Quarterly Report • Mar 3, 2016
Quarterly Report
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Net sales Q3
SEK 1,416 m EBIT Q3
| 2015/16 Nov–Jan 3 mths |
2014/15 Nov–Jan 3 mths |
2015/16 May–Jan 9 mths |
2014/15 May–Jan 9 mths |
|
|---|---|---|---|---|
| Net sales, SEK m | 1,416.3 | 1,431.6 | 4,603.9 | 4,379.8 |
| Growth, % | -1.1 | 10.3 | 5.1 | 8.5 |
| Operating profit, SEK m | 30.1 | 54.1 | 281.8 | 321.8 |
| Operating margin, % | 2.1 | 3.8 | 6.1 | 7.3 |
| Profit after tax, SEK m | 13.0 | 43.7 | 179.5 | 280.5 |
| Earnings per share, SEK | 0.25 | 0.84 | 3.45 | 5.39 |
| Operating cash flow per share, SEK | 0.74 | 1.49 | 4.02 | 4.89 |
The third quarter was characteris development in several markets percent organically, but incoming strengthened by a number of ma We are working intensively on th new products within several app ensure future growth. Reduced v profitability. Operating margin to percent, compared to 3.8 percen quarter of the previous year. A n saving activities and restructurin have been initiated, including at Germany with annual saving of a million at an on-off cost of SEK 1 sed by weak . Sales fell by 1 g orders were ajor projects. he launch of plications to volumes affect otalled 2.1 nt in the same number of costg projects Menerga in around SEK 12 0 million.
The market developed poorly in several the third quarter, and with that our strea growth for 23 consecutive quarters cam Although the Nordic market as a whole w volumes continued to increase in Finland also saw a mixed picture in Western Eur Germany and the UK experienced strong whilst France, the Netherlands, Belgium contracted. During the quarter, sales dec percent in Russia, which now accounts f the Group's total sales. However, in the region we saw an increase in several co partly offsetting the losses in Russia. In t South American regions, most of the gro place in the USA. This is a region that is strongly. We continue to experience goo and many exciting projects are under wa countries during ak of organic me to a halt. was in decline, d and Sweden. We ope, where g development, and Spain clined by 37 for 6 percent of Eastern European untries, which is the North and owth is taking performing od growth in Asia, ay.
During the quarter, we completed the ac Menerga NV in Belgium, which complem organisation with resources, know-how Elsewhere, we have continued to focus streamlining the other acquisitions we h recent years, particularly in respect of M conditioning product factories in Italy an cquisition of ments our existing and customers. on integrating and ave made in Menerga and air d France.
During the period, we took the decision automated sheet metal working machin to invest in ery for the
production facility in Skinnskatte totals around SEK 20 million and metal working activities, reducin and increasing the factory's com anticipated that the machinery during autumn 2016. eberg. The investment d will streamline our sheet ng the amount of wastage mpetitiveness. It is will become operational
During January, we held a CEO c people in the Group. The centra was the continual improvement production to achieve improved was also drawn to a presentatio and recently developed energy products. conference for around 100 al theme of the conference t of marketing, sales and d profitability. Attention on of Systemair's existing efficient range of
In February we received an handling units to one of the larg in Ankara, Turkey. The order va about EUR 5.2 million and delive April to October 2016. exciting order of 550 air gest hospitals in the world, lue is estimated to be eries will take place during
One of Systemair's strength On this basis we can utilise our presence to identify and exploit opportunities that emerge. We acquisitions in recent years, and so. Certain consolidation and re be implemented in order to ach We will also continue to invest product development and mark s is our global presence. resources and our market t the applications and have made many d intend to continue doing structuring measures will hieve our profitability goal. in production equipment, keting.
Roland Kasper President and CEO
Group sales for the third quarter of the 2 year totalled SEK 1,416.3 million (1,431. percent from the same period in the pre 2015/16 fiscal .6), down 1.1 evious year.
After the adjustments for both foreig effects and acquisitions, net sales fell by Growth in acquired operations was 2.1 p foreign exchange effects reduced sales during the period. gn exchange y 1.2 percent. percent, while by 2.0 percent
During the third quarter, sales in 1 percent from the same period Calculated in Swedish krona, sa Norwegian markets declined. A in the Norwegian krone, there w development in Norway. Sales i experienced a moderate increas n the Nordic region fell by d in the previous year. les on the Danish and Adjusted for the weakening was a slight positive in Finland and Sweden se.
