Systemair ab Interim report 1 May 2011 - 31 January 2012

Net sales were up 15%

Third quarter, November 2011 – January 2012

Net sales increased by 15 percent to SEK 1,031 million (893).
Operating profit (EBIT) increased 2 percent to SEK 97 million (95).
The operating margin was 9.4 percent (10.7).
Profit after tax decreased 28 percent, to SEK 70 million (97).
Earnings per share (basic and diluted) equalled SEK 1.35 (1.87).
Cash flow from operating activities totalled SEK 137 million (178).

Nine months, May 2011 – January 2012

Net sales increased by 12 percent to SEK 2,962 million (2,639).
Operating profit (EBIT) increased 5 percent to SEK 314 million (299)*.
The operating margin was 10.6 percent (11.3)*.
Profit after tax decreased 5 percent, to SEK 220 million (232)*.
Earnings per share (basic and diluted) equalled SEK 4.23 (4.64).
Cash flow from operating activities totalled SEK 284 million (303).

*The operating profit and operating margin for the preceding year have been adjusted to discount a capital gain of +SEK 10.5 million on a property sale.

Net sales Q3 SEK 1,031 m

EBIT Q3

SEK 97 m

Significant events during the period under review

In mid-January, Systemair acquired Airwell's refrigeration equipment factory in Italy.
A new sales office in Taiwan was opened in December.
Also in December, Systemair landed a major order for the New Karolinska Hospital. The order is valued at around SEK 60 million.
The acquisition of air handling unit manufacturer IAPL, India, was finalised in December.
In August, Kryotherm of Piteå was acquired.
In June, Systemair acquired Ventrade, a Russian ventilation distributor.

	2011/12	2010/11	2011/12	2010/11
	3 mths	3 mths	9 mths	9 mths
Net sales, SEK million	1,030.6	893.2	2,962.0	2,639.0
Growth, %	15.4	11.8	12.2	9.2
Operating profit, SEK million	97.3	95.3	314.2	309.8
Operating margin, %	9.4	10.7	10.6	11.7
Profit after tax, SEK million	70.0	97.5	220.2	242.2
Basic and diluted earnings per share, SEK	1.35	1.87	4.23	4.64
Operating cash flow per share, SEK	2.64	3.42	5.47	5.18

CEO's Comments Growth of 15%

Systemair recorded growth of just over 15 percent, and for the second successive quarter net sales exceeded SEK 1 billion. Operating profit was in line with the previous year, but the operating margin was lower, 9.4 percent (10.7), mainly because some acquisitions are not yet contributing and demand remains weak on a number of markets. Sales of heating products, which show a high margin, declined as a result of the mild winter. ainly

The market

Developments were positive for us in several the Nordic market, growth remained strong in Norway and Denmark, but the Swedish market declined. In Western Europe, growth increased in the northern part, but remained weak in the southern areas. sales was highest in the UK, Belgium, Austria and Germany. The overall outcome was healthy growth in the region. In Eastern Europe, sales are rising, above all, in the Russian market. Partly as a result of our acquisition of Ventrade, but we also posted sound organic growth in Estonia, Latvia and Lithuania. North America remained on the same level as before. In other markets, growth has returned and we achieved positive growth in South Africa and the Middle East, for example. countries. In The growth in

In December, Systemair landed its biggest from Skanska Healthcare AB, for air conditioning systems for the New Karolinska Solna University Hospital. biggest-ever order

The systems will play a part in creating the most energy efficient hospital in the world. The order is valued at around SEK 60 million. energyrder

Products and product development

We have more than 100 technicians working continuously on product development. We continued to present and launch new products, most of them focusing on energy efficiency. In September, an interim report within the EU Directive on Ecodesign was delivered. The report advocates exhaust and supply air ventilation with energy recovery as the best solution for energy buildings. This, of course, we see as being in our since we offer one of the widest arrays of energy efficient products and solutions in the market. increasing . energy-efficient favour, energy-

Investments and acquisitions

Our major investment programmes have been completed.

Only minor supplementary relocations at the Danish production plant remain.

