Annual Report • Feb 6, 2020
Annual Report
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| Key Figures | 2019 Oct-Dec |
2018 Oct-Dec |
Change, % |
2019 Jan-Dec |
2018 Jan-Dec |
Change, % |
|---|---|---|---|---|---|---|
| Net sales, SEK m | 2,526 | 2,384 | 6 | 9,872 | 9,326 | 6 |
| Adjusted1) operating profi t2), SEK m | 212 | 173 | 23 | 915 | 634 | 44 |
| Operating profi t2), SEK m | 212 | 147 | 44 | 915 | 547 | 67 |
| Adjusted1) operating margin2), % | 8.4 | 7.3 | - | 9.3 | 6.8 | - |
| Operating margin2), % | 8.4 | 6.2 | - | 9.3 | 5.9 | - |
| Profi t for the period, SEK m | 143 | 106 | 36 | 678 | 394 | 72 |
| Earnings per share, before and after dilution, SEK | 1.88 | 1.38 | 36 | 8.89 | 5.16 | 72 |
| Cash fl ow from operating activities2), SEK m | 366 | 238 | 54 | 1,017 | 593 | 72 |
1) Adjusted operating profi t/operating margin does not include signifi cant one-off items and restructuring costs. See 'Reconciliations' page 21.
2) Excluding the effect of implemented accounting standard, IFRS 16 Leases, operating profi t amounted to SEK 205 m during the quarter and the cash fl ow from operating activities amounted to SEK 312 m. Operating margin excluding IFRS 16 amounted in the quarter to 8.1 percent. Operating profi t excluding IFRS 16, for the period January-December, amounted to SEK 888 m and cash fl ow from operating activities amounted to SEK 803 m. Operating margin excluding IFRS 16 amounted for the full year to 9.0 percent. The comment only refers to year 2019.
3) For further information see page 6.
Photo: Mette Ottosson
Lindab increased the adjusted operating profi t in the quarter by 23 percent to 212 MSEK (173). Profi t for the period increased by 36 percent, and profi t for the full year of 2019 increased by 72 percent to 678 MSEK (394). We can hereby conclude a very successful year for Lindab and we see many good opportunities on the road ahead.
Ventilation Systems delivered sales and operating profi t in line with the historically strong fourth quarter of 2018. Since the middle of 2019, there has been a slowdown in demand in the Nordics and the UK. The growth in Central and Eastern Europe has partly offset these effects. The business area continues to keep a high pace in the implementation of the initiated investment program, with emphasis on further automation of production units as well as increased capacity in production and logistics.
Profi le Systems had a strong development in the quarter with an organic growth of 11 percent. The strong growth and improved gross margin led to an increase of the operating profi t to 85 MSEK (56). The increased sales is largely connected to industrial projects in Sweden and Eastern Europe. Sales in this project business can fl uctuate over the quarters.
Building Systems had substantial deliveries to large projects in the quarter. Organic growth amounted to 24 percent. The operating profi t increased to 15 MSEK (0) in the quarter, as a consequence
of high volume with good control of the project margins throughout the project cycle.
The Lindab Group can look back at 2019 as a year where many small and large improvements from all three business areas have contributed to strengthen both the fi nancial profi t and our operating performance. The focus on profi tability is visible in the organisation and most of our operating units have improved their results in a signifi cant way during the year.
During 2020 the Lindab Group will maintain the focus on improved profi tability and customer satisfaction. Continued decentralisation of resources and responsibilities is a prerequisite to succeed. The higher investment pace will continue and gradually start to deliver effi ciency improvements. With improved profi tability we can also increase the efforts in product development. A strong balance sheet opens up possibilities for Lindab to look more actively at acquisition opportunities.
I would like to take the opportunity to thank all colleagues for their great efforts during 2019 and we look forward to another developing year for Lindab, for our employees and for our customers.
Grevie, February 2020
Ola Ringdahl President and CEO
1) Organic and acquired growth.
2) Excluding the effect of implemented new accounting standard IFRS 16 Leases, operating margin amounted to 9.0.
3) In December 2019, the fi nancial target for net debt of EBITDA was updated to <3.0 (<2.5) as a result of the new accounting standard IFRS 16 Leases. 4) The net debt/EBITDA, excluding IFRS 16 amounted to 1.0.
Net sales increased by 6 percent to SEK 2,526 m (2,384) during the quarter. Organic growth amounted to 3 percent and currency contributed positively with 3 percent.
The sales development during the quarter remained positive for the group as a whole. All regions in Europe reported positive organic growth despite a general slowdown in the European construction market.
The sales growth varied between the segments during the quarter. Building Systems together with Profi le Systems reported strong organic growth while Ventilation Systems had a negative organic sales development. Building Systems sales growth was primarily driven by increased sales within Western Europe, but Eastern Europe also contributed with strong organic growth. Profi le Systems' positive growth was mainly a result of increased sales of major industrial projects in the Nordics and parts of Eastern Europe. The negative sales development in Ventilation Systems is mainly explained by a lower demand in Europe together with the continued prioritisation between volume and profi tability, with a clear objective to improve earnings.
Net sales for the period January-December amounted to SEK 9,872 m (9,326), an increase of 6 percent compared with the same period of the previous year. Organic growth was 3 percent and currency had a positive impact of 3 percent.
Adjusted operating profi t for the quarter increased by 23 percent to SEK 212 m (173). SEK 7 m of the increase is related to the implementation of the new accounting standard for lease agreements (IFRS 16). No one-off items or restructuring costs were reported during the quarter, compared to SEK -26 m in the same period previous year, see 'Reconciliations' page 21. Adjusted operating margin for the quarter increased to 8.4 percent (7.3).
All three segments contributed positively to the increase in operating profi t for the group. Ventilation Systems' adjusted operating profi t increased to SEK 129 m (127), Profi le Systems contributed SEK 85 m (56) and Building Systems increased to SEK 15 m (0).
The improvement in operating profi t was mainly due to volume increase and strengthened of gross margin. Relatively stable raw material prices together with implemented effi ciency measures
0 600 1,200 1,800 2,400 3,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40 8,000 8,500 9,000 9,500 10,000 2018 2019 Quarter R 12M Quarter R 12M
have enabled a continued recovery of the gross margin.
Profi t for the period increased by 36 percent compared to same period previous year and amounted to SEK 143 m (106). Earnings per share increased to SEK 1.88 (1.38).
Adjusted operating profi t for the period January-December increased by 44 percent to SEK 915 m (634). SEK 27 m of the increase is explained by IFRS 16. No one-off items or restructuring costs were reported during the period, compared to SEK -87 m in the same period previous year, see 'Reconciliations' page 21. Adjusted operating margin increased to 9.3 percent (6.8).
Profi t for the period January-December increased to SEK 678 m (394) and earnings per share amounted to SEK 8.89 (5.16).
Lindab's business is affected by seasonal variations in the construction industry, and the highest proportion of net sales is normally seen during the second half of the year. The largest seasonal variations can be found in the segments Profi le Systems and Building Systems. Ventilation products are mainly installed indoors which is why the Ventilation Systems segment is less dependent on season or weather conditions.
There is normally a deliberate stock build-up of mainly fi nished goods during the fi rst six months, which gradually becomes a stock reduction during the second half of the year, as a result of increased activity within the construction market.
Depreciation, amortisation and impairment losses for the quarter amounted to SEK 97 m (42), of which SEK 7 m (3) is related to intangible assets. Adjusting for the impact of IFRS 16, depreciation and amortisation for the quarter was in line with the same period previous year and amounted to SEK 43 m.
Depreciation, amortisation and impairment losses for the period January-December amounted to SEK 400 m (168), of which SEK 40 m (30) is related to intangible assets. Adjusting for the impact of IFRS 16, depreciation and amortisation for the period was in line with the same period previous year and amounted to SEK 174 m. Impairment losses during the period amounted to SEK 12 m (0), which is mainly related to intangible assets from previous business combinations.
Tax on profi t during the quarter amounted to SEK 61 m (37). Earnings before tax increased to SEK 204 m (143). The average tax rate for the period was 22 percent (20). The effective tax rate amounted to 30 percent (26). The higher effective tax rate, compared to the same period previous year, is mainly explained by withholding tax on dividends. This is partly offset by the fact that Lindab improved its earnings before tax in a number of countries during the quarter, which generated only a few, minor unrecognised carry-forward tax losses. In addition, Lindab has been able to recognise and utilise a higher proportion of previously unrecognised carry-forward tax losses, compared with the same period previous year. The higher effective tax rate compared to the average tax rate is explained by the same reasons.
Tax on profi t for the period January-December amounted to SEK 203 m (137). Earnings before tax increased to SEK 881 m (531). The average tax rate was 21 percent (19), while the effective tax rate amounted to 23 percent (26). The lower effective tax rate, compared to the same period previous year, was mainly due to the fact that Lindab improved its earnings before tax in a number of countries, which generated only a few unrecognised carryforward tax losses. In addition, Lindab has been able to recognise and utilise a higher proportion of previously unrecognised carry-forward tax losses, compared with the same period previous year. The higher effective tax rate compared to the average tax rate is mainly explained by withholding tax on dividends.
During the quarter, cash fl ow from operating activities improved with SEK 128 m and amounted to SEK 366 m (238). Adjusting for the impact of IFRS 16, the corresponding cash fl ow amounted to SEK 312 m, an improvement of SEK 74 m compared to the same period previous year.
