Quarterly Report • Nov 30, 2012
Quarterly Report
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| 2012 | 2011 | 2012 | 2011 | |
|---|---|---|---|---|
| Aug–Oct | Aug–Oct | May–Oct | May–Oct | |
| 3 mths | 3 mths | 6 mths | 6 mths | |
| Net sales, SEK million | 1,215.7 | 1,026.6 | 2,306.6 | 1,931.4 |
| Growth, % | 18.4 | 10.5 | 19.4 | 10.6 |
| Operating profit, SEK million | 140.9 | 130.2 | 239.5 | 216.9 |
| Operating margin, % | 11.6 | 12.7 | 10.4 | 11.2 |
| Profit after tax, SEK million | 88.9 | 95.0 | 161.9 | 150.2 |
| Basic and diluted earnings per share, SEK | 1.71 | 1.83 | 3.11 | 2.89 |
| Operating cash flow per share, SEK | 2.76 | 1.83 | 3.92 | 2.83 |
Our sales increased by 18.4 percent organic growth in the second quarter totalled 10.5 percent. This was generated by strong growth in our major markets, with Russia in the lead. The fact that we also report an operating margin of 11.6 percent, is to us a sign of strength, in view of the uncertainty that prevails in many markets. and our e
The best rate of growth is shown in Russia and the Baltic States. Other markets also display satisfactory growth, with Norway and Germany both reporting double figures. It is pleasing that developments in India are heading in the right direction and that we have now moved into profitability. At the same time, sales have begun to rise again, from relatively low levels. double-digit growth
Our company in Russia, acquired at the end of June 2011, has continued to perform well, with both good profitability. We are establishing new sales offices and Nizhny Novgorod. Our production of chillers also progressed better than we had dared to hope and to date has delivered positive earnings. The Canadian business Change Air continued to develop satisfactorily during the period, but is now entering a season where sales will be lower. In India, our companies will be merg together for improved efficiency. growth and in Samara in Italy has tter merged and relocated
Construction of production, laboratory and office facilities at Greater Noida, just outside Delhi, is in full swing, and occupancy of the first section will begin in December. In all, we will acquire 8,000 m2 of new production and warehousing space. Construction work is also in progress at the new development centre in Germany. We are investing in additional sheet metal forming machinery at our Lithuanian production unit and at Systemair-HSK, our recently acquired air handling unit manufacturer in Turkey; installation will take place in spring 2013.
In recent years, we have undertaken major investments in production equipment, product development, marketing and business combinations. It is gratifying to see that we are obtaining a return from the investments made. The full effect will not emerge until an upturn in the economy comes about. However, we have demonstrated that we can deliver not only satisfactory growth but also a good ope even in difficult times. have equipment, gratifying a return the The not , we can satisfactory but a operating profit,
Gerald Engström President and CEO
Group sales for the second quarter of 2012/13 totalled SEK 1,215.7 million (1,026.6), which was up 18.4 percent on the same period in the preceding year. Organic growth amounted to 10.5 percent.
Growth in acquired operations totalled 11.6 percent, or SEK 119.4 million. During the quarter, foreign exchange effects reduced sales by 3.7 percent. This means unchanged exchange rates, sales increased in the quarter. that, at by 22.1 percent
Net sales for the interim report period of May 2012/13 totalled SEK 2,306.6 million (1,931.4), which was up 19.4 percent on the same period in the preceding year. Organic growth amounted to 6.1 percent. May-October
Growth in acquired operations equalled 16.3 percent, while foreign exchange effects reduced sales by 3.0 percent during the period.
