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Beijer Electronics Group — Interim / Quarterly Report 2018
Oct 24, 2018
3007_10-q_2018-10-24_ee2adea5-6e95-405b-b9ae-ead25ff4861f.pdf
Interim / Quarterly Report
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JANUARY - SEPTEMBER 2018
Positive trend of high volumes continues and earnings improve
Third quarter
- Order intake rose by 25% to 372 MSEK (297).
- Net sales increased by 17% to 338 MSEK (289).
- EBIT was 17.7 MSEK (5.6).
- Profit after tax increased to 11.0 MSEK (-2.2).
- Earnings per share increased to 0.38 SEK (-0.09).
Nine months
- Order intake rose by 24% to 1,141 MSEK (922).
- Net sales increased by 17% to 1,036 MSEK (883).
- EBIT was 53.7 MSEK (14.6).
- Profit/loss after tax increased to 31.1 MSEK (-5.2).
- Earnings per share increased to 1.08 SEK (-0.22).
Interim Report for Beijer Electronics Group AB
Comments from CEO Per Samuelsson
" The progress of Beijer Electronics Group in the third quarter underscored the positive trend of the first halfyear. The pattern is similar, with order intake and sales increasing in the period. Gross margin increased somewhat, and combined with good control of overheads, this meant EBIT improved.
Our financial performance confirms that we are delivering as planned.
The Group's different operations have progressively stabilised, and the organisation is steady after its major transformation. I can conclude that the high order intake in the year has been a positive surprise for us, but this obviously brings challenges to our delivery organisation.
We beat our long-term growth targets, and growth is still a high priority. With increased volumes, we're getting a good pay-off and gradually increasing EBIT margins, even if they may fluctuate between quarters.
The EBIT margin, given the circumstances, is developing in the right direction. Our organisation is still delivering on a professional footing, and combined with an excellent tempo of order intake, this offers us good potential to achieve our earnings target of a 10% EBIT margin going forward. Cash flow improved in the quarter year on year, but remains unsatisfactory.
The Beijer Electronics business entity continued as planned, with positive progress in the quarter. Most markets achieved good growth, especially the US. Our new X2 series has achieved more successes in Europe and the US. In Asia, conversion to the new terminal has now commenced, and will continue at full speed in 2019.
Beijer Electronics has concluded the test phase of its new Fast track to the cloud solution for some 20 different customers. This solution is a clear example of the Group's investment in the growing IIoT market. The solution has been very well received by customers, with acceptance fully satisfying our high expectations. The plan is to roll out the commercial launch of this solution progressively through 2019.
The Westermo business entity is achieving impressive order intake and sales growth, which beat our estimates with a good margin, with increases of nearly 60% and 30% respectively in the third quarter. The train side is making the main positive progress, but other segments and off-the-shelf products are in good growth. Westermo has now definitively secured status as a major, competitive global player with key customers across North America, Europe and Asia.
Obviously, this progress is positive, but simultaneously presents our organisation with several challenges.
After eight quarters of better order intake than sales, we have a strong order book.
per samuelsson, president and ceo
A component shortage, and bottlenecks at the supplier level and in manufacturing, have also impacted our delivery capacity. Our priority has been on securing shipments to customers and expanding capacity, which has resulted in increased expenses temporarily, and impacted the EBIT margin in the quarter.
The Korenix business entity made mixed progress in the third quarter. Sales were up by 20%, while order intake increased marginally simultaneous with losses narrowing, nearly to break-even. The business entity continued to work on its new organisation, addressing new customers and major product sales. After its transformation in 2017, Korenix is focused on recovery in 2018, with the aim of becoming profitable in 2019.
For the Group overall, sales and earnings rose sharply in the first three quarters of the year, compared to the corresponding period of 2017. We expect the Group to increase sales and earnings again in the fourth quarter compared to the corresponding period of 2017."
The Group in the third quarter
The Group's order intake kept progressing strongly in the third quarter 2018, increasing by 25% to 372.1 MSEK (297.4). The Westermo business entity was a stand-out, with an increase of 57%, while Beijer Electronics was up by 8%, and Korenix's order intake increased somewhat. Adjusted for currency effects, the Group's order intake increased by 19%.
