Quarterly Report • Nov 28, 2013
Quarterly Report
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| 2013 | 2012 | 2013 | 2012 | |
|---|---|---|---|---|
| Aug–Oct | Aug–Oct | May–Oct | May–Oct | |
| 3 mths | 3 mths | 6 mths | 6 mths | |
| Net sales, SEK m. | 1,414.5 | 1,215.7 | 2,739.2 | 2,306.6 |
| Growth, % | 16.4 | 18.4 | 18.8 | 19.4 |
| Operating profit, SEK m. | 141.8 | 140.9 | 243.8 | 239.5 |
| Operating margin, % | 10.0 | 11.6 | 8.9 | 10.4 |
| Profit after tax, SEK million | 92.6 | 88.9 | 151.9 | 161.9 |
| Earnings per share, SEK | 1.78 | 1.71 | 2.92 | 3.11 |
| Operating cash flow per share, SEK | 2.50 | 2.76 | 3.83 | 3.92 |
Systemair again recorded organi the 15th successive quarter. Sev Group's companies posted new s October. The Group's sales increa percent in Q2. The increase is for attributable to the acquisitions of Germany and Holland Heating in Netherlands. The operating marg percent is lower than in the corre period last year. This was due, ab needs for restructuring in some o company acquisitions. c growth, for veral of the sales records in ased by 16 r the most part f Menerga in the gin of 10 esponding bove all, to of the recent
Some markets remain cautious and some a signs of improvement. October was a very during the quarter. The Nordic markets aga In Western Europe, the German-speaking c Austria and Switzerland, reported growth, Western Europe slipped back. However, w improvements in Southern Europe and the are on the way. Our results in other marke strong, especially in Malaysia and India. are showing clear y strong month ain performed well. countries, Germany, while other parts of e feel that United Kingdom ets were again
We are working hard on restructuring Men and Systemair AC in Italy, where we made cutbacks at both locations during the perio these measures has been absorbed and w for better future earnings for these compa years, we have substantially expanded the range. This enables us to establish a strong project market and to offer total product d ventilation equipment. Through the acquisi made, we have also established a base for and aftermarket sales. nerga in Germany e personnel od. The cost of ill create the scope nies. In recent e Systemair product ger presence in the eliveries of itions we have r expanding service
Our new state-of-the-art air handling unit Istanbul, Turkey, was opened in Septembe operating efficiently in the new plant. Our Germany, alongside new production faciliti opened in late September. This new, ultra development centre will open up major op advanced product development in the futu factory near r and production is new R&D Centre in ies, was also high-technology pportunities for ure. We are in the
process of expanding our new fac facility is expected to be complet ctory in Malaysia and the ed at the beginning of 2014.
One of Systemair's strengths is ou our own operations in 45 countrie products to much more than 100 conditions in many markets, Syste organic growth, for the 15th succ our profitability as good, in view o companies, along with the restruc during the period. The strategic a will provide us with a solid base f continuing to make investments i product development and market attractive candidates for acquisitio to deliver good results and we as create the scope for positive grow ur global presence. We have es and regularly supply our countries. Despite weak emair again maintained cessive quarter. We regard of lower margins in acquired cturing costs we have borne cquisitions we have made for further growth. We are in production equipment, ting. The market still offers on. Our strategy has proved ssume that it will continue to wth.
Gerald Engström CEO
Group sales for the second quarter of 2013 1,414.5 million (1,215.7), corresponding to 16.4 percent from the same period in the p 3/14 totalled SEK o an increase of preceding year.
Adjusted for both foreign exchange eff acquisitions, net sales grew 3.2 percent. Th successive quarter of organic growth, desp fects and his is the 15th pite a weak market.
