Enea 2009 Full Year Report
(Thomson Reuters ONE) - STOCKHOLM, Sweden, 4 February 2010For Enea, 2009 has been characterized by cost cutting and restructuringprograms. Net sales have fallen by 15 percent, mainly due to reduced royaltiesfrom telecom customers and a downturn in the demand for consultancy services.That said, profits have improved over the year from a loss over the firstquarter to an operating margin of 8.5 percent before non-recurring items for thefourth quarter.Fourth Quarter * Net sales SEK 195.1 (252.0) million. * Revenues for the Software business unit SEK 91.0 (108.5) million. * Revenues for the Consulting business unit SEK 113.6 (168.0) million. * Operating profit SEK 13.1 (23.4) million. * Operating profit before non-recurring items 8.5 (9.3) percent. * Net profit after tax SEK 14.9 (31.8) million. * Cash flow from operations SEK 35.9 (30.5) million. * Earnings per share SEK 0.85 (1.76).January - December * Net sales SEK 777.7 (917.6) million. * Revenues for the Software business unit SEK 339.7 (378.1) million. * Revenues for the Consulting business unit SEK 488.0 (615.9) million. * Operating profit SEK -4.1 (73.1) million. * Operating profit before non-recurring items 4.9 (8.0) percent. * Net profit after tax SEK 4.2 (88.3) million. * Cash flow from operations SEK 70.3 (81.7) million. * Earnings per share SEK 0.24 (4.90).A word from the CEOFor Enea, 2009 has been a year of adjustment. Over the first quarter, Eneareported a loss. This was followed by a series of measures such as a new,focused strategy and an extensive restructuring program to bring down costs. Theprogram is now at an end and the last of the restructuring costs have beenincluded in the fourth quarter.The fourth quarter has shown mixed results. Our net sales fell by 23 percentover the quarter, mainly due to lower sales than expected for consultancy.Operating profit has however shown stable development over the last few quartersand in the fourth quarter the operating margin before non-recurring itemsamounted to 8.5 percent.For the full year, net sales declined by 15 percent. The decrease in net salesalso affected profits, which were lower than last year. However, we did manageto reverse the negative trend at the start of the year, turning it into a profiton a full-year basis before non-recurring items.We ended the year on a high note by winning our biggest deal ever. A globalfinance corporation selected Enea to supply software and consultancy servicesworth SEK 37 million.SoftwareThe performance of the Software business unit for the fourth quarter was asexpected. Its profitability remained high, amounting to 17 percent for thefourth quarter. This is slightly below the margin target of 20 percent for thebusiness unit, but we are well on our way to meeting this target even in thelong term. New license sales remain stable, while the revenue flows fromroyalties fell due to fewer units sold by telecom customers. Moreover, ouraccounting principles for royalties were modified over the year, which meansthat the comparative figures for 2008 are slightly too high. All in all, thisresulted in a reduction of 16 percent in net sales for the fourth quarter.As far as products are concerned, our launch of multicore processor support hasbeen the most important improvement of the year. Multicore is the majortechnology shift in real-time operating systems and is expected to be animportant growth area in years to come. Enea is well positioned to play anactive part in this development and take new market shares.ConsultingProfits for the Consulting business unit were not as good as expected for thefourth quarter. Revenues fell by 32 percent and the operating margin wasnegative. Before non-recurring items, the operating margin was 1 percentcompared with the long-term target of 10 percent. Development within Consultingwas mixed. The Swedish consultancy operation has experienced the greatestdownturn in demand over the year, mainly in the ?esund region. However, demandseems to be gradually on the increase again, and Enea has a good combination ofexpertise in the areas in demand.On a final noteNow the end of 2009 is upon us, we see a more competitive Enea withsubstantially increased earning potential. For 2010, our ambition is to proceedone step further towards our margin targets for Software and Consulting.For more information contact:Per ?erberg, President & CEO EneaPhone: +46 8 507 1 4000Email:per.akerberg(at)enea.com
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Datum: 04.02.2010 - 01:32 Uhr
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