Atlas Copco: Interim Report as Per September 30, 2000 unaudited.
Business Editors
STOCKHOLM, Sweden--(BUSINESS WIRE)--Oct. 24, 2000--
Record Results in the Third Quarter
* Revenues and profits the highest recorded in any single quarter.
* Order volume up 11 percent.
* Prime and RSC to merge.
* Recurring operating margin increased to 14.5 percent (12.8).
* Operating profit up 33 percent to SEK 1,700 m., including net
nonrecurring items of SEK -6 m. (+83). Profit after financial items up
29 percent to SEK 1,245 m.
* Earnings per share increased to SEK 3.71 (3.34).
July - Sept. Change January - Sept. Change
2000 1999 % 2000 1999 %
Orders received 11,743 9,424 +25 34,451 26,324 +31
Revenues 11,795 9,357 +26 33,686 25,727 +31
Operating profit 1,700 1,283 +33 4,569 3,070 +49
- as a percentage of 14.4 13.7 13.6 11.9
revenues
Profit after 1,245 965 +29 3,318 2,390 +39
financial items
- as a percentage of 10.6 10.3 9.8 9.3
revenues
Earnings per share*, 3.71 3.34 9.83 8.23
SEK
*) Number of shares: 209.6 m. (183.5)
Near-term outlook
Overall, the demand for Atlas Copco's products and services is
expected to continue to increase, although at a more moderate pace
than so far this year.
In North America, demand for rental equipment is expected to
continue to improve, driven by the outsourcing trend. Demand for
sophisticated investment related products from, among others, the
automotive and process industries, is also likely to remain strong.
The recent signs of lower demand in parts of the U.S. economy are
expected to have a negative impact on sales of some equipment.
The outlook for Europe is mixed. A continued favorable demand
trend is anticipated in some major markets, while the development in
Germany and related markets is more uncertain. In Asia, the strong
positive demand trend is expected to continue, particularly in China.
Nine months results summary
Atlas Copco Group
The Atlas Copco Group's orders received for the first nine months
increased 31 percent, to SEK 34,451 m. (26,324), corresponding to a
volume increase of 12 percent for comparable units. Foreign exchange
rate fluctuations had a positive translation effect of approximately 4
percentage points. Revenues also increased 31 percent, to SEK 33,686
m. (25,727), corresponding to a volume increase of 12 percent.
The Group's operating profit increased to SEK 4,569 m. (3,070).
Operating profit includes a net of nonrecurring items of SEK -6 m.
(+83), all recorded in the third quarter (see below for
specifications). Excluding nonrecurring items, operating profit rose
53 percent to SEK 4,575 m. (2,987), corresponding to a margin of 13.6
percent (11.6). Profit after financial items amounted to SEK 3,318 m.
(2,390), which corresponds to an increase of 39 percent and a margin
of 9.8 percent (9.3).
Operating cash flow before acquisitions and dividends equaled SEK
461 m. (1,345). The negative difference was entirely due to rental
fleet investments in the Rental Service Business Area, which are
concentrated to the spring and summer period, due to seasonal
variations in rental revenues.
Third quarter business review
Atlas Copco Group
Market development
In the third quarter, market demand in North America remained at a
high robust level. The industrial sector continued to improve, with
particularly high activity in the petrochemical segment. Demand for
both larger investment equipment and production related products
improved. Activity within the construction industry remained high,
benefiting rental equipment. Demand for construction-related products
was affected somewhat in the latter part of the period by the
uncertainty of future activity.
In Europe, the demand level continued to improve, while the
imbalance in the region remained. Southern Europe and Great Britain
recorded positive development, while demand in the Nordic region was
slow. The level of activity in the German industry is high, but with
few investments.
The positive development in Asia continued, with a strong
expansion in China, and resulted in high demand for Atlas Copco's
products and services.
Demand for mining equipment remained strong in most mining related
countries.
Orders and revenues
Orders received were up 25 percent compared with the third quarter
of 1999, to SEK 11,743 m. (9,424). This corresponds to a volume gain
of 11 percent, excluding a positive currency effect of 9 percentage
points and a net effect from acquisitions and divestments of 6
percent. The continued solid volume growth in order intake was
achieved through a strong general demand for Atlas Copco's products
and services in most geographic markets, market share gains in some
specific segments and recently introduced, innovative, products.
