FlexLink Half-year report 2009

FlexLink reports lower sales but maintained profitability for the first half year. A continuing weak investment climate hampers orders received.

FlexLink’s sales for the first half year 2009 reached SEK 584 million which is 10% lower than in the previous year. The order intake is affected by the weak investment climate but the profitability remained unchanged. Mattias Perjos, CEO: “I am pleased that we were able to protect profitability despite a significant sales volume reduction in the second quarter compared to the same quarter last year. The order intake has slightly improved since the beginning of the year, but the market conditions remain very challenging, and we continue to have a strong focus on cost control. At the same time we invest in our new product development program to be well positioned when the market climate improves again." • Net sales for the second quarter were SEK 298 (355) million and 584 (652) million for the first half year, which is a decrease of 10 % compared to previous year. • The order intake for the second quarter was SEK 296 (414) million and 565 (782) million for the first half year. This is corresponds to a drop of 28% compared to the previous year. The weak investment climate is expected to continue through the second half year. • Earnings before interest, taxes, depreciation and amortization of intangible assets (EBITDA) were SEK 31 (41) million for the second quarter. For the first half year, it was SEK 53 (61) million and the EBITDA margin was 9% (9%), which was unchanged from the previous year. Programs are in place to protect the profitability and cash flow. The financial information for 2009 and 2008 refers to the FlexLink Holding AB Group.

Tags: