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Alimak Group Interim / Quarterly Report 2022
2997_ir_2022-07-19_83679af6-1706-4ae6-989a-be411f52d947.pdf
Interim / Quarterly Report
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Alimak Group AB
ALIG, SE0007158910
ALIMAK GROUP
Interim Report
JANUARY– JUNE 2022
Strong order intake and profitable growth
- Strong order intake driven by Facade Access, Construction and Industrial
- Group revenue increased by 13% and by 2% organically
- Group EBITA increased by 12%
- Initiatives to accelerate growth continue to gain traction
SECOND QUARTER
- Order intake increased by 37% to MSEK 1,249 (915) with an organic increase of 24%
- Strong growth in order intake in Facade Access of 78%, Construction of 27% and in Industrial of 35%
- Equipment orders in the Group increased 56% with an organic increase of 44%
- Revenue increased by 13% to MSEK 1,078 (951) with an organic increase of 2%. Revenue grew in three out of four divisions.
- EBITA increased to MSEK 141 (126), margin 13.1% (13.2)
- Earnings per share, basic and diluted, increased to SEK 1.82 (1.45)
- Cash flow from operations was MSEK 37 (151) impacted by increased trade receivables and timing issues related to project payments
JANUARY– JUNE
- Order intake increased by 16% to MSEK 2,302 (1,988) with an organic increase of 6%
- Strong organic order intake growth in Facade Access and in Industrial, an increase of 15% and 26% respectively.
- Revenue increased by 12% to MSEK 2,014 (1,797) with an organic growth of 3%. Service revenue organic growth increased by 9%
- EBITA increased to MSEK 248 (221), margin 12.3% (12.3)
- Earnings per share, basic and diluted, increased to SEK 3.12 (2.60)
- Cash flow from operations was MSEK 73 (263) impacted by increased trade receivables, timing of project payment milestones, and planned inventory build-up
- Dividends of MSEK 176 (162) paid in May
EVENTS AFTER PERIOD END
- On July 18, Alimak Group entered into an agreement to acquire 100% of the shares in Tall Crane Equipment Ltd, based in Canada
| KEY FIGURES, GROUP | Q2 2022 | Q2 2021 | Δ | Jan-Jun 2022 | Jan-Jun 2021 | Δ |
|---|---|---|---|---|---|---|
| Order intake, MSEK | 1,249 | 915 | 36.6% | 2,302 | 1,988 | 15.8% |
| Revenue, MSEK | 1,078 | 951 | 13.3% | 2,014 | 1,797 | 12.1% |
| EBITA, MSEK | 141 | 126 | 12.3% | 248 | 221 | 12.6% |
| EBITA margin, % | 13.1% | 13.2% | 12.3% | 12.3% | ||
| EBIT, MSEK | 132 | 117 | 12.9% | 230 | 203 | 13.3% |
| EBIT margin, % | 12.2% | 12.3% | 11.4% | 11.3% | ||
| Result for the period, MSEK | 98 | 78 | 25.7% | 169 | 141 | 19.9% |
| Earnings per share, basic and diluted, SEK | 1.82 | 1.45 | 25.7% | 3.12 | 2.60 | 19.9% |
| Cash flow from operations, MSEK | 37 | 151 | -75.5% | 73 | 263 | -72.3% |
| Net debt/EBITDA, ratio | 0.83 | 1.23 | -32.6% | 0.83 | 1.23 | -32.6% |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
Comments by the CEO
During the quarter, we report strong growth of order intake of 37% and 24% organically. It is very pleasing to see that our initiatives to enhance growth are gaining traction and that we are leveraging on our strong global offering and market position. As an important part of driving profitable growth and delivering increased value to our stakeholders, we are now also ramping up our M&A activities. I am proud of the way the entire organization has worked together as a team to serve our customers and to continue to develop Alimak Group in a challenging business environment.
Group revenue grew by 13% and by 2% organically driven by Industrial, Construction and Facade Access. During the quarter, we continued to face supply chain challenges in components, which we have managed in a good way. Service revenues for the Group continued to show solid organic growth in the quarter, up 7% in line with our strategy.
Group earnings (EBITA) increased by 12% and we report an EBITA margin of 13.1% (13.2). During the quarter we continued to mitigate the effects of increased costs through active price management. Our investments in sales and R&D have increased, reflecting our focus on profitable growth.
Construction delivered strong order intake in the quarter, an increase of 19% organically. Order intake was driven by strong equipment sales, especially in the US, and with solid rental order intake in Europe. We continue to expand our product and services offering based on our connected assets and digitalisation strategy, with the ambition to accelerate growth and increasing our market shares. I am very glad to announce the acquisition of Tall Crane Equipment, which reflects our strategic goal of being close to our customers in the markets they operate. Tall Crane Equipment has been a loyal customer for many years, and the acquisition will position us well to grow our Group offering in Canada.
Industrial continued to deliver strong order intake growth, an increase of 24% organically, with solid Equipment sales in Americas and continued strong order intake in the Marine segment. Our investments in our sales organization and in the development of our customer and segment focused solutions are clearly having an effect. The division is in a positive trend of accelerated profitable growth.
Facade Access reported a very strong organic order intake of 57%, including a major standard equipment project in the Middle East as well as solid order intake in rest of Asia. The European market remains at a relatively good activity level, and we continue to see increased activity in the US. Our efforts to improve profitability in the division continues. Short term, we are still impacted by cost inflation and supply chain issues.
Wind reported a decrease in order intake of 15% organically. The Chinese market continues to be challenging also with delays in some projects affected by Covid-19 restrictions in Shanghai. However, I am pleased to see continued solid improvement in EBITA-margin for the division, driven by efficiency measures and price management. The strategic review of the Wind division is running in line with plan.
Executing on our strategic roadmap
The overall business environment is expected to remain challenging during the remainder of the year with supply chain disturbances, high-cost inflation, and macroeconomic and geopolitical uncertainty. We will continue to execute on the New Heights Programme to drive profitable growth. Our focus continues to be on serving our customers, developing our solutions portfolio, driving operational excellence, and accelerating our M&A activities. All in a safe and sustainable way.
Ole Kristian Jødahl, President and CEO
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
3
Group Performance
Share of EBITA
■ Facade Access = Construction
■ Industrial
■ Wind
Share of revenue
■ Facade Access = Construction
■ Industrial
■ Wind
SECOND QUARTER
Order intake in the quarter increased by 37% to MSEK 1,249 (915) corresponding to an organic increase of 24%. Strong equipment order intake for all divisions, an increase of 56% and by 44% organically. Order intake in Wind decreased due to a challenging market in China with COVID-19 related lockdowns.
Revenue increased by 13% to MSEK 1,078 (951) corresponding to an organic growth of 2%. Revenue growth was solid in Construction, Industrial and in Facade Access.
