Earnings Release • Jul 15, 2022
Earnings Release
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Published on July 15, 2022
Georg Brunstam, President and CEO
HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets and Seals), and wheels made of polymer materials for truck and castor wheel applications (Wheels). Customers are primarily system suppliers to the global automotive and engineering industry, building and construction industry and within sectors as transportation, energy, oil/gas, consumer and cable industry and manufacturers of medical equipment, plate heat exchangers and forklifts. The Group is organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group's sales in 2021 amounted to 16,005 MSEK and the Group has approximately 5,100 employees in fourteen countries.
We continued to handle the challenges in the supply chain with raw material shortages, transport problems, and increased prices on both raw materials and energy costs. Once again, we delivered a very strong quarter. EBIT amounted to 836 MSEK, our best result ever, which corresponds to an increase of 8 percent compared with the previous quarter and with 15 percent compared to the corresponding quarter previous year. We had a strong sales growth of 41 percent compared with the corresponding quarter last year, with good sales in all markets and all product areas. Americas showed particularly strong development while sales to automotive-related customers remained pending. Included in the positive sales development are effects from acquisitions, positive currency effects and increased sales prices.
The vehicle manufacturers' frequent stop and start of production due to component shortages had a clear negative impact on those of our customers who deliver to the automotive industry. We ourselves experienced again disruptions in the supply chain related to raw material where both the transport problems and raw material shortages had a negative impact. In addition to the challenges of uneven demand and supply issues, we have seen continued price increases for raw materials, albeit at a slower pace than before, as well as increased energy costs. The need to constantly adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy has affected our gross margin negatively during the quarter.
Strong implementation of our solid business model with high customer focus combined with our ability to offer fast and stable deliveries, and the implementation of price adjustments are the key to our strong results. This together with our large geographical coverage with manufacturing close to our customers increases our delivery capacity.
We continue our M&A strategy and the most recently acquired company, almaak international GmbH, based in Germany, is consolidated into HEXPOL as of April 1, 2022. The company is a specialist in high quality recycled engineered polymer compounds and is active in the product segment thermoplastic compounding. With its expertise in recycled compounds they fit very well into our sustainability development.
We continue our work on sustainability, not least with reducing our carbon footprint in order to achive our goal of a reduction by 75 percent to 2025. During 2021 we reduced our carbon footprint by 20 percent so we are well on our way to achieving our goal. We are also launching new compounds with bio based and recycled materials and are actively working to ensure that acquired companies have at least the same high sustainability focus as the other companies within HEXPOL.
Russia's invasion of Ukraine and the horrible situation it poses to so many people also creates further uncertainty in the world, not least major disturbances in the supply chains. However, we believe that our strong customer focus in combination with our geographical closeness to our customers give us opportunities to deal with the disruptions and further strengthen our market position. We are flexible and ready to meet the expected increase in vehicle production. The strong business model in combination with a clear M&A agenda and strong financial position give us good conditions for continued growth and acquisitions.
Georg Brunstam President and CEO
| Key figures | Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 21- | ||||
|---|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 | Jun 22 |
| Sales | 5 654 | 4 002 | 10 827 | 7 812 | 16 005 | 19 020 |
| EBITA, adjusted | 859 | 745 | 1 656 | 1 466 | 2 812 | 3 002 |
| EBITA-margin, adjusted, % | 15,2 | 18,6 | 15,3 | 18,8 | 17,6 | 15,8 |
| EBITA | 859 | 745 | 1 656 | 1 466 | 3 149 | 3 339 |
| EBITA-margin, % | 15,2 | 18,6 | 15,3 | 18,8 | 19,7 | 17,6 |
| EBIT, adjusted | 836 | 728 | 1 611 | 1 432 | 2 737 | 2 916 |
| EBIT-margin, adjusted, % | 14,8 | 18,2 | 14,9 | 18,3 | 17,1 | 15,3 |
| EBIT | 836 | 728 | 1 611 | 1 432 | 3 074 | 3 253 |
| EBIT-margin, % | 14,8 | 18,2 | 14,9 | 18,3 | 19,2 | 17,1 |
| Profit before tax | 834 | 708 | 1 615 | 1 410 | 3 031 | 3 236 |
| Profit after tax | 644 | 537 | 1 244 | 1 071 | 2 358 | 2 531 |
| Earnings per share, adjusted, SEK | 1,87 | 1,56 | 3,61 | 3,11 | 6,09 | 6,59 |
| Earnings per share after dilution, SEK | 1,87 | 1,56 | 3,61 | 3,11 | 6,85 | 7,35 |
| Equity/assets ratio, % | 54 | 60 | 65 | |||
| Return on capital employed, % R12 | 21,6 | 20,5 | 22,8 | |||
| Operating cash flow | 642 | 590 | 745 | 1 023 | 2 731 | 2 453 |
We saw strong sales growth during the second quarter 2022 compared to both the previous quarter and compared to the corresponding quarter previous year. The HEXPOL Group's sales amounted to 5,654 MSEK (4,002) during the quarter, including positive currency effects of 516 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 18 percent and acquisitions (Unica and almaak) with 10 percent.
The HEXPOL Compounding business area's sales increased by 42 percent during the quarter, compared to the corresponding quarter 2021. The sales amounted to 5,291 MSEK (3,723) including positive currency effects of 488 MSEK. Adjusted for these, the sales amounted to 4,803 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 18 percent and acquisitions with 11 percent. We saw continued good underlying demand during the quarter, however, the outcome was negatively affected by the global disturbances regarding component- and raw material shortages as well as transport problems and frequent production stoppage mainly at automotive customers.
During the quarter, we saw continued price increases of raw materials and also continued high energy costs.
The HEXPOL Engineered Products sales also increased during the quarter, and amounted to 363 MSEK (279), an increase by 30 percent.
From a geographical perspective the sales increased in Europe by 41 percent compared to the corresponding quarter previous year. The sales in America increased at the same time by 44 percent and in Asia by 22 percent compared with the corresponding quarter previous year.