During the quarter, sales in the were 3 percent lower than in th the previous year. Adjusted for exchange and acquisitions, sale market in Western Europe show Several markets in the region p period, including the United King while sales in Belgium, Holland, West European market he corresponding period in the effects of foreign s declined 5 percent. The wed a fragmented picture. erformed well during the gdom, Germany and Italy, Spain and France declined.
Sales in Eastern Europe and the during the quarter. Adjusted for exchange and acquisitions, sale Russia, sales fell by 37 percent calculated in Swedish krona. Th accounted for 6 percent of Syst the period, compared to 10 per e CIS fell by 16 percent r the effects of foreign s declined 12 percent. In during the period, e Russian market temair's total sales during cent in the previous year.
Sales in North and South Americ 19 percent higher than in the sa year. The US market experience during the quarter. Adjusted for and acquisitions, sales increased ca during the quarter were ame period in the previous ed positive development r foreign exchange effects d by 6 percent.
| 2015/16 Nov–Jan 3 mths |
201 14/15 No ov–Jan 3 mths |
Sales change |
Of which, organic |
2015/16 May–Jan 9 mths |
2014/15 May–Jan 9 mths |
Sales change |
Of which, organic |
|
|---|---|---|---|---|---|---|---|---|
| Nordic region | 339.1 | 3 344.0 |
-1% | -1% | 1,061.7 | 1,010.4 | 5% | 5% |
| Western Europe | 565.8 | 5 584.4 |
-3% | -5% | 1,814.5 | 1,715.5 | 6% | -2% |
| Eastern Europe & CIS North and South |
206.4 | 2 246.6 |
-16% | -12% | 737.4 | 875.1 | -16% | -8% |
| America | 108.5 | 91.4 | 19% | 6% | 379.1 | 310.0 | 22% | 6% |
| Other markets | 196.5 | 1 165.2 |
19% | 23% | 611.2 | 468.8 | 30% | 28% |
| Total | 1,416.3 | 1,4 431.6 |
-1% | -1% | 4,603.9 | 4,379.8 | 5% | 2% |
1) Effective Q2 2015/16, the North and South Am merica regions have been merged. Figures shown for comparison have been adjusted.
Sales in Other markets rose by 19 perce the same period in the previous year. Ad exchange effects and acquisitions, sales percent. Sales in Dubai and Qatar in part during the quarter. ent compared with djusted for foreign increased by 23 ticular rose sharply
Gross profit for the third quarter totalled (480.8), down 0.7 percent from the sam previous year. The gross margin rose to (33.6). d SEK 477.7 million me period in the 33.7 percent
Operating profit for the third quarter million (54.1), down 44.3 percent from t the previous year. The operating margin (3.8). totalled SEK 30.1 the same period in was 2.1 percent
During the quarter, a workforce redu 25 people was initiated at Menerga in G off cost of SEK 9.7 million. The restructu reported as SEK 2.3 million in Cost of go 7.4 million in administration expenses. T will result in an annual saving of around Future reduction and restructuring meas evaluated at several of the Group's facil with the third quarter previous year, the employees has decreased with 95 perso India, Sweden and Denmark. uction of around ermany at an onring cost was ods sold and SEK The redundancies SEK 12 million. ures will be ities. Compared e number of ons in Russia,
Selling and administration expenses totalled SEK 440.0 million (420.9), a rise million, of which acquired companies co million. for the quarter e of SEK 19.1 ntributed SEK 17.3
Selling expenses were charged with (7.7) for anticipated and confirmed impa trade receivables. During the quarter, ac costs totalled SEK 0.0 million (0.4). SEK 1.1 million airment losses on quisition-related
Net financial items for the third quart -4.7 million (6.4). The effect of foreign e term receivables, loans and bank balanc ter totalled SEK exchange on longes was SEK -0.3
million (9.6) net. Interest expen SEK -5.0 million (-5.3). nses for the quarter totalled
Estimated tax for the quarter to (-16.8), corresponding to an eff percent based on profit after ne tax charge is mainly attributed t deductions, principally in Mener otalled SEK -12.4 million fective tax rate of 48.8 et financial items. The high to non-activated deficit rga in Germany and Italy.
