Nilfisk Q3 Interim Report 2019

Company announcement
November 14, 2019
Announcement No. 19/2019
Nilfisk, a leading provider of professional cleaning products and services, is announcing its results for Q3 2019.
Highlights for Q3 2019 The financial results for Q3 2019 are overall in line with the preliminary results announced on October 16, 2019
 
Nilfisk experienced a weakening of the economic conditions mainly impacting EMEA. In the US and in APAC growth was lower than expected
 
Nilfisk posted revenue of 200 mEUR for the branded professional business in Q3 corresponding to an organic growth of -4.7%, primarily impacted by EMEA and APAC
 
In EMEA, Q3 organic growth of -7.0% was to a large extent negatively impacted by the Central European region with Germany as the single largest contributor as well as a general weakening of the industrial segment across the region. In Q3 2018, organic growth in EMEA was 8.3%. In Americas, organic growth of -1.1% was impacted mainly by the high-pressure washer business. APAC posted -5.4% organic growth impacted by low performance in Australia in particular
 
For the business in total, Nilfisk posted organic growth of -6.8% including organic growth for Consumer and Private label of -9.2% and -28.8%, respectively
 
The gross margin increased by 0.6 percentage point to 41.5%. The improvement was driven by simplification initiatives but partly offset by lower capacity utilization and US imposed tariffs
 
The EBITDA margin before special items was 10.2%, and 7.2% excluding the impact of IFRS 16 (operating margin). This is 3.3 percentage points lower than the operating margin in Q3 2018
 
As announced on October 3, 2019, Nilfisk has appointed Prisca Havranek-Kosicek as Executive Vice President and CFO. Prisca will take up her position on December 1, 2019
 
Nilfisk’s long-term credit facilities have been extended to 2022 

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