Interim Report January - March 2020
First quarter, January - March 2020
- Net Sales increased amounted to SEK 387.8 m (445.6), a decline of 13.0%.
- EBITDA before items affecting comparability amounted to SEK 48.5 m (49.8), a decline of 2.5%. The EBITDA margin before items affecting comparability increased to 12.5% (11.2%).
- EBITDA amounted to SEK 45.3 m (48.0), a decline of 5.7%. The EBITDA margin increased to 11.7% (10.8%).
- Operating profit (EBIT) amounted to SEK 22.1 m (28.9), a decline of 23.5%. The operating margin decreased to 5.7% (6.5%).
- Net profit amounted to SEK 8.3 m (14.4), a decline of 42.4%.
- Earnings per share, basic and diluted, was SEK 3.7 (7.0).
- Cash flow from operating activities amounted to SEK 13.4 m (13.8).
- On 6 March 2020, SÅCAB Åkericentral AB was acquired. The purchase price amounted to SEK 77 m. Financial development of SÅCAB is reported in Segment overview.
- The outbreak of Covid-19 has not had any significant impact on the Group’s operations or liquidity during the quarter, but the Group anticipates that the pandemic could cause delays or cancellation of projects.
Financial Overview
| Pro forma | Pro forma | |||
| Q1 | Q1 | Q1 | Q1 | |
| SEK m (unless stated otherwise) | 20201) | 20191) | 20202) | 20192) |
| Net Sales | 387.8 | 445.6 | 418.3 | 511.2 |
| EBITDA before items affecting comparability | 48.5 | 49.8 | 55.5 | 61.3 |
| EBITDA before items affecting comparability margin, % | 12.5% | 11.2% | 13.3% | 12.0% |
| EBITDA | 45.3 | 48.0 | 52.2 | 59.6 |
| EBITDA margin, % | 11.7% | 10.8% | 12.5% | 11.7% |
| Operating profit (EBIT) | 22.1 | 28.9 | 28.7 | 39.8 |
| Operating margin, % | 5.7% | 6.5% | 6.9% | 7.8% |
| Net profit | 8.3 | 14.4 | 13.3 | 23.0 |
| Earnings per share (SEK), basic and diluted | 3.7 | 7.0 | ||
| Cash flow from operating activities | 13.4 | 13.8 |
A word from the CEO
"The first quarter saw a decline in sales due to somewhat lower activity in the haulage operations and delays in some project. Sales from large infrastructure projects are stable and that we now own a landfill in the Stockholm area will benefit the haulage operations going forward."
Håkan Lind, CEO Bellman Group AB
Stockholm 20 May 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 information is information that Bellman Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 09:00 CET on 20 May 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 renting machinery and haulage, Uppländska, which performs rock blasting operations, VSM, which carries out excavation work with large machinery, Samgräv, which is active in haulage, machine rental, mass handling and owns 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