Group
The year 2009 was characterized by a global recession, with weak demand for Beijer Alma’s companies. However, demand stabilized during the second half of the year, albeit from a low level. Order bookings have exceeded invoicing since mid-year, and the stock of orders is growing. Extensive cost-cutting measures have been implemented in the past 15 months to cope with lower demand, thereby gradually reducing Beijer Alma’s fixed costs and positively impacting the operating margin, which exceeded 15 percent despite the Group’s weak sales.
During the year, order bookings declined 12 percent to MSEK 1,566 (1,785). Invoicing totaled MSEK 1,571 (1,836), down 14 percent. The proportion of international sales amounted to 80 percent. Operating profit totaled MSEK 238.2 (302.4) and the operating margin was 15.2 percent (16.5). Profit after financial items amounted to MSEK 226.5 (295.0) and earnings per share after tax to SEK 5.92 (7.90).
Cash flow after capital expenditures amounted to MSEK 215.8 (150.1). Beijer Alma’s net cash at year-end totaled MSEK 59.5 (net debt: 18.4). Investments in fixed assets amounted to MSEK 60.5 (89.1) and the equity ratio was 70.9 percent (65.7).
During the fourth quarter, order bookings totaled MSEK 360 (374), down 4 percent. Invoicing declined 15 percent to MSEK 361 (425). Operating profit totaled MSEK 56.4 (48.9) and the operating margin was 15.6 percent (11.5). Profit after financial items amounted to MSEK 55.4 (49.5) and earnings per share after tax to SEK 1.32 (1.38). Cash flow after capital expenditures totaled MSEK 45.0 (24.0).
Lesjöfors AB
Lesjöfors AB is a full-range supplier of standard and specially produced industrial springs, wire and flat strip components. The company is a dominating player in the Nordic region and one of the largest companies in its industry in Europe. Lesjöfors has manufacturing operations in Sweden, Denmark, Finland, Latvia, the UK and China.
During the year, order bookings declined 6 percent to MSEK 1,040 (1,111). Invoicing amounted to MSEK 1,047 (1,151), down 9 percent. Operating profit totaled MSEK 242.9 (251.6) and the opera-ting margin was 23.2 percent (21.9).
During the fourth quarter, order bookings amounted to MSEK 233 (223), up 4 percent. Invoicing declined 9 percent to MSEK 231 (253). Operating profit totaled MSEK 57.9 (42.3) and the operating margin was 25.0 percent (16.7).
Lesjöfors’ operations are conducted in three business areas: Industrial Springs, Flat Strip Components and Chassis Springs. Invoicing declined in Industrial Springs and Flat Strip Components, whose customers primarily operate in the engineering industry. Chassis Springs, which sells to the aftermarket for vehicles, reported increased sales.
Habia Cable AB
Habia Cable AB is one of Europe’s largest manufacturers of custom-designed cable for customers in the telecom, transport, nuclear power, defense and other industries. Manufacturing and product development are conducted in Sweden, with additional manufacturing carried out in Germany, China and Poland.
During the year, order bookings declined 22 percent to MSEK 524 (673). Invoicing totaled MSEK 523 (685), down 24 percent. Operating profit amounted to MSEK 11.5 (71.8) and the operating margin was 2.2 percent (10.5).
During the fourth quarter, order bookings totaled MSEK 127 (150), down 15 percent. Invoicing fell 24 percent to MSEK 130 (172). Operating profit amounted to MSEK 2.7 (10.7) and the operating margin was 2.1 percent (6.2).
Although Habia reported weak sales to all customer groups, order bookings stabilized during the second half of the year. Major personnel reductions were implemented to adapt the organization to the prevailing demand situation. The full impact of the company’s lower cost level will be felt from early 2010.
Parent Company
The Parent Company, Beijer Alma AB, is a holding company that does not conduct its own operations or external invoicing.
During the year, profit after financial items amounted to MSEK 65.7 (58.4), including dividends from subsidiaries totaling MSEK 85.0 (75.0).
This year-end report has not been reviewed by the company’s auditors.
If you have any questions, please contact:
Bertil Persson, President & CEO, Telephone +46 (0)8-506 427 50, bertil.persson@beijer-alma.se
Jan Blomén, Chief Financial Officer, Telephone +46 (0)18-15 71 60, jan.blomen@beijer-alma.se
Visit our subsidiaries:
www.lesjoforsab.com
www.habia.com
Next report date:
Interim report, April 28, 2010
The Annual Report for 2009 will be available on the company’s website
on March 8, 2010.
The Annual Report will be sent to shareholders on or about March 10, 2010.
Download complete Year-end report (pdf)