During the second quarter, sales in the Nordic region increased 3 percent from the same period in the preceding year. Growth remained strong in Norway and Denmark. Adjusted for foreign exchange effects, sales increased 5 percent during the quarter. sales in same period in preceding remained effects, sales
In Western Europe, income increased by second quarter. Adjusted for foreign exchange effects, sales increased by 6 percent compared to the preceding Markets that performed strongly in the region include Switzerland, Austria and Germany. 15 percent in the salespercent preceding year. Markets Switzerland, and the 21 percent
Sales in Eastern Europe and the CIS increased 21 percent during the quarter. Organic growth for the region amounted to 28 percent. Russia and the Baltic States in particular continue to show good growth. during and Baltic in particular
| 2012 Aug–Oct 3 mths |
2011 Aug–Oct 3 mths |
Change | 2012 May–Oct 6 mths |
2011 May –Oct 6 mths mths |
Change | |
|---|---|---|---|---|---|---|
| Nordic region | 315.8 | 305.3 | 3% | 555.3 | 527.3 | 5% |
| Western Europe | 381.1 | 332.7 | 15% | 742.6 | 653.6 | 14% |
| Eastern Europe & CIS | 305.3 | 251.5 | 21% | 607.4 | 467.0 | 30% |
| North America | 95.7 | 73.3 | 31% | 200.8 | 145.5 | 38% |
| Other markets | 117.8 | 63.8 | 85% | 200.5 | 138.0 | 45% |
| Total | 1,215.7 | 1,026.6 | 18% | 2,306.6 | 1,931.4 | 19% |
Sales in the North American market increased by during the quarter compared to the same period in the preceding year. The increase is attributable to the acquisition of Change Air, Canada. Adjusted for the effects of foreign exchange and acquisitions, sales decreased 31 percent he 2 percent.
Sales in Other markets increased by 85 percent compared to the same period in the preceding year, as a result of the acquisitions in Turkey and India. Adjusted for foreign exchange effects, sales increased 7 percent.
The gross profit for the second quarter amounted to SEK 443.9 million (401.7), an increase of 10.5 percent on the same period in the preceding year. The gross margin fell to 36.5 percent (39.1) as a result mainly of acquisitions of companies with lower margins.
The operating profit for the second quarter totalled SEK 140.9 million (130.2), up 8.3 percent on the same period in the preceding year. The operating margin was (12.7). 11.6 percent
Selling and administration expenses for the quarter totalled SEK 307.1 million (271.4), an increase of SEK 35.7 million. Selling and administration expenses at acquired companies accounted for SEK 21.1 million (16.2) of the increase for the quarter.
Selling expenses were charged with SEK 2.7 million (4.0) for anticipated bad debts and impairment losses on trade receivables. During the quarter, costs related to acquisitions totalled SEK 0.5 million (0.9).
Net financial items ended the second quarter at SEK million (-5.8). The effect of foreign exchange on long receivables, loans and bank balances was SEK (0.7). Write-down of a long term receivable, deriving from a previous sale of a building, totalled SEK -5.4 million. expense for the quarter totalled SEK -9.0 million ( result of increased borrowing. -18.4 long-term ivables, -4.4 million net down 5.4 Interest 9.0 (-6.7), as a
Operating margin per quarter, relative to the same period in previous years
Estimated tax for the quarter totalled SEK 29.4), corresponding to an effective tax rate of 27.4 percent (23.6) based on profit after net financial items. low effective tax rate last year is attributable to tax loss carry-forwards utilised but not capitalised. tax for the totalled SEK -33.6 million ( corresponding to of 27.4 The relatively is to tax forwards capitalised.
On 20 August 2012, Systemair acquired Ratos' holding of shares in Lindab. The holding represented 11.2 percent of the share capital and comprised 8,849,157 shares. At the same time, Systemair acquired a further 300,000 shares in the market and consequently is one of the largest shareholders in Lindab, with in all 11.6 percent of the share capital. The aim of the acquisition is to exercise long ownership of the company. Systemair and Lindab have been engaged in many years of collaboration in the ventilation product sector and opportunities exist to expand collaboration in the product and distribution area. On 2012, holding of shares. sameacquired market Lindab, 11.6 share capital. The is to long-term industrial and have engaged in product distribution area.
In May 2012, Systemair signed an agreement to acquire 70 percent of the shares in Turkish company HSK. HSK is Turkey's leading manufacturer of air handling units, with sales of SEK 160 million in 2011. The company has two production facilities just outside Istanbul and sales offices ed to is Turkey's manufacturer with The has sales in Azerbaijan,
Georgia, Turkmenistan, Dubai and Iraq. The acquisition is expected to create excellent synergies with the Italian refrigeration equipment factory acquired. The acquisition initially concerns 70 percent of the shares and a binding option to acquire the remaining 30 percent within a four period. HSK has been consolidated into Systemair since the beginning of August 2012. four-year
In June, Systemair acquired Change Air, Canada. The company is one of North America's leading air handling units for classrooms. In 2011, Change Air had sales of SEK 84 million and an operating profit of SEK 11.9 million. The company, with 86 employees, has its headquarters and a production facility in Ontario, Canada. The acquisition has provided Systemair with access to 59 sales agents in 71 cities, and a total of approximately 300 sales engineers in North America. These cover 42 states in the USA and six provinces in Canada. manufacturer of ling r
If Change Air and HSK had been consolidated as of 1 May 2012, net sales for the period May 2012 through 2012 would have totalled SEK approximately SEK 2,355 million. Operating profit for the period would have been approximately SEK 233 million. October
Note 1 in this report contains an acquisition analysis and an account of the effects of the acquisitions on the Group's cash and cash equivalents.