Cash fl ow before change in working capital amounted to SEK 245 m (183). The improvement by SEK 62 m was mainly related to the underlying operating profi t which increased to SEK 212 m (147). In addition, IFRS 16 had a positive impact on the outcome of SEK 54 m since the cash effect of rental and leasing costs are now mainly included in fi nancing activities. The positive cash fl ow related effects were partly offset by increasing tax payments, payments exceeding the equivalent payments by SEK 36 m in
the corresponding period previous year. The cash fl ow related to change in working capital had a positive impact by SEK 121 m (55). Compared to the corresponding period previous year the main deviations were related to settlement of accounts receivable respectively accounts payable and increased advances from customers within Building Systems.
Cash fl ow from fi nancing activities for the quarter amounted to SEK -218 m (-228). Adjusting for the impact of IFRS 16, the corresponding cash fl ow amounted to SEK -164 m. The cash fl ow development from fi nancing activities was mainly related to changes in borrowings and the utilisation of credit limits.
For the period January-December, cash fl ow from operating activities improved by SEK 424 m and amounted to SEK 1,017 m (593). Adjusting for the impact of IFRS 16, the corresponding cash fl ow amounted to SEK 803 m, an improvement of SEK 210 m compared to same period previous year.
Cash fl ow before change in working capital amounted to SEK 1,109 m (590). The improvement of SEK 519 m was mainly related to the underlying operating profi t which increased to SEK 915 m (547). In addition, IFRS 16 had a positive cash fl ow impact of SEK 214 m since the cash effect of rental and leasing costs are now mainly included in fi nancing activities. Cash fl ow related to change in working capital amounted to SEK -92 m (3). Relative to the corresponding period previous year, the most signifi cant changes were attributable to current receivables and an increased value tied up in accounts receivable.
Cash fl ow from fi nancing activities for the period January-December amounted to SEK -484 m (-547). Adjusting for the impact of IFRS 16, the corresponding cash fl ow amounted to SEK -270 m. The development was mainly related to changes in borrowings and the utilisation of credit limits. Further the dividend distribution to shareholders was slightly higher than 2018.
Cash fl ow from investing activities is explained under the headings 'Investments' and 'Business combinations'.
R 12M
Quarter
Nordic region Western Europe CEE/CIS Other markets
4 Lindab International AB (publ), Corporate identifi cation number 556606-5446, www.lindabgroup.com
Investments in intangible assets and tangible fi xed assets for the quarter amounted to SEK 100 m (40), of which SEK 4 m (3) related to investments in intangible assets. The increased investments in tangible fi xed assets were mainly a result of the Group's objective to increase effi ciency in the production facilities.
Cash fl ow from investing activities, excluding business combinations, amounted to SEK -92 m (-40). The net cash fl ow included a positive impact from divestment of tangible fi xed assets amounting to SEK 8 m (0), mainly related to sale of land in Romania.
For the period January-December, investments in intangible assets and tangible fi xed assets amounted to SEK 278 m (120), of which SEK 14 m (16) was related to investments in intangible assets. Investments in tangible fi xed assets included SEK 45 m (-) related to the purchase of the previously leased property in Switzerland.
Cash fl ow from investing activities, excluding business combinations, amounted to net SEK -266 m (-105), for the period January-December. Investing activities included a property purchase of SEK -45 m (-). The net cash fl ow included a positive impact from the divestment of tangible fi xed assets amounting to SEK 12 m (15), mainly related to sale of land in Romania.
On July 26, 2019, Lindab divested the Dutch subsidiary Lindab Door B.V. The business of the company is mainly related to sales and assembly of industrial doors. The divestment is in accordance with Lindab's strategy to focus on long-term sustainable and profitable growth. At the time of divestment, Lindab Door B.V. had 14 employees and annual sales of approximately SEK 30 m.
On April 2, 2019, Lindab acquired the British ventilation company Ductmann Ltd., whose business is mainly focused on the production and sale of rectangular ducts and fi re-rated ducting for ventilation systems. Ductmann Ltd. is registered in Dudley, UK. The company has annual sales of approximately SEK 43 m and has 40 employees.
For more information, see Note 3.
Net debt amounted to SEK 1,771 m (1,052) on 31 December 2019. Adjusting for the impact of IFRS 16 net debt amounted to SEK 732 m. Currency effects decreased net debt by SEK 51 m during the fourth quarter compared to a decrease by SEK 4 m, during the same period previous year.
The equity/assets ratio was 53 percent (57) and the net debt/ equity ratio was 0.4 (0.2) of which IFRS 16 decreased the equity/ assets ratio by 7 percentage points and increased the net debt/ equity ratio by 0.2. Financial items for the quarter amounted to SEK -8 m (-4) whereof SEK -6 m was related to IFRS 16.
The current credit limit of SEK 1,400 m with Nordea and Danske Bank and EUR 50 m from Raiffeisen Bank International are valid until third quarter 2022. The agreements contain covenants, which are monitored quarterly. Lindab fulfi lled all the conditions as at 31 December 2019.
In connection with the acquisition of property in Switzerland, mortgages on the property amounting to SEK 50 m have been pledged. Otherwise, no signifi cant changes have been taken place in pledged collateral and contingent liabilities in 2019.
Lindab International AB (publ), corporate identifi cation number 556606-5446, is a registered limited liability company with its domicile in Båstad, Sweden. Lindab´s shares are listed on Nasdaq Stockholm, Mid Cap.
Net sales for the quarter amounted to SEK 2 m (1). Profi t for the period amounted to SEK 8 m (10).
Net sales for the period January-December amounted to SEK 5 m (4). Profi t for the period amounted to SEK 6 m (2,375). The profi t included dividend from shares in subsidiaries of SEK 0 m (2,373).
There have been no signifi cant changes to what was stated by Lindab in its Annual Report for 2018 under Risks and Risk Management (pages 51-53).
The number of employees at the end of the quarter, calculated as full-time equivalent employees, was 5,196 (5,071). Adjusted for acquisitions and divestment the number of employees was 5,157 (5,055), a net increase of 102 employees compared with the corresponding quarter of the previous year.
At the Annual General Meeting in May 2019, guidelines for the remuneration of senior executives were adopted. According to the adopted guidelines, the remuneration programme for these individuals shall among other things include, a long term variable cash pay element. This element shall be based on fi nancial performance targets that refl ect Lindab's value growth and will be assessed over a three year measuring period. Any outcome from the long term variable cash pay is presumed to be invested in shares or share related instruments in Lindab on market terms. The total cost in the event of maximum outcome for the three year measuring period of 2019 to 2021 is estimated at SEK 14 m.
At the Annual General Meeting in 2017 and 2018, long-term incentive programmes were respectively adopted, with essentially the same principles as the above decided programme. The measuring period of the programmes are 2017-2019 respectively 2018-2020.
At the Annual General Meeting in May 2019, it was resolved to establish a share option programme for senior executives and other key persons in Lindab through a directed issue of a maximum of 290,000 share options. As a result of this programme, 175,000 share options have been acquired by senior executives and other key persons in Lindab, according to a market valuation determined on the basis of the agreement. Each share option entitles the holder to acquire one share in Lindab at a strike price of SEK 120.00. Acquisitions of shares supported by the share option may take place after Lindab has published the Q2 interim report for the year 2022 and up until 31 August of the same year.
At the respective 2017 and 2018 Annual General Meetings, it was resolved to establish warrant programmes for senior executives. As a result of these programmes, warrants have been issued by Lindab for the benefi t of the wholly-owned subsidiary Lindab LTIP 17-19 AB, which, in turn, sold the warrants to senior executives based on a market valuation pursuant to the warrant agreements. From the 2017 warrant programme, there are 25,000 outstanding options with a subscription price of SEK 108.80 exercisable during summer 2020. From the 2018 warrant programme, there are 110,000 outstanding options with a subscription price of SEK 86.40 exercisable during summer 2021. During the third quarter of 2019, the latest repurchase of warrants took place, see Note 5.
In December the Board of Directors decided to update the fi nancial targets and dividend policy for the group. These are now as follows:
The Board has decided that the Annual General Meeting will be held on 29 April 2020. Notice will be issued in due cours.
Lindab´s Board of Directors proposes that the Annual General Meeting on 29 April 2020 approves a dividend of SEK 3.60 per share, which is in line with the new approved dividend policy for the group and provides dividends totalling SEK 275 m. It is proposed that the record date for the right to a dividend payout is May 4, 2020, with the dividends expected to be paid to shareholders on May 7, 2020.
In October Lars Christensson was appointed Director of Business Development and M&A. Lars Christensson is part of Lindab Group´s Global Management.
In December the Board of Directors decided to update the fi nancial targets and dividend policy for the group, see above.
There are no other signifi cant events during the reporting period to report.
There are no signifi cant events after the reporting period to report.
Unless otherwise indicated in this interim report, all statements refer to the Group. Figures in parentheses indicate the result for the corresponding period of the previous year. Unless otherwise indicated, amounts are in SEK m.
This is a translation of the Swedish original report. In case of differences between the English translation and the Swedish original, the Swedish text shall prevail.
| Key performance indicators | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales, SEK m | 1,478 | 1,481 | 6,018 | 5,786 |
| Net sales growth, % | 0 | 10 | 4 | 12 |
| Adjusted operating profi t, SEK m | 129 | 127 | 609 | 472 |
| Adjusted operating margin, % | 8.7 | 8.6 | 10.1 | 8.2 |
| Number of employees by end of period | 3,545 | 3,416 | 3,545 | 3,416 |
Net sales for Ventilation Systems amounted to SEK 1,478 m (1,481) during the quarter. Organically, net sales decreased by 4 percent, structure contributed positively by 1 percent and currency effects had a positive impact of 3 percent.
