Quarterly Report • Apr 26, 2021
Quarterly Report
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INTERIM REPORT FOR JANUARY–MARCH 2021
Cash flow from operating activities was SEK 144 million (560)
Net debt amounted to SEK -1,134 million (-1,698)
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
Apr 2020– Mar 2021 |
|---|---|---|---|---|
| Net sales | 5,233 | 5,401 | 21,147 | 20,979 |
| Operating profit (EBIT) | 266 | 271 | 1,348 | 1,343 |
| Operating margin (EBIT), % | 5.1 | 5.0 | 6.4 | 6.4 |
| EBITA | 266 | 272 | 1,351 | 1,345 |
| EBITA margin, % | 5.1 | 5.0 | 6.4 | 6.4 |
| Profit/loss after tax | 202 | 196 | 997 | 1,004 |
| Cash flow from operating activities | 144 | 560 | 2,171 | 1,755 |
| Cash conversion, % 12 m | 121 | 127 | 153 | 121 |
| Net debt/EBITDA, 12 m | 0.6 | 1.0 | 0.6 | 0.6 |
| Order intake | 5,801 | 5,732 | 20,242 | 20,311 |
| Order backlog | 14,397 | 14,985 | 13,791 | 14,397 |
We bring buildings to life
The EBITA margin increased to 5.1 percent. Order intake improved and the order backlog increased by SEK 606 million in the quarter.
Given the conditions, I am satisfied with sales and profit for the quarter, and the result was better than I had expected in view of the shutdowns in the quarter. Net sales decreased by 3 percent in the quarter due to lower production in the Norwegian service and installation business. In Sweden and Denmark sales were stable, whereas they increased in Finland.
Net installation sales decreased in Norway and Denmark. Organic growth was -4 percent and acquisitions contributed 3 percent growth. Exchange rate fluctuations had a negative impact of -2 percent on growth.
In the quarter, service demand increased in Sweden och Denmark. However, the service business continued to be adversely affected by the pandemic, mainly in Norway and southern Sweden, as demand fell and in a number of cases we were unable to access service properties because of precautionary measures.
Demand for technical installations is stable, but the ongoing pandemic has led to customers postponing project planning and investment decisions, which was the reason for lower activity in the installation business.
We are seeing improved order levels in the installation business as a result of an increased order backlog in Norway and Sweden. The order backlog rose by SEK 606 million in the quarter, SEK 372 million of which was in Norway.
The EBITA margin improved in Denmark and Finland, contributing to an improved EBITA margin of 5.1 percent (5.0). This is despite the fact that, as planned, we had higher costs for starting to implement our new business plan and digital strategy, while the cost of our performance-based incentive programme, LTIP, increased due to the rise in the share price.
Cash conversion was 121 percent, which is above our target of 100 percent. Bravida's net debt remains at a record low of 0.6x EBITDA and well below our target of 2.5x EBITDA. Cash flow in the quarter declined compared with last year, due to lower production and fewer newly started projects in the installation business. Cash flow is impacted positively by start-up of large projects.
In 2021, Bravida has so far completed five acquisitions with combined annual sales of more than SEK 300 million. We have also signed an agreement for two acquisitions in Sweden with a total sales of approximately SEK 125 million.
Our assessment is that acquisition opportunities remain very good.
increased in Sweden and Denmark."
Bravida has developed an end-to-end solution, Bravida Charge, to meet the growing need for electric-vehicle charging infrastructure for both corporate customers and private individuals. We make it easy to go fossil free by offering our customers an end-to-end charging and administration solution. Bravida Charge is one of the initiatives in Bravida's long-term strategy to reduce both our customers' and our own carbon footprint.
My assessment is that demand in the Nordic service and installation market will gradually see a slight increase during 2021. As we return to a more normal situation, there will be a greater need for service that has been neglected during the pandemic. The installation business is seeing growing demand for new-builds and the refurbishment of residential, industrial and warehouse buildings, as well as the remodelling and upgrading of office space. We do not see any problems with the material supply at present, but we will be affected by rising raw material prices, which we take into account in the pricing of future customer deliveries.
Despite the short-term market outlook remaining uncertain, there will always be demand for our services and our business will also benefit from our customers' ambitions to find sustainable, low-carbon solutions.
Mattias Johansson Stockholm, April 2021
Net sales decreased by 3 percent to SEK 5,233 million (5,401). Organic growth was negative at -4 percent. Acquisitions boosted net sales by 3 percent and currency effects had a negative impact of -2 percent. Net sales rose in Sweden and Finland.
Compared with the first quarter of 2020, net service sales were unchanged while installation sales decreased by 6 percent. The service business accounted for 48 percent (46) of total net sales.
Order intake amounted to SEK 5,801 million (5,732), an increase of 1 percent. Compared with the same quarter last year, order intake was higher in Sweden and Norway, but was lower in Denmark and Finland. The order backlog was 4 percent lower than the same period last year and amounted to SEK 14,397 million (14,985). The order backlog, including acquisitions, rose by SEK 606 million in the quarter.
The order backlog only includes installation projects.
Operating profit was SEK 266 million (271). EBITA decreased by 2 percent to SEK 266 million (272), resulting in an EBITA margin of 5.1 percent (5.0). The EBITA margin improved in Denmark and Finland, whereas it was unchanged in Norway and lower in Sweden. Group-wide income was SEK 2 million (10). Net financial income/expense amounted to SEK -9 million (-21). Profit after financial items was SEK 256 million (250). Profit after tax was SEK 202 million (196). Basic earnings per share increased by 5 percent to SEK 1.02 (0.97) and diluted earnings per share were SEK 1.02 (0.96).
Depreciation and amortisation in the quarter totalled SEK -107 million (-106), SEK -98 million (-97) of which related to the amortisation of right-of-use assets.
The tax expense for the quarter was SEK -54 million (-54). Profit before tax was SEK 256 million (250). Tax paid totalled SEK -65 million (-72).
Cash flow from operating activities before changes in working capital totalled SEK 302 million (294). The change in working capital reduced cash flow by SEK -158 million (266). Current receivables increased by SEK 283 million (165), current liabilities rose by SEK 127 million (431) and inventory increased by SEK 2 million (0). Cash flow from operating activities was SEK 144 million (560).
Cash flow from investing activities was SEK -142 million (-81), of which acquisitions of subsidiaries and businesses totalled SEK -136 million (-78). Cash flow from financing activities, which refers to the net change in borrowing and amortisation of lease liabilities, was SEK -448 million (-270). Cash flow for the quarter was SEK -446 million (208). 12-month cash conversion was 121 percent (127).