The Group's sales increased by 17% to 338.4 MSEK (289.1). The increase was broad based, and split fairly evenly between different markets and regions. Adjusted for currency effects, sales were up by 11%.
The Group's EBITDA increased by 69% to 37.8 MSEK (22.4). Depreciation and amortization were 20.0 MSEK (16.7). EBIT rose to 17.7 MSEK (5.6), equating to an EBIT margin of 5.2% (1.9). The earnings improvement is due to higher sales volumes, a wider gross margin, good cost control, and positive currency effects of 2 MSEK. Total development expenditure amounted to 38.0 MSEK (33.9),
| Sales Quarter 3 |
EBIT Quarter 3 |
Sales 9 mth. |
EBIT 9 mth. |
|||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 1809 | 1709 | 1809 | 1709 | 1809 | 1709 | 1809 | 1709 |
| Beijer Electronics | 174.5 | 159.4 | 8.9 | 1.6 | 539.9 | 485.8 | 30.0 | 7.2 |
| Westermo | 138.3 | 108.5 | 15.5 | 13.1 | 416.9 | 332.5 | 56.0 | 33.9 |
| Korenix | 30.6 | 25.5 | -0.2 | -2.3 | 92.0 | 79.8 | -2.3 | -3.9 |
| Intra-group sales | -5.0 | -4.3 | -12.7 | -14.8 | ||||
| Group adjustments and parent company | -6.5 | -6.8 | -30.0 | -22.6 | ||||
| Beijer Electronics Group | 338.4 | 289.1 | 17.7 | 5.6 | 1 036.1 | 883.3 | 53.7 | 14.6 |
Business entity net sales and EBIT
Group order intake
The bars and left-hand scale indicate quarterly order intake. The curve and right-hand scale show rolling four quarter order intake.
Group net sales
The bars and left-hand scale indicate quarterly sales. The curve and right-hand scale show rolling four quarter sales.
Group EBIT
The bars and left-hand scale indicate quarterly EBIT. The curve and righthand scale show rolling four quarter EBIT.
corresponding to 11.2% (11.7) of Group sales.
Profit before tax increased to 15.0 MSEK (0.7). Net financial income/expense was -2.7 MSEK (-5.0). The improved net financial income/expense is due to the rights issue executed in 2017 and more positive financing terms. Profit after estimated tax was 11.0 MSEK (-2.2). Earnings per share after estimated tax amounted to 0.38 SEK (-0.09).
First nine months
Order intake increased by 24% to 1,141.2 MSEK (922.1) in the first nine months of the year. Currency adjusted, order intake increased by 22%. Sales rose by 17% to 1,036.1 MSEK (883.3). Adjusted for currency effects, sales increased by 15%.
The Group's EBITDA was up by 70% to 109.9 MSEK (64.7). Depreciation and amortization were 56.2 MSEK (50.1). EBIT increased to 53.7 MSEK (14.6), equivalent to an EBIT margin of 5.2% (1.7). Total development expenditure was 117.5 MSEK (109.0), or 11.3% (12.3) of Group sales.
The profit/loss before tax increased to 46.7 MSEK (-2.8). The net financial income/expense was -7.1 MSEK (-17.4). The profit/loss after estimated tax increased to 31.1 MSEK (-5.2). The relatively high tax charge in the nine-month period is mainly due to a cautious assessment of loss carryforwards. Earnings per share after estimated tax amounted to 1.08 SEK (-0.22).
