Company Announcement No. 9-2021,
Strong order intake and improved profitability
Highlights in Q2 2021
- Order intake increased 42% organically y-o-y
- Revenue increased 9% organically y-o-y
- EBITA increased 50% y-o-y
- EBITA margin increased to 4.8% from 3.4% in Q2 2020
- Net working capital ratio improved to 8.2% - best level in many years
- Positive cash flow and reduction in net debt
Order intake increased 42% organically compared to Q2 2020. Including currency effects and acquisitions, order intake increased by 38% y-o-y to
Financial performance
Revenue increased 6% to
Gross margin improved 1.3%-points compared to Q2 2020, positively impacted by implemented business improvement activities. The Group EBITA margin increased to 4.8% from 3.4% in Q2 2020.
CFFO in Q2 2021 was strong at
Due to the positive free cash flow, net interest-bearing debt (NIBD) decreased to
Acquisition of thyssenkrupp’s Mining business
On 29 July, we announced the acquisition of thyssenkrupp’s Mining business. Closing of the transaction is expected in H2 2022 and is subject to customary approvals from relevant authorities.
Guidance 2021
The Mining business revenue is expected to grow in 2021 with modest growth in the second half of the year. EBITA margin for Mining is expected to be high-single digit for the full year. The Cement business revenue is expected to remain soft in the second half of 2021 and decline for the full year. Initiatives to reshape the Cement business are progressing well. The Cement business is not expected to be EBITA positive in 2021 due to continued Cement reshaping costs and low capacity utilisation in the service business, particularly related to the impact of the pandemic in H1.
Read the full Interim report H1 2021 here.
Contacts
Media Relations
Investor Relations
Key figures H1 2021
(DKKm) | Q2 2021 | Q2 2020 | Change (%) | H1 2021 | H1 2020 | Change (%) |
Order intake (gross) | 4,615 | 3,348 | 38% | 9,600 | 9,874 | -3% |
- of which service order intake | 2,687 | 2,238 | 20% | 5,437 | 5,169 | 5% |
Service order intake share | 58% | 67% | 57% | 52% | ||
Order backlog | 16,677 | 15,227 | 10% | 16,677 | 15,227 | 10% |
Revenue | 4,073 | 3,846 | 6% | 7,786 | 8,371 | -7% |
- of which service revenue | 2,469 | 2,333 | 6% | 4,870 | 4,939 | -1% |
Service revenue share | 61% | 61% | 63% | 59% | ||
Gross profit | 1,020 | 912 | 12% | 1,955 | 1,959 | 0% |
Gross profit margin | 25.0% | 23.7% | 25.1% | 23.4% | ||
EBITDA before special non-recurring items | 285 | 223 | 28% | 572 | 542 | 6% |
EBITA | 197 | 131 | 50% | 387 | 359 | 8% |
EBITA margin | 4.8% | 3.4% | 5.0% | 4.3% | ||
EBIT | 109 | 46 | 137% | 210 | 192 | 9% |
EBIT margin | 2.7% | 1.2% | 2.7% | 2.3% | ||
Profit | 47 | (17) | 376% | 101 | 84 | 20% |
CFFO | 507 | 533 | 792 | 498 | ||
Free cash flow | 443 | 468 | 677 | 324 | ||
Net working capital | 1,305 | 2,351 | -44% | 1,305 | 2,351 | -44% |
Net interest-bearing debt | 1,159 | 2,298 | -50% | 1,159 | 2,298 | -50% |
For additional information, go to our
Attachments
- 213800G7EG4156NNPG91-2021-06-30-en
- Interim Report H1 2021
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