Bravida's net debt was SEK -1,134 million (-1,698), which corresponds to a capital-structure ratio (net debt/EBITDA) of 0.6 (1.0). Consolidated cash and cash equivalents were SEK 1,367
Order intake by quarter Order intake, rolling 12 months
Jan–Mar 2021
Net sales, rolling 12 months
million (1,131). Interest-bearing liabilities totalled SEK -2,501 million (-2,830), of which SEK -1,000 million (-820) was commercial paper and SEK -1,001 million (-1,010) was leases.
Total credit facilities amounted to SEK 2,500 million (2,500), of which SEK 2,500 million (2,000) was unused at 31 March. At the end of the period, equity totalled SEK 6,186 million (5,758). The equity/assets ratio was 35.8 percent (34.0).
Four acquisitions were completed in the quarter, adding a total of SEK 300 million in annual sales. The acquired companies operate in the electrical, sprinklers, HVAC, and heating and plumbing segments.
The average number of employees was 11,731 (11,811), a decrease of 1 percent.
Reported occupational injuries in the first quarter resulting in at least one day's sick leave amounted to a LTIR (lost time injury rate) of 9.3 (9.4). The LTIR was 9.8 in Sweden, 2.8 in Norway, 14.3 in Denmark and 15.3 in Finland. Our target is a LTIR of <5.5, with an ultimate goal of zero workplace accidents.
Revenues for the quarter were SEK 47 million (49) and income after net financial items was SEK 8 million (0).
Bravida Holding AB's ordinary shares are listed on the Nasdaq Stockholm Large Cap. At 31 March Bravida had 9,606 shareholders. The five largest shareholders were Mawer Investment Management Funds, Swedbank Robur Funds, the Fourth Swedish National Pension Fund (AP4), Lannebo Funds and Didner & Gerge Funds. Mawer Investment Management funds hold 11.1 percent of the votes.
The listed share price at 31 March was SEK 120.30, which corresponds to a market capitalisation of SEK 24,418 million based on the number of ordinary shares. Total shareholder return over the past 12 months was just over 72 percent.
Share capital totals SEK 4 million, divided among 203,816,598 shares, of which 202,975,544 are ordinary shares and 841,054 are class C shares, which are held by Bravida Holding AB. Ordinary shares entitle holders to one vote and a dividend payment, while C shares entitle holders to one-tenth of a vote and no dividend.
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 5,233 | 5,401 | 21,147 |
| Change | -168 | 388 | 743 |
| Change, % | -3.1 | 7.7 | 3.6 |
| Of which | |||
| Organic growth, % | -4 | 2 | 1 |
| Acquisition-based growth, % | 3 | 7 | 5 |
| Currency effects, % | -2 | -1 | -2 |
On 11 February the Board took the decision to issue and repurchase 500,000 C shares to ensure the supply of ordinary shares for employees participating in the LTIP 2020 performance-based incentive programme.
Changes in market conditions, financial turmoil and political decisions are the external factors that mainly affect demand for new construction of housing and commercial property, as well as investment from industry and the public sector. Demand for service and maintenance is less sensitive to economic fluctuations.
The impact of the Covid-19 pandemic on our business remains uncertain, with a risk to the health of employees, customers and suppliers and of a decline in the financial position.
Operating risks are related to day-to-day business operations such as tendering, price risks, capacity utilisation and revenue recognition. Management of these risks is part of Bravida's business process. Recognition over time is applied and is based on the extent of completion of each project and the expected date of completion. A well-developed process for the monitoring of projects is essential in limiting the risk of incorrect revenue recognition. Bravida continually monitors the financial status of each project to ensure that individual project calculations are not exceeded. The Group is also exposed to impairment loss risks in fixed-price contracts and various types of financial risk such as currency, interest rate and credit risk.
No transactions with related parties outside the Group took place during the period.
There are no material events to report.
EBITA by quarter
EBITA, rolling 12 months
EBITA margin, rolling 12 months
Cash flow from operating activities by quarter
Cash flow from operating activities, rolling 12 months
*Cash flow affected by IFRS 16 from 1 January 2019.
The Covid-19 pandemic has resulted in lower service demand. The ongoing pandemic is making it hard to assess market development in the near term. The confidence indicator for the construction industry remains below normal. External market assessments for 2021 indicate an improvement in the service market, a weaker installation market and a slight decrease in the overall market.
Net sales in Sweden increased by 1 percent to SEK 2,839 million (2,806). The increase in net sales was attributable to both service and installation business. Organic growth was negative at -2 percent.
EBITA decreased by 1 percent to SEK 155 million (156). The EBITA margin decreased to 5.5 (5.6) percent.
Order intake increased by 9 percent to SEK 3,154 million (2,897). Order intake related to small and medium-sized installation projects and service assignments.
The order backlog at the end of the quarter was 4 percent lower than for the same period last year and amounted to SEK 8,715 million (9,111). The order backlog rose by SEK 315 million in the quarter.
Net sales by quarter Net sales, rolling 12 months
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 2,839 | 2,806 | 11,313 |
| EBITA | 155 | 156 | 801 |
| EBITA margin, % | 5.5 | 5.6 | 7.1 |
| Order intake | 3,154 | 2,897 | 10,677 |
| Order backlog | 8,715 | 9,111 | 8,400 |
| Average number of employees | 5,635 | 5,885 | 5,831 |
The Lindholmen district is the location for a new meeting place with a real sense of innovation and technology. 'Uni3 by Geely' is part of Gothenburg's major urban development project, consisting of five buildings, including a hotel. The hotel will be 11 storeys high, with a total area of approximately 13,500 square metres. Bravida has been commissioned to fit heating and plumbing, HVAC and control systems in the project, which is expected to be completed by spring 2022.
Pandemic-related infection control measures have reduced demand for both service and installation. The ongoing pandemic is making it hard to assess market development in the near term. External market assessments for 2021 indicate an improvement in the service market, a weaker installation market and a slight decrease in the overall market.
Net sales decreased by 19 percent to SEK 981 million (1,214). The decrease in net sales was attributable to both service and installation business. Currency fluctuations had a negative -3 percent impact on net sales. Organic growth was negative at -16 percent.
EBITA decreased by 19 percent to SEK 44 million (54). The EBITA margin was unchanged at 4.5 percent.
