2010. évi eredmények (EN)

Key Issues Q4 2010

• Order intake increased 47% compared to Q4 2009 and continues to exceed last years order intake. Order intake at the beginning of 2011 is the second highest order intake reported for January during the last five years. 
• For the first time since Q4 2008 operating revenues outperformed the corresponding quarter of last year (EUR 86.9 Mill vs. EUR 73.6 Mill) primarily driven by increased activities in business area Crop Care.
• EBITDA amounted to EUR -1.9 Mill vs. EUR -13.4 Mill in Q4 2009, an improvement of EUR 11.5 Mill.
• Inventories remain on a historical low level (increase of EUR 1.0 Mill vs. Q3 2010 but a decrease of EUR 10.4 Mill vs. Q4 2009).
• Positive cash flow due to change in net working capital from EUR 101.5 Mill in Q3 2010 to EUR 79.4 Mill in Q4 2010.
• Kverneland Group acquired an ownership position of 39% in Gallignani S.p.a., Russi/Italy, where we have an exclusive distribution agreement, by a capital injection of EUR 4.2 Mill. Gallignani S.p.a. runs one of the most modern baler manufacturing sites in Europe.
• Kverneland Group decided to set up a new assembly plant in Daqing/China due to intensified sales activities in this region in accordance with requirements from local government.

Key Issues full year 2010

• Overall market shares improved even though operating revenues dropped by 9%. 6% is linked to reduced sales of bale equipment following the divestment of our baler factory in February 2009. 3% of the drop is ascribed to the downturn in plough related business.
• Necessary adjustments of the entire organisation and of production capacities have been successfully completed in order to address the slump in the markets and also to cope with the situation after the sale of the baler factory.
• EBITDA of EUR 4.7 Mill vs. a loss of EUR -7.8 Mill in 2009.
• Net working capital was reduced by EUR 37.1 Mill down to EUR 79.4 Mill.
• Based on a solid cash flow in 2010 it was possible to buy back own bonds amounting to EUR 27.0 Mill.
• Net interest-bearing debt was brought down to EUR 26.7 Mill (- EUR 16.1 Mill). This NIBD-level is covered by the net cash flow from operating activities of EUR 39.7 Mill generated during 2010.
• Order book at year end amounts to EUR 111.6 Mill which is 162% of the order book one year before. This order book also exceeds the operating revenues of Q1 2010. The entire organisation is ready to benefit from the increased order take in Q1 2011.