Interim / Quarterly Report • Jul 17, 2020
Interim / Quarterly Report
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Published on July 17, 2020
Peter Rosén, Acting CEO and CFO
HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets and Seals), and wheels made of plastic and rubber materials for truck and castor wheel applications (Wheels). Customers are primarily system suppliers to the global automotive and engineering industry, building and construction industry and within sectors as transportation, energy, oil/gas, consumer and cable industry and manufacturers of medical equipment, plate heat exchangers and forklifts. The Group is organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group's sales in 2019 amounted to 15.508 MSEK and the Group has approximately 4.800 employees in fourteen countries. .
The second quarter showed sales of 2,526 MSEK, a decrease by 31 percent compared to the same quarter previous year. The lower sales were affected by Covid-19 and its impact on both the countries we are in and the customers we supply with our products. We reduced our costs considerably during the second quarter compared to the first quarter, but the lower sales still impacted and we saw an adjusted EBITA of 229 MSEK, which corresponds to a margin of 9.1 percent. At the same time, we further strengthened our equity-assets ratio compared to previous year to 63 percent.
The impact from the Covid-19 pandemic was significant during the second quarter with partially closed countries and low demand from most of the customers, not least from the automotive industries. Almost all automotive manufacturers in Europe and US closed their production for most of the quarter, which led to a sharp drop in the demand of our products. During the quarter, we mainly saw negative effects on demand in April and May, while June, albeit from low levels, showed increasing demand when several automotive customers started up again. At the same time, all our plants are open and we do not experience any significant problem with either raw material supply or delivery of goods to our customers.
To meet and try to compensate the lower demand, we have continued the intensive work that started in the beginning of the year, with lowering the costs. We have introduced among other things short term work at all our units. The way it is implemented varies between the different countries in line with the laws and regulations of each country. In addition, we have also implemented further significant cost savings through reduction of the number of employees, both in production and among white-collar workers.
HEXPOL's experienced and decentralized organization shows its strength in situations like this with major and varied challenges. Every unit acts fast and adapts to the conditions that apply locally, both to be able to support our customers but also to secure our financial position. At the same time, all necessary processes and resources are coordinated centrally to benefit in the best possible way of our global position.
When we look ahead it is obvious that the Covid-19 pandemic and the measures taken around the world has a substantial impact on all of us. Not least, there is a great uncertainty about what we can expect going forward.
It is our belief that HEXPOL's combination of financial strength and decentralized organization gives us good conditions to get us through this in a good way.
EBITA margin * 9.1% * Excl. non-recurring items
| Key figures | Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | ||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Sales | 2 526 | 3 685 | 6 694 | 7 490 | 15 508 | 14 712 |
| EBITA, excl. non-recurring items | 229 | 566 | 836 | 1 173 | 2 320 | 1 983 |
| EBITA margin, excl. non-recurring items, % | 9,1 | 15,4 | 12,5 | 15,7 | 15,0 | 13,5 |
| EBITA | 203 | 566 | 760 | 1 173 | 2 121 | 1 708 |
| EBITA margin, % | 8,0 | 15,4 | 11,4 | 15,7 | 13,7 | 11,6 |
| Operating profit, EBIT, excl. non-recurring items | 209 | 551 | 796 | 1 137 | 2 242 | 1 901 |
| Operating margin, EBIT, excl. non-recurring items, % | 8,3 | 15,0 | 11,9 | 15,2 | 14,5 | 12,9 |
| Operating profit, EBIT | 183 | 551 | 720 | 1 137 | 2 043 | 1 626 |
| Operating margin, EBIT % | 7,2 | 15,0 | 10,8 | 15,2 | 13,2 | 11,1 |
| Profit before tax | 167 | 548 | 702 | 1 130 | 2 008 | 1 580 |
| Profit after tax | 122 | 413 | 527 | 851 | 1 542 | 1 218 |
| Earnings per share, excl. non-recurring items, SEK | 0,41 | 1,20 | 1,70 | 2,47 | 4,93 | 4,16 |
| Earnings per share after dilution, SEK | 0,35 | 1,20 | 1,53 | 2,47 | 4,48 | 3,54 |
| Equity/assets ratio, % | -1 | -1 | -1 | |||
| Return on capital employed, % R12 | 11,5 | 19,1 | 15,2 | |||
| Operating cash flow | 225 | 709 | 752 | 1 063 | 2 607 | 2 296 |
The HEXPOL Group's sales amounted to 2,526 MSEK (3,685) during the quarter, a decrease by 31 percent. Acquisition (Preferred Compounding) increased sales by 8 percent, exchange rate fluctuations by 0 percent while the organic sales decreased by 39 percent.
The HEXPOL Compounding business area's sales decreased during the quarter by 33 percent to 2,290 MSEK (3,418) despite the acquisition of Preferred Compounding in 2019. The acquisition contributed with 8 percent, currency effects by 0 percent while the organic sales decreased by 41 percent. The sales became lower as a result of the Covid-19 pandemic impact on our customers. During the first two months in the quarter we saw, among other things that the automotive industry closed its production in Europe and US and then started up again in June, however still with historically low volumes. With a few exceptions, we also saw generally lower demand from the other customer segments affected by Covid-19.
The raw material prices on our main raw materials were slightly lower than the corresponding quarter previous year.
The HEXPOL Engineered Products were also affected by the pandemic and the sales decreased during the quarter compared with the corresponding quarter 2019 and amounted to 236 MSEK (267).
From a geographical perspective the sales in America decreased by 33 percent while the sales decreased in Europe and Asia by 32 respectively 11 percent compared to the corresponding quarter previous year.
Operating profit before amortization of intangible assets and excluding nonrecurring items, EBITA, amounted to 229 MSEK (566), which meant a corresponding EBITA margin of 9.1 percent (15.4). Exchange rate fluctuations affected the operating profit positively in the quarter by 8 MSEK.