Order intake increased by 35 percent to SEK 1,353 million (1,001), while in local currency order intake was unchanged. Order intake mainly relates to small and medium-sized installation projects and service assignments.
The order backlog at the end of the quarter was 6 percent higher than for the same period last year and amounted to SEK 2,469 million (2,339). The order backlog rose by SEK 372 million in the quarter.
Net sales by quarter Net sales, rolling 12 months
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 981 | 1,214 | 4,304 |
| EBITA | 44 | 54 | 245 |
| EBITA margin, % | 4.5 | 4.5 | 5.7 |
| Order intake | 1,353 | 1,001 | 3,848 |
| Order backlog | 2,469 | 2,339 | 2,097 |
| Average number of employees | 2,950 | 2,969 | 2,997 |
Bravida was commissioned to fit heating and plumbing, HVAC and sprinkler installations in the ZEB laboratory in Trondheim, which opened in early March. The laboratory is the world's most sustainable building and will be used by the Norwegian University of Science and Technology ('NTNU') and the SINTEF research institute for research into and testing of new zero-emissions technology. Through our expertise, we developed cost-effective, reliable installation solutions with the smallest possible environmental and carbon footprint.
The Covid-19 pandemic has resulted in lower service demand. The ongoing pandemic is making it hard to assess market development in the near term. Demand for refurbishment work is expected to remain good, stabilising market performance. The confidence indicator for the construction industry remains below normal but improved during the quarter. External market assessments for 2021 indicate an improvement in the service market, a weaker installation market and a slight decrease in the overall market.
Net sales were virtually unchanged at SEK 1,064 million (1,067). Organic growth was 0 percent. Net sales increased in the service business and decreased in installation. Currency fluctuations had a negative -5 percent impact on net sales.
EBITA increased by 10 percent to SEK 56 million (51), while the EBITA margin rose to 5.2 percent (4.7).
Order intake decreased by 17 percent to SEK 1,044 million (1,256). Order intake related to small and medium-sized installation projects and service assignments.
The order backlog at the end of the quarter was 5 percent lower than for the same period last year and amounted to SEK 2,431 million (2,555). The order backlog decreased by SEK 20 million in the quarter.
Net sales by quarter Net sales, rolling 12 months
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 1,064 | 1,067 | 4,217 |
| EBITA | 56 | 51 | 220 |
| EBITA margin, % | 5.2 | 4.7 | 5.2 |
| Order intake | 1,044 | 1,256 | 4,277 |
| Order backlog | 2,431 | 2,555 | 2,451 |
| Average number of employees | 2,341 | 2,257 | 2,315 |
At the beginning of the year, we won an extensive service and installation contract for electrical, heating and plumbing, cooling and HVAC at all Q8 and F24 stations in Denmark. These various projects are handled by technicians at our local branches and all cases go through Bravida's national service centre. The agreement runs until 2023.
The Covid-19 pandemic has resulted in lower service demand. The ongoing pandemic is making it hard to assess market development in the near term. The confidence indicator for the construction industry remains below normal. External market assessments for 2021 indicate an improvement in the service market, a weaker installation market and a slight decrease in the overall market.
Net sales increased by 18 percent to SEK 383 million (325). The increase in net sales was attributable to both service and installation business. Organic growth was 18 percent. Currency fluctuations had a negative -5 percent impact on net sales.
EBITA rose by SEK 9 million to SEK 10 million (1). The EBITA margin increased to 2.6 (0.4) percent.
Order intake decreased by 52 percent to SEK 285 million (589). The lower order intake was due to Bravida receiving a large order from Wärtsilä last year. Order intake related to small and medium-sized installation projects and service assignments.
The order backlog at the end of the quarter was 20 percent lower than for the same period last year and amounted to SEK 783 million (980). The order backlog decreased by SEK 59 million in the quarter.
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Net sales by quarter Net sales, rolling 12 months
EBITA, rolling 12 months
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 383 | 325 | 1,392 |
| EBITA | 10 | 1 | 56 |
| EBITA margin, % | 2.6 | 0.4 | 4.0 |
| Order intake | 285 | 589 | 1,518 |
| Order backlog | 783 | 980 | 842 |
| Average number of employees | 702 | 607 | 666 |
Service and maintenance at Hatanpää Hospital in Tampere During the quarter, Bravida was commissioned to service and maintain the electrical, HVAC and cooling systems at Hatanpää Hospital, which is part of Tampere University Hospital. In total, it includes 15 buildings with an area of 50,000 square meters. The agreement runs until February 2022.
PHOTOS: ARKKITEHDIT KONTUKOSKI OY AND RAAMI ARKKITEHDIT OY
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
Apr 2020– Mar 2021 |
|---|---|---|---|---|
| Net sales | 5,233 | 5,401 | 21,147 | 20,979 |
| Production costs | -4,520 | -4,688 | -18,093 | -17,926 |
| Gross profit/loss | 713 | 713 | 3,054 | 3,053 |