Cash flow over the next 12 months should be significantly better.
per samuelsson, president and ceo
Beijer Electronics Business entity
In the third quarter, the Beijer Electronics business entity secured the positive trend of the first two quarters of the year. Order intake and sales continued to rise, while EBIT increased significantly. Meanwhile, operations were impacted by stronger seasonality, with the usual lower activity in the third quarter compared to other quarters due to vacations. 1100 1200
Most of the markets the business entity addresses saw healthy growth. Continued good progress in the US was especially positive, although EMEA and Asia also reported growth, with a few exceptions. 700 800 900
The new X2 series HMIs are achieving sales successes in Europe and the US. In unit terms, the X2 series represented nearly 40% of total sales in the quarter. In Asia, conversion to these new terminals has begun, a process expected to take longer in Asia, and impact sales over the forthcoming 12-month period. 200 300 400
Product development continued as planned. The test phase of our new Fast track to the cloud solution for some 20 different customers concluded in the third quarter. This solution has been very well received by customers, with acceptance fully matching expectations. The solution integrates soft and hardware, and is an IIoT application with easy connections to existing automation equipment. 0 100
Net sales, Beijer Electronics
The bars and left-hand scale indicate quarterly net sales. The curve and right-hand scale show rolling four quarter net sales. The plan is to roll out the commercial launch of this new solution progressively through 2019.
Essentially, the business entity's new strategy is going as planned. The new organization is becoming more stable.
New products with higher software content and a new, more customer-oriented sales organization are contributing to growth, which is exclusively organic.
A combination of a higher share of new proprietary products with higher margins, and cost savings in production and logistics, had a positive impact on gross margins. This transition has resulted in a rapid improvement in EBIT margin.
Third quarter
Order intake was up by 8% to 180.6 MSEK (167.4). Sales increased by 9% to 174.5 MSEK (159.4). EBITDA doubled to 16.5 MSEK (8.0). Depreciation and amortization were 7.6 MSEK (6.4). EBIT rose to 8.9 MSEK (1.6), equivalent to a margin of 5.1% (1.0). This major improvement is due to rising sales volumes and a wider gross margin, as well as good cost control.
Nine months
Order intake rose by 15% to 560.6 MSEK (489.1). Sales were up by 11% to 539.9 MSEK (485.8). EBITDA increased to 50.0 MSEK (25.2). Depreciation and amortization were 19.9 MSEK (18.0). EBIT increased to 30.0 MSEK (7.2), equivalent to an EBIT margin of 5.6% (1.5).
We have high expectations on our products and services addressing the growing IIoT market.
per samuelsson, president and ceo
Westermo Business entity
The Westermo business entity continued its convincing performance on the market in the third quarter. Order intake was up by almost 60% in the period. Sales also progressed positively, with gains of nearly 30%. Westermo secured a major 17 MSEK order from an important US train manufacturer in the quarter, which has placed large repeat orders. The business entity also won a strategic breakthrough 6 MSEK order from Siemens Mobility in the UK to upgrade an existing train fleet.
Westermo's sales are increasing on virtually all markets. Progress in the US, in terms of order intake and sales, was especially pleasing.
Westermo's high growth rate has exceeded internal estimates. This is positive, but also presents several challenges to its organization. The global component shortage, and bottlenecks among suppliers and manufacturers, have caused shortcomings in delivery capacity.
The priority has been to prioritize shipments to customers above efficiency. Westermo is investing in expanding capacity to address high demand. In the short term, this progress has impacted EBIT margins between quarters. The goal is to increase margins, which we expect to achieve as capacity expands.
Third quarter
Order intake increased by 57% to MSEK 168.2 (107.0). Sales rose by 27% to 138.3 MSEK (108.5). EBITDA was up by 24% to 22.6 MSEK (18.2). Depreciation and amortization amounted to 7.1 MSEK (5.1). EBIT was up by 18% to 15.5 MSEK (13.1), equivalent to an EBIT margin of 11.2% (12.1). The EBIT improvement is due to rising sales volumes.
Nine months
Order intake was up by 37% to 499.6 MSEK (364.0). Sales rose by 25% to 416.9 MSEK (332.5). EBITDA was up by 51% to 76.4 MSEK (50.5). Depreciation and amortization amounted to 20.4 MSEK (16.7). EBIT increased by 65% to 56.0 MSEK (33.9), equivalent to an EBIT margin of 13.4% (10.2).
The bars and left-hand scale indicate quarterly net sales. The curve and right-hand scale show rolling four quarter net sales.