Investment for the quarter, excluding divestments, totalled SEK 484.6 million (25.1), including SEK 25.8 million (17.4) invested in new construction and machinery. Acquisitions and additional considerations paid equalled SEK 52.1 million (7.6) for the quarter. The investment in financial assets, consisting of shares in Lindab, totalled SEK 406.6 million. been valued at fair value and any changes has been accounted for in the statement of comprehensive income. Depreciation of non-current assets amounted to SEK 28.4 million (23.6). nvestment uction The shares has
The average number of employees in the Group was 3,375 (2,581). At the end of the period, Systemair had 3,401 employees (2,839), 562 more than one year previous. New employees were recruited chiefly in Lithuania (31), Germany (16) and Sweden (13). Through acquisitions, 508 employees joined the Group, including 165 at Systemair AC, Italy, 125 at IAPL, India, 58 at Change Air and 157 at HSK.
Cash flow from operating activities before changes in working capital totalled SEK 159.0 million (133.1) for the quarter. Changes in working capital, chiefly an increase in trade accounts receivable, had an impact of SEK cash flow. Net cash flow from financing activities was SEK 354.3 million (-83.7), as a result of new loans. At the end of the period, net indebtedness totalled SE (764.5). The consolidated equity/assets ratio was 39.1 percent (45.4) at the end of the period. changes in quarter. ital, -15.7 (-38.2) on flow. Net from SEK 83.7), as new loans. end indebtedness SEK 1,246.8 million
current Cash flow and financial position Systemair is exposed to operational and financial risks in its business. Operational risk is inherent in the international nature of the operations, tough competition and the sensitivity of the construction industry to the business cycle. The financial risks that Systemair has identified in its business are foreign exchange risk, borrowing and interest rate risk, credit and liquidity risk and loss carry risks and uncertainty affecting Systemair are described in more detail in the Company's 2011/12 Annual Report. financial risks has somewhat changed during the reporting period due to the acquisition of the shares in Lindab. The shares have been accounted for as a financial asset available for sale valued at fair value. Any changes i have been taken over the statement of comprehensive income. The acquisition has been financed thru bank loans which has also increased the interest rate risk. The percent is operational in itsis in operations, tough ks that identified in its exchange borrowing interest risk, and carry-forwards. The material uncertainty Systemair inany's 2011/12 The changed reportingLindab. a asset available in the fair value been statement comprehensive The acquisition financed loans
Systemair's significant transactions with related pa concern ebmpapst AB and ebmpapst Mulfingen GmbH & Co. KG. Transactions with related parties are described in detail in Note 36 to the accounts in the Annual Report for the 2011/12 financial year. During the period, no change worthy of mention occurred in the scale of these transactions. has increased with parties and described 36 to for the2011/12 During d the transactions.for the totalled million while
Parent Company sales for the quarter totalled SEK 256.3 million (246.0), while operating profit was SEK 21.2 million (13.5).
The average number of employees in the Parent Company was 417 (396).
The interim report for the third quarter of 2012/2013 will be published at 8.00 a.m. on 7 March 2013.
The report for the fourth quarter and full year 2012/13 will be published at 8.00 a.m. on 11 June 2012.
The Company established operations in 1974 with a product concept, the circular duct fan, a design that made installation considerably simpler. We adopted the motto "the way", which has been developed from a product concept to a business philosophy. Our product range has expanded strongly to extend over a broad range of fans, air handling units, products for air distribution, air curtains and heating products. straight
Operating from the core values of simplicity and reliability, our business concept is to develop, manufacture and market high-quality ventilation products. On the basis of our business concept and with our customers in focus, our aim is to be seen as a company to rely on, with the emphasis on delivery reliability, availability and quality.
