Report on the fourth quarter and full-year 2008
"The global economic decline that occurred in the fourth quarter 2008 was one of the most dramatic experienced by Sandvik. The slowdown impacted all business areas and most markets. Order intake declined in price and volume by 18%, while the drop in invoiced sales was restricted to 1%. Operating profit amounted to SEK 2.2 billion, an operating margin of 9.2%."
"During the quarter, a number of measures to adjust costs and production capacity to a less favorable market situation were initiated and implemented and the effect of such activities will impact earnings gradually during this year. We keep a high alert and are prepared to act on short notice," says Sandvik's President and CEO Lars Pettersson.