Systemair - Interim report Q2, 1 May 2008-31 October 2008
Second quarter August-October 2008
- Net sales rose 14 percent, to SEK 947 million (833).
- Operating profit (EBIT) rose 15 percent, to SEK 146 million (126). The
operating margin
was 15.4 percent (15.1).
- Profit after tax advanced 29 percent, to SEK 100 million (78).
- Earnings per share (basic and diluted) equalled SEK 1.91 (1.47).
Six months May-October 2008
- Net sales rose 14 percent, to SEK 1,734 million (1,527).
- Operating profit (EBIT) rose 16 percent, to SEK 249 million (215). The
operating margin
was 14.4 percent (14.1).
- Profit after tax advanced 26 percent, to SEK 170 million (135).
- Earnings per share (basic and diluted) equalled SEK 3.24 (2.57).
- Cash flows from operating activities totalled SEK 189.2 million (64.2).
- Return on capital employed was 27.9 percent (26.0).
Significant events during the period
- The operations in Emerson Ventilation Products of the United States was
acquired in May.
- Megcool Industries of Malaysia was acquired in May.
- Construction work began on a new production plant in Lithuania.
Comments by Gerald Engström, CEO:
“In the second quarter, the Group continued to grow with increased
profitability. The integration of the recent acquisition in the United States is
progressing as planned and is providing a foundation for expansion in the
commercial premises segment of the North American market. This report is being
published in the midst of widespread financial uncertainty. We are following
developments closely and have noted slower growth in Eastern Europe and the CIS
as well as in the Nordic region. Expenditure has been successively adjusted
throughout the period under review. In this period, we reached all financial
targets set. Systemair has reported sales growth every year since the company
was founded in 1974. Our aim is to continue growing even when demand slumps, by
developing new products, marketing consistently and increasing our geographic
presence through acquisitions and new operations.”
For further information please contact:
Lars Hansson, Chairman of the Board, mobile +4670 895 90 02
Gerald Engström, CEO, +46222-440 01, mobile +4670 519 00 01
Glen Nilsson, CFO, +46222-44003, mobile +4670 654 40 03
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. In the
2007/08 financial year, the Company had sales of approximately SEK 3.1 billion
and currently employs
about 1,960 people. Since it was founded in 1974, the Company has increased
sales every year and at the same time reported an operating profit. During the
past three years, the Company's growth rate has averaged roughly 18 percent. The
Group comprises about 50 companies.
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.
