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Prevas Interim / Quarterly Report 2022
3190_10-q_2022-10-27_41ca13aa-2675-4920-8a17-81b02e72674a.pdf
Interim / Quarterly Report
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Prevas | Hello Possibility.
INTERIM REPORT, January - September
2022
INTERIM REPORT 2022
Increased turnover and profit
July - September 2022
- Net turnover 283.4 MSEK (252.9)
- Operating profit EBITA 33.2 MSEK (32.2)
- Operating margin EBITA 11.7 % (12.3)
- Operating profit EBIT 31.8 MSEK (31.3)
- Operating margin EBIT 11.2 % (11.9)
- Profit after tax 25.6 MSEK (24.5)
- Earnings per share before and after dilution 1.94 SEK (1.92)
January - September 2022
- Net turnover 934.3 MSEK (867.0)
- Operating profit EBITA 112.3 MSEK (93.5)
- Operating margin EBITA 12.0 % (10.7)
- Operating profit EBIT 108.6 MSEK (90.8)
- Operating margin EBIT 11.6 % (10.4)
- Profit after tax 86.0 MSEK (65.0)
- Earnings per share before and after dilution 6.57 SEK (5.02)
Prevas AB
Org. No: 556252-1384
Box 4, Glödgargränd 14
SE-221 03 Västerås
Mail: [email protected]
Tel: +46 (0)21-360 19 00
www.prevas.se
A word from the CEO
Steady and strong progress.
Strong third quarter
During the third quarter of 2021 Tritech Solutions AB was divested, which affected the total turnover by 9.6 MSEK, operating profit by 9.6 MSEK and operating margin by 3.3 percentage units. To facilitate the comparison of operational performance, the following comparisons are exclusive of the disposal of Tritech Solutions AB.
Net turnover in the third quarter of 2022 was 283 MSEK (253), which corresponds to an increase of 12 percent. It is estimated that approximately half of the growth is organic and approximately half is due to acquisitions. The EBITA results during the third quarter of the year were 33.2 MSEK (22.5), which corresponds to an operating increase of 47 percent. The EBITA margin was 11.7 percent (8.9), an increase of 2.8 percentage units.
Earnings per share increased to 1.94 (1.92) where the comparison with 2021 includes the capital gain from Tritech Solutions AB. It is reassuring to know that we can demonstrate an increase in earnings per share despite the large capital gain in the comparison quarter.
During the quarter the number of employees increased to 859, which is 17 more than at the end of the second quarter and 103 more than at the turn of the year. Of the increase of 103 employees, approximately 40 employees come from acquisitions. The organic growth in the number of employees during the first three quarters of the year can thus be recalculated to approximately 8 percent.
During the quarter we also passed 20 percent in the proportion of female staff. We started at 17 percent in the last quarter of 2021 and are now above 20 percent. The level isn't of itself satisfactory but the progress is absolutely in the right direction.
Stakeholders
The quarter has included many employee activities and further investments in Employer Branding. There have been initiatives for competence evenings, trips, hackathons, seminars and social activities with exercise, quizzes, games and trips. It's great that we can be a place where there is room for a lot of engagement and activities. When there are more of us and we increase the proportion of women it gets even better.
Activities on the customer side have been high during the quarter. Our relationships with customers usually last a long time. It is therefore extra rewarding to see that since the turn of the year nearly one hundred new customers have chosen to use Prevas to solve their needs, which are often complex and demanding. A proportion of these customers can and will develop new long mutually rewarding relationships, which also means that Prevas has healthy customer growth.
During the quarter, we have developed a sustainability training course that will be launched for all employees in the coming quarter. We have also introduced donation of the
month where employees can suggest a recipient organization that benefits the community. During the quarter Läxhjälpen and Ingenjörer utan gränser were selected by the employees as recipients.
We have also introduced improvements for shareholders during the quarter. Quarterly reporting will hereafter also be made in English to assist non Swedish speaking investors. During the quarter an external analysts firm has been appointed to increase the security and accessibility for existing and potential investors regarding information and analysis.
Forward thinking
The tempo within the organization is high and it is always intensive in the spurt towards the turn of the year as well as preparing for the coming year at the same time. Both tracks are full of energy and the determination to continue developing business is at top level. Regardless if we will face headwind or tailwind, there is always progress to be made.
Hello Possibility.
Johan Strid, CEO, Prevas AB
INTERIM REPORT 2022
Forthcoming Reports
Year end report 2022, February 9th 2023.
Interim report January - March 2023, April 27th 2023.
Interim report January - June 2023, July 18th 2023.
Interim report Jan-Sept 2023, Oct 26th 2023.
Year end report 2023, February 14th 2024.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
HomeOf Ingenuity
At Prevas ingenuity permeates everything that we do. With us, everyone is part of the solution. We are convinced that openness, independence and collaboration make us stronger.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Operations & Markets
Active markets.
Prevas is a development house where innovation is at the center. We use great technical expertise and business understanding to help our customers within selected industries to gain greater benefits from the technological advances of our time. Good for people, the planet and profits.
Continued steady demand from our customers
In the near future, according to macro news and the latest statistics, a downturn in the market demand looks likely. However, Prevas generally sees a strong demand for Prevas' services.
