NWT showed solid sales but cash flow lags
Sales were SEK 43.5m (11% vs. ABGSCe 39.2m), up 33.2% y-o-y. Nonwoven & fiber technologies (NWT), saw strong sales of SEK 17.5m, well above our expectations, driven by volume increases among existing customers and new orders. Despite the positive EBIT (SEK 0.1m vs. ABGSCe -3.8m), cash flow still lags earnings. OCF was SEK -15.2m, mainly driven by a build up of NWC to meet the demand for its NWT binders. We expect some NWC release the coming quarters, which should support the OCF.
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