INTERIM REPORT – 3 MONTHS 1 April-30 June 2014

17.07.2014

B&B TOOLS
Interim report

INTERIM REPORT – 3 MONTHS 1 April-30 June 2014


  -- Revenue amounted to MSEK 2,031 (1,965).
  -- Operating profit 
rose by 62 percent to MSEK 105 (65)
.
  -- Profit after net financial items increased to MSEK 92 (50).
  -- Profit after taxes rose by 86 percent to MSEK 69 (37).
  -- Earnings per share totalled SEK 2.45 (1.30).
  -- The return on equity for the most recent 12-month period was 11 percent
     (13).
  -- The equity/assets ratio at the end of the reporting period was 45 percent
     (41).



  -- Sales trend during the first quarter.
The Group’s total revenue for comparable units, measured in local currency
     and adjusted for the number of trading days, rose by 5 percent during the
     quarter compared with the year-earlier period.
  -- Split-up of Grunda and Gigant.
On 1 April 2014, the former business area Work Environment & Consumables
     was divided into two units – Grunda and Gigant, which are reported as two
     separate operating areas from this report.
  -- The 2014 Annual General Meeting will be held on 21 August 2014.
The Board proposes a dividend of SEK 3.50 (3.00) per share.



PRESIDENT’S STATEMENT

The first quarter of the financial year was characterised by slightly improved
demand. The Group’s revenue and earnings performance was attributable to
organic growth and the fact that the implemented rationalisations generated
positive earnings effects. Operating profit for the quarter amounted to MSEK
111, not including the capital gains and losses pertaining to the sale of
properties during the period in the net amount of approximately MSEK –6. Cash
flow was positively impacted by MSEK 77 as a consequence of these disposals. 

Several units improved both their earnings and P/WC during the quarter, with
Skydda and ESSVE in particular continuing their strong trend. The previously
announced efficiency efforts in TOOLS Sweden are now generating ongoing
earnings effects and TOOLS Sweden reported a slightly positive operating profit
for the quarter. Simplified internal reporting and decentralised responsibility
in TOOLS’ sales organisation will continue to create increased market strength
and improved operating margins during the year. 

Our aim for the remainder of the financial year is for all units to continue
improving their P/WC. Decentralised responsibility, customer proximity and
sales remain a high priority in our daily work. 

Stockholm, July 2014

Ulf Lilius
President & CEO



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