Systemair's turnover increased 8 percent
June 4, 2009, 08:30
Press Release June 4 2009Systemair's turnover increased 8 percentThe ventilation company Systemair reports an unchanged turnover for the fourthquarter with 792 MSEK (796) while the operating profit decreased by 70 percentto 25 MSEK (83). For the fiscal year 2008/09 (May 1st - April 30th) salesincreased 8% to 3333 MSEK (3092) and operating profit (EBIT) decreased 15percent to 341 MSEK (403). Operating margin was 10.2 percent (13.0)- We had a very strong first half followed by a significantly weaker secondhalf. Sales for the fourth quarter was unchanged compared to the same periodlast year. We have been hit by a sharp drop in volumes to Russia, Ukraine, theBaltic states, Spain and Ireland, among others. We also see bright spots, as weenjoy continued healthy growth in Poland, Portugal, France, the United ArabEmirates and South Africa, to give a few examples, says Gerald Engström, CEOSystemair.- During the year, we took aggressive initiatives and cost reductions. We alsoimplemented substantial cutbacks in capacity in a number of our manufacturingunits in Sweden, Denmark, Spain and Canada. We leave a tough second half behindus but feel well equipped for dealing with the recession positively. It is ourambition to grow in 2009/10, too, with energy effective products, expandedmarket shares and further acquisitions.The full closing accounts are available from 08.30 today on the company's webpage www.systemair.com/en. An interview with CEO Gerald Engström is at the sametime available on the web page. The interview is in Swedish, but with Englishtext.For further information please contact:Lars Hansson, Chairman of the Board, +46 070-895 90 02Gerald Engström, CEO, +46 (0)70-519 00 01Glen Nilsson, CFO, +46 (0)70-654 40 03Systemair in briefSystemair is a leading ventilation company with operations in 38 countries inEurope, North America, the Middle East, Asia, Africa and Australia. The Companyhad sales of approximately SEK 3.3 billion in the 2008/09 financial year andcurrently employs about 1,945 people. Since it was founded in 1974, the Companyhas increased sales every year and at the sametime reported an operating profit. During the past three years, the Company'sgrowth rate has averaged roughly 13 percent. The Group comprises about 50companies.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.