Setra, a manufacturer of wood products, has declared an operational profit for the third quarter of 2022 of SEK 231 million (600). Total net sales were SEK 1,343,000,000. (1,565). For the first phase of Greenhouse Sthlm, an environmentally conscious development by Electrolux on Kungsholmen in Stockholm, Setra has been contracted to provide locally produced CLT and glulam. A total of 600 cubic metres of glulam and 5,000 cubic metres of CLT will be produced under the contract at the Setra Timber Industry Centre in Langshyttan, Dalarna. In 2023, deliveries are expected to start.
Growing activities in later part of Q3
For Setra Kastet in Gavle and Setra Wood Products in the UK, the brand has made a decision to invest in solar panels. This is a strategic investment that will increase electricity output and lower electricity prices in the long run. It is a financial decision that is entirely consistent with Setra’s Grönsamhet vision.
In Europe, as well as North America and Asia, wood is continuing to quickly overtake other building materials in terms of market share. Wood is particularly alluring due to the advantages it has over other materials in terms of sustainability. Over the next few years, Electrolux will be enlarging its headquarters in the heart of Stockholm. The entire block will be transformed into a greener and more sustainable neighbourhood known as Greenhouse Sthlm, which will have 100 new residences and rooftop growing beds. In the third quarter, operating activities generated SEK 305 million in cash flow (571). At the end of the period, there was 1 288 million SEK (1 700 million) in net cash. Setra distributed 629 million SEK in dividends to stockholders in May.
“As expected, the wood products market has weakened worldwide in Q3. Delivery volumes and prices have been squeezed while costs of raw material and inputs have increased. But although uncertainty remains regarding economic developments, we are seeing growing activity in our deliveries in the latter part of Q3,” says Setra CEO Katarina Levin.
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