| Selling and administrative expenses | -447 | -442 | -1,706 | -1,711 |
| Operating profit/loss | 266 | 271 | 1,348 | 1,343 |
| Net financial income/expense | -9 | -21 | -74 | -63 |
| Profit/loss before tax | 256 | 250 | 1,274 | 1,280 |
| Tax | -54 | -54 | -276 | -276 |
| Profit/loss for the period | 202 | 196 | 997 | 1,004 |
| Profit/loss for the period attributable to: | ||||
| Owners of the parent company | 207 | 196 | 1,002 | 1,013 |
| Non-controlling interests | -4 | 0 | -5 | -10 |
| Profit/loss for the period | 202 | 196 | 997 | 1,004 |
| Basic earnings per share, SEK | 1.02 | 0.97 | 4.94 | 4.99 |
| Diluted earnings per share, SEK | 1.02 | 0.96 | 4.93 | 4.98 |
| Jan–Mar | Jan–Mar | Jan–Dec | Apr 2020– | |
|---|---|---|---|---|
| SEK MILLION | 2021 | 2020 | 2020 | Mar 2021 |
| Profit/loss for the period | 202 | 196 | 997 | 1,004 |
| Other comprehensive income | ||||
| Items that have been or can be transferred to profit/loss for the year | ||||
| Translation differences for the period from the translation of foreign | ||||
| operations | 98 | -40 | -150 | -12 |
| Items that cannot be transferred to profit/loss for the year | ||||
| Revaluation of defined-benefit pensions | – | – | 10 | 10 |
| Tax attributable to the revaluation of pensions | – | – | -2 | -2 |
| Other comprehensive income for the period | 98 | -40 | -142 | -4 |
| Comprehensive income for the period | 301 | 156 | 855 | 1,000 |
| Comprehensive income for the period attributable to: | ||||
| Owners of the parent company | 305 | 156 | 860 | 1,005 |
| Non-controlling interests | -4 | 0 | -5 | -5 |
| Comprehensive income for the period | 301 | 156 | 855 | 1,000 |
| SEK MILLION | 31 Mar 2021 | 31 Mar 2020 | 31 Dec 2020 |
|---|---|---|---|
| Goodwill | 9,081 | 8,807 | 8,904 |
| Right-of-use assets | 980 | 998 | 1,002 |
| Other non-current assets | 203 | 184 | 179 |
| Total non-current assets | 10,264 | 9,989 | 10,084 |
| Trade receivables | 3,396 | 3,451 | 3,391 |
| Contract assets | 1,710 | 1,820 | 1,257 |
| Other current assets | 549 | 537 | 574 |
| Cash and cash equivalents | 1,367 | 1,131 | 1,748 |
| Total current assets | 7,021 | 6,938 | 6,969 |
| Total assets | 17,285 | 16,928 | 17,053 |
| Equity attributable to owners of the parent company | 6,170 | 5,748 | 5,855 |
| Non-controlling interests | 17 | 9 | 21 |
| Total equity | 6,186 | 5,758 | 5,876 |
| Non-current liabilities | 1,589 | 1,843 | 1,770 |
| Lease liabilities | 662 | 673 | 679 |
| Total non-current liabilities | 2,250 | 2,517 | 2,449 |
| Lease liabilities | 339 | 336 | 343 |
| Trade payables | 1,984 | 2,229 | 2,123 |
| Contract liabilities | 2,264 | 2,258 | 2,049 |
| Other current liabilities | 4,261 | 3,831 | 4,213 |
| Total current liabilities | 8,848 | 8,653 | 8,728 |
| Total liabilities | 11,099 | 11,170 | 11,177 |
| Total equity and liabilities | 17,285 | 16,928 | 17,053 |
| Of which interest-bearing liabilities | 2,501 | 2,830 | 2,872 |
| SEK MILLION | Jan–Mar 2021 | Jan–Mar 2020 | Jan–Dec 2020 |
|---|---|---|---|
| Consolidated equity | |||
| Amount at start of period | 5,876 | 5,596 | 5,596 |
| Comprehensive income for the period | 438 | 156 | 855 |
| Non-controlling interests' put option | -137 | – | -136 |
| Dividend | – | – | -457 |
| Long-term incentive programme | 9 | 5 | 17 |
| Amount at end of period | 6,186 | 5,758 | 5,876 |
| Jan–Mar | Jan–Mar | Jan–Dec | |
|---|---|---|---|
| SEK MILLION | 2021 | 2020 | 2020 |
| Cash flow from operating activities | |||
| Profit/loss before tax | 256 | 250 | 1,274 |
| Adjustments for non-cash items | 111 | 116 | 569 |
| Income taxes paid | -65 | -72 | -244 |
| Change in working capital | -158 | 266 | 572 |
| Cash flow from operating activities | 144 | 560 | 2,171 |
| Investing activities | |||
| Acquisitions of subsidiaries and businesses | -136 | -78 | -281 |
| Other | -6 | -4 | -34 |
| Cash flow from investing activities | -142 | -81 | -316 |
| Financing activities | |||
| Net change in borrowing | -350 | -175 | -145 |
| Repayment of lease liabilities | -98 | -95 | -388 |
| Dividend paid | – | – | -457 |
| Cash flow from financing activities | -448 | -270 | -990 |
| Cash flow for the period | -446 | 208 | 866 |
| Cash and cash equivalents at start of period | 1,748 | 972 | 972 |
| Translation difference on cash and cash equivalents | 65 | -49 | -90 |
| Cash and cash equivalents at end of period | 1,367 | 1,131 | 1,748 |
| SEK MILLION | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Net sales | 47 | 49 | 192 |
| Selling and administrative expenses | -36 | -40 | -154 |
| Operating profit/loss | 10 | 9 | 38 |
| Net financial income/expense | -2 | -9 | -21 |
| Profit/loss after net financial items | 8 | 0 | 17 |
| Net Group contributions | – | – | 140 |
| Appropriations | – | – | -40 |
| Profit/loss before tax | 8 | 0 | 117 |
| Tax | – | – | -26 |
| Profit/loss for the period | 8 | 0 | 91 |
| SEK MILLION | 31 Mar 2021 31 Mar 2020 31 Dec 2020 | ||
|---|---|---|---|
| Shares in subsidiaries | 7,341 | 7,341 | 7,341 |
| Deferred tax asset | 0 | 0 | 0 |
| Total non-current assets | 7,341 | 7,341 | 7,341 |
| Receivables from Group companies | 1,679 | 1,790 | 1,225 |
| Current receivables | 37 | 38 | 45 |
| Total current receivables | 1,715 | 1,827 | 1,270 |
| Cash and bank balances | 1,221 | 987 | 1,626 |
| Total current assets | 2,936 | 2,814 | 2,897 |
| Total assets | 10,278 | 10,156 | 10,238 |
