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Addtech AB
Interim / Quarterly Report • Oct 24, 2024
7327_ir_2024-10-24_2b75d6aa-249c-4b68-ac45-dd8009df2f5a.pdf
Interim / Quarterly Report
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INTERIM REPORT 1 APRIL - 30 SEPTEMBER 2024
SECOND QUARTER (1 JULY - 30 SEPTEMBER 2024)
- Net sales increased by 5 percent and amounted to SEK 5,127 million (4,879).
- Operating profit before amortisation of intangible non-current assets (EBITA) increased by 5 percent and amounted to SEK 764 million (727) corresponding to an EBITA margin of 14.9 percent (14.9).
- Operating profit increased by 3 percent and amounted to SEK 640 million (618) corresponding to an operating margin of 12.5 percent (12.7).
- Profit after tax amounted to SEK 446 million (447) and earnings per share before/after dilution amounted to SEK 1.60 (1.60).
PERIOD (1 APRIL - 30 SEPTEMBER 2024)
- Net sales increased by 6 percent and amounted to SEK 10,565 million (9,968).
- Operating profit before amortisation of intangible non-current assets (EBITA) increased by 12 percent and amounted to SEK 1,595 million (1,423) corresponding to an EBITA margin of 15.1 percent (14.3).
- Operating profit increased by 11 percent and amounted to SEK 1,353 million (1,213) corresponding to an operating margin of 12.8 percent (12.2).
- Profit after tax increased by 12 percent and amounted to SEK 941 million (839) and earnings per share before/after dilution amounted to SEK 3.40 (3.00). For the latest twelve month period earnings per share before/after dilution amounted to SEK 6.45 (6.05).
- Return on working capital (P/WC) amounted to 72 percent (67).
- Return on equity amounted to 28 percent (31) and the equity ratio amounted to 36 percent (36).
- Cash flow from operating activities amounted to SEK 1,195 million (1,150). For the latest twelve month period, cash flow per share from operating activities amounted to SEK 9.70 (9.40).
- To date during the financial year, we have signed agreements to acquire nine companies with combined annual sales of about SEK 1,250 million.
| Group Summary | 3 months | 6 months | Rolling 12 months | |||||
|---|---|---|---|---|---|---|---|---|
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | |||
| SEKm | 2024 | 2023 | ∆ | 2024 | 2023 | ∆ | 2024 | 2024 |
| Net sales | 5,127 | 4,879 | 5% | 10,565 | 9,968 | 6% | 20,616 | 20,019 |
| EBITA | 764 | 727 | 5% | 1,595 | 1,423 | 12% | 3,032 | 2,860 |
| EBITA-margin % | 14.9 | 14.9 | 15.1 | 14.3 | 14.7 | 14.3 | ||
| Profit after financial items | 575 | 579 | -1% | 1,219 | 1,088 | 12% | 2,314 | 2,183 |
| Profit for the period | 446 | 447 | -1% | 941 | 839 | 12% | 1,793 | 1,691 |
| Earnings per share before dilution, SEK | 1.60 | 1.60 | 3.40 | 3.00 | 6.45 | 6.05 | ||
| Earnings per share after dilution, SEK | 1.60 | 1.60 | 3.40 | 3.00 | 6.45 | 6.05 | ||
| Cash flow from operating activities per | ||||||||
| share, SEK | - | - | - | - | 9.70 | 9.55 | ||
| Return on equity, % | 28 | 31 | 28 | 31 | 28 | 28 | ||
| Equity ratio, % | 36 | 36 | 36 | 36 | 36 | 39 |
Comparisons in parentheses refer to the corresponding period of the previous year, unless stated otherwise.
CEO´S COMMENTS
SECOND QUARTER - HIGH LEVEL OF ACTIVITY AND CONTINUED GROWTH
On the whole, we can summarise a favourable quarter with a high level of activity and continued growth. Overall, sales increased by 5 percent, 2 percent of which was organic. Our EBITA-margin was stable at a high level and the cashflow remained strong over the period. The high pace of acquisitions continued over the quarter and we strengthened our operations with three more acquisitions, while also signing agreements to acquire two more companies. Our welldiversified operations with entrepreneurial niche companies in strong positions is again demonstrating its strength, continuing to generate profitable growth in a partly challenging market.
MARKET TREND
For the Group as a whole, the market situation was stable at a high level, while we saw clear variations between and within the segments. Demand was strong for infrastructure products for national and regional grids, as well as for products and solutions for manufacturing companies in the defence industry and marine customers. On the whole, the business situation was stable within the medical technology, electronics, engineering and process industries. Demand in special vehicles, mainly construction equipment, weakened over the period while the challenging business situation in building and installation persisted. We continued to deliver on our order backlog from the sawmill industry, while the order intake for new projects remained at low levels. From a geographical perspective, the market situation was stable in Sweden and favourable in Norway and Denmark, while it was weak in Finland. In our principal markets outside the Nordic region the overall business situation was stable, with the DACH region being weak while the Benelux region was strong.
ACQUISITIONS
According to plan, we are continuing to acquire profitable and sustainable companies that complement and strengthen our niche strategies. To date during the financial year, we have signed agreements to acquire nine companies with combined annual sales of about SEK 1,250 million. The acquisitions conducted in the quarter all serve as clear evidence of how we methodically strengthen our positions within strategically selected niches and do not see geography as a limitation as long as the company concerned is a high performer, offering a strategic and cultural fit. Overall, we continue to view the acquisition market positively and, given our strong financial position and well-filled pipeline of well-run companies with high value-add, we expect to continue conducting acquisitions according to plan, both in the Nordic region and in other strategically selected markets.
OUTLOOK
Looking ahead, the uncertain economic situation sets the tone. However, given the resilience of our strategic positions and well-diversified portfolio, as well as our continued good order intake, the short-term outlook is good. My confidence in our strong capacity to quickly adapt to, and to capture the potential in changes in the business situation, make me firmly convinced that we will continue to generate the prerequisites for long-term profitable and sustainable growth.
Niklas Stenberg President and CEO
GROUP DEVELOPMENT
Sales development
Net sales in the Addtech Group increased in the second quarter by 5 percent to SEK 5,127 million (4,879). The organic growth amounted to 2 percent and acquired growth amounted to 5 percent. Exchange rate changes affect net sales negatively with 2 percent, corresponding to SEK 108 million.
Net sales in the Addtech Group during the period increased by 6 percent to SEK 10,565 million (9,968). The organic growth amounted to 2 percent and acquired growth amounted to 5 percent. Exchange rate changes affect net sales negatively with 1 percent, corresponding to SEK 87 million.
Profit development
EBITA in the second quarter amounted to SEK 764 million (727), representing an increase of 5 percent. Operating profit increased during the quarter by 3 percent to SEK 640 million (618) and the operating margin amounted to 12.5 percent (12.7). Net financial items amounted to SEK -65 million (-39) and profit after financial items amounted to SEK 575 million (579).
Profit after tax amounted to SEK 446 million (447) corresponding to earnings per share before/after dilution of SEK 1.60 (1.60).
EBITA for the period amounted to SEK 1,595 million (1,423), representing an increase of 12 percent. Operating profit increased during the period by 11 percent to SEK 1,353 million (1,213) and the operating margin amounted to 12.8 percent (12.2). Net financial items were SEK -134 million (-125) and profit after financial items increased by 12 percent to SEK 1,219 million (1,088).
Profit after tax for the period increased by 12 percent to SEK 941 million (839) and the effective tax rate amounted to 23 percent (23). Earnings per share before/after dilution for the period amounted to SEK 3.40 (3.00). For the latest twelve month period, earnings per share before/after dilution amounted to SEK 6.45 (6.05).
Net sales and EBITA margin, rolling 12 months
DEVELOPMENT IN THE BUSINESS AREAS
AUTOMATION
Net sales in Automation in the second quarter amounted to SEK 837 million (862) and EBITA amounted to SEK 100 million (114). Net sales during the period amounted to SEK 1,747 million (1,759) and EBITA amounted to SEK 217 million (223).