EBITA for the quarter was MSEK 141 (126), corresponding to a margin of 13.1% (13.2). The margin was in line with last year through active price management offsetting a challenging market with high cost inflation.
Amortisation in the quarter amounted to MSEK 9 (9), largely related to the acquired businesses.
EBIT in the quarter was MSEK 132 (117).
The financial net amounted to MSEK -5 (-11). The interest net was MSEK -4 (-3), leases MSEK -1 (-1) and the remaining was largely related to currency impact.
Tax expense for the quarter was MSEK 28 (27), corresponding to a tax rate of 22.2% (25.7).
Result for the period amounted to MSEK 98 (78). EPS increased to SEK 1.82 (1.45) for the quarter.
Cash flow from operations in the quarter decreased to MSEK 37 (151) due to increased trade receivables and timing of project payment milestones.
Net investments in fixed assets in the quarter totalled MSEK 12 (10), of which MSEK 3 (7) was related to additions to the rental fleet.
Net increase of borrowings amounted to MSEK 212 (129) used to finance the dividend paid of MSEK 176 (162).
JANUARY– JUNE
Order intake during the period increased by 16% to MSEK 2,302 (1,988) with an organic increase of 6%.
Revenue increased by 12% to MSEK 2,014 (1,797) with an organic increase of 3%. Excluding tower internals, the increase was 5%. The increase was driven by growth in Facade Access, Construction and Industrial. Revenue decreased in Wind due to exiting tower internals and a continued challenging Chinese market.
EBITA for the period was MSEK 248 (221), corresponding to a margin of 12.3% (12.3). Margins improved in Facade Access and in Wind. Construction and Industrial continued to be on a high level.
Amortisation in the period amounted to MSEK 18 (17), largely related to the acquired businesses.
EBIT for the period was MSEK 230 (203).
The financial net amounted to MSEK -12 (-15) whereas interest net was MSEK -7 (-7), the impact from IFRS 16 was MSEK -2 (-3) and the remaining largely derived from currency impact.
Tax expense for the period was MSEK 49 (48) and the tax rate was 22.6% (25.3).
Result for the period amounted to MSEK 169 (141) where the increase mainly relates to the higher operating result. EPS increased to SEK 3.12 (2.60).
Cash flow from operations in the period was MSEK 73 (263) impacted by increased trade receivables, timing of project payment milestones, and planned inventory build-up.
Net investments in tangible fixed assets in the period totalled MSEK 28 (26). Most investments relate to additions in the rental fleet of MSEK 14 (18). The capitalised investments in intangibles amounted to MSEK 0 (3).
Net increase of borrowings amounted to MSEK 123 (11).
Dividend of MSEK 176 (162) was paid out in May.
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
| ORDER INTAKE | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Orders, MSEK | 1,249 | 915 | 2,302 | 1,988 |
| Change, MSEK | 335 | -48 | 314 | -41 |
| Change, % | 36.6% | -5.0% | 15.8% | -2.0% |
| Whereof: | ||||
| Volume & price, % | 24.4% | 0.5% | 6.1% | 4.1% |
| Exchange rate, % | 10.8% | -5.9% | 8.6% | -6.7% |
| Acquisition & divestment, % | 1.4% | 0.4% | 1.1% | 0.5% |
| REVENUE | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| Revenue, MSEK | 1,078 | 951 | 2,014 | 1,797 |
| Change, MSEK | 127 | -24 | 217 | -95 |
| Change, % | 13.3% | -2.5% | 12.1% | -5.0% |
| Whereof: | ||||
| Volume & price, % | 2.4% | 3.6% | 2.6% | 1.3% |
| Exchange rate, % | 9.3% | -6.7% | 8.4% | -6.8% |
| Acquisition & divestment, % | 1.6% | 0.6% | 1.1% | 0.5% |
| EBITA | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| EBITA, MSEK | 141 | 126 | 248 | 221 |
| Change, MSEK | 15 | 39 | 28 | 55 |
| Change, % | 12.3% | 45.1% | 12.6% | 33.0% |
| Whereof: | ||||
| Volume & price, % | 5.7% | 52.1% | 6.9% | 38.0% |
| Exchange rate, % | 4.8% | -9.8% | 4.4% | -7.1% |
| Acquisition & divestment, % | 1.8% | 2.7% | 1.3% | 2.0% |
Share of order intake
■ Equipment ■ Service
Share of revenue
■ Equipment ■ Service
Cash flow from Operations by quarter
FINANCIAL POSITION
As of June 30, 2022, net debt totalled MSEK 532 (617 as of June 30, 2021).
The equity ratio was 64.2% (63.2 as of June 30, 2021) and the leverage (net debt/EBITDA) was 0.83 (1.23 as of June 30, 2021).
EMPLOYEES
As of June 30, 2022, there were 2,006 (2,063) FTEs in the Group.
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD JANUARY– JUNE 2022
Management changes
Interim Head of Facade Access division
As of January 1, 2022, Ole Kristian Jødahl, CEO of Alimak Group has assumed the role as interim head of the division. The recruitment process to find a permanent EVP for Facade Access Division is in progress.
Dividend for 2021
For the financial year 2021, The Board of Directors proposed a dividend of SEK 3.30 (3.00) per share based on the total number of shares. The proposed dividend was approved by the AGM and MSEK 176 (162) was paid out in May.
Strategic review of the Wind Division
On 10 February, The Board and Group Management initiated a strategic review of the Wind division, to explore future strategic alternatives for the division, including a potential divestment. The strategic review is still ongoing.
Information regarding the situation in Ukraine
The war in Ukraine is a human tragedy and our thoughts and concerns are with all those affected by this horrible situation. Alimak Group is continuously monitoring the developments and implications this might have for the Group's employees, partners, customers and its operations. Alimak Group has no significant assets, contracts or suppliers with connection to Ukraine, Russia or Belarus. In March, the Group decided to stop all deliveries to Russia and Belarus until further notice and are not pursuing any new sales in these countries.
Repurchase of own shares
On December 17, 2021, the Board resolved to exercise the authority given by the Annual General Meeting and repurchase own shares. The main purpose of the repurchase is to ensure Alimak Group's commitments to deliver shares in accordance with the Group's call option programmes. The repurchase process was finalised January 7, 2022. In total 450,000 shares were repurchased according to the mandate of which 303,000 shares were repurchased in 2022.
Exit from Russia initiated
Alimak Group decided to exit its operations in Russia. The Group has 15 employees in Russia. The exit process started on April 26, 2022, with due considerations towards employees and customers. The exit is not expected to have any material impact on Group financials.