Operating profit, excluding non-recurring items, decreased to 209 MSEK (551) while the operating margin amounted to 8.3 percent (15.0). The lower margin was mainly affected by the lower organic volume driven by Covid-19 but also by the slightly lower margin at the acquired Preferred Compounding. Operating profit amounted to 183 MSEK (551).
Non-recurring items, regarding restructuring costs, amounted to 26 MSEK (0). Specification can be found in note 2.
The Group's net financial items amounted to an expense of 16 MSEK (expense 3) and profit before tax 167 MSEK (548). Profit after tax amounted to 122 MSEK (413) and earnings per share 0.35 SEK (1.20). Earnings per share, adjusted for non-recurring tems, amounted to 0.41 SEK (1.20).
The HEXPOL Group's sales decreased by 11 percent during the first half-year to 6,694 MSEK (7,490). Acquisition (Preferred Compounding) increased the sales by 11 percent, exchange rate fluctuations by 2 percent while the organic sales decreased by 24 percent.
The HEXPOL Compounding business area's sales decreased during the first halfyear by 11 percent to 6,196 MSEK (6,957). After a first quarter with increased sales, the sales fell considerably during the second quarter driven by Covid-19. The acquisition of Preferred Compounding contributed with 12 percent, positive currency effects contributed with 2 percent while the organic sales decreased by 25 per cent. The lower sales comes as a result of the Covid-19 pandemic. During the first two months of the second quarter we saw, among other things that the automotive industry closed its production in Europe and US. The production started up again during June, however with historically low volumes. With a few exceptions, we also saw generally lower demand from the other customer segments affected by Covid-19.
The HEXPOL Engineered Products sales decreased slightly during the first halfyear and amounted to 498 MSEK (533).
From a geographical perspective the sales in America decreased by 6 percent while the sales decreased in Europe and Asia by 17 respectively 6 percent compared to the corresponding quarter previous year.
Operating profit before amortization of intangible assets and excluding nonrecurring items, EBITA, amounted to 836 MSEK (1,173), which meant a corresponding EBITA margin of 12.5 percent (15.7). Exchange rate fluctuations affected the operating profit positively in the first half-year by 30 MSEK.
Operating profit, excluding non-recurring items, was stable by 796 MSEK (1,137) while the operating margin amounted to 11.9 percent (15.2). The lower margin was mainly affected by the lower organic volume driven by Covid-19 but also by the slightly lower margin at the acquired Preferred Compounding. Operating profit amounted to 720 MSEK (1,137).
Non-recurring items, regarding restructuring costs, amounted to 76 MSEK (0). Specification can be found in note 2.
The Group's net financial items amounted to an expense of 18 MSEK (expense 7) and profit before tax 702 MSEK (1,130). Profit after tax amounted to 527 MSEK (851) and earnings per share 1.53 SEK (2.47). Earnings per share, adjusted for non-recurring items, amounted to 1.70 SEK (2.47).
The equity/assets ratio was strong and increased to 63 percent (58). The Group's total assets increased to 16,131 MSEK (15,720). Net debt increased to 1,778 MSEK (1,425) whereof 425 MSEK (347) relates to financial leasing liabilities according to IFRS 16, which gives a net debt/EBITDA of 0.85 (0.57). The Group's total assets and net debt increased mainly due to the acquisition of Preferred Compounding in July 2019.
The Group had the following major credit agreements with Nordic banks as per June 30:
The operating cash flow for the Group deacreased in the second quarter to 225 MSEK (709), a decrease by 68 percent compared to the corresponding period previous year. The decrease is driven by the lower result. Cash flow from operating activities amounted to 226 MSEK (564). Operating cash flow for the first half-year was 752 MSEK (1,063) while cash flow from operating activities was 754 MSEK (881).
The Group's investments amounted to 64 MSEK (57) for the quarter and refers mainly to regular maintenance investments. At the same time, depreciation, amortisation and impairment amounted to 93 MSEK (100) whereof 23 MSEK (18) relates to leased assets according to IFRS 16. The investments amounted to 135 MSEK (103) during the first half-year, while depreciation and amortization amounted to 228 MSEK (204). Of these refers 46 MSEK (37) to leased assets, according to IFRS 16.
The Group's tax expenses amounted to 45 MSEK (135) during the second quarter, which corresponds to a tax rate of 26.9 percent (24.6). Tax expenses during the first half-year amounted to 175 MSEK (279), which corresponds to a tax rate of 24.9 procent (24.7).
The return on average capital employed, R12, amounted to 11.5 percent (19.1). The return on shareholders' equity, R12, amounted to 12.0 percent (18.9).
The Parent Company's profit after tax for the second quarter amounted to 179 MSEK (174). Profit after tax amounted to 142 MSEK (168) for the first half-year. Shareholders' equity increased to 5,049 MSEK (3,814).
The sales decreased by 33 percent to 2,290 MSEK (3,418) affected by Covid-19. The acquisition of Preferred Compounding contributed with 8 percent, currency effects contributed with 0 percent wile the organic sales decreased by 41 percent. The pandemic affected most all customers negatively but the automotive industry appears amoung the hardest hit. During the first two months of the quarter, the production was basically at a stand still in both Europe and US. The production started again during June, but at a slow pace with historically low volumes.
The raw material prices on our main raw materials were slightly lower than the corresponding quarter previous year.
Operating profit, excluding non-recurring items, amounted to 178 MSEK (516) and the corresponding operating margin amounted to 7.8 percent (15.1). The lower margin was negatively affected mainly by lower organic volume but also by the slightly lower margin at the acquired Preferred Compounding.
