Concurrent Uponor wist het volgende te melden over 2009:
Last quarter of 2009
The stabilisation of market demand seen after the summer of 2009 continued in the fourth quarter. The fall in demand slowed, and compared to the low levels seen in the last quarter of 2008, slight growth could be detected in some markets and product groups. This stemmed from growing interest among consumers and businesses in investing and from improved financing opportunities, although the credit squeeze continued to hold back the launch of new projects.
Outlook for 2010
The decline in the market which started in the autumn of 2007 has stabilised in the last few months. This decline is no longer as steep as before and some areas have seen growth. However, the future growth opportunities of national economies remain weak, and demand in Uponor's market sectors is not expected to improve in 2010.
The public recovery programmes initiated in 2008 and 2009 continue to support demand.
However, no significant new recovery initiatives are anticipated. In some countries, support programmes are affected by the poor public financial situation. Although investment activity among consumers is growing, caution exercised by the financial markets is holding back development.
The market shares of several of Uponor's product systems continued to develop favourably in 2009. Increased energy costs and a general awareness of environmental issues have benefited Uponor's indoor climate solutions, i.e. heating and cooling systems, in particular. This trend is expected to continue. New product and service solutions,
recently introduced to customers, are supporting Uponor's growth.
Uponor has taken considerable restructuring measures to adapt operations to the current low level of demand, and day-to-day development will continue. Significant benefits have been achieved through Uponor's new organisational structure, especially in Europe, and it FINANCIAL STATEMENTS 2009 13 is anticipated that these benefits will be of a permanent nature. This year, modest investment needs and a decrease in the amount of capital invested in inventories will generate additional benefits, despite the fact that there will be a targeted spend on growth after the lengthy savings programme.
In the current business environment, Uponor's net sales in 2010 are expected to remain level with 2009, and operating profit is expected to improve from last year's reported operating profit. The Group’s fixed-asset investments are not expected to exceed depreciation, and efficient net working capital management measures will help retain the
Group’s cash flow at a reasonable level.