Ahlstrom-Munksjö interim report January-September 2017: Strong organic sales growth

July-September 2017 compared with July-September 2016
• Net sales EUR 541.6 million (EUR 523.5 million), showing a gain of 3.5%. Comparable net sales increased by 5.7% at constant currency rates.
• Comparable EBITDA EUR 70.4 million (EUR 70.2 million), representing 13.0% (13.4%) of net sales
• EBITDA EUR 63.3 million (EUR 72.9 million) and included items affecting comparability (IAC) of EUR -7.0 million (EUR 2.7 million)
• Operating result EUR 31.7 million (EUR 38.7 million)
• Net result EUR 17.5 million (EUR 23.0 million)
• Earnings per share EUR 0.18 (EUR 0.24)
• Comparable EPS excluding merger related items (PPA) EUR 0.34 (EUR 0.24)
• Net cash flow from operating activities EUR 51.6 million (EUR 72.0 million)

January-September 2017 compared with January-September 2016
• Net sales EUR 1,685.5 million (EUR 1,620.4 million), showing a gain of 4.0%. Comparable net sales increased by 4.0% at constant currency rates.
• Comparable EBITDA EUR 227.2 million (EUR 207.3 million), representing 13.5% (12.8%) of net sales
• EBITDA* EUR 213.9 million (EUR 184.4 million) and IAC of EUR -13.4 million (EUR -22.9 million)
• Operating result* EUR 117.9 million (EUR 81.8 million)
• Net result* EUR 69.2 million (EUR 36.3 million)
• Earnings per share* EUR 0.71 (EUR 0.37)
• Comparable EPS excluding merger related items (PPA) EUR 0.98 (EUR 0.56)
• Net cash flow from operating activities EUR 135.7 million (EUR 156.5 million)

CEO comments, Jan Åström: “We achieved strong organic growth of over five percent in the quarter and were able to maintain our operational result despite the accelerated cost inflation in some of our key raw materials. Our performance was once again led by excellent results in the Filtration & Performance, and Industrial Solutions business areas. We will continue to work on our pricing to mitigate the cost pressure and address the challenges in the coated one-sided papers business.

The integration work following the merger is gaining momentum as we achieved an annual run rate of about EUR 17 million in synergy benefits by the end of the quarter. We are now fully comfortable that we can exceed the original target of EUR 35 million and estimate that annual synergy benefits of above EUR 40 million can be reached by the second quarter of 2019.

I truly believe this company is creating value for our customers and stakeholders over the long-term. We are dedicated to further develop our products and solutions to achieve an even stronger position in the market. By innovating and co-creating with our customers we can continuously expand the use of fibers in a sustainable way.”
more detail at:  https://www.ahlstrom-munksjo.com/Media/releases/stock-exchange-releases2/2017/ahlstrom-munksjo-interim-report-january-september-2017-strong-organic-sales-growth/

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