Availability is an important parameter in terms of our competitiveness, and we ensure effective control of our flow of goods, with owned production units, centralised warehouse facilities and an efficient ERP system. With modern production plants and our own sales companies around the world, we reach out directly to our customers. The business model supports stability and development, and today we are a leading producer and supplier of ventilation products with our own production and sales companies. ", uct quality ion es Strategies
The following strategies create major strengths and competitive advantages that help us to achieve our goals.
The information in this Interim Report is information that Systemair is required to disclose in accordance with the Swedish Securities Markets Act (lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading Act (lagen om handel med finansiella instrument). This information was submitted for publication at 8.00 a.m. on 30 November 2012.
The undersigned affirm that this six-month report provides a true and fair survey of the Parent Company's and the Group's operations, financial position and profits, as well as describing the material risks and uncertainty facing the Parent Company and the companies included in the Group.
Skinnskatteberg, 30 November 2012 Systemair AB (publ)
Gerald Engström Lars Hansson Chief Executive Officer Chairman
Hannu Paitula Göran Robertsson Director Director
Elisabeth Westberg Jürgen Zilling Director Director
Åke Henningsson Kevin Rowland Employee Representative Employee Representative
s month For further information, please contact: Gerald Engström, CEO, tel. +46-222 +46-70-519-0001, [email protected] Lars Hansson, Chairman, tel. +46 [email protected] CFO Glen Nilsson, tel. +46-222-44003 +46-70-654-4003, [email protected] further information, 222-44001 or -70-895-9002, 44003 or [email protected]
Co. Reg. No. 556160-4108 SE-739 30 Skinnskatteberg, Sweden Tel. +46-222-44000 Fax +46-222-44099 [email protected] www.systemair.com. 739
Systemair is a leading ventilation company with operations in 44 countries in Europe, North America, Sout East, Asia and South Africa. The Company had sales of SEK 4.0 billion in financial 2011/12 and currently employs about 3,300 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. years, the Company's growth rate has averaged about 14 percent. company in countries Europe, South America, the Middle Company 4.0 financial 2011/12 employs about 3,300 ted an During the past 15
Systemair has well-established operations in growth markets. The Group's products are marketed VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies. Company's has established markets.products are under the Systemair, Frico, Systemair quoted onList Stockholm sinceGroup companies.
We have reviewed the condensed interim financial information (interim report) for Systemair as per 31 October 2012 and the six-month reporting period ending on that date. The preparation and fair presentation of the interim report in IAS 34 and the Annual Accounts Act are the responsibility of the Board of Directors and the Chief Executive Officer. Our responsibility is to express our opinion of this interim report based on our review. have interim as 2012 the period The preparation accordance with
