Quarterly Report • Apr 22, 2020
Quarterly Report
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"We are increasing shareholder value through a more efficient, growing and more learning Rejlers."
Exergi The assignment includes control system replacements for a number of pumping stations in the company's southern production area and are a part of a long-term automation programme to modernise and create a uniform system. The project is expected to be under way throughout 2020 where Rejlers stands for the delivery of project management, project engineering, programming, design and commissioning.
Jesper Börjesson was appointed the Head of Learning at Rejlers Jesper Börjesson, a former journalist at TV4, began at Rejlers in the new role as Head of Learning. Jesper will lead the initiative on Rejlers Play, one of several initiatives to strengthen Rejlers knowledge dissemination internally and externally. An initiative that is in line with the company's vision, Home of the Learning Minds.
Luleå The contract covers electrical systems design for the new control system, which regulates gas processing at the coke plant, and the new switchgear. Rejlers is also responsible for ensuring high quality when the new systems are brought into operation.
During the quarter, Rejlers acquired the companies Delta-KN Oy and RR Management Oy. The acquisitions are in line with Rejlers' growth strategy and mean that the company is strengthening its brand in Finland.
In the construction and property industry, there is an extensive interest in Rejlers' services and several new agreements were reached with Vedal, JM and Selvaag, among others. In the Industry area, where Rejlers Norway provides services in IT and digitalisation, agreements were also signed with several new customers, such as Kavli in Norway.
Earnings per share before dilution, SEK
Q1. INTERIM REPORT REJLERS. 1 JANUARY—MARCH 2020.
During the first quarter of the year, Rejlers presented a strong sales and earnings growth. The EBITA for the quarter of SEK 44.3 million (38.7) is the company's best quarterly earnings to-date. A higher efficiency can be noted in the Group after the restructuring of the past two years. The on-going COVID-19 pandemic impacted us negatively to some extent in March. We are now quickly adjusting operations to limit the effects in upcoming quarters.
Rejlers grew by more than 20 per cent in the first quarter, of which more than 6 per cent is organic growth. In general, our operations in the areas of Energy, Properties and Infrastructure were the strongest in the quarter. Within our industry operations, the market became tougher in the wake of the pandemic. In terms of our segments, it was particularly pleasing to note Rejlers Norway's margin increase to 8.0 per cent (7.5) in the quarter. In recent years, all of our segments have established themselves at higher margin levels and the efficiency work is continuing.
Beginning in March, the global and Nordic economy has been shaken by the pandemic. Of course, Rejlers complies with decisions and recommendations of authorities where we work. We prioritise our employees' and our customers' health and well-being highest. The negative financial impact was mainly noticed in our operations with a focus on the manufacturing industry in the Nordic region. Other operating areas have remained relatively strong. Rejlers has a well-diversified customer portfolio in both the private and public sector. Many of our projects are critical to society and will therefore be prioritised even in the current situation. Insofar as possible, we are transferring resources from more vulnerable consulting areas to less vulnerable. Q1. INTERIM REPORT REJLERS. 2 JANUARY—MARCH 2020. STATEMENT BY THE PRESIDENT AND CEO
It is currently impossible to predict the exact impact of the pandemic. Rejlers is now adapting the organisation and a number of employees will be covered by measures. We have also activated temporary lay-offs in Sweden, Norway and Finland and implemented other cost reductions for the remainder of the year. We acted quickly to adjust to the market's new circumstances and are not ruling out further measures if necessary. Altogether, structural measures are estimated to give rise to non-recurring costs of SEK 10-15 million in the second quarter.
In addition to the tough consequences the illness has for affected individuals, families and the society in general, the pandemic will undeniably have an impact on Rejlers' market – at least in the next few quarters. I nonetheless want to emphasize that the restructuring we have been implementing since the beginning of 2018 is continuing through the pandemic. The overall objective of creating a more efficient, more profitable and learning Rejlers by 2025 remains.
Stockholm, 22 April 2020
Viktor Svensson
"The overall objective of creating a more efficient, more profitable and learning Rejlers by 2025 remains."
STRATEGY AND VISION
Rejlers is a platform for continuous learning, development and growth. This way, we will be on the leading edge of development, be able to attract the best talents, maintain a competitive network and secure profitability.
– 10% EBITA margin – 10% average annual growth
LOVE the CHALLENGE
BRILLIANT NETWORKS
Net sales increased to SEK 741.7 million (610.4), an increase of 21.5 per cent compared to the year-before period. Organic growth excluding exchange rate fluctuations was 6.3 per cent.
