Quarterly Report • Aug 29, 2013
Quarterly Report
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| 2013 May–Jul 3 mths |
2012 May–Jul 3 mths |
2012/13 May-Apr 12 mths |
|
|---|---|---|---|
| Net sales, SEK million | 1,324.7 | 1,091.0 | 4,551.0 |
| Growth, % | 21.4 | 20.6 | 13.9 |
| Operating profit, SEK million | 102.0 | 98.5 | 365.2 |
| Operating margin, % | 7.7 | 9.0 | 8.0 |
| Profit after tax, SEK million | 59.3 | 73.0 | 241.0 |
| Earnings per share, SEK | 1.14 | 1.40 | 4.63 |
| Operating cash flow per share, SEK | 1.33 | 1.16 | 6.61 |
During our first quarter, we recor increase of 21 percent. The incre attributable to the acquisitions co Menerga in Germany, Holland He in Turkey. Gratifyingly, we can al continued organic growth of 6 pe the quarter, we focused hard on and restructuring the companies rded a sales ease is largely ompleted, eating and HSK lso report ercent. During integrating acquired.
May and June were relatively weak perio was considerably stronger. As before, un especially in southern Europe but also to in North America and parts of Eastern Eu Nevertheless, we can see an upward tre example, Germany, Sweden, Turkey and ods, while July ncertainty prevails o a certain degree urope. end in, for d India.
The year began with acquisitions of Men Germany, and Reftec, Norway. At the sa focused hard on integrating Holland Hea Turkey and continued the process of inte AC, Italy. Over the past year, we have ac expansion of the Systemair product rang a stronger player in the project market a offer all-inclusive product deliveries of v equipment for construction projects. Our also considerably boosted service and af nerga GmbH, ame time, we ating, HSK of egrating Systemair chieved a sharp ge. This makes us and enables us to ventilation r acquisitions have fter-market sales.
During the quarter, we expanded our pro Slovenia. We also acquired land in Slova Denmark in order to enlarge our product warehousing areas alongside existing pr In Ontario, Canada, we acquired a wareh building in which to relocate Change Air' to build up a logistics centre. In Malaysia agreement to acquire a new industrial p these investments will enable us to cont existing production facilities. Our facilitie well equipped. In September, we official air handling unit factory in Turkey, wher relocated to a new building and carried o investments in machinery. oduction facility in kia and in tion and roduction facilities. house and office 's operations and a, we signed an roperty. All-in-all, tinue expanding at es are modern and ly open our new e we have out major
One of Systemair's strengths is have our own operations in 44 supply our products to more tha economic uncertainty in many m organic growth for the fourteen a reasonable level of profitabilit weaker economy to our advant acquisitions. We have acquired reasonable terms, although the restructuring in certain cases. W acquisitions and investments in product development and mark a record of performing well in t assume will continue to deliver our global presence. We countries and regularly an 100 countries. Despite markets, we can report nth successive quarter with ty. We have used the tage in making company good companies on re is a need for We are continuing to make production equipment, keting. A strategy that has he past and that we good results in the future.
Gerald Engström CEO
Group sales for the first quarter of 2013 1,324.7 million (1,091.0), up 21.4 perce period in the preceding year. /14 totalled SEK nt from the same
Adjusted for both foreign exchange e acquisitions, net sales grew 5.7 percent. successive quarter of organic growth de market. effects and This is the 14th spite a weak
During the first quarter, sales in increased by 12 percent from th preceding year. Sales in Sweden and in Norway by 10 percent. T and Menerga, which delivers to in the increase. Adjusted for acq exchange effects, growth was 9 the Nordic region he same period the n increased by 24 percent The acquisitions of Reftec o the region, were factors quisitions and foreign 9 percent for the region.
Sales in the West European mar during the quarter, compared w period in the preceding year. Ad foreign exchange and acquisitio percent. Markets that performe include Germany and Switzerlan rket grew 36 percent with the corresponding djusted for the effects of ons, sales increased 3 ed strongly in the region nd.
