Earnings Release • Aug 29, 2012
Earnings Release
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Net sales Q1 SEK 1,091 m
| 2012 May–Jul |
2011 May–Jul |
2011/12 May-Apr |
|
|---|---|---|---|
| 3 mths | 3 mths | 12 mths | |
| Net sales, SEK million | 1,091.0 | 904.8 | 3,996.9 |
| Growth, % | 20.6 | 10.7 | 15.3 |
| Operating profit, SEK million | 98.5 | 86.8 | 319.8 |
| Operating margin, % | 9.0 | 9.6 | 8.0 |
| Profit after tax, SEK m. | 73.0 | 55.2 | 215.5 |
| Basic and diluted earnings per share, SEK | 1.40 | 1.06 | 4.14 |
| Operating cash flow per share, SEK | 1.16 | 1.00 | 5.58 |
Growth in the first quarter amou 21 percent. This improvement is attributable to the acquisitions w Organic growth was just 1 perce indication that the economy has off and that many markets show growth. The fact that we can rep operating margin of 9 percent, is strength. nted to all of largely we have made. nt, an still not taken w negative port an s a sign of
The Norwegian and Danish markets rem during our first quarter. As before, devel Western Europe were mixed - weak in t slightly stronger in the north. Even so, o back by three percent. In Eastern Europe Baltic States was satisfactory. Results in USA were good, even if the acquisition o excluded. In the region Other markets, d weak in India, while Singapore, Malaysia developed strongly. mained strong even lopments in he south and rganic growth fell e, growth in the Canada and the of Change Air is demand remains a and Turkey
Our company in Russia, acquired at the e has reported promising growth in both s During the first quarter, the major acquis Italy also showed good results and move profitability, which we had not anticipate achieved so soon. The Canadian compan which is incorporated for two months of reports satisfactory sales and high profit this was also during the summer which i peak season. Even in India the results ar right direction. Sales remain at low level completed action programmes and have profitability. end of June 2011, sales and earnings. sition we made in ed into ed would be ny Change Air, f the quarter, tability, although is the company's re heading in the s, but we have e improved
At present, construction of workshop an in Greater Noida, just outside Delhi, is in new workshop space measuring 8,000 m to go on stream towards the end of the works have also started at the new deve in Germany. We will also be investing fu metal forming machinery at our Lithuani nd office premises full flow. In all, m2 will be ready year. Construction elopment centre urther in sheet ian factory and at
HSK, our recently acquired air h in Turkey. andling unit manufacturer
In late August, we acquired Rato Lindab. Thru the acquisition, our totals 11.6 percent. We have in Lindab in the product area of ve opportunities for extending the to the benefit of both companie os' holding of shares in r ownership stake in Lindab the past cooperated with entilation and see depth of this collaboration, es.
During both the past quarter an carried out major investments a acquisitions, which have only pa sales and profits. When the eco becomes strong, we identify go improved profitability. Once aga that we can also survive somew and deliver good results. d the year as a whole, we and made sound company artly shown through in onomy turns upward and ood future potential for ain, we have demonstrated what more difficult times
Gerald Engström President and CEO
Group sales for the first quarter of the 2 year totalled SEK 1,091.0 million (904.8) from the same period in the preceding y growth amounted to 1.1 percent. 012/13 financial ), up 20.6 percent year. Organic
Growth in acquired operations totalle SEK 195.4 million. During the quarter, fo effects reduced sales by 2.1 percent. Th at unchanged exchange rates, sales incr percent in the quarter. ed 21.6 percent, or reign exchange is indicates that, eased by 22.7
During the first quarter, sales in increased 8 percent from the sa preceding year. Growth in sales Denmark. Overall, exchange rat had no effect on sales growth d the Nordic region ame period in the s was especially strong in te effects and acquisitions during the quarter.
In Western Europe, income adva first quarter. Acquired companie to sales in the region. Adjusted exchange and acquisitions, sale compared to the preceding yea anced 13 percent in the es contributed 18 percent for the effects of foreign s declined by 3 percent r.
