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Systemair AB Interim Report Q2 2022/23

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Press Release, December 8, 2022

Second quarter August–October 2022

  • Net sales increased by 26.3 percent to SEK 3,037 million (2,404).
  • Organic growth was +14.8 percent (+9.1).
  • The adjusted operating profit was SEK 297 million (250). Operating profit (EBIT) amounted to SEK 120 million (238), taking into account impairments totalling SEK -168 million relating to the business in Russia and hyperinflation adjustments totalling SEK -9 million.
  • The adjusted operating margin was 9.9 percent (10.4).
  • Profit after tax amounted to SEK 39.4 million (154).
  • Earnings per share totalled SEK 0.21 (0.74).
  • Cash flow from operating activities amounted to SEK +203 million (+81).

Roland Kasper, President and CEO, comments:

“Systemair second quarter shows continued good growth where sales increased by 26.3 percent and adjusted operating profit improved by 19 percent to SEK 297 million (250). During the quarter, an impairment of the Russian operations were done totalling SEK 168 million. In addition, the Turkish business applied hyperinflation adjustments, with a negative impact of SEK 9 million on operating profit. Sales during the quarter exceeded SEK 3 billion for the first time.”

For further information contact:

Roland Kasper, CEO, + 46 73 094 40 13

Anders Ulff, CFO, + 46 70 577 40 09

Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00, group.systemair.com

Note: The information here is that which Systemair AB is obliged to make public under the EU’s market abuse regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 (CET) on December 8, 2022.

Systemair in brief
Systemair is a leading ventilation company with operations in 52 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The Company had sales of SEK 9.6 billion in the 2021/22 financial year and today employs approximately 6,800 people. Systemair has reported an operating profit every year since 1974, when the company was founded. Over the past 10 years, growth has averaged 9.4 percent. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions. Systemair has well-established operations in growth markets. The Group’s products are marketed under the Systemair, Frico, Fantech and Menerga brands. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007 and are today traded on the Large Cap List. The Group comprises about 90 companies.

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