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Annual Report 2020

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Annual Report 2020 Annual Report 2020 Balconies for greater living Balco in brief Balco Group AB – Annual Report 2020 Balco in brief Balco is a growing company offering innovative, patented and energy-saving, high-quality balcony solutions. The Company’s customized products contribute to increased peace of mind, quality of life and increased value for those who live in apartment buildings. Balco was founded in 1987 in the southern Swedish Balco method at the core town of Växjö, where the Company’s head office is still Delivering glazed balconies and other balcony solutions located. Today, the Balco Group is a leading producer in accordance with the “Balco method” represents Balco of innovative, proprietary-brand balcony solutions, AB’s core expertise. The method, applied predominantly with customers in Sweden, Denmark, Norway, Finland, in the renovation market, entails removing existing Germany, the Netherlands and the UK. The Group is balconies and replacing them with new, larger glazed currently the market leader in the Nordic region and balconies. holds a strong position in other northern European markets. The Balco Group has two production facilities Balco assumes full responsibility for customer in Sweden and two in Poland. The Company has been contacts listed on the Nasdaq Stockholm exchange since 2017 Balco assumes full responsibility for its projects, guiding and, as of 4 January 2021, is included in the Mid Cap list. customers through the entire process, from project planning to final inspection and service. Balco offers Lifespan exceeding 90 years superior expertise in providing customized balcony Balco’s glazed balconies have a lifespan of more than 90 solutions with fast delivery, regardless of the size and years, providing the most economical and sustainable complexity of the balconies. solution in the market. Offering energy savings of 15-30 percent, each Balco balcony gives a positive climate Nine out of ten customers recommend Balco footprint equal to that of ten growing trees. Satisfied customers who recommend Balco are an important asset. We target a customer recommendation Broad offering rate of 85 percent. In our most recent survey (2019), as The Balco Group offers a wide range of balcony many as 91 percent of customers responded that they solutions, including glazed balconies, open balconies would recommend Balco. and City balconies. Balco’s operations are divided into two operating segments: Vision ✔ Renovation Share Sales, With innovative solutions and high- of sales SEK million quality products, Balco shall provide The segment includes replacement and extension of the best balconies in the market. existing balconies, as well as installation of new balconies on 91% 1,096 apartment buildings, primarily glazed balconies. The main Adjusted driving force is the pent-up need for renovation and the age Mission operating margin profile of the properties. In 2020, the offering was broadened To offer balconies that contribute to with facade renovation in connection with balcony projects. 12% an enhanced quality of life. ✔ New Build Business concept Share Sales, of sales SEK million With the customer’s needs in focus, The segment includes installation of balconies in connection Balco develops modern, sustainable with building new apartment properties, as well as balcony and attractive balcony solutions that projects in the maritime market. The largest product areas 9% 104 improve people’s quality of life. are glazed and open balconies. Balco is expanding selectively, Adjusted focusing on profitability and low risk. Demand is driven by operating margin the pace of new housing building, as well as by growth in the maritime segment. 7% In this Annual Report, the terms “Balco” and the “Balco Group” are used to describe the overall operations within the group of companies for which Balco Group, corporate identity number 556821-2319. Some general descriptions refer to the majority of the operations within Balco Group. It is also important to point out that when the description refers to parts of the business, the names of subsidiaries are used, for example “Balco AB”, “Balco Altaner”, and “TBO-Haglinds”. 2 This report is available in English and Swedish versions. In case of any discrepancies between the Swedish and English versions, the Swedish versionBRF is XXconsidered, XX the official version. Balco Group AB – Annual Report 2020 Balco in brief With a lifespan of more than 428 employees 90 years, Balco’s glazed balconies are not only the best solution from an economic point of view, they are also the most 7 geographical markets climate-smart solution. Net sales of SEK 1,200 million in 2020 Total production area of 17,280 m2 3 geographical markets Since its inception in 1987, Balco has expanded its operations in Europe and now has sales offices in seven countries, as well as two production facilities in Sweden and two in Poland. Our head office is located in the southern Swedish town of Växjö and our key markets are Sweden, Norway, and Denmark. Other markets are Finland, the UK, Germany and the Netherlands. 