Systemair AB Interim Report Q3 - Organic growth despite weak market
Third quarter, November 2013 - January 2014
- Net sales increased by 16 percent to SEK 1,298 million (1,121).
- Operating profit (EBIT) totalled SEK 49 million (90).
- Operating margin was 3.7 percent (8.0).
- Profit after tax amounted to SEK 20 million (55).
- Earnings per share totalled SEK 0.38 (1.06).
- Cash flow from operating activities totalled SEK 99 million (125).
Nine months, May 2013 - January 2014
- Net sales increased by 18 percent to SEK 4,037 million (3,427).
- Operating profit (EBIT) totalled SEK 292 million (329).
- Operating margin was 7.2 percent (9.6).
- Profit after tax fell to SEK 172 million (217).
- Earnings per share totalled SEK 3.30 (4.18).
- Cash flow from operating activities amounted to SEK 298 million (328).
Gerald Engström, CEO, comments:
"We can again report organic growth, for the 16th successive quarter. However, the period was considerably weaker than anticipated. Restructuring of the recent acquisition Menerga and its sales companies burdened earnings for the period. In addition, profitability in the important Russian market was lower than in the preceding year. The mild winter had negative impact on Frico's sales of heating products. Weaker currencies in, above all, Norway, Russia, Turkey and India affected both sales and profits."
A telephone conference will be held at 9:00 CET on March 6, 2014. The report will be presented by Gerald Engström, CEO, and Anders Ulff, CFO. In order to participate in the telephone conference call +46 (0)8 5052 0110 and enter code 942180 five minutes before start. The presentation will be published on www.systemair.com.
For further information, please contact:
Gerald Engström, CEO, +46 (0)222 440 01, +46 (0)70 519 0001
Anders Ulff, CFO, + 46 (0)222 440 09, + 46 (0)70 577 40 09
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 (0)222 440 00, www.systemair.com
Note: The information in this Interim Report is that which Systemair AB (NASDAQ OMX Stockholm: SYSR) is required to disclose in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. Swedish and English versions of this information have been submitted for publication at 08.00 a.m. on 6 March 2014.
Systemair in brief
Systemair is a leading ventilation company with operations in 45 countries in Europe, North- and South America, the Middle East, Asia and South Africa. The Company had sales of SEK 4.55 billion in financial 2012/13 and currently employs about 4,200 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 13 percent.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB, Fantech, Menerga and Holland Heating 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.