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Momentum Group Annual Report 2020

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Momentum Group Annual Report 2020 ANNUAL REPORT 2020 PRESIDENT'S STATEMENT Contents An eventful year President's statement As we at Momentum Group reflect on yet another financial 2020 in brief 1 year (shortened to nine months ahead of the transition to the Momentum Group in brief 2–3 calendar year as our financial year), it was a year filled with both challenges and future opportunities. As was the case for Business area Tools, Consumables, Workwear & all businesses and societies across the world, the COVID-19 Protective Equipment 4–11 pandemic and its effects dominated 2020 for us. We have – including: Business Area Manager's statement. Mission, vision worked with intensity and focus to maintain our operations & strategy. Focus area – integration of TOOLS-Swedol. Market, sales and profitability by delivering on our customer promises in & offering. Employees and Sustainability work in the business area. a safe manner and by making continuous adjustments to the Business area Components & Services 12–19 Group and all our operations to adapt to the “new normal” – including: Business Area Manager's statement. Mission, vision through central and local initiatives. Where possible, we & strategy. Market & sales. Companies in the business area. transitioned to remote working and to digital meetings, Employees and Sustainability work in the business area. seminars and training courses with customers and suppliers. Sustainability Report for the Group 20–23 The general demand situation was characterised by restraint and caution in all of our main markets in the Nordic ANNUAL REPORT 2020 region, although with certain variations between customer Administration Report with Corporate Governance segments and countries, with the most significant impact Report 25–35 experienced in Norway. Sales gradually stabilised during Consolidated income statement 36 the year, and the Group’s operations experienced a certain Consolidated statement of comprehensive income 36 level of recovery during the final quarter. In summary, we thus succeeded in maintaining our profitability and Consolidated balance sheet 37 generated significantly higher cash flow from the operations Consolidated statement of changes in equity 38 in 2020, leading to a strong financial position for the Group. Consolidated cash-flow statement 39 This provides us with favourable conditions for continued Parent Company income statement 40 profitable growth, both organically and through acquisitions. Parent Company statement of comprehensive income 40 In business area Tools, Consumables, Workwear & Parent Company balance sheet 41 Protective Equipment, the focus was on the integration of TOOLS and Swedol, while we established a strategic Parent Company statement of changes in equity 42 approach focused on acquisition-driven growth in business Parent Company cash-flow statement 42 area Components & Services. Read more about our business The Group's risks and opportunities 43 areas on pages 4-19. Notes 44–72 Proposed appropriation of profit 73 Our Group structure creates opportunities for the future Much of the uncertainty concerning the effects of the Auditor's Report 74–77 pandemic remains now at the beginning of 2021. We are Board of Directors 78–79 therefore continuing to focus on what we can affect in our Group Management & Auditors 79 daily operations in order to achieve increased sales and efficiency – with our decentralised The Momentum Group share 80–82 earnings responsibility entailing that local Multi-year review 83 measures are taken where needed. At the Calculation of performance measures and Definitions 84–85 same time, our Group structure with two operationally independent business areas is Momentum Group AB’s statutory Annual Report for 2020 is presented creating new, interesting opportunities for on pages 25-73. These pages have been reviewed by the Company’s the future. auditors in accordance with the Auditor’s Report on pages 74–77. In conclusion, I would like to extend This Annual Report 2020 is in all respects a translation of the Swedish my sincere thanks to all of our dedicated original Annual Report. In the event of any differences between this employees for your many outstanding translation and the Swedish original, the latter shall prevail. contributions during this particularly challenging year – and to our customers and business partners for your continued MOMENTUM GROUP ANNUAL confidence. GENERAL MEETING 2021 The Annual General Meeting for Momentum Group AB (publ) will take place on 11 May 2021 in Stockholm, Sweden. The notice to attend the Annual General Meeting is expected to be published on 6 April 2021 through a press release and on the Company’s website, and through an advertisement in Post- och Inrikes Tidningar. An Ulf