Swedish Match AB Announces Unaudited Consolidated Earnings Results for the Second Quarter and Consolidated and Parent Earnings Results for the Six Months Ended June 30, 2018; Provides Effective Corporate Tax Rate Guidance for the Year 2018
For the six months, on consolidated basis, the company reported sales of SEK 6,276 million against SEK 5,886 million a year ago. Operating profit was SEK 2,311 million against SEK 2,326 million a year ago. Profit before income tax was SEK 2,165 million against SEK 2,222 million a year ago. Profit for the period was SEK 1,694 million against SEK 1,744 million a year ago. Profit attributable to equity holders of the parent was SEK 1,694 million against SEK 1,744 million a year ago. Basic and diluted earnings per share were SEK 9.67 against SEK 9.56 a year ago. Net cash generated from operating activities was SEK 1,712 million against SEK 1,781 million a year ago. Purchase of property, plant and equipment was SEK 285 million against SEK 172 million a year ago. Purchase of intangible assets was SEK 2 million against SEK 6 million a year ago. Adjusted earnings per share were SEK 9.67 against SEK 7.95 a year ago. Net debt was SEK 10,771 million against SEK 9,226 million a year ago.
For the six months, on parent basis, the company reported sales of SEK 26 million against SEK 22 million a year ago. Operating loss was SEK 86 million against SEK 56 million a year ago. Loss before income tax was SEK 240 million against profit before income tax of SEK 3,530 million a year ago. Loss for the period was SEK 187 million against profit for the period of SEK 3,607 million a year ago.
The effective corporate tax rate in 2018, excluding associated companies and any non-taxable larger one-time items, is expected to be around 21.5% against 23.8% in 2017.