Operating profit per quarter, rel same period in previous years ative to the
Operating margin per quarte the same period in previous er, relative to years
In November, the acquisition of of Menerga's products in Belgiu company, which sells and servic reported sales of EUR 4.2 millio located in Aarschot, north of Bru employees. Menerga NV will co separate company, with its curr staff. It is a well-known, well-es Belgian ventilation market, and Systemair is strengthening its p market. f Menerga NV, a distributor um, was completed. The ces Menerga's products, n in 2014. The company is ussels. It has 13 ontinue to be managed as a rent management and stablished company in the through the acquisition, osition in the Belgian
Investments for the quarter, excluding d totalled SEK 52.4 million (29.4), including (44.7) in new construction and machine investments consisted primarily of capac replacement investments at several fact and formerly withheld additional purcha totalled SEK 5.9 million (+18.0) for the q Depreciation of fixed assets amounted to (43.1). ivestments, g SEK 42.5 million ry. The city and tories. Acquisitions se considerations uarter. o SEK 43.3 million
The average number of employees in th 4,555 (4,286). At the end of the period, 4,721 employees (4,497), 224 more tha year. New employees were recruited ma (44) and at Systemair in Germany (38). were made in Russia (-33), India (-28), S Denmark (-15). Companies acquired hav employees, of which 85 came from Tray from Menerga in Norway, 14 from Lautn 13 from Menerga in Belgium, 15 from A 7 from Kolektor in Slovenia. he Group was Systemair had an for the previous ainly in Canada Redundancies Sweden (-19) and ve added 148 ydus in Brazil, 14 ner in Germany, Alitis in Belarus and
Cash flow from operating activities befo working capital totalled SEK 20.3 million quarter. Changes in working capital, mai decrease in accounts receivable, had a p SEK 18.0 million (5.4) on cash flow. The financing operations totalled SEK -24.6 m At the end of the period, the Group's ne was SEK 1,349.5 million (1,136.0). The c equity/assets ratio was 43.6 percent (46 the period. re changes in (72.1) for the nly consisting of a positive impact of cash flow from million net (-73.7). t indebtedness consolidated 6.4) at the end of
On 1 May, the business in Parent Compa was divided into two companies. The list Systemair AB has been streamlined into company with Group functions. The new company Systemair Sverige AB is engag and sales operations in Sweden. any Systemair AB ted company a holding wly formed ged in production
In June 2015, Roland Kasper was app of Systemair AB, taking up his post at th August 2015. Roland Kasper started at S and has been a member of Group Mana 2011. Gerald Engström was elected as C Board at the Annual General Meeting. pointed new CEO e AGM on 27 Systemair in 2007 gement since Chairman of the
In October, Mats Lund, Production M anager and Vice President Marketing for Asia, an Group Management, voluntarily with effect from 31 December 2 been appointed as the new Vice Asia and will also serve as a me Management. Lenjesson, 59, ha Systemair since December 2012 and Vice President Marketing fo a broad range of experience in having formerly worked at Mun Thailand and Australia. Followin Management consists of Roland Fredrik Andersson, Kurt Maurer, Lenjesson. nd member of Systemair's y resigned from his position 2015. Håkan Lenjesson has e President Marketing for ember of Group as been working for 2 as Business Developer or the Middle East. He has the ventilation industry, nters in Saudi Arabia, ng these changes, Group d Kasper, Anders Ulff, , Olle Glassel and Håkan
Systemair is exposed to operati its business. Operational risks in nature of the operations, tough sensitivity of the construction in cycle. The financial risks that Sy business consist of foreign exch interest rate risk, credit risk and risks and uncertainties affecting in more detail in the company's No significant change occurred the period. ional and financial risks in nclude the international competition and the ndustry to the business ystemair has identified in its hange risk, borrowing and d liquidity risk. The material g Systemair are described s 2014/15 Annual Report. in the risk situation during
Systemair's significant transacti concern ebmpapst AB and ebm Co. KG. Related-party transactio in Note 36 to the accounts in th 2014/15 financial year. During worthy of mention occurred in t transactions. ons with related parties papst Mulfingen GmbH & ons are described in detail he Annual Report for the the period, no change the scale of these
Parent Company net sales for th 20.9 million (228.8). Operating million (-13.1). The company ha business of the Parent Company the Swedish operation is that of he quarter totalled SEK profit totalled SEK -13.0 ad 42 employees. The core y following the division of f intra-Group services.
The report for Q4 2015/16 will on 9 June 2016. be published at 8.00 a.m.
