Release
February 10, 2011

Problems related to ERP system decreased Onninen’s turnover and result

Markets nearly in all countries where Onninen operates, as well as nearly in all customer segments and product areas developed favourably during 2010. Growth after recession was most powerful in Sweden and Poland. In the Baltic countries market remained rather weak.

Go-live of the new ERP system in the Baltic countries and Finland had a remarkable effect on turnover and result. Especially problems in invoicing led to business losses. Because of this, market growth did not appear in Onninen Finland’s turnover. Also in Norway the changes of business structures brought along poor growth and result.

The Group’s turnover increased by 3.8% and was EUR 1,386.0 million. With comparable currency exchange rates turnover decreased by 0.9%.

Sweden, Poland, Russia and the Baltic countries increased their result. However, Finland and Norway have such a weight in Group that their decreased results carried the total result in to very poor outcome. The Group’s result before amortization of goodwill (EBITA) amounted to EUR -25.8 million.

Read Results release 2010 

Further information:
Chief Financial Officer Heikki Ala-Ilkka, tel. +358 (0)40 521 5005
President and CEO pro tem Maarit Toivanen-Koivisto, tel. +358 (0)204 85 5508

The 2010 financial statements bulletin is available in Finnish on www.onninen.fi

ABOUT ONNINEN:
Onninen provides comprehensive materials services to contractors, industry, public organizations and technical product retailers.  We are a family-owned company and have operated in the industry since 1913. We have 3,000 employees in our Finnish, Swedish, Norwegian, Polish, Russian, Baltic and Kazakh operations. Our net sales for 2010 totaled EUR 1.4 billion.