| Restricted equity | 4 | 4 | 4 |
| Non-restricted equity | 4,113 | 4,449 | 4,096 |
| Equity | 4,117 | 4,453 | 4,100 |
| Untaxed reserves | 520 | 480 | 520 |
| Liabilities to credit institutions | 300 | 800 | 500 |
| Provisions | 1 | 1 | 1 |
| Total non-current liabilities | 301 | 801 | 501 |
| Short-term loans | 1,200 | 1,020 | 1,350 |
| Liabilities to Group companies | 4,092 | 3,356 | 3,708 |
| Current liabilities | 47 | 46 | 60 |
| Total current liabilities | 5,339 | 4,422 | 5,118 |
| Total equity and liabilities | 10,278 | 10,156 | 10,238 |
| Of which interest-bearing liabilities | 1,500 | 1,820 | 1,850 |
| Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | |
|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT, SEK MILLION | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 |
| Net sales | 5,233 | 5,614 | 4,750 | 5,382 | 5,401 | 5,667 | 4,638 | 5,087 |
| Production costs | -4,520 | -4,671 | -4,103 | -4,632 | -4,688 | -4,743 | -4,004 | -4,401 |
| Gross profit/loss | 713 | 943 | 647 | 750 | 713 | 924 | 634 | 686 |
| Selling and administrative | ||||||||
| expenses | -447 | -466 | -364 | -433 | -442 | -500 | -358 | -413 |
| Operating profit/loss | 266 | 477 | 283 | 317 | 271 | 424 | 276 | 274 |
| Net financial income/expense | -9 | -28 | -12 | -13 | -21 | -17 | -16 | -16 |
| Profit/loss after financial items | 256 | 449 | 271 | 303 | 250 | 407 | 259 | 257 |
| Tax | -54 | -99 | -58 | -66 | -54 | -105 | -58 | -56 |
| Profit/loss for the period | 202 | 351 | 213 | 238 | 196 | 303 | 202 | 201 |
| BALANCE SHEET | 31 Mar 2021 31 Dec 2020 30 Sep 2020 30 Jun 2020 31 Mar 2020 31 Dec 2019 30 Sep 2019 30 Jun 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Goodwill | 9,081 | 8,904 | 8,957 | 8,908 | 8,807 | 8,731 | 8,743 | 8,586 |
| Other non-current assets | 1,183 | 1,180 | 1,045 | 1,110 | 1,182 | 1,208 | 1,085 | 1,120 |
| Current assets | 5,654 | 5,221 | 5,675 | 5,710 | 5,807 | 5,599 | 5,697 | 5,470 |
| Cash and cash equivalents | 1,367 | 1,748 | 1,129 | 1 103 | 1,131 | 972 | 467 | 545 |
| Total assets | 17,285 | 17,053 | 16,807 | 16,830 | 16,928 | 16,510 | 15,992 | 15,720 |
| Equity | 6,186 | 5,876 | 6,033 | 5,819 | 5,758 | 5,596 | 5,355 | 5,141 |
| Borrowings | 300 | 500 | 1,012 | 1,018 | 800 | 500 | 1,100 | 1,100 |
| Non-current liabilities | 1,950 | 1,949 | 1,717 | 1,760 | 1,717 | 1,700 | 1,548 | 1,568 |
| Current liabilities | 8,848 | 8,728 | 8,045 | 8,233 | 8,653 | 8,714 | 7,988 | 7,911 |
| Total equity and liabilities | 17,285 | 17,053 | 16,807 | 16,830 | 16,928 | 16,510 | 15,992 | 15,720 |
| Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | |
|---|---|---|---|---|---|---|---|---|
| CASH FLOW | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 |
| Cash flow from operating activities | 144 | 873 | 10 | 728 | 560 | 989 | 65 | 131 |
| Cash flow from investing activities | -142 | -62 | -27 | -146 | -81 | -79 | -130 | -168 |
| Cash flow from financing activities | -448 | -172 | 43 | -590 | -270 | -385 | -12 | -24 |
| Cash flow for the period | -446 | 639 | 26 | -8 | 208 | 525 | -77 | -61 |
| Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | Jan–Mar | Oct–Dec | Jul–Sep | Apr–Jun | |
|---|---|---|---|---|---|---|---|---|
| KEY RATIOS | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 |
| Operating margin (EBIT), % | 5.1 | 8.5 | 6.0 | 5.9 | 5.0 | 7.5 | 6.0 | 5.4 |
| EBITA margin, % | 5.1 | 8.5 | 6.0 | 5.9 | 5.0 | 7.5 | 6.0 | 5.4 |
| Return on equity, % | 16.6 | 16.7 | 16.0 | 16.2 | 15.9 | 16.1 | 18.2 | 18.0 |
| Net debt | -1,134 | -1,124 | -1,230 | -1,185 | -1,698 | -2,063 | -2,735 | -2,612 |
| Net debt/EBITDA | 0.6 | 0.6 | 0.7 | 0.7 | 1.0 | 1.3 | 1.8 | 1.8 |
| Cash conversion*, % | 121 | 153 | 167 | 149 | 127 | 115 | 104 | 98 |
| Interest coverage, multiple | 25.4 | 32.9 | 29.8 | 24.5 | 25.0 | 34.6 | 19.7 | 19.9 |
| Equity/assets ratio, % | 35.8 | 34.5 | 35.9 | 34.6 | 34.0 | 33.9 | 33.5 | 32.7 |
| Order intake | 5,801 | 5,140 | 4,024 | 5,346 | 5,732 | 5,546 | 5,055 | 5,467 |
| Order backlog | 14,397 | 13,791 | 14,274 | 14,952 | 14,985 | 14,485 | 14,507 | 13,905 |
| Average number of employees | 11,731 | 11,906 | 11,972 | 11,940 | 11,811 | 11,722 | 11,584 | 11,339 |
| Administrative expenses as % of sales | 8.5 | 8.3 | 7.7 | 8.1 | 8.2 | 8.8 | 7.7 | 8.1 |
| Working capital as % of sales | -6.8 | -7.5 | -6.7 | -8.1 | -6.5 | -5.6 | -3.1 | -4.3 |
| Basic earnings per share, SEK | 1.02 | 1.73 | 1.07 | 1.17 | 0.97 | 1.50 | 0.99 | 0.99 |
| Diluted earnings per share, SEK | 1.02 | 1.73 | 1.07 | 1.17 | 0.96 | 1.50 | 0.99 | 0.99 |
| Equity per share, SEK | 30.40 | 28.85 | 29.72 | 28.64 | 28.37 | 27.57 | 26.34 | 25.29 |
| Cash flow from operating activities per share, SEK |
0.71 | 4.30 | 0.05 | 3.59 | 2.76 | 4.88 | 0.32 | 0.65 |
| Share price at balance sheet date, SEK | 120.30 | 109.50 | 109.20 | 89.05 | 70.15 | 90.95 | 86.35 | 82.30 |
The company presents certain financial measures in this interim report that are not defined under IFRS. The company considers that these indicators provide valuable additional information for investors and the company's management as they allow relevant trends to be assessed. Bravida's definitions of these indicators may differ from other companies' definitions of the same terms. These financial measures should therefore be regarded as complementary rather than replacing the measures defined under IFRS. See page 20 for definitions of key performance indicators.
