Systemair - Interim report Q2, 1 May 2008-31 October 2008
December 9, 2008, 08:30
Systemair - Interim report Q2, 1 May 2008-31 October 2008Second quarter August-October 2008- Net sales rose 14 percent, to SEK 947 million (833).- Operating profit (EBIT) rose 15 percent, to SEK 146 million (126). Theoperating marginwas 15.4 percent (15.1).- Profit after tax advanced 29 percent, to SEK 100 million (78).- Earnings per share (basic and diluted) equalled SEK 1.91 (1.47).Six months May-October 2008- Net sales rose 14 percent, to SEK 1,734 million (1,527).- Operating profit (EBIT) rose 16 percent, to SEK 249 million (215). Theoperating marginwas 14.4 percent (14.1).- Profit after tax advanced 26 percent, to SEK 170 million (135).- Earnings per share (basic and diluted) equalled SEK 3.24 (2.57).- Cash flows from operating activities totalled SEK 189.2 million (64.2).- Return on capital employed was 27.9 percent (26.0).Significant events during the period- The operations in Emerson Ventilation Products of the United States wasacquired in May.- Megcool Industries of Malaysia was acquired in May.- Construction work began on a new production plant in Lithuania.Comments by Gerald Engström, CEO:“In the second quarter, the Group continued to grow with increasedprofitability. The integration of the recent acquisition in the United States isprogressing as planned and is providing a foundation for expansion in thecommercial premises segment of the North American market. This report is beingpublished in the midst of widespread financial uncertainty. We are followingdevelopments closely and have noted slower growth in Eastern Europe and the CISas well as in the Nordic region. Expenditure has been successively adjustedthroughout the period under review. In this period, we reached all financialtargets set. Systemair has reported sales growth every year since the companywas founded in 1974. Our aim is to continue growing even when demand slumps, bydeveloping new products, marketing consistently and increasing our geographicpresence through acquisitions and new operations.”For further information please contact: Lars Hansson, Chairman of the Board, mobile +4670 895 90 02 Gerald Engström, CEO, +46222-440 01, mobile +4670 519 00 01 Glen Nilsson, CFO, +46222-44003, mobile +4670 654 40 03Systemair in briefSystemair is a leading ventilation company with operations in 38 countries inEurope, North America, the Middle East, Asia, Africa and Australia. In the2007/08 financial year, the Company had sales of approximately SEK 3.1 billionand currently employsabout 1,960 people. Since it was founded in 1974, the Company has increasedsales every year and at the same time reported an operating profit. During thepast three years, the Company's growth rate has averaged roughly 18 percent. TheGroup comprises about 50 companies.Systemair has well-established operations in growth markets. The Group'sproducts are marketed under the Systemair, Frico, VEAB and Fantech brands.Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchangein Stockholm since October 2007.