Korenix Business entity
The Korenix business entity achieved good sales growth in the third quarter, although order intake increased somewhat. Operations were impacted by stronger seasonality, with the usual lower activity in the third quarter compared to other quarters because some one-half of volumes are to Europe.
Korenix is continuing to fine-tune its new organization, addressing customers and major project sales. Another positive is that the Chinese operation is heading in the right direction. The sales increase in the quarter enabled losses to be narrowed, nearly to break-even.
After its adjustment of 2017, Korenix is focused on recovery in 2018, with the aim of achieving profitability in 2019.
Third quarter
Korenix's order intake amounted to 28.3 MSEK (27.2) in the third quarter. Sales were up by 20% to 30.6 MSEK (25.5). EBITDA amounted to 3.0 MSEK (0.5). Depreciation and amortization amounted to 3.2 MSEK (2.8). EBIT was -0.2 MSEK (-2.3).
Nine months
Korenix's order intake increased by 12% to 93.5 MSEK (83.7). Sales rose by 15% to 92.0 MSEK (79.8). EBITDA was 7.2 MSEK (4.4). Depreciation and amortization were 9.5 MSEK (8.3). EBIT was -2.3 MSEK (-3.9).
The bars and left-hand scale indicate quarterly net sales. The curve and right-hand scale show rolling four quarter net sales.
Other financial information
Group investments, including capitalized development expenses and acquisitions, amounted to 70.4 MSEK (58.2) in the first nine months of the year. Cash flow from operating activities was 64.8 MSEK (-8.6). Equity was 642.8 MSEK (578.4) on 30 September 2018. The equity ratio was 42.9% (41.6). Cash and cash equivalents were 75.1 MSEK (70.4). Net debt was 434.9 MSEK (436.9). The average number of employees was 709 (692).
Issue of class C shares
In March 2018, Beijer Electronics Group's Board of Directors decided to issue 34,657 class C shares with a quotient value of SEK 0.33, in accordance with the authorization of the AGM 2017. The issue was to a financial institution, and was immediately repurchased by the company. The intention of the repurchased class C shares on delivery to employees in 2020 is to convert them to ordinary shares, pursuant to the terms and conditions of the LTI 2017/2020 incentive program.
New Board members
The Annual General Meeting (AGM) of April 2018 resolved to elect Karin Gunnarsson and Lars Eklöf as Board members, and to re-elect the Board members Bo Elisson, Ulrika Hagdahl and Johan Wester. Bo Elisson was elected Chairman of the Board. Karin Gunnarsson holds an M.Sc. (Econ.), and for the previous ten years, was an employee of Hexpol, serving as CFO and Investor Relations Manager for the past six years. Lars Eklöf is the President of Atlas Copco's Motor Vehicle Industry division. Lars Eklöf holds an M.Sc. (Eng.) and has a solid international manufacturing background with Atlas Copco.
Prospects for the full year 2018
Compared to the corresponding period of 2017, Beijer Electronics Group reported significantly improved sales and earnings in the first three quarters of the year. For the fourth quarter, the Group is again expecting to report higher sales and earnings than the corresponding period of 2017.
Financial targets for the Group
The Board of Directors set new financial targets for Beijer Electronics Group in the first quarter 2016. The targets are that within a 2-3 year timeframe, the Group will achieve minimum organic growth of 7% per year, and achieve a minimum EBIT margin of 10%, measured as an average over a business cycle.
Per Samuelsson President and CEO Malmö, Sweden, 24 October 2018
For more information, please contact: President and CEO Per Samuelsson, tel +46 (0)40 35 86 10, +46(0)70 858 5440 or EVP and CFO Joakim Laurén, tel +46(0)40 35 84 96, +46(0)70 335 8496
Accounting policies
For the Group, this Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. For the parent company, this Interim Report has been prepared in accordance with the Swedish Annual Accounts Act's chapter 9, Interim Reporting. IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers came into effect as of 1 January 2018. The implementation of IFRS 9 and IFRS 15 did not have any material effect on the Group's or segments' financial reporting.