Sales in Eastern Europe and the during the quarter. Adjusted for exchange effects, sales increase continues to show growth. e CIS increased 2 percent r acquisitions and foreign ed 1 percent. Russia
Sales in the North American ma during the quarter compared to preceding year. Adjusted for the exchange and acquisitions, sale arket decreased 5 percent the same period in the e effects of foreign s decreased 3 percent.
| 2013 May–Jul 3 mths |
2012 May–Jul 3 mths |
Change in sales |
O Of which organic |
|
|---|---|---|---|---|
| Nordic region | 268.9 | 239.6 | 12% | 9% |
| Western Europe | 492.7 | 361.6 | 36% | 3% |
| Eastern Europe & CIS | 308.4 | 302.0 | 2% | 1% |
| North America | 100.0 | 105.1 | -5% | -3% |
| Other markets | 154.7 | 82.7 | 87% | 38% |
| Total | 1,324.7 | 1,091.0 | 21% | 6% |
Sales in Other markets were 87 percent same period in the preceding year, partl HSK's and Holland Heating's deliveries to Adjusted for foreign exchange effects an sales increased 38 percent. higher than in the y as a result of o the region. nd acquisitions,
The gross profit for the first quarter amo 439.2 million (390.2), an increase of 12. the same period in the preceding year. T fell to 33.2 percent (35.8) as a result ma acquisitions of companies with lower ma ounted to SEK .5 percent over The gross margin ainly of argins.
Operating profit for the first quarter a 102.0 million (98.5), an increase of 3.5 p same period in the preceding year. Our o was 7.7 percent (9.0). The lower operat consequence of a lower gross margin. amounted to SEK percent over the operating margin ing margin is a
Selling and administration expenses totalled SEK 332.8 million (286.8), an inc million. Selling and administration expen companies accounted for SEK 43.7 millio for the quarter. for the quarter crease of SEK 46.0 nses for acquired on of the increase
Selling expenses were charged with (4.7) for anticipated bad debts and impa trade receivables. During the quarter, co acquisitions totalled SEK 0.1 million (0.8) SEK 5.9 million airment losses on osts related to ).
Net financial items for the first quart -17.7 million (0.3). The effects of foreign long-term receivables, loans and bank b SEK -7.7 million net (5.8). Interest expen amounted to SEK -10.4 million (-5.9), as increased borrowing. er totalled SEK n exchange on alances totalled nse for the quarter s a result of
Operating margin per quarte the same period in previous er, relative to years
Estimated tax for the quarter to (-25.8), corresponding to an eff percent (26.1) based on profit a otalled SEK -25.0 million fective tax rate of 29.6 after net financial items.
In May, Systemair completed th GmbH, Germany, a leading Euro handling units for swimming ba makes extra high-efficiency com equipment. Established in 1981 headquarters and production fa Ruhr, just outside Düsseldorf. Sa 56.7 million, 53 percent in Germ currently employs approximatel he acquisition of Menerga opean producer of air ths. The company also mfort and ventilation , Menerga has its cilities in Mülheim an der ales in 2012 totalled EUR many. The company ly 400 people.
In May, Systemair entered an agreemen Reftec AS, a supplier of commercial chill pumps to the Norwegian market. Reftec 2007, has its headquarters in Trondheim in Oslo. It has 11 employees. The compa of NOK 34 million in 2012 and sales grow 30 percent. The company was formerly Systemair products in the Norwegian ma nt to acquire ers and heat c, founded in m and a sales office any recorded sales wth of more than a reseller of arket.
In July, Systemair entered into an agreem Menerga GmbH, the reseller of Menerga Austria. The company, with headquarter 10 employees, had sales of SEK 20 millio company both sells and services Menerg ment to acquire a's products in rs in Salzburg and on in 2012. The ga's products.
Menerga Germany and Reftec have bee of 1 May 2013, inclusive. It is anticipated acquisition of Menerga, Austria, will be c September, after which the company wi n consolidated as d that the completed in ill be consolidated.
Note 1 in this report contains an acquisit an account of the effects of the acquisiti Group's cash and cash equivalents. tion analysis and ions on the
Investments for the quarter, excluding d totalled SEK 205.3 million (79.4), includin million (19.4) invested in new constructi machinery. The investments consisted fo land and buildings at the production faci Denmark, Germany and Slovakia. Acquis additional considerations paid for subsid 116.3 million (60.0) for the quarter. Dep current assets amounted to SEK 37.2 mi ivestments, ng SEK 87.9 ion and or the most part of lities in Canada, sitions and iaries totalled SEK preciation of nonllion (28.3).
