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2021-10-28

Electrolux Professional AB interim report Q3 2021

Third quarter, July-September 2021

  • Net sales amounted to SEK 1,935m (1,748). Sales increased by 10.7%. Currency contributed negatively by 2.1%. Organically sales increased by 12.8%. Last year the quarter was more impacted by the pandemic than this year.
  • EBITA amounted to SEK 199m (96), corresponding to a margin of 10.3% (5.5). Last year the quarter included items affecting comparability of SEK -77m.
  • Operating income amounted to SEK 183m (81), corresponding to a margin of 9.5% (4.6). Last year the quarter included items affecting comparability of SEK -77m.
  • Operating cash flow after investments amounted to SEK 412m (63).
  • Income for the period amounted to SEK 135m (77), and earnings per share was SEK 0.47 (0.27).
  • On October 12, Electrolux Professional signed an agreement to acquire Unified Brands, a leading US-based manufacturer of food service equipment, for approximately SEK 2,140m.

Alberto Zanata, President and CEO:

"Continued sales recovery

The market recovery that started six months ago has continued during the third quarter. In some countries the market is now back to pre-pandemic levels, spear-headed by the US.

Sales in the quarter increased organically by 12.8% compared to last year driven by increased demand, especially in the US. Europe also showed good growth while Asia-Pacific, Middle East and Africa only had moderate growth. China continued to have strong growth while South East Asia was weaker.

Order intake continue to be strong and our order stock is on a record high level. Sales have not followed as fast as order intake, partly due to shortage of craftsmen among our customers, which leads to their projects and refurbishment plans being delayed.

EBITA for the third quarter was SEK 199m (96) with a corresponding margin of 10.3% (5.5). The result improvement was driven by increased sales volumes and last year's restructuring charges of SEK -77m. Operating costs have increased since our investments in marketing, IT and R&D have increased as well as provisions for variable pay.

The global pressure on component and container availability continues. So far, we have been able to secure components, but at a higher cost. The higher raw material prices this year are partially being offset by the price increase in July. Most of the raw material for the first half of 2022 has been secured but at a higher cost than this year's average. Therefore, we have announced additional price increases from January 2022.

On October 12, we announced that we have signed an agreement to acquire Unified Brands, a leading US based manufacturer of food service equipment. This is an important step in our strategy to grow in food service chains and will significantly strengthen our position in the US.

We have now experienced several months of sales recovery and strong order intake. This in combination with our announced acquisition of Unified Brands makes me confident about our next phase development. However, new setbacks from the pandemic, the shortage of components and raw material prices still constitute a risk."
 

This information is information that Electrolux Professional AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 8:00 a.m. CET on October 28, 2021.

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

Författare Cision