The Company established opera product concept, the circular du ations in 1974 with a uct fan, a design that
considerably simplified the process of in adopted the motto "the straight way", w developed from a product concept into a philosophy. Our product range has grow a broad range of fans, air handling units, distribution, air curtains, heating product equipment. stallation. We which has been a business wn strongly to span , products for air ts and refrigeration
Our mission is to develop, manufacture a quality ventilation products, operating fr values of simplicity and reliability. Based and with our customers in focus, we sha reliable company, focusing on delivery re availability and quality. and market highom our core d on this mission all be seen as a eliability,
Availability is an important parameter in competitiveness, and we ensure effectiv flow of goods, with owned production u warehouse facilities and an efficient ERP modern production plants and our own s around the world, we reach out directly The business model supports stability an and today we are a leading producer an ventilation products with a dedicated pro our own sales companies. terms of our ve control of our nits, centralised P system. With sales companies to our customers. nd development, d supplier of oduction line and
The following strategies create major str competitive advantages that help us to a rengths and achieve our goals.
The content of this Interim Repo Systemair is required to disclose Swedish Securities Markets Act värdepappersmarknaden) and/o Instruments Trading Act (lagen instrument). This information ha publication at 08.00 am on 3 M ort is the information that e in accordance with the (lagen om or the Swedish Financial om handel med finansiella as been submitted for March 2016.
This Interim Report has not Company's auditors. been reviewed by the
Skinnskatteberg, 3 March 2016 Systemair AB (publ)
Board of Directors
For more information, please co ontact:
President and CEO Roland Kasp +46 (0)730 94 40 13, roland.ka per, tel. +46 (0)222 440 13, [email protected]
Chairman of the Board Gerald E Engström,
tel. +46 (0)222 440 01, +46 (0) )705 19 00 01,
[email protected] CFO Anders Ulff, tel. +46 (0)222 +46 (0)70 577 40 09, anders.ul 2 440 09, [email protected]
Reg. no. 556160-4108 SE-739 30 Skinnskatteberg Tel. +46 (0)222 44000 [email protected] www.systemair.se
Systemair is a leading ventilation co countries in Europe, North America, East, Asia and South Africa. The Com approximately SEK 5.9 billion in the approximately 4,700 employees. Si Systemair has reported an operating past 15 years, the Company's grow percent. ompany with operations in 47 South America, the Middle mpany had sales of 2014/15 fiscal year and has ince its founding in 1974, g profit every year. During the wth rate has averaged about 13
Systemair has well-established o The Group's products are marketed VEAB, Fantech, Menerga and Hollan shares have been quoted on the Mi Exchange in Stockholm since Octob about 60 companies. operations in growth markets. d under the Systemair, Frico, nd Heating brands. Systemair id Cap List of the OMX Nordic er 2007. The Group comprises
| 2 015/16 |
2014/15 | 2015/16 | 2014/15 | 2015/16 | 2014/15 | |
|---|---|---|---|---|---|---|
| N Nov–Jan |
Nov–Jan | May–Jan | May–Jan | Feb–Jan | May-Apr | |
| SEK m | 3 mths | 3 mths | 9 mths | 9 mths | trailing 12 | 12 mths |
| Net sales | 1,416.3 | 1,431.6 | 4,603.9 | 4,379.8 | 6,106.3 | 5,882.2 |
| Cost of goods sold | -938.6 | -950.8 | -3,015.7 | -2,858.7 | -4,014.5 | -3,857.6 |
| Gross profit/loss | 477.7 | 480.8 | 1,588.2 | 1,521.1 | 2,091.8 | 2,024.6 |
| Other operating income | 17.4 | 25.1 | 56.2 | 55.6 | 93.3 | 92.7 |
| Selling expenses | -352.6 | -335.9 | -1,035.6 | -964.8 | -1,423.6 | -1,352.7 |
| Administration expenses | -87.4 | -85.0 | -249.7 | -228.8 | -334.7 | -313.9 |
| Other operating expenses | -25.0 | -30.9 | -77.3 | -61.3 | -89.9 | -73.9 |
| Operating profit | 30.1 | 54.1 | 281.8 | 321.8 | 336.9 | 376.8 |
| Net financial items | -4.7 | 6.4 | -26.3 | 8.0 | -30.7 | 3.6 |
| Profit after financial items | 25.4 | 60.5 | 255.5 | 329.8 | 306.2 | 380.4 |
| Tax on profit for the period | -12.4 | -16.8 | -76.0 | -49.3 | -97.5 | -70.6 |
| Profit for the period 1) | 13.0 | 43.7 | 179.5 | 280.5 | 208.7 | 309.8 |
| Earnings per share, SEK 2) | 0.25 | 0.84 | 3.45 | 5.39 | 4.01 | 5.96 |
| Average number of shares 2) | 52, ,000,000 |
52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 |
1Attributable to Parent Company shareholders.
