Profitability, financial position and cash flow
The return on equity at the end of the period was 30 percent (24), and return on capital employed was 21 percent (16). Return on working capital P/WC (EBITA in relation to working capital) amounted to 68 percent (56).

At the end of the period the equity ratio amounted to 34 percent (35). Equity per share, excluding non-controlling interest, totalled SEK 16.50 (12.60). The Group's net debt at the end of the period amounted to SEK 4,305 million (2,877), excluding pension liabilities of SEK 248 million (336). 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 1,902 million (1,999) at 30 June 2022. Before the end of June, additional credits totalling SEK 3,500 million were granted. These became available on 30 June 2022, at which time SEK 2,500 million was also repaid. As a result, Addtech had a total credit framework of SEK 4,800 million as of 30 June 2022.

Cash flow from operating activities amounted to SEK 281 million (208) during the period. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 778 million (261). Investments in non-current assets totalled SEK 36 million (14) and disposal of non-current assets amounted to SEK 1 million (3). Repurchase of call options amounted to SEK 3 million (3) and exercised call options totalled SEK 11 million (7).

At the end of the period, the number of employees was 3,753 compared to 3,556 at the beginning of the financial year. During the period, completed acquisitions resulted in an increase of the number of employees by 177. The average number of employees in the latest 12-month period was 3,434.

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 12,885,744 128,857,440 4.7% 33.1%
Class B shares, 1 vote per share 259,908,240 259,908,240 95.3% 66.9%
Total number of shares before repurchases 272,793,984 388,765,680 100.0% 100.0%
Repurchased class B shares -3,168,272 1.2% 0.8%
Total number of shares after repurchases 269,625,712

Addtech has three outstanding call option programmes for a total of 2,968,070 shares. Call options issued on repurchased shares entail a dilution effect of about 0.3 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 per option Exercise price per share Expiration period
2021/2025 768,070 768,070 0.3% 214.40 214.40 9 Sep 2024 - 11 Jun 2025
2020/2024 250,000 1,000,000 0.4% 538.10 134.53 4 Sep 2023 - 5 Jun 2024
2019/2023 300,000 1,200,000 0.4% 321.80 80.45 5 Sep 2022 - 2 Jun 2023
Total 1,318,070 2,968,070


Acquisitions and disposals
On 1 April, Intertrafo Oy, Finland, was acquired by Tampereen Sähköpalvelu Oy to become part of the Energy business area. Intertrafo designs, manufactures and commissions transformers on the Finnish market. The company has 15 employees and sales of around EUR 3 million.

On 1 April, Electric Control Systems Automation AS, Norway, was acquired to become part of the Process Technology business area. ECS is an international provider of system integration and automation solutions tailored to customer needs. The company offers complete process control systems using IoT as well as produces automation control panels, both with the aim to increase productivity and improve the data analysis capability within the process industry. The company has 31 employees and sales of around NOK 70 million.

On 4 April, 88 percent of the shares in Impulseradar Sweden AB, Sweden, was acquired to become part of the Industrial Solutions business area. Impulse is a leading developer and manufacturer of ground radar instruments and related software that enables investigation and mapping of features and structures below the surface. The equipment is used in several application areas such as infrastructure projects, road and bridge inspections and utility mapping. The company has 27 employees and sales of around SEK 80 million.

On 5 May, C.K. Environment A/S, Denmark, was acquired to become part of the Process Technology business area. C.K. Environment is a leading provider of instrumentation and solutions for measuring and analyzing of gasses, liquids, particles, humidity and temperature. The company offers both complete customized solutions as well as components and service to a wide range of industrial customers. The company has 14 employees and sales of around DKK 30 million.

On 3 June, Arruti Group, Spain, was acquired to become part of the Energy business area. Arruti Group consists of four companies that develop, manufacture and sell components as well as equipment components for electrical transmission lines and substations. The company is well established as a supplier to grid operators in Europe, parts of South America and Canada. The company has 90 employees and sales of around EUR 27 million.

The purchase price allocation calculations for the acquisitions completed during the period 1 April - 30 June 2021 have now been finalised. No significant adjustments have been made to the calculations. Acquisitions completed as of the 2021/2022 financial year are distributed among the Group’s business areas as follows:

Acquisitions 2021/2022 Closing Acquired share, % Net sales, SEKm* Number of employees* Business Area
ESi Controls Ltd., Great Britain April, 2021 100 95 15 Energy
Hydro-Material Oy, Finland April, 2021 100 50 5 Industrial Solutions
IETV Elektroteknik AB, Sweden May, 2021 100 80 38 Energy
AVT Industriteknik AB, Sweden May, 2021 100 70 42 Automation
EK Power Solutions AB, Sweden July, 2021 100 40 25 Electrification
KZ moder AB, Sweden July, 2021 100 100 29 Process Technology
Finnchain Oy, Finland July, 2021 90 70 20 Process Technology
Tritech Solutions AB, Sweden August, 2021 100 60 8 Automation
Systerra Computer GmbH, Germany September, 2021 100 95 16 Automation
ABH Stromschienen GmbH, Germany October, 2021 100 100 22 Electrification
Ko Hartog Verkeerstechniek B.V., Netherlands October, 2021 100 80 18 Energy
Jolex AB, Sweden November, 2021 100 20 1 Electrification
Fey Elektronik GmbH, Germany March, 2022 90 570 160 Electrification
Acquisitions 2022/2023 Closing Acquired share, % Net sales, SEKm* Number of employees* Business Area
Intertrafo Oy, Finland April, 2022 100 30 15 Energy
Electric Control Systems Automation AS, Norway April, 2022 100 75 31 Process Technology
Impulseradar Sweden AB, Sweden April, 2022 88 80 27 Industrial Solutions
C.K. Environment A/S, Denmark May, 2022 100 40 14 Process Technology
Arruti Group, Spain June, 2022 100 280 90 Energy
Gotapack International AB, Sweden July, 2022 100 25 5 Process Technology

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


If all acquisitions which have taken effect during the period had been completed on 1 April 2022, their impact would have been an estimated SEK 165 million on Group net sales, about SEK 32 million on operating profit and about SEK 24 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 84 million. The contingent purchase considerations fall due for payment within three years and the outcome is subject to a maximum of SEK 109 million. 

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

Revaluation of contingent consideration had a positive net effect of SEK 4 million (-4) 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:

Fair value
30 June 2022 30 June 2021
Intangible non-current assets 368 140
Other non-current assets 32 3
Inventories 121 54
Other current assets 241 151
Deferred tax liability/tax asset -88 -30
Other liabilities -110 -85
Acquired net assets 564 233
Goodwill 1) 366 140
Non-controlling interests 2) -28 -
Consideration 3) 902 373
Less: cash and cash equivalents in acquired businesses -71 -71
Less: consideration not yet paid -175 -102
Effect on the Group’s cash and cash equivalents 656 200
1) Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.
2) Non-controlling interests have been measured at fair value, which entails that goodwill is also reported for non-controlling interests.
3) The consideration is stated excluding transaction costs for the acquisitions.


Parent Company

Parent Company net sales amounted to SEK 20 million (16) and profit after financial items was SEK -38 million (-5). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net assets was SEK -2 million (39) at the end of the period.

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