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Interim report January-September 2021

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Strong acquisitions and organic growth

Quarterly net sales increased by 94.4 percent mainly driven by growth in all entities and strong contribution from the Norrvidinge acquisition in the south of Sweden. A high market demand has increased utilization of subcontractors, and in combination with higher fuel costs, has negatively affected gross profit. A favorable market with continued challenges linked to resources in the form of competence and machines.

“We are back to pre-pandemic levels and see a strong market recovery, especially in our haulage business. Quarterly net sales increased by 94.4 percent, primarily due to the acquisition of Norrvidinge in the prior quarter. EBITDA before items affecting comparability increased by 23.4 percent compared to correspond quarter of prior year. The lower quarterly profitability is due to a strong market demand, increased utilization of subcontractors in combination with rising fuel prices, resulting in lower margins. We feel that our acquisition model is proving to be strong and there is a continued interest from other companies to become part of Bellman Group, comments Håkan Lind, CEO of Bellman Group.”

Summary third quarter 2021

  • Net Sales amounted to SEK 821.3 m (422.6), an increase of 94.4 percent.
  • EBITDA before items affecting comparability amounted to SEK 76.7 m (62.2), an increase of 23.4 percent. The EBITDA margin before items affecting comparability amounted to 9.3 percent (14.7).
  • Operating profit (EBIT) amounted to SEK 29.1 m (35.6), a decrease of 18.5 percent. The operating margin amounted to 3.5 percent (8.4).
  • Net profit for the quarter amounted to SEK 6.6 m (19.3).
  • Earnings per share, basic and diluted, equaled SEK 3.0 (9.1).
  • Cash flow from operating activities amounted to SEK 26.1 m (45.6)
     

Summary January – September 2021

  • Net Sales amounted to SEK 1,949.7 m (1 264.8), an increase of 54.1 percent.
  • EBITDA before items affecting comparability amounted to SEK 216.6 m (171.4), an increase of 26.4 percent. The EBITDA margin before items affecting comparability amounted to 11.1 percent (13.5).
  • Operating profit (EBIT) amounted to SEK 91.3 m (90.4), an increase of 1.0 percent. The operating margin amounted to 4.7 percent (7.1).
  • Net profit for the period amounted to SEK 17.6 m (43.3).
  • Earnings per share, basic and diluted, equaled SEK 7.9 (20.0).
  • Cash flow from operating activities amounted to SEK 62.7 m (95.7).

For a complete report, see attached pdf.

This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-11-2021 09:00 CET.

For additional information, please contact:

Håkan Lind, VD Bellman Group
Tel: +46 (0) 70 669 8028
E-post: hakan.lind@bellmangroup.se

Roger Axelsson, CFO Bellman Group
Tel: +46 (0) 70 874 5041
E-post: roger.axelsson@bellmangroup.se

About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden. In 2020, net sales for the Group were SEK 1.7 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 615 employees and approximately 1,100 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

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