Revenues were SEK 11,795 m. (9,357), up 26 percent, corresponding
to a volume gain of 12 percent for comparable units.
Earnings and returns
Operating profit increased to a record SEK 1,700 m. (1,283) in the
third quarter. The operating profit, under Corporate items, includes a
refund of SEK 226 m. relating to pensions for Swedish salaried
employees and a partly offset cost of SEK 92 m. relating to offers for
early retirement in Sweden. The period also includes SEK 140 m. of
nonrecurring charges, SEK 127 m. related to the decision to merge the
two companies Prime and RSC within the Rental Service Business Area
and SEK 13 m. related to production rationalization within Compressor
Technique. Excluding the net of nonrecurring items, SEK -6 m. (+83)
the operating profit increased 42 percent to SEK 1,706 m. (1,200).
This corresponds to a margin of 14.5 percent (12.8). The margin
improvement was a result of higher volumes, the effects of
rationalization measures, and favorable currency development.
Net currency effects between the third quarters of 1999 and 2000
explained about one third of the operating margin improvement.
Net financial items amounted to SEK -455 m. (-318), of which net
interest items accounted for SEK -454 m. (-316) and financial foreign
exchange differences for SEK -1 m. (-2). The higher interest expense
compared to last year was due to the RSC acquisition interest (only
two months in Q3 1999), higher short-term interest rates, and a
substantially higher USD/SEK exchange rate.
Profit after financial items rose to SEK 1,245 m. (965). Excluding
nonrecurring items, profit increased 42 percent to SEK 1,251 m. (882),
corresponding to a margin of 10.6 percent (9.4).
Net profit for the quarter totaled SEK 778 m. (635), or SEK 3.71
per share (3.34).
Return on capital employed during the 12 months to September 30,
2000, was 14 percent (15) and return on shareholders' equity 13
percent (14). The Group's Weighted Average Cost of Capital (WACC) is
approximately 8 percent (7), corresponding to a pretax Cost of Capital
of approximately 12 percent.
Cash flow and net indebtedness
The operating cash surplus after tax for the third quarter reached
SEK 1,834 m. (1,136).
Working capital decreased SEK 109 m. (increase 178). Working
capital efficiency (measured as a turnover ratio) increased compared
with last year, mainly due to improvements in supply chain management.
Cash flow from operations rose to SEK 1,943 m. (958),
corresponding to 16 percent (10) of Group revenues.
Net investment in tangible fixed assets was SEK 1,490 m. (870)
during the quarter. The increase compared with the previous year was
due primarily to higher rental fleet investments in July, a month in
which Rental Service Corporation was not included last year, and
partly to currency translation effects.
Net cash flow after dividends and acquisitions reached SEK 330 m.
(- 13,628)
Summary cash-flow analysis
SEK m. July - September January - Sept.
2000 1999 2000 1999
Operating cash surplus after tax 1,834 1,136 4,565 2,932
of which depreciation added back 1,074 744 2,886 1,712
Change in working capital 109 -178 -75 -9
Cash flow from operations 1,943 958 4,490 2,923
Investments in tangible fixed -2,034 -1,173 -5,584 -2,262
assets
Sale of tangible fixed assets 544 303 1,555 684
Company acquisitions/divestments -123 -13,714 -407 -13,825
Cash flow from investments -1,613 -14,584 -4,436 -15,403
Dividends paid 0 -2 -1,007 -831
Net cash flow 330 -13,628 -953 -13,311
Change in interest-bearing -236 13,305 762 12,375
liabilities
Cash flow after financing 94 -323 -191 -936
Liquid funds at beginning of 1,001 1,463 1,286 2,118
period
Translation difference 26 -23 26 -65
Liquid funds at period-end 1,121 1,117 1,121 1,117
The Group's net indebtedness (defined as the difference between
interest-bearing liabilities and liquid assets) amounted to SEK
23,501 m. (23,429), of which SEK 1,456 m. (1,462) was attributable to
pension provisions. The debt/equity ratio (defined as net indebtedness
divided by shareholders' equity) was 100 percent (147). Adjusted for
exchange rate changes since
September 30, 1999, the debt/equity ratio was 88 percent.
Investments
Gross investments in property, machinery, etc. totaled SEK 183 m.
(318). Gross investments in rental equipment amounted to SEK 1,851 m.
