Financial Statement 1 January — 31 December 2008
• Good inflow of orders in the last quarter despite slowing business cycle.
• Net sales up 32 per cent to SEK 1,275.6 m (963.8).
• Operating profit increased by 34 per cent to SEK 116.5 m (86.9).
• Profit after tax rose to SEK 77.2 m (60.6), an increase of 27 %.
• Earnings per share after tax were SEK 11.72 (9.21), an increase of 27 %.
• The Board of Directors is proposing a dividend of SEK 4 per share (4.00).
• Rationalization package and non-recurring expenses charge profits with SEK 7.5 m and are expected to reduce yearly expenses by SEK 20 m.
COMMENTS FROM FREDRIK JÖNSSON, OUR CEO
“We finished the year strongly with healthy gains in sales and underlying profits, mainly due to the IDC business area, acquired in early-2008. The financial crisis and negative progress of the global economy have affected us in some markets and customer segments, but only yet to a limited extent.
For the full year, I’m pleased that we achieved several milestones. The group easily passed SEK 1 bn sales, with the HMI Products business area contributing half a billion kronor. We achieved our growth goal of over 30 per cent and underlying operating margins of nearly 10 per cent. I’m especially satisfied that our three acquisitions in the past two years have been successful, and that their integration went as planned.
Business area IDC added extra emphasis to the fourth quarter, posting very strong profits. Measures in the first half-year exerted their intended effect and the business area was able to improve profits progressively, with rising sales, and achieve its full-year goals. The HMI Products business area acquired Lauer in 2007, which had its full effect in 2008, with Lauer achieving its goals. Automation’s move into the Danish market, by acquiring Brodersen in 2007, has resulted in Denmark securing status as the group’s fourth-largest market, while for the full year, the Danish business contributed healthy profits.
We maintained firm cost control last year, progressively implementing savings measures, helping our profits. Against the background of significant uncertainty surrounding ongoing economic progress, we have also implemented a rationalization package expected to cutyearly costs by SEK 20 m, with its full effect in the coming half-year. This rationalization package and non-recurring expenses have resulted in profits being charged with SEK 7.5 m.”