Interim report, January - June 2020
Second quarter, April - June 2020
- Net Sales amounted to SEK 454.5 m (440.8), an increase of 3.1%.
- EBITDA before items affecting comparability amounted to SEK 60.7 m (57.0), an increase of 6.4%. The EBITDA margin before items affecting comparability amounted to 13.4% (12.9%).
- EBITDA amounted to SEK 56.6 m (53.1), an increase of 6.6%. The EBITDA margin amounted to 12.5% (12.0%).
- Operating profit (EBIT) amounted to SEK 32.7 m (32.0), an increase of 2.0%. The operating margin amounted to 7.2% (7.3%).
- Net profit for the quarter amounted to SEK 15.7 m (15.4), an increase of 2.1%.
- Earnings per share, basic and diluted, equaled SEK 7.2 (7.2).
- Cash flow from operating activities amounted to SEK
37.0 m (52.1). - The Group has seen a delay in some projects and price pressure in certain segments, which is presumably due to Covid-19. This has not had any significant impact on the Group’s operations or liquidity during the quarter.
Period, January - June 2020
- Net Sales amounted to SEK 842.3 m (886.4), a decrease of -5.0%.
- EBITDA before items affecting comparability amounted to SEK 109.2 m (106.8), an increase of 2.3%. The EBITDA margin before items affecting comparability amounted to 13.0% (12.0%).
- EBITDA amounted to SEK 101.9 m (101.1), an increase of 0.8%. The EBITDA margin amounted to 12.1% (11.4%).
- Operating profit (EBIT) amounted to SEK 54.8 m (60.9), a decreased of 10.1%. The operating margin amounted to 6.5% (6.9%).
- Net profit for the period amounted to SEK 24.0 m (29.8), a decrease of 19.4%.
- Earnings per share, basic and diluted, equaled SEK 10.9 (14.2).
- Cash flow from operating activities amounted to SEK 50.1 m (66.0).
- On March 6, 2020, SÅCAB Åkericentral AB was acquired. The purchase price amounted to SEK 77 m and the acquisition was financed through own funds.
Financial overview
|
Pro forma |
Pro forma | |||||
| Q2 | Q2 | YTD | YTD | YTD | YTD | |
| SEK m (unless stated otherwise) | 20201) | 20191) | 20201) | 20191) | 20202) | 20192) |
| Net Sales | 454.5 | 440.8 | 842.3 | 886.4 | 872.8 | 990.3 |
| EBITDA before items affecting comparability | 60.7 | 57.0 | 109.2 | 106.8 | 116.1 | 121.4 |
| EBITDA before items affecting comparability margin, % | 13.4% | 12.9% | 13.0% | 12.0% | 13.3% | 12.3% |
| EBITDA | 56.6 | 53.1 | 101.9 | 101.1 | 108.8 | 115.8 |
| EBITDA margin, % | 12.5% | 12.0% | 12.1% | 11.4% | 12.5% | 11.7% |
| Operating profit (EBIT) | 32.7 | 32.0 | 54.8 | 60.9 | 61.4 | 74.6 |
| Operating margin, % | 7.2% | 7.3% | 6.5% | 6.9% | 7.0% | 7.5% |
| Net profit | 15.7 | 15.4 | 24.0 | 29.8 | 27.8 | 40.0 |
| Earnings per share (SEK), basic and diluted | 7.2 | 7.2 | 10.9 | 14.2 | ||
| Cash flow from operating activities | 37.0 | 52.1 | 50.1 | 66.0 | ||
| 1) The 2019 data includes Uppländska, Bellmans and VSM for the period January - June and Samgräv for the period February - June. The 2020 data includes Uppländska, Bellmans, VSM and Samgräv for the period January - June and SÅCAB for the period March - June. | ||||||
| 2) To illustrate the development of the Bellman Group, pro forma figures YTD 2019 and 2020 are reported. Figures for Samgräv and SÅCAB are included as if the acquisitions of the subsidiaries had taken place on 1 January 2019. | ||||||
Comment from the CEO
”Bellman Group continues to develop well and the second quarter shows that the broad offering of our Group is a success factor. We are getting new contracts by offering comprehensive solutions to the customers, while fluctuations in the subsidiaries can be rebalanced between the companies."
”We believe in growth and have therefore decided to renew and expand the fleet with 42 new machines and vehicles during this year. Important factors for us have been to choose machines with low fuel consumption and low emissions levels, which are leading from a safety and work environment perspective. Now is an excellent time to invest in renewal and expansion of infrastructure in Sweden, which will create jobs and speed up the transition to more climate-smart traffic solutions.”Håkan Lind, CEO Bellman Group AB
Stockholm 28 August 2020
Bellman Group AB (publ)
For more information, please contact:
Håkan Lind, CEO
hakan.lind@bellmangroup.se
+46 (0) 70 669 8028
Roger Axelsson, CFO
roger.axelsson@bellmangroup.se
+46 (0) 70 874 5041
This is information that Bellman Group 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 person set out above, at 09.00 CET on 28 August 2020.
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden, primarily in the Stockholm and Gothenburg regions. The Group consists of Bellmans, which is a company active in machinery brokerage and haulage, Uppländska, which performs rock blasting operations, VSM, which carries out excavation work with large machinery, Samgräv, which is active in haulage, machine brokerage, mass handling and operation of own landfills, and SÅCAB which is active in haulage and also owns a landfill south of Stockholm.
In 2019, net sales for the Group were SEK 1.8 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 400 employees and 900 subcontractors. The parent company’s corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy. www.bellmangroup.se