How can we sum up 2009?
We could point out that for the first time ever, with zero visibility on the potential impact of the recession and financial crisis on our markets, we were not in the position to make any predictions. The magnitude of the downturn in certain countries came as a surprise, particularly as it only occurred – albeit abruptly – at the end of 2008.
We could add that we reacted promptly, but were careful not to overreact in order to avoid causing any long-term harm to certain vital parts of our business, such as our commercial organisation or R&D.
Priority was given to the stability of our business, and hence to our financial independence, and, thanks to determined action on inventories and receivables, our net liquidity improved by EUR 15 m.
Finally, we should note that our business model, based on a combination of direct sales and maintenance, proved its resilience, and the decline in sales was held to 2.5%.
Is all the economic uncertainty now behind us? We suspect not, and the first half-year could still see tough trading conditions before a timid recovery begins to assert itself.
With the benefit of a robust balance sheet, we have decided to leave the dividend unchanged.
For 2010, we are making no rash promises, merely the assurance that we shall continue increasing our market share, controlling costs as tightly as possible, and to restart seeking further opportunities for external growth.
