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Addtech

Addtech

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Addtech: Interim Report Q3 1 April - 31 December 2020

08:15 / 4 February 2021 Addtech Press release

Third quarter (1 October - 31 December 2020)
  • Net sales increased by 1 percent and amounted to SEK 2,881 million (2,846).
  • Operating profit before amortisation of intangible non-current assets (EBITA) increased by 28 percent and amounted to SEK 304 million (236) corresponding to an EBITA margin of 10.6 percent (8.3).
  • Operating profit increased by 27 percent and amounted to SEK 238 million (188) corresponding to an operating margin of 8.3 percent (6.6).
  • Profit after tax increased by 22 percent and amounted to SEK 174 million (142) and earnings per share before dilution amounted to SEK 0.65 (0.55).
Period (1 April - 31 December 2020)
  • Net sales decreased by 3 percent and amounted to SEK 8,409 million (8,697).
  • Operating profit before amortisation of intangible non-current assets (EBITA) decreased by 4 percent and amounted to SEK 916 million (957) corresponding to an EBITA margin of 10.9 percent (11.0).
  • Operating profit decreased by 11 percent and amounted to SEK 723 million (809) corresponding to an operating margin of 8.6 percent (9.3).
  • Profit after tax decreased by 12 percent and amounted to SEK 539 million (608) and earnings per share before dilution amounted to SEK 1.95 (2.25). For the latest twelve month period earnings per share before dilution amounted to SEK 2.90 (2.90).
  • Return on working capital (P/WC) amounted to 54 percent (54).
  • Return on equity amounted to 27 percent (31) and the equity ratio amounted to 33 percent (34).
  • Cash flow from operating activities amounted to SEK 1,050 million (667). For the latest twelve month period, cash flow per share from operating activities amounted to SEK 5.60 (2.85).
  • Since the start of the financial year 13 acquisitions have been completed, of which three after the end of the period, with total annual sales of about SEK 1,100 million.

CEO's comments
The outcome for the third quarter was on the whole in line with our expectations. Sales were 1 percent higher than in the preceding year and we experienced a recovery in demand from the lower levels we endured in the first half of the year. In interpreting the development of the market situation in the third quarter, the outcome should be adjusted both for the cyber attack suffered in the preceding year and the sharp decline in sales of scrubber related products. In addition there was still a certain negative impact from COVID-19, as well as positive contributions from acquisitions. Combined, this means that the underlying operations experienced favourable market development for the first quarter this year. 

Our companies' capacity to adapt quickly to the prevailing situation and to benefit from business opportunities is impressive, to say the least. Despite reduced business volumes in segments with good margins, negative currency effects and some non-recurring expenses, we achieved an EBITA margin of 10.6 percent. This confirms that we have had good control of our expenses and that our efforts to adjust our operating expenses to lower business volumes continued to have the desired effect. Our acquired companies also experienced favourable earnings. For the full CEO comment, please see the Interim Report.

Stockholm, February 4, 2021

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 February 4, 2021.

A phone conference and webcast will be arranged in relation to the report, at 2.00 p.m.
Phone: +46 856 642 651 PIN: 30834904# 
Webcast: https://onlinexperiences.com/Launch/QReg/ShowUUID=A36AE6FF-6BE8-4697-8031-5D7095723A31 

International phone numbers are available here: https://event.sharefile.com/d-s7bae1d9235d495a8

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 3,000 employees in more than 130 subsidiaries that operate under their own brands. The Group has annual sales of more than SEK 11 billion. Addtech is listed on the Nasdaq Stockholm.

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