(855). Due to seasonal variations in rental revenues, the rental fleet
investments are concentrated to the spring and summer period, which
means they primarily affect the second and third quarter investments
in the Group. Total depreciation on these two asset groups was SEK 219
m. (220) and SEK 689 m. (389) respectively, while amortization of
intangible assets amounted to SEK 166 m. (135).
People
At September 30, 2000, the number of employees was 26,592
(25,926). For comparable units, the number of employees increased by
392 compared with September 1999.
Distribution of shares
Share capital amounted to SEK 1,048 m. (918) at the end of the
period, distributed as follows.
Class of share Shares outstanding
A shares 139,899,016
B shares 69,703,168
Total 209,602,184
In October 1999, 26.1 million new shares were issued at a
subscription price of SEK 160 per share at a ratio of 1:7. The issue
provided the Company with net proceeds of approximately SEK 4.1
billion.
Compressor Technique Business Area
The Compressor Technique business area consists of five divisions
in the following product areas: industrial compressors, portable
compressors, generators, and gas and process compressors.
July - Sept. Change January - Sept. Change
2000 1999 % 2000 1999 %
Orders received 3,693 3,154 +17 11,313 9,758 +16
Revenues 3,643 3,288 +11 10,613 9,681 +10
Operating profit 698 579 +21 1,942 1,541 +26
- as a percentage of 19.2 17.6 18.3 15.9
revenues
* Strong volume growth.
* Profit increase above 20 percent.
* Very positive development in Asia.
Orders received increased 17 percent to SEK 3,693 m. (3,154) in
the third quarter, up 15 percent in volume when adjusted for positive
currency effects of 5 percentage points.
In the third quarter, sales volumes were up for all product areas.
The favorable sales trend in North America continued, and high order
levels were recorded in South America. In Europe, the modest increase
in sales continued. The sharp increase in demand from Asia, notably in
China, resulted in good orders for all types of industrial
compressors.
The large oil-injected compressors that were introduced during the
spring, continued to achieve success in the market. An extended,
superior range of small and medium sized oil-injected screw
compressors was launched late in the quarter.
Revenues increased 11 percent to SEK 3,643 m. (3,288), up 10
percent in volume compared with the same quarter last year, Operating
profit improved by 21 percent, to a record SEK 698 m. (579),
corresponding to an operating margin of 19.2 percent (17.6). Earnings
include a nonrecurring cost of SEK 13 m. for closure of a
manufacturing plant in France. The net effect of higher volumes, i.e.
better fixed-cost absorption, and somewhat higher operating costs,
accounted for about half of the margin improvement. The remainder was
a result of favorable exchange rate developments, primarily related to
the high USD/Euro ratio.
Construction and Mining Technique Business Area
The Construction and Mining Technique Business Area consists of
five divisions in the following product areas: drilling rigs, rock
drilling tools, exploration equipment, construction tools, and loading
equipment.
July - Sept. Change January - Sept. Change
2000 1999 % 2000 1999 %
Orders received 1,591 1,377 +16 5,168 4,404 +17
Revenues 1,726 1,323 +30 5,185 4,153 +25
Operating profit 164 88 +86 479 276 +74
- as a percentage of 9.5 6.7 9.2 6.6
revenues
* Continued robust order intake from the mining sector,
specifically for consumables.
* Increased order intake from Chinese infrastructure projects.
* Hobic, a Canadian diamond bit manufacturer, was acquired.
Orders received during the period were up 16 percent overall in
the quarter and 10 percent in volume, to SEK 1,591 m. (1,377). There
was a positive currency effect of 5 percent mainly related to the
strong development of the US dollar.
The solid investment trend from the mining industry continued,
with some slowdown in South and North America. Demand for consumables
remained strong, and higher market shares for rock tools were noted in
some countries.
The positive sales trend continued in China and the order level
from infrastructure projects increased. Construction industry was less
favorable in other regions, particularly in Europe.
Revenues were SEK 1,726 m. (1,323), up 30 percent overall, of
which volume accounted for 25 percent. Part of the strong volume
increase was due to invoicing of bulk orders received in the second
quarter.
Operating profit for the quarter rose 86 percent to SEK 164 m.
(88), corresponding to a margin of 9.5 percent (6.7). All product
areas improved their performance compared with the previous year.