Net sales for the interim report period 2013/14 totalled SEK 2,739.2 million (2,30 18.8 percent on the same period in the pre Adjusted for both foreign exchange effects net sales grew 4.4 percent. Growth in acqu was 17.4 percent, while foreign exchange sales by 3.0 percent during the period. of May-October 06.6), which was up eceding year. s and acquisitions, uired operations effects reduced
During the second quarter, sales i 11 percent on the same period in Sweden increased by 19 percent The acquisitions of Reftec and Me region, were factors in the increa and foreign exchange effects, gro region. in the Nordic region were up n the preceding year. Sales in and in Norway by 7 percent. energa, which delivers to the se. Adjusted for acquisitions owth was 9 percent for the
Sales in the West European marke the quarter, compared with the co preceding year. Adjusted for the e and acquisitions, sales declined 8 performed strongly in the region Austria. et grew 30 percent during orresponding period in the effects of foreign exchange percent. Markets that include Germany and
Sales in Eastern Europe and the C the quarter. Adjusted for acquisiti effects, sales rose 8 percent. Russ growth. CIS rose by 14 percent during ons and foreign exchange sia continues to show strong
| 201 13 Aug–O Oct 3 mt hs |
2012 Aug–Oct 3 mths |
Sales – change |
Of which organic |
2013 M May–Oct 6 mths |
2012 May–Oct 6 mths |
|
|---|---|---|---|---|---|---|
| Nordic region | 350 0.1 |
315.8 | 11% | 9% | 619.0 | 555.3 |
| Western Europe | 496 6.3 |
381.1 | 30% | -8% | 988.9 | 742.6 |
| Eastern Europe & CIS | 349 9.0 |
305.3 | 14% | 8% | 657.4 | 607.4 |
| North America | 92 2.0 |
95.7 | -4% | 0% | 192.0 | 200.8 |
| Other markets | 127 7.1 |
117.8 | 8% | 14% | 281.9 | 200.5 |
| Total | 1,414 4.5 |
1,215.7 | 16% | 3% | 2 2,739.2 |
2,306.6 |
Sales in the North American market during 4 percent lower than in the same period in year. Adjusted for exchange rate effects an sales remained constant. g the quarter were n the preceding nd acquisitions,
Sales in Other markets grew 8 percent dur compared to the same period the precedin for foreign exchange effects and acquisitio 14 percent. In several of the countries in th currency has weakened against the Swedis had negative impact on the value of sales currency. ring the quarter ng year. Adjusted ons, sales rose by he region, the sh krona. This has in the Swedish
The gross profit for the second quarter am 507.9 million (443.9), an increase of 14.4 same period in the preceding year. The gro 35.9 percent (36.5) as a result mainly of a companies with lower margins. ounted to SEK percent over the oss margin fell to cquisitions of
Operating profit for the second quarter 141.8 million (140.9), an increase of 0.6 pe same period in the preceding year. The op 10.0 percent (11.6). The decline is a conse company acquisitions. r amounted to SEK ercent over the erating margin was equence of recent
Selling and administration expenses fo totalled SEK 364.0 million (307.1), a rise of Selling and administration expenses at acq accounted for SEK 47.9 million of the incre r the quarter f SEK 56.9 million. quired companies ease for the quarter.
Selling expenses were charged with SE for anticipated bad debts and impairment l receivables. During the quarter, costs relat totalled SEK 0.1 million (0.5). EK 9.2 million (2.7) osses on trade ed to acquisitions
Net financial items ended the second q million (-18.4). The effects of foreign exch receivables, loans and bank balances totall net (-4.4). Interest expense for the quarter -11.6 million (-9.0), as a result of increas quarter at SEK -15.4 ange on long-term led SEK -3.4 million r increased to SEK sed borrowing.
Operating margin per quarte the same period in previous er, relative to years
Estimated tax for the quarter tota (-33.6), corresponding to an effec percent (27.4) based on profit aft alled SEK -33.8 million ctive tax rate of 26.8 ter net financial items.
In May, Systemair completed the GmbH, Germany, a leading Europe units for swimming baths. The co high-efficiency comfort and venti acquired 97 percent of the outsta agreement to acquire the remain December 2014. Established in 19 headquarters and production facil Ruhr, just outside Düsseldorf. Sale million, 53 percent in Germany. T employs approximately 400 peop acquisition of Menerga ean producer of air handling mpany also makes extra ilation equipment. Systemair anding shares with an ing 3 percent no later than 981, Menerga has its lities in Mülheim an der es in 2012 totalled EUR 56.7 he company currently ple.
In May, Systemair entered an agr AS, a supplier of commercial chille Norwegian market. Reftec, found headquarters in Trondheim and a company has 11 employees. The NOK 34 million in 2012 and sales reement to acquire Reftec ers and heat pumps to the ed in 2007, has its sales office in Oslo. The company recorded sales of growth of more than 30
percent. The company was formerly a rese products in the Norwegian market. eller of Systemair
In September, Systemair finalised the acqu GmbH, Austria, the reseller of Menerga's p country. The company, with headquarters employees, had sales of SEK 20 million in 2 both sells and services Menerga's products uisition of Menerga products in that in Salzburg and 10 2012. The company s.
