Annual / Quarterly Financial Statement • Jun 11, 2015
Annual / Quarterly Financial Statement
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*Excludes a capital gain of SEK 246 million from the sale of the Company's shareholding in Lindab.
** Includes an extra dividend of SEK 1.50 from the sale of the Company's shareholding in Lindab.
Net sales Q4
EBIT Q4
| 2014/15 | 2013/14 | 2014/15 | 2013/14 | |
|---|---|---|---|---|
| Feb–Apr | Feb–Apr | May–Apr | May–Apr | |
| 3 mths | 3 mths | 12 mths | 12 mths | |
| Net sales, SEK m. | 1,502.4 | 1,258.6 | 5,882.2 | 5,295.8 |
| Growth, % | 19.4 | 12.0 | 11.1 | 16.4 |
| Operating profit, SEK m. | 55.1 | 24.6 | 376.8 | 316.9 |
| Operating margin, % | 3.7 | 2.0 | 6.4 | 6.0 |
| Profit after tax, SEK million | 29.2 | 21.5* | 309.8 | 193.1* |
| Earnings per share, SEK | 0.56 | 0.42* | 5.96 | 3.71* |
| Operating cash flow per share, SEK | -0.25 | -0.95 | 4.64 | 4.78 |
The year ended on a strong note growth of 8 percent. Profit was l expected, even if our fourth qua our weakest. We continued to ha for restructuring of Menerga's pr sales company, as well as for ou production of chillers. The Russia remained weak. Nevertheless, w to report a positive earnings tren with last year. e, with organic ower than rter usually is ave expenses roduction and r Italian an market has we are pleased nd compared
The market as a whole has moved in a p in the fourth quarter. The Nordic market the same applies to Western Europe. The region performed particularly well, with the Middle East and Southeast Asia. In E have had weak growth, mainly due to th positive direction remains good and e Other markets strong growth in astern Europe, we he Russian market.
During the year we acquired Airwell's pr conditioning products in Tillières, France business we took over had 207 employe annual sales of approximately EUR 30 m business has progressed according to pla resources have been devoted to training companies in how to market the produc two sales companies, Camair in Belgium Germany, to support sales of air conditio also acquired the energy technology com GmbH in Germany. In Norway, we comp complementary acquisition of Menerga's as well as the regional sales company in Württemberg. roduction of air . The part of the ees and expected million. So far, the an. Considerable g our Systemair ts. We purchased and Airwell in oning products. We mpany Lautner pleted a s sales company, n Baden-
During the year we moved into our new Malaysia, which opened in February. We fans, products for air distribution and air this 16,000 m2factory. The facility will a central warehouse for Southeast Asia. In have made substantial investments in ou distribution products. We doubled our pr and invested in modern machinery. The open in June 2015. w factory in e will manufacture handling units in lso serve as a n Slovakia, we ur factory for air roduction areas new facility will
During the year, we also leased facilities in Wujiang, China, whe production of air handling units. as a base for sales of other Syst Chinese market. Extensions of 3 warehouse space are under con and Norway. d 8,400 m2 of industrial re we are setting up . The facility will also serve temair products to the 3,000 m2 of production and nstruction in both Denmark
With a global presence through in 45 countries and with regular excess of 100 countries, we be continued growth. Despite mixe markets, especially in the Russia again report organic growth, for quarter. We are especially pleas impressive 8 percent organic gr Our performance is better than with our expectations. We have implementing changes in our co restructuring process and expec further improvement in financia coming year. Profit after tax im the year from SEK 193 million, a the shares in Lindab last year, to our own sales companies r deliveries to well in lieve we are set for ed growth in many an market, Systemair can r the 21l successive sed to achieve an rowth in the last quarter. last year, but not in line e worked intensively ompanies as part of the ct this will contribute to al performance in the proved considerably during adjusted for the gain on o SEK 310 million.
We look forward to a year of co and a clear improvement in ope ontinued organic growth erating profit.
Gerald Engström President and CEO
Group sales for the fourth quarter of 201 1,502.4 million (1,258.6), 19.4 percent u period last year. 14/15 totalled SEK up on the same
Adjusted for both foreign exchange e acquisitions, net sales grew by 8.0 perce successive quarter of organic growth. Gr operations was 5.5 percent, while foreig effects increased sales by 5.9 percent du effects and ent. This is the 21st rowth in acquired gn exchange uring the period.
