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2020-10-23

Addtech: Interim Report Q2 1 April - 30 September 2020

Second quarter (1 July - 30 September 2020)

  • Net sales decreased by 7 percent and amounted to SEK 2,723 million (2,917). Covid-19 is estimated to have affected net sales negatively by approximately 8 percent.
  • Operating profit before amortisation of intangible non-current assets (EBITA) decreased by 19 percent and amounted to SEK 306 million (380) corresponding to an EBITA margin of 11.2 percent (13.0).
  • Operating profit decreased by 26 percent and amounted to SEK 242 million (329) corresponding to an operating margin of 8.9 percent (11.2).
  • Profit after tax decreased by 24 percent and amounted to SEK 181 million (240) and earnings per share before dilution amounted to SEK 0.65 (0.85).
  • The number of shares in the company has been increased by splitting each existing share, regardless of series, into four shares (what is referred to as 4:1 share split).

Period (1 April - 30 September 2020)

  • Net sales decreased by 6 percent and amounted to SEK 5,528 million (5,851). Covid-19 is estimated to have affected net sales negatively by approximately 7 percent.
  • Operating profit before amortisation of intangible non-current assets (EBITA) decreased by 15 percent and amounted to SEK 612 million (721) corresponding to an EBITA margin of 11.1 percent (12.3).
  • Operating profit decreased by 22 percent and amounted to SEK 485 million (621) corresponding to an operating margin of 8.8 percent (10.6).
  • Profit after tax decreased by 22 percent and amounted to SEK 365 million (466) and earnings per share before dilution amounted to SEK 1.30 (1.70). For the latest twelve month period earnings per share before dilution amounted to SEK 2.80 (2.90).
  • Return on working capital (P/WC) amounted to 51 percent (56).
  • Return on equity amounted to 26 percent (33) and the equity ratio amounted to 32 percent (32).
  • Cash flow from operating activities amounted to SEK 567 million (519). For the latest twelve month period, cash flow per share from operating activities amounted to SEK 4.35 (3.10).
  • Since the start of the financial year nine acquisitions have been completed, of which two after the end of the period, with total annual sales of about SEK 775 million.

CEO's comments
The outcome of the second quarter was somewhat better than feared, thanks to a very strong ending in September. Sales fell by 7 percent, of which the organic decline was 10 percent compared with the corresponding period last year. Of the organic decline, 8 percent is estimated to be due to negative Covid-19 effects and a significant part of the organic effect was related to the decrease in sales of solutions for scrubber installations. The focused efforts to adjust the operating costs to lower business volumes in the units within the affected market segments resulted in about 200 employees unfortunately being laid off during the first six months. These measures, combined with the effects of short-term cost reductions and favourable contributions from acquisitions resulted in an EBITA margin of 11.2 percent, which was good given the tough comparisons against a very strong quarter last year. Our liquidity remains favourable and our cash flow is stable. For the full CEO comment, please see the Interim Report.

Stockholm, October 23, 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 October 23, 2020.

A phone conference and webcast will be arranged in relation to the report, at 2.00 p.m.
Phone: +46 8 566 42 651 PIN: 40437018#
Webcast: https://onlinexperiences.com/Launch/QReg/ShowUUID=169EBB14-DCC0-4280-AD83-4ACEA0D27CC4

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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