Menerga Germany and Reftec Norway we 1 May 2013, inclusive. Menerga Austria w 1 September 2013. If Menerga Austria had as of 1 May 2013, net sales for the period October 2013 would have totalled approxi million. Operating profit for that period wo approximately SEK 244 million. re consolidated on as consolidated on d been consolidated May 2013 through mately SEK 2,745 uld have been
Note 1 in this report contains an acquisition account of the effects of the acquisitions o and cash equivalents. n analysis and an on the Group's cash
Investments for the quarter, excluding dive SEK 175.9 million (484.6), including SEK 17 in new construction and machinery. The in consisted for the most part of land and bui production facilities in Italy, Malaysia and M Ruhr in Germany. Considerations for acquis subsidiaries totalled SEK 3.5 million (52.1) Depreciation of non-current assets amount million (28.4). estments, totalled 70.1 million (25.8) vestments ildings at the Mülheim an der sitions of for the quarter. ted to SEK 38.6
The average number of employees in the G (3,375). At the end of the period, Systema employees (3,401), 754 more than one ye employees were recruited chiefly in Russia (50), Germany (20), Slovakia (17) and Turk acquisitions, 558 employees joined the Gro at Menerga, Germany, 142 at Holland Heat Netherlands, 11 at Reftec, Norway, and 8 a Austria. Group was 3,981 air had 4,155 ear previous. New a (69), Lithuania key (16). Through oup, including 397 ting, the at Menerga,
Cash flow from operating activities before capital totalled SEK 164.4 million (159.0) fo Changes in working capital, mainly consisti in inventories and trade accounts receivab of SEK -34.4 million (-15.7) on cash flow. N financing activities totalled SEK 47.2 million result of new loans. At the end of the perio indebtedness was SEK 1,566.0 million (1,2 changes in working or the quarter. ing of an increase le, had an impact Net cash flow from n (354.3), as a od, the Group's net 246.8). The
consolidated equity/assets ratio w the end of the period. was 37.8 percent (39.1) at
Systemair is exposed to operation business. Operational risk is inher nature of the Company's operatio the construction industry's sensiti The financial risks that Systemair consist of foreign exchange risk, b risk, credit risk and liquidity risk a term holdings of securities. The m affecting Systemair are described Company's 2012/13 Annual Repo occurred in the risk situation durin nal and financial risks in its rent in the international ons, tough competition and ivity to the business cycle. has identified in its business borrowing and interest rate nd share price risk in longmaterial risks and uncertainty d in more detail in the ort. No significant change ng the period.
Systemair's significant transaction concern ebmpapst AB and ebmpa KG. Transactions with related part Note 37 to the accounts in the An 2012/13 financial year. During th of mention occurred in the scale o ns with related parties apst Mulfingen GmbH & Co. ties are described in detail in nnual Report for the he period, no change worthy of these transactions.
Parent Company sales for the qua million (256.3), while operating p (21.2). arter totalled SEK 295.0 profit was SEK 24.2 million
The average number of employee was 435 (417). es in the Parent Company
The interim report for the third qu published at 8.00 a.m. on 6 March The report for the fourth quarter a be published at 8.00 a.m. on 11 Ju uarter of 2012/2013 will be h 2014. and full year 2013/14 will une 2014.
The Company established operati concept, the circular duct fan, a d simplified the process of installati "the straight way", and this has b product concept into a business p range has expanded strongly to s air handling units, products for air heating products and refrigeration ons in 1974 with a product esign that considerably ion. We adopted the motto been developed from a philosophy. Our product span a broad range of fans, r distribution, air curtains, n equipment.
Operating from the core values o our business concept is to develo f simplicity and reliability, op, manufacture and market high-quality ventilation products. On the ba concept and with our customers in focus, o seen as a company to rely on, with the em reliability, availability and quality. asis of our business our aim is to be mphasis on delivery
Availability is an important parameter in te competitiveness, and we ensure effective of goods, with owned production units, cen warehouse facilities and an efficient ERP sy modern production plants and our own sal around the world, we reach out directly to business model supports stability and deve today we are a leading producer and supp products with our own production and own erms of our control of our flow ntralised ystem. With es companies our customers. The elopment, and lier of ventilation n sales companies.