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
FINANCIAL TARGETS AND POLICIES
Please refer to alimakgroup.com
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Acquisition of Tall Crane Equipment Ltd
On July 18, Alimak Group has entered into an agreement to acquire 100 % of the shares in Tall Crane Equipment Ltd. Tall Crane Equipment is a licensed elevator contractor, providing hoist and crane rentals, qualified licensed personnel, and repairs and maintenance on site and off site. The company, headquartered in Langley, British Columbia, Canada will become part of Alimak Group's Construction division. Including the addition of a wholly owned footprint in Canada, this acquisition creates opportunities to further expand both in Construction and in Permanent Industrial equipment including the Group's parts and services offerings.
The purchase price amounts to approximately MSEK 215 (MCAD 27) on a cash and debt-free basis. In addition to the fixed purchase price paid upon access, the seller may receive a condition-based additional purchase price (earn-out) of a maximum of approximately MSEK 105 (MCAD 13) based on fulfilment of certain development goals regarding sales and profit. Closing of the transaction is expected to take place during the third quarter 2022.
Tall Crane's revenue in the last yearly closing amounted to approximately MSEK 130 (MCAD 16) and will contribute positively to the Construction division's EBITA-margin.
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
6
Facade Access
Share of order intake
Equipment
= Service
Share of revenue
Equipment
= Service
Order intake increased by 78%, corresponding to an organic increase of 57%, to MSEK 416 (233). The increase was driven by stronger equipment order intake including a major standard equipment project in the Middle East as well as solid order intake in Asia. The European market remains at a relatively good activity level, and we continue to see improved activity in the US market. Service order intake continues to develop well, particularly in Europe.
Revenue increased by 24%, corresponding to an increase of 7% organically, to MSEK 313 (252). Stronger equipment and service revenues were recorded in Europe and US, with both regions delivering on their solid equipment and service backlog.
EBITA was flat at MSEK 6 (6), corresponding to a EBITA margin of 2.0% (2.5). EBITA was at the same level year-over-year, where inflationary cost increases were offset by higher volumes and higher service margins. We continue to work with suppliers and clients to mitigate cost increases.
| ORDER INTAKE | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Orders, MSEK | 416 | 233 | 681 | 523 |
| Change, MSEK | 182 | -4 | 158 | 34 |
| Change, % | 78.1% | -1.5% | 30.3% | 7.0% |
| Whereof: | ||||
| Volume & price, % | 56.8% | 5.1% | 15.1% | 14.0% |
| Exchange rate, % | 16.0% | -8.4% | 11.1% | -9.1% |
| Acquisition & divestment, % | 5.4% | 1.8% | 4.1% | 2.1% |
| REVENUE | Q2 | Jan-Jun | ||
| 2022 | 2021 | 2022 | 2021 | |
| Revenue, MSEK | 313 | 252 | 604 | 480 |
| Change, MSEK | 61 | 14 | 124 | -9 |
| Change, % | 24.2% | 5.8% | 25.8% | -1.8% |
| Whereof: | ||||
| Volume & price, % | 6.7% | 11.9% | 11.7% | 4.6% |
| Exchange rate, % | 11.4% | -8.4% | 9.9% | -8.4% |
| Acquisition & divestment, % | 6.1% | 2.3% | 4.1% | 2.0% |
| EBITA | Q2 | Jan-Jun | ||
| 2022 | 2021 | 2022 | 2021 | |
| EBITA, MSEK | 6 | 6 | 10 | 1 |
| Change, MSEK | 0 | 10 | 10 | 12 |
| Change, % | -0.7% | 283.7% | 1456.6% | 106.0% |
| Whereof: | ||||
| Volume & price, % | -49.1% | 187.9% | 353.9% | 78.9% |
| Exchange rate, % | 12.5% | 26.4% | 666.3% | -2.9% |
| Acquisition & divestment, % | 35.9% | 69.4% | 436.4% | 29.9% |
Orderintake and revenues by Quarters
EBITA % & EBITA By Quarters
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
Construction
Share of order intake
Equipment
> Service
Share of revenue
Equipment
> Service
Order intake increased by 27%, corresponding to an organic increase of 19%, to MSEK 354 (278). New equipment sales showed a positive development in several markets, especially in North America, together with increased sales of rental in Europe. We continue to expand our product and services offering based on our connected assets and digitalisation strategy. During the quarter, we continued develop our global sales structure aligning resources to ensure profitable growth.
Revenue increased by 11%, corresponding to an organic increase of 3%, to MSEK 338 (304). The increase was driven by a continued good development in rental project productivity together with new equipment delivery and installation services.
EBITA was MSEK 64 (61), corresponding to a margin of 18.8% (20.2). The continued strong EBITA margin was supported by high volumes and activities to mitigate supply chain cost increases.
Orderintake and revenues by Quarters
| ORDER INTAKE | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Orders, MSEK | 354 | 278 | 675 | 653 |
| Change, MSEK | 76 | -13 | 23 | 25 |
| Change, % | 27.1% | -4.4% | 3.5% | 3.9% |
| Whereof: | ||||
| Volume & price, % | 19.0% | -0.4% | -2.8% | 8.8% |
| Exchange rate, % | 8.1% | -4.1% | 6.2% | -4.9% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| Revenue, MSEK | 338 | 304 | 608 | 537 |
| Change, MSEK | 34 | 48 | 71 | 31 |
| Change, % | 11.2% | 18.9% | 13.2% | 6.1% |
| Whereof: | ||||
| Volume & price, % | 3.3% | 24.4% | 5.9% | 11.1% |
| Exchange rate, % | 7.8% | -5.5% | 7.2% | -5.0% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| EBITA, MSEK | 64 | 61 | 105 | 96 |
| Change, MSEK | 2 | 28 | 9 | 30 |
| Change, % | 3.9% | 82.9% | 9.5% | 45.5% |
| Whereof: | ||||
| Volume & price, % | 1.1% | 85.3% | 7.4% | 47.1% |
| Exchange rate, % | 2.8% | -2.4% | 2.1% | -1.6% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
Industrial
Share of order intake
Equipment
= Service
Share of revenue
Equipment
= Service
Order intake increased by 35%, corresponding to an organic increase of 24%, to MSEK 334 (247). The increase was driven by both higher equipment and service sales globally. Equipment sales were solid in Americas, with particularly strong sales in the US. In Western Europe, order intake for traction elevators was strong, mainly due to the strong order intake trend for our Marine Elevator in the Marine segment. Our strategic focus and growth initiatives on the service side contributed to an increased order intake in parts and service sales globally.
Revenue increased by 56%, corresponding to an organic increase of 44%, to MSEK 294 (189). The increase was due to strong order intake in the previous quarters and our focus on service globally.
EBITA increased to MSEK 52 (35), corresponding to a margin of 17.7% (18.7). The sales activity has been high in the quarter with increased in person customer interaction. The strategic investment to accelerate growth is gaining traction and resulted in improved order intake.
