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Weaker Q4

  • 19 Feb 16

Swedish Match released its FY & Q4 results. In Q4, sales grew organically 2% and +5% on reported figures. Operating profit was down organically by 4% (+1% on reported figures). For the FY, sales grew organically +2% and +9% on a reported basis. The operating profit was down 2% organically (+7% on reported figures). The operating margin contracted by 40bp. The full-year net profit was up +7%. The proposed dividend is SEK20.00 (SEK8.00 of ordinary dividend +SEK12.00 special dividend linked to the partial divestment in STG). Performance by division: - Snus & snuff organic sales were flat in Q4 and +2% for the FY. The operating margin was down 220bp in Q4 and down 340bp for the FY, affected by the weak Norwegian krone and a negative price/mix in Scandinavia. - Cigars and chewing tobacco performed strongly with revenue up +32% in Q4 and +35% for FY. The operating margin was down 150bp in Q4 (higher operating costs) and up 140bp for FY. The segment's performance was positively affected by the absence of tobacco buy-out programme fees, which have now expired. The results of division have been driven by strong cigars (+20% volumes in Q4), whereas chewing tobacco volumes and operating profit in local currencies declined. - Lights performed poorly in Q4 with a decline of 8% in sales and -240bp in the operating margin. On a FY basis, sales were flat and the operating margin contracted by 220bp. The weak performance was linked to the decline in the Brazilian real and lower matches volumes. - Other operations (distribution & corporate overheads) increased by 2.2% for FY. As a reminder, in February 2016, STG was listed on Nasdaq Copenhagen. Following this event, SM now owns 31.2% of STG. No profit was recognised in Q4 as SM is now reporting STG with a lag of one quarter.