EBITA for the quarter increased to SEK 44.3 million (38.7). EBITA margin amounted to 6.0 per cent (6.3). The increase of EBITA is attributable to more employees and lower costs. Operating profit (EBIT) increased to SEK 36.6 million (35.5) and the operating margin was 4.9 per cent (5.8). EBIT was impacted by acquisition expenses of SEK 0.9 million.
The quarter's financial income amounted to SEK 9.1 million (3.3) and pertains mainly to currency translations. Financial expenses amounted to SEK 12.8 million (2.6) and are mainly attributable to interest expenses and currency translations. The acquisition from Neste was financed with loans in EUR, which was strengthened during the period and thereby negatively affected the currency translation by SEK 7 million. Interest expenses were impacted by IFRS 16 Leases by SEK 1.4 million. The quarter's tax expense amounted to SEK 6.6 million (8.0).
NET SALES, SEK MILLION
| 0 MSEK 100 80 60 40 20 |
Q1 Q2 Q3 Q4 Q1 2018 2019 Quarter, left 12-month rolling, right EBITA, SEK MILLION |
2,400 Q2 Q3 Q4 Q1 2,300 2020 150 120 90 60 30 |
|
|---|---|---|---|
| 0 -20 |
Q1 Q2 Q3 Q4 Q1 2018 2019 Quarter, left 12-month rolling, right |
0 -30 Q2 Q3 Q4 Q1 2020 |
|
| KPI | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
| Net sales, SEK million | 741.7 | 610.4 | 2,557.1 |
| Organic growth excluding exchange rate effects, % EBITA, SEK million |
6.3 44.3 |
-0.4 38.7 |
8.2 138.0 |
| EBITA margin, % | 6.0 | 6.3 | 5.4 |
| Operating profit/loss (EBIT), SEK million | 36.6 | 35.5 | 103.5 |
| Profit/loss after tax, SEK million | 26.3 | 28.2 | |
| Earnings per share before dilution, SEK | 1.34 | 1.55 | |
| Earnings per share after dilution, SEK | 1.31 | 1.55 | |
| Cash flow from operating activities, SEK million | 47.0 | 84.7 | 77.6 4.19 4.16 245.9 |
During the period, the Group generated a cash flow from operating activities of SEK 47.0 million (84.7) including IFRS 16 Leases. The cash flow from operating activities is impacted by the translation of loans in EUR and lower operating liabilities. Consolidated cash and cash equivalents at the end of the period amounted to SEK 121.4 million, compared with SEK 142.0 million as of 31 December 2019. The reduction is attributable to investments in IT systems, acquisitions and equipment.
Interest-bearing liabilities decreased by SEK 24.1 million since 31 December 2019 to SEK 523.4 million at the end of period; see page 15. Considering IFRS 16 Leases of interest-bearing liabilities, the leasing component amounts to SEK 239.3 million and decreased by SEK 17 million compared with 31 December 2019. Current interest-bearing liabilities amount to SEK 107.5 million and non-current liabilities amount to SEK 103.7 million. The distribution between current and non-current liabilities is adapted to achieve an effective interest level.
Net debt amounted to SEK 402.0 million, compared with SEK 405.5 million as of 31 December 2019. Net debt is also affected by the leasing effect; see page 15. The ratio of net debt to EBITDA rolling 12 months amounted to 1.4 at the end of the period compared with 1.5 at 31 December 2019. The ratio of net debt to EBITDA rolling 12 months excluding IFRS 16 Leases is 0.9. Covenant reporting to Danske Bank includes pro forma EBITDA for the acquisition of 12 months, which entails a positive effect on the covenant. The equity/assets ratio amounted to 45.9 per cent compared with 44.2 on 31 December 2019. Q1. INTERIM REPORT REJLERS. 5 JANUARY—MARCH 2020. FINANCIAL SUMMARY
Equity per share was SEK 48.48 at the end of the period compared to SEK 47.25 as of 31 December 2019. The Group's overdraft facilities of SEK 150.0 million (150.0) are unutilised. An expanded credit facility of SEK 250 million is offered by Danske Bank, which is initiated when necessary.
Investments in property, plant and equipment amounted to SEK 4.0 million (1.5), mainly relating to inventories and IT equipment. Investments in intangible assets, mainly attributable to the development of IT platforms, amounted to SEK 12.6 million (7.3). Investments in subsidiaries and businesses amounted to SEK 16.2 million (1.5). Depreciation/amortisation amounted to SEK 44.9 million (35.7).
The utilisation amounted to 77.0 per cent (77.4).
At the end of the period, there were 2,412 employees (1,962). There were 2,324 fullyear employees (1,877).
Net sales for the Parent Company during the interim period amounted to SEK 8.9 million (9.0) and results before tax amounted to SEK -4.4 million (0.6).
