Interim Report for
Financial summary April –June 2021
- Net sales increased to
SEK 172m (81), an increase of 113.3 percent. Adjusted for currency effects, net sales increased by 131.3 percent. - EBIT amounted to
SEK 36m (-23) and the EBIT margin to 20.9 percent (-28.6). - Adjusted EBIT1 improved to
SEK 53m (-30). Adjustments for the quarter related to resetting of IPO expenses ofSEK 17m . Adjustment for the second quarter 2020 related to received government grants ofSEK 6m . - Adjusted EBIT margin1 for the quarter was 30.7 percent (-36.6).
- Profit for the period increased to
SEK 22m (-21). - Cash flow from operating activities totaled
SEK 54m (5). - Earnings per share (before and after dilution) 2 amounted to
SEK 0.56 (-0.53).
Financial summary January –
- Net sales increased to
SEK 325m (229), an increase of 42.0 percent. Adjusted for currency effects, net sales increased by 55.2 percent. - EBIT amounted to
SEK 76m (-10) and the EBIT margin to 23.3 percent (-4.4). - Adjusted EBIT1 improved to
SEK 100m (-16). Adjustments for the six-month period related to resetting of IPO expenses ofSEK 25m . Adjustments for the six-month period previous year related mainly to received government grants ofSEK 6m . - Adjusted EBIT margin1 for the six-month period was 30.9 percent (-6.9).
- Profit for the period increased to
SEK 54m (-11). - Cash flow from operating activities amounted to
SEK 96m (44). - Earnings per share (before and after dilution) 2 amounted to
SEK 1.34 (-0.27).
Significant events April –
- The Board of Directors decided on financial targets3: A constant currency annual organ- ic growth rate of 10 percent, an EBIT margin of 25-30 percent and a dividend payout ratio exceeding 50 percent of net profit.
- On the Annual General Meeting on
May 7 it was resolved to pay a total dividend ofSEK 156m to the owner,Profoto Invest AB . The dividend was also paid during the reporting period. The Parent Company (Profoto Holding AB (publ)) has made a bonus issue in which the share capital was increased toSEK 0.5m .The Parent Company (Profoto Holding AB (publ)) carried out a share split, increasing the number of shares to 40,000,000.- In June the Parent Company (
Profoto Holding AB (publ)) entered into a loan agreement for a RCF loan with a total credit limit ofSEK 250m . The conditions for using the credit facility have been met in July.
Significant events after the end of the period
The Parent Company Profoto Holding AB (publ) has been listed on Nasdaq Stockholm’s Mid-cap list with its first trading day onJuly 1, 2021 .- The former parent company
Profoto Invest AB has exchanged all of its shares inProfoto Holding AB (publ) to its owners onJuly 5, 2021 .
- For information and explanations regarding alternative performance measures, see pages 19-20.
- Calculated based on 40,000,000 ordinary shares before and after dilution (retroactive adjustment for periods prior to the second quarter of 2021).
- The financial targets are presented in detail on page 6.
This is a translation of the original Swedish interim report. In the event of a difference between the English translation and the Swedish original, the Swedish interim report shall prevail.
Key ratios Group | 2021 April - June | 2020 April - June | ∆% | 2021 January - June | 2020 January - June | ∆% | 2020 full year |
Net sales, SEKm | 172 | 81 | 113,3 | 325 | 229 | 42 | 528 |
EBIT*, SEKm | 36 | -23 | – | 76 | -10 | – | -12 |
EBIT margin, % | 20,9 | -28,6 | – | 23,3 | -4,4 | – | -2,2 |
Adjusted EBIT*1, SEKm | 53 | -30 | – | 100 | -16 | – | 56 |
Adjusted EBIT margin1, % | 30,7 | -36,6 | – | 30,9 | -6,9 | – | 10,7 |
Net profit for the period*, SEKm | 22 | -21 | – | 54 | -11 | – | -17 |
Cash flow from operating activities, SEKm | 54 | 5 | 970,6 | 96 | 44 | 117,8 | 153 |
Net debt4, SEKm | -14 | -3 | 416,7 | -14 | -3 | 416,7 | -91 |
Net debt/EBITDA | -0,09 | -0,02 | – | -0,09 | -0,02 | – | -1,2 |
Earnings per share*2 | 0,56 | -0,53 | – | 1,34 | -0,27 | – | -0,44 |
All amounts are in millions of SEK (SEKm) unless otherwise stated. Rounding differences of SEKm +/-1 may occur when adding up figures. Where an underlying figure is
- For information and explanations regarding alternative performance measures, see pages 19–20.
- Calculated based on 40,000,000 ordinary shares before and after dilution (retroactive adjustment for periods prior to the second quarter of 2021).
- The financial targets are presented in detail on page 6.
- A negative amount indicates a positive net cash position.
*Percentage change when changing the sign is not stated.
CEO comment
Gradually a re-opened world – good for
The second quarter of 2021 has seen a gradual reopening of the economies in the US and
Nevertheless, it bodes well to see that as soon as restrictions are eased, we see a return in demand for our products, which was directly reflected in sales, especially to our larger customers, dealers and rental companies. Perhaps when the long-awaited wedding can finally happen, it will be all the more important to immortalize it?
The gradual reopening of society has also meant that we can travel and meet customers in person, which is important and a true pleasure. Both we and our dealers have increased our customer activities. Our products that are used for e-commerce photography have performed well throughout the period.
During the first quarter, we launched the Pro-11, a further development of our flagship product, the Pro-10. We see continued strong interest in it, especially from rental companies. During the second quarter, Profoto Camera was launched, a camera app for smartphones. Profoto Camera makes your smartphone into a professional camera. The Profoto Camera enables you to use your smartphone with the
However, not everything has been bright during the period. Like many other companies, we have seen component shortages and logistics problems, which have led to delays and, in some cases, non-delivery. The problems are not over, but we are putting a lot of effort to plan and find new solutions.
Nevertheless, it has been a useful time in many ways. We have learned many new ways to work more efficiently, which is reflected in the results and margins we deliver. The adjusted EBIT result amounted to
Just after the end of the period, on
Anders Hedebark
President and CEO
About
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For further information, please contact
+46 (0) 703 08 8060
Gunilla Öhman, Investor Relations
gunilla.ohman@profoto.com
+46 (0) 707 63 8125
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