Uponor Corporation Half year financial report 24 July 2020
Half-year financial report January –
April–June 2020
- Net sales were €277.1 (292.6) million, a decline of 5.3%. Organic growth was -5.3% in constant currency terms.
- Comparable operating profit was €36.2 (25.3) million, a growth of 43.0%.
- Operating profit was €30.3 (25.3) million, a growth of 19.8%.
- Earnings per share were €0.21 (0.18).
January–June 2020
- Net sales were €554.5 (541.5) million, a growth of 2.4%. Organic growth was 2.4% in constant currency terms.
- Comparable operating profit was €65.6 (39.5) million, a growth of 65.8%.
- Operating profit was €58.8 (39.5) million, a growth of 48.8%.
- Earnings per share were €0.51 (0.29).
- Cash flow from business operations was €28.7 (-15.9) million.
- Return on investment was 19.0% (12.2), and gearing 40.2% (66.7).
Guidance statement for 2020
On
“During Q2, our net sales decreased mainly due to the overall market slowness created by COVID-19 restrictions and related economic uncertainty. In many markets, activity started to pick up towards the end of the quarter. Despite the gap in net sales, all segments improved their profits and hence, profitability. Since the start of the pandemic, we have practised tight cost control and taken measures to right-size our personnel. Together with well running operations without similar yield and cost issues as witnessed last year, combined with favourable impact from input costs, these actions have supported our profitability development. By the end of the reporting period, there have been only minor reductions in our production volumes and our supply chain has been able to deliver according to our expectations and promises towards our customers.
Building Solutions –
Building Solutions –
Delays in big designed solutions projects impacted Uponor Infra’s net sales, but profitability improved in our major Nordic markets, driven by lower operative costs.
The execution of our operational excellence programme has started and we can see the first signs that these actions have started to yield results already during the second quarter.
The impacts of COVID-19 on the second half of the year are still hard to predict. While there is no visibility beyond July, current progress in the month indicates demand essentially in line with
Key figures
M€ | 4-6/ 2020 | 4-6/ 2019 | Change | 1-6/ 2020 | 1-6/ 2019 | Change | 1-12/2019 |
Net sales | 277.1 | 292.6 | -5.3% | 554.5 | 541.5 | +2.4% | 1,103.1 |
Building Solutions – | 118.5 | 125.7 | -5.7% | 247.3 | 249.3 | -0.8% | 489.3 |
Building Solutions – | 90.5 | 96.3 | -6.1% | 183.1 | 171.0 | +7.1% | 375.4 |
69.5 | 72.4 | -4.0% | 126.7 | 124.8 | +1.6% | 243.9 | |
Operating expenses | 234.1 | 254.7 | -8.1% | 469.6 | 477.4 | -1.6% | 961.3 |
Depreciation and impairments | 13.1 | 13.3 | -1.4% | 26.6 | 25.8 | +3.2% | 51.8 |
Other operating income | 0.5 | 0.6 | -24.2% | 0.5 | 1.2 | -54.0% | 1.3 |
Operating profit | 30.3 | 25.3 | +19.8% | 58.8 | 39.5 | +48.8% | 91.3 |
Building Solutions – | 7.5 | 8.2 | -8.9% | 19.4 | 15.4 | +25.8% | 31.6 |
Building Solutions – | 15.0 | 13.8 | +8.7% | 31.8 | 21.3 | +49.3% | 57.1 |
7.3 | 5.4 | +36.7% | 9.1 | 6.0 | +52.0% | 10.8 | |
Comparable operating profit | 36.2 | 25.3 | +43.0% | 65.6 | 39.5 | +65.8% | 92.7 |
Building Solutions – | 13.2 | 8.2 | +60.5% | 26.0 | 15.4 | +67.9% | 32.3 |
Building Solutions – | 15.1 | 13.8 | +9.3% | 31.9 | 21.3 | +49.6% | 57.1 |
7.3 | 5.4 | +36.7% | 9.1 | 6.0 | +52.0% | 10.8 | |
Financial income and expenses | -4.9 | -3.2 | +53.6% | -1.8 | -6.6 | -72.6% | -11.6 |
Profit before taxes | 24.2 | 21.1 | +14.9% | 54.6 | 31.0 | +76.5% | 75.6 |
Profit for the period | 17.8 | 15.3 | +16.5% | 40.1 | 22.4 | +78.9% | 55.3 |
Earnings per share | 0.21 | 0.18 | +12.5% | 0.51 | 0.29 | +76.9% | 0.72 |
M€ | 30 June 2020 | Change | ||
Net working capital | 132.6 | 163.1 | -18.7% | 115.1 |
Net interest bearing debt | 147.0 | 224.9 | -34.6% | 139.1 |
Solvency | 40.4 | 39.2 | +3.2% | 44.6 |
Gearing | 40.2 | 66.7 | -39.8% | 37.6 |
Return on investment | 19.0 | 12.2 | +55.9% | 14.4 |
Webcast of the results briefing and the presentation
A live webcast on the half year results will be broadcasted on 24 July at
Uponor Corporation’s financial reporting in 2020
28 Oct 2020 Interim report 1–9/2020
For further information, please contact:
Minna Yrjönmäki, CFO, tel. +358 20 129 2036
DISTRIBUTION:
Nasdaq
Media
www.investors.uponor.com
Attachment
Uponor Q2 half-year financial report 2020
© OMX, source