Rejlers is affected by seasonal variations and calendar effects. The respective quarters are relatively comparable over the years, but are affected by minor calendar effects, such as when in time Easter occurs. Sales are normally higher in the first and fourth quarters and lower in the second and third quarter. Similar seasonal variations occur in all geographic markets.
The total number of shares in Rejlers AB is 19,687,909, of which 1,749,250 Class A shares (ten votes per share) and 17,938,659 Class B shares (one vote per share).
In 2019, the Group issued designated convertibles to employees in senior positions. The convertible programmes amount to SEK 48,400,000 with durations of three and five years.
Quarter, left 12-month rolling, right
The Annual General Meeting will be held at the Lindhagen Conference Centre, Lindhagensgatan 126 in Stockholm, Sweden on 22 April 2020 at 4:00 p.m. Information on the Nomination Committee and the AGM is available on the company's website, www.rejlers.com/se.
Rejlers' long-term policy is for around 50 per cent of the company's earnings to be paid out as dividends.
Rejlers' Board of Directors has decided to lower the earlier proposed dividend and instead propose that the Annual General Meeting on 22 April resolve to approve a dividend of SEK 1.50 (1.00) per share, which corresponds to 36 per cent of earnings after dilution, instead of the previously proposed SEK 2.25 per share. The dividend amount totals SEK 29.5 million (18.1).
Rejlers has a stable balance sheet and good liquidity, but due to the higher uncertainty because of the COVID-19 pandemic, the Board believes it to be justified to lower the proposed dividend.
The effects of COVID-19 on Rejlers' operations have been limited to-date. We put our employees' and our customers' health and well-being foremost. As a company on the forefront of digitalisation, with minimal impact on the business, we have been able to take necessary steps in terms of the working method, routines and processes to protect employees and at the same time ensure continuity in the operations.
Rejlers' financial position remains stable and there is still an inflow of new business. In these uneasy times, it becomes a protection that many of our projects are critical to society and that we have a well-diversified customer portfolio. To-date, it is primarily our operations with a focus manufacturing industries in the Nordic region that have been negatively impacted. In order to quickly respond to the new market conditions, we are implementing lay-offs in Sweden, Norway and Finland. Today, it cannot be foreseen with certainty what impact COVID-19 will have, but we are monitoring the development carefully and are ready to take more steps if it becomes necessary as a result of the crisis.
The development in Sweden was largely positive during the first quarter. Rejlers Sweden provided an EBITA for the quarter of SEK 24.6 million (26.3).
Buildings and Energy began the year well. In Buildings, the order volume was good thanks to both new and extended assignments, mainly for existing customers such as CTS International, Castellum and Svenska Mässan Gothia Towers. In Energy, our margins increased, mainly thanks to more business won and to occasional internal structural adjustments for greater profitability. In power transmission, the market remained strong, with large customer investments in power grid infrastructure and expanded business with Vattenfall, Svenska Kraftnät, Ellevio and E.ON, among others.
Successful sales efforts to the Industry & Infra sector gradually increased utilisation in this area during the quarter, Among other things, a new framework agreement was signed with Stora Enso. We began the new Life Science business area and made several successful expert recruitments to meet the need in a strong pharmaceuticals industry. Order bookings were also good in the infrastructure area and we recruited a number of experienced consultants there as well.
Quarter, left 12-month rolling, right
| signed with Stora Enso. We began the new Life Science business area and made several successful expert recruitments to meet the need in a strong pharmaceuticals industry. Order bookings were also good in the infrastructure area and we recruited a number of experienced consultants there as well. |
in this area during the quarter, Among other things, a new framework agreement was | Quarter, left 12-month rolling, right |
|
|---|---|---|---|
| In Communication & Security (previously Telecom), growth was noted in the total defence area where the market had stabilised. At the beginning of the quarter, tele com had a lower inflow of new business, which is why the area was given a grea ter internal focus. An increasing demand for the telecom customers' products and services in the wake of the coronavirus crisis could create new customer needs in the |
|||
| future. | |||
| KPI | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
| Net sales, SEK million | 342.3 | 300.4 | 1,196.6 |
| EBITA, SEK million | 24.6 | 26.3 | |
| 7.2 | 8.8 | ||
| EBITA margin, % |
In Finland, Rejlers provided satisfactory earnings in all industries during the first quarter of the year and the market remained good. EBITA was SEK 16.3 million (13.3). Non-recurring costs for IT investments linked to the autumn's acquisitions of operations from Neste and organisational changes negatively impacted earnings.
