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2020-10-23

Fagerhult: Interim Report January-September 2020

The third quarter:

Order intake was MSEK 1,664 (2,038), a decline of -18.4% adjusted to -15.1% for currency effects of MSEK -69

Net sales were MSEK 1,700 (2,066), a decline of -17.7% adjusted to -14.7% for currency effects of MSEK -62

Adjusted operating profit was MSEK 144.1 (255.1), a decrease of 43.5% with an adjusted operating margin of 8.5 (12.3)%

Operating profit was MSEK 66.8 (255.1), a decrease of 73.8% with an operating margin of 3.9 (12.3)%

Earnings after tax were MSEK 4.9 (181.1)

Earnings per share were SEK 0.00 (1.02)

Cash flow from operating activities was MSEK 388.8 (400.4)

Comments from CEO Bodil Sonesson:

Together with the local management teams we continue our focus in navigating our way through the Covid-19 challenge.

Group colleagues have responded well to the challenges of Covid-19 and we are making good progress on the implementation of the strategic alignment process, which means we will emerge stronger from the pandemic.

From this process we have identified opportunities for collaboration and growth in focussed markets, segments and business areas and have initiated early steps in these strategic developments.  

The third quarter was ahead of expectations for net sales and adjusted operating profit.

Organic order intake was -15,1% in the quarter compared to -24,0% in Q2.  

Order intake does, however, remain a concern but the quarter on quarter positive trend is encouraging. Continued cost reductions and cash generation activities deliver a solid platform to improve results and reduce net debt in the coming months.

In the Group we are increasing our focus on sustainability. Our new mission statement clearly shows our ambitions. A leading example is the launch of Whitecroft Vitality, a circularity platform for lighting within the Whitecroft brand where the first accredited cradle to cradle product was recently launched.

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