Higher sales volumes and efficiency improvements explained most of the
increase in operating margin while positive currency effects
contributed to a lesser extent.
Industrial Technique Business Area
The Industrial Technique business area consists of four divisions
in the following product areas: industrial power tools, professional
electric tools, and assembly systems.
July - Sept. Change January - Sept. Change
2000 1999 % 2000 1999 %
Orders received 2,915 2,653 +10 8,549 7,927 +8
Revenues 2,869 2,522 +14 8,293 7,615 +9
Operating profit 298 288* +3* 860 761 +13
- as a percentage of 10.4 11.4* 10.4 10.0
revenues
* Operating profit in 1999 includes a SEK 83 m. nonrecurring gain
(see below)
* Very strong order intake for computer controlled tightening
tools.
* Signs of less growth in the U.S. building sector.
* Healthy increase in recurring operating profits.
Order intake increased 10 percent overall and 5 percent in volume,
to SEK 2,915 m. (2,653). The positive net effect of currencies and the
divestment of Atlas Copco Controls was 5 percent.
Order intake for computer controlled tightening tools and systems
continued to increase both in the U.S. and in Europe. The main gain
was noted for orders from the automotive industry, but other segments
also contributed. Orders for standard products from the general
industry were flat overall in the quarter.
The demand for professional electric tools continued to rise in
North America. However, a slowdown was noted in the end of the
quarter, caused by the anticipated lower activity in the residential
construction sector. In Europe, an improvement in sales volume
continued in the quarter.
Revenues were SEK 2,869 m. (2,522), up 14 percent compared with
the third quarter of 1999. The increase corresponds to a volume
increase of 9 percent.
Operating profit increased to SEK 298 m. (288). Last year's profit
included a net of nonrecurring items of SEK +83 m. mainly related to
the sale of Atlas Copco Controls. Excluding this nonrecurring item,
operating profit increased 45 percent, with a profit margin of 10.4
percent (8.1). The margin improvement was mainly due to the higher
volume and a more favorable revenue mix with substantially higher
sales of sophisticated industrial power tools.
Rental Service Business Area
The Rental Service business area consists of two divisions in the
equipment rental industry in North America, providing services to
construction and industrial markets.
July - Sept. Change January - Sept. Change
2000 1999 % 2000 1999 %
Revenues 3,751 2,335 +61 10,106 4,619 +119
Operating profit 469* 359 +31* 1,323 588 +125
- as a percentage of 12.5* 15.4 13.1 12.7
revenues
*Operating profit in 2000 includes a nonrecurring cost of SEK 127
m. (see below)
* Solid increase in revenues and improved fleet utilization.
* Prime and RSC to merge.
* 14 greenfield starts and 14 stores acquired in the quarter.
Total locations are now 567.
During the third quarter, revenues increased 61 percent to SEK
3,751 m. (2,335), including only two months of revenues for RSC in
1999. The volume gain was 16 percent for comparable units. Currency
translation and prices had a net effect of 14 percent. On average,
rental rates were 2 percent below last year's level, but with a
flattening tendency. Rental revenues accounted for 75 percent of total
revenues with a volume growth slightly higher than the average 16
percent. Sales of equipment, parts and merchandise represented 17
percent of revenues, while sales of used equipment accounted for 8
percent.
The equipment rental business continues to grow at a higher pace
than the industries it serves, because of the outsourcing trend. The
construction industry, where non-residential building is the important
customer segment, remained solid in the period. The industrial side of
the business, chiefly related to the petrochemical industry, continued
to strengthen. Both the Canadian and Mexican rental operations
contributed well in the quarter.
In order to focus resources on growing all segments of the rental
business and explore further operational synergies, Prime and RSC will
merge into one company. The new legal unit will be effective January
1, 2001, and operate under two brands: "Prime" will focus on
industrial customers and "RSC" will further enhance penetration of the
construction sector. Earlier this year an internal service provider
was established to develop synergies in the administrative area. A
nonrecurring cost for the merger of SEK 127 m. is included in the
operating profit for the quarter.
Operating profit, including goodwill amortization and the
above-mentioned one-time provision, was SEK 469 m. (359). Excluding
this nonrecurring item, profit was SEK 596 m., up 66 percent and
corresponding to a margin of 15.9 percent (15.4). One month more of
RSC contribution, a larger fleet, and a higher fleet utilization
explained most of the profit increase compared with last year.