Orderintake and revenues by Quarters
| ORDER INTAKE | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Orders, MSEK | 334 | 247 | 672 | 493 |
| Change, MSEK | 87 | 38 | 178 | 30 |
| Change, % | 35.0% | 18.4% | 36.1% | 6.4% |
| Whereof: | ||||
| Volume & price, % | 24.2% | 23.6% | 26.0% | 12.8% |
| Exchange rate, % | 10.9% | -5.2% | 10.1% | -6.4% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| Revenue, MSEK | 294 | 189 | 532 | 401 |
| Change, MSEK | 105 | -59 | 131 | -68 |
| Change, % | 55.7% | -23.8% | 32.6% | -14.5% |
| Whereof: | ||||
| Volume & price, % | 43.9% | -18.4% | 23.3% | -8.5% |
| Exchange rate, % | 11.8% | -5.4% | 9.4% | -6.0% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| EBITA, MSEK | 52 | 35 | 98 | 86 |
| Change, MSEK | 17 | -2 | 12 | 10 |
| Change, % | 47.4% | -5.9% | 14.2% | 13.1% |
| Whereof: | ||||
| Volume & price, % | 39.9% | 1.2% | 8.1% | 19.0% |
| Exchange rate, % | 7.6% | -7.1% | 6.1% | -6.0% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
EBITA % & EBITA By Quarters
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
9
Wind
Share of order intake
Equipment = Service
Share of revenue
Equipment = Service
Order intake decreased by 6% to MSEK 146 (156) in the quarter, corresponding to an organic decrease of 15%. The decrease was mainly due to a continued challenging Chinese market and with delays in some projects, affected by Covid-19 restrictions in Shanghai. Order intake increased in northern Europe.
Revenue decreased by 35% to MSEK 133 (207), corresponding to an organic decrease of 41%, mainly due to lower volumes in China, Spain and in the US. The year-on-year decrease in revenue from tower internals in the quarter was MSEK 23.
EBITA decreased to MSEK 19 (23), corresponding to a margin of 14.4% (11.1%). The increase was driven by measures to improve profitability, including exiting the non-profitable tower internals business, cost reductions in most areas, and active price management.
The strategic review of the Wind division, exploring future strategic alternatives for the division – including a potential divestment, is running according to plan.
| ORDER INTAKE | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| Orders, MSEK | 146 | 156 | 274 | 320 |
| Change, MSEK | -10 | -70 | -45 | -130 |
| Change, % | -6.3% | -30.9% | -14.2% | -28.8% |
| Whereof: | ||||
| Volume & price, % | -14.8% | -25.2% | -21.2% | -22.7% |
| Exchange rate, % | 8.5% | -5.7% | 7.0% | -6.2% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| Revenue, MSEK | 133 | 207 | 270 | 379 |
| Change, MSEK | -73 | -27 | -108 | -49 |
| Change, % | -35.5% | -11.7% | -28.6% | -11.5% |
| Whereof: | ||||
| Volume & price, % | -41.4% | -4.9% | -34.9% | -3.6% |
| Exchange rate, % | 6.0% | -6.8% | 6.3% | -7.9% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA | Q2 | Jan-Jun | ||
| --- | --- | --- | --- | --- |
| 2022 | 2021 | 2022 | 2021 | |
| EBITA, MSEK | 19 | 23 | 35 | 38 |
| Change, MSEK | -4 | 2 | -3 | 2 |
| Change, % | -16.2% | 11.7% | -8.5% | 4.3% |
| Whereof: | ||||
| Volume & price, % | -18.9% | 20.2% | -11.6% | 11.6% |
| Exchange rate, % | 2.7% | -8.5% | 3.1% | -7.3% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
Orderintake and revenues by Quarters
EBITA % & EBITA By Quarters
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
DECLARATION
The Board of Directors and CEO declares that the interim report presents a true and fair view of the operations, financial position and results of the Parent Company and Group and describes the significant risks and uncertainties facing the Parent Company and the companies forming part of the Group.
Stockholm, 18 July 2022
Alimak Group AB (publ) corporate identity number 556714-1857
| Johan Hjertonsson | Petra Einarsson | Helena Nordman-Knutson |
|---|---|---|
| Chairman of the Board | Board member | Board member |
| Tomas Carlsson | Christina Hallin | Sven Törnkvist |
| Board member | Board member | Board member |
| Örjan Fredriksson | Employee representative | Christina Lindberg Ghimpu |
| Employee representative | ||
| Ole Kristian Jødahl | Board Member | President and CEO |
This interim report has not been reviewed by the company's auditors.
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
11
Condensed statement of comprehensive income, Group
| Amounts in MSEK | Note | Q2 2022 | Q2 2021 | Jan-Jun 2022 | Jan-Jun 2021 |
|---|---|---|---|---|---|
| Revenue | 2 | 1,078 | 951 | 2,014 | 1,797 |
| Cost of sales | -702 | -630 | -1,320 | -1,197 | |
| Gross profit | 377 | 322 | 694 | 600 | |
| Operating expenses | -245 | -205 | -464 | -396 | |
| Operating profit (EBIT) | 132 | 117 | 230 | 203 | |
| Financial net | -5 | -11 | -12 | -15 | |
| Profit before tax (EBT) | 127 | 105 | 218 | 188 | |
| Income tax | -28 | -27 | -49 | -48 | |
| Result for the period | 98 | 78 | 169 | 141 | |
| Attributable to owners of the parent company | 98 | 78 | 169 | 141 | |
| Earnings per share, basic and diluted, SEK | 1.82 | 1.45 | 3.12 | 2.60 | |
| OTHER COMPREHENSIVE INCOME | |||||
| Items that will not be reclassified to net profit for the period | |||||
| Remeasurements of defined benefit pension plans | 29 | -3 | 54 | 19 | |
| Income tax relating to remeasurements of pension plans | -6 | 1 | -11 | -4 | |
| Total | 23 | -3 | 42 | 15 | |
| Items that may be reclassified to net profit for the period | |||||
| Foresign exchange translation differences | 159 | -53 | 232 | 74 | |
| Change in fair value of cash flow hedges | -10 | 1 | -9 | -8 | |
| Income tax relating to change in fair value of cash flow hedges | 2 | -1 | 2 | 2 | |
| Total | 151 | -52 | 224 | 68 | |
| Other comprehensive income | 174 | -55 | 267 | 83 | |
| Total comprehensive income | 272 | 24 | 436 | 224 | |