HEXPOL Compounding Americas sales decreased during the quarter despite the acquisition of Preferred Compounding. The business area saw sales decreases to a majority of the customer segments where mainly the automotive industry, but also general industry were negatively affected. Excluding the acquisition, we saw the same development with lower organic sales and also then mainly to automotive and to general industry.
The sales for HEXPOL Compounding Europe, decreased during the quarter mainly to customers within automotive and general industry.
HEXPOL Compounding Asia's sales decreased slightly compared with the corresponding quarter previous year, affected by lower sales to automotive.
HEXPOL Thermoplastic Compounding showed lower sales affected by closed plants at automotive customers.
The sales for HEXPOL TPE Compounding also showed a slightly lower sales compared to the same quarter previous year. At the same time, we saw growth at some customers within for example the medical segment.
The sales for HEXPOL Compounding decreased by 11 percent to 6,196 MSEK (6,957) affected by Covid-19. At the same time, operating profit, excluding nonrecurring items, amounted to 732 MSEK (1,069), which corresponds to an operating margin of 11.8 percent (15.4).
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun Full Year | Jul 19- | ||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Sales | 2 290 | 3 418 | 6 196 | 6 957 | 14 465 | 13 704 |
| Operating profit, excl. non-recurring items | 178 | 516 | 732 | 1 069 | 2 109 | 1 772 |
| Operating margin, excl. non-recurring items, % | 7,8 | 15,1 | 11,8 | 15,4 | 14,6 | 12,9 |
| Operating profit, EBIT | 159 | 516 | 663 | 1 069 | 1 910 | 1 504 |
The business area is one of the world's leading suppliers in development and manufacturing of advanced, high-quality polymer compounds for demanding applications and demanding end users. Customers are manufacturers of polymer products and components who impose rigorous demands on performance and global delivery capacity. The market is global and the largest end-customer segments are the automotive and engineering industries, followed by the building and construction sector. Other key segments are transportation sector, energy, oil and gas sector, consumer sector, cable industries and manufacturers of medical equipment.
The sales decreased by 12 percent compared to the corresponding period previous year and amounted to 236 MSEK (267). The sales were negatively affected by the Covid-19, although to a lesser extent compared with HEXPOL Compounding. Operating profit amounted to 31 MSEK (35) and the corresponding operating margin was stable at 13.1 percent (13.1).
All three product area's, Gaskets, Profiles and Wheels showed a slightly lower sales compared to the corresponding period previous year.
The sales decreased for the first half-year by 7 percent to 498 MSEK (533) affected by Covid-19. Operating profit, excluding non-recurring items, amounted to 64 MSEK (68) with an increased operating margin of 12.9 percent (12.8).
The business area has operations in a number of niche areas with strong global positions in gaskets for plate heat exchangers (Gaskets and Seals) and polyurethane, rubber and plastic wheels for forklifts and material handling (Wheels). The market for gaskets and wheels is global. Gaskets customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of forklifts and castor wheels.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun Full Year | Jul 19- | ||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Sales | 236 | 267 | 498 | 533 | 1 043 | 1 008 |
| Operating profit, excl. non-recurring items | 31 | 35 | 64 | 68 | 133 | 129 |
| Operating margin, excl. non-recurring items, % | 13,1 | 13,1 | 12,9 | 12,8 | 12,8 | 12,8 |
| Operating profit, EBIT | 24 | 35 | 57 | 68 | 133 | 122 |
The Covid-19 pandemic continue to create high uncertainty as regards demand on the company's products.
The Group's and Parent Company's business risks, risk management and management of financial risks are described in detail in the 2019 Annual Report. The Covid-19 pandemic outbreaks have a major impact on the world and HEXPOL. At present, it is very difficult to estimate or quantify the risks related to this, but the negative effect is likely to be significant, both in terms of sales and earnings. The Board and management follows the development closely.
This half-year report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company's financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Reporting for Legal Entities. The accounting and measurement policies as well as the assessment bases, applied in the 2019 Annual Report have also been applied in this half-year report. No new or revised IFRS that came into force 2020 have had any significant impact on the Group's financial reports.
ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective from 2016. HEXPOL presents financial definitions and reconciliations of alternative performance measures in this report. HEXPOL presents alternative performance measures as these provide valuable additional information to investors and the company's management as they allow evaluation of the company's performance.
The number of employees at the end of the period was 4,781 (4,629). The increase compared to the corresponding period previous year is explained by the acquisition of Preferred Compounding that was acquired in July 2019.
HEXPOL AB (publ.) with Corporate Registration Number 556108-9631 is the Parent Company of the HEXPOL Group. HEXPOL's Class B shares are listed on Nasdaq Stockholm, Large Cap. HEXPOL AB had 12,000 shareholders on June 30, 2020. The largest shareholder is Melker Schörling AB with 25 percent of the capital and 46 percent of the voting rights. The twenty largest shareholders own 68 percent of the capital and 77 percent of the voting rights.
The management and governance of the Group works well with the combination of acting CEO Peter Rosén and daily support by the Chairman of the Board Georg Brunstam. The Covid-19 situation places demands on stable and experienced management at the same time as it complicates an optimal CEO recruitment. The Board's assessment is therefore that the current well functioning constellation will continue during the first part of 2021.
A presentation of this report will be held through a webcasted conference call on July 17 at 12:00 a.m. CET. The presentation, as well as information concerning participations, is available at www.hexpol.com.
HEXPOL AB publish financial information on the following dates:
Financial information is also available in Swedish and English on HEXPOL AB's website – www.hexpol.com.
The half-year report January-June 2020 has not been audited by HEXPOL AB's auditors.
The half-year report provides a fair view of the Parent Company's and the Group's operations, financial position and results. It also describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.
Malmö, Sweden July 17, 2020
HEXPOL AB (publ.)
