Interim Report January – June 2018
· Order intake was 2,959.2 (2,700.4) MSEK, which is an overall growth of 9.6%, adjusted to 0.4 % for acquisitions of 194.8 MSEK and currency effects of 54.2 MSEK
· Net sales were 2,692.3 (2,544.7) MSEK, which is an overall growth of 5.8%, adjusted to -3.2% for acquisitions of 179.6 MSEK and currency effects of 49.3 MSEK
· Operating profit was 305.2 (313.3) MSEK, representing a 2.6% decrease with an operating margin of 11.3 (12.3)%
· Earnings after tax were 213.9 (216.5) MSEK, a decrease of 1.2%
· Earnings per share were 1.87 (1.90) SEK
· Cash flow from operating activities was -91.0 (188.5) MSEK
Comments from CEO Johan Hjertonsson:
- After a challenging first quarter for us and the industry generally, we are pleased that the Group delivered a robust half year result.
- The second quarter was strongly ahead on overall order intake at +10.4%, net sales at +9.3% and we achieved an operating profit +4.2% ahead of the prior year. The Group continues to invest in many medium term growth activities.
- The organic performance of the Group in the second quarter improved from the first quarter with a continued slight growth in order income and a more or less flat net sales.
- The organic book-to-bill ratio in the second quarter was a significant at +7.5% and results in the closing order backlog at the end of the half year being +13.1% ahead of the prior year.
- The robustness of the second quarter reduced by almost half the Q1 comparable net sales decline and with a healthy order backlog position we look forward to the third and fourth quarters.
- For most business areas we see a good level of activity with increased orders and sales, the exception being the United Kingdom where new business opportunity remains good but we now detect a lack of confidence leading to some project delays, we assume Brexit driven.
- Operating profit at 166.6 (159.9) MSEK is the highest second quarter on record with a steady organic performance boosted by the addition of Veko part way through the quarter.
- As the new CEO, Bodil Sonesson, takes office on the 8th October, this will be my last report for the Fagerhult Group. I wish Bodil much success in a Group that is fantastic to work for and filled with many rewarding relationships.
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 11.50 CET on 22 August 2018.
Fagerhult is one of Europe’s leading lighting groups with approximately 3,450 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, WE-EF and Veko. AB Fagerhult is listed on the Nasdaq Nordic Exchange in Stockholm.