| Attributable to owners of the parent company | 272 | 24 | 436 | 224 |
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
12
Condensed statement of financial position, Group
| Amounts in MSEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| ASSETS | |||
| Goodwill and other Intangible assets | 3,061 | 2,867 | 2,919 |
| Property, plant and and equipment | 357 | 350 | 348 |
| Right-of-use assets | 172 | 181 | 182 |
| Financial and other non-current assets | 323 | 266 | 268 |
| Total non-current assets | 3,914 | 3,663 | 3,718 |
| Inventories | 625 | 488 | 525 |
| Contract assets | 325 | 200 | 284 |
| Trade receivables | 856 | 798 | 722 |
| Other receivables and assets | 183 | 174 | 182 |
| Prepaid expenses and accrued income | 90 | 54 | 71 |
| Short term investments | 43 | 32 | 50 |
| Cash and cash equivalents | 301 | 272 | 348 |
| Total current assets | 2,422 | 2,018 | 2,184 |
| TOTAL ASSETS | 6,335 | 5,681 | 5,902 |
| EQUITY AND LIABILITIES | |||
| Shareholders equity | 4,065 | 3,589 | 3,840 |
| Long-term borrowings | 609 | 616 | 491 |
| Lease liability | 105 | 123 | 116 |
| Other long term liabilities | 419 | 384 | 411 |
| Total non-current liabilities | 1,133 | 1,124 | 1,017 |
| Short-term borrowings | 92 | 119 | 60 |
| Lease liability | 69 | 63 | 70 |
| Contract liabilities | 100 | 66 | 110 |
| Trade payables | 295 | 251 | 292 |
| Other current liabilities | 581 | 469 | 512 |
| Total current liabilities | 1,138 | 968 | 1,045 |
| TOTAL EQUITY AND LIABILITIES | 6,335 | 5,681 | 5,902 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
13
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 2021 | 1 | 2,915 | 5 | -6 | 613 | 3,528 |
| Result for the period | - | - | - | - | 141 | 141 |
| Changes of fair value | - | - | - | -8 | - | -8 |
| Revaluation of pension plans | - | - | - | - | 19 | 19 |
| Tax attributable to revaluations | - | - | - | 2 | -4 | -2 |
| Translation difference | - | - | 74 | - | - | 74 |
| Total comprehensive income | - | - | 74 | -6 | 156 | 224 |
| Dividend | - | - | - | - | -162 | -162 |
| Share based payments | - | -1 | - | - | - | -1 |
| Closing balance, 30 Jun 2021 | 1 | 2,914 | 78 | -11 | 607 | 3,589 |
| Result for the period | - | - | - | - | 167 | 167 |
| Changes of fair value | - | - | - | -0 | - | -0 |
| Revaluation of pension plans | - | - | - | - | -10 | -10 |
| Tax attributable to revaluations | - | - | - | -0 | 2 | 1 |
| Translation difference | - | - | 105 | - | - | 105 |
| Total comprehensive income | - | - | 105 | -0 | 158 | 263 |
| Dividend | - | - | - | - | 0 | 0 |
| Repurchase of Treasury shares | - | -16 | - | - | - | -16 |
| Issued call options | - | 5 | - | - | - | 5 |
| Share based payments | - | 0 | - | - | - | 0 |
| Closing balance, 31 Dec 2021 | 1 | 2,903 | 183 | -12 | 765 | 3,840 |
| Opening balance, 1 Jan 2022 | 1 | 2,903 | 183 | -12 | 765 | 3,840 |
| Result for the period | - | - | - | - | 169 | 169 |
| Changes of fair value | - | - | - | -9 | - | -9 |
| Revaluation of pension plans | - | - | - | - | 54 | 54 |
| Tax attributable to revaluations | - | - | - | 2 | -11 | -9 |
| Translation difference | - | - | 232 | - | - | 232 |
| Total comprehensive income | - | - | 232 | -7 | 211 | 436 |
| Dividend | - | - | - | - | -176 | -176 |
| Repurchase of Treasury shares | - | -34 | - | - | - | -34 |
| Closing balance, 30 Jun 2022 | 1 | 2,868 | 415 | -19 | 800 | 4,065 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
14
Cash flow statement, Group
| Amounts in MSEK | Q2 2022 | Q2 2021 | Jan-Jun 2022 | Jan-Jun 2021 |
|---|---|---|---|---|
| Operating activities | ||||
| Profit before tax | 127 | 105 | 218 | 188 |
| Depreciation, amortisation and impairment losses | 43 | 44 | 86 | 83 |
| Other non-cash items | -4 | -8 | -11 | -12 |
| Income taxes paid | -13 | -2 | -22 | -25 |
| Cashflow before change in working capital | 153 | 139 | 270 | 234 |
| Change in working capital | ||||
| Change in inventory | -16 | -22 | -67 | -35 |
| Change in contract assets | 9 | 49 | -16 | 102 |
| Change in operating receivables | -140 | -53 | -75 | -20 |
| Change in operating liabilities | 30 | 38 | -40 | -19 |
| Cash flow from working capital | -117 | 12 | -197 | 29 |
| Cash flow from operating activities | 37 | 151 | 73 | 263 |
| Investing activities | ||||
| Purchase of intangible fixed assets | 0 | 0 | 0 | -3 |
| Purchase of property, plant and equipment | -12 | -10 | -28 | -26 |
| Disposal of property, plant and equipment | 0 | - | 0 | - |
| Net change in short term financial investments | 3 | -4 | 10 | -7 |
| Cash flow from investing activities | -9 | -15 | -18 | -36 |
| Financing activities | ||||
| Proceeds from borrowings | 200 | 99 | 200 | 109 |
| Repayment of borrowings | -15 | -29 | -103 | -159 |
| Bank overdrafts | 27 | 60 | 26 | 61 |
| Repayment of Lease liability | -19 | -22 | -38 | -37 |
| Repurchase own shares | - | - | -34 | - |
| Dividends paid | -176 | -162 | -176 | -162 |
| Cash flow from financing activities | 16 | -55 | -126 | -188 |
| Net change in cash and cash equivalents | 45 | 81 | -71 | 39 |
| Cash & cash equivalents at beginning of period | 242 | 193 | 348 | 226 |
| Exchange rate differences in cash and cash equivalents | 14 | -2 | 23 | 7 |
| Cash & cash equivalents at end of period | 301 | 272 | 301 | 272 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
15
Key figures
| KEY FIGURES | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| INCOME STATEMENT ITEMS (MSEK) | ||||||
| Order intake | 1,249 | 1,053 | 912 | 872 | 915 | 1,073 |
| Revenue | 1,078 | 936 | 1,028 | 902 | 951 | 846 |
| EBITDA | 175 | 141 | 178 | 150 | 161 | 126 |
| EBITA | 141 | 107 | 143 | 119 | 126 | 95 |
| EBIT | 132 | 98 | 135 | 110 | 117 | 86 |
| Result for the period | 98 | 70 | 92 | 74 | 78 | 63 |