We conducted our review in accordance with the Standard on Review Engagements (SÖG) 2410 "Review of Interim Financial Information Performed by the Independent Auditors of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The emphasis and scope of a review differ considerably from that of an audit in accordance with International Standards on Auditing Standards (ISA) other generally accepted auditing practices in Sweden. month ly IAS the Accounts the Directors Chief Officer. conducted in accordance on "Review of review consists inquiries, and accounting analytical review procedures. of audit in accordance with and
The procedures performed in a review do not enable us to obtain a level of assurance to become aware of all significant matters that could have been identified in an audit. As our opinion is based on a review, the that of an opinion expressed based on an audit. level of assurance is not as high as review all of not as
Based on our review, nothing has come to our attention that causes us to believe that the interim report was not, in all mate respects, prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act, and, for the Parent Company, in accordance with the Swedish Annual Accounts Act. p review, attention that believe not, material and, Parent
Stockholm, 30 November 2012 Ernst & Young AB
Thomas Forslund Authorised Public Accountant
| 2012 | 2011 | 2012 | 2011 | 2011/12 | 2011/12 | |
|---|---|---|---|---|---|---|
| Aug –Oct |
Aug–Oct | May–Oct | May–Oct | Nov –Oct |
May-Apr | |
| SEK m. | 3 mths | 3 mths | 6 mths | 6 mths | trailing 12 trailing 12 |
12 mths |
| Net sales | 1,215.7 | 1,026.6 | 2,306.6 | 1,931.4 | 4,372.1 4,372.1 |
3,996.9 |
| Cost of goods sold | -771.8 | -624.9 | -1,472.5 | -1,198.5 | -2,779.2 2,779.2 |
-2,505.2 |
| Gross profit | 443.9 | 401.7 | 834.1 | 732.9 | 1,592.9 | 1,491.7 |
| Other operating income | 14.1 | 9.8 | 27.9 | 28.1 | 55.6 | 55.9 |
| Selling expenses | -252.5 | -222.2 | -486.2 | -429.9 | -1,017.9 1,017.9 |
-961.6 |
| Administration expenses | -54.6 | -49.2 | -107.8 | -95.6 | - -220.2 |
-208.0 |
| Other operating expenses | -10.0 | -9.9 | -28.5 | -18.6 | -68.1 | -58.2 |
| Operating profit | 140.9 | 130.2 | 239.5 | 216.9 | 342.3 | 319.8 |
| Net financial items | -18.4 | -5.8 | -18.2 | -13.4 | -28.0 | -23.2 |
| Profit after financial items | 122.5 | 124.4 | 221.3 | 203.5 | 314.3 | 296.6 |
| Tax on profit for the period | -33.6 | -29.4 | -59.4 | -53.3 | -87.2 | -81.1 |
| Profit for the period | 88.9 | 95.0 | 161.9 | 150.2 | 227.1 | 215.5 |
| Attributable to: | ||||||
| Parent Company shareholders | 88.9 | 95.0 | 161.9 | 150.2 | 227.1 | 215.4 |
| Shareholdings without | ||||||
| controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Earnings per share, SEK 1 | 1.71 | 1.83 | 3.11 | 2.89 | 4.37 | 4.14 |
| Average number of shares 1 | 52,000,000 | 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 option programme in operation and so no dilution effect is to be taken into account At present, Systemair does not in effect taken account.
| 2012 Aug –Oct 3 mths |
2011 Aug–Oct 3 mths |
2012 May–Oct 6 mths |
2011 May–Oct 6 mths |
