Year-End Report 2017
- Order intake was MSEK 5,238.4 (4,653.0), which is an overall growth of 12.6% adjusted to 0.9% for acquisitions (MSEK 576.6) and currency effects (MSEK -35.2)
- Net sales were MSEK 5,170.3 (4,490.7), which is an overall growth of 15.1% adjusted to 2.6% for acquisitions (MSEK 581.5) and currency effects (MSEK -20.9)
- Operating profit was MSEK 677.9 (524.2), representing a 29.3% increase with an operating margin of 13.1 (11.7)%
- Earnings after tax were MSEK 494.4 (380.9), an increase of 29.8%
- Earnings per share were SEK 4.32 (3.35), an increase of 29.0%
- Cash flow from operating activities was MSEK 681.1 (387.8), an increase of 75.6%
- A dividend of SEK 2.00 (1.50) per share will be proposed
Comments from CEO Johan Hjertonsson:
- Overall we are pleased with the performance of the Group and the results for 2017, the year has set new records.
- I am very proud of the hard work taking place in all of our businesses, work that is focussed on customers, their needs and providing a high level service at every customer ‘touch-point’.
- It is a great achievement that for the first year in its history the Group passes 5 BSEK of net sales whilst continuing to increase the operating margin.
- We see market activity in most of our business areas remaining positive, despite some mixed regional fourth quarter performances with again, the market activity in some smaller regions continues to be mixed, but generally a more positive mix than reported last quarter.
- In the Nordics and the UK we continue to grow and operate at a high level where the market activity is best described as flat for the last quarter with continued currency headwinds in the UK. With the exception of the UK, currency has had little overall effect on net sales, but the weaker GBP has had a 59 MSEK negative impact on net sales in the year.
- Cash generation remains good, a cash conversion ratio of 1.0 which will continue to fund revenue investment in growth, hence our new city strategy offices in Paris and Barcelona as well as increased R&D, especially in connectivity and sales and marketing resources. We will initiate our third city later this year.
- We again estimate that the level of the global LED luminaire installed basis is less than 10-12% and for the fourth quarter the Group’s LED share of net sales was in excess of 93%, so the opportunity remains strong.
Fagerhult is one of Europe’s leading lighting groups with approximately 3,300 employees and operations in more than 25 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, Ateljé Lyktan, LTS, Whitecroft Lighting, Designplan Lighting, Eagle Lighting, I-Valo, Arlight, Lighting Innovation, LED Linear and WE-EF. AB Fagerhult is listed on the Nasdaq Nordic Exchange in Stockholm.
Disclosures may be submitted by
Johan Hjertonsson CEO tel: 46 36 10 85 00 mobile: 46 70 229 77 93 e-mail: [email protected]
Michael Wood CFO tel: 46 36 10 85 00 mobile: 46 73 087 46 47 e-mail: [email protected]
This information is inside information that AB Fagerhult (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that AB Fagerhult (publ) is obliged to make public pursuant to the Securities Markets Act.
The information was submitted for publication, through the agency of the contact person set out above, at 11:45 CET on 26th February 2018.