2No dilution effect arises since the option programm me in operation has been arranged by Färna Invest AB.
| 2015/16 Nov-Jan 3 mths |
2014/15 Nov-Jan 3 mths |
2015/16 May-Jan 9 mths |
2014/15 May-Jan 9 mths |
2015/16 Feb-Jan rolling 12 |
2014/15 May-Apr 12 mths |
|
|---|---|---|---|---|---|---|
| Profit for the period | 13.0 | 43.7 | 179.5 | 280.5 | 208.7 | 309.8 |
| Other comprehensive income, net after tax Items that have been, or may later be, transferred to profit for the period: |
||||||
| Translation differences, foreign operations, gross before tax |
$-47.7$ | 4.0 | $-90.2$ | 49.2 | $-74.0$ | 65.4 |
| Translation effects of long-term loans to subsidiaries with no settlement planned |
4.5 | $-1.5$ | 8.8 | $-5.8$ | 4.5 | |
| Tax effects from long-term loans to subsidiaries with no settlement planned |
$-1.0$ | 0.3 | $-1.9$ | 1.3 | $-1.0$ | |
| Items that cannot be transferred to profit for the period: |
||||||
| Revaluation of defined-benefit pensions |
$-21.4$ | $-21.4$ | ||||
| Other comprehensive income, net after tax |
$-47.7$ | 7.5 | $-91.4$ | 56.1 | $-99.9$ | 47.5 |
| Total comprehensive income for the period 1) |
$-34.7$ | 51.2 | 88.1 | 336.6 | 108.8 | 357.3 |
1) Comprehensive income for the period is, in its en ntirety, attributable to shareholders of the Parent Company.
| SEK m | 31.01.2016 | 31.01.20 015 |
30.04.2015 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 624.8 | 58 89.2 |
613.7 |
| Other intangible assets | 194.4 | 23 1.0 |
225.8 |
| Property, plant and equipment | 1,284.2 | 1,22 26.3 |
1,288.3 |
| Financial and other assets | 182.1 | 16 69.7 |
180.0 |
| Total non-current assets | 2,285.5 | 2,21 6.2 |
2,307.8 |
| Inventory | 1,049.4 | 98 80.6 |
1,029.2 |
| Current receivables | 1,204.9 | 1,08 84.5 |
1,165.4 |
| Cash and cash equivalents | 198.6 | 15 8.8 |
187.8 |
| Total current assets | 2,452.9 | 2,22 3.9 |
2,382.4 |
| TOTAL ASSETS | 4,738.4 | 4,44 40.1 |
4,690.2 |
| EQUITY AND LIABILITIES | |||
| Equity | 2,066.3 | 2,06 61.5 |
2,082.2 |
| Non-current liabilities, non-interest-bea aring |
252.3 | 21 6.8 |
260.5 |
| Non-current liabilities, interest-bearing | 229.5 | 27 70.2 |
245.9 |
| Total non-current liabilities | 481.8 | 48 87.0 |
506.4 |
| Current liabilities, interest-bearing | 1,245.9 | 97 76.4 |
1,140.3 |
| Current liabilities, non-interest-bearing | 944.4 | 91 5.2 |
961.3 |
| Total current liabilities | 2,190.3 | 1,89 91.6 |
2,101.6 |
| TOTAL EQUITY AND LIABILITIES | 4,738.4 | 4,44 40.1 |
4,690.2 |
| 2015/16 Nov-Jan |
2014/15 Nov-Jan |
2015/16 May-Jan |
2014/15 May-Jan |
2014/15 May-Apr |
|
|---|---|---|---|---|---|
| SEK m | 3 mths | 3 mths | 9 mths | 9 mths | 12 mths |
| Operating profit/loss | 30.1 | 54.1 | 281.8 | 321.8 | 376.8 |
