Sales by business segment
| EUR million | Q4 2008 | ± | Q4 2009 |
| Capacitors and Inductors | 156 | −14% | 134 |
| Ceramic Components | 119 | −24% | 90 |
| SAW Components | 107 | −7% | 99 |
Compared with Q4 2008, sales were down in all segments in the quarter under review. However, the decline was much less pronounced than in the previous quarters.
Sales for the Capacitors and Inductors segment decreased by 14 percent, primarily due to weaker business with components for industrial and automotive electronics applications.
Ceramic Components posted a 24 percent decline in sales. This segment has been hardest hit by weak demand from automotive electronics manufacturers.
In the SAW Components segment, sales were down 7 percent overall. Although business with RF filter products for mobile communication applications increased, this was not enough to compensate for declining demand for modules and multimedia filters.
3. Earnings
EBIT by business segment
| EUR million | Q4 2008 | | Q3 2009 | Q4 2009 |
| Capacitors and Inductors | +11.9 | | −8.2 | +2.2 |
| Ceramic Components | +10.7 | | −12.6 | −0.7 |
| SAW Components | +6.9 | | −2.9 | +4.2 |
A double-digit sequential increase in sales led to a significant improvement in EBIT across all business segments in Q4 2009.
EBIT was plus EUR 2.2 million in the Capacitors and Inductors segment.
For the Ceramic Components segment, EBIT improved by around EUR 12 million to minus EUR 0.7 million. This represented the largest EBIT improvement in any of EPCOS' business segments.
SAW Components ended the quarter under review well back in the black with EBIT of plus EUR 4.2 million.
Group earnings
| EUR million | Q4 2008 | | Q3 2009 | Q4 2009 |
| EBIT | +23.1 | | −23.7 | +5.7 |
| Net income | +8.8 | | −32.8 | −6.7 |
Earnings per share
(in EUR, undiluted) | +0.14 | | −0.50 | −0.10 |
Group EBIT was plus EUR 5.7 million in Q4 2009. This improvement was largely attributable to the increase in sales. Net income was minus EUR 6.7 million. Earnings per share were minus EUR 0.10.
Despite the after-tax loss, a positive cash flow totaling EUR 19 million was realized in the quarter under review. Depreciation, amortization and a reduction in net working assets more than made up for the net loss. The reduction in net working assets was achieved by further running down inventories. At the same time, the volume-driven rise in receivables was offset by an increase in liabilities. Net cash provided by operating activities was thus plus EUR 45 million. Net cash of EUR 26 million was used in investing activities.
