Swedish firm Alfa Laval, provider of pumps and ballast water systems to the shipping industry, has in the first quarter 2022 deleted Russian orders for SEK 602m, primarily in its marine division, shows interim report.
Swedish company Alfa Laval, provider of pumps and ballast water management systems to the shipping sector, has made a provision of SEK 327m (USD 33.6m) for costs related to deleting a number of Russian orders following Russia’s invasion of Ukraine, according to the first-quarter interim report for 2022.
Alfa Laval, which has a large marine division supplying equipment to the shipping industry, shipbuilders and engine manufacturers, has secured overall Q1 results with advancement on the top line, in operating earnings and in order intake.
Group revenue increased by 18 percent to SEK 10.6bn compared to the same quarter last year, and the adjusted operating result (EBITDA) rose by 19 percent to SEK 1.8bn.
Order intake increased by 30 percent to SEK 13.3bn compared to the same period last year, with the total order book amounting to SEK 26.6bn at the end of the quarter.
Meanwhile, due to Russia’s invasion of Ukraine, which has led to a series of Western sanctions against Russian companies, individuals and banks, Alfa Laval is ”pausing” new orders in Russia.
This has entailed the cancellation of orders amounting to SEK 602m – and this mainly in the marine division, according to the financial statement. Alfa Laval has also made a provision of SEK 327m for costs related to the deletion of the Russian orders.
