Strengthened margin and sharply reduced net debt
President and CEO Henrik Hjalmarsson comments on the fourth quarter and full-year of 2019.
“As we now close the books for 2019, I can sum up a year that largely progressed in accordance with our plan given the market conditions. We delivered strong cash flows and a sharply reduced level of debt. This was all in line with our undertakings to continuously strengthen the balance sheet to be able to conduct new, value-generating acquisitions when the timing is right”.
“In the fourth quarter of 2019, despite relatively weak market activity in Business Area North, we delivered an improved margin, while continued strong cash flow brought net debt down to 2.2x EBITDA, excluding IFRS 16. Compared with the corresponding period in the preceding year, net sales decreased by 3 percent to SEK 1,813 million (1,864). Operating EBITA for the quarter was SEK 211 million (215) and the operating EBITA margin rose to 11.6 percent (11.5). Net sales for full-year 2019 landed at SEK 6,631 million (6,667), operating EBITA landed at SEK 646 million (657) and the operating EBITA margin was 9.7 percent (9.9)”.
”In addition to the favourable development of the Danish units and stable deliveries by our UK units, the Irish operations achieved sharply improved earnings. In e-Commerce, where development is compared with a strong fourth quarter in 2018, favourable growth was achieved in Sweden and Norway, while sales declined slightly in Denmark. During the quarter, challenging conditions, primarily in the Swedish and Finnish markets, continued to impact business area North. Some recovery could be discerned in the industry markets in Sweden and Finland, although it is still too early to draw any conclusions regarding a more sustained recovery in the market”.
“Our proven capacity to generate strong profits and cash flows means we are well equipped to continue developing our companies and expanding the Group. First and foremost, however, we take on the start of 2020 and the quieter winter season, with equal portions of humility and energy”.
Read the full press release, including KPI table, attached
For more information, please contact:
Henrik Hjalmarsson, President and CEO Tel.: 46 (0)76 846 20 46
Peter Welin, CFO and deputy CEO Tel.: 46 (0)703 24 31 90
E-mail: peter.welin@inwido.com
About Inwido
Inwido owns and develops companies that improve people’s everyday lives indoors with various products and services. Today, Inwido is Europe’s largest windows group and a natural home for the region’s strongest companies in the areas of comfort, indoor climate and safety. In 2019, Inwido achieved sales of SEK 6.6 billion and an operating EBITA margin of 9.7 percent. The Group has some 4,400 employees in total, with operations in Denmark, Estonia, Finland, Ireland, Lithuania, Norway, Poland, Romania, the UK, Sweden and Germany.