Market
Overall, the Automation business area had a stable market situation in the second quarter. Sales decreased slightly compared with the preceding year, partly due to challening comparison figures but also due to weaker demand during the first quarter of the year. The decrease in sales also affected the operating margin somewhat negatively. In the second quarter, demand was stable for the companies operating within the engineering and process industries while it was weak in medical technology. The market situation remained favourable in the defence industry.
ELECTRIFICATION
Net sales in Electrification increased in the second quarter by 4 percent to SEK 1,069 million (1,029) and EBITA increased by 3 percent to SEK 141 million (137). Net sales during the period increased by 7 percent to SEK 2,188 million (2,053) and EBITA increased by 9 percent to SEK 291 million (267).
Market
The market situation was highly favourable for the Electrification business area as a whole in the second quarter. On the whole, sales were stable albeit with variations between market segments. Demand was good in the engineering, medical technology, electronics and defence industries, while it was stable in special vehicles and energy.
ENERGY
Net sales in Energy increased in the second quarter by 12 percent to SEK 1,452 million (1,297) and EBITA increased by 25 percent to SEK 214 million (172). Net sales during the period increased by 7 percent to SEK 2,911 million (2,725) and EBITA increased by 15 percent to SEK 426 million (370).
Market
The Energy business area had a very positive market position in the second quarter and very good sales growth. Demand was highly favourable for infrastructure products for the conversion and extension of national and regional grids, as well as for niche products for electrical transmission, and products and solutions for data halls. On the whole, the market situation was stable in the engineering industry and improved in wind power, while it remained weak in building and installation. The market situation was weak in the build-out of fiber-optic networks, while it was positive for the units operating in the area of traffic safety. The revaluation of contingent purchase considerations affected profit for the quarter negatively by about SEK 4 million.
INDUSTRIAL SOLUTIONS
Net sales in Industrial Solutions increased in the second quarter by 2 percent to SEK 847 million (835) and EBITA amounted to SEK 179 million (194). Net sales during the period increased by 3 percent to SEK 1,815 million (1,758) and EBITA increased by 12 percent to SEK 395 million (351).
Market
The Industrial Solutions business area had a weak market situation in the second quarter. For the companies exposed to the forest and sawmill industries, order intake remained weak, while sales were favourable. The market situation in the engineering segment was stable but weakened further in special vehicles. Demand was favourable in subsea, as well as in waste and recycling. The business area was affected positively by an unrealised exchange rate gain of about SEK 4 million over the quarter.
PROCESS TECHNOLOGY
Net sales in Process Technology increased in the second quarter by 8 percent to SEK 929 million (863) and EBITA increased by 8 percent to SEK 135 million (124). Net sales during the period increased by 14 percent to SEK 1,916 million (1,687) and EBITA increased by 18 percent to SEK 278 million (236).
Market
For the Process Technology business area, the business situation was favourable in the second quarter of the year, with favourable sales growth in most markets. On the whole, demand was stable in the energy, forest and process industries, as well as for aftermarket components and solutions, and for service, while it was weak in special vehicles and in the engineering segment. The market situation was favourable in the marine segment and medical technology. The revaluation of contingent purchase considerations affected profit for the quarter negatively by about SEK 2 million.
OTHER FINANCIAL INFORMATION
Profitability, financial position and cash flow
The return on equity at the end of the period was 28 percent (31) and return on capital employed was 22 percent (23). Return on working capital P/WC (EBITA in relation to working capital) amounted to 72 percent (67).
At the end of the period the equity ratio amounted to 36 percent (36). Equity per share, excluding non-controlling interest, totalled SEK 22.55 (20.35). The Group's net debt at the end of the period amounted to SEK 5,391 million (4,714), excluding pension liabilities of SEK 271 million (199). The net debt/equity ratio, calculated on the basis of net debt excluding provisions for pensions amounted to 0.8 (0.8).
Cash and cash equivalents consisting of cash and bank equivalents and approved but non-utilised credit facilities amounted to SEK 1,948 million (1,569) at 30 September 2024. During the period, additional credits totalling SEK 1,000 million were granted. As a result, Addtech had a total credit framework of SEK 5,800 million (4,800) as of 30 September 2024.
Cash flow from operating activities amounted to SEK 1,195 million (1,150) during the period. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 865 million (717). Investments in non-current assets totalled SEK 122 million (74) and disposal of noncurrent assets amounted to SEK 16 million (5). Repurchase of call options amounted to SEK 73 million (32). Exercised and issued call options totalled SEK 11 million (1). During the second quarter, dividend of SEK 2.80 (2.50) per share was paid, totalling SEK 755 million (674).
Employees
At the end of the period, the number of employees was 4,342 compared to 4,175 at the beginning of the financial year. During the period, completed acquisitions resulted in an increase of the number of employees by 164. The average number of employees in the latest twelve month period was 4,215.
Ownership structure
At the end of the period the share capital amounted to SEK 51.1 million.
| Number of | Number of | Percentage of | Percentage of | |
|---|---|---|---|---|
| Class of shares | shares | votes | capital | votes |
| Class A shares, 10 votes per share | 12,864,384 | 128,643,840 | 4.7% | 33.1% |
| Class B shares, 1 vote per share | 259,929,600 | 259,929,600 | 95.3% | 66.9% |
| Total number of shares before repurchases | 272,793,984 | 388,573,440 | 100.0% | 100.0% |
| Repurchased class B shares | -2,985,092 | 1.1% | 0.8% | |
| Total number of shares after repurchases | 269,808,892 |
In accordance with a resolution of the August 2024 AGM, about 150 members of management were offered the opportunity to acquire 1,000,000 call options on repurchased Class B shares. In total, 639,925 options were subscribed for. Addtech has four outstanding call option programmes for a total of 2,338,055 shares. Call options issued on repurchased shares entail a dilution effect of about 0.1 percent during the latest twelve month period. Addtech's own shareholdings fully meet the needs of the outstanding call option programmes.
| Outstanding | Number of | Corresponding | Proportion of | ||
|---|---|---|---|---|---|
| programme | options | number of shares | total shares | Exercise price | Expiration period |
| 2024/2028 | 639,925 | 639,925 | 0.2% | 388.80 | 6 Sep 2027 - 9 Jun 2028 |
| 2023/2027 | 674,500 | 674,500 | 0.2% | 221.00 | 7 Sep 2026 - 9 Jun 2027 |
| 2022/2026 | 825,910 | 825,910 | 0.3% | 180.10 | 8 Sep 2025 - 10 Jun 2026 |
| 2021/2025 | 197,720 | 197,720 | 0.1% | 214.40 | 9 Sep 2024 - 11 Jun 2025 |
| Total | 2,338,055 | 2,338,055 |
Acquisitions and disposal
During the period, 1 April to 30 June 2024 the following acquisitions were completed; Nuova Elettromeccanica Sud S.p.A., Italy, was acquired to become part of the Energy business area. Novomotec GmbH, Germany, and Cell Pack Solutions Ltd., Great Britain, were acquired to become part of the Electrification business area. GoDrive AS, Norway, was acquired to become part of the Industrial Solutions business area.
On 1 July, 89 percent of the shares in C. Gunnarssons Verkstads AB, Sweden, was acquired to become part of the Industrial Solutions business area. CGV is a leading supplier on the Nordic market of machines and production lines for lumber handling. The company has 45 employees and sales of around SEK 200 million.
On 1 July, Analytical Solutions and Products B.V., Netherlands, was acquired to become part of the Process Technology business area. ASaP manufactures and supplies analytical solutions to primarily the process- and energy industries. The offering includes instrumentation, engineered systems with supporting software and service. The company has 20 employees and sales of around EUR 12 million.
On 9 July, 80 percent of the shares in Romani Components Srl, Italy, was acquired to become part of the Automation business area. Romani provides linear- and transmission products to machine builders for the automation industry. The offering includes guideways as well as ball screws and precision gears. The company has 23 employees and sales of around EUR 11 million.