As a result of the acquisition, which means that Rejlers is the prioritised supplier
to Neste, a restructuring has begun with the aim of making the Finnish organisation better adapted for growth in the project business in Industry. The structure strengthens our focus on engineering and project expertise, growth and customers. 600 specialists are gathered in a new organisation to accelerate growth in the future.
Two smaller acquisitions were made in Finland in the first quarter. In January, RR Management Oy, which offers services in the railway area, was acquired. A multi-year management agreement for the railway network in southern Finland accompanied the company's seven employees in the transition to Rejlers. In February, the electrical engineering and consulting company Delta-KN Oy was acquired and its eight very knowledgeable employees are now supplementing the existing electrical construction operations in Buildings.
In an important deal, a new agreement was reached with the power grid company Caruna, a three-year agreement with an extension option. Rejlers will provide services in quality management for the construction of power and high-voltage grids, preliminary project engineering of power stations and general project engineering. The agreement is a continuation of an already established cooperation within quality management and safety coordination. Q1. INTERIM REPORT REJLERS. 8 JANUARY—MARCH 2020. BUSINESS OVERVIEW
As a confirmation of our continuous work to be an attractive employer, Rejlers received an award as Finland's most transparent employer in 2019 at Alma Media's award ceremony for the Employer Brand of the Year 2020 in Helsinki in March.
| KPI | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Net sales, SEK million | 257.8 | 171.2 | 780.6 |
| EBITA, SEK million | 16.3 | 13.3 | 72.6 |
| EBITA margin, % | 6.3 | 7.8 | 9.3 |
| Operating profit/loss, SEK million | 12.2 | 12.6 | 57.3 |
KPI Jan-Mar 2020 Jan-Mar 2019 Jan-Dec 2019 Net sales, SEK million 145.3 148.7 633.1 EBITA, SEK million 11.6 11.1 31.6 EBITA margin, % 8.0 7.5 5.0 Operating profit/loss, SEK million 10.7 10.3 25.4
In Norway, strong demand for Rejlers entire service range was maintained in the first quarter. Rejlers Norway's EBITA for the quarter was SEK 11.6 million (11.1).
The leading expertise in IT that Rejlers Norway possesses is still in demand by customers in various industries. In the construction and property industry, there is an extensive interest in our services and several new agreements were reached with Vedal, JM and Selvaag, among others. In the Industry area, where Rejlers Norway provides services in IT and digitalisation, agreements were also signed with several new customers, such as Kavli in Norway.
Also in the Energy area, we saw a positive development. Several new agreements for engineering services were signed with existing customers, such as Statnett, Hafslund and Telenor.
The COVID-19 pandemic negatively impacted the operations in electrical safety
when the restrictions introduced in Norway in March entailed a total stop for physical inspections.
12-month rolling, right
12-month rolling, right
Rejlers AB is one of the largest technical consulting firms in the Nordic region. We have nearly 2,400 qualified engineers who work with projects and IT solutions in construction and property, energy, industry and infrastructure.
Rejlers' goal is to always deliver the maximal business benefit to our customers. Rejlers offers both expert knowledge and breadth in everything from preliminary studies and planning to design, construction, project planning, programming and digitalisation. Our most valuable asset is the employees' learning mindset. We welcome the most complex questions and handle them in a way that adds new perspectives to our customers.
For our customers, we want to be an alternative that stands out, the little big consulting company that combines the best of two worlds. Like larger actors, Rejlers has extensive depth and breadth in the expertise we provide, at the same time that we offer fast decision-making pathways and extensive adaptive ability.
We have a strong platform in place to play a very active role in the digital development of business and society. In our industry and the labour market in general, network constellations based on digital collaboration are becoming increasingly important. Through Rejlers Network, we have a large network of partners that supplement our expertise and broaden our offering.
This interim report has been prepared for the Group in accordance with IAS 34 Interim Reporting and RFR 1, Supplementary Accounting Rules for Groups. The Parent Company's reports are prepared in accordance with the Annual Accounts Act and RFR 2, Accounting for Legal Entities. The same accounting policies were applied as in the most recent annual report for both the Group and the Parent Company.
