Systemair AB, Year-end report 1 May 2023 - 30 April 2024

News provided by

Systemair AB

Jun 04, 2024, 01:15 ET

SKINNSKATTEBERG, Sweden, June 4, 2024 /PRNewswire/ --

Fourth quarter February – April 2024

Net sales decreased 1.9 percent to SEK 3,069 million (3,129).
Organic growth was +1.0 percent (+13.0).
Operating profit totalled SEK 233 million (734) and the operating margin was 7.6 percent (23.5).
Adjusted operating profit amounted to SEK 209 million (282) and the adjusted operating margin was 6.8 percent (8.9). The adjustments refer to a credit loss on accounts receivable in Norway of a total of SEK -5.4 million and a positive adjustment for hyperinflation calculation of SEK +29.8 million.
Profit after tax amounted to SEK 190 million (619).
Cash flow from operating activities totalled SEK +191 million (+170).
Earnings per share (basic) were SEK 0.88 (2.96).

12 months May 2023–April 2024

Net sales increased by 1.6 percent to SEK 12,257 million (12,058).
Organic growth was +4.1 percent (+15.9).
Adjusted operating profit amounted to SEK 1,085 million (1,110). The operating profit (EBIT) amounted to SEK 963 million (1,401), where the largest adjustment of SEK 125 million refers to restructuring costs related to the move of Menerga's production to Slovenia. In the previous year, capital gains of SEK 445 million from the divested air conditioning business were reported, among other things.
The adjusted operating margin was 8.8 percent (9.2).
Profit after tax amounted to SEK 654 million (1,045).
Cash flow from operating activities amounted to SEK +1,333 million (+588).
Earnings per share (basic) were SEK 3.10 (5.00).
The Board of Directors proposes a dividend of SEK 1.20 (1.10) per share.

Roland Kasper, President and CEO, comments:

"Sales for the fourth quarter were on par with the previous year. We see it as a sign of strength considering that the comparative figures are relatively tough, and the market is uncertain in the short term. We are convinced that there are good opportunities for continued organic growth and improved profitability. We continue to invest long-term to strengthen our delivery capacity and product development. The commitment to a good indoor environment and technical innovation are central driving forces in our business, supported by global climate goals and directives in energy saving."

Press and analyst meeting will be organised at 09:00 CET on June 4, 2024.
The report will be presented by Roland Kasper, CEO, and Anders Ulff, CFO.

To participate in the webcast:

If you would like to participate in the webcast, please register via the link below. After registration, you will receive a link to confirm your email. There will be an opportunity to ask questions at any time during the presentation by submitting a written question via webcast.

https://www.investis-live.com/systemair/6645c78402115e0d006ffc3d/paerf

If you wish to participate by phone, see details below:

Sweden: +46 (0)8 5051 0031
International: +44 (0) 207 107 06 13
Code: 43948174

Above information is published at group.systemair.com

After the event the presentation and webcast will be available on our web https://group.systemair.com/investor-relations/reports-and-presentations/

For further information contact:

Roland Kasper, CEO, + 46 73 094 40 13
Anders Ulff, CFO, + 46 70 577 40 09

Note: This information is information that Systemair is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 (CEST) on June 4, 2024.

Systemair in brief
Systemair is a leading ventilation company with operations in 51 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The Company had sales of SEK 12.3 billion in the 2023/24 financial year and today employs approximately 6,600 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. Over the past 10 years, growth has averaged 9.0 percent. Systemair helps to improve the indoor climate via 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.