Net sales in continuing operations for the full year 2008 reached SEK 570.5m (518.9), of which SEK 168.8m (150.7) referred to the fourth quarter. This is equal to organic growth of 10% for the full year and 12% for the fourth quarter. Northern reported a sharp increase in sales by 58% for the full year and 124% for the fourth quarter.
Operating profit for the full year 2008 was SEK 31.7m (40.5), of which SEK 1.9m (9.1) referred to the fourth quarter. Total operating margin for the full year was 5% (6).
As a precautionary measure, profit for the fourth quarter of 2008 was charged with costs of SEK 7.2 million related to ongoing transactions.
Cash flow from operating activities increased during the year and the financial position remains strong, with an equity/assets ratio of 79% (83.
The Board of Directors proposes a dividend of SEK 0.60 per share (2.00).
“So far we are not seeing any consequences of the market downturn but are taking measures to prepare for this eventuality. Economic slowing tends to result in greater cost-awareness among our customers, which in turn stimulates demand for our offering in certain segments. We are therefore intensifying the focus on areas that offer scope for stable and long-term profitability even in weaker market conditions. Despite uncertainty about market development in 2009, we have shown good sales performance in the first weeks of 2009,” says Stefan Skarin, President and CEO of INTO.I
Excerpts from the year-end report for January – December 2008:
• Profit after tax was SEK 31.6m (59.3) for the full year and 0.4m (36,9) for the fourth quarter. Profit after tax for the fourth quarter of 2007 was positively affected by deferred tax income of SEK 27.7m.
• Earnings per share amounted to SEK 2.85 (5.10) for the full year and SEK 0.04 (3.20) for the fourth quarter.
• Equity per share was SEK 53.98 (52.90).
• Cash flow from operating activities was SEK 22.5m (17.2) for the full year and SEK 1.1m (9.0) for the fourth quarter.
For additional information contact:
Stefan Skarin, President & CEO INTOI
mobile: +46 708 65 10 05