The Indian company IAPL, which makes air handling units, joined the Group in December. We intend to coordinate our operations in India at the industrial facility in the Greater Noida Ecotech Park, a facility that was included in the acquisition. We will also be building an R&D Centre there. In addition, we acquired Airwell's refrigeration equipment factory in Barlassina, Milan. Refrigeration machinery very valuably rounds out our range of air handling units, that we today manufacture at six factories. To combine refrigeration and air handling units in our offer increases our position and makes us stronger on most markets. In 2011, Airwell's factory had sales of approximately EUR 24 million, but reported a loss. 2012 will be a year of adjustmen the new name for the company, will be integrated into the Group. at the air the intend our in at the Park, a wasion. We building In factory , today To air makes In 2011, of approximately a of adjustment in which Systemair AC, name for be

Trade fairs and marketing fairs and

In the first half of 2012, we will be taking part in 24 trade fairs. Many of these are major i AHR in Chicago, Interclima in Paris, Nordbygg in Stockholm, Mostra Convegno in Milan and Aqua Moscow. Many of the smaller fairs are national or niche fairs in different sectors, such as tunnel ventilation and passive houses. be of international fairs, including go, Interclima Nordbygg and Aqua-Therm in fairs are national in andsystematic focus on

We are also maintaining a systemat developing better product selection programmes. These are created largely at our own software development company, Systemair Software in India, and we offer one of the best product selection programmes in the market. selection Thesecompany, in offer the selection the market.

Outlook bright

As a result of the investments we have made in production plant, product development and marketing, we have a strong position. When the upturn in the market arrives, we expect organic growth to take off. of investments inplant, the in expect organic off.Gerald and

Gerald Engström, President and CEO

Sales in the third quarter

Group sales for the third quarter of 2011/12 totalled SEK 1,030.6 million (893.2), up 15.4 percent from the same period in the preceding year. Organic growth amounted to 5.7 percent.

Growth in acquired operations equalled 11.3 percent, or SEK 100.7 million, while foreign exchange effects reduced sales by 1.6 percent during the quarter. This indicates that, at unchanged exchange rates, sales increased by 17.0 percent in the quarter.

Net sales for the interim report period of May 2011/12 totalled SEK 2,962.0 million (2,639.0), which was up 12.2 percent on the same period in the preceding year. Organic growth amounted to 5.8 percent. May-January

Growth in acquired operations equalled 10.2 percent, while foreign exchange effects reduced sales percent during the period. This indicates that, at unchanged exchange rates, sales increased by 16.0 percent in the quarter. by 3.8

Net sales per quarter compared with same period previous years

Net sales

Geographic breakdown of Q3 sales Nordic region breakdown of Q3

During the third quarter, sales in the Nordic region increased 6 percent from the same period in the preceding year. In Denmark and Norway, net sales increased while the Swedish market slipped back. Exchange rate effects and acquisitions had a positive effect of 1 percent on sales growth during the quarter. the sales Nordic cent the in sales

Western Europe

In Western Europe, income advanced 13 percent in the third quarter. Acquisitions during the period under review added 6 percent to sales in the region. Adjusted for exchange rate effects and acquisitions, sales were 8 percent higher than in the same period year. the market had 1 the income the in Adjusted rate and in in the preceding

Eastern Europe and CIS

Sales in Eastern Europe and the CIS rose by 49 percent during the quarter. Organic growth amounted to 8 percent. Sales in Russia rose by 116 percent. In Estonia, Latvia and Lithuania, growth returned in all countries. Organic 8percent. Latvia in three

	2011/12 Nov–Jan 3 mths	2010/11 Nov–Jan 3 mths	Change	2011/12 May–Jan 9 mths	2010/11 May–Jan 9 mths	Change
Nordic region	309.6	292.8	6%	836.9	754.8	11%
Western Europe	342.8	304.7	13%	996.4	923.1	8%
Eastern Europe & CIS	239.9	161.1	49%	706.9	508.6	39%
North America	64.8	64.7	0%	210.3	225.5	-7%
Other markets	73.5	69.9	5%	211.5	227.0	-7%
Total	1,030.6	893.2	15%	2,962.0	2,639.0	12%

North America

Sales in the North American market during the quarter were on a par with sales in the same period in the preceding year. Adjusted for foreign exchange effects, sales decreased 1 percent.

Other markets

Sales in Other markets rose 5% during the third Organic growth amounted to 1 percent. Growth in the Indian market remains weak. Sales also fell considerably in China, but rose strongly in South Africa and the United Arab Emirates. quarter.

Sales by market 9 months 2011/12 (2010/11)

Profit in the third quarter

The gross profit for the third quarter amounted to SEK 387.0 million (344.1), an increase of 12.4 percent over the same period in the preceding year. The gross margin fell to 37.5 percent (38.5) as a result of companies with lower margins and changes in the product mix. Demand for heating products, which show a higher margin, was affected above all by a winter that was milder than last year. acquired

The operating profit for the third quarter amounted to SEK 97.3 million (95.3), an increase of 2.0 percent over the same period in the preceding year. The operating margin was 9.4% (10.7).