New IFRS Standards that have not yet come into effect
IFRS 16 Leases comes into effect on 1 January 2019. The project the group initiated earlier this year to analyze and evaluate the effects of the introduction of this new standard on its financial reporting is progressing according to plan. All the Group's lease arrangements have been mapped, and a detailed review of each individual lease has been completed in collaboration with external expertise. The preliminary conclusions are scheduled to be available coincident with publication of the Year-end Report in January 2019.
Auditor's report
Beijer Electronics Group AB (publ.) org nr 556025-1851
Introduction
We have reviewed the condensed interim financial information (interim report) of Beijer Electronics Group AB (publ.) as of 30 September 2018 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Malmö, Sweden, 24 October 2018
Öhrlings PricewaterhouseCoopers AB
Sofia Götmar-Blomstedt Authorized Public Accountant Lead Audit Partner
Magnus Jönsson Authorized Public Accountant
Interim Report in Summary
Income Statement—Group
| SEK 000 | Quarter 3, 2018 |
Quarter 3, 2017 |
9 mth. 2018 |
9 mth. 2017 |
Full year, 2017 |
|---|---|---|---|---|---|
| Net sales | 338,448 | 289,116 | 1,036,052 | 883,339 | 1,205,912 |
| Other operating revenue | -4,462 | -1,105 | 853 | -3,006 | -82 |
| Operating expenses excluding depreciation and amortisation |
-296,235 | -265,645 | -927,000 | -815,624 | -1,115,504 |
| Operating profit before depreciation and amortization |
37,751 | 22,366 | 109,905 | 64,709 | 90,326 |
| Amortization, intangible assets | -15,115 | -12,516 | -42,689 | -37,188 | -55,090 |
| Depreciation, property, plant and equipment | -4,927 | -4,226 | -13,473 | -12,880 | -17,220 |
| Operating profit | 17,709 | 5,624 | 53,743 | 14,641 | 18,016 |
| Net financial items | -2,661 | -4,954 | -7,092 | -17,447 | -21,853 |
| Profit before tax | 15,048 | 670 | 46,651 | -2,806 | -3,837 |
| Estimated tax | -4,042 | -2,848 | -15,586 | -2,381 | -2,373 |
| Net profit | 11,006 | -2,178 | 31,065 | -5,187 | -6,210 |
| Attributable to equity holders of the parent | 10,986 | -2,583 | 30,898 | -6,174 | -6,988 |
| Attributable to minority interest | 20 | 405 | 167 | 987 | 778 |
| Earnings per share, SEK (comparative figure restated for rights issues) |
0.38 | -0.09 | 1.08 | -0.22 | -0.24 |
Comprehensive Income
| SEK 000 | Quarter 3, 2018 |
Quarter 3, 2017 |
9 mh. 2018 |
9 mth 2017 |
Full year, 2017 |
|---|---|---|---|---|---|
| Net profit | 11,006 | -2,178 | 31,065 | -5,187 | -6,210 |
| Actuarial gains and losses | -3,067 | -2,002 | -6,134 | -4,004 | -13,267 |
| Translation differences | -12,046 | -24,343 | 33,131 | -42,991 | -27,236 |
| Comprehensive income | -4,107 | -28,523 | 58,062 | -52,182 | -46,713 |
| Attributable to equity holders of the parent | -4,024 | -28,649 | 57,688 | -52,729 | -47,161 |
| Attributable to non-controlling interest | -83 | 126 | 374 | 547 | 448 |
| Balance Sheet—Group | |
|---|---|
| --------------------- | -- |
| SEK 000 | Sept. 30, 2018 | Sept. 30, 2017 | Dec. 31, 2017 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 781,779 | 744,477 | 754,571 |
| Property, plant and equipment | 92,490 | 82,141 | 84,947 |
| Financial assets | 59,886 | 62,690 | 55,117 |
