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Period-end comment from Setra for Q2 2022

Wood products company Setra has reported an operating profit of SEK 564 million (442) for the second quarter of 2022. Net sales totalled SEK 1,792 million (1,529).

“Delivery volumes and prices remained at a good level during the second quarter. The effects of the Russian sanctions only had a limited impact on the supply of wood products in Q2, although the effects are likely to be more pronounced in Q3. Uncertainty about the direction of the economy is creating a cautious market as we move towards the autumn,” says Katarina Levin, Setra’s CEO.

The outlook for Setra’s long-term development, and the future for wood more generally, remains positive, but there is some uncertainty in the short term, with the security situation in Europe, the global economy post-pandemic and Russia’s invasion of Ukraine affecting the global wood products market, driving up costs and causing turbulence in the logistics industry.

Setra will be the first business in Sweden to offer new moisture protection for frames made from cross-laminated timber. The protection is applied directly in the production facility and simplifies the construction process. It consists of an advanced membrane that allows the wooden frame to breathe and releases moisture in the vapor phase, while at the same time protecting against the penetration of water and dirt. The protection is applied to surfaces such as floor structures and end-grain wood when the frames are being manufactured in Setra’s cross-laminated timber production facility.

In May, Setra decide to invest in its own pellet production plant at its site in Långshyttan. This strategic drive to increase the value of the company’s bioproducts will also reduce the amount of transport and carbon emissions.

Cash flow from operating activities in the first quarter amounted to SEK 609 million (523). The positive cash flow is due to the operating profit. Net cash totalled SEK 1,456 million (762) at the end of the period. In May, Setra distributed SEK 629 million to the company's owners.

Key figures* Apr–Jun (3 months) Jan–Jun (6 months)
2022 2021 2022 2021
Net sales, SEKm 1,792 1,529 3,626 2,713
Operating profit/loss, SEKm 564 442 1,044 619
Profit/loss after tax, SEKm 446 348 824 485
Operating margin, % 31.5 28.9 28.8 22.8
Return on operating capital, %, RTM 99 39
Cash flow from operating activities, SEKm 609 523 617 438

* Setra does not publish a complete period-end report.

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