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Elos Medtech — Interim / Quarterly Report 2022
Aug 18, 2022
3039_ir_2022-08-18_c132471d-ba96-49a3-9950-def72355dcbe.pdf
Interim / Quarterly Report
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Q2 2022 INTERIM REPORT
SEK 233.1 million
The Group's net sales increased to SEK 233.1 (181.0) million in the second quarter of 2022
SEK 37.8 million The Group's operating profit increased to SEK 37.8 (26.5) million in the second quarter of 2022
Q2 2022 INTERIM REPORT
April – June 2022
- Net sales for the second quarter amounted to SEK 233.1 (181.0) million, an increase of 28.8 percent compared to the same quarter last year. Net sales in local currencies increased by 19.7 percent.
- Operating profit amounted to SEK 37.8 (26.5) million, corresponding to an operating margin of 16.2 (14.7) percent.
- Profit after net financial items amounted to SEK 38.8 (22.8) million. Net financial items were positively affected by exchange rate differences of SEK 3.6 (-0.9) million and totaled SEK 1.1 (-3.7) million.
- Profit after tax amounted to SEK 29.7 (18.4) million.
- Cash flow from operating activities was SEK 26.4 (34.3) million, and SEK -3.8 (24.0) million after investments.
- Earnings per share amounted to SEK 3.68 (2.28).
January – June 2022
- Net sales for the first half of the year amounted to SEK 427.6 (352.2) million, an increase of 21.4 percent compared to the same period last year. Net sales in local currencies increased by 13.9 percent.
- Operating profit amounted to SEK 67.0 (51.6) million, corresponding to an operating margin of 15.7 (14.7) percent.
- Profit after net financial items amounted to SEK 68.6 (50.0) million. Net financial items were positively affected by exchange rate differences of SEK 4.4 (1.9) million and totaled SEK 1.6 (-1,6) million.
- Profit after tax amounted to SEK 52.7 (38.4) million.
- Cash flow from operating activities was SEK 34.7 (58.7) million, and SEK -23.8 (12.6) million after investments.
- Earnings per share amounted to SEK 6.53 (4.76).
| Key performance indicators | Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jul-Jun 2021/22 |
Jan-Dec 2021 |
|---|---|---|---|---|---|---|
| Net sales, SEK million | 233.1 | 181.0 | 427.6 | 352.2 | 799.0 | 723.6 |
| Growth, % | 28.8 | 53.0 | 21.4 | 27.1 | 22.0 | 24.8 |
| Operating profit before depreciation and amortization (EBITDA), SEK million |
53.7 | 39.7 | 98.4 | 78.1 | 177.0 | 156.6 |
| Operating profit before depreciation and amortization | ||||||
| (EBITDA), % | 23.0 | 21.9 | 23.0 | 22.2 | 22.1 | 21.6 |
| Operating profit (EBIT), SEK million | 37.8 | 26.5 | 67.0 | 51.6 | 116.6 | 101.1 |
| Operating profit (EBIT), % | 16.2 | 14.7 | 15.7 | 14.7 | 14.6 | 14.0 |
| Profit after financial items, SEK million | 38.8 | 22.8 | 68.6 | 50.0 | 116.7 | 98.0 |
| Undiluted and diluted earnings per share, SEK | 3.68 | 2.28 | 6.53 | 4.76 | 11.14 | 9.37 |
| Cash flow from operating activities, SEK million | 26.4 | 34.3 | 34.7 | 58.7 | 81.0 | 105.0 |
| Net debt, SEK million | 302.0 | 250.8 | 261.3 |
THE GROUP'S PERFORMANCE
Net sales April-June 2022
The Group's net sales for the quarter increased to SEK 233.1 (181.0) million. The increase of 28.8 percent compared with the second quarter of last year is attributable to all business areas: Dental 12.5 percent, Orthopedics 45.0 percent and Life Science 32.6 percent. Sales of proprietary products in Dental business area grew 38.6 percent and accounted for 15.6 (14.5) percent of total consolidated net sales. Net sales in local currencies increased by 19.7 percent.
