Profitability, financial position and cash flow
The return on equity at the end of the period was 29 percent (31), and return on capital employed was 19 percent (21). Return on working capital P/WC (EBITA in relation to working capital) amounted to 54 percent (54).

At the end of the period the equity ratio amounted to 34 percent (35). Equity per share, excluding non-controlling interest, totalled SEK 44.00 (40.60). The Group's net debt at the end of the period amounted to SEK 2,855 million (2,282) excluding pension liabilities of SEK 328 million (313). The net debt/equity ratio, calculated on the basis of net debt excluding provisions for pensions amounted to 0.9 (0.8).

Cash and cash equivalents consisting of cash and bank equivalents and approved but non-utilised credit facilities amounted to SEK 1,949 million (1,000) at 30 June 2020.

Cash flow from operating activities amounted to SEK 324 million (253) during the period. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 730 million (249). Investments in noncurrent assets totalled SEK 16 million (33) and disposal of non-current assets amounted to SEK 1 million (2). Repurchase of call options amounted to SEK 0 million (12) and issued call options amounted to SEK 17 million (18).

At the end of the period, the number of employees was 3,022, compared to 2,981 at the beginning of the financial year. During the period, completed acquisitions and disposals resulted in a net increase of the number of employees by 92. The average number of employees in the latest 12-month period was 2,959.


Ownership structure
At the end of the period the share capital amounted to SEK 51.1 million.

Class of shares Number of shares Number of votes Percentage of capital Percentage of votes
Class A shares, 10 votes per share 3,229,500 32,295,000 4.7% 33.2%
Class B shares, 1 vote per share 64,968,996 64,968,996 95.3% 66.8%
Total number of shares before repurchases 68,198,496 97,263,996 100.0% 100.0%
Repurchased class B shares -942,918 1.4% 1.0%
Total number of shares after repurchases 67,255,578

Addtech has three outstanding call option programmes for a total of  900,000 shares. Call options issued on repurchased shares entail a dilution effect of about 0.2 percent during the latest 12-month period. Addtech's own shareholdings fully meet the needs of the outstanding call option programmes.

Outstanding programme Number of options Corresponding number of shares Proportion of total shares Exercise price Expiration period
2019/2023 300,000 300,000 0.4% 321.80 5 Sep 2022 - 2 Jun 2023
2018/2022 300,000 300,000 0.4% 232.90 6 Sep 2021 - 3 Jun 2022
2017/2021 300,000 300,000 0.4% 178.50 14 Sep 2020 - 4 Jun 2021
Total 900,000 900,000


Acquisitions and disposals
On 1 April, Elkome Group Oy, Finland, was acquired to become part of the Automation business area. Elkome develops, integrates and delivers solutions for applications in industrial IoT primarily for industrial production, smart cities and infrastructure. The offering includes customized computer systems, test systems, info kiosks, software, sensors and industrial communication. The company has sales of about EUR 8 million and 38 employees.

On 2 April Peter Andersson AB, Sweden, was acquired to become part of the Energy business area. Andersson System supplies both trading products and own products within electrical accessories for office and kitchen environments, to the Swedish and Norwegian markets.The products are sold through retailers of office furniture, office interiors, AV equipment, computer accessories and kitchen furnishings. The company has sales of about SEK 30 million and 9 employees.

On 8 April Valutec Group AB, Sweden, was acquired to become part of the Industrial Process business area. Valutec is one of the world’s leading manufacturers of timber kilns to the forest industry. The company has sales of about SEK 350 million and 45 employees.

Acquisitions completed as of the 2019/2020 financial year are distributed among the Group’s business areas as follows:


Acquisitions (disposals) Closing Net sales,
Number of employees* Business Area
Omni Ray AG, Switzerland April, 2019 330 65 Automation
Thurne Teknik AB, Sweden April, 2019 100 19 Industrial Process
AB N.O. Rönne, Sweden April, 2019 8 4 Industrial Process
Best Seating Systems Walter Tausch GmbH, Austria May, 2019 23 5 Power Solutions
Thiim A/S, Denmark June, 2019 70 15 Automation
Profelec Oy, Finland July, 2019 6 2 Energy
BKC Products Ltd., Great Britain August, 2019 12 5 Industrial Process
Promector Oy, Finland August, 2019 24 20 Automation
Wireco-NB Oy, Finland February, 2020 23 6 Energy
Caligo Industria Oy, Finland February, 2020 70 9 Industrial Process
DMC Digital Motor Control GmbH, Germany March, 2020 30 10 Power Solutions
Q-tronic B.V, Netherlands March, 2020 45 10 Power Solutions
Elkome Group Oy, Finland April, 2020 85 38 Automation
Peter Andersson AB, Sweden April, 2020 30 9 Energy
Valutec Group AB, Sweden April, 2020 350 45 Industrial Process

* Refers to assessed condition at the time of acquisition and disposal, respectively, on a full-year basis.

Acquisitions completed during the period have had an effect of SEK 87 million on Group net sales, SEK 0 million on operating profit and SEK -2 million on profit after tax for the period.

Addtech normally employs an acquisition structure comprising basic purchase consideration and contingent consideration. The outcome of contingent purchase considerations is determined by the future earnings reached by the companies and is subject to a fixed maximum level. Of considerations not yet paid for acquisitions during the period, the discounted value amounts to SEK 99 million. The contingent purchase considerations fall due for payment within three years and the outcome is subject to a maximum of SEK 169 million. 


Transaction costs for acquisitions that resulted in an ownership transfer during the period, amounted to SEK 3 million (2) and are reported under Selling expenses.

Revaluation of contingent consideration had a net effect of SEK 0 million (12) during the period. The impact on profits are reported under Other operating income and Other operating expenses, respectively.

According to the preliminary acquisitions analyses, the assets and liabilities included in the acquisitions were as follows, during the period:

SEKm Carrying amount at acquisition date Adjustment to fair value Fair value
Intangible non-current assets 22 504 526
Other non-current assets 23 - 23
Inventories 46 - 46
Other current assets 159 - 159
Deferred tax liability/tax asset -2 -107 -109
Other liabilities -90 - -90
Acquired net assets 158 397 555
Goodwill 1) 497
Non-controlling interests -130
Consideration 2) 922
Less: cash and cash equivalents in acquired businesses -107
Less: consideration not yet paid -99
Effect on the Group’s cash and cash equivalents 716
1) Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.
2) The consideration is stated excluding acquisition expenses.

With the acquisition of Valutec Group AB comes a commitment to acquire the remaining 14 percent of the company. This commitment is valued to SEK 98 million and is reported as a non-current interest-bearing liability.


Parent Company
Parent Company net sales amounted to SEK 18 million (15) and profit after financial items was SEK 4 million (-3). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net debt was SEK 346 million (+94) at the end of the period.

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