Electronics Production | March 31, 2010
Elcoteq’s sales decline 56.3% Y-o-Y
Elcoteq's net sales in 2009 declined about 56.3% on the previous year and amounted to EUR 1’503.2 million (EUR 3’443.2 million in 2008).
Operating loss totalled EUR minus 76.5 million (EUR minus 20.4 million), mainly due to increased restructuring expenses of EUR 37.0 million, excluding which the operating loss was EUR minus 39.5 million (EUR minus 6.9 million). The company has been able to offset to a great extent the effects of the sales decline with the strong cost savings actions carried out throughout the year, a statement reads. Cash flow after investing activities was clearly positive at EUR 52.9 million (EUR minus 99.7 million). Interest-bearing net debt decreased significantly and was EUR 187.5 million (EUR 238.5 million). Net sales declined in the fourth quarter of 2009 by about 20% on the previous quarter and amounted to EUR 265.5 million (EUR 331.7 million in the 3Q/2009). Operating loss totalled EUR minus 23.4 million (EUR minus 11.8 million) and excluding restructuring expenses it amounted to EUR minus 2.1 million (EUR 1.7 million in the 3Q/2009).