Lilius announcement of the publication of the notice will be made in Svenska Dag- President & CEO bladet. The notice will contain the proposed agenda and the proposals of the Election Committee and the Board of Directors for resolutions at the Meeting. MOMENTUM GROUP | ANNUAL REPORT 2020 2020 IN BRIEF DIVIDEND PER SHARE* 2020 in brief SEK Momentum Group’s 2020 financial year was dominated by the COVID-19 pandemic, as was the case for essentially all companies and societies throughout the world – at the same time as the Group 1.50 * As proposed by the completed its largest acquisition to date when Swedol became part Board of Directors. of Momentum Group. The Group’s operations have continuously adopted measures The Annual General Meeting of Momentum Group AB at the to ensure employee and customer safety as well as stable end of August also resolved to change the Group’s financial sales and earnings development. In parallel, the integration year to the calendar year, entailing that the 2020 financial year of TOOLS and Swedol commenced according to plan, despite comprises only nine months (three quarters). the challenges brought about by the pandemic. FIRST QUARTER SECOND QUARTER THIRD QUARTER 1 April–30 June 1 July–30 September 1 October–31 December • The acquisition of Swedol was completed, • Continued measures were taken to • The Group’s sales performance gradually bringing the Group’s total annual revenue increase sales and efficiency and to raise improved during the financial year, despite to approximately SEK 9.5 billion and the margins in all parts of the Group. continued uncertainty in the market. number of employees to some 2,700. • The coordination of TOOLS and Swedol • Comprehensive acquisition activities • Two operationally independent business proceeded with a focus on improved in the business area Components & areas were established – business purchasing terms, increased sales of Services led to four acquisitions after area Tools, Consumables, Workwear & proprietary product brands and planning the end of the financial year, with a total Protective Equipment with a focus on for store coordination. Earnings for the of approximately MSEK 285 in annual integration and synergies and business quarter were charged with a restructuring revenue. area Components & Services with a focus reserve of MSEK 97 pertaining to non- on an acquisition-driven growth strategy. recurring costs within the framework of the coordination work. Total revenue EBITA Return on equity Earnings per share 2020 (9 months) 2020 (9 months) (Rolling 12 months) 2020 (9 months) MSEK 6,846 MSEK 484 12% SEK 4.55 REVENUE BY GEOGRAPHIC MARKET REVENUE BY BUSINESS AREA EBITA BY BUSINESS AREA Sweden 62% Tools, Consumables, Workwear & Tools, Consumables, Workwear & Norway 23% Protective Equipment 88% Protective Equipment 77% Finland 13% Components & Services 12% Components & Services 23% Other countries 2% MOMENTUM GROUP | ANNUAL REPORT 2020 1 MOMENTUM GROUP IN BRIEF Two strong business areas create opportunities for the future The Momentum Group comprises two strong and operationally independent business areas – Tools, Consumables, Workwear & Protective Equipment and Components & Services. With their respective competitive offerings of products and services, high level of expertise and good availability as well as local presence under strong brands, they satisfy the varying needs of professional end-users for industrial consumables, industrial components and related services, primarily in the industrial, construction and public sectors in the Nordic region. In line with Momentum Group's decentralised business model, the business areas are lead and operated based on THE GROUP’S FINANCIAL TARGETS their own prerequisites and goals. Respective business Momentum Group’s Board of Directors has area develops their own mission, vision, business concept established the following financial targets and and strategy – and sets their own targets, ambitions and dividend policy: business plans for their operations. Combined with the Group's shared financial targets and sustainability goals, EARNINGS GROWTH. The Momentum Group aims to achieve this forms Momentum Group's common goals for creating earnings growth (EBITA) of at least 15 percent annually over a long term sustainable profitability and development. business cycle. Read more about the vision, targets, business model and focus areas for each business area on pages 4–11 and PROFITABILITY. The Momentum Group aims to achieve a return 12–19, respectively. on equity of at least 20 percent, combined with the internal profitability target of P/WC of at least 45 percent, measured as EBITA (P) in relation to utilised working capital (WC). DIVIDEND POLICY. 30–50 percent of earnings per share annually over a business cycle. The Group has total annual THE GROUP’S SUSTAINABILITY
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