There is great need for technical expertise and the ability to resolve complex tasks. Electrification is not stopping, the demand for power transmission is increasing, demand related to security and defense is increasing and in several other areas the demand is stable. There are examples of customers that have reservations in relation to new investment, but that is clearly compensated for by the great demand from other customers. We make a point of not knowing what the future holds. As a consultancy company the important things are to be dynamic and close to your markets. Then one can take the peaks of demand as opportunities to grow at a fast pace and the troughs as opportunities to strengthen our positions.
VISION
Ingenuity will save the world.
MISSION
We co-create technological advancement for the betterment of all; people, planet and profit.
VALUES
At Prevas we summarize our values with the acronym BOAT - Business Driven, Open Minded, Active and Team Players.
EMPLOYEE PROMISE
Home of ingenuity.
HELLO POSSIBILITY
We solve problems. Many people would say that we do so with different technical solutions - and that is correct. But innovation is perhaps even more important. That's what Prevas is really about. Together seeing things that others do not. About opportunities.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Turnover
Divided by segment, Q1-3 2022
- Sweden 84%
- Denmark 12%
- Other 4%
The largest customers, Q1-3 2022
Saab / Ericsson / ABB / Atlas Copco / Maquet Critical Care
Industry breakdown, Q1-3 2022
- Engineering 20%
- Life Science 19%
- Other 15%
- Energy 9%
- Telecom 9%
- Defense 8%
- Products and units 8%
- Vehicles 7%
- Steel and minerals 5%
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Being active is a strength. At Prevas, we promote the inner strength, determination and fervor of each individual. We encourage everyone to think big, challenge conventions and be innovative.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Industries.
Understanding and being able to work with the latest technological and digital solutions is important. But we think that it is equally important to have experience of and understand what it is that drives our customer's operations and business.
Life science
They say that the first person who will live to 200 has already been born. This gives perspective. There are presently enormous opportunities for highly advanced healthcare for those with access. There are also major opportunities for improving the lives of everyone on our planet. We work with both perspectives. Our focus within Life Science includes biotechnology, medical technology and the pharmaceutical industry. We know the rules and regulatory requirements and how to effectively develop and bring products to market. In addition, we also provide solutions for manufacturing products. This is a fast growing area where we have a strong position and our services are in growing demand.
Engineering
A major driving force in the engineering industry is the will to change. Sustainability, digitalization, automation, data-driven optimization, Internet of Things and more drive both the demand and the opportunities for investment and change. We are well positioned for the future with our solid background, understanding of the industry and ingenious approach to technological solutions.
Energy
The Nordic countries are facing a gigantic engineering change. Solar and wind power are rapidly increasing. Electric vehicles are growing in numbers on a broad front and with them an extensive charging infrastructure. As a strategic expertise partner for the energy and electric power sector, Prevas is at stage center when the sustainable energy systems of the future are developed. Together with our clients, we find new ways to reduce energy use in production and processes, switch to smart grids, produce environmentally friendly energy and support the transition from fossil fuels to electrification.
Automotive
Self-driving vehicles, lower fuel consumption, electric/hybrid motors and higher safety requirements have become new focus areas for the automotive industry, together with lower emissions levels, higher quality requirements and lower production costs. Shorter development times, opportunities provided by new technologies and customer requirements for connected services are also examples of new challenges. Prevas has long experience of supplying the automotive industry with high quality solutions.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Defense
The Nordic defense industry supplies the global market with world leading products, solutions and services. One focus area is the continuous improvement, development and adaptation of new technology to satisfy the customers' needs in accordance with legislated requirements to different military standards. The combination of advanced technology and high demands for reliability and environmental sustainability fits very well with our experience and expertise. We continue to have a very good order book.
Products and units
Product development is presently conducted with an increasingly advanced combination of electronics, design of materials and form, as well as embedded software. Not infrequently, the devices are connected and intelligent, and in addition the focus on sustainability has increased. The segment contains everything from products that monitor health to synthesizers, ear defenders, vacuum cleaners, home automation and security products. With a combination of technical expertise, application skill and understanding of the customer's business, Prevas helps to get the customer's products onto the market quickly and safely.
Steel & Minerals
Metal and mineral producers still face major challenges, both in terms of competition and profitability. Our offer to this industry covers proven solutions and services with connection to operations control, production planning, project management, automation, environment & monitoring systems and reporting tools.
Telecom
The telecoms industry change is being powered by digitalization. New opportunities are created via connected systems within both 5G-technology and increased network infrastructure. Prevas has extensive experience in complex consulting services for software, hardware and mechanics in mobile networks. With expertise in, among other things, radio functions, Prevas contributes important knowledge to its customers. Prevas also supplies important components to telecoms companies' Product Lifecycle Management, such as globally centralized solutions within product traceability and marking and tools for managing organization's equipment.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Important events during the quarter.
Certification to standard ISO 13485, Medical Technology
Now Prevas' office in Copenhagen is also certified in accordance with ISO 13485. This is clear proof that Prevas delivers development services in full compliance with the high quality requirements for medical devices. The offices in Sundbyberg and Uppsala are already certified to the standard.
Order from Argeo AS
Prevas will supply a solution, based on HxGN EAM (Enterprise Asset Management), to Argeo. The maintenance solution will support Argeos' advanced operation of Autonomous underwater vehicles (AUVs).
Automation that releases resources
Prevas has developed a web based system for Moelven that automates the time consuming planning work for glue laminating. To optimize production of glued laminated beams, the best thing is to glue as much material as possible at one time. The solution will be used for production planning at several of Moelven's factories in Sweden and Norway.