Several markets had negative organic growth during the quarter as a result of the general slowdown in the European construction market. Sales volumes have also been affected by continued prioritisation between volume and profi tability, with a clear objective to improve earnings.
In the Nordics, sales decreased in all countries compared to the same period previous year. The markets in Western Europe had a somewhat divided sales development with good growth in particularly Switzerland, France and Italy while sales decreased in the UK and Ireland. The UK and Ireland continued to be impacted by the uncertainty connected to Brexit. The sales development in the CEE/CIS region varied, with particularly strong growth in Hungary and Slovakia, while the markets Poland, the Czech Republic and Russia had negative sales development.
Net sales for the period January-December increased by 4 percent to SEK 6,018 m (5,786). Organic growth increased by 1 percent and currency contributed with 3 percent.
Ventilation Systems' adjusted operating profi t during the quarter increased by 2 percent to SEK 129 m (127) of which SEK 5 m of the increase is explained by IFRS 16. Adjusted operating margin increased to 8.7 percent (8.6).
The improved adjusted operating profi t, despite somewhat lower sales volumes, was mainly related to the strengthened gross margin. The underlying operating costs have at the same time been stable, which contributed to the positive improvement in profi t.
Adjusted operating profi t for the period January-December increased by 29 percent, amounting to SEK 609 m (472) of which SEK 20 m of the increase is explained by IFRS 16.
Lindab Denmark received for the third year in a row, an award for being one of Denmark's best workplaces in the category of medium-size companies, from the organisation Great Place to Work. Great Place to Work publishes a list of the country's best workplaces each year, that prioritises employee well-being.
| Key performance indicators | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales, SEK m | 707 | 642 | 2,494 | 2,474 |
| Net sales growth, % | 10 | 5 | 1 | 13 |
| Adjusted operating profi t, SEK m | 85 | 56 | 270 | 198 |
| Adjusted operating margin, % | 12.0 | 8.7 | 10.8 | 8.0 |
| Number of employees by end of period | 882 | 892 | 882 | 892 |
Net sales for Profi le Systems increased by 10 percent to SEK 707 m (642) during the quarter. Organically, sales increased by 11 percent, currency effects contributed positively by 1 percent while structure had a negative impact of 2 percent as a result of the divestment of Lindab's subsidiary in the Netherlands (see note 3 for more information).
The organic growth during the quarter was mainly related to the segment's largest region, the Nordics, where signifi cant deliveries have been made to a large logistic building in Sweden compared to same period previous year. The segment as a whole is strongly impacted by the development in the Swedish market, as this stands for about half of the segment's total sales. The sales development in the CEE/CIS region was also positive but varied. Particular strong growth was reported in Romania and Slovakia while sales in the region's largest market, Hungary, decreased. The business in Western Europe decreased slightly.
Net sales for the period January-December increased by 1 percent to SEK 2,494 m (2,474), compared to previous year. Organic growth was unchanged while currency contributed with 1 percent.
Profi le Systems' adjusted operating profi t during the quarter amounted to SEK 85 m (56) of which SEK 1 m of the increase is explained by IFRS 16. Adjusted operating margin increased to 12.0 percent (8.7).
The improvement in adjusted operating profi t is mainly due to signifi cantly higher sales volumes and slightly strengthened gross margin. Activities to strengthen the segment's earnings further have also resulted in a more favourable product mix with higher gross margin compared to the same period previous year.
Adjusted operating profi t for the period January-December increased by 36 percent, amounting to SEK 270 m (198) of which SEK 3 m of the increase is explained by IFRS 16.
During the quarter, Lindab signed a new agreement with Sweden's largest family-owned wood industry, Derome. The agreement is an extended contract where Lindab will deliver rainwater products and sheet metals to Derome's building supplier and house factories starting in the fi rst quarter of 2020.
| Key performance indicators | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales, SEK m | 341 | 261 | 1,360 | 1,066 |
| Net sales growth, % | 31 | 15 | 28 | 21 |
| Adjusted operating profi t, SEK m | 15 | 0 | 85 | 9 |
| Adjusted operating margin, % | 4.4 | 0.0 | 6.3 | 0.8 |
| Number of employees by end of period | 727 | 699 | 727 | 699 |
Net sales for Building Systems increased by 31 percent to SEK 341 m (261) during the quarter. Organic growth was 24 percent and currency effects had a positive impact of 7 percent.
The increased sales during the quarter was mainly explained by strong growth in both Western Europe as well as the CIS1)-region while sales to the CEE2)-region decreased. Of the segment's larger markets, Russia, Germany and Poland, all reported positive organic growth while sales to Romania, Belarus and Switzerland declined.
The general visible slowdown of the European construction market has resulted in a lower order intake during the quarter, particularly in Western Europe while it increased in CIS1)-region. The backlog was lower at the end of the period compared to previous year as a result of large shipments, mainly to Western Europe but also due to lower order intake during the second half of the year.
Net sales for the period January-December increased by 28 percent to SEK 1,360 m (1,066). Organic growth increased by 23 percent and currency contributed with 5 percent.
Building Systems' adjusted operating profi t increased to SEK 15 m (0) during the quarter, of which SEK 1 m of the increase is explained by IFRS 16. Adjusted operating margin for the same period increased to 4.4 percent (0.0).
The improved adjusted operating profi t is mainly explained by signifi cant volume growth and somewhat strengthened gross margin. The implementation of the previously communicated turnaround programme continues according to plan.
Adjusted operating profi t for the period January-December increased to SEK 85 m (9) of which SEK 4 m of the increase is explained by IFRS 16.
During the quarter, Building Systems signed agreements on six major orders, each worth more than SEK 10 m; fi ve in the CIS1) region and one in Western Europe.
1) Commonwealth of Independent States 2) Central and Eastern Europe
| SEK m | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales | 2,526 | 2,384 | 9,872 | 9,326 |
| Change | 142 | 199 | 546 | 1,084 |
| Change, % | 6 | 9 | 6 | 13 |
| Of which | ||||
| Organic, % | 3 | 5 | 3 | 8 |
| Acquisitions/divestments, % | 0 | 1 | 0 | 1 |
| Currency effects, % | 3 | 3 | 3 | 4 |
| 2019 | 2018 | 2019 | 2018 | |||||
|---|---|---|---|---|---|---|---|---|
| SEK m | Oct-Dec | % | Oct-Dec | % | Jan-Dec | % | Jan-Dec | % |
| Nordic region | 1,122 | 44 | 1,104 | 46 | 4,236 | 43 | 4,198 | 45 |
| Western Europe | 801 | 32 | 752 | 32 | 3,445 | 35 | 3,057 | 33 |
| CEE/CIS | 560 | 22 | 481 | 20 | 2,034 | 21 | 1,834 | 20 |
| Other markets | 43 | 2 | 47 | 2 | 157 | 1 | 237 | 2 |
| Total | 2,526 | 100 | 2,384 | 100 | 9,872 | 100 | 9,326 | 100 |
| 2019 | 2018 | 2019 | 2018 | |||||
|---|---|---|---|---|---|---|---|---|
| SEK m | Oct-Dec | % | Oct-Dec | % | Jan-Dec | % | Jan-Dec | % |
| Ventilation Systems | 1,478 | 59 | 1,481 | 62 | 6,018 | 61 | 5,786 | 62 |
| Profi le Systems | 707 | 28 | 642 | 27 | 2,494 | 25 | 2,474 | 27 |
| Building Systems | 341 | 13 | 261 | 11 | 1,360 | 14 | 1,066 | 11 |
| Other operations | - | - | - | - | - | - | ||
| Total | 2,526 | 100 | 2,384 | 100 | 9,872 | 100 | 9,326 | 100 |
| Gross internal sales all segments | 8 | 6 | 30 | 21 |
| 2019 | 2018 | 2019 | 2018 | |||||
|---|---|---|---|---|---|---|---|---|
| SEK m | Oct-Dec | % | Oct-Dec | % | Jan-Dec | % | Jan-Dec | % |
| Ventilation Systems | 129 | 8.7 | 127 | 8.6 | 609 | 10.1 | 472 | 8.2 |
| Profi le Systems | 85 | 12.0 | 56 | 8.7 | 270 | 10.8 | 198 | 8.0 |
| Building Systems | 15 | 4.4 | 0 | 0.0 | 85 | 6.3 | 9 | 0.8 |
| Other operations | -17 | - | -10 | - | -49 | - | -45 | - |
| Adjusted operating profi t | 212 | 8.4 | 173 | 7.3 | 915 | 9.3 | 634 | 6.8 |
| One-off items and restructuring costs2) | - | -26 | - | - | -87 | - | ||
| Operating profi t | 212 | 8.4 | 147 | 6.2 | 915 | 9.3 | 547 | 5.9 |
| Net fi nancial items | -8 | - | -4 | - | -34 | - | -16 | - |
| Earnings before tax | 204 | 8.1 | 143 | 6.0 | 881 | 8.9 | 531 | 5.7 |
1) For key performance indicators excl. the effect of implemented accounting standard, IFRS 16 Leases, see 'Reconciliations' page 21. 2) One-off items and restructuring costs are described in 'Reconciliations' page 21.