Peter Rosén Georg Brunstam
Acting CEO and CFO Chairman of the Board
Alf Göransson Malin Persson
Jan-Anders E. Månsson Kerstin Lindell
Märtha Schörling Andreen Gun Nilsson
For more information, please contact:
Peter Rosén, Acting CEO and CFO Tel: +46 (0)40 25 46 60
Adress: Skeppsbron 3 211 20 Malmö
Organisationsnummer: 556108–9631 Tel: +46 40-25 46 60 Webbplats: www.hexpol.com
This report may contain forward-looking statements. When used in this report, words such as "anticipate", "believe", "estimate", "expect", "plan" and "project" are intended to identify forward-looking statements. Such statements could encompass risks and uncertainties pertaining to product demand, market acceptance, effects of economic conditions, impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of HEXPOL's management as of the date made with respect to future events but are subject to risks and uncertainties. While all of these forward-looking statements are based on estimates and assumptions made by HEXPOL's management and are believed to be reasonable, they are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements.
This information is information that HEXPOL AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act . The information was submitted for publication, through the agency of the contact person set out above, at 11:00 a.m. CET on July 17, 2020. This report has been prepared both in Swedish and English. In case of any divergence in the content of the two versions, the Swedish version shall have precedence.
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Sales | 2 526 | 3 685 | 6 694 | 7 490 | 15 508 | 14 712 |
| Cost of goods sold | -2 110 | -2 919 | -5 388 | -5 909 | -12 430 | -11 909 |
| Gross profit | 416 | 766 | 1 306 | 1 581 | 3 078 | 2 803 |
| Selling and administrative cost, etc. | -233 | -215 | -586 | -444 | -1 035 | -1 177 |
| Operating profit | 183 | 551 | 720 | 1 137 | 2 043 | 1 626 |
| Financial income and expenses | -16 | -3 | -18 | -7 | -35 | -46 |
| Profit before tax | 167 | 548 | 702 | 1 130 | 2 008 | 1 580 |
| Tax | -45 | -135 | -175 | -279 | -466 | -362 |
| Profit after tax | 122 | 413 | 527 | 851 | 1 542 | 1 218 |
| - of which, attributable to Parent Company shareholders | 122 | 413 | 527 | 851 | 1 542 | 1 218 |
| Earnings per share before dilution, SEK | 0,35 | 1,20 | 1,53 | 2,47 | 4,48 | 3,54 |
| Earnings per share after dilution, SEK | 0,35 | 1,20 | 1,53 | 2,47 | 4,48 | 3,54 |
| Earnings per share, excl non recurring items, SEK | 0,41 | 1,20 | 1,70 | 2,47 | 4,93 | 4,16 |
| Shareholders' equity per share, SEK | 29,52 | 26,35 | 28,34 | |||
| Average number of shares, 000s | 344 201 | 344 201 344 201 344 201 | 344 201 | 344 201 | ||
| Depreciation, amortisation and impairment | -93 | -100 | -228 | -204 | -447 | -471 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Profit after tax | 122 | 413 | 527 | 851 | 1 542 | 1 218 |
| Items that will not be reclassified to the income statement |
||||||
| Remeasurements of defined benefit pension plans | - | 0 | - | 0 | -2 | -2 |
| Income tax relating to items that will not be reclassified to the income statement |
- | 0 | - | 0 | 0 | 0 |
| Items that may be reclassified to the income statement |
||||||
| Cash-flow hedges | - | 0 | - | 0 | 0 | 0 |
| Hedge of net investment | - | 0 | - | -1 | 7 | 8 |
| Income tax relating to items that may be reclassified to the income statement |
- | 0 | - | 0 | -2 | -2 |
| Translation differences | -884 | 44 | -121 | 408 | 399 | -130 |
| Comprehensive income | -762 | 457 | 406 | 1 258 | 1 944 | 1 092 |
| - of which, attributable to Parent Company's shareholders | -762 | 457 | 406 | 1 258 | 1 944 | 1 092 |
| Jun 30 | Jun 30 | Dec 31 | |
|---|---|---|---|
| MSEK | 2020 | 2019 | 2019 |
| Intangible fixed assets | 9 354 | 7 739 | 9 429 |
| Tangible fixed assets | 2 543 | 2 362 | 2 632 |
| Financial fixed assets | 3 | 3 | 3 |
| Deferred tax asset | 42 | 38 | 52 |
| Total fixed assets | 11 942 | 10 142 | 12 116 |
| Inventories | 1 313 | 1 353 | 1 391 |
| Accounts receivable | 1 516 | 2 225 | 1 983 |
| Other receivables | 179 | 205 | 261 |
| Prepaid expenses and accrued income | 47 | 57 | 50 |
| Cash and cash equivalents | 1 134 | 1 738 | 1 624 |
| Total current assets | 4 189 | 5 578 | 5 309 |
| Total assets | 16 131 | 15 720 | 17 425 |
| Equity attributable to Parent Company's shareholders | 10 162 | 9 068 | 9 756 |
| Total shareholders' equity | 10 162 | 9 068 | 9 756 |
| Interest-bearing liabilities | 1 905 | 2 264 | 2 754 |
| Other liabilities | 39 | 442 | 41 |
| Provision for deferred tax | 543 | 499 | 580 |
| Provision for pensions | 69 | 44 | 55 |
| Total non-current liabilities | 2 556 | 3 249 | 3 430 |
| Interest-bearing liabilities | 1 010 | 902 | 1 249 |
| Accounts payable | 1 257 | 1 908 | 1 953 |
| Other liabilities | 604 | 254 | 598 |
| Accrued expenses, prepaid income, provisions | 542 | 339 | 439 |
| Total current liabilities | 3 413 | 3 403 | 4 239 |
| Total shareholders' equity and liabilities | 16 131 | 15 720 | 17 425 |
| Jun 30, 2020 | Jun 30, 2019 | Dec 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | Attributable to Parent Company shareholders |
Total equity |
Attributable to Parent Company shareholders |
Total equity |
Attributable to Parent Company shareholders |
Total equity |
||
| Opening equity | 9 756 | 9 756 | 8 586 | 8 586 | 8 586 | 8 586 | ||
| Comprehensive income | 406 | 406 | 1 256 | 1 256 | 1 944 | 1 944 | ||
| Dividend | - | - | -774 | -774 | -774 | -774 | ||
| Closing equity | 10 162 | 10 162 | 9 068 | 9 068 | 9 756 | 9 756 |
| Total number of Class A shares |
Total number of Class B shares |
Total number of shares |
|
|---|---|---|---|
| Number of shares at January 1 | 14 765 620 | 329 435 660 | 344 201 280 |
| Number of shares at the end of the period | 14 765 620 329 435 660 344 201 280 |
The Annual General Meeting in April 2016, resolved to implement an incentive program (2016/2020) for the senior executives and key employees through a directed issue of maximum 2,100,000 subscription warrants. During 2016, 1,408,000 subscription warrants were subscribed for by 39 senior executives and key employees. The issue rate was SEK 9 per subscription warrant and every warrant gives the right to subscribe for 1.01 new shares at subscription rate SEK 88.70, adjusted for special dividend in May 2017 according to the warrant terms. During 2017, 225,000 subscription warrants was subscribed for by 1 senior executive, where the issue rate was SEK 9 per subscription warrant and every warrant gives the right to subscribe for 1.00 new share at subscription rate SEK 88.70. The warrants gives the right to subscribe for shares during the period Jun 1, 2019 – December 31, 2020.
