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Year-End Report 2020

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Strong earnings and new acquisitions

Håkan Lind, CEO of Bellman Group comment:

“The last quarter of the year has been characterized by acquisitions and refinancing of Bellman Group. We acquired both Losshållningsbolaget (LHB) with operations in the quarrying and civil engineering sector and a land area in the Gothenburg region which in the future can be developed into a landfill. We also signed an agreement to acquire Ivarssons, an excavation and civil engineering company mainly operating in the Gothenburg region. The refinancing resulted in issuance of a corporate bonds of SEK 900 million under a framework of 1.5 billion on favorable terms.

To sum up, we are entering 2021 from a strong position with promising growth opportunities ahead.”


Fourth quarter, October – December 2020

  • Net Sales amounted to SEK 412.7 m (432.2), a decrease of 4.5%.

  • EBITDA before items affecting comparability amounted to SEK 52.8 m (45.6), an increase of 15.6%. The EBITDA margin before items affecting comparability amounted to 12.8% (10.6).
  • EBITDA amounted to SEK 47.1 m (41.8), an increase of 12.5%. The EBITDA margin amounted to 11.4% (9.7).
  • Operating profit (EBIT) amounted to SEK 22.2 m (20.0), an increase of 11.3%. The operating margin amounted to 5.4% (4.6).
  • Net profit for the quarter amounted to SEK 3.3 m (27.7).
  • Earnings per share, basic and diluted, equaled SEK 1.4 (13.4).
  • Cash flow from operating activities amounted to SEK
    40.4 m (52.2).
  • On December 15, 2020, Losshållningsbolaget I Sverige AB (LHB) was acquired. The purchase price amounted to SEK 19.2 m and the acquisition was financed through own funds.
  • On December 15, 2020, a land area in the Gothenburg region was acquired. This was made possible through the purchase of Bugärde Utveckling AB (Bugärde). The purchase price amounted to SEK 23.1 m and was financed through own funds.

Period, January – December 2020
  • Net Sales amounted to SEK 1,677.5 m (1,755.5), a decrease of 4.4%.
  • EBITDA before items affecting comparability amounted to SEK 224.1 m (214.1), an increase of 4.7%. The EBITDA margin before items affecting comparability amounted to 13.4% (12.2).
  • EBITDA amounted to SEK 208.7 m (201.7), an increase of 3.5%. The EBITDA margin amounted to 12.4% (11.5).
  • Operating profit (EBIT) amounted to SEK 112.7 m (119.1), a decreased of 5.4%. The operating margin amounted to 6.7% (6.8).
  • Net profit for the period amounted to SEK 46.6 m (77.9). 
  • Earnings per share, basic and diluted, equaled SEK 21.4 (37.1).
  • Cash flow from operating activities amounted to SEK 136.1 m (147.4).
  • On March 6, 2020, SÅCAB Åkericentral AB was acquired. The purchase price amounted to SEK 77.0 m and the acquisition was financed through own funds.
  • The Group has seen a delay in some projects and price pressure in certain segments, which is presumably due to Covid-19. This has to some extent affected the Group's net sales but has not materially affected the Group's liquidity.

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 below, at 09.00 CET on 19 February 2021.

For more information, please contact:

Håkan Lind, CEO, +46 (0) 70 669 8028
hakan.lind@bellmangroup.se

Roger Axelsson, CFO +46 (0) 70 874 5041
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, primarily in the Stockholm and Gothenburg regions. The Group consists of Bellmans, which is a company active in machinery brokerage and haulage, Uppländska, which performs rock blasting operations, VSM, which carries out excavation work with large machinery, Samgräv, which is active in haulage, machine brokerage, mass handling and operation of own landfills, SÅCAB which is active in haulage and also owns a landfill south of Stockholm and from January 18, 2021 Ivarssons Entreprenad i Göteborg AB (Ivarssons), an excavation and civil engineering company mainly operating in the Gothenburg region.

In 2020, net sales for the Group were SEK 1.7 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 400 employees and 1,000 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.

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