| Adjustment for non-cash items | 48.3 | 60.8 | 117.9 | 168.0 | 199.5 |
| Financial items | $-4.4$ | $-5.0$ | $-14.2$ | $-15.1$ | $-20.7$ |
| Income tax paid | $-53.7$ | $-37.8$ | $-99.6$ | $-65.7$ | $-121.5$ |
| Cash flow from operating activities before | 20.3 | 72.1 | 285.9 | 409.0 | 434.1 |
| changes in working capital | |||||
| Change in working capital | 18.1 | 5.4 | $-77.0$ | $-154.8$ | $-192.8$ |
| Cash flow from operating activities | 38.4 | 77.5 | 208.9 | 254.2 | 241.3 |
| Cash flow from investing activities | $-45.9$ | $-26.9$ | $-171.9$ | $-173.9$ | $-297.0$ |
| Cash flow from financing activities | $-24.6$ | $-73.7$ | 0.7 | $-40.0$ | 110.2 |
| Cash flow for the period | $-32.1$ | $-23.1$ | 37.7 | 40.3 | 54.5 |
| Cash and cash equivalents at start of period | 242.3 | 188.7 | 187.8 | 123.3 | 123.3 |
| Translation differences, cash and cash | |||||
| equivalents | $-11.6$ | $-6.8$ | $-26.9$ | $-4.8$ | 10.0 |
| Cash and cash equivalents at close of period | 198.6 | 158.8 | 198.6 | 158.8 | 187.8 |
| 2015/16 | 2014/15 | 2014/15 | ||||
|---|---|---|---|---|---|---|
| May-Jan | May-Jan | May-Apr | ||||
| Equity | Equity | Equity | ||||
| attributable to | attributable to | attributable to | ||||
| Parent | Parent | Parent | ||||
| Company | Total | Company | Total | Company | Total | |
| SEK m | shareholders | equity | shareholders | equity | shareholders | equity |
| Amount at beginning of year | 2,082.2 | 2,082.2 | 1,880.9 | 1,880.9 | 1,880.9 | 1,880.9 |
| Dividend | $-104.0$ | $-104.0$ | $-156.0$ | $-156.0$ | $-156.0$ | $-156.0$ |
| Comprehensive income | 88.1 | 88.1 | 336.6 | 336.6 | 357.3 | 357.3 |
| Amount at end of period | 2,066.3 | 2,066.3 | 2.061.5 | 2.061.5 | 2,082.2 | 2,082.2 |
| 2015/16 | 2014/15 | 2015/16 | 2 2014/15 |
2014/15 | ||
|---|---|---|---|---|---|---|
| Nov–Jan | Nov–Jan | May–Jan | M May–Jan |
May-Apr | ||
| 3 mths | 3 mths | 9 mths | 9 mths | 12 mths | ||
| Net sales | SEK m | 1,416.3 | 1,431.6 | 4,603.9 | 4,379.8 | 5,882.2 |
| Growth | % | -1.1 | 10.3 | 5.1 | 8.5 | 11.1 |
| Operating profit | SEK m | 30.1 | 54.1 | 281.8 | 321.8 | 376.8 |
| Operating margin | % | 2.1 | 3.8 | 6.1 | 7.3 | 6.4 |
| Profit after net fin. items | SEK m | 25.4 | 60.5 | 255.5 | 329.8 | 380.4 |
| Profit margin | % | 1.8 | 4.2 | 5.6 | 7.5 | 6.5 |
| Return on capital employed | % | 9.3 | 19.8 | 9.3 | 19.8 | 12.5 |
| Return on equity | % | 9.9 | 27.4 | 9.9 | 27.4 | 15.1 |
| Equity/assets ratio | % | 43.6 | 46.4 | 43.6 | 46.4 | 44.4 |
| Investments | SEK m | 45.9 | 26.9 | 171.9 | 173.9 | 297.0 |
| Depreciation | SEK m | 43.3 | 43.1 | 131.9 | 124.8 | 171.1 |
| Per share ratios | ||||||
| Earnings per share | SEK | 0.25 | 0.84 | 3.45 | 5.39 | 5.96 |
| Equity per share | SEK | 39.74 | 39.64 | 39.74 | 39.64 | 40.04 |