Uncertainty in the wake of Corona and a troubled world
Covid-19 has affected operations in the first half of the year 2022, but the effects have been reducing and now have no direct impact. The pandemic continues to have an indirect impact on Prevas, through customers, suppliers and other stakeholders. The awful developments in Ukraine, that have created so much human suffering as a result of the aggressive invasion, have not affected Prevas as a company to any great degree. Prevas has no employees, partners or customer assignments in Russia or Ukraine.
Other aspects such as inflation, problems with transport, raw goods, materials and semiconductor components create overall uncertainty for the future and especially for our customers. These are risks that are difficult to assess, and Prevas' strategy to address them is to be as adaptable and dynamic company as possible.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Financial Information, group
INTERIM REPORT 2022
Turnover
July - September
Net turnover amounted to 283.4 MSEK (252.9) an increase of 30.5 and 12.1 percent. The present quarter reports an additional purchase price of 0.5 MSEK as other operating income attributable to the sale of Tritech Solutions AB. Other operating income for the comparison year includes a capital gain from the sale of Tritech Solutions AB of 9.6 MSEK. Tritech Solutions was acquired during 2021 and disposed of during the third quarter of the same year because the operation did not fully fit Prevas' core activities.
The number of working days amounted to 66 (66). Net turnover per employee amounted to 365 TSEK (343).
January - September
Net turnover amounted to 934.3 MSEK (867.0) an increase of 67.3 and 7.8 percent. If the operation in Tritech Solutions AB are excluded from the comparison period the increase was 94.7 MSEK and the growth amounted to 11.3 percent. During the first half year of 2021 (the company was divested in quarter 3) Tritech Solutions turnover reached 27.4 MSEK.
The number of working days amounted to 189 (188). Net turnover per employee amounted to 1,210 TSEK (1,153).
factor10 Solutions AB was acquired in April and BitSim-NOW AB in May. The companies have a non-material effect on the Group's position and results and therefore acquisition analyses are not presented in this report. More information on these acquisitions is available on the website (www.prevas.se) under press information.
Results
July - September
Profit before depreciation/amortization and write downs EBITDA amounted to 40.2 MSEK (40.3) which gives profit margin before depreciation/amortization and write downs of 14.2 percent (15.3). Operating profit EBIT amounted to 33.2 MSEK (32.2), which gives an operating margin of 11.7 percent (12.3). Operating profit EBIT amounted to 31.8 MSEK (31.3), which gives an operating margin of 11.2 percent (11.9). Profits after tax amounted to 25.6 MSEK (24.5). The profits include acquisition write downs of 1.4 MSEK (0.9).
If the disposal of Tritech Solutions AB is excluded from the comparison period, July-September 2021, the EBITA profits increased by 10.7 MSEK, an increase of 47 percent. The operating margin EBITA increased by 2.8 percentage points, 11.7 percent (8.9).
Results after tax have been affected positively by changed allocation regarding value of synthetic options of 0.3 MSEK. This allocation is connected to the development of Prevas' share price and not the operations activities.
January - September
Profit before depreciation/amortization and write downs EBITDA amounted to 134.5 MSEK (117.7) which gives profit margin before depreciation/amortization and write downs of 14.4 percent (13.4). Operating profit EBIT amounted to 112.3 MSEK (93.5), which gives an operating margin of 12.0 percent (10.7). Operating profit EBIT amounted to 108.6 MSEK (90.8), which gives an operating margin of 11.6 percent (10.4). Profits after tax amounted to 86.0 MSEK (65.0).
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Cash flow, liquid funds and financing
Cash flow from ongoing operations amounted to 75.5 MSEK (54.2) during the period January-September. Cash flow follows normal periodic variations. Liquid funds at period end amounted to 80.4 MSEK (157.0 of which unused credit 45.0). At the start of 2022 the overdraft facility was ended at the company's request because there was no longer a need for it.
During the period January-September two acquisitions were made via cash payments, which have affected the company's liquidity. It is the judgment of the Board that Prevas has a financing situation appropriate for the company's future planning.
Financial position
Equity at period end amounted to 529.2 MSEK (432.8), which gives an equity ratio of 60.8 percent (55.4). Equity per share amounted to 40.17 SEK (33.82).
In conjunction with the acquisition of Evotech AB and certain minority holdings, an acquisition loan of 90 MSEK was taken in January 2021. At the end of the third quarter 50.6 MESEK of the loan remained.
Employees
The average number of employees during the quarter amounted to 776 (738), of which 652 (624) were in Sweden, 76 (73) in Denmark, 21 (15) in Other segments and 27 (26) were central. The number of employees at the end of the period amounted to 859 (787). The proportion of female employees increased to 20.1 percent (18).
Investments
July - September
During the year, the group's investment in assets amounted to 1.4 MSEK (2.9), of which 1.4 MSEK (1.7) covered machinery and inventory and 0 MSEK (1.2) product development and intangible assets.
January - September
During the nine month period, the group's investment in assets amounted to 4.0 MSEK (3.9), of which 4.0 MSEK (2.7) covered machinery and inventory and 0 MSEK (1.2) product development and intangible assets. During the same period acquisition of 33.4 MSEK (73.4) were made.