Sales in Eastern Europe and the percent during the quarter. The attributable to the acquisition of was completed at the end of Ju for the region amounted to -1 p Lithuania again report strong gr e CIS increased by 40 increase was in large part f Ventrade, Russia, which ne 2011. Organic growth percent. Estonia, Latvia and rowth.
| 2012 May–Jul 3 mths |
2011 May–Jul 3 mths |
Chang ge |
|
|---|---|---|---|
| Nordic region | 239.6 | 222.0 | 8% % |
| Western Europ pe |
361.6 | 320.9 | 13% % |
| Eastern Europe e & CIS |
302.0 | 215.5 | 40% % |
| North America a |
105.1 | 72.2 | 46% % |
| Other markets s |
82.7 | 74.2 | 11% % |
| Total | 1,091.0 | 904.8 | 21% % |
Sales in the North American market grew during the quarter compared to the sam preceding year. The increase is largely a acquisition of Change Air, Canada. Adjus of foreign exchange and acquisitions, sa percent. w 46 percent e period in the ttributable to the ted for the effects les rose by 3
Sales in Other markets grew 11 percent same period in the preceding year. Adju effects of foreign exchange and acquisit 1 percent. Sales growth in Turkey was s demand in the Indian market remains w compared to the sted for the tions, sales rose by atisfactory, but eak.
The gross profit for the first quarter amo 390.2 million (331.3), an increase of 17. the same period in the preceding year. T fell to 35.8 percent (36.6) as a result ma acquisitions of companies with lower ma period and strengthening of the SEK exc ounted to SEK .8 percent over The gross margin ainly of argins during the hange rate.
Operating profit for the first quarter a 98.5 million (86.8), an increase of 13.6 p same period in the preceding year. The o was 9.0 percent (9.6). amounted to SEK percent over the operating margin
Selling and administration expenses totalled SEK 286.8 million (254.1), an inc million. Selling and administration expen companies accounted for SEK 28.3 millio increase for the quarter. for the quarter crease of SEK 32.7 nses at acquired on (25.2) of the
Selling expenses were charged with (0.9) for anticipated bad debts and impa trade receivables. During the quarter, co acquisitions totalled SEK 0.8 million (1.6) SEK 4.7 million airment losses on osts related to ).
Net financial items for the first quart million (-7.6). The effect of foreign exch term receivables, loans and bank balanc er totalled SEK 0.3 ange on longes was SEK 5.8
million net (-2.8). Interest expe totalled SEK -5.9 million (-5.3). ense for the quarter
Operating margin per quarter the same period in previous y r, relative to years
The tax expense for the quarter million (-24.0), corresponding to 26.1 percent (30.3) based on p items. r is estimated at SEK -25.8 o an effective tax rate of rofit after net financial
In May 2012, Systemair signed 70 percent of the shares in the is Turkey's leading manufacture sales of SEK 160 million in 2011 production facilities just outside in Azerbaijan, Georgia, Turkmen acquisition is expected to create the Italian refrigeration equipme acquisition initially concerns 70 a binding option to acquire the within a four-year period. HSK w Systemair as of the beginning o an agreement to acquire Turkish company HSK. HSK er of air handling units, with 1. The company has two e Istanbul and sales offices nistan, Dubai and Iraq. The e excellent synergies with ent factory acquired. The percent of the shares and remaining 30 percent will be consolidated into of August 2012.
