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Year-end report 2021

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Strong growth - lower margins

Quarterly net sales increase above 120 percent, growth in all subsidiaries with a strong contribution of the Norrvidinge acquisition. High market demand has resulted in increased utilization of and price increases from subcontractors, which in combination with higher cost of fuel and other consumables, has lowered margins. Delayed permits, for new profitable landfills, also affected the Group margins. Group full year 2021 EBITDA before items affecting comparability improved by 20 percent.

“The final quarter of the year generated a continued strong sales increase above 120 percent, of which 82 percent related to acquisitions and 39 percent related to organic growth. However, the result did not develop in the same positive direction. A favorable market with high demand resulted in increased costs, both due to higher use of subcontractors as well as increased costs of fuel, consumables, repair, and maintenance. Our acquisition model remains firm, continued high interest from companies to become part of the Bellman Group, comments Håkan Lind, CEO of Bellman Group.“

Summary fourth quarter, October - December 2021

  • Net Sales amounted to SEK 911.7 m (412.7), an increase of 120.9 percent.
  • EBITDA before items affecting comparability amounted to SEK 52.3 m (52.8), a decrease of 0.9 percent. The EBITDA margin before items affecting comparability amounted to 5.7 percent (12.8).
  • Operating profit (EBIT) amounted to SEK -1.4 m (22.2), with an operating margin of -0.2 percent (5.4).
  • Net profit for the quarter amounted to SEK -12.3 m (3.3).
  • Earnings per share, basic and diluted, equaled SEK -6.2 (1.4).
  • Cash flow from operating activities amounted to SEK 65.4 m (40.4).

Summary January - December 2021

  • Net Sales amounted to SEK 2,861.4 m (1 677.5), an increase of 70.6 percent.
  • EBITDA before items affecting comparability amounted to SEK 268.9 m (224.1), an increase of 20.0 percent. The EBITDA margin before items affecting comparability amounted to 9.4 percent (13.4).
  • Operating profit (EBIT) amounted to SEK 89.9 m (112.7), with an operating margin of 3.1 percent (6.7).
  • Net profit for the period amounted to SEK 5.3 m (46.6).
  • Earnings per share, basic and diluted, equaled SEK 1.7 (21.4).
  • Cash flow from operating activities amounted to SEK 128.1 M (136.1).

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 February 24th 2022 14.30 CET.

For additional information, please contact:

Håkan Lind, CEO 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 2021, net sales for the Group were SEK 2.9 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 615 employees and approximately 1,200 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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