Through its operations, the Group is subject to various financial risks, such as market risk (comprehensive foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management involves striving for minimal unfavourable effects on financial position and performance. The Group's business risks and risk management as well as financial risks are described in detail in the annual report for 2019. No events of material significance occurred during the interim period that affects or changes these descriptions of the Group's risks and the management of them. Q1. INTERIM REPORT REJLERS. 10 JANUARY—MARCH 2020. OTHER INFORMATION
| Period | Company | Segment | Annual net sales | FTE |
|---|---|---|---|---|
| Jan - Mar | Acquisitions | NO, FI | SEK 31 million | 18 |
| SEK million | |
|---|---|
| Non-current assets | 1.0 |
| Financial assets | 0.0 |
| Accounts receivable, other receivables | 5.6 |
| Cash and cash equivalents | 2.2 |
| Accounts payable, loans and other liabilities | -5.0 |
| Net identifiable assets and liabilities | 3.9 |
| Goodwill | 7.2 |
| Customer value | 5.4 |
| Deferred tax | -0.2 |
| Purchase sum | 16.2 |
| Transaction costs, deduction | 0.0 |
| Cash and cash equivalents (acquired) | -2.2 |
| Net outflow, Group | 14.0 |
| Delta-KN Oy Rejlers' solid expertise and services in electrical engineering for building services were supplemented with an acquisition of Delta-KN Oy, which was signed on 20 February 2020. Delta-KN Oy is an electri cal engineering company in the construction sector. The acquisition is a part of Rejlers' growth strategy |
|
| and means that the company is strengthening its offering in Buildings in Finland. The knowledge of the people who are being transferred to Rejlers will be immediately offered to the customers. The company was consolidated as of 1 March 2020 and the expected full-year sales of around EUR 0.5 million with a margin of 5%. |
|
| Smarthub AS in Norway. Rejlers acquired Smarthub AS in Norway. SmartHub AS provides the collection, quality control, distribu tion and handling of data from around 153,000 smart electricity meters for ten grid companies in Møre and Romsdal, Norway. The agreement signed means that Rejlers will take over 100% of the shares in the company, including the operations agreements the company has with the ten grid companies. Rejlers is thereby strengthening its position as a leading independent service provider of IoT infra structure (Internet of Things) in the Nordic region. The company was consolidated as of 1 January 2020 and the expected full-year sales of around NOK 14 million with a margin of 16%. |
Related party transactions take place on market-based terms.
Pledged assets and contingent liabilities are essentially unchanged compared with the previous year.
All future-oriented statements in this report are based on the company's best assessment at the time of publication. As with all forecasts, such assumptions contain risks and uncertainties that may mean that the actual outcome is different than the expected development.
The undersigned provides assurance that this interim report provides an accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and sources of uncertainty faced by the Parent Company and the companies within the Group.
Stockholm, 22 April 2020 Rejlers AB (publ)
Viktor Svensson President and CEO
The interim report has not been reviewed by the company's auditor.
The information in this interim report is such that Rejlers AB (publ) is obliged to publish under the EU Market Abuse Directive and the Swedish Securities Market Act. The information was submitted by the aforementioned contact person for publication on 22 April 2020 at 2:00 p.m. CET. This report is also available in Swedish. The English version is a translation of the Swedish original. If there are any differences, the Swedish version takes precedence. Q1. INTERIM REPORT REJLERS. 12 JANUARY—MARCH 2020. OTHER INFORMATION
| Net sales Other income |
741.7 | ||
|---|---|---|---|
| 610.4 | 2,557.1 | ||
| 1.2 | 0.9 | 4.6 | |
| Personnel expenses | -480.4 | -389.0 | -1,566.7 |
| Other external expenses | -180.5 | -151.3 | -727.3 |
| Participations in associated company earnings | 0.4 | 0.2 | 1.2 |