Net sales for the full year May–April SEK 5,882.2 million (5,295.8), up 11.1 p same period last year. Adjusted for both effects and acquisitions, net sales grew Growth in acquired operations was 4.3 p foreign exchange effects increased sales during the year. 2014/15 totalled ercent on the h foreign exchange by 3.3 percent. percent, while
During the fourth quarter, sales increased by 8 percent from the preceding year. Sales in Finland strongly, and sales in Norway a Denmark declined somewhat. A and foreign exchange effects, g the quarter. in the Nordic region e same period in the and Sweden grew lso increased. Sales in Adjusted for acquisitions growth was 5 percent for
Sales in the West European mar during the quarter, compared w period in the preceding year. Th attributable above all to the acq and Camair, Belgium. Adjusted f effects and acquisitions, sales in compared to the preceding yea region performed well during th Portugal, the UK, the Netherland rket grew by 26 percent with the corresponding he increase was quisition of Airwell, France, for foreign exchange ncreased by 6 percent r. Several markets in the he period, including ds, Germany and Italy.
| 2014/15 | 2013 3/14 |
2014/15 | 2013/1 14 |
|||||
|---|---|---|---|---|---|---|---|---|
| Feb–Apr | Feb– –Apr |
Sales | Of which, | May–Apr | May–Ap pr |
Sales | Of which, | |
| 3 mths | 3 m mths |
change | organic | 12 mths | 12 mth hs |
change | organic | |
| Nordic region | 342.3 | 31 18.1 |
8% | 5% | 1,352.7 | 1,262 .6 |
7% | 5% |
| Western Europe | 606.1 | 48 81.8 |
26% | 6% | 2,321.6 | 1,930 .7 |
20% | 3% |
| Eastern Europe & | ||||||||
| CIS | 246.7 | 24 42.3 |
2% | 8% | 1,121.8 | 1,215 .3 |
-8% | -4% |
| North America | 104.0 | 8 80.2 |
30% | 1% | 398.0 | 347 .0 |
15% | 2% |
| Other markets | 203.3 | 13 36.2 |
49% | 27% | 688.1 | 540 .2 |
27% | 16% |
| Total | 1,502.4 | 1,25 58.6 |
19% | 8% | 5,882.2 | 5,295 .8 |
11% | 3% |
Sales in Eastern Europe and the CIS incre during the quarter. Adjusted for acquisiti exchange effects, sales rose 8 percent. S Poland, the Czech Republic and Slovakia declined by 17 percent during the quarte eased 2 percent ions and foreign Sales increased in . In Russia, sales er.
Sales in the North American market duri were 30 percent higher than in the same preceding year. Adjusted for foreign exc sales rose 1 percent for North America a American market increased during the p the Canadian market retreated somewh ng the quarter e period in the change effects, as a whole. The period, whereas at.
Sales in Other markets increased by 49 p with the same period in the preceding y foreign exchange effects and acquisition by 27 percent. The Indian and Chinese m good growth during the quarter. The Mid showed healthy growth. percent compared ear. Adjusted for ns, sales increased markets showed ddle East also
Gross profit in the fourth quarter totalled (413.2), a rise of 21.9 percent over the f corresponding period last year. The gros 33.5 percent (32.8). d SEK 503.6 million figure for the ss margin rose to
Operating profits in the fourth quarte 55.1 million (24.6), an increase of 124.0 figure for the corresponding period last y operating margin was 3.7 percent (2.0). er totalled SEK 0 percent over the year. The
Selling and administration expenses totalled SEK 473.0 million (391.8), a rise million. Selling and administration expen companies accounted for SEK 36.3 millio for the quarter. for the quarter e of SEK 81.2 nses at acquired on of the increase
Selling expenses were charged with SEK 11.2 million (12.1) for anticipated and confir trade receivables. During the qu costs totalled SEK 0.1 million (0 rmed impairment losses on uarter, acquisition-related .8).
Net financial items for the fo -4.4 million (245.5). The effect long-term receivables, loans an 1.0 million net (6.3). Interest ex totalled SEK -6.1 million (-6.4). ourth quarter totalled SEK of foreign exchange on d bank balances was SEK xpenses for the quarter
Operating profit per quarter, rel same period in previous years lative to the
Operating margin per quarte the same period in previous er, relative to years
Operating profit for the financia April 2015 totalled SEK 376.8 m operating margin was 6.4 perce al year from May 2014 to million (316.9). The ent (6.0).
Selling and administration ex totalled SEK 1,666.6 million (1,4 million. Selling expenses for the with SEK 28.6 million (33.0) for impairment losses on trade rece acquisitions added SEK 125.6 m administration expenses for the xpenses for the year 467.6), a rise of SEK 199.0 e full year were charged anticipated and confirmed eivables. Company million (171.4) to selling and e year.
