Gunnebo AB announced consolidated and parent earnings results for the second quarter and six months ended June 2018. For the quarter, on consolidated basis, the company reported net sales of SEK 1,248 million against SEK 1,225 million a year ago. EBIT was SEK 52 million against SEK 81 million a year ago. Profit before taxes was SEK 40 million against SEK 65 million a year ago. Net profit for the period from continuing operations was SEK 20 million or SEK 0.25 per basic and diluted share against SEK 31 million or SEK 0.40 per basic and diluted share a year ago. Net loss attributable to shareholders of the parent company was SEK 605 million against net profit attributable to shareholders of the parent company of SEK 39 million a year ago. Net cash flow used in operating activities was SEK 28 million against SEK 45 million a year ago. Capital expenditure for intangibles, property, plant and equipment was SEK 37 million against SEK 31 million a year ago. Net debt was SEK 1,187 million against SEK 990 million a year ago. EBITDA was SEK 76 million against SEK 105 million a year ago. EBITA was SEK 66 million against SEK 98 million a year ago. Negative free cash flow was SEK 63 million against SEK 76 million a year ago.

For the six months, on consolidated basis, the company reported net sales of SEK 2,405 million against SEK 2,397 million a year ago. EBIT was SEK 110 million against SEK 145 million a year ago. Profit before taxes was SEK 85 million against SEK 117 million a year ago. Net profit for the period from continuing operations was SEK 42 million or SEK 0.56 per basic and diluted share against SEK 63 million or SEK 0.80 per diluted share a year ago. Net loss attributable to shareholders of the parent company was SEK 606 million against net profit attributable to shareholders of the parent company of SEK 67 million a year ago. Net cash flow from operating activities was SEK 32 million against net cash flow used in operating activities of SEK 23 million a year ago. Capital expenditure for intangibles, property, plant and equipment was SEK 72 million against SEK 60 million a year ago. EBITDA was SEK 157 million against SEK 192 million a year ago. EBITA was SEK 142 million against SEK 170 million a year ago. Negative free cash flow was SEK 24 million against SEK 82 million a year ago.

For the quarter, on parent basis, the company reported net revenue of SEK 57 million against SEK 58 million a year ago. LBIT was SEK 12 million against EBIT of SEK 11 million a year ago. Loss after financial items was SEK 9 million against profit after financial items of SEK 8 million a year ago. Loss before taxes was SEK 9 million against profit before taxes of SEK 8 million a year ago. Net loss for the period was SEK 10 million against SEK 16 million a year ago.

For the six months, on parent basis, the company reported net revenue of SEK 109 million against SEK 119 million a year ago. LBIT was SEK 3 million against EBIT of SEK 30 million a year ago. Loss after financial items was SEK 2 million against profit after financial items of SEK 24 million a year ago. Loss before taxes was SEK 2 million against profit before taxes of SEK 24 million a year ago. Net loss for the period was SEK 4 million against SEK 4 million a year ago.

For the year 2018, the company expects annual sales growth of 5%; EBITA of greater than 10%; Net Debt/EBITDA of less than 2.5.