INTERIM REPORT 1 APRIL - 31 DECEMBER 2023
Niklas Stenberg, President and CEO, and Malin Enarson, CFO
QUARTER 3
HIGHLIGHTS
Net sales
SEK 4,960 m, +7%
EBITA-margin
13.6%
From 13.5%
2
- Stable at a high level
- 7% net sales growth of which 2% was organic
- High customer activity with a positive book-to-bill
- EBITA growth of 7% with solid margins 13.6% (13.5)
- Strong cash flow and improved P/WC 68% (65)
- Continued positive view of the acquisition market
QUARTER 3: NET SALES DEVELOPMENT
HIGH CUSTOMER ACTIVITY
- Net sales increased by 7% of which 2% organic
-
- Very challenging comparisons
- Well-filledorder backlog with good quality
- The overall business situation remained stable
-
- Varies between segments
- Positive book-to-bill in the quarter
3
QUARTER 3: EBITA DEVELOPMENT
MARGINS AT HIGH LEVELS
- 7% EBITA growth with margins at 13.6% (13.5)
-
- Higher added value, improved product mix and good contributions from acquisitions
- Operating cash flow strengthened over the quarter
-
- P/WC improved from high levels 68% (65)
4
QUARTER 3: BUSINESS AREA DEVELOPMENT
STABLE AT HIGH LEVELS
AUTOMATION
Net sales SEK 868 m (877) -1% EBITA SEK 104 m (105) -1% EBITA-margin11.9%
- Stable net sales despite very tough comparisons and more extensive seasonal effects
- The business situation in medical technology weakened due to destocking effects and a normalization in demand from very high levels
- The demand was stable in the mechanical industry and developed positively in the process industry
- The strong market for companies delivering to the defence industry remains
ELECTRIFICATION
Net sales SEK 1,007 m (1,001) +1% EBITA SEK 112 m (118) -4% EBITA-margin11.2%
- Stable net sales hampered by weaker performance in the battery group affecting several key segments
- Increased demand within electronic production, electrification of vehicles and towards the defense industry
- Slightly weaker business situation in building and installation, medical technology, electronics and mechanical industry
ENERGY
Net sales SEK 1,306 m (1,267) +3% EBITA SEK 171 m (169) +1% EBITA-margin13.1%
- Positive business situation with stable net sales at high levels
- The demand for infrastructure products for electric transmission continues to be very strong
- Stable market situation for companies supplying building and installation and the mechanical industry - demand for fiber optic networks remained weak
- Positive trend in wind power and niche products for electric power distributions
INDUSTRIAL SOLUTIONS
Net sales SEK 906 m (802) +13% EBITA SEK 188 m (148) +26% EBITA-margin20.6%
- Good business situation with strong sales within the forest and sawmill industry with high margins
- Some positive signs in demand for new projects within the sawmill industry
- Weaker business situation in special vehicles and the mechanical industry while waste management was stable
PROCESS TECHNOLOGY
Net sales SEK 878 m (713) +23% EBITA SEK 119 m (94) +26% EBITA-margin13.5%
- Good business situation with strong sales towards the process industry, especially oil and gas, as well as energy- and marine segments
- Sales of after-market components declined and the demand within the forest industry and special vehicles weakened
- The medical technology and mechanical industry segments were stable
5
POSITIVE VIEW OF THE ACQUISITION MARKET
|
Acquisition |
Business area |
Access |
Net sales, SEKm* |
Employees* |
|
INDAG Maschinenbau GmbH |
Process Technology |
April 2023 |
55 |
40 |
|
Clyde Holding Ltd. |
Process Technology |
April 2023 |
150 |
49 |
|
Feritech Global Ltd. |
Industrial Solutions |
May 2023 |
55 |
21 |
|
Electrum Automation AB |
Electrification |
June 2023 |
80 |
22 |
|
Darby Manufacturing Ltd. |
Industrial Solutions |
June 2023 |
50 |
14 |
|
S. Tygesen Energi A/S |
Energy |
June 2023 |
75 |
3 |
|
Control Cutter AS |
Industrial Solutions |
October 2023 |
160 |
18 |
|
BV Teknik A/S |
Automation |
November 2023 |
85 |
24 |
|
Kemic Vandrens A/S |
Process Technology |
January 2024 |
95 |
20 |
- Nine companies acquired during the first nine months
- In total about SEK 800 m and 211 new employees added
|
6 |
*Refers to assessed situation on a full-year basis at the time of acquisition |
FOCUS ON MORE VALUE-ADD AND HIGHER PROFITABILITY
Provides leading technical solutions to the global offshore market for the decommissioning of oil and gas wells.
With patented solutions the company offers efficient, safe and reliable conductor recovery and subsea cutting.
Designs and builds customized production solutions and other high-tech equipment for the automation industry with focus on medical technology.
Leading supplier of water purification plants and solutions.
Offers design and construction of new- builds, mobile waterworks as well as renovation and service agreements.
7
MARGINS REMAIN AT HIGH LEVELS
8
CONTINUED REDUCTION OF INVENTORIES
9
STRONG FINANCIAL POSITION
Equity ratio 38% (35%) Leverage 1.5 (1.9)
Gearing 0.8 (0.9)
10
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Addtech AB published this content on 07 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2024 08:04:22 UTC.