January 1–December 31, 2022
Financial summary October –
- Net sales totaled
SEK 230m (218), an increase of 5.6 percent. Organic growth totaled -12.5 percent, and the currency effect was 11.1 percent. - EBITA totaled
SEK 95m (88), and the EBITA margin 41.1 percent (40.2). - EBIT totaled
SEK 80m (79) and the EBIT margin 34.9 percent (36.1). - Profit for the period totaled
SEK 65m (60). - Cash flow from operating activities totaled
SEK 80m (101). - Earnings per share (basic and diluted) totaled
SEK 1.61 (1.50).
Financial summary January –
- Net sales totaled
SEK 848m (732), an increase of 15.8 percent. Organic growth totaled -0.8 percent, and the currency effect was 10.8 percent. - EBITA totaled
SEK 299m (247), and the EBITA margin 35.3 percent (33.8). - EBIT totaled
SEK 249m (212), and the EBIT margin 29.3 percent (28.9). - Adjusted EBIT totaled
SEK 257m (237). Adjustments for the period were related to acquisition costs ofSEK 8m . Adjustments for the period 2021 related to IPO expenses ofSEK 25m . The adjusted EBIT margin1 totaled 30.3 percent (32.3). - Profit for the period was
SEK 194m (158). - Cash flow from operating activities totaled
SEK 236m (240). - Earnings per share (basic and diluted) totaled
SEK 4.85 (3.95).
Significant events after the end of the period
- The Board of Directors has proposed a dividend of
SEK 4.00 (3.50) per share, corresponding to a total amount ofSEK 160m (140).
Key ratios, Group | ||||
2022 Oct–Dec | 2021 Oct–Dec | Full year 2022 | Full year 2021 | |
Net sales, SEKm | 230 | 218 | 848 | 732 |
Net sales pro forma, SEKm | – | 248 | 872 | 820 |
EBITDA, SEKm | 100 | 93 | 322 | 269 |
EBITA, SEKm | 95 | 88 | 299 | 247 |
EBITA margin, % | 41.1 | 40.2 | 35.3 | 33.8 |
EBIT, SEKm | 80 | 79 | 249 | 212 |
EBIT pro forma, SEKm | – | 84 | 249 | – |
EBIT margin, % | 34.9 | 36.1 | 29.3 | 28.9 |
EBIT margin pro forma, % | – | 33.9 | 28.6 | – |
Adjusted EBIT, SEKm | 80 | 79 | 257 | 237 |
Adjusted EBIT margin, % | 34.9 | 36.1 | 30.3 | 32.3 |
Profit/loss for the period, SEKm | 65 | 60 | 194 | 158 |
Cash flow from operating activities, SEKm | 80 | 101 | 236 | 240 |
Net debt, SEKm | 4 | -134 | 4 | -134 |
Net debt/EBITDA LTM | 0.01 | -1.44 | 0.01 | -0.50 |
Earnings per share | 1.61 | 1.50 | 4.85 | 3.95 |
CEO comment
Good profitability ended a robust 2022
Continued market uncertainty
After a robust third quarter, however, the fourth quarter was weak. The uncertainty in the market, characterized by interest rate hikes, inflation and higher electricity prices, has resulted in a wait-and- see attitude among our customers during the quarter.
The caution shown by self-employed photographers and consumers when it comes to spending in these times has been noticeable. We have seen greater caution, which has also prompted resellers to reduce their stocks. We also saw that some major investments were put on hold, affecting demand for our automated solutions which have higher price levels than our modular solutions.
In the third quarter, we noted that
The quarter was tough for
for reopenings and physical gatherings such as weddings, parties and events, which gave a boost to sales.
Sales for the full year 2022 totaled
Continued focus on innovation
We continue to focus on product development in our focus areas and where we are unique. We clearly see the underlying structural trends of market growth.
- In e-commerce, the importance of creating high quality visual content, images and moving content is becoming ever more important for staying competitive.
- Building strong fashion brands requires differentiation – as well as strong images and films.
- For events such as weddings, where there is some sign of an upturn, skilled photographers are the key to creating memo- ries for life. And how does a photographer stand out? Through fantastic light, of course.
Several interesting growth opportunities
Although the market outlook is uncertain in the near future, we are working for what we believe in by constantly increasing our innova- tion. This is reflected in our higher investment rate in 2022, with 10 percent of sales being invested in research and development. Our strategy continues to be to strengthen our position as a premium brand through product development. The professional imaging market continues to grow, and there are several interesting sub- markets in which
I would like to take this opportunity to thank all our dedicated staff for their drive and commitment during the year. I look forward to seeing what we can achieve together in 2023!
Sundbyberg,
Anders Hedebark
President and CEO
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