| Total comprehensive income, MSEK | 272 | 163 | 143 | 119 | 24 | 200 |
| BALANCE SHEET ITEMS (MSEK) | ||||||
| Total assets | 6,335 | 5,889 | 5,902 | 5,707 | 5,681 | 5,673 |
| Capital employed | 4,597 | 4,323 | 4,179 | 4,166 | 4,206 | 4,331 |
| Equity | 4,065 | 3,969 | 3,840 | 3,713 | 3,589 | 3,728 |
| Net debt | 532 | 354 | 338 | 453 | 617 | 603 |
| Goodwill and other intangible assets | 3,061 | 2,956 | 2,919 | 2,897 | 2,867 | 2,914 |
| Capital employed, excluding goodwill | 2,111 | 1,926 | 1,817 | 1,836 | 1,908 | 2,003 |
| Working capital | 1,316 | 1,130 | 1,011 | 976 | 1,063 | 1,088 |
| Cash and cash equivalents | 301 | 242 | 348 | 298 | 272 | 193 |
| CASH FLOW ITEMS (MSEK) | ||||||
| Cash flow from working capital | -117 | -81 | -27 | 120 | 12 | 16 |
| Cash flow from operating activities | 37 | 36 | 139 | 244 | 151 | 112 |
| Cash flow for the period | 45 | -115 | 43 | 22 | 81 | -42 |
| Depreciations | -34 | -34 | -35 | -31 | -35 | -31 |
| Amortizations | -9 | -9 | -9 | -9 | -9 | -9 |
| Purchase of intangible fixed assets | 0 | 0 | -1 | - | 0 | -3 |
| Purchase of property, plant and equipment | -12 | -16 | -11 | -25 | -10 | -16 |
| Rolling 12 Months | ||||||
| Order intake | 4,086 | 3,751 | 3,772 | 3,704 | 3,720 | 3,768 |
| Revenue | 3,945 | 3,818 | 3,728 | 3,633 | 3,646 | 3,670 |
| EBITDA | 644 | 629 | 614 | 557 | 504 | 467 |
| EBITA | 511 | 495 | 483 | 425 | 372 | 335 |
| EBIT | 475 | 460 | 448 | 391 | 337 | 296 |
| Result for the period | 336 | 315 | 307 | 265 | 231 | 204 |
| Total comprehensive income, MSEK | 698 | 449 | 487 | 217 | 100 | -48 |
| Cash flow from operating activities | 456 | 570 | 646 | 671 | 632 | 605 |
| Cash flow for the period | -6 | 31 | 104 | 69 | 59 | -2 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
16
Key figures (cont)
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| GROWTH (Year-Over-Year) | ||||||
| Order intake, total % | 36.6 | -1.9 | 8.0 | -1.8 | -5.0 | 0.6 |
| Order intake, organic % | 24.4 | -9.2 | 4.8 | -2.9 | 0.5 | 7.3 |
| Order intake, acquisitions % | 1.4 | 0.8 | 0.9 | 0.7 | 0.4 | 0.7 |
| Revenue, total % | 13.3 | 10.7 | 10.2 | -1.4 | -2.5 | -7.7 |
| Revenue, organic % | 2.4 | 2.9 | 7.2 | -4.7 | 3.6 | -2.1 |
| Revenue, acquisitions % | 1.6 | 0.5 | 1.4 | 3.3 | 0.6 | 1.7 |
| FINANCIAL RATIOS | ||||||
| Gross margin % | 34.9 | 33.9 | 34.9 | 34.6 | 33.8 | 32.9 |
| EBITDA margin % | 16.2 | 15.0 | 17.3 | 16.6 | 16.9 | 14.9 |
| EBITA margin % | 13.1 | 11.5 | 13.9 | 13.2 | 13.2 | 11.2 |
| Operating expenses % of revenue | 22.7 | 23.4 | 21.8 | 22.4 | 21.5 | 22.7 |
| Depreciation and amortization % of revenue | 4.0 | 4.5 | 4.2 | 4.4 | 4.6 | 4.7 |
| Investments % of revenue | 1.1 | 1.7 | 1.2 | 2.8 | 1.1 | 2.3 |
| Equity ratio % | 64.2 | 67.4 | 65.1 | 65.1 | 63.2 | 65.7 |
| Return on equity % | 8.3 | 7.9 | 8.0 | 7.1 | 6.4 | 5.5 |
| Return on capital employed % | 10.3 | 10.6 | 10.7 | 9.3 | 8.0 | 6.8 |
| Return on capital employed, excluding goodwill % | 22.5 | 23.9 | 24.7 | 21.2 | 17.7 | 14.8 |
| Net debt/EBITDA, ratio | 0.83 | 0.56 | 0.55 | 0.82 | 1.23 | 1.29 |
| Interest coverage ratio, times | 24.5 | 23.1 | 56.2 | 22.7 | 25.8 | 17.7 |
| SHARE RATIOS (SEK) | ||||||
| Number of shares, thousands | 54,158 | 54,158 | 54,158 | 54,158 | 54,158 | 54,158 |
| Dividend per share | 3.30 | - | - | - | 3.00 | - |
| Earnings per share | 1.82 | 1.30 | 1.70 | 1.37 | 1.45 | 1.15 |
| Equity per share | 75.06 | 73.29 | 70.91 | 68.56 | 66.27 | 68.84 |
| Cash flow per share | 0.83 | -2.13 | 0.79 | 0.41 | 1.50 | -0.78 |
| OTHER | ||||||
| Number of Employees - Full Time Equivalent | 2,006 | 2,031 | 2,057 | 2,052 | 2,063 | 2,033 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
17
Historical quarterly data 2020 – 2022
| Amounts in MSEK | 2022 | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Order Intake | ||||||||||
| Facade Access | 416 | 265 | 281 | 219 | 233 | 289 | 262 | 225 | 237 | 252 |
| Construction | 354 | 321 | 256 | 247 | 278 | 374 | 245 | 216 | 291 | 337 |
| Industrial | 334 | 338 | 247 | 259 | 247 | 246 | 187 | 217 | 209 | 255 |
| Wind | 146 | 129 | 128 | 146 | 156 | 164 | 152 | 230 | 225 | 224 |
| Total | 1,249 | 1,053 | 912 | 872 | 915 | 1,073 | 845 | 888 | 962 | 1,067 |
| Revenue | ||||||||||
| Facade Access | 313 | 291 | 329 | 254 | 252 | 228 | 247 | 227 | 238 | 251 |
| Construction | 338 | 270 | 289 | 278 | 304 | 234 | 255 | 246 | 256 | 251 |
| Industrial | 294 | 238 | 272 | 212 | 189 | 212 | 245 | 203 | 248 | 221 |
| Wind | 133 | 137 | 139 | 158 | 207 | 172 | 186 | 240 | 234 | 194 |
| Total | 1,078 | 936 | 1,028 | 902 | 951 | 846 | 933 | 916 | 976 | 916 |
| EBITA | ||||||||||
| Facade Access | 6 | 4 | 29 | 5 | 6 | -6 | -2 | -21 | -3 | -8 |
| Construction | 64 | 41 | 55 | 49 | 61 | 35 | 25 | 30 | 33 | 33 |
| Industrial | 52 | 46 | 53 | 47 | 35 | 50 | 42 | 32 | 38 | 38 |
| Wind | 19 | 16 | 6 | 18 | 23 | 15 | 21 | 26 | 19 | 16 |
| Total | 141 | 107 | 143 | 119 | 126 | 95 | 86 | 67 | 87 | 79 |
| EBIT | ||||||||||
| Facade Access | 5 | 2 | 27 | 3 | 4 | -7 | -4 | -22 | -9 | -13 |
| Construction | 63 | 41 | 55 | 49 | 61 | 34 | 25 | 30 | 33 | 32 |
| Industrial | 51 | 45 | 52 | 47 | 35 | 50 | 41 | 31 | 37 | 38 |
| Wind | 13 | 10 | 1 | 12 | 17 | 10 | 15 | 20 | 13 | 10 |
| Total | 132 | 98 | 135 | 110 | 117 | 86 | 77 | 59 | 74 | 68 |
Following the reorganisation last year that forms the base of the New Heights programme, the Group is since January 1, 2021, organised into four, customer centric divisions: Construction, Industrial, Facade Access and Wind. The subsequent reporting structure was also effective as of January 1, 2021 and was reported for first time in the interim report for the first quarter 2021. Numbers for periods before Q1 2021 are restated according to the new organisation.