| 2019 2018 |
2018 | |||
|---|---|---|---|---|
| Oct-Dec | Oct-Dec | 2019 Jan-Dec |
Jan-Dec | |
| Ventilation Systems | 3,545 | 3,416 | 3,545 | 3,416 |
| Profi le Systems | 882 | 892 | 882 | 892 |
| Building Systems | 727 | 699 | 727 | 699 |
| Other operations | 42 | 64 | 42 | 64 |
| Total | 5,196 | 5,071 | 5,196 | 5,071 |
| SEK m | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales | 2,526 | 2,384 | 9,872 | 9,326 |
| Cost of goods sold | -1,836 | -1,752 | -7,149 | -6,895 |
| Gross profi t | 690 | 632 | 2,723 | 2,431 |
| Other operating income | 18 | 11 | 69 | 75 |
| Selling expenses | -306 | -287 | -1,184 | -1,141 |
| Administrative expenses | -148 | -149 | -549 | -567 |
| R & D expenses | -18 | -19 | -64 | -72 |
| Other operating expenses | -24 | -41 | -80 | -179 |
| Total operating expenses | -478 | -485 | -1,808 | -1,884 |
| Operating profi t1) | 212 | 147 | 915 | 547 |
| Interest income | 7 | 5 | 21 | 17 |
| Interest expenses | -13 | -6 | -50 | -26 |
| Other fi nancial income and expenses | -2 | -3 | -5 | -7 |
| Financial items | -8 | -4 | -34 | -16 |
| Earnings before tax | 204 | 143 | 881 | 531 |
| Tax on profi t for the period | -61 | -37 | -203 | -137 |
| Profi t for the period | 143 | 106 | 678 | 394 |
| –attributable to the parent company's shareholders | 143 | 106 | 678 | 394 |
| –attributable to non-controlling interests | - | 0 | - | 0 |
| Earnings per share, SEK2) | 1.88 | 1.38 | 8.89 | 5.16 |
1) One-off items and restructuring costs, which are included in operating profi t, are described in 'Reconciliations' on page 21. 2) Based on the number of outstanding shares, i.e. excluding treasury shares. Earnings per share is before and after dilution.
| SEK m | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Profi t for the period | 143 | 106 | 678 | 394 |
| Items that will not be reclassifi ed to the income statement |
||||
| Actuarial gains/losses, defi ned benefi t plans | -10 | 7 | -51 | -3 |
| Deferred tax attributable to defi ned benefi t plans | 2 | -1 | 10 | 1 |
| Sum | -8 | 6 | -41 | -2 |
| Items that will later be reclassifi ed to the income statement |
||||
| Translation differences, foreign operations | -84 | -35 | 131 | 108 |
| Hedges of net investments | 37 | 2 | -28 | -60 |
| Tax attributable to hedges of net investments | -8 | -1 | 6 | 13 |
| Sum | -55 | -34 | 109 | 61 |
| Other comprehensive income, net of tax | -63 | -28 | 68 | 59 |
| Total comprehensive income | 80 | 78 | 746 | 453 |
| –attributable to the parent company's shareholders | 80 | 78 | 746 | 453 |
| –attributable to non-controlling interests | - | 0 | - | 0 |
| 2019 | 2018 | 2019 | 2018 | |
|---|---|---|---|---|
| SEK m | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| OPERATING ACTIVITIES | ||||
| Operating profi t | 212 | 147 | 915 | 547 |
| Reversal of depreciation/amortisation and impairment losses |
97 | 42 | 400 | 168 |
| Reversal of capital gains (-)/losses (+) reported in operating profi t |
-1 | 3 | 1 | 0 |
| Provisions, not affecting cash fl ow | 8 | 22 | -9 | 31 |
| Adjustment for other items not affecting cash fl ow | -3 | -3 | -6 | -7 |
| Total | 313 | 211 | 1,301 | 739 |
| Interest received | 7 | 4 | 21 | 16 |
| Interest paid | -13 | -6 | -46 | -24 |
| Tax paid | -62 | -26 | -167 | -141 |
| Cash fl ow before change in working capital | 245 | 183 | 1,109 | 590 |
| Change in working capital | ||||
| Stock (increase -/decrease +) | 46 | 26 | -87 | -71 |
| Operating receivables (increase -/decrease +) | 271 | 416 | -20 | 63 |
| Operating liabilities (increase +/decrease -) | -196 | -387 | 15 | 11 |
| Total change in working capital | 121 | 55 | -92 | 3 |
| Cash fl ow from operating activities | 366 | 238 | 1,017 | 593 |
| INVESTING ACTIVITIES | ||||
| Acquisition of Group companies | -3 | - | -36 | - |
| Divestment of Group companies | - | - | 2 | - |
| Investments in intangible assets | -4 | -3 | -14 | -16 |
| Investments in tangible fi xed assets | -96 | -37 | -264 | -104 |
| Change in fi nancial fi xed assets | 0 | 0 | 0 | 0 |
| Disposal of intangible assets | - | 0 | - | 0 |
| Disposal of tangible fi xed assets | 8 | 0 | 12 | 15 |
| Cash fl ow from investing activities | -95 | -40 | -300 | -105 |
| FINANCING ACTIVITIES | ||||
| Proceeds from borrowings | - | - | 238 | 94 |
| Repayment of borrowings | -164 | -227 | -374 | -522 |
| Repayment of leasing-related liabilities | -54 | - | -214 | - |
| Issue of warrants | - | 0 | 0 | 0 |
| Dividends to shareholders | - | -1 | -134 | -119 |
| Cash fl ow from fi nancing activities | -218 | -228 | -484 | -547 |
| Cash fl ow for the period | 53 | -30 | 233 | -59 |
| Cash and cash equivalents at start of the period | 493 | 320 | 289 | 342 |
| Effect of exchange rate changes on cash and cash equivalents |
-10 | -1 | 14 | 6 |
| Cash and cash equivalents at end of the period | 536 | 289 | 536 | 289 |
| SEK m | 31 Dec 2019 | 31 Dec 2018 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 3,211 | 3,144 |
| Other intangible assets | 97 | 110 |
| Tangible fi xed assets | 2,383 | 1,277 |
| Financial interest-bearing fi xed assets | 34 | 38 |
| Other fi nancial fi xed assets | 126 | 79 |
| Total non-current assets | 5,851 | 4,648 |
| Current assets | ||
| Stock | 1,468 | 1,350 |
| Accounts receivable | 1,349 | 1,317 |
| Other current assets | 219 | 193 |
| Other interest-bearing receivables | 15 | 5 |
| Cash and cash equivalents | 536 | 289 |
| Total current assets | 3,587 | 3,154 |
| TOTAL ASSETS | 9,438 | 7,802 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity attributable to parent company shareholders | 5,027 | 4,464 |
| Non-controlling interests | - | 0 |
| Total shareholders' equity | 5,027 | 4,464 |
| Non-current liabilities | ||
| Interest-bearing provisions for pensions and similar obligations | 283 | 234 |
| Liabilities to credit institutions | 1,001 | 1,085 |
| Leasing liabilities | 798 | - |
| Provisions | 135 | 114 |
| Other non-current liabilities | 9 | 14 |
| Total non-current liabilities | 2,226 | 1,447 |
| Current liabilities | ||
| Other interest-bearing liabilities | 274 | 65 |
| Provisions | 26 | 36 |
| Accounts payable | 763 | 788 |
| Other current liabilities | 1,122 | 1,002 |
| Total current liabilities | 2,185 | 1,891 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 9,438 | 7,802 |
| SEK m | 31 Dec 2019 | 31 Dec 2018 | |||
|---|---|---|---|---|---|
| Disclosures regarding the fair value by class | Carrying amount |
Fair value |
Carrying amount |
Fair value |
|
| Financial assets | |||||
| Derivative receivables | 15 | 15 | 5 | 5 | |
| Financial liabilities | |||||
| Liabilities to credit institutions | 1,004 | 1,007 | 1,056 | 1,060 | |
| Derivative liabilities | 3 | 3 | 4 | 4 |
Derivatives relate to forward exchange contracts which are valued at fair value by discounting the difference between the contracted forward rate and the forward rate that can be subscribed for on the balance sheet date for the remaining contract term. The fair value of interest bearing liabilities to credit institutions is provided for the purpose of disclosure and is calculated by discounting the future cash fl ows of principal and interest payments, discounted at current market interest rates.
The derivative assets, derivative liabilities and interest bearing liabilities to credit institutions that exist can all be found at Level 2 of the valuation hierarchy.
