Annual reports

After a weak start to the year the Group saw a clear improvement in the market situation in the second half of the year and once again reported growth and positive results in Q4.

The operating income was SEK 2,091 million (2,281), of which 47 per cent (47) was from sales outside Sweden. Organic growth was -5 per cent. The fall in sales is mainly due to the units active in the automotive sector. Sales in Q4 amounted to SEK 583 million (539) and organic growth was 13 per cent.

The operating profit was SEK 3 million (-241), giving an operating margin of 0.1 per cent (-10.6). The total cost of carrying out the cost-cutting scheme affected results for the year by SEK 15 million. Last year results were affected by one-off items of SEK 171 million, of which write-down of good- will and shares in associated companies amounted to SEK 78 million. The operating profit, excluding these items was SEK 18 million (-70) with an operating margin of 0.9 per cent (-3.1).

The operating profit in Q4 saw an improvement of SEK 126 million, amounting to SEK 35 million, giving an operating margin of 6.0 per cent (-16.9). The Group’s equity/assets ratio was 33.0 per cent (30.5).

New business and more enquiries from all Semcon’s sectors mean that the Group has a major recruitment requirement. The company has a posi- tive outlook for 2011 and expects to continue seeing improved results.

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