Net financial items for the fi 3.6 million (191.3). Interest exp million (-37.4). inancial year totalled SEK pense totalled SEK -22.7
Estimated tax for the quarter totalled SE (-2.9), corresponding to an effective tax percent (1.1) based on profit after net fi relatively high effective tax rate is attrib impairment of deferred tax assets relatin tax loss carry-forwards. K -21.5 million x rate of 42.2 nancial items. The utable to ng to capitalised
Estimated tax for the full year totalle million (-69.5), corresponding to an effe 18.6 percent (13.7) based on profit afte items. The relatively low effective tax ra resulted from the recognition as revenue forwards that were obtained through the companies with losses made in previous activities. The acquired losses produced SEK 37.7 million. Adjusted for this tax re effective tax rate for the year was 28.5 profit after financial items. ed SEK -70.6 ective tax rate of r net financial ate for the year e of tax loss carrye acquisition of s business net tax income of ceipt, the percent based on
In July 2014, Systemair reached an agree over the assets of Airwell, a French man conditioning products for the commercia acquisition includes brands, product righ organisation and the leased production f about 100 kilometers west of Paris. The extends over 38,000 m2 and employs ap people. Including the sales organisation, of employees at acquisition was 207. An estimated at EUR 30 million. The acquisit complementary to Systemair's range of products for the commercial market. ement to take nufacturer of air al market. The ts, sales facility in Tillières, production facility pproximately 150 the total number nnual sales are tion is air conditioning
In July 2014, the Group acquired Men company in the UK. The company, which services Menerga's products, brings a to employees and annual sales of around G the Group. nerga's sales h sells and otal of 6 GBP 1.1 million to
In October 2014, the acquisition of C was completed. Camair distributes produ conditioning and ventilation systems for market in Belgium. It is estimated that th based in Seneffe, 40 kilometres south of report sales of EUR 7 million for the cale has 22 employees. The acquisition includ 3,000 m2property comprising offices, pr and warehouse. The acquisition provides the recently-acquired Airwell, France, an chillers in Italy. After the acquisition, the with Systemair's existing operations in B logistics and administration were moved amair, Belgium, ucts for air the commercial he company, f Brussels, will endar year 2014. It des a modern, roduct display area s synergies with nd production of company merged Belgium, and d to Seneffe.
In October 2014, Systemair Deutschland GmbH, a distributo ventilation systems for the com Germany. It is estimated that th headquarters and warehouse in of EUR 7 million for the coming The acquisition provides synerg acquired Airwell, France, and pr Operations were merged imme existing company in Germany in synergies in administration and also acquired Airwell r of air conditioning and mmercial market in he company, which has its n Frankfurt, will report sales year. It has 15 employees. gies with the recentlyroduction of chillers in Italy. diately with Systemair's n order to benefit from logistics.
In January 2015 a lease was building in Wuijang, China, for th handling units for the Chinese m s signed for an industrial he production of air market.
In March 2015 an agreemen Lautner Energiespartechnik Gm The company was founded in 1 manufacturing high-efficiency r for air handling units and data c of the acquisition the company estimated sales of approximate nt was signed to acquire bH in Helmstadt, Germany. 991 and specialises in rotating heat exchangers centre cooling. At the time had 17 employees and ely EUR 2 million.
Menerga AS, the market lea ventilation and distributor of Me Norway, was acquired in April 2 sells and services Menerga's pr 2014 of around SEK 55 million i offices in Hvalstad outside Oslo organisation. At the time of the had 17 employees. Menerga AS managed as a separate compan management and staff. ader in swimming pool energa's products in 2015. The company, which oducts, reported sales in in 2014. The company has and a nationwide service acquisition the company S will continue to be ny with its current
If the companies acquired ha 1 May 2014, net sales for the p April 2015 would have totalled million. The operating profit for been approximately SEK 374.9 report contains an acquisition a the acquisitions on the Group's ad been consolidated as of period May 2014 through approximately SEK 6,044.8 that period would have million. Note 1 in this nalysis and the effects of cash and cash equivalents.
Investments for the quarter, exc totalled SEK 132.3 million (66.3 million (47.9) in property, plant principal investments consisted construction in Slovakia and oth replacement investments in pro Purchase considerations for acq SEK 31.0 million (16.7) for the q cluding divestments, ), including SEK 100.7 and equipment. The of land in Turkey, ongoing her capacity and oduction equipment. quired subsidiaries totalled quarter. Depreciation of
non-current assets amounted to SEK 46. .2 million (39.7).
