Period-end comment from Setra for Q1 2024

Wood products company Setra has reported an operating loss of SEK -95 million (-64) for the first quarter of 2024. Net sales totalled SEK 1,158 million (1,414).

“The sawmill industry remains in a difficult situation, with high timber prices and weak construction activity. Ongoing investments, combined with a cold and prolonged winter, have affected the production volume negatively. As a result of having a well-balanced market mix, Setra has no difficulty finding purchasers for what we produce and we expect to see increasing sales prices in the coming quarters” says Marcus Westdahl, CEO of Setra.

The installation of a new line for small-diameter logs in Skinnskatteberg is in its final stages and the first log was sawn there at the end of January. In parallel to that, the next step in Setra’s plant strategy has been launched, with the mill in Malå scheduled to have a new log intake, a new saw line, an upgraded trim saw and a new drying facility. The investment in Malå was decided in October 2022. 

Setra supplies the wooden frames for the first phase of Greenhouse Sthlm. This is Electrolux Group's new climate-smart neighbourhood, which houses its head office as well as homes, restaurants and shops.

In mid-March, Setra announced the inauguration of a new machining unit for cross-laminated timber. This will double the capacity of the CLT factory in Långshyttan. As society embraces the green transition, the interest in building using wood is growing. Setra wants to be a driving force in developing the industry by focusing on standardised solutions that make life simpler for customers.

Cash flow from operating activities in the first quarter amounted to SEK -226 million (-82).

Key figures* Jan–March (3 months)
2024 2023
Net sales, SEKm 1,158 1,414
Operating profit/loss, SEKm -95 -64
Profit/loss after tax, SEKm -81 -49
Operating margin, % -8.2 -4.5
Return on operating capital, %, RTM -11 30
Cash flow from operating activities, SEKm -226 -82

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

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