Interim report January–March 2020

Strong first quarter for all segments - Seite 2

When the COVID-19 pandemic hit our key markets, our first priority was to protect the health and safety of our employees and other stakeholders. I am pleased to see how our teams have served our customers and kept our operations running uninterrupted while practising social distancing and all other local safety recommendations. During the first quarter, all months were strong for us from a demand perspective, even though March could have included some stock building of our products to secure availability. From the beginning of April, we have seen reduced daily order intake volumes in comparison to last year in most of our key markets, especially in the building solutions segments. Effects of countries and US states with a nearly complete lockdown has also been visible in order patterns.

Our strong performance in the first quarter combined with strong cash flow in 2019, creates us a solid financial position for the next phases of pandemic and its implications. Measures taken during the first quarter to increase our cash position with emission of commercial paper combined with our unutilised committed credit lines also give confidence on our resilience to a weaker market environment, which is likely given the macro economic impacts of the measures to slow down the spread of COVID-19. We have also started necessary adjustments to our operations to balance costs with weaker anticipated demand also beyond April.”

Key figures

M€	1-3/   2020	1-3/ 2019	Change	1-12/2019
Net sales	277.4	248.9	+11.5%	1,103.1
Building Solutions – Europe	128.8	123.5	+4.3%	489.3
Building Solutions – North-America	92.7	74.7	+24.0%	375.4
Uponor Infra	57.2	52.4	+9.3%	243.9
Operating expenses	235.5	222.7	+5.7%	961.3
Depreciation and impairments	13.4	12.4	+8.0%	51.8
Other operating income	0.1	0.5	-88.9%	1.3
Operating profit	28.6	14.3	+99.9%	91.3
Building Solutions – Europe	11.9	7.2	+65.2%	31.6
Building Solutions – North-America	16.8	7.5	+123.8%	57.1
Uponor Infra	1.7	0.6	+190.6%	10.8
Comparable operating profit	29.5	14.3	+106.2%	92.7
Building Solutions – Europe	12.8	7.2	+76.5%	32.3
Building Solutions – North-America	16.8	7.5	+123.8%	57.1
Uponor Infra	1.7	0.6	+190.6%	10.8
Financial income and expenses	3.1	-3.4	-189.9%	-11.6
Profit before taxes	30.4	9.8	+208.4%	75.6
Profit for the period	22.3	7.1	+212.7%	55.3
Earnings per share	0.30	0.10	+194.1%	0.72