| Current assets | 497,844 | 445,223 | 435,304 |
| Cash and cash equivalents and | 75,130 | 70,396 | 89,281 |
| short-term investments | |||
| Total assets | 1,507,129 | 1,404,927 | 1,419,220 |
| Equity and liabilities | |||
| Equity attributable to equity holders of the parent | 642,823 | 578,353 | 585,015 |
| Non-controlling interests | 3,957 | 6,320 | 6,221 |
| Long-term liabilities | 494,331 | 519,478 | 511,112 |
| Current liabilities | 366,018 | 300,776 | 316,872 |
| Total equity and liabilities | 1,507,129 | 1,404,927 | 1,419,220 |
| Of which interest-bearing liabilities | 510,056 | 507,256 | 506,662 |
| Statement of Changes to Shareholders' Equity | |||
| SEK 000 | Sept. 30, 2018 | Sept. 30, 2017 | Dec. 31, 2017 |
| Attribute of all to parent company shareholders | |||
| Opening equity, January 1, in accordance with adopted balance sheet |
585,015 | 415,389 | 415,389 |
| Rights issue | -78 | 215,693 | 216,733 |
| Share-based payment | 985 | 54 | |
| Repurchase of treasury shares | -11 | ||
| Acquisitions | -776 | ||
| Comprehensive Income | 57,688 | -52,729 | -47,161 |
| Closing equity | 642,823 | 578,353 | 585,015 |
| Non controlling interests | |||
| Opening equity, 1 Jan. | 6,221 | 5,773 | 5,773 |
| Dividend | -1,371 | ||
| Acquisitions | -1,267 | ||
| Comprehensive income | 374 | 547 | 448 |
| Closing equity | 3,957 | 6,320 | 6,221 |
Key Figures–Group
| Sept. 30, 2018 | Sept. 30, 2017 | Dec. 31, 2017 | |
|---|---|---|---|
| Operating margin, % | 5.2 | 1.7 | 1.5 |
| Profit margin, % | 3.0 | -0.6 | -0.5 |
| Equity ratio, % | 42.9 | 41.6 | 41.7 |
| Equity per share, SEK (comparative figure restated for current rights issue) |
22.5 | 20.2 | 20.5 |
| Earnings per share, SEK (comparative figure restated for current rights issue) |
1.08 | -0.22 | -0.24 |
| Return on equity after tax, % | 4.9 | -2.8 | -1.2 |
| Return on capital employed, % | 5.2 | 2.1 | 1.7 |
| Return on net operating assets, % | 6.5 | 3.0 | 2.5 |
| Average number of employees | 709 | 692 | 702 |
Cash Flow Statement—Group
| SEK 000 | Sept. 30, 2018 | Sept. 30, 2017 | Dec. 31, 2017 |
|---|---|---|---|
| Cash flow from operating activities before | |||
| changes in working capital | 90,861 | 30,433 | 61,765 |
| Change in working capital | -26,068 | -39,029 | -13,904 |
| Cash flow from operating activities | 64,793 | -8,596 | 47,861 |
| Cash flow from investing activities | -70,369 | -58,214 | -79,400 |
| Cash flow from finance activities | -10,177 | 35,596 | 17,795 |
| Change in cash equivalents | -15,753 | -31,214 | -13,744 |
| Cash equivalents and short-term investments, | |||
| opening balance | 89,281 | 107,228 | 107,228 |
| Exchange rate change, cash equivalents | 1,602 | -5,618 | -4,203 |
| Cash equivalents and short-term investments, | |||
| closing balance | 75,130 | 70,396 | 89,281 |
Operating Segments
| SEK 000 | Quarter, 3 2018 |
Quarter, 3 2017 |
9 Mth. 2018 |
9 Mth. 2017 |
Full Year 2017 |
|---|---|---|---|---|---|
| Net sales | |||||
| Beijer Electronics | 174,506 | 159,407 | 539,885 | 485,828 | 659,059 |
| Westermo | 138,267 | 108,499 | 416,851 | 332,456 | 461,155 |
| Korenix | 30,616 | 25,485 | 91,973 | 79,784 | 104,198 |
| Koncernjusteringar | -4,941 | -4,275 | -12,657 | -14,729 | -18,500 |
| Group | 338,448 | 289,116 | 1,036,052 | 883,339 | 1,205,912 |
