Second quarter, April-
· The quarter was heavily impacted by the COVID-19 pandemic. Net sales amounted to
· EBITA amounted to
· Operating income amounted to
· Operating cash flow after investments amounted to
· Income for the period amounted to
· Net debt/EBITDA was 1.3x (0.1).
· Actions were put in place during the quarter to reduce costs that partially compensated for the rapid drop in sales due to the COVID-19 pandemic.
"I am proud of the swift actions taken by the team in this unprecedented time to keep EBITA at break-even and even have a small positive cash flow given the severity of the market decline.
Sales in the quarter declined by 40%, however improving throughout the quarter. In June, sales recovered and had a 20% organic decline after the significant 50% drop in April and May. Sales in the beginning of July are in line with the percentage decline registered in June. We interpret this as a sign of recovery.
In order to be more flexible and to adapt our cost structure, we are reviewing structural cost-saving initiatives. The ambition is to define and start to implement new measures during the second half of 2020 that together with the already implemented activities will generate yearly cost savings of
I am particularly proud of how our employees have continued to show commitment, perseverance and flexibility during this unprecedented crisis. This is a demonstration that we will continue to stand strong also in the future."
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https://news.cision.com/electrolux-professional/r/electrolux-professional-ab-interim-report-q2-2020,c3158968
https://mb.cision.com/Main/18876/3158968/1283128.pdf
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