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Alimak Group Interim / Quarterly Report 2020
2997_10-q_2020-04-24_88cbc511-badc-4bf5-bfcf-a1e0e3e5054d.pdf
Interim / Quarterly Report
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Alimak Group AB
ALIG, SE0007158910
ALIMAK GROUP
Interim Report
January – March 2020
A challenging start of 2020
— Stable order intake with continued growth for After Sales and sequential improvements in Construction Equipment
— COVID-19 impacted Construction and Industrial Equipment business areas in terms of supply chain production output. After Sales and Rental impacted by restrictions for access to customer sites
— Strong financial position and maintained positive cash flow from operations
FIRST QUARTER
— Order intake decreased by 3% to MSEK 1,067 (1,101) with an organic decrease of 5%
— Revenue decreased by 21% to MSEK 916 (1,167) with an organic decrease of 23%
— EBITA adj. decreased to MSEK 79 (153), margin 8.7% (13.2)
— Result for the period decreased to MSEK 41 (98)
— Earnings per share, basic and diluted, amounted to SEK 0.76 (1.82)
— Cash flow from operations amounted to MSEK 12 (36)
— Leverage (Net Debt/EBITDA) at March 31, 2020 was 1.52 (1.33 as of December 31, 2019)
| KEY FIGURES, GROUP | Q1 2020 | Q1 2019 | Δ |
|---|---|---|---|
| Order intake, MSEK | 1,066.8 | 1,100.7 | -3% |
| Revenue, MSEK | 915.8 | 1,166.5 | -21% |
| EBITA adj, MSEK¹ | 79.3 | 153.4 | -48% |
| EBITA margin adj, %¹ | 8.7% | 13.2% | |
| EBITA, MSEK | 79.3 | 151.0 | -47% |
| EBITA margin, % | 8.7% | 12.9% | |
| EBIT, MSEK | 67.6 | 139.9 | -52% |
| EBIT margin, % | 7.4% | 12.0% | |
| Result for the period, MSEK | 41.4 | 98.5 | -58% |
| Earnings per share, SEK | 0.76 | 1.82 | -58% |
| Cash flow from operations, MSEK | 12.1 | 35.9 | -66% |
| Net debt/EBITDA, ratio | 1.52 | 1.94 | -21% |
¹ Before items affecting comparability
Alimak Group AB
Interim Report Q1 January – March 2020
Comments by the CEO
The first quarter was a challenging start of 2020 for Alimak Group. We reported relatively stable order intake, a revenue drop of 21% and a low EBITA margin adj. of 8.7% (13.2). Given the circumstances, I am pleased with the Group's order intake and especially the sequential improvements in Construction Equipment and continued growth in orders for After Sales.
As expected, we faced reduced revenue in Wind related to tower internals, a lower Construction backlog and BMU project deliveries that are overweight to the second half of the year. We estimate that roughly half of the decline in Group revenue compared to the same quarter last year was related to these factors.
In the Q4 report, we highlighted that COVID-19 would impact our operations in China. Though China now seems to be stabilising, we have faced developments throughout the rest of the world that we did not anticipate back in February. All business areas and countries have been affected to various degrees, including a large portion of our employees working from home.
Construction Equipment and Industrial Equipment had factories temporarily closed. This together with some disturbances in the supply chain and in logistics had a material impact on revenues and result.
A more severe impact faced Rental and After Sales as governments and customers restrict access to sites to varying degrees. This led to reduced utilisation of service technicians stemming from related safety precautions and travel restrictions.
Planning and execution in uncertain times
The Group is taking considerable measures, on both global and local levels, to protect its employees, business and future margins during this pandemic. Given the general uncertainty of how long the current situation will continue, we have initiated cost reductions including temporary stand offs of employees but not yet any major redundancy initiatives. We have specifically chosen to not lay off service technicians despite lower utilisation since these capabilities are the core of the business. We have an even stronger focus on cash management, evident by the decrease in receivables during the quarter.
The Group has a strong financial position which will create opportunities when the uncertainty subsides. The strong position has allowed us to put an even increased focus on R&D and we have during the quarter added resources related to strengthening our digital offering.
Despite the current challenges which are expected to prevail also in the second quarter, I have an optimistic view of Alimak Group's business and the underlying demand for our product and services portfolio as we step into a more digital phase. This, and the fact that we are market leaders with the strongest footprint in all served segments, creates a good foundation for future growth.
Tormod Gunleiksrud, President and CEO
Order intake & Revenue R12M
EBITA adj. & EBITA margin adj. R12M
Alimak Group AB
Interim Report Q1 January – March 2020
Group Performance
Share of revenue
Industrial
■ Construction
■ Rental
■ After Sales
Share of EBITA adj.
Industrial
■ Construction
■ Rental
■ After Sales
FIRST QUARTER
Order intake in the quarter decreased by 3% to MSEK 1,067 (1,101) with an organic decrease of 5%, following lower orders for Industrial Equipment. Construction Equipment was lower than last year but improved sequentially. After Sales and Rental both improved the order intake.
Revenue decreased by 21% to MSEK 916 (1,167) with an organic decrease of 23%. All business areas reported lower volumes, with Construction Equipment and Industrial Equipment decreasing the most. Roughly half of the drop is estimated to have stemmed from the COVID-19 outbreak impacting production and supply of equipment and services for all business areas.
EBITA adj. for the quarter was MSEK 79 (153), corresponding to a margin of 8.7% (13.2). All business areas reported lower results with Industrial Equipment and After Sales representing the largest drop. The result was impacted by significantly lower volumes while fixed costs remained at levels similar to the preceding quarters. Industrial Equipment faced temporarily closed factories which decreased productivity. The product mix for After Sales with more revenue from services, that has margins lower than for spare parts and refurbishments, impacted the profit in the quarter. The business area also faced reduced utilisation of service technicians stemming from safety precautions and travel restrictions following the COVID-19 outbreak.
Non-recurring items amounted to MSEK 0 (-2).
Amortisation in the quarter amounted to MSEK 12 (11) related entirely to acquired businesses.
EBIT in the quarter amounted to MSEK 68 (140).