Selling and administration expenses for the quarter totalled SEK 299.5 million (259.0), an increase of SEK 40.5 million on the same period in the preceding year and administration expenses for acquired companies accounted for SEK 22.8 million of the increase for the quarter. year. Selling

Selling expenses were charged with SEK 2.4 million (5.8) for anticipated bad debts and impairment losses on trade receivables. During the quarter, costs related to acquisitions totalled SEK 1.7 million. ng

Net financial items ended the third quarter at SEK -1.5

million (-5,8).

The effect of foreign exchange on long loans and bank balances was SEK 3.7 million ( Interest expense for the quarter totalled SEK (-4,1) The foreign long-term receivables, balances was (-3,0) net. the -5.9 million

Operating profit per quarter, relative to the same period in previous years

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

Tax expense

The tax expense for the quarter is estimated at SEK million (8.0), corresponding to an effective tax rate of 26.9 percent based on profit after net financial it The low tax charge for the preceding year arose as a result of acquisitions of companies carrying deficits from earlier operations. The is -25.8 corresponding an rate items. charge the companies

Acquisitions and new operations and new

As part of the venture in Southeast Asia, a sales company was established in Taiwan in December. Systemair already operates sales companies and production facilities in Malaysia, sales companies in Hong Kong and Singapore, a representative office in Indonesia and a sales agent in Vietnam. Systemair Taiwan has already secured its first order for tunnel fans, worth around USD 1.5 million, and deliveries will begin in April 2012. the venture Asia, sales in Systemair in companies representative sales Taiwan has er tunnel 1.5 million, 2012.

In mid-January 2012, Systemair acquired Airwell's factory in Milan, Italy, which was part of the Airwell Group. The factory manufactures refrigeration equipment for comfort cooling. The company's product range comprises refrigeration equipment rated at between 20 and 1,200 kW that is one of the most comprehensive product ranges in the market. The factory has 155 employees, and Systemair will also take over sales department for commercial refrigeration in Italy, with 12 employees. In addition, the factory has one of the most up-to-date R&D centres in Europe for development and testing of refrigeration equipment, together with a showroom and a training centre. Net sales for the company totalled approximately EUR 24 million in 2011, but a deficit was recorded. After acquisition, the name of the company was changed to Systemair AC. January part of the

In October, Systemair finalised the acquisition of IAPL, International Airconditioning Products Pvt. Limited, India, which was part of the Suvidha Group. IAPL manufactures air handling units for the Indian market. The company has sales equivalent to around SEK 55 million and 120 employees. IAPL is based in Greater Noida, just outside New Delhi, and has sales offices in another five cities in India. IAPL owns an industrial facility extending over a 23,000 m2 site in the Greater Noida Ecotech Park. There, Systemair intends to coordinate production for its Indian operations and to build up an R & D centre. The total purchase consideration is SEK 63 million, which includes the industrial facility. Local production of air handling units is expected to provide access to more, and bigger, construction projects, as well as growth in Indian mar sales of other Systemair products from the recently acquired Ravistart, which makes air distribution products. date e. tioning market

In November, Systemair acquired sales companies Frivent Luft und Wärmetechnik GmbH of Chemnitz, Saxony, eastern Germany and Garching, Bavaria. The companies are sales companies on behalf of the Austrian company Josef Friedl GmbH. Total sales for the two companies, which together employ in all seven people, were EUR 3.3 million in 2010. Frivent's Chemnitz office continues to act as agent on behalf of Systemair in parts of eastern Germany. The acquisition of Frivent will enable Systemair to conduct sales via its own personnel throughout Germany.

In August, Systemair acquired the assets of Kryotherm AB, Piteå. Kryotherm, founded in 1967, is a company with wide experience of products combining cooling and ventilation. Over the past 5 years, sales have averaged approximately SEK 30 million. In 2010, sales slumped

suspended payments in June 2011. Systemair has taken over all 12 employees. Kryotherm offers products that complement the Systemair range. Kryotherm has extensive know-how and long expe sector for air handling units with integral cooling or heat pump systems. Synergies are anticipated for both product development and sales. drastically the a has complement range. Kryotherm how experience of the market . product

, t drastically and the company reported a loss. The company On 23 June 2011, Systemair acquired Ventrade, Russian ventilation distributor. Ventrade sells ventilation and comfort cooling products, and for many years has been one of Systemair's biggest customers in Russia. The company has its headquarters and central warehouse in Moscow, plus sales offices and local warehouses in another 11 cities. In 2010, the company reported sales equivalent to around SEK 290 million and had 200 employees. The acquisition will enable Systemair to expand the proportion of Systemair products sold and provides extensive coverage throughout Russia, with major potential for growth. There is also good potential for synergies with the production facility in Lithuania, where production capacity has be 2011, acquired a sells years ggest The warehouse and 11 In reported cquisition the extensive coverage with major synergies with Lithuania, been expanded in 2011.