The purchase price allocation calculations for the acquisitions completed during the period 1 April - 30 September 2023 have now been finalised. No significant adjustments have been made to the calculations. Acquisitions completed as of the 2023/2024 financial year are distributed among the Group's business areas as follows:
| Net | |||||
|---|---|---|---|---|---|
| Acquired | sales, | Number of | |||
| Acquisitions 2023/2024 | Closing | share, % | SEKm* | employees* | Business Area |
| INDAG Maschinenbau GmbH, Germany | April, 2023 | 90 | 55 | 40 | Process Technology |
| Clyde Holding Ltd., Great Britain | April, 2023 | 100 | 150 | 49 | Process Technology |
| Feritech Global Ltd., Great Britain | May, 2023 | 90 | 55 | 21 | Industrial Solutions |
| Electrum Automation AB, Sweden | June, 2023 | 100 | 80 | 22 | Electrification |
| Darby Manufacturing Ltd., Canada | June, 2023 | 100 | 50 | 14 | Industrial Solutions |
| S. Tygesen Energi A/S, Denmark | June, 2023 | 100 | 75 | 3 | Energy |
| Control Cutter AS, Norway | October, 2023 | 89 | 160 | 18 | Industrial Solutions |
| BV Teknik A/S, Denmark | November, 2023 | 100 | 85 | 24 | Automation |
| Kemic Vandrens A/S, Denmark | January, 2024 | 80 | 95 | 20 | Process Technology |
| Crescocito AB, Sweden | February, 2024 | 100 | 60 | 10 | Industrial Solutions |
| Net | |||||
| Acquired | sales, | Number of | |||
| Acquisitions 2024/2025 | Closing | share, % | SEKm* | employees* | Business Area |
| Novomotec GmbH, Germany | April, 2024 | 100 | 80 | 9 | Electrification |
| Cell Pack Solutions Ltd., Great Britain | April, 2024 | 90 | 75 | 30 | Electrification |
| GoDrive AS, Norway | April, 2024 | 100 | 75 | 5 | Industrial Solutions |
| Nuova Elettromeccanica Sud S.p.A., Italy | June, 2024 | 100 | 160 | 32 | Energy |
| C. Gunnarssons Verkstads AB, Sweden | July, 2024 | 89 | 200 | 45 | Industrial Solutions |
| Analytical Solutions and Products B.V., | |||||
| Netherlands | July, 2024 | 100 | 140 | 20 | Process Technology |
| Romani Components Srl, Italy | July, 2024 | 80 | 125 | 23 | Automation |
* Refers to assessed condition at the time of acquisition on a full-year basis.
If all acquisitions which have taken effect during the period had been completed on 1 April 2024, their impact would have been an estimated SEK 500 million on Group net sales, about SEK 70 million on operating profit and about SEK 50 million on profit after tax for the period.
Addtech normally employs an acquisition structure comprising basic purchase consideration and contingent consideration. The outcome of contingent purchase considerations is determined by the future earnings reached by the companies and is subject to a fixed maximum level. Of considerations not yet paid for acquisitions during the period, the discounted value amounts to SEK 137 million. The contingent purchase considerations fall due for payment within three years and the outcome is subject to a maximum of SEK 161 million.
Transaction costs for acquisitions that resulted in an ownership transfer during the period amounted to SEK 14 million (17) and are reported under Selling expenses.
Revaluation of contingent consideration had a negative net effect of SEK 11 million (0) during the period. The impact on profits is reported under Other operating income and Other operating expenses, respectively.
According to the preliminary acquisitions analyses, the assets and liabilities included in the acquisitions were as follows, during the period:
| Fair value | ||
|---|---|---|
| SEKm | 30 Sep 2024 | 30 Sep 2023 |
| Intangible non-current assets | 494 | 344 |
| Other non-current assets | 81 | 87 |
| Inventories | 183 | 88 |
| Other current assets | 436 | 266 |
| Deferred tax liability/tax asset | -133 | -93 |
| Other liabilities | -316 | -147 |
| Acquired net assets | 745 | 545 |
| 1) Goodwill |
497 | 347 |
| 2) Non-controlling interests |
-83 | -37 |
| 3) Consideration |
1,159 | 855 |
| Less: cash and cash equivalents in acquired businesses | -257 | -113 |
| Less: consideration not yet paid | -148 | -152 |
| Effect on the Group's cash and cash equivalents | 754 | 590 |
1) Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.
Parent Company
Parent Company's net sales during the period amounted to SEK 55 million (47) and profit after financial items was SEK 21 million (-1). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net debt was SEK 119 million (155) at the end of the period.
2) Non-controlling interests have been measured at fair value, which entails that goodwill is also reported for non-controlling interests.
3) The consideration is stated excluding transaction costs for the acquisitions.
OTHER DISCLOSURES
Accounting policies
The interim report has been prepared in accordance with IFRS as adopted by the EU, with IAS 34 Interim Financial Reporting being applied. Apart from in the financial statements and their accompanying notes, disclosures in accordance with IAS 34.16A also appear in other parts of the interim report. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Securities Market Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities.
In the interim report, the same accounting principles and bases of calculation have been applied as in the most recent annual report. There are no new IFRS or IFRIC pronouncements endorsed by the EU that are applicable for Addtech or that have a significant impact on the Group's result of operations and position in 2024/2025.
Alternative performance measures
The Company presents certain financial measures in the interim report that are not defined according to IFRS. The Company believes that these measures provide valuable supplemental information to investors and the Company's management as they allow for evaluation of trends and the Company's performance. Since all companies do not calculate financial measures in the same way, they are not always comparable to measures used by other companies. These financial measures should therefore not be considered to be a replacement for measurements as defined under IFRS. For definitions and reconciliation tables of the performance measures that Addtech uses, please see page 18-21.
Risks and factors of uncertainty
Addtech's profit and financial position, as well as its strategic position, are affected by a number of internal factors under Addtech's control and by a number of external factors over which Addtech has limited influence. The risk factors of greatest significance to Addtech are the economic situation, or other events affecting the economy, such as the geopolitical situation, in combination with structural changes and the competitive situation.
Please see section Risks and uncertainties (page 58-61) in the annual report for 2023/2024 for further details.
The Parent Company is indirectly affected by the above risks and uncertainty factors due to its role in the organisation.
Transactions with related parties
No transactions between Addtech and related parties that have significantly affected the Group's or the parent company's position and its earnings have taken place during the period.
Seasonal effects
Addtech's sales of high-tech products and solutions in the manufacturing industry and infrastructure are not subject to major seasonal variations. The number of production days and customers' demand and willingness to invest can vary over the quarters.
Events after the end of the period
On September 30, an agreement was signed to acquire Unilite A/S, Denmark, to become part of the Energy business area. Unilite develops, manufactures and sells energy-efficient fire safety- and ventilation solutions for industrial, commercial and public buildings. The company has 78 employees and sales of around DKK 210 million. Closing will take place after approval from the Danish Competition Authority.
On October 1, 85 percent of the shares in PGS Tec GmbH, Germany, was acquired to become part of the Process Technology business area. PGS designs, assembles and installs customised water and gas supply systems to pharmaceutical, industrial and laboratory customers. The offering covers the entire spectrum of pipeline infrastructure, including valves, instrumentation and automation as well as service and maintenance. The company has 15 employees and sales of around EUR 7 million.
Preliminary purchase price allocations have not yet been completed.
Affirmation
The Board of Directors and the President deem that the interim report on the first six months gives a true and fair picture of the Company's and the Group's operations, position and earnings, and describes the significant risks and uncertainty factors to which the Company and the Group are exposed.
Stockholm October 24, 2024
Malin Nordesjö Charman of the Board Henrik Hedelius Director Ulf Mattsson Director
Fredrik Börjesson Director Annikki Schaeferdiek Director Niklas Stenberg Director and President
This report has not been subject to review by the company's auditor.
FURTHER INFORMATION
Publication
This information is information that Addtech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8.15 a.m. CET on 24 October 2024.