Operational strength key ratios, projects in time
Customer satisfaction, delivery precision and warranty work are continuously metered as part of the company's certified quality system. Since starting in 1985, Prevas has had a very high number of satisfied customers and unique high quality figures regarding delivery precision and warranty. Prevas' customer satisfaction rating has increased to 8.8 (scale of 1 to 10) during the quarter.
The Parent Company
July - September
Turnover amounted to 164.4 MSEK (122.5) and the profit after financial items amounted to 38.7 MSEK (1.8). Dividends from subsidiaries explained the improved results for the quarter to a large degree.
January - September
Turnover amounted to 558.6 MSEK (424.8) and the profit after financial items amounted to 102.0 MSEK (33.9). Dividends from subsidiaries explained the improved results for the period to a large degree.
Risks and uncertainty factors
Covid-19 has affected operations in the first half of the year 2022, but the effects have been reducing and now
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
have no direct impact. The pandemic continues to have an indirect impact on Prevas, through customers, suppliers and other stakeholders. The awful developments in Ukraine, that have created so much human suffering as a result of the aggressive invasion, have not affected Prevas as a company to any great degree. Prevas has no employees, partners or customer assignments in Russia or Ukraine.
Other aspects such as inflation, problems with transport, raw goods, materials and semiconductor components create overall uncertainty for the future and especially for our customers. These are risks that are difficult to assess, and Prevas' strategy to address them is to be as adaptable and dynamic company as possible.
The market remains strong, albeit with much greater uncertainty for the future. Prevas sees good inward flow of assignments, inquiries and other opportunities, but also continuing difficulty in the labor market, where it is important to keep working with employer branding. This is to retain staff as well as to attract new employees to Prevas. Prevas has worked for a number of years to establish itself as an attractive employer. Work that has come to fruition and the company sees good trends in both recruitment flow and staff turnover. At the end of the quarter there are now 860 employees within Prevas. Generally, the expectation is that the labor market will remain highly competitive in the future and there are indications that wage levels are on the rise. The fact that Prevas is seen as an attractive employer with exciting assignments and development opportunities will continue to be important factors in the future.
It is Prevas' evaluation that the risks are generally unchanged during the first nine months of 2022. The risk regarding Covid-19 has reduced, but has increased with the changes to the world that the conflict in Ukraine have brought.
More information about Prevas risks and risk management can be found in the Annual report for 2021. It is the company's evaluation that the risks are the same as for the parent company.
Transactions with affiliated bodies
Any transactions of this type are reported in the annual report 2021 under note 25 and largely attributable to purchases and sales between companies within the group. Transactions occur under market conditions.
Accounting principles
This interim report has been prepared in accordance with IAS 34 Interim reports. The group report has been prepared in accordance with International Financial Reporting Standards, IFRS, as adopted by the EU, and where relevant Swedish legislation regarding annual reports. The parent company accounts have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounts for legal entities. The same reporting principles and calculation methods have been used in this report as in the most recent annual report. No new standards have affected the report during 2022.
Financial instruments
Reported value of liquid funds, account receivables, generated but unbilled income, interest bearing liabilities and suppliers' liabilities are considered to make up an approximation of the actual value of these receivables and liabilities.
Västerås October 27th 2022
Prevas AB (publ)
Johan Strid, CEO, Prevas AB
INTERIM REPORT 2022
CONTACT
Johan Strid, CEO
Tel: +46(0)21-360 19 00
Cell: +46 (0)70-379 10 61
Helena Burström, CFO
Tel: +46(0)21-360 19 00
Cell: +46 (0)70-201 11 14
This information is such that Prevas AB (publ) is required to make public in accordance with EU regulations to prevent market abuse and the Securities Market Act.
This information was released, by the above named contact person, for publication on October 27th 2022, at 08.30.
This is a translation of an original document in Swedish. In case of dispute, the original document should be taken as authoritative (Delårsrapport jan-sep 2022 at www.prevas.se). Or contact the company direct.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Auditor's report regarding
Review of the interim report
To the Board of Prevas AB (publ) company reg. no. 556252-1384
Introduction
We have carried out a review of the financial interim information in summary (interim report) for Prevas AB (publ) as per September 30th 2022 and the nine month period to that date. The Board and the Chief Executive Officer have the responsibility for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish legislation regarding annual reports. It is our responsibility to state our conclusions about this interim report based on this overall review.
The intention and scope of the overall review
We have carried out a review in accordance with the International Standard on Review Engagements ISRE 2410, Review of interim financial information performed by the independent auditor of the entity. A review consists of asking questions, primarily of those responsible for financial aspects and accounting aspects, carrying out an analytical inspection and taking other review inspection actions. A review has a different intention and significant-
ly smaller scope than the intention and scope that an audit in accordance with ISA and good auditing practice might have. The review actions that are taken in a review are not sufficient for us to be able to ascertain with certainty all the significant circumstances, which would be identified by an audit. The stated conclusion based on a review does not, therefore, have the security of a conclusion based on an audit.
Conclusion
Based on our review, no circumstances have arisen that have given us reason to believe that the interim report has not, in all material respects, been prepared by the company in accordance with IAS 34 and the relevant Swedish legislation regarding annual reports, and for the parent company in accordance with the relevant Swedish legislation regarding annual reports.