| Operating profit before depreciation and amortization |
|||||
| Beijer Electronics | 16,478 | 8,010 | 49,965 | 25,183 | 36,577 |
| Westermo | 22,595 | 18,243 | 76,422 | 50,538 | 69,548 |
| Korenix | 3,024 | 477 | 7,198 | 4,381 | 5,588 |
| Parent company | -4,642 | -4,260 | -21,745 | -16,511 | -22,782 |
| Group adjustments | 296 | -104 | -1,935 | 1,118 | 1,395 |
| Group | 37,751 | 22,366 | 109,905 | 64,709 | 90,326 |
| Operating profit | |||||
| Beijer Electronics | 8,870 | 1,643 | 30,033 | 7,193 | 12,544 |
| Westermo | 15,507 | 13,127 | 56,046 | 33,883 | 46,583 |
| Korenix | -213 | -2,307 | -2,256 | -3,872 | -9,934 |
| Parent company | -6,749 | -6,251 | -28,114 | -22,483 | -30,877 |
| Group adjustments | 294 | -588 | -1,966 | -80 | -300 |
| Group | 17,709 | 5,624 | 53,743 | 14,641 | 18,016 |
| Quarter 3, 2018 47,912 29,212 31,091 |
Quarter 3, 2017 34,480 35,345 |
9 mth. 2018 142,288 |
9 mth. 2017 119,635 |
Full year, 2017 171,252 |
|---|---|---|---|---|
| 98,915 | 102,007 | 137,413 | ||
| 22,388 | 79,423 | 67,219 | 93,992 | |
| 21,643 | 18,154 | 69,738 | 51,356 | 71,155 |
| 10,885 | 8,819 | 35,893 | 29,977 | 40,595 |
| 6,800 | 6,954 | 23,912 | 19,321 | 29,221 |
| 51,797 | 44,305 | 149,986 | 129,133 | 168,810 |
| 66,508 | 50,442 | 209,706 | 162,026 | 218,734 |
| 18,116 | 19,164 | 58,861 | 61,021 | 78,195 |
| 21,989 | 15,029 | 68,353 | 51,404 | 70,896 |
| 18,812 | 22,297 | 61,871 | 60,675 | 85,159 |
| 13,683 | 11,737 | 37,105 | 29,565 | 40,490 |
| 338,448 | 289,116 | 1,036,052 | 883,339 | 1,205,912 |
| 155,628 | 139,662 | 474,676 | 421,729 | 573,868 |
| 165,464 | 130,185 | 498,172 | 398,066 | 547,842 |
| 17,356 | 19,269 | 63,204 | 63,544 | 84,202 |
| 338,448 | 289,116 | 1,036,052 | 883,339 | 1,205,912 |
Income Statement—Parent Company
| SEK,000 | Quarter 3 2018 |
Quarter 3 2017 |
9 mth. 2018 |
9 mth. 2017 |
Full year, 2017 |
|---|---|---|---|---|---|
| Net turnover | 8,366 | 7,942 | 25,024 | 23,826 | 31,767 |
| Operating expenses | -15,115 | -14,193 | -53,138 | -46,309 | -62,644 |
| Operating profit | -6,749 | -6,251 | -28,114 | -22,483 | -30,877 |
| Net financial items* | -2,278 | -7,349 | 7,241 | -21,708 | -21,390 |
| Profit before tax | -9,027 | -13,600 | -20,873 | -44,191 | -52,267 |
| Appropriations | 53,000 | ||||
| Estimated tax | 1,642 | 2,629 | 3,290 | 9,136 | 75 |
| Net profit | -7,385 | -10,971 | -17,583 | -35,055 | 808 |
| *of which dividend from subsidiaries | 0 | 1,056 | 1,417 | 1,056 | 1,056 |
Balance Sheet—Parent Company
| SEK 000 | Sept. 30, 2018 | Sept. 30, 2017 | Dec. 31, 2017 |
|---|---|---|---|
| Assets | |||
| Fixed assets | 739,309 | 726,095 | 759,718 |
| Current assets | 12,819 | 12,091 | 25,605 |
| Cash equivalents and short-term investments | 1,166 | 1,166 | 1,166 |
| Total assets | 753,294 | 739,352 | 786,489 |
| Liabilities and shareholders' equity | |||
| Shareholders' equity | 279,899 | 259,629 | 296,586 |
| Long-term liabilities | 376,046 | 400,205 | 414,178 |
| Current liabilities | 97,349 | 79,518 | 75,725 |
| Total liabilities and shareholders' equity | 753,294 | 739,352 | 786,489 |
| Of which interest-bearing liabilities | 387,377 | 405,569 | 394,822 |
Parent Company Statement of Changes in Equity
| SEK 000 | Share capital a | Other restricted equity |
Share pre mium reserve and retained earnings |