Total investments for the financial ye divestments, totalled SEK 316.4 million ( investment in property, plant and equipm 223.4 million (354.9), excluding divestm investments relate to production facilitie Slovakia and Denmark. ear, excluding (501.3). Gross ment totalled SEK ments. Major es in Turkey,
Acquisitions and additional considera financial year equalled SEK 58.8 million ( Depreciation and amortisation of non-cu totalled SEK 171.1 million (154.7) for the ation paid for the (139.7). urrent assets e year.
The average number of employees in th 4,385 (4,142). At the end of the period, 4,584 employees (4,250), 334 more tha year. New employees were recruited ch (29), and Turkey (29). Through acquisitio employees joined the Group, including 2 France, 22 at Camair, Belgium, 16 at Me 15 at Airwell Germany, 14 at Lautner, Ge Menerga, UK. he Group was Systemair had an the previous hiefly in Germany ons, 276 203 at Airwell, energa, Norway, ermany, and 6 at
During the period under review, Systema shareholder, Färna Invest AB, issued a to call options for Systemair shares to 19 in positions within Systemair. Färna Invest Systemair's CEO Gerald Engström. The p extends over three years beginning on 2 No dilution effect or cost will arise for, o Systemair AB since it is Färna Invest AB options. air's principal otal of 520,000 ndividuals in senior AB is owned by rogramme 24 October 2014. or be incurred by, that is issuing the
Cash flow from operating activities befo working capital totalled SEK 25.1 million quarter. Changes in working capital, mai an increase in operating receivables, had impact of SEK -38.0 million (-69.2) on ca flow from investing activities totalled SE net (589.0). The cash flow from financin totalled SEK 150.3 million net (–565.2). A period, the Group's net indebtedness wa million (969.7). The consolidated equity/ 44.4 percent (47.2) at the end of the pe re changes in (19.6) for the nly consisting of d a negative ash flow. The cash EK -123.1 million ng operations At the end of the as SEK 1,282.1 /assets ratio was eriod.
In April 2007, the Board of Directors of S three financial targets and a dividend po Systemair adopted olicy.
Sales growth at least 12 percen cycle, both organic and acquire nt over a business d
Systemair has decided to split t two companies. The listed comp streamlined into a holding comp and Group functions. The newly Systemair Sverige AB will condu operations in Sweden. Presiden CEO of the listed company Syste will be CEO of Systemair Sverige into force from 1 May 2015. he Swedish operation into pany Systemair AB will be pany with corporate staff y formed company uct production and sales nt Gerald Engström will be emair AB. Pär Johansson e AB. The change comes
In May 2015 Systemair expa Management with the addition sales. Olle Glassel has worked a and is responsible for sales in W the German-speaking countries Systemair's sales strategy deve training in sales and leadership. the new Group Management co Anders Ulff, Fredrik Andersson, Kurt Maurer and Olle Glassel. anded its Group of Olle Glassel, director of at Systemair since 2002 Western Europe except for . He is also responsible for elopment and internal Following these changes, onsists of Gerald Engström, Roland Kasper, Mats Lund,
Systemair is exposed to operati its business. Operational risks in nature of the operations, tough sensitivity of the construction in cycle. The financial risks that Sy business consist of foreign exch interest rate risk, as well as cred The material risks and uncertain are described in more detail in t Annual Report. No significant ch situation during the period. ional and financial risks in nclude the international competition and the ndustry to the business ystemair has identified in its hange risk, borrowing and dit risk and liquidity risk. nties affecting Systemair the Company's 2013/14 hange occurred in the risk
Systemair's significant transacti concern ebmpapst AB and ebm Co. KG. Transactions with relate detail in Note 35 to the account the 2013/14 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 quarter to million (231.5). The lower sales are prim reduced sales to Russia. The operating p -8.4 million (-19.2). talled SEK 216.7 marily due to profit totalled SEK
The average number of employees in th was 396 (422). he Parent Company
The Board proposes that the Annual Gen approves a dividend of SEK 2.00 (3.00) p result, dividend payments will amount to million (156.0). The proposed dividend c percent (36) of net consolidated profit. L dividend includes an extra dividend of SE sale of the shareholding in Lindab. neral Meeting per share. As a o SEK 104.0 corresponds to 34 Last year's EK 1.50 from the
The AGM held on 28 August 2014 resolv nominating committee shall consist of re from three of the biggest shareholders b as the Chairman of the Board. ved that the epresentatives by votes, as well
The nominating committee comprise (Chair) as representative of Färna Invest Sturm as representative of ebmpapst AB Henriksson as representative of Nordea Hansson, Chairman of the Board. es Gerald Engström t AB, Gerhard B, Björn Fonder and Lars
The report for the first quarter of 2015/ published at 1.00 p.m. on 27 August 201 16 will be 15.
