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Troax Group — Interim / Quarterly Report 2021
Apr 26, 2021
2986_10-q_2021-04-26_115ea483-4497-403d-9acd-fa74776736ab.pdf
Interim / Quarterly Report
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INTERIM REPORT 2021
JANUARY – MARCH
TROAX
Troax Group AB (publ)
Hillerstorp, the 26th of April 2021
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Safety means everything to us. We keep people, property and processes safe. It is our reason of being and the very purpose of this company. Our products are made of high-quality steel to keep what matters most out of harm's way.
Troax is the global market leader in metal-based mesh solutions for machine guarding, warehouse partitioning and property protection. We protect people from injuries and machinery as well as goods from getting damaged in everyday work.
Troax Group AB (publ), Reg. No. 556916-4030, has a global organization with an unparalleled sales force and an efficient logistics setup, enabling local presence and short delivery times. We are represented in 42 countries and employ around 975 people. Our headquarters is located in Hillerstorp, Sweden. In 2020, Troax net sales amounted to 164 MEUR.
Stay safe with Troax, today and tomorrow.
troax.com
troaxgroup.org
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
INTERIM REPORT JANUARY- MARCH 2021
Significantly improved results for Troax for the first quarter
JANUARY - MARCH
- Order intake increased by 45 percent to 64,5 (44,6) MEUR. Adjusted for currency and acquisitions the increase was 29 percent compared with the same period last year.
- Sales increased by 34 percent to 54,7 (40,8) MEUR. Adjusted for currency and acquisitions, sales increased by 19 percent compared to the same period last year.
- Operating profit increased to 11,0 (6,5) MEUR. Operating profit does not contain any government subsidies due to the Corona pandemic in the period.
- Operating margin increased to 20,1 (15,9) percent.
- Financial net was -0,2 (-0,2) MEUR.
- Profit after tax increased to 8,4 (4,8) MEUR.
- Earnings per share after dilution amounted to 0,14 (0,08) EUR.
TROAX GROUP FIGURES
| MEUR | 3 Months | 3 Months | 12 Months | 12 Months | 12 Months |
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2021 | 2020 | 2020 | 2019 | 2020/2021 | |
| Order intake | 64,5 | 44,6 | 178,4 | 168,1 | 198,3 |
| Sales | 54,7 | 40,8 | 163,6 | 168,0 | 177,5 |
| Gross profit | 21,6 | 15,3 | 64,2 | 67,1 | 70,5 |
| Gross margin, % | 39,5 | 37,5 | 39,2 | 39,9 | 39,7 |
| Operating profit | 11,0 | 6,5 | 30,8 | 32,9 | 35,3 |
| Operating margin, % | 20,1 | 15,9 | 18,8 | 19,6 | 19,9 |
| Profit after tax | 8,4 | 4,8 | 23,2 | 24,3 | 26,8 |
| EBITDA 1) | 13,4 | 8,3 | 38,5 | 38,9 | 43,6 |
| EBITDA margin, % 1) | 24,5 | 20,3 | 23,5 | 23,2 | 24,6 |
| Net debt / EBITDA | 1,4 | 1,3 | |||
| Earnings per share after dilution in EUR | 0,14 | 0,08 | 0,39 | 0,41 | 0,45 |
| Closing rate SEK/EUR | 10,24 | 11,08 | 10,04 | 10,45 | 10,31 |
| Earnings per share after dilution in SEK. 2) | 1,43 | 0,89 | 3,88 | 4,23 | 4,61 |
1) EBITDA is impacted by IFRS 16 (approx. 0,8-1,0 MEUR per quarter in decreased leasing costs).
2) Earnings per share after dilution in SEK, is calculated based on result in Euro at Closing rate SEK/EUR.
CEO COMMENTS
Troax increased order intake by 45% during the quarter, which means a very strong start to the year and a continuation from the good level which we were able to report in Q4 2020. Excluding our newly acquired company in Poland, the corresponding figure for the first quarter is 27%, which is still a good increase. The quarter was less turbulent than expected and is characterized by continued strong order intake, mainly from larger customers in automated warehouses (driven by the need for increased e-commerce solutions). We also note a certain higher level of activity from the automotive sector, although this can far from be described as a good level. The general demand and level of activity in the market is still below normal, driven by continued constraints due to pandemic effects, especially in the southern part of Europe. Despite the fact that the overall impression from the first quarter is clearly positive, we believe that this high level of order intake is not entirely representative of market activities in general.
