Systemair links loans to sustainability goals - achieved goals lead to lower interest costs
Press release, 2 October, 2023
Systemair strengthens its sustainability work by linking its existing revolving credit facilities of SEK 1.4 billion to the sustainability goals. The credits are intended for the company's general long-term financing needs and acquisitions.
The terms of the credit facilities are linked to four of the company's long-term sustainability goals and the interest cost is adjusted depending on the outcome, which during the past year has been positive for all areas and would lead to somewhat lower interest costs. For the financial year 2023/24, part of the group management's bonus has also been linked to the outcome of the sustainability goals.
- "Systemair's products create better air quality with lower energy consumption. Sustainability has been one of the cornerstones within all parts of the company for many years. In other words, it is an obvious step to link the company's financing to our sustainability goals," says Anders Ulff, CFO Systemair.
- "This is part of the work to increasingly link financial measures to sustainability performance. Effective governance of our sustainability work is important and will contribute to an increased pace of change," says Lee Morgan, Sustainability Director at Systemair.
The amendment agreement has been concluded with Systemair's main banks, Nordea and Svenska Handelsbanken.
Selected sustainability goals
- Increased share of taxonomy-aligned sales
- Reduced climate impact
- Increased gender equality
- Fewer work-related injuries
Additional information about Systemair's sustainability goals can be found in our quarterly reports and in the annual and sustainability report as of April 30, 2023 at https://group.systemair.com/investor-relations/.
For further information contact:
Anders Ulff, CFO, + 46 70 577 40 09
Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, www.systemair.com
Systemair in brief
Systemair is a leading ventilation company operating in 51 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The company had a turnover of SEK 12.1 billion in the 2022/23 financial year and employs approximately 6,600 employees today. Systemair has reported an operating profit yearly since 1974 when the company was founded. Over the past 10 years, growth has averaged 10.5 percent. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions.
Systemair has a well-established business in growth markets. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007 and are today traded on the Large Cap List. The Group comprises about 90 companies.