| EBITDA1) | 82.4 | 71.2 | 268.9 |
| Depreciation/amortisation and impairment of non-current assets 2) | -38.1 | -32.5 | -130.9 |
| EBITA | 44.3 | 38.7 | 138.0 |
| Acquisition-related items3) | -7.7 | -3.2 | -34.5 |
| Operating profit/loss (EBIT) | 36.6 | 35.5 | 103.5 |
| Net financial income/expense | -3.7 | 0.7 | -7.3 |
| Profit/loss after net financial income/expense | 32.9 | 36.2 | 96.2 |
| Tax | -6.6 | -8.0 | -18.6 |
| PROFIT FOR THE PERIOD | 26.3 | 28.2 | 77.6 |
| Attributable to the Parent Company's shareholders | 26.3 | 28.2 | 77.6 |
| - | - | ||
| Attributable to shareholders without a controlling influence | |||
| 18,487,909 | |||
| Average number of shares | 19,687,909 | 18,087,909 | |
| Number of shares at end of period | 19,687,909 | 18,087,909 | |
| Number of shares after dilution | 20,131,231 | 18,087,909 | |
| goodwill and those related to acquisitions. purchase amounts and gains/losses in the divestment of subsidiaries and operations, as well as acquisition and integration expenses. |
1.34 1.31 |
1.55 1.55 |
19,687,909 19,944,751 4.19 4.16 |
| Earnings per share before dilution, SEK Earnings per share after dilution, SEK 1) EBITDA is impacted by IFRS 16 Leases by SEK 30.0 million (25.9) 2) Impairment and depreciation of property, plant and equipment and amortisation of intangible assets excluding 3) Impairment and amortisation of goodwill and intangible assets related to acquisitions, revaluation of supplemental CONDENSED STATEMENT OF COMPREHENSIVE INCOME |
|||
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
| Profit for the period | 26.3 | 28.2 | 77.6 |
| Items that may be reclassified to the income statement | |||
| Translation differences of foreign operations, net after-tax | -2.0 | 11.5 | 13.3 |
| Items that will not be reclassified to the income statement | |||
| Revaluation of net pension provisions TOTAL OTHER COMPREHENSIVE INCOME |
- -2.0 |
- 11.5 |
1.3 14.6 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Profit for the period | 26.3 | 28.2 | 77.6 |
| Items that may be reclassified to the income statement | |||
| Translation differences of foreign operations, net after-tax | -2.0 | 11.5 | 13.3 |
| Items that will not be reclassified to the income statement | |||
| Revaluation of net pension provisions | - | - | 1.3 |
| TOTAL OTHER COMPREHENSIVE INCOME | -2.0 | 11.5 | 14.6 |
| COMPREHENSIVE INCOME FOR THE PERIOD | 24.3 | 39.7 | 92.2 |
| 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 | |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Goodwill | 580.6 | 484.1 | 565.6 |
| Other intangible assets | 279.9 | 140.9 | 271.2 |
| Property, plant and equipment | 22.1 | 16.6 | 20.3 |
| Rights of use | 252.1 | 266.3 | 272.0 |
| Other non-current assets | 76.8 | 42.8 | 68.3 |
| Total non-current assets | 1,211.5 | 950.7 | 1,197.4 |
| Current assets | |||
| Current receivables | 746.2 | 686.1 | 764.2 |
| Cash and cash equivalents | 121.4 | 84.7 | 142.0 |
| Total current assets | 867.6 | 770.8 | 906.2 |
| TOTAL ASSETS | 2,079.1 | 1,721.5 | 2,103.6 |
| Equity and liabilities | |||
| Equity attributable to shareholders in the Parent Company | 954.5 | 746.5 | 930.2 |
| Non-controlling interests | - | - | |
| Total equity | 954.5 | 746.5 | 930.2 |
| Non-current liabilities | |||
| Provision for pensions | 26.6 | 31.8 | 28.4 |
| Interest-bearing non-current liabilities | 293.3 | 262.9 | 303.7 |
| Other non-current liabilities | 113.9 | 114.6 | 118.3 |
| Total non-current liabilities | 433.8 | 409.3 | 450.4 |
| Current liabilities | |||
| Interest-bearing current liabilities | 203.5 | 125.6 | |
| Other current liabilities | 487.3 | 440.1 | |
| Total current liabilities | 690.8 | 565.7 | |
| 2,079.1 | 1,721.5 | 215.4 507.6 723.0 2,103.6 |
|
| TOTAL LIABILITIES AND EQUITY CONDENSED CHANGES IN EQUITY Amount SEK million |
Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
| Equity at start of period | 930.2 | 707.3 | |
| Comprehensive income for the period | 24.3 | 39.7 | |
| Acquisition of non-controlling interests | - | - | |
| Cash issue private placement | - | - | |
| Conversion rights for convertible debt instruments | - | - | |
| Changes attributable to transactions with the owners | |||
