SKAKO AS Q3 2021 Interim Report (4 MB)

INTERIM

REPORT

Q3

	Accounting period:	2021
SKAKO A/S	1 January - 30. September 2021
CVR: 36440414
Bygmestervej 2
5600 Faaborg
Denmark

SKAKO is experiencing improved results compared to Q4

2020 and H1 2021 as the company is gradually recovering from the negative impact from Covid-19. This positive development is expected to continue through the rest of 2021.

Due to the difficult year-over-year comparison related to the impact on the business from Covid-19, we include quarter-over-quarter progress to show that we are gradually recovering from the negative impact from the pandemic. This comparison will be made for the rest of 2021.

YTD Revenue

(DKKm)

257.4

Up from 252.7 in Q1-Q3 2020

(81.0 in Q3 2021)

Down from 90.5 in Q2 2021

YTD EBIT

(DKKm)

12.0

Down from 14.0 in Q1-Q3 2020

(4.4 in Q3 2021)

Up from 4 .1 in Q2 2021

YTD EBIT margin

4.7%

Down from 5.5% in Q1-Q3 2020

(5.5% in Q3 2021)

Up from 4.5% in Q2 2021

YTD ROIC

6.2%

Down from 7.0% in Q2 2021 Down from 13.8% in Q1-Q3 2020

Order backlog

(DKKm)

105.2

Up from 76.4 in Q2 2021 Up from 94.9 in Q1-Q3 2020

CONTENTS

1 Q1-Q3 2021 IN BRIEF ............................................................................................................................................	3
2 KEY FIGURES AND FINANCIAL RATIOS ..................................................................................................................	4
3 FINANCIAL REVIEW Q1-Q3 2021...........................................................................................................................	8
4 BUSINESS UNITCONCRETE ..................................................................................................................................	11
5 BUSINESS UNIT VIBRATION.................................................................................................................................	16
6 FINANCIAL STATEMENTS ....................................................................................................................................	21
6.1 STATEMENT BY MANAGEMENT .................................................................................................................	22
6.2 CONSOLIDATED INCOME STATEMENT .......................................................................................................	23
6.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ....................................................................	24
6.4 CONSOLIDATED BALANCE SHEET 30 September.......................................................................................	25
6.5 CONSOLIDATED CASH FLOW STATEMENT .................................................................................................	27
6.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..............................................................................	28
6.7 Segment information .................................................................................................................................	30
6.8 Correction of not significant mistake in the financial figures for 2020 ......................................................	32
6.9 QUARTERLY KEY FIGURES ANDFINANCIAL RATIOS ....................................................................................	34

Important notice about this document

This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation of financial performance identifyforward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlookset forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.

2021 report Quarterly

2 Page

• Q1-Q32021 IN BRIEF

Order intake	Order backlog	Revenue	EBIT	EBIT margin	Earnings per share	Employees	ROIC
(DKKm)	(DKKm)	(DKKm)	(DKKm)		(DKK)
270.8	105.2	257.4	12.0	4.7%	2.73	196	6.2%
(109.9 in Q3 2021)		(81.0 in Q3 2021)	(4.4 in Q3 2021)	(5.5% in Q3 2021)	(0.88 in Q3 2021)		Down from 7.0% in Q2
Up from 82.4 in Q2 2021	Up from 76.4 in Q2 2021	Down from 90.5 in Q2	Up from 4.1 in Q2 2021	Up from 4.5% in Q2 2021	Down from 1.11 in Q2	Down from 198 in Q2 2021	2021
		2021			2021
Up from 223,9 in Q1-Q3	Up from 94.8 in Q1-Q3	Up from 252.7 in Q1-Q3	Down from 14.0 in Q1-Q3	Down from 5.5% in Q1-Q3	Down from 3.72 in Q1-Q3	Down from 206 in Q3 2020	Down from 13.8% in Q1-
2020	2020	2020	2020*	2020*	2020*		Q3 2020*

SKAKO	SKAKO
Concrete	Vibration	Plant sales	Aftersales
120,436 (DKKk)	136,992 (DKKk)	(DKKk) 155,378	102,050 (DKKk)
EBIT margin 4.6%	EBIT margin 6.3%

Revenue split by	Revenue split
Concrete & Vibration	by plant sales
	and aftersales

• A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

• Due to the difficult year- over- year comparison related to the impact on the business from Covid-19, quarter- over- quarter progress is included to show that SKAKO is gradually recovering from the negative impact from the pandemic.