EBITA increased to 859 MSEK (745), which meant a corresponding EBITA margin of 15.2 percent (18.6).
EBIT increased by 15 percent to 836 MSEK (728) including positive currency effects of 84 MSEK. The corresponding operating margin amounted to 14,8 percent (18.2). The continued need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy continue to affect our gross margin negatively also during this quarter. In addition, as previously communicated, the acquired companies Unica and almaak both have a lower margin than the HEXPOL Group.
The Group's net financial items amounted to an expense 2 MSEK (expense 20). Profit before tax increased to 834 MSEK (708), profit after tax increased to 644 MSEK (537) and earnings per share 1.87 SEK (1.56).
Our organic sales increased during the first half-year 2022 compared to the corresponding period previous year. The HEXPOL Group's sales amounted to 10,827 MSEK (7,812) during the first half-year, including positive currency effects of 879 MSEK. Apart from the positive currency effects, the sales were positively affected by organic sales growth of 19 percent and acquisitions (VICOM, Unica and almaak) with 8 percent.
The HEXPOL Compounding business area's sales increased by 39 percent during the first half-year, compared to the corresponding period 2021. The sales amounted to 10,132 MSEK (7,271) including positive currency effects of 830 MSEK. Adjusted for these, the sales amounted to 9,302 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 19 percent and acquisitions with 9 percent. We saw good underlying demand during the period, however, the outcome was negatively affected by the global disturbances regarding component- and raw material shortages as well as transport problems and frequent production stoppage mainly at automotive customers.
During the period, we also saw continued price increases of raw materials and also continued high energy costs.
The HEXPOL Engineered Products sales also increased during the period compared to the corresponging period 2021, and amounted to 695 MSEK (541), an increase by 28 percent.
From a geographical perspective the sales increased in Europe by 42 percent compared to the corresponding period previous year. The sales in America increased at the same time by 38 percent and in Asia by 24 percent compared with the corresponding period previous year.
EBITA increased to 1,656 MSEK (1,466), which meant a corresponding EBITA margin of 15.3 percent (18.8).
EBIT increased by 13 percent to 1,611 MSEK (1,432) including positive currency effects of 128 MSEK. The corresponding operating margin amounted to 14.9 percent (18.3). The need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy has affected our gross margin negatively during the period. In addition, as previously communicated, the acquired VICOM, Unica and almaak have a lower margin than the HEXPOL Group.
The Group's net financial items amounted to 4 MSEK (expense 22). Profit before tax increased to 1,615 MSEK (1,410), profit after tax increased to 1,244 MSEK (1,071) and earnings per share 3.61 SEK (3.11).
The equity/assets ratio continued strong 54 percent (60). The Group's total assets amounted to 22,400 MSEK (16,381). Net debt amounted to 3,291 MSEK (1,947) whereof 402 MSEK (395) relates to financial leasing liabilities according to IFRS 16, which gives a net debt/EBITDA of 0.89 (0.63). The increase in net debt/EBITDA is temporarily affected by the decided extra dividend and the acquisition of almaak international GmbH during the quarter.
The Group had the following major credit agreements with Nordic banks as per June 30:
The Group use commercial papers as part of the company's financing and as of June 30 they amounted to 1 500 MSEK. In accordance with IAS1, outstanding volumes are reported in the balance sheet as current liabilities, but since HEXPOL's bilateral credit agreements also function as back-up facilities for outstanding commercial papers, they are of a non-current nature.
The operating cash flow for the Group amounted to 642 MSEK (590) in the quarter, while cash flow from operating activities amounted to 487 MSEK (398). Operating cash flow for the first half-year was 745 MSEK (1,023), while cash flow from operating activities was 609 MSEK (814).
The Group's investments amounted to 182 MSEK (52) for the quarter. Of these, 64 MSEK is attributable to the acquisition of almaak where the previously leased assets have been acquired. Other investments refers to increased capacity in the TPE compounding facility in Åmål to meet increased demand in medical equipment and regular maintenance investments. At the same time, depreciation, amortisation and impairment amounted to 123 MSEK (78) whereof 21 MSEK (20) refers to leased assets according to IFRS 16. The investments amounted to 274 MSEK (104) during the first half-year, while depreciation, amortization and impairment amounted to 229 MSEK (242). Of these refers 42 MSEK (40) to leased assets according to IFRS 16.
The Group's tax expenses amounted to 190 MSEK (171) during the second quarter, which corresponds to a tax rate of 22.8 percent (24.2). Tax expenses for the first half-year amounted to 371 MSEK (339), which corresponds to a tax rate of 23.0 percent (24.0).
The return on average capital employed, R12, amounted to 21.6 percent (20.5). The return on shareholders' equity, R12, amounted to 21.5 percent (19.8).
The Parent Company's profit after tax for the quarter amounted to 182 MSEK (152). Profit after tax for the first half-year amounted to 173 MSEK (153). Shareholders' equity amounted to 4,353 MSEK (5,033).
The sales increased strongly during the second quarter, compared to the corresponding quarter previous year. The sales amounted to 5,291 MSEK (3,723) including positive currency effects of 488 MSEK. Adjusted for these, the sales amounted to 4,803 MSEK. Apart from positive currency effects, the sales were positively affected by organic growth of 18 percent and acquisitions with 11 percent. We saw continued good underlying demand during the quarter, however, the outcome was still negatively affected by the global disturbances in component- and raw material shortages as well as transport problems and frequent production stoppage mainly at automotive customers.
All regions and product areas showed sales increases compared to the corresponding quarter previous year although Americas and HP Compounding in particular showed strong development.
During the quarter, we saw continued price increases of raw materials and also continued high energy costs.
EBIT increased to 759 MSEK (679) and the corresponding operating margin amounted to 14.3 percent (18.2). The need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy has affected our gross margin negatively during the quarter. In addition, as previously communicated, the acquired Unica and almaak both have a lower margin than the HEXPOL Group.