The financial net was MSEK -14 (-9) affected by unrealised negative currency revaluation impact though partially countered by lower interest costs.
| ORDER INTAKE | Q1 | |
|---|---|---|
| 2020 | 2019 | |
| Orders, MSEK | 1,066.8 | 1,100.7 |
| Change, MSEK | -33.8 | -20.0 |
| Change, % | -3.1% | -1.8% |
| Whereof: | ||
| Volume & price, % | -5.1% | -8.2% |
| Exchange rate, % | 2.1% | 6.4% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| REVENUE | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| Revenue, MSEK | 915.8 | 1,166.5 |
| Change, MSEK | -250.7 | 206.8 |
| Change, % | -21.5% | 21.6% |
| Whereof: | ||
| Volume & price, % | -23.4% | 13.5% |
| Exchange rate, % | 1.9% | 8.1% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| EBIT & EBITA adj.¹ | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| EBIT, MSEK | 67.6 | 139.9 |
| EBIT margin, % | 7.4% | 12.0% |
| EBITA adj, MSEK | 79.3 | 153.4 |
| EBITA margin adj, % | 8.7% | 13.2% |
| Change, MSEK | -74.2 | 42.1 |
| Change, % | -48.3% | 37.8% |
| Whereof: | ||
| Volume & price, % | -49.5% | 31.6% |
| Exchange rate, % | 1.1% | 6.2% |
| Acquisition & divestment, % | 0.0% | 0.0% |
¹ Before items affecting comparability
Alimak Group AB
Interim Report Q1 January – March 2020
Tax expense for the quarter was MSEK 12 (32), a tax rate of 22% (24).
Result for the period amounted to MSEK 41 (98) where the decrease mainly came from the lower EBITA adj. result. EPS thereby decreased to SEK 0.76 (1.82) for the quarter.
Cash flow from operations in the quarter was MSEK 12 (36). Lower EBITA adj. result and payments of Swedish tax relating to both 2018 and 2019 made in the first quarter of 2020 both had a negative impact on the cash flow.
Working capital decreased by MSEK 40 following lower receivables due to increased focus on collections. Inventories ended up higher due to delayed shipments.
Net investments in fixed assets in the quarter totalled MSEK 17 (12), of which MSEK 7 was related to additions to the rental fleet and MSEK 7 the purchase of a production plant in Spain that was previously rented.
Capitalised investments in intangibles amounted to MSEK 8 (4), related to the new ERP and Field Service Management systems.
Net repayment of borrowings amounted to MSEK 74 (53).
FINANCIAL POSITION
As of March 31, 2020, net debt totalled MSEK 1,045 (1,007 as of December 31, 2019).
The equity ratio was 60.6% (57.4 as of December 31, 2019) and the leverage (net debt/EBITDA) was 1.52 (1.33 as of December 31, 2019).
EMPLOYEES
As of March 31, 2020, there were 2,200 (2,361) FTEs in the Group. The reduction mainly stems from production activities in China.
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD JANUARY – MARCH 2020
Management changes
As communicated in a press release on January 15, Tormod Gunleiksrud has informed Alimak Group's Board of Directors that he wishes to leave his position as President and CEO during 2020.
New CEO appointed
The Board of Directors of Alimak Group has appointed Ole Kristian Jødahl as President and CEO of Alimak Group, effective as of June 1, 2020. Ole Kristian Jødahl is to succeed Tormod Gunleiksrud, who will leave the company after 8 years as President and CEO.
Ole Kristian Jødahl will join Alimak Group from the assignment as CEO of Hultafors Group. He has previously worked with operations management and held operational positions within SKF Group, most recently as Director, Sales & Marketing, Industrial Market, SKF Group.
Ole Kristian Jødahl is a Norwegian citizen and an economist from the Norwegian School of Economics (NHH Norges Handelshøyskole).
Until the date of accession, Tormod Gunleiksrud continues as President and CEO.
Proposed changes to the Board
The Nomination Committee proposes that the Board should be composed of seven Directors elected at the annual general meeting, with no alternates, for the period until the next annual general meeting.
The Nomination Committee proposes re-election of Helena Nordman-Knutson, Tomas Carlsson, Christina Hallin and Sven Törnkvist as Directors, and proposes Johan Hjertonsson, Petra Einarsson and Ole Kristian Jødahl as new Directors of the Board. Jan Svensson and Anders Jonsson has decided to resign as Directors. The Nomination Committee proposes that Johan Hjertonsson be elected Chair of the Board.
The Nomination Committee's other proposals for the annual general meeting on Thursday 7 May 2020 and the reasoned statement on the proposed Board is available on the Company's website www.alimakgroup.com.
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Dividend for 2019
Due to the prevailing market uncertainty caused by COVID-19, the Board of Directors of Alimak Group AB on April 1, 2020, proposed a decreased dividend for the financial year 2019 of SEK 1.75 per share to the Annual General Meeting to be held on May 7, 2020. The record date for the dividend is proposed to remain unchanged on May 11, 2020. The previous proposal of the Board of Directors of Alimak Group was a dividend of SEK 3.25 per share for the financial year 2019.
The ambition of the Board of Directors is to, if conditions allow, convene an Extraordinary General Meeting in the second half of the year to decide on the remaining dividend.
FINANCIAL TARGETS AND POLICIES
Please refer to the latest Annual Report and alimakgroup.com.
Alimak Group AB
Interim Report Q1 January – March 2020
Construction Equipment
Share of revenue
Share of EBITA adj.
The business area reported an order intake that decreased by 15%, down 18% organically, year-over-year to MSEK 179 (212) but increased compared to Q4 2019. Both the Nordics and the UK came in with strong numbers compared to previous quarters while orders in the US and Asia were down.
Revenue came in low at MSEK 124 (208), a decrease of 40%, or down 42% organically. The revenue decrease primarily reflects the low backlog from 2019 in combination with the COVID-19-related factory closure in China during February.
EBITA adj. amounted to MSEK 12 (30), corresponding to a margin of 9.7% (14.5). Low volumes and utilisation in the Chinese factory were the main reason for the drop.
