KRISTIANSTAD, Sweden--(BUSINESS WIRE)--Regulatory News:
Bong AB (STO:BONG):
“The merger with Hamelin’s envelope business is progressing according to plan,” says Bong’s President and CEO Anders Davidsson. “The energy level is high in the entire company and the first synergistic effects are beginning to appear. We are now dedicating our efforts to continuing to grow together with our customers.”
October- December 2010
• Net sales of 939 MSEK (513) +83%
• ProPac sales of 157 MSEK (83) +89%
• Estimated synergies from the Hamelin merger 90-100 MSEK after two years (10 MSEK higher than earlier estimate)
• Operating profit -106 MSEK (31), including costs related to the merger with Hamelin’s envelope division and other non-recurring items for a total of -136 MSEK
• Cash flow after investments of 42 MSEK (51), before cash purchase and transaction costs associated with the Hamelin merger of 302 MSEK
• Profit after tax of -86 MSEK (17)
• Earnings per share of -4.92 (1.29) January-December 2010
• Merger with Hamelin’s envelope division completed (consolidated as of October 2010)
• Net sales 2,326 MSEK (1,915) +21%
• ProPac sales of 390 MSEK (247) +58%
• Operating profit -91 MSEK (65), including costs related to the merger with Hamelin’s envelope division and other non-recurring items for a total of -157 MSEK
• Cash flow after investments of 25 MSEK (169), before cash purchase and transaction costs associated with the Hamelin merger of 302 MSEK
• Profit after tax of -97 MSEK (24)
• Earnings per share of -6.97 (1.65)
Bong is the leading provider of specialised packaging and envelope products in Europe, offering solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are the ProPac packaging concept and Russia. After the merger with Hamelin’s envelope division the Group has annual sales of approximately 3.5 billion SEK and some 2,500 employees in 15 countries. Bong has a strong market position, particularly in Northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company and its shares are quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).
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