AB Fagerhult Proposes Dividend; Reports Group and Parent Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Johan Hjertonsson to Resign as President and CEO
February 26, 2018 at 05:47 am EST
Share
AB Fagerhult announced that President and CEO of the company, has informed the Board of Directors that he intends to resign as President and CEO during 2018. The board has appointed an external recruitment consultant to recruit a successor to Johan Hjertonsson, who will remain as President and CEO until a successor has taken office.
The Board intends to propose that the Annual General Meeting approve a dividend of SEK 2.00 per share against SEK 1.50 paid a year ago.
AB Fagerhult reported group and parent earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, on a group basis, the company reported net sales of SEK 1,319.9 million compared to SEK 1,173.7 million a year ago. Operating profit was SEK 172.4 million compared to SEK 119.9 million a year ago. Profit after financial items was SEK 175.8 million compared to SEK 118.3 million a year ago. Net profit for the period attributable to shareholders of the Parent company was SEK 141.6 million compared to SEK 82.6 million a year ago. Earnings per share before and after dilution were SEK 1.24 compared to SEK 0.73 a year ago. Cash flow from operating activities was SEK 276.0 million compared to SEK 250.8 million a year ago. Return on equity was 30.0% against of 20.3% a year ago. Net debt as of December 31, 2017 was SEK 1,830 million.
For the full year, on a group basis, the company reported net sales of SEK 5,170.3 million compared to SEK 4,490.7 million a year ago. Operating profit was SEK 677.9 million compared to SEK 524.2 million a year ago. Profit after financial items was SEK 652.5 million compared to SEK 514.7 million a year ago. Net profit for the period was SEK 494.4 million compared to SEK 380.9 million a year ago. Net profit for the period attributable to shareholders of the Parent company was SEK 494.4 million compared to SEK 380.9 million a year ago. Earnings per share before and after dilution were SEK 4.32 compared to SEK 3.35 a year ago. Cash flow from operating activities was SEK 681.1 million compared to SEK 387.8 million a year ago. Return on equity was 28.1% against of 24.9% a year ago.
For the quarter, on a parent basis, the company reported net sales of SEK 3.4 million compared to SEK 4.3 million a year ago. Operating loss was SEK 9.0 million compared to SEK 13.0 million a year ago. Loss after financial items was SEK 8.5 million compared to SEK 3.5 million a year ago. Net profit was SEK 185.9 million compared to SEK 131.0 million a year ago.
For the full year, on a parent basis, the company reported net sales of SEK 14.2 million compared to SEK 18.0 million a year ago. Operating loss was SEK 33.4 million compared to SEK 36.4 million a year ago. Profit after financial items was SEK 106.5 million compared to SEK 22.8 million a year ago. Net profit was SEK 300.9 million compared to SEK 157.3 million a year ago.
Fagerhult AB is a Sweden-based company engaged in the development, manufacture and marketing of lighting systems for public environments. Its product offering is divided into six groups. Office Lighting offers products and solutions for office environments, hotels and other public spaces. School Lighting offers solutions for educational premises, such as lecture halls, study rooms and libraries. Industrial Lighting offers systems, applications and products for industrial environments. Health and Hospital Care Products offers medical technical equipment, such as panels for intensive care units and treatment rooms, and dialysis columns in hospitals. Retail Lighting offers lighting solutions and service for retail environments. Outdoor Lighting offers lighting for public spaces such as roads, paths and parks, as well as architectural lighting. In June 2013, it acquired 100% of the shares of I-Valo Oy based in Iittala, Finland. In February 2014, it completed the acquisition of Arlight.
AB Fagerhult Proposes Dividend; Reports Group and Parent Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Johan Hjertonsson to Resign as President and CEO