The following strategies create major stren competitive advantages that help us to ach ngths and hieve our goals.
The information in this Interim Report is inf Systemair is required to disclose in accorda Swedish Securities Markets Act (lagen om värdepappersmarknaden) and/or the Swed Instruments Trading Act (lagen om handel instrument). This information was submitte 8.00 a.m. on 28 November 2013. formation that ance with the dish Financial med finansiella ed for publication at
The undersigned affirm that this six-month true and fair survey of the Parent Company operations, financial position and profits, a the material risks and uncertainty facing th and the companies included in the Group. h report provides a y's and the Group's nd also describes he Parent Company
Skinnskatteberg, 28 November 20 Systemair AB (publ) 013
Gerald Engström CEO and member of the Board of Directors.
Hannu Paitula Director
Elisabeth Westberg Director
Åke Henningsson Employee Representative Kevin Rowland Employee Representative
Lars Hansson Chairman
Göran Robertsson
Pär Johansson President
Director
Gerald Engström, CEO, tel. +46-22 +46-70-519-0001, gerald.engstro Lars Hansson, Chairman, tel. +46 [email protected] Glen Nilsson, CFO, tel. +46-222-4 [email protected] 22-44001 or [email protected] -70-895-9002, 44003 or +46-70-654-4003
Co. Reg. No. 556160-4108 SE-739 30 Skinnskatteberg, Swed Tel. +46-222-44000 Fax +46-222-44099 [email protected] www.systemair.com. den
Systemair is a leading ventilation co countries in Europe, North America, East, Asia and South Africa. The Com approximately SEK 4.55 billion in th approximately 4,200 employees. Sy operating profit every year since 19 founded. During the past 15 years, has averaged about 13 percent. ompany with operations in 44 South America, the Middle mpany had sales of e 2012/13 financial year and ystemair has reported an 974, when the Company was the Company's growth rate
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
We have reviewed the condensed interi and the six-month reporting period endi accordance with IAS 34 and the Annual Executive Officer. Our responsibility is to m financial information (interim report) for Systemair a ng on that date. The preparation and fair presentation Accounts Act are the responsibility of the Board of Dire o express our opinion of this interim report based on ou as per 31 October 2013 of the interim report in ectors and the Chief ur review.
We conducted our review in accordance Financial Information Performed by the I primarily of persons responsible for finan procedures. The emphasis and scope of International Standards on Auditing Stan The procedures performed in a review d matters that could have been identified high as that of an opinion expressed bas e with the Standard on Review Engagements (SÖG) 241 Independent Auditors of the Entity". A review consists ncial and accounting matters, and applying analytical a a review differ considerably from that of an audit in ac ndards (ISA) and other generally accepted auditing prac do not enable us to obtain a level of assurance to becom in an audit. As our opinion is based on a review, the le sed on an audit. 10 "Review of Interim of making inquiries, nd other review ccordance with ctices in Sweden. me aware of all significant vel of assurance is not as
