Group development in the quarter
Net sales in the quarter increased by 14 percent to SEK 2,100m (1,850). The acquired growth totalled 16 percent and organic growth, excluding COVID-19 amounted to 2 percent. Net sales related to COVID-19 decreased significantly to SEK 151m (300). Exchange rate changes had a positive impact of 4 percent on net sales in the quarter, corresponding to SEK 76m.
EBITA increased by 1 percent to SEK 288m (286) and EBITA-margin amounted to 13.7 percent (15.5). Reversal of previously allowance for contingent consideration has had a positive impact on the operating profit of SEK 85m in the quarter. The investment in digital solutions for self-monitoring has had a negative impact on the result of SEK 12m. Exchange rate changes had a positive effect on EBITA, corresponding to SEK 8m.
Net financial items amounted to SEK -41m (-27) and profit after financial items amounted to SEK 142m (180). The increased negative net financial items is due to interest costs related to the acquisitions and exchange rate fluctuations. Interest expenses amounted to SEK 22m (17) and exchange rate losses to SEK 17m (-7). Exchange rate losses are related to recalculation of loans and contingent considerations in foreign currencies. Profit after tax for the quarter decreased by 21 percent to SEK 120m (139) and the effective tax rate was 15 percent (23). The lower effective tax rate is due to the reversal of contingent consideration made in the quarter.
Group development in the interim period
Net sales in the interim period increased by 15 percent to SEK 6,758m (5,862). Acquired growth totalled 25 percent and organic growth, excluding COVID-19 amounted to 3 percent. Net sales related to COVID-19 decreased significantly to SEK 696m (1,626). Exchange rate changes had a positive effect on net sales of 4 percent, corresponding to SEK 228m.
EBITA increased by 2 percent to SEK 963m (944) and EBITA-margin amounted to 14.3 percent (16.1). Reversal of previously allowance for contingent consideration has had a positive impact on the operating profit of SEK 85m. The investment in digital solutions for self-monitoring has had a negative impact on the result of SEK 37m. Exchange rate changes had a positive effect on EBITA, corresponding to SEK 29m.
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Dynamisk graf: Covid-19 related sales
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Throughout the COVID-19 pandemic, AddLife has supplied large volumes of products to the healthcare sector. Sales since the first quarter of 2020 have varied based on the spread of infection and restrictions in the society. |
Net financial items amounted to SEK -134m (-47) and profit after financial items amounted to SEK 525m (704). The increased negative net financial items is due to interest costs related to the acquisitions as well as exchange rate losses. Interest expenses amounted to SEK 65m (36) and exchange rate losses to SEK 69m (-6). Exchange rate losses are related to recalculation of loans and contingent considerations in foreign currencies. Profit after tax decreased with 22 percent amounting to SEK 421m (543) and the effective tax rate was 20 percent (23).
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Dynamisk graf: Net Sales per market 2022
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Sales in the Nordic markets amounted to 35 percent of total net sales compared to 49 percent last year (full year 2021). The change in geographical markets is due to the acquisitions in Europe during 2021-2022.
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The war in Ukraine has not had a significant economic impact on the financial reports, but it can not be ruled out that this will happen in the future. We follow market developments closely, where we notice rising inflation, higher raw material, shipping costs and energy costs and greater uncertainty about interest rate developments.