Q4 EBITDA was SEK 106m was vs. ABGSCe at SEK 113m, but still a good quarter. The wood protection and joinery segments were below ABGSCe due to lower prices and higher raw material costs. Reported EBIT was SEK 85m (ABGSCe SEK 93m). EPS of SEK 0.25 vs. ABGSCe at SEK 0.25 (positive tax effect). Dividend was SEK 0.30.
Wood protection and Joinery below
EBITDA margin was 13% vs. 22% in Q3 (lower prices and higher raw material costs). Sawn goods EBITDA was SEK 64m vs. ABGSCe at SEK 66m. Wood protection was below at SEK 37m vs. ABGSCe at SEK 41m. Raw materials costs increased significantly for the wood protection segment in Q4 and volumes were seasonally lower. Joinery was also below at SEK 9m driven by higher raw material costs. Other was above. Realised prices declined ~15% q-o-q for the sawmilling segment, while delivery volumes were up 38% (production stop in Q3). Net debt was SEK 223m vs. SEK 256m ending Q3.
Outlook: expects to compensate for higher costs
Bergs sees stable order intake and good for the season. They expect to compensate for higher raw material costs for their value-added wood products with higher sales prices and the performance of their sawmilling operations, which is positive.
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