AAK Interim Report, third quarter 2008

10/31/2008 3:00 AM EST

The Group CEO comments
”Business continues to develop positively in all areas. Operating result improved by SEK 100 million or 62 percent. During the third quarter, we have compensated for the rapidly increasing prices of energy and consumables that affected us during the second quarter,” says Group CEO Jerker Hartwall in his comments to the report.

Q 3 2008
Third quarter
• Net sales were up 40 percent, SEK 4,693 million (3,360).

• Operating profit, excluding non-recurring items and IAS 39 was up 62 percent, SEK 261 million (161), of which insurance compensation received of SEK 47 million has been recognised as income during the third quarter related to the incident in Aarhus, Denmark.

• Including negative IAS 39 effects of SEK 545 million (positive 63), operating profit amounted to SEK -284 million (224).

• Earnings per share including IAS 39 effect was negative 6.03 (positive SEK 2.85)


Nine months
• Net sales were up 34 percent, SEK 12,443 million (9,296).

• Operating profit, excluding non-recurring items and IAS 39 was up 35 percent to SEK 639 million (475), of which insurance compensation received of SEK 263 million related to the incident in Aarhus, Denmark has been recognised as income during the first nine months. In addition, during the first quarter SEK 47 million was recognised as income in relation to December 2007 insurance claim.

• Including IAS 39 effect of SEK -390 million (27) and non recurring income of SEK 47 milion, operating profit amounted to SEK 296 million (352).

• Earnings per share including IAS 39 effect was SEK 1.61 (3.64).