Net sales January-June 2022
The Group's net sales for the first half year increased to SEK 427.6 (352.2) million. The increase of 21.4 percent compared with the same period last year is attributable to all business areas: Dental 16.5 percent, Orthopedics 26.1 percent and Life Science 22.3 percent. Sales of proprietary products in Dental business area grew 45.7 percent and accounted for 17.2 (14.3) percent of total consolidated net sales. Net sales in local currencies increased by 13.9 percent.
Earnings April-June 2022
The operating profit for the second quarter amounted to SEK 37.8 (26.5) million, corresponding to an operating margin of 16.2 (14.7) percent. The Group's net financial items were positively affected by exchange rate differences of SEK 3.6 (-0.9) million and a revaluation of interest rate swap, which had a positive impact of SEK 1.5 (-0.4) million. Net financial items amounted to SEK 1.1 (-3.7) million. Earnings after financial items amounted to SEK 38.8 (22.8) million and earnings after tax amounted to SEK 29.7 (18.4) million.
Earnings per share April-June 2022
Second quarter earnings per share both before and after dilution were SEK 3.68 (2.28) per share.
Earnings January-June 2022
The operating profit for the first half of the year amounted to SEK 67.0 (51.6) million, corresponding to an operating margin of 15.7 (14.7) percent. The Group's net financial items were positively affected by exchange rate differences of SEK 4.4 (1.9) million and a revaluation of interest rate swap, which had a positive impact of SEK 4.0 (1.7) million. Net financial items amounted to SEK 1.6 (-1.6) million. Earnings after financial items amounted to SEK 68.6 (50.0) million and earnings after tax amounted to SEK 52.7 (38.4) million.
Earnings per share January-June 2022
First half of the year earnings per share both before and after dilution were SEK 6.53 (4.76) per share.
Investments
The Group's investments in the second quarter amounted to SEK 30.2 (10.3) million and mainly relate to investments in machinery for several of the Group's sites. In total for the year investments of SEK 58.5 (46.2) million.
Financial position and liquidity
Consolidated total assets increased during the period to SEK 1,371.8 (1,076.4) million. Equity increased by SEK 104.3 million over the period with translation of foreign subsidiaries accounting for SEK 30.5 million of the increase. Total equity amounted to SEK 738.8 (581.2) million. Equity per share, calculated on 8,068,000 shares, amounted to SEK 91.57 (72.00). At the end of the year, risk-bearing capital was SEK 775.3 (605.0) million, which corresponds to 56.5 (56.2) percent of total capital. The Group's equity ratio was 53.9 (54.0) percent.
Cash flow
The Group's cash flow from operating activities for the quarter amounted to SEK 26.4 (34.3) million. Operating cash flow in the quarter amounted to SEK -3.8 (24.0) million.
The Group's cash flow from operating activities for the first half of the year amounted to SEK 34.7 (58.7) million. Operating cash flow in the period amounted to SEK -23.8 (12.6) million.
The Group's net debt increased during the period, to SEK 302.0 (250.8) million. The Group's cash and cash equivalents amounted to SEK 160.2 (94.1) million.
Personnel
The average number of employees in the Group in the second quarter was 613 compared to 528 in the previous year, which is an increase of 16 percent.
The average number of employees in the Group in the first half of the year was 597 compared to 530 from the previous year, which is an increase of 13 percent.
At the end of the period, the number of employees in the Group was 624 (520).
Events during the quarter
During the quarter, the majority of the Group's existing bank loans were refinanced. The refinancing gives Elos Medtech increased borrowing possibilities for future growth.
Events after the end of the quarter
No events after the balance sheet date have occurred that materially affect the assessment of the financial information contained in this report.
OTHER INFORMATION
Accounting policies
This interim report has been prepared in accordance with IAS 34 Interim Reporting and the relevant provisions of the Annual Accounts Act. The interim report of the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Report. For the Group and the Parent Company, the same accounting principles and calculation bases have been applied as in the most recent annual report.
In addition to the financial statements, disclosures in accordance with IAS 34.16A are also presented in parts of the interim report.
