Balco’s Q4 sales and earnings came in weaker than anticipated, with sales lagging our estimate by -3%, and order intake by -10%. Reported earnings were burdened by NRIs amounting to SEK 19m, which were related to write-downs in order backlog after increased uncertainty in timing of starts in some projects. Adjusted for previous, EBIT margin was at 8.3%. No dividend will be proposed for the year 2020.
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