Västerås October 27th 2022
Ernst & Young AB
Per Modin
Chartered Accountant
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Statement of operations in summary, TSEK
The Group
| | 2022
Q 3 | 2021
Q 3 | 2022
Q1-3 | 2021
Q1-3 | 2021
Full year |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 283,436 | 252,892 | 934,318 | 867,025 | 1,186,883 |
| Other operating income | 457 | 9,629 | 457 | 9,629 | 9,629 |
| Other external costs | -75,508 | -70,831 | -237,785 | -224,319 | -312,435 |
| Personnel costs | -168,194 | -151,422 | -562,450 | -534,588 | -715,256 |
| Depreciation intangible fixed assets | -1,522 | -1,206 | -4,022 | -3,507 | -4,720 |
| Write-offs right of use assets | -6,156 | -7,279 | -19,818 | -21,768 | -28,677 |
| Depreciation tangible fixed assets | -759 | -533 | -2,051 | -1,636 | -2,226 |
| Operating profit, EBIT | 31,755 | 31,250 | 108,648 | 90,836 | 133,198 |
| Financial net | -1,470 | -2,135 | -1,003 | -8,958 | -7,362 |
| Profit after financial items | 30,285 | 29,115 | 107,644 | 81,878 | 125,836 |
| Tax | -4,693 | -4,582 | -21,659 | -16,907 | -23,066 |
| Profits for the period | 25,592 | 24,533 | 85,985 | 64,971 | 102,770 |
| Profit for period attributable to parent company owners | 24,692 | 24,477 | 83,712 | 63,959 | 102,862 |
| Profit for period attributable to non-controlling interests | 900 | 56 | 2,273 | 1,012 | -92 |
| Earnings per share before dilution in SEK | 1.94 | 1.92 | 6.57 | 5.02 | 8.08 SEK |
| Earnings per share after dilution in SEK | 1.94 | 1.92 | 6.57 | 5.02 | 8.08 SEK |
INTERIM REPORT 2022
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Report of total earnings in summary, TSEK
The Group
| | 2022
Q 3 | 2021
Q 3 | 2022
Q1-3 | 2021
Q1-3 | 2021
Full year |
| --- | --- | --- | --- | --- | --- |
| Profits for the period | 25,592 | 24,533 | 85,985 | 64,971 | 102,770 |
| Items that will be later implemented in the period's profit/loss; | | | | | |
| Translation differences attributable to overseas operations | 1,557 | 506 | 3,160 | 1,589 | 2,538 |
| Total earnings for the period after tax | 27,149 | 25,039 | 89,145 | 66,560 | 105,308 |
| Total earnings for period attributable to parent company owners | 26,249 | 24,982 | 86,872 | 65,548 | 105,400 |
| Total earnings for period attributable to non-controlling interests | 900 | 56 | 2,273 | 1,012 | -92 |
Key ratio per quarter
| | 2022
Q 3 | 2022
Q 2 | 2022
Q 1 | 2021
Q 4 | 2021
Q 3 | 2021
Q 2 | 2021
Q 1 | 2020
Q 4 | 2020
Q 3 | 2020
Q 2 | 2020
Q 1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operating income, MSEK | 283.9 | 335.3 | 315.6 | 319.9 | 252.9 | 313.2 | 300.9 | 202.6 | 158.7 | 194.0 | 216.3 |
| Operating profit EBIT, MSEK | 31.8 | 33.6 | 43.3 | 42.4 | 31.3 | 28.9 | 30.7 | 15.5 | 13.4 | 14.5 | 22.1 |
| Operating margin EBIT in % | 11.2 | 10.0 | 13.7 | 13.2 | 12.4 | 9.2 | 10.2 | 7.6 | 8.4 | 7.5 | 10.2 |
| Number of working days | 66 | 60 | 63 | 64 | 66 | 60 | 62 | 63 | 66 | 59 | 63 |
| Number of employees at end of period | 859 | 843 | 781 | 756 | 771 | 782 | 774 | 538 | 535 | 530 | 560 |
| Number of employees, average | 776 | 789 | 752 | 747 | 738 | 753 | 764 | 503 | 501 | 530 | 545 |
| Net turnover/employee, TSEK | 365 | 425 | 420 | 428 | 343 | 416 | 394 | 403 | 317 | 366 | 397 |
| Equity ratio, % | 61 | 56 | 60 | 57 | 55 | 51 | 52 | 51 | 52 | 50 | 51 |
| Earnings/share before dilution, SEK | 1.94 | 2.16 | 2.47 | 3.05 | 1.92 | 1.35 | 1.75 | 1.32 | 0.43 | 1.14 | 1.65 |
| Equity/share before dilution, SEK | 40.17 | 38.14 | 39.40 | 36.86 | 33.82 | 31.34 | 31.99 | 22.75 | 21.57 | 21.15 | 20.27 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Balance sheet in summary, TSEK
The Group
| | 2022
Sept 30th | 2021
Sept 30th | 2021
Dec 31st |
| --- | --- | --- | --- |
| Goodwill | 367,222 | 325,074 | 325,260 |
| Other intangible fixed assets | 33,153 | 27,742 | 26,751 |
| Tangible fixed assets | 9,074 | 5,952 | 6,557 |
| Rights-of-use assets | 43,675 | 46,170 | 37,041 |
| Financial fixed assets | – | 512 | – |
| Deferred tax asset | 1,492 | 1,025 | 1,846 |
| Total fixed assets | 454,616 | 406,475 | 397,455 |
| Stock | 1,057 | 375 | 216 |
| Current receivables | 334,382 | 262,359 | 304,205 |
| Liquid funds | 80,445 | 112,023 | 121,827 |
| Total current assets | 415,884 | 374,757 | 426,248 |
| TOTAL ASSETS | 870,500 | 781,232 | 823,703 |
| Equity attributable to owners of parent company | 511,691 | 430,739 | 469,448 |
| Equity attributable to non-controlling interests | 17,501 | 2,100 | 2,085 |
| Equity | 529,192 | 432,838 | 471,533 |
