1 April 2013 - 31 March 2014 (12 months)
- Net sales rose by 13 percent to SEK 6,089 million (5,403).
- Operating profit rose by 15 percent to SEK 501 million (437) and the operating margin amounted to 8.2 percent (8.1).
- Profit after financial items rose by 17 percent to SEK 475 million (408) and profit after tax rose by 14 percent at SEK 369 million (323).
- Earnings per share (EPS) totalled SEK 5.50 (4.85).
- Cash flow from operations reached SEK 479 million (339), corresponding to cash flow per share was SEK 7.25 (5.20).
- Return on equity was 30 percent (31) and the equity ratio was 39 percent (36).
- A share split took place, in which each share was divided into three (3) shares.
- Since the start of the financial year five acquisitions made by the group have taken effect, adding sales of about SEK 300 million on an annual basis.
- The Board of Directors proposes a dividend of SEK 3,00 per share (2.67).
1 January - 31 March 2014 (3 months)
During the fourth quarter, net sales rose by 15 percent to SEK 1,678 million (1,463).
Operating profit rose by 24 percent to SEK 137 million (111) and the operating margin amounted to 8.2 percent (7.6).
- Profit after taxes totalled SEK 100 million (73).
- Cash flow from operations totalled SEK 104 million (44).
Net sales in the Addtech Group rose by 13 percent during the financial year to SEK 6,089 million (5,403). Comparable units displayed an increase of 2 percent and acquired growth reached 11 percent. Exchange rate changes had a marginally adverse effect of SEK 20 million on net sales and SEK 1 million on operating profit during the year.
Net sales in the fourth quarter (January-March) rose by 15 percent to SEK 1,678 million (1,463). Comparable units rose 9 percent and acquired growth totalled 5 percent. Exchange rate changes in the quarter had a positive effect of 1 percent on net sales, corresponding to SEK 6 million, and a positive effect of 1 percent, corresponding to SEK 1 million, on operating profit.
During the first six months business conditions for the Group were stable on the whole, despite a relatively volatile underlying demand based on a fragmented market in terms of geography, customer segments and product segments. During Q3 business conditions were more positive, but sales were weak due to a number of customers taking a cautious approach to purchasing before the end of the calendar year. The postponed deliveries from Q3 took place as planned, and as a result Q4 showed very good organic growth in sales and earnings. Business conditions gradually became more stable during the financial year, although demand for production components from Nordic manufacturing companies, above all in the vehicle and engineering industries, remains hesitant. This particularly affects the Components and Industrial Solutions business areas, in which the Danish and Finnish markets experienced tougher market conditions, the Norwegian market was at a high level and the Swedish market recovered slightly during the year. The Group's companies that operate in markets outside the Nordics enjoyed very positive development. For the Life Science and Energy business areas, demand from, for example, Nordic healthcare and customers in the energy segment developed well.
Growth in sales and earnings in the Group during the financial year come from organic growth, implemented acquisitions and the positive impact on earnings of selective cost adjustments that have been made. Combined with our focus on working capital, this has resulted in good cash flow and a robust financial position, which creates good future opportunities. During the financial year five acquisitions made by the Group came into force, adding annual sales of about SEK 300 million. The Group announced two additional acquisitions that bring annual sales of a further SEK 45 million and that came into effect after the end of the financial year.
During the financial year, operating profit increased by 15 percent to SEK 501 million (437) and the operating margin stood at 8.2 percent (8.1). The operating margin before amortisation of intangible non-current assets equalled 9.5 percent (9.2). Net financial items were SEK -26 million (-29) and profit after financial items increased by 17 percent to SEK 475 million (408).
During the fourth quarter, operating profit rose 24 percent to SEK 137 million (111), and profit after financial items to SEK 131 million (99).
Profit after tax for the financial year rose by 14 percent to SEK 369 million (323) and EPS rose to SEK 5.50 (4.85). The effective tax rate was 22 percent (21). The changed tax rate in Norway and Finland in 2014 resulted in a reduction of SEK 4 million (net) in deferred tax. In the preceding year, deferred tax has been lowered by a corresponding SEK 24 million, as a result of a reduced tax rate in Sweden in 2013. Excluding these changes, the effective tax rate for the year would have amounted to 23 percent (27).