The Company's Annual General Meet 3 p.m. on 27 August 2015 at Systemair Skinnskatteberg, Sweden. ting will be held at Expo,
The Annual Report will be available i our web site, www.systemair.se. n the week 32 on
The Company established operations in product concept, the circular duct fan, a considerably simplified the process of in adopted the motto "the straight way", w developed from a product concept into a philosophy. Our product range has grow a broad range of fans, air handling units, distribution, air curtains, heating product conditioning products. 1974 with a design that stallation. We which has been a business wn strongly to span , products for air ts and air
Operating from the core values our business concept is to deve market high-quality ventilation our business concept and with o aim is to be seen as a company emphasis on delivery reliability, of simplicity and reliability, elop, manufacture and products. On the basis of our customers in focus, our y to rely on, with the , availability and quality.
Availability is an important para competitiveness, and we ensure flow of goods by having our ow centralised warehouse facilities system. With modern productio companies around the world, w customers. The business model development, and today we are supplier of ventilation products and our own sales companies. ameter in terms of our e effective control of our wn production units, and an efficient ERP on plants and our own sales we reach out directly to our supports stability and e a leading producer and with our own production
The following strategies create competitive advantages that he major strengths and elp us to achieve our goals.
The information in this year-end report i which Systemair is required to disclose i the Swedish Securities Markets Act (lage värdepappersmarknaden) and/or the Sw Instruments Trading Act (lagen om hand instrument). This information is to be su publication at 8:00 a.m. on 11 June 2015 is information n accordance with en om wedish Financial del med finansiella bmitted for 5.
Skinnskatteberg 11 June 2015 Systemair AB (publ)
Board of Directors
For further information, please contact: Gerald Engström, CEO, tel. +46-222-440 +46-70-519-0001, gerald.engstrom@s Lars Hansson, Chairman, tel. +46-70-89 [email protected] CFO Anders Ulff, tel. +46-222-44009 or +46-70-577-4009, anders.ulff@system 001 or systemair.se 95-9002, r mair.se
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 5.9 billion in the approximately 4,600 employees. Sy operating profit every year since 19 founded. During the past 15 years, has averaged about 13 percent. ompany with operations in 45 South America, the Middle mpany had sales of 2014/15 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
| 20 014/15 |
2013/14 | 2014/15 | 2013/14 | |
|---|---|---|---|---|
| F Feb–Apr |
Feb–Apr | May–Apr | May–Apr | |
| SEK m | 3 mths | 3 mths | 12 mths | 12 mths |
| Net sales | 1,502.4 | 1,258.6 | 5,882.2 | 5,295.8 |
| Cost of goods sold | -998.8 | -845.4 | -3,857.6 | -3,508.7 |
| Gross profit | 503.6 | 413.2 | 2,024.6 | 1,787.1 |
| Other operating income | 37.1 | 18.6 | 92.7 | 76.0 |
| Selling expenses | -387.9 | -314.8 | -1,352.7 | -1,182.8 |
| Administration expenses | -85.1 | -77.0 | -313.9 | -284.8 |
| Other operating expenses | -12.6 | -15.4 | -73.9 | -78.6 |
| Operating profit | 55.1 | 24.6 | 376.8 | 316.9 |
| Net financial items | -4.4 | 245.5 | 3.6 | 191.3 |
| Profit after financial items | 50.7 | 270.1 | 380.4 | 508.2 |
| Tax on profit for the period | -21.5 | -2.9 | -70.6 | -69.5 |
| Profit for the period 1) | 29.2 | 267.2 | 309.8 | 438.7 |
| Earnings per share, SEK 2) | 0.56 | 5.14 | 5.96 | 8.44 |
| Average number of shares 2) | 52, 000,000 |
52,000,000 | 52,000,000 | 52,000,000 |
1) Attributable in entirety to Parent Company y shareholders.
2) No dilution effect arises since the options p programme in operation has been arranged by Färna Invest.
| 2014/15 Feb–Apr 3 mths |
2013/14 Feb–Apr 3 mths |
2014/15 May–Apr 12 mths |
2013/14 May–Apr 12 mths |
|
|---|---|---|---|---|
| Profit for the period | 29.2 | 267.2 | 309.8 | 438.7 |
| Other comprehensive income, net after tax |
||||
| Items that have been, or may later be, transferred to profit for the period: |
||||
| Translation differences, foreign operations, gross before tax |
16.2 | 45.0 | 65.4 | 10.7 |
| Translation effects of long-term loans to subsidiaries with no settlement planned |
-4.2 | 2.1 | 4.5 | 1.8 |
| Tax effects from long-term loans to subsidiaries with no settlement planned |
0.9 | -0.5 | -1.0 | -0.4 |
| Financial assets available for sale: - change in fair value |
- | 44.2 | - | 187.9 |
| - transferred to income statement at sale |
- | -245.6 | - | -245.6 |
| Items that cannot be transferred to profit for the period: |
||||
| Revaluation of defined-benefit | ||||
| pensions | -21.4 | -4.6 | -21.4 | -4.6 |
| Other comprehensive income, net after tax |
-8.5 | -159.4 | 47.5 | -50.2 |
| Total comprehensive income for the period 1) |
20.7 | 107.8 | 357.3 | 388.5 |
1) Attributable in entirety to Parent Company y shareholders.