Based on our review, nothing has come material respects, prepared for the Grou Parent Company, in accordance with the to our attention that causes us to believe that the inte up in accordance with IAS 34 and the Swedish Annual A e Swedish Annual Accounts Act. erim report was not, in all Accounts Act, and, for the
Stockholm, 28 November 2013 Ernst & Young AB
Åsa Lundvall Authorised Public Accountant
| 2013 Aug-Oct |
2012 Aug-Oct |
2013 May-Oct |
2012 May-Oct |
2012/13 Nov-Oct |
2012/13 May-Apr |
|
|---|---|---|---|---|---|---|
| SEK m. | 3 mths | 3 mths | 6 mths | 6 mths | trailing 12 | 12 mths |
| Net sales | 1,414.5 | 1,215.7 | 2,739.2 | 2,306.6 | 4,983.5 | 4,551.0 |
| Cost of goods sold | $-906.6$ | $-771.8$ | $-1,792.2$ | $-1,472.5$ | $-3,243.2$ | $-2,923.6$ |
| Gross profit | 507.9 | 443.9 | 947.0 | 834.1 | 1,740.3 | 1,627.4 |
| Other operating income | 16.7 | 14.1 | 36.4 | 27.9 | 69.9 | 61.5 |
| Selling expenses | $-295.0$ | $-252.5$ | $-562.7$ | $-486.2$ | $-1,117.8$ | $-1,041.4$ |
| Administration expenses | $-69.0$ | $-54.6$ | $-134.1$ | $-107.8$ | $-252.4$ | $-226.1$ |
| Other operating expenses | $-18.8$ | $-10.0$ | $-42.8$ | $-28.5$ | $-70.5$ | $-56.2$ |
| Operating profit | 141.8 | 140.9 | 243.8 | 239.5 | 369.5 | 365.2 |
| Net financial items | $-15.4$ | $-18.4$ | $-33.1$ | $-18.2$ | $-49.4$ | $-34.6$ |
| Profit after financial items | 126.4 | 122.5 | 210.7 | 221.3 | 320.1 | 330.6 |
| Tax on profit for the period | $-33.8$ | $-33.6$ | $-58.8$ | $-59.4$ | $-89.1$ | $-89.6$ |
| Profit for the period | 92.6 | 88.9 | 151.9 | 161.9 | 231.0 | 241.0 |
| Attributable to: | ||||||
| Parent Company shareholders | 92.6 | 88.9 | 151.9 | 161.9 | 231.0 | 241.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Earnings per share, SEK 1 | 1.78 | 1.71 | 2.92 | 3.11 | 4.44 | 4.63 |
| Average number of shares 1 | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 |
1 At present, Systemair does not have any opt tion programme in operation and so no dilution effect is to be e taken into account.
| 2013 Aug-Oct 3 mths |
2012 Aug-Oct 3 mths |
2013 May-Oct 6 mths |
2012 May-Oct 6 mths |
2012/13 Nov-Oct trailing 12 |
2012/13 May-Apr 12 mths |
|
|---|---|---|---|---|---|---|
| Profit for the period | 92.6 | 88.9 | 151.9 | 161.9 | 231.0 | 241.0 |
| Other comprehensive income, net of tax |
||||||
| Items that may later be transferred to profit for the period: |
||||||
| Translation differences, foreign operations |
2.6 | 29.5 | $-13.4$ | $-40.3$ | $-29.3$ | $-56.1$ |
| Hedging of net assets in foreign operations, net of tax |
$-0.2$ | $-0.2$ | $-0.4$ | $-0.6$ | ||
| Change in fair value, financial assets available for sale |
38.9 | 48.3 | 113.5 | 48.3 | 122.9 | 57.7 |
| Other comprehensive income, net after tax |
