· Sales increased by 31 per cent to SEK 705.1 m (539.5).
· Operating profit reduced by SEK 5.7 m of nonrecurring expenses, and amounted to
SEK 62.8 m (60.0).
· Profit after tax SEK 41.9 m (41.1).
· The acquisitions of Lauer and Brodersen reduced operating margin in the quarter.
· Earnings per share were SEK 6.35 (6.60).
· CEO Göran Sigfridsson has notified the Board of his intention to resign as CEO by the Annual General Meeting 2008.
· After the end of the reporting period, the Board appointed Fredrik Jönsson as CEO. He will take up his position at the AGM 2008.
COMMENTS FROMÂ GÖRAN SIGFRIDSSON, OURÂ CEO
"The group sustained its high growth in the third quarter, with the acquisitions of Brodersen of Denmark and Lauer of Germany being major contributors to the increase. I'm very satisfied with the integration of these companies into Beijer Electronics, which continues as planned. The acquisitions will reduce our profits and margins for the short term, but will make a progressive contribution to consolidated profit performance.
The Automation business area maintained high growth and better profits in the third quarter. Our focus on the Danish market means we have already achieved annualized sales of SEK 100 m, which is above estimates. With increased volume, we are improving our prospects of increasing profits and margins in Denmark in 2008.
The HMI Products business area increased sales by over 20 per cent in the third quarter, due largely to the acquisition of Lauer. Lauer's rationalization package has now been resolved, and is scheduled for completion in the fourth quarter. The expenses for this package were SEK 5.7 m, against the SEK 10 m reported earlier. This business area's organic growth has been lower than expected. The explanation lies partly in a weaker dollar, which also impacted profits negatively. Operating margins remain consistent with our overall objectives."