In June, Systemair acquired C company is one of North Ameri Change Air, Canada. The ca's leading makers of air handling units for classrooms. In 2011, C sales equivalent to SEK 84 million and an of SEK 11.9 million. The company, which employees, has its headquarters and a p in Ontario, Canada. The acquisition gives to 59 sales agents in 71 cities, and a tot approximately 300 sales engineers in No latter cover 42 states in the USA and six Canada. Change Air had n operating profit h has 86 production facility s Systemair access al of orth America. The x provinces in
If Change Air had been consolidated net sales for the period May 2012 throu would have been roughly SEK 1,099 mil profit for that period would have been a 100 million. as of 1 May 2012, ugh July 2012 lion. Operating approximately SEK
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
Gross investment for the quarter, exclud totalled SEK 79.4 million (114.6), includin million (45.6) invested in new constructi machinery. Acquisitions and additional c equalled SEK 60.0 million (66.6) for the q Depreciation of non-current assets amou million (22.5). ding divestments, ng SEK 19.4 ion and onsiderations paid quarter. unted to SEK 28.3
The average number of employees in th 2,948 (2,505). At the end of the period, 3,279 employees (2,780), an increase b previous year. New employees were rec Lithuania (42), Germany (27) and Russia acquisitions, 389 employees joined the G 165 at Systemair AC, Italy, 125 at IAPL, Change Air and 8 at DT Termo. he Group was Systemair had by 499 than the cruited chiefly in a (22). Through Group, including India, 91 at
Cash flow from operating activities befo working capital totalled SEK 112.1 millio quarter. Changes in working capital, chie inventories and trade accounts receivab of SEK -51.7 (-37.7) on cash flow. Net c financing activities was SEK 20.4 million of new loans. At the end of the period, n totalled SEK 818.0 million (745.8). The c equity/assets ratio was 45.2 percent (45 the period. re changes in n (90.0) for the efly an increase in le, had an impact ash flow from (63.1), as a result net indebtedness consolidated 5.4) at the end of
On 20 August 2012, Systemair shares in Lindab. The holding re the share capital and comprised same time, Systemair acquired in the market and consequently in Lindab, with 11.6 percent of of the acquisition is to exercise ownership of the company. Sys been engaged in many years of ventilation product sector and o expand collaboration in the prod acquired Ratos' holding of epresented 11.2 percent of d 8,849,157 shares. At the a further 300,000 shares y is the largest shareholder the share capital. The aim long-term industrial stemair and Lindab have f collaboration in the opportunities exist to duct and distribution area.
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 are for borrowing and interest rate risk and loss carry-forwards. The ma uncertainty affecting Systemair detail in the Company's 2011/1 significant change occurred in th period. ional and financial risks in inherent in the rations, tough competition ruction industry to the ks that Systemair has eign exchange risk, k, credit and liquidity risk aterial risks and are described in more 12 Annual Report. No he risk situation during the
Systemair's significant transacti concern ebmpapst AB and ebm Co. KG. Transactions with relate detail in Note 36 to the account the 2011/12 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 (220.9), while operating (17.7). uarter totalled SEK 231.4 profit was SEK 8.1 million
The average number of employ was 404 (398). yees in the Parent Company
The Interim Report for the seco be published at 8.00 a.m. on 30 nd quarter of 2012/13 will 0 November 2012.
The interim report for the th will be published at 8.00 a.m. o hird quarter of 2012/2013 n 7 March 2013.
The report for the fourth qua 2012/13 will be published at 8. arter and full year .00 a.m. on 11 June 2012.
The Company established operations in pioneering product concept - the circula design that made installation considerab adopted the motto "the straight way", w developed from a product concept to a b philosophy. Our product range has expan extend over a broad range of fans, air ha products for air distribution, air curtains a products. 1974 with a r duct fan, a bly simpler. We which has been business nded strongly to andling units, and heating
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 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 sales
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 S Report is information that e in accordance with the (lagen om or the Swedish Financial om handel med finansiella to be submitted for September 2012.
This interim report has not b Company's auditor. been reviewed by the
Skinnskatteberg, 29 August 201 Systemair AB (publ) 12
Gerald Engström Chief Executive Officer
For further information, please c Gerald Engström, CEO, tel. +46- +46-70-519-0001, geen@syst Lars Hansson, Chairman, tel. +4 [email protected] CFO Glen Nilsson, tel. +46-222- +46-70-654-4003, glni@system contact: -222-44001 or emair.se 46-70-895-9002, -44003 or 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, Africa and Australia. The billion in financial 2011/12 and curr people. Systemair has reported an o since 1974, when the Company wa years, the Company's growth rate h percent. ompany with operations in 44 South America, the Middle Company had sales of SEK 4.0 rently employs about 3,300 operating profit every year as founded. During the past 15 has averaged about 14
Systemair has well-established o The Group's products are marketed VEAB and Fantech brands. Systema the Mid Cap List of the OMX Nordic October 2007. The Group comprises operations in growth markets. d under the Systemair, Frico, air shares have been quoted on Exchange in Stockholm since s about 60 companies.