If the companies acquired during the period had been consolidated as of 1 May 2011, net sales for the period May 2011 through January 2012 would have totalled approximately SEK 3,183 million. The operati that period would have been around SEK 309.5 million. companies the been 1 sales through approximately operating profit for been 309.5

Note 1 in this report contains an acquisition analysis and the effects of the acquisitions on the Group's cash and cash equivalents. acquisition acquisitions the and

Investments, depreciation and amortisation depreciation and

Gross investment for the quarter, excluding divestments, totalled SEK 122.3 million (106.7), including SEK 27.3 million (32.2) invested in new construction and machinery. These investments mainly comprise the completion of capacity and replacement investme the factories in Denmark, Sweden and Lithuania. An industrial property, Ämthyttan 4:64 in Skinnskatteberg, was also acquired. The property, which consists of land measuring 84,000 m2 and a building of 6,300 m2, is located next to the existing equipm Skinnskatteberg. divestments, SEK (106.7), 27.3 new andcomprise replacement investments in factories An Skinnskatteberg,consists of of isnext to equipment factory in

Acquisitions and additional considerations paid equalled SEK 93.3 million (74.5) for the quarter. Depreciation of fixed assets amounted to SEK 26.2 million (22.4). and additional paid million the amounted 26.2

Personnel

The average number of employees in the Group 2,698 (2,372). At the end of the period, 3,113 employees (2,503), 610 more than one year previous. New employees were recruited chiefly in Lithuania (35), Germany (22) and Denmark (15). Through acquisitions, 537 employees joined the Grou 245 at Ventrade, Russia. was the group had Group, including

Cash flow and financial position

Cash flow from operating activities before changes in working capital totalled SEK 107.1 million (90.6) for the quarter. Changes in working capital, mainly consisting of a decrease in current receivables, had a positive impact of SEK 29.9 million (87.1) on cash flow. Net cash flow from financing activities was SEK 42.8 million ( result of new loans. At the end of the period, net indebtedness totalled SEK 802.0 million (503 consolidated equity/assets ratio was 45.3 percent (49.0) at the close of the period. n (-77.1), as a (503.0). The e forwards. Parent Company

Option programme

On the occasion of its stockmarket flotation in October 2007, Systemair issued a total of 223,500 warrants to certain employees of the Group. Because the subscription price relative to the market price of Systemair shares was unfavourable on the occasions set for redemption, no subscription rights were exercised. ecause risks in

Material risks and uncertainty

Systemair is exposed to operational and financial r its business. Operational risk is inherent in the international nature of the operations, tough competition and the sensitivity of the construction industry to the business cycle. The financial risks that Systemair has identified in its business are foreign exchange risk, borrowing and interest rate risk, credit and liquidity risk and loss carry-forwards. The material risks and uncertainty affecting Systemair are described in more detail in the Company's 2010/11 Annual Report. No significant change occurred in the risk situation during the period.

Related party transactions

Systemair's significant transactions with related parties concern ebmpapst AB and ebmpapst Mulfingen GmbH & Co. KG. Transactions with related parties are described in detail in Note 36 to the accounts in the Annual Report for the 2010/11 financial year. During the period, no change worthy of mention occurred in the scale of these transactions.

Parent Company sales for the quarter totalled SEK 239.4 million (231.3), while operating profit was SEK 9.4 million (19.6). Company for SEK 239.4 ), operating The Parent Company

The average number of employees in the Parent Company was 404 (371).

Financial information

The report for the fourth quarter and full year 2011/12 will be published at 8.30 a.m. on 8 June 2012.

Miscellaneous

The information in this Interim Report is information that Systemair is required to disclose in accordance with the Swedish Securities Markets Act (lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading Act (lagen om instrument). This information has been submitted for publication at 8.30 am on 6 March 2012 The the quarter a.m. The in Report required disclose with (lagen and/or Swedish Act om handel med finansiella submitted ation at 8.30 am 2012.