| SEK m | 30/04/2015 | 30/04/20 014 |
|---|---|---|
| ASSETS | ||
| Goodwill | 613.7 | 53 32.5 |
| Other intangible assets | 225.8 | 25 50.9 |
| Property, plant and equipment | 1,288.3 | 1,08 87.7 |
| Financial and other non-current assets | 180.0 | 10 00.7 |
| Total non-current assets | 2,307.8 | 1,97 71.8 |
| Inventory | 1,029.2 | 92 20.7 |
| Current receivables | 1,165.4 | 96 67.6 |
| Cash and cash equivalents | 187.8 | 12 23.3 |
| Total current assets | 2,382.4 | 2,01 11.6 |
| TOTAL ASSETS | 4,690.2 | 3,98 83.4 |
| EQUITY AND LIABILITIES | ||
| Equity | 2,082.2 | 1,88 80.9 |
| Non-current liabilities, provisions | 260.5 | 21 13.9 |
| Non-current liabilities, interest-bearing | 245.9 | 28 85.6 |
| Total non-current liabilities | 506.4 | 49 99.5 |
| Current liabilities, interest-bearing | 1,140.3 | 75 55.3 |
| Current liabilities, non-interest-bearing | 961.3 | 84 47.7 |
| Total current liabilities | 2,101.6 | 1,60 03.0 |
| TOTAL EQUITY AND LIABILITIES | 4,690.2 | 3,98 83.4 |
| 2014/15 Feb-Apr |
2013/14 Feb-Apr |
2014/15 May-Apr |
2013/14 May-Apr |
|
|---|---|---|---|---|
| SEK m. | 3 mths | 3 mths | 12 mths | 12 mths |
| Operating profit | 55.1 | 24.6 | 376.8 | 316.9 |
| Adjustment for non-cash items | 31.4 | 28.7 | 199.5 | 152.9 |
| Financial items | $-5.6$ | $-6.6$ | $-20.7$ | $-35.0$ |
| Income tax paid | $-55.8$ | $-27.1$ | $-121.5$ | $-90.8$ |
| Cash flow from operating activities before | 25.1 | 19.6 | 434.1 | 344.0 |
| changes in working capital | ||||
| Changes in working capital | $-38.0$ | $-69.2$ | $-192.8$ | $-95.2$ |
| Cash flow from operating activities | $-12.9$ | $-49.6$ | 241.3 | 248.8 |
| Cash flow from investing activities | $-123.1$ | 589.0 | $-297.0$ | 174.4 |
| Cash flow from financing activities | 150.3 | $-565.2$ | 110.2 | $-398.2$ |
| Cash flow for the period | 14.3 | $-25.8$ | 54.5 | 25.0 |
| Cash and cash equivalents at start of period | 158.8 | 140.1 | 123.3 | 98.4 |
| Translation differences, cash and cash equivalents | 14.7 | 9.0 | 10.0 | $-0.1$ |
| Cash and cash equivalents at close of period | 187.8 | 123.3 | 187.8 | 123.3 |
| 2014/15 | 2013/14 | |||||
|---|---|---|---|---|---|---|
| May-Apr | May-Apr | |||||
| SEK m. | Equity attributable to Parent Company shareholders |
Total equity | Equity attributable to Parent Company shareholders |
Total equity | ||
| Amount at beginning of year | 1,880.9 | 1,880.9 | 1,576.0 | 1,576.0 | ||
| Impact of change in accounting policy IAS 19R (net) Adjusted amount at beginning |
$-5.6$ | $-5.6$ | ||||
| of year | 1,880.9 | 1,880.9 | 1,570.4 | 1,570.4 | ||
| Dividend | $-156.0$ | $-156.0$ | $-78.0$ | $-78.0$ | ||
| Comprehensive income | 357.3 | 357.3 | 388.5 | 388.5 | ||
| Amount at end of period | 2.082.2 | 2,082.2 | 1,880.9 | 1,880.9 |
| 2014/15 | 2013/14 | 2014/15 | 2 2013/14 |
||
|---|---|---|---|---|---|
| Feb–Apr | Feb–Apr | May–Apr | M May–Apr |
||
| 3 mths | 3 mths | 12 mths | 12 mths | ||
| Net sales | SEK m. | 1,502.4 | 1,258.6 | 5,882.2 | 5,295.8 |
| Growth | % | 19.4 | 12.0 | 11.1 | 16.4 |
