Financial data

Demand for ventilation solutions continues to expand globally, driven by economic growth and clear international trends. With a strong market position and sales to more than 130 countries around the world, Systemair can benefit from this growing market.

Full year Quarters Year to date 12 months rolling

SEK million	2023/24	2022/23	2021/22	2020/21	2019/20	2018/19	2017/18	2016/17	2015/16	2014/15
Summary
Net sales	12,256.6	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5	5,882.2
Growth, %	1.6	25.2	13.1	-4.4	7.1	14.0	6.4	12.3	3.9	11.1
Operating profit	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Operating margin, %	7.9	11.6	8.0	7.9	7.0	6.3	4.8	6.4	5.6	6.4
Profit after financial items	864.4	1,294.9	741.7	564.0	543.7	458.0	333.2	410.2	307.3	380.4
Profit margin, %	7.1	10.7	7.7	6.6	6.1	5.5	4.6	6.0	5.0	6.5
Earnings per share, SEK	3.10	5.00	2.61	1.95	1.83	1.54	1.42	1.42	3.98	5.96
Earnings per share after full dilution, SEK	3.10	5.00	2.61	1.95	1.83	1.54	1.42	1.42	3.98	5.96
Income statements
Net sales	12,256.6	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5	5,882.2
Cost of goods sold	-8,042.9	-7,948.5	-6,315.6	-5,559.5	-5,831.3	-5,597.7	-4,887.2	-4,502.4	-4,010.4	-3,857.6
Gross profit	4,213.7	4,109.4	3,318.9	2,959.7	3,083.6	2,728.8	2,414.0	2,361.2	2,102.1	2,024.6
Other operating income	268.9	704.8	233.5	196.1	168.3	169.6	116.9	119.6	80.3	92.7
Selling expenses	-2,616.7	-2,459.8	-2,077.5	-1,861.3	-1,987.5	-1,826.9	-1,652.7	-1,548.1	-1,399.8	-1,352.7
Administrative expenses	-598.2	-575.4	-437.6	-427.8	-424.4	-389.2	-360.7	-365.1	-337.1	-313.9
Other operating expenses	-375.9	-419.1	-267.5	-190.0	-214.3	-154.2	-167.9	-128.6	-101.4	-73.9
Net profit on monetary items	71.2	41.5
Operating profit	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Net financial items	-98.6	-106.5	-28.1	-112.7	-82.0	-70.1	-16.4	-28.8	-36.8	3.6
Profit before tax	864.4	1,294.9	741.7	564.0	543.7	458.0	333.2	410.2	307.3	380.4
Tax	-210.6	-250.2	-197.4	-153.4	-158.4	-136.8	-103.1	-116.0	-100.1	-70.6
Profit for the period	653.8	1,044.7	544.3	410.6	385.3	321.2	230.1	294.2	207.2	309.8
Profit attributable to minority interests	8.2	5.1	0.4	4.4	3.8	-1.1	-0.4	0.0	0.0	0.0
Profit attributable to Parent Company's shareholders	645.6	1,039.6	543.9	406.2	381.5	322.3	230.5	294.2	207.2	309.8
Basic earning per share, SEK	3.1	5.0	2.6	1.9	1.8	1.6	1.1	1.4	4.0	6.0
Diluted earnings per share, SEK	3.1	5.0	2.6	1.9	1.8	1.6	1.1	1.4	4.0	6.0
Average number of shares during period, basic (thousand)	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Average number of shares during period, diluted (thousand)	208,110	208,063	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Balance sheets
Non-current assets
Goodwill	1,025.8	988.6	888.9	735.6	819.9	846.8	759.1	691.4	621.8	613.7
Other intangible assets	287.7	291.3	216.1	210.7	247.7	265.1	216.9	193.3	189.3	225.8
Tangible non-current assets	2,727.0	2,526.0	2,325.6	2,118.1	1,988.1	1,769.4	1,722.2	1,413.4	1,273.6	1,288.3
Financial non-current assets	240.6	179.9	193.6	237.5	254.9	267.6	240.4	200.6	180.5	180.0
Total non-current assets	4,281.1	3,985.8	3,624.2	3,301.9	3,310.6	3,148.9	2,938.6	2,498.7	2,265.2	2,307.8
Current Assets
Inventories	2,124.0	2,459.2	2,224.9	1,436.9	1,571.5	1,509.4	1,399.4	1,170.4	1,105.1	1,029.2
Current receivables	2,973.3	2,848.2	2,287.4	1,897.6	1,839.6	1,902.1	1,644.2	1,450.3	1,275.5	1,165.4
Cash & cash equivalents	414.3	339.9	335.9	319.1	378.2	250.4	212.8	241.8	176.9	187.8
Total current assets	5,511.6	5,647.3	4,848.2	3,653.6	3,789.3	3,661.9	3,256.4	2,862.5	2,557.5	2,382.4
Assets held for sale
Total assets	9,792.7	9,633.1	8,472.4	6,955.5	7,099.9	6,810.8	6,195.0	5,361.2	4,822.7	4,690.2
Equity and liabilities
Equity	5,653.8	5,272.5	3,853.5	3,330.1	3,084.7	2,839.2	2,620.3	2,381.3	2,108.2	2,082.2
Non-interst-bearing long-term liabilities	219.5	258.5	275.7	259.9	271.9	288.6	275.5	259.1	238.7	261.0
Interest-bearing long-term liabilities	727.3	671.6	1,230.8	1,051.5	1,119.8	1,070.0	690.7	319.3	196.7	245.4
Interest-bearing current liabilities	734.9	1,170.7	1,148.0	735.6	1,154.0	1,175.9	1,283.2	1,236.1	1,309.0	1,140.3
Non-interest-bearing current liabilities	2,457.2	2,259.8	1,964.4	1,578.4	1,469.5	1,437.1	1,325.3	1,165.4	949.8	961.3