Segment reporting
The internal financial follow-up per business area is adapted to the Group's various customer segments and uses operating profit as a measure to assess segment performance. Directly attributable items and items that can reasonably be allocated by segment have been included in the segment's operating profit.
Unallocated Group expenses refer mainly to note-related costs.
Financial instruments at fair value
For the property loans in the US, the Group swaps its variable interest rate for a fixed rate through interest rate swaps. These interest rate swaps are recognized at fair value via the income statement. Unrealized gains and losses arising from fluctuations in the fair values of the financial instruments are recognized in net financial items in the consolidated income statement. For interest rate swaps, fair value is determined based on market prices. If such prices are not available, fair value is determined by discounting the difference between the contractual interest rate and the interest rate that can be obtained at the balance sheet date for the remaining contract term. Any premiums paid for the swap contract are recognized as interest over the term of the contract. As Elos Medtech intends to hold these derivatives to maturity, mark-to-market accounting of the derivatives over time will not affect earnings or cash flow.
Fair value measurement of interest rate derivatives had a positive impact on quarterly earnings of SEK 1.5 (-0.4) million, and a positive impact of SEK 4.0 (1.7) million on earnings for the first half year.
Significant risks and uncertainties
The Group's principal risks and uncertainties include operational and financial risks. Among operational risks, Elos Medtech is primarily affected by risks associated with customers and markets, but also other external factors such as price risks for materials and supplies. The Group also faces financial risks associated with changes in exchange rates and credit risks. A detailed description of the Group's risks and uncertainties, as well as how these are being managed, is provided in the Directors' Report and in Notes 42 and 44 in the 2021 Annual Report.
Uncertainty in the geopolitical and security-related environment remains high but has not yet had a significant impact on the financial reporting. However, it cannot be ruled out that this will have an effect in the future. Elos Medtech continues to focus on customer deliveries by working actively with the Group's suppliers and secure good raw material levels.
Related party transactions
The company had no transactions with related parties during the reporting period.
Parent Company
In addition to the administration of central management issues, the parent company also provide Group-wide support in IT and marketing, quality management, risk management, financing, and financial control.
The Parent Company's net sales in the second quarter amounted to SEK 7.3 (6.5) million. Profit after financial items amounted to SEK 32.1 (9.4) million, of which SEK 20.2 (-3.9) million refers to exchange rate differences mainly related to the translation of loans to subsidiaries. The result was negatively affected by SEK 2.2 million due to changed basis of calculation for the PRI pension liability. SEK 1.4 million of this change has been reported as increased financial expenses. The Parent Company reported a profit after tax of SEK 29.2 (11.3) million. The percentage of risk-bearing capital was 55.7 (82.1) percent. The equity ratio was 55.5 (81.7) percent.
Future-oriented information
The company does not make forecasts.
Future-oriented information in this report is based on management's expectations at the time of the report. Although the Board of Directors and management feel that these expectations are reasonable, it is no guarantee that the expectations are, or will prove to be, correct. Consequently, future outcomes may vary significantly compared to the future-oriented information due to such things as changes in the market conditions for the Group's services or changes in the overall situation concerning the economy, market and competition, changes in legal requirements and other policy measures as well as fluctuations in exchange rates. The company does not undertake to update or correct any future-oriented information except as stipulated by law.
Examination by the auditors
This report has not been been subject to a review by the company's auditors.
The Board of Directors and CEO certify that this half-yearly report provides a true and fair view of the company's and the Group's operations, financial position and performance and describes the significant risks and uncertainties faced by the company and companies belonging to the Group.