About Systemair

The Company established operations in 1974 with a pioneering product concept - the circular duct fan, a design that made installation considerably simpler. We adopted the motto "the straight way developed from a product concept to a business philosophy. Our product range has grown strongly to extend over a broad range of fans, air handling units, products for air distribution, air curtains and heating products. The a nstallation straight way", which has been to product range units,

Mission statement

Operating from the core values of simplicity and reliability, our business concept is to develop, manufacture and market high-quality ventilation products. On the basis of our business concept and with our customers in focus, our aim is to be seen as a company to rely on, with the emphasis on delivery reliability, availability and quality.

Business model

Availability is an important parameter in terms of our competitiveness, and we ensure effective control of our flow of goods, with owned production units, centralised warehouse facilities and an efficient ERP system. With modern production plants and our own sales companies around the world, we reach out directly to our customers. The business model supports stability and development, and today we are a leading producer and supplier of ventilation products with our own production and sales air from core reliability,business to andquality ventilation basis s and to seen a to availability in of sure owned production ERP Withand our companiesout to stability we a of sales

companies.

Strategies

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

Innovative product development and a broad product range focusing on energy handling products. energy-efficient air
High product availability and fast delivery via an efficient production, logistics and IT organisation.
Development and expansion of Systemair's own sales organisation.
Good relationships with ventilation contractors, distributors and consultants, helping to confirm the perception of Systemair as a leading supplier of high-quality air handling products.
A highly diversified customer base reduces our vulnerability to fluctuations in the economy.
Early presence in growth markets.
Strategy of acquisition and establishment to expand market shares.

This interim report has not been reviewed by the Company's auditor.

Skinnskatteberg, 6 March 2012 Systemair AB (publ)

Gerald Engström Chief Executive Officer Gerald Engström, CEO, tel. +46- 519-0001, [email protected] -222-44001 or +46-70-

Lars Hansson, Chairman, tel. +46 [email protected] +46-70-895-9002,

CFO Glen Nilsson, tel. +46-222- 4003, [email protected] -44003, +46-70-654-

Systemair AB (publ)

ent quality versified For further information, please contact: Co. Reg. No. 556160-4108 SE-739 30 Skinnskatteberg, Sweden Tel. +46-222-44000 Fax +46-222-44099 [email protected] www.systemair.com. 739 30

Systemair in Brief

Systemair is a leading ventilation company with operations in 42 countries in Europe, North America, South America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.5 billion in financial 2010/11 and currently employs about 3,100 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 14 percent. with in countries Europe, Australia. The 010/11 employs about yearthe Company's has established markets.products are and Fantech been List Stockholm sinceGroup about companies.

Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies.

Consolidated Income Statement

	2011/12	2010/11	2011/12	2010/11	2010/11	2010/11
	Nov Nov-Jan	Nov-Jan	May-Jan	May-Jan	Feb Feb-Jan	May-Apr
SEK million	3 mths	3 mths	9 mths	9 mths	trailing 12 trailing 12	12 mths
Net Sales	1,030.6	893.2	2,962.0	2,639.0	3,790.2 3,790.2	3,467.3
Cost of goods sold	-643.6	-549.1	-1,842.1	-1,611.2	2,340.4 2,340.4	2,109.5
Gross profit	387.0	344.1	1,119.9	1,027.8	1,449.8	1,357.8

Other operating income	17.3	16.0	45.4	47.5	57.0	59.2
Selling expenses	-248.3	-210.0	-678.2	-595.9	- -896.0	-813.8
Administration expenses	-51.2	-49.0	-146.8	-139.6	- -200.2	-193.0
Other operating expenses	-7.5	-5.8	-26.1	-30.1	-39.2	-43.2
Operating profit	97.3	95.3	314.2	309.7	371.4	367.0

Net financial items	-1.5	-5.8	-14.9	-19.9	-23.5	-28.5
Profit after financial items	95.8	89.5	299.3	289.8	347.9	338.5

Tax on profit for the period	-25.8	8.0	-79.1	-47.6	-95.1	-63.6
Profit for the period	70.0	97.5	220.2	242.2	252.8	274.9

Attributable to:
Parent company shareholders	70.0	97.2	220.2	241.1	252.0	273.0
Shareholdings without
controlling interest	0.0	0.3	0.0	1.1	0.8	1.9

Earnings per share, SEK 1)	1.35	1.87	4.23	4.64	4.85	5.25

Average number of shares 1)	52,000,000	52,000,000	52,000,000	52,000,000	52,000,000 52,000,000	52,000,000

