Net sales decreased 6.8 percent, to SEK 2,100 million (2,254).
Organic growth was -4.4 percent (4.1).
Operating profit (EBIT) totalled SEK 182 million (173).
The operating margin was 8.7 percent (7.7).
Profit after tax amounted to SEK 82 million (128).
Earnings per share totalled SEK 1.57 (2.44).
Cash flow from operating activities amounted to SEK 177 million (194).
Roland Kasper, President and CEO, comments: “With the onset of the Covid-19 pandemic, the quarter started weakly in May, but June and July showed signs of recovery with good sales in both. Overall, sales development during the quarter was better than expected, but nevertheless decreased by 6.8 percent, of which 4.4 percent was negative organic growth. The gross margin narrowed slightly to 33.6 percent (34.0) as a result of lower capacity utilisation. Operating profit totalled SEK 182 million, or 8.7 percent, which was 1.0 percentage better than last year. Good ventilation reduces spread of infection, which has a positive effect on demand.”
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
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 13:00 (CET) on August 26, 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 8.9 billion in the 2019/20 financial year and employs approximately 6,200 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 11 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.