Interim Report 1 January - 30 June 2011

2011-08-03

1 JANUARY – 30 JUNE 2011

  • Net sales rose 18% during the period to SEK 3,831 million (3,249). The increase for comparable units was 11%.
  • Operating profit before amortisation of intangible assets attributable to acquisitions (EBITA) rose 26% to SEK 421 million (335), and the EBITA margin was 11.0% (10.3%).
  • Profit after tax rose 19% to SEK 240 million (201).
  • Earnings per share for the period were SEK 6.00 (5.03). Earnings per share for the last twelve-month period were SEK 11.15.

SECOND QUARTER 2011

  • Net sales rose 17% during the second quarter to SEK 2,015 million (1,722). The increase for comparable units was 10%.
  • Operating profit before amortisation of intangible non-current assets attributable to acquisitions (EBITA) rose 25% to SEK 238 million (191), and the EBITA margin was 11.8% (11.1%).
  • Profit after tax rose 21% to SEK 139 million (115).
  • Earnings per share for the second quarter were SEK 3.48 (2.88).

CEO’s message

Continued growth
During the second quarter the Group's invoicing exceeded SEK 2 billion for the first time in Indutrade's history. Order intake during the quarter reached SEK 2.1 billion, growing by 24%  after adjusted currency effects compared with the corresponding period in 2010. 

The previous tendency for production volumes in the Swedish engineering industry to plane out at a high level was verified during the quarter. In the Finnish market we are seeing continued growth, which is also the case in Germany. For our activities in Benelux we see a slight upswing.

I am pleased to note that order intake as well as invoicing are now rising in the international energy sector, in line with our previous expectations.

Order intake for the Group as a whole was 4% higher than invoicing during the second quarter, which indicates continued growth in the coming quarter. 

The gross margin is a measure of the companies' ability to maintain a relevant price level, among other things. During the quarter it grew to 35%, which is a good indication of the companies' ability to sell not on price, but on product features and service, which make our customers more profitable over the long term. Historically, Indutrade has always been good at maintaining its gross margin. One of the reasons for this is our decentralised organisation, where our employees see a clear connection between pricing and profitability. 

Acquisitions
Three acquisitions were made during the quarter – one in the Netherlands on 1 April, one in Sweden in June and one in Switzerland, with possession taking place on 1 July 2011. The acquisition in Switzerland is fundamentally important, since it is the first to be made by the Switzerland-based Abima Group which was acquired in January 2011 and name changed to Indutrade Switzerland AG.

I believe our opportunities for further acquisitions during the autumn are favourable.

Johnny Alvarsson, President and CEO

Comments on the report will be provided in the following ways:

         For further information, please contact:
         Johnny Alvarsson, President and CEO, Tel: +46 70 589 17 95.

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