Liabilities attritutable to available-for-sale assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total equity and liabilities	9,792.7	9,633.1	8,472.4	6,955.5	7,099.9	6,810.8	6,195.0	5,361.2	4,802.4	4,690.2
Cash flow statements in summary
Operating profit	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Adjustments for non-cash items	331.2	113.4	354.5	391.5	349.9	193.1	220.4	158.4	143.8	199.5
Financial items	-91.9	-77.7	-27.6	-27.5	-38.3	-32.3	-23.9	-22.4	-18.9	-20.7
Income tax paid	-220.0	-214.5	-147.4	-182.7	-149.8	-152.9	-147.4	-128.7	-138.8	-121.5
Cash flow from operating activities before changes in working capital	982.3	1,222.6	949.3	858.0	787.5	536.0	398.7	446.3	330.2	434.1
Changes in working capital	350.9	-634.9	-714.1	135.9	56.8	-149.5	-174.4	18.2	-161.3	-192.8
Cash flow from operating activities	1,333.2	587.7	235.2	993.9	844.3	386.5	224.3	464.5	168.9	241.3
Cash flow from investing activities	-389.7	318.6	-515.9	-448.3	-235.4	-320.9	-481.9	-281.3	-212.1	-297.0
Cash flow from financing activities	-898.1	-959.5	274.9	-557.2	-461.1	161.8	218.8	-134.5	53.5	110.2
Cash flow for the period	45.4	-53.2	-5.8	-11.6	147.8	227.4	-38.8	48.7	10.3	54.5
Cash & cash equivalents at start of period	339.9	335.9	319.1	378.2	250.4	213.3	241.8	176.9	187.8	123.3
Translation differences in cash	29.0	57.2	22.6	-47.5	-20.0	4.2	9.8	16.2	-21.2	10.0
Cash & cash equivalents held for sale
Cash & cash equivalents at the end of period	414.3	339.9	335.9	319.1	378.2	444.9	212.8	241.8	176.9	187.8
Key ratios/Alternative performance measures
Number of employees
The number of employees at the end of the accounting period. New employees, appointments terminated, part-time employees and paid overtime are converted into full-time equivalents.
Number of employees	6,616	6,587	6,660	6,380	6,197	5,222	5,465	5,222
Return on equity
Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average equity excluding non-controlling interest.
Profit after tax before minority share, rolling 12 month	653.8	1,044.7	544.3	410.6	385.3	321.2	230.1	294.2
Average equity	5,541.0	4,620.9	3,598.2	3,166.3	3,065.1	2,710.7	2,479.9	2,333.0
Return on equity, %	11.8	22.6	15.1	13.0	12.6	11.9	9.3	12.6
Return on capital employed, %
Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed.
Profit after financial income, rolling 12	1,028.7	1,479.0	835.6	673.7	639.8	557.4	390.4	464.7
Average capital employed	7,254.3	7,355.1	5,754.5	5,134.9	5,493.3	4,934.6	4,290.6	3,887.1
Return on capital employed, %	14.2	20.1	14.5	13.1	11.6	11.3	9.1	12.0
EBITDA
Operating profit before depreciation and amortization
Operating profit	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0
Depreciation and amortization	422.1	568.3	408.4	399.8	405.4	233.3	219.6	186.7
EBITDA	1,385.1	1,969.7	1,178.2	1,076.5	1,031.1	761.4	569.2	625.7
Equity per share
Equity divided by the number of shares at the end of the period
Equity	5,645.5	5,265.6	3,815.1	3,305.0	3,064.8	2,839.2	2,620.3	2,381.3
Number of shares, thousand	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000
Equity per share, SEK	27.1	25.3	18.3	63.6	58.9	54.6	50.4	45.8
Cash conversion
Operating profit before depreciation and amortization, rolling 12 months (TTM)	1,385.1	1,969.7	1,178.2	1,076.5	1,031.1	761.4	569.2	625.7
Non-cash provisions in working capital, rolling 12 months (TTM)	-12.6	30.0	8.1	1.2	2.6	-8.0	-17.5	-14.1
Change in working capital, rolling 12 months (TTM)	350.9	-634.9	-714.1	135.9	56.7	-149.5	-173.9	18.2
Investments in machinery and equipment, rolling 12 months (TTM)	-386.6	-325.7	-326.4	-432.9	-204.7	-226.3	-403.7	-182.7
Total	1,336.8	1,039.1	145.8	780.7	885.7	377.6	-25.9	447.1
Operating profit, rolling 12 months (TTM)	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0
Cash conversion, %	138.8	74.1	18.9	115.4	141.6	71.5	-7.4	101.8
Net indebtedness
Interest-bearing liabilities + provision pensions reduced by cash and cash equivalents and short-term investments
Interest-bearing liabilities	1,462.2	1,842.3	2,378.9	1,787.1	2,273.7	2,245.8	1,978.5	1,583.9
Provisions for pensions	27.3	24.7	78.7	74.9	88.6	86.2	74.7	61.9
Cash and cash equivalents and short-term investments	419.3	343.7	339.3	321.7	381.6	251.4	215.5	245.0
Net indebtedness	1,070.2	1,523.3	2,118.4	1,540.3	1,980.7	2,080.6	1,837.7	1,400.8
Operating cash flow per share
Cash flow for the period from operating activities divided by the average number of shares during the period.