| Deferred tax liability | 24,177 | 22,184 | 26,368 |
| Long-term non-interest bearing liabilities | 13,177 | 5,309 | 6,123 |
| Long term interest bearing liabilities | 50,099 | 75,247 | 63,677 |
| Total non-current liabilities | 87,452 | 102,740 | 96,168 |
| Current provisions | 975 | 4,990 | 4,622 |
| Current interest bearing liabilities | 42,779 | 44,976 | 40,366 |
| Other short-term liabilities | 210,102 | 195,688 | 211,014 |
| Total current provisions | 253,856 | 245,654 | 256,002 |
| TOTAL LIABILITIES AND EQUITY | 870,500 | 781,232 | 823,703 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Changes in equity in summary, TSEK
The Group
| | 2022
Sept 30th | 2021
Sept 30th | 2021
Full year |
| --- | --- | --- | --- |
| Opening balance | 471,533 | 230,807 | 230,807 |
| Total of total earnings for period attributable to parent company owners | 86,872 | 65,548 | 105,400 |
| Total of total earnings for period attributable to non-controlling interests | 2,273 | 1,012 | -92 |
| Changes in ownership attributable to non-controlling interests | 13,302 | – | – |
| Purchase of holding without controlling interest | – | -2,800 | -2,800 |
| Stockholder contribution holding without controlling interest | – | 925 | 925 |
| Dividend attributable to non-controlling interests | -160 | – | – |
| Warrant program | -49 | 2,587 | 2,587 |
| Dividends | -44,579 | -25,421 | -25,473 |
| New share issue | – | 160,180 | 160,180 |
| Closing balance | 529,192 | 432,838 | 471,533 |
| Equity attributable to owners of parent company | 511,691 | 430,738 | 469,448 |
| Equity attributable to non-controlling interests | 17,501 | 2,100 | 2,085 |
INTERIM REPORT 2022
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Cashflow analysis, TSEK
INTERIM REPORT 2022
| The Group | 2022
Q 3 | 2021
Q 3 | 2022
Q1-3 | 2021
Q1-3 | 2021
Full year |
| --- | --- | --- | --- | --- | --- |
| ONGOING ACTIVITIES | | | | | |
| Pretax Profits | 30,285 | 29,115 | 107,644 | 81,878 | 125,836 |
| Adjustments for items not included in cash flow | 6,215 | -8,211 | 26,758 | -4,151 | -1,783 |
| Paid income tax | -7,906 | -1,801 | -26,209 | -15,403 | -22,842 |
| Cash flow from ongoing activities before change to working capital | 28,595 | 19,103 | 108,194 | 62,324 | 101,211 |
| Changes to stock | -416 | 1,572 | -581 | -139 | 20 |
| Changes to operating receivables | 8,594 | 38,450 | -27,840 | 14,374 | -27,472 |
| Changes to operating liabilities | -13,773 | 3,726 | -4,240 | -22,358 | 4,849 |
| Cash flow from ongoing activities | 23,000 | 62,851 | 75,533 | 54,201 | 78,608 |
| INVESTMENT ACTIVITIES | | | | | |
| Acquisition of activities and shares excl. liquid funds | - | -6,974 | -33,376 | -73,434 | -73,434 |
| Divestment of business | - | 20,906 | - | 20,906 | 20,906 |
| Investment in intangible fixed assets | - | -1,202 | - | -1,202 | -1,311 |
| Investment in tangible fixed assets | -1,454 | -1,745 | -4,032 | -2,740 | -3,825 |
| Cash flow from investment activities | -1,454 | 10,985 | -37,408 | -56,470 | -57,664 |
| FINANCING ACTIVITIES | | | | | |
| Amortization of lease liabilities | -5,782 | -7,279 | -19,241 | -19,549 | -27,088 |
| Dividends | -160 | -25,421 | -44,739 | -25,421 | -25,473 |
| Warrants | - | 2,587 | -49 | 2,587 | 2,587 |
| Stockholder contribution holding without non-controlling interests | - | 925 | - | 925 | 925 |
| Repayment of loans | -5,625 | -5,925 | -16,875 | -17,775 | -23,400 |
| Take up of loans | - | - | - | 90,000 | 90,000 |
| Cash flow from financing activities | -11,567 | -35,113 | -80,904 | 30,767 | 17,551 |
| Cash flow for the period | 9,978 | 38,723 | -42,780 | 28,498 | 38,495 |
| Liquid funds at start of period | 70,262 | 72,912 | 121,827 | 83,915 | 83,915 |
| Exchange differences in liquid funds | 205 | 388 | 1,398 | -390 | -583 |
| Liquid funds at end of period | 80,445 | 112,023 | 80,445 | 112,023 | 121,827 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Operating segment July - September 2022, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 236,300 | 34,197 | 12,278 | – | 282,775 |
| Other operating income | |||||
| Sales to other segments | 247 | 275 | 139 | -661 | |
| Profits before depreciation/amortization, EBITDA | 22,995 | 4,452 | 906 | 11,839* | 40,192 |
| Write-offs | -683 | -59 | -70 | -7,625* | -8,437 |
| Operating profit, EBIT | 22,312 | 4,393 | 836 | 4,214 | 31,755 |
| Financial items | -1,470 | -1,470 | |||
| Pretax Profits | 30,285 |
- Leasing according to IFRS 16 that is applied at group level is not recorded by the different segments.