1 At present, Systemair does not have any option programme in operation and so no dilution effect is to be taken into account. any operation no dilution is taken

Consolidated Statement of Comprehensive Income

	2011/12 Nov Nov-Jan 3 mths	2010/11 Nov-Jan 3 mths	2011/12 May-Jan 9 mths	2010/11 May-Jan 9 mths	2010/11 Feb Feb-Jan trailing 12 trailing 12	2010/11 May-Apr 12 mths
Profit for the period	70.0	97.5	220.2	242.2	252.8	274.9
Other comprehensive income net of tax
Translation differences, foreign operations	4.4	-45.7	11.6	-75.2	6.7	-80.2
Hedging of net assets in foreign operations, net after tax	0.0	2.5	-3.7	3.4	-4.1	3.0
Other comprehensive income net after tax	4.4	-43.2	7.9	-71.8	2.6	-77.2
Total comprehensive income for the period	74.4	54.3	228.1	170.4	255.4	197.7
Attributable to:
Parent Company shareholders	74.4	55.0	228.1	170.6	253.9	196.4
Shareholdings without controlling interest	0.0	-0.7	0.0	-0.2	1.5	1.3

Consolidated Balance Sheet

SEK million	31 Jan 2012	31 Jan 2011	30 Apr 2011
ASSETS
Goodwill	383.1	261.3	263.5
Other intangible assets	123.0	71.3	69.0
Property, plant and equipment	807.6	716.1	711.8
Financial and other assets	114.5	141.7	106.5
Total non-current assets	1,428.2	1,190.4	1,150.8

Inventory	737.4	541.8	607.0
Current receivables	807.5	758.1	777.2
Cash and cash equivalents	129.2	82.7	76.8
Total current assets	1,674.1	1,382.6	1,461.0

TOTAL ASSETS	3,102.3	2,573.0	2,611.8

EQUITY AND LIABILITIES
Equity	1,405.3	1,261.8	1,268.2

Non-current liabilities, provisions	134.6	105.8	100.1
Non-current liabilities, interest-bearing	212.2	234.7	205.3
Total non-current liabilities	346.8	340.5	305.4

Current liabilities, interest-bearing	692.6	336.2	497.4
Current liabilities, non-interest-bearing	657.6	634.5	540.8
Total current liabilities	1,350.2	970.7	1,038.2

TOTAL EQUITY AND LIABILITIES	3,102.3	2,573.0	2,611.8

Consolidated Cash Flow Statement

	2011/12	2010/11	2011/12	2010/11	2010/11
SEK million	Nov-Jan 3 mths	Nov-Jan 3 mths	May-Jan 9 mths	May May-Jan 9 mths mths	May-Apr 12 mths
Operating profit	97.3	95.3	314.2	309.8	367.0
Adjustment for non-cash items	32.7	10.7	72.4	43.7	74.2
Financial items	-5.1	-3.7	-16.0	-9.3	-13.4
Income tax paid	-17.8	-11.7	-40.5	-42.4	-58.6
Cash flow from operating activities before	107.1	90.6	330.1	301.8	369.2
changes in working capital

Changes in working capital	29.9	87.1	-45.9	0.8	-120.2
Cash flow from operating activities	137.0	177.7	284.2	302.6	249.0

Cash flow from investing activities	-122.6	-105.1	-254.2	-174.5	-266.4
Cash flow from financing activities	42.8	-77.1	22.2	-121.1	17.3
Cash flow for the period	57.2	-4.5	52.2	7.0	-0.1

Cash and cash equivalents at start of period	72.5	93.2	76.8	85.9	85.9

Translation differences, cash and cash equivalents	-0.5	-6.0	0.2	-10.2	-9.0
Cash and cash equivalents at close of period	129.2	82.7	129.2	82.7	76.8

Statement of Changes in Equity – Group

		2011/12		2010/11
		May-Jan			May May-Jan
SEK million	Equity attributable to Parent Company shareholders	Shareholdings without controlling influence	Total equity	Equity attributable to Parent Company shareholders	Shareholdings without controlling influence	Total equity
Amount at beginning of year	1,268.1	0.1	1,268.2	1,151.6	16.1	1,167.7
Dividend	-91.0	-	-91.0	-65.0	-0.6	-65.6
Acquisition of non-controlling interests	-	-	-	-6.7	-4.0	-10.7
Comprehensive income	228.1	0.0	228.1	170.6	-0.2	170.4
Amount at end of period	1,405.2	0.1	1,405.3	1,250.5	11.3	1,261.8

