Interim Report January – March 2017
· Order intake was MSEK 1,314.0 (1,142.0), which is an overall growth of 15.1% adjusted to 4.7% for acquisitions of MSEK 118.0. The overall year to date currency effect is neutral
· Net sales were MSEK 1,244.3 (1,031.5), which is an overall growth of 20.6% adjusted to 9.2% for acquisitions of MSEK 118.2. The overall year to date currency effect is neutral
· Operating profit was MSEK 153.4 (85.4), representing a 79.6% increase with an operating margin of 12.3 (8.3)%
· Earnings after tax were MSEK 107.9 (61.4), an increase of 75.7%
· Earnings per share were SEK 2.84 (1.62)
· Cash flow from operating activities was MSEK 126.3 (-51.5)
Comments from CEO Johan Hjertonsson:
- We are pleased with the Group’s strong first quarter results for order intake, net sales, operating profit and cash flow.
- Good organic sales growth was achieved in all reporting segments. It is our opinion that the Group continues to grow market share.
- The operating profit, at an 80% increase over the prior year is a record for quarter one and the currency and acquisition adjusted operating profit is also a record for the quarter.
- Earnings per share at SEK 2.84 is 75% ahead of the SEK 1.62 from the previous year.
- LED share of net sales in the quarter was above 85%. The key metric in the LED technology shift is the level of the installed base, which in our opinion is a single digit percentage.
- The order backlog is at a record high level as we head into the second quarter.
- We welcome the members of WE-EF and Flux to the Fagerhult Group. There are several strong synergies for our outdoor strategy that will add value from this acquisition. Completion took place on the 9 March 2017.
- We are pleased with the Group’s acquisition of the intellectual property rights (IPR) of the Organic Response (OR) lighting controls technology. The technology fits well with the strategy in the lighting controls space. Many of our businesses already have 4 to 5 years project experience with OR enabled luminaires.
- Finally, the first quarter results have set a solid foundation from which to build on for the remainder of the year.
Disclosures may be submitted by
Johan Hjertonsson CEO tel: 46 36 10 85 00 mobile: 46 70 229 77 93 e-mail: firstname.lastname@example.org
Michael Wood CFO tel: 46 36 10 85 00 mobile: 46 73 087 46 47 e-mail: email@example.com
This information is inside information that AB Fagerhult (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that AB Fagerhult (publ) is obliged to make public pursuant to the Securities Markets Act.
The information was submitted for publication, through the agency of the contact person set out above, at 14:35 CET on 3rd May 2017.
Fagerhult is one of Europe’s leading lighting groups with approximately 3,300 employees and operations in more than 25 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, Ateljé Lyktan, LTS, Whitecroft Lighting, Designplan Lighting, Eagle Lighting, I-Valo, Arlight, Lighting Innovation, LED Linear and WE-EF. AB Fagerhult is listed on the Nasdaq Nordic Exchange in Stockholm.