2021 report Quarterly

brief in 2021 Q3-Q1

3 Page

2 KEY FIGURES AND FINANCIAL RATIOS

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
INCOME STATEMENT
Revenue	81,034	79,968	257,428	252,676	335,920
Gross profit	20,052	18,998	62,730	62,544	77,865
Operating profit (EBIT)	4,425	3,926	11,988	13,983	15,171
Net financial items	(583)	(500)	(2,002)	(1,814)	(3,084)
Profit before tax	3,842	3,426	9,986	12,169	12,087
Profit for the year	2,715	3,065	8,414	11,464	10,859
BALANCE SHEET
Non-current assets	82,562	80,341	82,562	80,341	84,265
Current assets	226,283	248,461	226,283	248,461	237,793
Assets	308,845	328,802	308,845	328,802	322,058
Equity	127,339	135,200	127,339	135,200	127,252
	36,038
Non-current liabilities	30,788	36,038	30,788	38,455
Current liabilities	145,467	162,814	145,468	162,814	156,351
Net debt	49,638	40,203	49,638	40,203	40,187
Net working capital	119,507	131,778	119,507	131,778	111,295
OTHER KEY FIGURES
Investment in intangible assets	785	53	2,050	577	7,236
Investment in tangible assets	521	935	1,285	1,267	5,860
Cash flow from operating activities (CFFO)	2,552	(9,280)	3,530	(9,922)	4,806
Free cash flow	1,246	(10,268)	195	(7,811)	(8,293)
Average number of employees	196	206	196	206	195

* A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.

2021 report Quarterly

ratios financial and figures Key 2

4 Page

Key figures and financial ratios CONTINUED

DKK thousands	Q3 2021	Q3 2020	Q1-Q3 2021	Q1-Q3 2020*	2020*
FINANCIAL RATIOS
Gross profit margin	24.7%	23.8%	24.4%	24.8%	23.2%
Profit margin (EBIT margin)	5.5%	4.9%	4.7%	5.5%	4.5%
Liquidity ratio	155.6%	152.6%	155.6%	152.6%	152.1%
Equity ratio	41.2%	41.1%	41.2%	41.1%	39.5%
Return on equity	5.9%	14.3%	5.9%	14.3%	8.6%
ROIC	6.2%	13.8%	6.2%	13.8%	8.4%
Financial leverage	39.0%	29.7%	39.0%	29.7%	31.6%
Net debt to EBITDA	2.5	1.4	2.5	1.4	1.8
NWC/Revenue	35.1%	38.3%	35.1%	38.3%	33.1%
Earnings per share	0.88	0.99	2.73	3.72	3.52
Equity value per share	41.3	43.8	41.3	43.8	41.3
Share price	56.4	43.9	56.4	43.9	49.8
Price-book ratio	1.4	1.0	1.4	1.0	1.2
Market capitalization	175,202	136,372	175,202	136,372	154,700
Order backlog	105,225	94,900	105,225	94,900	91,877

• A not significant accounting mistake in 2020 could disturb year-on-year comparisons and therefore comparative figures for 2020 have been restated as described on page 31.
  For calculation of financial ratios please see page 10. Net working capital is calculated as Inventory, Trade receivables and Contract assets less Contract liabilities and Trade payables. Backlog represents revenue from signed contracts or orders executed but not yet completed or performed in full.

2021 report Quarterly

ratios financial and figures Key 2

5 Page