INTERIM REPORT 1 APRIL - 30 JUNE 2024
Niklas Stenberg, President and CEO, and Malin Enarson, CFO
QUARTER 1
HIGHLIGHTS
Net sales
SEK 5,438 m, +7%
EBITA-margin
15.3%
From 13.7%
2
- Good start to the fiscal year
- Customer activity remained stable at high levels - organic sales growth 2%
- Strengthened profitability in all business areas
- EBITA growth of 19% - positive margin trend continued
- Improved cash flow
- High acquisition pace
QUARTER 1: NET SALES DEVELOPMENT
SOLID QUARTER
- Net sales increased by 7% of which 2% organic
-
- Customer activity stable at a high level
- The market situation varied between different segments
- Well-filledorder backlog with good quality
3
QUARTER 1: EBITA DEVELOPMENT
STRENGTHENED PROFITABILITY
- 19% EBITA growth with a margin of 15.3% (13.7)
-
- Improved margins in all business areas
- Added value, improved product mix and more profitable acquisitions
- Operating cash flow strengthened over the quarter
- P/WC 71% (66)
4
QUARTER 1: BUSINESS AREA DEVELOPMENT
GOOD CONTRIBUTIONS ACROSS THE BOARD
AUTOMATION
Net sales SEK 910 m (897) +2% EBITA SEK 117 m (109) +7% EBITA-margin12.9%
- Stable sales development
- Good demand for companies operating in the process- and defense industry
- Sales trend stable in the mechanical industry and down in medical technology against tough comparisons
ELECTRIFICATION
Net sales SEK 1,119 m (1,024) +9% EBITA SEK 150 m (130) +15% EBITA-margin13.4%
- Favorable business situation
- Strongest development within special vehicles, mechanical, energy and defense segments
- Stable demand in electronics and medical technology while data & telecom and building & installation weakened
ENERGY
Net sales SEK 1,459 m (1,428) +2% EBITA SEK 212 m (198) +7% EBITA-margin14.5%
- Positive market situation
- Demand for infrastructure products for electric transmission and niche products for electric power distribution remained good
- Stable sales development in mechanical industry while the positive trend within wind power continues
INDUSTRIAL SOLUTIONS
Net sales SEK 968 m (923) +5% EBITA SEK 216 m (157) +37% EBITA-margin22.4%
- Stable as a whole
- Solid sales within the forest- and sawmill industry but with unchanged low demand for new projects
- Weakened demand within mechanical industry and special vehicles
- Good market situation for the subsea business
PROCESS TECHNOLOGY
Net sales SEK 987 m (824) +20% EBITA SEK 143 m (112) +28% EBITA-margin14.5%
- A strong quarter across all segments
- The positive trend within the marine segment continues
- Stable demand within energy, medical technology and forestry & process
- Somewhat weaker demand in mechanical industry, special vehicles and after-market components and solutions
5
POSITIVE MARGIN TREND CONTINUES
6
IMPROVED CASH FLOW
7
LOW RISK BALANCE SHEET
Equity ratio 39% (38%) Leverage 1.4 (1.5)
Gearing 0.7 (0.7)
8
HIGH PACE OF ACQUISITIONS
Acquisition |
Business area |
Access |
Net sales, SEKm* |
Employees* |
Novomotec GmbH |
Electrification |
April 2024 |
80 |
9 |
Cell Pack Solutions Ltd. |
Electrification |
April 2024 |
75 |
30 |
GoDrive AS |
Industrial Solutions |
April 2024 |
75 |
5 |
Nuova Elettromeccanica Sud S.p.A. |
Energy |
June 2024 |
160 |
32 |
C. Gunnarssons Verkstads AB |
Industrial Solutions |
July 2024 |
200 |
45 |
Analytical Solutions and Products B.V. |
Process Technology |
July 2024 |
140 |
30 |
Romani Components Srl |
Automation |
July 2024 |
125 |
23 |
- Four companies acquired during the first quarter
- Three additional completed after closing - all seven adding in total about SEK 855 m and 174 new employees
- Our international expansion continues according to plan
9 |
*Refers to assessed situation on a full-year basis at the time of acquisition |
SUMMARY
- Good start to the fiscal year
- High activity in all business areas
- Solid EBITA growth of 19% with margin at new record level
- Business situation varies between segments
- High acquisition pace - the international expansion continues
- Well filled orderbook of good quality
- Positive outlook for the next coming quarters
10
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Addtech AB published this content on 12 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2024 07:14:13 UTC.