Our production units had a good capacity utilization rate during the quarter, which is also reflected in a stable operating profit for the period. During the first part of the quarter, we had some negative impact on late deliveries of raw materials, which affected planning and efficiency, but we have succeeded in keeping customers insulated from these delays. During the quarter, we also experienced sharp increases in the price of steel in particular, which we mainly compensated for with our customer pricing. However, there is a risk that this turbulent development will continue during the next quarter and that we will be forced to take further measures to compensate for these cost increases.
It is particularly gratifying that the development has remained positive in North America, both in terms of efficiency and results. Sales have increased significantly in this region, together with the UK. For other regions, there has been a stable development in Continental Europe and the Nordic countries and a clearly positive development both in China and in New Markets.
Our new acquisition, Natom Logistic in Poland, has also shown a good development during the quarter, both in terms of order intake and earnings, which is why the strategy so far with this acquisition has proven to work well. During the quarter, we invested in a new building in Poland outside Poznan, where we envisage that today's two production units will be merged into one large one in 2021/22. The integration work continues even though there have been problems with physical visits to Poland due to lock downs.
The gross margin is positively affected by good capacity utilization and sales prices have increased towards the end of the quarter. The costs are judged to be under control together with the good sales volume, this means that Troax delivers an all-time high result for the quarter.
Overall, this means that the operating profit for the quarter amounted to 11,0 MEUR with a margin of approximately 20%. Net profit amounts to 8,4 MEUR for the quarter, compared with 4,8 MEUR the previous year. No major changes have taken place regarding the development of working capital compared with the previous year. We are still somewhat high in terms of inventory value, but at present this is something that increases the security of our business.
Thomas Widstrand, President and CEO
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
THE GROUP SUMMARY
JANUARY – MARCH
The total order intake increased in the period compared with the corresponding period last year. Order intake amounted to 64,5 (44,6) MEUR, an increase of 45 percent. Adjusted for currency fluctuations and acquisitions, the increase was 29 percent. All markets increased their order intake during the period compared with the corresponding period last year.
Net sales amounted to 54,7 (40,8) MEUR, an increase of 34 percent. Adjusted for currency fluctuations and acquisitions, the increase was 19 percent. North America and New Markets increased their sales while the other markets decreased their sales in the period compared with the corresponding period last year.
Operating profit amounted to 11,0 (6,5) MEUR, corresponding to an operating margin of 20,1 (15,9) per cent.
FINANCIAL NET
For the first quarter of 2021, financial net amounted to -0,2 (-0,2) MEUR.
TAXES
The tax expense was -2,4 (-1,5) MEUR for the first quarter of 2021.
NET RESULT
Net result for the first quarter amounted to 8,4 (4,8) MEUR.
CASH FLOW, WORKING CAPITAL AND NET DEBT
Cash flow from operating activities was 3,0 (1,6) MEUR for the first quarter. Net debt including the impact from IFRS 16 was 56,2 (51,0) MEUR. Net debt in relation to the 12-month rolling EBITDA was 1,3 (1,3) to be compared with the company's financial target of less than 2,5.
INVESTMENTS
During the first quarter, investments were 6,1 (1,6) MEUR. The year's investments mainly relates to an investment in a new building in Poland.
REGIONAL DEVELOPMENT
Troax operations are reported as one segment. As secondary information Order intake and Sales are reported based on geographical regions.
