NOTE Issues Interim Report January–September 2019

Financial performance July–September  

• Sales increased by 34% to SEK 434 (324) million. Excluding acquisitions, growth was 18%. The 
order backlog at the end of the third quarter was about 30% above the previous year’s level.
• Operating profit was up by 104% to SEK 32 (16) million. Adjusted for non-recurring costs in the
third quarter of the previous year, operating profit increased by 41% to SEK 32 (23) million.
• The operating margin widened by 2.5 percentage points to 7.3% (4.8%). Adjusted for non-
recurring costs in the third quarter of the previous year, the operating margin widened by 0.3 percentage points to 7.3% (7.0%).
• Profit after financial items rose to SEK 30 (15) million.
• Profit after tax increased by 100% to SEK 22 (11) million, corresponding to SEK 0.76 (0.38) per share.
• Cash flow after investments amounted to SEK 1 (9) million, or SEK 0.03 (0.33) per share.

Financial performance January–September
• Sales increased by 30% to SEK 1,277 (982) million. Excluding acquisitions, growth was 16%.
• Operating profit was up by 59% to SEK 89 (56) million. Adjusted for non-recurring costs in the 
third quarter of the previous year, operating profit increased by 41% to SEK 89 (63) million.
• Operating margin widened by 1.3 percentage points to 7.0% (5.7%). Adjusted for non-recurring 
costs in the third quarter of the previous year, the operating margin widened by 0.6 percentage points to 7.0% (6.4%).
• Profit after financial items rose to SEK 83 (52) million.
• Profit after tax increased by 65% to SEK 66 (40) million, corresponding to SEK 2.29 (1.39) per share.
• Cash flow after investments amounted to SEK -21 (5) million, or SEK -0.73 (0.17) per share.

CEO’s comment–Record growth, a stronger operating margin and about 30% larger order backlog.

It is particularly gratifying that, despite a slowdown in the industrial economy, we managed to increase the growth rate during the third quarter. Growth during Q3 was 34%, of which 18 percentage points were organic. We increased sales in all home markets and at all plants.

In terms of profit, our positive trend continued year-to-date. Excluding non-recurring items last year, operating profit increased by 41% to SEK 89 million and the operating margin increased 0.6 percentage points to 7.0%.

We continue to win many new customers, our order books at the end of the period were about 30% larger than last year and we are in the start-up phase of several large customer projects. Despite a weaker market situation for some of our industrial customers, I therefore see good opportunities to continue our positive growth curve”, says Johannes Lind-Widestam, CEO and President.

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