“Dometic Group’s reported net sales for the quarter was unchanged compared with the same quarter in 2011. In constant currency net sales increased by 4 percent. North America grew strongly and Asia-Pacific demonstrated good development, but Europe’s challenging market conditions continued during the quarter.
Our efforts to improve capital efficiency have been implemented successfully and inventories have been reduced. Earnings were affected by production start-up and quality issues resulting in higher manufacturing and warranty costs.
On a positive note, the improvement in our core working capital has contributed to strong operating cash flow of SEK 390 million,” says Dometic Group’s President and CEO, Roger Johansson.
“The implementation of the structural improvements announced during the previous quarter is under way and the workforce has been adjusted accordingly. We have completed the strategic review and decided on a new organization which will be ideally placed to execute our growth strategy.”