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Interim report January - September 2019

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QUARTER 3            

  • Revenue increased by 46% to SEK 437 million (301).
  • EBITDA before items affecting comparability increased by 105% to SEK 62 million (30) with a margin of 14.1% (10.0%). 
  • EBITDA after items affecting comparability increased by 102% to SEK 59 million (29) with a margin of 13.4% (9.7%).
  • Operating profit increased by 133% to SEK 38 million (16) with a margin of 8.8% (5.5%).
  • Net income increased by 181% to SEK 20 million (7). 
  • Earnings per share, basic and diluted, equalled SEK 9.5 (5.3).

YEAR-TO-DATE 

  • Revenue increased by 90% to SEK 1,324 million (695) equalling a pro forma** increase of 16% or SEK 190 million.
  • EBITDA before items affecting comparability increased by 160% to SEK 169 million (65) with a margin of 12.7% (9.3%) and on a proforma** level by 30% to SEK 173 million (133) with a margin of 12.8% (11.5%).
  • EBITDA after items affecting comparability increased by 180% to SEK 160 million (57) with a margin of 12.1% (8.2%) and on a pro forma** level by 31% to SEK 164 million (125) with a margin of 12.2% (10.8%).
  • Operating profit increased by 214% to SEK 99 million (32) with a margin of 7.5% (4.5%) and on a pro forma** level by 39% to SEK 103 million (74) with a margin of 7.7% (6.4%).
  • Net income increased by 287% to SEK 50 million (13) which equalled a pro forma** increase by 19% to SEK 53 million (45).  
  • Earnings per share, basic and diluted, equalled SEK 23.7 (11.5).

 

BELLMAN GROUP KEY PERFORMANCE INDICATORS      
SEK million   *) *) *) **) **)
          Pro forma Pro forma
  Q3 Q3 YTD YTD YTD YTD
  2019 2018 2019 2018 2019 2018
Revenue 437.4 300.5 1,323.8 695.3 1,347.6 1,157.2
EBITDA before items affecting comparability 61.8 30.1 168.5 64.8 172.9 133.2
EBITDA before items affecting comparability margin, % 14.1% 10.0% 12.7% 9.3% 12.8% 11.5%
EBITDA after items affecting comparability 58.8 29.1 159.9 57.1 164.2 125.4
EBITDA after items affecting comparability margin, % 13.4% 9.7% 12.1% 8.2% 12.2% 10.8%
Operating profit (EBIT) 38.3 16.4 99.2 31.6 103.2 74.0
Operating margin, % 8.8% 5.5% 7.5% 4.5% 7.7% 6.4%
Net income for the period 20.5 7.3 50.2 13.0 53.4 44.9
Earnings per share (SEK), basic and diluted 9.5 5.3 23.7 11.5    
*) The 2019 data include Uppländska, Bellmans and VSM for the period January - September and Samgräv for the period February - September. The 2018 data include Uppländska and Bellmans for the period January - September and VSM for the period August - September.
**) To illustrate the development of the Bellman Group, pro forma figures YTD 2018 and 2019 are reported. Figures for VSM and Samgräv are included as if the acquisitions of the subsidiaries had taken place on 1 January 2018.

 

A WORD FROM THE CEO

"In the third quarter the growth was mainly driven by VSM, but also by Uppländska and Samgräv. Bellmans reports sales for the quarter slightly lower than the previous year. This demonstrates the balance in our business where temporary fluctuations in sales in one business is offset by other operations."

"Having a wide offering and working as a subcontractor to the larger construction companies is a favourable position for the Bellman Group, as the project risk is relatively low. We see that the business model is working and continuously evaluate additional acquisitions in growth areas."

Håkan Lind, CEO Bellman Group

 

Stockholm 29 November 2019
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 29 November 2019.


ABOUT BELLMAN GROUP
Bellman Group is a construction group that operates in rock blasting, soil removal, transport and mass handling in Sweden, primarily in the Stockholm and Gothenburg regions. The Group consists of Bellmans, which is a transport company, Uppländska, which performs blasting operations, VSM, which carries out excavation work with large machinery, and Samgräv, which is active in transport, mass handling and landfills.

In 2018, the Group sales were SEK 1.6 billion (pro forma*). The Bellman Group, with registered offices in Solna, Sweden, has approximately 400 employees and 900 subcontractors. The Group’s corporate bonds are listed on Nasdaq Stockholm and the principal owner is Verdane Capital. Bellman Group is a group with an explicit acquisition strategy. www.bellmangroup.se
 

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