SKNES FAGERHULT, Sweden, May 5, 2021 /PRNewswire/ --
- Net sales:MSEK 432 (456) sales were down 5% year-on-year. After adjusting for impact of currency (10%) and Allied Enterprises (+5%) sales year-on-year remained flat.
- Operating income: MSEK 95 (87), generating an operating margin of 21.9% (19.1).
- Net income for the period: MSEK 72 (60); basic EPS of SEK 1.90 (1.60).
- Cash flow from operating activities: MSEK 73 (81); continuing strong cash generation.
- Group's net debt:MSEK 90 (27); gearing ratio of 7% (2). Net remeasurement gain on pension liabilities of MSEK 115 drove the reduction in net debt.
President and CEO, David Woolley, comments on the Q1 2021 Interim Report.
Market and sales development
Published market indices suggest production rates, blended to the Group's end-markets and regions were up by +18% year-on-year in the first quarter suggesting our key end-markets, Europe and North America continue to recover from the global pandemic. Group sales in constant currencies and excluding our recent acquisition were broadly flat year-on-year, with sales growth in Europe and Rest of World and a small sales decline in the Americas. Reported sales continue to be affected by the strength of the Swedish Krona against most of the major currencies, in particular the US Dollar, therefore reported sales for the first quarter were down year-on-year by 5%.