Fagerhult (FAG) Q4 2012 earnings summary

Executive summary

• FY 2012 orders rose 2% and net sales rose 2% on an adjusted basis; operating profit fell to MSEK 251.5 from MSEK 317.6.

• Q4 net sales were MSEK 771, down 3% excluding currency effects; operating profit declined to MSEK 58.1 from MSEK 86.5.

• Profit after tax was MSEK 159.1 and EPS SEK 12.61; proposed dividend remained SEK 6.50 per share.

Financial highlights

• FY net sales MSEK 3,085.1 vs 3,022.8; gross profit MSEK 977.5 vs 1,009.6.

• FY operating margin was 8.2% vs 10.5%; profit after financial items MSEK 213.9 vs 286.4.

• FY net profit was MSEK 159.1 vs 208.3; EPS SEK 12.61 vs 16.52.

• Q4 orders received were MSEK 737 vs 794, down 6% excluding currency effects; adjusted Q4 sales declined 3%.

Outlook and guidance

• Weaker Indoor and Outdoor Lighting markets were expected to persist in subsequent quarters; Retail Lighting was assessed as stable at its lower level.

• Product development, marketing and internationalization investments were set to continue despite more demanding market conditions.