Reported EBIT of SEK 58m was below our estimate of SEK 132m. The deviation from our estimate seems to be driven by lower realised prices, significantly higher energy costs and lower deliveries. EBIT declined q-o-q and margins declined from 18% in Q3 to 10% in Q4. Rottneros has curtailed production in the quarter (7kt) due to high energy prices, which negatively impacted the results. EPS was SEK 0.32m. Dividend is SEK 0.6 per share, of which 0.4 is ordinary. Full year 2021 EBIT was SEK 267m vs. cons at SEK 374m (ABGSCe at SEK 341m). We expect negative estimate changes from consensus.
Q4 EBIT bridge y-o-y
Q4’20 EBIT was SEK -95m. The positive effects y-o-y were SEK 163m from higher pulp prices/currency and SEK 14m higher volumes. The negative effects were SEK -14m from higher variable costs and SEK -11m from higher fixed costs. The results improved significantly y-o-y primarily driven by higher prices for pulp.
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