Systemair Q1 - Sales on a par with one year previous

First quarter, May–July 2009 · Net sales rose 0.3 percent, to SEK 790 million (787). · Operating profit (EBIT) fell 34 percent, to SEK 69 million (103). The operating margin equalled 8.7 percent (13.1). · Profit after tax fell 32 percent, to SEK 47 million (70). · Earnings per share equalled SEK 0.90 (1.33). · Cash flows from operating activities totalled SEK 72 million (73). Significant events during the period · Acquisition of the ventilation company Energo Plus in Slovenia in May. Comments by Gerald Engström, CEO: “We are pleased to have achieved sales comparable to the preceding year’s, though we were helped by foreign exchange and, to some extent, acquisitions. Our operating margin of 8.7 percent during this recession confirms that our cost adjustments have been effective. We have not scaled back our investment in the future: product development, marketing and efficiency enhancements continue apace. We have continued to invest in manufacturing equipment and buildings. We are poised to resume our growth once the economy recovers.”