In summary, sales increased 3% during 2009 when compared to 2008, reaching SEK 12,542 m due to acquisitions. On a pro-forma basis, Group sales decreased 18% during 2009, of which 9% was related to a decline in volumes. Perstorp successfully implemented a cost-savings program and efficiency improvements during the year, which amongst others resulted in a 20% reduction of work force.
Perstorp’s recovery from the 2009 financial crisis began in the second quarter. At year-end, the operating profit before depreciation and amortization (EBITDA) reached SEK 986 m (1,670). Adjusted for non-recurring items, the profit was SEK 1,100 m (1,723).
“We used last year’s economic challenges to improve our efficiency while developing a solid new strategic direction for the company.