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Juho Nummela, President and CEO:
(February 16, 2010)
"Demand for forest machines in our main market areas continued to pick up speed during Q4. Order intake development was positive towards the end of the period, which meant better preconditions for operative business. Sales of the new eight-wheel harvesters launched during the period under review improved towards the end of the year. In Q4, factory capacity was increased to one shift.
Net sales fell by 38 per cent during the past quarter when compared to Q4/2008, and net sales during the entire year fell by 50 per cent when compared to 2008. The net sales of the after-sales services in Q4 improved by 19 per cent year-on-year.
Operating result in Q4 was negative but still better than that of Q3 and the comparable period. The first month of profit in 2009 was December.
During Q4, operating costs were 32 per cent lower than in the comparable period. Temporary lay-offs continued throughout the entire organisation, except for sales, after-sales services and R&D. The personnel adjustment measures have been completed in a good atmosphere.
An adjustment implemented during the period under review achieved cost savings of EUR 27 million in operating expenses. Furthermore, working capital was reduced by EUR 21 million.
Since working capital fell, cash flow from business operations was positive during the period, EUR 11.2 (-20.8) million."
Read the whole financial statements 09(pdf)
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