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Addtech

Addtech

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Addtech: Year-end report 1 April 2019 - 31 March 2020

08:15 / 13 May 2020 Addtech Press release

Fourth quarter (1 January - 31 March 2020)
  • Net sales increased by 6 percent and amounted to SEK 3,038 million (2,864).
  • Operating profit before amortisation of intangible non-current assets (EBITA) increased by 32 percent and amounted to SEK 407 million (309) corresponding to an EBITA margin of 13.4 percent (10.8).
  • Operating profit increased by 35 percent and amounted to SEK 352 million (260) corresponding to an operating margin of 11.6 percent (9.1).
  • Profit after tax increased by 47 percent and amounted to SEK 265 million (180) and earnings per share before dilution amounted to SEK 3.90 (2.65).
  • The cyberattack that hit the Group in October 2019 is not expected to have affected net sales, although it did affect EBITA with direct expenses by approximately SEK 10 million in the fourth quarter. These direct expenses are recognised as Group items.
  • The outbreak of the COVID-19 pandemic had a limited effect on the outcome for the quarter.
Full year (1 April 2019 - 31 March 2020)
  • Net sales increased by 16 percent and amounted to SEK 11,735 million (10,148).
  • Operating profit before amortisation of intangible non-current assets (EBITA) increased by 26 percent and amounted to SEK 1,364 million (1,085) corresponding to an EBITA margin of 11.6 percent (10.7).
  • Operating profit increased by 28 percent and amounted to SEK 1,161 million (910) corresponding to an operating margin of 9.9 percent (9.0).
  • Profit after tax increased by 30 percent and amounted to SEK 873 million (672) and earnings per share before dilution amounted to SEK 12.85 (9.85).
  • Return on working capital (P/WC) amounted to 56 percent (53).
  • Return on equity amounted to 32 percent (29) and the equity ratio amounted to 36 percent (36).
  • Cash flow from operating activities amounted to SEK 1,117 million (524), of which the implementation of IFRS 16 has resulted in an increase of SEK 154 million. Cash flow per share from operating activities amounted to SEK 16.65 (7.80).
  • The cyberattack that hit the Group in October 2019 is estimated to have impacted net sales for the financial year by approximately SEK 130 million and EBITA by approximately SEK 100 million.
  • During the year, we have completed twelve acquisitions and closed another three after the end of the year. In total, this equals approximately SEK 1,200 million in annual sales.
  • The Board of Directors has decided to postpone the decision regarding the proposal on dividend for the time being.

"For Addtech, this was a highly successful year. Despite the cautious mood of the market, an extensive cyberattack in the third quarter and the end of the financial year being pervaded in many ways by the outbreak of the pandemic, we delivered strong profitable growth, both organically and through acquisitions of several new companies in different technical niches", concludes Niklas Stenberg, CEO of Addtech.

For the full CEO comment, please see the Year-end report.

Stockholm, May 13, 2020

This information is information that Addtech AB (publ) 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 below, at 8.15 a.m CET on 13 May 2020.

A phone conference and webcast will be arranged in relation to the report on May 13 at 2.00 p.m (CET).
Phone: +46 8 566 42 651. PIN: 26506690#
Webcast:  https://event.on24.com/wcc/r/2241104/E9ACB14F5573F2441DE4AE4DAA7FD7EF
International phone numbers are available here: 
https://events-ftp.arkadin.com/ev/docs/NE_W2_TF_Events_International_Access_List.pdf

For further information, please contact:
Niklas Stenberg, President and CEO, +46 8 470 49 00
Malin Enarson, CFO, +46 705 979 473

Addtech in brief
Addtech is a technology trading group that provides technological and economic value added in the link between manufacturers and customers. Addtech operates in selected niches in the market for advanced technology products and solutions. Its customers primarily operate in the manufacturing industry and infrastructure. Addtech has about 2,900 employees in approximately 130 subsidiaries that operate under their own brands. The Group has annual sales of over SEK 11 billion. Addtech is listed on the Nasdaq Stockholm.

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