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Cash flow from operating activities before changes in working capital |
213 | 449 | 815 | 1 056 | 1 958 | 1 717 |
| Changes in working capital | 13 | 115 | -61 | -175 | 403 | 517 |
| Cash flow from operating activities | 226 | 564 | 754 | 881 | 2 361 | 2 234 |
| Acquisitions | - | 7 | - | 22 | -2 204 | -2 226 |
| Cash flow from other investing activities | -64 | -57 | -135 | -103 | -286 | -318 |
| Cash flow from investing activities | -64 | -50 | -135 | -81 | -2 490 | -2 544 |
| Dividend | - | -774 | - | -774 | -774 | 0 |
| Cash flow from other financing activities | -1 044 | 777 | -1 089 | 484 | 1 201 | -372 |
| Cash flow from financing activities | -1 044 | 3 | -1 089 | -290 | 427 | -372 |
| Change in cash and cash equivalents | -882 | 517 | -470 | 510 | 298 | -682 |
| Cash and cash equivalents at January 1 | 2 082 | 1 219 | 1 624 | 1 164 | 1 164 | 1 738 |
| Exchange-rate differences in cash and cash equivalents | -66 | 2 | -20 | 64 | 162 | 78 |
| Cash and cash equivalents at the end of the period | 1 134 | 1 738 | 1 134 | 1 738 | 1 624 | 1 134 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | |||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 |
| Operating profit | 183 | 551 | 720 | 1 137 | 2 043 | 1 626 |
| Depreciation/amortisation/impairment | 93 | 100 | 228 | 204 | 447 | 471 |
| Change in working capital | 13 | 115 | -61 | -175 | 403 | 517 |
| Sale of fixed assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | -64 | -57 | -135 | -103 | -286 | -318 |
| Operating Cash flow | 225 | 709 | 752 | 1 063 | 2 607 | 2 296 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year | Jul 19- | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | 2019 | Jun 20 | |
| Profit margin before tax, % | 6,6 | 14,9 | 10,5 | 15,1 | 12,9 | 10,7 |
| Return on shareholders' equity, % R12 | 12,0 | 18,9 | 16,2 | |||
| Interest-coverage ratio, multiple | 22 | 67 | 43 | 26 | ||
| Net debt, MSEK | -1 778 | -1 425 | -2 376 | |||
| Sales growth adjusted for currency effects, % | -32 | 1 | -13 | 3 | 7 | |
| Sales growth adjusted for currency effects and acquisitions, % | -39 | -10 | -24 | -8 | -9 | |
| Cash flow per share, SEK | 0,66 | 1,64 | 2,19 | 2,56 | 6,86 | 6,49 |
| Cash flow per share before change in working capital, SEK | 0,62 | 1,30 | 2,37 | 3,07 | 5,69 | 4,99 |
| MSEK | Apr-Jun 2020 |
Apr-Jun 2019 |
Jan-Jun Jan-Jun 2020 |
2019 | Full Year 2019 |
Jul 19- Jun 20 |
|---|---|---|---|---|---|---|
| Sales | 15 | 13 | 30 | 27 | 54 | 57 |
| Administrative costs, etc. | -25 | -13 | -45 | -31 | -62 | -76 |
| Operating loss | -10 | 0 | -15 | -4 | -8 | -19 |
| Financial income and expenses | 181 | 172 | 148 | 169 | 1 295 | 1 274 |
| Untaxed reserves | - | - | - | - | 0 | 0 |
| Profit before tax | 171 | 172 | 133 | 165 | 1 287 | 1 255 |
| Tax | 8 | 2 | 9 | 3 | -26 | -20 |
| Profit after tax | 179 | 174 | 142 | 168 | 1 261 | 1 235 |
| MSEK | Jun 30 2020 |
2019 | Jun 30 Full year 2019 |
|---|---|---|---|
| Fixed assets | 8 972 | 8 969 | 8 970 |
| Current assets | 2 404 | 2 081 | 3 008 |
| Total assets | 11 376 | 11 050 | 11 978 |
| Total shareholders' equity | 5 049 | 3 814 | 4 908 |
| Untaxed reserves | 0 | - | 0 |
| Non-current liabilities | 1 561 | 1 981 | 2 391 |
| Current liabilities | 4 766 | 5 255 | 4 679 |
| Total shareholders' equity and liabilities | 11 376 | 11 050 | 11 978 |
| Jun 30, 2020 | Financial assets/liabilities measured at: fair value through profit or loss |
|||||
|---|---|---|---|---|---|---|
| MSEK | amortized costs Carrying value | Measurem. level | Total | |||
| Assets in the balance sheet | ||||||
| Non-current financial assets | 3 | - | 3 | |||
| Accounts receivable | 1 516 | - | 1 516 | |||
| Cash and cash equivalents | 1 134 | - | 1 134 | |||
| Total | 2 653 | - | 2 653 | |||
| Liabilities in the balance sheet | ||||||
| Derivative financial instruments | - | 0 | 2 | 0 | ||
| Interest-bearing non-current liabilities | 1 580 | - | 1 580 | |||
| Interest-bearing non-current lease liabilities | 325 | - | 325 | |||
| Interest-bearing current liabilities | 910 | - | 910 | |||
| Interest-bearing current lease liabilities | 100 | - | 100 | |||
| Accounts payable | 1 257 | - | 1 257 | |||
| Other liabilites | 213 | - | 213 | |||
| Liabilities to minority shareholders | - | 391 | 3 | 391 | ||
| Accrued expenses, prepaid income, | ||||||
| provisions | 542 | - | 542 | |||