2011/12 Nov –Oct trailing 12 trailing 12 |
2011/12 May-Apr 12 mths |
|
|---|---|---|---|---|---|---|
| Profit for the period | 88.9 | 95.0 | 161.9 | 150.2 | 227.1 | 215.5 |
| Other comprehensive income, net of tax |
||||||
| Translation differences, foreign operations |
29.5 | -25.2 | -40.3 | 7.2 | -37.0 | 10.5 |
| Hedging of net assets in foreign operations, net of tax |
-0.2 | -2.4 | -0.2 | -3.7 | -0.6 | -4.1 |
| Change in fair value of securities held for sale |
48.3 | - | 48.3 | - | 48.3 | - |
| Other comprehensive income, net of tax |
77.6 | -27.6 | 7.8 | 3.5 | 10.7 | 6.4 |
| Total comprehensive income for the period |
166.5 | 67.4 | 169.7 | 153.7 | 237.8 | 221.9 |
| Attributable to: | ||||||
| Parent Company shareholders | 166.5 | 67.4 | 169.7 | 153.7 | 237.8 | 221.9 |
| Shareholdings without controlling interest |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| SEK m. | 31 Oct 2012 | 31 Oct 2011 | 30 Apr 2012 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 445.9 | 326.6 | 367.3 |
| Other intangible assets | 161.0 | 99.2 | 126.2 |
| Property, plant and equipment | 771.6 | 747.4 | 792.0 |
| Financial and other assets | 563.4 | 110.5 | 107.0 |
| Total non-current assets | 1,941.9 | 1,283.7 | 1,392.5 |
| Inventory | 778.9 | 692.4 | 767.3 |
| Current receivables | 1,018.5 | 882.1 | 848.4 |
| Cash and cash equivalents | 102.6 | 72.5 | 91.6 |
| Total current assets | 1,900.0 | 1,647.0 | 1,707.3 |
| TOTAL ASSETS | 3,841.9 | 2,930.7 | 3,099.8 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,503.8 | 1,330.9 | 1,399.1 |
| Non-current liabilities, provisions | 151.5 | 104.7 | 132.2 |
| Non-current liabilities, interest-bearing | 531.0 | 174.6 | 185.4 |
| Total non-current liabilities | 682.5 | 279.3 | 317.6 |
| Current liabilities, interest-bearing | 793.8 | 651.2 | 681.4 |
| Current liabilities, non-interest-bearing | 861.8 | 669.3 | 701.7 |
| Total current liabilities | 1,655.6 | 1,320.5 | 1,383.1 |
| TOTAL EQUITY AND LIABILITIES | 3,841.9 | 2,930.7 | 3,099.8 |
| 2012 | 2011 | 2012 | 2011 | 2011/12 | |
|---|---|---|---|---|---|
| Aug–Oct | Aug–Oct | May–Oct | May –Oct |
May-Apr | |
| SEK m. | 3 mths | 3 mths | 6 mths | 6 mths mths |
12 mths |
| Operating profit | 140.9 | 130.2 | 239.5 | 216.9 | 319.8 |
| Adjustment for non-cash items | 41.3 | 23.2 | 75.3 | 39.7 | 98.0 |
| Financial items | -6.8 | -6.0 | -11.5 | -10.9 | -22.8 |
| Income tax paid | -16.4 | -14.3 | -32.0 | -22.7 | -57.5 |
| Cash flow from operating activities before | 159.0 | 133.1 | 271.3 | 223.0 | 337.5 |
| changes in working capital | |||||
| Changes in working capital | -15.7 | -38.2 | -67.4 | -75.8 | -47.6 |
| Cash flow from operating activities | 143.3 | 94.9 | 203.9 | 147.2 | 289.9 |
| Cash flow from investing activities | -482.9 | -23.2 | -561.3 | -131.6 | -265.4 |
| Cash flow from financing activities | 354.3 | -83.7 | 374.6 | -20.6 | -11.1 |
| Cash flow for the period | 14.7 | -12.0 | 17.2 | -5.0 | 13.4 |
| Cash and cash equivalents at start of period | 86.1 | 87.3 | 91.6 | 76.8 | 76.8 |
| Translation differences, cash and cash equivalents | 1.8 | -2.8 | -6.2 | 0.7 | 1.4 |
| Cash and cash equivalents at close of period | 102.6 | 72.5 | 102.6 | 72.5 | 91.6 |
