Quarterly Report • Nov 18, 2021
Quarterly Report
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2021
| 2021 | 2020 | 2021 | 2020 | 2021Q3 | 2020 | |||
|---|---|---|---|---|---|---|---|---|
| SEK m | July-Sept | July-Sept | Δ | Jan-Sept | Jan-Sept | Δ | 12M | Jan–Dec |
| Net sales | 713.7 | 332.3 | 114.7% | 1,823.7 | 921.3 | 97.9% | 2,242.7 | 1,340.4 |
| EBITA | 102.8 | 41.8 | 145.8% | 188.4 | 88.7 | 112.4% | 233.6 | 133.9 |
| EBITA margin, % | 14.4 | 12.6 | 10.3 | 9.6 | 10.4 | 10.0 | ||
| Adjusted EBITA | 94.3 | 49.9 | 89.1% | 195.9 | 102.0 | 92.1% | 242.8 | 148.9 |
| Adjusted EBITA margin, % | 13.2 | 15.0 | 10.7 | 11.1 | 10.8 | 11.1 | ||
| Cash flow from operating activities | 66.7 | 20.7 | 222.1% | 131.6 | 68.9 | 91.0% | 218.6 | 155.9 |
| Cash conversion, % | 57.4 | 43.9 | 59.1 | 66.6 | 79.5 | 100.0 | ||
| Return on capital employed, % | - | - | 12.5 | 13.3 | 12.5 | 10.3 | ||
| Return on capital employed excluding goodwill etc., |
- | - | 176.2 | 173.6 | 176.2 | 58.1 | ||
| Return on shareholders' equity, % | - | - | 16.1 | 22.2 | 16.1 | 15.0 | ||
| Profit/loss before tax | 92.4 | 37.5 | 146.4% | 159.7 | 80.3 | 98.9% | 193.6 | 114.2 |
| Order backlog | 1,628.0 | 988.0 | 64.8% | 1,628.0 | 988.0 | 64.8% | 1,628.0 | 1,021.0 |
1For items affecting comparability in the respective period, see note 7.
2IFRS measured are Net Sales and Profit/loss before tax. Other measures are Alternative performance measures, for definitions of Alternative performance measures, see page 20.
3Definition of performance measures Return on capital employed and shareholders' equity has changed, comparison figures have been recalculated. See Alternative performance measures, p 20.
INTERIM REPORT 1 JANUARY–30 SEPTEMBER 2021 1 Fasadgruppen is the largest façade work company in the Nordics and the only complete provider of sustainable façades operating nationwide in Sweden. The operations are based on local entrepreneurial companies that maintain a clear focus on cooperation, commitment and know-how.
I am proud to present a strong quarter for Fasadgruppen where we have continued to deliver high growth and strong profitability. As in the previous quarter, we can report organic growth, which suggests we find ourselves in a more normalised market again after the pandemic. However, as planned the majority of growth derives from acquisitions, and already today, we can state that 2021 will be our most successful year ever in terms of the number of newly joined companies.
Sales in the third quarter amounted to SEK 713.7 million, an increase of 114.7 percent compared to the corresponding quarter in the previous year. Organic growth was 2.5 percent and growth through acquisitions 112.2 percent. The order backlog increased by 64.8 percent in the quarter, impacted by the generally lower order intake during the vacation months.
Adjusted EBITA margin amounted to 13.2 percent in the quarter, compared to 15.0 percent in the corresponding quarter in the previous year. The margin in the comparison period was favourably impacted by some delays in operating activities between the second and third quarters, as a consequence of the outbreak of the Covid-19 pandemic in Q2 2020.
M&A is a key part of our growth strategy and as of the end of September this year, we have acquired 13 new businesses and a further five businesses after the end of the quarter, with combined estimated annual sales of around SEK 1,094 million. This means that 2021 will be far and away our most acquisition intensive year since the start of Fasadgruppen. During the third quarter, Åby Fasad (announced in June), Eklunds Glas, Er-Jill and Husby Takplåtslageri were added to the Group. Since the end of the quarter, we have also added Solid Fasad, Stilpro and Kumla Fasadteam in Sweden, SH-Bygg in Norway, and OPN in Denmark.
Since the start of Fasadgruppen, we have worked according to an integration model with focus on efficient processes, where the newly acquired companies quickly can benefit from our common strengths while continuing to develop their local market positions based on already existing methods. Our Business Area Managers also fill an important role in ensuring coordination and identification of new sales opportunities. As the group grows, the model is refined, and we experience that the integrations are running increasingly smoother.
In order to ensure the pace in our continued acquisition work, in October, we entered into new sustainability linked credit facility agreements totalling SEK 1.23 billion. The agreements mean that interest terms and conditions will be adjusted based on our ability to deliver lower CO2
"2021 will be far and away our most acquisition intensive year since Fasadgruppen was started."
emissions and a decrease in work-related accidents, which is in line with our sustainability ambitions.
Since the end of the quarter, we have entered into two new partnerships in the sustainability area. The first concerns a joint project with construction sector equipment supplier El-Björn, with the aim of finding more energy efficient solutions and methods that enable the use of more sustainable heating in façade work. Over the next few months, we are going to perform practical tests using alternative heating methods and we look forward to seeing the results.
The second partnership involves the installation of solar panels whereby Svea Solar will offer Fasadgruppen favourable terms in projects where solar panels are to be installed. We already have a relationship with Aprilice in this area and feel we can therefore offer our customers indepth know-how when it comes to solar power.
During the quarter, two representatives from Fasadgruppen's management team have also started their involvement in the Global Compact programme SDG Ambition, with the aim of accelerating the implementation and integration of the global goals for sustainable development in our operations.
We are approaching the end of the year and we have seen continued good activity in the month of October and early November. Altogether, I am satisfied with the year to date and see good prospects to continue to deliver profitable growth, based on our strong market position and continued acquisitions.
Pål Warolin CEO and President of the Group
Net sales for the third quarter of 2021 amounted to SEK 713.7 million (332.3), a 114.7 percent increase compared to the same period last year. Exchange rate fluctuations had a negative effect on net sales of -0.6 percent compared to the comparison period. Organic growth amounted to 2.5 percent and growth through acquisitions 112.2 percent. Organic growth remained positive during the current quarter but at a lower level than the previous quarter. This strong organic growth during the previous quarter was impacted by weak comparison figures for the second quarter of 2020, where the Covid-19 pandemic had a significant effect. During the third quarter 2021, Fasadgruppen has completed three acquisitions and they all joined the Group in the quarter, together with Åby Fasad in Sweden that was acquired in June 2021. The acquisitions of Eklunds Glas, Er-Jill and Husby Takplåtslageri in Sweden, were all completed in July. For more information on acquisitions in the third quarter of 2021, please see page 6 and note 8 on pages 16.