Gothenburg, August 18, 2022
Elos Medtech AB (publ)
Stefano Alfonsi Chairman of the Board
Birker Bahnsen Lovisa Lander Board Member Board Member
Alexander Cicetti Magnus René Board Member Board Member
Jodie Gilmore CEO
CONDENSED CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
| SEK million | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| Income statement | 2022 | 2021 | 2022 | 2021 | 2021/22 | 2021 |
| Net sales | 233.1 | 181.0 | 427.6 | 352.2 | 799.0 | 723.6 |
| Cost of goods sold | -147.2 | -115.6 | -268.1 | -227.6 | -508.6 | -468.1 |
| Gross profit | 85.9 | 65.4 | 159.5 | 124.6 | 290.4 | 255.5 |
| Selling expenses | -12.5 | -9.6 | -23.7 | -17.8 | -41.5 | -35.6 |
| Administrative expenses | -30.6 | -25.4 | -57.9 | -46.5 | -114.5 | -103.1 |
| Development costs | -6.5 | -4.2 | -12.5 | -8.6 | -21.6 | -17.7 |
| Other operating income/expenses | 1.5 | 0.3 | 1.7 | -0.1 | 3.8 | 2.0 |
| Operating profit | 37.8 | 26.5 | 67.0 | 51.6 | 116.6 | 101.1 |
| Financial income | 5.3 | 0.0 | 8.9 | 3.9 | 12.8 | 7.8 |
| Financial expenses | -4.2 | -3.7 | -7.3 | -5.5 | -12.7 | -10.9 |
| Profit after financial items | 38.8 | 22.8 | 68.6 | 50.0 | 116.7 | 98.0 |
| Tax expense | -9.1 | -4.4 | -15.9 | -11.6 | -26.7 | -22.4 |
| Profit after tax | 29.7 | 18.4 | 52.7 | 38.4 | 90.0 | 75.6 |
| Attributable to Parent Company shareholders | 29.7 | 18.4 | 52.7 | 38.4 | 90.0 | 75.6 |
| Undiluted and diluted earnings per share, SEK* | 3.68 | 2.28 | 6.53 | 4.76 | 11.14 | 9.37 |
| * Attributable to Parent Company shareholders' share of profit after tax. | ||||||
| Statement of comprehensive income | ||||||
| Profit after tax | 29.7 | 18.4 | 52.7 | 38.4 | 90.0 | 75.6 |
| Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss | ||||||
| Actuarial gains and losses | 2.8 | 2.9 | 6.4 | 2.9 | - | -3.5 |
| Tax | -0.6 | -0.6 | -1.3 | -0.6 | - | 0.7 |
| 2.3 | 2.3 | 5.1 | 2.3 | - | -2.8 | |
| Items that may be reclassified to profit or loss | ||||||
| Translation differences for the period | 40.0 | -8.4 | 50.7 | 13.2 | 73.9 | 36.4 |
| Tax | -3.4 | 0.7 | -4.2 | -1.0 | -5.9 | -2.7 |
| 36.6 | -7.7 | 46.5 | 12.2 | 68.0 | 33.7 | |
| Other comprehensive income. net | 38.8 | -5.5 | 51.6 | 14.5 | 68.0 | 30.9 |
| Comprehensive income for the year | 68.5 | 12.9 | 104.3 | 52.9 | 158.0 | 106.5 |
| Parent Company shareholders | 68.5 | 12.9 | 104.3 | 52.9 | 158.0 | 106.5 |
| Operating profit before depreciation and amortization | ||||||
| (EBITDA) % |
23.0 | 21.9 | 23.0 | 22.2 | 22.1 | 21.6 |
| Operating profit (EBIT) % |
16.2 | 14.7 | 15.7 | 14.7 | 14.6 | 14.0 |
| SEK | ||||||
| Depreciation and amortization charged to earnings million |
16.0 | 13.2 | 31.4 | 26.5 | 60.4 | 55.5 |
CONDENSED CONSOLIDATED STATE-MENT OF FINANCIAL POSITION
| SEK million | |||
|---|---|---|---|
| Balance sheet | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
| Assets | |||
| Intangible assets | 302.1 | 260.3 | 272.3 |
| Property, plant and equipment | 529.5 | 442.1 | 469.5 |
| Financial fixed assets | 0.5 | 1.5 | 1.4 |
| Current assets | 379.6 | 278.3 | 288.1 |
| Cash and cash equivalents | 160.2 | 94.1 | 95.1 |
| Total assets | 1 371.8 | 1 076.4 | 1 126.4 |
| Equity and liabilities | |||
| Equity | 738.8 | 581.2 | 634.4 |
| Non-current liabilities | 474.4 | 316.5 | 316.6 |
| Current liabilities | 158.6 | 178.6 | 175.4 |
| Total equity and liabilities | 1 371.8 | 1 076.4 | 1 126.4 |
CONDENSED CONSOLIDATED CASH FLOWS STATEMENT
| SEK million | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| Cash flow | 2022 | 2021 | 2022 | 2021 | 2021/22 | 2021 |
