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 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
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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
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SKAKO A/S published this content on 12 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 13:40:09 UTC.