Financial Statement 2009 Strong Cash Flow and Improved Order Intake
Full Year 2009
• Net sales were 1,088.5 MSEK (1,275.6)
• Operating profit was 63.8 MSEK (116.5), charged with non-recurring expenses of 7.5 MSEK for restructuring and inventory impairment of 10 MSEK
• Profit after tax was 40.2 MSEK (77.2)
• Earnings per share after tax were 6.22 SEK (11.72)
• The outcome of the cost-cutting package was better than planned at 77 MSEK (currency adjusted)
• Cash flow from operating activities was 173.5 MSEK (82.5)
• The Board of Directors is proposing an unchange dividend of 4.00 SEK (4.00) per share
• Net sales were 275.7 MSEK (318.5)
• Operating profit was 20.1 MSEK (27.1) after inventory impairment of 10 MSEK
• Order intake was up quarter on quarter
• Healthy growth in Asia
Comments from Fredrik Jönsson, CEO
“The market started improving back in the third quarter, and strengthened further in the fourth quarter. As a result of this and a sharp focus on sales, our order book grew in the fourth quarter. The full year 2009 was difficult with a big fall in demand, but despite lower sales and profits I’m satisfied with how we coped with parrying and managing the economic conditions. We started our savings package early, which went better than planned. With a sales fall of nearly 190 MSEK, we succeeded limiting the operating profit downturn to some 50 MSEK.
Simultaneously, we managed to maintain a high tempo within our product development and we have had launches of several new products in both HMI Products and IDC. By reducing inventories and accounts receivable, we have improved cash flow and capital tied-up during the year.
Demand has stabilized, the new year has got off to a positive start and I’m optimistic about 2010. Beijer Electronics is going into this new year with a significantly lower cost level, which will make a positive contribution to profit when volumes come back.”
Phone Meeting Invitation
A phone meeting for press and analysts will be held today at 02.00 p.m. CET. President and CEO, Fredrik Jönsson, and the company’s CFO, Lennart Mauritzson, will present the company and comment the financial statement.
To participate in the phone meeting, please call:
from Sweden: +46 (0)8 506 269 04
from the UK: +44 207 108 6205
The presentation in a pdf-format will be published on Beijer Electronics’ website, www.beijergroup.com under Investor Relations/Presentations, or you are welcome to view the webcast online here:
Beijer Electronics’ financial statement will be issued around 08:00 a.m. CET the same day.
For more information, please contact:
President and CEO, Fredrik Jönsson
tel +46 (0)40 35 86 10, mobile +46 (0)705 17 16 26
CFO, Lennart Mauritzson
tel +46 (0)40 35 86 53, mobile +46 (0)705 52 05 57
Corporate Communications, Katarina Erichs Emilson
tel +46 (0)40 35 84 96, mobile +46 (0)703 35 84 96
Beijer Electronics AB is a fast-growing company with extensive experience of automation, developing and marketing competitive products and solutions that focus on the user. Since start-up in 1981, Beijer Electronics has evolved into a multinational group with subsidiaries in 14 countries. The company is listed on Nasdaq OMX Nordic Exchange Stockholm’s Small Cap list, with ticker BELE. www.beijerelectronics.se.