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.