Year-end report 2015
Fiscal year 2015, in brief
- Highest profit and turnover in the history of the group
- Net sales SEK 2,932 million (2,616)
- Operating profit (EBIT) SEK 202 million (183)
- Profit after financial items (EBT) SEK 212 million (187)
- Equity ratio 58% (63)
- Earnings per share after tax SEK 9.45 (8.34)
- The Board proposes a dividend of SEK 2.25 (2.00)
Fourth quarter, October – December 2015, in brief
- The acquisition of Anton Kft. complements AQs customer base
- Net sales SEK 803 million (703)
- Operating profit (EBIT) SEK 55 million (65)
- Profit after financial items (EBT) SEK 55 million (68)
- Earnings per share after tax SEK 2.41 (3.22)
| AQ in briefAQ is a leading supplier to demanding industrial customers and is listed on AktieTorget since year 2001.The Group consists of operating companies each of which develop their special skills, and in cooperation with other companies, striving to provide cost effective solutions in close cooperation with the customer.The Group operates in two business segments: Components, which produces transformers, wiringsystems, mechanical components, punched sheet metal and injection-moulded thermoplastics andSystem, which produces systems, power and automation solutions and assembles complete machinesin close collaboration with the customers.The Group headquarter is located in Västerås, Sweden. AQ has about 4,500 employees in Sweden, Bulgaria, China, Estonia, India, Italy, Lithuania, Mexico, Poland, Thailand and Hungary.In 2015 AQ had net sales of SEK 2.9 billion.AQ has the highest credit rating, AAA. |
A word from the CEO
After closing the books for 2015 we can see that, since the start of October 1, 1994, i.e. for 21 years we have increased the turnover every year. We have shown profit in each of the 85 quarters! This year we have again the highest turnover and profit in the history of the company.
Our companies in Eastern Europe and China continue to show good growth and profitability. The Swedish companies have more difficulties to generate growth and our companies in Mexico and India still show losses.
We have appointed new MD:s in Mexico and India during 2015. A joint effort between group management and our business areas is ongoing to support a faster development of our companies in India and Mexico.
In the Swedish operations we have taken actions to reduce the workforce in Sweden with more than 100 people.
Our acquisition on November 1 of the well managed and successful Anton Kft. in Hungary gives increased opportunities for the future. Anton Kft. is a leading supplier in machining of parts of difficult materials for gas turbines, in production of complex injection moulding parts and in engineering and production of tools. We are complementing AQ’s customer base with exciting customers like Bosch, General Electric and Siemens.
Since June of 2015 we have a marketing manager in group management, who is working to develop our sales people to increase organic growth.
AQ continues to be financially strong with an equity ratio of 58% despite the large acquisitions of last year. If we were not to do any new acquisitions we should again have no net debt at the end of 2016.
The work to switch stock exchange from AktieTorget to Nasdaq Stockholm is ongoing with full effort. Agreements have been signed with suppliers of legal and tax due diligence and the work to produce the prospectus has started.
Future
With fantastic customers and engaged employees I am looking positively at the future with an opportunity to continue developing AQ with continued growth and stable profitability. An important part of this is our core values and our strive to be a reliable supplier to demanding industrial customers.
Claes Mellgren, CEO