The average number of employees in th 3,841 (2,948). At the end of the period, 4,075 employees (3,279), 796 more tha New employees were recruited above a Slovakia (13), Germany (12) and Lithuan acquisitions, 712 employees joined the G 400 at Menerga, Germany, 160 at HSK, Holland Heating and 11 at Reftec, Norwa he Group was Systemair had an a year earlier. all in Malaysia (13), nia (12). Through Group, including Turkey, 141 at ay.
Cash flow from operating activities befo working capital totalled SEK 111.1 millio quarter. Changes in working capital, mai lower trade accounts payable and highe receivable, had an impact of SEK -42.0 m cash flow. Net cash flow from financing re changes in n (112.1) for the nly consisting of r trade accounts million (-51.7) on activities totalled SEK 172.1 million (20.4), as a re end of the period, the Group's n 1,455.7 million (818.0). The con ratio was 38.6 percent (45.2) a esult of new loans. At the net indebtedness was SEK nsolidated equity/assets t the end of the period.
Systemair is exposed to operati its business. Operational risk is i international nature of the oper and the sensitivity of the constr business cycle. The financial risk identified in its business consist borrowing and interest rate risk risk and share price risk in longsecurities. The material risks an Systemair are described in more 2012/13 Annual Report. No sig the risk situation during the per ional and financial risks in inherent in the rations, tough competition ruction industry to the ks that Systemair has t of foreign exchange risk, k, credit risk and liquidity -term holdings of d uncertainty affecting e detail in the Company's nificant change occurred in iod.
Systemair's significant transacti concern ebmpapst AB and ebm Co. KG. Transactions with relate detail in Note 37 to the account the 2012/13 financial year. Dur worthy of mention occurred in t transactions. ons with related parties papst Mulfingen GmbH & ed parties are described in ts in the Annual Report for ring the period, no change the scale of these
Parent Company sales for the q million (231.4), while operating (8.1). uarter totalled SEK 246.6 profit was SEK 9.9 million
The average number of employ was 428 (404). yees in the Parent Company
The Interim Report for the seco be published at 8.00 a.m. on 28 The interim report for the third be published at 8.00 a.m. on 6 M The report for the fourth quarte will be published at 8.00 a.m. o nd quarter of 2013/14 will 8 November 2013. quarter of 2012/2013 will March 2014. er and full year 2013/14 n 11 June 2014.
The Company established operations in product concept, the circular duct fan, a considerably simplified the process of in adopted the motto "the straight way", a developed from a product concept into a philosophy. Our product range has expan span a broad range of fans, air handling air distribution, air curtains, heating prod refrigeration equipment. 1974 with a design that stallation. We nd this has been a business nded strongly to units, products for ducts and
Operating from the core values of simpli our business concept is to develop, man market high-quality ventilation products our business concept and with our custo aim is to be seen as a company to rely o emphasis on delivery reliability, availabil icity and reliability, ufacture and . On the basis of omers in focus, our on, with the lity and quality.
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 our own produ sales companies. terms of our ve control of our nits, centralised P system. With sales companies to our customers. nd development, d supplier of uction and own
The following strategies create major str competitive advantages that help us to a rengths and achieve our goals.
The information in this Interim R Systemair is required to disclose Swedish Securities Markets Act värdepappersmarknaden) and/o Instruments Trading Act (lagen instrument). This information is publication at 1.00 p.m. on 29 A Report is information that e in accordance with the (lagen om or the Swedish Financial om handel med finansiella to be submitted for August 2013.