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
18
Bridge
| In MSEK | Q2 2022 | Q2 2021 | Jan-Jun 2022 | Jan-Jun 2021 |
|---|---|---|---|---|
| EBIT | 132 | 117 | 230 | 203 |
| Add back: | ||||
| Amortization | 9 | 9 | 18 | 17 |
| EBITA | 141 | 126 | 248 | 221 |
| Add back: | ||||
| Depreciation | 34 | 35 | 68 | 66 |
| EBITDA | 175 | 161 | 316 | 286 |
| In MSEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 | |
| --- | --- | --- | --- | |
| Non-current interest bearing debts | 609 | 616 | 491 | |
| Current interest bearing debts | 92 | 119 | 60 | |
| Non-current lease liability | 105 | 123 | 116 | |
| Current lease liability | 69 | 63 | 70 | |
| Deduct: | ||||
| Long term interest bearing receivables | 0 | 0 | 0 | |
| Short term interest bearing receivables | 43 | 32 | 50 | |
| Cash and cash equivalents | 301 | 272 | 348 | |
| Net debt | 532 | 617 | 338 | |
| Net debt | 532 | 617 | 338 | |
| Add: | ||||
| Shareholders equity | 4,065 | 3,589 | 3,840 | |
| Capital Employed | 4,597 | 4,206 | 4,179 |
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
19
Condensed Income statement, parent company
| Amounts in MSEK | Q2 2022 | Q2 2021 | Jan-Jun 2022 | Jan-Jun 2021 |
|---|---|---|---|---|
| Revenue | - | - | - | - |
| Operating expenses | -5 | -9 | -12 | -16 |
| Operating profit/loss (EBIT) | -5 | -9 | -12 | -16 |
| Financial net | 9 | 7 | 17 | 12 |
| Profit/loss after financial items | 3 | -3 | 5 | -4 |
| Profit/loss before tax (EBT) | 3 | -3 | 5 | -4 |
| Income tax | -1 | 1 | -2 | 1 |
| Result for the period | 2 | -2 | 4 | -3 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | 2 | -2 | 4 | -3 |
Condensed Balance sheet, parent company
| Amounts in MSEK | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Non-current assets | |||
| Shares in group companies | 1,898 | 1,898 | 1,898 |
| Other non-current assets | 6 | 4 | 8 |
| Total non-current assets | 1,905 | 1,902 | 1,907 |
| Current assets | |||
| Receivables from group companies | 1,808 | 1,666 | 1,946 |
| Other short term receivables | 30 | 24 | 17 |
| Cash and cash equivalents | - | - | 68 |
| Total current assets | 1,838 | 1,690 | 2,031 |
| TOTAL ASSETS | 3,743 | 3,592 | 3,938 |
| EQUITY AND LIABILITIES | |||
| Shareholders equity | 3,085 | 2,868 | 3,292 |
| Untaxed reserves | 96 | 63 | 96 |
| Non-current liabilities, interest bearing | 250 | 95 | 50 |
| Current liabilities, interest bearing | - | 59 | - |
| Liabilities to group companies | 252 | 484 | 465 |
| Other current liabilities | 60 | 22 | 35 |
| TOTAL EQUITY AND LIABILITIES | 3,743 | 3,592 | 3,938 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
20
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, 2022. 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 bridge from IFRS measures into non-IFRS measures is found on page 18 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 the 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 recognised.
A detailed description of the Group's risks and uncertainties can be found in the Annual report. There are no significant changes in risks since the Annual Report for 2021 was published March 18, 2022.
All items are stated in MSEK without decimals and, therefore, rounding differences can occur. Historic periods have been adjusted accordingly.