For other fi nancial assets and liabilities, the carrying amount is deemed to be a reasonable approximation of fair value. The Group holdings of unlisted shares, the fair value of which cannot be estimated reliably, are recognised at acquisition cost. The carrying amount is SEK 1 m (1).
| SEK m | Share capital |
Other contributed capital |
Foreign currency translation reserve |
Profi t brought forward incl. profi t for the year |
Total | Non controlling interests |
Total sharehol ders' equity |
|---|---|---|---|---|---|---|---|
| Opening balance, 1 January 2018 | 79 | 2,260 | 152 | 1,638 | 4,129 | 1 | 4,130 |
| Profi t for the period | 394 | 394 | 0 | 394 | |||
| Other comprehensive income, net of tax | |||||||
| Actuarial gains/losses, defi ned benefi t plans | -2 | -2 | - | -2 | |||
| Translation differences, foreign operations | 108 | 108 | 0 | 108 | |||
| Hedges of net investments | -47 | -47 | - | -47 | |||
| Total comprehensive income | - | - | 61 | 392 | 453 | 0 | 453 |
| Dividend to shareholders | -118 | -118 | -1 | -119 | |||
| Issue of warrants | 0 | 0 | - | 0 | |||
| Transactions with shareholders | - | - | - | -118 | -118 | -1 | -119 |
| Closing balance, 31 December 2018 | 79 | 2,260 | 213 | 1,912 | 4,464 | 0 | 4,464 |
| Changed accounting principles | -49 | -49 | - | -49 | |||
| Opening balance, 1 January 2019 | 79 | 2,260 | 213 | 1,863 | 4,415 | - | 4,415 |
| Profi t for the period | 678 | 678 | - | 678 | |||
| Other comprehensive income, net of tax | |||||||
| Actuarial gains/losses, defi ned benefi t plans | -41 | -41 | - | -41 | |||
| Translation differences, foreign operations | 131 | 131 | - | 131 | |||
| Hedges of net investments | -22 | -22 | - | -22 | |||
| Total comprehensive income | - | - | 109 | 637 | 746 | - | 746 |
| Dividend to shareholders | -134 | -134 | - | -134 | |||
| Issue of share options | 0 | 0 | - | 0 | |||
| Total transactions with shareholders | - | - | - | -134 | -134 | - | -134 |
| Closing balance, 31 December 2019 | 79 | 2,260 | 322 | 2,366 | 5,027 | - | 5,027 |
Shareholders' equity attributable to parent company shareholders
The share capital of SEK 78,707,820 is divided among 78,707,820 shares with a face value of SEK 1.00. Lindab International AB (publ) holds 2,375,838 (2,375,838) treasury shares, corresponding to 3.0 percent (3.0) of the total number of Lindab shares. The number of outstanding shares totals 76,331,982 (76,331,982).
| SEK m | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Net sales | 2 | 1 | 5 | 4 |
| Administrative expenses | -2 | -2 | -7 | -6 |
| Other operating income/expenses | 0 | 0 | 0 | 0 |
| Operating profi t | 0 | -1 | -2 | -2 |
| Profi t from subsidiaries | 12 | 13 | 12 | 2,386 |
| Interest expenses, internal | -1 | 0 | -2 | -9 |
| Earnings before tax | 11 | 12 | 8 | 2,375 |
| Tax on profi t for the period | -3 | -2 | -2 | 0 |
| Profi t/Loss for the period1) | 8 | 10 | 6 | 2,375 |
1) Comprehensive income corresponds to profi t for all periods.
| SEK m | 31 Dec 2019 | 31 Dec 2018 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Financial fi xed assets | ||
| Shares in Group companies | 3,467 | 3,467 |
| Financial interest-bearing fi xed assets | 5 | 5 |
| Deferred tax assets | 1 | 1 |
| Total non-current assets | 3,473 | 3,473 |
| Current assets | ||
| Receivables from Group companies | 12 | 14 |
| Current tax assets | - | 0 |
| Cash and cash equivalents | 0 | 0 |
| Total current assets | 12 | 14 |
| TOTAL ASSETS | 3,485 | 3,487 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Restricted shareholders' equity | ||
| Share capital | 79 | 79 |
| Statutory reserve | 708 | 708 |
| Non-restricted shareholders' equity | ||
| Share premium reserve | 90 | 90 |
| Profi t brought forward | 2,346 | 105 |
| Profi t/Loss for the period | 6 | 2,375 |
| Total shareholders' equity | 3,229 | 3,357 |
| Provisions | ||
| Interest-bearing provisions | 5 | 5 |
| Total provisions | 5 | 5 |
| Current liabilities | ||
| Liabilities to Group companies | 248 | 123 |
| Accounts payable | - | 0 |
| Current tax liability | 1 | - |
| Accrued expenses and deferred income | 2 | 2 |
| Total current liabilities | 251 | 125 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3,485 | 3,487 |
| 2019 | 2018 | 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK m | Oct-Dec Jul-Sep Apr-Jun Jan-Mar | Oct-Dec Jul-Sep Apr-Jun Jan-Mar | Oct-Dec | ||||||
| Net sales | 2,526 | 2,462 | 2,569 | 2,315 | 2,384 | 2,397 | 2,392 | 2,153 | 2,185 |
| Growth, % | 6 | 3 | 7 | 8 | 9 | 15 | 13 | 16 | 7 |
| of which organic | 3 | 1 | 5 | 5 | 5 | 8 | 8 | 13 | 7 |
| of which acquisitions/divestments | 0 | 0 | 0 | - | 1 | 1 | 1 | 1 | 0 |
| of which currency effects | 3 | 2 | 2 | 3 | 3 | 6 | 4 | 2 | 0 |
| Operating profi t before depreciation/amortisation and impairment losses1) |
309 | 380 | 339 | 287 | 189 | 243 | 169 | 114 | 149 |
| Operating profi t1) | 212 | 273 | 238 | 192 | 147 | 200 | 129 | 71 | 109 |
| Adjusted operating profi t1) | 212 | 273 | 238 | 192 | 173 | 209 | 148 | 104 | 119 |
| Earnings before tax1) | 204 | 267 | 228 | 182 | 143 | 196 | 124 | 68 | 103 |
| Profi t for the period1) | 143 | 212 | 181 | 142 | 106 | 152 | 91 | 46 | 84 |
| Operating margin,%1) | 8.4 | 11.1 | 9.3 | 8.3 | 6.2 | 8.3 | 5.4 | 3.3 | 5.0 |
| Adjusted operating margin, %1) | 8.4 | 11.1 | 9.3 | 8.3 | 7.3 | 8.7 | 6.2 | 4.8 | 5.4 |
| Profi t margin, %1) | 8.1 | 10.8 | 8.9 | 7.8 | 6.0 | 8.2 | 5.2 | 3.2 | 4.7 |
| Cash fl ow from operating activities1) | 366 | 395 | 177 | 79 | 238 | 262 | 51 | 42 | 346 |
| Cash fl ow from operating activities per share, SEK1) | 4.79 | 5.18 | 2.32 | 1.03 | 3.12 | 3.43 | 0.67 | 0.55 | 4.53 |
| Cash fl ow, investments in intangible assets/tangible fi xed assets | 100 | 51 | 82 | 45 | 40 | 30 | 26 | 24 | 27 |
| Number of shares outstanding, thousands | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 |
| Average number of shares outstanding, thousands | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 | 76,332 |
| Earnings per share, SEK2) | 1.88 | 2.78 | 2.38 | 1.85 | 1.38 | 1.99 | 1.19 | 0.60 | 1.10 |
| Shareholders' equity attributable to parent company shareholders | 5,027 | 4,947 | 4,708 | 4,643 | 4,464 | 4,387 | 4,276 | 4,300 | 4,129 |
| Shareholders' equity attributable to non-controlling interests | - | - | - | - | 0 | 1 | 1 | 1 | 1 |
| Shareholders' equity per share, SEK | 65.86 | 64.80 | 61.68 | 60.83 | 58.49 | 57.47 | 56.02 | 56.32 | 54.09 |
| Net debt1) | 1,771 | 1,996 | 2,262 | 2,130 | 1,052 | 1,249 | 1,487 | 1,369 | 1,305 |
| Net debt/equity ratio, times1) | 0.4 | 0.4 | 0.5 | 0.5 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 |
| Equity/asset ratio, %1) | 53.3 | 50.6 | 49.2 | 49.2 | 57.2 | 52.5 | 50.6 | 52.3 | 53.4 |
| Return on equity, %1) | 14.3 | 13.8 | 12.9 | 11.1 | 9.1 | 8.9 | 8.2 | 8.7 | 8.8 |
| Return on capital employed, %1) | 13.6 | 12.8 | 12.6 | 10.9 | 9.4 | 8.8 | 8.1 | 8.6 | 8.8 |
| Interest coverage ratio, times1) | 16.5 | 22.9 | 20.0 | 15.8 | 24.4 | 30.3 | 19.0 | 11.7 | 14.7 |
| Net debt/EBITDA, excl. one-off items and restructuring costs1) | 1.6 | 1.5 | 1.5 | 1.6 | 1.6 | 1.9 | 2.0 | 2.1 | 2.2 |
| Number of employees by end of period | 5,196 | 5,148 | 5,277 | 5,148 | 5,071 | 5,142 | 5,195 | 5,132 | 5,083 |
| 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| SEK m | Jan-Dec | Jan-Dec | Jan-Dec | Jan-Dec |
| Net sales | 9,872 | 9,326 | 8,242 | 7,849 |
| Growth, % | 6 | 13 | 5 | 3 |
| of which organic | 3 | 8 | 4 | 4 |
| of which acquisitions/divestments | 0 | 1 | 0 | 0 |
| of which currency effects | 3 | 4 | 1 | -1 |
| Operating profi t before depreciation/amortisation and impairment losses1) | 1,315 | 715 | 654 | 657 |
| Operating profi t1) | 915 | 547 | 492 | 483 |
| Adjusted operating profi t1) | 915 | 634 | 511 | 511 |
| Earnings before tax1) | 881 | 531 | 467 | 445 |
| Profi t for the period1) | 678 | 394 | 347 | 306 |
| Operating margin,%1) | 9.3 | 5.9 | 6.0 | 6.2 |
| Adjusted operating margin, %1) | 9.3 | 6.8 | 6.2 | 6.5 |
| Profi t margin, %1) | 8.9 | 5.7 | 5.7 | 5.7 |
| Cash fl ow from operating activities1) | 1,017 | 593 | 410 | 499 |
| Cash fl ow from operating activities per share, SEK1) | 13.32 | 7.77 | 5.37 | 6.54 |
| Cash fl ow to investments in intangible assets and tangible fi xed assets | 278 | 120 | 100 | 125 |
| Number of shares outstanding, thousands | 76,332 | 76,332 | 76,332 | 76,332 |
| Average number of shares outstanding, thousands | 76,332 | 76,332 | 76,332 | 76,332 |
| Earnings per share, SEK2) | 8.89 | 5.16 | 4.54 | 4.02 |
| Dividens per share, SEK | 3.60 | 1.75 | 1.55 | 1.40 |
| Shareholders' equity attributable to parent company shareholders | 5,027 | 4,464 | 4,129 | 3,848 |
| Shareholders' equity attributable to non-controlling interests | - | 0 | 1 | 1 |
| Shareholders' equity per share, SEK | 65.86 | 58.49 | 54.09 | 50.41 |
| Net debt1) | 1,771 | 1,052 | 1,305 | 1,396 |
| Net debt/equity ratio, times1) | 0.4 | 0.2 | 0.3 | 0.4 |
| Equity/asset ratio, %1) | 53.3 | 57.2 | 53.4 | 51.3 |
| Return on equity, %1) | 14.3 | 9.1 | 8.8 | 8.4 |
| Return on capital employed, %1) | 13.6 | 9.4 | 8.8 | 8.8 |
| Interest coverage ratio, times1) | 18.8 | 21.4 | 14.1 | 11.4 |
| Net debt/EBITDA, excl. one-off items and restructuring costs1) | 1.6 | 1.6 | 2.2 | 2.5 |
| Number of employees end of period | 5,196 | 5,071 | 5,083 | 5,136 |
1) For key performance indicators excl. the effect of implemented accounting standard, IFRS 16 Leases, see 'Reconciliations' page 21. 2) Earnings per share is before and after dilution.