| Operating cash flow per share | SEK | 0.74 | 1.49 | 4.02 | 4.89 | 4.64 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 | 52 2,000,000 |
52,000,000 |
| 2015/16 | 2014/15 | 2013/14 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No ov-Jan |
Aug-Oct | May-Jul | Feb-Apr | Nov-Jan | Aug g-Oct |
May-Jul | Feb-Apr | Nov-Jan | ||
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | ||
| Net sales | SEK m | 1,4 416.3 |
1,624.4 | 1,563.1 | 1,502.4 | 1,431.6 | 1,5 554.5 |
1,393.8 | 1,258.6 | 1,298.1 |
| Growth | % | -1.1 | 4.5 | 12.1 | 19.4 | 10.3 | 9.9 | 5.2 | 12.0 | 15.8 |
| Gross margin | % | 33.7 | 35.4 | 34.3 | 33.5 | 33.6 | 36.6 | 33.8 | 32.8 | 32.9 |
| Operating profit | SEK m | 30.1 | 134.3 | 117.5 | 55.1 | 54.1 | 1 56.3 |
111.4 | 24.6 | 48.5 |
| Operating margin | % | 2.1 | 7.3 | 7.5 | 3.7 | 3.8 | 10.1 | 8.0 | 2.0 | 3.7 |
| Return on capital | ||||||||||
| employed | % | 9.3 | 10.5 | 12.4 | 12.5 | 19.8 | 18.9 | 18.1 | 17.7 | 10.3 |
| Return on equity | % | 9.9 | 11.4 | 13.0 | 15.1 | 27.4 | 27.2 | 26.8 | 24.8 | 11.5 |
| Equity/assets ratio | % | 43.6 | 42.8 | 44.9 | 44.4 | 46.4 | 44.1 | 48.3 | 47.2 | 40.2 |
| Equity per share before | ||||||||||
| dilution | SEK | 3 39.74 |
40.40 | 41.61 | 40.04 | 39.64 | 3 38.66 |
39.37 | 36.17 | 34.10 |
| Earnings per share before dilution |
SEK | 0.25 | 1.65 | 1.55 | 0.56 | 0.84 | 2.24 | 2.31 | 5.14 | 0.38 |
| 2015/16 Nov–Jan |
2014/15 Nov–Jan |
2015/16 May–Jan |
2014 4/15 May y–Jan |
2014/15 May-Apr |
|
|---|---|---|---|---|---|
| SEK m | 3 mths | 3 mths | 9 mths | 9 m mths |
12 mths |
| Net sales 1) | 20.9 | 228.8 | 66.0 | 73 31.5 |
948.2 |
| Cost of goods sold | - | -167.4 | - | -52 23.7 |
-680.0 |
| Gross profit | 20.9 | 61.4 | 66.0 | 20 07.8 |
268.2 |
| Other operating income | 0.3 | 12.0 | 0.7 | 3 34.1 |
44.9 |
| Selling expenses | -11.2 | -47.4 | -39.3 | -13 32.7 |
-182.4 |
| Administration expenses | -17.1 | -20.1 | -47.2 | -5 53.9 |
-74.4 |
| Other operating expenses | -5.9 | -19.0 | -18.4 | -4 44.0 |
-53.4 |
| Operating profit | -13.0 | -13.1 | -38.2 | 1 11.3 |
2.9 |
| Net financial items | 3.1 | 1.7 | 529.2 | 31 19.9 |
318.9 |
| Profit after financial items | -9.9 | -11.4 | 491.0 | 33 31.2 |
321.8 |
| Appropriations 2) | 3.7 | -6.4 | 29.2 | -4.7 | -6.6 |
| Pre-tax profit | -6.2 | -17.8 | 520.2 | 32 26.5 |
315.2 |
| Tax on profit for the period | 1.1 | 3.8 | -0.9 | -4.1 | -3.9 |
| Profit for the period | -5.1 | -14.0 | 519.3 | 32 22.4 |
311.3 |
1 Systemair has split the Swedish operation into two into a holding company with corporate staff and gro o companies as of the start of the financial year. The listed company S oup functions. The net sales of the current financial year thus solely co ystemair AB will be streamlined onsist of intra-group services.