The sales for HEXPOL Compounding increased by 39 percent to 10,132 MSEK (7,271). At the same time, the operating profit amounted to 1,480 MSEK (1,337) which corresponds to an operating margin of 14.6 percent (18.4).
The business area is one of the world's leading suppliers in development and manufacturing of advanced, high-quality polymer compounds for demanding applications and demanding end users. Customers are manufacturers of polymer products and components who impose rigorous demands on performance and global delivery capacity. The market is global and the largest end-customer segments are the automotive and engineering industries, followed by the building and construction sector. Other key segments are transportation sector, energy, oil and gas sector, consumer sector, cable industries and manufacturers of medical equipment.
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 21- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 | Jun 22 |
| Sales | 5 291 | 3 723 | 10 132 | 7 271 | 14 888 | 17 749 |
| EBIT, adjusted | 759 | 679 | 1 480 | 1 337 | 2 541 | 2 684 |
| EBIT-margin, adjusted, % | 14,3 | 18,2 | 14,6 | 18,4 | 17,1 | 15,1 |
| EBIT | 759 | 679 | 1 480 | 1 337 | 2 878 | 3 021 |
The sales increased by 30 percent compared with the same quarter previous year and amounted to 363 MSEK (279). The increase include positive currency effects of 28 MSEK. Adjusted for these the sales amounted to 335 MSEK. EBIT amounted to 77 MSEK (49) and the corresponding operating margin amounted to 21.2 percent (17.6).
All product areas increased their sales compared to the corresponding quarter previous year but where especially Wheels showed a strong development.
The sales for HEXPOL Engineered products increased by 28 percent to 695 MSEK (541). At the same time, the operating profit amounted to 131 MSEK (95) which corresponds to an operating margin of 18.8 percent (17.6).
The business area has operations in a number of niche areas with strong global positions in gaskets for plate heat exchangers (Gaskets and Seals) and wheels of polymer materials for forklifts and material handling (Wheels). The market for gaskets and wheels is global. Gaskets customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of forklifts and castor wheels.
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 21- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 | Jun 22 |
| Sales | 363 | 279 | 695 | 541 | 1 117 | 1 271 |
| EBIT | 77 | 49 | 131 | 95 | 196 | 232 |
| EBIT-margin, % | 21,2 | 17,6 | 18,8 | 17,6 | 17,5 | 18,3 |
No significant events after the end of the period have been reported.
The Group's and Parent Company's business risks, risk management and management of financial risks are described in detail in the 2021 Annual Report. The Covid-19 pandemic outbreaks continue to have a major impact on the world and HEXPOL. In addition to this, Russia's invasion of Ukraine causes further uncertainty for large parts of the world. At present, it is very difficult to estimate or quantify the risks related to this, but it is likely that the negative effect will contiue to affect, both sales and earnings. The Board and management follows the development closely.
This half-year report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company's financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Reporting for Legal Entities. The accounting and measurement policies as well as the assessment bases, applied in the 2021 Annual Report have also been applied in this half-year report. No new or revised IFRS that came into force 2022 have had any significant impact on the Group's financial reports.
Liabilities for put options are recognized as a financial liability measured at fair value with changes in value in profit or loss, and are valued in accordance with Level 3.
ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective from 2016. HEXPOL presents financial definitions and reconciliations of alternative performance measures in this report. HEXPOL presents alternative performance measures as these provide valuable additional information to investors and the company's management as they allow evaluation of the company's performance.
The number of employees at the end of the period was 5,109 (4,609). The increase, compared to the corresponding period previous year, is mainly explained by the acquisition of Unica, acquired in July 2021 and the acquisition of almaak which happened in April 2022.
HEXPOL AB (publ.) with Corporate Registration Number 556108-9631 is the Parent Company of the HEXPOL Group. HEXPOL's Class B shares are listed on Nasdaq Stockholm, Large Cap. HEXPOL AB had approximately 12,600 shareholders on June 30, 2022. The largest shareholder is Melker Schörling AB with 25 percent of the capital and 46 percent of the voting rights. The twenty largest shareholders own 71 percent of the capital and 79 percent of the voting rights.
A presentation of this report will be held through a webcasted conference call on July 15, 2022 at 02:00 p.m. CET. The presentation, as well as information concerning participations, is available at www.hexpol.com.
Number of employees 5,109
HEXPOL AB publish financial information on the following dates:
Financial information is also available in Swedish and English on HEXPOL AB's website – www.hexpol.com.
This half-year report January – June 2022 has not been audited by HEXPOL AB's auditors.
The half-year report provides a fair view of the Parent Company's and the Group's operations, financial position and results. It also describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.
Malmö, Sweden July 15, 2022
HEXPOL AB (publ.)
Georg Brunstam Alf Göransson President and CEO Chairman of the Board
Malin Persson Jan-Anders E. Månsson
Kerstin Lindell Gun Nilsson
Märtha Schörling Andreen
For more information, please contact:
• Peter Rosén, Deputy CEO and CFO Tel: +46 (0)40 25 46 60
Address: Skeppsbron 3 SE-211 20 Malmö, Sweden Corporate Registered Number: 556108–9631 Tel: +46 40-25 46 60 Website: www.hexpol.com
This report may contain forward-looking statements. When used in this report, words such as "anticipate", "believe", "estimate", "expect", "plan" and "project" are intended to identify forward-looking statements. Such statements could encompass risks and uncertainties pertaining to product demand, market acceptance, effects of economic conditions, impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of HEXPOL's management as of the date made with respect to future events but are subject to risks and uncertainties. While all of these forward-looking statements are based on estimates and assumptions made by HEXPOL's management and are believed to be reasonable, they are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements.
HALF-YEAR REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – JUNE 2022 12 This information is information that HEXPOL AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 01:00 p.m. CET on July 15, 2022. This report has been prepared both in Swedish and English. In case of any divergence in the content of the two versions, the Swedish version shall have precedence.