EBITA for the current quarter rose to SEK 102.8 million (41.8) and adjusted EBITA to SEK 94.3 million (49.9). EBITA have been positively impacted in the current quarter by items affecting comparability amounting to SEK 10.0 million, related to a revaluation of earnouts that have not yet been paid. A need for any writedown in general related to the revaluation has not been identified. Items affecting comparability in the quarter amounted to SEK +8.5 million (-8.0), see note 7. The adjusted EBITA margin for the current quarter amounted to 13.2 percent (15.0). The margin in the comparison period was favourably impacted by certain delays in operating activities between the second and third quarters, as a consequence of the outbreak of the Covid-19 pandemic in Q2 2020. Net financial items for the quarter amounted to SEK -4.4 million (-4.3). Interest expenses on loans from credit institutions amounted to SEK -3.5 million (-2.2). Profit for the period amounted to SEK 72.0 million (30.2), corresponding to earnings per share of SEK 1.59 (0.80) before dilution. The effective tax rate was 22.1 percent (19.6).
Net sales for January-September 2021 amounted to SEK 1,823.7 million (921.3), a 97.9 percent increase compared to the same period last year. Exchange rate fluctuations had a negative effect on net sales of -0.5 percent compared to the comparison period. Organic growth amounted to 1.9 percent and growth through acquisitions 96.0 percent. The months of January and February 2021 were significantly colder than the same period in 2020, which has resulted in a weaker start to the year. As a rule, the first quarter of the year is weaker than the remaining nine month period as the winter conditions make roof work and other outdoor services for example, more difficult. From January-September 2021, Fasadgruppen has implemented 13 acquisitions, including one asset acquisition and they have all been added during the period. For more information on acquisitions in the period January-September 2021, please see page 6 and note 8 on pages 16.
EBITA for the period January–September 2021 rose to SEK 188.4 million (88.7) and adjusted EBITA to SEK 195.9 million (102.0). Items affecting comparability during the period amounted to SEK -7.5 million (-13.3), please see note 7, with an adjusted EBITA margin of 10.7 percent (11.1). The margin for the current period was impacted by the significantly colder weather conditions early in the year, which has meant a weaker start to the year than in the comparison period in terms of both sales and profitability in relative terms. Net financial items for the period January–September 2021 amounted to SEK -11.1 million (-8.4). Interest expenses on loans from credit institutions amounted to SEK -8.0 million (-4.4). Profit for the period amounted to SEK 124.4 million (63.6), corresponding to earnings per share of SEK 2.75 (2.08) before dilution. The effective tax rate was 22.1 percent (20.8).
The order backlog at the end of September 2021 amounted to SEK 1,628 million (988), a 64.8 percent increase. The order backlog for comparable companies at the end of September 2020 had decreased by -0.6 percent, while the acquired growth in the order backlog amounted to 65.4 percent. Since year-end, the order backlog has increased by SEK 608 million, companies acquired and added in the period January-September 2021 had added SEK 450 million to the order backlog at the end of the period. The order intake is generally lower during the vacation months.
t the end of the period, shareholders' equity was SEK 1,190.8 million ( . ). he change in shareholders' equity between the period ends can primarily be attributed to new and offset share issues between the period ends that amounted to a total of SEK 379.0 million. Of this, SEK 351.7 million was added in the previous year and SEK 27.3 million in the period January-September 2021 in association with the acquisition-related offset share issue. SEK 7.8 million was added as option liquidity and during the second quarter two 2021, a dividend of SEK 27.1 million was paid (0.0). Interest-bearing net debt on 30 September 2021 amounted to SEK 794.0 million (486.2). Interest-bearing net debt includes shareholder loans amounting to SEK 0.0 million (87.9) and leasing liabilities amounting to SEK 112.3 million (62.2). The remaining shareholder loans were repaid in full during the fourth quarter of 2020 and replaced with external financing. New financing in the period January to September 2021 has primarily been utilised in association with acquisitions completed amounting to SEK 300.0 million. The ratio of Fasadgruppen interest-bearing net debt to adjusted EBITDA 12M (not on a proforma basis) was 2.8 (3.0) at the end of the period. On 30 September 2021, the Group held cash and cash equivalents and other short-term investments amounting to SEK 159.0 million (41.8). In addition to cash and cash equivalents and other short-term investments, there were unutilised credit facilities of SEK 30.0 million at the end of the period. For the period January–September, change in working capital was SEK - 68.5 million (-27.4). The negative change for the period can mainly be attributed to an increase in Group accounts receivable. This is assessed as primarily being of a seasonal nature.
Cash flow from operating activities amounted to SEK 131.6 million (68.9) for the period January-September 2021. Group net investments in tangible non-current assets amounted to SEK -20.8 million (-7.2) for the same period. In first quarter 2020, one property was divested which delivered positive cash flow of SEK 11.5 million. Depreciation on non-current assets for the period amounted to SEK -51.8 million (-14.8), of which depreciation on acquired intangible assets, such as customer relationships, amounted to SEK -17.6 million
(0.0). Investments in company acquisitions for the period January–September 2021 amounted to SEK -459.1 million (-282.0). This amount mainly concerns businesses acquired in the period January to September 2021. Other than this, the amount consists of contingent considerations related to settlements for acquisitions from previous years, SEK -11.4 million.
The Group had 1,350 employees (723) on 30 September 2021, of whom 49 were women (24). The average number of employees for the period January–September 2021 was 1,133 (606). The significant change from the comparison period is primarily attributable to new acquisitions. For more information on acquisitions in the period January-September 2021, please see page 6.
Fasadgruppen Group AB had up to 30 June 2020 purely acted as a holding company for the Group without any employees. From 1 July 2020, the business also includes head office functions such as Group-wide management, administration and a finance department. The Parent Company accordingly had limited operations in the comparison period. Income comprises management fees from Group companies for Group-wide services and costs covered by the Parent Company. Earnings for the period January–September 2021 amounted to SEK -14.5 million (- 7.2). Assets primarily consist of participations in, and receivables from, Group company Fasadgruppen Norden AB and amounted to SEK 1,275.8 million (724.9) at the end of the period. hareholders' equity amounted to SEK 905.0 million (539.0) on balance sheet date. At the end of the period, the Parent Company had 3 employees (3).
Fasadgruppen is the leading complete provider of sustainable façades with a local presence in Sweden, orway and Denmar . he Group's main customers are property owners, construction companies, property management companies, consultants, cooperative apartment associations, government, municipalities and county council authorities.
According to a market survey, sales in the Scandinavian façade market are estimated at around SEK 97 billion. The Swedish market is estimated at around 37 billion, the Norwegian market 31 bn and the Danish approx. 29 bn. Big city regions account for around half of sales.
Fasadgruppen's mar ets are characterized by long-term stability, driven by an underlying need to renovate both residential and commercial properties. In connection with new construction, façade work also comprises a crucial and specialised activity that construction companies to a large extent outsource. In addition to the underlying need for façade work, the trend towards more energy efficient façade solutions is also assessed as being able to further drive market growth.
Fasadgruppen is active in the mid-size segment of the market where projects are in the magnitude of SEK 1– 100 million. Based on this, the Group has created a diversified structure with many smaller, flexible companies in a large number of geographical areas. Local subsidiary company CEOs can take quick business decisions independently and adapt to customer requirements. The means the Group has a stable platform from which to enjoy sustainable profitable growth moving forward.
Sales per geographical area 2021 12M
Up until 30 September this year, Fasadgruppen has acquired 13 new businesses, and after the end of the reporting period, has acquired a further five businesses, a total of 16 company acquisitions and two asset acquisitions have been completed in 2021. These acquisitions are a key part of the Group's growth strategy and are carefully chosen based on selective criteria that are defined in the Fasadgruppen growth strategy.
