Alligo AB (publ): Alligo Interim Report 1 january-30 june 2022

2022-07-15 08:00:00
Second quarter highlights
  • Revenue increased by 5.5 per cent to MSEK 2,275 (2,157).
  • EBITA increased by 5 per cent to MSEK 172 (164), corresponding to an EBITA margin of 7.6 per cent (7.6).
  • Operating profit increased to MSEK 155 (146) and the operating margin was 6.8 per cent (6.8). Operating profit was charged with items affecting comparability of MSEK 0 (-2).
  • Profit from continuing operations amounted to MSEK 113 (107), profit from discontinued operations to MSEK 0 (38) and profit for the Group as a whole to MSEK 113 (145). Earnings per share from continuing operations amounted to SEK 2.24[1] (2.10[1]), earnings per share from discontinued operations to SEK 0.00[1] (0.75[1]) and earnings per share for the Group as a whole to SEK 2.24[1] (2.85[1]).
  • Cash flow from operating activities amounted to MSEK 211 (209).
First six months highlights
  • Revenue increased by 5.9 per cent to MSEK 4,370 (4,125).
  • EBITA increased by 13 per cent to MSEK 277 (246), corresponding to an EBITA margin of 6.3 per cent (6.0).
  • Operating profit increased to MSEK 235 (213) and the operating margin was 5.4 per cent (5.2). Operating profit was charged with items affecting comparability of MSEK -9 (-2), which comprise costs ahead of the separate listing of Momentum Group of MSEK 5 and severance costs in connection with a change of management in Finland of MSEK 4.
  • Profit from continuing operations amounted to MSEK 169 (152) and profit from discontinued operations to MSEK 28[2] (70). The impact on earnings of the distribution of Momentum Group was MSEK 3,553 and total profit from the Group amounted to MSEK 3,750 (222). Earnings per share from continuing operations amounted to SEK 3.35[1] (3.00[1]) and earnings per share from discontinued operations amounted to SEK 0.55[1,2] (1.40[1]). The impact on earnings of the distribution of Momentum Group was SEK 70.38[1] per share and earnings per share for the Group as a whole amounted to SEK 74.29[1] (4.40[1]).
  • Cash flow from operating activities amounted to MSEK 181 (382).

[1) Before and after dilution.]

[2) Adjusted for the impact on earnings of the distribution of Momentum Group AB.]

Discontinued operations

In the interim report for the second quarter 2022, Alligo's former subsidiary Momentum Group AB (the Components & Services business area) is reported as discontinued operations in accordance with IFRS 5. The Alligo business area represents continuing operations. Comments and figures relate to continuing operations unless otherwise specified. Comparison figures in the consolidated income statement have been recalculated.

Comments from the CEO

"The second quarter of the year was one of intensive integration. In May, we completed the implementation of our joint IT and business system in Tools in Sweden, the transition to a new pricing system in Sweden and the relocation of the logistics operations of Tools in Alingsås to Örebro."

"The late deliveries caused by disruption to logistics processes have had a negative impact on sales to larger industrial customers in Sweden."

"The continuing unrest in the world around us makes for uncertain market conditions but demand on our markets has stabilised relative to the first quarter."

"We have a strong financial base and with our shared platform now in place in Sweden we have better conditions to continue working on sales management and implementing our Nordic range."

Significant events during the second quarter
  • The Annual General Meeting on 11 May voted for the re-election of the Board members Göran Näsholm, Stefan Hedelius, Cecilia Marlow, Johan Sjö and Christina Åqvist and for the election of Pontus Boman in line with the proposal of the Nomination Committee. Johan Eklund had declined re-election. Göran Näsholm was re-elected Chair of the Board.
  • The Annual General Meeting on 11 May resolved, among other things, to issue a dividend of SEK 1.75 per share and to approve the implementation of a long-term incentive programme for senior executives in line with the proposal of the Board of Directors. The incentive program was fully subscribed.
  • Alligo signed a lease for a newly constructed logistics centre in Vestby Logistikpark, south of Oslo. Alligo's two existing logistics units in the Oslo area will both relocate to the new premises, which extend over 16,000 square metres, beginning in autumn 2023.
  • Alligo acquired H E Seglem AS, which has a store in Egersund in south-west Norway and sells industrial products, tools, forestry and gardening equipment, workwear and personal protective equipment. The acquisi­tion was conducted as a conveyance of assets and liabilities.
Events after the end of the period
  • On 1 July 2022, Alligo acquired 100 per cent of the shares in Magnusson Agentur AB, which runs a store selling corporate branded products and workwear in Vinslöv, southern Sweden.

Presentation of the interim report for the second quarter 2022

Alligo will publish its interim report for the second quarter 2022 on Friday, 15 July 2022 at 08:00 a.m. CEST.
In conjunction with this, Alligo are pleased to issue this invitation to a webcast conference call in which
President & CEO Clein Johansson Ullenvik and CFO Irene Wisenborn Bellander will present the report and answer any subsequent questions. The presentation will be held in English.

Date and time: Friday, 15 July 2022 at 11:00 a.m. CEST
Web link: https://tv.streamfabriken.com/alligo-q2-2022
Telephone conference, pin code 1674683#:
SWE: +46-8-5051-6386
UK: +44-20-319-84884
US: +1-412-317-6300

Contact information

Clein Johansson Ullenvik, President & CEO, tel: +46 70 558 84 17, e-mail: clein.ullenvik@alligo.com

Irene Wisenborn Bellander, CFO, tel: +46 72 452 60 40, e-mail: irene.bellander@alligo.com

This information is information that Alligo AB (publ) is obliged to publish under the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication through the agency of the Chief Executive Officer on 15 July 2022 at 08:00 CEST.

About Alligo

Alligo is a leading player within workwear, personal protective equipment, tools, and consumables in the Nordic region. The Group has annual revenue of approximately SEK 8.5 billion and approximately 2,300 employees. Alligo AB (publ) has been listed on Nasdaq Stockholm since June 2017. Read more at www.alligo.com.

Cision