Nordic – Sweden, Denmark, Norway and Finland
Continental Europe – Europe excluding Nordic and United Kingdom
United Kingdom – Great Britain and Ireland
North America – US and Canada
New Markets – rest of the world including all distributors directly connected to Sweden
| Order intake | 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | ||
|---|---|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |||
| MEUR | 2021 | 2020 | Diff | 2020 | 2019 | Diff | 2020/2021 |
| Continental Europe | 24,8 | 22,3 | 11% | 81,0 | 90,6 | -11% | 83,5 |
| Nordic region | 7,4 | 6,9 | 7% | 26,2 | 26,1 | 0% | 26,7 |
| United Kingdom | 9,3 | 6,7 | 39% | 24,1 | 19,4 | 24% | 26,7 |
| North America | 11,5 | 6,7 | 72% | 31,3 | 24,2 | 29% | 36,1 |
| New Markets | 4,5 | 2,0 | 125% | 9,2 | 7,8 | 18% | 11,7 |
| Total excl Currency | 57,5* | 44,6 | 29% | 171,8* | 168,1 | 2% | 184,7 |
| Currency effect | -0,9 | 0,0 | -2% | -0,9 | 0,0 | -1% | -1,8 |
| Order intake acquisitions | 7,9 | 0,0 | 18% | 7,5 | 0,0 | 4% | 15,4 |
| Total Order intake | 64,5 | 44,6 | 45% | 178,4 | 168,1 | 6% | 198,3 |
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |||
| Total Sales | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Dec | Apr-Mar | ||
| MEUR | 2021 | 2020 | Diff | 2020 | 2019 | Diff | 2020/2021 |
| Continental Europe | 22,2 | 22,5 | -1% | 82,7 | 88,7 | 19% | 82,4 |
| Nordic region | 5,7 | 5,9 | -3% | 25,2 | 26,6 | -5% | 25,0 |
| United Kingdom | 7,8 | 4,9 | 59% | 19,0 | 20,7 | -8% | 21,9 |
| North America | 10,6 | 5,5 | 93% | 24,9 | 24,5 | 2% | 30,0 |
| New Markets | 2,4 | 2,0 | 20% | 8,9 | 7,5 | 19% | 9,3 |
| Total excl Currency | 48,7* | 40,8 | 19% | 160,7* | 168,0 | -4% | 168,6 |
| Currency effect | -0,8 | 0,0 | -2% | -0,8 | 0,0 | 0% | -1,6 |
| Sales acquisitions | 6,8 | 0,0 | 17% | 3,7 | 0,0 | 2% | 10,5 |
| Total Sales | 54,7 | 40,8 | 34% | 163,6 | 168,0 | -3% | 177,5 |
- Note that we report organic growth excluding currency effect.
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
THE GROUP - SUMMARY
INCOME STATEMENT
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| MEUR | 2021 | 2020 | 2020 | 2019 | 2020/2021 |
| Sales | 54,7 | 40,8 | 163,6 | 168,0 | 177,5 |
| Cost of goods sold | -33,1 | -25,5 | -99,4 | -100,9 | -107,0 |
| Gross profit | 21,6 | 15,3 | 64,2 | 67,1 | 70,5 |
| Sales expenses | -6,8 | -6,6 | -23,5 | -23,9 | -23,7 |
| Administrative expenses | -3,3 | -2,4 | -10,7 | -9,7 | -11,6 |
| Other operating income and expenses | -0,5 | 0,2 | 0,8 | -0,6 | 0,1 |
| Operating profit | 11,0 | 6,5 | 30,8 | 32,9 | 35,3 |
| Financial income and expenses | -0,2 | -0,2 | -0,7 | -0,9 | -0,7 |
| Result after financial expenses | 10,8 | 6,3 | 30,1 | 32,0 | 34,6 |
| Taxes | -2,4 | -1,5 | -6,9 | -7,7 | -7,8 |
| Net result for the period | 8,4 | 4,8 | 23,2 | 24,3 | 26,8 |
| Earnings per share before / after dilution | 0,14 € | 0,08 € | 0,39 € | 0,41 € | 0,45 € |
| Number of shares before / after dilution in thousands | 60 000 | 60 000 | 60 000 | 60 000 | 60 000 |
STATEMENT OF COMPREHENSIVE INCOME
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar | |
| 2021 | 2020 | 2020 | 2019 | 2020/2021 | |
| Net result for the period | 8,4 | 4,8 | 23,2 | 24,3 | 26,8 |
| Other comprehensive income: | |||||
| Items that may be reclassified to the income statement | |||||
| Translation differences | -1,3 | -5,4 | 2,1 | -0,7 | 6,2 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| -1,3 | -5,4 | 2,1 | -0,7 | 6,2 | |
| Items that will not be reclassified to the income statement | |||||
| Actuarial gains and losses on defined-benefit pension commitment | 0,0 | 0,0 | -0,2 | -0,6 | -0,2 |
| Tax related to items that may be reclassified | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 |
| 0,0 | 0,0 | -0,2 | -0,5 | -0,2 | |
| Other comprehensive income, net of tax | -1,3 | -5,4 | 1,9 | -1,2 | 6,0 |
| Total comprehensive income for the period | 7,1 | -0,6 | 25,1 | 23,1 | 32,8 |
| 3 Months | 3 Months | 12 Months | 12 Months | 12 Months | |
| EBITDA | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Apr-Mar |
| 2021 | 2020 | 2020 | 2019 | 2020/2021 | |
| Operating result | 11,0 | 6,5 | 30,8 | 32,9 | 35,3 |
| Depreciations | 2,4 | 1,8 | 7,7 | 6,0 | 8,3 |
| EBITDA | 13,4 | 8,3 | 38,5 | 38,9 | 43,6 |
1) EBITDA is impacted by IFRS 16 (0,8-1,0 MEUR in decreased leasing costs per quarter).
