PERIOD 1 APRIL - 30 JUNE 2021
- Net sales amounted to SEK 1,486.8 million, which was 13% (18% in local currencies) higher than last year (SEK 1,314.5 million).
- Operating result amounted to SEK 241.3 (110.1) million.
- Result for the period amounted to SEK 187.7 (72.9) million.
- Earnings per share amounted to SEK 2.84 (1.11).
- Cash flow from operating activities amounted to SEK 185.3 (251.4) million.
PERIOD 1 JANUARY - 30 JUNE 2021
- Net sales amounted to SEK 2,748.4 million, which was on par with last year (SEK 2,755.4 million) but 6% higher in local currencies.
- Operating result amounted to SEK 341.5 (86.0) million.
- Result for the period amounted to SEK 255.4 (35.9) million.
- Earnings per share amounted to SEK 3.88 (0.57).
- Cash flow from operating activities amounted to SEK 552.5 (366.0) million.
- Equity ratio amounted to 58.9 (47.9) %.
- Net debt to equity ratio amounted to 31.2 (69.9) %.
Yet another record result
The COVID-19 pandemic is still a concern, even though we see a much stronger market than before. The eased restrictions for events, sports and audiences etc. contribute to this.
Net sales for the quarter increased by 13% compared to the previous year and amounted to SEK 1,486.8 million and even though our focus is primarily on results, it is still nice to be back on track with growth. The sales growth in local currencies amounted to 18%, which is very good.
The operating result for the quarter was record strong and increased from SEK 110.1 million to SEK 241.3 million. The government support received by the Group amounted to SEK 51.2 million, which was SEK 7.1 million more than the previous year. A very strong gross profit margin and good cost control are the main factors behind the increased results. The operating margin amounted to 16.2%, which is a fantastic performance.
For a rolling twelve months, net sales once again exceed SEK 6 billion and amounted to SEK 6,091.7 million. The operating result for the same period amounted to SEK 801.3 million, with an operating margin slightly above 13%. Since we signaled that we would focus primarily on the operating margin, it has increased radically. An operating margin of 13% for a rolling twelve months can be compared with 9% for the full year 2020 and 8% for 2019.
The balance sheet has continued to strengthen and the equity ratio now amounts to 58.9%. Net debt to credit institutes amounts to SEK 593.5 million, which gives us an available credit of over SEK 2.2 billion and our equity amounts to almost SEK 4.2 billion.
Cash flow from operating activities continued to be strong and amounted to SEK 185.3 million for the quarter.
Net sales for the first half of the year were on par with the previous year, but 6% higher in local currencies. The operating result was record strong and increased to SEK 341.5 (86.0) million - the highest operating result ever - and the operating margin amounted to 12.4%. Cash flow from operating activities before changes in working capital amounted to SEK 306.1 million and SEK 552.5 million after changes in working capital.
I still think it is hard to make short-term assessments. As it looks right now we believe in a continued good sales recovery during the fall, but new outbreaks of the delta virus for example in China are worrisome. In the long term, I am more convinced than ever of very good development. We have an extremely good and experienced management team, our brands continue to strengthen, we have fantastic staff and an incredibly strong balance sheet.
During the fall we will face two strong quarters from the previous year in terms of results.
Again, I would like to end by thanking all employees for an absolutely amazing job. I am proud and happy to lead you! I would also like to thank all customers for believing in us, our products and brands and of course all consumers and companies that buy our products! Thank you!
Together we stand stronger than ever to face an exciting future!
We have every opportunity to do something really good going forward!
Torsten Jansson, CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO and Group CEO
Phone: +46 31-712 89 01
Phone: +46 31-712 89 12
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