Stable demand but revenues affected by delays in component deliveries – not expected to affect the full year
Financial summary April –
- Net sales totaled
SEK 187m (172), an increase of 8.6 percent. Organic growth adjusted for currency effects was -12.7 percent. - EBIT totaled
SEK 48m (36), an increase of 33.2 percent, and 7.0 percent when adjusted for currency effects. The EBIT margin was 25.6 percent (20.9). - Adjusted EBIT totaled
SEK 46m (53). Adjustments during the quarter were related to reduced acquisition costs ofSEK 2m . Adjustments for the second quarter of 2021 were related to IPO costs ofSEK 17m . Adjusted EBIT margin for the quarter was 24.5 percent (30.7). - Profit for the period increased to
SEK 36m (22). - Cash flow from operating activities totaled
SEK 39m (54). - Earnings per share (basic and diluted) 2 totaled
SEK 0.90 (0.56).
Financial summary January –
- Net sales totaled
SEK 383m (325), an increase of 17.9 percent. Organic growth adjusted for currency effects was 2.7 percent. - EBIT totaled
SEK 103m (76), an increase of 35.9 percent and 26.3 percent adjusted for currency effects. The EBIT margin was 26.8 percent (23.3). - Adjusted EBIT improved to
SEK 111m (100). Adjustments for the half year were related to acquisition costs ofSEK 8m . Adjustments for the six-month period in 2021 were related to IPO expenses ofSEK 25m . The adjusted EBIT margin was 28.9 percent (30.9). - Profit for the period increased to
SEK 76m (54). - Cash flow from operating activities totaled
SEK 93m (96). - Earnings per share (basic and diluted) totaled
SEK 1.89 (1.34).
Significant events during the second quarter
- As part of the strategy to expand in automated e-commerce photography,
Profoto Holding AB (publ) acquired all the shares in the Dutch companyStyleShoots Holding B.V. onApril 6, 2022 . The purchase price totaledEUR 18m on a cash and debt-free basis, corresponding toSEK 186m . For more information on the acquisition, see Note 6. - At the Annual General Meeting on
May 5 , a dividend ofSEK 140m , equivalent toSEK 3.50 per share, was declared and paid onMay 12 .
Key ratios Group | Apr–Jun 2022 | Apr–Jun 2021 | Jan–Jun 2022 | Jan–Jun 2021 | –Jun 2022 | Full year 2021 |
Net sales, SEKm | 187 | 172 | 383 | 325 | 791 | 732 |
Net sales pro forma*, SEKm | – | 192 | 407 | 365 | 863 | 820 |
EBIT, SEKm | 48 | 36 | 103 | 76 | 239 | 212 |
EBIT pro forma*, SEKm | – | 36 | 103 | 76 | 242 | 215 |
EBIT margin, % | 25.6 | 20.9 | 26.8 | 23.3 | 30.2 | 28.9 |
EBIT margin pro forma*, % | – | 19.0 | 25.3 | 20.9 | 28.1 | 26.2 |
Adjusted EBIT, SEKm | 46 | 53 | 111 | 100 | 247 | 237 |
Adjusted EBIT margin, % | 24.5 | 30.7 | 28.9 | 30.9 | 31.3 | 32.3 |
Profit/loss for the period, SEKm | 36 | 22 | 76 | 54 | 180 | 158 |
Cash flow from operating activities, SEKm | 39 | 54 | 93 | 96 | 237 | 240 |
Net debt, SEKm | 120 | -14 | 120 | -14 | 120 | -134 |
Net debt/EBITDA LTM | 0.40 | -0.09 | 0.40 | -0.09 | 0.40 | -0.50 |
Earnings per share | 0.90 | 0.56 | 1.89 | 1.34 | 4.50 | 3.95 |
* Pro forma includes
CEO Comment
Stable demand but revenues affected by delays in component deliveries – not expected to affect the full year
The market and order intake have been stable in the second quarter of 2022. Unfortunately, we were hit by late deliveries of components during the quarter, which resulted in a shift in sales from the second to the third quarter. This is not expected to affect the full year. In total, our sales amounted to
The acquisition of StyleShoots strengthens our e-commerce offering
The acquisition of StyleShoots, completed in April, is strategically appropriate as it strengthens our offer to e-commerce businesses. This is an area where we see strong continued demand and opportunity to drive our growth. As we wrote earlier, what
Two product launches during the quarter
At the end of this quarter,
Generally speaking, our markets in
Confident in our financial targets
So what to think about
Launch of Share the Light
We tirelessly pursue our mission to support creative professional photographers in realizing their ambitions, and we do this by developing and launching new products and being a source of inspiration for creating amazing photos using lighting. That's why we've launched Share the Light, a platform where professional photographers inspire each other on how to create better images using lighting. This is what pushes us and keeps us constantly responsive and innovative. A big thank you to all our employees who continue to do a fantastic job and to all our customers who have shown their trust in us by using our products in their creative imagery.
Sundbyberg,
Anders Hedebark
President and CEO
Conference call
You can also follow and listen to the presentation and the conference at the following web link: https://tv.streamfabriken.com/profoto-q2-2022.
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