Systemair ab Interim report Q1, 1 May – 31 July 2012

Net sales increased 21%.

First quarter, May – July 2012

Net sales increased by 21 percent to SEK 1,091 million (905).
Operating profit (EBIT) increased by 14 percent, to SEK 99 million (87).
The operating margin was 9.0 percent (9.6).
Profit after tax increased to to SEK 73 million (55).
Earnings per share equalled SEK 1.40 (1.06).
Cash flow from operating activities totalled SEK 60 million (52).

Net sales Q1 SEK 1,091 m

EBIT Q1 SEK 99 m

Significant events during the period under review

In May, Systemair signed an agreement to acquire 70 percent of the shares in the Turkish company HSK. HSK is Turkey's leading manufacturer of air handling units, with sales of SEK 160 million in 2011.
In June, Change Air, Canada, was acquired. The company is one of North America's leading makers of air handling units for classrooms. In 2011, Change Air had sales equivalent to SEK 84 million and an operating profit of SEK 11.9 million.

	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

CEO's Comments Growth +21%

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 market

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

Companies acquired

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

Investments

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

Outlook

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

Sales and markets

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

Net sales per quarter compared with same period previous years

Net sales

Geographic breakdown of Nordic region f Q1 sales

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.

Western Europe

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.

Eastern Europe and CIS

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% %

North America

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

Other markets

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.

Sales by market Q1 2012 (Q1 2011 )

Results for the first quarter

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 profit per quarter, r same period in previous years elative to the s

Operating margin per quarter the same period in previous y r, relative to years

Tax expense

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

Acquisitions and new ope erations

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

Investments, depreciation and a mortisation

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

Personnel

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 and financial position

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

Events after the close of t the period

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.

Material risks and uncerta ainty

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

Related party transaction ns

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

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

Financial information

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.

About Systemair

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

Mission statement

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.

Business model

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

Strategies

The following strategies create major str competitive advantages that help us to a rengths and achieve our goals.

Innovative product developmen product range focusing on ener handling products. nt and a broad rgy-efficient air
High product availability and fa efficient production, logistics an st delivery via an nd IT organisation.
Development and expansion of sales organisation. f Systemair's own
Good relationships with ventila distributors and consultants. tion contractors,
A highly diversified customer b vulnerability to fluctuations in t ase reduces our he economy.
Early presence in growth marke ets.
Strategy of acquisition and esta expand market shares. ablishment to

Miscellaneous

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

Systemair AB (publ)

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 in Brief

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.

Consolidated Income S Statement

	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.

Consolidated Stateme ent of Comprehensive Income

	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

Consolidated Balance Sheet

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

Consolidated Cash Flow w Statement

	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

Statement of Changes s in Equity – Group

		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

Key Ratios for the Gro oup

		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

Quarterly Key Ratios – Group

		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

Parent Company Incom me Statement

	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.

Parent Company Balan nce Sheet

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

General accounting policies and principles

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.

Note 1 - Acquisition analysis

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.

Definitions of key rati ios

Operating profit (EBIT)

Earnings before financial items and tax.

Growth

Growth is defined as the change in net s sales, relative to net sales for the preceding period.

Operating margin

Operating profit divided by net sales.

Profit margin

Profit after financial items divided by ne t sales.

Return on capital employed

Profit after financial income, for the trail ing 12 months (TTM), divided by average capital emplo oyed.

Capital employed

Total assets less non-interest-bearing lia abilities.

Return on equity

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

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

Earnings per share

Profit for the period attributable to Paren period. nt Company shareholders, divided by the average num mber of shares during the

Operating cash flow per share

Cash flow from operating activities for th he period, divided by the average number of shares du uring the period.

Equity/assets ratio

Adjusted equity divided by total assets.

Equity per share

Equity divided by the number of shares at the end of the period.