Informationen är sådan information som HEXPOL AB (publ) är skyldig att offentliggöra enligt EU:s marknadsmissbruks-
| MSEK | 2022 | 2021 | 2022 | 2021 | Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year 2021 |
Jul 21- Jun 22 |
|---|---|---|---|---|---|---|
| Sales | 5 654 | 4 002 | 10 827 | 7 812 | 16 005 | 19 020 |
| Cost of goods sold | -4 537 | -3 088 | -8 705 | -5 989 | -12 532 | -15 248 |
| Gross profit | 1 117 | 914 | 2 122 | 1 823 | 3 473 | 3 772 |
| Selling and administrative cost, etc. | -281 | -186 | -511 | -391 | -797 | -917 |
| Other income/insurance compensation and related costs Note 2 |
- | - | - | - | 398 | 398 |
| Operating profit | 836 | 728 | 1 611 | 1 432 | 3 074 | 3 253 |
| Financial income and expenses | -2 | -20 | 4 | -22 | -43 | -17 |
| Profit before tax | 834 | 708 | 1 615 | 1 410 | 3 031 | 3 236 |
| Tax | -190 | -171 | -371 | -339 | -673 | -705 |
| Profit after tax | 644 | 537 | 1 244 | 1 071 | 2 358 | 2 531 |
| - of which, attributable to Parent Company shareholders | 644 | 537 | 1 244 | 1 071 | 2 358 | 2 531 |
| Earnings per share before dilution, SEK | 1,87 | 1,56 | 3,61 | 3,11 | 6,85 | 7,35 |
| Earnings per share after dilution, SEK | 1,87 | 1,56 | 3,61 | 3,11 | 6,85 | 7,35 |
| Shareholders' equity per share, SEK | 35,04 | 28,40 | 33,82 | |||
| Average number of shares, 000s | 344 437 | 344 437 | 344 437 | 344 437 | 344 437 | 344 437 |
| Depreciation, amortisation and impairment | -123 | -78 | -229 | -242 | -471 | -458 |
| MSEK | 2022 | 2021 | 2022 | 2021 | Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year 2021 |
Jul 21- Jun 22 |
|---|---|---|---|---|---|---|
| Profit after tax | 644 | 537 | 1 244 | 1 071 | 2 358 | 2 531 |
| Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans |
- | - | - | - | 1 | 1 |
| Items that may be reclassified to the income statement |
||||||
| Translation differences | 1 043 | -193 | 1 242 | 370 | 950 | 1 822 |
| Comprehensive income - of which, attributable to Parent Company's shareholders |
1 687 1 687 |
344 344 |
2 486 2 486 |
1 441 1 441 |
3 309 3 309 |
4 354 4 354 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| MSEK | 2022 | 2021 | 2021 |
| Intangible fixed assets | 11 162 | 8 921 | 9 724 |
| Tangible fixed assets | 2 959 | 2 318 | 2 430 |
| Financial fixed assets | 3 | 3 | 3 |
| Deferred tax asset | 105 | 54 | 79 |
| Total fixed assets | 14 229 | 11 296 | 12 236 |
| Inventories | 2 648 | 1 437 | 1 739 |
| Accounts receivable | 3 603 | 2 482 | 2 401 |
| Other receivables | 273 | 212 | 212 |
| Prepaid expenses and accrued income | 97 | 68 | 55 |
| Cash and cash equivalents | 1 550 | 886 | 1 320 |
| Total current assets | 8 171 | 5 085 | 5 727 |
| Total assets | 22 400 | 16 381 | 17 963 |
| Equity attributable to Parent Company's shareholders | 12 069 | 9 782 | 11 650 |
| Total shareholders' equity | 12 069 | 9 782 | 11 650 |
| Interest-bearing liabilities | 3 240 | 2 739 | 301 |
| Other liabilities | 290 | 81 | 58 |
| Provision for deferred tax | 665 | 531 | 602 |
| Provision for pensions | 67 | 64 | 66 |
| Total non-current liabilities | 4 262 | 3 415 | 1 027 |
| Interest-bearing liabilities | 1 604 | 97 | 1 921 |
| Accounts payable | 3 479 | 2 320 | 2 431 |
| Other liabilities | 335 | 293 | 334 |
| Accrued expenses, prepaid income, provisions | 651 | 474 | 600 |
| Total current liabilities | 6 069 | 3 184 | 5 286 |
| Total shareholders' equity and liabilities | 22 400 | 16 381 | 17 963 |
| Jun 30, 2022 | Jun 30, 2021 | Dec 31, 2021 | |||||
|---|---|---|---|---|---|---|---|
| MSEK | Attributable to Parent Company shareholders |
Total equity |
Attributable to Parent Company shareholders |
Total equity |
Attributable to Parent Company shareholders |
Total equity |
|
| Opening equity | 11 650 | 11 650 | 9 133 | 9 133 | 9 133 | 9 133 | |
| Comprehensive income | 2 486 | 2 486 | 1 441 | 1 441 | 3 309 | 3 309 | |
| Dividend | -2 067 | -2 067 | -792 | -792 | -792 | -792 | |
| Closing equity | 12 069 | 12 069 | 9 782 | 9 782 | 11 650 | 11 650 |
| Total number of Class A shares |
Total number of Class B shares |
Total number of shares |
|
|---|---|---|---|
| Number of shares at January 1 | 14 765 620 | 329 671 226 | 344 436 846 |
| Number of shares at the end of the period | 14 765 620 329 671 226 344 436 846 |
| MSEK | 2022 | 2021 | 2022 | 2021 | Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year 2021 |
Jul 21- Jun 22 |
|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital |
622 | 562 | 1 430 | 1 361 | 2 916 | 2 985 |
| Changes in working capital | -135 | -164 | -821 | -547 | -510 | -784 |
| Cash flow from operating activities | 487 | 398 | 609 | 814 | 2 406 | 2 201 |
| Acquisitions Note 3 |
-371 | - | -371 | -260 | -558 | -669 |
| Cash flow from other investing activities | -182 | -52 | -274 | -104 | -304 | -474 |
| Cash flow from investing activities | -553 | -52 | -645 | -364 | -862 | -1 143 |
| Dividend | -2 067 | -792 | -2 067 | -792 | -792 | -2 067 |
| Cash flow from other financing activities | 2 179 | 252 | 2 622 | 40 | -574 | 2 008 |
| Cash flow from financing activities | 112 | -540 | 555 | -752 | -1 366 | -59 |
| Change in cash and cash equivalents | 46 | -194 | 519 | -302 | 178 | 999 |
| Cash and cash equivalents at January 1 | 1 797 | 1 085 | 1 320 | 1 200 | 1 200 | 886 |
| Exchange-rate differences in cash and cash equivalents | -293 | -5 | -289 | -12 | -58 | -335 |
| Cash and cash equivalents at the end of the period | 1 550 | 886 | 1 550 | 886 | 1 320 | 1 550 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 21- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 | Jun 22 |