Operating segment, July-September 2021, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 210,622 | 32,847 | 9,423 | – | 252,892 |
| Other operating income | – | – | 9,629 | – | 9,629 |
| Sales to other segments | 503 | 56 | 0 | -559* | |
| Profits before depreciation/amortization, EBITDA | 27,133 | 4,956 | 10,740 | -2,561* | 40,268 |
| Write-offs | -2,165 | -282 | -46 | -6,525 | -9,018 |
| Operating profit, EBIT | 24,968 | 4,674 | 10,694 | -9,086 | 31,250 |
| Financial items | -2,135 | -2,135 | |||
| Pretax Profits | 29,115 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Operating segment January - September 2022, TSEK
| Sweden | Denmark | Other | Corporate and elimina-tions | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 788,196 | 111,995 | 32,424 | – | 932,615 |
| Sales to other segments | 1,213 | 326 | 164 | -1,703 | |
| Profits before depreciation/amortization, EBITDA | 91,007 | 14,194 | 2,874 | 26,464 | 134,539 |
| Write-offs | -1,926 | -299 | -195 | -23,472* | -25,892 |
| Operating profit, EBIT | 89,081 | 13,895 | 2,679 | 2,992* | 108,647 |
| Financial items | -1,003 | -1,003 | |||
| Pretax Profits | 107,644 |
- Leasing according to IFRS 16 that is applied at group level is not recorded by the different segments.
Operating segment, January-September 2021, TSEK
| Sweden | Denmark | Other | Corporate and elimina-tions | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 703,852 | 107,385 | 55,788 | – | 867,025 |
| Other operating income | – | – | 9,629 | – | 9,629 |
| Sales to other segments | 1,356 | 72 | 49 | -1,477* | |
| Profits before depreciation/amortization, EBITDA | 91,429 | 16,327 | 16,310 | -6,319* | 117,747 |
| Write-offs | -4,147 | -858 | -138 | -21,768 | -26,911 |
| Operating profit, EBIT | 87,282 | 15,469 | 16,172 | -28,087 | 90,836 |
| Financial items | -8,958 | -8,958 | |||
| Pretax Profits | 81,878 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Sales to external customers per segment, July - September, TSEK
July - September 2022
July - September 2021
| Industries | Sweden | Denmark | Other | Total the group | Sweden | Denmark | Other | Total the group |
|---|---|---|---|---|---|---|---|---|
| Energy | 14,860 | 9,890 | 2,233 | 26,983 | 15,645 | 6,545 | 976 | 23,166 |
| Automotive | 20,162 | 411 | – | 20,573 | 22,219 | 640 | – | 22,858 |
| Defense | 24,877 | 1,199 | – | 26,076 | 22,316 | 612 | – | 22,928 |
| Life science | 38,437 | 10,287 | 702 | 49,426 | 41,085 | 16,949 | 388 | 58,422 |
| Products and units | 25,021 | 2,753 | – | 27,775 | 508 | 2,028 | 3,087 | 5,623 |
| Steel and minerals | 11,480 | – | 631 | 12,111 | 9,340 | – | 465 | 9,805 |
| Telecom | 22,586 | 2,297 | – | 24,883 | 16,297 | – | – | 16,297 |
| Engineering | 47,385 | 2,238 | 871 | 50,493 | 50,632 | 2,867 | 1,175 | 54,674 |
| Other | 30,528 | 6,297 | 6,232 | 43,057 | 32,579 | 3,206 | 3,332 | 39,118 |
| Total | 235,337 | 35,372 | 10,669 | 281,377 | 210,622 | 32,847 | 9,423 | 252,892 |
Sales to external customers per segment, Jan - September, TSEK
January - September 2022
January - September 2021
| Industries | Sweden | Denmark | Other | Total the group | Sweden | Denmark | Other | Total the group |
|---|---|---|---|---|---|---|---|---|
| Energy | 50,007 | 26,857 | 5,458 | 82,322 | 47,746 | 23,977 | 4,897 | 76,619 |
| Automotive | 61,682 | 1,798 | – | 63,480 | 60,943 | 870 | – | 61,813 |
| Defense | 70,635 | 2,785 | – | 73,420 | 63,998 | 2,673 | 963 | 67,634 |
| Life science | 135,124 | 40,376 | 1,871 | 177,371 | 129,452 | 55,025 | 2,010 | 186,487 |
| Products and units | 62,940 | 10,334 | – | 73,274 | 60,531 | 6,309 | 27,209 | 94,050 |
| Steel and minerals | 44,779 | – | 2,208 | 46,987 | 41,112 | – | 2,188 | 43,300 |
| Telecom | 78,274 | 5,093 | – | 83,367 | 47,303 | – | – | 47,303 |
| Engineering | 177,645 | 9,073 | 3,700 | 190,418 | 164,812 | 8,484 | 3,486 | 176,781 |
| Other | 107,109 | 17,006 | 17,506 | 141,621 | 87,955 | 10,048 | 15,036 | 113,038 |
