Systemair AB Year-end Report May 1, 2022 – April 30, 2023

Fourth quarter February – April 2023

       Net sales increased by 17.6 percent to SEK 3,129 million (2,662).

       Organic growth was +13.0 percent (+16.4).

       Adjusted operating profit (EBIT) totalled SEK 282 million (230). Operating profit (EBIT) totalled SEK 734 million (191), including a capital gain of SEK +445 million from the sale of the air conditioning business. 

       The adjusted operating margin was 8.9 percent (8.6) and operating margin was 23.5 percent (7.2).

       Profit after tax amounted to SEK 619 million (139).

       Earnings per share (basic) were SEK 2.97 (0.66).

       Cash flow from operating activities amounted to SEK +168 million (-32).

12 months May 2022–April 2023

       Net sales increased by 25.2 percent to SEK 12,058 million (9,634).

       Organic growth was +15.9 percent (+12.7).

       Adjusted operating profit (EBIT) totalled SEK 1,110 million (821). Operating profit (EBIT) totalled SEK 1,401 million (770), incorporating a capital gain of SEK +445 million from the sale of the air conditioning business and write-downs of SEK -155 million.

       The adjusted operating margin was 9.2 percent (8.5) and operating margin was 11.6 percent (8.0).

       Profit after tax amounted to SEK 1,045 million (544).

       Earnings per share (basic) were SEK 5.00 (2.61).

       Cash flow from operating activities amounted to SEK +588 million (+235).

       The Board of Directors proposes a dividend of SEK 1.10 (0.90) per share.

Roland Kasper, President and CEO, comments:

Systemair's fourth quarter showed continued good growth. Sales increased by 17.6 per cent, 13.0 percent of which was organic. The gross margin improved to 34.2 percent (34.1). During the quarter, Systemair completed the divestment of the air conditioning business, resulting in a capital gain of SEK 445 million. Adjusted operating profit increased to SEK 282 million (230).

Presentation

A digital conference will be held at 09:00 CET on June 8, 2023. The report will be presented by Roland Kasper, CEO, and Anders Ulff, CFO. Visit group.systemair.com for information on how to join the conference.

For further information contact:

Roland Kasper, CEO, + 46 73 094 40 13

Anders Ulff, CFO, + 46 70 577 40 09

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

Systemair in brief

Systemair is a leading ventilation company operating in 51 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The company had a turnover of SEK 12.1 billion in the 2022/23 financial year and employs approximately 6,600 employees today. Systemair has reported an operating profit yearly since 1974 when the company was founded. Over the past 10 years, growth has averaged 10.5 percent. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions.

Systemair has a well-established business in growth markets. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007 and are today traded on the Large Cap List. The Group comprises about 90 companies.