Since the start of the year, the Group has acquired an estimated SEK 1,094 million in annual sales and added around 557 new employees, that bring new know-how and working capacity to the Group.
Goodwill totalling SEK 1,749.1 million within the Group is a result of continuous and consciously targeted acquisitions
over a number of years. Accumulated goodwill primarily relates to growth expectations, expected future profitability, the significant knowledge and expertise possessed by subsidiary company personnel and expected synergies on the costs side.
Four new acquisitions have been completed in the third quarter of 2021: Åby Fasad (announced in June), Eklunds Glas, Er-Jill, and Husby Takplåtslageri. All acquisitions have been completed in accordance with the Fasadgruppen strategy and all companies complement and strengthen the Group's competitiveness.
For more information on acquisitions in the period January-September 2021, please see note 8 on page 16.
Fasadgruppen has added the following acquisitions in 2021.
| Estimated annual sales at time of |
||||
|---|---|---|---|---|
| acquisition, | No. of | |||
| Access | Acquisitions | Country | SEK million | employees |
| November 2021 | Kumla Fasadteam AB | Sweden | 65 | 25 |
| October 2021 | OPN Entreprise A/S | Denmark | 41 | 31 |
| October 2021 | SH-Bygg AS (incl SH Tømmer AS and SH-Bygg Tegl AS) | Norway | 74 | 43 |
| October 2021 | Stilpro AB (asset acquisition) | Sweden | 4 | 2 |
| October 2021 | Solid Fasad Stockholm AB | Sweden | 50 | 16 |
| July 2021 | Husby Takplåtslageri & Ventilation AB | Sweden | 58 | 38 |
| July 2021 | Er-Jill Byggnadsplåt AB (incl Er-Jill Service AB) | Sweden | 27 | 20 |
| July 2021 | Hans Eklund Glasmästeri AB | Sweden | 44 | 26 |
| July 2021 | Åby Fasad I Sverige AB | Sweden | 55 | 44 |
| May 2021 | Byens Tag & Façade A/S | Denmark | 220 | 69 |
| May 2021 | Engman Tak AB | Sweden | 59 | 29 |
| May 2021 | Rogaland Blikk AS | Norway | 18 | 10 |
| May 2021 | RSM Fasade AS | Norway | 49 | 19 |
| March 2021 | Mur & Puts i Örebro AB | Sweden | 23 | 18 |
| February 2021 | Tello Service Partner AB | Sweden | 60 | 22 |
| February 2021 | Bruske/Delér Fönsterrenoveringar AB | Sweden | 60 | 38 |
| January 2021 | Mjøndalen Mur & Puss AS | Norway | 175 | 95 |
| January 2021 | Mölnlycke Mur & Puts AB (asset acquisition) | Sweden | 12 | 11 |
| 1,094 | 557 |
Fasadgruppen has an active M&A strategy. Acquisitions are primarily implemented with the aim of broadening the Group geographically and to strengthen its offer. In addition to adding new companies to the Group, add-on acquisitions are also made to existing companies with the aim of adding expertise, framework agreements and critical mass.
Fasadgruppen has established a number of acquisition criteria with requirements such as good profitability, geographic locations and long-term management. In Sweden, over 500 potential acquisition candidates have been identified. The corresponding figure for the other Nordic countries is over 1,800 potential companies.
Fasadgruppen's business is affected by a number of ris s whose effects on earnings and our financial position can be managed to varying degrees. When assessing the Group's future development, it is of importance to consider the risk factors in addition to possible opportunities for earnings growth. The Group is exposed to different types of risk in its business, such as operational risks, financial risks and external risks. External risks are primarily related to factors outside Fasadgruppen's own businesses, such as macroeconomic growth on the Group's main mar ets. Operational risks are related to day-to-day operations such as tendering, capacity utilisation, percentage of completion and price risks. The financial risks include liquidity and loan financing risks. Risk management is clearly defined in the Fasadgruppen management system, which is designed to prevent and reduce the Group's ris exposure. Ris management in the Group aims to identify, measure, control and limit risks in the business.
Like the rest of society, Fasadgruppen has been affected by the ongoing Covid-19 pandemic in 2020 and the first quarter 2021 in particular. The principal impact took the form of project postponements, particularly related to tenant-owner association customers but also to property owners and new construction. Because most of Fasadgruppen's services are performed outdoors, however, the impact on project implementation has been limited, and employees have been able to follow official recommendations for mitigating the risk of the spread of infection in workplaces without major disruption. Officebased workers have been able to work from home as far as possible. In line with the Fasadgruppen business model, individual subsidiaries have been able to adapt their operations locally and at their own discretion. The Group continues to monitor developments closely as part of its ongoing risk management work, making adjustments as necessary. No additional risks and uncertainties, beyond those presented, are deemed to have arisen during the period.
For further information on the Group's ris s, please see the 2020 Annual Report.
Fasadgruppen activities and markets are affected by season variations to a certain degree. As a rule, the first quarter of the year is weaker than the remaining nine month period as the winter conditions can make roof work and other outdoor services for example, more difficult. Low temperatures mean it is more difficult for rendering and masonry work to be cured to the expected compressive strength and therefore larger projects involving rendering and masonry are avoided during winter months. he Group's diversified structure with regard to both its market offer and geographic presence, limits exposure to seasonal variations to a certain extent, however.
The Nordic market is expected to continue to have stable underlying renovation requirements in the future. Underlying driving forces such as low interest rates for the foreseeable future, are assessed as leading to a continuing willingness to invest among the Group's customer groups, which points to continued long-term growth potential for Fasadgruppen. The Group has a well underpinned acquisition strategy and future acquisition opportunities are assessed as continuing to be good. Business operations in the rest of the Nordic region are under development and talks about acquisitions are being held with a number of companies outside weden. he Group's financial base creates the stability that aids both investments and acquisitions. Fasadgruppen continues to develop its sustainability work with the focus on profitability and those products that are being developed for the sustainable façade solutions of the future that should boost the competitiveness of customers. The Group is firmly resolved to drive both daily improvement work in the business and the transformation of the façade sector towards safe and more sustainable solutions.
The ongoing pandemic has also had a braking effect on sales growth in the first quarter of 2021 in the form of an assessed short-term negative impact due to postponed projects. However, we assess that a normalisation has occurred in quarter three 2021 in particular. It is too early to say what the full scale effects will be in the longer term for Fasadgruppen. Read more about how the Group is working to counter possible risks as a consequence of the ongoing Coronavirus pandemic in the section on Risks and uncertainty factors.
The 2021 Annual General Meeting resolved to introduce a long-term incentive programme for employees in the Group consisting of a maximum 932,010 warrants. Each warrant entitles the holder to subscribe to a new share in the company in June 2024. The subscription price for each such share shall be SEK 164.1, which corresponds to 125 percent of the averaged volume weighted price paid for the company's shares on the asdaq Stockholm over the last ten trading days before the 2021 AGM.
At this moment in time, 489,863 warrants have been issued to 65 employees in the Group at a market price calculated in accordance with the Black & Scholes model. Option premiums paid amount to SEK 7.8 million. The remaining , warrants are held by the company's wholly owned subsidiary, Fasadgruppen Norden AB, and have been transferred free of charge.