| Reconciliation of key performance | ||||||||
|---|---|---|---|---|---|---|---|---|
| measures, not defined under IFRS. SEK MILLION |
Jan–Mar 2021 |
Oct–Dec 2020 |
Jul–Sep 2020 |
Apr–Jun 2020 |
Jan–Mar 2020 |
Oct–Dec 2019 |
Jul–Sep 2019 |
Apr–Jun 2019 |
| Net debt | ||||||||
| Interest-bearing liabilities | -2,501 | -2,872 | -2,359 | -2,288 | -2,830 | -3,035 | -3,202 | -3,157 |
| Cash and cash equivalents | 1,367 | 1,748 | 1,129 | 1,103 | 1,131 | 972 | 467 | 545 |
| Total net debt | -1,134 | -1,124 | -1,230 | -1,185 | -1,698 | -2,063 | -2,735 | -2,612 |
| EBITA | ||||||||
| Operating profit, EBIT | 266 | 477 | 283 | 317 | 271 | 424 | 276 | 274 |
| Amortisation and impairment of non-current intangible assets |
0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| EBITA | 266 | 478 | 284 | 317 | 272 | 425 | 276 | 274 |
| EBITDA | ||||||||
| Operating profit, EBIT | 266 | 477 | 283 | 317 | 271 | 424 | 276 | 274 |
| Depreciation, amortisation and impairment losses |
107 | 121 | 102 | 104 | 106 | 111 | 105 | 101 |
| EBITDA | 372 | 599 | 385 | 421 | 377 | 535 | 380 | 374 |
| Working capital | ||||||||
| Current assets | 7,021 | 6,969 | 6,804 | 6,813 | 6,938 | 6,571 | 6,164 | 6,015 |
| Cash and cash equivalents | -1,367 | -1,748 | -1,129 | -1,103 | -1,131 | -972 | -467 | -545 |
| Current liabilities | -8,848 | -8,728 | -8,045 | -8,233 | -8,653 | -8,714 | -7,988 | -7,911 |
| Lease, current liability | 339 | 343 | 308 | 322 | 336 | 340 | 336 | 332 |
| Short-term loans | 1,200 | 1,350 | 465 | 320 | 1,020 | 1,495 | 1,180 | 1,100 |
| Provisions | 220 | 226 | 173 | 172 | 141 | 144 | 142 | 152 |
| Total working capital | -1,434 | -1,587 | -1,424 | -1,709 | -1,349 | -1,136 | -633 | -858 |
| Interest coverage ratio | ||||||||
| Profit/loss before tax | 256 | 449 | 271 | 303 | 250 | 407 | 259 | 257 |
| Interest expense | 11 | 14 | 9 | 13 | 10 | 12 | 14 | 14 |
| Total | 267 | 463 | 281 | 316 | 260 | 419 | 273 | 271 |
| Interest expense | 11 | 14 | 9 | 13 | 10 | 12 | 14 | 14 |
| Interest coverage, multiple | 25.4 | 32.9 | 29.8 | 24.5 | 25.0 | 34.6 | 19.7 | 19.9 |
| Cash conversion* | ||||||||
| 12-month EBITDA | 1,357 | 1,363 | 1,316 | 1,308 | 1,264 | 1,244 | 1,258 | 1,253 |
| Non-cash items in EBITDA, last 12 months | 130 | 135 | 55 | 50 | 30 | -2 | 81 | 70 |
| Change in working capital, last 12 months | 148 | 572 | 800 | 560 | 298 | 179 | -44 | -108 |
| Investments in machinery and equipment, last 12 months |
-36 | -34 | -40 | -27 | -28 | -34 | -23 | -19 |
| Total operating cash flow | 1,599 | 2,036 | 2,131 | 1,891 | 1,564 | 1,387 | 1,272 | 1,196 |
| Operating profit/loss, last 12 months | 1,321 | 1,328 | 1,279 | 1,272 | 1,228 | 1,209 | 1,223 | 1,219 |
| Cash generation, last 12 months, % | 121 | 153 | 167 | 149 | 127 | 115 | 104 | 98 |
*Excluding IFRS 16 Leases.
This is a translation of the Swedish Interim Report of Bravida Holding AB. In the event of inconsistency between the English and the Swedish versions, the Swedish version shall prevail.
This interim report for the Group has been prepared in accordance with International Reporting Standards (IFRS) using IAS 34 Interim Reporting. The parent company applies Recommendation RFR 2 Accounting for Legal Entities and Chapter 9 of the Swedish Annual Accounts Act regarding interim reports. The accounting policies applied are consistent with what is set out in the 2020 annual report.
The IASB has published supplements to standards effective from 1 January 2021 or later. Such supplements have not had any material impact on Bravida's financial statements.
All amounts in this interim report are stated in millions of Swedish kronor (SEK), unless specified otherwise, and rounding differences may therefore occur.
| SEK MILLION | Jan–Mar 2021 |
distri bution |
Jan–Mar 2020 |
distri bution |
Jan–Dec 2020 |
distri bution |
|---|---|---|---|---|---|---|
| Sweden | 2,839 | 54% | 2,806 | 52% | 11,313 | 53% |
| Norway | 981 | 19% | 1,214 | 22% | 4,304 | 20% |
| Denmark | 1,064 | 20% | 1,067 | 20% | 4,217 | 20% |
| Finland | 383 | 7% | 325 | 6% | 1,392 | 7% |
| Group-wide and eliminations | -35 | -12 | -79 | |||
| Total | 5,233 | 5,401 | 21,147 |
| SEK MILLION | Jan–Mar 2021 |
EBITA margin |
Jan–Mar 2020 |
EBITA margin |
Jan–Dec 2020 |
EBITA margin |
|---|---|---|---|---|---|---|
| Sweden | 155 | 5.5% | 156 | 5.6% | 801 | 7.1% |
| Norway | 44 | 4.5% | 54 | 4.5% | 245 | 5.7% |
| Denmark | 56 | 5.2% | 51 | 4.7% | 220 | 5.2% |
| Finland | 10 | 2.6% | 1 | 0.4% | 56 | 4.0% |
| Group-wide | 2 | 10 | 29 | |||
| EBITA | 266 | 5.1% | 272 | 5.0% | 1,351 | 6.4% |
| Amortisation of intangible assets | 0 | -1 | -2 | |||
| Net financial income/expense | -9 | -21 | -74 | |||
| Profit/loss before tax (EBT) | 256 | 250 | 1,274 |
| Distribution of revenues | Jan–Mar 2021 | Jan–Mar 2020 | |||||
|---|---|---|---|---|---|---|---|
| Revenue per category, SEK MIL. | Service | Installation | Total | Service | Installation | Total | |
| Sweden | 1,429 | 1,410 | 2,839 | 1,404 | 1,403 | 2,806 | |
| Norway | 551 | 430 | 981 | 600 | 615 | 1,214 | |
| Denmark | 442 | 622 | 1,064 | 423 | 644 | 1,067 | |
| Finland | 91 | 292 | 383 | 66 | 259 | 325 | |
| Eliminations | -8 | -27 | -35 | -3 | -9 | -12 | |
| Group | 2,505 | 2,728 | 5,233 | 2,490 | 2,911 | 5,401 |
| Average number of employees | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Sweden | 5,635 | 5,885 | 5,831 |
| Norway | 2,950 | 2,969 | 2,997 |
| Denmark | 2,341 | 2,257 | 2,315 |
| Finland | 702 | 607 | 666 |
| Group-wide | 103 | 103 | 98 |
| Total | 11,731 | 11,811 | 11,906 |
Bravida made the following acquisitions in the January–March period:
| Acquired unit | Country | Technical area | Type | Date | Percentage of votes |
Employees | Estimated annual sales, SEK million |
|---|---|---|---|---|---|---|---|
| Profire Sprinkler AB | Sweden | Sprinklers | Company | January | 100% | 35 | 70 |
| J Beese VVS & Blik | Denmark | Heating and plumbing, ventilation |
Assets and liabilities |
February | – | 12 | 14 |
| Fiberkom ApS | Denmark | Electrical | Company | February | 100% | 8 | 11 |
| SKM Service Oy | Finland | Heating & plumbing | Company | March | 100% | 20 | 205 |
Bravida normally uses an acquisition structure with a fixed purchase price and contingent consideration. The contingent consideration is initially valued at the likely final amount, which for the year's acquisitions is SEK 14 million. The contingent considerations are due for payment within three to five years. The acquisitions are reported in aggregate form in the table below as individually they are not of sufficient size to justify separate recognition of each acquisition.