| 2012 | 2011 | 2011/12 | 2011/12 | |
|---|---|---|---|---|
| M May–Jul |
May–Jul | Aug–Jul | May-Apr | |
| SEK m. | 3 mths | 3 mths | trailing 12 | 12 mths |
| Net sales | 1 1,091.0 |
904.8 | 4,183.0 | 3,996.9 |
| Cost of goods sold | -700.8 | -573.5 | -2,632.3 | -2,505.2 |
| Gross profit | 390.2 | 331.3 | 1,550.7 | 1,491.7 |
| Other operating income | 13.7 | 18.4 | 51.3 | 55.9 |
| Selling expenses | -233.6 | -207.7 | -987.6 | -961.6 |
| Administration expenses | -53.2 | -46.4 | -214.9 | -208.0 |
| Other operating expenses | -18.6 | -8.8 | -68.0 | -58.2 |
| Operating profit | 98.5 | 86.8 | 331.5 | 319.8 |
| Net financial items | 0.3 | -7.6 | -15.3 | -23.2 |
| Profit after financial items | 98.8 | 79.2 | 316.2 | 296.6 |
| Tax on profit for the period | -25.8 | -24.0 | -83.0 | -81.1 |
| Profit for the period | 73.0 | 55.2 | 233.2 | 215.5 |
| Attributable to: | ||||
| Parent Company shareholders | 73.0 | 55.2 | 233.1 | 215.4 |
| Shareholdings without | ||||
| controlling interest | 0.0 | 0.0 | 0.1 | 0.1 |
| Earnings per share, SEK 1 | 1.40 | 1.06 | 4.48 | 4.14 |
| 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 so no dilution effect is to be tak ken into account.
| 2012 M May–Jul 3 mths |
2011 May–Jul 3 mths |
2011/12 Aug–Jul trailing 12 |
2011/12 May-Apr 12 mths |
|
|---|---|---|---|---|
| Profit for the period | 73.0 | 55.2 | 233.2 | 215.5 |
| Other comprehensive income, net of tax |
||||
| Translation differences, foreign operations |
-69.8 | 32.4 | -91.6 | 10.5 |
| Hedging of net assets in foreign operations, net after tax |
0.0 | -1.3 | -2.8 | -4.1 |
| Other comprehensive income, net after tax |
-69.8 | 31.1 | -94.4 | 6.4 |
| Total comprehensive income for the period |
3.2 | 86.3 | 138.8 | 221.9 |
| Attributable to: | ||||
| Parent Company shareholders | 3.2 | 86.3 | 138.8 | 221.9 |
| Shareholdings without controlling interest |
0.0 | 0.0 | 0.0 | 0.0 |
| SEK m. | 31 Jul 2012 | 31 Jul 20 011 |
30 Apr 2012 |
|---|---|---|---|
| ASSETS | |||
| Goodwill | 369.2 | 33 37.2 |
367.3 |
| Other intangible assets | 134.1 | 10 06.7 |
126.2 |
| Property, plant and equipment | 763.1 | 75 53.1 |
792.0 |
| Financial and other assets | 105.6 | 11 10.3 |
107.0 |
| Total non-current assets | 1,372.0 | 1,30 07.3 |
1,392.5 |
| Inventory | 770.2 | 71 11.5 |