| Profit after net financial items | 38.8 | 22.8 | 68.6 | 50.0 | 116.6 | 98.0 |
| Reversal of depreciation and amortization | 16.0 | 13.2 | 31.4 | 26.5 | 60.4 | 55.5 |
| Adjustment for non-cash items | -3.7 | 1.4 | -7.5 | -1.2 | -8.4 | -2.1 |
| Tax paid | -3.4 | -2.5 | -6.4 | -5.7 | -18.9 | -18.2 |
| Changes in working capital | -21.2 | -0.6 | -51.3 | -10.9 | -68.6 | -28.2 |
| Cash flow from operating activities | 26.4 | 34.3 | 34.7 | 58.7 | 81.0 | 105.0 |
| Investments in fixed assets | -30.2 | -10.3 | -58.5 | -46.2 | -97.8 | -85.5 |
| Sale of fixed assets | - | - | - | 0.1 | - | 0.1 |
| Cash flow from investing activities | -30.2 | -10.3 | -58.5 | -46.1 | -97.8 | -85.4 |
| Operating cash flow | -3.8 | 24.0 | -23.8 | 12.6 | -16.8 | 19.6 |
| Borrowings | 302.3 | 21.1 | 339.8 | 30.2 | 370.5 | 60.9 |
| Repayment of borrowings | -230.9 | -14.9 | -258.7 | -27.7 | -298.8 | -67.8 |
| Dividend to shareholders | - | -12.1 | - | -12.1 | - | -12.1 |
| Cash flow from financing activities | 71.5 | -5.9 | 81.2 | -9.6 | 71.8 | -19.0 |
| Cash flow for the period | 67.6 | 18.1 | 57.4 | 3.0 | 55.0 | 0.5 |
| Cash and cash equivalents at the beginning of the period |
86.8 | 76.7 | 95.1 | 88.5 | 94.1 | 88.5 |
| Exchange rate difference in cash and | ||||||
| cash equivalents | 5.6 | -0.7 | 7.6 | 2.7 | 11.0 | 6.1 |
| Cash and cash equivalents at the end of the | ||||||
| period | 160.1 | 94.1 | 160.1 | 94.1 | 160.1 | 95.1 |
CONDENSED CONSOLIDATED STATE-MENT OF CHANGES IN EQUITY
| SEK million | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Opening balance | 634.4 | 540.3 | 540.3 |
| Total comprehensive income | 104.3 | 52.9 | 106.2 |
| Dividend | - | -12.1 | -12.1 |
| Closing equity | 738.8 | 581.2 | 634.4 |
KEY PERFORMANCE INDICATORS, GROUP
| Jan-Jun | Jan-Jun | Jan-Dec | ||
|---|---|---|---|---|
| 2022 | 2021 | 2021 | ||
| Return on operating capital | % | 13.1 | 10.5 | 12.0 |
| Return on equity* | % | 13.6 | 11.0 | 12.9 |
| Share of risk-bearing capital | % | 56.5 | 56.2 | 58.9 |
| Equity ratio | % | 53.9 | 54.0 | 56.3 |
| Net debt/EBITDA* | times | 1.7 | 1.7 | 1.7 |
| Investments, not including acquisitions | SEK million | 58.5 | 10.3 | 85.5 |
| Average number of employees | number | 597 | 530 | 535 |
*R12
DATA PER SHARE
| Jan-Jun | Jan-Jun | Jan-Dec | ||
|---|---|---|---|---|
| 2022 | 2021 | 2021 | ||
| Undiluted and diluted earnings per share, SEK* | SEK million | 6.53 | 4.76 | 9.37 |
| Average number of shares | thousands | 8,068.0 | 8,068.0 | 8,068.0 |
| Number of shares at the end of the period | thousands | 8,068.0 | 8,068.0 | 8,068.0 |
| Equity per share | SEK | 91.6 | 72.0 | 78.6 |
| Share price at the end of the period | SEK | 250.0 | 215.0 | 274.0 |
| Dividend | SEK | - | - | - |
* Attributable to Parent Company shareholders' share of profit after tax
BUSINESS AREA INFORMATION
| Growth | Growth | |||||||
|---|---|---|---|---|---|---|---|---|
| SEK million | Apr-Jun | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jul/Jun | Jan-dec |
| Net sales by business area | 2022 | 2021 | 2022 | 2022 | 2021 | 2022 | 2021/22 | 2021 |
| Dental | 80.4 | 71.5 | 12.5% | 157.6 | 135.2 | 16.5% | 298.2 | 275.8 |
| Orthopedics | 87.5 | 60.4 | 45.0% | 150.2 | 119.1 | 26.1% | 267.5 | 236.3 |
| Life Science | 65.1 | 49.1 | 32.6% | 119.7 | 97.9 | 22.3% | 233.3 | 211.4 |
| Total net sales | 233.1 | 181.0 | 28.8% | 427.6 | 352.2 | 21.4% | 799.0 | 723.6 |
The value of sales between business areas is minor.