| Dividends | - | -0.5 | |
| Total changes attributable to transactions with the owners | - | -0.5 | |
| Equity at end of period | 954.5 | 746.5 | 707.3 92.2 147.1 -18.1 930.2 |
| Attributable to the Parent Company's shareholders | 954.5 | 746.5 | |
| Attributable to non-controlling interests | - | - | 930.2 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Equity at start of period | 930.2 | 707.3 | 707.3 |
| Comprehensive income for the period | 24.3 | 39.7 | 92.2 |
| Acquisition of non-controlling interests | - | - | - |
| Cash issue private placement | - | - | 147.1 |
| Conversion rights for convertible debt instruments | - | - | 1.7 |
| Changes attributable to transactions with the owners | |||
| Dividends | - | -0.5 | -18.1 |
| Total changes attributable to transactions with the owners | - | -0.5 | - |
| Equity at end of period | 954.5 | 746.5 | 930.2 |
| Attributable to the Parent Company's shareholders | 954.5 | 746.5 | 930.2 |
| Attributable to non-controlling interests | - | - | - |
| Total | 954.5 | 746.5 | 930.2 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Cash flow from operating activities before changes in operating capital and tax paid |
63.3 | 80.4 | 237.1 |
| Tax paid | -8.6 | -3.1 | -20.6 |
| Change in working capital | -7.6 | 7.4 | 29.4 |
| Cash flow from operating activities | 47.0 | 84.7 | 245.9 |
| Cash flow from investing activities Cash flow from financing activities |
-30.7 -37.8 |
-10.0 -28.6 |
-317.6 176.9 |
| Cash flow for the period | -21.4 | 46.1 | 105.3 |
| Cash and cash equivalents at start of period | 142.0 | 38.2 | 38.2 |
| Exchange rate differences in cash and cash equivalents | 0.8 | 0.4 | -1.5 |
| Cash and cash equivalents at end of period | 121.4 | 84.7 | 142.0 |
| Cash and cash equivalents at start of period Exchange rate differences in cash and cash equivalents Cash and cash equivalents at end of period Cash flow including IFRS 16 Leases NET INDEBTEDNESS Amount SEK million Non-current liabilities, credit institutions |
142.0 0.8 121.4 |
38.2 0.4 84.7 |
38.2 -1.5 142.0 |
|---|---|---|---|
| 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 | |
| 103.7 | 91.3 | 101.9 | |
| Convertible debentures | 46.3 | - | 46.3 |
| Non-current lease liability | 143.3 | 171.6 | 155.5 |
| Current liabilities, credit institutions | 107.5 | 28.5 | 114.6 |
| Current lease liability | 96.0 | 97.1 | 100.8 |
| Pension provisions | 26.6 | 31.8 | 28.4 |
| Cash and cash equivalents | -121.4 | -84.7 | -142.0 |
| Total | 402.0 | 335.6 | 405.5 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | |
| Jan-Dec 2019 | |||
| Impairment and amortisation of goodwill and intangible assets related to acquisitions |
-6.8 | -3.2 | -16.4 |
| Profit/loss from divestment of subsidiaries and operations | - | - | -2.5 |
| Integration expenses | - | - | -9.5 |
| Acquisition expenses | -0.9 | - | -6.1 |
| Total | -7.7 | -3.2 | -34.5 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Impairment and amortisation of goodwill and intangible assets related to acquisitions |
-6.8 | -3.2 | -16.4 |
| Profit/loss from divestment of subsidiaries and operations | - | - | -2.5 |
| Integration expenses | - | - | -9.5 |
| Acquisition expenses | -0.9 | - | -6.1 |
| Total | -7.7 | -3.2 | -34.5 |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Sales | 8.9 | 9.0 | 37.1 |
| Personnel expenses | -10.4 | -10.0 | -36.4 |
| Other external expenses | -6.7 | -5.9 | -27.1 |
| Depreciation | -0.3 | - | -0.1 |
| Participations in associated company earnings | - | - | 0.4 |
| Operating profit/loss | -8.5 | -6.9 | -26.1 |
| Net financial income/expense | 4.1 | 7.5 | 33.7 |
| Profit/loss after net financial income/expense | -4.4 | 0.6 | 7.6 |
| Appropriations | - | - | - |
| Tax | - | - | 0.9 |
| Profit/loss after tax | -4.4 | 0.6 | 8.5 |
| Profit/loss after net financial income/expense | -4.4 | 0.6 | |
|---|---|---|---|
| Appropriations | - | - | |
| Tax | - | - | |
| Profit/loss after tax | -4.4 | 0.6 | |
| The Parent Company has no items to report in other comprehensive income, which is why this financial statement has been omitted. | |||
| CONDENSED BALANCE SHEET | |||
| Amount SEK million | 31 Mar 2020 | 31 Mar 2019 | 31 Dec 2019 |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 3.9 | 0.4 | |