| Operating profit | SEK m. | 55.1 | 24.6 | 376.8 | 316.9 |
| Operating margin | % | 3.7 | 2.0 | 6.4 | 6.0 |
| Profit after net fin. items | SEK m. | 50.7 | 270.1 | 380.4 | 508.2 |
| Profit margin | % | 3.4 | 21.5 | 6.5 | 9.6 |
| Return on capital employed | % | 12.5 | 17.7 | 12.5 | 17.7 |
| Return on equity | % | 15.1 | 24.8 | 15.1 | 24.8 |
| Equity/assets ratio | % | 44.4 | 47.2 | 44.4 | 47.2 |
| Investments | SEK m. | 123.1 | 63.2 | 297.0 | 477.8 |
| Depreciation/Amortisation | SEK m. | 46.2 | 39.7 | 171.1 | 154.7 |
| Per share ratios | |||||
| Earnings per share | SEK | 0.56 | 5.14 | 5.96 | 8.44 |
| Equity per share | SEK | 40.04 | 36.17 | 40.04 | 36.17 |
| Operating cash flow per share | SEK | -0.25 | -0.95 | 4.64 | 4.78 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 | 52 2,000,000 |
| 2014/15 | 2013/14 | 2012/13 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Feb– –Apr |
Nov–Jan | Aug–Oct | May–Jul | Feb–Apr | N Nov–Jan |
Aug–Oct | May–Jul | Feb–Apr | ||
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | ||
| Net sales | SEK m. | 1,50 02.4 |
1,431.6 | 1,554.5 | 1,393.8 | 1,258.6 | 1 1,298.1 |
1,414.5 | 1,324.7 | 1,123.7 |
| Growth | % | 19.4 | 10.3 | 9.9 | 5.2 | 12.0 | 15.8 | 16.4 | 21.4 | 8.6 |
| Gross margin | % | 3 33.5 |
33.6 | 36.6 | 33.8 | 32.8 | 32.9 | 35.9 | 33.2 | 33.7 |
| Operating profit | SEK m. | 5 55.1 |
54.1 | 156.3 | 111.4 | 24.6 | 48.5 | 141.8 | 102.0 | 36.0 |
| Operating margin | % | 3.7 | 3.8 | 10.1 | 8.0 | 2.0 | 3.7 | 10.0 | 7.7 | 3.2 |
| Return on capital employed | % | 12.5 | 19.8 | 18.9 | 18.1 | 17.7 | 10.3 | 12.2 | 12.7 | 13.8 |
| Return on equity | % | 15.1 | 27.4 | 27.2 | 26.8 | 24.8 | 11.5 | 14.2 | 14.5 | 16.1 |
| Equity/assets ratio | % | 4 44.4 |
46.4 | 44.1 | 48.3 | 47.2 | 40.2 | 37.8 | 38.6 | 40.7 |
| Basic equity per share | SEK | 40 0.04 |
39.64 | 38.66 | 39.37 | 36.17 | 34.10 | 33.55 | 32.47 | 30.31 |
| Basic earnings per share | SEK | 0 0.56 |
0.84 | 2.24 | 2.31 | 5.14 | 0.38 | 1.78 | 1.14 | 0.46 |
| 2014/15 Feb-Apr |
2013/14 Feb-Apr |
2014/15 May-Apr |
2013/14 May-Apr |
|
|---|---|---|---|---|
| SEK m | 3 mths | 3 mths | 12 mths | 12 mths |
| Net sales | 216.7 | 231.5 | 948.2 | 1,041.7 |
| Cost of goods sold | $-156.3$ | $-181.6$ | $-680.0$ | $-801.6$ |
| Gross profit | 60.4 | 49.9 | 268.2 | 240.1 |
| Other operating income | 10.9 | 12.2 | 44.9 | 46.1 |
| Selling expenses | $-49.8$ | $-51.9$ | $-182.4$ | $-183.3$ |
| Administration expenses | $-20.5$ | $-22.3$ | $-74.4$ | $-70.0$ |
| Other operating expenses | $-9.4$ | $-7.1$ | $-53.4$ | $-20.9$ |
| Operating profit | $-8.4$ | $-19.2$ | 2.9 | 12.0 |
| Net financial items | $-1.0$ | 247.8 | 318.9 | 494.7 |
| Profit after financial items | $-9.4$ | 228.6 | 321.8 | 506.7 |
| Appropriations 1) | $-1.8$ | $-17.9$ | $-6.6$ | 3.4 |
| Pre-tax profit | $-11.2$ | 210.7 | 315.2 | 510.1 |
| Tax on profit for the period | 0.1 | 7.8 | $-3.9$ | $-0.4$ |
| Profit for the period | $-11.1$ | 218.5 | 311.3 | 509.7 |
1) Accelerated depreciation, tax allocation reserve a and Group contributions.
