Participants will include Lars Dahlgren, Marlene Forsell, and Emmett Harrison.
Listen to the telephone conference live at: http://www.swedishmatch.com/investors/
Replay will be available for 30 days at the link above as well as on telephone number:
UK replay number: +44 20 7031 4064, access code: 957775
US replay number: +1 888 365 0240, access code: 957775
Swedish replay number: +46 8 505 203 33, access code: 957775
Lars Dahlgren, President and Chief Executive Officer
Office +46 8 658 0441
Marlene Forsell, Senior Vice President and Chief Financial Officer
Office +46 8 658 0489
Emmett Harrison, Senior Vice President Investor Relations and Corporate Sustainability
Office +46 8 658 0173
Richard Flaherty, President US Division, US Investor Relations contact
Office +1 804 787 5130