Saft announced its certified earnings for the full year ended 31 December 2009. The company announced full year 2009 sales of €559.3m, down 9.6% YoY at constant exchange rates (- 8.2% as reported). EBITDA margin maintained (excluding the impact of Jacksonville) at 18.1% of sales, or €101.0m. EBIT margin (excluding the impact of Jacksonville) was at 12.4% of sales, or €69.4m, compared with €80.8m in 2008.
Net income was €28.9m, compared with €35.1m in 2008 (-17.7%). Earnings per share were €1.50 in 2009 compared with an adjusted earnings per share of €1.71 in 2008. The company reported what it described as strong cash generation from operating activities, up €11.8m (14.4%) YoY. An unchanged dividend of €0.68 per share will be proposed at the Annual General Meeting.
John Searle, Chairman of the Management Board, commented, "I am pleased to announce that despite a fall in sales approaching 10%, the Group has succeeded in maintaining a significant level of profitability during 2009. At 18.1% of sales, our EBITDA margin is in line with our beginning-of-year guidance. This positive performance reflects an improvement in our gross margins reflecting reduced costs of our raw material and component purchases, the initial impacts of the cost reduction measures we have implemented and a positive overall foreign exchange impact. The strong cash generation achieved in 2009 has contributed to improving the Group’s financial structure and has enabled us to increase our investment in Research and Development and in the Johnson Controls-Saft joint venture."
