Interim report January– September 2020

Stable earnings development

Third quarter, July – September 2020

•     Net Sales amounted to SEK 422.6 m (437.4), a decrease of 3.4%.
•     EBITDA before items affecting comparability amounted to SEK 62.2 m (61.8), an increase of 0.6%. The EBITDA margin before items affecting comparability amounted to 14.7% (14.1%).
•     EBITDA amounted to SEK 59.7 m (58.8), an increase of 1.4%. The EBITDA margin amounted to 14.1% (13.4%).
•     Operating profit (EBIT) amounted to SEK 35.6 m (38.3), a decrease of 6.8%. The operating margin amounted to 8.4% (8.8%).
•     Net profit for the quarter amounted to SEK 19.3 m (20.5).
•     Earnings per share, basic and diluted, equaled SEK 9.1 (9.5).
•     Cash flow from operating activities amounted to SEK 45.6 m (29.4).
•     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 affect the Group's liquidity.

Period, January – September 2020

•     Net Sales amounted to SEK 1,264.8 m (1,323.8), a decrease of 4.5%.
•     EBITDA before items affecting comparability amounted to SEK 171.4 m (168.5), an increase of 1.7%. The EBITDA margin before items affecting comparability amounted to 13.5% (12.7%).
•     EBITDA amounted to SEK 161.6 m (159.8), an increase of 1.1%. The EBITDA margin amounted to 12.8% (12.1%).
•     Operating profit (EBIT) amounted to SEK 90.4 m (99.2), a decreased of 8.9%. The operating margin amounted to 7.1% (7.5%).
•     Net profit for the period amounted to SEK 43.3 m (50.2), a decrease of 13.8%. 
•     Earnings per share, basic and diluted, equaled SEK 20.0 (23.7).
•     Cash flow from operating activities amounted to SEK 95.7 m (95.3).
•     On March 6, 2020, SÅCAB Åkericentral AB was acquired. The purchase price amounted to SEK 77 m and the acquisition was financed through own funds.

CEO comment

“During the third quarter the market continued to be affected by uncertainty surrounding the Covid-19 pandemic. Against this background, I am proud of our development during the quarter when, among other things, we improved our EBITDA result, thanks in part to the acquisition of SÅCAB. There are two main reasons for our strength. The first is that we are focused on infrastructure, the part of capital investments that is now developing the strongest. The second is that our subsidiaries complement each other and thus can offer complete solutions that are met with great interest from our customers.”

Håkan Lind, CEO Bellman Group AB

Stockholm 20 November 2020
Bellman Group AB (publ)  

“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 20 November 2020.”

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

About Bellman Group
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, and SÅCAB which is active in haulage and also owns a landfill south of Stockholm.

In 2019, net sales for the Group were SEK 1.8 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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