| 2012 | 2011 | ||||||
|---|---|---|---|---|---|---|---|
| May–Oct | May–Oct | ||||||
| SEK m. | Equity attributable to Parent Company shareholders |
Shareholdings without controlling interest |
Total equity |
Equity attributable to Parent Company shareholders |
Shareholdings without controlling interest |
Total equity |
|
| Amount at beginning of year | 1,399.0 | 0.1 | 1,399.1 | 1,268.1 | 0.1 | 1,268.2 | |
| Dividend | -65.0 | - | -65.0 | -91.0 | - | -91.0 | |
| Comprehensive income | 169.7 | 0.0 | 169.7 | 153.7 | 0.0 | 153.7 | |
| Amount at end of period | 1,503.7 | 0.1 | 1,503.8 | 1,330.8 | 0.1 | 1,330.9 |
| 2012 Aug–Oct 3 mths |
2011 Aug–Oct 3 mths |
2012 May–Oct 6 mths |
2011 May –Oct 6 mths |
2011/12 May-Apr 12 mths |
||
|---|---|---|---|---|---|---|
| Net sales | SEK m. | 1,215.7 | 1,026.6 | 2,306.6 | 1,931.4 | 3,996.9 |
| Growth | % | 18.4 | 10.5 | 19.4 | 10.6 | 15.3 |
| Operating profit | SEK m. | 140.9 | 130.2 | 239.5 | 216.9 | 319.8 |
| Operating margin | % | 11.6 | 12.7 | 10.4 | 11.2 | 8.0 |
| Profit after net fin. items | SEK m. | 122.5 | 124.4 | 221.3 | 203.5 | 296.6 |
| Profit margin | % | 10.1 | 12.1 | 9.6 | 10.5 | 7.4 |
| Return on capital employed | % | 13.9 | 19.3 | 13.9 | 19.3 | 14.7 |
| Return on equity | % | 15.9 | 21.5 | 15.9 | 21.5 | 15.7 |
| Equity/assets ratio | % | 39.1 | 45.4 | 39.1 | 45.4 | 45.1 |
| Investments | SEK m. | 482.8 | 25.1 | 561.2 | 139.7 | 265.4 |
| Depreciation/Amortisation | SEK m. | 28.4 | 23.6 | 56.7 | 46.1 | 100.2 |
| Per share ratios | ||||||
| Basic earnings per share | SEK | 1.71 | 1.83 | 3.11 | 2.89 | 4.14 |
| Diluted earnings per share | SEK | 1.71 | 1.83 | 3.11 | 2.89 | 4.14 |
| Basic equity per share | SEK | 28.92 | 25.59 | 28.92 | 25.59 | 26.90 |
| Diluted equity per share | SEK | 28.92 | 25.59 | 28.92 | 25.59 | 26.90 |
| Basic operating cash flow per share | SEK | 2.76 | 1.83 | 3.92 | 2.83 | 5.58 |
| Diluted operating cash flow per share | SEK | 2.76 | 1.83 | 3.92 | 2.83 | 5.58 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 | 52,000,000 |
| 2012/13 2011/12 |
2010/11 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Aug-Oct | May-Jul | Feb-Apr | Nov-Jan | Aug-Oct | Ma May-Jul |
Feb-Apr | Nov-Jan | Aug-Oct | ||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||
| Net sales | SEK million | 1,215.7 | 1,091.0 | 1,034.9 | 1,030.6 | 1,026.6 | 904.8 | 828.2 | 893.2 | 928.9 |
| Growth | % | 18.4 | 20.6 | 25.0 | 15.4 | 10.5 | 10.7 | 3.4 | 11.8 | 12.1 |
| Gross margin | % | 36.5 | 35.8 | 35.9 | 37.5 | 39.1 | 36.6 | 39.8 | 38.5 | 39.5 |
| Operating profit | SEK million | 140.9 | 98.5 | 5.6 | 97.3 | 130.2 | 86.8 | 57.2 | 95.3 | 119.5 |
| Operating margin | % | 11.6 | 9.0 | 0.5 | 9.4 | 12.7 | 9.6 | 6.9 | 10.7 | 12.9 |
| Return on capital employed | % | 13.9 | 14.3 | 14.7 | 18.7 | 19.3 | 19.1 | 18.0 | 21.0 | 19.1 |
| Return on equity | % | 15.9 | 16.8 | 15.7 | 18.9 | 21.5 | 20.9 | 22.3 | 24.5 | 20.0 |
| Equity/assets ratio | % | 39.1 | 45.2 | 45.1 | 45.3 | 45.4 | 45.4 | 48.6 | 49.0 | 47.4 |
| Basic equity per share | SEK | 28.92 | 26.97 | 26.90 | 27.02 | 25.59 | 26.05 | 24.39 | 24.05 | 23.12 |
| Basic earnings per share | SEK | 1.71 | 1.40 | -0.09 | 1.35 | 1.83 | 1.06 | 0.61 | 1.87 | 1.53 |
