Annual Profile 2009 - Introduction by the COO 

The full annual profile can be seen as an E-paper version here

2009 - Insight broadens our outlook

I won’t hesitate in calling 2009 a tough year. As we look back at the highlights of 2009, we can safely say that, as feared, it was a year marred by financial crisis – not only for us, but for many others as well. The whole sanitation sector suffered as a result of fluctuations in the construction industry, causing even well-established HWS companies to come under severe pressure.

The financial crisis cannot be said to be one of our making, as in no way does it reflect problems linked to Pressalit Group’s business foundation. Rather the crisis is rooted in a global meltdown in which we have no part. This said, it is inevitable that we have been affected by its repercussions and have had to act accordingly. As early as the beginning of 2009, it became clear that our annual revenue budgets were no longer realistic. The annual accounts show that Pressalit Group’s turnover for the year amounted to DKK 460.3 million, which is 14% lower than in 2008. Nevertheless we were able to respond to the situation quickly and substantially reduce our costs thanks to an extraordinary effort. Unfortunately this meant parting company with a number of dear colleagues, which proved difficult for everyone in the company.

A black zero on the bottom line

Our annual earnings before interest and taxes (EBIT) show a modest profit of DKK 1.6 million – corresponding to a “black zero” on the bottom line. This must be viewed as a satisfactory result in light of the current crisis. We have benefited from tight financial management, which together with the reduction in stocks has had a positive impact on our liquidity. The company also has a sizeable equity ratio, despite the fact that a few years ago the banks tried to convince us that this was passé.

Generational shift

Insight and outlook