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Seafire interim report Q2 2024: Strong cash flow in a continued challenging market

Seafire
Lataa tiedote

Net sales decreased by 8 percent to SEK 264 (288) million, and adjusted EBITA amounted to SEK 18 (26) million in Q2. Borö-Pannan was severely impacted by weak demand and inventory adjustments in the supply chain for heat pumps. Excluding Borö-Pannan, the Group’s sales and earnings were in line with the same period in the previous year. Strong cash flow of SEK 40 million from operating activities after changes in working capital.

Unless stated otherwise, the figures in this report concern continuing operations.

Q2 2024

  • Net sales amounted to SEK 264 (288) million, -8 percent compared with the same period in 2023, of which organic growth accounted for -8 percent
  • Adjusted EBITA amounted to SEK 18 (26) million, corresponding to a margin of 7 (9) percent
  • EBITA amounted to SEK 25 (22) million, corresponding to a margin of 9 (7) percent
  • Operating profit/loss (EBIT) amounted to SEK -16 (15) million, impacted by goodwill impairment of SEK 35 million
  • Basic and diluted earnings per share amounted to SEK -0.65 (-0.32*)
  • Cash flow from operating activities was SEK 40 (6) million

The period January - June 2024

  • Net sales amounted to SEK 482 (541) million. Growth amounted to -11 percent, of which organic growth for comparable entities amounted to -13 percent compared with the same period in 2023
  • Adjusted EBITA amounted to SEK 24 (50) million, corresponding to a margin of 5 (9) percent
  • EBITA amounted to SEK 30 (37) million, corresponding to a margin of 6 (7) percent
  • Operating profit/loss (EBIT) amounted to SEK -18 (24) million, impacted by goodwill impairment of SEK 35 million
  • Basic and diluted earnings per share amounted to SEK -0.77 (-0.85*)
  • Cash flow from operating activities was SEK 39 (-24) million

Significant events during and after the reporting period

  • Following impairment testing, Seafire recognized a goodwill impairment of SEK 35 million in its subsidiary Borö-Pannan in the second quarter
  • On August 1, Daniel Repfennig took over the role of President and CEO of Seafire

*) Key ratios inclusive of divested business

The interim report is available on Seafire’s website (https://www.seafireab.com/en/financial-information).

For more information, please contact

Daniel Repfennig, CEO, +46 722-00 89 41, daniel.repfennig@seafireab.com

About Seafire

Seafire is a company group consisting of the business segments Industrial components and Products, which acquires and develops companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable companies with development potential. Seafire consists of 12 companies with sales of about one billion SEK. For more information, please visit www.seafireab.com/en.

This information is information that Seafire is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-23 08:00 CEST.

Attachments

Seafire Interim Report 2 2024

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