| Total | 788,195 | 113,322 | 30,743 | 932,259 | 703,852 | 107,385 | 55,788 | 867,025 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Key ratio
The Group
| | 2022
Q 3 | 2021
Q 3 | 2022
Q1-3 | 2021
Q1-3 | 2021
Full year |
| --- | --- | --- | --- | --- | --- |
| Profit margin depreciation/amortization and write downs/
EBITDA | 14.2% | 15.3% | 14.4% | 13.4% | 14.1% |
| Operating margin/EBITA | 11.7% | 12.3% | 12.0% | 10.7% | 11.4% |
| Operating margin/EBIT | 11.2% | 11.9% | 11.6% | 10.4% | 11.1% |
| Profit margin | 10.7% | 11.1% | 11.5% | 9.3% | 10.5% |
| Number of shares outstanding at end of reporting period
and average number of shares outstanding, thousand
before dilution | 12,737 | 12,737 | 12,737 | 12,737 | 12,737 |
| after dilution | 12,737 | 12,737 | 12,737 | 12,737 | 12,737 |
| Earnings per share before dilution | 1.94 | 1.92 | 6.57 | 5.02 | 8.08 SEK |
| Earnings per share after dilution | 1.94 | 1.92 | 6.57 | 5.02 | 8.08 SEK |
| Equity per share before dilution | | | 40.17 | 33.82 | 36.86 SEK |
| Equity per share after dilution | | | 40.17 | 33.82 | 36.86 SEK |
| Equity ratio | | | 61% | 55% | 57% |
| Return on capital employed, % | | | 18.5% | 22.0% | 31.4% |
| Return on equity, % | | | 17.2% | 19.6% | 22.7% |
| Average number of employees | 776 | 738 | 772 | 752 | 748 |
| Number of working days | 66 | 66 | 189 | 188 | 252 |
| Net turnover per employee in TSEK | 365 | 343 | 1,210 | 1,153 | 1,587 |
| Total turnover per employee in TSEK | 366 | 356 | 1,211 | 1,166 | 1,600 |
Definitions of key ratios, see pages 66-67 in Prevas annual report 2021 and calculations on the website www.prevas.se/rap-porter.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Statement of operations in summary, TSEK
The Parent Company
| | 2022
Q 3 | 2021
Q 3 | 2022
Q1-3 | 2021
Q1-3 | 2021
Full year |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 164,355 | 122,458 | 558,629 | 424,801 | 623,641 |
| Other external costs | -57,362 | -54,126 | -191,228 | -152,318 | -235,556 |
| Personnel costs | -85,635 | -64,504 | -300,691 | -237,869 | -332,025 |
| Depreciation intangible fixed assets | -1,970 | -84 | -5,913 | -322 | -1,867 |
| Depreciation tangible fixed assets | -223 | -163 | -585 | -559 | -733 |
| Operating profit, EBIT | 19,165 | 3,582 | 60,212 | 33,733 | 53,460 |
| Profit from participation in group companies | 20,675 | – | 42,010 | 8,070 | 8,070 |
| Interest income and similar profit items | 461 | 45 | 2,006 | 74 | 206 |
| Interest costs and similar profit items | -1,569 | -1,856 | -2,219 | -7,945 | -9,276 |
| Profit after financial items | 38,732 | 1,771 | 102,009 | 33,932 | 52,460 |
| Tax allocation reserve | – | – | – | – | -12,000 |
| Tax | -4,360 | -712 | -14,341 | -6,729 | -6,155 |
| Profits for the period | 34,372 | 1,059 | 87,668 | 27,203 | 34,305 |
INTERIM REPORT 2022
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2022
Balance sheet in summary, TSEK
The Parent Company
| | 2022
Sept 30th | 2021
Sept 30th | 2021
Dec 31st |
| --- | --- | --- | --- |
| Intangible fixed assets | 31,210 | 287 | 37,123 |
| Tangible fixed assets | 2,370 | 1,631 | 1,560 |
| Financial fixed assets | 320,591 | 327,476 | 289,215 |
| Deferred tax asset | 1,066 | – | 1262 |
| Current receivables | 187,219 | 123,898 | 176,496 |
| Cash and Bank | 64,921 | 47,888 | 110,394 |
| Total assets | 607,377 | 501,180 | 616,050 |
| Restricted equity | 42,009 | 42,337 | 42,007 |
| Non-restricted equity | 262,395 | 211,928 | 219,359 |
| Equity | 304,404 | 254,265 | 261,366 |
| Untaxed reserves | 26,000 | 14,000 | 26,000 |
| Long-term non-interest bearing liabilities | 5,177 | 5,309 | 6,123 |
| Long term interest bearing liabilities | 28,125 | 50,625 | 45,000 |
| Current provisions | – | 3000 | 4,644 |
| Current interest bearing liabilities | 22,500 | 22,500 | 22,500 |
| Other short-term liabilities | 221,171 | 151,481 | 250,417 |
| Total liabilities and Equity | 607,377 | 501,180 | 616,050 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
in f
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Prevas | Hello Possibility.