Electrolux Professional AB interim report Q2 2020
Second quarter, April-June 2020
- The quarter was heavily impacted by the COVID-19 pandemic. Net sales amounted to SEK 1,489m (2,455). Sales decreased by 39.3%. Organically sales decreased by 39.9%.
- EBITA amounted to SEK –4m (418), corresponding to a margin of –0.2% (17.0).
- Operating income amounted to SEK –18m (401), corresponding to a margin of –1.2% (16.3).
- Operating cash flow after investments amounted to SEK 31m (432).
- Income for the period amounted to SEK –28m (126), and earnings per share was SEK –0.10 (0.44).
- Net debt/EBITDA was 1.3x (0.1).
- Actions were put in place during the quarter to reduce costs that partially compensated for the rapid drop in sales due to the COVID-19 pandemic.
Alberto Zanata, President and CEO:
“I am proud of the swift actions taken by the team in this unprecedented time to keep EBITA at break-even and even have a small positive cash flow given the severity of the market decline.
Sales in the quarter declined by 40%, however improving throughout the quarter. In June, sales recovered and had a 20% organic decline after the significant 50% drop in April and May. Sales in the beginning of July are in line with the percentage decline registered in June. We interpret this as a sign of recovery.
In order to be more flexible and to adapt our cost structure, we are reviewing structural cost-saving initiatives. The ambition is to define and start to implement new measures during the second half of 2020 that together with the already implemented activities will generate yearly cost savings of SEK 100–150m.
I am particularly proud of how our employees have continued to show commitment, perseverance and flexibility during this unprecedented crisis. This is a demonstration that we will continue to stand strong also in the future.”
This information is information that Electrolux Professional AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person below, at 8:00 a.m. CET on July 24, 2020.
For further information, please contact Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33