767.3 |
| Current receivables | 877.5 | 87 74.6 |
848.4 |
| Cash and cash equivalents | 86.1 | 8 87.3 |
91.6 |
| Total current assets | 1,733.8 | 1,67 73.4 |
1,707.3 |
| TOTAL ASSETS | 3,105.8 | 2,98 80.7 |
3,099.8 |
| EQUITY AND LIABILITIES | |||
| Equity | 1,402.3 | 1,35 54.5 |
1,399.1 |
| Non-current liabilities, provisions | 130.5 | 10 06.1 |
132.2 |
| Non-current liabilities, interest-bearing | 214.0 | 22 27.6 |
185.4 |
| Total non-current liabilities | 344.5 | 33 33.7 |
317.6 |
| Current liabilities, interest-bearing | 665.2 | 59 94.3 |
681.4 |
| Current liabilities, non-interest-bearing | 693.8 | 69 98.2 |
701.7 |
| Total current liabilities | 1,359.0 | 1,29 92.5 |
1,383.1 |
| TOTAL EQUITY AND LIABILITIES | 3,105.8 | 2,98 80.7 |
3,099.8 |
| 2012 May–Jul |
2011 May–Jul |
2011/12 May-Apr |
|
|---|---|---|---|
| SEK m. | 3 mths | 3 mths | 12 mths |
| Operating profit | 98.5 | 86.8 | 319.8 |
| Adjustment for non-cash items | 34.0 | 16.5 | 98.0 |
| Financial items | -4.7 | -4.9 | -22.8 |
| Income tax paid | -15.7 | -8.4 | -57.5 |
| Cash flow from operating activities bef fore |
112.1 | 90.0 | 337.5 |
| changes in working capital | |||
| Changes in working capital | -51.7 | -37.7 | -47.6 |
| Cash flow from operating activities | 60.4 | 52.3 | 289.9 |
| Cash flow from investing activities | -78.3 | -108.4 | -265.4 |
| Cash flow from financing activities | 20.4 | 63.1 | -11.1 |
| Cash flow for the period | 2.5 | 7.0 | 13.4 |
| Cash and cash equivalents at start of pe eriod |
91.6 | 76.8 | 76.8 |
| Translation differences, cash and cash e equivalents |
-8.0 | 3.5 | 1.4 |
| Cash and cash equivalents at close of p period |
86.1 | 87.3 | 91.6 |
| 2012 | 2011 | |||||
|---|---|---|---|---|---|---|
| May–Jul | May–Jul | |||||
| Equity | Equity | |||||
| attrib butable to |
Shareholdings | attributable to | Shareholdings | |||
| Parent Company |
without controlling |
Total | Parent Company |
without controlling |
Total | |
| SEK m. | sha reholders |
interest | equity | shareholders | interest | equity |
| Amount at beginning of year | 1,399.0 | 0.1 | 1,399.1 | 1,268.1 | 0.1 | 1,268.2 |
| Dividend | - | - | - | - | - | - |
| Comprehensive income | 3.2 | 0.0 | 3.2 | 86.3 | 0.0 | 86.3 |
| Amount at end of period | 1,402.2 | 0.1 | 1,402.3 | 1,354.4 | 0.1 | 1,354.5 |
