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27 October 2022, 08:00
Sdiptech AB (publ) publishes interim report for the third quarter (July - September) 2022
The report is available on the company's website: www.sdiptech.se
GOOD DEMAND AND CONTINUED MARGIN EXPANSION
THIRD QUARTER 2022
FIRST NINE MONTHS 2022
EVENTS AFTER REPORTING DATE
COMMENTS BY THE CEO
Net sales grew by 33 percent during the quarter and amounted to SEK 857 M (646). At the same time, EBITA* increased by 43 percent to SEK 171m (119). The margin expansion continued as planned and the EBITA* margin grew to 19.9 percent (18.5). Excluding the electric car charger unit, in which the result was lower than last year after important investments, the Group's net sales increased organically by 2.8 percent excluding currency effects and EBITA* increased organically by 9.3 percent.
We can establish a strong performance of the Group in the quarter. Continued strong growth, continued margin expansion, and good organic growth for the Group in general. In addition, important investments in our business for electric car chargers have been put in place.
The Group's profitability continues to increase as planned and the EBITA* margin was 19.9 percent (18.5). Profitability increased in comparable units which shows that our measures to deal with inflation are working. Also, acquired units contributed positively. The margin is in line with previous communication that the Group's profitability will be established around 20 percent in EBITA* margin.
Given the larger investment we are making in 1 of our 37 business units, it is justified to look at the development in the other 36. Excluding the unit for electric car chargers, the Group grows organically in a satisfactory manner:
This illustrates that demand from our customers remains stable and that we handle material shortages in a satisfactory way to secure deliveries to customers. As said, the profit increase shows that our measures to deal with inflation are working well.
Development of the business unit for electric car chargers
Our electric car charger unit in UK thus reported a lower result in the quarter than last year, mainly driven by a temporary drop in revenue. The reason is that the production of a new technology platform was delayed due to component shortages. The new technology meets, among other things, the new British regulations for electric car chargers that came into force on July 1. The delay affects parts of the product line. In addition, we are also moving production from China to the UK.
Production of the new technology is now underway, and volumes will be scaled up in the near future. Compared to last year, we expect lower revenue from electric car chargers also in the fourth quarter. The timing for investments in new technology and new production is good as we see that 2022 is a softer year as orders for new chargers have been hampered by a lack of new vehicles.
The new technology includes both new hardware and software and further sharpens our position with product features that are not currently on the market. With production at home, we double
our capacity, shorten lead times, reduce our climate footprint and, not least, eliminate geopolitical risk exposure.
The deployment of charging infrastructure is facing significant growth. The UK has introduced a principled ban on new petrol and diesel cars from 2030. The UK Government estimates that home chargers need to increase from today's 170,000 to
6 million by 2030. It is difficult to know exactly how many charging points will be required, but the estimate gives an indication of the size of the pent-up need.
In the quarter, no new acquisitions were completed, which is entirely a matter of timing. Our pipeline is strong, and we look forward to welcoming additional well-managed companies to our group in the coming quarter.
In fact, this year we have stepped down from three out of seven acquisition processes that have begun. The companies in question were in many parts very good, but overall, they ultimately did not live up to the criteria we set for new companies. Stepping down from three out of seven given deals shows our discipline for quality.
Our order intake is still good. We believe that the impact of material shortages will continue to decrease and that we can continue to catch up with delayed order volumes. We have handled increased material prices well, which can be seen in the improvement in our EBITA* margin.
We work continuously to balance effective working capital with the goal of counteracting component deficiencies. In the quarter, cash flow amounted to 59 percent after extra build-up of safety stocks. But our cash generation remains strong and the 80 percent cash flow generation we have achieved over the past twelve months is representative of the Group.
As in the previous interim report, our acquisition pipeline is strong after a long period of processing of new markets. As we have already achieved SEK 125 million in acquired EBITA for 2022, we see good opportunities to exceed our annual acquisition target of SEK 120–150 million, without compromising our strong focus on quality.
By conclusion, I would like to extend a big thank you to all dedicated employees for your commitment and strong efforts.
President and CEO
For further information, please contact:
Bengt Lejdström, CFO, +46 702 74 22 00, email@example.com
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 on 27 October 2022 at 08.00 CEST.
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 3,200 million in sales and is based in Stockholm.