Systemair AB Year-end Report 2015/16 - Return to organic growth
Fourth quarter February - April 2016
- Net sales increased by 0.4 percent to SEK 1,509 million (1,502).
- Organic growth was 4.0 percent (8.0).
- Operating profit (EBIT) totalled SEK 62 million (55).
- The operating margin was 4.1 percent (3.7).
- Profit after tax totalled SEK 28 million (29).
- Earnings per share totalled SEK 0.53 (0.56).
- Cash flow from operating activities amounted to SEK -40 million (-13).
12 months, May 2015 - April 2016
- Net sales rose 3.9 percent to SEK 6,113 million (5,882).
- Organic growth was 2.6 percent (3.3).
- Operating profit (EBIT) totalled SEK 344 million (377).
- The operating margin was 5.6 percent (6.4).
- Profit after tax fell to SEK 207 million (310).
- Earnings per share totalled SEK 3.98 (5.96).
- Cash flow from operating activities totalled SEK 169 million (241).
- The Board of Directors proposes a dividend of SEK 2.00 (2.00) per share.
Roland Kasper, President and CEO, comments:
"In the fourth quarter organic growth topped 4 percent, while profit also improved somewhat compared with last year. This made a positive end to the year but that still does not entirely fill us with satisfaction. We embarked on a restructuring programme with an estimated total future cost of about SEK 45 million. The annual cost saving from the programme as a whole is calculated at SEK 45 million, with full impact emerging within two years. Additionally, actions to increase profit are under way in a number of areas. Our goal is clear: Systemair will return to an operating margin in excess of 10 percent, while we will maintain growth."
A telephone conference will be held at 9:00 CET on June 9, 2016. The report will be presented by Roland Kasper, CEO, and Anders Ulff, CFO. In order to participate in the telephone conference call +46 (0)8 5052 0110 and enter code 958997 minutes before start. The presentation will be published on www.systemair.com
For further information, please contact:
Roland Kasper, CEO, + 46 222-440 13, + 46 (0)73 094 40 13
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 p.m. on 9 June 2016.
Systemair in brief
Systemair is a leading ventilation company with operations in 47 countries in Europe, North- and South America, the Middle East, Asia and South Africa. The Company had sales of SEK 6.1 billion in financial year 2015/16 and currently employs about 4,900 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 12 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.