FlexLink Year-End Report 2009
FlexLink reports strong profitability in 2009 despite lower sales than in previous year.
FlexLink managed to keep up a strong profitability during 2009 despite a slow investment climate. The demand of FlexLink's products improved in the last quarter and net sales for 2009 amounted USD 160 million. This is 27% less than in the previous year and expressed in fixed currency rates, the drop is 16%. The earnings were USD 21 million which means the margin increased slightly over previous year.
Mattias Perjos, CEO: "2009 was a year with focus on R&D, cost control and operational efficiency. FlexLink managed to keep up a good profitability despite the slow start in 2009 and a negative impact from currency fluctuations. 2010 we have started up with an entirely new product line."
o Net sales for the full year was USD 160 (219) million which is a decrease of 27% compared to 2008. Expressed in fixed currency rates, the drop was 16%. In the fourth quarter net sales amounted to USD 49 (57) million.
o The order intake amounted to USD 157 (214) million, a decrease of 27%. Expressed in fixed currency rates, the drop was 15%. After a weak first half year, the demand of FlexLink's products improved significantly in the fourth quarter and amounted to USD 49 (46) million.
o Earnings before interest, taxes, depreciation and amortization of intangible assets (EBITDA) were USD 19 (25) million, which is 23% lower than in the previous year. Expressed in fixed currency rates the drop was 10%. The EBITDA margin for the full year was 12% (11%). Adjusted for exceptional costs, the EBITDA was USD 21 (27) million and the adjusted EBITDA margin 13% (12%).
o Large orders were awarded from the Automotive, Electronics and Food segments.
o The partner channel sales developed in line with the market development.
o Operational Efficiency and R&D were in focus during the year. The Nordic sales unit and the Area System House for EMEA North were merged into one unit by the end of the year.
o Marketing activities on the X45 product platform, launched in January 2010, were started up in selected pilot markets during the last quarter 2009. The spiral elevator launched in June 2009 showed a healthy sales growth.
The financial information for 2009 and 2008 refers to the FlexLink Holding AB Group.