Measures have been taken for the factory in Skellefteå, Sweden, adapting the cost base to the lower volumes compared to last year. The Chinese factory implemented cost base adaptations at the end of 2019.
| ORDER INTAKE | Q1 | |
|---|---|---|
| 2020 | 2019 | |
| Orders, MSEK | 179.3 | 211.8 |
| Change, MSEK | -32.6 | 13.0 |
| Change, % | -15.4% | 6.5% |
| Whereof: | ||
| Volume & price, % | -17.8% | -0.9% |
| Exchange rate, % | 2.4% | 7.4% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| REVENUE | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| Revenue, MSEK | 124.1 | 207.8 |
| Change, MSEK | -83.7 | 31.0 |
| Change, % | -40.3% | 17.5% |
| Whereof: | ||
| Volume & price, % | -42.2% | 8.0% |
| Exchange rate, % | 1.9% | 9.5% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| EBITA adj.¹ | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| EBITA adj, MSEK | 12.0 | 30.2 |
| EBITA margin adj, % | 9.7% | 14.5% |
| Change, MSEK | -18.2 | 13.4 |
| Change, % | -60.3% | 80.1% |
| Whereof: | ||
| Volume & price, % | -59.6% | 74.9% |
| Exchange rate, % | -0.7% | 5.2% |
| Acquisition & divestment, % | 0.0% | 0.0% |
¹ Before items affecting comparability
Order intake & Revenue R12M
EBITA adj. & EBITA margin adj. R12M
Alimak Group AB
Interim Report Q1 January – March 2020
Rental
Share of revenue
Share of EBITA adj.
Order intake increased by 24% to MSEK 113 (90), up 24% organically. Australia reported a strong quarter on the order side as did Germany and Switzerland while the Netherlands and Belgium were down.
Revenue amounted to MSEK 87 (91), a decrease of 5%, or down 6% organically and impacted by the COVID-19 outbreak. Limited access to construction sites in both France and Australia led to reduced service activities on rented equipment and thereby also related revenues.
Following the lower volumes, EBITA adj. decreased to MSEK 10 (12), corresponding to a margin of 11.4% (13.0).
Measures to reduce the cost base have been put in place in affected countries, mainly focusing on temporary reductions of the work force.
| ORDER INTAKE | Q1 | |
|---|---|---|
| 2020 | 2019 | |
| Orders, MSEK | 112.6 | 90.4 |
| Change, MSEK | 22.1 | -12.0 |
| Change, % | 24.5% | -11.7% |
| Whereof: | ||
| Volume & price, % | 23.8% | -14.8% |
| Exchange rate, % | 0.7% | 3.1% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| REVENUE | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| Revenue, MSEK | 86.6 | 91.5 |
| Change, MSEK | -4.8 | 11.1 |
| Change, % | -5.3% | 13.7% |
| Whereof: | ||
| Volume & price, % | -5.6% | 9.8% |
| Exchange rate, % | 0.3% | 3.9% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| EBITA adj.¹ | Q1 | |
| --- | --- | --- |
| 2020 | 2019 | |
| EBITA adj, MSEK | 9.9 | 11.9 |
| EBITA margin adj, % | 11.4% | 13.0% |
| Change, MSEK | -2.0 | 2.5 |
| Change, % | -16.9% | 27.1% |
| Whereof: | ||
| Volume & price, % | -16.1% | 23.1% |
| Exchange rate, % | -0.8% | 4.0% |
| Acquisition & divestment, % | 0.0% | 0.0% |
¹ Before items affecting comparability
Order intake & Revenue R12M
EBITA adj. & EBITA margin adj. R12M
Alimak Group AB
Interim Report Q1 January – March 2020
Industrial Equipment
Share of revenue
Share of EBITA adj.
Order intake decreased by 7%, down 9% organically, to MSEK 442 (477) following low order intake from the Oil & Gas and BMU business units in the quarter. For the latter, the decrease was fully due to delayed contract signing though the pipeline and underlying demand remained strong. Order intake for business unit Wind grew significantly compared to the same quarter in 2019.
Revenue decreased by 28%, down 30% organically, to MSEK 413 (570). All business units were impacted by COVID-19 in terms of production and supply. Factories in China and Spain have been closed for varying durations in the quarter, and some scheduled shipments were also delayed. Additionally, business unit Wind still faced the tough comparable revenue for tower internals sold first quarter of 2019.
Following the drop in factory output and utilisation, EBITA adj. decreased to MSEK -1 (34), corresponding to a margin of -0.3% (5.9)
The operational focus for the second quarter is to stabilise production and supply capabilities. Cost reduction measures in the Chinese plants were put in place already in the fourth quarter of 2019.
| ORDER INTAKE | Q1 | |
|---|---|---|
| 2020 | 2019 | |
| Orders, MSEK | 441.6 | 477.2 |
| Change, MSEK | -35.6 | -56.0 |
| Change, % | -7.5% | -10.5% |
| Whereof: | ||
| Volume & price, % | -9.5% | -16.6% |
| Exchange rate, % | 2.0% | 6.1% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| REVENUE | Q1 | |
| 2020 | 2019 | |
| Revenue, MSEK | 412.7 | 570.0 |
| Change, MSEK | -157.3 | 141.4 |
| Change, % | -27.6% | 33.0% |
| Whereof: | ||
| Volume & price, % | -29.7% | 24.2% |
| Exchange rate, % | 2.1% | 8.7% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| EBITA adj.1 | Q1 | |
| 2020 | 2019 | |
| EBITA adj, MSEK | -1.4 | 33.5 |
| EBITA margin adj, % | -0.3% | 5.9% |
| Change, MSEK | -34.9 | 22.6 |
| Change, % | -104.3% | 207.5% |
| Whereof: | ||
| Volume & price, % | -87.5% | 192.7% |
| Exchange rate, % | -16.8% | 14.8% |
| Acquisition & divestment, % | 0.0% | 0.0% |
Order intake & Revenue R12M
EBITA adj. & EBITA margin adj. R12M
Alimak Group AB
Interim Report Q1 January – March 2020
8
After Sales
Share of revenue
Share of EBITA adj.
Business area After Sales reported an order intake increase of 4% to MSEK 333 (321), up 1% organically. Continued good momentum of increasing service orders from Wind and BMU customers. The legacy part of the business was slower and skewed towards general service and support with fewer spare parts orders booked in the quarter.