Under certain circumstances, the company has the right to buy back warrants from holders who cease to be employees of the Group or that wish to transfer their warrants to a third party. For more information on the warrant terms and conditions, please see the company website.
The number of shares and votes increased in June following the issue of 210,336 new shares as part of the purchase consideration on the acquisition of Byens Tag & Facade A/S. The number of shares and votes in Fasadgruppen Group AB has otherwise remained unchanged in the period January to September 2021. As of 30 September 2021, the number of shares and votes amounted to 45,332,816 with a share capital of SEK 2.3 million, corresponding to a quotient value of SEK 0.05 per share. The three largest shareholders in the company at the end of September 2021 were Capital Group, Connecting Capital and Swedbank Robur Fonder.
The interim report will be presented via a telephone conference and webcast today, 18 November at 8:15 a.m. CET via https://tv.streamfabriken.com/fasadgruppengroup-q3-2021. Phone number for participation: +46 8 566 42 692
| 2021 | 2020 | 2021 | 2020 | 2021Q3 | 2020 | |
|---|---|---|---|---|---|---|
| SEK m | July-Sept | July-Sept | Jan-Sept | Jan-Sept | 12M | Jan–Dec |
| Net sales | 713.7 | 332.3 | 1,823.7 | 921.3 | 2,242.7 | 1,340.4 |
| Other operating income | 13.7 | 6.0 | 22.7 | 21.1 | 38.5 | 36.8 |
| Operating income | 727.3 | 338.3 | 1,846.4 | 942.4 | 2,281.2 | 1,377.2 |
| Materials and consumables | -369.2 | -172.6 | -932.2 | -465.3 | -1 139.4 | -672.5 |
| Remuneration to employees | -197.0 | -90.5 | -563.7 | -291.3 | -704.4 | -432.0 |
| Depreciation and impairments of tangible | ||||||
| and intangible non-current assets | -19.3 | -5.3 | -51.8 | -14.8 | -65.5 | -28.5 |
| Other operating costs | -44.9 | -28.0 | -127.9 | -82.3 | -162.4 | -116.8 |
| Total operating costs | -630.5 | -296.4 | -1,675.6 | -853.7 | -2,071.7 | -1,249.8 |
| Operating profit/loss | 96.8 | 41.8 | 170.8 | 88.7 | 209.5 | 127.4 |
| Net financial items | -4.4 | -4.3 | -11.1 | -8.4 | -15.9 | -13.2 |
| Profit/loss after financial items | 92.4 | 37.5 | 159.7 | 80.3 | 193.6 | 114.2 |
| Tax on profit for the period | -20.5 | -7.3 | -35.3 | -16.7 | -43.1 | -24.6 |
| Profit/loss for the period: | 72.0 | 30.2 | 124.4 | 63.6 | 150.5 | 89.6 |
| Other comprehensive income for the | ||||||
| period | ||||||
| Items that will not be reclassified to income | ||||||
| statement | - | - | - | - | - | - |
| Items that can be reclassified to income | ||||||
| statement | ||||||
| Exchange rate differences on recalculation | ||||||
| of foreign activities | 4.3 | -1.4 | 11.8 | -1.3 | 7.6 | -5.5 |
| Other comprehensive income for the | ||||||
| period, net after tax | 4.3 | -1.4 | 11.8 | -1.3 | 7.6 | -5.5 |
| Comprehensive income for the period | 76.3 | 28.8 | 136.3 | 62.3 | 158.1 | 84.1 |
| Comprehensive income for the period attributable to: | ||||||
| Shareholders in the Parent Company | 76.3 | 28.8 | 136.3 | 62.3 | 158.1 | 84.1 |
| Holdings without controlling interest | - | - | - | - | - | - |
| Earnings per share for the period before dilution SEK | 1.59 | 0.80 | 2.75 | 2.08 | 3.41 | 2.71 |
| Earnings per share for the period before dilution SEK | 1.59 | 0.78 | 2.75 | 2.02 | 3.40 | 2.65 |
| Average no of shares, before dilution* | 45,342,816 | 37,701,745 | 45,203,362 | 30,571,287 | 44,098,651 | 33,124,594 |
| Average no of shares, after dilution* | 45,342,816 | 38,543,845 | 45,203,362 | 31,413,387 | 44,218,627 | 33,876,146 |
| Actual no of shares at the end of the period* | 45,342,816 | 38,540,200 | 45,342,816 | 38,540,200 | 45,342,816 | 45,132,480 |
*Recalculated in respect of the share split in 2020.
| SEK m | 30 September 2021 |
30 September 2020 |
31 December 2020 |
|---|---|---|---|
| ASSETS | |||
| Brand | 227.4 | 70.0 | 119.8 |
| Customer relationships | 9.8 | - | 13.6 |
| Goodwill | 1,749.1 | 1,050.6 | 1 258.3 |
| Other intangible assets | 0.5 | 0.7 | 0.6 |
| Total intangible assets | 1,986.9 | 1,121.3 | 1 392.2 |
| Right-of-use assets | 114.6 | 63.7 | 81.4 |
| Tangible non-current assets | 66.2 | 25.7 | 45.9 |
| Total tangible non-current assets | 180.8 | 89.5 | 127.3 |
| Financial non-current assets | 4.0 | 1.1 | 1.3 |
| Total non-current assets | 2,171.7 | 1,211.8 | 1,520.8 |
| Inventories | 13.4 | 6.2 | 6.5 |
| Accounts receivable | 436.1 | 208.4 | 187.0 |
| Revenues from contracts with customers and similar receivables | 127.1 | 150.4 | 74.7 |
| Prepaid costs and accrued income | 21.1 | 13.0 | 18.9 |
| Other receivables | 5.2 | 2.7 | 5.4 |
| Cash and cash equivalents | 159.0 | 41.8 | 409.3 |
| Total current assets | 761.9 | 422.6 | 701.8 |
| TOTAL ASSETS | 2,933.7 | 1,634.4 | 2,222.6 |
| SH R H LD RS' QU Y D L L S |
|||
| Sh h ' q i y |
1,190.8 | 673.0 | 1,046.5 |
| Non-current interest-bearing liabilities | 811.5 | 175.6 | 513.7 |
| Non-current lease liabilities | 79.8 | 47.5 | 59.2 |
| Deferred tax liabilities | 60.0 | 23.3 | 30.3 |
| Other non-current liabilities | 123.7 | 53.7 | 100.3 |
| Total non-current liabilities | 1,075.0 | 300.0 | 703.5 |
| Current interest-bearing liabilities | 29.2 | 290.2 | 131.2 |