41.5 | 77.6 | 100.1 | 7.8 | 93.2 | 1.0 |
| Total comprehensive income for the period |
134.1 | 166.5 | 252.0 | 169.7 | 324.2 | 242.0 |
| Attributable to: Parent Company shareholders |
134.1 | 166.5 | 252.0 | 169.7 | 324.2 | 242.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| SEK m. | 31/10/2013 | 31/10/20 012 |
30/04/2013 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 520.2 | 44 45.9 |
457.7 |
| Other intangible assets | 263.8 | 16 61.0 |
171.7 |
| Property, plant and equipment | 1,030.1 | 77 71.6 |
813.4 |
| Financial and other assets | 665.9 | 56 63.4 |
550.9 |
| Total non-current assets | 2,480.0 | 1,94 41.9 |
1,993.7 |
| Inventory | 871.4 | 77 78.9 |
790.0 |
| Current receivables | 1,114.7 | 1,01 18.5 |
992.6 |
| Cash and cash equivalents | 151.2 | 10 02.6 |
98.4 |
| Total current assets | 2,137.3 | 1,90 00.0 |
1,881.0 |
| TOTAL ASSETS | 4,617.3 | 3,84 41.9 |
3,874.7 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,744.5 | 1,50 03.8 |
1,576.0 |
| Non-current liabilities, provisions | 181.6 | 15 51.5 |
154.5 |
| Non-current liabilities, interest-bearing | 669.9 | 53 31.0 |
586.3 |
| Total non-current liabilities | 851.5 | 68 82.5 |
740.8 |
| Current liabilities, interest-bearing | 1,010.5 | 79 93.8 |
724.0 |
| Current liabilities, non-interest-bearing | 1,010.8 | 86 61.8 |
833.9 |
| Total current liabilities | 2,021.3 | 1,65 55.6 |
1,557.9 |
| TOTAL EQUITY AND LIABILITIES | 4,617.3 | 3,84 41.9 |
3,874.7 |
| 2013 | 2012 | 2013 | 2012 | 2012/13 | |
|---|---|---|---|---|---|
| Aug–Oct | Aug–Oct | May–Oct | M May–Oct |
May-Apr | |
| SEK m. | 3 mths | 3 mths | 6 mths | 6 6 mths |
12 mths |
| Operating profit | 141.8 | 140.9 | 243.8 | 239.5 | 365.2 |
| Adjustment for non-cash items | 41.3 | 41.3 | 78.1 | 75.3 | 147.3 |
| Financial items | -11.8 | -6.8 | -19.3 | -11.5 | -27.4 |
| Income tax paid | -6.9 | -16.4 | -27.1 | -32.0 | -76.9 |
| Cash flow from operating activities bef fore |
164.4 | 159.0 | 275.5 | 271.3 | 408.2 |
| changes in working capital | |||||
| Changes in working capital | -34.4 | -15.7 | -76.4 | -67.4 | -64.3 |
| Cash flow from operating activities | 130.0 | 143.3 | 199.1 | 203.9 | 343.9 |
| Cash flow from investing activities | -158.3 | -482.9 | -361.8 | -561.3 | -692.5 |
| Cash flow from financing activities | 47.2 | 354.3 | 219.3 | 374.6 | 364.5 |
| Cash flow for the period | 18.9 | 14.7 | 56.6 | 17.2 | 15.9 |
| Cash and cash equivalents at start of pe eriod |
133.4 | 86.1 | 98.4 | 91.6 | 91.6 |
| Translation differences, cash and cash e equivalents |
-1.1 | 1.8 | -3.8 | -6.2 | -9.1 |
| Cash and cash equivalents at close of p period |
151.2 | 102.6 | 151.2 | 102.6 | 98.4 |
| 2013 | 2012 | |||||
|---|---|---|---|---|---|---|
| May–Oct | May–Oct | |||||
| Equity attrib butable to Parent |
Equity attributable to Parent |
|||||
| SEK m. | Company sha reholders |
Non-controlling interests |
Total equity |
Company shareholders |
Non-controlling interests |
Total equity |
| Amount at beginning of year | 1,576.0 | 0.0 | 1,576.0 | 1,399.0 | 0.1 | 1,399.1 |