Future information
2025-02-04 Interim report 1 April - 31 December 2024 2025-05-15 Year-end report 1 April 2024 - 31 March 2025 2025-07-15 Interim report 1 April - 30 June 2025
For further information, please contact:
Niklas Stenberg, President and CEO, +46 8 470 49 00 Malin Enarson, CFO, +46 705 979 473
BUSINESS AREA
| Net sales by business area | 2024/2025 | 2023/2024 | ||||
|---|---|---|---|---|---|---|
| Quarterly data, SEKm | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Automation | 837 | 910 | 957 | 868 | 862 | 897 |
| Electrification | 1,069 | 1,119 | 1,040 | 1,007 | 1,029 | 1,024 |
| Energy | 1,452 | 1,459 | 1,276 | 1,306 | 1,297 | 1,428 |
| Industrial Solutions | 847 | 968 | 930 | 906 | 835 | 923 |
| Process Technology | 929 | 987 | 899 | 878 | 863 | 824 |
| Group items | -7 | -5 | -11 | -5 | -7 | -7 |
| Addtech Group | 5,127 | 5,438 | 5,091 | 4,960 | 4,879 | 5,089 |
| EBITA by business area | 2024/2025 | 2023/2024 | ||||
|---|---|---|---|---|---|---|
| Quarterly data, SEKm | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Automation | 100 | 117 | 132 | 104 | 114 | 109 |
| Electrification | 141 | 150 | 135 | 112 | 137 | 130 |
| Energy | 214 | 212 | 142 | 171 | 172 | 198 |
| Industrial Solutions | 179 | 216 | 215 | 188 | 194 | 157 |
| Process Technology | 135 | 143 | 143 | 119 | 124 | 112 |
| Group items | -5 | -7 | -4 | -20 | -14 | -10 |
| EBITA | 764 | 831 | 763 | 674 | 727 | 696 |
| Depr. of intangible non-current assets | -124 | -118 | -114 | -110 | -109 | -101 |
| – of which acquisitions | -116 | -111 | -107 | -104 | -101 | -96 |
| Operating profit | 640 | 713 | 649 | 564 | 618 | 595 |
| Net sales | 3 months | 6 months | Rolling 12 months | ||||
|---|---|---|---|---|---|---|---|
| SEKm | 30 Sep 2024 | 30 Sep 2023 | 30 Sep 2024 | 30 Sep 2023 | 30 Sep 2024 | 31 Mar 2024 | |
| Automation | 837 | 862 | 1,747 | 1,759 | 3,572 | 3,584 | |
| Electrification | 1,069 | 1,029 | 2,188 | 2,053 | 4,235 | 4,100 | |
| Energy | 1,452 | 1,297 | 2,911 | 2,725 | 5,493 | 5,307 | |
| Industrial Solutions | 847 | 835 | 1,815 | 1,758 | 3,651 | 3,594 | |
| Process Technology | 929 | 863 | 1,916 | 1,687 | 3,693 | 3,464 | |
| Group items | -7 | -7 | -12 | -14 | -28 | -30 | |
| Addtech Group | 5,127 | 4,879 | 10,565 | 9,968 | 20,616 | 20,019 |
| EBITA and EBITA-margin | 3 months | 6 months | Rolling 12 months | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 30 Sep 2023 | 30 Sep 2024 | 30 Sep 2023 | 30 Sep 2024 | 31 Mar 2024 | |||||||
| SEKm | % SEKm | % | SEKm | % SEKm | % | SEKm | % SEKm | % | ||||
| Automation | 100 | 12.0 | 114 | 13.2 | 217 | 12.4 | 223 | 12.7 | 453 | 12.7 | 459 | 12.8 |
| Electrification | 141 | 13.2 | 137 | 13.3 | 291 | 13.3 | 267 | 13.0 | 538 | 12.7 | 514 | 12.5 |
| Energy | 214 | 14.8 | 172 | 13.2 | 426 | 14.6 | 370 | 13.6 | 739 | 13.5 | 683 | 12.9 |
| Industrial Solutions | 179 | 21.1 | 194 | 23.3 | 395 | 21.8 | 351 | 20.0 | 798 | 21.8 | 754 | 21.0 |
| Process Technology | 135 | 14.5 | 124 | 14.4 | 278 | 14.5 | 236 | 14.0 | 540 | 14.6 | 498 | 14.4 |
| Group items | -5 | -14 | -12 | -24 | -36 | -48 | ||||||
| EBITA | 764 | 14.9 | 727 | 14.9 | 1,595 | 15.1 | 1,423 | 14.3 | 3,032 | 14.7 | 2,860 | 14.3 |
| Depr. of intangible non | ||||||||||||
| current assets | -124 | -109 | -242 | -210 | -466 | -434 | ||||||
| – of which acquisitions | -116 | -101 | -227 | -197 | -438 | -408 | ||||||
| Operating profit | 640 | 12.5 | 618 | 12.7 | 1,353 | 12.8 | 1,213 | 12.2 | 2,566 | 12.4 | 2,426 | 12.1 |
DISAGGREGATION OF REVENUE
| Net sales by the customer's geographical location |
|||||||
|---|---|---|---|---|---|---|---|
| 30 Sep 2024 Industrial |
Process | Group | Addtech | ||||
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group |
| Sweden | 227 | 302 | 358 | 283 | 145 | - | 1,315 |
| Denmark | 153 | 79 | 244 | 8 | 172 | - | 656 |
| Finland | 123 | 104 | 125 | 129 | 83 | 0 | 564 |
| Norway | 60 | 80 | 241 | 73 | 147 | - | 601 |
| Other Europe | 244 | 439 | 393 | 209 | 270 | - | 1,555 |
| Other countries | 28 | 63 | 91 | 144 | 110 | - | 436 |
| Group items | 2 | 2 | 0 | 1 | 2 | -7 | - |
| Total | 837 | 1,069 | 1,452 | 847 | 929 | -7 | 5,127 |
| Net sales by the customer's | 6 months | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| geographical location | 30 Sep 2024 | ||||||||
| Industrial | Process | Group | Addtech | ||||||
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group | ||
| Sweden | 474 | 619 | 717 | 606 | 300 | - | 2,716 | ||
| Denmark | 319 | 161 | 488 | 18 | 354 | - | 1,340 | ||
| Finland | 257 | 213 | 250 | 278 | 171 | 0 | 1,169 | ||
| Norway | 125 | 164 | 484 | 157 | 302 | - | 1,232 | ||
| Other Europe | 510 | 900 | 788 | 447 | 558 | - | 3,203 | ||
| Other countries | 59 | 129 | 183 | 307 | 227 | - | 905 | ||
| Group items | 3 | 2 | 1 | 2 | 4 | -12 | - | ||
| Total | 1,747 | 2,188 | 2,911 | 1,815 | 1,916 | -12 | 10,565 |
| Net sales by the customer's | 3 months | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| geographical location | 30 Sep 2023 | ||||||||||
| Industrial | Process | Group | Addtech | ||||||||
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group | ||||
| Sweden | 207 | 262 | 312 | 245 | 175 | - | 1,201 | ||||
| Denmark | 164 | 66 | 221 | 8 | 137 | 0 | 596 | ||||
| Finland | 153 | 112 | 88 | 178 | 87 | - | 618 | ||||
| Norway | 56 | 82 | 252 | 57 | 119 | - | 566 | ||||
| Other Europe | 254 | 452 | 350 | 215 | 258 | - | 1,529 | ||||
| Other countries | 27 | 54 | 73 | 131 | 84 | - | 369 | ||||
| Group items | 1 | 1 | 1 | 1 | 3 | -7 | - | ||||
| Total | 862 | 1,029 | 1,297 | 835 | 863 | -7 | 4,879 |
| Net sales by the customer's | 6 months | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| geographical location | 30 Sep 2023 | ||||||||||
| Industrial | Process | Group | Addtech | ||||||||
