Sdiptech AB (publ) publishes interim report for the first quarter (January - March) 2023

Press release
4 May 2023, 08:00

Sdiptech AB (publ) publishes interim report for the first quarter (January - March) 2023
The report is available on the company's website: www.sdiptech.se

STRONG DEVELOPMENT AND SOLID OUTLOOK

FIRST QUARTER 2023

• Net sales increased by 37% to SEK 1,075.7 million (783.7). In total for the Group, organic sales growth was 14.7%, excluding currency effects.
  
  
• Operating profit EBITA* increased by 40% to SEK 203.2 million (144.9), corresponding to an EBITA* margin of 18.9% (18.5). Organic EBITA* growth for the Group was 8.8%, excluding currency effects.
  
  
• Operating profit, EBIT, increased by 46% and amounted to SEK 178.4 million (121.9).
  
  
• Profit after tax for the Group increased by 26% and amounted to SEK 95.8 million (76.1), of which SEK 95.6 million (75.8) was attributable to the Parent Company’s shareholders.
  
  
• Cash flow from operating activities amounted to SEK 98.0 million (114.5), corresponding to a cash conversion of 45% (73). Strong sales had a negative impact on cash flow through increased accounts receivables and inventory build-up.
  
• Earnings per ordinary share (average number), less minority interests and dividends on preference shares, amounted to SEK 2.43 (2.04). After dilution, earnings per ordinary share amounted to SEK 2.43 (2.03).

• During the period the acquisition of HeatWork AS was finalised. The company is Sdiptechs second business unit in Norway.
  
  
• In March, management subscribed for 190,500 newly issued class B Sdiptech shares, which constituted the exercise of the long-term incentive program with warrants of series 2018/2023. The issue entails that the company has received SEK 14.3 million in equity.
  
  

EVENTS AFTER REPORTING

No significant events are noted.

COMMENTS BY THE CEO

We can with pleasure summarize a strong first quarter for Sdiptech. Demand is robust and we see no signs of a slowdown. The management of remaining inflation is effective and our margin strengthening continues, both organically and through acquisitions. According to plan, the deliveries in our unit for EV chargers are now also restored to expected high volumes and profitability.

THE QUARTER
During the year’s first quarter, demand from our customers has remained strong, which resulted in net sales increasing by 37 percent, of which 14.7 organically. Market conditions in all of the group's segments were favourable, which reflects the good demand you can expect in infrastructure. After the delivery delays from last autumn, our EV charger unit has now successfully scaled up the production volumes of the new technology, and showed sales that exceeded our own expectations and delivered a result in line with previous year.