Stockholm, October 24, 2000
Giulio Mazzalupi
President and Chief Executive Officer
Acquisitions and Divestments 1999-2000
Time Acquisitions Divestments Business Sales* No. of
Area SEK m. employ.
2000 Sep. 6 Hobic Bit Construction & 60 85
Industries Mining T.
2000 Q3 Various small Rental Service 115
rental cos.
2000 Q2 Various small Rental Service 130
rental cos.
2000 Apr. Atlas Copco Compressor 300 140
24 Rotoflow Technique
2000 Q1 Various small Rental Service 80
rental cos.
1999 Oct. Tool Technics Industrial 40 32
Technique
1999 Q4 Various small Rental Service 40
rental cos.
1999 Aug. Atlas Copco Industrial 470 235
31 Controls Technique
1999 Jul. Rental Rental Service 5,520 3,600
29 Service Corp.
1999 Jul. 1 ABIRD Compressor 40 25
Technique
1999 Jan. Rand Air Compressor 90
Technique
*Annual revenues and number of employees at time of
acquisition/divestment.
Financial targets
The overall objective for the Atlas Copco Group is to achieve a
return on capital employed that will always exceed the Group's total
cost of capital. The targets over the next business cycle are to have
an annual revenue growth of 8 percent, to have an average operating
margin of 15 percent, and to continuously challenge the operating
capital efficiency in terms of stock, receivables, and hire fleet
utilization. Overall, this will ensure that shareholder value is
created and continuously increased.
The strategy to reach the objectives should follow the proven
development process for all operational units in the Group of
stability first, then profitability, and finally growth.
Atlas Copco Group
Income Statement
3 months ended 9 months ended 12 months ende
Sept. Sept. Sept. Sept. Sept. Dec.
30 30 30 30 30 31
SEK m. 2000 1999 2000 1999 2000 1999
Revenues 11,795 9,357 33,686 25,727 44,193 36,234
Operating
expenses -10,095 -8,074 -29,117 -22,657 -38,224 -31,764
Operating
profit 1,700 1,283 4,569 3,070 5,969 4,470
As a percentage
of revenues 14.4 13.7 13.6 11.9 13.5 12.3
Financial income
and expenses -455 -318 -1,251 -680 -1,629 -1,05
Profit after
financial items 1,245 965 3,318 2,390 4,340 3,412
As a percentage
of revenues 10.6 10.3 9.8 9.3 9.8 9.4
Taxes -458 -322 -1,224 -803 -1,558 -1,137
Minority interest -9 -8 -34 -17 -45 -28
Net profit 778 635 2,060 1,570 2,737 2,247
Earnings per
share, SEK 3.71 3.34 9.83 8.23 13.10 11.50
Return on capital employed before tax, % 14 14
Return on equity after tax, % 13 14
Debt/equity ratio, % 100 92
Rate of equity, % 37 39
Number of employees at end of period 26,592 26,134
Balance Sheet
SEK m. Sept. 30, Dec. 31, Sept. 30,
2000 1999 1999
Intangible fixed assets 21,124 18,851 17,635
Rental Equipment 15,975 11,699 12,034
Other fixed assets 7,301 7,003 6,564
Inventories 6,186 5,348 5,500
Receivables 11,419 9,463 9,122
Cash, bank, and short-term 1,121 1,286 1,117
investments
Total assets 63,126 53,650 51,972
Equity 23,282 20,885 15,783
Minority interest 218 192 172
Interest-bearing liabilities 24,622 20,611 24,546
and provisions
Non-interest-bearing
liabilities and provisions 15,004 11,962 11,471
Total liabilities and equity 63,126 53,650 51,972
Revenues by Business Area
July - September January - September
SEK m 1998 1999 2000 1998 1999 2000
Compressor Technique 3,230 3,288 3,643 10,074 9,681 10,613
Construction and Mining 1,492 1,323 1,726 4,787 4,153 5,185
Technique
Industrial Technique 2,425 2,522 2,869 7,380 7,615 8,293
Rental Service 1,012 2,335 3,751 2,859 4,619 10,106
Eliminations -48 -111 -194 -205 -341 -511
Atlas Copco Group 8,111 9,357 11,795 24,895 25,727 33,686
1999 2000
SEK m. (by 1 2 3 4 1 2 3
quarter)
Compressor 2,971 3,422 3,288 3,521 3,345 3,625 3,643
