Company announcement
Announcement no. 1/2020
Highlights for 2019
- Full-year results were lower than expected in the beginning of the year but in line with latest guidance. The results were impacted by weakened economic conditions in EMEA leading to negative organic growth, and in
Americas growth did not materialize as expected in the US business, which led to negative organic growth for the full year - Revenue for the total business amounted to 966.5 mEUR, which is 87.8 mEUR lower than in 2018 due to divestments and discontinuation of businesses as well as negative organic growth across the reporting segments
- Organic growth in the branded professional business was -2.6% impacted mainly by EMEA and
Americas with -2.2% and -2.8% respectively. In EMEA, challenging market conditions affected the performance especially inCentral Europe and in the industrial segment across the entire EMEA region, whereasAmericas was impacted by negative organic growth in US. In APAC,Nilfisk posted ‑4.3% organic growth primarily due to the performance inAustralia - Organic growth for Consumer and Private label was -11.8% and -14.4%, respectively, which led to organic growth for the total business of -4.1%
- EBITDA before special items amounted to 121.4 mEUR corresponding to an EBITDA margin before special items of 12.6%. Excluding the positive impact from IFRS 16 the EBITDA margin before special items was 9.9%, which compares to an EBITDA margin before special items excluding the effect from phantom shares of 11.5% in 2018
- Throughout the year,
Nilfisk continued to execute on the Nilfisk Next strategy, especially making progress in the implementation of a global blueprint with shared organizational structures, processes and tools - End of year, the autonomous Nilfisk Liberty SC50 had been launched in all key markets in
Europe andNorth America as well as selected markets inAsia gaining commercial traction in all regions
Outlook for 2020
- For 2020 we expect the total business to generate organic growth of -4% to 1% compared to 2019
- The organic growth is expected to differ across the quarters in 2020. Specifically, we expect the organic growth to be negative in the first half of the year, whereas we expect positive organic growth rates in the second half of the year
- We expect the EBITDA margin before special items to materialize in the range of 12%-13%
CEO comment
Commenting on the results,
“2019 was disappointing in terms of our financial performance, which was significantly lower than our expectations when we entered the year. In
Key figures
FY 2019 | FY 2018 | Q4 2019 | Q4 2018 | |
Revenue (mEUR) | 966.5 | 1,054.3 | 233.8 | 258.7 |
Organic growth | -4.1% | 2.0% | -6.3 % | -1.9% |
Gross margin | 42.3% | 42.0% | 40.3% | 41.6% |
EBITDA before special items (mEUR) | 121.4 | 125.5 | 26.1 | 34.0 |
EBITDA margin before special items* (mEUR) | 9.9% | 11.5% | 8.8% | 12.5% |
EBIT before special items (mEUR) | 53.5 | 87.4 | 8.1 | 25.2 |
EBIT margin before special items | 5.5% | 8.3% | 3.5% | 9.7% |
* Adjusted for positive impact from IFRS 16 (2019) and impact from phantom shares (2018)
Conference call
To dial in
US: +1 833 823 0587
Link to webcast: https://nilfisk.eventcdn.net/2019fy/
Contact
Investor Relations
Head of Investor Relations
T: +45 2128 5832
Media Relations
Louise Refsgaard Klinge
Global Media Relations
T: +45 2067 0833
Attachments
- Nilfisk Annual Report 2019
- Nilfisk CSR Report 2019
- 1 Annoncement_25022020_Nilfisk Annual Report 2019
© OMX, source