| SEK million | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul/Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| EBITDA by business area | 2022 | 2021 | 2022 | 2021 | 2021/22 | 2021 |
| Dental | 20.4 | 17.3 | 43.7 | 33.6 | 77.9 | 67.8 |
| Orthopedics | 16.0 | 15.8 | 22.9 | 26.5 | 49.6 | 53.2 |
| Life Science | 18.3 | 11.6 | 34.0 | 24.3 | 66.4 | 56.7 |
| Unallocated Group expenses | -1.1 | -5.0 | -2.4 | -6.2 | -17.5 | -21.3 |
| Total profit before depreciation and | ||||||
| amortization | 53.7 | 39.7 | 98.4 | 78.1 | 177.0 | 156.6 |
| Depreciation and amortization by business area | ||||||
| Dental | -4.8 | -4.5 | -9.7 | -9.1 | -18.2 | -17.6 |
| Orthopedics | -6.4 | -4.4 | -12.2 | -9.0 | -22.3 | -19.1 |
| Life Science | -4.6 | -4.3 | -9.4 | -8.5 | -19.4 | -18.5 |
| Total depreciation and amortization | -16.0 | -13.2 | -31.4 | -26.5 | -60.4 | -55.5 |
| Operating profit by business area | ||||||
| Dental | 15.6 | 12.8 | 34.0 | 24.5 | 59.7 | 50.2 |
| Orthopedics | 9.6 | 11.4 | 10.7 | 17.5 | 27.3 | 34.1 |
| Life Science | 13.7 | 7.3 | 24.6 | 15.8 | 47.0 | 38.2 |
| Unallocated Group expenses | -1.1 | -5.0 | -2.4 | -6.2 | -17.5 | -21.3 |
| Total operating profit | 37.8 | 26.5 | 67.0 | 51.6 | 116.6 | 101.1 |
QUARTERLY RESULTS FOR THE GROUP
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
|---|---|---|---|---|---|---|---|---|
| Quarterly results | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 |
| Net sales | 233.1 | 194.5 | 184.2 | 187.2 | 181.0 | 171.2 | 154.8 | 147.9 |
| Cost of goods sold | -147.2 | -120.9 | -121.4 | -119.1 | -115.6 | -112.0 | -102.6 | -100.4 |
| Gross profit | 85.9 | 73.5 | 62.8 | 68.1 | 65.4 | 59.2 | 52.2 | 47.5 |
| Sales, admin and development | ||||||||
| costs | -49.6 | -44.4 | -39.9 | -43.6 | -39.2 | -33.8 | -32.2 | -30.3 |
| Other operating income and | ||||||||
| expenses | 1.5 | 0.2 | 2.4 | -0.3 | 0.3 | -0.4 | -1.1 | 0.7 |
| Operating profit | 37.8 | 29.2 | 25.3 | 24.2 | 26.5 | 25.0 | 18.9 | 17.9 |
| Financial income | 5.3 | 3.6 | 2.2 | 1.8 | - | 4.9 | - | - |
| Financial expenses | -4.2 | -3.0 | -2.7 | -2.7 | -3.7 | -2.8 | -5.6 | -3.7 |
| Profit after financial items | 38.8 | 29.8 | 24.8 | 23.3 | 22.8 | 27.1 | 13.3 | 14.2 |
| Tax expense | -9.1 | -6.8 | -5.2 | -5.7 | -4.4 | -7.1 | -2.2 | -1.6 |
| Profit after tax | 29.7 | 23.0 | 19.5 | 17.6 | 18.4 | 20.0 | 11.1 | 12.6 |
PARENT COMPANY INCOME STATEMENT
| SEK million Income statement |
Apr-Jun 2022 |
Apr-Jun 2021 |
Jan-Jun 2022 |
Jan-Jun 2021 |
Jul-Jun 2021/22 |
Jan-Dec 2021 |