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group | ||||
| Sweden | 423 | 522 | 656 | 517 | 341 | - | 2,459 | ||||
| Denmark | 336 | 132 | 464 | 17 | 268 | 0 | 1,217 | ||||
| Finland | 311 | 223 | 185 | 375 | 170 | - | 1,264 | ||||
| Norway | 114 | 164 | 530 | 119 | 232 | - | 1,159 | ||||
| Other Europe | 518 | 902 | 735 | 452 | 506 | - | 3,113 | ||||
| Other countries | 55 | 107 | 154 | 276 | 164 | - | 756 | ||||
| Group items | 2 | 3 | 1 | 2 | 6 | -14 | - | ||||
| Total | 1,759 | 2,053 | 2,725 | 1,758 | 1,687 | -14 | 9,968 |
| 3 months | ||
|---|---|---|
| -- | ---------- | -- |
| 30 Sep 2024 | ||
|---|---|---|
| Industrial | Process | Group | Addtech | ||||
|---|---|---|---|---|---|---|---|
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group |
| Building & Installation | 45 | 62 | 239 | 39 | 25 | - | 410 |
| Data & Telecommunications | 36 | 44 | 143 | 1 | 1 | - | 225 |
| Electronics | 43 | 251 | 57 | 2 | 4 | - | 357 |
| Energy | 53 | 141 | 689 | 9 | 166 | - | 1,058 |
| Vehicles | 51 | 155 | 18 | 268 | 35 | - | 527 |
| Medical technology | 106 | 146 | 7 | 2 | 77 | - | 338 |
| Mechanical industry | 226 | 96 | 98 | 113 | 81 | - | 614 |
| Forestry & Process | 99 | 29 | 30 | 264 | 375 | - | 797 |
| Transport | 32 | 20 | 87 | 71 | 135 | - | 345 |
| Other | 144 | 123 | 84 | 77 | 28 | 0 | 456 |
| Group items | 2 | 2 | 0 | 1 | 2 | -7 | - |
| Total | 837 | 1,069 | 1,452 | 847 | 929 | -7 | 5,127 |
6 months
Net sales per customer's segment
| 30 Sep 2024 | |
|---|---|
| ------------- | -- |
| Industrial | Process | Group | Addtech | ||||
|---|---|---|---|---|---|---|---|
| SEKm | Automation | Electrification | Energy | Solutions | Technology | items | Group |
| Building & Installation | 94 | 127 | 480 | 83 | 53 | - | 837 |
| Data & Telecommunications | 75 | 91 | 286 | 1 | 2 | - | 455 |
| Electronics | 90 | 515 | 114 | 6 | 8 | - | 733 |
| Energy | 111 | 288 | 1,381 | 20 | 342 | - | 2,142 |
| Vehicles | 107 | 317 | 36 | 573 | 72 | - | 1,105 |
| Medical technology | 222 | 299 | 13 | 4 | 158 | - | 696 |
| Mechanical industry | 471 | 196 | 196 | 242 | 167 | - | 1,272 |
| Forestry & Process | 206 | 59 | 61 | 565 | 774 | - | 1,665 |
| Transport | 67 | 41 | 174 | 153 | 279 | - | 714 |
| Other | 301 | 253 | 169 | 166 | 57 | 0 | 946 |
| Group items | 3 | 2 | 1 | 2 | 4 | -12 | - |
| Total | 1,747 | 2,188 | 2,911 | 1,815 | 1,916 | -12 | 10,565 |
3 months
Net sales per customer's segment
| 30 Sep 2023 | |
|---|---|
| Industrial | Process | Group items |
Addtech Group |
||||
|---|---|---|---|---|---|---|---|
| SEKm | Automation | Electrification | Energy | Solutions | Technology | ||
| Building & Installation | 40 | 70 | 251 | 24 | 24 | - | 409 |
| Data & Telecommunications | 40 | 42 | 91 | 0 | 1 | - | 174 |
| Electronics | 59 | 259 | 54 | 3 | 4 | 0 | 379 |
| Energy | 43 | 154 | 602 | 7 | 147 | - | 953 |
| Vehicles | 57 | 166 | 13 | 295 | 47 | - | 578 |
| Medical technology | 145 | 118 | 7 | 4 | 51 | - | 325 |
| Mechanical industry | 225 | 89 | 73 | 84 | 111 | - | 582 |
| Forestry & Process | 99 | 20 | 23 | 275 | 304 | - | 721 |
| Transport | 37 | 19 | 131 | 53 | 140 | - | 380 |
| Other | 116 | 91 | 51 | 89 | 31 | - | 378 |
| Group items | 1 | 1 | 1 | 1 | 3 | -7 | - |
| Total | 862 | 1,029 | 1,297 | 835 | 863 | -7 | 4,879 |
6 months
Net sales per customer's segment
| 30 Sep 2023 | |
|---|---|
| ------------- | -- |
| Industrial | Process | Group items |
Addtech | ||||
|---|---|---|---|---|---|---|---|
| SEKm | Automation | Electrification | Energy | Solutions | Technology | Group | |
| Building & Installation | 82 | 139 | 529 | 50 | 47 | - | 847 |
| Data & Telecommunications | 81 | 83 | 191 | 0 | 2 | - | 357 |
| Electronics | 121 | 517 | 113 | 5 | 9 | 0 | 765 |
| Energy | 87 | 307 | 1,265 | 15 | 286 | - | 1,960 |
| Vehicles | 116 | 332 | 28 | 623 | 93 | - | 1,192 |
| Medical technology | 296 | 235 | 15 | 9 | 100 | - | 655 |
| Mechanical industry | 460 | 177 | 154 | 177 | 217 | - | 1,185 |
| Forestry & Process | 203 | 39 | 48 | 580 | 594 | - | 1,464 |
| Transport | 75 | 38 | 275 | 109 | 274 | - | 771 |
| Other | 236 | 183 | 106 | 188 | 59 | - | 772 |
| Group items | 2 | 3 | 1 | 2 | 6 | -14 | - |
| Total | 1,759 | 2,053 | 2,725 | 1,758 | 1,687 | -14 | 9,968 |
CONSOLIDATED INCOME STATEMENT, CONDENSED
| 3 months | 6 months | Rolling 12 months | |||||
|---|---|---|---|---|---|---|---|
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | ||
| SEKm | 2024 | 2023 | 2024 | 2023 | 2024 | 2024 | |
| Net sales | 5,127 | 4,879 | 10,565 | 9,968 | 20,616 | 20,019 | |
| Cost of sales | -3,494 | -3,339 | -7,172 | -6,857 | -13,987 | -13,672 | |
| Gross profit | 1,633 | 1,540 | 3,393 | 3,111 | 6,629 | 6,347 | |
| Selling expenses | -742 | -699 | -1,537 | -1,412 | -3,057 | -2,932 | |
| Administrative expenses | -260 | -235 | -518 | -484 | -1,013 | -979 | |
| Other operating income and expenses | 9 | 12 | 15 | -2 | 7 | -10 | |
| Operating profit | 640 | 618 | 1,353 | 1,213 | 2,566 | 2,426 | |
| as % of net sales - |
12.5 | 12.7 | 12.8 | 12.2 | 12.4 | 12.1 | |
| Financial income and expenses | -65 | -39 | -134 | -125 | -252 | -243 | |
| Profit after financial items | 575 | 579 | 1,219 | 1,088 | 2,314 | 2,183 | |
| as % of net sales - |
11.2 | 11.9 | 11.5 | 10.9 | 11.2 | 10.9 | |
| Income tax expense | -129 | -132 | -278 | -249 | -521 | -492 | |
| Profit for the period | 446 | 447 | 941 | 839 | 1,793 | 1,691 | |
| Profit for the period attributable to: | |||||||
| Equity holders of the Parent Company | 437 | 434 | 917 | 812 | 1,737 | 1,632 | |
| Non-controlling interests | 9 | 13 | 24 | 27 | 56 | 59 | |
| Earnings per share before dilution, SEK | 1.60 | 1.60 | 3.40 | 3.00 | 6.45 | 6.05 | |
| Earnings per share after dilution, SEK | 1.60 | 1.60 | 3.40 | 3.00 | 6.45 | 6.05 | |
| Average number of shares after | |||||||
