The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: It's Carl here from Nordea. A couple of questions from my side. Firstly, on the organic growth, obviously, very impressive with the 17% organic
growth. And could you say anything if there's anything of a nonrecurring niche in it fueling the numbers in Q4?
And also, on North America, obviously, standing out on the positive side, is it fair to assume a continued high organic growth pace the coming
quarters given the good demand from the classroom ventilations and so on, when people are returning from -- after the pandemic?
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: Okay. Perfect. And on the order intake side during Q4, is it still looking as well as in -- or as the organic growth in Q4? Or I mean, how should we
look at the organic growth number in Q4? And how much could we, I mean, possibly extrapolate from that?
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: Okay. Perfect. So I guess, slight on the negative side for Q1 on the component side then compared to Q4, I guess.
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: Okay. Perfect. On that note, I mean, the raw material prices, I mean, especially on the steel side, the prices are continuing up. So could you elaborate
a bit on where you are in terms of pricing? And if you see risk of facing more headwinds in the coming quarters compared to Q4? How should we
look at that?
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JUNE 10, 2021 / 7:00AM, SYSR.ST - Q4 2021 Systemair AB Earnings Call
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: Okay. Perfect. And the final one, looking at the margin uplift in the quarter. I mean it's pretty clear that it's partly or the majority driven by SG&A
and -- but of course, also positively impacted by the gross margin increase. So first, on the SG&A side, would you say that the current level is
somewhat long-term sustainable? Or do you need to do a ramp-up here in the coming quarters due to more traveling fares or to meet the demand?
Or -- and that's the first one. And on the gross margin side, what do you say is the main driver behind the increase year-over-year?
Question: Hjalmar Jernstr÷m - Erik Penser Bank AB, Research Division - Analyst
: Hjalmar here with Erik Penser Bank. I was wondering, could you elaborate a bit on the pace of the growth. Was there an even recovery or even
growth? Or what's the growth, for example, focused towards particular months?
Question: Hjalmar Jernstr÷m - Erik Penser Bank AB, Research Division - Analyst
: All right. And also you mentioned the material availability and the price levels. Has this any effect on the inventory levels of your customers? And
could there be a potential hamstring effect in the quarter?
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JUNE 10, 2021 / 7:00AM, SYSR.ST - Q4 2021 Systemair AB Earnings Call
Question: Hjalmar Jernstr÷m - Erik Penser Bank AB, Research Division - Analyst
: All right. And also one final question. I mean you mentioned previously that you estimate that the 47% of your revenue is taxonomy eligible, if I
recall correctly, is this still your assessment or do you have a more recent number available?
Question: Carl Ragnerstam - Nordea Markets, Research Division - Analyst
: Just one more from my side. And you mentioned in the report that you're taking impairments related to Menerga. And as you're moving part of
the production to Maribor, and what is the rationale behind that? And should we see it as you, over time, will reallocate the vast majority of the
production to more sort of low-cost countries? Or how should we look at that?
Question: Douglas Lindahl - Kepler Cheuvreux, Research Division - Analyst
: Just a clarification question from my side. Roland, when talking about the 10% EBIT margin target, you sort of came back to the CMD efforts that
you presented back in 2019. Did I get that correctly that you now sort of assume that all of these efforts have been materialized, meaning the IT
and AHU casing platforms, the pricing and margin focus, the manufacturing efficiency and the Menerga issues, and you sort of said that you're
missing the volumes, did I get that right? So that's question number one.
And just going back to the 2019 CMD efforts, the ones mentioned just now, which of these have been more difficult to sort of execute than you
thought? And obviously, I realized that COVID was not in the expectations at the time, but just trying to adjust for that, if that's possible?
Question: Douglas Lindahl - Kepler Cheuvreux, Research Division - Analyst
: Okay. And just coming back to your answer then the first question. What is the main sort of lever left, you mentioned not everything is fully executed,
which one is the main one that we haven't yet seen, would you say?
Question: Douglas Lindahl - Kepler Cheuvreux, Research Division - Analyst
: Okay. No, I understand it's a difficult question given COVID. I missed the part of the call, but did you give any sort of comment now on Q1, current
trading, what you've seen so far in May and then in June in terms of overall demand?
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