Key Ratios for the Group

		2011/12 Nov-Jan	2010/11 Nov-Jan	2011/12 May-Jan	2010/11 May-Jan	2010/11 May-Apr
		3 mths	3 mths	9 mths	9 mths	12 mths
	SEK
Net sales	million	1,030.6	893.2	2,962.0	2,639.0	3,467.3
Growth	% SEK	15.4	11.8	12.2	9.2	7.7
Operating profit	million	97.3	95.3	314.2	309.8	367.0
Operating margin	% SEK	9.4	10.7	10.6	11.7	10.6
Profit after net fin. Items	million	95.8	89.5	299.3	289.8	338.5
Profit margin	%	9.3	10.0	10.1	11.0	9.8
Return on capital employed	%	18.7	21.0	18.7	21.0	18.0
Return on equity	%	18.9	24.5	18.9	24.5	22.3
Equity/assets ratio	% SEK	45.3	49.0	45.3	49.0	48.6
Investments	million SEK	122.6	105.1	254.2	141.1	266.4
Depreciation/Amortisation	million	26.2	22.4	72.3	67.7	92.1
Per share ratios
Basic earnings per share	SEK	1.35	1.87	4.23	4.64	5.25
Diluted earnings per share	SEK	1.35	1.87	4.23	4.64	5.25
Basic equity per share	SEK	27.02	24.05	27.02	24.05	24.39
Diluted equity per share	SEK	27.02	24.05	27.02	24.05	24.38
Basic operating cash flow per share	SEK	2.64	3.42	5.47	5.18	4.79
Diluted operating cash flow per share	SEK	2.64	3.42	5.47	5.18	4.79
No. of shares at end of period	No.	52,000,000	52,000,000	52,000,000	52,000,000	52,000,000

Quarterly Key Ratios – Group

			2011/12 2010/11					2009/10
		Nov-Jan	Aug-Oct	May-Jul	Feb-Apr	Nov-Jan	Aug-Oct	May-Jul	Feb-Apr	Nov-Jan
		Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3

	SEK
Net sales	million	1,030.6	1,026.6	904.8	828.2	893.2	928.9	817.0	800.8	799.3
Growth	%	15.4	10.5	10.7	3.4	11.8	12.1	3.5	1.1	-0.9
Gross margin	%	37.5	39.1	36.6	39.8	38.5	39.5	38.8	39.2	37.1
	SEK
Operating profit	million	97.3	130.2	86.8	57.2	95.3	119.5	94.9	66.4	66.6
Operating margin	%	9.4	12.7	9.6	6.9	10.7	12.9	11.6	8.3	8.3

Return on capital employed	%	18.7	19.3	19.1	18,0	21,0	19.1	17,0	15.2	11.1
Return on equity	%	18.9	21.5	20.9	22.3	24.5	20,0	18.4	17.4	14.3
Equity/assets ratio	%	45.3	45.4	45.4	48.6	49.0	47.4	49.5	49.0	46.8

Basic equity per share	SEK	27.02	25.59	26.05	24.39	24.05	23.12	23.14	22.15	21.65
Basic earnings per share	SEK	1.35	1.83	1.06	0.61	1.87	1.53	1.24	1.00	0.70

Parent Company Income Statement

	2011/12	2010/11	2011/12	2010/11	2010/11
SEK million	Nov-Jan 3 mths	Nov-Jan 3 mths	May-Jan 9 mths	May-Jan 9 mths	May-Apr 12 mths
Net sales	239.4	231.3	706.3	665.1	875.1
Cost of goods sold	-180.9	-170.7	-529.5	-482.4	640.4
Gross profit	58.5	60.6	176.8	182.7	234.7

Other operating income	8.5	3.9	25.3	11.9	16.1
Selling expenses	-41.2	-34.0	-112.4	-93.8	-128.9
Administration expenses	-16.9	-16.2	-44.8	-47.2	-64.1
Other operating expenses	0.5	5.3	-4.4	-1.4	-4.5
Operating profit	9.4	19.6	40.5	52.2	53.3

Net financial items	11.4	10.4	201.7	139.4	140.0
Profit after financial items	20.8	30.0	242.2	191.6	193.3

Appropriations 1)	-1.0	-0.3	-9.1	-0.5	23.2
Pre-tax profit	19.8	29.7	233.1	191.1	216.5
Tax on profit for the period	-3.6	-8.1	-8.8	-19.2	-26.7
Profit for the period	16.2	21.6	224.3	171.9	189.8