| 2012 May–Jul 3 mths |
2011 May–Jul 3 mths |
2011/12 May-Apr 12 mths |
||
|---|---|---|---|---|
| Net sales | SEK m. | 1,091.0 | 904.8 | 3,996.9 |
| Growth | % | 20.6 | 10.7 | 15.3 |
| Operating profit | SEK m. | 98.5 | 86.8 | 319.8 |
| Operating margin | % | 9.0 | 9.6 | 8.0 |
| Profit after net fin. items | SEK m. | 98.8 | 79.2 | 296.6 |
| Profit margin | % | 9.1 | 8.8 | 7.4 |
| Return on capital employed | % | 14.3 | 19.1 | 14.7 |
| Return on equity | % | 16.8 | 20.9 | 15.7 |
| Equity/assets ratio | % | 45.2 | 45.4 | 45.1 |
| Investments | SEK m. | 78.3 | 108.4 | 265.4 |
| Depreciation/Amortisation | SEK m. | 28.3 | 22.5 | 100.2 |
| Per share ratios | ||||
| Basic earnings per share | SEK | 1.40 | 1.06 | 4.14 |
| Diluted earnings per share | SEK | 1.40 | 1.06 | 4.14 |
| Basic equity per share | SEK | 26.97 | 26.05 | 26.90 |
| Diluted equity per share | SEK | 26.97 | 26.04 | 26.90 |
| Basic operating cash flow per share | SEK | 1.16 | 1.00 | 5.58 |
| Diluted operating cash flow per share | SEK | 1.16 | 1.00 | 5.58 |
| No. of shares at end of period | No. | 52,000,000 | 52,000,000 | 52,000,000 |
| 201 12/13 |
2011/12 | 2010/11 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| M May–Jul |
Feb–Apr | Nov–Jan | Aug–Oct | May–Jul | Feb b–Apr |
Nov–Jan | Aug–Oct | May–Jul | ||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
| Net sales | SEK m. | 1, ,091.0 |
1,034.9 | 1,030.6 | 1,026.6 | 904.8 | 8 828.2 |
893.2 | 928.9 | 817.0 |
| Growth | % | 20.6 | 25.0 | 15.4 | 10.5 | 10.7 | 3.4 | 11.8 | 12.1 | 3.5 |
| Gross margin | % | 35.8 | 35.9 | 37.5 | 39.1 | 36.6 | 39.8 | 38.5 | 39.5 | 38.8 |
| Operating profit | SEK m. | 98.5 | 5.6 | 97.3 | 130.2 | 86.8 | 57.2 | 95.3 | 119.5 | 94.9 |
| Operating margin | % | 9.0 | 0.5 | 9.4 | 12.7 | 9.6 | 6.9 | 10.7 | 12.9 | 11.6 |
| Return on capital employed | % | 14.3 | 14.7 | 18.7 | 19.3 | 19.1 | 18.0 | 21.0 | 19.1 | 17.0 |
| Return on equity | % | 16.8 | 15.7 | 18.9 | 21.5 | 20.9 | 22.3 | 24.5 | 20.0 | 18.4 |
| Equity/assets ratio | % | 45.2 | 45.1 | 45.3 | 45.4 | 45.4 | 48.6 | 49.0 | 47.4 | 49.5 |
| Basic equity per share | SEK | 26.97 | 26.90 | 27.02 | 25.59 | 26.05 | 2 24.39 |
24.05 | 23.12 | 23.14 |
| Basic earnings per share | SEK | 1.40 | -0.09 | 1.35 | 1.83 | 1.06 | 0.61 | 1.87 | 1.53 | 1.24 |
