“A solid fourth quarter and continued growth in service volumes supported us in reaching our targets for the year 2015. Net sales grew by 5% and profitability reached 12.2%. Furthermore, the quarterly order intake in the equipment businesses improved sequentially towards year end. Given the challenging operating environment we can be pleased with our performance.
Services’ development was clearly the highlight of the year, with double digit growth in both orders and sales. Our success was driven by a focused sales approach and an enhanced value proposition, as well as by the increasing willingness of our customers to invest in performance optimising services. We will work actively to ensure the continued development of our offering in 2016. Another key focus area will be cash flow development, which this year was negatively affected by the timing of power plant deliveries.
Looking into 2016, we expect the market situation to remain similar to that seen during the previous year. The favourable development of service activity is expected to continue, while conditions in energy markets will remain challenging and the demand for new vessels limited due to overcapacity and low oil prices. Despite our cautious market outlook, we remain well positioned to benefit from the trends of increasing demand for efficiency and changing energy needs. Digitalisation will increasingly drive our business, as we utilise data analytics to further optimise our customers’ operations, and our own internal processes and performance. Based on our solid order book and project pipeline, a growing Services business and our focus on continuous improvement, we expect to see some growth in sales and operating margins in the coming year.”