1 Appropriations have been calculated pro rata for the accounting period.

Parent Company Balance Sheet

SEK million	31 Jan 2012	31 Jan 2011	30 Apr 2011
ASSETS
Other intangible assets	4.7	2.7	2.5
Property, plant and equipment	109.8	99.8	104.0
Financial and other assets	1,411.1	1,102.4	1,117.1
Total non-current assets	1,525.6	1,204.9	1,223.6

Inventory	116.9	122.7	127.7
Current receivables	255.9	255.0	238.1
Cash and cash equivalents	421.1	321.8	376.4
Total current assets	793.9	699.5	742.2

TOTAL ASSETS	2,319.5	1,904.4	1,965.8
EQUITY AND LIABILITIES
Equity	836.9	749.9	701.4
Untaxed reserves	107.1	121.8	98.0

Non-current liabilities, provisions	2.3	5.6	1.4
Non-current liabilities, interest-bearing	302.8	346.4	493.5
Total non-current liabilities	305.1	352.0	494.9

Current liabilities, interest-bearing	911.3	456.3	454.8
Current liabilities, non-interest-bearing	159.1	224.4	216.7
Total current liabilities	1,070.4	680.7	671.5
TOTAL EQUITY AND LIABILITIES	2,319.5	1,904.4	1,965.8

General accounting policies and principles

Systemair applies International Financial Reporting Standards (IFRS). This interim report was accordance with the Swedish Annual Accounts Act, the Swedish Financial Reporting Board's recommendation RFR 1 and IAS 34, Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and RFR 2. The accounting policies and methods of calculation applied for the Group and Parent Company accord with those used in preparing the most recent Annual Report. None of the new or revised standards, interpretations or improvements adopted by the EU for implementation from 1 May 2011, inclusive, have affected the Group in any way. Only those changes that affect the Systemair Group are discussed. prepared for the Group in nd the accordance Swedish Board's RFR and for Parent Swedish Annual accounting methods those in the Annual Report. the interpretations from have affected Group any way.

SEK 78.3 million SEK 112.7 million

Note 1

Purchase consideration paid to acquire companies may provisionally be calculated as follows:

Total historical cost, less costs of acquisition SEK 191.0 million

Assets acquired

Fair value of assets acquired, net Goodwill

Assets and liabilities acquired	Carrying amount	Adjustment	Fair value
Goodwill	7.0	105.7	112.7
Brands, customer relationships, licences, agencies etc.	-	55.0	55.0
Buildings and land	26.4	5.2	31.6
Machinery and equipment	20.8	8.9	29.7
Inventory	123.5	-	123.5
Other current assets	106.5	-	106.5
Cash and cash equivalents	15.2	-	15.2
Non-interest-bearing liabilities (incl. deferred tax liability) bearing	-61.5	-18.0	-79.5
Interest-bearing liabilities	-7.9	-	-7.9
Other operating liabilities	-195.9	-	-195.9
	34.1	156.8	191.0

Impact on cash flow
Purchase consideration incl. additional payment	-191.0
Purchase consideration not paid	18.6
Cash and cash equivalents in companies purchased Additional purchase consideration paid for prior years'	15.2
acquisitions	-6.1
Transaction costs, acquisition of subsidiaries	-4.1
Change in consolidated cash and cash equivalents at acquisition	-167.4

Brands and customer relationships have been stated at the net present value of future cash flows. The useful life of these assets has been estimated at 10 years and 5 years, respectively. and the present future life acquired, effects

The goodwill upon acquisition is attributable to the strong market expected to emerge after the acquisition and the company's estimated future earning capacity. position of the company acquired, synergy effects to after and

Definitions of key ratios

Operating profit (EBIT)

Earnings before financial items and tax.

Growth

Growth is defined as the change in net 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 net sales.

Return on capital employed

Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed.

Capital employed

Total assets less non-interest-bearing liabilities.

Return on equity

Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average capital employed excluding non-controlling interest. bearing controlling appointments terminated, part financial 12 the months (TTM), by tments part-time

Number of employees

Number of employees at the end of the accounting period. New employees, appoin employees and paid overtime are converted into full full-time equivalents.

Earnings per share

Profit for the period attributable to Parent Company shareholders, divided by the average number of shares during the period. for by during the number the period.

Operating cash flow per share

Cash flow from operating activities for the period, divided by the average number of shares during 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.