Revenue decreased by 2%, down 4% organically, to MSEK 292 (297) with lower revenue from refurbishments. As a result of the COVID-19 outbreak, several customers are, to a varying degree, restricting access to their sites, and this limits installation and service activities. This led to lower revenues and reduced utilization of service technicians, both impacting the result in the quarter.
EBITA adj. decreased to MSEK 59 (78), corresponding to a margin of 20.1% (26.2). This was partly the result of unfavourable mix but mostly stemming from safety precautions and travel restrictions following the COVID-19 outbreak.
Cost saving efforts are put in place in all countries affected, focusing on reducing the cost base with the ambition to retain capabilities to manage demand when the situation stabilises.
| ORDER INTAKE | Q1 | |
|---|---|---|
| 2020 | 2019 | |
| Orders, MSEK | 333.4 | 321.2 |
| Change, MSEK | 12.2 | 35.1 |
| Change, % | 3.8% | 12.3% |
| Whereof: | ||
| Volume & price, % | 1.4% | 4.8% |
| Exchange rate, % | 2.4% | 7.4% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| REVENUE | Q1 | |
| 2020 | 2019 | |
| Revenue, MSEK | 292.4 | 297.2 |
| Change, MSEK | -4.9 | 23.4 |
| Change, % | -1.6% | 8.5% |
| Whereof: | ||
| Volume & price, % | -3.8% | 1.2% |
| Exchange rate, % | 2.1% | 7.3% |
| Acquisition & divestment, % | 0.0% | 0.0% |
| EBITA adj.¹ | Q1 | |
| 2020 | 2019 | |
| EBITA adj, MSEK | 58.8 | 77.8 |
| EBITA margin adj, % | 20.1% | 26.2% |
| Change, MSEK | -19.0 | 3.4 |
| Change, % | -24.4% | 4.6% |
| Whereof: | ||
| Volume & price, % | -25.8% | -1.1% |
| Exchange rate, % | 1.3% | 5.7% |
| Acquisition & divestment, % | 0.0% | 0.0% |
¹ Before items affecting comparability
Order intake & Revenue R12M
EBITA adj. & EBITA margin adj. R12M
Alimak Group AB
Interim Report Q1 January – March 2020
Condensed statement of comprehensive income, Group
| Amounts in MSEK | Note | Q1 2020 | Q1 2019 |
|---|---|---|---|
| Revenue | 2 | 915.8 | 1,166.5 |
| Cost of sales * | 3 | -624.6 | -791.9 |
| Gross profit | 291.2 | 374.6 | |
| Operating expenses * | 3 | -223.6 | -234.7 |
| Operating profit (EBIT) | 67.6 | 139.9 | |
| Financial net | -14.1 | -9.5 | |
| Profit before tax (EBT) | 53.5 | 130.4 | |
| Income tax | -12.1 | -31.9 | |
| Result for the period | 41.4 | 98.5 | |
| Attributable to owners of the parent company | 41.4 | 98.5 | |
| Earnings per share, basic and diluted, SEK | 0.76 | 1.82 | |
| OTHER COMPREHENSIVE INCOME | |||
| Items that will not be reclassified to net profit for the period | |||
| Remeasurements of defined benefit pension plans | -9.4 | -15.1 | |
| Income tax relating to remeasurements of pension plans | 2.0 | 4.0 | |
| Total | -7.4 | -11.1 | |
| Items that may be reclassified to net profit for the period | |||
| Forreign exchange translation differences | 148.9 | 58.5 | |
| Change in fair value of cash flow hedges | 3.5 | -11.5 | |
| Income tax relating to change in fair value of cash flow hedges | -0.9 | 3.1 | |
| Total | 151.5 | 50.1 | |
| Other comprehensive income | 144.1 | 39.0 | |
| Total comprehensive income | 185.5 | 137.5 | |
| Attributable to owners of the parent company | 185.5 | 137.5 |
- Restatements have been made for previous periods between Cost of sales and Operating expenses, see note 3
Alimak Group AB
Interim Report Q1 January – March 2020
Condensed statement of financial position, Group
| Amounts in MSEK | Note | 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 |
|---|---|---|---|---|
| ASSETS | ||||
| Goodwill and other Intangible assets | 3,086.4 | 2,970.2 | 2,988.4 | |
| Property, plant and and equipment | 381.8 | 376.8 | 368.9 | |
| Right-of-use assets | 4 | 254.5 | 362.1 | 262.9 |
| Financial and other non-current assets | 162.4 | 163.4 | 177.4 | |
| Total non-current assets | 3,885.1 | 3,872.5 | 3,797.6 | |
| Inventories | 670.5 | 667.7 | 613.3 | |
| Contract assets | 349.6 | 313.3 | 357.9 | |
| Trade receivables | 935.5 | 983.3 | 966.0 | |
| Other receivables and assets | 183.6 | 278.5 | 254.5 | |
| Prepaid expenses and accrued income | 81.3 | 119.2 | 57.8 | |
| Short term investments | 61.3 | - | 56.2 | |
| Cash and cash equivalents | 215.4 | 289.0 | 313.6 | |
| Total current assets | 2,497.2 | 2,651.0 | 2,619.3 | |
| TOTAL ASSETS | 6,382.3 | 6,523.5 | 6,416.9 | |
| EQUITY AND LIABILITIES | ||||
| Shareholders equity | 3,870.2 | 3,547.7 | 3,684.2 | |
| Long-term borrowings | 943.7 | 1,073.6 | 1,034.5 | |
| Lease liability | 196.9 | 343.8 | 202.9 | |
| Other long term liabilities | 371.3 | 342.5 | 350.6 | |
| Total non-current liabilities | 1,511.9 | 1,759.9 | 1,588.0 | |
| Short-term borrowings | 122.8 | 111.7 | 84.0 | |
