INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2009
1 JANUARY - 30 SEPTEMBER 2009 (COMPARED WITH SAME PERIOD A YEAR AGO)
• Net sales fell 4 % during the period to SEK 4,746 million (4,949). For
comparable units net sales fell 14%.
• Operating profit before amortisation of intangible assets (EBITA) decreased by
28% to SEK 452 million (627) and the EBITA margin was 9.5 % (12.7).
• Profit after tax decreased by 35% to SEK 255 million (391).
• Earnings per share were SEK 6.38 (9.78) for the period.
• The return on operating capital for the last 12 months was 24.3% (38.4).
THIRD QUARTER 2009 (COMPARED WITH SAME PERIOD A YEAR AGO)
• Net sales fell 16% during the period to SEK 1,426 million (1,691). For
comparable units net sales fell 20%.
• Operating profit before amortisation of intangible assets (EBITA) decreased by
32% to SEK 149 million (220) and the EBITA margin was 10.4% (13.0).
• Profit after tax decreased by 36% to SEK 84 million (132).
• Earnings per share were SEK 2.10 (3.30) for the third quarter.
CEO's message
In my comments on the second quarter I noted a stabilisation of order intake
during the month of June. This has now been confirmed in the third quarter -
when order intake for comparable units fell 25%, compared with 29% for the
second quarter.
The trend of improved order intake is continuing also in October, and market
segments such as cutting tools for the manufacturing industry have shown an
upturn in orders for the first time in a long time.
The EBITA margin of 10.4% for the quarter is the best so far in 2009.
A stable gross margin, combined with the effect of the cost reductions that our
companies have carried out, is the reason for this favourable development.
Our decentralised structure helps us to both cut costs and adapt prices to
currency movements and raw material costs in an efficient manner. Clearly
defined responsibility for results and profit among the respective company
presidents translates to swift response to changes in the market.
During the quarter, we once again began acquiring companies for the first time
since the third quarter of 2008. This is because we now have a brighter view of
the future. At the same time, the number of companies on the selling block has
increased considerably compared with in the first half of 2009.
At the end of October we signed a declaration of intent to acquire all of the
shares in Key Valves Technologies Ltd (KVT), South Korea. KVT is a niche
manufacturer of high-pressure valves for the power and process industries. KVT
has co-operated for many years with HP Valves BV (the Netherlands), which has
been part of Indutrade since 2005. KVT has annual sales of approximately SEK 150
million. Through this acquisition we will increase our presence in the Asian
market and strengthen our position in the energy segment.
Johnny Alvarsson, President and CEO
For further information, please contact:
Johnny Alvarsson, President and CEO: +46 70 589 17 95
Indutrade in brief
Indutrade markets and sells components, systems and services with a high-tech
content to industrial customers in selected niches. The Group creates value for
its customers by structuring the value chain and increasing the efficiency of
its customers' use of technological components and systems. For the Group's
suppliers, value is created through the offering of an efficient sales
organisation with high technical expertise and solidly developed customer
relations. Indutrade's business is distinguished by the following factors,
among others:
• High-tech products for recurring needs
• Growth through a structured and tried-and-tested acquisition strategy
• A decentralised organisation characterised by an entrepreneurial spirit
The Group is structured into four business areas: Engineering & Equipment, Flow
Technology, Industrial Components and Special Products. Indutrade is listed on
the OMX Nordic Exchange in Stockholm.
