Year-end report 2019
Fourth quarter, October – December 2019
- Net Sales increased by 9% to SEK 432 million (395).
- EBITDA before items affecting comparability increased by 15% to SEK 46 million (40) with a margin of 10.6% (10.1%).
- EBITDA increased by 16% to SEK 42 million (36) with a margin of 9.7% (9.1%).
- Operating profit (EBIT) increased by 1% to SEK 20 million (20) with an operating margin of 4.6% (5.0%).
- Net profit increased by 130% to SEK 28 million (12).
- Earnings per share, basic and diluted, equaled SEK 13.4 (5.9).
- Cash flow from operating activities amounted to SEK 52.2 million (24.8).
Full year, January – December 2019
- Net Sales increased by 61% to SEK 1,756 million (1,091) equaling a pro forma2) increase of 9% or SEK 150 million.
- EBITDA before items affecting comparability increased by 105% to SEK 214 million (105) with a margin of 12.2% (9.6%) and on a proforma2) level by 19% to SEK 219 million (184) with a margin of 12.3% (11.3%).
- EBITDA increased by 117% to SEK 202 million (93) with a margin of 11.5% (8.5%) and on a pro forma2) level by 19% to SEK 206 million (173) with a margin of 11.6% (10.6%).
- Operating profit (EBIT) increased by 132% to SEK 119 million (51) with a margin of 6.8% (4.7%) and on a pro forma2) level by 19% to SEK 123 million (104) with an operating margin of 6.9% (6.4%).
- Net profit increased by 210% to SEK 78 million (25) which equaled a pro forma2) increase by 30% to SEK 81 million (63).
- Earnings per share, basic and diluted, equaled SEK 37.1 (18.3).
- Cash flow from operating activities amounted to SEK 147.5 million (56.5).
- Samgräv Holding AB was acquired 31 January 2019, generating net sales of SEK 231.9 million and EBITDA of SEK 19.0 million for 2019.
Financial overview
| Pro forma | Pro forma | |||||
| Q4 | Q4 | YTD | YTD | YTD | YTD | |
| SEK million (unless stated otherwise) | 2019 | 20181) | 20191) | 20181) | 20192) | 20182) |
| Net Sales | 432.2 | 395.2 | 1,755.5 | 1,090.6 | 1,779.8 | 1,629.9 |
| EBITDA before items affecting comparability | 45.6 | 39.8 | 214.1 | 104.6 | 218.6 | 184.2 |
| EBITDA before items affecting comparability margin, % | 10.6% | 10.1% | 12.2% | 9.6% | 12.3% | 11.3% |
| EBITDA | 41.8 | 36.0 | 201.7 | 93.1 | 206.1 | 172.7 |
| EBITDA margin, % | 9.7% | 9.1% | 11.5% | 8.5% | 11.6% | 10.6% |
| Operating profit (EBIT) | 20.0 | 19.7 | 119.1 | 51.3 | 123.2 | 103.8 |
| Operating margin, % | 4.6% | 5.0% | 6.8% | 4.7% | 6.9% | 6.4% |
| Net profit | 27.7 | 12.1 | 77.9 | 25.1 | 81.1 | 62.6 |
| Earnings per share (SEK), basic and diluted | 13.4 | 5.9 | 37.1 | 18.3 | ||
| Cash flow from operating activities | 52.2 | 24.8 | 147.4 | 56.5 |
1) The 2019 data includes Uppländska, Bellmans and VSM for the period January - December and Samgräv for the period February - December. The 2018 data includes Uppländska and Bellmans for the period January - December and VSM August - December.
2) 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
"2019 was an eventful and successful year for Bellman Group. The large infrastructure projects in Sweden, such as Förbifart Stockholm (highway contruction “Stockholm bypass”) and Västlänken Göteborg (road and railway project “West link Gothenburg”), benefit our business. This has had a particularly positive impact on VSM during the year, which increased sales by close to 30 percent. We acquired Samgräv in January and thereby strengthened our foothold in Western Sweden."
Håkan Lind, CEO Bellman Group AB
Stockholm 21 February 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 21 February 2020.
About Bellman Group
Bellman Group is the parent company of a construction group that operates in rock blasting, excavation, 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 2019, the net sales for the Group sales were SEK 1.8 billion. 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