| repurchases, '000s Number of shares at end of the period, |
269,809 | 269,566 | 269,807 | 269,566 | 269,755 | 269,634 | |
| '000s | 269,809 | 269,566 | 269,809 | 269,566 | 269,809 | 269,779 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED
| 3 months | 6 months | Rolling 12 months | ||||
|---|---|---|---|---|---|---|
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | |
| SEKm | 2024 | 2023 | 2024 | 2023 | 2024 | 2024 |
| Profit for the period | 446 | 447 | 941 | 839 | 1,793 | 1,691 |
| Components that will be reclassified to | ||||||
| profit for the year | ||||||
| Cash flow hedges | - | -4 | - | 0 | -3 | -3 |
| Foreign currency translation differences for | ||||||
| the period | -72 | -148 | -133 | 215 | -164 | 184 |
| Components that will not be reclassified to | ||||||
| profit for the year | ||||||
| Actuarial effects of the net pension | ||||||
| obligation | -24 | 16 | -24 | 16 | -58 | -18 |
| Other comprehensive income | -96 | -136 | -157 | 231 | -225 | 163 |
| Total comprehensive income | 350 | 311 | 784 | 1,070 | 1,568 | 1,854 |
| Total comprehensive income attributable | ||||||
| to: | ||||||
| Equity holders of the Parent Company | 345 | 303 | 766 | 1,037 | 1,519 | 1,790 |
| Non-controlling interests | 5 | 8 | 18 | 33 | 49 | 64 |
CONSOLIDATED BALANCE SHEET, CONDENSED
| SEKm | 30 Sep 2024 | 30 Sep 2023 | 31 Mar 2024 |
|---|---|---|---|
| Goodwill | 5,164 | 4,356 | 4,716 |
| Other intangible non-current assets | 3,005 | 2,578 | 2,750 |
| Property, plant and equipment | 1,489 | 1,275 | 1,325 |
| Other non-current assets | 81 | 79 | 74 |
| Total non-current assets | 9,739 | 8,288 | 8,865 |
| Inventories | 3,308 | 3,465 | 3,125 |
| Current receivables | 3,903 | 3,673 | 3,869 |
| Cash and cash equivalents | 1,032 | 867 | 798 |
| Total current assets | 8,243 | 8,005 | 7,792 |
| Total assets | 17,982 | 16,293 | 16,657 |
| Total equity | 6,466 | 5,900 | 6,478 |
| Interest-bearing provisions | 271 | 199 | 241 |
| Non-interest-bearing provisions | 837 | 702 | 767 |
| Non-current interest-bearing liabilities | 5,300 | 3,882 | 3,892 |
| Non-current non-interest-bearing liabilities | 23 | 20 | 25 |
| Total non-current liabilities | 6,431 | 4,803 | 4,925 |
| Non-interest-bearing provisions | 135 | 110 | 109 |
| Current interest-bearing liabilities | 1,123 | 1,699 | 1,333 |
| Current non-interest-bearing liabilities | 3,827 | 3,781 | 3,812 |
| Total current liabilities | 5,085 | 5,590 | 5,254 |
| Total equity and liabilities | 17,982 | 16,293 | 16,657 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED
| SEKm | 30 Sep 2024 | 30 Sep 2023 | 31 Mar 2024 |
|---|---|---|---|
| Opening balance | 6,478 | 5,573 | 5,573 |
| Exercised, issued and repurchased options | -62 | -31 | 9 |
| Repurchase of treasury shares | - | - | - |
| Dividend, ordinary | -755 | -674 | -674 |
| Dividend, non-controlling interests | -29 | -46 | -48 |
| Change, non-controlling interests | 83 | 37 | 93 |
| Option debt, acquisition | -33 | -29 | -329 |
| Total comprehensive income | 784 | 1,070 | 1,854 |
| Closing balance | 6,466 | 5,900 | 6,478 |
CONSOLIDATED CASH FLOW STATEMENT, CONDENSED
| 3 months | 6 months | Rolling 12 months | ||||
|---|---|---|---|---|---|---|
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | |
| SEKm | 2024 | 2023 | 2024 | 2023 | 2024 | 2024 |
| Profit after financial items | 575 | 579 | 1,219 | 1,088 | 2,314 | 2,183 |
| Adjustment for items not included in cash flow | 243 | 160 | 494 | 433 | 903 | 842 |
| Income tax paid | -171 | -137 | -248 | -193 | -577 | -522 |
| Changes in working capital | -54 | 1 | -270 | -178 | -20 | 72 |
| Cash flow from operating activities | 593 | 603 | 1,195 | 1,150 | 2,620 | 2,575 |
| Net investments in non-current assets | -43 | -38 | -106 | -69 | -216 | -179 |
| Acquisitions and disposals | -420 | -183 | -865 | -717 | -1,451 | -1,303 |
| Cash flow from investing activities | -463 | -221 | -971 | -786 | -1,667 | -1,482 |
| Dividend paid to shareholders | -755 | -674 | -755 | -674 | -755 | -674 |
| Repurchase of own shares/change of options | -62 | -30 | -62 | -31 | -22 | 9 |
| Other financing activities | 610 | 328 | 854 | 584 | 13 | -257 |
| Cash flow from financing activities | -207 | -376 | 37 | -121 | -764 | -922 |
| Cash flow for the period | -77 | 6 | 261 | 243 | 189 | 171 |
| Cash and cash equivalents at beginning of period | 1,129 | 879 | 798 | 606 | 867 | 606 |
| Exchange differences on cash and cash equivalents | -20 | -18 | -27 | 18 | -24 | 21 |
| Cash and cash equivalents at end of period | 1,032 | 867 | 1,032 | 867 | 1,032 | 798 |
FAIR VALUES ON FINANCIAL INSTRUMENTS
| 30 Sep 2024 | 31 Mar 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Carrying | Carrying | ||||||
| SEKm | amount | Level 2 | Level 3 | amount | Level 2 | Level 3 | |
| Derivatives - fair value, hedge instruments | - | - | - | - | - | - | |
| Derivatives - fair value through profit | 5 | 5 | - | 7 | 7 | - | |
| Total financial assets at fair value per level | 5 | 5 | - | 7 | 7 | - | |
| Derivatives - fair value, hedge instruments | - | - | - | - | - | - | |
| Derivatives - fair value through profit | 9 | 9 | - | 20 | 20 | - | |
| Contingent considerations - fair value through profit | 403 | - | 403 | 360 | - | 360 | |
| Total financial liabilities at fair value per level | 412 | 9 | 403 | 380 | 20 | 360 |
The fair value and carrying amount are recognised in the balance sheet as shown in the table above.
For quoted securities, the fair value is determined on the basis of the asset's quoted price in an active market, level 1.
As of the reporting date the Group had no items in this category.
For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2.
For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3.
For the Group's other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.
