Systemair Q1- Strong growth in the East
First quarter, May-July 2011
- Net sales rose 11 percent, to SEK 905 million (817).
- Operating profit (EBIT) fell 9 percent, to SEK 87 million (95).
- The operating margin was 9.6% (11.6).
- Profit after tax declined 15 percent, to SEK 55 million (65).
- Earnings per share (basic and diluted) equalled SEK 1.06 (1.24).
- Cash flow from operating activities totalled SEK 52 million (55).
Gerald Engström, President and CEO, comments:
"We are pleased to report continued growth in the first quarter, despite turbulence in the market. In the quarter, we concluded our biggest acquisition to date, the Russian company Ventrade. The acquisition expands our presence in the Russian market and also considerably increases the proportion of comfort cooling products in our range."
For further information, please contact:
Gerald Engström, CEO, +46 222 44001, +46 70-519 0001
Glen Nilsson, CFO, +46 222 44003, +46 70 654 4003
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46-222 44000, www.systemair.com
Note: The information in this Interim Report is information that Systemair AB (NASDAQ OMX Stockholm: SYSR) is required to disclose in accordance with the Swedish Securities Markets Act (lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading Act (lagen om handel med finansiella instrument). Swedish and English versions of this information have been submitted for publication at 1.00 p.m. on 25 August 2011.
Systemair in Brief
Systemair is a leading ventilation company with operations in 40 countries in Europe, North America, South America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.5 billion in financial 2010/11 and currently employs about 2,800 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 14 percent.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies.