Magnus Yngen, President and CEO:
"Market conditions in the quarter were weaker than in the previous year. Retailers were cautious about building up inventories for the coming season. Group sales declined in all product areas, and operating income was negatively affected by lower sales and production volumes. On the positive side, savings from implemented cost-cutting measures were realized according to plan. Operating income for the quarter amounted to SEK -175m (-171), exclusive of restructuring costs. Our consistent efforts over the course of the year to reduce working capital have paid off. Cash flow was very strong both for the quarter and the full year, despite lower income."
- Net sales for the full year amounted to SEK 34,074m (32,342). Adjusted for changes in exchange rates and acquisitions, net sales declined by 8%. Operating income declined to SEK 1,560m (2,361), including restructuring costs of SEK 452m (316). Income for the year was SEK 903m (1,288), or SEK 1.64 (2.81) per share.
- Net sales for the fourth quarter declined by 8% to SEK 4,732m (5,126), or by 6% adjusted for changes in exchange rates and acquisitions.
- Operating income for the fourth quarter declined to SEK -515m (-472), including previously announced restructuring costs of SEK 340m (301). Income was negatively affected by lower sales and production volumes.
- Excluding restructuring costs, operating income for the quarter was SEK -175m (-171).
- Professional Products reported higher income and margin in the quarter for all product areas, despite lower sales and production.
- Operating cash flow for the fourth quarter rose to SEK 801m (116), and for the full year to SEK 3,737m (2,013).
- The Board proposes a dividend of SEK 1 (0) for 2009.
PRESS AND TELEPHONE CONFERENCE
A combined press and telephone conference will be held at 14.00 CET on 24 February 2010 at Scandic Anglais, Humlegårdsgatan 23, Stockholm. To participate in the telephone conference, please call
+46 (0)8 5052 0110 or +44 (0) 20 7162 0077.
A replay of the telephone conference will be available at www.husqvarna.com/ir.