Interim Reports Q1 2020 – Presentation

Highlights of the first quarter of 2020

  • Net sales declined to SEK 26,578m (27,408). Sales growth was -5.1%, due to lower volumes. The development of the coronavirus pandemic impacted market demand at the end of the quarter.
  • Operating income amounted to SEK 122m (-53), corresponding to a margin of 0.5% (-0.2). The comparison period included non-recurring items of SEK -1,054m.
  • The negative impact on operating income from the coronavirus situation was approximately SEK 400m. Comprehensive measures were initiated to mitigate the effects of lower demand and production constraints.
  • Significant currency headwinds of approximately SEK 600m.
  • Income for the period amounted to SEK -86m (-162), and earnings per share was SEK -0.30 (-0.56).
  • Operating cash flow after investments was SEK -2,938m (-3,017).
  • Issued new bond loans and secured a new credit facility totaling approximately SEK 11.4bn in March-April.
  • Distribution of Electrolux Professional and listing on Nasdaq Stockholm.
  • AGM resolved not to distribute any cash dividend to the shareholders for the financial year 2019.
  • In Q2 2020, a significant loss is expected. Sales declined by approximately 30% in April, with a gradual recovery expected going forward.