|---|---|---|---|---|---|---|
| Net sales | 7.3 | 6.5 | 14.5 | 13.0 | 25.8 | 24.3 |
| Selling expenses | -2.6 | -2.2 | -4.2 | -4.4 | -7.8 | -8.0 |
| Administrative expenses | -12.8 | -10.8 | -21.1 | -17.5 | -50.2 | -46.6 |
| Other operating income/expenses | 0.1 | - | 0.1 | -0.1 | 0.1 | -0.1 |
| Operating profit | -8.0 | -6.5 | -10.7 | -9.0 | -32.1 | -30.4 |
| Income from investments in Group companies | 19.4 | 19.0 | 19.4 | 19.0 | 44.4 | 44.0 |
| Interest income, Group companies | 2.9 | 1.1 | 4.1 | 2.2 | 6.4 | 4.5 |
| Other interest income and similar income | 20.7 | - | 24.7 | 6.0 | 34.9 | 16.2 |
| Other interest expense and similar charges | -2.9 | -4.2 | -4.7 | -0.9 | -5.2 | -1.4 |
| Profit after financial items | 32.1 | 9.4 | 32.8 | 17.3 | 48.4 | 32.9 |
| Appropriations | - | - | - | - | -2.8 | -2.8 |
| Tax on profit for the year | -2.9 | 1.9 | -3.1 | 0.2 | -5.8 | -2.5 |
| Profit after tax | 29.2 | 11.3 | 29.7 | 17.5 | 39.8 | 27.6 |
* Profit after tax is the same as comprehensive income for the year.
CONDENSED PARENT COMPANY BALANCE SHEET
| SEK million | |||
|---|---|---|---|
| Balance sheet | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
| Assets | |||
| Intangible assets | 2.9 | 4.0 | 3.3 |
| Property, plant and equipment | 0.2 | 0.3 | 0.2 |
| Financial fixed assets | 668.3 | 403.6 | 412.8 |
| Current assets | 46.6 | 35.9 | 62.5 |
| Cash and cash equivalents | 67.7 | 38.1 | 26.9 |
| Total assets | 785.7 | 481.9 | 505.7 |
| Equity and liabilities | |||
| Equity | 430.2 | 390.4 | 400.5 |
| Untaxed reserves | 7.0 | 4.1 | 7.0 |
| Provisions for pensions | 10.2 | 7.9 | 8.5 |
| Non-current liabilities | 306.9 | 21.5 | 17.2 |
| Current liabilities | 31.4 | 58.0 | 72.5 |
| Total equity and liabilities | 785.7 | 481.9 | 505.7 |
RECONCILIATION BASIS FOR ALTERNATIVE PERFORMANCE MEASURE
The interim report presents certain financial performance measures of earnings trend, financial position and cash flow that are not defined in accordance with IFRS. These performance measures are intended to serve as important supplementary performance indicators of the Group's performance and financial position and the purpose is to provide a better understanding of the business. Elos Medtech's definitions of these measures may differ from other companies' definitions of the same concepts. The alternative performance measures presented in the interim reports should not be regarded as a replacement to terms and concepts in accordance with IFRS. They are instead intended as a supplement.