This interim report has not b Company's auditor. been reviewed by the
Skinnskatteberg, 29 August 201 Systemair AB (publ) 13
For further information, please c Gerald Engström, CEO, tel. +46- +46-70-519-0001, gerald.engs Lars Hansson, Chairman, tel. +4 [email protected] Glen Nilsson, CFO, tel. +46-222 +46-70-654-4003, glen.nilsson contact: -222-44001 or [email protected] 46-70-895-9002, -44003, [email protected]
Co. Reg. No. 556160-4108 SE-739 30 Skinnskatteberg, Sw Tel. +46-222-44000 Fax +46-222-44099 [email protected] www.systemair.com. weden
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 4,100 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
| 2013 M May–Jul |
2012 May–Jul |
2012/13 Aug–Jul |
2012/13 May-Apr |
|
|---|---|---|---|---|
| SEK m. | 3 mths | 3 mths | trailing 12 | 12 mths |
| Net sales | 1 1,324.7 |
1,091.0 | 4,784.7 | 4,551.0 |
| Cost of goods sold | -885.5 | -700.8 | -3,108.4 | -2,923.6 |
| Gross profit | 439.2 | 390.2 | 1,676.3 | 1,627.4 |
| Other operating income | 19.6 | 13.7 | 67.3 | 61.5 |
| Selling expenses | -267.6 | -233.6 | -1,075.4 | -1,041.4 |
| Administration expenses | -65.2 | -53.2 | -238.0 | -226.1 |
| Other operating expenses | -24.0 | -18.6 | -61.6 | -56.2 |
| Operating profit | 102.0 | 98.5 | 368.6 | 365.2 |
| Net financial items | -17.7 | 0.3 | -52.5 | -34.6 |
| Profit after financial items | 84.3 | 98.8 | 316.1 | 330.6 |
| Tax on profit for the period | -25.0 | -25.8 | -88.7 | -89.6 |
| Profit for the period | 59.3 | 73.0 | 227.4 | 241.0 |
| Attributable to: | ||||
| Parent Company shareholders | 59.3 | 73.0 | 227.4 | 241.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Earnings per share, SEK 1 | 1.14 | 1.40 | 4.37 | 4.63 |
| Average number of shares 1 | 52,0 000,000 |
52,000,000 | 52,000,000 | 52,000,000 |
1 At present, Systemair does not have any op ption programme in operation and so no dilution effect is to b be taken into account.
| 2013 M May–Jul 3 mths |
2012 May–Jul 3 mths |
2012/13 Aug–Jul trailing 12 |
2012/13 May-Apr 12 mths |
|
|---|---|---|---|---|
| Profit for the period | 59.3 | 73.0 | 227.4 | 241.0 |
| Other comprehensive income, net of tax |
||||
| Items that may later be transferred to profit for the period: |
||||
| Translation differences, foreign operations |
-15.9 | -69.8 | -2.3 | -56.1 |
| Hedging of net assets in foreign operations, net of tax |
- | 0.0 | -0.6 | -0.6 |
| Change in fair value, financial assets available for sale |
74.6 | - | 132.3 | 57.7 |
| Other comprehensive income, net after tax |
58.7 | -69.8 | 129.4 | 1.0 |
| Total comprehensive income for the period |
118.0 | 3.2 | 356.8 | 242.0 |
| Attributable to: | ||||
| Parent Company shareholders | 118.0 | 3.2 | 356.8 | 242.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 |
| SEK m. | 31/07/2013 | 31/07/20 012 |
30/04/2013 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 518.5 | 36 69.2 |
457.7 |
| Other intangible assets | 272.9 | 13 34.1 |
171.7 |
| Property, plant and equipment | 907.9 | 76 63.1 |
813.4 |
| Financial and other assets | 629.6 | 10 05.6 |
550.9 |
| Total non-current assets | 2,328.9 | 1,37 72.0 |
1,993.7 |
| Inventory | 829.7 | 77 70.2 |
790.0 |
| Current receivables | 1,081.3 | 87 77.5 |
992.6 |
| Cash and cash equivalents | 133.4 | 8 86.1 |
98.4 |
| Total current assets | 2,044.4 | 1,73 33.8 |
1,881.0 |
| TOTAL ASSETS | 4,373.3 | 3,10 05.8 |
3,874.7 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,688.4 | 1,40 02.3 |
1,576.0 |
| Non-current liabilities, provisions | 183.1 | 13 30.5 |
154.5 |
