Bifogade filer
Christian Berner Tech Trade Interim Report Q2 2022
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Industri |
| Industri | Industriprodukter |
Order intake amounted to SEK 261.8 million, which was 23 percent higher than in the second quarter of last year. Net revenue was SEK 213.8 million, a 15 percent increase in comparison with the corresponding quarter of last year. EBITA was also higher than the previous year at SEK 11.6 million (SEK 8.0 million).
Second quarter in brief
(April–June 2022)
• Order intake amounted to SEK 261.8 (212.8) million, an increase of 23 percent.
• Net revenue for the second quarter amounted to SEK 213.8 (185.5) million, an increase of 15 percent.
• EBITA was SEK 11.6 (8.0) million. The total EBITA margin was 5.4 (4.3) percent.
• Earnings per share, before and after dilution, amounted to SEK 0.38 (0.28).
• Cash flow from operating activities amounted to SEK -18.8 (16.5) million. Total cash flow for the period was SEK -41.1 (28.7) million. This amount was primarily affected by acquisitionrelated payments and dividends. In addition, informed decisions was taken to increase the purchase of components in order to secure deliveries in the coming quarters.
First half year in brief
(January–June 2022)
• Order intake amounted to SEK 457.7 (381.0) million, an increase of 20.1 percent. For comparable units, this was an increase of 15.1 percent.
• Net revenue for the first half of the year amounted to SEK 395.1 (346.0) million, an increase of 14.2 percent. For comparable units, this was an increase of 7.6 percent.
• EBITA was SEK 17.8 (15.8) million. The total EBITA margin was 4.5 (4.6) percent.
• Earnings per share, before and after dilution, amounted to SEK 0.55 (0.54).
• Cash flow from operating activities was SEK -15.6 (14.6) million. Total cash flow for the period was SEK - 45.1 (21.1) million.
Important events during the second quarter
• Caroline Reuterskiöld became the Group’s new CEO on April 28, 2022.
• The Group held its annual general meeting on April 28, 2022. A dividend of SEK 0.75 per share, SEK 14.1 million in total, was paid to the shareholders.
• Additional purchase price payments for the acquisitions of Empakk, amounting to SEK 5.2 million, and Swedenborg, amounting to SEK 6 million, were made in May 2022.
• A payment of SEK 4.1 million, in relation to the acquisition of Empakk, was made in April. The amount was not previously included in the acquisition calculation and has thus been adjusted.
• Henrik Nordin was appointed new CFO and member of the Group’s management from August 15, 2022.
Important events after the end of the reporting period
• No significant events occurred after the end of the reporting period.
MESSAGE FROM THE CEO
Operating profit for the quarter almost 50 percent higher than in the same period last year
The second quarter’s EBITA of SEK 11.6 million is 46 percent higher than in the same period last year, due to increased deliveries. Our order intake remains strong, with an increase of more than 20 percent compared to the second quarter of 2021. Net revenue has seen an increase of 15 percent in comparison with last year’s Q2, i.e., we continue increasing our backlog of orders.
Our order backlog is high, with Swedish operations accounting for roughly 80 percent. Zander & Ingeström’s business in electric boilers has experienced particularly strong order intake, along with Swedenborg, the latest addition to the Group. Our large backlog of orders is partly due to challenges in obtaining materials from our suppliers in the current times. As these challenges continued throughout the spring, in tandem with strong order intake, we have decided to build a somewhat larger stock in order to secure our existing delivery commitments and prepare for the second half of the year. This has tied up some working capital during the quarter, both as compared to Q1 as well as compared to the same period last year. We’re making active efforts to secure our deliveries and I want to draw particular attention to all the employees who are working hard to ensure this.
It’s gratifying that we’ve seen positive developments in several parts of the Group during the second quarter. Both Christian Berner AS, in Norway, and Christian Berner Oy, in Finland, have returned to profitability during the last quarter, thanks to increased revenue.
Preparing for the future
The gross margin is just below the level it was in last year’s second quarter, but this is in accordance with our plans. In the autumn, we will probably see some temporary pressure on the gross margin, as we cannot fully compensate for the extra costs caused by partial deliveries and other effects of material supply shortages. As stated above, we decided to build a somewhat larger stock during the quarter and have ensured better conditions in our projects. During the autumn, some older projects will be completed. In the second quarter, we also incurred costs in connection with an investment in a new ERP system.
We have had dialogues with some promising companies during the second quarter but we have not been able to agree on price levels. It is clear, however, that there are still many attractive companies worthy of consideration. We are continuously developing our organization and governance in order to develop into an even more attractive owner for great companies. We look forward to increasing our acquisition rate in the future. In the last few days, we have welcomed the Group’s new CFO Henrik Nordin. I want to take this opportunity to thank our interim CFO, Lars Westlund, for his fine work during the year as he moves on to new assignments.
Caroline Reuterskiöld
CEO, Christian Berner Tech Trade AB
For the full details, please see attached pdf-file.