- Revenue rose by 4 percent to MSEK 2,135 (2,054).
- Operating profit increased by 3 percent to MSEK 133 (129) and the operating margin was 6.2 percent (6.3). Operating profit for the first quarter of the preceding year was impacted by non-recurring items totalling MSEK +15 and the underlying earnings growth for the quarter thus amounted to 17 percent.
- Profit after financial items rose by 4 percent to MSEK 129 (124).
- Net profit increased by 5 percent to MSEK 99 (94).
- Earnings per share rose to SEK 3.50 (3.35).
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Cash flow from operating activities amounted to MSEK 147 (164) and
cash flow per share for the most recent 12-month period amounted to SEK 16.95 (14.25). - The return on equity for the most recent 12-month period was 14 percent (14).
- The equity/assets ratio at the end of the reporting period was 53 percent (49).
- The operational net loan liability decreased to MSEK 105 (366).
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New operating segments as of 1 April 2016.
As of 1 April 2016, the B&B TOOLS Group comprises two new operating segments – Bergman & Beving and Momentum Group. The task of investigating the possibility of splitting the Group into two separate listed companies in the future continues according to plan. -
B&B TOOLS’ Annual General Meeting 2016 will be held on 25 August 2016.
The notice of the Annual General Meeting will be published tomorrow, 20 July 2016, including a proposed agenda and the motions presented by the Election Committee and the Board of Directors for resolution. The Board proposes a dividend of SEK 5.00 (4.00) per share.
PRESIDENT’S STATEMENT
In recent years, demand has varied between quarters, countries and customer segments while general growth in the Nordic market has been low. The first quarter of this financial year was no exception and overall growth in the industry remained weak while demand in the construction and civil engineering sector was strong. Despite these challenges in our operating environment, our revenue for comparable units rose by 2 percent during the first quarter, with ESSVE boosting its sales by 21 percent through an increase in market shares in the construction segment in Sweden and Norway.
Our operating profit for the second quarter increased by 17 percent (adjusted for non-recurring items totalling MSEK +15, which impacted operating profit for the first quarter of the preceding year), with ESSVE, Skydda, Momentum Industrial and TOOLS Norway achieving notable earnings improvements as a result of a continued emphasis on decentralised business responsibility.
Our operating margin has improved significantly in recent years and our cash flow and financial position are stronger than they have been for a long time. Although the market situation remains difficult to assess, we have a strong basis from which to increase the profitability of both of our operating segments through an even clearer focus on the development of leading brands and attractive market channels in profitable niches and corporate acquisitions.
Stockholm, July 2016
Ulf Lilius
President & CEO
For further information, please Contact:
Ulf Lilius, President & CEO, Tel: +46 10 454 77 00
Mats Karlqvist, Head of Investor Relations, Tel: +46 70 660 31 32
The information in this report is such that B&B TOOLS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:45 a.m. CET on 19 July 2016.
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