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29 April 2020, 08:00
Sdiptech AB (publ) publishes interim report for the first quarter (January - March) 2020
The report will be available on the company's website: www.sdiptech.se
A STRONG FIRST QUARTER - LIMITED IMPACT FROM COVID-19
JANUARY - MARCH 2020
COMMENT ON THE IMPACT OF COVID-19
Covid-19 has had a limited impact on Sdiptech's sales and earnings during the first quarter. Although we experienced delayed deliveries in some of our business units as a result of local restrictions in March, the Group's overall performance was strong. The current global uncertainty is obvious, and we are humbled to make a statement about the future. Currently, on 29th of April 2020, the Group delivers approximately 85% of planned orders and, in line with easing restrictions, we plan to catch up on postponed orders. Based on our knowledge of the current situation, we see no reason to revise our growth targets for organic profit growth of 5-10 percent, neither for 2020 nor for further ahead.
COMMENTS BY THE CEO:
A STRONG FIRST QUARTER, SOME DELAYS IN DELIVERIES AS A RESULT OF THE PANDEMIC – SDIPTECH WELL EQUIPPED WITH GOOD CASH FLOW AND A STABLE VOLUME OF ORDERS
Despite current circumstances, we have established a good start to 2020. Net sales increased by 15 percent during the first quarter. Simultaneously, EBITA* increased by 37 percent to 70,8 MSEK (51,8), corresponding to an EBITA*-margin of 14,6 percent (12,3). The organic EBITA*-growth was 12,1 percent, of which 0,4 derived from currency-effects.
MARKET OUTLOOK – A relatively stable first quarter
During the first few months of 2020, a lot has revolved around the coronavirus pandemic in all markets where we operate. However, Covid-19 has had a limited impact on Sdiptechs sales and results for the first quarter. Despite disruptions in some of our business units, as a result of local restrictions concerning limitation of movement, the Group's overall earnings were strong with organic sales growth of 1 percent and organic EBITA* growth of 12 percent.
During the first quarter, the vast majority of our business units continued to deliver at full capacity and with steady demand, despite the pandemic. Our actions to keep business continuity, for example the increased stock of critical components that was initiated in the beginning of this year already, had the desired effect. In some areas of our business, our sales have even increased, specifically the manufacturing of disinfectants and temperature control in grocery stores. Another area where we can confirm positive effects is encryption of desktop and mobile communications, where demand has increased as more people are working remotely.
The pandemic related interference experienced by some business units has mainly concerned limitations for field workers and service technicians, whom need to be able to move freely in order to carry out their work. This has not been a problem in Sweden, our biggest market, so much as other parts of Europe where restrictions are considerably tougher and we, just like the whole industry, experienced delays in booked deliveries. For the affected business units, we have taken stabilizing measures such as short-term contract work and general cost reductions, adapted to each business area and country in which they operate.
CURRENT SITUATION – Delays rather than lost business
For Sdiptech, pandemic related interference and restrictions of movement mainly means delays in deliveries, not lost business nor customers. Our customers are responsible for critical societal infrastructure and are generally stable and well-funded. We can determine that our offerings and products are relatively unaffected by the pandemic and we are preparing to catch up with the delays as soon as restrictions allows it.
The Managing Directors of our units are doing a fantastic work ensuring employees’ health, alongside with continued product and service deliveries to our customers, despite present difficulties in markets where mobility is very limited. We have a central team dedicated to update our business units with the latest information from authorities, and to aid with making decisions and take actions in a rapidly changing environment. New key figures have been introduced to be monitored on a weekly basis, allowing us to proactively identify pandemic consequences and have a good visibility of developments in each business unit.
As of today, April 29th, the situation across the group is as following:
Overall, across our 32 business units, six out of ten today experience minor disruptions or are completely unaffected by Covid-19. We have a strong financial position with a good cash flow and well-developed credit facilities that enable us to manage our operations even in an uncertain environment. Our 32 operations in various segments provide good risk diversification.
OUTLOOK – Difficult to predict, but we are well equipped
It is a mere impossibility to predict when the current restrictions put in place to limit the pandemic will be decreased or completely lifted, and how the recovery will pan out. The current global uncertainty is palpable, and we are taking a humble stance in regard to making predictions about the future. We feel confident about the long-term outlook, but it is most likely that sales and earnings for the second quarter will be affected by the pandemic. However, we can conclude that our business model is suitable to handle periods of great uncertainty. Thanks to our decentralized structure, we can make quick decisions locally for each of our business unit close to our customers, staff and suppliers. If there is any need for actions, these can be tailored for each business unit according to the specific situation and adapted to current regulations and local support from authorities.
Based on our knowledge of the current situation, we see no reason to revise our growth targets for organic profit growth of 5-10 percent, neither for 2020 nor for further ahead. We continue to have our sights set on our annual acquisition target of SEK 90 million EBITA. We have no ambition to wait for another market situation as the core of our business is to acquire and develop well-managed niche companies with products and services in the infrastructure sector. The demand for these companies' products remains strong, even in a recession, and we look forward to welcoming new additions to our group throughout the year.
In conclusion I would like to take the opportunity to welcome our new shareholders to Sdiptech. I would also like to direct my warmest gratitude to our dedicated staff for your commitment and strong contributions during these extraordinary times. These past few weeks I have seen many examples of our team adapting to this ever-changing environment, working together and solving thorny challenges. These efforts are ever so important as our products and services are vital for our society to keep functioning.
President and CEO
For additional information, please contact:
Jakob Holm, CEO, +46 761 61 21 91, firstname.lastname@example.org
Bengt Lejdström, CFO, +46 702 74 22 00, email@example.com
Sdiptech's common share of series B share is traded under the short name SDIP B with ISIN code SE0003756758. Sdiptech AB's preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348. Sdiptech AB's Certified Adviser at Nasdaq First North Premier Growth Market is Erik Penser Bank, +468-463 83 00, firstname.lastname@example.org. Further information is available on the company's website: www.sdiptech.se
Sdiptech AB is a technology group with a primary focus on infrastructure segments critical to well-functioning societies and to welfare, e.g. water & sanitation, power & energy, transportation, energy efficiency and air climate. As part of our offering in urban areas, we also provide niched technical services for buildings and real-estate such as renovation of elevators and roofs. The company has approximately SEK 1,750 million in sales and is based in Stockholm.
Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The company is based in Stockholm. The information was provided by the above contact person for publication 29 April 2020 at 08:00 CEST.