Strong Quarter for Systemair - in spite of severe climate
Turnover and profit for the Third Quarter (Nov-Jan) for the split fiscal year 2009/2010 are on level with the same period last year. Net turnover decreased by 1 % to 799 MSEK (807) and net profit (EBIT) decreased by 1 % to 66.6 MSEK (67.3).
Cash Flow from operating activities was 107 MSEK (57) and equity/assets ratio 46.8 % (41.6).
For the fiscal year´s first nine months the net turnover decreased by 5 % to 2,418 MSEK (2,541) and net profit (EBIT) decreased by 34 % to 208 MSEK (316).
Systemairs President and CEO, Gerald Engström, commented:
"We are satisfied with achieved turnover and profit level as for the same Quarter last year. The strong winter throughout Europe has caused increased sales in heating products. On the other hand, the weather also has delayed and stopped a series of building projects, which in turn caused decreased sales in ventilation products.
Financially, we are very satisfied with our good Cash Flow and strong Balance Sheet.
We estimate that our market shares are increasing on a number of markets. From 1 January, our largest production plant in Skinnskatteberg has returned to 5-day work week. We are cautiously optimistic for the next Quarters. When the market turns up, our production plants are well equipped for a substantial increase in volumes"
The complete interim report is available on www.systemair.com from 25 February at 08.30.
For further information please contact:
Lars Hansson, Chairman of the Board, +46 70 895 90 02
Gerald Engström, CEO, +46 222 440 01, + 46 70 519 00 01
Glen Nilsson, CFO, +46 222 440 03, + 46 70 654 40 03
Systemair AB, 739 30 Skinnskatteberg, + 46 222-440 00, www.systemair.com
Systemair in brief
Systemair is a leading ventilation company with operations in 38 countries in Europe, North America, the Middle East, Asia, Africa and Australia. The company generated a turnover in excess of SEK 3.3 billion during the 2008/09 financial year and has just over 2,000 employees. Since Systemair was founded in 1974, the company has increased its turnover every year while also demonstrating good profitability. For the past 10 years, average growth has been in the region of 15 per cent. The Group comprises about 60 companies.
Systemair has a well established presence on growth markets. The Group's products are marketed under the brand names Systemair, Frico, VEAB, and Fantech. Systemair has been listed on the Nasdaq OMX NordicExchange in Stockholm, Midcap list, since October 2007.