Annual Report 2009

Year in brief

2009 was a year where the recession badly affected the company, resulting in a dramatic drop in business volumes, low utilization ratio and increased pricing pressure, affecting the Group’s income and results. Income amounted to SEK 2,281 million (3,299 m) and the operating loss was SEK 241 million (+150 m). Measures taken (redundancies, goodwill write-down and participations in associated companies, plus reserves for bad debts and write-down of equipment), affected the operating loss by SEK 171 million (66 m) over the year. The operating loss excluding one-off items was SEK 70 million (216 m). The Group showed a weak operating profit before one-off items in Q4 and the Group’s cash flow remained positive as a result of lower tied up working capital. The Group’s equity/assets ratio was in line with the financial objectives. Orders are expected to gradually increase in 2010 with extra activity on the market due to more offers being requested in the automotive, energy and industry sectors.