Interim Report January – September 2017
· Order intake was MSEK 3,939.3 (3,438.2), which is an overall growth of 14.6% adjusted to 1.4% for acquisitions (MSEK 448.0) and currency effects (MSEK 5.0)
· Net sales were MSEK 3,850.4 (3,317.0), which is an overall growth of 16.1% adjusted to 3.0% for acquisitions (MSEK 430.6) and currency effects (MSEK 4.9)
· Operating profit was MSEK 505.5 (404.3), representing a 25.0% increase with an operating margin of 13.1 (12.2)%
· Earnings after tax were MSEK 352.8 (298.3), an increase of 18.3%
· Earnings per share were SEK 3.09 (2.62), an increase of 17.9%
· Cash flow from operating activities was MSEK 405.1 (137.0), an increase of 195.7%
· During the quarter the Group completed the acquisition of the balance 49% of the shares in LED Linear UK, previously owning 51% and also acquired a 20% minority holding in the Danish outdoor specialist lighting controls business Seneco AS
Comments from CEO Johan Hjertonsson:
- We are pleased that the Group continues to deliver strong results, especially when compared to the record results from 2016. The third quarter of 2017 has set new records for net sales and operating profit, which increased in the quarter 16.2% from Q3 2016 to MSEK 192.2 (165.4).
- Significantly, the 12 month rolling net sales for the first time in the Group’s history now exceeds 5 BSEK.
- Market activity in most of our main markets was and remains positive, however it continues to be mixed in some smaller regions. The Group is well positioned to progress into the fourth quarter and 2018 as the order backlog is at a good level.
- The overall activity for order intake and net sales continue to be at a high level in many regions, showing organic growth from last year and resuming the positive trend from a slightly negative second quarter. The UK & Ireland business area, which has a significant share of net sales in Indoor Lighting continues to encounter currency headwinds with a year to date negative MSEK 55 (6%) impact on net sales.
- To support the development of organic growth, in September we are pleased to have opened our central Paris office and showroom facility, we now move to the second large city, Barcelona.
- The level of the global LED luminaire installed basis is suggested to be at between 5-10% and with a LED share of net sales at over 90%, the Group is very well positioned to capitalise on this forward looking opportunity.
- Finally, we welcome the LED Linear UK team to the Group and we look forward to working together and collaborating in the UK & Ireland on the many existing opportunities.
Disclosures may be submitted by
Johan Hjertonsson CEO tel: 46 36 10 85 00 mobile: 46 70 229 77 93 e-mail: email@example.com
Michael Wood CFO tel: 46 36 10 85 00 mobile: 46 73 087 46 47 e-mail: firstname.lastname@example.org
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 09:30 CET on October 24th 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.