Cint AB: Interim report January - September 2022

2022-10-27 08:00:00

Solid underlying performance with strong profitability and improved cash flow

Highlights for the third quarter
  • Net sales increased by 116.8 percent to EUR 74.3m (34.3). On a pro forma basis net sales increased by 23.9 percent (11.0 percent on constant currency basis).
  • Gross profit amounted to EUR 47.1m (17.5) with a gross margin of 63.4 percent (50.9). Gross profit pro forma 2021 amounted to EUR 38.1m corresponding to a margin of 63.5 percent.
  • Adjusted EBITDA amounted to EUR 14.1m (6.6) with an adjusted EBITDA margin of 19.0 percent (19.4) Adjusted EBITDA pro forma 2021 amounted to EUR 8.9m corresponding to a margin of 14.8 percent.
  • EPS, before dilution amounted to EUR -0.01 (0.03).
  • Adjusted EPS, before dilution amounted to EUR 0.04 (0.04).
Highlights for the period January - September
  • Net sales increased by 128.1 percent to EUR 214.8m (94.2). On a pro forma basis net sales increased by 28.0 percent (17.7 percent on constant currency basis).
  • Gross profit amounted to EUR 134.6m (48.4) with a gross margin of 62.6 percent (51.4). Gross profit pro forma 2021 amounted to EUR 104.2m corresponding to a margin of 63.5 percent.
  • Adjusted EBITDA amounted to EUR 35.2m (17.3) with an adjusted EBITDA margin of 16.4 percent (18.4). Adjusted EBITDA pro forma 2021 amounted to EUR 25.3m corresponding to a margin of 15.4 percent.
  • EPS, before dilution amounted to EUR -0.06 (0.04).
  • Adjusted EPS, before dilution amounted to EUR 0.09 (0.09)
Significant events during the second quarter
  • None.

CEO Tom Buehlmann:
As we conclude the third quarter, I am pleased to say that Cint continues to develop positively with a sales growth of 24 percent on a pro forma basis compared to the same period last year (11 percent in constant currency). Of particular note are commercial successes in our newer markets with record growth in Middle East & Africa and Latin America - albeit from low levels - the new business momentum in Americas, and substantially upgraded contracts with two of our global customers.

Our profitability shows continued improvement. EBITDA, adjusted for items affecting comparability, amounted to 14.1 MEUR in the quarter, corresponding to a margin of 19.0 percent compared to 14.8 percent on a pro forma basis for the same period last year. As planned, profitability has increased significantly compared to the beginning of this year due to positive scale benefits on operating expenses. In this uncertain market environment, we are expending great efforts on managing our overall cost level to continue improving profitability according to plan.

Overall, I believe in our ability to continue winning market share and deliver on our financial targets. Our present and future performance is only possible thanks to our dedicated colleagues, new and existing customers and valued partners. To all of you, thank you.

For more information, please contact:
Britta Mittler, Interim CFOPatrik Linzenbold, Head of IR
Tel: +49 160 96797250Tel: +46 708 252 630
Email: britta.mittler@cint.comEmail:Patrik.linzenbold@cint.com

This disclosure contains information that Cint Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 27 October 2022.

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