| Financial assets1) | 523.0 | 449.9 | |
| Total non-current assets | 526.9 | 450.3 | |
| Current assets | |||
| Current receivables | 389.2 | 169.8 | |
| Cash and cash equivalents | 76.5 | 51.2 | |
| Total current assets | 465.7 | 221.0 | |
| TOTAL ASSETS | 992.6 | 671.3 | |
| Equity and liabilities | |||
| Equity | 561.6 | 427.5 | |
| Non-current liabilities | 211.8 | 152.9 | |
| Current liabilities | 219.2 | 90.9 | |
| TOTAL LIABILITIES AND EQUITY | 992.6 | 671.3 | |
| Q1. INTERIM REPORT REJLERS. | |||
| JANUARY—MARCH 2019. |
| Amount SEK million | Jan-Mar 2020 | Jan-Mar 2019 | Jan-Dec 2019 |
|---|---|---|---|
| Net sales | |||
| Sweden | 342.3 | 300.4 | 1,196.6 |
| Finland | 257.8 | 171.2 | 780.6 |
| Norway | 145.3 | 148.7 | 633.1 |
| Group wide | -3.7 | -9.9 | |
| Eliminations | - | - | -90.3 |
| Consolidated total | 741.7 | 610.4 | 2,557.1 |
| EBITA | |||
| Sweden | 24.6 | 26.3 | 62.1 |
| Finland | 16.3 | 13.3 | 72.6 |
| Norway | 11.6 | 11.1 | 31.6 |
| Group wide | -8.2 | -12.0 | -28.3 |
| Consolidated total | 44.3 | 38.7 | 138.0 |
| EBITA margin, % | |||
| Sweden | 7.2 | 8.8 | |
| Finland | 6.3 | 7.8 | |
| Norway | 8.0 | 7.5 | |
| Consolidated total | 6.0 | 6.3 | |
| EBIT | |||
| Sweden | 22.7 | 24.8 | 55.1 |
| Finland | 12.2 | 12.6 | 57.3 |
| Norway | 10.7 | 10.3 | 25.4 |
| Group wide | -9.0 | -12.2 | -34.3 |
| Eliminations | - | - | |
| Consolidated total | 36.6 | 35.5 | 103.5 |
| Net financial income/expense | -3.7 | 0.7 | |
| Profit/loss before tax | 32.9 | 36.2 | 96.2 |
| Number of employees | |||
| Sweden | 1,090 | 993 | 1,109 |
| Finland | 1,022 | 693 | |
| Norway | 290 | 266 | |
| Group wide | 10 | 10 | |
| Consolidated total | 2,412 | 1,962 | 2,393 |
| Growth Q1 2020, % | Acquired | Currency effect | Organic |
| Sweden | 6.2 | - | |
| Finland | 28.6 | 3.3 | 18.6 |
| Norway | - | -0.1 | -2.2 |
| Consolidated total | 15.3 | -0.1 |
| Growth Q1 2020, % | Acquired | Currency effect | Organic |
|---|---|---|---|
| Sweden | 6.2 | - | 7.7 |
| Finland | 28.6 | 3.3 | 18.6 |
| Norway | - | -0.1 | -2.2 |
| Consolidated total | 15.3 | -0.1 | 6.3 |
Beginning in the second quarter of 2016, Rejlers has applied the new European Securities and Markets Authority (ESMA) guidelines for Alternative Performance Measures. In brief, an alternative performance measure is a financial measure over historical or future earnings trends, financial position or cash flow that are not defined or specified in IFRS. To support the analysis by company management and other stakeholders of the Group's development, Rejlers presents certain key performance indicators that are not defined in IFRS. Company management believes that this information facilitates an analysis of the Group's development. These additional measurements are supplementary information to IFRS and do not replace key performance indicators defined in IFRS. Rejlers' definitions of measurements not defined in IFRS may differ from other companies' definitions. All of Rejlers' definitions are included below. Calculations of key performance indicators that cannot be reconciled against new items in the income statement and balance sheet are found on the company's website, www.rejlersgroup.com.
| 1.34 1.31 19,687,909 19,687,909 77.0 44.3 6.0 36.6 308 16 2,324 2,412 |
1.55 1.55 18,087,909 18,087,909 77.4 38.7 6.3 35.5 326 19 1,877 |
4.19 4.16 18,487,909 19,687,909 76.8 138.0 5.4 103.5 1,278 52 |
|---|---|---|
| 2,001 | ||
| 1,962 | 2,393 | |
| 15.3 | 3.1 | 3.9 |
| -0.1 | 4.1 | 0.1 |
| 6.3 | -0.4 | 8.2 |
| -6.8 | -3.2 | -16.4 |
| 402.0 | 335.6 | 405.5 |
| 1.4 | 2.7 | 1.5 |
| 45.9 | 43.4 | 44.2 |
| 48.48 | 41.28 | 47.25 |
Corp. ID no. 556349-8426 | Box 30233 | SE-104 25 Stockholm Tel +46-771-78 00 00 | Fax +46-8-654 33 39 | www.rejlers.com/se
| Annual General Meeting | 22 April 2020 |
|---|---|
| Interim Report April-June | 16 July 2020 |
| Interim Report July-September | 23 Oct 2020 |
| Year-end Report January-December 2020 | 5 February 2021 |
Viktor Svensson, President and CEO Tel. +46-70-657 20 26 e-mail: [email protected]
Anna Jennehov, CFO Tel. +46-73-074 06 70 e-mail: [email protected]
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