NOTE 2. REVENUE SPLIT
| Amounts in MSEK | Q2 2022 | Q2 2021 | Jan-Jun 2022 | Jan-Jun 2021 |
|---|---|---|---|---|
| Europe | 445 | 387 | 839 | 704 |
| APAC | 364 | 319 | 700 | 640 |
| Americas | 261 | 240 | 462 | 442 |
| Other markets | 9 | 6 | 13 | 10 |
| Total | 1,078 | 951 | 2,014 | 1,797 |
| Over time | ||||
| Facade Access | 203 | 165 | 403 | 322 |
| Construction | 56 | 48 | 107 | 93 |
| Industrial | 17 | 7 | 26 | 10 |
| Wind | - | - | - | - |
| Total over time | 276 | 220 | 535 | 425 |
| Point in time | ||||
| Facade Access | 110 | 87 | 201 | 158 |
| Construction | 282 | 256 | 502 | 444 |
| Industrial | 278 | 182 | 506 | 391 |
| Wind | 133 | 207 | 270 | 379 |
| Total point in time | 803 | 732 | 1,479 | 1,372 |
| Total | 1,078 | 951 | 2,014 | 1,797 |
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
NOTE 3. SEGMENT REPORTING
| Amounts in MSEK | Facade Access | Construction | Q2 2022 Industrial | Wind | Total, Group |
|---|---|---|---|---|---|
| External revenue | 313 | 338 | 294 | 133 | 1,078 |
| EBITA | 6 | 64 | 52 | 19 | 141 |
| EBITA % | 2.0 | 18.8 | 17.7 | 14.4 | 13.1 |
| Operating profit/loss | 5 | 63 | 51 | 13 | 132 |
| Operating profit/loss % | 1.4 | 18.7 | 17.4 | 9.8 | 12.2 |
| (of which amortizations and depreciations) | -9 | -17 | -7 | -11 | -43 |
| Amounts in MSEK | Facade Access | Construction | Q2 2021 Industrial | Wind | Total, Group |
| --- | --- | --- | --- | --- | --- |
| External revenue | 252 | 304 | 189 | 207 | 951 |
| EBITA | 6 | 61 | 35 | 23 | 126 |
| EBITA % | 2.5 | 20.2 | 18.7 | 11.1 | 13.2 |
| Operating profit/loss | 4 | 61 | 35 | 17 | 117 |
| Operating profit/loss % | 1.8 | 20.0 | 18.3 | 8.3 | 12.3 |
| (of which amortizations and depreciations) | -9 | -15 | -8 | -11 | -44 |
| Amounts in MSEK | Facade Access | Construction | Jan-Jun 2022 Industrial | Wind | Total, Group |
| --- | --- | --- | --- | --- | --- |
| External revenue | 604 | 608 | 532 | 270 | 2,014 |
| EBITA | 10 | 105 | 98 | 35 | 248 |
| EBITA % | 1.7 | 17.3 | 18.4 | 12.9 | 12.3 |
| Operating profit/loss | 7 | 104 | 96 | 23 | 230 |
| Operating profit/loss % | 1.2 | 17.1 | 18.1 | 8.6 | 11.4 |
| (of which amortizations and depreciations) | -17 | -34 | -13 | -21 | -86 |
| Trade receivables | 242 | 246 | 229 | 139 | 856 |
| Inventories | 378 | 263 | 171 | 138 | 950 |
| Trade payables | -85 | -83 | -57 | -71 | -295 |
| Working capital | 536 | 426 | 344 | 205 | 1,510 |
| Investments | 5 | 19 | 2 | 2 | 28 |
| Amounts in MSEK | Facade Access | Construction | Jan-Jun 2021 Industrial | Wind | Total, Group |
| --- | --- | --- | --- | --- | --- |
| External revenue | 480 | 537 | 401 | 379 | 1,797 |
| EBITA | 1 | 96 | 86 | 38 | 221 |
| EBITA % | 0.1 | 17.9 | 21.3 | 10.1 | 12.3 |
| Operating profit/loss | -3 | 95 | 84 | 27 | 203 |
| Operating profit/loss % | -0.6 | 17.7 | 21.0 | 7.1 | 11.3 |
| (of which amortizations and depreciations) | -17 | -30 | -14 | -22 | -83 |
| Trade receivables | 194 | 214 | 168 | 222 | 798 |
| Inventories | 247 | 183 | 151 | 107 | 688 |
| Trade payables | -64 | -65 | -44 | -78 | -251 |
| Working capital | 377 | 331 | 275 | 252 | 1,235 |
| Investments | 4 | 20 | 2 | 3 | 29 |
Alimak Group AB
Interim Report Q2 JANUARY– JUNE 2022
22
NOTE 4. FINANCIAL INSTRUMENTS
| Amounts in MSEK | Total carrying amount | ||
|---|---|---|---|
| 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 | |
| FINANCIAL ASSETS | |||
| Derivative financial instruments | - | - | 0 |
| Other financial receivables | 1,224 | 1,080 | 1,045 |
| Cash and cash equivalents | 301 | 272 | 348 |
| Total | 1,525 | 1,352 | 1,394 |
| FINANCIAL LIABILITIES | |||
| Derivative financial instruments | 28 | 13 | 18 |
| Interest bearing debts | 701 | 736 | 551 |
| Other financial liabilities | 715 | 631 | 690 |
| Total | 1,444 | 1,379 | 1,259 |
The interest rate on interest-bearing liabilities are in line with market terms at June 30, 2022, and the fair value at the end of the reporting period therefore in all material aspects corresponds to the carrying amount.
FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE
| 30 Jun 2022 | Level 2 |
|---|---|
| Financial assets | |
| Currency derivatives | 0 |
| Total | 0 |
| Financial liabilities | |
| Currency derivatives | 28 |
| Total | 28 |
| 30 Jun 2021 | Level 2 |
| Financial assets | |
| Currency derivatives | 0 |
| Total | 0 |
| Financial liabilities | |
| Currency derivatives | 13 |
| Total | 13 |
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 Q2 JANUARY–JUNE 2022
NOTE 5. ACQUISITIONS
No acquisitions have been done in Q2 2022.
On July 1, 2021, Alimak Group acquired the shares of Cento Engineering Group, a UK BMU engineering and service provider with a large share of the service portfolio consisting of Manntech units. Cento Engineering Group's revenue in 2020 amounted to MGBP 5 (approximately MSEK 60) and the company is included in Alimak Group's Facade Access division. The purchase price was not material relative to Alimak Group's market capitalisation.
NOTE 6. ASSETS PLEDGED AND CONTINGENT LIABILITIES
As of June 30, 2022, the maximum potential future payments Alimak Group could be required to make under issued financial guarantees totalled MSEK 446 (June 30, 2021, MSEK 438) of which MSEK 445 (June 30, 2021, MSEK 438) refers to indemnity bonds for commitments to customers. Assets pledged totalled MSEK 28 (June 30, 2021, MSEK 28).
Alimak Group AB
Interim Report Q2 JANUARY–JUNE 2022
FINANCIAL CALENDAR
- The Interim Report for the third quarter of 2022 will be published October 20, 2022.
- The year-end report of 2022 will be published February 10, 2023.
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 CET on Tuesday, July 19, 2022. President and CEO Ole Kristian Jødahl and Chief Financial Officer Thomas Hendel 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: +46 8 505 246 42
UK: +44 20 8610 3526
US: +1 (646) 307 1951
Link to audiocast:
https://streams.eventcdn.net/alimak/q22022
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, please contact:
Thomas Hendel, CFO
Email: [email protected] or [email protected]
Phone: +46 8 402 14 40
This information is information that Alimak Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on July 19, 2022.
About Alimak Group
Alimak Group is a world-leading provider of vertical access solutions for professional use, listed on Nasdaq OMX Stockholm. With presence in more than 100 countries, the Group develops, manufactures, sells and services vertical access solutions with focus on adding customer value through greater safety, higher productivity and improved cost efficiency. Alimak Group's products and 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, 10 production and assembly facilities in 8 countries and approximately 2,000 employees around the world.
www.alimakgroup.com
ALIMAK GROUP