Calculations of non-IFRS performance measures that are not mentioned elsewhere in the interim report are presented below. For complete information regarding the calculation and reasons for using alternative performance measures, please see: www.elosmedtech.com.
| SEK million | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul-Jun | Jan-Dec |
|---|---|---|---|---|---|---|
| Growth | 2022 | 2021 | 2022 | 2021 | 2021/22 | 2021 |
| Reported net sales | 233.1 | 181.0 | 427.6 | 352.2 | 799.0 | 723.6 |
| Net sales for the corresponding period last year | 181.0 | 118.3 | 352.2 | 277.2 | 655.0 | 580.0 |
| Change in net sales | 52.1 | 62.7 | 75.4 | 75.0 | 144.0 | 143.6 |
| Growth, % | 28.8 | 53.0 | 21.4 | 27.1 | 22.0 | 24.8 |
| Net sales adjusted for exchange rate changes | ||||||
| Exchange rate changes | 13.7 | -7.2 | 23.2 | -16.0 | 24.2 | -15.0 |
| Net sales for the corresponding period last year | ||||||
| adjusted for exchange rate changes | 194.7 | 111.1 | 375.4 | 261.2 | 679.2 | 565.0 |
| Growth adjusted for exchange rate changes, % | 19.7 | 62.9 | 13.9 | 34.8 | 17.6 | 28.2 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jul-Jun | Jan-Dec | |
|---|---|---|---|---|---|---|
| EBITDA | 2022 | 2021 | 2022 | 2021 | 2021/22 | 2021 |
| Reported operating profit | 37.8 | 26.5 | 67.0 | 51.6 | 116.6 | 101.1 |
| Depreciation/amortization | 16.0 | 13.2 | 31.4 | 26.5 | 60.4 | 55.5 |
| EBITDA | 53.7 | 39.7 | 98.4 | 78.1 | 177.0 | 156.6 |
| Risk-bearing capital | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Equity | 738.8 | 581.2 | 634.4 |
| Deferred tax liability | 36.5 | 23.8 | 28.9 |
| Risk-bearing capital | 775.3 | 605.0 | 663.3 |
| Net debt | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Non-current interest-bearing provisions for pensions | 64.1 | 62.4 | 69.9 |
| Non-current interest-bearing liabilities | 373.9 | 230.3 | 217.2 |
| Current interest-bearing liabilities | 24.3 | 52.2 | 69.3 |
| Total liabilities | 462.2 | 344.9 | 356.4 |
| Cash and cash equivalents | -160.2 | -94.1 | -95.1 |
| Net debt | 302.0 | 250.8 | 261.3 |
| Liquidity reserve | 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 |
|---|---|---|---|
| Cash and cash equivalents | 160.2 | 94.1 | 95.1 |
| Bank overdraft facilities granted | - | 67.2 | 67.5 |
| Liquidity reserve | 160.2 | 161.3 | 162.6 |
Financial calendar
| Activity | Date |
|---|---|
| Interim report January-September 2022 | October 21, 2022 |
| Year-end report 2022 | February 23, 2023 |
Publication
This information is information that Elos Medtech AB (publ) is required to publish under the EU Market Abuse Regulation. The information was submitted for publication by the above contact person on August 18 at 8:00 a.m. (CEST).
Elos Medtech AB (publ) is a Swedish limited liability company, whose B shares are listed on Mid Cap, NASDAQ Stockholm AB. Elos Medtech's corporate governance is based on Swedish legislation and the company's listing agreement with NASDAQ Stockholm AB.
This is a translation of the Swedish version of the Q2 Interim report 2022. When in doubt, the Swedish wording prevails.
For questions about the report, please contact:
Jodie Gilmore CEO and President & Business Unit Director Orthopedics Tel: +1 (901) 830 4552 Email: [email protected]
Ewa Linsäter Chief Financial Officer Tel: +46 76 633 32 33 Email: [email protected]
FIND US HERE
Elos Medtech AB (publ)
Torsgatan 5B SE-411 04 Gothenburg Sweden Tel: +46 10 171 20 00 Corp. ID no: 556021-9650 [email protected] www.elosmedtech.com