Dustin Group AB: Q4: Improved cash flow and increased cost synergies

2022-10-11 08:00:00
Fourth quarter
  •     Net sales rose 18.2 per cent to SEK 5,743 million (4,860).

  •     Organic sales growth was 15.0 per cent (22.1), of which SMB accounted for 0.2 per cent (18.2), LCP 24.6 per cent (28.3) and B2C negative 20.8 per cent (pos: 7.9).

  •     The gross margin amounted to 14.2 per cent (15.6).

  •     Adjusted EBITA amounted to SEK 202 million (229), corresponding to an adjusted EBITA margin of 3.5 per cent (4.7).

  •     EBIT totalled SEK 147 million (154), including items affecting comparability of a negative SEK 12 million (neg: 38).

  •     Profit for the quarter was SEK 83 million (65).

  •     Earnings per share before and after dilution amounted to SEK 0.73 (0.65).

  •     Cash flow from operating activities amounted to SEK 104 million (neg: 222).

  •     Previously communicated amendments to the application of accounting policies for income from the resale of some software licenses mean comparative figures have been restated and the impact on sales for the fourth quarter amounted to a negative SEK 404 million (neg: 245). Gross profit, EBIT and earnings before/after tax will remain unchanged. For further information, see Note 1.

September 2021-August 2022
  •     Net sales rose 57.0 per cent to SEK 23,601 million (15,028). Comparative figures for the preceding year include net sales for three months from Centralpoint.

  •     Organic sales growth was 11.4 per cent (10.3), of which SMB accounted for 9.1 per cent (11.2), LCP 15.9 per cent (10.0) and B2C negative 23.6 per cent (pos: 8.8).

  •     The gross margin amounted to 14.7 per cent (16.5).

  •     Adjusted EBITA amounted to SEK 979 million (759), corresponding to an adjusted EBITA margin of 4.1 per cent (5.0).

  •     EBIT totalled SEK 758 million (576), including items affecting comparability of a negative SEK 50 million (neg: 73).

  •     Net profit for the year amounted to SEK 478 million (357).

  •     Earnings per share before and after dilution amounted to SEK 4.22 (3.82).

  •     Cash flow from operating activities amounted to SEK 584 million (169).

  •     At the end of the year, net debt in relation to adjusted EBITDA in the past 12-month period, excluding the effects of IFRS 16 Leases, was 3.9 (3.4). Key ratios for the preceding year include the 12-month earnings effect for Centralpoint.

  •     The Board of Directors intends to submit proposals for appropriation of profits in conjunction with the notice to attend the Annual General Meeting.

Events after the balance-sheet date
  •     Dustin's CEO Thomas Ekman has announced his resignation.

"We reported organic sales growth of 15 per cent in the financial year's last quarter, mainly driven by robust demand for hardware from large corporate and the public sector (LCP). Increased uncertainty surrounding the economic trend had a negative impact on the performance of small and medium-sized businesses (SMB). Profitability continues to be affected by the sales mix, but noted a positive development in the segments on an individual basis due to greater availability. The adjusted EBITA margin rose compared with the seasonally stronger third quarter and cash flow from operating activities improved mainly as a result of destocking. The integration and cost synergies from our acquired operations are proceeding as planned and are strengthening our position for profitable growth", says Thomas Ekman, President and CEO at Dustin.

For additional information, please contact:

Fredrik Sätterström, Head of Investor Relations

fredrik.satterstrom@dustin.se,+46 705 10 10 22

Contact person:

Eva Ernfors, Head of Information

eva.ernfors@dustin.se,+46 70 258 62 94

This information is information that Dustin 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 person set out above, at 08:00 CET on October 11, 2022.

About Dustin

Dustin is a leading online based IT partner in the Nordics and the Benelux. We help our customers to stay in the forefront by providing them with the right IT solution for their needs.

We offer approximately 280,000 products with related services to companies, the public sector and private individuals. Sales for the financial year 2021/22 amounted to approximately SEK 23.6 billion and more than 90 per cent of the revenues came from the corporate market.

Dustin has approximately 2,500 employees and has been listed on Nasdaq Stockholm since 2015 with headquarters in Nacka Strand just outside central Stockholm.

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