Interim report January-June 2011: Positive Trend Affirmed with High Growth and Strong Profit
First Half-year
• Order intake increased by 11% to 731.4 MSEK (658.1), currency adjusted 18%
• Net sales up by 23% to 729.9 MSEK (595.4), currency adjusted 29%
• Operating profit increased by 50% to 81.7 MSEK (54.6)
• Profit after tax up by 44% to 57.4 MSEK (39.9)
• Earnings per share increased by 45% to 2.92 SEK (2.02)
Second Quarter
• Order intake up 15% to 381.0 MSEK (332.8), currency adjusted 22%
• Net sales increased by 19% to 367.9 MSEK (309.7), currency adjusted 26%
• Operating profit was 40.6 MSEK (31.1), up 31%
• Stock split creating 12.6 million new stocks, bringing the total to 18.9 million stocks
COMMENTS FROM FREDRIK JÖNSSON, CEO
“Beijer Electronics continued to make strong progress in the second quarter, following the positive pattern from the first quarter. Sales increased by close to 20% in the second quarter, and by 26% currency adjusted. Operating profit increased by just over 30% and the operating margin of 11% exceeded the group’s long-term target. Our latest acquisitions, Korenix and QSI, continued to exceed expectations and returned good profitability, while integration proceeded according to plan. The feared disruptions to deliveries resulting from the Japan earthquake have not materialized.
The IDC business area returned particularly strong performance in the second quarter following a weaker start to the year. An improved market and a more efficient sales organization resulted in increased orders and sales rose by more that 40% currency adjusted. Organic growth was some 20% currency adjusted. IDC also launched exciting products that link older communications infrastructures with modern IP-technology. We are also seeing that IDC’s focus on the US market will begin to yield results towards the end of the year.
The Automation business area consolidated the positive trend in the second quarter with rising orders, increased sales and improved profit. Sweden and Finland returned solid growth. Growth in Denmark was lower and growth remained negative in Norway although demand from the marine sector showed signs of recovery. Automation also focused on bigger OEM customers which resulted in a number of new deals.
The HMI Products business area returned solid progress in the second quarter with sales growth of 24% while profit increased by 55%, resulting in an operating margin of over 15%. Recent acquisition QSI made a good contribution to sales and profit. However, organic order intake was weaker in the second quarter mainly depending on currency effects and inventories adjustments by some distributors. The business area also successfully launched new operator terminals.”
INVITATION TO CONFERENCE CALL
Today a conference call will be held for press and analysts where President and CEO Fredrik Jönsson and CFO Lennart Mauritzson present the company and comment on the report.
Time: Friday July 15 at 10.30 a.m. CET
To participate in the conference, please dial:
from Sweden: +46 (0)8 506 269 04
from the UK: +44 (0)207 108 6205
To access the presentation, please use this link:
https://www.anywhereconference.com/?Conference=108260364&PIN=415648
The interim report and the presentation will be available at Beijer Electronics’ website www.beijerelectronics.se under Investor Relations/Presentations.
A recording of the conference call will also be available here.
Welcome!
For more information, please contact:
President and CEO, Fredrik Jönsson,
tel 46 (0)40 35 86 10, mobile 46 (0)705 17 16 26
CFO, Lennart Mauritzson,
tel 46 (0)40 35 86 53, mobile 46 (0)705 52 05 57
Beijer Electronics is a fast growing technology company with extensive experience of industrial automation and data communication. The company develops and markets products and solutions that focus on the user. Since its start-up in 1981, Beijer Electronics has evolved into a multinational group present in 16 countries and sales of 1,200 MSEK 2010. The company is listed on the NASDAQ OMX Nordic Exchange Stockholm’s Small Cap list under the ticker BELE. www.beijerelectronics.se
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