| Short-term lease liabilities | 32.5 | 14.7 | 19.9 |
| Accounts payable | 215.2 | 99.3 | 88.5 |
| Contract and similar liabilities | 250.4 | 163.3 | 100.5 |
| Accrued costs and prepaid income | 126.1 | 85.5 | 101.1 |
| Other current liabilities | 14.6 | 8.2 | 31.3 |
| Total current liabilities | 667.9 | 661.3 | 472.5 |
| TOTAL SH R H LD RS' QU Y D L L S |
2,933.7 | 1,634.4 | 2,222.6 |
| Retained | |||||
|---|---|---|---|---|---|
| earnings | |||||
| Other | including | Total | |||
| contributed | profit/loss for | h h ' |
|||
| SEK m | Share capital | capital | the period | Reserves | equity |
| Sh h ' q i y |
|||||
| 01 January 2020 | 1.2 | 34.0 | 116.2 | -0.7 | 150.7 |
| Profit/loss for the period: | - | - | 63.6 | - | 63.6 |
| Other comprehensive income: | |||||
| Exchange rate differences on | - | - | - | -1.3 | -1.3 |
| recalculation of foreign activities | |||||
| Total comprehensive income | - | - | 63.6 | -1.3 | 62.3 |
| New share issue | 0.7 | 459.3 | - | - | 460.0 |
| Transactions with owners | 0.7 | 459.3 | - | - | 460.0 |
| Sh h ' q i y |
|||||
| 30 September 2020 | 1.9 | 493.3 | 179.8 | -2.0 | 673.0 |
| Sh h ' q i y |
|||||
| 01 January 2020 | 1.2 | 34.0 | 116.2 | -0.7 | 150.7 |
| Profit/loss for the period: | - | - | 89.6 | - | 89.6 |
| Other comprehensive income: | |||||
| Exchange rate differences on | |||||
| recalculation of foreign activities | - | - | - | -5.5 | -5.5 |
| Total comprehensive income | - | - | 89.6 | -5.5 | 84.1 |
| New share issue | 1.1 | 810.6 | - | - | 811.7 |
| Transactions with owners | 1.1 | 810.6 | - | - | 811.7 |
| Sh h ' q i y |
|||||
| 31 December 2020 | 2.3 | 844.7 | 205.8 | -6.2 | 1,046.5 |
| Sh h ' q i y |
|||||
| 01 January 2021 | 2.3 | 844.7 | 205.8 | -6.2 | 1,046.5 |
| Profit/loss for the period: | - | - | 124.4 | - | 124.4 |
| Other comprehensive income: | |||||
| Exchange rate differences on | |||||
| recalculation of foreign activities | - | - | - | 11.8 | 11.8 |
| Total comprehensive income | - | - | 124.4 | 11.8 | 136.3 |
| Dividend | - | - | -27.1 | - | -27.1 |
| Option liquidity | - | 7.8 | - | - | 7.8 |
| New share issue | 0.0 | 27.3 | - | - | 27.3 |
| Transactions with owners | 0.0 | 35.0 | -27.1 | - | 8.0 |
| Sh h ' q i y |
- | - | - | - | - |
| 30 September 2021 | 2.3 | 879.7 | 303.2 | 5.6 | 1,190.8 |
| 2021 | 2020 | 2021 | 2020 | 2021Q3 | 2020 | |
|---|---|---|---|---|---|---|
| SEK m | July-Sept | July-Sept | Jan-Sept | Jan-Sept | 12M | Jan–Dec |
| Operating activities | ||||||
| Profit/loss after financial items | 92.4 | 37.5 | 159.7 | 80.3 | 193.6 | 114.2 |
| Adjustments for items not included in cash flow |
10.3 | 4.8 | 45.0 | 15.6 | 45.3 | 15.9 |
| Interest paid | -3.2 | -2.2 | -8.2 | -4.8 | -13.1 | -9.7 |
| Tax paid | -22.0 | -5.4 | -51.5 | -23.5 | -37.4 | -9.4 |
| Changes in working capital | -38.3 | -16.3 | -70.2 | -27.4 | -28.5 | 14.3 |
| Cash flow from operating activities | 39.3 | 18.4 | 74.8 | 40.1 | 159.9 | 125.2 |
| Investment activities | ||||||
| Acquisition of subsidiaries and businesses | -122.6 | -54.8 | -459.1 | -282.0 | -643.0 | -465.9 |
| Investments in non-current assets | -11.3 | -10.1 | -20.8 | -18.8 | -27.8 | -25.8 |
| Property sales | - | - | - | 11.5 | - | 11.5 |
| Net investments in financial assets | 0.8 | 0.0 | 0.5 | -0.2 | 0.3 | -0.4 |
| Cash flow from investment activities | -133.1 | -64.9 | -479.4 | -289.5 | -670.5 | -480.6 |
| Financing activities | ||||||
| New share issue | - | 1.5 | - | 77.4 | 301.7 | 379.0 |
| Payment of warrants | - | - | 7.8 | - | 7.8 | - |
| Dividend paid | - | - | -27.1 | - | -27.1 | - |
| Proceeds from borrowings | 88.8 | 62.7 | 345.0 | 265.9 | 990.0 | 910.9 |
| Repayment of loans | -29.2 | -26.7 | -149.3 | -89.2 | -615.1 | -555.0 |
| Repayment of lease liability | -9.4 | -3.7 | -24.2 | -10.3 | -30.8 | -16.8 |
| Cash flow from financing activities | 50.2 | 33.8 | 152.2 | 243.7 | 626.5 | 718.1 |
| Cash flow for the period | -43.5 | -12.8 | -252.4 | -5.6 | 115.9 | 362.7 |
| Cash and cash equivalents at start of period | 201.9 | 55.5 | 409.3 | 48.4 | 41.8 | 48.4 |
| Calculation difference cash and cash equivalents |
0.6 | -0.9 | 2.1 | -1.0 | 1.3 | -1.8 |
| Cash and cash equivalents at end of period | 159.0 | 41.8 | 159.0 | 41.8 | 159.0 | 409.3 |
| 2021 | 2020 | 2021 | 2020 | 2021Q3 | 2020 | |
|---|---|---|---|---|---|---|
| SEK m | July-Sept | July-Sept | Jan-Sept | Jan-Sept | 12M | Jan–Dec |
| Operating income | 2.2 | - | 6.7 | - | 12.6 | 5.9 |
| Operating costs | -3.5 | -5.4 | -17.3 | -5.4 | -25.6 | -13.7 |
| Operating profit/loss | -1.3 | -5.4 | -10.7 | -5.4 | -13.0 | -7.7 |
| Net financial items | -3.1 | -1.7 | -7.6 | -3.8 | -10.2 | -6.4 |
| Profit/loss after net financial items: | -4.4 | -7.1 | -18.3 | -9.2 | -23.2 | -14.1 |
| Appropriations | - | - | - | - | 31.5 | 31.5 |
| Profit/loss before tax | -4.4 | -7.1 | -18.3 | -9.2 | 8.3 | 17.3 |
| Tax on profit for the period | 0.9 | 1.5 | 3.7 | 2.0 | -1.9 | -3.7 |
| Profit/loss for the period* | -3.5 | -5.6 | -14.5 | -7.2 | 6.3 | 13.6 |
*There are no items recognised in other comprehensive profit/loss in the Parent Company and therefore the statement of comprehensive profit/loss is the same as profit/loss for the period.