Technique
Construction and
Mining Technique 1,353 1,477 1,323 1,572 1,650 1,809 1,726
Industrial 2,448 2,645 2,522 2,730 2,619 2,805 2,869
Technique
Rental Service 1,082 1,202 2,335 2,815 3,023 3,332 3,751
Eliminations -103 -127 -111 -131 -120 -197 -194
Atlas Copco Group 7,751 8,619 9,357 10,507 10,517 11,374 11,795
Earnings by Business Area
July - September January - September
SEK m. 1998 1999 2000 1998 1999 2000
Compressor Technique 548 579 698 1,750 1,541 1,942
As a percentage of revenues 17.0 17.6 19.2 17.4 15.9 18.3
Construction and Mining 113 88 164 372 276 479
Technique
As a percentage of revenues 7.6 6.7 9.5 7.8 6.6 9.2
Industrial Technique 241 288 298 765 761 860
As a percentage of revenues 9.9 11.4 10.4 10.4 10.0 10.4
Rental Service 171 359 469 391 588 1,323
As a percentage of revenues 16.9 15.4 12.5 13.7 12.7 13.1
Corporate items -7 -31 71 -57 -96 -35
Operating profit 1,066 1,283 1,700 3,221 3,070 4,569
As a percentage of revenues 13.1 13.7 14.4 12.9 11.9 13.6
Financial income and -199 -318 -455 -530 -680 -1,251
expenses
Profit after financial 867 965 1,245 2,691 2,390 3,318
items
As a percentage of revenues 10.7 10.3 10.6 10.8 9.3 9.8
1999 2000
SEK m. (by quarter) 1 2 3 4 1 2 3
Compressor Technique 390 572 579 612 580 664 698
As a percentage of 13.1 16.7 17.6 17.4 17.3 18.3 19.2
revenues
Construction and
Mining Technique 84 104 88 121 142 173 164
As a percentage of 6.2 7.0 6.7 7.7 8.6 9.6 9.5
revenues
Industrial Technique 216 257 288 271 263 299 298
As a percentage of 8.8 9.7 11.4 9.9 10.0 10.7 10.4
revenues
Rental Service 83 146 359 422 390 464 469
As a percentage of 7.7 12.1 15.4 15.0 12.9 13.9 12.5
revenues
Corporate items -48 -17 -31 -26 -47 -59 71
Operating profit 725 1,062 1,283 1,400 1,328 1,541 1,700
As a percentage of 9.4 12.3 13.7 13.3 12.6 13.5 14.4
revenues
Financial income and -168 -194 -318 -378 -385 -411 -455
expenses
Profit after financial 557 868 965 1,022 943 1,130 1,245
items
As a percentage of 7.2 10.1 10.3 9.7 9.0 9.9 10.6
revenues
Forward-looking statement:
"Some statements herein are forward-looking and the actual outcome
could be materially different. In addition to the factors explicitly
commented upon, the actual outcome could be materially effected by
other factors like for example, the effect of economic conditions,
exchange-rate and interest-rate movements, political risks, impact of
competing products and their pricing, product development,
commercialization and technological difficulties, supply disturbances,
and the major customer credit losses."
Overhead presentations from Atlas Copco
For your convenience, an overhead presentation of Atlas Copco's
third quarter result will be published on Atlas Copco's Internet site.
Please go to www.atlascopco-group.com > Investor > Presentations
New Internet site for the Atlas Copco Group
More information is available at www.atlascopco-group.com.
Please note the possibility to register yourself as a subscriber
under My Profile.
Preliminary report as per December 31, 2000
The preliminary report will be published on February 12, 2001.
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--30--se/in*
CONTACT: Media
Annika Berglund
Senior Vice President Group Communications
Phone: +46 8 743 8070
Mobile: +46 70 322 8070
E-mail: annika.berglund@atlascopco.com
or
Analysts
Mattias Olsson
Investor Relations Manager
Phone: +46 8 743 8291
Mobile: +46 70 518 8291
E-mail: mattias.olsson@atlascopco.com
KEYWORD: SWEDEN INTERNATIONAL EUROPE
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION MANUFACTURING EARNINGS
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