The acquisition analyses of acquired companies in 2021 are preliminary.
| Assets and liabilities included in acquisition |
Fair value recognised in the Group, SEK million |
|---|---|
| Intangible assets | 2 |
| Property, plant and equipment | 4 |
| Trade receivables* | 27 |
| Income accrued but not invoiced | 2 |
| Other current assets | 20 |
| Cash and cash equivalents | 44 |
| Non-current liabilities | -3 |
| Trade payables | -14 |
| Income invoiced but not accrued | -3 |
| Other current liabilities | -14 |
| Net identifiable assets and liabilities | 66 |
| Consolidated goodwill | 111 |
| Consideration | 176 |
| Cash and cash equivalents, acquired | 43 |
| Net effect on cash and cash equivalents | 133 |
| Cash consideration paid | 125 |
| Consideration recognised as a liability** | 51 |
| Consideration | 176 |
*There are no material impairments of trade receivables.
**Of the total consideration recognised as a liability, SEK 14 million consists of contingent consideration.
Bravida has made three acquisitions since the end of the period. In April, Volt Elektro AS was acquired in Norway with 6 employees and sales of approximately SEK 11 million. April also saw the acquisition in Sweden of Sverige IEAB with 23 employees and annual sales of around SEK 75 million, and Runevads VVS Teknik AB with 30 employees and annual sales of approximately SEK 50 million, with completion in May and June respectively.
Bravida's business is affected by seasonal variations in the construction industry and employees' annual holiday. Bravida usually has a lower level of activity in the third quarter as it is the main holiday period. The fourth quarter normally has the highest earnings because many projects are completed during this period.
The fair value of the Group's financial assets and liabilities is not materially different from carrying amounts. No items other than the contingent consideration are recognised at fair value in the balance sheet.
Stockholm, 26 April 2021 Bravida Holding AB
Mattias Johansson CEO and Group President
This information is information that Bravida Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 12:00 CET on 26 April 2021.
This interim report has not been reviewed by Bravida's auditors. This report contains information and opinions on future prospects
For further information, please contact:
Mattias Johansson, President and CEO Email: [email protected] Telephone: +46 8 695 20 00
Åsa Neving, CFO Email: [email protected] Telephone: +46 8 695 22 87
for Bravida's business activities. The information is based on Group management's current expectations and estimates. Actual future outcomes may vary considerably from the forward-looking statements in this report, partly because of changes in economic, market and competitive conditions.
| Interim Report April–June 2021 | 16 July 2021 |
|---|---|
| Interim Report July–September 2021 | 26 October 2021 |
Calculated as the average number of employees during the year, taking account of the percentage of fulltime employment.
12-month rolling net profit/loss as a percentage of average equity.
Operating profit excluding amortisation and impairment of non-current intangible assets. EBITA is the key ratio and performance indicator that is used for internal operational monitoring. EBITA provides an overall view of profit generated by operating activities.
EBITA as a percentage of net sales.
Earnings before interest, taxes, depreciation, and amortisation. EBITDA is a measure that the Group regards as relevant for investors who want to understand earnings generation before investments in non-current assets.
Recognised tax expense as a percentage of profit/loss before tax.
Equity attributable to equity holders of the parent company divided by the number of ordinary shares outstanding at period end.
Total exchange differences on borrowing and cash and cash equivalents in foreign currency, other financial revenue and other finance costs.
acquisitions.
(Net debt/EBITDA) Net debt divided by EBITDA excluding specific costs, based on a rolling 12-month calculation. A good capital structure provides a solid basis for continued business operations. The capital structure should provide a high degree of financial flexibility and enable
activities per share Cash flow from operating activities for the period, divided by the number of shares at period end.
(excluding IFRS 16 Leases) Total 12-month EBITDA, change in working capital and investment in plant and equipment, as well as adjustment for non-cash items in EBITDA in relation to 12-month EBIT (operating profit).
This key ratio measures the percentage of profit that is converted into cash flow. The purpose is to analyse what percentage of earnings can be converted into cash and cash equivalents and, in the longer term, the opportunity for investments, acquisitions and dividends, with the exception of interest-related cash flows.
Net sales are recognised in accordance with the principle of recognition over time, rather than using the previous percentage-of-completion method. These revenues are recognised in proportion to the degree of completion of projects.
Interest-bearing liabilities (including lease liabilities, excluding pension liabilities), less cash and cash equivalents. This key figure is a measure to show the Group's total interest-bearing debt.
The change in sales adjusted for currency effects, as well as acquisitions and disposals compared with the same period of the previous year. Sales from acquisitions and divestments are eliminated for a period of 12 months from the date of acquisition or divestment.
