Year-End Report 2021

FOURTH QUARTER − OCTOBER–DECEMBER 2021

• Net sales increased by 17 percent to SEK 1,770 million (1,507)
• Operating profit amounted to SEK 39 million (-46)
• Profit after financial items amounted to SEK 34 million (-85)
• Profit after tax amounted to SEK 24 million (-77)
• Earnings per share totalled SEK 0.09 (-0.74) 1)
• Cash flow from operating activities amounted to SEK -92 million (300)

In the quarter, non-recurring items had an impact of SEK -70 million (-151) on EBITDA and SEK -79 million (-154) on profit after financial items. 2)

• Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items amounted to SEK 188 million (172)
• Profit after financial items excluding non-recurring items amounted to SEK 113 million (69)
• Net debt totalled SEK 1,239 million (1,748)
• Net debt excluding leases decreased to SEK 609 million (1,092)
   

FINANCIAL YEAR − JANUARY–DECEMBER 2021

• Net sales increased by 17 percent to SEK 6,245 million (5,323)
• Operating profit amounted to SEK 224 million (112)
• Profit after financial items amounted to SEK 156 million (0)
• Profit after tax amounted to SEK 103 million (-22)
• Earnings per share totalled SEK 0.50 (-0.21) 1)
• Cash flow from operating activities amounted to SEK -165 million (811)

During the year, non-recurring items had an impact of SEK -157 million (-202) on EBITDA and SEK -166 million (-208) on profit after financial items. 2)

• Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items amounted to SEK 656 million (578)
• Profit after financial items excluding non-recurring items amounted to SEK 322 million (208)

1) In connection with ITAB’s recapitalisation in 2021, the number of shares increased by 115,716,762 to a total of 218,100,192 shares.
2) Non-recurring items mainly consist of expenses relating to transformation work under ITAB’s One ITAB strategy.

 

President’s comments –
STRONG CONCLUSION TO AN EVENTFUL YEAR

Following an eventful year that was charactirised by operational challenges, it is gratifying to present a close to record-breaking conclusion to 2021 with favourable sales and earnings trends. ITAB’s transformation work and investments for the future proceeded according to plan, and several important steps were taken to establish ITAB as the retail sector’s leading solution provider with a focus on sustainable growth and increased profitability. I am particularly proud of how our employees have succeeded in meeting increased demand while managing supply disruptions, component and material shortages, and increased shipping, energy and material costs as a result of the pandemic.

The sales trend was strong for the full year 2021, with currency-adjusted growth of 19 percent, of which organic growth accounted for 8 percent and the acquisition of Cefla Retail Solutions at the beginning of the year for 11 percent. Our focus throughout the year has been on supporting customers by providing them with the most complete solutions possible despite global supply disruptions, which was reflected in strong organic growth for the full year as well as the fourth quarter. The positive earnings trend is mainly the result of these increased sales and our ongoing efforts to transform our operations, including completed production relocations and cost adaptations, more shared ways of working and more efficient and flexible market cultivation, despite operational challenges,” concludes President & CEO Andréas Elgaard.

For the full President’s comments, refer to the year-end report.

 

Jönköping, 8 February 2022

 

ITAB Shop Concept AB (publ)

 

Conference call on 8 February 2022 at 10:30 a.m. CET
ITAB arranges a conference call today, 8 February 2022 at 10:30 a.m. CET, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, present the Year-End Report 2021 and new financial targets for the Group and answer any subsequent questions. Weblink and telephone numbers are available at https://financialhearings.com/event/43988.

 

The information in this report is such that ITAB Shop Concept AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU No. 596/2014). The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CET on 8 February 2022.
   This report is in all respects a translation of the Swedish original year-end report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.

 

For further information, please contact:

Andréas Elgaard, President & CEO
Telephone: +46 732-32 16 35

Mats Karlqvist, Head of Investor Relations
Telephone: +46 70 660 31 32

ITAB Shop Concept AB (publ), Box 9054, SE-550 09 Jönköping, Sweden
itab.com, itabgroup.com