| Impact of change in accounting policy IAS 19R |
||||||
| (net) | -5.5 | - | -5.5 | - | - | - |
| Adjusted amount at beginning | ||||||
| of year | 1,570.5 | 0.0 | 1,570.5 | 1,399.0 | 0.1 | 1,399.1 |
| Dividend | -78.0 | - | -78.0 | -65.0 | - | -65.0 |
| Comprehensive income | 252.0 | - | 252.0 | 169.7 | 0.0 | 169.7 |
| Amount at end of period | 1,744.5 | 0.0 | 1,744.5 | 1,503.7 | 0.1 | 1,503.8 |
| 2013 Aug–Oct |
2012 Aug–Oct |
2013 May–Oct |
2012 Ma ay–Oct |
2012/13 May-Apr |
||
|---|---|---|---|---|---|---|
| 3 mths | 3 mths | 6 mths | 6 6 mths |
12 mths | ||
| Net sales | SEK m. | 1,414.5 | 1,215.7 | 2,739.2 | 2 2,306.6 |
4,551.0 |
| Growth | % | 16.4 | 18.4 | 18.8 | 19.4 | 13.9 |
| Operating profit | SEK m. | 141.8 | 140.9 | 243.8 | 239.5 | 365.2 |
| Operating margin | % | 10.0 | 11.6 | 8.9 | 10.4 | 8.0 |
| Profit after net fin. items | SEK m. | 126.4 | 122.5 | 210.7 | 221.3 | 330.6 |
| Profit margin | % | 8.9 | 10.1 | 7.7 | 9.6 | 7.3 |
| Return on capital employed | % | 12.2 | 13.9 | 12.2 | 13.9 | 13.8 |
| Return on equity | % | 14.2 | 15.9 | 14.2 | 15.9 | 16.1 |
| Equity/assets ratio | % | 37.8 | 39.1 | 37.8 | 39.1 | 40.7 |
| Investments | SEK m. | 158.3 | 482.8 | 361.8 | 561.2 | 692.5 |
| Depreciation/Amortisation | SEK m. | 38.6 | 28.4 | 75.8 | 56.7 | 116.6 |
| Per share ratios | ||||||
| Basic earnings per share | SEK | 1.78 | 1.71 | 2.92 | 3.11 | 4.63 |
| Diluted earnings per share | SEK | 1.78 | 1.71 | 2.92 | 3.11 | 4.63 |
| Basic equity per share | SEK | 33.55 | 28.92 | 33.55 | 28.92 | 30.31 |
| Diluted equity per share | SEK | 33.55 | 28.92 | 33.55 | 28.92 | 30.31 |
| Basic operating cash flow per share | SEK | 2.50 | 2.76 | 3.83 | 3.92 | 6.61 |
| Diluted operating cash flow per share | SEK | 2.50 | 2.76 | 3.83 | 3.92 | 6.61 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 | 52,00 00,000 |
52,000,000 |
| 2013/14 2012/13 |
2011/12 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Au ug–Oct |
May–Jul | Feb–Apr | Nov–Jan | Aug–Oct | M May–Jul |
Feb–Apr | Nov–Jan | Aug–Oct | ||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||
| Net sales | SEK m. | 1, ,414.5 |
1,324.7 | 1,123.7 | 1,120.6 | 1,215.7 | 1,091.0 | 1,034.9 | 1,030.6 | 1,026.6 |
| Growth | % | 16.4 | 21.4 | 8.6 | 8.7 | 18.4 | 20.6 | 25.0 | 15.4 | 10.5 |
| Gross margin | % | 35.9 | 33.2 | 33.7 | 37.0 | 36.5 | 35.8 | 35.9 | 37.5 | 39.1 |
| Operating profit | SEK m. | 141.8 | 102.0 | 36.0 | 89.8 | 140.9 | 98.5 | 5.6 | 97.3 | 130.2 |
| Operating margin | % | 10.0 | 7.7 | 3.2 | 8.0 | 11.6 | 9.0 | 0.5 | 9.4 | 12.7 |
| Return on capital employed | % | 12.2 | 12.7 | 13.8 | 13.1 | 13.9 | 14.3 | 14.7 | 18.7 | 19.3 |
| Return on equity | % | 14.2 | 14.5 | 16.1 | 14.6 | 15.9 | 16.8 | 15.7 | 18.9 | 21.5 |
| Equity/assets ratio | % | 37.8 | 38.6 | 40.7 | 41.4 | 39.1 | 45.2 | 45.1 | 45.3 | 45.4 |
| Basic equity per share | SEK | 33.55 | 32.47 | 30.31 | 28.86 | 28.92 | 26.97 | 26.90 | 27.02 | 25.59 |
| Basic earnings per share | SEK | 1.78 | 1.14 | 0.46 | 1.06 | 1.71 | 1.40 | -0.09 | 1.35 | 1.83 |
