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Gunnebo Interim Report, January-March 2020: Focus on employees, long-term financial stability and customers in turbulent times

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January-March 2020

  • Order intake amounted to MSEK 1,490 (1,432), an increase of 4%
  • Order book amounted to MSEK 1,506 (1,391), an increase of 8%
  • Net sales amounted to MSEK 1,224 (1,206), an increase of 2% 
  • EBITA amounted to MSEK 25 (47) and the EBITA margin was 2.1% (3.9)
  • Adjusted EBIT amounted to MSEK 22 (46) and the adjusted EBIT margin was 1.8% (3.8)
  • Operating profit (EBIT) amounted to MSEK 13 (40)
  • Net profit for the period amounted to MSEK –5 (7)
  • Earnings per share amounted to SEK –0.05 (0.09)
  • Free cash flow amounted to MSEK –54 (1), and free cash flow per share amounted to
    SEK –0.57 (0.01)
  • For the first quarter Gunnebo estimates that Covid-19 impacted net sales by
    approximately MSEK 75 and EBITA by approximately MSEK 25

“Despite the downturn at the end of the quarter, the Group’s order intake and net sales were somewhat higher than in the corresponding quarter of the previous year, and Gunnebo’s order book increased by 8%, which is a sign of strength. The strong development in Entrance Control and Safe Storage could not fully offset reduced volumes and decreased margins in other business units and the negative effects of Covid-19, which affected profitability and EBITA. Proactive measures have been accelerated, as the impact of Covid-19 is expected to be significant in the second quarter due to the global market downturn and reduced demand,” Stefan Syrén, President & CEO of Gunnebo.

“At the time of writing, we are still facing great uncertainty. Covid-19 and its long-term effects on Gunnebo are still difficult to assess. Our direction remains unchanged and the planned change processes for a stronger Gunnebo are ongoing. At the same time, we see business opportunities in changing behavioural patterns in society, which may increase the demand for products and services in people flow management and safe storage,” Stefan Syrén, President & CEO of Gunnebo.

Teleconference 21 April at 08.15 (CET)
To participate in the conference call, please dial in on:
Sweden +46 8 519 993 83
UK +44 33 3300 9260

Agenda
08.10  Call in
08.15  Presentation of the interim report by Gunnebo’s President & CEO, Stefan Syrén
           and CFO, Åke Bengtsson
08.40  Q&A session
08.45  Closing of the conference 

The presentation will be available when the report has been published on: https://financialhearings.com/event/12071 or www.gunnebogroup.com. You can also access the webcast afterwards via the same channels.

This information is information that Gunnebo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 08.00 CET on 21 April 2020.  

For more information contact:
Åke Bengtsson, CFO, phone +46(0)10-20 95 081
Isabelle Ljunggren, Director Investor Relations, phone +46(0)10-20 95 099

The Gunnebo Group operates worldwide providing innovative products, software and services to control the flow of valuables, cash and people. Gunnebo offers entrance control, safe storage, cash management and integrated security solutions to customers primarily within retail, mass transit, public & commercial buildings, industrial & high-risk sites and banking. The Group has a turnover of MSEK 5,500 and is listed on NASDAQ Stockholm. www.gunnebogroup.com

Tags:

Interim report Gunnebo Entrance Control cash management Åke Bengtsson Safe Storage Stefan Syrén Isabelle Ljunggren Other Business

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Quotes

Despite the downturn at the end of the quarter, the Group’s order intake and net sales were somewhat higher than in the corresponding quarter of the previous year, and Gunnebo’s order book increased by 8%, which is a sign of strength. The strong development in Entrance Control and Safe Storage could not fully offset reduced volumes and decreased margins in other business units and the negative effects of Covid-19, which affected profitability and EBITA. Proactive measures have been accelerated, as the impact of Covid-19 is expected to be significant in the second quarter due to the global market downturn and reduced demand.
Stefan Syrén, President & CEO of Gunnebo
At the time of writing, we are still facing great uncertainty. Covid-19 and its long-term effects on Gunnebo are still difficult to assess. Our direction remains unchanged and the planned change processes for a stronger Gunnebo are ongoing. At the same time, we see business opportunities in changing behavioural patterns in society, which may increase the demand for products and services in people flow management and safe storage.
Stefan Syrén, President & CEO of Gunnebo