| 30 | 30 | ||
|---|---|---|---|
| SEK m | September | September | 31 December |
| 2021 | 2020 | 2020 | |
| ASSETS | |||
| Tangible non-current assets | 0.2 | - | - |
| Financial non-current assets | 1,275.5 | 724.9 | 1239.1 |
| Total non-current assets | 1,275.8 | 724.9 | 1,239.1 |
| Current receivables | 1.6 | 1.3 | 1.5 |
| Cash and bank | 470.0 | - | 312.3 |
| Total current assets | 471.6 | 1.3 | 313.8 |
| TOTAL ASSETS | 1,747.4 | 726.1 | 1,552.9 |
| SH R H LD RS' QU Y D L L S |
|||
| Restricted shareholders' equity | 2.3 | 1.9 | 2.3 |
| Unrestricted shareholders' equity | 902.8 | 537.1 | 909.3 |
| h h ' q i y |
905.0 | 539.0 | 911.6 |
| Non-current liabilities | 811.5 | 175.1 | 513.7 |
| Accounts payable | 1.0 | - | 2.0 |
| Other current liabilities | 28.1 | 7.1 | 122.2 |
| Accrued costs and prepaid income | 1.8 | 4.9 | 3.5 |
| Total liabilities | 842.4 | 187.1 | 641.3 |
| L SH R H LD RS' QU Y D L L S |
1,747.4 | 726.1 | 1,552.9 |
Fasadgruppen Group AB applies the International Financial Reporting Standards (IFRS) as they have been adopted by the European Union. The consolidated accounts in this interim report have been prepared in accordance with IAS 34 Interim Financial Reporting plus applicable regulations in the Swedish Annual Accounts Act. The Parent Company accounts have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2, Accounting for Legal Entities. The interim report should be read together with the annual accounts for the financial year ending on 31 December 2020. Accounting principles and calculation basis are in accordance with those that were applied in the annual accounts for 2020. Information in accordance with IAS 34 16A also appears in other parts of the interim report in addition to the financial reports and associated notes.
The amounts are rounded to the nearest million. (SEK m) with one decimal place unless otherwise stated. As a consequence of rounding, figures presented in the financial reports may not add up to the exact total in certain cases and percentage figures can differ from the exact percentage figures. Amounts in brackets concern the comparison period.
Preparation of the interim report requires company management to make critical judgements and estimates and assessments and assumptions that affect the application of accounting principles and the figures disclosed for assets, liabilities, earnings and costs. The actual outcome can deviate from these estimates and assessments. The critical assessments and estimates made when preparing this interim report are the same as in the most recent annual report.
| 2021 | 2020 | 2021 | 2020 | 2021Q3 | 2020 | |
|---|---|---|---|---|---|---|
| Group, SEK million | July-Sept | July-Sept | Jan-Sept | Jan-Sept | 12M | Jan–Dec |
| Sweden | 488.5 | 322.4 | 1325.2 | 891.6 | 1682.8 | 1249.2 |
| Rest of Nordics | 225.2 | 9.9 | 498.5 | 29.7 | 560.0 | 91.2 |
| Total | 713.7 | 332.3 | 1823.7 | 921.3 | 2242.7 | 1340.4 |
The Fasadgruppen business consists of one operating segment. Income comes from external customers, of which no individual customer accounts for ten percent or more of sales.
The character and scale of related party transactions are described in the Group Annual Report for 2020.
Transactions with related parties arise in current operations and are based on business terms and conditions and market prices. In addition to ordinary transactions between Group companies and remuneration to executives and directors, the following transactions with related parties have occurred in the period:
Income outside Sweden comprises 27.3 percent (3.2) of total income for the Group for the period January to September 2021. The Group applies the percentage of completion method.
During the period 1 January to 30 September 2021, Fasadgruppen has bought and sold services to/from companies controlled by senior executives for amounts totalling SEK 2.5 million for purchased services and SEK 33.5 million for services sold linked to project-related wor . s of eptember , Fasadgruppen's current liabilities to companies controlled by senior executives amounted to SEK 0.4 million and current receivables to SEK 15.9 million for project-related work.
signing of a new, comprehensive financing agreement in the fourth quarter of 2020.
| Group, SEK million | 30 Sep 2021 | 30 Sep 2020 | 31 Dec 2020 |
|---|---|---|---|
| Pledged securities: | |||
| Company mortgages | 56.0 | 21.9 | 78.6 |
| Net assets, Group | - | 643.9 | - |
| Other | 34.8 | - | 19.4 |
| Contingent liabilities: | |||
| Pledged securities | 166.1 | 34.0 | 122.4 |
| Parent Company, | |||
| SEK million | 30 Sep 2021 | 30 Sep 2020 | 31 Dec 2020 |
| Pledged securities: | |||
| Shares in subsidiary | |||
| companies | - | 450.0 | - |
It was possible to negotiate the removal of pledged assets from external financing agreements in connection with the
The Group has financial instruments where level 3 has been used to determine fair value. Financial liabilities are measured at fair value via the income statement concerning contingent earnouts not yet resolved, and as of 1 January 2021, amounted to SEK 107.5 million. For the period January–September 2021, earnouts of SEK 11.4 million were settled. Additional new earnouts amounted to SEK 118.1 million from the acquisitions of Mjøndalen Mur & Puss AS, Engmans Tak AB, Byens Tag & Façade A/S, Hans Eklund Glasmästeri AB, Er-Jill Byggnadsplåt AB and Husby Takplåtslageri & Ventilation AB. At the end of the period, earnouts not yet resolved amounted to SEK 204.9 million. In all these cases, the earnout amounts were based on either EBITDA, EBIT or post-tax profits for the years 2021, 2022 and/or 2023. The earnouts are valued using a probability assessment where it is assessed that they will be paid in the agreed amount. Management has here considered the risk on the outcome of future cash flows, where the time factor given the
prevailing interest situation, has not been assessed as important. In the assessed valuation as of 30 September 2021, the values of earnouts yet to be resolved have been revised down by a net SEK 10.0 million.
Fair value of Group financial assets and liabilities is estimated as equal to their book value. The Group does not apply netting for any of its significant assets or liabilities. No transfers between levels or valuation categories occurred in the period.
| Changes in contingent earnouts, SEK million | |
|---|---|
| Opening contingent earnouts 1 Jan 2021 | 107.5 |
| Contingent earnouts added in 2021 | 118.1 |
| Earnouts settled in 2021 | -11.4 |
| Earnouts settled in 2021 above | |
| their assessed valuation | 0.8 |
| Estimated contingent earnouts in 2021 | -10.0 |
| Closing contingent earnouts 30 September 2021 |
204.9 |
| Expected disbursements in < 12 months | -85.7 |
|---|---|
| Expected disbursements in > 12 months | -119.2 |
The table below presents items affecting comparability during the quarter and period.
| Group, SEK million | 2021 July-Sept |
2020 July-Sept |
2021 Jan-Sept |
2020 Jan-Sept |
2021Q3 12M |
2020 Jan–Dec |
|---|---|---|---|---|---|---|
| Property divestment | - | - | - | 5.3 | 5.3 | 5.3 |
| Costs related to IPO | - | -2.5 | -4.9 | -12.1 | -9.8 | -17.0 |
| Acquisition related costs | -1.5 | -5.4 | -11.8 | -6.4 | -14.7 | -9.3 |
| Revaluation of earnouts | 10.0 | - | 9.2 | - | 16.7 | 7.5 |
| Other | - | -0.1 | - | -0.1 | -1.4 | -1.5 |
| Total | 8.5 | -8.0 | -7.5 | -13.3 | -9.2 | -15.0 |
1 The definition of items affecting comparability has been adjusted as of the fourth quarter 2020 inclusive to also include revaluations of earnouts resolved during the quarter. The adjustment has no effect on the comparison periods and has thus not caused any recalculation of comparative figures. For a complete definition, see page 20.