| 2013 | 2012 | 2013 | 2 2012 |
2012/13 | |
|---|---|---|---|---|---|
| SEK m. | Aug–Oct 3 mths |
Aug–Oct 3 mths |
May–Oct 6 mths |
May y–Oct 6 m mths |
May-Apr 12 mths |
| Net sales | 295.0 | 256.3 | 541.7 | 4 87.7 |
946.8 |
| Cost of goods sold | -209.4 | -190.0 | -393.9 | -3 68.2 |
-716.9 |
| Gross profit | 85.6 | 66.3 | 147.8 | 1 19.5 |
229.9 |
| Other operating income | 11.5 | 9.6 | 22.1 | 19.3 | 47.7 |
| Selling expenses | -44.6 | -40.5 | -83.3 | - 75.1 |
-165.3 |
| Administration expenses | -15.7 | -15.7 | -29.9 | - 29.5 |
-62.3 |
| Other operating expenses | -12.6 | 1.5 | -22.7 | -4.9 | -15.5 |
| Operating profit | 24.2 | 21.2 | 34.0 | 2 29.3 |
34.5 |
| Net financial items | -5.6 | -9.6 | 254.0 | 1 23.7 |
148.2 |
| Profit after financial items | 18.6 | 11.6 | 288.0 | 1 53.0 |
182.7 |
| Appropriations1 | 6.9 | 5.1 | 14.3 | 13.8 | -20.7 |
| Pre-tax profit | 25.5 | 16.7 | 302.3 | 1 66.8 |
162.0 |
| Tax on profit for the period 2 | -5.8 | -4.7 | -8.7 | -9.8 | -0.1 |
| Profit for the period | 19.7 | 12.0 | 293.6 | 1 57.0 |
161.9 |
1 Accelerated depreciation, tax allocation reserve an d Group contributions.
2 The relatively low tax burden for the parent comp net Net financial items any is explained by the large amount of non-taxable revenues, e g div vidends from subsidiaries, within
| SEK m. | 31/10/2013 | 31/10/20 012 |
30/04/2013 |
|---|---|---|---|
| ASSETS | |||
| Other intangible assets | 5.0 | 4.4 | 4.8 |
| Property, plant and equipment | 125.5 | 10 04.6 |
129.9 |
| Financial and other assets | 2,340.0 | 1,89 97.1 |
2,004.7 |
| Total non-current assets | 2,470.5 | 2,00 06.1 |
2,139.4 |
| Inventory | 155.5 | 10 04.1 |
127.8 |
| Current receivables | 757.7 | 66 67.6 |
560.9 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 913.2 | 77 71.7 |
688.7 |
| TOTAL ASSETS | 3,383.7 | 2,77 77.8 |
2,828.1 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,220.6 | 88 81.0 |
892.4 |
| Untaxed reserves | 49.0 | 7 78.8 |
63.3 |
| Non-current liabilities, provisions | 2.4 | 2.8 | 2.8 |
| Non-current liabilities, interest-bearing | 477.9 | 59 97.2 |
743.3 |
| Total non-current liabilities | 480.3 | 60 00.0 |
746.1 |
| Current liabilities, interest-bearing | 1,174.5 | 1,05 54.8 |
664.5 |
| Current liabilities, non-interest-bearing | 459.3 | 16 63.2 |
461.8 |
| Total current liabilities | 1,633.8 | 1,21 18.0 |
1,126.3 |
| TOTAL EQUITY AND LIABILITIES | 3,383.7 | 2,77 77.8 |
2,828.1 |
Systemair applies International Financial accordance with the Swedish Annual Ac IAS 34 Interim Financial Reporting, and f RFR 2. The accounting policies and meth used in preparing the most recent Annua amendments, and IAS 1 Presentation of Group's financial reporting. 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 hods of calculation applied for the Group and Parent Co al Report, with the exception of application of IAS 19 E Financial Statements. These have however not had an epared for the Group in ecommendation RFR 1 and h Annual Accounts Act and mpany accord with those Employee benefits ny major impact on the
The price paid to acquire 100 percent of Austria was provisionally made up as fol f the shares outstanding in Menerga Germany, Reftec N llows: Norway and Menerga
Total historical cost, less transaction cost ts SEK 137.0 million
| Identifiable net assets | Total |
|---|---|
| Goodwill | 75.3 |
| Brands and customer relationships | 111.9 |
| Buildings and land | 29.9 |
| Machinery and equipment | 10.6 |
| Financial and other assets | 0.4 |
| Inventory | 48.4 |
| Other current assets | 69.5 |
| Cash and cash equivalents | 13.9 |
| Non-interest-bearing liabilities (incl. deferred d tax liability) |
-26.9 |
| Interest-bearing liabilities | -38.5 |
| Other operating liabilities | -157.5 |
| 137.0 |
Transaction costs in the acquisition of su earnings in 2012/13. ubsidiaries totalled SEK 5.1 million, the major share of w which was charged to Q4
The total effect on cash flow from the ac consideration for prior years' acquisition cquisitions, including payment of a formerly withheld a s, amounted to SEK -119.7 million. additional purchase
Brands and customer relationships have these assets has been estimated at 5-10 been measured at the net present value of future cas 0 years. h flows. The useful life of
The goodwill upon acquisition is attributa expected to emerge after the acquisition able to the strong market position of the companies ac ns and the company's estimated future earning capacit cquired, synergy effects ty.
Systemair's financial instruments consist for-sale financial assets, trade accounts institutions carry variable interest rates o fair value via the income statement, bas assets are recognised at fair value based liabilities are short term. For that reason, approximately to the carrying amounts. 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 sed on input data corresponding to level 2 in IFRS 7. Av d on input data corresponding to level 1 in IFRS 7. Othe , the fair values of all financial instruments are conside Systemair has not recognised any financial assets and ash equivalents, availableabilities. Liabilities to credit vatives are recognised at vailable-for-sale financial er financial assets and ered to equate liabilities net.
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 accounting period. New employees, appointments erted into full-time equivalents. s terminated, 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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