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Systemair AB Interim Report Q4 2019/20

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Press Release, June 9, 2020

Fourth quarter February 2020 – April 2020

  • Net sales decreased 5.3 percent, to SEK 2,031 million (2,144).
  • Organic growth was -6.8 percent (9.3).
  • Operating profit (EBIT) amounted to SEK 56 million (114), including a goodwill write-down of SEK -38 million.
  • The operating margin was 2.8 percent (5.3).
  • Profit after tax amounted to SEK -2 million (78).
  • Earnings per share totalled SEK -0.02 (1.53).
  • Cash flow from operating activities amounted to SEK 40 million (36).

12 months, May 2019 – April 2020

  • Net sales increased by 7.1 percent to SEK 8,915 million (8,326).
  • Organic growth was 1.2 percent (7.6).
  • Operating profit (EBIT) amounted to SEK 626 million (528), including a goodwill write-down of SEK -38 million.
  • The operating margin was 7.0 percent (6.3).
  • Profit after tax amounted to SEK 385 million (321).
  • Earnings per share totalled SEK 7.34 (6.20).
  • Cash flow from operating activities amounted to SEK 844 million (387).
  • The Board of Directors proposes that no dividend (2.00) be paid, citing the current uncertainty surrounding the coronavirus pandemic

Roland Kasper, President and CEO, comments:
“In the fourth quarter, sales decreased by 5.3 per cent. The quarter began relatively well, but in April in particular a marked decline emerged through the impact of the coronavirus in several countries. Nevertheless, it is pleasing to be able to report Systemair's strongest year in terms of sales and earnings. The gross margin continued to improve via consistent implementation of the action programme. During the quarter, a goodwill write-down of SEK 37.8 million was also applied. Adjusted for the write-downs, the operating margin was 4.6 percent for the quarter and 7.4 percent for the full year. Although this did not fully meet our expectations, it may still be seen as another step in the right direction towards achieving an operating margin of 10 percent.”

For further information contact:
Roland Kasper, CEO, + 46 73 094 40 13, +46 222 440 13
Anders Ulff, CFO, + 46 70 577 40 09, +46 222 440 09

Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com

Note: The information here is that which Systemair AB is obliged to make public under the EU's market abuse regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 (CET) on June 9, 2020.

Systemair in brief

Systemair is a leading ventilation company with operations in 50 countries in Europe, North America, South America, the Middle East, Asia, Australia and Africa. The Company had sales of SEK 8.3 billion in the 2018/19 financial year and employs approximately 6,300 people. Systemair has reported an operating profit every year since 1974, when the company was founded. Over the past 10 years, the Company's growth rate has averaged about 10 percent. Systemair contributes to enhance the indoor environment with energy efficient and sustainable products that reduce carbon dioxide emissions.

Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, Fantech and Menerga brands. Systemair shares have been quoted on the Mid Cap List of the Nasdaq OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 80 companies.

 

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