| Total | 4 927 | 391 | 5 318 |
| Jun 30, 2019 | Financial assets/liabilities measured at: fair value through profit or loss |
||||||
|---|---|---|---|---|---|---|---|
| MSEK | amortized costs Carrying value | Measurem. level | Total | ||||
| Assets in the balance sheet | |||||||
| Non-current financial assets | 3 | - | 3 | ||||
| Accounts receivable | 2 225 | - | 2 225 | ||||
| Cash and cash equivalents | 1 738 | - | 1 738 | ||||
| Total | 3 966 | 0 | 3 966 | ||||
| Liabilities in the balance sheet | |||||||
| Interest-bearing non-current liabilities | 1 998 | - | 1 998 | ||||
| Interest-bearing non-current lease liabilities | 266 | - | 266 | ||||
| Liabilities to minority shareholders | - | 442 | 3 | 442 | |||
| Interest-bearing current liabilities | 821 | - | 821 | ||||
| Interest-bearing current lease liabilities | 81 | - | 81 | ||||
| Accounts payable | 1 908 | - | 1 908 | ||||
| Other liabilites | 226 | - | 226 | ||||
| Supplementary purchase price | - | 28 | 3 | 28 | |||
| Accrued expenses, prepaid income, | |||||||
| provisions | 339 | - | 339 | ||||
| Total | 5 639 | 470 | 6 109 |
Derivative consist of currency forward contracts and are used for hedging purposes and are measured at the level 2. Fair value are consistent in all material respects with the accounting value in the balance sheet.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun Full Year | ||
|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 |
| Costs of goods sold | -20 | - | -22 | - | -97 |
| Selling and administrative costs, etc. | -6 | - | -54 | - | -102 |
| Profit before tax | -26 | - | -76 | - | -199 |
| Tax | 6 | - | 17 | - | 43 |
| Profit afer tax | -20 | - | -59 | - | -156 |
Sales per business area
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 20 | Q1 | Q2 | Q3 | Q4 | Year |
| HEXPOL Compounding | 3 906 2 290 3 539 3 418 3 984 3 524 | 14 465 | 13 704 3 057 3 207 3 180 3 301 | 12 745 | |||||||||
| HEXPOL Engineered Products | 262 | 236 | 266 | 267 | 260 | 250 | 1 043 | 1 008 | 252 | 254 | 263 | 256 | 1 025 |
| Group total | 4 168 2 526 3 805 3 685 4 244 3 774 15 508 | 14 712 3 309 3 461 3 443 3 557 13 770 |
Sales per geographic region
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 20 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 1 464 | 983 1 519 1 439 1 360 1 301 | 5 619 | 5 108 1 162 1 181 1 114 1 317 | 4 774 | ||||||||
| Americas | 2 548 1 382 2 127 2 066 2 697 2 293 | 9 183 | 8 920 1 967 2 105 2 126 2 056 | 8 254 | |||||||||
| Asia | 156 | 161 | 159 | 180 | 187 | 180 | 706 | 684 | 180 | 175 | 203 | 184 | 742 |
| Group total | 4 168 2 526 3 805 3 685 4 244 3 774 15 508 | 14 712 3 309 3 461 3 443 3 557 13 770 |
Sales per geographic region HEXPOL Compounding
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 20 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 1 334 | 866 1 380 1 298 1 228 1 174 | 5 080 | 4 602 1 031 1 042 | 985 1 184 | 4 242 | |||||||
| Americas | 2 466 1 321 2 053 1 999 2 630 2 225 | 8 907 | 8 642 1 903 2 043 2 056 1 984 | 7 986 | |||||||||
| Asia | 106 | 103 | 106 | 121 | 126 | 125 | 478 | 460 | 123 | 122 | 139 | 133 | 517 |
| Group total | 3 906 2 290 3 539 3 418 3 984 3 524 14 465 | 13 704 3 057 3 207 3 180 3 301 12 745 |
Sales per geographic region HEXPOL Engineered Products
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Jun 20 | Q1 | Q2 | Q3 | Q4 | Year |
| Europe | 130 | 117 | 139 | 141 | 132 | 127 | 539 | 506 | 131 | 139 | 129 | 133 | 532 |
| Americas | 82 | 61 | 74 | 67 | 67 | 68 | 276 | 278 | 64 | 62 | 70 | 72 | 268 |
| Asia | 50 | 58 | 53 | 59 | 61 | 55 | 228 | 224 | 57 | 53 | 64 | 51 | 225 |
| Group total | 262 | 236 | 266 | 267 | 260 | 250 | 1 043 | 1 008 | 252 | 254 | 263 | 256 | 1 025 |
Operating profit per business area
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 Q2* | Q1 | Q2 | Q3* | Q4* | Year Jun 20* | Q1 | Q2 | Q3 | Q4 | Year | ||
| HEXPOL Compounding | 554 | 178 | 553 | 516 | 547 | 493 | 2 109 | 1 772 | 506 | 526 | 488 | 486 | 2 006 |
| HEXPOL Engineered Products | 33 | 31 | 33 | 35 | 36 | 29 | 133 | 129 | 34 | 35 | 39 | 36 | 144 |
| Group total | 587 | 209 | 586 | 551 | 583 | 522 | 2 242 | 1 901 | 540 | 561 | 527 | 522 | 2 150 |
Operating margin per business area
| 2020 | 2019 | Full | Jul 19- | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % | Q1 Q2* | Q1 | Q2 | Q3* | Q4* | Year Jun 20* | Q1 | Q2 | Q3 | Q4 | Year | ||