During the period, Fasadgruppen has completed acquisitions of and added all shares in Mjøndalen Mur & Puss AS, Bruske/Delér Fönsterrenoveringar AB, Tello Service Partner AB, Mur & Puts i Örebro AB, Engman Tak AB, Rogaland Blikk AS, RSM Fasade AS, Byens Tag & Façade A/S, Åby Fasad I Sverige AB, Hans Eklund Glasmästeri AB, Er-Jill Byggnadsplåt AB, and Husby Takplåtslageri & Ventilation AB.
he acquisitions were made to strengthen the Group's position within façade, window and roof work. Mjøndalen that complements our business in Norway with a specific focus on new construction, Bruske/Delér and Tello that bring specialist know-how within window renovation and roof services respectively, plus Mur & Puts i Örebro that strengthens our position in Närke. The latter will be merged with Mellansvenska Fasad later this year. Engman Tak is a complete roofing supplier that offers both new build and renovation services. Fasadgruppen is continuing to expand in Norway and has gained a footing in Stavanger via the acquisition of RSM Fasade and Rogaland Blikk, and in Denmark via the acquisition of Byens Tag & Facade that is a highly reputable contracting company that focuses on roof, window and façade renovations. Åby Fasad mainly works with windows and roofing, plus balcony glazing, Eklund Glasmästeri focuses on the production and installation of aluminium and glass façades. With the acquisitions of Er-Jill and Husby, the Group is further honing its offer within roof and architectural sheet metal working.
The acquired companies reported total earnings of around SEK 864 million and EBITA amounted to around SEK 108 million for the 2020 calendar year. Since the
time of the acquisitions and up to 30 September 2021, the companies have contributed SEK 397.5 million to Group net sales and SEK 44.8 million to Group EBITA.
The combined purchase consideration amounted to SEK 692.8 million, of which SEK 547.4 million has been paid via cash and cash equivalents on gaining possession and SEK 27.3 million via new shares issued. The outcome of the earnouts that are dependent on future operating profits achieved by the companies concerned has been valued via a probability assessment where it is assessed that the agreed amount will be paid within the term of the earnout period that is 1-3 years.
Acquisition costs totalling SEK 11.8 million are recognised as other operating costs for January-September 2021.
In January 2021, subsidiary Frillesås Mur & Puts AB completed the acquisition of the business from Mölnlycke Mur & Puts AB via the transfer of agreed assets and liabilities. The acquired business has annual sales of around SEK 12 million and 11 employees. As a consequence of their size, the assets and liabilities are not considered substantial in relation to the Group's financial position and earnings.
During the period, earnouts have been settled in a total of SEK 11.4 million attributable to the acquisitions of Karlaplans Plåtslageri AB and P. Andersen & Søn Entreprise A/S. Settlement of the earnouts was SEK 0.8 million above assessments previously made.
Some of the overvalues in the preliminary acquisition analyses have been allocated to the Company brand and customer relationships while unallocated overvalues have been attributed to goodwill.
The brands consist of the acquired company brands that are retained and utilised indefinitely, which is a key part of the Fasadgruppen strategy. Goodwill is primarily attributable to the growth expectations of the business, expected future profitability, the significant knowledge and expertise possessed by the personnel and synergies on the costs side. Customer relationships derive from the written agreements comprising the order backlog at the time of acquisition. Most of the agreements have a shorter term than 12 months and all are deemed to have been terminated within a maximum of 24 months.
Goodwill and brands have an indeterminable usage period and are not depreciated but tested for impairment annually or if such is indicated. The assessed value of customer relationships is depreciated over the term of the order backlog.
| Fair value | |||
|---|---|---|---|
| SEK m | Carrying amount | adjustment | Fair value |
| Brand | - | 105.0 | 105.0 |
| Customer relationships | - | 13.5 | 13.5 |
| Right-of-use assets | - | 47.7 | 47.7 |
| Tangible non-current assets | 22.7 | - | 22.7 |
| Financial non-current assets | 0.8 | - | 0.8 |
| Inventories | 9.1 | - | 9.1 |
| Customer receivables and other receivables | 169.3 | - | 169.3 |
| Cash and cash equivalents | 105.9 | - | 105.9 |
| Deferred tax liabilities | -3.7 | -25.4 | -29.1 |
| Lease liabilities | - | -47.7 | -47.7 |
| Appropriations | -5.8 | - | -5.8 |
| Other liabilities | -10.5 | - | -10.5 |
| Accounts payable and other payables | -166.6 | - | -166.6 |
| Identifiable net assets | 121.3 | 93.0 | 214.3 |
| Goodwill | 478.5 | ||
| Consideration | 692.8 | ||
| Of which earnout | 118.1 | ||
| Of which new share issue | 27.3 | ||
| Of which cash and cash equivalents | |||
| transferred | -547.4 | ||
| Acquired cash and cash equivalents | 105.9 | ||
| Change in Group cash and cash | |||
| equivalents | -441.5 |
The Board of Directors and the Chief Executive Officer hereby confirm that the interim report gives a true and fair view of the Company's and the Group's operations, financial position and performance, and describes significant ris s and uncertainties faced by the Company and the companies in the Group.
Stockholm, 17 November 2021
Fasadgruppen Group AB
Per Sjöstrand Chair of the Board Ulrika Dellby Board Member Tomas Georgiadis Board Member
Christina Lindbäck Board Member
Tomas Ståhl Board Member Gunilla Öhman Board Member
Pål Warolin Group President and CEO
his interim report has been reviewed by the Company's auditors.
The information in this report is such that Fasadgruppen Group AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was submitted, under the auspices of the CEO, for publication on 18 November 2021 at 7.30 a.m. CET.
We have reviewed the interim report for Fasadgruppen Group AB (publ), co. no. 559158-4122, for the period 1 January 2021 to 30 September 2021. The Board of Directors and CEO are responsible for the preparation and fair presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information based on our review.
We have performed our review in accordance with the International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different orientation and significantly smaller scope compared to the orientation and scope of an audit in accordance with ISA and generally accepted auditing standards. The review procedures that are taken during a review only provide us with limited assurance on the accuracy of all important circumstances that could have been identified if an audit had been performed. The conclusion expressed in a review does not therefore provide the same assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information has not been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act, and in the case of the parent company, in accordance with the Annual Accounts Act.
Stockholm 17 November 2021
Deloitte AB
Richard Peters
Chartered Accountant
Fasadgruppen reports key ratios to describe the underlying profitability of the business and to improve comparability. The Group applies the ESMA guidelines on alternative performance measures. A reconciliation of alternative performance measures is available at www.fasadgruppen.se
Change in net sales as a percentage in the comparison period, previous year.
The change in net sales reflects the sales growth achieved by the Group over time.
Change in net sales as a percentage of net sales during the comparison period, previous year, for the companies that were part of the Group throughout the comparison period and the current period unadjusted for any currency effects.
