"The first six months have been tough, with reduced business volumes, a low utilization ratio mainly in the automotive and engineering industries as well as greater price pressure, which all impacted negatively on the company’s revenues and results. However, the cash flow was strong due to a lower tied up operating capital. Completed staff redundancies mean cost savings of SEK 220 million on an annual basis. We believe that by the end of the third quarter we will have adapted to the market situation to achieve a balance between the number of employees and market demand."
Kjell Nilsson, President & CEO
Semcon interim report January-June 2009 >>