Absolent Group Interim report Jan-Jun - 2020

Quarter 2, 2020

  • We predict a continued challenging market in the future as a result of Covid-19 and the uncertainty this entails. To adapt to the current market situation, we continuously review the Group's expenses and as previously communicated a cost reduction program was initiated in June with expected non-recurring costs of 50-60 MSEK. In the second quarter, expenses of 58 MSEK are included and the cost reduction program runs according to plan in terms of the timeline, savings and costs communicated. Adjusted figures are presented below
  • Net sales amounted to 196.6MSEK (219.6) which is a decrease of -10.5% (30.3)
  • Adjusted operating profit before amortization of goodwill (EBITA1) amounted to 16.1 (38.1) with a margin of 8.2 % (17.3). Operating profit before amortization of goodwill (EBITA) reached -41.9 MSEK (38.1) with a margin of -21.3 (17.3)
  • Adjusted operating profit after amortization of goodwill (EBIT1) amounted to -4.1 MSEK (30.1) with a margin of -2.1% (13.7). Amortizations of goodwill had an impact on EBIT1 with -20.3 MSEK (-8.0). Operating profit after amortization of goodwill (EBIT) amounted to -62.1MSEK (30.1) with a margin of -31.6% (13.7)
  • Adjusted earnings per share amounted to -0.9 SEK (2.3). Earnings per share amounted to -6.0 SEK (2.3)
  • Cash flow from operating activities after change in working capital amounted 36.3 MSEK (14.7)

First six months, 2020

  • Net sales amounted to 475.7 MSEK (428.8) which is an increase of 10.9% (36.3)
  • Adjusted operating profit before amortization of goodwill (EBITA1) reached 49.1 MSEK (84.0) with a margin of -10.3% (19.6). Operating profit before amortization of goodwill (EBITA) reached -9.2 MSEK (84.0) with a margin of -1.9% (19.6)
  • Adjusted operating profit after amortization of goodwill (EBIT1) reached 8,7 MSEK (70.4) with a margin of 1.8% (16.4). Amortizations of goodwill had an impact on EBIT1 with -40.3 MSEK (-13.6). Operating profit after amortization of goodwill (EBIT) reached -49.3 MSEK (70.4) with a margin of -10.4% (16.4)
  • Adjusted earnings per share amounted to -0.6 SEK (4.9). Earnings per share amounted to -5.7 SEK (4.9)
  • Cash flow from operating activities after change in working capital amounted to 21.4 MSEK (47.6)

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 - 48 40 00

CFO Anna Åkerblad +46 510 - 48 40 00

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

Certified Adviser for Absolent Group AB is Erik Penser Bank AB. +46 8-463 83 00.

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 08:00 a.m. CEST on August 4, 2020.







ABSOLENTS CFO AVGÅR

Absolent Group AB:s CFO, Anna Åkerblad, har idag sagt upp sig från sin anställning. Hon kommer att fortsätta i sin nuvarande roll under uppsägningstiden om fyra månader för att säkerställa en ordnad övergång till dess att en ny CFO tillträder. Rekryteringsprocessen av en ny CFO inleds omedelbart.


ABSOLENT'S CFO RESIGNS

Absolent Group AB:s CFO, Anna Åkerblad, has today handed in her notice. She will remain in her current position during the four months' notice period to ensure a structured handover until a new CFO joins the company. The process to recruit a new CFO will be initiated immediately.


Absolents styrelseordförande vinnare av Guldklubban för Region Väst 2020

Absolent Group AB:s styrelseordförande, Mikael Ekdahl, har idag blivit utsedd till vinnare av Guldklubban för Region Väst. Guldklubban är en utmärkelse för effektivt och affärsinriktat styrelsearbete instiftat av revisions- och konsultföretaget Deloitte och den ideella föreningen StyrelseAkademien.


Absolent's Chairman awarded the 'Golden Gavel' for Region West 2020

Absolent Group AB's Chairman of the Board, Mikael Ekdahl, has been awarded the Golden Gavel (Guldklubban) award for Region West. The Golden Gavel is an award for effective and business-oriented board work and was established by the auditing and consulting company Deloitte and the non-profit organization the Swedish Academy of Board Directors.




Absolent Group förstärker koncernledningen

Absolent Group AB har förstärkt koncernledningsgruppen med en ny Head of Operational Excellence som kommer ansluta till företaget senast den första september 2020.


Absolent Group strenghtens group management

Absolent Group AB has strengthened its Group Management with a new Head of Operational Excellence that will join the company at the latest on September 1st 2020.




Absolent Group inleder åtgärdsprogram

Absolent Group AB (publ) vidtar åtgärder för att minska kostnaderna i koncernen. Åtgärderna är en naturlig följd av konsolidering av förvärvade enheter samt för att möta perioden då marknaden återhämtar sig från effekten av Covid-19. På kort sikt har Absolent Group implementerat en rad olika åtgärder inklusive korttidspermitteringar och reducering av icke-kritiska kostnader. Som en långsiktig åtgärd förväntas det nya företagsövergripande åtgärdsprogrammet minska koncernens kostnader på årsbasis med 50-60 MSEK och medföra engångskostnader i storleksordningen 40-50 MSEK. Kostnaderna förväntas belasta resultatet under andra kvartalet 2020. Besparingarna förväntas börja träda i full kraft under sista kvartalet 2020.


Absolent Group initiates cost reduction program

Absolent Group AB (publ) takes action to reduce costs within the group. The cost reduction program is a natural consequence of the ongoing consolidation of the acquired businesses as well as adapting to the market recovering from the effects of COVID-19. Within a short period of time, Absolent Group has implemented several measures including furloughs and reduction of non-essential costs. As a long-term measure, the new company-wide cost reduction program is estimated to generate annual savings of 50-60 MSEK and will result in one-time expenses of approximately 40-50 MSEK. The one-time expenses are expected to impact the second quarter of 2020. The action program is expected to start having a full effect during the last quarter of 2020.



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