Revenues increased with 20% to 72 MEUR (100 MUSD) and earnings improved with 40% to 34 MEUR (48 MUSD)
Viken, Sweden—Comments from the chairman Darko Pervan: We have managed to maintain a high profitability during a challenging three year period in spite of the fact that we completed our new R&D centre, moved the whole business from the old to the new R&D centre and continued to increase our R&D costs considerably. Our efforts during that time have laid the foundation for the company to deliver improved results in 2011.
Our revenues and earnings exceed our expectations. Net sales were up 20% from last year. Out EBITDA increased by more than 40% from 24 to 34 MEUR. Our EBITDA margin improved from last year from 39% to 47% due to introduction of new technology and lower operating costs related to the new R&D centre. Our cash position remained strong.
The purchase of the R&D building from Välinge Invest AB decreases our lease costs and strengthens our balance sheet.
In May 2011, Välinge Invest AB (owned by the Pervan family) increased it shareholding and is now the majority shareholder with a 60% ownership. The Välinge group has now a strong majority owner that supports investments in R&D and IP.
The increased R&D resources have generated a wide range of new inventions related to 5G, Powder based surfaces (WFF), LVT, nano and digital printing technologies. Välinge will in 2012 hold more than 1.000 granted patents and pending patent applications in the pipeline exceed 5.000.
After 17 years as Välinge’s chairman and CEO I resigned as CEO in September 2011 and Niclas Håkansson was elected new CEO. I am pleased that we now have a young but very experienced management team that will manage Välinge during the coming exiting years when many new technologies will be commercialized. In my new role I can concentrate on Välinge’s overall R&D and IP strategy and to develop new activities within the mother company Välinge Flooring Technology AB as well within the Välinge invest group of companies where I will continue as CEO.