| Lease liability | 63.0 | 18.7 | 64.1 | |
| Contract liabilities | 94.9 | 99.5 | 99.4 | |
| Trade payables | 253.6 | 444.7 | 336.7 | |
| Other current liabilities | 465.9 | 541.3 | 560.5 | |
| Total current liabilities | 1,000.2 | 1,215.9 | 1,144.7 | |
| TOTAL EQUITY AND LIABILITIES | 6,382.3 | 6,523.5 | 6,416.9 |
Alimak Group AB
Interim Report Q1 January – March 2020
Condensed statement of changes in equity, Group
| Amounts in MSEK | Share capital | Other paid-in capital | Translation reserve | Hedging reserve | Retained earnings and profit for the period | Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2019 | 1.1 | 2,938.7 | 161.9 | -2.0 | 310.0 | 3,409.7 |
| Result for the period | - | - | - | - | 98.5 | 98.5 |
| Changes of fair value | - | - | - | -11.5 | - | -11.5 |
| Revaluation of pension plans | - | - | - | - | -15.1 | -15.1 |
| Tax attributable to revaluations | - | - | - | 3.1 | 4.0 | 7.1 |
| Translation difference | - | - | 58.6 | - | - | 58.6 |
| Total comprehensive income | - | - | 58.6 | -8.4 | 87.4 | 137.6 |
| Share based payments | - | 0.4 | - | - | - | 0.4 |
| Closing balance, 31 Mar 2019 | 1.1 | 2,939.1 | 220.5 | -10.4 | 397.4 | 3,547.7 |
| Result for the period | - | - | - | - | 295.5 | 295.5 |
| Changes of fair value | - | - | - | 10.0 | - | 10.0 |
| Revaluation of pension plans | - | - | - | - | 0.9 | 0.9 |
| Tax attributable to revaluations | - | - | - | -2.8 | -1.2 | -4.0 |
| Translation difference | - | - | 7.3 | - | - | 7.3 |
| Total comprehensive income | - | - | 7.3 | 7.2 | 295.2 | 309.7 |
| Dividend | - | - | - | - | -148.7 | -148.7 |
| Repurchase of Treasury shares | - | -25.4 | - | - | - | -25.4 |
| Share based payments | - | 0.9 | - | - | - | 0.9 |
| Closing balance, 31 Dec 2019 | 1.1 | 2,914.6 | 227.8 | -3.2 | 543.9 | 3,684.2 |
| Opening balance, 1 Jan 2020 | 1.1 | 2,914.6 | 227.8 | -3.2 | 543.9 | 3,684.2 |
| Result for the period | - | - | - | - | 41.4 | 41.4 |
| Changes of fair value | - | - | - | 3.5 | - | 3.5 |
| Revaluation of pension plans | - | - | - | - | -9.4 | -9.4 |
| Tax attributable to revaluations | - | - | - | -0.9 | 2.0 | 1.1 |
| Translation difference | - | - | 148.9 | - | - | 148.9 |
| Total comprehensive income | - | - | 148.9 | 2.6 | 34.0 | 185.5 |
| Share based payments | - | 0.5 | - | - | - | 0.5 |
| Closing balance, 31 Mar 2020 | 1.1 | 2,915.1 | 376.7 | -0.6 | 577.9 | 3,870.2 |
Alimak Group AB
Interim Report Q1 January – March 2020
Cash flow statement, Group
| Amounts in MSEK | Q1 2020 | Q1 2019 |
|---|---|---|
| Operating activities | ||
| Profit before tax | 53.5 | 130.4 |
| Depreciation, amortisation and impairment losses | 47.9 | 51.0 |
| Other non-cash items | -3.4 | 5.7 |
| Income taxes paid | -125.8 | -39.1 |
| Cashflow before change in working capital | -27.8 | 148.0 |
| Change in working capital | ||
| Change in inventory | -40.0 | 11.2 |
| Change in contract assets | 19.2 | -66.1 |
| Change in operating receivables | 136.6 | -53.4 |
| Change in operating liabilities | -75.9 | -3.8 |
| Cash flow from working capital | 39.9 | -112.1 |
| Cash flow from operating activities | 12.1 | 35.9 |
| Investing activities | ||
| Purchase of intangible fixed assets | -8.4 | -4.0 |
| Purchase of property, plant and equipment | -16.8 | -12.2 |
| Net change in short term financial investments | 0.1 | -24.9 |
| Cash flow from investing activities | -25.1 | -41.1 |
| Financing activities | ||
| Proceeds from borrowings | 46.4 | - |
| Repayment of borrowings | -120.0 | -53.0 |
| Repayment of Lease liability | -19.7 | -22.5 |
| Cash flow from financing activities | -93.3 | -75.5 |
| Net change in cash and cash equivalents | -106.3 | -80.7 |
| Cash & cash equivalents at beginning of period | 313.6 | 355.6 |
| Exchange rate differences in cash and cash equivalents | 8.1 | 14.1 |
| Cash & cash equivalents at end of period | 215.4 | 289.0 |
Alimak Group AB
Interim Report Q1 January – March 2020
13
Key figures
| Quarterly data | 2020 | 2019 | |||
|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | |
| Order intake, MSEK | 1,066.8 | 1,073.3 | 1,039.3 | 1,150.0 | 1,100.7 |
| Revenue, MSEK | 915.8 | 1,143.4 | 1,084.0 | 1,193.5 | 1,166.5 |
| EBITDA, MSEK | 115.5 | 172.4 | 188.6 | 210.6 | 190.9 |
| EBITA adj, MSEK | 79.3 | 151.5 | 152.0 | 172.0 | 153.4 |
| EBITA margin adj, % | 8.7% | 13.2% | 14.0% | 14.4% | 13.2% |
| EBITA, MSEK | 79.3 | 133.7 | 151.8 | 171.8 | 151.0 |
| EBITA margin, % | 8.7% | 11.7% | 14.0% | 14.4% | 12.9% |
| EBIT, MSEK | 67.6 | 122.9 | 140.8 | 161.5 | 139.9 |
| EBIT, % | 7.4% | 10.7% | 13.0% | 13.5% | 12.0% |
| Result for the period, MSEK | 41.4 | 87.8 | 99.5 | 108.2 | 98.5 |
