OUR OUTLOOK - Pressalit A/S

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SAYING GOODBYE TO A TOUGH YEAR – AND LOOKING FORWARD TO BETTER TIMES AHEAD Take a look at the world around us Dear reader! 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. At a time of intense focus on costs, it is good to see that throughout 2009 we have been able to improve productivity in our plastics factory. As the global economy begins to move from recession towards recovery, we know we have a sustainable streamlined company geared to the future. We have made the right investments that equip us for global competition – not least our decision to build a new toilet seat production facility in Thailand in 2010. As the global economy begins to move from recession towards recovery, we know we have a sustainable streamlined company geared to the future. Generational shift In terms of ownership, the company has undergone a generational shift inasmuch as my brother, and former COO Erik Boyter, sold his shareholding in the company in October. My mother, Fay Boyter, also decided to sell the majority of her shares in the company at the close of 2009. This means that Kim Boyter and myself have acquired their shares and now each own 45% of the A shares in Pressalit Group A/S. Fay Boyter continues to own the remaining 10% of B shares. Insight and outlook The Executive Committee has used the year to look beyond our own borders. We have visited nearly all our international distributors – excellent strategic business partners crucial to our two core business areas. This has taken us to such faraway destinations as Japan, Israel, Spain and Australia. This annual profile therefore focuses on our international outlook, but equally the insight yet another year of financial hardship has given us. Happy reading! Dan Boyter Executive Vice President & COO
003# Welcome to Pressalit Group
Page 1: INSIGHT BROADENS OUR OUTLOOK
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Page 7 and 8: OUT LOOK IS THE ABILITY TO SEE THE
Page 9 and 10: INNOVATORS For several years Pressa
Page 11 and 12: What does globalisation mean for Da
Page 13 and 14: NS Yes, but once again it requires
Page 15 and 16: We are convinced that establishing
Page 17 and 18: With a building sector hard hit by
Page 19 and 20: Unexpected variety Did you know a P
Page 21 and 22: MARTIN FOYLE SENIOR COMMERCIAL DIRE
Page 23 and 24: AN UPLIFTING YEAR FOR INDIVO In 200
Page 25 and 26: E THAN 400 STAFF. NO TWO CVS AND TH
Page 27 and 28: FINN ANDERSEN SHOP STEWARD, 3F As e
Page 29 and 30: KEEP LIVING AWARD 2009 Swimmer and
Page 31 and 32: 20 | 06 | 2009 FUN ON HIMMELBJERGET
Page 33 and 34: 18 | 12 | 2009 30 | 11 | 2009 FAREW
Page 35 and 36: PRESSALIT GROUP A/S’ ORGANISATION

OUR OUTLOOK - Pressalit A/S

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