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY - MARCH 2021
STATEMENT OF FINANCIAL POSITION
| MEUR | 2021
31-mar | 2020
31-mar | 2020
31-dec | 2019
31-dec |
| --- | --- | --- | --- | --- |
| Assets | | | | |
| Intangible assets | 94,2 | 85,4 | 95,1 | 87,3 |
| Tangible assets | 55,0 | 40,0 | 51,5 | 41,8 |
| Financial fixed assets | 6,3 | 6,2 | 6,3 | 6,2 |
| Total fixed assets | 155,5 | 131,6 | 152,9 | 135,3 |
| Inventories | 22,4 | 14,3 | 18,0 | 14,5 |
| Current receivables | 50,5 | 37,4 | 41,2 | 40,0 |
| Cash and cash equivalents | 28,3 | 28,3 | 32,5 | 30,4 |
| Total current assets | 101,2 | 80,0 | 91,7 | 84,9 |
| TOTAL ASSETS | 256,7 | 211,6 | 244,6 | 220,2 |
| Equity and liabilities | | | | |
| Equity | 121,1 | 94,3 | 114,0 | 95,7 |
| Long-term liabilities | 99,9 | 90,2 | 100,5 | 91,3 |
| Current liabilities | 35,7 | 27,1 | 30,1 | 33,2 |
| TOTAL EQUITY AND LIABILITIES | 256,7 | 211,6 | 244,6 | 220,2 |
| Net debt = interest-bearing liabilities excluding provisions for pensions less cash | 56,2 | 51,0 | 52,6 | 49,1 |
STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO THE PARENT COMPANY'S SHAREHOLDERS
| Opening balance | 114,0 | 95,7 | 95,7 | 82,6 |
|---|---|---|---|---|
| Dividends | 0,0 | 0,0 | -6,0 | -9,4 |
| Re-purchase of shares | 0,0 | -0,8 | -0,8 | -0,6 |
| Total comprehensive income for the period | 7,1 | -0,6 | 25,1 | 23,1 |
| Closing balance | 121,1 | 94,3 | 114,0 | 95,7 |
CASH FLOW STATEMENT
| MEUR | 3 Months
2021
31-mar | 3 Months
2020
31-mar | 12 Months
2020
31-dec | 12 Months
2019
31-dec |
| --- | --- | --- | --- | --- |
| Operating profit | 11,0 | 6,5 | 30,8 | 32,9 |
| Interest received and paid, tax paid and adjustments | 0,0 | -1,6 | -1,7 | -0,6 |
| Changes in working capital | -8,0 | -3,3 | -2,8 | -3,4 |
| Cash flow from operating activities | 3,0 | 1,6 | 26,3 | 28,9 |
| Net investments | -6,1 | -2,1 | -14,8 | -8,6 |
| Cash flow after investing activities | -3,1 | -0,5 | 11,5 | 20,3 |
| Financing activities | -1,1 | -1,6 | -9,5 | -12,2 |
| Cash flow for the period | -4,2 | -2,1 | 2,0 | 8,1 |
| Cash and cash equivalents at the start of the period | 32,5 | 30,4 | 30,4 | 22,7 |
| Translation difference in cash and cash equivalents | 0,0 | 0,0 | 0,1 | -0,4 |
| Cash and cash equivalents at the end of the period | 28,3 | 28,3 | 32,5 | 30,4 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
PARENT COMPANY – SUMMARY
| INCOME STATEMENT | 3 Months | 3 Months | 12 Months | 12 Months |
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | |
| MEUR | 2021 | 2020 | 2020 | 2019 |
| Sales | 0,2 | 0,3 | 0,8 | 1,2 |
| Cost of goods sold | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross profit | 0,2 | 0,3 | 0,8 | 1,2 |