| HEXPOL Compounding | 14,2 | 7,8 | 15,6 | 15,1 | 13,7 | 14,0 | 14,6 | 12,9 | 16,6 | 16,4 | 15,3 | 14,7 | 15,7 |
| HEXPOL Engineered Products | 12,6 | 13,1 | 12,4 | 13,1 | 13,8 | 11,6 | 12,8 | 12,8 | 13,5 | 13,8 | 14,8 | 14,1 | 14,0 |
| Group total | 14,1 | 8,3 | 15,4 | 15,0 | 13,7 | 13,8 | 14,5 | 12,9 | 16,3 | 16,2 | 15,3 | 14,7 | 15,6 |
*Excl. Non-recurring items for HEXPOL Compounding
**Excl. Non-recurring items
Sales
| 2020 | 2019 | Full | 2018 | Full | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Sales | 4 168 | 2 526 | 3 805 | 3 685 | 4 244 | 3 774 15 508 | 3 309 | 3 461 | 3 443 | 3 557 | 13 770 | |
| Currency effects | 138 | 12 | 298 | 198 | 163 | 152 | 811 | -153 | 36 | 313 | 230 | 426 |
| Sales excluding currency effects |
4 030 | 2 514 | 3 507 | 3 487 | 4 081 | 3 622 14 697 | 3 462 | 3 425 | 3 130 | 3 327 | 13 344 | |
| Acquisitions | 580 | 279 | 380 | 356 | 911 | 530 | 2 177 | 210 | 0 | 31 | 330 | 571 |
| Sales excluding currency effects and acquisitions |
3 450 | 2 235 | 3 127 | 3 131 | 3 170 | 3 092 12 520 | 3 252 | 3 425 | 3 099 | 2 997 | 12 773 |
| % | 2020 | Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2019 |
2020 | 2019 | Full Year 2019 |
|---|---|---|---|---|---|
| Sales growth excluding currency effects |
-32 | 1 | -13 | 3 | 7 |
| Sales growth excluding currency effects and acquisitions |
-39 | -10 | -24 | -8 | -9 |
| Full | ||||||
|---|---|---|---|---|---|---|
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun | Year Jul 19- | |||||
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 Jun 20 | |
| Sales | 2 526 | 3 685 | 6 694 | 7 490 | 15 508 14 712 | |
| Operating profit | 183 | 551 | 720 | 1 137 | 2 043 | 1 626 |
| Non-recurring items | 26 | - | 76 | - | 199 | 275 |
| Amortisation and impairment of intangible assets |
20 | 15 | 40 | 36 | 78 | 82 |
| Total EBITA | 229 | 566 | 836 | 1 173 | 2 320 | 1 983 |
| EBITA% | 9,1 | 15,4 | 12,5 | 15,7 | 15,0 | 13,5 |
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun | Full | Year Jul 19- | ||||
|---|---|---|---|---|---|---|
| MSEK | 2020 | 2019 | 2020 | 2019 | 2019 Jun 20 | |
| Sales | 2 526 | 3 685 | 6 694 | 7 490 | 15 508 14 712 | |
| Operating profit | 183 | 551 | 720 | 1 137 | 2 043 | 1 626 |
| Amortisation and impairment of intangible assets |
20 | 15 | 40 | 36 | 78 | 82 |
| Total EBITA | 203 | 566 | 760 | 1 173 | 2 121 | 1 708 |
| EBITA% | 8,0 | 15,4 | 11,4 | 15,7 | 13,7 | 11,6 |
| 2020 | 2019 | 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Mar 31 | Jun 30 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 Jun 30 | Sep 30 | Dec 31 | ||
| Total assets | 19 088 | 16 131 | 15 422 | 15 720 | 18 579 | 17 425 11 301 11 760 | 12 664 | 14 456 | |||
| Provision for deferred tax | -584 | -543 | -549 | -499 | -539 | -580 | -336 | -352 | -356 | -539 | |
| Accounts payable | -2 300 | -1 257 | -1 990 | -1 908 | -2 238 | -1 953 | -1 879 | -1 977 | -1 848 | -1 913 | |
| Other liabilities | -658 | -604 | -253 | -254 | -279 | -598 | -236 | -216 | -210 | -216 | |
| Accrued expenses, prepaid income, provisions |
-543 | -542 | -327 | -339 | -464 | -439 | -307 | -345 | -393 | -346 | |
| Total Group | 15 003 | 13 185 | 12 303 12 720 | 15 059 | 13 855 | 8 543 | 8 870 | 9 857 | 11 442 |
| Full | |||
|---|---|---|---|
| Jun 30 | Jun 30 | Year | |
| MSEK | 2020 | 2019 | 2019 |
| Average capital employed | 14 276 | 11 581 | 13 484 |
| Profit before tax | 1 580 | 2 189 | 2 008 |
| Interest expense | 64 | 26 | 48 |
| Total | 1 644 | 2 215 | 2 056 |
| Return on capital employed, % |
11,5 | 19,1 | 15,2 |
| Full | ||||
|---|---|---|---|---|
| Jan-Jun Jan-Jun | Year | Jul 19- | ||
| MSEK | 2020 | 2019 | 2019 | Jun 20 |
| Profit before tax | 702 | 1 130 | 2 008 | 1 580 |
| Interest expense | 33 | 17 | 48 | 64 |
| Total | 735 | 1 147 | 2 056 | 1 644 |
| Interest-coverage ratio, multiple | 22 | 67 | 43 | 26 |
| 2020 | 2019 | 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Mar 31 | Jun 30 | Mar 31 | Jun 30 | Sep 30 | Dec 31 Mar 31 Jun 30 | Sep 30 | Dec 31 | ||
| Shareholders' equity | 10 924 | 10 162 | 9 387 | 9 068 | 9 926 | 9 756 | 7 682 | 7 882 | 8 151 | 8 592 |
| MSEK | Jun 30 2020 |
Jun 30 2019 |
Full Year 2019 |
|---|---|---|---|
| Average shareholders' equity | 10 192 | 8 800 | 9 534 |
| Profit after tax | 1 218 | 1 660 | 1 542 |
| Return on equity, % | 12,0 | 18,9 | 16,2 |
| MSEK | Jun 30 2020 |
Jun 30 2019 |
Full Year 2019 |
|---|---|---|---|
| Financial assets | 3 | 3 | 3 |