3) Proposed dividend.
The consolidated accounts for the interim report have been prepared in line with the annual consolidated accounts for 2018, in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board RFR 1, Supplementary Accounting Rules for Groups.
This interim report has been prepared in accordance with IAS 34. The Group has applied the same accounting policies as described in the Annual Report for 2018 except for leases (see below).
With exception for the new standard regarding leasing, none of the new or amended standards, interpretations or improvements adopted by the EU have had any signifi cant impact on the Group.
Information in terms of IAS 34 Interim fi nancial reporting has been disclosed in notes to the fi nancial statements as well as in other pages of the interim report.
IFRS 16 Leases is applied by Lindab as of January 1, 2019 and the standard replaces IAS 17 Leases. The Group has implemented the new standard based on a simplifi ed transition method and all leases that are affected by the new standard have been valued on the fi rst day of application as if the standard had always been valid. By applying a relief rule, comparative fi gures in the Group's reported income statement, statement of fi nancial position and statement of cash fl ow have not been restated. On the other hand, there are some clarifi cations of the effects of IFRS 16 Leases on key performance indicators for the year 2019 under 'Reconciliations' on page 21.
Prior to the implementation of IFRS 16 Leases, Lindab analysed the contractual and fi nancial implications of rental and leasing agreements within the Group. The evaluation resulted in a leasing portfolio corresponding to approximately 1,000 contracts being capitalised in the opening balance for 2019. Most of these rental and lease agreements related to vehicles, but the majority of the capitalised value was attributable to property related lease agreements. The implementation of IFRS 16 Leases has an estimated effect on the opening balance of the statement of fi nancial position according to the table below.
| SEK m | Closing balance 31 Dec 2018 before transition to IFRS 16 |
Effect due to transition to IFRS 16 |
Adjusted opening balance 1 Jan 2019 |
|---|---|---|---|
| Tangible fi xed assets | 1,277 | 9912) | 2,268 |
| Deferred tax assets | 73 | 10 | 84 |
| Equity | 4,464 | -49 | 4,415 |
| Non-current leasing liability |
291) | 831 | 860 |
| Current leasing liability | 41) | 219 | 223 |
1) Future obligations for fi nancial lease contracts in accordance with IAS 17 Leases. For detailed reconciliation of recognised leasing liability at beginning of 2019, in accordance with IFRS 16 Leases, see note 2 in the Annual Report of 2018. 2) Closing balance of leasing related tangible assets amounted to SEK 1,009 m as per end of December 2019.
As far as the Group's income statement is concerned, as of January 1, 2019, it has to a certain extent changed the cost structure as a result of the implementation of IFRS 16 Leases. The change in cost structure is a consequence of the fact that previous operating expenses attributable to operational leases are replaced by depreciations and interest expenses. Based on identifi ed rental and leasing agreements at the beginning of 2019, operating profi t was expected to improve by SEK 27 m (in line with actual cost) on an annual basis for the current fi scal year, which is offset by an increased fi nancial expense by a slightly higher amount. The net effect on profi t after fi nancial items amounted to SEK 0.5 m.
IFRS 16 Leases is based on the fact that all rental and leasing agreements are to be reported in the lessee's statement of fi nancial position, with the possibility of exemptions with regard to short-term leasing agreements and agreements where the underlying asset amounts to a low value. Lindab has chosen to apply exemptions provided by IFRS, which means that the statement of fi nancial position will not recognise rental and lease agreements with a lease term shorter than 12 months and leasing agreements for which the underlying asset has a low value (EUR 5 k according to Lindab's application). Lease payments from these excluded agreements are recognised directly as an operating expense on a straight-line basis over the leasing period.
Lindab evaluates at the start of new agreements if they contain leasing components that are to be capitalised in accordance with IFRS 16 Leases. Lease payments that are capitalised are primarily fi xed fees respectively variable index/price charges as well as any relevant residual value guarantees, option prices or termination charges. Agreements that consist of both a capitalised and non-capitalised component are capitalised in their entirety if the latter part is of an immaterial value. The capitalisation of rental and leasing agreements are initially made at present value of future lease payments, discounted based on the agreement's implicit interest rate or incremental borrowing rates established for the Group. The right of use assets also include lease payments paid at or before the commencement date of the lease, existing initial direct expenses and any estimated restoration costs for which there are reported provisions in accordance with IAS 37 Provisions, contingent liabilities and contingent assets. In connection with the capitalisation, an assessment is also made regarding the expected contract period/right of use of the asset in question within the framework of the existing agreement.
The tangible assets/right of use included in the Group's statement of fi nancial position in accordance with IFRS 16 Leases are in subsequent periods recognised at cost less depreciation and any write-downs or adjustments for revaluations made. Depreciation takes place on a straight-line basis from the commencement date of the agreement and over the useful life which is the shortest of the estimated economic life and the agreed lease term. Impairment losses are reported in accordance with IAS 36 Impairment of assets. With regard to the leasing liabilities that are reported in the
statement of fi nancial position, they are included on an ongoing basis at amortised cost less lease payments made and taking into account the calculated interest effect. Revaluation of the leasing related balance sheet items takes place on an ongoing basis based on changes in interest/index components, leasing periods, residual value guarantees, etc.
The fi nancial statements for the parent company are prepared according to the Swedish Annual Accounts Act and RFR 2, Accounting for legal entities and according to the same accounting policies as were applied in the Annual Report for 2018.
Signifi cant estimates and judgements are described in Note 4 in the Annual Report for 2018. Except for leases no changes have been made to these estimates, judgements that would have a substantial impact on this interim report.
As for leasing, Lindab applies IFRS 16 Leases since 1 January 2019 (see Note 1). In connection with the recognition of rental and leasing agreements, there are some elements of subjective estimates and assessments, both in terms of the possibility/likelihood of utilising extension, termination and purchase options, assessed right of use for contracts with undefi ned maturity and the actual expected right of use of the asset within the framework of existing agreements. From a materiality perspective, the most signifi cant leases are related to properties where these assessments can have a material impact on the Group. Lindab has set up a structure for how the assessment of these components should take place and in terms of properties, this structure is based on the properties' main character (production, warehouses, branches respectively offi ces). The guidelines are aimed at guiding and refl ecting, in a fair manner, expected right of use and thus also the value of the assets in question on the basis of known information at each fi nancial closing. The assessments also include, in accordance with IAS 36 Impairment of assets, testing of the assets' recognised value from a write-down perspective.
Another component that affects the recognised value of rental and leasing agreements in the Group's statement of fi nancial position is the underlying discount factors. In the calculation of current balance sheet value, Lindab applies a fair incremental borrowing rate assessed for the Group for each currency and category of asset, all with the purpose of refl ecting rental and leasing related assets and fi nancial commitments in a fair manner.
On April 2, 2019, Lindab acquired all shares and voting rights in the British ventilation company Ductmann Ltd., whose business is mainly focused on production and sale of rectangular ducts and fi re-rated ducting for ventilation systems. The acquisition is a natural step for Lindab to further strengthen the offering in ventilation systems in the UK market. Ductmann Ltd. is registered in Dudley, UK. The company has annual sales of approximately SEK 43 m and has 40 employees.
SEK 61 m, which was mainly settled in cash at the time of acquisition during April 2019. The net purchase price after adjustment for cash and cash equivalents of acquired company amounted to SEK 33 m. There are no additional purchase settlements. Costs related to the acquisition amounted to SEK 1 m.
According to the fi nal purchase price allocation analysis, the acquisition results in a goodwill of SEK 15 m. This is due to, among other things, competence of the management and a well-established market presence. Recognised intangible assets in acquired company mainly relate to customer based values. For specifi cation of acquired assets and liabilities at the time of acquisition and fi nal purchase price allocation, see the table below.