| Operating profit | 836 | 728 | 1 611 | 1 432 | 3 074 | 3 253 |
| Depreciation/amortisation/impairment | 123 | 78 | 229 | 242 | 471 | 458 |
| Change in working capital | -135 | -164 | -821 | -547 | -510 | -784 |
| Sale of fixed assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | -182 | -52 | -274 | -104 | -304 | -474 |
| Operating Cash flow | 642 | 590 | 745 | 1 023 | 2 731 | 2 453 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 21- | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | 2021 | Jun 22 | |
| Profit margin before tax, % | 14,8 | 17,7 | 14,9 | 18,0 | 18,9 | 17,0 |
| Return on shareholders' equity, % R12 | 21,5 | 19,8 | 22,2 | |||
| Interest-coverage ratio, multiple | 53 | 65 | 71 | 63 | ||
| Net debt, MSEK | -3 291 | -1 947 | -899 | |||
| Sales growth adjusted for currency effects, % | 28 | 74 | 27 | 29 | 25 | |
| Sales growth adjusted for currency effects and acquisitions, % | 18 | 70 | 19 | 27 | 21 | |
| Cash flow per share, SEK | 1,41 | 1,16 | 1,77 | 2,36 | 6,99 | 6,40 |
| Cash flow per share before change in working capital, SEK | 1,81 | 1,63 | 4,15 | 3,95 | 8,47 | 8,67 |
| MSEK | Apr-Jun 2022 |
Apr-Jun 2021 |
2022 | 2021 | Jan-Jun Jan-Jun Full Year 2021 |
Jul 21- Jun 22 |
|---|---|---|---|---|---|---|
| Sales | 17 | 11 | 33 | 23 | 58 | 68 |
| Administrative costs, etc. | -31 | -28 | -56 | -51 | -95 | -100 |
| Operating loss | -14 | -17 | -23 | -28 | -37 | -32 |
| Financial income and expenses | 193 | 166 | 192 | 176 | 1 428 | 1 444 |
| Profit after financial items | 179 | 149 | 169 | 148 | 1 391 | 1 412 |
| Untaxed reserves | - | 0 | - | 0 | - | 0 |
| Profit before tax | 179 | 149 | 169 | 148 | 1 391 | 1 412 |
| Tax | 3 | 3 | 4 | 5 | -25 | -26 |
| Profit after tax | 182 | 152 | 173 | 153 | 1 366 | 1 386 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| MSEK | 2022 | 2021 | 2021 |
| Fixed assets | 10 619 | 9 533 | 10 000 |
| Current assets | 2 854 | 1 961 | 2 519 |
| Total assets | 13 473 | 11 494 | 12 519 |
| Restricted shareholders' equity | |||
| Share capital | 69 | 69 | 69 |
| Total restricted shareholders' equity | 69 | 69 | 69 |
| Non-restricted shareholders' equity | |||
| Share premiun reserve | 619 | 619 | 619 |
| Accumulated earnings | 3 492 | 4 192 | 4 192 |
| Profit after tax | 173 | 153 | 1 366 |
| Total non-restricted shareholders' equity | 4 284 | 4 964 | 6 177 |
| Total shareholders' equity | 4 353 | 5 033 | 6 246 |
| Untaxed reserves | - | 0 | - |
| Non-current liabilities | 2 940 | 2 440 | - |
| Current liabilities | 6 180 | 4 021 | 6 273 |
| Total shareholders' equity and liabilities | 13 473 | 11 494 | 12 519 |
| Jun 30, 2022 | Financial assets/liabilities measured at: | ||||||
|---|---|---|---|---|---|---|---|
| MSEK | Amortized costs |
Fair value through profit or loss |
Measurem. level |
Total | |||
| Assets in the balance sheet | |||||||
| Non-current financial assets | 3 | - | 3 | ||||
| Accounts receivable | 3 603 | - | 3 603 | ||||
| Cash and cash equivalents | 1 550 | - | 1 550 | ||||
| Total | 5 156 | - | 5 156 | ||||
| Liabilities in the balance sheet | |||||||
| Interest-bearing non-current liabilities | 2 941 | - | 2 941 | ||||
| Interest-bearing non-current lease liabilities | 299 | - | 299 | ||||
| Liabilities to minority shareholders | 220 | 3 | 220 | ||||
| Interest-bearing current liabilities | 1 501 | - | 1 501 | ||||
| Interest-bearing current lease liabilities | 103 | - | 103 | ||||
| Accounts payable | 3 479 | - | 3 479 | ||||
| Other liabilities | 335 | - | 335 | ||||
| Accrued expenses, prepaid income, provisions | 651 | - | 651 | ||||
| Total | 9 309 | 220 | 9 529 |
| Jun 30, 2021 | Financial assets/liabilities measured at: | |||
|---|---|---|---|---|
| MSEK | Amortized costs |
Fair value through profit or loss |
Measurem. level |
Total |
| Assets in the balance sheet | ||||
| Non-current financial assets | 3 | - | 3 | |
| Accounts receivable | 2 482 | - | 2 482 | |
| Cash and cash equivalents | 886 | - | 886 | |
| Total | 3 371 | - | 3 371 | |
| Liabilities in the balance sheet | ||||
| Interest-bearing non-current liabilities | 2 441 | - | 2 441 | |
| Interest-bearing non-current lease liabilities | 298 | - | 298 | |
| Interest-bearing current liabilities | 0 | - | 0 | |
| Interest-bearing current lease liabilities | 97 | - | 97 | |
| Accounts payable | 2 320 | - | 2 320 | |
| Other liabilities | 293 | - | 293 | |
| Accrued expenses, prepaid income, provisions | 474 | - | 474 | |
| Total | 5 923 | - | 5 923 |
| Note 2 Non-recurring items in the income statement | ||
|---|---|---|
| ---------------------------------------------------- | -- | -- |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun Full Year | ||
|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 |
| Costs of goods sold | - | - | - | - | -31 |
| Selling and administrative costs, etc. | - | - | - | - | - |
| Other operating income | - | - | - | 84 | 628 |
| Other operating expense | - | - | - | -84 | -260 |
| Profit before tax | - | - | - | 0 | 337 |
| Tax | - | - | - | - | -78 |
| Profit afer tax | - | - | - | 0 | 259 |
The cost in the period Jan-Dec 2021, is mainly attributable to the fire that broke out January 7, 2021, in Jonesborough, TN, USA. The income in the same period is the insurance compensation for the fire, paid in October. In addition to the cost of the fire, there are for example, costs for planned restructuring of the English operations.