| 2012 Aug–Oct |
2011 Aug–Oct |
2012 May–Oct |
2011 May –Oct |
2011/12 May-Apr |
|
|---|---|---|---|---|---|
| SEK m. | 3 mths | 3 mths | 6 mths | 6 mths mths |
12 mths |
| Net sales | 256.3 | 246.0 | 487.7 | 466.9 | 939.2 |
| Cost of goods sold | -190.0 | -181.9 | -368.2 | -348.6 348.6 |
-701.5 |
| Gross profit | 66.3 | 64.1 | 119.5 | 118.3 | 237.7 |
| Other operating income | 9.6 | 4.6 | 19.3 | 16.8 | 31.8 |
| Selling expenses | -40.5 | -38.6 | -75.1 | - -71.2 |
-158.8 |
| Administration expenses | -15.7 | -14.9 | -29.5 | - -27.9 |
-59.9 |
| Other operating expenses | 1.5 | -1.7 | -4.9 | -4.9 | -5.6 |
| Operating profit | 21.2 | 13.5 | 29.3 | 31.1 | 45.2 |
| Net financial items | -9.6 | 14.7 | 123.7 | 190.3 | 133.0 |
| Profit after financial items | 11.6 | 28.2 | 153.0 | 221.4 | 178.2 |
| Appropriations 1 | 5.1 | -6.3 | 13.8 | -8.1 | -51.6 |
| Pre-tax profit | 16.7 | 21.9 | 166.8 | 213.3 | 126.6 |
| Tax on profit for the period | -4.7 | -3.7 | -9.8 | -5.2 | 1.7 |
| Profit for the period | 12.0 | 18.2 | 157.0 | 208.1 | 128.3 |
1 Appropriations have been calculated pro rata for the accounting period.
| SEK m. | 31 Oct 2012 | 31 Oct 2011 | 30 Apr 2012 |
|---|---|---|---|
| ASSETS | |||
| Other intangible assets | 4.4 | 4.1 | 5.6 |
| Property, plant and equipment | 104.6 | 111.6 | 106.7 |
| Financial and other assets | 1,897.1 | 1,246.8 | 1,425.2 |
| Total non-current assets | 2,006.1 | 1,362.5 | 1,537.5 |
| Inventory | 104.1 | 108.6 | 122.4 |
| Current receivables | 667.6 | 681.0 | 600.9 |
| Cash and cash equivalents | - | - | - |
| Total current assets | 771.7 | 789.6 | 723.3 |
| TOTAL ASSETS | 2,777.8 | 2,152.1 | 2,260.8 |
| EQUITY AND LIABILITIES | |||
| Equity | 881.0 | 819.1 | 743.5 |
| Untaxed reserves | 78.8 | 106.2 | 92.7 |
| Non-current liabilities, provisions | 2.8 | 2.5 | 1.4 |
| Non-current liabilities, interest-bearing | 597.2 | 268.5 | 571.3 |
| Total non-current liabilities | 600.0 | 271.0 | 572.7 |
| Current liabilities, interest-bearing | 1,054.8 | 804.8 | 637.2 |
| Current liabilities, non-interest-bearing | 163.2 | 151.0 | 214.7 |
| Total current liabilities | 1,218.0 | 955.8 | 851.9 |
| TOTAL EQUITY AND LIABILITIES | 2,777.8 | 2,152.1 | 2,260.8 |
Systemair applies International Financial Reporting Standards (IFRS). This interim report was prepared for the Group in accordance with the Swedish Annual Accounts Act, the Swedish Financial Reporting Board's recommendation RFR 1 and IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and RFR 2. The accounting policies and methods of calculation applied for the Group and Parent Company accord with those used in preparing the most recent Annual Re improvements adopted by the EU for implementation from 1 May 2012, inclusive, have affected the Group in any way. al Report. None of the new or revised standards, interpretations or Standards This the accordance Swedish Board's RFR al Reporting, for accordance the 2. accounting applied Group Company port. of standards, orEU from have affected Group any way.
The price paid to acquire 100% of the shares in HSK and hares Change Air may provisionally be broken down as follows: ay be broken
Total historical cost, less costs of acquisition SEK 138.6 million
| Identified net assets | HSK | Change Air | Total |
|---|---|---|---|
| Goodwill | 71.1 | 21.3 | 92.4 |
| Brands and customer relationships | 30.1 | 20.9 | 51.1 |
| Machinery and equipment | 3.5 | 3.5 | 7.0 |
| Financial and other assets | - | 0.8 | 0.8 |
| Inventory | 16.4 | 14.5 | 30.9 |
| Other current assets | 40.5 | 17.9 | 58.4 |
| Cash and cash equivalents | 2.5 | - | 2.5 |
| Non-interest-bearing liabilities (incl. deferred tax liability) bearing |
-5.3 | -5.2 | -10.5 |
| Interest-bearing liabilities | -18.9 | -15.0 | -34.0 |
| Other operating liabilities | -52.6 | -7.4 | -60.0 |
| 87.3 | 51.3 | 138.6 |
Costs related to acquisition of subsidiaries amounted to osts SEK 1.9 million.
The total cash-flow effect from the acquisitions, including acquisitions, totalled SEK -112.0 million. flow additional purchase considerations paid for prior years' purchase years'
Brands and customer relationships have been stated at the net present value of future cash flows. The useful life of these assets has been estimated at 10 years. and the present future life attributable acquired, effects
The goodwill upon acquisition is attributable to the strong market position of the company acquired, synergy effects expected to emerge after the acquisition and the company's estimated future earning capacity. to after and
Earnings before financial items and tax.
Growth is defined as the change in net sales, relative to net sales for the preceding period.
Operating profit divided by net sales.
Profit after financial items divided by net sales.
Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed.
Total assets less non-interest-bearing liabilities.
Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average non-controlling interest. ncial bearing controlling full-time equivalents. after financial 12 the months (TTM), by equity excluding
Number of employees at the end of the accounting period. New employees, appointments termina employees and paid overtime are converted into full employees, terminated, part-time
Profit for the period attributable to Parent Company shareholders, divided by the average number of shares during the period. for by during the number the period.
Cash flow from operating activities for the period, divided by the average number of shares during the period.
Adjusted equity divided by total assets.
Equity divided by the number of shares at the end of the p period.
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