| Total comprehensive income, MSEK | 185.5 | 6.9 | 167.1 | 135.8 | 137.5 |
| Cash flow from operations, MSEK | 12.1 | 225.7 | 134.2 | 106.2 | 35.9 |
| Cash flow for the period, MSEK | -106.3 | 75.5 | -89.5 | 39.1 | -80.7 |
| Cash flow from operations/EBITDA | 0.1 | 1.3 | 0.7 | 0.5 | 0.2 |
| Number of shares, thousands¹ | 54,157.9 | 54,157.9 | 54,157.9 | 54,157.9 | 54,157.9 |
| Average number of shares, thousands | 54,157.9 | 54,157.9 | 54,157.9 | 54,157.9 | 54,157.9 |
| Earnings per share, SEK | 0.76 | 1.62 | 1.83 | 2.00 | 1.82 |
| Cash flow per share, SEK | -1.96 | 1.39 | -1.65 | 0.72 | -1.49 |
| Equity per share, SEK | 71.50 | 68.03 | 67.89 | 65.27 | 65.51 |
| Total assets, MSEK | 6,382.3 | 6,416.9 | 6,541.3 | 6,527.7 | 6,523.5 |
| Cash and cash equivalents end of period, MSEK | 215.4 | 313.6 | 245.2 | 327.0 | 289.0 |
| Equity, MSEK | 3,870.2 | 3,684.2 | 3,676.9 | 3,534.9 | 3,547.7 |
| Capital employed, MSEK | 4,915.5 | 4,691.5 | 4,938.5 | 4,855.4 | 4,781.5 |
| Net debt, MSEK | 1,045.3 | 1,007.3 | 1,261.5 | 1,320.5 | 1,233.8 |
| Net debt excl. Lease liability (IFRS 16), MSEK | 785.4 | 740.3 | 929.9 | 993.7 | 871.3 |
| Equity ratio, % | 60.6% | 57.4% | 56.2% | 54.2% | 54.4% |
| Return on equity, % | 9.1% | 11.1% | 13.0% | 12.3% | 11.5% |
| Return on capital employed goodwill excluded, % | 20.0% | 26.4% | 25.7% | 23.6% | 25.1% |
| Return on capital employed, % | 10.2% | 12.6% | 12.5% | 11.7% | 11.7% |
| Interest coverage ratio, times | 6.99 | 9.31 | 13.79 | 13.43 | 12.35 |
| Net debt/EBITDA ratio | 1.52 | 1.33 | 1.68 | 1.90 | 1.94 |
| Net debt excl. Lease liability/EBITDA ratio | 1.14 | 0.97 | 1.24 | 1.43 | 1.37 |
| Number of employees | 2,200 | 2,286 | 2,386 | 2,344 | 2,361 |
¹ There are no financial instrument or other contract that may entitle its holder to potential shares, thus there is no potential dilution
Alimak Group AB
Interim Report Q1 January – March 2020
Key figures (cont)
| Rolling 4 Quarters | 2020 | 2019 | |||
|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | |
| Order intake, MSEK | 4,329.4 | 4,363.2 | 4,504.4 | 4,568.7 | 4,601.1 |
| Revenue, MSEK | 4,336.7 | 4,587.4 | 4,594.2 | 4,609.2 | 4,527.2 |
| EBITA adj, MSEK | 554.8 | 628.9 | 636.0 | 619.9 | 596.6 |
| EBITA margin adj, % | 12.8% | 13.7% | 13.8% | 13.4% | 13.2% |
| EBIT, MSEK | 492.8 | 565.1 | 575.9 | 540.0 | 499.2 |
| EBIT, % | 11.4% | 12.3% | 12.5% | 11.7% | 11.0% |
| Result for the period, MSEK | 336.9 | 394.0 | 449.9 | 418.9 | 389.7 |
| Total comprehensive income, MSEK | 495.3 | 447.3 | 593.3 | 441.4 | 343.7 |
| Cash flow from operations, MSEK | 478.4 | 502.1 | 424.2 | 402.8 | 305.8 |
| Cash flow for the period, MSEK | -81.2 | -55.5 | -99.0 | 34.3 | -12.2 |
For definitions of Key figures please visit: https://www.alimakgroup.com/English/investor-relations/financials/definitions/
Historical quarterly data 2018 – 2020
| Amounts in MSEK | 2020 | 2019 | 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Order Intake | |||||||||
| Construction Equipment | 179 | 129 | 128 | 164 | 212 | 248 | 143 | 226 | 199 |
| Industrial Equipment | 442 | 559 | 523 | 551 | 477 | 600 | 585 | 539 | 533 |
| After Sales | 333 | 299 | 302 | 346 | 321 | 254 | 314 | 303 | 286 |
| Rental | 113 | 86 | 85 | 89 | 90 | 113 | 61 | 114 | 102 |
| Total | 1,067 | 1,073 | 1,039 | 1,150 | 1,101 | 1,214 | 1,104 | 1,182 | 1,121 |
| Revenue | |||||||||
| Construction Equipment | 124 | 204 | 131 | 271 | 208 | 176 | 176 | 185 | 177 |
| Industrial Equipment | 413 | 517 | 535 | 493 | 570 | 580 | 537 | 523 | 429 |
| After Sales | 292 | 316 | 319 | 331 | 297 | 303 | 290 | 316 | 274 |
| Rental | 87 | 107 | 100 | 99 | 91 | 91 | 95 | 87 | 80 |
| Total | 916 | 1,143 | 1,084 | 1,193 | 1,167 | 1,150 | 1,099 | 1,112 | 960 |
| EBITA adj. | |||||||||
| Construction Equipment | 12 | 31 | 19 | 50 | 30 | 34 | 27 | 31 | 17 |
| Industrial Equipment | -1 | 25 | 32 | 17 | 34 | 32 | 18 | 14 | 11 |
| After Sales | 59 | 79 | 85 | 90 | 78 | 78 | 76 | 92 | 74 |
| Rental | 10 | 16 | 15 | 15 | 12 | 14 | 15 | 12 | 9 |
| Total | 79 | 151 | 152 | 172 | 153 | 159 | 136 | 149 | 111 |
| EBITA | |||||||||
| Construction Equipment | 12 | 31 | 19 | 50 | 30 | 46 | 27 | 30 | 17 |
| Industrial Equipment | -1 | 7 | 32 | 17 | 32 | 11 | 6 | 4 | -1 |
| After Sales | 59 | 79 | 85 | 90 | 77 | 73 | 69 | 89 | 70 |
| Rental | 10 | 16 | 15 | 15 | 12 | 14 | 15 | 12 | 9 |
| Total | 79 | 134 | 152 | 172 | 151 | 144 | 117 | 135 | 95 |
Alimak Group AB
Interim Report Q1 January – March 2020
Bridge
| In MSEK | Q1 2020 | Q1 2019 | Jan-Dec 2019 |
|---|---|---|---|
| EBIT | 67.6 | 139.9 | 439.4 |
| Add back: | |||
| Amortization | 11.7 | 11.1 | 51.1 |
| EBITA | 79.3 | 151.0 | 490.5 |
