INTERIM REPORT APRIL - JUNE 2018
APRIL - JUNE 2018 (PROFORMA figures for 2017)
- Revenues decreased 5.2% to SEK 205.6 million (216.9), reflecting fewer accepted low margin projects at MST and a lower level of sales of material at Bellmans compared with the second quarter 2017.
- EBITDA before items affecting comparability decreased 22.0% to SEK 18.1 million (23.2), mainly impacted by revenue decline at Bellmans, costs relating to the new Group headquarters and an improved quality in the financial reporting of provisions.
- EDITDA after items affecting comparability totalled SEK 12.9 million (18.7), corresponding to a margin of 6.3%.
- Operating profit totalled SEK 6.5 million, with a margin of 3.2%, including amortisation of intangible assets.
- The Group’s corporate bonds have been listed on the Corporate Bond List at Nasdaq Stockholm AB (“Nasdaq Stockholm”). The first listing day at Nasdaq Stockholm was 11 May, 2018.
JANUARY - JUNE 2018 (PROFORMA figures for 2017)
- Revenues decreased 2.3% to SEK 394.8 million (404.2), reflecting fewer accepted low margin projects at MST and a lower level of sales of material at Bellmans.
- EBITDA before items affecting comparability decreased 9.4 % to SEK 34.7 million (38.3), mainly impacted by revenue decline at Bellmans, costs relating to the new Group headquarters and an improved quality in the financial reporting of provisions, partly offset by a profit growth in MST of 24.3% as a result of improved gross margins.
- EDITDA after items affecting comparability totalled SEK 28.0 million (33.8) corresponding to a margin of 7.1%.
- Operating profit totalled SEK 15.2 million, with a margin of 3.9%, including amortisation of intangible assets.
ACQUISITION
On 17 July, 2018, Bellman Group completed the acquisition of the machine contracting company, VSM Entreprenad AB, purchasing all of the shares in the company and also acquired, indirectly, its subsidiaries and associated companies. The acquisition was funded by new equity and the issuance of new corporate bonds.
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BELLMAN GROUP KEY PERFORMANCE INDICATORS
Proforma figures 2017 include figures for MST and Bellmans as if the acquisition of the subsidiaries had taken place on 1 January 2017.
| SEK million | Proforma | Proforma | Latest | Proforma | ||
| 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | 12 Months | |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul-Jun | Jan-Dec | |
| 2018 | 2017 | 2018 | 2017 | 2017-2018 | 2017 | |
| Revenues | 205,6 | 216,9 | 394,8 | 404,2 | 818,5 | 827,9 |
| EBITDA before extraordinary items | 18,1 | 23,2 | 34,7 | 38,3 | 58,8 | 62,4 |
| EBITDA before extraordinary items margin, % | 8,8% | 10,7% | 8,8% | 9,5% | 7,2% | 7,5% |
| EBITDA after extraordinary items | 12,9 | 18,7 | 28,0 | 33,8 | 49,3 | 55,1 |
| EBITDA after extraordinary items margin, % | 6,3% | 8,6% | 7,1% | 8,4% | 6,0% | 6,7% |
| Operating profit (EBIT) | 6,5 | 15,2 | 32,5 | |||
| Operating margin, % | 3,2% | 3,9% | 3,9% | |||
| Net income for the period | 2,1 | 5,7 | 18,0 | |||
| Earnings per share (SEK), basic and diluted | 2,1 | 5,7 |
Stockholm 30 August 2018
Bellman Group AB (publ)
For further information, please contact:
| Håkan Lind |
Roger Axelsson |
| CEO |
CFO |
| Hakan@Bellmans.se |
Roger@Bellmans.se |
| +46 (0) 70 669 80 28 |
+46 (0) 70 874 5041 |
This information is information that Bellman Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set above, at 14.00 CET on 30 August 2018.
The Bellman Group is comprised of Bellmans Åkeri & Entreprenad AB and Grundab Entreprenad i Stockholm AB (Bellmans), who are haulage contractors, as well as of Modern Sprängteknik i Norden AB with the subsidiaries Uppländska Bergkrossnings AB, Uppländska Bergborrnings AB and Sprängarbeten i Trönödal AB (MST), who undertake blasting operations. Bellman Group AB, the Parent Company, was registered in April 2017. The principal shareholder of Bellman Group AB is Verdane Capital.
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