| Administrative expenses | -0,6 | -0,5 | -1,7 | -1,8 |
| Other operating income and expenses | -0,1 | -0,2 | -0,2 | -0,2 |
| Operating profit | -0,5 | -0,4 | -1,1 | -0,8 |
| Financial income and expenses | 0,9 | 0,2 | 2,9 | 10,0 |
| Result after financial expenses | 0,4 | -0,2 | 1,8 | 9,2 |
| Year-end appropriations | 0,0 | 0,0 | -0,4 | 7,4 |
| Profit before tax | 0,4 | -0,2 | 1,4 | 16,6 |
| Taxes | 0,0 | 0,1 | -0,2 | -1,6 |
| Net result for the period | 0,4 | -0,1 | 1,2 | 15,0 |
STATEMENT OF COMPREHENSIVE INCOME
| Net result for the period | 0,4 | -0,1 | 1,2 | 15,0 |
|---|---|---|---|---|
| Other comprehensive income, net of tax | 0,0 | 0,0 | 0,0 | 0,0 |
| Total comprehensive income for the period | 0,4 | -0,1 | 1,2 | 15,0 |
STATEMENT OF FINANCIAL POSITION
| MEUR | 31-mar | 31-mar | 31-dec | 31-dec |
|---|---|---|---|---|
| 2021 | 2020 | 2020 | 2019 | |
| Assets | ||||
| Shares in subsidiaries | 87,7 | 87,7 | 87,7 | 87,7 |
| Receivables to subsidiaries | 22,2 | 14,2 | 21,2 | 23,5 |
| Total fixed assets | 109,9 | 101,9 | 108,9 | 111,2 |
| Receivables to subsidiaries | 4,2 | 9,7 | 5,0 | 9,7 |
| Current receivables | 0,7 | 0,6 | 0,4 | 0,4 |
| Cash and cash equivalents | 0,3 | 7,0 | 0,0 | 0,0 |
| Total current assets | 5,2 | 17,3 | 5,4 | 10,1 |
| TOTAL ASSETS | 115,1 | 119,2 | 114,3 | 121,3 |
| Equity and liabilities | ||||
| Equity | 38,0 | 42,2 | 37,6 | 43,2 |
| Untaxed reserves | 7,0 | 6,5 | 7,0 | 6,5 |
| Long-term liabilities | 69,0 | 69,0 | 69,0 | 69,0 |
| Current liabilities | 1,1 | 1,5 | 0,7 | 2,6 |
| TOTAL EQUITY AND LIABILITIES | 115,1 | 119,2 | 114,3 | 121,3 |
CASH FLOW STATEMENT
| MEUR | 3 Months | 3 Months | 12 Months | 12 Months |
|---|---|---|---|---|
| 2021 | 2020 | 2020 | 2019 | |
| 31-mar | 31-mar | 31-dec | 31-dec | |
| Operating profit before financial items | -0,5 | -0,4 | -1,1 | -0,8 |
| Interest paid and received, taxes, adjustments | 0,7 | 0,0 | -0,7 | 9,6 |
| Change in working capital | 0,1 | 8,2 | 8,6 | 0,6 |
| Cash flow from continuing operations | 0,3 | 7,8 | 6,8 | 9,4 |
| Investments | 0 | 0,0 | 0 | 0,0 |
| Cash flow from investment activities | 0,3 | 7,8 | 6,8 | 9,4 |
| Cash flow from financing activities | 0 | -0,8 | -6,8 | -9,4 |
| Cash flow for the period | 0,3 | 7,0 | 0,0 | 0,0 |
| Cash and cash equivalents at the beginning of the period | 0,0 | 0,0 | 0,0 | 0,0 |
| Translation difference | 0,0 | 0,0 | 0,0 | 0,0 |
| Cash and cash equivalents at the end of the period | 0,3 | 7,0 | 0,0 | 0,0 |
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
FINANCIAL TARGETS
Troax Group's financial targets connected to the company's strategic initiatives are presented below. All expressed opinions in this part are future orientated.
