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Interim Report | Financials | 23 Oct, 2020 | 09:06 | Regulatory

Interim Report January-September 2020

  • 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.