7 33 2020 at a glance Balco Group AB – Annual Report 2020 2020 at a glance ✔ A prioritized area in Balco Group’s sustainability work ✔ The 2020 Annual General Meeting resolved, in Sales is to reduce the CO2 footprint in the manufacture of a accordance with the Board’s proposal, not to pay balcony by 20 percent by 2021. This entails a climate- a dividend for the 2019 financial year. The Board 1.2 positive effect 5-10 years earlier than today when proposes to the 2021 Annual General Meeting that SEK billion we are climate-positive after 30-50 years and, seen no dividend be paid as the Company continues to over the lifetime of the balcony of at least 90 years *, have reduced staffing in the first half of 2021, with this is a significant environmental benefit. some staff being placed on furlough starting in * Refers to the manufacture of a glazed standard balcony from Balco AB January 2021. At the same time, the Board is open to an Extraordinary General Meeting being held later in ✔ To better meet customers’ needs, initially in the Adjusted 2021 for a renewed decision on dividends Swedish market, Balco AB has strengthened its operating margin ✔ An Extraordinary General Meeting in 2020 approved offering with facade renovation for balcony projects. a private placement of a maximum of 400,000 By taking responsibility for both the balcony and the 11.2 % warrants. The purpose is primarily to engender facade, Balco can, through its partnership with a conditions for retaining and recruiting competent Nordic bank, provide a repayment period of up to 70 personnel within the Group. years of on a project, making the investment both ✔ On 4 January 2021, Balco Group AB (publ) (BALCO) financially and environmentally sustainable. moved from the Nasdaq Stockholm exchange’s ✔ An agreement was signed with German shipyard Small Cap segment up to the Mid Cap segment as a Operating cash flow Meyer Werft for the production and delivery of result of Nasdaq’s annual review of average market balconies for a cruise ship for approximately SEK 70 capitalization. The Mid Cap segment includes million. SEK companies with a market capitalization between 196 million ✔ Pioneering renovation project in the Netherlands. EUR 150 million and EUR 1,000 million VvE Mozartflat in Tilburg, the Netherlands, consists ✔ Given Segulah’s increased engagement, the of 256 apartments and the 16-storey building will Chairman of the Board of Balco, Tomas Johansson, be renovated with Balco’s energy-saving Climate announced that he does not intend to make himself Barrier. The project is the first of its kind in the available for re-election at the next Annual General Netherlands and Balco’s largest in the country with Meeting. Tomas Johansson will resign as Chairman an order value of SEK 31.2 million. and Board Member at the Annual General Meeting on ✔ Record transaction in the UK. The assignment is 25 May 2021. worth approximately SEK 30 million and involves ✔ Ahead of the 2021 Annual General Meeting, the the renovation of 248 balconies on four properties in Nomination Committee proposes that all of the other Poole, on the English south coast. Board Members be re-elected and that Thomas ✔ The 2020 Annual General Meeting elected Vibecke Widstrand Be newly elected. Ingalill Berglund is Hverven as a new board member. She replaced Åsa proposed as the new Chairman of the Board. Söderström Winberg who had declined re-election. The other members were re-elected. Key ratios, SEK million 2020 2019 Net sales 1,200.0 1,220.6 Order intake 932.7 1,349.1 Order backlog 1,086.6 1,522.4 Operating profit (EBIT) 115.4 140.4 Operating margin (EBIT), % 9.6 11.5 Adjusted operating profit 134.8 140.4 Adjusted operating margin, % 11.2 11.5 Profit for the year 77.6 102.8 Operating cash flow 196.5 133.9 44 Balco Group AB – Annual Report 2020 2020 at a glance Outline of operations 1,500 NET SALES (SEK million) CONTENTS 1,500 1,500 1,200 Balco in brief ........................................................................2 1,5001,200 1,200 2020 at a glance ....................................................................4 1,200 1,200 1,200 1,200 1,200900 A message from the CEO .......................................................6 900 Why invest in Balco ...............................................................9 900 900600 Vision, mission, business concept and core values ............... 10 600 Our targets ..........................................................................12 300600 600 Our
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