Absolent Group AB - Interim report Jan-Mar 2020

Quarter 1 2020

· Net sales amounted to 279,1 MSEK (209,2) which is an increase of 33,5 % (43,2)

· Operating profit before amortizations of goodwill (EBITA) reached 32,9 MSEK (45,9) with a margin of 11,8 % (21,9)

· Operating profit after amortization of goodwill (EBIT) reached 12,9 MSEK (40,3) with a margin of 4,6 % (19,3). Amortizations of goodwill had impact on EBIT with -20,1 MSEK (-5,5)

· Earnings per share amounted to 0,28 SEK (2,69)

· Cash Flow from operating activities after change in working capital amounted to -14,9 MSEK (32,9)

Financial impact of Covid-19

We expect challenging market conditions ahead as a result of Covid-19 and the economic uncertainty it brings. We are continuously monitoring the Group's expenses to adjust our organization to the current market conditions. Our top priority is the health of our employees and customers, and we limit the spread of the virus by continuously monitoring and adhering to the instructions from all authorities in the countries where we operate.

Further information:

The complete interim report is available at

https://absolentgroup.com/investors/interim-reports/

For further questions please contact:

MD and Group CEO Axel Berntsson +46 510 - 484000

CFO Anna Åkerblad +46 510 - 484000

Absolent Group AB is listed on Nasdaq First North Growth Market.

Certified Adviser for Absolent Group AB is Erik Penser Bank AB. +46 8-4638300.

Email: certifiedadviser@penser.se

This information is information that Absolent Group 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 person set out above, at 01:00 p.m. CEST on May 5, 2020.






Kallelse till årsstämma i Absolent Group AB

Aktieägarna i Absolent Group AB (publ) kallas härmed till årsstämma tisdagen den 4 maj 2021.




Uppföljning Absolent Groups åtgärdsprogram

Absolent Group AB (publ) vidtog under 2020 åtgärder för att minska kostnaderna i koncernen till följd av Covid-19. På kort sikt implementerade Absolent Group en rad olika åtgärder inklusive korttidspermitteringar och reducering av icke-kritiska kostnader. Som en långsiktig åtgärd minskade koncernen sina kostnader på årsbasis med 53 MSEK genom ett övergripande åtgärdsprogram som kommunicerades i juni 2020. Besparingarna har gradvis börjat träda i kraft under andra halvan av 2020 för att nå full nivå vid försäljning av Gallito i början av januari 2021. Tillhörande engångskostnader för åtgärdsprogrammet uppgick till 42 MSEK


Absolent Group cost reduction program follow-up

Absolent Group AB (publ) acted during 2020 to reduce costs within the group due to the effects of COVID-19. Within a short period of time, Absolent Group implemented several measures including furloughs and reduction of non-essential costs. As a long-term measure, the Group reduced the costs on a yearly basis of 53 MSEK through a company-wide cost reduction program communicated in June 2020. The action program was gradually implemented during the second half of 2020 and achieved full effect when Gallito was sold in the beginning of January 2021. Related one-time expenses of 42 MSEK were recorded.


ABSOLENT SLUTFÖR AVYTTRING AV GALLITO LTD I STORBRITANNIEN

Absolent Group har avyttrat Gallito Limited i Storbritannien. Avyttringen är i linje med Absolent Groups strategi och skärper fokuset på utvalda tillväxtplattformar.


ABSOLENT COMPLETES DIVESTITURE OF GALLITO LTD IN THE UK

Absolent Group has divested Gallito Limited in the UK. The divestment is in line with Absolent Group's strategy and sharpens the focus on core growth platforms.


Absolent förvärvar Tessu Systems B.V. i Holland

Absolent Group AB har idag förvärvat storköksventilationsbolaget Tessu Systems B.V. i Holland för 5,3 MEUR på kassa- och skuldfri basis plus en tilläggsköpeskilling som beror på bolagets resultat under 2021 och 2022. Tessu har de tre senaste åren haft en snittomsättning på 5,5 MEUR med en EBIT-marginal om ca 29 %. Tessu kommer omgående att konsolideras in i Absolent Group.


Absolent acquires Tessu Systems B.V. in the Netherlands

Absolent Group AB has acquired the commercial kitchen ventilation company Tessu Systems B.V. in the Netherlands for 5.3 MEUR on a cash and debt-free basis with an opportunity for an additional earn out conditional on Tessu's performance in 2021 and 2022. Tessu has during the last three years had an average turnover of 5.5 MEUR with an EBIT margin of circa 29 %. Tessu will be consolidated into Absolent Group immediately.


Absolent rekryterar ny CFO

Absolent Group AB har rekryterat Karin Brossing Lundqvist som ny CFO. Karin har en bred och djup bakgrund från ledande befattningar inom ekonomi och IS/IT i flera branscher, från snabbrörliga konsumentvaror till fordonsindustri. Karin har en kandidatexamen i ekonomi från Lunds universitet och kommer från positionen som CFO för DEKRAs svenska verksamhet. Hon och förväntas ansluta till Absolent vid halvårsskiftet 2021.


Absolent recruits a new CFO

Absolent Group AB has recruited Karin Brossing Lundqvist as a new CFO. Karin has an extensive background from executive positions in Finance and IS/IT in several industries spanning from FMCG to Automotive. Karin has a B Sc. In Business and Economics from Lunds university and is currently employed as CFO of the Swedish operation at DEKRA. She will join Absolent Group by mid-year 2021.




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