| Non-current liabilities, interest-bearing | 710.5 | 21 14.0 |
586.3 |
| Total non-current liabilities | 893.6 | 34 44.5 |
740.8 |
| Current liabilities, interest-bearing | 847.8 | 66 65.2 |
724.0 |
| Current liabilities, non-interest-bearing | 943.5 | 69 93.8 |
833.9 |
| Total current liabilities | 1,791.3 | 1,35 59.0 |
1,557.9 |
| TOTAL EQUITY AND LIABILITIES | 4,373.3 | 3,10 05.8 |
3,874.7 |
| 2013 May–Jul |
2012 May–Jul |
2012/13 May-Apr |
|
|---|---|---|---|
| SEK m. | 3 mths | 3 mths | 12 mths |
| Operating profit | 102.0 | 98.5 | 365.2 |
| Adjustment for non-cash items | 36.8 | 34.0 | 147.3 |
| Financial items | -7.5 | -4.7 | -27.4 |
| Income tax paid | -20.2 | -15.7 | -76.9 |
| Cash flow from operating activities bef fore |
111.1 | 112.1 | 408.2 |
| changes in working capital | |||
| Changes in working capital | -42.0 | -51.7 | -64.3 |
| Cash flow from operating activities | 69.1 | 60.4 | 343.9 |
| Cash flow from investing activities | -203.5 | -78.3 | -692.5 |
| Cash flow from financing activities | 172.1 | 20.4 | 364.5 |
| Cash flow for the period | 37.7 | 2.5 | 15.9 |
| Cash and cash equivalents at start of pe eriod |
98.4 | 91.6 | 91.6 |
| Translation differences, cash and cash e equivalents |
-2.7 | -8.0 | -9.1 |
| Cash and cash equivalents at close of p period |
133.4 | 86.1 | 98.4 |
| 2013 | 2012 | |||||
|---|---|---|---|---|---|---|
| May–Jul | May–Jul | |||||
| 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 Effect from change in accounting principles IAS 19R |
1,576.0 | 0.0 | 1,576.0 | 1,399.0 | 0.1 | 1,399.1 |
| (net) Adjusted amount at beginning |
-5.6 | - | -5.6 | - | - | - |
| of year | 1,570.4 | 0.0 | 1,570.4 | 1,399.0 | 0.1 | 1,399.1 |
| Comprehensive income | 118.0 | - | 118.0 | 3.2 | 0.0 | 3.2 |
| Amount at end of period | 1,688.4 | 0.0 | 1,688.4 | 1,402.2 | 0.1 | 1,402.3 |
| 2013 May–Jul 3 mths |
2012 May–Jul 3 mths |
2012/13 May-Apr 12 mths |
||
|---|---|---|---|---|
| Net sales | SEK m. | 1,324.7 | 1,091.0 | 4,551.0 |
| Growth | % | 21.4 | 20.6 | 13.9 |
| Operating profit | SEK m. | 102.0 | 98.5 | 365.2 |
| Operating margin | % | 7.7 | 9.0 | 8.0 |
| Profit after net fin. items | SEK m. | 84.3 | 98.8 | 330.6 |
| Profit margin | % | 6.4 | 9.1 | 7.3 |
| Return on capital employed | % | 12.7 | 14.3 | 13.8 |
| Return on equity | % | 14.5 | 16.8 | 16.1 |
| Equity/assets ratio | % | 38.6 | 45.2 | 40.7 |
| Investments | SEK m. | 203.5 | 78.3 | 692.5 |
| Depreciation/Amortisation | SEK m. | 37.2 | 28.3 | 116.6 |
| Per share ratios | ||||
| Basic earnings per share | SEK | 1.14 | 1.40 | 4.63 |
| Diluted earnings per share | SEK | 1.14 | 1.40 | 4.63 |
| Basic equity per share | SEK | 32.47 | 26.97 | 30.31 |
| Diluted equity per share | SEK | 32.47 | 26.97 | 30.31 |
| Basic operating cash flow per share | SEK | 1.33 | 1.16 | 6.61 |
| Diluted operating cash flow per share | SEK | 1.33 | 1.16 | 6.61 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 |
| 2013 3/14 2012/13 |
2011/12 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| May y–Jul |
Feb–Apr | Nov–Jan | Aug–Oct | May–Jul | Feb –Apr |
Nov–Jan | Aug–Oct | May–Jul | ||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
| Net sales | SEK m. | 1,3 24.7 |
1,123.7 | 1,120.6 | 1,215.7 | 1,091.0 | 1,0 34.9 |
1,030.6 | 1,026.6 | 904.8 |
| Growth | % | 21.4 | 8.6 | 8.7 | 18.4 | 20.6 | 25.0 | 15.4 | 10.5 | 10.7 |
| Gross margin | % | 33.2 | 33.7 | 37.0 | 36.5 | 35.8 | 35.9 | 37.5 | 39.1 | 36.6 |
| Operating profit | SEK m. | 1 02.0 |
36.0 | 89.8 | 140.9 | 98.5 | 5.6 | 97.3 | 130.2 | 86.8 |
| Operating margin | % | 7.7 | 3.2 | 8.0 | 11.6 | 9.0 | 0.5 | 9.4 | 12.7 | 9.6 |