Organic growth reflects the Group's realised sales growth, excluding acquisitions, over the measurement period.
Earnings before interest and taxes (EBIT) before depreciation, amortisation and impairment of goodwill, brands and customer relationships.
EBITA provides a picture of earnings generated from current operations
Net earnings (EBIT) before depreciation and impairments of tangible and intangible non-current assets.
EBITDA provides a picture of a company's current operating profitability before depreciation.
Earning (EBIT) as a percentage of net sales
The EBIT margin is used to measure operating profitability.
EBITA as a percentage of net sales.
The EBITA margin is used to measure operating profitability.
Items affecting comparability are, property sales, acquisition related costs, costs in association with refinancing, preparatory costs floatation and floatation costs, restructuring costs and revaluations of earnouts.
Excluding items affecting comparability, makes it easier to compare earnings between periods.
EBIT adjusted for items affecting comparability.
Adjusted EBIT improves comparability between periods.
EBITA adjusted for items affecting comparability. Adjusted EBITA improves comparability between periods.
Adjusted EBITA as a percentage of net sales.
The EBITA margin is used to measure operating profitability.
EBITDA adjusted for items affecting comparability.
Adjusted EBITDA improves comparability between periods.
EBITDA with deductions for net investments in tangible and intangible non-current assets plus adjustments for cash flow from change in working capital.
Cash flow from operating activities is used to monitor cash flow from operating activities.
Cash flow from operating activities as a percentage of EBITDA.
Cash conversion ratio is used to monitor how efficiently the Group manages investment activities and working capital.
The value of outstanding, not yet accrued project income from orders received at the end of the period.
The order backlog is an indicator of the Group's outstanding project income from orders already received.
Total earnings for the last 12 months as a percentage of average shareholders' equity during the corresponding period (shareholders' equity at the start and end of the period respectively divided by two).
Return on shareholders' equity is important for investors who want to be able to compare their investment with alternative investments.
Total earnings before tax plus financial costs over the last twelve months as a percentage of capital employed under the corresponding period (sum of capital employed at the start and end of the period respectively, divided by two).
Return on capital employed is important to assess profitability on externally financed capital and shareholders' equity.
Total earnings before tax plus financial costs for the last twelve months as a percentage of capital employed with deductions for goodwill and other acquisition related intangible non-current assets over the same period (the sum of capital employed minus goodwill and other acquisition related intangible non-current assets at the start and end of the period, divided by two).
The return on capital employed, excluding goodwill and other acquisition related intangible non-current assets is important to assess profitability on externally financed capital and shareholders' equity ad usted for goodwill arising via acquisitions.
Total capital with or without goodwill minus non-interestbearing liabilities and appropriations.
Capital employed shows by how much company assets are financed by the return on this capital.
Current and non-current interest-bearing liabilities minus cash and cash equivalents.
Interest-bearing net debt is used as a measure showing the Group's total indebtedness.
Net debt at the end of the period divided by adjusted EBITDA for a rolling 12-month period.
The net debt to adjusted EBITDA ratio, provides an estimate of the company's ability to reduce its debt. It represents the number of years it would take to repay the debit if the net debt and adjusted EBITDA were to remain constant, without taking into consideration cash flow related to interest, tax and investments.
Interest-bearing net liabilities as a percentage of total shareholders' equity.
The net debt to equity ratio measures the extent to which the Group is financed by loans. As cash and cash equivalents and other current investments can be used to pay off debt at short notice, net debt is used instead of gross debt in the calculation.
1 The definition of items affecting comparability has been adjusted as of the fourth quarter 2020 inclusive to also include revaluations of earnouts resolved during the quarter. The adjustment has no effect on the comparison periods and has thus not caused any recalculation of comparative figures.
2The definition of key ratios has been changed from quarter one, 2021. Key ratios are calculated on a rolling 12-month period instead of an annualisation of the return in the period concerned. Comparison figures have been recalculated.
3The definition of key ratios has been changed from quarter one, 2021 and now includes leasing liabilities, unlike previously. Comparison figures have been recalculated.
Fasadgruppen aims to create sustainable façades and so contribute to a more sustainable and enduring society with beautiful buildings and a good living environment for people.
The Fasadgruppen business concept is to offer competitive, multidisciplinary solutions by enabling collaboration between leading local and specialized subsidiaries to achieve economies of scale and synergy effects between the companies.
The Fasadgruppen business model is based on a decentralized structure with extensively delegated responsibilities to entrepreneurial subsidiaries supported by a Group-wide organization with purchasing, business development, acquisitions, finance and similar services. Four geographical business areas simplify regional coordination through resource sharing and best practice, identification of cross-selling opportunities and joint sales initiatives. In this way, the entrepreneurial endeavour, convenience and modest overheads of each local company, are enhanced by Group opportunities to achieve economies of scale and offer comprehensive solutions to customers.
Fasadgruppen possesses expertise in all aspects of exterior work on properties. The offering includes services within façade renovation, energy efficiency, window replacement, balcony and roof renovation.
Fasadgruppen mainly focuses on medium size projects with an order value from SEK 1–100 million. Our customers operate in the Nordic construction and renovation market and include owners of public, commercial and residential properties, tenant-owner housing associations, construction companies and private home owners.
Fasadgruppen aims to maintain and growth its position on local markets by attracting and retaining the best contractors and personnel in each local market.
Synergy effects between local units aim to be achieved by means of an organisation that promotes effective cooperation. The Group employs a proven model to achieve economies of scale that are implemented directly on the acquisition of a new company, ensuring optimal integration and synergies throughout the Fasadgruppen Group.
Via continuously optimizing its processes, the Group can be managed in the best possible way, and subsidiaries given a platform to increase their profitability.
Acquisitions play an important role in the Fasadgruppen strategy for profitable growth. Acquisitions enable the Group to expand geographically, broaden its offer, enhance its expertise and achieve economies of scale within existing companies.
Fasadgruppen's financial targets aim to ensure long-term and stable profitability and growth in value to give our shareholders a good return.
We should achieve an average growth in sales of at least 15 percent per year over an entire economic cycle. Growth should be both organic and via acquisitions.
Our EBITA margin should be at least 10 percent per year over an entire economic cycle.
Our cash conversion ratio should be 100 percent.
Sustainability is an integral part of Fasadgruppen business activities and strategy. Via clear goals, long-term thinking and total commitment, we aim to contribute towards sustainable development. Fasadgruppen supports Agenda 2030 and has identified five of the global sustainable development goals as the most relevant for our business.
Fasadgruppen Group AB Drottninggatan 81 A, SE 111 60 Stockholm [email protected] www.fasadgruppen.se Co. no.: 559158 - 4122
Casper Tamm, CFO Tel: +46 (0)73 820 00 07 Email: [email protected]
Adrian Westman, Head of IR Tel: +46 (0)73 509 04 00 Email: [email protected]
| Year-end report 2021 ………………………………17 February 2021 | |
|---|---|
| Interim report January-March 202212 May 2022 | |
| Annual General Meeting 202212 May 2022 | |
| Interim report January-June 202216 August 2022 | |
| Interim report January-September 202215 November 2022 | |
| Year-end report 202214 February 2023 |
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