Operating profit/loss adjusted for non-cash items, investments in machinery and equipment and changes in working capital.
The value of new projects and contracts received, and changes in existing projects and contracts over the period in question. Includes both installation and service business.
The value of remaining, not yet accrued project revenues from orders on hand at the end of the period. Order backlog only includes installation projects, not service operations.
Profit/loss for the period attributable to shareholders of the parent company divided by the average number of outstanding ordinary shares after dilution.
Profit/loss for the period attributable to owners of the parent company divided by the average number of outstanding ordinary shares.
Profit/loss after financial items plus interest expense, divided by interest expense. This key ratio is a measure of how much earnings may fall by without interest payments being jeopardised or how much interest on borrowing may increase without operating profit turning negative.
Total current assets, excluding cash and cash equivalents, minus current liabilities excluding current provisions and interest-bearing short-term borrowing, and current lease liabilities. This measure shows how much working capital is tied up in the business and may be set in relation to sales to understand how efficiently tied-up working capital is being used.
Operating profit/loss as a percentage of net sales.
Earnings net financial income/ expense and tax.
Equity including non-controlling interests as a percentage of total assets.
Transactions and items that are irregular in occurrence and size and consequently have an impact on earnings and key ratios.
*See page 15 for reconciliation of performance measures.
The installation and refurbishment of technical systems in properties, facilities and infrastructure.
Operation and maintenance, as well as minor refurbishment of installations in buildings and facilities.
Power supply, lighting, heating, control and surveillance systems. Telecom and other low-voltage installations. Fire and intruder alarm products and systems, access control systems, CCTV and integrated security systems.
Comfort ventilation and comfort cooling through air treatment, air conditioning and climate control. Commercial cooling in freezer and cold rooms. Process ventilation, control systems. Energy audits and energy efficiency work through heat recovery, heat pumps, etc.
Water, wastewater, heating, sanitation, cooling and sprinkler systems. District heating and cooling. Industrial piping with expertise in all types of pipe welding. Energy saving through integrated energy systems.
Refers to other technical areas such as power, security, cooling, solar panels, energy optimisation, sprinklers and technical service management.
Occupational injuries that lead to at least one day of sickness absence per million working hours.
Bravida enables customers leverage the full potential of their buildings. Through service and installation, we bring buildings to life – leading the way towards sustainable and resilient society.
We offer technical end-to-end solutions over the life of a property, from consulting and project design to installation and service. We are a large company with local presence throughout the Nordics. We have a local presence for customers and take long-term responsibility for our work. Our employees are our most important asset. With shared values, working methods and tools, together we create sustainable and profitable business for us and our customers.
We manage our business according to a number of key goals that reflect our aims regarding sustainable growth, stability and leadership in the sector.
Bravida helps customers with the service and installation of technical functions in properties and industrial facilities. Our aim is for each service and installation project to make a property better and more energy efficient.
Bravida is a large company with a local presence throughout the Nordics. We operate as ONE company, drawing on the same culture, working methods and strategies. Together we provide the market's best customer experience.
We approach and interact with our customers on local markets. Bravida's group-wide corporate culture, working methods and strategy ensure each branch creates the market's best customer offering and a profitable business.
Together, we are Bravida. Our entire company shares the same corporate culture, values and leadership.
Bravida develops group-wide working methods and tools that all branches use to lead and enhance their business.
Our managers' most important task is to implement Bravida's strategy. Each branch is proactive in creating the best customer offering, the best team, efficient operations and a sustainable business.
Our vision is our ultimate objective, and our strategies help us get there. Our aim is to be the best in the Nordic region, the first choice for customers and the most attractive employer in the industry. To achieve this, we work actively to implement our strategies every day.
Bravida has the best customer offering on the market. Our customers choose us because we create end-to-end solutions that make the complex simple. We listen to our customers and proactively suggest solutions for the entire life cycle of a property. We assist in making sustainable choices and creating sustainable solutions. We provide customers with feedback after completing assignments, and always ask if we can help with anything else. Above all, we keep our promises, take responsibility for our work and care about our customers.
Bravida has the best team in the industry. What unites us is our passion for constant improvement. That is why the best managers and employees choose to work with us. We actively promote gender equality and diversity with a view to becoming a stronger company. We are passionate about service and are experts in project management and delivering assignments. We work as a team, we help each other and we enjoy working together. And there are lots of opportunities to grow and develop professionally within the company.
Bravida takes a highly professional approach to everything it does. All our employees work hard every day to provide a great customer experience. We are efficient, cost conscious and ensure our workplaces are well run. We always apply our group-wide working methods and ensure purchasing is carried out correctly. We also plan meticulously, monitor our productivity and have control over all aspects of our assignments.
We take responsibility for our business and take a proactive approach to longterm sustainability. We ultimately aim to eliminate all occupational injuries, and each branch works systematically to create a safe, pleasant work environment. We endeavour to achieve sustainable use of resources and a small carbon footprint. We set high standards for both our suppliers and ourselves on business ethics, legal requirements and human rights.
Margin over volume. Bravida constantly endeavours to improve profitability and achieve the full potential of each branch. We do this by ensuring we provide the best customer offering, the best team, efficient delivery of assignments and a sustainable business. We only take on assignments and projects with a good margin. We are cost conscious and use resources efficiently. We always use Bravida's group-wide resources and systems, and aim to achieve low fixed costs. Licence to grow. When a branch is profitable and has firm foundations in place, we focus on growth. We grow organically by developing our offering and by increasing our emphasis on sales and recruitment. We also grow through acquisitions. Our profitable branches and regions are always on the lookout for good local businesses, and we acquire companies that we would like to be part of our own business. Bravida also makes strategic acquisitions to establish itself on new markets or in new technical areas.
Bravida's objective is to be the largest or second-largest player in those places where we choose to operate.
Bravida Holding AB Stockholm 126 81 Sweden Street address: Mikrofonvägen 28 Telephone: +46 8 695 20 00 www.bravida.com
Bravida Norge AS Postboks 313 Økern 0511 Oslo Norway Street address: Østre Aker vei 90 Telephone: +47 2404 80 00 www.bravida.no
Bravida Danmark A/S Park Allé 373 2605 Brøndby Denmark Telephone: +45 4322 1100 www.bravida.dk
Bravida Finland Oy Valimotie 21 00380 Helsinki Finland Telephone: +358 10 238 8000 www.bravida.fi
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