Cash flow for the period from operating activities	1,333.2	587.7	235.2	993.9	844.3	386.6	224.8	464.5
Number of shares, thousand	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000
Operating cash flow per share, SEK	6.4	2.8	1.1	19.1	16.2	7.4	4.3	8.9
Organic growth
Change in sales by comparable units, adjusted for acquisitions and foreign currency effects.
Net sales for comparable units	12,554.5	11,168.8	9,599.8	9,101.0	8,428.3	7,853.1	7,107.6	6,580.4
Net sales previous year	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5
Organic growth, %	4.1	15.9	12.7	2.1	1.2	7.6	3.6	7.7
Profit per share
Profit for the period attributable to the Parent Company's shareholders divided by the average number of shares during the period.
Profit attributable to the Parent Company's shareholders	645.6	1,039.6	543.9	406.2	381.5	322.3	230.5	294.2
Number of shares, thousand	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000
Profit per share, SEK	3.1	5.0	2.6	7.8	7.3	6.2	4.4	5.7
Operating margin
Operating profit divided by net sales.
Operating profit	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0
Net sales	12,256.6	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6
Operating margin, %	7.9	11.6	8.0	7.9	7.0	6.3	4.8	6.4
Operating profit (EBIT)
Earnings before financial items and tax	963.0	1,401.4	769.8	676.7	625.7	528.1	349.6	439.0
Equity/assets ratio
Adjusted equity divided by total assets
Adjusted equity	5,653.8	5,265.6	3,853.5	3,330.1	3,084.7	2,839.2	2,620.3	2,381.3
Total assets	9,792.7	9,633.1	8,472.4	6,955.5	7,099.9	6,810.8	6,161.4	5,338.0
Equity/assets ratio, %	57.7	54.7	45.5	47.9	43.4	41.7	42.5	44.6
Capital employed
Total assets less non interest-bearing liabilities
Total assets	9,792.7	9,633.1	8,472.4	6,955.5	7,099.9	6,810.8	6,161.4	5,338.0
Non interest-bearing liabilities	2,661.7	2,472.3	2,197.5	1,795.6	1,710.4	1,682.6	1,524.9	1,372.8
Capital employed	7,131.0	7,160.8	6,274.9	5,159.9	5,389.5	5,128.2	4,636.5	3,965.2
Growth
Growth is defined as the change in net sales, relative to net sales for the preceding period
Net sales	12,256.6	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.8
Net sales previous year	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5
Growth, %	1.6	25.2	13.1	-4.4	7.1	14.0	6.4	12.3
Profit margin
Profit after financial items divided by net sales
Profit after financial items	864.4	1,294.9	741.7	564.0	543.7	458.0	333.2	410.2
Net sales	12,256.6	12,057.9	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.8
Profit margin, %	7.1	10.7	7.7	6.6	6.1	5.5	4.6	6.0

SEK million	Q2 2024/25	Q1 2024/25	Q4 2023/24	Q3 2023/24	Q2 2023/24	Q1 2023/24	Q4 2022/23	Q3 2022/23	Q2 2022/23	Q1 2022/23	Q4 2021/22	Q3 2021/22	Q2 2021/22	Q1 2021/22	Q4 2020/21	Q3 2020/21	Q2 2020/21	Q1 2020/21	Q4 2019/20	Q3 2019/20	Q2 2019/20	Q1 2019/20	Q4 2018/19	Q3 2018/19	Q2 2018/19	Q1 2018/19	Q4 2017/18	Q3 2017/18	Q2 2017/18	Q1 2017/18	Q4 2016/17	Q3 2016/17	Q2 2016/17	Q1 2016/17	Q4 2015/16	Q3 2015/16	Q2 2015/16	Q1 2015/16	Q4 2014/15	Q3 2014/15	Q2 2014/15	Q1 2014/15
Summary