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2021-07-22

Electrolux Professional AB interim report Q2 2021

Second quarter, April - June 2021

  • Net sales amounted to SEK 1,958m (1,489). Sales increased by 31.5.%. Currency contributed negatively by 7%. Organically sales increased by 38.4%. Last year the quarter was more impacted by the pandemic than this year.
  • EBITA amounted to SEK 197m (-4), corresponding to a margin of 10.1% (-0.2).
  • Operating income amounted to SEK 181m (-18), corresponding to a margin of 9.2% (-1.2).
  • Operating cash flow after investments amounted to SEK 223m (31).
  • Income for the period amounted to SEK 168m (-28), and earnings per share was SEK 0.58 (-0.10).

Alberto Zanata, CEO and President:

"Strong sales recovery

The market recovery that started towards the end of the first quarter has continued and broadened geographically throughout the second quarter. The recovery was particularly strong in Europe and the US.

Sales in the quarter increased organically by 38.4% (-39.9) compared to last year driven by increased demand, especially in southern Europe. Despite the strong sales recovery year-over year, the level was still approximately 15% below 2019, however, the difference diminishing towards the end of the quarter.

EBITA for the second quarter was SEK 197m (-4) with a corresponding margin of 10.1% (-0.2). The result improvement was primarily driven by the sales volume and benefits from the restructuring plan announced in September 2020. Operating costs have also increased in order to meet the increase in demand. Operating cash flow after investments amounted to SEK 223m (31).

We have managed to handle the global pressure on component and container availability well and with limited customer impact. However, this area currently demands a lot of attention and the pressure is expected to continue during the fall. To compensate for the raw material price pressure, we have executed price increases across all product segments effective from July 1.

As more and more people are vaccinated and restrictions are lifted, we can see that people start to socialize again which supports the comeback of the hospitality industry. This gives reason for optimism. Whereas we cannot ignore the risk for new pandemic setbacks, we remain confident given that we have demonstrated that our company is strong and able to navigate also in turbulent times."

This information is information that Electrolux Professional AB (publ) 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 detailed below, at 8:00 a.m. CET on July 22, 2021.

For further information, please contact Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33

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