Acquisition within TP Compounding 2022
HEXPOL has in April completed the acquisition of 70 percent of the shares in almaak international GmbH, a specialist in high quality recycled engineered compounds. almaaks turnover in 2021 amounted to 75 MEUR with a profitability level just below the HEXPOL Group. almaak operates two sites in Germany with some 190 employees. The main end user segment is the European automotive industry where the interest for recycled compounds is high. The acquisition price amounts to approximately 70 MEUR on a cash and debt free basis and is funded by a combination of cash and existing bank facilities. Pursuant to the agreement, HEXPOL has an option to acquire the remaining shares (from 2025 and thereafter annually during the period January 1 – March 31), and the sellers have the option to sell their remaining shares to HEXPOL (from 2025 and thereafter annually during the period January 1 – March 31). The business has been consolidated from April 1. The purchase price allocation is preliminary since some information is outstanding.
Below are details of net assets acquired and goodwill for the above acquisition;
| MSEK | |
|---|---|
| Puchase consideration | 722 |
| Fair value of acquired net assets | 158 |
| Goodwill | 564 |
Goodwill is attributable to the strategic importance of the acquisition in terms of the increased breadth it adds to the HEXPOL Group's existing product offering. Through the acquisition, we strengthen our position in Europe, and give us a very good opportunity to continue our successful business strategy and philosophy around sustainability in connection with engineering compounds. The fair value of the acquired net assets includes 10 MSEK for the estimated value of acquired intangible assets.
The following assets and liabilities were included in the acquisition:
| MSEK | Balance sheet at the time of acquisition |
Adjust ment to fair value |
Fair value |
|---|---|---|---|
| Cash and cash equivalents | 131 | - | 131 |
| Accounts receivable | 13 | - | 13 |
| Current assets | 271 | - | 271 |
| Tangible assets | 237 | - | 237 |
| Intagible assets | 10 | - | 10 |
| Deferred tax liabilities | -13 | - | -13 |
| Non-current liabilities, liability to minority shareholders | -1 | - | -1 |
| Accounts payables | -67 | - | -67 |
| Current liabilities | -423 | - | -423 |
| Acquired net assets | 158 | - | 158 |
| Change in Group's cash and cash equivalents | 371 |
|---|---|
| Cash and cash equivalents in acquired operations | 131 |
| Liabilities to minority shareholders | -220 |
| Purchase considerations | 722 |
Transaction costs for the above acquisition amounted to 7 MSEK and has been reported in the operating profit.
Sales per business area
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 22 | Q1 | Q2 | Q3 | Q4 | Year |
| HEXPOL Compounding | 4 841 5 291 3 548 3 723 3 826 3 791 | 14 888 | 17 749 3 906 2 290 3 091 3 159 | 12 446 | |||||||||
| HEXPOL Engineered Products | 332 | 363 | 262 | 279 | 282 | 294 | 1 117 | 1 271 | 262 | 236 | 237 | 243 | 978 |
| Group total | 5 173 5 654 3 810 4 002 4 108 4 085 16 005 | 19 020 4 168 2 526 3 328 3 402 | 13 424 |
Sales per geographic region
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 22 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 2 118 2 341 1 480 1 666 1 617 1 571 | 6 334 | 7 647 1 464 | 983 1 178 1 233 | 4 858 | ||||||||
| Americas | 2 815 3 059 2 141 2 128 2 267 2 275 | 8 811 | 10 416 2 548 1 382 1 958 1 958 | 7 846 | |||||||||
| Asia | 240 | 254 | 189 | 208 | 224 | 239 | 860 | 957 | 156 | 161 | 192 | 211 | 720 |
| Group total | 5 173 5 654 3 810 4 002 4 108 4 085 16 005 | 19 020 4 168 2 526 3 328 3 402 | 13 424 |
Sales per geographic region HEXPOL Compounding
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 22 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 1 963 2 168 1 351 1 525 1 485 1 427 | 5 788 | 7 043 1 334 | 866 1 068 1 115 | 4 383 | ||||||||
| Americas | 2 715 2 950 2 067 2 056 2 188 2 196 | 8 507 | 10 049 2 466 1 321 1 893 1 892 | 7 572 | |||||||||
| Asia | 163 | 173 | 130 | 142 | 153 | 168 | 593 | 657 | 106 | 103 | 130 | 152 | 491 |
| Group total | 4 841 5 291 3 548 3 723 3 826 3 791 14 888 | 17 749 3 906 2 290 3 091 3 159 | 12 446 |
Sales per geographic region HEXPOL Engineered Products
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 22 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 155 | 173 | 129 | 141 | 132 | 144 | 546 | 604 | 130 | 117 | 110 | 118 | 475 |
| Americas | 100 | 109 | 74 | 72 | 79 | 79 | 304 | 367 | 82 | 61 | 65 | 66 | 274 |
| Asia | 77 | 81 | 59 | 66 | 71 | 71 | 267 | 300 | 50 | 58 | 62 | 59 | 229 |
| Group total | 332 | 363 | 262 | 279 | 282 | 294 | 1 117 | 1 271 | 262 | 236 | 237 | 243 | 978 |