| 2012 | 2011 | 2011/12 | |
|---|---|---|---|
| SEK m. | May–Jul 3 mths |
May–Jul 3 mths |
May-Apr 12 mths |
| Net sales | 231.4 | 220.9 | 939.2 |
| Cost of goods sold | -178.2 | -166.6 | -701.5 |
| Gross profit | 53.2 | 54.3 | 237.7 |
| Other operating income | 9.7 | 12.2 | 31.8 |
| Selling expenses | -34.6 | -32.6 | -158.8 |
| Administration expenses | -13.8 | -13.0 | -59.9 |
| Other operating expenses | -6.4 | -3.2 | -5.6 |
| Operating profit | 8.1 | 17.7 | 45.2 |
| Net financial items | 133.3 | 175.6 | 133.0 |
| Profit after financial items | 141.4 | 193.3 | 178.2 |
| Appropriations 1 | 8.7 | -1.8 | -51.6 |
| Pre-tax profit | 150.1 | 191.5 | 126.6 |
| Tax on profit for the period | -5.1 | -1.6 | 1.7 |
| Profit for the period | 145.0 | 189.9 | 128.3 |
1 Appropriations have been calculated pro rata for t the accounting period.
| SEK m. | 31 Jul 2012 | 31 Jul 20 011 |
30 Apr 2012 |
|---|---|---|---|
| ASSETS | |||
| Other intangible assets | 5.0 | 4.4 | 5.6 |
| Property, plant and equipment | 105.9 | 10 09.4 |
106.7 |
| Financial and other assets | 1,374.3 | 1,24 47.3 |
1,425.2 |
| Total non-current assets | 1,485.2 | 1,36 61.1 |
1,537.5 |
| Inventory | 99.7 | 10 06.7 |
122.4 |
| Current receivables | 224.9 | 26 61.2 |
228.0 |
| Cash and cash equivalents | 410.5 | 39 93.1 |
372.9 |
| Total current assets | 735.1 | 76 61.0 |
723.3 |
| TOTAL ASSETS | 2,220.3 | 2,12 22.1 |
2,260.8 |
| EQUITY AND LIABILITIES | |||
| Equity | 886.9 | 89 93.5 |
743.5 |
| Untaxed reserves | 84.0 | 9 99.9 |
92.7 |
| Non-current liabilities, provisions | 2.0 | 2.7 | 1.4 |
| Non-current liabilities, interest-bearing | 516.0 | 46 65.0 |
571.3 |
| Total non-current liabilities | 518.0 | 46 67.7 |
572.7 |
| Current liabilities, interest-bearing | 617.6 | 54 44.2 |
637.2 |
| Current liabilities, non-interest-bearing | 113.8 | 11 16.8 |
214.7 |
| Total current liabilities | 731.4 | 66 61.0 |
851.9 |
| TOTAL EQUITY AND LIABILITIES | 2,220.3 | 2,12 22.1 |
2,260.8 |
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 improvements adopted by the EU for im Only those changes that affect the Syste 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. None of the new or revised standards, interp plementation from 1 May 2012, inclusive, have affecte emair Group are discussed. epared for the Group in ecommendation RFR 1 and h Annual Accounts Act and mpany accord with those pretations or ed the Group in any way.
The price paid to acquire Change Air was s preliminarily made up as follows:
| Total historical cost, less costs of acquisi tion |
SEK 51.3 million |
|---|---|
| Assets acquired | |
| Fair value of assets acquired, net | SEK 30.0 million |
| Goodwill | SEK 21.3 million |
| Assets and liabilities acquired | Carrying amount | Adjustment | Fair value |
|---|---|---|---|
| Goodwill | 0.0 | 21.3 | 21.3 |
| Brands and customer relationships | 0.0 | 20.9 | 20.9 |
| Machinery and equipment | 3.5 | 0.0 | 3.5 |
| Financial and other assets | 0.8 | 0.0 | 0.8 |
| Inventory | 14.5 | 0.0 | 14.5 |
| Other current assets | 17.9 | 0.0 | 17.9 |
| Cash and cash equivalents | 0.0 | 0.0 | 0.0 |
| Non-interest-bearing liabilities (incl. deferred d tax liability) |
0.0 | -5.2 | -5.2 |
| Interest-bearing liabilities | -15.0 | 0.0 | -15.0 |
| Other operating liabilities | -7.4 | 0.0 | -7.4 |
| 14.3 | 37.0 | 51.3 |
| Change in consolidated cash and cash equiv alents at acquisition |
-60.0 |
|---|---|
| Transaction costs, acquisition of subsidiaries | -0.9 |
| Additional purchase consideration paid for p rior years' acquisitions |
-12.9 |
| Cash and cash equivalents in companies pur rchased |
0.0 |
| Purchase consideration not paid | 5.1 |
| Purchase consideration incl. additional paym ment |
-51.3 |
| Impact on cash flow |
Brands and customer relationships have these assets has been estimated at 10 y been stated at the net present value of future cash flo years. ows. The useful life of
The goodwill upon acquisition is attributa expected to emerge after the acquisition able to the strong market position of the company acq n and the company's estimated future earning capacity uired, synergy effects y.
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 excluding non-controlling interest. terest, for the trailing 12 months (TTM), divided by ave erage capital employed
Number of employees at the end of the employees and paid overtime are conve accounting period. New employees, appointments ter erted into full-time equivalents. minated, part-time
Profit for the period attributable to Paren period. nt Company shareholders, divided by the average num mber of shares during the
Cash flow from operating activities for th he period, divided by the average number of shares du uring the period.
Adjusted equity divided by total assets.
Equity divided by the number of shares at the end of the period.
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