Year-end report January-December 2009
Fourth quarter of 2009
• Net sales rose by 4 percent to SEK 1,473 million (1,410)
• Operating profit (EBITA) rose to SEK 118 million (26)
• The operating margin (EBITA) increased to 8 percent (1.8)
• Adjusted for non-recurring items, the operating margin (EBITA) was 10.4 percent (7.3)
• Earnings after tax rose to SEK 10 million (negative 35)
• Cash flow from current operations increased to SEK 283 million (258)
• Inwido AB acquired the outstanding minority holdings in Inwido Norway, Inwido Finland and Inwido UK, resulting in these companies now being fully owned subsidiaries of Inwido AB
January – December 2009
• Net sales fell by 11 percent to SEK 5,026 million (5,639)
• Operating profit (EBITA) rose to SEK 348 million (323)
• The operating margin (EBITA) increased to 6.9 percent (5.7)
• Earnings after tax were SEK 52 million (104)
• Cash flow from current operations increased to SEK 510 million(348)
CEO Håkan Jeppsson comments:
”On the whole, Inwido's performance in the fourth quarter of 2009 was strong. All key figures improved and we continued to strengthen our position as the leading supplier of window and door solutions in the Nordic region. However, our markets in other parts of Europe continued to experience difficulties, although there are now signs of improvement, primarily in the UK.
For the 2009 full-year, we succeeded in achieving an operating margin of 7.7 percent, adjusted for non-recurring items. At the same time, Inwido was able to increase its market share in all of its Nordic markets. Given that the first quarter of the year was the weakest in the Group's history, with a 25-percent decline in sales, I am highly satisfied with the outcome for the year as a whole.
It was mainly the consumer market in the Nordic countries, with low interest rates combined with various government subsidies that performed well. The trend for the industry market was weaker, but there are indications that this market has stabilized. Demand for our products and services rose sharply in the fourth quarter of 2009, resulting in an order backlog 55 percent up on the year-earlier period.
With its strong cash flow and considerably lower net indebtedness, Inwido's financial position entering 2010 is strong. With a streamlined Group structure, we now have an even better foundation on which to base aggressive growth ventures while focusing on improving our proximity to end-users in all sales channels.
For further information, please contact:
President and CEO Håkan Jeppsson,
Tel. +46(0)70 550 1517 or +46(0)10 451 45 51
CFO Peter Welin,
Tel. +46(0)70 324 3190 or +46(0)10 451 45 52
Inwido is Northern Europe’s leading producer of innovative, environmentally friendly, wood-based window and door solutions.
Inwido has operations in Sweden, Denmark, Finland, Norway, Poland, Russia, the UK and Ireland, as well as exports to a large number of other countries. Operations are divided into four segments: Sweden, the Nordic region, Europe, and Home Improvement & Supply. Inwido has some 3,300 employees and generated sales of approximately SEK 5 billion in 2009.
The Group’s headquarters are located in Malmö, Sweden.
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