| SEK m | 30/04/2015 | 30/04/20 014 |
|---|---|---|
| ASSETS | ||
| Goodwill | 0.5 | - |
| Other intangible assets | 5.4 | 5.4 |
| Property, plant and equipment | 113.9 | 12 20.9 |
| Financial and other non-current assets | 2,016.7 | 1,83 32.6 |
| Total non-current assets | 2,136.5 | 1,95 58.9 |
| Inventory | 167.4 | 17 74.4 |
| Current receivables | 910.8 | 72 20.3 |
| Cash and cash equivalents | - | - |
| Total current assets | 1,078.2 | 89 94.7 |
| TOTAL ASSETS | 3,214.7 | 2,85 53.6 |
| EQUITY AND LIABILITIES | ||
| Equity | 1,426.4 | 1,26 67.8 |
| Untaxed reserves | 38.3 | 3 35.9 |
| Non-current liabilities, provisions | 3.2 | 3.2 |
| Non-current liabilities, interest-bearing | 353.6 | 49 93.3 |
| Total non-current liabilities | 356.8 | 49 96.5 |
| Current liabilities, interest-bearing | 974.2 | 60 01.9 |
| Current liabilities, non-interest-bearing | 419.0 | 45 51.5 |
| Total current liabilities | 1,393.2 | 1,05 53.4 |
| TOTAL EQUITY AND LIABILITIES | 3,214.7 | 2,85 53.6 |
Systemair applies International Financial accordance with the Swedish Annual Ac IAS 34 Interim Financial Reporting, and f RFR 2. The accounting principles and me those used in preparing the most recent Reporting Standards (IFRS). This interim report was pr counts Act, the Swedish Financial Reporting Board's re for the Parent Company in accordance with the Swedis ethods of calculation applied for the Group and Parent C t Annual Report. epared for the Group in ecommendation RFR 1 and h Annual Accounts Act and Company accord with
The price paid to acquire 100 percent of Lautner, Germany, Menerga, Norway an f the shares outstanding in Menerga, UK, Camair, Belgiu nd for the operation in Airwell, France, can be divided a um, Airwell, Germany, s follows:
| Total historical cost, less transaction cost ts |
SEK 111.1 million |
|---|---|
| ---------------------------------------------------- | ------------------- |
| Identifiable net assets | Total |
|---|---|
| Goodwill | 53.9 |
| Brands and customer relationships | 8.5 |
| Buildings and land | 24.9 |
| Machinery and equipment | 30.2 |
| Deferred tax assets | 0.7 |
| Inventory | 27.8 |
| Other current assets | 30.9 |
| Cash and cash equivalents | 48.2 |
| Non-interest-bearing liabilities (incl. deferred d tax liability) |
-41.5 |
| Interest-bearing liabilities | -2.7 |
| Other operating liabilities | -69.8 |
| 111.1 |
Transaction costs in the acquisition of su ubsidiaries totalled SEK 1.5 million.
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 -58.8 million. additional purchase
Brands and customer relationships have these assets has been estimated at 5-10 been stated at the net present value of future paymen 0 years. nt flows. The useful life of
The goodwill upon acquisition is attributa expected to emerge after the acquisition able to the strong market position of the companies ac ns and the companies' estimated future earning capaci cquired, synergy effects ty.
Systemair's financial instruments consist for-sale financial assets, trade accounts institutions carry variable interest rates o fair value through the income statement Available-for-sale financial assets are re Other financial assets and liabilities are s considered to equate approximately to t liabilities net. t of derivatives, trade accounts receivable, cash and ca payable, accrued supplier costs and interest-bearing lia or, in certain cases, fixed rates for a short period. Deriv t based on input data corresponding to level 2 in comp ecognised at fair value based on input data correspondi short-term. For that reason, the fair values of all financ the carrying amounts. Systemair has not recognised an ash equivalents, availableabilities. Liabilities to credit vatives are measured for pliance with IFRS 13. ng to level 1 in IFRS 13. ial instruments are ny financial assets and
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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