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    HUSQ B   SE0001662230

HUSQVARNA AB (PUBL)

(HUSQ B)
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Husqvarna : INTERIM REPORT JANUARY - SEPTEMBER 2021

10/20/2021 | 01:31am EST

Good growth in Q3

Third quarter 2021
  • Net sales increased by 6% to SEK 10,180m (9,570). The organic growth was 6%, changes in exchange rates impacted with -1% and acquisitions with 2%*.
  • Operating income was SEK 926m (997). The operating margin was 9.1% (10.4).
  • Earnings per share before dilution amounted to SEK 1.10 (1.14) and earnings per share after dilution amounted to SEK 1.10 (1.14).
  • Cash flow from operations and investments was SEK 985m (3,701). Direct operating cash flow was SEK 1,764m (3,925).
  • Operating working capital / net sales amounted to 21.3% (26.0).
  • As previously announced, Husqvarna Group sees a potential negative financial impact in 2022 from a supplier dispute relating to petrol engines (see page 9).

       *Numbers are rounded.

January - September 2021
  • Net sales increased by 10% to SEK 38,824m (35,260). The organic growth was 15%, changes in exchange rates impacted with -6% and acquisitions with 1%.
  • Operating income was SEK 5,878m (4,613). Excluding items affecting comparability, operating income increased by 27% to SEK 5,863m (4,613). The operating margin was 15.1% (13.1). For the rolling 12-month period the operating margin amounted to 12.6% (10.3), excluding items affecting comparability.
  • Earnings per share before dilution amounted to SEK 7.49 (5.61) and earnings per share after dilution amounted to SEK 7.46 (5.61).
  • Cash flow from operations and investments was SEK 5,707m (7,072). Direct operating cash flow was SEK 4,782m (6,255).
  • The Group's absolute CO2 emissions across the value chain (scope 1, 2 & 3) have been reduced by 27%* compared with the 2015 base line and measured on a rolling 12-month basis.

*Historic CO2 data have been revised, see page 8.

Good growth in the quarter

"We delivered a strong organic sales growth of 6% in the third quarter and strengthened market positions across all divisions. The performance was supported by a continued favorable stay-at-home trend but should also be viewed in the light of a record corresponding quarter last year. The execution of the Group strategy is progressing as planned. We continue to gain ground in strategically important segments, such as robotic mowers and battery-powered products, which grew by 25% during the quarter.

The Husqvarna Division achieved 6% organic sales growth in the quarter with strong progress across all main segments. Product categories with particular strong performance were robotic mowers and professional chain saws, including good volumes for our X-Cut saw chains. The Gardena Division's organic sales growth was 5%, with strongest growth in robotic mowers, battery-powered products and hand tools. The Construction Division had a strong performance in the main markets and organic sales growth was 5%, also supported by an improved market situation.

Our sales growth, a continued favorable product mix and price increases contributed to the operating income. Higher costs for raw materials and logistics had a negative effect, while we also continue to invest in our strategic growth initiatives. In total, operating income amounted to SEK 926m (997), excluding items affecting comparability. The operating margin was 9.1% (10.4) for the third quarter and amounted to 12.6% (10.3) on a rolling 12-month basis, excluding items affecting comparability.

As the pandemic continues to disrupt deliveries on a global scale, affecting component supply and freight capacity, our work continues to protect our supply chain. To secure deliveries for the 2022 season, we are purposely increasing inventory levels. The work during the summer to replace a defective component in a limited batch of robotic mowers was completed at the beginning of the quarter and production is back to normal levels. As previously reported, we have initiated legal proceedings against a major supplier of petrol engines for their breach of our supply contract. We remain optimistic that we will be able to achieve a satisfactory outcome. 

Making a sustainable impact
We are reporting a strong quarterly progress with growth and a solid financial result. Our commitment to lead the industry towards a resource-smart economy continues. This means significant investments in automation where we aim to transform the market for professional management of green spaces. During the autumn, the recently launched robotic mower CEORA(TM), has been introduced to trade partners and end customers who have shown a strong interest. Sales have now started, and the first systems will be delivered to customers during the first quarter of 2022.

We have signed to support the Call on Carbon, a cross-sectoral initiative led by the Climate Leadership Coalition (CLC). We are hereby using our voice to encourage fit-for-purpose carbon pricing instruments that will shape markets for alternative energy solutions. As a Group, we have now reduced our absolute carbon dioxide emissions along the value chain by 27% compared to the base year 2015. We are following our plan to achieve our emissions target of -35% by 2025.

In summary, our dedicated work, driven by our vision to shape great experiences, continues and we are well positioned to deliver continued sustainable growth and value creation."

Henric Andersson, President & CEO

 
Telephone Conference

A conference call, hosted by Henric Andersson, President & CEO, and Glen Instone, CFO, will be held at 10:00 CET on October 20, 2021.

To participate, please dial +46 (0) 8 505 583 59 (Sweden) or +44 333 300 9261 (UK) ten minutes prior to the start of the conference. Conference ID: Husqvarna.

The conference call is also available through https://husqvarna-group.creo.se/211020. A replay will be available later the same day.

Dates for Financial Reports 2022
February 3     Year-end report 2021
April 21           Interim report for January-March
July 15            Interim report for January-June
October 21     Interim report for January-September

Contacts
Glen Instone, CFO, Senior Vice President, Finance, IR & Communication
+46 8 738 90 00
Johan Andersson, Vice President, Investor Relations
+46 702 100 451

Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm
Regeringsgatan 28, +46 8 738 90 00, www.husqvarnagroup.com

Reg. Nr: 556000-5331
NASDAQ OMX Stockholm: HUSQ A, HUSQ B

This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 07.30 CET on October 20, 2021.

https://news.cision.com/husqvarna-ab/r/interim-report-january---september-2021,c3436260

https://mb.cision.com/Main/996/3436260/1483243.pdf

https://news.cision.com/husqvarna-ab/i/husqvarna-ceora,c2969584

https://news.cision.com/husqvarna-ab/i/henric-andersson--president---ceo,c2969585

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 45 581 M 5 055 M 5 055 M
Net income 2021 4 060 M 450 M 450 M
Net Debt 2021 8 231 M 913 M 913 M
P/E ratio 2021 18,8x
Yield 2021 2,11%
Capitalization 76 223 M 8 466 M 8 454 M
EV / Sales 2021 1,85x
EV / Sales 2022 1,69x
Nbr of Employees 13 813
Free-Float 74,9%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 133,10 SEK
Average target price 141,86 SEK
Spread / Average Target 6,58%
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Managers and Directors
Henric Andersson President, Chief Executive Officer & Director
Glen Anthony Instone CFO & President-Husqvarna Division
Thomas Johnstone Chairman
Pavel Hajman Chief Information Officer & Senior Vice President
Anders Johanson CTO & Senior VP-Innovation & Technology
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