| Contingent considerations | 30 Sep 2024 | 31 Mar 2024 |
|---|---|---|
| Opening balance | 360 | 295 |
| Acquisitions during the year | 136 | 251 |
| Adjustments through profit or loss | 11 | -15 |
| Consideration paid | -112 | -200 |
| Interest expenses | 10 | 15 |
| Exchange differences | -2 | 14 |
| Closing balance | 403 | 360 |
KEY FINANCIAL INDICATORS
| 12 months ending | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | |||||
| Net sales, SEKm | 20,616 | 20,019 | 19,888 | 18,714 | 14,038 | ||||
| EBITDA, SEKm | 3,437 | 3,245 | 3,171 | 2,872 | 2,077 | ||||
| EBITA, SEKm | 3,032 | 2,860 | 2,811 | 2,540 | 1,803 | ||||
| EBITA-margin, % | 14.7 | 14.3 | 14.1 | 13.6 | 12.8 | ||||
| Operating profit, SEKm | 2,566 | 2,426 | 2,409 | 2,167 | 1,501 | ||||
| Operating margin, % | 12.4 | 12.1 | 12.1 | 11.6 | 10.7 | ||||
| Profit after financial items, SEKm | 2,314 | 2,183 | 2,191 | 2,005 | 1,433 | ||||
| Profit for the period, SEKm | 1,793 | 1,691 | 1,687 | 1,554 | 1,117 | ||||
| x Working capital |
4,223 | 4,219 | 4,183 | 3,855 | 2,618 | ||||
| Return on working capital (P/WC), % | 72 | 68 | 67 | 66 | 69 | ||||
| Return on equity, % | 28 | 28 | 31 | 32 | 30 | ||||
| Return on capital employed, % | 22 | 22 | 23 | 22 | 20 | ||||
| Equity ratio, % | 36 | 39 | 36 | 36 | 34 | ||||
| x Financial debt, SEKm |
5,662 | 4,668 | 4,913 | 4,325 | 4,061 | ||||
| Debt / equity ratio, multiple | 0.9 | 0.7 | 0.8 | 0.8 | 1.0 | ||||
| Financial debt / EBITDA, multiple | 1.6 | 1.4 | 1.5 | 1.5 | 2.0 | ||||
| Net debt excl. pensions, SEKm | 5,391 | 4,427 | 4,714 | 4,107 | 3,747 | ||||
| Net debt, excl. pensions / equity ratio, multiple | 0.8 | 0.7 | 0.8 | 0.7 | 0.9 | ||||
| Interest coverage ratio, multiple | 8.5 | 8.7 | 10.6 | 13.7 | 22.4 | ||||
| x Average number of employees |
4,215 | 4,109 | 3,966 | 3,781 | 3,317 | ||||
| Number of employees at end of the period | 4,342 | 4,175 | 4,155 | 3,911 | 3,556 |
KEY FINANCIAL INDICATORS PER SHARE
| 12 months ending | |||||
|---|---|---|---|---|---|
| SEK | 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 |
| Earnings per share before dilution | 6.45 | 6.05 | 6.05 | 5.55 | 4.00 |
| Earnings per share after dilution | 6.45 | 6.05 | 6.05 | 5.55 | 3.95 |
| Cash flow from operating activities per share | 9.70 | 9.55 | 9.40 | 7.10 | 4.15 |
| Shareholders' equity per share | 22.55 | 22.15 | 20.35 | 19.25 | 14.60 |
| Share price at the end of the period | 304.20 | 243.80 | 175.20 | 192.30 | 182.00 |
| Average number of shares after repurchases, '000s | 269,755 | 269,634 | 269,554 | 269,557 | 269,400 |
| Average number of shares adjusted for repurchases | |||||
| and dilution, '000s | 270,056 | 269,761 | 269,667 | 269,723 | 270,346 |
| Number of shares outstanding at end of the period, | |||||
| '000s | 269,809 | 269,779 | 269,566 | 269,565 | 269,528 |
For definitions of key financial indicators, see page 18-20.
PARENT COMPANY INCOME STATEMENT, CONDENSED
| 3 months | 6 months | Rolling 12 months | |||||
|---|---|---|---|---|---|---|---|
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | ||
| SEKm | 2024 | 2023 | 2024 | 2023 | 2024 | 2024 | |
| Net sales | 27 | 23 | 55 | 47 | 103 | 95 | |
| Administrative expenses | -34 | -35 | -70 | -71 | -142 | -143 | |
| Operating profit/loss | -7 | -12 | -15 | -24 | -39 | -48 | |
| Interest income and expenses and similar items | 26 | 49 | 36 | 23 | 748 | 735 | |
| Profit after financial items | 19 | 37 | 21 | -1 | 709 | 687 | |
| Appropriations | - | - | - | - | 148 | 148 | |
| Profit before taxes | 19 | 37 | 21 | -1 | 857 | 835 | |
| Income tax expense | -5 | -8 | -6 | -1 | -33 | -28 | |
| Profit for the period | 14 | 29 | 15 | -2 | 824 | 807 | |
| Total comprehensive income | 14 | 29 | 15 | -2 | 824 | 807 |
PARENT COMPANY BALANCE SHEET, CONDENSED
| SEKm | 30 Sep 2024 | 30 Sep 2023 | 31 Mar 2024 |
|---|---|---|---|
| Intangible non-current assets | 1 | 1 | 1 |
| Property, plant and equipment | 0 | 0 | 0 |
| Non-current financial assets | 6,731 | 5,810 | 5,726 |
| Total non-current assets | 6,732 | 5,811 | 5,727 |
| Current receivables | 1,415 | 1,261 | 2,189 |
| Cash and bank balances | 24 | 32 | 99 |
| Total current assets | 1,439 | 1,293 | 2,288 |
| Total assets | 8,171 | 7,104 | 8,015 |
| Restricted equity | 69 | 69 | 69 |
| Unrestricted equity | 439 | 394 | 1,242 |
| Total equity | 508 | 463 | 1,311 |
| Untaxed reserves | 374 | 391 | 374 |
| Provisions | 14 | 14 | 14 |
| Non-current liabilities | 4,733 | 3,518 | 3,424 |
| Current liabilities | 2,542 | 2,718 | 2,892 |
| Total equity and liabilities | 8,171 | 7,104 | 8,015 |
DEFINITIONS
Return on equity¹ ²
Earnings after tax divided by equity. The components are calculated as the average of the last 12 months.
Return on equity measures the return generated on owners' invested capital.
Return on working capital (P/WC)¹
EBITA divided by working capital.
P/WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements, see the reconciliation table on page 21.
Return on capital employed¹
Profit after financial items plus financial expenses as a percentage of capital employed. The components are calculated as the average of the last 12 months.
Return on capital employed shows the Group's profitability in relation to externally financed capital and equity, see the reconciliation table on page 21.
EBITA¹
Operating profit before amortisation of intangible assets.
EBITA is used to analyse the profitability generated by operating activities, see reconciliation table on page 21.
EBITA-margin¹
EBITA as a percentage of net sales.
EBITA-margin is used to show the degree of profitability in operating activities.
EBITDA¹
Operating profit before depreciation and amortisation.
EBITDA is used to analyse the profitability generated by operating activities, see reconciliation table on page 21.
Equity per share¹
Equity divided by number of shares outstanding at the reporting period's end.
This measures how much equity is attributable to each share and is published to make it easier for investors to conduct analyses and make decisions.
Financial net debt¹
The net of interest-bearing debt and provisions minus cash and cash equivalents.
Net debt is used to monitor changes in debt, analyse the Group indebtedness and its ability to repay its debts using liquid funds generated from the Group's operating activities if all debt fell due for repayment today and any necessary refinancing.
Financial net debt/EBITDA¹
Net financial debt divided by EBTIDA.
Net financial debt compared with EBITDA provides a performance measure for net debt in relation to cash-generating earnings in the business, i.e. it gives an indication of the business' ability to repay its debts. This measure is generally used by financial institutions to measure creditworthiness.
Financial items¹
Financial income minus financial costs.
Used to describe changes in the Group's financial activities.
Acquired growth¹
Changes in net sales attributable to business acquisitions compared with the same period last year.
Acquired growth is used as a component to describe the change in consolidated net sales in which acquired growth is distinguished from organic growth, divestments and exchange rate effects, see reconciliation table on page 21.
Cash flow from operating activities per share¹
Cash flow from operating activities, divided by the average number of outstanding shares after repurchase.
This measure is used so investors can easily analyse the size of the surplus generated per share from operating activities.
Net investments in non-current assets¹
Investments in non-current assets minus sales of non-current assets.
This measure is used to analyse the Group's investments in renewing and developing property, plant and equipment.
Net debt excluding pensions¹
The net of interest-bearing debt and provisions excluding pensions minus cash and cash equivalents.
A measure used to analyse financial risk, see reconciliation table on page 21.
Net debt excluding pensions/ equity ratio¹ ²
Net debt excluding pensions divided by shareholders' equity.
A measure used to analyse financial risk, see reconciliation table on page 21.
Organic growth¹
Changes in net sales excluding currency effects, acquisitions and divestments compared with the same period last year. Organic growth is used to analyse underlying sales growth driven by change in volumes, product range and price for similar products between different periods, see reconciliation table on page 21.
