First quarter, January – March 2021
- The Covid-19 pandemic continued to impact the hospitality industry. Net sales amounted to SEK 1,661m (2,091). Sales decreased by 20.6%. Organically sales decreased by 15.3%.
- EBITA amounted to SEK 103m (221), corresponding to a margin of 6.2% (10.6).
- Operating income amounted to SEK 88m (205), corresponding to a margin of 5.3% (9.8).
- Operating cash flow after investments amounted to SEK 23m (16).
- Income for the period amounted to SEK 55m (159), and earnings per share was SEK 0.19 (0.55).
Alberto Zanata, CEO and President:
“Still strongly impacted by the pandemic, but signs of recovery.
The slowdown of the market recovery we saw towards the end of the fourth quarter last year continued into the first quarter of 2021. On a positive note, we see signs of market recovery. In the month of March, sales grew year-over-year for the first time in more than 12 months, but still behind 2019 levels as several countries are still affected by the pandemic measures.
Sales in the quarter declined organically by 15.3%. Sales of Laundry continued to be less affected while sales of Food & Beverage was more affected with a decline on the same level as the end of last year, primarily driven by a weak development in Europe.
Short-term savings, organic sales growth in March, a relatively good performance in Laundry together with the restructuring plan announced in September 2020, partially mitigated the effect from the sales decline. EBITA for the first quarter was SEK 103m (221) with a corresponding margin of 6.2% (10.6). Currency transactions burdened the result with approximately SEK 20m. Operating cash flow after investments amounted to SEK 23m (16).
During the quarter, the new factory building in Thailand and the transfer of the production of Laundry has been completed. The transfer of Beverage products is ongoing and is expected to be finalized in June.
Although it is too early to say that the effects from the pandemic are over – especially as some of our largest markets in Europe are still strongly affected by government measures – there are signs of business recovery. This is not only visible in the countries where the pandemic is under control and where vaccinations are progressing well. The recovery is also being demonstrated by traditional Hospitality and Foodservice trade shows that again took place physically, such as Gulfood in Dubai and Hotelex in Shanghai. I believe these to be strong examples of a comeback for the hospitality industry as soon as restrictions are lifted and confidence among people to socialize again returns.“
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 April 27, 2021.
For further information, please contact Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33Electrolux Professional AB interim report Q1 2021 2021-04-27T06:00:00+00:00