Uponor's interim report for January-September 2008
Uponor continues cost management in slow markets
Continuing operations* net sales for January-September came to 750.3 (809.2) million euros, a change of -7.3%
January-September operating profit for continuing operations was 71.1 (110.3) million euros, a change of -35.5%
Earnings per share for the company came to 1.21 (1.10) euros
Return on investment over the period, including sales gain from divestment, was 36.9% (41.0%), with gearing at 31.1% (37.3%)
Guidance: In essence, Uponor repeats its guidance, issued on 11 June, for 2008: Net sales for continuing operations are not expected to reach last year's level, and operating profit is estimated to fall short of the 2007 level.
*) Discontinued operations contain the divested infrastructure business in the United Kingdom, effective 1 January 2008, the divested infrastructure business in the Republic of Ireland, which was sold in an asset deal, effective on 18 June 2008, and the German divestment of Uponor Klärtechnik GmbH.
CEO Jyri Luomakoski comments on the performance:
The market outlook for new building has turned gloomier during the past 12 months, and the situation is not expected to improve in 2008 - 2009. The slowdown in building activity will require determined efforts to adjust operations to lower demand.
The cost reduction programme that we announced earlier has begun according to initial plans and we have several initiatives currently ongoing. I am positive that we will reach the targets we set for the programme.
Our strategic initiatives to invest in the cooling business and the commercial high-rise sector are beginning to pay off. Customers are increasingly interested to save money and are seeking indoor climate solutions that have attractive pay-back times.
Uponor has a strong balance sheet position and we have secured sufficient funding to weather the uncertainties in the debt capital markets.
Q3 2008 results briefing - Webcast:
Following the release of this report, the presentation material for the interim report will be available at www.uponor.com/investors, under 'IR material'.
Uponor will hold a webcast in English, at 14:00 EET. You can access the webcast via www.uponor.com. Questions for the webcast can be sent to
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