Profit after financial items¹
Profit/loss for the period before tax.
Used to analyse the business' profitability including financial activities.
Earnings per share (EPS)
Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period.
Earnings per share (EPS), diluted
Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period, adjusted for the additional number of shares in the event of outstanding options being used.
Interest coverage ratio¹
Earnings after net financial items plus interest expenses and bank charges divided by interest expenses and bank charges.
This performance indicator measures the Group's capacity through its business operations and financial income to generate a sufficiently large surplus to cover its financial costs, see reconciliation table on page 21.
Working capital¹
Working capital (WC) is measured through an annual average defined as inventories plus accounts receivable less accounts payable.
Working capital is used to analyse how much working capital is tied up in the business, see reconciliation table on page 21.
Operating margin¹
Operating profit as a percentage of net sales.
This measure is used to specify the percentage of sales that is left to cover interest and tax, and to provide a profit, after the company's costs have been paid.
Operating profit¹
Operating income minus operating expenses.
Used to describe the Group's earnings before interest and tax.
Debt/equity ratio¹ ²
Financial net liabilities divided by equity.
A measure used to analyse financial risk.
Equity ratio¹ ²
Equity as a percentage of total assets.
The equity/assets ratio is used to analyse financial risk and show the percentage of assets that are funded with equity.
Capital employed¹
Total assets minus non-interest-bearing liabilities and provisions.
Capital employed shows the size of the company's assets that have been lent out by the company's owners or that have been lent out by lenders, see reconciliation table on page 21.
Outstanding shares
Total number of shares less treasury shares repurchased by the Company.
¹The performance measure is an alternative performance measure according to ESMA's guidelines.
²Minority interest is included in equity when the performance measures are calculated.
RECONCILIATION TABLES ALTERNATIVE PERFORMANCE MEASURES
| EBITA and EBITDA | 12 months ending | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Addtech Group, SEKm | 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | |||||||
| Operating profit according to Interim report | 2,566 | 2,426 | 2,409 | 2,167 | 1,501 | |||||||
| Amortization, intangible assets (+) | 466 | 434 | 402 | 373 | 302 | |||||||
| EBITA | 3,032 | 2,860 | 2,811 | 2,540 | 1,803 | |||||||
| Depreciation, tangible assets (+) | 405 | 385 | 360 | 332 | 274 | |||||||
| EBITDA | 3,437 | 3,245 | 3,171 | 2,872 | 2,077 | |||||||
| Working capital and return on working capital | ||||||||||||
| (P/WC) | 12 months ending | |||||||||||
| Addtech Group, SEKm | 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | |||||||
| EBITA (12 months rolling) | 3,032 | 2,860 | 2,811 | 2,540 | 1,803 | |||||||
| Inventory, yearly average (+) | 3,334 | 3,359 | 3,411 | 3,154 | 2,058 | |||||||
| Accounts receivables, yearly average (+) | 3,133 | 3,072 | 3,043 | 2,876 | 2,078 | |||||||
| Accounts payables, yearly average (-) | -2,244 | -2,212 | -2,271 | -2,175 | -1,518 | |||||||
| Working capital (average) | 4,223 | 4,219 | 4,183 | 3,855 | 2,618 | |||||||
| Return on working capital (P/WC) (%) | 72% | 68% | 67% | 66% | 69% | |||||||
| Acquired- and organic growth | ||||||||||||
| 3 months | 6 months | 12 months | ||||||||||
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Mar | |||||||
| Addtech Group | 2024 | 2023 | 2024 | 2023 | 2024 | 2024 | ||||||
| Acquired growth (SEKm,%) | 240 | (5%) | 208 | (4%) | 469 | (5%) | 447 | (5%) | 873 | (4%) | 851 | (5%) |
| Organic growth (SEKm,%) | 116 | (2%) | 40 | (1%) | 215 | (2%) | 342 | (4%) | -111 | (0%) | 16 | (0%) |
| Exchange rate effect (SEKm,%) | -108 | (-2%) | 213 | (5%) | -87 | (-1%) | 385 | (4%) | -34 | (0%) | 438 | (2%) |
| Total growth (SEKm,%) | 248 | (5%) | 461 | (10%) | 597 | (6%) | 1,174 | (13%) | 728 | (4%) | 1,305 | (7%) |
| Interest coverage ratio | 12 months ending | |||||||||||
| Addtech Group | 30 Sep 2024 | 31 Mar 2024 30 Sep 2023 |
31 Mar 2023 | 31 Mar 2022 | ||||||||
| Profit after financial items, SEKm | 2,314 | 2,183 | 2,191 | 2,005 | 1,433 | |||||||
| Interest expenses and bank charges, SEKm (+) | 306 | 283 | 229 | 158 | 67 | |||||||
| Total | 2,620 | 2,466 | 2,420 | 2,163 | 1,500 | |||||||
| Interest coverage ratio, multiple | 8.5 | 8.7 | 10.6 | 13.7 | 22.4 | |||||||
| Net debt excl. pensions and net debt excl. | ||||||||||||
| pensions/equity ratio | 12 months ending | |||||||||||
| Addtech Group | 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | |||||||
| Financial net debt, SEKm | 5,662 | 4,668 | 4,913 | 4,325 | 4,061 | |||||||
| Pensions, SEKm (-) | -271 | -241 | -199 | -218 | -314 | |||||||
| Net debt excluding pensions, SEKm | 5,391 | 4,427 | 4,714 | 4,107 | 3,747 | |||||||
| Equity, SEKm | 6,466 | 6,478 | 5,900 | 5,573 | 4,259 | |||||||
| Net debt to Equity ratio (excluding pensions), | ||||||||||||
| multiple | 0.8 | 0.7 | 0.8 | 0.7 | 0.9 | |||||||
| Capital employed and return on capital employed | 12 months ending | |||||||||||
| Addtech Group, SEKm | 30 Sep 2024 | 31 Mar 2024 | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | |||||||
| Profit after financial items | 2,314 | 2,183 | 2,191 | 2,005 | 1,433 | |||||||
| Financial expenses (+) | 386 | 367 | 298 | 210 | 152 | |||||||
| Profit after financial items plus financial expenses | 2,700 | 2,550 | 2,489 | 2,215 | 1,585 | |||||||
| Total assets, yearly average (+) | 16,936 | 16,170 | 15,519 | 14,280 | 11,001 | |||||||
| Non-interest-bearing liabilities, yearly average (-) | -3,785 | -3,581 | -2,705 | |||||||||
| -3,794 | -3,839 | |||||||||||
| Non-interest-bearing provisions, yearly average (-) | -881 | -809 | -734 | -655 | ||||||||
| Capital employed | 12,261 | 11,522 | 11,000 | 10,044 | -485 7,811 |
This is Addtech
Addtech is a Swedish, listed technical solutions group that combines the flexibility and speed of a small company with the resources of a large company. We acquire, own and develop independent subsidiaries that sell various high-tech products and solutions to customers, primarily within the manufacturing industry and infrastructure. With in-depth expertise in a number of different niches, our subsidiaries generate added technical, financial and sustainable value for customers and suppliers alike, thus helping increase the efficiency and competitiveness of all involved. We currently own more than 150 companies in about 20 countries, and have a long history of sustainable, profitable growth.
Our vision
We are to be the leader in value-creating technical solutions for a sustainable tomorrow, perceived as the most skilled and long-term partner of our customers, suppliers and employees.
Business concept in brief
Addtech offers high-tech products and solutions for companies in the manufacturing and infrastructure sectors. Addtech contributes with added technical and financial value by being a skilled and professional partner for customers and manufacturers.
We build shareholder value through:
- our 150 subsidiaries and their capacity to generate earnings growth
- corporate governance that ensures the companies achieve even better results and development
- acquisitions that bring in new employees, customers and suppliers
ADDTECH AB (PUBL.) Org.nr: 556302-9726, Box 5112, 102 43 Stockholm, Visiting address: Birger Jarlsgatan 43 Tel: +46 8 470 49 00, [email protected]
