The interim report has been prepared in accordance with IFRS as adopted by the EU, with IAS 34 Interim Financial Reporting being applied. Apart from in the financial statements and their accompanying notes, disclosures in accordance with IAS 34.16A also appear in other parts of the interim report. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Securities Market Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities.
In the interim report, the same accounting principles and bases of calculation have been applied as in the most recent annual report. The new and revised IFRS standards and IFRIC statements that come into force as of the 2021/2022 financial year have had no material effect on the Group's financial reports.
Governmental support measures
Those governmental support measures that have been received or will be received as an effect of the COVID-19 pandemic will be recognized in the income statement when it is reasonably certain that the conditions for receiving the support have been met or will be met. These grants are recognised under other operating income or as a reduction in personnel expenses.
Alternative performance measures
The Company presents certain financial measures in the interim report that are not defined according to IFRS. The Company believes that these measures provide valuable supplemental information to investors and the Company's management as they allow for evaluation of trends and the Company's performance. Since all companies do not calculate financial measures in the same way, they are not always comparable to measures used by other companies. These financial measures should therefore not be considered to be a replacement for measurements as defined under IFRS. For definitions and reconciliation tables of the performance measures that Addtech uses, please see page 17-20.
Risks and factors of uncertainty
Addtech's profit and financial position, as well as its strategic position, are affected by a number of internal factors under Addtech's control and by a number of external factors over which Addtech has limited influence. The most important risk factors for Addtech are the state of the economy, combined with structural change and the competitive situation.
Please see section Risks and uncertainties (page 58-60) in the annual report for 2020/2021 for further details.
The Parent Company is indirectly affected by the above risks and uncertainty factors due to its role in the organisation.
Transactions with related parties
No transactions between Addtech and related parties that have significantly affected the Group's position and earnings have taken place during the period.
Addtech's sales of high-tech products and solutions in the manufacturing industry and infrastructure are not subject to major seasonal variations. The number of production days and customers' demand and willingness to invest can vary over the quarters.
Events after the end of the period
On 1 October, a reorganisation was implemented to adapt the operations and further strengthen the network between the companies. The new organisation still comprises five business areas with clear niche strategies. The first interim report according to the new structure and with changed comparative figures will be for the third quarter.
On 1 October, ABH Stromschienen GmbH (“ABH”), Germany, was acquired to become part of the Electrification (Power Solutions) business area. ABH develops, specifies, and delivers power distribution systems for applications for data centers, industry and e-mobility. The company has 22 employees and sales of approximately EUR 10 million.
On 1 October, Ko Hartog Verkeerstechniek B.V., Netherlands, was acquired to become part of the Energy business area. Ko Hartog Verkeerstechniek B.V. develop, produce and sell traffic signal systems and other traffic safety equipment and offers assembling, installation, service and maintenance of the products. The company has 18 employees and sales of around EUR 8 million.
Preliminary purchase price allocations have not yet been completed.
The Board of Directors and the President deem that the interim report on the first six months gives a true and fair picture of the Company's and the Group's operations, position and earnings, and describes the significant risks and uncertainty factors to which the Company and the Group are exposed.
Stockholm October 28, 2021
| Kenth Eriksson|
Chairman of the Board
| Henrik Hedelius|
| Ulf Mattsson|
| Malin Nordesjö|
| Annikki Schaeferdiek|
| Niklas Stenberg|
Director and President
This report has not been subject to review by the company's auditor.
This information is information that Addtech AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8.15 a.m CET on 28 October 2021.
2022-02-08 Interim report 1 April - 31 December 2021
2022-05-17 Year-end report 1 April 2021 - 31 March 2022
2022-07-15 Interim report 1 April - 30 June 2022
For further information, please contact:
Niklas Stenberg, President and CEO, +46 8 470 49 00
Malin Enarson, CFO, +46 705 979 473