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3* | Q4* Year * | Jun 22* | Q1 Q2 Q3 Q4 Year* | |||||
| HEXPOL Compounding | 721 | 759 | 658 | 679 | 618 | 586 | 2 541 | 2 684 | 554 | 178 | 552 | 580 | 1 864 |
| HEXPOL Engineered Products | 54 | 77 | 46 | 49 | 59 | 42 | 196 | 232 | 33 | 31 | 41 | 42 | 147 |
| Group total | 775 | 836 | 704 | 728 | 677 | 628 | 2 737 | 2 916 | 587 | 209 | 593 | 622 | 2 011 |
| 2022 | 2021 | Full | Jul 21- | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % | Q1 | Q2 | Q1 | Q2 | Q3* | Q4* Year * | Jun 22* | Q1 Q2 Q3 Q4 Year* | |||||
| HEXPOL Compounding | 14,9 | 14,3 | 18,5 | 18,2 | 16,2 | 15,5 | 17,1 | 15,1 | 14,2 | 7,8 | 17,9 | 18,4 | 15,0 |
| HEXPOL Engineered Products | 16,3 | 21,2 | 17,6 | 17,6 | 20,9 | 14,3 | 17,5 | 18,3 | 12,6 | 13,1 | 17,3 | 17,3 | 15,0 |
| Group total | 15,0 | 14,8 | 18,5 | 18,2 | 16,5 | 15,4 | 17,1 | 15,3 | 14,1 | 8,3 | 17,8 | 18,3 | 15,0 |
*Adjusted EBIT for HEXPOL Compounding
**Adjusted EBIT
Sales
| 2022 | 2021 | Full | 2020 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Sales | 5 173 | 5 654 | 3 810 | 4 002 | 4 108 | 4 085 | 16 005 | 4 168 | 2 526 | 3 328 | 3 402 | 13 424 |
| Currency effects | 363 | 516 | -412 | -405 | -55 | 58 | -814 | 138 | 12 | -202 | -276 | -328 |
| Sales excluding currency effects |
4 810 | 5 138 | 4 222 | 4 407 | 4 163 | 4 027 16 819 | 4 030 | 2 514 | 3 530 | 3 678 13 752 | ||
| Acquisitions | 242 | 400 | 33 | 109 | 210 | 217 | 569 | 580 | 279 | - | - | 859 |
| Sales excluding currency effects and acquisitions |
4 568 | 4 738 | 4 189 | 4 298 | 3 953 | 3 810 16 250 | 3 450 | 2 235 | 3 530 | 3 678 12 893 |
| % | 2022 | Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2021 |
2022 | 2021 | Full Year 2021 |
|---|---|---|---|---|---|
| Sales growth excluding currency effects |
28 | 74 | 27 | 29 | 25 |
| Sales growth excluding currency effects and acquisitions |
18 | 70 | 19 | 27 | 21 |
| Full | ||||||
|---|---|---|---|---|---|---|
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun | Year Jul 21- | |||||
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 Jun 22 | |
| Sales | 5 654 | 4 002 | 10 827 | 7 812 | 16 005 | 19 020 |
| Operating profit | 836 | 728 | 1 611 | 1 432 | 3 074 | 3 253 |
| Non-recurring items | - | - | - | - | -337 | -337 |
| Amortisation and impairment of intangible assets |
23 | 17 | 45 | 34 | 75 | 86 |
| Total EBITA, adjusted | 859 | 745 | 1 656 | 1 466 | 2 812 | 3 002 |
| EBITA, adjusted, % | 15,2 | 18,6 | 15,3 | 18,8 | 17,6 | 15,8 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun | Full | Year Jul 21- | ||||
|---|---|---|---|---|---|---|
| MSEK | 2022 | 2021 | 2022 | 2021 | 2021 Jun 22 | |
| Sales | 5 654 | 4 002 | 10 827 | 7 812 | 16 005 | 19 020 |
| Operating profit | 836 | 728 | 1 611 | 1 432 | 3 074 | 3 253 |
| Amortisation and impairment of intangible assets |
23 | 17 | 45 | 34 | 75 | 86 |
| Total EBITA | 859 | 745 | 1 656 | 1 466 | 3 149 | 3 339 |
| EBITA% | 15,2 | 18,6 | 15,3 | 18,8 | 19,7 | 17,6 |
| 2022 | 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Mar 31 | Jun 30 | Mar 31 Jun 30 | Sep 30 | 31 Dec Mar 31 Jun 30 Sep 30 | Dec 31 | ||||
| Total assets | 19 941 | 22 400 | 16 524 | 16 381 | 18 200 | 17 963 | 19 088 16 131 | 16 185 | 15 073 | |
| Provision for deferred tax | -612 | -665 | -544 | -531 | -662 | -602 | -584 | -543 | -518 | -521 |
| Accounts payable | -3 073 | -3 479 | -2 201 | -2 320 | -2 432 | -2 431 | -2 300 | -1 257 | -1 689 | -1 796 |
| Other liabilities | -457 | -335 | -316 | -293 | -302 | -334 | -658 | -604 | -284 | -221 |
| Accrued expenses, prepaid income, provisions |
-546 | -651 | -494 | -474 | -570 | -600 | -543 | -542 | -586 | -504 |
| Total Group | 15 253 | 17 270 | 12 969 12 763 | 14 234 | 13 996 15 003 13 185 13 108 | 12 031 |
| MSEK | Jun 30 2022 |
Jun 30 2021 |
Full Year 2021 |
|---|---|---|---|
| Average capital employed | 15 188 | 12 718 | 13 491 |
| Profit before tax | 3 236 | 2 563 | 3 031 |
| Interest expense | 52 | 45 | 43 |
| Total | 3 288 | 2 608 | 3 074 |
| Return on capital employed, % |
21,6 | 20,5 | 22,8 |
| Full | ||||
|---|---|---|---|---|
| Jan-Jun Jan-Jun | Year | Jul 21- | ||
| MSEK | 2022 | 2021 | 2021 | Jun 22 |
| Profit before tax | 1 615 | 1 410 | 3 031 | 3 236 |
| Interest expense | 31 | 22 | 43 | 52 |
| Total | 1 646 | 1 432 | 3 074 | 3 288 |
| Interest-coverage ratio, multiple | 53 | 65 | 71 | 63 |
Shareholders' equity
| 2022 | 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Mar 31 | Jun 30 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 Jun 30 | Sep 30 | Dec 31 | |
| Shareholders' equity | 12 449 | 12 069 | 10 230 | 9 782 | 10 905 | 11 650 | 10 924 | 10 162 | 10 319 | 9 133 |
| Full | |||