2 Accelerated depreciation, tax allocation reserve an nd Group contributions.
| SEK m | 31.01.2016 | 31.01.20 015 |
30.04.2015 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 0.4 | 0.6 | 0.5 |
| Other intangible assets | 2.6 | 5.5 | 5.4 |
| Property, plant and equipment | 7.5 | 11 4.3 |
113.9 |
| Financial and other assets | 2,134.0 | 1,93 1.8 |
2,016.7 |
| Total non-current assets | 2,144.5 | 2,05 2.2 |
2,136.5 |
| Inventory | - | 16 62.2 |
167.4 |
| Current receivables | 1,131.2 | 86 62.3 |
910.8 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 1,131.2 | 1,02 4.5 |
1,078.2 |
| TOTAL ASSETS | 3,275.7 | 3,07 76.7 |
3,214.7 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,840.5 | 1,44 40.8 |
1,426.4 |
| Untaxed reserves | 9.1 | 4 41.5 |
38.3 |
| Non-current liabilities, provisions | - | 3.2 | 3.2 |
| Non-current liabilities, interest-bearing | 315.8 | 38 84.4 |
353.6 |
| Total non-current liabilities | 315.8 | 38 87.6 |
356.8 |
| Current liabilities, interest-bearing | 1,076.6 | 80 08.9 |
974.2 |
| Current liabilities, non-interest-bearing | 33.7 | 39 97.9 |
419.0 |
| Total current liabilities | 1,110.3 | 1,20 06.8 |
1,393.2 |
| TOTAL EQUITY AND LIABILITIES | 3,275.7 | 3,07 76.7 |
3,214.7 |
Systemair applies International Financial accordance with the Swedish Annual Ac IAS 34 Interim Financial Reporting, and f RFR 2. The accounting principles and me used in preparing the most recent Annua Reporting Standards (IFRS). This Interim Report was pr counts Act, the Swedish Financial Reporting Board's re for the Parent Company in accordance with the Swedis ethods of calculation applied for the group and Parent C al Report. repared for the group in ecommendation RFR 1 and h Annual Accounts Act and Company accord with those
The price paid to acquire the shares in T Kolektor in Slovenia may be divided as f raydus in Brazil, Alitis in Belarus, Menerga in Belgium a ollows: and for the business of
Total acquisition value, less transaction c costs SEK 50.4 million
| Identifiable net assets | Total |
|---|---|
| Goodwill | 37.9 |
| Buildings and land | 5.3 |
| Machinery and equipment | 10.9 |
| Financial and other current assets | 0.1 |
| Inventory | 16.5 |
| Current receivables | 20.3 |
| Other current assets | 1.2 |
| Cash and cash equivalents | 12.1 |
| Non-interest-bearing liabilities (incl. deferred d tax liability) |
-15.1 |
| Interest-bearing liabilities | -8.8 |
| Other operating liabilities | -30.0 |
| 50.4 |
Transaction costs in the acquisition of su ubsidiaries totalled SEK 0.6 million.
The total effect on cash flow from the ac consideration for prior years' acquisition respect of assessed additional purchase cquisitions, including payment of a formerly withheld a s, amounted to SEK -39.8 million. Non-interest bearing price for the acquisitions above amounted to SEK 5.9 m additional purchase g non-current liabilities in million.
Brands and customer relationships have these assets has been estimated at 5-10 been stated at the net present value of future paymen 0 years. nt flows. The useful life of
The goodwill upon acquisition is attributa expected to arise after the acquisition an able to the strong market position of the companies ac nd the company's estimated future earning capacity. cquired, synergy effects
Systemair's financial instruments consist for-sale financial assets, trade accounts institutions carry variable interest rates o fair value through the income statement Available-for-sale financial assets are re Other financial assets and liabilities are s considered to equate approximately to t liabilities net. t of derivatives, trade accounts receivable, cash and ca payable, accrued supplier costs and interest-bearing lia or, in certain cases, fixed rates for a short period. Deriv t based on input data corresponding to level 2 in comp ecognised at fair value based on input data correspondi short-term. For that reason, the fair values of all financ the carrying amounts. Systemair has not recognised an ash equivalents, availableabilities. Liabilities to credit vatives are measured for pliance with IFRS 13. ng to level 1 in IFRS 13. ial instruments are ny financial assets and
Systemair Q3 2015/16 14(15)
Earnings before financial items and tax.
Growth is defined as the change in net s sales, relative to net sales for the preceding period.
Operating profit divided by net sales.
Profit after financial items divided by ne t sales.
Profit after financial income, for the trail ing 12 months (TTM), divided by average capital emplo oyed.
Total assets less non-interest-bearing lia abilities.
Profit after tax before non-controlling in non-controlling interest. terest, for the trailing 12 months (TTM), divided by ave erage equity excluding
The number of employees at the end of employees and paid overtime are conve the report period. New employees, appointments term erted into full-time equivalents. minated, part-time
Profit for the period attributable to Paren period. nt Company shareholders, divided by the average num mber of shares during the
Cash flow from operating activities for th he period, divided by the average number of shares du uring the period.
Adjusted equity divided by total assets.
Equity divided by the number of shares at the end of the period.
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