The fiscal year 2016/17 (from 1 april 2016 until 31 march 2017)
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Net sales increased by 6 percent to 8 272 MILLION (7 821).
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Operating profit amounted to SEK 323 million (486), corresponding to an operating margin of 3.9 percent (6.2).
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Adjusted operating profit (excluding items affecting comparability) amounted to 471 MSEK (471), corresponding to an adjusted operating margin of 5.7 per cent (6.0).
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The result after tax amounted to SEK 237 m (362).
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Earnings per share amounted to SEK 8.40 (12,90).
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Cash flow from operating activities amounted to SEK 406 m (493), corresponding to cash flow per share of 14,45 $ (17,55).
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Return on working capital amounted to 17 per cent (26) and the return on equity to 9% (15).
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The operational net debt amounted to 260 MSEK (220) and the equity / assets ratio at year-end was 49% (51).
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The dividend is proposed to amount to SEK 5.00 (5.00) per share.
Fourth quarter (1 January-31 march 2017)
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Net sales increased by 10 per cent to 2 126 MSEK (1 935).
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Operating profit amounted to MSEK -35 (111) and the operating margin to of-1.6% (5.7).
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Adjusted operating profit (excluding items affecting comparability) amounted to SEK 93 m (111), corresponding to an adjusted operating margin of 4.4 percent (5.7).
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The result after tax amounted to sek -28 M (87).
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B&B TOOLS ‘ results have been affected by a restructuring reserve of MSEK -94 in the preparation of the annual accounts for 2016/2017. This reserve refers mainly to the previously communicated restructuring in the TOOLS.
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Preparations for a separately list of the segment the Momentum Group at Nasdaq Stockholm in 2017 is progressing according to plan. Other items affecting comparability during the quarter, about -34 MILLION relates to costs associated with the establishment of the two independent operating segments.
Events after the close of the fiscal year
The acquisition of Arbesko – the Nordic region’s leading brand in the field of occupational and safety footwear.
The segment of the Bergman & Beving acquired on april 3, 2017 all shares of the Arbesko Group AB Arbesko is the leading brand in the field of occupational and safety footwear.
The president’s COMMENTS
When we sum up the financial year 2016/2017, we can look back on another year of improvements within the group, which creates good conditions for further development. It is particularly gratifying that, among other things, to highlight the Momentum Industrial, Teng Tools and the ESSVE that all of them reach operating margins of over 10 per cent. As we stated in the previous interim reports during the year have TOOLS taken and will continue to take strong measures for improved profitability and growth – including a well-customized store network, enhanced digital marketing channels, improved sortimentsamordning and the building of a private warehouse. In order to accelerate these restructuring measures, we have charged to earnings in the annual financial statements in 2016/2017 with a restructuring reserve of MSEK -94. The measures will contribute to an increased margin in the current and coming financial year.
As part of the work with our future development, we have during the year been working to create the conditions for a breakdown of the group into two separate listed companies. It has been a year full of action in our operational activities in order to separate the common functions, primarily within logistics, IT and finance who have been split between B&B TOOLS group’s two operating segments. The intention with a split-off and separate listing of the segment the Momentum Group is to increase earnings growth through even clearer focus on the development of leading brands and interesting market in profitable niches.
In recent years, we have significantly improved our basic requirements for growth and development. With our strong balance sheet and low leverage we have during the year made a number of interesting acquisitions, such as the Astrup Industrivarer, IQ Supplies, and AAK Safety. After the end of the period in april acquired the segment of the Bergman & Beving furthermore, the Arbesko, sweden’s leading brand for protective and work shoes. The acquisition strengthens our focus and the planned division of the group can open up new business and acquisition opportunities.
Finally, I would like to say a big thank you to all our dedicated employees for their many fine efforts during the year. Thank you also to our customers and partners for the continued confidence. I look forward to an exciting new fiscal year 2017/2018 for both the Bergman & Beving and Momentum of the Group.
Stockholm in may 2017
Ulf Lilius
PRESIDENT & ceo
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B&B TOOLS Q4 2016-17 En
