Interim Report Q1 2020

April  21, 2020

January - March 2020

First quarter

  • Net sales increased by 1.3% in the first quarter compared to the same period last year and amounted to SEK 3,478 million (3,434). Acquisition effects amounted to 3.3%. Positive currency effects amounted to 1.2%, while organic growth was negative by -3.2%.
  • The operating profit for the quarter amounted to SEK 197 million (244), a decrease of 19% compared with the same period last year. The operating margin amounted to 5.7% (7.1%). The main reasons for this are the effects of Covid-19 and a lower share of refrigerant sales.
  • Profit before tax was SEK 182 million (228). Net financial items are in line with previous years despite increased borrowing in connection with the acquisition of ACD Trade.
  • Profit per share before and after dilution amounted to SEK 1.05 (1.33 and 1.32 respectively), a decrease of 21%.
  • The acquisition of the wholesale company ACD Trade in Australia was completed in the first quarter of 2020. The company has annual sales of SEK 540 million with 60 employees across 9 branches. The company is included in the consolidated accounts with effect from 1 February 2020.
  • The company's liquidity remained good during the quarter and the company's balance sheet is strong, with unutilised credits amounting to SEK 1,272million (1,588).
  • The second quarter will be affected by the effects of Covid-19. Measures have been taken in all parts of the business to fend off some of the effects. The action programme will have an effect in the second quarter and the company expects net savings of approximately SEK 250 million in 2020.
  • Due to the present uncertainty about the effects of Covid-19, the board has decided to postpone the Annual General Meeting and proposes that the dividend is halved to SEK 1.75. The new date for the Annual General Meeting is 25 June 2020.

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