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4 May 2023, 08:00
Sdiptech AB (publ) publishes interim report for the first quarter (January - March) 2023
The report is available on the company's website: www.sdiptech.se
STRONG DEVELOPMENT AND SOLID OUTLOOK
FIRST QUARTER 2023
EVENTS AFTER REPORTING
No significant events are noted.
COMMENTS BY THE CEO
We can with pleasure summarize a strong first quarter for Sdiptech. Demand is robust and we see no signs of a slowdown. The management of remaining inflation is effective and our margin strengthening continues, both organically and through acquisitions. According to plan, the deliveries in our unit for EV chargers are now also restored to expected high volumes and profitability.
During the year’s first quarter, demand from our customers has remained strong, which resulted in net sales increasing by 37 percent, of which 14.7 organically. Market conditions in all of the group's segments were favourable, which reflects the good demand you can expect in infrastructure. After the delivery delays from last autumn, our EV charger unit has now successfully scaled up the production volumes of the new technology, and showed sales that exceeded our own expectations and delivered a result in line with previous year.
At the same time, the group's EBITA* increased by 40 percent, of which 8.8 percent was organic. Purchase prices and personnel costs rose in the quarter, but not at the same high pace as before. Our work with passing on cost increases to our customers is working well and is thereby further facilitated, although there is still some delay due to our customer agreement structures. Since sales and profitability in our unit for EV chargers have remained at the same level as last year, this shows that the other units within the group had a very good development.
Sdiptech's margin strengthening continues and the EBITA* margin amounted to 18.9 percent (18.5) in the quarter and 19.2 percent (18.9) on a rolling twelve-month basis. New acquisitions continue to contribute positively to the profit margin. The acquisitions that Sdiptech makes are carefully selected for their strong market positions with associated good profitability.
Inventory build-up in some of the group's larger units and strong sales growth in general have led to cash generation of 45 percent (73) being weaker than usual. Temporary fluctuations in cash flow are part of the work to ensure availability of input goods and to meet demand from customers with critical needs. But as per usual, we expect cash generation to return to the group's normal levels of around 80 percent.
During the first quarter, we acquired HeatWork, which is a global company with headquarters and production facility in Narvik, Norway. HeatWork has 20 years of experience in developing special products in hydronic heating. The company's mobile heating plants are designed to meet the needs in several areas of use, such as energy production, agriculture, pest control and municipal water protection. HeatWork has a strong focus on innovative, sustainable solutions, and the technology contributes to a significant reduction in both energy consumption, cost, chemical use and CO2 emissions.
As is known, our unit for EV chargers carried out several important investments last year. With the new technology platform and with circuit board assembly locally in the UK, we get shorter time-to-market for new products. In addition and equally important, this enables a significantly higher production capacity than a year ago. It is pleasing to note that gross margins are at the same high level as they were before these major changes. We have also not been negatively affected by the problems that other players in the market have had as we already meet all technical requirements in the UK. Looking ahead, we see no signs of slowdown and demand for charging points in the UK continues to increase, in part driven by requirements to install EV chargers in new and redevelopment of properties.
Sdiptech's business units in the UK benefit from the investments connected to climate adaptation, energy efficiency and sustainable infrastructure previously decided by the UK Government. Among other things, GBP 6.6 billion is being invested in low-carbon technology for buildings. Another area that benefits Sdiptech's units is the UK's investment in developing more reliable, safe and efficient railways.
We are confident that the group's profitability will continue to grow and be established at around 20 percent in EBITA* margin and look positively on the year ahead. I would also like to extend a big thank you to all our dedicated employees for your commitment and strong efforts, as well as thank all shareholders for the continued trust.
President and CEO
For additional information, please contact:
Bengt Lejdström, CFO, +46 702 74 22 00, email@example.com
My Lundberg, Sustainability & IR Manager, +46 703 61 18 10, firstname.lastname@example.org
Sdiptech’s common shares of series B are traded on Nasdaq Stockholm under the short name SDIP B with ISIN code SE0003756758. Sdiptech’s preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348. Further information is available on the company's website: www.sdiptech.se
Sdiptech is a technology group that acquires and develops market-leading niche operations that contribute to creating more sustainable, efficient and safe societies. Sdiptech has approximately SEK 3,800 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 information was provided by the above contact persons for publication 4 May 2023, at 08:00 CEST.