| Add back: | |||
| Depreciation | 36.2 | 39.9 | 67.0 |
| EBITDA | 115.5 | 190.9 | 557.5 |
| EBITA | 79.3 | 151.0 | 490.5 |
| Add back: | |||
| Items affecting comparability | 0.0 | 2.4 | 64.1 |
| EBITA adj, | 79.3 | 153.4 | 554.6 |
| In MSEK | 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 |
| --- | --- | --- | --- |
| Non-current interest bearing debts | 943.7 | 1,073.6 | 1,034.5 |
| Current interest bearing debts | 122.8 | 111.7 | 84.0 |
| Non-current lease liability | 196.9 | 343.8 | 202.9 |
| current lease liability | 63.0 | 18.7 | 64.1 |
| Deduct: | |||
| Long term interest bearing receivables | 4.4 | - | 8.4 |
| Short term interest bearing receivables | 61.3 | 24.9 | 56.2 |
| Cash and cash equivalents | 215.4 | 289.0 | 313.6 |
| Net debt | 1,045.3 | 1,233.8 | 1,007.3 |
| Net debt | 1,045.3 | 1,233.8 | 1,007.3 |
| Add: | |||
| Shareholders equity | 3,870.2 | 3,547.7 | 3,684.2 |
| Capital Employed | 4,915.5 | 4,781.5 | 4,691.5 |
Alimak Group AB
Interim Report Q1 January – March 2020
16
Condensed Income statement, parent company
| Amounts in MSEK | Q1 2020 | Q1 2019 |
|---|---|---|
| Revenue | 2.8 | 2.5 |
| Operating expenses | -9.2 | -7.0 |
| Operating profit/loss (EBIT) | -6.4 | -4.5 |
| Financial net | 6.3 | 4.4 |
| Profit/loss after financial items | -0.1 | -0.1 |
| Profit before tax (EBT) | -0.1 | -0.1 |
| Income tax | 0.0 | 0.0 |
| Net profit for the period | -0.1 | -0.1 |
Condensed Balance sheet, parent company
| Amounts in MSEK | 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 |
|---|---|---|---|
| Non-current assets | |||
| Shares in group companies | 1,898.4 | 1,898.4 | 1,898.4 |
| Other non-current assets | 2.5 | 1.8 | 2.4 |
| Total non-current assets | 1,900.9 | 1,900.2 | 1,900.8 |
| Current assets | |||
| Receivables from group companies | 1,638.5 | 1,623.8 | 1,622.4 |
| Other short term receivables | 2.7 | 2.1 | 1.6 |
| Cash and cash equivalents | - | - | 89.4 |
| Total current assets | 1,641.2 | 1,625.9 | 1,713.4 |
| TOTAL ASSETS | 3,542.1 | 3,526.1 | 3,614.2 |
| EQUITY AND LIABILITIES | |||
| Shareholders equity | 2,838.1 | 2,902.9 | 2,838.2 |
| Untaxed reserves | 47.3 | - | 47.3 |
| Non-current liabilities, interest bearing | 38.6 | 87.6 | 37.9 |
| Current liabilities, interest bearing | 30.6 | 54.9 | - |
| Liabilities to group companies | 572.6 | 465.2 | 648.0 |
| Other current liabilities | 14.9 | 15.5 | 42.8 |
| TOTAL EQUITY AND LIABILITIES | 3,542.1 | 3,526.1 | 3,614.2 |
Alimak Group AB
Interim Report Q1 January – March 2020
Notes
NOTE 1. ACCOUNTING POLICIES
This Interim Report was prepared in accordance with IFRS, applying IAS 34, Interim Financial Reporting. The same accounting and valuation policies were applied as in the most recent annual report except for new and revised standards and interpretations effective from January 1, 2020. Non-IFRS measures are also presented in the report since they are considered to be important supplemental measures of the Alimak Group's performance. The definition of these can be found on the Group's homepage and a file showing the bridge from IFRS measures into non-IFRS measures is found on page 15 of this report.
Alimak Group AB is the Parent Company of Alimak Group. The Interim Report for the parent company has been prepared in accordance with the Annual Accounts Act and with standard RFR 2 Reporting by a legal entity, issued by the Swedish Financial Reporting Board. The same accounting principles and methods of computation are followed in the interim financial statements as compared with the most recent annual report. Alimak Group AB is applying the exception from IFRS 16 allowed under RFR 2. Right-of-use assets or lease liabilities are not recognized.
NOTE 2. REVENUE SPLIT
| Amounts in MSEK | Q1 2020 | Q1 2019 |
|---|---|---|
| Europe | 316.8 | 356.2 |
| APAC | 342.7 | 439.1 |
| Americas | 247.8 | 357.4 |
| Other markets | 8.5 | 13.8 |
| Total | 915.8 | 1,166.5 |
| Over time | ||
| Construction Equipment | - | - |
| Rental¹ | 49.1 | 43.6 |
| Industrial Equipment | 197.1 | 220.5 |
| After Sales | - | - |
| Total over time | 246.2 | 264.1 |
| Point in time | ||
| Construction Equipment | 124.1 | 207.8 |
| Rental | 37.5 | 47.9 |
| Industrial Equipment | 215.6 | 349.3 |
| After Sales | 292.4 | 297.4 |
| Total point in time | 669.6 | 902.4 |
| Total | 915.8 | 1,166.5 |
¹) Part of business area Rental is accounted for applying IFRS 16, Leases.
Alimak Group AB
Interim Report Q1 January – March 2020
NOTE 3. RESTATE
From Q2 2019 currency transaction effects on operating receivables and liabilities are reported within Operating expenses. For earlier periods they were included in Cost of sales.