|---|---|---|---|
| MSEK | Jun 30 2022 |
Jun 30 2021 |
Year 2021 |
| Average shareholders' equity | 11 768 | 9 866 | 10 642 |
| Profit after tax | 2 531 | 1 953 | 2 358 |
| Return on equity, % | 21,5 | 19,8 | 22,2 |
| Full | |||
|---|---|---|---|
| MSEK | Jun 30 2022 |
Jun 30 2021 |
Year 2021 |
| Financial assets | 3 | 3 | 3 |
| Cash and cash equivalents | 1 550 | 886 | 1 320 |
| Non-current interest-bearing liabilities | -3 240 | -2 739 | -301 |
| Current interest-bearing liabilities | -1 604 | -97 | -1 921 |
| Net debt | -3 291 | -1 947 | -899 |
| Full | |||
|---|---|---|---|
| Jun 30 | Jun 30 | Year | |
| MSEK | 2022 | 2021 | 2021 |
| Net debt | -3 291 | -1 947 | -899 |
| EBITDA, R12 | 3 711 | 3 101 | 3 545 |
| Net debt/EBITDA, multiple | -0,89 | -0,63 | -0,25 |
| Full | |||
|---|---|---|---|
| MSEK | Jun 30 2022 |
Jun 30 2021 |
Year 2021 |
| Shareholders' equity | 12 069 | 9 782 | 11 650 |
| Total assets | 22 400 | 16 381 | 17 963 |
| Equity/assets ratio, % | 54 | 60 | 65 |
| Average capital employed | Average of the last four quarters capital employed. |
|---|---|
| Average shareholders' equity | Average of the last four quarters shareholders' equity. |
| Capital employed | Total assets less deferred tax liabilities, accounts payable, other liabilities and accrued expenses, prepaid income and provisions. |
| Cash flow | Cash flow from operating activities. |
| Cash flow per share | Cash flow from operating activities in relation to the average number of shares outstanding. |
| Cash flow per share before | Cash flow from operating activities before changes in working capital in relation to the average number of |
| changes in working capital | shares outstanding. |
| Earnings per share | Profit after tax, in relation to the average number of shares outstanding. |
| Earnings per share after dilution |
Profit after tax, in relation to the average number of shares outstanding adjusted for the dilution effect of warrants. |
| Earnings per share excl. adjusted |
Profit after tax excluding non-recurring items, in relation to the average number of shares outstanding. |
| EBIT | Operating profit. |
| EBITA | Operating profit, excluding amortisation and impairment of intangible assets. |
| EBITA margin, % | Operating profit, excluding amortisation and impairment of intangible assets in relation to sales. |
| EBITA, adjusted | Operating profit excluding non-recurring items and amortisation and impairment of intangible assets. |
| EBITA margin, adjusted, % | Operating profit excluding non-recurring items and amortisation and impairment of intangible assets in relation to sales. |
| EBITDA | Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. |
| Equity/assets ratio | Shareholders' equity in relation to total assets. |
| Interest-coverage ratio | Profit before tax plus interest expenses in relation to interest expenses. |
| Net debt/EBITDA | Non-current and current interest-bearing liabilities less cash and cash equivalents in relation to operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. |
| Net debt, net cash | Non-current and current interest-bearing liabilities less cash and cash equivalents. |
| Non-recurring items | Refers to integration- and restructuring costs and other material non-recurring items. |
| Operating cash flow | Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets, less investments incl. new leasing agreements and plus sales of tangible and intangible assets, and after changes in working capital. |
| Operating margin, % | Operating profit in relation to the sales. |
| Operating margin, adjusted, % | Operating profit excluding non-recurring items, in relation to the sales. |
| Other investing activities | Investments and sales of intangible and tangible assets. |
| Operating profit, adjusted | Operating profit excluding non-recurring items. |
| Profit margin before tax | Profit before tax in relation to the sales. |
| Return on capital employed, R12 |
Twelve months profit before tax plus twelve months interest expenses in relation to average capital employed. |
| Return on equity, R12 | Twelve months profit after tax in relation to average shareholders' equity. |
| R12 | Rolling twelve months average. |
| Sales growth excluding currency effects |
Sales excluding currency effects compared to the sales for the corresponding year-earlier period. |
| Sales growth excluding currency effects and acquisitions |
Sales excluding currency effects and acquisitions compared to the sales for the corresponding year-earlier period. |
| Shareholders' equity per share | Shareholders' equity in relation to the number of shares outstanding at the end of the period. |
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