Net profit | Total equity |
|---|---|---|---|---|---|
| Opening equity, 1 Jan. 2018 | 9,534 | 7,034 | 280,018 | 296,586 | |
| Net profit | -17,583 | -17,583 | |||
| Total changes to net worth, excl. transactions with company's shareholders |
9,534 | 7,034 | 280,018 | -17,583 | 279,003 |
| Rights issuea | 11 | -89 | -78 | ||
| Repurchase of treasury shares | -11 | -11 | |||
| Share-based payment | 985 | 985 | |||
| Closing equity, 30 Sept. 2018 | 9,545 | 7,034 | 280,903 | -17,583 | 279,899 |
| a | |
|---|---|
| No. of shares, 1 Jan. 2018 | 28,601,379 |
| Shares issued in current rights issue | 34,657 |
| No. of shares, 30 Sept. 2018 | 28,636,036 |
Quotient value (SEK) 0.33
The issue price was 0.33 SEK per share.
Financial definitions
Average
Average values are computed as the median value of the current reporting period and the corresponding item in comparative periods 12 months previously.
Capital employed
Equity plus interest-bearing liabilities.
Development expenditure
Expenditure on product development work, such as personnel expenditure and external consulting expenditure, including expenditure capitalized as intangible assets.
Earnings per share
Net profit attributable to parent company shareholders divided by the number of shares at year-end.
Equity ratio Equity in relation to total assets.
Equity per share
Equity attributable to parent company shareholders divided by the number of shares.
Net debt
Interest-bearing liabilities less cash and cash equivalents and investments in securities, etc.
Operating assets
Total assets less cash and cash equivalents, and interest-bearing liabilities.
Operating margin
Operating profit in relation to net sales.
Profit margin
Net profit in relation to net sales.
Return on capital employed
Profit before tax plus financial expenses rolling 12 months in relation to average capital employed.
Return on equity after tax
Net profit rolling 12 months in relation to average equity.
Return on net operating assets
Operating profit (profit after depreciation and amortization) in relation to average net operating assets.
Beijer Electronics Group AB (publ)
Beijer Electronics Group (publ) is a high technology company active in industrial automation and data communication. The company develops and markets competitive products and solutions that focus on the user. Since its start-up in 1981, Beijer Electronics Group has evolved into a multinational group with net sales of 1.2 billion SEK in 2017. The company is listed on NASDAQ OMX Nordic Stockholm Small Cap under the ticker BELE.
More Information
You can subscribe for financial information on Beijer Electronics Group via e-mail. Subscribe easily at our website, www.beijergroup.com. If you have any questions about the Beijer Electronics Group, please call +46 (0)40 35 86 00, or send an email: [email protected]
Financial Calendar
| 28 January 2019Year-end Report |
|---|
| 17 April 2019Three-month Interim Report |
| 8 May 2019Annual General Meeting |
| 12 July 2019Six-month Interim Report |
| 23 October 2019Nine-month Interim Report |
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Head office Beijer Electronics Group AB (publ) Box 426, Stora Varvsgatan 13a 201 24 Malmö, Sweden Corp. ID no. 556025-1851 www.beijergroup.com | +46 (0)40 35 86 00