Acquired businesses
| 31 Dec 2019 | 31 Dec 2018 |
|---|---|
| 12 | - |
| 12 | - |
| 4 | - |
| 11 | - |
| 28 | - |
| -2 | - |
| -10 | - |
| -9 | - |
| 46 | - |
| 15 | - |
| 61 | - |
Ductmann Ltd. is consolidated in Lindab as of April 2, 2019. As a result of the acquisition of the company, the Group's sales from the acquisition date to December 31, 2019 increased by SEK 33 m and profi t after tax by SEK 3 m. If the acquisition had been implemented as of January 1, 2019, the Group's net sales had increased by approximately SEK 45 m and profi t after tax by SEK 5 m. Ductmann Ltd. is part of the Ventilation Systems segment.
On July 26, 2019, Lindab divested all shares and voting rights in the Dutch subsidiary Lindab Door B.V. The business of the company is mainly related to sales and assembly of industrial doors on the domestic market. The annual sales amounts to approximately SEK 30 m and the operating profi t is minor. At the time of divestment, the total balance sheet value amounted to SEK 7 m and there were 14 employees. The divestment is part of Lindab's strategy with focus on long-term sustainable and profi table growth. The sales price amounted to SEK 4 m, which resulted in a consolidated capital loss of almost SEK 4 m including consideration of transaction related costs. The capital loss is recognised under Other operating expenses in the consolidated income statement. Lindab Door B.V. was part of segment Profi le Systems.
The cash fl ow related to business combinations was, beside above mentioned transactions, also impacted by settlement of some conditional additional purchase price during the year. This additional purchase price amounted to SEK 3 m and was related to the acquisition of A.C. Manufacturing Ltd in December 2017. No business combinations have been made during 2018.
The total acquisition cost of Ductmann Ltd. amounted to
As of January 1, 2019, Lindab has implemented a new organisational structure. The former business area Products & Solutions has been divided into two new business areas, Ventilation Systems and Profi le Systems. The purpose of the reorganisation is to increase transparency and focus on the respective underlying businesses and to ensure an operational organisational structure that supports how Lindab strategically controls and monitors the operations.
In order to refl ect Lindab's organisational change and how operations are controlled and reported, as of January 1, 2019, have the two previously reported segments (Products & Solutions and Building Systems) been replaced with three segments: Ventilation Systems, Profi le Systems respectively Building Systems. The basis for segmental reporting is the various customer offers provided by each business area. Comparative periods reported in the interim report have been restated based on the new segment structure.
The customer offers within each segment are as follows:
Both Ventilation Systems' and Profi le Systems' operations are managed based on geographically divided sales organisations, which are supported by a number of product and system areas with joint production and purchasing functions for each business area. The Building Systems segment consists of a separate integrated project organisation. What is reported under Other includes the parent company's and other common functions.
Information on income from external customers and adjusted operating profi t per operating segment is presented in the tables on page 10.
Internal prices between the Group's segments are set based on the principle of arm's length, that is, between parties that are independent of each other, well-informed and have an interest in the transaction being carried out. Assets and investments are reported where the asset exists.
Assets and liabilities by segment that have changed by more than 10 percent (excluding the effect of transition to IFRS 16 Leases) compared with the end of 2018 are shown below:
All segments' tangible fi xed assets and fi nancial liabilities have been affected by the transition to IFRS 16 Leases. When implementing the new standard, each rental and lease agreement has been allocated to the segment where the asset is used.
Lindab's related parties and the extent of transactions with its related parties are described in Note 30 of the Annual Report for 2018.
At the Annual General Meeting in May 2019, it was resolved to adopt a share option programme for senior executives and key persons. Under the programme, 175,000 share options were acquired by senior executives and key persons during the second quarter. During the third quarter repurchase of 45,000 previously issued warrants took place. All transactions have been to market value. See more under 'Share option programme', page 6.
During the year, there have been no other transactions between Lindab and related parties which have had a signifi cant impact on the company's position and profi t.
This interim report for Lindab International AB (publ) has been submitted following approval by the Board of Directors.
Båstad, 5 February 2020 Ola Ringdahl President and CEO
We have reviewed the interim report for Lindab International AB (publ), org nr 556606-5446, for the period 1 January to 31 December 2019. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim fi nancial report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim fi nancial report based on our review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for fi nancial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all signifi cant matters that might be identifi ed in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Gothenburg, 5 February 2020 Deloitte AB Hans Warén Authorised Public Accountant
The company presents certain fi nancial measures in the interim report which are not defi ned according to IFRS. The company considers these measures to provide valuable supplementary information for investors and the company's management as they enable the assessment of relevant trends. Lindab's defi nitions of these measures may differ from other companies' defi nitions of the same terms. These fi nancial measures should therefore be seen as a
supplement rather than as a replacement for measures defi ned according to IFRS. Defi nitions of measures which are not defi ned according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables below. As the amounts in the tables below have been rounded off to SEK m, the calculations do not always add up due to round-off.
Amounts in SEK m unless otherwise indicated.
| Return on shareholders' equity | 31 Dec 2019 31 Dec 20191) | 31 Dec 2018 | ||
|---|---|---|---|---|
| Profi t for the period, rolling twelve months | 678 | 678 | 394 | |
| Average shareholders' equity | 4,758 | 4,797 | 4,312 | |
| Return on shareholders' equity, % | 14.3 | 14.1 | 9.1 | |
| Return on capital employed | 31 Dec 2019 31 Dec 20191) | 31 Dec 2018 | ||
| Total assets 2) | 9,438 | 8,419 | 7,802 | |
| Provisions | 135 | 135 | 114 | |
| Other non-current liabilities | 9 | 9 | 14 | |
| Total non-current liabilities | 144 | 144 | 128 | |
| Provisions Accounts payable Other current liabilities |
26 763 1,122 |
26 763 1,122 |
36 788 1,002 |
|
| Total current liabilities | 1,911 | 1,911 | 1,826 | |
| Capital employed | 7,383 | 6,364 | 5,848 | |
| Earnings before tax, rolling twelve months Financial expenses, rolling twelve months Total |
881 55 936 |
880 29 909 |
531 33 564 |
|
| Average capital employed | 6,870 | 6,312 | 5,998 | |
| Return on capital employed, % | 13.6 | 14.4 | 9.4 | |
| One-off items and restructuring costs | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
| Operating profi t | 212 | 147 | 915 | 547 |
| Ventilation Systems | - | -3 | - | -12 |
| Profi le Systems | - | -5 | - | -5 |
| Building Systems | - | -9 | - | -25 |
| Other operations | - | -9 | - | -45 |
| Adjusted operating profi t | 212 | 173 | 915 | 634 |
2/2019 - 3/2019 -
1/2018 SEK -33 m related to assessment of structural alternatives and measures associated with the turnaround programme.
2/2018 SEK -19 m related to assessment of structural alternatives and measures associated with the turnaround programme.
3/2018 SEK -9 m related to restructuring program and measures associated with the turnaround programme.
4/2018 SEK -26 m related mainly to restructuring program and measures associated with the turnaround programme.
| Net debt | 31 Dec 2019 31 Dec 20191) | 31 Dec 2018 | |
|---|---|---|---|
| Non-current interest-bearing provisions for pensions and similar obligations | 283 | 283 | 234 |
| Non-current liabilities to credit institutions | 1,001 | 1,001 | 1,085 |
| Non-current leasing liabilities | 798 | - | - |
| Current other interest-bearing liabilities | 274 | 33 | 65 |
| Total liabilities | 2,356 | 1,317 | 1,384 |
| Financial interest-bearing fi xed assets | 34 | 34 | 38 |
| Other interest-bearing receivables | 15 | 15 | 5 |
| Cash and cash equivalents | 536 | 536 | 289 |
| Total assets | 585 | 585 | 332 |
| Net debt | 1,771 | 732 | 1,052 |
| Net debt/EBITDA | 31 Dec 2019 31 Dec 20191) | 30 Dec 2018 | |
| Average net debt | 2,052 | 1,041 | 1,318 |
| Adjusted operating profi t, rolling twelve months | 915 | 888 | 634 |
| Depreciation/amortisation and impairment losses, rolling twelve months | 400 | 186 | 168 |
| EBITDA | 1,315 | 1,074 | 802 |
| Net debt/EBITDA, times | 1.6 | 1.0 | 1.6 |
1) Key performance indicators excluding the effect of implemented accounting standard IFRS 16.
2) Among total assets, the difference of SEK 1,019 m by December 31, 2019 relates to tangible fi xed assets corresponding to SEK 1,009 m as a result of capitalisation of rental and leasing agreements in accordance with IFRS 16. Remaining difference in total assets relates to deferred tax receivables.
