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2016-10-27

Addtech: Interim Report Q2 1 April - 30 September 2016

Second quarter (1 July - 30 September 2016)

· Net sales increased by 12 percent and amounted to SEK 1,658
million (1,482).

· Operating profit before amortisation of intangible non-current
assets (EBITA) increased by 24 percent and amounted to SEK 183
million (147) corresponding to an EBITA-margin of 11.0 percent (9.9).

· Operating profit increased by 24 percent and amounted to SEK 156
million (125) corresponding to an operating margin of 9.4 percent
(8.5).

· Profit after tax increased by 30 percent and amounted to SEK 121
million (94).

· Earnings per share totalled SEK 1.80 (1.40). For the most recent
12-month period, earnings per share amounted to SEK 5.70 (5.50).

· Cash flow from operating activities amounted to SEK 110 million
(77). For the most recent 12-month period, cash flow per share
amounted to SEK 8.20 (7.70).

The period (1 April - 30 September 2016)

· Net sales increased by 16 percent and amounted to SEK 3,418
million (2,954).

· Operating profit before amortisation of intangible non-current
assets (EBITA) increased by 31 percent and amounted to SEK 362
million (277) corresponding to an EBITA-margin of 10.6 percent (9.4).

· Operating profit increased by 32 percent and amounted to SEK 309
million (234) corresponding to an operating margin of 9.0 percent
(7.9).

· Profit after tax increased by 33 percent and amounted to SEK 234
million (177).

· Earnings per share totalled SEK 3.45 (2.60).
· Return on working capital amounted to 48 percent and return on
equity amounted to 24 percent (27).

· The equity ratio amounted to 38 percent (35).
· Since the start of the financial year we have completed five
acquisitions, of which one after the end of the period, with total
annual sales of about SEK 230 million.

CEO's Comments

Continued good earnings growth during the second quarter
Addtech continued to develop very well in the second quarter. Despite
the challenging state of the market, we continue to grow. Compared to
the corresponding quarter of the previous year, which was relatively
strong, sales increased by 12 percent and EBITA increased by 24
percent. As a result our operating margin was further strengthened.
The increase in earnings is equal parts attributable to acquisitions
as to organic growth with good cost control. The selective cost
reductions that have been implemented are now having a positive
effect on earnings.

Overall, the underlying demand was stable for the Group during the
quarter, but the market situation varies depending on geography and
customer segment. Demand for production components from Nordic
manufacturing companies remained stable at a high level in most
customer segments, such as machinery manufacturers, the engineering
industry and medical technology. Business from customers within
special vehicles, transport and wind power improved. Demand for
products in telecom fell considerably, and investments in oil and gas
in Norway remained at a low, yet stable, level. However, demand is
growing in other areas in the Norwegian market, such as
infrastructure and the food industry. Demand from industrial
aftermarket customers generally remained unchanged. Customers in
electricity transmission have increased their investments, while
demand from customers in electricity distribution remained at a high
and stable level. The market for electricity-related products in
building and installation developed well.

Since the start of the financial year we have completed five
acquisitions, of which one after the end of the period, with total
annual sales of about SEK 230 million and 77 employees. With a robust
cash flow and a strong balance sheet our ambition is to continue
growing and acquiring profitable technology companies with
market-leading niche positions.

Stockholm 27 October, 2016

Johan Sjö
President and CEO

The interim report for the period 1 April - 31 December, 2016 will be
published on 2 February, 2017.

For further information, please contact:
Johan Sjö, CEO and President, +46 8 470 49 00
Christina Kassberg, CFO, +46 8 470 49 00

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 above,
at 8.00 a.m CET on 27 October, 2016.

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
000 employees in approximately 120 subsidiaries that operate under
their own brands. The Group has annual sales of about SEK 6.5
billion. Addtech is listed on the Nasdaq Stockholm.

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http://news.cision.com/addtech/r/interim-report-q2-1-april---30-septembe...
http://mb.cision.com/Main/3619/2109471/580754.pdf

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