First quarter, January–March 2022
- Net sales amounted to SEK 2,484m (1,661). Sales increased by 49.6%. Organically sales increased by 25.5%. The acquisition of Unified Brands contributed with 19.9%.
- EBITA amounted to SEK 236m (103), corresponding to a margin of 9.5% (6.2). EBITA includes Unified Brands integration related costs of SEK –15m.
- Operating income amounted to SEK 199m (88), corresponding to a margin of 8.0% (5.3).
- Operating cash flow after investments amounted to SEK –42m (23).
- Income for the period amounted to SEK 155m (55), and earnings per share was SEK 0.54 (0.19).
Alberto Zanata, President and CEO:
“The sales recovery that started last year has continued in the first quarter and we have now had four consecutive quarters of good sales growth. Sales in most countries are now back, or almost back, at 2019 pre-pandemic levels, with a few countries even ahead of pre-pandemic levels. However, in several countries in Asia-Pacific we are still behind in sales.
Sales in the quarter increased organically by 25.5% compared to last year and grew 49.6% including the recently acquired Unified Brands business. Sales were particularly strong in the Americas, but also Europe had very good growth, while the remaining regions had limited growth.
EBITA for the first quarter was SEK 236m (103) with a corresponding margin of 9.5% (6.2). EBITA includes integration-related costs for Unified Brands of SEK –15m. Hence, the underlying EBITA margin corresponds to 10.1%. This improvement was primarily driven by the increased sales volume.
Despite decisive actions, the price increases have not fully compensated for the increased component, raw material and logistic costs and had a negative net impact of approximately SEK –70m in the quarter. Given further cost increases, we will implement additional price increases or surcharges during the second quarter.
Sales of Customer Care had a strong quarter, contributing positively to the result. Sales to chains in the US are also developing well with several new medium-sized roll-outs ongoing.
Since February, we have witnessed a humanitarian crisis following Russia’s invasion of Ukraine. As a company, we have a strong will to support the people and communities in Ukraine that are in need. So far, we have provided kitchen equipment to support refugees crossing the borders to the EU, and we are donating funds to the International Red Cross, matching our employees’ donations.
Despite the uncertain geopolitical situation, the strong order intake trend has continued. Combined with the solid order stock, this gives us confidence for the second quarter, although we expect raw material and component supply challenges to persist.”
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, 2022.
Media contact Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33Electrolux Professional AB interim report Q1 2022 2022-04-27T06:00:00+00:00