| Growth | Troax's objective is to grow in its current markets, both organically and by selective acquisitions |
|---|---|
| Profitability | Troax's target is to have an operating margin in excess of 20 per cent. |
| Financial structure | Net debt in relation to the 12-month rolling EBITDA, excluding temporary deviations, shall not exceed 2,5 times. |
| Dividend policy | Troax's target is to pay approximately 50 per cent of its net profit in dividends. The dividend proposal shall consider Troax's long-term development potential, its financial position and its investment needs. |
The financial targets represent future oriented information. Future oriented information shall not be considered as guarantees for future result or development. The actual result may and can materially vary from what is expressed in the future oriented information.
OTHER INFORMATION
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The Accounting principles that have been applied coincide with those accounting principles used for preparing the latest Annual Report. The Annual report for 2020 is available on www.troax.com.
ALTERNATIVE KEY RATIOS
In this interim report, Troax presents certain financial measures that are not defined by IFRS, so-called alternative key ratios. The Group believes that these measures provide valuable supplementary information to investors as they enable an evaluation of the company's results and position. Since not all companies calculate financial measurements in the same way, these are not always comparable to those used by other companies. Investors should consider these financial measures as a complement rather than an IFRS financial statement.
RISKS AND RISK MANAGEMENT
Exposure to risks is a natural part of business operations and this reflects Troax's approach to risk management. This aims to identify and prevent the occurrence of risks and to limit any damage from these risks. The most significant risks to which the Group is exposes are related to the cyclical impact on demand. For further information, see the Management Report and Note 26 in the Annual Report 2020.
SEASONAL VARIATIONS
Seasonal variations have some impact on Troax business. Sales are normally in general stable between the quarters but can fluctuate between the months in the quarter. Sales can be somewhat lower in the summer months (July-August) and from December to January. In periods of high production, the company normally ties up more money in Working Capital. Cash is then released from working capital after a high season when manufactured goods are installed and the customer's receivables paid.
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TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021
OTHER INFORMATION (CONT.)
TRANSACTIONS WITH RELATED PARTIES
No significant transactions with related parties have taken place during the period.
EMPLOYEES
At the end of the period the Group had 1 013 (719) employees.
OTHER EVENTS DURING THE QUARTER
There is no other significant information to report for the quarter.
OTHER EVENTS AFTER THE QUARTER
There is no significant information to report after the quarter.
AUDIT
This report has not been reviewed by the auditors.
NEXT REPORTS
Interim report Q2 2021, 17th of August 2021
Interim report Q3 2021, 26th of October 2021
TELEPHONE CONFERENCE
Invitation to presentation of the first quarter result:
Thomas Widstrand, CEO presents the result on a phone conference on the 26th of April 2021 at 16:30 CET. The conference will be held in English. For more information, please refer to https://www.troax.com/global/en/press
11
INTERIM REPORT 2021
JANUARY – MARCH
TROAX
THOMAS WIDSTRAND
President and CEO
Phone +46 (0)370-828 31
[email protected]
ANDERS EKLÖF
CFO
Phone +46 (0)370-828 25
[email protected]
Troax Group AB (publ)
Hillerstorp, 26th of April 2021
Headquarters:
Troax AB
Box 89, SE-335 04 Hillerstorp, Sweden
Phone: +46 (0)370-828 00
Fax +46 (0)370-824 86
www.troax.com
This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 12:30 CET on the 26th of April 2021
TROAX GROUP AB (PUBL) INTERIM REPORT, JANUARY – MARCH 2021