Restatement of previously reported numbers have been made according to the table below.
| Q1 | |
|---|---|
| Amounts in MSEK | 2019 |
| Cost of sales | |
| Reported | -796.2 |
| Effect of reclassification | 4.3 |
| Restated | -791.9 |
| Gross profit | |
| Reported | 370.3 |
| Effect of reclassification | 4.3 |
| Restated | 374.6 |
| Operating expenses | |
| Reported | -230.4 |
| Effect of reclassification | -4.3 |
| Restated | -234.7 |
NOTE 4. RIGHT-OF-USE ASSETS
| Amounts in MSEK | 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 |
|---|---|---|---|
| Right-of-use assets are split into the following categories | |||
| Premises | 204.2 | 309.3 | 207.5 |
| Vehicles | 38.6 | 30.4 | 40.1 |
| Equipment | 11.7 | 22.4 | 15.3 |
| Total | 254.5 | 362.1 | 262.9 |
The following amounts for Right-of-use assets and Lease liabilities are included in the Income statement.
| Amounts in MSEK | Q1 2020 | Q1 2019 |
|---|---|---|
| Depreciations are included in: | ||
| Cost of sales | 14.3 | 18.7 |
| Operating expenses | 6.6 | 3.7 |
| 20.9 | 22.4 | |
| Included in Finance net: | ||
| Interest expenses | 2.4 | 2.1 |
| 2.4 | 2.1 | |
| Total | 23.3 | 24.5 |
Alimak Group AB
Interim Report Q1 January – March 2020
19
NOTE 5. FINANCIAL INSTRUMENTS
| Amounts in MSEK | Total carrying amount | ||
|---|---|---|---|
| 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 | |
| FINANCIAL ASSETS | |||
| Derivative financial instruments | 1.6 | 2.5 | 4.5 |
| Other financial receivables | 1,168.8 | 1,300.2 | 1,262.3 |
| Cash and cash equivalents | 215.4 | 289.0 | 313.6 |
| Total | 1,385.8 | 1,591.7 | 1,580.4 |
| FINANCIAL LIABILITIES | |||
| Derivative financial instruments | 4.5 | 19.5 | 5.3 |
| Interest bearing debts | 1,066.9 | 1,185.3 | 1,118.5 |
| Other financial liabilities | 732.6 | 1,096.5 | 810.4 |
| Total | 1,804.0 | 2,301.3 | 1,934.2 |
Fair values are the same as carrying values for all financial assets and liabilities.
FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE
| 31 Mar 2020 | Level 2 |
|---|---|
| Financial assets | |
| Currency derivatives | 1.6 |
| Total | 1.6 |
| Financial liabilities | |
| Currency derivatives | 4.5 |
| Total | 4.5 |
| 31 Mar 2019 | Level 2 |
| Financial assets | |
| Currency derivatives | 2.5 |
| Total | 2.5 |
| Financial liabilities | |
| Currency derivatives | 19.5 |
| Total | 19.5 |
| 31 Dec 2019 | Level 2 |
| Financial assets | |
| Currency derivatives | 4.5 |
| Total | 4.5 |
| Financial liabilities | |
| Currency derivatives | 5.3 |
| Total | 5.3 |
Level 1 - quoted prices in active markets for identical financial instruments
Level 2 - inputs other than quoted prices included in level 1 that are observable for the financial instrument, either directly (i.e. as prices) or indirect (i.e. derived from prices).
Level 3 - inputs for the financial instrument that are not based on observable market data (unobservable inputs)
Currency derivatives are valued at fair value by discounting the difference between the contracted forward rate and the rate that can be subscribed for on the balance sheet date for the remaining contract term.
Alimak Group AB
Interim Report Q1 January – March 2020
NOTE 6. ACQUISITIONS
No acquisitions were made during the first quarter of 2020 or 2019.
NOTE 7. ASSETS PLEDGED AND CONTINGENT LIABILITIES
As of March 31, 2020, the maximum potential future payments Alimak Group could be required to make under issued financial guarantees totalled MSEK 477.9 (March 31 2019 463.4, December 31 2019 477.6) of which MSEK 477.3 (March 31 2019 462.8, December 31 2019 477.0) refers to indemnity bonds for commitments to customers. Assets pledged totalled MSEK 21.0 (March 31 2019 14.8, December 31 2019 21.1).
Alimak Group AB
Interim Report Q1 January – March 2020
FINANCIAL CALENDAR
- The Annual General Meeting will be held on May 7, 2020 in Stockholm.
- The Interim Report for the second quarter of 2020 will be published July 23, 2020.
- The Interim Report for the third quarter of 2020 will be published October 22, 2020.
Alimak Group's financial calendar is available at www.alimakgroup.com
TELEPHONE CONFERENCE/PRESENTATION
A telephone conference for investors, analysts and financial media will be held at 10.00 CEST on Friday April 24, 2020. CEO Tormod Gunleiksrud and CFO Tobias Lindquist will present and comment on the report.
The presentation, held in English, can also be followed via audiocast.
To participate by phone – please call:
SE: +46850558375
UK: +443333009268
US: +18335268384
Link to audiocast:
https://alimak.eventcdn.net/2020q1
DEFINITIONS
Alimak Group presents certain financial measures that are not defined in the interim report in accordance with IFRS. Alimak Group believes that these measures provide useful supplemental information to investors and the company's management when they allow evaluation of trends and the company's performance. As not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not be seen as a substitute for measures defined under IFRS. For definitions of key figures that Alimak Group uses, please visit https://www.alimakgroup.com/English/investor-relations/financials/definitions/
For further information, contact:
Mathilda Eriksson, Investor Relations and Group Communications Manager, Phone: +46 (0)8 402 14 41
Tobias Lindquist, CFO, Phone +46 (0)8 402 14 40
This information is information that Alimak Group AB 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 above, at 08.00 CEST on April 24, 2020.
About Alimak Group
Alimak Group is a world-leading provider of vertical access solutions for professional use. With a global reach spanning more than 100 countries, the Group offers vertical access solutions adding customer value through greater safety, productivity and resource efficiency. Alimak Group's products and service solutions are sold under the brands Alimak, CoxGomyl, Manntech, Avanti and Alimak Service. The Group has an installed base of around 70,000 elevators, hoists, platforms, service lifts and building maintenance units around the world. Founded in Sweden 1948, the Group has its headquarters in Stockholm, 11 production and assembly facilities in 8 countries and 2,300 employees around the world. www.alimakgroup.com
ALIMAK GROUP