| Return on capital employed | % | 12.7 | 13.8 | 13.1 | 13.9 | 14.3 | 14.7 | 18.7 | 19.3 | 19.1 |
| Return on equity | % | 14.5 | 16.1 | 14.6 | 15.9 | 16.8 | 15.7 | 18.9 | 21.5 | 20.9 |
| Equity/assets ratio | % | 38.6 | 40.7 | 41.4 | 39.1 | 45.2 | 45.1 | 45.3 | 45.4 | 45.4 |
| Basic equity per share | SEK | 3 2.47 |
30.31 | 28.86 | 28.92 | 26.97 | 2 6.90 |
27.02 | 25.59 | 26.05 |
| Basic earnings per share | SEK | 1.14 | 0.46 | 1.06 | 1.71 | 1.40 | - 0.09 |
1.35 | 1.83 | 1.06 |
| 2013 | 2012 | 2012/13 | |
|---|---|---|---|
| SEK m. | May–Jul 3 mths |
May–Jul 3 mths |
May-Apr 12 mths |
| Net sales | 246.6 | 231.4 | 946.8 |
| Cost of goods sold | -184.3 | -178.2 | -716.9 |
| Gross profit | 62.3 | 53.2 | 229.9 |
| Other operating income | 10.6 | 9.7 | 47.7 |
| Selling expenses | -38.8 | -34.6 | -165.3 |
| Administration expenses | -14.2 | -13.8 | -62.3 |
| Other operating expenses | -10.0 | -6.4 | -15.5 |
| Operating profit | 9.9 | 8.1 | 34.5 |
| Net financial items | 259.5 | 133.3 | 148.2 |
| Profit after financial items | 269.4 | 141.4 | 182.7 |
| Appropriations 1 | 7.4 | 8.7 | -20.7 |
| Pre-tax profit | 276.8 | 150.1 | 162.0 |
| Tax on profit for the period | -2.9 | -5.1 | -0.1 |
| Profit for the period | 273.9 | 145.0 | 161.9 |
1 Accelerated depreciation, tax allocation reserve a nd Group contributions.
| SEK m. | 30/07/2013 | 30/07/20 012 |
30/04/2013 |
|---|---|---|---|
| ASSETS | |||
| Other intangible assets | 5.0 | 5.0 | 4.8 |
| Property, plant and equipment | 128.7 | 10 05.9 |
129.9 |
| Financial and other assets | 2,278.6 | 1,37 74.3 |
2,004.7 |
| Total non-current assets | 2,412.3 | 1,48 85.2 |
2,139.4 |
| Inventory | 158.9 | 9 99.7 |
127.8 |
| Current receivables | 689.4 | 63 35.4 |
560.9 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 848.3 | 73 35.1 |
688.7 |
| TOTAL ASSETS | 3,260.6 | 2,22 20.3 |
2,828.1 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,239.1 | 88 86.9 |
892.4 |
| Untaxed reserves | 55.9 | 8 84.0 |
63.3 |
| Non-current liabilities, provisions | 2.6 | 2.0 | 2.8 |
| Non-current liabilities, interest-bearing | 747.5 | 51 16.0 |
743.3 |
| Total non-current liabilities | 750.1 | 51 18.0 |
746.1 |
| Current liabilities, interest-bearing | 795.2 | 61 17.6 |
664.5 |
| Current liabilities, non-interest-bearing | 420.3 | 11 13.8 |
461.8 |
| Total current liabilities | 1,215.5 | 73 31.4 |
1,126.3 |
| TOTAL EQUITY AND LIABILITIES | 3,260.6 | 2,22 20.3 |
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 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 not had any major im epared for the Group in ecommendation RFR 1 and h Annual Accounts Act and mpany accord with those Employee benefits mpact on the Group's
The price paid to acquire 100 percent of follows: f the shares outstanding in Menerga and Reftec was pr rovisionally made up as
Total historical cost, less transaction cost ts SEK 133.3 million
| Identifiable net assets | Total |
|---|---|
| Goodwill | 71.9 |
| Brands and customer relationships | 111.9 |
| Buildings and land | 29.9 |
| Machinery and equipment | 10.4 |
| Financial and other assets | 0.4 |
| Inventory | 47.2 |
| Other current assets | 66.7 |
| Cash and cash equivalents | 13.6 |
| Non-interest-bearing liabilities (incl. deferred d tax liability) |
-26.8 |
| Interest-bearing liabilities | -38.5 |
| Other operating liabilities | -153.4 |
| 133.3 |
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 -116.3 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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