1/2019 -
4/2019 -
| Organic growth | 2019 Oct-Dec |
2018 Oct-Dec |
2019 Jan-Dec |
2018 Jan-Dec |
|---|---|---|---|---|
| Change Net sales | 142 | 199 | 546 | 1,084 |
| Of which | ||||
| Organic | 74 | 109 | 291 | 684 |
| Acquisitions/divestments | 2 | 13 | 19 | 57 |
| Currency effects | 66 | 77 | 236 | 343 |
| Interest coverage ratio, times | 2019 Oct-Dec |
2019 Oct-Dec1) |
2018 Oct-Dec |
2019 Jan-Dec |
2019 Jan-Dec1) |
2018 Jan-Dec |
|---|---|---|---|---|---|---|
| Earnings before tax | 204 | 203 | 143 | 881 | 880 | 531 |
| Interest expenses | 13 | 7 | 6 | 50 | 24 | 26 |
| Total | 217 | 210 | 149 | 931 | 904 | 557 |
| Interest expenses | 13 | 7 | 6 | 50 | 24 | 26 |
| Interest coverage ratio, times | 16.5 | 31.4 | 24.8 | 18.8 | 38.5 | 21.4 |
| Operating profi t before depreciation/amortisation-EBITDA | 2019 Oct-Dec |
2019 Oct-Dec1) |
2018 Oct-Dec |
2019 Jan-Dec |
2019 Jan-Dec1) |
2018 Jan-Dec |
|---|---|---|---|---|---|---|
| Operating profi t | 212 | 205 | 147 | 915 | 888 | 547 |
| Depreciation/amortisation and impairment losses | 97 | 43 | 42 | 400 | 186 | 168 |
| Operating profi t before depreciation/amortisation-EBITDA | 309 | 248 | 189 | 1,315 | 1,074 | 715 |
1) Key performance indications excluding the effect of implemented accounting standard, IFRS 16 Leases.
| Amounts in SEK m unless otherwise indicated | 2019 incl. IFRS 16 |
2019 excl. IFRS 16 |
2019 incl. IFRS 16 |
2019 excl. IFRS 16 |
||||
|---|---|---|---|---|---|---|---|---|
| Operating profi t, operating margin and earnings before tax | Oct-Dec | % | Oct-Dec | % | Jan-Dec | % | Jan-Dec | % |
| Ventilation Systems | 129 | 8.7 | 124 | 8,4 | 609 10.8 | 589 | 9.8 | |
| Profi le Systems | 85 12.0 | 84 11.9 | 270 10.4 | 267 10.7 | ||||
| Building Systems | 15 | 4.4 | 14 | 4,1 | 85 | 6.9 | 81 | 6.0 |
| Other operations | -17 | - | -17 | - | -49 | - | -49 | - |
| Adjusted operating profi t | 212 | 8.4 | 205 | 8.1 | 915 | 9.3 | 888 | 9.0 |
| One-off items and restructuring costs | - | - | - | - | - | - | - | - |
| Operating profi t | 212 | 8.4 | 205 | 8.1 | 915 | 9.3 | 888 | 9.0 |
| Net fi nancial items | -8 | - | -2 | - | -34 | - | -8 | - |
| Earnings before tax | 204 | 8.1 | 203 | 8.0 | 881 | 8.9 | 880 | 8.9 |
| 2019 incl. IFRS 16 |
2019 excl. IFRS 16 |
2019 incl. IFRS 16 |
2019 excl. IFRS 16 |
|
|---|---|---|---|---|
| Key performance indicators | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
| Operating profi t before depreciation/amortisation and impairment losses | 309 | 248 | 1,315 | 1,074 |
| Operating profi t | 212 | 205 | 915 | 888 |
| Adjusted operating profi t | 212 | 205 | 915 | 888 |
| Earnings before tax | 204 | 203 | 881 | 880 |
| Profi t for the period | 143 | 143 | 678 | 678 |
| Operating margin,% | 8.4 | 8.1 | 9.3 | 9.0 |
| Adjusted operating margin, % | 8.4 | 8.1 | 9.3 | 9.0 |
| Profi t margin, % | 8.1 | 8.0 | 8.9 | 8.9 |
| Cash fl ow from operating activities1) | 366 | 312 | 1,017 | 803 |
| Cash fl ow from operating activities per share, SEK | 4.79 | 4.09 | 13.32 | 10.52 |
| Net debt | 1,771 | 732 | 1,771 | 732 |
| Net debt/equity ratio, times | 0.4 | 0.1 | 0.4 | 0.1 |
| Equity/asset ratio, % | 53.3 | 59.8 | 53.3 | 59.8 |
| Return on equity, % | 14.3 | 14.1 | 14.3 | 14.1 |
| Return on capital employed, % | 13.6 | 14.4 | 13.6 | 14.4 |
| Interest coverage ratio, times | 16.5 | 31.4 | 18.8 | 38.5 |
| Net debt/EBITDA, excl. one-off items and restructuring costs | 1.6 | 1.0 | 1.6 | 1.0 |
1) Within cash fl ow from operating activities there has been a reclassifi cation to interest related to rental and leasing agreements. Previously this was included in the operating profi t but from 2019 it is part of 'Interest paid'. The amount of leasing-related interest amounts to SEK 6 m in the quarter and to SEK 26 m in the period January to December.
Earnings per share, SEK: Profi t for the period attributable to parent company shareholders to average number of shares outstanding.
Adjusted operating margin: Adjusted operating profi t expressed as a percentage of net sales.
Adjusted operating profi t: Operating profi t adjusted for one-off items and restructuring costs when the amount is signifi cant in size.
Cash fl ow from operating activities per share, SEK: Cash fl ow from operating activities to number of shares outstanding at the end of the period.
Equity/asset ratio: Shareholders' equity including non-controlling interests, expressed as a percentage of total assets.
Interest coverage ratio, times: Earnings before tax plus interest expense to interest expense
Investments in intangible assets and tangible fi xed assets: Investments excluding acquisitions and divestments of companies.
Net debt: Interest-bearing provisions and liabilities less interest-bearing assets and cash and cash equivalents.
NET debt/EBITDA: Average net debt in relation to EBITDA, excluding one-off items and restructuring costs, based on a rolling twelve-month calculation.
Net debt/equity ratio: Net debt to shareholders' equity including non-controlling interests.
One-off items and restructuring costs: Items not included in the ordinary business transactions and when each amount is
1) Average capital is based on the quarterly value.
The Group had sales of SEK 9,872 m in 2019 and is established in 31 countries with approximately 5,200 employees.
The main market is non-residential construction, which accounts for 80 percent of sales, while residential construction accounts for 20 percent of sales. During 2019, the Nordic region accounted for 43 percent, Western Europe for 35 percent, CEE/CIS (Central and Eastern Europe) for 21 percent and Other markets for 1 percent of total sales.
The share is listed on the Nasdaq Stockholm List, Mid Cap, under the ticker symbol LIAB.
Lindab develops, manufactures, markets and distributes products and system solutions for simplifi ed construction and improved indoor climate.
Lindab's product and solution offering includes products and
signifi cant in size and therefore has an effect on the profi t or loss and key performance indicators, are classifi ed as one-off items and restructuring costs.
Operating margin: Operating profi t expressed as a percentage of net sales.
Operating profi t: Profi t before fi nancial items and tax.
Operating profi t before depreciation/amortisation - EBITDA: Operating profi t before planned depreciation/amortisation.
Organic growth: Change in sales adjusted for currency effects as well as acquisitions and divestments compared with the same period of the previous year.
Profi t margin: Earnings before tax expressed as a percentage of net sales.
Return on capital employed: Earnings before tax after adding back fi nancial expenses based on a rolling twelve-month calculation, expressed as a percentage of average capital employed1). Capital employed refers to total assets less non-interest-bearing provisions and liabilities.
Return on shareholders' equity: Profi t for the period attributable to parent company shareholders based on a rolling twelve-month calculation, expressed as a percentage of average shareholders' equity1) attributable to parent company shareholders.
Shareholders' equity per share, SEK: Shareholders' equity attributable to parent company shareholders to number of shares outstanding at the end of the period.
entire systems for ventilation, cooling and heating, as well as construction products and building solutions such as steel rainwater systems, roofi ng and wall cladding, steel profi les for wall, roof and beam constructions and large span buildings. Lindab also offers complete, pre-engineered steel construction systems under the Astron brand. These are complete building solutions comprising the outer shell with the main structure, wall, roof and accessories.
Lindab's products are characterised by high quality, ease of assembly, energy effi ciency and environmentally friendly design and are delivered with high levels of service. Altogether, this provides greater customer value.
Lindab's value chain is characterised by a good balance between centralised and decentralised functions. The distribution has been developed in order to be close to the customer. Sales are made through around 130 Lindab branches and approximately 3,000 retailers, with the exception of Building Systems, which conducts sales through a network of approximately 300 building contractors.
| Share price performance: | +88% |
|---|---|
| Average share turnover/day: | 210,337 |
| Highest closing price (December 13): | 121.0 SEK |
| Lowest closing price (January 2): | 63.8 SEK |
| Closing price December 30: | 119.6 SEK |
| Market cap December 30: | SEK 9,129 m |
| Total no. of shares: | 78,707,820 |
| - whereof treasury shares: | 2,375,838 |
| - whereof outstanding shares: | 76,331,982 |
A live audiocast will be held at 13:00 am (CET) on 6 February. The Interim Report will be presented by Ola Ringdahl, President and CEO, and Malin Samuelsson, CFO.
To access the audiocast, please call:
Phone +46 (0) 8 505 583 58 Alternatively phone +44 333 300 9034
The audiocast and presentation can be followed live via Lindabs homepage.
For more information see www.lindabgroup.com.
| Annual Report | 27 March 2020 |
|---|---|
| Interim Report January - March | 29 April 2020 |
| Annual General Meeting | 29 April 2020 |
| Interim Report January - June | 17 July 2020 |
| Interim Report January - September | 23 October 2020 |
| All fi nancial reports will be published at | |
| www.lindabgroup.com. |
This is information that Lindab International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:40 am (CET) on 6 February 2020.
Ola Ringdahl, President and CEO | E-mail: [email protected] Malin Samuelsson, CFO | E-mail: [email protected]
Telephone +46 (0) 431 850 00 For more information, please visit www.lindabgroup.com.
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