Year-End Report 1 January-31 December 2010


  • Net sales for the period rose 8% to SEK 6,745 million (6,271). For comparable units the increase was 3%.
  • Operating profit before amortisation of intangible assets (EBITA) rose 18% to SEK 703 million (594) and the EBITA margin was 10.4% (9.5%).
  • Profit after tax rose 19% to SEK 405 million (341).
  • Earnings per share were SEK 10.18 (8.53) for the period.
  • The Board proposes a dividend of SEK 5.10 (4.30) per share.


  • Net sales rose 16% during the fourth quarter to SEK 1,764 million (1,525). For comparable units the increase was 11%.
  • Operating profit before amortisation of intangible assets (EBITA) rose 15% to SEK 163 million (142) and the EBITA margin was SEK 9.2% (9.3%).
  • Profit after tax was SEK 87 million (86).
  • Earnings per share were SEK 2.20 (2.15) for the quarter.

CEO’s message

Continued improved market climate 
The Group's order intake continues to develop well, with organic growth of 14% during the final quarter of the year. However, there are variations between various countries and market segments. The three countries with a clear upward trend are Sweden, Finland and Germany. In the other Nordic countries and Benelux we still have not seen a definite upswing. A partial reason for this is that the downturn for Indutrade was not particularly great in these areas during the general recession in 2009. In Sweden and Finland the upswing has been comparatively broad, even though some customers are still suffering from low capacity utilisation. The pattern is similar in Germany, with favourable growth in many segments. Certain sectors, however, such as the processing industry, are lagging after due to continued overcapacity. 

In a comparison of 2010 with 2009, we see two main factors that have had a dampening effect on sales and thus on earnings. 

First, in 2009 the Group had substantial invoicing in the energy sector – both for conventional and renewable energy. However, order intake in this segment fell already in the first half of 2009 and is still down, which explains the decrease in invoicing between the two years. Although optimism in this sector is now beginning to return, there is still no clear upward trend in order intake. 

Second, through acquisitions Indutrade increased its exposure to the marine sector from mid-year 2010 forward. That entire sector had very weak performance during the autumn. It is positive to note, however, that order intake began to gain momentum towards the end of 2010. 

All in all, the signals from the markets in which the Group is active are positive. There are no signs of a weakening in any of Indutrade's markets. 

For 2011, indications are strong of continued organic growth in most segments. Added to this are the effects of acquisitions made in 2010 and early 2011. 

The EBITA margin for the Group was 10.4% for the full year, which is higher than our target of a minimum of 10% during an economic cycle. 

We carried out nine acquisitions in 2010 and an additional four during the start of 2011. In early January we acquired three companies with combined annual sales of approximately SEK 500 million, and in early February we acquired an additional company in Sweden with annual sales of approximately SEK 60 million. 

Johnny Alvarsson, President and CEO