| Cash and cash equivalents | 1 134 | 1 738 | 1 624 |
| Non-current interest-bearing liabilities | -1 905 | -2 264 | -2 754 |
| Current interest-bearing liabilities | -1 010 | -902 | -1 249 |
| Net debt | -1 778 | -1 425 | -2 376 |
| MSEK | Jun 30 2020 |
Jun 30 2019 |
Full Year 2019 |
|---|---|---|---|
| Net debt | -1 778 | -1 425 | -2 376 |
| EBITDA, R12 | 2 097 | 2 522 | 2 490 |
| Net debt/EBITDA, multiple | -0,85 | -0,57 | -0,95 |
| Full | |||
|---|---|---|---|
| Jun 30 | Jun 30 | Year | |
| MSEK | 2020 | 2019 | 2019 |
| Shareholders' equity | 604 | 254 | 9 756 |
| Total assets | 2 556 | 3 249 | 17 425 |
| Equity/assets ratio, % | 24 | 8 | 56 |
| Average capital employed | Average of the last four quarters capital employed. |
|---|---|
| Average shareholders' equity | Average of the last four quarters shareholders' equity. |
| Capital employed | Total assets less deferred tax liabilities, accounts payable, other liabilities and accrued expenses, prepaid income and provisions. |
| Cash flow | Cash flow from operating activities. |
| Cash flow per share | Cash flow from operating activities in relation to the average number of shares outstanding. |
| Cash flow per share before | Cash flow from operating activities before changes in working capital in relation to the average number of |
| changes in working capital Earnings per share |
shares outstanding. Profit after tax, in relation to the average number of shares outstanding. |
| Earnings per share after | Profit after tax, in relation to the average number of shares outstanding adjusted for the dilution effect of |
| dilution | warrants. |
| Earnings per share excl. non recurring items |
Profit after tax excluding non-recurring items, in relation to the average number of shares outstanding. |
| EBIT | Operating profit. |
| EBITA | Operating profit, excluding amortisation and impairment of intangible assets. |
| EBITA margin, % | Operating profit, excluding amortisation and impairment of intangible assets in relation to sales. |
| EBITA excl. non-recurring items |
Operating profit excluding non-recurring items and amortisation and impairment of intangible assets. |
| EBITA margin excl. non recurring items, % |
Operating profit excluding non-recurring items and amortisation and impairment of intangible assets in relation to sales. |
| EBITDA | Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. |
| Equity/assets ratio | Shareholders' equity in relation to total assets. |
| Interest-coverage ratio | Profit before tax plus interest expenses in relation to interest expenses. |
| Net debt/EBITDA | Non-current and current interest-bearing liabilities less cash and cash equivalents in relation to operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. |
| Net debt, net cash | Non-current and current interest-bearing liabilities less cash and cash equivalents. |
| Non-recurring items | Items affecting comparability. |
| Operating cash flow | Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets, less investments incl. new leasing agreements and plus sales of tangible and intangible assets, and after changes in working capital. |
| Operating margin, % | Operating profit in relation to the sales. |
| Operating margin, excl. non recurring items, % |
Operating profit excluding non-recurring items, in relation to the sales. |
| Other investing activities | Investments and sales of intangible and tangible assets. |
| Operating profit excl. non recurring items |
Operating profit excluding non-recurring items. |
| Profit margin before tax | Profit before tax in relation to the sales. |
| Return on capital employed, R12 |
Twelve months profit before tax plus twelve months interest expenses in relation to average capital employed. |
| Return on equity, R12 | Twelve months profit after tax in relation to average shareholders' equity. |
| R12 | Rolling twelve months average. |
| Sales growth excluding currency effects |
Sales excluding currency effects compared to the sales for the corresponding year-earlier period. |
| Sales growth excluding | Sales excluding currency effects and acquisitions compared to the sales for the corresponding year-earlier |
| currency effects and acquisitions |
period. |
| Shareholders' equity per share | Shareholders' equity in relation to the number of shares outstanding at the end of the period. |
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