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2022-01-26

Epiroc interim report Q4 2021

  • Orders received increased 25% to MSEK 11 643 (9 329), organic increase of 19%.
  • Revenues increased 14% to MSEK 11 173 (9 806), organic increase of 9%.
  • Operating profit increased 17% to MSEK 2 594 (2 212), including items affecting comparability of MSEK 40 (-67).*
  • Operating margin improved to 23.2% (22.6) and the adjusted operating margin was 22.9% (23.2).
  • Basic earnings per share were SEK 1.70 (1.35).
  • Operating cash flow was MSEK 2 415 (2 156).
  • Acquisitions of Mobilaris MCE, a provider of advanced situational awareness solutions, and FVT Research, a specialist in mining vehicle battery conversions.**
  • The Board proposes a dividend of SEK 3.00 (2.50) per share to be paid in two equal installments.

CEO comments

A successful year 
2021 was another exciting year with both achieve-ments and challenges. High customer activity in combination with increased investment willingness led to record-high orders received of MSEK 45 648. Revenues increased and both operating profit and margin reached new records, despite challenges with the Covid-19 pandemic and in the supply chain. We completed eight acquisitions, launched ground-breaking innovations, and made good progress in the sustainability area.

A strong end to 2021
The demand remained strong and orders received increased 25% to MSEK 11 643 in the quarter. This corresponds to 19% organic growth compared to the previous year. Acquisitions contributed with 4%. The aftermarket performed strongly with an organic growth of 19% in Service and 16% in Tools & Attachments. I am convinced that our local presence with skilled service technicians and aftermarket support functions contribute to this development. Equipment also grew strongly with orders received increasing 20% organically.  

Sequentially, i.e. compared to the previous quarter, orders received decreased 5% organically, compared to the record-high Q3. In the near term, we expect that demand, both for equipment and after¬market, will remain at a high level. 

Record high revenues and profit
Revenues increased 9% organically to record high MSEK 11 173. Our reported operating profit increased 17% to MSEK 2 594. The adjusted operating margin was 22.9%. It was supported by currency, but diluted by acquisitions. The constraints in the supply-chain increased.

The operating cash flow increased to MSEK 2 415 (2 156). We had positive cash flow from working capital, despite the strong growth. 

Ambitious climate targets validated 
We are driving the industry's transition towards reduced climate impact, not least with our growing offering of battery-electric equipment. Our ambitious climate targets, including our commitment to halve our CO2 emissions from the use of our equipment by 2030, were validated by Science Based Targets initiative (SBTi). This means that our industry-leading position within sustainability has been reinforced.

Achieving great things together 
With the Covid-19 pandemic still holding the world in a tight grip, our main priority is, as always, safety, while supporting our customers' operations. We are monitoring the development continuously and taking actions where and if needed. 

2021 was indeed a record year. We have shown that we can adapt quickly to changes and that we always are ready to walk that extra mile to support our customers. I am proud to lead this fantastic company. We dare to think new, and as a team, and in collaboration with our customers and business partners, we achieve great things together. I am looking forward to further achievements in 2022.

Helena Hedblom
President and CEO

Please find the full report in the attached pdf. Additional financial documents are found on Epiroc's Financial publications (https://www.epirocgroup.com/en/investors/financial-publications) page.

For more information please contact:
Karin Larsson, Vice President Investor Relations
+46 10 755 0106
ir@epiroc.com
Ola Kinnander, Media Relations Manager
+46 70 347 2455
media@epiroc.com
This information is information that Epiroc AB 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 above, at 11:30 CET on January 26, 2022.

Epiroc is a vital part of a sustainable society and a global productivity partner for mining and infrastructure customers. With ground-breaking technology, Epiroc develops and provides innovative and safe equipment, such as drill rigs, rock excavation and construction equipment and tools for surface and underground applications. The company also offers world-class service and other aftermarket support as well as solutions for automation, digitalization and electrification. Epiroc is based in Stockholm, Sweden, had revenues of SEK 40 billion in 2021, and has more than 15 500 passionate employees supporting and collaborating with customers in about 150 countries.

 

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